UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

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

Name of Fund:     BlackRock Funds III

BlackRock ACWI ex-US Index Fund

BlackRock Bond Index Fund

BlackRock Cash Funds: Institutional

BlackRock Cash Funds: Prime

BlackRock Cash Funds: Government

BlackRock Cash Funds: Treasury

BlackRock CoreAlpha Bond 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 Russell 1000® Index Fund

BlackRock S&P 500 Stock Fund

    Master Investment Portfolio

Active Stock Master Portfolio

ACWI ex-US Index Master Portfolio

Bond Index Master Portfolio

CoreAlpha Bond Master Portfolio

LifePath® Retirement Master Portfolio

LifePath 2020 Master Portfolio®

LifePath® 2025 Master Portfolio

LifePath 2030 Master Portfolio®

LifePath® 2035 Master Portfolio

LifePath 2040 Master Portfolio®

LifePath® 2045 Master Portfolio

LifePath® 2050 Master Portfolio

LifePath® 2055 Master Portfolio

LifePath® Index Retirement Master Portfolio

LifePath® Index 2020 Master Portfolio

LifePath® Index 2025 Master Portfolio

LifePath® Index 2030 Master Portfolio

LifePath® Index 2035 Master Portfolio

LifePath® Index 2040 Master Portfolio

LifePath® Index 2045 Master Portfolio

LifePath® Index 2050 Master Portfolio

LifePath® Index 2055 Master Portfolio

Government Money Market Master Portfolio

International TILTS Master Portfolio

Money Market Master Portfolio

Prime Money Market Master Portfolio

Russell 1000® Index Master Portfolio

S&P 500 Stock Master Portfolio

Treasury Money Market Master Portfolio

Fund Address:    100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:   John M. Perlowski, Chief Executive Officer, BlackRock Funds III

            and Master Investment Portfolio, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 12/31/2014

Date of reporting period: 09/30/2014

Item 1 – Schedule of Investments

Schedule of Investments September 30, 2014 (Unaudited) BlackRock ACWI ex US Index Portfolio of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
ACWI ex US Index Master Portfolio of Master Investment Portfolio	$	18,134,402
Total Investments (Cost — $11,985,962) — 100.0%		18,134,402
Other Assets Less Liabilities — 0.0%		1,863
Net Assets — 100.0%	$	18,136,265

BlackRock ACWI ex US Index Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in ACWI ex US Index Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $18,134,402 and 4.6%, respectively.

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

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

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

Ÿ 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)

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	153,437,973
Total Investments (Cost — $147,351,615) — 100.0%		153,437,973
Liabilities in Excess of Other Assets — (0.0)%		(46,204	)
Net Assets — 100.0%	$	153,391,769

BlackRock Bond Index Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Bond Index Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $153,437,973 and 11.7%, respectively.

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

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

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

Ÿ 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)

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	36,943,002,045
Total Investments (Cost — $36,943,002,045) — 100%		36,943,002,045
Liabilities in Excess of Other Assets — (0)%		(3,418,093	)
Net Assets — 100.0%	$	36,939,583,952

BlackRock Cash Funds: Institutional (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Money Market Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $36,943,002,045 and 97.8%, respectively.

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

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

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

Ÿ 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)

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	17,438,547,482
Total Investments (Cost — $17,438,547,482) — 100.0%		17,438,547,482
Liabilities in Excess of Other Assets — (0.0)%		(1,655,703	)
Net Assets — 100.0%	$	17,436,891,779

BlackRock Cash Funds: Prime (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Prime Money Market Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $17,438,547,482 and 93.6%, respectively.

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

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

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

Ÿ 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)

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	9,910,502
Total Investments (Cost — $9,910,502) — 100.1%		9,910,502
Liabilities in Excess of Other Assets — (0.1)%		(6,557	)
Net Assets — 100.0%	$	9,903,945

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 “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $9,910,502 and 100%, respectively.

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

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

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

Ÿ 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)

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (Unaudited) BlackRock Cash Funds: Treasury of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
Treasury Money Market Master Portfolio of Master Investment Portfolio	$	2,046,990,278
Total Investments (Cost — $2,046,990,278) — 100.0%		2,046,990,278
Liabilities in Excess of Other Assets — (0.0)%		(6,671	)
Net Assets — 100.0%	$	2,046,983,607

BlackRock Cash Funds: Treasury (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Treasury Money Market Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $2,046,990,278 and 63.0%, respectively.

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

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

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

Ÿ 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)

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	197,845,060
Total Investments (Cost — $197,000,263) — 102.1%		197,845,060
Liabilities in Excess of Other Assets — (2.1)%		(3,999,143	)
Net Assets — 100.0%	$	193,845,917

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 September 30, 2014, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $197,845,060 and 5.5%, 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.

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

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

Ÿ 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)

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

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

As of September 30, 2014, the Fund’s investment in the Master Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	410,975,694
Total Investments (Cost — $340,194,344) — 100.1%		410,975,694
Liabilities in Excess of Other Assets — (0.1)%		(239,185	)
Net Assets — 100.0%	$	410,736,509

LifePath Retirement Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Retirement Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $410,975,694 and 26%, respectively.

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

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

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

Ÿ 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).

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	932,511,901
Total Investments (Cost — $740,277,476) — 100.1%		932,511,901
Liabilities in Excess of Other Assets — (0.1)%		(540,940	)
Net Assets — 100.0%	$	931,970,961

LifePath 2020 Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2020 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $932,511,901 and 32.7%, respectively.

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

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

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

Ÿ 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).

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	68,852,327
Total Investments (Cost — $62,945,353) — 100.1%		68,852,327
Liabilities in Excess of Other Assets — (0.1)%		(52,877	)
Net Assets — 100.0%	$	68,799,450

LifePath 2025 Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2025 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $68,852,327 and 100.0%, respectively.

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

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

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

Ÿ 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)

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	852,541,145
Total Investments (Cost — $685,200,502) — 100.1%		852,541,145
Liabilities in Excess of Other Assets — (0.1)%		(488,127	)
Net Assets — 100.0%	$	852,053,018

LifePath 2030 Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2030 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $852,541,145 and 32.2%, respectively.

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

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

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

Ÿ 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)

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	59,984,130
Total Investments (Cost — $54,550,349) — 100.1%		59,984,130
Liabilities in Excess of Other Assets — (0.1)%		(39,487	)
Net Assets — 100.0%	$	59,944,643

LifePath 2035 Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2035 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $59,984,130 and 100.0%, respectively.

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

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

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

Ÿ 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)

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	724,984,832
Total Investments (Cost — $546,212,057) — 100%		724,984,832
Liabilities in Excess of Other Assets — (0)%		(200,696	)
Net Assets — 100.0%	$	724,784,136

LifePath 2040 Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2040 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $724,984,832 and 35.5%, respectively.

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

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

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

Ÿ 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).

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	35,781,130
Total Investments (Cost — $32,473,461) — 100.1%		35,781,130
Liabilities in Excess of Other Assets — (0.1)%		(23,547	)
Net Assets — 100.0%	$	35,757,583

LifePath 2045 Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2045 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $35,781,130 and 99.9%, respectively.

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

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

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

Ÿ 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)

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	180,514,060
Total Investments (Cost — $151,216,696) — 100.1%		180,514,060
Liabilities in Excess of Other Assets — (0.1)%		(104,556	)
Net Assets — 100.0%	$	180,409,504

LifePath 2050 Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2050 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $180,514,060 and 43.3%, respectively.

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

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

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

Ÿ 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).

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	13,267,149
Total Investments (Cost — $12,043,889) — 100.1%		13,267,149
Liabilities in Excess of Other Assets — (0.1)%		(11,658	)
Net Assets — 100.0%	$	13,255,491

LifePath 2055 Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2055 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $13,267,149 and 99.9%, respectively.

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

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

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

Ÿ 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).

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	393,482,138
Total Investments (Cost — $358,712,979) — 100.0%		393,482,138
Liabilities in Excess of Other Assets — (0.0)%		(77,218	)
Net Assets — 100.0%	$	393,404,920

LifePath Index Retirement Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index Retirement Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $393,482,138 and 100.0%, respectively.

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

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

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

Ÿ 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).

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	795,864,023
Total Investments (Cost — $716,310,469) — 100.0%		795,864,023
Liabilities in Excess of Other Assets — (0.0)%		(88,129	)
Net Assets — 100.0%	$	795,775,894

LifePath Index 2020 Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2020 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $795,864,023 and 100.0%, respectively.

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

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

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

Ÿ 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).

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	446,511,796
Total Investments (Cost — $407,714,699) — 100.0%		446,511,796
Liabilities in Excess of Other Assets — (0.0)%		(34,242	)
Net Assets — 100.0%	$	446,477,554

LifePath Index 2025 Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2025 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $446,511,796 and 100.0%, respectively.

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

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

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

Ÿ 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).

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	733,095,682
Total Investments (Cost — $652,764,393) — 100.0%		733,095,682
Liabilities in Excess of Other Assets — (0.0)%		(52,194	)
Net Assets — 100.0%	$	733,043,488

LifePath Index 2030 Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2030 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $733,095,682 and 100.0%, respectively.

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

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

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

Ÿ 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)

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	354,534,344
Total Investments (Cost — $321,272,126) — 100.0%		354,534,344
Other Assets Less Liabilities — 0.0%		5,950
Net Assets — 100.0%	$	354,540,294

LifePath Index 2035 Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2035 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $354,534,344 and 100.0%, respectively.

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

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

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

Ÿ 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).

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	482,913,021
Total Investments (Cost — $340,194,344) — 100.0%		482,913,021
Liabilities in Excess of Other Assets — (0.0)%		(40,265	)
Net Assets — 100.0%	$	482,872,756

LifePath Retirement Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Retirement Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $482,913,021 and 100.0%, respectively.

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

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

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

Ÿ 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).

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	190,562,416
Total Investments (Cost — $173,159,898) — 100.0%		190,562,416
Other Assets Less Liabilities — 0.0%		70
Net Assets — 100.0%	$	190,562,486

LifePath Index 2045 Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2045 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $190,562,416 and 100.0%, respectively.

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

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

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

Ÿ 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).

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	192,277,303
Total Investments (Cost — $175,442,219) — 100.0%		192,277,303
Other Assets Less Liabilities — 0.0%		6,833
Net Assets — 100.0%	$	192,284,136

LifePath Index 2050 Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2050 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $192,277,303 and 100.0%, respectively.

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

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

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

Ÿ 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).

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	48,204,716
Total Investments (Cost — $43,707,467) — 100.0%		48,204,716
Other Assets Less Liabilities — 0.0%		12,461
Net Assets — 100.0%	$	48,217,177

LifePath Index 2055 Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2055 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $48,204,716 and 100.0%, respectively.

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

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

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

Ÿ 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).

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (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	$	84,129,551
Total Investments (Cost — $58,872,029) — 100.4%		84,129,551
Liabilities in Excess of Other Assets — (0.4)%		(348,338	)
Net Assets — 100.0%	$	83,781,213

BlackRock Russell 1000 Index Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Russell 1000 Index Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $84,129,551 and 4.4%, respectively.

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

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

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

Ÿ 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)

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (Unaudited) BlackRock S&P 500 Stock Fund of BlackRock Fund III (Percentages shown are based on Net Assets)

Mutual Fund	Value
S&P 500 Stock Master Portfolio of Master Investment Portfolio	$	4,065,411,090
Total Investments (Cost — $2,457,412,842) — 100.3%		4,065,411,090
Liabilities in Excess of Other Assets — (0.3)%		(13,936,873	)
Net Assets — 100.0%	$	4,051,474,217

BlackRock S&P 500 Stock Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in S&P 500 Stock Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2014, the value of the investment and the percentage owned by the Fund of the Portfolio was $4,065,411,090 and 73.2%, respectively.

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

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

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

Ÿ 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)

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

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

As of September 30, 2014, the Fund’s investment in the Portfolio was classified as Level 2.

There were no transfers between levels during the period ended September 30, 2014.

BLACKROCK FUNDS III SEPTEMBER 30, 2014 1

Schedule of Investments September 30, 2014 (Unaudited) Active Stock Master Portfolio (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 3.4%
The Boeing Co.		106,678	$	13,588,644
Exelis, Inc.		183,285		3,031,534
Honeywell International, Inc.		107,686		10,027,720
Lockheed Martin Corp.		25,160		4,598,745
Northrop Grumman Corp.		91,770		12,091,615
Precision Castparts Corp.		19,124		4,530,093
Raytheon Co.		165,260		16,793,721
Rockwell Collins, Inc.		34,570		2,713,745
Spirit Aerosystems Holdings, Inc., Class A (a)		42,600		1,621,356
United Technologies Corp.		139,004		14,678,823
Vectrus, Inc. (a)		10,183		198,864
				83,874,860
Air Freight & Logistics — 0.3%
FedEx Corp.		50,225		8,108,826
Airlines — 1.0%
American Airlines Group, Inc.		90,839		3,222,968
Copa Holdings SA, Class A		29,219		3,134,907
Delta Air Lines, Inc.		358,779		12,969,861
Southwest Airlines Co.		105,890		3,575,905
United Continental Holdings, Inc. (a)		63,580		2,974,908
				25,878,549
Auto Components — 0.8%
BorgWarner, Inc.		28,780		1,514,116
Delphi Automotive PLC		35,768		2,194,009
Johnson Controls, Inc.		178,620		7,859,280
Lear Corp.		108,204		9,349,908
				20,917,313
Automobiles — 0.1%
General Motors Co.		106,200		3,392,028
Banks — 7.1%
Bank of America Corp.		816,760		13,925,758
CIT Group, Inc.		100,952		4,639,754
Citigroup, Inc.		648,720		33,616,670
Cullen/Frost Bankers, Inc.		1,775		135,805
Fifth Third Bancorp		422,610		8,460,652
JPMorgan Chase & Co.		948,270		57,123,785
KeyCorp		94,500		1,259,685
Regions Financial Corp.		288,400		2,895,536
SunTrust Banks, Inc.		205,160		7,802,235
US Bancorp		208,300		8,713,189
Wells Fargo & Co.		768,112		39,841,970
				178,415,039
Beverages — 1.4%
The Coca-Cola Co.		110,365		4,708,171
Coca-Cola Enterprises, Inc.		215,139		9,543,566
Diageo PLC		269,680		7,778,144
Common Stocks	Shares		Value
Beverages (concluded)
Dr Pepper Snapple Group, Inc.		100,497	$	6,462,962
Monster Beverage Corp. (a)		80,389		7,369,259
				35,862,102
Biotechnology — 3.1%
Amgen, Inc.		151,341		21,257,357
Biogen Idec, Inc. (a)		37,131		12,283,306
Celgene Corp. (a)		92,638		8,780,230
Gilead Sciences, Inc. (a)		161,254		17,165,488
Regeneron Pharmaceuticals, Inc. (a)		18,703		6,742,805
United Therapeutics Corp. (a)		58,797		7,564,234
Vertex Pharmaceuticals, Inc. (a)		27,106		3,044,275
				76,837,695
Capital Markets — 1.3%
Affiliated Managers Group, Inc. (a)		19,702		3,947,493
The Bank of New York Mellon Corp.		6		232
The Goldman Sachs Group, Inc.		72,025		13,221,629
Morgan Stanley		384,710		13,299,425
State Street Corp.		11,500		846,515
Waddell & Reed Financial, Inc., Class A		18,889		976,372
				32,291,666
Chemicals — 2.4%
Akzo Nobel NV — ADR		224,720		5,094,402
Ashland, Inc. (b)		4,600		478,860
Cabot Corp.		43,236		2,195,092
Celanese Corp., Series A		41,289		2,416,232
The Dow Chemical Co.		135,160		7,087,790
E.I. du Pont de Nemours & Co.		155,720		11,174,467
Eastman Chemical Co.		55,941		4,525,068
International Flavors & Fragrances, Inc.		10,946		1,049,503
LyondellBasell Industries NV, Class A		21,539		2,340,428
Monsanto Co.		11,121		1,251,224
NewMarket Corp.		3,520		1,341,190
Platform Specialty Products Corp. (a)		25,013		625,825
PPG Industries, Inc.		94,984		18,687,152
Sigma-Aldrich Corp.		5,157		701,404
				58,968,637
Communications Equipment — 2.5%
Cisco Systems, Inc.		742,408		18,686,409
CommScope Holding Co., Inc. (a)		67,617		1,616,722
Motorola Solutions, Inc.		85,410		5,404,745
QUALCOMM, Inc.		428,123		32,010,757

ACTIVE STOCK MASTER PORTFOLIO SEPTEMBER 30, 2014 1

Schedule of Investments (continued) Active Stock Master Portfolio (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Communications Equipment (concluded)
Telefonaktiebolaget LM Ericsson — ADR		327,100	$	4,118,189
				61,836,822
Construction & Engineering — 0.1%
AECOM Technology Corp. (a)		39,960		1,348,650
Consumer Finance — 2.2%
American Express Co.		106,830		9,351,898
Capital One Financial Corp.		148,850		12,149,137
Discover Financial Services		334,469		21,536,459
Santander Consumer USA Holdings, Inc.		192,006		3,419,627
SLM Corp.		407,679		3,489,732
Synchrony Financial (a)		182,745		4,486,390
				54,433,243
Containers & Packaging — 0.3%
Berry Plastics Group, Inc. (a)		57,971		1,463,188
Crown Holdings, Inc. (a)		14,000		623,280
MeadWestvaco Corp.		23,024		942,603
Packaging Corp. of America		69,643		4,444,616
				7,473,687
Diversified Consumer Services — 0.1%
Apollo Education Group, Inc. (a)		2,684		67,503
ServiceMaster Global Holdings, Inc. (a)		104,856		2,537,515
				2,605,018
Diversified Financial Services — 1.5%
Ally Financial, Inc. (a)		69,108		1,599,159
Berkshire Hathaway, Inc., Class B (a)		140,329		19,385,048
CME Group, Inc.		35,470		2,836,004
FNFV Group (a)		258,367		3,555,130
Interactive Brokers Group, Inc., Class A		11,533		287,748
IntercontinentalExchange Group, Inc.		2,500		487,625
Moody’s Corp.		35,520		3,356,640
The NASDAQ OMX Group, Inc.		140,600		5,964,252
				37,471,606
Diversified Telecommunication Services — 1.3%
BCE, Inc.		26,450		1,131,002
Verizon Communications, Inc.		622,748		31,131,173
				32,262,175
Electric Utilities — 0.6%
American Electric Power Co., Inc.		122,166		6,378,287
Duke Energy Corp.		18,866		1,410,611
Edison International		20,850		1,165,932
Common Stocks	Shares		Value
Electric Utilities (concluded)
FirstEnergy Corp.		8,610	$	289,038
ITC Holdings Corp.		24,010		855,476
NextEra Energy, Inc.		31,370		2,945,015
Northeast Utilities		18,540		821,322
				13,865,681
Electrical Equipment — 0.4%
Emerson Electric Co.		31,512		1,972,021
Rockwell Automation, Inc.		49,680		5,458,839
SolarCity Corp. (a)(b)		31,689		1,888,664
				9,319,524
Electronic Equipment, Instruments & Components — 0.4%
Avnet, Inc.		49,000		2,033,500
Corning, Inc.		52,500		1,015,350
Flextronics International Ltd. (a)		305,788		3,155,732
Ingram Micro, Inc., Class A (a)		38,902		1,004,061
TE Connectivity Ltd.		37,590		2,078,351
				9,286,994
Energy Equipment & Services — 2.3%
Baker Hughes, Inc.		165,276		10,752,856
Cameron International Corp. (a)		9,253		614,214
Dresser-Rand Group, Inc. (a)		3,169		260,682
FMC Technologies, Inc. (a)		188,012		10,210,932
Halliburton Co.		92,720		5,981,367
Oceaneering International, Inc.		44,500		2,900,065
RPC, Inc.		83,254		1,828,258
Schlumberger Ltd.		243,390		24,750,329
Seventy Seven Energy, Inc. (a)		43,940		1,043,136
				58,341,839
Food & Staples Retailing — 1.8%
Costco Wholesale Corp.		4,541		569,078
CVS Health Corp.		281,981		22,442,868
The Kroger Co.		362,247		18,836,844
Wal-Mart Stores, Inc.		28,216		2,157,677
				44,006,467
Food Products — 1.2%
Bunge Ltd.		89,908		7,572,951
Kraft Foods Group, Inc.		59,340		3,346,776
Mondelez International, Inc., Class A		267,333		9,160,165
Pinnacle Foods, Inc.		2,364		77,185
Tyson Foods, Inc. (a)		19,229		968,373
Tyson Foods, Inc., Class A		69,728		2,745,191
Unilever NV — NY Shares		138,480		5,494,886
				29,365,527
Gas Utilities — 0.1%
New Jersey Resources Corp.		22,025		1,112,483

2 ACTIVE STOCK MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (continued) Active Stock Master Portfolio (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Gas Utilities (concluded)
UGI Corp.		47,790	$	1,629,161
				2,741,644
Health Care Equipment & Supplies — 2.0%
Abbott Laboratories		65,230		2,712,916
Baxter International, Inc.		224,052		16,080,212
Becton Dickinson & Co.		61,408		6,988,844
Hologic, Inc. (a)		94,100		2,289,453
Intuitive Surgical, Inc. (a)		4,601		2,124,834
Medtronic, Inc.		157,381		9,749,753
St. Jude Medical, Inc.		106,009		6,374,321
Zimmer Holdings, Inc.		42,800		4,303,540
				50,623,873
Health Care Providers & Services — 3.1%
Aetna, Inc.		228,397		18,500,157
Cardinal Health, Inc.		10,515		787,784
Catamaran Corp. (a)		210,254		8,862,206
Centene Corp. (a)		43,640		3,609,464
Cigna Corp.		9,900		897,831
Community Health Systems, Inc. (a)		94,800		5,194,092
Express Scripts Holding Co. (a)		45,964		3,246,437
HCA Holdings, Inc. (a)		24,253		1,710,322
Health Net, Inc. (a)		102,195		4,712,211
McKesson Corp.		45,110		8,781,564
Quest Diagnostics, Inc. (b)		192,480		11,679,686
Universal Health Services, Inc., Class B		69,947		7,309,462
WellPoint, Inc.		17,545		2,098,733
				77,389,949
Health Care Technology — 0.0%
Athenahealth, Inc. (a)		4,794		631,322
Hotels, Restaurants & Leisure — 1.5%
Bloomin’ Brands, Inc. (a)		15,316		280,895
Hyatt Hotels Corp., Class A (a)		43,907		2,657,252
Jack in the Box, Inc.		3,143		214,321
Las Vegas Sands Corp.		253,573		15,774,776
McDonald’s Corp.		29,074		2,756,506
SeaWorld Entertainment, Inc.		69,889		1,343,966
Six Flags Entertainment Corp.		6,146		211,361
Starbucks Corp.		58,550		4,418,183
Starwood Hotels & Resorts Worldwide, Inc. (a)		2		166
Wyndham Worldwide Corp.		71,914		5,843,732
Wynn Resorts Ltd.		22,294		4,170,762
				37,671,920
Household Durables — 0.2%
Newell Rubbermaid, Inc.		136,600		4,700,406
Common Stocks	Shares		Value
Household Durables (concluded)
Tupperware Brands Corp.		17,700	$	1,222,008
				5,922,414
Household Products — 0.8%
Colgate-Palmolive Co.		45,184		2,946,901
Energizer Holdings, Inc.		25,800		3,178,818
The Procter & Gamble Co.		171,699		14,378,074
				20,503,793
Independent Power and Renewable Electricity Producers — 0.2%
The AES Corp.		426,000		6,040,680
Industrial Conglomerates — 1.6%
3M Co.		83,910		11,888,369
Danaher Corp.		123,343		9,371,601
General Electric Co.		743,288		19,043,038
				40,303,008
Insurance — 3.7%
ACE Ltd.		16,910		1,773,352
Aflac, Inc.		8,992		523,784
Allied World Assurance Co. Holdings AG		27,432		1,010,595
The Allstate Corp.		158,374		9,719,412
Aspen Insurance Holdings Ltd.		2,874		122,921
Assured Guaranty Ltd.		63,800		1,413,808
CNA Financial Corp.		124,507		4,735,001
CNO Financial Group, Inc.		48,900		829,344
Genworth Financial, Inc., Class A (a)		324,900		4,256,190
The Hanover Insurance Group, Inc.		49,781		3,057,549
Hartford Financial Services Group, Inc.		110,926		4,131,994
Kemper Corp.		3		102
Lincoln National Corp.		99,062		5,307,742
MetLife, Inc.		201,806		10,841,018
Protective Life Corp.		3,212		222,945
Prudential Financial, Inc.		145,770		12,819,014
The Travelers Cos., Inc.		86,851		8,158,783
Validus Holdings Ltd.		48,090		1,882,243
Voya Financial, Inc.		257,258		10,058,788
Willis Group Holdings PLC		236,136		9,776,030
XL Group PLC		83,400		2,766,378
				93,406,993
Internet & Catalog Retail — 1.2%
Alibaba Group Holding Ltd.		56,835		5,049,790
ALIBABA GROUP HOLDING SP ADR ADR USD.000025 (a)		1,400		124,390
Netflix, Inc. (a)		11,495		5,186,314
priceline.com, Inc. (a)		11,956		13,851,982
TripAdvisor, Inc. (a)		51,666		4,723,306

ACTIVE STOCK MASTER PORTFOLIO SEPTEMBER 30, 2014 3

Schedule of Investments (continued) Active Stock Master Portfolio (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Internet & Catalog Retail (concluded)
Vipshop Holdings, Ltd., ADR (a)		10,039	$	1,897,471
				30,833,253
Internet Software & Services — 4.6%
Akamai Technologies, Inc. (a)		1,889		112,962
Baidu, Inc. — ADR (a)		29,657		6,472,047
Facebook, Inc., Class A (a)		473,761		37,446,070
Google, Inc., Class A (a)		67,789		39,887,726
Google, Inc., Class C (a)		31,201		18,014,209
LinkedIn Corp. (a)		31,981		6,645,332
Yahoo!, Inc. (a)		174,020		7,091,315
				115,669,661
IT Services — 3.2%
Alliance Data Systems Corp. (a)		50,254		12,476,561
Amdocs Ltd.		48,880		2,242,614
Broadridge Financial Solutions, Inc.		57,329		2,386,606
Cognizant Technology Solutions Corp., Class A (a)		122,940		5,504,024
Computer Sciences Corp.		40,305		2,464,651
DST Systems, Inc.		51,300		4,305,096
FleetCor Technologies, Inc. (a)		3,020		429,202
Genpact Ltd. (a)		45,085		735,787
International Business Machines Corp.		10,780		2,046,367
Mastercard, Inc., Class A		313,893		23,202,971
MAXIMUS, Inc.		35,811		1,437,096
Total System Services, Inc.		94,071		2,912,438
Visa, Inc., Class A (b)		59,905		12,781,930
The Western Union Co. (b)		103,380		1,658,215
Xerox Corp.		375,630		4,969,585
				79,553,143
Machinery — 1.0%
Cummins, Inc.		30,910		4,079,502
Dover Corp.		12,410		996,895
Parker Hannifin Corp.		41,510		4,738,367
Pentair PLC		27,224		1,782,900
Stanley Black & Decker, Inc.		22,253		1,975,844
WABCO Holdings, Inc. (a)		124,134		11,289,987
				24,863,495
Marine — 0.1%
Matson, Inc.		72,422		1,812,723
Media — 4.3%
CBS Outdoor Americas, Inc.		121,682		3,643,159
Comcast Corp., Class A		362,718		19,506,974
Comcast Corp., Special Class A		246,030		13,162,605
DIRECTV (a)		120,056		10,387,245
Discovery Communications, Inc., Class C (a)		9,147		341,000
The Interpublic Group of Cos., Inc.		54,400		996,608
Common Stocks	Shares		Value
Media (concluded)
Liberty Global PLC, Class A (a)		153,698	$	6,538,313
Lions Gate Entertainment Corp.		112,590		3,712,092
Markit Ltd. (a)		20,213		471,974
Omnicom Group, Inc.		153,823		10,592,252
Time Warner Cable, Inc.		12,097		1,735,798
Time Warner, Inc.		25,719		1,934,326
Time, Inc. (a)		83,488		1,956,124
Twenty-First Century Fox, Inc., Class A		219,471		7,525,661
Viacom, Inc., Class B		196,591		15,125,712
The Walt Disney Co.		109,442		9,743,621
				107,373,464
Metals & Mining — 0.6%
BHP Billiton Ltd.		239,420		7,056,542
Newmont Mining Corp.		121,398		2,798,224
Reliance Steel & Aluminum Co.		23,600		1,614,240
TimkenSteel Corp.		76,194		3,542,259
				15,011,265
Multi-Utilities — 1.0%
CenterPoint Energy, Inc.		423,650		10,366,716
CMS Energy Corp.		321,493		9,535,482
Dominion Resources, Inc.		48,670		3,362,610
Sempra Energy		17,340		1,827,289
Wisconsin Energy Corp.		19,350		832,050
				25,924,147
Multiline Retail — 0.7%
Dollar General Corp. (a)		160,513		9,808,949
Dollar Tree, Inc. (a)		92,735		5,199,651
Family Dollar Stores, Inc.		3,907		301,777
JC Penney Co., Inc. (a)		3		30
Macy’s, Inc.		51,270		2,982,889
				18,293,296
Oil, Gas & Consumable Fuels — 7.7%
Anadarko Petroleum Corp.		114,589		11,623,908
Apache Corp.		128,000		12,015,360
Athlon Energy, Inc. (a)		2,224		129,504
Chevron Corp.		108,290		12,921,163
Cobalt International Energy, Inc. (a)		95,200		1,294,720
Concho Resources, Inc. (a)		22,092		2,770,116
ConocoPhillips		62,520		4,784,030
Devon Energy Corp.		156,818		10,691,851
EnLink Midstream LLC		92,728		3,832,448
EOG Resources, Inc.		3,258		322,607
Exxon Mobil Corp.		89,128		8,382,488
Gulfport Energy Corp. (a)		97,657		5,214,884
Laredo Petroleum, Inc. (a)(b)		56,716		1,271,006
Marathon Oil Corp.		973,529		36,594,955
Marathon Petroleum Corp.		212,630		18,003,382

4 ACTIVE STOCK MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (continued) Active Stock master portfolio (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Oil, Gas & Consumable Fuels (concluded)
Memorial Resource Development Corp. (a)		37,589	$	1,019,038
Occidental Petroleum Corp.		98,110		9,433,277
PBF Energy, Inc.		30,947		742,728
Phillips 66		42,015		3,416,240
Range Resources Corp.		19,522		1,323,787
Rice Energy, Inc. (a)		9,714		258,392
Spectra Energy Corp.		102,090		4,008,053
Suncor Energy, Inc.		347,760		12,571,524
Total SA — ADR		323,890		20,874,710
Valero Energy Corp.		149,100		6,898,857
Whiting Petroleum Corp. (a)		22,851		1,772,095
				192,171,123
Paper & Forest Products — 0.3%
International Paper Co.		148,330		7,081,274
Personal Products — 0.1%
Herbalife Ltd. (b)		3,342		146,213
Nu Skin Enterprises, Inc., Class A		25,647		1,154,884
				1,301,097
Pharmaceuticals — 6.5%
AbbVie, Inc.		222,168		12,832,424
Allergan, Inc.		16,132		2,874,561
Bristol-Myers Squibb Co.		150,690		7,712,314
Catalent, Inc. (a)		25,545		639,391
Hospira, Inc. (a)		137,800		7,169,734
Johnson & Johnson		324,079		34,543,580
Merck & Co., Inc.		403,700		23,931,336
Mylan, Inc. (a)		79,330		3,608,722
Perrigo Co. PLC		25,919		3,892,775
Pfizer, Inc.		1,445,152		42,733,145
Teva Pharmaceutical Industries Ltd. — ADR		233,349		12,542,509
Valeant Pharmaceuticals International, Inc. (a)		65,010		8,529,312
				161,009,803
Professional Services — 0.4%
Manpowergroup, Inc.		125,924		8,827,272
Nielsen Holdings NV		47,000		2,083,510
				10,910,782
Real Estate Investment Trusts (REITs) — 1.1%
Alexandria Real Estate Equities, Inc.		7,964		587,345
American Tower Corp.		34,450		3,225,553
Columbia Property Trust, Inc.		62,769		1,498,296
Crown Castle International Corp.		32,744		2,636,874
DuPont Fabros Technology, Inc.		97,080		2,625,043
Equity Lifestyle Properties, Inc.		74,303		3,147,475
Geo Group, Inc.		41,621		1,590,755
Host Hotels & Resorts, Inc.		266,151		5,677,001
Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (concluded)
PS Business Parks, Inc.		1,526	$	116,190
RLJ Lodging Trust		3,411		97,111
Washington Prime Group, Inc.		97,348		1,701,643
Weyerhaeuser Co.		116,480		3,711,053
				26,614,339
Real Estate Management & Development — 0.1%
Jones Lang LaSalle, Inc.		12,600		1,591,884
Road & Rail — 1.7%
Norfolk Southern Corp.		55,240		6,164,784
Union Pacific Corp.		337,170		36,555,971
				42,720,755
Semiconductors & Semiconductor Equipment — 2.0%
Intel Corp.		615,100		21,417,782
Marvell Technology Group Ltd.		154,344		2,080,557
Micron Technology, Inc. (a)		308,450		10,567,497
NXP Semiconductor NV (a)		114,194		7,814,296
Skyworks Solutions, Inc.		71,281		4,137,862
Teradyne, Inc.		150,300		2,914,317
				48,932,311
Software — 4.3%
ANSYS, Inc. (a)		13,486		1,020,486
Autodesk, Inc. (a)		10,432		574,803
Concur Technologies, Inc. (a)		2,071		262,644
Intuit, Inc.		53,905		4,724,773
Microsoft Corp.		1,458,023		67,593,946
Mobileye NV (a)(b)		1,790		95,926
Oracle Corp.		335,090		12,827,245
Salesforce.com, Inc. (a)		122,181		7,029,073
Symantec Corp.		116,500		2,738,915
Synopsys, Inc. (a)		129,585		5,143,877
VMware, Inc., Class A (a)		42,810		4,017,291
				106,028,979
Specialty Retail — 2.9%
GameStop Corp., Class A		32,448		1,336,858
The Gap, Inc.		28,000		1,167,320
GNC Holdings, Inc., Class A		138,500		5,365,490
The Home Depot, Inc.		343,884		31,547,918
Lowe’s Cos., Inc.		347,543		18,391,975
Ross Stores, Inc.		69,470		5,250,543
Sally Beauty Holdings, Inc. (a)		90,572		2,478,956
Sears Hometown and Outlet Stores, Inc. (a)		27,401		424,715
TJX Cos., Inc.		93,280		5,519,377
Ulta Salon Cosmetics & Fragrance, Inc. (a)		5,540		654,662
				72,137,814
Technology Hardware, Storage & Peripherals — 3.3%
Apple, Inc.		631,695		63,643,271

ACTIVE STOCK MASTER PORTFOLIO SEPTEMBER 30, 2014 5

Schedule of Investments (continued) Active Stock Master Portfolio (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Technology Hardware, Storage & Peripherals (concluded)
EMC Corp.		255,190	$	7,466,859
Hewlett-Packard Co.		193,197		6,852,698
NetApp, Inc.		21,050		904,308
SanDisk Corp.		39,090		3,828,865
Western Digital Corp.		8,621		838,996
				83,534,997
Textiles, Apparel & Luxury Goods — 1.1%
NIKE, Inc., Class B		177,971		15,875,013
VF Corp.		192,000		12,677,760
				28,552,773
Tobacco — 0.3%
Lorillard, Inc.		56,391		3,378,385
Philip Morris International, Inc.		19,685		1,641,729
Reynolds American, Inc.		38,194		2,253,446
				7,273,560
Trading Companies & Distributors — 0.4%
Air Lease Corp.		188,516		6,126,770
MRC Global, Inc. (a)		33,995		792,763
Veritiv Corp. (a)		14,812		741,489
Watsco, Inc.		14,797		1,275,206
				8,936,228
Water Utilities — 0.1%
American Water Works Co., Inc.		48,010		2,315,522
Wireless Telecommunication Services — 0.2%
Softbank Corp.		24,200		1,690,342
Telephone & Data Systems, Inc.		137,830		3,302,407
United States Cellular Corp. (a)(b)		31,241		1,108,431
				6,101,180
Total Common Stocks — 98.0%				2,447,948,412
Preferred Stocks
Machinery — 0.0%
Stanley Black & Decker, Inc. (a)		2,500		282,975
Software — 0.1%
Palantir Technologies, Inc.		402,138		2,465,106
Total Preferred Stocks — 0.1%				2,748,081
Total Long-Term Investments (Cost — $2,176,517,990) — 98.1%				2,450,696,493
Short-Term Securities
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13% (c)(d)(e)		42,493,217		42,493,217
BlackRock Cash Funds: Prime, SL Agency Shares, 0.12% (c)(d)(e)		8,311,400		8,311,400
Total Short-Term Securities (Cost — $50,804,617) — 2.0%				50,804,617
Total Investments (Cost — $2,227,322,607*) — 100.1%				2,501,501,110
Liabilities in Excess of Other Assets — (0.1)%				(3,423,003	)
Net Assets — 100.0%			$	2,498,078,107
*  As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
Tax cost			$	2,262,829,401
Gross unrealized appreciation			$	294,718,578
Gross unrealized depreciation				(56,046,896	)
Net unrealized appreciation			$	238,671,682
Notes to Schedule of Investments

(a) Non-income producing security.

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

(c) Investments in issuers considered to be an affiliate of the Master Portfolio during the period ended September 30, 2014, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:

6 ACTIVE STOCK MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (continued) Active Stock Master Portfolio

Affiliate	Shares Held at December 31, 2013		Net Activity			Shares Held at September 30, 2014		Income
BlackRock Cash Funds: Institutional, SL Agency Shares		226,864,969		(184,371,752	)		42,493,217		40,789
BlackRock Cash Funds: Prime, SL Agency Shares		31,618,522		(23,307,122	)		8,311,400		31,188

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

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

Portfolio Abbreviations
ADR	American Depositary Receipts
BRL	Brazilian Real
CME	Chicago Mercantile Exchange
S&P	Standard and Poor’s
USD	U.S. Dollar

Ÿ Financial futures contracts outstanding as of September 30, 2014 were as follows:

Contracts Sold	Issue		Exchange		Expiration		Notional Value		Unrealized Depreciation
204		S&P 500 E-Mini Index		Chicago Mercantile		December 2014	$	20,048,100	$	(199,146	)

Ÿ Forward foreign currency exchange contracts as of September 30, 2014 were as follows:

Currency Purchased		Currency Sold			Counterparty		Settlement Date	Unrealized Appreciation
USD	1,189,431		JPY	124,841,377		BNP PARIBAS SA	10/22/14	$	51,200

ACTIVE STOCK MASTER PORTFOLIO SEPTEMBER 30, 2014 7

Schedule of Investments (continued) Active Stock Master Portfolio

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

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

Ÿ 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)

Ÿ 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)

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

The following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Common Stocks:
Australia		—	$	7,056,542		—	$	7,056,542
Bermuda	$	1,413,808		—		—		1,413,808
Canada		22,231,838		—		—		22,231,838
Cayman Islands		124,390		—		—		124,390
China		13,419,308		—		—		13,419,308
France		20,874,710		—		—		20,874,710
Ireland		2,766,378		—		—		2,766,378
Israel		12,638,435		—		—		12,638,435
Japan		—		1,690,342		—		1,690,342
Netherlands		20,744,012		—		—		20,744,012
Panama		3,134,907		—		—		3,134,907
Singapore		3,155,732		—		—		3,155,732
Sweden		4,118,189		—		—		4,118,189
Switzerland		4,862,298		—		—		4,862,298
United Kingdom		20,763,226		7,778,144		—		28,541,370
United States		2,301,176,153		—		—		2,301,176,153
Preferred Stocks		282,975		—		2,465,106		2,748,081
Short-Term Securities		50,804,617		—		—		50,804,617
Total	$	2,482,510,976	$	16,525,028	$	2,465,106	$	2,501,501,110

8 ACTIVE STOCK MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (concluded) Active Stock Master Portfolio

	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments 1
Assets:
Forward foreign currency exchange contracts		—		$	51,200		—	$	51,200
Liabilities:
Equity contracts	$	(199,146	)		—		—		(199,146	)
Total	$	(199,146	)	$	51,200		—	$	(147,946	)

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

The Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

	Level 1		Level 2			Level 3		Total
Assets:
Cash pledged for financial futures contracts	$	973,000		—			—	$	973,000
Foreign currency at value		2,106		—			—		2,106
Liabilities:
Collateral on securities loaned at value		—	$	(8,311,400	)		—		(8,311,400	)
Total	$	975,106	$	(8,311,400	)		—	$	(7,336,294	)

There were no transfers between levels during the period ended September 30, 2014.

ACTIVE STOCK MASTER PORTFOLIO SEPTEMBER 30, 2014 9

Schedule of Investments September 30, 2014 (Unaudited) ACWI ex-US Index Master Portfolio (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Australia — 5.1%
AGL Energy Ltd.		12,079	$	143,088
ALS Ltd.		7,944		36,555
Alumina Ltd. (a)		52,824		78,241
Amcor Ltd.		26,954		266,984
AMP Ltd.		67,235		320,694
APA Group		15,161		98,633
Asciano Ltd.		19,715		104,216
ASX Ltd.		4,298		134,797
Aurizon Holdings Ltd.		37,735		149,475
AusNet Services (a)		34,747		41,448
Australia & New Zealand Banking Group Ltd.		57,211		1,546,539
Bank of Queensland Ltd.		6,310		64,224
Bendigo and Adelaide Bank Ltd. (b)		9,584		99,962
BHP Billiton Ltd.		65,623		1,934,139
Boral Ltd.		17,729		77,120
Brambles Ltd.		37,057		308,268
Caltex Australia Ltd.		2,174		53,216
CFS Retail Property Trust		47,881		83,593
Coca-Cola Amatil Ltd.		12,087		92,790
Cochlear Ltd.		1,199		72,916
Commonwealth Bank of Australia		33,193		2,185,513
Computershare Ltd.		9,083		96,585
Crown Resorts Ltd.		5,545		66,957
CSL Ltd.		9,721		630,172
Dexus Property Group		114,718		111,384
Federation Centres Ltd.		30,631		69,104
Flight Centre Ltd.		1,384		51,767
Fortescue Metals Group Ltd.		29,097		88,398
Goodman Group		37,909		171,320
GPT Group		35,613		120,606
Harvey Norman Holdings Ltd.		13,921		44,200
Iluka Resources Ltd.		9,454		65,027
Incitec Pivot Ltd.		38,140		90,347
Insurance Australia Group Ltd.		54,992		294,722
Leighton Holdings Ltd.		1,949		32,967
Lend Lease Group		11,396		143,086
Macquarie Group Ltd.		6,091		306,496
Metcash Ltd.		16,089		37,053
Mirvac Group		76,736		115,431
National Australia Bank Ltd.		48,935		1,391,889
Newcrest Mining Ltd. (a)		13,711		126,004
Orica Ltd.		6,296		103,908
Origin Energy Ltd.		25,922		339,011
Qantas Airways Ltd. (a)		22,815		27,715
QBE Insurance Group Ltd.		30,141		306,950
Ramsay Health Care Ltd.		2,776		121,645
REA Group Ltd.		1,087		41,117
Rio Tinto Ltd.		9,476		493,473
Santos Ltd.		22,679		271,256
Scentre Group (a)		117,493		338,052
Seek Ltd.		5,922		83,790
Sonic Healthcare Ltd.		8,197		125,781
Common Stocks	Shares		Value
Australia (concluded)
Stockland		42,587	$	147,130
Suncorp Group Ltd.		26,645		327,504
Sydney Airport		20,080		74,970
Tabcorp Holdings Ltd.		17,884		56,554
Tatts Group Ltd.		31,435		86,546
Telstra Corp. Ltd.		94,990		440,733
Toll Holdings Ltd.		15,031		74,142
TPG Telecom Ltd.		4,588		27,482
Transurban Group		40,772		275,276
Treasury Wine Estates Ltd.		11,904		44,005
Wesfarmers Ltd.		23,007		847,850
Westfield Corp.		42,359		276,014
Westpac Banking Corp.		64,174		1,801,587
Woodside Petroleum Ltd.		15,988		567,696
Woolworths Ltd.		27,083		810,975
WorleyParsons Ltd.		4,265		57,136
				20,114,224
Austria — 0.1%
Andritz AG		1,656		88,177
Erste Group Bank AG		5,362		122,431
IMMOFINANZ AG (a)		21,752		61,737
OMV AG		3,672		123,481
Raiffeisen Bank International AG		2,507		54,314
Telekom Austria AG		4,867		43,863
Vienna Insurance Group AG		832		37,481
Voestalpine AG		2,072		81,824
				613,308
Belgium — 0.9%
Ageas		4,146		137,459
Anheuser-Busch InBev NV		17,033		1,888,926
Belgacom SA		3,643		126,837
Colruyt SA		1,229		54,154
Delhaize Group		1,939		134,757
Groupe Bruxelles Lambert SA		1,468		134,468
KBC Groep NV (a)		5,532		293,674
Solvay SA		1,488		228,534
Telenet Group Holding NV (a)		1,113		63,965
UCB SA		2,778		251,725
Umicore SA		1,789		77,999
				3,392,498
Brazil — 2.1%
AES Tiete SA, Preference Shares		3,700		32,575
All - America Latina Logistica SA		7,700		20,007
AMBEV SA		100,500		658,573
B2W Cia Digital (a)		4,600		61,641
Banco Bradesco SA - ADR (a)		12,330		176,305
Banco Bradesco SA, Preference Shares (a)		44,690		636,095
Banco do Brasil SA (a)		21,000		217,057

ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 1

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

Common Stocks	Shares		Value
Brazil (continued)
Banco do Estado do Rio Grande do Sul, Preference Shares (a)		2,900	$	17,416
Banco Santander Brasil SA		17,600		113,822
BB Seguridade Participacoes SA		13,300		174,961
BM&FBovespa SA		34,200		156,347
BR Malls Participacoes SA		6,800		53,700
BR Properties SA		5,100		27,086
Bradespar SA, Preference Shares		5,000		36,605
Braskem SA, Preference A Shares		3,300		21,841
BRF SA (a)		15,200		361,658
CCR SA		15,900		108,999
Centrais Eletricas Brasileiras SA (a)		3,000		8,040
Centrais Eletricas Brasileiras SA, Preference ‘B’ Shares (a)		1,600		6,602
CETIP SA - Mercados Organizado (a)		5,107		63,218
Cia Brasileira de Distribuicao Grupo Pao de Acucar, Preference Shares		2,500		109,131
Cia Energetica de Minas Gerais, Preference Shares		13,113		80,304
Cia Energetica de Sao Paulo, Preference ‘B’ Shares		4,000		42,783
Cia Paranaense de Energia, Preference B Shares		1,600		21,793
Cielo SA		14,560		237,933
Companhia de Saneamento Basico do Estado de Sao Paulo (a)		7,000		56,567
Companhia de Saneamento de Minas Gerais - COPASA (a)		1,900		24,063
Companhia Siderurgica Nacional SA		15,900		56,513
Cosan SA Industria e Comercio		1,800		28,930
CPFL Energia SA		3,600		28,106
Cyrela Brazil Realty SA		6,700		33,805
Duratex SA (a)		5,621		20,760
EcoRodovias Infraestrutura e Logistica SA		5,600		27,591
EDP - Energias do Brasil SA		900		3,677
Embraer SA (a)		14,700		145,034
Estacio Participacoes SA		6,100		63,399
Fibria Celulose SA (a)		3,700		40,571
Gerdau SA, Preference Shares		18,200		87,589
Hypermarcas SA (a)		7,700		55,303
Itau Unibanco Holding SA, Preference Shares		58,923		815,330
Itausa - Investimentos Itau SA, Preference Shares		59,576		225,624
JBS SA		12,100		45,232
Klabin SA, Preference Shares		7,000		33,860
Kroton Educacional SA		25,068		157,511
Common Stocks	Shares		Value
Brazil (concluded)
Localiza Rent a Car SA (a)		2,940	$	42,628
Lojas Americanas SA		6,000		28,189
Lojas Americanas SA, Preference Shares		12,320		69,911
Lojas Renner SA (a)		2,000		58,078
M Dias Branco SA (a)		400		15,953
Metalurgica Gerdau SA, Preference Shares		7,600		43,935
Multiplan Empreendimentos Imobiliarios SA (a)		1,200		24,571
Natura Cosmeticos SA		3,300		49,856
Odontoprev SA (a)		600		2,182
Oi SA, Preference Shares		107,997		76,771
Petroleo Brasileiro SA (a)		66,700		470,054
Petroleo Brasileiro SA, Preference Shares (a)		90,800		671,054
Porto Seguro SA		4,400		51,069
Qualicorp SA (a)		4,200		41,559
Raia Drogasil SA (a)		4,700		40,208
Souza Cruz SA (a)		6,400		51,509
Sul America SA		1,638		10,185
Suzano Papel e Celulose SA, Preference ‘A’ Shares		4,100		16,482
Telefonica Brasil SA, Preference Shares (a)		5,300		104,799
Tim Participacoes SA		14,140		74,462
Totvs SA		3,300		50,193
Tractebel Energia SA		4,600		64,666
Transmissora Alianca de Energia Eletrica SA		3,300		26,384
Ultrapar Participacoes SA		6,100		129,115
Usinas Siderurgicas de Minas Gerais SA, Preference ‘A’ Shares (a)		9,600		24,983
Vale SA		30,200		331,272
Vale SA, Preference A Shares		42,500		412,890
Via Varejo SA (a)		2,300		22,937
WEG SA (a)		5,460		63,729
				8,463,581
Canada — 7.2%
Agnico Eagle Mines Ltd.		4,126		119,328
Agrium, Inc.		3,264		290,159
Alimentation Couche Tard, Inc., Class B		8,132		260,018
AltaGas Ltd.		2,231		94,204
ARC Resources Ltd.		6,241		164,670
Atco Ltd. Class I		1,525		61,820
Athabasca Oil Corp. (a)		7,527		38,511
Bank of Montreal		13,951		1,026,815
Bank of Nova Scotia		25,957		1,605,466
Barrick Gold Corp.		21,895		321,988
Baytex Energy Corp.		3,258		123,199

2 ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Common Stocks	Shares		Value
Canada (continued)
BCE, Inc.		5,634	$	240,915
BlackBerry Ltd. (a)(b)		8,297		82,678
Bombardier, Inc., Class B		30,594		102,986
Brookfield Asset Management Inc., Class A		12,013		539,322
CAE, Inc.		5,726		69,431
Cameco Corp.		7,321		129,169
Canadian Imperial Bank of Commerce		8,695		780,955
Canadian National Railway Co.		17,680		1,255,178
Canadian Natural Resources Ltd.		23,735		922,104
Canadian Oil Sands Ltd.		9,245		170,545
Canadian Pacific Railway Ltd.		3,836		796,109
Canadian Tire Corp. Ltd., Class A		1,964		201,232
Canadian Utilities Ltd., Class A		2,455		85,754
Catamaran Corp. (a)		3,831		161,354
Cenovus Energy, Inc.		14,386		387,027
CGI Group, Inc., Class A (a)		4,717		159,375
CI Financial Corp.		3,439		103,697
Crescent Point Energy Corp.		7,869		283,999
Dollarama, Inc.		1,160		98,397
Eldorado Gold Corp.		11,948		80,546
Empire Co. Ltd., Class A		1,275		88,674
Enbridge, Inc.		18,181		870,292
Encana Corp.		14,651		311,086
Enerplus Corp.		4,790		90,929
Fairfax Financial Holdings Ltd.		496		222,231
Finning International, Inc.		3,927		110,768
First Capital Realty, Inc.		2,654		41,495
First Quantum Minerals Ltd.		11,268		217,523
Fortis, Inc.		3,315		102,474
Franco-Nevada Corp.		3,923		192,551
George Weston Ltd.		1,504		118,526
Gildan Activewear, Inc.		2,026		110,838
Goldcorp, Inc.		16,172		372,839
Great-West Lifeco, Inc.		5,606		161,230
H&R Real Estate Investment Trust		2,945		57,483
Husky Energy, Inc.		6,835		187,605
IGM Financial, Inc.		1,977		85,262
Imperial Oil Ltd.		6,979		329,710
Industrial Alliance Insurance & Financial Services, Inc.		2,346		97,133
Intact Financial Corp.		2,376		153,832
Inter Pipeline Ltd.		5,916		192,015
Keyera Corp.		2,151		173,298
Kinross Gold Corp. (a)		25,843		85,840
Loblaw Cos. Ltd.		5,493		274,908
Magna International, Inc.		4,661		442,399
Manulife Financial Corp.		36,501		702,024
MEG Energy Corp. (a)		3,405		104,526
Methanex Corp.		1,766		117,886
Metro, Inc.		1,593		106,537
National Bank of Canada		7,647		348,432
Common Stocks	Shares		Value
Canada (concluded)
New Gold, Inc. (a)		12,456	$	63,062
Onex Corp.		1,707		95,048
Open Text Corp.		2,099		116,106
Pembina Pipeline Corp.		6,784		285,789
Pengrowth Energy Corp.		11,890		62,319
Penn West Petroleum Ltd.		8,639		58,547
Peyto Exploration & Development Corp.		3,329		105,047
Potash Corp. of Saskatchewan, Inc.		16,682		577,640
Power Corp. of Canada		7,775		215,766
Power Financial Corp.		4,535		138,729
RioCan Real Estate Investment Trust		3,112		71,329
Rogers Communications, Inc., Class B		6,817		255,162
Royal Bank of Canada		30,553		2,183,819
Saputo, Inc.		6,426		179,764
Shaw Communications, Inc., Class B		7,271		178,213
Silver Wheaton Corp.		7,615		151,899
SNC-Lavalin Group, Inc.		2,790		128,471
Sun Life Financial, Inc.		12,102		438,717
Suncor Energy, Inc.		29,293		1,060,088
Talisman Energy, Inc.		19,458		168,354
Teck Resources Ltd., Class B		10,196		193,096
TELUS Corp.		3,742		127,769
Thomson Reuters Corp.		7,057		257,088
Tim Hortons, Inc.		3,132		246,628
The Toronto-Dominion Bank		39,132		1,931,181
Tourmaline Oil Corp. (a)		3,101		137,419
TransAlta Corp.		5,518		57,893
TransCanada Corp.		15,481		797,307
Turquoise Hill Resources Ltd. (a)(b)		14,761		55,488
Valeant Pharmaceuticals International, Inc. (a)		6,930		908,056
Vermilion Energy, Inc.		1,797		109,397
Yamana Gold, Inc.		16,621		99,731
				28,682,219
Chile — 0.3%
AES Gener SA		90,837		48,175
Aguas Andinas SA, Class A		76,400		44,216
Banco de Chile		177,577		21,895
Banco de Credito e Inversiones		721		40,687
Banco Santander Chile SA		813,523		45,385
CAP SA		2,694		28,548
Cencosud SA		24,684		72,703
Colbun SA		166,420		42,735
Companhia Cervecerias Unidas SA		4,404		48,482
CorpBanca		2,375,874		30,346

ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 3

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

Common Stocks	Shares		Value
Chile (concluded)
Embotelladora Andina SA, Preference ‘B’ Shares		9,220	$	29,876
Empresa Nacional de Electricidad SA		56,719		83,137
Empresa Nacional de Telecomunicaciones SA		2,032		23,049
Empresas CMPC SA		36,023		85,094
Empresas COPEC SA		7,756		94,823
Enersis SA		308,219		97,840
Latam Airlines Group SA (a)		7,853		90,069
SACI Falabella		15,391		116,133
Sociedad Quimica y Minera de Chile SA, Preference ‘B’ Shares		1,850		48,022
Vina Concha y Toro SA		26,443		51,819
				1,143,034
China — 3.0%
AAC Technologies Holdings, Inc. (b)		16,500		95,604
Agile Property Holdings Ltd.		32,000		19,648
Agricultural Bank of China Ltd., Class H		397,000		175,711
Air China Ltd., Class H		62,000		39,186
Aluminum Corp. of China Ltd., Class H (a)		64,000		26,038
Anhui Conch Cement Co., Ltd., Class H (b)		21,000		67,017
Anta Sports Products Ltd.		13,000		26,417
AviChina Industry & Technology Co. Ltd., Class H		28,000		19,993
Bank of China Ltd., Class H		1,641,000		735,142
Bank of Communications Co. Ltd., Class H		145,700		101,500
BBMG Corp., Class H		39,500		27,352
Beijing Capital International Airport Co. Ltd., Class H		28,000		21,352
Beijing Enterprises Holdings Ltd.		9,000		77,216
Biostime International Holdings Ltd.		5,000		15,531
Brilliance China Automotive Holdings Ltd.		60,000		104,780
Byd Co. Ltd., Class H		18,500		122,471
China BlueChemical Ltd., Class H		24,000		10,416
China Cinda Asset Management Co., Ltd. (a)		93,000		40,884
China Citic Bank Corp. Ltd., Class H		179,000		108,446
China Coal Energy Co. Ltd., Class H (b)		107,000		62,467
China Communications Construction Co. Ltd., Class H		90,000		64,947
China Communications Services Corp. Ltd., Class H		44,000		20,452
Common Stocks	Shares		Value
China (continued)
China Construction Bank Corp., Class H		1,555,000	$	1,087,478
China COSCO Holdings Co. Ltd., Class H (a)		33,500		13,890
China Everbright Bank Co., Ltd.		58,000		27,077
China Huishan Dairy Holdings Co., Ltd. (b)		107,000		23,626
China International Marine Containers Group Co. Ltd., Class H		12,000		24,713
China Life Insurance Co. Ltd., Class H		163,000		453,071
China Longyuan Power Group Corp., Class H		47,000		45,933
China Merchants Bank Co. Ltd., Class H		81,578		139,271
China Minsheng Banking Corp. Ltd., Class H		110,400		101,004
China National Building Material Co. Ltd., Class H		48,000		43,502
China Oilfield Services Ltd., Class H		38,000		100,119
China Pacific Insurance Group Co. Ltd., Class H		46,400		163,036
China Petroleum & Chemical Corp. Class H		534,400		467,409
China Railway Construction Corp. Ltd., Class H		41,000		37,207
China Railway Group Ltd., Class H		90,000		47,661
China Shenhua Energy Co. Ltd., Class H		66,000		183,718
China Shipping Container Lines Co. Ltd., Class H (a)		122,000		32,778
China Telecom Corp. Ltd., Class H		272,000		166,732
China Vanke Co., Ltd. (a)		30,600		53,801
Chongqing Changan Automobile Co., Ltd.		21,400		45,970
Chongqing Rural Commercial Bank, Class H		79,000		35,772
CITIC Securities Co. Ltd., Class H		19,500		44,921
CNOOC Ltd.		381,000		657,061
Country Garden Holdings Co. Ltd.		77,129		29,091
CSR Corp. Ltd., Class H		29,000		25,493
Datang International Power Generation Co. Ltd., Class H		20,000		10,411
Dongfeng Motor Group Co. Ltd., Class H		42,000		68,865
Evergrande Real Estate Group Ltd. (b)		93,000		34,936
Fosun International Ltd.		39,500		47,413
GCL-Poly Energy Holdings Ltd. (a)(b)		193,000		70,744
Golden Eagle Retail Group Ltd.		22,000		25,583

4 ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Common Stocks	Shares		Value
China (continued)
Great Wall Motor Co. Ltd., Class H		23,500	$	91,073
Guangzhou Automobile Group Co. Ltd., Class H		52,000		50,242
Guangzhou R&F Properties Co. Ltd., Class H (a)		13,200		13,325
Haitian International Holdings Ltd.		8,000		18,145
Haitong Securities Co. Ltd., Class H		28,000		43,152
Hengan International Group Co., Ltd.		13,500		132,810
Huaneng Power International, Inc., Class H		66,000		71,972
Industrial & Commercial Bank of China Ltd., Class H		1,593,000		995,636
Inner Mongolia Yitai Coal Co., Class B		25,300		43,099
Intime Retail Group Co. Ltd.		37,000		31,498
Jiangsu Expressway Co. Ltd., Class H		26,000		27,451
Jiangxi Copper Co. Ltd., Class H		36,000		59,213
Kingsoft Corp. Ltd. (b)		11,000		26,055
Lenovo Group Ltd.		154,000		229,382
Longfor Properties Co. Ltd.		30,000		34,276
New China Life Insurance Co. Ltd., Class H		20,900		72,815
People’s Insurance Co. Group of China Ltd., Class H		123,000		50,142
PetroChina Co. Ltd., Class H		454,000		581,871
PICC Property & Casualty Co. Ltd., Class H		74,800		132,683
Ping An Insurance Group Co. of China Ltd., Class H		39,000		292,614
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		44,000		43,403
Shanghai Electric Group Co. Ltd., Class H		104,000		55,300
Shanghai Fosun Pharmaceutical Group Co., Ltd., Class H		7,000		22,525
Shanghai Industrial Holdings Ltd.		15,000		44,412
Shanghai Pharmaceuticals Holding Co., Ltd., Class H		19,100		46,687
Shenzhou International Group Holdings Ltd.		12,000		38,581
Shui On Land Ltd.		76,666		17,182
Sihuan Pharmaceutical Holdings Group Ltd.		70,000		52,429
Sino-Ocean Land Holdings Ltd.		55,000		28,923
Sinopec Engineering Group Co. Ltd.		13,500		14,544
Sinopec Shanghai Petrochemical Co. Ltd., Class H		123,000		40,635
Sinopharm Group Co. Ltd., Class H		24,400		89,150
SOHO China Ltd.		30,500		22,062
Common Stocks	Shares		Value
China (concluded)
Tencent Holdings Ltd.		109,300	$	1,626,542
Tingyi Cayman Islands Holding Corp.		36,000		94,574
Tsingtao Brewery Co. Ltd., Class H		4,000		28,440
Uni-President China Holdings Ltd.		45,600		45,680
Want Want China Holdings Ltd.		102,000		127,361
Weichai Power Co. Ltd., Class H		12,200		44,096
Yanzhou Coal Mining Co. Ltd., Class H		36,000		29,496
Zhejiang Expressway Co. Ltd., Class H		28,000		28,452
Zhongsheng Group Holdings Ltd.		17,500		18,753
Zhuzhou CSR Times Electric Co. Ltd., Class H		6,500		25,101
Zijin Mining Group Co. Ltd., Class H		138,000		33,572
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		45,400		26,479
ZTE Corp., Class H		12,000		26,616
				11,959,305
Colombia — 0.2%
Almacenes Exito SA		3,923		57,423
Banco Davivienda SA, Preference Shares		3,212		46,254
Bancolombia SA		7,228		102,300
Cementos Argos SA		7,200		38,402
Cemex Latam Holdings SA (a)		2,717		24,153
Corp. Financiera Colombiana SA		1,406		27,774
Ecopetrol SA		79,087		123,612
Grupo Argos SA		6,618		74,189
Grupo Argos SA, Preference Shares		2,637		29,301
Grupo Aval Acciones y Valores		125,734		86,308
Grupo de Inversiones Suramericana SA		6,592		132,298
Grupo de Inversiones Suramericana SA, Preference Shares		803		16,061
Interconexion Electrica SA		6,953		31,796
Isagen SA ESP		27,340		37,130
Pacific Rubiales Energy Corp.		5,727		96,035
				923,036
Czech Republic — 0.1%
CEZ AS		3,592		109,208
Komercni Banka AS		352		83,732
Telefonica O2 Czech Republic (b)		1,500		21,578
				214,518
Denmark — 1.1%
A.P. Moeller - Maersk A/S, Class A		60		138,405
A.P. Moeller - Maersk A/S, Class B		152		360,066

ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 5

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

Common Stocks	Shares		Value
Denmark (concluded)
Carlsberg A/S, Class B		2,388	$	212,086
Coloplast A/S, Class B		2,417		202,131
Danske Bank A/S		14,395		390,217
DSV A/S		3,700		104,041
Novo Nordisk A/S, Class B		41,367		1,969,558
Novozymes A/S, Class B		5,337		230,964
Pandora A/S		2,242		175,050
TDC A/S		18,268		138,395
Tryg A/S		559		57,995
Vestas Wind Systems A/S (a)		4,357		169,871
William Demant Holding A/S (a)		641		49,173
				4,197,952
Egypt — 0.0%
Commercial International Bank		13,819		98,323
Orascom Telecom Holding SAE (a)		69,057		48,778
Talaat Moustafa Group		21,412		34,294
Telecom Egypt		12,924		24,765
				206,160
Finland — 0.6%
Elisa OYJ		2,767		73,304
Fortum OYJ		9,978		243,285
Kone OYJ, Class B (b)		6,668		266,957
Metso OYJ		2,362		83,682
Neste Oil OYJ		2,399		49,392
Nokia OYJ		80,949		687,346
Nokian Renkaat OYJ (b)		1,921		57,641
Orion OYJ, Class B		1,849		72,197
Sampo OYJ, Class A		10,095		488,109
Stora Enso OYJ, Class R		11,684		96,939
UPM-Kymmene OYJ		10,077		143,249
Wartsila OYJ		2,815		125,436
				2,387,537
France — 6.7%
Accor SA		4,425		195,976
Aeroports de Paris		499		59,751
Air Liquide SA		7,071		862,102
Airbus Group NV		12,777		803,168
Alcatel-Lucent (a)		68,523		211,346
Alstom SA (a)		4,036		138,399
ArcelorMittal (b)		22,421		306,768
Arkema		990		66,340
AtoS		1,288		93,272
AXA SA		38,201		940,988
BNP Paribas SA		21,927		1,455,255
Bollore SA		100		56,709
Bouygues SA		5,166		167,040
Bureau Veritas SA		4,244		93,797
Cap Gemini SA		3,543		254,081
Carrefour SA		13,791		425,928
Casino Guichard-Perrachon SA		1,031		110,921
Common Stocks	Shares		Value
France (continued)
Christian Dior SA		1,103	$	184,779
Cie Generale des Etablissements Michelin		3,809		358,773
CNP Assurances		3,183		59,915
Compagnie de Saint-Gobain		9,282		424,109
Credit Agricole SA		21,742		327,729
Danone SA		12,479		835,668
Dassault Systemes SA		2,368		152,118
Edenred		4,531		111,649
EDF		4,799		157,440
Essilor International SA		4,599		504,362
Eurazeo		609		43,795
Eutelsat Communications SA		2,312		74,655
Fonciere Des Regions		673		60,650
GDF Suez		30,248		758,634
Gecina SA		595		78,021
Groupe Eurotunnel SA, Registered Shares		9,462		115,583
ICADE		419		35,381
Iliad SA		723		152,517
Imerys SA		704		51,897
JCDecaux SA		1,720		54,301
Kering		1,683		339,326
Klepierre		2,526		110,493
L’Oreal SA		5,222		828,182
Lafarge SA		3,622		260,662
Lagardere SCA		1,551		41,505
Legrand SA		6,265		325,552
LVMH Moet Hennessy Louis Vuitton SA		5,766		936,296
Natixis		15,829		108,903
Orange SA		40,018		597,173
Pernod Ricard SA		4,761		538,854
Peugeot SA (a)		7,577		96,953
Publicis Groupe SA		4,335		297,071
Remy Cointreau SA		373		26,854
Renault SA		4,456		322,346
Rexel SA		5,032		93,972
Safran SA		5,442		352,825
Sanofi		24,582		2,779,502
Schneider Electric SE (a)		10,366		795,305
SCOR SE		3,445		107,597
SES SA		7,076		244,660
Societe BIC SA		705		90,879
Societe Generale SA		14,789		754,356
Sodexo		1,766		172,753
Suez Environnement Co.		4,269		72,208
Technip SA		2,000		167,772
Thales SA		1,757		93,512
Total SA		44,319		2,869,837
Unibail-Rodamco SE		1,950		501,458
Valeo SA		1,307		145,227
Vallourec SA		1,896		87,254

6 ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Common Stocks	Shares		Value
France (concluded)
Veolia Environnement SA		7,765	$	136,921
Vinci SA		10,079		584,893
Vivendi SA (a)		25,195		608,404
Wendel SA		453		51,338
Zodiac Aerospace		3,402		108,485
				26,433,145
Germany — 5.9%
Adidas AG		4,655		347,335
Allianz SE, Registered Shares		9,377		1,513,747
Axel Springer AG		598		32,831
BASF SE		18,962		1,729,663
Bayer AG, Registered Shares		16,952		2,358,673
Bayerische Motoren Werke AG		6,997		747,800
Bayerische Motoren Werke AG, Preference Shares		1,166		94,572
Beiersdorf AG		2,553		212,414
Brenntag AG		2,751		134,646
Celesio AG		1,037		34,430
Commerzbank AG (a)		20,722		307,704
Continental AG		2,359		446,859
Daimler AG, Registered Shares		19,880		1,518,175
Deutsche Bank AG, Registered Shares		28,867		1,007,964
Deutsche Boerse AG		4,431		297,545
Deutsche Lufthansa AG, Registered Shares		4,092		64,254
Deutsche Post AG, Registered Shares		20,770		662,045
Deutsche Telekom AG, Registered Shares		67,390		1,020,053
Deutsche Wohnen AG		6,334		134,903
E.ON SE		41,758		762,571
Fraport AG Frankfurt Airport Services Worldwide		748		49,047
Fresenius Medical Care AG & Co. KGaA		4,832		336,575
Fresenius SE & Co. KGaA		8,258		407,689
GEA Group AG		3,203		139,150
Hannover Rueck SE		1,069		86,279
HeidelbergCement AG		3,509		230,965
Henkel AG & Co. KGaA		2,218		206,837
Henkel AG & Co. KGaA, Preference Shares		3,739		372,227
Hochtief AG		398		27,315
Hugo Boss AG		575		71,682
Infineon Technologies AG		27,024		278,157
K+S AG, Registered Shares		3,556		100,313
Kabel Deutschland Holding AG (a)		534		72,438
Lanxess AG		1,770		97,707
Linde AG		3,939		753,962
MAN SE		1,072		120,637
Merck KGaA		2,941		270,324
Common Stocks	Shares		Value
Germany (concluded)
Metro AG (a)		3,328	$	109,143
Muenchener Rueckversicherungs AG, Registered Shares		3,492		688,858
Osram Licht AG (a)		1,813		67,266
Porsche Automobil Holding SE, Preference Shares		2,876		229,427
ProSiebenSat.1 Media AG, Registered Shares		4,120		163,339
RWE AG		10,648		414,426
SAP AG		18,865		1,361,481
Siemens AG, Registered Shares		16,229		1,931,122
Sky Deutschland AG (a)		7,985		67,497
Telefonica Deutschland Holding AG (a)		14,160		73,849
ThyssenKrupp AG (a)		10,865		283,659
United Internet AG, Registered Shares		2,326		98,758
Volkswagen AG		435		89,880
Volkswagen AG, Preference Shares		3,294		680,238
				23,308,431
Greece — 0.1%
Alpha Bank AE (a)		74,439		57,709
Eurobank Ergasias SA (a)		225,111		88,750
FF Group (a)		440		16,367
Hellenic Telecommunications Organization SA (a)		5,639		74,041
JUMBO SA (a)		1,999		25,282
National Bank of Greece SA (a)		28,873		84,455
OPAP SA		3,936		51,615
Piraeus Bank SA (a)		41,325		69,949
Public Power Corp. SA (a)		2,220		26,352
Titan Cement Co. SA		990		24,793
				519,313
Hong Kong — 2.9%
AIA Group Ltd.		250,400		1,292,250
ASM Pacific Technology Ltd.		6,300		62,352
Bank of East Asia Ltd.		26,000		105,149
Beijing Enterprises Water Group Ltd. (a)		92,000		62,216
Belle International Holdings Ltd.		80,000		89,958
BOC Hong Kong Holdings Ltd.		81,000		257,855
Cathay Pacific Airways Ltd.		32,000		58,793
Cheung Kong Holdings Ltd.		29,000		477,048
Cheung Kong Infrastructure Holdings Ltd.		11,000		77,089
China Agri-Industries Holdings Ltd. (a)		43,100		16,352
China Everbright International Ltd.		46,000		60,824
China Everbright Ltd.		30,000		56,106
China Gas Holdings Ltd.		40,000		66,378

ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 7

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

Common Stocks	Shares		Value
Hong Kong (continued)
China Mengniu Dairy Co., Ltd.		26,000	$	106,993
China Merchants Holdings International Co., Ltd.		24,000		74,125
China Mobile Ltd.		130,000		1,521,324
China Overseas Land & Investment Ltd.		98,000		251,502
China Resources Cement Holdings Ltd.		26,000		17,787
China Resources Enterprise Ltd.		26,000		61,545
China Resources Gas Group Ltd.		16,000		43,294
China Resources Land Ltd.		38,000		78,168
China Resources Power Holdings Co., Ltd.		34,000		91,608
China State Construction International Holdings Ltd.		44,000		65,412
China Taiping Insurance Holdings Co. Ltd. (a)		23,200		50,305
China Unicom Hong Kong Ltd.		84,000		125,979
Citic 21CN Co., Ltd. (a)		38,000		23,092
CITIC Ltd. (b)		56,000		93,468
CLP Holdings Ltd.		37,500		301,225
COSCO Pacific Ltd.		36,000		47,747
CSPC Pharmaceutical Group Ltd.		38,000		31,512
ENN Energy Holdings Ltd.		16,000		104,682
Far East Horizon Ltd.		21,000		18,797
First Pacific Co. Ltd.		62,000		64,310
Franshion Properties China Ltd.		130,000		31,618
Galaxy Entertainment Group Ltd.		47,000		272,883
Geely Automobile Holdings Ltd.		80,000		33,458
GOME Electrical Appliances Holding Ltd.		266,000		43,055
Guangdong Investment Ltd.		56,000		65,464
Haier Electronics Group Co., Ltd.		16,000		41,960
Hanergy Solar Group Ltd. (b)		186,000		34,255
Hang Lung Properties Ltd.		52,000		147,805
Hang Seng Bank Ltd.		15,300		245,518
Henderson Land Development Co. Ltd.		20,500		132,714
HKT Trust and HKT Ltd.		64,900		78,400
Hong Kong & China Gas Co. Ltd.		120,846		262,085
Hong Kong Exchanges & Clearing Ltd.		20,800		447,694
Hutchison Whampoa Ltd.		47,000		568,164
Hysan Development Co. Ltd.		13,000		59,982
Kerry Properties Ltd.		16,500		55,316
Kingboard Chemical Holdings Ltd.		18,200		36,183
Kunlun Energy Co. Ltd.		66,000		95,241
Lee & Man Paper Manufacturing Ltd.		34,000		17,274
Li & Fung Ltd.		108,000		122,676
The Link REIT		46,000		265,449
MGM China Holdings Ltd.		13,600		39,190
MTR Corp.		25,500		99,994
Common Stocks	Shares		Value
Hong Kong (concluded)
New World China Land Ltd.		36,000	$	20,400
New World Development Co. Ltd.		100,666		117,270
Nine Dragons Paper Holdings Ltd.		29,000		20,842
NWS Holdings Ltd.		52,186		92,815
PCCW Ltd.		84,000		52,792
Poly Property Group Co. Ltd.		74,000		28,420
Power Assets Holdings Ltd.		26,000		229,807
Sands China Ltd.		57,200		298,401
Shangri-La Asia Ltd.		32,000		47,292
Shimao Property Holdings Ltd. (a)		27,500		55,551
Sino Biopharmaceutical Ltd.		48,000		47,769
Sino Land Co., Ltd.		66,800		102,971
SJM Holdings Ltd.		34,000		64,732
Sun Art Retail Group Ltd.		47,500		53,710
Sun Hung Kai Properties Ltd.		36,000		510,809
Swire Pacific Ltd., Class A		14,000		180,214
Swire Properties Ltd.		25,400		79,140
Techtronic Industries Co.		23,500		67,765
Wharf Holdings Ltd.		29,000		205,979
Wheelock & Co. Ltd.		22,000		104,942
Wynn Macau Ltd.		27,200		86,685
Yingde Gases		16,500		15,653
Yue Yuen Industrial Holdings Ltd.		19,000		57,398
Yuexiu Property Co., Ltd.		80,000		14,189
				11,607,169
Hungary — 0.0%
MOL Hungarian Oil & Gas PLC		997		48,830
OTP Bank PLC		4,840		81,957
Richter Gedeon Nyrt		3,173		49,558
				180,345
Indonesia — 0.5%
Adaro Energy Tbk PT		230,400		22,179
Astra Agro Lestari Tbk PT		11,500		21,688
Astra International Tbk PT		471,600		272,499
Bank Central Asia Tbk PT		227,500		244,154
Bank Danamon Indonesia Tbk PT		186,600		59,746
Bank Mandiri Persero Tbk PT		162,700		134,555
Bank Negara Indonesia Persero Tbk PT		147,300		66,562
Bank Rakyat Indonesia Persero Tbk PT		214,300		183,198
Bumi Serpong Damai Tbk PT		111,800		14,162
Charoen Pokphand Indonesia Tbk PT		116,500		40,585
Global Mediacom Tbk PT		137,600		21,947
Gudang Garam Tbk PT		9,800		45,456
Indo Tambangraya Megah Tbk PT		4,400		9,360
Indocement Tunggal Prakarsa Tbk PT		20,500		36,345
Indofood CBP Sukses Makmur Tbk PT		18,900		17,594

8 ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Common Stocks	Shares		Value
Indonesia (concluded)
Indofood Sukses Makmur Tbk PT		92,700	$	53,146
Jasa Marga Persero Tbk PT		71,000		37,673
Kalbe Farma Tbk PT		457,700		63,730
Lippo Karawaci Tbk PT		416,900		32,176
Matahari Department Store Tbk PT		29,500		39,297
Media Nusantara Citra Tbk PT		60,162		15,770
Perusahaan Gas Negara Persero Tbk PT		200,400		98,432
Semen Indonesia Persero Tbk PT		65,500		82,754
Surya Citra Media Tbk PT		84,000		26,427
Tambang Batubara Bukit Asam Persero Tbk PT		29,500		31,868
Telekomunikasi Indonesia Persero Tbk PT		1,005,300		240,822
Tower Bersama Infrastructure Tbk PT		38,000		24,989
Unilever Indonesia Tbk PT		35,200		91,522
United Tractors Tbk PT		33,700		55,034
XL Axiata Tbk PT		82,000		41,724
				2,125,394
Ireland — 0.6%
Bank of Ireland (a)		455,112		177,946
CRH PLC		15,617		354,670
Experian PLC		23,064		366,500
James Hardie Industries SE		8,317		87,018
Kerry Group PLC, Class A		3,375		237,953
Shire PLC		12,140		1,047,462
				2,271,549
Israel — 0.4%
Bank Hapoalim BM		21,975		123,907
Bank Leumi Le-Israel BM (a)		27,194		110,142
Bezeq The Israeli Telecommunication Corp. Ltd.		38,878		67,115
Delek Group Ltd.		69		26,117
Israel Chemicals Ltd.		6,662		47,859
The Israel Corp. Ltd. (a)		40		22,484
Mizrahi Tefahot Bank Ltd. (a)		2,669		31,907
NICE Systems Ltd.		1,406		57,400
Teva Pharmaceutical Industries Ltd.		17,711		953,211
				1,440,142
Italy — 1.7%
Assicurazioni Generali SpA		23,214		486,731
Atlantia SpA		7,660		188,174
Banca Monte dei Paschi di Siena SpA (a)		85,851		112,383
Banco Popolare SC (a)		6,758		98,420
Enel Green Power SpA		31,587		80,624
Enel SpA		144,304		763,386
Common Stocks	Shares		Value
Italy (concluded)
Eni SpA		52,754	$	1,251,654
Exor SpA		1,710		66,107
Fiat SpA (a)		17,631		169,924
Finmeccanica SpA (a)		8,568		82,913
Intesa Sanpaolo SpA		265,852		798,576
Luxottica Group SpA		3,117		162,016
Mediobanca SpA (a)		12,402		105,961
Pirelli & C SpA		5,532		76,282
Prysmian SpA		4,243		78,508
Saipem SpA (a)		5,047		107,030
Snam SpA		49,168		271,497
Telecom Italia SpA (a)		222,067		253,996
Telecom Italia SpA, Non-Convertible Savings Shares		139,244		123,081
Tenaris SA		8,848		201,908
Terna - Rete Elettrica Nazionale SpA		27,592		138,501
UniCredit SpA		93,986		738,344
Unione di Banche Italiane SCpA		17,444		145,796
UnipolSai SpA		18,299		51,513
				6,553,325
Japan — 14.2%
ABC-Mart, Inc.		300		15,322
Acom Co. Ltd. (a)		5,700		19,068
Advantest Corp. (b)		3,600		46,477
Aeon Co. Ltd.		11,200		111,591
AEON Financial Service Co. Ltd.		1,700		36,379
Aeon Mall Co. Ltd.		2,190		41,836
Air Water, Inc.		4,000		59,583
Aisin Seiki Co. Ltd.		3,900		140,768
Ajinomoto Co., Inc.		14,000		232,820
Alfresa Holdings Corp.		4,000		57,584
Amada Co. Ltd.		8,000		76,272
ANA Holdings, Inc.		26,000		60,438
Aozora Bank Ltd.		21,000		71,010
Asahi Glass Co. Ltd. (b)		19,000		103,071
Asahi Group Holdings Ltd.		7,500		216,946
Asahi Kasei Corp.		30,000		243,970
Asics Corp.		3,400		76,683
Astellas Pharma, Inc.		44,700		665,743
The Bank of Kyoto Ltd.		8,000		66,478
The Bank of Yokohama Ltd.		20,000		109,977
Benesse Holdings, Inc.		1,100		36,089
Bridgestone Corp.		14,200		469,664
Brother Industries Ltd.		4,700		86,857
Calbee, Inc.		1,300		42,489
Canon, Inc.		24,300		790,623
Casio Computer Co. Ltd.		4,200		70,187
Central Japan Railway Co.		3,100		418,155
The Chiba Bank Ltd.		12,000		83,477
Chiyoda Corp.		4,000		44,234
Chubu Electric Power Co., Inc. (a)		11,400		130,877

ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 9

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

Common Stocks	Shares		Value
Japan (continued)
Chugai Pharmaceutical Co. Ltd.		4,200	$	121,572
The Chugoku Bank Ltd.		4,000		58,747
The Chugoku Electric Power Co., Inc.		5,100		65,400
Citizen Holdings Co. Ltd.		4,900		32,176
Credit Saison Co. Ltd.		2,400		46,247
Dai Nippon Printing Co. Ltd. (b)		12,000		120,411
The Dai-ichi Life Insurance Co. Ltd.		23,700		352,056
Daicel Corp.		7,000		75,756
Daido Steel Co. Ltd.		3,000		11,958
Daihatsu Motor Co. Ltd. (b)		3,900		61,887
Daiichi Sankyo Co. Ltd.		15,600		245,139
Daikin Industries Ltd.		5,300		328,775
Daito Trust Construction Co. Ltd.		1,300		153,728
Daiwa House Industry Co. Ltd.		13,800		247,916
Daiwa Securities Group, Inc.		37,000		293,435
Dena Co. Ltd. (b)		2,700		34,326
Denso Corp.		10,500		484,431
Dentsu, Inc.		4,200		159,979
Don Quijote Co. Ltd.		1,000		57,387
East Japan Railway Co.		7,100		531,809
Eisai Co. Ltd.		6,100		246,734
Electric Power Development Co. Ltd.		2,500		81,688
FamilyMart Co. Ltd.		1,400		53,429
FANUC Corp.		4,000		723,411
Fast Retailing Co. Ltd.		1,200		402,110
Fuji Electric Co. Ltd.		13,000		62,919
Fuji Heavy Industries Ltd.		13,000		430,647
FUJIFILM Holdings Corp.		9,800		301,126
Fujitsu Ltd.		42,000		258,492
Fukuoka Financial Group, Inc.		11,000		52,472
Gree, Inc. (b)		2,300		15,683
GungHo Online Entertainment, Inc. (b)		8,800		41,895
The Gunma Bank Ltd.		8,000		46,116
The Hachijuni Bank Ltd.		10,000		60,097
Hakuhodo DY Holdings, Inc.		5,800		58,715
Hamamatsu Photonics KK		1,200		57,018
Hankyu Hanshin Holdings, Inc.		25,000		145,576
Hikari Tsushin, Inc.		400		28,436
Hino Motors Ltd.		5,300		74,164
Hirose Electric Co. Ltd.		700		86,423
The Hiroshima Bank Ltd.		12,000		58,967
Hisamitsu Pharmaceutical Co., Inc. (b)		1,100		39,503
Hitachi Chemical Co. Ltd.		1,600		28,419
Hitachi Construction Machinery Co. Ltd.		1,800		36,238
Hitachi High-Technologies Corp.		1,600		46,012
Hitachi Ltd.		104,000		794,563
Hitachi Metals Ltd.		4,000		72,098
Hokuhoku Financial Group, Inc.		29,000		56,846
Common Stocks	Shares		Value
Japan (continued)
Hokuriku Electric Power Co.		4,500	$	59,116
Honda Motor Co. Ltd.		34,900		1,197,413
Hoya Corp.		10,100		339,161
Hulic Co. Ltd.		4,100		43,426
Ibiden Co. Ltd.		2,300		44,832
Idemitsu Kosan Co. Ltd.		2,400		50,976
IHI Corp.		28,000		145,106
Iida Group Holdings Co. Ltd.		2,500		30,579
Inpex Corp.		17,400		246,002
Isetan Mitsukoshi Holdings Ltd.		6,800		88,499
Isuzu Motors Ltd.		11,500		162,638
ITOCHU Corp.		31,800		388,373
Itochu Techno-Solutions Corp.		300		12,610
The Iyo Bank Ltd.		2,400		24,296
J. Front Retailing Co. Ltd.		5,000		65,412
Japan Airlines Co. Ltd.		2,800		76,616
Japan Display, Inc. (a)		4,900		23,617
Japan Exchange Group, Inc.		5,300		125,803
Japan Prime Realty Investment Corp.		12		43,226
Japan Real Estate Investment Corp.		26		133,726
Japan Retail Fund Investment Corp.		45		90,707
Japan Tobacco, Inc. (b)		22,900		744,145
JFE Holdings, Inc.		10,700		213,748
JGC Corp.		4,000		109,286
The Joyo Bank Ltd.		14,000		68,908
JSR Corp.		3,900		68,062
JTEKT Corp.		4,500		75,427
JX Holdings, Inc.		54,700		252,209
Kajima Corp.		17,000		81,374
Kakaku.com, Inc.		2,300		32,669
Kamigumi Co. Ltd.		4,000		37,879
Kaneka Corp.		7,000		39,216
The Kansai Electric Power Co., Inc. (a)		13,000		122,838
Kansai Paint Co. Ltd.		5,000		74,756
Kao Corp.		11,100		433,152
Kawasaki Heavy Industries Ltd.		30,000		119,941
KDDI Corp.		12,200		733,906
Keikyu Corp.		10,000		83,477
Keio Corp.		13,000		96,059
Keisei Electric Railway Co. Ltd.		7,000		70,282
Keyence Corp.		920		399,451
Kikkoman Corp.		2,000		42,506
Kintetsu Corp.		39,000		131,200
Kirin Holdings Co. Ltd.		17,400		230,841
Kobe Steel Ltd.		60,000		97,438
Koito Manufacturing Co. Ltd.		2,200		59,848
Komatsu Ltd.		19,900		459,912
Konami Corp.		1,900		39,622
Konica Minolta, Inc.		8,500		91,890

10 ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Common Stocks	Shares		Value
Japan (continued)
Kubota Corp.		24,000	$	380,001
Kuraray Co. Ltd. (b)		8,100		95,149
Kurita Water Industries Ltd.		2,800		62,459
Kyocera Corp.		6,900		322,278
Kyowa Hakko Kirin Co. Ltd.		5,000		61,502
Kyushu Electric Power Co., Inc. (a)		8,000		86,231
Lawson, Inc.		1,400		97,949
LIXIL Group Corp.		4,600		98,136
M3, Inc.		3,000		48,109
Mabuchi Motor Co. Ltd.		500		43,623
Makita Corp.		2,400		135,580
Marubeni Corp.		36,200		247,713
Marui Group Co. Ltd.		3,700		30,469
Maruichi Steel Tube Ltd.		1,400		34,379
Mazda Motor Corp.		12,000		301,854
McDonald’s Holdings Co. Japan Ltd. (b)		1,500		37,093
Medipal Holdings Corp.		3,000		36,465
Meiji Holdings Co. Ltd.		1,400		110,713
Miraca Holdings, Inc.		1,400		57,936
Mitsubishi Chemical Holdings Corp.		29,800		146,696
Mitsubishi Corp.		27,500		563,207
Mitsubishi Electric Corp.		41,000		546,579
Mitsubishi Estate Co. Ltd.		27,000		608,507
Mitsubishi Gas Chemical Co., Inc.		7,000		44,630
Mitsubishi Heavy Industries Ltd.		64,000		412,022
Mitsubishi Logistics Corp.		2,000		28,735
Mitsubishi Materials Corp.		15,000		48,534
Mitsubishi Motors Corp.		13,200		160,116
Mitsubishi Tanabe Pharma Corp.		4,500		66,031
Mitsubishi UFJ Financial Group, Inc.		269,500		1,518,825
Mitsubishi UFJ Lease & Finance Co., Ltd.		11,500		60,143
Mitsui & Co. Ltd.		36,200		571,022
Mitsui Chemicals, Inc. (a)		16,000		44,532
Mitsui Fudosan Co. Ltd.		19,000		583,080
Mitsui OSK Lines Ltd.		21,000		67,098
Mizuho Financial Group, Inc.		480,900		858,499
MS&AD Insurance Group Holdings, Inc.		9,700		211,578
Murata Manufacturing Co. Ltd.		4,400		500,128
Nabtesco Corp.		1,800		43,120
Nagoya Railroad Co. Ltd.		8,000		32,086
Namco Bandai Holdings, Inc.		4,200		108,050
NEC Corp.		58,000		200,470
Nexon Co. Ltd.		1,500		12,370
NGK Insulators Ltd.		6,000		143,020
NGK Spark Plug Co. Ltd.		3,000		88,275
NH Foods Ltd.		3,000		63,698
NHK Spring Co. Ltd.		3,200		31,399
Nidec Corp.		4,900		331,128
Common Stocks	Shares		Value
Japan (continued)
Nikon Corp.		7,500	$	108,474
Nintendo Co. Ltd.		2,300		250,535
Nippon Building Fund, Inc.		26		136,909
Nippon Electric Glass Co. Ltd.		9,000		43,753
Nippon Express Co. Ltd.		18,000		75,390
Nippon Paint Co. Ltd.		4,000		90,232
Nippon Prologis REIT, Inc. (a)		27		62,773
Nippon Steel & Sumitomo Metal		167,475		434,787
Nippon Telegraph & Telephone Corp.		8,000		496,114
Nippon Yusen KK		34,000		89,644
Nissan Motor Co. Ltd.		52,200		505,304
Nisshin Seifun Group, Inc.		3,300		32,646
Nissin Foods Holdings Co. Ltd.		900		46,731
Nitori Holdings Co. Ltd.		1,400		86,737
Nitto Denko Corp.		2,900		158,793
NOK Corp.		2,000		45,914
Nomura Holdings, Inc.		77,900		463,454
Nomura Real Estate Holdings, Inc.		2,500		42,994
Nomura Research Institute Ltd.		1,900		61,446
NSK Ltd.		9,000		128,368
NTT Data Corp.		2,500		90,180
NTT DoCoMo, Inc.		33,000		552,691
NTT Urban Development Corp.		2,400		25,233
Obayashi Corp.		14,000		95,811
Odakyu Electric Railway Co. Ltd.		13,000		118,882
Oji Holdings Corp.		16,000		60,573
Olympus Corp. (a)		4,900		175,718
Omron Corp.		5,000		227,240
Ono Pharmaceutical Co. Ltd.		2,000		177,595
Oracle Corp. Japan		700		27,322
Oriental Land Co. Ltd.		1,000		188,977
ORIX Corp.		28,100		387,933
Osaka Gas Co. Ltd.		35,000		140,542
Otsuka Corp.		1,200		47,779
Otsuka Holdings Co. Ltd.		8,100		279,193
Panasonic Corp.		46,900		558,971
Park24 Co. Ltd.		2,400		38,298
Rakuten, Inc.		17,900		206,055
Resona Holdings, Inc.		51,200		288,839
Ricoh Co. Ltd.		13,200		141,812
Rinnai Corp.		900		74,671
Rohm Co. Ltd.		1,900		119,634
Sankyo Co. Ltd.		700		25,087
Sanrio Co. Ltd. (b)		800		23,190
Santen Pharmaceutical Co. Ltd.		1,700		95,202
SBI Holdings, Inc.		4,950		55,482
Secom Co. Ltd.		4,700		280,000
Sega Sammy Holdings, Inc.		3,000		48,303
Seibu Holdings, Inc.		1,200		23,963
Seiko Epson Corp.		2,200		106,002
Sekisui Chemical Co. Ltd.		7,000		80,450

ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 11

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

Common Stocks	Shares		Value
Japan (continued)
Sekisui House Ltd.		10,000	$	117,857
Seven & I Holdings Co. Ltd.		15,900		616,704
Seven Bank Ltd.		10,300		41,976
Sharp Corp. (a)		33,000		93,877
Shikoku Electric Power Co., Inc. (a)		3,700		47,473
Shimadzu Corp.		6,000		51,980
Shimamura Co. Ltd.		300		27,580
Shimano, Inc.		1,500		182,465
Shimizu Corp.		11,000		86,802
Shin-Etsu Chemical Co. Ltd.		8,900		583,120
Shinsei Bank Ltd.		33,000		70,831
Shionogi & Co. Ltd.		4,900		112,458
Shiseido Co. Ltd. (b)		6,700		110,520
The Shizuoka Bank Ltd.		8,000		82,371
Showa Shell Sekiyu KK		4,400		41,978
SMC Corp.		1,200		330,889
Softbank Corp.		19,900		1,389,992
Sompo Japan Nipponkoa Holdings, Inc.		6,200		150,403
Sony Corp. (a)		22,700		407,402
Sony Financial Holdings, Inc.		3,100		50,142
Stanley Electric Co. Ltd.		2,900		62,783
Sumitomo Chemical Co. Ltd.		33,000		117,866
Sumitomo Corp.		23,600		260,476
Sumitomo Dainippon Pharma Co. Ltd.		3,900		49,755
Sumitomo Electric Industries Ltd.		14,600		216,136
Sumitomo Heavy Industries Ltd.		12,000		67,588
Sumitomo Metal Mining Co. Ltd.		10,000		140,738
Sumitomo Mitsui Financial Group, Inc.		27,400		1,116,398
Sumitomo Mitsui Trust Holdings, Inc.		72,000		299,769
Sumitomo Realty & Development Co. Ltd.		8,000		285,020
Sumitomo Rubber Industries Ltd.		4,300		61,168
Suntory Beverage & Food Ltd.		2,500		88,529
Suruga Bank Ltd.		3,000		59,856
Suzuken Co. Ltd.		1,700		48,974
Suzuki Motor Corp.		7,100		235,473
Sysmex Corp.		3,000		120,807
T&D Holdings, Inc.		11,000		141,348
Taiheiyo Cement Corp.		24,000		90,519
Taisei Corp.		21,000		118,476
Taisho Pharmaceutical Holdings Co. Ltd.		800		54,758
Taiyo Nippon Sanso Corp.		4,000		35,313
Takashimaya Co. Ltd.		4,000		33,458
Takeda Pharmaceutical Co. Ltd. (b)		16,600		721,642
TDK Corp.		2,600		145,445
Teijin Ltd.		23,000		55,574
Terumo Corp.		5,200		124,755
THK Co. Ltd.		2,200		54,822
Tobu Railway Co. Ltd.		15,000		75,423
Common Stocks	Shares		Value
Japan (concluded)
Toho Co. Ltd.		1,900	$	42,927
Toho Gas Co. Ltd. (b)		10,000		56,308
Tohoku Electric Power Co., Inc.		8,200		93,196
Tokio Marine Holdings, Inc.		14,700		456,105
The Tokyo Electric Power Co., Inc. (a)		30,800		107,840
Tokyo Electron Ltd.		3,800		247,666
Tokyo Gas Co. Ltd.		54,000		303,433
Tokyo Tatemono Co. Ltd.		9,000		72,926
Tokyu Corp.		24,000		157,292
Tokyu Fudosan Holdings Corp.		8,600		59,045
TonenGeneral Sekiyu KK		7,000		61,231
Toppan Printing Co. Ltd.		11,000		79,052
Toray Industries, Inc.		36,000		237,995
Toshiba Corp. (b)		89,000		413,154
Toto Ltd.		6,000		66,010
Toyo Seikan Kaisha Ltd.		3,500		43,390
Toyo Suisan Kaisha Ltd.		1,000		33,205
Toyoda Gosei Co. Ltd.		1,100		21,474
Toyota Industries Corp.		3,100		149,971
Toyota Motor Corp.		57,000		3,353,831
Toyota Tsusho Corp.		4,500		109,616
Trend Micro, Inc.		2,000		67,767
Unicharm Corp.		6,900		157,261
United Urban Investment Corp.		49		75,207
USS Co. Ltd.		4,300		65,781
West Japan Railway Co.		3,000		134,259
Yahoo! Japan Corp.		26,500		100,725
Yakult Honsha Co. Ltd.		1,600		84,035
Yamada Denki Co. Ltd. (b)		17,400		50,788
Yamaguchi Financial Group, Inc.		4,000		37,835
Yamaha Corp.		2,700		35,300
Yamaha Motor Co. Ltd.		4,900		96,015
Yamato Holdings Co. Ltd.		6,700		124,761
Yamato Kogyo Co. Ltd.		1,300		43,393
Yamazaki Baking Co. Ltd.		1,000		12,871
Yaskawa Electric Corp.		5,000		67,949
Yokogawa Electric Corp.		4,800		63,112
The Yokohama Rubber Co. Ltd.		4,000		34,661
				56,270,695
Luxembourg — 0.0%
Altice SA (a)		1,709		90,519
RTL Group SA		668		57,209
				147,728
Malaysia — 0.8%
AirAsia Bhd		44,500		34,294
Alliance Financial Group Bhd		26,000		39,547
AMMB Holdings Bhd		43,000		90,025
Astro Malaysia Holdings Bhd		29,600		30,194
Axiata Group Bhd		39,300		83,909
Berjaya Sports Toto Bhd		14,538		16,904

12 ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Common Stocks	Shares		Value
Malaysia (concluded)
British American Tobacco Malaysia Bhd		3,100	$	66,525
Bumi Armada Bhd (a)		45,600		26,377
CIMB Group Holdings Bhd		84,800		181,699
Dialog Group BHD		42,134		22,092
DiGi.Com Bhd		54,300		96,848
Felda Global Ventures Holdings Bhd		26,500		28,531
Gamuda Bhd		39,600		58,197
Genting Bhd		31,900		92,234
Genting Malaysia Bhd		64,500		82,167
Genting Plantations Bhd		10,000		30,270
Hong Leong Bank Bhd		14,040		62,612
Hong Leong Financial Group Bhd		7,000		37,515
IHH Healthcare Bhd		60,700		93,997
IJM Corp. Bhd		29,100		57,393
IOI Corp. Bhd		61,400		90,022
IOI Properties Group Sdn Bhd		19,949		15,922
Kuala Lumpur Kepong Bhd		9,800		62,974
Lafarge Malayan Cement Bhd		17,500		54,946
Malayan Banking Bhd		90,200		273,833
Malaysia Airports Holdings Bhd		11,300		25,801
Maxis Bhd		27,400		54,134
MISC Bhd		27,400		56,378
MMC Corp. Bhd		32,500		23,612
Petronas Chemicals Group Bhd		43,000		81,793
Petronas Dagangan Bhd		6,100		37,191
Petronas Gas Bhd		19,300		135,152
PPB Group Bhd		12,600		54,541
Public Bank BHD		53,020		305,443
RHB Capital Bhd		12,900		34,723
Sapurakencana Petroleum Bhd		76,800		96,432
Sime Darby Bhd		48,100		134,335
Telekom Malaysia Bhd		20,200		40,641
Tenaga Nasional Bhd		51,900		195,987
UEM Land Holdings Bhd		54,900		30,425
UMW Holdings Bhd		10,900		40,746
YTL Corp. Bhd		113,160		57,952
YTL Power International Bhd (a)		42,000		20,997
				3,155,310
Malta — 0.0%
Brait SE (a)		6,500		41,979
Mexico — 1.1%
Alfa SAB de CV, Series A		52,300		179,013
America Movil SAB de CV, Series L		716,700		905,047
Arca Continental SAB de CV		4,972		34,093
Cemex SAB de CV (a)		279,920		364,738
Coca-Cola Femsa SAB de CV, Series L		8,100		81,583
Compartamos SAB de CV		30,300		64,817
Controladora Comercial Mexicana SAB de CV		6,300		23,544
Common Stocks	Shares		Value
Mexico (concluded)
El Puerto de Liverpool SAB de CV, Series C1		4,400	$	50,787
Fibra Uno Administracion SA de CV		39,800		131,013
Fomento Economico Mexicano SAB de CV		40,500		372,810
Genomma Lab Internacional SAB de CV, Series B, Series B (a)		21,500		51,660
Gruma SAB de CV (a)		3,400		36,298
Grupo Aeroportuario del Pacifico SAB de CV, Class B		6,700		45,243
Grupo Aeroportuario del Sureste SAB de CV, Class B		3,600		46,520
Grupo Bimbo SAB de CV, Series A		27,900		80,893
Grupo Carso SAB de CV, Series A1		14,900		87,101
Grupo Comercial Chedraui SA de CV		10,900		38,454
Grupo Financiero Banorte SAB de CV, Series O		56,200		358,947
Grupo Financiero Inbursa SAB de CV, Series O		44,900		128,745
Grupo Financiero Santander Mexico SAB de CV, Series B		35,400		95,759
Grupo Lala SAB de CV		9,900		24,142
Grupo Mexico SAB de CV, Series B		90,123		301,764
Grupo Televisa SAB CPO		48,300		327,623
Industrias Penoles SAB de CV		2,850		65,181
Kimberly-Clark de Mexico SAB de CV, Class A		36,900		87,096
Mexichem SAB de CV		17,130		71,401
Minera Frisco SAB de CV, Series A1 (a)		31,200		57,288
OHL Mexico SAB de CV (a)		11,700		31,667
Promotora y Operadora de Infraestructura SAB de CV (a)		5,300		72,856
Wal-Mart de Mexico SAB de CV, Series V		119,100		299,469
				4,515,552
Netherlands — 3.2%
Aegon NV		38,148		314,119
Akzo Nobel NV		5,304		362,907
ASML Holding NV		7,605		753,265
CNH Industrial NV		16,930		134,103
Corio NV		1,324		64,894
Delta Lloyd NV		3,388		81,636
Fugro NV CVA		1,719		51,903
Gemalto NV (b)		1,497		137,454
Heineken Holding NV		2,672		176,419
Heineken NV		5,015		374,541
ING Groep NV CVA (a)		79,752		1,133,613
Koninklijke Ahold NV		21,025		340,094

ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 13

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

Common Stocks	Shares		Value
Netherlands (concluded)
Koninklijke Boskalis Westminster NV		1,542	$	86,722
Koninklijke DSM NV		3,699		228,076
Koninklijke KPN NV (a)		64,986		208,062
Koninklijke Philips Electronics NV		20,652		656,730
Koninklijke Vopak NV		1,034		55,717
OCI NV (a)		1,500		46,272
QIAGEN NV (a)		4,893		110,852
Randstad Holding NV		2,310		107,322
Reed Elsevier NV		15,187		344,538
Royal Dutch Shell PLC, A Shares		80,901		3,092,070
Royal Dutch Shell PLC, Class B		50,701		2,004,413
TNT Express NV		9,963		62,853
Unilever NV CVA		34,453		1,367,274
Wolters Kluwer NV		5,731		152,831
Ziggo NV (a)		2,837		132,861
				12,581,541
New Zealand — 0.1%
Auckland International Airport Ltd. (b)		23,568		70,808
Contact Energy Ltd.		8,655		40,409
Fletcher Building Ltd. (b)		15,613		107,019
Ryman Healthcare Ltd.		7,854		47,863
Spark New Zealand Ltd. (b)		43,878		101,691
Xero Ltd. (a)		1,200		20,172
				387,962
Norway — 0.6%
Akastor ASA		3,715		14,960
Aker Solutions ASA (a)		3,715		37,009
DnB NOR ASA		18,965		354,915
Gjensidige Forsikring ASA		4,154		87,870
Norsk Hydro ASA		28,265		158,026
Orkla ASA		16,035		144,941
Seadrill Ltd.		8,324		222,406
Statoil ASA		23,363		636,078
Subsea 7 SA		5,068		72,376
Telenor ASA		16,317		358,119
Yara International ASA		3,325		166,957
				2,253,657
Peru — 0.1%
Compania de Minas Buenaventura SA - ADR		4,924		57,027
Credicorp Ltd.		1,588		243,591
Southern Copper Corp.		2,748		81,485
				382,103
Philippines — 0.2%
Aboitiz Equity Ventures, Inc.		42,010		50,401
Aboitiz Power Corp.		29,200		26,498
Common Stocks	Shares		Value
Philippines (concluded)
Alliance Global Group, Inc.		35,800	$	20,697
Ayala Corp.		5,080		83,674
Ayala Land, Inc.		120,800		94,129
Bank of the Philippine Islands		15,031		32,830
BDO Unibank, Inc.		28,624		62,465
DMCI Holdings, Inc.		14,000		24,618
Energy Development Corp.		253,900		45,754
Globe Telecom, Inc.		845		30,565
International Container Terminal Services, Inc.		9,550		23,494
JG Summit Holdings, Inc.		43,093		55,530
Jollibee Foods Corp.		12,070		52,716
Megaworld Corp.		250,000		27,987
Metro Pacific Investments Corp.		167,000		18,212
Metropolitan Bank & Trust Co.		11,063		21,381
Philippine Long Distance Telephone Co.		1,405		96,949
SM Investments Corp.		1,965		35,140
SM Prime Holdings, Inc.		177,450		69,112
Universal Robina Corp.		17,840		74,080
				946,232
Poland — 0.3%
Alior Bank SA (a)		761		19,478
Bank Handlowy w Warszawie SA		502		18,906
Bank Millennium SA		13,346		35,333
Bank Pekao SA		2,406		140,674
Bank Zachodni WBK SA		615		73,191
Cyfrowy Polsat SA		2,551		21,279
Enea SA		3,084		15,094
Energa SA		5,000		36,249
Eurocash SA (b)		1,745		17,008
Getin Noble Bank SA (a)		23,753		20,129
Grupa Azoty SA		535		10,014
Grupa Lotos SA (a)		1,964		16,680
Jastrzebska Spolka Weglowa SA (a)		1,221		11,846
KGHM Polska Miedz SA		2,096		79,837
LPP SA		22		65,696
Mbank		323		47,908
Orange Polska SA		11,397		40,017
PGE SA		13,695		86,522
Polski Koncern Naftowy Orlen SA		6,080		75,637
Polskie Gornictwo Naftowe i Gazownictwo SA		43,796		66,863
Powszechna Kasa Oszczednosci Bank Polski SA		18,424		220,067
Powszechny Zaklad Ubezpieczen SA (b)		1,429		207,248
Synthos SA		15,178		21,001

14 ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Common Stocks	Shares		Value
Poland (concluded)
Tauron Polska Energia SA		20,989	$	33,960
				1,380,637
Portugal — 0.1%
Banco Comercial Portugues SA (a)		728,735		95,159
EDP - Energias de Portugal SA		48,783		212,731
Galp Energia SGPS SA		9,822		159,636
Jeronimo Martins SGPS SA		4,630		50,955
				518,481
Qatar — 0.1%
Barwa Real Estate Co.		627		6,897
The Commercial Bank of Qatar QSC		248		4,783
Doha Bank QSC		2,576		41,027
Industries Qatar QSC		1,181		60,235
Masraf Al Rayan		8,201		125,535
Ooredoo QSC		1,426		51,883
Qatar Electricity & Water Co.		177		9,236
Qatar Islamic Bank SAQ		1,671		51,758
Qatar National Bank		1,633		90,936
Vodafone Qatar		7,760		44,982
				487,272
Russia — 1.0%
AK Transneft OAO, Preference Shares		32		69,710
Alrosa AO		26,700		23,971
Federal Hydrogenerating Co. JSC		2,534,000		45,076
Gazprom OAO		257,500		897,125
Lukoil OAO		11,362		579,831
Magnit OJSC - GDR		5,035		289,614
MegaFon OAO - GDR		2,296		58,274
MMC Norilsk Nickel		1,354		251,218
Mobile Telesystems - ADR		12,665		189,216
Moscow Exchange MICEX-RTS OAO		14,080		20,569
NovaTek OAO - GDR		1,794		186,895
Rosneft Oil Co.		21,260		124,319
Rostelecom OJSC		18,170		48,495
Sberbank of Russia		205,970		393,385
Sberbank of Russia, Preference Shares		25,500		36,968
Severstal OAO		5,710		56,921
Sistema JSFC - GDR		2,940		20,166
Surgutneftegas OAO		110,500		73,075
Surgutneftegas OAO, Preference Shares		172,800		119,581
Tatneft OAO		27,700		163,024
Uralkali OJSC		25,900		91,594
Common Stocks	Shares		Value
Russia (concluded)
VTB Bank OJSC		86,510,000	$	85,010
				3,824,037
Singapore — 1.0%
Ascendas Real Estate Investment Trust		42,000		74,086
CapitaCommercial Trust		33,000		41,236
CapitaLand Ltd.		43,000		107,727
CapitaMall Trust		51,000		76,325
City Developments Ltd.		8,000		60,265
ComfortDelGro Corp. Ltd.		40,000		75,138
DBS Group Holdings Ltd.		35,684		514,654
Genting Singapore PLC		169,000		150,936
Global Logistic Properties Ltd.		70,000		148,583
Golden Agri-Resources Ltd. (b)		117,000		47,271
Hutchison Port Holdings Trust		107,000		74,843
Jardine Cycle & Carriage Ltd.		2,000		67,215
Keppel Corp. Ltd.		29,000		238,536
Keppel Land Ltd.		13,000		35,643
Noble Group Ltd.		80,000		81,334
Olam International Ltd.		15,000		27,552
Oversea-Chinese Banking Corp. Ltd.		61,249		467,227
SembCorp Industries Ltd.		22,000		89,271
SembCorp Marine Ltd. (b)		21,000		61,494
Singapore Airlines Ltd.		11,000		84,652
Singapore Exchange Ltd.		13,000		73,603
Singapore Press Holdings Ltd. (b)		30,876		101,613
Singapore Technologies Engineering Ltd.		27,000		77,160
Singapore Telecommunications Ltd.		169,000		503,064
StarHub Ltd.		12,000		38,732
United Overseas Bank Ltd.		27,000		473,330
UOL Group Ltd.		12,000		62,115
Wilmar International Ltd.		35,000		84,659
Yangzijiang Shipbuilding Holdings Ltd.		44,000		40,658
				3,978,922
South Africa — 1.5%
African Bank Investments Ltd. (b)		20,398		18
African Rainbow Minerals Ltd.		2,500		31,663
Anglo American Platinum Ltd. (a)		832		26,927
AngloGold Ashanti Ltd. (a)		7,735		93,500
Aspen Pharmacare Holdings Ltd. (a)		7,717		229,771
Assore Ltd.		1,116		21,244
Barclays Africa Group Ltd.		4,120		56,172
Barloworld Ltd.		5,200		42,587
Bidvest Group Ltd.		6,365		161,058
Coronation Fund Managers Ltd.		2,870		24,547
Discovery Holdings Ltd.		7,054		61,321

ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 15

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

Common Stocks	Shares		Value
South Africa (concluded)
Exxaro Resources Ltd. (b)		3,809	$	43,219
FirstRand Ltd.		56,982		216,837
The Foschini Group Ltd.		3,762		39,019
Gold Fields Ltd.		11,696		45,386
Growthpoint Properties Ltd.		40,155		87,699
Harmony Gold Mining Co., Ltd. (a)		6,631		14,435
Impala Platinum Holdings Ltd. (a)		11,813		90,888
Imperial Holdings Ltd.		3,661		56,345
Investec Ltd.		7,549		63,274
Kumba Iron Ore Ltd.		1,303		30,686
Liberty Holdings Ltd.		1,922		20,971
Life Healthcare Group Holdings Ltd.		20,533		80,945
Massmart Holdings Ltd.		1,527		16,589
Mediclinic International Ltd.		7,259		59,124
MMI Holdings Ltd.		20,454		47,453
Mr. Price Group Ltd.		4,883		91,703
MTN Group Ltd.		33,480		705,865
Nampak Ltd.		15,329		55,881
Naspers Ltd., Class N		8,165		894,260
Nedbank Group Ltd. (b)		2,290		44,316
Netcare Ltd.		21,846		61,066
Northam Platinum Ltd. (a)		6,973		22,756
Pick n Pay Stores Ltd. (b)		7,638		35,640
PPC Ltd.		16,592		43,418
Redefine Properties Ltd.		77,451		66,678
Remgro Ltd.		9,180		185,060
RMB Holdings Ltd.		17,898		89,667
RMI Holdings		15,066		47,270
Sanlam Ltd.		42,404		244,728
Sappi Ltd. (a)		10,017		39,293
Sasol Ltd.		11,348		615,471
Shoprite Holdings Ltd.		9,012		111,583
The Spar Group Ltd.		4,305		47,872
Standard Bank Group Ltd.		27,706		320,161
Steinhoff International Holdings Ltd.		51,807		248,117
Tiger Brands Ltd.		3,612		100,871
Truworths International Ltd. (b)		9,001		54,135
Vodacom Group Ltd.		6,613		76,109
Woolworths Holdings Ltd.		17,700		109,495
				5,973,093
South Korea — 3.1%
Amorepacific Corp.		59		133,540
Amorepacific Group		50		55,390
BS Financial Group, Inc.		3,520		56,348
Celltrion, Inc. (a)		1,155		53,489
Cheil Worldwide, Inc. (a)		1,700		35,980
CJ CheilJedang Corp.		189		69,308
CJ Corp.		314		51,640
Coway Co., Ltd.		1,206		96,184
Daelim Industrial Co., Ltd.		494		35,324
Common Stocks	Shares		Value
South Korea (continued)
Daewoo Engineering & Construction Co., Ltd. (a)		1,010	$	7,338
Daewoo International Corp.		1,160		41,234
Daewoo Securities Co., Ltd. (a)		5,560		56,513
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		1,900		36,435
DGB Financial Group, Inc.		1,821		28,948
Dongbu Insurance Co., Ltd.		1,160		65,263
Doosan Corp.		275		26,952
Doosan Heavy Industries & Construction Co., Ltd.		776		19,130
Doosan Infracore Co., Ltd. (a)		3,880		40,739
E-Mart Co., Ltd.		344		75,169
GS Engineering & Construction Corp. (a)		969		33,654
GS Holdings		1,216		46,398
Halla Visteon Climate Control Corp.		750		36,327
Hana Financial Group, Inc.		5,866		213,505
Hankook Tire Co., Ltd.		1,750		85,270
Hanwha Chemical Corp.		1,740		22,549
Hanwha Corp.		2,254		62,782
Hanwha Life Insurance Co., Ltd.		7,120		47,879
Hite Jinro Co., Ltd.		2,318		50,854
Hotel Shilla Co., Ltd.		685		77,590
Hyosung Corp.		399		28,571
Hyundai Department Store Co., Ltd.		314		47,703
Hyundai Development Co-Engineering & Construction		1,040		41,959
Hyundai Engineering & Construction Co., Ltd.		1,666		94,958
Hyundai Glovis Co., Ltd.		260		79,275
Hyundai Heavy Industries Co., Ltd.		775		100,703
Hyundai Marine & Fire Insurance Co., Ltd.		1,200		33,071
Hyundai Merchant Marine Co., Ltd. (a)		2,004		18,554
Hyundai Mipo Dockyard		278		32,561
Hyundai Mobis		1,576		383,680
Hyundai Motor Co.		3,212		578,717
Hyundai Motor Co., Preference Shares		468		52,290
Hyundai Motor Co., Second Preference Shares		699		79,464
Hyundai Steel Co.		1,195		83,876
Hyundai Wia Corp.		232		47,208
Industrial Bank of Korea		4,130		62,273
Kangwon Land, Inc.		2,290		77,586
KB Financial Group, Inc.		7,477		272,581
KCC Corp.		96		65,361
Kia Motors Corp.		4,966		252,219
Korea Aerospace Industries Ltd.		530		20,448

16 ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Common Stocks	Shares		Value
South Korea (continued)
Korea Electric Power Corp.		4,690	$	213,164
Korea Gas Corp. (a)		753		39,225
Korea Investment Holdings Co., Ltd.		920		48,225
Korea Zinc Co., Ltd.		205		75,577
Korean Air Lines Co., Ltd. (a)		436		14,845
KT Corp.		1,200		39,097
KT&G Corp.		2,181		195,186
Kumho Petrochemical Co., Ltd.		423		28,061
LG Chem Ltd.		1,115		269,899
LG Chem Ltd., Preference Shares		179		27,839
LG Corp.		2,220		161,388
LG Display Co., Ltd. (a)		4,850		154,988
LG Electronics, Inc.		2,223		138,248
LG Household & Health Care Ltd.		210		100,776
LG Innotek Co., Ltd. (a)		123		13,401
LG Uplus Corp.		5,020		58,714
Lotte Chemical Corp.		351		46,628
Lotte Confectionery Co., Ltd.		24		49,558
Lotte Shopping Co., Ltd.		242		72,413
LS Corp.		426		26,951
LS Industrial Systems Co., Ltd.		411		22,845
Mirae Asset Securities Co., Ltd.		250		10,516
NAVER Corp.		551		420,896
NCSoft Corp.		285		36,277
OCI Co., Ltd. (a)		336		41,342
Orion Corp.		77		63,794
Paradise Co., Ltd.		698		22,813
POSCO		1,299		399,563
S-1 Corp.		442		34,102
S-Oil Corp.		1,187		48,119
Samsung C&T Corp.		2,696		192,815
Samsung Card Co., Ltd.		1,210		59,816
Samsung Electro-Mechanics Co., Ltd.		1,375		64,410
Samsung Electronics Co. Ltd.		2,301		2,577,137
Samsung Electronics Co. Ltd., Preference Shares		472		401,549
Samsung Engineering Co., Ltd. (a)		569		32,424
Samsung Fire & Marine Insurance Co., Ltd.		671		179,597
Samsung Heavy Industries Co. Ltd.		2,810		67,047
Samsung Life Insurance Co., Ltd.		1,059		106,343
Samsung SDI Co., Ltd.		1,120		129,704
Samsung Securities Co., Ltd.		1,280		53,426
Samsung Techwin Co., Ltd.		911		30,458
Shinhan Financial Group Co., Ltd.		7,776		357,981
Shinsegae Co., Ltd.		221		45,894
SK C&C Co., Ltd.		384		88,173
SK Holdings Co., Ltd.		599		107,080
SK Hynix, Inc. (a)		11,304		500,327
SK Innovation Co., Ltd.		1,095		83,999
SK Networks Co., Ltd. (a)		1,290		12,941
Common Stocks	Shares		Value
South Korea (concluded)
SK Telecom Co., Ltd.		130	$	35,762
Woori Finance Holdings Co., Ltd. (a)		6,938		85,585
Woori Investment & Securities Co., Ltd.		2,300		25,669
Yuhan Corp.		122		21,491
				12,248,868
Spain — 2.4%
Abertis Infraestructuras SA		10,338		203,861
ACS Actividades de Construccion y Servicios SA		3,279		125,683
Amadeus IT Holding SA, Class A		8,261		308,395
Banco Bilbao Vizcaya Argentaria SA		119,927		1,443,378
Banco de Sabadell SA (b)		68,384		201,918
Banco Popular Espanol SA		38,648		235,727
Banco Santander SA		249,890		2,392,354
Bankia SA (a)		88,991		165,558
CaixaBank SA		40,141		244,083
Distribuidora Internacional de Alimentacion SA		12,566		90,052
Enagas SA		3,839		123,459
Ferrovial SA		7,538		145,835
Gas Natural SDG SA		8,344		245,454
Grifols SA		3,108		127,012
Iberdrola SA		110,585		790,451
Inditex SA		22,576		623,182
International Consolidated Airlines Group SA (a)		18,617		110,722
Mapfre SA		18,785		66,394
Red Electrica Corp. SA		2,074		179,521
Repsol SA		21,759		516,213
Telefonica SA		84,061		1,298,256
Zardoya Otis SA (b)		4,308		53,395
				9,690,903
Sweden — 2.1%
Alfa Laval AB		5,792		123,403
Assa Abloy AB, Class B		6,938		356,528
Atlas Copco AB, Class A		13,836		394,793
Atlas Copco AB, Class B		8,091		209,102
Boliden AB		5,919		95,571
Electrolux AB, Class B		5,086		133,967
Elekta AB, B Shares		7,721		75,893
Getinge AB, Class B		3,519		88,354
Hennes & Mauritz AB, Class B		19,482		805,581
Hexagon AB, Class B		5,512		174,292
Husqvarna AB, Class B		9,926		69,983
Industrivarden AB, Class C		2,903		50,538
Investment AB Kinnevik, Class B		4,467		161,083
Investor AB, Class B		9,463		333,190
Lundin Petroleum AB (a)		4,140		69,985

ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 17

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

Common Stocks	Shares		Value
Sweden (concluded)
Millicom International Cellular SA		1,208	$	96,755
Nordea Bank AB		65,100		843,918
Sandvik AB		22,729		255,278
Securitas AB, Class B		4,748		52,590
Skandinaviska Enskilda Banken AB, Class A		34,428		458,053
Skanska AB, Class B		7,491		154,489
SKF AB, Class B		7,345		152,911
Svenska Cellulosa AB, B Shares		13,735		326,359
Svenska Handelsbanken AB, Class A		10,979		514,164
Swedbank AB, Class A		19,531		489,750
Swedish Match AB		3,600		116,466
Tele2 AB, Class B		7,128		85,797
Telefonaktiebolaget LM Ericsson, Class B		64,242		810,019
TeliaSonera AB		49,569		341,836
Volvo AB, Class B		32,913		356,083
				8,196,731
Switzerland — 6.6%
ABB Ltd., Registered Shares (a)		46,645		1,043,429
Actelion Ltd., Registered Shares (a)		2,153		252,173
Adecco SA, Registered Shares (a)		3,982		269,187
Aryzta AG (a)		1,667		143,643
Baloise Holding AG, Registered Shares		981		125,403
Barry Callebaut AG, Registered Shares (a)		54		59,956
Cie Financiere Richemont SA, Registered Shares		11,121		909,044
Coca-Cola HBC AG (a)		5,766		124,437
Credit Suisse Group AG, Registered Shares (a)		32,506		899,300
EMS-Chemie Holding AG, Registered Shares		217		89,794
Geberit AG, Registered Shares		826		266,231
Givaudan SA, Registered Shares (a)		174		277,356
Glencore PLC (a)		215,529		1,193,673
Holcim Ltd., Registered Shares (a)		5,027		365,723
Julius Baer Group Ltd. (a)		5,370		239,971
Kuehne & Nagel International AG, Registered Shares		1,428		179,933
Lindt & Spruengli AG		18		89,953
Lindt & Spruengli AG, Registered Shares		2		118,539
Lonza Group AG, Registered Shares (a)		1,125		135,558
Nestle SA, Registered Shares		66,650		4,898,174
Novartis AG, Registered Shares		47,503		4,473,280
Common Stocks	Shares		Value
Switzerland (concluded)
Pargesa Holding SA, Bearer Shares		734	$	58,340
Partners Group Holding AG		302		79,376
Roche Holding AG		14,505		4,283,369
Schindler Holding AG, Participation Certificates		1,051		142,364
Schindler Holding AG, Registered Shares		173		23,087
SGS SA, Registered Shares		132		273,102
Sika AG - Bearer Shares		42		145,223
Sonova Holding AG, Registered Shares		1,124		179,090
STMicroelectronics NV		17,117		132,156
Sulzer AG, Registered Shares		486		59,598
The Swatch Group AG, Bearer Shares		680		322,250
The Swatch Group AG, Registered Shares		764		66,746
Swiss Life Holding AG, Registered Shares (a)		574		136,781
Swiss Prime Site AG, Registered Shares (a)		948		70,338
Swiss Re AG (a)		7,451		592,968
Swisscom AG, Registered Shares		505		286,251
Syngenta AG, Registered Shares		2,052		649,758
Transocean Ltd. (b)		6,775		217,912
UBS AG, Registered Shares (a)		74,556		1,295,994
Zurich Insurance Group AG (a)		3,191		949,651
				26,119,111
Taiwan — 2.5%
Acer, Inc. (a)		64,000		44,950
Advanced Semiconductor Engineering, Inc.		111,097		129,767
Advantech Co., Ltd.		8,795		62,067
Asia Cement Corp.		57,233		73,102
Asia Pacific Telecom Co., Ltd.		33,000		19,182
Asustek Computer, Inc.		14,220		135,693
AU Optronics Corp. (a)		171,000		71,959
Catcher Technology Co., Ltd.		12,000		111,141
Cathay Financial Holding Co., Ltd.		186,935		303,841
Chailease Holding Co., Ltd.		22,880		55,503
Chang Hwa Commercial Bank		123,172		75,480
Cheng Shin Rubber Industry Co. Ltd.		36,436		80,360
Chicony Electronics Co., Ltd.		15,545		46,494
China Airlines Ltd. (a)		103,687		34,784
China Development Financial Holding Corp.		281,765		86,427
China Life Insurance Co., Ltd.		58,637		48,332
China Motor Corp.		17,000		15,133
China Steel Corp.		188,638		161,186
Chunghwa Telecom Co. Ltd.		63,000		189,679

18 ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Common Stocks	Shares		Value
Taiwan (continued)
Clevo Co.		6,805	$	12,002
Compal Electronics, Inc.		81,000		60,597
CTBC Financial Holding Co., Ltd.		303,499		203,845
CTCI Corp.		21,000		35,729
Delta Electronics, Inc.		35,000		221,105
E.Sun Financial Holding Co., Ltd.		123,046		74,609
Eclat Textile Co., Ltd.		4,160		37,771
Epistar Corp.		18,000		33,629
Eva Airways Corp. (a)		59,000		31,213
Evergreen Marine Corp. Taiwan Ltd. (a)		22,000		12,903
Far Eastern Department Stores Ltd.		34,571		33,313
Far Eastern New Century Corp.		84,909		85,517
Far EasTone Telecommunications Co. Ltd.		34,000		65,185
Farglory Land Development Co., Ltd.		35,597		41,869
First Financial Holding Co., Ltd.		147,179		88,586
Formosa Chemicals & Fibre Corp.		49,360		114,103
Formosa International Hotels Corp.		1,331		14,120
Formosa Petrochemical Corp.		17,000		41,227
Formosa Plastics Corp.		71,040		168,369
Formosa Taffeta Co., Ltd.		31,000		30,419
Foxconn Technology Co., Ltd.		18,161		44,874
Fubon Financial Holding Co., Ltd.		157,952		242,039
Giant Manufacturing Co., Ltd.		5,000		38,933
Hermes Microvision, Inc.		1,000		41,598
Highwealth Construction Corp.		3,000		4,787
Hiwin Technologies Corp.		5,555		49,539
Hon Hai Precision Industry Co., Ltd.		271,616		855,520
Hotai Motor Co., Ltd.		5,000		68,035
HTC Corp. (a)		12,050		52,225
Hua Nan Financial Holdings Co., Ltd.		154,203		89,949
Innolux Corp.		101,494		43,802
Inotera Memories, Inc. (a)		39,000		57,696
Inventec Co. Ltd.		51,470		33,476
Kinsus Interconnect Technology Corp.		3,000		11,135
Largan Precision Co., Ltd.		2,000		143,086
Lite-On Technology Corp.		41,827		60,161
MediaTek, Inc.		30,255		448,068
Mega Financial Holding Co., Ltd.		228,110		186,949
Merida Industry Co., Ltd.		3,150		21,933
Nan Ya Plastics Corp.		84,790		185,613
Novatek Microelectronics Corp.		14,000		69,093
Pegatron Corp.		39,000		71,689
Phison Electronics Corp.		5,000		34,818
Pou Chen Corp.		42,000		46,660
Powertech Technology, Inc. (a)		8,100		14,645
Common Stocks	Shares		Value
Taiwan (concluded)
President Chain Store Corp.		12,000	$	86,040
Quanta Computer, Inc.		47,000		119,302
Radiant Opto-Electronics Corp.		7,729		30,573
Realtek Semiconductor Corp.		6,240		22,159
Ruentex Development Co., Ltd.		20,109		32,458
Ruentex Industries Ltd.		17,521		38,941
ScinoPharm Taiwan Ltd.		4,617		9,469
Shin Kong Financial Holding Co., Ltd.		140,345		42,542
Siliconware Precision Industries Co.		64,000		87,896
Simplo Technology Co., Ltd.		3,600		17,368
SinoPac Financial Holdings Co., Ltd.		142,114		60,935
Standard Foods Corp.		5,783		13,023
Synnex Technology International Corp.		30,000		41,422
Taishin Financial Holding Co., Ltd.		200,398		93,877
Taiwan Business Bank (a)		118,604		34,990
Taiwan Cement Corp.		72,000		107,160
Taiwan Cooperative Financial Holding Co., Ltd.		152,289		82,071
Taiwan Fertilizer Co., Ltd.		12,000		19,823
Taiwan Glass Industry Corp.		30,720		25,425
Taiwan Mobile Co. Ltd.		23,800		72,170
Taiwan Semiconductor Manufacturing Co. Ltd.		522,000		2,078,148
Teco Electric and Machinery Co., Ltd.		39,000		40,048
TPK Holding Co., Ltd.		3,887		23,239
Transcend Information, Inc.		6,000		19,917
TSRC Corp.		21,210		25,394
U-Ming Marine Transport Corp.		3,000		4,565
Uni-President Enterprises Corp.		100,106		173,626
Unimicron Technology Corp.		27,000		20,095
United Microelectronics Corp. (a)		209,000		86,207
Vanguard International Semiconductor Corp.		11,000		16,065
Walsin Lihwa Corp. (a)		50,000		16,421
Wistron Corp.		49,354		50,258
WPG Holdings Ltd.		28,270		34,585
Yang Ming Marine Transport Corp. (a)		61,000		26,555
Yuanta Financial Holding Co., Ltd.		97,101		47,840
Yulon Motor Co. Ltd.		14,000		20,913
Zhen Ding Technology Holding Ltd.		1,710		4,945
				9,793,979
Thailand — 0.5%
Advanced Info Service PCL - NVDR		20,000		138,677
Airports of Thailand PCL - NVDR		10,100		74,253
Bangkok Bank PCL - NVDR		11,600		72,881

ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 19

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

Common Stocks	Shares		Value
Thailand (concluded)
Bangkok Bank PCL, Foreign Registered Shares		8,100	$	52,385
Bangkok Dusit Medical Services PCL - NVDR		54,300		30,925
Banpu PCL - NVDR		15,900		14,451
BEC World PCL - NVDR		16,900		24,460
BTS Group Holdings PCL		152,700		47,015
Bumrungrad Hospital PCL		8,000		32,474
Central Pattana PCL - NVDR		27,100		38,778
Charoen Pokphand Foods PCL - NVDR		46,200		42,910
CP ALL PCL - NVDR		81,600		112,473
Glow Energy PCL - NVDR		7,600		22,315
Home Product Center PCL (b)		69,027		22,148
Indorama Ventures PCL - NVDR		39,200		30,746
IRPC PCL - NVDR		287,500		30,445
Kasikornbank PCL - NVDR		14,800		107,046
Kasikornbank PCL, Foreign Registered Shares		20,900		150,437
Krung Thai Bank PCL - NVDR		55,975		40,804
Minor International PCL		31,800		36,305
PTT Exploration & Production PCL - NVDR		24,322		119,817
PTT Global Chemical PCL - NVDR		52,168		97,986
PTT PCL - NVDR		17,300		191,840
Siam Cement PCL - NVDR		2,300		31,862
Siam Cement PCL, Foreign Registered Shares		5,900		81,755
Siam Commercial Bank PCL - NVDR		29,800		166,934
Thai Oil PCL - NVDR		17,800		28,220
TMB Bank PCL		271,500		25,738
True Corp. PCL - NVDR (a)		236,083		86,492
				1,952,572
Turkey — 0.3%
Akbank TAS		33,309		108,527
Anadolu Efes Biracilik Ve Malt Sanayii AS (a)		3,889		44,958
Arcelik AS		3,960		21,122
BIM Birlesik Magazalar AS		3,781		79,157
Coca-Cola Icecek AS		823		17,710
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		38,072		39,863
Enka Insaat ve Sanayi AS		14,145		32,311
Eregli Demir ve Celik Fabrikalari TAS		27,352		50,804
Ford Otomotiv Sanayi (a)		2,700		31,002
Haci Omer Sabanci Holding AS		16,172		68,131
KOC Holding AS		10,226		47,264
Koza Altin Isletmeleri AS		2,236		16,658
TAV Havalimanlari Holding AS		2,171		17,432
Tofas Turk Otomobil Fabrikasi AS		4,704		26,448
Common Stocks	Shares		Value
Turkey (concluded)
Tupras Turkiye Petrol Rafinerileri AS		2,499	$	50,289
Turk Hava Yollari (a)		7,429		21,123
Turk Telekomunikasyon AS		10,009		26,457
Turkcell Iletisim Hizmetleri AS (a)		17,066		89,214
Turkiye Garanti Bankasi AS		58,920		207,091
Turkiye Halk Bankasi		11,955		71,923
Turkiye Is Bankasi, Class C		26,608		59,131
Turkiye Sise ve Cam Fabrikalari AS		20,485		25,960
Turkiye Vakiflar Bankasi Tao, Class D		10,900		20,211
Ulker Biskuvi Sanayi		3,956		26,162
Yapi ve Kredi Bankasi		16,444		32,290
				1,231,238
United Arab Emirates — 0.1%
Abu Dhabi Commercial Bank PJSC		20,031		46,195
Aldar Properties PJSC		61,586		65,620
Arabtec Holding Co. (a)		21,238		26,601
DP World Ltd.		2,345		48,483
Dubai Financial Market		39,225		35,708
Dubai Islamic Bank PJSC		12,579		28,323
Emaar Properties PJSC		39,738		124,963
First Gulf Bank PJSC		7,466		38,088
National Bank of Abu Dhabi PJSC		9,621		37,853
				451,834
United Kingdom — 12.4%
3i Group PLC		15,982		98,980
Aberdeen Asset Management PLC		17,618		113,663
Admiral Group PLC		4,070		84,407
Aggreko PLC		4,152		103,919
AMEC PLC		4,467		79,710
Anglo American PLC		30,571		681,788
Antofagasta PLC		11,477		133,549
ARM Holdings PLC		31,895		464,685
ASOS PLC (a)		1,230		44,866
Associated British Foods PLC		7,927		343,627
AstraZeneca PLC		26,049		1,866,745
Aviva PLC		65,826		556,893
Babcock International Group PLC		9,258		163,365
BAE Systems PLC		70,885		539,554
Barclays PLC		339,576		1,249,022
BG Group PLC		72,298		1,334,682
BHP Billiton PLC		43,852		1,212,973
BP PLC		378,822		2,771,210
British American Tobacco PLC		38,347		2,160,875
British Land Co. PLC		22,322		253,653
British Sky Broadcasting Group PLC		24,182		344,911
BT Group PLC		163,305		1,001,714
Bunzl PLC		6,297		163,845

20 ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Common Stocks	Shares		Value
United Kingdom (continued)
Burberry Group PLC		10,363	$	252,776
Capita PLC		15,381		289,554
Capital Shopping Centres Group PLC		10,584		55,141
Carnival PLC		3,381		134,632
Centrica PLC		107,355		535,052
Cobham PLC		18,878		88,874
Compass Group PLC		35,333		569,893
Croda International PLC		2,056		68,180
Diageo PLC		51,632		1,489,177
Direct Line Insurance Group PLC		29,564		140,707
Dixons Carphone PLC		19,035		112,859
easyJet PLC		2,586		59,509
Fresnillo PLC		7,153		87,730
Friends Life Group Ltd.		25,906		129,012
G4S PLC		28,751		116,584
GKN PLC		27,638		142,324
GlaxoSmithKline PLC		99,587		2,274,979
Hammerson PLC		10,125		93,995
Hargreaves Lansdown PLC		4,717		71,989
HSBC Holdings PLC		393,606		3,998,544
ICAP PLC		13,188		82,476
IMI PLC		3,874		77,039
Imperial Tobacco Group PLC		20,826		896,683
Inmarsat PLC		7,978		90,493
InterContinental Hotels Group PLC		4,706		181,469
Intertek Group PLC		3,016		127,817
Investec PLC		14,779		124,093
ITV PLC		86,836		291,567
J. Sainsbury PLC (b)		18,582		75,562
Johnson Matthey PLC		4,889		230,550
Kingfisher PLC		54,784		286,514
Land Securities Group PLC		17,891		300,395
Legal & General Group PLC		121,462		449,449
Lloyds Banking Group PLC (a)		1,158,626		1,441,409
London Stock Exchange Group PLC		5,759		173,791
Marks & Spencer Group PLC		38,377		250,928
Meggitt PLC		21,170		154,415
Melrose Industries PLC		19,112		76,499
National Grid PLC		77,831		1,118,813
Next PLC		3,572		382,329
Old Mutual PLC		110,679		324,651
Pearson PLC		18,371		369,299
Persimmon PLC (a)		5,684		122,306
Petrofac Ltd.		4,723		79,139
Prudential PLC		54,736		1,216,855
Randgold Resources Ltd.		2,391		162,090
Reckitt Benckiser Group PLC		13,990		1,209,543
Reed Elsevier PLC		25,174		402,457
Rexam PLC		9,848		78,286
Rio Tinto PLC		26,253		1,286,393
Rolls-Royce Holdings PLC (a)		41,612		647,635
Common Stocks	Shares		Value
United Kingdom (concluded)
Royal Bank of Scotland Group PLC (a)		51,838	$	308,833
Royal Mail PLC		14,759		93,504
RSA Insurance Group PLC (a)		19,195		150,767
SABMiller PLC		20,219		1,120,494
The Sage Group PLC		20,704		122,293
Schroders PLC		2,097		80,968
Segro PLC		8,048		47,236
Severn Trent PLC		4,477		136,022
Smith & Nephew PLC		19,940		335,424
Smiths Group PLC		6,654		136,002
Sports Direct International PLC (a)		4,925		49,211
SSE PLC		21,856		547,282
Standard Chartered PLC		50,980		940,319
Standard Life PLC (a)		49,986		334,463
Tate & Lyle PLC		13,235		126,154
Tesco PLC		181,387		541,850
Travis Perkins PLC		4,191		112,602
Tui Travel PLC (b)		6,481		40,790
Tullow Oil PLC		21,331		222,399
Unilever PLC		26,853		1,124,011
United Utilities Group PLC		13,212		172,586
Vodafone Group PLC		539,281		1,777,051
The Weir Group PLC		4,202		169,699
Whitbread PLC		4,347		292,100
William Hill PLC		18,531		110,741
WM Morrison Supermarkets PLC		33,431		90,965
Wolseley PLC		5,621		294,422
WPP PLC		28,129		563,524
				49,232,804
Total Common Stocks — 93.8%				372,499,426
Investment Companies
India — 1.5% iShares India 50 ETF		196,698		5,832,096
Total Investment Companies — 1.5%				5,832,096
Preferred Stocks
Germany — 0.0%
Fuchs Petrolub SE, Preference Shares, 0.00%		1,552		58,670
Total Preferred Stocks — 0.0%				58,670

ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 21

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

Rights	Shares		Value
China — 0.0%
Country Garden Holdings Co., Ltd. (Expires 10/08/14) (a)		5,141	$	291
Hong Kong — 0.0%
Agile Property Holdings (Expires 10/10/14) (a)		6,400		635
Yuexiu Property Co., Ltd. (Expires 10/14/14) (a)		26,400		408
				1,043
Italy — 0.0%
Fiat SpA (Expires 10/06/14) (a)		17,631		—
Spain — 0.0%
Banco Bilbao Vizcaya Argentaria SA (Expires 10/13/14) (a)		119,927		11,966
Banco Popular Espanol SA (Expires 10/13/14) (a)		33,648		468
				12,434
Total Rights — 0.0%				13,768
Total Long-Term Investments (Cost — $334,134,182) — 95.3%				378,403,960
Short-Term Securities (c)	Shares		Value
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13% (d)(e)		7,569,498	$	7,569,498
BlackRock Cash Funds: Prime, SL Agency Shares, 0.00% (d)(e)		4,855,542		4,855,542
Total Short-Term Securities (Cost — $12,425,040) — 3.1%				12,425,040
Total Investments (Cost — $351,555,222*) — 98.4%				390,829,000
Other Assets Less Liabilities — 1.6%				6,103,867
Net Assets — 100.0%			$	396,932,867

* As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	351,721,367
Gross unrealized appreciation	$	57,963,493
Gross unrealized depreciation		(18,855,860	)
Net unrealized appreciation	$	39,107,633

Notes to Schedule of Investments

(a) Non-income producing security.

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

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

(d) Investments in issuers considered to be an affiliate of the Master Portfolio during the period ended September 30, 2014, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:

Affiliate	Shares Held at December 31, 2013		Shares Purchased			Shares Sold			Shares Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
BlackRock Cash Funds: Institutional, SL Agency Shares		14,568,359		—			(6,998,861	)1		7,569,498	$	7,569,498	$	3,597		—
BlackRock Cash Funds: Prime, SL Agency Shares		2,067,150		2,788,392	2		—			4,855,542	$	4,855,542	$	111,085		—
iShares India 50 ETF		314,133		13,000			(130,435	)		196,698	$	5,832,096	$	22,294	$	148,671
1   Represents net shares sold.
2   Represents net shares purchased.

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

22 ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Ÿ Financial futures contracts outstanding as of September 30, 2014 were as follows:

Contracts Purchased	Issue	Exchange	Expiration	Notional Value		Unrealized Depreciation
41	MSCI Emerging Markets Mini Index	NYSE Liffe U.S.	December 2014	$	2,055,535	$	(39,094	)
73	E-Mini MSCI EAFE Index	NYSE Liffe U.S.	December 2014	$	6,714,905		(92,595	)
Total						$	(131,689	)

Portfolio Abbreviations
ADR	American Depositary Receipts
CVA	Certificaten Van Aandelen (Dutch Certificate)
ETF	Exchange-Traded Fund
GDR	Global Depositary Receipt
MSCI	Morgan Stanley Capital International
NVDR	Non-voting Depository Receipts
REIT	Real Estate Investment Trust

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

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

Ÿ 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)

Ÿ 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. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments, please refer to the Master Portfolio’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Common Stocks:
Australia		—	$	20,114,224		—	$	20,114,224
Austria	$	105,600		507,708		—		613,308
Belgium		118,119		3,274,379		—		3,392,498
Brazil		8,463,581		—		—		8,463,581

ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 23

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

Canada		28,682,219		—		—		28,682,219
Chile		1,143,034		—		—		1,143,034
China		236,305		11,723,000		—		11,959,305
Colombia		923,036		—		—		923,036
Czech Republic		21,578		192,940		—		214,518
Denmark		49,173		4,148,779		—		4,197,952
Egypt		132,617		73,543		—		206,160
Finland		49,392		2,338,145		—		2,387,537
France		461,120		25,972,025		—		26,433,145
Germany		97,707		23,210,724		—		23,308,431
Greece		—		519,313		—		519,313
Hong Kong		798,935		10,808,234		—		11,607,169
Hungary		—		180,345		—		180,345
Indonesia		41,724		2,083,670		—		2,125,394
Ireland		237,953		2,033,596		—		2,271,549
Israel		—		1,440,142		—		1,440,142
Italy		—		6,553,325		—		6,553,325
Japan		—		56,270,695		—		56,270,695
Luxembourg		90,519		57,209		—		147,728
Malaysia		638,120		2,517,190		—		3,155,310
Malta		41,979		—		—		41,979
Mexico		4,515,552		—		—		4,515,552
Netherlands		—		12,581,541		—		12,581,541
New Zealand		—		387,962		—		387,962
Norway		364,212		1,889,445		—		2,253,657
Peru		382,103		—		—		382,103
Philippines		76,210		870,022		—		946,232
Poland		36,249		1,344,388		—		1,380,637
Portugal		—		518,481		—		518,481
Qatar		301,502		185,770		—		487,272
Russia		391,042		3,432,995		—		3,824,037
Singapore		—		3,978,922		—		3,978,922
South Africa		125,907		5,847,168	$	18		5,973,093
South Korea		123,502		12,125,366		—		12,248,868
Spain		—		9,690,903		—		9,690,903
Sweden		—		8,196,731		—		8,196,731
Switzerland		113,040		26,006,071		—		26,119,111
Taiwan		106,900		9,687,079		—		9,793,979
Thailand		—		1,952,572		—		1,952,572
Turkey		—		1,231,238		—		1,231,238
United Arab Emirates		235,612		216,222		—		451,834
United Kingdom		564,932		48,667,872		—		49,232,804
Investment Companies		5,832,096		—		—		5,832,096
Preferred Stocks		—		58,670		—		58,670
Rights		13,133		635		—		13,768
Short-Term Securities		12,425,040		—		—		12,425,040
Total	$	67,939,743	$	322,889,239	$	18	$	390,829,000

24 ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments 2
Liabilities:
Other contracts	$	(131,689	)		—			—	$	(131,689	)
1    See above Schedule of Investments for values in each sector.
2    Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
The Master Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, such liabilities are categorized within the disclosure hierarchy as follows:
	Level 1			Level 2			Level 3		Total
Assets:
Foreign currency at value	$	5,870,910			—			—	$	5,870,910
Cash pledged as collateral for futures		293,000			—			—		293,000
Liabilities:
Collateral on securities loaned at value		—		$	(4,855,542	)		—		(4,855,542	)
Total	$	6,163,910		$	(4,855,542	)		—	$	1,308,368

The table below shows the transfers between Level 1 and Level 2.

	Transfers into Level 1 1		Transfers out of Level 1 2		Transfers into Level 2 2		Transfers out of Level 2 1
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Australia		—	$	430,946	$	430,946		—
Austria	$	127,841		224,993		224,993	$	127,841
Belgium		129,626		—		—		129,626
China		302,385		150,657		150,657		302,385
Denmark		—		235,106		235,106		—
Egypt		164,597		—		—		164,597
Finland		70,997		419,693		419,693		70,997
France		644,979		250,990		250,990		644,979
Germany		165,445		366,739		366,739		165,445
Greece		—		86,743		86,743		—
Hong Kong		973,546		—		—		973,546
Indonesia		35,082		—		—		35,082
Japan		—		254,001		254,001		—
Malaysia		683,798		187,631		187,631		683,798
Netherlands		—		446,692		446,692		—
Poland		—		61,041		61,041		—
Norway		481,801		—		—		481,801
Philippines		106,564		—		—		106,564
Russia		268,126		100,213		100,213		268,126
South Africa		180,852		145,729		145,729		180,852
South Korea		69,342		110,536		110,536		69,342
Spain		—		205,442		205,442		—
Switzerland		75,237		304,708		304,708		75,237
Taiwan		102,224		—		—		102,224
United Kingdom		553,605		726,137		726,137		553,605
Total	$	5,136,047	$	4,707,997	$	4,707,997	$	5,136,047
1   Systematic fair values were not utilized at period end for these investments.
2   External pricing service used to reflect any significant market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets.

ACWI EX-US INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 25

Schedule of Investments September 30, 2014 (Unaudited) Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Asset-Backed Securities	Par   (000)		Value
Ally Auto Receivables Trust, Series 2012-4, Class A8, 0.80%, 10/16/17	$	500	$	499,771
Capital Auto Receivables Asset Trust, Series 2013-4, Class A3, 1.09%, 3/20/18		1,000		1,001,553
Chase Issuance Trust:
Series 2012-A8, Class A8, 0.54%, 10/16/17		250		249,973
Series 2014-A1, Class A, 1.15%, 1/15/19		1,000		999,159
Citibank Credit Card Issuance Trust:
Series 2006-A3, Class A3, 5.30%, 3/15/18		100		106,614
Series 2008-A1, Class A1, 5.35%, 2/07/20		170		190,378
Discover Card Execution Note Trust, Series 2014-A3, Class A3, 1.22%, 10/15/19		1,000		998,043
GE Capital Credit Card Master Note Trust, Series 2013-1, Class A, 1.35%, 3/15/21		750		735,113
Santander Drive Auto Receivables Trust, Series 2012-4, Class C, 2.94%, 12/15/17		1,000		1,020,287
Total Asset-Backed Securities — 0.4%				5,800,891
Corporate Bonds
Aerospace & Defense — 0.3%
The Boeing Co., 6.13%, 2/15/33		100		127,844
Crane Co., 4.45%, 12/15/23		125		131,039
Eaton Corp.:
2.75%, 11/02/22		250		241,041
4.00%, 11/02/32		200		197,857
General Dynamics Corp., 3.88%, 7/15/21		50		53,333
Honeywell International, Inc., 5.30%, 3/01/18		100		111,989
L-3 Communications Corp.:
3.95%, 11/15/16		250		262,803
1.50%, 5/28/17		250		248,168
4.95%, 2/15/21		250		271,741
3.95%, 5/28/24		290		287,741
Lockheed Martin Corp.:
3.35%, 9/15/21		250		257,257
4.07%, 12/15/42		100		94,861
Northrop Grumman Corp.:
1.75%, 6/01/18		250		247,784
4.75%, 6/01/43		125		128,483
Corporate Bonds	Par   (000)		Value
Aerospace & Defense (concluded)
Precision Castparts Corp.:
1.25%, 1/15/18	$	75	$	74,029
2.50%, 1/15/23		150		143,383
Raytheon Co., 4.70%, 12/15/41		100		107,308
Textron, Inc., 3.65%, 3/01/21		350		358,613
Tyco Electronics Group SA, 3.45%, 8/01/24		75		75,136
United Technologies Corp.:
1.80%, 6/01/17		250		253,693
3.10%, 6/01/22		100		99,945
5.70%, 4/15/40		50		60,836
4.50%, 6/01/42		700		732,464
				4,567,348
Agriculture, Fishing & Ranching — 0.0%
Bunge Ltd. Finance Corp., 3.20%, 6/15/17		150		155,358
Air Freight & Logistics — 0.0%
FedEx Corp.:
4.00%, 1/15/24		250		257,566
3.88%, 8/01/42		50		45,036
United Parcel Service, Inc.:
5.13%, 4/01/19		50		56,271
6.20%, 1/15/38		100		129,800
				488,673
Airlines — 0.0%
American Airlines Pass-Through Trust, Series 2013-2, Class A, 4.95%, 1/15/23		189		202,481
Continental Airlines Pass Through Trust, Series 2012-1, Class A, 4.15%, 4/11/24		48		49,084
Delta Air Lines Pass Through Trust, Series 2012-1, Class A, 4.75%, 5/07/20		90		97,078
United Airlines Pass-Through Trust, Series 2013-1, Class A, 4.30%, 8/15/25		200		209,000
				557,643
Auto Components — 0.1%
Delphi Corp.:
5.00%, 2/15/23		250		267,750
4.15%, 3/15/24		250		255,034
Johnson Controls, Inc.:
1.40%, 11/02/17		500		495,831
3.63%, 7/02/24		80		79,328
				1,097,943
Automobiles — 0.1%
Daimler Finance North America LLC, 8.50%, 1/18/31		100		151,063

BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 1

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

Corporate Bonds	Par   (000)		Value
Automobiles (concluded)
Ford Motor Co.:
7.45%, 7/16/31	$	150	$	198,049
4.75%, 1/15/43		350		350,293
Toyota Motor Credit Corp.:
2.10%, 1/17/19		250		250,529
2.13%, 7/18/19		350		348,857
				1,298,791
Banks — 2.9%
Abbey National Treasury Services PLC:
4.00%, 4/27/16		150		156,892
1.38%, 3/13/17		250		249,947
1.65%, 9/29/17		250		249,537
Asian Development Bank:
1.75%, 9/11/18		500		503,018
1.88%, 4/12/19		500		502,775
Australia & New Zealand Banking Group, Ltd.:
1.25%, 6/13/17		250		249,183
2.25%, 6/13/19		250		249,423
Bancolombia SA, 5.95%, 6/03/21		100		109,750
Bank of Montreal, 2.50%, 1/11/17		150		154,446
The Bank of New York Mellon Corp.:
0.70%, 10/23/15		350		350,437
2.30%, 7/28/16		50		51,331
1.35%, 3/06/18		250		246,460
2.20%, 5/15/19		250		248,388
2.30%, 9/11/19		500		495,885
3.55%, 9/23/21		50		51,938
Bank of Nova Scotia:
2.90%, 3/29/16		100		103,220
1.38%, 7/15/16		250		252,305
1.10%, 12/13/16		500		500,834
1.30%, 7/21/17		250		248,743
1.38%, 12/18/17		100		98,823
2.05%, 10/30/18		250		249,301
Barclays Bank PLC:
5.00%, 9/22/16		175		187,859
5.13%, 1/08/20		200		224,418
3.75%, 5/15/24		250		248,440
BB&T Corp.:
2.05%, 6/19/18		500		501,879
5.25%, 11/01/19		100		112,221
BBVA US Senior SAU, 4.66%, 10/09/15		250		259,447
BNP Paribas SA:
2.38%, 9/14/17		250		254,296
2.40%, 12/12/18		500		501,424
5.00%, 1/15/21		100		111,082
3.25%, 3/03/23		250		246,260
Corporate Bonds	Par   (000)		Value
Banks (continued)
BPCE SA:
2.50%, 12/10/18	$	250	$	250,610
4.00%, 4/15/24		250		251,900
Branch Banking & Trust Co.:
2.30%, 10/15/18		250		253,106
3.80%, 10/30/26		250		248,844
Commonwealth Bank of Australia, New York, 2.25%, 3/13/19		250		249,814
Compass Bank, 2.75%, 9/29/19		250		249,746
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA:
1.70%, 3/19/18		250		249,766
2.25%, 1/14/19		250		251,035
4.63%, 12/01/23		500		518,006
5.25%, 5/24/41		25		28,042
Credit Suisse, New York:
1.38%, 5/26/17		850		845,193
2.30%, 5/28/19		600		594,024
5.40%, 1/14/20		150		167,314
Discover Bank/Greenwood Delaware:
2.00%, 2/21/18		600		597,113
7.00%, 4/15/20		500		591,530
Export-Import Bank of Korea:
4.00%, 1/11/17		400		421,580
1.75%, 2/27/18		500		495,185
Fifth Third Bancorp:
3.63%, 1/25/16		50		51,760
0.90%, 2/26/16		500		500,945
1.45%, 2/28/18		200		197,519
2.88%, 10/01/21		200		196,877
3.50%, 3/15/22		100		101,904
4.30%, 1/16/24		250		257,316
HSBC Bank USA NA, 4.88%, 8/24/20		500		552,515
HSBC Holdings PLC:
4.88%, 1/14/22		150		166,836
4.00%, 3/30/22		600		631,430
4.25%, 3/14/24		500		505,902
6.50%, 5/02/36		200		245,245
6.80%, 6/01/38		250		320,691
5.25%, 3/14/44		250		265,414
HSBC USA, Inc., 2.25%, 6/23/19		250		248,975
The Huntington National Bank, 1.38%, 4/24/17		250		249,563
Intesa Sanpaolo SpA:
3.13%, 1/15/16		250		255,748
3.88%, 1/16/18		200		208,549
5.25%, 1/12/24		250		266,852
KeyCorp:
2.30%, 12/13/18		340		339,820
5.10%, 3/24/21		100		111,385

2 BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Corporate Bonds	Par   (000)		Value
Banks (continued)
KFW:
0.50%, 4/19/16	$	1,000	$	999,991
2.00%, 6/01/16		500		512,140
0.50%, 7/15/16		500		499,080
2.13%, 1/17/23		200		194,017
The Korea Development Bank:
3.25%, 3/09/16		100		102,992
1.50%, 1/22/18		200		196,473
3.00%, 3/17/19		350		357,216
Lloyds Bank PLC:
2.30%, 11/27/18		500		501,140
2.35%, 9/05/19		350		347,292
Lloyds TSB Bank PLC, 4.20%, 3/28/17		50		53,468
Manufacturers & Traders Trust Co.:
1.40%, 7/25/17		250		249,561
1.45%, 3/07/18		250		246,958
MUFG Union Bank NA, 2.63%, 9/26/18		250		254,157
Oesterreichische Kontrollbank AG:
2.00%, 6/03/16		100		102,375
1.63%, 3/12/19		500		496,695
PNC Bank NA (a):
2.25%, 7/02/19		350		348,244
2.95%, 1/30/23		250		242,642
PNC Funding Corp. (a):
5.63%, 2/01/17		150		163,520
3.30%, 3/08/22		150		150,801
Rabobank Nederland:
3.38%, 1/19/17		300		314,623
3.88%, 2/08/22		150		158,007
Regions Financial Corp., 2.00%, 5/15/18		250		247,048
Royal Bank of Canada:
0.85%, 3/08/16		250		250,230
1.45%, 9/09/16		250		252,520
1.20%, 1/23/17		500		499,955
1.25%, 6/16/17		250		249,379
2.20%, 7/27/18		250		252,950
Santander Holdings USA, Inc., 3.45%, 8/27/18		250		260,652
Sumitomo Mitsui Banking Corp.:
1.35%, 7/11/17		250		248,588
1.80%, 7/18/17		250		251,605
2.45%, 1/10/19		250		252,653
3.95%, 1/10/24		250		262,310
SunTrust Banks, Inc.:
3.50%, 1/20/17		50		52,442
2.35%, 11/01/18		250		250,599
2.50%, 5/01/19		350		351,308
Svenska Handelsbanken AB, 1.63%, 3/21/18		250		248,810
Corporate Bonds	Par   (000)		Value
Banks (concluded)
The Toronto-Dominion Bank:
2.38%, 10/19/16	$	50	$	51,395
1.40%, 4/30/18		250		245,972
US Bancorp:
1.65%, 5/15/17		250		252,275
1.95%, 11/15/18		225		224,539
4.13%, 5/24/21		50		53,995
3.70%, 1/30/24		500		515,493
Wachovia Corp., 5.63%, 10/15/16		250		272,156
Wells Fargo & Co.:
1.25%, 7/20/16		250		251,454
2.63%, 12/15/16		100		103,463
2.10%, 5/08/17		150		152,981
1.40%, 9/08/17		500		498,516
5.63%, 12/11/17		250		279,880
1.50%, 1/16/18		250		248,550
2.15%, 1/15/19		250		250,284
2.13%, 4/22/19		350		345,752
3.00%, 1/22/21		250		252,417
3.50%, 3/08/22		500		511,079
3.45%, 2/13/23		450		442,188
4.13%, 8/15/23		250		258,481
4.48%, 1/16/24		250		263,629
4.10%, 6/03/26		520		518,172
5.38%, 11/02/43		150		163,834
5.61%, 1/15/44		306		344,852
Westpac Banking Corp.:
1.60%, 1/12/18		250		249,262
2.25%, 1/17/19		350		352,024
4.88%, 11/19/19		50		55,775
				37,488,875
Beverages — 0.6%
Anheuser-Busch Cos. LLC, 6.45%, 9/01/37		100		129,326
Anheuser-Busch InBev Finance, Inc.:
0.80%, 1/15/16		250		250,686
1.25%, 1/17/18		750		736,435
2.15%, 2/01/19		500		497,372
3.70%, 2/01/24		250		251,409
4.00%, 1/17/43		150		137,964
Anheuser-Busch InBev Worldwide, Inc.:
1.38%, 7/15/17		500		499,333
7.75%, 1/15/19		250		301,822
2.50%, 7/15/22		200		188,988
8.20%, 1/15/39		150		227,460
3.75%, 7/15/42		50		44,859
Beam, Inc., 1.88%, 5/15/17		100		100,538
The Coca-Cola Co.:
1.80%, 9/01/16		50		50,987
1.15%, 4/01/18		250		246,005

BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 3

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

Corporate Bonds	Par   (000)		Value
Beverages (concluded)
The Coca-Cola Co. (concluded):
1.65%, 11/01/18	$	500	$	496,323
4.88%, 3/15/19		150		167,830
2.45%, 11/01/20		350		351,735
Coca-Cola Femsa SAB de CV, 2.38%, 11/26/18		250		251,064
Diageo Capital PLC:
1.50%, 5/11/17		200		201,001
5.75%, 10/23/17		100		112,346
3.88%, 4/29/43		125		116,420
Diageo Investment Corp., 2.88%, 5/11/22		100		98,033
Dr Pepper Snapple Group, Inc.:
3.20%, 11/15/21		25		25,219
2.70%, 11/15/22		100		96,395
Molson Coors Brewing Co., 3.50%, 5/01/22		75		75,357
PepsiCo, Inc.:
0.70%, 2/26/16		500		501,076
1.25%, 8/13/17		500		498,546
2.25%, 1/07/19		250		252,312
2.75%, 3/05/22		250		245,575
2.75%, 3/01/23		300		289,511
3.60%, 3/01/24		250		256,232
4.88%, 11/01/40		100		107,905
				7,806,064
Biotechnology — 0.3%
Amgen, Inc.:
2.13%, 5/15/17		300		305,344
1.25%, 5/22/17		250		248,686
2.20%, 5/22/19		250		247,350
3.45%, 10/01/20		100		103,527
4.10%, 6/15/21		500		531,799
5.15%, 11/15/41		550		580,507
Celgene Corp.:
2.25%, 5/15/19		500		497,668
3.25%, 8/15/22		150		148,989
5.25%, 8/15/43		145		157,420
Gilead Sciences, Inc.:
3.05%, 12/01/16		150		156,251
3.70%, 4/01/24		500		510,720
5.65%, 12/01/41		50		58,578
				3,546,839
Building Products — 0.0%
Owens Corning, 4.20%, 12/15/22		150		152,661
Capital Markets — 1.0%
Ameriprise Financial, Inc., 4.00%, 10/15/23		150		156,856
The Charles Schwab Corp.:
2.20%, 7/25/18		75		75,842
4.45%, 7/22/20		100		109,914
Corporate Bonds	Par   (000)		Value
Capital Markets (continued)
FMS Wertmanagement AoeR, 1.13%, 10/14/16	$	250	$	251,768
Franklin Resources, Inc., 2.80%, 9/15/22		150		146,458
The Goldman Sachs Group, Inc.:
3.63%, 2/07/16		400		413,369
5.95%, 1/18/18		300		335,848
2.38%, 1/22/18		250		252,595
2.90%, 7/19/18		500		512,153
2.63%, 1/31/19		500		498,714
7.50%, 2/15/19		150		178,863
5.75%, 1/24/22		350		398,011
3.63%, 1/22/23		150		148,902
4.00%, 3/03/24		425		428,051
3.85%, 7/08/24		500		497,048
6.13%, 2/15/33		400		478,719
6.75%, 10/01/37		650		775,962
4.80%, 7/08/44		250		251,389
Invesco Finance PLC, 4.00%, 1/30/24		250		260,717
Lazard Group LLC, 4.25%, 11/14/20		150		156,813
Legg Mason, Inc., 5.63%, 1/15/44		325		353,694
Morgan Stanley:
1.75%, 2/25/16		750		757,999
5.75%, 10/18/16		225		244,713
4.75%, 3/22/17		350		376,114
6.63%, 4/01/18		500		572,612
2.38%, 7/23/19		500		492,094
5.63%, 9/23/19		250		281,419
5.50%, 7/28/21		100		112,631
4.88%, 11/01/22		500		528,241
3.75%, 2/25/23		450		449,415
4.10%, 5/22/23		250		249,310
5.00%, 11/24/25		250		261,452
4.35%, 9/08/26		500		491,408
7.25%, 4/01/32		50		66,352
6.38%, 7/24/42		50		62,427
Series F, 3.88%, 4/29/24		250		249,741
Murray Street Investment Trust I, 4.65%, 3/09/17 (b)		200		214,072
The NASDAQ OMX Group, Inc., 4.25%, 6/01/24		250		250,227
Nomura Holdings, Inc.:
2.00%, 9/13/16		250		252,469
2.75%, 3/19/19		250		250,438
Raymond James Financial, Inc., 4.25%, 4/15/16		100		104,792
State Street Corp.:
2.88%, 3/07/16		100		103,211

4 BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Corporate Bonds	Par   (000)		Value
Capital Markets (concluded)
State Street Corp. (concluded):
3.10%, 5/15/23	$	250	$	242,469
				13,295,292
Chemicals — 0.5%
Agrium, Inc.:
3.15%, 10/01/22		50		48,626
3.50%, 6/01/23		250		247,086
Airgas, Inc., 2.38%, 2/15/20		250		246,115
CF Industries, Inc.:
6.88%, 5/01/18		200		231,632
3.45%, 6/01/23		250		245,072
5.15%, 3/15/34		250		263,441
Cytec Industries, Inc., 3.50%, 4/01/23		250		244,993
The Dow Chemical Co.:
8.55%, 5/15/19		100		125,683
4.25%, 11/15/20		300		319,633
4.13%, 11/15/21		50		52,539
3.00%, 11/15/22		250		241,095
5.25%, 11/15/41		100		103,739
4.63%, 10/01/44		250		240,604
E.I. du Pont de Nemours & Co.:
6.00%, 7/15/18		325		372,413
2.80%, 2/15/23		250		242,208
Eastman Chemical Co., 3.60%, 8/15/22		200		201,556
Ecolab, Inc., 4.35%, 12/08/21		150		162,507
LYB International Finance BV:
4.00%, 7/15/23		200		206,918
5.25%, 7/15/43		75		80,794
LyondellBasell Industries NV, 6.00%, 11/15/21		250		291,496
Methanex Corp., 3.25%, 12/15/19		250		253,805
Monsanto Co.:
4.20%, 7/15/34		50		50,365
4.40%, 7/15/44		350		346,862
The Mosaic Co.:
3.75%, 11/15/21		50		51,873
5.45%, 11/15/33		250		276,339
Potash Corp. of Saskatchewan, Inc.:
3.25%, 12/01/17		250		262,632
3.63%, 3/15/24		250		254,555
Praxair, Inc., 1.25%, 11/07/18		250		243,895
Rohm & Haas Co., 7.85%, 7/15/29		250		343,726
The Sherwin-Williams Co., 1.35%, 12/15/17		200		199,259
				6,451,461
Commercial Services & Supplies — 0.1%
3M Co., 1.63%, 6/15/19		350		344,169
Corporate Bonds	Par   (000)		Value
Commercial Services & Supplies (concluded)
Pitney Bowes, Inc., 4.63%, 3/15/24	$	350	$	354,780
Republic Services, Inc.:
5.25%, 11/15/21		50		56,653
3.55%, 6/01/22		250		254,061
Vanderbilt University, 5.25%, 4/01/19		100		113,144
Waste Management, Inc.:
4.60%, 3/01/21		100		110,200
2.90%, 9/15/22		200		195,984
				1,428,991
Communications Equipment — 0.1%
Cisco Systems, Inc.:
2.13%, 3/01/19		500		499,748
2.90%, 3/04/21		125		126,191
5.50%, 1/15/40		350		406,346
Motorola Solutions, Inc.:
3.50%, 9/01/21		500		492,946
3.75%, 5/15/22		150		148,742
3.50%, 3/01/23		250		241,700
				1,915,673
Computer Services Software & Systems — 0.0%
Perrigo Co. PLC., 2.30%, 11/08/18 (c)		250		248,332
Construction & Engineering — 0.0%
ABB Finance USA, Inc.:
1.63%, 5/08/17		150		150,862
2.88%, 5/08/22		100		98,835
URS Corp., 3.85%, 4/01/17		100		103,211
				352,908
Consumer Finance — 0.3%
American Express Co.:
1.55%, 5/22/18		250		246,313
2.65%, 12/02/22		230		221,728
4.05%, 12/03/42		67		63,395
Capital One Bank USA NA:
1.30%, 6/05/17		250		248,669
2.25%, 2/13/19		250		247,758
2.95%, 7/23/21		250		245,868
Capital One Financial Corp.:
1.00%, 11/06/15		200		200,558
2.45%, 4/24/19		250		248,951
3.50%, 6/15/23		110		108,955
Caterpillar Financial Services Corp.:
0.70%, 2/26/16		700		700,775
3.30%, 6/09/24		250		249,319

BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 5

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

Corporate Bonds	Par   (000)		Value
Consumer Finance (concluded)
HSBC Finance Corp.:
5.50%, 1/19/16	$	500	$	529,240
6.68%, 1/15/21		161		188,737
MasterCard, Inc., 3.38%, 4/01/24		250		251,359
Synchrony Financial, 3.75%, 8/15/21		500		504,516
				4,256,141
Containers & Packaging — 0.0%
Packaging Corp. of America, 4.50%, 11/01/23		250		264,412
Diversified Financial Services — 2.8%
Air Lease Corp.:
2.13%, 1/15/18		175		173,688
3.38%, 1/15/19		250		253,125
3.88%, 4/01/21		175		176,750
American Express Credit Corp.:
2.38%, 3/24/17		100		102,330
1.13%, 6/05/17		500		496,484
1.55%, 9/22/17		105		104,928
2.13%, 3/18/19		400		398,362
2.25%, 8/15/19		250		248,251
American Honda Finance Corp., 2.13%, 10/10/18		500		502,442
Bank of America Corp.:
3.63%, 3/17/16		150		155,425
6.05%, 5/16/16		500		536,856
3.75%, 7/12/16		350		365,361
3.88%, 3/22/17		300		315,834
1.70%, 8/25/17		250		248,920
2.00%, 1/11/18		1,050		1,045,434
6.88%, 4/25/18		400		461,362
2.60%, 1/15/19		1,250		1,247,565
5.63%, 7/01/20		150		169,379
5.00%, 5/13/21		100		109,816
5.70%, 1/24/22		100		114,574
3.30%, 1/11/23		250		243,830
4.13%, 1/22/24		500		509,553
4.00%, 4/01/24		500		505,210
4.20%, 8/26/24		250		247,838
6.11%, 1/29/37		100		114,464
7.75%, 5/14/38		200		270,254
5.88%, 2/07/42		100		119,821
4.88%, 4/01/44		175		181,452
Series L, 2.65%, 4/01/19		500		498,467
Boeing Capital Corp., 4.70%, 10/27/19		250		278,592
Capital One Bank USA NA, 3.38%, 2/15/23		350		342,911
Citigroup, Inc.:
1.25%, 1/15/16		250		251,290
3.95%, 6/15/16		150		157,543
1.70%, 7/25/16		250		252,534
Corporate Bonds	Par   (000)		Value
Diversified Financial Services (continued)
Citigroup, Inc. (concluded):
4.45%, 1/10/17	$	400	$	426,189
1.35%, 3/10/17		250		249,327
2.50%, 9/26/18		350		352,276
8.50%, 5/22/19		250		312,492
2.50%, 7/29/19		250		247,772
4.05%, 7/30/22		250		253,208
3.38%, 3/01/23		500		492,323
3.50%, 5/15/23		250		239,673
3.88%, 10/25/23		250		253,862
3.75%, 6/16/24		500		498,456
6.63%, 6/15/32		100		120,862
6.13%, 8/25/36		250		286,642
6.88%, 3/05/38		100		131,987
8.13%, 7/15/39		75		111,138
5.88%, 1/30/42		150		180,783
Deutsche Bank AG, London:
3.25%, 1/11/16		300		309,204
1.40%, 2/13/17		500		499,806
2.50%, 2/13/19		250		251,318
3.70%, 5/30/24		215		213,134
Ford Motor Credit Co. LLC:
1.70%, 5/09/16		750		756,307
4.25%, 2/03/17		250		265,087
1.72%, 12/06/17		250		248,238
2.38%, 1/16/18		250		252,304
2.38%, 3/12/19		500		494,935
4.38%, 8/06/23		220		230,547
General Electric Capital Corp.:
2.25%, 11/09/15		100		101,760
1.00%, 1/08/16		1,000		1,003,795
1.50%, 7/12/16		250		253,036
2.90%, 1/09/17		100		103,860
5.63%, 5/01/18		300		339,162
2.30%, 1/14/19		750		757,393
6.00%, 8/07/19		100		116,628
4.38%, 9/16/20		50		54,660
4.63%, 1/07/21		250		275,531
4.65%, 10/17/21		200		220,294
3.10%, 1/09/23		500		494,844
3.45%, 5/15/24		300		300,888
6.75%, 3/15/32		500		659,218
5.88%, 1/14/38		750		904,624
6.38%, 11/15/67 (d)		250		270,625
IntercontinentalExchange Group, Inc., 2.50%, 10/15/18		250		253,832
Jefferies Group LLC:
8.50%, 7/15/19		125		154,451
5.13%, 1/20/23		150		159,434
John Deere Capital Corp.:
0.75%, 1/22/16		250		250,616
1.95%, 12/13/18		500		498,956
2.25%, 4/17/19		100		100,811

6 BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Corporate Bonds	Par   (000)		Value
Diversified Financial Services (continued)
John Deere Capital Corp. (concluded):
2.80%, 3/04/21	$	250	$	251,274
3.90%, 7/12/21		50		53,506
JPMorgan Chase & Co.:
1.10%, 10/15/15		250		251,040
3.15%, 7/05/16		300		310,487
1.35%, 2/15/17		500		498,910
2.00%, 8/15/17		250		252,131
1.80%, 1/25/18		250		249,463
1.63%, 5/15/18		500		493,005
2.35%, 1/28/19		500		497,590
4.50%, 1/24/22		300		321,428
3.25%, 9/23/22		200		196,850
3.20%, 1/25/23		150		146,427
3.38%, 5/01/23		250		239,485
3.88%, 2/01/24		250		256,039
3.63%, 5/13/24		250		248,332
3.88%, 9/10/24		300		294,103
6.40%, 5/15/38		100		125,855
5.50%, 10/15/40		125		143,233
5.60%, 7/15/41		50		57,236
5.40%, 1/06/42		250		284,083
5.63%, 8/16/43		500		554,071
4.85%, 2/01/44		100		104,756
JPMorgan Chase Bank NA, 6.00%, 10/01/17		250		279,515
Leucadia National Corp., 5.50%, 10/18/23		150		156,755
Moody’s Corp.:
2.75%, 7/15/19		40		40,210
4.50%, 9/01/22		50		52,724
National Rural Utilities Cooperative Finance Corp.:
3.05%, 3/01/16		50		51,661
3.40%, 11/15/23		350		353,614
NCUA Guaranteed Notes, 3.00%, 6/12/19		1,000		1,050,980
ORIX Corp., 3.75%, 3/09/17		100		105,080
PACCAR Financial Corp., 2.20%, 9/15/19		250		249,744
Royal Bank of Scotland Group PLC:
1.88%, 3/31/17		175		175,090
6.40%, 10/21/19		250		290,852
The Royal Bank of Scotland PLC, 4.38%, 3/16/16		250		261,960
Toyota Motor Credit Corp.:
0.80%, 5/17/16		500		501,166
1.38%, 1/10/18		200		198,268
UBS AG/Stamford CT:
7.00%, 10/15/15		150		159,325
5.75%, 4/25/18		300		338,282
Corporate Bonds	Par   (000)		Value
Diversified Financial Services (concluded)
UBS AG/Stamford CT (concluded):
2.38%, 8/14/19	$	800	$	792,974
				37,040,437
Diversified Telecommunication Services — 1.2%
AT&T, Inc.:
0.80%, 12/01/15		500		500,618
0.90%, 2/12/16		500		500,587
1.70%, 6/01/17		500		504,113
2.30%, 3/11/19		500		501,536
6.30%, 1/15/38		200		236,617
5.35%, 9/01/40		213		225,864
5.55%, 8/15/41		200		217,268
4.30%, 12/15/42		151		137,993
4.80%, 6/15/44		250		246,315
4.35%, 6/15/45		759		697,636
British Telecommunications PLC:
1.63%, 6/28/16		500		504,632
2.35%, 2/14/19		250		250,495
9.63%, 12/15/30		50		78,514
CC Holdings GS V LLC/Crown Castle GS III Corp., 2.38%, 12/15/17		325		328,777
Deutsche Telekom International Finance BV, 8.75%, 6/15/30		400		581,591
Embarq Corp.:
7.08%, 6/01/16		250		272,272
8.00%, 6/01/36		100		108,090
Orange SA:
2.75%, 9/14/16		200		206,014
2.75%, 2/06/19		500		505,971
4.13%, 9/14/21		150		158,311
5.38%, 1/13/42		225		245,118
Qwest Corp.:
6.50%, 6/01/17		150		165,946
6.75%, 12/01/21		50		57,319
Telefonaktiebolaget LM Ericsson, 4.13%, 5/15/22		100		104,363
Telefonica Emisiones SAU:
3.99%, 2/16/16		350		364,207
3.19%, 4/27/18		250		257,842
5.46%, 2/16/21		50		55,683
4.57%, 4/27/23		200		208,818
7.05%, 6/20/36		75		95,005
Telefonica Europe BV, 8.25%, 9/15/30		50		67,753
Verizon Communications, Inc.:
3.00%, 4/01/16		250		257,694
2.50%, 9/15/16		250		256,573
1.35%, 6/09/17		250		248,730
1.10%, 11/01/17		250		246,593
3.65%, 9/14/18		500		526,818
2.55%, 6/17/19		500		501,582

BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 7

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

Corporate Bonds	Par   (000)		Value
Diversified Telecommunication Services (concluded)
Verizon Communications, Inc. (concluded):
2.63%, 2/21/20 (c)	$	250	$	246,864
3.50%, 11/01/21		400		404,683
5.15%, 9/15/23		500		553,684
4.15%, 3/15/24		250		258,137
7.75%, 12/01/30		100		137,394
6.40%, 9/15/33		500		609,109
5.05%, 3/15/34		500		529,755
6.40%, 2/15/38		200		242,274
6.00%, 4/01/41		250		291,210
3.85%, 11/01/42		250		218,312
6.55%, 9/15/43		1,250		1,561,740
5.01%, 8/21/54 (c)		250		251,187
				15,727,607
Electric Utilities — 1.3%
Alabama Power Co., 5.50%, 10/15/17		100		111,531
Ameren Illinois Co.:
2.70%, 9/01/22		100		98,400
4.30%, 7/01/44		250		252,332
American Electric Power Co., Inc.:
1.65%, 12/15/17		200		199,913
Series F, 2.95%, 12/15/22		500		487,932
Berkshire Hathaway Energy Co.:
2.00%, 11/15/18		500		495,926
6.13%, 4/01/36		250		309,386
5.15%, 11/15/43		250		277,121
CenterPoint Energy Houston Electric LLC:
3.55%, 8/01/42		100		91,736
4.50%, 4/01/44		250		264,623
Commonwealth Edison Co.:
2.15%, 1/15/19		500		502,202
5.90%, 3/15/36		50		62,477
The Connecticut Light & Power Co., 2.50%, 1/15/23		150		143,702
Consumers Energy Co., 4.35%, 8/31/64		200		198,608
DTE Electric Co.:
4.00%, 4/01/43		150		145,427
4.30%, 7/01/44		250		254,888
Duke Energy Carolinas LLC, 6.05%, 4/15/38		100		127,587
Duke Energy Corp.:
1.63%, 8/15/17		250		250,986
3.95%, 10/15/23		250		260,165
3.75%, 4/15/24		500		512,592
Duke Energy Indiana, Inc.:
4.20%, 3/15/42		150		151,363
4.90%, 7/15/43		250		280,672
Corporate Bonds	Par   (000)		Value
Electric Utilities (continued)
Duke Energy Progress, Inc.:
4.10%, 5/15/42	$	150	$	149,155
4.38%, 3/30/44		100		103,561
Entergy Corp., 4.70%, 1/15/17		150		160,429
Entergy Louisiana LLC, 4.05%, 9/01/23		250		267,001
Exelon Generation Co. LLC, 6.25%, 10/01/39		150		174,589
Florida Power & Light Co.:
2.75%, 6/01/23		250		244,178
5.95%, 2/01/38		50		63,067
4.05%, 6/01/42		150		149,519
Georgia Power Co.:
0.63%, 11/15/15		250		250,124
4.30%, 3/15/42		200		199,863
Great Plains Energy, Inc., 5.29%, 6/15/22 (b)		150		170,625
Indiana Michigan Power Co., 6.05%, 3/15/37		175		214,657
Kentucky Utilities Co., 3.25%, 11/01/20		250		258,770
LG&E and KU Energy LLC, 3.75%, 11/15/20		50		51,944
MidAmerican Energy Co., 4.40%, 10/15/44		250		257,437
Nevada Power Co., 5.45%, 5/15/41		50		60,557
NextEra Energy Capital Holdings, Inc., 3.63%, 6/15/23		1,000		1,012,448
Nisource Finance Corp.:
5.95%, 6/15/41		50		58,401
5.25%, 2/15/43		75		80,827
Northeast Utilities, 1.45%, 5/01/18		250		246,022
Northern States Power Co., 3.40%, 8/15/42		200		177,655
Oglethorpe Power Corp., 4.55%, 6/01/44		250		250,023
Oncor Electric Delivery Co. LLC:
7.00%, 9/01/22		100		126,228
5.30%, 6/01/42		75		88,360
Pacific Gas & Electric Co.:
3.25%, 6/15/23		500		495,016
3.40%, 8/15/24		250		248,175
6.05%, 3/01/34		250		308,153
4.75%, 2/15/44		250		263,944
PacifiCorp:
2.95%, 2/01/22		100		100,603
2.95%, 6/01/23		300		296,647
PPL Capital Funding, Inc.:
1.90%, 6/01/18		250		248,927

8 BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Corporate Bonds	Par   (000)		Value
Electric Utilities (concluded)
PPL Capital Funding, Inc. (concluded):
3.40%, 6/01/23	$	250	$	246,340
Progress Energy, Inc.:
4.40%, 1/15/21		100		109,110
7.75%, 3/01/31		50		70,272
Public Service Co. of Colorado:
3.95%, 3/15/43		200		197,832
4.30%, 3/15/44		75		76,847
Public Service Electric & Gas Co.:
3.50%, 8/15/20		50		52,537
2.38%, 5/15/23		250		237,152
3.15%, 8/15/24		500		498,817
3.95%, 5/01/42		50		48,895
3.65%, 9/01/42		50		46,246
Series I, 1.80%, 6/01/19		250		246,662
Puget Energy, Inc., 5.63%, 7/15/22		500		573,731
South Carolina Electric & Gas Co., 4.60%, 6/15/43		250		262,956
Southern California Edison Co.:
5.00%, 1/15/16		100		105,582
5.50%, 3/15/40		50		60,838
4.05%, 3/15/42		150		146,971
Series 14-B, 1.13%, 5/01/17		500		498,244
The Toledo Edison Co., 6.15%, 5/15/37		100		120,463
Virginia Electric & Power Co.:
2.95%, 1/15/22		400		403,450
4.00%, 1/15/43		250		241,590
4.45%, 2/15/44		150		155,663
				16,656,672
Electrical Equipment — 0.1%
Amphenol Corp., 2.55%, 1/30/19		350		352,273
Emerson Electric Co.:
5.00%, 4/15/19		100		112,246
2.63%, 2/15/23		350		337,001
Pentair Finance SA:
1.88%, 9/15/17		250		250,902
3.15%, 9/15/22		300		292,199
Roper Industries, Inc., 3.13%, 11/15/22		150		146,127
				1,490,748
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc., 3.00%, 3/01/18		750		768,704
Corning, Inc.:
3.70%, 11/15/23		250		255,550
4.75%, 3/15/42		50		52,902
Jabil Circuit, Inc., 4.70%, 9/15/22		250		251,563
Corporate Bonds	Par   (000)		Value
Electronic Equipment, Instruments & Components (concluded)
Tyco Electronics Group SA:
6.55%, 10/01/17	$	50	$	56,934
3.50%, 2/03/22		100		102,222
				1,487,875
Energy Equipment & Services — 0.2%
Baker Hughes, Inc., 5.13%, 9/15/40		100		111,412
Ensco PLC:
3.25%, 3/15/16		100		103,007
4.70%, 3/15/21		100		105,000
4.50%, 10/01/24		250		250,842
FMC Technologies, Inc., 3.45%, 10/01/22		100		98,230
Halliburton Co.:
6.15%, 9/15/19		100		117,658
4.50%, 11/15/41		50		50,823
4.75%, 8/01/43		250		263,067
National Oilwell Varco, Inc., 3.95%, 12/01/42		150		141,371
Noble Holding International Ltd.:
2.50%, 3/15/17		150		152,708
5.25%, 3/15/42		50		45,580
Transcontinental Gas Pipe Line Co. LLC, 4.45%, 8/01/42		250		242,067
Transocean, Inc.:
5.05%, 12/15/16		250		266,476
2.50%, 10/15/17		250		249,971
6.50%, 11/15/20		250		265,643
3.80%, 10/15/22		100		91,779
6.80%, 3/15/38		50		48,690
				2,604,324
Food & Staples Retailing — 0.5%
Costco Wholesale Corp., 1.13%, 12/15/17		150		148,625
CVS Caremark Corp.:
2.25%, 8/12/19		500		494,920
2.75%, 12/01/22		400		381,657
4.00%, 12/05/23		500		520,658
The Kroger Co.:
6.15%, 1/15/20		100		116,247
3.30%, 1/15/21		500		506,951
3.40%, 4/15/22		100		100,273
5.15%, 8/01/43		125		133,665
Safeway, Inc.:
6.35%, 8/15/17		50		52,728
3.95%, 8/15/20		250		250,878
4.75%, 12/01/21		100		100,853
Sysco Corp., 2.35%, 10/02/19 (e)		1,000		1,000,021
Wal-Mart Stores, Inc.:
1.50%, 10/25/15		800		809,290
1.13%, 4/11/18		250		246,607

BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 9

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

Corporate Bonds	Par   (000)		Value
Food & Staples Retailing (concluded)
Wal-Mart Stores, Inc. (concluded):
3.63%, 7/08/20	$	150	$	159,655
3.30%, 4/22/24		350		353,990
6.20%, 4/15/38		250		319,254
5.63%, 4/15/41		500		605,661
4.00%, 4/11/43		150		145,911
4.75%, 10/02/43		250		270,793
Walgreen Co.:
1.80%, 9/15/17		200		200,723
3.10%, 9/15/22		200		193,504
				7,112,864
Food Products — 0.3%
Archer-Daniels-Midland Co., 4.54%, 3/26/42		75		78,393
ConAgra Foods, Inc.:
3.25%, 9/15/22		200		194,348
4.65%, 1/25/43		165		159,342
Delhaize Group SA, 4.13%, 4/10/19		150		157,886
General Mills, Inc., 3.15%, 12/15/21		150		152,271
Ingredion, Inc., 3.20%, 11/01/15		50		51,158
The JM Smucker Co., 3.50%, 10/15/21		50		51,646
Kellogg Co.:
1.88%, 11/17/16		200		203,036
Series B, 7.45%, 4/01/31		100		131,193
Kraft Foods Group, Inc.:
5.38%, 2/10/20		52		58,590
6.50%, 2/09/40		250		309,614
5.00%, 6/04/42		200		209,091
Mead Johnson Nutrition Co., 4.60%, 6/01/44		250		252,225
Mondelez International, Inc.:
4.13%, 2/09/16		150		156,511
2.25%, 2/01/19		250		248,179
5.38%, 2/10/20		48		54,420
4.00%, 2/01/24		250		256,167
6.50%, 2/09/40		350		438,838
Tyson Foods, Inc.:
2.65%, 8/15/19		500		500,935
4.50%, 6/15/22		150		158,975
4.88%, 8/15/34		70		72,044
Unilever Capital Corp.:
2.20%, 3/06/19		200		201,840
4.25%, 2/10/21		200		219,864
				4,316,566
Gas Utilities — 0.1%
AGL Capital Corp., 3.50%, 9/15/21		50		51,490
Corporate Bonds	Par   (000)		Value
Gas Utilities (concluded)
Atmos Energy Corp., 4.15%, 1/15/43	$	100	$	99,513
National Fuel Gas Co., 3.75%, 3/01/23		300		297,051
Southern California Gas Co., 3.15%, 9/15/24		250		248,985
				697,039
Health Care Equipment & Supplies — 0.2%
Baxter International, Inc.:
1.85%, 6/15/18		250		248,959
3.20%, 6/15/23		250		246,665
4.50%, 6/15/43		250		258,353
Boston Scientific Corp.:
6.00%, 1/15/20		100		114,012
4.13%, 10/01/23		100		102,419
CareFusion Corp., 3.30%, 3/01/23		200		194,855
Covidien International Finance SA:
2.95%, 6/15/23		250		241,439
6.55%, 10/15/37		25		32,628
Medtronic, Inc.:
1.38%, 4/01/18		300		295,421
4.13%, 3/15/21		50		53,860
3.63%, 3/15/24		400		408,246
4.00%, 4/01/43		150		141,608
St. Jude Medical, Inc., 3.25%, 4/15/23		150		148,369
Stryker Corp., 1.30%, 4/01/18		200		196,413
				2,683,247
Health Care Providers & Services — 0.7%
Aetna, Inc.:
1.50%, 11/15/17		250		248,986
4.13%, 6/01/21		250		267,049
2.75%, 11/15/22		250		239,106
6.75%, 12/15/37		50		65,882
4.75%, 3/15/44		25		25,418
AmerisourceBergen Corp., 1.15%, 5/15/17		250		248,375
Cardinal Health, Inc.:
1.70%, 3/15/18		750		742,732
3.20%, 6/15/22		50		49,668
4.60%, 3/15/43		50		50,844
Cigna Corp.:
2.75%, 11/15/16		100		103,362
4.00%, 2/15/22		25		26,284
5.38%, 2/15/42		50		55,083
Express Scripts Holding Co.:
2.65%, 2/15/17		350		359,908
2.25%, 6/15/19		350		345,096
4.75%, 11/15/21		300		327,623
3.50%, 6/15/24		250		244,790

10 BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Corporate Bonds	Par   (000)		Value
Health Care Providers & Services (concluded)
Humana, Inc.:
3.15%, 12/01/22	$	250	$	244,040
4.95%, 10/01/44		250		250,601
Kaiser Foundation Hospitals, 3.50%, 4/01/22		100		100,803
Laboratory Corp. of America Holdings:
3.75%, 8/23/22		100		101,143
4.00%, 11/01/23		100		102,411
McKesson Corp.:
3.25%, 3/01/16		250		258,107
2.28%, 3/15/19		500		496,353
2.85%, 3/15/23		150		143,474
4.88%, 3/15/44		250		257,426
Medco Health Solutions, Inc., 2.75%, 9/15/15		—		—
Quest Diagnostics, Inc.:
3.20%, 4/01/16		50		51,596
4.70%, 4/01/21		100		108,137
UnitedHealth Group, Inc.:
1.40%, 10/15/17		250		249,639
1.63%, 3/15/19		550		538,446
2.88%, 3/15/23		250		244,064
6.88%, 2/15/38		100		136,909
5.95%, 2/15/41		100		125,607
3.95%, 10/15/42		150		139,548
WellPoint, Inc.:
1.88%, 1/15/18		450		449,507
2.25%, 8/15/19		225		221,541
3.13%, 5/15/22		200		197,552
3.30%, 1/15/23		100		98,869
3.50%, 8/15/24		250		243,812
4.63%, 5/15/42		50		48,710
5.10%, 1/15/44		150		159,377
4.85%, 8/15/54		150		147,541
				8,515,419
Hotels, Restaurants & Leisure — 0.2%
Carnival Corp.:
1.20%, 2/05/16		250		250,796
3.95%, 10/15/20		250		261,729
Hyatt Hotels Corp., 3.38%, 7/15/23		190		184,872
Marriott International, Inc.:
3.00%, 3/01/19		100		102,398
3.25%, 9/15/22		100		99,116
McDonald’s Corp.:
1.88%, 5/29/19		100		99,217
3.50%, 7/15/20		50		52,782
3.25%, 6/10/24		400		396,611
3.70%, 2/15/42		100		91,540
Starbucks Corp., 3.85%, 10/01/23		250		261,097
Corporate Bonds	Par   (000)		Value
Hotels, Restaurants & Leisure (concluded)
Starwood Hotels & Resorts Worldwide, Inc.:
3.13%, 2/15/23	$	250	$	239,594
4.50%, 10/01/34		250		243,104
Wyndham Worldwide Corp.:
2.50%, 3/01/18		500		501,526
4.25%, 3/01/22		50		50,624
Yum! Brands, Inc.:
5.30%, 9/15/19		100		110,939
5.35%, 11/01/43		100		108,761
				3,054,706
Household Durables — 0.0%
MDC Holdings, Inc., 6.00%, 1/15/43		100		91,500
Mohawk Industries, Inc., 3.85%, 2/01/23		125		124,012
Whirlpool Corp., 5.15%, 3/01/43		200		211,938
				427,450
Household Products — 0.1%
The Clorox Co., 3.05%, 9/15/22		50		49,174
Energizer Holdings, Inc., 4.70%, 5/19/21		50		51,554
Kimberly-Clark Corp.:
3.63%, 8/01/20		50		52,694
5.30%, 3/01/41		250		295,668
The Procter & Gamble Co.:
1.80%, 11/15/15		100		101,505
2.30%, 2/06/22		250		244,721
				795,316
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC:
4.25%, 6/15/22		500		515,287
5.60%, 6/15/42		50		53,418
Southern Power Co., 5.25%, 7/15/43		500		555,459
				1,124,164
Industrial Conglomerates — 0.2%
General Electric Co.:
0.85%, 10/09/15		750		753,247
5.25%, 12/06/17		250		277,363
2.70%, 10/09/22		150		146,001
4.50%, 3/11/44		500		518,373
Koninklijke Philips Electronics NV, 3.75%, 3/15/22		250		258,916
				1,953,900
Insurance — 1.1%
ACE INA Holdings, Inc.:
2.60%, 11/23/15		300		306,306

BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 11

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

Corporate Bonds	Par   (000)		Value
Insurance (continued)
ACE INA Holdings, Inc. (concluded):
3.35%, 5/15/24	$	250	$	249,428
4.15%, 3/13/43		150		147,190
Aflac, Inc.:
2.65%, 2/15/17		250		257,701
3.63%, 6/15/23		250		251,798
Alleghany Corp.:
4.95%, 6/27/22		50		54,140
4.90%, 9/15/44		250		246,351
The Allstate Corp.:
3.15%, 6/15/23		250		249,091
4.50%, 6/15/43		150		153,556
American International Group, Inc.:
5.85%, 1/16/18		750		843,692
8.25%, 8/15/18		100		122,145
3.38%, 8/15/20		250		257,477
4.88%, 6/01/22		250		274,981
4.13%, 2/15/24		250		259,687
8.18%, 5/15/58 (d)		275		370,562
Aon Corp., 3.13%, 5/27/16		50		51,691
Aon PLC:
3.50%, 6/14/24		150		146,874
4.45%, 5/24/43		200		193,565
Arch Capital Group US, Inc., 5.14%, 11/01/43		125		134,073
Assurant, Inc., 2.50%, 3/15/18		250		251,066
Assured Guaranty US Holdings, Inc., 5.00%, 7/01/24		110		111,150
AXA SA, 8.60%, 12/15/30		50		67,250
Berkshire Hathaway Finance Corp.:
2.90%, 10/15/20		500		508,242
4.40%, 5/15/42		100		101,050
Berkshire Hathaway, Inc.:
1.90%, 1/31/17		100		101,915
1.55%, 2/09/18		500		498,992
2.10%, 8/14/19		500		497,290
4.50%, 2/11/43		100		101,538
CNA Financial Corp.:
5.75%, 8/15/21		100		114,060
3.95%, 5/15/24		250		252,976
Genworth Holdings, Inc.:
8.63%, 12/15/16		250		286,807
7.70%, 6/15/20		50		59,940
4.90%, 8/15/23		100		103,057
The Hartford Financial Services Group, Inc.:
4.00%, 10/15/17		250		267,512
6.10%, 10/01/41		100		124,784
Lincoln National Corp.:
4.85%, 6/24/21		50		55,232
4.20%, 3/15/22		100		105,442
4.00%, 9/01/23		200		205,390
Corporate Bonds	Par   (000)		Value
Insurance (concluded)
Loews Corp., 2.63%, 5/15/23	$	250	$	234,952
Markel Corp., 3.63%, 3/30/23		250		248,503
Marsh & McLennan Cos., Inc.:
2.35%, 9/10/19		235		233,826
4.80%, 7/15/21		50		55,061
MetLife, Inc.:
4.75%, 2/08/21		200		220,963
3.60%, 4/10/24		350		353,723
6.40%, 12/15/36		100		111,500
4.13%, 8/13/42		300		284,085
Old Republic International Corp., 4.88%, 10/01/24		250		250,332
Principal Financial Group, Inc., 4.63%, 9/15/42		50		51,357
The Progressive Corp.:
3.75%, 8/23/21		50		52,787
4.35%, 4/25/44		100		100,760
Prudential Financial, Inc.:
3.00%, 5/12/16		150		154,842
2.35%, 8/15/19		350		347,319
5.38%, 6/21/20		350		396,145
8.88%, 6/15/38 (d)		100		120,625
5.63%, 6/15/43 (d)		100		104,220
5.10%, 8/15/43		250		263,893
5.20%, 3/15/44 (d)		100		100,688
The Travelers Cos., Inc.:
3.90%, 11/01/20		250		267,558
4.60%, 8/01/43		100		104,854
Travelers Property Casualty Corp., 6.38%, 3/15/33		100		128,421
Voya Financial, Inc., 2.90%, 2/15/18		750		771,586
Willis Group Holdings PLC, 4.13%, 3/15/16		200		207,735
WR Berkley Corp., 4.63%, 3/15/22		200		213,858
XL Group PLC, Series E, 6.50% (d)(f)		150		145,125
XLIT Ltd., 5.75%, 10/01/21		100		115,679
				14,024,398
Internet & Catalog Retail — 0.0%
Amazon.com, Inc., 1.20%, 11/29/17		250		247,362
Internet Software & Services — 0.1%
Baidu, Inc.:
3.25%, 8/06/18		205		211,066
2.75%, 6/09/19		350		347,539
eBay, Inc.:
2.20%, 8/01/19		500		493,481
3.25%, 10/15/20		50		51,187
2.88%, 8/01/21		250		244,715
2.60%, 7/15/22		50		47,159
Expedia, Inc., 4.50%, 8/15/24		250		247,774

12 BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Corporate Bonds	Par   (000)		Value
Internet Software & Services (concluded)
Google, Inc.:
3.63%, 5/19/21	$	25	$	26,572
3.38%, 2/25/24		250		255,197
				1,924,690
IT Services — 0.3%
Fidelity National Information Services, Inc.:
1.45%, 6/05/17		250		248,542
2.00%, 4/15/18		250		248,460
3.50%, 4/15/23		25		24,641
Fiserv, Inc., 6.80%, 11/20/17		50		57,175
International Business Machines Corp.:
2.00%, 1/05/16		150		152,618
1.25%, 2/08/18		500		495,401
1.95%, 2/12/19		250		249,397
1.88%, 5/15/19		250		247,341
2.90%, 11/01/21		100		100,972
3.63%, 2/12/24		275		280,629
4.00%, 6/20/42		100		95,724
Total System Services, Inc., 2.38%, 6/01/18		250		248,243
The Western Union Co.:
2.88%, 12/10/17		250		257,389
6.20%, 11/17/36		25		25,748
Xerox Corp.:
5.63%, 12/15/19		100		113,006
2.80%, 5/15/20		500		493,024
				3,338,310
Leisure Products — 0.0%
Hasbro, Inc., 5.10%, 5/15/44		60		62,283
Mattel, Inc., 1.70%, 3/15/18		200		198,422
				260,705
Life Sciences Tools & Services — 0.1%
Agilent Technologies, Inc., 3.88%, 7/15/23		200		200,245
Life Technologies Corp., 6.00%, 3/01/20		100		115,430
Thermo Fisher Scientific, Inc.:
2.25%, 8/15/16		50		50,945
2.40%, 2/01/19		500		500,774
3.15%, 1/15/23		250		244,402
				1,111,796
Machinery — 0.2%
Caterpillar, Inc.:
5.70%, 8/15/16		100		109,160
3.90%, 5/27/21		50		53,510
3.40%, 5/15/24		500		504,088
5.20%, 5/27/41		100		113,428
Corporate Bonds	Par   (000)		Value
Machinery (concluded)
Danaher Corp., 3.90%, 6/23/21	$	50	$	53,717
Deere & Co., 3.90%, 6/09/42		50		47,524
Flowserve Corp., 3.50%, 9/15/22		100		99,567
Illinois Tool Works, Inc.:
1.95%, 3/01/19		250		248,458
4.88%, 9/15/41		50		54,815
3.90%, 9/01/42		75		71,410
Ingersoll-Rand Global Holding Co., Ltd.:
6.88%, 8/15/18		50		58,559
2.88%, 1/15/19		500		510,697
Joy Global, Inc., 5.13%, 10/15/21		50		54,481
Stanley Black & Decker, Inc., 2.90%, 11/01/22		150		146,526
Trinity Acquisition PLC, 6.13%, 8/15/43		150		165,939
Trinity Industries, Inc., 4.55%, 10/01/24		250		250,438
Valmont Industries, Inc., 5.00%, 10/01/44		250		245,262
				2,787,579
Media — 1.2%
21st Century Fox America, Inc.:
4.50%, 2/15/21		100		108,645
3.00%, 9/15/22		650		631,448
4.00%, 10/01/23		500		517,671
6.20%, 12/15/34		100		121,429
6.15%, 2/15/41		150		177,973
4.75%, 9/15/44 (c)		250		251,015
CBS Corp.:
2.30%, 8/15/19		250		246,613
3.38%, 3/01/22		250		250,353
4.85%, 7/01/42		325		319,660
Cintas Corp. No 2, 4.30%, 6/01/21		25		27,109
Comcast Corp.:
5.15%, 3/01/20		350		396,702
3.60%, 3/01/24		250		254,340
4.25%, 1/15/33		650		657,890
4.20%, 8/15/34		235		232,982
6.45%, 3/15/37		200		255,608
4.65%, 7/15/42		150		154,890
COX Communications, Inc., 5.50%, 10/01/15		100		104,572
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.:
3.13%, 2/15/16		100		102,900
3.50%, 3/01/16		250		258,724
2.40%, 3/15/17		250		255,581
1.75%, 1/15/18		750		746,382
3.80%, 3/15/22		250		254,092
4.45%, 4/01/24		250		260,364

BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 13

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

Corporate Bonds	Par   (000)		Value
Media (continued)
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. (concluded):
5.15%, 3/15/42	$	150	$	151,671
Discovery Communications LLC:
4.38%, 6/15/21		50		53,679
3.25%, 4/01/23		50		48,523
4.95%, 5/15/42		50		50,041
4.88%, 4/01/43		150		148,423
Grupo Televisa SAB, 5.00%, 5/13/45		200		197,578
The Interpublic Group of Cos., Inc., 4.20%, 4/15/24		250		252,390
NBCUniversal Media LLC:
4.38%, 4/01/21		100		108,935
2.88%, 1/15/23		250		245,234
5.95%, 4/01/41		500		610,299
Omnicom Group, Inc., 3.63%, 5/01/22		125		126,839
Thomson Reuters Corp.:
0.88%, 5/23/16		250		249,592
6.50%, 7/15/18		250		288,240
4.30%, 11/23/23		250		260,984
3.85%, 9/29/24		350		347,336
Time Warner Cable, Inc.:
8.25%, 4/01/19		300		373,642
5.00%, 2/01/20		500		555,623
4.13%, 2/15/21		100		105,832
4.00%, 9/01/21		500		526,108
6.55%, 5/01/37		150		189,226
6.75%, 6/15/39		50		64,236
4.50%, 9/15/42		475		468,726
Time Warner, Inc.:
4.88%, 3/15/20		250		275,837
3.40%, 6/15/22		250		250,197
7.70%, 5/01/32		250		344,049
6.25%, 3/29/41		150		176,889
5.35%, 12/15/43		250		269,223
4.65%, 6/01/44		250		242,004
Viacom, Inc.:
2.50%, 9/01/18		500		506,284
3.13%, 6/15/22		150		147,144
3.25%, 3/15/23		200		195,539
3.88%, 4/01/24		250		248,962
4.38%, 3/15/43		70		64,449
5.85%, 9/01/43		100		111,117
The Walt Disney Co.:
3.75%, 6/01/21		50		53,375
2.35%, 12/01/22		300		287,915
WPP Finance 2010:
4.75%, 11/21/21		100		109,094
Corporate Bonds	Par   (000)		Value
Media (concluded)
WPP Finance 2010 (concluded):
3.75%, 9/19/24	$	250	$	246,565
				15,538,743
Metals & Mining — 0.6%
Allegheny Technologies, Inc., 5.88%, 8/15/23		150		157,940
Barrick Gold Corp.:
3.85%, 4/01/22		350		336,690
4.10%, 5/01/23		500		480,447
Barrick North America Finance LLC, 5.70%, 5/30/41		50		48,308
BHP Billiton Finance USA Ltd.:
1.63%, 2/24/17		100		101,013
2.05%, 9/30/18		175		175,791
2.88%, 2/24/22		250		248,960
5.00%, 9/30/43		350		383,959
Carpenter Technology Corp., 4.45%, 3/01/23		250		256,581
Freeport-McMoRan Copper & Gold, Inc.:
2.15%, 3/01/17		100		101,703
3.10%, 3/15/20		200		198,433
3.55%, 3/01/22		50		48,857
5.45%, 3/15/43		350		356,870
Goldcorp, Inc.:
2.13%, 3/15/18		150		149,601
3.63%, 6/09/21		500		506,152
Kinross Gold Corp., 5.95%, 3/15/24 (c)		200		203,435
Newmont Mining Corp.:
3.50%, 3/15/22		700		649,044
4.88%, 3/15/42		50		42,154
Nucor Corp., 5.20%, 8/01/43		250		262,423
Reliance Steel & Aluminum Co., 4.50%, 4/15/23		25		25,701
Rio Tinto Finance USA Ltd.:
2.50%, 5/20/16		50		51,298
4.13%, 5/20/21		150		160,467
Rio Tinto Finance USA PLC:
1.63%, 8/21/17		250		251,344
2.25%, 12/14/18		1,000		1,004,063
2.88%, 8/21/22		100		96,409
4.75%, 3/22/42		100		101,788
Southern Copper Corp., 6.75%, 4/16/40		100		111,168
Teck Resources Ltd.:
3.00%, 3/01/19		450		446,722
4.75%, 1/15/22		300		308,389
3.75%, 2/01/23		100		94,118
5.20%, 3/01/42		50		45,686
Vale Overseas Ltd.:
4.38%, 1/11/22		250		251,833

14 BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Corporate Bonds	Par   (000)		Value
Metals & Mining (concluded)
Vale Overseas Ltd. (concluded):
6.88%, 11/21/36	$	200	$	225,500
Vale SA, 5.63%, 9/11/42		250		244,605
				8,127,452
Multi-Utilities — 0.2%
CMS Energy Corp., 4.70%, 3/31/43		200		202,070
Consolidated Edison Co. of New York, Inc.:
6.65%, 4/01/19		100		118,917
3.95%, 3/01/43		150		141,922
4.45%, 3/15/44		250		254,159
Series 12-A, 4.20%, 3/15/42		150		147,495
Dominion Resources, Inc.:
1.40%, 9/15/17		250		248,251
4.45%, 3/15/21		500		541,833
4.90%, 8/01/41		50		53,061
ONE Gas, Inc., 4.66%, 2/01/44 (c)		250		273,002
San Diego Gas & Electric Co.:
3.60%, 9/01/23		250		260,896
4.30%, 4/01/42		100		103,210
SCANA Corp., 4.13%, 2/01/22		100		103,170
Sempra Energy:
2.30%, 4/01/17		250		255,164
4.05%, 12/01/23		250		262,433
3.55%, 6/15/24		250		251,877
				3,217,460
Multiline Retail — 0.1%
Dollar General Corp., 1.88%, 4/15/18		250		240,778
Kohl’s Corp., 4.00%, 11/01/21		50		51,976
Nordstrom, Inc., 4.00%, 10/15/21		100		106,968
Target Corp.:
2.90%, 1/15/22		150		148,461
3.50%, 7/01/24		500		500,480
4.00%, 7/01/42		350		324,806
				1,373,469
Oil, Gas & Consumable Fuels — 2.9%
Alberta Energy Co., Ltd., 7.38%, 11/01/31		50		65,554
Anadarko Petroleum Corp.:
6.38%, 9/15/17		750		850,138
6.45%, 9/15/36		100		121,862
4.50%, 7/15/44		250		240,878
Apache Corp.:
3.25%, 4/15/22		145		145,304
6.00%, 1/15/37		100		117,918
4.75%, 4/15/43		250		249,834
4.25%, 1/15/44		100		92,664
Corporate Bonds	Par   (000)		Value
Oil, Gas & Consumable Fuels (continued)
Boardwalk Pipelines LP, 3.38%, 2/01/23	$	200	$	186,121
BP Capital Markets PLC:
3.20%, 3/11/16		100		103,569
1.85%, 5/05/17		250		252,672
1.38%, 5/10/18		250		245,516
2.24%, 9/26/18		300		300,946
2.24%, 5/10/19		500		496,940
4.74%, 3/11/21		50		55,164
3.25%, 5/06/22		100		99,248
3.99%, 9/26/23		250		258,708
Buckeye Partners LP, 4.15%, 7/01/23		250		250,747
Canadian Natural Resources Ltd.:
3.45%, 11/15/21		100		102,812
3.80%, 4/15/24		250		253,139
6.25%, 3/15/38		50		61,069
Cenovus Energy, Inc.:
5.70%, 10/15/19		150		171,973
3.00%, 8/15/22		100		97,678
5.20%, 9/15/43		250		267,422
Chevron Corp., 2.43%, 6/24/20		550		555,951
CNOOC Finance 2013 Ltd., 3.00%, 5/09/23		300		278,766
CNOOC Nexen Finance 2014 ULC, 4.25%, 4/30/24		500		506,756
ConocoPhillips, 6.50%, 2/01/39		650		850,915
ConocoPhillips Co., 1.05%, 12/15/17		250		246,545
ConocoPhillips Holding Co., 6.95%, 4/15/29		100		133,488
Continental Resources, Inc.:
5.00%, 9/15/22		250		263,750
4.50%, 4/15/23		300		310,758
3.80%, 6/01/24		250		244,879
DCP Midstream Operating LP:
3.88%, 3/15/23		225		225,273
5.60%, 4/01/44		50		54,979
Devon Energy Corp.:
1.88%, 5/15/17		250		252,298
2.25%, 12/15/18		500		498,860
4.00%, 7/15/21		150		158,403
4.75%, 5/15/42		200		198,949
Diamond Offshore Drilling, Inc., 4.88%, 11/01/43		250		231,737
Ecopetrol SA:
7.63%, 7/23/19		100		118,720
5.88%, 9/18/23		350		386,312
5.88%, 5/28/45		250		253,125
El Paso Pipeline Partners Operating Co. LLC, 5.00%, 10/01/21		200		215,182

BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 15

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

Corporate Bonds	Par   (000)		Value
Oil, Gas & Consumable Fuels (continued)
Enable Midstream Partners LP, 2.40%, 5/15/19 (c)	$	350	$	346,338
Enbridge Energy Partners LP, 4.20%, 9/15/21		100		105,546
Enbridge, Inc., 3.50%, 6/10/24		65		63,959
Encana Corp., 3.90%, 11/15/21		200		206,424
Energy Transfer Partners LP:
9.70%, 3/15/19		44		56,304
5.20%, 2/01/22		250		268,049
3.60%, 2/01/23		150		146,010
4.90%, 2/01/24		250		261,310
5.95%, 10/01/43		150		160,807
Enterprise Products Operating LLC:
3.35%, 3/15/23		250		246,055
3.90%, 2/15/24		125		126,844
5.95%, 2/01/41		150		178,545
4.45%, 2/15/43		75		72,369
4.85%, 3/15/44		200		203,150
5.10%, 2/15/45		250		263,702
EOG Resources, Inc.:
2.50%, 2/01/16		50		51,186
5.63%, 6/01/19		150		172,098
2.45%, 4/01/20		375		372,272
EQT Corp., 4.88%, 11/15/21		50		54,633
Exxon Mobil Corp.:
1.82%, 3/15/19		500		499,832
3.18%, 3/15/24		250		254,774
Hess Corp.:
8.13%, 2/15/19		200		246,547
5.60%, 2/15/41		300		337,892
Husky Energy, Inc.:
3.95%, 4/15/22		150		155,463
4.00%, 4/15/24		350		358,995
Kinder Morgan Energy Partners LP:
2.65%, 2/01/19		245		244,271
3.50%, 3/01/21		375		376,273
3.95%, 9/01/22		225		223,366
4.15%, 2/01/24		250		246,889
4.25%, 9/01/24		155		153,296
6.50%, 2/01/37		100		113,398
5.00%, 8/15/42		75		70,655
5.00%, 3/01/43		200		184,914
5.40%, 9/01/44		250		245,836
Marathon Oil Corp.:
5.90%, 3/15/18		100		113,066
2.80%, 11/01/22		150		143,556
Marathon Petroleum Corp.:
3.50%, 3/01/16		250		258,624
5.13%, 3/01/21		150		167,093
3.63%, 9/15/24		115		112,569
4.75%, 9/15/44		250		239,991
Murphy Oil Corp., 4.00%, 6/01/22		100		100,909
Corporate Bonds	Par   (000)		Value
Oil, Gas & Consumable Fuels (continued)
Nabors Industries, Inc.:
5.00%, 9/15/20	$	50	$	54,752
4.63%, 9/15/21		250		268,686
Nexen, Inc., 6.40%, 5/15/37		100		121,859
Noble Energy, Inc.:
4.15%, 12/15/21		150		159,016
5.25%, 11/15/43		250		263,715
Occidental Petroleum Corp., 4.10%, 2/01/21		50		53,946
ONEOK Partners LP:
2.00%, 10/01/17		250		251,424
3.38%, 10/01/22		500		487,563
6.13%, 2/01/41		50		56,868
Petrobras Global Finance BV:
3.25%, 3/17/17		500		505,985
3.00%, 1/15/19		500		487,005
6.25%, 3/17/24		250		261,907
5.63%, 5/20/43		200		177,153
7.25%, 3/17/44		125		135,080
Petrobras International Finance Co.:
3.50%, 2/06/17		500		508,690
5.75%, 1/20/20		400		420,884
5.38%, 1/27/21		500		505,410
Petroleos Mexicanos:
5.75%, 3/01/18		350		387,625
3.50%, 7/18/18		350		362,950
4.88%, 1/24/22		400		425,000
3.50%, 1/30/23		400		383,200
6.50%, 6/02/41		300		347,010
5.50%, 6/27/44		200		204,040
6.38%, 1/23/45 (c)		250		282,700
Phillips 66, 5.88%, 5/01/42		100		118,502
Pioneer Natural Resources Co., 3.95%, 7/15/22		150		152,072
Plains All American Pipeline LP/PAA Finance Corp.:
2.85%, 1/31/23		250		238,558
5.15%, 6/01/42		50		53,315
4.70%, 6/15/44		250		247,629
Plains Exploration & Production Co.:
6.13%, 6/15/19		162		177,390
6.50%, 11/15/20		162		177,409
Rowan Cos., Inc.:
4.75%, 1/15/24		50		50,262
5.40%, 12/01/42		100		93,761
Shell International Finance BV:
0.63%, 12/04/15		1,050		1,050,588
4.38%, 3/25/20		100		110,292
6.38%, 12/15/38		50		65,559
5.50%, 3/25/40		50		60,249
4.55%, 8/12/43		200		211,491

16 BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Corporate Bonds	Par   (000)		Value
Oil, Gas & Consumable Fuels (continued)
Southwestern Energy Co., 4.10%, 3/15/22	$	100	$	102,597
Spectra Energy Capital LLC, 3.30%, 3/15/23		500		476,565
Spectra Energy Partners LP, 4.75%, 3/15/24		250		268,143
Statoil ASA:
1.95%, 11/08/18		250		250,913
2.65%, 1/15/24		500		478,526
3.70%, 3/01/24		250		259,099
5.10%, 8/17/40		100		112,005
Suncor Energy, Inc.:
6.10%, 6/01/18		200		228,591
6.50%, 6/15/38		250		318,345
Sunoco Logistics Partners Operations LP:
4.95%, 1/15/43		250		243,515
5.30%, 4/01/44		100		102,030
Talisman Energy, Inc.:
3.75%, 2/01/21		300		303,230
5.50%, 5/15/42		50		50,897
Tennessee Gas Pipeline Co. LLC, 7.50%, 4/01/17		100		114,030
Total Capital Canada Ltd., 2.75%, 7/15/23		150		145,224
Total Capital International SA:
0.75%, 1/25/16		400		401,186
1.50%, 2/17/17		100		100,878
2.13%, 1/10/19		350		351,201
2.10%, 6/19/19		500		498,549
2.75%, 6/19/21		250		248,751
TransCanada PipeLines Ltd.:
3.75%, 10/16/23		350		355,427
4.63%, 3/01/34		250		256,486
6.20%, 10/15/37		200		240,210
5.00%, 10/16/43		150		157,475
Valero Energy Corp.:
6.13%, 2/01/20		150		173,953
6.63%, 6/15/37		300		358,160
Weatherford International Ltd.:
6.00%, 3/15/18		150		168,734
9.63%, 3/01/19		250		320,954
5.13%, 9/15/20		50		54,531
5.95%, 4/15/42		350		375,940
The Williams Cos., Inc.:
7.88%, 9/01/21		31		37,342
3.70%, 1/15/23		100		94,462
4.55%, 6/24/24		45		44,517
5.75%, 6/24/44		250		245,636
Williams Partners LP:
4.00%, 11/15/21		250		258,639
4.30%, 3/04/24		250		254,989
Corporate Bonds	Par   (000)		Value
Oil, Gas & Consumable Fuels (concluded)
Williams Partners LP (concluded):
3.90%, 1/15/25	$	250	$	248,146
				37,896,753
Paper & Forest Products — 0.1%
Celulosa Arauco y Constitucion SA, 4.75%, 1/11/22		50		50,581
Georgia-Pacific LLC, 8.88%, 5/15/31		25		37,417
International Paper Co.:
7.50%, 8/15/21		100		124,168
3.65%, 6/15/24		500		485,128
Westvaco Corp., 8.20%, 1/15/30		100		131,176
				828,470
Personal Products — 0.1%
Avon Products, Inc., 4.60%, 3/15/20		250		255,351
Colgate-Palmolive Co.:
1.75%, 3/15/19		250		247,752
3.25%, 3/15/24		250		252,787
				755,890
Pharmaceuticals — 0.9%
AbbVie, Inc.:
1.75%, 11/06/17		300		298,977
2.00%, 11/06/18		150		147,686
2.90%, 11/06/22		300		286,837
4.40%, 11/06/42		400		375,788
Actavis Funding SCS (c):
3.85%, 6/15/24		290		281,118
4.85%, 6/15/44		250		234,873
Actavis, Inc., 3.25%, 10/01/22		150		144,681
Allergan, Inc., 1.35%, 3/15/18		250		242,629
AstraZeneca PLC:
5.90%, 9/15/17		100		112,576
1.95%, 9/18/19		500		493,934
6.45%, 9/15/37		100		129,701
Bristol-Myers Squibb Co.:
1.75%, 3/01/19		250		246,726
2.00%, 8/01/22		250		232,042
4.50%, 3/01/44		200		207,111
Eli Lilly & Co.:
1.95%, 3/15/19		250		248,963
5.50%, 3/15/27		50		59,755
4.65%, 6/15/44		200		211,572
GlaxoSmithKline Capital PLC, 2.85%, 5/08/22		150		147,050
GlaxoSmithKline Capital, Inc.:
0.70%, 3/18/16		250		250,162
5.65%, 5/15/18		100		113,203
2.80%, 3/18/23		250		240,698
6.38%, 5/15/38		300		386,246

BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 17

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

Corporate Bonds	Par   (000)		Value
Pharmaceuticals (concluded)
Johnson & Johnson:
2.15%, 5/15/16	$	100	$	102,526
4.38%, 12/05/33		250		272,803
4.50%, 9/01/40		100		108,796
Merck & Co., Inc.:
1.30%, 5/18/18		500		493,480
3.88%, 1/15/21		250		267,944
5.95%, 12/01/28		100		124,463
4.15%, 5/18/43		250		247,337
Merck Sharp & Dohme Corp., 5.00%, 6/30/19		500		563,166
Mylan, Inc.:
1.80%, 6/24/16		250		252,919
4.20%, 11/29/23		250		256,965
Novartis Capital Corp.:
4.40%, 4/24/20		100		110,727
3.40%, 5/06/24		650		660,232
Pfizer, Inc.:
1.10%, 5/15/17		350		349,156
1.50%, 6/15/18		500		496,924
2.10%, 5/15/19		950		946,757
7.20%, 3/15/39		200		282,432
4.30%, 6/15/43		250		251,876
Quest Diagnostics, Inc., 4.25%, 4/01/24		250		254,068
Sanofi, 1.25%, 4/10/18		250		246,407
Teva Pharmaceutical Finance Co. BV:
2.40%, 11/10/16		200		205,167
2.95%, 12/18/22		150		142,936
Series 2, 3.65%, 11/10/21		250		254,101
Zoetis, Inc.:
1.15%, 2/01/16		150		150,325
4.70%, 2/01/43		150		150,824
				12,284,659
Real Estate — 0.2%
ARC Properties Operating Partnership LP/Clark Acquisition LLC, 2.00%, 2/06/17 (c)		250		249,862
AvalonBay Communities, Inc., 2.95%, 9/15/22		100		97,447
Boston Properties LP:
3.70%, 11/15/18		200		211,667
3.13%, 9/01/23		250		240,312
Brandywine Operating Partnership LP, 3.95%, 2/15/23		250		249,853
Duke Realty LP, 3.63%, 4/15/23		250		245,265
Host Hotels & Resorts LP, 5.25%, 3/15/22		250		274,838
Liberty Property LP, 4.40%, 2/15/24		250		261,313
Corporate Bonds	Par   (000)		Value
Real Estate (concluded)
Simon Property Group LP:
2.80%, 1/30/17	$	100	$	103,429
2.15%, 9/15/17		250		255,261
4.13%, 12/01/21		100		107,247
3.38%, 3/15/22		100		102,103
2.75%, 2/01/23		250		239,386
4.25%, 10/01/44		250		239,191
Ventas Realty LP/Ventas Capital Corp.:
2.70%, 4/01/20		250		245,953
4.25%, 3/01/22		100		104,215
				3,227,342
Real Estate Investment Trusts (REITs) — 0.3%
American Tower Corp.:
3.40%, 2/15/19		250		255,417
5.05%, 9/01/20		25		27,111
4.70%, 3/15/22		100		104,681
3.50%, 1/31/23		150		142,602
DDR Corp., 4.63%, 7/15/22		100		105,676
ERP Operating LP:
2.38%, 7/01/19		500		496,812
4.75%, 7/15/20		100		110,468
Essex Portfolio LP, 3.88%, 5/01/24		100		100,134
HCP, Inc.:
6.00%, 1/30/17		100		110,451
2.63%, 2/01/20		250		246,345
3.15%, 8/01/22		100		96,833
4.25%, 11/15/23		250		257,683
Health Care REIT, Inc.:
4.13%, 4/01/19		200		213,070
5.25%, 1/15/22		50		55,317
4.50%, 1/15/24		250		257,212
Healthcare Realty Trust, Inc., 3.75%, 4/15/23		150		145,957
Hospitality Properties Trust, 5.00%, 8/15/22		200		210,520
Kimco Realty Corp., 3.20%, 5/01/21		250		249,426
Mid-America Apartments LP, 4.30%, 10/15/23		200		207,145
Omega Healthcare Investors, Inc., 5.88%, 3/15/24		250		260,625
Realty Income Corp., 4.65%, 8/01/23		250		266,602
Simon Property Group LP, 4.75%, 3/15/42		100		103,653

18 BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Corporate Bonds	Par   (000)		Value
Real Estate Investment Trusts (REITs) (concluded)
Weyerhaeuser Co., 7.38%, 3/15/32	$	350	$	463,926
				4,487,666
Road & Rail — 0.3%
Burlington Northern Santa Fe LLC:
3.00%, 3/15/23		250		243,824
3.75%, 4/01/24		50		50,931
5.40%, 6/01/41		50		56,237
4.40%, 3/15/42		150		147,898
4.45%, 3/15/43		200		198,744
4.90%, 4/01/44		250		263,237
4.55%, 9/01/44		250		249,814
Canadian National Railway Co.:
1.45%, 12/15/16		50		50,573
3.50%, 11/15/42		100		90,438
Canadian Pacific Railway Ltd., 5.75%, 1/15/42		25		30,676
CSX Corp.:
3.70%, 10/30/20		100		105,243
3.70%, 11/01/23		300		309,179
4.75%, 5/30/42		100		104,709
4.50%, 8/01/54		250		244,133
Norfolk Southern Corp.:
7.70%, 5/15/17		150		174,052
3.25%, 12/01/21		250		254,850
3.00%, 4/01/22		250		248,873
3.85%, 1/15/24		250		258,532
3.95%, 10/01/42		100		94,425
Union Pacific Corp.:
4.16%, 7/15/22		100		108,648
2.75%, 4/15/23		200		194,525
4.30%, 6/15/42		50		50,648
				3,530,189
Semiconductors & Semiconductor Equipment — 0.1%
Applied Materials, Inc., 5.85%, 6/15/41		50		59,745
Intel Corp.:
1.35%, 12/15/17		300		299,028
2.70%, 12/15/22		200		194,485
4.80%, 10/01/41		50		52,137
Maxim Integrated Products, Inc., 3.38%, 3/15/23		100		96,335
Seagate HDD Cayman:
3.75%, 11/15/18 (c)		125		127,500
4.75%, 6/01/23		250		251,875
4.75%, 1/01/25 (c)		250		248,750
Xilinx, Inc., 3.00%, 3/15/21		75		75,053
				1,404,908
Software — 0.3%
Autodesk, Inc., 1.95%, 12/15/17		75		75,292
Corporate Bonds	Par   (000)		Value
Software (concluded)
CA, Inc., 4.50%, 8/15/23	$	170	$	175,607
Microsoft Corp.:
1.63%, 12/06/18		250		248,666
3.00%, 10/01/20		50		51,874
5.30%, 2/08/41		100		116,469
3.75%, 5/01/43		150		139,553
Oracle Corp.:
1.20%, 10/15/17		750		744,592
5.75%, 4/15/18		150		170,096
2.25%, 10/08/19		500		497,932
3.88%, 7/15/20		100		106,906
3.63%, 7/15/23		250		256,569
4.30%, 7/08/34		250		251,811
5.38%, 7/15/40		150		170,042
4.50%, 7/08/44		250		253,079
Symantec Corp., 2.75%, 6/15/17		150		153,379
				3,411,867
Specialty Retail — 0.4%
Advance Auto Parts, Inc., 4.50%, 12/01/23		250		261,049
AutoZone, Inc.:
3.70%, 4/15/22		50		50,936
3.13%, 7/15/23		250		242,811
Bed Bath & Beyond, Inc., 5.17%, 8/01/44		250		244,790
The Home Depot, Inc.:
2.00%, 6/15/19		350		347,631
4.40%, 4/01/21		150		166,865
3.75%, 2/15/24		350		364,617
5.88%, 12/16/36		100		123,130
4.20%, 4/01/43		250		246,556
4.40%, 3/15/45		250		252,741
Lowe’s Cos., Inc.:
1.63%, 4/15/17		200		201,738
4.63%, 4/15/20		100		110,886
3.12%, 4/15/22		100		101,254
4.65%, 4/15/42		250		260,057
5.00%, 9/15/43		150		164,543
4.25%, 9/15/44		250		243,615
Macy’s Retail Holdings, Inc.:
5.90%, 12/01/16		11		12,094
3.88%, 1/15/22		300		312,512
4.38%, 9/01/23		200		211,024
3.63%, 6/01/24		250		247,321
QVC, Inc.:
5.13%, 7/02/22		250		262,647
5.45%, 8/15/34 (c)		200		196,440
Staples, Inc., 2.75%, 1/12/18		150		151,890

BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 19

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

Corporate Bonds	Par   (000)		Value
Specialty Retail (concluded)
Tiffany & Co., 3.80%, 10/01/24 (c)	$	150	$	149,902
				4,927,049
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc.:
1.00%, 5/03/18		500		487,661
2.85%, 5/06/21		500		500,981
3.85%, 5/04/43		250		231,810
EMC Corp.:
1.88%, 6/01/18		250		248,524
2.65%, 6/01/20		250		248,201
Hewlett-Packard Co.:
3.30%, 12/09/16		150		156,509
2.75%, 1/14/19		500		507,826
4.65%, 12/09/21		100		108,316
6.00%, 9/15/41		150		170,995
NetApp, Inc.:
2.00%, 12/15/17		350		351,579
3.38%, 6/15/21		105		105,643
				3,118,045
Textiles, Apparel & Luxury Goods — 0.0%
VF Corp., 3.50%, 9/01/21		100		105,049
Tobacco — 0.3%
Altria Group, Inc.:
9.70%, 11/10/18		187		240,894
9.25%, 8/06/19		45		58,581
2.85%, 8/09/22		250		239,459
4.00%, 1/31/24		500		510,222
10.20%, 2/06/39		33		55,603
4.50%, 5/02/43		150		141,608
5.38%, 1/31/44		70		74,582
Lorillard Tobacco Co.:
6.88%, 5/01/20		250		293,129
3.75%, 5/20/23		250		245,866
Philip Morris International, Inc.:
1.13%, 8/21/17		250		248,387
1.88%, 1/15/19		250		247,583
4.13%, 5/17/21		50		53,991
2.63%, 3/06/23		250		239,673
4.50%, 3/20/42		50		50,202
3.88%, 8/21/42		100		90,652
4.13%, 3/04/43		200		188,824
Reynolds American, Inc.:
4.75%, 11/01/42		150		142,651
6.15%, 9/15/43		150		171,590
				3,293,497
Trading Companies & Distributors — 0.1%
GATX Corp.:
1.25%, 3/04/17		500		496,365
Corporate Bonds	Par   (000)		Value
Trading Companies & Distributors (concluded)
GATX Corp. (concluded):
2.38%, 7/30/18	$	150	$	150,891
				647,256
Transportation Infrastructure — 0.1%
Ryder System, Inc.:
2.50%, 3/01/17		150		153,995
2.35%, 2/26/19		500		498,918
				652,913
Water Utilities — 0.0%
United Utilities PLC, 5.38%, 2/01/19		50		54,850
Wireless Telecommunication Services — 0.3%
America Movil SAB de CV:
2.38%, 9/08/16		500		510,685
5.00%, 3/30/20		700		766,017
4.38%, 7/16/42		350		325,411
Rogers Communications, Inc.:
3.00%, 3/15/23		150		142,987
5.00%, 3/15/44		250		254,885
Vodafone Group PLC:
1.63%, 3/20/17		250		250,428
1.50%, 2/19/18		500		492,734
7.88%, 2/15/30		100		134,142
4.38%, 2/19/43		450		407,000
				3,284,289
Total Corporate Bonds — 24.9%				326,924,395
Foreign Agency Obligations
Brazilian Government International Bond:
8.00%, 1/15/18		97		107,090
5.88%, 1/15/19		250		281,250
4.88%, 1/22/21		650		690,950
2.63%, 1/05/23		750		675,000
4.25%, 1/07/25		500		495,000
5.63%, 1/07/41		300		309,750
5.00%, 1/27/45		250		235,000
Canada Government International Bond, 1.63%, 2/27/19		500		498,196
Colombia Government International Bond:
4.38%, 7/12/21		250		264,375
2.63%, 3/15/23		250		230,000
4.00%, 2/26/24		250		252,875
7.38%, 9/18/37		100		133,500
5.63%, 2/26/44		200		220,000
Corp. Andina de Fomento, 1.50%, 8/08/17		143		143,821

20 BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Foreign Agency Obligations	Par   (000)		Value
Council Of Europe Development Bank, 1.00%, 3/07/18	$	250	$	246,601
European Bank for Reconstruction & Development, 1.00%, 2/16/17		250		250,527
European Investment Bank:
0.63%, 4/15/16		1,250		1,252,311
2.50%, 5/16/16		100		103,186
5.13%, 9/13/16		225		244,132
1.25%, 10/14/16		100		101,019
1.75%, 3/15/17		500		509,417
0.88%, 4/18/17		1,000		997,301
1.63%, 6/15/17		500		507,550
1.00%, 8/17/17		500		498,097
1.00%, 3/15/18		250		246,518
1.00%, 6/15/18		250		245,242
1.88%, 3/15/19		500		501,800
1.75%, 6/17/19		500		497,501
Export Development Canada, 1.75%, 8/19/19		500		496,883
Hydro-Quebec, 2.00%, 6/30/16		350		357,778
Inter-American Development Bank:
0.63%, 9/12/16		1,000		998,301
1.38%, 10/18/16		250		253,234
0.88%, 3/15/18		1,000		981,944
1.75%, 10/15/19		500		498,255
International Bank for Reconstruction & Development:
0.50%, 4/15/16		750		748,497
1.00%, 9/15/16		75		75,464
Series GDIF, 0.50%, 5/16/16		1,000		997,612
International Finance Corp., 1.75%, 9/16/19		500		497,016
Israel Government International Bond:
3.15%, 6/30/23		250		250,375
4.50%, 1/30/43		200		198,000
Italian Government International Bond:
6.88%, 9/27/23		100		127,611
5.38%, 6/15/33		250		300,606
Japan Bank for International Cooperation, 2.13%, 2/07/19		200		202,460
KFW:
1.25%, 10/26/15		250		252,541
2.63%, 2/16/16		100		102,968
1.25%, 2/15/17		750		756,380
0.75%, 3/17/17		1,000		995,500
2.75%, 10/01/20		500		516,679
Mexico Government International Bond:
5.63%, 1/15/17		500		545,750
5.95%, 3/19/19		350		399,525
8.13%, 12/30/19		100		131,750
Foreign Agency Obligations	Par   (000)		Value
Mexico Government International Bond (concluded):
5.13%, 1/15/20	$	100	$	111,000
3.63%, 3/15/22		500		508,250
4.00%, 10/02/23		350		361,725
6.75%, 9/27/34		150		190,500
6.05%, 1/11/40		300		354,000
4.75%, 3/08/44		450		446,625
5.55%, 1/21/45		525		583,275
Nordic Investment Bank, 0.50%, 4/14/16		500		499,860
Panama Government International Bond:
5.20%, 1/30/20		350		385,000
4.00%, 9/22/24		500		498,750
6.70%, 1/26/36		350		429,625
Peruvian Government International Bond:
7.35%, 7/21/25		400		521,000
8.75%, 11/21/33		191		290,320
Philippine Government International Bond:
4.00%, 1/15/21		500		526,875
4.20%, 1/21/24		500		527,500
7.75%, 1/14/31		500		695,000
Poland Government International Bond:
6.38%, 7/15/19		250		293,750
3.00%, 3/17/23		200		193,376
4.00%, 1/22/24		250		256,875
Province of Ontario Canada:
2.30%, 5/10/16		100		102,677
1.20%, 2/14/18		750		741,715
2.00%, 9/27/18		500		504,437
2.00%, 1/30/19		500		502,637
4.40%, 4/14/20		200		221,648
Province of Quebec Canada:
5.00%, 3/01/16		350		371,895
2.63%, 2/13/23		250		245,091
Republic of Korea:
3.88%, 9/11/23		250		267,100
4.13%, 6/10/44		250		273,895
South Africa Government International Bond:
4.67%, 1/17/24		200		201,500
5.88%, 9/16/25		350		385,000
5.38%, 7/24/44		200		198,500
Svensk Exportkredit AB:
2.13%, 7/13/16		200		205,203
1.88%, 6/17/19		500		498,784
Turkey Government International Bond:
7.50%, 11/07/19		500		574,500
5.63%, 3/30/21		500		531,250

BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 21

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

Foreign Agency Obligations	Par   (000)		Value
Turkey Government International Bond (concluded):
3.25%, 3/23/23	$	750	$	675,000
5.75%, 3/22/24		700		743,190
6.88%, 3/17/36		250		286,575
6.00%, 1/14/41		500		517,500
Uruguay Government International Bond:
8.00%, 11/18/22		150		194,250
4.50%, 8/14/24		250		261,875
5.10%, 6/18/50		250		242,500
Total Foreign Agency Obligations — 2.9%				37,843,166
Municipal Bonds
American Municipal Power, Inc., RB, Build America Bonds, Combined Hydroelectric Projects, Series B, 7.83%, 2/15/41		150		216,501
Bay Area Toll Authority, RB, Build America Bonds, San Francisco Toll Bridge:
Series S-1, 7.04%, 4/01/50		100		143,279
Series S-1, 6.92%, 4/01/40		100		134,740
Series S-3, 6.91%, 10/01/50		200		284,454
Chicago Transit Authority, RB, Series A, 6.90%, 12/01/40		100		121,938
City & County of Denver Colorado School District No. 1, COP, Refunding, Series B, 4.24%, 12/15/37		50		48,842
City & County of San Francisco California Public Utilities Commission Water Revenue, RB, Build America Bonds, Sub-Series G, 6.95%, 11/01/50		100		141,489
City of New York New York, GO, 5.97%, 3/01/36		100		121,978
City of New York New York Transitional Finance Authority, RB, Build America Bonds, Future Tax Secured, Sub-Series B-1, 5.57%, 11/01/38		100		119,843
City Public Service Board of San Antonio Texas, RB, 4.43%, 2/01/42		100		105,202
Commonwealth of Massachusetts, GO, Build America Bonds, 5.46%, 12/01/39		100		119,119
Commonwealth of Pennsylvania, GO, Build America Bonds, 4.65%, 2/15/26		100		109,191
Municipal Bonds	Par   (000)		Value
County of Sonoma California, Refunding RB, Series A, 6.00%, 12/01/29	$	100	$	114,218
Dallas Area Rapid Transit, RB, Build America Bonds, Senior Lien, Series B, 5.02%, 12/01/48		160		182,779
District of Columbia, RB, Series E, 5.59%, 12/01/34		200		238,742
East Bay Municipal Utility District, RB, Build America Bonds, 5.87%, 6/01/40		100		125,039
Florida Hurricane Catastrophe Fund Finance Corp., RB, Series A, 3.00%, 7/01/20		100		101,160
Illinois State Toll Highway Authority, RB, Build America Bonds, 5.85%, 12/01/34		100		122,925
JobsOhio Beverage System, Refunding RB, Series B, 4.53%, 1/01/35		100		102,960
Los Angeles Community College District, GO, 6.75%, 8/01/49		50		70,828
Los Angeles County Metropolitan Transportation Authority, RB, 5.74%, 6/01/39		100		120,074
Los Angeles Department of Water & Power, RB, Build America Bonds:
5.72%, 7/01/39		100		122,322
6.60%, 7/01/50		90		125,728
Los Angeles Unified School District, GO, 6.76%, 7/01/34		150		200,078
Massachusetts Institute of Technology, 4.68%, 7/01/14		300		322,435
Massachusetts School Building Authority, RB, 5.72%, 8/15/39		100		119,660
Metropolitan Transportation Authority, RB:
5.87%, 11/15/39		300		366,099
Build America Bonds, Series C-1, 6.69%, 11/15/40		50		67,025
Metropolitan Water Reclamation District of Greater Chicago, GO, Build America Bonds, 5.72%, 12/01/38		150		175,881
Municipal Electric Authority of Georgia Plant Vogtle Units 3 & 4, Refunding RB, Build America Bonds, Series A, 6.64%, 4/01/57		125		156,676
New Jersey EDA, RB, Series A (NPFGC), 7.43%, 2/15/29		200		255,778

22 BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Municipal Bonds	Par   (000)		Value
New Jersey State Turnpike Authority, RB, Build America Bonds, Series F, 7.41%, 1/01/40	$	400	$	573,096
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Future Tax Secured, Build America Bonds, 5.77%, 8/01/36		100		121,226
New York City Water & Sewer System, RB, Build America Bonds, 2nd General Resolution, Fiscal 2020, Series DD, 5.95%, 6/15/42		115		146,703
New York State Dormitory Authority, RB, Build America Bonds, Series H, 5.43%, 3/15/39		135		157,541
New York State Urban Development Corp., RB, 5.77%, 3/15/39		200		238,182
North Texas Tollway Authority, RB, Build America Bonds, Series B, 6.72%, 1/01/49		50		69,021
Ohio State University, RB, Build America Bonds, Series C, 4.91%, 6/01/40		100		113,469
Ohio State Water Development Authority, RB, Build America Bonds, Series B-2, 4.88%, 12/01/34		100		109,796
Port Authority of New York & New Jersey, RB:
158th Series, 5.86%, 12/01/24		100		122,434
159th Series, 6.04%, 12/01/29		200		249,434
182nd Series, 5.31%, 8/01/46		300		325,758
Port Authority of New York & New Jersey, Refunding RB, 174th Series, 4.46%, 10/01/62		100		99,740
San Diego County Water Authority, RB, Build America Bonds, Series B, 6.14%, 5/01/49		100		129,374
Santa Clara Valley Transportation Authority, RB, Build America Bonds, Series A, 5.88%, 4/01/32		100		119,516
State of California, GO, Build America Bonds, Various Purpose:
7.50%, 4/01/34		145		206,568
7.55%, 4/01/39		675		985,284
Municipal Bonds	Par   (000)		Value
State of California, GO, Build America Bonds, Various Purpose (concluded):
7.35%, 11/01/39	$	100	$	140,005
7.60%, 11/01/40		200		295,832
State of Connecticut, GO, Build America Bonds, Series D, 5.09%, 10/01/30		150		167,447
State of Illinois, GO:
5.67%, 3/01/18		200		221,388
Pension, 5.10%, 6/01/33		1,000		970,440
State of Oregon, GO, Pension, 5.76%, 6/01/23		100		116,843
State of Texas, GO, Build America Bonds, Series A, 5.52%, 4/01/39		100		123,861
State of Washington, GO, Build America Bonds, Series D, 5.48%, 8/01/39		100		120,349
Texas Transportation Commission, RB, 1st Tier, Build America Bonds, Series B, 5.18%, 4/01/30		200		233,852
University of California, RB, Series AD, 4.86%, 5/15/12		300		289,404
University of California, Refunding RB, Series AJ, 4.60%, 5/15/31		150		161,064
University of California Medical Center, RB, Build America Bonds, Series H, 6.55%, 5/15/48		50		64,342
University of North Carolina at Chapel Hill, Refunding RB, 3.85%, 12/01/34 (e)		400		402,600
University of Virginia, RB, Build America Bonds, 6.20%, 9/01/39		140		191,024
Virginia Commonwealth Transportation Board, RB, Build America Bonds, Series A-2, 5.35%, 5/15/35		75		86,677
Total Municipal Bonds — 0.9%				12,109,253
Non-Agency Mortgage-Backed Securities
Commercial Mortgage-Backed Securities — 1.5%
Banc of America Merrill Lynch Commercial Mortgage Trust, Series 2007-2, Class A4, 5.61%, 4/10/49 (d)		1,500		1,627,762

BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 23

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

Non-Agency Mortgage-Backed Securities	Par   (000)		Value
Commercial Mortgage-Backed Securities (continued)
Bear Stearns Commercial Mortgage Securities Trust:
Series 2006-PW14, Class A4, 5.20%, 12/11/38	$	1,350	$	1,448,049
Series 2007-PW16, Class AM, 5.71%, 6/11/40 (d)		700		767,462
Series 2007-T26, Class A4, 5.47%, 1/12/45 (d)		1,300		1,407,769
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.32%, 12/11/49		600		640,969
Commercial Mortgage Trust:
Series 2006-C7, Class AM, 5.78%, 6/10/46 (d)		750		799,301
Series 2013-CR09, Class A4, 4.24%, 7/10/45 (d)		700		752,726
Series 2013-CR12, Class A4, 4.05%, 10/10/46		300		316,218
Series 2014-UBS2, Class A5, 3.96%, 3/10/47		500		522,059
Credit Suisse Commercial Mortgage Trust Series, Series 2006-C4, Class A3, 5.47%, 9/15/39		864		920,108
Greenwich Capital Commercial Funding Corp., Class A4:
Series 2007-GG9, 5.44%, 3/10/39		1,200		1,292,605
Series 2007-GG11, 5.74%, 12/10/49		350		383,343
GS Mortgage Securities Corp. II, Series 2012-GCJ9, Class A3, 2.77%, 11/10/45		250		243,327
GS Mortgage Securities Trust (d):
Series 2006-GG6, Class AM, 5.55%, 4/10/38		500		524,920
Series 2007-GG10, Class A4, 5.80%, 8/10/45		272		297,151
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2006-LDP9, Class A3, 5.34%, 5/15/47		888		951,433
Series 2011-C5, Class A3, 4.17%, 8/15/46		650		697,538
Series 2012-LC9, Class A3, 2.48%, 12/15/47		300		298,012
Series 2013-C16, Class A2, 3.07%, 12/15/46		850		875,777
Series 2014-C19, Class A2, 3.05%, 4/15/47		300		308,524
Series 2014-C20, Class A5, 3.80%, 7/15/47		1,400		1,441,653
Non-Agency Mortgage-Backed Securities	Par   (000)		Value
Commercial Mortgage-Backed Securities (concluded)
ML-CFC Commercial Mortgage Trust:
Series 2006-4, Class A3, 5.17%, 12/12/49	$	512	$	544,734
Series 2007-9, Class AM, 5.86%, 9/12/49 (d)		675		744,331
Morgan Stanley Capital I Trust, Series 2007-IQ14, Class A4, 5.69%, 4/15/49 (d)		1,500		1,629,342
Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class A4, 4.22%, 7/15/46 (d)		200		213,168
WFRBS Commercial Mortgage Trust, Series 2013-C11, Class A5, 3.07%, 3/15/45		500		495,247
Total Non-Agency Mortgage-Backed Securities — 1.5%				20,143,528
U.S. Government Sponsored Agency Securities
Agency Obligations — 3.0%
Fannie Mae:
0.38%, 12/21/15		4,000		4,006,280
0.50%, 3/30/16		3,000		3,002,295
0.88%, 12/20/17 — 5/21/18		4,828		4,748,677
1.13%, 4/27/17		2,310		2,321,603
1.63%, 10/26/15		350		355,268
6.25%, 5/15/29		2,350		3,177,860
6.63%, 11/15/30		149		211,721
7.25%, 5/15/30		550		818,061
Federal Home Loan Bank:
0.63%, 12/28/16		5,000		4,988,685
5.50%, 7/15/36		100		129,618
Financing Corp., 8.60%, 9/26/19		200		261,711
Freddie Mac:
0.50%, 5/13/16		5,000		5,002,765
0.88%, 3/07/18		1,500		1,474,457
1.25%, 10/02/19		2,200		2,136,999
1.75%, 5/30/19		420		418,727
2.00%, 8/25/16		750		769,888
2.38%, 1/13/22		3,130		3,111,902
4.88%, 6/13/18		250		280,857
6.25%, 7/15/32		550		765,978
6.75%, 3/15/31		500		720,377
Tennessee Valley Authority:
3.50%, 12/15/42		140		130,391
6.25%, 12/15/17		400		461,734
				39,295,854
Commercial Mortgage-Backed Securities — 0.5%
Fannie Mae, Series 2014-M6, Class A2, 2.68%, 5/25/21 (d)		150		150,339

24 BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

U.S. Government Sponsored Agency Securities	Par   (000)		Value
Commercial Mortgage-Backed Securities (concluded)
Freddie Mac:
Series K003, Class A5, 5.09%, 3/25/19	$	300	$	336,914
Series K004, Class A1, 3.41%, 5/25/19		547		574,710
Series K006, Class A1, 3.40%, 7/25/19		475		498,182
Series K013, Class A2, 3.97%, 1/25/21 (d)		500		540,901
Series K014, Class A1, 2.79%, 10/25/20		148		153,223
Series K017, Class A2, 2.87%, 12/25/21		500		506,452
Series K020, Class A2, 2.37%, 5/25/22		1,200		1,171,402
Series K026, Class A2, 2.51%, 11/25/22		200		195,769
Series K031, Class A2, 3.30%, 4/25/23 (d)		100		103,173
Series K033, Class A2, 3.06%, 7/25/23 (d)		100		101,107
Series K034, Class A2, 3.53%, 7/25/23 (d)		1,400		1,465,498
Series K037, Class A2, 3.49%, 1/25/24		200		208,264
Series K038, Class A1, 2.60%, 10/25/23		247		250,447
Series K713, Class A2, 2.31%, 3/25/20		300		300,831
				6,557,212
Mortgage-Backed Securities — 29.0%
Fannie Mae Mortgage-Backed Securities:
0.75%, 11/25/16		1,700		1,700,600
1.90%, 4/01/43 (d)		434		443,233
1.94%, 5/01/43 (d)		1,081		1,104,893
2.08%, 6/01/43 (d)		944		947,400
2.49%, 8/01/42 (d)		341		349,233
2.50%, 9/01/28 — 10/01/44 (g)		16,218		16,222,244
2.78%, 8/01/41 (d)		117		122,249
3.00%, 1/01/27 — 10/01/44 (g)		50,613		50,557,951
3.15%, 11/01/40 (d)		62		64,613
3.50%, 2/01/26 — 10/01/44 (g)		38,061		39,167,751
4.00%, 10/01/25 — 10/01/44 (g)		45,043		47,521,490
4.50%, 5/01/24 — 10/01/44 (g)		26,104		28,104,520
5.00%, 1/01/19 — 10/01/44 (g)		21,604		23,802,257
U.S. Government Sponsored Agency Securities	Par   (000)		Value
Mortgage-Backed Securities (concluded)
Fannie Mae Mortgage-Backed Securities (concluded):
5.50%, 3/01/34 — 10/01/44 (g)	$	7,439	$	8,289,735
6.00%, 3/01/34 — 10/01/44 (g)		9,301		10,513,808
6.50%, 7/01/32		250		289,010
7.00%, 2/01/32		42		45,803
Freddie Mac Mortgage-Backed Securities:
1.76%, 6/01/43 (d)		233		236,381
2.50%, 7/01/28 — 10/01/29 (g)		5,985		6,023,143
3.00%, 3/01/27 — 10/01/44 (g)		15,932		16,000,456
3.25%, 8/01/41 (d)		75		79,865
3.50%, 10/01/29 — 10/01/44 (g)		21,247		21,786,774
3.62%, 9/01/40 (d)		90		95,843
4.00%, 5/01/19 — 10/01/44 (g)		18,117		19,091,213
4.50%, 4/01/18 — 10/01/44 (g)		13,385		14,439,152
5.00%, 10/01/18 — 10/01/44 (g)		2,430		2,672,513
5.50%, 6/01/35 — 10/01/44 (g)		2,903		3,229,653
6.50%, 6/01/31		104		117,105
8.00%, 12/01/24		239		266,058
Ginnie Mae Mortgage-Backed Securities:
3.00%, 5/15/43 — 10/01/44 (g)		9,151		9,211,483
3.50%, 9/20/42 — 10/01/44 (g)		21,594		22,341,293
4.00%, 3/15/41 — 10/01/44 (g)		14,438		15,314,665
4.50%, 7/15/39 — 10/01/44 (g)		10,528		11,437,983
5.00%, 11/15/39 — 10/01/44 (g)		6,418		7,071,557
5.50%, 12/15/32 — 7/20/40		864		969,728
6.00%, 3/15/35 — 10/20/38		540		617,119
6.50%, 9/15/36		257		294,922
7.50%, 12/15/23		237		275,693
				380,819,389
Total U.S. Government Sponsored Agency Securities — 32.5%				426,672,455

BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 25

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

U.S. Treasury Obligations	Par   (000)		Value
U.S. Treasury Bonds:
8.75%, 5/15/17	$	2,100	$	2,527,054
8.75%, 5/15/20		500		683,008
8.75%, 8/15/20		400		550,688
6.25%, 8/15/23		50		65,438
7.63%, 2/15/25		375		550,898
6.50%, 11/15/26		400		559,625
6.13%, 11/15/27		2,080		2,858,049
6.25%, 5/15/30		6,600		9,427,691
5.38%, 2/15/31		1,500		1,985,391
4.50%, 2/15/36		3,066		3,784,115
4.75%, 2/15/37		1,000		1,277,500
5.00%, 5/15/37		3,800		5,014,218
4.38%, 2/15/38		2,500		3,034,765
4.50%, 5/15/38		1,000		1,236,406
3.50%, 2/15/39		5,800		6,170,655
4.25%, 5/15/39		2,775		3,319,594
4.50%, 8/15/39		500		620,547
4.38%, 11/15/39		300		366,047
4.63%, 2/15/40		730		924,590
4.38%, 5/15/40		250		305,703
3.88%, 8/15/40		360		407,531
4.25%, 11/15/40		1,428		1,715,162
4.75%, 2/15/41		200		259,062
4.38%, 5/15/41		610		748,203
3.75%, 8/15/41		1,550		1,720,742
3.13%, 11/15/41		400		396,750
3.13%, 2/15/42		4,850		4,802,257
3.00%, 5/15/42		480		463,500
2.75%, 8/15/42		750		687,188
2.75%, 11/15/42		4,200		3,842,345
3.13%, 2/15/43		3,050		3,005,202
2.88%, 5/15/43		250		234,180
3.63%, 8/15/43		2,500		2,702,345
3.75%, 11/15/43		1,700		1,879,030
3.63%, 2/15/44		2,100		2,269,312
3.38%, 5/15/44		1,600		1,652,000
3.13%, 8/15/44		700		688,843
U.S. Treasury Notes:
4.50%, 11/15/15		6,500		6,813,573
0.38%, 1/15/16		5,800		5,808,381
0.38%, 1/31/16		6,000		6,008,670
2.00%, 1/31/16		5,400		5,523,611
4.50%, 2/15/16		1,200		1,269,094
0.25%, 2/29/16		3,000		2,997,540
2.13%, 2/29/16		8,100		8,306,931
0.38%, 3/15/16		2,500		2,501,172
0.25%, 4/15/16		1,000		998,008
2.00%, 4/30/16		1,679		1,721,040
2.63%, 4/30/16		5,000		5,174,610
5.13%, 5/15/16		8,000		8,607,184
1.75%, 5/31/16		8,000		8,173,128
0.50%, 6/15/16		7,000		7,006,566
0.50%, 6/30/16		5,500		5,503,223
U.S. Treasury Obligations	Par   (000)		Value
U.S. Treasury Notes (continued):
1.50%, 6/30/16	$	500	$	508,848
1.50%, 7/31/16		10,050		10,228,619
0.63%, 8/15/16		5,500		5,507,947
0.50%, 9/30/16		9,000		8,985,231
0.63%, 10/15/16		7,000		6,997,263
4.63%, 11/15/16		250		270,723
2.75%, 11/30/16		5,135		5,361,258
0.63%, 12/15/16		4,000		3,991,564
0.88%, 12/31/16		9,750		9,775,896
3.25%, 12/31/16		4,500		4,750,663
0.88%, 1/31/17		7,600		7,614,250
0.63%, 2/15/17		7,700		7,666,913
4.63%, 2/15/17		650		708,297
0.88%, 2/28/17		2,950		2,952,997
1.00%, 3/31/17		5,000		5,015,235
0.88%, 4/15/17		4,000		4,000,000
0.63%, 5/31/17		22,500		22,304,880
2.50%, 6/30/17		4,790		4,986,093
0.88%, 7/15/17		4,000		3,986,248
0.50%, 7/31/17		900		886,360
0.88%, 8/15/17		8,500		8,459,489
4.75%, 8/15/17		3,800		4,197,218
0.63%, 8/31/17		5,521		5,448,106
1.88%, 8/31/17		1,870		1,913,390
1.00%, 9/15/17		9,000		8,985,942
1.88%, 9/30/17		14,800		15,129,537
2.63%, 1/31/18		2,000		2,088,124
0.75%, 2/28/18		4,500		4,414,221
2.75%, 2/28/18		1,300		1,362,563
0.63%, 4/30/18		1,500		1,460,508
4.00%, 8/15/18		500		547,813
1.38%, 9/30/18		2,400		2,385,000
1.25%, 10/31/18		700		691,250
1.75%, 10/31/18		2,250		2,266,173
1.38%, 12/31/18		1,030		1,019,459
1.50%, 12/31/18		4,815		4,790,925
1.25%, 1/31/19		6,400		6,292,499
1.63%, 3/31/19		1,500		1,495,782
1.25%, 4/30/19		4,300		4,214,000
1.13%, 5/31/19		1,880		1,828,447
1.00%, 6/30/19		2,000		1,930,782
1.63%, 6/30/19		2,000		1,989,376
0.88%, 7/31/19		1,500		1,437,071
1.00%, 8/31/19		2,300		2,213,212
1.63%, 8/31/19		2,000		1,986,250
1.25%, 10/31/19		600		583,640
3.38%, 11/15/19		1,100		1,184,305
1.00%, 11/30/19		8,895		8,522,522
1.13%, 12/31/19		4,750		4,573,357
1.38%, 1/31/20		11,000		10,716,409
3.63%, 2/15/20		500		545,039
1.25%, 2/29/20		6,200		5,990,750
1.13%, 3/31/20		1,500		1,437,187

26 BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

U.S. Treasury Obligations	Par   (000)		Value
U.S. Treasury Notes (concluded):
1.13%, 4/30/20	$	2,700	$	2,582,717
1.38%, 5/31/20		4,400		4,261,127
2.00%, 7/31/20		3,500		3,501,092
2.63%, 8/15/20		750		775,313
2.13%, 8/31/20		4,000		4,021,248
1.75%, 10/31/20		500		490,586
2.00%, 11/30/20		8,300		8,255,255
2.38%, 12/31/20		1,500		1,523,788
2.13%, 1/31/21		2,800		2,799,782
3.63%, 2/15/21		2,310		2,520,067
2.00%, 2/28/21		5,500		5,453,162
2.25%, 3/31/21		7,500		7,543,942
2.00%, 5/31/21		9,000		8,895,942
2.13%, 8/15/21		5,950		5,920,250
2.00%, 8/31/21		3,000		2,959,452
2.13%, 9/30/21		1,900		1,888,125
1.75%, 5/15/22		2,900		2,788,077
1.63%, 11/15/22		1,000		945,078
2.00%, 2/15/23		1,100		1,067,430
1.75%, 5/15/23		1,000		947,812
2.75%, 11/15/23		2,500		2,562,500
2.50%, 5/15/24		2,300		2,301,437
2.38%, 8/15/24		4,300		4,250,283
Total U.S. Treasury Obligations — 35.4%				466,002,461
Preferred Securities — 0.0%
Capital Trusts — 0.0%
The Chubb Corp., 6.00%, 5/11/37		50		63,102
UBS Preferred Funding Trust V, 6.24% (d)(f)		150		157,875
Total Preferred Securities — 0.00%				220,977
Total Long-Term Investments (Cost — $1,290,840,372) — 98.5%				1,295,717,126
Short-Term Securities	Shares		Value
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13%, 12/31/30 (a)(h)		293,973,454	$	293,973,454
Total Short-Term Securities (Cost — $293,973,454) — 22.4%				293,973,454
Total Investments Before TBA Sale Commitments (Cost — $1,584,813,826*) — 120.9%				1,589,690,580
TBA Sale Commitments (g)	Par   (000)
Fannie Mae Mortgage-Backed Securities:
3.50%, 10/01/44	$	1,000		(1,021,875	)
4.00%, 10/01/44		1,500		(1,580,625	)
4.50%, 10/01/44		500		(539,453	)
5.00%, 10/01/44		1,000		(1,103,750	)
Total TBA Sale Commitments (Proceeds — $4,239,024) — 0.3%				(4,245,703	)
Total Investments, Net of TBA Sale Commitments (Cost — $1,580,574,794) — 120.6%				1,585,444,877
Liabilities in Excess of Other Assets — (20.6)%				(270,913,260	)
Net Assets — 100.0%			$	1,314,531,617
*  As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
Tax cost			$	1,584,833,436
Gross unrealized appreciation			$	12,394,566
Gross unrealized depreciation				(7,537,422	)
Net unrealized appreciation			$	4,857,144

BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 27

Schedule of Investments (continued) Bond Index Master Portfolio

Notes to Schedule of Investments

(a) Investments in issuers considered to be an affiliate of the Master Portfolio during the period ended September 30, 2014, 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, 2013		Shares/Par Purchased		Shares/Par Sold			Shares/Par Held at September 30, 2014		Value at September 30, 2014		Income
BlackRock Cash Funds: Institutional, SL Agency Shares		357,052,651		—		(63,079,197	)1		293,973,454	$	293,973,454	$	215,505
BlackRock Cash Funds: Prime, SL Agency Shares		33,770,973		—		(33,770,973	)1		—		—	$	30,936
PNC Bank NA, 2.25%, 7/02/19		—	$	350		—		$	350	$	348,244	$	1,925
PNC Bank NA, 2.95%, 1/30/23	$	250		—		—		$	250	$	242,642	$	5,531
PNC Funding Corp, 5.63%, 2/01/17	$	150		—		—		$	150	$	163,520	$	6,328
PNC Funding Corp, 3.30%, 3/08/22	$	150		—		—		$	150	$	150,801	$	3,712
1    Represents net shares sold.

(b) Represents a step-down bond that pays an initial coupon rate for the first period and then a lower coupon rate for the following periods. Rate shown is as of report date.

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

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

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

Counterparty	Value		Unrealized Appreciation
Wells Fargo Bank N.A.	$	402,600	$	2,600

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

(g) Represents or includes a TBA transaction. Unsettled TBA transactions as of September 30, 2014 were as follows:

28 BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (continued) Bond Index Master Portfolio

Counterparty	Value		Unrealized Appreciation (Depreciation)
Barclays Capital, Inc.	$	6,762,438	$	5,911
Citigroup Global Markets, Inc.	$	13,152,750	$	15,680
Credit Suisse Securities (USA) LLC	$	79,524,273	$	9,104
Deutsche Bank Securities, Inc.	$	53,423,023	$	64,315
Goldman Sachs & Co.	$	19,690,578	$	(13,820	)
J.P. Morgan Securities LLC	$	21,700,148	$	(26,898	)
Merrill Lynch, Pierce, Fenner & Smith, Inc.	$	6,758,125	$	(11,253	)
Morgan Stanley & Co. LLC	$	33,057,969	$	(61,590	)
Nomura Securities International, Inc.	$	16,314,938	$	46,838
RBC Capital Markets, LLC	$	641,266	$	(1,727	)
SG Americas Securities, LLC	$	6,415,297	$	(11,978	)
Wells Fargo Securities, LLC	$	6,522,609	$	(203	)

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

Portfolio Abbreviations

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

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

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

Ÿ 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)

Ÿ 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)

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

BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 29

Schedule of Investments (concluded) Bond Index Master Portfolio

The following table summarizes the Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2			Level 3	Total
Assets:
Investments:
Long-Term Investments:1
Asset-Backed Securities		—	$	5,800,891		—	$	5,800,891
Corporate Bonds		—		326,924,395		—		326,924,395
Foreign Agency Obligations		—		37,843,166		—		37,843,166
Municipal Bonds		—		12,109,253		—		12,109,253
Non-Agency Mortgage-Backed Securities		—		20,143,528		—		20,143,528
U.S. Government Sponsored Agency Securities		—		426,672,455		—		426,672,455
U.S. Treasury Obligations		—		466,002,461		—		466,002,461
Preferred Securities		—		220,977		—		220,977
Short-Term Securities:
Money Market Funds	$	293,973,454		—		—		293,973,454
Liabilities:
Investments:
TBA Sale Commitments		—		(4,245,703	)	—		(4,245,703	)
Total	$	293,973,454	$	1,291,471,423		—	$	1,585,444,877
1    See above Schedule of Investments for values in each sector and industry.
The Master Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, such liabilities are categorized within the disclosure hierarchy as follows:
	Level 1		Level 2			Level 3	Total
Liabilities:
Bank overdraft		—	$	(25,637	)	—	$	(25,637	)
Cash received as collateral for TBA commitments		—		(28,000	)	—		(28,000	)
Total		—	$	(53,637	)	—	$	(53,637	)

There were no transfers between levels during the period ended September 30, 2014.

30 BOND INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments September 30, 2014 (Unaudited) CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Asset-Backed Securities	Par   (000)			Value
Access Group, Inc., Class A2 (a):
Series 2004-A, 0.49%, 4/25/29		USD	5,255	$	5,212,255
Series 2005-A, 0.45%, 4/27/26			1,031		1,029,947
Series 2007-1, 0.26%, 4/25/17			2,350		2,346,756
ACE Securities Corp. Home Equity Loan Trust (a):
Series 2005-AG1, Class A2D, 0.51%, 8/25/35			1,365		1,317,859
Series 2005-HE2, Class M3, 0.87%, 4/25/35			2,374		2,379,892
Series 2005-HE4, Class M2, 0.67%, 7/25/35			3,078		3,075,297
American Credit Acceptance Receivables Trust, Class A (b):
Series 2014-1, 1.14%, 3/12/18			1,701		1,702,761
Series 2014-3, 0.99%, 8/10/18			667		665,619
American Express Credit Account Master Trust, Class C (b):
Series 2005-2, 0.64%, 10/16/17 (a)			700		699,644
Series 2012-2, 1.29%, 3/15/18			8,330		8,346,310
AmeriCredit Automobile Receivables Trust:
Series 2010-4, Class D, 4.20%, 11/08/16			2,600		2,640,373
Series 2011-1, Class C, 2.85%, 8/08/16			1,934		1,943,573
Series 2011-2, Class D, 4.00%, 5/08/17			1,700		1,738,279
Series 2011-3, Class C, 2.86%, 1/09/17			1,900		1,915,673
Series 2012-3, Class D, 3.03%, 7/09/18			2,121		2,172,383
Series 2012-5, Class B, 1.12%, 11/08/17			3,040		3,047,864
Series 2013-1, Class C, 1.57%, 1/08/19			700		699,663
Ameriquest Mortgage Securities, Inc. Pass-Through Certificates (a):
Series 2005-R6, Class A2, 0.35%, 8/25/35			97		96,801
Series 2005-R10, Class A2B, 0.37%, 1/25/36			710		707,013
Bear Stearns Asset-Backed Securities I Trust, Series 2006- HE1, Class 1A3, 0.48%, 12/25/35 (a)			2,998		2,965,914
Asset-Backed Securities	Par   (000)			Value
BNC Mortgage Loan Trust, Series 2007-4, Class A3A, 0.40%, 11/25/37 (a)		USD	195	$	193,875
Carfinance Capital Auto Trust, Class A (b):
Series 2013-1A, 1.65%, 7/17/17			1,110		1,112,767
Series 2013-2A, 1.75%, 11/15/17			1,694		1,700,392
Series 2014-1A, 1.46%, 12/17/18			3,381		3,387,118
CIT Mortgage Loan Trust, Series 2007-1, Class 2A2, 1.40%, 10/25/37 (a)(b)			4,054		4,045,142
College Loan Corp. Trust I, Series 2004-1, Class A4, 0.42%, 4/25/24 (a)			10,200		10,191,391
Countrywide Asset-Backed Certificates, Series 2005-8, Class M1, 0.62%, 12/25/35 (a)			2,212		2,209,476
CPS Auto Receivables Trust, Series 2011-B, Class B, 5.68%, 9/17/18 (b)			843		872,358
Credit Suisse Mortgage Capital Certificates, Series 2006-CF3, Class A1, 0.69%, 10/25/36 (a)(b)			1,810		1,778,302
DT Auto Owner Trust, Series 2012- 2A (b):
Class C, 2.72%, 4/17/17			1,511		1,513,001
Class D, 4.35%, 3/15/19			7,820		7,924,092
Exeter Automobile Receivables Trust (b):
Series 2012-2A, Class B, 2.22%, 12/15/17			1,800		1,817,240
Series 2013-1A, Class A, 1.29%, 10/16/17			1,637		1,639,630
Series 2013-1A, Class B, 2.41%, 5/15/18			2,300		2,320,040
Series 2014-1A, Class A, 1.29%, 5/15/18			9,608		9,623,851
Series 2014-2A, Class A, 1.06%, 8/15/18			1,717		1,717,432
First Franklin Mortgage Loan Trust (a):
Series 2004-FF10, Class A3, 1.24%, 9/25/34			12		11,532
Series 2005-FF2, Class M2, 0.81%, 3/25/35			738		737,193
Series 2005-FF4, Class M1, 0.58%, 5/25/35			2,600		2,583,267
Series 2005-FF10, Class A4, 0.47%, 11/25/35			984		966,104

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014 1

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

Asset-Backed Securities	Par   (000)			Value
First Investors Auto Owner Trust, Class A2 (b):
Series 2013-1A, 0.90%, 10/15/18		USD	1,616	$	1,618,797
Series 2013-3A, 0.89%, 9/15/17			1,136		1,137,870
Series 2014-1A, 0.80%, 2/15/18			4,483		4,484,454
Flagship Credit Auto Trust, Series 2014-1, Class A, 1.21%, 4/15/19 (b)			4,169		4,163,870
HLSS Servicer Advance Receivables Backed Notes (b):
Series 2012-T2, Class A2, 1.99%, 10/15/45			7,215		7,264,783
Series 2012-T2, Class B2, 2.48%, 10/15/45			100		100,420
Series 2012-T2, Class C2, 3.96%, 10/15/45			3,726		3,780,027
Series 2012-T2, Class D2, 4.94%, 10/15/45			870		886,965
Series 2013-T1, Class A2, 1.50%, 1/16/46			11,220		11,228,976
Series 2013-T1, Class D2, 3.23%, 1/16/46			1,810		1,819,593
Series 2013-T2, Class A2, 1.15%, 5/16/44			8,200		8,204,100
Series 2013-T2, Class C2, 1.84%, 5/16/44			1,000		1,001,100
Series 2013-T2, Class D2, 2.39%, 5/16/44			1,350		1,349,325
Series 2014-T1, Class A, 1.24%, 1/17/45			1,200		1,200,720
Series 2014-T1, Class B, 1.54%, 1/17/45			2,100		2,101,260
Series 2014-T1, Class C, 1.79%, 1/17/45			2,000		2,001,200
HSI Asset Securitization Corp. Trust, Series 2006-OPT4, Class 2A5, 0.00%, 3/25/36 (c)			4,500		4,207,113
IXIS Real Estate Capital Trust, Series 2005-HE2, Class M3, 0.87%, 9/25/35 (a)			30		30,422
JPMorgan Mortgage Acquisition Corp. (a):
Series 2005-OPT2, Class A1B, 0.44%, 12/25/35			1,330		1,297,215
Series 2007-CH1, Class AV4, 0.29%, 11/25/36			907		902,036
KeyCorp Student Loan Trust, Series 2006-A (a):
Class 2A3, 0.42%, 6/27/29			6,588		6,525,222
Class 2A4, 0.54%, 9/27/35			2,120		2,043,788
Asset-Backed Securities	Par   (000)			Value
MASTR Asset-Backed Securities Trust, Series 2006-FRE1, Class A3, 0.33%, 12/25/35 (a)		USD	211	$	210,282
Morgan Stanley ABS Capital I, Inc. Trust (a):
Series 2005-HE3, Class M2, 0.93%, 7/25/35			682		681,976
Series 2005-WMC4, Class M4, 1.10%, 4/25/35			4,939		4,945,020
The National Collegiate Student Loan Trust (a):
Series 2004-1, Class A2, 0.49%, 6/25/27			2,243		2,221,162
Series 2004-2, Class A4, 0.46%, 11/27/28			2,866		2,828,442
Series 2005-2, Class A3, 0.34%, 2/25/28			2,719		2,705,910
Series 2005-3, Class A3, 0.39%, 7/25/28			9,608		9,558,002
Series 2005-3, Class A4, 0.43%, 4/25/29			2,258		2,191,303
Series 2006-1, Class A3, 0.34%, 5/25/26			654		649,228
Series 2006-2, Class A2, 0.30%, 7/25/26			6,338		6,299,945
Series 2007-4, Class A2A3, 6.50%, 12/26/25			600		598,858
Nationstar Agency Advance Funding Trust, Series 2013-T1A, Class AT1, 1.00%, 2/15/45 (b)			1,650		1,648,449
New Residential Advance Receivables Trust, Series 2014-T1 (b):
Class A1, 1.27%, 3/15/45			1,850		1,852,035
Class B1, 1.67%, 3/15/45			650		650,195
ORES NPL LLC, Series 2014-LV3, Class A, 3.00%, 3/27/24 (b)			3,369		3,369,483
Park Place Securities, Inc. Asset- Backed Pass-Through Certificates (a):
Series 2004-WWF1, Class M2, 1.17%, 12/25/34			1,306		1,307,410
Series 2005-WCW3, Class A2C, 0.53%, 8/25/35			3,145		3,096,061
RAMP Trust (a):
Series 2004-RS11, Class M1, 1.08%, 11/25/34			1,345		1,325,857
Series 2005-RS6, Class M1, 0.65%, 6/25/35			2,653		2,622,635
Series 2006-RZ3, Class A2, 0.31%, 8/25/36			6,943		6,866,128
RASC Trust, Series 2005-AHL3, Class A2, 0.39%, 11/25/35 (a)			2,388		2,338,325

2 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014

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

Asset-Backed Securities	Par   (000)			Value
Santander Drive Auto Receivables Trust:
Series 2010-2, Class C, 3.89%, 7/17/17		USD	685	$	685,611
Series 2010-3, Class C, 3.06%, 11/15/17			2,995		3,038,456
Series 2010-B, Class C, 3.02%, 10/17/16 (b)			89		88,934
Series 2011-1, Class C, 3.11%, 5/16/16			2,981		2,995,558
Series 2011-1, Class D, 4.01%, 2/15/17			14,720		15,070,778
Series 2011-3, Class D, 4.23%, 5/15/17			3,900		4,029,784
Series 2011-4, Class C, 3.82%, 8/15/17			3,490		3,540,734
Series 2011-4, Class D, 4.74%, 9/15/17			1,220		1,274,367
Series 2012-1, Class C, 3.78%, 11/15/17			300		305,578
Series 2012-2, Class B, 2.09%, 8/15/16			1,732		1,735,462
Series 2012-2, Class C, 3.20%, 2/15/18			3,648		3,710,687
Series 2012-2, Class D, 3.87%, 2/15/18			2,000		2,073,272
Series 2012-3, Class D, 3.64%, 5/15/18			13,100		13,562,116
Series 2012-4, Class B, 1.83%, 3/15/17			2,800		2,811,326
Series 2012-4, Class D, 3.50%, 6/15/18			1,100		1,129,154
Series 2012-AA, Class C, 1.78%, 11/15/18 (b)			5,600		5,639,967
Series 2013-1, Class C, 1.76%, 1/15/19			2,827		2,832,606
Series 2013-2, Class B, 1.33%, 3/15/18			3,005		3,017,970
Series 2013-2, Class C, 1.95%, 3/15/19			12,300		12,441,007
Series 2013-3 Class C, 1.81%, 4/15/19			4,790		4,772,296
Series 2013-A, Class B, 1.89%, 10/15/19 (b)			2,300		2,328,012
Series 2013-A, Class C, 3.12%, 10/15/19 (b)			4,100		4,199,384
Series 2014-1, Class B, 1.59%, 10/15/18			4,320		4,328,614
Series 2014-1, Class C, 2.36%, 4/15/20			3,020		3,036,112
Series 2014-2, Class C, 2.33%, 11/15/19			2,500		2,498,755
Series 2014-4, Class B, 1.82%, 5/15/19			1,850		1,848,960
Asset-Backed Securities	Par   (000)			Value
Santander Drive Auto Receivables Trust (concluded):
Series 2014-4, Class C, 2.60%, 11/16/20		USD	1,770	$	1,768,140
SLM Private Credit Student Loan Trust (a):
Series 2003-A, Class A2, 0.67%, 9/15/20			9,122		9,068,762
Series 2003-B, Class A2, 0.63%, 3/15/22			2,573		2,570,141
Series 2003-C, Class A2, 0.62%, 9/15/20			2,178		2,159,295
Series 2004-A, Class A2, 0.43%, 3/16/20			4,049		4,039,737
Series 2004-B, Class A2, 0.43%, 6/15/21			7,741		7,698,465
Series 2005-A, Class A2, 0.37%, 12/15/20			1,146		1,144,885
Series 2005-B, Class A2, 0.41%, 3/15/23			5,886		5,832,239
Series 2006-B, Class A4, 0.41%, 3/15/24			5,218		5,181,643
SLM Private Education Loan Trust (a)(b):
Series 2010-A, Class 1A, 3.20%, 5/16/44			3,900		4,039,552
Series 2011-A, Class A1, 1.15%, 10/15/24			8,859		8,893,535
Series 2011-B, Class A1, 1.00%, 12/16/24			1,151		1,156,609
Series 2011-C, Class A1, 1.55%, 12/15/23			1,158		1,166,177
Series 2012-A, Class A1, 1.55%, 8/15/25			2,203		2,229,999
Series 2012-C, Class A1, 1.25%, 8/15/23			2,361		2,377,125
Series 2012-D, Class A1, 1.20%, 6/15/23			1,717		1,727,766
Series 2012-E, Class A1, 0.90%, 10/16/23			5,277		5,297,587
Series 2013-A, Class A1, 0.75%, 8/15/22			5,966		5,976,169
Series 2013-B, Class A1, 0.80%, 7/15/22			8,834		8,846,439
Series 2013-C, Class A1, 1.00%, 2/15/22			4,559		4,580,941
Soundview Home Loan Trust, Series 2005-OPT4, Class 2A3, 0.67%, 12/25/35 (a)			3,659		3,592,237
Terwin Mortgage Trust, Series 2006-5, Class 2A2, 0.36%, 6/25/37 (a)(b)			4,035		3,927,886
Trade MAPS 1 Ltd., Series 2013-1A (a)(b):
Class A, 0.85%, 12/10/18			9,690		9,716,221

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014 3

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

Asset-Backed Securities	Par   (000)			Value
Trade MAPS 1 Ltd., Series 2013-1A (a)(b) (concluded):
Class B, 1.40%, 12/10/18		USD	3,100	$	3,100,102
Vericrest Opportunity Loan Transferee LLC, Series 2014-NPL4, Class A1, 3.13%, 4/27/54 (b)(d)			6,465		6,465,195
Vericrest Opportunity Loan Trust XIX LLC, Series 2013-NPL5, Class A1, 3.63%, 4/25/55 (b)(d)			1,079		1,079,579
Vericrest Opportunity Loan Trust XXI LLC, Series 2013-NPL7, Class A1, 3.63%, 11/25/53 (b)(d)			1,779		1,783,489
Total Asset-Backed Securities — 12.4%					444,779,456
Corporate Bonds
Aerospace & Defense — 0.5%
Eaton Corp., 0.95%, 11/02/15			3,000		3,009,522
L-3 Communications Corp.:
3.95%, 11/15/16			1,250		1,314,016
1.50%, 5/28/17			520		516,189
4.75%, 7/15/20			2,400		2,591,434
4.95%, 2/15/21			7,468		8,117,440
3.95%, 5/28/24			565		560,598
Lockheed Martin Corp., 4.85%, 9/15/41			2,000		2,173,090
					18,282,289
Air Freight & Logistics — 0.0%
United Parcel Service, Inc., 4.88%, 11/15/40			400		443,971
Airlines — 0.1%
United Airlines Pass-Through Trust, Series 2013-1, Class A, 4.30%, 2/15/27			4,400		4,598,000
Auto Components — 0.4%
Delphi Corp.:
5.00%, 2/15/23			850		910,350
4.15%, 3/15/24			3,200		3,264,435
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
4.88%, 3/15/19			1,525		1,502,125
6.00%, 8/01/20			1,725		1,772,438
Johnson Controls, Inc., 1.40%, 11/02/17			3,330		3,302,234
Lear Corp.:
4.75%, 1/15/23			1,000		987,500

Corporate Bonds	Par   (000)			Value
Auto Components (concluded)
Lear Corp. (concluded):
5.38%, 3/15/24		USD	3,775	$	3,793,875
					15,532,957
Banks — 1.9%
ANZ New Zealand International Ltd., 1.13%, 3/24/16 (b)			2,500		2,510,900
Bank of Nova Scotia:
0.95%, 3/15/16			4,200		4,216,036
1.10%, 12/13/16			5,000		5,008,345
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 2.25%, 1/14/19			3,500		3,514,490
Discover Bank/Greenwood Delaware, 2.00%, 2/21/18			2,600		2,587,491
Fifth Third Bancorp, 0.90%, 2/26/16			2,900		2,905,484
HSBC Bank USA NA, 5.88%, 11/01/34			1,700		2,056,505
HSBC Holdings PLC, 6.50%, 9/15/37			1,700		2,091,377
Rabobank Nederland, 3.88%, 2/08/22			3,800		4,002,848
Royal Bank of Canada, 0.85%, 3/08/16			4,600		4,604,223
U.S. Bancorp, 2.20%, 11/15/16			4,000		4,114,736
Wachovia Bank NA, 6.00%, 11/15/17			5,400		6,092,383
Wells Fargo & Co.:
1.15%, 6/02/17			5,200		5,166,938
2.13%, 4/22/19			8,100		8,001,698
3.00%, 1/22/21			4,700		4,745,440
3.30%, 9/09/24			5,100		5,003,278
4.10%, 6/03/26			1,900		1,893,322
					68,515,494
Beverages — 0.6%
Anheuser-Busch InBev Worldwide, Inc., 3.75%, 7/15/42			1,500		1,345,761
Bottling Group LLC, 5.13%, 1/15/19			1,100		1,230,900
Diageo Capital PLC, 0.63%, 4/29/16			2,800		2,795,167
Diageo Finance BV, 3.25%, 1/15/15			2,000		2,016,200
Dr Pepper Snapple Group, Inc., 2.90%, 1/15/16			1,250		1,283,994
PepsiCo, Inc.:
7.90%, 11/01/18			2,000		2,456,432
2.75%, 3/01/23			3,400		3,281,119
3.60%, 3/01/24			4,000		4,099,716
4.88%, 11/01/40			1,000		1,079,049

4 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014

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

Corporate Bonds	Par   (000)			Value
Beverages (concluded)
PepsiCo, Inc. (concluded):
3.60%, 8/13/42		USD	2,000	$	1,775,594
					21,363,932
Biotechnology — 0.6%
Amgen, Inc., 2.30%, 6/15/16			3,240		3,314,520
Biogen Idec, Inc., 6.88%, 3/01/18			5,328		6,183,363
Celgene Corp., 2.30%, 8/15/18			4,700		4,722,856
Gilead Sciences, Inc.:
3.05%, 12/01/16			1,400		1,458,346
2.05%, 4/01/19			5,000		4,962,160
					20,641,245
Capital Markets — 3.0%
The Bank of New York Mellon Corp., 0.70%, 3/04/16			4,600		4,601,808
The Bear Stearns Cos. LLC:
5.70%, 11/15/14			800		801,644
6.40%, 10/02/17			2,500		2,827,918
FMS Wertmanagement AoeR, 1.13%, 9/05/17			12,454		12,424,770
The Goldman Sachs Group, Inc.:
5.95%, 1/18/18			3,700		4,142,128
6.15%, 4/01/18			1,500		1,691,340
2.90%, 7/19/18			4,700		4,814,238
2.63%, 1/31/19			2,700		2,693,056
7.50%, 2/15/19			1,200		1,430,906
6.00%, 6/15/20			3,500		4,020,905
5.75%, 1/24/22			1,400		1,592,045
3.63%, 1/22/23			750		744,509
6.75%, 10/01/37			5,350		6,386,760
6.25%, 2/01/41			4,250		5,147,698
4.80%, 7/08/44			3,500		3,519,446
Invesco Finance PLC, 5.38%, 11/30/43			2,400		2,739,989
Legg Mason, Inc., 2.70%, 7/15/19			4,335		4,347,858
Morgan Stanley:
1.75%, 2/25/16			3,000		3,031,998
4.75%, 3/22/17			3,300		3,546,216
6.25%, 8/28/17			1,500		1,685,319
2.50%, 1/24/19			3,800		3,800,255
5.63%, 9/23/19			10,000		11,256,750
3.75%, 2/25/23			7,500		7,490,257
4.10%, 5/22/23			2,900		2,891,990
4.35%, 9/08/26			2,250		2,211,338
6.38%, 7/24/42			2,700		3,371,053
Series F, 3.88%, 4/29/24			2,800		2,797,096
					106,009,290
Chemicals — 0.9%
Ecolab, Inc., 1.00%, 8/09/15			2,900		2,910,208
LYB International Finance BV:
4.00%, 7/15/23			4,150		4,293,557
Corporate Bonds	Par   (000)			Value
Chemicals (concluded)
LYB International Finance BV (concluded):
4.88%, 3/15/44		USD	2,200	$	2,245,366
LyondellBasell Industries NV:
5.00%, 4/15/19			5,300		5,850,649
6.00%, 11/15/21			7,300		8,511,676
Monsanto Co.:
2.13%, 7/15/19			2,615		2,601,159
2.75%, 7/15/21			1,170		1,160,095
4.40%, 7/15/44			2,155		2,135,678
RPM International, Inc., 6.13%, 10/15/19			2,453		2,800,568
					32,508,956
Commercial Services & Supplies — 0.1%
Catholic Health Initiatives, 4.35%, 11/01/42			1,600		1,561,581
GATX Corp., 2.50%, 7/30/19			1,500		1,497,817
RR Donnelley & Sons Co., 6.00%, 4/01/24			1,600		1,580,000
					4,639,398
Communications Equipment — 0.1%
Cisco Systems, Inc., 2.13%, 3/01/19			5,000		4,997,485
Consumer Finance — 0.8%
Capital One Bank USA NA:
2.15%, 11/21/18			2,150		2,142,217
2.95%, 7/23/21			5,900		5,802,491
Capital One NA, 1.50%, 9/05/17			5,000		4,978,130
Caterpillar Financial Services Corp., 0.70%, 2/26/16			3,600		3,603,985
MasterCard, Inc.:
2.00%, 4/01/19			1,955		1,939,851
3.38%, 4/01/24			3,000		3,016,308
Synchrony Financial:
3.00%, 8/15/19			5,200		5,214,253
3.75%, 8/15/21			2,045		2,063,472
					28,760,707
Diversified Financial Services — 3.8%
American Express Credit Corp.:
2.75%, 9/15/15			2,600		2,654,382
2.38%, 3/24/17			3,000		3,069,888
1.55%, 9/22/17			2,865		2,863,026
American Honda Finance Corp., 1.13%, 10/07/16			4,635		4,650,866
Associates Corp. of North America, 6.95%, 11/01/18			964		1,130,559
Bank of America Corp.:
6.88%, 4/25/18			3,550		4,094,584
5.49%, 3/15/19			1,500		1,655,937
5.63%, 7/01/20			4,500		5,081,364

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014 5

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

Corporate Bonds	Par   (000)			Value
Diversified Financial Services (concluded)
Bank of America Corp. (concluded):
5.70%, 1/24/22		USD	8,000	$	9,165,928
3.30%, 1/11/23			3,400		3,316,091
4.13%, 1/22/24			5,000		5,095,530
6.11%, 1/29/37			1,300		1,488,037
4.88%, 4/01/44			2,975		3,084,688
BNP Paribas SA:
1.38%, 3/17/17			5,000		4,986,920
2.40%, 12/12/18			4,000		4,011,392
Citigroup, Inc.:
4.45%, 1/10/17			1,900		2,024,397
2.50%, 9/26/18			3,000		3,019,512
8.50%, 5/22/19			1,600		1,999,947
2.50%, 7/29/19			5,500		5,450,989
6.13%, 8/25/36			800		917,253
5.30%, 5/06/44			2,100		2,182,020
Ford Motor Credit Co. LLC:
3.88%, 1/15/15			2,900		2,927,869
1.70%, 5/09/16			2,800		2,823,545
3.00%, 6/12/17			5,400		5,573,210
1.72%, 12/06/17			5,100		5,064,045
General Electric Capital Corp.:
2.25%, 11/09/15			2,000		2,035,202
2.30%, 1/14/19			4,000		4,039,428
4.38%, 9/16/20			4,000		4,372,764
4.63%, 1/07/21			1,600		1,763,398
6.75%, 3/15/32			500		659,219
IntercontinentalExchange Group, Inc., 2.50%, 10/15/18			3,000		3,045,981
JPMorgan Chase & Co.:
1.13%, 2/26/16			4,500		4,518,536
2.00%, 8/15/17			4,100		4,134,953
4.25%, 10/15/20			6,000		6,401,526
3.25%, 9/23/22			2,600		2,559,055
3.20%, 1/25/23			6,900		6,735,642
3.38%, 5/01/23			1,800		1,724,288
5.60%, 7/15/41			1,000		1,144,717
JPMorgan Chase Bank NA, 6.00%, 10/01/17			800		894,446
Leucadia National Corp., 5.50%, 10/18/23			4,500		4,702,640
					137,063,774
Diversified Telecommunication Services — 1.5%
AT&T, Inc.:
2.40%, 8/15/16			1,250		1,279,169
2.38%, 11/27/18			5,565		5,617,060
5.35%, 9/01/40			1,231		1,305,347
5.55%, 8/15/41			5,000		5,431,705
4.80%, 6/15/44			1,800		1,773,470
British Telecommunications PLC, 1.25%, 2/14/17			1,550		1,546,300
Corporate Bonds	Par   (000)			Value
Diversified Telecommunication Services (concluded)
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 4/15/23		USD	4,250	$	4,180,466
Verizon Communications, Inc.:
2.00%, 11/01/16			5,500		5,586,284
1.35%, 6/09/17			5,200		5,173,579
3.65%, 9/14/18			4,500		4,741,362
5.05%, 3/15/34			3,200		3,390,432
6.90%, 4/15/38			900		1,159,609
7.35%, 4/01/39			1,700		2,299,910
4.75%, 11/01/41			2,100		2,104,971
6.55%, 9/15/43			5,275		6,590,543
					52,180,207
Electric Utilities — 1.5%
Commonwealth Edison Co.:
4.70%, 4/15/15			1,000		1,023,038
4.70%, 1/15/44			2,101		2,301,677
Series 100, 5.88%, 2/01/33			3,500		4,328,758
Duke Energy Corp.:
2.15%, 11/15/16			2,100		2,145,431
5.05%, 9/15/19			2,000		2,238,958
Duke Energy Florida, Inc., 3.85%, 11/15/42			2,500		2,374,477
MidAmerican Energy Holdings Co., 5.75%, 4/01/18			6,550		7,396,823
Mississippi Power Co., 4.25%, 3/15/42			1,700		1,669,091
NextEra Energy Capital Holdings, Inc., 2.70%, 9/15/19			3,500		3,536,991
Northern States Power Co., 5.25%, 7/15/35			2,500		2,952,112
Pacific Gas & Electric Co.:
5.63%, 11/30/17			1,500		1,680,236
3.25%, 9/15/21			2,900		2,949,532
3.75%, 8/15/42			3,000		2,736,075
PacifiCorp:
5.50%, 1/15/19			1,300		1,473,384
6.25%, 10/15/37			1,000		1,298,208
Progress Energy, Inc.:
4.88%, 12/01/19			3,100		3,453,236
4.40%, 1/15/21			3,700		4,037,051
3.15%, 4/01/22			950		953,294
Tampa Electric Co., 2.60%, 9/15/22			2,000		1,931,674
Xcel Energy, Inc., 0.75%, 5/09/16			3,200		3,195,290
					53,675,336
Electrical Equipment — 0.3%
Amphenol Corp.:
1.55%, 9/15/17			3,355		3,350,769
2.55%, 1/30/19			4,000		4,025,980

6 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014

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

Corporate Bonds	Par   (000)			Value
Electrical Equipment (concluded)
Roper Industries, Inc., 2.05%, 10/01/18		USD	3,500	$	3,467,065
					10,843,814
Electronic Equipment, Instruments & Components — 0.1%
Tyco Electronics Group SA, 6.55%, 10/01/17			2,900		3,302,198
Food & Staples Retailing — 0.3%
CVS Caremark Corp.:
6.13%, 8/15/16			2,300		2,518,433
2.25%, 12/05/18			3,125		3,136,325
Wal-Mart Stores, Inc.:
1.13%, 4/11/18			2,000		1,972,860
5.63%, 4/01/40			2,500		3,030,140
					10,657,758
Food Products — 0.4%
Kellogg Co.:
4.45%, 5/30/16			100		105,693
3.25%, 5/21/18			1,550		1,614,173
Mead Johnson Nutrition Co., 4.90%, 11/01/19			4,500		4,964,310
Mondelez International, Inc.:
4.13%, 2/09/16			2,000		2,086,812
2.25%, 2/01/19			4,000		3,970,872
Tyson Foods, Inc., 2.65%, 8/15/19			2,070		2,073,873
					14,815,733
Gas Utilities — 0.1%
Southern California Gas Co., 3.75%, 9/15/42			1,800		1,700,269
Health Care Equipment & Supplies — 0.6%
Baxter International, Inc., 1.85%, 6/15/18			1,650		1,643,131
Boston Scientific Corp., 2.65%, 10/01/18			2,000		2,019,572
CareFusion Corp.:
1.45%, 5/15/17			650		646,618
3.88%, 5/15/24			1,640		1,637,630
Covidien International Finance SA:
4.20%, 6/15/20			5,045		5,458,468
3.20%, 6/15/22			4,500		4,552,745
6.55%, 10/15/37			2,600		3,393,291
Stryker Corp., 4.38%, 5/15/44			3,000		3,005,181
					22,356,636
Health Care Providers & Services — 0.9%
AmerisourceBergen Corp., 1.15%, 5/15/17			6,000		5,960,994
Cardinal Health, Inc., 1.70%, 3/15/18			2,200		2,178,680
Corporate Bonds	Par   (000)			Value
Health Care Providers & Services (concluded)
Express Scripts Holding Co., 3.13%, 5/15/16		USD	3,000	$	3,107,283
HCA, Inc., 3.75%, 3/15/19			3,370		3,294,175
Humana, Inc.:
6.45%, 6/01/16			4,100		4,463,063
2.63%, 10/01/19			2,195		2,193,657
4.95%, 10/01/44			2,000		2,004,812
McKesson Corp.:
1.40%, 3/15/18			4,500		4,416,354
4.88%, 3/15/44			800		823,763
UnitedHealth Group, Inc., 4.70%, 2/15/21			3,100		3,458,853
					31,901,634
Hotels, Restaurants & Leisure — 0.3%
McDonald’s Corp., 6.30%, 10/15/37			1,000		1,286,339
Starbucks Corp., 0.88%, 12/05/16			2,450		2,449,588
Wyndham Worldwide Corp.:
4.25%, 3/01/22			1,550		1,569,332
3.90%, 3/01/23			1,550		1,527,244
Yum! Brands, Inc.:
4.25%, 9/15/15			2,000		2,067,738
5.30%, 9/15/19			2,241		2,486,150
6.88%, 11/15/37			467		590,371
					11,976,762
Household Products — 0.1%
Kimberly-Clark Corp., 2.40%, 3/01/22			1,250		1,219,371
Whirlpool Corp., 1.35%, 3/01/17			2,525		2,516,423
					3,735,794
Independent Power and Renewable Electricity Producers — 0.2%
Constellation Energy Group, Inc., 5.15%, 12/01/20			3,200		3,542,909
Exelon Generation Co. LLC, 5.75%, 10/01/41			500		547,036
PSEG Power LLC:
2.45%, 11/15/18			400		403,097
4.15%, 9/15/21			1,150		1,213,534
Southern Power Co., 5.15%, 9/15/41			1,000		1,095,226
					6,801,802
Insurance — 0.9%
ACE INA Holdings, Inc., 3.35%, 5/15/24			3,155		3,147,788
Aflac, Inc., 8.50%, 5/15/19			1,500		1,898,454
Berkshire Hathaway, Inc., 1.90%, 1/31/17			2,400		2,445,953

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014 7

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

Corporate Bonds	Par   (000)			Value
Insurance (concluded)
Fidelity National Financial, Inc., 5.50%, 9/01/22		USD	1,225	$	1,330,535
Markel Corp.:
5.35%, 6/01/21			1,300		1,453,374
3.63%, 3/30/23			1,300		1,292,218
Marsh & McLennan Cos., Inc.:
5.75%, 9/15/15			192		201,099
2.35%, 9/10/19			2,940		2,925,317
4.80%, 7/15/21			1,600		1,761,949
3.50%, 6/03/24			1,875		1,881,302
Protective Life Corp., 8.45%, 10/15/39			800		1,198,669
Prudential Financial, Inc., 4.75%, 9/17/15			3,900		4,054,151
Willis Group Holdings PLC:
4.13%, 3/15/16			2,600		2,700,550
5.75%, 3/15/21			2,700		3,020,258
XLIT Ltd., 5.75%, 10/01/21			1,400		1,619,507
					30,931,124
Internet Software & Services — 0.5%
Baidu, Inc.:
3.25%, 8/06/18			7,000		7,207,123
2.75%, 6/09/19			1,072		1,064,462
eBay, Inc.:
2.20%, 8/01/19			5,400		5,329,600
3.45%, 8/01/24			2,200		2,142,932
VeriSign, Inc., 4.63%, 5/01/23			1,325		1,278,625
					17,022,742
IT Services — 0.3%
International Business Machines Corp.:
2.00%, 1/05/16			8,600		8,750,087
7.63%, 10/15/18			2,050		2,487,759
					11,237,846
Leisure Products — 0.1%
Royal Caribbean Cruises Ltd., 5.25%, 11/15/22			3,654		3,690,540
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc.:
3.25%, 11/20/14			1,600		1,606,453
3.20%, 3/01/16			2,800		2,890,446
					4,496,899
Machinery — 0.2%
Danaher Corp., 2.30%, 6/23/16			450		462,011
Illinois Tool Works, Inc., 1.95%, 3/01/19			4,000		3,975,336
Ingersoll-Rand Global Holding Co., Ltd.:
2.88%, 1/15/19			400		408,558
Corporate Bonds	Par   (000)			Value
Machinery (concluded)
Ingersoll-Rand Global Holding Co., Ltd. (concluded):
5.75%, 6/15/43		USD	1,500	$	1,772,101
Trinity Acquisition PLC, 6.13%, 8/15/43			1,100		1,216,886
					7,834,892
Media — 1.3%
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. (b):
5.25%, 2/15/22			800		799,000
5.63%, 2/15/24			800		802,000
Comcast Corp., 5.70%, 5/15/18			2,450		2,782,215
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.:
3.55%, 3/15/15			3,600		3,650,494
4.45%, 4/01/24			1,200		1,249,746
5.15%, 3/15/42			4,500		4,550,135
DISH DBS Corp.:
7.88%, 9/01/19			2,700		3,051,000
6.75%, 6/01/21			1,200		1,290,000
NBCUniversal Enterprise, Inc. (b):
1.66%, 4/15/18			1,000		995,568
1.97%, 4/15/19			2,700		2,664,266
Scripps Networks Interactive, Inc., 2.70%, 12/15/16			2,300		2,377,027
Thomson Reuters Corp., 0.88%, 5/23/16			1,600		1,597,387
Time Warner Cable, Inc.:
5.00%, 2/01/20			2,300		2,555,866
4.50%, 9/15/42			2,200		2,170,940
Time Warner, Inc.:
2.10%, 6/01/19			4,100		4,029,615
4.65%, 6/01/44			2,000		1,936,034
Viacom, Inc.:
2.50%, 9/01/18			4,300		4,354,042
2.20%, 4/01/19			5,000		5,001,740
					45,857,075
Metals & Mining — 0.1%
Reliance Steel & Aluminum Co., 4.50%, 4/15/23			2,000		2,056,076
Xstrata Canada Corp., 6.20%, 6/15/35			600		662,978
Xstrata Finance Canada Ltd., 6.00%, 11/15/41 (b)			650		695,076
					3,414,130
Multi-Utilities — 0.3%
Consolidated Edison Co. of New York, Inc., Series 12-A, 4.20%, 3/15/42			2,400		2,359,918

8 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014

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

Corporate Bonds	Par   (000)			Value
Multi-Utilities (concluded)
Dominion Resources, Inc.:
6.40%, 6/15/18		USD	4,050	$	4,659,213
4.45%, 3/15/21			2,100		2,275,696
4.05%, 9/15/42			1,700		1,577,913
SCANA Corp., 4.13%, 2/01/22			500		515,851
					11,388,591
Oil, Gas & Consumable Fuels — 3.3%
BP Capital Markets PLC:
3.13%, 10/01/15			700		718,921
3.20%, 3/11/16			1,500		1,553,529
2.24%, 5/10/19			6,400		6,360,838
3.56%, 11/01/21			1,900		1,953,690
3.81%, 2/10/24			1,700		1,720,815
Buckeye Partners LP:
2.65%, 11/15/18			4,900		4,893,880
4.35%, 10/15/24			4,300		4,259,077
CNOOC Finance 2013 Ltd., 1.75%, 5/09/18			875		861,492
CNOOC Nexen Finance 2014 ULC, 1.63%, 4/30/17			6,800		6,801,883
ConocoPhillips Canada Funding Co. I, 5.63%, 10/15/16			500		549,048
DCP Midstream Operating LP, 3.25%, 10/01/15			2,000		2,050,700
Ecopetrol SA, 5.88%, 5/28/45			1,450		1,468,125
El Paso Pipeline Partners Operating Co. LLC, 4.30%, 5/01/24			4,500		4,470,525
Encana Corp., 6.50%, 5/15/19			400		468,429
Energy Transfer Equity LP, 7.50%, 10/15/20			5,998		6,672,775
Energy Transfer Partners LP:
9.70%, 3/15/19			842		1,077,456
9.00%, 4/15/19			373		467,394
4.15%, 10/01/20			3,950		4,101,759
Enterprise Products Operating LLC:
3.20%, 2/01/16			3,000		3,096,795
5.20%, 9/01/20			500		561,442
5.75%, 3/01/35			1,500		1,736,700
5.95%, 2/01/41			900		1,071,270
Hess Corp., 1.30%, 6/15/17			1,110		1,105,783
Husky Energy, Inc.:
3.95%, 4/15/22			5,300		5,493,036
4.00%, 4/15/24			1,625		1,666,761
6.80%, 9/15/37			1,000		1,309,106
Kinder Morgan Energy Partners LP:
3.50%, 3/01/21			850		852,885
5.63%, 9/01/41			1,895		1,959,373
5.50%, 3/01/44			625		626,394
Magellan Midstream Partners LP, 5.15%, 10/15/43			2,100		2,270,470
Corporate Bonds	Par   (000)			Value
Oil, Gas & Consumable Fuels (concluded)
Marathon Oil Corp., 0.90%, 11/01/15		USD	1,300	$	1,300,517
Marathon Petroleum Corp., 4.75%, 9/15/44			2,365		2,270,315
Petrobras International Finance Co.:
3.50%, 2/06/17			5,900		6,002,542
5.38%, 1/27/21			3,100		3,133,542
6.75%, 1/27/41			500		513,500
Petroleos Mexicanos:
5.50%, 1/21/21			1,100		1,210,550
4.88%, 1/24/22			1,300		1,381,250
6.50%, 6/02/41			500		578,350
6.38%, 1/23/45 (b)			3,900		4,410,120
Plains All American Pipeline LP/PAA Finance Corp., 8.75%, 5/01/19			600		759,786
Statoil ASA, 1.95%, 11/08/18			2,840		2,850,372
Sunoco Logistics Partners Operations LP:
3.45%, 1/15/23			4,400		4,267,556
6.10%, 2/15/42			900		1,011,189
4.95%, 1/15/43			900		876,655
5.30%, 4/01/44			1,700		1,734,515
Total Capital International SA, 2.10%, 6/19/19			5,300		5,284,625
The Williams Cos., Inc., 4.55%, 6/24/24			6,515		6,445,107
Williams Partners LP, 3.80%, 2/15/15			800		808,868
					117,039,710
Pharmaceuticals — 0.9%
AbbVie, Inc., 1.20%, 11/06/15			1,300		1,304,892
Actavis Funding SCS, 3.85%, 6/15/24 (b)			5,100		4,943,802
AstraZeneca PLC, 6.45%, 9/15/37			2,400		3,112,824
Eli Lilly & Co.:
5.55%, 3/15/37			1,700		2,035,862
4.65%, 6/15/44			3,700		3,914,082
GlaxoSmithKline Capital, Inc.:
0.70%, 3/18/16			2,500		2,501,618
5.65%, 5/15/18			1,200		1,358,431
6.38%, 5/15/38			500		643,744
Novartis Capital Corp.:
3.40%, 5/06/24			4,600		4,672,413
4.40%, 5/06/44			4,300		4,471,462
Pfizer, Inc., 6.20%, 3/15/19			1,500		1,753,028

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014 9

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

Corporate Bonds	Par   (000)			Value
Pharmaceuticals (concluded)
Zoetis, Inc., 1.15%, 2/01/16		USD	3,000	$	3,006,501
					33,718,659
Professional Services — 0.0%
The Dun & Bradstreet Corp., 2.88%, 11/15/15			600		613,468
Real Estate Investment Trusts (REITs) — 1.1%
Alexandria Real Estate Equities, Inc., 2.75%, 1/15/20			4,000		3,963,376
American Tower Corp.:
4.63%, 4/01/15			4,000		4,079,896
4.50%, 1/15/18			2,100		2,241,790
3.40%, 2/15/19			1,768		1,806,312
5.05%, 9/01/20			1,300		1,409,758
3.45%, 9/15/21			2,450		2,401,987
4.70%, 3/15/22			2,900		3,035,743
5.00%, 2/15/24			3,000		3,144,369
Corrections Corp. of America:
4.13%, 4/01/20			2,900		2,842,000
4.63%, 5/01/23			2,425		2,346,187
HCP, Inc., 6.70%, 1/30/18			4,000		4,601,488
Host Hotels & Resorts LP, 3.75%, 10/15/23			525		519,134
Simon Property Group LP:
5.65%, 2/01/20			1,000		1,150,868
4.75%, 3/15/42			1,900		1,969,413
WEA Finance LLC/Westfield UK & Europe Finance PLC, 2.70%, 9/17/19 (b)			1,945		1,949,612
					37,461,933
Road & Rail — 0.4%
Burlington Northern Santa Fe LLC:
3.00%, 3/15/23			2,000		1,950,592
5.40%, 6/01/41			2,700		3,036,817
4.55%, 9/01/44			3,110		3,107,689
Canadian Pacific Railway Co., 7.13%, 10/15/31			1,000		1,364,586
Norfolk Southern Corp., 5.75%, 1/15/16			2,425		2,573,960
Union Pacific Corp., 6.13%, 2/15/20			1,300		1,488,464
					13,522,108
Semiconductors & Semiconductor Equipment — 0.6%
Intel Corp.:
3.30%, 10/01/21			2,100		2,159,840
4.80%, 10/01/41			350		364,960
4.25%, 12/15/42			2,100		2,047,895
Maxim Integrated Products, Inc., 2.50%, 11/15/18			1,220		1,227,042
Seagate HDD Cayman:
3.75%, 11/15/18 (b)			7,500		7,650,000
Corporate Bonds	Par   (000)			Value
Semiconductors & Semiconductor Equipment (concluded)
Seagate HDD Cayman (concluded):
4.75%, 6/01/23		USD	3,100	$	3,123,250
4.75%, 1/01/25 (b)			4,400		4,378,000
					20,950,987
Software — 0.1%
Oracle Corp.:
5.25%, 1/15/16			1,500		1,589,505
5.75%, 4/15/18			550		623,684
2.80%, 7/08/21			2,945		2,923,030
					5,136,219
Specialty Retail — 1.1%
Advance Auto Parts, Inc., 4.50%, 1/15/22			3,100		3,257,650
AutoZone, Inc., 1.30%, 1/13/17			3,850		3,849,138
The Home Depot, Inc.:
5.88%, 12/16/36			2,500		3,078,242
5.40%, 9/15/40			2,000		2,330,130
5.95%, 4/01/41			800		996,622
L Brands, Inc.:
6.90%, 7/15/17			2,167		2,397,244
8.50%, 6/15/19			4,000		4,720,000
O’Reilly Automotive, Inc., 4.63%, 9/15/21			5,300		5,759,733
QVC, Inc.:
4.38%, 3/15/23			4,275		4,265,112
4.45%, 2/15/25 (b)			5,300		5,231,492
The Sherwin-Williams Co., 3.13%, 12/15/14			3,300		3,318,793
					39,204,156
Technology Hardware, Storage & Peripherals — 0.7%
Apple, Inc.:
2.85%, 5/06/21			8,500		8,516,677
2.40%, 5/03/23			1,300		1,229,244
3.85%, 5/04/43			5,300		4,914,377
4.45%, 5/06/44			1,700		1,735,462
Hewlett-Packard Co.:
3.00%, 9/15/16			3,000		3,104,775
2.75%, 1/14/19			4,000		4,062,608
					23,563,143
Tobacco — 1.1%
Altria Group, Inc.:
4.13%, 9/11/15			2,600		2,683,564
5.38%, 1/31/44			9,200		9,802,168
Lorillard Tobacco Co., 3.50%, 8/04/16			650		675,224
Philip Morris International, Inc.:
5.65%, 5/16/18			4,300		4,863,076
1.88%, 1/15/19			3,550		3,515,679

10 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014

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

Corporate Bonds	Par   (000)			Value
Tobacco (concluded)
Philip Morris International, Inc. (concluded):
2.90%, 11/15/21		USD	3,400	$	3,399,330
6.38%, 5/16/38			2,500		3,137,455
Reynolds American, Inc.:
1.05%, 10/30/15			2,000		2,005,978
3.25%, 11/01/22			2,300		2,219,233
4.85%, 9/15/23			2,900		3,088,851
4.75%, 11/01/42			1,700		1,616,707
6.15%, 9/15/43			1,000		1,143,933
					38,151,198
Wireless Telecommunication Services — 0.1%
Crown Castle International Corp., 4.88%, 4/15/22			2,800		2,723,000
Vodafone Group PLC, 5.63%, 2/27/17			950		1,041,343
					3,764,343
Total Corporate Bonds — 32.3%					1,156,305,204
Foreign Agency Obligations
Brazilian Government International Bonds, 5.63%, 1/07/41			1,500		1,548,750
Egypt Government AID Bonds, 4.45%, 9/15/15			16,365		17,011,810
Export-Import Bank of Korea:
2.38%, 8/12/19			5,600		5,557,625
4.00%, 1/29/21			1,446		1,519,486
4.00%, 1/14/24			2,500		2,614,703
Hashemite Kingdom of Jordan Government AID Bonds, 1.95%, 6/23/19			5,226		5,218,229
Mexico Government International Bonds:
3.50%, 1/21/21			2,915		2,954,078
6.75%, 9/27/34			2,400		3,048,000
6.05%, 1/11/40			4,800		5,664,000
4.75%, 3/08/44			4,600		4,565,500
Tunisia Government AID Bonds, 2.45%, 7/24/21			3,327		3,315,495
Uruguay Government International Bonds, 5.10%, 6/18/50			3,200		3,104,000
Total Foreign Agency Obligations — 1.6%					56,121,676
Municipal Bonds	Par   (000)			Value
Bay Area Toll Authority, RB, San Francisco Toll Bridge:
Build America Bonds, Series S-1, 7.04%, 4/01/50		USD	800	$	1,146,232
Series F-2, 6.26%, 4/01/49			425		569,997
Brazos Higher Education Authority, Series 2004-I, Class A2, 0.41%, 6/27/22 (a)			186		184,763
Chicago Transit Authority, RB, Series B, 6.90%, 12/01/40			450		548,721
City & County of Denver Colorado School District No. 1, COP, Refunding, Series B, 4.24%, 12/15/37			875		854,735
City & County of San Francisco California Public Utilities Commission Water Revenue, RB, Build America Bonds, Sub-Series G, 6.95%, 11/01/50			900		1,273,401
City of Chicago Illinois Waterworks Transmission, RB, Build America Bonds, 2nd Lien, Series B, 6.74%, 11/01/40			150		188,088
City of Los Angeles California Department of Water & Power, RB, Build America Bonds, Series D, 6.57%, 7/01/45			1,320		1,816,043
City of New York New York Transitional Finance Authority, RB, Build America Bonds, Future Tax Secured, Sub-Series B-1, 5.57%, 11/01/38			450		539,294
City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Build America Bonds, Fiscal 2010, Series EE, 6.01%, 6/15/42			1,000		1,284,240
County of Orange California Local Transportation Authority, Refunding RB, Build America Bonds, Series A, 6.91%, 2/15/41			450		608,868
County of San Diego California Regional Transportation Commission, RB, Build America Bonds, Series A, 5.91%, 4/01/48			600		769,698
Florida Hurricane Catastrophe Fund Finance Corp., RB, Series A, 1.30%, 7/01/16			1,725		1,739,921

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014 11

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

Municipal Bonds	Par   (000)				Value
Metropolitan Water District of Southern California, RB, Build America Bonds, Series A, 6.95%, 7/01/40		USD	1,200		$	1,425,300
New Jersey State Turnpike Authority, RB, Build America Bonds:
Series A, 7.10%, 1/01/41			700			971,159
Series F, 7.41%, 1/01/40			700			1,002,918
Port Authority of New York & New Jersey, RB, 164th Series, 5.65%, 11/01/40			800			961,976
Port Authority of New York & New Jersey, Refunding RB, 174th Series, 4.46%, 10/01/62			700			698,180
State of California, GO, Build America Bonds, Various Purpose:
7.55%, 4/01/39			1,150			1,678,632
7.63%, 3/01/40			1,150			1,671,329
7.60%, 11/01/40			250			369,790
State of Illinois, GO:
Build America Bonds, 7.35%, 7/01/35			650			746,577
Pension, 5.10%, 6/01/33			1,000			970,440
State of Mississippi, GO, Refunding, Build America Bonds, Series F, 5.25%, 11/01/34			600			680,874
State of New York Dormitory Authority, RB, Build America Bonds, General Purpose, Series H, 5.39%, 3/15/40			675			794,644
State of Oregon Department of Transportation, RB, Sub-Lien, Series A, 5.83%, 11/15/34			400			489,580
University of California, Refunding RB, Series AJ, 4.60%, 5/15/31			1,000			1,073,760
University of Missouri, RB, Build America Bonds, Series A, 5.79%, 11/01/41			300			380,274
Total Municipal Bonds — 0.7%						25,439,434
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 1.6%
Adjustable Rate Mortgage Trust, Series 2005-3, Class 8A11, 0.38%, 7/25/35 (a)			378			377,140
Citicorp Mortgage Securities Trust, Series 2006-1, Class 2A1, 5.00%, 2/25/21			211			218,414
Non-Agency Mortgage-Backed Securities	Par   (000)				Value
Collateralized Mortgage Obligations (continued)
Citigroup Mortgage Loan Trust, Series 2014-A, Class A, 4.00%, 1/25/35 (a)(b)		USD	1,404		$	1,461,471
Connecticut Avenue Securities (a):
Series 2014-C01, Class M1, 1.75%, 1/25/24			4,300			4,307,153
Series 2014-C02, Class 2M1, 1.10%, 5/25/24			7,381			7,272,043
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-7, Class 1A6, 5.25%, 8/25/35			338			352,200
CSMC Trust (a)(b):
Series 2009-13R, Class 5A1, 0.93%, 1/26/35			4,924			4,893,109
Series 2010-20R, Class 7A6, 3.50%, 3/27/37			2,789			2,798,557
Series 2011-4R, Class 4A6, 4.00%, 8/27/37			1,303			1,328,800
Series 2013-8R, Class 7A1, 0.32%, 4/27/37			1,389			1,328,111
Series 2013-8R, Class 8A1, 0.39%, 5/27/37			5,035			4,841,697
GreenPoint Mortgage Funding Trust, Class A1A (a):
Series 2006-AR4, 0.25%, 9/25/46			—	(e)		36
Series 2006-AR5, 0.23%, 10/25/46			1			1,445
Nomura Resecuritization Trust, Series 2014-1R, Class 5A1, 0.30%, 10/26/36 (a)(b)			4,830			4,708,822
Puma Finance Property Ltd., Series G5, Class A1, 0.37%, 2/21/38 (a)(b)			720			713,745
RALI Trust:
Series 2004-QS4, Class A7, 4.00%, 3/25/34			54			55,556
Series 2004-QS5, Class A5, 4.75%, 4/25/34			635			651,698
Series 2004-QS9, Class A1, 5.00%, 6/25/19			270			271,210
RBSSP Resecuritization Trust, Series 2009-6, Class 13A4, 2.40%, 8/26/35 (a)(b)			1,973			1,990,809
Structured Agency Credit Risk Debt Notes, Class M1 (a):
Series 2013-DN1, 3.55%, 7/25/23			3,395			3,534,294
Series 2013-DN2, 1.60%, 11/25/23			8,149			8,151,128

12 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014

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

Non-Agency Mortgage-Backed Securities	Par   (000)			Value
Collateralized Mortgage Obligations (concluded)
VFC LLC, Series 2014-2, Class A, 2.75%, 7/20/30 (b)		USD	6,326	$	6,326,248
					55,583,686
Commercial Mortgage-Backed Securities — 9.2%
Banc of America Commercial Mortgage Trust:
Series 2006-4, Class A4, 5.63%, 7/10/46			5,552		5,871,936
Series 2006-5, Class AM, 5.45%, 9/10/47			1,520		1,628,823
Series 2006-6, Class A4, 5.36%, 10/10/45			3,580		3,768,877
Series 2007-4, Class A4, 5.75%, 2/10/51 (a)			2,973		3,264,793
Series 2007-5, Class A4, 5.49%, 2/10/51			3,440		3,703,404
Banc of America Merrill Lynch Commercial Mortgage, Inc. (a):
Series 2005-2, Class A5, 4.86%, 7/10/43			4,513		4,565,215
Series 2005-6, Class A4, 5.18%, 9/10/47			12,615		12,988,434
Bear Stearns Commercial Mortgage Securities Trust:
Series 2005-PW10, Class AM, 5.45%, 12/11/40 (a)			2,710		2,824,321
Series 2005-PWR8, Class A4, 4.67%, 6/11/41			4,399		4,459,317
Series 2005-PWR9, Class A4B, 4.94%, 9/11/42			2,100		2,170,312
CD Commercial Mortgage Trust, Series 2007-CD4, Class AMFX, 5.37%, 12/11/49 (a)			500		524,280
Citigroup Commercial Mortgage Trust, Series 2010-RR2, Class CA3A, 5.31%, 12/19/39 (a)(b)			639		679,287
Commercial Mortgage Trust:
Series 2005-GG3, Class A4, 4.80%, 8/10/42 (a)			1,073		1,075,148
Series 2006-C7, Class AM, 5.78%, 6/10/46 (a)			3,150		3,357,065
Series 2007-C9, Class A4, 5.80%, 12/10/49 (a)			3,244		3,571,954
Series 2007-C9, Class AJ, 5.65%, 12/10/49 (a)			3,100		3,324,065
Series 2007-GG9, Class AM, 5.48%, 3/10/39			1,980		2,094,131
Series 2013-CR07, Class A4, 3.21%, 3/10/46			1,700		1,696,102
Series 2013-CR09, Class A4, 4.24%, 7/10/45 (a)			600		645,194
Series 2013-CR12, Class A3, 3.77%, 10/10/46			990		1,022,590
Non-Agency Mortgage-Backed Securities	Par   (000)			Value
Commercial Mortgage-Backed Securities (continued)
Commercial Mortgage Trust (concluded):
Series 2013-CR12, Class A4, 4.05%, 10/10/46		USD	1,600	$	1,686,496
Series 2013-LC6, Class AM, 3.28%, 1/10/46			1,290		1,272,112
Series 2014-CR16, Class A4, 4.05%, 4/10/47			260		273,219
Series 2014-CR17, Class A5, 3.98%, 5/10/47			2,240		2,338,029
Credit Suisse Commercial Mortgage Trust:
Series 2006-C3, Class A3, 6.00%, 6/15/38 (a)			9,722		10,297,307
Series 2006-C3, Class AM, 6.00%, 6/15/38 (a)			2,368		2,530,750
Series 2006-C5, Class A3, 5.31%, 12/15/39			4,478		4,780,806
Series 2007-C1, Class A3, 5.38%, 2/15/40			2,219		2,373,435
Series 2007-C2, Class A3, 5.54%, 1/15/49 (a)			2,250		2,429,597
Series 2007-C2, Class AM, 5.62%, 1/15/49 (a)			950		1,028,562
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C5, Class AJ, 5.10%, 8/15/38 (a)			4,154		4,281,295
DBRR Trust, Series 2013-EZ2, Class A, 0.85%, 2/25/45 (a)(b)			3,298		3,295,124
GE Capital Commercial Mortgage Corp. (a):
Series 2005-C2, Class A4, 4.98%, 5/10/43			5,577		5,647,570
Series 2005-C3, Class AJ, 5.07%, 7/10/45			700		720,747
Series 2006-C1, Class A4, 5.27%, 3/10/44			5,844		6,092,785
GE Commercial Mortgage Corp. Trust, Series 2007-C1, Class A2, 5.42%, 12/10/49			48		48,009
GMAC Commercial Mortgage Securities, Inc. Trust, Series 2006-C1, Class A4, 5.24%, 11/10/45 (a)			4,675		4,824,438
GS Mortgage Securities Trust:
Series 2006-GG6, Class AM, 5.55%, 4/10/38 (a)			4,100		4,304,348
Series 2009-RR1, Class GGA, 5.79%, 7/12/38 (a)(b)			1,775		1,884,138
Series 2012-GCJ7, Class AS, 4.09%, 5/10/45			930		971,025
Series 2013-GC14, Class A5, 4.24%, 8/10/46			1,620		1,732,930

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014 13

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

Non-Agency Mortgage-Backed Securities	Par   (000)			Value
Commercial Mortgage-Backed Securities (continued)
GS Mortgage Securities Trust (concluded):
Series 2013-GC16, Class A3, 4.24%, 11/10/46		USD	1,580	$	1,689,796
Series 2014-GC24, Class A5, 3.93%, 9/10/47			2,500		2,590,132
JPMBB Commercial Mortgage Securities Trust:
Series 2013-C14, Class A4, 4.13%, 8/15/46 (a)			1,400		1,484,022
Series 2013-C14, Class AS, 4.41%, 8/15/46 (a)			760		805,548
Series 2013-C15, Class B, 4.93%, 11/15/45			1,730		1,854,802
Series 2014-C22, Class A4, 3.80%, 9/15/47			2,231		2,288,921
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2004-C1, Class H, 5.89%, 1/15/38 (a)(b)			3,371		3,477,871
Series 2005-CB11, Class A4, 5.34%, 8/12/37 (a)			3,120		3,154,460
Series 2005-CB13, Class AM, 5.28%, 1/12/43 (a)			2,060		2,144,353
Series 2005-LDP1, Class C, 5.25%, 3/15/46 (a)			2,300		2,316,864
Series 2005-LDP3, Class AJ, 5.00%, 8/15/42 (a)			7,383		7,560,465
Series 2005-LDP4, Class AM, 5.00%, 10/15/42 (a)			2,600		2,682,100
Series 2005-LDP5, Class AJ, 5.36%, 12/15/44 (a)			1,935		2,015,986
Series 2005-LDP5, Class AM, 5.28%, 12/15/44 (a)			5,070		5,315,003
Series 2006-CB14, Class AM, 5.41%, 12/12/44 (a)			6,526		6,851,308
Series 2006-CB16, Class A4, 5.55%, 5/12/45			854		903,787
Series 2006-CB17, Class A4, 5.43%, 12/12/43			8,200		8,739,380
Series 2006-LDP8, Class AM, 5.44%, 5/15/45			6,171		6,611,276
Series 2011-C5, Class A3, 4.17%, 8/15/46			1,100		1,180,450
Series 2012-CBX, Class AS, 4.27%, 6/15/45			1,110		1,176,017
LB Commercial Mortgage Trust, Series 2007-C3 (a):
Class A4, 6.10%, 7/15/44			2,059		2,252,838
Class AM, 6.10%, 7/15/44			2,450		2,701,056
LB-UBS Commercial Mortgage Trust:
Series 2005-C2, Class AJ, 5.21%, 4/15/30 (a)			1,460		1,486,061
Non-Agency Mortgage-Backed Securities	Par   (000)			Value
Commercial Mortgage-Backed Securities (continued)
LB-UBS Commercial Mortgage Trust (concluded):
Series 2005-C3, Class AM, 4.79%, 7/15/40		USD	6,770	$	6,902,563
Series 2005-C7, Class AJ, 5.32%, 11/15/40 (a)			1,000		1,035,961
Series 2006-C1, Class AM, 5.22%, 2/15/31 (a)			740		776,216
Series 2006-C3, Class A1A, 5.64%, 3/15/39 (a)			2,998		3,167,919
Series 2006-C4, Class AM, 6.05%, 6/15/38 (a)			3,376		3,627,090
Series 2006-C7, Class A2, 5.30%, 11/15/38			3,097		3,180,780
Series 2006-C7, Class AM, 5.38%, 11/15/38			1,000		1,073,651
Series 2007-C1, Class A4, 5.42%, 2/15/40			4,261		4,592,272
Series 2007-C2, Class AM, 5.49%, 2/15/40 (a)			1,800		1,913,729
Series 2007-C7, Class A3, 5.87%, 9/15/45 (a)			2,985		3,302,825
Merrill Lynch Mortgage Trust, Series 2005-CIP1, Class AM, 5.11%, 7/12/38 (a)			5,395		5,541,971
ML-CFC Commercial Mortgage Trust, Class A4 (a):
Series 2006-1, 5.47%, 2/12/39			13,045		13,615,287
Series 2006-2, 5.87%, 6/12/46			3,455		3,669,895
Monty Parent Issuer 1 LLC, Series 2013-LTR1, Class B, 4.25%, 11/20/28 (b)			2,869		2,845,092
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013- C10, Class A4, 4.22%, 7/15/46 (a)			1,560		1,654,530
Morgan Stanley Capital I Trust:
Series 2005-IQ9, Class A5, 4.70%, 7/15/56			1,163		1,164,570
Series 2005-IQ10, Class AJ, 5.18%, 9/15/42 (a)			1,200		1,234,718
Series 2006-HQ8, Class A4, 5.41%, 3/12/44 (a)			4,293		4,459,413
Series 2006-HQ8, Class AM, 5.46%, 3/12/44 (a)			990		1,044,573
Series 2006-T21, Class A4, 5.16%, 10/12/52 (a)			1,355		1,403,172
Series 2007-HQ11, Class A4, 5.45%, 2/12/44 (a)			2,961		3,187,576
Series 2007-IQ16, Class A4, 5.81%, 12/12/49			6,263		6,844,017

14 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014

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

Non-Agency Mortgage-Backed Securities	Par   (000)			Value
Commercial Mortgage-Backed Securities (concluded)
Morgan Stanley Capital I Trust (concluded):
Series 2007-T25, Class A3, 5.51%, 11/12/49 (a)		USD	3,600	$	3,882,301
Series 2007-T27, Class A4, 5.65%, 6/11/42 (a)			5,450		5,985,294
Series 2007-T27, Class AM, 5.65%, 6/11/42 (a)			2,080		2,288,268
Series 2012-C4, Class A4, 3.24%, 3/15/45			2,220		2,239,851
UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class A4, 3.24%, 4/10/46			1,880		1,875,539
Wachovia Bank Commercial Mortgage Trust:
Series 2005-C19, Class A6, 4.70%, 5/15/44			1,885		1,920,291
Series 2005-C19, Class B, 4.89%, 5/15/44			3,186		3,239,359
Series 2005-C20, Class A7, 5.12%, 7/15/42 (a)			3,076		3,134,096
Series 2005-C20, Class AJ, 5.33%, 7/15/42 (a)			4,110		4,223,974
Series 2005-C20, Class AMFX, 5.18%, 7/15/42 (a)			3,930		4,059,694
Series 2006-C23, Class A4, 5.42%, 1/15/45 (a)			162		168,080
Series 2006-C27, Class A3, 5.77%, 7/15/45 (a)			4,815		5,066,391
Series 2006-C28, Class AM, 5.60%, 10/15/48 (a)			2,430		2,614,724
Series 2007-C34, Class A3, 5.68%, 5/15/46			3,720		4,046,672
WF-RBS Commercial Mortgage Trust:
Series 2012-C8, Class AS, 3.66%, 8/15/45			2,160		2,198,282
Series 2012-C10, Class A3, 2.88%, 12/15/45			1,870		1,829,546
Series 2012-C10, Class AS, 3.24%, 12/15/45			1,520		1,495,426
Series 2013-C15, Class A4, 4.15%, 8/15/46 (a)			1,580		1,678,357
Series 2013-C18, Class A5, 4.16%, 12/15/46 (a)			1,880		1,995,280
Series 2014-C20, Class B, 4.38%, 5/15/47			1,530		1,572,216
					329,081,927
Total Non-Agency Mortgage-Backed Securities — 10.8%					384,665,613
U.S. Government Sponsored Agency Securities	Par   (000)			Value
Agency Obligations — 2.3%
Fannie Mae:
0.00%, 10/09/19 — 5/15/30 (c)		USD	25,930	$	21,887,939
1.00%, 9/27/17			3,292		3,278,128
2.63%, 9/06/24			31,583		31,067,376
Federal Farm Credit Banks:
1.69%, 4/09/20			8,000		7,787,200
2.00%, 4/04/22			2,977		2,869,361
Federal Home Loan Bank, 4.00%, 9/01/28			1,625		1,722,232
FICO STRIPS, 0.00%, 12/06/16 (c)			3,000		2,936,037
Navient Solutions, Inc., 0.00%, 10/03/22 (c)			5,700		4,413,453
Resolution Funding Corp., 8.13%, 10/15/19			3,500		4,535,548
Tennessee Valley Authority:
3.50%, 12/15/42			250		232,840
5.88%, 4/01/36			1,125		1,466,937
					82,197,051
Collateralized Mortgage Obligations — 0.6%
Fannie Mae REMICS (a):
Series 2007-54, Class PF, 0.37%, 6/25/37			2,791		2,795,259
Series 2010-89, Class CF, 0.60%, 2/25/38			1,862		1,881,227
Series 2010-35, Class EF, 0.70%, 4/25/40			1,961		1,982,020
Freddie Mac REMICS (a):
Series 3807, Class FN, 0.65%, 2/15/41			1,142		1,153,327
Series 3667, Class FW, 0.70%, 2/15/38			1,147		1,160,108
Ginnie Mae, Series 2014-90, Class FA, 0.55%, 10/20/38 (a)			14,398		14,502,777
					23,474,718
Mortgage-Backed Securities — 40.5%
Fannie Mae Mortgage-Backed Securities:
1.90%, 4/01/43 (a)			723		738,722
1.94%, 5/01/43 (a)			1,081		1,104,893
2.08%, 6/01/43 (a)			1,373		1,378,037
2.20%, 1/01/36 (a)			866		928,457
2.30%, 1/01/35 (a)			1,033		1,105,837
2.32%, 8/01/33 (a)			1,600		1,712,347
2.34%, 5/01/33 (a)			2,215		2,372,348
2.44%, 2/01/42 (a)			27		28,666
2.50%, 9/01/28 — 10/01/44 (f)			19,796		19,676,747

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014 15

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

U.S. Government Sponsored Agency Securities	Par   (000)			Value
Mortgage-Backed Securities (continued)
Fannie Mae Mortgage-Backed Securities (concluded):
2.75%, 1/01/42 (a)		USD	698	$	722,473
2.78%, 8/01/41 (a)			1,679		1,755,349
3.00%, 1/01/27 — 10/01/44 (f)			141,574		142,766,384
3.31%, 9/01/41 (a)			983		1,028,306
3.33%, 4/01/40 (a)			223		235,791
3.50%, 2/01/26 — 10/01/44 (f)			73,042		75,091,605
4.00%, 8/01/25 — 10/01/44 (f)			198,177		209,073,011
4.50%, 10/01/24 — 11/01/44 (f)			250,720		270,359,157
5.00%, 1/01/18 — 11/01/44 (f)			116,779		128,896,132
5.50%, 9/01/19 — 10/01/44 (f)			20,413		22,762,478
6.00%, 11/01/22 — 8/01/38			18,651		21,202,212
6.50%, 12/01/30 — 12/01/32			8,196		9,436,696
Freddie Mac Mortgage-Backed Securities:
1.76%, 6/01/43 (a)			389		393,968
2.21%, 10/01/33 (a)			1,037		1,102,299
2.26%, 4/01/38 (a)			1,258		1,344,305
2.47%, 5/01/43 (a)			980		980,563
2.50%, 10/01/29 — 4/01/43 (f)			22,928		23,011,958
2.51%, 11/01/36 — 8/01/43 (a)			1,406		1,453,824
2.60%, 1/01/42 (a)			20		20,593
3.00%, 3/01/27 — 6/01/43 (f)			54,901		55,058,778
3.25%, 8/01/41 (a)			1,055		1,118,107
3.34%, 7/01/41 (a)			752		789,251
3.38%, 2/01/40 (a)			1,257		1,334,994
3.50%, 12/01/25 — 10/01/44 (f)			58,466		59,984,017
4.00%, 3/01/26 — 10/01/44 (f)			55,561		58,592,315
4.50%, 8/01/20 — 1/01/42 (f)			39,125		42,213,345
5.00%, 10/01/20 — 10/01/44 (f)			18,423		20,283,448
5.50%, 5/01/34 — 8/01/38			7,261		8,096,366
6.00%, 12/01/28 — 1/01/38			6,104		6,929,506
6.50%, 5/01/21 — 7/01/32			2,465		2,848,413
Ginnie Mae Mortgage-Backed Securities:
3.00%, 5/15/43 — 10/01/44 (f)			34,704		34,933,400
3.50%, 1/15/41 — 10/01/44 (f)			65,121		67,466,311
4.00%, 9/15/40 — 10/01/44 (f)			50,759		53,942,172
4.50%, 3/15/39 — 9/20/43			49,741		54,171,888
U.S. Government Sponsored Agency Securities	Par   (000)			Value
Mortgage-Backed Securities (concluded)
Ginnie Mae Mortgage-Backed Securities (concluded):
5.00%, 9/15/39 — 5/20/41		USD	25,210	$	28,027,288
5.50%, 6/15/34 — 7/20/40			8,255		9,309,537
6.00%, 9/20/38 — 10/20/38			2,702		3,053,411
					1,448,835,705
Total U.S. Government Sponsored Agency Securities — 43.4%					1,554,507,474
U.S. Treasury Obligations
U.S. Treasury Bonds:
6.38%, 8/15/27			12,068		16,881,997
6.13%, 11/15/27			12,000		16,488,744
6.25%, 5/15/30			26,586		37,976,167
5.00%, 5/15/37			21,563		28,453,047
4.50%, 8/15/39			24,000		29,786,256
4.38%, 5/15/40			11,922		14,578,365
3.88%, 8/15/40			15,149		17,149,137
3.63%, 8/15/43			43,630		47,161,325
3.38%, 5/15/44			7,100		7,330,750
U.S. Treasury Inflation Protected Security, 0.13%, 7/15/24			83,888		80,539,267
U.S. Treasury Notes:
0.75%, 1/15/17			24,146		24,130,909
0.88%, 4/15/17			250		250,000
0.88%, 4/30/17			3,051		3,047,900
0.88%, 6/15/17			55,088		54,958,874
1.63%, 4/30/19			13,500		13,449,375
1.50%, 5/31/19			875		865,908
1.63%, 6/30/19			6,270		6,236,694
1.00%, 8/31/19			128,840		123,978,351
1.13%, 3/31/20			42,437		40,659,951
2.00%, 8/31/21			9,030		8,907,950
Total U.S. Treasury Obligations — 16.0%					572,830,967
Preferred Securities
Capital Trusts
Capital Markets — 0.0%
The Bank of New York Mellon Corp., Series D, 4.50% (a)(g)			1,264		1,172,360
Diversified Financial Services — 0.1%
JPMorgan Chase & Co., Series Q, 5.15% (a)(g)			1,825		1,738,313

16 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014

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

Preferred Securities	Par   (000)			Value
Capital Trusts (concluded)
Insurance — 0.1%
The Chubb Corp.:
6.00%, 5/11/37		USD	800	$	1,009,628
6.38%, 3/29/67 (a)			2,550		2,795,437
					3,805,065
Media — 0.1%
NBCUniversal Enterprise, Inc., 5.25% (b)(g)			2,200		2,288,000
Total Capital Trusts — 0.3%					9,003,738
Preferred Stock — 0.1%	Shares
Diversified Telecommunication Services — 0.1%
Qwest Corp., 7.38%			196,000		5,099,920
Total Preferred Securities — 0.4%					14,103,658
Total Long-Term Investments (Cost — $4,163,876,499) — 117.6%					4,208,753,482
Short-Term Securities
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13% (h)(i)			98,234,715		98,234,715
Total Short-Term Securities (Cost — $98,234,715) — 2.8%					98,234,715
Options Purchased (Cost — $1,003,519) — 0.0%					1,430,000
Total Investments Before TBA Sale Commitments and Options Written (Cost — $4,263,114,732*) — 120.4%					4,308,418,197
TBA Sale Commitments (f)	Par   (000)			Value
Fannie Mae Mortgage-Backed Securities:
2.50%, 10/01/29		USD	13,600	$	(13,676,500	)
3.00%, 10/01/29 — 10/01/44			95,442		(95,836,211	)
3.50%, 10/01/29 —10/01/44			72,700		(76,378,172	)
4.00%, 10/01/44			68,100		(71,760,375	)
4.50%, 10/01/44			86,600		(93,433,281	)
5.00%, 10/01/44			64,800		(71,523,000	)
6.00%, 10/01/44			13,000		(14,692,031	)
Freddie Mac Mortgage-Backed Securities:
3.50%, 10/01/44			500		(510,078	)
4.50%, 10/01/29 —10/01/44			2,900		(3,103,719	)
Ginnie Mae Mortgage-Backed Securities:
5.00%, 10/01/44			8,000		(8,802,500	)
4.50%, 10/01/44			14,000		(15,181,250	)
Total TBA Sale Commitments (Proceeds — $464,488,892) — 13.0%					(464,897,117	)
Options Written (Premiums Received — $182,844) — (0.0)%					(216,250	)
Total Investments, Net of TBA Sale Commitments and Options Written — 107.4%					3,843,304,830
Liabilities in Excess of Other Assets — (7.4)%					(264,484,599	)
Net Assets — 100.0%				$	3,578,820,231

* As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	4,263,378,112
Gross unrealized appreciation	$	72,736,690
Gross unrealized depreciation		(27,696,605	)
Net unrealized appreciation	$	45,040,085

Notes to Schedule of Investments

(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, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) Zero-coupon bond.

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

(e) Amount is less than $500.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014 17

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

(f) Represents or includes a TBA transaction. Unsettled TBA transactions as of September 30, 2014 were as follows:

Counterparty	Value			Unrealized Appreciation (Depreciation)
Barclays Capital, Inc.	$	(34,870,656	)	$	(101,958	)
BB&T Securities, LLC	$	(7,376,250	)	$	(17,602	)
Citigroup Global Markets, Inc.	$	39,784,656		$	86,428
Credit Suisse Securities (USA) LLC	$	111,307,006		$	272,782
Deutsche Bank Securities, Inc.	$	56,884,994		$	63,329
Goldman Sachs & Co.	$	66,012,172		$	(42,313	)
J.P. Morgan Securities LLC	$	7,060,234		$	(97,142	)
Merrill Lynch, Pierce, Fenner & Smith, Inc.	$	7,731,750		$	(11,116	)
Morgan Stanley & Co. LLC	$	46,237,454		$	(60,389	)
Nomura Securities International, Inc.	$	43,638,828		$	169,133
RBC Capital Markets, LLC	$	(6,067,578	)	$	193
SG Americas Securities LLC	$	21,152,703		$	(25,594	)
Wells Fargo Securities, LLC	$	(4,459,500	)	$	(10,480	)

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

(h) Investments in issuers considered to be an affiliate of the Master Portfolio during the period ended September 30, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940 Act, as amended, were as follows:

Affiliate	Shares Held at December 31, 2013		Net Activity			Shares Held at September 30, 2014		Income
BlackRock Cash Funds: Institutional, SL Agency Shares		538,812,448		(440,577,733	)		98,234,715	$	181,919
BlackRock Cash Funds: Prime, SL Agency Shares		68,186,051		(68,186,051	)		—	$	25,188

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

Portfolio Abbreviations

AUD	Australian Dollar	GO	General Obligation Bonds	OTC	Over-the-Counter
CAD	Canadian Dollar	JPY	Japanese Yen	RB	Revenue Bonds
COP	Certificates of Participation	LIBOR	London Interbank Offered Rate	REMIC	Real Estate Mortgage Investment Conduit
EUR	Euro	NOK	Norwegian Krone	SEK	Swedish Krona
EURIBOR	Euro Interbank Offered Rate	NYSE	New York Stock Exchange	STRIPS	Separate Trading of Registered Interest and Principal Securities
GBP	British Pound	NZD	New Zealand Dollar	USD	U.S. Dollar

18 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

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

Ÿ Financial futures contracts outstanding as of September 30, 2014 were as follows:

Contracts Purchased (Sold)			Issue	Exchange	Expiration	Notional Value			Unrealized Appreciation (Depreciation)
	806		2-Year U.S. Treasury Note	Chicago Board of Trade	December 2014		USD	176,388,063	$	(2,302	)
	1,421		5-Year U.S. Treasury Note	Chicago Board of Trade	December 2014		USD	168,044,352		165,992
	420		10-Year Australian T-Bond	Sydney Futures Exchange	December 2014		USD	44,421,998		377,013
	2,311		10-Year U.S. Treasury Note	Chicago Board of Trade	December 2014		USD	288,044,484		226,526
	12		Ultra Long U.S. Treasury Bond	Chicago Board of Trade	December 2014		USD	1,830,000		35,294
	934		90-Day Euro Dollar Future	Eurex	June 2016		USD	229,612,225		(48,014	)
	(177	)	10-Year Canada Bond Future	Montreal	December 2014		USD	21,411,634		(124,519	)
	(192	)	Euro-Bund Future	Eurex	December 2014		USD	36,303,102		(250,842	)
	(378	)	Long U.S. Treasury Bond	Chicago Board of Trade	December 2014		USD	52,128,563		(268,094	)
	(113	)	UK Long Gilt Bond	NYSE Liffe	December 2014		USD	20,726,113		(113,704	)
	(934	)	90-Day Euro Dollar Future	Eurex	June 2017		USD	227,393,975		(106,214	)
	Total								$	(108,864	)

Ÿ Forward foreign currency exchange contracts outstanding as of September 30, 2014 were as follows:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
AUD	3,440,000	USD	3,123,259	Bank of America N.A.	12/11/14	$	(128,055	)
AUD	2,575,000	USD	2,320,551	Goldman Sachs International	12/11/14		(78,502	)
AUD	3,390,000	USD	3,045,491	HSBC Bank PLC	12/11/14		(93,823	)
AUD	2,285,000	USD	2,045,288	HSBC Bank PLC	12/11/14		(55,741	)
AUD	6,318,000	USD	5,655,615	HSBC Bank PLC	12/11/14		(154,540	)
AUD	3,615,000	USD	3,261,352	HSBC Bank PLC	12/11/14		(113,776	)
AUD	22,410,000	USD	20,012,130	HSBC Bank PLC	12/11/14		(499,773	)
AUD	11,445,000	USD	10,191,738	HSBC Bank PLC	12/11/14		(226,592	)
AUD	3,389,000	USD	3,045,315	JPMorgan Chase Bank N.A.	12/11/14		(94,517	)
AUD	44,201,000	USD	38,487,137	JPMorgan Chase Bank N.A.	12/11/14		(1,385	)
AUD	6,486,691	USD	5,846,854	Morgan Stanley & Co. International PLC	12/11/14		(198,900	)
AUD	3,812,000	USD	3,408,443	Westpac Banking Corp.	12/11/14		(89,339	)
AUD	4,085,000	USD	3,656,635	Westpac Banking Corp.	12/11/14		(99,831	)
AUD	7,315,000	USD	6,534,490	Westpac Banking Corp.	12/11/14		(165,329	)
CAD	4,640,000	USD	4,244,090	Barclays Bank PLC	12/11/14		(99,096	)
CAD	11,215,000	USD	10,009,273	Citibank N.A.	12/11/14		9,286
CAD	5,766,000	USD	5,234,423	Credit Suisse International	12/11/14		(83,553	)

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014 19

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward foreign currency exchange contracts outstanding as of September 30, 2014 were as follows (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CAD	4,640,000	USD	4,244,226	Goldman Sachs International	12/11/14	$	(99,232	)
CAD	2,890,000	USD	2,596,462	HSBC Bank PLC	12/11/14		(14,774	)
CAD	11,220,000	USD	10,010,215	HSBC Bank PLC	12/11/14		12,810
CAD	4,640,000	USD	4,243,888	JPMorgan Chase Bank N.A.	12/11/14		(98,894	)
CAD	4,893,000	USD	4,371,096	JPMorgan Chase Bank N.A.	12/11/14		(92	)
CAD	6,743,000	USD	6,069,252	Royal Bank of Canada	12/11/14		(45,611	)
CAD	2,892,000	USD	2,598,030	Royal Bank of Canada	12/11/14		(14,555	)
CAD	5,953,000	USD	5,304,031	Royal Bank of Canada	12/11/14		13,890
CAD	4,638,000	USD	4,241,888	UBS AG	12/11/14		(98,680	)
EUR	5,435,000	USD	6,930,929	Barclays Bank PLC	12/11/14		(61,758	)
EUR	8,310,000	USD	10,597,244	Barclays Bank PLC	12/11/14		(94,427	)
EUR	3,914,559	USD	4,991,517	Citibank N.A.	12/11/14		(43,996	)
EUR	2,561,960	USD	3,266,796	Citibank N.A.	12/11/14		(28,794	)
EUR	1,375,000	USD	1,779,174	Deutsche Bank AG	12/11/14		(41,344	)
EUR	2,170,000	USD	2,760,576	Goldman Sachs International	12/11/14		(17,963	)
EUR	1,372,000	USD	1,773,606	HSBC Bank PLC	12/11/14		(39,567	)
EUR	2,561,960	USD	3,267,621	JPMorgan Chase Bank N.A.	12/11/14		(29,619	)
EUR	3,914,559	USD	4,992,778	JPMorgan Chase Bank N.A.	12/11/14		(45,256	)
EUR	6,178,000	USD	7,879,347	State Street Bank and Trust Co.	12/11/14		(71,115	)
EUR	3,032,080	USD	3,866,848	UBS AG	12/11/14		(34,672	)
EUR	4,632,881	USD	5,908,369	UBS AG	12/11/14		(52,977	)
GBP	2,690,000	USD	4,389,074	State Street Bank and Trust Co.	12/11/14		(30,837	)
JPY	810,800,000	USD	7,429,923	Bank of America N.A.	12/11/14		(34,242	)
JPY	1,319,030,000	USD	12,538,368	Barclays Bank PLC	12/11/14		(506,886	)
JPY	1,532,700,000	USD	14,043,881	Barclays Bank PLC	12/11/14		(63,416	)
JPY	1,319,030,000	USD	12,539,619	Goldman Sachs International	12/11/14		(508,138	)
JPY	1,292,850,000	USD	11,941,146	Goldman Sachs International	12/11/14		(148,465	)
JPY	180,500,000	USD	1,694,134	HSBC Bank PLC	12/11/14		(47,710	)
JPY	1,254,825,000	USD	11,568,683	HSBC Bank PLC	12/11/14		(122,845	)
JPY	1,319,030,000	USD	12,541,145	JPMorgan Chase Bank N.A.	12/11/14		(509,664	)
JPY	1,254,825,000	USD	11,594,252	JPMorgan Chase Bank N.A.	12/11/14		(148,414	)
JPY	764,600,000	USD	7,037,619	State Street Bank and Trust Co.	12/11/14		(63,349	)
JPY	1,319,025,000	USD	12,541,479	UBS AG	12/11/14		(510,043	)
NOK	38,860,000	USD	6,148,919	Barclays Bank PLC	12/11/14		(113,396	)
NOK	38,860,000	USD	6,148,588	Goldman Sachs International	12/11/14		(113,065	)
NOK	66,475,000	USD	10,343,840	HSBC Bank PLC	12/11/14		(19,307	)
NOK	73,996,000	USD	11,463,735	HSBC Bank PLC	12/11/14		28,920
NOK	38,860,000	USD	6,148,491	JPMorgan Chase Bank N.A.	12/11/14		(112,968	)
NOK	6,069,000	USD	955,310	JPMorgan Chase Bank N.A.	12/11/14		(12,706	)
NOK	38,858,354	USD	6,147,583	UBS AG	12/11/14		(112,316	)
NZD	7,430,000	USD	6,116,042	Barclays Bank PLC	12/11/14		(364,716	)
NZD	5,062,000	USD	4,063,470	Citibank N.A.	12/11/14		(145,138	)
NZD	4,309,000	USD	3,450,876	Citibank N.A.	12/11/14		(115,417	)
NZD	7,585,000	USD	5,963,251	Citibank N.A.	12/11/14		(91,945	)
NZD	7,430,000	USD	6,115,930	Goldman Sachs International	12/11/14		(364,605	)
NZD	4,265,000	USD	3,349,923	HSBC Bank PLC	12/11/14		(48,523	)
NZD	10,790,000	USD	8,320,406	HSBC Bank PLC	12/11/14		31,787
NZD	7,430,000	USD	6,116,829	JPMorgan Chase Bank N.A.	12/11/14		(365,504	)
NZD	4,290,000	USD	3,457,495	JPMorgan Chase Bank N.A.	12/11/14		(136,744	)
NZD	7,431,999	USD	6,117,078	UBS AG	12/11/14		(364,205	)
NZD	4,780,000	USD	3,683,181	Westpac Banking Corp.	12/11/14		16,864
SEK	49,075,000	USD	6,798,396	BNP Paribas S.A.	12/11/14		8,183

20 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward foreign currency exchange contracts outstanding as of September 30, 2014 were as follows (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
SEK	49,935,000	USD	7,000,144	Deutsche Bank AG	12/11/14	$	(74,285	)
SEK	3,744,000	USD	524,021	Goldman Sachs International	12/11/14		(4,738	)
SEK	3,745,000	USD	523,559	Goldman Sachs International	12/11/14		(4,137	)
SEK	49,075,000	USD	6,797,358	HSBC Bank PLC	12/11/14		9,221
USD	445,104	AUD	480,000	Barclays Bank PLC	12/11/14		27,169
USD	4,617,954	AUD	4,980,000	Barclays Bank PLC	12/11/14		281,875
USD	2,792,873	AUD	3,160,753	Barclays Bank PLC	12/11/14		40,810
USD	18,582,146	AUD	21,286,000	Barclays Bank PLC	12/11/14		48,454
USD	6,147,058	AUD	7,036,000	Citibank N.A.	12/11/14		20,822
USD	445,104	AUD	480,000	Goldman Sachs International	12/11/14		27,169
USD	4,617,954	AUD	4,980,000	Goldman Sachs International	12/11/14		281,875
USD	10,361,286	AUD	11,590,000	HSBC Bank PLC	12/11/14		269,889
USD	578,823	AUD	650,000	HSBC Bank PLC	12/11/14		12,869
USD	4,618,069	AUD	4,980,000	JPMorgan Chase Bank N.A.	12/11/14		281,989
USD	445,115	AUD	480,000	JPMorgan Chase Bank N.A.	12/11/14		27,180
USD	10,046,195	AUD	11,455,000	Royal Bank of Canada	12/11/14		72,342
USD	4,626,527	AUD	4,988,691	UBS AG	12/11/14		282,880
USD	436,807	AUD	471,000	UBS AG	12/11/14		26,708
USD	2,421,323	AUD	2,740,247	UBS AG	12/11/14		35,394
USD	370,720	AUD	415,000	Westpac Banking Corp.	12/11/14		9,380
USD	10,050,684	AUD	11,460,000	Westpac Banking Corp.	12/11/14		72,477
USD	5,360,687	AUD	6,170,000	Westpac Banking Corp.	12/11/14		(11,524	)
USD	9,379,988	CAD	10,255,000	Barclays Bank PLC	12/11/14		219,014
USD	2,632,090	CAD	2,940,000	Barclays Bank PLC	12/11/14		5,736
USD	9,380,288	CAD	10,255,000	Goldman Sachs International	12/11/14		219,315
USD	8,328,444	CAD	9,270,000	HSBC Bank PLC	12/11/14		47,389
USD	9,379,542	CAD	10,255,000	JPMorgan Chase Bank N.A.	12/11/14		218,568
USD	4,227,294	CAD	4,703,000	Royal Bank of Canada	12/11/14		26,021
USD	8,323,219	CAD	9,265,000	Royal Bank of Canada	12/11/14		46,630
USD	9,373,732	CAD	10,249,061	UBS AG	12/11/14		218,064
USD	1,758,113	CAD	1,953,000	Westpac Banking Corp.	12/11/14		13,464
USD	5,753,951	EUR	4,440,000	Barclays Bank PLC	12/11/14		142,338
USD	8,281,025	EUR	6,390,000	Barclays Bank PLC	12/11/14		204,851
USD	7,402,237	EUR	5,718,000	Credit Suisse International	12/11/14		175,388
USD	8,279,906	EUR	6,390,000	Goldman Sachs International	12/11/14		203,732
USD	5,753,174	EUR	4,440,000	Goldman Sachs International	12/11/14		141,561
USD	7,213,018	EUR	5,593,000	Goldman Sachs International	12/11/14		144,154
USD	2,826,132	EUR	2,180,000	HSBC Bank PLC	12/11/14		70,881
USD	6,984,085	EUR	5,526,000	HSBC Bank PLC	12/11/14		(99	)
USD	11,183,603	EUR	8,633,000	JPMorgan Chase Bank N.A.	12/11/14		272,552
USD	5,505,667	EUR	4,250,000	JPMorgan Chase Bank N.A.	12/11/14		134,190
USD	5,753,818	EUR	4,440,000	JPMorgan Chase Bank N.A.	12/11/14		142,204
USD	8,280,833	EUR	6,390,000	JPMorgan Chase Bank N.A.	12/11/14		204,659
USD	5,740,748	EUR	4,430,000	UBS AG	12/11/14		141,773
USD	8,267,714	EUR	6,380,000	UBS AG	12/11/14		204,179
USD	828,153	EUR	652,000	Westpac Banking Corp.	12/11/14		4,105
USD	5,774,699	GBP	3,545,000	Barclays Bank PLC	12/11/14		31,223
USD	9,773,820	GBP	6,000,000	Barclays Bank PLC	12/11/14		52,846
USD	8,379,788	GBP	5,160,000	Barclays Bank PLC	12/11/14		19,750
USD	5,726,604	GBP	3,533,000	Barclays Bank PLC	12/11/14		2,571
USD	3,641,401	GBP	2,232,159	Citibank N.A.	12/11/14		24,941
USD	2,152,384	GBP	1,319,400	Citibank N.A.	12/11/14		14,742

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014 21

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward foreign currency exchange contracts outstanding as of September 30, 2014 were as follows (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	4,358,185	GBP	2,690,000	Citibank N.A.	12/11/14	$	(52	)
USD	8,380,566	GBP	5,163,000	HSBC Bank PLC	12/11/14		15,668
USD	5,736,556	GBP	3,535,000	HSBC Bank PLC	12/11/14		9,281
USD	5,946,591	GBP	3,646,841	UBS AG	12/11/14		38,115
USD	3,514,952	GBP	2,155,600	UBS AG	12/11/14		22,529
USD	1,995,684	JPY	209,945,000	Barclays Bank PLC	12/11/14		80,679
USD	1,995,884	JPY	209,945,000	Goldman Sachs International	12/11/14		80,878
USD	3,561,977	JPY	378,200,000	HSBC Bank PLC	12/11/14		112,240
USD	1,996,127	JPY	209,945,000	JPMorgan Chase Bank N.A.	12/11/14		81,121
USD	2,583,251	JPY	276,900,000	JPMorgan Chase Bank N.A.	12/11/14		57,519
USD	5,919,448	JPY	644,400,000	JPMorgan Chase Bank N.A.	12/11/14		41,578
USD	1,996,092	JPY	209,935,000	UBS AG	12/11/14		81,178
USD	20,952,355	JPY	2,297,300,000	Westpac Banking Corp.	12/11/14		(2,379	)
USD	439,095	NOK	2,775,000	Barclays Bank PLC	12/11/14		8,098
USD	7,979,986	NOK	50,798,000	BNP Paribas S.A.	12/11/14		90,319
USD	3,946,230	NOK	25,173,000	Deutsche Bank AG	12/11/14		36,497
USD	1,803,780	NOK	11,475,000	Deutsche Bank AG	12/11/14		21,546
USD	7,369,710	NOK	47,325,000	Deutsche Bank AG	12/11/14		19,450
USD	3,518,615	NOK	22,390,000	Deutsche Bank AG	12/11/14		41,122
USD	439,072	NOK	2,775,000	Goldman Sachs International	12/11/14		8,074
USD	898,996	NOK	5,685,000	HSBC Bank PLC	12/11/14		16,033
USD	1,800,833	NOK	11,471,000	HSBC Bank PLC	12/11/14		19,220
USD	2,546,803	NOK	16,292,000	HSBC Bank PLC	12/11/14		16,418
USD	9,769,179	NOK	63,058,000	HSBC Bank PLC	12/11/14		(24,645	)
USD	439,065	NOK	2,775,000	JPMorgan Chase Bank N.A.	12/11/14		8,067
USD	2,325,957	NOK	14,943,000	JPMorgan Chase Bank N.A.	12/11/14		5,092
USD	7,091,452	NOK	45,051,354	JPMorgan Chase Bank N.A.	12/11/14		94,322
USD	439,493	NOK	2,778,000	UBS AG	12/11/14		8,029
USD	1,111,259	NZD	1,350,000	Barclays Bank PLC	12/11/14		66,267
USD	1,111,239	NZD	1,350,000	Goldman Sachs International	12/11/14		66,247
USD	4,296,256	NZD	5,562,000	Goldman Sachs International	12/11/14		(9,111	)
USD	5,656,943	NZD	6,994,000	HSBC Bank PLC	12/11/14		243,111
USD	2,042,291	NZD	2,525,000	HSBC Bank PLC	12/11/14		87,769
USD	20,116,014	NZD	24,907,000	HSBC Bank PLC	12/11/14		836,302
USD	9,624,807	NZD	11,919,000	HSBC Bank PLC	12/11/14		398,691
USD	1,721,387	NZD	2,180,000	HSBC Bank PLC	12/11/14		33,919
USD	1,111,402	NZD	1,350,000	JPMorgan Chase Bank N.A.	12/11/14		66,411
USD	4,282,968	NZD	5,422,000	JPMorgan Chase Bank N.A.	12/11/14		85,971
USD	4,780,771	NZD	5,898,000	Morgan Stanley & Co. International PLC	12/11/14		215,318
USD	1,103,741	NZD	1,341,000	UBS AG	12/11/14		65,716
USD	1,782,346	NZD	2,180,000	Westpac Banking Corp.	12/11/14		94,878
USD	1,749,181	NZD	2,167,000	Westpac Banking Corp.	12/11/14		71,775
USD	3,660,296	NZD	4,520,000	Westpac Banking Corp.	12/11/14		161,509
USD	4,210,890	SEK	29,835,000	Barclays Bank PLC	12/11/14		72,851
USD	4,674,533	SEK	33,120,000	Barclays Bank PLC	12/11/14		80,872
USD	11,124,018	SEK	80,300,000	BNP Paribas S.A.	12/11/14		(13,390	)
USD	4,210,664	SEK	29,835,000	Goldman Sachs International	12/11/14		72,625
USD	4,674,282	SEK	33,120,000	Goldman Sachs International	12/11/14		80,621
USD	2,958,212	SEK	21,160,000	Goldman Sachs International	12/11/14		23,373
USD	2,961,615	SEK	21,160,000	Goldman Sachs International	12/11/14		26,776
USD	11,122,320	SEK	80,300,000	HSBC Bank PLC	12/11/14		(15,088	)

22 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward foreign currency exchange contracts outstanding as of September 30, 2014 were as follows (concluded):

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	4,211,455	SEK	29,835,000	JPMorgan Chase Bank N.A.	12/11/14	$	73,416
USD	4,675,160	SEK	33,120,000	JPMorgan Chase Bank N.A.	12/11/14		81,499
USD	5,361,385	SEK	38,161,000	JPMorgan Chase Bank N.A.	12/11/14		68,551
USD	3,492,529	SEK	24,871,000	JPMorgan Chase Bank N.A.	12/11/14		42,984
USD	4,675,806	SEK	33,123,000	UBS AG	12/11/14		81,730
USD	4,211,515	SEK	29,834,000	UBS AG	12/11/14		73,614
Total						$	1,132,863

Ÿ Exchange-traded options purchased as of September 30, 2014 were as follows:

Description	Put/ Call	Strike Price		Expiration Date	Contracts		Market Value
10-Year U.S. Treasury Note	Put		USD    125.50	11/21/14		1,040	$	1,430,000

Ÿ Exchange-traded options written as of September 30, 2014 were as follows:

Description	Put/ Call	Strike Price		Expiration Date	Contracts		Market Value
10-Year U.S. Treasury Note	Put		USD    123.00	11/21/14		692	$	(216,250	)

Ÿ Centrally cleared credit default swaps — sold protection outstanding as of September 30, 2014 were as follows:

Index	Receive Fixed Rate			Clearinghouse	Expiration Date	Credit Rating1	Notional Amount (000)2		Unrealized Depreciation
Dow Jones CDX North America High Yield Series 21, Version 2		5.00	%	Chicago Mercantile	12/20/18	B+		USD    51,678	$	(24,988	)
iTraxx XO, Series 21, Version 1		5.00	%	Intercontinental Exchange	6/20/19	BB-		EUR    13,860		(80,526	)
Total									$	(105,514	)

Ÿ Centrally cleared interest rate swaps outstanding as of September 30, 2014 were as follows:

Fixed Rate	Floating Rate	Clearinghouse	Effective Date	Expiration Date	Notional Amount (000)		Unrealized Appreciation (Depreciation)
2.24%3	3-Month LIBOR	Chicago Mercantile	12/31/145	7/31/21		USD    345,430	$	2,848,416
1.01%4	6-month EURIBOR	Chicago Mercantile	12/10/145	8/15/23		EUR      33,450		(7,648	)
1.05%4	6-month EURIBOR	Chicago Mercantile	12/10/145	8/15/23		EUR      27,360		107,249
4.20%4	3-Month LIBOR	Chicago Mercantile	2/07/195	2/07/24		USD      22,400		775,464
4.23%4	3-Month LIBOR	Chicago Mercantile	2/11/195	2/11/24		USD      22,700		811,065
4.07%4	3-Month LIBOR	Chicago Mercantile	3/18/195	3/18/24		USD      22,700		641,896
3.65%3	3-Month LIBOR	Chicago Mercantile	N/A	2/07/44		USD        5,400		(491,210	)
3.67%3	3-Month LIBOR	Chicago Mercantile	N/A	2/10/44		USD        5,850		(555,629	)

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014 23

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Centrally cleared interest rate swaps outstanding as of September 30, 2014 were as follows (concluded):

Fixed Rate	Floating Rate	Clearinghouse	Effective Date	Expiration Date	Notional Amount (000)		Unrealized Appreciation (Depreciation)
3.56%3	3-Month LIBOR	Chicago Mercantile	N/A	3/18/44		USD    5,850	$	(422,463	)
3.46%3	3-Month LIBOR	Chicago Mercantile	N/A	5/14/44		USD    7,035		(365,313	)
Total							$	3,341,827

Ÿ OTC credit default swaps — sold protection outstanding as of September 30, 2014 were as follows:

Index

Receive Fixed Rate

Counterparty

Expiration Date

Credit Rating1

Notional Amount (000)2

Market Value

Premiums Received

Unrealized Depreciation

Markit CMBX North America AM Index, Series 3

0.08

%

Goldman Sachs International

12/13/49

BBB

USD    14,057

$(155,158)

$

(94,223

)

$

(60,935

)

1    Using Standard & Poor’s rating of the underlying securities of the index.

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

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

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

5    Forward swap.

24 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

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

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

Ÿ 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)

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

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

The following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		—	$	444,113,837		$	665,619	$	444,779,456
Corporate Bonds		—		1,156,305,204			—		1,156,305,204
Foreign Agency Obligations		—		56,121,676			—		56,121,676
Municipal Bonds		—		25,439,434			—		25,439,434
Non-Agency Mortgage-Backed Securities		—		381,370,489			3,295,124		384,665,613
U.S. Government Sponsored Agency Securities		—		1,554,507,474			—		1,554,507,474
U.S. Treasury Obligations		—		572,830,967			—		572,830,967
Preferred Securities	$	5,099,920		9,003,738			—		14,103,658
Short-Term Securities		98,234,715		—			—		98,234,715
Options Purchased:
Interest rate contracts		1,430,000		—			—		1,430,000
Liabilities:
Investments:
TBA Sale Commitments		—		(464,897,117	)		—		(464,897,117	)
Total	$	104,764,635	$	3,734,795,702		$	3,960,743	$	3,843,521,080

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014 25

Schedule of Investments (concluded) CoreAlpha Bond Master Portfolio

	Level 1			Level 2			Level 3	Total
Derivative Financial Instruments1
Assets:
Foreign currency exchange contracts		—		$	9,582,953		—	$	9,582,953
Interest rate contracts	$	804,825			5,184,090		—		5,988,915
Liabilities:
Credit contracts		—			(166,449	)	—		(166,449	)
Interest rate contracts		(1,129,939	)		(1,842,263	)	—		(2,972,202	)
Foreign currency exchange contracts		—			(8,450,090	)	—		(8,450,090	)
Total	$	(325,114	)	$	4,308,241		—	$	3,983,127
1    Derivative financial instruments are swaps, financial futures contracts, forward foreign currency exchange contracts and options written. Swaps, financial futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options written are shown at value.
The Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
	Level 1			Level 2			Level 3	Total
Assets:
Cash pledged for centrally cleared swaps	$	8,825,000			—		—	$	8,825,000
Cash pledged for financial futures contracts		3,723,000			—		—		3,723,000
Foreign currency at value		5,957,468			—		—		5,957,468
Liabilities:
Bank overdraft		—		$	(2,153	)	—		(2,153	)
Total	$	18,505,468		$	(2,153	)	—	$	18,503,315
There were no transfers between levels during the period ended September 30, 2014.

26 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments September 30, 2014 (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	$	254,233,729	$	254,233,729
BlackRock Commodity Strategies Fund		6,058,199		55,190,196
BlackRock Emerging Markets Fund, Inc.		1,618,651		32,777,689
International Tilts Master Portfolio	$	103,490,919		103,490,919
iShares Cohen & Steers REIT ETF		46,500		3,927,855
iShares International Developed Real Estate ETF		25,000		751,000
iShares MSCI Canada ETF (b)		326,757		10,031,440
iShares MSCI EAFE Small-Cap ETF		305,887		14,835,520
Master Small Cap Index Series	$	65,203,839		65,203,839
Russell 1000® Index Master Portfolio	$	58,149,898		58,149,898
				598,592,085
Fixed Income Funds — 61.9%
CoreAlpha Bond Master Portfolio	$	829,055,938		829,055,938
iShares TIPS Bond ETF		1,336,776		149,812,486
				978,868,424
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13% (c)		3,378,827	$	3,378,827
BlackRock Cash Funds: Prime, SL Agency Shares, 0.12% (c)(d)		2,825,550		2,825,550
				6,204,377
Total Affiliated Investment Companies (Cost — $1,292,346,166*) — 100.1%				1,583,664,886
Liabilities in Excess of Other Assets — (0.1)%				(1,985,904	)
Net Assets — 100.0%			$	1,581,678,982
*  As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	1,293,881,818
Gross unrealized appreciation	$	298,459,041
Gross unrealized depreciation		(8,675,973	)
Net unrealized appreciation	$	289,783,068

Notes to Schedule of Investments

(a) Investments in issuers considered to be an affiliate of the LifePath Master Portfolio during the period ended September 30, 2014, 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, 2013		Shares/ Beneficial Interest Purchased		Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
Active Stock Master Portfolio	$	301,116,371		—	$	(46,882,642	)1	$	254,233,729	$	254,233,729	$	3,037,097	$	42,910,188
ACWI ex-US Index Master Portfolio2	$	21,332,804		—	$	(21,332,804	)1		—		—	$	130,285	$	481,480
BlackRock Cash Funds: Institutional, SL Agency Shares		24,241,785		—		(20,862,958	)1		3,378,827	$	3,378,827	$	2,563		—
BlackRock Cash Funds: Prime, SL Agency Shares		3,861,905		—		(1,036,335	)1		2,825,550	$	2,825,550	$	15,548		—
BlackRock  Commodity Strategies Fund		6,117,587		398,610		(457,997	)		6,058,199	$	55,190,196		—	$	(388,389	)
BlackRock Emerging Markets Fund, Inc.		779,979		884,010		(45,338	)		1,618,651	$	32,777,689		—	$	38,777

LIFEPATH RETIREMENT MASTER PORTFOLIO SEPTEMBER 30, 2014 1

Schedule of Investments (continued) LifePath Retirement Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
CoreAlpha Bond Master Portfolio	$	829,309,521		—		$	(253,583	)1	$	829,055,938	$	829,055,938	$	15,819,215	$	5,023,848
International Tilts Master Portfolio	$	52,994,384	$	50,496,535	3		—		$	103,490,919	$	103,490,919	$	2,511,732	$	(278,755	)
iShares Cohen & Steers REIT ETF		—		46,500			—			46,500	$	3,927,855		—		—
iShares International Developed Real Estate ETF		—		25,000			—			25,000	$	751,000		—		—
iShares MSCI Canada ETF		300,512		35,166			(8,921	)		326,757	$	10,031,440	$	77,752	$	17,321
iShares MSCI EAFE ETF2		515,589		—			(515,589	)		—		—		—	$	12,245,156
iShares MSCI EAFE Small-Cap ETF		316,636		9,848			(20,597	)		305,887	$	14,835,520	$	178,939	$	144,645
iShares MSCI Emerging Markets ETF2		282,562		—			(282,562	)		—		—		—	$	3,708,467
iShares TIPS Bond ETF		1,368,622		45,580			(77,426	)		1,336,776	$	149,812,486	$	2,413,914	$	(427,348	)
Master Small Cap Index Series	$	74,174,910		—		$	(8,971,071	)1	$	65,203,839	$	65,203,839	$	657,550	$	4,444,644
Russell 1000 Index Master Portfolio	$	11,344,510	$	46,805,388	3		—		$	58,149,898	$	58,149,898	$	684,668	$	377,601
1   Represents net shares/beneficial interest sold.
2   No longer held by the LifePath Master Portfolio as of report date.
3   Represents net shares/beneficial interest purchased.

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

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

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

2 LIFEPATH RETIREMENT MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (concluded) LifePath Retirement Master Portfolio

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

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

Ÿ 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).

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

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

The following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	273,530,563	$	1,310,134,323		—	$	1,583,664,886

The LifePath Master Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, collateral on securities loaned at value of $2,825,550 is categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the period ended September 30, 2014.

LIFEPATH RETIREMENT MASTER PORTFOLIO SEPTEMBER 30, 2014 3

Schedule of Investments September 30, 2014 (Unaudited) LifePath 2020 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 49.6%
Active Stock Master Portfolio	$	628,774,405	$	628,774,405
BlackRock Commodity Strategies Fund		11,107,304		101,187,540
BlackRock Emerging Markets Fund, Inc.		4,042,526		81,861,147
International Tilts Master Portfolio	$	255,808,603		255,808,603
iShares Cohen & Steers REIT ETF		424,076		35,821,700
iShares International Developed Real Estate ETF		1,185,387		35,609,025
iShares MSCI Canada ETF (b)		833,480		25,587,836
iShares MSCI EAFE Small-Cap ETF		755,226		36,628,461
Master Small Cap Index Series	$	105,084,009		105,084,009
Russell 1000® Index Master Portfolio	$	106,447,504		106,447,504
				1,412,810,230
Fixed Income Funds — 50.4%
CoreAlpha Bond Master Portfolio	$	1,236,739,109		1,236,739,109
iShares TIPS Bond ETF		1,779,833		199,465,885
				1,436,204,994
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13% (c)		3,327,999	$	3,327,999
BlackRock Cash Funds: Prime, SL Agency Shares, 0.12% (c)(d)		9,733,500		9,733,500
				13,061,499
Total Affiliated Investment Companies (Cost — $2,541,488,754*) — 100.4%				2,862,076,723
Liabilities in Excess of Other Assets — (0.4)%				(11,831,999	)
Net Assets — 100.0%			$	2,850,244,724
*  As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	2,800,916,314
Gross unrealized appreciation	$	332,958,084
Gross unrealized depreciation		(271,797,675	)
Net unrealized appreciation	$	61,160,409

Notes to Schedule of Investments

(a) Investments in issuers considered to be an affiliate of the LifePath Master Portfolio during the period ended September 30, 2014, 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, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
Active Stock Master Portfolio	$	734,517,624		—		$	(105,743,219	)1	$	628,774,405	$	628,774,405	$	7,595,575	$	107,156,058
ACWI ex-US Index Master Portfolio2	$	31,390,459		—		$	(31,390,459	)1		—		—	$	189,578	$	698,088
BlackRock Cash Funds: Institutional, SL Agency Shares		40,527,090		—			(37,199,091	)1		3,327,999	$	3,327,999	$	4,771		—
BlackRock Cash Funds: Prime, SL Agency Shares		6,350,735		3,382,765	3		—			9,733,500	$	9,733,500	$	42,609		—
BlackRock Commodity Strategies Fund	$	11,033,370		1,023,234			(949,299	)		11,107,304	$	101,187,540		—	$	(1,599,074	)
BlackRock Emerging Markets Fund, Inc.		1,998,897		2,191,254			(147,625	)		4,042,526	$	81,861,147		—	$	244,565
CoreAlpha Bond Master Portfolio	$	1,188,795,466	$	47,943,643	3		—		$	1,236,739,109	$	1,236,739,109	$	22,989,883	$	7,345,268

LIFEPATH 2020 MASTER PORTFOLIO SEPTEMBER 30, 2014 1

Schedule of Investments (continued) LifePath 2020 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
International Tilts Master Portfolio	$	133,430,820	$	122,377,783	3		—		$	255,808,603	$	255,808,603	$	6,327,581	$	(691,686	)
iShares Cohen & Steers REIT ETF		440,037		26,099			(42,060	)		424,076	$	35,821,700	$	828,037	$	562,550
iShares International Developed Real Estate ETF		1,210,918		43,286			(68,817	)		1,185,387	$	35,609,026	$	1,016,585	$	269,002
iShares MSCI Canada ETF		851,740		21,293			(39,553	)		833,480	$	25,587,836	$	199,288	$	(196,867	)
iShares MSCI EAFE ETF2		1,555,425		—			(1,555,425	)		—		—		—	$	69,524,095
iShares MSCI EAFE Small-Cap ETF		754,858		36,149			(35,781	)		755,226	$	36,628,461	$	438,533	$	499,582
iShares MSCI Emerging Markets ETF2		811,846		—			(811,846	)		—		—		—	$	13,446,786
iShares TIPS Bond ETF		1,738,491		139,475			(98,133	)		1,779,833	$	199,465,884	$	3,103,482	$	(1,680,646	)
Master Small Cap Index Series	$	115,162,753		—		$	(10,078,744	)1	$	105,084,009	$	105,084,009	$	1,026,374	$	6,941,495
Russell 1000® Index Master Portfolio	$	18,841,005	$	87,606,499	3		—		$	106,447,504	$	106,447,504	$	1,289,116	$	709,458
1   Represents net shares/beneficial interest sold.
2   No longer held by the LifePath Master Portfolio as of report date.
3   Represents net shares/beneficial interest purchased.

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

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

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

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

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

Ÿ 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).

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

2 LIFEPATH 2020 MASTER PORTFOLIO SEPTEMBER 30, 2014

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 Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the LifePath Index Master Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the LifePath Index Master Portfolio’s policy regarding valuation of investments, please refer to the LifePath Index Master Portfolio’s most recent financial statements as contained in its semi-annual report. The following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	529,223,093	$	2,332,853,630		—	$	2,862,076,723

The LifePath Master Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, collateral on securities loaned at value of $9,733,500 is categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the period ended September 30, 2014.

LIFEPATH 2020 MASTER PORTFOLIO SEPTEMBER 30, 2014 3

Schedule of Investments September 30, 2014 (Unaudited) LifePath 2025 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 58.4%
Active Stock Master Portfolio	$	17,548,431	$	17,548,431
BlackRock Commodity Strategies Fund		283,467		2,582,387
BlackRock Emerging Markets Fund, Inc.		113,174		2,291,770
International Tilts Master Portfolio	$	7,405,892		7,405,892
iShares Cohen & Steers REIT ETF		17,593		1,486,081
iShares International Developed Real Estate ETF		48,620		1,460,545
iShares MSCI Canada ETF (b)		24,230		743,861
iShares MSCI EAFE Small-Cap ETF		23,523		1,140,865
Master Small Cap Index Series	$	2,314,661		2,314,661
Russell 1000® Index Master Portfolio	$	3,269,665		3,269,665
				40,244,158
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Fixed Income Funds
CoreAlpha Bond Master Portfolio	$	24,886,224	$	24,886,224
iShares TIPS Bond ETF		32,737		3,668,836
				28,555,060
Short-Term Securities
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13% (c)		155,453		155,453
BlackRock Cash Funds: Prime, SL Agency Shares, 0.12% (c)(d)		631,323		631,323
				786,776
Total Affiliated Investment Companies (Cost — $63,655,356*) — 101.0%				69,585,994
Liabilities in Excess of Other Assets — (1.0)%				(718,089	)
Net Assets — 100.0%			$	68,867,905

* As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	63,672,447
Gross unrealized appreciation	$	5,913,547
Gross unrealized depreciation		—
Net unrealized appreciation	$	5,913,547

Notes to Schedule of Investments

(a) Investments in issuers considered to be an affiliate of the LifePath Master Portfolio during the period ended September 30, 2014, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30,  2014		Value at September 30, 2014		Income		Realized Gain (Loss)
Active Stock Master Portfolio	$	16,200,209	$	1,348,222	1		—		$	17,548,431	$	17,548,431	$	200,078	$	2,785,139
ACWI ex-US Index Master Portfolio3	$	3,441,408	$	—			(3,441,408	)2		—		—	$	20,076	$	75,278
BlackRock Cash Funds: Institutional, SL Agency Shares		878,780		—			(723,327	)2		155,453	$	155,453	$	176		—
BlackRock Cash Funds: Prime, SL Agency Shares		139,240		492,083	1		—			631,323	$	631,323	$	863		—

LIFEPATH 2025 MASTER PORTFOLIO SEPTEMBER 30, 2014 1

Schedule of Investments (continued) LifePath 2025 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31,  2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30,  2014		Value at September 30, 2014		Income		Realized Gain (Loss)
BlackRock Commodity Strategies Fund		230,922		76,072			(23,527	)		283,467	$	2,582,387		—	$	(14,770	)
BlackRock Emerging Markets Fund, Inc.		51,487		71,935			(10,248	)		113,174	$	2,291,770	$	—	$	4,696
CoreAlpha Bond Master Portfolio	$	20,623,592	$	4,262,632	1		—		$	24,886,224	$	24,886,224	$	450,792	$	146,610
International Tilts Master Portfolio	$	3,511,357	$	3,894,535	1		—		$	7,405,892	$	7,405,892	$	175,652	$	(19,080	)
iShares Cohen & Steers REIT ETF		15,153		4,264			(1,824	)		17,593	$	1,486,081	$	32,883	$	1,052
iShares International Developed Real Estate ETF		41,657		13,674			(6,711	)		48,620	$	1,460,545	$	40,911	$	(22,420	)
iShares MSCI Canada ETF		20,187		5,033			(990	)		24,230	$	743,861	$	5,508	$	1,113
iShares MSCI EAFE ETF3		4,629		—			(4,629	)		—		—		—	$	77,884
iShares MSCI EAFE Small-Cap ETF		18,607		5,872			(956	)		23,523	$	1,140,865	$	13,172	$	5,765
iShares MSCI Emerging Markets ETF3		3,183		—			(3,183	)		—		—		—	$	3,782
iShares TIPS Bond ETF		26,539		9,213			(3,015	)		32,737	$	3,668,836	$	55,318	$	(28,484	)
Master Small Cap Index Series	$	2,253,163	$	61,498	1		—		$	2,314,661	$	2,314,661	$	21,962	$	153,723
Russell 1000 Index Master Portfolio	$	1,991,780	$	1,277,885	1		—		$	3,269,665	$	3,269,665	$	45,697	$	24,766
1   Represents net shares/beneficial interest purchased.
2   Represents net shares/beneficial interest sold.
3   No longer held by the LifePath Master Portfolio as of report date.

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

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

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

2 LIFEPATH 2025 MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (concluded) LifePath 2025 Master Portfolio

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

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

Ÿ 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)

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

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

The following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	14,161,121	$	55,424,873		—	$	69,585,994

The LifePath Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes.

As of September 30, 2014, collateral on securities loaned at value of $631,323 is categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the period ended September 30, 2014.

LIFEPATH 2025 MASTER PORTFOLIO SEPTEMBER 30, 2014 3

Schedule of Investments September 30, 2014 (Unaudited) LifePath 2030 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 65.7%
Active Stock Master Portfolio	$	749,734,451	$	749,734,451
BlackRock Commodity Strategies Fund		10,860,987		98,943,588
BlackRock Emerging Markets Fund, Inc.		4,902,602		99,277,699
International Tilts Master Portfolio	$	323,234,071		323,234,071
iShares Cohen & Steers REIT ETF (b)		904,340		76,389,600
iShares International Developed Real Estate ETF		2,471,580		74,246,263
iShares MSCI Canada ETF (b)		1,074,033		32,972,813
iShares MSCI EAFE Small-Cap ETF		975,199		47,297,152
Master Small Cap Index Series	$	76,636,851		76,636,851
Russell 1000® Index Master Portfolio	$	161,222,841		161,222,841
				1,739,955,329
Fixed Income Funds — 34.1%
CoreAlpha Bond Master Portfolio	$	805,910,676		805,910,676
iShares TIPS Bond ETF		876,553		98,235,295
				904,145,971

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13% (c)		5,384,054	$	5,384,054
BlackRock Cash Funds: Prime, SL Agency Shares, 0.12% (c)(d)		13,611,450		13,611,450
				18,995,504
Total Affiliated Investment Companies (Cost — $2,314,684,746*) — 100.5%				2,663,096,804
Liabilities in Excess of Other Assets — (0.5)%				(13,085,579	)
Net Assets — 100.0%			$	2,650,011,225
* As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	2,332,978,128
Gross unrealized appreciation	$	359,357,584
Gross unrealized depreciation		(29,238,908	)
Net unrealized appreciation	$	330,118,676

Notes to Schedule of Investments

(a) Investments in issuers considered to be an affiliate of the LifePath Master Portfolio during the period ended September 30, 2014, 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, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
Active Stock Master Portfolio	$	883,697,843		—		$	(133,963,392	)1	$	749,734,451	$	749,734,451	$	9,079,447	$	127,992,400
ACWI ex-US Index Master Portfolio2	$	52,940,137		—		$	(52,940,137	)1		—		—	$	311,549	$	1,131,643
BlackRock Cash Funds: Institutional, SL Agency Shares		59,018,753		—			(53,634,699	)1		5,384,054	$	5,384,054	$	5,151		—
BlackRock Cash Funds: Prime, SL Agency Shares		9,624,041		3,987,409	3		—			13,611,450	$	13,611,450	$	48,414		—
BlackRock Commodity Strategies Fund		10,830,777		1,300,366			(1,270,156	)		10,860,987	$	98,943,588		—	$	(2,195,472	)
BlackRock Emerging Markets Fund, Inc.		2,516,085		2,815,036			(428,518	)		4,902,602	$	99,277,699		—	$	836,092

LIFEPATH 2030 MASTER PORTFOLIO SEPTEMBER 30, 2014 1

Schedule of Investments (continued) LifePath 2030 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
CoreAlpha Bond Master Portfolio	$	777,088,211	$	28,822,465	3		—		$	805,910,676	$	805,910,676	$	15,025,474	$	4,827,178
International Tilts Master Portfolio	$	165,412,631	$	157,821,440	3		—		$	323,234,071	$	323,234,071	$	7,943,143	$	(845,200	))
iShares Cohen & Steers REIT ETF		951,541		72,562			(119,763	)		904,340	$	76,389,600	$	1,790,701	$	906,016
iShares International Developed Real Estate ETF		2,422,429		223,871			(174,720	)		2,471,580	$	74,246,263	$	2,123,388	$	(362,018	)
iShares MSCI Canada ETF		1,012,839		153,172			(91,978	)		1,074,033	$	32,972,813	$	248,617	$	(363,081	)
iShares MSCI EAFE ETF2		1,843,415		—			(1,843,415	)		—		—		—	$	80,930,401
iShares MSCI EAFE Small-Cap ETF		973,793		74,513			(73,107	)		975,199	$	47,297,152	$	574,839	$	974,548
iShares MSCI Emerging Markets ETF2		954,459		—			(954,459	)		—		—		—	$	12,729,495
iShares TIPS Bond ETF		863,157		83,243			(69,847	)		876,553	$	98,235,295	$	1,543,954	$	(1,197,457	)
Master Small Cap Index Series	$	87,580,909		—		$	(10,944,058	)1	$	76,636,851	$	76,636,851	$	762,911	$	5,157,303
Russell 1000® Index Master Portfolio	$	48,110,697	$	113,112,144	3		—		$	161,222,841	$	161,222,841	$	2,020,290	$	1,120,050
1   Represents net shares/beneficial interest sold.
2   No longer held by the LifePath Master Portfolio as of report date.
3   Represents net shares/beneficial interest purchased.

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

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

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

2 LIFEPATH 2030 MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (concluded) LifePath 2030 Master Portfolio

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

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

Ÿ 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).

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

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

The following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	546,357,914	$	2,116,738,890		—	$	2,663,096,804

The LifePath Master Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, collateral on securities loaned at value of $13,611,450 is categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the period ended September 30, 2014.

LIFEPATH 2030 MASTER PORTFOLIO SEPTEMBER 30, 2014 3

Schedule of Investments September 30, 2014 (Unaudited) LifePath 2035 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 72.5%
Active Stock Master Portfolio	$	18,235,322	$	18,235,322
BlackRock Commodity Strategies Fund		249,574		2,273,623
BlackRock Emerging Markets Fund, Inc.		121,124		2,452,759
International Tilts Master Portfolio	$	8,189,107		8,189,107
iShares Cohen & Steers REIT ETF		25,694		2,170,372
iShares International Developed Real Estate ETF		71,303		2,141,942
iShares MSCI Canada ETF		25,277		776,004
iShares MSCI EAFE Small-Cap ETF		25,315		1,227,778
Master Small Cap Index Series	$	1,592,841		1,592,841
Russell 1000® Index Master Portfolio	$	4,423,690		4,423,690
				43,483,438
Fixed Income Funds — 27.3%
CoreAlpha Bond Master Portfolio	$	15,053,998		15,053,998

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Fixed Income Funds (concluded)
iShares TIPS Bond ETF		11,968	$	1,341,254
				16,395,252
Short-Term Securities
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13% (b)		134,203		134,203
Total Affiliated Investment Companies (Cost — $54,574,178*) — 100.0%				60,012,893
Liabilities in Excess of Other Assets — (0.0)%				(12,237	)
Net Assets — 100.0%			$	60,000,656
*  As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	54,592,480
Gross unrealized appreciation	$	5,420,413
Gross unrealized depreciation		—
Net unrealized appreciation	$	5,420,413

Notes to Schedule of Investments

(a) Investments in issuers considered to be an affiliate of the LifePath Master Portfolio during the period ended September 30, 2014, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
Active Stock Master Portfolio	$	15,692,296	$	2,543,026	1		—		$	18,235,322	$	18,235,322	$	197,594	$	2,745,620
ACWI ex-US Index Master Portfolio3	$	3,491,240		—		$	(3,491,240	) 2		—		—	$	21,011	$	78,727
BlackRock Cash Funds: Institutional, SL Agency Shares		197,195		—			(62,992	) 2		134,203	$	134,203	$	91		—
BlackRock Cash Funds: Prime, SL Agency Shares3		22,990		—			(22,990	) 2		—		—	$	500		—
BlackRock Commodity Strategies Fund		185,770		79,950			(16,145	)		249,574	$	2,273,623	$	—	$	(10,925	)
BlackRock Emerging Markets Fund, Inc.		49,659		83,650			(12,185	)		121,124	$	2,452,759		—	$	188
CoreAlpha Bond Master Portfolio	$	10,906,911	$	4,147,087	1		—		$	15,053,998	$	15,053,998	$	256,503	$	82,821

LIFEPATH 2035 MASTER PORTFOLIO SEPTEMBER 30, 2014 1

Schedule of Investments (continued) LifePath 2035 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
International Tilts Master Portfolio	$	3,382,020	$	4,807,087	1		—		$	8,189,107	$	8,189,107	$	180,782	$	(17,080	)
iShares Cohen & Steers REIT ETF		19,728		8,331			(2,365	)		25,694	$	2,170,372	$	46,808	$	759
iShares International Developed Real Estate ETF		55,507		23,637			(7,841	)		71,303	$	2,141,942	$	57,963	$	(29,052	)
iShares MSCI Canada ETF		19,860		6,439			(1,022	)		25,277	$	776,004	$	5,820	$	524
iShares MSCI EAFE ETF3		2,162		—			(2,162	)		—		—		—	$	36,763
iShares MSCI EAFE Small-Cap ETF		17,921		8,446			(1,052	)		25,315	$	1,227,778	$	14,064	$	6,868
iShares MSCI Emerging Markets ETF3		2,166		—			(2,166	)		—	$	—		—	$	3,010
iShares TIPS Bond ETF		8,983		3,412			(427	)		11,968	$	1,341,254	$	19,668	$	(4,179	)
Master Small Cap Index Series	$	1,350,347	$	242,494	1		—		$	1,592,841	$	1,592,841	$	14,411	$	103,036
Russell 1000 Index Master Portfolio	$	1,842,488	$	2,581,202	1		—		$	4,423,690	$	4,423,690	$	56,926	$	31,720
1   Represents net beneficial interest purchased.
2   Represents net shares/beneficial interest sold.
3   No longer held by the LifePath Master Portfolio as of report date.

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

2 LIFEPATH 2035 MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (concluded) LifePath 2035 Master Portfolio

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

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

Ÿ 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).

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

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

The following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	12,517,935	$	47,494,958	$	—	$	60,012,893

There were no transfers between levels during the period ended September 30, 2014.

LIFEPATH 2035 MASTER PORTFOLIO SEPTEMBER 30, 2014 3

Schedule of Investments September 30, 2014 (Unaudited) LifePath 2040 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 78.5%
Active Stock Master Portfolio	$	662,724,316	$	662,724,316
BlackRock Commodity Strategies Fund		8,705,018		79,302,710
BlackRock Emerging Markets Fund, Inc.		4,520,074		91,531,503
International Tilts Master Portfolio	$	300,708,418		300,708,418
iShares Cohen & Steers REIT ETF		1,014,785		85,718,889
iShares International Developed Real Estate ETF		2,773,584		83,318,463
iShares MSCI Canada ETF (b)		988,705		30,353,244
iShares MSCI EAFE Small-Cap ETF		925,904		44,906,344
Master Small Cap Index Series	$	49,449,686		49,449,686
Russell 1000® Index Master Portfolio	$	176,056,341		176,056,341
				1,604,069,914
Fixed Income Funds — 21.4%
CoreAlpha Bond Master Portfolio	$	419,033,843		419,033,843
iShares TIPS Bond ETF		153,016		17,148,503
				436,182,346

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13% (c)		4,024,779	$	4,024,779
BlackRock Cash Funds: Prime, SL Agency Shares, 0.12% (c)(d)		11,025,000		11,025,000
				15,049,779
Total Affiliated Investment Companies (Cost — $1,754,135,057*) — 100.6%				2,055,302,039
Liabilities in Excess of Other Assets — (0.6)%				(11,294,608	)
Net Assets — 100.0%			$	2,044,007,431

* As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	1,776,168,649
Gross unrealized appreciation	$	309,681,456
Gross unrealized depreciation		(30,548,066	)
Net unrealized appreciation	$	279,133,390

Notes to Schedule of Investments

(a) Investments in issuers considered to be an affiliate of the LifePath Master Portfolio during the period ended September 30, 2014, 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, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30,  2014		Value at September 30, 2014		Income		Realized Gain (Loss)
Active Stock Master Portfolio	$	799,127,066		—		$	(136,402,750	)1	$	662,724,316	$	662,724,316	$	8,055,095	$	113,648,371
ACWI ex-US Index Master Portfolio2	$	46,818,008		—		$	(46,818,008	)1	$	—		—	$	282,727	$	1,043,013
BlackRock Cash Funds: Institutional, SL Agency Shares		33,479,740		—			(29,454,961	)1		4,024,779	$	4,024,779	$	4,098		—
BlackRock Cash Funds: Prime, SL Agency Shares		5,267,073		5,757,927	3		—			11,025,000	$	11,025,000	$	63,621		—
BlackRock Commodity Strategies Fund		8,674,420		939,968			(909,371	)		8,705,018	$	79,302,710		—	$	(1,710,695	)
BlackRock Emerging Markets Fund, Inc.		2,360,437		2,602,537			(442,900	)		4,520,074	$	91,531,503		—	$	986,362

LIFEPATH 2040 MASTER PORTFOLIO SEPTEMBER 30, 2014 1

Schedule of Investments (continued) LifePath 2040 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December  31, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September  30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
CoreAlpha Bond Master Portfolio	$	401,864,037	$	17,169,806	3		—		$	419,033,843	$	419,033,843	$	7,728,302	$	2,482,246
International Tilts Master Portfolio	$	154,522,993	$	146,185,425	3		—		$	300,708,418	$	300,708,418	$	7,373,318	$	(789,122	)
iShares Cohen & Steers REIT ETF		1,112,408		114,704			(212,327	)		1,014,785	$	85,718,889	$	1,979,500	$	1,687,197
iShares International Developed Real Estate ETF		2,633,592		386,337			(246,345	)		2,773,584	$	83,318,463	$	2,414,119	$	(900,207	)
iShares MSCI Canada ETF		958,137		119,803			(89,235	)		988,705	$	30,353,244	$	228,209	$	(427,320	)
iShares MSCI EAFE ETF2		1,749,865		—			(1,749,865	)		—		—		—	$	74,759,364
iShares MSCI EAFE Small-Cap ETF		901,955		86,913			(62,964	)		925,904	$	44,906,344	$	533,421	$	824,478
iShares MSCI Emerging Markets ETF2		896,775		—			(896,775	)		—		—		—	$	10,563,600
iShares TIPS Bond ETF		165,134		8,002			(20,120	)		153,016	$	17,148,503	$	280,927	$	(369,978	)
Master Small Cap Index Series	$	54,999,126		—		$	(5,549,440	)1	$	49,449,686	$	49,449,686	$	471,379	$	3,197,128
Russell 1000® Index Master Portfolio	$	66,301,350	$	109,754,991	2	$	—		$	176,056,341	$	176,056,341	$	2,266,062	$	1,260,612
1   Represents net shares/beneficial interest sold.
2   No longer held by the LifePath Master Portfolio as of report date.
3   Represents net shares/beneficial interest purchased.

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

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

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

2 LIFEPATH 2040 MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (concluded) LifePath 2040 Master Portfolio

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

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

Ÿ 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).

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

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

The following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	447,329,435	$	1,607,972,604		—	$	2,055,302,039

The LifePath Master Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, collateral on securities loaned at value of $11,025,000 is categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the period ended September 30, 2014.

LIFEPATH 2040 MASTER PORTFOLIO SEPTEMBER 30, 2014 3

Schedule of Investments September 30, 2014 (Unaudited) LifePath 2045 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 84.1%
Active Stock Master Portfolio	$	12,246,058	$	12,246,058
BlackRock Commodity Strategies Fund		151,963		1,384,382
BlackRock Emerging Markets Fund, Inc.		86,917		1,760,074
International Tilts Master Portfolio	$	5,716,597		5,716,597
iShares Cohen & Steers REIT ETF		20,211		1,707,223
iShares International Developed Real Estate ETF		55,151		1,656,736
iShares MSCI Canada ETF (b)		17,875		548,762
iShares MSCI EAFE Small-Cap ETF		17,496		848,556
Master Small Cap Index Series	$	800,965		800,965
Russell 1000® Index Master Portfolio	$	3,437,379		3,437,379
				30,106,732
Fixed Income Fund — 15.7%
CoreAlpha Bond Master Portfolio	$	5,634,098		5,634,098
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13% (c)		111,382	$	111,382
BlackRock Cash Funds: Prime, SL Agency Shares, 0.12% (c)(d)		25,200		25,200
				136,582
Total Affiliated Investment Companies (Cost — $32,563,651*) — 100.2%				35,877,412
Liabilities in Excess of Other Assets — (0.2)%				(79,023	)
Net Assets — 100.0%			$	35,798,589

* As of September 30, 2014, gross unrealized appreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	32,567,552
Gross unrealized appreciation	$	3,309,860
Gross unrealized depreciation		—
Net unrealized appreciation	$	3,309,860

Notes to Schedule of Investments

(a) Investments in issuers considered to be an affiliate of the LifePath Master Portfolio during the period ended September 30, 2014, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31,  2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
Active Stock Master Portfolio	$	9,802,020	$	2,444,038	1		—		$	12,246,058	$	12,246,058	$	127,052	$	1,758,090
ACWI ex-US Index Master Portfolio3	$	2,401,366		—			(2,401,366	)2		—		—	$	15,850	$	59,252
BlackRock Cash Funds: Institutional, SL Agency Shares		265,609		—			(154,227	)2		111,382	$	111,382	$	145		—
BlackRock Cash Funds: Prime, SL Agency Shares		35,707		—			(10,507	)2		25,200	$	25,400	$	720		—
BlackRock Commodity Strategies Fund		104,395		56,477			(8,909	)		151,963	$	1,384,382		—	$	(5,875	)
BlackRock Emerging Markets Fund, Inc.		32,449		59,021			(4,553	)		86,917	$	1,760,074		—	$	259

LIFEPATH 2045 MASTER PORTFOLIO SEPTEMBER 30, 2014 1

Schedule of Investments (continued) LifePath 2045 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31,  2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
CoreAlpha Bond Master Portfolio	$	3,788,075	$	1,846,023	1		—		$	5,634,098	$	5,634,098	$	90,435	$	29,335
International Tilts Master Portfolio	$	2,238,771	$	3,477,826	1		—		$	5,716,597	$	5,716,597	$	121,491	$	(11,527	)
iShares Cohen & Steers REIT ETF		14,280		7,480			(1,549	)		20,211	$	1,707,223	$	35,110	$	368
iShares International Developed Real Estate ETF		40,655		18,940			(4,444	)		55,151	$	1,656,736	$	43,227	$	(13,898	)
iShares MSCI Canada ETF		12,795		5,953			(873	)		17,875	$	548,762	$	3,901	$	185
iShares MSCI EAFE ETF3		966		—			(966	)		—		—	$	—	$	15,564
iShares MSCI EAFE Small-Cap ETF		10,610		7,640			(754	)		17,496	$	848,556	$	9,181	$	4,339
iShares MSCI Emerging Markets ETF3		855		—			(855	)		—		—		—	$	1,640
Master Small Cap Index Series	$	585,447	$	215,518	1		—		$	800,965	$	800,965	$	6,577	$	47,111
Russell 1000 Index Master Portfolio	$	1,631,516	$	1,805,863	1		—		$	3,437,379	$	3,437,379	$	43,208	$	23,901
1   Represents net beneficial interest purchased.
2   Represents net shares/beneficial interest sold.
3   No longer held by the LifePath Master Portfolio as of report date.

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

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

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

2 LIFEPATH 2045 MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (concluded) LifePath 2045 Master Portfolio

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

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

Ÿ 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).

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

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

The following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	8,042,315	$	27,835,097		—	$	35,877,412

The LifePath Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of September 30, 2014, collateral on securities loaned at value of $25,200 is categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the period ended Septem 30, 2014.

LIFEPATH 2045 MASTER PORTFOLIO SEPTEMBER 30, 2014 3

Schedule of Investments September 30, 2014 (Unaudited) LifePath 2050 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 89.1%
Active Stock Master Portfolio	$	149,657,959	$	149,657,959
BlackRock Commodity Strategies Fund		1,754,236		15,981,090
BlackRock Emerging Markets Fund, Inc.		1,052,567		21,314,488
International Tilts Master Portfolio	$	70,589,536		70,589,536
iShares Cohen & Steers REIT ETF		258,154		21,806,268
iShares International Developed Real Estate ETF		709,252		21,305,930
iShares MSCI Canada ETF (b)		222,027		6,816,229
iShares MSCI EAFE Small-Cap ETF		217,702		10,558,547
Master Small Cap Index Series	$	8,485,017		8,485,017
Russell 1000® Index Master Portfolio	$	44,568,042		44,568,042
				371,083,106
Fixed Income Fund — 10.6%
CoreAlpha Bond Master Portfolio	$	43,946,585		43,946,585

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities – 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13% (c)		975,343	$	975,343
BlackRock Cash Funds: Prime, SL Agency Shares, 0.12% (c)(d)		3,778,677		3,778,677
				4,754,020
Total Affiliated Investment Companies (Cost — $363,982,922*) — 100.8%				419,783,711
Liabilities in Excess of Other Assets — (0.8)%				(3,138,670	)
Net Assets — 100.0%			$	416,645,041

* As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	365,132,371
Gross unrealized appreciation	$	57,037,468
Gross unrealized depreciation		(2,386,128	)
Net unrealized appreciation	$	54,651,340

Notes to Schedule of Investments

(a) Investments in issuers considered to be an affiliate of the LifePath Master Portfolio during the period ended September 30, 2014, 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, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
Active Stock Master Portfolio	$	176,775,516		—		$	(27,117,557	)1	$	149,657,959	$	149,657,959	$	1,695,356	$	23,832,057
ACWI ex-US Index Master Portfolio2	$	27,522,238		—		$	(27,522,238	)1		—		—	$	159,298	$	595,060
BlackRock Cash Funds: Institutional, SL Agency Shares		5,872,036		—			(4,896,693	)1		975,343	$	975,343	$	972		—
BlackRock Cash Funds: Prime, SL Agency Shares		859,378		2,919,299	3		—			3,778,677	$	3,778,677	$	14,416		—
BlackRock Commodity Strategies Fund		1,705,352		344,844			(295,960	)		1,754,236	$	15,981,090		—	$	(347,768	)
BlackRock Emerging Markets Fund, Inc.		539,560		561,763			(48,756	)		1,052,567	$	21,314,488		—	$	23,843
CoreAlpha Bond Master Portfolio	$	40,230,315	$	3,716,270	3		—		$	43,946,585	$	43,946,585	$	748,631	$	238,104

LIFEPATH 2050 MASTER PORTFOLIO SEPTEMBER 30, 2014 1

Schedule of Investments (continued) LifePath 2050 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
International Tilts Master Portfolio	$	36,382,911	$	34,206,625	3		—		$	70,589,536	$	70,589,536	$	1,638,169	$	(192,200	)
iShares Cohen & Steers REIT ETF		260,332		72,301			(74,479	)		258,154	$	21,806,268	$	475,404	$	(7,401	)
iShares International Developed Real Estate ETF		725,825		114,023			(130,596	)		709,252	$	21,305,930	$	591,918	$	(357,010	)
iShares MSCI Canada ETF		209,515		49,551			(37,039	)		222,027	$	6,816,229	$	50,809	$	(26,529	)
iShares MSCI EAFE ETF2		211,392		—			(211,392	)		—		—		—	$	3,846,398
iShares MSCI EAFE Small-Cap ETF		203,079		48,082			(33,459	)		217,702	$	10,558,547	$	118,527	$	258,832
iShares MSCI Emerging Markets ETF2		113,169		—			(113,169	)		—		—		—	$	452,035
Master Small Cap Index Series	$	8,543,922		—		$	(58,905	)1	$	8,485,017	$	8,485,017	$	72,384	$	500,962
Russell 1000® Index Master Portfolio	$	21,543,179	$	23,024,863	3		—		$	44,568,042	$	44,568,042	$	575,705	$	318,184
1        Represents net shares/beneficial interest sold.
2        No longer held by the LifePath Master Portfolio as of report date.
3        Represents net shares/beneficial interest purchased.

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

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

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

2 LIFEPATH 2050 MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (concluded) LifePath 2050 Master Portfolio

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

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

Ÿ 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).

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

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

The following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	102,536,572	$	317,247,139		—	$	419,783,711

The LifePath Master Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, collateral on securities loaned at value of $3,778,677 is categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the period ended September 30, 2014.

LIFEPATH 2050 MASTER PORTFOLIO SEPTEMBER 30, 2014 3

Schedule of Investments September 30, 2014 (Unaudited) LifePath 2055 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 94.4%
Active Stock Master Portfolio	$	4,923,401	$	4,923,401
BlackRock Commodity Strategies Fund		58,301		531,121
BlackRock Emerging Markets Fund, Inc.		36,307		735,225
International Tilts Master Portfolio	$	2,390,094		2,390,094
iShares Cohen & Steers REIT ETF		9,447		797,988
iShares International Developed Real Estate ETF		26,335		791,103
iShares MSCI Canada ETF		7,390		226,873
iShares MSCI EAFE Small-Cap ETF		7,561		366,709
Master Small Cap Index Series	$	271,542		271,542
Russell 1000® Index Master Portfolio	$	1,506,924		1,506,924
				12,540,980
Fixed Income Fund — 5.4%
CoreAlpha Bond Master Portfolio	$	714,741		714,741
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13% (b)		42,040	$	42,040
Total Affiliated Investment Companies (Cost — $12,068,648*) — 100.1%				13,297,761
Liabilities in Excess of Other Assets — (0.1)%				(12,709	)
Net Assets — 100.0%			$	13,285,052
*  As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	12,071,428
Gross unrealized appreciation	$	1,226,333
Gross unrealized depreciation		—
Net unrealized appreciation	$	1,226,333

Notes to Schedule of Investments

(a) Investments in issuers considered to be an affiliate of the LifePath Master Portfolio during the period ended September 30, 2014, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
Active Stock Master Portfolio	$	3,613,769	$	1,309,632	1		—		$	4,923,401	$	4,923,401	$	49,927	$	690,460
ACWI ex-US Index Master Portfolio3	$	873,314		—		$	(873,314	)2		—		—	$	4,988	$	19,146
BlackRock Cash Funds: Institutional, SL Agency Shares		25,487		16,553	1		—			42,040	$	42,040	$	37		—
BlackRock Cash Funds: Prime, SL Agency Shares3		460		—			(460	)2		—		—	$	450		—
BlackRock  Commodity Strategies Fund		39,004		22,858			(3,561	)		58,301	$	531,121	$	—	$	(2,432	)
BlackRock Emerging Markets Fund, Inc.		14,149		25,499			(3,341	)		36,307	$	735,225	$	—	$	711
CoreAlpha Bond Master Portfolio	$	405,498	$	309,243			—		$	714,741	$	714,741	$	10,151	$	3,293
International Tilts Master Portfolio	$	941,978	$	1,448,116			—		$	2,390,094	$	2,390,094	$	51,216	$	(5,364	)

LIFEPATH 2055 MASTER PORTFOLIO SEPTEMBER 30, 2014 1

Schedule of Investments (continued) LifePath 2055 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
iShares Cohen & Steers REIT ETF		6,422		3,881			(856	)		9,447	$	797,988	$	16,370	$	2,659
iShares International Developed Real Estate ETF		18,191		10,713			(2,569	)		26,335	$	791,103	$	20,253	$	(7,742	)
iShares MSCI Canada ETF		4,965		2,788			(363	)		7,390	$	226,873	$	1,664	$	165
iShares MSCI EAFE Small-Cap ETF		4,611		3,264			(314	)		7,561	$	366,709	$	3,913	$	2,398
Master Small Cap Index Series	$	185,783	$	85,759	1		—		$	271,542	$	271,542	$	2,123	$	15,254
Russell 1000 Index Master Portfolio	$	843,407	$	663,517	1		—		$	1,506,924	$	1,506,924	$	19,272	$	10,579
1   Represents net shares/beneficial interest purchased.
2   Represents net shares/beneficial interest sold.
3   No longer held by the LifePath Master Portfolio as of report date.

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

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

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

Ÿ 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)

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

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

2 LIFEPATH 2055 MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (concluded) LifePath 2055 Master Portfolio

The following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	3,491,059	$	9,806,702	$	—	$	13,297,761

There were no transfers between levels during the period ended September 30, 2014.

LIFEPATH 2055 MASTER PORTFOLIO SEPTEMBER 30, 2014 3

Schedule of Investments September 30, 2014 (Unaudited) LifePath Index Retirement Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 37.9%
ACWI ex-US Index Master Portfolio	$	28,905,709	$	28,905,709
iShares Cohen & Steers REIT ETF (b)		9,486		801,282
iShares Core MSCI Total International Stock ETF (b)		261,678		14,724,621
iShares International Developed Real Estate ETF		25,963		779,929
iShares MSCI EAFE Small-Cap ETF		86,910		4,215,135
Master Small Cap Index Series	$	16,132,215		16,132,215
Russell 1000® Index Master Portfolio	$	83,571,521		83,571,521
				149,130,412
Fixed Income Funds — 61.5%
Bond Index Master Portfolio	$	207,512,190		207,512,190
iShares TIPS Bond ETF		309,491		34,684,656
				242,196,846
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 2.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13% (c)		1,215,074	$	1,215,074
BlackRock Cash Funds: Prime, SL Agency Shares, 0.12% (c)(d)		10,104,539		10,104,539
				11,319,613
Total Affiliated Investment Companies (Cost — $367,815,991*) — 102.3%				402,646,871
Liabilities in Excess of Other Assets — (2.3)%				(9,152,582	)
Net Assets — 100.0%			$	393,494,289
*  As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
Tax cost			$	367,955,121
Gross unrealized appreciation			$	36,459,144
Gross unrealized depreciation				(1,767,394	)
Net unrealized appreciation			$	34,691,750

Notes to Schedule of Investments

(a) Investments in issuers considered to be an affiliate of the LifePath Index Master Portfolio during the period ended September 30, 2014, 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, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
ACWI ex-US Index Master Portfolio	$	30,353,814		—		$	(1,448,105	)1	$	28,905,709	$	28,905,709	$	794,499	$	1,622,265
BlackRock Cash Funds: Institutional, SL Agency Shares		893,396		321,678	2		—			1,215,074	$	1,215,074	$	930		—
BlackRock Cash Funds: Prime, SL Agency Shares		—		10,104,539	2		—			10,104,539	$	10,104,539	$	12,450		—
Bond Index Master Portfolio	$	169,273,201	$	38,238,989	2		—		$	207,512,190	$	207,512,190	$	2,852,152	$	1,309,422
iShares Cohen & Steers REIT ETF		3,384		6,102			—				$	801,282	$	6,923		—
iShares Core MSCI Total International Stock ETF		83,874		187,875			(10,071	)		261,678	$	14,724,621	$	193,748	$	44,315

MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014 1

Schedule of Investments (continued) LifePath Index Retirement Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31,  2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30,  2014		Value at September 30, 2014		Income		Realized Gain (Loss)
iShares International Developed Real Estate ETF		11,591		14,372			—			25,963	$	779,929	$	10,461		—
iShares MSCI EAFE Small-Cap ETF		68,691		21,870			(3,651	)		86,910	$	4,215,135	$	46,372	$	25,646
iShares TIPS Bond ETF		257,137		72,619			(20,265	)		309,491	$	34,684,656	$	511,375	$	(177,715	)
Master Small Cap Index Series	$	14,746,591	$	1,385,624	2		—		$	16,132,215	$	16,132,215	$	144,127	$	972,556
Russell 1000® Index Master Portfolio	$	68,706,189	$	14,865,332	2		—		$	83,571,521	$	83,571,521	$	1,045,806	$	571,967

¹   Represents net beneficial interest sold.

²   Represents net shares/beneficial interest purchased.

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

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

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

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

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

Ÿ 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).

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

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

2 MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014

Schedule of Investments (concluded) LifePath Index Retirement Master Portfolio

The following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	66,525,236	$	336,121,635	—	$	402,646,871

The LifePath Index Master Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, collateral on securities loaned at value of $10,104,539 is categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the period ended September 30, 2014.

MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014 3

Schedule of Investments September 30, 2014 (Unaudited) LifePath Index 2020 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 49.6%
ACWI ex-US Index Master Portfolio	$	79,227,676	$	79,227,676
iShares Cohen & Steers REIT ETF		132,271		11,172,931
iShares Core MSCI Total International Stock ETF		607,955		34,209,628
iShares International Developed Real Estate ETF		356,759		10,717,040
iShares MSCI EAFE Small-Cap ETF		227,667		11,041,850
Master Small Cap Index Series	$	28,970,457		28,970,457
Russell 1000® Index Master Portfolio	$	219,424,129		219,424,129
				394,763,711
Fixed Income Funds — 50.1%
Bond Index Master Portfolio	$	343,675,398		343,675,398
iShares TIPS Bond ETF		493,854		55,346,218
				399,021,616
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13% (b)		2,772,486	$	2,772,486
Total Affiliated Investment Companies (Cost — $717,002,101*) — 100.1%				796,557,813
Liabilities in Excess of Other Assets — (0.1)%				(681,352	)
Net Assets — 100.0%			$	795,876,461
*  As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
Tax cost			$	717,088,851
Gross unrealized appreciation			$	82,132,917
Gross unrealized depreciation				(2,663,955	)
Net unrealized appreciation			$	79,468,962

Notes to Schedule of Investments

(a) Investments in issuers considered to be an affiliate of the LifePath Index Master Portfolio during the period ended September 30, 2014, 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, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
ACWI ex-US Index Master Portfolio	$	77,124,004	$	2,103,672	1		—		$	79,227,676	$	79,227,676	$	2,151,030	$	4,259,311
BlackRock Cash Funds: Institutional, SL Agency Shares		9,967,374		—			(7,194,888	)2		2,772,486	$	2,772,486	$	2,038		—
BlackRock Cash Funds: Prime, SL Agency Shares3		1,438,693		—			(1,438,693	)2		—		—	$	12,216		—
Bond Index Master Portfolio	$	257,871,235	$	85,804,163	1		—		$	343,675,398	$	343,675,398	$	4,662,740	$	2,151,942
iShares Cohen & Steers REIT ETF		108,921		27,249			(3,899	)		132,271	$	11,172,931	$	244,532	$	(159	)
iShares Core MSCI Total International Stock ETF		193,241		414,714			—			607,955	$	34,209,628	$	468,592		—
iShares International Developed Real Estate ETF		289,005		87,679			(19,925	)		356,759	$	10,717,040	$	291,479	$	(55,835	)
iShares MSCI EAFE Small-Cap ETF		178,968		49,514			(815	)		227,667	$	11,041,850	$	121,730	$	4,260
iShares TIPS Bond ETF		369,942		125,665			(1,753	)		493,854	$	55,346,218	$	800,128	$	(13,966	)
Master Small Cap Index Series	$	24,216,498	$	4,753,959	1		—		$	28,970,457	$	28,970,457	$	252,450	$	1,712,065

MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014 1

Schedule of Investments (concluded) LifePath Index 2020 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold		Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
Russell 1000® Index Master Portfolio	$	176,902,400	$	42,521,729	1		—	$	219,424,129	$	219,424,129	$	2,827,988	$	1,542,160

¹   Represents net beneficial interest purchased.

²   Represents net shares sold.

³   No longer held by the Lifepath Index Master Portfolio as of report date.

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

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

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

Ÿ 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).

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

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

The following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	125,260,153	$	671,297,660	—	$	796,557,813

There were no transfers between levels during the period ended September 30, 2014.

2 MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014

Schedule of Investments September 30, 2014 (Unaudited) LifePath Index 2025 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 58.2%
ACWI ex-US Index Master Portfolio	$	37,761,137	$	37,761,137
iShares Cohen & Steers REIT ETF		120,924		10,214,450
iShares Core MSCI Total International Stock ETF (b)		639,667		35,994,062
iShares International Developed Real Estate ETF		326,628		9,811,905
iShares MSCI EAFE Small-Cap ETF		149,443		7,247,985
Master Small Cap Index Series	$	14,646,790		14,646,790
Russell 1000® Index Master Portfolio	$	144,216,577		144,216,577
				259,892,906
Fixed Income Funds — 41.6%
Bond Index Master Portfolio	$	161,018,717		161,018,717
iShares TIPS Bond ETF		220,735		24,737,771
				185,756,488
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13% (c)		1,753,519	$	1,753,519
BlackRock Cash Funds: Prime, SL Agency Shares, 0.12% (c)(d)		2,851,725		2,851,725
				4,605,244
Total Affiliated Investment Companies (Cost — $413,877,647*) — 100.8%				450,254,638
Liabilities in Excess of Other Assets — (0.8)%				(3,730,215	)
Net Assets — 100.0%			$	446,524,423
*  As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
Tax cost			$	413,904,222
Gross unrealized appreciation			$	40,458,135
Gross unrealized depreciation				(4,107,719	)
Net unrealized appreciation			$	36,350,416

Notes to Schedule of Investments

(a) Investments in issuers considered to be an affiliate of the LifePath Index Master Portfolio during the period ended September 30, 2014, 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, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold		Shares/ Beneficial Interest Held at September 30,  2014		Value at September 30, 2014		Income		Realized Gain (Loss)
ACWI ex-US Index Master Portfolio	$	34,070,416	$	3,690,721	1		—	$	37,761,137	$	37,761,137	$	934,663	$	1,868,314
BlackRock Cash Funds: Institutional, SL Agency Shares		1,693,531		59,988	1		—		1,753,519	$	1,753,519	$	1,384		—
BlackRock Cash Funds: Prime, SL Agency Shares		152,872		2,698,853	1		—		2,851,725	$	2,851,725	$	20,809		—
Bond Index Master Portfolio	$	97,116,958	$	63,901,759	1		—	$	161,018,717	$	161,018,717	$	1,967,889	$	910,937

MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014 1

Schedule of Investments (continued) LifePath Index 2025 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
iShares Cohen & Steers REIT ETF		75,900		48,185			(3,161	)		120,924	$	10,214,450	$	207,862	$	(6,902	)
iShares Core MSCI Total International Stock ETF		203,485		436,182			—			639,667	$	35,994,062	$	503,174		—
iShares International Developed Real Estate ETF		212,927		128,624			(14,923	)		326,628	$	9,811,905	$	248,909	$	(52,318	)
iShares MSCI EAFE Small-Cap ETF		91,119		58,845			(521	)		149,443	$	7,247,985	$	73,345	$	2,421
iShares TIPS Bond ETF		133,346		88,124			(735	)		220,735	$	24,737,771	$	331,153	$	(7,797	)
Master Small Cap Index Series	$	9,807,944	$	4,838,846	1		—		$	14,646,790	$	14,646,790	$	113,355	$	776,871
Russell 1000® Index Master Portfolio	$	93,120,930	$	51,095,647	1		—		$	144,216,577	$	144,216,577	$	1,675,853	$	912,044

¹   Represents net shares/beneficial interest purchased.

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

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

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

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

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

Ÿ 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).

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

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

2 MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014

Schedule of Investments (concluded) LifePath Index 2025 Master Portfolio

The following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	92,611,417	$	357,643,221	—	$	450,254,638

The LifePath Index Master Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, collateral on securities loaned at value of $2,851,725 is categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the period ended September 30, 2014.

MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014 3

Schedule of Investments September 30, 2014 (Unaudited) LifePath Index 2030 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 65.7%
ACWI ex-US Index Master Portfolio	$	90,112,763	$	90,112,763
iShares Cohen & Steers REIT ETF (b)		269,545		22,768,466
iShares Core MSCI Total International Stock ETF (b)		805,065		45,301,008
iShares International Developed Real Estate ETF		737,492		22,154,260
iShares MSCI EAFE Small-Cap ETF		275,071		13,340,943
Master Small Cap Index Series	$	21,429,559		21,429,559
Russell 1000® Index Master Portfolio	$	266,872,018		266,872,018
				481,979,017
Fixed Income Funds — 34.1%
Bond Index Master Portfolio	$	217,776,232		217,776,232
iShares TIPS Bond ETF		284,795		31,916,976
				249,693,208
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13% (c)		2,247,486	$	2,247,486
BlackRock Cash Funds: Prime, SL Agency Shares, 0.12% (c)(d)		3,857,450		3,857,450
				6,104,936
Total Affiliated Investment Companies (Cost — $657,443,661*) — 100.6%				737,777,161
Liabilities in Excess of Other Assets — (0.6)%				(4,668,668	)
Net Assets — 100.0%			$	733,108,493
*  As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
Tax cost			$	657,500,062
Gross unrealized appreciation			$	83,059,073
Gross unrealized depreciation				(2,781,974	)
Net unrealized appreciation			$	80,277,099

Notes to Schedule of Investments

(a) Investments in issuers considered to be an affiliate of the LifePath Index Master Portfolio during the period ended September 30, 2014, 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, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
ACWI ex-US Index Master Portfolio	$	83,164,979	$	6,947,784	1		—		$	90,112,763	$	90,112,763	$	2,360,837	$	4,618,113
BlackRock Cash Funds: Institutional, SL Agency Shares		7,986,051		—			(5,738,565	)2		2,247,486	$	2,247,486	$	2,244		—
BlackRock Cash Funds: Prime, SL Agency Shares		1,186,223		2,671,227	1		—			3,857,450	$	3,857,450	$	11,775		—
Bond Index Master Portfolio	$	151,754,457	$	66,021,775	1		—		$	217,776,232	$	217,776,232	$	2,848,283	$	1,309,240
iShares Cohen & Steers REIT ETF		191,736		83,522			(5,713	)		269,545	$	22,768,466	$	473,361	$	2,498
iShares Core MSCI Total International Stock ETF		233,547		571,518			—			805,065	$	45,301,008	$	624,595		—

MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014 1

Schedule of Investments (continued) LifePath Index 2030 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
iShares International Developed Real Estate ETF		541,466		217,843			(21,817	)		737,492	$	22,154,260	$	576,143	$	(55,509	)
iShares MSCI EAFE Small-Cap ETF		196,792		78,279			—			275,071	$	13,340,943	$	142,479		—
iShares TIPS Bond ETF		195,508		89,287			—			284,795	$	31,916,976	$	441,497		—
Master Small Cap Index Series	$	16,591,741	$	4,837,818	1		—		$	21,429,559	$	21,429,559	$	176,668	$	1,212,362
Russell 1000® Index Master Portfolio	$	198,522,223	$	68,349,795	1		—		$	266,872,018	$	266,872,018	$	3,308,662	$	1,813,168

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 security was purchased with the cash collateral from loaned securities.

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

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

Ÿ 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).

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

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

2 MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014

Schedule of Investments (concluded) LifePath Index 2030 Master Portfolio

The following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	141,586,589	$	596,190,572	—	$	737,777,161

The LifePath Index Master Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, collateral on securities loaned at value of $3,857,450 is categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the period ended September 30, 2014.

MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014 3

Schedule of Investments September 30, 2014(Unaudited) LifePath Index 2035 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 72.4%
ACWI ex-US Index Master Portfolio	$	37,624,635	$	37,624,635
iShares Cohen & Steers REIT ETF		159,046		13,434,616
iShares Core MSCI Total International Stock ETF (b)		604,781		34,031,027
iShares International Developed Real Estate ETF (b)		434,854		13,063,014
iShares MSCI EAFE Small-Cap ETF		146,387		7,099,769
Master Small Cap Index Series	$	9,503,213		9,503,213
Russell 1000® Index Master Portfolio	$	142,008,323		142,008,323
				256,764,597
Fixed Income Funds — 27.4%
Bond Index Master Portfolio	$	85,803,244		85,803,244
iShares TIPS Bond ETF		100,971		11,315,820
				97,119,064
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13% (c)		1,262,307	$	1,262,307
BlackRock Cash Funds: Prime, SL Agency Shares, 0.12% (c)(d)		101,180		101,180
				1,363,487
Total Affiliated Investment Companies (Cost — $321,980,253*) — 100.2%				355,247,148
Liabilities in Excess of Other Assets — (0.2)%				(699,858	)
Net Assets — 100.0%			$	354,547,290
*  As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
Tax cost			$	322,001,581
Gross unrealized appreciation			$	35,055,677
Gross unrealized depreciation				(1,810,110	)
Net unrealized appreciation			$	33,245,567

Notes to Schedule of Investments

(a) Investments in issuers considered to be an affiliate of the LifePath Index Master Portfolio during the period ended September 30, 2014, 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, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
ACWI ex-US Index Master Portfolio	$	31,482,192	$	6,142,443	1		—		$	37,624,635	$	37,624,635	$	884,645	$	1,736,892
BlackRock Cash Funds: Institutional, SL Agency Shares		2,983,691		—			(1,721,384	)2		1,262,307	$	1,262,307	$	1,240		—
BlackRock Cash Funds: Prime, SL Agency Shares		422,661		—			(321,481	)2		101,180	$	101,180	$	18,598		—
Bond Index Master Portfolio	$	48,306,107	$	37,497,137	1		—		$	85,803,244	$	85,803,244	$	1,013,529	$	467,104
iShares Cohen & Steers REIT ETF		91,219		72,339			(4,512	)		159,046	$	13,434,616	$	261,561	$	(6,729	)

MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014 1

Schedule of Investments (continued) LifePath Index 2035 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
iShares Core MSCI Total International Stock ETF		174,457		430,324			—			604,781	$	34,031,027	$	478,700		—
iShares International Developed Real Estate ETF		255,720		188,615			(9,481	)		434,854	$	13,063,014	$	314,171	$	(42,647	)
iShares MSCI EAFE Small-Cap ETF		79,972		66,415			—			146,387	$	7,099,769	$	70,436		—
iShares TIPS Bond ETF		54,523		46,967			(519	)		100,971	$	11,315,820	$	142,984	$	(5,594	)
Master Small Cap Index Series	$	5,780,864	$	3,722,349	1		—		$	9,503,213	$	9,503,213	$	69,044	$	480,474
Russell 1000® Index Master Portfolio	$	85,615,886	$	56,392,437	1		—		$	142,008,323	$	142,008,323	$	1,595,786	$	872,051

¹  Represents net beneficial interest purchased.

²  Represents net shares/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 security was purchased with the cash collateral from loaned securities.

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

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

Ÿ 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).

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

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

2 MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014

Schedule of Investments (concluded) LifePath Index 2035 Master Portfolio

The following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	80,307,733	$	274,939,415	—	$	355,247,148

The LifePath Index Master Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, collateral on securities loaned at value of $101,180 is categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the period ended September 30, 2014.

MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014 3

Schedule of Investments September 30, 2014 (Unaudited) LifePath Index 2040 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 78.6%
ACWI ex-US Index Master Portfolio	$	64,665,839	$	64,665,839
iShares Cohen & Steers REIT ETF (b)		253,344		21,399,968
iShares Core MSCI Total International Stock ETF (b)		722,933		40,679,440
iShares International Developed Real Estate ETF		692,777		20,811,021
iShares MSCI EAFE Small-Cap ETF		214,992		10,427,112
Master Small Cap Index Series	$	11,688,413		11,688,413
Russell 1000® Index Master Portfolio	$	209,717,284		209,717,284
				379,389,077
Fixed Income Funds — 21.2%
Bond Index Master Portfolio	$	93,127,962		93,127,962
iShares TIPS Bond ETF		84,906		9,515,415
				102,643,377
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13% (c)		1,451,293	$	1,451,293
BlackRock Cash Funds: Prime, SL Agency Shares, 0.12% (c)(d)		7,869,611		7,869,611
				9,320,904
Total Affiliated Investment Companies (Cost — $437,637,485*) — 101.7%				491,353,358
Liabilities in Excess of Other Assets — (1.7)%				(8,427,246	)
Net Assets — 100.0%			$	482,926,112
*  As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
Tax cost			$	437,678,714
Gross unrealized appreciation			$	55,466,807
Gross unrealized depreciation				(1,792,163	)
Net unrealized appreciation			$	53,674,644

Notes to Schedule of Investments

(a) Investments in issuers considered to be an affiliate of the LifePath Index Master Portfolio during the period ended September 30, 2014, 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, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
ACWI ex-US Index Master Portfolio	$	58,103,694	$	6,562,145	1		—		$	64,665,839	$	64,665,839	$	1,638,866	$	3,219,002
BlackRock Cash Funds: Institutional, SL Agency Shares		9,901,805		—			(8,450,512	)2		1,451,293	$	1,451,293	$	1,564		—
BlackRock Cash Funds: Prime, SL Agency Shares		1,601,109		6,268,502	1		—			7,869,611	$	7,869,611	$	12,115		—
Bond Index Master Portfolio	$	60,291,643	$	32,836,319	1		—		$	93,127,962	$	93,127,962	$	1,158,468	$	532,758
iShares Cohen & Steers REIT ETF		168,092		91,781			(6,529	)		253,344	$	21,399,968	$	432,088	$	7,494

MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014 1

Schedule of Investments (continued) LifePath Index 2040 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
iShares Core MSCI Total International Stock ETF		219,153		503,780			—			722,933	$	40,679,440	$	538,656		—
iShares International Developed Real Estate ETF		473,164		228,584			(8,971	)		692,777	$	20,811,021	$	521,647	$	(36,063	)
iShares MSCI EAFE Small-Cap ETF		136,704		78,288			—			214,992	$	10,427,112	$	105,460		—
iShares TIPS Bond ETF		52,135		32,925			(154	)		84,906	$	9,515,415	$	122,408	$	(1,495	)
Master Small Cap Index Series	$	8,099,953	$	3,588,460	1		—		$	11,688,413	$	11,688,413	$	89,709	$	622,591
Russell 1000® Index Master Portfolio	$	146,029,644	$	63,687,640	1		—		$	209,717,284	$	209,717,284	$	2,492,547	$	1,364,590

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 security was purchased with the cash collateral from loaned securities.

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

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

Ÿ 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).

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

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

The following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

2 MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014

Schedule of Investments (concluded) LifePath Index 2040 Master Portfolio

	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	112,153,860	$	379,199,498	—	$	491,353,358

The LifePath Index Master Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, collateral on securities loaned at value of $7,869,611 is categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the period ended September 30, 2014.

MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014 3

Schedule of Investments September 30, 2014 (Unaudited) LifePath Index 2045 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 84.2%
ACWI ex-US Index Master Portfolio	$	18,829,827	$	18,829,827
iShares Cohen & Steers REIT ETF		113,527		9,589,626
iShares Core MSCI Total International Stock ETF		453,977		25,545,286
iShares International Developed Real Estate ETF		310,431		9,325,347
iShares MSCI EAFE Small-Cap ETF		90,682		4,398,077
Master Small Cap Index Series	$	4,174,065		4,174,065
Russell 1000® Index Master Portfolio	$	88,570,186		88,570,186
				160,432,414
Fixed Income Fund — 15.6%
Bond Index Master Portfolio	$	29,780,493		29,780,493
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares 0.13% (b)		626,962	$	626,962
Total Affiliated Investment Companies (Cost — $173,433,367*) — 100.1%				190,839,869
Liabilities in Excess of Other Assets — (0.1)%				(264,268	)
Net Assets — 100.0%			$	190,575,601
*  As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
Tax cost			$	173,458,052
Gross unrealized appreciation			$	18,334,237
Gross unrealized depreciation				(952,420	)
Net unrealized appreciation			$	17,381,817

Notes to Schedule of Investments

(a) Investments in issuers considered to be an affiliate of the LifePath Index Master Portfolio during the period ended September 30, 2014, 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, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
ACWI ex-US Index Master Portfolio	$	16,417,020	$	2,412,807	1		—		$	18,829,827	$	18,829,827	$	457,404	$	903,611
BlackRock Cash Funds: Institutional, SL Agency Shares		1,287,557		—			(660,595	)2		626,962	$	626,962	$	740		—
BlackRock Cash Funds: Prime, SL Agency Shares3		130,390		—			(130,390	)2		—	$	—	$	11,656		—
Bond Index Master Portfolio	$	15,395,190	$	14,385,303	1		—		$	29,780,493	$	29,780,493	$	341,862	$	157,310
iShares Cohen & Steers REIT ETF		60,986		55,985			(3,444	)		113,527	$	9,589,626	$	182,881	$	3,734
iShares Core MSCI Total International Stock ETF		135,389		318,588			—			453,977	$	25,545,286	$	344,187		—

MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014 1

Schedule of Investments (continued) LifePath Index 2045 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
iShares International Developed Real Estate ETF		171,773		142,454			(3,796	)		310,431	$	9,325,347	$	221,946	$	(15,154	)
iShares MSCI EAFE Small-Cap ETF		45,315		45,367			—			90,682	$	4,398,077	$	42,314		—
Master Small Cap Index Series	$	2,236,711	$	1,937,354	1		—		$	4,174,065	$	4,174,065	$	28,666	$	202,383
Russell 1000® Index Master Portfolio	$	50,080,549	$	38,489,637	1		—		$	88,570,186	$	88,570,186	$	979,538	$	536,017

¹  Represents net beneficial interest purchased.

²  Represents net shares sold.

³  No longer held by the Lifepath Index Master Portfolio as of report date.

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

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

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

Ÿ 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).

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

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

2 MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014

Schedule of Investments (concluded) LifePath Index 2045 Master Portfolio

The following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	49,485,298	$	141,354,571	—	$	190,839,869

There were no transfers between levels during the period ended September 30, 2014.

MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014 3

Schedule of Investments September 30, 2014 (Unaudited) LifePath Index 2050 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 89.5%
ACWI ex-US Index Master Portfolio	$	18,942,186	$	18,942,186
iShares Cohen & Steers REIT ETF		127,374		10,759,282
iShares Core MSCI Total International Stock ETF		506,227		28,485,393
iShares International Developed Real Estate ETF		348,547		10,470,352
iShares MSCI EAFE Small-Cap ETF		97,089		4,708,816
Master Small Cap Index Series	$	3,752,703		3,752,703
Russell 1000® Index Master Portfolio	$	94,916,228		94,916,228
				172,034,960
Fixed Income Fund — 10.3%
Bond Index Master Portfolio	$	19,894,088		19,894,088
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares 0.13% (b)		811,538	$	811,538
Total Affiliated Investment Companies (Cost — $175,898,078*) — 100.2%				192,740,586
Liabilities in Excess of Other Assets — (0.2)%				(449,986	)
Net Assets — 100.0%			$	192,290,600
*  As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
Tax cost			$	175,917,188
Gross unrealized appreciation			$	17,645,101
Gross unrealized depreciation				(821,703	)
Net unrealized appreciation			$	16,823,398

Notes to Schedule of Investments

(a) Investments in issuers considered to be an affiliate of the LifePath Index Master Portfolio during the period ended September 30, 2014, 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, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
ACWI ex-US Index Master Portfolio	$	16,802,884	$	2,139,302	1		—		$	18,942,186	$	18,942,186	$	473,258	$	934,465
BlackRock Cash Funds: Institutional, SL Agency Shares		6,512,071		—			(5,700,533	)2		811,538	$	811,538	$	817		—
BlackRock Cash Funds: Prime, SL Agency Shares3		1,066,024		—			(1,066,024	)2		—		—	$	11,866		—
Bond Index Master Portfolio	$	9,824,212	$	10,069,876	1		—		$	19,894,088	$	19,894,088	$	218,884	$	100,395
iShares Cohen & Steers REIT ETF		67,415		61,702			(1,743	)		127,374	$	10,759,282	$	201,581	$	(2,393	)
iShares Core MSCI Total International Stock ETF		150,119		356,108			—			506,227	$	28,485,393	$	350,641		—

MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014 1

Schedule of Investments (continued) LifePath Index 2050 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
iShares International Developed Real Estate ETF		189,671		163,132			(4,256	)		348,547	$	10,470,352	$	241,163	$	(17,797	)
iShares MSCI EAFE Small-Cap ETF		47,447		49,642			—			97,089	$	4,708,816	$	43,619		—
Master Small-Cap Index Series	$	1,960,716	$	1,791,987	1		—		$	3,752,703	$	3,752,703	$	24,433	$	173,016
Russell 1000® Index Master Portfolio	$	52,721,354	$	42,194,874	1		—		$	94,916,228	$	94,916,228	$	1,021,055	$	557,986

¹  Represents net shares/beneficial interest purchased.

²  Represents net shares/beneficial interest sold.

³  No longer held by the Lifepath Index Master Portfolio as of report date.

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

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

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

Ÿ 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).

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

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

2 MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014

Schedule of Investments (concluded) LifePath Index 2050 Master Portfolio

The following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	55,235,381	$	137,505,205	—	$	192,740,586

There were no transfers between levels during the period ended September 30, 2014.

MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014 3

Schedule of Investments September 30, 2014 (Unaudited) LifePath Index 2055 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 94.6%
ACWI ex-US Index Master Portfolio	$	2,717,830	$	2,717,830
iShares Cohen & Steers REIT ETF		36,079		3,047,593
iShares Core MSCI Total International Stock ETF		175,107		9,853,271
iShares International Developed Real Estate ETF		98,984		2,973,479
iShares MSCI EAFE Small-Cap ETF		25,759		1,249,311
Master Small Cap Index Series	$	902,496		902,496
Russell 1000® Index Master Portfolio	$	24,893,242		24,893,242
				45,637,222
Fixed Income Fund — 5.2%
Bond Index Master Portfolio	$	2,505,038		2,505,038
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13% (b)		173,237	$	173,237
Total Affiliated Investment Companies (Cost — $43,811,796*) — 100.2%				48,315,497
Liabilities in Excess of Other Assets — (0.2)%				(97,361	)
Net Assets — 100.0%			$	48,218,136
*  As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
Tax cost			$	43,820,170
Gross unrealized appreciation			$	4,796,355
Gross unrealized depreciation				(301,028	)
Net unrealized appreciation			$	4,495,327

Notes to Schedule of Investments

(a) Investments in issuers considered to be an affiliate of the LifePath Index Master Portfolio during the period ended September 30, 2014, 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,  2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
ACWI ex-US Index Master Portfolio	$	3,512,892		—		$	(795,062	)1	$	2,717,830	$	2,717,830	$	85,198	$	196,421
BlackRock Cash Funds: Institutional, SL Agency Shares		692,770		—			(519,533	)1		173,237	$	173,237	$	253		—
BlackRock Cash Funds: Prime, SL Agency Shares2		95,386		—			(95,386	)1		—		—	$	3,816		—
Bond Index Master Portfolio	$	1,044,823	$	1,460,215	3		—		$	2,505,038	$	2,505,038	$	25,315	$	11,389
iShares Cohen & Steers REIT ETF		17,432		21,365			(2,718	)		36,079	$	3,047,593	$	55,467	$	8,271

MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014 1

Schedule of Investments (continued) LifePath Index 2055 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30,  2014		Value at September 30, 2014		Income		Realized Gain (Loss)
iShares Core MSCI Total International Stock ETF		46,664		128,443			—			175,107	$	9,853,271	$	121,728		—
iShares International Developed Real Estate ETF		49,144		59,198			(9,358	)		98,984	$	2,973,479	$	66,083	$	(22,484	)
iShares MSCI EAFE Small-Cap ETF		11,583		14,233			(57	)		25,759	$	1,249,311	$	12,048	$	360
Master Small Cap Index Series	$	445,733	$	456,763	3		—		$	902,496	$	902,496	$	5,809	$	41,619
Russell 1000® Index Master Portfolio	$	12,722,972	$	12,170,270	3		—		$	24,893,242	$	24,893,242	$	257,566	$	140,781

¹  Represents net shares/beneficial interest sold.

²  No longer held by the Lifepath Index Master Portfolio as of report date.

³  Represents net beneficial interest purchased.

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

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

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

Ÿ 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).

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

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

2 MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014

Schedule of Investments (concluded) LifePath Index 2055 Master Portfolio

The following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	17,296,891	$	31,018,606	—	$	48,315,497

There were no transfers between levels during the period ended September 30, 2014.

MASTER INVESTMENT PORTFOLIOS SEPTEMBER 30, 2014 3

Schedule of Investments September 30, 2014 (Unaudited) Government Money Market Master Portfolio (Percentages shown are based on Net Assets)

Repurchase Agreements	Par   (000)		Value
Barclays Capital, Inc., 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $1,000,000, collateralized by a U.S. Treasury Obligation, 2.13%, due 9/30/21, original par and fair values of $1,026,000 and $1,020,069, respectively)	$	1,000	$	1,000,000
Total Value of Barclays Capital, Inc. (collateral value of $1,020,069)				1,000,000
BNP Paribas Securities Corp., 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $1,000,000, collateralized by a Various U.S. Treasury Inflation Index Obligations 1.63% to 1.75%, due 1/15/15 to 1/15/28, original par and fair values of $800,800 and $1,020,020, respectively)		1,000		1,000,000
Total Value of BNP Paribas Securities Corp. (collateral value of $1,020,020)				1,000,000
Citigroup Global Markets, Inc., 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $1,500,000, collateralized by Various U.S. Treasury Obligations 0.50% to 2.13%, due 4/15/15 to 6/30/21, original par and fair values of $1,488,456 and $1,530,001, respectively) (a)		1,500		1,500,000
Total Value of Citigroup Global Markets, Inc. (collateral value of $1,530,001)				1,500,000
Deutsche Bank Securities, Inc., 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $1,400,000, collateralized by Various U.S. Treasury Obligations 0.00% to 1.50%, due 12/31/18 to 8/15/39, original par and fair values of $2,076,015 and $1,428,000, respectively) (a)		1,400		1,400,000
Total Value of Deutsche Bank Securities, Inc. (collateral value of $1,428,000)				1,400,000
Repurchase Agreements	Par   (000)		Value
Goldman Sachs & Co., 0.01%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $1,000,000, collateralized by Various U.S. Government Sponsored Agency Obligations, 3.40% to 5.39%, due 2/01/17 to 1/01/42, original par and fair value of $1,808,870 and $1,030,000, respectively)	$	1,000	$	1,000,000
Total Value of Goldman Sachs & Co. (collateral value of $1,030,000)				1,000,000
HSBC Securities (USA) Inc., 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $1,519,000, collateralized by a U.S. Treasury Obligation, 2.00%, due 5/31/21, original par and fair value of $1,560,000 and $1,553,288, respectively)		1,519		1,519,000
Total Value of HSBC Securities (USA) Inc. (collateral value of $1,553,288)				1,519,000
SG Americas Securities LLC, 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $500,000, collateralized by a U.S. Treasury Obligation, 0.09%, due 7/31/16, original par and fair value of $509,700, and $510,099, respectively)		500		500,000
Total Value of SG Americas Securities LLC (collateral value of $510,099)				500,000
TD Securities (USA) LLC, 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $2,000,000, collateralized by Various U.S. Treasury Obligations, 2.13% to 2.25%, due 4/30/21 to 9/30/21, original par and fair value of $2,031,000, and $2,040,123, respectively)		2,000		2,000,000
Total Value of TD Securities (USA) LLC (collateral value of $2,040,123)				2,000,000
Total Investments (Cost — $9,919,000*) — 100.1%				9,919,000
Liabilities in Excess of Other Assets — (0.1)%				(8,498	)
Net Assets — 100.0%			$	9,910,502

GOVERNMENT MONEY MARKET MASTER PORTFOLIO SEPTEMBER 30, 2014 1

Schedule of Investments (concluded) Government Money Market Master Portfolio

Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Traded in a joint account.

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

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

Ÿ 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)

Ÿ 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)

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

The following table summarizes the Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1	Level 2		Level 3	Total
Assets:
Investments:
Short-Term Securities1	—	$	9,919,000	—	$	9,919,000
1    See above Schedule of Investments for values in each security type.

The Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, cash of $510 is categorized as Level 1 within the disclosure hierarchy.

There were no transfers between levels during the period ended September 30, 2014.

2 GOVERNMENT MONEY MARKET MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments September 30, 2014 (Unaudited) International TILTS Master Portfolio (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Australia — 6.1%
Amcor Ltd.		390,175	$	3,864,743
Australia & New Zealand Banking Group Ltd.		342,555		9,260,011
BHP Billiton Ltd.		91,367		2,692,904
Brambles Ltd.		178,891		1,488,146
CSL Ltd.		204,598		13,263,225
CSR Ltd.		15,205		44,304
DuluxGroup Ltd.		4,180		20,317
Fairfax Media, Ltd.		32,787		22,192
Flight Centre Ltd.		1,023		38,264
JB Hi-Fi Ltd.		72,204		973,009
Macquarie Group Ltd.		65,910		3,316,553
National Australia Bank Ltd.		378,592		10,768,527
Oil Search Ltd.		9,685		75,590
Platinum Asset Management Ltd.		5,130		27,179
Primary Health Care Ltd. (a)		129,074		493,132
Ramsay Health Care Ltd.		10,444		457,658
Telstra Corp. Ltd.		1,881,509		8,729,787
Transpacific Industries Group, Ltd.		22,207		15,846
Westfield Corp.		474,601		3,092,528
Westpac Banking Corp.		248,125		6,965,728
				65,609,643
Belgium — 1.8%
Ageas		162,409		5,384,534
Anheuser-Busch InBev NV		30,184		3,347,342
bpost SA		252,947		6,038,263
Groupe Bruxelles Lambert SA		6,506		595,939
Solvay SA		22,838		3,507,545
UCB SA		667		60,439
				18,934,062
Bermuda — 0.0%
Catlin Group Ltd.		41,934		353,588
Denmark — 4.5%
A.P. Moeller - Maersk A/S, Class A		253		583,602
A.P. Moeller - Maersk A/S, Class B		4,372		10,356,584
Carlsberg A/S, Class B		6,422		570,354
Coloplast A/S, Class B		37,436		3,130,704
Danske Bank A/S		162,381		4,401,779
Genmab A/S (b)		13,823		583,720
GN Store Nord A/S		9,732		214,229
Novo Nordisk A/S, Class B		382,367		18,205,174
Pandora A/S		45,504		3,552,803
Tryg A/S		228		23,654
Vestas Wind Systems A/S (b)		176,011		6,862,254
				48,484,857
Finland — 2.1%
Fortum OYJ		11,685		284,903
Kesko OYJ, Class B		73,079		2,608,435
Neste Oil OYJ (a)		321,452		6,617,964
Orion OYJ, Class B		8,470		330,717
Common Stocks	Shares		Value
Finland (concluded)
Sampo OYJ, Class A		261,246	$	12,631,614
				22,473,633
France — 6.2%
Aeroports de Paris		1,059		126,806
Alstom SA (b)		17,365		595,465
AtoS		14,154		1,024,975
AXA SA		157,521		3,880,144
BNP Paribas SA		90,132		5,981,897
Cie Generale des Etablissements Michelin		68,608		6,462,240
CNP Assurances		38,437		723,511
Credit Agricole SA		141,281		2,129,601
Danone SA		7,333		491,061
EDF		36,602		1,200,792
Euler Hermes SA		741		79,092
Eurofins Scientific SE		773		200,000
Eutelsat Communications SA		2,186		70,586
Fonciere Des Regions		926		83,450
GDF Suez		33,196		832,570
Genfit (b)		495		26,231
Havas SA		15,361		118,661
ICADE		602		50,833
Iliad SA		10,968		2,313,704
Imerys SA		591		43,567
Ipsen SA		1,224		60,185
Lagardere SCA		91,199		2,440,490
Metropole Television SA		154,897		2,502,271
Orange SA		18,340		273,681
Orpea		1,733		107,681
Plastic Omnium SA		10,001		238,798
Safran SA		78,547		5,092,492
Sanofi		6,311		713,589
SCOR SE		25,691		802,402
Societe Generale SA		50,017		2,551,261
Solocal Group (b)		1,118,769		792,713
Suez Environnement Co.		2,159		36,518
Technicolor SA, Registered Shares (b)		87,844		573,004
Technip SA		28,610		2,399,977
Teleperformance		333		20,595
Thales SA		106,617		5,674,382
Total SA		163,877		10,611,707
Valeo SA		21,144		2,349,406
Vinci SA		43,015		2,496,198
Wendel SA		3,843		435,520
				66,608,056
Germany — 5.1%
Aareal Bank AG		1,738		75,143
Allianz SE, Registered Shares		7,515		1,213,160
Bayer AG, Registered Shares		17,479		2,431,998
Continental AG		2,744		519,788

INTERNATIONAL TILTS MASTER PORTFOLIO SEPTEMBER 30, 2014 1

Schedule of Investments (continued) International TILTS Master Portfolio (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Germany (concluded)
Deutsche Lufthansa AG, Registered Shares		142,555	$	2,238,417
Deutsche Post AG, Registered Shares		23,395		745,717
Deutsche Telekom AG, Registered Shares		251,829		3,811,823
Deutz AG		76,395		402,844
Dialog Semiconductor PLC (b)		26,649		744,064
Duerr AG		61,873		4,490,042
E.ON SE		567,433		10,362,274
Fresenius SE & Co. KGaA		84,194		4,156,572
Hochtief AG		9,240		634,146
Hugo Boss AG		6,907		861,049
Infineon Technologies AG		25,502		262,490
Kloeckner & Co. SE (b)		23,032		315,601
KUKA AG		9,419		568,085
Merck KGaA		23,927		2,199,261
MorphoSys AG (b)		23,931		2,334,758
Nordex SE (b)		129,311		2,361,820
ProSiebenSat.1 Media AG, Registered Shares		89,455		3,546,470
Rhoen Klinikum AG		2,476		74,942
Symrise AG		17,716		941,064
Talanx AG		12,834		426,283
Telefonica Deutschland Holding AG (b)		366,674		1,912,316
TUI AG		265,250		3,950,007
United Internet AG, Registered Shares		74,412		3,159,407
Volkswagen AG		2,377		491,136
				55,230,677
Hong Kong — 1.7%
AIA Group Ltd.		36,600		188,883
BOC Hong Kong Holdings Ltd.		69,000		219,654
Cheung Kong Holdings Ltd.		179,000		2,944,536
Cheung Kong Infrastructure Holdings Ltd.		8,000		56,065
Galaxy Entertainment Group Ltd. (a)		173,000		1,004,442
Hutchison Whampoa Ltd.		56,000		676,961
Kerry Properties Ltd.		77,500		259,818
MGM China Holdings Ltd.		197,200		568,257
Orient Overseas International Ltd.		5,000		27,638
Power Assets Holdings Ltd.		358,000		3,164,261
Sands China Ltd.		1,261,600		6,581,519
SJM Holdings Ltd.		666,000		1,267,982
Sun Hung Kai Properties Ltd.		13,000		184,459
Techtronic Industries Co.		51,000		147,065
Truly International Holdings		842,000		482,709
Common Stocks	Shares		Value
Hong Kong (concluded)
Wheelock & Co. Ltd.		163,000	$	777,524
				18,551,773
Ireland — 0.8%
DCC PLC		59,029		3,267,710
Glanbia PLC		3,154		45,547
James Hardie Industries SE		91,821		960,655
Kerry Group PLC, Class A		1,689		119,081
Paddy Power PLC		380		27,380
Shire PLC		47,068		4,061,101
				8,481,474
Israel — 0.0%
Azrieli Group		2,567		88,170
Teva Pharmaceutical Industries Ltd.		671		36,113
				124,283
Italy — 2.3%
Assicurazioni Generali SpA		8,547		179,206
Banca Popolare di Milano Scarl (b)		84,862		67,981
Enel SpA		108,857		575,866
Fiat SpA (b)		921,239		8,878,644
GTECH SpA		12,773		302,300
Intesa Sanpaolo SpA		1,678,695		5,067,520
Mediobanca SpA (b)		161,799		1,382,376
Moncler SpA		38,346		546,274
Parmalat SpA		233,330		736,769
Prada SpA (a)		46,800		283,231
Recordati SpA		2,383		38,974
Snam SpA		256,547		1,416,602
UniCredit SpA		683,569		5,370,041
Unione di Banche Italiane SCpA		15,728		131,453
				24,977,237
Japan — 23.8%
ABC-Mart, Inc.		1,600		81,719
Asahi Group Holdings Ltd.		394,900		11,422,940
Asahi Kasei Corp.		225,000		1,829,775
Astellas Pharma, Inc.		836,600		12,459,961
Calbee, Inc.		40,100		1,310,634
Canon, Inc.		104,200		3,390,241
Central Japan Railway Co.		3,700		499,088
Chubu Electric Power Co., Inc. (b)		24,200		277,826
Citizen Holdings Co. Ltd.		68,400		449,146
COMSYS Holdings Corp.		7,300		126,003
Credit Saison Co. Ltd.		24,300		468,252
Daicel Corp.		178,000		1,926,363
Daikin Industries Ltd.		41,000		2,543,357
Dainippon Screen Manufacturing Co., Ltd.		46,000		234,945
Daito Trust Construction Co. Ltd.		13,000		1,537,284
Daiwa House Industry Co. Ltd.		322,500		5,793,684

2 INTERNATIONAL TILTS MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (continued) International TILTS Master Portfolio (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Japan (continued)
Daiwa Securities Group, Inc.		44,000	$	348,950
Disco Corp.		25,700		1,747,650
Dowa Holdings Co., Ltd.		118,000		983,293
East Japan Railway Co.		36,700		2,748,929
Eisai Co. Ltd.		21,300		861,546
Enplas Corp.		11,300		577,329
F@N Communications, Inc.		2,000		22,921
FANUC Corp.		57,300		10,362,860
Frontier Real Estate Investment Corp.		46		220,669
Fuji Heavy Industries Ltd.		187,400		6,207,940
Fujitsu General Ltd.		74,000		909,016
GungHo Online Entertainment, Inc. (a)		32,300		153,774
Hankyu Hanshin Holdings, Inc.		133,000		774,466
Haseko Corp.		158,300		1,223,290
Hazama Ando Corp.		110,700		707,833
Heiwa Corp.		2,300		45,445
Hitachi Capital Corp.		5,300		127,457
Hitachi Metals Ltd.		15,000		270,369
Hoya Corp.		173,900		5,839,604
Inpex Corp.		283,200		4,003,900
Japan Aviation Electronics Industry, Ltd.		1,000		22,810
Japan Tobacco, Inc.		282,200		9,170,209
JGC Corp.		44,000		1,202,148
JX Holdings, Inc.		142,800		658,416
The Kansai Electric Power Co., Inc. (b)		24,300		229,612
Kao Corp.		80,000		3,121,813
KDDI Corp.		143,700		8,644,451
Keihin Corp.		1,700		22,480
Kenedix, Inc. (b)		6,800		29,336
Keyence Corp.		17,300		7,511,423
Kikkoman Corp.		70,000		1,487,710
Kintetsu Corp.		20,000		67,282
KYB Co., Ltd.		105,000		472,868
Kyushu Electric Power Co., Inc. (b)		6,100		65,751
Lawson, Inc.		12,900		902,525
Lintec Corp.		45,800		968,173
M3, Inc.		3,300		52,920
Maeda Road Construction Co., Ltd.		5,000		77,716
Mazda Motor Corp.		50,200		1,262,754
Micronics Japan Co., Ltd.		6,800		382,166
Minebea Co., Ltd.		92,000		1,255,554
Miraca Holdings, Inc.		4,100		169,670
MISUMI Group, Inc.		2,400		72,518
Mitsubishi Corp.		511,300		10,471,548
Mitsubishi Electric Corp.		652,000		8,691,933
Mitsubishi Estate Co. Ltd.		66,000		1,487,462
Mitsubishi Materials Corp.		152,000		491,812
Mitsubishi Motors Corp.		4,400		53,372
Mitsui & Co. Ltd.		91,100		1,437,019
Common Stocks	Shares		Value
Japan (continued)
Mizuho Financial Group, Inc.		1,152,500	$	2,057,433
MS&AD Insurance Group Holdings, Inc.		63,600		1,387,251
Murata Manufacturing Co. Ltd.		23,700		2,693,869
Nabtesco Corp.		21,200		507,860
Nexon Co. Ltd.		206,900		1,706,295
Nidec Corp.		42,500		2,872,027
Nihon M&A Center, Inc.		3,300		95,735
Nippo Corp.		29,000		531,537
Nippon Building Fund, Inc.		25		131,643
Nippon Kayaku Co., Ltd.		10,000		122,313
Nippon Meat Packers, Inc.		226,000		4,798,594
Nippon Shokubai Co. Ltd.		6,000		66,896
Nippon Steel & Sumitomo Metal		297,000		771,052
Nippon Telegraph & Telephone Corp.		123,400		7,652,563
Nissan Chemical Industries Ltd.		45,600		809,300
Nissan Motor Co. Ltd.		1,056,000		10,222,233
Nomura Holdings, Inc.		811,600		4,828,488
Nomura Real Estate Holdings, Inc.		194,200		3,339,779
Obic Co., Ltd.		72,200		2,583,855
Omron Corp.		46,700		2,122,421
Oriental Land Co. Ltd.		36,300		6,859,862
ORIX Corp.		653,100		9,016,335
Osaka Gas Co. Ltd.		69,000		277,068
OSG Corp.		18,700		324,262
Otsuka Holdings Co. Ltd.		38,800		1,337,368
Panasonic Corp.		4,300		51,249
Pigeon Corp.		18,500		1,048,294
Santen Pharmaceutical Co. Ltd.		9,100		509,609
Sawai Pharmaceutical Co., Ltd.		4,200		241,587
Secom Co. Ltd.		9,200		548,085
Seibu Holdings, Inc.		5,500		109,830
Senshu Ikeda Holdings, Inc.		67,300		346,167
Shin-Etsu Chemical Co. Ltd.		21,000		1,375,902
Shionogi & Co. Ltd.		145,000		3,327,834
Ship Healthcare Holdings, Inc.		9,200		294,273
Shiseido Co. Ltd.		2,100		34,640
SHO-BOND Holdings Co., Ltd.		2,200		85,602
Showa Shell Sekiyu KK		311,600		2,972,791
Sojitz Corp.		48,100		75,514
Sumitomo Dainippon Pharma Co. Ltd.		30,600		390,385
Sumitomo Mitsui Trust Holdings, Inc.		1,325,000		5,516,578
Sumitomo Realty & Development Co. Ltd.		2,000		71,255
Tadano Ltd.		229,000		4,216,439
Taiheiyo Cement Corp.		342,000		1,289,892
Taisei Corp.		141,000		795,478
Takeda Pharmaceutical Co. Ltd.		95,400		4,147,265
Temp Holdings Co., Ltd.		700		21,306
Tohoku Electric Power Co., Inc.		8,400		95,469

INTERNATIONAL TILTS MASTER PORTFOLIO SEPTEMBER 30, 2014 3

Schedule of Investments (continued) International TILTS Master Portfolio (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Japan (concluded)
Tokio Marine Holdings, Inc.		273,400	$	8,482,939
The Tokyo Electric Power Co., Inc. (b)		116,200		406,851
Tosoh Corp.		8,000		32,458
Toyota Motor Corp.		43,400		2,553,619
Trend Micro, Inc.		73,400		2,487,032
TS Tech Co., Ltd.		29,400		715,035
United Arrows Ltd.		5,300		195,964
West Japan Railway Co.		25,700		1,150,148
Yahoo! Japan Corp.		136,800		519,970
Zenkoku Hosho Co., Ltd.		1,100		30,732
Zeon Corp.		193,000		1,972,492
				256,200,633
Netherlands — 3.2%
Aegon NV		279,825		2,304,137
ASM International NV		683		24,801
CNH Industrial NV		75,864		600,918
Heineken Holding NV		8,121		536,186
Heineken NV		24,888		1,858,736
Koninklijke Ahold NV		21,307		344,655
Koninklijke DSM NV		9,478		584,399
NN Group NV (b)		452		13,116
Reed Elsevier NV		57,047		1,294,188
Royal Dutch Shell PLC, A Shares		359,661		13,741,148
Royal Dutch Shell PLC, Class B		199,810		7,899,284
Unilever NV CVA		11,857		470,547
Wolters Kluwer NV		168,155		4,484,245
				34,156,360
New Zealand — 0.0%
Auckland International Airport Ltd.		12,753		38,313
Contact Energy Ltd.		10,113		47,212
Kiwi Income Property Trust		35,696		32,464
Ryman Healthcare Ltd.		7,086		43,180
Vector Ltd.		27,948		58,458
				219,627
Norway — 3.9%
BW LPG Ltd. (c)		21,119		266,562
DnB NOR ASA		588,309		11,009,668
DNO ASA (b)		29,098		91,113
Fred Olsen Energy ASA		125,820		2,310,927
Statoil ASA		481,579		13,111,362
Storebrand ASA (b)		251,060		1,397,531
Subsea 7 SA		430,937		6,154,087
Telenor ASA		361,893		7,942,638
				42,283,888
Portugal — 0.4%
CTT - Correios de Portugal SA		83,736		813,845
Common Stocks	Shares		Value
Portugal (concluded)
EDP - Energias de Portugal SA		688,452	$	3,002,100
				3,815,945
Singapore — 0.5%
CapitaLand Ltd.		557,000		1,395,426
ComfortDelGro Corp. Ltd.		756,000		1,420,095
Keppel Land Ltd.		16,000		43,867
M1, Ltd.		12,000		33,426
Oversea-Chinese Banking Corp. Ltd.		151,000		1,151,874
Singapore Telecommunications Ltd.		341,000		1,015,056
UOL Group Ltd.		34,000		175,990
				5,235,734
Spain — 6.9%
Abertis Infraestructuras SA		47,550		937,663
Acciona SA (b)		1,027		76,662
Acerinox SA		4,142		63,621
ACS Actividades de Construccion y Servicios SA		118,415		4,538,789
Amadeus IT Holding SA, Class A		307,599		11,483,061
Banco de Sabadell SA		12,049		35,577
Bankinter SA		76,583		647,411
Distribuidora Internacional de Alimentacion SA		38,539		276,179
Ebro Foods SA		6,658		126,109
EDP Renovaveis SA		12,578		87,215
Ferrovial SA		206,611		3,997,209
Gamesa Corp. Tecnologica SA (b)		398,744		4,382,629
Gas Natural SDG SA		81,144		2,386,987
Grifols SA		82,153		3,357,252
Iberdrola SA		1,941,858		13,880,198
Inmobiliaria Colonial SA (b)		87,924		62,189
Mapfre SA		36,444		128,806
Repsol SA		503,135		11,936,411
Sacyr SA (b)		135,743		727,556
Telefonica SA		1,014,419		15,666,886
				74,798,410
Sweden — 6.4%
Castellum AB		62,290		945,910
Hennes & Mauritz AB, Class B		117,695		4,866,684
Husqvarna AB, Class B		43,759		308,520
Industrivarden AB, Class C		1,200		20,890
Intrum Justitia AB		245,583		6,904,083
Investment AB Kinnevik, Class B		14,916		537,879
Investor AB, Class B		37,052		1,304,588
Meda AB, A Shares		74,951		1,050,358
NCC AB, -B Shares		18,079		598,436
Nordea Bank AB		948,117		12,290,825
Skandinaviska Enskilda Banken AB, Class A		957,087		12,733,688

4 INTERNATIONAL TILTS MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (continued) International TILTS Master Portfolio (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Sweden (concluded)
Svenska Handelsbanken AB, Class A		27,799	$	1,301,869
Swedbank AB, Class A		322,579		8,088,832
Swedish Orphan Biovitrum AB (b)		37,743		402,220
Telefonaktiebolaget LM Ericsson, Class B		1,098,853		13,855,286
TeliaSonera AB		191,296		1,319,205
Trelleborg AB, B Shares		138,329		2,390,746
				68,920,019
Switzerland — 6.8%
Actelion Ltd., Registered Shares (b)		19,363		2,267,910
Baloise Holding AG, Registered Shares		29,578		3,780,997
Cie Financiere Richemont SA, Registered Shares		68,243		5,578,259
EMS-Chemie Holding AG, Registered Shares		1,495		618,626
Georg Fischer AG, Registered Shares (b)		2,670		1,567,398
Logitech International SA (b)		2,952		37,800
Lonza Group AG, Registered Shares (b)		2,662		320,760
Nestle SA, Registered Shares		116,434		8,556,848
Novartis AG, Registered Shares		71,156		6,700,644
Pargesa Holding SA, Bearer Shares		182		14,466
Roche Holding AG		92,686		27,370,447
Sika AG - Bearer Shares		106		366,513
Swiss Life Holding AG, Registered Shares (b)		6,278		1,496,009
Swiss Re AG (b)		163,793		13,035,022
Swisscom AG, Registered Shares		1,435		813,405
Syngenta AG, Registered Shares		980		310,313
				72,835,417
United Kingdom — 14.6%
Admiral Group PLC		668		13,853
Afren PLC (b)		62,359		104,672
African Barrick Gold PLC		18,894		67,018
Ashtead Group PLC		1		17
AstraZeneca PLC		102,695		7,359,412
Babcock International Group PLC		235,055		4,147,724
Barclays PLC		934,488		3,437,214
BG Group PLC		159,353		2,941,790
BHP Billiton PLC		187,572		5,188,354
BP PLC		975,921		7,139,189
British American Tobacco PLC		49,693		2,800,229
British Sky Broadcasting Group PLC		568,605		8,110,093
Britvic PLC		475,215		5,129,523
BT Group PLC		1,189,731		7,297,819
Capita PLC		102,137		1,922,771
Centrica PLC		2,101,217		10,472,352
Common Stocks	Shares		Value
United Kingdom (concluded)
Close Brothers Group PLC		54,617	$	1,260,045
Daily Mail & General Trust PLC, Non-Voting A Shares		9,368		115,918
Derwent London PLC		8,337		367,817
Diageo PLC		134,330		3,874,362
Dixons Carphone PLC		158,924		942,266
easyJet PLC		118,785		2,733,471
Friends Life Group Ltd.		10,769		53,630
GlaxoSmithKline PLC		123,090		2,811,884
Greene King PLC		7,240		91,899
Hammerson PLC		81,850		759,852
Hikma Pharmaceuticals PLC		1,046		29,304
Howden Joinery Group PLC		261,334		1,432,709
HSBC Holdings PLC		1,812,962		18,422,026
IG Group Holdings PLC		23,384		224,917
Imperial Tobacco Group PLC		7,880		339,281
Intermediate Capital Group PLC		47,594		302,216
ITV PLC		1,959,734		6,580,145
J. Sainsbury PLC		872,984		3,549,908
Land Securities Group PLC (a)		1,459		24,497
Legal & General Group PLC		468,306		1,732,882
Lloyds Banking Group PLC (b)		8,366,334		10,408,283
Mondi PLC		2,400		39,141
Paragon Group of Cos. PLC		150,407		832,413
Provident Financial PLC		28,584		985,751
Qinetiq Group PLC		147,186		534,116
Reckitt Benckiser Group PLC		7,767		671,516
Rightmove PLC		22,618		786,632
Rio Tinto PLC		46,555		2,281,188
Rolls-Royce Holdings PLC (b)		2,183		33,975
SABMiller PLC		40,483		2,243,482
Schroders PLC		31,584		1,219,492
Smith & Nephew PLC		21,923		368,781
Spirax-Sarco Engineering PLC		16,733		763,541
SSE PLC		420,646		10,533,121
Standard Chartered PLC		89,977		1,659,613
Standard Life PLC		351,134		2,349,482
Tate & Lyle PLC		259,731		2,475,716
Taylor Wimpey PLC		20,451		37,207
Telecity Group PLC		31,056		375,815
Thomas Cook Group PLC (b)		469,951		904,018
Tui Travel PLC		185,439		1,167,120
Unilever PLC		3,766		157,637
United Utilities Group PLC		7,361		96,155
Vedanta Resources PLC		37,509		604,374
Vodafone Group PLC		1,295,413		4,268,674
				157,578,302
Total Common Stocks — 97.1%				1,045,873,618

INTERNATIONAL TILTS MASTER PORTFOLIO SEPTEMBER 30, 2014 5

Schedule of Investments (continued) International TILTS Master Portfolio (Percentages shown are based on Net Assets)

Rights	Shares		Value
Italy — 0.0%
Fiat SpA (Expires 10/06/14) (b)		921,239	$	12
Spain — 0.0%
Banco Bilbao Vizcaya Argentaria SA (Expires 10/13/14) (b)		19,624		1,958
Total Rights — 0.0%				1,970
Total Long-Term Investments (Cost — $1,066,496,112) — 97.1%				1,045,875,588
Short-Term Securities
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13% (d)(e)		4,532,167		4,532,167
Short-Term Securities	Shares		Value
BlackRock Cash Funds: Prime, SL Agency Shares, 0.12% (d)(e)(f)		1,084,122	$	1,084,122
Total Short-Term Securities (Cost — $5,616,289) — 0.5%				5,616,289
Total Investments (Cost — $1,072,112,401*) — 97.6%				1,051,491,877
Other Assets Less Liabilities — 2.4%				26,040,509
Net Assets — 100.0%			$	1,077,532,386

* As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	1,072,948,701
Gross unrealized appreciation	$	35,088,436
Gross unrealized depreciation		(56,545,260	)
Net unrealized depreciation	$	(21,456,824	)

Notes to Schedule of Investments

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

(b) Non-income producing security.

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

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

(e) Investments in issuers considered to be an affiliate of the Master Portfolio during the period ended September 30, 2014, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:

Affiliate	Shares Held at December 31, 2013		Net Activity			Shares Held at September 30, 2014		Income
BlackRock Cash Funds: Institutional, SL Agency Shares		6,130,217		(1,598,050	)1		4,532,167	$	7,466
BlackRock Cash Funds: Prime, SL Agency Shares		—		1,084,122	2		1,084,122	$	147,113
1    Represents net shares sold.
2    Represents net shares purchased.

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

Portfolio Abbreviations

FTSE	Financial Times Stock Exchange
EUR	Euro
USD	U.S. Dollar

6 INTERNATIONAL TILTS MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (continued) International TILTS Master Portfolio

Ÿ Financial futures contracts outstanding as of September 30, 2014 were as follows:

Contracts Purchased/ Sold		Issue	Exchange	Expiration	Notional Value			Unrealized Appreciation (Depreciation)
	23	SPI 200 Index	Australian Securities Exchange	December 2014		USD	2,659,681	$	(79,392	)
	32	Swiss Market Index	Eurex Mercantile	December 2014		USD	2,962,019		5,374
	66	FTSE 100 Index	Euronext Life	December 2014		USD	7,067,615		(183,581	)
	93	Nikkei 225 Index	Chicago Mercantile	December 2014		USD	6,868,475		239,272
	243	Euro Stoxx 50 Index	Eurex Mercantile	December 2014		USD	9,892,072		2,783
	Total							$	(15,544	)

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

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

Ÿ 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)

Ÿ Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Series’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 Series’ policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Series’ policy regarding valuation of investments and derivative financial instruments, please refer to the Series’ most recent financial statements as contained in its semi-annual report.

The following tables summarize the Series’ investments and derivative financial instruments categorized in the disclosure hierarchy as of September 30, 2014:

INTERNATIONAL TILTS MASTER PORTFOLIO SEPTEMBER 30, 2014 7

Schedule of Investments (concluded) International TILTS Master Portfolio

	Level 1			Level 2			Level 3	Total
Assets:
Investments:
Common Stocks:
Australia	$	15,846		$	65,593,797		—	$	65,609,643
Belgium		6,038,263			12,895,799		—		18,934,062
Bermuda		—			353,588		—		353,588
Denmark		—			48,484,857		—		48,484,857
Finland		6,617,964			15,855,669		—		22,473,633
France		2,656,307			63,951,749		—		66,608,056
Germany		—			55,230,677		—		55,230,677
Hong Kong		—			18,551,773		—		18,551,773
Ireland		119,081			8,362,393		—		8,481,474
Israel		88,170			36,113		—		124,283
Italy		736,769			24,240,468		—		24,977,237
Japan		—			256,200,633		—		256,200,633
Netherlands		13,116			34,143,244		—		34,156,360
New Zealand		32,464			187,163		—		219,627
Norway		6,154,087			36,129,801		—		42,283,888
Portugal		813,845			3,002,100		—		3,815,945
Singapore		—			5,235,734		—		5,235,734
Spain		62,189			74,736,221		—		74,798,410
Sweden		—			68,920,019		—		68,920,019
Switzerland		—			72,835,417		—		72,835,417
United Kingdom		67,018			157,511,284		—		157,578,302
Rights		1,970			—		—		1,970
Short-Term Securities		5,616,289			—		—		5,616,289
Total	$	29,033,378		$	1,022,458,499		—	$	1,051,491,877
	Level 1			Level 2			Level 3	Total
Derivative Financial Instruments 1
Assets:
Equity contracts	$	247,429			—		—	$	247,429
Liabilities:
Equity contracts	$	(262,973	)		—		—	$	(262,973	)
Total	$	(15,544	)	$	—		—	$	(15,544	)
1    Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
The Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
	Level 1			Level 2			Level 3	Total
Assets:
Cash pledged for financial futures contracts	$	1,542,000			—		—	$	1,542,000
Foreign currency at value		24,790,122			—		—		24,790,122
Liabilities:
Collateral on securities loaned at value		—		$	(1,084,122	)	—		(1,084,122	)
Total	$	26,332,122		$	(1,084,122	)	—	$	25,248,000

There were no transfers between levels for the period ending September 30, 2014.

8 INTERNATIONAL TILTS MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments September 30, 2014 (Unaudited) Money Market Master Portfolio (Percentages shown are based on Net Assets)

Certificates of Deposit	Par   (000)		Value
Yankee (a)
Australia & New Zealand Banking Group Ltd., 0.22%, 2/25/15 (b)	$	137,000	$	137,000,000
Bank of America N.A.:
0.25%, 12/15/14		200,000		200,000,000
0.25%, 3/02/15		200,000		200,000,000
Bank of Montreal, Chicago:
0.05%, 10/02/14		245,000		245,000,000
0.22%, 10/09/14 (b)		100,000		100,000,000
0.20%, 12/08/14 (b)		75,000		75,000,000
0.20%, 12/15/14 (b)		150,000		150,000,000
0.23%, 1/08/15 (b)		177,000		177,010,145
0.22%, 2/20/15 (b)		110,000		110,000,000
0.23%, 6/03/15 (b)		105,000		105,002,113
0.24%, 7/06/15 (b)		100,000		100,004,266
0.24%, 8/07/15 (b)		75,000		75,000,000
Bank of Nova Scotia, Houston (b):
0.40%, 11/10/14		142,700		142,724,770
0.26%, 11/25/14		75,000		74,999,969
0.26%, 12/05/14		175,000		175,000,000
0.23%, 4/08/15		150,000		150,000,000
Bank of Tokyo-Mitsubishi UFJ Ltd.:
0.10%, 10/02/14		555,000		555,000,000
0.08%, 10/07/14		150,000		150,000,000
BNP Paribas SA, New York:
0.07%, 10/01/14		165,000		165,000,000
0.06%, 10/02/14		120,000		120,000,000
0.29%, 10/10/14		200,000		200,000,000
0.29%, 1/15/15		200,000		200,000,000
0.29%, 1/26/15		200,000		200,000,000
Canadian Imperial Bank of Commerce, New York:
0.22%, 2/09/15		71,000		70,999,973
0.30%, 3/02/15 (b)		553,015		553,015,000
0.22%, 5/20/15 (b)		55,000		55,000,000
0.22%, 6/17/15 (b)		75,000		75,000,000
0.24%, 8/21/15 (b)		48,685		48,682,839
Credit Industriel et Commercial, New York:
0.32%, 10/14/14		152,250		152,250,000
0.32%, 11/03/14		100,000		100,000,000
0.32%, 11/17/14		72,000		72,000,000
0.30%, 1/15/15		225,000		225,000,000
Deutsche Bank AG, New York, 0.27%, 10/24/14 (b)		180,000		180,000,000
Mitsubishi UFJ Trust & Banking Corp., New York:
0.25%, 10/08/14		100,000		100,000,000
0.25%, 1/07/15		100,000		100,000,000
0.25%, 1/08/15		100,000		100,000,000
Certificates of Deposit	Par   (000)		Value
Yankee (continued)
Mitsubishi UFJ Trust & Banking Corp., New York (concluded):
0.26%, 3/10/15	$	500,000	$	500,000,000
Mizuho Bank Ltd., New York:
0.25%, 10/14/14		300,000		300,000,000
0.25%, 10/15/14		95,300		95,300,000
0.25%, 10/21/14		250,000		250,000,000
0.25%, 10/24/14		100,000		99,999,999
0.25%, 11/06/14		150,000		150,000,000
0.25%, 2/27/15		100,000		100,000,000
National Australia Bank Ltd., London, 0.22%, 10/23/14 (b)		340,000		340,000,003
National Bank of Canada, New York (b):
0.31%, 12/09/14		244,900		244,900,000
0.23%, 3/20/15		218,500		218,500,000
0.27%, 6/24/15		265,000		265,000,000
Natixis, NY, 0.26%, 11/03/14		304,500		304,500,000
Nordea Bank Finland PLC, New York:
0.21%, 10/10/14		100,000		99,999,875
0.24%, 2/17/15		150,000		150,000,000
Oversea-chinese Banking Corp. Ltd., New York, 0.25%, 11/07/14		100,000		100,000,000
Rabobank Nederland NV, New York (b):
0.24%, 11/14/14		60,500		60,500,000
0.29%, 3/17/15		511,000		511,000,000
0.29%, 6/12/15		279,000		279,000,000
Royal Bank of Canada, New York (b):
0.25%, 10/31/14		150,000		150,000,000
0.25%, 1/15/15		75,000		75,000,000
0.25%, 1/21/15		82,500		82,500,000
0.23%, 3/13/15		300,000		300,000,000
0.25%, 3/23/15		200,000		200,000,000
Sumitomo Mitsui Banking Corp., New York:
0.08%, 10/07/14		665,000		665,000,000
0.25%, 12/09/14		200,000		200,000,000
0.27%, 1/16/15		78,000		77,995,365
0.25%, 2/25/15		175,000		175,000,000
0.25%, 3/05/15		400,000		400,000,000
Sumitomo Mitsui Trust Bank Ltd.:
0.25%, 1/05/15		200,000		200,000,000
0.26%, 2/06/15		250,000		250,000,000
0.26%, 2/20/15		200,000		200,000,000
Toronto-Dominion Bank, New York:
0.24%, 10/03/14		150,000		150,000,000
0.25%, 10/10/14		100,000		100,000,000
0.25%, 11/06/14		133,000		133,000,000
0.23%, 1/26/15		200,000		200,000,000
0.24%, 4/22/15		185,000		185,000,000

MONEY MARKET MASTER PORTFOLIO SEPTEMBER 30, 2014 1

Schedule of Investments (continued) Money Market Master Portfolio (Percentages shown are based on Net Assets)

Certificates of Deposit	Par   (000)		Value
Yankee (concluded)
UBS AG, Stamford, 0.25%, 3/05/15 (b)	$	358,000	$	358,000,000
Wells Fargo Bank NA (b):
0.23%, 12/04/14		150,000		150,000,000
0.25%, 2/12/15		100,000		100,000,000
0.25%, 2/17/15		150,000		150,000,000
0.24%, 7/09/15		134,000		134,000,000
0.26%, 9/08/15		150,000		150,000,000
Total Certificates of Deposit — 38.4%				14,492,884,317
Commercial Paper
ABN Amro Funding USA, 0.27%, 10/17/14 (c)		232,400		232,372,112
Alpine Securitization Corp., 0.26%, 12/04/14 (c)		100,000		99,953,778
ANZ New Zealand International Ltd. (b):
0.24%, 12/04/14		125,000		125,003,324
0.24%, 4/28/15		100,000		100,000,000
0.25%, 5/08/15		75,000		75,000,000
0.24%, 5/12/15 (d)		75,000		75,000,000
Atlantic Asset Securitization LLC, 0.20%, 12/22/14 (c)		98,100		98,055,310
Australia & New Zealand Banking Group Ltd., 0.23%, 3/05/15 (b)		91,000		91,000,000
Bank of Nova Scotia (The), 0.25%, 3/24/15 (c)		150,000		149,818,750
Barclays Bank PLC (c):
0.23%, 10/01/14		50,000		50,000,000
0.25%, 10/03/14		99,000		98,998,625
Bedford Row Funding Corp.:
0.30%, 2/12/15 (c)		85,000		84,905,083
0.26%, 3/12/15 (b)		62,500		62,500,000
BNP Paribas Finance, Inc. (c):
0.25%, 11/03/14		128,500		128,470,552
0.26%, 1/05/15		150,000		149,896,000
BNP Paribas Finance, Inc., 0.26%, 1/05/15 (c)
Charta LLC (c):
0.24%, 1/05/15		100,000		99,936,000
0.25%, 2/04/15		50,000		49,956,250
Ciesco LLC, 0.25%, 2/04/15 (c)		100,000		99,912,500
Collateralized Commercial Paper Co. LLC (c):
0.25%, 12/15/14		135,000		134,929,687
0.30%, 1/15/15		200,000		199,823,333
0.27%, 2/02/15		150,000		149,860,500
0.29%, 2/20/15		100,000		99,885,611
0.39%, 5/21/15		113,410		113,124,963
0.38%, 6/22/15		100,000		99,721,333
Commercial Paper	Par   (000)		Value
Commonwealth Bank of Australia (b):
0.24%, 11/14/14	$	65,000	$	65,000,000
0.22%, 3/19/15 (d)		180,000		179,991,856
0.24%, 3/30/15 (d)		150,000		150,000,000
0.23%, 5/18/15		143,000		143,012,691
0.23%, 6/15/15 (d)		210,000		210,000,000
0.24%, 7/20/15		110,000		109,996,243
0.23%, 7/23/15 (d)		100,000		99,995,903
CRC Funding LLC, 0.25%, 2/04/15 (c)		100,000		99,912,500
Credit Suisse, New York (c):
0.29%, 10/03/14		100,000		99,998,389
0.26%, 10/21/14		175,000		174,974,722
0.29%, 11/17/14		250,000		249,905,347
DBS Bank, Ltd., 0.23%, 3/25/15 (c)		81,700		81,608,655
DNB Bank ASA (c):
0.24%, 10/06/14		100,000		99,996,736
0.19%, 1/26/15		53,900		53,866,717
0.23%, 3/03/15		150,000		149,853,375
0.22%, 4/01/15		150,000		149,829,375
Fortis Funding LLC (c):
0.07%, 10/01/14		165,000		165,000,000
0.06%, 10/02/14		120,000		119,999,800
Gemini Securitization Corp. (c):
0.33%, 10/01/14		175,000		175,000,000
0.25%, 10/02/14		100,000		99,999,306
0.31%, 10/27/14		150,000		149,966,417
HSBC Bank PLC (b):
0.24%, 10/22/14 (d)		75,000		75,000,000
0.24%, 11/19/14		242,500		242,500,000
0.23%, 5/07/15		135,000		135,000,000
0.23%, 5/08/15		66,500		66,500,000
0.23%, 7/06/15		175,000		175,000,000
ING (US) Funding LLC (c):
0.23%, 10/02/14		190,000		189,998,786
0.24%, 11/10/14		150,000		149,960,000
0.23%, 11/20/14		150,000		149,952,083
0.23%, 12/04/14		125,000		124,948,889
0.23%, 12/12/14		100,000		99,954,000
0.23%, 1/09/15		200,000		199,872,222
Kells Funding LLC (b):
0.20%, 12/12/14 (d)		75,000		74,998,452
0.24%, 1/07/15 (d)		175,000		174,999,165
0.25%, 1/15/15 (d)		100,000		100,000,000
0.24%, 1/27/15 (d)		100,000		99,998,305
0.24%, 3/25/15		100,000		100,000,000
0.24%, 3/27/15 (d)		78,000		78,000,000
0.24%, 4/10/15 (d)		100,000		100,000,000
0.24%, 4/23/15 (d)		165,000		165,000,000
LMA SA LMA AMERICAS (c)(d):
0.23%, 10/27/14		100,000		99,983,389
0.24%, 11/14/14		100,000		99,970,667

2 MONEY MARKET MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (continued) Money Market Master Portfolio (Percentages shown are based on Net Assets)

Commercial Paper	Par   (000)		Value
Matchpoint Master Trust, 0.26%, 11/21/14 (c)	$	70,000	$	69,974,217
Mont Blanc Capital Corp., 0.22%, 1/08/15 (c)		46,600		46,571,807
National Austalia Funding Delaware, Inc. (b)(d):
0.23%, 8/11/15		150,000		150,000,000
0.23%, 8/18/15		150,000		149,987,746
Nederlandse Waterschapsbank NV (b):
0.23%, 10/29/14		50,000		50,000,023
0.23%, 10/31/14		125,000		125,000,000
Nordea Bank AB (c):
0.22%, 10/24/14		100,000		99,985,625
0.22%, 10/29/14		47,500		47,491,872
0.22%, 4/02/15		75,000		74,914,219
Old Line Funding LLC (c):
0.22%, 10/15/14		46,000		45,996,064
0.22%, 3/06/15		50,000		49,952,333
Prudential Financial, Inc., 0.05%, 10/01/14 (c)		40,000		40,000,000
Rabobank USA Financial Corp., 0.21%, 11/12/14 (c)		4,000		3,999,020
Salisbury Receivables Co., 0.28%, 3/06/15 (c)		68,000		67,917,493
Skandinaviska Enskilda Banken AB (c):
0.24%, 11/05/14		100,000		99,976,180
0.24%, 12/10/14		100,000		99,954,306
0.25%, 2/12/15		150,000		149,860,417
0.25%, 2/13/15		150,000		149,859,375
Sumitomo Mitsui Trust Bank Ltd., 0.25%, 10/31/14 (c)(d)		100,000		99,979,167
Svenska Handelsbanken, Inc., New York (c):
0.22%, 10/01/14		47,000		47,000,000
0.22%, 4/01/15		100,000		99,886,250
Toyota Credit Canada Inc. (c):
0.30%, 5/06/15		50,000		49,909,583
0.30%, 5/07/15		50,000		49,909,167
Toyota Motor Credit Corp., 0.23%, 3/09/15 (c)		150,000		149,847,624
Versailles Commercial Paper LLC, 0.23%, 1/05/15 (c)		100,000		99,938,667
Westpac Banking Corp., New York (b)(d):
0.22%, 3/13/15		60,000		59,997,569
0.23%, 4/09/15		160,000		160,000,000
0.24%, 4/23/15		300,000		300,000,000
0.23%, 7/30/15		150,000		150,000,000
Westpac Securities NZ Ltd., London (b):
0.25%, 1/29/15		100,000		100,000,000
Commercial Paper	Par   (000)		Value
Westpac Securities NZ Ltd., London (b) (concluded):
0.26%, 8/13/15 (d)	$	175,000	$	175,000,000
Total Commercial Paper — 29.8%				11,260,576,425
Corporate Notes
Bank of Nova Scotia, 3.40%, 1/22/15		75,750		76,459,644
National Australia Bank Ltd., 3.75%, 3/02/15 (d)		22,982		23,309,979
Svenska Handelsbanken AB, 0.28%, 3/13/15 (b)(d)		295,800		295,800,000
Toyota Motor Credit Corp., Medium Term Note, 1.25%, 11/17/14		68,800		68,885,451
Wells Fargo Bank NA, 0.51%, 7/20/15 (b)		49,000		49,105,778
Total Corporate Notes — 1.3%				513,560,852
Time Deposits — 0.8%
Bank of Tokyo-Mitsubishi UFJ Ltd., 0.01%, 10/01/14		300,000		300,000,000
U.S. Government Sponsored Agency Obligations
Federal Farm Credit Bank (b):
0.13%, 7/17/15 — 10/03/16		174,500		174,462,770
0.16%, 8/01/16		75,000		74,986,084
0.17%, 2/05/16		100,000		99,986,353
0.19%, 2/16/16 — 3/24/17		245,800		245,791,519
0.20%, 2/24/16 — 3/30/16		167,550		167,609,017
0.25%, 11/21/16		32,000		32,059,126
Federal Home Loan Bank:
0.07%, 10/15/14 (c)		239,000		238,993,494
0.12%, 6/05/15 (b)		100,000		100,000,000
0.14%, 9/08/15 (b)		100,000		99,985,780
0.15%, 9/17/15 (b)		100,000		99,985,057

MONEY MARKET MASTER PORTFOLIO SEPTEMBER 30, 2014 3

Schedule of Investments (continued) Money Market Master Portfolio (Percentages shown are based on Net Assets)

U.S. Government Sponsored Agency Obligations	Par   (000)		Value
Federal Home Loan Bank Variable Rate Notes, 0.15%, 5/20/16 — 5/27/16 (b)	$	125,000	$	124,968,658
Total U.S. Government Sponsored Agency Obligations — 3.9%				1,458,827,858
Repurchase Agreements
BNP Paribas Securities Corp., 0.13%, 10/01/14 (Purchased on 3/25/13 to be repurchased at $131,062,145, collateralized by various Corporate Debt Obligations, 0.15% to 8.75%, due 11/20/14 to 9/25/47, original par and fair value of $1,778,440,198 and $152,873,252, respectively)		130,800		130,800,000
Total Value of BNP Paribas Securities Corp. (collateral value of $152,873,252)				130,800,000
Citigroup Global Markets, Inc., 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $78,000,000, collateralized by various U.S. Treasury Obligations, 0.50% to 2.13%, due 4/15/15 to 6/30/21, original par and fair value of $77,399,712 and $79,560,030, respectively) (e)		78,000		78,000,000
Citigroup Global Markets, Inc., 0.08%, 10/01/14 (Purchased on 9/29/14 to be repurchased at $100,000,444, collateralized by various U.S. Treasury Obligations, 0.50% to 0.88%, due 10/15/14 to 9/15/16, original par and fair value of $101,639,500 and $102,000,091, respectively)		100,000		100,000,000
Total Value of Citigroup Global Markets, Inc. (collateral value of $181,560,121)				178,000,000
Repurchase Agreements	Par   (000)		Value
Credit Suisse Securities (USA) LLC, 0.10%, 10/01/14 (Purchased on 9/03/14 to be repurchased at $14,001,089, collateralized by various Corporate Debt Obligations, 0.00% to 3.24%, due 4/16/26 to 3/15/47, original par and fair value of $158,265,000 and $17,500,173, respectively)	$	14,000	$	14,000,000
Credit Suisse Securities (USA) LLC, 0.38%, 10/01/14 (Purchased on 9/18/14 to be repurchased at $384,907,811, collateralized by various Corporate Debt Obligations, 0.00% to 6.38%, due 11/26/18 to 12/25/65, original par and fair value of $1,074,202,612 and $481,077,066, respectively)		384,855		384,855,000
Credit Suisse Securities (USA) LLC, 0.48%, 11/04/14 (Purchased on 3/25/13 to be repurchased at $151,178,000, collateralized by various U.S. Government Sponsored Agency Obligations, 2.75% to 7.50%, due 11/25/26 to 10/16/54, original par and fair value of $1,653,309,241 and $160,500,156, respectively) (f)		150,000		150,000,000
Credit Suisse Securities (USA) LLC, 0.48%, 11/04/14 (Purchased on 3/25/13 to be repurchased at $251,963,333, collateralized by various U.S. Government Sponsored Agency Obligations, 0.00% to 51.42%, due 10/25/18 to 10/25/44, original par and fair value of $805,528,242 and $267,502,813, respectively) (f)		250,000		250,000,000
Credit Suisse Securities (USA) LLC, 0.38%, 10/02/14 (Purchased on 9/25/14 to be repurchased at $154,711,431, collateralized by a Corporate Debt Obligation, 5.00%, due 3/25/54, original par and fair value of $77,580,000 and $193,375,443, respectively)		154,700		154,700,000

4 MONEY MARKET MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (continued) Money Market Master Portfolio (Percentages shown are based on Net Assets)

Repurchase Agreements	Par   (000)		Value
Total Value of Credit Suisse Securities (USA) LLC (collateral value of $1,119,955,651)			$	953,555,000
Deutsche Bank Securities, Inc., 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $78,000,000, collateralized by various U.S. Government Sponsored Agency Obligations, 0.00% to 1.50%, due 12/31/18 to 8/15/39, original par and fair value of $115,663,704 and $79,560,004, respectively) (e)	$	78,000		78,000,000
Deutsche Bank Securities, Inc., 0.36%, 10/07/14 (Purchased on 7/01/14 to be repurchased at $253,247,940, collateralized by various Corporate Debt Obligations, 0.00% to 11.25%, due 10/01/14 to 5/15/68, original par and fair value of $334,872,992 and $303,249,860, respectively) (f)		253,000		253,000,000
Total Value of Deutsche Bank Securities, Inc. (collateral value of $382,809,864)				331,000,000
Federal Reserve Bank of New York, 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $4,000,000,000, collateralized by various U.S. Treasury Obligations, 2.00% to 3.88%, due 11/15/21 to 8/15/40, orginal par and fair value of $3,505,971,635 and $4,000,000,001, respectively)		4,000,000		4,000,000,000
Total Value of Federal Reserve Bank of New York (collateral value of $4,000,000,001)				4,000,000,000
Goldman Sachs & Co., 0.13%, 10/02/14 (Purchased on 9/25/14 to be repurchased at $530,013,397, collateralized by various U.S. Government Debt Obligations, 0.00% to 17.15%, due 11/25/24 to 10/15/49, orginal par and fair value of $16,199,800,564 and $569,121,781, respectively)		530,000		530,000,000
Repurchase Agreements	Par   (000)		Value
Goldman Sachs & Co., 0.10%, 10/07/14 (Purchased on 9/30/14 to be repurchased at $280,005,444, collateralized by various U.S. Government Debt Obligations, 1.92% to 6.45%, due 3/15/37 to 9/15/44, original par and fair value of $2,950,261,763 and $299,600,000, respectively)	$	280,000	$	280,000,000
Total Value of Goldman Sachs & Co. (collateral value of $868,721,781)				810,000,000
HSBC Securities (USA) Inc., 0.15%, 10/01/14 (Purchased on 8/01/14 to be repurchased at $35,008,896, collateralized by various Corporate Debt Obligations, 4.88% to 7.88%, due 5/15/19 to 3/15/23, par and fair value of $36,917,000 and $36,753,730, respectively)		35,000		35,000,000
HSBC Securities (USA) Inc., 0.15%, 10/01/14 (Purchased on 1/08/14 to be repurchased at $15,016,625, collateralized by a Corporate Debt Obligation, 5.75%, due 3/15/23, original par and fair value of $15,630,000 and $15,753,086, respectively)		15,000		15,000,000
HSBC Securities (USA) Inc., 0.23%, 10/01/14 (Purchased on 3/11/14 to be repurchased at $210,273,700, collateralized by various Corporate Debt Obligations, 0.00% to 10.35%, due 11/01/14 to 8/15/37, original par and fair value of $203,603,000 and $217,839,942, respectively)		210,000		210,000,000
Total Value of HSBC Securities (USA) Inc. (collateral value of $270,346,758)				260,000,000
J.P. Morgan Securities LLC, 0.38%, 10/01/14 (Purchased on 3/25/13 to be repurchased at $60,351,500, collateralized by various Corporate Debt Obligations, 0.26% to 8.45%, due 6/20/31 to 7/25/37, original par and fair value of $360,809,554 and $75,000,483, respectively)		60,000		60,000,000

MONEY MARKET MASTER PORTFOLIO SEPTEMBER 30, 2014 5

Schedule of Investments (continued) Money Market Master Portfolio (Percentages shown are based on Net Assets)

Repurchase Agreements	Par   (000)		Value
J.P. Morgan Securities LLC, 0.43%, 11/04/14 (Purchased on 6/12/14 to be repurchased at $150,259,792, collateralized by various Corporate Debt Obligations, 0.00% to 7.45%, due 5/25/19 to 9/15/47, original par and fair value of $896,906,016 and $160,502,460, respectively) (f)	$	150,000	$	150,000,000
J.P. Morgan Securities LLC, 0.48%, 12/30/14 (Purchased on 5/23/14 to be repurchased at $200,589,333, collateralized by various Corporate Debt Obligations, 0.00% to 8.20%, due 1/12/15 to 6/15/44, original par and fair value of $201,271,487 and $210,003,431, respectively) (f)		200,000		200,000,000
J.P. Morgan Securities LLC, 0.52%, 11/04/14 (Purchased on 9/22/14 to be repurchased at $150,093,167, collateralized by various Corporate Debt Obligations, 0.26% to 7.50%, due 7/25/27 to 9/25/37, original par and fair value of $498,773,617 and $187,501,961, respectively) (f)		150,000		150,000,000
J.P. Morgan Securities LLC, 0.61%, 12/30/14 (Purchased on 9/22/14 to be repurchased at $150,022,875, collateralized by various Corporate Debt Obligations, 0.29% to 7.62%, due 4/19/26 to 9/25/46, original par and fair value of $349,621,558 and $187,501,775, respectively) (f)		150,000		150,000,000
J.P. Morgan Securities LLC, 0.53%, 11/18/14 (Purchased on 8/18/14 to be repurchased at $118,159,824, collateralized by various Corporate Debt Obligations, 0.00% to 4.57%, due 11/18/14 to 6/01/43, par and fair value of $210,452,879 and $147,501,703, respectively)		118,000		118,000,000
Total Value of J.P. Morgan Securities LLC (collateral value of $893,011,330)				828,000,000
Repurchase Agreements	Par   (000)		Value
Morgan Stanley & Co. LLC, 0.03%, 10/01/14 (Purchased on 9/26/14 to be repurchased at $50,000,208, collateralized by various U.S. Treasury Obligations, 0.00% to 6.25%, due 11/30/14 to 5/15/30, original par and fair value of $48,910,477 and $51,000,000, respectively)	$	50,000	$	50,000,000
Morgan Stanley & Co. LLC, 0.04%, 10/06/14 (Purchased on 9/29/14 to be repurchased at $1,200,009,333, collateralized by various U.S. Government Agency Debt Obligations, 0.00% to 11.00%, due 10/14/14 to 9/15/44, original par and fair value of $1,662,489,670 and $1,224,000,000, respectively)		1,200,000		1,200,000,000
Total Value of Morgan Stanley & Co. LLC (collateral value of $1,275,000,000)				1,250,000,000
RBC Capital Markets LLC, 0.10%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $220,000,611, collateralized by various Corporate Debt Obligations, 0.00% to 11.00%, due 3/15/15 to 3/15/45, original par and fair value of $270,041,942 and $231,000,001, respectively)		220,000		220,000,000
RBC Capital Markets LLC, 0.11%, 10/01/14 (Purchased on 3/28/14 to be repurchased at $72,041,140, collateralized by various U.S. Government Sponsored Agency Obligations, 0.00% to 6.75%, due 11/20/14 to 3/28/33, original par and fair value of $73,225,685 and $73,440,853, respectively)		72,000		72,000,000
RBC Capital Markets LLC, 0.11%, 10/01/14 (Purchased on 6/12/14 to be repurchased at $51,017,298, collateralized by various Corporate Debt Obligations, 0.00% to 10.75%, due 3/08/16 to 8/1/69, original par and fair value of $48,985,127 and $53,550,000, respectively)		51,000		51,000,000

6 MONEY MARKET MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (continued) Money Market Master Portfolio (Percentages shown are based on Net Assets)

Repurchase Agreements	Par   (000)		Value
Total Value of RBC Capital Markets LLC (collateral value of $357,990,854)			$	343,000,000
SG Americas Securities LLC, 0.27%, 10/01/14 (Purchased on 12/17/13 to be repurchased at $50,108,000, collateralized by various Corporate Debt Obligations, 2.10% to 9.80%, due 12/15/14 to 6/15/42, original par and fair value of $44,593,597 and $54,903,282, respectively)	$	50,000		50,000,000
Total Value of SG Americas Securities LLC (collateral value of $54,903,282)				50,000,000
Wells Fargo Securities, LLC, 0.23%, 10/01/14 (Purchased on 8/05/14 to be repurchased at $320,116,533, collateralized by various Corporate Debt Obligations, 0.47% to 9.88%, due 10/01/14 to 12/31/49, original par and fair value of $391,098,155 and $361,665,931, respectively)		320,000		320,000,000
Wells Fargo Securities, LLC, 0.46%, 10/15/14 (Purchased on 7/15/14 to be repurchased at $93,124,344, collateralized by various Corporate Debt Obligations, 1.30% to 10.50%, due 7/27/15 to 11/15/67, original par and fair value of $88,875,058 and $97,665,751, respectively)		93,015		93,015,000
Repurchase Agreements	Par   (000)		Value
Wells Fargo Securities, LLC, 0.40%, 11/05/14 (Purchased on 8/07/14 to be repurchased at $139,139,000, collateralized by various Corporate Debt Obligations, 0.95% to 9.95%, due 9/22/15 to 1/15/87, original par and fair value of $135,111,654 and $145,950,000, respectively)	$	139,000	$	139,000,000
Wells Fargo Securities, LLC, 0.48%, 12/15/14 (Purchased on 9/16/14 to be repurchased at $88,105,600, collateralized by various Corporate Debt Obligations, 0.00% to 2.26%, due 10/17/16 to 11/15/46, original par and fair value of $125,258,175 and $94,160,000, respectively)		88,000		88,000,000
Total Value of Wells Fargo Securities, LLC (collateral value of $754,344,964)				640,015,000
Total Repurchase Agreements — 25.9%				9,774,370,000
Total Investments (Cost — $37,800,219,453) — 100.1%				37,800,219,452
Liabilities in Excess of Other Assets — (0.1)%				(27,169,309	)
Net Assets — 100.0%			$	37,773,050,143

Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Issuer is a US branch of foreign domiciled bank.

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

(c) Rates shown are discount rates or a range of discount rates paid at the time of purchase.

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

(e) Traded in a joint account.

(f) Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

MONEY MARKET MASTER PORTFOLIO SEPTEMBER 30, 2014 7

Schedule of Investments (concluded) Money Market Master Portfolio

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

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

Ÿ 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)

Ÿ 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)

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 following table summarizes the Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1	Level 2		Level 3	Total
Assets:
Investments:
Short-Term Securities1	—	$	37,800,219,452	—	$	37,800,219,452
1    See above Schedule of Investments for values in each security type.

The Master Portfolio may hold assets in which the fair value approximates the carrying amount for financial statement purposes. As of September 30, 2014, cash overdraft of $33,226,550 is categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the period ended September 30, 2014.

8 MONEY MARKET MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments September 30, 2014 (Unaudited) Prime Money Market Master Portfolio (Percentages shown are based on Net Assets)

Certificates of Deposit	Par   (000)		Value
Yankee (a)
Australia & New Zealand Banking Group Ltd., 0.22%, 3/09/15 (b)	$	100,000	$	99,997,782
Bank of Montreal, Chicago:
0.05%, 10/02/14		120,000		120,000,000
0.22%, 10/09/14 (b)		50,000		50,000,000
0.18%, 11/19/14		75,000		75,000,000
0.20%, 12/08/14 (b)		75,000		75,000,000
0.20%, 12/15/14 (b)		50,000		50,000,000
0.21%, 1/08/15 (b)		40,000		40,002,293
0.22%, 2/20/15 (b)		40,000		40,000,000
0.23%, 6/03/15 (b)		75,000		75,001,509
0.24%, 8/07/15 (b)		75,000		75,000,000
Bank of Nova Scotia, Houston:
0.24%, 2/17/15		100,000		100,000,000
0.23%, 3/03/15		100,000		100,000,000
0.24%, 3/19/15		110,000		110,000,000
0.23%, 4/8/15 (b)		50,000		50,000,000
Bank of Tokyo-Mitsubishi UFJ Ltd., 0.10%, 10/02/14		285,000		285,000,000
BNP Paribas SA, NY:
0.07%, 10/01/14		85,000		85,000,000
0.06%, 10/02/14		130,000		130,000,000
0.26%, 10/02/14		100,000		100,000,000
Canadian Imperial Bank of Commerce, New York:
0.22%, 2/09/15		75,000		74,999,976
0.30%, 3/02/15 (b)		162,470		162,470,000
0.22%, 5/20/15 (b)		50,000		50,000,000
0.22%, 6/17/15 (b)		75,000		75,000,000
0.24%, 8/21/15 (b)		25,000		24,998,891
Credit Industriel Et Commercial, New York:
0.32%, 10/14/14		53,000		53,000,000
0.32%, 11/17/14		25,000		25,000,000
0.30%, 1/02/15		60,000		60,000,000
0.30%, 1/15/15		135,000		135,013,211
Mitsubishi UFJ Trust & Banking Corp., New York:
0.25%, 10/08/14		50,000		50,000,000
0.21%, 11/06/14		100,000		100,000,000
0.25%, 1/07/15		100,000		100,000,000
0.26%, 3/10/15		50,000		50,000,000
Mizuho Bank Ltd., New York:
0.21%, 11/03/14		75,000		74,999,999
0.23%, 11/03/14		50,000		50,000,000
0.21%, 12/16/14		75,000		75,000,000
National Bank of Canada, New York (b):
0.23%, 3/20/15		60,000		60,000,000
0.27%, 6/24/15		70,000		70,000,000
Nordea Bank FLD PLC, 0.21%, 10/10/14		86,450		86,449,892
Certificates of Deposit	Par   (000)		Value
Yankee (concluded)
Rabobank Nederland, New York:
0.24%, 11/14/14	$	75,000	$	75,000,000
0.29%, 6/12/15 (b)		50,000		50,000,000
0.25%, 7/17/15 (b)		100,000		100,000,000
Royal Bank of Canada, New York:
0.24%, 10/23/14		75,000		75,000,000
0.25%, 10/31/14 (b)		53,000		53,000,000
0.25%, 12/05/14 (b)		43,000		43,000,000
0.25%, 1/21/15 (b)		40,000		40,000,000
0.23%, 3/13/15 (b)		50,000		50,000,000
0.25%, 9/03/15 (b)		100,000		100,000,000
Sumitomo Mitsui Banking Corp.:
0.08%, 10/07/14		325,000		325,000,000
0.21%, 12/02/14		50,000		50,000,000
0.22%, 1/02/15		100,000		100,000,000
0.25%, 2/25/15		125,000		125,000,000
Svenska Handelsbanken, Inc., 0.21%, 1/16/15		75,000		75,001,111
Toronto-Dominion Bank, New York:
0.24%, 10/03/14		150,000		150,000,000
0.23%, 1/22/15		50,000		50,000,000
0.24%, 4/22/15		125,000		125,000,000
0.27%, 6/01/15		75,000		75,000,000
0.25%, 9/04/15 (b)		100,000		100,000,000
UBS AG, Stamford, 0.25%, 3/05/15 (b)		123,000		123,000,000
Wells Fargo Bank NA (b):
0.23%, 12/04/14		50,000		50,000,000
0.25%, 2/12/15		50,000		50,000,000
0.25%, 7/01/15		75,000		75,000,000
0.24%, 7/09/15		100,000		100,000,000
Total Certificates of Deposit — 27.9%				5,195,934,664
Commercial Paper
Alpine Securitization, 0.26%, 12/04/14 (c)		50,000		49,976,889
ASB Finance Ltd.:
0.22%, 2/19/15 (b)		46,500		46,500,000
0.22%, 2/25/15 (c)		100,000		99,910,167
Australia & New Zealand Banking Group Ltd. (a)(b):
0.23%, 12/04/14		75,000		75,001,994
0.25%, 5/08/15		25,000		25,000,000
Australia & New Zealand Banking International Group Ltd., London (a)(b):
0.24%, 5/12/15 (d)		25,000		25,000,000
0.25%, 6/03/15		100,000		100,000,000
Bank of Nederlandse Gemeenten, 0.21%, 2/13/15 (c)(d)		70,235		70,179,690

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014 1

Schedule of Investments (continued) Prime Money Market Master Portfolio (Percentages shown are based on Net Assets)

Commercial Paper	Par   (000)		Value
Bank of Nova Scotia, Houston (c):
0.25%, 3/24/15	$	50,000	$	49,939,583
0.27%, 4/28/15		75,000		74,882,438
Barton Capital LLC, 0.20%, 11/12/14 (c)		75,000		74,982,500
Bedford Row Funding Corp. (c):
0.30%, 11/25/14		25,000		24,988,542
0.30%, 3/17/15		33,700		33,653,101
0.35%, 8/07/15		100,000		99,698,611
BNP Paribas Finance, Inc. (c):
0.21%, 12/04/14		100,000		99,962,667
0.26%, 1/22/15		150,000		149,879,937
Cafco LLC, 0.24%, 1/05/15 (c)		70,150		70,105,104
Caisse Centrale Desjardins du Quebec (c):
0.19%, 10/06/14 (d)		50,000		49,998,681
0.20%, 10/30/14 (d)		50,000		49,991,944
0.19%, 11/19/14		50,000		49,987,069
Caisse des Depots et Consignations (c):
0.23%, 4/17/15		75,000		74,905,125
0.23%, 5/05/15		48,196		48,129,490
0.27%, 6/22/15		50,000		49,901,000
Cancara Asset Securitisation LLC, 0.20%, 12/15/14 (c)		183,000		182,923,750
Chariot Funding LLC, 0.22%, 10/10/14 (c)		25,000		24,998,625
Charta LLC (c):
0.25%, 2/04/15		100,000		99,912,500
0.25%, 2/09/15		50,000		49,954,514
0.25%, 2/17/15		43,000		42,958,493
Collateralized Commercial Paper Co. LLC (c):
0.25%, 1/05/15		100,000		99,933,333
0.29%, 2/20/15		50,000		49,942,806
0.30%, 3/16/15		50,000		49,930,833
0.39%, 5/21/15		55,955		55,814,366
Commonwealth Bank of Australia (a):
0.24%, 11/14/14		85,000		85,000,000
0.24%, 11/24/14		48,500		48,500,000
0.24%, 3/30/15 (d)		50,000		50,000,000
0.23%, 5/07/15 (d)		25,000		25,001,517
0.24%, 6/29/15 (d)		60,000		60,000,000
0.24%, 7/08/15 (b)		75,000		75,000,000
0.24%, 7/20/15 (b)		45,000		44,998,463
CPPIB Capital, Inc. (c):
0.30%, 2/09/15		78,100		78,014,741
0.30%, 3/26/15		38,550		38,493,460
CRC Funding LLC, 0.25%, 2/04/15 (c)		50,000		49,956,250
Credit Suisse, New York (c):
0.26%, 10/21/14		25,000		24,996,389
0.26%, 11/21/14		75,000		74,972,375
Commercial Paper	Par   (000)		Value
DBS BANK Ltd. (c):
0.23%, 10/07/14	$	100,000	$	99,996,167
0.23%, 2/23/15		30,000		29,972,208
0.23%, 3/16/15		150,000		149,840,917
0.24%, 4/02/15		95,720		95,603,222
Fortis Funding LLC (c):
0.07%, 10/01/14		85,000		85,000,000
0.06%, 10/02/14		130,000		129,999,783
HSBC Bank PLC (b):
0.24%, 10/22/14 (d)		50,000		50,000,000
0.24%, 11/19/14		50,000		50,000,000
0.23%, 5/07/15		40,000		40,000,000
0.23%, 5/08/15		75,000		75,000,000
0.23%, 7/06/15		75,000		75,000,000
Kells Funding LLC:
0.24%, 11/21/14 (b)(d)		50,000		49,999,838
0.21%, 12/12/14 (b)(d)		25,000		24,999,484
0.24%, 1/07/15 (b)(d)		75,000		74,999,642
0.24%, 1/08/15 (b)(d)		50,000		49,999,177
0.17%, 2/13/15 (c)		50,000		49,968,125
0.24%, 2/20/15 (b)(d)		75,000		75,001,442
0.17%, 2/26/15 (c)		100,000		99,930,111
0.24%, 3/26/15 (b)		75,000		75,000,000
0.24%, 4/02/15 (b)(d)		65,000		64,999,941
0.25%, 4/16/15 (b)(d)		100,000		100,000,000
Mitsubishi UFJ Trust & Banking Corp. (c):
0.20%, 11/14/14		75,000		74,981,667
0.21%, 1/26/15		75,000		74,948,813
Mizuho Funding LLC, 0.22%, 11/26/14 (c)		75,000		74,974,917
Mont Blanc Capital Corp. (c):
0.22%, 1/07/15		33,188		33,168,124
0.22%, 1/08/15		78,000		77,952,810
National Australia Funding (a):
0.20%, 1/21/15 (c)		100,000		99,937,778
0.22%, 3/10/15 (b)(d)		40,000		40,000,000
0.23%, 3/11/15 (b)		75,000		74,997,002
0.20%, 3/13/15 (b)		69,000		69,008,248
Nederlandse Waterschapsbank NV (a):
0.23%, 10/31/14		50,000		50,000,000
0.24%, 11/03/14 (b)		25,000		25,000,000
0.24%, 12/23/14 (b)		50,000		50,000,003
0.22%, 7/09/15 (b)		50,000		50,000,000
Nordea Bank AB (c):
0.22%, 10/16/14		75,000		74,993,125
0.22%, 10/21/14		75,000		74,990,625
0.22%, 10/22/14		95,000		94,987,531
0.22%, 3/17/15		50,000		49,947,813
Old Line Funding LLC (c):
0.22%, 10/15/14		75,000		74,993,583
0.22%, 2/06/15 (d)		75,000		74,941,333
0.22%, 3/06/15		30,000		29,971,400

2 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (continued) Prime Money Market Master Portfolio (Percentages shown are based on Net Assets)

Commercial Paper	Par   (000)		Value
Old Line Funding LLC (c) (concluded):
0.22%, 3/13/15	$	28,302	$	28,273,808
0.22%, 3/18/15		50,000		49,948,667
0.22%, 3/20/15		50,000		49,948,056
0.22%, 3/23/15		40,055		40,012,653
Oversea-Chinese Banking Corp. Ltd., 0.18%, 10/21/14 (c)		100,000		99,990,000
Rabobank USA Financial Corp. (c):
0.21%, 10/15/14		52,000		51,995,753
0.22%, 2/17/15		64,500		64,445,211
0.26%, 4/14/15		100,000		99,861,875
Salisbury Receivables Co. LLC, 0.25%, 2/12/15 (c)		45,000		44,958,125
Starbird Funding Corp., 0.27%, 11/26/14 (c)		50,000		49,979,000
Sumitomo Mitsui Banking Corp. Ltd. (c):
0.25%, 10/31/14 (d)		50,000		49,989,583
0.20%, 12/09/14		100,000		99,961,667
0.25%, 1/13/15		80,000		79,942,222
0.25%, 3/20/15		100,000		99,881,944
Sumitomo Trust & Banking Co. Ltd., 0.22%, 1/12/15 (c)		150,000		149,905,583
Svenska Handelsbanken, Inc. (c):
0.22%, 10/01/14		75,000		75,000,000
0.18%, 12/08/14		50,000		49,983,000
0.23%, 3/24/15		50,000		49,945,625
Thunder Bay Funding LLC (c):
0.22%, 10/14/14		60,558		60,553,189
0.22%, 11/03/14		100,000		99,979,833
0.22%, 2/03/15		56,000		55,957,222
Toyota Motor Credit Corp., 0.22%, 2/12/15 (c)		35,000		34,971,339
United Overseas Bank Ltd. (c):
0.23%, 1/22/15 (d)		75,000		74,945,854
0.23%, 2/10/15		50,000		49,957,833
Versailles Commercial Paper LLC (c):
0.21%, 10/06/14		50,000		49,998,542
0.22%, 10/31/14		50,000		49,990,833
0.22%, 12/02/14		50,000		49,981,056
0.22%, 12/03/14 (d)		75,000		74,971,125
0.22%, 12/08/14		110,000		109,954,289
0.23%, 1/02/15		100,000		99,940,583
Westpac Banking Corp., 0.23%, 4/09/15 (b)(d)		40,000		40,000,000
Westpac Securities NZ Ltd.:
0.26%, 1/29/15 (b)		100,000		100,000,000
0.25%, 4/07/15 (c)		75,000		74,902,083
Total Commercial Paper — 42.3%				7,879,108,329
Corporate Notes	Par   (000)		Value
Erste Abwicklungsanstalt, 0.53%, 10/15/14	$	20,000	$	20,002,344
National Australia Bank Ltd., 0.43%, 10/02/14 (b)(d)		42,725		42,725,248
Svenska Handelsbanken AB, 0.28%, 3/13/15 (b)(d)		108,200		108,200,000
Toyota Motor Credit Corp., 1.25%, 11/17/14		20,000		20,024,840
Westpac Banking Corp., 4.20%, 2/27/15		33,750		34,289,890
Total Corporate Notes — 1.2%				225,242,322
Time Deposits
Bank of Tokyo-Mitsubishi UFJ Ltd., 0.01%, 10/01/14		100,000		100,000,000
Skandinaviska Enskilda Banken AB, 0.01%, 10/01/14		750,000		750,000,000
Svenska Handelsbanken, Inc., 0.01%, 10/01/14		125,000		125,000,000
Total Time Deposits — 5.3%				975,000,000
U.S. Government Sponsored Agency Obligations
Federal Home Loan Bank (b):
0.07%, 10/15/14 (c)		100,000		99,997,278
0.09%, 2/11/15 — 2/13/15		76,700		76,698,783
0.09%, 2/27/15		62,000		61,998,223
0.11%, 3/25/15		100,000		100,000,000
Total U.S. Government Sponsored Agency Obligations — 1.8%				338,694,284
Repurchase Agreements
Barclays Capital, Inc., 0.00%, 10/01/14 (Purchased on 9/30/2014 to be repurchased at $100,000,000, collateralized by various U.S. Treasury Obligations, 0.00% to 2.13%, due 11/20/14 to 9/30/21, original par and fair value of $102,251,200 and $102,000,035, respectively)		100,000		100,000,000
Total Value of Barclays Capital, Inc. (collateral value of $102,000,035)				100,000,000

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014 3

Schedule of Investments (continued) Prime Money Market Master Portfolio (Percentages shown are based on Net Assets)

Repurchase Agreements	Par   (000)		Value
BNP Paribas Securities Corp., 0.01%, 10/01/14 (Purchased on 9/30/2014 to be repurchased at $65,000,018, collateralized by various Government Sponsored Agency Obligations, 3.50% to 6.30%, due 5/15/41 to 11/20/42, original par and fair value of $2,464,641 and $372,936, respectively)	$	65,000	$	65,000,000
BNP Paribas Securities Corp., 0.13%, 10/01/14 (Purchased on 3/25/2013 to be repurchased at $69,338,688, collateralized by various Corporate Debt Obligations, 0.91% to 3.53%, due 5/30/20 to 6/15/32, original par and fair value of $76,858,338, and $74,053,916, respectively)		69,200		69,200,000
Total Value of BNP Paribas Securities Corp. (collateral value of $74,426,852)				134,200,000
Citigroup Global Markets, Inc., 0.00%, 10/01/14 (Purchased on 9/30/2014 to be repurchased at $75,000,000, collateralized by various U.S. Treasury Obligations, 2.00% to 2.25%, due 7/31/21 to 8/31/21, original par and fair value of $76,293,600 and $76,500,053, respectively)		75,000		75,000,000
Citigroup Global Markets, Inc., 0.00%, 10/01/14 (Purchased on 9/30/2014 to be repurchased at $45,500,000, collateralized by various U.S. Treasury Obligations, 0.50% to 2.13%, due 4/15/15 to 6/30/21, original par and fair value of $45,149,832 and $46,410,018, respectively) (e)		45,500		45,500,000
Total Value of Citigroup Global Markets, Inc. (collateral value of $122,910,071)				120,500,000
Repurchase Agreements	Par   (000)		Value
Credit Suisse Securities (USA) LLC, 0.38%, 10/01/14 (Purchased on 9/18/14 to be repurchased at $214,619,447, collateralized by various Corporate Debt Obligations, 0.00% to 5.00%, due 10/25/53 to 3/25/54, original par and fair value of $230,160,000 and $268,247,795, respectively)	$	214,590	$	214,590,000
Credit Suisse Securities (USA) LLC, 0.48%, 11/04/14 (Purchased on 03/25/13 to be repurchased at $50,392,667, collateralized by various U.S. Government Sponsored Agency Obligations, 5.00% to 14.54%, due 5/16/29 to 5/15/44, original par and fair value of $52,601,202 and $53,500,738, respectively) (f)		50,000		50,000,000
Credit Suisse Securities (USA) LLC, 0.38%, 10/02/14 (Purchased on 9/25/14 to be repurchased at $78,705,815, collateralized by various Corporate Debt Obligations, 0.00% to 5.0%, due 11/25/53 to 10/25/55, original par and fair value of $121,600,000 and $98,379,932, respectively)		78,700		78,700,000
Credit Suisse Securities (USA) LLC, 0.33%, 11/03/14 (Purchased on 8/4/14 to be repurchased at $65,554,638, collateralized by various U.S. Government Sponsored Agency Obligations, 0.10% to 5.90%, due 12/16/39 to 01/16/56, original par and fair value of $1,704,461,450 and $72,705,139, respectively)		65,500		65,500,000
Total Value of Credit Suisse Securities (USA) LLC (collateral value of $492,833,604)				408,790,000
Deutsche Bank Securities, Inc., 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $45,600,000, collateralized by various U.S. Treasury Obligations, 0.00% to 1.50%, due 12/31/18 to 8/15/39, original par and fair value of $67,618,781 and $46,512,002, respectively) (e)		45,600		45,600,000

4 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (continued) Prime Money Market Master Portfolio (Percentages shown are based on Net Assets)

Repurchase Agreements	Par   (000)		Value
Total Value of Deutsche Bank Securities, Inc. (collateral value of $46,512,002)			$	45,600,000
Federal Reserve Bank of New York, 0.00%, 10/01/14 (Purchased on 9/30/2014 to be repurchased at $2,000,000,000, collateralized by a U.S. Treasury Obligation, 3.13%, due 5/15/19, original par and fair value of $1,861,142,500 and $2,000,000,016, respectively)	$	2,000,000		2,000,000,000
Total Value of Federal Reserve Bank of New York (collateral value of $2,000,000,016)				2,000,000,000
HSBC Securities (USA) Inc., 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $125,707,000, collateralized by various U.S. Treasury Obligations, 0.13% to 7.50%, due 12/15/14 to 08/15/26, original par and fair value of $122,754,572 and $128,224,535, respectively)		125,707		125,707,000
HSBC Securities (USA) Inc., 0.00%, 10/01/14 (Purchased on 7/1/14 to be repurchased at $15,000,000, collateralized by a U.S. Government Agency Debt Obligation, 4.00%, due 2/15/40 to 3/01/42, original par and fair value of $25,185,000 and $15,301,730, respectively)		15,000		15,000,000
Total Value of HSBC Securities (USA) Inc. (collateral value of $143,526,265)				140,707,000
J.P. Morgan Securities LLC, 0.18%, 10/01/14 (Purchased on 3/25/13 to be repurchased at $50,138,750, collateralized by various Corporate Debt Obligations, 0.00% to 6.02%, due 4/15/22 to 10/12/42, par and fair values of $954,140,250 and $53,500,488, respectively)		50,000		50,000,000
Repurchase Agreements	Par   (000)		Value
J.P. Morgan Securities LLC, 0.38%, 10/01/14 (Purchased on 3/25/13 to be repurchased at $30,175,750, collateralized by various Corporate Debt Obligations, 0.00% to 15.00%, due 6/15/15 to 6/20/38, original par and fair value of $86,755,592 and $36,296,638, respectively)	$	30,000	$	30,000,000
J.P. Morgan Securities LLC, 0.43%, 11/04/14 (Purchased on 6/12/14 to be repurchased at $125,216,493, collateralized by various Corporate Debt Obligations, 0.00% to 7.50%, due 5/15/19 to 3/18/51, original par and fair value of $2,023,085,011 and $133,751,758, respectively) (f)		125,000		125,000,000
J.P. Morgan Securities LLC, 0.48%, 12/30/14 (Purchased on 5/23/14 to be repurchased at $50,147,333, collateralized by various Corporate Debt Obligations, 0.00% to 6.02%, due 4/15/22 to 10/12/42, original par and fair value of $954,140,250 and $53,500,487, respectively) (f)		50,000		50,000,000
J.P. Morgan Securities LLC, 0.52%, 11/04/14 (Purchased on 9/22/14 to be repurchased at $45,027,950, collateralized by various Corporate Debt Obligations, 0.35% to 9.75%, due 12/01/15 to 8/25/46, original par and fair values of $80,780,082 and $49,198,927, respectively) (f)		45,000		45,000,000
J.P. Morgan Securities LLC, 0.62%, 12/30/14 (Purchased on 9/22/14 to be repurchased at $45,076,725, collateralized by various Corporate Debt Obligations, 0.20% to 5.65%, due 8/15/22 to 5/25/37, original par and fair value of $387,382,470 and $55,791,420, respectively) (f)		45,000		45,000,000

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014 5

Schedule of Investments (continued) Prime Money Market Master Portfolio (Percentages shown are based on Net Assets)

Repurchase Agreements	Par   (000)		Value
J.P. Morgan Securities LLC, 0.53%, 11/18/14 (Purchased on 8/18/14 to be repurchased at $40,054,178, collateralized by various Corporate Debt Obligations, 0.25% to 5.71%, due 2/25/35 to 5/25/37, original par and fair value of $104,092,000 and $50,001,554, respectively)	$	40,000	$	40,000,000
J.P. Morgan Securities LLC, 0.54%, 1/06/15 (Purchased on 9/22/14 to be repurchased at $100,159,000, collateralized by various Corporate Debt Obligations, 0.27% to 6.86%, due 4/19/26 to 9/25/46, original par and fair value of $162,371,963 and $125,001,137, respectively)		100,000		100,000,000
Total Value of J.P. Morgan Securities LLC (collateral value of $557,042,409)				485,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $57,000,000, collateralized by various U.S. Treasury Debt Obligations, 0.50% to 6.13%, due 9/30/16 to 11/15/27, original par and fair value of $46,358,900 and $58,140,028, respectively)		57,000		57,000,000
Total Value of Merrill Lynch, Pierce, Fenner & Smith, Inc., (collateral value of $58,140,028)				57,000,000
Morgan Stanley & Co. LLC, 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $75,000,000, collateralized by various U.S. Government Sponsored Agency Obligations, 0.00% to 9.00%, due 1/15/15 to 8/20/44, original par and fair value of $122,010,484 and $76,500,000, respectively)		75,000		75,000,000
Total Value of Morgan Stanley & Co. LLC, (collateral value of $76,500,000)				75,000,000
Repurchase Agreements	Par   (000)		Value
RBC Capital Markets, LLC, 0.10%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $63,000,175, collateralized by various Corporate Debt Obligations, 0.00% to 10.82%, due 9/23/16 to 2/15/45, original par and fair value of $60,465,961 and $66,150,000, respectively)	$	63,000	$	63,000,000
RBC Capital Markets, LLC, 0.11%, 10/01/14 (Purchased on 6/13/14 to be repurchased at $16,005,378, collateralized by various Corporate Debt Obligations, 1.10% to 8.50%, due 5/09/16 to 04/01/44, par and fair value of $14,566,766 and $16,800,001, respectively)		16,000		16,000,000
RBC Capital Markets, LLC, 0.11%, 10/01/14 (Purchased on 3/28/14 to be repurchased at $25,014,285, collateralized by various U.S. Government Agency Debt Obligations, 0.20% to 1.55%, due 2/04/15 to 10/04/17, original par and fair value of $26,251,036 and $26,250,001, respectively)		25,000		25,000,000
RBC Capital Markets, LLC, 0.18%, 10/02/14 (Purchased on 9/25/14 to be repurchased at $100,003,500, collateralized by various Corporate Debt Obligations, 0.33% to 10.82%, due 9/28/15 to 2/15/45, original par and fair value of $97,730,682 and $105,000,000, respectively)		100,000		100,000,000
Total Value of RBC Capital Markets, LLC (collateral value of $214,200,002)				204,000,000
SG Americas Securities, LLC, 0.27%, 10/01/14 (Purchased on 12/17/13 to be repurchased at $18,840,608, collateralized by various Corporate Debt Obligations, 2.10% to 9.25%, due 3/15/18 to 12/31/49, original par and fair value of $18,750,910 and $20,659,823, respectively)		18,800		18,800,000
Total Value of RBC Capital Markets, LLC (collateral value of $20,659,823)				18,800,000

6 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (continued) Prime Money Market Master Portfolio (Percentages shown are based on Net Assets)

Repurchase Agreements	Par   (000)		Value
Wells Fargo Securities, LLC, 0.23%, 10/01/14 (Purchased on 8/5/14 to be repurchased at $180,065,550, collateralized by various Corporate Debt Obligations, 0.29% to 8.89%, due 6/01/17 to 5/15/46, original par and fair value of $340,329,781 and $192,776,259, respectively)	$	180,000	$	180,000,000
Wells Fargo Securities, LLC, 0.46%, 10/14/14 (Purchased on 7/16/14 to be repurchased at $50,057,500, collateralized by various Corporate Debt Obligations, 1.20% to 8.50%, due 12/09/14 to 8/15/34, original par and fair value of $49,819,445 and $51,500,001, respectively)		50,000		50,000,000
Wells Fargo Securities, LLC, 0.46%, 10/15/14 (Purchased on 7/15/14 to be repurchased at $36,748,149, collateralized by various Corporate Debt Obligations, 0.80% to 6.00%, due 9/13/15 to 12/19/33, original par and fair value of $3,4871,355 and $37,806,150, respectively)		36,705		36,705,000
Wells Fargo Securities, LLC, 0.39%, 11/03/14 (Purchased on 8/5/14 to be repurchased at $100,097,500, collateralized by various Corporate Debt Obligations, 1.50% to 8.63%, due 12/09/14 to 3/15/34, original par and fair value of $95,664,956 and $103,000,001, respectively)		100,000		100,000,000
Repurchase Agreements	Par   (000)		Value
Wells Fargo Securities, LLC, 0.40%, 11/05/14 (Purchased on 8/7/14 to be repurchased at $52,052,000, collateralized by various Corporate Debt Obligations, 1.50% to 6.80%, due 10/15/15 to 4/15/25, original par and fair value of $51,085,965 and $53,560,000, respectively)	$	52,000	$	52,000,000
Wells Fargo Securities, LLC, 0.48%, 12/15/14 (Purchased on 9/16/14 to be repurchased at $42,050,400, collateralized by various Corporate Debt Obligations, 0.43% to 5.29%, due 3/25/16 to 5/26/20, original par and fair value of $44,607,443 and $44,940,001, respectively)		42,000		42,000,000
Total Value of Wells Fargo Securities, LLC (collateral value of $483,582,412)				460,705,000
Total Repurchase Agreements — 22.8%				4,250,302,000
Total Investments (Cost — $18,864,281,599*) — 101.3%				18,864,281,599
Liabilities in Excess of Other Assets — (1.3)%				(236,227,562	)
Net Assets — 100.0%			$	18,628,054,037

Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Issuer is a US branch of foreign domiciled bank.

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

(c) Rates shown are discount rates or a range of discount rates paid at the time of purchase.

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

(e) Traded in a joint account.

(f) Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014 7

Schedule of Investments (concluded) Prime Money Market Master Portfolio

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

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

Ÿ 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)

Ÿ 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)

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 following table summarizes the Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Short-Term Securities1	$	—	$	18,864,281,599	$	—	$	18,864,281,599
1    See above Schedule of Investments for values in each security type

The Master Portfolio may hold assets in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, cash overdraft of $238,112,737 is categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the period ended September 30,2014.

8 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments September 30, 2014 (Unaudited) Russell 1000 Index Master Portfolio (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 2.5%
Alliant Techsystems, Inc.		2,962	$	378,070
BE Aerospace, Inc. (a)		9,779		820,849
The Boeing Co.		67,716		8,625,664
Exelis, Inc.		17,628		291,567
General Dynamics Corp.		28,401		3,609,483
Hexcel Corp. (a)		9,092		360,952
Honeywell International, Inc.		72,722		6,771,873
Huntington Ingalls Industries, Inc.		4,565		475,719
L-3 Communications Holdings, Inc.		8,011		952,668
Lockheed Martin Corp.		25,165		4,599,659
Northrop Grumman Corp.		19,887		2,620,311
Precision Castparts Corp.		13,444		3,184,615
Raytheon Co.		29,055		2,952,569
Rockwell Collins, Inc.		12,588		988,158
Spirit Aerosystems Holdings, Inc., Class A (a)		11,201		426,310
Textron, Inc.		25,933		933,329
TransDigm Group, Inc.		4,917		906,350
Triumph Group, Inc.		4,850		315,492
United Technologies Corp.		85,128		8,989,517
Vectrus, Inc. (a)		979		19,127
				48,222,282
Air Freight & Logistics — 0.7%
C.H. Robinson Worldwide, Inc. (b)		13,790		914,553
Expeditors International of Washington, Inc.		18,339		744,197
FedEx Corp.		27,443		4,430,672
United Parcel Service, Inc., Class B		65,732		6,460,798
				12,550,220
Airlines — 0.5%
Alaska Air Group, Inc.		12,772		556,093
American Airlines Group, Inc.		66,887		2,373,151
Copa Holdings SA, Class A		3,102		332,814
Delta Air Lines, Inc.		78,747		2,846,704
Southwest Airlines Co.		64,255		2,169,891
Spirit Airlines, Inc. (a)		6,761		467,455
United Continental Holdings, Inc. (a)		34,692		1,623,239
				10,369,347
Auto Components — 0.4%
Allison Transmission Holdings, Inc.		12,553		357,635
BorgWarner, Inc.		21,237		1,117,279
Gentex Corp.		13,565		363,135
The Goodyear Tire & Rubber Co.		25,585		577,837
Johnson Controls, Inc.		61,681		2,713,964
Lear Corp.		7,555		652,828
TRW Automotive Holdings Corp. (a)		10,289		1,041,761
Common Stocks	Shares		Value
Auto Components (concluded)
Visteon Corp. (a)		4,348	$	422,843
				7,247,282
Automobiles — 0.7%
Ford Motor Co.		360,628		5,333,688
General Motors Co.		148,928		4,756,760
Harley-Davidson, Inc.		20,284		1,180,529
Tesla Motors, Inc. (a)		8,827		2,142,136
Thor Industries, Inc.		4,285		220,678
				13,633,791
Banks — 2.8%
Associated Banc-Corp		14,832		258,373
Bank of Hawaii Corp.		4,134		234,853
BankUnited, Inc.		9,453		288,222
BB&T Corp.		66,729		2,482,986
BOK Financial Corp.		2,534		168,460
CIT Group, Inc.		17,972		825,993
City National Corp.		4,426		334,915
Comerica, Inc.		16,879		841,587
Commerce Bancshares, Inc.		7,565		337,739
Cullen/Frost Bankers, Inc. (b)		4,923		376,659
East West Bancorp, Inc.		13,328		453,152
Fifth Third Bancorp		78,998		1,581,540
First Horizon National Corp.		22,006		270,234
First Niagara Financial Group, Inc.		33,061		275,398
First Republic Bank		12,788		631,471
Fulton Financial Corp.		17,747		196,637
Huntington Bancshares, Inc.		76,911		748,344
KeyCorp		82,054		1,093,780
M&T Bank Corp. (b)		12,213		1,505,741
PacWest Bancorp		8,903		367,071
The PNC Financial Services Group, Inc. (c)		49,597		4,244,511
Popular, Inc. (a)		9,623		283,253
Regions Financial Corp.		128,095		1,286,074
Signature Bank (a)		4,676		523,993
SunTrust Banks, Inc.		49,490		1,882,105
SVB Financial Group (a)		4,686		525,254
Synovus Financial Corp.		12,925		305,547
TCF Financial Corp.		15,502		240,746
US Bancorp		159,521		6,672,763
Wells Fargo & Co.		443,452		23,001,855
Zions Bancorporation		18,846		547,665
				52,786,921
Beverages — 2.0%
Brown-Forman Corp., Class B		14,292		1,289,424
The Coca-Cola Co.		368,700		15,728,742
Coca-Cola Enterprises, Inc.		23,357		1,036,117
Constellation Brands, Inc., Class A (a)		14,903		1,298,945
Dr Pepper Snapple Group, Inc.		18,242		1,173,143

RUSSELL 1000 INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 1

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

Common Stocks	Shares		Value
Beverages (concluded)
Keurig Green Mountain, Inc.		13,136	$	1,709,388
Molson Coors Brewing Co., Class B		12,628		940,028
Monster Beverage Corp. (a)		13,300		1,219,211
PepsiCo, Inc.		140,779		13,105,117
				37,500,115
Biotechnology — 2.8%
Alexion Pharmaceuticals, Inc. (a)		18,369		3,045,948
Alkermes PLC (a)		13,429		575,701
Alnylam Pharmaceuticals, Inc. (a)		6,175		482,268
Amgen, Inc.		70,297		9,873,917
Biogen Idec, Inc. (a)		22,027		7,286,752
BioMarin Pharmaceutical, Inc. (a)		13,557		978,273
Celgene Corp. (a)		74,367		7,048,504
Cubist Pharmaceuticals, Inc. (a)		7,000		464,380
Gilead Sciences, Inc. (a)		142,601		15,179,876
Incyte Corp. Ltd. (a)		13,439		659,183
Intercept Pharmaceuticals, Inc. (a)		1,160		274,560
Medivation, Inc. (a)		7,110		702,966
Myriad Genetics, Inc. (a)(b)		6,961		268,486
Pharmacyclics, Inc. (a)		5,656		664,184
Regeneron Pharmaceuticals, Inc. (a)		7,325		2,640,809
Seattle Genetics, Inc. (a)(b)		9,401		349,529
United Therapeutics Corp. (a)		4,458		573,522
Vertex Pharmaceuticals, Inc. (a)		21,937		2,463,744
				53,532,602
Building Products — 0.2%
Allegion PLC		8,973		427,474
AO Smith Corp.		7,026		332,189
Armstrong World Industries, Inc. (a)		4,227		236,712
Fortune Brands Home & Security, Inc.		15,430		634,327
Lennox International, Inc.		4,570		351,296
Masco Corp.		33,128		792,422
Owens Corning		10,948		347,599
USG Corp. (a)		8,670		238,338
				3,360,357
Capital Markets — 2.2%
Affiliated Managers Group, Inc. (a)		5,135		1,028,849
Ameriprise Financial, Inc.		17,635		2,175,806
Artisan Partners Asset Management, Inc., Class A		2,598		135,226
The Bank of New York Mellon Corp.		105,902		4,101,584
BlackRock, Inc. (c)		11,838		3,886,652
The Charles Schwab Corp.		104,400		3,068,316
E*Trade Financial Corp. (a)		26,812		605,683
Eaton Vance Corp.		11,185		422,010
Federated Investors, Inc., Class B		8,728		256,254
Franklin Resources, Inc.		36,850		2,012,379
The Goldman Sachs Group, Inc.		41,525		7,622,744
Common Stocks	Shares		Value
Capital Markets (concluded)
Invesco Ltd.		40,188	$	1,586,622
Lazard Ltd., Class A		11,481		582,087
Legg Mason, Inc.		9,650		493,694
LPL Financial Holdings, Inc.		8,129		374,340
Morgan Stanley		142,434		4,923,943
Northern Trust Corp.		21,966		1,494,347
NorthStar Asset Management Group, Inc. (a)		17,071		314,448
Raymond James Financial, Inc.		11,603		621,689
SEI Investments Co.		12,347		446,468
State Street Corp.		39,974		2,942,486
T. Rowe Price Group, Inc.		24,402		1,913,117
TD Ameritrade Holding Corp.		24,975		833,416
Waddell & Reed Financial, Inc., Class A		7,923		409,540
				42,251,700
Chemicals — 2.6%
Air Products & Chemicals, Inc.		19,715		2,566,499
Airgas, Inc.		6,903		763,817
Albemarle Corp.		7,394		435,507
Ashland, Inc. (d)		7,241		753,788
Cabot Corp.		5,997		304,468
Celanese Corp., Series A		14,487		847,779
CF Industries Holdings, Inc.		4,838		1,350,866
Cytec Industries, Inc.		6,669		315,377
The Dow Chemical Co.		111,813		5,863,474
E.I. du Pont de Nemours & Co.		85,281		6,119,765
Eastman Chemical Co.		13,957		1,128,982
Ecolab, Inc.		24,757		2,842,846
FMC Corp.		12,373		707,612
Huntsman Corp.		18,743		487,131
International Flavors & Fragrances, Inc.		7,553		724,182
LyondellBasell Industries NV, Class A		40,946		4,449,192
Monsanto Co.		48,676		5,476,537
The Mosaic Co.		31,083		1,380,396
NewMarket Corp. (b)		839		319,676
Platform Specialty Products Corp. (a)		7,915		198,033
PPG Industries, Inc.		12,841		2,526,338
Praxair, Inc.		27,204		3,509,316
Rayonier Advanced Materials, Inc. (b)		3,965		130,488
Rockwood Holdings, Inc.		6,743		515,502
RPM International, Inc.		12,383		566,894
The Scotts Miracle-Gro Co., Class A		4,192		230,560
The Sherwin-Williams Co.		7,998		1,751,482
Sigma-Aldrich Corp.		11,040		1,501,550
The Valspar Corp.		7,862		621,019
Westlake Chemical Corp.		3,821		330,860

2 RUSSELL 1000 INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Common Stocks	Shares		Value
Chemicals (concluded)
WR Grace & Co. (a)		7,090	$	644,765
				49,364,701
Commercial Services & Supplies — 0.5%
The ADT Corp. (b)		16,193		574,204
Cintas Corp. (b)		9,349		659,946
Clean Harbors, Inc. (a)		5,651		304,702
Copart, Inc. (a)		10,462		327,617
Covanta Holding Corp.		10,044		213,134
Iron Mountain, Inc.		15,927		520,016
KAR Auction Services, Inc.		12,997		372,104
Pitney Bowes, Inc. (b)		18,835		470,687
Republic Services, Inc.		24,672		962,701
Rollins, Inc.		5,828		170,644
RR Donnelley & Sons Co. (b)		18,563		305,547
Stericycle, Inc. (a)		7,868		917,094
Tyco International Ltd.		42,843		1,909,512
Waste Connections, Inc.		11,519		558,902
Waste Management, Inc.		43,222		2,054,342
				10,321,152
Communications Equipment — 1.6%
Arista Networks, Inc. (a)		560		49,465
ARRIS Group, Inc. (a)		11,696		331,640
Brocade Communications Systems, Inc.		40,458		439,778
Cisco Systems, Inc.		475,690		11,973,117
CommScope Holding Co., Inc. (a)		5,880		140,591
EchoStar Corp., Class A (a)		4,010		195,528
F5 Networks, Inc. (a)		7,035		835,336
Harris Corp.		9,896		657,094
JDS Uniphase Corp. (a)		21,512		275,354
Juniper Networks, Inc.		44,013		974,888
Knowles Corp. (a)		7,911		209,641
Motorola Solutions, Inc.		20,856		1,319,768
Palo Alto Networks, Inc. (a)		4,830		473,823
QUALCOMM, Inc.		156,735		11,719,076
Riverbed Technology, Inc. (a)		14,932		276,914
				29,872,013
Construction & Engineering — 0.2%
AECOM Technology Corp. (a)		9,229		311,479
Chicago Bridge & Iron Co. NV		9,158		529,790
Fluor Corp.		14,784		987,423
Foster Wheeler AG		9,274		293,244
Jacobs Engineering Group, Inc. (a)		12,291		600,047
KBR, Inc.		13,691		257,802
Quanta Services, Inc. (a)		19,834		719,776
URS Corp.		6,412		369,395
				4,068,956
Construction Materials — 0.1%
Eagle Materials, Inc.		4,652		473,713
Common Stocks	Shares		Value
Construction Materials (concluded)
Martin Marietta Materials, Inc.		5,740	$	740,116
Vulcan Materials Co.		12,153		731,975
				1,945,804
Consumer Finance — 0.8%
American Express Co.		84,238		7,374,195
Capital One Financial Corp.		53,080		4,332,390
Discover Financial Services		43,304		2,788,345
Navient Corp.		39,281		695,666
Santander Consumer USA Holdings, Inc.		8,071		143,744
SLM Corp.		39,311		336,502
Synchrony Financial (a)		11,928		292,832
				15,963,674
Containers & Packaging — 0.3%
Aptargroup, Inc.		6,086		369,420
Avery Dennison Corp.		8,850		395,153
Ball Corp.		12,953		819,536
Bemis Co., Inc.		9,377		356,514
Crown Holdings, Inc. (a)		12,880		573,418
Greif, Inc., Class A		2,959		129,634
MeadWestvaco Corp.		15,599		638,623
Owens-Illinois, Inc. (a)		15,345		399,737
Packaging Corp. of America		9,137		583,123
Rock-Tenn Co., Class A		13,338		634,622
Sealed Air Corp.		20,063		699,797
Silgan Holdings, Inc.		4,061		190,867
Sonoco Products Co.		9,488		372,784
				6,163,228
Distributors — 0.1%
Genuine Parts Co.		14,268		1,251,446
LKQ Corp. (a)		28,047		745,770
				1,997,216
Diversified Consumer Services — 0.1%
Apollo Education Group, Inc. (a)		9,019		226,828
DeVry Education Group, Inc. (b)		5,907		252,879
H&R Block, Inc.		25,478		790,073
Service Corp. International		19,850		419,629
ServiceMaster Global Holdings, Inc. (a)		3,832		92,734
				1,782,143
Diversified Financial Services — 3.3%
Ally Financial, Inc. (a)		25,125		581,392
Bank of America Corp.		976,467		16,648,762
CBOE Holdings, Inc.		7,993		427,825
Citigroup, Inc.		282,085		14,617,645
CME Group, Inc.		29,609		2,367,388
Equity Commonwealth		11,984		308,109
FNFV Group (a)		8,674		119,354

RUSSELL 1000 INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 3

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

Common Stocks	Shares		Value
Diversified Financial Services (concluded)
Interactive Brokers Group, Inc., Class A		4,949	$	123,478
IntercontinentalExchange Group, Inc.		10,695		2,086,060
JPMorgan Chase & Co.		351,440		21,170,746
Leucadia National Corp.		34,242		816,329
McGraw-Hill Financial, Inc.		25,281		2,134,980
Moody’s Corp.		17,561		1,659,514
MSCI, Inc. (a)		10,847		510,026
The NASDAQ OMX Group, Inc.		10,859		460,639
				64,032,247
Diversified Telecommunication Services — 2.1%
AT&T, Inc.		481,982		16,985,046
CenturyLink, Inc.		53,195		2,175,143
Frontier Communications Corp.		93,141		606,348
Level 3 Communications, Inc. (a)		16,735		765,292
tw telecom, Inc. (a)		12,818		533,357
Verizon Communications, Inc.		384,539		19,223,105
Windstream Holdings, Inc. (b)		56,003		603,712
				40,892,003
Electric Utilities — 1.6%
American Electric Power Co., Inc.		45,330		2,366,679
Duke Energy Corp.		65,677		4,910,669
Edison International		30,262		1,692,251
Entergy Corp.		16,663		1,288,550
Exelon Corp.		79,751		2,718,712
FirstEnergy Corp.		39,005		1,309,398
Great Plains Energy, Inc.		14,322		346,163
Hawaiian Electric Industries, Inc. (b)		9,444		250,738
ITC Holdings Corp.		14,650		521,979
NextEra Energy, Inc.		40,501		3,802,234
Northeast Utilities		29,352		1,300,294
OGE Energy Corp.		18,504		686,683
Pepco Holdings, Inc.		23,327		624,231
Pinnacle West Capital Corp.		10,256		560,388
PPL Corp.		61,706		2,026,425
The Southern Co.		82,790		3,613,783
Westar Energy, Inc. (b)		11,983		408,860
Xcel Energy, Inc.		46,626		1,417,430
				29,845,467
Electrical Equipment — 0.7%
Acuity Brands, Inc.		4,016		472,723
AMETEK, Inc.		22,787		1,144,135
The Babcock & Wilcox Co.		10,258		284,044
Eaton Corp. PLC		44,272		2,805,517
Emerson Electric Co.		65,168		4,078,213
Hubbell, Inc., Class B		5,499		662,795
Regal-Beloit Corp.		4,197		269,657
Rockwell Automation, Inc.		12,860		1,413,057
Common Stocks	Shares		Value
Electrical Equipment (concluded)
Roper Industries, Inc.		9,269	$	1,355,962
SolarCity Corp. (a)(b)		3,950		235,420
				12,721,523
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp., Class A		14,596		1,457,557
Arrow Electronics, Inc. (a)		9,260		512,541
Avnet, Inc.		12,862		533,773
AVX Corp.		4,251		56,453
CDW Corp.		8,084		251,008
Corning, Inc.		121,523		2,350,255
Dolby Laboratories, Inc., Class A (a)		4,484		187,386
FLIR Systems, Inc.		13,165		412,591
Ingram Micro, Inc., Class A (a)		14,428		372,387
IPG Photonics Corp. (a)		3,102		213,356
Jabil Circuit, Inc.		18,897		381,152
National Instruments Corp.		9,248		286,041
Tech Data Corp. (a)		3,552		209,071
Trimble Navigation Ltd. (a)		24,240		739,320
Vishay Intertechnology, Inc.		12,674		181,111
				8,144,002
Energy Equipment & Services — 1.7%
Atwood Oceanics, Inc. (a)		5,980		261,266
Baker Hughes, Inc.		40,490		2,634,279
Cameron International Corp. (a)		18,967		1,259,030
Diamond Offshore Drilling, Inc. (b)		6,235		213,673
Dresser-Rand Group, Inc. (a)		7,108		584,704
Dril-Quip, Inc. (a)		3,797		339,452
FMC Technologies, Inc. (a)		21,847		1,186,511
Frank’s International NV		3,169		59,260
Halliburton Co.		78,426		5,059,261
Helmerich & Payne, Inc.		8,976		878,481
Nabors Industries Ltd.		27,640		629,086
National Oilwell Varco, Inc.		39,846		3,032,281
Oceaneering International, Inc.		10,036		654,046
Oil States International, Inc. (a)		4,367		270,317
Patterson-UTI Energy, Inc.		13,432		436,943
Rowan Cos. PLC, Class A		11,566		292,736
RPC, Inc.		5,806		127,500
Schlumberger Ltd.		120,768		12,280,898
Seadrill Ltd.		32,814		878,103
Seventy Seven Energy, Inc. (a)		3,500		83,090
Superior Energy Services, Inc.		14,555		478,423
Tidewater, Inc. (b)		4,629		180,670
Unit Corp. (a)		4,611		270,435
				32,090,445
Food & Staples Retailing — 2.0%
Costco Wholesale Corp.		40,849		5,119,197
CVS Health Corp.		108,576		8,641,564
The Kroger Co.		47,324		2,460,848
Rite Aid Corp. (a)		90,665		438,818

4 RUSSELL 1000 INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Common Stocks	Shares		Value
Food & Staples Retailing (concluded)
Safeway, Inc.		21,399	$	733,986
Sprouts Farmers Market, Inc. (a)		9,090		264,246
Sysco Corp.		54,293		2,060,419
Wal-Mart Stores, Inc.		147,946		11,313,431
Walgreen Co.		88,623		5,252,685
Whole Foods Market, Inc.		34,144		1,301,228
				37,586,422
Food Products — 1.5%
Archer-Daniels-Midland Co.		60,780		3,105,858
Bunge Ltd.		13,675		1,151,845
Campbell Soup Co. (b)		16,144		689,833
ConAgra Foods, Inc.		39,121		1,292,558
Flowers Foods, Inc.		15,985		293,485
General Mills, Inc.		57,068		2,879,081
The Hain Celestial Group, Inc. (a)		4,658		476,746
The Hershey Co.		13,888		1,325,332
Hormel Foods Corp.		12,433		638,932
Ingredion, Inc.		6,925		524,846
The J.M. Smucker Co.		9,633		953,571
Kellogg Co.		23,855		1,469,468
Kraft Foods Group, Inc.		55,286		3,118,130
McCormick & Co., Inc. (b)		12,125		811,162
Mead Johnson Nutrition Co.		18,771		1,806,146
Mondelez International, Inc., Class A		157,076		5,382,209
Pilgrim’s Pride Corp. (a)		5,892		180,059
Pinnacle Foods, Inc.		5,092		166,254
Tyson Foods, Inc., Class A		26,870		1,057,872
WhiteWave Foods Co. (a)		16,159		587,056
				27,910,443
Gas Utilities — 0.2%
AGL Resources, Inc.		11,083		569,001
Atmos Energy Corp.		9,313		444,230
National Fuel Gas Co. (b)		7,807		546,412
ONEOK, Inc.		19,309		1,265,705
Questar Corp.		16,285		362,993
UGI Corp.		16,042		546,872
				3,735,213
Health Care Equipment & Supplies — 2.0%
Abbott Laboratories		139,475		5,800,765
Alere, Inc. (a)		7,681		297,869
Align Technology, Inc. (a)		7,589		392,200
Baxter International, Inc.		50,390		3,616,490
Becton Dickinson & Co.		17,944		2,042,207
Boston Scientific Corp. (a)		122,857		1,450,941
C.R. Bard, Inc.		7,084		1,010,958
CareFusion Corp. (a)		19,260		871,515
The Cooper Cos., Inc.		4,447		692,620
Covidien PLC		41,872		3,622,347
DENTSPLY International, Inc.		13,177		600,871
Common Stocks	Shares		Value
Health Care Equipment & Supplies (concluded)
Edwards Lifesciences Corp. (a)		9,800	$	1,001,070
Hill-Rom Holdings, Inc.		5,324		220,573
Hologic, Inc. (a)		22,330		543,289
IDEXX Laboratories, Inc. (a)		4,768		561,813
Intuitive Surgical, Inc. (a)		3,448		1,592,355
Medtronic, Inc.		92,770		5,747,102
ResMed, Inc. (b)		13,040		642,481
Sirona Dental Systems, Inc. (a)		5,359		410,928
St. Jude Medical, Inc.		26,400		1,587,432
Stryker Corp.		31,221		2,521,096
Teleflex, Inc. (b)		3,846		403,984
Varian Medical Systems, Inc. (a)		9,658		773,799
Zimmer Holdings, Inc.		15,588		1,567,373
				37,972,078
Health Care Providers & Services — 2.2%
Aetna, Inc.		33,187		2,688,147
AmerisourceBergen Corp.		20,977		1,621,522
Brookdale Senior Living, Inc. (a)		14,968		482,269
Cardinal Health, Inc.		31,596		2,367,172
Catamaran Corp. (a)		19,218		810,039
Centene Corp. (a)		5,362		443,491
Cigna Corp.		24,951		2,262,806
Community Health Systems, Inc. (a)		10,711		586,856
DaVita HealthCare Partners, Inc. (a)		16,510		1,207,542
Envision Healthcare Holdings, Inc. (a)		7,546		261,695
Express Scripts Holding Co. (a)		71,838		5,073,918
HCA Holdings, Inc. (a)		30,318		2,138,025
Health Net, Inc. (a)		7,447		343,381
Henry Schein, Inc. (a)		7,931		923,724
Humana, Inc.		14,376		1,873,049
Laboratory Corp. of America Holdings (a)		7,879		801,688
LifePoint Hospitals, Inc. (a)		4,137		286,239
McKesson Corp.		21,413		4,168,469
MEDNAX, Inc. (a)(b)		9,313		510,539
Patterson Cos., Inc.		7,989		330,984
Premier, Inc., Class A (a)		3,019		99,204
Quest Diagnostics, Inc. (b)		13,424		814,568
Tenet Healthcare Corp. (a)		9,075		538,964
UnitedHealth Group, Inc.		90,991		7,847,974
Universal Health Services, Inc., Class B		8,255		862,648
VCA Antech, Inc. (a)		8,211		322,939
WellPoint, Inc.		25,973		3,106,890
				42,774,742
Health Care Technology — 0.1%
Athenahealth, Inc. (a)		3,517		463,154
Cerner Corp. (a)		27,675		1,648,600

RUSSELL 1000 INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 5

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

Common Stocks	Shares		Value
Health Care Technology (concluded)
IMS Health Holdings, Inc. (a)		6,958	$	182,230
Veeva Systems, Inc., Class A (a)		3,497		98,510
				2,392,494
Hotels, Restaurants & Leisure — 1.8%
ARAMARK		3,866		101,676
Bally Technologies, Inc. (a)		3,653		294,797
Brinker International, Inc.		6,040		306,772
Burger King Worldwide, Inc. (b)		9,829		291,528
Carnival Corp.		39,464		1,585,269
Chipotle Mexican Grill, Inc. (a)		2,887		1,924,445
Choice Hotels International, Inc.		3,254		169,208
Darden Restaurants, Inc.		12,293		632,598
Domino’s Pizza, Inc.		5,172		398,037
Dunkin’ Brands Group, Inc.		9,885		443,046
Hilton Worldwide Holdings, Inc. (a)		12,582		309,895
Hyatt Hotels Corp., Class A (a)		3,863		233,789
International Game Technology		22,964		387,403
Las Vegas Sands Corp.		34,925		2,172,684
Marriott International, Inc., Class A		20,578		1,438,402
McDonald’s Corp.		91,785		8,702,136
MGM Resorts International (a)		34,649		789,304
Norwegian Cruise Line Holdings Ltd. (a)		8,419		303,252
Panera Bread Co., Class A (a)		2,277		370,513
Royal Caribbean Cruises Ltd.		15,428		1,038,150
SeaWorld Entertainment, Inc.		6,391		122,899
Six Flags Entertainment Corp.		6,788		233,439
Starbucks Corp.		69,908		5,275,258
Starwood Hotels & Resorts Worldwide, Inc. (a)		17,834		1,483,967
The Wendy’s Co.		25,588		211,357
Wyndham Worldwide Corp.		11,827		961,062
Wynn Resorts Ltd.		7,528		1,408,338
Yum! Brands, Inc.		40,991		2,950,532
				34,539,756
Household Durables — 0.5%
D.R. Horton, Inc.		29,937		614,307
Garmin Ltd. (b)		11,714		609,011
GoPro, Inc., Class A (a)		1,900		178,030
Harman International Industries, Inc.		6,328		620,397
Jarden Corp. (a)		11,988		720,599
Leggett & Platt, Inc.		12,889		450,084
Lennar Corp., Class A		16,532		641,937
Mohawk Industries, Inc. (a)		5,705		769,148
Newell Rubbermaid, Inc.		25,707		884,578
NVR, Inc. (a)		397		448,618
PulteGroup, Inc.		35,186		621,385
Taylor Morrison Home Corp., Class A (a)		3,027		49,098
Tempur Sealy International, Inc. (a)		5,654		317,585
Common Stocks	Shares		Value
Household Durables (concluded)
Toll Brothers, Inc. (a)		16,514	$	514,576
Tupperware Brands Corp.		4,691		323,867
Whirlpool Corp.		7,222		1,051,884
				8,815,104
Household Products — 1.7%
Church & Dwight Co., Inc.		12,627		885,910
The Clorox Co. (b)		11,945		1,147,198
Colgate-Palmolive Co.		85,006		5,544,091
Energizer Holdings, Inc.		5,730		705,993
Kimberly-Clark Corp.		34,992		3,764,090
The Procter & Gamble Co.		251,269		21,041,266
Spectrum Brands Holdings, Inc.		1,981		179,340
				33,267,888
Independent Power and Renewable Electricity Producers — 0.1%
The AES Corp.		67,384		955,505
Calpine Corp. (a)		39,334		853,548
NRG Energy, Inc.		31,330		954,938
				2,763,991
Industrial Conglomerates — 1.9%
3M Co.		60,757		8,608,052
Carlisle Cos., Inc.		5,957		478,824
Danaher Corp.		56,423		4,287,019
General Electric Co.		931,153		23,856,140
				37,230,035
Insurance — 4.2%
ACE Ltd.		31,362		3,288,933
Aflac, Inc.		42,178		2,456,868
Alleghany Corp. (a)		1,530		639,769
Allied World Assurance Co. Holdings AG		9,164		337,602
The Allstate Corp.		40,306		2,473,579
American Financial Group, Inc.		6,738		390,063
American International Group, Inc.		134,338		7,256,939
American National Insurance Co.		666		74,858
Aon PLC		27,554		2,415,659
Arch Capital Group Ltd. (a)		12,461		681,866
Arthur J Gallagher & Co.		14,598		662,165
Aspen Insurance Holdings Ltd.		6,087		260,341
Assurant, Inc.		6,660		428,238
Assured Guaranty Ltd.		16,129		357,419
Axis Capital Holdings Ltd.		10,017		474,105
Berkshire Hathaway, Inc., Class B (a)		169,949		23,476,755
Brown & Brown, Inc.		11,217		360,627
The Chubb Corp.		22,707		2,068,154
Cincinnati Financial Corp.		15,194		714,878
CNA Financial Corp.		2,413		91,766
Endurance Specialty Holdings Ltd.		4,156		229,328
Erie Indemnity Co., Class A		2,296		174,060

6 RUSSELL 1000 INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Common Stocks	Shares		Value
Insurance (concluded)
Everest Re Group Ltd.		4,284	$	694,051
FNF Group		25,734		713,861
Genworth Financial, Inc., Class A (a)		46,082		603,674
The Hanover Insurance Group, Inc.		4,099		251,761
Hartford Financial Services Group, Inc.		41,769		1,555,895
HCC Insurance Holdings, Inc.		9,286		448,421
Lincoln National Corp.		24,499		1,312,656
Loews Corp.		30,251		1,260,257
Markel Corp. (a)		1,298		825,723
Marsh & McLennan Cos., Inc.		51,043		2,671,591
MBIA, Inc. (a)		13,062		119,909
Mercury General Corp.		1,182		57,693
MetLife, Inc.		86,888		4,667,623
Old Republic International Corp.		24,226		345,947
PartnerRe Ltd.		4,695		515,934
Principal Financial Group, Inc.		27,330		1,434,005
ProAssurance Corp.		5,524		243,443
The Progressive Corp.		54,990		1,390,147
Protective Life Corp.		7,328		508,636
Prudential Financial, Inc.		42,721		3,756,885
Reinsurance Group of America, Inc.		6,420		514,435
RenaissanceRe Holdings Ltd.		3,770		376,962
StanCorp Financial Group, Inc.		4,069		257,079
Torchmark Corp.		12,240		641,009
The Travelers Cos., Inc.		32,270		3,031,444
Unum Group		23,915		822,198
Validus Holdings Ltd.		8,442		330,420
Voya Financial, Inc.		13,366		522,611
W.R. Berkley Corp.		9,328		445,878
White Mountains Insurance Group Ltd.		575		362,290
XL Group PLC		25,224		836,680
				80,833,090
Internet & Catalog Retail — 1.2%
Amazon.com, Inc. (a)		34,887		11,248,964
Expedia, Inc.		9,400		823,628
Groupon, Inc. (a)		44,742		298,877
HomeAway, Inc. (a)		8,697		308,744
Liberty Interactive Corp., Series A (a)		45,592		1,300,284
Liberty TripAdvisor Holdings, Inc., Class A (a)		6,856		232,418
Liberty Ventures, Series A (a)		6,855		260,216
Netflix, Inc. (a)		5,568		2,512,170
priceline.com, Inc. (a)		4,790		5,549,598
TripAdvisor, Inc. (a)		10,347		945,923
Common Stocks	Shares		Value
Internet & Catalog Retail (concluded)
zulily, Inc., Class A (a)(b)		1,187	$	44,975
				23,525,797
Internet Software & Services — 3.4%
Akamai Technologies, Inc. (a)		16,536		988,853
AOL, Inc. (a)		7,434		334,158
eBay, Inc. (a)		117,689		6,664,728
Equinix, Inc. (a)		4,942		1,050,076
Facebook, Inc., Class A (a)		183,349		14,491,905
Google, Inc., Class A (a)		26,065		15,336,907
Google, Inc., Class C (a)		26,373		15,226,715
IAC/InterActiveCorp		6,920		456,028
LinkedIn Corp. (a)		9,689		2,013,277
Pandora Media, Inc. (a)		19,095		461,335
Rackspace Hosting, Inc. (a)		10,907		355,023
Twitter, Inc. (a)		44,499		2,295,259
VeriSign, Inc. (a)		11,201		617,399
Yahoo!, Inc. (a)		93,500		3,810,125
Yelp, Inc. (a)		4,726		322,550
				64,424,338
IT Services — 3.0%
Accenture PLC, Class A		58,744		4,777,062
Alliance Data Systems Corp. (a)		5,036		1,250,288
Amdocs Ltd.		14,865		682,006
Automatic Data Processing, Inc.		44,772		3,719,658
Booz Allen Hamilton Holding Corp.		6,973		163,168
Broadridge Financial Solutions, Inc.		11,216		466,922
Cognizant Technology Solutions Corp., Class A (a)		56,509		2,529,908
Computer Sciences Corp.		13,460		823,079
CoreLogic, Inc. (a)		8,545		231,313
DST Systems, Inc.		2,814		236,151
Fidelity National Information Services, Inc.		26,732		1,505,012
Fiserv, Inc. (a)		23,150		1,496,300
FleetCor Technologies, Inc. (a)		7,704		1,094,893
Gartner, Inc. (a)		8,384		615,972
Genpact Ltd. (a)		14,877		242,793
Global Payments, Inc.		6,449		450,656
International Business Machines Corp.		87,840		16,674,667
Jack Henry & Associates, Inc.		7,860		437,488
Leidos Holdings, Inc.		5,976		205,156
Mastercard, Inc., Class A		93,357		6,900,949
Paychex, Inc.		30,235		1,336,387
Sabre Corp.		4,245		76,049
Teradata Corp. (a)		14,654		614,296
Total System Services, Inc.		15,582		482,419
Vantiv, Inc., Class A (a)		11,582		357,884
VeriFone Systems, Inc. (a)		10,364		356,314
Visa, Inc., Class A (b)		46,563		9,935,147

RUSSELL 1000 INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 7

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

Common Stocks	Shares		Value
IT Services (concluded)
The Western Union Co. (b)		50,071	$	803,139
				58,465,076
Leisure Products — 0.1%
Hasbro, Inc.		10,755		591,471
Mattel, Inc.		31,516		965,965
Polaris Industries, Inc.		6,121		916,865
				2,474,301
Life Sciences Tools & Services — 0.7%
Agilent Technologies, Inc.		30,968		1,764,557
Bio-Rad Laboratories, Inc., Class A (a)		1,931		218,975
Bruker Corp. (a)		10,250		189,779
Charles River Laboratories International, Inc. (a)		4,499		268,770
Covance, Inc. (a)		5,337		420,022
Illumina, Inc. (a)		12,947		2,122,272
Mettler-Toledo International, Inc. (a)		2,716		695,649
PerkinElmer, Inc.		10,524		458,847
QIAGEN NV (a)(b)		21,701		494,132
Quintiles Transnational Holdings, Inc. (a)		5,258		293,291
Techne Corp.		3,440		321,812
Thermo Fisher Scientific, Inc.		37,048		4,508,742
Waters Corp. (a)		7,878		780,867
				12,537,715
Machinery — 1.8%
AGCO Corp. (b)		8,732		396,957
Caterpillar, Inc.		57,968		5,740,571
Colfax Corp. (a)		8,861		504,811
Crane Co.		4,530		286,341
Cummins, Inc.		17,078		2,253,954
Deere & Co.		33,786		2,770,114
Donaldson Co., Inc.		13,290		539,973
Dover Corp.		15,465		1,242,303
Flowserve Corp.		12,759		899,765
Graco, Inc.		5,635		411,242
IDEX Corp.		7,492		542,196
Illinois Tool Works, Inc.		31,718		2,677,634
Ingersoll-Rand PLC		25,113		1,415,369
ITT Corp.		8,525		383,113
Joy Global, Inc. (b)		9,306		507,549
Kennametal, Inc.		7,307		301,852
Lincoln Electric Holdings, Inc.		7,475		516,784
The Manitowoc Co., Inc.		12,569		294,743
The Middleby Corp. (a)		5,323		469,116
Navistar International Corp. (a)		5,112		168,236
Nordson Corp.		5,981		454,975
Oshkosh Corp.		7,897		348,653
PACCAR, Inc.		32,944		1,873,690
Common Stocks	Shares		Value
Machinery (concluded)
Pall Corp.		10,199	$	853,656
Parker Hannifin Corp.		13,834		1,579,151
Pentair PLC		17,982		1,177,641
Snap-on, Inc.		5,412		655,285
SPX Corp.		4,073		382,577
Stanley Black & Decker, Inc.		14,496		1,287,100
Terex Corp.		10,257		325,865
The Timken Co.		7,579		321,274
The Toro Co.		5,246		310,721
Trinity Industries, Inc. (b)		14,394		672,488
Valmont Industries, Inc. (b)		2,500		337,325
WABCO Holdings, Inc. (a)		5,267		479,034
Wabtec Corp.		8,962		726,280
Xylem, Inc.		17,078		606,098
				34,714,436
Marine — 0.0%
Kirby Corp. (a)		5,295		624,016
Media — 3.6%
AMC Networks, Inc., Class A (a)		5,549		324,173
Cablevision Systems Corp., New York Group, Class A (b)		18,182		318,367
CBS Corp., Class B		48,625		2,601,437
CBS Outdoor Americas, Inc.		11,106		332,514
Charter Communications, Inc., Class A (a)		7,371		1,115,748
Cinemark Holdings, Inc.		10,728		365,181
Clear Channel Outdoor Holdings, Inc., Class A		3,828		25,801
Comcast Corp., Class A		240,537		12,936,080
DIRECTV (a)		43,439		3,758,342
Discovery Communications, Inc., Class A (a)		21,324		806,047
Discovery Communications, Inc., Class C (a)		21,325		794,996
DISH Network Corp., Class A (a)		19,810		1,279,330
DreamWorks Animation SKG, Inc., Class A (a)		6,964		189,908
Gannett Co., Inc.		21,074		625,266
Graham Holdings Co., Class B		396		277,038
The Interpublic Group of Cos., Inc.		39,364		721,148
John Wiley & Sons, Inc., Class A		4,104		230,275
Lamar Advertising Co., Class A		7,386		363,760
Liberty Media Corp., Class A (a)		8,820		416,128
Liberty Media Corp., Class C (a)		17,631		828,481
Lions Gate Entertainment Corp. (b)		7,507		247,506
Live Nation Entertainment, Inc. (a)		13,437		322,757
The Madison Square Garden Co., Class A (a)		5,742		379,661
Morningstar, Inc.		1,817		123,374
News Corp., Class A (a)		46,210		755,533
Omnicom Group, Inc.		24,005		1,652,984

8 RUSSELL 1000 INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Common Stocks	Shares		Value
Media (concluded)
Regal Entertainment Group, Class A (b)		7,554	$	150,174
Scripps Networks Interactive, Inc., Class A		9,817		766,610
Sirius XM Holdings, Inc. (a)(b)		247,648		864,292
Starz, Class A (a)		8,706		287,994
Thomson Reuters Corp.		33,008		1,201,821
Time Warner Cable, Inc.		25,874		3,712,660
Time Warner, Inc.		81,914		6,160,752
Twenty-First Century Fox, Inc., Class A		176,838		6,063,775
Viacom, Inc., Class B		39,917		3,071,214
The Walt Disney Co.		160,817		14,317,538
				68,388,665
Metals & Mining — 0.6%
Alcoa, Inc.		108,883		1,751,928
Allegheny Technologies, Inc.		10,093		374,450
Carpenter Technology Corp.		4,939		222,996
Cliffs Natural Resources, Inc. (b)		14,258		147,998
Compass Minerals International, Inc.		3,119		262,869
Freeport-McMoRan Copper & Gold, Inc.		96,465		3,149,582
Newmont Mining Corp.		46,311		1,067,469
Nucor Corp.		29,580		1,605,602
Reliance Steel & Aluminum Co.		7,223		494,053
Royal Gold, Inc.		5,991		389,056
Southern Copper Corp. (b)		13,555		401,906
Steel Dynamics, Inc.		22,309		504,407
Tahoe Resources, Inc. (a)		7,860		159,558
TimkenSteel Corp.		3,805		176,894
United States Steel Corp.		13,447		526,719
				11,235,487
Multi-Utilities — 1.0%
Alliant Energy Corp.		10,310		571,277
Ameren Corp.		22,543		864,073
CenterPoint Energy, Inc.		39,925		976,965
CMS Energy Corp.		25,040		742,686
Consolidated Edison, Inc.		27,205		1,541,435
Dominion Resources, Inc.		54,013		3,731,758
DTE Energy Co.		16,443		1,250,984
Integrys Energy Group, Inc.		7,432		481,742
MDU Resources Group, Inc.		17,812		495,352
NiSource, Inc.		29,250		1,198,665
PG&E Corp.		43,166		1,944,197
Public Service Enterprise Group, Inc.		46,991		1,749,945
SCANA Corp. (b)		13,157		652,719
Sempra Energy		22,794		2,402,032
TECO Energy, Inc.		21,690		376,972
Vectren Corp.		7,669		305,993
Common Stocks	Shares		Value
Multi-Utilities (concluded)
Wisconsin Energy Corp.		20,952	$	900,936
				20,187,731
Multiline Retail — 0.6%
Big Lots, Inc.		5,410		232,900
Dillard’s, Inc., Class A		2,382		259,590
Dollar General Corp. (a)		28,790		1,759,357
Dollar Tree, Inc. (a)		19,212		1,077,217
Family Dollar Stores, Inc.		8,889		686,586
JC Penney Co., Inc. (a)(b)		14,677		147,357
Kohl’s Corp.		19,374		1,182,395
Macy’s, Inc.		33,603		1,955,023
Nordstrom, Inc.		12,880		880,606
Sears Holdings Corp. (a)(b)		2,456		61,965
Target Corp.		58,851		3,688,781
				11,931,777
Office Electronics — 0.1%
Xerox Corp.		108,427		1,434,489
Zebra Technologies Corp., Class A (a)		4,695		333,204
				1,767,693
Oil, Gas & Consumable Fuels — 7.3%
Anadarko Petroleum Corp.		46,902		4,757,739
Antero Resources Corp. (a)		4,933		270,772
Apache Corp.		35,820		3,362,423
Athlon Energy, Inc. (a)		4,767		277,582
Cabot Oil & Gas Corp.		38,762		1,267,130
Cheniere Energy, Inc. (a)		22,096		1,768,343
Chesapeake Energy Corp.		48,925		1,124,786
Chevron Corp.		176,770		21,092,196
Cimarex Energy Co.		8,085		1,022,995
Cobalt International Energy, Inc. (a)		32,637		443,863
Concho Resources, Inc. (a)		10,469		1,312,708
ConocoPhillips		114,005		8,723,663
CONSOL Energy, Inc.		21,361		808,728
Continental Resources, Inc. (a)		7,996		531,574
CVR Energy, Inc.		1,503		67,229
Denbury Resources, Inc.		32,687		491,286
Devon Energy Corp.		37,883		2,582,863
Energen Corp.		6,765		488,704
EOG Resources, Inc.		50,751		5,025,364
EP Energy Corp., Class A (a)		3,167		55,359
EQT Corp.		14,096		1,290,348
Exxon Mobil Corp.		398,762		37,503,566
Golar LNG Ltd.		4,717		313,209
Gulfport Energy Corp. (a)		7,941		424,049
Hess Corp.		25,808		2,434,211
HollyFrontier Corp.		18,459		806,289
Kinder Morgan, Inc.		61,007		2,339,008
Kosmos Energy Ltd. (a)		9,797		97,578
Laredo Petroleum, Inc. (a)(b)		7,230		162,024

RUSSELL 1000 INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 9

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

Common Stocks	Shares		Value
Oil, Gas & Consumable Fuels (concluded)
Marathon Oil Corp.		62,790	$	2,360,276
Marathon Petroleum Corp.		23,354		1,977,383
Memorial Resource Development Corp. (a)		4,668		126,550
Murphy Oil Corp.		16,671		948,747
Murphy USA, Inc. (a)		4,350		230,811
Newfield Exploration Co. (a)		12,672		469,751
Noble Energy, Inc.		33,504		2,290,334
Oasis Petroleum, Inc. (a)		9,406		393,265
Occidental Petroleum Corp.		72,954		7,014,527
PBF Energy, Inc.		6,451		154,824
Peabody Energy Corp.		25,230		312,347
Phillips 66		52,548		4,272,678
Pioneer Natural Resources Co.		13,285		2,616,747
QEP Resources, Inc.		16,736		515,134
Range Resources Corp.		15,224		1,032,339
SandRidge Energy, Inc. (a)(b)		46,006		197,366
SM Energy Co.		6,232		486,096
Southwestern Energy Co. (a)		32,798		1,146,290
Spectra Energy Corp.		62,289		2,445,466
Targa Resources Corp.		3,508		477,684
Teekay Corp.		4,233		280,902
Tesoro Corp.		12,016		732,736
Ultra Petroleum Corp. (a)(b)		14,240		331,222
Valero Energy Corp.		49,560		2,293,141
Whiting Petroleum Corp. (a)		11,052		857,083
The Williams Cos., Inc.		69,371		3,839,685
World Fuel Services Corp.		6,695		267,264
WPX Energy, Inc. (a)		18,790		452,087
				139,368,324
Paper & Forest Products — 0.1%
Domtar Corp.		5,976		209,937
International Paper Co.		40,234		1,920,771
				2,130,708
Personal Products — 0.1%
Avon Products, Inc.		40,377		508,750
Coty, Inc., Class A (b)		6,473		107,128
The Estee Lauder Cos., Inc., Class A		21,301		1,591,611
Herbalife Ltd. (b)		7,305		319,594
Nu Skin Enterprises, Inc., Class A		5,485		246,989
				2,774,072
Pharmaceuticals — 5.5%
AbbVie, Inc.		147,655		8,528,553
Actavis PLC (a)		23,582		5,689,865
Allergan, Inc.		27,633		4,923,924
Bristol-Myers Squibb Co.		153,888		7,875,988
Eli Lilly & Co.		91,360		5,924,696
Endo International PLC (a)		14,146		966,738
Hospira, Inc. (a)		15,529		807,974
Common Stocks	Shares		Value
Pharmaceuticals (concluded)
Jazz Pharmaceuticals PLC (a)		5,518	$	885,970
Johnson & Johnson		262,702		28,001,406
Mallinckrodt PLC (a)		10,508		947,296
Merck & Co., Inc.		271,367		16,086,636
Mylan, Inc. (a)		34,713		1,579,094
Omnicare, Inc.		9,203		572,979
Perrigo Co. PLC		12,427		1,866,411
Pfizer, Inc.		592,316		17,514,784
Salix Pharmaceuticals Ltd. (a)		5,891		920,410
Zoetis, Inc.		46,535		1,719,468
				104,812,192
Professional Services — 0.3%
CoStar Group, Inc. (a)		3,002		466,931
The Dun & Bradstreet Corp.		3,441		404,214
Equifax, Inc.		11,337		847,327
IHS, Inc., Class A (a)		6,323		791,576
Manpowergroup, Inc.		7,400		518,740
Nielsen Holdings NV		26,179		1,160,515
Robert Half International, Inc.		12,776		626,024
Towers Watson & Co., Class A		6,035		600,483
Verisk Analytics, Inc., Class A (a)		15,458		941,238
				6,357,048
Real Estate Investment Trusts (REITs) — 2.8%
Alexandria Real Estate Equities, Inc.		6,659		491,101
American Campus Communities, Inc.		9,754		355,533
American Capital Agency Corp.		32,780		696,575
American Homes 4 Rent, Class A		13,910		234,940
American Realty Capital Properties, Inc.		84,351		1,017,273
American Tower Corp.		36,752		3,441,090
Annaly Capital Management, Inc.		88,024		940,096
Apartment Investment & Management Co., Class A		13,581		432,147
AvalonBay Communities, Inc.		12,035		1,696,574
BioMed Realty Trust, Inc.		17,899		361,560
Boston Properties, Inc.		14,215		1,645,528
Brandywine Realty Trust		16,649		234,251
Brixmor Property Group, Inc.		4,563		101,572
Camden Property Trust		7,952		544,951
CBL & Associates Properties, Inc.		15,495		277,361
Chimera Investment Corp.		95,564		290,515
Columbia Property Trust, Inc.		11,623		277,441
Corporate Office Properties Trust		8,153		209,695
Corrections Corp. of America		10,819		371,741
DDR Corp.		28,015		468,691
Digital Realty Trust, Inc.		12,575		784,429
Douglas Emmett, Inc.		13,359		342,926
Duke Realty Corp.		30,623		526,103
Equity Lifestyle Properties, Inc.		7,749		328,248

10 RUSSELL 1000 INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
Equity Residential		33,540	$	2,065,393
Essex Property Trust, Inc.		5,807		1,038,001
Extra Space Storage, Inc.		10,775		555,667
Federal Realty Investment Trust		6,251		740,493
Gaming and Leisure Properties, Inc.		7,846		242,441
General Growth Properties, Inc.		52,668		1,240,331
HCP, Inc.		42,558		1,689,978
Health Care REIT, Inc.		28,531		1,779,478
Healthcare Trust of America, Inc., Class A		22,074		256,058
Home Properties, Inc.		5,313		309,429
Hospitality Properties Trust		13,904		373,322
Host Hotels & Resorts, Inc.		70,308		1,499,670
Kilroy Realty Corp.		7,642		454,240
Kimco Realty Corp.		38,117		835,143
Liberty Property Trust		13,727		456,560
The Macerich Co.		13,072		834,386
MFA Financial, Inc.		34,103		265,321
Mid-America Apartment Communities, Inc.		6,972		457,712
National Retail Properties, Inc.		11,453		395,930
NorthStar Realty Finance Corp.		18,400		325,128
Omega Healthcare Investors, Inc.		11,717		400,604
Piedmont Office Realty Trust, Inc., Class A (b)		14,351		253,152
Plum Creek Timber Co., Inc.		16,456		641,949
Post Properties, Inc.		5,055		259,524
Prologis, Inc.		46,411		1,749,695
Public Storage		13,338		2,211,974
Rayonier, Inc.		11,758		366,144
Realty Income Corp.		20,574		839,213
Regency Centers Corp.		8,583		462,023
Retail Properties of America, Inc., Class A		21,997		321,816
Senior Housing Properties Trust		18,939		396,204
Simon Property Group, Inc.		28,849		4,743,353
SL Green Realty Corp.		8,450		856,154
Spirit Realty Capital, Inc.		37,070		406,658
Starwood Property Trust, Inc.		20,578		451,893
Tanger Factory Outlet Centers		8,458		276,746
Taubman Centers, Inc.		5,874		428,802
Two Harbors Investment Corp.		34,037		329,138
UDR, Inc.		23,364		636,669
Ventas, Inc.		25,662		1,589,761
Vornado Realty Trust		17,407		1,740,004
Washington Prime Group, Inc.		14,451		252,603
Weingarten Realty Investors		11,359		357,809
Weyerhaeuser Co.		48,875		1,557,158
Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (concluded)
WP Carey, Inc.		9,232	$	588,725
				54,002,793
Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A (a)		26,030		774,132
Forest City Enterprises, Inc., Class A (a)		15,294		299,151
The Howard Hughes Corp. (a)		3,683		552,450
Jones Lang LaSalle, Inc.		4,142		523,300
Realogy Holdings Corp. (a)		13,580		505,176
Zillow, Inc. Class A (a)		2,890		335,211
				2,989,420
Road & Rail — 1.1%
Amerco, Inc.		673		176,252
Avis Budget Group, Inc. (a)		9,794		537,593
Con-way, Inc.		5,307		252,082
CSX Corp.		93,276		2,990,429
Genesee & Wyoming, Inc., Class A (a)		4,841		461,396
Hertz Global Holdings, Inc. (a)		41,588		1,055,919
JB Hunt Transport Services, Inc.		8,550		633,127
Kansas City Southern		10,248		1,242,058
Landstar System, Inc.		4,181		301,826
Norfolk Southern Corp.		28,757		3,209,281
Old Dominion Freight Line, Inc. (a)		5,847		413,032
Ryder System, Inc.		4,944		444,812
Union Pacific Corp.		84,115		9,119,748
				20,837,555
Semiconductors & Semiconductor Equipment — 2.3%
Advanced Micro Devices, Inc. (a)		57,473		195,983
Altera Corp.		29,101		1,041,234
Analog Devices, Inc.		29,180		1,444,118
Applied Materials, Inc.		113,064		2,443,313
Atmel Corp. (a)		39,145		316,292
Avago Technologies Ltd.		23,204		2,018,748
Broadcom Corp., Class A		49,681		2,008,106
Cree, Inc. (a)(b)		11,334		464,127
First Solar, Inc. (a)		6,811		448,232
Freescale Semiconductor Ltd. (a)		9,791		191,218
Intel Corp.		462,249		16,095,510
KLA-Tencor Corp.		15,404		1,213,527
Lam Research Corp.		15,061		1,125,057
Linear Technology Corp.		21,976		975,515
Marvell Technology Group Ltd.		37,720		508,466
Maxim Integrated Products, Inc.		26,267		794,314
Microchip Technology, Inc. (b)		18,608		878,856
Micron Technology, Inc. (a)		99,406		3,405,650
NVIDIA Corp.		51,836		956,374
ON Semiconductor Corp. (a)		40,998		366,522
Skyworks Solutions, Inc.		17,613		1,022,435
SunEdison, Inc. (a)		24,891		469,942

RUSSELL 1000 INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 11

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

Common Stocks	Shares		Value
Semiconductors & Semiconductor Equipment (concluded)
SunPower Corp. (a)		4,280	$	145,006
Teradyne, Inc.		19,029		368,972
Texas Instruments, Inc.		100,234		4,780,159
Xilinx, Inc.		24,924		1,055,531
				44,733,207
Software — 3.8%
Activision Blizzard, Inc.		46,023		956,818
Adobe Systems, Inc. (a)		46,224		3,198,239
Allscripts Healthcare Solutions, Inc. (a)		16,700		224,031
ANSYS, Inc. (a)		8,610		651,519
Autodesk, Inc. (a)		21,131		1,164,318
CA, Inc.		29,721		830,405
Cadence Design Systems, Inc. (a)		26,910		463,121
Citrix Systems, Inc. (a)		15,222		1,085,938
Concur Technologies, Inc. (a)		4,431		561,939
Electronic Arts, Inc. (a)		29,220		1,040,524
FactSet Research Systems, Inc.		3,935		478,221
FireEye, Inc. (a)		7,974		243,685
Fortinet, Inc. (a)		12,744		321,977
Informatica Corp. (a)		10,209		349,556
Intuit, Inc.		26,366		2,310,980
Microsoft Corp.		767,036		35,559,789
NetSuite, Inc. (a)		3,862		345,803
Nuance Communications, Inc. (a)		24,393		376,018
Oracle Corp.		304,997		11,675,285
PTC, Inc. (a)		11,027		406,896
Red Hat, Inc. (a)		17,590		987,679
Rovi Corp. (a)		8,875		175,237
Salesforce.com, Inc. (a)		57,022		3,280,476
ServiceNow, Inc. (a)		13,385		786,770
SolarWinds, Inc. (a)		6,111		256,968
Solera Holdings, Inc.		6,397		360,535
Splunk, Inc. (a)		10,986		608,185
Symantec Corp.		64,247		1,510,447
Synopsys, Inc. (a)		14,380		570,814
Tableau Software, Inc., Class A (a)		3,551		257,980
TIBCO Software, Inc. (a)		15,135		357,640
VMware, Inc., Class A (a)		8,141		763,951
Workday, Inc., Class A (a)		8,702		717,915
Zynga, Inc., Class A (a)		67,239		181,545
				73,061,204
Specialty Retail — 2.2%
Aaron’s, Inc.		6,016		146,309
Abercrombie & Fitch Co., Class A (b)		6,770		246,022
Advance Auto Parts, Inc.		6,778		883,173
Ascena Retail Group, Inc. (a)		12,110		161,063
AutoNation, Inc. (a)		6,764		340,297
AutoZone, Inc. (a)		3,030		1,544,270
Bed Bath & Beyond, Inc. (a)		18,952		1,247,610
Common Stocks	Shares		Value
Specialty Retail (concluded)
Best Buy Co., Inc.		26,680	$	896,181
Cabela’s, Inc. (a)(b)		4,653		274,062
CarMax, Inc. (a)		20,478		951,203
Chico’s FAS, Inc.		14,261		210,635
CST Brands, Inc.		7,052		253,519
Dick’s Sporting Goods, Inc.		8,977		393,911
DSW, Inc., Class A		7,031		211,703
Foot Locker, Inc.		13,549		754,002
GameStop Corp., Class A (b)		10,652		438,862
The Gap, Inc.		24,580		1,024,740
GNC Holdings, Inc., Class A		8,465		327,934
The Home Depot, Inc.		126,996		11,650,613
Kate Spade & Co. (a)		11,767		308,648
L Brands, Inc.		22,577		1,512,208
Lowe’s Cos., Inc.		94,608		5,006,655
The Michaels Cos., Inc. (a)		2,579		45,081
O’Reilly Automotive, Inc. (a)		9,853		1,481,497
Penske Automotive Group, Inc.		3,968		161,061
PetSmart, Inc.		9,219		646,160
Ross Stores, Inc.		19,730		1,491,193
Sally Beauty Holdings, Inc. (a)		15,050		411,919
Signet Jewelers Ltd.		7,464		850,224
Staples, Inc. (b)		60,079		726,956
Tiffany & Co.		10,479		1,009,233
TJX Cos., Inc.		65,036		3,848,180
Tractor Supply Co.		12,868		791,511
Ulta Salon Cosmetics & Fragrance, Inc. (a)		5,976		706,184
Urban Outfitters, Inc. (a)		9,948		365,092
Williams-Sonoma, Inc.		8,747		582,288
				41,900,199
Technology Hardware, Storage & Peripherals — 3.9%
3D Systems Corp. (a)(b)		10,217		473,762
Apple, Inc.		559,893		56,409,220
Diebold, Inc.		6,015		212,450
EMC Corp.		190,120		5,562,911
Hewlett-Packard Co.		175,986		6,242,224
Lexmark International, Inc., Class A		5,756		244,630
NCR Corp. (a)		15,605		521,363
NetApp, Inc.		30,772		1,321,965
SanDisk Corp.		21,010		2,057,930
Stratasys Ltd. (a)		4,589		554,259
Western Digital Corp.		20,675		2,012,091
				75,612,805
Textiles, Apparel & Luxury Goods — 0.8%
Carter’s, Inc. (b)		4,992		386,980
Coach, Inc.		25,471		907,022
Deckers Outdoor Corp. (a)		3,220		312,920
Fossil Group, Inc. (a)		4,333		406,869
Hanesbrands, Inc.		9,251		993,927
Michael Kors Holdings Ltd. (a)		18,976		1,354,697

12 RUSSELL 1000 INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

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

Common Stocks	Shares		Value
Textiles, Apparel & Luxury Goods (concluded)
NIKE, Inc., Class B		64,865	$	5,785,958
PVH Corp.		7,644		926,070
Ralph Lauren Corp.		5,486		903,709
Under Armour, Inc., Class A (a)		16,070		1,110,437
VF Corp.		32,041		2,115,667
				15,204,256
Thrifts & Mortgage Finance — 0.1%
Hudson City Bancorp, Inc.		49,144		477,680
Nationstar Mortgage Holdings, Inc. (a)(b)		1,908		65,330
New York Community Bancorp, Inc. (b)		41,133		652,781
Ocwen Financial Corp. (a)		9,895		259,051
People’s United Financial, Inc. (b)		28,833		417,213
TFS Financial Corp.		6,943		99,424
				1,971,479
Tobacco — 1.3%
Altria Group, Inc.		184,465		8,474,322
Lorillard, Inc.		33,672		2,017,290
Philip Morris International, Inc.		146,056		12,181,070
Reynolds American, Inc.		28,676		1,691,884
				24,364,566
Trading Companies & Distributors — 0.3%
Air Lease Corp.		9,477		308,002
Fastenal Co. (b)		27,568		1,237,803
GATX Corp.		4,283		249,999
HD Supply Holdings, Inc. (a)		9,867		268,974
MRC Global, Inc. (a)		9,510		221,773
MSC Industrial Direct Co., Inc., Class A (b)		4,409		376,793
NOW, Inc. (a)		9,975		303,340
United Rentals, Inc. (a)		9,036		1,003,900
Veritiv Corp. (a)		831		41,600
W.W. Grainger, Inc.		5,415		1,362,685
WESCO International, Inc. (a)		4,132		323,370
				5,698,239
Water Utilities — 0.1%
American Water Works Co., Inc.		16,633		802,210
Common Stocks	Shares		Value
Water Utilities (concluded)
Aqua America, Inc.		16,461	$	387,327
				1,189,537
Wireless Telecommunication Services — 0.3%
Crown Castle International Corp.		31,001		2,496,511
SBA Communications Corp., Class A (a)		11,965		1,326,918
Sprint Corp. (a)		67,711		429,288
T-Mobile U.S., Inc. (a)		24,671		712,252
Telephone & Data Systems, Inc.		8,093		193,908
United States Cellular Corp. (a)		1,201		42,611
				5,201,488
Total Common Stocks — 97.7%				1,872,966,571
Investment Companies — 1.1%
iShares Russell 1000 ETF (c)		191,542		21,044,720
Total Long-Term Investments (Cost — $1,579,470,538) — 98.8%				1,894,011,291
Short-Term Securities
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13%, 12/31/30 (c)(e)	$	53,642		53,642,000
BlackRock Cash Funds: Prime, SL Agency Shares, 0.12%, 0/ /0 (c)(d)(e)		25,544		25,544,213
Total Short-Term Securities (Cost — $79,186,213) — 4.1%				79,186,213
Total Investments (Cost — $1,658,656,751*) — 102.9%				1,973,197,504
Liabilities in Excess of Other Assets — (2.9)%				(55,796,111	)
Net Assets — 100.0%			$	1,917,401,393

* As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	1,663,447,272
Gross unrealized appreciation	$	324,932,779
Gross unrealized depreciation		(15,182,547	)
Net unrealized appreciation	$	309,750,232

Notes to Schedule of Investments

(a) Non-income producing security.

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

RUSSELL 1000 INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 13

Schedule of Investments (continued) Russell 1000 Index Master Portfolio

(c) Investments in issuers considered to be an affiliate of the Master Portfolio during the period ended September 30, 2014, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31, 2013		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain (Loss)
BlackRock Cash Funds: Institutional, SL Agency Shares		94,674,911		—			(41,032,911	)1		53,642,000	$	53,642,000	$	45,686	$	—
BlackRock Cash Funds: Prime, SL Agency Shares		10,668,379		14,875,835	2		—			25,544,214	$	25,544,214	$	175,937	$	—
BlackRock, Inc.		7,512		4,618			(292	)		11,838	$	3,886,652	$	63,653	$	10,368
The PNC Financial Services Group, Inc.		30,459		19,138			—			49,597	$	4,244,511	$	57,651	$	—
iShares Russell 1000 ETF		99,042		592,500			(500,000	)		191,542	$	21,044,719	$	246,213	$	14,458,154

¹  Represents net shares sold.

² Represents net shares purchased.

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

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

Portfolio Abbreviations

CBOE	Chicago Board Options Exchange
CME	Chicago Mercantile Exchange
ETF	Exchange-Traded Fund
MBIA	Municipal Bond Investors Assurance (National Public Finance Guaranty Corp.)
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
S&P	Standard and Poor’s

Ÿ Financial futures contracts outstanding as of September 30, 2014 were as follows:

Contracts Purchased/ Sold		Issue	Exchange	Expiration		Notional Value		Unrealized Depreciation
	18	S&P MidCap 400 E-Mini Index	Chicago Mercantile	December 2014	USD		2,457,720	$	(31,802	)
	184	S&P 500 E-Mini Index	Chicago Mercantile	December 2014	USD		18,082,600		(117,138	)
	Total							$	(148,940	)

14 RUSSELL 1000 INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (continued) Russell 1000 Index Master Portfolio

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

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

Ÿ 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)

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

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

The following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks	$	1,872,966,571			—		—	$	1,872,966,571
Investment Companies		21,044,720			—		—		21,044,720
Short-Term Securities:
Short-Term Securities		79,186,213			—		—		79,186,213
Total	$	1,973,197,504			—		—	$	1,973,197,504
1   See above Schedule of Investments for values in each sector.
	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments 2
Liabilities:
Equity contracts	$	(148,940	)		—		—	$	(148,940	)
2    Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

RUSSELL 1000 INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014 15

Schedule of Investments (concluded) Russell 1000 Index Master Portfolio

The Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

	Level 1		Level 2			Level 3		Total
Assets:
Cash	$	30,723		—			—	$	30,723
Cash pledged for financial futures contracts		2,525,000		—			—		2,525,000
Liabilities:
Collateral on securities loaned at value		—		(25,544,214	)		—		(25,544,214	)
Total	$	2,555,723		(25,544,214	)		—	$	(22,988,491	)

There were no transfers between levels during the period ended September 30, 2014.

16 RUSSELL 1000 INDEX MASTER PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments September 30, 2014 (Unaudited) S&P 500 Stock Master Portfolio (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 2.6%
The Boeing Co.		211,712	$	26,967,874
General Dynamics Corp.		100,332		12,751,194
Honeywell International, Inc.		247,205		23,019,729
L-3 Communications Holdings, Inc.		27,230		3,238,192
Lockheed Martin Corp.		85,236		15,579,436
Northrop Grumman Corp.		65,689		8,655,183
Precision Castparts Corp.		45,325		10,736,586
Raytheon Co.		98,158		9,974,816
Rockwell Collins, Inc.		42,656		3,348,496
Textron, Inc.		88,176		3,173,454
United Technologies Corp.		268,783		28,383,485
				145,828,445
Air Freight & Logistics — 0.7%
C.H. Robinson Worldwide, Inc.		46,487		3,083,018
Expeditors International of Washington, Inc.		61,633		2,501,067
FedEx Corp.		83,855		13,538,390
United Parcel Service, Inc., Class B		222,208		21,840,824
				40,963,299
Airlines — 0.3%
Delta Air Lines, Inc.		266,309		9,627,070
Southwest Airlines Co.		216,437		7,309,078
				16,936,148
Auto Components — 0.4%
BorgWarner, Inc.		72,194		3,798,126
Delphi Automotive PLC		94,682		5,807,794
The Goodyear Tire & Rubber Co.		87,156		1,968,418
Johnson Controls, Inc.		210,432		9,259,008
				20,833,346
Automobiles — 0.6%
Ford Motor Co.		1,225,228		18,121,122
General Motors Co.		425,874		13,602,416
Harley-Davidson, Inc.		68,697		3,998,165
				35,721,703
Banks — 6.0%
Bank of America Corp.		3,322,148		56,642,624
BB&T Corp.		227,368		8,460,363
Citigroup, Inc.		957,759		49,631,071
Comerica, Inc.		57,122		2,848,103
Fifth Third Bancorp		263,535		5,275,971
Huntington Bancshares, Inc.		258,085		2,511,167
JPMorgan Chase & Co.		1,188,216		71,578,132
KeyCorp		276,986		3,692,223
M&T Bank Corp.		41,703		5,141,563
The PNC Financial Services Group, Inc. (a)		170,769		14,614,411
Regions Financial Corp.		435,581		4,373,233
SunTrust Banks, Inc.		167,724		6,378,544
Common Stocks	Shares		Value
Banks (concluded)
US Bancorp		569,240	$	23,811,309
Wells Fargo & Co.		1,500,740		77,843,384
Zions Bancorporation		64,119		1,863,298
				334,665,396
Beverages — 2.2%
Brown-Forman Corp., Class B		49,908		4,502,700
The Coca-Cola Co.		1,247,035		53,198,513
Coca-Cola Enterprises, Inc.		71,359		3,165,485
Constellation Brands, Inc., Class A (b)		52,934		4,613,727
Dr Pepper Snapple Group, Inc.		61,640		3,964,068
Molson Coors Brewing Co., Class B		50,310		3,745,076
Monster Beverage Corp. (b)		45,438		4,165,302
PepsiCo, Inc.		476,005		44,311,306
				121,666,177
Biotechnology — 2.9%
Alexion Pharmaceuticals, Inc. (b)		62,525		10,367,895
Amgen, Inc.		239,979		33,707,450
Biogen Idec, Inc. (b)		74,600		24,678,426
Celgene Corp. (b)		252,570		23,938,585
Gilead Sciences, Inc. (b)		477,548		50,834,985
Regeneron Pharmaceuticals, Inc. (b)		23,307		8,402,640
Vertex Pharmaceuticals, Inc. (b)		75,230		8,449,081
				160,379,062
Building Products — 0.1%
Allegion PLC		30,387		1,447,637
Masco Corp.		112,581		2,692,937
				4,140,574
Capital Markets — 2.3%
Affiliated Managers Group, Inc. (b)		17,559		3,518,121
Ameriprise Financial, Inc.		59,138		7,296,446
The Bank of New York Mellon Corp.		357,477		13,845,084
BlackRock, Inc. (a)		39,853		13,084,537
The Charles Schwab Corp.		362,327		10,648,791
E*Trade Financial Corp. (b)		91,087		2,057,655
Franklin Resources, Inc.		124,444		6,795,887
The Goldman Sachs Group, Inc.		129,440		23,761,301
Invesco Ltd.		136,632		5,394,231
Legg Mason, Inc.		32,194		1,647,045
Morgan Stanley		483,835		16,726,176
Northern Trust Corp.		69,956		4,759,107
State Street Corp.		133,791		9,848,356
T. Rowe Price Group, Inc.		83,123		6,516,843
				125,899,580
Chemicals — 2.6%
Air Products & Chemicals, Inc.		60,564		7,884,221
Airgas, Inc.		21,207		2,346,555

BLACKROCK S&P 500 STOCK FUND SEPTEMBER 30, 2014 1

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

Common Stocks	Shares		Value
Chemicals (concluded)
CF Industries Holdings, Inc.		15,691	$	4,381,241
The Dow Chemical Co.		354,588		18,594,595
E.I. du Pont de Nemours & Co.		289,130		20,747,969
Eastman Chemical Co.		47,110		3,810,728
Ecolab, Inc.		85,189		9,782,253
FMC Corp.		42,048		2,404,725
International Flavors & Fragrances, Inc.		25,669		2,461,144
LyondellBasell Industries NV, Class A		134,351		14,598,580
Monsanto Co.		165,739		18,647,295
The Mosaic Co.		100,600		4,467,646
PPG Industries, Inc.		43,543		8,566,650
Praxair, Inc.		92,255		11,900,895
The Sherwin-Williams Co.		26,258		5,750,239
Sigma-Aldrich Corp.		37,555		5,107,855
				141,452,591
Commercial Services & Supplies — 0.5%
The ADT Corp. (c)		55,053		1,952,179
Cintas Corp.		30,520		2,154,407
Iron Mountain, Inc.		54,344		1,774,332
Pitney Bowes, Inc.		64,033		1,600,185
Republic Services, Inc.		79,778		3,112,938
Stericycle, Inc. (b)		26,773		3,120,661
Tyco International Ltd.		140,106		6,244,524
Waste Management, Inc.		137,063		6,514,604
				26,473,830
Communications Equipment — 1.7%
Cisco Systems, Inc.		1,610,873		40,545,674
F5 Networks, Inc. (b)		23,403		2,778,872
Harris Corp.		33,096		2,197,574
Juniper Networks, Inc.		126,850		2,809,728
Motorola Solutions, Inc.		69,742		4,413,274
QUALCOMM, Inc.		529,468		39,588,322
				92,333,444
Construction & Engineering — 0.1%
Fluor Corp.		49,758		3,323,337
Jacobs Engineering Group, Inc. (b)		42,067		2,053,711
Quanta Services, Inc. (b)		68,484		2,485,284
				7,862,332
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		19,463		2,509,559
Vulcan Materials Co.		41,302		2,487,620
				4,997,179
Consumer Finance — 0.9%
American Express Co.		284,331		24,890,336
Capital One Financial Corp.		177,324		14,473,185
Discover Financial Services		145,917		9,395,595
Common Stocks	Shares		Value
Consumer Finance (concluded)
Navient Corp.		132,497	$	2,346,522
				51,105,638
Containers & Packaging — 0.2%
Avery Dennison Corp.		29,607		1,321,952
Ball Corp.		43,732		2,766,924
Bemis Co., Inc.		31,549		1,199,493
MeadWestvaco Corp.		53,271		2,180,915
Owens-Illinois, Inc. (b)		52,120		1,357,726
Sealed Air Corp.		67,027		2,337,902
				11,164,912
Distributors — 0.1%
Genuine Parts Co.		48,361		4,241,743
Diversified Consumer Services — 0.1%
H&R Block, Inc.		86,956		2,696,506
Diversified Financial Services — 2.0%
Berkshire Hathaway, Inc., Class B (b)		575,920		79,557,589
CME Group, Inc.		99,804		7,979,829
IntercontinentalExchange Group, Inc.		35,837		6,990,007
Leucadia National Corp.		100,085		2,386,026
McGraw-Hill Financial, Inc.		85,578		7,227,062
Moody’s Corp.		58,712		5,548,284
The NASDAQ OMX Group, Inc.		37,408		1,586,847
				111,275,644
Diversified Telecommunication Services — 2.4%
AT&T, Inc.		1,638,295		57,733,516
CenturyLink, Inc.		180,116		7,364,943
Frontier Communications Corp.		316,458		2,060,142
Verizon Communications, Inc.		1,309,547		65,464,255
Windstream Holdings, Inc. (c)		190,284		2,051,261
				134,674,117
Electric Utilities — 1.7%
American Electric Power Co., Inc.		154,407		8,061,590
Duke Energy Corp.		223,480		16,709,600
Edison International		102,886		5,753,385
Entergy Corp.		56,776		4,390,488
Exelon Corp.		271,479		9,254,719
FirstEnergy Corp.		132,888		4,461,050
NextEra Energy, Inc.		137,867		12,942,954
Northeast Utilities		99,782		4,420,343
Pepco Holdings, Inc.		79,261		2,121,024
Pinnacle West Capital Corp.		34,844		1,903,876
PPL Corp.		209,935		6,894,265
The Southern Co.		282,998		12,352,863

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

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

Common Stocks	Shares		Value
Electric Utilities (concluded)
Xcel Energy, Inc.		159,706	$	4,855,062
				94,121,219
Electrical Equipment — 0.6%
AMETEK, Inc.		77,678		3,900,212
Eaton Corp. PLC		150,339		9,526,982
Emerson Electric Co.		220,475		13,797,326
Rockwell Automation, Inc.		43,554		4,785,714
				32,010,234
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp., Class A		49,536		4,946,665
Corning, Inc.		407,839		7,887,606
FLIR Systems, Inc.		44,714		1,401,337
Jabil Circuit, Inc.		63,208		1,274,906
TE Connectivity Ltd.		129,318		7,149,992
				22,660,506
Energy Equipment & Services — 1.8%
Baker Hughes, Inc.		137,432		8,941,326
Cameron International Corp. (b)		64,096		4,254,692
Diamond Offshore Drilling, Inc. (c)		21,226		727,415
Ensco PLC, Class A		73,800		3,048,678
FMC Technologies, Inc. (b)		74,199		4,029,748
Halliburton Co.		268,715		17,334,805
Helmerich & Payne, Inc.		34,246		3,351,656
Nabors Industries Ltd.		91,486		2,082,221
National Oilwell Varco, Inc.		135,937		10,344,806
Noble Corp. PLC		80,277		1,783,755
Schlumberger Ltd.		409,554		41,647,546
Transocean Ltd.		107,738		3,444,384
				100,991,032
Food & Staples Retailing — 2.2%
Costco Wholesale Corp.		138,494		17,356,068
CVS Health Corp.		365,860		29,118,797
The Kroger Co.		154,451		8,031,452
Safeway, Inc.		72,719		2,494,262
Sysco Corp.		185,410		7,036,309
Wal-Mart Stores, Inc.		498,827		38,145,301
Walgreen Co.		278,038		16,479,312
Whole Foods Market, Inc.		114,117		4,348,999
				123,010,500
Food Products — 1.6%
Archer-Daniels-Midland Co.		203,923		10,420,465
Campbell Soup Co.		56,499		2,414,202
ConAgra Foods, Inc.		133,525		4,411,666
General Mills, Inc.		193,494		9,761,772
The Hershey Co.		47,142		4,498,761
Hormel Foods Corp.		42,532		2,185,720
The J.M. Smucker Co.		32,164		3,183,915
Kellogg Co.		80,801		4,977,342
Common Stocks	Shares		Value
Food Products (concluded)
Keurig Green Mountain, Inc.		38,482	$	5,007,663
Kraft Foods Group, Inc.		187,638		10,582,783
McCormick & Co., Inc.		41,007		2,743,368
Mead Johnson Nutrition Co.		63,923		6,150,671
Mondelez International, Inc., Class A		532,582		18,248,922
Tyson Foods, Inc., Class A		92,573		3,644,599
				88,231,849
Gas Utilities — 0.0%
AGL Resources, Inc.		37,844		1,942,911
Health Care Equipment & Supplies — 2.0%
Abbott Laboratories		475,070		19,758,161
Baxter International, Inc.		171,117		12,281,067
Becton Dickinson & Co.		60,602		6,897,114
Boston Scientific Corp. (b)		418,944		4,947,729
C.R. Bard, Inc.		23,578		3,364,816
CareFusion Corp. (b)		64,084		2,899,801
Covidien PLC		142,733		12,347,832
DENTSPLY International, Inc.		44,794		2,042,606
Edwards Lifesciences Corp. (b)		33,514		3,423,455
Intuitive Surgical, Inc. (b)		11,358		5,245,352
Medtronic, Inc.		309,435		19,169,498
St. Jude Medical, Inc.		89,964		5,409,535
Stryker Corp.		94,503		7,631,117
Varian Medical Systems, Inc. (b)		32,600		2,611,912
Zimmer Holdings, Inc.		53,379		5,367,259
				113,397,254
Health Care Providers & Services — 2.2%
Aetna, Inc.		112,019		9,073,539
AmerisourceBergen Corp.		67,338		5,205,227
Cardinal Health, Inc.		106,350		7,967,742
Cigna Corp.		83,341		7,558,195
DaVita HealthCare Partners, Inc. (b)		54,274		3,969,600
Express Scripts Holding Co. (b)		235,492		16,632,800
Humana, Inc.		48,730		6,349,032
Laboratory Corp. of America Holdings (b)		26,817		2,728,630
McKesson Corp.		73,173		14,244,588
Patterson Cos., Inc.		27,380		1,134,353
Quest Diagnostics, Inc.		45,622		2,768,343
Tenet Healthcare Corp. (b)		30,992		1,840,615
UnitedHealth Group, Inc.		306,943		26,473,834
Universal Health Services, Inc., Class B		28,835		3,013,258
WellPoint, Inc.		86,636		10,363,398
				119,323,154
Health Care Technology — 0.1%
Cerner Corp. (b)		95,920		5,713,954

BLACKROCK S&P 500 STOCK FUND SEPTEMBER 30, 2014 3

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

Common Stocks	Shares		Value
Hotels, Restaurants & Leisure — 1.6%
Carnival Corp.		142,327	$	5,717,276
Chipotle Mexican Grill, Inc. (b)		9,799		6,531,915
Darden Restaurants, Inc.		41,867		2,154,476
Marriott International, Inc., Class A		68,843		4,812,126
McDonald’s Corp.		310,198		29,409,872
Starbucks Corp.		237,308		17,907,262
Starwood Hotels & Resorts Worldwide, Inc. (b)		60,186		5,008,077
Wyndham Worldwide Corp.		39,538		3,212,858
Wynn Resorts Ltd.		25,636		4,795,983
Yum! Brands, Inc.		138,887		9,997,086
				89,546,931
Household Durables — 0.4%
D.R. Horton, Inc.		104,856		2,151,645
Garmin Ltd.		38,332		1,992,881
Harman International Industries, Inc.		21,503		2,108,154
Leggett & Platt, Inc.		43,358		1,514,061
Lennar Corp., Class A		56,229		2,183,372
Mohawk Industries, Inc. (b)		19,571		2,638,562
Newell Rubbermaid, Inc.		86,492		2,976,190
PulteGroup, Inc.		106,881		1,887,518
Whirlpool Corp.		24,650		3,590,273
				21,042,656
Household Products — 1.9%
The Clorox Co.		40,730		3,911,709
Colgate-Palmolive Co.		271,209		17,688,251
Kimberly-Clark Corp.		118,124		12,706,599
The Procter & Gamble Co.		855,389		71,630,275
				105,936,834
Independent Power and Renewable Electricity Producers — 0.1%
The AES Corp.		210,328		2,982,451
NRG Energy, Inc.		106,820		3,255,874
				6,238,325
Industrial Conglomerates — 2.3%
3M Co.		204,711		29,003,455
Danaher Corp.		192,598		14,633,596
General Electric Co.		3,169,855		81,211,685
Roper Industries, Inc.		31,614		4,624,812
				129,473,548
Insurance — 2.8%
ACE Ltd.		106,049		11,121,359
Aflac, Inc.		143,119		8,336,682
The Allstate Corp.		136,910		8,402,167
American International Group, Inc.		450,762		24,350,163
Aon PLC		91,755		8,044,161
Assurant, Inc.		22,518		1,447,907
The Chubb Corp.		75,969		6,919,257
Common Stocks	Shares		Value
Insurance (concluded)
Cincinnati Financial Corp.		46,470	$	2,186,413
Genworth Financial, Inc., Class A (b)		156,706		2,052,849
Hartford Financial Services Group, Inc.		141,458		5,269,310
Lincoln National Corp.		82,473		4,418,903
Loews Corp.		96,212		4,008,192
Marsh & McLennan Cos., Inc.		171,952		8,999,968
MetLife, Inc.		355,277		19,085,480
Principal Financial Group, Inc.		86,405		4,533,670
The Progressive Corp.		170,029		4,298,333
Prudential Financial, Inc.		145,316		12,779,089
Torchmark Corp.		41,252		2,160,367
The Travelers Cos., Inc.		107,105		10,061,444
Unum Group		80,490		2,767,246
XL Group PLC		83,869		2,781,935
				154,024,895
Internet & Catalog Retail — 1.3%
Amazon.com, Inc. (b)		119,694		38,594,133
Expedia, Inc.		31,339		2,745,923
Netflix, Inc. (b)		18,988		8,567,006
priceline.com, Inc. (b)		16,568		19,195,354
TripAdvisor, Inc. (b)		35,241		3,221,732
				72,324,148
Internet Software & Services — 3.4%
Akamai Technologies, Inc. (b)		56,311		3,367,398
eBay, Inc. (b)		356,817		20,206,547
Facebook, Inc., Class A (b)		616,055		48,692,987
Google, Inc., Class A (b)		89,752		52,810,974
Google, Inc., Class C (b)		89,744		51,814,596
VeriSign, Inc. (b)		35,543		1,959,130
Yahoo!, Inc. (b)		292,206		11,907,395
				190,759,027
IT Services — 3.3%
Accenture PLC, Class A		199,413		16,216,265
Alliance Data Systems Corp. (b)		17,549		4,356,890
Automatic Data Processing, Inc.		151,922		12,621,680
Cognizant Technology Solutions Corp., Class A (b)		192,146		8,602,376
Computer Sciences Corp.		45,804		2,800,915
Fidelity National Information Services, Inc.		90,164		5,076,233
Fiserv, Inc. (b)		78,722		5,088,196
International Business Machines Corp.		293,087		55,636,705
Mastercard, Inc., Class A		310,939		22,984,611
Paychex, Inc.		103,276		4,564,799
Teradata Corp. (b)		48,963		2,052,529
Total System Services, Inc.		52,122		1,613,697
Visa, Inc., Class A		155,515		33,182,236

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

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

Common Stocks	Shares		Value
IT Services (concluded)
The Western Union Co. (c)		167,351	$	2,684,310
Xerox Corp.		342,424		4,530,270
				182,011,712
Leisure Products — 0.1%
Hasbro, Inc.		36,243		1,993,184
Mattel, Inc.		106,712		3,270,723
				5,263,907
Life Sciences Tools & Services — 0.5%
Agilent Technologies, Inc.		105,409		6,006,205
PerkinElmer, Inc.		35,747		1,558,569
Thermo Fisher Scientific, Inc.		126,065		15,342,110
Waters Corp. (b)		26,524		2,629,059
				25,535,943
Machinery — 1.6%
Caterpillar, Inc.		198,359		19,643,492
Cummins, Inc.		54,014		7,128,768
Deere & Co.		113,226		9,283,400
Dover Corp.		52,588		4,224,394
Flowserve Corp.		43,216		3,047,592
Illinois Tool Works, Inc.		115,239		9,728,476
Ingersoll-Rand PLC		84,537		4,764,505
Joy Global, Inc.		31,012		1,691,395
PACCAR, Inc.		112,177		6,380,067
Pall Corp.		33,739		2,823,954
Parker Hannifin Corp.		47,032		5,368,703
Pentair PLC		60,830		3,983,757
Snap-on, Inc.		18,389		2,226,540
Stanley Black & Decker, Inc.		49,390		4,385,338
Xylem, Inc.		57,707		2,048,021
				86,728,402
Media — 3.5%
Cablevision Systems Corp., New York Group, Class A (c)		68,862		1,205,774
CBS Corp., Class B		153,110		8,191,385
Comcast Corp., Class A		817,600		43,970,528
DIRECTV (b)		158,676		13,728,647
Discovery Communications, Inc., Class A (b)		46,738		1,766,696
Discovery Communications, Inc., Class C (b)		86,370		3,219,874
Gannett Co., Inc.		71,171		2,111,643
The Interpublic Group of Cos., Inc.		133,116		2,438,685
News Corp., Class A (b)		157,236		2,570,809
Omnicom Group, Inc.		79,341		5,463,421
Scripps Networks Interactive, Inc., Class A		32,755		2,557,838
Time Warner Cable, Inc.		88,050		12,634,294
Time Warner, Inc.		270,048		20,310,310
Common Stocks	Shares		Value
Media (concluded)
Twenty-First Century Fox, Inc., Class A		594,992	$	20,402,276
Viacom, Inc., Class B		120,273		9,253,805
The Walt Disney Co.		498,887		44,415,910
				194,241,895
Metals & Mining — 0.5%
Alcoa, Inc.		371,716		5,980,911
Allegheny Technologies, Inc.		34,279		1,271,751
Freeport-McMoRan Copper & Gold, Inc.		328,311		10,719,354
Newmont Mining Corp.		157,828		3,637,935
Nucor Corp.		100,755		5,468,981
				27,078,932
Multi-Utilities — 1.1%
Ameren Corp.		76,616		2,936,691
CenterPoint Energy, Inc.		135,701		3,320,603
CMS Energy Corp.		86,924		2,578,166
Consolidated Edison, Inc.		92,491		5,240,540
Dominion Resources, Inc.		184,095		12,719,124
DTE Energy Co.		55,898		4,252,720
Integrys Energy Group, Inc.		25,306		1,640,335
NiSource, Inc.		99,685		4,085,091
PG&E Corp.		148,960		6,709,158
Public Service Enterprise Group, Inc.		159,765		5,949,649
SCANA Corp.		44,910		2,227,985
Sempra Energy		73,036		7,696,534
TECO Energy, Inc.		73,798		1,282,609
Wisconsin Energy Corp. (c)		71,250		3,063,750
				63,702,955
Multiline Retail — 0.7%
Dollar General Corp. (b)		95,937		5,862,710
Dollar Tree, Inc. (b)		64,957		3,642,139
Family Dollar Stores, Inc.		30,317		2,341,685
Kohl’s Corp.		64,684		3,947,665
Macy’s, Inc.		111,554		6,490,212
Nordstrom, Inc.		45,052		3,080,205
Target Corp.		200,224		12,550,040
				37,914,656
Oil, Gas & Consumable Fuels — 7.9%
Anadarko Petroleum Corp.		159,854		16,215,590
Apache Corp.		120,825		11,341,843
Cabot Oil & Gas Corp.		131,808		4,308,804
Chesapeake Energy Corp.		164,121		3,773,142
Chevron Corp.		599,887		71,578,517
Cimarex Energy Co.		27,483		3,477,424
ConocoPhillips		388,452		29,724,347
CONSOL Energy, Inc.		72,856		2,758,328
Denbury Resources, Inc.		111,113		1,670,028

BLACKROCK S&P 500 STOCK FUND SEPTEMBER 30, 2014 5

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

Common Stocks	Shares		Value
Oil, Gas & Consumable Fuels (concluded)
Devon Energy Corp.		121,508	$	8,284,415
EOG Resources, Inc.		172,963		17,126,796
EQT Corp.		47,817		4,377,168
Exxon Mobil Corp.		1,347,248		126,708,674
Hess Corp.		82,630		7,793,662
Kinder Morgan, Inc.		207,820		7,967,819
Marathon Oil Corp.		213,072		8,009,377
Marathon Petroleum Corp.		89,503		7,578,219
Murphy Oil Corp.		52,728		3,000,751
Newfield Exploration Co. (b)		43,090		1,597,346
Noble Energy, Inc.		113,828		7,781,282
Occidental Petroleum Corp.		246,290		23,680,784
ONEOK, Inc.		65,788		4,312,403
Phillips 66		176,556		14,355,768
Pioneer Natural Resources Co.		45,223		8,907,574
QEP Resources, Inc.		52,337		1,610,933
Range Resources Corp.		53,258		3,611,425
Southwestern Energy Co. (b)		111,494		3,896,715
Spectra Energy Corp.		212,044		8,324,847
Tesoro Corp.		40,510		2,470,300
Valero Energy Corp.		166,785		7,717,142
The Williams Cos., Inc.		212,471		11,760,270
				435,721,693
Paper & Forest Products — 0.1%
International Paper Co.		134,897		6,439,983
Personal Products — 0.1%
Avon Products, Inc.		137,175		1,728,405
The Estee Lauder Cos., Inc., Class A		71,069		5,310,276
				7,038,681
Pharmaceuticals — 6.2%
AbbVie, Inc.		502,859		29,045,136
Actavis PLC (b)		83,474		20,140,607
Allergan, Inc.		93,883		16,729,012
Bristol-Myers Squibb Co.		523,779		26,807,009
Eli Lilly & Co.		310,609		20,142,994
Hospira, Inc. (b)		53,336		2,775,072
Johnson & Johnson		890,950		94,966,360
Mallinckrodt PLC (b)		35,843		3,231,246
Merck & Co., Inc.		911,276		54,020,441
Mylan, Inc. (b)		118,228		5,378,192
Perrigo Co. PLC		42,253		6,345,978
Pfizer, Inc.		2,003,124		59,232,377
Zoetis, Inc.		158,486		5,856,058
				344,670,482
Professional Services — 0.2%
The Dun & Bradstreet Corp.		11,489		1,349,613
Equifax, Inc.		38,532		2,879,882
Nielsen Holdings NV		96,150		4,262,329
Common Stocks	Shares		Value
Professional Services (concluded)
Robert Half International, Inc.		43,428	$	2,127,972
				10,619,796
Real Estate Investment Trusts (REITs) — 2.2%
American Tower Corp.		125,163		11,719,012
Apartment Investment & Management Co., Class A		46,247		1,471,580
AvalonBay Communities, Inc.		41,455		5,843,911
Boston Properties, Inc.		48,413		5,604,289
Crown Castle International Corp.		105,535		8,498,734
Equity Residential		114,277		7,037,178
Essex Property Trust, Inc.		20,065		3,586,619
General Growth Properties, Inc.		198,309		4,670,177
HCP, Inc.		144,988		5,757,473
Health Care REIT, Inc. (c)		102,396		6,386,439
Host Hotels & Resorts, Inc.		239,028		5,098,467
Kimco Realty Corp.		129,651		2,840,653
The Macerich Co.		44,426		2,835,712
Plum Creek Timber Co., Inc. (c)		55,919		2,181,400
Prologis, Inc.		158,053		5,958,598
Public Storage		45,830		7,600,447
Simon Property Group, Inc.		98,184		16,143,413
Ventas, Inc.		92,518		5,731,490
Vornado Realty Trust		55,152		5,512,994
Weyerhaeuser Co.		166,949		5,318,995
				119,797,581
Real Estate Management & Development — 0.0%
CBRE Group, Inc., Class A (b)		88,067		2,619,113
Road & Rail — 1.0%
CSX Corp.		315,769		10,123,554
Kansas City Southern		34,838		4,222,366
Norfolk Southern Corp.		97,785		10,912,806
Ryder System, Inc.		16,788		1,510,416
Union Pacific Corp.		283,504		30,737,504
				57,506,646
Semiconductors & Semiconductor Equipment — 2.4%
Altera Corp.		97,605		3,492,307
Analog Devices, Inc.		99,202		4,909,507
Applied Materials, Inc.		384,978		8,319,375
Avago Technologies Ltd.		79,488		6,915,456
Broadcom Corp., Class A		169,895		6,867,156
First Solar, Inc. (b)		23,763		1,563,843
Intel Corp.		1,564,056		54,460,430
KLA-Tencor Corp.		52,239		4,115,388
Lam Research Corp.		51,196		3,824,341
Linear Technology Corp.		75,386		3,346,385
Microchip Technology, Inc.		63,245		2,987,061
Micron Technology, Inc. (b)		338,336		11,591,391
NVIDIA Corp.		162,629		3,000,505
Texas Instruments, Inc.		337,247		16,083,309

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

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)
Xilinx, Inc.		84,879	$	3,594,626
				135,071,080
Software — 3.8%
Adobe Systems, Inc. (b)		149,294		10,329,652
Autodesk, Inc. (b)		71,772		3,954,637
CA, Inc.		101,292		2,830,099
Citrix Systems, Inc. (b)		51,982		3,708,396
Electronic Arts, Inc. (b)		98,753		3,516,594
Intuit, Inc.		89,648		7,857,647
Microsoft Corp.		2,603,071		120,678,372
Oracle Corp.		1,027,351		39,326,996
Red Hat, Inc. (b)		59,789		3,357,152
Salesforce.com, Inc. (b)		181,889		10,464,074
Symantec Corp.		218,014		5,125,509
				211,149,128
Specialty Retail — 2.1%
AutoNation, Inc. (b)		24,749		1,245,122
AutoZone, Inc. (b)		10,299		5,248,988
Bed Bath & Beyond, Inc. (b)		63,797		4,199,757
Best Buy Co., Inc.		91,721		3,080,908
CarMax, Inc. (b)		69,255		3,216,895
GameStop Corp., Class A		35,590		1,466,308
The Gap, Inc.		86,588		3,609,854
The Home Depot, Inc.		425,186		39,006,564
L Brands, Inc.		77,605		5,197,983
Lowe’s Cos., Inc.		311,833		16,502,202
O’Reilly Automotive, Inc. (b)		32,780		4,928,801
PetSmart, Inc.		31,346		2,197,041
Ross Stores, Inc.		66,286		5,009,896
Staples, Inc.		203,498		2,462,326
Tiffany & Co.		35,553		3,424,109
TJX Cos., Inc.		218,904		12,952,550
Tractor Supply Co.		43,491		2,675,131
Urban Outfitters, Inc. (b)		32,218		1,182,401
				117,606,836
Technology Hardware, Storage & Peripherals — 4.6%
Apple, Inc.		1,891,614		190,580,110
EMC Corp.		640,865		18,751,710
Hewlett-Packard Co.		589,568		20,911,977
NetApp, Inc.		100,853		4,332,645
SanDisk Corp.		70,835		6,938,288
Seagate Technology PLC		103,315		5,916,850
Western Digital Corp.		69,509		6,764,616
				254,196,196
Textiles, Apparel & Luxury Goods — 0.8%
Coach, Inc.		86,879		3,093,761
Fossil Group, Inc. (b)		14,708		1,381,081
Michael Kors Holdings Ltd. (b)		64,864		4,630,641
NIKE, Inc., Class B		222,183		19,818,724
Common Stocks	Shares		Value
Textiles, Apparel & Luxury Goods (concluded)
PVH Corp.		26,059	$	3,157,048
Ralph Lauren Corp.		19,181		3,159,686
Under Armour, Inc., Class A (b)		52,579		3,633,209
VF Corp.		108,977		7,195,751
				46,069,901
Thrifts & Mortgage Finance — 0.1%
Hudson City Bancorp, Inc.		152,179		1,479,180
People’s United Financial, Inc.		98,207		1,421,055
				2,900,235
Tobacco — 1.5%
Altria Group, Inc.		626,584		28,785,269
Lorillard, Inc.		113,730		6,813,564
Philip Morris International, Inc.		493,488		41,156,899
Reynolds American, Inc.		97,343		5,743,237
				82,498,969
Trading Companies & Distributors — 0.2%
Fastenal Co.		86,217		3,871,143
United Rentals, Inc. (b)		30,314		3,367,885
W.W. Grainger, Inc.		19,210		4,834,197
				12,073,225
Total Long-Term Investments (Cost — $3,060,312,291) — 99.7%				5,534,518,590
Short-Term Securities
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.13% (a)(d)		25,771,297		25,771,297
BlackRock Cash Funds: Prime, SL Agency Shares, 0.12% (a)(d)(e)		3,336,807		3,336,807
Total Short-Term Securities (Cost — $29,108,104) — 0.5%				29,108,104
Total Investments Before Investments Sold Short (Cost — $3,089,420,395*) — 100.2%				5,563,626,694

BLACKROCK S&P 500 STOCK FUND SEPTEMBER 30, 2014 7

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

Investments Sold Short	Shares			Value
Software
CDK Global, Inc. (b)(f)		(50,640	)	$	(1,549,078	)
Total Investments Sold Short (Proceeds — $1,548,993) — (0.0%)					(1,549,078	)
Total Investments, Net of Investments Sold Short (Cost $3,087,871,402) — 100.2%					5,562,077,616
Liabilities in Excess of Other Assets — (0.2)%					(10,931,567	)
Net Assets — 100.0%				$	5,551,146,049
*  As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
Tax cost				$	2,735,305,619
Gross unrealized appreciation				$	2,917,520,366
Gross unrealized depreciation					(89,199,291	)
Net unrealized appreciation				$	2,828,321,075

Notes to Schedule of Investments

(a) Investments in issuers considered to be an affiliate of the Master Portfolio during the period ended September 30, 2014, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:

Affiliate	Shares Held at December 31, 2013		Shares Purchased		Shares Sold			Shares Held at September 30, 2014		Value at September 30, 2014		Income		Realized Gain
BlackRock, Inc.		40,465		356		(968	)		39,853	$	13,084,537	$	230,556	$	80,596
BlackRock Cash Funds:
Institutional, SL Agency Shares		92,138,359		—		(66,367,062	)1		25,771,297	$	25,771,297	$	58,917		—
BlackRock Cash Funds:
Prime, SL Agency Shares		11,657,294		—		(8,320,487	)1		3,336,807	$	3,336,807	$	90,908		—
The PNC Financial Services Group, Inc.		169,461		4,152		(2,844	)		170,769	$	14,614,411	$	236,121	$	46,015

¹  Represent net shares sold.

(b) Non-income producing security.

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

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

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

(f) In order to track the performance of its benchmark index, the Series sold non-index securities that it subsequently received in corporate actions occurring on the opening of market trading on the following business day.

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

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

Ÿ Financial futures contracts outstanding as of September 30, 2014 were as follows:

Contracts Purchased	Issue		Exchange		Expiration		Notional Value		Unrealized Depreciation
343		S&P 500 E-Mini Index		Chicago Mercantile		December 2014	$	33,708,325	$	(284,257	)

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

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

Ÿ 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)

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

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

The following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks 1		$5,534,518,590			—		—		$5,534,518,590
Short-Term Securities:
Money Market Funds		29,108,104			—		—		29,108,104
Liabilities:
Investments:
Investments Sold Short		(1,549,078	)		—		—		(1,549,078	)
Total		$5,562,077,616			—		—		$5,562,077,616

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

BLACKROCK S&P 500 STOCK FUND SEPTEMBER 30, 2014 9

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

	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments 2
Liabilities:
Equity contracts	$	(284,257	)		—		—	$	(284,257	)

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

The Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

	Level 1		Level 2			Level 3		Total
Assets:
Cash pledged for financial futures contracts	$	2,009,000		—			—	$	2,009,000
Liabilities:
Bank overdraft		—	$	(103,616	)		—		(103,616	)
Collateral on securities loaned at value		—		(3,336,807	)		—		(3,336,807	)
Total	$	2,009,000	$	(3,440,423	)		—	$	(1,431,423	)

There were no transfers between levels during the period ended September 30, 2014.

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

Schedule of Investments September 30, 2014 (Unaudited) Treasury Money Market Master Portfolio (Percentages shown are based on Net Assets)

U.S. Treasury Obligations	Par   (000)		Value
U.S. Treasury Bills (a):
0.03%, 10/02/14	$	45,000	$	44,999,963
0.03%, 10/09/14		10,360		10,359,942
0.05%, 10/23/14		9,135		9,134,735
0.05%, 10/30/14		100,000		99,996,375
0.05%, 11/06/14		85,000		84,996,090
0.03%, 11/13/14		50,040		50,038,214
0.06%, 11/28/14		100,000		99,991,139
0.06%, 1/08/15		75,000		74,987,968
0.06%, 1/22/15		135,000		134,974,967
0.05%, 2/05/15		150,000		149,971,595
0.05%, 2/19/15		50,000		49,989,425
0.05%, 2/26/15		100,000		99,980,472
0.05%, 3/12/15		90,000		89,979,750
0.05%, 3/19/15		50,000		49,988,851
0.13%, 4/02/15		76,075		76,024,727
U.S. Treasury Notes:
2.38%, 10/31/14		81,793		81,947,304
0.25%, 11/30/14		15,890		15,893,696
0.25%, 1/15/15		140,360		140,433,538
0.25%, 1/31/15		40,000		40,027,644
0.06%, 1/31/16 (b)		32,900		32,889,331
0.08%, 4/30/16 (b)		62,076		62,076,095
0.09%, 7/31/16 (b)		33,094		33,102,997
Total U.S. Treasury Obligations — 47.2%				1,531,784,818
Repurchase Agreements — 52.8%
Barclays Capital, Inc., 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $278,359,000, collateralized by various U.S. Treasury Obligations, 0.63% to 1.05%, due 9/30/17 to 5/31/19, original par and fair values of $287,097,700 and $283,926,254, respectively)		278,359		278,359,000
Total Value of Barclays Capital, Inc. (collateral value of $283,926,254)				278,359,000
Repurchase Agreements	Par   (000)		Value
BNP Paribas Securities Corp., 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $99,000,000, collateralized by various U.S. Treasury Obligations, 1.63% to 3.38%, due 1/15/18 to 2/15/41, original par and fair values of $61,111,800 and $100,980,034, respectively)	$	99,000	$	99,000,000
BNP Paribas Securities Corp., 0.05%, 10/07/14 (Purchased on 9/11/14 to be repurchased at $64,102,315 collateralized by various U.S. Treasury obligations, 0.00% to 0.188%, due 2/15/15 to 11/15/42, original par and fair values of $101,988,288 and 65,724,160, respectively) (c)		64,100		64,100,000
BNP Paribas Securities Corp., 0.05%, 10/07/14 (Purchased on 9/16/14 to be repurchased at $100,002,917, collateralized by various U.S. Treasury Obligations, 0.00% to 3.88%, due 5/15/18 to 5/15/43, original par and fair values of $134,851,259 and $102,000,000, respectively) (c)		100,000		100,000,000
Total Value of BNP Paribas Securities Corp. (collateral value of $268,704,194)				263,100,000
Citigroup Global Markets, Inc., 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $50,000,000 collateralized by various U.S. Treasury Obligations, 0.50% to 2.13%, due 4/15/15 to 6/30/21, original par and fair values of $49,615,200 and $51,000,019, respectively) (d)		50,000		50,000,000
Total Value of Citigroup Global Markets, Inc. (collateral value of $51,000,019)				50,000,000

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014 1

Schedule of Investments (continued) Treasury Money Market Master Portfolio (Percentages shown are based on Net Assets)

Repurchase Agreements	Par   (000)		Value
Credit Suisse Securities (USA) LLC, 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $51,000,000, collateralized by various U.S. Treasury Obligations, 3.38% to 4.38%, due 2/15/38 to 5/15/44, original par and fair values of $46,633,800 and $52,024,915, respectively) (a)	$	51,000	$	51,000,000
Total Value of Credit Suisse Securities (USA) LLC (collateral value of $52,024,915)				51,000,000
Deutsche Bank Securities, Inc., 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $50,000,000, collateralized by various U.S. Treasury Obligations, 1.50%, due 12/31/18 to 8/15/39, original par and fair values of $74,143,400 and $51,000,002, respectively) (d)	$	50,000	$	50,000,000
Total Value of Deutsche Bank Securities, Inc. (collateral value of $51,000,002)				50,000,000
HSBC Securities (USA), Inc., 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $80,000,000, collateralized by various U.S. Treasury Obligations, 0.63% to 8.00%, due 8/31/16 to 5/15/30, original par and fair values of $71,439,000 and $81,602,234, respectively)		80,000		80,000,000
HSBC Securities (USA), Inc., 0.00%, 10/1/14 (Purchased on 1/27/14 to be repurchased at $200,000,000, collateralized by various U.S. Treasury Obligations, 0.25% to 10.63%, due 10/31/14 to 8/15/44, original par and fair values of $194,734,710 and $204,003,141, respectively)		200,000		200,000,000
Total Value of HSBC Securities (USA), Inc. (collateral value of $285,605,375 )				280,000,000
Repurchase Agreements	Par   (000)		Value
Morgan Stanley & Co. LLC, 0.03%, 10/01/14 (Purchased on 9/26/14 to be repurchased at $218,000,908, collateralized by a U.S. Treasury Obligation, 1.88%, due 9/30/17, original par and fair value of $217,418,100 and $222,360,013, respectively)	$	218,000	$	218,000,000
Total Value of Morgan Stanley & Co. LLC (collateral value of $222,360,013)				218,000,000
SG Americas Securities LLC, 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $350,227,000, collateralized by various U.S. Treasury Obligations, 0.25% to 5.00%, due 12/15/15 to 5/15/40, original par and fair values of $323,962,700 and $357,231,597, respectively)	$	350,227	$	350,227,000
Total Value of SG Americas Securities LLC (collateral value of $357,231,597)				350,227,000
TD Securities (USA) LLC, 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $175,945,000 collateralized by various U.S. Treasury Obligations, 0.00% to 3.25%, due 2/5/15 to 11/15/43, original par and fair values of $377,261,700 and $179,463,931, respectively)		175,945		175,945,000
Total Value of TD Securities (USA) LLC (collateral value of $179,463,931)				175,945,000
Total Repurchase Agreements — 52.8%				1,716,631,000
Total Investments (Cost — $3,248,415,818*) — 100.0%				3,248,415,818
Liabilities in Excess of Other Assets — (0.0)%				(486,451	)
Net Assets — 100.0%			$	3,247,929,367

2 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014

Schedule of Investments (concluded) Treasury Money Market Master Portfolio

Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Rates shown are discount rates or a range of discount rates paid at the time of purchase.

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

(c) Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

(d) Traded in a joint account.

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

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

Ÿ 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)

Ÿ 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)

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

The following table summarizes the Master Portfolio’s investments categorized in the disclosure hierarchy as of September 30, 2014:

	Level 1	Level 2		Level 3	Total
Assets:
Investments:
Short-Term Securities1	—	$	3,248,415,818	—	$	3,248,415,818
1    See above Schedule of Investments for values in each security type.

The Master Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, overdraft of $1,291,429 is categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the six months ended September 30, 2014.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2014 3

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: November 24, 2014

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: November 24, 2014
By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Funds III and Master Investment Portfolio
Date: November 24, 2014