BlackRock Funds III

N-Q 1 d624421dnq.htm BLACKROCK FUNDS III BlackRock Funds III

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

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

Name of Fund: BlackRock Funds III

BlackRock Cash Funds: Institutional

BlackRock Cash Funds: Treasury

BlackRock LifePath® Dynamic 2020 Fund

BlackRock LifePath® Dynamic 2025 Fund

BlackRock LifePath® Dynamic 2030 Fund

BlackRock LifePath® Dynamic 2035 Fund

BlackRock LifePath® Dynamic 2040 Fund

BlackRock LifePath® Dynamic 2045 Fund

BlackRock LifePath® Dynamic 2050 Fund

BlackRock LifePath® Dynamic 2055 Fund

BlackRock LifePath® Dynamic 2060 Fund

BlackRock LifePath® Dynamic Retirement Fund

BlackRock LifePath® Index 2020 Fund

BlackRock LifePath® Index 2025 Fund

BlackRock LifePath® Index 2030 Fund

BlackRock LifePath® Index 2035 Fund

BlackRock LifePath® Index 2040 Fund

BlackRock LifePath® Index 2045 Fund

BlackRock LifePath® Index 2050 Fund

BlackRock LifePath® Index 2055 Fund

BlackRock LifePath® Index 2060 Fund

BlackRock LifePath® Index Retirement Fund

iShares MSCI Total International Index Fund

iShares Russell 1000 Large-Cap Index Fund

iShares S&P 500 Index Fund

iShares U.S. Aggregate Bond Index Fund

Master Investment Portfolio

Active Stock Master Portfolio

International Tilts Master Portfolio

Large Cap Index Master Portfolio

LifePath® Dynamic 2020 Master Portfolio

LifePath® Dynamic 2025 Master Portfolio

LifePath® Dynamic 2030 Master Portfolio

LifePath® Dynamic 2035 Master Portfolio

LifePath® Dynamic 2040 Master Portfolio

LifePath® Dynamic 2045 Master Portfolio

LifePath® Dynamic 2050 Master Portfolio

LifePath® Dynamic 2055 Master Portfolio

LifePath® Dynamic 2060 Master Portfolio

LifePath® Dynamic 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

LifePath® Index 2060 Master Portfolio

LifePath® Index Retirement Master Portfolio

Money Market Master Portfolio

S&P 500 Index Master Portfolio

Total International ex U.S. Index Master Portfolio

Treasury Money Market Master Portfolio

U.S. Total Bond Index 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: 12/31/2018

Date of reporting period: 09/30/2018

Item 1 – Schedule of Investments

Schedule of Investments (unaudited)

September 30, 2018

BlackRock Cash Funds: Institutional of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
Institutional Money Market Master Portfolio of Master Investment Portfolio	$	50,494,627,036


Total Investments (Cost — $50,488,094,916) — 100.2%		50,494,627,036
Liabilities in Excess of Other Assets — (0.2)%		(92,837,396	)

Net Assets — 100.0%	$	50,401,789,640

BlackRock Cash Funds: Institutional Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Institutional Money Market Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2018, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $50,494,627,036 and 100.0%, respectively.

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

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

•

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

•

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value 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 investments 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, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

As of period end, the Fund’s investment in the Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

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	$	8,989,434,767


Total Investments (Cost — $8,989,434,767) — 100.1%	$	8,989,434,767
Liabilities in Excess of Other Assets — (0.1)%		(9,420,970	)

Net Assets — 100.0%	$	8,980,013,797

BlackRock Cash Funds: Treasury (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Treasury Money Market Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2018, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $8,989,434,767 and 83.1%, respectively.

Fair Value Hierarchy as of Period End

•

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

•

As of period end, the Fund’s investment in the Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

BlackRock LifePath Dynamic 2020 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Dynamic 2020 Master Portfolio of Master Investment Portfolio	$	326,700,951


Total Investments (Cost — $200,643,481) — 100.1%		326,700,951
Liabilities in Excess of Other Assets — (0.1)%		(171,558	)

Net Assets — 100.0%	$	326,529,393

BlackRock LifePath Dynamic 2020 Fund (the “LifePath Dynamic Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Dynamic 2020 Master Portfolio (the “LifePath Dynamic Master Portfolio”), which has the same investment objective and strategies as the LifePath Dynamic Fund. As of September 30, 2018, the value of the investment and the percentage owned by the LifePath Dynamic Fund of the LifePath Dynamic Master Portfolio was $326,700,951 and 100.0%, respectively.

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

Fair Value Hierarchy as of Period End

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the LifePath Dynamic Fund has the ability to access.

•

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

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. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the LifePath Dynamic Fund’s policy, transfers between different levels of the fair value 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 investments and is not necessarily an indication of the risks associated with investing in those securities. For information about the LifePath Dynamic Fund’s policy regarding valuation of investments, refer to the LifePath Dynamic Fund’s most recent financial statements as contained in its semi-annual report.

As of period end, the LifePath Dynamic Fund’s investment in the LifePath Dynamic Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

BlackRock LifePath Dynamic 2025 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Dynamic 2025 Master Portfolio of Master Investment Portfolio	$	64,289,088


Total Investments (Cost — $58,517,600) — 100.1%		64,289,088
Liabilities in Excess of Other Assets — (0.1)%		(41,461	)

Net Assets — 100.0%	$	64,247,627

BlackRock LifePath Dynamic 2025 Fund (the “LifePath Dynamic Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Dynamic 2025 Master Portfolio (the “LifePath Dynamic Master Portfolio”), which has the same investment objective and strategies as the LifePath Dynamic Fund. As of September 30, 2018, the value of the investment and the percentage owned by the LifePath Dynamic Fund of the LifePath Dynamic Master Portfolio was $64,289,088 and 100.0%, respectively.

Fair Value Hierarchy as of Period End

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the LifePath Dynamic Fund has the ability to access.

•

As of period end, the LifePath Dynamic Fund’s investment in the LifePath Dynamic Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

BlackRock LifePath Dynamic 2030 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Dynamic 2030 Master Portfolio of Master Investment Portfolio	$	359,394,285


Total Investments (Cost — $283,002,189) — 100.1%		359,394,285
Liabilities in Excess of Other Assets — (0.1)%		(180,935	)

Net Assets — 100.0%	$	359,213,350

BlackRock LifePath Dynamic 2030 Fund (the “LifePath Dynamic Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Dynamic 2030 Master Portfolio (the “LifePath Dynamic Master Portfolio”), which has the same investment objective and strategies as the LifePath Dynamic Fund. As of September 30, 2018, the value of the investment and the percentage owned by the LifePath Dynamic Fund of the LifePath Dynamic Master Portfolio was $359,394,285 and 100.0%, respectively.

Fair Value Hierarchy as of Period End

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the LifePath Dynamic Fund has the ability to access.

•

As of period end, the LifePath Dynamic Fund’s investment in the LifePath Dynamic Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

BlackRock LifePath Dynamic 2035 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Dynamic 2035 Master Portfolio of Master Investment Portfolio	$	57,569,241


Total Investments (Cost — $50,529,494) — 100.1%		57,569,241
Liabilities in Excess of Other Assets — (0.1)%		(34,678	)

Net Assets — 100.0%	$	57,534,563

BlackRock LifePath Dynamic 2035 Fund (the “LifePath Dynamic Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Dynamic 2035 Master Portfolio (the “LifePath Dynamic Master Portfolio”), which has the same investment objective and strategies as the LifePath Dynamic Fund. As of September 30, 2018, the value of the investment and the percentage owned by the LifePath Dynamic Fund of the LifePath Dynamic Master Portfolio was $57,569,241 and 100.0%, respectively.

Fair Value Hierarchy as of Period End

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the LifePath Dynamic Fund has the ability to access.

•

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

As of period end, the LifePath Dynamic Fund’s investment in the LifePath Dynamic Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

BlackRock LifePath Dynamic 2040 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Dynamic 2040 Master Portfolio of Master Investment Portfolio	$	296,931,834


Total Investments (Cost — $182,181,678) — 100.0%		296,931,834
Liabilities in Excess of Other Assets — (0.0)%		(139,936	)

Net Assets — 100.0%	$	296,791,898

BlackRock LifePath Dynamic 2040 Fund (the “LifePath Dynamic Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Dynamic 2040 Master Portfolio (the “LifePath Dynamic Master Portfolio”), which has the same investment objective and strategies as the LifePath Dynamic Fund. As of September 30, 2018, the value of the investment and the percentage owned by the LifePath Dynamic Fund of the LifePath Dynamic Master Portfolio was $296,931,834 and 100.0%, respectively.

Fair Value Hierarchy as of Period End

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the LifePath Dynamic Fund has the ability to access.

•

As of period end, the LifePath Dynamic Fund’s investment in the LifePath Dynamic Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

BlackRock LifePath Dynamic 2045 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Dynamic 2045 Master Portfolio of Master Investment Portfolio	$	38,908,600


Total Investments (Cost — $33,536,933) — 100.1%		38,908,600
Liabilities in Excess of Other Assets — (0.1)%		(26,932	)

Net Assets — 100.0%	$	38,881,668

BlackRock LifePath Dynamic 2045 Fund (the “LifePath Dynamic Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Dynamic 2045 Master Portfolio (the “LifePath Dynamic Master Portfolio”), which has the same investment objective and strategies as the LifePath Dynamic Fund. As of September 30, 2018, the value of the investment and the percentage owned by the LifePath Dynamic Fund of the LifePath Dynamic Master Portfolio was $38,908,600 and 99.9%, respectively.

Fair Value Hierarchy as of Period End

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the LifePath Dynamic Fund has the ability to access.

•

As of period end, the LifePath Dynamic Fund’s investment in the LifePath Dynamic Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

BlackRock LifePath Dynamic 2050 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Dynamic 2050 Master Portfolio of Master Investment Portfolio	$	106,420,640


Total Investments (Cost — $76,280,081) — 100.1%		106,420,640
Liabilities in Excess of Other Assets — (0.1)%		(60,217	)

Net Assets — 100.0%	$	106,360,423

BlackRock LifePath Dynamic 2050 Fund (the “LifePath Dynamic Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Dynamic 2050 Master Portfolio (the “LifePath Dynamic Master Portfolio”), which has the same investment objective and strategies as the LifePath Dynamic Fund. As of September 30, 2018, the value of the investment and the percentage owned by the LifePath Dynamic Fund of the LifePath Dynamic Master Portfolio was $106,420,640 and 100.0%, respectively.

Fair Value Hierarchy as of Period End

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the LifePath Dynamic Fund has the ability to access.

•

As of period end, the LifePath Dynamic Fund’s investment in the LifePath Dynamic Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

BlackRock LifePath Dynamic 2055 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Dynamic 2055 Master Portfolio of Master Investment Portfolio	$	22,095,655


Total Investments (Cost — $19,224,412) — 100.1%		22,095,655
Liabilities in Excess of Other Assets — (0.1)%		(14,824	)

Net Assets — 100.0%	$	22,080,831

BlackRock LifePath Dynamic 2055 Fund (the “LifePath Dynamic Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Dynamic 2055 Master Portfolio (the “LifePath Dynamic Master Portfolio”), which has the same investment objective and strategies as the LifePath Dynamic Fund. As of September 30, 2018, the value of the investment and the percentage owned by the LifePath Dynamic Fund of the LifePath Dynamic Master Portfolio was $22,095,655 and 99.9%, respectively.

Fair Value Hierarchy as of Period End

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the LifePath Dynamic Fund has the ability to access

•

As of period end, the LifePath Dynamic Fund’s investment in the LifePath Dynamic Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

BlackRock LifePath Dynamic 2060 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Dynamic 2060 Master Portfolio of Master Investment Portfolio	$	2,225,098


Total Investments (Cost — $2,148,463) — 100.5%		2,225,098
Liabilities in Excess of Other Assets — (0.5)%		(10,115	)

Net Assets — 100.0%	$	2,214,983

BlackRock LifePath Dynamic 2060 Fund (the “LifePath Dynamic Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Dynamic 2060 Master Portfolio (the “LifePath Dynamic Master Portfolio”), which has the same investment objective and strategies as the LifePath Dynamic Fund. As of September 30, 2018, the value of the investment and the percentage owned by the LifePath Dynamic Fund of the LifePath Dynamic Master Portfolio was $2,225,098 and 99.5%, respectively.

Fair Value Hierarchy as of Period End

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the LifePath Dynamic Fund has the ability to access.

•

As of period end, the LifePath Dynamic Fund’s investment in the LifePath Dynamic Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

BlackRock LifePath Dynamic Retirement Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Dynamic Retirement Master Portfolio of Master Investment Portfolio	$	119,124,972


Total Investments (Cost — $67,382,494) — 100.1%		119,124,972
Liabilities in Excess of Other Assets — (0.1)%		(64,670	)

Net Assets — 100.0%	$	119,060,302

BlackRock LifePath Dynamic Retirement Fund (the “LifePath Dynamic Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Dynamic Retirement Master Portfolio (the “LifePath Dynamic Master Portfolio”), which has the same investment objective and strategies as the LifePath Dynamic Fund. As of September 30, 2018, the value of the investment and the percentage owned by the LifePath Dynamic Fund of the LifePath Dynamic Master Portfolio was $119,124,972 and 100.0%, respectively.

Fair Value Hierarchy as of Period End

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the LifePath Dynamic Fund has the ability to access.

•

As of period end, the LifePath Dynamic Fund’s investment in the LifePath Dynamic Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

BlackRock LifePath Index 2020 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2020 Master Portfolio of Master Investment Portfolio	$	2,646,859,474


Total Investments (Cost — $2,388,893,631) — 100.0%		2,646,859,474
Liabilities in Excess of Other Assets — (0.0)%		(519,489	)

Net Assets — 100.0%	$	2,646,339,985

BlackRock LifePath Index 2020 Fund (the “LifePath Index Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2020 Master Portfolio (the “LifePath Index Master Portfolio”), which has the same investment objective and strategies as the LifePath Index Fund. As of September 30, 2018, the value of the investment and the percentage owned by the LifePath Index Fund of the LifePath Index Master Portfolio was $2,646,859,474 and 100.0%, respectively.

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

Fair Value Hierarchy as of Period End

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the LifePath Index Fund has the ability to access

•

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the LifePath Index 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 hierarchy. In accordance with the LifePath Index Fund’s policy, transfers between different levels of the fair value 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 investments and is not necessarily an indication of the risks associated with investing in those securities. For information about the LifePath Index Fund’s policy regarding valuation of investments, refer to the LifePath Index Fund’s most recent financial statements as contained in its semi-annual report.

As of period end, the LifePath Index Fund’s investment in the LifePath Index Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

BlackRock LifePath Index 2025 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2025 Master Portfolio of Master Investment Portfolio	$	3,092,639,548


Total Investments (Cost — $2,784,137,191) — 100.0%		3,092,639,548
Liabilities in Excess of Other Assets — (0.0)%		(656,881	)

Net Assets — 100.0%	$	3,091,982,667

BlackRock LifePath Index 2025 Fund (the “LifePath Index Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2025 Master Portfolio (the “LifePath Index Master Portfolio”), which has the same investment objective and strategies as the LifePath Index Fund. As of September 30, 2018, the value of the investment and the percentage owned by the LifePath Index Fund of the LifePath Index Master Portfolio was $3,092,639,548 and 100.0%, respectively.

Fair Value Hierarchy as of Period End

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the LifePath Index Fund has the ability to access

•

As of period end, the LifePath Index Fund’s investment in the LifePath Index Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

BlackRock LifePath Index 2030 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2030 Master Portfolio of Master Investment Portfolio	$	3,810,081,419


Total Investments (Cost — $3,349,137,640) — 100.0%		3,810,081,419
Liabilities in Excess of Other Assets — (0.0)%		(726,967	)

Net Assets — 100.0%	$	3,809,354,452

BlackRock LifePath Index 2030 Fund (the “LifePath Index Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2030 Master Portfolio (the “LifePath Index Master Portfolio”), which has the same investment objective and strategies as the LifePath Index Fund. As of September 30, 2018, the value of the investment and the percentage owned by the LifePath Index Fund of the LifePath Index Master Portfolio was $3,810,081,419 and 100.0%, respectively.

Fair Value Hierarchy as of Period End

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the LifePath Index Fund has the ability to access

•

As of period end, the LifePath Index Fund’s investment in the LifePath Index Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

BlackRock LifePath Index 2035 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2035 Master Portfolio of Master Investment Portfolio	$	2,731,384,961


Total Investments (Cost — $2,388,460,652) — 100.0%		2,731,384,961
Liabilities in Excess of Other Assets — (0.0)%		(425,785	)

Net Assets — 100.0%	$	2,730,959,176

BlackRock LifePath Index 2035 Fund (the “LifePath Index Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2035 Master Portfolio (the “LifePath Index Master Portfolio”), which has the same investment objective and strategies as the LifePath Index Fund. As of September 30, 2018, the value of the investment and the percentage owned by the LifePath Index Fund of the LifePath Index Master Portfolio was $2,731,384,961 and 100.0%, respectively.

Fair Value Hierarchy as of Period End

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the LifePath Index Fund has the ability to access

•

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

As of period end, the LifePath Index Fund’s investment in the LifePath Index Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

BlackRock LifePath Index 2040 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2040 Master Portfolio of Master Investment Portfolio	$	2,924,030,079


Total Investments (Cost — $2,500,819,923) — 100.0%		2,924,030,079
Liabilities in Excess of Other Assets — (0.0)%		(465,301	)

Net Assets — 100.0%	$	2,923,564,778

BlackRock LifePath Index 2040 Fund (the “LifePath Index Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2040 Master Portfolio (the “LifePath Index Master Portfolio”), which has the same investment objective and strategies as the LifePath Index Fund. As of September 30, 2018, the value of the investment and the percentage owned by the LifePath Index Fund of the LifePath Index Master Portfolio was $2,924,030,079 and 100.0%, respectively.

Fair Value Hierarchy as of Period End

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the LifePath Index Fund has the ability to access

•

As of period end, the LifePath Index Fund’s investment in the LifePath Index Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

BlackRock LifePath Index 2045 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2045 Master Portfolio of Master Investment Portfolio	$	1,905,322,119


Total Investments (Cost — $1,650,363,907) — 100.0%		1,905,322,119
Liabilities in Excess of Other Assets — (0.0)%		(257183	)

Net Assets — 100.0%	$	1,905,064,936

BlackRock LifePath Index 2045 Fund (the “LifePath Index Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2045 Master Portfolio (the “LifePath Index Master Portfolio”), which has the same investment objective and strategies as the LifePath Index Fund. As of September 30, 2018, the value of the investment and the percentage owned by the LifePath Index Fund of the LifePath Index Master Portfolio was $1,905,322,119 and 100.0%, respectively.

Fair Value Hierarchy as of Period End

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the LifePath Index Fund has the ability to access

•

As of period end, the LifePath Index Fund’s investment in the LifePath Index Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

BlackRock LifePath Index 2050 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2050 Master Portfolio of Master Investment Portfolio	$	1,684,180,909


Total Investments (Cost — $1,448,552,189) — 100.0%		1,684,180,909
Liabilities in Excess of Other Assets — (0.0)%		(172,927	)

Net Assets — 100.0%	$	1,684,007,982

BlackRock LifePath Index 2050 Fund (the “LifePath Index Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2050 Master Portfolio (the “LifePath Index Master Portfolio”), which has the same investment objective and strategies as the LifePath Index Fund. As of September 30, 2018, the value of the investment and the percentage owned by the LifePath Index Fund of the LifePath Index Master Portfolio was $1,684,180,909 and 100.0%, respectively.

Fair Value Hierarchy as of Period End

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access

•

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with each Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments 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 and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

As of period end, the Fund’s investment in the Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

BlackRock LifePath Index 2055 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2055 Master Portfolio of Master Investment Portfolio	$	847,525,449


Total Investments (Cost — $742,850,756) — 100.0%		847,525,449
Liabilities in Excess of Other Assets — (0.0) %		(64,960	)

Net Assets — 100.0%	$	847,460,489

BlackRock LifePath Index 2055 Fund (the “LifePath Index Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2055 Master Portfolio (the “LifePath Index Master Portfolio”), which has the same investment objective and strategies as the LifePath Index Fund. As of September 30, 2018, the value of the investment and the percentage owned by the LifePath Index Fund of the LifePath Index Master Portfolio was $847,525,449 and 100.0%, respectively.

Fair Value Hierarchy as of Period End

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the LifePath Index Fund has the ability to access

•

As of period end, the LifePath Index Fund’s investment in the LifePath Index Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

BlackRock LifePath Index 2060 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2060 Master Portfolio of Master Investment Portfolio	$	149,302,011


Total Investments (Cost — $138,818,421) — 100%		149,302,011
Other Assets Less Liabilities — 0.0%		19,967

Net Assets — 100.0%	$	149,321,978

BlackRock LifePath Index 2060 Fund (the “LifePath Index Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2060 Master Portfolio (the “LifePath Index Master Portfolio”), which has the same investment objective and strategies as the LifePath Index Fund. As of September 30, 2018, the value of the investment and the percentage owned by the LifePath Index Fund of the LifePath Index Master Portfolio was $149,302,011 and 100.0%, respectively.

Fair Value Hierarchy as of Period End

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the LifePath Index Fund has the ability to access

•

As of period end, the LifePath Index Fund’s investment in the LifePath Index Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

BlackRock LifePath Index Retirement Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index Retirement Master Portfolio of Master Investment Portfolio	$	1,337,788,096


Total Investments (Cost — $1,229,467,430) — 100.0%		1,337,788,096
Liabilities in Excess of Other Assets — (0.0)%		(381,795	)

Net Assets — 100.0%	$	1,337,406,301

BlackRock LifePath Index Retirement Fund (the “LifePath Index Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index Retirement Master Portfolio (the “LifePath Index Master Portfolio”), which has the same investment objective and strategies as the LifePath Index Fund. As of September 30, 2018, the value of the investment and the percentage owned by the LifePath Index Fund of the LifePath Index Master Portfolio was $1,337,788,096 and 100.0%, respectively.

Fair Value Hierarchy as of Period End

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the LifePath Index Fund has the ability to access

•

As of period end, the LifePath Index Fund’s investment in the LifePath Index Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

iShares MSCI Total International Index Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
Total International ex U.S. Index Master Portfolio of Master Investment Portfolio	$	762,787,139


Total Investments (Cost — $692,837,795) — 100.3%		762,787,139
Liabilities in Excess of Other Assets — (0.3)%		(2,352,430	)

Net Assets — 100.0%	$	760,434,709

iShares MSCI Total International Index (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Total International ex U.S. Index Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of september 30, 2018, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $762,787,139 and 83.7%, respectively.

Fair Value Hierarchy as of Period End

•

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

•

As of period end, the Fund’s investment in the Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

iShares Russell 1000 Large-Cap Index Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
Large Cap Index Master Portfolio of Master Investment Portfolio	$	270,673,914


Total Investments (Cost — $187,275,271) — 100%	$	270,673,914
Other Assets Less Liabilities — 0%		(28,023	)

Net Assets — 100.0%	$	270,645,891

iShares Russell 1000 Large-Cap Index Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Large Cap Index Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2018, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $270,673,914 and 3.3%, respectively.

Fair Value Hierarchy as of Period End

•

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

•

As of period end, the Fund’s investment in the Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

iShares S&P 500 Index Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
S&P 500 Stock Index Master Portfolio of Master Investment Portfolio	$	16,819,727,604


Total Investments (Cost — $11,380,116,554) — 100.2%		16,819,727,604
Liabilities in Excess of Other Assets — (0.2)%		(26,691,268	)

Net Assets — 100.0%	$	16,793,036,336

iShares S&P 500 Index Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in S&P 500 Index Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2018, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $16,819,727,604 and 95.4%, respectively.

Fair Value Hierarchy as of Period End

•

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

•

As of period end, the Fund’s investment in the Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

iShares U.S. Aggregate Bond Index Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
U.S. Total Bond Index Master Portfolio of Master Investment Portfolio	$	1,262,817,667


Total Investments (Cost — $1,289,736,169) — 100%		1,262,817,667
Liabilities in Excess of Other Assets — (0)%		(433,264	)

Net Assets — 100.0%	$	1,262,384,403

iShares U.S. Aggregate Bond Index Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in U.S. Total Bond Index Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2018, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $1,262,817,667 and 20.2%, respectively.

Fair Value Hierarchy as of Period End

•

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

•

As of period end, the Fund’s investment in the Master Portfolio was classified as Level 2.

During the period ended September 30, 2018, there were no transfers between levels.


			1

Schedule of Investments (unaudited)

September 30, 2018

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Common Stocks — 92.9%

Aerospace & Defense — 1.1%
Boeing Co.		1,908	$	709,585
Curtiss-Wright Corp.		15,758		2,165,464
General Dynamics Corp.		2,689		550,492
HEICO Corp.		154		14,262
HEICO Corp., Class A		303		22,876
Hexcel Corp.		357		23,937
KLX, Inc.^(a)		2,869		180,116
Lockheed Martin Corp.		173		59,851
Northrop Grumman Corp.		37		11,743
Raytheon Co.		8,950		1,849,607
Rockwell Collins, Inc.		838		117,714
Teledyne Technologies, Inc.^(a)		141		34,782
Vectrus, Inc.^(a)		1,058		32,999

				5,773,428
Air Freight & Logistics — 0.5%
Atlas Air Worldwide Holdings, Inc.^(a)		502		32,003
C.H. Robinson Worldwide, Inc.		1,218		119,267
Echo Global Logistics, Inc.^(a)		4,734		146,517
Expeditors International of Washington, Inc.^(b)		1,404		103,236
FedEx Corp.		3,736		899,591
Hub Group, Inc., Class A^(a)		9,381		427,774
Park-Ohio Holdings Corp.		494		18,945
Radiant Logistics, Inc.^(a)		11,100		65,601
Sinotrans Ltd., Class H		366,000		148,857
United Parcel Service, Inc., Class B		4,141		483,462
XPO Logistics, Inc.^(a)		397		45,325

				2,490,578
Airlines — 0.3%
Alaska Air Group, Inc.		480		33,053
American Airlines Group, Inc.		866		35,792
Copa Holdings SA, Class A		142		11,337
Delta Air Lines, Inc.		15,125		874,679
Hawaiian Holdings, Inc.^(b)		1,995		79,999
JetBlue Airways Corp.^(a)		1,263		24,452
Southwest Airlines Co.		4,311		269,222
United Continental Holdings, Inc.^(a)		2,573		229,151

				1,557,685
Auto Components — 0.5%
Adient PLC^(b)		374		14,702
American Axle & Manufacturing Holdings, Inc.^(a)(b)		7,200		125,568
Aptiv PLC		2,173		182,315
Autoliv, Inc.		1,217		105,490
Bharat Forge Ltd.		47,903		397,352
BorgWarner, Inc.		2,492		106,608
Dana, Inc.		22,627		422,446
Fox Factory Holding Corp.^(a)		2,652		185,773
Gentex Corp.		1,095		23,499
Goodyear Tire & Rubber Co.		1,974		46,172


Security	Shares		Value
Auto Components (continued)
Lear Corp.		1,445	$	209,525
Modine Manufacturing Co.^(a)		14,730		219,477
Tianneng Power International Ltd.		128,000		113,154
Tower International, Inc.		17,806		538,631
Visteon Corp.^(a)(b)		118		10,962

				2,701,674
Automobiles — 0.4%
Astra International Tbk PT		278,500		137,216
BAIC Motor Corp. Ltd., Class H^(c)		74,500		59,966
Ford Motor Co.		30,992		286,676
Ford Otomotiv Sanayi SA		24,593		267,831
General Motors Co.		13,159		443,063
Harley-Davidson, Inc.		1,917		86,840
Kia Motors Corp.		22,204		702,355
Tata Motors Ltd.^(a)		37,212		114,873
Tesla, Inc.^(a)(b)		841		222,672
Thor Industries, Inc.		200		16,740

				2,338,232
Banks — 6.7%
Akbank TAS		164,284		188,176
Associated Banc-Corp		675		17,550
Banco Bradesco SA — ADR		34,087		241,336
Bancolombia SA — ADR		1,412		58,909
Bank of America Corp.		66,673		1,964,186
Bank of China Ltd., Class H		1,168,000		516,072
Bank of Commerce Holdings		4,847		59,133
Bank of Communications Co. Ltd., Class A		56,600		48,073
Bank of Hangzhou Co. Ltd.		174,500		198,469
Bank of Hawaii Corp.^(b)		168		13,257
Bank of Nanjing Co. Ltd., Class A		111,921		124,577
Bank OZK^(b)		484		18,373
Bank Polska Kasa Opieki SA		9,541		274,590
Bank Rakyat Indonesia Persero Tbk PT		1,066,800		225,435
BankUnited, Inc.		415		14,691
Banner Corp.		9,644		599,567
BB&T Corp.		4,070		197,558
BOK Financial Corp.^(b)		103		10,020
Boston Private Financial Holdings, Inc.		16,232		221,567
Cadence BanCorp^(b)		31,849		831,896
Capital City Bank Group, Inc.		4,138		96,581
Carolina Financial Corp.		3,087		116,442
Cathay General Bancorp		28,940		1,199,274
CenterState Bank Corp.		4,915		137,868
Central Pacific Financial Corp.		27,127		716,967
China Construction Bank Corp., Class H		340,000		297,194
China Development Financial Holding Corp.		176,000		65,668
China Everbright Bank Co. Ltd., Class A		708,800		403,072
China Merchants Bank Co. Ltd., Class H		25,500		103,111
China Minsheng Banking Corp. Ltd., Class A		232,226		214,097


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Banks (continued)
China Minsheng Banking Corp. Ltd., Class H		75,000	$	55,613
CIT Group, Inc.		1,900		98,059
Citigroup, Inc.		30,062		2,156,648
Citizens Financial Group, Inc.^(b)		23,287		898,180
CoBiz Financial, Inc.		2,207		48,863
Comerica, Inc.		1,099		99,130
Commerce Bancshares, Inc.		379		25,022
Cullen/Frost Bankers, Inc.		228		23,812
Dubai Islamic Bank PJSC		32,718		47,924
East West Bancorp, Inc.		669		40,387
FCB Financial Holdings, Inc., Class A^(a)		7,616		360,998
Fifth Third Bancorp		4,461		124,551
First Abu Dhabi Bank PJSC		28,156		109,871
First BanCorp, Puerto Rico^(a)		19,769		179,898
First Bancorp/Southern Pines NC		6,680		270,607
First Citizens BancShares, Inc., Class A		31		14,021
First Commonwealth Financial Corp.		5,374		86,736
First Connecticut Bancorp, Inc.		11,036		326,114
First Financial Northwest, Inc.		24,660		408,616
First Hawaiian, Inc.		25,078		681,118
First Horizon National Corp.		5,550		95,793
First Republic Bank		16,228		1,557,888
FNB Corp.		1,289		16,396
Glacier Bancorp, Inc.^(b)		3,240		139,612
Grupo Financiero Banorte SAB de CV, Series O		25,200		182,193
Guaranty Bancorp		1,462		43,421
Heritage Commerce Corp.		4,023		60,023
Home BancShares, Inc.		6,132		134,291
Independent Bank Corp.		15,002		354,797
Industrial & Commercial Bank of China Ltd., Class H		776,000		566,552
Itau Unibanco Holding SA, Preference Shares — ADR^(b)		54,720		600,826
JPMorgan Chase & Co.		17,169		1,937,350
KB Financial Group, Inc.		39,970		1,946,698
KB Financial Group, Inc., ADR		9,913		478,600
KeyCorp		2,437		48,472
Lakeland Financial Corp.^(b)		11,948		555,343
LCNB Corp.		2,586		48,229
M&T Bank Corp.		661		108,761
Macatawa Bank Corp.^(b)		2,413		28,256
MBT Financial Corp.		279		3,153
Mercantile Bank Corp.		5,052		168,585
OFG Bancorp		2,458		39,697
Old National Bancorp		640		12,352
OTP Bank Nyrt		44,421		1,646,179
PacWest Bancorp		500		23,825
Pinnacle Financial Partners, Inc.		299		17,985
Popular, Inc.		402		20,602


Security	Shares		Value
Banks (continued)
Powszechna Kasa Oszczednosci Bank Polski SA		44,478	$	516,710
Prosperity Bancshares, Inc.		265		18,378
Regions Financial Corp.		7,614		139,717
Republic Bancorp, Inc., Class A		7,759		357,690
Republic First Bancorp, Inc.^(a)		11,469		82,003
Shinhan Financial Group Co. Ltd.		25,553		1,032,558
Shinhan Financial Group Co. Ltd. — ADR		957		38,404
Siam Commercial Bank PCL — NVDR		63,600		293,009
Sierra Bancorp		6,402		185,018
SmartFinancial, Inc.^(a)		2,351		55,366
South State Corp.		3,569		292,658
Standard Bank Group Ltd.		56,541		699,159
Sterling Bancorp		890		19,580
SunTrust Banks, Inc.		3,000		200,370
SVB Financial Group^(a)		332		103,195
Synovus Financial Corp.		468		21,430
TCF Financial Corp.		658		15,667
Texas Capital Bancshares, Inc.^(a)		198		16,365
TriState Capital Holdings, Inc.^(a)		42,245		1,165,962
Turkiye Garanti Bankasi AS		81,778		104,262
Turkiye Is Bankasi AS, Class C		625,076		456,524
U.S. Bancorp		6,944		366,713
Umpqua Holdings Corp.		875		18,200
United Community Banks, Inc.		36,472		1,017,204
Webster Financial Corp.		365		21,520
Wells Fargo & Co.		17,843		937,828
West BanCorp., Inc.		651		15,298
Western Alliance Bancorp^(a)		392		22,301
Wintrust Financial Corp.		13,501		1,146,775
Zions Bancorporation		696		34,904

				35,460,524
Beverages — 0.8%
Ambev SA		100,600		456,848
Brown-Forman Corp., Class A		204		10,363
Coca-Cola Co.		7,874		363,700
Coca-Cola European Partners PLC		8,526		387,677
Coca-Cola Icecek AS		37,120		207,325
Constellation Brands, Inc., Class A		365		78,701
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		13,200		245,565
Keurig Dr Pepper, Inc.		716		16,590
Monster Beverage Corp.^(a)		4,887		284,815
PepsiCo, Inc.		15,003		1,677,336
Radico Khaitan Ltd.		13,304		63,701
United Breweries Ltd.		26,119		489,229

				4,281,850
Biotechnology — 3.6%
AbbVie, Inc.		24,119		2,281,175
ACADIA Pharmaceuticals, Inc.^(a)(b)		1,777		36,891
Acorda Therapeutics, Inc.^(a)		2,147		42,189


2

Schedule of Investments (unaudited) (continued)

September 30, 2018

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Biotechnology (continued)
Adamas Pharmaceuticals, Inc.^(a)		1,853	$	37,097
Aduro Biotech, Inc.^(a)(b)		10,885		80,005
Agios Pharmaceuticals, Inc.^(a)		202		15,578
Aimmune Therapeutics, Inc.^(a)		2,922		79,712
Akebia Therapeutics, Inc.^(a)(b)		27,465		242,516
Alder Biopharmaceuticals, Inc.^(a)		755		12,571
Alexion Pharmaceuticals, Inc.^(a)		353		49,071
Alkermes PLC^(a)		354		15,024
Alnylam Pharmaceuticals, Inc.^(a)		336		29,407
AMAG Pharmaceuticals, Inc.^(a)		4,624		92,480
Amgen, Inc.		4,105		850,925
Applied Genetic Technologies Corp.^(a)		7,057		51,516
AquaBounty Technologies, Inc.^(a)		3		10
Ardelyx, Inc.^(a)		21,787		94,773
Array BioPharma, Inc.^(a)(b)		15,072		229,094
Atara Biotherapeutics, Inc.^(a)(b)		3,934		162,671
Athersys, Inc.^(a)		64,866		136,219
Biocon Ltd.		34,551		329,572
Biogen, Inc.^(a)		1,118		395,001
Biospecifics Technologies Corp.^(a)		4,766		278,763
Bluebird Bio, Inc.^(a)(b)		213		31,098
Calithera Biosciences, Inc.^(a)(b)		18,780		98,595
Celgene Corp.^(a)		21,114		1,889,492
ChemoCentryx, Inc.^(a)(b)		18,330		231,691
Chimerix, Inc.^(a)		16,566		64,442
Cidara Therapeutics, Inc.^(a)(b)		9,584		42,170
Clovis Oncology, Inc.^(a)(b)		7,999		234,931
Coherus Biosciences, Inc.^(a)		9,308		153,582
Conatus Pharmaceuticals, Inc.^(a)		28,034		162,597
Corvus Pharmaceuticals, Inc.^(a)(b)		8,222		70,545
CytomX Therapeutics, Inc.^(a)		863		15,965
Denali Therapeutics, Inc.^(a)		1,731		37,632
Eiger Biopharmaceuticals, Inc.^(a)(b)		2,457		29,484
Exact Sciences Corp.^(a)		1,628		128,482
Exelixis, Inc.^(a)(b)		6,792		120,354
FibroGen, Inc.^(a)		3,299		200,414
Five Prime Therapeutics, Inc.^(a)		2,903		40,410
Forty Seven, Inc.^(a)		1,180		17,606
Genomic Health, Inc.^(a)		4,973		349,204
Gilead Sciences, Inc.		33,965		2,622,438
Global Blood Therapeutics, Inc.^(a)(b)		5,410		205,580
Green Cross Corp.		1,156		182,331
GTx, Inc.^(a)(b)		979		1,537
Halozyme Therapeutics, Inc.^(a)		17,072		310,198
Heron Therapeutics, Inc.^(a)		5,917		187,273
Immune Design Corp.^(a)		5,680		19,596
Incyte Corp.^(a)		312		21,553
Innoviva, Inc.^(a)		21,696		330,647
Intercept Pharmaceuticals, Inc.^(a)(b)		120		15,163
Invitae Corp.^(a)		19,208		321,350
Ionis Pharmaceuticals, Inc.^(a)(b)		498		25,687
Ironwood Pharmaceuticals, Inc.^(a)		21,807		402,557
Karyopharm Therapeutics, Inc.^(a)		1,895		32,272
Kindred Biosciences, Inc.^(a)		4,248		59,260


Security	Shares		Value
Biotechnology (continued)
Ligand Pharmaceuticals, Inc.^(a)		547	$	150,146
Loxo Oncology, Inc.^(a)		2,243		383,172
MacroGenics, Inc.^(a)		1,709		36,641
Miragen Therapeutics, Inc.^(a)		2,168		12,097
Myriad Genetics, Inc.^(a)		1,913		87,998
Natera, Inc.^(a)		12,044		288,333
Neurocrine Biosciences, Inc.^(a)(b)		356		43,770
Nymox Pharmaceutical Corp.^(a)(b)		4,602		11,321
Ophthotech Corp.^(a)		1,930		4,555
Otonomy, Inc.^(a)		3,214		8,838
Palatin Technologies, Inc.^(a)(b)		123,990		123,680
Pfenex, Inc.^(a)(b)		8,668		44,293
PharmaEngine, Inc.		26,000		109,875
Portola Pharmaceuticals, Inc.^(a)(b)		1,119		29,799
Puma Biotechnology, Inc.^(a)		4,478		205,316
Ra Pharmaceuticals, Inc.^(a)		14,882		269,215
Regeneron Pharmaceuticals, Inc.^(a)		252		101,818
Retrophin, Inc.^(a)		5,824		167,323
Rhythm Pharmaceuticals, Inc.^(a)		422		12,310
Sage Therapeutics, Inc.^(a)		181		25,566
Sangamo Therapeutics, Inc.^(a)(b)		9,653		163,618
Sarepta Therapeutics, Inc.^(a)(b)		247		39,893
Seres Therapeutics, Inc.^(a)		17,688		134,252
Sorrento Therapeutics, Inc.^(a)(b)		5,270		23,188
Spark Therapeutics, Inc.^(a)(b)		4,336		236,529
Spectrum Pharmaceuticals, Inc.^(a)(b)		9,900		166,320
Surface Oncology, Inc.^(a)		2,597		28,411
TESARO, Inc.^(a)(b)		153		5,969
Ultragenyx Pharmaceutical, Inc.^(a)(b)		1,160		88,554
United Therapeutics Corp.^(a)		657		84,017
Unum Therapeutics, Inc.^(a)(b)		7,455		76,786
Vanda Pharmaceuticals, Inc.^(a)		9,041		207,491
Versartis, Inc.^(a)		36,071		50,499
Vertex Pharmaceuticals, Inc.^(a)(b)		6,255		1,205,589
Xencor, Inc.^(a)		7,292		284,169

				19,109,747
Building Products — 0.8%
Armstrong World Industries, Inc.^(a)		180		12,528
Builders FirstSource, Inc.^(a)		7,437		109,175
Fortune Brands Home & Security, Inc.		26,610		1,393,300
NCI Building Systems, Inc.^(a)		1,021		15,468
PGT Innovations, Inc.^(a)		17,983		388,433
Simpson Manufacturing Co., Inc.		1,423		103,111
Trex Co., Inc.^(a)		8,454		650,789
Universal Forest Products, Inc.		49,426		1,746,220
USG Corp.^(a)		326		14,119

				4,433,143
Capital Markets — 1.9%
Ameriprise Financial, Inc.		1,711		252,646
B3 SA — Brasil Bolsa Balcao		8,300		48,092
Bank of New York Mellon Corp.		1,407		71,743
BGC Partners, Inc., Class A		1,046		12,364


			3

Schedule of Investments (unaudited) (continued)

September 30, 2018

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Capital Markets (continued)
Charles Schwab Corp.		33,270	$	1,635,220
China Everbright Ltd.		76,000		136,130
CITIC Securities Co. Ltd., Class H		55,000		97,510
CME Group, Inc.		2,146		365,271
Dongxing Securities Co. Ltd., Class A		118,800		177,355
E*Trade Financial Corp.^(a)		1,868		97,865
Eaton Vance Corp.		182		9,566
Evercore, Inc., Class A		160		16,088
Goldman Sachs Group, Inc.		1,313		294,427
Intercontinental Exchange, Inc.		581		43,511
Korea Investment Holdings Co. Ltd.		1,258		86,263
Lazard Ltd., Class A		464		22,332
Legg Mason, Inc.		334		10,431
LPL Financial Holdings, Inc.		353		22,772
Marcus & Millichap, Inc.^(a)		24,889		863,897
Moelis & Co., Class A^(b)		33,252		1,822,210
Moody’s Corp.		347		58,018
Morgan Stanley		30,550		1,422,714
MSCI, Inc.		824		146,186
Nasdaq, Inc.		118		10,124
NH Investment & Securities Co. Ltd.		3,353		43,198
Northern Trust Corp.		431		44,018
Raymond James Financial, Inc.		703		64,711
S&P Global, Inc.		9,492		1,854,642
SEI Investments Co.		871		53,218
State Street Corp.		441		36,947
T. Rowe Price Group, Inc.		1,264		138,004
TD Ameritrade Holding Corp.		2,240		118,339
Virtu Financial, Inc., Class A^(b)		155		3,170

				10,078,982
Chemicals — 2.2%
Air Products & Chemicals, Inc.		10,135		1,693,052
Albemarle Corp.^(b)		2,733		272,699
Ashland Global Holdings, Inc.		249		20,881
Axalta Coating Systems Ltd.^(a)(b)		6,985		203,683
Balchem Corp.		553		61,986
Cabot Corp.		242		15,178
Celanese Corp., Series A		6,677		761,178
CF Industries Holdings, Inc.		2,754		149,928
Chemours Co.		4,336		171,012
DowDuPont, Inc.		14,538		934,939
Eastman Chemical Co.		4,796		459,073
Ecolab, Inc.		5,750		901,485
Huntsman Corp.		871		23,717
Innospec, Inc.		12,575		965,131
International Flavors & Fragrances, Inc.		1,153		160,405
Intrepid Potash, Inc.^(a)		19,651		70,547
Koppers Holdings, Inc.^(a)		6,849		213,346
Landec Corp.^(a)		1,665		23,976
LyondellBasell Industries NV, Class A		4,691		480,875
NewMarket Corp.		32		12,976
Olin Corp.		666		17,103


Security	Shares		Value
Chemicals (continued)
Platform Specialty Products Corp.^(a)		887	$	11,061
PolyOne Corp.		11,546		504,791
PPG Industries, Inc.		6,156		671,804
PTT Global Chemical PCL — NVDR		395,000		992,600
RPM International, Inc.		524		34,029
Scotts Miracle-Gro Co., Class A		160		12,597
Sherwin-Williams Co.		1,815		826,206
Sinopec Shanghai Petrochemical Co. Ltd., - ADR		777		46,892
Sinopec Shanghai Petrochemical Co. Ltd., Class A		217,548		185,513
Sinopec Shanghai Petrochemical Co. Ltd., Class H		880,000		536,710
Trinseo SA		1,112		87,070
Valvoline, Inc.^(b)		781		16,799
Versum Materials, Inc.		434		15,628
Westlake Chemical Corp.		1,031		85,686
WR Grace & Co.		265		18,937

				11,659,493
Commercial Services & Supplies — 0.5%
ADT, Inc.^(b)		421		3,953
ARC Document Solutions, Inc.^(a)		37,006		105,097
Cintas Corp.		1,470		290,781
Clean Harbors, Inc.^(a)(b)		8,627		617,521
Copart, Inc.^(a)		2,078		107,079
Deluxe Corp.		2,688		153,055
Essendant, Inc.		2,093		26,832
KAR Auction Services, Inc.		537		32,053
McGrath RentCorp		16,424		894,615
Mobile Mini, Inc.		1,316		57,707
Republic Services, Inc.		233		16,930
Tetra Tech, Inc.		5,731		391,427
Waste Management, Inc.		1,975		178,461

				2,875,511
Communications Equipment — 0.8%
Aerohive Networks, Inc.^(a)(b)		7,537		31,052
Arcadyan Technology Corp.		20,000		35,546
ARRIS International PLC^(a)		697		18,115
Calix, Inc.^(a)		21,352		172,951
Ciena Corp.^(a)(b)		786		24,555
Cisco Systems, Inc.		45,806		2,228,462
Comtech Telecommunications Corp.		711		25,788
EchoStar Corp., Class A^(a)		191		8,857
Infinera Corp.^(a)		66,982		488,969
Motorola Solutions, Inc.		4,010		521,861
Palo Alto Networks, Inc.^(a)		1,512		340,593
Plantronics, Inc.		3,855		232,456
Ribbon Communications, Inc.^(a)		1,908		13,032
Tessco Technologies, Inc.		999		15,235


4

Schedule of Investments (unaudited) (continued)

September 30, 2018

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Communications Equipment (continued)
Ubiquiti Networks, Inc.^(b)		2,316	$	228,960

				4,386,432
Construction & Engineering — 1.2%
AECOM^(a)		637		20,805
China Communications Construction Co. Ltd., Class H		760,000		774,877
China Railway Construction Corp. Ltd., Class H		440,500		594,864
China Railway Group Ltd., Class H		1,001,000		991,910
Comfort Systems USA, Inc.		24,433		1,378,021
Construction Partners, Inc., Class A^(a)		2,142		25,918
EMCOR Group, Inc.		485		36,428
Fluor Corp.		7,373		428,371
GS Engineering & Construction Corp.		2,997		141,249
HDC Holdings Co. Ltd.		4,062		83,878
Jacobs Engineering Group, Inc.		6,918		529,227
KEC International Ltd.		54,538		222,939
MasTec, Inc.^(a)		10,383		463,601
Metallurgical Corp. of China Ltd., Class H		870,000		244,524
MYR Group, Inc.^(a)		2,319		75,692
Quanta Services, Inc.^(a)		597		19,928
Tekfen Holding AS		69,604		248,827

				6,281,059
Construction Materials — 0.2%
Asia Cement Corp.		102,000		138,609
Cemex SAB de CV^(a)		329,510		231,365
China National Building Material Co. Ltd., Class H		106,000		94,002
Eagle Materials, Inc.		188		16,025
Martin Marietta Materials, Inc.^(b)		978		177,947
Vulcan Materials Co.		2,642		293,790

				951,738
Consumer Finance — 0.7%
Ally Financial, Inc.		2,101		55,571
American Express Co.		8,973		955,535
Capital One Financial Corp.		3,886		368,898
Credit Acceptance Corp.^(a)		45		19,713
Discover Financial Services		2,370		181,187
Enova International, Inc.^(a)		12,729		366,595
Green Dot Corp., Class A^(a)(b)		16,819		1,493,864
I3 Verticals, Inc., Class A^(a)(b)		4,714		108,328
Navient Corp.		1,044		14,073
OneMain Holdings, Inc.^(a)		2,979		100,124
Regional Management Corp.^(a)		909		26,206
Santander Consumer USA Holdings, Inc.		462		9,258
SLM Corp.^(a)		1,737		19,368


Security	Shares		Value
Consumer Finance (continued)
Synchrony Financial		4,112	$	127,801

				3,846,521
Containers & Packaging — 0.2%
AptarGroup, Inc.		248		26,720
Ardagh Group SA		73		1,218
Bemis Co., Inc.		362		17,593
Berry Global Group, Inc.^(a)		526		25,453
Graphic Packaging Holding Co.		1,235		17,302
International Paper Co.		1,451		71,317
Owens-Illinois, Inc.^(a)		646		12,138
Packaging Corp. of America		5,851		641,796
Silgan Holdings, Inc.		307		8,535
Sonoco Products Co.		393		21,812

				843,884
Distributors — 0.1%
Core-Mark Holding Co., Inc.		9,747		331,008
Imperial Holdings Ltd.		14,856		183,679
Pool Corp.		157		26,200

				540,887
Diversified Consumer Services — 0.2%
2U, Inc.^(a)		215		16,166
Bridgepoint Education, Inc.^(a)(b)		6,632		67,381
Bright Horizons Family Solutions, Inc.^(a)		228		26,868
Graham Holdings Co., Class B		17		9,848
Grand Canyon Education, Inc.^(a)		188		21,206
H&R Block, Inc.		25,539		657,629
Service Corp. International		706		31,205
ServiceMaster Global Holdings, Inc.^(a)		542		33,620
Strategic Education, Inc.		256		35,080

				899,003
Diversified Financial Services — 1.2%
AXA Equitable Holdings, Inc.		550		11,798
Ayala Corp.		26,585		456,509
Berkshire Hathaway, Inc., Class B^(a)		11,733		2,512,153
Chailease Holding Co. Ltd.		125,460		439,107
FactSet Research Systems, Inc.		152		34,004
FGL Holdings^(a)		62,414		558,605
Fubon Financial Holding Co. Ltd.		1,061,000		1,799,606
Interactive Brokers Group, Inc., Class A		281		15,542
Kotak Mahindra Bank Ltd.		9,974		157,159
MarketAxess Holdings, Inc.^(b)		147		26,238
Morningstar, Inc.		72		9,065
Remgro Ltd.		25,610		356,910
Voya Financial, Inc.		2,589		128,596

				6,505,292
Diversified Telecommunication Services — 0.5%
AT&T, Inc.		13,133		441,006
China Communications Services Corp. Ltd., Class H		520,000		479,496


			5

Schedule of Investments (unaudited) (continued)

September 30, 2018

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Diversified Telecommunication Services (continued)
Cogent Communications Holdings, Inc.		11,608	$	647,726
Consolidated Communications Holdings, Inc.^(b)		9,715		126,684
Hellenic Telecommunications Organization SA		5,953		72,995
KT Corp. — ADR^(b)		2,674		39,709
Ooma, Inc.^(a)(b)		16,038		266,231
True Corp. PCL — NVDR		340,600		63,733
Turk Telekomunikasyon AS^(a)		37		22
Zayo Group Holdings, Inc.^(a)		17,209		597,497

				2,735,099
Electric Utilities — 1.0%
American Electric Power Co., Inc.		1,557		110,360
Avangrid, Inc.		223		10,688
Duke Energy Corp.		1,708		136,674
Edison International		812		54,956
Energa SA^(a)		11		23
Entergy Corp.		593		48,110
Evergy, Inc.		18,179		998,391
Exelon Corp.		4,815		210,223
FirstEnergy Corp.		803		29,848
Hawaiian Electric Industries, Inc.		432		15,375
IDACORP, Inc.^(b)		19,662		1,951,060
Inter Rao UES PJSC		6,731,752		421,029
NextEra Energy, Inc.		1,277		214,025
PG&E Corp.		1,691		77,803
Pinnacle West Capital Corp.		11,898		942,084
Portland General Electric Co.^(b)		374		17,058
Southern Co.		1,542		67,231
Xcel Energy, Inc.		650		30,687

				5,335,625
Electrical Equipment — 0.7%
AMETEK, Inc.		20,571		1,627,578
Atkore International Group, Inc.^(a)		16,506		437,904
Generac Holdings, Inc.^(a)		14,354		809,709
GrafTech International Ltd.		245		4,780
Hubbell, Inc.		218		29,118
LSI Industries, Inc.		31,794		146,253
nVent Electric PLC		642		17,437
Regal-Beloit Corp.		174		14,346
Rockwell Automation, Inc.		2,918		547,183

				3,634,308
Electronic Equipment, Instruments & Components — 1.4%
AVX Corp.		22,813		411,775
CDW Corp.		6,852		609,280
Chroma ATE, Inc.		22,000		105,532
Coherent, Inc.^(a)(b)		99		17,047
Control4 Corp.^(a)		2,144		73,604
Dolby Laboratories, Inc., Class A		3,738		261,548
Fitbit, Inc., Series A^(a)(b)		43,794		234,298


Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		300	$	1,255
Insight Enterprises, Inc.^(a)		2,837		153,453
Jabil, Inc.		669		18,117
Largan Precision Co. Ltd.		7,000		831,608
LG Display Co. Ltd.		5,271		91,079
Littelfuse, Inc.		96		18,997
National Instruments Corp.		441		21,314
OSI Systems, Inc.^(a)		6,592		503,035
PC Connection, Inc.		7,557		293,892
PCM, Inc.^(a)		2,571		50,263
Samsung Electro-Mechanics Co. Ltd.		3,568		446,887
ScanSource, Inc.^(a)		20,476		816,992
SYNNEX Corp.		10,740		909,678
TE Connectivity Ltd.		1,882		165,484
TPK Holding Co. Ltd.		8,000		13,716
Universal Display Corp.^(b)		170		20,043
Vishay Intertechnology, Inc.		24,975		508,241
Vishay Precision Group, Inc.^(a)		1,145		42,823
WPG Holdings Ltd.		367,000		456,044
Zebra Technologies Corp., Class A^(a)		1,266		223,867

				7,299,872
Energy Equipment & Services — 0.6%
Apergy Corp.^(a)		309		13,460
Archrock, Inc.		29,970		365,634
Cactus, Inc., Class A^(a)		22,150		847,902
Diamond Offshore Drilling, Inc.^(a)(b)		7,661		153,220
Exterran Corp.^(a)		4,792		127,132
Halliburton Co.		18,549		751,791
Helmerich & Payne, Inc.		1,247		85,756
Independence Contract Drilling, Inc.^(a)		11,741		58,001
Liberty Oilfield Services, Inc., Class A^(b)		821		17,709
Nabors Industries Ltd.^(b)		1,355		8,347
Nine Energy Service, Inc.^(a)		4,483		137,090
Ocean Rig UDW, Inc., Class A^(a)		3,112		107,737
Patterson-UTI Energy, Inc.		873		14,937
ProPetro Holding Corp.^(a)(b)		25,990		428,575
RPC, Inc.^(b)		226		3,498
Schlumberger Ltd.		756		46,056
TechnipFMC PLC		2,374		74,188
Transocean Ltd.^(a)		1,713		23,896
Weatherford International PLC^(a)		3,957		10,723

				3,275,652
Entertainment — 0.0%
Perfect World Co. Ltd., Class A		11,500		40,459

Equity Real Estate Investment Trusts (REITs) — 2.5%
American Campus Communities, Inc.		544		22,391
American Homes 4 Rent, Class A		1,032		22,590


6

Schedule of Investments (unaudited) (continued)

September 30, 2018

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Apartment Investment & Management Co., Class A		623	$	27,493
Apple Hospitality REIT, Inc.		865		15,129
Arbor Realty Trust, Inc.^(b)		44,077		506,004
Brandywine Realty Trust		698		10,973
Brixmor Property Group, Inc.		1,204		21,082
Catchmark Timber Trust, Inc., Class A		19,554		223,502
Chimera Investment Corp.		744		13,489
Colony Capital, Inc.		1,946		11,851
Columbia Property Trust, Inc.		473		11,182
CoreSite Realty Corp.		145		16,115
Corporate Office Properties Trust		406		12,111
CubeSmart		726		20,713
CyrusOne, Inc.^(b)		391		24,789
DDR Corp.^(b)		606		8,114
DiamondRock Hospitality Co.		69,960		816,433
Douglas Emmett, Inc.		641		24,179
Easterly Government Properties, Inc.		10,138		196,373
EastGroup Properties, Inc.		13,439		1,285,037
Empire State Realty Trust, Inc., Class A		535		8,886
EPR Properties		294		20,113
Equity Commonwealth^(a)		469		15,050
Equity LifeStyle Properties, Inc.		338		32,600
Equity Residential		88		5,831
First Industrial Realty Trust, Inc.		4,843		152,070
Forest City Realty Trust, Inc., Class A		850		21,327
Four Corners Property Trust, Inc.		37,827		971,776
Gaming and Leisure Properties, Inc.		805		28,376
Geo Group, Inc.		9,819		247,046
Healthcare Trust of America, Inc., Class A		814		21,709
Hersha Hospitality Trust^(b)		1,126		25,526
Highwoods Properties, Inc.		406		19,188
Hospitality Properties Trust^(b)		650		18,746
Host Hotels & Resorts, Inc.		12,769		269,426
Hudson Pacific Properties, Inc.		615		20,123
Invesco Mortgage Capital, Inc.^(b)		6,032		95,426
JBG SMITH Properties		409		15,063
Kilroy Realty Corp.		387		27,744
Lamar Advertising Co., Class A^(b)		333		25,907
Life Storage, Inc.		183		17,414
Medical Properties Trust, Inc.		1,449		21,605
MFA Financial, Inc.		1,784		13,112
National Storage Affiliates Trust		14,865		378,166
New Residential Investment Corp.		1,334		23,772
Omega Healthcare Investors, Inc.		782		25,626
Outfront Media, Inc.		6,248		124,648
Paramount Group, Inc.		825		12,449
Park Hotels & Resorts, Inc.		4,191		137,549
Preferred Apartment Communities, Inc., Class A^(b)		7,307		128,457
Prologis, Inc.		25,062		1,698,953
Public Storage		370		74,603
Rayonier, Inc.		515		17,412


Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Realty Income Corp.^(b)		11,761	$	669,083
Retail Properties of America, Inc., Class A		871		10,617
Retail Value, Inc.^(a)		62		2,027
Rexford Industrial Realty, Inc.		25,708		821,628
Ryman Hospitality Properties, Inc.		3,978		342,784
Senior Housing Properties Trust		939		16,489
Simon Property Group, Inc.		8,794		1,554,340
Spirit Realty Capital, Inc.		1,708		13,766
STAG Industrial, Inc.		17,207		473,193
Starwood Property Trust, Inc.		1,019		21,929
STORE Capital Corp.		712		19,786
Summit Hotel Properties, Inc.		36,780		497,633
Sun Communities, Inc.^(b)		329		33,407
Taubman Centers, Inc.		237		14,180
Terreno Realty Corp.		6,949		261,977
Uniti Group, Inc.^(a)		659		13,279
VICI Properties, Inc.		1,090		23,566
Weingarten Realty Investors		477		14,196
Weyerhaeuser Co.		16,021		516,998
WP Carey, Inc.		423		27,203

				13,353,330
Food & Staples Retailing — 1.4%
Bid Corp. Ltd.		1,862		38,811
BIM Birlesik Magazalar AS		4,898		65,933
Casey’s General Stores, Inc.		149		19,237
Chefs’ Warehouse, Inc.^(a)		16,458		598,248
Costco Wholesale Corp.		2,310		542,573
Ingles Markets, Inc., Class A^(b)		1,562		53,498
Massmart Holdings Ltd.		57,890		423,043
Natural Grocers by Vitamin Cottage, Inc.^(a)		7,639		129,023
Performance Food Group Co.^(a)		4,776		159,041
Smart & Final Stores, Inc.^(a)(b)		22,792		129,914
Spar Group Ltd.		17,432		226,978
Sprouts Farmers Market, Inc.^(a)		519		14,226
U.S. Foods Holding Corp.^(a)		860		26,505
United Natural Foods, Inc.^(a)(b)		11,458		343,167
Wal-Mart de Mexico SAB de CV		800,778		2,440,332
Walmart, Inc.		23,991		2,252,995

				7,463,524
Food Products — 2.0%
Archer-Daniels-Midland Co.		38,838		1,952,386
BRF SA^(a)		15,700		85,409
Bunge Ltd.		964		66,236
Calavo Growers, Inc.^(b)		2,266		218,896
Campbell Soup Co.		3,734		136,776
China Mengniu Dairy Co. Ltd.^(a)		16,000		53,191
Conagra Brands, Inc.		8,581		291,497
Dean Foods Co.		10,039		71,277
Flowers Foods, Inc.		716		13,361
Freshpet, Inc.^(a)		781		28,663


			7

Schedule of Investments (unaudited) (continued)

September 30, 2018

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Food Products (continued)
General Mills, Inc.		6,541	$	280,740
Hain Celestial Group, Inc.^(a)		379		10,278
Hershey Co.		17,886		1,824,372
Hormel Foods Corp.^(b)		5,053		199,088
J.M. Smucker Co.		1,736		178,131
JBS SA		135,476		314,659
John B Sanfilippo & Son, Inc.^(b)		10,137		723,579
Kellogg Co.		2,904		203,338
Kraft Heinz Co.		5,458		300,790
Lamb Weston Holdings, Inc.		585		38,961
Limoneira Co.		4,715		123,109
McCormick & Co., Inc.		716		94,333
Mondelez International, Inc., Class A		9,149		393,041
Nestle India Ltd.		4,883		653,495
Pilgrim’s Pride Corp.^(a)		210		3,799
Pinnacle Foods, Inc.		473		30,655
Post Holdings, Inc.^(a)		261		25,588
The Simply Good Foods Co.^(a)		4,820		93,749
Tingyi Cayman Islands Holding Corp.		18,000		33,064
TreeHouse Foods, Inc.^(a)		218		10,431
Tyson Foods, Inc., Class A		4,355		259,253
Uni-President China Holdings Ltd.		41,000		43,638
Uni-President Enterprises Corp.		689,000		1,797,604

				10,553,387
Gas Utilities — 0.3%
Chesapeake Utilities Corp.		11,328		950,419
GAIL India Ltd.		20,635		107,897
National Fuel Gas Co.^(b)		324		18,163
Southwest Gas Holdings, Inc.		3,822		302,053
UGI Corp.		751		41,665

				1,420,197
Health Care Equipment & Supplies — 1.7%
Abbott Laboratories		2,991		219,420
Accuray, Inc.^(a)		48,024		216,108
Align Technology, Inc.^(a)(b)		45		17,605
Cantel Medical Corp.		4,658		428,815
Cardiovascular Systems, Inc.^(a)		1,290		50,491
Cerus Corp.^(a)		3,284		23,678
CONMED Corp.		4,437		351,499
Danaher Corp.		11,638		1,264,585
DexCom, Inc.^(a)		349		49,921
Globus Medical, Inc., Class A^(a)		7,417		420,989
Hill-Rom Holdings, Inc.		264		24,922
ICU Medical, Inc.^(a)		62		17,530
IDEXX Laboratories, Inc.^(a)		91		22,719
Inogen, Inc.^(a)		1,593		388,883
Insulet Corp.^(a)(b)		233		24,686
Integra LifeSciences Holdings Corp.^(a)		289		19,036
Intuitive Surgical, Inc.^(a)		49		28,126
iRadimed Corp.^(a)(b)		2,457		91,278
Masimo Corp.^(a)		26,132		3,254,479


Security	Shares		Value
Health Care Equipment & Supplies (continued)
Medtronic PLC		401	$	39,446
Merit Medical Systems, Inc.^(a)		6,148		377,795
Neogen Corp.^(a)		369		26,395
Nevro Corp.^(a)		1,428		81,396
Novocure Ltd.^(a)		1,593		83,473
NxStage Medical, Inc.^(a)		11,677		325,672
SeaSpine Holdings Corp.^(a)		2,609		40,596
STAAR Surgical Co.^(a)		1,630		78,240
STERIS PLC		334		38,210
Stryker Corp.		5,441		966,757
Veracyte, Inc.^(a)		27,373		261,412
West Pharmaceutical Services, Inc.		292		36,053

				9,270,215
Health Care Providers & Services — 2.8%
Acadia Healthcare Co., Inc.^(a)		346		12,179
Aetna, Inc.		4,704		954,206
AmerisourceBergen Corp.^(b)		6,154		567,522
Anthem, Inc.		1,016		278,435
Bangkok Chain Hospital PCL — NVDR		404,000		259,852
Bangkok Dusit Medical Services PCL — NVDR		377,100		297,325
BioTelemetry, Inc.^(a)		1,395		89,908
Cardinal Health, Inc.		513		27,702
Centene Corp.^(a)		1,790		259,156
Chemed Corp.		4,583		1,464,635
Cigna Corp.		2,061		429,203
CVS Health Corp.		5,073		399,347
DaVita, Inc.^(a)		1,472		105,439
Encompass Health Corp.		391		30,478
Ensign Group, Inc.		13,549		513,778
Envision Healthcare Corp.^(a)		479		21,905
Express Scripts Holding Co.^(a)		3,781		359,233
HCA Healthcare, Inc.		2,834		394,266
HealthEquity, Inc.^(a)		4,467		421,729
Henry Schein, Inc.^(a)		271		23,043
Humana, Inc.^(b)		6,830		2,312,092
Integer Holdings Corp.^(a)		6,429		533,286
Laboratory Corp. of America Holdings^(a)		608		105,597
McKesson Corp.		3,388		449,418
MEDNAX, Inc.^(a)(b)		369		17,218
Molina Healthcare, Inc.^(a)(b)		245		36,432
National Research Corp., Class A		3,692		142,511
Penumbra, Inc.^(a)		2,605		389,969
Premier, Inc., Class A^(a)		207		9,476
Qualicorp Consultoria e Corretora de Seguros SA		15,700		64,067
Quest Diagnostics, Inc.		1,954		210,856
Select Medical Holdings Corp.^(a)		1,377		25,337
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		46,200		137,757
Sinopharm Group Co. Ltd., Class H		82,800		405,097


8

Schedule of Investments (unaudited) (continued)

September 30, 2018

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Health Care Providers & Services (continued)
Surgery Partners, Inc.^(a)		852	$	14,058
U.S. Physical Therapy, Inc.		3,230		383,078
UnitedHealth Group, Inc.		5,714		1,520,153
Universal Health Services, Inc., Class B		1,104		141,135
WellCare Health Plans, Inc.^(a)		3,718		1,191,582

				14,998,460
Health Care Technology — 0.5%
athenahealth, Inc.^(a)		160		21,376
Castlight Health, Inc., Class B^(a)		18,016		48,643
Cerner Corp.^(a)		652		41,995
Evolent Health, Inc., Class A^(a)(b)		1,386		39,363
Medidata Solutions, Inc.^(a)(b)		2,855		209,300
Omnicell, Inc.^(a)(b)		8,226		591,450
Veeva Systems, Inc., Class A^(a)		15,474		1,684,654

				2,636,781
Hotels, Restaurants & Leisure — 2.8%
BJ’s Restaurants, Inc.^(b)		5,425		391,685
Bloomin’ Brands, Inc.		7,982		157,964
Boyd Gaming Corp.^(b)		22,022		745,445
Caesars Entertainment Corp.^(a)(b)		2,372		24,313
Carnival Corp.		11,217		715,308
Carrols Restaurant Group, Inc.^(a)		17,260		251,996
Century Casinos, Inc.^(a)		9,795		73,071
Cheesecake Factory, Inc.^(b)		6,183		331,038
Chipotle Mexican Grill, Inc.^(a)		443		201,352
Choice Hotels International, Inc.		138		11,495
Darden Restaurants, Inc.		12,829		1,426,457
Domino’s Pizza, Inc.		1,133		334,008
Dunkin’ Brands Group, Inc.		331		24,401
Extended Stay America, Inc.		755		15,274
Genting Bhd		283,800		535,509
Hilton Grand Vacations, Inc.^(a)		386		12,777
Hotel Shilla Co. Ltd.		4,222		412,840
Hyatt Hotels Corp., Class A		181		14,406
International Game Technology PLC^(b)		391		7,722
J Alexander’s Holdings, Inc.^(a)		11,205		133,339
Jubilant Foodworks Ltd.		2,468		41,891
Las Vegas Sands Corp.		27,522		1,632,880
Marcus Corp.		10,330		434,376
Marriott International, Inc., Class A		1,262		166,622
Marriott Vacations Worldwide Corp.		5,373		600,433
McDonald’s Corp.		16,715		2,796,252
Pinnacle Entertainment, Inc.^(a)		2,980		100,396
Planet Fitness, Inc., Class A^(a)		1,849		99,901
Red Rock Resorts, Inc., Class A		3,584		95,514
Ruth’s Hospitality Group, Inc.		856		27,007
SeaWorld Entertainment, Inc.^(a)		7,526		236,542
Shake Shack, Inc., Class A^(a)		5,570		350,966
Six Flags Entertainment Corp.^(b)		285		19,899
Starbucks Corp.		12,297		698,961
Texas Roadhouse, Inc.		16,928		1,172,941
Wendy’s Co.		751		12,872


Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Wyndham Destinations, Inc.		391	$	16,954
Wyndham Hotels & Resorts, Inc.		391		21,728
Yum China Holdings, Inc.		1,479		51,928
Yum! Brands, Inc.		6,111		555,551

				14,954,014
Household Durables — 1.1%
Beazer Homes USA, Inc.^(a)(b)		8,008		84,084
Century Communities, Inc.^(a)		8,344		219,014
Garmin Ltd.^(b)		9,617		673,671
GoPro, Inc., Class A^(a)(b)		11,630		83,736
Haier Electronics Group Co. Ltd.^(a)		140,000		379,028
Helen of Troy Ltd.^(a)		1,428		186,925
La-Z-Boy, Inc.		4,846		153,134
Lennar Corp., Class B		61		2,348
LG Electronics, Inc.		25,720		1,645,839
M/I Homes, Inc.^(a)		12,925		309,295
MDC Holdings, Inc.^(b)		30,887		913,637
Meritage Homes Corp.^(a)		5,101		203,530
PulteGroup, Inc.		389		9,636
Roku, Inc.^(a)		3,266		238,516
Skyworth Digital Holdings Ltd.		30,000		8,467
Tempur Sealy International, Inc.^(a)(b)		184		9,734
William Lyon Homes, Class A^(a)(b)		18,011		286,195
ZAGG, Inc.^(a)(b)		16,942		249,894

				5,656,683
Household Products — 1.0%
Central Garden & Pet Co.^(a)(b)		783		28,219
Central Garden & Pet Co., Class A^(a)		1,505		49,876
Church & Dwight Co., Inc.		8,565		508,504
Clorox Co.		2,673		402,046
Colgate-Palmolive Co.		3,573		239,212
Energizer Holdings, Inc.		235		13,783
Hindustan Unilever Ltd.		87,034		1,931,558
Kimberly-Clark Corp.		4,626		525,699
Procter & Gamble Co.		19,503		1,623,235
Spectrum Brands Holdings, Inc.		167		12,478

				5,334,610
Independent Power and Renewable Electricity Producers — 0.2%
Atlantic Power Corp.^(a)		19,462		42,816
Clearway Energy, Inc.		35,158		670,168
Glow Energy PCL — NVDR		22,300		60,690
NRG Energy, Inc.		1,256		46,974
Zhejiang Zheneng Electric Power Co. Ltd.		52,400		38,678

				859,326
Industrial Conglomerates — 0.1%
BWX Technologies, Inc.		397		24,828
Carlisle Cos., Inc.		238		28,988
Far Eastern New Century Corp.		165,000		192,942
Hanwha Aerospace Co. Ltd.^(a)		1,941		44,434
Honeywell International, Inc.		1,206		200,679


			9

Schedule of Investments (unaudited) (continued)

September 30, 2018

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Industrial Conglomerates (continued)
KOC Holding AS		33,320	$	94,118
Seaboard Corp.		1		3,710

				589,699
Insurance — 3.2%
Aflac, Inc.		1,607		75,641
Alleghany Corp.		106		69,168
Allstate Corp.		21,641		2,135,967
American Financial Group, Inc.		10,487		1,163,742
American International Group, Inc.		5,642		300,380
American National Insurance Co.		164		21,204
Aon PLC		1,156		177,770
Aspen Insurance Holdings Ltd.		235		9,823
Assurant, Inc.		690		74,485
Assured Guaranty Ltd.		441		18,623
Athene Holding Ltd., Class A^(a)		11,753		607,160
Axis Capital Holdings Ltd.		1,280		73,869
Brighthouse Financial, Inc.^(a)		586		25,925
Brown & Brown, Inc.		917		27,116
China Life Insurance Co. Ltd.		280,900		282,443
China Life Insurance Co. Ltd., Class A		11		36
China Life Insurance Co. Ltd., Class H		591,000		1,343,126
China Pacific Insurance Group Co. Ltd., Class H		99,000		380,416
China Taiping Insurance Holdings Co. Ltd.		132,600		464,576
Cincinnati Financial Corp.		569		43,705
CNA Financial Corp.		113		5,158
CNO Financial Group, Inc.		17,617		373,833
Employers Holdings, Inc.		11,806		534,812
Erie Indemnity Co., Class A		99		12,625
Everest Re Group Ltd.		670		153,075
Fidelity National Financial, Inc.		2,553		100,461
First American Financial Corp.^(b)		9,459		487,990
Greenlight Capital Re Ltd., Class A^(a)(b)		7,279		90,260
Hanover Insurance Group, Inc.		169		20,850
Hartford Financial Services Group, Inc.		13,789		688,898
James River Group Holdings Ltd.		3,766		160,507
Kemper Corp.		737		59,292
Kinsale Capital Group, Inc.		1,108		70,757
Lincoln National Corp.		5,710		386,339
Loews Corp.		4,222		212,071
Markel Corp.^(a)		31		36,843
Marsh & McLennan Cos., Inc.		3,830		316,818
Mercury General Corp.		110		5,518
MetLife, Inc.		7,778		363,388
Navigators Group, Inc.		1,181		81,607
New China Life Insurance Co. Ltd., Class H		25,100		120,007
Old Republic International Corp.		1,131		25,312
Ping An Insurance Group Co. of China Ltd., Class H		156,000		1,580,311


Security	Shares		Value
Insurance (continued)
Powszechny Zaklad Ubezpieczen SA		96,666	$	1,040,286
Principal Financial Group, Inc.		2,902		170,028
Progressive Corp.		16,702		1,186,510
Protective Insurance Corp., Class B		7,018		161,063
Prudential Financial, Inc.		2,411		244,282
Reinsurance Group of America, Inc.		41		5,927
RenaissanceRe Holdings Ltd.		557		74,404
RLI Corp.		1,133		89,031
Torchmark Corp.		1,971		170,866
Travelers Cos., Inc.		2,543		329,852
Unum Group		4,645		181,480
W.R. Berkley Corp.		873		69,779
White Mountains Insurance Group Ltd.		12		11,230
Willis Towers Watson PLC		340		47,920

				16,964,565
Internet & Direct Marketing Retail — 1.3%
Amazon.com, Inc.^(a)		2,866		5,740,598
Booking Holdings, Inc.^(a)		75		148,800
Netflix, Inc.^(a)		1,968		736,288
Nutrisystem, Inc.^(b)		5,495		203,590
Overstock.com, Inc.^(a)(b)		2,086		57,782
PetMed Express, Inc.^(b)		646		21,324
Wayfair, Inc., Class A^(a)		224		33,078

				6,941,460
Internet Software & Services — 5.5%
Alibaba Group Holding Ltd. — ADR^(a)		38,582		6,356,770
Alphabet, Inc., Class A^(a)		1,848		2,230,684
Alphabet, Inc., Class C^(a)		2,529		3,018,286
Alteryx, Inc., Class A^(a)(b)		487		27,861
Appfolio, Inc., Class A^(a)		331		25,950
Baidu, Inc. — ADR^(a)		2,273		519,790
Bandwidth, Inc., Class A^(a)		1,326		71,034
Box, Inc., Class A^(a)(b)		9,711		232,190
Care.com, Inc.^(a)		15,516		343,059
Cargurus, Inc.^(a)		5,361		298,554
DHI Group, Inc.^(a)		43,197		90,714
DocuSign, Inc.^(a)(b)		99		5,204
eBay, Inc.^(a)		2,408		79,512
Envestnet, Inc.^(a)		2,948		179,681
EverQuote, Inc., Class A^(a)(b)		1,326		19,704
Facebook, Inc., Class A^(a)(b)		26,702		4,391,411
GoDaddy, Inc., Class A^(a)		4,325		360,662
GrubHub, Inc.^(a)		4,149		575,134
Hortonworks, Inc.^(a)		15,215		347,054
LivePerson, Inc.^(a)		5,392		139,922
LogMeIn, Inc.		205		18,266
Match Group, Inc.^(a)(b)		206		11,930
New Relic, Inc.^(a)		7,345		692,119
Nutanix, Inc., Class A^(a)(b)		425		18,156
Okta, Inc.^(a)		3,355		236,058
Perficient, Inc.^(a)		5,586		148,867


10

Schedule of Investments (unaudited) (continued)

September 30, 2018

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Internet Software & Services (continued)
QuinStreet, Inc.^(a)		4,245	$	57,605
SendGrid, Inc.^(a)		532		19,572
SINA Corp.^(a)		12,470		866,416
Sohu.com Ltd., ADR^(a)(b)		13,323		264,861
SPS Commerce, Inc.^(a)		5,655		561,202
TechTarget, Inc.^(a)		6,491		126,055
Tencent Holdings Ltd.		80,800		3,299,131
Trade Desk, Inc., Class A^(a)		1,925		290,502
TrueCar, Inc.^(a)		1,168		16,469
Twilio, Inc., Class A^(a)		4,336		374,110
Twitter, Inc.^(a)		494		14,059
VeriSign, Inc.^(a)		54		8,647
XO Group, Inc.^(a)		403		13,895
Yandex NV, Class A^(a)		26,659		876,815
Yelp, Inc.^(a)(b)		30,536		1,502,371
Yext, Inc.^(a)		8,163		193,463
Zillow Group, Inc., Class A^(a)		221		9,768

				28,933,513
IT Services — 2.6%
Accenture PLC, Class A		1,673		284,745
Amdocs Ltd.		571		37,675
Automatic Data Processing, Inc.		2,640		397,742
Black Knight, Inc.^(a)		567		29,456
Booz Allen Hamilton Holding Corp.		30,220		1,499,819
Broadridge Financial Solutions, Inc.		909		119,943
Cognizant Technology Solutions Corp., Class A		1,680		129,612
Conduent, Inc.^(a)		761		17,138
CoreLogic, Inc.^(a)		325		16,058
CSG Systems International, Inc.		7,873		316,022
EPAM Systems, Inc.^(a)		202		27,815
Euronet Worldwide, Inc.^(a)		196		19,643
Fidelity National Information Services, Inc.		14,968		1,632,560
First Data Corp., Class A^(a)		19,718		482,499
Fiserv, Inc.^(a)		2,498		205,785
Genpact Ltd.		587		17,968
GreenSky, Inc., Class A^(a)		4,057		73,026
Hackett Group, Inc.		5,654		113,928
Infosys Ltd.		79,052		794,143
Infosys Ltd. — ADR^(b)		115,952		1,179,232
International Business Machines Corp.^(b)		3,174		479,940
ManTech International Corp., Class A		660		41,778
Mastercard, Inc., Class A		11,934		2,656,628
Mindtree Ltd.		5,444		77,631
Mphasis Ltd.		19,582		317,019
Paychex, Inc.		1,722		126,825
PayPal Holdings, Inc.^(a)		2,452		215,384
Perspecta, Inc.		6,952		178,805
Square, Inc., Class A^(a)		1,104		109,307
Switch, Inc., Class A^(b)		145		1,566
Syntel, Inc.^(a)(b)		2,028		83,107


Security	Shares		Value
IT Services (continued)
Tata Consultancy Services Ltd.		27,060	$	815,183
Teradata Corp.^(a)		483		18,214
Total System Services, Inc.		3,544		349,935
Visa, Inc., Class A		6,817		1,023,163
WEX, Inc.^(a)		164		32,925

				13,922,219
Leisure Products — 0.1%
Brunswick Corp.		346		23,189
Callaway Golf Co.		3,937		95,630
Malibu Boats, Inc., Class A^(a)		2,941		160,931
MCBC Holdings, Inc.^(a)		14,569		522,736

				802,486
Life Sciences Tools & Services — 0.4%
Agilent Technologies, Inc.		1,606		113,287
Bio-Rad Laboratories, Inc., Class A^(a)		84		26,291
Bio-Techne Corp.		148		30,208
Bruker Corp.		401		13,414
Charles River Laboratories International, Inc.^(a)		189		25,428
Enzo Biochem, Inc.^(a)		19,880		81,906
Harvard Bioscience, Inc.^(a)		11,236		58,989
Illumina, Inc.^(a)		737		270,523
Medpace Holdings, Inc.^(a)		5,658		338,971
Mettler-Toledo International, Inc.^(a)		154		93,783
NanoString Technologies, Inc.^(a)		5,129		91,450
NeoGenomics, Inc.^(a)		7,531		115,601
PerkinElmer, Inc.		439		42,702
PRA Health Sciences, Inc.^(a)		2,570		283,188
QIAGEN NV^(a)		885		33,524
Thermo Fisher Scientific, Inc.		2,004		489,136
Waters Corp.^(a)		515		100,260

				2,208,661
Machinery — 2.0%
Alamo Group, Inc.		4,391		402,260
Allison Transmission Holdings, Inc.		482		25,069
Altra Industrial Motion Corp.^(b)		9,088		375,334
Colfax Corp.^(a)(b)		355		12,801
Crane Co.		13,333		1,311,301
Donaldson Co., Inc.		519		30,237
Doosan Infracore Co. Ltd.^(a)		33,552		296,292
ESCO Technologies, Inc.		2,781		189,247
Gardner Denver Holdings, Inc.^(a)		425		12,045
Gates Industrial Corp. PLC^(a)		177		3,452
Global Brass & Copper Holdings, Inc.		7,853		289,776
Graco, Inc.		660		30,584
Greenbrier Cos., Inc.^(b)		1,304		78,370
Hiwin Technologies Corp.		5,000		41,312
Hurco Cos., Inc.		388		17,499
Illinois Tool Works, Inc.^(b)		10,437		1,472,869
Ingersoll-Rand PLC		2,094		214,216
Iochpe-Maxion SA		72,818		344,387


			11

Schedule of Investments (unaudited) (continued)

September 30, 2018

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Machinery (continued)
ITT, Inc.		776	$	47,538
Jain Irrigation Systems Ltd.		38,889		32,778
Lincoln Electric Holdings, Inc.		251		23,453
Lonking Holdings Ltd.		643,000		207,016
Meritor, Inc.^(a)		881		17,056
Miller Industries, Inc.		1,500		40,350
Nordson Corp.^(b)		231		32,086
Oshkosh Corp.		4,115		293,153
PACCAR, Inc.^(b)		13,067		891,039
Proto Labs, Inc.^(a)		1,782		288,238
Randon Participacoes SA, Preference Shares		72,625		112,573
Rexnord Corp.^(a)		16,201		498,991
Sany Heavy Industry Co. Ltd., Class A		76,850		99,272
Sinotruk Hong Kong Ltd.^(b)		37,500		81,816
Terex Corp.^(b)		272		10,856
Timken Co.		274		13,659
Toro Co.		419		25,127
Trinity Industries, Inc.		587		21,508
Valmont Industries, Inc.		89		12,326
Wabash National Corp.		2,754		50,205
Watts Water Technologies, Inc., Class A		11,294		937,402
WEG SA		120,590		589,730
Weichai Power Co. Ltd., Class A		35,500		44,158
Weichai Power Co. Ltd., Class H		693,000		857,896
Welbilt, Inc.^(a)		519		10,837

				10,386,114
Marine — 0.0%
Kirby Corp.^(a)(b)		235		19,329

Media — 1.4%
AMC Entertainment Holdings, Inc., Class A		3,401		69,721
AMC Networks, Inc., Class A^(a)		177		11,742
Astro Malaysia Holdings Bhd		246,500		87,614
Cable One, Inc.		17		15,021
CBS Corp., Class B		1,258		72,272
Central European Media Enterprises Ltd., Class A^(a)(b)		14,034		52,628
Charter Communications, Inc., Class A^(a)		426		138,825
Cheil Worldwide, Inc.		4,479		87,460
Cinemark Holdings, Inc.		427		17,165
Comcast Corp., Class A		26,279		930,539
Discovery, Inc., Class C^(a)		1,064		31,473
Emerald Expositions Events, Inc.		9,755		160,762
Entravision Communications Corp., Class A		28,782		141,032
EW Scripps Co., Class A^(b)		7,530		124,245
GCI Liberty, Inc., Class A^(a)		402		20,502
Grupo Televisa SAB CPO		30,231		107,490
Interpublic Group of Cos., Inc.		5,542		126,746


Security	Shares		Value
Media (continued)
John Wiley & Sons, Inc., Class A		178	$	10,787
Liberty Broadband Corp., Class A^(a)(b)		102		8,602
Liberty Media Corp. — Liberty SiriusXM, Class A^(a)		14,828		644,128
Liberty Media Corp. — Liberty SiriusXM, Class C^(a)		2,869		124,658
Liberty Media Corp. — Liberty Formula One, Class A^(a)(b)		98		3,487
Lions Gate Entertainment Corp., Class A		196		4,780
Lions Gate Entertainment Corp., Class B		382		8,901
Madison Square Garden Co., Class A^(a)		74		23,334
McClatchy Co., Class A^(a)(b)		3,428		29,172
MSG Networks, Inc., Class A^(a)(b)		5,788		149,330
Naspers Ltd., Class N		7,227		1,556,326
New Media Investment Group, Inc.		19,035		298,659
News Corp., Class B		484		6,582
Sinclair Broadcast Group, Inc., Class A		2,624		74,390
Sirius XM Holdings, Inc.^(b)		4,452		28,137
Smiles Fidelidade SA		3,200		36,449
Townsquare Media, Inc., Class A		4,970		38,915
Tribune Media Co., Class A		350		13,451
Twenty-First Century Fox, Inc., Class A		1,800		83,394
Twenty-First Century Fox, Inc., Class B		69		3,162
Viacom, Inc., Class A		40		1,462
Viacom, Inc., Class B		13,996		472,505
Walt Disney Co.		5,554		649,485
World Wrestling Entertainment, Inc., Class A^(b)		7,685		743,370

				7,208,703
Metals & Mining — 1.9%
Alcoa Corp.^(a)		746		30,138
Anglo American Platinum Ltd.		15,256		498,766
Anglo American PLC		89,517		2,019,923
AngloGold Ashanti Ltd.		12,071		104,303
Freeport-McMoRan, Inc.		2,802		39,004
Gold Fields Ltd.		26,031		62,374
Hindalco Industries Ltd.		519,722		1,647,466
Hochschild Mining PLC		35,105		74,639
Industrias Penoles SAB de CV		584		10,060
Jiangxi Copper Co. Ltd., Class H		223,000		259,394
Kaiser Aluminum Corp.		1,473		160,645
Kumba Iron Ore Ltd.		6,955		157,590
Magnitogorsk Iron & Steel Works PJSC		948,534		754,917
Magnitogorsk Iron & Steel Works PJSC, — GDR		1,295		13,371
Materion Corp.		1,456		88,088
Newmont Mining Corp.		3,168		95,674
Nucor Corp.		80		5,076
Olympic Steel, Inc.		5,123		106,917
POSCO		1,945		516,294
POSCO — ADR		2,046		135,036


12

Schedule of Investments (unaudited) (continued)

September 30, 2018

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Metals & Mining (continued)
Reliance Steel & Aluminum Co.		4,655	$	397,025
Royal Gold, Inc.		260		20,036
Ryerson Holding Corp.^(a)		22,321		252,227
Schnitzer Steel Industries, Inc., Class A		26,726		722,938
Severstal PAO — GDR		44,609		742,964
Severstal PJSC		26,548		441,794
Southern Copper Corp.^(b)		329		14,193
Steel Dynamics, Inc.		2,178		98,424
TimkenSteel Corp.^(a)(b)		6,186		91,986
United States Steel Corp.		704		21,458
Universal Stainless & Alloy Products, Inc.^(a)		1,464		37,347
Worthington Industries, Inc.		7,820		339,075
Zijin Mining Group Co. Ltd., Class H		566,000		217,436

				10,176,578
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
KKR Real Estate Finance Trust, Inc.		2,497		50,365
Two Harbors Investment Corp.		981		14,646

				65,011
Multi-Utilities — 0.3%
Ameren Corp.		964		60,944
Avista Corp.		3,681		186,111
Black Hills Corp.^(b)		4,632		269,073
CenterPoint Energy, Inc.		4,616		127,632
Consolidated Edison, Inc.		8,027		611,577
DTE Energy Co.		668		72,899
MDU Resources Group, Inc.		775		19,910
Public Service Enterprise Group, Inc.		258		13,620
Vectren Corp.		332		23,735

				1,385,501
Multiline Retail — 0.4%
Burlington Stores, Inc.^(a)		266		43,337
Dillard’s, Inc., Class A^(b)		3,045		232,455
Matahari Department Store Tbk PT		401,100		186,393
Nordstrom, Inc.^(b)		709		42,405
Target Corp.		20,280		1,788,899
Woolworths Holdings Ltd.		17,149		60,123

				2,353,612
Oil & Gas Exploration & Production — 0.0%
Carrizo Oil & Gas, Inc.^(a)(b)		1,168		29,434

Oil, Gas & Consumable Fuels — 5.3%
Anadarko Petroleum Corp.		23,596		1,590,606
Andeavor		528		81,048
Apache Corp.^(b)		404		19,259
Approach Resources, Inc.^(a)(b)		22,297		49,722
Bukit Asam Persero Tbk PT		1,135,700		328,944
Cabot Oil & Gas Corp.^(b)		2,980		67,110
Centennial Resource Development, Inc., Class A^(a)(b)		731		15,972
Chesapeake Energy Corp.^(a)		3,590		16,119


Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Chevron Corp.		8,213	$	1,004,286
China Petroleum & Chemical Corp., ADR		10,950		1,099,818
China Petroleum & Chemical Corp., Class H		1,548,000		1,555,351
Cimarex Energy Co.		295		27,417
CNOOC Ltd.		288,000		570,276
CNX Resources Corp.^(a)		857		12,264
Concho Resources, Inc.^(a)		185		28,259
ConocoPhillips		28,989		2,243,749
CONSOL Energy, Inc.^(a)		4,065		165,893
Continental Resources, Inc.^(a)(b)		2,345		160,117
CVR Energy, Inc.		837		33,664
Denbury Resources, Inc.^(a)		12,316		76,359
Devon Energy Corp.		2,583		103,165
Eclipse Resources Corp.^(a)		49,750		59,202
Energen Corp.^(a)		349		30,073
EOG Resources, Inc.		2,270		289,584
Evolution Petroleum Corp.^(b)		25,919		286,405
Extraction Oil & Gas, Inc.^(a)		439		4,956
Exxon Mobil Corp.		19,186		1,631,194
Hess Corp.		1,666		119,252
HollyFrontier Corp.		1,932		135,047
Kosmos Energy Ltd.^(a)(b)		943		8,817
Laredo Petroleum, Inc.^(a)		12,785		104,453
Lukoil PJSC		10,042		769,773
Lukoil PJSC — ADR		25,083		1,920,690
Marathon Oil Corp.		5,743		133,697
Marathon Petroleum Corp.		3,278		262,142
Matador Resources Co.^(a)(b)		2,086		68,942
Murphy Oil Corp.		655		21,838
Newfield Exploration Co.^(a)		2,542		73,286
Noble Energy, Inc.		38,729		1,207,957
Novatek PJSC — GDR		7,573		1,388,973
Oasis Petroleum, Inc.^(a)(b)		29,588		419,558
Occidental Petroleum Corp.		24,760		2,034,529
Pacific Ethanol, Inc.^(a)(b)		54,740		104,006
Par Pacific Holdings, Inc.^(a)		5,149		105,040
PBF Energy, Inc., Class A		469		23,408
PDC Energy, Inc.^(a)		2,607		127,639
Penn Virginia Corp.^(a)		1,355		109,132
PetroChina Co. Ltd., ADR		6,231		507,453
PetroChina Co. Ltd., Class H		1,400,000		1,133,154
Petronet LNG Ltd.		236,992		735,069
Phillips 66		18,048		2,034,371
Pioneer Natural Resources Co.		284		49,470
Plains GP Holdings LP, Class A^(a)		4,126		101,211
Polski Koncern Naftowy ORLEN SA		44,619		1,223,053
PTT Exploration & Production PCL — NVDR		25,300		121,422
QEP Resources, Inc.^(a)		939		10,629
Range Resources Corp.^(b)		842		14,306
Renewable Energy Group, Inc.^(a)		4,495		129,456
REX American Resources Corp.^(a)		526		39,739


			13

Schedule of Investments (unaudited) (continued)

September 30, 2018

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Riviera Resources Inc/Linn^(a)		2,496	$	53,539
Scorpio Tankers, Inc.^(b)		12,331		24,785
SM Energy Co.		443		13,968
Thai Oil PCL — NVDR		125,700		344,178
Valero Energy Corp.		2,850		324,187
Whiting Petroleum Corp.^(a)		358		18,988
World Fuel Services Corp.		10,988		304,148
WPX Energy, Inc.^(a)		1,585		31,890

				27,904,007
Paper & Forest Products — 0.2%
Boise Cascade Co.		11,013		405,278
Domtar Corp.		248		12,938
Mondi Ltd.		3,600		98,863
Nine Dragons Paper Holdings Ltd.		354,000		381,722
Sappi Ltd.		19,909		124,896

				1,023,697
Personal Products — 0.6%
Coty, Inc., Class A		3,830		48,105
Estee Lauder Cos., Inc., Class A		5,427		788,651
Herbalife Nutrition Ltd.^(a)		6,687		364,776
Hypera SA		163,734		1,156,280
Inter Parfums, Inc.^(b)		1,016		65,481
Nu Skin Enterprises, Inc., Class A		219		18,050
TCI Co. Ltd.		19,000		305,450
USANA Health Sciences, Inc.^(a)		2,722		328,137

				3,074,930
Pharmaceuticals — 2.9%
Allergan PLC		2,510		478,105
Assembly Biosciences, Inc.^(a)		2,292		85,125
Bristol-Myers Squibb Co.		45,450		2,821,536
Catalent, Inc.^(a)		570		25,963
Corcept Therapeutics, Inc.^(a)(b)		14,046		196,925
Dermira, Inc.^(a)(b)		10,238		111,594
Dr. Reddy’s Laboratories Ltd.		2,593		90,301
Dr. Reddy’s Laboratories Ltd. — ADR		2,922		101,101
Eli Lilly & Co.		11,664		1,251,664
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		20,000		71,137
Intersect ENT, Inc.^(a)		12,491		359,116
Jazz Pharmaceuticals PLC^(a)		697		117,187
Johnson & Johnson		16,306		2,253,000
Jubilant Life Sciences Ltd.		25,332		256,149
Merck & Co., Inc.		36,600		2,596,404
Mylan NV^(a)		2,941		107,641
Nektar Therapeutics^(a)		2,110		128,626
Perrigo Co. PLC		949		67,189
Pfizer, Inc.		34,265		1,510,058
Phibro Animal Health Corp., Class A		13,987		600,042
Prestige Brands Holdings, Inc.^(a)(b)		4,676		177,174
Revance Therapeutics, Inc.^(a)		10,700		265,895


Security	Shares		Value
Pharmaceuticals (continued)
Richter Gedeon Nyrt		7,756	$	145,051
Zoetis, Inc.		12,994		1,189,731
Zogenix, Inc.^(a)(b)		6,117		303,403

				15,310,117
Professional Services — 1.0%
ASGN, Inc.^(a)		4,396		346,976
CoStar Group, Inc.^(a)		89		37,455
CRA International, Inc.		4,038		202,788
Dun & Bradstreet Corp.		148		21,092
Equifax, Inc.		998		130,309
Insperity, Inc.		19,147		2,258,389
Kforce, Inc.		21,788		819,229
Korn/Ferry International		393		19,351
ManpowerGroup, Inc.		4,089		351,491
Nielsen Holdings PLC		1,453		40,190
Paylocity Holding Corp.^(a)		3,666		294,453
Robert Half International, Inc.		4,198		295,455
TransUnion		1,140		83,881
Verisk Analytics, Inc.^(a)		1,555		187,455

				5,088,514
Real Estate Management & Development — 0.7%
Ayala Land, Inc.		629,400		466,543
CareTrust REIT, Inc.		41,202		729,687
Central Pattana PCL — NVDR		88,900		228,163
China Overseas Land & Investment Ltd.		204,000		638,709
China Vanke Co. Ltd., Class H		218,700		720,998
Emaar Properties PJSC		94,788		127,776
Howard Hughes Corp.^(a)		155		19,254
KWG Property Holding Ltd.^(a)		304,500		278,645
Realogy Holdings Corp.^(b)		507		10,465
RiseSun Real Estate Development Co. Ltd., Class A		55,872		64,985
Shimao Property Holdings Ltd.		154,000		382,436
Yuexiu Property Co. Ltd.		1,022,000		182,402

				3,850,063
Road & Rail — 0.5%
Covenant Transportation Group, Inc., Class A^(a)		1,820		52,889
CSX Corp.		1,753		129,810
Daqin Railway Co. Ltd., Class A		274,700		328,810
Genesee & Wyoming, Inc., Class A^(a)		238		21,656
Landstar System, Inc.		3,187		388,814
Marten Transport Ltd.		9,184		193,323
Norfolk Southern Corp.		963		173,822
Ryder System, Inc.		208		15,199
Schneider National, Inc., Class B		189		4,721
Union Pacific Corp.		1,462		238,057
Universal Logistics Holdings, Inc.		17,638		649,078


14

Schedule of Investments (unaudited) (continued)

September 30, 2018

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Road & Rail (continued)
Werner Enterprises, Inc.^(b)		9,765	$	345,193

				2,541,372
Semiconductors & Semiconductor Equipment — 2.8%
Alpha & Omega Semiconductor Ltd.^(a)(b)		9,444		109,834
Ambarella, Inc.^(a)(b)		2,357		91,169
Amkor Technology, Inc.^(a)		60,109		444,205
Applied Materials, Inc.		5,898		227,958
Axcelis Technologies, Inc.^(a)(b)		1,673		32,874
Broadcom, Inc.		2,250		555,142
Chipbond Technology Corp.		34,000		65,593
Cirrus Logic, Inc.^(a)		12,678		489,371
Cypress Semiconductor Corp.		1,431		20,735
Diodes, Inc.^(a)		12,038		400,745
First Solar, Inc.^(a)		327		15,833
Holtek Semiconductor, Inc.		14,000		36,353
Integrated Device Technology, Inc.^(a)		7,568		355,772
Intel Corp.^(b)		33,236		1,571,730
Maxim Integrated Products, Inc.		26,948		1,519,598
MediaTek, Inc.		54,000		435,730
Micron Technology, Inc.^(a)		1,079		48,803
MKS Instruments, Inc.		216		17,312
Monolithic Power Systems, Inc.		1,383		173,608
Nanometrics, Inc.^(a)		6,222		233,449
Novatek Microelectronics Corp.		152,000		750,097
NVIDIA Corp.		1,324		372,070
NXP Semiconductors NV		1,365		116,707
Powertech Technology, Inc.		47,000		128,055
QUALCOMM, Inc.		3,255		234,458
Silicon Works Co. Ltd.		2,719		99,415
Taiwan Semiconductor Manufacturing Co. Ltd.		539,000		4,599,574
Teradyne, Inc.		763		28,216
Texas Instruments, Inc.		1,140		122,311
Xilinx, Inc.		21,046		1,687,258

				14,983,975
Software — 4.8%
Activision Blizzard, Inc.		6,238		518,939
Adobe Systems, Inc.^(a)		5,945		1,604,853
American Software, Inc., Class A		2,052		24,891
ANSYS, Inc.^(a)		391		72,992
Aspen Technology, Inc.^(a)		285		32,464
Atlassian Corp. PLC, Class A^(a)		367		35,283
Autodesk, Inc.^(a)		1,798		280,686
CA, Inc.		5,536		244,414
Cadence Design Systems, Inc.^(a)		4,150		188,078
CDK Global, Inc.		4,109		257,059
Ceridian HCM Holding, Inc.^(a)		94		3,951
Check Point Software Technologies Ltd.^(a)		1,428		168,033
Citrix Systems, Inc.^(a)		3,053		339,371
Dell Technologies, Inc., Class V^(a)		3,289		319,428


Security	Shares		Value
Software (continued)
Electronic Arts, Inc.^(a)		2,562	$	308,695
Fair Isaac Corp.^(a)		117		26,740
FireEye, Inc.^(a)		752		12,784
Fortinet, Inc.^(a)		2,673		246,638
Guidewire Software, Inc.^(a)		319		32,222
Intuit, Inc.		3,324		755,878
Manhattan Associates, Inc.^(a)		265		14,469
Microsoft Corp.		86,864		9,934,636
MicroStrategy, Inc., Class A^(a)(b)		6,167		867,203
MobileIron, Inc.^(a)		9,210		48,813
Model N, Inc.^(a)		5,040		79,884
Nuance Communications, Inc.^(a)		1,174		20,334
Oracle Corp.		21,560		1,111,634
Paycom Software, Inc.^(a)(b)		198		30,771
Pegasystems, Inc.		150		9,390
Progress Software Corp.		10,477		369,733
Proofpoint, Inc., Class A^(a)		201		21,372
PTC, Inc.^(a)		457		48,529
RealPage, Inc.^(a)		280		18,452
Red Hat, Inc.^(a)		2,231		304,041
salesforce.com, Inc.^(a)		4,831		768,274
ServiceNow, Inc.^(a)(b)		1,604		313,790
Splunk, Inc.^(a)		1,573		190,191
SS&C Technologies Holdings, Inc.		249		14,151
Symantec Corp.		5,113		108,805
Synopsys, Inc.^(a)		456		44,966
Tableau Software, Inc., Class A^(a)		270		30,170
Take-Two Interactive Software, Inc.^(a)		1,046		144,337
Tyler Technologies, Inc.^(a)		150		36,759
Ultimate Software Group, Inc.^(a)		119		38,341
VMware, Inc., Class A^(a)(b)		11,930		1,861,796
Workday, Inc., Class A^(a)(b)		1,358		198,241
Workiva, Inc.^(a)		10,084		398,318
Yonyou Network Technology Co. Ltd., Class A		13,678		55,353
Zendesk, Inc.^(a)		39,912		2,833,752
Zynga, Inc., Class A^(a)		3,056		12,255

				25,402,159
Specialty Retail — 2.5%
Aaron’s, Inc.^(b)		3,001		163,434
Advance Auto Parts, Inc.		529		89,047
America’s Car-Mart, Inc.^(a)		1,552		121,366
American Eagle Outfitters, Inc.		42,423		1,053,363
Asbury Automotive Group, Inc.^(a)(b)		11,965		822,594
AutoNation, Inc.^(a)		6,022		250,214
AutoZone, Inc.^(a)		242		187,719
Best Buy Co., Inc.		3,487		276,728
BMC Stock Holdings, Inc.^(a)		4,821		89,912
Caleres, Inc.		1,607		57,627
Citi Trends, Inc.		4,281		123,164
Dick’s Sporting Goods, Inc.		308		10,928
Five Below, Inc.^(a)		9,862		1,282,652
Floor & Decor Holdings, Inc., Class A^(a)		152		4,586


			15

Schedule of Investments (unaudited) (continued)

September 30, 2018

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Specialty Retail (continued)
Foot Locker, Inc.		469	$	23,910
Gap, Inc.		5,669		163,551
Home Depot, Inc.		6,098		1,263,201
Home Product Center PCL — NVDR		434,300		212,307
Hudson Ltd., Class A^(a)		7,354		165,906
JUMBO SA		2,396		35,608
L Brands, Inc.		3,737		113,231
Lithia Motors, Inc., Class A^(b)		2,152		175,732
Lowe’s Cos., Inc.		5,108		586,501
Michaels Cos., Inc.^(a)(b)		432		7,011
Mr Price Group Ltd.		2,476		39,932
O’Reilly Automotive, Inc.^(a)		721		250,418
Party City Holdco, Inc.^(a)		1,874		25,393
Penske Automotive Group, Inc.^(b)		21,428		1,015,473
RH^(a)		3,308		433,381
Ross Stores, Inc.		3,043		301,561
Shoe Carnival, Inc.^(b)		2,983		114,845
Sonic Automotive, Inc., Class A		13,668		264,476
Sportsman’s Warehouse Holdings, Inc.^(a)(b)		7,685		44,957
Tiffany & Co.		9,356		1,206,643
TJX Cos., Inc.		15,710		1,759,834
Tractor Supply Co.		2,742		249,193
Ulta Salon Cosmetics & Fragrance, Inc.^(a)(b)		962		271,399
Urban Outfitters, Inc.^(a)		295		12,066
Williams-Sonoma, Inc.^(b)		332		21,819
Zumiez, Inc.^(a)		5,101		134,411

				13,426,093
Technology Hardware, Storage & Peripherals — 3.4%
Acer, Inc.^(a)		231,000		190,796
Apple, Inc.		37,688		8,507,689
Chicony Electronics Co. Ltd.		72,000		145,764
Foxconn Technology Co. Ltd.		39,000		95,173
Hewlett Packard Enterprise Co.		4,445		72,498
HP, Inc.		25,372		653,837
Lenovo Group Ltd.		1,096,000		798,539
NCR Corp.^(a)		471		13,381
NetApp, Inc.		982		84,344
Pure Storage, Inc., Class A^(a)(b)		39,398		1,022,378
Qisda Corp.		52,000		33,904
Quanta Computer, Inc.		100,000		174,259
Samsung Electronics Co. Ltd.		141,932		5,939,975
Samsung Electronics Co. Ltd. — GDR		253		265,083

				17,997,620
Textiles, Apparel & Luxury Goods — 0.6%
Carter’s, Inc.		184		18,142
Columbia Sportswear Co.		122		11,355
Crocs, Inc.^(a)		6,660		141,791
Delta Apparel, Inc.^(a)		1,348		23,981
LPP SA		103		240,962


Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Lululemon Athletica, Inc.^(a)		3,725	$	605,275
Michael Kors Holdings Ltd.^(a)		8,426		577,687
NIKE, Inc., Class B		8,402		711,817
Perry Ellis International, Inc.^(a)		726		19,842
Ralph Lauren Corp.^(b)		776		106,739
Rocky Brands, Inc.		5,122		144,953
Skechers U.S.A., Inc., Class A^(a)		528		14,747
VF Corp.		5,652		528,179
Wolverine World Wide, Inc.^(b)		1,915		74,781

				3,220,251
Thrifts & Mortgage Finance — 1.2%
Essent Group Ltd.^(a)		16,041		709,814
Federal Agricultural Mortgage Corp., Class C		3,402		245,556
First Defiance Financial Corp.		10,312		310,494
Flagstar Bancorp, Inc.^(a)		19,693		619,739
Housing Development Finance Corp. Ltd.		60,366		1,461,217
Ladder Capital Corp.		30,853		522,650
Meridian Bancorp, Inc.		12,378		210,426
MGIC Investment Corp.^(a)		10,410		138,557
Radian Group, Inc.		10,512		217,283
Riverview Bancorp, Inc.		37,038		327,416
TFS Financial Corp.		197		2,957
United Community Financial Corp.		15,735		152,157
Washington Federal, Inc.		44,699		1,430,368

				6,348,634
Tobacco — 0.4%
Altria Group, Inc.		10,394		626,862
Philip Morris International, Inc.		10,387		846,956
Vector Group Ltd.^(b)		34,895		480,854

				1,954,672
Trading Companies & Distributors — 0.7%
Air Lease Corp.		388		17,801
Applied Industrial Technologies, Inc.		10,200		798,150
Barloworld Ltd.		62,507		544,525
DXP Enterprises, Inc.^(a)		2,510		100,576
H&E Equipment Services, Inc.		14,341		541,803
LG International Corp.		13,864		276,670
MRC Global, Inc.^(a)		6,846		128,499
MSC Industrial Direct Co., Inc., Class A		179		15,772
Posco Daewoo Corp.		9,154		172,718
Rush Enterprises, Inc., Class A		23,831		936,797
United Rentals, Inc.^(a)		503		82,291
Univar, Inc.^(a)		458		14,042
Watsco, Inc.		127		22,619


16

Schedule of Investments (unaudited) (continued)

September 30, 2018

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Trading Companies & Distributors (continued)
WESCO International, Inc.^(a)		187	$	11,491

				3,663,754
Transportation Infrastructure — 0.2%
DP World Ltd.		1,772		33,845
Grupo Aeroportuario del Centro Norte SAB de C.V., ADR		1,879		107,009
Grupo Aeroportuario del Centro Norte SAB de CV		99,584		710,136
Macquarie Infrastructure Corp.		318		14,670

				865,660
Water Utilities — 0.0%
American Water Works Co., Inc.		2,054		180,690
Aqua America, Inc.		711		26,236

				206,926
Wireless Telecommunication Services — 1.5%
America Movil SAB de CV, Series L		1,681,175		1,351,121
Boingo Wireless, Inc.^(a)		3,457		120,649
China Mobile Ltd.		228,000		2,241,659
China Mobile Ltd. — ADR		24,650		1,206,125
Maxis Bhd		195,600		275,964
RingCentral, Inc., Class A^(a)		12,028		1,119,205
Telephone & Data Systems, Inc.		31,005		943,482
TIM Participacoes SA		24,563		71,343
TIM Participacoes SA — ADR		43,321		627,721
Total Access Communication PCL — NVDR		28,800		41,873
Turkcell Iletisim Hizmetleri AS		24,864		47,379
United States Cellular Corp.^(a)		52		2,329

				8,048,850

Total Common Stocks — 92.9% (Cost — $438,219,017)				492,735,384


Preferred Stocks — 0.4%

Airlines — 0.0%
Gol Linhas Aereas Inteligentes SA, Preference Shares^(a)		17,600		48,156

Banks — 0.3%
Banco Bradesco SA, Preference Shares		38,500		273,315


Security	Shares		Value
Banks (continued)
Itau Unibanco Holding SA, Preference Shares		85,919	$	938,853
Itausa — Investimentos Itau SA, Preference Shares		23,200		58,021

				1,270,189
Chemicals — 0.0%
Braskem SA, Preference ‘A’ Shares, Class A		2,558		37,015

Food & Staples Retailing — 0.0%
Cia Brasileira de Distribuicao, Preference Shares		2,200		47,671

Metals & Mining — 0.0%
Gerdau SA, Preference Shares		24,360		103,688

Oil, Gas & Consumable Fuels — 0.1%
Petroleo Brasileiro SA, Preference Shares		62,474		326,250

Total Preferred Stocks — 0.4% (Cost — $1,787,403)				1,832,969

Total Long-Term Investments — 93.3% (Cost — $440,006,420)				494,568,353


Short-Term Securities — 8.6%^(d)(f)
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.97%^(e)		24,108,285		24,115,517
BlackRock Cash Funds: Treasury, SL Agency Shares,
2.27%		21,437,417		21,437,417

Total Short-Term Securities — 8.6% (Cost — $45,549,371)				45,552,934


Total Investments — 101.9% (Cost — $485,555,791)				540,121,287
Liabilities in Excess of Other Assets — (1.9)%				(9,964,191	)

Net Assets — 100.0%			$	530,157,096

^(a)	Non-income producing security.

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

^(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)	Annualized 7-day yield as of period end.

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


			17

Schedule of Investments (unaudited) (continued)

September 30, 2018

Active Stock Master Portfolio

^(f)	During the period ended September 30, 2018, investments in issuers considered to be affiliates of the Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 12/31/2017		Net Activity			Shares Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		21,487,600		2,620,685			24,108,285	$	24,115,517	$	111,851	^(b)	$	1,098	$	3,440
BlackRock Cash Funds: Treasury, SL Agency Shares		43,332,624		(21,895,207	)		21,437,417		21,437,417		299,294			—		—

								$	45,552,934	$	411,145		$	1,098	$	3,440

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Portfolio Abbreviations

ADR

American Depositary Receipts

ARC

Auction Rate Certificates

CME

Chicago Mercantile Exchange

GDR

Global Depositary Receipt

MSCI

Morgan Stanley Capital International

MYR

Malaysian Ringgit

NVDR

Non-voting Depository Receipts

PCL

Public Company Limited

Radian

Radian Guaranty, Inc.

REIT

Real Estate Investment Trust

S&P

S&P Global Ratings

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts:
MSCI Emerging Markets E-Mini Index		48		12/21/18	$	2,519	$	68,902
Russell 2000 E-Mini Index		12		12/21/18		1,020		(9,303	)
S&P 500 E-Mini Index		1,830		12/21/18		267,089		787,200

								846,799

Short Contracts:
MSCI Emerging Markets E-Mini Index		2,294		12/21/18		120,401		(1,954,993	)
Russell 2000 E-Mini Index		1,353		12/21/18		115,059		1,291,845

								(663,148	)

							$	183,651


18

Schedule of Investments (unaudited) (continued)

September 30, 2018

Active Stock Master Portfolio

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

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

•

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

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


			19

Schedule of Investments (unaudited) (continued)

September 30, 2018

Active Stock Master Portfolio

Fair Value Hierarchy as of Period End (continued)

As of September 30, 2018, the following table summarizes the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Common Stocks:
Aerospace & Defense	$	5,773,428	$	—	$	—	$	5,773,428
Air Freight & Logistics		2,341,721		148,857		—		2,490,578
Airlines		1,557,685		—		—		1,557,685
Auto Components		2,191,168		510,506		—		2,701,674
Automobiles		1,055,991		1,282,241		—		2,338,232
Banks		25,326,931		10,133,593		—		35,460,524
Beverages		3,276,030		1,005,820		—		4,281,850
Biotechnology		18,487,969		621,778		—		19,109,747
Building Products		4,433,143		—		—		4,433,143
Capital Markets		9,538,526		540,456		—		10,078,982
Chemicals		9,944,670		1,714,823		—		11,659,493
Commercial Services & Supplies		2,875,511		—		—		2,875,511
Communications Equipment		4,350,886		35,546		—		4,386,432
Construction & Engineering		2,977,991		3,303,068		—		6,281,059
Construction Materials		719,127		232,611		—		951,738
Consumer Finance		3,846,521		—		—		3,846,521
Containers & Packaging		843,884		—		—		843,884
Distributors		357,208		183,679		—		540,887
Diversified Consumer Services		899,003		—		—		899,003
Diversified Financial Services		3,296,001		3,209,291		—		6,505,292
Diversified Telecommunication Services		2,118,853		616,246		—		2,735,099
Electric Utilities		4,914,573		421,052		—		5,335,625
Electrical Equipment		3,634,308		—		—		3,634,308
Electronic Equipment, Instruments & Components		5,353,751		1,946,121		—		7,299,872
Energy Equipment & Services		3,275,652		—		—		3,275,652
Entertainment		—		40,459		—		40,459
Equity Real Estate Investment Trusts (REITs)		13,353,330		—		—		13,353,330
Food & Staples Retailing		7,358,780		104,744		—		7,463,524
Food Products		8,005,459		2,547,928		—		10,553,387
Gas Utilities		1,312,300		107,897		—		1,420,197
Health Care Equipment & Supplies		9,270,215		—		—		9,270,215
Health Care Providers & Services		14,303,526		694,934		—		14,998,460
Health Care Technology		2,636,781		—		—		2,636,781
Hotels, Restaurants & Leisure		13,963,774		990,240		—		14,954,014
Household Durables		3,623,349		2,033,334		—		5,656,683
Household Products		3,403,052		1,931,558		—		5,334,610
IT Services		11,918,243		2,003,976		—		13,922,219
Independent Power and Renewable Electricity Producers		759,958		99,368		—		859,326
Industrial Conglomerates		258,205		331,494		—		589,699
Insurance		11,753,364		5,211,201		—		16,964,565
Internet & Direct Marketing Retail		6,941,460		—		—		6,941,460
Internet Software & Services		25,634,382		3,299,131		—		28,933,513


20

Schedule of Investments (unaudited) (continued)

September 30, 2018

Active Stock Master Portfolio

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2		Level 3		Total
Common Stocks (continued):
Leisure Products	$	802,486		$	—	$	—	$	802,486
Life Sciences Tools & Services		2,208,661			—		—		2,208,661
Machinery		8,725,574			1,660,540		—		10,386,114
Marine		19,329			—		—		19,329
Media		5,477,303			1,731,400		—		7,208,703
Metals & Mining		2,665,347			7,511,231		—		10,176,578
Mortgage Real Estate Investment Trusts (REITs)		65,011			—		—		65,011
Multi-Utilities		1,385,501			—		—		1,385,501
Multiline Retail		2,107,096			246,516		—		2,353,612
Oil & Gas Exploration & Production		29,434			—		—		29,434
Oil, Gas & Consumable Fuels		17,813,124			10,090,883		—		27,904,007
Paper & Forest Products		418,216			605,481		—		1,023,697
Personal Products		2,769,480			305,450		—		3,074,930
Pharmaceuticals		14,747,479			562,638		—		15,310,117
Professional Services		5,088,514			—		—		5,088,514
Real Estate Management & Development		759,406			3,090,657		—		3,850,063
Road & Rail		2,212,562			328,810		—		2,541,372
Semiconductors & Semiconductor Equipment		8,869,158			6,114,817		—		14,983,975
Software		25,346,806			55,353		—		25,402,159
Specialty Retail		13,173,854			252,239		—		13,426,093
Technology Hardware, Storage & Peripherals		10,354,127			7,643,493		—		17,997,620
Textiles, Apparel & Luxury Goods		2,979,289			240,962		—		3,220,251
Thrifts & Mortgage Finance		4,887,417			1,461,217		—		6,348,634
Tobacco		1,954,672			—		—		1,954,672
Trading Companies & Distributors		2,669,841			993,913		—		3,663,754
Transportation Infrastructure		865,660			—		—		865,660
Water Utilities		206,926			—		—		206,926
Wireless Telecommunication Services		5,441,975			2,606,875		—		8,048,850
Preferred Stocks		1,832,969			—		—		1,832,969
Short-Term Securities		45,552,934			—		—		45,552,934

Total	$	449,316,860		$	90,804,427	$	—	$	540,121,287

Derivative Financial Instruments^(a)
Assets:
Equity Contracts	$	2,147,947		$	—	$	—	$	2,147,947
Liabilities:
Equity Contracts		(1,964,296	)		—		—		(1,964,296	)

Total	$	183,651		$	—	$	—	$	183,651

^(a)

Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.


			21

Schedule of Investments (unaudited) (continued)

September 30, 2018

Active Stock Master Portfolio

Transfers between Level 1 and Level 2 were as follows:


	Transfers into Level 2^(a)		Transfers out of Level 1^(a)
Assets:
Investments:
Common Stocks:
Automobiles	$	549,077	$	(549,077	)
Construction & Engineering		563,579		(563,579	)
Diversified Telecommunication Services		82,348		(82,348	)
Household Products		2,767,931		(2,767,931	)
Independent Power and Renewable Electricity Producers		371,970		(371,970	)
Machinery		42,238		(42,238	)
Media		161,410		(161,410	)
Metals & Mining		425,456		(425,456	)
Oil, Gas & Consumable Fuels		1,817,669		(1,817,669	)
Paper & Forest Products		1,032,989		(1,032,989	)
Trading Companies & Distributors		1,915,004		(1,915,004	)

	$	9,729,669	$	(9,729,669	)

^(a)

External pricing service used to reflect any significant market movements between the time the Master Portfolio valued such foreign securities and the earlier closing of foreign markets.


22

Schedule of Investments (unaudited)

September 30, 2018

International Tilts Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Common Stocks — 93.8%

Australia — 5.4%
Altium Ltd.		918	$	18,128
Ansell Ltd.		1,016		18,533
Aristocrat Leisure Ltd.		70,956		1,457,219
ASX Ltd.		687		31,600
Australia & New Zealand Banking Group Ltd.		1,185		24,123
BHP Billiton Ltd.		65,555		1,633,033
BHP Billiton PLC		16,358		356,958
BlueScope Steel Ltd.		44,390		544,432
Carsales.com Ltd.		992		10,367
CIMIC Group Ltd.		10,870		403,442
Computershare Ltd.		6,107		87,948
Crown Resorts Ltd.		4,435		43,861
CSL Ltd.		5,203		755,993
CSR Ltd.		12,663		34,497
Iluka Resources Ltd.		13,892		99,822
Macquarie Group Ltd.		16,256		1,478,781
Orora Ltd.		18		43
Qantas Airways Ltd.		334,144		1,424,206
Regis Resources Ltd.		10,935		29,419
Santos Ltd.		86,087		451,973
St Barbara Ltd.^(a)		4,070		10,274
Stockland		26,371		79,217
Westpac Banking Corp.		32,281		649,192

				9,643,061
Austria — 1.2%
Erste Group Bank AG^(b)		23,227		964,310
OMV AG		15,230		854,388
Verbund AG		3,649		179,752
Vienna Insurance Group AG Wiener Versicherung Gruppe		453		12,930
Voestalpine AG		217		9,927
Wienerberger AG		2,932		73,297

				2,094,604
Belgium — 0.9%
Telenet Group Holding NV^(b)		528		29,070
UCB SA		17,106		1,537,213

				1,566,283
China — 0.1%
Yangzijiang Shipbuilding Holdings Ltd.		285,600		258,921

Denmark — 1.7%
Carlsberg A/S, Class B		3,726		446,841
Genmab A/S^(b)		731		114,819
GN Store Nord A/S		7,901		384,592
H Lundbeck A/S		5,596		345,432
Novo Nordisk A/S, Class B		38,466		1,810,404
Topdanmark A/S		11		503

				3,102,591


Security	Shares		Value
Finland — 1.6%
Amer Sports OYJ^(b)		10,266	$	419,507
Kesko OYJ, Class B		10,241		555,585
Neste OYJ		1,997		164,603
Nokia OYJ		22,377		124,411
Sampo OYJ, Class A		2,545		131,701
UPM-Kymmene OYJ		36,255		1,421,883
Valmet OYJ		2,074		46,197

				2,863,887
France — 10.2%
Arkema SA		7,245		897,867
AXA SA		5,540		148,448
BNP Paribas SA		10,565		646,965
Bouygues SA		227		9,820
Capgemini SE		5,525		695,585
Christian Dior SE		2,616		1,121,324
Cie de Saint-Gobain		38,554		1,661,716
Cie Generale des Etablissements Michelin SCA		4,325		516,214
CNP Assurances		3,929		94,711
Dassault Aviation SA		55		101,789
Dassault Systemes SA		314		46,986
Engie SA		59,302		873,059
Faurecia SA		24,491		1,472,884
Kering SA		3,560		1,909,424
Klepierre SA		1,288		45,768
L’Oreal SA		8,876		2,139,890
Lagardere SCA		1,178		36,276
LVMH Moet Hennessy Louis Vuitton SE		2,921		1,032,196
Natixis SA		6,125		41,594
Nexity SA		844		46,647
Pernod Ricard SA		7,643		1,253,511
Peugeot SA		11,473		309,493
Publicis Groupe SA		457		27,315
Rexel SA		910		13,669
Sanofi		431		38,509
Schneider Electric SE		2,595		208,371
Teleperformance		158		29,810
Thales SA		6,555		931,340
TOTAL SA		10,217		664,317
UbiSoft Entertainment SA^(b)		1,166		125,905
Veolia Environnement SA		40,136		800,899
Vinci SA		136		12,939

				17,955,241
Germany — 10.5%
adidas AG		54		13,206
Allianz SE, Registered Shares		7,696		1,712,874
Bayer AG, Registered Shares		6,846		607,245
CECONOMY AG		2,530		17,871
Continental AG		6,787		1,179,205


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

International Tilts Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Germany (continued)
CTS Eventim AG & Co. KGaA		275	$	12,329
Deutsche Boerse AG		6,774		905,729
Deutsche Lufthansa AG, Registered Shares		42,522		1,043,657
Deutsche Telekom AG, Registered Shares		122,533		1,972,614
Evonik Industries AG		5,779		206,686
Fresenius Medical Care AG & Co. KGaA		2,673		274,634
Fresenius SE & Co. KGaA		3,001		220,064
Hochtief AG		9,210		1,526,792
Infineon Technologies AG		23,940		544,775
Jenoptik AG		274		10,096
MTU Aero Engines AG		6,986		1,573,797
Nemetschek SE		186		27,191
Puma SE^(a)		1,268		625,638
Rational AG		31		22,441
Rheinmetall AG		1,301		135,994
Salzgitter AG		652		32,530
SAP SE		22,101		2,717,617
Scout24 AG^(c)		1,231		57,336
Siemens AG, Registered Shares		430		54,981
Siltronic AG		463		56,621
Software AG		7,591		345,612
Suedzucker AG^(a)		26,961		358,463
TUI AG		27,407		525,738
Uniper SE		2,343		72,128
Wirecard AG		8,204		1,774,928

				18,628,792
Hong Kong — 1.9%
AIA Group Ltd.		46,400		413,744
BOC Hong Kong Holdings Ltd.		19,000		90,180
CLP Holdings Ltd.		40,000		468,429
Galaxy Entertainment Group Ltd.		27,000		170,562
Hang Lung Properties Ltd.		85,000		165,817
Hang Seng Bank Ltd.		1,400		37,987
Henderson Land Development Co. Ltd.^(a)		58,822		295,408
HKT Trust & HKT Ltd.^(d)		30,000		41,252
Kerry Properties Ltd.		71,500		242,782
Link REIT		10,000		98,459
Noble Group Ltd.^(b)		8		1
Sands China Ltd.		44,400		199,956
Sun Hung Kai Properties Ltd.		28,500		413,598
Swire Properties Ltd.		43,000		162,863
Techtronic Industries Co. Ltd.		18,000		114,816
WH Group Ltd.^(c)		235,500		165,334
Wharf Holdings Ltd.		12,000		32,672
Wheelock & Co. Ltd.		44,000		264,533

				3,378,393
Ireland — 0.5%
DCC PLC		8,654		784,933


Security	Shares		Value
Ireland (continued)
Smurfit Kappa Group PLC		1,925	$	76,186

				861,119
Israel — 0.0%
Bank Leumi Le-Israel BM		4,581		30,190

Italy — 3.3%
Amplifon SpA		5,334		118,259
Atlantia SpA		679		14,087
Eni SpA		66,290		1,249,538
ERG SpA		1,012		20,594
Ferrari NV		12,380		1,700,472
FinecoBank Banca Fineco SpA		8,054		107,399
Hera SpA		5,810		18,068
Mediobanca Banca di Credito Finanziario SpA		137,670		1,370,060
Moncler SpA		28,246		1,215,352
Saras SpA		5,150		11,009

				5,824,838
Japan — 22.3%
Advantest Corp.		1,100		23,248
Aica Kogyo Co. Ltd.		600		24,240
Alfresa Holdings Corp.		1,400		37,500
Amada Holdings Co. Ltd.		10,700		114,240
Astellas Pharma, Inc.		98,100		1,713,117
Bridgestone Corp.		2,700		102,042
Brother Industries Ltd.		800		15,796
Capcom Co. Ltd.		2,900		73,547
Chubu Electric Power Co., Inc.		25,100		380,213
Citizen Watch Co. Ltd.		1,700		11,203
COMSYS Holdings Corp.		3,800		112,541
Dai Nippon Printing Co. Ltd.		1,200		27,919
Dai-ichi Life Holdings, Inc.		51,800		1,079,786
Daicel Corp.^(a)		19,800		229,998
Daito Trust Construction Co. Ltd.		6,600		850,515
Daiwa Securities Group, Inc.		67,200		408,694
Dentsu, Inc.		2,400		111,461
DMG Mori Seiki Co. Ltd.		8,900		148,652
East Japan Railway Co.		12,500		1,161,114
Fast Retailing Co. Ltd.		400		202,639
FUJIFILM Holdings Corp.		17,500		787,310
Fujitsu Ltd.^(a)		4,000		284,959
Glory Ltd.		800		19,536
Hachijuni Bank Ltd.		3,500		16,042
Hitachi Ltd.		23,200		788,605
Hitachi Transport System Ltd.		400		11,234
Honda Motor Co. Ltd.^(a)		29,100		876,383
Iida Group Holdings Co. Ltd.		22,100		392,770
ITOCHU Corp.		3,700		67,721
Itochu Techno-Solutions Corp.		1,000		21,725
Japan Tobacco, Inc.		57,700		1,506,738
JTEKT Corp.		15,200		222,520


2

Schedule of Investments (unaudited) (continued)

September 30, 2018

International Tilts Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Japan (continued)
JXTG Holdings, Inc.		121,650	$	920,135
Kakaku.com, Inc.		2,600		50,799
KDDI Corp.		26,800		739,324
Kikkoman Corp.^(a)		4,500		268,005
Kirin Holdings Co. Ltd.		67,100		1,720,976
Kobayashi Pharmaceutical Co. Ltd.		2,500		184,053
Komatsu Ltd.		500		15,215
Konami Holdings Corp.		5,600		219,275
Kose Corp.		600		114,327
Kurita Water Industries Ltd.		1,500		43,698
Kyushu Financial Group, Inc.		2,200		10,456
Leopalace21 Corp.		2,400		13,368
Lintec Corp.		4,300		110,083
Marubeni Corp.		20,200		184,741
Mercari, Inc.^(b)		400		13,209
Miraca Holdings, Inc.^(a)		6,300		163,888
Mitsubishi Chemical Holdings Corp.^(a)		103,200		987,683
Mitsubishi Corp.		1,100		33,883
Mitsubishi Estate Co. Ltd.		21,000		356,581
Mitsubishi Gas Chemical Co., Inc.		2,800		59,606
Mitsubishi Motors Corp.		40,400		285,406
Mitsubishi UFJ Financial Group, Inc.		217,200		1,349,396
Mitsui & Co. Ltd.		13,800		245,235
Mixi, Inc.		3,300		79,151
MS&AD Insurance Group Holdings, Inc.		1,400		46,766
Nagase & Co. Ltd.		600		10,539
Nippon Telegraph & Telephone Corp.		25,000		1,128,259
NTN Corp.		3,700		15,148
NTT DOCOMO, Inc.		35,300		948,777
Obic Co. Ltd.		700		66,207
ORIX Corp.		20,600		333,547
Otsuka Corp.		1,400		52,220
Pola Orbis Holdings, Inc.		2,400		87,656
Resona Holdings, Inc.		232,900		1,307,609
Ricoh Co. Ltd.^(a)		3,500		37,606
Rohm Co. Ltd.		1,100		80,476
Rohto Pharmaceutical Co. Ltd.		400		14,056
Ryohin Keikaku Co. Ltd.		100		29,724
Sanwa Holdings Corp.		1,000		11,907
Secom Co. Ltd.		4,000		325,967
Seven & i Holdings Co. Ltd.		34,300		1,529,263
SG Holdings Co. Ltd.^(a)		2,600		68,115
Shikoku Electric Power Co., Inc.		1,300		16,986
Shin-Etsu Chemical Co. Ltd.		17,600		1,555,984
Shionogi & Co. Ltd.^(a)		13,100		856,342
Shizuoka Bank Ltd.		2,200		19,742
Showa Shell Sekiyu KK		1,400		29,698
Stanley Electric Co. Ltd.		200		6,838
Sumitomo Chemical Co. Ltd.		46,000		269,208
Sumitomo Corp.		4,300		71,661
Sumitomo Electric Industries Ltd.		20,800		326,387
Sumitomo Heavy Industries Ltd.		1,700		60,676
Sumitomo Mitsui Financial Group, Inc.		47,700		1,919,632
Sumitomo Mitsui Trust Holdings, Inc.		13,300		547,248


Security	Shares		Value
Japan (continued)
Sumitomo Realty & Development Co. Ltd.		11,000	$	394,619
Suruga Bank Ltd.		18,600		93,003
Suzuken Co. Ltd.		300		14,235
Takeda Pharmaceutical Co. Ltd.^(a)		42,400		1,812,940
Teijin Ltd.		1,200		23,015
TIS, Inc.^(a)		1,300		64,984
Tohoku Electric Power Co., Inc.		900		12,241
Tokio Marine Holdings, Inc.		36,000		1,787,168
Tokyo Century Corp.		300		18,633
Tokyo Electron Ltd.		500		68,910
Topcon Corp.		600		10,947
Toyota Boshoku Corp.		600		11,214
Toyota Motor Corp.		18,600		1,158,831
TS Tech Co. Ltd.^(a)		4,500		155,242
TV Asahi Holdings Corp.		600		11,532
Ulvac, Inc.		4,100		153,894
Unicharm Corp.		9,500		314,314
West Japan Railway Co.		14,400		1,003,817
Yahoo! Japan Corp.		48,200		173,093
Zeon Corp.		30,900		325,304

				39,374,681
Luxembourg — 0.0%
RTL Group SA		191		13,623

Malta — 0.2%
Kindred Group PLC		29,379		329,328

Netherlands — 6.0%
Aalberts Industries NV		11,180		476,135
Adyen NV^(b)(c)		348		284,044
Altice Europe NV, Class A^(b)		10,086		27,203
ASML Holding NV		544		102,139
Koninklijke Ahold Delhaize NV		58,191		1,335,049
Koninklijke DSM NV		15,791		1,672,476
Koninklijke KPN NV^(a)		594,613		1,568,599
Koninklijke Philips NV		10,647		485,306
Royal Dutch Shell PLC, Class A		42,919		1,471,626
Royal Dutch Shell PLC, Class B		33,447		1,170,864
Unilever NV CVA		8,041		447,279
Wolters Kluwer NV		26,654		1,661,608

				10,702,328
New Zealand — 0.1%
Vector Ltd.		5,687		13,013
Xero Ltd.^(b)		2,664		94,268

				107,281
Norway — 1.7%
DNB ASA		46,875		986,460
Fred Olsen Energy ASA^(a)(b)		8		3
Petroleum Geo-Services ASA^(b)		4,114		18,460
Schibsted ASA, Class A		1,196		44,895
Storebrand ASA		7,301		65,226


			3

Schedule of Investments (unaudited) (continued)

September 30, 2018

International Tilts Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Norway (continued)
Telenor ASA		62,859	$	1,229,246
TGS Nopec Geophysical Co. ASA		17,643		718,241

				3,062,531
Portugal — 0.2%
Galp Energia SGPS SA		14,628		290,041

Singapore — 0.8%
Ascendas Real Estate Investment Trust		162,600		314,079
DBS Group Holdings Ltd.		10,700		204,125
Genting Singapore Ltd.		881,300		683,126
Keppel Corp. Ltd.		6,500		33,093
Suntec Real Estate Investment Trust		22,700		32,054
Venture Corp. Ltd.		6,100		78,658

				1,345,135
Spain — 2.6%
ACS Actividades de Construccion y Servicios SA		20,294		861,943
Aena SME SA^(c)		5,239		907,693
Almirall SA		691		13,865
Banco Bilbao Vizcaya Argentaria SA		235,947		1,495,962
Endesa SA		3,030		65,356
Grifols SA		3,596		101,111
Industria de Diseno Textil SA		9,394		283,808
Mediaset Espana Comunicacion SA		106,525		775,525
Melia Hotels International SA		5,981		66,847

				4,572,110
Sweden — 3.6%
Atlas Copco AB, A Shares		376		10,813
Electrolux AB, Class B		8,174		180,067
Epiroc AB, Class A^(b)		3,149		35,184
Fabege AB		989		13,695
Investor AB, Class B		1,073		49,446
Loomis AB, Class B		1,409		45,337
Sandvik AB		14,397		254,888
Skandinaviska Enskilda Banken AB, Class A		134,672		1,501,333
SSAB AB, A Shares		9,577		48,070
Svenska Cellulosa AB SCA, B Shares		91,459		1,034,344
Swedish Match AB		29,365		1,501,000
Telefonaktiebolaget LM Ericsson, Class B		27,095		239,812
Telia Co. AB		2		9
Volvo AB, Class B		78,677		1,387,621

				6,301,619
Switzerland — 6.6%
Barry Callebaut AG, Registered Shares		97		183,682
Coca-Cola HBC AG^(b)		405		13,798
Ferguson PLC		4,817		408,587
Flughafen Zuerich AG		254		51,323
Galenica AG^(b)(c)		2,631		150,090


Security	Shares		Value
Switzerland (continued)
Georg Fischer AG, Registered Shares		731	$	827,981
IWG PLC		9,936		31,402
Logitech International SA, Registered Shares		15,873		711,892
Nestle SA, Registered Shares		22,585		1,879,898
Novartis AG, Registered Shares		18,396		1,583,499
OC Oerlikon Corp. AG, Registered Shares^(b)		18,697		256,946
Roche Holding AG		13,349		3,227,992
Sika AG, Registered Shares		2,324		338,187
Swiss Life Holding AG, Registered Shares^(b)		324		122,852
Swiss Re AG		18,680		1,721,107
Temenos AG, Registered Shares^(b)		648		105,541

				11,614,777
United Kingdom — 12.4%
Ashmore Group PLC		8,562		40,519
Ashtead Group PLC		9,191		291,614
ASOS PLC^(a)(b)		3,126		234,407
Associated British Foods PLC		36,525		1,090,104
AstraZeneca PLC		3,446		268,595
Auto Trader Group PLC^(c)		56,685		329,751
Aviva PLC		1,424		9,086
Barratt Developments PLC		3,947		29,148
Bodycote PLC		1,076		12,692
Bovis Homes Group PLC		11,489		160,377
BP PLC		165,326		1,267,181
British American Tobacco PLC		3,016		140,607
British Land Co. PLC		26,614		214,061
Britvic PLC		18,138		184,635
Burberry Group PLC		6,990		183,552
Carnival PLC		6,152		381,703
Centrica PLC		184,682		372,867
Close Brothers Group PLC		11,917		245,613
Compass Group PLC		15,439		343,260
Croda International PLC		1,276		86,492
Diageo PLC		60,817		2,154,629
Direct Line Insurance Group PLC		52,634		222,157
Dixons Carphone PLC		9,597		21,156
Electrocomponents PLC		3,662		34,258
Experian PLC		2,926		75,081
GlaxoSmithKline PLC		46,249		927,510
Hays PLC		22,289		59,168
Howden Joinery Group PLC		7,399		45,184
HSBC Holdings PLC		233,034		2,033,311
IG Group Holdings PLC		1,496		12,333
Imperial Brands PLC		4,889		170,127
Inchcape PLC		22,883		199,251
InterContinental Hotels Group PLC		4,204		261,687
Intertek Group PLC		21,287		1,384,769
ITV PLC		41,996		86,191
JD Sports Fashion PLC		18,043		107,822


4

Schedule of Investments (unaudited) (continued)

September 30, 2018

International Tilts Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
United Kingdom (continued)
Jupiter Fund Management PLC		9,227	$	48,604
Land Securities Group PLC		1,659		19,102
Legal & General Group PLC		457,220		1,560,855
Lloyds Banking Group PLC		855,133		657,672
Man Group PLC		34,488		79,114
Mondi PLC		3,494		95,665
Moneysupermarket.com Group PLC		30,679		111,633
National Grid PLC		70,024		723,262
Pearson PLC		9,814		113,611
Persimmon PLC		4,301		132,416
Petrofac Ltd.		33,316		280,147
Rentokil Initial PLC		27,551		114,136
Rightmove PLC		3,920		24,057
Rio Tinto PLC		8,129		410,039
Royal Mail PLC^(a)		72,398		450,054
Schroders PLC		5,909		238,005
Severn Trent PLC		9,822		236,758
Smiths Group PLC		1,873		36,468
Spectris PLC		300		9,266
Spirax-Sarco Engineering PLC		3,439		326,712
SSP Group PLC		8,840		83,484
Standard Life Aberdeen PLC		18,126		72,225
Tate & Lyle PLC		37,747		335,665
Taylor Wimpey PLC		5,871		13,123
Thomas Cook Group PLC		322,706		243,211


Security	Shares		Value
United Kingdom (continued)
Unilever PLC		6,062	$	333,011
Vodafone Group PLC		423,924		908,309
WH Smith PLC		2,833		76,066
William Hill PLC		14,560		47,844
WM Morrison Supermarkets PLC		129,494		437,816

				21,899,228

Total Common Stocks — 93.8% (Cost — $154,543,699)				165,820,602


Total Long-Term Investments — 93.8% (Cost — $154,543,699)				165,820,602

Short-Term Securities — 4.7%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.27%^(e)(f)(g)		5,327,523		5,329,121
BlackRock Cash Funds: Treasury, SL Agency Shares,
2.00%^(e)(g)		2,879,739		2,879,739

Total Short-Term Securities — 4.7% (Cost — $8,208,323)				8,208,860


Total Investments — 98.5% (Cost — $162,752,022)				174,029,462
Other Assets Less Liabilities — 1.5%				2,738,769

Net Assets — 100.0%			$	176,768,231

^(a)	Security, or a portion of the 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)	A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

^(e)	Annualized 7-day yield as of period end.

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

^(g)	During the period ended September 30, 2018, investments in issuers considered to be affiliates of the Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 12/31/17		Net Activity			Shares Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		2,058,817		3,268,706			5,327,523	$	5,329,121	$	48,816	^(b)	$	1,032	$	331
BlackRock Cash Funds: Treasury, SL Agency Shares		2,901,225		(21,486	)		2,879,739		2,879,739		27,746			—		—

								$	8,208,860	$	76,562		$	1,032	$	331

^(a)

Includes net capital gain distributions, if applicable.

^(b)


			5

Schedule of Investments (unaudited) (continued)

September 30, 2018

International Tilts Master Portfolio

Portfolio Abbreviations

CVA

Certificaten Van Aandelen (Dutch Certificate)

FTSE

Financial Times Stock Exchange

REIT

Real Estate Investment Trust

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts:
Yen Denom Nikkei Index		37		12/13/18	$	3,932	$	106,381
SPI 200 Index		4		12/20/18		448		1,781
Euro Stoxx 50 Index		157		12/21/18		6,174		34,013
FTSE 100 Index		25		12/21/18		2,439		28,540

							$	170,715

Fair Value Hierarchy as of Period End

•

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

•

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


6

Schedule of Investments (unaudited) (continued)

September 30, 2018

International Tilts Master Portfolio

Fair Value Hierarchy as of Period End (continued)

The following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Common Stocks:
Australia	$	—	$	9,643,061	$	—	$	9,643,061
Austria		—		2,094,604		—		2,094,604
Belgium		—		1,566,283		—		1,566,283
China		—		258,921		—		258,921
Denmark		—		3,102,591		—		3,102,591
Finland		—		2,863,887		—		2,863,887
France		101,789		17,853,452		—		17,955,241
Germany		17,871		18,610,921		—		18,628,792
Hong Kong		162,863		3,215,530		—		3,378,393
Ireland		—		861,119		—		861,119
Israel		—		30,190		—		30,190
Italy		—		5,824,838		—		5,824,838
Japan		—		39,374,681		—		39,374,681
Luxembourg		—		13,623		—		13,623
Malta		—		329,328		—		329,328
Netherlands		284,044		10,418,284		—		10,702,328
New Zealand		—		107,281		—		107,281
Norway		—		3,062,531		—		3,062,531
Portugal		—		290,041		—		290,041
Singapore		—		1,345,135		—		1,345,135
Spain		—		4,572,110		—		4,572,110
Sweden		35,184		6,266,435		—		6,301,619
Switzerland		—		11,614,777		—		11,614,777
United Kingdom		372,867		21,526,361		—		21,899,228
Short-Term Securities		8,208,860		—		—		8,208,860

	$	9,183,478	$	164,845,984	$	—	$	174,029,462

Derivative Financial Instruments^(a)
Assets:
Equity contracts	$	170,715	$	—	$	—	$	170,715

^(a)

Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.


			7

Schedule of Investments (unaudited) (continued)

September 30, 2018

International Tilts Master Portfolio

Transfers between Level 1 and Level 2 were as follows:


	Transfers into Level 2^(a)		Transfers out of Level 1^(b)
Assets:
Investments:
Common Stocks:
Austria	$	769,594	$	(769,594	)
Denmark		101,827		(101,827	)
France		154,012		(154,012	)
Germany		9,582		(9,582	)
Hong Kong		1,194,595		(1,194,595	)
Italy		71,746		(71,746	)
Norway		21		(21	)
Sweden		291,639		(291,639	)
Switzerland		63,612		(63,612	)
United Kingdom		2,869,835		(2,869,835	)

	$	5,526,463	$	(5,526,463	)

^(a)

External pricing service used to reflect any significant market movements between the time the Master Portfolio valued such foreign securities and the earlier closing of foreign markets.

^(b)

Systematic Fair Value Prices were not utilized at period end for these investments.


8

Schedule of Investments (unaudited)

September 30, 2018

BlackRock Large Cap Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Common Stocks — 99.0%

Aerospace & Defense — 2.6%
Arconic, Inc.		129,895	$	2,858,989
Boeing Co.		162,188		60,317,717
Curtiss-Wright Corp.		12,651		1,738,500
General Dynamics Corp.		77,695		15,905,720
Harris Corp.		35,345		5,980,728
HEICO Corp.^(a)		11,807		1,093,446
HEICO Corp., Class A^(a)		23,482		1,772,891
Hexcel Corp.		25,705		1,723,520
Huntington Ingalls Industries, Inc.		13,201		3,380,512
L3 Technologies, Inc.		23,663		5,031,227
Lockheed Martin Corp.		74,289		25,701,022
Northrop Grumman Corp.		47,907		15,204,245
Raytheon Co.		85,963		17,765,114
Rockwell Collins, Inc.		48,933		6,873,619
Spirit Aerosystems Holdings, Inc., Class A		33,411		3,062,786
Teledyne Technologies, Inc.^(b)		10,611		2,617,522
Textron, Inc.		74,359		5,314,438
TransDigm Group, Inc.^(a)(b)		14,431		5,372,661
United Technologies Corp.		223,928		31,307,374

				213,022,031
Air Freight & Logistics — 0.6%
C.H. Robinson Worldwide, Inc.		41,650		4,078,368
Expeditors International of Washington, Inc.		52,221		3,839,810
FedEx Corp.		74,054		17,831,463
United Parcel Service, Inc., Class B		207,256		24,197,138
XPO Logistics, Inc.^(a)(b)		37,410		4,271,100

				54,217,879
Airlines — 0.5%
Alaska Air Group, Inc.		36,861		2,538,248
American Airlines Group, Inc.		125,705		5,195,388
Copa Holdings SA, Class A		8,769		700,117
Delta Air Lines, Inc.		191,070		11,049,578
JetBlue Airways Corp.^(b)		90,665		1,755,274
Southwest Airlines Co.		156,117		9,749,507
United Continental Holdings, Inc.^(b)		74,968		6,676,650

				37,664,762
Auto Components — 0.2%
Adient PLC^(a)		26,313		1,034,364
Aptiv PLC		80,035		6,714,936
BorgWarner, Inc.		64,877		2,775,438
Gentex Corp.		78,034		1,674,610
Goodyear Tire & Rubber Co.		68,295		1,597,420
Lear Corp.		20,278		2,940,310
Visteon Corp.^(a)(b)		8,842		821,422

				17,558,500
Automobiles — 0.5%
Ford Motor Co.		1,168,043		10,804,398
General Motors Co.		392,016		13,199,179


Security	Shares		Value
Automobiles (continued)
Harley-Davidson, Inc.^(a)		48,385	$	2,191,840
Tesla, Inc.^(a)(b)		40,535		10,732,452
Thor Industries, Inc.		14,281		1,195,320

				38,123,189
Banks — 5.7%
Associated Banc-Corp^(a)		47,709		1,240,434
Bank of America Corp.		2,787,544		82,121,046
Bank of Hawaii Corp.^(a)		11,879		937,372
Bank OZK^(a)		37,236		1,413,479
BankUnited, Inc.		29,488		1,043,875
BB&T Corp.		231,077		11,216,478
BOK Financial Corp.		7,038		684,657
CIT Group, Inc.		33,830		1,745,966
Citigroup, Inc.		753,762		54,074,886
Citizens Financial Group, Inc.		145,302		5,604,298
Comerica, Inc.^(a)		49,618		4,475,544
Commerce Bancshares, Inc.		28,177		1,860,246
Cullen/Frost Bankers, Inc.		17,389		1,816,107
East West Bancorp, Inc.		43,862		2,647,949
Fifth Third Bancorp		199,230		5,562,502
First Citizens BancShares, Inc., Class A		2,507		1,133,866
First Hawaiian, Inc.		28,720		780,035
First Horizon National Corp.^(a)		93,741		1,617,970
First Republic Bank^(a)		48,319		4,638,624
FNB Corp.^(a)		90,570		1,152,050
Huntington Bancshares, Inc.^(a)		327,603		4,887,837
JPMorgan Chase & Co.		1,001,367		112,994,252
KeyCorp		319,765		6,360,126
M&T Bank Corp.		44,153		7,264,935
PacWest Bancorp		36,030		1,716,829
People’s United Financial, Inc.^(a)		103,432		1,770,756
Pinnacle Financial Partners, Inc.^(a)		22,363		1,345,134
PNC Financial Services Group, Inc.^(e)		139,156		18,951,656
Popular, Inc.		29,994		1,537,192
Prosperity Bancshares, Inc.		20,380		1,413,353
Regions Financial Corp.		329,231		6,041,389
Signature Bank		16,640		1,910,938
Sterling Bancorp		63,472		1,396,384
SunTrust Banks, Inc.		136,981		9,148,961
SVB Financial Group^(b)		15,974		4,965,198
Synovus Financial Corp.		33,362		1,527,646
TCF Financial Corp.		47,299		1,126,189
Texas Capital Bancshares, Inc.^(a)(b)		14,375		1,188,094
U.S. Bancorp		462,245		24,411,158
Umpqua Holdings Corp.		62,001		1,289,621
Webster Financial Corp.		26,996		1,591,684
Wells Fargo & Co.		1,299,745		68,314,597
Western Alliance Bancorp^(b)		28,154		1,601,681
Wintrust Financial Corp.		17,118		1,454,003


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

BlackRock Large Cap Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Banks (continued)
Zions Bancorporation		57,243	$	2,870,736

				472,847,733
Beverages — 1.5%
Brown-Forman Corp., Class A^(a)		13,953		708,813
Brown-Forman Corp., Class B		85,971		4,345,834
Coca-Cola Co.		1,145,290		52,900,945
Constellation Brands, Inc., Class A		47,281		10,194,729
Keurig Dr Pepper, Inc.		53,202		1,232,690
Molson Coors Brewing Co., Class B		51,269		3,153,044
Monster Beverage Corp.^(b)		119,408		6,959,098
PepsiCo, Inc.		424,144		47,419,299

				126,914,452
Biotechnology — 2.7%
AbbVie, Inc.		453,698		42,910,757
Agios Pharmaceuticals, Inc.^(b)		14,785		1,140,219
Alexion Pharmaceuticals, Inc.^(b)		64,280		8,935,563
Alkermes PLC^(b)		47,074		1,997,821
Alnylam Pharmaceuticals, Inc.^(b)		27,234		2,383,520
Amgen, Inc.		193,862		40,185,654
Biogen, Inc.^(b)		60,233		21,280,921
BioMarin Pharmaceutical, Inc.^(b)		52,555		5,096,258
Bluebird Bio, Inc.^(a)(b)		16,178		2,361,988
Celgene Corp.^(a)(b)		210,063		18,798,538
Exact Sciences Corp.^(b)		35,813		2,826,362
Exelixis, Inc.^(a)(b)		89,063		1,578,196
Gilead Sciences, Inc.		385,748		29,783,603
Incyte Corp.^(b)		52,201		3,606,045
Ionis Pharmaceuticals, Inc.^(a)(b)		39,138		2,018,738
Neurocrine Biosciences, Inc.^(a)(b)		26,792		3,294,076
Regeneron Pharmaceuticals, Inc.^(b)		23,834		9,629,889
Sage Therapeutics, Inc.^(b)		13,592		1,919,870
Sarepta Therapeutics, Inc.^(a)(b)		18,503		2,988,420
Seattle Genetics, Inc.^(a)(b)		33,213		2,561,387
TESARO, Inc.^(a)(b)		9,991		389,749
United Therapeutics Corp.^(b)		13,432		1,717,684
Vertex Pharmaceuticals, Inc.^(b)		76,420		14,729,191

				222,134,449
Building Products — 0.3%
Allegion PLC^(a)		28,936		2,620,733
AO Smith Corp.		42,933		2,291,334
Armstrong World Industries, Inc.^(b)		13,787		959,575
Fortune Brands Home & Security, Inc.		43,875		2,297,295
Johnson Controls International PLC^(a)		275,865		9,655,275
Lennox International, Inc.		10,964		2,394,538
Masco Corp.		90,446		3,310,324
Owens Corning		33,941		1,841,978


Security	Shares		Value
Building Products (continued)
USG Corp.^(b)		24,678	$	1,068,804

				26,439,856
Capital Markets — 2.6%
Affiliated Managers Group, Inc.		15,984		2,185,332
Ameriprise Financial, Inc.		42,401		6,260,932
Bank of New York Mellon Corp.		276,595		14,103,579
BGC Partners, Inc., Class A		79,941		944,903
BlackRock, Inc.^(e)		36,865		17,375,580
Cboe Global Markets, Inc.		33,181		3,184,049
Charles Schwab Corp.		359,575		17,673,111
CME Group, Inc.^(a)		101,779		17,323,804
E*Trade Financial Corp.^(b)		79,054		4,141,639
Eaton Vance Corp.		32,424		1,704,205
Evercore, Inc., Class A		11,830		1,189,506
Franklin Resources, Inc.^(a)		93,614		2,846,802
Goldman Sachs Group, Inc.		105,937		23,755,313
Intercontinental Exchange, Inc.		171,443		12,839,366
Invesco Ltd.		123,465		2,824,879
Lazard Ltd., Class A		34,582		1,664,432
Legg Mason, Inc.		23,698		740,089
LPL Financial Holdings, Inc.		25,377		1,637,070
Moody’s Corp.		50,249		8,401,633
Morgan Stanley		368,187		17,146,469
MSCI, Inc.		26,574		4,714,493
Nasdaq, Inc.		35,095		3,011,151
Northern Trust Corp.		62,328		6,365,559
Raymond James Financial, Inc.		39,043		3,593,908
S&P Global, Inc.		75,392		14,730,843
SEI Investments Co.		39,195		2,394,814
State Street Corp.		112,543		9,428,853
T. Rowe Price Group, Inc.		70,885		7,739,224
TD Ameritrade Holding Corp.^(a)		84,906		4,485,584
Virtu Financial, Inc., Class A^(a)		11,595		237,118

				214,644,240
Chemicals — 1.9%
Air Products & Chemicals, Inc.		66,263		11,069,234
Albemarle Corp.^(a)		33,475		3,340,135
Ashland Global Holdings, Inc.		17,914		1,502,268
Axalta Coating Systems Ltd.^(b)		59,222		1,726,913
Cabot Corp.		18,216		1,142,507
Celanese Corp., Series A		40,220		4,585,080
CF Industries Holdings, Inc.		69,234		3,769,099
Chemours Co.		52,615		2,075,136
DowDuPont, Inc.		693,931		44,626,703
Eastman Chemical Co.^(a)		42,237		4,042,926
Ecolab, Inc.		76,559		12,002,920
FMC Corp.		40,084		3,494,523
Huntsman Corp.		66,561		1,812,456
International Flavors & Fragrances, Inc.		24,161		3,361,278
LyondellBasell Industries NV, Class A		96,463		9,888,422
Mosaic Co.		104,981		3,409,783


2

Schedule of Investments (unaudited) (continued)

September 30, 2018

BlackRock Large Cap Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Chemicals (continued)
NewMarket Corp.		2,448	$	992,688
Olin Corp.		46,959		1,205,907
Platform Specialty Products Corp.^(b)		65,755		819,965
PPG Industries, Inc.		73,016		7,968,236
Praxair, Inc.		85,061		13,671,855
RPM International, Inc.		39,637		2,574,027
Scotts Miracle-Gro Co., Class A		12,561		988,928
Sherwin-Williams Co.		24,970		11,366,594
Valvoline, Inc.^(a)		55,872		1,201,807
Versum Materials, Inc.		31,098		1,119,839
Westlake Chemical Corp.		11,532		958,425
WR Grace & Co.^(a)		20,257		1,447,565

				156,165,219
Commercial Services & Supplies — 0.4%
ADT, Inc.^(a)		29,730		279,165
Cintas Corp.		26,108		5,164,424
Clean Harbors, Inc.^(a)(b)		15,576		1,114,930
Copart, Inc.^(b)		60,930		3,139,723
Iron Mountain, Inc.		85,435		2,949,216
KAR Auction Services, Inc.		41,009		2,447,827
Republic Services, Inc.		65,742		4,776,814
Rollins, Inc.^(a)		27,953		1,696,468
Stericycle, Inc.^(b)		25,155		1,476,095
Waste Management, Inc.		129,062		11,662,042

				34,706,704
Communications Equipment — 1.2%
Arista Networks, Inc.^(b)		17,060		4,535,572
ARRIS International PLC^(b)		51,347		1,334,508
Cisco Systems, Inc.		1,409,551		68,574,656
CommScope Holding Co., Inc.^(b)		57,893		1,780,789
EchoStar Corp., Class A^(b)		14,100		653,817
F5 Networks, Inc.^(b)		18,497		3,688,672
Juniper Networks, Inc.		104,869		3,142,924
Motorola Solutions, Inc.		47,339		6,160,697
Palo Alto Networks, Inc.^(b)		26,816		6,040,572
Ubiquiti Networks, Inc.^(a)		5,660		559,548

				96,471,755
Construction & Engineering — 0.1%
AECOM^(b)		49,189		1,606,513
Fluor Corp.		40,641		2,361,242
Jacobs Engineering Group, Inc.		38,261		2,926,967
Quanta Services, Inc.^(b)		42,280		1,411,306

				8,306,028
Construction Materials — 0.1%
Eagle Materials, Inc.		12,326		1,050,668
Martin Marietta Materials, Inc.^(a)		18,847		3,429,212
Vulcan Materials Co.		39,631		4,406,967

				8,886,847
Consumer Finance — 0.7%
Ally Financial, Inc.		130,041		3,439,585


Security	Shares		Value
Consumer Finance (continued)
American Express Co.		212,186	$	22,595,687
Capital One Financial Corp.		143,677		13,639,258
Credit Acceptance Corp.^(b)		3,270		1,432,489
Discover Financial Services		102,304		7,821,141
Navient Corp.		77,302		1,042,031
OneMain Holdings, Inc.^(b)		24,662		828,890
Santander Consumer USA Holdings, Inc.		34,260		686,570
SLM Corp.^(b)		119,963		1,337,587
Synchrony Financial		220,802		6,862,526

				59,685,764
Containers & Packaging — 0.4%
AptarGroup, Inc.		18,447		1,987,480
Ardagh Group SA		4,861		81,130
Avery Dennison Corp.		24,931		2,701,274
Ball Corp.^(a)		103,849		4,568,317
Bemis Co., Inc.		26,472		1,286,539
Berry Global Group, Inc.^(b)		40,823		1,975,425
Crown Holdings, Inc.^(b)		39,004		1,872,192
Graphic Packaging Holding Co.		89,200		1,249,692
International Paper Co.		124,433		6,115,882
Owens-Illinois, Inc.^(b)		48,041		902,690
Packaging Corp. of America^(a)		28,020		3,073,514
Sealed Air Corp.^(a)		47,113		1,891,587
Silgan Holdings, Inc.		21,004		583,911
Sonoco Products Co.^(a)		26,906		1,493,283
WestRock Co.^(a)		76,522		4,089,336

				33,872,252
Distributors — 0.1%
Genuine Parts Co.		42,762		4,250,543
LKQ Corp.^(b)		93,140		2,949,744
Pool Corp.^(a)		11,364		1,896,424

				9,096,711
Diversified Consumer Services — 0.1%
2U, Inc.^(a)(b)		15,935		1,198,153
Bright Horizons Family Solutions, Inc.^(b)		18,055		2,127,601
Graham Holdings Co., Class B^(a)		1,118		647,657
Grand Canyon Education, Inc.^(b)		13,842		1,561,378
H&R Block, Inc.		65,705		1,691,904
Service Corp. International		50,543		2,234,000
ServiceMaster Global Holdings, Inc.^(b)		41,338		2,564,196

				12,024,889
Diversified Financial Services — 1.6%
AXA Equitable Holdings, Inc.		38,291		821,342
Berkshire Hathaway, Inc., Class B^(b)		580,024		124,188,939
FactSet Research Systems, Inc.^(a)		11,392		2,548,504
Interactive Brokers Group, Inc., Class A		21,591		1,194,198
Jefferies Financial Group, Inc.		90,959		1,997,460
MarketAxess Holdings, Inc.^(a)		11,381		2,031,395
Morningstar, Inc.		5,696		717,126


			3

Schedule of Investments (unaudited) (continued)

September 30, 2018

BlackRock Large Cap Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Diversified Financial Services (continued)
Voya Financial, Inc.		47,753	$	2,371,891

				135,870,855
Diversified Telecommunication Services — 1.8%
AT&T, Inc.		2,176,406		73,083,713
CenturyLink, Inc.		288,871		6,124,065
Verizon Communications, Inc.		1,238,574		66,127,466
Zayo Group Holdings, Inc.^(b)		55,037		1,910,885

				147,246,129
Electric Utilities — 1.6%
Alliant Energy Corp.		69,229		2,947,078
American Electric Power Co., Inc.		148,333		10,513,843
Avangrid, Inc.		18,200		872,326
Duke Energy Corp.^(a)		213,452		17,080,429
Edison International		95,313		6,450,784
Entergy Corp.		53,460		4,337,210
Evergy, Inc.		81,004		4,448,740
Eversource Energy		95,368		5,859,410
Exelon Corp.		289,519		12,640,399
FirstEnergy Corp.		143,398		5,330,104
Hawaiian Electric Industries, Inc.		32,315		1,150,091
NextEra Energy, Inc.		140,981		23,628,416
OGE Energy Corp.^(a)		61,812		2,245,012
PG&E Corp.^(b)		155,785		7,167,668
Pinnacle West Capital Corp.		31,368		2,483,718
PPL Corp.		208,306		6,095,033
Southern Co.		301,749		13,156,256
Xcel Energy, Inc.		150,303		7,095,805

				133,502,322
Electrical Equipment — 0.6%
Acuity Brands, Inc.		11,644		1,830,437
AMETEK, Inc.		69,609		5,507,464
Eaton Corp. PLC		129,584		11,238,820
Emerson Electric Co.		187,813		14,382,720
GrafTech International Ltd.		11,049		215,566
Hubbell, Inc.		16,554		2,211,118
nVent Electric PLC		46,553		1,264,379
Regal-Beloit Corp.		12,878		1,061,791
Rockwell Automation, Inc.		36,712		6,884,234
Sensata Technologies Holding PLC^(a)(b)		51,703		2,561,884

				47,158,413
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		88,267		8,298,863
Arrow Electronics, Inc.^(b)		25,153		1,854,279
Avnet, Inc.		34,663		1,551,862
CDW Corp.		44,585		3,964,498
Cognex Corp.^(a)		50,956		2,844,364
Coherent, Inc.^(a)(b)		7,142		1,229,781
Corning, Inc.		238,586		8,422,086


Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Dolby Laboratories, Inc., Class A		18,128	$	1,268,416
FLIR Systems, Inc.		39,509		2,428,618
IPG Photonics Corp.^(b)		10,838		1,691,487
Jabil, Inc.		49,774		1,347,880
Keysight Technologies, Inc.^(b)		56,570		3,749,460
Littelfuse, Inc.		7,074		1,399,874
National Instruments Corp.		33,833		1,635,149
Trimble, Inc.^(b)		75,954		3,300,961
Universal Display Corp.^(a)		12,882		1,518,788
Zebra Technologies Corp., Class A^(b)		16,073		2,842,188

				49,348,554
Energy Equipment & Services — 0.6%
Apergy Corp.^(a)(b)		24,122		1,050,754
Baker Hughes a GE Co.		125,587		4,248,608
Halliburton Co.		261,263		10,588,989
Helmerich & Payne, Inc.^(a)		32,082		2,206,279
Nabors Industries Ltd.^(a)		90,866		559,735
National Oilwell Varco, Inc.		114,433		4,929,774
Patterson-UTI Energy, Inc.^(a)		68,637		1,174,379
RPC, Inc.^(a)		14,123		218,624
Schlumberger Ltd.		415,509		25,312,808
Transocean Ltd.^(a)(b)		127,393		1,777,132
Weatherford International PLC^(a)(b)		311,833		845,068

				52,912,150
Equity Real Estate Investment Trusts (REITs) — 3.2%
Alexandria Real Estate Equities, Inc.^(a)		30,197		3,798,481
American Campus Communities, Inc.		42,097		1,732,713
American Homes 4 Rent, Class A		78,562		1,719,722
American Tower Corp.^(a)		132,197		19,208,224
Apartment Investment & Management Co., Class A		47,129		2,079,803
Apple Hospitality REIT, Inc.		63,291		1,106,960
AvalonBay Communities, Inc.		41,295		7,480,589
Boston Properties, Inc.		46,273		5,695,744
Brandywine Realty Trust		54,393		855,058
Brixmor Property Group, Inc.		87,623		1,534,279
Brookfield Property REIT, Inc., Class A^(a)		46,716		977,766
Camden Property Trust		26,345		2,465,102
Chimera Investment Corp.		55,949		1,014,355
Colony Capital, Inc.^(a)		139,582		850,054
Columbia Property Trust, Inc.		33,766		798,228
CoreSite Realty Corp.		9,660		1,073,612
Corporate Office Properties Trust		26,716		796,938
Crown Castle International Corp.		124,740		13,887,304
CubeSmart		51,623		1,472,804
CyrusOne, Inc.		29,631		1,878,605
DDR Corp.		45,609		610,704
Digital Realty Trust, Inc.		61,987		6,972,298
Douglas Emmett, Inc.		44,872		1,692,572
Duke Realty Corp.		101,781		2,887,527


4

Schedule of Investments (unaudited) (continued)

September 30, 2018

BlackRock Large Cap Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Empire State Realty Trust, Inc., Class A		37,933	$	630,067
EPR Properties^(a)		22,433		1,534,642
Equinix, Inc.		23,630		10,229,191
Equity Commonwealth^(b)		33,965		1,089,937
Equity LifeStyle Properties, Inc.		24,716		2,383,858
Equity Residential		108,110		7,163,369
Essex Property Trust, Inc.		19,660		4,850,319
Extra Space Storage, Inc.^(a)		37,240		3,226,474
Federal Realty Investment Trust		22,086		2,793,216
Forest City Realty Trust, Inc., Class A		60,345		1,514,056
Gaming and Leisure Properties, Inc.		61,392		2,164,068
HCP, Inc.		140,729		3,703,987
Healthcare Trust of America, Inc., Class A^(a)		57,156		1,524,351
Highwoods Properties, Inc.		29,260		1,382,828
Hospitality Properties Trust		46,561		1,342,819
Host Hotels & Resorts, Inc.		220,452		4,651,537
Hudson Pacific Properties, Inc.		44,760		1,464,547
Invitation Homes, Inc.		89,970		2,061,213
JBG SMITH Properties		31,060		1,143,940
Kilroy Realty Corp.		29,793		2,135,860
Kimco Realty Corp.^(a)		118,150		1,977,831
Lamar Advertising Co., Class A^(a)		24,594		1,913,413
Liberty Property Trust		45,500		1,922,375
Life Storage, Inc.^(a)		13,599		1,294,081
Macerich Co.		38,143		2,108,926
Medical Properties Trust, Inc.		107,255		1,599,172
MFA Financial, Inc.		133,556		981,637
Mid-America Apartment Communities, Inc.		33,435		3,349,518
National Retail Properties, Inc.		46,703		2,093,228
New Residential Investment Corp.		93,603		1,668,005
Omega Healthcare Investors, Inc.^(a)		59,734		1,957,483
Outfront Media, Inc.		41,442		826,768
Paramount Group, Inc.		58,030		875,673
Park Hotels & Resorts, Inc.^(a)		60,948		2,000,313
Prologis, Inc.		185,024		12,542,777
Public Storage		44,304		8,933,015
Rayonier, Inc.		36,255		1,225,782
Realty Income Corp.		85,738		4,877,635
Regency Centers Corp.		46,036		2,977,148
Retail Properties of America, Inc., Class A		66,879		815,255
Retail Value, Inc.^(b)		4,560		149,066
SBA Communications Corp.^(b)		34,195		5,492,743
Senior Housing Properties Trust		61,690		1,083,276
Simon Property Group, Inc.		91,419		16,158,308
SL Green Realty Corp.		23,996		2,340,330
Spirit Realty Capital, Inc.		128,786		1,038,015
Starwood Property Trust, Inc.		80,976		1,742,604
STORE Capital Corp.		54,209		1,506,468
Sun Communities, Inc.		24,879		2,526,214
Taubman Centers, Inc.		16,761		1,002,811
UDR, Inc.		75,599		3,056,468


Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Uniti Group, Inc.		47,453	$	956,178
Ventas, Inc.		103,718		5,640,185
VEREIT, Inc.		275,600		2,000,856
VICI Properties, Inc.^(a)		110,864		2,396,880
Vornado Realty Trust		51,194		3,737,162
Weingarten Realty Investors		37,900		1,127,904
Welltower, Inc.		109,069		7,015,318
Weyerhaeuser Co.		222,761		7,188,497
WP Carey, Inc.		29,759		1,913,801

				263,592,840
Food & Staples Retailing — 1.3%
Casey’s General Stores, Inc.^(a)		11,004		1,420,727
Costco Wholesale Corp.		130,804		30,723,244
Kroger Co.^(a)		237,330		6,908,676
Sprouts Farmers Market, Inc.^(b)		34,940		957,705
Sysco Corp.^(a)		142,529		10,440,249
U.S. Foods Holding Corp.^(b)		65,421		2,016,275
Walgreens Boots Alliance, Inc.^(a)		252,456		18,404,042
Walmart, Inc.		427,160		40,114,596

				110,985,514
Food Products — 1.1%
Archer-Daniels-Midland Co.		167,199		8,405,094
Bunge Ltd.		42,150		2,896,126
Campbell Soup Co.^(a)		55,569		2,035,492
Conagra Brands, Inc.		114,531		3,890,618
Flowers Foods, Inc.^(a)		49,907		931,265
General Mills, Inc.		176,954		7,594,866
Hain Celestial Group, Inc.^(a)(b)		30,148		817,614
Hershey Co.		42,009		4,284,918
Hormel Foods Corp.^(a)		81,954		3,228,987
Ingredion, Inc.		22,012		2,310,379
J.M. Smucker Co.^(a)		33,217		3,408,396
Kellogg Co.^(a)		75,851		5,311,087
Kraft Heinz Co.		178,328		9,827,656
Lamb Weston Holdings, Inc.		44,858		2,987,543
McCormick & Co., Inc.^(a)		36,776		4,845,238
Mondelez International, Inc., Class A		433,555		18,625,523
Pilgrim’s Pride Corp.^(b)		12,330		223,050
Pinnacle Foods, Inc.		34,198		2,216,372
Post Holdings, Inc.^(b)		19,566		1,918,251
TreeHouse Foods, Inc.^(a)(b)		16,935		810,340
Tyson Foods, Inc., Class A		86,841		5,169,645

				91,738,460
Gas Utilities — 0.1%
Atmos Energy Corp.		33,771		3,171,434
National Fuel Gas Co.^(a)		24,602		1,379,188
UGI Corp.		49,841		2,765,179

				7,315,801
Health Care Equipment & Supplies — 3.2%
Abbott Laboratories		510,033		37,416,021
ABIOMED, Inc.^(b)		12,838		5,773,891


			5

Schedule of Investments (unaudited) (continued)

September 30, 2018

BlackRock Large Cap Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Health Care Equipment & Supplies (continued)
Align Technology, Inc.^(b)		23,626	$	9,242,964
Baxter International, Inc.		150,735		11,620,161
Becton Dickinson & Co.		78,718		20,545,398
Boston Scientific Corp.^(b)		412,407		15,877,669
Cantel Medical Corp.		10,931		1,006,308
Cooper Cos., Inc.		14,740		4,085,191
Danaher Corp.		184,679		20,067,220
DENTSPLY SIRONA, Inc.		69,394		2,618,930
DexCom, Inc.^(b)		26,503		3,790,989
Edwards Lifesciences Corp.^(a)(b)		62,809		10,935,047
Hill-Rom Holdings, Inc.		20,346		1,920,662
Hologic, Inc.^(b)		82,330		3,373,883
ICU Medical, Inc.^(b)		4,532		1,281,423
IDEXX Laboratories, Inc.^(b)		25,906		6,467,692
Insulet Corp.^(a)(b)		17,254		1,828,061
Integra LifeSciences Holdings Corp.^(b)		21,147		1,392,953
Intuitive Surgical, Inc.^(b)		33,628		19,302,472
Masimo Corp.^(b)		13,222		1,646,668
Medtronic PLC		405,116		39,851,261
ResMed, Inc.		42,762		4,932,169
STERIS PLC		25,359		2,901,070
Stryker Corp.		102,580		18,226,414
Teleflex, Inc.^(a)		13,614		3,622,549
Varian Medical Systems, Inc.^(b)		27,118		3,035,318
West Pharmaceutical Services, Inc.^(a)		21,350		2,636,085
Zimmer Biomet Holdings, Inc.		60,350		7,934,214

				263,332,683
Health Care Providers & Services — 3.1%
Acadia Healthcare Co., Inc.^(a)(b)		25,884		911,117
Aetna, Inc.		95,835		19,440,130
AmerisourceBergen Corp.		47,608		4,390,410
Anthem, Inc.		77,886		21,344,658
Cardinal Health, Inc.^(a)		92,797		5,011,038
Centene Corp.^(b)		60,818		8,805,230
Chemed Corp.		4,587		1,465,913
Cigna Corp.		71,041		14,794,288
CVS Health Corp.^(a)		303,830		23,917,498
DaVita, Inc.^(b)		39,842		2,853,882
Encompass Health Corp.		28,752		2,241,218
Envision Healthcare Corp.^(b)		36,927		1,688,672
Express Scripts Holding Co.^(b)		168,277		15,987,998
HCA Healthcare, Inc.		82,896		11,532,492
Henry Schein, Inc.^(a)(b)		45,948		3,906,958
Humana, Inc.		41,316		13,986,292
Laboratory Corp. of America Holdings^(b)		30,751		5,340,834
McKesson Corp.		59,696		7,918,674
MEDNAX, Inc.^(b)		28,804		1,343,995
Molina Healthcare, Inc.^(b)		18,313		2,723,143
Penumbra, Inc.^(b)		9,091		1,360,923
Premier, Inc., Class A^(b)		16,551		757,705
Quest Diagnostics, Inc.		41,073		4,432,187


Security	Shares		Value
Health Care Providers & Services (continued)
UnitedHealth Group, Inc.		286,192	$	76,138,520
Universal Health Services, Inc., Class B		24,688		3,156,114
WellCare Health Plans, Inc.^(b)		14,896		4,774,019

				260,223,908
Health Care Technology — 0.1%
athenahealth, Inc.^(b)		12,470		1,665,992
Cerner Corp.^(b)		94,704		6,099,885
Veeva Systems, Inc., Class A^(b)		36,324		3,954,594

				11,720,471
Hotels, Restaurants & Leisure — 1.9%
Aramark		74,216		3,192,772
Caesars Entertainment Corp.^(a)(b)		175,331		1,797,143
Carnival Corp.		122,008		7,780,450
Chipotle Mexican Grill, Inc.^(b)		7,191		3,268,453
Choice Hotels International, Inc.^(a)		9,583		798,264
Darden Restaurants, Inc.		37,088		4,123,815
Domino’s Pizza, Inc.		12,646		3,728,041
Dunkin’ Brands Group, Inc.^(a)		25,843		1,905,146
Extended Stay America, Inc.		57,526		1,163,751
Hilton Grand Vacations, Inc.^(b)		27,861		922,199
Hilton Worldwide Holdings, Inc.		84,421		6,819,528
Hyatt Hotels Corp., Class A		13,635		1,085,210
International Game Technology PLC^(a)		28,350		559,912
Las Vegas Sands Corp.		107,240		6,362,549
Marriott International, Inc., Class A		87,127		11,503,378
McDonald’s Corp.		232,517		38,897,769
MGM Resorts International		155,467		4,339,084
Norwegian Cruise Line Holdings Ltd.^(a)(b)		61,699		3,543,374
Royal Caribbean Cruises Ltd.		50,259		6,530,654
Six Flags Entertainment Corp.^(a)		21,459		1,498,267
Starbucks Corp.		393,201		22,349,545
Vail Resorts, Inc.		12,048		3,306,212
Wendy’s Co.^(a)		51,311		879,471
Wyndham Destinations, Inc.		28,144		1,220,324
Wyndham Hotels & Resorts, Inc.		28,144		1,563,962
Wynn Resorts Ltd.		31,076		3,948,517
Yum China Holdings, Inc.		110,623		3,883,974
Yum! Brands, Inc.		95,039		8,639,995

				155,611,759
Household Durables — 0.3%
D.R. Horton, Inc.		105,332		4,442,904
Garmin Ltd.^(a)		34,602		2,423,870
Leggett & Platt, Inc.		40,082		1,755,191
Lennar Corp., Class A		86,382		4,033,175
Lennar Corp., Class B		3,438		132,363
Mohawk Industries, Inc.^(b)		18,622		3,265,368
Newell Brands, Inc.^(a)		135,913		2,759,034
NVR, Inc.^(b)		932		2,302,785
PulteGroup, Inc.		75,777		1,876,996


6

Schedule of Investments (unaudited) (continued)

September 30, 2018

BlackRock Large Cap Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Household Durables (continued)
Tempur Sealy International, Inc.^(a)(b)		14,422	$	762,924
Toll Brothers, Inc.		40,358		1,333,025
Whirlpool Corp.		18,901		2,244,494

				27,332,129
Household Products — 1.2%
Church & Dwight Co., Inc.		74,036		4,395,517
Clorox Co.^(a)		38,948		5,858,169
Colgate-Palmolive Co.		254,307		17,025,854
Energizer Holdings, Inc.		18,061		1,059,278
Kimberly-Clark Corp.		104,471		11,872,084
Procter & Gamble Co.		745,787		62,071,852
Spectrum Brands Holdings, Inc.		12,580		939,977

				103,222,731
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.^(a)		191,164		2,676,296
NRG Energy, Inc.		94,374		3,529,588
Vistra Energy Corp.^(b)		123,155		3,064,096

				9,269,980
Industrial Conglomerates — 1.4%
3M Co.^(a)		170,631		35,953,658
BWX Technologies, Inc.		29,421		1,839,989
Carlisle Cos., Inc.^(a)		17,324		2,110,063
General Electric Co.		2,574,109		29,061,691
Honeywell International, Inc.		223,141		37,130,662
Roper Technologies, Inc.		30,164		8,934,879
Seaboard Corp.		60		222,602

				115,253,544
Insurance — 2.5%
Aflac, Inc.		229,205		10,788,679
Alleghany Corp.		4,470		2,916,809
Allstate Corp.		103,473		10,212,785
American Financial Group, Inc.		21,562		2,392,735
American International Group, Inc.		266,244		14,174,831
American National Insurance Co.		2,030		262,459
Aon PLC		73,645		11,325,128
Arch Capital Group Ltd.^(b)		116,178		3,463,266
Arthur J Gallagher & Co.		53,943		4,015,517
Aspen Insurance Holdings Ltd.^(a)		18,846		787,763
Assurant, Inc.		15,012		1,620,545
Assured Guaranty Ltd.		34,040		1,437,509
Athene Holding Ltd., Class A^(b)		46,607		2,407,718
Axis Capital Holdings Ltd.^(a)		24,228		1,398,198
Brighthouse Financial, Inc.^(a)(b)		35,377		1,565,078
Brown & Brown, Inc.		65,818		1,946,238
Chubb Ltd.^(a)		138,845		18,555,246
Cincinnati Financial Corp.		43,929		3,374,187
CNA Financial Corp.		8,729		398,479
Erie Indemnity Co., Class A		7,348		937,090
Everest Re Group Ltd.		11,898		2,718,336
Fidelity National Financial, Inc.		79,715		3,136,785
First American Financial Corp.		29,986		1,546,978


Security	Shares		Value
Insurance (continued)
Hanover Insurance Group, Inc.		12,802	$	1,579,383
Hartford Financial Services Group, Inc.		106,089		5,300,206
Lincoln National Corp.		65,570		4,436,466
Loews Corp.		80,662		4,051,652
Markel Corp.^(b)		4,097		4,869,244
Marsh & McLennan Cos., Inc.		152,711		12,632,254
Mercury General Corp.^(a)		8,529		427,815
MetLife, Inc.		252,873		11,814,227
Old Republic International Corp.		82,686		1,850,513
Principal Financial Group, Inc.		84,707		4,962,983
Progressive Corp.		173,757		12,343,697
Prudential Financial, Inc.		126,623		12,829,442
Reinsurance Group of America, Inc.		19,293		2,788,996
RenaissanceRe Holdings Ltd.		11,350		1,516,133
Torchmark Corp.		31,514		2,731,949
Travelers Cos., Inc.		81,206		10,533,230
Unum Group		63,615		2,485,438
W.R. Berkley Corp.		27,867		2,227,409
White Mountains Insurance Group Ltd.^(a)		919		860,065
Willis Towers Watson PLC		39,340		5,544,580

				207,168,041
Internet & Direct Marketing Retail — 4.0%
Amazon.com, Inc.^(b)		121,724		243,813,172
Booking Holdings, Inc.^(b)		14,192		28,156,928
Expedia Group, Inc.		36,295		4,735,772
Netflix, Inc.^(a)(b)		124,749		46,672,343
Qurate Retail, Inc.^(b)		131,820		2,927,722
TripAdvisor, Inc.^(a)(b)		30,647		1,565,142
Wayfair, Inc., Class A^(b)		16,804		2,481,447

				330,352,526
Internet Software & Services — 4.6%
Akamai Technologies, Inc.^(a)(b)		49,748		3,639,066
Alphabet, Inc., Class A^(b)		89,447		107,969,685
Alphabet, Inc., Class C^(b)		91,167		108,805,080
DocuSign, Inc.^(a)(b)		7,291		383,288
eBay, Inc.^(b)		281,634		9,299,555
Facebook, Inc., Class A^(b)		711,992		117,094,204
GoDaddy, Inc., Class A^(b)		47,994		4,002,220
GrubHub, Inc.^(b)		27,037		3,747,869
IAC/InterActiveCorp^(b)		22,682		4,915,643
LogMeIn, Inc.		15,160		1,350,756
Match Group, Inc.^(a)(b)		15,469		895,810
Nutanix, Inc., Class A^(b)		31,856		1,360,888
Okta, Inc.^(b)		25,588		1,800,372
Twilio, Inc., Class A^(b)		21,423		1,848,376
Twitter, Inc.^(b)		212,464		6,046,725
VeriSign, Inc.^(b)		31,286		5,009,514
Zillow Group, Inc., Class A^(b)		15,230		673,166


			7

Schedule of Investments (unaudited) (continued)

September 30, 2018

BlackRock Large Cap Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Internet Software & Services (continued)
Zillow Group, Inc., Class C^(a)(b)		34,356	$	1,520,253

				380,362,470
IT Services — 4.8%
Accenture PLC, Class A		192,499		32,763,330
Alliance Data Systems Corp.		14,615		3,451,478
Amdocs Ltd.^(a)		44,429		2,931,425
Automatic Data Processing, Inc.^(a)		131,970		19,882,600
Black Knight, Inc.^(b)		43,941		2,282,735
Booz Allen Hamilton Holding Corp.		41,518		2,060,538
Broadridge Financial Solutions, Inc.		34,636		4,570,220
Cognizant Technology Solutions Corp., Class A		175,389		13,531,261
Conduent, Inc.^(b)		56,163		1,264,791
CoreLogic, Inc.^(b)		24,072		1,189,397
DXC Technology Co.		84,027		7,858,205
EPAM Systems, Inc.^(b)		14,740		2,029,698
Euronet Worldwide, Inc.^(b)		14,429		1,446,074
Fidelity National Information Services, Inc.		98,137		10,703,803
First Data Corp., Class A^(b)		162,174		3,968,398
Fiserv, Inc.^(b)		120,528		9,929,097
FleetCor Technologies, Inc.^(b)		26,964		6,143,478
Gartner, Inc.^(a)(b)		26,476		4,196,446
Genpact Ltd.		40,844		1,250,235
Global Payments, Inc.		47,508		6,052,519
International Business Machines Corp.		274,347		41,484,010
Jack Henry & Associates, Inc.^(a)		23,039		3,688,083
Leidos Holdings, Inc.		43,741		3,025,127
Mastercard, Inc., Class A		275,062		61,231,552
Paychex, Inc.		96,756		7,126,079
PayPal Holdings, Inc.^(b)		354,233		31,115,827
Sabre Corp.		71,576		1,866,702
Square, Inc., Class A^(b)		85,878		8,502,781
Switch, Inc., Class A		7,967		86,044
Teradata Corp.^(a)(b)		38,129		1,437,845
Total System Services, Inc.		54,482		5,379,553
Visa, Inc., Class A		535,274		80,339,275
Western Union Co.^(a)		133,276		2,540,240
WEX, Inc.^(b)		12,322		2,473,765
Worldpay, Inc., Class A^(b)		89,530		9,066,703

				396,869,314
Leisure Products — 0.1%
Brunswick Corp.		26,080		1,747,882
Hasbro, Inc.^(a)		34,713		3,649,030
Mattel, Inc.^(a)(b)		107,218		1,683,323
Polaris Industries, Inc.^(a)		17,924		1,809,428

				8,889,663
Life Sciences Tools & Services — 1.0%
Agilent Technologies, Inc.		96,209		6,786,583
Bio-Rad Laboratories, Inc., Class A^(b)		6,494		2,032,557


Security	Shares		Value
Life Sciences Tools & Services (continued)
Bio-Techne Corp.		10,634	$	2,170,506
Bruker Corp.		26,902		899,872
Charles River Laboratories International, Inc.^(b)		14,730		1,981,774
Illumina, Inc.^(b)		43,902		16,114,668
IQVIA Holdings, Inc.^(b)		48,828		6,334,945
Mettler-Toledo International, Inc.^(b)		7,489		4,560,651
PerkinElmer, Inc.		33,429		3,251,639
PRA Health Sciences, Inc.^(b)		17,433		1,920,942
QIAGEN NV^(a)(b)		67,587		2,560,195
Thermo Fisher Scientific, Inc.		120,101		29,314,252
Waters Corp.^(b)		22,526		4,385,362

				82,313,946
Machinery — 1.8%
AGCO Corp.		19,153		1,164,311
Allison Transmission Holdings, Inc.^(a)		36,284		1,887,131
Caterpillar, Inc.		173,786		26,500,627
Colfax Corp.^(b)		26,900		970,014
Crane Co.		14,483		1,424,403
Cummins, Inc.		45,449		6,638,735
Deere & Co.		96,951		14,574,644
Donaldson Co., Inc.^(a)		37,320		2,174,263
Dover Corp.		43,303		3,833,615
Flowserve Corp.^(a)		37,409		2,045,898
Fortive Corp.^(a)		92,868		7,819,486
Gardner Denver Holdings, Inc.^(b)		30,505		864,512
Gates Industrial Corp. PLC^(b)		12,536		244,452
Graco, Inc.		50,805		2,354,304
IDEX Corp.		23,209		3,496,668
Illinois Tool Works, Inc.^(a)		100,011		14,113,552
Ingersoll-Rand PLC		74,099		7,580,328
ITT, Inc.		25,870		1,584,796
Lincoln Electric Holdings, Inc.		18,742		1,751,252
Middleby Corp.^(a)(b)		16,965		2,194,423
Nordson Corp.^(a)		17,417		2,419,221
Oshkosh Corp.		22,224		1,583,238
PACCAR, Inc.		103,316		7,045,118
Parker-Hannifin Corp.		39,921		7,342,669
Pentair PLC		46,553		2,018,073
Snap-on, Inc.^(a)		16,922		3,106,879
Stanley Black & Decker, Inc.		46,722		6,841,970
Terex Corp.^(a)		20,723		827,055
Timken Co.		20,322		1,013,052
Toro Co.		31,645		1,897,751
Trinity Industries, Inc.		42,088		1,542,104
Valmont Industries, Inc.^(a)		6,241		864,378
WABCO Holdings, Inc.^(b)		15,544		1,833,259
Wabtec Corp.^(a)		26,622		2,792,115
Welbilt, Inc.^(a)(b)		37,983		793,085


8

Schedule of Investments (unaudited) (continued)

September 30, 2018

BlackRock Large Cap Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Machinery (continued)
Xylem, Inc.		54,725	$	4,370,886

				149,508,267
Marine — 0.0%
Kirby Corp.^(a)(b)		17,660		1,452,535

Media — 2.2%
AMC Networks, Inc., Class A^(a)(b)		12,619		837,145
Cable One, Inc.		1,355		1,197,292
CBS Corp., Class B		99,387		5,709,783
Charter Communications, Inc., Class A^(a)(b)		52,226		17,019,409
Cinemark Holdings, Inc.^(a)		30,463		1,224,613
Comcast Corp., Class A		1,363,597		48,284,970
Discovery, Inc., Class A^(a)(b)		48,754		1,560,128
Discovery, Inc., Class C^(b)		100,471		2,971,932
DISH Network Corp., Class A^(b)		65,907		2,356,834
GCI Liberty, Inc., Class A^(a)(b)		30,667		1,564,017
Interpublic Group of Cos., Inc.		111,546		2,551,057
John Wiley & Sons, Inc., Class A		12,984		786,830
Liberty Broadband Corp., Class A^(a)(b)		7,627		643,185
Liberty Broadband Corp., Class C^(b)		31,114		2,622,910
Liberty Media Corp.-Liberty SiriusXM, Class A^(b)		25,554		1,110,066
Liberty Media Corp.-Liberty SiriusXM, Class C^(b)		50,412		2,190,401
Liberty Media Corp.-Liberty Formula One, Class A^(a)(b)		5,680		202,094
Liberty Media Corp.-Liberty Formula One, Class C^(b)		60,246		2,240,549
Lions Gate Entertainment Corp., Class A		14,711		358,801
Lions Gate Entertainment Corp., Class B		31,284		728,917
Live Nation Entertainment, Inc.^(b)		42,621		2,321,566
Madison Square Garden Co., Class A^(b)		5,367		1,692,323
News Corp., Class A		107,674		1,420,220
News Corp., Class B		36,762		499,963
Omnicom Group, Inc.^(a)		67,753		4,608,559
Sirius XM Holdings, Inc.^(a)		384,758		2,431,671
Tribune Media Co., Class A		27,251		1,047,256
Twenty-First Century Fox, Inc., Class A		311,151		14,415,626
Twenty-First Century Fox, Inc., Class B		146,082		6,693,477
Viacom, Inc., Class A		1,857		67,873
Viacom, Inc., Class B		105,475		3,560,836
Walt Disney Co.		445,329		52,076,773

				186,997,076
Metals & Mining — 0.3%
Alcoa Corp.^(b)		55,332		2,235,413
Freeport-McMoRan, Inc.		438,268		6,100,691
Newmont Mining Corp.		158,007		4,771,811
Nucor Corp.		94,815		6,016,012
Reliance Steel & Aluminum Co.		20,028		1,708,188
Royal Gold, Inc.		20,015		1,542,356
Southern Copper Corp.^(a)		24,121		1,040,580


Security	Shares		Value
Metals & Mining (continued)
Steel Dynamics, Inc.		64,627	$	2,920,494
United States Steel Corp.		47,757		1,455,633

				27,791,178
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
AGNC Investment Corp.		136,714		2,546,982
Annaly Capital Management, Inc.		380,733		3,894,899
Two Harbors Investment Corp.		73,408		1,095,981

				7,537,862
Multi-Utilities — 0.8%
Ameren Corp.		70,477		4,455,556
CenterPoint Energy, Inc.		131,457		3,634,786
CMS Energy Corp.		84,695		4,150,055
Consolidated Edison, Inc.^(a)		91,797		6,994,014
Dominion Energy, Inc.^(a)		195,622		13,748,314
DTE Energy Co.		54,774		5,977,487
MDU Resources Group, Inc.		57,428		1,475,325
NiSource, Inc.		109,786		2,735,867
Public Service Enterprise Group, Inc.		152,308		8,040,339
SCANA Corp.		42,745		1,662,353
Sempra Energy^(a)		81,883		9,314,191
Vectren Corp.		23,915		1,709,683
WEC Energy Group, Inc.		92,440		6,171,295

				70,069,265
Multiline Retail — 0.5%
Burlington Stores, Inc.^(b)		20,013		3,260,518
Dollar General Corp.		80,444		8,792,529
Dollar Tree, Inc.^(b)		70,715		5,766,809
Kohl’s Corp.^(a)		49,724		3,706,924
Macy’s, Inc.^(a)		93,370		3,242,740
Nordstrom, Inc.^(a)		35,923		2,148,555
Target Corp.		160,534		14,160,704

				41,078,779
Oil, Gas & Consumable Fuels — 5.1%
Anadarko Petroleum Corp.		151,814		10,233,782
Andeavor		42,398		6,508,093
Antero Resources Corp.^(a)(b)		75,115		1,330,287
Apache Corp.^(a)		113,059		5,389,523
Cabot Oil & Gas Corp.^(a)		131,945		2,971,401
Centennial Resource Development, Inc., Class A^(a)(b)		54,164		1,183,483
Cheniere Energy, Inc.^(b)		69,019		4,796,130
Chesapeake Energy Corp.^(a)(b)		264,062		1,185,638
Chevron Corp.		570,321		69,738,852
Cimarex Energy Co.		28,329		2,632,897
CNX Resources Corp.^(a)(b)		62,424		893,287
Concho Resources, Inc.^(b)		58,535		8,941,221
ConocoPhillips		350,743		27,147,508
Continental Resources, Inc.^(a)(b)		25,291		1,726,869
Devon Energy Corp.		155,447		6,208,553
Diamondback Energy, Inc.^(a)		29,064		3,929,162
Energen Corp.^(b)		26,124		2,251,105


			9

Schedule of Investments (unaudited) (continued)

September 30, 2018

BlackRock Large Cap Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
EOG Resources, Inc.		173,046	$	22,075,478
EQT Corp.		79,212		3,503,547
Extraction Oil & Gas, Inc.^(b)		21,022		237,338
Exxon Mobil Corp.		1,268,490		107,847,020
Hess Corp.		80,238		5,743,436
HollyFrontier Corp.		49,049		3,428,525
Kinder Morgan, Inc.		567,786		10,066,846
Kosmos Energy Ltd.^(a)(b)		78,007		729,365
Marathon Oil Corp.		255,098		5,938,681
Marathon Petroleum Corp.		133,741		10,695,268
Murphy Oil Corp.^(a)		47,081		1,569,681
Newfield Exploration Co.^(b)		59,389		1,712,185
Noble Energy, Inc.		138,361		4,315,480
Occidental Petroleum Corp.		230,019		18,900,661
ONEOK, Inc.		122,908		8,331,933
Parsley Energy, Inc., Class A^(b)		76,511		2,237,947
PBF Energy, Inc., Class A		33,607		1,677,325
Phillips 66		126,547		14,264,378
Pioneer Natural Resources Co.		51,029		8,888,742
QEP Resources, Inc.^(b)		73,593		833,073
Range Resources Corp.^(a)		67,427		1,145,585
SM Energy Co.		34,533		1,088,826
Targa Resources Corp.		64,447		3,629,011
Valero Energy Corp.		127,662		14,521,553
Whiting Petroleum Corp.^(a)(b)		25,505		1,352,785
Williams Cos., Inc.		361,902		9,840,115
WPX Energy, Inc.^(b)		121,188		2,438,303

				424,080,878
Paper & Forest Products — 0.0%
Domtar Corp.		19,092		996,030

Personal Products — 0.2%
Coty, Inc., Class A		142,893		1,794,736
Estee Lauder Cos., Inc., Class A		65,325		9,493,029
Herbalife Nutrition Ltd.^(b)		34,762		1,896,267
Nu Skin Enterprises, Inc., Class A		17,147		1,413,256

				14,597,288
Pharmaceuticals — 4.3%
Allergan PLC		101,428		19,320,006
Bristol-Myers Squibb Co.		487,702		30,276,540
Catalent, Inc.^(b)		43,141		1,965,073
Eli Lilly & Co.		285,401		30,626,381
Jazz Pharmaceuticals PLC^(b)		17,357		2,918,232
Johnson & Johnson		803,854		111,068,507
Merck & Co., Inc.		796,991		56,538,542
Mylan NV^(b)		154,402		5,651,113
Nektar Therapeutics^(b)		46,799		2,852,867
Perrigo Co. PLC		38,643		2,735,924
Pfizer, Inc.		1,737,173		76,557,214


Security	Shares		Value
Pharmaceuticals (continued)
Zoetis, Inc.		144,968	$	13,273,270

				353,783,669
Professional Services — 0.4%
CoStar Group, Inc.^(b)		10,763		4,529,501
Dun & Bradstreet Corp.		10,530		1,500,630
Equifax, Inc.		35,831		4,678,454
IHS Markit Ltd.^(b)		116,897		6,307,762
ManpowerGroup, Inc.		19,763		1,698,827
Nielsen Holdings PLC		109,075		3,017,015
Robert Half International, Inc.		36,999		2,603,990
TransUnion		55,230		4,063,823
Verisk Analytics, Inc.^(b)		48,124		5,801,348

				34,201,350
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A^(b)		97,145		4,284,094
Howard Hughes Corp.^(a)(b)		11,666		1,449,151
Jones Lang LaSalle, Inc.		13,368		1,929,270
Realogy Holdings Corp.^(a)		39,747		820,378

				8,482,893
Road & Rail — 1.0%
AMERCO		2,043		728,636
CSX Corp.		246,744		18,271,393
Genesee & Wyoming, Inc., Class A^(b)		17,406		1,583,772
JB Hunt Transport Services, Inc.		25,993		3,091,608
Kansas City Southern^(a)		31,308		3,546,570
Knight-Swift Transportation Holdings, Inc.^(a)		38,073		1,312,757
Landstar System, Inc.		12,397		1,512,434
Norfolk Southern Corp.		84,736		15,294,848
Old Dominion Freight Line, Inc.^(a)		19,699		3,176,661
Ryder System, Inc.		16,331		1,193,306
Schneider National, Inc., Class B^(a)		12,351		308,528
Union Pacific Corp.		221,489		36,065,054

				86,085,567
Semiconductors & Semiconductor Equipment — 3.8%
Advanced Micro Devices, Inc.^(a)(b)		271,248		8,378,851
Analog Devices, Inc.		110,731		10,238,188
Applied Materials, Inc.		301,536		11,654,367
Broadcom, Inc.		128,438		31,689,508
Cypress Semiconductor Corp.^(a)		106,933		1,549,459
First Solar, Inc.^(b)		25,377		1,228,754
Intel Corp.		1,382,128		65,360,833
KLA-Tencor Corp.		47,062		4,786,676
Lam Research Corp.		47,119		7,147,952
Marvell Technology Group Ltd.		164,818		3,180,988
Maxim Integrated Products, Inc.		84,374		4,757,850
Microchip Technology, Inc.^(a)		68,424		5,399,338
Micron Technology, Inc.^(b)		347,366		15,711,364
MKS Instruments, Inc.		15,977		1,280,557


10

Schedule of Investments (unaudited) (continued)

September 30, 2018

BlackRock Large Cap Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Monolithic Power Systems, Inc.		11,608	$	1,457,152
NVIDIA Corp.		174,258		48,969,983
NXP Semiconductors NV		103,444		8,844,462
ON Semiconductor Corp.^(a)(b)		126,628		2,333,754
Qorvo, Inc.^(b)		38,288		2,943,964
QUALCOMM, Inc.		443,878		31,972,532
Skyworks Solutions, Inc.		53,765		4,877,023
Teradyne, Inc.		55,251		2,043,182
Texas Instruments, Inc.		293,281		31,466,119
Xilinx, Inc.		77,207		6,189,685

				313,462,541
Software — 6.6%
Activision Blizzard, Inc.		225,388		18,750,028
Adobe Systems, Inc.^(b)		147,178		39,730,701
ANSYS, Inc.^(b)		24,999		4,666,813
Aspen Technology, Inc.^(b)		20,832		2,372,973
Atlassian Corp. PLC, Class A^(b)		28,129		2,704,322
Autodesk, Inc.^(b)		65,901		10,287,805
CA, Inc.		94,731		4,182,374
Cadence Design Systems, Inc.^(b)		83,099		3,766,047
CDK Global, Inc.		39,223		2,453,791
Ceridian HCM Holding, Inc.^(b)		6,749		283,660
Citrix Systems, Inc.^(b)		41,152		4,574,456
Dell Technologies, Inc., Class V^(b)		59,914		5,818,848
Electronic Arts, Inc.^(b)		90,345		10,885,669
Fair Isaac Corp.^(b)		8,432		1,927,134
FireEye, Inc.^(a)(b)		54,766		931,022
Fortinet, Inc.^(b)		42,472		3,918,891
Guidewire Software, Inc.^(a)(b)		24,050		2,429,291
Intuit, Inc.		73,094		16,621,576
Manhattan Associates, Inc.^(b)		20,757		1,133,332
Microsoft Corp.		2,269,296		259,539,384
Nuance Communications, Inc.^(a)(b)		82,331		1,425,973
Oracle Corp.		838,908		43,254,096
Paycom Software, Inc.^(a)(b)		14,757		2,293,385
Pegasystems, Inc.		10,974		686,972
Pluralsight, Inc.^(a)(b)		7,138		228,416
Proofpoint, Inc., Class A^(b)		14,764		1,569,856
PTC, Inc.^(b)		34,910		3,707,093
RealPage, Inc.^(a)(b)		20,675		1,362,483
Red Hat, Inc.^(b)		52,935		7,213,982
salesforce.com, Inc.^(b)		211,381		33,615,920
ServiceNow, Inc.^(a)(b)		52,559		10,282,117
Splunk, Inc.^(b)		43,799		5,295,737
SS&C Technologies Holdings, Inc.		61,831		3,513,856
Symantec Corp.		184,804		3,932,629
Synopsys, Inc.^(b)		44,250		4,363,493
Tableau Software, Inc., Class A^(b)		20,368		2,275,920
Take-Two Interactive Software, Inc.^(b)		34,281		4,730,435
Tyler Technologies, Inc.^(b)		11,067		2,712,079
Ultimate Software Group, Inc.^(a)(b)		8,941		2,880,701
VMware, Inc., Class A^(a)(b)		20,823		3,249,637
Workday, Inc., Class A^(b)		43,750		6,386,625


Security	Shares		Value
Software (continued)
Zendesk, Inc.^(b)		30,491	$	2,164,861
Zynga, Inc., Class A^(a)(b)		216,954		869,986

				544,994,369
Specialty Retail — 2.2%
Advance Auto Parts, Inc.		21,169		3,563,378
AutoNation, Inc.^(a)(b)		16,519		686,364
AutoZone, Inc.^(b)		8,064		6,255,245
Best Buy Co., Inc.		71,791		5,697,334
CarMax, Inc.^(b)		53,364		3,984,690
Dick’s Sporting Goods, Inc.^(a)		24,827		880,862
Floor & Decor Holdings, Inc., Class A^(b)		10,273		309,936
Foot Locker, Inc.		34,820		1,775,124
Gap, Inc.		67,415		1,944,923
Home Depot, Inc.		345,092		71,485,808
L Brands, Inc.^(a)		69,324		2,100,517
Lowe’s Cos., Inc.		244,420		28,064,304
Michaels Cos., Inc.^(a)(b)		33,201		538,852
O’Reilly Automotive, Inc.^(b)		23,637		8,209,603
Penske Automotive Group, Inc.^(a)		11,498		544,890
Ross Stores, Inc.		110,395		10,940,144
Tiffany & Co.		37,177		4,794,718
TJX Cos., Inc.		187,712		21,027,498
Tractor Supply Co.		36,875		3,351,200
Ulta Salon Cosmetics & Fragrance, Inc.^(b)		17,099		4,823,970
Urban Outfitters, Inc.^(b)		23,570		964,013
Williams-Sonoma, Inc.^(a)		24,857		1,633,602

				183,576,975
Technology Hardware, Storage & Peripherals — 4.4%
Apple, Inc.		1,447,336		326,721,629
Hewlett Packard Enterprise Co.		452,824		7,385,559
HP, Inc.		483,958		12,471,598
NCR Corp.^(a)(b)		35,514		1,008,953
NetApp, Inc.		79,715		6,846,721
Pure Storage, Inc., Class A^(b)		48,960		1,270,512
Western Digital Corp.		90,381		5,290,904
Xerox Corp.^(a)		66,501		1,794,197

				362,790,073
Textiles, Apparel & Luxury Goods — 0.8%
Carter’s, Inc.		13,393		1,320,550
Columbia Sportswear Co.		8,488		789,978
Hanesbrands, Inc.^(a)		109,182		2,012,224
Lululemon Athletica, Inc.^(b)		28,920		4,699,211
Michael Kors Holdings Ltd.^(b)		41,951		2,876,161
NIKE, Inc., Class B		374,136		31,696,802
PVH Corp.		23,133		3,340,405
Ralph Lauren Corp.^(a)		16,255		2,235,875
Skechers U.S.A., Inc., Class A^(b)		42,278		1,180,825
Tapestry, Inc.		85,750		4,310,653
Under Armour, Inc., Class A^(b)		51,837		1,099,981
Under Armour, Inc., Class C^(a)(b)		55,714		1,084,194


			11

Schedule of Investments (unaudited) (continued)

September 30, 2018

BlackRock Large Cap Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
VF Corp.		97,401	$	9,102,123

				65,748,982
Thrifts & Mortgage Finance — 0.0%
New York Community Bancorp, Inc.^(a)		134,156		1,391,198
TFS Financial Corp.		15,276		229,293

				1,620,491
Tobacco — 0.9%
Altria Group, Inc.		566,871		34,187,990
Philip Morris International, Inc.		463,537		37,796,807

				71,984,797
Trading Companies & Distributors — 0.3%
Air Lease Corp.		27,450		1,259,406
Fastenal Co.^(a)		83,492		4,844,206
HD Supply Holdings, Inc.^(b)		53,932		2,307,750
MSC Industrial Direct Co., Inc., Class A^(a)		14,040		1,237,064
United Rentals, Inc.^(b)		24,825		4,061,370
Univar, Inc.^(b)		32,014		981,549
W.W. Grainger, Inc.		13,707		4,899,019
Watsco, Inc.^(a)		9,558		1,702,280
WESCO International, Inc.^(b)		14,168		870,624

				22,163,268
Transportation Infrastructure — 0.0%
Macquarie Infrastructure Corp.		25,529		1,177,654

Water Utilities — 0.1%
American Water Works Co., Inc.		53,696		4,723,637
Aqua America, Inc.		54,118		1,996,954

				6,720,591
Wireless Telecommunication Services — 0.1%
RingCentral, Inc., Class A^(b)		19,662		1,829,549


Security	Shares		Value
Wireless Telecommunication Services (continued)
Sprint Corp.^(b)		183,482	$	1,199,972
T-Mobile U.S., Inc.^(b)		92,778		6,511,160
Telephone & Data Systems, Inc.		30,495		927,963
United States Cellular Corp.^(b)		2,304		103,173

				10,571,817

Total Common Stocks — 99.0% (Cost — $6,161,503,477)				8,225,851,658


Investment Companies — 0.3%

United States — 0.3%
iShares Russell 1000 ETF^(a)(e)		150,954		24,410,771

Total Investment Companies — 0.3% (Cost — $20,988,254)				24,410,771


Total Long-Term Investments — 99.3% (Cost — $6,182,491,731)				8,250,262,429


Short-Term Securities — 6.4%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.27%^(c)(d)(e)		433,763,218		433,893,347
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.97%^(d)(e)		99,992,332		99,992,332

Total Short-Term Securities — 6.4% (Cost — $533,785,826)				533,885,679


Total Investments — 105.7% (Cost — $6,716,277,557)				8,784,148,108
Liabilities in Excess of Other Assets — (5.7)%				(473,706,218	)

Net Assets — 100.0%			$	8,310,441,890

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

^(b)	Non-income producing security.

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

^(d)	Annualized 7-day yield as of period end.


12

Schedule of Investments (unaudited) (continued)

September 30, 2018

BlackRock Large Cap Index Master Portfolio

^(e)	During the period ended September 30, 2018, investments in issuers considered to be affiliates of the Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:


Affiliate Persons and/or Related Parties	Shares Held at 12/31/2017		Shares Purchased			Shares Sold			Shares Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock, Inc.		32,510		6,454			(2,099	)		36,865	$	17,375,580	$	319,837		$	(106,103	)	$	(1,562,470	)
BlackRock Cash Funds: Institutional, SL Agency Shares		446,113,767		—			(12,350,549	)^(b)		433,763,218		433,893,347		1,218,047	^(c)		(9,646	)		80,021
BlackRock Cash Funds: Treasury, SL Agency Shares		85,375,486		14,616,846	^(d)		—			99,992,332		99,992,332		951,662			—			—
PNC Financial Services Group, Inc.		125,620		20,105			(6,569	)		139,156		18,951,656		334,553			(39,062	)		(1,137,569	)
iShares Russell 1000 ETF		263,469		1,410,119			(1,522,634	)		150,954		24,410,771		356,571			1,366,816			1,237,949

											$	594,623,686	$	3,180,670		$	1,212,005		$	(1,382,069	)

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares sold.

^(c)

Represents all or portion of securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees, and collateral investment expenses, and other payments to and from borrowers of securities.

^(d)

Represents net shares purchased.

Portfolio Abbreviations

CME

Chicago Mercantile Exchange

ETF

Exchange-Traded Fund

MSCI

Morgan Stanley Capital International

REIT

Real Estate Investment Trust

S&P

S&P Global Ratings

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts:
S&P 500 E-Mini Index		377		12/21/18	$	55,023	$	238,749
S&P MidCap 400 E-Mini Index		24		12/21/18		4,860		(27,096	)

							$	211,653


			13

Schedule of Investments (unaudited) (continued)

September 30, 2018

BlackRock Large Cap Index Master Portfolio

Fair Value Hierarchy as of Period End

•

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

•

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments and is based on the pricing transparency of the investments 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 and derivative financial instruments, refer to the Fund’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:


	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks^(a)	$	8,225,851,658		$	—	$	—	$	8,225,851,658
Investment Companies		24,410,771			—		—		24,410,771
Short-Term Securities		533,885,679			—		—		533,885,679

	$	8,784,148,108		$	—	$	—	$	8,784,148,108

Derivative Financial Instruments^(b)
Assets:
Equity contracts	$	238,749		$	—	$	—	$	238,749
Liabilities:
Equity contracts		(27,096	)		—		—		(27,096	)

	$	211,653		$	—	$	—	$	211,653

^(a)

See above Schedule of Investments for values in each sector.

^(b)

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

During the period ended September 30, 2018, there were no transfers between levels.


14

Schedule of Investments (unaudited)

September 30, 2018

LifePath Dynamic 2020 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Investment Value		Value
Affiliated Investment Companies^(e) — 97.7%

Equity Funds — 46.8%
Active Stock Master Portfolio	$	93,374,328	$	93,374,328
BlackRock Advantage Emerging Markets Fund — Class K^(a)		1,002,932		10,300,116
BlackRock Tactical Opportunities Fund — Class K		635,403		9,804,267
International Tilts Master Portfolio	$	26,808,731		26,808,731
iShares Edge MSCI Multifactor International ETF		160,454		4,505,548
iShares Edge MSCI Multifactor USA ETF		67,679		2,275,368
iShares MSCI EAFE Small-Cap ETF		91,777		5,715,872

				152,784,230
Fixed Income Funds — 50.5%
CoreAlpha Bond Master Portfolio	$	119,447,530		119,447,530
iShares TIPS Bond ETF		227,316		25,145,696
Master Total Return Portfolio	$	20,527,346		20,527,346

				165,120,572
Short-Term Securities — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.27%^(b)(c)		175,073		175,125
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.97%^(b)		1,200,189		1,200,189

				1,375,314


Total Affiliated Investment Companies — 97.7% (Cost — $288,857,238)				319,280,116


	Shares

Common Stocks — 1.2%

Equity Real Estate Investment Trusts (REITs) — 0.9%
Alexandria Real Estate Equities, Inc.		745		93,713
Ascendas Real Estate Investment Trust		16,400		31,678
Assura PLC		34,977		24,706
AvalonBay Communities, Inc.		686		124,269
Big Yellow Group PLC		2,563		30,577
Boston Properties, Inc.		900		110,781
Brandywine Realty Trust		2,234		35,118
Canadian Apartment Properties REIT		1,215		44,860
Capital & Regional PLC		45,917		25,689
CareTrust REIT, Inc.		4,729		83,751
CyrusOne, Inc.		1,442		91,423
Derwent London PLC		619		23,046
EPR Properties		1,137		77,782
Equinix, Inc.		123		53,245
Extra Space Storage, Inc.		771		66,799
Federal Realty Investment Trust		427		54,003
GLP J-REIT		47		45,679
Goodman Group		1,654		12,408


Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Hammerson PLC		2,527	$	15,036
Healthcare Trust of America, Inc., Class A		1,216		32,431
Highwoods Properties, Inc.		1,076		50,852
Host Hotels & Resorts, Inc.		2,782		58,700
Ichigo Office REIT Investment Corp.		35		28,848
Invincible Investment Corp.		103		43,049
Invitation Homes, Inc.		3,136		71,846
JBG SMITH Properties		479		17,642
Kenedix Office Investment Corp.		10		63,803
Land Securities Group PLC		3,156		36,338
Link REIT		8,000		78,768
Mid-America Apartment Communities, Inc.		482		48,287
NIPPON REIT Investment Corp.		5		16,165
Prologis, Inc.		2,091		141,749
PRS REIT PLC		29,915		39,966
Regency Centers Corp.		1,098		71,008
Rexford Industrial Realty, Inc.		2,307		73,732
RioCan Real Estate Investment Trust		3,395		64,869
Scentre Group		30,017		86,262
Simon Property Group, Inc.		932		164,731
Spirit Realty Capital, Inc.		6,901		55,622
Sun Communities, Inc.		954		96,869
Sunstone Hotel Investors, Inc.		2,060		33,702
UDR, Inc.		2,004		81,022
Unibail-Rodamco-Westfield		451		90,852
VEREIT, Inc.		5,286		38,376
VICI Properties, Inc.		1,831		39,586
Welltower, Inc.		1,290		82,973

				2,752,611
Hotels, Restaurants & Leisure — 0.0%
Hilton Worldwide Holdings, Inc.		368		29,727
Marriott International, Inc., Class A		226		29,839

				59,566
Household Durables — 0.0%
Glenveagh Properties PLC^(a)(d)		36,069		40,621

Internet Software & Services — 0.0%
NEXTDC Ltd.^(a)		15,726		73,828

IT Services — 0.0%
GDS Holdings Ltd. — ADR^(a)		1,102		38,713

Real Estate Management & Development — 0.3%
Aedas Homes SAU^(a)(d)		901		28,475
Castellum AB		1,239		22,194
City Developments Ltd.		7,400		49,337
CK Asset Holdings Ltd.		12,500		93,702
Entra ASA^(d)		2,175		31,287
Fabege AB		2,118		29,329
Godewind Immobilien AG^(a)(d)		5,631		22,817
Inmobiliaria Colonial Socimi SA		3,749		38,879
LEG Immobilien AG		485		57,640


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2020 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Real Estate Management & Development (continued)
Mega Manunggal Property Tbk PT^(a)		835,100	$	30,543
Mitsubishi Estate Co. Ltd.		3,700		62,826
Mitsui Fudosan Co. Ltd.		2,900		68,588
Robinsons Land Corp.		64,600		24,247
Sun Hung Kai Properties Ltd.		5,500		79,817
TLG Immobilien AG		1,259		32,900
Unizo Holdings Co. Ltd.		2,500		48,172
Vonovia SE		2,213		108,234
Wharf Real Estate Investment Co. Ltd.		6,000		38,655
Yanlord Land Group Ltd.		23,300		25,223

				892,865


Security	Shares		Value
Wireless Telecommunication Services — 0.0%
Tritax EuroBox PLC^(a)(d)		13,664	$	18,745


Total Common Stocks — 1.2% (Cost — $3,663,630)				3,876,949


Total Investments — 98.9% (Cost — $292,520,868)				323,157,065
Other Assets Less Liabilities — 1.1%				3,556,191

Net Assets — 100.0%			$	326,713,256

^(a)	Non-income producing security.

^(b)	Annualized 7-day yield as of period end.

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

^(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)	During the period ended September 30, 2018, investments in issuers considered to be affiliates of the LifePath Dynamic Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the LifePath Dynamic Master Portfolio were as follows:


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss) ^(a)			Change in Unrealized Appreciation (Depreciation)
Active Stock Master Portfolio	$	97,061,251	$	—		$	(3,686,923	)^(b)	$	93,374,328	$	93,374,328	$	1,378,814		$	9,613,534		$	6,398,029
BlackRock Advantage Emerging Markets Fund		1,202,006		—			(1,202,006	)		—		—		—			1,675,415			(1,730,888	)
BlackRock Advantage Emerging Markets Fund — Class K		—		1,486,618			(483,686	)		1,002,932		10,300,116		—			(249,360	)		(690,119	)
BlackRock Cash Funds: Institutional, SL Agency Shares		6,032,185		—			(5,857,112	)^(b)		175,073		175,125		6,776	^(c)		1,101			34
BlackRock Cash Funds: Treasury, SL Agency Shares		1,781,552		—			(581,363	)^(b)		1,200,189		1,200,189		—			—			—
BlackRock Commodity Strategies Fund^(d)		1,735,182		—			(1,735,182	)		—		—		—			1,787,665			(2,287,008	)
BlackRock Tactical Opportunities Fund		821,636		6,562			(192,795	)		635,403		9,804,267		—			232,991			533,706
CoreAlpha Bond Master Portfolio	$	125,214,086	$	—		$	(5,766,556	)^(b)	$	119,447,530		119,447,530		2,675,704			(967,839	)		(659,125	)
International Tilts Master Portfolio	$	26,203,316	$	605,415	^(e)	$	—		$	26,808,731		26,808,731		620,975			882,215			(172,993	)
iShares Edge MSCI Multifactor International ETF		204,135		6,078			(49,759	)		160,454		4,505,548		56,101			330,571			(424,445	)
iShares Edge MSCI Multifactor USA ETF		297,424		—			(229,745	)		67,679		2,275,368		72,719			1,588,621			(1,187,187	)
iShares MSCI EAFE Small-Cap ETF		56,886		47,592			(12,701	)		91,777		5,715,872		64,634			(24,321	)		(177,460	)
iShares TIPS Bond ETF		246,811		5,690			(25,185	)		227,316		25,145,696		568,075			(23,094	)		(794,424	)
Master Total Return Portfolio	$	24,155,339	$	—		$	(3,627,993	)^(b)	$	20,527,346		20,527,346		950,617			19,874,521			(656,108	)

											$	319,280,116	$	6,394,415		$	34,722,020		$	(1,847,988	)


2

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2020 Master Portfolio

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares/investment value sold.

^(c)

^(d)

As of period end, the entity is no longer an affiliate of the LifePath Dynamic Master Portfolio

^(e)

Represents net shares/investment value purchased.

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

Currency Abbreviations

AUD

Australian Dollar

CAD

Canadian Dollar

CHF

Swiss Franc

EUR

Euro

GBP

British Pound

HKD

Hong Kong Dollar

ILS

Israeli Shekel

JPY

Japanese Yen

NOK

Norwegian Krone

NZD

New Zealand Dollar

PHP

Philippine Peso

SEK

Swedish Krona

SGD

Singapore Dollar

USD

United States Dollar

Portfolio Abbreviations

ADR

American Depositary Receipts

ETF

Exchange-Traded Fund

HKD

Hong Kong Dollar

IDR

Indonesian Rupiah

JPY

Japanese Yen

MSCI

Morgan Stanley Capital International

NOK

Norwegian Krone

OTC

Over-the-Counter

REIT

Real Estate Investment Trust

S&P

S&P Global Ratings


			3

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2020 Master Portfolio

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts:
NIKKEI 225 (OSE)		33		12/13/18	$	7,008	$	575,083
Topix Index		42		12/13/18		6,721		314,266
10-Year U.S. Treasury Note		146		12/19/18		17,342		(8,292	)
S&P/TSX 60 Index		21		12/20/18		3,090		17,688
Russell 2000 E-Mini Index		150		12/21/18		12,756		(144,363	)

								754,382

Short Contracts:
U.S. Ultra Bond		93		12/19/18		14,348		482,998
S&P 500 E-Mini Index		147		12/21/18		21,455		(63,901	)
S&P Mid 400 E-Mini Index		9		12/21/18		1,823		18,651

								437,748

							$	1,192,130

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	8,000	USD	5,681	Goldman Sachs International		10/15/18	$	102
CAD	8,000	USD	6,123	Barclays Bank PLC		10/15/18		72
CAD	3,000	USD	2,304	State Street Bank and Trust Co.		10/15/18		19
CAD	5,000	USD	3,867	State Street Bank and Trust Co.		10/15/18		6
CAD	7,000	USD	5,382	State Street Bank and Trust Co.		10/15/18		39
CHF	37,000	USD	37,605	Nomura International PLC		10/15/18		140
GBP	1,000	USD	1,303	Nomura International PLC		10/15/18		1
GBP	2,000	USD	2,596	Nomura International PLC		10/15/18		12
HKD	5,000	USD	638	State Street Bank and Trust Co.		10/15/18		1
HKD	59,000	USD	7,530	State Street Bank and Trust Co.		10/15/18		8
HKD	205,000	USD	26,134	State Street Bank and Trust Co.		10/15/18		56
NOK	49,000	USD	5,947	Bank of America N.A.		10/15/18		76
NOK	29,000	USD	3,544	Standard Chartered Bank		10/15/18		21
SGD	4,000	USD	2,926	Royal Bank of Canada		10/15/18		1
USD	17,439	AUD	24,000	Bank of America N.A.		10/15/18		89
USD	4,376	AUD	6,000	State Street Bank and Trust Co.		10/15/18		38
USD	8,125	AUD	11,000	State Street Bank and Trust Co.		10/15/18		173
USD	18,948	AUD	26,000	State Street Bank and Trust Co.		10/15/18		153
USD	4,649	CAD	6,000	Standard Chartered Bank		10/15/18		3
USD	4,663	EUR	4,000	Nomura International PLC		10/15/18		14
USD	1,167	EUR	1,000	Standard Chartered Bank		10/15/18		5
USD	2,355	EUR	2,000	State Street Bank and Trust Co.		10/15/18		31
USD	63,847	EUR	54,000	State Street Bank and Trust Co.		10/15/18		1,087
USD	6,659	GBP	5,000	State Street Bank and Trust Co.		10/15/18		138
USD	10,631	GBP	8,000	State Street Bank and Trust Co.		10/15/18		198
USD	17,063	GBP	13,000	State Street Bank and Trust Co.		10/15/18		109
USD	28,820	IDR	418,079,000	BNP Paribas S.A.		10/15/18		806
USD	7,548	JPY	837,000	Nomura International PLC		10/15/18		174


4

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2020 Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	8,256	JPY	914,000	Nomura International PLC		10/15/18	$	204
USD	905	JPY	100,000	Standard Chartered Bank		10/15/18		24
USD	66,435	JPY	7,341,000	State Street Bank and Trust Co.		10/15/18		1,764
USD	35,112	NOK	281,000	Nomura International PLC		10/15/18		567
USD	30,706	PHP	1,653,000	BNP Paribas S.A.		10/15/18		142
USD	12,443	SGD	17,000	Standard Chartered Bank		10/15/18		3
USD	735	SGD	1,000	State Street Bank and Trust Co.		10/15/18		3
AUD	18,000,000	USD	13,001,490	Bank of America N.A.		12/19/18		17,525
CAD	3,754,428	USD	2,896,656	Deutsche Bank AG		12/19/18		14,929
JPY	58,000,000	USD	513,594	Bank of America N.A.		12/19/18		43
USD	278,038	CHF	266,703	Deutsche Bank AG		12/19/18		4,260
USD	83,072	GBP	63,230	Nomura International PLC		12/19/18		349
USD	104,962	JPY	11,617,772	Deutsche Bank AG		12/19/18		2,077
USD	4,524,042	JPY	500,745,890	Deutsche Bank AG		12/19/18		89,533

								134,995

AUD	17,000	USD	12,500	Bank of America N.A.		10/15/18		(211	)
AUD	7,000	USD	5,178	Goldman Sachs International		10/15/18		(118	)
AUD	18,000	USD	13,365	Nomura International PLC		10/15/18		(353	)
AUD	63,000	USD	46,669	Nomura International PLC		10/15/18		(1,127	)
EUR	8,000	USD	9,299	Citibank N.A.		10/15/18		(1	)
EUR	13,000	USD	15,146	Deutsche Bank AG		10/15/18		(37	)
EUR	9,000	USD	10,564	Nomura International PLC		10/15/18		(104	)
EUR	18,000	USD	20,965	Nomura International PLC		10/15/18		(45	)
EUR	35,000	USD	40,777	Nomura International PLC		10/15/18		(99	)
EUR	4,000	USD	4,656	State Street Bank and Trust Co.		10/15/18		(7	)
GBP	4,000	USD	5,223	Nomura International PLC		10/15/18		(6	)
GBP	2,000	USD	2,635	State Street Bank and Trust Co.		10/15/18		(26	)
HKD	20,000	USD	2,556	State Street Bank and Trust Co.		10/15/18		(1	)
ILS	27,000	USD	7,481	Goldman Sachs International		10/15/18		(51	)
JPY	874,000	USD	7,708	Bank of America N.A.		10/15/18		(9	)
JPY	669,000	USD	6,043	Deutsche Bank AG		10/15/18		(150	)
JPY	749,000	USD	6,703	Deutsche Bank AG		10/15/18		(105	)
JPY	307,000	USD	2,708	Goldman Sachs International		10/15/18		(3	)
JPY	2,164,000	USD	19,279	Goldman Sachs International		10/15/18		(215	)
JPY	2,737,000	USD	24,592	Goldman Sachs International		10/15/18		(480	)
JPY	3,163,000	USD	27,919	Goldman Sachs International		10/15/18		(55	)
JPY	442,000	USD	3,920	State Street Bank and Trust Co.		10/15/18		(26	)
JPY	539,000	USD	4,789	State Street Bank and Trust Co.		10/15/18		(41	)
JPY	2,039,000	USD	18,070	State Street Bank and Trust Co.		10/15/18		(107	)
NZD	5,000	USD	3,401	Bank of America N.A.		10/15/18		(86	)
PHP	357,000	USD	6,743	BNP Paribas S.A.		10/15/18		(142	)
SEK	513,000	USD	59,065	Bank of America N.A.		10/15/18		(1,282	)
SEK	62,000	USD	7,001	Nomura International PLC		10/15/18		(17	)
SGD	46,000	USD	33,912	UBS AG		10/15/18		(252	)
USD	2,132	AUD	3,000	State Street Bank and Trust Co.		10/15/18		(37	)
USD	3,587	AUD	5,000	State Street Bank and Trust Co.		10/15/18		(27	)
USD	3,596	AUD	5,000	State Street Bank and Trust Co.		10/15/18		(19	)
USD	7,905	AUD	11,000	State Street Bank and Trust Co.		10/15/18		(46	)
USD	2,286	CAD	3,000	Deutsche Bank AG		10/15/18		(37	)
USD	4,632	EUR	4,000	Citibank N.A.		10/15/18		(17	)
USD	2,292	EUR	2,000	Deutsche Bank AG		10/15/18		(32	)


			5

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2020 Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	5,799	EUR	5,000	Nomura International PLC		10/15/18	$	(12	)
USD	15,090	EUR	13,000	Royal Bank of Canada		10/15/18		(19	)
USD	1,158	EUR	1,000	State Street Bank and Trust Co.		10/15/18		(4	)
USD	1,159	EUR	1,000	State Street Bank and Trust Co.		10/15/18		(3	)
USD	2,605	GBP	2,000	Royal Bank of Canada		10/15/18		(3	)
USD	5,189	GBP	4,000	Royal Bank of Canada		10/15/18		(28	)
USD	8,158	HKD	64,000	Goldman Sachs International		10/15/18		(18	)
USD	3,317	HKD	26,000	Nomura International PLC		10/15/18		(5	)
USD	4,977	HKD	39,000	Royal Bank of Canada		10/15/18		(6	)
USD	19,633	HKD	154,000	UBS AG		10/15/18		(42	)
USD	2,643	NOK	22,000	Citibank N.A.		10/15/18		(61	)
USD	2,881	SEK	26,000	Deutsche Bank AG		10/15/18		(47	)
USD	25,775	SEK	231,000	Goldman Sachs International		10/15/18		(244	)
USD	1,575	SEK	14,000	State Street Bank and Trust Co.		10/15/18		(2	)
USD	2,687	SEK	24,000	State Street Bank and Trust Co.		10/15/18		(16	)
USD	20,595	SEK	183,000	State Street Bank and Trust Co.		10/15/18		(17	)
USD	18,982	SGD	26,000	Barclays Bank PLC		10/15/18		(43	)
USD	20,483	SGD	28,000	State Street Bank and Trust Co.		10/15/18		(5	)
EUR	73,842	USD	86,883	Deutsche Bank AG		12/19/18		(586	)
EUR	12,785,000	USD	15,042,460	Deutsche Bank AG		12/19/18		(101,139	)
USD	1,697,716	CAD	2,200,000	Deutsche Bank AG		12/19/18		(8,399	)

								(116,070	)

							$	18,925

Fair Value Hierarchy as of Period End

•

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

•

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the LifePath Dynamic 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 hierarchy. In accordance with the LifePath Dynamic Master Portfolio’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the LifePath Dynamic Master Portfolio’s policy regarding valuation of investments and derivative financial instruments, refer to the LifePath Dynamic Master Portfolio’s most recent financial statements as contained in its semi-annual report.


6

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2020 Master Portfolio

Fair Value Hierarchy as of Period End (continued)

The following tables summarize the LifePath Dynamic Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Affiliated Investment Companies:
Equity Funds	$	32,601,171		$	—		$	—	$	32,601,171
Fixed Income Fund		25,145,696			—			—		25,145,696
Short-Term Securities		1,375,314			—			—		1,375,314
Common Stocks:
Equity Real Estate Investment Trusts (REITs)		2,099,707			652,904			—		2,752,611
Hotels, Restaurants & Leisure		59,566			—			—		59,566
Household Durables		40,621			—			—		40,621
IT Services		38,713			—			—		38,713
Internet Software & Services		—			73,828			—		73,828
Real Estate Management & Development		81,835			811,030			—		892,865
Wireless Telecommunication Services		18,745			—			—		18,745

Subtotal	$	61,461,368		$	1,537,762		$	—	$	62,999,130

Investments Valued at Net Asset Value (“NAV”)^(a)										260,157,935

									$	323,157,065

Derivative Financial Instruments²
Assets:
Equity contracts	$	925,688		$	—		$	—	$	925,688
Interest rate contracts		482,998			—			—		482,998
Foreign currency exchange contracts		—			134,995			—		134,995
Liabilities:
Equity contracts		(208,264	)		—			—		(208,264	)
Interest rate contracts		(8,292	)		—			—		(8,292	)
Foreign currency exchange contracts		—			(116,070	)		—		(116,070	)

	$	1,192,130		$	18,925		$	—	$	1,211,055

^(a)	As of September 30, 2018, certain investments of the LifePath Dynamic Master Portfolio were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

^(b)	Derivative financial instruments are futures contracts and forward foreign currency exchange contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

During the period ended September 30, 2018, there were no transfers between levels.


			7

Schedule of Investments (unaudited)

September 30, 2018

LifePath Dynamic 2025 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares/ Investment Value		Value
Affiliated Investment Companies^(f) — 93.0%

Equity Funds — 53.2%
Active Stock Master Portfolio	$	20,296,260	$	20,296,260
BlackRock Advantage Emerging Markets Fund — Class K^(a)		244,846		2,514,574
BlackRock Tactical Opportunities Fund — Class K		124,516		1,921,275
International Tilts Master Portfolio	$	6,535,741		6,535,741
iShares Edge MSCI Multifactor International ETF		44,763		1,256,945
iShares Edge MSCI Multifactor USA ETF		12,376		416,081
iShares MSCI EAFE Small-Cap ETF		20,505		1,277,051

				34,217,927
Fixed Income Funds — 38.1%
CoreAlpha Bond Master Portfolio	$	16,285,490		16,285,490
iShares TIPS Bond ETF		33,346		3,688,734
Master Total Return Portfolio	$	4,540,156		4,540,156

				24,514,380
Short-Term Securities — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.24%^(b)(c)		154,279		154,325
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.97%^(b)		942,456		942,456

				1,096,781

Total Affiliated Investment Companies — 93.0% (Cost — $61,750,132)				59,829,088


Common Stocks — 4.7%

Equity Real Estate Investment Trusts (REITs) — 3.4%
Alexandria Real Estate Equities, Inc.		572		71,952
Ascendas Real Estate Investment Trust		12,300		23,759
Assura PLC		26,869		18,979
AvalonBay Communities, Inc.		527		95,466
Big Yellow Group PLC		1,969		23,491
Boston Properties, Inc.		682		83,947
Brandywine Realty Trust		1,729		27,180
Canadian Apartment Properties REIT		933		34,448
Capital & Regional PLC		36,943		20,668
CareTrust REIT, Inc.		3,849		68,166
CyrusOne, Inc.^(d)		1,088		68,979
Derwent London PLC		476		17,722
EPR Properties^(d)		873		59,722
Equinix, Inc.		95		41,125
Extra Space Storage, Inc.^(d)		593		51,377
Federal Realty Investment Trust		328		41,482
GLP J-REIT		36		34,989
Goodman Group		1,307		9,805


Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Hammerson PLC		1,968	$	11,710
Healthcare Trust of America, Inc., Class A		925		24,670
Highwoods Properties, Inc.		827		39,084
Host Hotels & Resorts, Inc.		2,100		44,310
Ichigo Office REIT Investment		27		22,254
Inmobiliaria Colonial Socimi SA		2,880		29,867
Invincible Investment Corp.		80		33,436
Invitation Homes, Inc.		2,409		55,190
JBG SMITH Properties		362		13,332
Kenedix Office Investment Corp.		8		51,042
Land Securities Group PLC		2,430		27,979
Link REIT		6,500		63,999
Mid-America Apartment Communities, Inc.		370		37,067
NIPPON REIT Investment Corp.		4		12,932
Prologis, Inc.		1,602		108,600
PRS REIT PLC		22,781		30,435
Regency Centers Corp.		844		54,581
Rexford Industrial Realty, Inc.^(d)		1,742		55,674
RioCan Real Estate Investment Trust		2,608		49,832
Scentre Group		23,059		66,266
Simon Property Group, Inc.		704		124,432
Spirit Realty Capital, Inc.		5,301		42,726
Sun Communities, Inc.		733		74,429
Sunstone Hotel Investors, Inc.		1,599		26,160
Tritax EuroBox PLC^(a)(e)		10,315		14,150
UDR, Inc.		1,529		61,817
Unibail-Rodamco-Westfield		340		68,492
VEREIT, Inc.		4,060		29,476
VICI Properties, Inc.		1,407		30,419
Welltower, Inc.		991		63,741

				2,161,359
Hotels, Restaurants & Leisure — 0.1%
Hilton Worldwide Holdings, Inc.		283		22,861
Marriott International, Inc., Class A		174		22,973

				45,834
Household Durables — 0.1%
Glenveagh Properties PLC^(a)(e)		27,708		31,205

Real Estate Management & Development — 1.0%
Aedas Homes SAU^(a)(e)		692		21,870
Castellum AB		977		17,501
City Developments Ltd.		5,600		37,336
CK Asset Holdings Ltd.		9,500		71,214
Entra ASA^(e)		1,636		23,534
Fabege AB		1,599		22,142
Godewind Immobilien AG^(a)(e)		4,324		17,521
LEG Immobilien AG		373		44,329
Mega Manunggal Property Tbk PT^(a)		548,000		20,042
Mitsubishi Estate Co. Ltd.		2,800		47,544
Mitsui Fudosan Co. Ltd.		2,200		52,032
Robinsons Land Corp.		48,000		18,016


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2025 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Real Estate Management & Development (continued)
Sun Hung Kai Properties Ltd.		4,500	$	65,305
TLG Immobilien AG		958		25,034
Unizo Holdings Co. Ltd.		1,800		34,684
Vonovia SE		1,700		83,144
Wharf Real Estate Investment Co. Ltd.		5,000		32,213
Yanlord Land Group Ltd.		18,300		19,810

				653,271
Wireless Telecommunication Services — 0.1%
GDS Holdings Ltd. — ADR^(a)		859		30,177


Security	Shares		Value
Wireless Telecommunication Services (continued)
NEXTDC Ltd.^(a)		12,081	$	56,716

				86,893

Total Long-Term Investments — 4.7% (Cost — $2,850,264)				2,978,562


Total Investments — 97.7% (Cost — $64,600,396)				62,807,650
Other Assets Less Liabilities — 2.3%				1,501,544

Net Assets — 100.0%			$	64,309,194

^(a)	Non-income producing security.

^(b)	Annualized 7-day yield as of period end.

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

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

^(e)	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.

^(f)

During the period ended September 30, 2018, investments in issuers considered to be affiliate of LifePath Dynamic Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the LifePath Dynamic Master Portfolio were as follows:


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
Active Stock Master Portfolio	$	20,793,185	$	—		$	(496,925	)^(b)	$	20,296,260	$	20,296,260	$	304,588	^(c)	$	2,101,376		$	2,436,244
BlackRock Advantage Emerging Markets Fund^(e)		259,717		6,679			(266,396	)		—		—		—			345,668			(373,993	)
BlackRock Advantage Emerging Markets Fund — Class K		—		352,819			(107,973	)		244,846		2,514,574		—			(64,002	)		(164,146	)
BlackRock Cash Funds:
Institutional, SL Agency Shares		212,473		—			(58,194	)^(b)		154,279		154,325		2,023			(80	)		23
BlackRock Cash Funds:
Treasury, SL Agency Shares		775,245		167,211			—			942,456		942,456		15,628			—			—
BlackRock Commodity Strategies Fund^(e)		312,143		—			(312,143	)		—		—		—			42,537			(139,302	)
BlackRock Tactical Opportunities Fund — Class K		133,877		1,282			(10,643	)		124,516		1,921,275		—			13,441			124,732
CoreAlpha Bond Master Portfolio	$	14,922,780	$	1,362,710	^(d)	$	—		$	16,285,490		16,285,490		325,702			(114,211	)		(47,967	)
International Tilts Master Portfolio	$	6,401,757	$	133,984		$	—		$	6,535,741		6,535,741		150,680			212,025			(133,852	)
iShares Edge MSCI Multifactor International ETF		39,022		8,042			(2,301	)		44,763		1,256,945		14,032			11,897			(41,834	)
iShares Edge MSCI Multifactor USA ETF		32,845		11,265			(31,734	)		12,376		416,081		10,964			126,305			(94,158	)
iShares MSCI EAFE Small-Cap ETF		15,555		10,101			(5,151	)		20,505		1,277,051		15,313			(10,196	)		(34,289	)
iShares TIPS Bond ETF		32,629		3,507			(2,790	)		33,346		3,688,734		695			(5,619	)		(108,532	)
Master Total Return Portfolio	$	5,365,203	$	—		$	(825,047	)^(b)	$	4,540,156	$	4,540,156		235,692			4,370,669			—

											$	59,829,088	$	1,075,317		$	7,029,810		$	1,422,926

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares/investment value sold.


2

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2025 Master Portfolio

^(c)

^(d)

Represents net shares/investment value purchased.

^(e)

As of period end, the entity is no longer an affiliate of the LifePath Dynamic Master Portfolio.

Currency Abbreviations

AUD

Australian Dollar

CAD

Canadian Dollar

CHF

Swiss Franc

EUR

Euro

GBP

British Pound

HKD

Hong Kong Dollar

ILS

Israeli Shekel

IDR

Indonesian Rupiah

JPY

Japanese Yen

NOK

Norwegian Krone

NZD

New Zealand Dollar

PHP

Philippine Peso

SEK

Swedish Krona

SGD

Singapore Dollar

USD

United States Dollar

Portfolio Abbreviations

ADR

American Depositary Receipts

ETF

Exchange-Traded Fund

MSCI

Morgan Stanley Capital International

REIT

Real Estate Investment Trust

S&P

S&P Global Ratings


			3

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2025 Master Portfolio

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts:
NIKKEI 225 (OSE)		7		12/13/18	$	1,486	$	119,492
Topix Index		8		12/13/18		1,280		60,347
10-Year U.S. Treasury Note		22		12/19/18		2,613		(1,249	)
S&P/TSX 60 Index		5		12/20/18		736		4,216
Russell 2000 E-Mini Index		23		12/21/18		1,956		(22,136	)

								160,670

Short Contracts:
U.S. Ultra Bond		19		12/19/18		2,931		117,953
S&P 500 E-Mini Index		16		12/21/18		2,335		(6,955	)

								110,998

							$	271,668

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CAD	7,000	USD	5,358	Goldman Sachs International		10/15/18	$	63
CAD	3,000	USD	2,304	State Street Bank and Trust Co.		10/15/18		19
CAD	3,000	USD	2,307	State Street Bank and Trust Co.		10/15/18		17
CAD	5,000	USD	3,867	UBS AG		10/15/18		5
CHF	29,000	USD	29,474	Nomura International PLC		10/15/18		110
GBP	1,000	USD	1,303	Nomura International PLC		10/15/18		1
HKD	88,000	USD	11,221	Barclays Bank PLC		10/15/18		22
HKD	4,000	USD	510	State Street Bank and Trust Co.		10/15/18		1
HKD	135,000	USD	17,211	State Street Bank and Trust Co.		10/15/18		37
NOK	38,000	USD	4,612	Bank of America N.A.		10/15/18		59
NOK	7,000	USD	841	Standard Chartered Bank		10/15/18		20
NOK	21,000	USD	2,566	Standard Chartered Bank		10/15/18		15
SGD	4,000	USD	2,926	Royal Bank of Canada		10/15/18		1
USD	13,805	AUD	19,000	Bank of America N.A.		10/15/18		71
USD	14,065	AUD	19,300	Citibank N.A.		10/15/18		113
USD	2,917	AUD	4,000	State Street Bank and Trust Co.		10/15/18		25
USD	6,648	AUD	9,000	State Street Bank and Trust Co.		10/15/18		142
USD	4,649	CAD	6,000	Standard Chartered Bank		10/15/18		3
USD	46,113	EUR	39,000	BNP Paribas S.A.		10/15/18		786
USD	1,167	EUR	1,000	Standard Chartered Bank		10/15/18		5


4

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2025 Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	3,497	EUR	3,000	Standard Chartered Bank		10/15/18	$	11
USD	8,231	EUR	7,000	Standard Chartered Bank		10/15/18		96
USD	1,177	EUR	1,000	State Street Bank and Trust Co.		10/15/18		15
USD	3,995	GBP	3,000	State Street Bank and Trust Co.		10/15/18		82
USD	7,973	GBP	6,000	State Street Bank and Trust Co.		10/15/18		148
USD	11,813	GBP	9,000	State Street Bank and Trust Co.		10/15/18		75
USD	19,150	IDR	277,802,000	BNP Paribas S.A.		10/15/18		536
USD	5,380	JPY	599,000	Citibank N.A.		10/15/18		103
USD	45,773	JPY	5,058,000	Goldman Sachs International		10/15/18		1,214
USD	15,320	JPY	1,696,000	Nomura International PLC		10/15/18		379
USD	905	JPY	100,000	Standard Chartered Bank		10/15/18		24
USD	659	JPY	73,000	State Street Bank and Trust Co.		10/15/18		16
USD	1,864	JPY	206,000	State Street Bank and Trust Co.		10/15/18		50
USD	25,492	NOK	204,000	Nomura International PLC		10/15/18		413
USD	20,471	PHP	1,102,000	BNP Paribas S.A.		10/15/18		95
USD	9,515	SGD	13,000	Standard Chartered Bank		10/15/18		2
USD	735	SGD	1,000	State Street Bank and Trust Co.		10/15/18		3
AUD	3,500,000	USD	2,528,694	Deutsche Bank AG		12/19/18		2,781
CAD	890,577	USD	687,163	Nomura International PLC		12/19/18		3,485
JPY	17,000,000	USD	150,536	Bank of America N.A.		12/19/18		12
USD	58,774	CHF	56,378	Deutsche Bank AG		12/19/18		901
USD	70,656	EUR	60,038	Deutsche Bank AG		12/19/18		492
USD	7,759	GBP	5,906	Nomura International PLC		12/19/18		33
USD	29,464	JPY	3,261,190	Deutsche Bank AG		12/19/18		583
USD	724,438	JPY	80,184,750	Deutsche Bank AG		12/19/18		14,337

								27,401

AUD	13,000	USD	9,557	Citibank N.A.		10/15/18		(159	)
AUD	2,000	USD	1,450	Goldman Sachs International		10/15/18		(5	)
AUD	6,000	USD	4,439	Goldman Sachs International		10/15/18		(101	)
AUD	13,000	USD	9,653	Nomura International PLC		10/15/18		(255	)
AUD	48,000	USD	35,553	Nomura International PLC		10/15/18		(855	)
AUD	1,000	USD	730	Standard Chartered Bank		10/15/18		(7	)
EUR	12,000	USD	13,981	Deutsche Bank AG		10/15/18		(35	)
EUR	2,000	USD	2,339	Goldman Sachs International		10/15/18		(15	)
EUR	11,000	USD	12,786	Nomura International PLC		10/15/18		(2	)
EUR	11,000	USD	12,812	Nomura International PLC		10/15/18		(28	)
EUR	12,000	USD	14,085	Nomura International PLC		10/15/18		(139	)
EUR	23,000	USD	26,797	Nomura International PLC		10/15/18		(65	)
EUR	3,000	USD	3,492	State Street Bank and Trust Co.		10/15/18		(5	)
GBP	5,000	USD	6,528	Nomura International PLC		10/15/18		(7	)
GBP	2,000	USD	2,635	State Street Bank and Trust Co.		10/15/18		(26	)
HKD	46,000	USD	5,878	State Street Bank and Trust Co.		10/15/18		(1	)
ILS	13,000	USD	3,602	Goldman Sachs International		10/15/18		(25	)
JPY	451,000	USD	4,022	Barclays Bank PLC		10/15/18		(48	)
JPY	1,836,000	USD	16,431	Deutsche Bank AG		10/15/18		(257	)
JPY	307,000	USD	2,708	Goldman Sachs International		10/15/18		(3	)
JPY	1,260,000	USD	11,225	Goldman Sachs International		10/15/18		(125	)
JPY	2,260,000	USD	19,949	Goldman Sachs International		10/15/18		(39	)
JPY	2,496,000	USD	22,426	Goldman Sachs International		10/15/18		(438	)
JPY	222,000	USD	1,969	State Street Bank and Trust Co.		10/15/18		(13	)


			5

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2025 Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
JPY	586,000	USD	5,206	State Street Bank and Trust Co.		10/15/18	$	(44	)
JPY	1,267,000	USD	11,228	State Street Bank and Trust Co.		10/15/18		(66	)
JPY	1,619,000	USD	14,279	State Street Bank and Trust Co.		10/15/18		(16	)
NZD	4,000	USD	2,720	State Street Bank and Trust Co.		10/15/18		(68	)
SEK	395,000	USD	45,479	Bank of America N.A.		10/15/18		(987	)
SEK	48,000	USD	5,420	Nomura International PLC		10/15/18		(14	)
SGD	35,000	USD	25,803	State Street Bank and Trust Co.		10/15/18		(192	)
USD	1,435	AUD	2,000	Citibank N.A.		10/15/18		(11	)
USD	2,876	AUD	4,000	Goldman Sachs International		10/15/18		(15	)
USD	2,842	AUD	4,000	State Street Bank and Trust Co.		10/15/18		(49	)
USD	5,031	AUD	7,000	State Street Bank and Trust Co.		10/15/18		(30	)
USD	1,524	CAD	2,000	Deutsche Bank AG		10/15/18		(25	)
USD	763	CAD	1,000	State Street Bank and Trust Co.		10/15/18		(12	)
USD	3,474	EUR	3,000	Citibank N.A.		10/15/18		(13	)
USD	1,146	EUR	1,000	Deutsche Bank AG		10/15/18		(16	)
USD	4,639	EUR	4,000	Nomura International PLC		10/15/18		(10	)
USD	2,323	EUR	2,000	Royal Bank of Canada		10/15/18		(2	)
USD	8,125	EUR	7,000	Royal Bank of Canada		10/15/18		(10	)
USD	1,158	EUR	1,000	State Street Bank and Trust Co.		10/15/18		(4	)
USD	1,159	EUR	1,000	State Street Bank and Trust Co.		10/15/18		(3	)
USD	5,174	GBP	4,000	Goldman Sachs International		10/15/18		(42	)
USD	2,605	GBP	2,000	Royal Bank of Canada		10/15/18		(3	)
USD	1,298	GBP	1,000	State Street Bank and Trust Co.		10/15/18		(6	)
USD	2,808	HKD	22,000	Citibank N.A.		10/15/18		(3	)
USD	6,119	HKD	48,000	Goldman Sachs International		10/15/18		(14	)
USD	8,033	HKD	63,000	Nomura International PLC		10/15/18		(16	)
USD	383	HKD	3,000	UBS AG		10/15/18		(1	)
USD	14,916	HKD	117,000	UBS AG		10/15/18		(32	)
USD	3,643	NOK	30,000	Royal Bank of Canada		10/15/18		(45	)
USD	2,106	SEK	19,000	Deutsche Bank AG		10/15/18		(35	)
USD	19,526	SEK	175,000	JPMorgan Chase Bank N.A.		10/15/18		(185	)
USD	1,238	SEK	11,000	State Street Bank and Trust Co.		10/15/18		(1	)
USD	2,015	SEK	18,000	State Street Bank and Trust Co.		10/15/18		(12	)
USD	15,531	SEK	138,000	State Street Bank and Trust Co.		10/15/18		(13	)
USD	13,142	SGD	18,000	Barclays Bank PLC		10/15/18		(30	)
USD	15,363	SGD	21,000	State Street Bank and Trust Co.		10/15/18		(4	)
EUR	50,000	USD	58,802	Deutsche Bank AG		12/19/18		(369	)
EUR	2,510,000	USD	2,953,560	Nomura International PLC		12/19/18		(20,222	)
USD	671,308	CAD	870,000	Nomura International PLC		12/19/18		(3,383	)

								(28,656	)

							$	(1,255	)


6

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2025 Master Portfolio

Fair Value Hierarchy as of Period End

•

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

•

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

The following table summarizes the LifePath Dynamic Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies:
Equity Funds	$	7,385,926	$	—	$	—	$	7,385,926
Fixed Income Fund		3,688,734		—		—		3,688,734
Short-Term Securities		1,096,781		—		—		1,096,781
Common Stocks:
Equity Real Estate Investment Trusts (REITs)		1,623,969		537,390		—		2,161,359
Hotels, Restaurants & Leisure		45,834		—		—		45,834
Household Durables		31,205		—		—		31,205
Real Estate Management & Development		59,433		593,838		—		653,271
Wireless Telecommunication Services		30,177		56,716		—		86,893

Subtotal	$	13,962,059	$	1,187,944	$	—	$	15,150,003

Investments Valued at NAV^(a)								47,657,647

Total Investments							$	62,807,650


			7

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2025 Master Portfolio

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments^(b)
Assets:
Equity contracts	$	123,708		$	—		$	—	$	123,708
Interest rate contracts		178,300			—			—		178,300
Foreign currency exchange contracts					27,401					27,401
Liabilities:
Equity contracts		(29,091	)							(29,091	)
Interest rate contracts		(1,249	)		—			—		(1,249	)
Foreign currency exchange contracts		—			(28,656	)		—		(28,656	)

Total	$	271,668		$	(1,255	)	$	—	$	270,413

^(a)

As of September 30, 2018, certain of the Master Portfolio’s Investments were fair valued using net asset value (“NAV”) per share and have been excluded from the fair value hierarchy.

^(b)

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

During the period ended September 30, 2018, there were no transfers between levels.


8

Schedule of Investments (unaudited)

September 30, 2018

LifePath Dynamic 2030 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares/ Investment Value		Value
Affiliated Investment Companies^(f) — 92.4%

Equity Funds — 64.5%
Active Stock Master Portfolio	$	144,814,192	$	144,814,192
BlackRock Advantage Emerging Markets Fund — Class K^(a)		1,611,575		16,550,880
BlackRock Tactical Opportunities Fund — Class K		699,632		10,795,327
International Tilts Master Portfolio	$	42,039,501		42,039,501
iShares Edge MSCI Multifactor International ETF^(b)		278,178		7,811,238
iShares Edge MSCI Multifactor USA ETF		10,603		356,473
iShares MSCI EAFE Small-Cap ETF		150,103		9,348,415

				231,716,026
Fixed Income Funds — 26.8%
CoreAlpha Bond Master Portfolio	$	66,582,256		66,582,256
iShares TIPS Bond ETF		133,644		14,783,699
Master Total Return Portfolio	$	14,923,442		14,923,442

				96,289,397
Short-Term Securities — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.27%^(c)(d)		316,208		316,303
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.97%^(c)		3,777,281		3,777,281

				4,093,584

Total Affiliated Investment Companies — 92.4% (Cost — $321,504,513)				332,099,007


Common Stocks — 7.6%

Equity Real Estate Investment Trusts (REITs) — 5.4%
Alexandria Real Estate Equities, Inc.		5,269		662,788
Ascendas Real Estate Investment Trust		114,700		221,555
Assura PLC		247,491		174,819
AvalonBay Communities, Inc.		4,857		879,846
Big Yellow Group PLC		18,139		216,404
Boston Properties, Inc.		6,336		779,898
Brandywine Realty Trust		15,767		247,857
Canadian Apartment Properties REIT		8,595		317,343
Capital & Regional PLC		336,597		188,314
CareTrust REIT, Inc.		34,810		616,485
CyrusOne, Inc.		10,107		640,784
Derwent London PLC		4,382		163,146
EPR Properties		8,043		550,222
Equinix, Inc.		873		377,913
Extra Space Storage, Inc.		5,501		476,607
Federal Realty Investment Trust		3,022		382,192
GLP J-REIT		334		324,616
Goodman Group		11,630		87,243
Hammerson PLC		17,772		105,746


Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Healthcare Trust of America, Inc., Class A		8,557	$	228,215
Highwoods Properties, Inc.		7,615		359,885
Host Hotels & Resorts, Inc.		19,504		411,534
Ichigo Office REIT Investment		248		204,408
Invincible Investment Corp.		738		308,447
Invitation Homes, Inc.		22,192		508,419
JBG SMITH Properties		3,360		123,749
Kenedix Office Investment Corp.		72		459,382
Land Securities Group PLC		21,998		253,285
Link REIT		58,000		571,065
Mid-America Apartment Communities, Inc.		3,408		341,413
NIPPON REIT Investment Corp.		36		116,387
Prologis, Inc.		14,761		1,000,648
PRS REIT PLC		208,500		278,553
Regency Centers Corp.		7,772		502,615
Rexford Industrial Realty, Inc.		16,172		516,857
RioCan Real Estate Investment Trust		24,023		459,016
Scentre Group		212,395		610,372
Simon Property Group, Inc.		6,538		1,155,591
Spirit Realty Capital, Inc.		48,832		393,586
Sun Communities, Inc.		6,752		685,598
Sunstone Hotel Investors, Inc.		14,725		240,901
UDR, Inc.		14,051		568,082
Unibail-Rodamco-Westfield		3,162		636,974
VEREIT, Inc.		37,401		271,531
VICI Properties, Inc.		12,956		280,109
Welltower, Inc.		9,127		587,049

				19,487,449
Hotels, Restaurants & Leisure — 0.1%
Hilton Worldwide Holdings, Inc.		2,605		210,432
Marriott International, Inc., Class A		1,602		211,512

				421,944
Household Durables — 0.1%
Glenveagh Properties PLC^(a)(e)		255,218		287,431

Internet Software & Services — 0.1%
NEXTDC Ltd.^(a)		111,278		522,412

IT Services — 0.1%
GDS Holdings Ltd. — ADR^(a)		7,758		272,538

Real Estate Management & Development — 1.8%
Aedas Homes SAU^(a)(e)		6,375		201,474
Castellum AB		8,996		161,144
City Developments Ltd.		51,800		345,358
CK Asset Holdings Ltd.		87,000		652,168
Entra ASA^(e)		15,306		220,173
Fabege AB		14,848		205,607
Godewind Immobilien AG^(a)(e)		39,587		160,409
Inmobiliaria Colonial Socimi SA		26,529		275,117
LEG Immobilien AG		3,435		408,235


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2030 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Real Estate Management & Development (continued)
Mega Manunggal Property Tbk PT^(a)		4,916,800	$	179,825
Mitsubishi Estate Co. Ltd.		26,100		443,179
Mitsui Fudosan Co. Ltd.		20,500		484,842
Robinsons Land Corp.		450,400		169,054
Sun Hung Kai Properties Ltd.		40,000		580,488
TLG Immobilien AG		8,862		231,582
Unizo Holdings Co. Ltd.		17,600		339,133
Vonovia SE		15,660		765,903
Wharf Real Estate Investment Co. Ltd.		44,000		283,472
Yanlord Land Group Ltd.		168,700		182,622

				6,289,785


Security	Shares		Value
Wireless Telecommunication Services — 0.0%
Tritax EuroBox PLC^(a)(e)		95,794	$	131,413

Total Long-Term Investments — 7.6% (Cost — $26,281,312)				27,412,972


Total Investments — 100.0% (Cost — $347,785,825)				359,511,979
Liabilities in Excess of Other Assets — (0.0)%				(104,654	)

Net Assets — 100.0%			$	359,407,325

^(a)	Non-income producing security.

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

^(c)	Annualized 7-day yield as of period end.

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

^(e)	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.

^(f)	During the period ended September 30, 2018, investments in issuers considered to be affiliates of the LifePath Dynamic Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the LifePath Dynamic Master Portfolio were as follows:


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss) ^(a)			Change in Unrealized Appreciation (Depreciation)
Active Stock Master Portfolio	$	148,806,479	$	—		$	(3,992,287	)^(b)	$	144,814,192	$	144,814,192	$	2,132,936		$	14,844,774		$	16,067,514
BlackRock Advantage Emerging Markets Fund^(c)		1,925,567		—			(1,925,567	)		—		—		—			2,415,121			(2,556,109	)
BlackRock Advantage Emerging Markets Fund-Class K		—		2,327,423			(715,848	)		1,611,575		16,550,880		—			(261,417	)		(1,120,037	)
BlackRock Cash Funds: Institutional, SL Agency Shares		1,988,950		—			(1,672,742	)^(b)		316,208		316,303		12,678	^(d)		961			195
BlackRock Cash Funds: Treasury, SL Agency Shares		1,423,226		2,354,055	^(e)		—			3,777,281		3,777,281		45,552			—			—
BlackRock Commodity Strategies Fund^(c)		1,945,367		—			(1,945,367	)		—		—		—			1,566,657			(2,169,720	)
BlackRock Tactical Opportunities Fund		867,877		—			(168,245	)		699,632		10,795,327		—			206,032			614,987
CoreAlpha Bond Master Portfolio	$	64,975,540	$	1,606,716	^(e)	$	—		$	66,582,256		66,582,256		1,398,776			(507,113	)		534,508
International Tilts Master Portfolio	$	38,973,518	$	3,065,983	^(e)	$	—		$	42,039,501		42,039,501		966,366			1,352,362			(373,342	)
iShares Edge MSCI Multifactor International ETF		349,850		23,422			(95,094	)		278,178		7,811,238		92,579			604,350			(779,915	)
iShares Edge MSCI Multifactor USA ETF		179,369		—			(168,766	)		10,603		356,473		43,577			1,097,701			(943,660	)


2

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2030 Master Portfolio


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares/ Investment Value Purchased		Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income		Net Realized Gain (Loss) ^(a)			Change in Unrealized Appreciation (Depreciation)
iShares MSCI EAFE Small-Cap ETF		148,364		66,620		(64,881	)		150,103	$	9,348,415	$	91,462	$	717,816		$	(945,656	)
iShares TIPS Bond ETF		140,478		2,616		(9,450	)		133,644		14,783,699		326,461		(14,300	)		(458,912	)
Master Total Return Portfolio	$	18,457,968	$	—	$	(3,534,526	)^(b)	$	14,923,442		14,923,442		630,040		14,503,014			—

										$	332,099,007	$	5,740,427	$	36,525,958		$	7,869,853

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares/investment value sold.

^(c)

As of period end, the entity is no longer an affiliate of the LifePath Dynamic Master Portfolio

^(d)

^(e)

Represents net shares/investment value purchased.

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

Portfolio Abbreviations

ADR

American Depositary Receipts

ETF

Exchange-Traded Fund

MSCI

Morgan Stanley Capital International

REIT

Real Estate Investment Trust

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts:
NIKKEI 225 (OSE)		36		12/13/18	$	7,645	$	627,363
Topix Index		48		12/13/18		7,681		365,344
10-Year U.S. Treasury Note		137		12/19/18		16,273		(7,781	)
S&P/TSX 60 Index		34		12/20/18		5,003		28,640
Russell 2000 E-Mini Index		106		12/21/18		9,014		(102,016	)

								911,550

Short Contracts:
U.S. Ultra Bond		102		12/19/18		15,737		497,592
S&P 500 E-Mini Index		147		12/21/18		21,455		(63,901	)
S&P Mid 400 E-Mini Index		2		12/21/18		405		4,145

								437,836

							$	1,349,386


			3

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2030 Master Portfolio

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	64,000	USD	45,449	Goldman Sachs International		10/15/18	$	816
CAD	2,000	USD	1,546	State Street Bank and Trust Co.		10/15/18		3
CAD	25,000	USD	19,223	State Street Bank and Trust Co.		10/15/18		138
CAD	31,000	USD	23,812	State Street Bank and Trust Co.		10/15/18		195
CAD	39,000	USD	30,160	State Street Bank and Trust Co.		10/15/18		43
CAD	73,000	USD	55,863	UBS AG		10/15/18		671
CHF	260,000	USD	264,241	Nomura International PLC		10/15/18		992
GBP	2,000	USD	2,606	Deutsche Bank AG		10/15/18		3
HKD	37,000	USD	4,719	State Street Bank and Trust Co.		10/15/18		8
HKD	151,000	USD	19,270	State Street Bank and Trust Co.		10/15/18		21
HKD	1,404,000	USD	178,989	State Street Bank and Trust Co.		10/15/18		386
NOK	339,000	USD	41,146	Bank of America N.A.		10/15/18		529
NOK	172,000	USD	21,017	Standard Chartered Bank		10/15/18		128
SGD	38,000	USD	27,797	Royal Bank of Canada		10/15/18		9
USD	121,343	AUD	167,000	Bank of America N.A.		10/15/18		620
USD	29,901	AUD	41,000	State Street Bank and Trust Co.		10/15/18		263
USD	56,136	AUD	76,000	State Street Bank and Trust Co.		10/15/18		1,196
USD	134,091	AUD	184,000	State Street Bank and Trust Co.		10/15/18		1,080
USD	30,221	CAD	39,000	Standard Chartered Bank		10/15/18		17
USD	3,515	EUR	3,000	BNP Paribas S.A.		10/15/18		28
USD	405,520	EUR	343,000	BNP Paribas S.A.		10/15/18		6,875
USD	1,179	EUR	1,000	Goldman Sachs International		10/15/18		17
USD	5,837	EUR	5,000	Standard Chartered Bank		10/15/18		26
USD	37,305	EUR	32,000	Standard Chartered Bank		10/15/18		114
USD	3,506	EUR	3,000	State Street Bank and Trust Co.		10/15/18		20
USD	15,307	EUR	13,000	State Street Bank and Trust Co.		10/15/18		198
USD	38,621	GBP	29,000	State Street Bank and Trust Co.		10/15/18		801
USD	73,089	GBP	55,000	State Street Bank and Trust Co.		10/15/18		1,361
USD	115,504	GBP	88,000	State Street Bank and Trust Co.		10/15/18		739
USD	170,593	IDR	2,474,683,000	BNP Paribas S.A.		10/15/18		4,772
USD	28,572	JPY	3,181,000	Citibank N.A.		10/15/18		548
USD	79,212	JPY	8,769,000	Nomura International PLC		10/15/18		1,960
USD	475,477	JPY	52,540,000	State Street Bank and Trust Co.		10/15/18		12,621
USD	228,425	NOK	1,828,000	Nomura International PLC		10/15/18		3,700
USD	182,621	PHP	9,831,000	BNP Paribas S.A.		10/15/18		846
USD	82,709	SGD	113,000	Standard Chartered Bank		10/15/18		22
USD	1,468	SGD	2,000	State Street Bank and Trust Co.		10/15/18		4
USD	7,347	SGD	10,000	State Street Bank and Trust Co.		10/15/18		29
AUD	19,600,000	USD	14,157,178	Bank of America N.A.		12/19/18		19,083
CAD	5,966,602	USD	4,603,753	Nomura International PLC		12/19/18		23,387
JPY	90,000,000	USD	796,957	Bank of America N.A.		12/19/18		66
USD	403,258	CHF	386,818	Deutsche Bank AG		12/19/18		6,179
USD	74,445	EUR	63,257	Deutsche Bank AG		12/19/18		519
USD	46,084	GBP	35,077	Nomura International PLC		12/19/18		193
USD	712,438	JPY	78,856,596	Deutsche Bank AG		12/19/18		14,099
USD	3,641,441	JPY	403,000,000	Nomura International PLC		12/19/18		72,551

							$	177,876


4

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2030 Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	443,000	USD	328,162	BNP Paribas S.A.		10/15/18	$	(7,922	)
AUD	114,000	USD	83,822	Bank of America N.A.		10/15/18		(1,413	)
AUD	49,000	USD	36,249	Goldman Sachs International		10/15/18		(827	)
AUD	117,000	USD	86,874	Nomura International PLC		10/15/18		(2,296	)
EUR	230,000	USD	267,973	BNP Paribas S.A.		10/15/18		(660	)
EUR	82,000	USD	95,315	Citibank N.A.		10/15/18		(12	)
EUR	97,000	USD	113,016	Deutsche Bank AG		10/15/18		(279	)
EUR	60,000	USD	70,427	Nomura International PLC		10/15/18		(693	)
EUR	102,000	USD	118,803	Nomura International PLC		10/15/18		(256	)
EUR	28,000	USD	32,592	State Street Bank and Trust Co.		10/15/18		(49	)
GBP	36,000	USD	47,002	Nomura International PLC		10/15/18		(53	)
GBP	1,000	USD	1,317	State Street Bank and Trust Co.		10/15/18		(13	)
GBP	13,000	USD	17,071	State Street Bank and Trust Co.		10/15/18		(117	)
HKD	287,000	USD	36,675	State Street Bank and Trust Co.		10/15/18		(8	)
ILS	119,000	USD	32,973	Goldman Sachs International		10/15/18		(224	)
JPY	8,065,000	USD	72,177	Deutsche Bank AG		10/15/18		(1,128	)
JPY	23,366,000	USD	206,273	Deutsche Bank AG		10/15/18		(428	)
JPY	1,954,000	USD	17,234	Goldman Sachs International		10/15/18		(20	)
JPY	11,262,000	USD	100,333	Goldman Sachs International		10/15/18		(1,119	)
JPY	20,884,000	USD	187,639	Goldman Sachs International		10/15/18		(3,660	)
JPY	2,070,000	USD	18,538	State Street Bank and Trust Co.		10/15/18		(303	)
JPY	3,537,000	USD	31,370	State Street Bank and Trust Co.		10/15/18		(210	)
JPY	3,662,000	USD	32,536	State Street Bank and Trust Co.		10/15/18		(275	)
JPY	11,799,000	USD	104,063	State Street Bank and Trust Co.		10/15/18		(118	)
JPY	13,655,000	USD	121,010	State Street Bank and Trust Co.		10/15/18		(715	)
NZD	38,000	USD	25,840	State Street Bank and Trust Co.		10/15/18		(650	)
SEK	437,000	USD	49,345	Nomura International PLC		10/15/18		(123	)
SEK	3,575,000	USD	411,588	Nomura International PLC		10/15/18		(8,908	)
SGD	322,000	USD	237,419	Standard Chartered Bank		10/15/18		(1,799	)
USD	12,792	AUD	18,000	State Street Bank and Trust Co.		10/15/18		(220	)
USD	23,732	AUD	33,000	State Street Bank and Trust Co.		10/15/18		(123	)
USD	26,546	AUD	37,000	State Street Bank and Trust Co.		10/15/18		(201	)
USD	55,338	AUD	77,000	State Street Bank and Trust Co.		10/15/18		(325	)
USD	16,764	CAD	22,000	Deutsche Bank AG		10/15/18		(274	)
USD	2,280	CAD	3,000	Nomura International PLC		10/15/18		(43	)
USD	3,051	CAD	4,000	State Street Bank and Trust Co.		10/15/18		(47	)
USD	31,266	EUR	27,000	Citibank N.A.		10/15/18		(114	)
USD	17,194	EUR	15,000	Deutsche Bank AG		10/15/18		(240	)
USD	41,754	EUR	36,000	Nomura International PLC		10/15/18		(86	)
USD	71,967	EUR	62,000	Royal Bank of Canada		10/15/18		(91	)
USD	8,109	EUR	7,000	State Street Bank and Trust Co.		10/15/18		(26	)
USD	11,591	EUR	10,000	State Street Bank and Trust Co.		10/15/18		(32	)
USD	19,745	EUR	17,000	State Street Bank and Trust Co.		10/15/18		(13	)
USD	37,778	GBP	29,000	Royal Bank of Canada		10/15/18		(42	)
USD	5,192	GBP	4,000	State Street Bank and Trust Co.		10/15/18		(24	)
USD	46,656	HKD	366,000	Goldman Sachs International		10/15/18		(104	)
USD	11,481	HKD	90,000	Nomura International PLC		10/15/18		(17	)
USD	32,003	HKD	251,000	Nomura International PLC		10/15/18		(65	)


			5

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2030 Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	139,213	HKD	1,092,000	UBS AG		10/15/18	$	(301	)
USD	32,423	NOK	267,000	Royal Bank of Canada		10/15/18		(400	)
USD	20,280	SEK	183,000	Deutsche Bank AG		10/15/18		(332	)
USD	180,980	SEK	1,622,000	JPMorgan Chase Bank N.A.		10/15/18		(1,719	)
USD	11,252	SEK	100,000	State Street Bank and Trust Co.		10/15/18		(12	)
USD	18,256	SEK	163,000	State Street Bank and Trust Co.		10/15/18		(104	)
USD	144,054	SEK	1,280,000	State Street Bank and Trust Co.		10/15/18		(122	)
USD	132,876	SGD	182,000	Barclays Bank PLC		10/15/18		(300	)
USD	144,115	SGD	197,000	State Street Bank and Trust Co.		10/15/18		(38	)
EUR	14,090,000	USD	16,577,885	Deutsche Bank AG		12/19/18		(111,462	)
USD	3,703,767	CAD	4,800,000	Nomura International PLC		12/19/18		(18,666	)

								(169,821	)

							$	8,055

Fair Value Hierarchy as of Period End

•

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

•


6

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2030 Master Portfolio

Fair Value Hierarchy as of Period End (continued)

The following tables summarize the LifePath Dynamic Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Affiliated Investments:
Equity Funds	$	44,862,333		$	—		$	—	$	44,862,333
Fixed Income Fund		14,783,699			—			—		14,783,699
Short-Term Securities		4,093,584			—			—		4,093,584
Common Stocks:
Equity Real Estate Investment Trusts (REITs)		14,845,286			4,642,163			—		19,487,449
Hotels, Restaurants & Leisure		421,944			—			—		421,944
Household Durables		287,431			—			—		287,431
IT Services		272,538			—			—		272,538
Internet Software & Services		—			522,412			—		522,412
Real Estate Management & Development		541,708			5,748,077			—		6,289,785
Wireless Telecommunication Services		131,413			—			—		131,413

Subtotal	$	80,239,936		$	10,912,652		$	—	$	91,152,588

Investments Valued at Net Asset Value (“NAV”)^(a)										268,359,391

Total Investments									$	359,511,979


Derivative Financial Instruments^(b)
Assets:
Equity contracts	$	1,523,084		$	—		$	—	$	1,523,084
Forward foreign currency contracts		—			177,876			—		177,876
Liabilities:
Equity contracts		(165,917	)							(165,917	)
Interest rate contracts		(7,781	)		—			—		(7,781	)
Forward foreign currency contracts		—			(169,821	)		—		(169,821	)

	$	1,349,386		$	8,055		$	—	$	1,357,441

^(a)

As of September 30, 2018, certain investments of the LifePath Dynamic Master Portfolio were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

^(b)

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

During the period ended September 30, 2018, there were no transfers between levels.


			7

Schedule of Investments (unaudited)

September 30, 2018

LifePath Dynamic 2035 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares/ Investment Value		Value
Affiliated Investment Companies^(f) — 89.4%

Equity Funds — 70.5%
Active Stock Master Portfolio	$	23,759,773	$	23,759,773
BlackRock Advantage Emerging Markets Fund — Class K^(a)		292,257		3,001,487
BlackRock Tactical Opportunities Fund — Class K		112,036		1,728,716
International Tilts Master Portfolio	$	7,688,377		7,688,377
iShares Edge MSCI Multifactor International ETF		52,690		1,479,535
iShares Edge MSCI Multifactor USA ETF		35,799		1,203,562
iShares MSCI Canada ETF^(b)		2,051		59,028
iShares MSCI EAFE Small-Cap ETF		26,262		1,635,597
iShares MSCI Japan ETF		1,137		68,482

				40,624,557
Fixed Income Funds — 17.2%
CoreAlpha Bond Master Portfolio	$	6,245,983		6,245,983
iShares TIPS Bond ETF		13,402		1,482,529
Master Total Return Portfolio	$	2,158,943		2,158,943

				9,887,455
Short-Term Securities — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.27%^(c)(d)		254,080		254,156
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.97%^(c)		709,845		709,845

				964,001

Total Affiliated Investment Companies — 89.4% (Cost — $50,024,121)				51,476,013


Common Stocks — 10.4%

Equity Real Estate Investment Trusts (REITs) — 7.4%
Alexandria Real Estate Equities, Inc.		1,151		144,784
Ascendas Real Estate Investment Trust		25,000		48,290
Assura PLC		54,058		38,185
AvalonBay Communities, Inc.		1,061		192,200
Big Yellow Group PLC		3,962		47,268
Boston Properties, Inc.		1,382		170,110
Brandywine Realty Trust		3,496		54,957
Canadian Apartment Properties REIT		1,877		69,302
Capital & Regional PLC		73,647		41,203
CareTrust REIT, Inc.		7,147		126,573
CyrusOne, Inc.		2,206		139,860
Derwent London PLC		957		35,630
EPR Properties		1,757		120,196
Equinix, Inc.		191		82,682
Extra Space Storage, Inc.		1,201		104,055
Federal Realty Investment Trust		660		83,470


Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
GLP J-REIT		73	$	70,949
Goodman Group		2,554		19,159
Hammerson PLC		3,894		23,170
Healthcare Trust of America, Inc., Class A		1,868		49,820
Highwoods Properties, Inc.		1,663		78,593
Host Hotels & Resorts, Inc.		4,257		89,823
Ichigo Office REIT Investment		54		44,508
Invincible Investment Corp.		161		67,290
Invitation Homes, Inc.		4,847		111,045
JBG SMITH Properties		733		26,996
Kenedix Office Investment Corp.		16		102,085
Land Securities Group PLC		4,898		56,396
Link REIT		12,500		123,074
Mid-America Apartment Communities, Inc.		744		74,534
NIPPON REIT Investment Corp.		8		25,864
Prologis, Inc.		3,224		218,555
PRS REIT PLC		45,834		61,234
Regency Centers Corp.		1,698		109,810
Rexford Industrial Realty, Inc.		3,530		112,819
RioCan Real Estate Investment Trust		5,247		100,256
Scentre Group		46,392		133,319
Simon Property Group, Inc.		1,427		252,222
Spirit Realty Capital, Inc.		10,665		85,960
Sun Communities, Inc.		1,475		149,771
Sunstone Hotel Investors, Inc.		3,216		52,614
UDR, Inc.		3,067		123,999
Unibail-Rodamco-Westfield		690		138,998
VEREIT, Inc.		8,169		59,307
VICI Properties, Inc.		2,830		61,185
Welltower, Inc.		1,993		128,190

				4,250,310
Hotels, Restaurants & Leisure — 0.2%
Hilton Worldwide Holdings, Inc.		569		45,964
Marriott International, Inc., Class A		350		46,210

				92,174
Household Durables — 0.1%
Glenveagh Properties PLC^(a)(e)		55,746		62,782

Internet Software & Services — 0.2%
NEXTDC Ltd.^(a)		24,306		114,109

IT Services — 0.1%
GDS Holdings Ltd. — ADR^(a)		1,699		59,686

Real Estate Management & Development — 2.4%
Aedas Homes SAU^(a)(e)		1,393		44,024
Castellum AB		1,965		35,199
City Developments Ltd.		11,300		75,339
CK Asset Holdings Ltd.		19,000		142,428


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2035 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Real Estate Management & Development (continued)
Entra ASA^(e)		3,353	$	48,232
Fabege AB		3,241		44,879
Godewind Immobilien AG^(a)(e)		8,641		35,014
Inmobiliaria Colonial Socimi SA		5,795		60,097
LEG Immobilien AG		750		89,134
Mega Manunggal Property Tbk PT^(a)		1,024,300		37,462
Mitsubishi Estate Co. Ltd.		5,700		96,786
Mitsui Fudosan Co. Ltd.		4,500		106,429
Robinsons Land Corp.		95,200		35,733
Sun Hung Kai Properties Ltd.		8,500		123,354
TLG Immobilien AG		1,935		50,565
Unizo Holdings Co. Ltd.		3,900		75,149
Vonovia SE		3,420		167,266
Wharf Real Estate Investment Co. Ltd.		10,000		64,425


Security	Shares		Value
Real Estate Management & Development (continued)
Yanlord Land Group Ltd.		36,900	$	39,945

				1,371,460
Wireless Telecommunication Services — 0.0%
Tritax EuroBox PLC^(a)(e)		20,908		28,682

Total Common Stocks — 10.4% (Cost — $5,752,279)				5,979,203


Total Investments — 99.8% (Cost — $55,776,400)				57,455,216
Other Assets Less Liabilities — 0.2%				136,488

Net Assets — 100.0%			$	57,591,704

^(a)	Non-income producing security.

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

^(c)	Annualized 7-day yield as of period end.

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

^(e)	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.

^(f)	During the period ended September 30, 2018, investments in issuers considered to be affiliates of the LifePath Dynamic Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the LifePath Dynamic Master Portfolio were as follows:


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
Active Stock Master Portfolio		22,206,179		1,553,594	^(b)		—		$	23,759,773	$	23,759,773	$	336,135		$	2,361,722		$	2,922,612
BlackRock Advantage Emerging Markets Fund		310,305		—			(310,305	)		—		—		—			384,985			(409,809	)
BlackRock Advantage Emerging Markets Fund — Class K		—		391,145			(98,887	)		292,257		3,001,487		—			(56,901	)		(200,192	)
BlackRock Cash Funds: Institutional, SL Agency Shares		248,900		5,180	^(b)		—			254,080		254,156		2,128	^(c)		260			17
BlackRock Cash Funds: Treasury, SL Agency Shares		313,891		395,954	^(b)		—			709,845		709,845		9,920			—			—
BlackRock Commodity Strategies Fund		278,941		—			(278,941	)		—		—		—			79,270			(165,742	)
BlackRock Tactical Opportunities Fund		114,579		3,835			(6,378	)		112,036		1,728,716		—			3,096			116,496
CoreAlpha Bond Master Portfolio	$	4,206,863	$	2,039,120	^(b)	$	—		$	6,245,983		6,245,983		93,454			(32,850	)		(229,127	)
International Tilts Master Portfolio	$	7,366,737	$	321,640	^(b)	$	—		$	7,688,377		7,688,377		172,822			249,586			(152,443	)
iShares Edge MSCI Multifactor International ETF		43,028		12,250			(2,588	)		52,690		1,479,535		16,558			(2,073	)		(33,815	)


2

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2035 Master Portfolio


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income		Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
iShares Edge MSCI Multifactor USA ETF		70,156		1,382			(35,739	)		35,799	$	1,203,562	$	21,840	$	247,333		$	(130,546	)
iShares MSCI Canada ETF		—		2,051			—			2,051		59,028		460		—			2,497
iShares MSCI EAFE Small-Cap ETF		15,766		12,044			(1,548	)		26,262		1,635,597		15,874		3			(49,555	)
iShares MSCI Japan ETF		—		1,881			(744	)		1,137		68,482		524		(386	)		(514	)
iShares TIPS Bond ETF		12,182		1,534			(314	)		13,402		1,482,529		31,616		(1,275	)		(43,040	)
Master Total Return Portfolio	$	1,984,837	$	174,106	^(b)	$	—		$	2,158,943		2,158,943		80,732		2,102,870			(30,129	)

											$	51,476,013	$	782,063	$	5,335,640		$	1,596,710

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares/investment value purchased.

^(c)

Currency Abbreviations

AUD

Australian Dollar

CAD

Canadian Dollar

CHF

Swiss Franc

EUR

Euro

GBP

British Pound

HKD

Hong Kong Dollar

ILS

Israeli Shekel

JPY

Japanese Yen

NOK

Norwegian Krone

NZD

New Zealand Dollar

PHP

Philippine Peso

SEK

Swedish Krona

SGD

Singapore Dollar

USD

United States Dollar

ADR

American Depositary Receipts

ETF

Exchange-Traded Fund

HKD

Hong Kong Dollar

IDR

Indonesian Rupiah

JPY

Japanese Yen

Portfolio Abbreviations

MSCI

Morgan Stanley Capital International

NOK

Norwegian Krone

REIT

Real Estate Investment Trust

S&P

S&P Global Ratings


			3

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2035 Master Portfolio

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts:
NIKKEI 225 (OSE)		5		12/13/18	$	1,062	$	87,134
Topix Index		8		12/13/18		1,280		60,259
10-Year U.S. Treasury Note		16		12/19/18		1,901		(909	)
S&P/TSX 60 Index		6		12/20/18		883		5,058
Russell 2000 E-Mini Index		12		12/21/18		1,020		(11,549	)

								139,993

Short Contracts:
U.S. Ultra Bond		11		12/19/18		1,697		68,289
S&P 500 E-Mini Index		15		12/21/18		2,189		(6,521	)

								61,768

							$	201,761

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	6,000	USD	4,261	Goldman Sachs International		10/15/18	$	76
CAD	1,000	USD	768	Citibank N.A.		10/15/18		7
CAD	16,000	USD	12,244	Goldman Sachs International		10/15/18		147
CAD	4,000	USD	3,076	State Street Bank and Trust Co.		10/15/18		22
CAD	8,000	USD	6,187	State Street Bank and Trust Co.		10/15/18		9
CHF	52,000	USD	52,850	Nomura International PLC		10/15/18		197
EUR	7,000	USD	8,125	Royal Bank of Canada		10/15/18		10
GBP	2,000	USD	2,606	Deutsche Bank AG		10/15/18		3
GBP	6,000	USD	7,784	Royal Bank of Canada		10/15/18		41
HKD	101,000	USD	12,889	Royal Bank of Canada		10/15/18		14
HKD	8,000	USD	1,020	State Street Bank and Trust Co.		10/15/18		2
HKD	29,000	USD	3,699	State Street Bank and Trust Co.		10/15/18		6
HKD	302,000	USD	38,501	State Street Bank and Trust Co.		10/15/18		83
NOK	74,000	USD	8,982	Bank of America N.A.		10/15/18		115
NOK	13,000	USD	1,589	Standard Chartered Bank		10/15/18		10
SGD	15,000	USD	10,973	Royal Bank of Canada		10/15/18		3
USD	26,158	AUD	36,000	Bank of America N.A.		10/15/18		134
USD	6,564	AUD	9,000	State Street Bank and Trust Co.		10/15/18		58
USD	11,818	AUD	16,000	State Street Bank and Trust Co.		10/15/18		252
USD	29,150	AUD	40,000	State Street Bank and Trust Co.		10/15/18		235
USD	1,172	EUR	1,000	BNP Paribas S.A.		10/15/18		9
USD	3,532	EUR	3,000	BNP Paribas S.A.		10/15/18		46
USD	6,995	EUR	6,000	Nomura International PLC		10/15/18		22
USD	1,167	EUR	1,000	Standard Chartered Bank		10/15/18		5
USD	1,165	EUR	1,000	State Street Bank and Trust Co.		10/15/18		3
USD	1,169	EUR	1,000	State Street Bank and Trust Co.		10/15/18		7
USD	85,137	EUR	72,000	State Street Bank and Trust Co.		10/15/18		1,457
USD	5,326	GBP	4,000	State Street Bank and Trust Co.		10/15/18		110


4

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2035 Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	15,947	GBP	12,000	State Street Bank and Trust Co.		10/15/18	$	297
USD	22,313	GBP	17,000	State Street Bank and Trust Co.		10/15/18		143
USD	35,464	IDR	514,451,000	BNP Paribas S.A.		10/15/18		992
USD	2,182	JPY	241,000	Bank of America N.A.		10/15/18		59
USD	5,856	JPY	652,000	Citibank N.A.		10/15/18		112
USD	14,218	JPY	1,574,000	Nomura International PLC		10/15/18		352
USD	1,542	JPY	171,000	State Street Bank and Trust Co.		10/15/18		35
USD	15,467	JPY	1,709,000	State Street Bank and Trust Co.		10/15/18		411
USD	97,426	JPY	10,765,000	State Street Bank and Trust Co.		10/15/18		2,590
USD	47,989	NOK	384,000	State Street Bank and Trust Co.		10/15/18		782
USD	37,041	PHP	1,994,000	BNP Paribas S.A.		10/15/18		172
USD	18,298	SGD	25,000	Standard Chartered Bank		10/15/18		5
USD	2,204	SGD	3,000	State Street Bank and Trust Co.		10/15/18		9
USD	2,936	SGD	4,000	State Street Bank and Trust Co.		10/15/18		9
AUD	3,000,000	USD	2,167,701	Morgan Stanley & Co. International PLC		12/19/18		2,135
CAD	959,786	USD	740,504	Deutsche Bank AG		12/19/18		3,816
JPY	17,000,000	USD	150,536	Bank of America N.A.		12/19/18		12
USD	71,819	CHF	68,909	Nomura International PLC		12/19/18		1,082
USD	16,825	GBP	12,806	Nomura International PLC		12/19/18		71
USD	776,297	JPY	85,924,850	Deutsche Bank AG		12/19/18		15,363
USD	164,903	JPY	18,249,938	Nomura International PLC		12/19/18		3,285

								34,815

AUD	25,000	USD	18,382	Bank of America N.A.		10/15/18		(310	)
AUD	20,000	USD	14,775	Citibank N.A.		10/15/18		(318	)
AUD	11,000	USD	8,138	Goldman Sachs International		10/15/18		(186	)
AUD	15,000	USD	11,138	Nomura International PLC		10/15/18		(294	)
AUD	93,000	USD	68,893	Nomura International PLC		10/15/18		(1,664	)
EUR	51,000	USD	59,420	BNP Paribas S.A.		10/15/18		(146	)
EUR	21,000	USD	24,467	Deutsche Bank AG		10/15/18		(60	)
EUR	18,000	USD	20,923	JPMorgan Chase Bank N.A.		10/15/18		(3	)
EUR	13,000	USD	15,259	Nomura International PLC		10/15/18		(150	)
EUR	7,000	USD	8,147	State Street Bank and Trust Co.		10/15/18		(11	)
GBP	8,000	USD	10,445	Nomura International PLC		10/15/18		(12	)
GBP	3,000	USD	3,952	State Street Bank and Trust Co.		10/15/18		(39	)
HKD	66,000	USD	8,434	State Street Bank and Trust Co.		10/15/18		(2	)
ILS	22,000	USD	6,094	Bank of America N.A.		10/15/18		(40	)
JPY	2,551,000	USD	22,499	Bank of America N.A.		10/15/18		(26	)
JPY	1,422,000	USD	12,727	Deutsche Bank AG		10/15/18		(199	)
JPY	2,814,000	USD	25,070	Goldman Sachs International		10/15/18		(280	)
JPY	3,475,000	USD	31,222	Goldman Sachs International		10/15/18		(609	)
JPY	4,715,000	USD	41,619	Goldman Sachs International		10/15/18		(81	)
JPY	2,019,000	USD	18,207	Nomura International PLC		10/15/18		(421	)
JPY	500,000	USD	4,478	State Street Bank and Trust Co.		10/15/18		(73	)
JPY	524,000	USD	4,622	State Street Bank and Trust Co.		10/15/18		(5	)
JPY	884,000	USD	7,840	State Street Bank and Trust Co.		10/15/18		(53	)
JPY	927,000	USD	8,236	State Street Bank and Trust Co.		10/15/18		(70	)
JPY	3,084,000	USD	27,330	State Street Bank and Trust Co.		10/15/18		(162	)
NZD	8,000	USD	5,440	State Street Bank and Trust Co.		10/15/18		(137	)
SEK	46,000	USD	5,194	Nomura International PLC		10/15/18		(13	)
SEK	801,000	USD	92,219	Nomura International PLC		10/15/18		(1,996	)


			5

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2035 Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
SGD	68,000	USD	50,136	UBS AG		10/15/18	$	(378	)
USD	4,315	AUD	6,000	JPMorgan Chase Bank N.A.		10/15/18		(23	)
USD	3,553	AUD	5,000	State Street Bank and Trust Co.		10/15/18		(61	)
USD	5,740	AUD	8,000	State Street Bank and Trust Co.		10/15/18		(43	)
USD	12,217	AUD	17,000	State Street Bank and Trust Co.		10/15/18		(72	)
USD	4,572	CAD	6,000	Deutsche Bank AG		10/15/18		(75	)
USD	760	CAD	1,000	Nomura International PLC		10/15/18		(14	)
USD	763	CAD	1,000	State Street Bank and Trust Co.		10/15/18		(12	)
USD	6,948	EUR	6,000	Citibank N.A.		10/15/18		(25	)
USD	3,439	EUR	3,000	Deutsche Bank AG		10/15/18		(48	)
USD	9,279	EUR	8,000	Nomura International PLC		10/15/18		(19	)
USD	6,969	EUR	6,000	Royal Bank of Canada		10/15/18		(4	)
USD	2,317	EUR	2,000	State Street Bank and Trust Co.		10/15/18		(8	)
USD	2,318	EUR	2,000	State Street Bank and Trust Co.		10/15/18		(6	)
USD	6,513	GBP	5,000	Royal Bank of Canada		10/15/18		(7	)
USD	20,769	GBP	16,000	State Street Bank and Trust Co.		10/15/18		(97	)
USD	16,207	HKD	127,000	Citibank N.A.		10/15/18		(18	)
USD	15,807	HKD	124,000	Goldman Sachs International		10/15/18		(35	)
USD	30,469	HKD	239,000	UBS AG		10/15/18		(66	)
USD	6,193	NOK	51,000	Royal Bank of Canada		10/15/18		(77	)
USD	4,433	SEK	40,000	Deutsche Bank AG		10/15/18		(73	)
USD	39,500	SEK	354,000	Goldman Sachs International		10/15/18		(374	)
USD	2,363	SEK	21,000	State Street Bank and Trust Co.		10/15/18		(3	)
USD	4,031	SEK	36,000	State Street Bank and Trust Co.		10/15/18		(24	)
USD	31,512	SEK	280,000	State Street Bank and Trust Co.		10/15/18		(27	)
USD	28,474	SGD	39,000	Barclays Bank PLC		10/15/18		(64	)
USD	31,457	SGD	43,000	State Street Bank and Trust Co.		10/15/18		(8	)
EUR	4,415	USD	5,195	Deutsche Bank AG		12/19/18		(35	)
EUR	2,245,000	USD	2,641,730	Nomura International PLC		12/19/18		(18,087	)
USD	578,704	CAD	750,000	Morgan Stanley & Co. International PLC		12/19/18		(2,926	)

								(30,069	)

	Net Unrealized Appreciation						$	4,746


6

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2035 Master Portfolio

Fair Value Hierarchy as of Period End

•

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

•

The following table summarizes the the LifePath Dynamic Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies:
Equity Funds	$	9,176,407	$	—	$	—	$	9,176,407
Fixed Income Fund		1,482,529		—		—		1,482,529
Short-Term Securities		964,001		—		—		964,001
Common Stocks:
Equity Real Estate Investment Trusts (REITs)		3,234,922		1,015,388		—		4,250,310
Hotels, Restaurants & Leisure		92,174		—		—		92,174
Household Durables		62,782		—		—		62,782
IT Services		59,686		—		—		59,686
Internet Software & Services		—		114,109		—		114,109
Real Estate Management & Development		116,500		1,254,960		—		1,371,460
Wireless Telecommunication Services		28,682		—		—		28,682

Subtotal	$	15,217,683	$	2,384,457	$	—	$	17,602,140

Investments Valued at Net Asset Value (“NAV”)^(a)								39,853,076

Total Investments							$	57,455,216


			7

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2035 Master Portfolio

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments^(b)
Assets:
Equity contracts	$	152,451		$	—		$	—	$	152,451
Interest rate contracts		68,289			—			—		68,289
Foreign currency exchange contracts		—			34,815			—		34,815
Liabilities:
Equity contracts		(18,070	)		—			—		(18,070	)
Interest rate contracts		(909	)		—			—		(909	)
Foreign currency exchange contracts		—			(30,069	)		—		(30,069	)

	$	201,761		$	4,746		$	—	$	206,507

^(a)

As of September 30, 2018, certain of the LifePath Dynamic Master Portfolio’s Investments were fair valued using NAV per share and have been excluded from the fair value hierarchy.

^(b)

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

During the period ended September 30, 2018, there were no transfers between levels.


8

Schedule of Investments (unaudited)

September 30, 2018

LifePath Dynamic 2040 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares/ Investment Value		Value
Affiliated Investment Companies^(f) — 86.1%

Equity Funds — 78.3%
Active Stock Master Portfolio	$	137,810,751	$	137,810,751
BlackRock Advantage Emerging Markets Fund — Class K^(a)		1,664,123		17,090,548
BlackRock Tactical Opportunities Fund — Class K		575,887		8,885,940
International Tilts Master Portfolio	$	44,471,361		44,471,361
iShares Edge MSCI Multifactor International ETF		287,336		8,068,395
iShares Edge MSCI Multifactor USA ETF^(b)		222,026		7,464,514
iShares MSCI EAFE Small-Cap ETF		141,321		8,801,472

			232,592,981
Fixed Income Funds — 7.2%
CoreAlpha Bond Master Portfolio	$	14,074,729		14,074,729
iShares TIPS Bond ETF		33,784		3,737,186
Master Total Return Portfolio	$	3,421,715		3,421,715

			21,233,630
Short-Term Securities — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.27%^(c)(d)		883,963		884,228
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.97%^(c)		1,036,384		1,036,384

				1,920,612

Total Affiliated Investment Companies — 86.1% (Cost — $218,698,623)				255,747,223


Common Stocks — 12.9%

Equity Real Estate Investment Trusts (REITs) — 9.3%
Alexandria Real Estate Equities, Inc.		7,377		927,953
Ascendas Real Estate Investment Trust		161,000		310,988
Assura PLC		346,517		244,767
AvalonBay Communities, Inc.		6,799		1,231,639
Big Yellow Group PLC		25,396		302,982
Boston Properties, Inc.^(b)		8,893		1,094,639
Brandywine Realty Trust		22,412		352,317
Canadian Apartment Properties REIT		12,034		444,317
Capital & Regional PLC		471,793		263,951
CareTrust REIT, Inc.		46,539		824,206
CyrusOne, Inc.		14,189		899,583
Derwent London PLC		6,136		228,449
EPR Properties		11,260		770,297
Equinix, Inc.		1,222		528,992
Extra Space Storage, Inc.		7,723		669,121
Federal Realty Investment Trust		4,231		535,095
GLP J-REIT		468		454,851
Goodman Group		16,345		122,613


Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Hammerson PLC		24,930	$	148,337
Healthcare Trust of America, Inc., Class A		11,969		319,213
Highwoods Properties, Inc.		10,661		503,839
Host Hotels & Resorts, Inc.		27,379		577,697
Ichigo Office REIT Investment		347		286,006
Inmobiliaria Colonial Socimi SA		37,143		385,188
Invincible Investment Corp.		1,034		432,160
Invitation Homes, Inc.		31,069		711,791
JBG SMITH Properties		4,717		173,727
Kenedix Office Investment Corp.		100		638,031
Land Securities Group PLC		31,364		361,126
Link REIT		81,000		797,522
Mid-America Apartment Communities, Inc.		4,771		477,959
NIPPON REIT Investment Corp.		50		161,648
Prologis, Inc.		20,665		1,400,880
PRS REIT PLC		294,647		393,644
Regency Centers Corp.		10,882		703,739
Rexford Industrial Realty, Inc.		22,702		725,556
RioCan Real Estate Investment Trust^(b)		33,634		642,656
Scentre Group		297,379		854,595
Simon Property Group, Inc.		9,177		1,622,035
Spirit Realty Capital, Inc.		68,366		551,030
Sun Communities, Inc.		9,454		959,959
Sunstone Hotel Investors, Inc.		20,271		331,634
UDR, Inc.		19,724		797,441
Unibail-Rodamco-Westfield		4,439		894,221
VEREIT, Inc.		52,363		380,155
VICI Properties, Inc.		18,139		392,165
Welltower, Inc.		12,778		821,881

				27,652,595
Hotels, Restaurants & Leisure — 0.2%
Hilton Worldwide Holdings, Inc.		3,647		294,605
Marriott International, Inc., Class A		2,243		296,143

				590,748
Household Durables — 0.1%
Glenveagh Properties PLC^(a)(e)		357,335		402,437

Internet Software & Services — 0.3%
NEXTDC Ltd.^(a)		155,802		731,437

IT Services — 0.1%
GDS Holdings Ltd. — ADR^(a)		10,882		382,285

Real Estate Management & Development — 2.8%
Aedas Homes SAU^(a)(e)		8,926		282,096
Castellum AB		12,595		225,613
City Developments Ltd.		72,800		485,368
CK Asset Holdings Ltd.		122,000		914,535


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2040 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Real Estate Management & Development (continued)
Entra ASA^(e)		21,473	$	308,884
Fabege AB		20,843		288,622
Godewind Immobilien AG^(a)(e)		55,736		225,846
LEG Immobilien AG		4,809		571,529
Mega Manunggal Property Tbk PT^(a)		6,603,800		241,524
Mitsubishi Estate Co. Ltd.		36,500		619,771
Mitsui Fudosan Co. Ltd.		28,700		678,779
Robinsons Land Corp.		615,400		230,986
Sun Hung Kai Properties Ltd.		55,500		805,427
TLG Immobilien AG		12,395		323,906
Unizo Holdings Co. Ltd.		24,500		472,089
Vonovia SE		21,925		1,072,312
Wharf Real Estate Investment Co. Ltd.		62,000		399,438


Security	Shares		Value
Real Estate Management & Development (continued)
Yanlord Land Group Ltd.		236,200	$	255,692

				8,402,417
Wireless Telecommunication Services — 0.1%
Tritax EuroBox PLC^(a)(e)		134,478		184,481

Total Long-Term Investments — 12.9% (Cost — $36,840,668)				38,346,400


Total Investments — 99.0% (Cost — $255,539,291)				294,093,623
Other Assets Less Liabilities — 1.0%				2,851,813

Net Assets — 100.0%			$	296,945,436

^(a)	Non-income producing security.

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

^(c)	Annualized 7-day yield as of period end.

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

^(e)	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.

^(f)	During the period ended September 30, 2018, investments in issuers considered to be affiliates of the LifePath Dynamic Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the LifePath Dynamic Master Portfolio were as follows:


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
Active Stock Master Portfolio	$	137,999,111	$	—		$	(188,360	)^(b)	$	137,810,751	$	137,810,751	$	1,983,400		$	13,909,879		$	15,422,635
BlackRock Advantage Emerging Markets Fund^(e)		1,945,620		—			(1,945,620	)		—		—		—			2,430,097			(2,525,699	)
BlackRock Advantage Emerging Markets Fund — Class K		—		2,242,445			(578,322	)		1,664,123		17,090,548		—			(286,017	)		(1,151,566	)
BlackRock Cash Funds: Institutional, SL Agency Shares		5,676,319		—			(4,792,356	)^(b)		883,963		884,228		14,805	^(d)		2,219			65
BlackRock Cash Funds: Treasury, SL Agency Shares		1,344,869		—			(308,485	)^(b)		1,036,384		1,036,384		57,729			—			—
BlackRock Commodity Strategies Fund^(e)		1,635,551		1,657,459			(3,293,010	)		—		—		—			1,132,648			(1,568,010	)
BlackRock Tactical Opportunities Fund		656,520		16,866			(97,499	)		575,887		8,885,940		—			102,628			549,167
CoreAlpha Bond Master Portfolio	$	12,499,188	$	1,575,541	^(c)	$	—		$	14,074,729	$	14,074,729		194,708			(106,835	)		58,850
International Tilts Master Portfolio	$	39,653,083	$	4,818,278	^(c)	$	—		$	44,471,361	$	44,471,361		950,399			1,333,895			(1,178,252	)


2

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2040 Master Portfolio


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income		Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
iShares Edge MSCI Multifactor International ETF		437,652		26,387			(176,703	)		287,336	$	8,068,395	$	96,757	$	1,036,745		$	(1,234,452	)
iShares Edge MSCI Multifactor USA ETF		461,557		9,310			(248,841	)		222,026		7,464,514		124,347		1,625,863			(960,576	)
iShares MSCI EAFE Small-Cap ETF		145,250		29,441			(33,370	)		141,321		8,801,472		93,648		395,944			(644,756	)
iShares TIPS Bond ETF		33,985		2,401			(2,602	)		33,784		3,737,186		81,767		(7,852	)		(111,260	)
Master Total Return Portfolio	$	1,643,742	$	1,777,973	^(c)	$	—		$	3,421,715		3,421,715		118,666		1,519,363			(320,709	)

											$	255,747,223	$	3,716,226	$	23,088,577		$	6,335,437

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares/investment value sold.

^(c)

Represents net shares/investment value purchased.

^(d)

^(e)

As of period end, the entity is no longer an affiliate of the LifePath Dynamic Master Portfolio.

For compliance purposes, the LifePath Dynamic Master Portfolio’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

Currency Abbreviations

AUD

Australian Dollar

CAD

Canadian Dollar

CHF

Swiss Franc

EUR

Euro

GBP

British Pound

HKD

Hong Kong Dollar

IDR

Indonesian Rupiah

ILS

Israeli Shekel

JPY

Japanese Yen

NOK

Norwegian Krone

NZD

New Zealand Dollar

PHP

Philippine Peso

SEK

Swedish Krona

SGD

Singapore Dollar

USD

United States Dollar

Portfolio Abbreviations

ADR

American Depository Receipts

ETF

Exchange-Traded Fund

MSCI

Morgan Stanley Capital International

REIT

Real Estate Investment Trust


			3

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2040 Master Portfolio

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts:
NIKKEI 225 (OSE)		29		12/13/18	$	6,156	$	505,376
Topix Index		39		12/13/18		6,239		291,663
10-Year U.S. Treasury Note		105		12/19/18		12,472		(5,963	)
S&P/TSX 60 Index		35		12/20/18		5,150		29,484
Russell 2000 E-Mini Index		45		12/21/18		3,827		(43,309	)

								777,251

Short Contracts:
U.S. Ultra Treasury Bond		22		12/19/18		3,394		136,577
S&P 500 E-Mini Index		94		12/21/18		13,719		(40,862	)
S&P Mid 400 E-Mini Index		2		12/21/18		405		4,145

								99,860

							$	877,111

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	51,000	USD	36,217	JPMorgan Chase Bank N.A.		10/15/18	$	650
CAD	51,000	USD	39,440	Goldman Sachs International		10/15/18		56
CAD	108,000	USD	82,664	Goldman Sachs International		10/15/18		977
CAD	16,000	USD	12,290	State Street Bank and Trust Co.		10/15/18		101
CAD	34,000	USD	26,143	State Street Bank and Trust Co.		10/15/18		188
CHF	368,000	USD	374,003	Nomura International PLC		10/15/18		1,405
GBP	15,000	USD	19,543	Deutsche Bank AG		10/15/18		19
GBP	22,000	USD	28,540	Royal Bank of Canada		10/15/18		152
HKD	427,000	USD	54,492	Royal Bank of Canada		10/15/18		61
HKD	53,000	USD	6,759	State Street Bank and Trust Co.		10/15/18		12
HKD	1,917,000	USD	244,389	State Street Bank and Trust Co.		10/15/18		526
NOK	476,000	USD	57,767	Royal Bank of Canada		10/15/18		750
NOK	102,000	USD	12,464	Standard Chartered Bank		10/15/18		76
SGD	83,000	USD	60,715	Royal Bank of Canada		10/15/18		19
USD	170,752	AUD	235,000	Bank of America N.A.		10/15/18		873
USD	42,298	AUD	58,000	JPMorgan Chase Bank N.A.		10/15/18		371
USD	76,078	AUD	103,000	State Street Bank and Trust Co.		10/15/18		1,621
USD	188,019	AUD	258,000	State Street Bank and Trust Co.		10/15/18		1,514
USD	4,687	EUR	4,000	BNP Paribas S.A.		10/15/18		38
USD	53,628	EUR	46,000	Nomura International PLC		10/15/18		165
USD	8,172	EUR	7,000	Standard Chartered Bank		10/15/18		36
USD	5,844	EUR	5,000	State Street Bank and Trust Co.		10/15/18		33
USD	21,195	EUR	18,000	State Street Bank and Trust Co.		10/15/18		274
USD	538,021	EUR	455,000	State Street Bank and Trust Co.		10/15/18		9,205
USD	37,290	GBP	28,000	State Street Bank and Trust Co.		10/15/18		774
USD	102,325	GBP	77,000	State Street Bank and Trust Co.		10/15/18		1,906
USD	154,880	GBP	118,000	State Street Bank and Trust Co.		10/15/18		991


4

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2040 Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	231,568	IDR	3,359,202,000	BNP Paribas S.A.		10/15/18	$	6,477
USD	16,051	JPY	1,773,000	Bank of America N.A.		10/15/18		432
USD	654,623	JPY	72,333,000	Bank of America N.A.		10/15/18		17,400
USD	23,578	JPY	2,625,000	Citibank N.A.		10/15/18		452
USD	90,801	JPY	10,052,000	Nomura International PLC		10/15/18		2,247
USD	45,948	JPY	5,077,000	State Street Bank and Trust Co.		10/15/18		1,222
USD	307,652	NOK	2,462,000	Nomura International PLC		10/15/18		4,986
USD	242,213	PHP	13,039,000	BNP Paribas S.A.		10/15/18		1,123
USD	116,376	SGD	159,000	Standard Chartered Bank		10/15/18		29
USD	11,020	SGD	15,000	State Street Bank and Trust Co.		10/15/18		44
USD	15,414	SGD	21,000	State Street Bank and Trust Co.		10/15/18		47
AUD	16,000,000	USD	11,556,880	Bank of America N.A.		12/19/18		15,578
CAD	5,849,336	USD	4,512,906	Deutsche Bank AG		12/19/18		23,293
JPY	80,000,000	USD	708,406	Bank of America N.A.		12/19/18		59
USD	378,271	CHF	362,849	Deutsche Bank AG		12/19/18		5,796
USD	671,425	JPY	74,316,999	Deutsche Bank AG		12/19/18		13,288

								115,266

AUD	605,000	USD	448,113	BNP Paribas S.A.		10/15/18		(10,765	)
AUD	105,000	USD	77,571	Citibank N.A.		10/15/18		(1,668	)
AUD	161,000	USD	118,385	Citibank N.A.		10/15/18		(2,000	)
AUD	67,000	USD	49,565	Goldman Sachs International		10/15/18		(1,131	)
AUD	117,000	USD	86,872	Nomura International PLC		10/15/18		(2,294	)
EUR	30,000	USD	34,943	BNP Paribas S.A.		10/15/18		(76	)
EUR	40,000	USD	46,555	Bank of America N.A.		10/15/18		(66	)
EUR	128,000	USD	149,134	Deutsche Bank AG		10/15/18		(368	)
EUR	87,000	USD	102,119	Nomura International PLC		10/15/18		(1,005	)
EUR	90,000	USD	104,614	Nomura International PLC		10/15/18		(13	)
EUR	321,000	USD	373,988	Nomura International PLC		10/15/18		(911	)
GBP	48,000	USD	62,670	Nomura International PLC		10/15/18		(71	)
GBP	19,000	USD	25,028	State Street Bank and Trust Co.		10/15/18		(249	)
HKD	342,000	USD	43,703	State Street Bank and Trust Co.		10/15/18		(9	)
ILS	155,000	USD	42,938	Bank of America N.A.		10/15/18		(283	)
JPY	15,448,000	USD	136,246	Bank of America N.A.		10/15/18		(156	)
JPY	10,418,000	USD	93,239	Deutsche Bank AG		10/15/18		(1,461	)
JPY	4,834,000	USD	42,636	Goldman Sachs International		10/15/18		(50	)
JPY	9,749,000	USD	86,467	Goldman Sachs International		10/15/18		(583	)
JPY	15,336,000	USD	136,628	Goldman Sachs International		10/15/18		(1,524	)
JPY	22,891,000	USD	205,674	Goldman Sachs International		10/15/18		(4,014	)
JPY	31,284,000	USD	276,139	Goldman Sachs International		10/15/18		(540	)
JPY	8,347,000	USD	75,272	Nomura International PLC		10/15/18		(1,739	)
JPY	3,210,000	USD	28,748	State Street Bank and Trust Co.		10/15/18		(469	)
JPY	19,275,000	USD	170,814	State Street Bank and Trust Co.		10/15/18		(1,009	)
NZD	50,000	USD	34,005	Bank of America N.A.		10/15/18		(860	)
SEK	5,165,000	USD	594,696	Bank of America N.A.		10/15/18		(12,923	)
SEK	317,000	USD	35,795	Nomura International PLC		10/15/18		(89	)
SGD	441,000	USD	325,161	Standard Chartered Bank		10/15/18		(2,464	)
USD	34,518	AUD	48,000	Citibank N.A.		10/15/18		(180	)
USD	19,188	AUD	27,000	State Street Bank and Trust Co.		10/15/18		(330	)
USD	37,308	AUD	52,000	State Street Bank and Trust Co.		10/15/18		(282	)
USD	78,335	AUD	109,000	State Street Bank and Trust Co.		10/15/18		(460	)
USD	757	CAD	1,000	BNP Paribas S.A.		10/15/18		(18	)


			5

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2040 Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	40,385	CAD	53,000	Deutsche Bank AG		10/15/18	$	(660	)
USD	3,814	CAD	5,000	Goldman Sachs International		10/15/18		(58	)
USD	3,040	CAD	4,000	Nomura International PLC		10/15/18		(58	)
USD	45,162	EUR	39,000	Citibank N.A.		10/15/18		(165	)
USD	24,071	EUR	21,000	Deutsche Bank AG		10/15/18		(336	)
USD	57,992	EUR	50,000	Nomura International PLC		10/15/18		(120	)
USD	12,743	EUR	11,000	State Street Bank and Trust Co.		10/15/18		(42	)
USD	17,386	EUR	15,000	State Street Bank and Trust Co.		10/15/18		(47	)
USD	29,962	GBP	23,000	Royal Bank of Canada		10/15/18		(33	)
USD	107,741	GBP	83,000	State Street Bank and Trust Co.		10/15/18		(504	)
USD	35,605	HKD	279,000	Citibank N.A.		10/15/18		(40	)
USD	88,212	HKD	692,000	Goldman Sachs International		10/15/18		(197	)
USD	26,917	HKD	211,000	Nomura International PLC		10/15/18		(40	)
USD	194,668	HKD	1,527,000	UBS AG		10/15/18		(421	)
USD	41,045	NOK	338,000	Royal Bank of Canada		10/15/18		(507	)
USD	28,466	SEK	257,000	JPMorgan Chase Bank N.A.		10/15/18		(482	)
USD	253,952	SEK	2,276,000	JPMorgan Chase Bank N.A.		10/15/18		(2,411	)
USD	15,865	SEK	141,000	State Street Bank and Trust Co.		10/15/18		(17	)
USD	25,648	SEK	229,000	State Street Bank and Trust Co.		10/15/18		(146	)
USD	202,239	SEK	1,797,000	State Street Bank and Trust Co.		10/15/18		(171	)
USD	186,906	SGD	256,000	State Street Bank and Trust Co.		10/15/18		(419	)
USD	202,639	SGD	277,000	State Street Bank and Trust Co.		10/15/18		(53	)
EUR	63,793	USD	75,059	Deutsche Bank AG		12/19/18		(507	)
EUR	11,575,000	USD	13,618,809	Deutsche Bank AG		12/19/18		(91,567	)
USD	3,399,126	JPY	376,234,000	Deutsche Bank AG		12/19/18		67,270
GBP	11,530	USD	15,148	Nomura International PLC		12/19/18		(63	)
USD	3,086,472	CAD	4,000,000	Nomura International PLC		12/19/18		(15,555	)

								(97,409	)

							$	17,857


6

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2040 Master Portfolio

Fair Value Hierarchy as of Period End

•

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

•

The following tables summarize the LifePath Dynamic Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies:
Equity Funds	$	50,310,869	$	—	$	—	$	50,310,869
Fixed Income Funds		3,737,186		—		—		3,737,186
Short-Term Securities		1,920,612		—		—		1,920,612
Common Stocks:
Equity Real Estate Investment Trusts (REITs)		20,765,160		6,887,435		—		27,652,595
Hotels, Restaurants & Leisure		590,748		—		—		590,748
Household Durables		402,437		—		—		402,437
Internet Software & Services		—		731,437				731,437
IT Services		382,285		—		—		382,285
Real Estate Management & Development		749,466		7,652,951		—		8,402,417
Wireless Telecommunication Services		184,481		—		—		184,481

Subtotal	$	79,043,244	$	15,271,823	$	—	$	94,315,067

Investments Valued at Net Asset Value (“NAV”)^(a)								199,778,556

Total Investments							$	294,093,623


			7

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2040 Master Portfolio

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments^(b)
Assets:
Equity contracts	$	830,668		$	—		$	—	$	830,668
Interest rate contracts		136,577			—			—		136,577
Foreign currency exchange contracts		—			115,266			—		115,266
Liabilities:
Equity contracts		(84,171	)		—			—		(84,171	)
Interest rate contracts		(5,963	)		—			—		(5,963	)
Foreign currency exchange contracts		—			(97,409	)				(97,409	)

	$	877,111		$	17,857		$	—	$	894,968

^(a)

^(b)

Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

During the period ended September 30, 2018, there were no transfers between levels.


8

Schedule of Investments (unaudited)

September 30, 2018

LifePath Dynamic 2045 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares/ Investment Value		Value
Affiliated Investment Companies^(f) — 84.5%

Equity Funds — 80.4%
Active Stock Master Portfolio	$	18,249,509	$	18,249,509
BlackRock Advantage Emerging Markets Fund — Class K^(a)		236,530		2,429,159
BlackRock Tactical Opportunities Fund — Class K		25,041		386,379
International Tilts Master Portfolio	$	6,291,898		6,291,898
iShares Edge MSCI Multifactor International ETF		41,193		1,156,699
iShares Edge MSCI Multifactor USA ETF		43,756		1,471,077
iShares MSCI Canada ETF^(b)		996		28,665
iShares MSCI EAFE Small-Cap ETF		20,632		1,284,961

				31,298,347
Fixed Income Funds — 2.8%
CoreAlpha Bond Master Portfolio	$	939,378		939,378
iShares TIPS Bond ETF		1,280		141,593

				1,080,971
Short-Term Securities — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.27%^(c)(d)		12,420		12,424
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.97%^(c)		514,154		514,154

				526,578

Total Affiliated Investment Companies — 84.5% (Cost — $30,088,864)				32,905,896


Common Stocks — 15.0%

Equity Real Estate Investment Trusts (REITs) — 10.8%
Alexandria Real Estate Equities, Inc.		1,126		141,640
Ascendas Real Estate Investment Trust		24,300		46,938
Assura PLC		52,895		37,363
AvalonBay Communities, Inc.		1,038		188,034
Big Yellow Group PLC		3,877		46,254
Boston Properties, Inc.		1,344		165,433
Brandywine Realty Trust		3,436		54,014
Canadian Apartment Properties REIT^(b)		1,837		67,825
Capital & Regional PLC		72,038		40,303
CareTrust REIT, Inc.		6,837		121,083
CyrusOne, Inc.		2,144		135,930
Derwent London PLC		937		34,885
EPR Properties		1,719		117,597
Equinix, Inc.		187		80,950
Extra Space Storage, Inc.		1,167		101,109
Federal Realty Investment Trust		646		81,700
GLP J-REIT		71		69,005
Goodman Group		2,505		18,791


Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Hammerson PLC		3,807	$	22,652
Healthcare Trust of America, Inc., Class A		1,818		48,486
Highwoods Properties, Inc.		1,627		76,892
Host Hotels & Resorts, Inc.		4,136		87,270
Ichigo Office REIT Investment		53		43,684
Invincible Investment Corp.		158		66,036
Invitation Homes, Inc.^(b)		4,743		108,662
JBG SMITH Properties		713		26,260
Kenedix Office Investment Corp.		15		95,705
Land Securities Group PLC		4,790		55,152
Link REIT		12,500		123,074
Mid-America Apartment Communities, Inc.		728		72,931
NIPPON REIT Investment Corp.		8		25,864
Prologis, Inc.		3,155		213,878
PRS REIT PLC		44,848		59,916
Regency Centers Corp.		1,661		107,417
Rexford Industrial Realty, Inc.		3,430		109,623
RioCan Real Estate Investment Trust		5,134		98,097
Scentre Group		45,394		130,451
Simon Property Group, Inc.		1,437		253,990
Spirit Realty Capital, Inc.		10,436		84,114
Sun Communities, Inc.		1,443		146,522
Sunstone Hotel Investors, Inc.		3,147		51,485
Tritax EuroBox PLC^(a)(e)		20,318		27,873
UDR, Inc.		3,010		121,694
Unibail-Rodamco-Westfield		671		135,171
VEREIT, Inc.		7,993		58,029
VICI Properties, Inc.		3,044		65,811
Welltower, Inc.		1,951		125,488

				4,191,081
Hotels, Restaurants & Leisure — 0.2%
Hilton Worldwide Holdings, Inc.		557		44,995
Marriott International, Inc., Class A		342		45,154

				90,149
Household Durables — 0.2%
Glenveagh Properties PLC^(a)(e)		54,546		61,431

Internet Software & Services — 0.3%
NEXTDC Ltd.^(a)		23,783		111,653

IT Services — 0.1%
GDS Holdings Ltd. — ADR^(a)		1,662		58,386

Real Estate Management & Development — 3.4%
Aedas Homes SAU^(a)(e)		1,363		43,076
Castellum AB		1,923		34,447
City Developments Ltd.		11,000		73,338
CK Asset Holdings Ltd.		18,500		138,679
Entra ASA^(e)		3,216		46,261
Fabege AB		3,149		43,606
Godewind Immobilien AG^(a)(e)		8,449		34,236
Inmobiliaria Colonial Socimi SA		5,670		58,800


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2045 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Real Estate Management & Development (continued)
LEG Immobilien AG		734	$	87,233
Mega Manunggal Property Tbk PT^(a)		870,200		31,826
Mitsubishi Estate Co. Ltd.		5,600		95,088
Mitsui Fudosan Co. Ltd.		4,400		104,064
Robinsons Land Corp.		93,300		35,019
Sun Hung Kai Properties Ltd.		8,500		123,354
TLG Immobilien AG		1,883		49,207
Unizo Holdings Co. Ltd.		3,700		71,295
Vonovia SE		3,347		163,696


Security	Shares		Value
Real Estate Management & Development (continued)
Wharf Real Estate Investment Co. Ltd.		9,000	$	57,983
Yanlord Land Group Ltd.		36,100		39,079

				1,330,287

Total Long-Term Investments — 15.0% (Cost — $5,621,920)				5,842,987


Total Investments — 99.5% (Cost — $35,710,784)				38,748,883
Other Assets Less Liabilities — 0.5%				184,147

Net Assets — 100.0%			$	38,933,030

^(a)	Non-income producing security.

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

^(c)	Annualized 7-day yield as of period end.

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

^(e)	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.

^(f)

During the period ended September 30, 2018, investments in issuers considered to be an affiliate of the LifePath Dynamic Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the LifePath Dynamic Master Portfolio were as follows:


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
Active Stock Master Portfolio	$	16,134,275	$	2,115,234	^(b)	$	—		$	18,249,509	$	18,249,509	$	251,885		$	1,770,218		$	(217,119	)
BlackRock Advantage Emerging Markets Fund^(e)		238,517		7,702			(246,219	)		—		—		—			267,820			(290,059	)
BlackRock Advantage Emerging Markets Fund — Class K		—		300,135			(63,605	)		236,530		2,429,159		—			(41,529	)		(165,217	)
BlackRock Cash Funds: Institutional, SL Agency Shares		417,921		—			(405,501	)^(c)		12,420		12,424		2,115	^(d)		232			23
BlackRock Cash Funds: Treasury, SL Agency Shares		200,781		313,373	^(b)					514,154		514,154		15,050			—			—
BlackRock Commodity Strategies Fund^(e)		191,145		—			(191,145	)		—		—		—			111,790			(171,044	)
BlackRock Tactical Opportunities Fund		25,033		512			(504	)		25,041		386,379		—			86			26,286
CoreAlpha Bond Master Portfolio	$	709,709	$	229,669	^(b)	$			$	939,378		939,378		16,685			(5,397	)		1,844,646
International Tilts Master Portfolio	$	4,997,493	$	1,294,405	^(b)	$			$	6,291,898		6,291,898		130,136			174,641			(116,001	)
iShares Edge MSCI Multifactor International ETF		51,188		1,384			(11,379	)		41,193		1,156,699		14,467			63,723			(93,449	)
iShares Edge MSCI Multifactor USA ETF		47,081		16,994			(20,319	)		43,756		1,471,077		18,553			24,657			58,500
iShares MSCI Canada ETF		—		3,802			(2,806	)		996		28,665		853			4,438			1,492
iShares MSCI EAFE Small-Cap ETF		17,529		3,270			(167	)		20,632		1,284,961		13,288			2,515			(41,268	)
iShares TIPS Bond ETF		1,086		264			(70	)		1,280		141,593		3,020			(217	)		(3,982	)

											$	32,905,896	$	466,052		$	2,372,977		$	832,808

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net share/investment value purchased.

^(c)

Represents net shares/investment value sold.


2

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2045 Master Portfolio

^(d)

^(e)

As of period end, the entity is no longer an affiliate of the LifePath Dynamic Master Portfolio

Currency Abbreviations

AUD

Australian Dollar

CAD

Canadian Dollar

CHF

Swiss Franc

EUR

Euro

GBP

British Pound

HKD

Hong Kong Dollar

IDR

Indonesian Rupiah

ILS

Israeli Shekel

JPY

Japanese Yen

NZD

New Zealand Dollar

PHP

Philippine Peso

SEK

Swedish Krona

SGD

Singapore Dollar

USD

United States Dollar

Portfolio Abbreviations

ADR

American Depositary Receipts

ETF

Exchange-Traded Fund

MSCI

Morgan Stanley Capital International

REIT

Real Estate Investment Trust

S&P

S&P Global Ratings

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts:
NIKKEI 225 (OSE)		4		12/13/18	$	849	$	68,281
S&P/TSX 60 Index		4		12/20/18		589		3,373
Russell 2000 E-Mini Index		5		12/21/18		425		(4,812	)
Topix Index		5		12/13/18		800		37,651

								104,493

Short Contracts:
S&P 500 E-Mini Index		10		12/21/18		1,460		(4,347	)

							$	100,146


			3

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2045 Master Portfolio

(Percentages shown are based on Net Assets)

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CAD	5,000	USD	3,845	State Street Bank and Trust Co.	10/15/18	$	28
CAD	10,000	USD	7,733	State Street Bank and Trust Co.	10/15/18		11
CAD	18,000	USD	13,776	UBS AG	10/15/18		164
CHF	54,000	USD	54,883	Nomura International PLC	10/15/18		204
GBP	2,000	USD	2,606	Deutsche Bank AG	10/15/18		3
GBP	5,000	USD	6,486	Royal Bank of Canada	10/15/18		34
HKD	89,000	USD	11,358	Royal Bank of Canada	10/15/18		13
HKD	8,000	USD	1,020	State Street Bank and Trust Co.	10/15/18		2
HKD	348,000	USD	44,365	State Street Bank and Trust Co.	10/15/18		96
NOK	13,000	USD	1,562	Bank of America N.A.	10/15/18		36
NOK	73,000	USD	8,860	Bank of America N.A.	10/15/18		114
SGD	14,000	USD	10,241	Royal Bank of Canada	10/15/18		3
USD	26,158	AUD	36,000	Bank of America N.A.	10/15/18		134
USD	6,564	AUD	9,000	State Street Bank and Trust Co.	10/15/18		58
USD	11,818	AUD	16,000	State Street Bank and Trust Co.	10/15/18		252
USD	28,422	AUD	39,000	State Street Bank and Trust Co.	10/15/18		229
USD	3,532	EUR	3,000	BNP Paribas S.A.	10/15/18		46
USD	80,402	EUR	68,000	BNP Paribas S.A.	10/15/18		1,370
USD	6,995	EUR	6,000	Nomura International PLC	10/15/18		21
USD	1,167	EUR	1,000	Standard Chartered Bank	10/15/18		5
USD	1,165	EUR	1,000	State Street Bank and Trust Co.	10/15/18		3
USD	1,169	EUR	1,000	State Street Bank and Trust Co.	10/15/18		7
USD	3,995	GBP	3,000	State Street Bank and Trust Co.	10/15/18		83
USD	15,947	GBP	12,000	State Street Bank and Trust Co.	10/15/18		297
USD	21,001	GBP	16,000	State Street Bank and Trust Co.	10/15/18		134
USD	35,505	IDR	515,042,000	BNP Paribas S.A.	10/15/18		993
USD	2,173	JPY	240,000	Bank of America N.A.	10/15/18		58
USD	7,671	JPY	854,000	Citibank N.A.	10/15/18		147
USD	17,118	JPY	1,895,000	Goldman Sachs International	10/15/18		424
USD	98,771	JPY	10,914,000	Goldman Sachs International	10/15/18		2,624
USD	11,639	JPY	1,286,000	State Street Bank and Trust Co.	10/15/18		309
USD	46,235	NOK	370,000	Nomura International PLC	10/15/18		749
USD	35,685	PHP	1,921,000	BNP Paribas S.A.	10/15/18		165
USD	17,566	SGD	24,000	Standard Chartered Bank	10/15/18		5
USD	1,469	SGD	2,000	State Street Bank and Trust Co.	10/15/18		6
USD	2,936	SGD	4,000	State Street Bank and Trust Co.	10/15/18		9
AUD	2,000,000	USD	1,444,968	Deutsche Bank AG	12/19/18		1,589
CAD	813,912	USD	627,953	Deutsche Bank AG	12/19/18		3,241
JPY	10,000,000	USD	88,551	Bank of America N.A.	12/19/18		7
USD	40,621	CHF	38,965	Deutsche Bank AG	12/19/18		622
USD	61,025	EUR	51,854	Deutsche Bank AG	12/19/18		425
USD	524,811	JPY	58,089,000	Deutsche Bank AG	12/19/18		10,386
USD	66,347	JPY	7,342,675	Nomura International PLC	12/19/18		1,322

							26,428


4

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2045 Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
AUD	92,000	USD	68,151	BNP Paribas S.A.	10/15/18	$	(1,645	)
AUD	24,000	USD	17,647	Bank of America N.A.	10/15/18		(297	)
AUD	18,000	USD	13,298	Citibank N.A.	10/15/18		(286	)
AUD	10,000	USD	7,398	Goldman Sachs International	10/15/18		(169	)
AUD	16,000	USD	11,880	Nomura International PLC	10/15/18		(314	)
EUR	22,000	USD	25,632	Deutsche Bank AG	10/15/18		(63	)
EUR	14,000	USD	16,433	Nomura International PLC	10/15/18		(162	)
EUR	50,000	USD	58,254	Nomura International PLC	10/15/18		(142	)
EUR	22,000	USD	25,572	Standard Chartered Bank	10/15/18		(3	)
EUR	7,000	USD	8,148	State Street Bank and Trust Co.	10/15/18		(12	)
GBP	10,000	USD	13,056	Nomura International PLC	10/15/18		(15	)
GBP	3,000	USD	3,952	State Street Bank and Trust Co.	10/15/18		(39	)
HKD	87,000	USD	11,118	State Street Bank and Trust Co.	10/15/18		(2	)
ILS	20,000	USD	5,540	Bank of America N.A.	10/15/18		(36	)
JPY	2,973,000	USD	26,221	Bank of America N.A.	10/15/18		(30	)
JPY	1,665,000	USD	14,901	Deutsche Bank AG	10/15/18		(233	)
JPY	4,989,000	USD	44,042	Deutsche Bank AG	10/15/18		(91	)
JPY	524,000	USD	4,622	Goldman Sachs International	10/15/18		(6	)
JPY	884,000	USD	7,841	Goldman Sachs International	10/15/18		(53	)
JPY	2,814,000	USD	25,070	Goldman Sachs International	10/15/18		(280	)
JPY	3,306,000	USD	29,704	Goldman Sachs International	10/15/18		(579	)
JPY	1,708,000	USD	15,403	Nomura International PLC	10/15/18		(356	)
JPY	500,000	USD	4,478	State Street Bank and Trust Co.	10/15/18		(73	)
JPY	917,000	USD	8,147	State Street Bank and Trust Co.	10/15/18		(69	)
JPY	2,810,000	USD	24,902	State Street Bank and Trust Co.	10/15/18		(147	)
NZD	6,000	USD	4,081	Bank of America N.A.	10/15/18		(103	)
SEK	771,000	USD	88,771	Bank of America N.A.	10/15/18		(1,927	)
SEK	59,000	USD	6,662	Citibank N.A.	10/15/18		(16	)
SGD	66,000	USD	48,657	State Street Bank and Trust Co.	10/15/18		(362	)
USD	4,315	AUD	6,000	JPMorgan Chase Bank N.A.	10/15/18		(23	)
USD	3,553	AUD	5,000	State Street Bank and Trust Co.	10/15/18		(61	)
USD	4,305	AUD	6,000	State Street Bank and Trust Co.	10/15/18		(33	)
USD	10,780	AUD	15,000	State Street Bank and Trust Co.	10/15/18		(63	)
USD	760	CAD	1,000	BNP Paribas S.A.	10/15/18		(14	)
USD	8,382	CAD	11,000	Deutsche Bank AG	10/15/18		(137	)
USD	763	CAD	1,000	State Street Bank and Trust Co.	10/15/18		(12	)
USD	6,948	EUR	6,000	Citibank N.A.	10/15/18		(25	)
USD	3,439	EUR	3,000	Deutsche Bank AG	10/15/18		(48	)
USD	9,279	EUR	8,000	Nomura International PLC	10/15/18		(19	)
USD	5,807	EUR	5,000	Royal Bank of Canada	10/15/18		(4	)
USD	2,318	EUR	2,000	State Street Bank and Trust Co.	10/15/18		(6	)
USD	3,475	EUR	3,000	State Street Bank and Trust Co.	10/15/18		(11	)
USD	7,816	GBP	6,000	Royal Bank of Canada	10/15/18		(9	)
USD	20,769	GBP	16,000	State Street Bank and Trust Co.	10/15/18		(97	)
USD	7,395	HKD	58,000	Citibank N.A.	10/15/18		(15	)
USD	11,358	HKD	89,000	Citibank N.A.	10/15/18		(13	)
USD	10,325	HKD	81,000	Goldman Sachs International	10/15/18		(23	)
USD	893	HKD	7,000	UBS AG	10/15/18		(1	)


			5

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2045 Master Portfolio

(Percentages shown are based on Net Assets)

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	29,449	HKD	231,000	UBS AG	10/15/18	$	(64	)
USD	5,829	NOK	48,000	Royal Bank of Canada	10/15/18		(72	)
USD	4,211	SEK	38,000	Deutsche Bank AG	10/15/18		(69	)
USD	38,383	SEK	344,000	JPMorgan Chase Bank N.A.	10/15/18		(365	)
USD	2,475	SEK	22,000	State Street Bank and Trust Co.	10/15/18		(3	)
USD	3,920	SEK	35,000	State Street Bank and Trust Co.	10/15/18		(22	)
USD	30,499	SEK	271,000	State Street Bank and Trust Co.	10/15/18		(26	)
USD	27,743	SGD	38,000	Barclays Bank PLC	10/15/18		(63	)
USD	29,993	SGD	41,000	State Street Bank and Trust Co.	10/15/18		(8	)
EUR	1,504,000	USD	1,769,608	Deutsche Bank AG	12/19/18		(11,943	)
GBP	17,656	USD	23,196	Nomura International PLC	12/19/18		(97	)
USD	385,809	CAD	500,000	Nomura International PLC	12/19/18		(1,944	)

							(22,800	)

						$	3,628

Fair Value Hierarchy as of Period End

•

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

•


6

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2045 Master Portfolio

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the LifePath Dynamic Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Affiliated Investment Companies
Equity Funds	$	6,756,940		$	—		$	—	$	6,756,940
Fixed Income Funds		141,593			—			—		141,593
Short-Term Securities		526,578			—			—		526,578
Common Stocks:
Equity Real Estate Investment Trusts (REITs)		3,199,752			991,329			—		4,191,081
Hotels, Restaurants & Leisure		90,149			—			—		90,149
Household Durables		61,431			—			—		61,431
IT Services		58,386			—			—		58,386
Internet Software & Services		—			111,653			—		111,653
Real Estate Management & Development		109,138			1,221,149			—		1,330,287

Subtotal	$	10,943,967		$	2,324,131		$	—	$	13,268,098

Investments Valued at Net Asset Value (“NAV”)^(a)										25,480,785

Total Investments								—	$	38,748,883

Derivative Financial Instruments^(b)
Assets:
Equity contracts	$	109,305		$	—		$	—	$	109,305
Foreign currency exchange contracts		—			26,428			—		26,428
Liabilities:
Equity contracts		(9,159	)							(9,159	)
Foreign currency exchange contracts					(22,800	)		—		(22,800	)

Total	$	100,146		$	3,628		$	—	$	103,774

^(a)

As of September 30, 2018, certain investments of the LifePath Dynamic Master Portfolio’s Investments were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

^(b)

During the period ended September 30, 2018, there were no transfers between levels.


			7

Schedule of Investments (unaudited)

September 30, 2018

LifePath Dynamic 2050 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares/ Investment Value		Value
Affiliated Investment Companies^(e) — 82.8%

Equity Funds — 80.5%
Active Stock Master Portfolio	$	50,373,535	$	50,373,535
BlackRock Advantage Emerging Markets Fund — Class K^(a)		669,736		6,878,192
International Tilts Master Portfolio	$	16,865,601		16,865,601
iShares Edge MSCI Multifactor International ETF		127,913		3,591,797
iShares Edge MSCI Multifactor USA ETF		127,245		4,277,977
iShares MSCI EAFE Small-Cap ETF		60,126		3,744,647

				85,731,749
Fixed Income Fund — 1.0%
CoreAlpha Bond Master Portfolio	$	1,074,875		1,074,875

Short-Term Securities — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.27%^(b)(c)		402,338		402,459
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.97%^(b)		975,235		975,235

				1,377,694

Total Affiliated Investment Companies — 82.8% (Cost — $66,181,855)				88,184,318


Common Stocks — 16.1%

Equity Real Estate Investment Trusts (REITs) — 11.4%
Alexandria Real Estate Equities, Inc.		3,289		413,723
Ascendas Real Estate Investment Trust		71,900		138,882
Assura PLC		154,489		109,126
AvalonBay Communities, Inc.		3,031		549,066
Big Yellow Group PLC		11,323		135,087
Boston Properties, Inc.		3,970		488,667
Brandywine Realty Trust		9,974		156,791
Canadian Apartment Properties REIT		5,365		198,085
Capital & Regional PLC		209,111		116,990
CareTrust REIT, Inc.		20,225		358,185
CyrusOne, Inc.		6,334		401,576
Derwent London PLC		2,736		101,864
EPR Properties		5,020		343,418
Equinix, Inc.		545		235,925
Extra Space Storage, Inc.		3,444		298,388
Federal Realty Investment Trust		1,886		238,522
GLP J-REIT		209		203,128
Goodman Group		7,176		53,831
Hammerson PLC		10,999		65,446
Healthcare Trust of America, Inc., Class A		5,321		141,911
Highwoods Properties, Inc.		4,753		224,627
Host Hotels & Resorts, Inc.		12,222		257,884


Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Ichigo Office REIT Investment		153	$	126,107
Invincible Investment Corp.		461		192,675
Invitation Homes, Inc.		13,852		317,349
JBG SMITH Properties		2,106		77,564
Kenedix Office Investment Corp.		45		287,114
Land Securities Group PLC		13,837		159,320
Link REIT		36,000		354,454
Mid-America Apartment Communities, Inc.		2,127		213,083
NIPPON REIT Investment Corp.		23		74,358
Prologis, Inc.		9,315		631,464
PRS REIT PLC		129,996		173,673
Regency Centers Corp.		4,851		313,714
Rexford Industrial Realty, Inc.		10,199		325,960
RioCan Real Estate Investment Trust		14,995		286,515
Scentre Group		132,582		381,008
Simon Property Group, Inc.		4,097		724,145
Spirit Realty Capital, Inc.		30,480		245,669
Sun Communities, Inc.		4,193		425,757
Sunstone Hotel Investors, Inc.		9,191		150,365
UDR, Inc.		8,805		355,986
Unibail-Rodamco-Westfield		1,982		399,267
VEREIT, Inc.		23,345		169,485
VICI Properties, Inc.		8,087		174,841
Welltower, Inc.		5,697		366,431

				12,157,426
Hotels, Restaurants & Leisure — 0.2%
Hilton Worldwide Holdings, Inc.		1,626		131,348
Marriott International, Inc., Class A		1,000		132,030

				263,378
Household Durables — 0.2%
Glenveagh Properties PLC^(a)(d)		159,313		179,421

Internet Software & Services — 0.3%
NEXTDC Ltd.^(a)		69,462		326,100

IT Services — 0.2%
GDS Holdings Ltd. — ADR^(a)		4,801		168,659

Real Estate Management & Development — 3.7%
Aedas Homes SAU^(a)(d)		3,980		125,783
Castellum AB		5,615		100,581
City Developments Ltd.		32,500		216,682
CK Asset Holdings Ltd.		54,500		408,542
Entra ASA^(d)		9,474		136,281
Fabege AB		9,305		128,850
Godewind Immobilien AG^(a)(d)		24,737		100,236
Inmobiliaria Colonial Socimi SA		16,560		171,734
LEG Immobilien AG		2,144		254,805
Mega Manunggal Property Tbk PT^(a)		2,899,500		106,045
Mitsubishi Estate Co. Ltd.		16,300		276,775
Mitsui Fudosan Co. Ltd.		12,800		302,731


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2050 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Real Estate Management & Development (continued)
Robinsons Land Corp.		272,800	$	102,394
Sun Hung Kai Properties Ltd.		25,000		362,805
TLG Immobilien AG		5,511		144,013
Unizo Holdings Co. Ltd.		11,100		213,885
Vonovia SE		9,775		478,078
Wharf Real Estate Investment Co. Ltd.		28,000		180,391


Security	Shares		Value
Real Estate Management & Development (continued)
Yanlord Land Group Ltd.		105,300	$	113,990

				3,924,601
Wireless Telecommunication Services — 0.1%
Tritax EuroBox PLC^(a)(d)		60,033		82,355

Total Long-Term Investments — 16.1% (Cost — $16,449,599)				17,101,940

Total Investments — 98.9% (Cost — $82,631,454)				105,286,258
Other Assets Less Liabilities — 1.1%				1,148,157

Net Assets — 100.0%			$	106,434,415

^(a)	Non-income producing security.

^(b)	Annualized 7-day yield as of period end.

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

^(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)


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
Active Stock Master Portfolio	$	51,613,648	$	—		$	(1,240,113	)^(b)	$	50,373,535	$	50,373,535	$	716,638		$	5,071,107		$	5,007,700
BlackRock Advantage Emerging Markets Fund		833,989		—			(833,989	)		—		—		—			945,056			(1,011,776	)
BlackRock Advantage^(e) Emerging Markets Fund — Class K		—		1,002,188			(332,452	)		669,736		6,878,192		—			(76,057	)		(463,412	)
BlackRock Cash Funds: Institutional, SL Agency Shares		1,465,187		—			(1,062,849	)^(b)		402,338		402,459		7,723	^(c)		128			134
BlackRock Cash Funds: Treasury, SL Agency Shares		295,381		679,854	^(d)		—			975,235		975,235		22,433	^(c)		—			—
BlackRock Commodity Strategies Fund^(e)		665,908		—			(665,908	)		—		—		—			530,244			(733,423	)
CoreAlpha Bond Master Portfolio	$	1,088,841	$	—		$	(13,966	)^(b)	$	1,074,875	$	1,074,875		24,603			(8,601	)		10,161
International Tilts Master Portfolio	$	17,326,282	$	—		$	(460,681	)^(b)	$	16,865,601	$	16,865,601		377,109			562,016			(632,468	)
iShares Edge MSCI Multifactor International ETF		168,737		29,567			(70,391	)		127,913		3,591,797		42,373			341,331			(400,983	)
iShares Edge MSCI Multifactor USA ETF		273,377		32,410			(178,542	)		127,245		4,277,977		37,168			914,653			(612,097	)
iShares MSCI EAFE Small-Cap ETF		65,037		13,754			(18,665	)		60,126		3,744,647		36,518			275,347			(360,916	)

											$	88,184,318	$	1,264,565		$	8,555,224		$	802,920


2

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2050 Master Portfolio

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares/investment value sold.

^(c)

^(d)

Represents net shares/investment value purchased.

^(e)

As of period end, the entity is no longer an affiliate of the LifePath Master Portfolio.

Currency Abbreviations

AUD

Australian Dollar

CAD

Canadian Dollar

CHF

Swiss Franc

EUR

Euro

GBP

British Pound

HKD

Hong Kong Dollar

IDR

Indonesian Rupiah

ILS

Israeli Shekel

JPY

Japanese Yen

NOK

Norwegian Krone

NZD

New Zealand Dollar

PHP

Philippine Peso

SEK

Swedish Krona

SGD

Singapore Dollar

USD

United States Dollar

Portfolio Abbreviations

ADR

American Depositary Receipts

ETF

Exchange-Traded Fund

MSCI

Morgan Stanley Capital International

REIT

Real Estate Investment Trust

S&P

S&P Global Ratings


			3

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2050 Master Portfolio

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts:
NIKKEI 225 (OSE)		10		12/13/18	$	2,123	$	174,268
S&P/TSX 60 Index		14		12/20/18		2,060		11,790
Russell 2000 E-Mini Index		12		12/21/18	$	1,020		(11,549	)

								174,509

Short Contracts:
S&P 500 E-Mini Index		23		12/21/18	$	3,357		(9,998	)

							$	164,511

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
AUD	36,000	USD	25,565	Goldman Sachs International	10/15/18	$	459
CAD	10,000	USD	7,681	State Street Bank and Trust Co.	10/15/18		63
CAD	15,000	USD	11,534	State Street Bank and Trust Co.	10/15/18		83
CAD	21,000	USD	16,240	State Street Bank and Trust Co.	10/15/18		23
CAD	49,000	USD	37,502	UBS AG	10/15/18		446
CHF	165,000	USD	167,692	Nomura International PLC	10/15/18		630
GBP	6,000	USD	7,817	Deutsche Bank AG	10/15/18		8
HKD	143,000	USD	18,249	Royal Bank of Canada	10/15/18		21
HKD	23,000	USD	2,933	State Street Bank and Trust Co.	10/15/18		5
HKD	781,000	USD	99,566	State Street Bank and Trust Co.	10/15/18		214
NOK	210,000	USD	25,489	Bank of America N.A.	10/15/18		328
NOK	39,000	USD	4,766	Standard Chartered Bank	10/15/18		29
SGD	34,000	USD	24,871	Royal Bank of Canada	10/15/18		8
USD	79,200	AUD	109,000	Bank of America N.A.	10/15/18		405
USD	18,961	AUD	26,000	State Street Bank and Trust Co.	10/15/18		166
USD	33,977	AUD	46,000	State Street Bank and Trust Co.	10/15/18		724
USD	83,807	AUD	115,000	State Street Bank and Trust Co.	10/15/18		675
USD	2,343	EUR	2,000	BNP Paribas S.A.	10/15/18		19
USD	30,311	EUR	26,000	Nomura International PLC	10/15/18		93
USD	3,502	EUR	3,000	Standard Chartered Bank	10/15/18		15
USD	3,506	EUR	3,000	State Street Bank and Trust Co.	10/15/18		20
USD	11,775	EUR	10,000	State Street Bank and Trust Co.	10/15/18		152
USD	238,841	EUR	202,000	State Street Bank and Trust Co.	10/15/18		4,070
USD	13,318	GBP	10,000	State Street Bank and Trust Co.	10/15/18		276
USD	46,511	GBP	35,000	State Street Bank and Trust Co.	10/15/18		866
USD	72,190	GBP	55,000	State Street Bank and Trust Co.	10/15/18		462
USD	100,891	IDR	1,463,553,000	BNP Paribas S.A.	10/15/18		2,822
USD	6,527	JPY	721,000	Bank of America N.A.	10/15/18		176
USD	26,196	JPY	2,900,000	Nomura International PLC	10/15/18		648
USD	2,335	JPY	259,000	State Street Bank and Trust Co.	10/15/18		53
USD	17,865	JPY	1,974,000	State Street Bank and Trust Co.	10/15/18		475
USD	284,086	JPY	31,390,000	State Street Bank and Trust Co.	10/15/18		7,554


4

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2050 Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	135,590	NOK	1,085,000	Nomura International PLC	10/15/18	$	2,206
USD	106,162	PHP	5,715,000	BNP Paribas S.A.	10/15/18		492
USD	51,967	SGD	71,000	Standard Chartered Bank	10/15/18		14
USD	3,670	SGD	5,000	State Street Bank and Trust Co.	10/15/18		11
USD	5,143	SGD	7,000	State Street Bank and Trust Co.	10/15/18		21
AUD	5,700,000	USD	4,118,159	Deutsche Bank AG	12/19/18		4,529
CAD	2,260,699	USD	1,744,185	Deutsche Bank AG	12/19/18		9,003
JPY	27,000,000	USD	239,087	Bank of America N.A.	12/19/18		20
USD	143,545	CHF	137,693	Deutsche Bank AG	12/19/18		2,200
USD	273,445	JPY	30,266,450	Deutsche Bank AG	12/19/18		5,412
USD	1,399,606	JPY	154,895,000	Nomura International PLC	12/19/18		27,885

							73,781

AUD	71,000	USD	52,205	Bank of America N.A.	10/15/18		(880	)
AUD	41,000	USD	30,290	Citibank N.A.	10/15/18		(651	)
AUD	29,000	USD	21,453	Goldman Sachs International	10/15/18		(490	)
AUD	55,000	USD	40,838	Nomura International PLC	10/15/18		(1,079	)
AUD	269,000	USD	199,271	Nomura International PLC	10/15/18		(4,814	)
EUR	54,000	USD	62,916	Deutsche Bank AG	10/15/18		(155	)
EUR	21,000	USD	24,460	Nomura International PLC	10/15/18		(53	)
EUR	33,000	USD	38,735	Nomura International PLC	10/15/18		(381	)
EUR	142,000	USD	165,440	Nomura International PLC	10/15/18		(403	)
EUR	50,000	USD	58,119	Standard Chartered Bank	10/15/18		(7	)
EUR	18,000	USD	20,949	State Street Bank and Trust Co.	10/15/18		(29	)
GBP	25,000	USD	32,641	Nomura International PLC	10/15/18		(37	)
GBP	9,000	USD	11,855	State Street Bank and Trust Co.	10/15/18		(118	)
HKD	142,000	USD	18,146	State Street Bank and Trust Co.	10/15/18		(4	)
ILS	71,000	USD	19,673	Goldman Sachs International	10/15/18		(134	)
JPY	3,534,000	USD	31,627	Deutsche Bank AG	10/15/18		(494	)
JPY	6,878,000	USD	61,275	Goldman Sachs International	10/15/18		(682	)
JPY	10,294,000	USD	92,490	Goldman Sachs International	10/15/18		(1,804	)
JPY	14,148,000	USD	124,882	Goldman Sachs International	10/15/18		(244	)
JPY	2,754,000	USD	24,835	Nomura International PLC	10/15/18		(574	)
JPY	1,140,000	USD	10,210	State Street Bank and Trust Co.	10/15/18		(167	)
JPY	2,080,000	USD	18,345	State Street Bank and Trust Co.	10/15/18		(21	)
JPY	4,534,000	USD	40,212	State Street Bank and Trust Co.	10/15/18		(270	)
JPY	6,221,000	USD	54,867	State Street Bank and Trust Co.	10/15/18		(62	)
JPY	8,703,000	USD	77,127	State Street Bank and Trust Co.	10/15/18		(457	)
NZD	21,000	USD	14,280	State Street Bank and Trust Co.	10/15/18		(359	)
SEK	161,000	USD	18,180	BNP Paribas S.A.	10/15/18		(45	)
SEK	2,269,000	USD	261,229	Nomura International PLC	10/15/18		(5,654	)
SGD	195,000	USD	143,764	State Street Bank and Trust Co.	10/15/18		(1,075	)
USD	9,238	AUD	13,000	State Street Bank and Trust Co.	10/15/18		(159	)
USD	15,821	AUD	22,000	State Street Bank and Trust Co.	10/15/18		(82	)
USD	16,502	AUD	23,000	State Street Bank and Trust Co.	10/15/18		(125	)
USD	35,215	AUD	49,000	State Street Bank and Trust Co.	10/15/18		(207	)
USD	757	CAD	1,000	BNP Paribas S.A.	10/15/18		(18	)
USD	1,520	CAD	2,000	BNP Paribas S.A.	10/15/18		(29	)
USD	15,240	CAD	20,000	Deutsche Bank AG	10/15/18		(249	)
USD	2,288	CAD	3,000	State Street Bank and Trust Co.	10/15/18		(35	)
USD	19,686	EUR	17,000	Citibank N.A.	10/15/18		(72	)


			5

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2050 Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	11,462	EUR	10,000	Deutsche Bank AG	10/15/18		(160	)
USD	25,516	EUR	22,000	Nomura International PLC	10/15/18		(53	)
USD	5,792	EUR	5,000	State Street Bank and Trust Co.	10/15/18		(19	)
USD	8,113	EUR	7,000	State Street Bank and Trust Co.	10/15/18		(22	)
USD	48,021	GBP	37,000	State Street Bank and Trust Co.	10/15/18		(232	)
USD	11,996	HKD	94,000	Citibank N.A.	10/15/18		(13	)
USD	25,113	HKD	197,000	Goldman Sachs International	10/15/18		(56	)
USD	9,823	HKD	77,000	UBS AG	10/15/18		(15	)
USD	86,562	HKD	679,000	UBS AG	10/15/18		(187	)
USD	17,608	NOK	145,000	Royal Bank of Canada	10/15/18		(217	)
USD	12,744	SEK	115,000	Deutsche Bank AG	10/15/18		(209	)
USD	113,475	SEK	1,017,000	JPMorgan Chase Bank N.A.	10/15/18		(1,078	)
USD	7,089	SEK	63,000	State Street Bank and Trust Co.	10/15/18		(7	)
USD	11,420	SEK	102,000	State Street Bank and Trust Co.	10/15/18		(69	)
USD	90,259	SEK	802,000	State Street Bank and Trust Co.	10/15/18		(76	)
USD	86,881	SGD	119,000	Barclays Bank PLC	10/15/18		(196	)
USD	90,712	SGD	124,000	State Street Bank and Trust Co.	10/15/18		(24	)
EUR	7,880	USD	9,272	Deutsche Bank AG	12/19/18		(63	)
EUR	4,201,860	USD	4,943,913	Deutsche Bank AG	12/19/18		(33,366	)
GBP	13,994	USD	18,385	Nomura International PLC	12/19/18		(77	)
USD	1,080,364	CAD	1,400,000	Deutsche Bank AG	12/19/18		(5,345	)

							(63,603	)

						$	10,178


6

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2050 Master Portfolio

Fair Value Hierarchy as of Period End

•

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

•

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

The following table summarize the LifePath Dynamic Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies:
Equity Funds	$	18,492,613	$	—	$	—	$	18,492,613
Short-Term Securities		1,377,694		—		—		1,377,694
Common Stocks:
Equity Real Estate Investment Trusts (REITs)		9,258,769		2,898,657		—		12,157,426
Hotels, Restaurants & Leisure		263,378		—		—		263,378
Household Durables		179,421		—		—		179,421
IT Services		168,659		—		—		168,659
Internet Software & Services		—		326,100		—		326,100
Real Estate Management & Development		332,064		3,592,537		—		3,924,601
Wireless Telecommunication Services		82,355		—		—		82,355

Subtotal	$	30,154,953	$	6,817,294	$	—	$	36,972,247

Investments Valued at Net Asset Value (“NAV”)^(a)								68,314,011

Total investments							$	105,286,258


			7

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2050 Master Portfolio

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments^(b)
Assets:
Equity contracts	$	186,058		$	—		$	—	$	186,058
Foreign currency exchange contracts				$	73,781			—		73,781
Liabilities:
Equity contracts		(21,547	)				$			(21,547	)
Foreign currency exchange contracts					(63,603	)				(63,603	)

	$	164,511		$	10,178		$	—	$	174,689

^(a)

^(b)

Transfer between Level 1 and Level 2 were as follows:


	Transfers out of Level 1^(a)			Transfers into of Level 2^(a)
Assets:
Investments:
Common Stocks:
Equity Real Estate Investment Trusts (REITs)	$	(844,320	)	$	844,320
Real Estate Management & Development		(366,997	)		366,997

		(1,211,317	)		1,211,317

^(a)

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


8

Schedule of Investments (unaudited)

September 30, 2018

LifePath Dynamic 2055 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares/ Investment Value		Value
Affiliated Investment Companies^(f) — 83.8%

Equity Funds — 80.4%
Active Stock Master Portfolio	$	10,052,170	$	10,052,170
BlackRock Advantage Emerging Markets Fund — Class K^(a)		139,339		1,431,016
International Tilts Master Portfolio	$	3,521,557		3,521,557
iShares Edge MSCI Multifactor International ETF		26,280		737,942
iShares Edge MSCI Multifactor USA ETF		35,031		1,177,742
iShares MSCI Canada ETF^(b)		2,629		75,663
iShares MSCI EAFE Small-Cap ETF		12,729		792,762

				17,788,852
Fixed Income Fund — 1.0%
CoreAlpha Bond Master Portfolio	$	223,443		223,443

Short-Term Securities — 2.4%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.27%^(c)(d)		152,142		152,188
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.97%^(c)		373,077		373,077

				525,265

Total Affiliated Investment Companies — 83.8% (Cost — $17,041,854)				18,537,560


Common Stocks — 16.0%

Equity Real Estate Investment Trusts (REITs) — 11.3%
Alexandria Real Estate Equities, Inc.		684		86,040
Ascendas Real Estate Investment Trust		14,700		28,395
Assura PLC		32,135		22,699
AvalonBay Communities, Inc.		631		114,306
Big Yellow Group PLC		2,355		28,096
Boston Properties, Inc.		814		100,195
Brandywine Realty Trust		2,078		32,666
Canadian Apartment Properties REIT		1,116		41,205
Capital & Regional PLC		43,890		24,555
CareTrust REIT, Inc.		3,873		68,591
CyrusOne, Inc.		1,299		82,357
Derwent London PLC		569		21,184
EPR Properties^(b)		1,044		71,420
Equinix, Inc.		113		48,917
Extra Space Storage, Inc.^(b)		707		61,254
Federal Realty Investment Trust		392		49,576
GLP J-REIT		43		41,792
Goodman Group		1,526		11,447
Hammerson PLC		2,324		13,828
Healthcare Trust of America, Inc., Class A		1,114		29,710
Highwoods Properties, Inc.		989		46,740


Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Host Hotels & Resorts, Inc.		2,506	$	52,877
Ichigo Office REIT Investment		32		26,375
Invincible Investment Corp.		96		40,123
Invitation Homes, Inc.		2,881		66,004
JBG SMITH Properties		432		15,911
Kenedix Office Investment Corp.		9		57,423
Land Securities Group PLC		2,925		33,678
Link REIT		7,500		73,845
Mid-America Apartment Communities, Inc.		442		44,280
NIPPON REIT Investment Corp.		4		12,932
Prologis, Inc.		1,916		129,886
PRS REIT PLC		27,246		36,400
Regency Centers Corp.		1,009		65,252
Rexford Industrial Realty, Inc.		2,078		66,413
RioCan Real Estate Investment Trust		3,119		59,596
Scentre Group		27,578		79,252
Simon Property Group, Inc.		840		148,470
Spirit Realty Capital, Inc.		6,340		51,100
Sun Communities, Inc.		877		89,051
Sunstone Hotel Investors, Inc.		1,912		31,280
UDR, Inc.		1,829		73,946
Unibail-Rodamco-Westfield		406		81,787
VEREIT, Inc.		4,856		35,255
VICI Properties, Inc.		1,682		36,365
Welltower, Inc.		1,185		76,219

				2,508,693
Hotels, Restaurants & Leisure — 0.2%
Hilton Worldwide Holdings, Inc.		338		27,304
Marriott International, Inc., Class A		208		27,462

				54,766
Household Durables — 0.2%
Glenveagh Properties PLC^(a)(e)		33,138		37,321

Internet Software & Services — 0.3%
NEXTDC Ltd.^(a)		14,448		67,828

IT Services — 0.2%
GDS Holdings Ltd. — ADR^(a)		1,015		35,657

Real Estate Management & Development — 3.7%
Aedas Homes SAU^(a)(e)		828		26,168
Castellum AB		1,168		20,922
City Developments Ltd.		6,700		44,670
CK Asset Holdings Ltd.		11,500		86,206
Entra ASA^(e)		2,003		28,813
Fabege AB		1,908		26,421
Godewind Immobilien AG^(a)(e)		5,092		20,633
Inmobiliaria Colonial Socimi SA		3,445		35,726
LEG Immobilien AG		446		53,005
Mega Manunggal Property Tbk PT^(a)		464,700		16,996
Mitsubishi Estate Co. Ltd.		3,400		57,732


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2055 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Real Estate Management & Development (continued)
Mitsui Fudosan Co. Ltd.		2,700	$	63,857
Robinsons Land Corp.		58,400		21,920
Sun Hung Kai Properties Ltd.		5,000		72,561
TLG Immobilien AG		1,154		30,156
Unizo Holdings Co. Ltd.		2,300		44,319
Vonovia SE		2,033		99,431
Wharf Real Estate Investment Co. Ltd.		6,000		38,655


Security	Shares		Value
Real Estate Management & Development (continued)
Yanlord Land Group Ltd.		21,900	$	23,707

				811,898
Wireless Telecommunication Services — 0.1%
Tritax EuroBox PLC^(a)(e)		12,311		16,889

Total Common Stocks — 16.0% (Cost — $3,415,227)				3,533,052


Total Investments — 99.8% (Cost — $20,457,081)				22,070,612
Other Assets Less Liabilities — 0.2%				50,118

Net Assets — 100.0%			$	22,120,730

^(a)	Non-income producing security.

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

^(c)	Annualized 7-day yield as of period end.

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

^(e)	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.

^(f)	During the period ended September 30, 2018, investments in issuers considered to be affiliates of the LifePath Dynamic Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the LifePath Dynamic Master Portfolio were as follows:


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
Active Stock Master Portfolio	$	8,304,880	$	1,747,290	^(b)	$	—		$	10,052,170	$	10,052,170	$	134,856		$	958,376		$	1,044,641
BlackRock Advantage Emerging Markets Fund*		132,177		2,549			(134,726	)		—		—		—			148,967			(160,586	)
BlackRock Advantage Emerging Markets Fund — Class K		—		182,679			(43,340	)		139,339		1,431,016		—			(31,300	)		(90,464	)
BlackRock Cash Funds: Institutional, SL Agency Shares		199,849		—			(47,707	)^(c)		152,142		152,188		1,251	^(d)		(29	)		14
BlackRock Cash Funds: Treasury, SL Agency Shares		95,383		277,694	^(b)		—			373,077		373,077		5,263			—			—
BlackRock Commodity Strategies Fund*		104,226		—			(104,226	)^(c)		—		—		—			65,405			(97,715	)
CoreAlpha Bond Master Portfolio	$	209,049	$	14,394	^(b)	$	—		$	223,443		223,443		4,259			(1,494	)		4,182
International Tilts Master Portfolio	$	2,546,884	$	974,673	^(b)	$	—		$	3,521,557		3,521,557		73,319			92,448			(110,838	)
iShares Edge MSCI Multifactor Intl ETF		30,831		5,949			(10,500	)		26,280		737,942		8,121			48,468			(62,554	)
iShares Edge MSCI Multifactor USA ETF		36,550		18,256			(19,775	)		35,031		1,177,742		14,141			16,470			58,241


2

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2055 Master Portfolio


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares/ Investment Value Purchased		Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
iShares MSCI Canada ETF		—		5,133		(2,504	)		2,629	$	75,663	$	897	$	789	$	3,712
iShares MSCI EAFE Small-Cap ETF		11,374		3,839		(2,484	)		12,729		792,762		7,907		21,748		(43,751	)
iShares Russell 2000 ETF*		196		—		(196	)		—		—		48		1,877		(1,679	)

										$	18,537,560	$	250,062	$	1,321,725	$	543,203

No longer held by LifePath Dynamic Master Portfolio

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares/investment value purchased.

^(c)

Represents net shares/investment value sold.

^(d)

Currency Abbreviations

AUD

Australian Dollar

CAD

Canadian Dollar

CHF

Swiss Franc

EUR

Euro

GBP

British Pound

HKD

Hong Kong Dollar

IDR

Indonesian Rupiah

ILS

Israeli Shekel

JPY

Japanese Yen

NOK

Norwegian Krone

NZD

New Zealand Dollar

PHP

Philippine Peso

SEK

Swedish Krona

SGD

Singapore Dollar

USD

United States Dollar

Portfolio Abbreviations

ADR

American Depositary Receipts

ETF

Exchange-Traded Fund

MSCI

Morgan Stanley Capital International

REIT

Real Estate Investment Trust

S&P

S&P Global Ratings


			3

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2055 Master Portfolio

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts:
NIKKEI 225 (OSE)		2		12/13/18	$	425	$	34,853
S&P/TSX 60 Index		2		12/20/18		294		1,689
Russell 2000 E-Mini Index		3		12/21/18		255		(2,887	)

								33,655

Short Contracts:
S&P 500 E-Mini Index		4		12/21/18		584		(1,739	)

							$	31,916

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CAD	13,000	USD	9,950	Goldman Sachs International		10/15/18	$	118
CAD	7,000	USD	5,413	State Street Bank and Trust Co.		10/15/18		8
CHF	31,000	USD	31,507	Nomura International PLC		10/15/18		117
EUR	11,000	USD	12,768	Royal Bank of Canada		10/15/18		16
GBP	1,000	USD	1,303	Deutsche Bank AG		10/15/18		1
GBP	5,000	USD	6,486	Royal Bank of Canada		10/15/18		34
HKD	75,000	USD	9,571	Royal Bank of Canada		10/15/18		11
HKD	5,000	USD	638	State Street Bank and Trust Co.		10/15/18		1
HKD	18,000	USD	2,296	State Street Bank and Trust Co.		10/15/18		3
HKD	230,000	USD	29,322	State Street Bank and Trust Co.		10/15/18		63
NOK	44,000	USD	5,340	Royal Bank of Canada		10/15/18		69
SGD	10,000	USD	7,315	Royal Bank of Canada		10/15/18		2
USD	15,985	AUD	22,000	Bank of America N.A.		10/15/18		82
USD	4,376	AUD	6,000	State Street Bank and Trust Co.		10/15/18		38
USD	6,648	AUD	9,000	State Street Bank and Trust Co.		10/15/18		142
USD	16,761	AUD	23,000	State Street Bank and Trust Co.		10/15/18		135
USD	1,172	EUR	1,000	BNP Paribas S.A.		10/15/18		9
USD	49,660	EUR	42,000	BNP Paribas S.A.		10/15/18		846
USD	1,165	EUR	1,000	Bank of America N.A.		10/15/18		3
USD	2,332	EUR	2,000	Nomura International PLC		10/15/18		7
USD	1,167	EUR	1,000	Standard Chartered Bank		10/15/18		5
USD	2,355	EUR	2,000	State Street Bank and Trust Co.		10/15/18		31
USD	8,154	EUR	7,000	State Street Bank and Trust Co.		10/15/18		18
USD	9,302	GBP	7,000	State Street Bank and Trust Co.		10/15/18		173
USD	11,813	GBP	9,000	State Street Bank and Trust Co.		10/15/18		76
USD	18,960	IDR	275,040,000	BNP Paribas S.A.		10/15/18		530
USD	2,173	JPY	240,000	Bank of America N.A.		10/15/18		59
USD	8,021	JPY	893,000	Citibank N.A.		10/15/18		154
USD	49,069	JPY	5,422,000	Goldman Sachs International		10/15/18		1,303
USD	8,916	JPY	987,000	Nomura International PLC		10/15/18		221


4

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2055 Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	905	JPY	100,000	Standard Chartered Bank		10/15/18	$	24
USD	1,992	JPY	221,000	State Street Bank and Trust Co.		10/15/18		45
USD	22,517	JPY	2,488,000	State Street Bank and Trust Co.		10/15/18		599
USD	26,991	NOK	216,000	Nomura International PLC		10/15/18		438
USD	19,802	PHP	1,066,000	BNP Paribas S.A.		10/15/18		92
USD	10,979	SGD	15,000	Standard Chartered Bank		10/15/18		3
USD	735	SGD	1,000	State Street Bank and Trust Co.		10/15/18		3
USD	3,670	SGD	5,000	State Street Bank and Trust Co.		10/15/18		11
AUD	1,175,000	USD	848,919	Deutsche Bank AG		12/19/18		934
CAD	322,324	USD	248,681	Deutsche Bank AG		12/19/18		1,284
JPY	4,500,000	USD	39,848	Bank of America N.A.		12/19/18		3
USD	21,756	CHF	20,869	Deutsche Bank AG		12/19/18		333
USD	287,210	JPY	31,790,000	Deutsche Bank AG		12/19/18		5,684
USD	45,906	JPY	5,080,404	Nomura International PLC		12/19/18		915

								14,643

AUD	56,000	USD	41,478	BNP Paribas S.A.		10/15/18		(996	)
AUD	15,000	USD	11,029	Bank of America N.A.		10/15/18		(186	)
AUD	16,000	USD	11,820	Citibank N.A.		10/15/18		(254	)
AUD	5,000	USD	3,699	Goldman Sachs International		10/15/18		(84	)
AUD	5,000	USD	3,713	Nomura International PLC		10/15/18		(98	)
EUR	4,000	USD	4,656	Bank of America N.A.		10/15/18		(7	)
EUR	15,000	USD	17,477	Deutsche Bank AG		10/15/18		(43	)
EUR	9,000	USD	10,564	Nomura International PLC		10/15/18		(104	)
EUR	13,000	USD	15,111	Nomura International PLC		10/15/18		(2	)
EUR	29,000	USD	33,787	Nomura International PLC		10/15/18		(82	)
GBP	6,000	USD	7,834	Bank of America N.A.		10/15/18		(9	)
GBP	1,000	USD	1,331	Nomura International PLC		10/15/18		(27	)
GBP	1,000	USD	1,317	State Street Bank and Trust Co.		10/15/18		(13	)
HKD	57,000	USD	7,284	State Street Bank and Trust Co.		10/15/18		(2	)
ILS	11,000	USD	3,048	Goldman Sachs International		10/15/18		(21	)
JPY	1,868,000	USD	16,475	Bank of America N.A.		10/15/18		(19	)
JPY	1,284,000	USD	11,492	Deutsche Bank AG		10/15/18		(180	)
JPY	307,000	USD	2,708	Goldman Sachs International		10/15/18		(3	)
JPY	442,000	USD	3,920	Goldman Sachs International		10/15/18		(26	)
JPY	1,951,000	USD	17,381	Goldman Sachs International		10/15/18		(194	)
JPY	2,389,000	USD	21,465	Goldman Sachs International		10/15/18		(419	)
JPY	2,851,000	USD	25,165	Goldman Sachs International		10/15/18		(49	)
JPY	1,789,000	USD	16,133	Nomura International PLC		10/15/18		(373	)
JPY	587,000	USD	5,215	State Street Bank and Trust Co.		10/15/18		(44	)
JPY	1,816,000	USD	16,094	State Street Bank and Trust Co.		10/15/18		(95	)
NZD	3,000	USD	2,040	State Street Bank and Trust Co.		10/15/18		(51	)
SEK	50,000	USD	5,646	BNP Paribas S.A.		10/15/18		(14	)
SEK	448,000	USD	51,581	Bank of America N.A.		10/15/18		(1,120	)
SGD	41,000	USD	30,227	State Street Bank and Trust Co.		10/15/18		(226	)
USD	2,157	AUD	3,000	Goldman Sachs International		10/15/18		(11	)
USD	1,435	AUD	2,000	State Street Bank and Trust Co.		10/15/18		(11	)
USD	2,132	AUD	3,000	State Street Bank and Trust Co.		10/15/18		(37	)
USD	7,187	AUD	10,000	State Street Bank and Trust Co.		10/15/18		(42	)
USD	766	CAD	1,000	Deutsche Bank AG		10/15/18		(8	)


			5

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2055 Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	3,810	CAD	5,000	Deutsche Bank AG		10/15/18	$	(62	)
USD	763	CAD	1,000	Goldman Sachs International		10/15/18		(12	)
USD	763	CAD	1,000	State Street Bank and Trust Co.		10/15/18		(12	)
USD	4,632	EUR	4,000	Citibank N.A.		10/15/18		(17	)
USD	2,292	EUR	2,000	Deutsche Bank AG		10/15/18		(32	)
USD	5,799	EUR	5,000	Nomura International PLC		10/15/18		(12	)
USD	1,158	EUR	1,000	State Street Bank and Trust Co.		10/15/18		(4	)
USD	1,159	EUR	1,000	State Street Bank and Trust Co.		10/15/18		(3	)
USD	8,130	EUR	7,000	State Street Bank and Trust Co.		10/15/18		(5	)
USD	6,513	GBP	5,000	Royal Bank of Canada		10/15/18		(7	)
USD	18,173	GBP	14,000	State Street Bank and Trust Co.		10/15/18		(85	)
USD	15,697	HKD	123,000	Citibank N.A.		10/15/18		(18	)
USD	12,493	HKD	98,000	Goldman Sachs International		10/15/18		(28	)
USD	18,230	HKD	143,000	UBS AG		10/15/18		(39	)
USD	1,344	NOK	11,000	Goldman Sachs International		10/15/18		(8	)
USD	2,548	SEK	23,000	Goldman Sachs International		10/15/18		(43	)
USD	23,320	SEK	209,000	JPMorgan Chase Bank N.A.		10/15/18		(221	)
USD	1,463	SEK	13,000	State Street Bank and Trust Co.		10/15/18		(2	)
USD	2,352	SEK	21,000	State Street Bank and Trust Co.		10/15/18		(13	)
USD	18,457	SEK	164,000	State Street Bank and Trust Co.		10/15/18		(16	)
USD	16,792	SGD	23,000	Barclays Bank PLC		10/15/18		(38	)
USD	18,289	SGD	25,000	State Street Bank and Trust Co.		10/15/18		(5	)
EUR	29,287	USD	34,463	Nomura International PLC		12/19/18		(236	)
EUR	861,000	USD	1,013,153	Nomura International PLC		12/19/18		(6,937	)
GBP	15,902	USD	20,892	Morgan Stanley & Co. International PLC		12/19/18		(88	)
USD	221,454	CAD	287,000	Nomura International PLC		12/19/18		(1,116	)

								(13,909	)

	Net Unrealized Appreciation						$	734


6

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2055 Master Portfolio

Fair Value Hierarchy as of Period End

•

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

•

The following table summarizes the the LifePath Dynamic Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies
Equity Funds	$	4,215,125	$	—	$	—	$	4,215,125
Short-Term Securities		525,265		—		—		525,265
Common Stocks:
Equity Real Estate Investment Trusts (REITs)		1,911,282		597,411		—		2,508,693
Hotels, Restaurants & Leisure		54,766		—		—		54,766
Household Durables		37,321		—		—		37,321
IT Services		35,657		—		—		35,657
Internet Software & Services		—		67,828		—		67,828
Real Estate Management & Development		63,797		748,101		—		811,898
Wireless Telecommunication Services		16,889		—		—		16,889

Subtotal	$	6,860,102	$	1,413,340	$	—	$	8,273,442

Investments Valued at Net Asset Value (“NAV”)^(a)								13,797,170

Total Investments							$	22,070,612


			7

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2055 Master Portfolio

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments^(b)
Assets:
Forward foreign currency contracts	$	—		$	14,643		$	—	$	14,643
Equity contracts		36,542			—			—		36,542
Liabilities:
Forward foreign currency contracts		—			(13,909	)		—		(13,909	)
Equity contracts		(4,626	)		—			—		(4,626	)

Total	$	31,916		$	734		$	—	$	32,650

^(a)

^(b)

During the period ended September 30, 2018, there were no transfers between levels.


8

Schedule of Investments (unaudited)

September 30, 2018

LifePath Dynamic 2060 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares/ Investment Value		Value
Affiliated Investment Companies^(d) — 84.2%

Equity Funds — 82.9%
Active Stock Master Portfolio	$	1,036,922	$	1,036,922
BlackRock Advantage Emerging Markets Fund — Class K^(a)		14,950		153,533
International Tilts Master Portfolio	$	399,152		399,152
iShares Edge MSCI Multifactor International ETF		2,725		76,518
iShares Edge MSCI Multifactor USA ETF		3,120		104,894
iShares MSCI Canada ETF		1,571		45,213
iShares MSCI EAFE Small-Cap ETF		1,189		74,051
iShares MSCI Japan ETF		787		47,401
iShares Russell 2000 ETF		103		17,361

				1,955,045
Fixed Income Fund — 1.0%
CoreAlpha Bond Master Portfolio	$	23,842		23,842

Short-Term Securities — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.97%^(b)		7,586		7,586

Total Affiliated Investment Companies — 84.2% (Cost — $1,819,872)				1,986,473


Common Stocks — 16.1%

Equity Real Estate Investment Trusts (REITs) — 11.3%
Alexandria Real Estate Equities, Inc.		73		9,172
Ascendas Real Estate Investment Trust		1,600		3,091
Assura PLC		3,442		2,431
AvalonBay Communities, Inc.		68		12,318
Big Yellow Group PLC		252		3,006
Boston Properties, Inc.		88		10,832
Brandywine Realty Trust		218		3,427
Canadian Apartment Properties REIT		120		4,431
Capital & Regional PLC		4,612		2,580
CyrusOne, Inc.		140		8,876
Derwent London PLC		61		2,271
EPR Properties		112		7,662
Equinix, Inc.		12		5,195
Extra Space Storage, Inc.		74		6,411
Federal Realty Investment Trust		42		5,312
GLP J-REIT		5		4,861
Goodman Group		167		1,253
Hammerson PLC		241		1,434
Healthcare Trust of America, Inc., Class A		117		3,120
Highwoods Properties, Inc.		106		5,009
Host Hotels & Resorts, Inc.		271		5,718
Ichigo Office REIT Investment		3		2,473
Invincible Investment Corp.		10		4,181


Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Invitation Homes, Inc.		309	$	7,079
JBG SMITH Properties		47		1,731
Kenedix Office Investment Corp.		1		6,382
Land Securities Group PLC		303		3,489
Link REIT		1,000		9,846
Mid-America Apartment Communities, Inc.		47		4,708
NIPPON REIT Investment Corp.		1		3,234
Prologis, Inc.		205		13,897
PRS REIT PLC		2,919		3,900
Regency Centers Corp.		108		6,984
Rexford Industrial Realty, Inc.		223		7,127
RioCan Real Estate Investment Trust		334		6,382
Scentre Group		2,954		8,489
Simon Property Group, Inc.		94		16,615
Spirit Realty Capital, Inc.		679		5,473
Sun Communities, Inc.		94		9,545
Sunstone Hotel Investors, Inc.		205		3,354
UDR, Inc.		195		7,884
Unibail-Rodamco-Westfield		44		8,864
VEREIT, Inc.		520		3,775
VICI Properties, Inc.		198		4,281
Welltower, Inc.		127		8,169

				266,272
Hotels, Restaurants & Leisure — 0.2%
Hilton Worldwide Holdings, Inc.		36		2,908
Marriott International, Inc., Class A		22		2,905

				5,813
Household Durables — 0.2%
Glenveagh Properties PLC^(a)(c)		3,550		3,998

Internet Software & Services — 0.3%
NEXTDC Ltd.^(a)		1,548		7,267

IT Services — 0.1%
GDS Holdings Ltd. — ADR^(a)		105		3,689

Real Estate Management & Development — 3.9%
Aedas Homes SAU^(a)(c)		89		2,813
CareTrust REIT, Inc.		436		7,722
Castellum AB		125		2,239
City Developments Ltd.		700		4,667
CK Asset Holdings Ltd.		1,000		7,496
Entra ASA^(c)		212		3,049
Fabege AB		206		2,853
Godewind Immobilien AG^(a)(c)		554		2,245
Inmobiliaria Colonial Socimi SA		369		3,827
LEG Immobilien AG		48		5,705
Mitsubishi Estate Co. Ltd.		300		5,096
Mitsui Fudosan Co. Ltd.		300		7,097
Robinsons Land Corp.		6,000		2,252
Sun Hung Kai Properties Ltd.		500		7,256


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2060 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Real Estate Management & Development (continued)
TLG Immobilien AG		124	$	3,240
Unizo Holdings Co. Ltd.		200		3,854
Vonovia SE		218		10,662
Wharf Real Estate Investment Co. Ltd.		1,000		6,442
Yanlord Land Group Ltd.		2,300		2,490

				91,005


Security	Shares		Value
Wireless Telecommunication Services — 0.1%
Tritax EuroBox PLC^(a)(c)		1,329		1,823

Total Common Stocks — 16.1% (Cost — $368,135)				379,867


Total Investments — 100.3% (Cost — $2,188,007)				2,366,340
Liabilities in Excess of Other Assets — (0.3)%				(6,634	)

Net Assets —100.0%			$	2,359,706

^(a)

Non-income producing security.

^(b)

Annualized 7-day yield as of period end.

^(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)

During the period ended September 30, 2018, investments in issuers considered to be affiliates of the LifePath Dynamic Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the LifePath Dynamic Master Portfolio were as follows:


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income		Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
Active Stock Master Portfolio	$	884,385	$	152,537	^(c)	$	—		$	1,036,922	$	1,036,922	$	13,887	$	99,067		$	56,300
BlackRock Advantage Emerging Markets Fund^(d)		15,340		582			(15,922	)		—		—		—		20,519			(22,046	)
BlackRock Advantage Emerging Markets Fund — Class K		—		20,237			(5,287	)		14,950		153,533		—		(2,023	)		(9,700	)
BlackRock Cash Funds: Treasury, SL Agency Shares		15,385		—			(7,799	)^(b)		7,586		7,586		151		—			—
BlackRock Commodity Strategies Fund^(d)		12,525		—			(12,525	)		—		—		—		5,345			(9,052	)
CoreAlpha Bond Master Portfolio	$	25,786	$	—		$	(1,944	)^(b)	$	23,842		23,842		543		(192	)		(205	)
International Tilts Master Portfolio	$	382,149	$	17,003	^(c)	$	—		$	399,152		399,152		8,520		12,894			(31,808	)
iShares Edge MSCI Multifactor International ETF		3,801		251			(1,327	)		2,725		76,518		899		3,149			(4,787	)
iShares Edge MSCI Multifactor USA ETF		4,640		208			(1,728	)		3,120		104,894		1,347		5,356			649
iShares MSCI Canada ETF		1,252		552			(233	)		1,571		45,213		325		379			(966	)
iShares MSCI EAFE Small-Cap ETF		—		1,258			(69	)		1,189		74,051		768		86			(2,940	)
iShares MSCI France ETF^(d)		—		1,421			(1,421	)		—		—		—		(1,152	)		—
iShares MSCI Germany ETF^(d)		—		1,365			(1,365	)		—		—		—		(2,149	)		—
iShares MSCI Japan ETF		759		61			(33	)		787		47,401		348		90			137
iShares Russell 2000 ETF		143		56			(96	)		103		17,361		215		890			1,042

											$	1,986,473	$	27,003	$	142,259		$	(23,376	)

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares/investment value sold.

^(c)

Represents net shares/investment value purchased.

^(d)

As of period end, the entity is no longer an affiliate of the LifePath Dynamic Master Portfolio.


2

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2060 Master Portfolio

Currency Abbreviations

AUD

Australian Dollar

CAD

Canadian Dollar

CHF

Swiss Franc

EUR

Euro

GBP

British Pound

HKD

Hong Kong Dollar

ILS

Israeli Shekel

JPY

Japanese Yen

NOK

Norwegian Krone

NZD

New Zealand Dollar

PHP

Philippine Peso

SEK

Swedish Krona

SGD

Singapore Dollar

USD

United States Dollar

Portfolio Abbreviations

ADR

American Depositary Receipts

ETF

Exchange-Traded Fund

MSCI

Morgan Stanley Capital International

REIT

Real Estate Investment Trust

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	1,000	USD	710	Goldman Sachs International		10/15/18	$	13
CAD	800	USD	612	Goldman Sachs International		10/15/18		7
CAD	1,000	USD	773	Morgan Stanley & Co. International PLC		10/15/18		1
CAD	700	USD	534	Nomura International PLC		10/15/18		8
CAD	500	USD	383	Standard Chartered Bank		10/15/18		4
CAD	800	USD	613	Standard Chartered Bank		10/15/18		6
CHF	3,000	USD	3,050	Bank of America N.A.		10/15/18		11
EUR	1,000	USD	1,162	Standard Chartered Bank		10/15/18		—
HKD	1,000	USD	128	Citibank N.A.		10/15/18		—
HKD	4,000	USD	511	Morgan Stanley & Co. International PLC		10/15/18		—
HKD	4,000	USD	510	Royal Bank of Canada		10/15/18		1
HKD	5,200	USD	664	UBS AG		10/15/18		1
HKD	17,000	USD	2,167	UBS AG		10/15/18		5
NOK	4,000	USD	486	Bank of America N.A.		10/15/18		6
NOK	1,000	USD	122	Standard Chartered Bank		10/15/18		1
SGD	1,000	USD	732	Royal Bank of Canada		10/15/18		—
USD	2,180	AUD	3,000	Bank of America N.A.		10/15/18		11
USD	2,186	AUD	3,000	Goldman Sachs International		10/15/18		18


			3

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2060 Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	739	AUD	1,000	Morgan Stanley & Co. International PLC		10/15/18	$	16
USD	5,913	EUR	5,000	Goldman Sachs International		10/15/18		102
USD	1,169	EUR	1,000	Nomura International PLC		10/15/18		6
USD	1,166	EUR	1,000	Standard Chartered Bank		10/15/18		4
USD	2,625	GBP	2,000	Bank of America N.A.		10/15/18		17
USD	1,329	GBP	1,000	Nomura International PLC		10/15/18		25
USD	5,214	JPY	576,000	Bank of America N.A.		10/15/18		139
USD	1,502	JPY	166,000	Nomura International PLC		10/15/18		40
USD	2,998	NOK	24,000	Nomura International PLC		10/15/18		47
USD	2,173	PHP	117,000	BNP Paribas S.A.		10/15/18		10
USD	225	SEK	2,000	Morgan Stanley & Co. International PLC		10/15/18		—
USD	367	SGD	500	JPMorgan Chase Bank N.A.		10/15/18		1
USD	805	SGD	1,100	Standard Chartered Bank		10/15/18		—
USD	2,195	SGD	3,000	Standard Chartered Bank		10/15/18		—
AUD	123,000	USD	88,871	State Street Bank and Trust Co.		12/19/18		92
CAD	1,456	USD	1,123	State Street Bank and Trust Co.		12/19/18		6
USD	2,202	CHF	2,113	Nomura International PLC		12/19/18		33
USD	28,551	JPY	3,159,750	State Street Bank and Trust Co.		12/19/18		569
USD	45,833	JPY	5,072,315	State Street Bank and Trust Co.		12/19/18		913

								2,113

AUD	6,900	USD	5,112	BNP Paribas S.A.		10/15/18		(124	)
AUD	1,000	USD	735	Bank of America N.A.		10/15/18		(12	)
AUD	1,000	USD	730	Deutsche Bank AG		10/15/18		(7	)
AUD	1,000	USD	743	Nomura International PLC		10/15/18		(20	)
EUR	300	USD	354	BNP Paribas S.A.		10/15/18		(5	)
EUR	3,000	USD	3,495	BNP Paribas S.A.		10/15/18		(9	)
EUR	1,000	USD	1,165	Citibank N.A.		10/15/18		(3	)
EUR	800	USD	939	Deutsche Bank AG		10/15/18		(9	)
EUR	500	USD	584	JPMorgan Chase Bank N.A.		10/15/18		(3	)
EUR	800	USD	932	Standard Chartered Bank		10/15/18		(2	)
GBP	500	USD	658	Goldman Sachs International		10/15/18		(6	)
GBP	300	USD	399	JPMorgan Chase Bank N.A.		10/15/18		(8	)
GBP	800	USD	1,051	Nomura International PLC		10/15/18		(7	)
GBP	1,000	USD	1,306	Nomura International PLC		10/15/18		(1	)
ILS	1,000	USD	277	Goldman Sachs International		10/15/18		(2	)
JPY	174,000	USD	1,535	Bank of America N.A.		10/15/18		(2	)
JPY	84,000	USD	752	Deutsche Bank AG		10/15/18		(12	)
JPY	16,000	USD	144	Goldman Sachs International		10/15/18		(3	)
JPY	100,000	USD	898	Goldman Sachs International		10/15/18		(18	)
JPY	174,000	USD	1,536	Goldman Sachs International		10/15/18		(3	)
JPY	238,000	USD	2,111	Goldman Sachs International		10/15/18		(14	)
JPY	253,000	USD	2,254	Goldman Sachs International		10/15/18		(25	)
NZD	500	USD	340	Bank of America N.A.		10/15/18		(9	)
SEK	4,000	USD	452	Morgan Stanley & Co. International PLC		10/15/18		(1	)
SEK	48,000	USD	5,525	Nomura International PLC		10/15/18		(118	)
SGD	400	USD	295	Citibank N.A.		10/15/18		(2	)
SGD	3,000	USD	2,212	Standard Chartered Bank		10/15/18		(17	)


4

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2060 Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	719	AUD	1,000	Citibank N.A.		10/15/18	$	(4	)
USD	719	AUD	1,000	Goldman Sachs International		10/15/18		(4	)
USD	760	CAD	1,000	BNP Paribas S.A.		10/15/18		(14	)
USD	762	CAD	1,000	Deutsche Bank AG		10/15/18		(12	)
USD	463	EUR	400	Standard Chartered Bank		10/15/18		(2	)
USD	1,428	GBP	1,100	BNP Paribas S.A.		10/15/18		(7	)
USD	1,912	HKD	15,000	UBS AG		10/15/18		(4	)
USD	5,486	HKD	43,000	UBS AG		10/15/18		(8	)
USD	364	NOK	3,000	Royal Bank of Canada		10/15/18		(5	)
USD	336	SEK	3,000	Citibank N.A.		10/15/18		(2	)
USD	1,913	SEK	17,000	Deutsche Bank AG		10/15/18		(1	)
USD	2,455	SEK	22,000	JPMorgan Chase Bank N.A.		10/15/18		(23	)
USD	222	SEK	2,000	Morgan Stanley & Co. International PLC		10/15/18		(4	)
USD	1,460	SGD	2,000	Standard Chartered Bank		10/15/18		(3	)
EUR	2,052	USD	2,414	Deutsche Bank AG		12/19/18		(16	)
EUR	91,300	USD	107,424	Deutsche Bank AG		12/19/18		(725	)
GBP	671	USD	882	State Street Bank and Trust Co.		12/19/18		(4	)
USD	23,149	CAD	30,000	Nomura International PLC		12/19/18		(117	)

								(1,397	)

	Net unrealized appreciation						$	716

Fair Value Hierarchy as of Period End

•

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

•


			5

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic 2060 Master Portfolio

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the LifePath Dynamic Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Affiliated Investments:
Equity Funds	$	518,971	$	—		$	—	$	518,971
Short-Term Securities		7,586		—			—		7,586
Common Stocks:
Equity Real Estate Investment Trusts (REITs)		198,387		67,885			—		266,272
Hotels, Restaurants & Leisure		5,813		—			—		5,813
Household Durables		3,998		—			—		3,998
Internet Software & Services		—		7,267			—		7,267
IT Services		3,689		—			—		3,689
Real Estate Management & Development		12,780		78,225			—		91,005
Wireless Telecommunication Services		1,823		—			—		1,823

Subtotal	$	753,047	$	153,377		$	—	$	906,424

Investments Valued at Net Asset Value (“NAV”)^(a)									1,459,916

Total Investments								$	2,366,340

Derivative Financial Instruments^(b)
Assets:
Foreign currency exchange contracts	$	—	$	2,113		$	—	$	2,113
Liabilities:
Foreign currency exchange contracts		—		(1,397	)		—		(1,397	)

	$	—	$	716		$	—	$	716

^(a)

As of September 30, 2018, certain investments of the LifePath Dynamic Master Portfolio Investments were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

^(b)

Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

During the period ended September 30, 2018, there were no transfers between levels.


6

Schedule of Investments (unaudited)

September 30, 2018

LifePath Dynamic Retirement Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares/ Investment Value		Value
Affiliated Investment Companies^(d) — 100.7%

Equity Funds — 41.5%
Active Stock Master Portfolio	$	30,389,341	$	30,389,341
BlackRock Advantage Emerging Markets Fund — Class K^(a)		326,164		3,349,705
BlackRock Tactical Opportunities Fund — Class K		234,594		3,619,782
International Tilts Master Portfolio	$	8,793,229		8,793,229
iShares Edge MSCI Multifactor International ETF		50,629		1,421,662
iShares Edge MSCI Multifactor USA ETF		5,987		201,283
iShares MSCI EAFE Small-Cap ETF		26,380		1,642,946

				49,417,948
Fixed Income Funds — 58.0%
CoreAlpha Bond Master Portfolio	$	50,372,028		50,372,028
iShares TIPS Bond ETF		96,004		10,619,963
Master Total Return Portfolio	$	8,100,085		8,100,085

				69,092,076
Short-Term Securities — 1.2%
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.97%^(b)		1,456,343		1,456,343

Total Affiliated Investment Companies — 100.7% (Cost — $95,857,345)				119,966,367


Common Stocks — 0.5%

Equity Real Estate Investment Trusts (REITs) — 0.4%
Alexandria Real Estate Equities, Inc.		116		14,592
Ascendas Real Estate Investment Trust		2,500		4,829
Assura PLC		5,440		3,843
AvalonBay Communities, Inc.		107		19,383
Big Yellow Group PLC		399		4,760
Boston Properties, Inc.		140		17,233
Brandywine Realty Trust		349		5,486
Canadian Apartment Properties REIT		189		6,978
Capital & Regional PLC		7,492		4,192
CareTrust REIT, Inc.		726		12,857
CyrusOne, Inc.		223		14,138
Derwent London PLC		96		3,574
EPR Properties		177		12,109
Equinix, Inc.		19		8,225
Extra Space Storage, Inc.		121		10,483
Federal Realty Investment Trust		66		8,347
GLP J-REIT		7		6,803
Goodman Group		262		1,965
Hammerson PLC		399		2,374
Healthcare Trust of America, Inc., Class A		192		5,121


Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Highwoods Properties, Inc.		167	$	7,892
Host Hotels & Resorts, Inc.		427		9,010
Ichigo Office REIT Investment		10		8,242
Inmobiliaria Colonial Socimi SA		583		6,046
Invincible Investment Corp.		16		6,687
Invitation Homes, Inc.		488		11,180
JBG SMITH Properties		74		2,725
Kenedix Office Investment Corp.		1		6,380
Land Securities Group PLC		502		5,780
Link REIT		1,000		9,846
Mid-America Apartment Communities, Inc.		75		7,514
NIPPON REIT Investment Corp.		1		3,233
Prologis, Inc.		324		21,964
PRS REIT PLC		4,568		6,103
Regency Centers Corp.		171		11,059
Rexford Industrial Realty, Inc.		347		11,090
RioCan Real Estate Investment Trust		528		10,089
Scentre Group		4,669		13,418
Simon Property Group, Inc.		145		25,629
Spirit Realty Capital, Inc.		1,073		8,648
Sun Communities, Inc.		148		15,028
Sunstone Hotel Investors, Inc.		319		5,219
Tritax EuroBox PLC^(a)(c)		2,114		2,900
UDR, Inc.		310		12,533
Unibail-Rodamco-Westfield		70		14,101
VEREIT, Inc.		822		5,968
VICI Properties, Inc.		285		6,162
Welltower, Inc.		201		12,928

				434,666
Hotels, Restaurants & Leisure — 0.0%
Hilton Worldwide Holdings, Inc.		57		4,605
Marriott International, Inc., Class A		35		4,621

				9,226
Household Durables — 0.0%
Glenveagh Properties PLC^(a)(c)		5,610		6,318

Internet Software & Services — 0.0%
NEXTDC Ltd.^(a)		2,446		11,483

IT Services — 0.0%
GDS Holdings Ltd. — ADR^(a)		174		6,113

Real Estate Management & Development — 0.1%
Aedas Homes SAU^(a)(c)		140		4,425
Castellum AB		198		3,547
City Developments Ltd.		1,100		7,334
CK Asset Holdings Ltd.		2,000		14,992
Entra ASA^(c)		344		4,948
Fabege AB		328		4,542
Godewind Immobilien AG^(a)(c)		864		3,501
LEG Immobilien AG		76		9,032


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic Retirement Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Real Estate Management & Development (continued)
Mega Manunggal Property Tbk PT^(a)		107,400	$	3,928
Mitsubishi Estate Co. Ltd.		600		10,188
Mitsui Fudosan Co. Ltd.		400		9,460
Robinsons Land Corp.		10,000		3,754
Sun Hung Kai Properties Ltd.		1,000		14,512
TLG Immobilien AG		199		5,200
Unizo Holdings Co. Ltd.		400		7,708
Vonovia SE		344		16,824
Wharf Real Estate Investment Co. Ltd.		1,000		6,443


Security	Shares		Value
Real Estate Management & Development (continued)
Yanlord Land Group Ltd.		3,700	$	4,005

				134,343

Total Long-Term Investments — 0.5% (Cost — $576,998)				602,149


Total Investments — 101.2% (Cost — $96,434,343)				120,568,516
Liabilities in Excess of Other Assets — (1.2)%				(1,431,485	)

Net Assets — 100.0%			$	119,137,031

^(a)	Non-income producing security.

^(b)	Annualized 7-day yield as of period end.

^(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)	During the period ended September 30, 2018, investments in issuers considered to be affiliates of the LifePath Dynamic Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the LifePath Dynamic Master Portfolio were as follows


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss) ^(a)			Change in Unrealized Appreciation (Depreciation)
Active Stock Master Portfolio	$	31,652,550	$	—		$	(1,263,209	)^(b)	$	30,389,341	$	30,389,341	$	443,126		$	3,083,579		$	2,745,680
BlackRock Advantage Emerging Markets Fund^(e)		353,782		—			(353,782	)		—		—		—			485,639			(509,446	)
BlackRock Advantage Emerging Markets Fund — Class K		—		546,326			(220,162	)		326,164		3,349,705		—			(95,937	)		(159,664	)
BlackRock Cash Funds: Institutional, SL Agency Shares^(e)		1,071,586		—			(1,071,586	)^(b)		—		—		2,102	^(c)		467			—
BlackRock Cash Funds: Treasury, SL Agency Shares		45,724		1,410,619			—			1,456,343		1,456,343		12,045			—			—
BlackRock Commodity Strategies Fund^(e)		652,773		634,203			(1,286,976	)		—		—		—			716,309			(904,903	)
BlackRock Tactical Opportunities Fund		311,838		56,202			(133,446	)		234,594		3,619,782		—			93,235			190,747
CoreAlpha Bond Master Portfolio	$	58,744,999	$	—		$	(8,372,971	)^(b)	$	50,372,028		50,372,028		1,225,032			(438,607	)		(523,152	)
International Tilts Master Portfolio	$	7,703,082	$	1,090,147	^(d)	$	—		$	8,793,229		8,793,229		191,070			265,294			85,551
iShares Edge MSCI Multifactor International ETF		65,491		13,716			(28,578	)		50,629		1,421,662		15,265			7,971			(25,657	)
iShares Edge MSCI Multifactor USA ETF		72,047		7,616			(73,676	)		5,987		201,283		8,186			427,425			(366,015	)
iShares MSCI EAFE Small-Cap ETF		15,767		26,032			(15,419	)		26,380		1,642,946		18,406			22,146			(69,267	)
iShares TIPS Bond ETF		106,675		23,203			(33,874	)		96,004		10,619,963		2,224			135,002			(486,421	)
Master Total Return Portfolio	$	7,111,170	$	988,915	^(d)	$	—		$	8,100,085		8,100,085		286,887			7,902,215			93,005

											$	119,966,367	$	2,204,343		$	12,604,738		$	70,458


2

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic Retirement Master Portfolio

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares/investment value sold.

^(c)

^(d)

Represents net shares/investment value purchased.

^(e)

As of period end, the entity is no longer an affiliate of the LifePath Dynamic Master Portfolio

Currency Abbreviations

AUD Australian Dollar

CAD Canadian Dollar

CHF Swiss Franc

EUR Euro

GBP British Pound

HKD Hong Kong Dollar

IDR Indonesian Rupiah

ILS Israeli Shekel

JPY Japanese Yen

NOK Norwegian Krone

NZD New Zealand Dollar

PHP Philippine Peso

SEK Swedish Krona

SGD Singapore Dollar

USD United States Dollar

Portfolio Abbreviations

ADR American Depositary Receipts

ETF Exchange-Traded Fund

MSCI Morgan Stanley Capital International

REIT Real Estate Investment Trust

S&P S&P Global Ratings

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts:
NIKKEI 225 (OSE)		13		12/13/18	$	313,560	$	226,548
Topix Index		16		12/13/18		290,800		119,462
10-Year U.S. Treasury Note		38		12/19/18		4,514		(2,158	)
S&P/TSX 60 Index		8		12/20/18		1,521		6,742
Russell 2000 E-Mini Index		57		12/21/18		4,847		(54,858	)

								295,736


			3

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic Retirement Master Portfolio

Futures Contracts (continued)


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts:
NIKKEI 225 (OSE)		1		12/13/18	$	24,120	$	(17,435	)
S&P 500 E-Mini Index		45		12/21/18		6,568		(19,561	)
U.S. Ultra Bond		35		12/19/18		5,400		217,282

								180,286

							$	476,022

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CAD	400	USD	310	Bank of America N.A.	10/15/18	$	—
CAD	1,000	USD	773	Barclays Bank PLC	10/15/18		1
CAD	2,000	USD	1,531	Goldman Sachs International	10/15/18		18
CAD	600	USD	461	State Street Bank and Trust Co.	10/15/18		3
CAD	4,000	USD	3,073	State Street Bank and Trust Co.	10/15/18		25
CHF	7,000	USD	7,114	Nomura International PLC	10/15/18		27
EUR	2,000	USD	2,325	Citibank N.A.	10/15/18		—
GBP	4,000	USD	5,192	Nomura International PLC	10/15/18		25
HKD	6,000	USD	767	State Street Bank and Trust Co.	10/15/18		—
HKD	12,000	USD	1,531	State Street Bank and Trust Co.	10/15/18		2
HKD	28,000	USD	3,570	State Street Bank and Trust Co.	10/15/18		8
HKD	67,400	USD	8,602	State Street Bank and Trust Co.	10/15/18		10
NOK	7,000	USD	850	Bank of America N.A.	10/15/18		11
NOK	12,600	USD	1,540	Standard Chartered Bank	10/15/18		9
USD	2,906	AUD	4,000	Bank of America N.A.	10/15/18		15
USD	4,433	AUD	6,000	Citibank N.A.	10/15/18		95
USD	511	AUD	700	State Street Bank and Trust Co.	10/15/18		4
USD	1,477	AUD	2,000	State Street Bank and Trust Co.	10/15/18		31
USD	2,915	AUD	4,000	State Street Bank and Trust Co.	10/15/18		23
USD	775	CAD	1,000	Standard Chartered Bank	10/15/18		—
USD	1,177	EUR	1,000	BNP Paribas S.A.	10/15/18		15
USD	1,176	EUR	1,000	Standard Chartered Bank	10/15/18		14
USD	11,470	EUR	9,700	State Street Bank and Trust Co.	10/15/18		196
USD	1,595	GBP	1,200	State Street Bank and Trust Co.	10/15/18		30
USD	1,706	GBP	1,300	State Street Bank and Trust Co.	10/15/18		11
USD	1,864	GBP	1,400	State Street Bank and Trust Co.	10/15/18		39
USD	3,724	IDR	54,018,000	BNP Paribas S.A.	10/15/18		104
USD	1,563	JPY	174,000	Citibank N.A.	10/15/18		30
USD	1,509	JPY	167,000	Nomura International PLC	10/15/18		37
USD	11,417	JPY	1,266,000	Nomura International PLC	10/15/18		264
USD	425	JPY	47,000	State Street Bank and Trust Co.	10/15/18		11
USD	641	JPY	71,000	State Street Bank and Trust Co.	10/15/18		15
USD	11,792	JPY	1,303,000	State Street Bank and Trust Co.	10/15/18		314
USD	6,123	NOK	49,000	Nomura International PLC	10/15/18		99


4

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic Retirement Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	925	PHP	49,000	BNP Paribas S.A.	10/15/18	$	19
USD	3,567	PHP	192,000	BNP Paribas S.A.	10/15/18		17
USD	225	SEK	2,000	State Street Bank and Trust Co.	10/15/18		—
USD	1,463	SGD	2,000	Royal Bank of Canada	10/15/18		—
USD	1,464	SGD	2,000	Standard Chartered Bank	10/15/18		—
USD	367	SGD	500	State Street Bank and Trust Co.	10/15/18		1
AUD	7,800,000	USD	5,635,773	Nomura International PLC	12/19/18		5,800
CAD	1,229,722	USD	948,845	Nomura International PLC	12/19/18		4,813
JPY	36,000,000	USD	318,783	Bank of America N.A.	12/19/18		26
USD	87,812	CHF	84,232	Deutsche Bank AG	12/19/18		1,346
USD	29,341	EUR	24,932	Deutsche Bank AG	12/19/18		204
USD	23,170	GBP	17,636	Nomura International PLC	12/19/18		97
USD	1,889,606	JPY	209,152,000	Deutsche Bank AG	12/19/18		37,396

							51,205

AUD	11,000	USD	8,149	BNP Paribas S.A.	10/15/18		(197	)
AUD	2,000	USD	1,471	Bank of America N.A.	10/15/18		(25	)
AUD	2,000	USD	1,480	Goldman Sachs International	10/15/18		(34	)
AUD	8,000	USD	5,940	Nomura International PLC	10/15/18		(157	)
EUR	5,000	USD	5,826	BNP Paribas S.A.	10/15/18		(14	)
EUR	3,000	USD	3,495	Deutsche Bank AG	10/15/18		(9	)
EUR	1,000	USD	1,174	Nomura International PLC	10/15/18		(12	)
EUR	13,100	USD	15,258	Nomura International PLC	10/15/18		(33	)
GBP	1,000	USD	1,306	Nomura International PLC	10/15/18		(1	)
ILS	3,000	USD	831	Bank of America N.A.	10/15/18		(5	)
JPY	223,000	USD	1,967	Bank of America N.A.	10/15/18		(2	)
JPY	200,000	USD	1,783	Barclays Bank PLC	10/15/18		(21	)
JPY	117,000	USD	1,047	Deutsche Bank AG	10/15/18		(16	)
JPY	1,079,000	USD	9,747	Deutsche Bank AG	10/15/18		(242	)
JPY	128,000	USD	1,140	Goldman Sachs International	10/15/18		(13	)
JPY	422,000	USD	3,792	Goldman Sachs International	10/15/18		(74	)
JPY	480,000	USD	4,237	Goldman Sachs International	10/15/18		(8	)
JPY	705,000	USD	6,253	Goldman Sachs International	10/15/18		(42	)
JPY	125,000	USD	1,115	State Street Bank and Trust Co.	10/15/18		(14	)
JPY	249,000	USD	2,212	State Street Bank and Trust Co.	10/15/18		(19	)
NZD	1,000	USD	680	Bank of America N.A.	10/15/18		(17	)
SEK	94,000	USD	10,823	Bank of America N.A.	10/15/18		(235	)
SEK	10,000	USD	1,129	Nomura International PLC	10/15/18		(3	)
SGD	8,000	USD	5,899	Standard Chartered Bank	10/15/18		(45	)
SGD	2,100	USD	1,542	State Street Bank and Trust Co.	10/15/18		(5	)
USD	717	AUD	1,000	State Street Bank and Trust Co.	10/15/18		(5	)
USD	1,222	AUD	1,700	State Street Bank and Trust Co.	10/15/18		(7	)
USD	762	CAD	1,000	Deutsche Bank AG	10/15/18		(12	)
USD	3,079	CAD	4,000	Royal Bank of Canada	10/15/18		(18	)
USD	1,009	CHF	1,000	UBS AG	10/15/18		(11	)
USD	1,160	EUR	1,000	Nomura International PLC	10/15/18		(2	)
USD	1,162	EUR	1,000	Royal Bank of Canada	10/15/18		(1	)
USD	11,608	EUR	10,000	Royal Bank of Canada	10/15/18		(15	)
USD	579	EUR	500	State Street Bank and Trust Co.	10/15/18		(2	)
USD	1,303	GBP	1,000	Royal Bank of Canada	10/15/18		(1	)


			5

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic Retirement Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	5,189	GBP	4,000	Royal Bank of Canada		10/15/18	$	(28	)
USD	2,167	HKD	17,000	Goldman Sachs International		10/15/18		(5	)
USD	7,657	HKD	60,000	Royal Bank of Canada		10/15/18		(9	)
USD	3,187	HKD	25,000	UBS AG		10/15/18		(7	)
USD	850	NOK	7,000	Royal Bank of Canada		10/15/18		(10	)
USD	443	SEK	4,000	Deutsche Bank AG		10/15/18		(7	)
USD	3,905	SEK	35,000	JPMorgan Chase Bank N.A.		10/15/18		(37	)
USD	1,910	SEK	17,000	Royal Bank of Canada		10/15/18		(5	)
USD	448	SEK	4,000	State Street Bank and Trust Co.		10/15/18		(3	)
USD	3,264	SEK	29,000	State Street Bank and Trust Co.		10/15/18		(3	)
USD	2,190	SGD	3,000	Barclays Bank PLC		10/15/18		(5	)
USD	3,658	SGD	5,000	State Street Bank and Trust Co.		10/15/18		(1	)
EUR	4,866,000	USD	5,725,856	Nomura International PLC		12/19/18		(39,155	)
JPY	25,464,418	USD	230,089	Nomura International PLC		12/19/18		(4,581	)
USD	643,078	AUD	890,000	Nomura International PLC		12/19/18		(640	)
USD	733,037	CAD	950,000	Nomura International PLC		12/19/18		(3,694	)

								(49,507	)

	Net Unrealized Appreciation						$	1,698

Fair Value Hierarchy as of Period End

•

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

•


6

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Dynamic Retirement Master Portfolio

Fair Value Hierarchy as of Period End (continued)

The following tables summarize the LifePath Dynamic Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Equity Funds	$	10,235,378		$	—		$	—	$	10,235,378
Fixed Income Fund		10,619,963			—			—		10,619,963
Short-Term Securities		1,456,343			—			—		1,456,343
Common Stocks:
Equity Real Estate Investment Trusts (REITs)		328,591			106,075			—		434,666
Hotels, Restaurants & Leisure		9,226			—			—		9,226
Household Durables		6,318			—			—		6,318
Internet Software & Services		—			11,483			—		11,483
IT Services		6,113			—			—		6,113
Real Estate Management & Development		11,854			122,489			—		134,343

Subtotal	$	22,673,786		$	240,047		$	—	$	22,913,833

Investments Valued at Net Asset Value (“NAV”)^(a)										97,654,683

Total Investment									$	120,568,516


Derivative Financial Instruments^(b)
Assets:
Equity contracts	$	352,752		$	—		$	—	$	352,752
Interest rate contracts		217,282			—			—		217,282
Forward foreign currency contracts		—			51,205			—		51,205
Liabilities:
Equity contracts		(91,854	)		—			—		(91,854	)
Interest rate contracts		(2,158	)		—			—		(2,158	)
Forward foreign currency contracts		—			(49,507	)		—		(49,507	)

Total	$	476,022		$	1,698		$	—	$	477,720

^(a)

^(b)

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

During the period ended September 30, 2018, there were no transfers between levels.


			7

Schedule of Investments (unaudited)

September 30, 2018

LifePath Index 2020 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Affiliated Investment Companies^(a) — 100.0%

Equity Funds — 45.0%
iShares Core MSCI Total International Stock ETF		6,830,125	$	411,924,839
iShares Developed Real Estate Index Fund		2,933,382		30,419,168

	Investment Value
Large Cap Index Master Portfolio	$	645,252,375		645,252,375
Master Small Cap Index Series		103,885,729		103,885,729

				1,191,482,111

	Shares
Fixed Income Funds — 54.8%
iShares TIPS Bond ETF		1,823,955		201,765,902


Security	Investment Value		Value
Fixed Income Funds — 54.8%
U.S. Total Bond Index Master Portfolio	$	1,249,621,195	$	1,249,621,195

				1,451,387,097

	Shares
Short-Term Securities — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.97%^(b)		3,897,831		3,897,831


Total Affiliated Investment Companies — 100.0% (Cost — $2,417,837,703)				2,646,767,039
Other Assets Less Liabilities — 0.0%				107,763

Net Assets — 100.0%			$	2,646,874,802

^(a)	During the period ended September 30, 2018, investments in issuers considered to be affiliates of the LifePath Index Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the LifePath Index Master Portfolio were as follows:


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/2017		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares*		17,809,719		—			(17,809,719	)^(b)		—	$	—	$	22,840	^(c)	$	13,101		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,836,877		—			(939,046	)^(b)		3,897,831		3,897,831		60,186			—			—
iShares Core MSCI Total International Stock ETF		5,171,734		1,798,295			(139,904	)		6,830,125		411,924,839		5,547,038			(565,871	)		(17,042,415	)
iShares Developed Real Estate Index Fund		4,868,497		482,052			(2,417,167	)		2,933,382		30,419,168		717,335			509,103			(1,345,758	)
iShares TIPS Bond ETF		1,579,048		285,313			(40,406	)		1,823,955		201,765,902		4,269,028			(355,611	)		(5,653,784	)
Large Cap Index Master Portfolio	$	613,784,581	$	31,467,794	^(d)	$	—		$	645,252,375		645,252,375		9,249,745			(2,471,550	)		70,041,323
Master Small Cap Index Series	$	92,810,675	$	11,075,054	^(d)	$	—		$	103,885,729		103,885,729		965,916			4,184,180			11,594,900
Total International ex U.S. Index Master Portfolio*	$	52,609,060	$	—		$	(52,609,060	)^(b)	$	—		—		442,180			222,776			(10,996,675	)
U.S. Total Bond Index Master Portfolio	$	1,091,623,827	$	157,997,368	^(d)	$	—		$	1,249,621,195		1,249,621,195		22,857,889			(6,412,433	)		(13,250,380	)

											$	2,646,767,039	$	44,132,157		$	(4,876,305	)	$	33,347,211

As of period end, the entity is no longer an affiliate of the LifePath Index Master Portfolio.

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares/investment value sold.

^(c)

^(d)

Represents net shares/investment value purchased.

^(b)

Annualized 7-day yield as of period end.


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Index 2020 Master Portfolio

(Percentages shown are based on Net Assets)

Portfolio Abbreviations

ETF

Exchange-Traded Fund

MSCI

Morgan Stanley Capital International

Fair Value Hierarchy as of Period End

•

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

•

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the LifePath Index Master Portfolio’s policy, transfers between different levels of the fair value 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 investments and is not necessarily an indication of the risks associated with investing in those securities. For information about the LifePath Index Master Portfolio’s policy regarding valuation of investments 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:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Equity Funds	$	442,344,007	$	—	$	—	$	442,344,007
Fixed Income Funds		201,765,902		—		—		201,765,902
Short-Term Securities		3,897,831		—		—		3,897,831

Subtotal	$	648,007,740	$	—	$	—	$	648,007,740

Investments Valued at Net Asset Value (“NAV”)^(a)								1,998,759,299

Total Investments							$	2,646,767,039

^(a)

As of September 30, 2018, certain investments of the LifePath Index Master Portfolio were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

During the period ended September 30, 2018, there were no transfers between levels.


2

Schedule of Investments (unaudited)

September 30, 2018

LifePath Index 2025 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Affiliated Investment Companies^(d) — 100.1%

Equity Funds — 57.9%
iShares Core MSCI Total International Stock ETF^(a)		9,878,607	$	595,778,788
iShares Developed Real Estate Index Fund		13,883,746		143,974,447

	Investment Value
Large Cap Index Master Portfolio	$	955,330,731		955,330,731
Master Small Cap Index Series		96,110,250		96,110,250

				1,791,194,216

	Shares
Fixed Income Funds — 41.8%
iShares TIPS Bond ETF		1,596,740		176,631,379


Security	Investment Value		Value
Fixed Income Funds (continued)
U.S. Total Bond Index Master Portfolio	$	1,116,182,169	$	1,116,182,169

				1,292,813,548

	Shares
Short-Term Securities — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.27%^(b)(c)		5,702,289		5,704,000
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.97%^(b)		6,783,223		6,783,223

				12,487,223


Total Affiliated Investment Companies — 100.1% (Cost — $2,815,584,829)				3,096,494,987
Liabilities in Excess of Other Assets — (0.1)%				(3,839,376	)

Net Assets — 100.0%			$	3,092,655,611

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

^(b)	Annualized 7-day yield as of period end.

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

^(d)	During the period ended September 30, 2018, investments in issuers considered to be affiliates of the LP Index Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the LifePath Index Master Portfolio were as follows:


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		8,887,811		—			(3,185,522	)^(b)		5,702,289	$	5,704,000	$	29,639	^(c)	$	1,289		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,426,469		1,356,754	^(d)		—			6,783,223		6,783,223		86,779			—			—
iShares Core MSCI Total International Stock ETF		7,194,944		2,722,163			(38,500	)		9,878,607		595,778,788		8,086,010			(219,353	)		(25,708,703	)
iShares Developed Real Estate Index Fund		13,003,042		2,654,397			(1,773,693	)		13,883,746		143,974,447		2,645,689			(542,663	)		(949,902	)
iShares TIPS Bond ETF		1,200,536		411,254			(15,050	)		1,596,740		176,631,379		3,584,426			(68,691	)		(4,863,428	)
Large Cap Index Master Portfolio	$	794,427,919	$	160,902,812	^(d)	$	—		$	955,330,731		955,330,731		12,890,743			(3,477,984	)		105,629,086
Master Small Cap Index Series	$	76,443,648	$	19,666,602	^(d)	$	—		$	96,110,250		96,110,250		851,938			3,681,035			(1,296,608	)
Total International ex U.S. Index Master Portfolio*	$	33,266,058		—		$	(33,266,058	)		—		—		136,119			90,402			(17,138,395	)
U.S. Total Bond Index Master Portfolio	$	866,640,859	$	249,541,310		$	—		$	1,116,182,169		1,116,182,169		19,494,113			(5,345,981	)		(311,386	)

											$	3,096,494,987	$	47,805,456		$	(5,881,946	)	$	55,360,664

As of period end, the entity is no longer an affiliate of the LifePath Index Master Portfolio.

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares/investment value sold.

^(c)

^(d)

Represents net shares/investment value purchased.


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Index 2025 Master Portfolio

Portfolio Abbreviations

ETF

Exchange-Traded Fund

MSCI

Morgan Stanley Capital International

Fair Value Hierarchy as of Period End

•

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

•

The following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Equity Funds	$	739,753,235	$	—	$	—	$	739,753,235
Fixed Income Funds		176,631,379		—		—		176,631,379
Short-Term Securities		12,487,223		—		—		12,487,223

Subtotal	$	928,871,837	$	—	$	—	$	928,871,837

Investments Valued at NAV^(a)								2,167,623,150

Total Investments							$	3,096,494,987

^(a)

During the period ended September 30, 2018, there were no transfers between levels.


2

Schedule of Investments (unaudited)

September 30, 2018

LifePath Index 2030 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Affiliated Investment Companies^(d) — 100.1%

Equity Funds — 68.8%
iShares Core MSCI Total International Stock ETF^(a)		13,424,265	$	809,617,422
iShares Developed Real Estate Index Fund		27,675,534		286,995,291

	Investment Value
Large Cap Index Master Portfolio	$	1,385,742,141		1,385,742,141
Master Small Cap Index Series		95,018,993		95,018,993
Total International ex U.S. Index Master Portfolio		45,599,953		45,599,953

				2,622,973,800

	Shares
Fixed Income Funds — 31.0%
iShares TIPS Bond ETF		1,394,653		154,276,515


Security	Investment Value		Value
Fixed Income (continued)
U.S. Total Bond Index Master Portfolio	$	1,024,928,447	$	1,024,928,447

				1,179,204,962

	Shares
Short-Term Securities — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.27%^(b)(c)		2,485,454		2,486,200
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.97%^(b)		7,738,202		7,738,202

				10,224,402


Total Affiliated Investment Companies — 100.1% (Cost — $3,384,129,050)				3,812,403,164
Liabilities in Excess of Other Assets — (0.1)%				(2,305,015	)

Net Assets — 100.0%			$	3,810,098,149

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

^(b)	Annualized 7-day yield as of period end.

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

^(d)	During the period ended September 30, 2018, investments in issuers considered to be affiliates of the LifePath Index Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the LifePath Index Master Portfolio were as follows:


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		21,322,517		—			(18,837,063	)^(b)		2,485,454	$	2,486,200	$	40,744	^(c)	$	1,278		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,292,023		1,446,179	^(d)		—			7,738,202		7,738,202		113,538			—			—
iShares Core MSCI Total International Stock ETF		9,548,734		3,940,797			(65,266	)		13,424,265		809,617,422		10,778,466			29,232			(34,720,708	)
iShares Developed Real Estate Index Fund		24,689,097		5,558,490			(2,572,053	)		27,675,534		286,995,291		5,212,695			(617,143	)		(1,876,409	)
iShares TIPS Bond ETF		1,077,873		320,322			(3,542	)		1,394,653		154,276,515		3,126,179			(23,848	)		(4,290,276	)
Large Cap Index Master Portfolio	$	1,167,462,886	$	218,279,255	^(d)		—		$	1,385,742,141		1,385,742,141		18,589,512			(5,027,924	)		139,502,130
Master Small Cap Index Series	$	73,349,677	$	21,669,316	^(d)		—		$	95,018,993		95,018,993		815,637			3,453,647			(290,407	)
Total International ex U.S. Index Master Portfolio	$	106,221,511		—		$	(60,621,558	)^(b)	$	45,599,953		45,599,953		1,368,674			590,445			(2,332,086	)
U.S. Total Bond Index Master Portfolio	$	802,525,226	$	222,403,221	^(d)		—		$	1,024,928,447		1,024,928,447		17,752,285			(4,870,481	)		(9,801,508	)

											$	3,812,403,164	$	57,797,730		$	(6,464,794	)	$	86,190,736

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares/investment value sold.

^(c)

^(d)

Represents net shares/investment value purchased.


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Index 2030 Master Portfolio

Portfolio Abbreviations

ETF

Exchange-Traded Fund

MSCI

Morgan Stanley Capital International

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments .These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

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

•

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the LifePath Index Master Portfolio’s policy, transfers between different levels of the fair value 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 investments and is not necessarily an indication of the risks associated with investing in those securities. For information about the LifePath Index Master Portfolio’s policy regarding valuation of investments , 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:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Equity Funds	$	1,096,612,713	$	—	$	—	$	1,096,612,713
Fixed Income Fund		154,276,515		—		—		154,276,515
Short-Term Securities		10,224,402		—		—		10,224,402

Subtotal	$	1,261,113,630	$	—	$	—	$	1,261,113,630

Investments Valued at NAV^(a)								2,551,289,534

							$	3,812,403,164

^(a)

During the period ended September 30, 2018, there were no transfers between levels.


2

Schedule of Investments (unaudited)

September 30, 2018

LifePath Index 2035 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Affiliated Investment Companies^(a) — 100.7%

Equity Funds — 79.2%
iShares Core MSCI Total International Stock ETF^(b)		11,084,611	$	668,512,889
iShares Developed Real Estate Index Fund		27,018,239		280,179,137

	Investment Value
Large Cap Index Master Portfolio	$	1,135,978,956		1,135,978,956
Master Small Cap Index Series		50,571,659		50,571,659
Total International ex U.S. Index Master Portfolio		28,086,787		28,086,787

				2,163,329,428

	Shares
Fixed Income Funds — 20.6%
iShares TIPS Bond ETF		629,667	$	69,653,764


Security	Investment Value		Value
Fixed Income Funds (continued)
U.S. Total Bond Index Master Portfolio	$	492,785,371	$	492,785,371

				562,439,135

	Shares
Short-Term Securities — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.27%^(c)(d)		20,553,034		20,559,200
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.97%^(c)		5,463,610		5,463,610

				26,022,810


Total Affiliated Investment Companies — 100.7% (Cost — $2,429,097,755)				2,751,791,373
Liabilities in Excess of Other Assets — (0.7)%				(20,389,071	)

Net Assets — 100.0%			$	2,731,402,302

^(a)	During the period ended September 30, 2018, investments in issuers considered to be affiliates of the LifePath Index Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the LifePath Index Master Portfolio were as follows:


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		9,458,854		11,094,180	^(b)		—			20,553,034	$	20,559,200	$	20,417	^(c)	$	—		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,258,142		1,205,468	^(b)		—			5,463,610		5,463,610		85,361			—			—
iShares Core MSCI Total International Stock ETF		7,678,597		3,471,135			(65,121	)		11,084,611		668,512,889		8,848,395			(83,035	)		(28,278,572	)
iShares Developed Real Estate Index Fund		22,135,653		7,135,245			(2,252,659	)		27,018,239		280,179,137		5,008,336			(539,294	)		(1,529,004	)
iShares TIPS Bond ETF		452,548		179,751			(2,632	)		629,667		69,653,764		1,393,465			(13,367	)		(1,886,453	)
Large Cap Index Master Portfolio	$	899,224,240	$	236,754,716	^(b)	$	—		$	1,135,978,956		1,135,978,956		14,958,268			(4,053,041	)		109,920,598
Master Small Cap Index Series	$	34,890,373	$	15,681,286	^(b)	$	—		$	50,571,659		50,571,659		417,203			1,750,515			3,854,759
Total International ex U.S. Index Master Portfolio	$	56,625,478	$	—		$	(28,538,691	)^(d)	$	28,086,787		28,086,787		780,209			309,425			257,309
U.S. Total Bond Index Master Portfolio	$	358,367,941	$	134,417,430	^(b)	$	—		$	492,785,371		492,785,371		8,323,134			(2,250,450	)		(9,816,696	)

											$	2,751,791,373	$	39,834,788		$	(4,879,247	)	$	72,521,941

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares/investment value purchased.

^(c)

^(d)

Represents net shares/investment value sold.

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

^(c)	Annualized 7-day yield as of period end.

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


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Index 2035 Master Portfolio

Portfolio Abbreviations

ETF

Exchange-Traded Fund

MSCI

Morgan Stanley Capital International

Fair Value Hierarchy as of Period End

•

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

•

The following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Equity Funds	$	948,692,026	$	—	$	—	$	948,692,026
Fixed Income Fund		69,653,764		—		—		69,653,764
Short-Term Securities		26,022,810		—		—		26,022,810

Subtotal	$	1,044,368,600	$	—	$	—	$	1,044,368,600

Investments Valued at Net Asset Value (“NAV”)^(a)								1,707,422,773

Total Investments							$	2,751,791,373

^(a)

During the period ended September 30, 2018, there were no transfers between levels.


2

Schedule of Investments (unaudited)

September 30, 2018

LifePath Index 2040 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Affiliated Investment Companies^(a) — 100.0%

Equity Funds — 88.4%
iShares Core MSCI Total International Stock ETF		12,836,728	$	774,183,066
iShares Developed Real Estate Index Fund		35,888,962		372,168,533

	Investment Value
Large Cap Index Master Portfolio	$	1,349,808,495		1,349,808,495
Master Small Cap Index Series		39,801,846		39,801,846
Total International ex U.S. Index Master Portfolio		50,004,698		50,004,698

				2,585,966,638

	Shares
Fixed Income Funds — 11.4%
iShares TIPS Bond ETF		331,802		36,703,937


Security	Investment Value		Value
Fixed Income Funds (continued)
U.S. Total Bond Index Master Portfolio	$	295,262,458	$	295,262,458

				331,966,395

	Shares
Short-Term Securities — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.97%^(b)		5,876,643		5,876,643


Total Affiliated Investment Companies — 100.0% (Cost — $2,520,848,926)				2,923,809,676
Other Assets Less Liabilities — 0.0%				238,324

Net Assets — 100.0%			$	2,924,048,000

^(a)	During the period ended September 30, 2018, investments in issuers considered to be affiliates of the LifePath Index Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the LifePath Index Master Portfolio were as follows:


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares*		—		—			—			—	$	—	$	25,113	^(b)	$	4,121		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,263,315		2,613,328	^(c)		—			5,876,643		5,876,643		93,286			—			—
iShares Core MSCI Total International Stock ETF		8,943,883		3,945,045			(52,200	)		12,836,728		774,183,066		10,167,641			(94,660	)		(32,261,968	)
iShares Developed Real Estate Index Fund		29,888,371		8,296,928			(2,296,337	)		35,888,962		372,168,533		6,624,102			(598,030	)		(2,350,724	)
iShares TIPS Bond ETF		232,536		103,261			(3,995	)		331,802		36,703,937		730,086			(17,664	)		(981,817	)
Large Cap Index Master Portfolio	$	1,099,850,108		249,958,387	^(c)	$	—		$	1,349,808,495		1,349,808,495		17,953,111			(4,862,030	)		131,385,406
Master Small Cap Index Series	$	25,021,674		14,780,172	^(c)	$	—		$	39,801,846		39,801,846		306,347			1,220,250			2,088,552
Total International ex U.S. Index Master Portfolio	$	95,008,702		—		$	(45,004,004	)^(d)	$	50,004,698		50,004,698		1,491,540			584,083			1,917,852
U.S. Total Bond Index Master Portfolio	$	208,666,484		86,595,974	^(c)	$	—		$	295,262,458		295,262,458		4,865,454			(1,305,564	)		(9,872,313	)

											$	2,923,809,676	$	42,256,680		$	(5,069,494	)	$	89,924,988

As of period end, the entity is no longer an affiliate of the LifePath Index Master Portfolio.

^(a)

Includes net capital gain distributions, if applicable.

^(b)

^(c)

Represents net shares/investment value purchased.

^(d)

Represents net shares/investment value sold.

^(b)	Annualized 7-day yield as of period end


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Index 2040 Master Portfolio

Portfolio Abbreviations

ETF

Exchange-Traded Fund

MSCI

Morgan Stanley Capital International

Fair Value Hierarchy as of Period End

•

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

•

The following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Equity Funds	$	1,146,351,599	$	—	$	—	$	1,146,351,599
Fixed Income Funds		36,703,937		—		—		36,703,937
Short-Term Securities		5,876,643		—		—		5,876,643

Subtotal	$	1,188,932,179	$	—	$	—	$	1,188,932,179

Investments Valued at Net Asset Value (“NAV”)^(a)								1,734,877,497

Total Investments							$	2,923,809,676

^(a)

During the period ended September 30, 2018, there were no transfers between levels.


2

Schedule of Investments (unaudited)

September 30, 2018

LifePath Index 2045 Master Portfolio

(Percentages shown are based on Net Assets)


	Shares		Value
Affiliated Investment Companies^(a) — 100.0%

Equity Funds — 95.7%
iShares Core MSCI Total International Stock ETF^(b)		9,450,544	$	569,962,309
iShares Developed Real Estate Index Fund		27,510,270		285,281,498

	Investment Value
Large Cap Index Master Portfolio	$	934,343,385		934,343,385
Master Small Cap Index Series		21,629,056		21,629,056
Total International ex U.S. Index Master Portfolio		12,670,013		12,670,013

				1,823,886,261

	Shares
Fixed Income Funds — 4.1%
iShares TIPS Bond ETF		59,633		6,596,603


Security	Investment Value		Value
Fixed Income Funds (continued)
U.S. Total Bond Index Master Portfolio	$	70,868,799	$	70,868,799

				77,465,402

	Shares
Short-Term Securities — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.27%^(c)(d)		55,738		55,755
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.97%^(c)		4,238,188		4,238,188

				4,293,943


Total Affiliated Investment Companies — 100.0% (Cost — $1,661,669,218)				1,905,645,606
Liabilities in Excess of Other Assets — (0.0)%				(305,162	)

Net Assets — 100.0%			$	1,905,340,444

^(a)

During the period ended September 30, 2018, investments in issuers considered to be affiliates of the LifePath Index Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the LifePath Index Master Portfolio were as follows:


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		55,738	^(b)		—			55,738	$	55,755	$	7,670	^(c)	$	(1,343	)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,070,623		1,167,565	^(b)		—			4,238,188		4,238,188		—			—			—
iShares Core MSCI Total International Stock ETF		6,150,815		3,313,229			(13,500	)		9,450,544		569,962,309		7,440,400			(28,546	)		(24,185,480	)
iShares Developed Real Estate Index Fund		20,380,503		8,805,328			(1,675,561	)		27,510,270		285,281,498		4,959,168			(468,389	)		(1,273,958	)
iShares TIPS Bond ETF		38,544		21,652			(563	)		59,633		6,596,603		123,616			(2,717	)		(164,503	)
Large Cap Index Master Portfolio	$	685,994,936	$	248,348,449	^(b)		—		$	934,343,385		934,343,385		12,074,587			(3,289,740	)		87,011,597
Master Small Cap Index Series	$	12,593,614	$	9,035,442	^(b)		—		$	21,629,056		21,629,056		162,964			627,436			1,239,779
Total International ex U.S. Index Master Portfolio	$	35,555,894	$	—		$	(22,885,881	)^(d)	$	12,670,013		12,670,013		417,237			173,951			945,322
U.S. Total Bond Index Master Portfolio	$	43,903,793	$	26,965,006	^(b)		—		$	70,868,799		70,868,799		1,110,004			(290,656	)		(2,330,222	)

											$	1,905,645,606	$	26,295,646		$	(3,280,004	)	$	61,242,535

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares/investment value purchased.

^(c)

^(d)

Represents net shares/investment value sold.

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

^(c)	Annualized 7-day yield as of period end.

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


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Index 2045 Master Portfolio

Portfolio Abbreviations

MSCI

Morgan Stanley Capital International

Fair Value Hierarchy as of Period End

•

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

•

The following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Equity Funds	$	855,243,807	$	—	$	—	$	855,243,807
Fixed Income Funds		6,596,603		—		—		6,596,603
Short-Term Securities		4,293,943		—		—		4,293,943

Subtotal	$	866,134,353	$	—	$	—	$	866,134,353

Investments Valued at Net Asset Value (“NAV”)^(a)								1,039,511,253

Total Investments							$	1,905,645,606

^(a)

During the period ended September 30, 2018, there were no transfers between levels.


2

Schedule of Investments (unaudited)

September 30, 2018

LifePath Index 2050 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Affiliated Investment Companies^(a) — 100.2%

Equity Funds — 98.7%
iShares Core MSCI Total International Stock ETF		8,601,140	$	518,734,753
iShares Developed Real Estate Index Fund		26,069,096		270,336,524

	Investment Value
Large Cap Index Master Portfolio	$	843,490,763		843,490,763
Master Small Cap Index Series		17,850,506		17,850,506
Total International ex U.S. Index Master Portfolio		12,108,411		12,108,411

				1,662,520,957


Security	Investment Value		Value
Fixed Income Fund — 1.1%
U.S. Total Bond Index Master Portfolio	$	18,395,101	$	18,395,101


	Shares
Short-Term Securities — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.97%^(b)		7,378,513		7,378,513


Total Affiliated Investment Companies — 100.2% (Cost — $1,462,059,882)				1,688,294,571
Liabilities in Excess of Other Assets — (0.2)%				(4,095,081	)

Net Assets — 100.0%			$	1,684,199,490

^(a)	During the period ended September 30, 2018, investments in issuers considered to be affiliates of the LifePath Index Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the LifePath Index Master were as follows:


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares*		—		—			—			—	$	—	$	1,170	^(b)	$	6,518		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,646,867		3,731,646	^(c)		—			7,378,513		7,378,513		59,920			—			—
iShares Core MSCI Total International Stock ETF		5,658,007		2,969,033			(25,900	)		8,601,140		518,734,753		6,768,789			(51,745	)		(21,909,890	)
iShares Developed Real Estate Index Fund		19,376,674		8,084,948			(1,392,526	)		26,069,096		270,336,524		4,644,794			(416,175	)		(1,253,638	)
Large Cap Index Master Portfolio	$	627,455,291	$	216,035,472	^(c)	$	—		$	843,490,763		843,490,763		10,841,070			(2,968,321	)		76,691,545
Master Small Cap Index Series	$	11,630,135	$	6,220,371	^(c)	$	—		$	17,850,506		17,850,506		138,038			495,969			1,139,141
Total International ex U.S. Index Master Portfolio	$	38,294,330	$	—		$	(26,185,919	)^(d)	$	12,108,411		12,108,411		453,269			214,538			815,078
U.S. Total Bond Index Master Portfolio	$	12,613,866	$	5,781,235	^(c)	$	—		$	18,395,101		18,395,101		308,299			(81,489	)		(427,626	)

											$	1,688,294,571	$	23,215,349		$	(2,800,705	)	$	55,054,610

As of period end, the entity is no longer an affiliate of LifePath Index Master Portfolio.

^(a)

Includes net capital gain distributions, if applicable.

^(b)

^(c)

Represents net shares/investment value purchased.

^(d)

Represents net shares/investment value sold.

^(b)	Annualized 7-day yield as of period end.


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Index 2050 Master Portfolio

Portfolio Abbreviations

ETF

Exchange-Traded Fund

MSCI

Morgan Stanley Capital International

Fair Value Hierarchy as of Period End

•

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

•

The following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Equity Funds	$	789,071,277	$	—	$	—	$	789,071,277
Short-Term Securities		7,378,513		—		—		7,378,513

Subtotal	$	796,449,790	$	—	$	—	$	796,449,790

Investments Valued at Net Asset Value (“NAV”)^(a)								891,844,781

Total Investments							$	1,688,294,571

^(a)

During the period ended September 30, 2018, there were no transfers between levels.


2

Schedule of Investments (unaudited)

September 30, 2018

LifePath Index 2055 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Affiliated Investment Companies^(a) — 100.4%

Equity Funds — 98.7%
iShares Core MSCI Total International Stock ETF		4,431,352	$	267,254,839
iShares Developed Real Estate Index Fund		13,217,431		137,064,768

	Investment Value
Large Cap Index Master Portfolio	$	422,503,217		422,503,217
Master Small Cap Index Series		9,552,413		9,552,413

				836,375,237
Fixed Income Fund — 1.0%
U.S. Total Bond Index Master Portfolio		8,535,560		8,535,560


Security	Shares		Value
Short-Term Securities — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.27%^(b)(c)		2,962,711	$	2,963,600
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.97%^(c)		2,742,087		2,742,087

				5,705,687


Total Affiliated Investment Companies — 100.4% (Cost — $750,145,186)				850,616,484
Liabilities in Excess of Other Assets — (0.4)%				(3,072,243	)

Net Assets — 100.0%			$	847,544,241

^(a)

During the period ended September 30, 2018, investments in issuers considered to be affiliate of the LifePath Index Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the LifePath Index Master were as follows:


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		2,962,711	^(b)		—			2,962,711	$	2,963,600	$	10,068	^(c)	$	1,427		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,426,431		315,656	^(b)		—			2,742,087		2,742,087		31,010			—			—
iShares Core MSCI Total International Stock ETF		2,892,116		1,638,025			(98,789	)		4,431,352		267,254,839		3,444,825			(446,081	)		(10,644,869	)
iShares Developed Real Estate Index Fund		8,947,476		4,895,854			(625,899	)		13,217,431		137,064,768		2,264,189			(192,735	)		(426,175	)
Large Cap Index Master Portfolio	$	289,790,556	$	132,712,661	^(b)		—		$	422,503,217		422,503,217		5,248,195			(1,454,282	)		148,218,985
Master Small Cap Index Series	$	5,213,569	$	4,338,844	^(b)		—		$	9,552,413		9,552,413		68,432			241,032			2,996,778
U.S. Total Bond Index Master Portfolio	$	5,795,769	$	2,739,791	^(b)		—		$	8,535,560		8,535,560		144,516			(38,372	)		2,141,994

											$	850,616,484	$	11,211,235		$	(1,889,011	)	$	142,286,713

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares/investment value purchased.

^(c)

^(b)	Annualized 7-day yield as of period end.

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


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Index 2055 Master Portfolio

Portfolio Abbreviations

MSCI

Morgan Stanley Capital International

ETF

Exchange-Traded Fund

Fair Value Hierarchy as of Period End

•

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

•

The following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Equity Funds	$	404,319,607	$	—	$	—	$	404,319,607
Short-Term Securities		5,705,687		—		—		5,705,687

	$	410,025,294	$	—	$	—	$	410,025,294

Investments Valued at Net Asset Value (“NAV”)^(a)								440,591,190

Total Investments							$	850,616,484

^(a)

During the period ended September 30, 2018, there were no transfers between levels.


2

Schedule of Investments (unaudited)

September 30, 2018

LifePath Index 2060 Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Affiliated Investment Companies^(b) — 99.9%

Equity Funds — 98.5%
iShares Core MSCI Total International Stock ETF		783,887	$	47,276,225
iShares Developed Real Estate Index Fund		2,303,941		23,891,864

	Investment Value
Large Cap Index Master Portfolio	$	74,242,150		74,242,150
Master Small Cap Index Series		1,685,898		1,685,898

				147,096,137


Security	Investment Value		Value
Fixed Income Fund — 1.1%
U.S. Total Bond Index Master Portfolio	$	1,633,048	$	1,633,048

	Shares
Short-Term Securities — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.97%^(a)		470,685		470,685


Total Affiliated Investment Companies — 99.9% (Cost — $149,825,137)				149,199,870
Other Assets Less Liabilities — 0.1%				116,789

Net Assets — 100.0%			$	149,316,659

^(a)	Annualized 7-day yield as of period end.

^(b)	During the period ended September 30, 2018, investments in issuers considered to be affiliates of the LifePath Index Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the LifePath Index Master Portfolio were as follows:


Affiliate Persons and/or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss) ^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares*		—		—			—			—	$	—	$	1,974	^(b)	$	(74,022	)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		526,628		—			(55,943	)^(c)		470,685		470,685		6,723			—			—
iShares Core MSCI Total International Stock ETF		371,304		457,473			(44,890	)		783,887		47,276,225		517,433			(31,748	)		(1,607,488	)
iShares Developed Real Estate Index Fund		1,149,063		1,319,175			(164,297	)		2,303,941		23,891,864		342,447			(57,930	)		67,552
Large Cap Index Master Portfolio	$	37,436,159	$	36,805,991	^(d)	$	—		$	74,242,150		74,242,150		789,995			(231,177	)		5,961,532
Master Small Cap Index Series	$	685,988	$	999,910	^(d)	$	—		$	1,685,898		1,685,898		10,521			38,963			84,998
U.S. Total Bond Index Master Portfolio	$	747,302	$	885,746	^(d)	$	—		$	1,633,048		1,633,048		22,242			(5,277	)		(15,910	)

											$	149,199,870	$	1,691,335		$	(361,191	)	$	4,490,684

As of period end, the entity is no longer an affiliate of the LifePath Index Master Portfolio.

^(a)

Includes net capital gain distributions, if applicable.

^(b)

^(c)

Represents net shares/investment value sold.

^(d)

Represents net shares/investment value purchased

Portfolio Abbreviations

ETF

Exchange-Traded Fund

MSCI

Morgan Stanley Capital International


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Index 2060 Master Portfolio

Fair Value Hierarchy as of Period End

•

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

•

The following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Equity Funds	$	71,168,089	$	—	$	—	$	71,168,089
Short-Term Securities		470,685		—		—		470,685

	$	71,638,774	$	—	$	—	$	71,638,774

Investments Valued at Net Asset Value (“NAV”)^(a)								77,561,096

Total Investments							$	149,199,870

^(a)

During the period ended September 30, 2018, there were no transfers between levels.


2

Schedule of Investments (unaudited) September 30, 2018

LifePath Index Retirement Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Affiliated Investment Companies^(a) — 100.0%

Equity Funds — 40.1%
iShares Core MSCI Total International Stock ETF		2,999,450	$	180,896,830
iShares Developed Real Estate Index Fund		654,061		6,782,611

	Investment Value
Large Cap Index Master Portfolio	$	293,075,878		293,075,878
Master Small Cap Index Series		55,995,174		55,995,174

				536,750,493

	Shares
Fixed Income Funds — 59.8%
iShares TIPS Bond ETF		1,050,810		116,240,602


Security	Investment Value		Value
Fixed Income Funds (continued)
U.S. Total Bond Index Master Portfolio	$	683,603,603	$	683,603,603

				799,844,205

	Shares
Short-Term Securities — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.97%^(b)		1,089,294		1,089,294

				1,089,294


Total Affiliated Investment Companies — 100.0% (Cost — $1,245,253,038)				1,337,683,992
Other Assets Less Liabilities — 0.0%				118,766

Net Assets — 100.0%			$	1,337,802,758

^(a)


Affiliate Persons and/ or Related Parties	Shares/ Investment Value Held at 12/31/17		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares*		65		—			(65	)^(b)		—	$	—	$	7,458	^(c)	$	461		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,005,607		—			(1,916,313	)^(b)		1,089,294		1,089,294		27,167			—			—
iShares Core MSCI Total International Stock ETF		2,542,848		713,820			(257,218	)		2,999,450		180,896,830		2,553,464			(376,208	)		(7,489,911	)
iShares Developed Real Estate Index Fund		591,318		97,429			(34,686	)		654,061		6,782,611		125,955			(12,785	)		(50,897	)
iShares TIPS Bond ETF		944,633		176,507			(70,330	)		1,050,810		116,240,602		2,504,673			(358,799	)		(3,182,229	)
Large Cap Index Master Portfolio	$	270,057,163	$	23,018,715	^(d)	$	—		$	293,075,878		293,075,878		4,138,558			(1,102,462	)		28,831,109
Master Small Cap Index Series	$	53,283,612	$	2,711,562	^(d)	$	—		$	55,995,174		55,995,174		537,346			2,319,672			6,285,976
Total International ex U.S. Index Master Portfolio*	$	5,776,267	$	—		$	(5,776,267	)^(b)		—		—		669			2,099			(3,532,781	)
U.S. Total Bond Index Master Portfolio	$	630,335,530	$	53,268,073	^(d)	$	—		$	683,603,603		683,603,603		13,016,021			(3,687,245	)		(6,819,294	)

											$	1,337,683,992	$	22,911,311		$	(3,215,267	)	$	14,041,973

As of period end, the entity is no longer an affiliate of the LifePath Index Master Portfolio.

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares/investment value sold.

^(c)

^(d)

Represents net shares/investment value purchased.

^(b)	Annualized 7-day yield as of period end.

Portfolio Abbreviations

ETF

Exchange-Traded Fund

MSC

Morgan Stanley Capital International


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

LifePath Index Retirement Master Portfolio

Fair Value Hierarchy as of Period End

•

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

•

The following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Equity Funds	$	187,679,441	$	—	$	—	$	187,679,441
Fixed Income Funds		116,240,602		—		—		116,240,602
Short-Term Securities		1,089,294		—		—		1,089,294

Subtotal	$	305,009,337	$	—	$	—	$	305,009,337

Investments Valued at Net Asset value (“NAV”)^(a)								1,032,674,655

Total Investments							$	1,337,683,992

^(a)

During the period ended September 30, 2018, there were no transfers between levels.


2

Schedule of Investments (unaudited)

September 30, 2018

Money Market Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Certificates of Deposit — 23.2%

Domestic — 1.4%
Wells Fargo Bank NA^(a):
(1 mo. LIBOR US + 0.22%), 2.37%, 10/15/18	$	178,300	$	178,314,027
(1 mo. LIBOR US + 0.25%), 2.41%, 11/19/18		297,700		297,801,102
(3 mo. LIBOR US + 0.21%), 2.56%, 04/23/19		250,000		250,137,215

				726,252,344
Euro — 1.3%
Credit Industriel et Commercial, London:
2.56%, 01/25/19		165,000		165,024,128
0.01%, 03/01/19		173,000		171,098,469
KBC Bank NV, 2.52%, 01/02/19		300,000		300,000,000

				636,122,597
Yankee^(b) — 20.5%
Bank of Montreal, Chicago:
2.33%, 10/01/18		200,000		200,002,506
(1 mo. LIBOR US + 0.24%), 2.40%, 10/17/18^(a)		141,500		141,514,682
(1 mo. LIBOR US + 0.24%), 2.46%, 10/25/18^(a)		178,150		178,183,129
Bank of Nova Scotia, Houston^(a):
(1 mo. LIBOR US + 0.24%), 2.40%, 10/17/18		242,000		242,025,110
(1 mo. LIBOR US + 0.25%), 2.36%, 11/05/18		195,000		195,054,452
(1 mo. LIBOR US + 0.25%), 2.37%, 11/06/18		198,000		198,056,319
BNP Paribas SA, New York^(a):
(3 mo. LIBOR US + 0.25%), 2.64%, 12/28/18		381,850		382,041,994
(1 mo. LIBOR US + 0.26%), 2.37%, 02/04/19		336,000		336,235,526
(1 mo. LIBOR US + 0.28%), 2.43%, 04/12/19		300,000		300,182,574
Canadian Imperial Bank of Commerce, New York^(a):
(1 mo. LIBOR US + 0.24%), 2.40%, 10/18/18		285,250		285,282,008
(1 mo. LIBOR US + 0.24%), 2.45%, 10/22/18		96,400		96,415,814
(1 mo. LIBOR US + 0.26%), 2.41%, 11/13/18		466,500		466,654,080
(1 mo. LIBOR US + 0.40%), 2.52%, 06/07/19		395,200		395,834,075
(1 mo. LIBOR US + 0.40%), 2.53%, 06/10/19		230,000		230,370,075
(1 mo. LIBOR US + 0.33%), 2.48%, 08/13/19		223,500		223,793,683


Security	Par (000)		Value
Yankee^(b) (continued)
Cooperatieve Rabobank UA, New York (3 mo. LIBOR US + 0.20%), 2.54%, 04/05/19^(a)	$	168,550	$	168,668,730
Dexia Credit Local SA, New York (1 mo. LIBOR US + 0.30%), 2.46%, 01/18/19^(a)		250,000		250,201,405
Mizuho Bank Ltd, New York (3 mo. LIBOR US + 0.11%), 2.48%, 03/25/19^(a)		483,000		482,976,077
Natixis SA, New York:
(3 mo. LIBOR US + 0.15%), 2.49%, 10/31/18^(a)		106,500		106,527,219
(3 mo. LIBOR US + 0.10%), 2.44%, 11/01/18^(a)		281,000		281,013,918
2.48%, 12/20/18		282,500		282,583,699
2.50%, 02/07/19		83,780		83,795,586
Nordea Bank AB, New York (3 mo. LIBOR US + 0.20%), 2.54%, 04/05/19^(a)		304,150		304,425,566
Royal Bank of Canada, New York^(a):
(1 mo. LIBOR US + 0.25%), 2.37%, 11/06/18		292,000		292,083,056
(3 mo. LIBOR US + 0.28%), 2.65%, 03/22/19		276,730		277,029,267
(1 mo. LIBOR US + 0.31%), 2.47%, 08/16/19		243,000		243,186,126
Skandinaviska Enskilda Banken AB, New York (1 mo. LIBOR US + 0.32%), 2.50%, 11/21/18^(a)		184,000		184,086,938
Societe Generale, New York:
2.31%, 10/23/18		150,000		150,015,180
2.50%, 02/08/19		291,000		291,102,676
Standard Chartered Bank, New York^(a):
(3 mo. LIBOR US + 0.09%), 2.43%, 12/19/18		300,000		300,024,441
(3 mo. LIBOR US + 0.10%), 2.47%, 03/25/19		258,000		258,000,000
Sumitomo Mitsui Trust Bank Ltd., New York:
2.32%, 10/18/18		306,000		306,019,523
(1 mo. LIBOR US + 0.20%), 2.36%, 10/18/18^(a)		250,000		250,022,508
(3 mo. LIBOR US + 0.20%), 2.52%, 08/16/19^(a)		362,000		361,997,929
Toronto-Dominion Bank, New York:
2.75%, 05/14/19		250,000		250,110,960
(1 mo. LIBOR US + 0.40%), 2.54%, 06/12/19^(a)		499,000		498,965,429
2.63%, 06/13/19		288,000		287,835,687
2.73%, 06/14/19		380,000		379,998,469


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

Money Market Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Yankee^(b) (continued)
2.73%, 08/07/19	$	201,500	$	201,380,271

				10,363,696,687

Total Certificates of Deposit — 23.2% (Cost — $11,722,237,072)				11,726,071,628


Commercial Paper — 31.3%
Alpine Securitization LLC, 2.50%, 01/22/19		241,500		241,517,951
The Bank of Nova Scotia^(a):
(1 mo. LIBOR US + 0.24%), 2.41%, 10/19/18		105,000		105,012,529
(1 mo. LIBOR US + 0.25%), 2.36%, 11/02/18		95,000		95,025,643
Barclays Bank PLC, New York^(c)(d):
2.47%, 01/04/19		50,000		49,672,109
2.50%, 01/07/19		200,000		198,644,356
2.50%, 01/08/19		50,000		49,657,450
Bayerische Landesbank, New York, 2.62%, 01/02/19^(c)		440,000		437,132,375
Bedford Row Funding Corp., 2.79%, 04/26/19^(c)		137,500		135,428,218
Bennington Sark Cap Co., 2.25%, 10/02/18^(c)		333,875		333,796,910
BPCE SA^(c):
2.57%, 10/31/18		426,500		425,646,147
2.64%, 02/08/19		200,000		198,183,072
Canadian Imperial Bank of Commerce, New York, 2.40%, 10/16/18^(e)		230,000		230,020,983
Commonwealth Bank of Australia (3 mo. LIBOR US + 0.20%), 2.54%, 04/05/19^(a)		100,000		99,994,923
Crown Point Capital Co. LLC:
2.45%, 11/01/18		350,000		350,071,235
(1 mo. LIBOR US + 0.25%), 2.38%, 03/11/19^(a)		255,500		255,517,338
Electricite de France, 2.30%, 10/02/18^(c)		204,550		204,495,884
Enterprise Products Operating LLC^(c):
2.31%, 10/16/18		34,675		34,632,575
2.37%, 10/22/18		65,000		64,894,006
2.37%, 10/26/18		41,000		40,921,904
2.42%, 10/29/18		46,500		46,401,858
GE Capital Treasury LLC, 2.13%, 10/02/18^(c)		150,000		149,963,566
HSBC Bank PLC^(a):
(3 mo. LIBOR US + 0.24%), 2.62%, 03/27/19		304,000		304,235,241


Security	Par (000)		Value
Commercial Paper (continued)
(3 mo. LIBOR US + 0.21%), 2.54%, 04/17/19	$	303,000	$	303,210,394
Hyundai Capital America, 2.36%, 10/29/18^(c)		193,000		192,592,658
ING US Funding LLC:
(3 mo. LIBOR US + 0.16%), 2.50%, 01/07/19^(a)		221,500		221,564,911
(1 mo. LIBOR US + 0.32%), 2.45%, 02/08/19^(a)		383,750		384,121,861
(1 mo. LIBOR US + 0.25%), 2.40%, 02/12/19^(a)		397,500		397,771,624
2.65%, 04/15/19^(c)		239,000		235,498,982
JP Morgan Securities LLC:
2.37%, 10/09/18^(c)		100,000		99,932,472
(1 mo. LIBOR US + 0.26%), 2.43%, 11/15/18^(a)		173,750		173,808,594
2.84%, 07/11/19^(c)		218,000		213,216,522
Landesbank Baden-Wurttemberg, New York^(c):
2.18%, 10/02/18		1,735,000		1,734,571,837
2.34%, 11/13/18		251,500		250,757,336
2.47%, 01/02/19		160,000		158,982,827
LMA Americas LLC^(c):
2.53%, 02/06/19		100,000		99,105,561
2.61%, 04/03/19		70,000		69,065,520
Longship Funding LLC, 2.37%, 12/19/18^(c)		100,000		99,430,783
Macquarie Bank Ltd.^(c):
2.53%, 02/22/19		214,000		211,769,103
2.53%, 02/25/19		250,000		247,333,332
Matchpoint Finance PLC, 2.20%, 10/01/18^(c)		50,000		49,990,792
Mitsubishi UFJ Trust & Banking Corp., New York^(c):
2.34%, 10/01/18		50,000		49,991,142
2.31%, 10/29/18		200,000		199,624,212
Nestle Capital Corp.^(c):
2.23%, 10/09/18		114,360		114,285,571
2.42%, 12/11/18		324,500		322,979,176
2.42%, 12/12/18		78,000		77,628,687
2.42%, 12/19/18		100,000		99,471,556
Nutrien Ltd., 2.56%, 10/31/18^(c)		225,000		224,434,051
Ridgefield Funding Co. LLC:
2.18%, 10/02/18^(c)		84,947		84,926,849
2.36%, 10/10/18^(c)		100,000		99,927,500
(1 mo. LIBOR US + 0.45%), 2.61%, 10/18/18^(a)		190,763		190,806,620
2.36%, 10/22/18^(c)		59,072		58,984,101
2.36%, 11/02/18^(c)		81,484		81,305,596
Sanofi, 2.32%, 11/05/18^(c)		160,500		160,127,791


2

Schedule of Investments (unaudited) (continued)

September 30, 2018

Money Market Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Commercial Paper (continued)
Schlumberger Holdings Corp., 2.38%, 10/05/18^(c)	$	100,000	$	99,952,750
Sheffield Receivables Co. LLC (SOFR + 0.35%), 2.51%, 11/28/18^(a)		100,000		100,010,000
Sumitomo Mitsui Banking Corp.^(c):
2.33%, 10/17/18		75,000		74,913,233
2.33%, 10/18/18		400,000		399,512,668
Sumitomo Mitsui Trust Bank Ltd., New York, 2.33%, 10/04/18^(c)		263,100		263,004,845
Suncorp Group Ltd.^(c):
2.57%, 10/30/18		81,000		80,832,888
2.63%, 01/23/19^(d)		50,000		49,585,138
Toyota Motor Credit Corp.^(a):
2.42%, 04/03/19		109,000		109,000,000
2.42%, 04/04/19		200,000		200,019,964
Transcanada Pipelines Ltd., 2.33%, 10/10/18^(c)		35,000		34,971,638
UBS AG^(a):
(1 mo. LIBOR US + 0.30%), 2.43%, 10/10/18		248,000		248,019,485
(1 mo. LIBOR US + 0.34%), 2.46%, 01/07/19		255,000		255,224,255
(3 mo. LIBOR US + 0.33%), 2.67%, 04/04/19		404,545		405,031,077
(1 mo. LIBOR US + 0.42%), 2.66%, 05/31/19		508,750		509,526,510
(1 mo. LIBOR US + 0.42%), 2.59%, 06/19/19		200,000		200,312,220
(1 mo. LIBOR US + 0.40%), 2.51%, 07/02/19^(d)		89,500		89,627,573
(3 mo. LIBOR US + 0.20%), 2.53%, 07/09/19		300,000		300,136,275
(1 mo. LIBOR US + 0.26%), 2.33%, 08/28/19		264,000		264,056,174
United Overseas Bank Ltd.^(c):
2.37%, 10/10/18		80,000		79,941,520
2.37%, 10/11/18		16,000		15,987,318
2.37%, 10/12/18^(d)		100,000		99,914,522
2.37%, 10/15/18		300,000		299,688,192
2.48%, 12/10/18		217,000		215,985,735
VW Credit, Inc., 2.38%, 10/29/18^(c)		217,000		216,542,004
Westpac Banking Corp. (3 mo. LIBOR US + 0.22%), 2.56%, 04/03/19^(a)(d)		250,000		250,211,670

Total Commercial Paper — 31.3% (Cost — $15,817,526,068)				15,820,091,888


Security	Par (000)		Value
Corporate Bonds — 0.8%

Diversified Financial Services — 0.8%
American Honda Finance Corp.^(e):
(3 mo. LIBOR US + 0.06%), 2.40%, 05/08/19	$	100,000	$	99,999,691
(3 mo. LIBOR US + 0.05%), 2.42%, 06/24/19		273,160		273,139,904

Total Corporate Bonds — 0.8% (Cost — $373,160,000)				373,139,595


Municipal Bonds — 2.3%^(f)
Deutsche Bank Spears/Lifers Trust, RB, VRDN, 2.47%, 12/01/52		270,000		270,000,000
Idaho Housing & Finance Association, 2.20%, 07/01/41		32,575		32,575,000
Jets Stadium Development LLC :
2.25%, 04/01/47		40,105		40,105,000
2.25%, 04/01/47		29,800		29,800,000
VRDN, Series A-4B, 2.25%, 04/01/47		2,500		2,500,000
Jets Stadium Finance Secured, 2.25%, 04/01/47^(d)		122,095		122,095,000
Maine State Housing Authority, Refunding RB, VRDN, 2.10%, 11/15/50		50,000		50,000,000
Michigan Finance Authority, Refunding RB, VRDN, 2.15%, 09/01/50		83,910		83,910,000
New York State Housing Finance Agency, RB, VRDN, 2.10%, 05/01/49		100,000		100,000,000
RBC Municipal Products Inc. Trust, Refunding RB, VRDN, 2.19%, 12/17/18^(d)		34,000		34,000,000
Rib Floater Trust Various States, RB^(d):
Series 19-W, 2.59%, 08/15/22		96,680		96,680,000
VRDN, 2.59%, 07/01/22		124,675		124,675,000
Rohnert Park 668 LP, 2.25%, 06/01/58		4,900		4,900,000
Taxable Municipal Funding Trust, RB^(d):
Series 2018-001, 2.33%, 07/01/19		10,000		10,000,000
VRDN, 2.59%, 07/31/28		132,500		132,500,000
VRDN, 2.59%, 09/01/46		37,090		37,090,000
Wheaton College Illinois, RB, Series A, Taxable Multi-Modal Revenue Bonds, 2.02%, 10/01/35		6,750		6,750,000

Total Municipal Bonds — 2.3% (Cost — $1,177,580,000)				1,177,580,000


Time Deposits — 15.6%
Australia & New Zealand Banking Group Ltd., 2.17%, 10/01/18		500,000		500,000,000


			3

Schedule of Investments (unaudited) (continued)

September 30, 2018

Money Market Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Time Deposits (continued)
Bank of Nova Scotia, 2.17%, 10/01/18	$	1,200,000	$	1,200,000,000
Barclays Bank PLC, New York, 2.20%, 10/01/18		198,000		198,000,000
Credit Agricole CIB, New York:
2.16%, 10/01/18		778,000		778,000,000
2.25%, 10/04/18		600,000		600,000,000
ING Bank NV, 2.17%, 10/01/18		418,000		418,000,000
Landesbank Hessen-Thueringen Girozentrale:
2.20%, 10/01/18		576,000		576,000,000
2.30%, 10/04/18		722,000		722,000,000
2.30%, 10/05/18		224,000		224,000,000
Mizuho Bank Ltd., New York:
2.10%, 10/01/18		415,000		415,000,000
2.17%, 10/03/18		1,200,000		1,200,000,000
Skandinaviska Enskilda Banken AB, New York, 2.16%, 10/01/18		800,000		800,000,000
Swedbank AB, New York, 2.15%, 10/01/18		250,000		250,000,000

Total Time Deposits — 15.6% (Cost — $7,881,000,000)				7,881,000,000


Security	Par (000)		Value
U.S. Government Sponsored Agency Obligations — 0.6%
Federal Home Loan Bank, 1.95%, 10/02/18^(c)	$	300,000	$	299,982,417

Total U.S. Government Sponsored Agency Obligations — 0.6% (Cost — $299,983,792)				299,982,417


U.S. Treasury Obligations — 4.9%
U.S. Treasury Bill, 2.22%, 12/27/18^(c)		2,000,000		1,989,596,260
U.S. Treasury Note, 2.24%, 07/31/20^(e)		500,000		499,967,360

Total U.S. Treasury Obligations — 4.9% (Cost — $2,489,410,096)				2,489,563,620

Total Repurchase Agreements — 21.7%				10,977,500,000


Total Investments — 100.5% (Cost — $50,738,397,028)				50,744,929,148
Liabilities in Excess of Other Assets — (0.5)%				(250,302,112	)

Net Assets — 100.0%			$	50,494,627,036

^(a)	Variable rate security. Rate shown is the rate in effect as of period end.

^(b)	Issuer is a U.S. branch of foreign domiciled bank.

^(c)	Rates 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)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

^(f)	Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

Portfolio Abbreviations

LIBOR

London Interbank Offered Rate

Revenue Bonds

SOFR

Secured Overnight Financing Rate

VRDN

Variable Rate Demand Notes

Repurchase Agreements


	Repurchase Agreements												Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest	Position	Original Par		Position Received At Value
Barclays Capital, Inc.		2.32	%		09/27/2018		10/04/18	$	75,000	$	75,000	$75,033,833	Corporate Debt Obligations, 2.43% to 9.27%, due 1/17/23 to 5/25/47	$	224,128,392	$	86,250,000
Barclays Capital, Inc.		2.29	%^(a)		09/28/18		10/01/18		144,000		144,000	144,027,480	Corporate Debt Obligations, 2.20% to 6.55%, due 3/19/19 to 9/15/52		152,495,349		151,200,001
Barclays Capital, Inc.		2.32	%^(a)		09/28/18		10/01/18		389,000		389,000	389,075,207	Corporate Debt Obligations, 1.63% to 7.88%, due 4/15/19 to 12/15/67		407,031,993		408,451,863


4

Schedule of Investments (unaudited) (continued)

September 30, 2018

Money Market Master Portfolio


	Repurchase Agreements												Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest	Position	Original Par	Position Received At Value
Barclays Capital, Inc.		2.72	%^(a)		09/28/18		01/01/19		145,000		145,000	$146,040,778	Corporate Debt Obligations, 2.25% to 6.85%, due 9/15/19 to 07/01/16	153,526,626		152,250,890

Total Barclays Capital, Inc.										$	753,000				$	798,152,754

BNP Paribas Securities Corp.		2.24	%		09/28/18		10/01/18	$	467,000	$	467,000	$ 467,087,173	U.S. Government Sponsored Agency Obligations, 0.63% to 2.50%, due 8/15/19 to 1/15/26	471,119,900	$	476,340,057
BNP Paribas Securities Corp.		2.27	%^(a)		09/28/18		10/01/18		355,000		355,000	355,067,154	U.S. Government Sponsored Agency Obligations, 0.00% to 8.18%, due 10/04/18 to 5/15/68	372,772,026		368,486,239
BNP Paribas Securities Corp.		2.76	%^(a)		09/28/18		01/01/19		100,000		100,000	100,728,333	Corporate Debt Obligations, 0.84% to 12.75%, due 12/31/18 to 5/15/53	113,509,147		113,267,016

Total BNP Paribas Securities Corp.										$	922,000				$	958,093,312

Citigroup Global Markets, Inc.		2.24	%^(b)		09/28/18		01/01/19		5,000		5,000	5,000,933	U.S Government Sponsored Agency Obligations, 0.13% to 3.00%, due 3/31/19 to 5/15/47	5,099,457		5,100,002
Citigroup Global Markets, Inc.		2.22	%^(a)		09/28/18		10/01/18		100,000		100,000	100,018,500	U.S. Government Sponsored Agency Obligations, 0.13% to 0.63%, due 4/15/19 to 02/15/43	97,416,200		102,000,053
Citigroup Global Markets, Inc.		2.90	%^(a)		09/28/18		10/01/18		220,000		220,000	221,683,611	Corporate Debt/Obligations, 2.75% to 6.41%, due 10/25/23 to 09/25/64	417,563,066		235,400,000

Total Citigroup Global Markets, Inc.										$	325,000				$	342,500,055

Credit Agricole SA		2.24	%		09/28/18		10/01/18		5,000		5,000	5,000,933	U.S. Government Sponsored Agency Obligations, 2.00% to 2.75%, due 3/31/23 to 8/15/25	5,182,933		5,100,000
Credit Agricole SA		2.26	%		09/28/18		10/01/18		250,000		250,000	250,047,083	U.S. Government Sponsored Agency Obligations, 2.13% to 3.00%, due 5/15/25 to 11/15/45	266,130,800		255,000,049

Total Credit Agricole SA										$	255,000				$	260,100,049

Credit Suisse Securities (USA) LLC		2.71	%^(a)		09/28/18		11/02/18		486,000		486,000	487,280,475	Corporate Debt Obligations, 0.01% to 14.97%, due 3/15/19 to 9/17/58	6,358,982,076		560,845,106
Credit Suisse Securities (USA) LLC		2.71	%^(a)		09/28/18		11/02/18		100,000		100,000	100,263,472	Corporate Debt Obligations, 0.05% to 13.00%, due 04/15/19 to 11/15/66	114,333,691		112,551,372

Total Credit Suisse Securities (USA) LLC										$	586,000				$	673,396,478

Deutsche Bank Securities, Inc.		2.25	%		09/28/18		10/01/18		1,600,000		1,600,000	1,600,300,000	U.S Government Sponsored Agency Obligations, 0.13% to 6.00%, due 4/15/19 to 8/15/47	1,518,155,600		1,632,000,001


			5

Schedule of Investments (unaudited) (continued)

September 30, 2018

Money Market Master Portfolio


	Repurchase Agreements												Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest	Position	Original Par	Position Received At Value
Federal Reserve Bank of New York		2.00	%		09/28/18		10/01/18		200,000		200,000	200,033,333	U.S Government Sponsored Agency Obligations, 2.13%, due 1/31/21	202,748,800		200,033,371
HSBC Securities (USA), Inc.		2.29	%^(a)		09/28/18		10/01/18		212,500		212,500	212,540,552	Corporate Debt Obligations, 1.95% to 6.40%, due 06/07/19 to 10/15/48	228,400,897		223,125,001
HSBC Securities (USA), Inc.		2.37	%^(a)		09/28/18		10/01/18		325,000		325,000	325,064,188	Corporate Debt Obligations, 2.70% to 9.50%, due 12/01/18 to 5/15/53	355,487,465		358,061,541
HSBC Securities (USA), Inc.		2.77	%^(a)		09/28/18		12/28/18		31,000		31,000	31,217,060	Corporate Debt Obligations, 7.88% to 10.63%, due 2/15/21 to 5/01/24	32,092,000		35,650,708

Total HSBC Securities (USA), Inc.										$	568,500				$	616,837,250

J.P. Morgan Securities LLC		2.25	%		09/28/18		10/01/18		500,000		500,000	500,093,750	U.S. Government Sponsored Agency Obligations, 1.44% to 8.00%, due 6/15/20 to 6/15/58	642,134,652		510,977,077
J.P. Morgan Securities LLC		2.26	%		09/28/18		10/01/18		990,000		990,000	990,186,450	U.S. Government Sponsored Agency Obligations, 1.38% to 6.50%, due 6/30/20 to 9/20/48	1,315,023,148		1,012,073,995
J.P. Morgan Securities LLC		2.61	%		08/15/18		11/13/18		135,000		135,000	135,880,875	Corporate Debt Obligations, 0.00% to 10.00%, due 4/01/19 to 6/15/76	1,535,678,610		147,452,346
J.P. Morgan Securities LLC		2.26	%^(a)		09/28/18		10/05/18	$	498,000	$	498,000	498,218,843	U.S. Government Sponsored Agency Obligations, 0.00% to 6.00%, due 11/25/23 to 1/16/60	6,322,032,813		521,592,537
J.P. Morgan Securities LLC		2.27	%^(a)		09/28/18		10/01/18		285,000		285,000	285,053,913	Corporate Debt Obligations, 0.00%, due 10/04/18	296,671,750		295,482,399
J.P. Morgan Securities LLC		2.29	%^(a)		09/28/18		10/01/18		116,000		116,000	116,022,137	Corporate Debt Obligations, 0.00%, due 10/04/18	119,949,823		119,530,418
J.P. Morgan Securities LLC		2.35	%^(a)		09/28/18		10/01/18		90,000		90,000	90,017,625	Corporate Debt Obligations, 1.39% to 3.50%, due 10/25/48 to 11/18/59	126,306,496		96,300,000
J.P. Morgan Securities LLC		2.52	%^(a)		09/28/18		10/01/18		90,000		90,000	90,018,900	Corporate Debt Obligations, 2.60% to 13.50%, due 6/15/19 to 12/31/00	100,912,982		99,531,138
J.P. Morgan Securities LLC		2.70	%^(a)		09/28/18		12/28/18		175,000		175,000	176,194,375	Corporate Debt Obligations, 0.52% to 12.50%, due 3/01/19 to 1/22/78	462,093,380		192,495,416
J.P. Morgan Securities LLC		2.78	%^(a)		09/28/18		12/28/18		345,000		345,000	347,424,392	Corporate Debt Obligations, 0.00% to 10.08%, due 7/17/23 to 7/25/56	1,048,652,790		402,365,342
J.P. Morgan Securities LLC		2.90	%^(a)		09/28/18		12/28/18		205,000		205,000	206,502,764	Corporate Debt Obligations, 0.00% to 9.49%, due 11/15/21 to 1/28/55	610,737,456		239,512,052

Total J.P. Morgan Securities LLC										$	3,429,000				$	3,637,312,720


6

Schedule of Investments (unaudited) (continued)

September 30, 2018

Money Market Master Portfolio


	Repurchase Agreements												Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest	Position	Original Par	Position Received At Value
Merrill Lynch, Pierce, Fenner & Smith, Inc.		2.27	%^(a)		09/28/18		10/01/18		115,000		115,000	115,021,754	U.S. Government Sponsored Agency Obligations, 4.00%, due 5/01/48	117,589,506		118,450,001
Merrill Lynch, Pierce, Fenner & Smith, Inc.		2.29	%^(a)		09/28/18		10/01/18		399,000		399,000	399,076,143	Corporate Debt Obligations, 0.00% to 8.00%, due 10/02/18 to 3/15/57	418,373,081		416,131,075
Merrill Lynch, Pierce, Fenner & Smith, Inc.		2.57	%^(a)		09/28/18		11/02/18		165,000		165,000	165,412,271	Corporate Debt Obligations, 0.00% to 9.41%, due 12/16/19 to 5/28/69	2,185,557,603		176,550,000
Merrill Lynch, Pierce, Fenner & Smith, Inc.		2.87	%^(a)		09/28/18		12/02/18		180,000		180,000	180,932,750	Corporate Debt Obligations, 4.37% to 8.12%, due 7/25/25 to 12/25/30	205,280,751		216,000,001

Total Merrill Lynch, Pierce, Fenner & Smith, Inc.										$	859,000				$	927,131,077

Mizuho Security USA, Inc.		2.32	%^(a)		09/28/18		10/01/18		45,000		45,000	45,008,700	Corporate Debt Obligations, 2.89% to 8.25%, due 6/06/22 to 1/24/39	50,359,741		48,565,408
Mizuho Security USA, Inc.		2.57	%^(a)		09/28/18		10/01/18		30,000		30,000	30,006,425	U.S. Government Sponsored Agency Obligations, 3.56% to 3.59%, due 7/01/28 to 9/01/28	30,880,500		30,900,000
Mizuho Security USA, Inc.		2.79	%^(a)		09/28/18		11/02/18		44,000		44,000	44,119,350	Corporate Debt Obligations, 0.00% to 5.54%, due 2/25/20 to 8/25/50	1,471,733,361		46,460,590

Total Mizuho Security USA, Inc.										$	119,000				$	125,925,998

Scotia Capital (USA), Inc.		2.37	%^(a)		09/28/18		10/01/18		160,000		160,000	160,031,600	Corporate Debt Obligations, 1.63% to 4.40%, due 11/13/18 to 9/22/21	167,255,000		168,000,775
TD Securities (USA) LLC		2.42	%^(a)		09/28/18		11/02/18	$	50,000	$	50,000	50,117,639	U.S. Government Sponsored Agency Obligations, 3.00% to 4.50%, due 3/01/27 to 7/20/48	93,521,732		51,446,146
TD Securities (USA) LLC		2.29	%^(a)		09/28/18		10/01/18		75,000		75,000	75,014,313	U.S. Government Sponsored Agency Obligations, 2.50% to 6.50%, due 1/01/20 to 5/20/48	361,429,508		76,963,322

Total TD Securities (USA) LLC										$	125,000				$	296,410,243

Wells Fargo Securities LLC		2.26	%		09/28/18		10/01/18		200,000		200,000	200,037,667	U.S. Government Sponsored Agency Obligations, 4.00% to 5.00%, due 4/20/48 to 9/20/48	199,631,006		204,000,001
Wells Fargo Securities LLC		2.27	%		09/28/18		10/01/18		93,000		93,000	93,017,593	Corporate Debt Obligations, 0.00% to 5.00%, due 10/02/18 to 9/15/48	96,808,027		97,650,541
Wells Fargo Securities LLC		2.54	%		07/13/18		10/11/18		50,000		50,000	50,317,500	Corporate Debt Obligations, 0.12% to 7.75%, due 11/15/20 to 10/10/47	2,829,284,920		53,500,000
Wells Fargo Securities LLC		2.27	%^(a)		09/28/18		10/01/18		100,000		100,000	100,018,917	Corporate Debt Obligations, 0.00% to 4.50%, due 10/03/18 to 5/15/58	105,437,436		104,915,615


			7

Schedule of Investments (unaudited) (continued)

September 30, 2018

Money Market Master Portfolio


	Repurchase Agreements												Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest	Position	Original Par	Position Received At Value
Wells Fargo Securities LLC		2.32	%^(a)		09/28/18		10/01/18		633,000		633,000	633,122,380	Corporate Debt Obligations, 0.00% to 8.25%, due 10/12/18 to 3/25/57	2,920,899,650		676,761,826

Total Wells Fargo Securities LLC										$	1,076,000				$	1,136,827,983

Total										$	10,977,500				$	11,604,721,291

^(a)

Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

^(b)

Traded in a joint account.

Fair Value Hierarchy as of Period End

•

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

•

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Master Portfolio’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments, 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:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Short-Term Securities^(a)	$	—	$	50,744,929,148	$	—	$	50,744,929,148

^(a)

See above Schedule of Investments for values in each security type.

During the period ended September 30, 2018, there were no transfers between levels.


8

Schedule of Investments (unaudited)

September 30, 2018

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Common Stocks — 98.2%

Aerospace & Defense — 2.7%
Arconic, Inc.		304,155	$	6,694,452
Boeing Co.		376,421		139,990,970
General Dynamics Corp.		196,212		40,168,521
Harris Corp.		82,383		13,940,027
Huntington Ingalls Industries, Inc.		31,049		7,951,028
L3 Technologies, Inc.		55,185		11,733,435
Lockheed Martin Corp.		174,552		60,388,010
Northrop Grumman Corp.		122,250		38,798,482
Raytheon Co.		200,991		41,536,800
Rockwell Collins, Inc.		115,799		16,266,285
Textron, Inc.		175,011		12,508,036
TransDigm Group, Inc.^(a)		34,112		12,699,898
United Technologies Corp.		529,862		74,080,006

				476,755,950
Air Freight & Logistics — 0.7%
C.H. Robinson Worldwide, Inc.		97,607		9,557,677
Expeditors International of Washington, Inc.		121,392		8,925,954
FedEx Corp.		171,399		41,271,165
United Parcel Service, Inc., Class B		488,508		57,033,309

				116,788,105
Airlines — 0.5%
Alaska Air Group, Inc.		86,618		5,964,515
American Airlines Group, Inc.		286,827		11,854,560
Delta Air Lines, Inc.		443,223		25,631,586
Southwest Airlines Co.		363,334		22,690,208
United Continental Holdings, Inc.^(a)		161,327		14,367,783

				80,508,652
Auto Components — 0.1%
Aptiv PLC		186,514		15,648,524
BorgWarner, Inc.		147,151		6,295,120
Goodyear Tire & Rubber Co.		162,653		3,804,454

				25,748,098
Automobiles — 0.3%
Ford Motor Co.		2,756,415		25,496,839
General Motors Co.		924,422		31,125,289
Harley-Davidson, Inc.		117,341		5,315,547

				61,937,675
Banks — 5.7%
Bank of America Corp.		6,544,356		192,796,728
BB&T Corp.		545,615		26,484,152
Citigroup, Inc.		1,773,004		127,195,307
Citizens Financial Group, Inc.		335,314		12,933,061
Comerica, Inc.		120,754		10,892,011
Fifth Third Bancorp		469,454		13,107,156
Huntington Bancshares, Inc.		777,952		11,607,044
JPMorgan Chase & Co.		2,367,817		267,184,470
KeyCorp		741,183		14,742,130
M&T Bank Corp.		101,213		16,653,587


Security	Shares		Value
Banks (continued)
People’s United Financial, Inc.		250,989	$	4,296,932
PNC Financial Services Group, Inc.^(e)		327,111		44,549,247
Regions Financial Corp.		776,714		14,252,702
SunTrust Banks, Inc.		324,595		21,679,700
SVB Financial Group^(a)		37,898		11,779,835
U.S. Bancorp		1,078,836		56,973,329
Wells Fargo & Co.		3,053,767		160,505,993
Zions Bancorporation^(b)		137,026		6,871,854

				1,014,505,238
Beverages — 1.7%
Brown-Forman Corp., Class B		118,737		6,002,155
Coca-Cola Co.		2,696,649		124,558,217
Constellation Brands, Inc., Class A		118,264		25,500,084
Molson Coors Brewing Co., Class B		131,869		8,109,943
Monster Beverage Corp.^(a)		280,271		16,334,194
PepsiCo, Inc.		996,421		111,399,868

				291,904,461
Biotechnology — 2.5%
AbbVie, Inc.		1,066,839		100,901,633
Alexion Pharmaceuticals, Inc.^(a)		157,839		21,941,199
Amgen, Inc.		456,017		94,527,764
Biogen, Inc.^(a)		141,921		50,142,108
Celgene Corp.^(a)		496,362		44,419,435
Gilead Sciences, Inc.		912,605		70,462,232
Incyte Corp.^(a)		121,902		8,420,990
Regeneron Pharmaceuticals, Inc.^(a)		54,590		22,056,544
Vertex Pharmaceuticals, Inc.^(a)		180,048		34,702,452

				447,574,357
Building Products — 0.3%
Allegion PLC		65,711		5,951,445
AO Smith Corp.		102,810		5,486,970
Fortune Brands Home & Security, Inc.		101,821		5,331,347
Johnson Controls International PLC		651,628		22,806,980
Masco Corp.		214,823		7,862,522

				47,439,264
Capital Markets — 2.7%
Affiliated Managers Group, Inc.		37,640		5,146,141
Ameriprise Financial, Inc.		100,053		14,773,826
Bank of New York Mellon Corp.		648,125		33,047,894
BlackRock, Inc.^(e)		86,463		40,752,606
Cboe Global Markets, Inc.		78,779		7,559,633
Charles Schwab Corp.		847,150		41,637,423
CME Group, Inc.		239,954		40,842,570
E*Trade Financial Corp.^(a)		182,019		9,535,975
Franklin Resources, Inc.		215,368		6,549,341
Goldman Sachs Group, Inc.		247,463		55,491,103
Intercontinental Exchange, Inc.		403,999		30,255,485
Invesco Ltd.		290,063		6,636,641
Moody’s Corp.		118,126		19,750,667
Morgan Stanley		934,225		43,506,858
MSCI, Inc.		61,813		10,966,244


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Capital Markets (continued)
Nasdaq, Inc.		81,206	$	6,967,475
Northern Trust Corp.		157,307		16,065,764
Raymond James Financial, Inc.		92,503		8,514,901
S&P Global, Inc.		177,187		34,620,568
State Street Corp.		267,306		22,394,897
T. Rowe Price Group, Inc.		171,607		18,736,052

				473,752,064
Chemicals — 1.8%
Air Products & Chemicals, Inc.		153,762		25,685,942
Albemarle Corp.		77,315		7,714,491
CF Industries Holdings, Inc.		163,850		8,919,994
DowDuPont, Inc.		1,625,598		104,542,207
Eastman Chemical Co.		99,671		9,540,508
Ecolab, Inc.		179,115		28,081,650
FMC Corp.		93,297		8,133,632
International Flavors & Fragrances, Inc.		55,478		7,718,099
LyondellBasell Industries NV, Class A		226,266		23,194,528
Mosaic Co.		250,373		8,132,115
PPG Industries, Inc.		170,507		18,607,429
Praxair, Inc.		202,757		32,589,133
Sherwin-Williams Co.		57,926		26,368,494

				309,228,222
Commercial Services & Supplies — 0.4%
Cintas Corp.		60,649		11,996,979
Copart, Inc.^(a)		145,706		7,508,230
Iron Mountain, Inc.		201,596		6,959,094
Republic Services, Inc.		154,326		11,213,327
Rollins, Inc.		69,148		4,196,592
Stericycle, Inc.^(a)		60,510		3,550,727
Waste Management, Inc.		277,877		25,108,966

				70,533,915
Communications Equipment — 1.1%
Arista Networks, Inc.^(a)(b)		36,373		9,670,126
Cisco Systems, Inc.		3,220,605		156,682,433
F5 Networks, Inc.^(a)		42,885		8,552,127
Juniper Networks, Inc.		242,731		7,274,648
Motorola Solutions, Inc.		114,321		14,877,735

				197,057,069
Construction & Engineering — 0.1%
Fluor Corp.		97,558		5,668,120
Jacobs Engineering Group, Inc.		82,569		6,316,529
Quanta Services, Inc.^(a)		106,693		3,561,412

				15,546,061
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		44,503		8,097,321


Security	Shares		Value
Construction Materials (continued)
Vulcan Materials Co.		92,122	$	10,243,966

				18,341,287
Consumer Finance — 0.7%
American Express Co.		497,438		52,972,172
Capital One Financial Corp.		337,061		31,997,201
Discover Financial Services		241,752		18,481,940
Synchrony Financial		480,083		14,920,980

				118,372,293
Containers & Packaging — 0.3%
Avery Dennison Corp.		61,588		6,673,060
Ball Corp.		241,647		10,630,051
International Paper Co.		288,064		14,158,346
Packaging Corp. of America		65,470		7,181,404
Sealed Air Corp.		113,392		4,552,689
WestRock Co.		179,732		9,604,878

				52,800,428
Distributors — 0.1%
Genuine Parts Co.		101,839		10,122,797
LKQ Corp.^(a)		229,399		7,265,066

				17,387,863
Diversified Consumer Services — 0.0%
H&R Block, Inc.		139,724		3,597,893

Diversified Financial Services — 1.7%
Berkshire Hathaway, Inc., Class B^(a)		1,373,415		294,061,886
Jefferies Financial Group, Inc.		207,622		4,559,379

				298,621,265
Diversified Telecommunication Services — 1.9%
AT&T, Inc.		5,116,239		171,803,306
CenturyLink, Inc.		669,654		14,196,665
Verizon Communications, Inc.		2,911,040		155,420,425

				341,420,396
Electric Utilities — 1.7%
Alliant Energy Corp.		164,698		7,011,194
American Electric Power Co., Inc.		349,609		24,780,286
Duke Energy Corp.		501,870		40,159,638
Edison International		229,541		15,535,335
Entergy Corp.		127,416		10,337,260
Evergy, Inc.		191,410		10,512,237
Eversource Energy		223,253		13,716,664
Exelon Corp.		680,503		29,710,761
FirstEnergy Corp.		342,412		12,727,454
NextEra Energy, Inc.		332,256		55,686,106
PG&E Corp.^(a)		367,842		16,924,411
Pinnacle West Capital Corp.		78,888		6,246,352
PPL Corp.		492,863		14,421,171
Southern Co.		711,109		31,004,352
Xcel Energy, Inc.		358,663		16,932,480

				305,705,701


2

Schedule of Investments (unaudited) (continued)

September 30, 2018

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Electrical Equipment — 0.5%
AMETEK, Inc.		163,377	$	12,926,388
Eaton Corp. PLC		305,269		26,475,980
Emerson Electric Co.		442,288		33,870,415
Rockwell Automation, Inc.		86,997		16,313,678

				89,586,461
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp., Class A		211,710		19,904,974
Corning, Inc.		570,673		20,144,757
FLIR Systems, Inc.		97,238		5,977,220
IPG Photonics Corp.^(a)(b)		26,137		4,079,201
TE Connectivity Ltd.		247,173		21,733,922

				71,840,074
Energy Equipment & Services — 0.7%
Baker Hughes a GE Co.		291,477		9,860,667
Halliburton Co.		617,978		25,046,648
Helmerich & Payne, Inc.		76,154		5,237,111
National Oilwell Varco, Inc.		272,553		11,741,583
Schlumberger Ltd.		975,142		59,405,651
TechnipFMC PLC		298,312		9,322,250

				120,613,910
Equity Real Estate Investment Trusts (REITs) — 2.5%
Alexandria Real Estate Equities, Inc.		74,508		9,372,361
American Tower Corp.		310,286		45,084,556
Apartment Investment & Management Co., Class A		110,203		4,863,258
AvalonBay Communities, Inc.		97,378		17,640,025
Boston Properties, Inc.		108,792		13,391,207
Crown Castle International Corp.		292,264		32,537,751
Digital Realty Trust, Inc.^(b)		145,200		16,332,096
Duke Realty Corp.		247,834		7,031,051
Equinix, Inc.		56,015		24,248,333
Equity Residential		259,463		17,192,018
Essex Property Trust, Inc.		47,136		11,628,923
Extra Space Storage, Inc.		87,922		7,617,562
Federal Realty Investment Trust		51,446		6,506,376
HCP, Inc.		326,835		8,602,297
Host Hotels & Resorts, Inc.		522,528		11,025,341
Kimco Realty Corp.^(b)		300,608		5,032,178
Macerich Co.		72,497		4,008,359
Mid-America Apartment Communities, Inc.		80,182		8,032,633
Prologis, Inc.		443,347		30,054,493
Public Storage		105,570		21,286,079
Realty Income Corp.		205,217		11,674,795
Regency Centers Corp.^(b)		119,371		7,719,723
SBA Communications Corp.^(a)		80,910		12,996,573
Simon Property Group, Inc.		217,112		38,374,546
SL Green Realty Corp.		61,973		6,044,227


Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
UDR, Inc.		191,729	$	7,751,603
Ventas, Inc.		251,119		13,655,851
Vornado Realty Trust		121,964		8,903,372
Welltower, Inc.		262,102		16,858,401
Weyerhaeuser Co.		534,451		17,246,734

				442,712,722
Food & Staples Retailing — 1.4%
Costco Wholesale Corp.		308,962		72,568,995
Kroger Co.		561,276		16,338,744
Sysco Corp.		337,684		24,735,353
Walgreens Boots Alliance, Inc.		594,300		43,324,470
Walmart, Inc.		1,011,046		94,947,330

				251,914,892
Food Products — 1.0%
Archer-Daniels-Midland Co.		396,819		19,948,091
Campbell Soup Co.		132,647		4,858,860
Conagra Brands, Inc.		275,076		9,344,332
General Mills, Inc.		422,038		18,113,871
Hershey Co.		97,182		9,912,564
Hormel Foods Corp.		191,553		7,547,188
J.M. Smucker Co.		78,951		8,101,162
Kellogg Co.		178,001		12,463,630
Kraft Heinz Co.		438,083		24,142,754
McCormick & Co., Inc.		85,445		11,257,379
Mondelez International, Inc., Class A		1,036,943		44,547,071
Tyson Foods, Inc., Class A		208,969		12,439,924

				182,676,826
Health Care Equipment & Supplies — 3.2%
Abbott Laboratories		1,235,956		90,669,732
ABIOMED, Inc.^(a)		31,617		14,219,746
Align Technology, Inc.^(a)		51,612		20,191,647
Baxter International, Inc.		350,054		26,985,663
Becton Dickinson & Co.		188,505		49,199,805
Boston Scientific Corp.^(a)		974,301		37,510,588
Cooper Cos., Inc.^(b)		34,133		9,459,961
Danaher Corp.		433,834		47,140,402
DENTSPLY SIRONA, Inc.		156,321		5,899,554
Edwards Lifesciences Corp.^(a)		147,517		25,682,710
Hologic, Inc.^(a)		191,717		7,856,563
IDEXX Laboratories, Inc.^(a)		61,499		15,353,840
Intuitive Surgical, Inc.^(a)		80,138		45,999,212
Medtronic PLC		951,465		93,595,612
ResMed, Inc.		100,562		11,598,821
Stryker Corp.		218,692		38,857,195
Varian Medical Systems, Inc.^(a)		63,871		7,149,081
Zimmer Biomet Holdings, Inc.		144,443		18,989,921

				566,360,053
Health Care Providers & Services — 3.3%
Aetna, Inc.		230,449		46,746,580
AmerisourceBergen Corp.		112,126		10,340,260
Anthem, Inc.		183,143		50,190,339


			3

Schedule of Investments (unaudited) (continued)

September 30, 2018

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Health Care Providers & Services (continued)
Cardinal Health, Inc.		218,358	$	11,791,332
Centene Corp.^(a)		144,219		20,880,027
Cigna Corp.		171,612		35,738,199
CVS Health Corp.		717,249		56,461,841
DaVita, Inc.^(a)		89,364		6,401,143
Envision Healthcare Corp.^(a)		85,337		3,902,461
Express Scripts Holding Co.^(a)		396,103		37,633,746
HCA Healthcare, Inc.		190,162		26,455,338
Henry Schein, Inc.^(a)(b)		107,192		9,114,536
Humana, Inc.		96,664		32,722,697
Laboratory Corp. of America Holdings^(a)		71,796		12,469,529
McKesson Corp.		140,302		18,611,060
Quest Diagnostics, Inc.		96,285		10,390,114
UnitedHealth Group, Inc.		678,083		180,397,201
Universal Health Services, Inc., Class B		60,821		7,775,357
WellCare Health Plans, Inc.^(a)		35,208		11,283,812

				589,305,572
Health Care Technology — 0.1%
Cerner Corp.^(a)		231,791		14,929,658

Hotels, Restaurants & Leisure — 1.6%
Carnival Corp.		284,109		18,117,631
Chipotle Mexican Grill, Inc.^(a)(b)		17,238		7,835,016
Darden Restaurants, Inc.		86,188		9,583,244
Hilton Worldwide Holdings, Inc.		210,079		16,970,182
Marriott International, Inc., Class A		202,902		26,789,151
McDonald’s Corp.		546,568		91,435,361
MGM Resorts International		362,764		10,124,743
Norwegian Cruise Line Holdings Ltd.^(a)		141,865		8,147,307
Royal Caribbean Cruises Ltd.		120,724		15,686,876
Starbucks Corp.		950,471		54,024,772
Wynn Resorts Ltd.		68,888		8,752,909
Yum! Brands, Inc.		223,584		20,326,021

				287,793,213
Household Durables — 0.3%
D.R. Horton, Inc.		241,745		10,196,804
Garmin Ltd.		85,465		5,986,823
Leggett & Platt, Inc.		91,701		4,015,587
Lennar Corp., Class A		205,527		9,596,056
Mohawk Industries, Inc.^(a)		44,676		7,833,936
Newell Brands, Inc.		306,256		6,216,997
PulteGroup, Inc.		179,788		4,453,349
Whirlpool Corp.		45,867		5,446,706

				53,746,258
Household Products — 1.4%
Church & Dwight Co., Inc.		172,895		10,264,776
Clorox Co.		90,239		13,572,848
Colgate-Palmolive Co.		613,173		41,051,932
Kimberly-Clark Corp.		244,938		27,834,754
Procter & Gamble Co.		1,753,667		145,957,705

				238,682,015


Security	Shares		Value
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		467,900	$	6,550,600
NRG Energy, Inc.		213,772		7,995,073

				14,545,673
Industrial Conglomerates — 1.5%
3M Co.		413,282		87,082,650
General Electric Co.		6,123,058		69,129,325
Honeywell International, Inc.		523,392		87,092,429
Roper Technologies, Inc.		72,779		21,557,867

				264,862,271
Insurance — 2.3%
Aflac, Inc.		540,932		25,461,669
Allstate Corp.		243,928		24,075,694
American International Group, Inc.		625,930		33,324,513
Aon PLC		170,956		26,289,614
Arthur J Gallagher & Co.		128,654		9,577,004
Assurant, Inc.		36,323		3,921,068
Brighthouse Financial, Inc.^(a)		81,802		3,618,920
Chubb Ltd.		326,633		43,651,234
Cincinnati Financial Corp.		106,570		8,185,642
Everest Re Group Ltd.		28,912		6,605,525
Hartford Financial Services Group, Inc.		252,514		12,615,599
Lincoln National Corp.		152,922		10,346,703
Loews Corp.		195,902		9,840,157
Marsh & McLennan Cos., Inc.		356,361		29,478,182
MetLife, Inc.		700,885		32,745,347
Principal Financial Group, Inc.		187,539		10,987,910
Progressive Corp.		410,448		29,158,226
Prudential Financial, Inc.		293,786		29,766,398
Torchmark Corp.		73,043		6,332,098
Travelers Cos., Inc.		189,419		24,569,538
Unum Group		152,035		5,940,007
Willis Towers Watson PLC		92,130		12,984,802

				399,475,850
Internet & Direct Marketing Retail — 4.4%
Amazon.com, Inc.^(a)		288,644		578,153,932
Booking Holdings, Inc.^(a)		33,445		66,354,880
Expedia Group, Inc.		83,758		10,928,744
Netflix, Inc.^(a)		306,790		114,779,343
TripAdvisor, Inc.^(a)		73,445		3,750,836

				773,967,735
Internet Software & Services — 4.8%
Akamai Technologies, Inc.^(a)		119,638		8,751,520
Alphabet, Inc., Class A^(a)		210,591		254,200,184
Alphabet, Inc., Class C^(a)		216,920		258,887,512
eBay, Inc.^(a)		652,932		21,559,815
Facebook, Inc., Class A^(a)		1,699,082		279,431,026


4

Schedule of Investments (unaudited) (continued)

September 30, 2018

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Internet Software & Services (continued)
Twitter, Inc.^(a)(b)		507,223	$	14,435,567
VeriSign, Inc.^(a)		75,587		12,102,990

				849,368,614
IT Services — 4.6%
Accenture PLC, Class A		451,496		76,844,619
Alliance Data Systems Corp.		33,307		7,865,781
Automatic Data Processing, Inc.		308,658		46,502,414
Broadridge Financial Solutions, Inc.		82,380		10,870,041
Cognizant Technology Solutions Corp., Class A		408,788		31,537,994
DXC Technology Co.		198,084		18,524,816
Fidelity National Information Services, Inc.		231,662		25,267,374
Fiserv, Inc.^(a)		285,280		23,501,366
FleetCor Technologies, Inc.^(a)		62,283		14,190,559
Gartner, Inc.^(a)(b)		63,983		10,141,306
Global Payments, Inc.		111,445		14,198,093
International Business Machines Corp.		643,065		97,237,859
Mastercard, Inc., Class A		642,362		142,996,205
Paychex, Inc.		225,536		16,610,726
PayPal Holdings, Inc.^(a)		833,924		73,251,884
Total System Services, Inc.		118,236		11,674,623
Visa, Inc., Class A		1,251,167		187,787,655
Western Union Co.		317,959		6,060,299

				815,063,614
Leisure Products — 0.1%
Hasbro, Inc.		82,277		8,648,958
Mattel, Inc.^(a)		243,018		3,815,383

				12,464,341
Life Sciences Tools & Services — 0.9%
Agilent Technologies, Inc.		226,280		15,961,791
Illumina, Inc.^(a)		103,274		37,907,754
IQVIA Holdings, Inc.^(a)		114,182		14,813,973
Mettler-Toledo International, Inc.^(a)		17,764		10,817,921
PerkinElmer, Inc.		78,015		7,588,519
Thermo Fisher Scientific, Inc.		283,779		69,264,778
Waters Corp.^(a)		54,295		10,570,151

				166,924,887
Machinery — 1.5%
Caterpillar, Inc.		419,769		64,010,575
Cummins, Inc.		105,852		15,461,802
Deere & Co.		227,537		34,205,637
Dover Corp.		104,061		9,212,520
Flowserve Corp.		92,189		5,041,816
Fortive Corp.^(b)		218,056		18,360,315
Illinois Tool Works, Inc.		217,362		30,674,125
Ingersoll-Rand PLC		171,705		17,565,422
PACCAR, Inc.		246,965		16,840,543
Parker-Hannifin Corp.		93,251		17,151,656
Pentair PLC		113,690		4,928,462
Snap-on, Inc.		39,220		7,200,792


Security	Shares		Value
Machinery (continued)
Stanley Black & Decker, Inc.		107,799	$	15,786,086
Xylem, Inc.		127,011		10,144,369

				266,584,120
Media — 2.2%
CBS Corp., Class B		238,498		13,701,710
Charter Communications, Inc., Class A^(a)		125,782		40,989,838
Comcast Corp., Class A		3,218,417		113,964,146
Discovery, Inc., Class A^(a)(b)		110,078		3,522,496
Discovery, Inc., Class C^(a)		253,393		7,495,365
DISH Network Corp., Class A^(a)(b)		161,393		5,771,414
Interpublic Group of Cos., Inc.		267,707		6,122,459
News Corp., Class A		271,386		3,579,581
News Corp., Class B		87,199		1,185,907
Omnicom Group, Inc.		158,076		10,752,330
Twenty-First Century Fox, Inc., Class A		742,604		34,404,843
Twenty-First Century Fox, Inc., Class B		343,171		15,724,095
Viacom, Inc., Class B		244,892		8,267,554
Walt Disney Co.		1,047,795		122,529,147

				388,010,885
Metals & Mining — 0.2%
Freeport-McMoRan, Inc.		1,020,855		14,210,302
Newmont Mining Corp.		375,791		11,348,888
Nucor Corp.		222,871		14,141,165

				39,700,355
Multi-Utilities — 0.9%
Ameren Corp.		171,932		10,869,541
CenterPoint Energy, Inc.		304,039		8,406,678
CMS Energy Corp.		199,566		9,778,734
Consolidated Edison, Inc.		219,179		16,699,248
Dominion Energy, Inc.		458,893		32,251,000
DTE Energy Co.		128,063		13,975,515
NiSource, Inc.		255,768		6,373,739
Public Service Enterprise Group, Inc.		356,011		18,793,821
SCANA Corp.		100,482		3,907,745
Sempra Energy		192,657		21,914,734
WEC Energy Group, Inc.		222,300		14,840,748

				157,811,503
Multiline Retail — 0.5%
Dollar General Corp.		187,075		20,447,298
Dollar Tree, Inc.^(a)		167,597		13,667,535
Kohl’s Corp.		116,422		8,679,260
Macy’s, Inc.		216,269		7,511,022
Nordstrom, Inc.		80,755		4,829,957
Target Corp.		370,826		32,710,561

				87,845,633
Oil, Gas & Consumable Fuels — 5.2%
Anadarko Petroleum Corp.		360,768		24,319,371
Andeavor		97,954		15,035,939
Apache Corp.		269,470		12,845,635


			5

Schedule of Investments (unaudited) (continued)

September 30, 2018

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Cabot Oil & Gas Corp.		312,879	$	7,046,035
Chevron Corp.		1,349,968		165,074,087
Cimarex Energy Co.		66,695		6,198,633
Concho Resources, Inc.^(a)		141,090		21,551,497
ConocoPhillips		818,722		63,369,083
Devon Energy Corp.		360,552		14,400,447
EOG Resources, Inc.		408,498		52,112,090
EQT Corp.		185,994		8,226,515
Exxon Mobil Corp.		2,982,812		253,598,676
Hess Corp.		177,355		12,695,071
HollyFrontier Corp.		114,190		7,981,881
Kinder Morgan, Inc.		1,338,756		23,736,144
Marathon Oil Corp.		601,765		14,009,089
Marathon Petroleum Corp.		317,743		25,409,908
Newfield Exploration Co.^(a)		136,402		3,932,470
Noble Energy, Inc.		335,333		10,459,036
Occidental Petroleum Corp.		539,397		44,322,251
ONEOK, Inc.		290,576		19,698,147
Phillips 66		300,916		33,919,252
Pioneer Natural Resources Co.		120,051		20,911,684
Valero Energy Corp.		301,876		34,338,395
Williams Cos., Inc.		852,028		23,166,641

				918,357,977
Personal Products — 0.1%
Coty, Inc., Class A		319,559		4,013,661
Estee Lauder Cos., Inc., Class A		157,914		22,948,063

				26,961,724
Pharmaceuticals — 4.7%
Allergan PLC		224,797		42,819,333
Bristol-Myers Squibb Co.		1,149,693		71,372,942
Eli Lilly & Co.		673,417		72,264,378
Johnson & Johnson		1,890,061		261,149,728
Merck & Co., Inc.		1,873,694		132,919,852
Mylan NV^(a)		364,046		13,324,084
Nektar Therapeutics^(a)(b)		121,508		7,407,128
Perrigo Co. PLC		87,898		6,223,178
Pfizer, Inc.		4,129,986		182,008,483
Zoetis, Inc.		339,629		31,096,431

				820,585,537
Professional Services — 0.3%
Equifax, Inc.		84,833		11,076,645
IHS Markit Ltd.^(a)		251,327		13,561,605
Nielsen Holdings PLC		250,968		6,941,775
Robert Half International, Inc.		87,145		6,133,265
Verisk Analytics, Inc.^(a)		116,040		13,988,622

				51,701,912


Security	Shares		Value
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A^(a)(b)		222,638	$	9,818,336

Road & Rail — 1.0%
CSX Corp.		574,799		42,563,866
JB Hunt Transport Services, Inc.		61,628		7,330,034
Kansas City Southern		71,757		8,128,633
Norfolk Southern Corp.		198,158		35,767,519
Union Pacific Corp.		520,990		84,832,802

				178,622,854
Semiconductors & Semiconductor Equipment — 3.8%
Advanced Micro Devices, Inc.^(a)		604,401		18,669,947
Analog Devices, Inc.		261,565		24,184,300
Applied Materials, Inc.		692,539		26,766,632
Broadcom, Inc.		304,129		75,037,748
Intel Corp.		3,248,551		153,623,977
KLA-Tencor Corp.		111,580		11,348,802
Lam Research Corp.		111,019		16,841,582
Microchip Technology, Inc.		165,956		13,095,588
Micron Technology, Inc.^(a)		817,222		36,962,951
NVIDIA Corp.		428,349		120,374,636
Qorvo, Inc.^(a)(b)		88,860		6,832,445
QUALCOMM, Inc.		990,852		71,371,070
Skyworks Solutions, Inc.		126,097		11,438,259
Texas Instruments, Inc.		684,598		73,450,520
Xilinx, Inc.		178,183		14,284,931

				674,283,388
Software — 6.4%
Activision Blizzard, Inc.		537,134		44,684,178
Adobe Systems, Inc.^(a)		345,424		93,247,209
ANSYS, Inc.^(a)		59,390		11,086,925
Autodesk, Inc.^(a)		154,531		24,123,835
CA, Inc.		220,959		9,755,340
Cadence Design Systems, Inc.^(a)		199,244		9,029,738
Citrix Systems, Inc.^(a)		90,795		10,092,772
Electronic Arts, Inc.^(a)		214,751		25,875,348
Intuit, Inc.		182,240		41,441,376
Microsoft Corp.		5,402,428		617,875,690
Oracle Corp.		1,991,416		102,677,409
Red Hat, Inc.^(a)		124,964		17,030,094
salesforce.com, Inc.^(a)		533,112		84,780,801
Symantec Corp.		434,900		9,254,672
Synopsys, Inc.^(a)		104,684		10,322,889
Take-Two Interactive Software, Inc.^(a)		79,526		10,973,793

				1,122,252,069
Specialty Retail — 2.4%
Advance Auto Parts, Inc.		52,192		8,785,479
AutoZone, Inc.^(a)		18,625		14,447,413


6

Schedule of Investments (unaudited) (continued)

September 30, 2018

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Specialty Retail (continued)
Best Buy Co., Inc.		171,300	$	13,594,368
CarMax, Inc.^(a)(b)		124,393		9,288,425
Foot Locker, Inc.		82,994		4,231,034
Gap, Inc.		154,199		4,448,641
Home Depot, Inc.		806,070		166,977,401
L Brands, Inc.		164,684		4,989,925
Lowe’s Cos., Inc.		571,367		65,604,359
O’Reilly Automotive, Inc.^(a)		56,758		19,713,189
Ross Stores, Inc.		266,503		26,410,447
Tiffany & Co.		76,755		9,899,092
TJX Cos., Inc.		441,786		49,488,868
Tractor Supply Co.		85,814		7,798,776
Ulta Salon Cosmetics & Fragrance, Inc.^(a)		40,004		11,285,929

				416,963,346
Technology Hardware, Storage & Peripherals — 4.6%
Apple, Inc.		3,232,650		729,738,411
Hewlett Packard Enterprise Co.		1,036,808		16,910,339
HP, Inc.		1,114,842		28,729,478
NetApp, Inc.		182,660		15,688,667
Seagate Technology PLC		184,119		8,718,035
Western Digital Corp.		205,267		12,016,330
Xerox Corp.		156,361		4,218,620

				816,019,880
Textiles, Apparel & Luxury Goods — 0.8%
Hanesbrands, Inc.		249,729		4,602,505
Michael Kors Holdings Ltd.^(a)		106,017		7,268,525
NIKE, Inc., Class B		902,133		76,428,708
PVH Corp.		53,539		7,731,032
Ralph Lauren Corp.		39,043		5,370,365
Tapestry, Inc.		202,930		10,201,291


Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Under Armour, Inc., Class A^(a)		132,321	$	2,807,852
Under Armour, Inc., Class C^(a)		129,390		2,517,929
VF Corp.		229,039		21,403,695

				138,331,902
Tobacco — 1.0%
Altria Group, Inc.		1,327,522		80,062,852
Philip Morris International, Inc.		1,095,184		89,301,303

				169,364,155
Trading Companies & Distributors — 0.2%
Fastenal Co.		202,162		11,729,439
United Rentals, Inc.^(a)		58,109		9,506,633
W.W. Grainger, Inc.		32,034		11,449,272

				32,685,344
Water Utilities — 0.1%
American Water Works Co., Inc.		127,161		11,186,353

Total Long-Term Investments — 98.2% (Cost — $10,635,959,038)				17,319,448,169


Short-Term Securities — 2.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.27%^(c)(d)(e)		84,324,807		84,350,105
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.00%^(c)(e)		310,107,676		310,107,676

Total Short-Term Securities — 2.3% (Cost — $394,448,684)				394,457,781


Total Investments — 100.5% (Cost — $11,030,407,722)				17,713,905,950
Liabilities in Excess of Other Assets — (0.5)%				(80,643,625	)

Net Assets — 100.0%			$	17,633,262,325

^(a)	Non-income producing security.

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

^(c)	Annualized 7-day yield as of period end.

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


			7

Schedule of Investments (unaudited) (continued)

September 30, 2018

S&P 500 Index Master Portfolio

^(e)	During the period ended September 30, 2018, investments in issuers considered to be affiliates of the Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:


Affiliate Persons and/or Related Parties	Shares Held at 12/31/17		Shares Purchased			Shares Sold			Shares Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		70,033,981		14,290,826	^(b)		—			84,324,807	$	84,350,105	$	247,312	^(c)	$	5,013		$	5,894
BlackRock Cash Funds: Treasury, SL Agency Shares		164,203,034		145,904,642	^(b)		—			310,107,676		310,107,676		3,445,614			—			—
BlackRock, Inc.		73,422		13,041			—			86,463		40,752,606		724,661			—			(3,949,586	)
PNC Financial Services Group, Inc.		285,955		45,917			(4,761	)		327,111		44,549,247		746,944			(27,842	)		(2,968,287	)

											$	479,759,634	$	5,164,531		$	(22,829	)	$	(6,911,979	)

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares value purchased.

^(c)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount (000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts:

S&P 500 E-Mini Index

2,260

12/21/18

329,847

1,245,264

Fair Value Hierarchy as of Period End

•

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

•


8

Schedule of Investments (unaudited) (continued)

September 30, 2018

S&P 500 Index Master Portfolio

Fair Value Hierarchy as of Period End (continued)

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Master Portfolio’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments, 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:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks^(a)	$	17,319,448,169	$	—	$	—	$	17,319,448,169
Short-Term Securities		394,457,781		—		—		394,457,781

	$	17,713,905,950	$	—	$	—	$	17,713,905,950

Derivative Financial Instruments^(b)
Assets:
Equity contracts	$	1,245,264	$	—	$	—	$	1,245,264

^(a)

See above Schedule of Investments for values in each industry.

^(b)

Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

During the period ended September 30, 2018, there were no transfers between levels.


			9

Schedule of Investments (unaudited)

September 30, 2018

Total International ex U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Common Stocks — 97.5%

Australia — 4.7%
AGL Energy Ltd.		29,297	$	413,273
Alumina Ltd.		105,749		211,692
Amcor Ltd.		48,302		477,379
AMP Ltd.		123,510		284,720
APA Group^(a)		54,780		395,039
Aristocrat Leisure Ltd.		22,756		467,339
ASX Ltd.		6,147		282,743
Aurizon Holdings Ltd.		84,172		249,902
AusNet Services		88,260		103,672
Australia & New Zealand Banking Group Ltd.		122,973		2,503,321
Bank of Queensland Ltd.^(b)		5,125		40,801
Bendigo & Adelaide Bank Ltd.		16,974		131,825
BHP Billiton Ltd.		134,211		3,343,315
BHP Billiton PLC		91,302		1,992,355
BlueScope Steel Ltd.		9,814		120,366
Boral Ltd.		68,366		341,265
Brambles Ltd.		67,987		535,438
Caltex Australia Ltd.		10,823		233,818
Challenger Ltd.		31,089		251,553
CIMIC Group Ltd.		5,528		205,173
Coca-Cola Amatil Ltd.		17,933		126,418
Cochlear Ltd.		2,486		360,460
Commonwealth Bank of Australia		75,676		3,905,911
Computershare Ltd.		21,967		316,351
Crown Resorts Ltd.		8,556		84,616
CSL Ltd.		19,429		2,823,021
Dexus		50,587		386,462
Domino’s Pizza Enterprises Ltd.^(b)		3,497		134,479
Flight Centre Travel Group Ltd.		1,384		53,148
Fortescue Metals Group Ltd.^(b)		88,953		252,068
Goodman Group		70,015		525,223
GPT Group		85,677		322,685
Harvey Norman Holdings Ltd.^(b)		16,035		40,789
Healthscope Ltd.		82,216		124,720
Incitec Pivot Ltd.		96,223		276,665
Insurance Australia Group Ltd.		103,334		546,297
Lend Lease Group^(a)		23,245		330,264
Macquarie Group Ltd.		13,939		1,268,008
Medibank Pvt Ltd.		111,137		233,690
Mirvac Group		177,414		309,233
National Australia Bank Ltd.^(b)		113,021		2,269,012
Newcrest Mining Ltd.		33,676		472,888
Oil Search Ltd.		55,471		362,332
Orica Ltd.^(b)		17,936		220,627
Origin Energy Ltd.^(c)		85,457		509,379
QBE Insurance Group Ltd.		52,381		420,743
Ramsay Health Care Ltd.		7,590		301,133
REA Group Ltd.^(b)		2,994		185,755
Santos Ltd.		59,401		311,866
Scentre Group		248,720		714,761
SEEK Ltd.		14,013		209,818
Sonic Healthcare Ltd.		11,936		214,759


Security	Shares		Value
Australia (continued)
South32 Ltd.		233,710	$	656,796
Stockland		120,177		361,006
Suncorp Group Ltd.		49,134		513,373
Sydney Airport^(a)		56,475		281,104
Tabcorp Holdings Ltd.^(b)		86,499		304,328
Telstra Corp. Ltd.		169,713		391,000
TPG Telecom Ltd.^(b)		14,159		87,339
Transurban Group^(a)		118,554		960,800
Treasury Wine Estates Ltd.		31,088		392,390
Vicinity Centres		174,986		331,991
Wesfarmers Ltd.		49,666		1,788,433
Westpac Banking Corp.		149,815		3,012,879
Woodside Petroleum Ltd.		40,049		1,117,240
Woolworths Group Ltd.		56,474		1,145,395

				42,542,644
Austria — 0.2%
ANDRITZ AG		2,807		163,719
Erste Group Bank AG^(c)		12,929		536,770
OMV AG		7,068		396,508
Raiffeisen Bank International AG		4,478		128,884
voestalpine AG		5,074		231,781

				1,457,662
Belgium — 0.7%
Ageas		9,147		491,730
Anheuser-Busch InBev SA		33,373		2,921,326
Colruyt SA^(b)		3,569		201,978
Groupe Bruxelles Lambert SA		2,279		238,892
KBC Group NV		11,750		873,712
Proximus SADP		7,301		174,407
Solvay SA		3,386		453,906
Telenet Group Holding NV^(c)		305		16,805
UCB SA		5,499		494,162
Umicore SA		9,298		519,372

				6,386,290
Brazil — 1.0%
Ambev SA		212,727		966,043
B3 SA — Brasil Bolsa Balcao		100,396		581,710
Banco Bradesco SA		47,205		300,981
Banco do Brasil SA		40,649		296,422
Banco Santander Brasil SA		23,639		209,023
BB Seguridade Participacoes SA		15,068		89,918
BR Malls Participacoes SA^(c)		20,481		48,787
BRF SA^(c)		17,262		93,907
CCR SA		52,990		111,004
Centrais Eletricas Brasileiras SA^(c)		14,343		55,084
Cia de Saneamento Basico do Estado de Sao Paulo		13,793		80,568
Cielo SA		56,040		169,984
Companhia Siderurgica Nacional SA^(c)		17,995		41,617
Cosan SA Industria e Comecio		1,800		14,445
EDP — Energias do Brasil SA		900		2,850
Embraer SA		37,700		185,114


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Brazil (continued)
Engie Brasil Energia SA		4,600	$	40,413
Equatorial Energia SA		7,300		103,864
Fibria Celulose SA		10,300		192,608
Hypera SA		19,300		136,295
JBS SA		31,400		72,930
Klabin SA		20,177		99,372
Kroton Educacional SA		42,168		119,032
Localiza Rent a Car SA		33,831		190,577
Lojas Renner SA		12,067		92,627
M Dias Branco SA		4,500		43,891
Magazine Luiza SA		3,520		106,762
Multiplan Empreendimentos Imobiliarios SA		14,550		67,408
Natura Cosmeticos SA		8,200		57,624
Odontoprev SA		28,989		91,951
Petroleo Brasileiro SA		140,088		840,483
Porto Seguro SA		4,400		64,596
Raia Drogasil SA		9,300		166,792
Rumo SA^(c)		53,100		196,961
Sul America SA		10,107		65,068
Suzano Papel e Celulose SA		13,600		161,912
TIM Participacoes SA		41,040		119,201
Ultrapar Participacoes SA		18,632		172,223
Vale SA		137,006		2,029,367
WEG SA		48,816		238,728

				8,718,142
Canada — 6.6%
Agnico Eagle Mines Ltd.		9,127		311,759
Alimentation Couche-Tard, Inc., Class B		19,519		976,366
AltaGas Ltd.		10,487		166,847
ARC Resources Ltd.		22,432		250,084
Atco Ltd. Class I		1,377		40,244
Bank of Montreal		26,307		2,169,897
Bank of Nova Scotia^(b)		51,610		3,076,262
Barrick Gold Corp.		55,016		608,662
BCE, Inc.		4,167		168,822
BlackBerry Ltd.^(c)		22,301		252,422
Bombardier, Inc., Class B^(c)		49,282		175,510
Brookfield Asset Management, Inc., Class A		36,893		1,642,069
CAE, Inc.		11,511		233,669
Cameco Corp.		18,780		214,167
Canadian Imperial Bank of Commerce^(b)		18,672		1,749,601
Canadian National Railway Co.		32,440		2,910,847
Canadian Natural Resources Ltd.		54,896		1,793,529
Canadian Pacific Railway Ltd.		6,471		1,368,847
Canadian Tire Corp. Ltd., Class A		3,022		354,082
Canadian Utilities Ltd., Class A		5,686		139,811
CCL Industries, Inc., Class B		6,846		308,577
Cenovus Energy, Inc.		48,424		486,246
CGI Group, Inc., Class A^(c)		8,238		531,151


Security	Shares		Value
Canada (continued)
CI Financial Corp.		11,467	$	182,084
Constellation Software, Inc.		943		693,475
Crescent Point Energy Corp.		30,179		192,058
Dollarama, Inc.		12,664		398,946
Empire Co. Ltd., Class A		12,024		219,134
Enbridge, Inc.		74,087		2,390,699
Encana Corp.		42,395		555,683
Fairfax Financial Holdings Ltd.		1,310		711,709
Finning International, Inc.		7,357		179,703
First Capital Realty, Inc.		10,928		164,980
First Quantum Minerals Ltd.		29,878		340,267
Fortis, Inc.		21,394		693,671
Franco-Nevada Corp.		9,165		573,322
George Weston Ltd.		1,579		119,521
Gildan Activewear, Inc.		9,332		283,937
Goldcorp, Inc.		37,227		379,288
Great-West Lifeco, Inc.		9,793		237,613
H&R Real Estate Investment Trust		11,922		183,401
Husky Energy, Inc.		15,100		265,140
Hydro One Ltd.^(d)		6,642		100,994
IGM Financial, Inc.		4,062		111,641
Imperial Oil Ltd.		11,421		369,603
Industrial Alliance Insurance & Financial Services, Inc.		6,144		245,684
Intact Financial Corp.		6,587		547,705
Inter Pipeline Ltd.		18,400		319,096
Keyera Corp.		12,123		324,838
Kinross Gold Corp.^(c)		76,176		207,595
Linamar Corp.		2,834		130,570
Loblaw Cos. Ltd.		9,524		489,306
Magna International, Inc.		13,924		731,424
Manulife Financial Corp.		89,419		1,598,486
Methanex Corp.		3,599		284,097
Metro, Inc.		9,348		290,793
National Bank of Canada		12,958		647,173
Nufarm Ltd.		27,489		1,587,218
Onex Corp.		4,171		285,236
Open Text Corp.		11,498		437,523
Pembina Pipeline Corp.		24,024		816,331
Power Corp. of Canada		11,598		251,957
Power Financial Corp.		12,359		283,128
PrairieSky Royalty Ltd.		13,775		241,981
Restaurant Brands International, Inc.		10,021		593,354
RioCan Real Estate Investment Trust^(b)		4,172		79,716
Rogers Communications, Inc., Class B		16,311		838,880
Royal Bank of Canada		62,795		5,033,712
Saputo, Inc.		10,865		323,178
Seven Generations Energy Ltd., Class A^(c)		12,030		143,431
Shaw Communications, Inc., Class B		17,093		333,086
Shopify, Inc., Class A^(b)(c)		4,104		674,547
SNC-Lavalin Group, Inc.		6,877		280,425
Sun Life Financial, Inc.		28,019		1,113,905


2

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Canada (continued)
Suncor Energy, Inc.		69,136	$	2,675,196
Teck Resources Ltd., Class B		21,176		510,362
TELUS Corp.		7,313		269,556
Thomson Reuters Corp.		11,366		518,648
Toronto-Dominion Bank		79,349		4,821,819
Tourmaline Oil Corp.		10,430		183,624
TransCanada Corp.^(b)		39,012		1,578,421
Turquoise Hill Resources Ltd.^(c)		39,981		85,122
West Fraser Timber Co. Ltd.		3,334		189,744
Wheaton Precious Metals Corp.		19,138		334,858
WSP Global, Inc.		2,113		115,641

				59,693,706
Chile — 0.3%
Aguas Andinas SA, Class A		76,400		42,283
Antofagasta PLC		18,127		201,434
Banco de Chile		872,115		132,799
Banco de Credito e Inversiones SA		763		51,602
Banco Santander Chile		1,921,256		153,710
Cencosud SA		73,021		173,585
Colbun SA		466,420		100,681
Companhia Cervecerias Unidas SA		4,404		61,382
Empresa Nacional de Telecomunicaciones SA		2,032		17,273
Empresas CMPC SA		65,894		265,926
Empresas COPEC SA		18,259		282,059
Enel Americas SA		1,755,061		270,315
Enersis Chile SA		1,771,049		178,334
Itau CorpBanca		2,375,874		24,465
Latam Airlines Group SA		13,848		131,692
SACI Falabella		35,710		290,637

				2,378,177
China — 6.8%
3SBio, Inc.^(d)		25,500		42,730
51job, Inc. — ADR^(b)(c)		1,550		119,335
58.com, Inc. — ADR^(c)		4,858		357,549
AAC Technologies Holdings, Inc.		39,500		407,889
Agile Group Holdings Ltd.		76,000		107,699
Agricultural Bank of China Ltd., Class H		1,289,000		632,152
Air China Ltd., Class H		62,000		59,640
Alibaba Group Holding Ltd. — ADR^(b)(c)		49,921		8,224,984
Aluminum Corp. of China Ltd., Class H^(b)(c)		164,000		72,871
Anhui Conch Cement Co. Ltd., Class H		60,500		363,296
ANTA Sports Products Ltd.		55,000		262,561
Autohome, Inc. — ADR^(b)		2,357		182,455
AviChina Industry & Technology Co. Ltd., Class H		116,000		76,457
Baidu, Inc. — ADR^(c)		11,910		2,723,579
Bank of China Ltd., Class H		3,615,000		1,597,262
Bank of Communications Co. Ltd., Class H		470,700		352,453


Security	Shares		Value
China (continued)
Beijing Capital International Airport Co. Ltd., Class H		100,000	$	121,285
Brilliance China Automotive Holdings Ltd.		148,000		238,646
Byd Co. Ltd., Class H^(b)		30,000		213,294
CGN Power Co. Ltd., Class H^(d)		546,000		129,553
China Cinda Asset Management Co. Ltd., Class H		360,000		90,992
China CITIC Bank Corp. Ltd., Class H		448,000		286,086
China Communications Construction Co. Ltd., Class H		239,000		243,679
China Communications Services Corp. Ltd., Class H		236,000		217,618
China Conch Venture Holdings Ltd.		92,500		323,022
China Construction Bank Corp., Class H		4,259,000		3,722,793
China Everbright Bank Co. Ltd., Class H		299,000		132,433
China Evergrande Group		138,000		385,281
China Galaxy Securities Co. Ltd., Class H		132,500		61,639
China Huarong Asset Management Co. Ltd., Class H^(d)		320,000		58,815
China Huishan Dairy Holdings Co. Ltd.^(c)		109,840		2,105
China International Capital Corp. Ltd., Class H^(b)(d)		59,200		109,039
China Life Insurance Co. Ltd., Class H		337,000		765,877
China Longyuan Power Group Corp. Ltd., Class H		126,000		106,104
China Medical System Holdings Ltd.		61,000		84,941
China Mengniu Dairy Co. Ltd.^(c)		137,000		455,444
China Merchants Bank Co. Ltd., Class A		13,300		59,377
China Merchants Bank Co. Ltd., Class H		183,078		740,290
China Minsheng Banking Corp. Ltd., Class H		367,680		272,637
China Molybdenum Co., Ltd., Class H^(b)		213,000		88,976
China National Building Material Co. Ltd., Class H		132,000		117,059
China Oilfield Services Ltd., Class H		64,000		69,569
China Overseas Land & Investment Ltd.		182,000		569,828
China Pacific Insurance Group Co. Ltd., Class H		141,800		544,879
China Petroleum & Chemical Corp., Class H		1,056,400		1,061,417
China Railway Construction Corp. Ltd., Class H		67,000		90,479
China Railway Group Ltd., Class H		230,000		227,911
China Resources Gas Group Ltd.		48,000		195,193
China Resources Land Ltd.		137,111		480,451
China Resources Pharmaceutical Group Ltd.^(d)		69,500		110,265
China Shenhua Energy Co. Ltd., Class H		179,500		408,804


			3

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
China (continued)
China Southern Airlines Co. Ltd., Class H		32,000	$	20,396
China Telecom Corp. Ltd., Class H		612,000		304,225
China Tower Corp., Ltd.^(c)(d)		1,488,000		216,689
China Unicom Hong Kong Ltd.		288,000		336,457
China Vanke Co. Ltd., Class H		56,000		184,618
China Yangtze Power Co. Ltd., Class A		53,300		126,951
Chongqing Rural Commercial Bank, Co. Ltd., Class H		122,000		66,578
CIFI Holdings Group Co., Ltd.		170,000		77,850
CITIC Securities Co. Ltd., Class H		103,000		182,610
CNOOC Ltd.		765,000		1,514,796
Country Garden Holdings Co. Ltd.		341,270		430,062
CRRC Corp. Ltd., Class H		222,350		202,770
CSPC Pharmaceutical Group Ltd.		202,000		427,277
Ctrip.com International Ltd. — ADR^(c)		18,942		704,074
Dongfeng Motor Group Co. Ltd., Class H		138,000		142,210
ENN Energy Holdings Ltd.		34,000		295,583
Far East Horizon Ltd.		141,000		134,185
Fosun International Ltd.		131,500		231,711
Fuyao Glass Industry Group Co., Ltd.		31,400		116,263
GDS Holdings Ltd. — ADR^(b)(c)		2,591		91,022
Geely Automobile Holdings Ltd.		237,000		471,976
Genscript Biotech Corp.^(b)(c)		36,000		60,392
GF Securities Co. Ltd., Class H		93,600		119,708
Great Wall Motor Co. Ltd., Class H^(b)		157,500		100,102
Guangzhou Automobile Group Co. Ltd., Class H		134,400		148,495
Guangzhou R&F Properties Co. Ltd., Class H		80,800		148,242
Haitian International Holdings Ltd.		67,000		149,091
Haitong Securities Co. Ltd., Class H		163,200		148,122
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		34,899		145,950
Hengan International Group Co. Ltd.		28,000		257,321
Huaneng Power International, Inc., Class H		192,000		125,811
Huaneng Renewables Corp. Ltd., Class H		158,000		47,113
Huatai Securities Co. Ltd., Class H^(c)(d)		68,800		98,464
Huazhu Group Ltd., ADR^(b)		6,229		201,197
Industrial & Commercial Bank of China Ltd., Class H		3,000,000		2,190,279
JD.com, Inc. — ADR^(c)		31,873		831,567
Jiangsu Expressway Co. Ltd., Class H		26,000		33,352
Jiangsu Hengrui Medicine Co., Ltd.		15,500		143,127
Jiangxi Copper Co. Ltd., Class H		36,000		41,875
Kingdee International Software Group Co. Ltd.		100,000		108,541
Kingsoft Corp. Ltd.		25,000		47,413
Kunlun Energy Co. Ltd.		134,000		155,958
Kweichow Moutai Co. Ltd., Class A		2,016		214,080
Lenovo Group Ltd.		446,000		324,953


Security	Shares		Value
China (continued)
Logan Property Holdings Co. Ltd.		72,000	$	81,109
Longfor Properties Co. Ltd.		51,500		132,756
Midea Group Co. Ltd., Class A^(e)		25,700		150,618
Momo, Inc., ADR^(b)(c)		5,419		237,352
NetEase, Inc. — ADR^(b)		3,564		813,483
New China Life Insurance Co. Ltd., Class H		43,200		206,545
New Oriental Education & Technology Group, Inc. — ADR^(c)		7,040		521,030
Noah Holdings Ltd., ADR^(c)		1,815		76,484
People’s Insurance Co. Group of China Ltd., Class H		381,000		170,738
PetroChina Co. Ltd., Class H		818,000		662,086
PICC Property & Casualty Co. Ltd., Class H		320,298		376,963
Ping An Insurance Group Co. of China Ltd., Class H		229,500		2,324,881
Ping An Insurance Group Co. of China, Ltd., Class A		7,000		69,722
Semiconductor Manufacturing International Corp.^(b)(c)		115,100		124,036
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		132,000		130,259
Shanghai Electric Group Co. Ltd., Class H^(b)		104,000		37,122
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		21,500		84,487
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		71,500		98,137
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		62,000		154,986
Shenzhou International Group Holdings Ltd.		35,000		449,089
SINA Corp.^(c)		2,721		189,055
Sino Biopharmaceutical Ltd.		295,500		274,855
Sino-Ocean Group Holding Ltd.		137,000		60,562
Sinopec Shanghai Petrochemical Co. Ltd., Class H		123,000		75,017
Sinopharm Group Co. Ltd., Class H		48,000		234,839
SOHO China Ltd.		195,000		75,788
Sunac China Holdings Ltd.^(b)		109,000		333,986
Sunny Optical Technology Group Co. Ltd.		29,400		339,425
TAL Education Group — ADR^(c)		14,334		368,527
Tencent Holdings Ltd.		246,800		10,077,048
Tingyi Cayman Islands Holding Corp.		88,000		161,648
TravelSky Technology Ltd.,Class H		59,000		153,407
Tsingtao Brewery Co. Ltd., Class H		14,000		65,673
Vipshop Holdings Ltd. — ADR^(c)		19,089		119,115
Want Want China Holdings Ltd.		339,000		285,171
Weibo Corp. — ADR^(b)(c)		2,003		146,479
Weichai Power Co. Ltd., Class H		48,800		60,412
Wuliangye Yibin Co. Ltd., Class A		16,900		166,901


4

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
China (continued)
Wuxi Biologics Cayman, Inc.^(b)(c)(d)		22,000	$	222,631
Yangzijiang Shipbuilding Holdings Ltd.		94,000		85,219
Yanzhou Coal Mining Co. Ltd., Class H		108,000		124,874
Yum China Holdings, Inc.		17,332		608,527
YY, Inc. — ADR^(c)		2,186		163,775
Zhejiang Expressway Co. Ltd., Class H		54,000		44,915
Zhuzhou CRRC Times Electric Co. Ltd., Class H		25,000		142,799
Zijin Mining Group Co. Ltd., Class H		218,000		83,748
ZTE Corp., Class H^(c)		14,400		26,309

				62,080,737
Colombia — 0.1%
Cementos Argos SA		13,113		34,079
Ecopetrol SA		242,372		329,675
Grupo Argos SA		6,618		36,409
Grupo de Inversiones Suramericana SA		15,087		177,003
Interconexion Electrica SA		6,953		31,400

				608,566
Czech Republic — 0.0%
CEZ AS		9,764		249,689
Komercni Banka AS		1,505		61,576

				311,265
Denmark — 1.1%
AP Moeller — Maersk A/S, Class A^(b)		151		197,954
AP Moeller — Maersk A/S, Class B^(b)		313		439,724
Carlsberg A/S, Class B		4,531		543,381
Chr Hansen Holding A/S		4,744		480,973
Coloplast A/S, Class B		4,915		502,094
Danske Bank A/S		32,399		849,260
DSV A/S		7,678		697,704
Genmab A/S^(c)		2,569		403,518
H Lundbeck A/S		2,204		136,049
ISS A/S		6,211		218,213
Novo Nordisk A/S, Class B		77,684		3,656,202
Novozymes A/S, Class B		9,058		496,817
Orsted A/S^(d)		8,625		586,094
Pandora A/S^(b)		4,563		284,952
Tryg A/S		3,954		98,458
Vestas Wind Systems A/S		9,556		645,567
William Demant Holding A/S^(c)		3,644		136,790

				10,373,750
Finland — 0.7%
Elisa OYJ		6,381		270,519
Fortum OYJ		17,734		444,438
Kone OYJ, Class B		12,689		677,323
Metso OYJ		5,754		203,647
Neste OYJ		6,007		495,129
Nokia OYJ		242,146		1,346,275
Nokian Renkaat OYJ		5,359		219,354
Orion OYJ, Class B		5,835		220,839
Sampo OYJ, Class A		18,106		936,967


Security	Shares		Value
Finland (continued)
Stora Enso OYJ, Class R		24,213	$	462,375
UPM-Kymmene OYJ		22,912		898,584
Wartsila OYJ		20,628		401,415

				6,576,865
France — 7.4%
Accor SA		8,895		456,953
Aeroports de Paris		1,364		307,106
Air Liquide SA		18,322		2,406,085
Airbus SE^(b)		25,099		3,150,995
Alstom SA		8,023		358,858
Amundi SA^(d)		2,890		216,426
Arkema SA		2,951		365,715
Atos SE		4,016		477,852
AXA SA		83,859		2,247,060
BioMerieux		1,981		165,355
BNP Paribas SA		48,070		2,943,644
Bollore SA		36,855		159,193
Bouygues SA		10,881		470,716
Bureau Veritas SA		10,607		273,897
Capgemini SE		6,870		864,918
Carrefour SA		23,637		453,050
Casino Guichard-Perrachon SA^(b)		2,964		124,744
Cie de Saint-Gobain		21,364		920,810
Cie Generale des Etablissements Michelin SCA		7,728		922,381
CNP Assurances		7,565		182,359
Covivio		1,345		140,441
Credit Agricole SA		51,522		740,628
Danone SA		26,170		2,033,807
Dassault Aviation SA		127		235,041
Dassault Systemes SA		5,711		854,579
Edenred		7,415		282,567
Eiffage SA		2,780		310,553
Electricite de France SA		18,736		329,508
Engie SA		79,283		1,167,224
Essilor International Cie Generale d’Optique SA		9,148		1,354,084
Eurazeo SA		1,964		154,647
Faurecia SA		3,630		218,307
Gecina SA		2,235		373,153
Getlink SE, Registered Shares		23,156		295,816
Hermes International		1,253		830,142
ICADE		1,426		131,790
Iliad SA		1,504		196,458
Imerys SA		151		11,151
Ingenico Group SA		1,926		146,436
Ipsen SA		661		111,281
JCDecaux SA		4,756		173,942
Kering SA		3,330		1,786,062
Klepierre SA		10,451		371,372
L’Oreal SA		10,986		2,648,584
Legrand SA		11,506		838,974
LVMH Moet Hennessy Louis Vuitton SE		11,994		4,238,331


			5

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
France (continued)
Natixis SA		41,329	$	280,660
Orange SA		87,315		1,389,324
Pernod Ricard SA		8,786		1,440,972
Peugeot SA		23,757		640,862
Publicis Groupe SA		9,603		573,494
Remy Cointreau SA		958		124,943
Renault SA		8,444		730,423
Rexel SA		17,849		268,102
Safran SA		14,431		2,020,687
Sanofi		48,134		4,300,637
Schneider Electric SE		23,142		1,858,233
SCOR SE		5,936		275,202
SEB SA		1,060		180,293
SES SA		16,971		372,409
Societe BIC SA		1,438		131,647
Societe Generale SA		34,035		1,461,476
Sodexo SA		4,144		439,457
Suez		18,816		267,656
Teleperformance		2,762		521,065
Thales SA		3,886		552,126
TOTAL SA		102,385		6,657,149
UbiSoft Entertainment SA^(c)		3,460		373,613
Unibail-Rodamco-Westfield^(a)(c)		1,727		347,329
Unibail-Rodamco-Westfield^(a)		4,249		855,947
Valeo SA^(b)		9,642		417,507
Veolia Environnement SA		20,484		408,751
Vinci SA		21,820		2,075,951
Vivendi SA		44,181		1,136,206
Wendel SA		1,358		202,345

				67,747,461
Germany — 6.0%
adidas AG		8,063		1,971,883
Allianz SE, Registered Shares		18,812		4,186,927
Axel Springer SE		2,564		172,375
BASF SE		38,702		3,434,152
Bayer AG, Registered Shares		39,648		3,516,804
Bayerische Motoren Werke AG		14,538		1,309,740
Beiersdorf AG		4,329		487,979
Brenntag AG		4,958		305,767
Commerzbank AG^(c)		42,982		446,579
Continental AG		5,071		881,059
Covestro AG^(d)		8,522		689,832
Daimler AG, Registered Shares		38,257		2,411,042
Deutsche Bank AG, Registered Shares		83,109		946,586
Deutsche Boerse AG		8,727		1,166,858
Deutsche Lufthansa AG, Registered Shares		9,190		225,559
Deutsche Post AG, Registered Shares		42,591		1,514,295
Deutsche Telekom AG, Registered Shares		138,215		2,225,072
Deutsche Wohnen SE, Bearer Shares		15,404		739,880
E.ON SE		98,209		999,350


Security	Shares		Value
Germany (continued)
Evonik Industries AG		2,807	$	100,392
Fraport AG Frankfurt Airport Services Worldwide		2,602		229,710
Fresenius Medical Care AG & Co. KGaA		9,794		1,006,271
Fresenius SE & Co. KGaA		18,556		1,360,716
GEA Group AG		8,213		292,334
Hannover Rueck SE		1,534		216,522
HeidelbergCement AG		6,401		499,968
Henkel AG & Co. KGaA		5,077		538,608
Hochtief AG		1,191		197,439
HUGO BOSS AG		2,796		215,111
Infineon Technologies AG		47,815		1,088,072
Innogy SE^(c)		4,794		203,440
K+S AG, Registered Shares		3,336		69,959
KION Group AG		3,141		192,861
LANXESS AG		5,116		374,228
Linde AG		8,490		2,004,974
MAN SE		2,023		219,918
Merck KGaA		6,359		657,016
METRO AG		6,286		98,457
MTU Aero Engines AG		2,486		560,043
Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares		6,689		1,477,509
OSRAM Licht AG		3,229		128,214
ProSiebenSat.1 Media SE, Registered Shares		9,297		240,867
Puma SE		460		226,966
RWE AG		22,482		555,067
SAP SE		42,356		5,208,244
Siemens AG, Registered Shares		32,391		4,141,629
Siemens Healthineers AG^(c)(d)		2,110		92,787
Symrise AG		6,340		578,074
Telefonica Deutschland Holding AG		56,096		236,968
Thyssenkrupp AG		19,076		481,220
TUI AG		20,400		391,325
Uniper SE		9,623		296,240
United Internet AG, Registered Shares		6,889		325,711
Volkswagen AG		1,804		313,673
Vonovia SE		22,571		1,103,907
Wirecard AG		5,057		1,094,077
Zalando SE^(c)(d)		5,190		201,675

				54,851,931
Greece — 0.1%
Alpha Bank AE^(c)		69,105		99,437
Eurobank Ergasias SA^(c)		92,831		70,083
FF Group^(c)(e)		205		1,028
Hellenic Telecommunications Organization SA		12,770		156,583
JUMBO SA		9,692		144,037
OPAP SA		10,676		112,076
Piraeus Bank SA^(b)(c)		16,566		36,134


6

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Greece (continued)
Titan Cement Co. SA		1,660	$	41,279

				660,657
Hong Kong — 3.1%
AIA Group Ltd.		528,000		4,708,131
Alibaba Health Information Technology Ltd.^(c)		176,000		172,109
Alibaba Pictures Group Ltd.^(b)(c)		480,000		65,699
ASM Pacific Technology Ltd.		12,700		129,779
Bank of East Asia Ltd.		59,000		219,569
Beijing Enterprises Holdings Ltd.		21,000		117,695
Beijing Enterprises Water Group Ltd.^(b)(c)		232,000		123,683
BOC Hong Kong Holdings Ltd.		149,500		709,574
China Everbright International Ltd.		146,629		126,598
China Everbright Ltd.		52,000		93,141
China First Capital Group Ltd.^(c)		148,000		79,404
China Gas Holdings Ltd.		74,000		209,439
China Jinmao Holdings Group Ltd.		172,000		78,271
China Merchants Port Holdings Co. Ltd.		65,720		125,637
China Mobile Ltd.		270,500		2,659,512
China Resources Beer Holdings Co. Ltd.		86,000		344,874
China Resources Cement Holdings Ltd.		122,000		141,877
China Resources Power Holdings Co. Ltd.		118,000		208,187
China State Construction International Holdings Ltd.^(b)		70,000		74,149
China Taiping Insurance Holdings Co. Ltd.		72,672		254,613
China Traditional Chinese Medicine Holdings Co. Ltd.		128,000		86,777
Chong Sing Holdings FinTech Gr^(b)(c)		1,124,000		60,304
CITIC Ltd.		220,000		327,672
CK Asset Holdings Ltd.		110,008		824,641
CK Hutchison Holdings Ltd.		110,008		1,266,273
CK Infrastructure Holdings Ltd.		26,000		205,763
CLP Holdings Ltd.		74,000		866,594
COSCO SHIPPING Ports Ltd.		134,000		147,253
Dairy Farm International Holdings Ltd.		22,800		205,200
Fullshare Holdings Ltd.^(b)(c)		262,500		126,042
Galaxy Entertainment Group Ltd.		111,000		701,196
GCL-Poly Energy Holdings Ltd.^(c)		683,000		47,948
GOME Retail Holdings Ltd.^(c)		627,000		64,030
Guangdong Investment Ltd.		164,000		290,602
Haier Electronics Group Co. Ltd.^(c)		48,000		129,952
Hanergy Thin Film Power Group Ltd.^(c)(e)		11,997		—
Hang Lung Group Ltd.		60,000		159,799
Hang Lung Properties Ltd.		70,000		136,555
Hang Seng Bank Ltd.		31,300		849,294
Henderson Land Development Co. Ltd.^(b)		60,728		304,980
HK Electric Investments & HK Electric Investments Ltd.^(a)		183,500		185,180


Security	Shares		Value
Hong Kong (continued)
HKT Trust & HKT Ltd.^(a)		111,900	$	153,869
Hong Kong & China Gas Co. Ltd.		430,109		852,497
Hong Kong Exchanges & Clearing Ltd.		51,900		1,483,020
Hongkong Land Holdings Ltd.		41,500		274,869
Hysan Development Co. Ltd.		25,000		126,252
Jardine Matheson Holdings Ltd.		9,000		564,634
Jardine Strategic Holdings Ltd.		10,900		395,606
Kerry Properties Ltd.		27,500		93,378
Kingboard Chemical Holdings Ltd.		35,000		113,932
Li & Fung Ltd.		256,000		57,344
Link REIT		95,500		940,289
Melco Resorts & Entertainment Ltd. — ADR		11,155		235,928
MGM China Holdings Ltd.^(b)		76,400		120,617
MTR Corp. Ltd.		49,500		260,317
New World Development Co. Ltd.		280,666		381,208
Nine Dragons Paper Holdings Ltd.		39,000		42,054
NWS Holdings Ltd.		52,186		103,153
PCCW Ltd.		264,000		153,815
Power Assets Holdings Ltd.		57,000		396,203
Sands China Ltd.		83,200		374,692
Shanghai Industrial Holdings Ltd.		15,000		33,188
Shangri-La Asia Ltd.		32,000		47,364
Shenzhen International Holdings Ltd.		40,500		83,450
Shimao Property Holdings Ltd.		51,000		126,651
Sino Land Co. Ltd.		130,800		224,088
SJM Holdings Ltd.		69,000		63,574
Sun Art Retail Group Ltd.		110,000		142,703
Sun Hung Kai Properties Ltd.		68,000		986,830
Swire Pacific Ltd., Class A		21,000		229,982
Swire Properties Ltd.		38,200		144,683
Techtronic Industries Co. Ltd.		74,000		472,023
WH Group Ltd.^(d)		370,500		260,111
Wharf Holdings Ltd.		61,000		166,083
Wharf Real Estate Investment Co. Ltd.		61,000		392,995
Wheelock & Co. Ltd.		34,000		204,412
Wynn Macau Ltd.		73,600		169,029
Yue Yuen Industrial Holdings Ltd.		28,000		77,840

				28,576,679
Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		7,976		85,909
OTP Bank Nyrt		11,103		411,462
Richter Gedeon Nyrt		7,402		138,430

				635,801
India — 2.1%
Adani Ports & Special Economic Zone Ltd.		43,145		195,819
Ambuja Cements Ltd.		26,422		81,560
Asian Paints Ltd.		12,475		222,716
Aurobindo Pharma Ltd.		13,516		138,801
Axis Bank Ltd.^(c)		80,239		679,139
Bajaj Auto Ltd.		3,253		120,625


			7

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
India (continued)
Bajaj Finance Ltd.		10,000	$	299,354
Bajaj Finserv Ltd.		1,518		125,887
Bharat Forge Ltd.		11,954		99,158
Bharat Heavy Electricals Ltd.		34,158		32,294
Bharat Petroleum Corp. Ltd.		35,066		180,954
Bharti Airtel Ltd.		52,238		244,012
Bharti Infratel Ltd.		5,452		19,781
Bosch Ltd.		292		80,311
Cipla Ltd.		13,384		120,764
Coal India Ltd.		42,303		155,421
Container Corp. Of India, Ltd.		6,002		51,957
Dabur India Ltd.		20,426		120,305
Dr. Reddy’s Laboratories Ltd.		1,007		35,069
Dr. Reddy’s Laboratories Ltd. — ADR^(b)		4,517		156,288
Eicher Motors Ltd.		723		241,248
GAIL India Ltd.		21,856		114,281
Glenmark Pharmaceuticals Ltd.		5,797		50,573
Godrej Consumer Products Ltd.		13,857		146,962
Grasim Industries Ltd.		15,713		221,535
HCL Technologies Ltd.		23,046		345,849
Hero MotoCorp Ltd.		1,935		78,311
Hindalco Industries Ltd.		79,505		252,023
Hindustan Petroleum Corp. Ltd.		19,087		66,190
Hindustan Unilever Ltd.		31,045		688,986
Housing Development Finance Corp. Ltd.		69,047		1,671,348
ICICI Bank Ltd.		33,719		142,328
ICICI Bank Ltd. — ADR^(b)		22,806		193,623
Idea Cellular Ltd.^(c)		101,616		54,062
Indiabulls Housing Finance Ltd.		16,286		192,600
Indian Oil Corp. Ltd.		59,145		125,105
Infosys Ltd.		33,834		339,891
Infosys Ltd. — ADR^(b)		121,372		1,234,353
ITC Ltd.		140,268		576,274
JSW Steel Ltd.		32,800		172,774
Larsen & Toubro Ltd.		7,003		122,975
Larsen & Toubro Ltd. — GDR		18,237		316,408
LIC Housing Finance Ltd.		17,978		103,601
Lupin Ltd.		11,830		147,050
Mahindra & Mahindra Financial Services Ltd.		10,804		59,710
Mahindra & Mahindra Ltd.		11,644		138,326
Mahindra & Mahindra Ltd., — GDR		27,036		316,321
Marico Ltd.		22,064		101,402
Maruti Suzuki India Ltd.		5,120		519,107
Motherson Sumi Systems Ltd.		44,877		159,046
Nestle India Ltd.		897		120,046
NTPC Ltd.		30,261		69,633
Oil & Natural Gas Corp. Ltd.		55,209		135,031
Piramal Enterprises Ltd.		4,721		149,756
Power Grid Corp. of India Ltd.		61,808		160,768
Reliance Industries Ltd.		8,632		149,843
Reliance Industries Ltd., — GDR^(d)		54,998		1,892,423


Security	Shares		Value
India (continued)
Shree Cement Ltd.		231	$	53,856
Shriram Transport Finance Co. Ltd.		5,718		90,807
Siemens Ltd.		2,761		36,011
State Bank of India^(c)		27,343		100,212
State Bank of India — GDR^(c)		5,712		210,895
Sun Pharmaceutical Industries Ltd.		46,811		402,465
Tata Consultancy Services Ltd.		40,974		1,234,343
Tata Motors Ltd.^(c)		52,939		163,423
Tata Motors Ltd. — ADR^(b)(c)		6,008		92,283
Tata Power Co. Ltd.		42,988		39,052
Tata Steel Ltd.		11,672		93,626
Tech Mahindra Ltd.		26,191		269,374
Titan Co. Ltd.		12,430		138,187
UltraTech Cement Ltd.		3,145		176,216
United Spirits Ltd.^(c)		18,510		131,364
UPL Ltd.		13,245		121,412
Vedanta Ltd.		28,074		89,996
Vedanta Ltd. — ADR^(b)		11,497		147,162
Wipro Ltd.		17,551		78,338
Wipro Ltd. — ADR^(b)		9,888		51,517
Yes Bank Ltd.		92,630		234,874
Zee Entertainment Enterprises Ltd.		22,957		139,013

				18,824,403
Indonesia — 0.5%
Adaro Energy Tbk PT		1,086,700		133,711
Astra International Tbk PT		766,400		377,603
Bank Central Asia Tbk PT		414,200		670,901
Bank Danamon Indonesia Tbk PT		186,600		90,152
Bank Mandiri Persero Tbk PT		892,400		402,128
Bank Negara Indonesia Persero Tbk PT		405,600		201,418
Bank Rakyat Indonesia Persero Tbk PT		2,681,500		566,651
Bumi Serpong Damai Tbk PT^(c)		384,500		29,777
Charoen Pokphand Indonesia Tbk PT		271,300		92,402
Gudang Garam Tbk PT		22,300		110,790
Hanjaya Mandala Sampoerna Tbk PT		483,800		124,967
Indah Kiat Pulp & Paper Corp. Tbk PT		126,800		147,536
Indocement Tunggal Prakarsa Tbk PT		88,600		109,959
Indofood CBP Sukses Makmur Tbk PT		37,800		22,401
Indofood Sukses Makmur Tbk PT		159,200		63,038
Jasa Marga Persero Tbk PT		75,780		22,713
Kalbe Farma Tbk PT		858,400		79,509
Matahari Department Store Tbk PT		98,800		45,913
Perusahaan Gas Negara Persero Tbk PT		426,200		64,290
Semen Indonesia Persero Tbk PT		106,000		70,563
Surya Citra Media Tbk PT		84,000		10,567
Telekomunikasi Indonesia Persero Tbk PT		2,223,800		544,331
Tower Bersama Infrastructure Tbk PT		291,500		109,922
Unilever Indonesia Tbk PT		45,500		143,600


8

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Indonesia (continued)
United Tractors Tbk PT		79,900	$	176,901

				4,411,743
Ireland — 0.5%
AerCap Holdings NV^(c)		6,629		381,300
AIB Group PLC		25,404		129,842
Bank of Ireland Group PLC		48,092		367,756
CRH PLC		36,231		1,185,275
DCC PLC		4,703		426,570
James Hardie Industries PLC		18,840		285,378
Kerry Group PLC, Class A		6,848		757,321
Paddy Power Betfair PLC		3,768		321,551
Smurfit Kappa Group PLC		7,197		284,836

				4,139,829
Isle of Man — 0.0%
GVC Holdings PLC		20,000		239,330

Israel — 0.4%
Azrieli Group Ltd.		3,506		179,079
Bank Hapoalim BM		36,024		263,789
Bank Leumi Le-Israel BM		54,708		360,545
Bezeq The Israeli Telecommunication Corp. Ltd.		106,530		122,601
Check Point Software Technologies Ltd.^(c)		6,041		710,845
Elbit Systems Ltd.		1,599		203,179
Frutarom Industries Ltd.		2,624		272,252
Israel Chemicals Ltd.		18,197		110,368
Mizrahi Tefahot Bank Ltd.		2,946		51,590
NICE Ltd.^(c)		2,571		292,847
Teva Pharmaceutical Industries Ltd. — ADR		38,947		838,918

				3,406,013
Italy — 1.3%
Assicurazioni Generali SpA		53,702		924,740
Atlantia SpA		23,080		478,834
Davide Campari-Milano SpA		12,811		109,095
Enel SpA		355,410		1,816,687
Eni SpA		109,684		2,067,496
Ferrari NV		5,899		810,265
Intesa Sanpaolo SpA		661,494		1,685,443
Leonardo SpA		15,326		184,206
Luxottica Group SpA		7,521		509,720
Mediobanca Banca di Credito Finanziario SpA		34,909		347,406
Moncler SpA		4,652		200,164
Poste Italiane SpA^(b)(d)		21,934		174,954
Prysmian SpA		11,451		265,868
Snam SpA		108,709		452,064
Telecom Italia SpA^(c)		584,492		353,315
Telecom Italia SpA, Non-Convertible Savings Shares		170,819		91,636
Terna — Rete Elettrica Nazionale SpA		71,935		384,268


Security	Shares		Value
Italy (continued)
UniCredit SpA^(b)		90,226	$	1,353,814

				12,209,975
Japan — 16.7%
Acom Co. Ltd.		14,700		59,265
Aeon Co. Ltd.		26,000		626,478
AEON Financial Service Co. Ltd.		4,000		82,844
Aeon Mall Co. Ltd.		5,190		89,100
Air Water, Inc.		5,200		95,431
Aisin Seiki Co. Ltd.		7,000		341,035
Ajinomoto Co., Inc.		23,400		401,962
Alfresa Holdings Corp.		8,900		238,394
Alps Electric Co. Ltd.		7,600		193,212
Amada Holdings Co. Ltd.		21,800		232,751
ANA Holdings, Inc.		3,800		132,751
Aozora Bank Ltd.		7,000		250,012
Asahi Glass Co. Ltd.		9,600		398,423
Asahi Group Holdings Ltd.		17,600		763,616
Asahi Kasei Corp.		57,800		876,369
Asics Corp.^(b)		4,600		68,603
Astellas Pharma, Inc.		85,400		1,491,338
Bandai Namco Holdings, Inc.		10,000		388,508
Bank of Kyoto Ltd.		3,000		156,590
Benesse Holdings, Inc.		4,800		136,682
Bridgestone Corp.		25,100		948,616
Brother Industries Ltd.		9,200		181,656
Calbee, Inc.		4,500		148,168
Canon, Inc.		39,500		1,252,527
Casio Computer Co. Ltd.^(b)		7,800		127,493
Central Japan Railway Co.		6,500		1,353,286
Chiba Bank Ltd.		26,100		178,251
Chubu Electric Power Co., Inc.		25,000		378,698
Chugai Pharmaceutical Co. Ltd.		9,800		629,976
Chugoku Electric Power Co., Inc.^(b)		14,700		188,908
Coca-Cola Bottlers Japan Holdings Inc.		3,200		85,646
Concordia Financial Group Ltd.		48,900		239,686
Credit Saison Co. Ltd.		7,700		125,583
CyberAgent, Inc.		3,100		164,972
CYBERDYNE, Inc.^(b)(c)		7,000		55,266
Dai Nippon Printing Co. Ltd.		13,000		302,455
Dai-ichi Life Holdings, Inc.		49,700		1,036,011
Daicel Corp.		11,900		138,231
Daifuku Co. Ltd.		3,000		152,894
Daiichi Sankyo Co. Ltd.		25,700		1,114,041
Daikin Industries Ltd.		11,300		1,504,071
Daito Trust Construction Co. Ltd.		3,300		425,258
Daiwa House Industry Co. Ltd.		26,400		782,332
Daiwa Securities Group, Inc.		65,000		395,314
DeNA Co. Ltd.		1,500		26,487
Denso Corp.		18,300		966,751
Dentsu, Inc.		9,500		441,201
Disco Corp.		500		83,731
Don Quijote Holdings Co. Ltd.		6,600		333,984
East Japan Railway Co.		13,700		1,272,581


			9

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Japan (continued)
Eisai Co. Ltd.		10,900	$	1,061,847
Electric Power Development Co. Ltd.		7,100		196,526
FamilyMart UNY Holdings Co. Ltd.		2,500		260,507
FANUC Corp.		8,100		1,523,875
Fast Retailing Co. Ltd.		2,600		1,317,156
Fuji Electric Co. Ltd.		1,200		48,068
FUJIFILM Holdings Corp.		18,000		809,804
Fujitsu Ltd.		8,900		634,033
Fukuoka Financial Group, Inc.		7,600		209,004
Hakuhodo DY Holdings, Inc.		14,000		245,887
Hamamatsu Photonics KK		6,400		254,890
Hankyu Hanshin Holdings, Inc.		11,600		411,378
Hikari Tsushin, Inc.		1,000		197,634
Hino Motors Ltd.		1,700		18,615
Hirose Electric Co. Ltd.		1,611		175,971
Hisamitsu Pharmaceutical Co., Inc.		2,900		222,407
Hitachi Chemical Co. Ltd.		2,400		48,839
Hitachi Construction Machinery Co. Ltd.		4,600		153,788
Hitachi High-Technologies Corp.		4,000		138,113
Hitachi Ltd.		40,800		1,386,858
Hitachi Metals Ltd.		8,000		99,064
Honda Motor Co. Ltd.		69,400		2,090,068
Hoshizaki Corp.		2,500		258,761
Hoya Corp.		17,500		1,039,342
Hulic Co. Ltd.		19,700		193,314
Idemitsu Kosan Co. Ltd.		5,000		264,722
IHI Corp.		3,500		132,602
Iida Group Holdings Co. Ltd.		6,800		120,852
Inpex Corp.		45,900		573,500
Isetan Mitsukoshi Holdings Ltd.		11,500		141,185
Isuzu Motors Ltd.		24,900		392,537
ITOCHU Corp.		57,000		1,043,276
J. Front Retailing Co. Ltd.^(b)		11,100		172,154
Japan Airlines Co. Ltd.		1,000		35,942
Japan Airport Terminal Co. Ltd.		1,700		77,334
Japan Exchange Group, Inc.		24,200		421,547
Japan Post Bank Co. Ltd.		8,300		98,076
Japan Post Holdings Co. Ltd.		59,100		703,361
Japan Real Estate Investment Corp.		28		146,826
Japan Retail Fund Investment Corp.		29		52,629
Japan Tobacco, Inc.		45,600		1,190,767
JFE Holdings, Inc.		20,100		461,092
JGC Corp.		10,000		229,311
JSR Corp.		7,600		141,883
JTEKT Corp.		12,600		184,458
JXTG Holdings, Inc.		140,900		1,065,738
Kajima Corp.		23,500		341,703
Kakaku.com, Inc.		7,400		144,581
Kamigumi Co. Ltd.		4,300		94,784
Kaneka Corp.		3,800		175,549
Kansai Electric Power Co., Inc.		30,300		457,349
Kansai Paint Co. Ltd.		7,600		140,069
Kao Corp.		21,700		1,752,878


Security	Shares		Value
Japan (continued)
Kawasaki Heavy Industries Ltd.		5,800	$	163,577
KDDI Corp.		77,200		2,129,696
Keihan Holdings Co. Ltd.		2,600		99,293
Keikyu Corp.		11,000		200,485
Keio Corp.		5,400		295,562
Keisei Electric Railway Co. Ltd.		5,400		190,068
Keyence Corp.		4,140		2,404,870
Kikkoman Corp.		8,000		476,453
Kintetsu Group Holdings Co. Ltd.		9,100		365,974
Kirin Holdings Co. Ltd.		35,200		902,807
Kobayashi Pharmaceutical Co. Ltd.		1,100		80,983
Kobe Steel Ltd.		14,000		124,417
Koito Manufacturing Co. Ltd.		4,500		295,500
Komatsu Ltd.		40,800		1,241,581
Konami Holdings Corp.		5,700		223,190
Konica Minolta, Inc.		13,300		141,538
Kose Corp.		1,200		228,654
Kubota Corp.		43,400		737,330
Kuraray Co. Ltd.		19,300		290,147
Kurita Water Industries Ltd.		7,400		215,579
Kyocera Corp.		13,500		810,291
Kyowa Hakko Kirin Co. Ltd.		4,600		86,317
Kyushu Electric Power Co., Inc.^(b)		14,400		174,052
Kyushu Railway Co.		3,000		91,338
Lawson, Inc.		1,900		115,715
LINE Corp.^(c)		3,000		126,390
Lion Corp.		7,500		166,572
LIXIL Group Corp.		13,600		261,862
M3, Inc.		21,200		480,782
Mabuchi Motor Co. Ltd.		2,300		92,780
Makita Corp.		11,600		580,883
Marubeni Corp.		54,600		499,350
Marui Group Co. Ltd.^(b)		9,500		234,402
Maruichi Steel Tube Ltd.		2,400		78,270
Mazda Motor Corp.		29,400		353,388
McDonald’s Holdings Co. Japan Ltd.		4,300		188,836
Mebuki Financial Group, Inc.		38,630		133,662
Medipal Holdings Corp.		10,300		215,185
MEIJI Holdings Co. Ltd.		4,900		329,339
MINEBEA MITSUMI, Inc.		19,000		344,389
MISUMI Group, Inc.		7,700		199,234
Mitsubishi Chemical Holdings Corp.		59,500		569,449
Mitsubishi Corp.		58,700		1,808,120
Mitsubishi Electric Corp.		76,300		1,045,258
Mitsubishi Estate Co. Ltd.		51,100		867,680
Mitsubishi Gas Chemical Co., Inc.		9,300		197,978
Mitsubishi Heavy Industries Ltd.^(b)		11,900		459,547
Mitsubishi Materials Corp.		6,200		185,238
Mitsubishi Motors Corp.		36,300		256,441
Mitsubishi Tanabe Pharma Corp.		11,500		192,472
Mitsubishi UFJ Financial Group, Inc.		511,700		3,179,033
Mitsubishi UFJ Lease & Finance Co. Ltd.		31,400		184,806


10

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Japan (continued)
Mitsui & Co. Ltd.		76,200	$	1,354,124
Mitsui Chemicals, Inc.		7,900		197,540
Mitsui Fudosan Co. Ltd.		37,100		877,446
Mitsui OSK Lines Ltd.^(b)		4,700		137,149
Mizuho Financial Group, Inc.		1,012,800		1,765,109
MS&AD Insurance Group Holdings, Inc.		20,400		681,441
Murata Manufacturing Co. Ltd.		7,700		1,183,151
Nabtesco Corp.		5,000		132,940
Nagoya Railroad Co. Ltd.		7,900		195,638
NEC Corp.		11,200		309,498
Nexon Co. Ltd.^(c)		16,200		211,758
NGK Insulators Ltd.		15,000		247,268
NGK Spark Plug Co. Ltd.		8,500		247,771
NH Foods Ltd.		4,000		147,770
Nidec Corp.		9,600		1,380,439
Nikon Corp.		14,700		276,232
Nintendo Co. Ltd.		4,800		1,746,399
Nippon Building Fund, Inc.		34		196,595
Nippon Electric Glass Co. Ltd.		5,600		176,040
Nippon Express Co. Ltd.		3,800		249,560
Nippon Paint Holdings Co. Ltd.		8,300		309,806
Nippon Steel & Sumitomo Metal Corp.		35,547		751,913
Nippon Telegraph & Telephone Corp.		28,700		1,295,241
Nippon Yusen KK		5,300		99,668
Nissan Chemical Industries Ltd.		5,900		311,641
Nissan Motor Co. Ltd.		89,300		835,627
Nisshin Seifun Group, Inc.		9,000		197,376
Nissin Foods Holdings Co. Ltd.		3,500		240,754
Nitori Holdings Co. Ltd.		3,400		487,240
Nitto Denko Corp.		7,300		547,316
NOK Corp.		3,800		65,228
Nomura Holdings, Inc.		159,300		759,774
Nomura Real Estate Holdings, Inc.^(b)		5,200		104,898
Nomura Real Estate Master Fund, Inc.		104		142,059
Nomura Research Institute Ltd.		4,781		241,431
NSK Ltd.		6,000		68,774
NTT Data Corp.		25,400		351,618
NTT DOCOMO, Inc.		57,900		1,556,210
Obayashi Corp.		24,900		235,836
Obic Co. Ltd.		2,800		264,829
Odakyu Electric Railway Co. Ltd.		12,300		290,980
Oji Holdings Corp.		39,000		283,216
Olympus Corp.		13,900		542,390
Omron Corp.		9,300		392,997
Ono Pharmaceutical Co. Ltd.		15,700		444,412
Oracle Corp. Japan		2,500		201,431
Oriental Land Co. Ltd.		8,700		909,628
ORIX Corp.		60,000		971,497
Osaka Gas Co. Ltd.		13,700		267,514
Otsuka Corp.		5,800		216,340
Otsuka Holdings Co. Ltd.		17,700		892,772
Panasonic Corp.		100,900		1,169,555
Park24 Co. Ltd.		6,400		193,435
Pola Orbis Holdings, Inc.		5,600		204,530


Security	Shares		Value
Japan (continued)
Rakuten, Inc.		39,300	$	301,079
Recruit Holdings Co. Ltd.		47,400		1,583,228
Renesas Electronics Corp.^(c)		36,900		231,034
Resona Holdings, Inc.		94,700		531,690
Ricoh Co. Ltd.^(b)		28,600		307,295
Rinnai Corp.		2,100		160,096
Rohm Co. Ltd.		3,800		278,008
Ryohin Keikaku Co. Ltd.		1,100		326,963
Santen Pharmaceutical Co. Ltd.		14,000		221,982
SBI Holdings, Inc.		8,850		274,700
Secom Co. Ltd.		8,500		692,679
Sega Sammy Holdings, Inc.		8,800		129,759
Seibu Holdings, Inc.		9,800		176,197
Seiko Epson Corp.		14,900		254,187
Sekisui Chemical Co. Ltd.		19,300		355,912
Sekisui House Ltd.		24,300		370,557
Seven & i Holdings Co. Ltd.		33,100		1,475,761
Seven Bank Ltd.		32,800		103,594
Sharp Corp.^(b)		7,000		142,237
Shimadzu Corp.		11,000		344,714
Shimano, Inc.		3,300		532,121
Shimizu Corp.		29,000		264,776
Shin-Etsu Chemical Co. Ltd.		15,600		1,379,168
Shinsei Bank Ltd.		10,000		163,371
Shionogi & Co. Ltd.		12,300		804,046
Shiseido Co. Ltd.		16,900		1,308,870
Shizuoka Bank Ltd.		16,000		143,581
Showa Shell Sekiyu KK		8,900		188,796
SMC Corp.		2,500		800,178
Softbank Group Corp.		35,400		3,536,444
Sohgo Security Services Co. Ltd.		4,200		184,554
Sompo Holdings, Inc.		14,800		630,612
Sony Corp.		54,500		3,312,926
Sony Financial Holdings, Inc.		6,900		152,159
Stanley Electric Co. Ltd.		5,700		194,870
Start Today Co. Ltd.		9,600		290,397
Subaru Corp.		26,400		809,273
Sumco Corp.		8,000		116,541
Sumitomo Chemical Co. Ltd.		76,000		444,778
Sumitomo Corp.		47,400		789,932
Sumitomo Dainippon Pharma Co. Ltd.		9,100		208,995
Sumitomo Electric Industries Ltd.		33,500		525,671
Sumitomo Heavy Industries Ltd.		1,600		57,106
Sumitomo Metal Mining Co. Ltd.		11,900		417,265
Sumitomo Mitsui Financial Group, Inc.		56,800		2,285,852
Sumitomo Mitsui Trust Holdings, Inc.		15,200		625,426
Sumitomo Realty & Development Co. Ltd.		16,000		573,991
Sumitomo Rubber Industries Ltd.		5,200		78,085
Sundrug Co. Ltd.		1,000		35,683
Suntory Beverage & Food Ltd.		6,300		266,906
Suzuken Co. Ltd.		3,170		150,414
Suzuki Motor Corp.		14,400		825,280
Sysmex Corp.		7,400		638,127


			11

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Japan (continued)
T&D Holdings, Inc.		24,800	$	409,561
Taiheiyo Cement Corp.		5,900		185,041
Taisei Corp.		6,600		300,850
Taisho Pharmaceutical Holdings Co. Ltd.		2,100		256,901
Taiyo Nippon Sanso Corp.		4,400		65,851
Takashimaya Co. Ltd.		6,500		109,783
Takeda Pharmaceutical Co. Ltd.^(b)		30,400		1,299,844
TDK Corp.		5,600		610,171
Teijin Ltd.		7,200		138,088
Terumo Corp.		13,300		787,147
THK Co. Ltd.		5,800		147,588
Tobu Railway Co. Ltd.		8,100		239,472
Toho Co. Ltd.		5,500		172,743
Toho Gas Co. Ltd.		3,600		136,970
Tohoku Electric Power Co., Inc.		14,800		201,304
Tokio Marine Holdings, Inc.		29,100		1,444,627
Tokyo Electric Power Co. Holdings, Inc.^(c)		45,300		222,607
Tokyo Electron Ltd.		6,700		923,397
Tokyo Gas Co. Ltd.		15,700		386,189
Tokyo Tatemono Co. Ltd.		9,200		112,204
Tokyu Corp.		21,400		391,324
Tokyu Fudosan Holdings Corp.		30,800		214,582
Toppan Printing Co. Ltd.		11,500		184,632
Toray Industries, Inc.		57,100		428,424
Toshiba Corp.^(c)		24,400		705,117
Tosoh Corp.		5,400		83,170
TOTO Ltd.		3,600		149,308
Toyo Seikan Group Holdings Ltd.		8,500		176,383
Toyo Suisan Kaisha Ltd.		5,400		209,641
Toyoda Gosei Co. Ltd.		4,300		106,194
Toyota Industries Corp.		6,200		366,960
Toyota Motor Corp.		98,606		6,143,424
Toyota Tsusho Corp.		10,200		385,119
Trend Micro, Inc.		5,700		366,645
Tsuruha Holdings, Inc.		1,800		221,561
Unicharm Corp.		18,400		608,776
United Urban Investment Corp.		20		31,430
USS Co. Ltd.		12,100		224,622
West Japan Railway Co.		7,000		487,967
Yahoo! Japan Corp.		29,700		106,657
Yakult Honsha Co. Ltd.		3,800		311,640
Yamada Denki Co. Ltd.		39,300		198,829
Yamaguchi Financial Group, Inc.		2,000		21,792
Yamaha Corp.		7,100		376,214
Yamaha Motor Co. Ltd.		11,600		325,297
Yamato Holdings Co. Ltd.		13,300		408,363
Yamazaki Baking Co. Ltd.		7,000		140,224
Yaskawa Electric Corp.		12,400		368,294
Yokogawa Electric Corp.		9,900		209,414


Security	Shares		Value
Japan (continued)
Yokohama Rubber Co. Ltd.		5,000	$	107,770

				151,896,436
Luxembourg — 0.2%
ArcelorMittal		28,352		880,224
Eurofins Scientific SE		453		257,726
Reinet Investments SCA		5,889		109,570
RTL Group SA		2,199		156,846
Tenaris SA		17,350		290,568

				1,694,934
Malaysia — 0.6%
AirAsia Group Bhd		60,100		45,876
Alliance Bank Malaysia Bhd^(b)		90,800		91,716
AMMB Holdings Bhd		68,900		68,746
Astro Malaysia Holdings Bhd		29,600		10,521
Axiata Group Bhd		165,600		182,405
British American Tobacco Malaysia Bhd		13,600		104,239
CIMB Group Holdings Bhd		239,100		347,131
Dialog Group Bhd		142,134		119,851
DiGi.Com Bhd^(b)		144,300		168,024
FGV Holdings Bhd^(b)		89,900		33,646
Gamuda Bhd^(b)		129,800		105,419
Genting Bhd		119,100		224,733
Genting Malaysia Bhd		106,100		127,901
Genting Plantations Bhd		10,000		22,931
Hartalega Holdings Bhd		88,200		141,005
Hong Leong Bank Bhd		31,140		154,867
Hong Leong Financial Group Bhd		7,000		32,628
IHH Healthcare Bhd		63,500		79,928
IJM Corp. Bhd		126,600		55,029
IOI Corp. Bhd		102,200		112,113
IOI Properties Group Bhd		19,116		7,716
Kuala Lumpur Kepong Bhd		17,500		105,545
Malayan Banking Bhd		204,800		484,378
Malaysia Airports Holdings Bhd		11,300		24,294
Maxis Bhd^(b)		66,600		93,963
MISC Bhd		27,400		40,127
Petronas Chemicals Group Bhd		122,200		276,353
Petronas Dagangan Bhd		6,100		38,710
Petronas Gas Bhd		52,700		240,420
PPB Group Bhd		15,120		61,306
Public Bank Bhd		104,620		631,879
RHB Bank Bhd^(e)		12,900		—
RHB Capital Bhd		16,824		21,946
Sime Darby Bhd		159,000		100,254
Sime Darby Plantation Bhd		159,000		203,384
Sime Darby Property Bhd		159,000		45,314
Telekom Malaysia Bhd		55,900		43,498
Tenaga Nasional Bhd		141,300		528,318
UMW Holdings Bhd		10,900		13,209
Westports Holdings Bhd		70,000		64,251


12

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Malaysia (continued)
YTL Corp. Bhd		115,423	$	34,840

				5,288,414
Mexico — 0.8%
Alfa SAB de CV, Series A		153,472		197,888
America Movil SAB de CV, Series L		1,472,964		1,183,786
Arca Continental SAB de CV		15,972		103,169
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B		119,103		185,458
Cemex SAB de CV^(c)		646,337		453,824
Coca-Cola Femsa SAB de CV, Series L		24,300		148,366
El Puerto de Liverpool SAB de CV, Series C1		10,900		81,800
Fibra Uno Administracion SA de CV		70,492		92,701
Fomento Economico Mexicano SAB de CV		84,432		835,477
Fresnillo PLC		11,261		120,283
Gruma SAB de CV, Class B		9,959		127,316
Grupo Aeroportuario del Pacifico SAB de CV, Class B		15,800		172,724
Grupo Aeroportuario del Sureste SAB de CV, Class B		10,700		218,774
Grupo Bimbo SAB de CV, Series A		46,764		99,730
Grupo Carso SAB de CV, Series A1		11,376		37,732
Grupo Financiero Banorte SAB de CV, Series O		111,495		806,096
Grupo Financiero Inbursa SAB de CV, Series O		99,700		156,417
Grupo Mexico SAB de CV, Series B		135,682		391,153
Grupo Televisa SAB CPO		109,894		390,742
Industrias Penoles SAB de CV		7,755		133,589
Infraestructura Energetica Nova SAB de CV		33,988		168,887
Kimberly-Clark de Mexico SAB de CV, Class A		78,500		139,684
Mexichem SAB de CV		36,623		125,951
Promotora y Operadora de Infraestructura SAB de CV		4,006		42,618
Wal-Mart de Mexico SAB de CV		235,215		716,806

				7,130,971
Netherlands — 3.7%
ABN AMRO Group NV CVA^(d)		15,219		414,476
Aegon NV		72,405		469,948
Akzo Nobel NV		10,875		1,017,284
ASML Holding NV		17,730		3,328,888
CNH Industrial NV		48,995		587,961
EXOR NV^(b)		4,238		282,762
Heineken Holding NV		3,148		285,450
Heineken NV^(b)		10,532		988,435
ING Groep NV		172,633		2,240,620
Koninklijke Ahold Delhaize NV		57,569		1,320,779
Koninklijke DSM NV		8,586		909,371


Security	Shares		Value
Netherlands (continued)
Koninklijke KPN NV^(b)		135,376	$	357,124
Koninklijke Philips NV		39,734		1,811,134
Koninklijke Vopak NV		4,351		214,357
NN Group NV		13,789		615,437
NXP Semiconductors NV		15,604		1,334,142
QIAGEN NV^(c)		10,029		379,824
Randstad NV		4,170		222,572
Royal Dutch Shell PLC, Class A		197,855		6,784,140
Royal Dutch Shell PLC, Class B		160,419		5,615,716
Unilever NV CVA		66,136		3,678,805
Wolters Kluwer NV		12,456		776,506

				33,635,731
New Zealand — 0.1%
Auckland International Airport Ltd.		55,568		268,853
Fisher & Paykel Healthcare Corp. Ltd.		27,280		272,016
Fletcher Building Ltd.^(c)		28,052		121,665
Meridian Energy Ltd.		95,908		208,805
Ryman Healthcare Ltd.^(b)		13,399		124,237
Spark New Zealand Ltd.		115,784		310,772

				1,306,348
Norway — 0.5%
DNB ASA		42,803		900,767
Gjensidige Forsikring ASA		10,710		180,506
Marine Harvest ASA		17,066		395,453
Norsk Hydro ASA		62,662		375,775
Orkla ASA		34,581		292,176
Schibsted ASA, Class B		6,527		226,841
Statoil ASA		48,719		1,369,796
Telenor ASA		36,284		709,556
Yara International ASA		7,303		358,419

				4,809,289
Pakistan — 0.0%
Habib Bank Ltd.		10,100		12,311
Lucky Cement Ltd.		14,850		61,442
MCB Bank Ltd.		6,700		10,856
Oil & Gas Development Co. Ltd.		11,100		13,678
United Bank Ltd.		8,400		10,417

				108,704
Peru — 0.1%
Compania de Minas Buenaventura SA — ADR		9,607		128,830
Credicorp Ltd.		3,283		732,371
Southern Copper Corp.^(b)		1,484		64,020

				925,221
Philippines — 0.2%
Aboitiz Equity Ventures, Inc.		70,570		63,927
Aboitiz Power Corp.		29,200		18,078
Ayala Corp.		13,480		231,474
Ayala Land, Inc.		317,200		235,125
Bank of the Philippine Islands		26,042		40,153


			13

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Philippines (continued)
BDO Unibank, Inc.		93,622	$	207,585
DMCI Holdings, Inc.		170,000		35,801
Globe Telecom, Inc.		845		34,407
GT Capital Holdings, Inc.		7,462		113,103
International Container Terminal Services, Inc.		9,550		16,633
JG Summit Holdings, Inc.		156,443		156,088
Jollibee Foods Corp.		12,070		57,388
Megaworld Corp.		600,000		48,866
Metro Pacific Investments Corp.		1,468,000		128,938
Metropolitan Bank & Trust Co.		16,040		19,898
PLDT, Inc.		2,085		52,531
Security Bank Corp.		4,290		12,224
SM Investments Corp.		17,272		288,879
SM Prime Holdings, Inc.		486,150		325,315
Universal Robina Corp.		34,300		91,642

				2,178,055
Poland — 0.3%
Alior Bank SA^(c)		6,930		118,271
Bank Handlowy w Warszawie SA		502		10,508
Bank Millennium SA^(c)		13,346		33,490
Bank Polska Kasa Opieki SA		7,442		214,181
Bank Zachodni WBK SA		2,479		252,118
CCC SA		981		58,485
Cyfrowy Polsat SA^(c)		8,953		53,996
Grupa Azoty SA		1,551		13,285
Grupa Lotos SA		1,964		39,947
Jastrzebska Spolka Weglowa SA^(c)		4,762		85,678
KGHM Polska Miedz SA^(c)		7,250		174,804
LPP SA		55		128,669
mBank SA		573		69,566
Orange Polska SA^(c)		32,359		38,953
PGE Polska Grupa Energetyczna SA^(c)		30,296		78,305
Polski Koncern Naftowy ORLEN SA		15,864		434,848
Polskie Gornictwo Naftowe i Gazownictwo SA^(c)		93,796		164,638
Powszechna Kasa Oszczednosci Bank Polski SA		39,078		453,977
Powszechny Zaklad Ubezpieczen SA		26,379		283,882

				2,707,601
Portugal — 0.1%
EDP — Energias de Portugal SA		98,398		363,071
Galp Energia SGPS SA		18,382		364,475
Jeronimo Martins SGPS SA		10,434		153,794

				881,340
Qatar — 0.2%
Barwa Real Estate Co.		2,548		24,641
Commercial Bank of Qatar QSC		3,352		37,104
Doha Bank QPSC		7,291		41,851
Ezdan Holding Group QSC^(c)		43,351		125,603


Security	Shares		Value
Qatar (continued)
Industries Qatar QSC		6,371	$	217,784
Masraf Al Rayan QSC		15,444		158,303
Ooredoo QPSC		1,679		31,636
Qatar Electricity & Water Co. QSC		3,723		195,879
Qatar Insurance Co. SAQ		90		935
Qatar Islamic Bank SAQ		3,392		130,032
Qatar National Bank SAQ		20,950		1,016,800

				1,980,568
Romania — 0.0%
NEPI Rockcastle PLC		11,085		100,760

Russia — 0.9%
Alrosa PJSC		97,100		158,150
Gazprom PJSC		417,450		1,032,440
Gazprom PJSC — ADR		34,210		170,709
Inter Rao UES PJSC		2,615,256		163,568
Lukoil PJSC		16,928		1,297,622
Lukoil PJSC — ADR		2,414		184,848
Magnit PJSC — GDR		14,687		208,350
MMC Norilsk Nickel PJSC		3,113		540,066
Mobile TeleSystems PJSC — ADR		25,223		215,152
Moscow Exchange MICEX-RTS PJSC^(c)		63,850		94,968
Novatek PJSC — GDR		3,754		688,526
Novolipetsk Steel PJSC		57,306		155,349
Rosneft Oil Co. PJSC		21,260		159,505
Rosneft Oil Co. PJSC, — GDR		15,910		118,876
RusHydro PJSC		6,552,000		62,003
Sberbank of Russia PJSC		205,970		636,673
Sberbank of Russia PJSC — ADR		64,644		817,390
Severstal PJSC		10,830		180,226
Surgutneftegas OJSC — ADR		24,155		99,722
Tatneft PJSC		68,251		867,622
VTB Bank PJSC		86,510,000		53,723
VTB Bank PJSC, — GDR		50,000		66,950

				7,972,438
Singapore — 0.8%
Ascendas Real Estate Investment Trust		136,378		263,428
CapitaLand Commercial Trust		124,412		162,090
CapitaLand Ltd.		111,900		275,629
CapitaLand Mall Trust		85,800		139,449
City Developments Ltd.		17,400		116,008
ComfortDelGro Corp. Ltd.		98,300		174,703
DBS Group Holdings Ltd.		76,984		1,468,635
Genting Singapore Ltd.		233,000		180,606
Golden Agri-Resources Ltd.		270,000		49,317
Jardine Cycle & Carriage Ltd.		4,444		104,016
Keppel Corp. Ltd.		76,700		390,500
Oversea-Chinese Banking Corp. Ltd.		128,349		1,073,985
SATS Ltd.		24,800		94,679
Sembcorp Industries Ltd.		40,000		90,345


14

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Singapore (continued)
Singapore Airlines Ltd.		28,600	$	203,725
Singapore Exchange Ltd.		12,500		67,370
Singapore Press Holdings Ltd.		20,400		42,834
Singapore Technologies Engineering Ltd.		68,700		178,812
Singapore Telecommunications Ltd.		349,400		827,971
Suntec Real Estate Investment Trust		137,100		193,597
United Overseas Bank Ltd.		59,300		1,172,268
UOL Group Ltd.		22,000		110,949
Venture Corp. Ltd.		11,200		144,421
Wilmar International Ltd.		64,800		152,574

				7,677,911
South Africa — 1.5%
Absa Group, Ltd.		20,871		223,845
Anglo American Platinum Ltd.		810		26,481
AngloGold Ashanti Ltd.		19,921		172,133
Aspen Pharmacare Holdings Ltd.		18,439		220,647
Bid Corp. Ltd.^(b)		14,178		295,519
Bidvest Group Ltd.^(b)		15,555		203,471
Capitec Bank Holdings Ltd.^(b)		1,291		93,386
Clicks Group Ltd.		10,206		126,140
Coronation Fund Managers Ltd.		27,149		103,460
Discovery Holdings Ltd.		20,716		248,790
Exxaro Resources Ltd.		15,325		157,545
FirstRand Ltd.		153,039		734,103
Fortress REIT, Ltd.^(b)		74,733		80,473
Foschini Group Ltd.		6,728		82,561
Gold Fields Ltd.		38,623		92,547
Growthpoint Properties Ltd.		72,731		119,476
Hyprop Investments Ltd.		7,562		49,357
Imperial Holdings Ltd.^(b)		3,661		45,265
Investec Ltd.		7,549		53,132
Liberty Holdings Ltd.		1,922		15,328
Life Healthcare Group Holdings Ltd.		22,772		39,550
MMI Holdings Ltd.^(c)		20,454		25,085
Mondi Ltd.		7,836		215,192
Mr Price Group Ltd.^(b)		10,819		174,483
MTN Group Ltd.		84,532		523,471
Naspers Ltd., Class N		18,939		4,078,492
Nedbank Group Ltd.		13,358		249,885
Netcare Ltd.		28,346		48,529
Old Mutual, Ltd.		220,791		466,099
Pick n Pay Stores Ltd.		28,036		136,361
Pioneer Foods Group Ltd.		6,964		45,306
PSG Group Ltd.		2,684		43,481
Rand Merchant Investment Holdings Ltd.		48,390		131,781
Redefine Properties Ltd.^(b)		238,334		168,875
Remgro Ltd.		22,131		308,426
Resilient REIT Ltd.		17,014		69,898
RMB Holdings Ltd.^(b)		42,235		236,130
Sanlam Ltd.		68,068		380,272
Sappi Ltd.		29,677		186,174


Security	Shares		Value
South Africa (continued)
Sasol Ltd.		24,215	$	935,571
Shoprite Holdings Ltd.		21,012		284,520
Spar Group Ltd.		4,305		56,054
Standard Bank Group Ltd.		59,541		736,255
Telkom SA SOC Ltd.		11,210		40,941
Tiger Brands Ltd.		7,701		144,317
Truworths International Ltd.		20,564		121,289
Vodacom Group Ltd.		23,375		208,049
Woolworths Holdings Ltd.		39,270		137,677

				13,335,822
South Korea — 3.4%
Amorepacific Corp.		1,381		324,823
Amorepacific Group		739		62,143
BGF retail Co. Ltd.		426		78,921
BNK Financial Group, Inc.		6,269		48,593
Celltrion Healthcare Co. Ltd.^(c)		1,400		116,389
Celltrion, Inc.^(c)		3,717		996,141
Cheil Worldwide, Inc.		4,081		79,689
CJ CheilJedang Corp.		98		29,456
CJ Corp.		848		103,195
CJ ENM Co. Ltd.		390		87,191
CJ Logistics Corp.^(c)		414		58,962
Coway Co. Ltd.		2,504		195,941
Daelim Industrial Co. Ltd.		1,073		79,904
Daewoo Engineering & Construction Co. Ltd.^(c)		19,237		102,621
DB Insurance Co. Ltd.		3,276		215,004
DGB Financial Group, Inc.		5,100		46,657
Doosan Heavy Industries & Construction Co. Ltd.^(c)		776		10,424
E-MART Inc.		545		101,966
GS Engineering & Construction Corp.		3,499		164,908
GS Holdings Corp.		2,934		145,758
Hana Financial Group, Inc.		13,571		544,914
Hankook Tire Co. Ltd.		4,552		205,497
Hanmi Pharm Co. Ltd.		226		101,861
Hanmi Science Co. Ltd.		773		61,176
Hanon Systems		15,127		172,517
Hanssem Co. Ltd.		731		50,484
Hanwha Chemical Corp.		4,037		70,229
Hanwha Corp.		4,520		133,677
Hanwha Life Insurance Co. Ltd.		7,120		33,957
HDC Hyundai Development Co-Engineering & Construction, Class E^(c)		1,311		60,158
HLB, Inc.^(c)		1,313		142,001
Hotel Shilla Co. Ltd.		1,174		114,797
Hyundai Heavy Industries Holdings Co. Ltd.^(c)		102		37,236
Hyundai Department Store Co. Ltd.		314		28,139
Hyundai Engineering & Construction Co. Ltd.		3,298		200,586
Hyundai Glovis Co. Ltd.		1,138		133,352


			15

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
South Korea (continued)
Hyundai Heavy Industries Co. Ltd.^(c)		1,655	$	200,598
Hyundai Marine & Fire Insurance Co. Ltd.		4,560		172,374
Hyundai Mobis Co. Ltd.		3,088		634,721
Hyundai Motor Co.		7,283		850,135
Hyundai Steel Co.		5,604		285,504
Kakao Corp.		1,108		118,819
Kangwon Land, Inc.		7,491		193,811
KB Financial Group, Inc.		18,660		908,816
KCC Corp.		266		81,316
KEPCO Plant Service & Engineering Co. Ltd.		707		21,667
Kia Motors Corp.		10,630		336,247
Korea Aerospace Industries Ltd.^(c)		2,844		90,089
Korea Electric Power Corp.		12,939		342,474
Korea Gas Corp.^(c)		753		41,182
Korea Investment Holdings Co. Ltd.		1,486		101,898
Korea Zinc Co. Ltd.		398		156,410
Korean Air Lines Co. Ltd.		4,193		106,197
KT Corp.		1,200		32,622
KT&G Corp.		5,115		479,567
Kumho Petrochemical Co. Ltd.		423		37,557
LG Chem Ltd.		2,255		742,897
LG Corp.		4,097		268,169
LG Display Co. Ltd.		10,040		173,484
LG Electronics, Inc.		4,891		312,978
LG Household & Health Care Ltd.		441		507,202
Lotte Chemical Corp.		865		216,776
Lotte Corp.^(c)		2,177		112,068
Lotte Shopping Co. Ltd.		671		126,805
Mirae Asset Daewoo Co. Ltd.		9,107		69,529
NAVER Corp.		1,334		861,043
NCSoft Corp.		791		315,588
NH Investment & Securities Co. Ltd.		5,312		68,437
OCI Co. Ltd.		1,017		100,832
Orion Corp.		907		86,234
POSCO		3,587		952,157
Posco Daewoo Corp.		1,160		21,887
S-1 Corp.		442		36,420
S-Oil Corp.		1,514		187,012
Samsung Biologics Co. Ltd.^(c)(d)		902		434,063
Samsung C&T Corp.		4,015		468,520
Samsung Card Co. Ltd.		1,210		40,132
Samsung Electro-Mechanics Co. Ltd.		2,111		264,400
Samsung Electronics Co. Ltd.		207,816		8,697,277
Samsung Fire & Marine Insurance Co. Ltd.		1,332		341,030
Samsung Heavy Industries Co. Ltd.^(c)		10,782		78,517
Samsung Life Insurance Co. Ltd.		3,145		275,863
Samsung SDI Co. Ltd.		2,368		551,487
Samsung SDS Co. Ltd.		929		193,431
Samsung Securities Co. Ltd.		2,723		80,184
Shinhan Financial Group Co. Ltd.		19,796		799,926


Security	Shares		Value
South Korea (continued)
Shinsegae Inc.		335	$	109,521
SillaJen, Inc.^(c)		2,140		197,450
SK Holdings Co. Ltd.		1,542		399,017
SK Hynix, Inc.		24,918		1,648,521
SK Innovation Co. Ltd.		2,988		579,194
SK Telecom Co. Ltd.		1,198		303,735
ViroMed Co. Ltd.^(c)		585		127,022
Woori Bank		13,531		206,040
Yuhan Corp.		704		153,864

				31,439,983
Spain — 2.0%
ACS Actividades de Construccion y Servicios SA		11,944		507,295
Aena SME SA^(d)		3,227		559,100
Amadeus IT Group SA		19,963		1,850,349
Banco Bilbao Vizcaya Argentaria SA^(b)		296,766		1,881,569
Banco de Sabadell SA		292,491		452,161
Banco Santander SA		678,997		3,399,505
Bankia SA		45,598		178,002
Bankinter SA		28,922		265,672
CaixaBank SA		160,526		730,059
Enagas SA		4,217		113,662
Endesa SA		12,611		272,016
Ferrovial SA		20,411		422,368
Gas Natural SDG SA		14,485		394,861
Grifols SA		15,251		428,824
Iberdrola SA		258,549		1,899,004
Industria de Diseno Textil SA		47,632		1,439,037
Mapfre SA		66,978		209,497
Red Electrica Corp. SA		13,061		273,047
Repsol SA		56,793		1,130,597
Siemens Gamesa Renewable Energy SA^(c)		10,554		133,171
Telefonica SA		197,701		1,559,532

				18,099,328
Sweden — 1.8%
Alfa Laval AB		11,214		303,432
Assa Abloy AB, Class B		44,693		895,821
Atlas Copco AB, A Shares		29,199		839,710
Atlas Copco AB, B Shares		15,828		421,709
Boliden AB		11,369		316,181
Electrolux AB, Class B		12,094		266,421
Epiroc AB, Class A^(c)		32,741		365,819
Epiroc AB, Class B^(c)		15,828		162,957
Essity AB, Class B		27,428		688,478
Hennes & Mauritz AB, Class B^(b)		39,769		734,935
Hexagon AB, Class B		9,081		531,663
Husqvarna AB, Class B		2,063		17,539
ICA Gruppen AB		80		2,537
Industrivarden AB, Class C		8,883		196,973
Investor AB, Class B		19,921		917,991


16

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Sweden (continued)
Kinnevik AB, Class B		5,246	$	158,411
L E Lundbergforetagen AB, B Shares		3,263		109,955
Lundin Petroleum AB		9,142		348,467
Millicom International Cellular SA, SDR		3,254		186,620
Nordea Bank AB		133,482		1,452,363
Sandvik AB		49,506		876,467
Securitas AB, Class B		13,331		231,767
Skandinaviska Enskilda Banken AB, Class A		69,868		778,893
Skanska AB, Class B		10,880		213,329
SKF AB, Class B		17,305		340,510
Svenska Handelsbanken AB, Class A		66,426		837,741
Swedbank AB, Class A		39,574		978,750
Swedish Match AB		8,644		441,841
Tele2 AB, Class B		13,773		165,528
Telefonaktiebolaget LM Ericsson, Class B		143,370		1,268,937
Telia Co. AB		121,392		556,654
Volvo AB, Class B		65,184		1,149,646

				16,758,045
Switzerland — 6.0%
ABB Ltd., Registered Shares		82,889		1,960,720
Adecco SA, Registered Shares		7,342		385,949
Baloise Holding AG, Registered Shares		2,014		306,913
Barry Callebaut AG, Registered Shares		143		270,789
Chocoladefabriken Lindt & Spruengli AG		47		328,929
Chocoladefabriken Lindt & Spruengli AG, Registered Shares		4		327,644
Cie Financiere Richemont SA, Registered Shares		23,352		1,903,896
Clariant AG, Registered Shares^(c)		3,965		103,143
Coca-Cola HBC AG^(c)		6,500		221,450
Credit Suisse Group AG, Registered Shares^(c)		109,084		1,636,855
Dufry AG, Registered Shares^(b)(c)		1,558		176,029
EMS-Chemie Holding AG, Registered Shares		450		268,374
Ferguson PLC		10,697		907,339
Geberit AG, Registered Shares		1,527		708,744
Givaudan SA, Registered Shares		405		996,536
Glencore PLC^(c)		491,379		2,118,178
Julius Baer Group Ltd.^(c)		11,443		571,877
Kuehne + Nagel International AG, Registered Shares		1,945		308,623
LafargeHolcim Ltd., Registered Shares^(c)		20,366		1,008,257
Lonza Group AG, Registered Shares^(c)		3,403		1,164,157
Nestle SA, Registered Shares		133,799		11,136,967
Novartis AG, Registered Shares		93,451		8,044,118
Pargesa Holding SA, Bearer Shares		1,995		160,286
Partners Group Holding AG		749		593,746
Roche Holding AG		30,186		7,299,437


Security	Shares		Value
Switzerland (continued)
Schindler Holding AG, Participation Certificates		1,755	$	437,972
Schindler Holding AG, Registered Shares		344		83,003
SGS SA, Registered Shares		229		602,941
Sika AG, Registered Shares		5,536		805,596
Sonova Holding AG, Registered Shares		2,263		449,133
STMicroelectronics NV		30,473		557,735
Straumann Holding AG, Registered Shares		236		177,794
Swatch Group AG, Bearer Shares		1,402		557,202
Swatch Group AG, Registered Shares		2,330		181,478
Swiss Life Holding AG, Registered Shares^(c)		1,676		635,491
Swiss Prime Site AG, Registered Shares		3,413		291,181
Swiss Re AG		12,568		1,157,970
Swisscom AG, Registered Shares		841		381,442
Temenos AG, Registered Shares^(c)		2,285		372,163
UBS Group AG, Registered Shares^(c)		160,692		2,537,107
Vifor Pharma AG		2,169		376,040
Zurich Insurance Group AG		6,448		2,033,087

				54,546,291
Taiwan — 3.0%
Acer, Inc.^(c)		69,504		57,407
Advantech Co. Ltd.		22,873		170,239
ASE Technology Holding Co. Ltd.^(c)		191,343		467,359
Asia Cement Corp.		94,233		128,054
Asustek Computer, Inc.		38,220		330,636
AU Optronics Corp.		414,000		174,592
Catcher Technology Co. Ltd.		27,000		296,808
Cathay Financial Holding Co. Ltd.		377,935		649,521
Chailease Holding Co. Ltd.		68,130		238,453
Chang Hwa Commercial Bank Ltd.		230,085		142,384
Cheng Shin Rubber Industry Co. Ltd.		436		685
Chicony Electronics Co. Ltd.		15,856		32,101
China Airlines Ltd.		103,687		31,406
China Development Financial Holding Corp.		577,765		215,572
China Life Insurance Co. Ltd.		121,150		121,815
China Steel Corp.		580,638		484,845
Chunghwa Telecom Co. Ltd.		158,000		569,107
Compal Electronics, Inc.		192,000		119,088
CTBC Financial Holding Co. Ltd.		868,601		653,984
Delta Electronics, Inc.		67,000		287,217
E.Sun Financial Holding Co. Ltd.		312,123		230,449
Eclat Textile Co. Ltd.		7,303		90,376
Eva Airways Corp.		76,865		37,377
Evergreen Marine Corp. Taiwan Ltd.		98,044		41,093
Far Eastern New Century Corp.		95,607		111,797
Far EasTone Telecommunications Co. Ltd.		95,000		226,507
Feng TAY Enterprise Co. Ltd.		16,150		99,457
First Financial Holding Co. Ltd.		479,665		326,668


			17

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Taiwan (continued)
Formosa Chemicals & Fibre Corp.		128,360	$	537,911
Formosa Petrochemical Corp.		50,000		242,361
Formosa Plastics Corp.		152,040		582,428
Formosa Taffeta Co. Ltd.		31,000		37,810
Foxconn Technology Co. Ltd.		43,007		104,951
Fubon Financial Holding Co. Ltd.		278,952		473,142
Giant Manufacturing Co. Ltd.		10,000		42,883
Globalwafers Co. Ltd.		8,000		88,160
Highwealth Construction Corp.		62,400		98,841
Hiwin Technologies Corp.		12,035		99,439
Hon Hai Precision Industry Co. Ltd.		701,000		1,817,818
Hotai Motor Co. Ltd.		8,000		68,523
HTC Corp.^(c)		18,050		23,967
Hua Nan Financial Holdings Co. Ltd.		413,583		250,504
Innolux Corp.		428,494		148,800
Inventec Corp.		92,470		82,970
Largan Precision Co. Ltd.		4,000		475,205
Lite-On Technology Corp.		99,816		125,428
Macronix International		69,360		57,784
MediaTek, Inc.		69,255		558,823
Mega Financial Holding Co. Ltd.		505,110		454,754
Micro-Star International Co. Ltd.		43,000		116,311
Nan Ya Plastics Corp.		214,790		596,334
Nien Made Enterprise Co. Ltd.		9,000		70,437
Novatek Microelectronics Corp.		23,000		113,501
Pegatron Corp.		105,000		210,121
Phison Electronics Corp.		15,000		119,546
Pou Chen Corp.		92,000		97,138
Powertech Technology, Inc.		70,100		190,992
President Chain Store Corp.		26,000		305,259
Quanta Computer, Inc.		138,000		240,477
Realtek Semiconductor Corp.		23,240		103,564
Ruentex Development Co. Ltd.		57,308		66,922
Ruentex Industries Ltd.		17,521		34,813
Shin Kong Financial Holding Co. Ltd.		297,049		116,171
SinoPac Financial Holdings Co. Ltd.		547,741		199,957
Standard Foods Corp.		7,342		12,206
Synnex Technology International Corp.		134,500		171,411
TaiMed Biologics, Inc.^(c)		15,000		92,462
Taishin Financial Holding Co. Ltd.		349,704		168,882
Taiwan Business Bank		272,273		98,964
Taiwan Cement Corp.		160,600		216,090
Taiwan Cooperative Financial Holding Co. Ltd.		434,035		264,364
Taiwan Mobile Co. Ltd.		67,800		243,105
Taiwan Semiconductor Manufacturing Co. Ltd.		1,062,000		9,062,612
Teco Electric and Machinery Co. Ltd.		39,000		28,286
Uni-President Enterprises Corp.		207,950		542,542
United Microelectronics Corp.		527,000		278,053
Vanguard International Semiconductor Corp.		38,000		84,808
Walsin Technology Corp.		13,000		90,699


Security	Shares		Value
Taiwan (continued)
Win Semiconductors Corp.		16,000	$	70,440
Wistron Corp.		133,161		86,739
WPG Holdings Ltd.		85,270		105,959
Yageo Corp.		10,783		161,920
Yuanta Financial Holding Co. Ltd.		432,260		227,866
Zhen Ding Technology Holding Ltd.		14,710		32,845

				27,329,295
Thailand — 0.6%
Advanced Info Service PCL — NVDR		31,200		193,952
Airports of Thailand PCL — NVDR		176,800		358,083
Bangkok Bank PCL, Foreign Registered Shares		11,900		80,224
Bangkok Dusit Medical Services PCL — NVDR		123,900		97,689
Banpu PCL — NVDR		227,900		134,629
BTS Group Holdings PCL — NVDR		249,200		71,669
Bumrungrad Hospital PCL — NVDR		22,400		128,762
Central Pattana PCL — NVDR		63,000		161,691
Charoen Pokphand Foods PCL — NVDR		204,000		159,276
CP ALL PCL — NVDR		266,000		567,639
Delta Electronics Thailand PCL — NVDR		20,000		43,135
Energy Absolute PCL — NVDR		45,000		67,088
Glow Energy PCL — NVDR		53,900		146,690
Home Product Center PCL — NVDR		82,832		40,492
Indorama Ventures PCL — NVDR		39,200		71,530
IRPC PCL — NVDR		492,400		103,562
Kasikornbank PCL — NVDR		19,800		132,243
Kasikornbank PCL, Foreign Registered Shares		58,200		392,280
Krung Thai Bank PCL — NVDR		143,775		89,807
Minor International PCL — NVDR		146,680		185,989
PTT Exploration & Production PCL — NVDR		76,522		367,252
PTT Global Chemical PCL — NVDR		57,368		144,161
PTT PCL — NVDR		463,000		777,279
Siam Cement PCL — NVDR		13,000		179,407
Siam Commercial Bank PCL — NVDR		57,900		266,748
Thai Oil PCL — NVDR		51,600		141,285
Thai Union Group PCL — NVDR^(b)		329,100		182,147
TMB Bank PCL — NVDR		271,500		19,317
True Corp. PCL — NVDR		355,740		66,566

				5,370,592
Turkey — 0.1%
Akbank TAS		114,009		130,590
Anadolu Efes Biracilik Ve Malt Sanayii AS		14,158		49,414
Arcelik AS		20,968		48,016
BIM Birlesik Magazalar AS		8,704		117,167
Coca-Cola Icecek AS		4,750		26,530
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		78,385		23,185


18

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
Turkey (continued)
Eregli Demir ve Celik Fabrikalari TAS		51,754	$	94,430
Ford Otomotiv Sanayi SA		2,700		29,404
Haci Omer Sabanci Holding AS		32,457		40,933
KOC Holding AS		17,992		50,821
Petkim Petrokimya Holding AS		61,898		54,756
TAV Havalimanlari Holding AS		2,171		11,230
Tofas Turk Otomobil Fabrikasi AS		4,704		16,639
Tupras Turkiye Petrol Rafinerileri AS		5,076		112,705
Turk Hava Yollari AO^(c)		26,638		84,020
Turkcell Iletisim Hizmetleri AS		33,444		63,728
Turkiye Garanti Bankasi AS		101,489		129,393
Turkiye Halk Bankasi AS		58,372		64,710
Turkiye Is Bankasi AS, Class C		88,347		64,524
Turkiye Sise ve Cam Fabrikalari AS		47,105		45,492
Turkiye Vakiflar Bankasi Tao, Class D		43,060		26,963
Ulker Biskuvi Sanayi^(c)		3,956		11,092
Yapi ve Kredi Bankasi AS^(b)(c)		126,539		39,321

				1,335,063
United Arab Emirates — 0.2%
Abu Dhabi Commercial Bank PJSC		138,930		300,825
Aldar Properties PJSC		145,452		72,468
DP World Ltd.		10,522		200,970
Dubai Islamic Bank PJSC		48,113		70,474
Emaar Malls PJSC		81,000		40,357
Emaar Properties PJSC		172,958		233,151
Emirates Telecommunications Group Co. PJSC		97,764		444,503
First Abu Dhabi Bank PJSC		58,972		230,121
Mediclinic International PLC		17,716		98,946
NMC Health PLC		4,897		216,472

				1,908,287
United Kingdom — 10.0%
3i Group PLC		43,115		527,937
Admiral Group PLC		8,197		222,198
Anglo American PLC^(b)		48,156		1,077,296
Ashtead Group PLC		23,868		757,290
Associated British Foods PLC		15,586		465,171
AstraZeneca PLC		54,376		4,238,285
Auto Trader Group PLC^(d)		41,090		239,031
Aviva PLC		172,252		1,099,049
Babcock International Group PLC		15,027		141,523
BAE Systems PLC		140,249		1,150,037
Barclays PLC		759,577		1,684,760
Barratt Developments PLC		42,917		316,940
Berkeley Group Holdings PLC		6,196		296,830
BP PLC		853,751		6,543,778
British American Tobacco PLC		98,343		4,584,799
British Land Co. PLC		46,491		373,935
BT Group PLC		359,091		1,054,056
Bunzl PLC		15,074		473,899
Burberry Group PLC		16,728		439,265
Carnival PLC		8,108		503,063


Security	Shares		Value
United Kingdom (continued)
Centrica PLC		236,230	$	476,941
Coca-Cola European Partners PLC		6,565		298,510
Compass Group PLC		66,402		1,476,337
ConvaTec Group PLC^(d)		35,621		107,777
Croda International PLC		5,674		384,605
Diageo PLC		105,748		3,746,448
Direct Line Insurance Group PLC		28,235		119,174
easyJet PLC		8,921		152,657
Experian PLC		41,673		1,069,331
Fiat Chrysler Automobiles NV^(c)		49,117		859,008
G4S PLC		67,608		213,242
GlaxoSmithKline PLC		214,128		4,294,275
Hammerson PLC		42,497		252,864
Hargreaves Lansdown PLC		12,676		369,006
HSBC Holdings PLC		864,068		7,539,323
Imperial Brands PLC		40,986		1,426,229
Informa PLC		55,152		547,798
InterContinental Hotels Group PLC		8,722		542,920
International Consolidated Airlines Group SA		20,851		178,872
Intertek Group PLC		6,932		450,943
Investec PLC		31,614		221,776
ITV PLC		151,643		311,227
J. Sainsbury PLC		72,193		302,452
John Wood Group PLC		24,504		245,843
Johnson Matthey PLC		5,498		255,125
Kingfisher PLC		97,026		328,067
Land Securities Group PLC		31,499		362,680
Legal & General Group PLC		273,709		934,386
Lloyds Banking Group PLC		3,076,640		2,366,204
London Stock Exchange Group PLC		13,868		828,706
Marks & Spencer Group PLC		87,368		328,717
Meggitt PLC		42,920		316,874
Melrose Industries PLC		214,759		559,014
Merlin Entertainments PLC^(d)		40,221		209,759
Micro Focus International PLC		19,004		353,415
Mondi PLC		12,885		352,788
National Grid PLC		136,997		1,415,010
Next PLC		6,073		434,621
Pearson PLC		33,637		389,394
Persimmon PLC		14,724		453,312
Prudential PLC		108,900		2,496,865
Randgold Resources Ltd.		2,830		200,162
Reckitt Benckiser Group PLC		28,970		2,646,409
RELX PLC		46,017		968,043
RELX PLC^(c)		40,136		843,226
Rio Tinto Ltd.		17,002		966,945
Rio Tinto PLC		51,884		2,617,110
Rolls-Royce Holdings PLC^(c)		69,448		893,476
Royal Bank of Scotland Group PLC		152,197		493,133
Royal Mail PLC^(b)		43,082		267,814
RSA Insurance Group PLC		43,531		326,142
Sage Group PLC		45,514		347,615
Schroders PLC		4,883		196,679


			19

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
United Kingdom (continued)
Segro PLC		43,355	$	360,770
Severn Trent PLC		9,115		219,716
Shire PLC		38,958		2,353,683
Sky PLC		45,101		1,016,387
Smith & Nephew PLC		36,626		668,228
Smiths Group PLC		14,972		291,508
SSE PLC		38,217		570,727
St. James’s Place PLC		15,074		224,687
Standard Chartered PLC		119,546		990,464
Standard Life Aberdeen PLC		113,774		453,347
Taylor Wimpey PLC		136,947		306,104
Tesco PLC		399,427		1,248,814
Travis Perkins PLC		13,060		181,234
Unilever PLC		51,731		2,841,796
United Utilities Group PLC		27,989		256,937
Vodafone Group PLC		1,137,074		2,436,320
Weir Group PLC		9,549		219,072
Whitbread PLC		7,780		478,173
WM Morrison Supermarkets PLC		75,511		255,301
WPP PLC		57,151		836,952

				91,138,611
United States — 0.0%
Bausch Health Cos., Inc.^(c)		12,671		325,395

Total Common Stocks — 97.5% (Cost — $720,068,165)				888,713,059


Preferred Stocks — 1.2%

Brazil — 0.5%
Banco Bradesco SA, Preference Shares, 0.00%		151,774		1,077,456
Braskem SA, Preference ‘A’ Shares, Class A, 0.00%		11,000		159,176
Centrais Eletricas Brasileiras SA, Preference ‘B’ Shares, 0.00%^(c)		13,700		63,165
Cia Brasileira de Distribuicao, Preference Shares, 0.00%		7,649		165,744
Cia Energetica de Minas Gerais, Preference Shares, 0.00%		63,951		113,379
Gerdau SA, Preference Shares, 0.00%		22,902		97,482
Itau Unibanco Holding SA, Preference Shares, 0.00%		138,294		1,511,165
Itausa — Investimentos Itau SA, Preference Shares, 0.00%		215,337		538,536
Lojas Americanas SA, Preference Shares, 0.00%		35,184		138,260
Petroleo Brasileiro SA, Preference Shares, 0.00%		176,189		920,089


Security	Shares		Value
Brazil (continued)
Telefonica Brasil SA, Preference Shares, 0.00%		19,455	$	188,839

				4,973,291
Chile — 0.0%
Embotelladora Andina SA, Preference ‘B’ Shares, 0.00%		9,220		35,884
Sociedad Quimica y Minera de Chile SA, Preference ‘B’ Shares, 0.00%		4,912		225,486

				261,370
Colombia — 0.1%
Bancolombia SA, Preference Shares, 0.00%		29,726		314,035
Grupo Aval Acciones y Valores SA, Preference Shares, 0.00%		125,734		49,440
Grupo de Inversiones Suramericana SA, Preference Shares, 0.00%		5,800		66,559

				430,034
Germany — 0.4%
Bayerische Motoren Werke AG, Preference Shares, 0.00%		392		30,745
Fuchs Petrolub SE, Preference Shares, 0.00%		3,377		188,446
Henkel AG & Co. KGaA, Preference Shares, 0.00%		7,725		905,762
Porsche Automobil Holding SE, Preference Shares, 0.00%		4,926		331,606
Sartorius AG, Preference Shares, 0.00%		1,161		188,188
Schaeffler AG, Preference Shares, 0.00%		11,345		144,711
Volkswagen AG, Preference Shares, 0.00%		8,175		1,435,634

				3,225,092
Russia — 0.0%
Surgutneftegas OJSC, Preference Shares, 0.00%		395,000		228,943
Transneft PJSC, Preference Shares, 0.00%		32		80,889

				309,832
South Korea — 0.2%
Amorepacific Corp., Preference Shares, 0.00%		382		47,345
Hyundai Motor Co., Preference Shares, 0.00%		852		60,136
Hyundai Motor Co., Second Preference Shares, 0.00%		1,756		134,126
LG Chem Ltd., Preference Shares, 0.00%		179		32,915


20

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Shares		Value
South Korea (continued)
Samsung Electronics Co. Ltd., Preference Shares, 0.00%		37,138	$	1,266,675

				1,541,197

Total Preferred Securities — 1.2% (Cost — $9,331,514)				10,740,816


Rights — 0.0%

Australia — 0.0%
Harvey Norman Holdings Ltd. (Expires 10/15/18)^(c)		943		545

Total Rights — 0.0% (Cost — $0)				545


Security	Shares		Value
Warrants — 0.0%

Thailand — 0.0%
BTS W4 (Expires 08/01/19)^(c)		95,622	$	—

Total Warrants — 0.0% (Cost — $0)				—

Total Long-Term Investments — 98.7% (Cost — $729,399,679)				899,454,420


Short-Term Securities — 3.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.27%^(f)(g)(h)		30,837,489		30,846,740
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.97%^(f)(h)		2,134,719		2,134,719

Total Short-Term Securities — 3.6% (Cost — $32,974,637)				32,981,459


Total Investments — 102.3% (Cost — $762,374,316)				932,435,879
Liabilities in Excess of Other Assets — (2.3)%				(21,166,196	)

Net Assets — 100.0%			$	911,269,683

^(a)	A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

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

^(c)	Non-income producing security.

^(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)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(f)	Annualized 7-day yield as of period end.

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

^(h)	During the period ended September 30, 2018, investments in issuers considered to be affiliates of the Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 12/31/17		Net Activity			Shares Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		32,928,247		(2,090,758	)		30,837,489	$	30,846,740	$	216,953	^(b)	$	3,741	$	3,619
BlackRock Cash Funds: Treasury, SL Agency Shares		1,291,425		843,294			2,134,719		2,134,719		40,759			—		—

								$	32,981,459	$	257,712		$	3,741	$	3,619

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees, and collateral investment expenses, and other payments to and from borrower of securities.


			21

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

Portfolio Abbreviations

ADR

American Depositary Receipts

ARC

Auction Rate Certificates

CVA

Certificaten Van Aandelen (Dutch Certificate)

GDR

Global Depositary Receipt

MSCI

Morgan Stanley Capital International

MTN

Medium-Term Note

NOK

Norwegian Krone

NVDR

Non-voting Depository Receipts

PCL

Public Company Limited

REIT

Real Estate Investment Trust

S&P

S&P Global Ratings

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts:
S&P/TSX 60 Index		18		12/20/18	$	662	$	3,776
E-Mini MSCI EAFE Index		62		12/21/18		6,124		40,998
MSCI Emerging Markets E-Mini Index		28		12/21/18		1,470		23,765

							$	68,539

Fair Value Hierarchy as of Period End

•

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

•


22

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

Fair Value Hierarchy as of Period End (continued)

The following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Common Stocks:
Australia	$	134,479	$	42,408,165	$	—	$	42,542,644
Austria		—		1,457,662		—		1,457,662
Belgium		—		6,386,290		—		6,386,290
Brazil		8,718,142		—		—		8,718,142
Canada		59,693,706		—		—		59,693,706
Chile		2,176,743		201,434		—		2,378,177
China		17,686,306		44,243,813		150,618		62,080,737
Colombia		608,566		—		—		608,566
Czech Republic		249,689		61,576		—		311,265
Denmark		284,952		10,088,798		—		10,373,750
Finland		—		6,576,865		—		6,576,865
France		1,765,311		65,982,150		—		67,747,461
Germany		296,227		54,555,704		—		54,851,931
Greece		144,037		515,592		1,028		660,657
Hong Kong		910,699		27,665,980		—		28,576,679
Hungary		—		635,801		—		635,801
India		2,191,547		16,632,856		—		18,824,403
Indonesia		—		4,411,743		—		4,411,743
Ireland		1,460,172		2,679,657		—		4,139,829
Isle of Man		—		239,330		—		239,330
Israel		1,549,763		1,856,250		—		3,406,013
Italy		—		12,209,975		—		12,209,975
Japan		142,059		151,754,377		—		151,896,436
Luxembourg		109,570		1,585,364		—		1,694,934
Malaysia		294,021		4,994,393		—		5,288,414
Mexico		7,010,688		120,283		—		7,130,971
Netherlands		1,334,142		32,301,589		—		33,635,731
New Zealand		—		1,306,348		—		1,306,348
Norway		—		4,809,289		—		4,809,289
Pakistan		33,584		75,120		—		108,704
Peru		925,221		—		—		925,221
Philippines		69,118		2,108,937		—		2,178,055


			23

Schedule of Investments (unaudited) (continued)

September 30, 2018

Total International ex U.S. Index Master Portfolio

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2		Level 3		Total
Common Stocks (continued):
Poland	$	69,566	$	2,638,035	$	—	$	2,707,601
Portugal		363,071		518,269		—		881,340
Qatar		351,333		1,629,235		—		1,980,568
Romania		100,760		—		—		100,760
Russia		282,102		7,690,336		—		7,972,438
Singapore		—		7,677,911		—		7,677,911
South Africa		835,430		12,500,392		—		13,335,822
South Korea		2,041,762		29,398,221		—		31,439,983
Spain		—		18,099,328		—		18,099,328
Sweden		1,263,711		15,494,334		—		16,758,045
Switzerland		—		54,546,291		—		54,546,291
Taiwan		—		27,329,295		—		27,329,295
Thailand		202,411		5,168,181		—		5,370,592
Turkey		—		1,335,063		—		1,335,063
United Arab Emirates		758,298		1,149,989		—		1,908,287
United Kingdom		2,635,064		88,503,547		—		91,138,611
United States		325,395		—		—		325,395
Preferred Stocks		5,664,695		5,076,121		—		10,740,816
Rights		545		—		—		545
Short-Term Securities		32,981,459		—		—		32,981,459

	$	155,664,344	$	776,619,889	$	151,646	$	932,435,879

Derivative Financial Instruments^(a)
Assets:
Equity contracts	$	64,763	$	—	$	—	$	64,763
Other contracts		3,776		—		—		3,776

Total	$	68,539	$	—	$	—	$	68,539

^(a)

Derivative financial instruments are futures contracts. Futures are valued at the unrealized appreciation (depreciation) on the instrument.

Transfers between Level 1 and Level 2 were as follows:


	Transfers out of Level 1^(a)			Transfers into Level 2^(a)
Assets:
Investments:
Long-Term Investments:
Common Stocks	$	(50,784,267	)	$	50,784,267
Preferred Stocks		(226,542	)		226,542

	$	(51,010,809	)	$	51,010,809

^(a)

External pricing service used to reflect any significant market movement between the time the Fund valued such foreign securities and the earlier closing of foreign markets.


24

Schedule of Investments (unaudited)

September 30, 2018

Treasury Money Market Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
U.S. Treasury Obligations — 32.1%
U.S. Treasury Obligations
U.S. Treasury Bills^(a):
1.93%, 10/04/18	$	350,000	$	349,944,583
2.00%, 10/11/18		200,000		199,890,722
2.03%, 10/18/18		50,480		50,431,609
2.04%, 11/08/18		4,125		4,116,292
2.07%, 11/15/18		106,970		106,698,269
2.07%, 11/23/18		67,105		66,903,955
2.17%, 12/20/18		101,000		100,523,056
2.16%, 12/27/18		489,735		487,232,910
2.15%, 01/10/19		155,000		154,086,791
2.20%, 01/24/19		99,615		98,930,100
2.23%, 02/07/19		221,245		219,516,708
2.24%, 02/21/19		75,000		74,349,052
2.26%, 02/28/19		37,675		37,328,286
2.35%, 06/20/19		12,400		12,194,694
2.54%, 09/12/19		28,690		28,011,673
U.S. Treasury Notes:
0.88%, 10/15/18		14,995		14,990,338
(3 mo.Treasury money market yield + 0.17%), 1.25% - 2.36%, 10/31/18^(b)		168,995		168,977,963


Security	Par (000)		Value
U.S Treasury Obligations (continued)
1.38%, 11/30/18	$	11,500	$	11,493,040
1.13%, 01/15/19		34,015		33,937,132
(3 mo.Treasury money market yield + 0.14%), 1.13% - 2.33%, 01/31/19^(b)		105,485		105,377,695
1.13% - 1.38%, 02/28/19		80,960		80,643,386
1.50%, 03/31/19		71,600		71,322,963
(3 mo.Treasury money market yield + 0.07%), 2.26%, 04/30/19^(b)		117,720		117,717,638
(3 mo.Treasury money market yield + 0.06%), 2.25%, 07/31/19^(b)		84,270		84,343,155
2.24%, 10/31/19^(c)		111,785		111,800,532
2.19%, 01/31/20^(c)		514,565		514,380,751
2.23%, 04/30/20^(c)		96,830		96,837,804
2.24%, 07/31/20^(c)		70,000		70,000,000

Total U.S. Treasury Obligations — 32.1% (Cost — $3,471,981,097 )				3,471,981,097

Total Repurchase Agreements — 64.8%				7,008,165,000

Total Investments — 96.9% (Cost — $10,480,146,097*)				10,480,146,097
Other Assets Less Liabilities — 3.1%				338,336,790

Net Assets — 100.0%			$	10,818,482,887

*	Cost for U.S. federal income tax purposes.

^(a)	Rates are discount rates or a range of discount rates paid at the time of purchase.

^(b)	Variable rate security. Rate shown is the rate in effect as of period end.

^(c)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

Repurchase Agreements


	Repurchase Agreements												Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest	Position	Original Par	Position Received, At Value
Bank of Montreal		2.11	%		08/23/18		10/05/18	$	29,610	$	29,610	$29,621,852	U.S. Treasury Obligations, 0.00% to 3.13%, due 11/01/18 to 08/15/47	$31,093,100	$30,202,228

Bank of Nova Scotia		2.23	%		09/28/18		10/01/18		59,555		59,555	59,566,067	U.S. Treasury Obligations, 0.63% to 2.00%, due 01/31/20 to 02/15/44	58,806,200	60,757,426

BNP Paribas Securities Corp.		2.24	%		09/28/18		10/01/18		52,000		52,000	52,009,707	U.S. Treasury Obligations, 2.50% to 4.75%, due 02/15/37 to 11/15/47	60,347,500	53,040,012

Citigroup Global Markets, Inc.		2.24	%^(a)		09/28/18		10/01/18		270,000		270,000	270,050,400	U.S. Treasury Obligations, 0.13% to 3.00%, due 03/31/19 to 05/15/47	275,370,643	275,400,063


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

Treasury Money Market Master Portfolio


	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
Credit Agricole Corp.		2.24	%		09/28/18		10/01/18	$	395,000	$	395,000	$	395,073,733	U.S. Treasury Obligations, 2.00% to 2.75%, due 03/31/23 to 08/15/25	$	409,451,667	$	402,900,018

Federal Reserve Bank of New York		2.00	%		09/28/18		10/01/18		2,725,000		2,725,000		2,725,454,167	U.S. Treasury Obligations, 2.00% to 2.25%, due 03/31/21 to 04/30/24		2,798,445,800		2,725,454,188

HSBC Securities (USA), Inc.		2.24	%		09/28/18		10/01/18		169,000		169,000		169,031,547	U.S. Treasury Obligations, 0.00% to 1.25%, due 10/31/18 to 08/15/44		275,115,961		172,380,000
HSBC Securities (USA), Inc.		2.24	%^(b)		09/28/18		10/01/18		200,000		200,000		200,037,333	U.S. Treasury Obligations, 1.63% to 2.75%, due 03/15/20 to 06/30/25		205,908,600		204,000,088

Total HSBC Securities (USA), Inc.										$	369,000						$	376,380,088

Merrill Lynch, Pierce, Fenner & Smith, Inc.		2.25	%		09/28/18		10/01/18		8,000		8,000		8,001,500	U.S. Treasury Obligation, 3.00%, due 05/15/45		8,343,600		8,160,015

Mufg Securities Americas Inc.		2.20	%		09/28/18		10/01/18		800,000		800,000		800,146,667	U.S. Treasury Obligations, 0.00% to 6.13%, due 11/30/18 to 08/15/48		794,883,060		816,000,039

Natixis SA		2.23	%^(b)		09/28/18		10/01/18		100,000		100,000		100,018,583	U.S. Treasury Obligations, 0.00% to 8.50%, due 11/23/18 to 11/15/42		101,913,500		102,000,037

SG Americas Securities LLC		2.22	%		09/28/18		10/01/18		100,000		100,000		100,018,500	U.S. Treasury Obligations, 0.00% to 6.63%, due 02/15/27 to 11/15/47		129,808,662		102,000,029

TD Securities (USA) LLC		2.25	%		09/28/18		10/01/18		400,000		400,000		400,075,000	U.S. Treasury Obligations, 1.00% to 4.25%, due 09/30/19 to 02/15/44		411,962,100		408,000,087

Wells Fargo Securities LLC		2.24	%		09/28/18		10/01/18		1,700,000		1,700,000		1,700,317,333	U.S. Treasury Obligations, 0.00% to 3.13%, due 10/11/18 to 02/15/47		1,732,528,200		1,734,000,070

										$	7,008,165						$	7,094,294,300

^(a)

Traded in a joint account.

^(b)

Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.


2

Schedule of Investments (unaudited) (continued)

September 30, 2018

Treasury Money Market Master Portfolio

Fair Value Hierarchy as of Period End

•

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

•

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Master Portfolio’s policy, transfers between different levels of the fair value 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 investments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments, 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:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Short-Term Securities^(a):	$	—	$	10,480,146,097	$	—	$	10,480,146,097

^(a)

See above Schedule of Investments for values in each security type.

During the period ended September 30, 2018, there were no transfers between Levels.


			3

Schedule of Investments (unaudited)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Asset-Backed Securities — 0.5%
American Express Credit Account Master Trust, Series 2017-1, Class A, 1.93%, 09/15/22	$	6,500	$	6,410,056
Citibank Credit Card Issuance Trust:
Series 2016-A1, Class A1, 1.75%, 11/19/21		3,000		2,961,698
Series 2016-A2, Class A2, 2.19%, 11/20/23		6,000		5,817,049
Series 2017-A3, Class A3, 1.92%, 04/07/22		3,600		3,543,114
Honda Auto Receivables Owner Trust, Class A4:
Series 2015-3, 1.56%, 10/18/21		1,409		1,406,419
Series 2017-4, 2.21%, 03/21/24		6,525		6,388,258
Synchrony Credit Card Master Note Trust, Series 2015-1, Class A, 2.37%, 03/15/23		3,000		2,969,347

Total Asset-Backed Securities — 0.5% (Cost — $29,866,234)				29,495,941


Corporate Bonds — 25.7%
Aerospace & Defense — 0.5%
Boeing Capital Corp., 4.70%, 10/27/19		250		254,747
Boeing Co.:
2.35%, 10/30/21		75		73,481
2.13%, 03/01/22		250		241,593
1.88%, 06/15/23		500		467,696
2.80%, 03/01/27		1,000		940,297
6.13%, 02/15/33		100		122,668
3.30%, 03/01/35		65		58,988
3.38%, 06/15/46		250		222,628
Embraer Netherlands Finance BV:
5.05%, 06/15/25		250		250,940
5.40%, 02/01/27		500		510,000
General Dynamics Corp.:
3.00%, 05/11/21		3,000		2,983,957
3.88%, 07/15/21		50		50,701
2.25%, 11/15/22		500		478,186
3.38%, 05/15/23		500		499,893
Harris Corp.:
3.83%, 04/27/25		500		490,395
4.85%, 04/27/35		1,065		1,092,987
L3 Technologies, Inc.:
4.95%, 02/15/21		250		257,127
4.40%, 06/15/28		250		249,268
Lockheed Martin Corp.:
2.50%, 11/23/20		1,000		986,071
3.35%, 09/15/21		1,000		1,000,016
3.55%, 01/15/26		2,250		2,223,620


Security	Par (000)		Value
Aerospace & Defense (continued)
3.60%, 03/01/35	$	65	$	60,802
4.07%, 12/15/42		100		97,204
3.80%, 03/01/45		500		467,877
4.70%, 05/15/46		750		799,536
4.09%, 09/15/52		500		476,019
Northrop Grumman Corp.:
2.08%, 10/15/20		1,000		978,032
3.25%, 08/01/23		500		491,226
2.93%, 01/15/25		1,000		949,959
4.75%, 06/01/43		375		389,154
4.03%, 10/15/47		1,000		937,785
Raytheon Co.:
4.88%, 10/15/40		250		279,150
4.70%, 12/15/41		100		109,078
Rockwell Collins, Inc.:
2.80%, 03/15/22		1,000		973,195
3.50%, 03/15/27		1,000		950,157
4.35%, 04/15/47		1,000		954,331
United Technologies Corp.:
1.90%, 05/04/20		1,000		979,671
3.35%, 08/16/21		400		399,440
1.95%, 11/01/21		250		239,001
3.10%, 06/01/22		600		591,179
3.65%, 08/16/23		500		497,780
2.65%, 11/01/26		1,000		902,410
3.13%, 05/04/27		1,000		934,121
4.45%, 11/16/38		500		496,622
5.70%, 04/15/40		300		343,409
4.50%, 06/01/42		950		939,184
4.15%, 05/15/45		250		232,471
3.75%, 11/01/46		750		656,378
4.05%, 05/04/47		500		457,011
4.63%, 11/16/48		750		754,177

				30,791,618
Air Freight & Logistics — 0.1%
FedEx Corp.:
4.00%, 01/15/24		250		256,078
3.25%, 04/01/26		545		525,226
3.30%, 03/15/27		500		477,829
3.90%, 02/01/35		190		178,889
3.88%, 08/01/42		50		44,362
4.75%, 11/15/45		160		160,212
4.55%, 04/01/46		750		734,532
4.40%, 01/15/47		500		477,584
4.05%, 02/15/48		1,000		907,429
United Parcel Service, Inc.:
3.13%, 01/15/21		500		500,699
2.05%, 04/01/21		500		486,884
2.45%, 10/01/22		500		483,401
3.05%, 11/15/27		500		478,278
6.20%, 01/15/38		100		125,956


			1

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Air Freight & Logistics (continued)
3.63%, 10/01/42	$	250	$	226,409
3.40%, 11/15/46		220		190,428
3.75%, 11/15/47		500		464,254

				6,718,450
Airlines — 0.0%
American Airlines Pass-Through Trust:
Series 2013-2, Class A, 4.95%, 07/15/24		133		136,564
Series 2016-2, Class AA, 3.20%, 12/15/29		461		438,798
Continental Airlines Pass-Through Trust, Series 2012-1, Class A, 4.15%, 10/11/25		38		37,992
Southwest Airlines Co., 2.75%, 11/06/19		75		74,699
United Airlines Pass-Through Trust:
Series 2013-1, Class A, 4.30%, 02/15/27		160		163,519
Series 2016-1, Class AA, 3.10%, 01/07/30		474		449,670
US Airways Pass Through Trust, Series 2013-1 Class A, 3.95%, 05/15/27		186		184,152

				1,485,394
Auto Components — 0.0%
Aptiv PLC, 4.40%, 10/01/46		500		448,866
BorgWarner, Inc., 3.38%, 03/15/25		70		67,459

				516,325
Automobiles — 0.1%
Ford Motor Co.:
4.35%, 12/08/26		750		705,857
7.45%, 07/16/31		150		166,610
4.75%, 01/15/43		350		291,437
5.29%, 12/08/46		500		445,329
General Motors Co.:
4.88%, 10/02/23		600		614,303
4.20%, 10/01/27		2,000		1,886,582
5.00%, 04/01/35		750		700,960
6.60%, 04/01/36		250		266,530
5.15%, 04/01/38		500		465,040
5.20%, 04/01/45		250		227,113
6.75%, 04/01/46		275		297,661
5.40%, 04/01/48		500		466,730

				6,534,152
Banks — 3.0%
Australia & New Zealand Banking Group Ltd.:
3.30%, 05/17/21		1,000		995,559
2.30%, 06/01/21		1,000		971,505


Security	Par (000)		Value
Banks (continued)
Bancolombia SA, 5.95%, 06/03/21	$	100	$	104,700
Bank of Montreal:
3.10%, 07/13/20		500		500,397
2.35%, 09/11/22		2,000		1,918,176
Series D, 3.10%, 04/13/21		1,000		996,008
Bank of New York Mellon Corp.:
2.45%, 11/27/20		190		187,189
2.50%, 04/15/21		250		245,470
2.05%, 05/03/21		500		485,046
3.55%, 09/23/21		50		50,452
2.60%, 02/07/22		1,000		975,193
3.45%, 08/11/23		500		497,571
2.20%, 08/16/23		1,000		938,963
2.80%, 05/04/26		70		65,662
3.25%, 05/16/27		750		721,045
3.30%, 08/23/29		1,000		936,592
Series G, 2.15%, 02/24/20		250		247,215
Series G, 3.00%, 02/24/25		105		100,577
Bank of Nova Scotia:
2.45%, 03/22/21		500		489,614
3.13%, 04/20/21		750		746,230
2.80%, 07/21/21		750		739,064
2.45%, 09/19/22		2,000		1,925,350
4.50%, 12/16/25		250		250,121
Barclays Bank PLC, 5.14%, 10/14/20		1,000		1,024,704
Barclays PLC:
3.25%, 01/12/21		1,250		1,233,151
3.20%, 08/10/21		750		736,250
3.68%, 01/10/23		1,500		1,460,855
3.65%, 03/16/25		450		422,585
4.38%, 01/12/26		1,000		970,036
4.34%, 01/10/28		750		709,752
4.97%, 05/16/29^(a)		750		738,502
4.95%, 01/10/47		500		464,509
BB&T Corp.:
5.25%, 11/01/19		100		102,333
2.45%, 01/15/20		250		248,113
2.63%, 06/29/20		3,250		3,221,090
2.75%, 04/01/22		1,000		979,418
2.85%, 10/26/24		500		478,442
BNP Paribas SA:
3.25%, 03/03/23		250		245,590
2.38%, 05/21/20		2,000		1,974,562
5.00%, 01/15/21		100		103,453
4.25%, 10/15/24		250		247,402
BPCE SA:
2.65%, 02/03/21		1,000		980,963
4.00%, 04/15/24		250		250,876
Branch Banking & Trust Co., 3.80%, 10/30/26		250		246,903
Citibank NA:
2.85%, 02/12/21		2,000		1,978,177


2

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Banks (continued)
3.40%, 07/23/21	$	750	$	749,878
Citizens Bank NA/Providence RI:
2.55%, 05/13/21		1,000		974,210
2.65%, 05/26/22		250		240,401
Comerica, Inc., 3.70%, 07/31/23		250		248,779
Commonwealth Bank of Australia, New York, 2.30%, 03/12/20		250		246,915
Compass Bank, 3.88%, 04/10/25		250		239,877
Cooperatieve Rabobank UA:
2.50%, 01/19/21		2,000		1,959,486
2.75%, 01/10/22		3,000		2,919,480
3.88%, 02/08/22		150		151,131
3.95%, 11/09/22		1,000		994,315
2.75%, 01/10/23		2,000		1,922,398
4.63%, 12/01/23		500		507,622
3.38%, 05/21/25		500		488,816
4.38%, 08/04/25		1,250		1,237,838
3.75%, 07/21/26		500		472,255
5.25%, 05/24/41		25		28,068
5.25%, 08/04/45		250		262,586
Credit Suisse AG, New York:
5.40%, 01/14/20		150		153,948
3.00%, 10/29/21		250		246,492
3.63%, 09/09/24		1,250		1,231,975
Discover Bank:
7.00%, 04/15/20		500		524,096
3.20%, 08/09/21		1,000		986,831
4.20%, 08/08/23		2,000		2,007,121
Fifth Third Bancorp:
3.50%, 03/15/22		100		99,709
4.30%, 01/16/24		250		253,169
8.25%, 03/01/38		425		579,597
Fifth Third Bank:
3.35%, 07/26/21		1,000		997,157
2.88%, 10/01/21		200		196,608
3.95%, 07/28/25		500		499,398
3.85%, 03/15/26		500		488,046
First Republic Bank, 4.63%, 02/13/47		500		482,672
HSBC Bank USA NA, 4.88%, 08/24/20		500		512,823
HSBC Holdings PLC:
3.40%, 03/08/21		1,500		1,497,078
5.10%, 04/05/21		500		519,609
2.95%, 05/25/21		500		493,240
2.65%, 01/05/22		1,500		1,456,605
4.88%, 01/14/22		150		155,548
(3 mo. LIBOR US + 1.06%), 3.26%, 03/13/23^(b)		1,000		979,804
3.60%, 05/25/23		750		742,540
4.25%, 03/14/24		500		497,346
3.95%, 05/18/24^(a)		380		377,517
4.25%, 08/18/25		500		490,543
4.30%, 03/08/26		1,000		995,657


Security	Par (000)		Value
Banks (continued)
3.90%, 05/25/26	$	1,000	$	969,768
4.38%, 11/23/26		2,000		1,965,702
(3 mo. LIBOR US + 1.55%), 4.04%, 03/13/28^(b)		3,000		2,890,030
4.58%, 06/19/29^(a)		2,000		2,000,031
6.50%, 05/02/36		200		235,585
6.50%, 09/15/37		750		889,439
6.80%, 06/01/38		250		306,878
5.25%, 03/14/44		250		260,649
HSBC USA, Inc.:
2.35%, 03/05/20		1,000		989,040
2.75%, 08/07/20		250		247,928
Huntington Bancshares, Inc., 3.15%, 03/14/21		1,250		1,239,172
ING Groep NV:
4.10%, 10/02/23		1,000		1,000,745
3.95%, 03/29/27		250		239,958
4.55%, 10/02/28		1,000		995,263
Intesa Sanpaolo SpA, 5.25%, 01/12/24		250		247,285
JPMorgan Chase Bank NA, 3.09%, 04/26/21^(a)		500		498,540
KeyBank NA:
2.25%, 03/16/20		500		493,564
2.50%, 11/22/21		1,000		971,495
2.30%, 09/14/22		350		334,658
3.38%, 03/07/23		250		248,367
KeyCorp:
2.90%, 09/15/20		500		496,592
5.10%, 03/24/21		100		104,029
KFW:
1.75%, 03/31/20		2,000		1,967,221
1.50%, 04/20/20		1,250		1,223,789
1.63%, 05/29/20		1,605		1,572,359
1.88%, 06/30/20		750		736,943
2.75%, 10/01/20		500		498,190
1.88%, 11/30/20		1,000		977,727
1.88%, 12/15/20		4,000		3,907,353
1.63%, 03/15/21		1,250		1,210,395
2.63%, 04/12/21		2,000		1,982,581
1.50%, 06/15/21		1,500		1,441,770
1.75%, 09/15/21		500		482,106
2.00%, 11/30/21		2,000		1,937,715
2.13%, 03/07/22		2,000		1,940,595
2.13%, 06/15/22		2,250		2,176,499
2.38%, 12/29/22		3,000		2,915,804
2.13%, 01/17/23		200		192,294
2.50%, 11/20/24		2,000		1,928,658
2.00%, 05/02/25		2,000		1,864,326
Lloyds Bank PLC, 2.70%, 08/17/20		250		247,681
M&T Bank Corp., 3.55%, 07/26/23		2,000		1,987,930
Manufacturers & Traders Trust Co., 2.10%, 02/06/20		250		246,977


			3

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Banks (continued)
National Australia Bank Ltd.:
2.50%, 05/22/22	$	1,000	$	960,119
2.88%, 04/12/23		2,000		1,928,144
2.50%, 07/12/26		250		225,794
Northern Trust Corp., 3.65%, 08/03/28		250		247,613
Oesterreichische Kontrollbank AG:
1.75%, 01/24/20		500		492,763
2.88%, 03/13/23		2,000		1,978,795
PNC Bank NA^(k):
2.30%, 06/01/20		500		493,166
2.45%, 11/05/20		1,250		1,229,273
2.15%, 04/29/21		500		485,866
2.45%, 07/28/22		750		721,881
2.95%, 01/30/23		250		241,992
2.95%, 02/23/25		250		238,663
4.05%, 07/26/28		500		500,393
PNC Financial Services Group, Inc., 3.30%, 03/08/22^(k)		75		74,692
Regions Financial Corp.:
3.20%, 02/08/21		1,000		995,340
2.75%, 08/14/22		500		482,160
Royal Bank of Canada:
2.13%, 03/02/20		4,000		3,958,087
2.15%, 03/06/20		250		246,998
2.50%, 01/19/21		250		245,920
4.65%, 01/27/26		700		715,940
Santander Holdings USA, Inc.:
2.65%, 04/17/20		150		148,071
3.70%, 03/28/22		2,000		1,975,407
Santander UK Group Holdings PLC:
2.88%, 10/16/20		1,065		1,050,578
3.13%, 01/08/21		75		73,976
2.88%, 08/05/21		1,000		973,185
3.37%, 01/05/24^(a)		3,000		2,883,780
Santander UK PLC, 2.38%, 03/16/20		250		246,873
Sumitomo Mitsui Banking Corp.:
2.45%, 01/16/20		250		247,723
2.45%, 10/20/20		750		736,348
SunTrust Bank:
2.90%, 03/03/21		500		494,274
2.45%, 08/01/22		1,000		960,427
3.69%, 08/02/24^(a)		365		362,016
Svenska Handelsbanken AB:
2.45%, 03/30/21		500		488,887
3.35%, 05/24/21		2,000		1,996,799
Synchrony Bank, 3.00%, 06/15/22		500		479,296
Toronto-Dominion Bank:
2.25%, 11/05/19		300		297,958
1.85%, 09/11/20		300		293,191
2.13%, 04/07/21		500		486,279
3.25%, 06/11/21		500		499,838
1.80%, 07/13/21		2,000		1,922,868


Security	Par (000)		Value
Banks (continued)
3.50%, 07/19/23	$	500	$	499,073
(5 year USD Swap + 2.21%), 3.63%, 09/15/31^(b)		500		469,915
US Bancorp.:
4.13%, 05/24/21		50		51,087
3.90%, 04/26/28		2,000		2,014,420
Series V, 2.63%, 01/24/22		2,000		1,955,210
Series V, 2.38%, 07/22/26		500		452,901
US Bank NA:
2.13%, 10/28/19		250		248,053
2.05%, 10/23/20		1,000		979,392
2.80%, 01/27/25		500		475,857
Wachovia Bank NA/Wells Fargo & Co., 6.60%, 01/15/38		500		628,064
Wells Fargo & Co.:
2.60%, 07/22/20		500		495,040
2.55%, 12/07/20		750		738,194
3.00%, 01/22/21		250		247,909
2.50%, 03/04/21		740		724,750
4.60%, 04/01/21		1,000		1,028,365
2.10%, 07/26/21		1,000		962,964
2.63%, 07/22/22		3,750		3,621,943
3.07%, 01/24/23		2,500		2,440,054
4.13%, 08/15/23		250		253,053
4.48%, 01/16/24		250		255,856
3.30%, 09/09/24		750		727,037
3.00%, 02/19/25		350		331,307
3.55%, 09/29/25		1,000		974,646
3.00%, 04/22/26		750		697,965
4.10%, 06/03/26		520		514,011
3.00%, 10/23/26		1,750		1,623,911
4.30%, 07/22/27		1,500		1,494,320
(3 mo. LIBOR US + 1.31%), 3.58%, 05/22/28^(b)		1,500		1,439,218
5.38%, 11/02/43		900		966,900
5.61%, 01/15/44		656		724,637
4.65%, 11/04/44		345		335,809
3.90%, 05/01/45		150		139,795
4.90%, 11/17/45		500		506,570
4.40%, 06/14/46		600		565,190
4.75%, 12/07/46		1,100		1,095,783
Series M, 3.45%, 02/13/23		450		442,030
Series N, 2.15%, 01/30/20		460		454,555
Wells Fargo Bank NA:
2.15%, 12/06/19		750		742,785
2.60%, 01/15/21		2,000		1,966,312
3.33%, 07/23/21^(a)		500		499,416
Westpac Banking Corp.:
4.88%, 11/19/19		50		51,061
2.60%, 11/23/20		500		492,776
2.10%, 05/13/21		500		483,806


4

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Banks (continued)
2.75%, 01/11/23	$	3,000	$	2,894,358
2.85%, 05/13/26		500		462,651
3.40%, 01/25/28		1,000		953,638
(5 year USD ICE Swap + 2.24%), 4.32%, 11/23/31^(b)		750		722,700
Zions Bancorp. NA, 3.50%, 08/27/21		250		248,555

				188,253,395
Beverages — 0.7%
Anheuser-Busch InBev Finance, Inc.:
2.65%, 02/01/21		1,910		1,882,267
2.63%, 01/17/23		500		480,242
3.30%, 02/01/23		2,250		2,224,494
3.70%, 02/01/24		750		747,735
3.65%, 02/01/26		4,500		4,372,631
4.70%, 02/01/36		1,500		1,502,013
4.63%, 02/01/44		650		625,212
4.90%, 02/01/46		2,620		2,649,661
Anheuser-Busch InBev Worldwide, Inc.:
3.75%, 01/15/22		3,000		3,023,734
2.50%, 07/15/22		1,200		1,158,646
3.50%, 01/12/24		500		494,795
4.00%, 04/13/28		1,000		985,673
4.38%, 04/15/38		1,000		962,306
8.20%, 01/15/39		150		210,566
4.95%, 01/15/42		500		509,670
3.75%, 07/15/42		300		259,869
4.60%, 04/15/48		1,000		968,684
4.44%, 10/06/48		632		593,155
4.75%, 04/15/58		500		485,322
Coca-Cola Co.:
1.88%, 10/27/20		500		488,976
2.45%, 11/01/20		350		346,196
2.20%, 05/25/22		250		241,129
2.88%, 10/27/25		125		119,665
2.55%, 06/01/26		750		691,882
2.90%, 05/25/27		250		235,487
Coca-Cola Femsa SAB de CV, 3.88%, 11/26/23		500		500,095
Constellation Brands, Inc.:
3.70%, 12/06/26		750		713,283
3.50%, 05/09/27		1,000		934,104
Diageo Capital PLC:
4.83%, 07/15/20		500		514,760
2.63%, 04/29/23		250		242,364
3.88%, 05/18/28		1,000		1,006,025
3.88%, 04/29/43		125		119,270
Diageo Investment Corp.:
2.88%, 05/11/22		100		98,219
4.25%, 05/11/42		250		252,738
Keurig Dr. Pepper, Inc.:
4.60%, 05/25/28^(c)		750		753,656


Security	Par (000)		Value
Beverages (continued)
3.55%, 05/25/21^(c)	$	750	$	748,640
2.70%, 11/15/22		100		95,149
4.06%, 05/25/23^(c)		500		500,873
4.42%, 05/25/25^(c)		250		251,054
4.99%, 05/25/38^(c)		250		252,945
4.42%, 12/15/46		500		456,217
5.09%, 05/25/48^(c)		250		254,064
Molson Coors Brewing Co.:
2.10%, 07/15/21		750		721,176
3.50%, 05/01/22		75		74,361
3.00%, 07/15/26		1,345		1,220,253
5.00%, 05/01/42		750		743,642
Pepsi-Cola Metropolitan Bottling Co., Inc., Series B, 7.00%, 03/01/29		200		254,986
PepsiCo, Inc.:
1.35%, 10/04/19		250		246,562
3.00%, 08/25/21		750		748,369
2.75%, 03/05/22		250		246,416
3.10%, 07/17/22		500		497,612
2.75%, 03/01/23		300		293,320
3.60%, 03/01/24		250		252,355
2.75%, 04/30/25		1,000		956,128
3.50%, 07/17/25		250		250,076
2.85%, 02/24/26		500		475,772
2.38%, 10/06/26		1,000		916,504
3.00%, 10/15/27		2,000		1,909,116
4.88%, 11/01/40		100		109,969
3.60%, 08/13/42		100		92,486
4.60%, 07/17/45		500		532,348
4.45%, 04/14/46		500		527,041
3.45%, 10/06/46		250		225,429

				45,247,387
Biotechnology — 0.5%
Amgen, Inc.:
3.45%, 10/01/20		100		100,492
4.10%, 06/15/21		250		254,298
1.85%, 08/19/21		250		239,888
3.88%, 11/15/21		1,000		1,014,373
2.70%, 05/01/22		500		486,307
2.25%, 08/19/23		250		234,758
3.63%, 05/22/24		250		249,746
3.13%, 05/01/25		750		717,813
2.60%, 08/19/26		715		647,262
3.20%, 11/02/27		2,000		1,876,441
5.65%, 06/15/42		750		836,293
4.40%, 05/01/45		425		411,414
4.56%, 06/15/48		500		490,343
4.66%, 06/15/51		904		894,343
Baxalta, Inc.:
2.88%, 06/23/20		149		147,765
4.00%, 06/23/25		1,398		1,384,397


			5

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Biotechnology (continued)
5.25%, 06/23/45	$	105	$	112,776
Biogen, Inc.:
2.90%, 09/15/20		2,500		2,487,051
4.05%, 09/15/25		595		596,597
5.20%, 09/15/45		750		795,743
Celgene Corp.:
2.88%, 08/15/20		500		496,717
3.25%, 08/15/22		150		147,947
3.55%, 08/15/22		750		747,752
4.00%, 08/15/23		750		756,913
3.88%, 08/15/25		500		492,567
3.45%, 11/15/27		1,000		933,537
5.25%, 08/15/43		145		146,803
5.00%, 08/15/45		750		745,322
4.35%, 11/15/47		500		447,595
4.55%, 02/20/48		1,000		930,440
Gilead Sciences, Inc.:
2.55%, 09/01/20		500		494,974
1.95%, 03/01/22		1,000		956,610
2.50%, 09/01/23		500		477,192
3.70%, 04/01/24		750		752,321
3.50%, 02/01/25		170		167,018
3.65%, 03/01/26		1,325		1,301,151
2.95%, 03/01/27		500		464,216
4.60%, 09/01/35		1,350		1,391,950
5.65%, 12/01/41		50		57,470
4.50%, 02/01/45		150		149,023
4.75%, 03/01/46		1,000		1,030,755
4.15%, 03/01/47		750		710,552

				27,776,925
Building Materials — 0.0%
Martin Marietta Materials, Inc., 4.25%, 12/15/47		1,000		854,014

Building Products — 0.1%
Johnson Controls International PLC:
3.63%, 07/02/24^(d)		80		78,947
5.13%, 09/14/45		250		259,455
4.50%, 02/15/47		250		239,793
4.95%, 07/02/64^(d)		250		237,958
Masco Corp., 4.38%, 04/01/26		1,000		995,468
Owens Corning:
4.20%, 12/15/22		1,150		1,152,572
4.20%, 12/01/24		250		247,604
4.40%, 01/30/48		1,000		828,138

				4,039,935
Capital Markets — 1.0%
Ameriprise Financial, Inc.:
4.00%, 10/15/23		150		152,235


Security	Par (000)		Value
Capital Markets (continued)
2.88%, 09/15/26	$	500	$	463,909
Ares Capital Corp., 3.88%, 01/15/20		300		301,188
Brookfield Asset Management, Inc., 4.00%, 01/15/25		250		245,756
Charles Schwab Corp.:
4.45%, 07/22/20		100		102,488
3.00%, 03/10/25		80		76,586
3.85%, 05/21/25		1,000		1,007,072
3.20%, 01/25/28		1,000		950,066
CME Group, Inc.:
3.00%, 03/15/25		250		240,916
3.75%, 06/15/28		1,000		999,949
5.30%, 09/15/43		100		115,196
Franklin Resources, Inc., 2.80%, 09/15/22		150		145,832
Goldman Sachs Group, Inc.:
2.55%, 10/23/19		755		751,591
5.38%, 03/15/20		500		515,395
2.60%, 04/23/20		600		593,943
2.75%, 09/15/20		1,000		989,764
2.60%, 12/27/20		500		491,972
2.88%, 02/25/21		1,000		986,654
2.63%, 04/25/21		500		489,716
5.25%, 07/27/21		500		523,499
2.35%, 11/15/21		1,500		1,447,219
5.75%, 01/24/22		2,350		2,500,193
3.00%, 04/26/22		3,000		2,939,202
2.88%, 10/31/22^(a)		1,000		975,188
3.63%, 01/22/23		150		149,441
4.00%, 03/03/24		425		426,402
3.85%, 07/08/24		500		497,099
3.50%, 01/23/25		750		726,486
3.75%, 05/22/25		250		245,025
3.27%, 09/29/25^(a)		1,000		955,501
4.25%, 10/21/25		1,050		1,040,431
3.75%, 02/25/26		380		369,232
5.95%, 01/15/27		250		273,384
3.85%, 01/26/27		2,000		1,940,380
(3 mo. LIBOR US + 1.51%), 3.69%, 06/05/28^(b)		500		475,881
4.22%, 05/01/29^(a)		2,000		1,970,714
6.75%, 10/01/37		1,150		1,383,399
4.02%, 10/31/38^(a)		2,000		1,853,847
4.41%, 04/23/39^(a)		400		387,723
4.80%, 07/08/44		1,250		1,275,702
5.15%, 05/22/45		500		510,289
4.75%, 10/21/45		1,250		1,271,484
Invesco Finance PLC, 4.00%, 01/30/24		250		250,796
Jefferies Group LLC:
5.13%, 01/20/23		650		672,086
4.85%, 01/15/27		1,000		983,200


6

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Capital Markets (continued)
Landwirtschaftliche Rentenbank, Series 36, 2.00%, 12/06/21	$	2,000	$	1,937,424
Lazard Group LLC, 4.25%, 11/14/20		58		58,885
Legg Mason, Inc., 5.63%, 01/15/44		125		126,443
Morgan Stanley:
2.65%, 01/27/20		1,250		1,241,990
2.80%, 06/16/20		1,000		992,145
5.75%, 01/25/21		750		788,337
2.50%, 04/21/21		500		488,528
5.50%, 07/28/21		1,600		1,684,248
2.63%, 11/17/21		750		729,233
2.75%, 05/19/22		2,000		1,939,463
4.88%, 11/01/22		500		518,044
3.13%, 01/23/23		500		487,567
3.75%, 02/25/23		500		499,906
4.10%, 05/22/23		250		251,548
3.70%, 10/23/24		500		492,303
4.00%, 07/23/25		505		503,316
5.00%, 11/24/25		250		258,922
3.88%, 01/27/26		500		491,482
3.13%, 07/27/26		500		465,830
4.35%, 09/08/26		500		496,143
3.63%, 01/20/27		2,000		1,920,546
3.95%, 04/23/27		250		239,953
(3 mo. LIBOR US + 1.34%), 3.59%, 07/22/28^(b)		3,250		3,083,568
3.77%, 01/24/29^(a)		3,000		2,879,684
7.25%, 04/01/32		50		63,780
(3 mo. LIBOR US + 1.46%), 3.97%, 07/22/38^(b)		1,000		933,666
6.38%, 07/24/42		50		62,339
4.30%, 01/27/45		500		481,717
4.38%, 01/22/47		1,000		971,791
Series F, 3.88%, 04/29/24		250		248,864
Nasdaq, Inc., 4.25%, 06/01/24		250		252,193
Raymond James Financial, Inc., 4.95%, 07/15/46		500		507,550
State Street Corp.:
3.10%, 05/15/23		250		244,475
3.30%, 12/16/24		405		398,322
2.65%, 05/19/26		1,000		926,299
TD Ameritrade Holding Corp.:
2.95%, 04/01/22		250		245,179
3.63%, 04/01/25		1,000		983,549

				64,559,263
Chemicals — 0.4%
Albemarle Corp., 4.15%, 12/01/24		250		252,556
Dow Chemical Co.:
4.25%, 11/15/20		186		189,402
4.13%, 11/15/21		50		51,189
3.00%, 11/15/22		250		243,685
3.50%, 10/01/24		1,000		978,711


Security	Par (000)		Value
Chemicals (continued)
4.25%, 10/01/34	$	600	$	575,080
9.40%, 05/15/39		250		380,790
5.25%, 11/15/41		100		106,011
4.38%, 11/15/42		250		237,146
E.I. du Pont de Nemours & Co.:
2.20%, 05/01/20		3,250		3,207,335
4.25%, 04/01/21		500		511,216
2.80%, 02/15/23		1,000		972,477
4.90%, 01/15/41		500		514,827
Eastman Chemical Co.:
2.70%, 01/15/20		500		497,365
3.60%, 08/15/22		200		200,072
3.80%, 03/15/25		1,050		1,036,333
4.80%, 09/01/42		250		247,070
International Flavors & Fragrances, Inc.:
4.45%, 09/26/28		500		504,443
5.00%, 09/26/48		500		501,440
LYB International Finance BV:
4.00%, 07/15/23		450		450,401
5.25%, 07/15/43		75		76,549
4.88%, 03/15/44		350		341,816
LYB International Finance II BV, 3.50%, 03/02/27		1,000		935,809
LyondellBasell Industries NV, 4.63%, 02/26/55		600		539,230
Methanex Corp.:
3.25%, 12/15/19		250		249,026
4.25%, 12/01/24		250		244,405
Mosaic Co.:
3.75%, 11/15/21		50		49,968
4.25%, 11/15/23		1,000		1,010,293
4.05%, 11/15/27		1,000		967,417
5.45%, 11/15/33		250		255,043
Nutrien, Ltd.:
3.15%, 10/01/22		1,050		1,021,022
3.50%, 06/01/23		250		243,547
3.63%, 03/15/24		250		243,620
3.38%, 03/15/25		1,395		1,322,681
3.00%, 04/01/25		250		230,270
4.00%, 12/15/26		250		241,699
4.90%, 06/01/43		500		492,199
PPG Industries, Inc., 2.30%, 11/15/19		350		347,461
Praxair, Inc.:
2.70%, 02/21/23		1,000		971,795
2.65%, 02/05/25		165		156,144
3.20%, 01/30/26		250		243,822
Rohm & Haas Co., 7.85%, 07/15/29		250		322,008
RPM International, Inc., 5.25%, 06/01/45		250		251,920
SASOL Financing USA LLC:
5.88%, 03/27/24		500		509,461
6.50%, 09/27/28		750		759,765


			7

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Chemicals (continued)
Sherwin-Williams Co.:
3.95%, 01/15/26	$	500	$	494,996
3.45%, 06/01/27		1,000		951,634
4.50%, 06/01/47		500		480,894
Westlake Chemical Corp.:
3.60%, 08/15/26		500		470,224
5.00%, 08/15/46		750		737,787

				26,820,054
Commercial Services & Supplies — 0.1%
Boston University, Series CC, 4.06%, 10/01/48		35		34,702
Ecolab, Inc.:
2.25%, 01/12/20		135		133,559
4.35%, 12/08/21		122		125,642
3.25%, 01/14/23		250		246,665
3.70%, 11/01/46		250		226,558
George Washington University:
4.87%, 09/15/45		100		111,392
Series 2014, 4.30%, 09/15/44		250		255,700
Series 2018, 4.13%, 09/15/48		164		163,876
Massachusetts Institute of Technology, 4.68%, 07/01/14		300		322,193
Northwestern University:
3.87%, 12/01/48		100		98,373
Series 2017, 3.66%, 12/01/57		58		55,339
President and Fellows of Harvard College:
3.15%, 07/15/46		75		66,434
3.30%, 07/15/56		200		176,372
Republic Services, Inc.:
5.25%, 11/15/21		50		52,612
3.55%, 06/01/22		250		249,935
4.75%, 05/15/23		250		260,497
3.20%, 03/15/25		250		240,534
2.90%, 07/01/26		85		79,072
3.95%, 05/15/28		750		745,404
The The Board of Trustees of The Leland Stanford Junior University, 3.65%, 05/01/48		250		238,897
University of Notre Dame du Lac, Series 2017, 3.39%, 02/15/48		110		101,291
University of Southern California, 3.03%, 10/01/39		200		177,748
Waste Management, Inc.:
4.60%, 03/01/21		100		102,595
2.90%, 09/15/22		200		195,683
2.40%, 05/15/23		500		476,796
3.90%, 03/01/35		315		307,742


Security	Par (000)		Value
Commercial Services & Supplies (continued)
William Marsh Rice University, 3.77%, 05/15/55	$	300	$	278,264

				5,523,875
Communications Equipment — 0.1%
Cisco Systems, Inc.:
2.45%, 06/15/20		500		496,037
2.20%, 02/28/21		1,000		979,167
2.90%, 03/04/21		125		124,555
2.60%, 02/28/23		500		486,679
2.95%, 02/28/26		500		480,622
5.90%, 02/15/39		500		622,280
5.50%, 01/15/40		850		1,013,590
Juniper Networks, Inc.:
4.35%, 06/15/25		250		249,290
5.95%, 03/15/41		500		496,784
Motorola Solutions, Inc.:
3.50%, 09/01/21		500		496,227
3.75%, 05/15/22		150		148,726
3.50%, 03/01/23		250		243,501
4.60%, 02/23/28		500		488,858

				6,326,316
Construction & Engineering — 0.0%
ABB Finance USA, Inc.:
2.88%, 05/08/22		100		98,144
3.80%, 04/03/28		1,000		1,003,340
Fluor Corp., 3.50%, 12/15/24		250		243,571

				1,345,055
Construction Materials — 0.0%
Vulcan Materials Co., 3.90%, 04/01/27		1,000		953,964
WW Grainger, Inc., 4.60%, 06/15/45		250		260,146

				1,214,110
Consumer Discretionary — 0.0%
Royal Caribbean Cruises Ltd., 3.70%, 03/15/28		225		208,667

Consumer Finance — 0.4%
American Express Co.:
3.38%, 05/17/21		3,000		3,001,756
2.65%, 12/02/22		1,000		962,958
3.00%, 10/30/24		1,000		955,203
3.63%, 12/05/24		300		294,172
4.05%, 12/03/42		67		64,395
Automatic Data Processing, Inc., 2.25%, 09/15/20		500		493,624
Block Financial LLC, 4.13%, 10/01/20		500		504,693
Capital One Bank USA NA, 3.38%, 02/15/23		350		340,541
Capital One Financial Corp.:
2.50%, 05/12/20		1,000		987,987


8

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Consumer Finance (continued)
4.75%, 07/15/21	$	1,000	$	1,032,470
3.50%, 06/15/23		110		107,992
3.75%, 04/24/24		250		245,592
3.20%, 02/05/25		250		235,243
4.20%, 10/29/25		340		332,246
3.75%, 07/28/26		230		214,629
3.75%, 03/09/27		500		471,966
3.80%, 01/31/28		2,000		1,886,986
Capital One NA, 2.25%, 09/13/21		1,000		962,349
Caterpillar Financial Services Corp.:
1.85%, 09/04/20		500		487,877
1.70%, 08/09/21		1,000		959,436
3.45%, 05/15/23		400		400,028
3.30%, 06/09/24		250		246,229
Discover Financial Services:
3.95%, 11/06/24		350		342,196
3.75%, 03/04/25		75		71,493
Equifax, Inc., 3.25%, 06/01/26		250		229,637
MasterCard, Inc.,:
3.38%, 04/01/24		250		249,957
3.50%, 02/26/28		1,000		987,344
Synchrony Financial:
3.75%, 08/15/21		1,500		1,489,843
4.50%, 07/23/25		190		183,307
3.95%, 12/01/27		1,000		905,898
Total System Services, Inc., 4.80%, 04/01/26		500		514,492
Visa, Inc.:
2.20%, 12/14/20		500		491,348
2.15%, 09/15/22		1,000		958,886
2.80%, 12/14/22		750		735,115
3.15%, 12/14/25		1,945		1,885,914
2.75%, 09/15/27		150		139,668
4.15%, 12/14/35		500		516,233
4.30%, 12/14/45		750		775,494
3.65%, 09/15/47		195		181,628

				25,846,825
Containers & Packaging — 0.0%
Packaging Corp. of America, 4.50%, 11/01/23		250		256,954
WestRock Co., 4.00%, 03/15/28^(c)		1,000		983,290

				1,240,244
Diversified Financial Services — 3.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust:
3.95%, 02/01/22		1,250		1,246,534
3.30%, 01/23/23		500		481,732
3.65%, 07/21/27		1,000		917,057
Air Lease Corp.:
3.88%, 04/01/21		175		175,974
4.25%, 09/15/24		250		248,750


Security	Par (000)		Value
Diversified Financial Services (continued)
3.25%, 03/01/25	$	2,000	$	1,869,494
Aircastle, Ltd.:
5.00%, 04/01/23		100		102,704
4.13%, 05/01/24		1,000		983,583
American Express Credit Corp.:
2.25%, 05/05/21		1,000		974,749
2.70%, 03/03/22		1,000		974,330
3.30%, 05/03/27		500		480,464
Series F, 2.60%, 09/14/20		145		143,686
American Honda Finance Corp.:
1.65%, 07/12/21		750		719,306
2.30%, 09/09/26		1,000		901,969
Sereis A, 2.15%, 03/13/20		250		246,613
Banco Santander SA:
3.50%, 04/11/22		1,600		1,565,997
3.13%, 02/23/23		1,000		949,063
5.18%, 11/19/25		200		200,740
4.38%, 04/12/28		1,000		948,471
Bank of America Corp.:
2.63%, 10/19/20		750		740,940
2.63%, 04/19/21		1,500		1,475,920
(3 mo. LIBOR US + 0.66%), 2.37%, 07/21/21^(b)		500		491,225
2.50%, 10/21/22		1,000		957,561
3.30%, 01/11/23		1,000		986,116
(3 mo. LIBOR US + 1.02%), 2.88%, 04/24/23^(b)		1,000		972,370
(3 mo. LIBOR US + 0.93%), 2.82%, 07/21/23^(b)		500		483,289
3.00%, 12/20/23^(a)		1,144		1,110,178
3.55%, 03/05/24^(a)		1,000		988,519
4.00%, 04/01/24		500		504,999
3.86%, 07/23/24^(a)		1,500		1,499,992
4.20%, 08/26/24		750		753,506
4.00%, 01/22/25		750		740,147
3.88%, 08/01/25		2,250		2,236,501
3.09%, 10/01/25^(a)		1,000		952,619
3.37%, 01/23/26^(a)		2,000		1,923,388
4.45%, 03/03/26		1,340		1,341,616
3.50%, 04/19/26		645		623,594
4.25%, 10/22/26		290		286,676
3.25%, 10/21/27		1,375		1,275,365
(3 mo. LIBOR US + 1.58%), 3.82%, 01/20/28^(b)		750		729,841
(3 mo. LIBOR US + 1.51%), 3.71%, 04/24/28^(b)		1,000		962,583
(3 mo. LIBOR US + 1.37%), 3.59%, 07/21/28^(b)		500		476,702
3.42%, 12/20/28^(a)		3,044		2,857,068
3.97%, 03/05/29^(a)		1,000		975,709
4.27%, 07/23/29^(a)		1,450		1,448,252
6.11%, 01/29/37		350		402,517


			9

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Diversified Financial Services (continued)
(3 mo. LIBOR US + 1.81%), 4.24%, 04/24/38^(b)	$	500	$	488,121
7.75%, 05/14/38		200		269,954
5.88%, 02/07/42		100		118,301
5.00%, 01/21/44		250		266,320
(3 mo. LIBOR US + 1.99%), 4.44%, 01/20/48^(b)		1,150		1,143,334
Series L, 2.25%, 04/21/20		750		740,415
Series L, 3.95%, 04/21/25		655		641,311
Series L, 4.18%, 11/25/27		1,000		976,032
Brookfield Finance, Inc., 4.70%, 09/20/47		500		479,471
Citigroup, Inc.:
2.45%, 01/10/20		2,000		1,982,541
2.40%, 02/18/20		695		688,410
2.70%, 03/30/21		750		737,341
2.90%, 12/08/21		750		734,447
2.75%, 04/25/22		1,500		1,454,962
4.05%, 07/30/22		250		252,114
2.70%, 10/27/22		500		480,794
3.14%, 01/24/23^(a)		500		490,379
3.50%, 05/15/23		500		491,832
(3 mo. LIBOR US + 0.95%), 2.88%, 07/24/23^(b)		500		483,375
3.88%, 03/26/25		500		486,201
3.30%, 04/27/25		155		148,878
4.40%, 06/10/25		500		500,083
3.70%, 01/12/26		1,000		970,264
4.60%, 03/09/26		250		251,654
3.40%, 05/01/26		500		475,213
3.20%, 10/21/26		500		466,703
4.30%, 11/20/26		150		147,878
4.45%, 09/29/27		1,000		988,446
(3 mo. LIBOR US + 1.56%), 3.89%, 01/10/28^(b)		1,000		970,840
(3 mo. LIBOR US + 1.39%), 3.67%, 07/24/28^(b)		500		476,090
4.13%, 07/25/28		750		724,599
3.52%, 10/27/28^(a)		3,500		3,290,879
6.63%, 06/15/32		100		117,997
6.13%, 08/25/36		184		209,692
8.13%, 07/15/39		575		829,993
6.68%, 09/13/43		250		306,482
5.30%, 05/06/44		500		522,827
4.65%, 07/30/45		250		252,287
4.75%, 05/18/46		500		487,714
(3 mo. LIBOR US + 1.84%), 4.28%, 04/24/48^(b)		1,000		956,151
4.65%, 07/23/48		1,000		1,011,341


Security	Par (000)		Value
Diversified Financial Services (continued)
Credit Suisse Group Funding Guernsey Ltd.:
3.13%, 12/10/20	$	250	$	247,980
3.45%, 04/16/21		2,000		1,991,983
3.80%, 09/15/22		500		497,603
3.80%, 06/09/23		1,000		987,939
3.75%, 03/26/25		500		482,250
4.55%, 04/17/26		250		251,200
4.88%, 05/15/45		1,500		1,520,452
Daimler Finance North America LLC, 8.50%, 01/18/31		100		139,213
Deutsche Bank AG:
3.13%, 01/13/21		200		195,218
4.10%, 01/13/26		350		331,585
Deutsche Bank AG, London, 3.70%, 05/30/24		215		202,441
Deutsche Bank AG, New York:
2.95%, 08/20/20		1,000		982,679
3.13%, 01/13/21		300		292,827
3.15%, 01/22/21		500		488,602
3.95%, 02/27/23		2,000		1,941,963
E*TRADE Financial Corp., 4.50%, 06/20/28		1,000		1,004,092
Ford Motor Credit Co. LLC:
2.60%, 11/04/19		250		247,982
2.46%, 03/27/20		250		245,801
2.43%, 06/12/20		1,000		979,732
2.34%, 11/02/20		1,000		971,998
3.20%, 01/15/21		500		492,590
5.75%, 02/01/21		250		259,886
3.34%, 03/18/21		500		492,883
3.10%, 05/04/23		500		469,365
4.38%, 08/06/23		220		217,504
3.66%, 09/08/24		1,000		935,154
4.69%, 06/09/25		500		488,082
4.13%, 08/04/25		500		472,514
4.39%, 01/08/26		250		238,081
3.82%, 11/02/27		3,000		2,681,291
GE Capital International Funding Co.:
2.34%, 11/15/20		6,270		6,126,516
3.37%, 11/15/25		2,227		2,120,039
4.42%, 11/15/35		2,685		2,527,000
General Motors Financial Co., Inc.:
2.35%, 10/04/19		250		248,385
3.15%, 01/15/20		1,000		998,268
3.20%, 07/13/20		1,000		997,112
3.70%, 11/24/20		250		251,186
4.20%, 03/01/21		750		759,342
3.45%, 04/10/22		400		393,404
4.00%, 01/15/25		250		241,829
4.30%, 07/13/25		1,000		972,661
5.25%, 03/01/26		405		415,010


10

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Diversified Financial Services (continued)
Intercontinental Exchange, Inc.:
3.75%, 12/01/25	$	1,115	$	1,111,255
3.75%, 09/21/28		135		133,378
4.25%, 09/21/48		500		491,999
John Deere Capital Corp.:
1.25%, 10/09/19		500		491,950
2.05%, 03/10/20		1,000		985,569
2.20%, 03/13/20		2,000		1,975,190
2.80%, 03/04/21		250		247,900
3.90%, 07/12/21		50		50,869
2.65%, 01/06/22		140		137,177
2.75%, 03/15/22		500		490,737
2.80%, 03/06/23		500		488,798
3.05%, 01/06/28		300		283,496
JPMorgan Chase & Co.:
2.20%, 10/22/19		500		496,587
2.25%, 01/23/20		3,000		2,969,300
2.75%, 06/23/20		500		496,247
4.25%, 10/15/20		500		509,651
2.55%, 10/29/20		500		492,915
2.55%, 03/01/21		1,000		982,054
2.30%, 08/15/21		2,000		1,944,581
4.35%, 08/15/21		500		512,719
4.50%, 01/24/22		1,300		1,340,135
3.51%, 06/18/22^(a)		2,000		2,002,077
3.25%, 09/23/22		200		198,232
3.20%, 01/25/23		3,150		3,104,837
(3 mo. LIBOR US + 0.94%), 2.78%, 04/25/23^(b)		1,500		1,456,968
3.38%, 05/01/23		250		245,400
2.70%, 05/18/23		500		480,797
3.63%, 05/13/24		1,000		991,149
3.80%, 07/23/24^(a)		500		499,310
3.88%, 09/10/24		1,300		1,287,594
3.13%, 01/23/25		250		239,817
(3 mo. LIBOR US + 1.16%), 3.22%, 03/01/25^(b)		2,000		1,937,970
3.90%, 07/15/25		250		249,912
3.30%, 04/01/26		500		479,120
3.20%, 06/15/26		1,000		947,883
4.13%, 12/15/26		250		248,158
4.25%, 10/01/27		500		497,515
3.63%, 12/01/27		1,000		943,111
(3 mo. LIBOR US + 1.34%), 3.78%, 02/01/28^(b)		2,000		1,946,334
(3 mo. LIBOR US + 1.38%), 3.54%, 05/01/28^(b)		750		716,360
3.51%, 01/23/29^(a)		1,000		947,195
4.20%, 07/23/29^(a)		175		174,480
6.40%, 05/15/38		100		124,734
(3 mo. LIBOR US + 1.36%), 3.88%, 07/24/38^(b)		1,000		933,989
5.50%, 10/15/40		125		142,827


Security	Par (000)		Value
Diversified Financial Services (continued)
5.60%, 07/15/41	$	550	$	634,855
5.40%, 01/06/42		400		449,699
5.63%, 08/16/43		500		568,148
4.85%, 02/01/44		100		105,093
4.95%, 06/01/45		250		262,162
(3 mo. LIBOR US + 1.58%), 4.26%, 02/22/48^(b)		500		481,089
(3 mo. LIBOR US + 1.46%), 4.03%, 07/24/48^(b)		500		464,102
3.96%, 11/15/48^(a)		1,500		1,370,116
3.90%, 01/23/49^(a)		1,000		902,814
Leucadia National Corp., 5.50%, 10/18/23		150		155,354
Lloyds Banking Group PLC:
3.10%, 07/06/21		500		492,770
3.00%, 01/11/22		2,000		1,947,267
4.05%, 08/16/23		500		496,706
4.58%, 12/10/25		250		245,448
4.65%, 03/24/26		250		245,636
3.57%, 11/07/28^(a)		500		457,999
5.30%, 12/01/45		250		253,009
4.34%, 01/09/48		1,000		869,298
Series ., 2.91%, 11/07/23^(a)		1,000		954,013
Mitsubishi UFJ Financial Group, Inc.:
2.95%, 03/01/21		2,000		1,972,577
3.00%, 02/22/22		1,500		1,467,762
3.76%, 07/26/23		500		497,427
3.85%, 03/01/26		500		491,624
2.76%, 09/13/26		250		227,420
3.29%, 07/25/27		1,000		939,686
4.29%, 07/26/38		250		248,394
Mizuho Financial Group, Inc.:
2.95%, 02/28/22		250		243,526
3.55%, 03/05/23		2,000		1,975,518
3.17%, 09/11/27		1,000		925,305
Moody’s Corp.:
4.50%, 09/01/22		550		565,739
3.25%, 01/15/28		750		701,784
MUFG Americas Holdings Corp., 3.00%, 02/10/25		250		237,422
National Rural Utilities Cooperative Finance Corp.:
2.30%, 11/15/19		250		248,459
2.90%, 03/15/21		400		397,216
2.30%, 09/15/22		1,000		959,742
3.40%, 11/15/23		350		347,829
2.85%, 01/27/25		250		238,445
Royal Bank of Scotland Group PLC:
6.40%, 10/21/19		500		514,803
6.13%, 12/15/22		1,000		1,045,595
3.88%, 09/12/23		1,000		971,361
4.52%, 06/25/24^(a)		2,000		1,994,319


			11

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Diversified Financial Services (continued)
4.80%, 04/05/26	$	500	$	500,287
4.89%, 05/18/29^(a)		750		745,388
5.08%, 01/27/30^(a)		1,000		998,234
S&P Global, Inc.:
4.40%, 02/15/26		750		769,390
4.50%, 05/15/48		250		249,565
Sumitomo Mitsui Financial Group, Inc.:
2.93%, 03/09/21		1,500		1,479,712
2.44%, 10/19/21		1,000		967,640
2.85%, 01/11/22		1,000		975,500
3.75%, 07/19/23		500		498,620
3.78%, 03/09/26		500		489,666
3.01%, 10/19/26		250		230,876
3.36%, 07/12/27		1,000		944,813
3.35%, 10/18/27		500		470,641
3.54%, 01/17/28		2,000		1,914,165
Toyota Motor Credit Corp.:
2.15%, 03/12/20		500		495,198
1.90%, 04/08/21		900		871,876
2.95%, 04/13/21		500		497,708
2.60%, 01/11/22		250		244,616
3.30%, 01/12/22		2,000		1,999,911
2.63%, 01/10/23		2,000		1,936,136
UBS AG, 2.35%, 03/26/20		500		494,010

				190,411,476
Diversified Telecommunication Services — 0.9%
AT&T, Inc.:
2.45%, 06/30/20		2,500		2,466,588
2.80%, 02/17/21		400		394,109
3.80%, 03/15/22		250		250,946
3.60%, 02/17/23		500		496,774
3.80%, 03/01/24		1,000		990,158
4.45%, 04/01/24		500		509,928
3.95%, 01/15/25		500		492,297
3.40%, 05/15/25		1,500		1,428,103
4.13%, 02/17/26		1,250		1,235,109
4.25%, 03/01/27		1,000		987,082
4.10%, 02/15/28^(c)		2,544		2,469,785
4.30%, 02/15/30^(c)		1,000		961,697
4.50%, 05/15/35		810		756,754
5.25%, 03/01/37		1,000		996,650
4.90%, 08/15/37^(c)		750		719,743
6.00%, 08/15/40		250		267,663
5.35%, 09/01/40		463		459,172
5.55%, 08/15/41		200		202,350
5.15%, 03/15/42		150		144,773
4.30%, 12/15/42		651		563,645
4.80%, 06/15/44		750		691,684
4.35%, 06/15/45		759		653,858


Security	Par (000)		Value
Diversified Telecommunication Services (continued)
4.75%, 05/15/46	$	1,000	$	913,636
5.15%, 11/15/46^(c)		952		911,429
5.65%, 02/15/47		250		256,389
5.45%, 03/01/47		750		749,317
4.50%, 03/09/48		2,250		1,963,321
4.55%, 03/09/49		500		438,784
5.15%, 02/15/50^(c)		500		474,206
5.70%, 03/01/57		500		506,992
British Telecommunications PLC, 9.63%, 12/15/30		900		1,278,337
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		1,150		1,544,400
Orange SA:
9.00%, 03/01/31		250		354,817
5.38%, 01/13/42		575		629,719
Telefonica Emisiones SAU:
5.46%, 02/16/21		1,050		1,096,273
4.57%, 04/27/23		1,200		1,234,004
4.10%, 03/08/27		1,000		961,291
7.05%, 06/20/36		75		90,480
4.67%, 03/06/38		1,000		939,497
5.21%, 03/08/47		750		733,772
4.90%, 03/06/48		500		465,691
Telefonica Europe BV, 8.25%, 09/15/30		300		383,893
Verizon Communications, Inc.:
3.50%, 11/01/24		500		493,046
3.38%, 02/15/25		3,992		3,874,944
2.63%, 08/15/26		900		816,046
4.13%, 03/16/27		750		753,420
4.33%, 09/21/28^(c)		3,164		3,180,943
4.50%, 08/10/33		1,750		1,735,598
4.40%, 11/01/34		500		487,592
4.27%, 01/15/36		1,250		1,191,238
5.25%, 03/16/37		1,250		1,332,712
4.81%, 03/15/39		596		600,830
3.85%, 11/01/42		250		216,216
6.55%, 09/15/43		750		912,295
4.86%, 08/21/46		1,000		997,515
5.50%, 03/16/47		250		273,743
4.52%, 09/15/48		1,000		950,975
5.01%, 04/15/49		1,981		2,023,088
5.01%, 08/21/54		1,150		1,153,821
4.67%, 03/15/55		1,500		1,410,168

				56,469,306
Electric Utilities — 1.5%
AEP Texas, Inc.:
2.40%, 10/01/22		2,000		1,912,352
3.95%, 06/01/28^(c)		500		496,847
AEP Transmission Co. LLC, 3.10%, 12/01/26		500		475,645


12

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Electric Utilities (continued)
Alabama Power Co.:
3.75%, 03/01/45	$	250	$	229,168
4.30%, 01/02/46		250		248,843
Series B, 3.70%, 12/01/47		2,500		2,256,588
Ameren Illinois Co.:
2.70%, 09/01/22		100		97,286
4.30%, 07/01/44		250		249,591
American Electric Power Co., Inc., Series F, 2.95%, 12/15/22		500		488,777
Appalachian Power Co., 4.40%, 05/15/44		250		248,081
Arizona Public Service Co.:
3.15%, 05/15/25		250		241,066
5.05%, 09/01/41		250		275,258
4.20%, 08/15/48		250		245,595
Baltimore Gas & Electric Co., 2.40%, 08/15/26		1,000		902,433
Berkshire Hathaway Energy Co.:
3.75%, 11/15/23		500		504,844
3.50%, 02/01/25		110		108,221
3.25%, 04/15/28		1,000		946,753
6.13%, 04/01/36		250		302,644
5.15%, 11/15/43		250		270,913
4.50%, 02/01/45		400		398,711
4.45%, 01/15/49^(c)		2,000		1,994,474
Black Hills Corp.:
3.95%, 01/15/26		200		195,790
4.35%, 05/01/33		400		391,798
CenterPoint Energy Houston Electric LLC:
1.85%, 06/01/21		500		480,754
3.55%, 08/01/42		100		91,205
3.95%, 03/01/48		250		242,059
Cleco Corporate Holdings LLC, 3.74%, 05/01/26		500		471,984
CMS Energy Corp.:
3.45%, 08/15/27		1,000		958,633
4.70%, 03/31/43		200		202,312
Commonwealth Edison Co.:
3.10%, 11/01/24		250		240,615
2.55%, 06/15/26		250		229,315
3.70%, 08/15/28		500		498,736
5.90%, 03/15/36		50		59,548
3.70%, 03/01/45		250		229,753
3.65%, 06/15/46		1,000		905,941
Series 122, 2.95%, 08/15/27		2,000		1,868,715
Connecticut Light & Power Co., 2.50%, 01/15/23		150		144,876
Consolidated Edison Co. of New York, Inc.:
3.30%, 12/01/24		250		244,710
3.80%, 05/15/28		1,000		1,005,766
4.20%, 03/15/42		400		391,755


Security	Par (000)		Value
Electric Utilities (continued)
3.95%, 03/01/43	$	150	$	143,552
4.45%, 03/15/44		250		255,914
Series C, 4.30%, 12/01/56		500		477,320
Series C, 4.00%, 11/15/57		750		673,298
Consolidated Edison, Inc., 2.00%, 05/15/21		750		724,503
Dominion Energy, Inc.:
2.58%, 07/01/20		1,000		986,555
3.63%, 12/01/24		250		244,360
7.00%, 06/15/38		250		314,845
4.90%, 08/01/41		50		51,252
DTE Electric Co.:
3.65%, 03/15/24		1,000		1,001,619
4.00%, 04/01/43		150		145,437
3.70%, 03/15/45		145		134,609
3.70%, 06/01/46		250		230,776
3.75%, 08/15/47		200		185,650
Series A, 4.05%, 05/15/48		250		246,015
Duke Energy Carolinas LLC:
3.05%, 03/15/23		200		196,820
6.05%, 04/15/38		100		122,809
5.30%, 02/15/40		250		284,317
3.70%, 12/01/47		2,000		1,820,057
Duke Energy Corp.:
1.80%, 09/01/21		1,000		956,426
2.40%, 08/15/22		1,000		956,688
3.95%, 10/15/23		250		253,074
3.75%, 04/15/24		500		501,167
2.65%, 09/01/26		500		452,074
3.15%, 08/15/27		500		465,010
4.80%, 12/15/45		250		257,601
3.75%, 09/01/46		500		439,378
3.95%, 08/15/47		500		450,660
Duke Energy Florida LLC, 3.40%, 10/01/46		250		217,253
Duke Energy Indiana LLC:
4.20%, 03/15/42		400		389,026
4.90%, 07/15/43		250		272,524
3.75%, 05/15/46		500		457,226
Duke Energy Ohio, Inc., 3.70%, 06/15/46		250		228,480
Duke Energy Progress LLC:
3.38%, 09/01/23		250		249,286
3.70%, 09/01/28		365		361,914
4.10%, 05/15/42		150		146,556
4.10%, 03/15/43		250		245,361
4.38%, 03/30/44		100		101,387
4.20%, 08/15/45		250		247,594
3.70%, 10/15/46		500		456,640
Emera US Finance LP:
3.55%, 06/15/26		75		70,639


			13

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Electric Utilities (continued)
4.75%, 06/15/46	$	350	$	341,058
Entergy Arkansas, Inc., 3.50%, 04/01/26		65		64,047
Entergy Corp., 4.00%, 07/15/22		200		202,305
Entergy Louisiana LLC:
4.05%, 09/01/23		250		255,542
4.00%, 03/15/33		250		250,604
4.20%, 09/01/48		250		247,779
Entergy Mississippi, Inc., 2.85%, 06/01/28		500		457,326
Evergy Inc., 5.29%, 06/15/22^(d)		150		155,847
Eversource Energy:
2.50%, 03/15/21		500		491,171
Series H, 3.15%, 01/15/25		125		120,176
Series M, 3.30%, 01/15/28		2,000		1,885,801
Exelon Corp.:
3.50%, 06/01/22		500		491,274
3.95%, 06/15/25		250		249,272
3.40%, 04/15/26		750		717,662
5.10%, 06/15/45		250		263,550
4.45%, 04/15/46		250		242,358
Exelon Generation Co. LLC:
4.25%, 06/15/22		500		507,444
6.25%, 10/01/39		150		163,313
5.60%, 06/15/42		50		51,202
FirstEnergy Corp., Series B, 3.90%, 07/15/27		2,000		1,945,518
Florida Power & Light Co.:
2.75%, 06/01/23		250		242,843
3.13%, 12/01/25		500		485,321
5.95%, 02/01/38		50		61,119
4.13%, 02/01/42		500		502,029
3.70%, 12/01/47		1,000		920,905
4.13%, 06/01/48		500		501,180
Georgia Power Co.:
4.30%, 03/15/42		200		189,931
Series C, 2.00%, 09/08/20		250		243,740
Indiana Michigan Power Co.:
6.05%, 03/15/37		175		208,882
4.55%, 03/15/46		150		154,080
4.25%, 08/15/48		250		246,297
Interstate Power & Light Co.:
3.25%, 12/01/24		250		242,538
3.70%, 09/15/46		500		450,427
Kansas City Power & Light Co., 3.65%, 08/15/25		150		147,512
Kentucky Utilities Co., 3.25%, 11/01/20		200		200,520
LG&E and KU Energy LLC, 3.75%, 11/15/20		50		50,203
Louisville Gas & Electric Co., 4.65%, 11/15/43		250		265,113


Security	Par (000)		Value
Electric Utilities (continued)
MidAmerican Energy Co.:
4.80%, 09/15/43	$	250	$	270,641
4.40%, 10/15/44		1,000		1,024,416
Mississippi Power Co., 4.25%, 03/15/42		500		471,080
Nevada Power Co., 5.45%, 05/15/41		50		56,836
NextEra Energy Capital Holdings, Inc., 3.63%, 06/15/23		1,250		1,240,008
Northern States Power Co.:
2.60%, 05/15/23		500		482,118
3.40%, 08/15/42		200		178,320
4.00%, 08/15/45		85		83,376
3.60%, 09/15/47		150		136,151
NSTAR Electric Co., 2.70%, 06/01/26		250		230,324
Oglethorpe Power Corp., 4.55%, 06/01/44		250		246,100
Oncor Electric Delivery Co. LLC:
7.00%, 09/01/22		100		113,066
3.70%, 11/15/28^(c)		355		353,816
5.25%, 09/30/40		250		285,652
5.30%, 06/01/42		75		86,495
3.75%, 04/01/45		250		236,387
3.80%, 09/30/47		1,000		945,628
Pacific Gas & Electric Co.:
3.25%, 06/15/23		500		482,820
2.95%, 03/01/26		750		683,066
4.65%, 08/01/28^(c)		255		256,822
6.05%, 03/01/34		250		284,161
3.75%, 08/15/42		250		212,902
5.13%, 11/15/43		1,250		1,281,817
4.75%, 02/15/44		250		243,295
4.25%, 03/15/46		250		229,255
3.95%, 12/01/47		1,000		869,261
PacifiCorp:
2.95%, 02/01/22		100		98,639
2.95%, 06/01/23		300		292,564
4.10%, 02/01/42		250		244,967
PECO Energy Co.:
1.70%, 09/15/21		1,000		952,798
3.90%, 03/01/48		1,000		953,568
Pennsylvania Electric Co., 6.15%, 10/01/38		250		295,456
Potomac Electric Power Co.:
3.60%, 03/15/24		250		249,858
4.15%, 03/15/43		250		246,694
PPL Capital Funding, Inc.:
3.40%, 06/01/23		1,250		1,227,884
4.00%, 09/15/47		500		449,926
PPL Electric Utilities Corp., 4.75%, 07/15/43		250		266,405
Progress Energy, Inc.:
4.40%, 01/15/21		100		101,931
7.75%, 03/01/31		50		65,447


14

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Electric Utilities (continued)
Public Service Co. of Colorado:
3.70%, 06/15/28	$	2,000	$	2,000,215
3.60%, 09/15/42		250		229,695
3.95%, 03/15/43		200		191,834
4.30%, 03/15/44		75		75,800
Public Service Co. of Oklahoma, Series G, 6.63%, 11/15/37		250		314,662
Public Service Electric & Gas Co.:
1.80%, 06/01/19		250		248,307
3.50%, 08/15/20		50		50,206
2.38%, 05/15/23		250		237,098
3.05%, 11/15/24		250		242,049
3.95%, 05/01/42		50		48,429
3.65%, 09/01/42		50		46,828
3.80%, 03/01/46		1,250		1,186,344
Series K, 4.05%, 05/01/45		150		144,984
Puget Energy, Inc.:
5.63%, 07/15/22		500		529,031
3.65%, 05/15/25		250		241,186
Puget Sound Energy, Inc., 5.80%, 03/15/40		500		608,908
Sierra Pacific Power Co., 2.60%, 05/01/26		1,250		1,152,907
South Carolina Electric & Gas Co.:
4.60%, 06/15/43		250		248,150
4.10%, 06/15/46		1,350		1,244,828
Southern California Edison Co.:
5.50%, 03/15/40		50		56,308
4.65%, 10/01/43		350		363,473
4.00%, 04/01/47		500		469,650
Series A, 5.95%, 02/01/38		500		589,456
Series B, 2.40%, 02/01/22		250		240,985
Series C, 3.60%, 02/01/45		250		220,307
Series C, 4.13%, 03/01/48		1,000		955,904
Series D, 3.40%, 06/01/23		1,000		990,437
Southern Co.:
2.35%, 07/01/21		1,000		969,633
2.95%, 07/01/23		500		480,306
3.25%, 07/01/26		500		466,326
4.40%, 07/01/46		250		238,141
Southern Power Co.:
5.25%, 07/15/43		500		509,013
Series E, 2.50%, 12/15/21		1,000		967,971
Tampa Electric Co., 4.10%, 06/15/42		250		236,491
Toledo Edison Co., 6.15%, 05/15/37		100		119,896
TransAlta Corp., 4.50%, 11/15/22		500		488,813
Union Electric Co., 2.95%, 06/15/27		2,000		1,872,258
Virginia Electric & Power Co.:
2.95%, 01/15/22		400		393,805
4.00%, 01/15/43		250		239,592
4.45%, 02/15/44		150		151,835
Series A, 3.15%, 01/15/26		555		533,413
Series A, 3.50%, 03/15/27		750		732,473


Security	Par (000)		Value
Electric Utilities (continued)
Series A, 6.00%, 05/15/37	$	250	$	301,208
Series B, 3.80%, 09/15/47		1,500		1,379,727
Series D, 4.65%, 08/15/43		500		525,357
WEC Energy Group, Inc.:
2.45%, 06/15/20		750		740,766
3.55%, 06/15/25		350		343,641
Westar Energy, Inc., 2.55%, 07/01/26		350		320,644
Xcel Energy, Inc.:
2.40%, 03/15/21		1,000		979,633
3.30%, 06/01/25		292		282,229
3.35%, 12/01/26		500		479,703
4.80%, 09/15/41		250		259,796

				95,750,517
Electrical Equipment — 0.1%
Amphenol Corp., 2.20%, 04/01/20		500		491,211
Eaton Corp.:
2.75%, 11/02/22		250		242,625
3.10%, 09/15/27		190		177,278
4.00%, 11/02/32		200		197,860
4.15%, 11/02/42		250		236,815
Emerson Electric Co.:
2.63%, 12/01/21		750		740,873
2.63%, 02/15/23		350		337,311
Roper Technologies, Inc.:
3.00%, 12/15/20		250		248,378
3.13%, 11/15/22		150		146,518
3.65%, 09/15/23		250		248,314
3.80%, 12/15/26		250		243,068
Tyco Electronics Group SA:
3.50%, 02/03/22		100		99,915
3.45%, 08/01/24		75		72,961

				3,483,127
Electronic Equipment, Instruments & Components — 0.0%
Arrow Electronics, Inc., 4.00%, 04/01/25		500		484,484
Corning, Inc.:
3.70%, 11/15/23		250		244,987
4.75%, 03/15/42		50		49,901
4.38%, 11/15/57		750		656,876
Honeywell International, Inc., 3.81%, 11/21/47		500		475,380
Jabil, Inc., 4.70%, 09/15/22		250		254,175

				2,165,803
Energy Equipment & Services — 0.1%
Baker Hughes a GE Co. LLC:
3.20%, 08/15/21		750		746,111
5.13%, 09/15/40		100		105,274


			15

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Energy Equipment & Services (continued)
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc.:
2.77%, 12/15/22	$	500	$	484,431
3.34%, 12/15/27		450		423,061
4.08%, 12/15/47		500		453,753
Halliburton Co.:
3.80%, 11/15/25		1,550		1,536,724
4.85%, 11/15/35		1,000		1,046,023
4.50%, 11/15/41		50		48,870
4.75%, 08/01/43		250		255,798
5.00%, 11/15/45		675		720,868
National Oilwell Varco, Inc.:
2.60%, 12/01/22		1,000		952,740
3.95%, 12/01/42		150		130,118
TechnipFMC PLC, 3.45%, 10/01/22		100		97,422

				7,001,193
Equity Real Estate Investment Trusts (REITs) — 0.6%
Alexandria Real Estate Equities, Inc., 4.30%, 01/15/26		1,250		1,239,205
American Tower Corp.:
2.80%, 06/01/20		250		247,650
5.05%, 09/01/20		25		25,780
5.90%, 11/01/21		500		531,558
4.70%, 03/15/22		100		103,274
3.50%, 01/31/23		150		147,529
5.00%, 02/15/24		1,000		1,045,667
4.40%, 02/15/26		30		30,035
3.38%, 10/15/26		500		465,680
AvalonBay Communities, Inc.:
2.95%, 09/15/22		100		97,776
3.45%, 06/01/25		100		97,584
3.20%, 01/15/28		2,000		1,890,008
3.90%, 10/15/46		250		229,525
Boston Properties LP:
4.13%, 05/15/21		250		254,237
3.85%, 02/01/23		1,000		1,004,107
3.13%, 09/01/23		250		243,074
3.20%, 01/15/25		1,000		956,796
3.65%, 02/01/26		190		184,069
Brixmor Operating Partnership LP:
3.65%, 06/15/24		750		720,899
4.13%, 06/15/26		250		242,390
Crown Castle International Corp.:
3.40%, 02/15/21		750		748,076
2.25%, 09/01/21		1,000		960,541
3.70%, 06/15/26		280		267,595
4.00%, 03/01/27		1,000		968,901
3.80%, 02/15/28		2,000		1,896,728
DDR Corp.:
4.63%, 07/15/22		100		102,247
4.25%, 02/01/26		250		244,144


Security	Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Digital Realty Trust LP, 4.75%, 10/01/25	$	500	$	512,595
EPR Properties, 4.50%, 06/01/27		1,000		955,785
ERP Operating LP:
4.75%, 07/15/20		100		102,144
4.63%, 12/15/21		2,000		2,061,938
3.25%, 08/01/27		500		474,494
4.50%, 07/01/44		150		150,625
Essex Portfolio LP, 3.88%, 05/01/24		100		99,437
Federal Realty Investment Trust, 3.25%, 07/15/27		500		468,216
HCP, Inc.:
2.63%, 02/01/20		250		247,850
3.15%, 08/01/22		100		97,376
4.00%, 12/01/22		250		250,467
3.40%, 02/01/25		500		473,986
4.00%, 06/01/25		500		490,902
Hospitality Properties Trust:
5.00%, 08/15/22		200		204,885
4.95%, 02/15/27		1,000		979,918
Host Hotels & Resorts LP:
5.25%, 03/15/22		250		258,357
Series E, 4.00%, 06/15/25		190		184,223
Kimco Realty Corp.:
3.20%, 05/01/21		250		247,498
3.30%, 02/01/25		350		332,086
2.80%, 10/01/26		500		445,645
4.45%, 09/01/47		350		321,208
Liberty Property LP, 4.40%, 02/15/24		250		252,986
Mid-America Apartments LP, 4.30%, 10/15/23		200		202,295
National Retail Properties, Inc., 3.30%, 04/15/23		500		487,454
Omega Healthcare Investors, Inc.:
4.50%, 04/01/27		250		239,277
4.75%, 01/15/28^(e)		500		485,599
Realty Income Corp.:
4.65%, 08/01/23		250		259,078
3.00%, 01/15/27		1,000		921,448
Simon Property Group LP:
4.13%, 12/01/21		100		102,031
2.35%, 01/30/22		2,000		1,932,550
3.38%, 03/15/22		100		99,591
2.63%, 06/15/22		250		242,440
3.38%, 10/01/24		500		489,229
3.38%, 06/15/27		750		718,627
4.75%, 03/15/42		100		104,508
4.25%, 10/01/44		250		243,605
4.25%, 11/30/46		500		486,276
Ventas Realty LP:
4.13%, 01/15/26		1,250		1,230,488
3.25%, 10/15/26		500		462,519
Ventas Realty LP/Ventas Capital Corp.:
2.70%, 04/01/20		250		247,814


16

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
4.25%, 03/01/22	$	100	$	101,907
VEREIT Operating Partnership LP, 3.95%, 08/15/27		500		470,270
Welltower, Inc.:
5.25%, 01/15/22		50		52,140
4.00%, 06/01/25		2,250		2,219,797
4.25%, 04/01/26		350		348,896
Weyerhaeuser Co., 7.38%, 03/15/32		350		442,669

				37,148,204
Food & Staples Retailing — 0.3%
Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40		250		271,857
Kroger Co.:
6.15%, 01/15/20		100		103,713
3.30%, 01/15/21		500		500,030
3.40%, 04/15/22		100		99,159
3.50%, 02/01/26		495		473,622
5.15%, 08/01/43		125		124,319
3.88%, 10/15/46		500		416,976
4.65%, 01/15/48		500		471,172
Mondelez International, Inc., 3.63%, 05/07/23		500		497,204
Walgreen Co., 3.10%, 09/15/22		200		195,421
Walgreens Boots Alliance, Inc.:
3.80%, 11/18/24		500		493,788
3.45%, 06/01/26		1,305		1,238,380
4.50%, 11/18/34		155		152,601
4.80%, 11/18/44		150		145,617
4.65%, 06/01/46		1,000		956,460
Walmart, Inc.:
3.63%, 07/08/20		1,150		1,164,534
1.90%, 12/15/20		500		489,358
3.13%, 06/23/21		500		501,003
2.35%, 12/15/22		1,250		1,208,394
3.30%, 04/22/24		1,750		1,747,368
2.65%, 12/15/24		250		239,302
3.70%, 06/26/28		1,000		1,000,270
3.95%, 06/28/38		1,000		997,920
4.00%, 04/11/43		150		147,854
4.30%, 04/22/44		750		774,682
3.63%, 12/15/47		1,000		935,883
4.05%, 06/29/48		1,400		1,402,062

				16,748,949
Food Products — 0.4%
Archer-Daniels-Midland Co.:
2.50%, 08/11/26		1,750		1,600,010


Security	Par (000)		Value
Food Products (continued)
4.54%, 03/26/42	$	75	$	77,359
4.02%, 04/16/43		250		239,663
Bunge, Ltd. Finance Corp., 3.75%, 09/25/27		1,000		919,529
Campbell Soup Co.:
3.30%, 03/19/25		1,000		921,017
4.80%, 03/15/48		1,000		912,040
Conagra Brands, Inc.:
3.25%, 09/15/22		200		196,424
3.20%, 01/25/23		500		484,892
General Mills, Inc.:
2.20%, 10/21/19		300		297,802
3.15%, 12/15/21		650		642,889
2.60%, 10/12/22		250		239,695
3.65%, 02/15/24		500		491,888
3.20%, 02/10/27		250		229,244
4.20%, 04/17/28		1,000		984,701
4.70%, 04/17/48		1,000		959,316
JM Smucker Co.,:
3.50%, 10/15/21		50		50,279
3.50%, 03/15/25		250		240,582
4.25%, 03/15/35		250		235,850
Kellogg Co.:
4.00%, 12/15/20		2,000		2,031,224
3.25%, 04/01/26		65		61,226
4.50%, 04/01/46		350		332,572
Kraft Heinz Foods Co.:
5.38%, 02/10/20		52		53,478
3.50%, 07/15/22		250		248,097
3.95%, 07/15/25		1,750		1,724,498
3.00%, 06/01/26		310		282,969
4.63%, 01/30/29		2,000		1,996,670
5.00%, 07/15/35		500		493,906
6.50%, 02/09/40		750		840,211
5.00%, 06/04/42		200		190,967
5.20%, 07/15/45		500		488,752
4.38%, 06/01/46		500		441,599
Sysco Corp.:
3.55%, 03/15/25		1,000		978,373
3.75%, 10/01/25		100		98,694
3.30%, 07/15/26		130		124,244
4.85%, 10/01/45		150		155,008
4.50%, 04/01/46		250		246,121
4.45%, 03/15/48		500		487,586
Tyson Foods, Inc.:
4.50%, 06/15/22		150		154,471
3.55%, 06/02/27		1,000		943,473
4.88%, 08/15/34		70		70,433


			17

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Food Products (continued)
5.15%, 08/15/44	$	250	$	253,908

				22,421,660
Gas Utilities — 0.1%
Atmos Energy Corp.:
3.00%, 06/15/27		500		472,614
4.15%, 01/15/43		100		97,157
National Fuel Gas Co., 3.75%, 03/01/23		300		294,145
NiSource, Inc.:
3.65%, 06/15/23^(c)		1,000		987,528
5.95%, 06/15/41		50		57,120
5.25%, 02/15/43		75		79,311
4.80%, 02/15/44		250		253,047
4.38%, 05/15/47		500		477,490
Sempra Energy:
2.40%, 03/15/20		250		246,608
4.05%, 12/01/23		250		251,424
3.55%, 06/15/24		250		244,283
3.75%, 11/15/25		250		243,129
4.00%, 02/01/48		1,000		892,935
Southern California Gas Co.:
Series TT, 2.60%, 06/15/26		1,250		1,149,851
Series UU, 4.13%, 06/01/48		250		247,841
Southern Co. Gas Capital Corp.:
3.50%, 09/15/21		50		49,868
3.95%, 10/01/46		750		661,310

				6,705,661
Health Care Equipment & Supplies — 0.3%
Baxter International, Inc.:
1.70%, 08/15/21		1,000		951,733
2.60%, 08/15/26		230		209,052
Becton Dickinson & Co.:
2.68%, 12/15/19		500		497,193
2.89%, 06/06/22		500		486,122
3.30%, 03/01/23		200		194,946
3.36%, 06/06/24		500		483,091
3.73%, 12/15/24		250		244,843
3.70%, 06/06/27		500		478,119
6.00%, 05/15/39		250		278,860
4.69%, 12/15/44		250		246,501
4.67%, 06/06/47		500		494,533
Boston Scientific Corp.:
6.00%, 01/15/20		100		103,490
4.13%, 10/01/23		2,500		2,532,111
3.85%, 05/15/25		250		248,698
Medtronic Global Holdings SCA, 3.35%, 04/01/27		1,000		976,328
Medtronic, Inc.:
2.50%, 03/15/20		500		496,670
4.13%, 03/15/21		50		51,048


Security	Par (000)		Value
Health Care Equipment & Supplies (continued)
3.15%, 03/15/22	$	1,350	$	1,340,835
3.63%, 03/15/24		400		401,931
3.50%, 03/15/25		1,500		1,487,527
4.38%, 03/15/35		350		361,961
4.63%, 03/15/44		750		790,931
4.63%, 03/15/45		1,500		1,588,699
Stryker Corp.:
3.38%, 11/01/25		580		557,590
3.50%, 03/15/26		500		483,597
4.63%, 03/15/46		1,250		1,260,817
Zimmer Biomet Holdings, Inc.:
3.15%, 04/01/22		1,500		1,469,271
3.55%, 04/01/25		750		719,628
4.25%, 08/15/35		67		62,582

				19,498,707
Health Care Providers & Services — 0.5%
Advocate Health & Hospitals Corp.:
3.83%, 08/15/28		74		74,647
4.27%, 08/15/48		107		107,672
Aetna, Inc.:
4.13%, 06/01/21		250		253,982
2.75%, 11/15/22		250		241,115
2.80%, 06/15/23		1,500		1,437,237
3.50%, 11/15/24		320		312,965
6.75%, 12/15/37		300		376,248
4.50%, 05/15/42		250		240,393
4.75%, 03/15/44		25		24,661
3.88%, 08/15/47		400		352,735
Anthem, Inc.:
3.13%, 05/15/22		200		196,850
2.95%, 12/01/22		1,000		972,265
3.30%, 01/15/23		100		98,672
3.50%, 08/15/24		250		244,935
4.63%, 05/15/42		50		48,859
5.10%, 01/15/44		900		932,906
4.65%, 08/15/44		350		344,382
4.38%, 12/01/47		1,000		948,361
Ascension Health, 3.95%, 11/15/46		500		485,081
Children’s Hospital Corp., Series 2017, 4.12%, 01/01/47		200		197,484
Cigna Corp.:
4.00%, 02/15/22		1,525		1,536,881
3.25%, 04/15/25		300		284,010
3.88%, 10/15/47		750		639,701
Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48		100		96,524
Dignity Health:
2.64%, 11/01/19		100		99,377
5.27%, 11/01/64		100		98,675


18

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Health Care Providers & Services (continued)
Duke University Health System, Inc., Series 2017, 3.92%, 06/01/47	$	173	$	166,935
Halfmoon Parent, Inc.^(c):
3.75%, 07/15/23		1,000		996,941
4.13%, 11/15/25		1,000		997,150
4.80%, 08/15/38		1,000		1,002,804
4.90%, 12/15/48		1,000		992,777
Humana, Inc.:
3.85%, 10/01/24		500		497,035
4.95%, 10/01/44		250		259,609
4.80%, 03/15/47		200		203,985
Johns Hopkins Health System Corp., 3.84%, 05/15/46		25		23,616
Kaiser Foundation Hospitals:
3.50%, 04/01/22		100		100,195
3.15%, 05/01/27		500		479,505
4.15%, 05/01/47		1,110		1,108,606
Laboratory Corp. of America Holdings:
3.75%, 08/23/22		100		100,105
4.00%, 11/01/23		100		100,634
3.25%, 09/01/24		1,000		957,816
3.60%, 02/01/25		75		72,950
4.70%, 02/01/45		150		145,595
Mayo Clinic, Series 2016, 4.13%, 11/15/52		300		299,384
McKesson Corp.:
2.85%, 03/15/23		150		143,330
3.80%, 03/15/24		1,500		1,488,840
Memorial Sloan-Kettering Cancer Center, 5.00%, 07/01/42		200		226,463
Mount Sinai Hospitals Group, Inc., Series 2017, 3.98%, 07/01/48		66		61,978
New York and Presbyterian Hospital, 4.02%, 08/01/45		150		145,589
Northwell Healthcare, Inc.:
3.98%, 11/01/46		200		181,574
4.26%, 11/01/47		70		66,542
Orlando Health Obligated Group, 4.09%, 10/01/48		29		27,968
Partners Healthcare System, Inc., Series 2017, 3.77%, 07/01/48		85		77,111
Providence St Joseph Health Obligated Group, 3.93%, 10/01/48		77		71,788
Quest Diagnostics, Inc.:
4.70%, 04/01/21		100		102,869
4.25%, 04/01/24		250		253,220
3.50%, 03/30/25		370		356,765
RWJ Barnabas Health, Inc., 3.95%, 07/01/46		60		55,700
Stanford Health Care, Series 2018, 3.80%, 11/15/48		64		60,572
Sutter Health:
3.70%, 08/15/28		86		84,438


Security	Par (000)		Value
Health Care Providers & Services (continued)
Series 2018, 4.09%, 08/15/48	$	107	$	101,644
UnitedHealth Group, Inc.:
2.30%, 12/15/19		250		248,039
1.95%, 10/15/20		2,000		1,957,960
2.13%, 03/15/21		1,500		1,464,676
3.35%, 07/15/22		750		748,956
2.88%, 03/15/23		250		243,764
3.10%, 03/15/26		500		480,436
3.45%, 01/15/27		500		489,443
3.38%, 04/15/27		1,000		971,485
4.63%, 07/15/35		555		590,793
6.88%, 02/15/38		100		133,336
5.95%, 02/15/41		100		122,233
3.95%, 10/15/42		150		143,057
4.75%, 07/15/45		500		535,098
4.20%, 01/15/47		750		742,907
4.25%, 04/15/47		1,000		1,003,462
3.75%, 10/15/47		500		464,873
4.25%, 06/15/48		400		401,462

				33,400,631
Hotels, Restaurants & Leisure — 0.2%
Carnival Corp., 3.95%, 10/15/20		250		253,578
GLP Capital LP/GLP Financing II, Inc.:
5.25%, 06/01/25		400		406,480
5.30%, 01/15/29		502		503,456
Hyatt Hotels Corp.:
3.38%, 07/15/23		190		185,479
4.38%, 09/15/28		305		299,884
Marriott International, Inc.:
3.25%, 09/15/22		100		98,185
4.50%, 10/01/34		250		246,888
McDonald’s Corp.:
3.50%, 07/15/20		50		50,201
2.75%, 12/09/20		250		248,174
3.35%, 04/01/23		250		247,876
3.25%, 06/10/24		400		392,401
3.38%, 05/26/25		500		486,890
3.70%, 01/30/26		250		247,714
3.50%, 03/01/27		1,000		971,195
4.70%, 12/09/35		315		327,438
3.70%, 02/15/42		100		87,460
4.88%, 12/09/45		750		784,339
4.45%, 03/01/47		500		490,981
4.45%, 09/01/48		500		490,255
Sands China, Ltd.^(c):
4.60%, 08/08/23		500		499,899
5.13%, 08/08/25		500		498,875
5.40%, 08/08/28		750		746,363
Starbucks Corp.:
3.85%, 10/01/23		250		252,711
4.00%, 11/15/28		500		498,592


			19

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Hotels, Restaurants & Leisure (continued)
3.75%, 12/01/47	$	1,000	$	870,512

				10,185,826
Household Durables — 0.1%
Leggett & Platt, Inc., 3.80%, 11/15/24		200		194,423
Mohawk Industries, Inc., 3.85%, 02/01/23		125		125,165
Newell Brands, Inc.:
3.15%, 04/01/21		1,000		983,966
3.85%, 04/01/23		1,000		978,745
4.00%, 12/01/24		250		241,665
3.90%, 11/01/25		1,000		929,614
4.20%, 04/01/26		550		523,110
5.38%, 04/01/36		350		337,336
Whirlpool Corp.:
5.15%, 03/01/43		200		192,223
4.50%, 06/01/46		250		218,924

				4,725,171
Household Products — 0.0%
Clorox Co.:
3.05%, 09/15/22		50		49,396
3.50%, 12/15/24		250		246,724
Kimberly-Clark Corp.:
2.65%, 03/01/25		85		79,807
2.75%, 02/15/26		500		469,092
5.30%, 03/01/41		250		289,268
3.20%, 07/30/46		210		178,303

				1,312,590
Industrial Conglomerates — 0.2%
3M Co.:
1.63%, 09/19/21		500		477,669
2.00%, 06/26/22		500		479,788
3.00%, 08/07/25		250		243,704
2.88%, 10/15/27		750		709,564
3.13%, 09/19/46		250		211,799
4.00%, 09/14/48		1,000		999,160
Crane Co., 4.45%, 12/15/23		125		127,685
Dover Corp., 3.15%, 11/15/25		250		238,095
General Electric Co.:
5.30%, 02/11/21		1,000		1,042,040
2.20%, 01/09/20		1,000		989,412
4.38%, 09/16/20		300		306,490
4.63%, 01/07/21		72		74,183
4.65%, 10/17/21		201		207,549
2.70%, 10/09/22		1,000		964,967
3.10%, 01/09/23		1,500		1,468,982
3.45%, 05/15/24		86		84,681
6.75%, 03/15/32		394		476,457
5.88%, 01/14/38		1,215		1,356,240


Security	Par (000)		Value
Industrial Conglomerates (continued)
6.88%, 01/10/39	$	322	$	402,183
4.13%, 10/09/42		750		668,945
4.50%, 03/11/44		1,500		1,414,823
Ingersoll-Rand Global Holding Co., Ltd., 4.30%, 02/21/48		500		478,253
Koninklijke Philips NV, 5.00%, 03/15/42		250		272,257

				13,694,926
Insurance — 0.9%
Aflac, Inc.:
3.63%, 06/15/23		250		250,537
3.63%, 11/15/24		250		249,007
2.88%, 10/15/26		750		692,469
Alleghany Corp., 4.95%, 06/27/22		550		572,041
Allstate Corp.:
3.15%, 06/15/23		250		245,293
3.28%, 12/15/26		750		722,212
4.50%, 06/15/43		150		152,601
4.20%, 12/15/46		250		242,865
American Financial Group, Inc., 4.50%, 06/15/47		750		699,587
American International Group, Inc.:
3.38%, 08/15/20		250		250,154
6.40%, 12/15/20		1,000		1,063,976
3.30%, 03/01/21		2,000		1,995,867
4.88%, 06/01/22		250		260,512
4.13%, 02/15/24		250		250,621
3.75%, 07/10/25		1,750		1,701,809
3.90%, 04/01/26		1,000		977,620
3.88%, 01/15/35		500		453,819
4.70%, 07/10/35		500		499,435
4.50%, 07/16/44		250		235,946
4.75%, 04/01/48		1,000		983,064
Aon PLC:
2.80%, 03/15/21		250		245,539
3.50%, 06/14/24		1,000		975,300
3.88%, 12/15/25		600		594,219
4.60%, 06/14/44		250		242,663
Arch Capital Finance LLC, 4.01%, 12/15/26		1,000		987,779
Arch Capital Group US, Inc., 5.14%, 11/01/43		125		132,455
Assured Guaranty US Holdings, Inc., 5.00%, 07/01/24		110		113,406
AXA Equitable Holdings, Inc.^(c):
4.35%, 04/20/28		1,000		967,433
5.00%, 04/20/48		500		467,060
AXA SA, 8.60%, 12/15/30		50		65,000
Berkshire Hathaway Finance Corp.:
4.25%, 01/15/21		250		256,391
3.00%, 05/15/22		750		745,165


20

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Insurance (continued)
4.40%, 05/15/42	$	100	$	101,935
4.30%, 05/15/43		250		252,679
4.20%, 08/15/48		750		744,975
Berkshire Hathaway, Inc.:
2.20%, 03/15/21		500		490,272
3.00%, 02/11/23		1,000		992,901
2.75%, 03/15/23		3,000		2,929,950
3.13%, 03/15/26		1,400		1,350,681
4.50%, 02/11/43		100		104,256
Brighthouse Financial, Inc., 3.70%, 06/22/27		1,500		1,331,610
Chubb Corp.:
6.00%, 05/11/37		50		60,505
Series 1, 6.50%, 05/15/38		100		127,702
Chubb INA Holdings, Inc.:
2.88%, 11/03/22		1,000		978,859
3.35%, 05/15/24		500		491,669
3.35%, 05/03/26		795		772,756
4.15%, 03/13/43		150		147,954
CNA Financial Corp.:
5.75%, 08/15/21		100		105,824
4.50%, 03/01/26		350		353,920
First American Financial Corp., 4.60%, 11/15/24		200		199,832
Hartford Financial Services Group, Inc.:
5.13%, 04/15/22		1,000		1,048,769
6.10%, 10/01/41		100		117,284
Lincoln National Corp.:
4.85%, 06/24/21		300		308,968
4.20%, 03/15/22		1,350		1,369,573
4.00%, 09/01/23		200		202,258
3.35%, 03/09/25		65		62,403
6.30%, 10/09/37		250		293,974
4.35%, 03/01/48		200		186,183
Loews Corp.:
2.63%, 05/15/23		250		240,220
3.75%, 04/01/26		500		495,861
Manulife Financial Corp.:
4.15%, 03/04/26		500		504,343
(5 year USD Swap + 1.65%), 4.06%, 02/24/32^(b)		500		476,463
Markel Corp., 4.30%, 11/01/47		750		686,785
Marsh & McLennan Cos., Inc.:
2.35%, 03/06/20		190		187,475
4.80%, 07/15/21		50		51,582
2.75%, 01/30/22		1,000		974,877
3.30%, 03/14/23		500		490,140
3.75%, 03/14/26		1,000		982,055
MetLife, Inc.:
4.75%, 02/08/21		155		159,894
3.00%, 03/01/25		650		621,954


Security	Par (000)		Value
Insurance (continued)
3.60%, 11/13/25	$	1,000	$	995,944
6.38%, 06/15/34		1,000		1,205,339
4.13%, 08/13/42		300		284,402
4.88%, 11/13/43		250		262,889
4.05%, 03/01/45		250		233,894
4.60%, 05/13/46		500		508,388
Old Republic International Corp., 4.88%, 10/01/24		250		257,206
Principal Financial Group, Inc.:
3.40%, 05/15/25		250		242,280
3.10%, 11/15/26		1,000		928,954
4.63%, 09/15/42		50		49,732
4.30%, 11/15/46		250		235,755
Progressive Corp.:
3.75%, 08/23/21		1,050		1,058,276
2.45%, 01/15/27		500		453,488
4.35%, 04/25/44		100		100,073
3.70%, 01/26/45		200		179,842
4.20%, 03/15/48		500		493,311
Prudential Financial, Inc.:
5.38%, 06/21/20		350		362,492
3.50%, 05/15/24		1,000		999,839
3.88%, 03/27/28		951		942,770
(3 mo. LIBOR US + 3.04%), 5.20%, 03/15/44^(b)		350		348,250
4.60%, 05/15/44		250		251,682
3.94%, 12/07/49		908		818,529
Travelers Cos., Inc.:
3.90%, 11/01/20		250		253,419
6.75%, 06/20/36		250		323,422
4.60%, 08/01/43		850		885,032
4.30%, 08/25/45		250		251,093
4.00%, 05/30/47		250		239,658
Travelers Property Casualty Corp., 6.38%, 03/15/33		100		123,892
Trinity Acquisition PLC, 4.40%, 03/15/26		500		497,478
Unum Group, 5.75%, 08/15/42		250		262,067
Voya Financial, Inc.:
3.65%, 06/15/26		350		333,441
5.70%, 07/15/43		500		548,610
WR Berkley Corp., 4.63%, 03/15/22		200		205,302
XLIT Ltd., 5.75%, 10/01/21		100		105,808

				54,533,743
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc.:
2.60%, 12/05/19		350		348,977
1.90%, 08/21/20		500		489,942
2.40%, 02/22/23		500		481,056
2.80%, 08/22/24		1,500		1,447,232
3.15%, 08/22/27		750		718,617
4.80%, 12/05/34		600		654,545


			21

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Internet & Direct Marketing Retail (continued)
3.88%, 08/22/37	$	1,000	$	979,050
4.05%, 08/22/47		1,000		985,068
4.25%, 08/22/57		1,000		999,532
Expedia Group, Inc.:
4.50%, 08/15/24		250		251,437
3.80%, 02/15/28		750		691,280

				8,046,736
Internet Software & Services — 0.1%
Alphabet, Inc.:
3.63%, 05/19/21		25		25,394
3.38%, 02/25/24		500		503,072
2.00%, 08/15/26		500		450,581
Baidu, Inc., 4.13%, 06/30/25		1,000		985,957
Booking Holdings, Inc., 2.75%, 03/15/23		500		479,128
eBay, Inc.:
3.25%, 10/15/20		50		49,808
3.80%, 03/09/22		640		644,714
2.60%, 07/15/22		50		48,238
3.60%, 06/05/27		1,000		949,887

				4,136,779
IT Services — 0.2%
Alibaba Group Holding Ltd.:
3.13%, 11/28/21		475		469,407
3.60%, 11/28/24		500		491,633
3.40%, 12/06/27		1,000		932,094
4.50%, 11/28/34		250		245,243
4.00%, 12/06/37		1,000		918,139
4.20%, 12/06/47		300		273,662
Broadridge Financial Solutions, Inc., 3.40%, 06/27/26		270		255,846
DXC Technology Co., 4.75%, 04/15/27		1,000		1,023,610
Fidelity National Information Services, Inc.:
3.50%, 04/15/23		25		24,707
5.00%, 10/15/25		500		526,464
3.00%, 08/15/26		750		693,023
Series 10Y, 4.25%, 05/15/28		1,000		1,001,980
Fiserv, Inc., 2.70%, 06/01/20		500		495,582
IBM Credit LLC, 3.00%, 02/06/23		500		491,533
International Business Machines Corp.:
2.25%, 02/19/21		1,000		979,810
2.90%, 11/01/21		100		98,526
2.88%, 11/09/22		400		391,589
3.63%, 02/12/24		775		778,652
3.45%, 02/19/26		250		247,070
3.30%, 01/27/27		1,000		976,242
5.88%, 11/29/32		250		296,874
4.00%, 06/20/42		850		825,673


Security	Par (000)		Value
IT Services (continued)
4.70%, 02/19/46	$	250	$	271,451
Verisk Analytics, Inc., 4.00%, 06/15/25		250		246,938
Western Union Co., 6.20%, 11/17/36		25		25,434
Xerox Corp.:
3.63%, 03/15/23		250		238,420
3.80%, 05/15/24		350		328,752

				13,548,354
Leisure Products — 0.0%
Hasbro, Inc.:
3.50%, 09/15/27		250		232,105
5.10%, 05/15/44		60		56,567

				288,672
Life Sciences Tools & Services — 0.0%
Agilent Technologies, Inc., 3.88%, 07/15/23		200		199,481
Life Technologies Corp., 6.00%, 03/01/20		100		103,557
Thermo Fisher Scientific, Inc.:
3.30%, 02/15/22		305		302,195
3.15%, 01/15/23		250		244,329
4.15%, 02/01/24		250		254,652
3.65%, 12/15/25		500		489,559
3.20%, 08/15/27		500		467,576
4.10%, 08/15/47		500		468,678

				2,530,027
Machinery — 0.2%
Caterpillar, Inc.:
3.90%, 05/27/21		50		50,909
3.40%, 05/15/24		500		497,004
5.20%, 05/27/41		600		686,706
3.80%, 08/15/42		700		669,987
Cummins, Inc., 3.65%, 10/01/23		250		252,843
Deere & Co., 3.90%, 06/09/42		550		536,631
Flowserve Corp., 3.50%, 09/15/22		100		97,197
Fortive Corp., 3.15%, 06/15/26		500		465,493
Illinois Tool Works, Inc.:
2.65%, 11/15/26		3,000		2,774,367
4.88%, 09/15/41		50		54,757
3.90%, 09/01/42		75		73,463
Ingersoll-Rand Luxembourg Finance SA:
3.55%, 11/01/24		500		488,395
4.65%, 11/01/44		30		30,356
Parker-Hannifin Corp.:
4.20%, 11/21/34		250		250,312
4.10%, 03/01/47		500		489,565


22

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Machinery (continued)
Stanley Black & Decker, Inc., 2.90%, 11/01/22	$	150	$	146,717
Trinity Industries, Inc., 4.55%, 10/01/24		250		242,554
Wabtec Corp.:
4.15%, 03/15/24		500		496,483
4.70%, 09/15/28		500		492,077
Xylem, Inc., 4.38%, 11/01/46		500		479,302

				9,275,118
Media — 1.0%
21st Century Fox America, Inc.:
4.50%, 02/15/21		1,100		1,131,095
3.00%, 09/15/22		150		147,684
4.00%, 10/01/23		500		509,120
3.70%, 09/15/24		500		501,596
3.70%, 10/15/25		830		823,989
3.38%, 11/15/26		1,500		1,463,244
6.20%, 12/15/34		350		431,201
6.15%, 03/01/37		300		372,926
6.65%, 11/15/37		250		330,513
6.15%, 02/15/41		400		509,912
4.75%, 09/15/44		500		535,451
4.95%, 10/15/45		15		16,648
4.75%, 11/15/46		500		535,352
CBS Corp.:
3.70%, 08/15/24		1,000		972,236
3.50%, 01/15/25		500		476,604
4.00%, 01/15/26		1,500		1,470,127
3.38%, 02/15/28		500		458,167
4.85%, 07/01/42		325		314,747
Charter Communications Operating LLC/Charter Communications Operating Capital:
3.58%, 07/23/20		1,500		1,500,847
4.46%, 07/23/22		1,000		1,016,743
4.91%, 07/23/25		1,930		1,959,775
3.75%, 02/15/28		1,000		920,846
6.38%, 10/23/35		250		268,874
5.38%, 04/01/38		1,000		972,692
6.48%, 10/23/45		1,000		1,074,983
5.38%, 05/01/47		500		473,753
5.75%, 04/01/48		1,000		1,000,634
6.83%, 10/23/55		250		275,938
Cintas Corp. No. 2:
4.30%, 06/01/21		25		25,592
2.90%, 04/01/22		250		243,883
Comcast Corp.:
5.15%, 03/01/20		350		359,846
2.75%, 03/01/23		750		725,179
3.00%, 02/01/24		1,500		1,446,499
3.60%, 03/01/24		250		248,119
3.38%, 08/15/25		500		482,812


Security	Par (000)		Value
Media (continued)
3.15%, 03/01/26	$	750	$	708,065
2.35%, 01/15/27		1,850		1,627,846
3.30%, 02/01/27		2,000		1,890,513
3.15%, 02/15/28		250		231,822
3.55%, 05/01/28		1,000		957,400
4.25%, 01/15/33		650		637,205
4.20%, 08/15/34		235		226,268
4.40%, 08/15/35		250		245,305
3.20%, 07/15/36		500		417,204
3.90%, 03/01/38		500		458,273
4.65%, 07/15/42		150		148,429
4.75%, 03/01/44		250		249,349
4.60%, 08/15/45		500		489,599
3.40%, 07/15/46		500		404,552
4.00%, 08/15/47		500		448,097
3.97%, 11/01/47		1,500		1,338,758
4.00%, 03/01/48		500		448,764
4.00%, 11/01/49		755		671,906
4.05%, 11/01/52		194		172,035
Discovery Communications LLC:
4.38%, 06/15/21		50		50,953
2.95%, 03/20/23		1,000		956,449
3.25%, 04/01/23		50		48,206
3.90%, 11/15/24^(c)		250		244,826
3.45%, 03/15/25		1,000		949,893
4.90%, 03/11/26		330		338,693
3.95%, 03/20/28		1,220		1,158,940
5.00%, 09/20/37		500		487,540
4.95%, 05/15/42		50		47,068
4.88%, 04/01/43		150		140,554
5.20%, 09/20/47		195		190,659
Grupo Televisa SAB:
6.63%, 01/15/40		250		283,200
5.00%, 05/13/45		200		186,826
6.13%, 01/31/46		250		272,152
Interpublic Group of Cos., Inc., 4.20%, 04/15/24		250		250,333
NBCUniversal Media LLC:
4.38%, 04/01/21		600		614,714
2.88%, 01/15/23		250		242,976
5.95%, 04/01/41		250		287,064
4.45%, 01/15/43		250		238,598
Omnicom Group, Inc.:
3.63%, 05/01/22		125		124,292
3.65%, 11/01/24		70		68,009
3.60%, 04/15/26		500		474,883
RELX Capital, Inc., 3.50%, 03/16/23		300		296,165
TCI Communications, Inc., 7.88%, 02/15/26		250		304,031
TELUS Corp., 4.60%, 11/16/48		200		199,017
Thomson Reuters Corp.:
4.30%, 11/23/23		250		255,546


			23

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Media (continued)
3.85%, 09/29/24	$	500	$	489,974
3.35%, 05/15/26		140		129,049
4.50%, 05/23/43		250		232,075
Time Warner Cable LLC:
5.00%, 02/01/20		500		510,485
4.13%, 02/15/21		100		100,803
4.00%, 09/01/21		300		301,809
6.55%, 05/01/37		650		705,099
6.75%, 06/15/39		550		599,828
5.88%, 11/15/40		250		252,403
5.50%, 09/01/41		250		240,793
4.50%, 09/15/42		1,225		1,045,406
Viacom, Inc.:
4.25%, 09/01/23		1,250		1,258,520
3.45%, 10/04/26		1,000		940,000
6.88%, 04/30/36		250		284,660
4.38%, 03/15/43		70		61,090
5.85%, 09/01/43		100		105,798
5.25%, 04/01/44		250		243,503
Walt Disney Co.:
2.15%, 09/17/20		500		491,253
2.30%, 02/12/21		500		491,011
3.75%, 06/01/21		50		51,066
2.35%, 12/01/22		1,300		1,249,115
3.15%, 09/17/25		165		160,696
3.00%, 02/13/26		200		191,641
1.85%, 07/30/26		1,000		881,329
2.95%, 06/15/27^(e)		750		712,430
4.13%, 06/01/44		500		496,502
3.00%, 07/30/46		75		60,317
Series E, 4.13%, 12/01/41		250		246,150
Warner Media LLC:
4.70%, 01/15/21		500		513,489
4.75%, 03/29/21		1,000		1,030,206
3.60%, 07/15/25		250		239,559
3.88%, 01/15/26		1,000		970,337
2.95%, 07/15/26		1,500		1,360,151
3.80%, 02/15/27		500		478,280
6.25%, 03/29/41		150		162,197
4.90%, 06/15/42		350		327,210
5.35%, 12/15/43		250		246,588
4.65%, 06/01/44		250		224,847
4.85%, 07/15/45		500		466,310
WPP Finance 2010:
4.75%, 11/21/21		100		102,414
3.63%, 09/07/22		1,500		1,477,809
3.75%, 09/19/24		250		241,241

				64,854,047


Security	Par (000)		Value
Metal Fabricating — 0.0%
The Timken Co., 4.50%, 12/15/28	$	500	$	491,054

Metals & Mining — 0.3%
ArcelorMittal:
6.13%, 06/01/25		1,000		1,086,478
7.00%, 10/15/39		375		435,882
Barrick Gold Corp., 5.25%, 04/01/42		950		989,324
Barrick North America Finance LLC:
5.70%, 05/30/41		250		270,375
5.75%, 05/01/43		250		277,549
BHP Billiton Finance USA Ltd.:
2.88%, 02/24/22		1,250		1,229,969
5.00%, 09/30/43		850		943,583
Goldcorp, Inc.:
3.63%, 06/09/21		250		249,064
3.70%, 03/15/23		500		492,952
Newmont Mining Corp.:
3.50%, 03/15/22		1,950		1,933,480
4.88%, 03/15/42		300		292,028
Nucor Corp.:
3.95%, 05/01/28		1,000		998,465
5.20%, 08/01/43		250		271,874
4.40%, 05/01/48		500		488,624
Precision Castparts Corp.:
2.50%, 01/15/23		150		144,419
4.20%, 06/15/35		250		249,683
Reliance Steel & Aluminum Co., 4.50%, 04/15/23		25		25,379
Rio Tinto Finance USA Ltd.:
3.75%, 06/15/25		500		502,076
5.20%, 11/02/40		350		389,670
Rio Tinto Finance USA PLC:
4.75%, 03/22/42		100		105,873
4.13%, 08/21/42		500		489,319
Southern Copper Corp.:
5.38%, 04/16/20		1,000		1,030,458
3.88%, 04/23/25		2,750		2,675,099
6.75%, 04/16/40		350		414,311
5.88%, 04/23/45		615		671,410
Vale Overseas Ltd.:
4.38%, 01/11/22		397		399,977
6.25%, 08/10/26		2,000		2,191,800
6.88%, 11/21/36		450		522,540
6.88%, 11/10/39		1,250		1,464,375

				21,236,036
Multi-Utilities — 0.0%
CenterPoint Energy Resources Corp., 5.85%, 01/15/41		250		288,668
Dominion Energy Gas Holdings LLC:
2.80%, 11/15/20		750		738,623
3.60%, 12/15/24		250		243,988


24

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Multi-Utilities (continued)
ONE Gas, Inc., 4.66%, 02/01/44	$	250	$	261,846
San Diego Gas & Electric Co.:
3.60%, 09/01/23		250		251,086
4.30%, 04/01/42		100		97,827

				1,882,038
Multiline Retail — 0.1%
Kohl’s Corp., 5.55%, 07/17/45		100		96,040
Nordstrom, Inc.:
4.75%, 05/01/20		750		767,782
4.00%, 10/15/21		100		101,528
5.00%, 01/15/44		500		461,093
O’Reilly Automotive, Inc., 4.35%, 06/01/28		1,000		1,003,776
Target Corp.:
2.90%, 01/15/22		150		148,850
2.50%, 04/15/26		250		231,417
4.00%, 07/01/42		350		336,312
3.63%, 04/15/46		850		770,836
3.90%, 11/15/47		500		468,998

				4,386,632
Office Supplies & Equipment — 0.0%
VMware, Inc., 2.95%, 08/21/22		2,000		1,925,096

Oil, Gas & Consumable Fuels — 2.8%
Anadarko Petroleum Corp.:
5.55%, 03/15/26		1,090		1,156,588
6.45%, 09/15/36		350		399,377
4.50%, 07/15/44		250		228,982
6.60%, 03/15/46		1,000		1,175,994
Andeavor, 3.80%, 04/01/28		2,000		1,901,848
Andeavor Logistics LP/Tesoro Logistics Finance Corp.:
3.50%, 12/01/22		1,000		984,670
5.20%, 12/01/47		500		499,304
Apache Corp.:
3.25%, 04/15/22		1,474		1,450,964
4.38%, 10/15/28		1,000		980,771
6.00%, 01/15/37		78		85,237
5.10%, 09/01/40		250		247,259
5.25%, 02/01/42		250		251,301
4.75%, 04/15/43		250		236,208
4.25%, 01/15/44		600		531,879
Boardwalk Pipelines LP, 3.38%, 02/01/23		200		193,405
BP Capital Markets America, Inc., 3.94%, 09/21/28		500		503,175
BP Capital Markets PLC:
2.52%, 01/15/20		115		114,342
2.32%, 02/13/20		250		247,766
4.74%, 03/11/21		550		568,459
2.11%, 09/16/21		500		483,181
3.56%, 11/01/21		3,000		3,019,704


Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
3.06%, 03/17/22	$	210	$	207,458
3.25%, 05/06/22		100		99,348
2.52%, 09/19/22		1,000		966,135
2.75%, 05/10/23		350		336,313
3.99%, 09/26/23		250		255,017
3.22%, 11/28/23		1,000		981,080
3.12%, 05/04/26		350		333,741
3.02%, 01/16/27		500		470,432
3.28%, 09/19/27		500		478,280
Buckeye Partners LP:
4.15%, 07/01/23		250		246,410
3.95%, 12/01/26		500		460,995
5.85%, 11/15/43		500		482,176
Canadian Natural Resources Ltd.:
3.45%, 11/15/21		1,100		1,094,128
3.80%, 04/15/24		1,250		1,237,142
3.90%, 02/01/25		250		246,783
3.85%, 06/01/27		1,000		973,868
6.25%, 03/15/38		300		354,075
Canadian Natural Resources, Ltd., 4.95%, 06/01/47		500		518,546
Cenovus Energy, Inc.:
4.25%, 04/15/27		1,000		966,650
5.25%, 06/15/37		500		494,417
6.75%, 11/15/39		500		563,865
5.40%, 06/15/47		500		500,170
Chevron Corp.:
2.19%, 11/15/19		555		551,050
2.43%, 06/24/20		550		545,296
2.42%, 11/17/20		2,000		1,976,035
2.41%, 03/03/22		145		141,068
3.33%, 11/17/25		500		493,266
2.95%, 05/16/26		1,250		1,193,693
CNOOC Finance 2013 Ltd., 3.00%, 05/09/23		1,300		1,245,789
CNOOC Finance 2015 Australia Pty Ltd., 2.63%, 05/05/20		500		492,874
CNOOC Finance 2015 USA LLC, 3.50%, 05/05/25		500		479,383
CNOOC Nexen Finance 2014 ULC:
4.25%, 04/30/24		1,750		1,765,291
4.88%, 04/30/44		500		516,719
Columbia Pipeline Group, Inc., 4.50%, 06/01/25		250		252,748
Concho Resources, Inc.:
3.75%, 10/01/27		1,000		954,498
4.88%, 10/01/47		500		505,873
ConocoPhillips Co.:
4.95%, 03/15/26		1,000		1,079,404
6.50%, 02/01/39		1,400		1,817,444
4.30%, 11/15/44		500		513,998
5.95%, 03/15/46		750		948,740


			25

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
ConocoPhillips Holding Co., 6.95%, 04/15/29	$	100	$	124,866
Continental Resources, Inc., 4.38%, 01/15/28		1,000		992,525
Devon Energy Corp.:
4.00%, 07/15/21		150		151,404
5.85%, 12/15/25		250		272,457
5.60%, 07/15/41		500		530,258
4.75%, 05/15/42		350		334,087
5.00%, 06/15/45		500		492,523
Ecopetrol SA:
5.88%, 09/18/23		350		372,925
4.13%, 01/16/25		1,000		970,000
5.38%, 06/26/26		500		515,625
5.88%, 05/28/45		750		741,750
Enable Midstream Partners LP, 5.00%, 05/15/44		500		450,075
Enbridge Energy Partners LP:
4.20%, 09/15/21		100		101,200
5.88%, 10/15/25		1,500		1,651,684
Enbridge, Inc.:
3.50%, 06/10/24		65		63,333
4.25%, 12/01/26		1,000		1,006,346
3.70%, 07/15/27		1,000		965,746
4.50%, 06/10/44		250		242,629
Encana Corp.:
3.90%, 11/15/21		1,250		1,255,338
7.38%, 11/01/31		250		305,752
6.50%, 02/01/38		250		293,008
Energy Transfer Partners LP:
5.20%, 02/01/22		250		259,587
4.75%, 01/15/26		1,000		1,010,337
3.60%, 02/01/23		150		147,415
4.90%, 02/01/24		250		257,672
4.20%, 04/15/27		1,000		965,904
4.90%, 03/15/35		250		235,062
5.15%, 02/01/43		500		475,114
5.95%, 10/01/43		150		155,946
6.13%, 12/15/45		250		266,663
5.30%, 04/15/47		250		242,210
Series 30Y, 6.00%, 06/15/48		500		533,101
Energy Transfer Partners LP/Regency Energy Finance Corp., 5.88%, 03/01/22		500		529,056
Enterprise Products Operating LLC:
2.55%, 10/15/19		500		498,012
2.80%, 02/15/21		500		493,605
3.90%, 02/15/24		125		126,123
3.75%, 02/15/25		790		788,665
3.70%, 02/15/26		960		945,291
3.95%, 02/15/27		3,000		2,995,919
5.95%, 02/01/41		150		173,677


Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
4.45%, 02/15/43	$	325	$	315,109
4.85%, 03/15/44		200		203,832
5.10%, 02/15/45		250		263,352
4.90%, 05/15/46		350		361,958
4.25%, 02/15/48		1,000		941,358
Series E, 5.25%, 08/16/77^(a)		750		698,918
EOG Resources, Inc.:
3.15%, 04/01/25		80		77,481
5.10%, 01/15/36		250		277,444
EQT Corp.:
4.88%, 11/15/21		50		51,323
3.00%, 10/01/22		1,000		969,221
EQT Midstream Partners LP, Series 10Y, 5.50%, 07/15/28		1,000		1,027,585
Equinor ASA:
2.25%, 11/08/19		1,000		993,034
2.75%, 11/10/21		500		493,260
2.65%, 01/15/24		1,500		1,436,457
3.70%, 03/01/24		250		252,098
3.25%, 11/10/24		500		491,337
5.10%, 08/17/40		100		113,168
4.25%, 11/23/41		300		303,532
Exxon Mobil Corp.:
2.22%, 03/01/21		750		735,097
2.40%, 03/06/22		500		486,815
2.73%, 03/01/23		1,000		977,681
3.18%, 03/15/24		250		247,819
2.71%, 03/06/25		1,250		1,195,221
3.04%, 03/01/26		620		601,379
4.11%, 03/01/46		1,000		1,013,726
Hess Corp.:
4.30%, 04/01/27		1,500		1,454,519
5.60%, 02/15/41		550		558,457
5.80%, 04/01/47		250		263,290
Husky Energy, Inc.:
3.95%, 04/15/22		150		151,242
4.00%, 04/15/24		500		499,083
6.80%, 09/15/37		500		615,622
Kinder Morgan Energy Partners LP:
4.30%, 05/01/24		500		504,838
3.50%, 03/01/21		750		752,154
5.80%, 03/01/21		250		262,760
5.00%, 10/01/21		200		207,796
3.95%, 09/01/22		225		226,464
3.45%, 02/15/23		500		490,343
4.15%, 02/01/24		1,000		1,002,942
4.25%, 09/01/24		155		156,231
5.80%, 03/15/35		1,000		1,092,149
6.50%, 02/01/37		100		112,168
6.95%, 01/15/38		250		303,045


26

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
5.00%, 08/15/42	$	75	$	73,526
5.00%, 03/01/43		250		244,676
5.50%, 03/01/44		250		260,024
5.40%, 09/01/44		250		256,639
Kinder Morgan, Inc.:
3.05%, 12/01/19		250		249,724
4.30%, 06/01/25		410		413,416
4.30%, 03/01/28		1,000		991,488
5.30%, 12/01/34		250		258,623
5.55%, 06/01/45		750		792,722
5.05%, 02/15/46		750		750,391
5.20%, 03/01/48		250		255,903
Magellan Midstream Partners LP:
3.20%, 03/15/25		500		475,161
4.25%, 09/15/46		250		233,249
Marathon Oil Corp.:
2.80%, 11/01/22		400		384,449
3.85%, 06/01/25		250		244,388
4.40%, 07/15/27		1,000		999,900
5.20%, 06/01/45		250		260,646
Marathon Petroleum Corp.:
5.13%, 03/01/21		150		155,600
3.63%, 09/15/24		115		113,483
4.75%, 09/15/44		250		241,682
5.85%, 12/15/45		250		262,725
MPLX LP:
4.50%, 07/15/23		250		256,317
4.88%, 12/01/24		250		259,381
4.88%, 06/01/25		250		258,184
4.13%, 03/01/27		1,000		974,013
4.00%, 03/15/28		1,000		961,818
4.50%, 04/15/38		750		706,872
4.70%, 04/15/48		500		465,948
Nexen Energy ULC:
7.88%, 03/15/32		900		1,196,377
6.40%, 05/15/37		400		483,902
Noble Energy, Inc.:
4.15%, 12/15/21		150		151,829
3.85%, 01/15/28		500		472,283
5.25%, 11/15/43		500		493,164
4.95%, 08/15/47		500		478,824
Occidental Petroleum Corp.:
3.50%, 06/15/25		250		248,066
3.40%, 04/15/26		390		381,298
3.00%, 02/15/27		2,250		2,137,652
4.40%, 04/15/46		250		254,303
4.20%, 03/15/48		1,250		1,229,533
Series 1, 4.10%, 02/01/21		50		50,877
ONEOK Partners LP:
3.38%, 10/01/22		500		492,408
4.90%, 03/15/25		250		259,489


Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
6.13%, 02/01/41	$	300	$	330,116
ONEOK, Inc., 4.95%, 07/13/47		1,000		993,619
Petroleos Mexicanos:
6.63%, 06/15/35		250		248,375
5.50%, 01/21/21		500		515,955
6.38%, 02/04/21		2,000		2,097,020
4.88%, 01/24/22		400		404,600
3.50%, 01/30/23		400		379,200
4.63%, 09/21/23		1,500		1,486,500
4.88%, 01/18/24		250		249,000
4.50%, 01/23/26		2,000		1,870,000
6.88%, 08/04/26		500		527,450
6.50%, 03/13/27		1,750		1,787,625
5.35%, 02/12/28^(c)		250		235,625
6.50%, 06/02/41		550		515,625
5.50%, 06/27/44		862		729,597
6.38%, 01/23/45		750		694,500
5.63%, 01/23/46		550		466,895
6.75%, 09/21/47		1,473		1,405,522
6.35%, 02/12/48^(c)		2,000		1,832,000
Phillips 66:
4.30%, 04/01/22		1,000		1,028,271
4.65%, 11/15/34		1,355		1,374,206
5.88%, 05/01/42		100		115,066
4.88%, 11/15/44		250		259,149
Phillips 66 Partners LP, 4.90%, 10/01/46		500		490,804
Pioneer Natural Resources Co., 3.95%, 07/15/22		150		151,230
Plains All American Pipeline LP/PAA Finance Corp.:
3.65%, 06/01/22		500		493,884
2.85%, 01/31/23		250		237,543
3.60%, 11/01/24		750		721,843
4.50%, 12/15/26		500		499,491
5.15%, 06/01/42		50		47,129
4.70%, 06/15/44		750		675,499
Sabine Pass Liquefaction LLC:
5.63%, 02/01/21		500		520,076
5.63%, 03/01/25		1,000		1,066,546
5.00%, 03/15/27		1,000		1,027,190
4.20%, 03/15/28		750		727,555
Shell International Finance BV:
4.38%, 03/25/20		100		101,973
2.13%, 05/11/20		750		740,092
2.25%, 11/10/20		1,120		1,103,054
1.88%, 05/10/21		250		241,954
1.75%, 09/12/21		1,000		961,550
3.40%, 08/12/23		2,000		1,997,546
3.25%, 05/11/25		1,250		1,222,742
2.88%, 05/10/26		500		474,864
2.50%, 09/12/26		1,000		922,609
4.13%, 05/11/35		500		506,389


			27

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
6.38%, 12/15/38	$	300	$	387,565
5.50%, 03/25/40		300		353,152
4.55%, 08/12/43		200		210,137
4.38%, 05/11/45		500		519,232
4.00%, 05/10/46		750		733,901
3.75%, 09/12/46		900		844,229
Spectra Energy Partners LP:
4.75%, 03/15/24		250		258,351
3.50%, 03/15/25		250		240,873
3.38%, 10/15/26		1,000		941,604
Suncor Energy, Inc.:
3.60%, 12/01/24		1,165		1,152,646
6.50%, 06/15/38		500		617,757
6.85%, 06/01/39		250		318,819
4.00%, 11/15/47		1,000		938,365
Sunoco Logistics Partners Operations LP:
4.25%, 04/01/24		400		398,683
4.00%, 10/01/27		2,500		2,373,567
4.95%, 01/15/43		250		228,316
5.30%, 04/01/44		100		95,856
5.35%, 05/15/45		250		243,759
5.40%, 10/01/47		500		494,584
TC PipeLines LP:
4.38%, 03/13/25		250		248,282
3.90%, 05/25/27		105		99,677
Total Capital Canada Ltd., 2.75%, 07/15/23		150		145,139
Total Capital International SA:
2.75%, 06/19/21		250		247,397
2.70%, 01/25/23		500		485,669
3.75%, 04/10/24		1,000		1,011,135
Total Capital SA, 4.25%, 12/15/21		250		257,032
TransCanada PipeLines Ltd.:
2.50%, 08/01/22		1,000		959,658
3.75%, 10/16/23		500		499,833
4.88%, 01/15/26		1,600		1,673,627
4.63%, 03/01/34		250		250,907
6.20%, 10/15/37		200		233,527
7.25%, 08/15/38		250		313,590
7.63%, 01/15/39		250		332,872
5.00%, 10/16/43		150		155,126
4.88%, 05/15/48		750		766,580
TransCanada PipeLines, Ltd.:
4.25%, 05/15/28		750		753,101
4.75%, 05/15/38		250		254,535
Transcontinental Gas Pipe Line Co. LLC:
7.85%, 02/01/26		250		304,523
4.00%, 03/15/28		750		732,854


Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
4.45%, 08/01/42	$	250	$	238,922
Valero Energy Corp.:
6.13%, 02/01/20		150		155,638
3.65%, 03/15/25		500		488,971
3.40%, 09/15/26		750		712,951
6.63%, 06/15/37		300		362,700
4.90%, 03/15/45		500		509,568
Western Gas Partners LP:
4.00%, 07/01/22		250		248,909
3.95%, 06/01/25		750		715,184
4.65%, 07/01/26		250		245,047
4.50%, 03/01/28		1,000		959,243
Williams Cos., Inc.:
5.25%, 03/15/20		500		513,137
4.00%, 11/15/21		250		252,296
3.60%, 03/15/22		750		745,120
4.30%, 03/04/24		250		252,218
3.90%, 01/15/25		250		244,582
4.00%, 09/15/25		250		245,984
3.75%, 06/15/27		1,500		1,427,871
6.30%, 04/15/40		250		282,625
4.90%, 01/15/45		500		486,431
5.10%, 09/15/45		400		402,076
4.85%, 03/01/48		500		483,343

				174,772,518
Paper & Forest Products — 0.1%
Fibria Overseas Finance, Ltd., 5.50%, 01/17/27		1,000		991,200
Georgia-Pacific LLC, 8.88%, 05/15/31		525		763,261
International Paper Co.:
4.75%, 02/15/22		1,000		1,035,898
3.65%, 06/15/24		500		494,175
5.00%, 09/15/35		250		254,221
7.30%, 11/15/39		250		317,586
4.80%, 06/15/44		250		242,862
4.40%, 08/15/47		500		460,935
4.35%, 08/15/48		750		684,184
WestRock MWV LLC, 8.20%, 01/15/30		100		129,861

				5,374,183
Personal Products — 0.2%
Colgate-Palmolive Co.:
3.25%, 03/15/24		250		248,048
3.70%, 08/01/47		750		708,240
Estee Lauder Cos., Inc., 3.15%, 03/15/27		1,000		951,374
Procter & Gamble Co.:
1.90%, 10/23/20		2,500		2,446,346
2.30%, 02/06/22		250		243,185


28

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Personal Products (continued)
3.10%, 08/15/23	$	500	$	496,921
2.85%, 08/11/27		500		471,842
3.50%, 10/25/47		1,000		928,906
Unilever Capital Corp.:
4.25%, 02/10/21		200		205,033
3.13%, 03/22/23		2,000		1,974,063
3.10%, 07/30/25		250		241,764
2.00%, 07/28/26		750		662,985

				9,578,707
Pharmaceuticals — 1.5%
Abbott Laboratories:
2.00%, 03/15/20		500		493,795
2.55%, 03/15/22		1,000		970,830
3.25%, 04/15/23		150		148,810
3.88%, 09/15/25		45		45,291
3.75%, 11/30/26		2,500		2,492,985
4.75%, 11/30/36		500		532,121
5.30%, 05/27/40		500		554,882
4.75%, 04/15/43		250		262,048
4.90%, 11/30/46		1,000		1,086,041
AbbVie, Inc.:
2.50%, 05/14/20		500		494,396
2.30%, 05/14/21		750		729,974
2.90%, 11/06/22		1,250		1,214,383
2.85%, 05/14/23		1,500		1,444,277
3.60%, 05/14/25		1,500		1,451,804
3.20%, 05/14/26		1,435		1,336,176
4.50%, 05/14/35		450		432,226
4.30%, 05/14/36		200		187,616
4.40%, 11/06/42		400		370,359
4.70%, 05/14/45		500		480,392
4.45%, 05/14/46		1,250		1,149,076
4.88%, 11/14/48		1,000		983,891
Allergan Finance LLC, 3.25%, 10/01/22		1,150		1,129,101
Allergan Funding SCS:
3.00%, 03/12/20		1,000		998,760
3.45%, 03/15/22		1,155		1,147,259
3.80%, 03/15/25		1,500		1,468,865
4.55%, 03/15/35		630		612,807
4.85%, 06/15/44		250		247,118
4.75%, 03/15/45		668		649,459
AmerisourceBergen Corp.:
3.45%, 12/15/27		750		699,838
4.25%, 03/01/45		250		222,315
AstraZeneca PLC:
2.38%, 11/16/20		500		492,353
2.38%, 06/12/22		500		480,577
3.38%, 11/16/25		1,700		1,644,314
3.13%, 06/12/27		500		466,289
6.45%, 09/15/37		100		125,539
4.38%, 11/16/45		650		640,005


Security	Par (000)		Value
Pharmaceuticals (continued)
4.38%, 08/17/48	$	650	$	631,583
Bristol-Myers Squibb Co.:
2.00%, 08/01/22		250		238,902
4.50%, 03/01/44		250		260,963
Cardinal Health, Inc.:
3.50%, 11/15/24		250		240,199
3.41%, 06/15/27		2,000		1,845,850
4.60%, 03/15/43		50		45,364
4.90%, 09/15/45		250		236,591
CVS Health Corp.:
3.35%, 03/09/21		1,500		1,496,917
4.13%, 05/15/21		250		254,004
2.13%, 06/01/21		250		241,306
3.50%, 07/20/22		500		496,188
3.70%, 03/09/23		2,000		1,989,533
4.00%, 12/05/23		500		501,029
4.10%, 03/25/25		1,500		1,495,984
3.88%, 07/20/25		443		436,550
2.88%, 06/01/26		750		687,792
4.30%, 03/25/28		2,500		2,480,397
4.88%, 07/20/35		1,000		1,004,861
4.78%, 03/25/38		2,000		1,990,418
5.13%, 07/20/45		1,250		1,285,044
5.05%, 03/25/48		2,750		2,812,820
Eli Lilly & Co.:
2.75%, 06/01/25		45		43,048
3.10%, 05/15/27		750		722,401
3.70%, 03/01/45		250		235,950
Express Scripts Holding Co.:
4.75%, 11/15/21		300		309,639
3.05%, 11/30/22		3,000		2,907,706
3.00%, 07/15/23		1,000		962,922
3.50%, 06/15/24		250		243,254
4.50%, 02/25/26		250		252,239
3.40%, 03/01/27		750		696,996
4.80%, 07/15/46		250		243,997
GlaxoSmithKline Capital PLC, 2.85%, 05/08/22		1,650		1,622,247
GlaxoSmithKline Capital, Inc.:
2.80%, 03/18/23		1,500		1,462,537
3.38%, 05/15/23		1,000		995,870
3.63%, 05/15/25		500		499,266
3.88%, 05/15/28		1,000		1,010,302
5.38%, 04/15/34		250		287,381
6.38%, 05/15/38		300		385,580
Johnson & Johnson:
1.95%, 11/10/20		1,000		979,789
1.65%, 03/01/21		500		484,251
2.45%, 12/05/21		450		442,312
2.25%, 03/03/22		250		244,088
2.05%, 03/01/23		750		718,233
2.45%, 03/01/26		370		345,943


			29

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Pharmaceuticals (continued)
4.38%, 12/05/33	$	250	$	266,061
3.55%, 03/01/36		750		716,492
3.63%, 03/03/37		500		481,084
4.50%, 09/01/40		100		106,659
4.50%, 12/05/43		750		804,286
3.70%, 03/01/46		500		475,764
3.50%, 01/15/48		750		687,180
Mead Johnson Nutrition Co., 4.60%, 06/01/44		250		252,958
Merck & Co., Inc.:
3.88%, 01/15/21		250		254,314
2.35%, 02/10/22		500		486,772
2.75%, 02/10/25		3,570		3,426,950
4.15%, 05/18/43		250		255,707
3.70%, 02/10/45		900		857,039
Mylan NV:
3.95%, 06/15/26		1,000		945,929
5.25%, 06/15/46		500		467,676
Mylan, Inc.:
4.20%, 11/29/23		250		247,282
5.20%, 04/15/48^(c)		250		231,029
Novartis Capital Corp.:
1.80%, 02/14/20		250		246,408
4.40%, 04/24/20		100		102,181
3.40%, 05/06/24		650		650,887
3.00%, 11/20/25		1,100		1,058,005
3.10%, 05/17/27		1,000		959,520
4.40%, 05/06/44		750		800,067
Perrigo Finance PLC:
3.90%, 12/15/24		250		241,584
4.38%, 03/15/26		250		244,939
Pfizer, Inc.:
1.95%, 06/03/21		500		485,729
2.20%, 12/15/21		3,000		2,917,785
5.80%, 08/12/23		500		552,413
2.75%, 06/03/26		115		108,416
3.00%, 12/15/26		1,750		1,680,088
4.00%, 12/15/36		500		494,815
7.20%, 03/15/39		250		344,528
4.30%, 06/15/43		500		505,978
4.40%, 05/15/44		500		514,057
4.13%, 12/15/46		500		494,964
4.20%, 09/15/48		500		501,871
Shire Acquisitions Investments Ireland DAC:
2.88%, 09/23/23		500		476,168
3.20%, 09/23/26		900		829,454
Wyeth LLC:
6.50%, 02/01/34		500		626,463
5.95%, 04/01/37		250		303,049


Security	Par (000)		Value
Pharmaceuticals (continued)
Zoetis, Inc.:
3.25%, 02/01/23	$	1,000	$	982,735
4.70%, 02/01/43		400		409,347
4.45%, 08/20/48		250		247,635

				92,396,486
Real Estate — 0.0%
CBRE Services, Inc.:
5.25%, 03/15/25		250		259,799
4.88%, 03/01/26		250		254,936
Highwoods Realty LP, 4.13%, 03/15/28		250		243,241
Prologis LP:
3.75%, 11/01/25		45		45,003
4.38%, 09/15/48		100		101,065
Vornado Realty LP, 3.50%, 01/15/25		250		239,318

				1,143,362
Road & Rail — 0.5%
Burlington Northern Santa Fe LLC:
4.70%, 10/01/19		750		763,442
3.75%, 04/01/24		50		50,564
3.65%, 09/01/25		750		753,448
7.00%, 12/15/25		250		299,994
3.25%, 06/15/27		4,000		3,905,127
5.40%, 06/01/41		50		57,256
4.40%, 03/15/42		150		153,221
4.38%, 09/01/42		250		255,760
4.45%, 03/15/43		200		206,936
5.15%, 09/01/43		250		280,320
4.90%, 04/01/44		500		541,419
4.55%, 09/01/44		250		260,145
4.15%, 04/01/45		500		493,140
4.13%, 06/15/47		250		247,805
4.15%, 12/15/48		500		494,430
Canadian National Railway Co.:
2.85%, 12/15/21		1,000		986,189
2.95%, 11/21/24		305		293,911
2.75%, 03/01/26		560		526,831
3.50%, 11/15/42		100		89,225
3.65%, 02/03/48		1,000		926,030
Canadian Pacific Railway Co.:
4.45%, 03/15/23		500		514,319
2.90%, 02/01/25		1,000		950,704
7.13%, 10/15/31		250		313,891
4.80%, 09/15/35		250		262,784
5.75%, 01/15/42		25		28,925
4.80%, 08/01/45		110		116,971
CSX Corp.:
3.70%, 10/30/20		100		100,990
3.35%, 11/01/25		250		242,348
4.75%, 05/30/42		100		103,109
4.30%, 03/01/48		750		734,204


30

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Road & Rail (continued)
3.95%, 05/01/50	$	450	$	406,444
4.50%, 08/01/54		250		240,071
4.25%, 11/01/66		750		672,792
Kansas City Southern:
3.13%, 06/01/26		250		229,926
4.70%, 05/01/48		500		497,443
Norfolk Southern Corp.:
3.00%, 04/01/22		1,750		1,721,963
3.85%, 01/15/24		1,000		1,010,312
3.15%, 06/01/27		880		833,725
3.95%, 10/01/42		100		93,368
4.80%, 08/15/43		131		133,057
4.45%, 06/15/45		250		250,724
3.94%, 11/01/47		225		208,959
4.15%, 02/28/48		250		241,559
Ryder System, Inc., 3.40%, 03/01/23		500		493,465
Union Pacific Corp.:
4.16%, 07/15/22		100		102,481
3.65%, 02/15/24		1,000		997,107
3.25%, 08/15/25		250		242,519
2.75%, 03/01/26		1,000		933,055
3.95%, 09/10/28		1,000		1,004,393
3.60%, 09/15/37		1,250		1,144,789
4.30%, 06/15/42		50		49,098
4.75%, 12/15/43		250		258,480
4.05%, 11/15/45		250		237,343
4.05%, 03/01/46		140		131,675
4.50%, 09/10/48		500		509,947
3.80%, 10/01/51		250		222,135
4.80%, 09/10/58		200		206,743

				28,027,011
Semiconductors & Semiconductor Equipment — 0.4%
Altera Corp., 4.10%, 11/15/23		250		258,258
Analog Devices, Inc., 3.50%, 12/05/26		750		718,320
Applied Materials, Inc.:
4.30%, 06/15/21		500		514,109
3.90%, 10/01/25		160		160,675
3.30%, 04/01/27		1,000		963,032
5.85%, 06/15/41		300		354,766
Broadcom Corp./Broadcom Cayman Finance Ltd.:
3.00%, 01/15/22		1,500		1,461,390
2.65%, 01/15/23		500		472,384
3.63%, 01/15/24		250		242,897
3.88%, 01/15/27		1,500		1,412,163
3.50%, 01/15/28		500		454,325
Intel Corp.:
1.85%, 05/11/20		2,000		1,967,987
2.45%, 07/29/20		2,000		1,984,667
1.70%, 05/19/21		1,000		965,996
3.70%, 07/29/25		1,000		1,006,702


Security	Par (000)		Value
Semiconductors & Semiconductor Equipment (continued)
4.10%, 05/19/46	$	500	$	494,324
4.10%, 05/11/47		250		247,932
3.73%, 12/08/47		1,399		1,303,706
KLA-Tencor Corp., 4.65%, 11/01/24		305		312,535
Lam Research Corp., 3.80%, 03/15/25		230		228,340
Maxim Integrated Products, Inc., 3.38%, 03/15/23		100		98,128
NVIDIA Corp., 2.20%, 09/16/21		300		291,335
QUALCOMM, Inc.:
2.25%, 05/20/20		1,500		1,480,369
3.00%, 05/20/22		500		491,932
2.60%, 01/30/23		140		134,582
3.45%, 05/20/25		250		242,530
3.25%, 05/20/27		500		470,563
4.65%, 05/20/35		250		253,873
4.80%, 05/20/45		750		759,649
4.30%, 05/20/47		500		469,870
Seagate HDD Cayman:
4.75%, 06/01/23		500		497,632
4.88%, 06/01/27		500		467,806
Texas Instruments, Inc.:
1.75%, 05/01/20		250		245,528
4.15%, 05/15/48		1,000		1,004,098
Xilinx, Inc., 3.00%, 03/15/21		75		74,281

				22,506,684
Software — 0.6%
Activision Blizzard, Inc., 3.40%, 06/15/27		1,000		946,338
CA, Inc., 4.50%, 08/15/23		170		170,860
Microsoft Corp.:
1.85%, 02/06/20		1,000		987,870
1.85%, 02/12/20		500		493,622
3.00%, 10/01/20		50		50,279
2.00%, 11/03/20		500		491,149
1.55%, 08/08/21		1,000		959,826
2.40%, 02/06/22		1,000		976,843
2.38%, 02/12/22		1,000		976,363
2.65%, 11/03/22		500		489,799
2.00%, 08/08/23		1,000		945,168
2.88%, 02/06/24		865		845,628
3.13%, 11/03/25		500		489,430
2.40%, 08/08/26		1,485		1,369,250
3.30%, 02/06/27		2,500		2,452,066
3.50%, 02/12/35		165		159,161
4.20%, 11/03/35		250		260,791
3.45%, 08/08/36		750		715,078
4.10%, 02/06/37		1,250		1,291,183
4.50%, 10/01/40		500		538,377
5.30%, 02/08/41		100		118,094
3.75%, 05/01/43		150		145,246
3.75%, 02/12/45		500		484,584
4.45%, 11/03/45		500		535,434


			31

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Software (continued)
3.70%, 08/08/46	$	1,500	$	1,434,717
4.25%, 02/06/47		1,000		1,050,015
4.00%, 02/12/55		500		495,515
4.75%, 11/03/55		250		282,621
3.95%, 08/08/56		250		244,578
4.50%, 02/06/57		1,500		1,618,824
Oracle Corp.:
2.25%, 10/08/19		750		746,252
3.88%, 07/15/20		100		101,624
2.80%, 07/08/21		1,000		992,149
1.90%, 09/15/21		2,000		1,931,050
2.50%, 10/15/22		3,250		3,153,386
2.40%, 09/15/23		1,000		954,124
2.95%, 11/15/24		500		482,903
2.95%, 05/15/25		500		479,764
2.65%, 07/15/26		745		691,455
3.25%, 11/15/27		750		721,659
3.25%, 05/15/30		250		235,832
4.30%, 07/08/34		250		255,296
3.90%, 05/15/35		500		483,887
3.85%, 07/15/36		750		724,491
3.80%, 11/15/37		750		714,503
6.13%, 07/08/39		500		615,792
5.38%, 07/15/40		400		455,316
4.50%, 07/08/44		500		512,780
4.13%, 05/15/45		250		242,350
4.00%, 07/15/46		750		714,754
4.00%, 11/15/47		1,500		1,424,362
4.38%, 05/15/55		250		248,971
salesforce.com, Inc., 3.25%, 04/11/23		500		496,382

				39,397,791
Specialty Retail — 0.3%
Advance Auto Parts, Inc., 4.50%, 12/01/23		250		254,121
AutoZone, Inc.:
3.70%, 04/15/22		50		50,200
3.13%, 07/15/23		250		243,547
3.25%, 04/15/25		165		155,676
Bed Bath & Beyond, Inc., 5.17%, 08/01/44		250		177,575
Costco Wholesale Corp.:
2.25%, 02/15/22		85		82,430
3.00%, 05/18/27		1,500		1,426,812
Dollar Tree, Inc., 4.20%, 05/15/28		1,000		971,278
Home Depot, Inc.:
2.00%, 04/01/21		500		487,426
4.40%, 04/01/21		150		154,326
2.63%, 06/01/22		750		734,814
3.35%, 09/15/25		500		494,210
3.00%, 04/01/26		1,500		1,440,171


Security	Par (000)		Value
Specialty Retail (continued)
2.13%, 09/15/26	$	500	$	448,095
2.80%, 09/14/27		500		466,439
5.88%, 12/16/36		100		121,714
5.40%, 09/15/40		500		580,162
4.20%, 04/01/43		250		251,848
4.40%, 03/15/45		250		259,812
4.25%, 04/01/46		1,000		1,021,333
3.90%, 06/15/47		500		481,559
3.50%, 09/15/56		140		120,987
Lowe’s Cos., Inc.:
4.63%, 04/15/20		100		101,681
3.80%, 11/15/21		250		254,468
3.12%, 04/15/22		1,600		1,590,390
3.38%, 09/15/25		500		492,119
2.50%, 04/15/26		955		877,999
4.25%, 09/15/44		250		246,901
3.70%, 04/15/46		250		227,011
4.05%, 05/03/47		1,000		960,983
Macy’s Retail Holdings, Inc.:
3.88%, 01/15/22		300		299,147
4.38%, 09/01/23		200		200,133
3.63%, 06/01/24		250		240,033
4.50%, 12/15/34		500		410,925
QVC, Inc.:
5.45%, 08/15/34		200		178,790
5.95%, 03/15/43		350		317,320

				16,822,435
Technology Hardware, Storage & Peripherals — 0.6%
Adobe Systems, Inc., 3.25%, 02/01/25		70		68,394
Apple, Inc.:
1.55%, 02/07/20		250		245,819
1.90%, 02/07/20		1,000		988,211
2.00%, 05/06/20		500		493,011
2.00%, 11/13/20		3,000		2,946,608
2.25%, 02/23/21		500		491,090
1.55%, 08/04/21		1,000		959,255
2.50%, 02/09/22		1,000		978,040
2.10%, 09/12/22		500		478,938
2.40%, 01/13/23		1,000		965,214
2.85%, 02/23/23		250		246,105
2.40%, 05/03/23		2,000		1,922,835
3.45%, 05/06/24		1,000		1,000,482
2.50%, 02/09/25		140		132,316
3.20%, 05/13/25		750		735,649
3.25%, 02/23/26		660		645,118
2.45%, 08/04/26		1,410		1,300,286
3.35%, 02/09/27		2,000		1,956,443
3.20%, 05/11/27		1,000		966,824
2.90%, 09/12/27		1,000		942,436
3.00%, 11/13/27		1,000		949,215


32

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Technology Hardware, Storage & Peripherals (continued)
4.50%, 02/23/36	$	250	$	268,774
3.85%, 05/04/43		250		240,634
4.45%, 05/06/44		250		261,476
3.45%, 02/09/45		350		314,021
4.38%, 05/13/45		500		519,873
4.65%, 02/23/46		980		1,058,731
3.85%, 08/04/46		750		719,223
4.25%, 02/09/47		250		255,115
3.75%, 11/13/47		1,250		1,172,978
Dell International LLC/EMC Corp.^(c):
4.42%, 06/15/21		500		507,538
5.45%, 06/15/23		1,000		1,051,635
6.02%, 06/15/26		1,590		1,699,443
8.10%, 07/15/36		500		600,044
8.35%, 07/15/46		850		1,058,042
Hewlett Packard Enterprise Co.:
3.60%, 10/15/20		1,000		1,004,070
4.40%, 10/15/22		1,500		1,540,714
4.90%, 10/15/25		750		770,957
6.20%, 10/15/35		500		514,028
6.35%, 10/15/45		250		256,908
HP, Inc.:
4.05%, 09/15/22		1,000		1,013,246
6.00%, 09/15/41		650		660,958
NetApp, Inc., 3.38%, 06/15/21		105		104,618

				35,005,315
Textiles, Apparel & Luxury Goods — 0.0%
NIKE, Inc., 3.88%, 11/01/45		500		482,167
VF Corp., 3.50%, 09/01/21		100		100,182

				582,349
Tobacco — 0.3%
Altria Group, Inc.:
2.63%, 01/14/20		250		248,570
4.75%, 05/05/21		1,000		1,033,758
2.85%, 08/09/22		1,500		1,466,910
4.00%, 01/31/24		250		253,638
4.50%, 05/02/43		400		386,372
5.38%, 01/31/44		320		344,140
3.88%, 09/16/46		1,250		1,093,356
BAT Capital Corp.^(c):
2.30%, 08/14/20		1,000		979,967
2.76%, 08/15/22		1,000		963,540
3.22%, 08/15/24		750		714,853
3.56%, 08/15/27		1,000		931,248
4.39%, 08/15/37		1,250		1,162,915
4.54%, 08/15/47		700		644,827
Philip Morris International, Inc.:
4.13%, 05/17/21		50		51,122
2.63%, 03/06/23		250		239,726
2.13%, 05/10/23		1,000		939,191


Security	Par (000)		Value
Tobacco (continued)
3.25%, 11/10/24	$	1,000	$	979,199
3.38%, 08/11/25		750		730,517
2.75%, 02/25/26		415		385,621
3.13%, 08/17/27		1,000		946,067
4.50%, 03/20/42		50		48,717
3.88%, 08/21/42		350		314,174
4.13%, 03/04/43		450		416,820
4.88%, 11/15/43		250		255,023
4.25%, 11/10/44		365		343,885
Reynolds American, Inc.:
6.88%, 05/01/20		250		263,510
3.25%, 06/12/20		1,135		1,132,682
5.70%, 08/15/35		325		347,117
6.15%, 09/15/43		150		167,179
5.85%, 08/15/45		750		815,607

				18,600,251
Trading Companies & Distributors — 0.0%
GATX Corp., 3.25%, 09/15/26		750		690,281

Water Utilities — 0.0%
American Water Capital Corp.:
3.40%, 03/01/25		250		245,517
2.95%, 09/01/27		500		467,846
3.75%, 09/01/28		500		495,186
4.30%, 09/01/45		250		245,159
3.75%, 09/01/47		500		454,261

				1,907,969
Wireless Telecommunication Services — 0.2%
America Movil SAB de CV:
5.00%, 03/30/20		1,200		1,229,040
3.13%, 07/16/22		1,500		1,468,786
6.13%, 03/30/40		250		295,583
4.38%, 07/16/42		850		829,522
Rogers Communications, Inc.:
3.00%, 03/15/23		650		630,644
3.63%, 12/15/25		565		551,972
2.90%, 11/15/26		1,000		918,875
5.00%, 03/15/44		250		261,655
4.30%, 02/15/48		750		722,314
Vodafone Group PLC:
3.75%, 01/16/24		1,000		988,668
4.13%, 05/30/25		1,000		992,264
4.38%, 05/30/28		1,000		985,227
7.88%, 02/15/30		100		124,308
5.00%, 05/30/38		500		493,021
4.38%, 02/19/43		950		854,322


			33

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Wireless Telecommunication Services (continued)
5.25%, 05/30/48	$	1,000	$	1,003,993

				12,350,194

Total Corporate Bonds — 25.7% (Cost — $1,663,107,441)				1,612,715,619


Foreign Agency Obligations — 3.0%
African Development Bank:
Series GDIC, 1.88%, 03/16/20		1,000		985,740
Series GDIF, 2.63%, 03/22/21		500		495,481
Series GDIF, 1.25%, 07/26/21		500		476,239
Asian Development Bank:
1.63%, 05/05/20		3,000		2,941,553
2.25%, 01/20/21		5,000		4,920,956
1.63%, 03/16/21		750		726,219
2.00%, 02/16/22		2,000		1,932,538
1.88%, 02/18/22		1,000		962,360
1.75%, 09/13/22		500		475,521
2.75%, 03/17/23		750		739,272
2.00%, 04/24/26		1,000		920,341
2.75%, 01/19/28		750		723,311
Series 5Y, 1.88%, 08/10/22		500		478,649
Chile Government International Bond:
3.25%, 09/14/21		500		500,360
3.63%, 10/30/42		350		325,318
3.86%, 06/21/47		1,000		950,000
Colombia Government International Bond:
4.38%, 07/12/21		750		763,500
2.63%, 03/15/23		250		237,750
4.00%, 02/26/24		750		750,000
4.50%, 01/28/26		2,250		2,292,750
3.88%, 04/25/27		1,000		970,000
7.38%, 09/18/37		100		126,000
6.13%, 01/18/41		1,000		1,132,500
5.63%, 02/26/44		950		1,021,250
5.00%, 06/15/45		1,000		999,000
Council of Europe Development Bank:
1.88%, 01/27/20		1,000		987,011
1.63%, 03/10/20		250		245,524
European Bank for Reconstruction & Development:
1.75%, 11/26/19		500		494,028
1.50%, 03/16/20		500		490,149
1.63%, 05/05/20		2,000		1,960,864
2.75%, 04/26/21		1,000		993,898
2.75%, 03/07/23		1,000		985,249
European Investment Bank:
1.25%, 12/16/19		5,000		4,908,319
1.38%, 06/15/20		1,000		974,813


Security	Par (000)		Value
Foreign Agency Obligations (continued)
1.63%, 08/14/20	$	3,000	$	2,929,830
1.63%, 12/15/20		1,000		972,236
2.00%, 03/15/21		1,500		1,465,823
2.38%, 05/13/21		4,000		3,939,507
1.63%, 06/15/21		2,000		1,929,529
1.38%, 09/15/21		2,000		1,907,912
2.00%, 12/15/22		1,000		957,503
2.50%, 03/15/23		2,000		1,949,188
2.88%, 08/15/23		1,500		1,483,781
3.25%, 01/29/24		1,000		1,005,683
2.13%, 04/13/26		1,000		928,915
2.38%, 05/24/27		1,000		937,986
Export Development Canada:
1.75%, 07/21/20		500		489,677
2.50%, 01/24/23		2,000		1,952,330
Export-Import Bank of Korea:
1.88%, 10/21/21		2,000		1,897,368
2.75%, 01/25/22		1,000		971,453
3.25%, 11/10/25		500		477,185
3.25%, 08/12/26		500		473,692
FMS Wertmanagement:
1.38%, 06/08/21		1,000		958,269
2.00%, 08/01/22		1,000		961,502
2.75%, 03/06/23		500		493,187
Hungary Government International Bond:
5.38%, 02/21/23		500		529,753
5.75%, 11/22/23		500		541,500
5.38%, 03/25/24		500		535,420
7.63%, 03/29/41		250		348,750
Indonesia Government International Bond, 4.10%, 04/24/28		2,000		1,941,966
Inter-American Development Bank:
1.25%, 10/15/19		500		492,452
1.75%, 10/15/19		1,500		1,484,689
1.63%, 05/12/20		8,000		7,843,464
1.88%, 03/15/21		500		487,170
1.25%, 09/14/21		1,000		950,708
2.13%, 01/18/22		1,000		971,512
1.75%, 04/14/22		750		717,467
1.75%, 09/14/22		2,000		1,903,676
2.00%, 06/02/26		500		460,885
2.38%, 07/07/27		1,000		938,085
3.20%, 08/07/42		750		723,970
International Bank for Reconstruction & Development:
1.88%, 10/07/19		250		247,931
1.13%, 11/27/19		1,500		1,471,384
1.38%, 03/30/20		3,750		3,669,997
1.13%, 08/10/20		1,000		968,061
2.13%, 11/01/20		500		492,176
1.38%, 05/24/21		500		480,067


34

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Foreign Agency Obligations (continued)
1.38%, 09/20/21	$	1,000	$	954,134
7.63%, 01/19/23		1,000		1,180,032
1.75%, 04/19/23		1,000		945,359
4.75%, 02/15/35		500		593,653
Series GDIF, 1.63%, 09/04/20		2,000		1,952,916
Series GDIF, 1.95%, 11/09/20		4,000		3,917,460
Series GDIF, 1.63%, 03/09/21		1,500		1,453,158
Series GDIF, 2.25%, 06/24/21		1,000		981,129
Series GDIF, 2.75%, 07/23/21		2,000		1,987,652
Series GDIF, 2.50%, 07/29/25		1,000		961,131
Series GDIF, 1.88%, 10/27/26		750		682,913
International Finance Corp.:
1.63%, 07/16/20		500		488,835
2.25%, 01/25/21		750		738,113
1.13%, 07/20/21		500		475,115
2.88%, 07/31/23		750		743,176
Israel Government International Bond:
4.00%, 06/30/22		900		918,032
4.50%, 01/30/43		200		202,944
Italian Government International Bond:
6.88%, 09/27/23		100		108,613
5.38%, 06/15/33		250		260,519
Japan Bank for International Cooperation:
2.13%, 02/07/19		200		199,666
1.88%, 04/20/21		2,000		1,934,340
1.50%, 07/21/21		500		476,915
2.00%, 11/04/21		2,000		1,925,500
2.38%, 07/21/22		1,000		967,536
2.38%, 11/16/22		2,000		1,929,264
3.25%, 07/20/23		600		597,838
3.38%, 07/31/23		500		500,886
2.38%, 04/20/26		750		698,157
2.25%, 11/04/26		500		457,885
2.75%, 11/16/27		500		472,008
Korea Development Bank, 2.75%, 03/19/23		1,000		957,405
Korea International Bond, 4.13%, 06/10/44		250		256,500
Landwirtschaftliche Rentenbank:
2.25%, 10/01/21		500		488,893
1.75%, 07/27/26		1,000		899,732
Mexico Government International Bond:
8.13%, 12/30/19		100		106,939
3.63%, 03/15/22		2,750		2,755,005
4.00%, 10/02/23		250		251,643
3.60%, 01/30/25		500		485,500
4.13%, 01/21/26		3,000		2,973,150
4.15%, 03/28/27		1,000		984,000
6.75%, 09/27/34		150		179,250
6.05%, 01/11/40		300		333,153


Security	Par (000)		Value
Foreign Agency Obligations (continued)
4.75%, 03/08/44	$	1,700	$	1,624,350
5.55%, 01/21/45		1,525		1,620,312
4.60%, 01/23/46		1,000		932,500
4.35%, 01/15/47		750		679,883
4.60%, 02/10/48		2,000		1,880,000
Nordic Investment Bank:
2.50%, 04/28/20		2,000		1,988,511
1.50%, 09/29/20		1,500		1,458,120
Panama Government International Bond:
5.20%, 01/30/20		350		359,104
3.75%, 03/16/25		1,500		1,493,265
3.88%, 03/17/28		1,500		1,485,765
6.70%, 01/26/36		350		437,154
4.50%, 05/15/47		750		751,132
4.50%, 04/16/50		750		743,632
Peruvian Government International Bond:
7.35%, 07/21/25		400		490,404
4.13%, 08/25/27		1,000		1,031,010
8.75%, 11/21/33		441		651,578
6.55%, 03/14/37		250		315,625
5.63%, 11/18/50		1,050		1,246,350
Philippine Government International Bond:
4.00%, 01/15/21		4,500		4,575,532
4.20%, 01/21/24		2,500		2,568,180
7.75%, 01/14/31		500		674,958
6.38%, 10/23/34		250		311,729
3.95%, 01/20/40		250		241,362
3.70%, 03/01/41		1,100		1,023,124
3.70%, 02/02/42		500		464,854
Poland Government International Bond:
5.00%, 03/23/22		2,050		2,155,308
3.00%, 03/17/23		200		196,320
4.00%, 01/22/24		250		254,894
3.25%, 04/06/26		250		242,515
Province of Alberta Canada, 2.20%, 07/26/22		1,000		962,359
Province of British Columbia Canada, 2.00%, 10/23/22		750		716,530
Province of Manitoba Canada, 2.05%, 11/30/20		500		488,698
Province of Ontario Canada:
4.40%, 04/14/20		1,200		1,225,303
1.88%, 05/21/20		500		490,840
2.40%, 02/08/22		1,000		972,770
2.25%, 05/18/22		2,000		1,931,027
2.20%, 10/03/22		2,000		1,918,746
Province of Quebec Canada:
3.50%, 07/29/20		500		504,385


			35

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Foreign Agency Obligations (continued)
2.75%, 08/25/21	$	500	$	494,354
2.38%, 01/31/22		1,000		973,817
2.63%, 02/13/23		250		243,543
2.88%, 10/16/24		500		489,021
2.50%, 04/20/26		750		706,718
Svensk Exportkredit AB:
2.88%, 05/22/21		2,000		1,990,570
2.38%, 03/09/22		1,500		1,462,954
Uruguay Government International Bond:
8.00%, 11/18/22		150		169,652
4.50%, 08/14/24		1,250		1,284,375
4.38%, 10/27/27		1,000		1,018,510
5.10%, 06/18/50		1,750		1,785,000
4.98%, 04/20/55		500		500,000

Total Foreign Agency Obligations — 3.0% (Cost — $192,842,067)				188,772,794

Municipal Bonds — 0.6%
American Municipal Power, Inc., RB, Build America Bonds, Combined Hydroelectric Projects, Series B:
7.83%, 02/15/41		150		214,614
8.08%, 02/15/50		500		783,320
Bay Area Toll Authority, RB, Build America Bonds, San Francisco Toll Bridge:
Series F-2, 6.26%, 04/01/49		250		341,075
Series S-1, 6.92%, 04/01/40		530		711,769
Series S-1, 7.04%, 04/01/50		100		146,493
Series S-3, 6.91%, 10/01/50		200		289,862
Chicago Transit Authority, RB:
Build America Bonds, Series B, 6.20%, 12/01/40		435		526,641
Pension Funding, Series A, 6.90%, 12/01/40		100		127,112
City & County of San Francisco California Public Utilities Commission Water Revenue, RB, Build America Bonds, Sub-Series G, 6.95%, 11/01/50		100		141,443
City of Los Angeles California Department of Water & Power, RB, Build America Bonds:
5.72%, 07/01/39		200		243,852
6.60%, 07/01/50		90		126,161
Series D, 6.57%, 07/01/45		175		240,655


Security	Par (000)		Value
Municipal Bonds (continued)
City of New York New York, Build America Bonds, Series A-2, 5.21%, 10/01/31	$	225	$	249,642
City of New York New York, GO, 6.27%, 12/01/37		300		378,213
City of New York New York Municipal Water Finance Authority, Refunding RB, 2nd General Resolution, Series GG, Build America Bonds, 5.72%, 06/15/42		300		372,783
City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Build America Bonds, Fiscal 2010, Series EE, 6.01%, 06/15/42		100		128,042
City of San Antonio Texas Electric & Gas Systems Revenue, RB:
4.43%, 02/01/42		170		181,679
Build America Bonds, 5.72%, 02/01/41		200		247,900
Commonwealth of Massachusetts, GO, Build America Bonds, 5.46%, 12/01/39		500		592,725
County of Clark Nevada Department of Aviation, ARB, Build America Bonds, Series C, 6.82%, 07/01/45		150		211,704
County of Los Angeles California Metropolitan Transportation Authority, RB, Build America Bonds, 5.74%, 06/01/39		100		119,330
County of Los Angeles Public Works Financing Authority, RB, 7.62%, 08/01/40		100		144,323
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series C, 4.28%, 10/01/41		165		162,885
County of San Diego California Regional Transportation Commission, RB, Build America Bonds, Series A, 5.91%, 04/01/48		260		335,837
County of San Diego California Water Authority, RB, Build America Bonds, Series B, 6.14%, 05/01/49		315		409,595
Dallas Area Rapid Transit, RB, Build America Bonds, Senior Lien, Series B, 5.02%, 12/01/48		260		301,153
District of Columbia, RB, Build America Bonds, Series E, 5.59%, 12/01/34		200		230,266
District of Columbia Water & Sewer Authority, RB, Series A, 4.81%, 10/01/14		200		217,630


36

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds (continued)
East Bay Municipal Utility District, RB, Build America Bonds, 5.87%, 06/01/40	$	100	$	124,267
Health & Educational Facilities Authority of the State of Missouri, RB, Taxable, Washington University, Series A, 3.65%, 08/15/57		240		221,491
JobsOhio Beverage System, Refunding RB, Series B:
3.99%, 01/01/29		100		100,458
4.53%, 01/01/35		100		105,768
Los Angeles California Community College District, GO, Build America Bonds, 6.75%, 08/01/49		200		289,072
Los Angeles California Unified School District, GO, Build America Bonds:
5.76%, 07/01/29		300		343,923
5.75%, 07/01/34		100		118,284
6.76%, 07/01/34		450		578,426
Massachusetts School Building Authority, RB, Build America Bonds, 5.72%, 08/15/39		585		697,928
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, 4.05%, 07/01/26		350		356,363
Metropolitan Transportation Authority, RB, Build America Bonds:
6.67%, 11/15/39		515		667,347
Series E, 6.81%, 11/15/40		400		527,408
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, ARB, Dulles Toll Road Revenue, Build America Bonds, 7.46%, 10/01/46		100		142,490
Metropolitan Water Reclamation District of Greater Chicago, GO, Build America Bonds, 5.72%, 12/01/38		150		181,083
Municipal Electric Authority of Georgia, Refunding RB, Build America Bonds, Series A, 6.64%, 04/01/57		345		406,955
New Jersey EDA, RB, Series A (NPFGC), 7.43%, 02/15/29		450		539,649
New Jersey State Turnpike Authority, RB, Build America Bonds:
Series A, 7.10%, 01/01/41		600		826,854
Series F, 7.41%, 01/01/40		400		572,316
New Jersey Transportation Trust Fund Authority, RB, Build America Bonds:
Series B, 6.56%, 12/15/40		100		120,320
Series C, 5.75%, 12/15/28		350		384,787
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Build America Bonds:
Future Tax Secured, Sub-Series B-1, 5.57%, 11/01/38		345		406,175
5.77%, 08/01/36		100		116,839


Security	Par (000)		Value
Municipal Bonds (continued)
New York City Water & Sewer System, RB:
5.88%, 06/15/44	$	100	$	126,856
Build America Bonds, 2nd General Resolution, Fiscal 2020, Series DD, 5.95%, 06/15/42		115		146,175
New York City Water & Sewer System, Refunding RB, Build America Bonds, 2nd General Resolution, Fiscal 2011, Series AA, 5.44%, 06/15/43		200		240,338
New York State Dormitory Authority, RB, Build America Bonds, 5.60%, 03/15/40		300		356,127
New York State Urban Development Corp., RB, Build America Bonds, 5.77%, 03/15/39		200		230,234
New York State Urban Development Corp., Refunding RB, 2.10%, 03/15/22		410		401,730
North Texas Tollway Authority, RB, Build America Bonds, Series B, 6.72%, 01/01/49		300		421,638
Ohio State University, RB:
Build America Bonds, Series C, 4.91%, 06/01/40		200		225,066
Series A, 3.80%, 12/01/46		200		187,856
Ohio State Water Development Authority, RB, Build America Bonds, Series B-2, 4.88%, 12/01/34		100		107,732
Oregon School Boards Association, GO, Series B, 5.55%, 06/30/28		375		417,904
Permanent University Fund — University of Texas System, Refunding RB, 3.38%, 07/01/47		540		492,610
Port Authority of New York & New Jersey, ARB:
192nd Series, 4.81%, 10/15/65		100		109,145
Consolidated, 160th Series, 5.65%, 11/01/40		245		295,213
Consolidated, 168th Series, 4.93%, 10/01/51		250		278,630
Consolidated, 181th Series, 4.96%, 08/01/46		180		200,977
Port Authority of New York & New Jersey, RB:
159th Series, 6.04%, 12/01/29		200		237,986
182nd Series, 5.31%, 08/01/46		100		107,158
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 174th Series, 4.46%, 10/01/62		800		829,016
Regents of the University of California Medical Center Pooled Revenue, RB, Regents, Build America Bonds, Series H, 6.55%, 05/15/48		50		65,477
Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Build America Bonds, Series F, 6.58%, 05/15/49		100		131,095


			37

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds (continued)
Regional Transportation District, RB, Series B, 5.84%, 11/01/50	$	100	$	128,444
Salt River Project Agricultural Improvement & Power District, RB, Build America Bonds, Series A, 4.84%, 01/01/41		225		251,957
Santa Clara Valley Transportation Authority, RB, Build America Bonds, Series A, 5.88%, 04/01/32		100		115,661
South Carolina Public Service Authority, RB, Build America Bonds, Series C, 6.45%, 01/01/50		100		129,062
State Board of Administration Finance Corp., RB, Series A:
3.00%, 07/01/20		300		299,820
2.64%, 07/01/21		200		198,008
State of California, GO, Build America Bonds, Various Purpose:
7.30%, 10/01/39		600		837,726
5.70%, 11/01/21		200		215,428
2.37%, 04/01/22		500		487,835
7.50%, 04/01/34		145		200,496
7.55%, 04/01/39		1,375		2,006,922
7.35%, 11/01/39		800		1,123,512
7.60%, 11/01/40		600		891,744
State of California, GO, Refunding:
2.80%, 04/01/21		95		94,685
3.38%, 04/01/25		100		99,050
3.50%, 04/01/28		85		83,173
4.50%, 04/01/33		200		207,926
4.60%, 04/01/38		165		171,171
State of California, GO, Go, 6.20%, 10/01/19		170		175,598
State of California Department of Water Res. Power Supply Revenue, Refunding RB, Series P, 2.00%, 05/01/22		250		240,920
State of Connecticut, GO:
Build America Bonds, Series D, 5.09%, 10/01/30		150		158,468
Series A, 5.85%, 03/15/32		200		227,642
State of Illinois, GO, 5.10%, 06/01/33		3,300		3,167,175
State of Oregon, GO:
5.76%, 06/01/23		80		85,423
5.89%, 06/01/27		750		860,168
State of Texas, GO, Build America Bonds, Series A, 5.52%, 04/01/39		1,000		1,225,440
State of Washington, GO, Build America Bonds, 5.14%, 08/01/40		200		233,430


Security	Par (000)		Value
Municipal Bonds (continued)
State of Wisconsin, RB, Series A (AGM), 5.70%, 05/01/26	$	100	$	109,544
State of Wisconsin, Refunding RB, Series C, 3.15%, 05/01/27		320		306,934
Texas Transportation Commission, RB, 1st Tier, Build America Bonds, Series B, 5.18%, 04/01/30		600		674,988
University of California, RB:
Build America Bonds, 5.77%, 05/15/43		190		230,198
Build America Bonds, 5.95%, 05/15/45		500		612,830
General, Series AD, 4.86%, 05/15/12		300		303,738
University of California, Refunding RB:
3.06%, 07/01/25		100		97,050
General, Series AJ, 4.60%, 05/15/31		150		159,048
University of Virginia, RB, Series C, 4.18%, 09/01/17		60		57,709

Total Municipal Bonds — 0.6% (Cost — $39,061,454)				38,082,793


Non-Agency Mortgage-Backed Securities — 1.3%

Commercial Mortgage-Backed Securities — 1.3%
Barclays Commercial Mortgage Trust, Series 2017-C1, Class A4, 3.67%, 02/15/50		2,300		2,270,806
Benchmark Mortgage Trust, Series 2018-B5, Class A4, 4.21%, 07/15/51		3,000		3,092,465
Citigroup Commercial Mortgage Trust:
Series 2013-GC17, Class A4, 4.13%, 11/10/46		750		771,087
Series 2014-GC25, Class A4, 3.64%, 10/10/47		500		500,636
Series 2014-GC25, Class AS, 4.02%, 10/10/47		1,500		1,515,719
Series 2016-GC37, Class A4, 3.31%, 04/10/49		3,500		3,401,440
Series 2016-P5, Class A4, 2.94%, 10/10/49		1,000		942,938
Series 2017-P7, Class A4, 3.71%, 04/14/50		2,250		2,232,152
Commercial Mortgage Trust:
Series 2013-CR09, Class A4, 4.38%, 07/10/45^(a)		2,700		2,795,104
Series 2013-CR12, Class A4, 4.05%, 10/10/46		1,300		1,333,672
Series 2013-CR8, Class A5, 3.61%, 06/10/46^(a)		1,900		1,911,519


38

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Series 2014-UBS2, Class A5, 3.96%, 03/10/47	$	500	$	508,227
Series 2015-PC1, Class A5, 3.90%, 07/10/50		1,500		1,516,397
Series 2016-CR28, Class A4, 3.76%, 02/10/49		750		750,704
CSAIL Commercial Mortgage Securities Trust:
Series 2015-C3, Class A4, 3.72%, 08/15/48		1,000		999,708
Series 2018-CX11, Class A5, 4.03%, 04/15/51^(a)		4,000		4,056,020
GS Mortgage Securities Corp. II:
Series 2015-GC30, Class A4, 3.38%, 05/10/50		600		590,196
Series 2018-GS10, Class A5, 4.16%, 07/10/51^(a)		3,000		3,078,366
GS Mortgage Securities Trust, Class A3:
Series 2012-GC6, 3.48%, 01/10/45		5,280		5,302,483
Series 2012-GCJ9, 2.77%, 11/10/45		249		243,575
Series 2015-GS1, 3.73%, 11/10/48		2,300		2,301,048
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C18, Class A5, 4.08%, 02/15/47		250		256,250
Series 2014-C22, Class A4, 3.80%, 09/15/47		300		302,818
Series 2015-C29, Class A2, 2.92%, 05/15/48		963		959,808
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2011-C5, Class A3, 4.17%, 08/15/46		486		495,735
Series 2012-LC9, Class A3, 2.48%, 12/15/47		84		83,820
Series 2014-C20, Class A5, 3.80%, 07/15/47		1,400		1,415,131
Series 2017-JP7, Class A5, 3.45%, 09/15/50		3,500		3,403,398
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C10, Class A5, 4.22%, 07/15/46^(a)		3,750		3,847,028
Series 2013-C10, Class AS, 4.22%, 07/15/46^(a)		2,500		2,527,044
Series 2013-C11, Class A4, 4.30%, 08/15/46^(a)		11,765		12,068,565
Series 2015-C24, Class A4, 3.73%, 05/15/48		750		751,274
Morgan Stanley Capital I Trust, Series 2018-H3, Class A4, 3.91%, 07/15/51		3,000		3,013,606


Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Wells Fargo Commercial Mortgage Trust:
Series 2013-LC12, Class A4, 4.22%, 07/15/46^(a)	$	200	$	205,868
Series 2014-LC18, Class ASB, 3.24%, 12/15/47		2,500		2,481,675
Series 2015-C27, Class A5, 3.45%, 02/15/48		1,500		1,477,997
Series 2015-SG1, Class A4, 3.79%, 09/15/48		5,000		5,007,747
WFRBS Commercial Mortgage Trust:
Series 2012-C7, Class A1, 2.30%, 06/15/45		292		289,462
Series 2012-C7, Class A2, 3.43%, 06/15/45		800		799,227
Series 2013-C11, Class A5, 3.07%, 03/15/45		500		492,416

Total Non-Agency Mortgage-Backed Securities — 1.3% (Cost — $83,316,093)				79,993,131


Preferred Securities — 0.1%

Capital Trusts — 0.1%
Banks — 0.0%
Goldman Sachs Capital I, 6.35%, 02/15/34		250		290,237
Wells Fargo Capital X, 5.95%, 12/15/36		250		267,500

				557,737
Insurance — 0.1%
Allstate Corp., Series B, 5.75%, 08/15/53^(b)		1,250		1,287,500
MetLife, Inc., 6.40%, 12/15/36		600		636,000
Prudential Financial, Inc.,^(b):
5.63%, 06/15/43		100		104,250
5.38%, 05/15/45		500		498,750
XLIT Ltd., 5.50%, 03/31/45		250		263,102

				2,789,602

Total Preferred Securities — 0.1% (Cost — $3,397,277)				3,347,339


U.S. Government Sponsored Agency Securities — 30.8%
Agency Obligations — 1.6%
Fannie Mae:
1.25%, 08/17/21		10,000		9,552,350
1.38%, 10/07/21		2,000		1,910,702
1.63%, 01/21/20		500		492,884
1.88%, 04/05/22		5,000		4,823,340


			39

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Agency Obligations (continued)
2.38%, 01/19/23	$	2,000	$	1,949,734
2.63%, 09/06/24		6,000		5,855,334
3.50%, 03/01/33 - 04/01/33		4,488		4,521,027
4.50%, 03/01/47		55		56,315
6.25%, 05/15/29		5,350		6,746,313
6.63%, 11/15/30		149		196,332
7.25%, 05/15/30		550		752,264
Federal Home Loan Bank:
2.75%, 12/13/24		5,000		4,898,215
3.13%, 06/13/25		5,370		5,333,479
5.50%, 07/15/36		2,100		2,671,639
Financing Corp., 8.60%, 09/26/19		200		211,209
Freddie Mac:
1.13%, 08/12/21		3,032		2,885,403
1.88%, 11/17/20		10,000		9,800,220
2.38%, 02/16/21 - 01/13/22		22,430		22,082,912
Series K727, Class A2, 2.95%, 07/25/24		5,000		4,907,127
Series K066, Class A2, 3.12%, 06/25/27		3,500		3,390,556
6.25%, 07/15/32		1,300		1,713,939
Freddie Mac Mortgage-Backed Securities, 4.50%, 06/01/48		1,353		1,402,080
NCUA Guaranteed Notes, 3.00%, 06/12/19		1,000		1,002,900
Tennessee Valley Authority, 3.50%, 12/15/42		140		135,779

				97,292,053
Commercial Mortgage-Backed Securities — 0.4%
Fannie Mae:
Series 2012-M9, Class A2, 2.48%, 04/25/22		1,678		1,636,610
Series 2014-M6, Class A2, 2.68%, 05/25/21^(a)		132		130,197
Series 2014-M2, Class ASV2, 2.78%, 06/25/21^(a)		313		309,525
Series 2014-M13, Class A2, 3.02%, 08/25/24^(a)		500		491,650
Freddie Mac:
Series K713, Class A2, 2.31%, 03/25/20		294		291,775
Series K026, Class A2, 2.51%, 11/25/22		200		194,882
Series K038, Class A1, 2.60%, 10/25/23		166		163,603
Series K017, Class A2, 2.87%, 12/25/21		7,500		7,445,704
Series K033, Class A2, 3.06%, 07/25/23^(a)		100		99,221


Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Series K052, Class A2, 3.15%, 11/25/25	$	750	$	740,241
Series K031, Class A2, 3.30%, 04/25/23^(a)		100		100,320
Series K035, Class A2, 3.46%, 08/25/23^(a)		2,000		2,017,982
Series K037, Class A2, 3.49%, 01/25/24		200		201,957
Series K034, Class A2, 3.53%, 07/25/23^(a)		3,900		3,948,818
Series K730, Class A2, 3.59%, 01/25/25		9,000		9,114,193
Series K013, Class A2, 3.97%, 01/25/21^(a)		500		508,383
Series K003, Class A5, 5.09%, 03/25/19		300		301,466

				27,696,527
Mortgage-Backed Securities — 28.8%
Fannie Mae Mortgage-Backed Securities:
(12 mo. LIBOR US + 1.54%), 2.05%, 06/01/43^(f)		421		415,267
(12 mo. LIBOR US + 1.70%), 2.44%, 08/01/42^(f)		129		133,729
2.50%, 09/01/28 - 10/01/48^(g)		56,145		54,096,864
3.00%, 01/01/27 - 10/01/48^(g)(h)		216,847		209,602,551
3.50%, 02/01/26 - 11/01/51^(g)(h)		237,679		234,941,792
(12 mo. LIBOR US + 1.83%), 3.62%, 11/01/40^(f)		12		12,905
(12 mo. LIBOR US + 1.53%), 3.89%, 04/01/43^(f)		38		39,551
4.00%, 10/01/25 - 10/01/48^(g)(h)		179,037		181,277,618
(12 mo. LIBOR US + 1.53%), 4.04%, 05/01/43^(f)		281		290,355
4.50%, 05/01/24 - 10/01/48^(g)		58,503		60,507,050
(12 mo. LIBOR US + 1.75%), 4.50%, 08/01/41^(f)		20		20,834
5.00%, 01/01/19 - 10/01/48^(g)		21,408		22,542,650
5.50%, 04/01/36 - 10/01/48^(g)		7,478		8,035,296
6.00%, 03/01/34 - 10/01/48^(g)		7,922		8,559,932
6.50%, 07/01/32		108		120,640
7.00%, 02/01/32		13		12,695
Freddie Mac Mortgage-Backed Securities:
2.50%, 07/01/28 - 10/01/48^(g)		39,521		38,079,549
3.00%, 03/01/27 - 10/01/48^(g)(h)		147,922		142,948,544
3.50%, 03/01/32 - 10/01/48^(g)(h)		152,439		150,499,805
(12 mo. LIBOR US + 1.81%), 3.90%, 09/01/40^(f)		39		40,754
4.00%, 05/01/19 - 10/01/48^(g)		92,679		93,735,570


40

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Mortgage-Backed Securities (continued)
(12 mo. LIBOR US + 1.50%), 4.01%, 06/01/43^(f)	$	60	$	61,868
(12 mo. LIBOR US + 1.77%), 4.19%, 08/01/41^(f)		16		17,175
4.50%, 02/01/19 - 10/01/48^(g)		33,526		34,653,861
5.00%, 10/01/18 - 10/01/48^(g)		13,421		14,117,827
5.50%, 06/01/35 - 10/01/48^(g)		9,272		9,881,943
6.50%, 06/01/31		21		23,630
8.00%, 12/01/24		107		113,270
Ginnie Mae Mortgage-Backed Securities:
3.50%, 09/20/42 - 10/01/48^(g)(h)		219,076		218,139,780
2.50%, 05/20/45 - 10/01/48^(g)		4,441		4,168,197
3.00%, 05/15/43 - 10/01/48^(g)		128,127		124,356,572
4.00%, 03/15/41 - 10/01/48^(g)(h)		111,209		113,234,325
4.50%, 07/15/39 - 10/01/48^(g)		53,488		55,391,441
5.00%, 11/15/39 - 10/01/48^(g)		18,893		19,800,951
5.50%, 12/15/32 - 04/20/48		846		896,216
6.00%, 03/15/35 - 10/20/38		196		213,118
6.50%, 09/15/36		127		141,334
7.50%, 12/15/23		81		86,376

				1,801,211,835

Total U.S. Government Sponsored Agency Securities — 30.8% (Cost — $1,957,056,121)				1,926,200,415


U.S. Treasury Obligations — 37.1%
U.S. Treasury Bonds:
8.75%, 08/15/20		6,400		7,086,500
7.63%, 11/15/22		3,400		4,016,781
1.50%, 03/31/23		31,500		29,597,695
6.25%, 08/15/23		2,050		2,356,379
7.50%, 11/15/24		5,000		6,255,273
7.63%, 02/15/25		375		475,166
6.00%, 02/15/26		7,660		9,165,968
6.75%, 08/15/26		7,500		9,456,152
6.50%, 11/15/26		900		1,124,789
6.63%, 02/15/27		3,500		4,429,551
6.38%, 08/15/27		3,000		3,773,672
6.13%, 11/15/27		3,000		3,732,305
6.13%, 08/15/29		2,500		3,204,102
5.38%, 02/15/31		14,000		17,300,391
4.50%, 02/15/36		29,766		35,316,894
4.75%, 02/15/37		1,450		1,780,781
5.00%, 05/15/37		9,000		11,389,219
4.38%, 02/15/38		6,000		7,080,469
4.50%, 05/15/38		1,000		1,199,844
3.50%, 02/15/39		1,300		1,369,520
4.25%, 05/15/39		2,775		3,236,127
4.50%, 08/15/39		1,700		2,048,168


Security	Par (000)		Value
U.S. Treasury Obligations (continued)
4.38%, 11/15/39	$	1,800	$	2,135,883
4.63%, 02/15/40		1,230		1,508,047
4.38%, 05/15/40		1,650		1,960,600
3.88%, 08/15/40		2,860		3,175,382
4.25%, 11/15/40		7,528		8,809,524
4.75%, 02/15/41		11,000		13,763,320
4.38%, 05/15/41		17,610		20,990,982
3.75%, 08/15/41		6,550		7,148,455
3.13%, 11/15/41		10,700		10,593,836
3.13%, 02/15/42		24,850		24,595,676
3.00%, 05/15/42		28,480		27,584,438
2.75%, 08/15/42		10,250		9,492,061
2.75%, 11/15/42		12,000		11,105,625
3.13%, 02/15/43		15,000		14,818,359
2.88%, 05/15/43		9,750		9,217,559
3.63%, 08/15/43		2,500		2,682,715
3.75%, 11/15/43		1,700		1,861,434
3.63%, 02/15/44		1,000		1,074,219
3.38%, 05/15/44		1,600		1,649,812
3.13%, 08/15/44		2,000		1,974,922
3.00%, 11/15/44		6,300		6,081,223
2.50%, 02/15/45		8,500		7,444,473
3.00%, 05/15/45		15,600		15,052,781
2.88%, 08/15/45		13,500		12,712,148
3.00%, 11/15/45		15,900		15,334,184
2.50%, 02/15/46		12,000		10,472,813
2.50%, 05/15/46		8,350		7,281,461
2.88%, 11/15/46		8,500		7,993,984
3.00%, 02/15/47		9,000		8,673,398
3.00%, 05/15/47		18,200		17,528,875
3.00%, 08/15/48		2,500		2,405,957
U.S. Treasury Notes:
1.00%, 10/15/19		9,000		8,846,367
1.50%, 10/31/19		20,000		19,747,656
1.00%, 11/15/19		22,000		21,590,078
1.00%, 11/30/19		4,000		3,922,344
1.50%, 11/30/19		16,500		16,273,769
1.38%, 12/15/19		10,000		9,842,969
1.13%, 12/31/19		4,750		4,657,783
1.63%, 12/31/19		32,500		32,065,820
1.88%, 12/31/19		25,000		24,742,187
1.38%, 01/15/20		15,000		14,745,117
1.25%, 01/31/20		25,000		24,515,625
1.38%, 01/31/20		750		736,787
1.38%, 02/15/20		11,000		10,797,617
3.63%, 02/15/20		7,500		7,587,012
1.38%, 02/29/20		5,700		5,591,344
2.25%, 02/29/20		6,200		6,156,891
1.63%, 03/15/20		24,000		23,616,563
1.13%, 03/31/20		11,500		11,224,629
1.50%, 04/15/20		20,000		19,618,750
1.13%, 04/30/20		2,700		2,631,234
1.50%, 05/15/20		20,000		19,594,531


			41

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
U.S. Treasury Obligations (continued)
1.50%, 05/31/20	$	12,000	$	11,748,750
1.50%, 06/15/20		5,000		4,892,969
1.88%, 06/30/20		2,000		1,968,437
2.50%, 06/30/20		25,000		24,871,094
1.50%, 07/15/20		20,000		19,545,312
1.63%, 07/31/20		20,000		19,576,562
2.00%, 07/31/20		21,500		21,191,777
2.63%, 07/31/20		15,000		14,950,781
2.63%, 08/15/20		4,140		4,125,284
2.13%, 08/31/20		7,000		6,908,945
1.38%, 09/30/20		10,000		9,719,531
2.00%, 09/30/20		35,000		34,438,086
1.38%, 10/31/20		10,000		9,705,859
1.75%, 10/31/20		500		489,043
2.63%, 11/15/20		11,000		10,949,297
1.63%, 11/30/20		6,000		5,846,953
2.00%, 11/30/20		15,300		15,029,262
1.88%, 12/15/20		45,000		44,071,875
1.75%, 12/31/20		23,800		23,234,750
2.38%, 12/31/20		17,900		17,716,105
2.00%, 01/15/21		15,000		14,716,406
1.38%, 01/31/21		25,000		24,166,992
2.13%, 01/31/21		11,800		11,605,484
3.63%, 02/15/21		2,310		2,349,613
1.13%, 02/28/21		30,000		28,791,797
2.00%, 02/28/21		32,700		32,044,723
1.25%, 03/31/21		9,000		8,653,008
2.25%, 03/31/21		11,500		11,330,645
1.38%, 04/30/21		5,000		4,815,625
3.13%, 05/15/21		3,000		3,018,984
2.00%, 05/31/21		5,000		4,888,281
1.13%, 06/30/21		4,500		4,292,930
2.13%, 06/30/21		10,000		9,801,953
2.25%, 07/31/21		12,804		12,583,931
2.75%, 08/15/21		20,000		19,925,781
1.13%, 08/31/21		18,000		17,118,281
2.00%, 08/31/21		8,500		8,292,148
2.13%, 09/30/21		7,900		7,727,187
1.25%, 10/31/21		8,000		7,614,688
2.00%, 10/31/21		9,000		8,764,805
2.00%, 11/15/21		13,700		13,336,629
1.75%, 11/30/21		6,000		5,792,344
1.88%, 11/30/21		3,000		2,908,477
2.00%, 12/31/21		12,000		11,665,781
2.13%, 12/31/21		10,000		9,761,328
1.50%, 01/31/22		3,500		3,344,551
1.88%, 01/31/22		9,000		8,705,742
1.75%, 02/28/22		1,500		1,443,867
1.88%, 02/28/22		5,000		4,833,008
1.75%, 03/31/22		9,100		8,750,219
1.88%, 03/31/22		18,000		17,382,656
1.75%, 04/30/22		10,000		9,605,859


Security	Par (000)		Value
U.S. Treasury Obligations (continued)
1.88%, 04/30/22	$	5,000	$	4,824,414
1.75%, 05/31/22		3,000		2,878,828
1.75%, 06/30/22		18,000		17,258,203
2.13%, 06/30/22		18,000		17,493,750
1.88%, 07/31/22		40,000		38,485,938
2.00%, 07/31/22		15,000		14,499,609
1.88%, 08/31/22		29,958		28,793,617
1.75%, 09/30/22		23,000		21,978,477
1.88%, 09/30/22		10,000		9,603,125
1.88%, 10/31/22		17,000		16,311,367
2.00%, 10/31/22		10,000		9,642,187
1.63%, 11/15/22		10,000		9,493,359
2.00%, 11/30/22		36,000		34,685,156
2.13%, 12/31/22		45,000		43,539,258
2.00%, 02/15/23		8,000		7,691,875
1.50%, 02/28/23		10,200		9,593,578
1.63%, 04/30/23		19,000		17,931,250
2.75%, 04/30/23		20,000		19,835,156
1.75%, 05/15/23		1,000		948,477
1.63%, 05/31/23		4,000		3,771,406
1.38%, 06/30/23		11,500		10,704,434
2.63%, 06/30/23		25,000		24,644,531
1.25%, 07/31/23		4,000		3,695,781
2.75%, 07/31/23		6,000		5,946,797
2.50%, 08/15/23		4,000		3,918,750
1.38%, 08/31/23		8,000		7,425,938
2.75%, 08/31/23		20,000		19,825,000
1.38%, 09/30/23		4,000		3,708,125
2.75%, 11/15/23		3,000		2,970,820
2.13%, 11/30/23		24,000		23,043,750
2.25%, 12/31/23		11,000		10,619,297
2.25%, 01/31/24		15,000		14,468,555
2.75%, 02/15/24		15,000		14,840,039
2.13%, 02/29/24		9,000		8,621,367
2.13%, 03/31/24		10,000		9,572,656
2.00%, 04/30/24		10,000		9,500,781
2.50%, 05/15/24		15,300		14,921,684
2.00%, 05/31/24		5,700		5,410,770
2.00%, 06/30/24		33,000		31,295,860
2.38%, 08/15/24		7,500		7,252,441
1.88%, 08/31/24		5,000		4,700,977
2.25%, 10/31/24		5,000		4,794,531
2.25%, 11/15/24		18,000		17,249,766
2.13%, 11/30/24		15,000		14,267,578
2.25%, 12/31/24		5,000		4,788,477
2.00%, 02/15/25		21,984		20,704,463
2.75%, 02/28/25		5,000		4,927,539
2.63%, 03/31/25		8,000		7,819,688
2.13%, 05/15/25		24,000		22,724,063
2.75%, 06/30/25		10,000		9,839,453
2.88%, 07/31/25		10,000		9,914,844
2.00%, 08/15/25		20,000		18,742,188


42

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
U.S. Treasury Obligations (continued)
6.88%, 08/15/25	$	8,000	$	9,913,750
2.75%, 08/31/25		20,000		19,671,094
2.25%, 11/15/25		1,600		1,520,812
1.63%, 02/15/26		13,000		11,796,992
1.63%, 05/15/26		350		316,613
1.50%, 08/15/26		18,500		16,518,476
2.00%, 11/15/26		6,000		5,550,937
2.25%, 02/15/27		20,000		18,825,781
2.38%, 05/15/27		13,000		12,342,383
2.25%, 08/15/27		18,000		16,880,625
2.25%, 11/15/27		33,000		30,888,515
2.88%, 05/15/28		12,000		11,819,063
2.88%, 08/15/28		15,000		14,769,141
2.75%, 08/15/47		15,500		14,195,215
2.75%, 11/15/47		30,000		27,462,891
3.13%, 05/15/48		29,500		29,107,051

Total U.S. Treasury Obligations — 37.1% (Cost — $2,399,160,175)				2,325,738,672

Total Long-Term Investments — 99.1% (Cost — $6,367,806,862)				6,204,346,704


	Shares
Short-Term Securities — 9.7%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.27%^(i)(j)(k)		608,561,894		608,744,462
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.97%^(j)(k)		100,000		100,000

Total Short-Term Securities — 9.7% (Cost — $608,698,077)				608,844,462

Total Investments Before TBA Sale Commitments — 108.8% (Cost — $6,976,504,939)				6,813,191,166


Security	Par (000)		Value
TBA Sale Commitments — (1.1%)
Mortgage-Backed Securities^(g) — (1.1%)
Fannie Mae Mortgage-Backed Securities:
3.00%, 10/11/48	USD	4,915	$	(4,702,553	)
3.50%, 10/11/48		11,393		(11,211,041	)
4.00%, 10/11/48		10,939		(11,045,826	)
Freddie Mac Mortgage-Backed Securities:
2.50%, 10/16/33		1,075		(1,036,329	)
3.00%, 10/11/48		7,553		(7,226,582	)
3.50%, 10/11/48		237		(233,260	)
Ginnie Mae Mortgage-Backed Securities:
3.50%, 10/18/48		20,150		(20,035,868	)
4.00%, 10/18/48		4,126		(4,196,110	)
4.50%, 10/18/48		6,455		(6,670,625	)

Total TBA Sale Commitments — (1.1)% (Proceeds — $66,264,249)				(66,358,194	)


Total Investments, Net of TBA Sale Commitments — 107.7% (Cost — $6,910,240,690)				6,746,832,972
Liabilities in Excess of Other Assets — (7.7)%				(481,786,294	)

Net Assets — 100.0%			$	6,265,046,678

^(a)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

^(b)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

^(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)	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

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

^(f)	Variable rate security. Rate shown is the rate in effect as of period end.

^(g)	Represents or includes a TBA transaction.

^(h)	When-issued security.

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

^(j)	Annualized 7-day yield as of period end.


			43

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

^(k)	During the period ended September 30, 2018, investments in issuers considered to be affiliates of the Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Master Portfolio were as follows:


Affiliate Persons and/or Related Parties	Par/ Share/ Held at 12/31/17		Par/ Shares Purchased		Par/ Shares Sold			Par/ Shares Held at 09/30/18		Value at 09/30/18		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		777,559,504		—		(168,997,610	)^(b)		608,561,894	$	608,744,462	$	10,023,590	^(c)	$	(45,732	)	$	142,215
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		—		—			100,000		100,000		1,237			—			—
PNC Bank NA, 2.20%, 1/28/19^(d)		500,000		—		(500,000	)		—		—		947			(1,123	)		1,311
PNC Bank NA, 2.25%, 7/02/19^(d)		350,000		—		(350,000	)		—		—		4,638			(1,828	)		734
PNC Bank NA, 1.45%, 7/29/19^(d)		500,000		—		(500,000	)		—		—		4,269			(6,324	)		7,283
PNC Bank NA, 2.30%, 6/01/20		500,000		—		—			500,000		493,166		8,593			—			(6,341	)
PNC Bank NA, 2.45%, 11/05/20		1,250,000		—		—			1,250,000		1,229,273		22,884			—			(18,221	)
PNC Bank NA, 2.15%, 4/29/21		500,000		—		—			500,000		485,866		8,033			—			(8,399	)
PNC Bank NA, 2.45%, 7/28/22		750,000		—		—			750,000		721,881		13,730			—			(20,980	)
PNC Bank NA, 2.95%, 1/30/23		250,000		—		—			250,000		241,992		5,511			—			(9,666	)
PNC Bank NA, 2.95%, 2/23/25		250,000		—		—			250,000		238,663		5,511			—			(10,832	)
PNC Bank NA, 4.05%, 7/26/28		—		500,000		—			500,000		500,393		3,206			—			(1,092	)
PNC Funding Corp., 3.30%, 3/08/22		75,000		—		—			75,000		74,692		1,849			—			(2,204	)

										$	612,830,388	$	10,103,998		$	(55,007	)	$	73,808

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares sold.

^(c)

Represents all or a portion of securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees, and other payments to and from borrowers of securities, and less the collateral investment expenses.

^(d)

No longer held by the Master Portfolio as of period end.

Portfolio Abbreviations

AGM

Assured Guaranty Municipal Corp.

ARB

Airport Revenue Bonds

CME

Chicago Mercantile Exchange

EDA

Economic Development Authority

General Obligation Bonds

NPFGC

National Public Finance Guarantee Corp.

Revenue Bonds

S&P

S&P Global Ratings


44

Schedule of Investments (unaudited) (continued)

September 30, 2018

U.S. Total Bond Index Master Portfolio

Fair Value Hierarchy as of Period End

•

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

•

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Master Portfolio’s policy, transfers between different levels of the fair value 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 investments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments, 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:


	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	$	—	$	29,495,941		$	—	$	29,495,941
Corporate Bonds		—		1,612,715,619			—		1,612,715,619
Foreign Agency Obligations		—		188,772,794			—		188,772,794
Municipal Bonds		—		38,082,793			—		38,082,793
Non-Agency Mortgage-Backed Securities		—		79,993,131			—		79,993,131
Preferred Securities		—		3,347,339			—		3,347,339
U.S. Government Sponsored Agency Securities		—		1,926,200,415			—		1,926,200,415
U.S. Treasury Obligations		—		2,325,738,672			—		2,325,738,672
Short-Term Securities		608,844,462		—			—		608,844,462

	$	608,844,462	$	6,204,346,704		$	—	$	6,813,191,166

Liabilities:
Investments:
TBA Sale Commitments	$	—	$	(66,358,194	)	$	—	$	(66,358,194	)

	$	608,844,462	$	6,137,988,510		$	—	$	6,746,832,972

During the period ended September 30, 2018, there were no transfers between levels.


			45

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 19, 2018

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 19, 2018

By:		/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock Funds III and Master Investment Portfolio

Date: November 19, 2018