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: Prime

BlackRock Cash Funds: Treasury

BlackRock CoreAlpha Bond Fund

BlackRock Disciplined International Fund

BlackRock Large Cap Index Fund

BlackRock LifePath® Retirement Fund

BlackRock LifePath® 2020 Fund

BlackRock LifePath® 2025 Fund

BlackRock LifePath® 2030 Fund

BlackRock LifePath® 2035 Fund

BlackRock LifePath® 2040 Fund

BlackRock LifePath® 2045 Fund

BlackRock LifePath® 2050 Fund

BlackRock LifePath® 2055 Fund

BlackRock LifePath® Index 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 S&P 500 Index Fund

BlackRock Total International ex-U.S. Index Fund

BlackRock U.S. Total Bond Index Fund

Master Investment Portfolio

Active Stock Master Portfolio

CoreAlpha Bond Master Portfolio

International Tilts Master Portfolio

Large Cap Index Master Portfolio

LifePath® Retirement Master Portfolio

LifePath® 2020 Master Portfolio

LifePath® 2025 Master Portfolio

LifePath® 2030 Master Portfolio

LifePath® 2035 Master Portfolio

LifePath® 2040 Master Portfolio

LifePath® 2045 Master Portfolio

LifePath® 2050 Master Portfolio

LifePath® 2055 Master Portfolio

LifePath® Index Retirement Master Portfolio

LifePath® Index 2020 Master Portfolio

LifePath® Index 2025 Master Portfolio

LifePath® Index 2030 Master Portfolio

LifePath® Index 2035 Master Portfolio

LifePath® Index 2040 Master Portfolio

LifePath® Index 2045 Master Portfolio

LifePath® Index 2050 Master Portfolio

LifePath® Index 2055 Master Portfolio

Money Market Master Portfolio

Prime 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: 12/31/2015

Date of reporting period: 09/30/2015

Item 1 – Schedule of Investments

Schedule of Investments September 30, 2015 (Unaudited) BlackRock Cash Funds: Institutional of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
Money Market Master Portfolio of Master Investment Portfolio	$	40,994,356,145
Total Investments (Cost — $40,994,356,145) — 100.0%		40,994,356,145
Liabilities in Excess of Other Assets — (0.0)%		(5,609,751	)
Net Assets — 100.0%	$	40,988,746,394

BlackRock Cash Funds: Institutional (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Money Market Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of period end, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $40,994,356,145 and 97.9%, 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)

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.

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, 2015, there were no transfers between levels.

BLACKROCK FUNDS III SEPTEMBER 30, 2015 1

Schedule of Investments September 30, 2015(Unaudited) BlackRock Cash Funds: Prime of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
Prime Money Market Master Portfolio of Master Investment Portfolio	$	22,898,261,082
Total Investments (Cost — $22,898,261,082) — 100.4%		22,898,261,082
Liabilities in Excess of Other Assets — (0.4)%		(81,335,977	)
Net Assets — 100.0%	$	22,816,925,105

BlackRock Cash Funds: Prime (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Prime Money Market Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of period end, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $22,898,261,082 and 94.8%, 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)

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.

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, 2015, there were no transfers between levels.

2 BLACKROCK FUNDS III SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015 (Unaudited) BlackRock Cash Funds: Treasury of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
Treasury Money Market Master Portfolio of Master Investment Portfolio	$	4,402,164,501
Total Investments (Cost — $4,402,164,501) — 100.0%		4,402,164,501
Liabilities in Excess of Other Assets — (0.0)%		(88,718	)
Net Assets — 100.0%	$	4,402,075,783

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 period end, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $4,402,164,501 and 80.6%, respectively.

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

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)

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.

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, 2015, there were no transfers between levels.

BLACKROCK FUNDS III SEPTEMBER 30, 2015 3

Schedule of Investments September 30, 2015(Unaudited) BlackRock CoreAlpha Bond Fund of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
CoreAlpha Bond Master Portfolio of Master Investment Portfolio	$	223,091,703
Total Investments (Cost — $224,992,264) — 100.0%		223,091,703
Liabilities in Excess of Other Assets — (0.0)%		(70,655	)
Net Assets — 100.0%	$	223,021,048

BlackRock CoreAlpha Bond Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in CoreAlpha Bond Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $223,091,703 and 7.9%, 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)

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

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, 2015, there were no transfers between levels.

4 BLACKROCK FUNDS III SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015(Unaudited) BlackRock Disciplined International Fund (Percentages shown are based on Net Assets)

Mutual Fund	Value
International Tilts Master Portfolio	$	4,839,025
Total Investments (Cost — $4,991,434) — 100.2%		4,839,025
Liabilities in Excess of Other Assets — (0.2)%		(9,217	)
Net Assets — 100.0%	$	4,829,808

BlackRock Disciplined International Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in International Tilts Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of period end, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $4,839,025 and 0.4%, respectively. The Fund commenced operations on September 9, 2015.

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)

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.

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, 2015, there were no transfers between levels.

BLACKROCK FUNDS III SEPTEMBER 30, 2015 5

Schedule of Investments September 30, 2015(Unaudited) BlackRock 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	$	92,819,047
Total Investments (Cost — $70,967,205) — 100.3%		92,819,047
Liabilities in Excess of Other Assets — (0.3)%		(319,651	)
Net Assets — 100.0%	$	92,499,396

BlackRock 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, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $92,819,047 and 2.7%, 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)

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.

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, 2015, there were no transfers between levels.

6 BLACKROCK FUNDS III SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015(Unaudited) BlackRock LifePath Retirement Fund of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
LifePath Retirement Master Portfolio of Master Investment Portfolio	$	278,328,648
Total Investments (Cost — $241,379,538) — 100.1%		278,328,648
Liabilities in Excess of Other Assets — (0.1)%		(143,729	)
Net Assets — 100.0%	$	278,184,919

BlackRock LifePath Retirement Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Retirement Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $278,328,648 and 18.4%, respectively.

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

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.

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, 2015, there were no transfers between levels.

BLACKROCK FUNDS III SEPTEMBER 30, 2015 7

Schedule of Investments September 30, 2015(Unaudited) BlackRock LifePath 2020 Fund of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
LifePath 2020 Master Portfolio of Master Investment Portfolio	$	625,430,715
Total Investments (Cost — $522,107,759) — 100.1%		625,430,715
Liabilities in Excess of Other Assets — (0.1)%		(371,593	)
Net Assets — 100.0%	$	625,059,122

BlackRock LifePath 2020 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2020 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $625,430,715 and 23.7%, 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 Directors 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)

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.

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, 2015, there were no transfers between levels.

8 BLACKROCK FUNDS III SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015(Unaudited) BlackRock LifePath 2025 Fund of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
LifePath 2025 Master Portfolio of Master Investment Portfolio	$	64,313,423
Total Investments (Cost — $64,475,200) — 100.1%		64,313,423
Liabilities in Excess of Other Assets — (0.1)%		(50,664	)
Net Assets — 100.0%	$	64,262,759

BlackRock LifePath 2025 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2025 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $64,313,423 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 Directors 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)

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.

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, 2015, there were no transfers between levels.

BLACKROCK FUNDS III SEPTEMBER 30, 2015 9

Schedule of Investments September 30, 2015(Unaudited) BlackRock LifePath 2030 Fund of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
LifePath 2030 Master Portfolio of Master Investment Portfolio	$	587,008,923
Total Investments (Cost — $519,542,813) — 100.1%		587,008,923
Liabilities in Excess of Other Assets — (0.1)%		(350,747	)
Net Assets — 100.0%	$	586,658,176

BlackRock LifePath 2030 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2030 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $587,008,923 and 23.2%, 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 Directors 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)

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.

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, 2015, there were no transfers between levels.

10 BLACKROCK FUNDS III SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015(Unaudited) BlackRock LifePath 2035 Fund of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
LifePath 2035 Master Portfolio of Master Investment Portfolio	$	55,185,007
Total Investments (Cost — $55,811,982) — 100.1%		55,185,007
Liabilities in Excess of Other Assets — (0.1)%		(38,277	)
Net Assets — 100.0%	$	55,146,730

BlackRock LifePath 2035 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2035 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $55,185,007 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 Directors 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)

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.

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, 2015, there were no transfers between levels.

BLACKROCK FUNDS III SEPTEMBER 30, 2015 11

Schedule of Investments September 30, 2015(Unaudited) BlackRock LifePath 2040 Fund of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
LifePath 2040 Master Portfolio of Master Investment Portfolio	$	451,310,249
Total Investments (Cost — $364,456,897) — 100.2%		451,310,249
Liabilities in Excess of Other Assets — (0.2)%		(259,320	)
Net Assets — 100.0%	$	451,050,929

BlackRock LifePath 2040 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2040 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $451,310,249 and 24.5%, respectively.

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

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.

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, 2015, there were no transfers between levels.

12 BLACKROCK FUNDS III SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015(Unaudited) BlackRock LifePath 2045 Fund of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
LifePath 2045 Master Portfolio of Master Investment Portfolio	$	33,346,260
Total Investments (Cost — $33,934,227) — 100.1%		33,346,260
Liabilities in Excess of Other Assets — (0.1)%		(24,274	)
Net Assets — 100.0%	$	33,321,986

BlackRock LifePath 2045 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2045 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $33,346,260 and 99.9%, 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 Directors 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)

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.

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, 2015, there were no transfers between levels.

BLACKROCK FUNDS III SEPTEMBER 30, 2015 13

Schedule of Investments September 30, 2015(Unaudited) BlackRock LifePath 2050 Fund of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
LifePath 2050 Master Portfolio of Master Investment Portfolio	$	116,524,018
Total Investments (Cost — $109,223,701) — 100.1%		116,524,018
Liabilities in Excess of Other Assets — (0.1)%		(79,565	)
Net Assets — 100.0%	$	116,444,453

BlackRock LifePath 2050 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2050 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $116,524,018 and 28.8%, 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 Directors 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)

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.

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, 2015, there were no transfers between levels.

14 BLACKROCK FUNDS III SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015(Unaudited) BlackRock LifePath 2055 Fund of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
LifePath 2055 Master Portfolio of Master Investment Portfolio	$	14,595,186
Total Investments (Cost — $14,906,249) — 100.1%		14,595,186
Liabilities in Excess of Other Assets — (0.1)%		(11,587	)
Net Assets — 100.0%	$	14,583,599

BlackRock LifePath 2055 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2055 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $14,595,186 and 99.9%, 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 Directors 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)

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.

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, 2015, there were no transfers between levels.

BLACKROCK FUNDS III SEPTEMBER 30, 2015 15

Schedule of Investments September 30, 2015(Unaudited) BlackRock LifePath Index Retirement Fund of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
LifePath Index Retirement Master Portfolio of Master Investment Portfolio	$	478,519,853
Total Investments (Cost — $457,707,485) — 100.0%		478,519,853
Liabilities in Excess of Other Assets — (0.0)%		(72,151	)
Net Assets — 100.0%	$	478,447,702

BlackRock LifePath Index Retirement Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index Retirement Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $478,519,853 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 Directors 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)

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.

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, 2015, there were no transfers between levels.

16 BLACKROCK FUNDS III SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015(Unaudited) BlackRock LifePath Index 2020 Fund of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
LifePath Index 2020 Master Portfolio of Master Investment Portfolio	$	1,041,992,312
Total Investments (Cost — $1,000,871,106) — 100.0%		1,041,992,312
Liabilities in Excess of Other Assets — (0.0)%		(44,369	)
Net Assets — 100.0%	$	1,041,947,943

BlackRock LifePath Index 2020 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2020 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $1,041,992,312 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 Directors 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)

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.

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, 2015, there were no transfers between levels.

BLACKROCK FUNDS III SEPTEMBER 30, 2015 17

Schedule of Investments September 30, 2015(Unaudited) BlackRock LifePath Index 2025 Fund of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
LifePath Index 2025 Master Portfolio of Master Investment Portfolio	$	672,421,177
Total Investments (Cost — $661,534,646) — 100.0%		672,421,177
Liabilities in Excess of Other Assets — (0.0)%		(1,318	)
Net Assets — 100.0%	$	672,419,859

BlackRock LifePath Index 2025 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2025 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $672,421,177 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 Directors 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)

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.

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, 2015, there were no transfers between levels.

18 BLACKROCK FUNDS III SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015(Unaudited) BlackRock LifePath Index 2030 Fund of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
LifePath Index 2030 Master Portfolio of Master Investment Portfolio	$	996,932,931
Total Investments (Cost — $966,925,037) — 100.0%		996,932,931
Liabilities in Excess of Other Assets — (0.0)%		(54,087	)
Net Assets — 100.0%	$	996,878,844

BlackRock LifePath Index 2030 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2030 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $996,932,931 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 Directors 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)

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.

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, 2015, there were no transfers between levels.

BLACKROCK FUNDS III SEPTEMBER 30, 2015 19

Schedule of Investments September 30, 2015(Unaudited) BlackRock LifePath Index 2035 Fund of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
LifePath Index 2035 Master Portfolio of Master Investment Portfolio	$	511,925,854
Total Investments (Cost — $506,987,575) — 100.0%		511,925,854
Other Assets Less Liabilities — 0.0%		5,877
Net Assets — 100.0%	$	511,931,731

BlackRock LifePath Index 2035 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2035 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $511,925,854 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 Directors 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)

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.

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, 2015, there were no transfers between levels.

20 BLACKROCK FUNDS III SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015(Unaudited) BlackRock LifePath Index 2040 Fund of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
LifePath Index 2040 Master Portfolio of Master Investment Portfolio	$	678,004,785
Total Investments (Cost — $666,772,135) — 100.0%		678,004,785
Liabilities in Excess of Other Assets — (0.0)%		(23,853	)
Net Assets — 100.0%	$	677,980,932

BlackRock LifePath Index 2040 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2040 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $678,004,785 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 Directors 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)

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.

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, 2015, there were no transfers between levels.

BLACKROCK FUNDS III SEPTEMBER 30, 2015 21

Schedule of Investments September 30, 2015(Unaudited) BlackRock LifePath Index 2045 Fund of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
LifePath Index 2045 Master Portfolio of Master Investment Portfolio	$	290,959,377
Total Investments (Cost — $292,029,153) — 100.0%		290,959,377
Other Assets Less Liabilities — 0.0%		15,556
Net Assets — 100.0%	$	290,974,933

BlackRock LifePath Index 2045 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2045 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $290,959,377 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 Directors 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)

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.

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, 2015, there were no transfers between levels.

22 BLACKROCK FUNDS III SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015(Unaudited) BlackRock LifePath Index 2050 Fund of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
LifePath Index 2050 Master Portfolio of Master Investment Portfolio	$	305,933,334
Total Investments (Cost — $308,225,688) — 100.0%		305,933,334
Other Assets Less Liabilities — 0.0%		24,621
Net Assets — 100.0%	$	305,957,955

BlackRock LifePath Index 2050 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2050 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $305,933,334 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 Directors 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)

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.

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, 2015, there were no transfers between levels.

BLACKROCK FUNDS III SEPTEMBER 30, 2015 23

Schedule of Investments September 30, 2015(Unaudited) BlackRock LifePath Index 2055 Fund of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
LifePath Index 2055 Master Portfolio of Master Investment Portfolio	$	91,676,739
Total Investments (Cost — $92,864,900) — 100.0%		91,676,739
Other Assets Less Liabilities — 0.0%		26,482
Net Assets — 100.0%	$	91,703,221

BlackRock LifePath Index 2055 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2055 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $91,676,739 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 Directors 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)

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.

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, 2015, there were no transfers between levels.

24 BLACKROCK FUNDS III SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015(Unaudited) BlackRock S&P 500 Index Fund of BlackRock Funds III (Percentages shown are based on Net Assets)

Mutual Fund	Value
S&P 500 Index Master Portfolio of Master Investment Portfolio	$	5,403,247,267
Total Investments (Cost — $4,153,076,557) — 100.3%		5,403,247,267
Liabilities in Excess of Other Assets — (0.3)%		(16,227,746	)
Net Assets — 100.0%	$	5,387,019,521

BlackRock S&P 500 Stock Index Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in S&P 500 Stock Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $5,403,247,267 and 82.7%, 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)

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.

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, 2015, there were no transfers between levels.

BLACKROCK FUNDS III SEPTEMBER 30, 2015 25

Schedule of Investments September 30, 2015(Unaudited) BlackRock Total International ex U.S. Index Portfolio 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	$	183,049,751
Total Investments (Cost — $185,728,561) — 100.1%		183,049,751
Liabilities in Excess of Other Assets — (0.1)%		(248,799	)
Net Assets — 100.0%	$	182,800,952

BlackRock Total International ex U.S. Index Portfolio (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, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $183,049,751 and 21.9%, 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)

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.

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, 2015, there were no transfers between levels.

26 BLACKROCK FUNDS III SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015(Unaudited) BlackRock U.S. Total 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	$	214,126,444
Total Investments (Cost — $208,215,230) — 100.0%		214,126,444
Liabilities in Excess of Other Assets — (0.0)%		(86,797	)
Net Assets — 100.0%	$	214,039,647

BlackRock U.S. Total 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, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $214,126,444 and 14.9%, 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)

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.

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, 2015, there were no transfers between levels.

BLACKROCK FUNDS III SEPTEMBER 30, 2015 27

Schedule of Investments September 30, 2015 (Unaudited) Active Stock Master Portfolio (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 1.9%
Boeing Co.		16,083	$	2,106,069
General Dynamics Corp.		75,811		10,458,127
Honeywell International, Inc.		14,990		1,419,403
Lockheed Martin Corp. (a)		19,174		3,974,962
Orbital ATK, Inc.		39,963		2,872,141
Raytheon Co. (a)		74,300		8,118,018
Rockwell Collins, Inc.		35,830		2,932,327
Spirit Aerosystems Holdings, Inc., Class A (b)		2,790		134,869
Vectrus, Inc. (b)		29,227		644,163
				32,660,079
Air Freight & Logistics — 1.0%
FedEx Corp.		118,223		17,021,747
Airlines — 1.5%
Alaska Air Group, Inc.		2,233		177,412
American Airlines Group, Inc.		38,880		1,509,710
Delta Air Lines, Inc.		93,470		4,193,999
JetBlue Airways Corp. (b)		52,280		1,347,256
Southwest Airlines Co.		333,707		12,694,214
United Continental Holdings, Inc. (b)		134,867		7,154,694
				27,077,285
Auto Components — 1.2%
Johnson Controls, Inc.		14,465		598,272
Lear Corp.		188,763		20,533,639
				21,131,911
Automobiles — 0.3%
General Motors Co.		168,918		5,070,918
Thor Industries, Inc. (a)		14,317		741,621
				5,812,539
Banks — 2.6%
Bank of America Corp.		89,477		1,394,052
City National Corp.		1,861		163,880
East West Bancorp, Inc.		46,824		1,798,978
KeyCorp		212,170		2,760,332
PacWest Bancorp (a)		22,398		958,858
Regions Financial Corp.		417,040		3,757,530
Signature Bank (b)		29,243		4,022,667
US Bancorp (a)		249,300		10,223,793
Wells Fargo & Co. (a)		403,085		20,698,415
				45,778,505
Beverages — 1.2%
Dr Pepper Snapple Group, Inc.		241,731		19,108,835
PepsiCo, Inc.		17,266		1,628,184
				20,737,019
Biotechnology — 3.5%
Amgen, Inc.		199,789		27,634,814

Common Stocks	Shares		Value
Biotechnology (continued)
Baxalta, Inc. (a)		313,771	$	9,886,924
Biogen, Inc. (b)		2,294		669,412
Celgene Corp. (b)		18,745		2,027,647
Gilead Sciences, Inc.		206,472		20,273,486
United Therapeutics Corp. (b)		1,280		167,987
				60,660,270
Building Products — 0.1%
Allegion PLC		28,869		1,664,587
Capital Markets — 1.5%
Ameriprise Financial, Inc.		104,795		11,436,278
Goldman Sachs Group, Inc.		40,200		6,985,152
Invesco Ltd.		84,366		2,634,750
KKR & Co. LP		56,996		956,393
Morgan Stanley (a)		118,310		3,726,765
State Street Corp. (a)		4,140		278,250
				26,017,588
Chemicals — 1.4%
Air Products & Chemicals, Inc.		27,215		3,472,090
Akzo Nobel NV — ADR (a)		40,026		861,760
Axalta Coating Systems Ltd. (b)		51,619		1,308,025
Cabot Corp.		20,447		645,307
Celanese Corp., Series A		3,110		184,019
Chemours Co. (a)		200,729		1,298,717
Dow Chemical Co.		94,610		4,011,464
LyondellBasell Industries NV, Class A		81,882		6,825,683
Mosaic Co.		5,948		185,042
PPG Industries, Inc.		53,127		4,658,707
Scotts Miracle-Gro Co., Class A		1,430		86,973
Sigma-Aldrich Corp.		4,843		672,789
				24,210,576
Commercial Services & Supplies — 0.1%
KAR Auction Services, Inc.		48,164		1,709,822
Communications Equipment — 3.7%
Cisco Systems, Inc.		1,286,505		33,770,756
Harris Corp.		48,937		3,579,741
Lumentum Holdings, Inc. (b)		81,332		1,378,577
Nokia OYJ — ADR (a)		270,960		1,837,109
QUALCOMM, Inc.		332,082		17,842,766
Telefonaktiebolaget LM Ericsson — ADR (a)		603,170		5,899,003
				64,307,952
Construction & Engineering — 0.3%
AECOM (a)(b)		182,150		5,010,947
Jacobs Engineering Group, Inc. (b)		25,170		942,113
				5,953,060
Consumer Finance — 2.7%
Ally Financial, Inc. (b)		432,190		8,808,032

28 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) Active Stock Master Portfolio

Common Stocks	Shares		Value
Consumer Finance (continued)
Capital One Financial Corp.		159,850	$	11,592,322
Discover Financial Services		389,319		20,240,695
Santander Consumer USA Holdings, Inc. (b)		17,458		356,493
SLM Corp. (b)		921,843		6,821,638
				47,819,180
Containers & Packaging — 0.5%
Bemis Co., Inc.		20,520		811,976
Crown Holdings, Inc. (b)		11,370		520,178
Packaging Corp. of America (a)		85,323		5,133,032
Sonoco Products Co. (a)		5,980		225,685
WestRock Co.		31,310		1,610,586
				8,301,457
Diversified Financial Services — 5.8%
Berkshire Hathaway, Inc., Class B (b)		6,917		901,977
Citigroup, Inc.		559,030		27,733,478
CME Group, Inc.		91,349		8,471,706
FNFV Group (b)		276,652		3,242,362
IntercontinentalExchange Group, Inc.		43,270		10,168,017
JPMorgan Chase & Co. (a)		658,212		40,131,186
NASDAQ OMX Group, Inc.		195,070		10,403,083
				101,051,809
Diversified Telecommunication Services — 1.3%
AT&T, Inc.		66,626		2,170,675
Verizon Communications, Inc.		463,396		20,162,360
				22,333,035
Electric Utilities — 0.8%
American Electric Power Co., Inc.		940		53,448
Edison International (a)		880		55,502
Exelon Corp.		250,330		7,434,801
NextEra Energy, Inc.		73,183		7,139,002
				14,682,753
Electrical Equipment — 0.2%
Babcock & Wilcox Enterprises, Inc. (b)		61,302		1,029,874
SolarCity Corp. (a)(b)		62,840		2,683,896
				3,713,770
Electronic Equipment, Instruments & Components — 0.5%
Avnet, Inc.		6,550		279,554
CDW Corp.		86,360		3,528,670
Fitbit, Inc., Series A (a)(b)		63,121		2,379,030
Keysight Technologies, Inc. (b)		103,507		3,192,156
				9,379,410
Energy Equipment & Services — 1.3%
Atwood Oceanics, Inc. (a)		77,411		1,146,457

Common Stocks	Shares		Value
Energy Equipment & Services (continued)
Baker Hughes, Inc.	91,320	$	4,752,293
Cameron International Corp. (b)	7,761		475,904
Halliburton Co. (a)	39,420		1,393,497
Schlumberger Ltd. (a)	169,048		11,659,241
Superior Energy Services, Inc.	240,572		3,038,424
			22,465,816
Food & Staples Retailing — 2.1%
CVS Health Corp.	231,640		22,348,627
Kroger Co.	157,320		5,674,533
Supervalu, Inc. (b)	327,844		2,353,920
Wal-Mart Stores, Inc. (a)	90,537		5,870,419
			36,247,499
Food Products — 0.8%
Cal-Maine Foods, Inc. (a)	7,163		391,171
Hormel Foods Corp.	43,854		2,776,397
Kellogg Co. (a)	3,090		205,639
Mead Johnson Nutrition Co.	34,579		2,434,362
Pilgrim’s Pride Corp. (a)	269,374		5,597,592
Tyson Foods, Inc., Class A (a)	79,720		3,435,932
			14,841,093
Health Care Equipment & Supplies — 1.5%
Alere, Inc. (b)	13,572		653,492
Baxter International, Inc.	128,430		4,218,925
C.R. Bard, Inc.	15,099		2,813,095
Edwards Lifesciences Corp. (b)	32,939		4,682,938
Hologic, Inc. (a)(b)	53,650		2,099,324
Medtronic PLC	102,918		6,889,331
Stryker Corp.	17,610		1,657,101
Zimmer Biomet Holdings, Inc.	33,940		3,187,984
			26,202,190
Health Care Providers & Services — 5.9%
Aetna, Inc.	123,500		13,512,135
AmerisourceBergen Corp.	81,889		7,778,636
Anthem, Inc.	4,510		631,400
Cardinal Health, Inc.	67,984		5,222,531
Centene Corp. (b)	109,662		5,946,970
Cigna Corp.	80,180		10,825,904
Community Health Systems, Inc. (b)	100,670		4,305,656
Health Net, Inc. (b)	3,053		183,852
Laboratory Corp. of America Holdings (b)	64,835		7,032,652
McKesson Corp.	71,865		13,297,181
Quest Diagnostics, Inc.	72,590		4,462,107
UnitedHealth Group, Inc. (a)	154,845		17,963,569
Universal Health Services, Inc., Class B (a)	83,127		10,375,081
VCA, Inc. (b)	32,725		1,722,971
			103,260,645

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 29

Schedule of Investments (continued) Active Stock Master Portfolio

Common Stocks	Shares		Value
Hotels, Restaurants & Leisure — 1.1%
Extended Stay America, Inc. (a)		248,627	$	4,171,961
J Alexanders Holdings, Inc. (b)		46,807		466,671
Jack in the Box, Inc.		48,811		3,760,400
Las Vegas Sands Corp.		50,840		1,930,395
Starbucks Corp.		117,661		6,687,851
Starwood Hotels & Resorts Worldwide, Inc.		6,361		422,879
Vail Resorts, Inc.		9,527		997,286
Wyndham Worldwide Corp. (a)		2,290		164,651
				18,602,094
Household Durables — 1.4%
D.R. Horton, Inc.		79,790		2,342,634
GoPro, Inc., Class A (a)(b)		21,622		675,039
Lennar Corp., Class A (a)		42,080		2,025,310
Mohawk Industries, Inc. (b)		663		120,527
Newell Rubbermaid, Inc. (a)		333,753		13,253,332
NVR, Inc. (a)(b)		660		1,006,645
Toll Brothers, Inc. (b)		36,300		1,242,912
TopBuild Corp. (b)		92,078		2,851,656
Tupperware Brands Corp. (a)		10,990		543,895
				24,061,950
Household Products — 0.6%
Energizer Holdings, Inc. (a)		81,008		3,135,820
Kimberly-Clark Corp.		67,036		7,309,605
				10,445,425
Independent Power and Renewable Electricity Producers — 0.7%
AES Corp.		652,560		6,388,562
Dynegy, Inc. (a)(b)		161,530		3,338,825
Talen Energy Corp. (b)		235,477		2,378,318
				12,105,705
Industrial Conglomerates — 0.4%
3M Co.		40,358		5,721,554
General Electric Co.		64,441		1,625,202
				7,346,756
Insurance — 4.2%
Allstate Corp.		62,017		3,611,870
CNA Financial Corp.		130,833		4,569,997
Everest Re Group Ltd.		7,176		1,243,888
Genworth Financial, Inc., Class A (b)		500,250		2,311,155
The Hanover Insurance Group, Inc.		46,071		3,579,717
Hartford Financial Services Group, Inc.		308,337		14,115,668
Lincoln National Corp. (a)		129,588		6,150,246
MetLife, Inc.		86,622		4,084,227
Prudential Financial, Inc. (a)		189,206		14,419,389
Travelers Cos., Inc.		63,960		6,365,939
Voya Financial, Inc.		192,368		7,458,107

Common Stocks	Shares		Value
Insurance (continued)
XL Group PLC		135,150	$	4,908,648
				72,818,851
Internet & Catalog Retail — 1.4%
Amazon.com, Inc. (b)		6,939		3,552,005
Liberty TripAdvisor Holdings, Inc., Series A (b)		111,019		2,461,291
Liberty Ventures, Series A (b)		192,040		7,748,814
Priceline Group, Inc. (b)		8,800		10,884,368
				24,646,478
Internet Software & Services — 4.6%
Alphabet, Inc., Class A (b)		45,348		28,948,803
Alphabet, Inc., Class C (b)		35,758		21,755,882
eBay, Inc. (b)		377,750		9,232,210
Facebook, Inc., Class A (b)		161,000		14,473,900
IAC/InterActiveCorp		85,495		5,580,259
				79,991,054
IT Services — 4.2%
Alliance Data Systems Corp. (b)		32,720		8,473,826
Amdocs Ltd.		134,598		7,655,934
Booz Allen Hamilton Holding Corp.		24,958		654,149
Cognizant Technology Solutions Corp., Class A (b)		176,680		11,061,935
DST Systems, Inc.		66,270		6,967,628
Global Payments, Inc.		2,951		338,568
Mastercard, Inc., Class A		166,245		14,981,999
PayPal Holdings, Inc. (b)		185,561		5,759,814
Total System Services, Inc. (a)		132,591		6,023,609
Visa, Inc., Class A (a)		154,537		10,765,047
Western Union Co. (a)		2,500		45,900
Xerox Corp.		58,718		571,326
				73,299,735
Leisure Products — 0.0%
Hasbro, Inc. (a)		10,797		778,896
Life Sciences Tools & Services — 0.1%
Bruker Corp. (a)(b)		8,439		138,653
Quintiles Transnational Holdings, Inc. (b)		23,898		1,662,584
				1,801,237
Machinery — 1.2%
Ingersoll-Rand PLC		131,834		6,693,212
PACCAR, Inc.		7,891		411,674
Parker Hannifin Corp.		23,620		2,298,226
Stanley Black & Decker, Inc.		95,390		9,250,922
WABCO Holdings, Inc. (a)(b)		27,690		2,902,743
				21,556,777

30 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) Active Stock Master Portfolio

Common Stocks	Shares		Value
Media — 3.2%
Cablevision Systems Corp., New York Group, Class A		8,029	$	260,702
CBS Corp., Class B		14,891		594,151
Comcast Corp., Class A		413,135		23,499,119
Comcast Corp., Special Class A (a)		15,434		883,442
Discovery Communications, Inc., Class C (b)		8,531		207,218
Interpublic Group of Cos., Inc.		47,050		900,066
Liberty Global PLC LiLAC, Class A (b)		7,794		262,580
Liberty Media Corp., Class C (b)		50,199		1,729,858
Omnicom Group, Inc.		112,500		7,413,750
Scripps Networks Interactive, Inc., Class A (a)		57,170		2,812,192
Time Warner, Inc.		126,968		8,729,050
Viacom, Inc., Class B (a)		164,260		7,087,819
Walt Disney Co. (a)		24,620		2,516,164
				56,896,111
Metals & Mining — 0.0%
Allegheny Technologies, Inc. (a)		12,300		174,414
Reliance Steel & Aluminum Co.		10,146		547,985
				722,399
Multi-Utilities — 0.4%
Ameren Corp.		7,330		309,839
CenterPoint Energy, Inc.		365,265		6,589,381
PG&E Corp. (a)		1,040		54,912
TECO Energy, Inc.		9,327		244,927
				7,199,059
Multiline Retail — 1.0%
Macy’s, Inc.		172,720		8,863,990
Target Corp. (a)		111,898		8,801,897
				17,665,887
Office Electronics — 0.1%
Zebra Technologies Corp., Class A (a)(b)		19,704		1,508,341
Oil, Gas & Consumable Fuels — 5.5%
Apache Corp.		215,320		8,431,931
Devon Energy Corp.		199,437		7,397,118
EnLink Midstream LLC (a)		78,368		1,432,567
EOG Resources, Inc.		89,430		6,510,504
Exxon Mobil Corp.		166,789		12,400,762
Gulfport Energy Corp. (b)		195,770		5,810,454
Marathon Oil Corp. (a)		724,202		11,152,711
Marathon Petroleum Corp. (a)		340,888		15,793,341
PBF Energy, Inc., Class A (a)		48,637		1,373,022
Plains GP Holdings LP, Class A		117,994		2,064,895
Suncor Energy, Inc. (a)		289,940		7,747,197
Teekay Corp.		23,093		684,477
Valero Energy Corp.		261,253		15,701,305

Common Stocks	Shares		Value
Oil, Gas & Consumable Fuels (continued)
World Fuel Services Corp.		6,100	$	218,380
				96,718,664
Personal Products — 0.0%
Herbalife Ltd. (a)(b)		2,772		151,074
Pharmaceuticals — 5.3%
AbbVie, Inc.		126,783		6,898,263
Allergan PLC (b)		2,903		789,064
Bristol-Myers Squibb Co.		17,871		1,057,963
Johnson & Johnson		200,425		18,709,674
Mallinckrodt PLC (b)		15,344		981,095
Merck & Co., Inc.		233,256		11,520,514
Perrigo Co. PLC		23,118		3,635,768
Pfizer, Inc. (a)		1,087,069		34,144,837
Teva Pharmaceutical Industries Ltd. — ADR (a)		157,389		8,886,183
Zoetis, Inc.		136,893		5,637,254
				92,260,615
Professional Services — 0.7%
Equifax, Inc.		8,248		801,541
Manpowergroup, Inc. (a)		48,807		3,996,805
Nielsen Holdings PLC		156,110		6,942,212
				11,740,558
Real Estate Investment Trusts (REITs) — 1.8%
Brixmor Property Group, Inc. (a)		41,550		975,594
Crown Castle International Corp.		71,824		5,664,759
Host Hotels & Resorts, Inc.		211,599		3,345,380
Outfront Media, Inc.		159,512		3,317,849
Simon Property Group, Inc.		58,933		10,827,171
Starwood Property Trust, Inc. (a)		168,270		3,452,900
Weingarten Realty Investors		54,051		1,789,629
WP Glimcher, Inc.		171,165		1,995,784
				31,369,066
Road & Rail — 0.1%
CSX Corp.		8,796		236,612
Union Pacific Corp. (a)		20,497		1,812,140
				2,048,752
Semiconductors & Semiconductor Equipment — 1.3%
Applied Materials, Inc.		202,950		2,981,336
Intel Corp.		71,650		2,159,531
Lam Research Corp. (a)		77,630		5,071,568
Micron Technology, Inc. (b)		185,200		2,774,296
NVIDIA Corp.		161,090		3,970,869
Qorvo, Inc. (b)		23,127		1,041,871
Skyworks Solutions, Inc.		2,333		196,462
Teradyne, Inc.		227,840		4,103,398
				22,299,331

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 31

Schedule of Investments (continued) Active Stock Master Portfolio

Common Stocks	Shares		Value
Software — 3.3%
Adobe Systems, Inc. (b)		48,429	$	3,981,832
Check Point Software Technologies Ltd. (a)(b)		108,769		8,628,645
Electronic Arts, Inc. (b)		35,298		2,391,440
Intuit, Inc.		33,673		2,988,479
King Digital Entertainment PLC (a)		118,967		1,610,813
Microsoft Corp.		604,317		26,747,070
Oracle Corp.		270,780		9,780,574
PTC, Inc. (b)		56,460		1,792,040
				57,920,893
Specialty Retail — 4.5%
Aaron’s, Inc.		127,860		4,617,025
Dick’s Sporting Goods, Inc.		27,419		1,360,257
DSW, Inc., Class A		8,818		223,184
Gap, Inc. (a)		115,620		3,295,170
GNC Holdings, Inc., Class A		115,460		4,666,893
Home Depot, Inc.		194,619		22,476,548
Lowe’s Cos., Inc.		374,986		25,844,035
Penske Automotive Group, Inc.		50,051		2,424,470
Ross Stores, Inc.		106,394		5,156,917
Sears Hometown and Outlet Stores, Inc. (a)(b)		21,478		172,039
TJX Cos., Inc. (a)		131,690		9,405,300
				79,641,838
Technology Hardware, Storage & Peripherals — 4.2%
Apple, Inc.		611,985		67,501,945
EMC Corp.		135,020		3,262,083
NCR Corp. (b)		21,284		484,211
Western Digital Corp.		40,040		3,180,778
				74,429,017
Textiles, Apparel & Luxury Goods — 1.0%
Carter’s, Inc.		10,600		960,784
Fossil Group, Inc. (a)(b)		32,310		1,805,483
Michael Kors Holdings Ltd. (b)		8,876		374,922
NIKE, Inc., Class B		98,067		12,059,299
VF Corp.		34,686		2,365,932
				17,566,420
Tobacco — 1.9%
Altria Group, Inc.		499,658		27,181,395
Philip Morris International, Inc.		13,772		1,092,533
Reynolds American, Inc.		71,661		3,172,432
Vector Group Ltd. (a)		117,197		2,649,830
				34,096,190

Common Stocks	Shares		Value
Trading Companies & Distributors — 0.2%
AerCap Holdings NV (b)		78,266	$	2,992,892
Water Utilities — 0.2%
American Water Works Co., Inc.		51,642		2,844,441
Wireless Telecommunication Services — 0.7%
SBA Communications Corp., Class A (b)		28,360		2,970,426
Telephone & Data Systems, Inc.		309,664		7,729,214
United States Cellular Corp. (b)		50,021		1,772,244
				12,471,884
Total Common Stocks — 99.0%				1,735,039,987
Preferred Stocks
Food Products — 0.1%
Tyson Foods, Inc.		27,919		1,431,128
Machinery — 0.0%
Stanley Black & Decker, Inc., 6.25% (a)(c)		3,750		412,500
Total Preferred Stocks — 0.1%		1,843,628
Total Long-Term Investments (Cost — $1,767,478,248) — 99.1%				1,736,883,615
Short-Term Securities
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (d)(e)		19,981,905		19,981,905
BlackRock Cash Funds: Prime, SL Agency Shares, 0.17% (d)(e)(f)		162,630,876		162,630,876
Total Short-Term Securities (Cost — $182,612,781) — 10.4%				182,612,781
Total Investments (Cost — $1,950,091,029*) — 109.5%				1,919,496,396
Liabilities in Excess of Other Assets — (9.5)%				(165,931,318	)
Net Assets — 100.0%			$	1,753,565,078

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

Tax cost	$	1,980,177,053
Gross unrealized appreciation	$	85,044,457
Gross unrealized depreciation		(145,725,114	)
Net unrealized depreciation	$	(60,680,657	)

32 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) Active Stock Master Portfolio

Notes to Schedule of Investments

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

(b) Non-income producing security.

(c) Convertible security.

(d) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at December 31, 2014		Net Activity			Shares Held at September 30, 2015		Income
BlackRock Cash Funds: Institutional, SL Agency Shares		60,987,578		(41,005,673	)		19,981,905	$	57,187
BlackRock Cash Funds: Prime, SL Agency Shares		5,562,536		157,068,340			162,630,876	$	243,137	1

¹  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.

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

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

Portfolio Abbreviations

ADR	American Depositary Receipts
S&P	Standard and Poor’s

• Financial Futures Contracts

Contracts Long		Issue	Expiration	Notional Value	Unrealized Depreciation
	55	S&P 500 E-Mini Index	December 2015	$5,248,925	$	(78,920	)

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 33

Schedule of Investments (continued) 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’s 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 Master Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

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

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.

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:
Long-Term Investments:
Common Stocks1	$	1,735,039,987		—	—	$	1,735,039,987
Preferred Stocks1		1,843,628		—	—		1,843,628
Short-Term Securities		182,612,781		—	—		182,612,781
Total	$	1,919,496,396		—	—	$	1,919,496,396
1    See above Schedule of Investments for values in each sector.
	Level 1			Level 2	Level 3	Total
Derivative Financial Instruments 2
Liabilities:
Equity contracts	$	(78,920	)	—	—	$	(78,920	)

²  Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

34 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (concluded) Active Stock Master Portfolio

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

	Level 1		Level 2			Level 3	Total
Assets:
Cash	$	3,056		—		—	$	3,056
Cash pledged for financial futures contracts		253,000		—		—		253,000
Liabilities:
Collateral on securities loaned at value		—	$	(162,630,876	)	—		(162,630,876	)
Total		$256,056	$	(162,630,876	)	—	$	(162,374,820	)

During the period ended September 30, 2015, there were no transfers between levels.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 35

Schedule of Investments September 30, 2015 (Unaudited) CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Asset-Backed Securities		Par   (000)		Value
Access Group, Inc., Class A2 (a):
Series 2004-A, 0.56%, 4/25/29	USD		3,645	$	3,608,794
Series 2007-A, 0.46%, 8/25/26			194		194,262
ACE Securities Corp. Home Equity Loan Trust (a):
Series 2005-AG1, Class A2D, 0.55%, 8/25/35			637		625,668
Series 2005-HE2, Class M3, 0.91%, 4/25/35			1,376		1,372,952
Series 2005-HE4, Class M2, 0.71%, 7/25/35			2,034		2,024,007
American Credit Acceptance Receivables Trust, Class A (b):
Series 2014-1, 1.14%, 3/12/18			93		93,418
Series 2014-3, 0.99%, 8/10/18			706		705,330
AmeriCredit Automobile Receivables Trust:
Series 2012-3, Class D, 3.03%, 7/09/18			2,121		2,154,681
Series 2012-4, Class D, 2.68%, 10/09/18			3,850		3,899,145
Series 2012-5, Class B, 1.12%, 11/08/17			2,133		2,132,982
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE1, Class 1A3, 0.52%, 12/25/35 (a)			1,154		1,148,859
Carfinance Capital Auto Trust, Class A (b):
Series 2013-2A, 1.75%, 11/15/17			325		324,776
Series 2014-1A, 1.46%, 12/17/18			1,477		1,475,691
Centex Home Equity Loan Trust, Series 2006-A, Class AV3, 0.35%, 6/25/36 (a)			1,338		1,332,431
Chase Issuance Trust, Series 2012-A7, Class A7, 2.16%, 9/16/24			4,000		3,971,376
Citibank Credit Card Issuance Trust, Series 2014-A6, Class A6, 2.15%, 7/15/21			10,000		10,202,250
College Loan Corp. Trust I, Series 2004-1, Class A4, 0.49%, 4/25/24 (a)			10,200		10,094,971
Countrywide Asset-Backed Certificates, Series 2005-8, Class M1, 0.66%, 12/25/35 (a)			993		991,739
CPS Auto Receivables Trust, Series 2011-B, Class B, 5.68%, 9/17/18 (b)			412		416,196

Asset-Backed Securities		Par   (000)		Value
Credit Suisse Mortgage Capital Certificates, Series 2006-CF3, Class A1, 0.73%, 10/25/36 (a)(b)	USD		1,322	$	1,301,400
Discover Card Execution Note Trust, Series 2015-A2, Class A, 1.90%, 10/17/22			3,900		3,908,264
DT Auto Owner Trust, Series 2012-2A, Class D, 4.35%, 3/15/19 (b)			3,938		3,950,308
Exeter Automobile Receivables Trust (b):
Series 2012-2A, Class B, 2.22%, 12/15/17			955		956,483
Series 2013-1A, Class A, 1.29%, 10/16/17			96		95,721
Series 2013-1A, Class B, 2.41%, 5/15/18			2,300		2,307,429
Series 2014-1A, Class A, 1.29%, 5/15/18			2,994		2,992,393
Series 2014-2A, Class A, 1.06%, 8/15/18			656		654,913
First Franklin Mortgage Loan Trust (a):
Series 2005-FF04, Class M1, 0.84%, 5/25/35			1,408		1,399,626
Series 2005-FF10, Class A4, 0.51%, 11/25/35			669		657,466
First Investors Auto Owner Trust, Class A2 (b):
Series 2013-1A, 0.90%, 10/15/18			447		447,198
Series 2014-1A, 0.80%, 2/15/18			827		827,059
Flagship Credit Auto Trust, Series 2014-1, Class A, 1.21%, 4/15/19 (b)			2,140		2,137,334
HLSS Servicer Advance Receivables Backed Notes (b):
Series 2012-T2, Class B2, 2.48%, 10/15/45			100		99,980
Series 2013-T1, Class A2, 1.50%, 1/16/46			11,220		11,208,780
HSI Asset Securitization Corp. Trust, Series 2006-OPT4, Class 2A5, 0.00%, 3/25/36 (c)			4,500		4,431,623
JPMorgan Mortgage Acquisition Corp. (a):
Series 2005-OPT2, Class A1B, 0.48%, 12/25/35			977		965,339
Series 2007-CH1, Class AV4, 0.32%, 11/25/36			292		291,155
KeyCorp Student Loan Trust, Series 2006-A (a):
Class 2A3, 0.52%, 6/27/29			1,231		1,228,967
Class 2A4, 0.64%, 9/27/35			3,620		3,530,597

36 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Asset-Backed Securities		Par   (000)		Value
Morgan Stanley ABS Capital I, Inc. Trust (a):
Series 2005-HE3, Class M2, 0.97%, 7/25/35	USD		278	$	277,655
Series 2005-WMC4, Class M4, 1.14%, 4/25/35			3,399		3,401,623
National Collegiate Student Loan Trust (a):
Series 2004-1, Class A2, 0.59%, 6/25/27			916		909,988
Series 2004-2, Class A4, 0.50%, 11/27/28			6,922		6,797,734
Series 2005-1, Class A4, 0.43%, 11/27/28			342		336,212
Series 2005-3, Class A3, 0.43%, 7/25/28			564		563,341
Series 2005-3, Class A4, 0.47%, 4/25/29			6,263		5,999,879
Series 2006-1, Class A3, 0.38%, 5/25/26			78		77,937
Series 2006-1, Class A4, 0.44%, 3/27/28			2,250		2,152,022
Series 2006-2, Class A2, 0.34%, 7/25/26			852		851,226
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates (a):
Series 2004-WHQ2, Class M2, 1.14%, 2/25/35			4,353		4,338,895
Series 2004-WWF1, Class M2, 1.21%, 12/25/34			409		408,856
Series 2005-WCW3, Class A2C, 0.57%, 8/25/35			1,448		1,433,557
RAMP Trust (a):
Series 2004-RS11, Class M1, 1.12%, 11/25/34			851		839,084
Series 2005-EFC1, Class M2, 0.64%, 5/25/35			1,389		1,382,586
Series 2005-RS6, Class M1, 0.69%, 6/25/35			1,103		1,096,471
Series 2006-NC2, Class A2, 0.38%, 2/25/36			3,389		3,327,592
Series 2006-RZ3, Class A2, 0.35%, 8/25/36			3,893		3,846,385
RASC Trust, Series 2005-AHL3, Class A2, 0.43%, 11/25/35 (a)			1,676		1,648,177

Asset-Backed Securities		Par   (000)		Value
Santander Drive Auto Receivables Trust:
Series 2011-3, Class D, 4.23%, 5/15/17	USD		3,428	$	3,454,235
Series 2011-4, Class C, 3.82%, 8/15/17			374		374,312
Series 2011-4, Class D, 4.74%, 9/15/17			1,220		1,239,586
Series 2012-1, Class C, 3.78%, 11/15/17			110		110,528
Series 2012-2, Class C, 3.20%, 2/15/18			1,213		1,217,478
Series 2012-2, Class D, 3.87%, 2/15/18			2,000		2,036,956
Series 2012-3, Class D, 3.64%, 5/15/18			5,440		5,542,669
Series 2012-4, Class D, 3.50%, 6/15/18			8,760		8,915,840
Series 2012-AA, Class C, 1.78%, 11/15/18 (b)			5,600		5,624,248
Series 2012-AA, Class D, 2.46%, 12/17/18 (b)			2,700		2,727,977
Series 2013-1, Class C, 1.76%, 1/15/19			4,455		4,465,269
Series 2013-2, Class B, 1.33%, 3/15/18			2,595		2,597,438
Series 2013-2, Class C, 1.95%, 3/15/19			9,300		9,350,927
Series 2013-3, Class C, 1.81%, 4/15/19			4,790		4,803,077
Series 2013-3, Class D, 2.42%, 4/15/19			3,200		3,212,576
Series 2013-4, Class C, 3.25%, 1/15/20			1,000		1,022,424
Series 2013-A, Class B, 1.89%, 10/15/19 (b)			2,300		2,308,837
Series 2013-A, Class C, 3.12%, 10/15/19 (b)			7,375		7,497,101
Series 2014-1, Class B, 1.59%, 10/15/18			4,320		4,329,292
Series 2014-1, Class C, 2.36%, 4/15/20			3,020		3,039,555
Series 2014-2, Class C, 2.33%, 11/15/19			4,885		4,926,215
Series 2014-4, Class B, 1.82%, 5/15/19			1,850		1,862,983
Series 2014-4, Class C, 2.60%, 11/16/20			1,770		1,792,879
Series 2015-1, Class C, 2.57%, 4/15/21			2,500		2,501,988
Series 2015-2, Class C, 2.44%, 4/15/21			2,350		2,353,353
Series 2015-3, Class C, 2.74%, 1/15/21			2,100		2,116,176

BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015 37

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Asset-Backed Securities	Par   (000)			Value
SLC Private Student Loan Trust, Series 2006-A, Class A5, 0.46%, 7/15/36 (a)		USD	11,368	$	11,270,426
SLM Private Credit Student Loan Trust (a):
Series 2003-A, Class A2, 0.78%, 9/15/20			5,610		5,567,385
Series 2003-B, Class A2, 0.74%, 3/15/22			1,735		1,713,626
Series 2003-C, Class A2, 0.73%, 9/15/20			1,505		1,485,590
Series 2004-A, Class A2, 0.54%, 3/16/20			637		636,877
Series 2004-B, Class A2, 0.54%, 6/15/21			4,543		4,519,795
Series 2005-B, Class A2, 0.52%, 3/15/23			3,797		3,765,495
Series 2006-B, Class A4, 0.52%, 3/15/24			3,189		3,165,799
Series 2006-C, Class A4, 0.51%, 3/15/23			2,981		2,948,301
SLM Private Education Loan Trust (a)(b):
Series 2010-A, Class 1A, 3.20%, 5/16/44			3,195		3,294,738
Series 2011-A, Class A1, 1.21%, 10/15/24			3,877		3,879,525
Series 2011-B, Class A1, 1.06%, 12/16/24			531		531,475
Series 2011-C, Class A1, 1.61%, 12/15/23			258		258,313
Series 2012-A, Class A1, 1.61%, 8/15/25			1,303		1,307,600
Series 2012-C, Class A1, 1.31%, 8/15/23			1,073		1,073,843
Series 2012-D, Class A1, 1.26%, 6/15/23			728		727,974
Series 2012-E, Class A1, 0.96%, 10/16/23			2,970		2,968,620
Series 2013-A, Class A1, 0.81%, 8/15/22			3,923		3,915,464
Series 2013-B, Class A1, 0.86%, 7/15/22			6,115		6,108,186
Series 2013-C, Class A1, 1.06%, 2/15/22			2,825		2,824,071
SoFi Professional Loan Program LLC, Series 2015-B, Class A2, 2.51%, 9/27/32 (b)			900		899,979

Asset-Backed Securities	Par   (000)			Value
Soundview Home Loan Trust, Series 2005-OPT4, Class 2A3, 0.45%, 12/25/35 (a)		USD	2,877	$	2,826,387
Terwin Mortgage Trust, Series 2006-5, Class 2A2, 0.40%, 6/25/37 (a)(b)			2,973		2,894,744
Trade MAPS 1 Ltd., Series 2013-1A (a)(b):
Class A, 0.90%, 12/10/18			9,690		9,693,130
Class B, 1.45%, 12/10/18			3,100		3,091,196
Total Asset-Backed Securities — 10.6%					300,643,241
Corporate Bonds
Aerospace & Defense — 0.6%
Eaton Corp., 0.95%, 11/02/15			3,000		3,001,095
Harris Corp., 2.00%, 4/27/18			1,275		1,270,362
L-3 Communications Corp.:
3.95%, 11/15/16			1,250		1,281,594
1.50%, 5/28/17			520		515,247
4.75%, 7/15/20			2,400		2,511,367
4.95%, 2/15/21			5,468		5,801,307
Lockheed Martin Corp.:
4.85%, 9/15/41			2,000		2,089,930
3.80%, 3/01/45			2,145		1,956,159
					18,427,061
Airlines — 0.1%
United Airlines Pass-Through Trust, Series 2013-1, Class A, 4.30%, 8/15/25			2,285		2,371,818
Auto Components — 0.6%
Delphi Corp.:
5.00%, 2/15/23			850		879,750
4.15%, 3/15/24			3,175		3,201,756
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
4.88%, 3/15/19			1,525		1,527,287
6.00%, 8/01/20			1,725		1,772,437
Johnson Controls, Inc., 1.40%, 11/02/17			3,330		3,309,794
Lear Corp.:
4.75%, 1/15/23			1,000		980,000
5.38%, 3/15/24			3,775		3,775,000
ZF North America Capital, Inc., 4.50%, 4/29/22 (b)			1,030		973,350
					16,419,374
Automobiles — 0.1%
General Motors Co., 5.00%, 4/01/35			1,600		1,482,120

38 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Corporate Bonds	Par   (000)			Value
Banks — 4.2%
ANZ New Zealand International Ltd., 1.13%, 3/24/16 (b)		USD	2,500	$	2,506,378
Bank of Nova Scotia:
1.10%, 12/13/16			5,000		5,009,235
1.70%, 6/11/18			3,525		3,519,656
Barclays Bank PLC:
2.00%, 3/16/18			4,600		4,596,895
2.75%, 11/08/19			3,845		3,869,969
Barclays PLC:
3.65%, 3/16/25			1,660		1,584,878
5.25%, 8/17/45			1,640		1,651,672
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA:
2.25%, 1/14/19			3,500		3,533,197
3.38%, 5/21/25			2,800		2,747,105
Credit Suisse, 3.63%, 9/09/24			5,300		5,308,787
Credit Suisse Group Funding Guernsey Ltd. (b):
3.80%, 9/15/22			3,670		3,665,813
3.75%, 3/26/25			3,000		2,913,462
Discover Bank/Greenwood Delaware, 2.00%, 2/21/18			2,600		2,584,634
Fifth Third Bancorp, 0.90%, 2/26/16			2,900		2,900,119
HSBC Bank USA NA, 5.88%, 11/01/34			1,200		1,395,468
HSBC Holdings PLC:
4.25%, 8/18/25			2,100		2,069,332
6.50%, 9/15/37			1,200		1,405,691
HSBC USA, Inc., 1.50%, 11/13/17			6,345		6,334,194
Lloyds Bank PLC, 1.75%, 5/14/18			5,610		5,598,679
Rabobank Nederland, 3.88%, 2/08/22			3,800		4,002,149
Royal Bank of Canada:
0.85%, 3/08/16			4,600		4,606,302
1.20%, 9/19/17			10,100		10,100,909
Toronto-Dominion Bank, 1.50%, 3/13/17 (b)			4,688		4,719,246
U.S. Bancorp, 2.20%, 11/15/16			4,000		4,058,180
Wachovia Bank NA, 6.00%, 11/15/17			5,400		5,886,459
Wells Fargo & Co.:
1.15%, 6/02/17			5,200		5,202,366
2.13%, 4/22/19			8,100		8,157,866
3.00%, 1/22/21			4,700		4,815,925
3.30%, 9/09/24			600		595,446
4.10%, 6/03/26			1,900		1,916,783
4.65%, 11/04/44			1,930		1,900,842
					119,157,637

Corporate Bonds	Par   (000)			Value
Beverages — 0.5%
Anheuser-Busch InBev Worldwide, Inc., 3.75%, 7/15/42		USD	1,500	$	1,287,776
Bottling Group LLC, 5.13%, 1/15/19			1,100		1,215,598
Diageo Capital PLC, 0.63%, 4/29/16			2,800		2,794,506
Dr Pepper Snapple Group, Inc., 2.90%, 1/15/16			1,250		1,257,319
PepsiCo, Inc.:
7.90%, 11/01/18			2,000		2,364,278
2.75%, 3/01/23			3,400		3,380,402
4.88%, 11/01/40			1,000		1,088,534
3.60%, 8/13/42			2,000		1,795,114
					15,183,527
Biotechnology — 0.8%
Amgen, Inc.:
2.30%, 6/15/16			3,240		3,269,740
5.38%, 5/15/43			1,775		1,892,462
Biogen, Inc.:
2.90%, 9/15/20			875		883,855
5.20%, 9/15/45			435		438,936
Celgene Corp., 2.30%, 8/15/18			2,000		2,024,488
Gilead Sciences, Inc.:
3.05%, 12/01/16			1,400		1,433,257
2.05%, 4/01/19			5,000		5,034,250
2.55%, 9/01/20			4,340		4,367,125
4.50%, 2/01/45			2,300		2,210,404
4.75%, 3/01/46			400		401,845
					21,956,362
Capital Markets — 2.9%
Bank of New York Mellon Corp., 0.70%, 3/04/16			4,600		4,605,023
Bear Stearns Cos. LLC, 6.40%, 10/02/17			2,500		2,725,828
FMS Wertmanagement AoeR, 1.13%, 9/05/17			12,454		12,523,381
Goldman Sachs Group, Inc.:
6.15%, 4/01/18			1,500		1,652,021
2.90%, 7/19/18			2,700		2,770,070
2.63%, 1/31/19			2,700		2,733,429
7.50%, 2/15/19			1,200		1,402,564
2.55%, 10/23/19			1,510		1,519,791
6.00%, 6/15/20			3,500		4,022,364
5.75%, 1/24/22			1,400		1,606,765
3.63%, 1/22/23			750		759,776
3.75%, 5/22/25			4,165		4,173,642
6.75%, 10/01/37			4,350		5,189,193
6.25%, 2/01/41			3,350		4,039,571
Invesco Finance PLC, 5.38%, 11/30/43			2,400		2,674,634
Legg Mason, Inc., 2.70%, 7/15/19			4,335		4,361,053

BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015 39

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Corporate Bonds		Par   (000)		Value
Capital Markets (continued)
Morgan Stanley:
4.75%, 3/22/17	USD		3,300	$	3,457,011
6.25%, 8/28/17			1,500		1,627,682
2.50%, 1/24/19			3,800		3,851,866
5.63%, 9/23/19			10,000		11,171,550
3.95%, 4/23/27			2,500		2,407,695
6.38%, 7/24/42			2,200		2,703,122
					81,978,031
Chemicals — 0.6%
CF Industries, Inc., 5.38%, 3/15/44			1,575		1,529,156
LYB International Finance BV, 4.88%, 3/15/44			900		852,680
LyondellBasell Industries NV, 5.00%, 4/15/19			5,300		5,714,471
Monsanto Co.:
2.13%, 7/15/19			2,615		2,624,814
2.75%, 7/15/21			1,170		1,168,436
4.40%, 7/15/44			2,155		1,866,973
3.95%, 4/15/45			2,300		1,866,232
RPM International, Inc., 6.13%, 10/15/19			2,453		2,746,766
					18,369,528
Communications Equipment — 0.5%
Cisco Systems, Inc.:
2.13%, 3/01/19			5,000		5,062,705
2.45%, 6/15/20			6,000		6,091,698
Juniper Networks, Inc., 4.35%, 6/15/25			2,400		2,380,850
					13,535,253
Consumer Finance — 1.1%
Capital One Bank USA NA:
2.15%, 11/21/18			2,150		2,148,957
2.95%, 7/23/21			4,700		4,652,140
Capital One NA, 1.50%, 9/05/17			5,000		4,976,675
Caterpillar Financial Services Corp., 0.70%, 2/26/16			3,600		3,604,558
MasterCard, Inc.:
2.00%, 4/01/19			1,955		1,976,321
3.38%, 4/01/24			3,000		3,066,756
Navient Solutions, Inc., 0.00%, 10/03/22 (c)			5,700		4,699,496
Synchrony Financial:
3.00%, 8/15/19			5,200		5,241,205
3.75%, 8/15/21			2,045		2,065,912
					32,432,020
Diversified Financial Services — 4.6%
American Express Credit Corp.:
2.38%, 3/24/17			3,000		3,047,127
1.55%, 9/22/17			2,865		2,872,933

Corporate Bonds		Par   (000)		Value
Diversified Financial Services (continued)
American Honda Finance Corp., 1.13%, 10/07/16	USD		3,407	$	3,418,458
Associates Corp. of North America, 6.95%, 11/01/18			964		1,099,420
Bank of America Corp.:
6.88%, 4/25/18			3,550		3,967,608
5.49%, 3/15/19			1,500		1,647,769
5.63%, 7/01/20			2,500		2,819,687
5.70%, 1/24/22			8,000		9,125,024
3.30%, 1/11/23			1,400		1,389,296
4.13%, 1/22/24			2,500		2,613,480
6.11%, 1/29/37			800		920,192
Bank of America NA, 1.65%, 3/26/18			3,105		3,102,544
BNP Paribas SA:
1.38%, 3/17/17			5,000		5,001,930
2.40%, 12/12/18			2,000		2,026,858
Citigroup, Inc.:
4.45%, 1/10/17			1,900		1,975,698
1.80%, 2/05/18			5,800		5,794,374
2.50%, 9/26/18			3,000		3,039,837
8.50%, 5/22/19			1,600		1,931,771
2.50%, 7/29/19			5,500		5,534,771
4.40%, 6/10/25			2,100		2,112,043
5.88%, 1/30/42			1,000		1,162,916
5.30%, 5/06/44			1,100		1,144,560
Deutsche Bank AG, 4.50%, 4/01/25			3,665		3,550,919
Ford Motor Credit Co. LLC:
1.70%, 5/09/16			2,800		2,807,941
3.00%, 6/12/17			5,400		5,485,601
1.72%, 12/06/17			5,100		5,065,845
General Electric Capital Corp.:
2.25%, 11/09/15			2,000		2,003,676
2.30%, 1/14/19			4,000		4,068,276
6.75%, 3/15/32			500		677,085
General Motors Financial Co., Inc.:
3.45%, 4/10/22			2,600		2,500,904
4.00%, 1/15/25			2,300		2,178,098
4.30%, 7/13/25			900		870,672
Intercontinental Exchange, Inc., 2.50%, 10/15/18			3,000		3,060,408
JPMorgan Chase & Co.:
1.13%, 2/26/16			4,500		4,508,091
2.00%, 8/15/17			4,100		4,134,727
4.25%, 10/15/20			6,000		6,431,406
3.25%, 9/23/22			2,600		2,601,867
3.20%, 1/25/23			1,900		1,886,063
3.38%, 5/01/23			1,800		1,759,077
5.60%, 7/15/41			1,000		1,144,421
4.95%, 6/01/45			1,100		1,103,299
JPMorgan Chase Bank NA, 6.00%, 10/01/17			800		864,488

40 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Corporate Bonds		Par   (000)		Value
Diversified Financial Services (continued)
Leucadia National Corp., 5.50%, 10/18/23	USD		3,500	$	3,520,233
Morgan Stanley, 2.20%, 12/07/18			1,480		1,493,742
Private Export Funding Corp., Series U, 4.95%, 11/15/15			3,325		3,343,577
					130,808,712
Diversified Telecommunication Services — 1.9%
AT&T, Inc.:
2.40%, 8/15/16			1,250		1,263,963
2.38%, 11/27/18			5,565		5,624,128
2.45%, 6/30/20			1,110		1,092,893
3.40%, 5/15/25			3,800		3,627,085
5.55%, 8/15/41			3,250		3,297,963
4.80%, 6/15/44			1,800		1,664,095
British Telecommunications PLC, 1.25%, 2/14/17			1,550		1,547,997
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 4/15/23			4,250		4,235,065
Frontier Communications Corp., 8.88%, 9/15/20 (b)			830		813,400
Verizon Communications, Inc.:
2.00%, 11/01/16			5,500		5,558,465
1.35%, 6/09/17			5,200		5,192,715
3.65%, 9/14/18			4,500		4,743,405
5.05%, 3/15/34			3,200		3,192,608
4.40%, 11/01/34			4,350		4,047,492
6.90%, 4/15/38			900		1,091,823
7.35%, 4/01/39			1,700		2,117,551
4.75%, 11/01/41			2,100		1,957,223
6.55%, 9/15/43			1,475		1,742,630
5.01%, 8/21/54			800		728,115
					53,538,616
Electric Utilities — 1.7%
Berkshire Hathaway Energy Co., 6.50%, 9/15/37			1,500		1,884,273
Commonwealth Edison Co.:
5.88%, 2/01/33			2,000		2,408,458
4.70%, 1/15/44			601		636,437
Duke Energy Corp.:
2.15%, 11/15/16			2,100		2,122,346
5.05%, 9/15/19			2,000		2,205,204
Duke Energy Florida, Inc., 3.85%, 11/15/42			1,500		1,431,321
Exelon Corp., 5.10%, 6/15/45			2,400		2,450,570
MidAmerican Energy Holdings Co., 5.75%, 4/01/18			6,550		7,181,518
Mississippi Power Co., 4.25%, 3/15/42			1,700		1,474,009
NextEra Energy Capital Holdings, Inc., 2.70%, 9/15/19			3,500		3,524,353

Corporate Bonds		Par   (000)		Value
Electric Utilities (continued)
Northern States Power Co., 5.25%, 7/15/35	USD		2,500	$	2,900,237
Pacific Gas & Electric Co.:
5.63%, 11/30/17			1,500		1,623,935
3.25%, 9/15/21			1,400		1,447,083
3.75%, 8/15/42			1,500		1,359,909
PacifiCorp:
5.50%, 1/15/19			1,300		1,454,961
6.25%, 10/15/37			1,000		1,273,874
Progress Energy, Inc.:
4.88%, 12/01/19			3,100		3,396,940
4.40%, 1/15/21			3,700		3,980,575
Tampa Electric Co., 2.60%, 9/15/22			2,000		1,955,138
Xcel Energy, Inc., 0.75%, 5/09/16			3,200		3,199,709
					47,910,850
Electrical Equipment — 0.3%
Amphenol Corp.:
1.55%, 9/15/17			3,355		3,357,258
2.55%, 1/30/19			2,000		2,020,912
Roper Industries, Inc., 2.05%, 10/01/18			3,500		3,488,999
					8,867,169
Electronic Equipment, Instruments & Components — 0.2%
Flextronics International, Ltd., 4.75%, 6/15/25 (b)			1,800		1,743,696
Tyco Electronics Group SA, 6.55%, 10/01/17			2,900		3,177,837
					4,921,533
Energy Equipment & Services — 0.0%
Weatherford International Ltd., 4.50%, 4/15/22			712		575,866
Food & Staples Retailing — 0.7%
CVS Health Corp.:
6.13%, 8/15/16			2,300		2,403,493
2.25%, 12/05/18			3,125		3,170,425
CVS Health Corp., 5.13%, 7/20/45			2,000		2,149,906
Wal-Mart Stores, Inc., 1.13%, 4/11/18			2,000		1,998,456
Walgreens Boots Alliance, Inc.:
1.75%, 11/17/17			5,130		5,149,007
2.70%, 11/18/19			2,400		2,432,390
4.80%, 11/18/44			1,500		1,437,929
					18,741,606
Food Products — 0.9%
ConAgra Foods, Inc., 3.20%, 1/25/23			3,000		2,878,404
JM Smucker Co., 2.50%, 3/15/20			1,565		1,569,765

BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015 41

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Corporate Bonds	Par   (000)			Value
Food Products (continued)
Kellogg Co.:
4.45%, 5/30/16		USD	100	$	102,298
3.25%, 5/21/18			1,550		1,606,693
Kraft Heinz Foods Co. (b):
3.95%, 7/15/25			3,300		3,376,504
5.20%, 7/15/45			4,000		4,236,196
Mondelez International, Inc.:
4.13%, 2/09/16			2,000		2,022,088
2.25%, 2/01/19			2,000		2,012,526
Pilgrim’s Pride Corp., 5.75%, 3/15/25 (b)			2,870		2,819,775
Sysco Corp., 3.75%, 10/01/25			5,435		5,492,182
					26,116,431
Gas Utilities — 0.1%
Southern California Gas Co., 3.75%, 9/15/42			1,800		1,707,138
Health Care Equipment & Supplies — 1.3%
Baxter International, Inc., 1.85%, 6/15/18			1,650		1,649,480
Becton Dickinson & Co.:
1.45%, 5/15/17			650		648,810
2.68%, 12/15/19			1,045		1,056,688
Boston Scientific Corp.:
2.65%, 10/01/18			2,000		2,024,404
2.85%, 5/15/20			705		704,846
3.85%, 5/15/25			4,400		4,327,831
Covidien International Finance SA:
4.20%, 6/15/20			5,045		5,483,310
6.55%, 10/15/37			1,875		2,398,886
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 4.88%, 4/15/20 (b)			725		692,375
Medtronic, Inc.:
2.50%, 3/15/20			2,495		2,528,605
3.15%, 3/15/22			2,995		3,037,793
St. Jude Medical, Inc.:
2.00%, 9/15/18			1,875		1,879,387
3.88%, 9/15/25			775		786,058
Stryker Corp., 4.38%, 5/15/44			3,000		2,971,383
Zimmer Holdings, Inc.:
2.00%, 4/01/18			1,760		1,762,196
2.70%, 4/01/20			4,530		4,546,571
					36,498,623
Health Care Providers & Services — 1.2%
AmerisourceBergen Corp.:
1.15%, 5/15/17			6,000		5,976,504
3.25%, 3/01/25			3,000		2,917,785
Cardinal Health, Inc., 1.70%, 3/15/18			2,200		2,191,827
Express Scripts Holding Co., 3.13%, 5/15/16			3,000		3,034,140

Corporate Bonds	Par    (000)			Value
Health Care Providers & Services (continued)
HCA, Inc., 3.75%, 3/15/19		USD	3,135	$	3,127,163
Humana, Inc.:
2.63%, 10/01/19			2,195		2,223,245
4.95%, 10/01/44			1,800		1,828,114
McKesson Corp., 1.40%, 3/15/18			4,500		4,459,770
Quest Diagnostics, Inc., 2.50%, 3/30/20			2,335		2,330,486
UnitedHealth Group, Inc.:
2.70%, 7/15/20			820		839,049
4.70%, 2/15/21			3,100		3,450,576
4.75%, 7/15/45			635		670,315
					33,048,974
Hotels, Restaurants & Leisure — 0.4%
McDonald’s Corp., 6.30%, 10/15/37			1,000		1,207,719
Starbucks Corp., 0.88%, 12/05/16			2,450		2,454,001
Wyndham Worldwide Corp.:
4.25%, 3/01/22			1,550		1,540,844
3.90%, 3/01/23			1,550		1,507,859
5.10%, 10/01/25			2,095		2,124,003
Yum! Brands, Inc., 5.30%, 9/15/19			2,241		2,475,695
					11,310,121
Household Products — 0.1%
Whirlpool Corp., 1.35%, 3/01/17			2,525		2,525,442
Independent Power and Renewable Electricity Producers — 0.2%
Constellation Energy Group, Inc., 5.15%, 12/01/20			1,200		1,319,612
Exelon Generation Co. LLC, 5.75%, 10/01/41			500		509,967
PSEG Power LLC:
2.45%, 11/15/18			400		399,032
4.15%, 9/15/21			1,150		1,204,622
Southern Power Co., 5.15%, 9/15/41			1,000		995,337
					4,428,570
Insurance — 1.0%
ACE INA Holdings, Inc., 3.35%, 5/15/24			3,155		3,157,423
Aflac, Inc.:
3.63%, 11/15/24			5,000		5,095,985
3.25%, 3/17/25			3,000		2,977,470
Berkshire Hathaway, Inc., 1.90%, 1/31/17			2,400		2,432,172
Chubb Corp., 6.00%, 5/11/37			800		979,422
Fidelity National Financial, Inc., 5.50%, 9/01/22			1,225		1,310,544
Markel Corp.:
5.35%, 6/01/21			1,300		1,456,975
3.63%, 3/30/23			1,300		1,292,930

42 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Corporate Bonds	Par   (000)			Value
Insurance (continued)
Marsh & McLennan Cos., Inc., 2.35%, 9/10/19		USD	2,940	$	2,973,857
Protective Life Corp., 8.45%, 10/15/39			372		494,066
Willis Group Holdings PLC:
4.13%, 3/15/16			2,600		2,631,889
5.75%, 3/15/21			1,150		1,286,390
XLIT Ltd., 5.75%, 10/01/21			1,400		1,599,371
					27,688,494
Internet Software & Services — 0.9%
Amazon.com, Inc., 3.80%, 12/05/24			4,075		4,171,268
Baidu, Inc.:
3.25%, 8/06/18			7,000		7,135,100
2.75%, 6/09/19			1,072		1,060,767
eBay, Inc.:
2.20%, 8/01/19			5,400		5,333,234
3.45%, 8/01/24			2,200		2,091,914
Equinix, Inc.:
5.38%, 1/01/22			1,855		1,845,725
5.75%, 1/01/25			1,400		1,389,500
VeriSign, Inc., 4.63%, 5/01/23			1,325		1,288,562
					24,316,070
IT Services — 0.8%
Alibaba Group Holding Ltd. (b):
2.50%, 11/28/19			5,415		5,314,216
3.60%, 11/28/24			1,295		1,209,737
International Business Machines Corp.:
2.00%, 1/05/16			8,600		8,635,492
7.63%, 10/15/18			2,050		2,406,876
Verisk Analytics, Inc., 4.00%, 6/15/25			4,650		4,598,567
					22,164,888
Leisure Products — 0.1%
Royal Caribbean Cruises Ltd., 5.25%, 11/15/22			3,654		3,818,430
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc., 3.20%, 3/01/16			2,800		2,825,922
Machinery — 0.2%
Danaher Corp., 2.30%, 6/23/16			450		455,317
Illinois Tool Works, Inc., 1.95%, 3/01/19			4,000		4,020,320
Ingersoll-Rand Global Holding Co. Ltd., 2.88%, 1/15/19			400		406,688

Corporate Bonds	Par   (000)			Value
Machinery (continued)
Trinity Acquisition PLC, 6.13%, 8/15/43		USD	650	$	714,302
					5,596,627
Media — 1.4%
Altice Financing SA, 6.63%, 2/15/23 (b)			960		923,400
CCO Safari II LLC (b):
3.58%, 7/23/20			1,265		1,255,682
4.46%, 7/23/22			4,200		4,202,218
4.91%, 7/23/25			2,990		2,975,657
6.48%, 10/23/45			2,830		2,855,045
Comcast Corp., 5.70%, 5/15/18			2,450		2,710,967
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.15%, 3/15/42			3,750		3,523,804
DISH DBS Corp.:
7.88%, 9/01/19			2,600		2,725,658
6.75%, 6/01/21			1,200		1,155,744
NBCUniversal Enterprise, Inc., 1.66%, 4/15/18 (b)			1,000		1,003,709
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.25%, 2/15/22			800		799,000
Scripps Networks Interactive, Inc., 2.70%, 12/15/16			2,300		2,334,403
Thomson Reuters Corp., 0.88%, 5/23/16			1,600		1,598,598
Time Warner Cable, Inc.:
5.00%, 2/01/20			2,300		2,467,769
4.50%, 9/15/42			1,700		1,344,059
Time Warner, Inc., 2.10%, 6/01/19			4,100		4,103,448
Viacom, Inc., 2.50%, 9/01/18			4,300		4,322,700
					40,301,861
Metals & Mining — 0.1%
Southern Copper Corp., 5.88%, 4/23/45			1,470		1,193,419
Vale Overseas Ltd., 4.38%, 1/11/22 (d)			2,138		1,885,588
					3,079,007
Multi-Utilities — 0.3%
Consolidated Edison Co. of New York, Inc., 4.20%, 3/15/42			2,400		2,338,526
Dominion Resources, Inc.:
6.40%, 6/15/18			1,050		1,173,016
4.45%, 3/15/21			2,100		2,262,828
4.05%, 9/15/42			1,700		1,540,326
SCANA Corp., 4.13%, 2/01/22			500		508,119
					7,822,815

BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015 43

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Corporate Bonds		Par   (000)		Value
Oil, Gas & Consumable Fuels — 3.2%
BP Capital Markets PLC:
3.13%, 10/01/15	USD		700	$	700,000
3.20%, 3/11/16			1,500		1,517,601
2.24%, 5/10/19			3,000		3,022,176
Buckeye Partners LP:
2.65%, 11/15/18			4,900		4,850,642
4.35%, 10/15/24			1,900		1,780,120
CNOOC Finance 2013 Ltd., 1.75%, 5/09/18			875		865,260
CNOOC Finance 2015 Australia Pty, Ltd., 2.63%, 5/05/20			3,500		3,449,887
CNOOC Nexen Finance 2014 ULC, 1.63%, 4/30/17			6,800		6,787,338
ConocoPhillips Canada Funding Co. I, 5.63%, 10/15/16			500		522,071
DCP Midstream Operating LP, 3.25%, 10/01/15			2,000		2,000,000
Ecopetrol SA, 5.88%, 5/28/45			850		648,125
El Paso Pipeline Partners Operating Co. LLC, 4.30%, 5/01/24			4,500		4,108,194
Energy Transfer Equity LP, 7.50%, 10/15/20			5,998		5,968,010
Energy Transfer Partners LP:
9.70%, 3/15/19			842		1,004,550
9.00%, 4/15/19			373		438,085
4.15%, 10/01/20			3,950		3,995,484
6.13%, 12/15/45			1,315		1,167,477
Enterprise Products Operating LLC, 3.20%, 2/01/16			3,000		3,020,427
Hess Corp., 1.30%, 6/15/17			1,110		1,100,821
Kinder Morgan Energy Partners LP:
3.50%, 3/01/21			850		812,813
5.63%, 9/01/41			1,895		1,558,859
Kinder Morgan, Inc.:
3.05%, 12/01/19			865		849,280
4.30%, 6/01/25			3,860		3,467,627
5.55%, 6/01/45			2,550		2,118,119
Magellan Midstream Partners LP, 5.15%, 10/15/43			1,350		1,280,607
Marathon Oil Corp., 0.90%, 11/01/15			1,300		1,299,717
Marathon Petroleum Corp., 4.75%, 9/15/44			1,365		1,213,233
Occidental Petroleum Corp., 3.50%, 6/15/25			955		952,317
Petroleos Mexicanos:
4.88%, 1/24/22			1,300		1,287,273
4.50%, 1/23/26 (b)			2,000		1,843,800
6.50%, 6/02/41			500		459,900
6.38%, 1/23/45			2,900		2,605,360
Shell International Finance BV:
2.13%, 5/11/20			1,745		1,746,806
4.38%, 5/11/45			2,700		2,669,900

Corporate Bonds		Par   (000)		Value
Oil, Gas & Consumable Fuels (continued)
Statoil ASA:
1.95%, 11/08/18	USD		2,840	$	2,857,756
2.75%, 11/10/21			5,680		5,689,474
Total Capital International SA, 2.10%, 6/19/19			3,300		3,334,911
Valero Energy Corp., 6.63%, 6/15/37			3,000		3,295,395
Williams Cos., Inc., 4.55%, 6/24/24			2,115		1,677,049
Williams Partners LP, 4.30%, 3/04/24			3,000		2,721,849
					90,688,313
Personal Products — 0.1%
Procter & Gamble Co., 1.90%, 11/01/19			3,270		3,303,469
Pharmaceuticals — 1.7%
AbbVie, Inc.:
1.20%, 11/06/15			1,300		1,300,556
2.50%, 5/14/20			1,590		1,581,217
Actavis Funding SCS:
2.35%, 3/12/18			4,450		4,467,707
3.45%, 3/15/22			3,565		3,524,134
3.85%, 6/15/24			3,100		3,036,580
4.55%, 3/15/35			1,000		920,061
4.75%, 3/15/45			580		526,613
AstraZeneca PLC, 6.45%, 9/15/37			2,400		3,102,134
Baxalta, Inc. (b):
2.88%, 6/23/20			2,565		2,564,043
5.25%, 6/23/45			620		625,795
Bayer US Finance LLC, 1.50%, 10/06/17 (b)			5,590		5,606,407
Eli Lilly & Co., 3.70%, 3/01/45			455		428,403
GlaxoSmithKline Capital, Inc.:
0.70%, 3/18/16			2,500		2,503,502
5.65%, 5/15/18			1,200		1,330,678
Laboratory Corp. of America Holdings, 4.70%, 2/01/45			1,657		1,514,054
Novartis Capital Corp.:
3.40%, 5/06/24			2,100		2,173,620
4.40%, 5/06/44			4,300		4,617,495
Pfizer, Inc.:
6.20%, 3/15/19			1,500		1,713,095
4.30%, 6/15/43			2,500		2,475,985
Zoetis, Inc., 1.15%, 2/01/16			3,000		3,002,031
					47,014,110
Professional Services — 0.0%
Dun & Bradstreet Corp., 2.88%, 11/15/15			600		600,580
Real Estate Investment Trusts (REITs) — 1.2%
Alexandria Real Estate Equities, Inc., 2.75%, 1/15/20			4,000		3,993,240

44 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Corporate Bonds		Par   (000)		Value
Real Estate Investment Trusts (REITs) (continued)
American Tower Corp.:
4.50%, 1/15/18	USD		2,100	$	2,209,103
3.40%, 2/15/19			1,768		1,819,935
2.80%, 6/01/20			4,000		3,991,744
5.05%, 9/01/20			1,300		1,420,830
3.45%, 9/15/21			2,450		2,461,062
4.70%, 3/15/22			2,900		3,048,729
5.00%, 2/15/24			2,000		2,101,300
Corrections Corp. of America:
4.13%, 4/01/20			2,500		2,487,500
4.63%, 5/01/23			2,425		2,328,000
HCP, Inc., 6.70%, 1/30/18			4,000		4,417,256
Simon Property Group LP, 4.75%, 3/15/42			1,900		1,989,329
WEA Finance LLC/Westfield UK & Europe Finance PLC, 2.70%, 9/17/19 (b)			1,945		1,935,800
					34,203,828
Road & Rail — 0.3%
Burlington Northern Santa Fe LLC:
5.40%, 6/01/41			2,700		2,977,268
4.55%, 9/01/44			2,110		2,069,583
Norfolk Southern Corp., 5.75%, 1/15/16			2,425		2,457,985
Union Pacific Corp., 6.13%, 2/15/20			1,300		1,487,220
					8,992,056
Semiconductors & Semiconductor Equipment — 0.9%
Applied Materials, Inc., 2.63%, 10/01/20			1,540		1,544,665
Intel Corp.:
2.45%, 7/29/20			2,600		2,634,479
3.30%, 10/01/21			2,100		2,205,817
4.80%, 10/01/41			350		361,987
4.25%, 12/15/42			1,100		1,063,665
4.90%, 7/29/45			630		652,156
KLA-Tencor Corp., 3.38%, 11/01/19			930		954,024
QUALCOMM, Inc.:
1.40%, 5/18/18			3,135		3,123,112
4.80%, 5/20/45			1,400		1,224,280
Seagate HDD Cayman:
3.75%, 11/15/18			7,500		7,672,770
4.75%, 6/01/23			2,975		2,936,161
4.75%, 1/01/25			1,925		1,847,925
					26,221,041
Software — 0.2%
HP Enterprise Co., 4.40%, 10/15/22 (b)(e)			4,200		4,191,684
Oracle Corp.:
5.25%, 1/15/16			1,500		1,520,068
5.75%, 4/15/18			550		607,345
					6,319,097

Corporate Bonds		Par   (000)		Value
Specialty Retail — 0.9%
Advance Auto Parts, Inc., 4.50%, 1/15/22	USD		3,100	$	3,274,905
AutoZone, Inc., 1.30%, 1/13/17			3,850		3,854,909
Home Depot, Inc.:
5.88%, 12/16/36			2,000		2,458,138
5.40%, 9/15/40			2,000		2,327,060
5.95%, 4/01/41			800		1,007,772
L Brands, Inc.:
6.90%, 7/15/17			2,167		2,340,360
8.50%, 6/15/19			4,000		4,670,000
Lowe’s Cos, Inc., 4.38%, 9/15/45			225		227,598
O’Reilly Automotive, Inc., 4.63%, 9/15/21			5,300		5,726,820
					25,887,562
Technology Hardware, Storage & Peripherals — 0.6%
Apple, Inc.:
2.85%, 5/06/21			5,500		5,640,690
3.85%, 5/04/43			3,300		3,009,557
4.38%, 5/13/45			1,420		1,405,827
Hewlett-Packard Co.:
3.00%, 9/15/16			3,000		3,055,971
2.75%, 1/14/19			4,000		4,062,908
					17,174,953
Tobacco — 1.4%
Altria Group, Inc., 5.38%, 1/31/44			7,200		7,827,487
Philip Morris International, Inc.:
5.65%, 5/16/18			4,300		4,749,096
1.88%, 1/15/19			3,550		3,569,827
2.90%, 11/15/21			1,400		1,407,473
6.38%, 5/16/38			2,500		3,115,753
4.13%, 3/04/43			2,000		1,892,714
4.25%, 11/10/44			600		579,659
Reynolds American, Inc.:
1.05%, 10/30/15			2,000		2,000,002
3.50%, 8/04/16 (b)			650		660,234
2.30%, 6/12/18			1,730		1,748,610
3.25%, 6/12/20			745		766,257
4.00%, 6/12/22			955		997,897
3.25%, 11/01/22			2,300		2,288,270
4.85%, 9/15/23			900		965,481
4.45%, 6/12/25			1,300		1,360,262
4.75%, 11/01/42			1,700		1,631,218
6.15%, 9/15/43			750		851,678
5.85%, 8/15/45			2,185		2,430,965
					38,842,883

BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015 45

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Corporate Bonds		Par   (000)		Value
Wireless Telecommunication Services — 0.2%
Crown Castle International Corp., 4.88%, 4/15/22	USD		2,800	$	2,910,600
Vodafone Group PLC:
5.63%, 2/27/17			950		1,004,961
4.38%, 2/19/43			1,445		1,260,198
					5,175,759
Total Corporate Bonds — 41.2%					1,164,350,147
Foreign Agency Obligations
Canada Government International Bond, 1.13%, 3/19/18			6,430		6,459,475
Colombia Government International Bond:
4.00%, 2/26/24			2,210		2,141,490
4.50%, 1/28/26			4,000		3,890,000
Export-Import Bank of Korea:
2.38%, 8/12/19			5,600		5,620,737
4.00%, 1/29/21			1,446		1,556,808
Mexico Government International Bond:
3.50%, 1/21/21			2,915		2,966,013
6.75%, 9/27/34			2,400		2,868,000
6.05%, 1/11/40			3,088		3,381,360
4.75%, 3/08/44			3,100		2,828,750
4.60%, 1/23/46			863		768,070
Peruvian Government International Bond, 4.13%, 8/25/27			2,485		2,435,300
Tunisia Government AID Bonds, 2.45%, 7/24/21			327		336,942
Total Foreign Agency Obligations — 1.2%					35,252,945
Municipal Bonds
Bay Area Toll Authority, RB, Build America Bonds, San Francisco Toll Bridge, Series S-1, 7.04%, 4/01/50			800		1,096,840
Chicago Transit Authority, RB, Series B, 6.90%, 12/01/40			450		506,052
City & County of San Francisco California Public Utilities Commission Water Revenue, RB, Build America Bonds, Sub-Series G, 6.95%, 11/01/50			400		562,048
City of Los Angeles California Department of Water & Power, RB, Build America Bonds, Series D, 6.57%, 7/01/45			320		430,954

Municipal Bonds		Par   (000)		Value
City of New York New York Transitional Finance Authority, RB, Build America Bonds, Future Tax Secured, Sub-Series B-1, 5.57%, 11/01/38	USD		450	$	544,639
City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Build America Bonds, Fiscal 2010, Series EE, 6.01%, 6/15/42			1,000		1,289,640
County of Orange California Local Transportation Authority, Refunding RB, Build America Bonds, Series A, 6.91%, 2/15/41			450		608,409
County of San Diego California Regional Transportation Commission, RB, Build America Bonds, Series A, 5.91%, 4/01/48			600		774,984
Florida Hurricane Catastrophe Fund Finance Corp., RB, Series A, 1.30%, 7/01/16			1,725		1,731,555
Metropolitan Water District of Southern California, RB, Build America Bonds, Series A, 6.95%, 7/01/40			1,200		1,414,344
New Jersey State Turnpike Authority, RB, Build America Bonds, Series A, 7.10%, 1/01/41			700		937,594
Port Authority of New York & New Jersey, RB, 164th Series, 5.65%, 11/01/40			800		950,128
Port Authority of New York & New Jersey, Refunding RB, 174th Series, 4.46%, 10/01/62			700		676,452
State of California, GO, Build America Bonds, Various Purpose:
7.55%, 4/01/39			1,150		1,662,037
7.63%, 3/01/40			1,150		1,652,389
7.60%, 11/01/40			250		366,798
State of Illinois, GO:
Build America Bonds, 7.35%, 7/01/35			650		709,085
Pension, 5.10%, 6/01/33			1,000		937,210
State of Mississippi, GO, Refunding, Build America Bonds, Series F, 5.25%, 11/01/34			600		688,260
State of New York Dormitory Authority, RB, Build America Bonds, General Purpose, Series H, 5.39%, 3/15/40			675		810,702

46 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Municipal Bonds		Par   (000)			Value
State of Oregon Department of Transportation, RB, Sub-Lien, Series A, 5.83%, 11/15/34	USD		400		$	504,700
University of California, Refunding RB, Series AJ, 4.60%, 5/15/31			1,000			1,078,590
University of Missouri, RB, Build America Bonds, Series A, 5.79%, 11/01/41			300			380,109
Total Municipal Bonds — 0.7%						20,313,519
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 2.0%
Citicorp Mortgage Securities Trust, Series 2006-1, Class 2A1, 5.00%, 2/25/21			123			126,785
Citigroup Mortgage Loan Trust, Series 2014-A, Class A, 4.00%, 1/25/35 (a)(b)			958			990,756
Connecticut Avenue Securities Series, Series 2014-C01, Class M1, 1.79%, 1/25/24 (a)			3,348			3,359,500
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-7, Class 1A6, 5.25%, 8/25/35			232			237,738
CSMC Trust (a)(b):
Series 2009-13R, Class 5A1, 0.98%, 1/26/35			1,638			1,633,833
Series 2010-20R, Class 7A6, 3.50%, 3/27/37			564			562,875
Series 2011-4R, Class 4A6, 4.00%, 8/27/37			396			398,456
Series 2013-8R, Class 7A1, 0.35%, 4/27/37			894			876,367
Series 2013-8R, Class 8A1, 0.44%, 5/27/37			3,036			2,957,331
Fannie Mae (a):
Series 2014-C04, Class 1M1, 2.14%, 11/25/24			1,926			1,938,925
Series 2014-C04, Class 2M1, 2.29%, 11/25/24			3,192			3,213,540
Series 2015-C01, Class 1M1, 1.69%, 2/25/25			8,873			8,893,182
Fannie Mae Connecticut Avenue Securities, Series 2014-C02, Class 2M1, 1.14%, 5/25/24 (a)			9,344			9,289,010
Freddie Mac, Series 2014-HQ2, Class M1, 1.64%, 9/25/24 (a)			1,142			1,145,988
GreenPoint Mortgage Funding Trust, Series 2006-AR4, Class A1A, 0.29%, 9/25/46 (a)			—	(f)		32

Non-Agency Mortgage-Backed Securities		Par   (000)		Value
Collateralized Mortgage Obligations (continued)
Nomura Resecuritization Trust, Series 2014-1R, Class 5A1, 0.35%, 10/26/36 (a)(b)	USD		3,490	$	3,402,936
Puma Finance Property Ltd., Series G5, Class A1, 0.47%, 2/21/38 (a)(b)			506		505,609
RALI Trust:
Series 2004-QS4, Class A7, 4.00%, 3/25/34			9		8,605
Series 2004-QS5, Class A5, 4.75%, 4/25/34			410		419,645
Series 2004-QS9, Class A1, 5.00%, 6/25/19			181		181,252
RBSSP Resecuritization Trust, Series 2009-6, Class 13A4, 2.50%, 8/26/35 (a)(b)			1,286		1,290,239
Structured Agency Credit Risk Debt Notes, Class M1 (a):
Series 2013-DN1, 3.59%, 7/25/23			2,555		2,624,313
Series 2013-DN2, 1.64%, 11/25/23			11,851		11,864,054
					55,920,971
Commercial Mortgage-Backed Securities — 12.4%
Banc of America Commercial Mortgage Trust:
Series 2006-1, Class AM, 5.42%, 9/10/45 (a)			2,650		2,663,724
Series 2006-4, Class A4, 5.63%, 7/10/46			5,113		5,196,784
Series 2006-6, Class A4, 5.36%, 10/10/45			3,580		3,649,119
Series 2007-3, Class A4, 5.73%, 6/10/49 (a)			5,019		5,248,444
Series 2007-4, Class A4, 5.93%, 2/10/51 (a)			2,651		2,823,188
Series 2007-5, Class A4, 5.49%, 2/10/51			2,929		3,077,866
Banc of America Commercial Mortgage Trust 2007-3, Series 2007-3, Class AMF, 5.32%, 6/10/49			2,200		2,315,691
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.32%, 9/10/47 (a)			2,469		2,466,619
Bear Stearns Commercial Mortgage Securities Trust (a):
Series 2005-PW10, Class AM, 5.45%, 12/11/40			2,710		2,717,119
Series 2006-PW11, Class A4, 5.60%, 3/11/39			1,775		1,782,646

BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015 47

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Non-Agency Mortgage-Backed Securities		Par   (000)		Value
Commercial Mortgage-Backed Securities (continued)
CD Commercial Mortgage Trust, Series 2007-CD4, Class AMFX, 5.37%, 12/11/49 (a)	USD		500	$	516,840
Citigroup Commercial Mortgage Trust (a):
Series 2007-C6, Class A4, 5.90%, 12/10/49			11,100		11,721,356
Series 2008-C7, Class A4, 6.35%, 12/10/49			5,661		6,044,226
Series 2010-RR2, Class CA3A, 5.31%, 12/19/39 (b)			613		624,348
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.32%, 12/11/49			11,095		11,455,876
Commercial Mortgage Trust:
Series 2006-C7, Class AM, 5.98%, 6/10/46 (a)			3,435		3,503,930
Series 2007-C9, Class A4, 5.99%, 12/10/49 (a)			3,244		3,439,067
Series 2007-C9, Class AJ, 5.65%, 12/10/49 (a)			3,100		3,219,688
Series 2007-GG9, Class AM, 5.48%, 3/10/39			1,980		2,050,439
Series 2013-CR13, Class A4, 4.19%, 11/10/23 (a)			3,290		3,596,516
Series 2013-LC6, Class AM, 3.28%, 1/10/46			1,290		1,321,141
Series 2014-CR17, Class A5, 3.98%, 5/10/47			2,240		2,407,433
Series 2014-CR21, Class A3, 3.53%, 12/10/47			3,190		3,302,192
Credit Suisse Commercial Mortgage Trust:
Series 2006-C2, Class A3, 5.86%, 3/15/39 (a)			1,705		1,713,934
Series 2006-C3, Class A3, 6.00%, 6/15/38 (a)			8,840		8,940,220
Series 2006-C3, Class AM, 6.00%, 6/15/38 (a)			3,368		3,455,315
Series 2006-C5, Class A3, 5.31%, 12/15/39			4,348		4,441,235
Series 2007-C1, Class A3, 5.38%, 2/15/40			6,823		7,068,786
Series 2007-C2, Class A3, 5.54%, 1/15/49 (a)			2,250		2,350,451
Series 2007-C2, Class AM, 5.62%, 1/15/49 (a)			950		996,995
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C5, Class AJ, 5.10%, 8/15/38 (a)			1,284		1,282,752

Non-Agency Mortgage-Backed Securities		Par   (000)		Value
Commercial Mortgage-Backed Securities (continued)
Csail Commercial Mortgage Trust, Series 2015-C2, Class A4, 3.50%, 6/15/57	USD		2,250	$	2,314,526
DBRR Trust, Series 2013-EZ2, Class A, 0.85%, 2/25/45 (a)(b)			64		64,386
GE Capital Commercial Mortgage Corp., Series 2006-C1, Class A4, 5.46%, 3/10/44 (a)			3,957		3,963,942
GMAC Commercial Mortgage Securities, Inc. Trust, Series 2006-C1, Class A4, 5.24%, 11/10/45 (a)			1,706		1,706,274
GS Mortgage Securities Corp. II, Series 2015-GC30:
Class A4, 3.38%, 5/10/50			2,125		2,166,867
Class B, 4.15%, 5/10/50 (a)			950		945,659
GS Mortgage Securities Trust:
Series 2006-GG6, Class AM, 5.62%, 4/10/38 (a)			4,100		4,132,263
Series 2007-GG10, Class A4, 5.99%, 8/10/45 (a)			8,431		8,892,085
Series 2009-RR1, Class GGA, 5.99%, 7/12/38 (a)(b)			1,680		1,688,624
Series 2012-GCJ7, Class AS, 4.09%, 5/10/45			930		997,164
Series 2013-GC13, Class A5, 4.17%, 7/10/46 (a)			500		545,892
Series 2013-GC14, Class A5, 4.24%, 8/10/46			1,620		1,776,309
Series 2013-GC16, Class A3, 4.24%, 11/10/46			1,580		1,740,310
Series 2014-GC18, Class A4, 4.07%, 1/10/47			1,800		1,938,937
Series 2015-GC28, Class A5, 3.40%, 2/10/48			1,700		1,729,524
JPMBB Commercial Mortgage Securities Trust:
Series 2013-C14, Class A4, 4.13%, 8/15/46 (a)			1,400		1,524,583
Series 2013-C14, Class AS, 4.41%, 8/15/46 (a)			760		824,171
Series 2013-C15, Class B, 4.93%, 11/15/45			1,730		1,887,610
Series 2013-C17, Class A4, 4.20%, 1/15/47			1,700		1,855,613
Series 2014-C22, Class A4, 3.80%, 9/15/47			4,030		4,249,022
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2004-C1, Class H, 6.08%, 1/15/38 (a)(b)			3,371		3,370,444
Series 2005-CB13, Class AM, 5.47%, 1/12/43 (a)			2,060		2,060,585

48 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Non-Agency Mortgage-Backed Securities		Par   (000)		Value
Commercial Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Trust (continued):
Series 2005-LDP5, Class AJ, 5.53%, 12/15/44 (a)	USD		1,935	$	1,942,005
Series 2005-LDP5, Class AM, 5.45%, 12/15/44 (a)			5,008		5,005,759
Series 2006-CB14, Class AM, 5.67%, 12/12/44 (a)			6,526		6,556,653
Series 2006-CB16, Class A4, 5.55%, 5/12/45			641		654,780
Series 2006-CB17, Class A4, 5.43%, 12/12/43			9,720		10,001,497
Series 2006-LDP8, Class A1A, 5.40%, 5/15/45			302		309,068
Series 2006-LDP8, Class AM, 5.44%, 5/15/45			6,171		6,339,728
Series 2007-CB20, Class A4, 5.79%, 2/12/51 (a)			8,882		9,404,132
Series 2011-C5, Class A3, 4.17%, 8/15/46			1,100		1,203,424
Series 2012-CBX, Class AS, 4.27%, 6/15/45			1,110		1,201,567
LB Commercial Mortgage Trust, Series 2007-C3, Class A4, 6.10%, 7/15/44 (a)			2,023		2,139,283
LB-UBS Commercial Mortgage Trust:
5.22%, 2/15/31 (a)			740		744,772
5.64%, 3/15/39 (a)			2,852		2,877,244
6.05%, 6/15/38 (a)			3,376		3,470,791
5.30%, 11/15/38			1,879		1,890,542
5.38%, 11/15/38			1,000		1,032,669
5.42%, 2/15/40			4,112		4,272,269
5.43%, 2/15/40			7,278		7,583,052
5.49%, 2/15/40 (a)			1,800		1,877,625
5.87%, 9/15/45 (a)			2,961		3,188,596
Merrill Lynch Mortgage Trust, Series 2006-C2 (a):
Class A4, 5.74%, 8/12/43			2,202		2,253,449
Class AM, 5.78%, 8/12/43			1,500		1,544,612
ML-CFC Commercial Mortgage Trust (a):
Series 2006-1, Class A4, 5.65%, 2/12/39			10,013		10,069,835
Series 2006-2, Class A4, 6.06%, 6/12/46			2,628		2,673,960
Series 2006-3, Class AM, 5.46%, 7/12/46			2,000		2,062,944
Series 2007-7, Class A4, 5.81%, 6/12/50			4,944		5,219,313
Monty Parent Issuer 1 LLC, Series 2013-LTR1, Class B, 4.25%, 11/20/28 (b)			1,049		1,048,981

Non-Agency Mortgage-Backed Securities		Par   (000)		Value
Commercial Mortgage-Backed Securities (continued)
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C10, Class A4, 4.22%, 7/15/46 (a)	USD		1,560	$	1,696,829
Series 2014-C15, Class C, 5.06%, 4/15/47 (a)			1,700		1,747,858
Series 2015-C21, Class A4, 3.34%, 3/15/48			950		964,503
Morgan Stanley Capital I Trust:
Series 2005-IQ10, Class AJ, 5.53%, 9/15/42 (a)			812		811,084
Series 2006-HQ8, Class A4, 5.59%, 3/12/44 (a)			1,901		1,902,839
Series 2006-HQ8, Class AM, 5.64%, 3/12/44 (a)			990		995,958
Series 2006-T21, Class A4, 5.16%, 10/12/52 (a)			95		95,176
Series 2006-T23, Class AJ, 6.02%, 8/12/41 (a)			300		308,263
Series 2007-HQ11, Class A1A, 5.42%, 2/12/44 (a)			3,094		3,229,222
Series 2007-HQ11, Class A4, 5.45%, 2/12/44 (a)			2,961		3,075,546
Series 2007-IQ13, Class AM, 5.41%, 3/15/44			2,692		2,794,621
Series 2007-IQ15, Class A4, 6.11%, 6/11/49 (a)			85		89,600
Series 2007-IQ16, Class A4, 5.81%, 12/12/49			5,865		6,237,939
Series 2007-T25, Class A3, 5.51%, 11/12/49 (a)			3,520		3,652,804
Series 2007-T27, Class A4, 5.82%, 6/11/42 (a)			5,402		5,747,359
Series 2007-T27, Class AM, 5.82%, 6/11/42 (a)			2,080		2,193,639
Series 2012-C4, Class A4, 3.24%, 3/15/45			2,220		2,303,958
Series 2015-MS1, Class A4, 3.78%, 5/15/48			1,600		1,682,750
ORES NPL LLC, Series 2014-LV3, Class A, 3.00%, 3/27/24 (b)			1,610		1,610,498
UBS-Barclays Commercial Mortgage Trust:
Series 2012-C4, Class A5, 2.85%, 12/10/45			1,675		1,688,763
Series 2013-C6, Class A4, 3.24%, 4/10/46			3,991		4,106,088
VFC LLC, Series 2014-2, Class A, 2.75%, 7/20/30 (b)			2,778		2,776,757

BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015 49

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Non-Agency Mortgage-Backed Securities		Par   (000)		Value
Commercial Mortgage-Backed Securities (continued)
Wachovia Bank Commercial Mortgage Trust:
Series 2006-C23, Class A4, 5.42%, 1/15/45 (a)	USD		61	$	60,769
Series 2006-C27, Class A3, 5.77%, 7/15/45 (a)			4,448		4,530,185
Series 2006-C28, Class AM, 5.60%, 10/15/48 (a)			3,610		3,743,119
Series 2007-C34, Class A3, 5.68%, 5/15/46			3,886		4,102,637
Wells Fargo Commercial Mortgage Trust:
Series 2014-LC18, Class A5, 3.41%, 12/15/47			3,400		3,463,787
Series 2014-LC18, Class AS, 3.81%, 12/15/47			1,700		1,721,583
Series 2015-C27, Class A5, 3.45%, 2/15/48			2,700		2,760,661
Series 2015-C28, Class A4, 3.54%, 5/15/48			1,000		1,028,916
Series 2015-C28, Class AS, 3.87%, 5/15/48			625		633,984
WF-RBS Commercial Mortgage Trust:
Series 2012-C08, Class AS, 3.66%, 8/15/45			2,160		2,249,828
Series 2012-C10, Class A3, 2.88%, 12/15/45			4,220		4,272,475
Series 2012-C10, Class AS, 3.24%, 12/15/45			1,520		1,536,548
Series 2013-C18, Class A5, 4.16%, 12/15/46 (a)			1,880		2,047,335
Series 2014-C20, Class B, 4.38%, 5/15/47			1,530		1,594,043
Series 2014-C23, Class A4, 3.65%, 10/15/57			1,050		1,097,122
Series 2014-C24, Class A5, 3.61%, 11/15/47			3,040		3,164,594
					350,056,920
Total Non-Agency Mortgage-Backed Securities — 14.4%					405,977,891
U.S. Government Sponsored Agency Securities
Agency Obligations — 3.3%
Fannie Mae:
0.00%, 10/09/19 - 5/15/30 (c)			35,500		29,645,257
1.63%, 1/21/20			3,000		3,030,930
6.32%, 12/20/27			910		1,225,824
Fannie Mae STRIPS, 0.00%, 3/23/28 - 5/15/29 (c)			6,255		4,034,973

U.S. Government Sponsored Agency Securities		Par   (000)		Value
Federal Farm Credit Banks:
1.69%, 4/09/20	USD		8,000	$	8,001,448
2.00%, 4/04/22			2,977		2,976,932
Federal Home Loan Bank:
4.00%, 9/01/28			1,625		1,828,767
5.38%, 8/15/24			4,500		5,534,640
Federal Home Loan Mortgage Corp.:
0.85%, 5/18/17			3,000		3,002,268
1.02%, 10/16/17			11,205		11,208,664
Financing Corp. (c):
0.00%, 12/06/16			3,000		2,977,152
0.00%, 11/02/18			10,000		9,589,980
Freddie Mac, 6.75%, 3/15/31			3,000		4,382,586
Resolution Funding Corp., 8.13%, 10/15/19			3,500		4,409,513
Tennessee Valley Authority:
3.50%, 12/15/42			250		238,673
4.25%, 9/15/65			1,500		1,507,459
5.88%, 4/01/36			1,125		1,478,327
					95,073,393
Collateralized Mortgage Obligations — 2.7%
Fannie Mae (a):
Series 2014-92, Class FB, 0.51%, 1/25/45			8,366		8,351,247
Series 2014-C02, Class 1M1, 1.14%, 5/25/24			8,285		8,207,245
Series 2014-C03, Class 1M1, 1.39%, 7/25/24			12,393		12,365,584
Series 2014-C03, Class 2M1, 1.39%, 7/25/24			5,380		5,367,503
Series 2013-C01, Class M1, 2.19%, 10/25/23			1,977		1,995,265
Series 2015-C02, Class 2M1, 1.39%, 5/25/25			2,948		2,942,478
Fannie Mae REMICS (a):
Series 2007-54, Class PF, 0.41%, 6/25/37			2,194		2,190,558
Series 2010-89, Class CF, 0.64%, 2/25/38			1,394		1,400,634
Series 2010-35, Class EF, 0.74%, 4/25/40			1,329		1,337,130
Series 2014-DN3, Class M2, 2.59%, 8/25/24			6,830		6,909,378
Series 2014-DN4, Class M2, 2.59%, 10/25/24			1,250		1,259,525
Series 2015-DN1, Class M2, 2.59%, 1/25/25			5,970		6,042,326
Freddie Mac REMICS (a):
Series 3807, Class FN, 0.71%, 2/15/41			818		822,323
Series 3667, Class FW, 0.76%, 2/15/38			797		801,747

50 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

U.S. Government Sponsored Agency Securities		Par   (000)		Value
Collateralized Mortgage Obligations (continued)
Ginnie Mae (a):
Series 2012-H23, Class WA, 0.71%, 10/20/62	USD		2,691	$	2,697,323
Series 2014-90, Class FA, 0.60%, 10/20/38			12,572		12,663,888
					75,354,154
Commercial Mortgage-Backed Securities — 0.8%
Freddie Mac, Class A2:
Series K025, 2.68%, 10/25/22			8,850		9,061,134
Series K040, 3.24%, 9/25/24			8,850		9,259,047
Series K031, 3.30%, 4/25/23 (a)			901		955,571
Series K038, 3.39%, 3/25/24			3,500		3,710,732
					22,986,484
Mortgage-Backed Securities — 49.9%
Fannie Mae Mortgage-Backed Securities:
1.89%, 4/01/43 (a)			582		599,793
1.93%, 5/01/43 (a)			809		835,349
2.06%, 6/01/43 (a)			1,154		1,177,276
2.12%, 1/01/36 (a)			778		824,471
2.25%, 1/01/35 (a)			930		988,896
2.34%, 4/01/40 (a)			162		172,305
2.43%, 8/01/33 (a)			1,356		1,437,794
2.43%, 2/01/42 (a)			22		23,101
2.46%, 5/01/33 (a)			1,857		1,973,537
2.50%, 9/01/28 - 4/01/45 (g)			31,716		32,226,369
2.75%, 1/01/42 (a)			585		610,799
2.80%, 8/01/41 (a)			1,264		1,339,333
3.00%, 1/01/27 - 10/01/45 (g)			94,433		96,663,718
3.30%, 9/01/41 (a)			775		819,239
3.50%, 2/01/26 - 10/01/45 (g)			254,756		265,962,725
4.00%, 8/01/25 - 11/01/45 (g)			275,141		293,476,488
4.50%, 10/01/24 - 11/01/45 (g)			175,652		190,342,556
5.00%, 1/01/18 - 11/01/45 (g)			83,090		91,561,313
5.50%, 9/01/19 - 8/01/37			9,831		10,990,206
6.00%, 11/01/22 - 8/01/38			5,832		6,608,724
6.50%, 12/01/30 - 12/01/32			6,573		7,608,663
Freddie Mac Mortgage-Backed Securities:
1.76%, 6/01/43 (a)			311		318,991
2.23%, 10/01/33 (a)			932		990,177
2.37%, 2/01/40 (a)			920		979,384
2.38%, 4/01/38 (a)			1,140		1,215,081
2.47%, 5/01/43 (a)			847		865,723

U.S. Government Sponsored Agency Securities		Par   (000)		Value
Freddie Mac Mortgage-Backed Securities (continued):
2.50%, 10/01/30 - 4/01/43 (g)	USD		18,861	$	19,190,561
2.51%, 11/01/36 (a)			1,051		1,099,388
2.52%, 8/01/43 (a)			321		328,327
2.56%, 1/01/42 (a)			12		12,587
3.00%, 3/01/27 - 6/01/43 (g)			50,328		51,509,387
3.09%, 8/01/41 (a)			702		741,412
3.35%, 7/01/41 (a)			574		607,319
3.50%, 12/01/25 - 10/01/45 (g)			55,933		58,456,491
4.00%, 3/01/26 - 10/01/45 (g)			43,168		45,913,479
4.50%, 8/01/20 - 10/01/45 (g)			20,353		22,198,772
5.00%, 10/01/20 - 8/01/40			6,716		7,365,381
5.50%, 5/01/34 - 8/01/38			5,185		5,753,982
6.00%, 9/01/36 - 1/01/38			2,432		2,746,153
6.50%, 5/01/21 - 7/01/32			2,260		2,703,193
Ginnie Mae Mortgage-Backed Securities:
3.00%, 5/15/43 - 10/01/45 (g)			41,428		42,333,679
3.50%, 1/15/41 - 10/01/45 (g)			58,816		61,751,279
4.00%, 9/15/40 - 10/01/45 (g)			22,004		23,605,622
4.50%, 3/15/39 - 10/01/45 (g)			28,367		30,774,326
5.00%, 10/20/39 - 5/20/41			11,667		13,043,599
5.50%, 6/15/34 - 7/20/40			6,444		7,252,841
6.00%, 9/20/38 - 10/20/38			1,997		2,242,351
					1,410,242,140
Total U.S. Government Sponsored Agency Securities — 56.7%					1,603,656,171
U.S. Treasury Obligations
U.S. Treasury Bonds:
6.38%, 8/15/27			12,068		17,387,031
6.13%, 11/15/27			12,000		17,029,068
6.25%, 5/15/30			100		148,575
3.38%, 5/15/44			7,100		7,792,435
U.S. Treasury Inflation Indexed Notes:
0.13%, 4/15/16			22,300		22,080,811
0.38%, 7/15/25			25,159		24,507,676

BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015 51

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

U.S. Treasury Obligations		Par   (000)		Value
U.S. Treasury Notes:
0.88%, 4/15/17	USD		250	$	251,263
0.88%, 10/15/17			2,600		2,610,767
2.13%, 6/30/22			493		506,146
U.S. Treasury Principal STRIPS,
0.00%, 5/15/25 (c)			17,320		13,974,521
Total U.S. Treasury Obligations — 3.8%					106,288,293
Investment Companies (h)		Shares
iShares 0-5 Year TIPS Bond ETF			1		99
iShares 1-3 Year Treasury Bond ETF			1		85
iShares 10-20 Year Treasury Bond ETF			1		137
iShares 20+ Year Treasury Bond ETF			181,108		22,374,082
iShares 3-7 Year Treasury Bond ETF			1		125
iShares 7-10 Year Treasury Bond ETF			1		108
iShares Agency Bond ETF			1		114
iShares Core U.S. Treasury Bond ETF			1		26
iShares Short Treasury Bond ETF			1		110
iShares TIPS Bond ETF			1		111
Total Investment Companies — 0.8%					22,374,997
Preferred Securities		Par   (000)
Capital Trusts
Capital Markets — 0.0%
Bank of New York Mellon Corp., Series D, 4.50% (a)(i)	USD		1,264		1,166,040
Diversified Financial Services — 0.1%
JPMorgan Chase & Co., Series Q, 5.15% (a)(i)			1,325		1,249,237
Insurance — 0.1%
Chubb Corp., 6.38%, 3/29/67 (a)			2,550		2,514,937
Media — 0.1%
NBCUniversal Enterprise, Inc., 5.25% (b)(i)			2,200		2,323,750
Total Capital Trusts — 0.3%					7,253,964

Preferred Securities		Shares		Value
Diversified Telecommunication Services — 0.2%
Qwest Corp., 7.38%			196,000	$	5,015,640
Total Preferred Securities — 0.5%					12,269,604
Total Long-Term Investments (Cost — $3,652,974,991) — 129.9%					3,671,126,808
Short-Term Securities
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.20% (h)(j)			14,549,693		14,549,693
BlackRock Cash Funds: Prime, SL Agency Shares, 0.17% (h)(j)(k)			1,924,200		1,924,200
Total Short-Term Securities (Cost — $16,473,893) — 0.6%					16,473,893
Options Purchased (Cost — $181,438) — 0.0%					289,097
Total Investments Before TBA Sale Commitments and Options Written (Cost — $3,669,630,322*) — 130.5%					3,687,889,798
TBA Sale Commitments (g)		Par   (000)
Fannie Mae Mortgage-Backed Securities:
2.50%, 10/01/30	USD		2,300		(2,344,563	)
3.00%, 10/01/30 - 10/01/45			14,891		(15,098,247	)
3.50%, 10/01/30 - 10/01/45			80,600		(84,067,953	)
4.00%, 10/01/30 - 11/01/45			63,200		(67,394,171	)
4.50%, 10/01/45			54,200		(58,747,719	)
5.00%, 10/01/45			26,000		(28,640,625	)
Freddie Mac Mortgage-Backed Securities:
3.00%, 10/01/45			1,000		(1,009,844	)
3.50%, 10/01/30			500		(527,109	)
Ginnie Mae Mortgage-Backed Securities:
3.50%, 10/01/45			21,850		(22,884,461	)
4.00%, 10/01/45			11,900		(12,673,500	)
4.50%, 10/01/45			2,000		(2,165,938	)
Total TBA Sale Commitments (Proceeds — $294,846,411) — 10.5%					(295,554,130	)

52 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

	Value
Options Written (Premiums Received — $210,324) — (0.0)%	$	(289,097	)
Total Investments, Net of TBA Sale Commitments and Options Written (Cost — $3,374,573,586) — 120.0%		3,392,046,571
Liabilities in Excess of Other Assets — (20.0)%		(566,373,989	)
Net Assets —100.0%	$	2,825,672,582

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

Tax cost	$	3,669,827,342
Gross unrealized appreciation	$	48,902,090
Gross unrealized depreciation		(30,839,634	)
Net unrealized depreciation	$	18,062,456

Notes to Schedule of Investments

* Cost for federal income tax purposes.

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

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

(c) Zero-coupon bond.

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

(e) When-issued security.

(f) Amount is less than $500.

(g) Represents or includes a TBA transaction. As of period end, unsettled TBA transactions were as follows:

Counterparty	Value			Unrealized Appreciation (Depreciation)
BNP Paribas Securities Corp.	$	10,383,750		$	31,992
Bank of America N.A.	$	(104,687	)	$	16
Barclays Capital, Inc.	$	4,653,406		$	6,219
Citigroup Global Markets, Inc.	$	66,142,250		$	356,008
Credit Suisse Securities (USA) LLC	$	3,170,781		$	(10,625	)
Deutsche Bank Securities, Inc.	$	241,427,042		$	1,229,436
Goldman Sachs & Co.	$	159,655,142		$	757,034
J.P. Morgan Securities LLC	$	71,382,122		$	192,532
Morgan Stanley & Co. LLC	$	35,068,519		$	109,479
Nomura Securities International, Inc.	$	(21,765,117	)	$	(53,211	)
RBC Capital Markets, LLC	$	4,488,000		$	28,188

BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015 53

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

(h) During the period ended September 30, 2015, investments in issuers considered to be an affiliate 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 atDecember 31, 2014		Shares Purchased		Shares Sold			Shares Held at September 30, 2015		Value at September 30, 2015		Income			Realized Gain (Loss)
BlackRock Cash Funds: Institutional, SL Agency Shares		39,979,776		—		(25,430,083	)1		14,549,693	$	14,549,693	$	64,740			—
BlackRock Cash Funds: Prime, SL Agency Shares		—		1,924,200		—			1,924,200	$	1,924,200	$	2,454	2		—
iShares 0-5 Year TIPS Bond ETF		1		—		—			1	$	99		—			—
iShares 1-3 Year Treasury Bond ETF		1		—		—			1	$	85		—			—
iShares 10-20 Year Treasury Bond ETF		1		—		—			1	$	137	$	2			—
iShares 20+ Year Treasury Bond ETF		181,108		—		—			181,108	$	22,374,082	$	383,026			—
iShares 3-7 Year Treasury Bond ETF		1		—		—			1	$	125	$	1			—
iShares 7-10 Year Treasury Bond ETF		1		—		—			1	$	108	$	1			—
iShares Agency Bond ETF		1		—		—			1	$	114	$	1			—
iShares Core U.S. Treasury Bond ETF		1		—		—			1	$	26		—			—
iShares Short Treasury Bond ETF		1		—		—			1	$	110		—			—
iShares TIPS Bond ETF		1		—		—			1	$	111		—			—

¹  Represents net shares sold.

²  Represents 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.

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

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

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

Portfolio Abbreviations

ABS	Asset-Backed Security	HUF	Hungarian Forint	NZD	New Zealand Dollar
AUD	Australian Dollar	IDR	Indonesian Rupiah	PHP	Philippine Peso
BRL	Brazilian Real	ILS	Israeli New Shekel	PLN	Polish Zloty
CAD	Canadian Dollar	INR	Indian Rupee	RB	Revenue Bonds
CLP	Chilean Peso	JPY	Japanese Yen	SEK	Swedish Krona
COP	Colombian Peso	KRW	South Korean Won	SGD	Singapore Dollar
ETF	Exchange-Traded Fund	LIBOR	London Interbank Offered Rate	STRIPS	Separate Trading of Registered Interest and Principal Securities
EUR	Euro	MXN	Mexican Peso	THB	Thai Baht
GBP	British Pound	MYR	Malaysian Ringgit	TRY	Turkish Lira
GO	General Obligation Bonds	NOK	Norwegian Krone	TWD	Taiwan Dollar
HSI	Hong Kong Stock Exchange	NYSE	New York Stock Exchange	USD	U.S. Dollar

54 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Derivative Financial Instruments Outstanding as of Period End

• Financial Futures Contracts

Contracts Long (Short)			Issue	Expiration	Notional Value		Unrealized Appreciation (Depreciation)
	223		2-Year U.S. Treasury Note	December 2015	USD	48,843,969	$	44,036
	1,353		5-Year U.S. Treasury Note	December 2015	USD	163,057,641		645,602
	928		10-Year Australian T-Bond	December 2015	USD	84,294,679		693,324
	890		10-Year Canada Bond Future	December 2015	USD	94,562,083		(213,627	)
	1,499		10-Year U.S. Treasury Note	December 2015	USD	192,972,828		960,157
	(105	)	Euro-Bund Future	December 2015	USD	18,325,297		6,954
	(310	)	Long U.S. Treasury Bond	December 2015	USD	48,776,563		(596,374	)
	963		Ultra Long U.S. Treasury Bond	December 2015	USD	154,471,219		(781,729	)
	(696	)	UK Long Gilt Future	December 2015	USD	125,355,133		(1,130,675	)
	1,132		90-Day Euro Dollar Future	September 2016	USD	280,764,300		1,111,114
	(1,132	)	90-Day Euro Dollar Future	September 2017	USD	279,264,400		(1,569,074	)
	Total						$	(830,292	)

• Forward Foreign Currency Exchange Contracts:

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	930,000	USD	237,184	Deutsche Bank AG		10/02/15	$	(2,602	)
BRL	930,000	USD	237,973	JPMorgan Chase Bank N.A.		10/02/15		(3,391	)
BRL	1,875,000	USD	470,633	JPMorgan Chase Bank N.A.		10/02/15		2,315
BRL	3,055,000	USD	768,960	JPMorgan Chase Bank N.A.		10/02/15		1,629
BRL	680,000	USD	171,160	Morgan Stanley & Co. International PLC		10/02/15		363
USD	234,086	BRL	930,000	Deutsche Bank AG		10/02/15		(496	)
USD	848,941	BRL	3,055,000	JPMorgan Chase Bank N.A.		10/02/15		78,352
USD	234,086	BRL	930,000	JPMorgan Chase Bank N.A.		10/02/15		(496	)
USD	471,947	BRL	1,875,000	JPMorgan Chase Bank N.A.		10/02/15		(1,000	)
USD	177,842	BRL	680,000	Morgan Stanley & Co. International PLC		10/02/15		6,320
KRW	14,725,000	USD	12,482	HSBC Bank PLC		10/20/15		(67	)
KRW	2,061,500,000	USD	1,744,078	UBS AG		10/20/15		(5,997	)
USD	1,756,238	KRW	2,076,225,000	JPMorgan Chase Bank N.A.		10/20/15		5,742
USD	248,983	BRL	1,040,000	Goldman Sachs International		11/04/15		(9,314	)
USD	465,630	BRL	1,875,000	JPMorgan Chase Bank N.A.		11/04/15		(49	)
USD	246,670	BRL	1,000,000	JPMorgan Chase Bank N.A.		11/04/15		(1,692	)
AUD	104,298	USD	72,560	Barclays Bank PLC		12/10/15		415
AUD	2,734,090	USD	1,902,107	Barclays Bank PLC		12/10/15		10,892
AUD	1,700,000	USD	1,190,502	Barclays Bank PLC		12/10/15		(1,039	)

BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015 55

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

• Forward Foreign Currency Exchange Contracts (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	320,000	USD	225,582	Barclays Bank PLC		12/10/15	$	(1,684	)
AUD	206,112	USD	143,392	Barclays Bank PLC		12/10/15		821
AUD	1,944,408	USD	1,352,724	Barclays Bank PLC		12/10/15		7,746
AUD	1,180,000	USD	828,045	Citibank N.A.		12/10/15		(2,418	)
AUD	4,630,000	USD	3,239,685	Citibank N.A.		12/10/15		(149	)
AUD	480,000	USD	336,832	Citibank N.A.		12/10/15		(984	)
AUD	211,405	USD	146,999	Credit Suisse International		12/10/15		917
AUD	417,776	USD	290,499	Credit Suisse International		12/10/15		1,812
AUD	5,541,819	USD	3,853,482	Credit Suisse International		12/10/15		24,039
AUD	3,941,185	USD	2,740,487	Credit Suisse International		12/10/15		17,096
AUD	260,000	USD	185,787	Credit Suisse International		12/10/15		(3,869	)
AUD	430,000	USD	305,020	Credit Suisse International		12/10/15		(4,156	)
AUD	3,040,000	USD	2,156,418	Credit Suisse International		12/10/15		(29,379	)
AUD	3,110,000	USD	2,178,400	Deutsche Bank AG		12/10/15		(2,383	)
AUD	220,000	USD	154,099	Deutsche Bank AG		12/10/15		(169	)
AUD	2,310,000	USD	1,633,362	Deutsche Bank AG		12/10/15		(17,092	)
AUD	900,000	USD	636,375	Deutsche Bank AG		12/10/15		(6,659	)
AUD	1,540,000	USD	1,070,463	Goldman Sachs International		12/10/15		7,050
AUD	4,660,000	USD	3,281,744	Goldman Sachs International		12/10/15		(21,218	)
AUD	3,210,000	USD	2,215,247	HSBC Bank PLC		12/10/15		30,738
AUD	260,000	USD	182,096	HSBC Bank PLC		12/10/15		(178	)
AUD	240,000	USD	172,786	HSBC Bank PLC		12/10/15		(4,862	)
AUD	220,000	USD	158,387	HSBC Bank PLC		12/10/15		(4,457	)
AUD	3,870,000	USD	2,712,348	HSBC Bank PLC		12/10/15		(4,572	)
AUD	7,628,999	USD	5,329,481	JPMorgan Chase Bank N.A.		12/10/15		8,405
AUD	34,766	USD	24,158	JPMorgan Chase Bank N.A.		12/10/15		168
AUD	648,136	USD	450,365	JPMorgan Chase Bank N.A.		12/10/15		3,125
AUD	835,000	USD	583,283	JPMorgan Chase Bank N.A.		12/10/15		952
AUD	911,363	USD	633,272	JPMorgan Chase Bank N.A.		12/10/15		4,394
AUD	68,704	USD	47,740	JPMorgan Chase Bank N.A.		12/10/15		331
AUD	470,000	USD	333,837	JPMorgan Chase Bank N.A.		12/10/15		(4,986	)
AUD	7,505,000	USD	5,408,838	JPMorgan Chase Bank N.A.		12/10/15		(157,712	)
AUD	1,545,000	USD	1,079,074	Morgan Stanley & Co. International PLC		12/10/15		1,937
AUD	1,822,727	USD	1,266,485	UBS AG		12/10/15		8,847
AUD	69,532	USD	48,313	UBS AG		12/10/15		337
AUD	137,408	USD	95,475	UBS AG		12/10/15		667
AUD	1,296,272	USD	900,689	UBS AG		12/10/15		6,292
CAD	451,556	USD	339,775	Barclays Bank PLC		12/10/15		(3,074	)
CAD	5,018,328	USD	3,776,061	Barclays Bank PLC		12/10/15		(34,165	)
CAD	2,840,000	USD	2,151,235	BNP Paribas S.A.		12/10/15		(33,600	)
CAD	285,000	USD	215,503	Citibank N.A.		12/10/15		(2,994	)
CAD	5,810,000	USD	4,371,584	Citibank N.A.		12/10/15		(39,381	)
CAD	670,000	USD	505,078	Credit Suisse International		12/10/15		(5,496	)
CAD	440,000	USD	330,119	Credit Suisse International		12/10/15		(2,034	)
CAD	535,000	USD	399,776	Credit Suisse International		12/10/15		(855	)
CAD	5,761,672	USD	4,333,332	Credit Suisse International		12/10/15		(37,165	)
CAD	518,444	USD	389,920	Credit Suisse International		12/10/15		(3,344	)
CAD	115,000	USD	87,042	Deutsche Bank AG		12/10/15		(1,293	)
CAD	530,000	USD	399,861	Goldman Sachs International		12/10/15		(4,669	)
CAD	92,805	USD	70,114	Goldman Sachs International		12/10/15		(915	)
CAD	957,195	USD	723,326	Goldman Sachs International		12/10/15		(9,597	)

56 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CAD	11,989,594	USD	9,037,380	Goldman Sachs International		12/10/15	$	(97,388	)
CAD	7,390,398	USD	5,570,650	Goldman Sachs International		12/10/15		(60,030	)
CAD	2,930,000	USD	2,213,571	Goldman Sachs International		12/10/15		(28,829	)
CAD	2,130,000	USD	1,608,965	HSBC Bank PLC		12/10/15		(20,740	)
CAD	1,470,000	USD	1,111,330	HSBC Bank PLC		12/10/15		(15,230	)
CAD	3,905,000	USD	2,944,814	HSBC Bank PLC		12/10/15		(33,067	)
CAD	535,000	USD	398,809	HSBC Bank PLC		12/10/15		112
CAD	220,000	USD	164,883	HSBC Bank PLC		12/10/15		(841	)
CAD	6,340,000	USD	4,781,081	HSBC Bank PLC		12/10/15		(53,686	)
CAD	6,426,300	USD	4,851,480	JPMorgan Chase Bank N.A.		12/10/15		(59,736	)
CAD	10,427,190	USD	7,871,918	JPMorgan Chase Bank N.A.		12/10/15		(96,926	)
CAD	5,610,000	USD	4,281,867	JPMorgan Chase Bank N.A.		12/10/15		(98,794	)
CAD	1,370,000	USD	1,027,540	Morgan Stanley & Co. International PLC		12/10/15		(6,005	)
CAD	2,510,000	USD	1,882,572	Morgan Stanley & Co. International PLC		12/10/15		(11,001	)
CAD	420,000	USD	315,012	Morgan Stanley & Co. International PLC		12/10/15		(1,841	)
CAD	4,690,000	USD	3,546,729	Royal Bank of Canada		12/10/15		(49,650	)
CAD	11,510,000	USD	8,704,234	Royal Bank of Canada		12/10/15		(121,849	)
CAD	1,040,000	USD	780,549	Royal Bank of Canada		12/10/15		(5,078	)
CAD	878,302	USD	661,835	Westpac Banking Corp.		12/10/15		(6,933	)
CAD	1,423,216	USD	1,072,450	Westpac Banking Corp.		12/10/15		(11,235	)
CLP	450,000,000	USD	647,389	Credit Suisse International		12/10/15		(6,433	)
CLP	165,000,000	USD	239,878	Credit Suisse International		12/10/15		(4,861	)
CLP	218,000,000	USD	314,234	Deutsche Bank AG		12/10/15		(3,727	)
CLP	217,000,000	USD	312,118	Morgan Stanley & Co. International PLC		12/10/15		(3,035	)
CLP	177,000,000	USD	254,585	Morgan Stanley & Co. International PLC		12/10/15		(2,475	)
COP	750,000,000	USD	238,550	Morgan Stanley & Co. International PLC		12/10/15		2,381
COP	730,000,000	USD	239,384	Morgan Stanley & Co. International PLC		12/10/15		(4,878	)
COP	1,470,000,000	USD	494,118	Morgan Stanley & Co. International PLC		12/10/15		(21,894	)
COP	1,070,000,000	USD	355,836	Morgan Stanley & Co. International PLC		12/10/15		(12,109	)
COP	530,000,000	USD	168,521	Morgan Stanley & Co. International PLC		12/10/15		1,736
COP	1,920,000,000	USD	637,927	Standard Chartered Bank		12/10/15		(21,145	)
EUR	320,348	HUF	100,100,000	Barclays Bank PLC		12/10/15		1,353
EUR	421,775	HUF	132,000,000	Barclays Bank PLC		12/10/15		1,045
EUR	641,760	HUF	199,000,000	Barclays Bank PLC		12/10/15		8,171
EUR	318,390	HUF	100,000,000	Barclays Bank PLC		12/10/15		(478	)
EUR	276,329	HUF	86,775,000	Barclays Bank PLC		12/10/15		(364	)
EUR	315,421	HUF	99,000,000	BNP Paribas S.A.		12/10/15		(233	)
EUR	344,205	HUF	108,225,000	BNP Paribas S.A.		12/10/15		(934	)
EUR	95,961	HUF	29,900,000	HSBC Bank PLC		12/10/15		709
EUR	183,967	HUF	57,870,701	JPMorgan Chase Bank N.A.		12/10/15		(598	)
EUR	38,401	HUF	12,129,299	JPMorgan Chase Bank N.A.		12/10/15		(302	)

BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015 57

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	1,819,338	HUF	572,000,000	Morgan Stanley & Co. International PLC		12/10/15	$	(4,805	)
EUR	4,796,614	PLN	20,400,000	Bank of America N.A.		12/10/15		6,216
EUR	340,041	PLN	1,450,000	Barclays Bank PLC		12/10/15		(558	)
EUR	246,785	PLN	1,040,000	BNP Paribas S.A.		12/10/15		2,833
EUR	495,132	PLN	2,090,000	BNP Paribas S.A.		12/10/15		4,787
EUR	247,854	PLN	1,045,000	BNP Paribas S.A.		12/10/15		2,715
EUR	454,720	PLN	1,917,101	BNP Paribas S.A.		12/10/15		5,005
EUR	537,396	PLN	2,260,000	BNP Paribas S.A.		12/10/15		7,401
EUR	390,663	PLN	1,650,000	BNP Paribas S.A.		12/10/15		3,522
EUR	319,023	PLN	1,350,000	BNP Paribas S.A.		12/10/15		2,199
EUR	575,956	PLN	2,450,000	BNP Paribas S.A.		12/10/15		625
EUR	223,326	PLN	950,000	BNP Paribas S.A.		12/10/15		239
EUR	425,599	PLN	1,800,000	Credit Suisse International		12/10/15		3,195
EUR	49,261	PLN	207,899	Credit Suisse International		12/10/15		485
EUR	346,898	PLN	1,458,374	Credit Suisse International		12/10/15		4,906
EUR	84,824	PLN	358,529	Credit Suisse International		12/10/15		695
EUR	379,578	PLN	1,600,000	Credit Suisse International		12/10/15		4,257
EUR	232,954	PLN	984,900	JPMorgan Chase Bank N.A.		12/10/15		1,838
EUR	129,716	PLN	550,000	Morgan Stanley & Co. International PLC		12/10/15		610
EUR	378,777	PLN	1,600,000	Royal Bank of Scotland PLC		12/10/15		3,362
EUR	423,225	PLN	1,788,198	UBS AG		12/10/15		3,639
EUR	370,000	USD	412,794	Barclays Bank PLC		12/10/15		688
EUR	125,000	USD	140,709	BNP Paribas S.A.		12/10/15		(1,019	)
EUR	732,366	USD	818,298	Citibank N.A.		12/10/15		137
EUR	3,218,655	USD	3,596,313	Citibank N.A.		12/10/15		601
EUR	820,000	USD	913,304	Citibank N.A.		12/10/15		3,063
EUR	990,000	USD	1,102,647	Citibank N.A.		12/10/15		3,698
EUR	2,740,000	USD	3,058,004	Credit Suisse International		12/10/15		4,002
EUR	5,230,000	USD	5,859,247	Credit Suisse International		12/10/15		(14,614	)
EUR	1,650,000	USD	1,840,285	Credit Suisse International		12/10/15		3,625
EUR	25,000	USD	28,172	Credit Suisse International		12/10/15		(234	)
EUR	610,000	USD	680,348	Credit Suisse International		12/10/15		1,340
EUR	3,810,000	USD	4,279,030	Deutsche Bank AG		12/10/15		(21,276	)
EUR	690,000	USD	772,162	Deutsche Bank AG		12/10/15		(1,072	)
EUR	1,970,000	USD	2,207,017	Goldman Sachs International		12/10/15		(5,501	)
EUR	6,320,000	USD	7,214,703	Goldman Sachs International		12/10/15		(151,973	)
EUR	410,000	USD	462,313	HSBC Bank PLC		12/10/15		(4,129	)
EUR	3,810,000	USD	4,279,438	HSBC Bank PLC		12/10/15		(21,684	)
EUR	1,960,000	USD	2,220,484	HSBC Bank PLC		12/10/15		(30,143	)
EUR	450,000	USD	509,805	HSBC Bank PLC		12/10/15		(6,921	)
EUR	6,320,000	USD	7,208,276	HSBC Bank PLC		12/10/15		(145,545	)
EUR	1,930,000	USD	2,189,612	HSBC Bank PLC		12/10/15		(32,797	)
EUR	580,000	USD	651,247	HSBC Bank PLC		12/10/15		(3,085	)
EUR	1,930,000	USD	2,163,559	HSBC Bank PLC		12/10/15		(6,744	)
EUR	3,810,000	USD	4,280,211	JPMorgan Chase Bank N.A.		12/10/15		(22,457	)
EUR	1,217,634	USD	1,360,134	JPMorgan Chase Bank N.A.		12/10/15		597
EUR	5,351,345	USD	5,977,612	JPMorgan Chase Bank N.A.		12/10/15		2,626
EUR	6,680,000	USD	7,449,937	JPMorgan Chase Bank N.A.		12/10/15		15,101
EUR	7,230,000	USD	8,079,344	JPMorgan Chase Bank N.A.		12/10/15		330
EUR	6,320,000	USD	7,210,930	UBS AG		12/10/15		(148,200	)

58 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
GBP	1,420,000	USD	2,150,181	Bank of America N.A.		12/10/15	$	111
GBP	4,040,000	USD	6,170,918	Barclays Bank PLC		12/10/15		(53,187	)
GBP	935,000	USD	1,429,550	Barclays Bank PLC		12/10/15		(13,689	)
GBP	6,247,000	USD	9,542,011	Barclays Bank PLC		12/10/15		(82,243	)
GBP	356,000	USD	543,774	Barclays Bank PLC		12/10/15		(4,687	)
GBP	140,000	USD	213,042	Barclays Bank PLC		12/10/15		(1,041	)
GBP	1,480,000	USD	2,239,077	Barclays Bank PLC		12/10/15		2,072
GBP	280,000	USD	431,968	Credit Suisse International		12/10/15		(7,967	)
GBP	9,090,000	USD	14,023,534	Credit Suisse International		12/10/15		(258,639	)
GBP	8,050,000	USD	12,419,081	Credit Suisse International		12/10/15		(229,048	)
GBP	4,080,000	USD	6,353,172	Credit Suisse International		12/10/15		(174,869	)
GBP	170,000	USD	264,716	Credit Suisse International		12/10/15		(7,286	)
GBP	340,000	USD	529,431	Credit Suisse International		12/10/15		(14,572	)
GBP	1,080,000	USD	1,660,327	Goldman Sachs International		12/10/15		(24,894	)
GBP	200,000	USD	307,468	Goldman Sachs International		12/10/15		(4,610	)
GBP	2,965,000	USD	4,528,661	HSBC Bank PLC		12/10/15		(38,791	)
GBP	700,000	USD	1,074,646	HSBC Bank PLC		12/10/15		(14,643	)
GBP	700,000	USD	1,077,045	HSBC Bank PLC		12/10/15		(17,042	)
GBP	1,424,000	USD	2,186,138	HSBC Bank PLC		12/10/15		(29,789	)
GBP	620,000	USD	961,443	HSBC Bank PLC		12/10/15		(22,583	)
GBP	730,000	USD	1,126,551	HSBC Bank PLC		12/10/15		(21,119	)
GBP	3,680,000	USD	5,586,487	Morgan Stanley & Co. International PLC		12/10/15		(13,900	)
GBP	7,140,000	USD	10,838,998	Morgan Stanley & Co. International PLC		12/10/15		(26,969	)
HUF	111,660,125	EUR	355,556	Barclays Bank PLC		12/10/15		488
HUF	159,000,000	EUR	512,688	BNP Paribas S.A.		12/10/15		(6,446	)
HUF	163,000,000	EUR	523,577	BNP Paribas S.A.		12/10/15		(4,363	)
HUF	102,000,000	EUR	325,962	BNP Paribas S.A.		12/10/15		(858	)
HUF	166,000,000	EUR	527,172	BNP Paribas S.A.		12/10/15		2,309
HUF	69,000,000	EUR	220,030	BNP Paribas S.A.		12/10/15		(51	)
HUF	105,000,000	EUR	336,414	Credit Suisse International		12/10/15		(1,850	)
HUF	111,079,875	EUR	353,758	Deutsche Bank AG		12/10/15		430
HUF	78,260,000	EUR	248,986	Morgan Stanley & Co. International PLC		12/10/15		582
HUF	163,000,000	EUR	523,066	Royal Bank of Scotland PLC		12/10/15		(3,792	)
HUF	258,300,000	USD	953,411	Barclays Bank PLC		12/10/15		(33,125	)
HUF	54,135,000	USD	192,072	Barclays Bank PLC		12/10/15		803
HUF	110,700,000	USD	409,242	BNP Paribas S.A.		12/10/15		(14,834	)
HUF	30,600,000	USD	110,553	BNP Paribas S.A.		12/10/15		(1,530	)
HUF	67,000,000	USD	237,799	BNP Paribas S.A.		12/10/15		912
HUF	180,000,000	USD	644,815	BNP Paribas S.A.		12/10/15		(3,501	)
HUF	67,000,000	USD	237,600	BNP Paribas S.A.		12/10/15		1,111
HUF	179,000,000	USD	640,970	Goldman Sachs International		12/10/15		(3,219	)
HUF	224,400,000	USD	810,284	HSBC Bank PLC		12/10/15		(10,779	)
HUF	268,000,000	USD	976,281	Morgan Stanley & Co. International PLC		12/10/15		(21,436	)
HUF	80,865,000	USD	287,142	Morgan Stanley & Co. International PLC		12/10/15		968
HUF	172,000,000	USD	617,448	Royal Bank of Scotland PLC		12/10/15		(4,637	)
HUF	135,000,000	USD	483,724	Société Générale		12/10/15		(2,738	)
IDR	2,390,000,000	USD	161,814	Deutsche Bank AG		12/10/15		(3,568	)

BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015 59

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
IDR	9,530,000,000	USD	641,751	Deutsche Bank AG		12/10/15	$	(10,752	)
IDR	4,730,000,000	USD	319,724	JPMorgan Chase Bank N.A.		12/10/15		(6,542	)
IDR	5,090,000,000	USD	337,533	Morgan Stanley & Co. International PLC		12/10/15		(515	)
IDR	3,370,000,000	USD	221,930	UBS AG		12/10/15		1,204
IDR	3,500,000,000	USD	230,201	UBS AG		12/10/15		1,540
ILS	1,890,357	USD	482,696	Credit Suisse International		12/10/15		(636	)
ILS	1,450,000	USD	373,997	Credit Suisse International		12/10/15		(4,233	)
ILS	279,633	USD	71,645	Credit Suisse International		12/10/15		(336	)
ILS	2,767,108	USD	702,233	Credit Suisse International		12/10/15		3,406
ILS	381,296	USD	96,943	Credit Suisse International		12/10/15		292
ILS	900,000	USD	227,935	Deutsche Bank AG		12/10/15		1,574
ILS	2,350,000	USD	599,995	Deutsche Bank AG		12/10/15		(722	)
ILS	1,850,000	USD	476,257	Deutsche Bank AG		12/10/15		(4,489	)
ILS	109,643	USD	28,122	Goldman Sachs International		12/10/15		(162	)
ILS	670,367	USD	172,402	UBS AG		12/10/15		(1,452	)
ILS	32,892	USD	8,349	UBS AG		12/10/15		39
ILS	168,704	USD	42,909	UBS AG		12/10/15		112
INR	31,500,000	USD	471,477	Barclays Bank PLC		12/10/15		2,762
INR	32,700,000	USD	491,700	Barclays Bank PLC		12/10/15		606
INR	26,400,000	USD	396,545	Citibank N.A.		12/10/15		912
INR	37,300,000	USD	560,270	Citibank N.A.		12/10/15		1,289
INR	19,600,000	USD	290,586	Credit Suisse International		12/10/15		4,497
INR	17,100,000	USD	253,709	Deutsche Bank AG		12/10/15		3,735
INR	54,000,000	USD	801,187	Deutsche Bank AG		12/10/15		11,795
INR	37,300,000	USD	559,388	Deutsche Bank AG		12/10/15		2,171
INR	26,400,000	USD	395,921	Deutsche Bank AG		12/10/15		1,537
INR	27,350,000	USD	408,148	Deutsche Bank AG		12/10/15		3,612
INR	9,100,000	USD	135,922	Deutsche Bank AG		12/10/15		1,080
INR	26,400,000	USD	397,291	Goldman Sachs International		12/10/15		167
INR	37,300,000	USD	561,324	Goldman Sachs International		12/10/15		235
INR	9,100,000	USD	135,943	Goldman Sachs International		12/10/15		1,060
INR	21,900,000	USD	322,533	HSBC Bank PLC		12/10/15		7,176
INR	20,700,000	USD	304,860	HSBC Bank PLC		12/10/15		6,783
INR	46,920,000	USD	704,822	HSBC Bank PLC		12/10/15		1,569
INR	43,900,000	USD	655,420	HSBC Bank PLC		12/10/15		5,505
INR	65,500,000	USD	978,488	HSBC Bank PLC		12/10/15		7,629
INR	27,350,000	USD	408,392	HSBC Bank PLC		12/10/15		3,368
INR	26,400,000	USD	395,861	JPMorgan Chase Bank N.A.		12/10/15		1,596
INR	37,300,000	USD	559,304	JPMorgan Chase Bank N.A.		12/10/15		2,255
INR	39,900,000	USD	589,278	Morgan Stanley & Co. International PLC		12/10/15		11,425
INR	93,840,000	USD	1,410,598	Morgan Stanley & Co. International PLC		12/10/15		2,184
INR	21,600,000	USD	321,237	UBS AG		12/10/15		3,955
INR	64,100,000	USD	953,302	UBS AG		12/10/15		11,738
INR	93,840,000	USD	1,410,280	UBS AG		12/10/15		2,502
JPY	325,000,000	USD	2,713,908	Bank of America N.A.		12/10/15		2,560
JPY	392,000,000	USD	3,285,283	Deutsche Bank AG		12/10/15		(8,805	)
JPY	559,000,000	USD	4,655,521	Goldman Sachs International		12/10/15		16,804
KRW	1,082,900,000	USD	911,302	Goldman Sachs International		12/10/15		284
KRW	1,885,000,000	USD	1,587,368	HSBC Bank PLC		12/10/15		(575	)

60 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
KRW	1,237,500,000	USD	1,060,866	HSBC Bank PLC		12/10/15	$	(19,138	)
KRW	1,720,000,000	USD	1,461,342	HSBC Bank PLC		12/10/15		(13,446	)
KRW	845,000,000	USD	706,522	HSBC Bank PLC		12/10/15		4,799
KRW	1,051,050,000	USD	886,214	HSBC Bank PLC		12/10/15		(1,440	)
KRW	782,500,000	USD	660,003	HSBC Bank PLC		12/10/15		(1,295	)
KRW	290,000,000	USD	240,186	JPMorgan Chase Bank N.A.		12/10/15		3,937
KRW	1,150,000,000	USD	966,062	Morgan Stanley & Co. International PLC		12/10/15		2,008
KRW	1,380,000,000	USD	1,162,105	Morgan Stanley & Co. International PLC		12/10/15		(421	)
KRW	280,000,000	USD	235,789	Morgan Stanley & Co. International PLC		12/10/15		(85	)
KRW	427,500,000	USD	360,851	Morgan Stanley & Co. International PLC		12/10/15		(981	)
KRW	760,000,000	USD	641,513	Morgan Stanley & Co. International PLC		12/10/15		(1,744	)
KRW	1,675,000,000	USD	1,436,905	Morgan Stanley & Co. International PLC		12/10/15		(26,889	)
KRW	1,237,500,000	USD	1,059,050	Standard Chartered Bank		12/10/15		(17,322	)
KRW	1,675,000,000	USD	1,438,386	Standard Chartered Bank		12/10/15		(28,370	)
KRW	1,051,050,000	USD	885,468	UBS AG		12/10/15		(693	)
KRW	760,000,000	USD	641,242	UBS AG		12/10/15		(1,474	)
KRW	427,500,000	USD	360,699	UBS AG		12/10/15		(829	)
KRW	782,500,000	USD	658,670	UBS AG		12/10/15		39
MXN	305,582	USD	18,438	Barclays Bank PLC		12/10/15		(505	)
MXN	4,354,544	USD	262,744	Barclays Bank PLC		12/10/15		(7,195	)
MXN	14,000,000	USD	821,555	Credit Suisse International		12/10/15		43
MXN	10,297,981	USD	618,691	Credit Suisse International		12/10/15		(14,348	)
MXN	4,474,718	USD	268,836	Credit Suisse International		12/10/15		(6,235	)
MXN	1,750,916	USD	105,449	Credit Suisse International		12/10/15		(2,695	)
MXN	70,816	USD	4,231	Credit Suisse International		12/10/15		(75	)
MXN	18,689,941	USD	1,116,478	Credit Suisse International		12/10/15		(19,647	)
MXN	5,046,284	USD	301,449	Credit Suisse International		12/10/15		(5,305	)
MXN	24,950,550	USD	1,502,649	Credit Suisse International		12/10/15		(38,410	)
MXN	19,120	USD	1,142	Credit Suisse International		12/10/15		(20	)
MXN	787,368	USD	46,205	Deutsche Bank AG		12/10/15		2
MXN	3,900,000	USD	229,966	Deutsche Bank AG		12/10/15		(1,092	)
MXN	132,191	USD	7,981	Deutsche Bank AG		12/10/15		(223	)
MXN	1,883,723	USD	113,723	Deutsche Bank AG		12/10/15		(3,176	)
MXN	3,900,000	USD	230,171	Deutsche Bank AG		12/10/15		(1,297	)
MXN	1,411,316	USD	84,874	Goldman Sachs International		12/10/15		(2,050	)
MXN	3,247,959	USD	195,325	Goldman Sachs International		12/10/15		(4,717	)
MXN	305,249	USD	18,435	Goldman Sachs International		12/10/15		(521	)
MXN	4,349,798	USD	262,700	Goldman Sachs International		12/10/15		(7,429	)
MXN	20,124,726	USD	1,185,306	JPMorgan Chase Bank N.A.		12/10/15		(4,274	)
MXN	1,239,243	USD	74,044	JPMorgan Chase Bank N.A.		12/10/15		(1,318	)
MXN	334,596	USD	19,992	JPMorgan Chase Bank N.A.		12/10/15		(356	)
MXN	4,361,385	USD	262,735	JPMorgan Chase Bank N.A.		12/10/15		(6,784	)
MXN	306,062	USD	18,438	JPMorgan Chase Bank N.A.		12/10/15		(476	)
MXN	3,900,000	USD	228,847	JPMorgan Chase Bank N.A.		12/10/15		27
MXN	2,400,000	USD	140,829	JPMorgan Chase Bank N.A.		12/10/15		17

BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015 61

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
MXN	7,875,125	USD	462,047	Morgan Stanley & Co. International PLC		12/10/15	$	110
MXN	4,200,000	USD	246,120	Morgan Stanley & Co. International PLC		12/10/15		360
MXN	3,100,000	USD	181,660	Morgan Stanley & Co. International PLC		12/10/15		266
MXN	1,413,966	USD	84,876	Morgan Stanley & Co. International PLC		12/10/15		(1,897	)
MXN	3,254,059	USD	195,331	Morgan Stanley & Co. International PLC		12/10/15		(4,365	)
MXN	11,812,781	USD	693,063	UBS AG		12/10/15		177
MXN	10,400,000	USD	610,366	UBS AG		12/10/15		(35	)
MXN	2,300,000	USD	137,075	UBS AG		12/10/15		(2,098	)
MYR	1,600,000	USD	369,771	Deutsche Bank AG		12/10/15		(7,375	)
MYR	1,410,000	USD	328,212	Deutsche Bank AG		12/10/15		(8,851	)
MYR	1,050,000	USD	236,796	Deutsche Bank AG		12/10/15		1,027
MYR	1,450,000	USD	335,648	HSBC Bank PLC		12/10/15		(7,227	)
MYR	1,370,000	USD	317,976	HSBC Bank PLC		12/10/15		(7,675	)
MYR	3,025,000	USD	712,435	HSBC Bank PLC		12/10/15		(27,280	)
MYR	2,650,000	USD	601,589	HSBC Bank PLC		12/10/15		(1,371	)
MYR	1,650,000	USD	374,702	HSBC Bank PLC		12/10/15		(981	)
MYR	1,005,000	USD	236,917	JPMorgan Chase Bank N.A.		12/10/15		(9,287	)
MYR	460,000	USD	108,439	JPMorgan Chase Bank N.A.		12/10/15		(4,251	)
MYR	650,000	USD	154,028	JPMorgan Chase Bank N.A.		12/10/15		(6,805	)
MYR	1,450,000	USD	342,547	Morgan Stanley & Co. International PLC		12/10/15		(14,125	)
MYR	600,000	USD	140,614	Morgan Stanley & Co. International PLC		12/10/15		(4,716	)
MYR	1,370,000	USD	318,235	Morgan Stanley & Co. International PLC		12/10/15		(7,933	)
MYR	3,025,000	USD	714,623	Morgan Stanley & Co. International PLC		12/10/15		(29,468	)
MYR	1,005,000	USD	237,364	State Street Bank and Trust Co.		12/10/15		(9,734	)
MYR	460,000	USD	108,644	State Street Bank and Trust Co.		12/10/15		(4,455	)
MYR	4,050,000	USD	954,963	UBS AG		12/10/15		(37,649	)
MYR	480,000	USD	113,618	Westpac Banking Corp.		12/10/15		(4,899	)
MYR	1,040,000	USD	246,171	Westpac Banking Corp.		12/10/15		(10,614	)
NOK	3,204,455	USD	391,079	Barclays Bank PLC		12/10/15		(15,820	)
NOK	144,459	USD	17,630	Barclays Bank PLC		12/10/15		(713	)
NOK	27,600,000	USD	3,238,427	BNP Paribas S.A.		12/10/15		(6,324	)
NOK	832,005	USD	101,360	Credit Suisse International		12/10/15		(3,928	)
NOK	18,455,902	USD	2,248,407	Credit Suisse International		12/10/15		(87,126	)
NOK	2,700,000	USD	327,291	Goldman Sachs International		12/10/15		(11,107	)
NOK	7,965,137	USD	968,277	Goldman Sachs International		12/10/15		(35,519	)
NOK	1,200,000	USD	148,101	Goldman Sachs International		12/10/15		(7,575	)
NOK	4,400,000	USD	543,039	Goldman Sachs International		12/10/15		(27,776	)
NOK	359,074	USD	43,651	Goldman Sachs International		12/10/15		(1,601	)
NOK	18,600,000	USD	2,186,563	Goldman Sachs International		12/10/15		(8,407	)
NOK	13,100,000	USD	1,530,131	Goldman Sachs International		12/10/15		3,947
NOK	9,000,000	USD	1,084,455	HSBC Bank PLC		12/10/15		(30,509	)
NOK	12,300,000	USD	1,442,758	HSBC Bank PLC		12/10/15		(2,364	)
NOK	5,500,000	USD	663,235	JPMorgan Chase Bank N.A.		12/10/15		(19,156	)

62 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
NOK	1,300,000	USD	158,347	JPMorgan Chase Bank N.A.		12/10/15	$	(6,111	)
NOK	24,770,000	USD	3,013,793	JPMorgan Chase Bank N.A.		12/10/15		(113,098	)
NOK	1,120,000	USD	136,272	JPMorgan Chase Bank N.A.		12/10/15		(5,114	)
NOK	8,900,000	USD	1,095,160	JPMorgan Chase Bank N.A.		12/10/15		(52,924	)
NOK	3,900,000	USD	471,614	JPMorgan Chase Bank N.A.		12/10/15		(14,904	)
NOK	2,800,000	USD	344,545	JPMorgan Chase Bank N.A.		12/10/15		(16,650	)
NOK	7,000,000	USD	843,217	JPMorgan Chase Bank N.A.		12/10/15		(23,481	)
NOK	2,600,000	USD	313,195	JPMorgan Chase Bank N.A.		12/10/15		(8,721	)
NOK	9,000,000	USD	1,084,136	JPMorgan Chase Bank N.A.		12/10/15		(30,189	)
NOK	4,500,000	USD	544,583	UBS AG		12/10/15		(17,610	)
NOK	3,204,506	USD	391,070	UBS AG		12/10/15		(15,806	)
NOK	144,461	USD	17,630	UBS AG		12/10/15		(713	)
NZD	3,170,000	USD	1,994,171	Citibank N.A.		12/10/15		23,593
NZD	5,650,000	USD	3,561,336	Credit Suisse International		12/10/15		34,994
NZD	920,000	USD	582,829	Deutsche Bank AG		12/10/15		2,768
NZD	220,000	USD	139,084	Deutsche Bank AG		12/10/15		950
NZD	3,640,000	USD	2,295,049	Goldman Sachs International		12/10/15		21,879
NZD	3,500,000	USD	2,199,355	Goldman Sachs International		12/10/15		28,461
NZD	240,000	USD	150,947	Goldman Sachs International		12/10/15		1,818
NZD	4,500,000	USD	2,830,253	Goldman Sachs International		12/10/15		34,082
NZD	2,570,000	USD	1,628,252	HSBC Bank PLC		12/10/15		7,601
NZD	260,000	USD	165,162	HSBC Bank PLC		12/10/15		333
NZD	1,540,000	USD	961,333	JPMorgan Chase Bank N.A.		12/10/15		18,906
NZD	1,740,000	USD	1,086,181	JPMorgan Chase Bank N.A.		12/10/15		21,361
NZD	68,389	USD	43,471	JPMorgan Chase Bank N.A.		12/10/15		60
NZD	421,611	USD	267,542	Morgan Stanley & Co. International PLC		12/10/15		821
NZD	1,720,000	USD	1,100,387	Westpac Banking Corp.		12/10/15		(5,575	)
PHP	8,200,000	USD	175,928	Bank of America N.A.		12/10/15		(1,244	)
PHP	33,700,000	USD	723,021	Bank of America N.A.		12/10/15		(5,113	)
PHP	44,780,000	USD	951,147	Citibank N.A.		12/10/15		2,796
PHP	11,500,000	USD	244,994	Deutsche Bank AG		12/10/15		(10	)
PHP	11,300,000	USD	239,661	Deutsche Bank AG		12/10/15		1,062
PHP	15,100,000	USD	319,442	Deutsche Bank AG		12/10/15		2,232
PHP	11,500,000	USD	244,006	Goldman Sachs International		12/10/15		977
PHP	33,700,000	USD	720,856	Goldman Sachs International		12/10/15		(2,948	)
PHP	46,140,000	USD	980,450	HSBC Bank PLC		12/10/15		2,465
PHP	17,000,000	USD	362,010	HSBC Bank PLC		12/10/15		139
PHP	37,900,000	USD	799,241	JPMorgan Chase Bank N.A.		12/10/15		8,139
PHP	44,780,000	USD	951,956	JPMorgan Chase Bank N.A.		12/10/15		1,988
PHP	16,500,000	USD	349,613	Morgan Stanley & Co. International PLC		12/10/15		1,884
PHP	19,900,000	USD	425,942	Morgan Stanley & Co. International PLC		12/10/15		(2,014	)
PHP	23,600,000	USD	501,861	Morgan Stanley & Co. International PLC		12/10/15		888
PHP	12,500,000	USD	264,271	UBS AG		12/10/15		2,016
PHP	30,500,000	USD	644,820	UBS AG		12/10/15		4,918
PHP	37,900,000	USD	800,591	UBS AG		12/10/15		6,788
PHP	14,900,000	USD	318,240	UBS AG		12/10/15		(827	)
PHP	11,200,000	USD	239,214	UBS AG		12/10/15		(622	)
PHP	22,700,000	USD	482,671	UBS AG		12/10/15		905

BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015 63

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
PHP	22,600,000	USD	479,830	UBS AG		12/10/15	$	1,615
PLN	2,020,000	EUR	479,343	Barclays Bank PLC		12/10/15		(5,515	)
PLN	856,748	EUR	203,353	Barclays Bank PLC		12/10/15		(2,393	)
PLN	1,550,000	EUR	366,679	Barclays Bank PLC		12/10/15		(2,964	)
PLN	1,410,000	EUR	333,257	BNP Paribas S.A.		12/10/15		(2,359	)
PLN	1,050,000	EUR	248,309	BNP Paribas S.A.		12/10/15		(1,912	)
PLN	940,000	EUR	222,354	Credit Suisse International		12/10/15		(1,777	)
PLN	1,500,000	EUR	355,200	Credit Suisse International		12/10/15		(3,260	)
PLN	1,281,881	EUR	304,067	Credit Suisse International		12/10/15		(3,364	)
PLN	4,035,397	EUR	957,291	Credit Suisse International		12/10/15		(10,679	)
PLN	1,125,000	EUR	267,452	Credit Suisse International		12/10/15		(3,620	)
PLN	1,125,000	EUR	267,628	HSBC Bank PLC		12/10/15		(3,817	)
PLN	855,974	EUR	203,353	UBS AG		12/10/15		(2,596	)
PLN	7,250,000	USD	1,918,035	Barclays Bank PLC		12/10/15		(15,230	)
PLN	2,700,000	USD	714,155	Barclays Bank PLC		12/10/15		(5,525	)
PLN	342,130	USD	91,380	Barclays Bank PLC		12/10/15		(1,586	)
PLN	1,550,000	USD	410,661	BNP Paribas S.A.		12/10/15		(3,855	)
PLN	2,300,000	USD	609,084	BNP Paribas S.A.		12/10/15		(5,436	)
PLN	1,900,000	USD	499,722	Deutsche Bank AG		12/10/15		(1,055	)
PLN	707,870	USD	189,084	Goldman Sachs International		12/10/15		(3,299	)
PLN	1,100,000	USD	295,484	HSBC Bank PLC		12/10/15		(6,782	)
PLN	2,500,000	USD	657,798	Morgan Stanley & Co. International PLC		12/10/15		(1,659	)
SEK	6,500,000	USD	789,789	BNP Paribas S.A.		12/10/15		(13,523	)
SEK	544,289	USD	64,589	Credit Suisse International		12/10/15		413
SEK	1,055,500	USD	125,253	Credit Suisse International		12/10/15		801
SEK	54,754,500	USD	6,499,909	Credit Suisse International		12/10/15		39,177
SEK	28,235,711	USD	3,351,863	Credit Suisse International		12/10/15		20,203
SEK	133,090,247	USD	15,829,757	Credit Suisse International		12/10/15		64,620
SEK	8,174,832	USD	972,315	Credit Suisse International		12/10/15		3,969
SEK	59,217,683	USD	7,043,352	Credit Suisse International		12/10/15		28,752
SEK	4,100,000	USD	484,825	Credit Suisse International		12/10/15		4,820
SEK	13,600,000	USD	1,608,200	Credit Suisse International		12/10/15		15,988
SEK	15,500,000	USD	1,854,555	Deutsche Bank AG		12/10/15		(3,459	)
SEK	9,400,000	USD	1,117,566	Goldman Sachs International		12/10/15		5,034
SEK	6,600,000	USD	789,895	Goldman Sachs International		12/10/15		(1,686	)
SEK	8,800,000	USD	1,048,708	HSBC Bank PLC		12/10/15		2,237
SEK	14,390,000	USD	1,712,250	JPMorgan Chase Bank N.A.		12/10/15		6,283
SEK	7,420,000	USD	882,898	JPMorgan Chase Bank N.A.		12/10/15		3,240
SEK	40,600,000	USD	4,885,742	JPMorgan Chase Bank N.A.		12/10/15		(37,064	)
SEK	9,300,000	USD	1,119,148	JPMorgan Chase Bank N.A.		12/10/15		(8,490	)
SEK	17,700,000	USD	2,169,745	JPMorgan Chase Bank N.A.		12/10/15		(55,912	)
SEK	8,900,000	USD	1,091,002	JPMorgan Chase Bank N.A.		12/10/15		(28,114	)
SEK	3,200,000	USD	379,757	Morgan Stanley & Co. International PLC		12/10/15		2,405
SEK	1,300,000	USD	154,276	Morgan Stanley & Co. International PLC		12/10/15		977
SEK	25,168	USD	2,993	Morgan Stanley & Co. International PLC		12/10/15		12
SEK	182,317	USD	21,683	Morgan Stanley & Co. International PLC		12/10/15		91

64 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
SEK	409,753	USD	48,731	Morgan Stanley & Co. International PLC		12/10/15	$	204
SEK	48,199,999	USD	5,725,247	UBS AG		12/10/15		31,064
SEK	17,700,000	USD	2,102,425	UBS AG		12/10/15		11,407
SGD	680,000	USD	481,352	Credit Suisse International		12/10/15		(4,199	)
SGD	1,690,000	USD	1,205,636	Goldman Sachs International		12/10/15		(19,770	)
SGD	1,000,000	USD	713,827	Goldman Sachs International		12/10/15		(12,131	)
SGD	320,000	USD	225,372	HSBC Bank PLC		12/10/15		(829	)
SGD	7,660,000	USD	5,394,366	Morgan Stanley & Co. International PLC		12/10/15		(19,378	)
SGD	500,000	USD	354,753	Morgan Stanley & Co. International PLC		12/10/15		(3,906	)
SGD	1,190,000	USD	852,039	UBS AG		12/10/15		(17,021	)
TRY	4,210,000	USD	1,370,443	Credit Suisse International		12/10/15		(9,464	)
TRY	990,000	USD	322,633	Credit Suisse International		12/10/15		(2,593	)
TWD	7,800,000	USD	235,721	Deutsche Bank AG		12/10/15		1,251
TWD	8,400,000	USD	258,940	HSBC Bank PLC		12/10/15		(3,739	)
TWD	28,600,000	USD	878,918	Morgan Stanley & Co. International PLC		12/10/15		(10,022	)
TWD	4,324,359	USD	131,228	Morgan Stanley & Co. International PLC		12/10/15		150
TWD	11,675,641	USD	354,296	UBS AG		12/10/15		422
TWD	7,800,000	USD	239,374	UBS AG		12/10/15		(2,402	)
USD	4,836,968	AUD	6,990,000	Bank of America N.A.		12/10/15		(53,821	)
USD	1,059,617	AUD	1,510,000	Citibank N.A.		12/10/15		3,094
USD	8,919,026	AUD	12,710,000	Citibank N.A.		12/10/15		26,046
USD	4,296,522	AUD	6,020,000	Citibank N.A.		12/10/15		84,426
USD	306,894	AUD	430,000	Citibank N.A.		12/10/15		6,030
USD	332,911	AUD	480,000	Citibank N.A.		12/10/15		(2,937	)
USD	1,726,977	AUD	2,490,000	Citibank N.A.		12/10/15		(15,236	)
USD	3,226,786	AUD	4,630,000	Citibank N.A.		12/10/15		(12,750	)
USD	1,064,702	AUD	1,490,000	Credit Suisse International		12/10/15		22,173
USD	1,556,418	AUD	2,180,000	Credit Suisse International		12/10/15		31,107
USD	2,198,261	AUD	3,078,999	Credit Suisse International		12/10/15		43,935
USD	2,170,745	AUD	3,070,000	Deutsche Bank AG		12/10/15		22,716
USD	329,212	AUD	470,000	Deutsche Bank AG		12/10/15		360
USD	2,021,207	AUD	2,900,000	Goldman Sachs International		12/10/15		(7,876	)
USD	6,656,044	AUD	9,550,000	Goldman Sachs International		12/10/15		(25,935	)
USD	425,150	AUD	610,000	Goldman Sachs International		12/10/15		(1,657	)
USD	757,666	AUD	1,090,000	Goldman Sachs International		12/10/15		(4,990	)
USD	312,798	AUD	450,000	Goldman Sachs International		12/10/15		(2,060	)
USD	2,608,608	AUD	3,780,000	HSBC Bank PLC		12/10/15		(36,196	)
USD	1,094,310	AUD	1,520,000	HSBC Bank PLC		12/10/15		30,791
USD	308,381	AUD	440,000	HSBC Bank PLC		12/10/15		520
USD	154,190	AUD	220,000	HSBC Bank PLC		12/10/15		260
USD	1,077,877	AUD	1,540,000	HSBC Bank PLC		12/10/15		364
USD	3,842,201	AUD	5,500,000	JPMorgan Chase Bank N.A.		12/10/15		(6,059	)
USD	398,170	AUD	570,000	JPMorgan Chase Bank N.A.		12/10/15		(650	)
USD	2,843,229	AUD	4,070,000	JPMorgan Chase Bank N.A.		12/10/15		(4,484	)
USD	3,884,116	AUD	5,560,000	JPMorgan Chase Bank N.A.		12/10/15		(6,126	)
USD	131,569	AUD	188,442	JPMorgan Chase Bank N.A.		12/10/15		(281	)
USD	1,008,693	AUD	1,444,724	JPMorgan Chase Bank N.A.		12/10/15		(2,157	)

BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015 65

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	740,336	AUD	1,060,000	Morgan Stanley & Co. International PLC		12/10/15	$	(1,329	)
USD	597,214	AUD	855,276	Morgan Stanley & Co. International PLC		12/10/15		(1,209	)
USD	77,897	AUD	111,558	Morgan Stanley & Co. International PLC		12/10/15		(158	)
USD	305,805	CAD	410,000	Barclays Bank PLC		12/10/15		90
USD	462,061	CAD	610,000	BNP Paribas S.A.		12/10/15		7,217
USD	1,845,668	CAD	2,450,000	Citibank N.A.		12/10/15		18,835
USD	2,229,868	CAD	2,960,000	Citibank N.A.		12/10/15		22,756
USD	6,892,307	CAD	9,115,000	Citibank N.A.		12/10/15		95,745
USD	5,994,725	CAD	8,040,958	Citibank N.A.		12/10/15		(983	)
USD	5,074,186	CAD	6,806,204	Citibank N.A.		12/10/15		(832	)
USD	1,507,456	CAD	2,000,051	Credit Suisse International		12/10/15		16,125
USD	1,523,076	CAD	2,019,949	Credit Suisse International		12/10/15		16,909
USD	4,862,201	CAD	6,440,000	Credit Suisse International		12/10/15		60,241
USD	641,750	CAD	850,000	Credit Suisse International		12/10/15		7,951
USD	3,284,251	CAD	4,350,000	Credit Suisse International		12/10/15		40,691
USD	2,819,407	CAD	3,725,000	Deutsche Bank AG		12/10/15		41,876
USD	5,364,180	CAD	7,110,000	Goldman Sachs International		12/10/15		62,637
USD	1,054,777	CAD	1,400,000	Goldman Sachs International		12/10/15		10,873
USD	62,549	CAD	82,982	Goldman Sachs International		12/10/15		674
USD	413,918	CAD	547,733	Goldman Sachs International		12/10/15		5,503
USD	681,291	CAD	902,267	Goldman Sachs International		12/10/15		8,519
USD	117,039	CAD	154,876	Goldman Sachs International		12/10/15		1,556
USD	192,641	CAD	255,124	Goldman Sachs International		12/10/15		2,409
USD	4,233,927	CAD	5,673,263	Goldman Sachs International		12/10/15		3,681
USD	3,583,773	CAD	4,802,088	Goldman Sachs International		12/10/15		3,116
USD	981,998	CAD	1,300,000	HSBC Bank PLC		12/10/15		12,658
USD	332,643	CAD	440,000	HSBC Bank PLC		12/10/15		4,559
USD	33,935	CAD	45,000	HSBC Bank PLC		12/10/15		381
USD	1,098,127	CAD	1,450,000	HSBC Bank PLC		12/10/15		16,941
USD	1,776,244	CAD	2,370,000	HSBC Bank PLC		12/10/15		9,063
USD	765,616	CAD	1,010,000	JPMorgan Chase Bank N.A.		12/10/15		12,513
USD	360,944	CAD	480,000	JPMorgan Chase Bank N.A.		12/10/15		3,034
USD	1,074,203	CAD	1,420,000	JPMorgan Chase Bank N.A.		12/10/15		15,386
USD	54,775	CAD	72,555	JPMorgan Chase Bank N.A.		12/10/15		674
USD	183,182	CAD	240,000	JPMorgan Chase Bank N.A.		12/10/15		4,226
USD	167,916	CAD	220,000	JPMorgan Chase Bank N.A.		12/10/15		3,874
USD	606,878	CAD	800,000	Morgan Stanley & Co. International PLC		12/10/15		10,361
USD	3,140,371	CAD	4,211,708	Morgan Stanley & Co. International PLC		12/10/15		(72	)
USD	3,710,084	CAD	4,975,779	Morgan Stanley & Co. International PLC		12/10/15		(85	)
USD	2,722,436	CAD	3,600,000	Royal Bank of Canada		12/10/15		38,111
USD	4,433,942	CAD	5,890,000	Royal Bank of Canada		12/10/15		42,088
USD	2,175,568	CAD	2,890,000	Royal Bank of Canada		12/10/15		20,651
USD	953,171	CAD	1,270,000	Royal Bank of Canada		12/10/15		6,200
USD	301,697	CAD	400,000	UBS AG		12/10/15		3,438
USD	335,298	CAD	450,000	UBS AG		12/10/15		(243	)
USD	7,131	CAD	9,463	Westpac Banking Corp.		12/10/15		75

66 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	820,226	CLP	558,000,000	Credit Suisse International		12/10/15	$	25,441
USD	234,485	CLP	167,000,000	Credit Suisse International		12/10/15		(3,381	)
USD	952,242	CLP	655,000,000	Credit Suisse International		12/10/15		19,295
USD	375,424	CLP	260,000,000	HSBC Bank PLC		12/10/15		5,094
USD	338,266	CLP	240,000,000	Morgan Stanley & Co. International PLC		12/10/15		(3,577	)
USD	239,605	CLP	170,000,000	Morgan Stanley & Co. International PLC		12/10/15		(2,534	)
USD	218,509	COP	680,000,000	Credit Suisse International		12/10/15		66
USD	233,438	COP	740,000,000	Credit Suisse International		12/10/15		(4,279	)
USD	162,783	COP	510,000,000	Goldman Sachs International		12/10/15		(1,049	)
USD	130,293	COP	400,000,000	Goldman Sachs International		12/10/15		1,797
USD	239,464	COP	750,000,000	Morgan Stanley & Co. International PLC		12/10/15		(1,467	)
USD	479,193	COP	1,520,000,000	Morgan Stanley & Co. International PLC		12/10/15		(9,092	)
USD	4,920,988	EUR	4,348,430	Bank of America N.A.		12/10/15		61,527
USD	4,928,205	EUR	4,350,848	Bank of America N.A.		12/10/15		66,043
USD	134,088	EUR	120,000	Barclays Bank PLC		12/10/15		(14	)
USD	9,269,909	EUR	8,235,000	BNP Paribas S.A.		12/10/15		67,126
USD	2,162,863	EUR	1,911,570	Citibank N.A.		12/10/15		26,644
USD	8,112,349	EUR	7,230,000	Citibank N.A.		12/10/15		32,675
USD	1,041,893	EUR	930,000	Credit Suisse International		12/10/15		2,599
USD	279,015	EUR	250,000	Credit Suisse International		12/10/15		(365	)
USD	621,610	EUR	550,000	Credit Suisse International		12/10/15		6,974
USD	1,898,769	EUR	1,685,000	Credit Suisse International		12/10/15		15,747
USD	1,851,438	EUR	1,660,000	Credit Suisse International		12/10/15		(3,646	)
USD	9,773,633	EUR	8,685,898	Deutsche Bank AG		12/10/15		66,962
USD	11,556,112	EUR	10,270,000	Deutsche Bank AG		12/10/15		79,175
USD	4,242,117	EUR	3,770,000	Deutsche Bank AG		12/10/15		29,064
USD	7,050,607	EUR	6,330,000	Deutsche Bank AG		12/10/15		(23,299	)
USD	148,491	EUR	130,000	Deutsche Bank AG		12/10/15		3,214
USD	2,701,594	EUR	2,390,000	Goldman Sachs International		12/10/15		30,719
USD	1,051,248	EUR	930,000	Goldman Sachs International		12/10/15		11,954
USD	452,150	EUR	400,000	Goldman Sachs International		12/10/15		5,141
USD	2,162,632	EUR	1,909,152	Goldman Sachs International		12/10/15		29,115
USD	7,311,204	EUR	6,450,000	Goldman Sachs International		12/10/15		103,196
USD	4,656,955	EUR	4,130,000	HSBC Bank PLC		12/10/15		41,595
USD	708,912	EUR	630,000	HSBC Bank PLC		12/10/15		4,874
USD	638,991	EUR	570,000	HSBC Bank PLC		12/10/15		2,004
USD	1,042,268	EUR	920,000	HSBC Bank PLC		12/10/15		14,149
USD	2,643,418	EUR	2,330,000	HSBC Bank PLC		12/10/15		39,594
USD	1,751,630	EUR	1,560,000	HSBC Bank PLC		12/10/15		8,298
USD	1,089,155	EUR	970,000	HSBC Bank PLC		12/10/15		5,160
USD	13,980,881	EUR	12,490,000	JPMorgan Chase Bank N.A.		12/10/15		23,048
USD	6,595,138	EUR	5,900,000	JPMorgan Chase Bank N.A.		12/10/15		1,766
USD	2,154,410	GBP	1,420,000	Bank of America N.A.		12/10/15		4,118
USD	99,380	GBP	65,000	Barclays Bank PLC		12/10/15		952
USD	3,046,648	GBP	1,990,000	Citibank N.A.		12/10/15		33,211
USD	1,194,164	GBP	780,000	Citibank N.A.		12/10/15		13,018
USD	2,702,494	GBP	1,760,000	Credit Suisse International		12/10/15		37,344
USD	337,812	GBP	220,000	Credit Suisse International		12/10/15		4,668

BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015 67

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	974,183	GBP	640,000	Credit Suisse International		12/10/15	$	5,038
USD	1,019,848	GBP	670,000	Credit Suisse International		12/10/15		5,274
USD	12,098,866	GBP	7,870,000	Goldman Sachs International		12/10/15		181,404
USD	722,572	GBP	470,063	Goldman Sachs International		12/10/15		10,760
USD	1,768,165	GBP	1,150,265	Goldman Sachs International		12/10/15		26,330
USD	90,446	GBP	58,839	Goldman Sachs International		12/10/15		1,347
USD	328,385	GBP	215,000	HSBC Bank PLC		12/10/15		2,813
USD	2,515,152	GBP	1,630,000	HSBC Bank PLC		12/10/15		46,859
USD	146,589	GBP	95,000	HSBC Bank PLC		12/10/15		2,731
USD	1,612,743	GBP	1,040,000	HSBC Bank PLC		12/10/15		37,881
USD	915,846	GBP	600,000	HSBC Bank PLC		12/10/15		7,272
USD	4,584,350	GBP	2,965,000	HSBC Bank PLC		12/10/15		94,480
USD	239,654	GBP	155,000	HSBC Bank PLC		12/10/15		4,939
USD	1,878,578	GBP	1,215,000	HSBC Bank PLC		12/10/15		38,716
USD	2,125,556	GBP	1,400,000	HSBC Bank PLC		12/10/15		5,550
USD	1,108,325	GBP	730,000	HSBC Bank PLC		12/10/15		2,894
USD	2,387,950	GBP	1,570,000	JPMorgan Chase Bank N.A.		12/10/15		10,514
USD	4,350,023	GBP	2,860,000	JPMorgan Chase Bank N.A.		12/10/15		19,154
USD	3,979,527	GBP	2,577,357	JPMorgan Chase Bank N.A.		12/10/15		76,661
USD	9,738,073	GBP	6,306,904	JPMorgan Chase Bank N.A.		12/10/15		187,593
USD	498,125	GBP	322,613	JPMorgan Chase Bank N.A.		12/10/15		9,596
USD	470,601	GBP	310,000	Morgan Stanley & Co. International PLC		12/10/15		1,171
USD	5,031,976	GBP	3,260,000	State Street Bank and Trust Co.		12/10/15		95,391
USD	300,992	GBP	195,000	State Street Bank and Trust Co.		12/10/15		5,706
USD	902,114	GBP	587,579	UBS AG		12/10/15		12,349
USD	112,919	GBP	73,548	UBS AG		12/10/15		1,546
USD	2,207,511	GBP	1,437,831	UBS AG		12/10/15		30,218
USD	1,767,374	HUF	493,000,000	Bank of America N.A.		12/10/15		10,886
USD	339,311	HUF	95,040,000	Barclays Bank PLC		12/10/15		697
USD	307,362	HUF	86,000,000	Barclays Bank PLC		12/10/15		957
USD	408,149	HUF	114,000,000	BNP Paribas S.A.		12/10/15		1,983
USD	622,920	HUF	175,000,000	BNP Paribas S.A.		12/10/15		(580	)
USD	368,303	HUF	102,960,000	Credit Suisse International		12/10/15		1,471
USD	232,482	HUF	65,427,407	Deutsche Bank AG		12/10/15		(626	)
USD	267,348	HUF	74,000,000	Deutsche Bank AG		12/10/15		3,697
USD	272,124	HUF	76,572,593	Goldman Sachs International		12/10/15		(693	)
USD	660,192	HUF	186,000,000	Morgan Stanley & Co. International PLC		12/10/15		(2,499	)
USD	478,998	IDR	7,150,000,000	Bank of America N.A.		12/10/15		5,583
USD	243,098	IDR	3,610,000,000	Deutsche Bank AG		12/10/15		4,073
USD	346,684	IDR	5,280,000,000	Deutsche Bank AG		12/10/15		(2,915	)
USD	1,274,615	IDR	19,030,000,000	Deutsche Bank AG		12/10/15		14,603
USD	231,687	IDR	3,400,000,000	HSBC Bank PLC		12/10/15		6,566
USD	159,892	IDR	2,360,000,000	JPMorgan Chase Bank N.A.		12/10/15		3,632
USD	251,453	IDR	3,720,000,000	JPMorgan Chase Bank N.A.		12/10/15		5,145
USD	235,018	IDR	3,510,000,000	JPMorgan Chase Bank N.A.		12/10/15		2,615
USD	319,220	IDR	4,750,000,000	Morgan Stanley & Co. International PLC		12/10/15		4,714
USD	660,348	IDR	10,040,000,000	UBS AG		12/10/15		(4,419	)
USD	19,140	ILS	75,004	Barclays Bank PLC		12/10/15		13
USD	27,396	ILS	107,587	Barclays Bank PLC		12/10/15		(40	)

68 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	380,552	ILS	1,495,000	BNP Paribas S.A.		12/10/15	$	(687	)
USD	376,556	ILS	1,474,996	Credit Suisse International		12/10/15		418
USD	182,631	ILS	708,528	Credit Suisse International		12/10/15		1,949
USD	80,057	ILS	308,822	Credit Suisse International		12/10/15		1,304
USD	658,263	ILS	2,575,554	Credit Suisse International		12/10/15		1,471
USD	1,082,941	ILS	4,250,000	Deutsche Bank AG		12/10/15		(851	)
USD	233,318	ILS	900,000	Deutsche Bank AG		12/10/15		3,809
USD	160,126	ILS	629,247	Deutsche Bank AG		12/10/15		(338	)
USD	160,126	ILS	629,277	JPMorgan Chase Bank N.A.		12/10/15		(346	)
USD	177,788	ILS	691,472	UBS AG		12/10/15		1,456
USD	640,474	ILS	2,508,335	UBS AG		12/10/15		824
USD	800,546	ILS	3,099,636	UBS AG		12/10/15		10,109
USD	242,177	ILS	955,000	UBS AG		12/10/15		(1,358	)
USD	342,837	INR	22,800,000	Barclays Bank PLC		12/10/15		(422	)
USD	324,685	INR	21,900,000	Credit Suisse International		12/10/15		(5,024	)
USD	859,877	INR	57,500,000	Goldman Sachs International		12/10/15		(5,798	)
USD	655,786	INR	44,200,000	HSBC Bank PLC		12/10/15		(9,654	)
USD	249,036	INR	16,800,000	HSBC Bank PLC		12/10/15		(3,891	)
USD	944,113	INR	63,350,000	HSBC Bank PLC		12/10/15		(9,635	)
USD	1,269,687	INR	84,650,000	HSBC Bank PLC		12/10/15		(4,738	)
USD	161,242	INR	10,750,000	HSBC Bank PLC		12/10/15		(602	)
USD	858,850	INR	57,500,000	HSBC Bank PLC		12/10/15		(6,825	)
USD	1,270,068	INR	84,650,000	Morgan Stanley & Co. International PLC		12/10/15		(4,357	)
USD	161,290	INR	10,750,000	Morgan Stanley & Co. International PLC		12/10/15		(553	)
USD	561,331	INR	37,800,000	Morgan Stanley & Co. International PLC		12/10/15		(7,757	)
USD	118,058	INR	7,950,000	Morgan Stanley & Co. International PLC		12/10/15		(1,631	)
USD	6,294,921	INR	423,900,000	UBS AG		12/10/15		(86,985	)
USD	943,691	INR	63,350,000	UBS AG		12/10/15		(10,057	)
USD	118,058	INR	7,950,000	UBS AG		12/10/15		(1,631	)
USD	561,331	INR	37,800,000	UBS AG		12/10/15		(7,757	)
USD	2,716,397	JPY	325,000,000	Citibank N.A.		12/10/15		(71	)
USD	3,537,778	JPY	428,000,000	HSBC Bank PLC		12/10/15		(39,601	)
USD	5,410,766	JPY	652,000,000	JPMorgan Chase Bank N.A.		12/10/15		(38,886	)
USD	721,074	KRW	861,900,000	Bank of America N.A.		12/10/15		(4,473	)
USD	638,567	KRW	757,500,000	Deutsche Bank AG		12/10/15		903
USD	179,136	KRW	212,500,000	Deutsche Bank AG		12/10/15		253
USD	722,162	KRW	861,900,000	Deutsche Bank AG		12/10/15		(3,386	)
USD	313,012	KRW	374,550,000	Goldman Sachs International		12/10/15		(2,284	)
USD	362,105	KRW	430,000,000	HSBC Bank PLC		12/10/15		131
USD	179,196	KRW	212,500,000	HSBC Bank PLC		12/10/15		314
USD	385,660	KRW	460,000,000	HSBC Bank PLC		12/10/15		(1,568	)
USD	280,861	KRW	335,000,000	HSBC Bank PLC		12/10/15		(1,142	)
USD	638,782	KRW	757,500,000	HSBC Bank PLC		12/10/15		1,119
USD	634,237	KRW	760,450,000	HSBC Bank PLC		12/10/15		(5,910	)
USD	1,357,089	KRW	1,622,400,000	JPMorgan Chase Bank N.A.		12/10/15		(8,648	)
USD	598,326	KRW	715,000,000	Morgan Stanley & Co. International PLC		12/10/15		(3,561	)

BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015 69

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	357,499	KRW	430,000,000	Morgan Stanley & Co. International PLC		12/10/15	$	(4,475	)
USD	158,703	KRW	185,000,000	Morgan Stanley & Co. International PLC		12/10/15		2,970
USD	723,374	KRW	861,900,000	Morgan Stanley & Co. International PLC		12/10/15		(2,174	)
USD	598,401	KRW	715,000,000	Morgan Stanley & Co. International PLC		12/10/15		(3,486	)
USD	725,063	KRW	865,000,000	Standard Chartered Bank		12/10/15		(3,094	)
USD	158,866	KRW	185,000,000	Standard Chartered Bank		12/10/15		3,133
USD	1,388,059	KRW	1,644,850,000	Standard Chartered Bank		12/10/15		3,424
USD	722,222	KRW	861,900,000	Standard Chartered Bank		12/10/15		(3,325	)
USD	322,964	KRW	380,000,000	UBS AG		12/10/15		3,080
USD	685,522	KRW	810,150,000	UBS AG		12/10/15		3,538
USD	243,296	MXN	4,100,000	Barclays Bank PLC		12/10/15		2,685
USD	522,197	MXN	8,800,000	Barclays Bank PLC		12/10/15		5,763
USD	162,554	MXN	2,788,407	Credit Suisse International		12/10/15		(1,086	)
USD	9,674	MXN	164,843	Deutsche Bank AG		12/10/15		—
USD	619,140	MXN	10,500,000	Deutsche Bank AG		12/10/15		2,941
USD	625,594	MXN	10,600,000	Deutsche Bank AG		12/10/15		3,526
USD	1,190,617	MXN	20,200,000	Goldman Sachs International		12/10/15		5,167
USD	1,770,536	MXN	30,000,000	Goldman Sachs International		12/10/15		9,967
USD	302,118	MXN	5,250,000	Goldman Sachs International		12/10/15		(5,981	)
USD	248,155	MXN	4,213,305	JPMorgan Chase Bank N.A.		12/10/15		895
USD	392,383	MXN	6,700,000	JPMorgan Chase Bank N.A.		12/10/15		(811	)
USD	825,762	MXN	14,100,000	JPMorgan Chase Bank N.A.		12/10/15		(1,706	)
USD	58,992	MXN	1,011,593	JPMorgan Chase Bank N.A.		12/10/15		(373	)
USD	96,734	MXN	1,648,733	Morgan Stanley & Co. International PLC		12/10/15		(23	)
USD	343,033	MXN	5,800,000	Morgan Stanley & Co. International PLC		12/10/15		2,656
USD	475,215	MXN	8,250,000	Morgan Stanley & Co. International PLC		12/10/15		(8,941	)
USD	475,083	MXN	8,250,000	Morgan Stanley & Co. International PLC		12/10/15		(9,074	)
USD	302,325	MXN	5,250,000	Morgan Stanley & Co. International PLC		12/10/15		(5,774	)
USD	485,133	MXN	8,200,000	Morgan Stanley & Co. International PLC		12/10/15		3,911
USD	145,099	MXN	2,473,119	UBS AG		12/10/15		(37	)
USD	983,796	MYR	4,250,000	HSBC Bank PLC		12/10/15		21,182
USD	115,701	MYR	500,000	HSBC Bank PLC		12/10/15		2,452
USD	480,157	MYR	2,075,000	HSBC Bank PLC		12/10/15		10,175
USD	919,781	MYR	3,950,000	HSBC Bank PLC		12/10/15		25,116
USD	275,956	MYR	1,220,000	HSBC Bank PLC		12/10/15		(371	)
USD	284,424	MYR	1,260,000	JPMorgan Chase Bank N.A.		12/10/15		(962	)
USD	257,792	MYR	1,100,000	Morgan Stanley & Co. International PLC		12/10/15		8,645
USD	291,962	MYR	1,275,000	Morgan Stanley & Co. International PLC		12/10/15		3,178
USD	276,143	MYR	1,220,000	Morgan Stanley & Co. International PLC		12/10/15		(184	)

70 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	479,769	MYR	2,075,000	Standard Chartered Bank		12/10/15	$	9,787
USD	115,607	MYR	500,000	Standard Chartered Bank		12/10/15		2,358
USD	1,065,786	MYR	4,520,000	UBS AG		12/10/15		42,018
USD	290,631	MYR	1,275,000	UBS AG		12/10/15		1,847
USD	809,607	NOK	6,900,000	BNP Paribas S.A.		12/10/15		1,581
USD	9,490,231	NOK	77,900,000	Credit Suisse International		12/10/15		367,739
USD	730,955	NOK	6,000,000	Credit Suisse International		12/10/15		28,324
USD	2,788,593	NOK	22,890,000	Credit Suisse International		12/10/15		108,056
USD	3,221,207	NOK	26,100,000	Goldman Sachs International		12/10/15		164,763
USD	327,051	NOK	2,800,000	Goldman Sachs International		12/10/15		(844	)
USD	638,170	NOK	5,400,000	Goldman Sachs International		12/10/15		5,802
USD	1,055,676	NOK	9,000,000	HSBC Bank PLC		12/10/15		1,730
USD	328,433	NOK	2,800,000	HSBC Bank PLC		12/10/15		538
USD	1,180,979	NOK	9,800,000	JPMorgan Chase Bank N.A.		12/10/15		33,348
USD	60,657	NOK	500,000	JPMorgan Chase Bank N.A.		12/10/15		2,104
USD	788,540	NOK	6,500,000	JPMorgan Chase Bank N.A.		12/10/15		27,357
USD	231,709	NOK	1,910,000	JPMorgan Chase Bank N.A.		12/10/15		8,039
USD	808,410	NOK	6,600,000	JPMorgan Chase Bank N.A.		12/10/15		35,516
USD	4,394,912	NOK	36,316,035	UBS AG		12/10/15		142,117
USD	1,791,074	NOK	14,800,000	UBS AG		12/10/15		57,917
USD	581,140	NZD	930,000	BNP Paribas S.A.		12/10/15		(10,822	)
USD	4,867,828	NZD	7,790,000	BNP Paribas S.A.		12/10/15		(90,652	)
USD	2,118,349	NZD	3,390,000	BNP Paribas S.A.		12/10/15		(39,449	)
USD	8,616,543	NZD	13,670,000	Credit Suisse International		12/10/15		(84,668	)
USD	392,944	NZD	630,000	Deutsche Bank AG		12/10/15		(8,063	)
USD	2,247,210	NZD	3,600,000	Deutsche Bank AG		12/10/15		(44,257	)
USD	489,977	NZD	780,000	Goldman Sachs International		12/10/15		(6,508	)
USD	1,094,364	NZD	1,740,000	Goldman Sachs International		12/10/15		(13,178	)
USD	335,787	NZD	530,000	HSBC Bank PLC		12/10/15		(1,568	)
USD	524,309	NZD	824,855	JPMorgan Chase Bank N.A.		12/10/15		(726	)
USD	1,088,562	NZD	1,720,000	JPMorgan Chase Bank N.A.		12/10/15		(6,250	)
USD	3,226,885	NZD	5,085,145	Morgan Stanley & Co. International PLC		12/10/15		(9,904	)
USD	132,133	NZD	210,000	Morgan Stanley & Co. International PLC		12/10/15		(1,536	)
USD	407,353	NZD	650,000	UBS AG		12/10/15		(6,384	)
USD	3,224,390	NZD	5,040,000	Westpac Banking Corp.		12/10/15		16,336
USD	954,401	PHP	45,000,000	Citibank N.A.		12/10/15		(4,229	)
USD	795,334	PHP	37,500,000	Citibank N.A.		12/10/15		(3,524	)
USD	515,158	PHP	24,300,000	Deutsche Bank AG		12/10/15		(2,502	)
USD	394,318	PHP	18,600,000	Deutsche Bank AG		12/10/15		(1,915	)
USD	327,350	PHP	15,500,000	Deutsche Bank AG		12/10/15		(2,845	)
USD	778,367	PHP	36,700,000	Deutsche Bank AG		12/10/15		(3,449	)
USD	831,742	PHP	39,200,000	Goldman Sachs International		12/10/15		(3,331	)
USD	468,484	PHP	22,000,000	HSBC Bank PLC		12/10/15		(180	)
USD	360,513	PHP	17,000,000	Morgan Stanley & Co. International PLC		12/10/15		(1,636	)
USD	86,995	PLN	330,000	Barclays Bank PLC		12/10/15		385
USD	194,160	PLN	735,000	Barclays Bank PLC		12/10/15		1,255
USD	316,936	PLN	1,200,000	Barclays Bank PLC		12/10/15		1,989
USD	488,024	PLN	1,795,000	BNP Paribas S.A.		12/10/15		16,915
USD	829,307	PLN	3,055,000	BNP Paribas S.A.		12/10/15		27,504

BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015 71

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	73,831	PLN	280,000	BNP Paribas S.A.		12/10/15	$	343
USD	123,824	PLN	470,000	BNP Paribas S.A.		12/10/15		469
USD	123,997	PLN	470,000	BNP Paribas S.A.		12/10/15		643
USD	932,511	PLN	3,500,000	BNP Paribas S.A.		12/10/15		13,916
USD	38,102	PLN	145,000	BNP Paribas S.A.		12/10/15		46
USD	252,356	PLN	955,000	BNP Paribas S.A.		12/10/15		1,711
USD	265,845	PLN	1,005,000	Credit Suisse International		12/10/15		2,077
USD	239,142	PLN	900,000	Credit Suisse International		12/10/15		2,931
USD	140,347	PLN	531,572	Credit Suisse International		12/10/15		832
USD	188,428	PLN	715,000	Credit Suisse International		12/10/15		772
USD	968,270	PLN	3,600,000	Deutsche Bank AG		12/10/15		23,428
USD	74,748	PLN	283,428	Deutsche Bank AG		12/10/15		360
USD	316,728	PLN	1,200,000	Goldman Sachs International		12/10/15		1,781
USD	112,023	PLN	425,000	Morgan Stanley & Co. International PLC		12/10/15		479
USD	201,076	PLN	760,000	Morgan Stanley & Co. International PLC		12/10/15		1,610
USD	514,470	PLN	1,945,000	Royal Bank of Scotland PLC		12/10/15		3,993
USD	238,676	PLN	900,000	Société Générale		12/10/15		2,466
USD	484,165	SEK	3,985,650	Barclays Bank PLC		12/10/15		8,176
USD	50,607	SEK	416,594	Barclays Bank PLC		12/10/15		855
USD	2,247,862	SEK	18,500,000	BNP Paribas S.A.		12/10/15		38,489
USD	405,155	SEK	3,390,000	BNP Paribas S.A.		12/10/15		302
USD	1,808,855	SEK	15,135,000	BNP Paribas S.A.		12/10/15		1,349
USD	5,604,043	SEK	46,890,000	BNP Paribas S.A.		12/10/15		4,179
USD	1,806,225	SEK	15,200,000	Credit Suisse International		12/10/15		(9,044	)
USD	2,202,049	SEK	18,500,000	Credit Suisse International		12/10/15		(7,324	)
USD	488,022	SEK	4,100,000	Credit Suisse International		12/10/15		(1,623	)
USD	1,893,613	SEK	15,579,350	Credit Suisse International		12/10/15		33,041
USD	197,927	SEK	1,628,406	Credit Suisse International		12/10/15		3,454
USD	942,678	SEK	7,783,304	Credit Suisse International		12/10/15		13,153
USD	1,906,541	SEK	15,741,513	Credit Suisse International		12/10/15		26,602
USD	1,098,167	SEK	9,200,000	Goldman Sachs International		12/10/15		(549	)
USD	68,014	SEK	570,000	Goldman Sachs International		12/10/15		(59	)
USD	352,001	SEK	2,950,000	Goldman Sachs International		12/10/15		(305	)
USD	491,011	SEK	4,115,000	Goldman Sachs International		12/10/15		(425	)
USD	516,108	SEK	4,345,000	JPMorgan Chase Bank N.A.		12/10/15		(2,796	)
USD	3,444,086	SEK	28,995,000	JPMorgan Chase Bank N.A.		12/10/15		(18,658	)
USD	137,100	SEK	1,155,000	JPMorgan Chase Bank N.A.		12/10/15		(837	)
USD	914,591	SEK	7,705,000	JPMorgan Chase Bank N.A.		12/10/15		(5,582	)
USD	321,476	SEK	2,700,000	JPMorgan Chase Bank N.A.		12/10/15		(973	)
USD	4,404,388	SEK	36,600,000	JPMorgan Chase Bank N.A.		12/10/15		33,412
USD	328,277	SEK	2,700,000	JPMorgan Chase Bank N.A.		12/10/15		5,828
USD	1,155,050	SEK	9,500,000	JPMorgan Chase Bank N.A.		12/10/15		20,508
USD	878,553	SEK	7,235,000	JPMorgan Chase Bank N.A.		12/10/15		14,509
USD	91,680	SEK	755,000	JPMorgan Chase Bank N.A.		12/10/15		1,514
USD	306,461	SEK	2,500,000	JPMorgan Chase Bank N.A.		12/10/15		7,897
USD	1,736,398	SEK	14,585,000	JPMorgan Chase Bank N.A.		12/10/15		(5,424	)
USD	241,679	SEK	2,030,000	JPMorgan Chase Bank N.A.		12/10/15		(755	)
USD	1,244,111	SEK	10,450,000	JPMorgan Chase Bank N.A.		12/10/15		(3,886	)
USD	56,313	SEK	470,000	JPMorgan Chase Bank N.A.		12/10/15		183
USD	775,203	SEK	6,470,000	JPMorgan Chase Bank N.A.		12/10/15		2,520

72 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	4,793	SEK	40,000	JPMorgan Chase Bank N.A.		12/10/15	$	16
USD	250,413	SEK	2,090,000	JPMorgan Chase Bank N.A.		12/10/15		814
USD	20,968	SEK	175,000	JPMorgan Chase Bank N.A.		12/10/15		68
USD	64,700	SEK	540,000	JPMorgan Chase Bank N.A.		12/10/15		210
USD	1,079,934	SEK	9,100,000	Morgan Stanley & Co. International PLC		12/10/15		(6,838	)
USD	135,038	SEK	1,116,696	UBS AG		12/10/15		1,676
USD	273,110	SEK	2,258,487	UBS AG		12/10/15		3,389
USD	595,422	SGD	850,000	Barclays Bank PLC		12/10/15		(1,020	)
USD	600,098	SGD	860,000	Barclays Bank PLC		12/10/15		(3,361	)
USD	1,002,603	SGD	1,425,000	Goldman Sachs International		12/10/15		2,687
USD	1,003,430	SGD	1,425,000	HSBC Bank PLC		12/10/15		3,514
USD	241,250	SGD	340,000	JPMorgan Chase Bank N.A.		12/10/15		2,673
USD	119,718	SGD	170,000	Morgan Stanley & Co. International PLC		12/10/15		430
USD	596,789	SGD	850,000	UBS AG		12/10/15		347
USD	1,171,750	TRY	3,665,000	HSBC Bank PLC		12/10/15		(13,044	)
USD	1,175,263	TRY	3,665,000	JPMorgan Chase Bank N.A.		12/10/15		(9,531	)
USD	338,453	TRY	1,060,000	JPMorgan Chase Bank N.A.		12/10/15		(4,216	)
USD	812,863	TRY	2,456,635	Morgan Stanley & Co. International PLC		12/10/15		18,700
USD	33,772	TWD	1,100,000	HSBC Bank PLC		12/10/15		353
USD	738,689	TWD	24,000,000	UBS AG		12/10/15		9,545
USD	6,448,753	TWD	209,520,000	UBS AG		12/10/15		83,331
THB	2,905,000	USD	79,994	Barclays Bank PLC		12/11/15		(158	)
THB	7,713,558	USD	210,880	Barclays Bank PLC		12/11/15		1,108
THB	6,603,273	USD	180,526	Barclays Bank PLC		12/11/15		948
THB	17,200,000	USD	476,059	Deutsche Bank AG		12/11/15		(3,361	)
THB	1,629,027	USD	44,509	Deutsche Bank AG		12/11/15		261
THB	1,394,545	USD	38,102	Deutsche Bank AG		12/11/15		223
THB	12,400,000	USD	343,443	Goldman Sachs International		12/11/15		(2,660	)
THB	9,100,000	USD	249,110	Goldman Sachs International		12/11/15		980
THB	4,400,000	USD	119,695	HSBC Bank PLC		12/11/15		1,227
THB	16,900,000	USD	459,739	HSBC Bank PLC		12/11/15		4,714
THB	6,000,000	USD	164,801	Morgan Stanley & Co. International PLC		12/11/15		93
THB	2,905,000	USD	80,226	Morgan Stanley & Co. International PLC		12/11/15		(390	)
THB	12,500,000	USD	341,979	Morgan Stanley & Co. International PLC		12/11/15		1,552
THB	3,857,416	USD	105,440	Morgan Stanley & Co. International PLC		12/11/15		571
THB	3,302,182	USD	90,263	Morgan Stanley & Co. International PLC		12/11/15		489
THB	2,990,000	USD	82,415	UBS AG		12/11/15		(242	)
USD	93,557	THB	3,408,091	Barclays Bank PLC		12/11/15		(106	)
USD	580,614	THB	21,085,000	Barclays Bank PLC		12/11/15		1,147
USD	93,510	THB	3,386,476	Barclays Bank PLC		12/11/15		442
USD	41,720	THB	1,510,889	Barclays Bank PLC		12/11/15		197
USD	489,898	THB	17,700,000	Deutsche Bank AG		12/11/15		3,458
USD	227,706	THB	8,291,909	Deutsche Bank AG		12/11/15		(176	)
USD	355,091	THB	13,000,000	Deutsche Bank AG		12/11/15		(2,180	)

BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015 73

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued):

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	246,503	THB	8,900,000	Goldman Sachs International		12/11/15	$	1,909
USD	475,670	THB	17,400,000	Goldman Sachs International		12/11/15		(2,525	)
USD	23,685	THB	863,714	Goldman Sachs International		12/11/15		(52	)
USD	479,058	THB	17,500,000	Goldman Sachs International		12/11/15		(1,884	)
USD	294,118	THB	10,600,000	Goldman Sachs International		12/11/15		2,804
USD	238,624	THB	8,600,000	Goldman Sachs International		12/11/15		2,275
USD	179,374	THB	6,500,000	JPMorgan Chase Bank N.A.		12/11/15		738
USD	159,187	THB	5,800,000	Morgan Stanley & Co. International PLC		12/11/15		(211	)
USD	240,391	THB	8,600,000	Morgan Stanley & Co. International PLC		12/11/15		4,042
USD	582,298	THB	21,085,000	Morgan Stanley & Co. International PLC		12/11/15		2,830
USD	455,976	THB	16,636,286	Morgan Stanley & Co. International PLC		12/11/15		(1,230	)
USD	265,409	THB	9,613,524	Morgan Stanley & Co. International PLC		12/11/15		1,205
USD	118,413	THB	4,289,111	Morgan Stanley & Co. International PLC		12/11/15		538
USD	598,953	THB	21,730,000	UBS AG		12/11/15		1,759
Total							$	(110,812	)

Exchange-Traded Options Purchased

Description	Put/ Call		Strike Price			Expiration Date		Contracts		Value
KRW Currency		Call		USD	1,189.00		10/16/15		4,620,000	$	38,166
TRY Currency		Call		USD	2.80		10/19/15		1,155,000		94,950
TRY Currency		Call		USD	2.63		10/19/15		1,155,000		155,981
MYR Currency		Put		USD	3.75		10/16/15		2,310,000		—
MYR Currency		Put		USD	3.84		10/16/15		2,310,000		—
Total										$	289,097

Exchange-Traded Options Written

Description	Put/ Call		Strike Price			Expiration Date		Contracts		Value
KRW Currency		Call		USD	1,189.00		10/16/15		4,620,000	$	(38,166	)
TRY Currency		Call		USD	2.63		10/19/15		1,155,000		(155,981	)
TRY Currency		Call		USD	2.80		10/19/15		1,155,000		(94,950	)
MYR Currency		Put		USD	3.84		10/16/15		2,310,000		—
MYR Currency		Put		USD	3.75		10/16/15		2,310,000		—
Total										$	(289,097	)

74 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

Centrally Cleared Credit Default Swaps — Sell Protection

Index	Receive Fixed Rate			Expiration Date		Credit Rating1	Notional Amount (000)2			Unrealized Appreciation
Dow Jones CDX North America High Yield Series 23, Version 1		5.00	%		12/20/19	B+		USD	7,275	$	1,885
Markit Itraxx XO, Series 24, Version 1		5.00	%		12/20/20	B+		EUR	34,510		(850,822	)
Total										$	(848,937	)
1    Using Standard & Poor’s (“S&P’s”) rating of the underlying securities of the index, as applicable.
2    The maximum potential amount the Master Portfolio may pay should a negative credit event take place as defined under the terms of the agreement.

Centrally Cleared Interest Rate Swaps

Fixed Rate	Floating Rate	Effective Date			Expiration Date		Notional Amount (000)			Unrealized Depreciation
1.92%1	3-Month LIBOR		12/31/15	3		7/31/22		USD	108,060	$	(1,279,170	)
0.85%2	6-Month EURIBOR		12/10/15	3		8/15/24		EUR	16,740		(14,593	)
3.31%1	3-Month LIBOR		6/29/20	3		6/29/25		USD	178,934		(5,167,733	)
3.46%1	3-Month LIBOR		N/A			5/14/44		USD	7,035		(1,413,456	)
Total										$	(7,874,952	)
1    Master Portfolio pays the fixed rate and receives the floating rate.
2    Master Portfolio pays the floating rate and receives the fixed rate.
3    Forward Swap.

OTC Credit Default Swaps — Sell Protection

Index	Receive Fixed Rate			Counterparty		Expiration Date		Credit Rating1	Notional Amount (000)2			Market Value			Premiums Paid (Received)			Unrealized Appreciation
Markit CMBX North America AM Index, Series 3		0.08	%		Goldman Sachs International		12/13/49	AA+		USD	13,458	$	(47,536	)	$	(87,600	)	$	40,064
1    Using S&P’s rating of the underlying securities of the index, as applicable.
2    The maximum potential amount the Master Portfolio may pay should a negative credit event take place as defined under the terms of the agreement.

BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015 75

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

OTC Total Return Swaps

Reference Entity	Fixed Rate	Counterparty	Effective Date	Expiration Date	Notional Amount (000)		Value			Premiums Received		Unrealized Appreciation (Depreciation)
Change in Return of the Consumer Price Index for All Urban Consumers	0.95%1	Deutsche Bank AG	N/A	9/17/17		100,000	$	52,138			—	$	52,138
Change in Return of the Consumer Price Index for All Urban Consumers	0.94%1	BNP Paribas	N/A	9/24/17		57,570	$	14,404			—		14,404
Change in Return of the Consumer Price Index for All Urban Consumers	1.72%2	Deutsche Bank AG	N/A	2/05/20		50,404	$	(1,244,370	)		—		(1,244,370	)
Change in Return of the Consumer Price Index for All Urban Consumers	1.43%1	Deutsche Bank AG	N/A	9/22/20		24,250	$	130,978			—		130,978
Change in Return of the Consumer Price Index for All Urban Consumers	1.43%1	Deutsche Bank AG	N/A	9/22/20		25,750	$	139,080			—		139,080
Total												$	(907,770	)

¹  Master Portfolio receives the fixed rate and pays the total return of the reference entity.

²  Master Portfolio pays the fixed rate and receives the total return of the reference entity.

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 Master Portfolio 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 Master Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

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

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 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.

76 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments (continued) CoreAlpha Bond Master Portfolio

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

	Level 1			Level 2			Level 3		Total
Assets:
Long-Term Investments:
Asset-Backed Securities		—		$	300,643,241			—	$	300,643,241
Corporate Bonds		—			1,164,350,147			—		1,164,350,147
Foreign Agency Obligations		—			35,252,945			—		35,252,945
Municipal Bonds		—			20,313,519			—		20,313,519
Non-Agency Mortgage-Backed Securities		—			405,913,505		$	64,386		405,977,891
U.S. Government Sponsored Agency Securities		—			1,603,656,171			—		1,603,656,171
U.S. Treasury Obligations		—			106,288,293			—		106,288,293
Investment Companies	$	22,374,997			—			—		22,374,997
Preferred Securities		5,015,640			7,253,964			—		12,269,604
Short-Term Securities		16,473,893			—			—		16,473,893
Options Purchased:
Foreign currency exchange contracts		—			289,097			—		289,097
Liabilities:
Investments:
TBA Sale Commitments		—			(295,554,130	)		—		(295,554,130	)
Total	$	43,864,530		$	3,348,406,752			$64,386	$	3,392,335,668
	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments 1
Assets:
Credit contracts		—		$	41,949			—	$	41,949
Foreign currency exchange contracts		—			5,487,536			—		5,487,536
Interest rate contracts	$	3,461,187			—			—		3,461,187
Other contracts		—			336,600			—		336,600
Liabilities:
Credit contracts		—			(850,822	)		—		(850,822	)
Foreign currency exchange contracts		—			(5,887,445	)		—		(5,887,445	)
Interest rate contracts		(4,291,479	)		(7,874,952	)		—		(12,166,431	)
Other contracts		—			(1,244,370	)		—		(1,244,370	)
Total	$	(830,292	)	$	(9,991,504	)		—	$	(10,821,796	)
1    Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015 77

Schedule of Investments (concluded) CoreAlpha Bond Master Portfolio

The Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

	Level 1		Level 2			Level 3		Total
Assets:
Cash	$	96,569		—			—	$	96,569
Cash pledged for OTC derivatives		1,190,000		—			—		1,190,000
Cash pledged for centrally cleared swaps		8,861,310		—			—		8,861,310
Cash pledged for financial futures contracts		13,355,220		—			—		13,355,220
Foreign currency at value		5,714,719		—			—		5,714,719
Liabilities:
Collateral on securities loaned at value		—	$	(1,924,200	)		—		(1,924,200	)
Cash received as collateral for TBA commitments		—	$	(2,388,000	)		—		(2,388,000	)
Total	$	29,217,818	$	(4,312,200	)		—	$	24,905,618

During the period ended September 30, 2015, there were no transfers between levels.

78 BLACKROCK COREALPHA BOND FUND SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015 (Unaudited) International TILTS Master Portfolio (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Australia — 7.9%
Amcor Ltd.		94,219	$	876,223
Aristocrat Leisure Ltd.		367,763		2,236,735
Australia & New Zealand Banking Group Ltd.		890,125		17,006,839
BHP Billiton Ltd.		464,421		7,335,202
Caltex Australia Ltd.		547,297		12,081,513
Commonwealth Bank of Australia		59,375		3,047,631
CSL Ltd.		185,499		11,674,043
CSR Ltd.		148,999		304,345
Lend Lease Group (a)		46,059		407,768
Macquarie Group Ltd.		44,298		2,400,734
Mirvac Group		230,771		280,195
National Australia Bank Ltd.		176,383		3,732,778
Northern Star Resources Ltd.		31,050		58,823
Qantas Airways Ltd. (b)		1,931,819		5,071,744
Rio Tinto Ltd.		18,092		622,445
Sonic Healthcare Ltd.		56,415		725,629
Spotless Group Holdings Ltd.		157,264		238,302
Stockland		748,811		2,034,378
Sydney Airport (a)		926,698		3,894,698
Telstra Corp. Ltd.		1,930,004		7,630,644
Wesfarmers Ltd. (c)		29,006		801,816
Westpac Banking Corp. (c)		515,749		10,834,282
Woodside Petroleum Ltd. (c)		349,878		7,160,761
				100,457,528
Austria — 0.2%
Raiffeisen Bank International AG (b)(c)		3,611		47,457
Schoeller-Bleckmann Oilfield Equipment AG (c)		19,883		1,123,363
Vienna Insurance Group AG		4,983		146,927
Voestalpine AG		47,522		1,633,924
				2,951,671
Belgium — 1.0%
Ageas		102,736		4,222,078
Belgacom SA		32,030		1,107,980
bpost SA		265,675		6,317,648
Delhaize Group		4,705		417,054
Groupe Bruxelles Lambert SA		8,253		622,805
				12,687,565
Denmark — 1.4%
Carlsberg A/S, Class B		10,853		833,960
Jyske Bank A/S (b)		6		332
NKT Holding A/S		15,303		807,945
Novo Nordisk A/S Class B		288,141		15,549,402
Pandora A/S		331		38,667
Vestas Wind Systems A/S		7,055		366,782
				17,597,088
Finland — 1.1%
Amer Sports OYJ		1,394		35,457

Common Stocks	Shares		Value
Finland (continued)
Fortum OYJ		45,574	$	674,309
Kesko OYJ, Class B		5,539		196,196
Kone OYJ, Class B		93,913		3,574,115
Neste Oil OYJ		141,343		3,252,996
Nokia OYJ		950,774		6,501,199
				14,234,272
France — 6.6%
Alstom SA (b)		21,767		673,278
AtoS		9,939		763,975
AXA SA		145,726		3,538,073
BNP Paribas SA		125,547		7,391,462
Bouygues SA		10,803		383,386
Cie Generale des Etablissements Michelin		82,672		7,564,020
CNP Assurances		46,241		642,511
Credit Agricole SA		369,895		4,258,493
Danone SA		10,628		670,872
EDF (c)		183,149		3,233,954
Euler Hermes SA		258		23,928
Faurecia		19,845		618,907
Gecina SA		3,665		446,951
Hermes International		545		198,387
ICADE		7,452		505,602
L’Oreal SA		284		49,363
Lagardere SCA		69,293		1,920,050
Metropole Television SA		176,963		3,384,079
Orange SA		171,776		2,603,996
Peugeot SA (b)		314,995		4,772,980
Plastic Omnium SA		10,362		238,040
Renault SA		17,938		1,294,275
Safran SA		94,471		7,103,425
Sanofi		53,827		5,124,330
SCOR SE		27,917		1,002,507
Societe Generale SA		76,365		3,412,824
Technicolor SA, Registered Shares		168,690		1,166,724
Technip SA		40,597		1,921,196
Thales SA		111,158		7,750,484
Total SA		163,055		7,334,678
Valeo SA		29,432		3,996,188
Wendel SA		3,433		402,510
				84,391,448
Germany — 5.4%
Allianz SE, Registered Shares		80,473		12,641,730
Bayer AG, Registered Shares		16,864		2,163,623
Continental AG		38,315		8,183,538
Daimler AG, Registered Shares		99,652		7,254,964
Deutsche Lufthansa AG, Registered Shares (b)		21,412		298,072
Deutsche Telekom AG, Registered Shares		334,710		5,958,343
Duerr AG		66,258		4,661,281
E.ON SE		225,882		1,938,391

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 79

Schedule of Investments (continued) International TILTS Master Portfolio

Common Stocks	Shares		Value
Germany (continued)
Evonik Industries AG		113,555	$	3,802,112
Fresenius SE & Co. KGaA		89,027		5,976,185
KION Group AG (b)		19,066		847,210
Metro AG		16,197		448,137
Muenchener Rueckversicherungs AG, Registered Shares		20,417		3,813,169
Porsche Automobil Holding SE, Preference Shares		16,327		694,642
ProSiebenSat.1 Media AG, Registered Shares		13,038		639,977
RWE AG		164,798		1,872,719
Salzgitter AG		16,357		406,298
Symrise AG		69,450		4,184,585
Talanx AG (b)		14,673		439,578
TUI AG		86,090		1,590,651
Volkswagen AG		3,235		381,157
				68,196,362
Hong Kong — 3.0%
AIA Group Ltd.		137,600		715,623
BOC Hong Kong Holdings Ltd.		47,500		140,091
Cheung Kong Property Holdings, Ltd.		722,184		5,290,950
CK Hutchison Holdings Ltd.		1,202,184		15,637,570
CLP Holdings Ltd.		249,000		2,128,692
Hang Lung Properties Ltd.		355,000		798,522
Henderson Land Development Co. Ltd.		97,900		585,411
HK Electric Investments & HK Electric Investments Ltd. (a)(c)(d)		453,500		323,210
Hong Kong Exchanges & Clearing Ltd.		84,300		1,933,925
Hongkong Land Holdings Ltd. (c)		349,000		2,311,007
Kerry Properties Ltd.		139,500		383,012
New World Development Co. Ltd.		543,000		528,819
Power Assets Holdings Ltd.		333,000		3,151,133
Sands China Ltd. (c)		588,000		1,786,026
SJM Holdings Ltd. (c)		685,000		487,693
Sun Hung Kai Properties Ltd.		17,000		221,736
Swire Properties Ltd.		230,000		637,490
Techtronic Industries Co.		60,500		225,547
Wheelock & Co. Ltd.		285,000		1,237,734
				38,524,191
Ireland — 0.7%
DCC PLC		72,259		5,460,346
Glanbia PLC		5,079		94,540
Kerry Group PLC, Class A		2,287		172,052
Shire PLC		46,164		3,155,861
				8,882,799
Isle of Man — 0.0%
Playtech PLC		11,415		143,337

Common Stocks	Shares		Value
Israel — 0.0%
Azrieli Group		1,693	$	67,681
Osem Investments Ltd.		1,553		29,973
				97,654
Italy — 3.6%
Assicurazioni Generali SpA		122,775		2,246,315
Banca Popolare dell’Emilia Romagna		6,820		56,245
Banca Popolare di Milano Scarl		176,659		174,668
Enel SpA		1,319,754		5,888,730
FinecoBank Banca Fineco SpA		21,797		144,854
Intesa Sanpaolo SpA		4,137,746		14,599,960
Mediobanca SpA		643,890		6,335,058
Moncler SpA		116,510		2,086,417
Parmalat SpA		256,072		660,399
Prada SpA (c)		54,200		207,707
Recordati SpA		2,383		54,989
Saras SpA (b)		20,850		44,339
Snam SpA		117,786		604,935
UniCredit SpA		2,064,870		12,872,795
				45,977,411
Japan — 23.5%
ABC-Mart, Inc.		18,000		1,006,289
Adastria Holdings Co. Ltd.		600		35,944
Advance Residence Investment Corp.		13		27,420
Ajinomoto Co., Inc.		286,000		6,031,166
Alps Electric Co. Ltd.		1,900		53,656
Asahi Group Holdings Ltd.		385,600		12,510,119
Asahi Kasei Corp.		436,000		3,074,429
Astellas Pharma, Inc.		989,400		12,806,870
Bridgestone Corp.		45,400		1,571,119
Calbee, Inc.		72,700		2,352,571
Canon, Inc.		50,600		1,463,731
Capcom Co., Ltd.		1,400		27,606
Casio Computer Co. Ltd. (c)		28,400		516,931
Chubu Electric Power Co., Inc.		66,000		973,119
The Chugoku Electric Power Co., Inc.		3,600		49,619
COLOPL, Inc. (c)		4,900		78,811
COMSYS Holdings Corp.		117,700		1,403,870
CyberAgent, Inc.		1,000		39,119
The Dai-ichi Life Insurance Co. Ltd.		174,600		2,779,604
Daicel Corp.		184,600		2,266,113
Daiichi Sankyo Co. Ltd.		41,000		711,430
Daito Trust Construction Co. Ltd.		46,600		4,734,784
Daiwa House Industry Co. Ltd.		49,700		1,232,106
Daiwa Securities Group, Inc.		94,000		608,227
Denso Corp.		1,800		76,246
Disco Corp.		38,300		2,693,705
Dowa Holdings Co. Ltd.		141,000		1,068,476
East Japan Railway Co.		47,500		4,002,617

80 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) International TILTS Master Portfolio

Common Stocks	Shares		Value
Japan (continued)
Electric Power Development Co. Ltd.		3,400	$	103,766
FANUC Corp.		22,500		3,461,370
Fast Retailing Co. Ltd.		5,100		2,074,471
Fuji Electric Co. Ltd.		71,000		257,494
Fuji Heavy Industries Ltd.		430,600		15,494,918
FUJIFILM Holdings Corp.		110,300		4,123,251
Fujitsu General Ltd.		231,000		2,519,667
GungHo Online Entertainment, Inc.		42,200		125,354
Hankyu Hanshin Holdings, Inc.		150,000		917,409
Haseko Corp.		339,100		3,841,441
Hazama Ando Corp.		122,800		785,509
Hitachi Capital Corp.		5,300		129,357
Hitachi Metals Ltd.		32,000		371,613
Honda Motor Co. Ltd.		16,300		486,501
Hoya Corp.		299,100		9,796,089
Hulic Co. Ltd.		21,800		197,209
Ichigo Group Holdings Co Ltd. (c)		25,000		58,333
Iida Group Holdings Co. Ltd.		42,100		658,631
Isuzu Motors Ltd.		55,200		554,320
ITOCHU Corp.		61,300		648,016
Izumi Co., Ltd.		700		28,335
Japan Aviation Electronics Industry, Ltd.		5,000		75,101
Japan Display, Inc. (b)		15,300		44,074
Japan Exchange Group, Inc.		10,600		154,953
Japan Petroleum Exploration Co.		47,800		1,262,782
Japan Real Estate Investment Corp.		123		566,572
Japan Tobacco, Inc.		387,800		12,029,621
JTEKT Corp.		11,000		154,011
Kaken Pharmaceutical Co. Ltd.		9,000		835,358
The Kansai Electric Power Co., Inc. (b)		40,500		450,247
Kao Corp.		66,700		3,023,567
KDDI Corp.		212,000		4,745,218
Kenedix, Inc.		30,900		102,897
Kewpie Corp.		1,200		23,868
Keyence Corp.		700		312,605
Kikkoman Corp.		60,000		1,652,587
Kirin Holdings Co. Ltd.		3,500		45,909
Kubota Corp.		4,000		55,050
Kumagai Gumi Co., Ltd.		13,000		40,661
KYB Co. Ltd.		87,000		229,986
Kyushu Electric Power Co., Inc. (b)		13,400		146,200
Lawson, Inc.		19,100		1,409,247
Lintec Corp.		54,300		1,142,640
Mazda Motor Corp.		5,800		91,648
Miraca Holdings, Inc.		2,100		89,057
Mitsubishi Electric Corp.		600,000		5,496,320
Mitsubishi Estate Co. Ltd.		117,000		2,390,018
Mitsubishi Gas Chemical Co., Inc.		56,000		258,501
Mitsubishi Heavy Industries Ltd.		50,000		223,612

Common Stocks	Shares		Value
Japan (continued)
Mitsubishi Motors Corp.		55,500	$	424,481
Mitsubishi Tanabe Pharma Corp.		12,300		217,066
Mitsubishi UFJ Financial Group, Inc.		18,400		111,177
Mitsui & Co. Ltd.		208,000		2,337,815
Mitsui Fudosan Co. Ltd.		17,000		465,993
Mixi, Inc. (c)		4,200		143,737
Mizuho Financial Group, Inc.		5,329,600		9,969,552
Murata Manufacturing Co. Ltd.		99,600		12,865,780
Nabtesco Corp.		1,400		25,578
Nexon Co. Ltd. (c)		192,600		2,574,979
NGK Spark Plug Co. Ltd.		11,600		266,287
NH Foods Ltd.		240,000		4,897,652
Nidec Corp.		1,100		75,643
Nihon M&A Center, Inc.		700		30,590
Nippon Kayaku Co. Ltd.		13,000		135,351
Nippon Steel & Sumitomo Metal		99,900		1,820,452
Nippon Telegraph & Telephone Corp.		279,400		9,841,476
Nippon Yusen KK		30,000		69,523
Nishimatsu Construction Co. Ltd.		32,000		133,061
Nissan Chemical Industries Ltd.		77,600		1,706,300
Nissan Motor Co. Ltd.		1,431,100		13,158,388
Nissin Foods Holdings Co. Ltd.		7,200		331,221
NOK Corp.		2,200		47,599
Nomura Holdings, Inc.		37,400		217,083
Nomura Real Estate Holdings, Inc.		142,700		2,868,848
NSK Ltd.		3,900		37,803
NTT DoCoMo, Inc.		248,600		4,193,147
Obic Co. Ltd.		61,500		2,813,271
Oki Electric Industry Co. Ltd.		1,377,000		2,147,266
Omron Corp.		48,200		1,450,926
Oriental Land Co. Ltd. (c)		54,000		3,015,524
ORIX Corp.		570,100		7,353,910
OSG Corp.		28,700		543,391
Otsuka Holdings Co. Ltd.		42,100		1,344,318
Panasonic Corp.		55,300		559,643
Park24 Co. Ltd.		1,900		35,659
Penta-Ocean Construction Co., Ltd.		7,200		33,797
Pigeon Corp.		9,800		228,985
Pola Orbis Holdings, Inc.		500		31,095
Resona Holdings, Inc.		747,500		3,808,695
Santen Pharmaceutical Co. Ltd.		15,600		209,439
SBI Holdings, Inc.		24,500		276,824
Secom Co. Ltd.		2,900		174,408
Seiko Holdings Corp.		55,000		319,819
Sekisui Chemical Co. Ltd.		5,000		52,628
Senshu Ikeda Holdings, Inc.		84,100		365,073
Shimano, Inc. (c)		2,200		309,091
Shin-Etsu Chemical Co. Ltd.		29,100		1,492,365
Shionogi & Co. Ltd.		103,800		3,720,726
Skylark Co., Ltd. (c)		29,900		389,444
SMC Corp.		2,100		459,813

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 81

Schedule of Investments (continued) International TILTS Master Portfolio

Common Stocks	Shares		Value
Japan (continued)
Softbank Corp.		4,400	$	203,455
Sompo Japan Nipponkoa Holdings, Inc.		23,800		691,267
Sotetsu Holdings, Inc.		6,000		32,819
Start Today Co. Ltd.		2,900		95,991
Sumitomo Chemical Co. Ltd.		21,000		106,191
Sumitomo Dainippon Pharma Co. Ltd. (c)		39,000		389,889
Sumitomo Electric Industries Ltd.		116,200		1,486,565
Sumitomo Metal Mining Co. Ltd.		34,000		386,232
Sumitomo Mitsui Construction Co., Ltd.		24,200		29,249
Sumitomo Mitsui Trust Holdings, Inc.		2,308,000		8,458,923
Sumitomo Realty & Development Co. Ltd.		16,000		509,239
Sundrug Co. Ltd.		1,600		84,229
Suntory Beverage & Food Ltd.		3,000		115,257
Tadano Ltd.		339,000		3,762,542
Takata Corp. (b)(c)		17,900		196,667
Takeda Pharmaceutical Co. Ltd.		21,000		921,317
TDK Corp.		1,400		79,181
Teijin Ltd.		44,000		133,649
Terumo Corp.		2,300		65,096
Tohoku Electric Power Co., Inc.		18,600		252,058
Tokio Marine Holdings, Inc.		394,100		14,723,565
The Tokyo Electric Power Co., Inc. (b)		148,700		993,260
Tokyo Electron Ltd.		1,700		80,266
Tokyo Gas Co. Ltd.		84,000		406,334
Tokyo Steel Manufacturing Co. Ltd.		210,900		1,153,252
Toshiba Corp. (b)		89,000		224,214
Tosoh Corp. (c)		198,000		952,892
Toto Ltd.		2,500		77,909
Toyo Suisan Kaisha Ltd.		2,000		75,824
Toyota Motor Corp.		171,900		10,064,387
TS Tech Co. Ltd.		32,800		894,607
United Arrows Ltd.		2,500		103,189
USS Co. Ltd.		4,900		81,497
West Japan Railway Co.		30,600		1,917,884
Yakult Honsha Co. Ltd.		5,400		268,987
Yokogawa Electric Corp.		2,200		23,028
Zeon Corp.		208,000		1,642,614
				299,667,278
Netherlands — 6.1%
Aegon NV		46,435		266,265
Altice NV Class A (b)		75,080		1,570,922
Altice NV Class B (b)		27,897		622,351
ASM International NV		15,463		501,867
Eurocommercial Properties NV CVA		33,037		1,443,983
Euronext NV (d)		15,948		680,275
GrandVision NV (d)		11,099		284,888

Common Stocks	Shares		Value
Netherlands (continued)
Heineken Holding NV		10,343	$	737,418
Heineken NV		31,378		2,540,633
ING Groep NV CVA		1,158,089		16,369,709
Koninklijke Ahold NV		225,375		4,396,622
Koninklijke BAM Groep NV (b)		8,693		40,665
Koninklijke DSM NV		68,313		3,152,754
Koninklijke Philips Electronics NV		366,290		8,617,648
NN Group NV		105,473		3,027,836
Reed Elsevier NV		107,325		1,753,365
Royal Dutch Shell PLC, A Shares		206,020		4,886,755
Royal Dutch Shell PLC, Class A		310,687		7,334,395
Royal Dutch Shell PLC, Class B		248,711		5,880,832
TKH Group NV		1,206		43,744
Unilever NV CVA		327,495		13,127,631
Wereldhave NV		4,646		268,174
				77,548,732
New Zealand — 0.0%
Auckland International Airport Ltd.		12,753		39,923
Contact Energy Ltd.		44,734		141,961
Vector Ltd.		27,948		56,282
				238,166
Norway — 1.3%
Aker Solutions ASA		25,655		88,788
Fred Olsen Energy ASA (b)(c)		21		109
Marine Harvest ASA (b)		3,505		44,591
Norsk Hydro ASA		2,177,779		7,261,939
Orkla ASA		222,383		1,644,585
Seadrill Ltd.		12,405		72,448
Statoil ASA		262,570		3,828,030
Storebrand ASA (b)		7,968		26,135
Subsea 7 SA (b)		9,021		67,905
Telenor ASA		79,429		1,484,255
Yara International ASA		57,815		2,306,393
				16,825,178
Singapore — 2.9%
Ascendas Real Estate Investment Trust		108,500		178,748
CapitaCommercial Trust		2,135,300		2,016,041
CapitaLand Ltd.		823,900		1,555,703
CapitaMall Trust		328,300		438,993
City Developments Ltd. (c)		391,900		2,123,486
ComfortDelGro Corp. Ltd.		2,382,400		4,812,878
DBS Group Holdings Ltd.		209,500		2,391,302
Ezion Holdings Ltd.		197,600		90,848
Global Logistic Properties Ltd.		101,300		145,640
Jardine Cycle & Carriage Ltd.		1,900		36,100
Noble Group Ltd. (c)		44		13
Oversea-Chinese Banking Corp. Ltd. (c)		623,100		3,858,409
Singapore Airlines Ltd.		277,000		2,085,210

82 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) International TILTS Master Portfolio

Common Stocks	Shares		Value
Singapore (continued)
Singapore Telecommunications Ltd.		4,864,300	$	12,312,092
Wilmar International Ltd.		52,400		94,814
Yangzijiang Shipbuilding Holdings Ltd.		5,413,600		4,328,727
				36,469,004
Spain — 5.5%
Abengoa SA, B Shares (c)		56,588		52,727
ACS Actividades de Construccion y Servicios SA (c)		89,331		2,570,231
Aena SA (b)(d)		19,668		2,175,562
Amadeus IT Holding SA, Class A		13,977		598,846
Banco Bilbao Vizcaya Argentaria SA		400,380		3,385,545
Banco de Sabadell SA		100,290		184,589
Banco Popular Espanol SA (c)		362,163		1,322,993
Bankinter SA		139,691		1,029,128
CaixaBank SA (c)		1,177,277		4,543,405
CaixaBank SA (b)(c)		12,243		47,130
Ebro Foods SA		5,471		107,456
EDP Renovaveis SA		12,578		82,659
Ferrovial SA (c)		25,624		612,930
Gamesa Corp. Tecnologica SA		246,157		3,417,108
Grifols SA (c)		37,817		1,563,579
Iberdrola SA		2,479,947		16,524,425
Inditex SA		241,369		8,093,455
Inmobiliaria Colonial SA (b)		87,924		61,241
Mediaset Espana Comunicacion SA		146,248		1,598,773
Repsol SA (c)		620,985		7,242,643
Sacyr SA (c)		44,855		99,434
Tecnicas Reunidas SA		26,551		1,175,805
Telefonica SA		1,139,095		13,819,478
				70,309,142
Sweden — 2.8%
Assa Abloy AB		39,948		716,498
Axfood AB		1,472		24,316
Boliden AB		14,897		233,260
Castellum AB		10,486		147,605
Fabege AB		1,785		26,191
Hennes & Mauritz AB, Class B		332,154		12,135,702
Intrum Justitia AB		365,809		12,654,072
Investment AB Kinnevik, Class B		24,391		697,223
Investor AB, Class B		47,910		1,646,234
Lundin Petroleum AB (b)		4,460		57,561
Peab AB		31,412		218,490
Skandinaviska Enskilda Banken AB, Class A		378,572		4,048,909
Skanska AB, Class B		56,850		1,116,119
Svenska Cellulosa AB, B Shares		2,711		75,860
Swedbank AB, Class A		20,852		461,253

Common Stocks	Shares		Value
Sweden (continued)
TeliaSonera AB		179,387	$	968,292
Volvo AB, Class B		79,253		759,176
				35,986,761
Switzerland — 9.8%
Actelion Ltd., Registered Shares (b)		12,256		1,557,688
Adecco SA, Registered Shares (b)		1,705		124,867
Baloise Holding AG, Registered Shares		56,755		6,504,351
BB Biotech AG, Registered Shares (b)(c)		1,129		301,402
Cie Financiere Richemont SA, Registered Shares		65,581		5,102,918
EMS-Chemie Holding AG, Registered Shares		860		353,804
Flughafen Zuerich AG, Registered Shares		442		307,644
Galenica AG		83		105,755
Givaudan SA, Registered Shares (b)		234		380,756
Glencore PLC (b)(c)		948,896		1,317,128
Lonza Group AG, Registered Shares (b)		1,082		141,976
Nestle SA, Registered Shares		378,100		28,435,252
Novartis AG, Registered Shares		266,678		24,510,866
Roche Holding AG		114,579		30,417,466
Swiss Life Holding AG, Registered Shares (b)		51,668		11,525,333
Swiss Prime Site AG, Registered Shares (b)		5,169		377,667
Swiss Re AG		53,605		4,599,156
Swisscom AG, Registered Shares		808		403,246
Syngenta AG, Registered Shares		2,119		678,950
UBS Group AG		4,522		83,603
Zurich Insurance Group AG (b)		29,488		7,239,486
				124,469,314
United Kingdom — 14.4%
Anglo American PLC		60,563		505,889
AstraZeneca PLC		133,729		8,480,901
Aviva PLC		75,660		517,481
Babcock International Group PLC		198,647		2,748,124
Barclays PLC		670,586		2,481,695
Berkeley Group Holdings PLC		711		35,991
BG Group PLC		139,852		2,017,488
BHP Billiton PLC		228,210		3,473,725
BP PLC		1,226,565		6,222,816
British American Tobacco PLC		54,283		2,995,103
Britvic PLC		578,905		5,949,418
BT Group PLC		1,930,381		12,285,986
BTG PLC (b)		16,870		166,968
Burberry Group PLC		47,705		988,860
Capita PLC		71,503		1,298,637

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 83

Schedule of Investments (continued) International TILTS Master Portfolio

Common Stocks	Shares		Value
United Kingdom (continued)
Centrica PLC		851,385	$	2,957,731
Close Brothers Group PLC		65,205		1,474,862
Derwent London PLC		8,282		456,510
Diageo PLC		169,126		4,543,891
Dixons Carphone PLC		197,406		1,268,726
DS Smith PLC		5,010		29,929
easyJet PLC		116,630		3,148,317
Fiat Chrysler Automobiles NV (b)		481,905		6,263,580
GlaxoSmithKline PLC		154,383		2,963,209
Hammerson PLC		99,744		941,849
Hikma Pharmaceuticals PLC		96,087		3,319,204
Howden Joinery Group PLC		217,098		1,602,036
HSBC Holdings PLC		2,375,159		17,917,513
Imperial Tobacco Group PLC		54,960		2,841,363
Inchcape PLC		57,505		626,613
Indivior PLC		117,792		404,581
Intermediate Capital Group PLC		44,044		344,504
ITV PLC		2,883,443		10,745,005
J. Sainsbury PLC (c)		935,395		3,699,346
Land Securities Group PLC		7,694		146,678
Legal & General Group PLC		544,419		1,963,048
Lloyds Banking Group PLC		10,379,691		11,816,868
Man Group PLC		25,758		59,791
Mondi PLC		18,961		397,407
National Grid PLC		189,950		2,645,459
Old Mutual PLC		25,164		72,116
Paragon Group of Cos. PLC		182,560		1,092,201
Persimmon PLC (b)		1,283		39,050
Provident Financial PLC		32,596		1,550,594
Prudential PLC		71,086		1,499,667
Qinetiq Group PLC		160,641		548,890
Reckitt Benckiser Group PLC		7,283		660,464
Rightmove PLC		27,106		1,499,147
Rio Tinto PLC		115,476		3,874,584
SABMiller PLC		56,440		3,196,072
Schroders PLC		38,580		1,639,344
Segro PLC		52,043		338,596
Severn Trent PLC		42,820		1,416,487
Sky PLC		717,445		11,350,715
Spirax-Sarco Engineering PLC (c)		18,721		794,554
SSE PLC		438,619		9,927,271
Standard Chartered PLC		162,769		1,579,662
Standard Life PLC		156,376		918,421
Tate & Lyle PLC		294,505		2,624,246
Thomas Cook Group PLC (b)		364,539		639,348

Common Stocks	Shares		Value
United Kingdom (continued)
Unilever PLC		29,197	$	1,189,187
The UNITE Group PLC		12,350		122,105
United Utilities Group PLC		4,676		65,539
Vedanta Resources PLC (c)		47,787		307,827
Vodafone Group PLC		1,330,552		4,196,671
				183,889,860
Total Common Stocks — 97.2%				1,239,544,761
Rights — 0.0%
Spain — 0.0%
Banco Popular Espanol SA (Expires 09/25/15) (b)(c)		354,018		9,098
Total Long-Term Investments (Cost — $1,342,834,127) — 97.2%				1,239,553,859
Short-Term Securities
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18%, (e)(f)		4,985,376		4,985,376
BlackRock Cash Funds: Prime, SL Agency Shares, 0.17% (e)(f)(g)		30,399,993		30,399,993
Total Short-Term Securities (Cost — $35,385,369) — 2.8%				35,385,369
Total Investments (Cost — $1,378,219,496*) — 100.0%				1,274,939,228
Liabilities in Excess of Other Assets — (0.0)%				(570,848	)
Net Assets — 100.0%			$	1,274,368,380

* As of September 30, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	1,387,722,151
Gross unrealized appreciation	$	40,770,358
Gross unrealized depreciation		(153,553,281	)
Net unrealized depreciation	$	(112,782,923	)

Notes to Schedule of Investments

(a) A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

(b) Non-income producing security.

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

(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.

84 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) International TILTS Master Portfolio

(e) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at December 31, 2014		Net Activity			Shares Held at September 30, 2015		Net Income
BlackRock Cash Funds: Institutional, SL Agency Shares		5,215,771		(230,395	)		4,985,376	$	12,904
BlackRock Cash Funds: Prime, SL Agency Shares		3,749,270		26,650,723			30,399,993	$	493,513

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

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

Portfolio Abbreviations

BAM	Build America Mutual Assurance Co.
CLP	Chilean Peso
CVA	Certificaten Van Aandelen (Dutch Certificate)
FTSE	Financial Times Stock Exchange
NOK	Norwegian Krone
EUR	Euro
GBP	British Pound
USD	U.S. Dollar

Derivative Financial Instruments Outstanding as of Period End

Financial Futures Contracts

Contracts Long		Issue	Expiration	Notional Value		Unrealized Depreciation
	105	Yen Denom Nikkei Index	December 2015	USD	7,656,296	$	(299,087	)
	33	SPI 200 Index	December 2015	USD	2,899,392		(22,205	)
	406	Euro Stoxx 50 Index	December 2015	USD	14,022,761		(355,132	)
	85	FTSE 100 Index	December 2015	USD	7,738,810		(78,464	)
	Total					$	(754,888	)

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 85

Schedule of Investments (continued) International TILTS 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 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 Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

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.

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

As of September 30, 2015, the following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Common Stocks:
Australia		—	$	100,457,528		—	$	100,457,528
Austria		—		2,951,671		—		2,951,671
Belgium		—		12,687,565		—		12,687,565
Denmark		—		17,597,088		—		17,597,088
Finland		—		14,234,272		—		14,234,272
France	$	23,928		84,367,520		—		84,391,448
Germany		—		68,196,362		—		68,196,362
Hong Kong		—		38,524,191		—		38,524,191
Ireland		—		8,882,799		—		8,882,799
Isle of Man		—		143,337		—		143,337
Israel		—		97,654		—		97,654
Italy		868,106		45,109,305		—		45,977,411
Japan		—		299,667,278		—		299,667,278
Netherlands		18,562,982		58,985,750		—		77,548,732
New Zealand		56,282		181,884		—		238,166
Norway		—		16,825,178		—		16,825,178
Singapore		—		36,469,004		—		36,469,004
Spain		—		70,309,142		—		70,309,142
Sweden		—		35,986,761		—		35,986,761
Switzerland		—		124,469,314		—		124,469,314
United Kingdom		—		183,889,860		—		183,889,860

86 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (concluded) International TILTS Master Portfolio

	Level 1			Level 2			Level 3		Total
Rights		—		$	9,098			—	$	9,098
Short-Term Securities		35,385,369			—			—		35,385,369
Total	$	54,896,667		$	1,220,042,561			—	$	1,274,939,228
	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments 1
Liabilities:
Equity contracts	$	(754,888	)		—			—	$	(754,888	)
1    Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.
The Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
	Level 1			Level 2			Level 3		Total
Assets:
Cash pledged for financial futures contracts	$	2,381,910			—			—	$	2,381,910
Foreign currency at value		28,766,300			—			—		28,766,300
Liabilities:
Collateral on securities loaned at value		—		$	(30,399,993	)		—		(30,399,993	)
Total	$	31,148,210		$	(30,399,993	)		—	$	748,217

During the period ended September 30, 2015, there were no transfers between levels.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 87

Schedule of Investments September 30, 2015 (Unaudited) BlackRock Large Cap Index Master Portfolio (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 2.6%
B/E Aerospace, Inc.		18,461	$	810,438
Boeing Co.		117,946		15,445,029
General Dynamics Corp.		49,728		6,859,978
Hexcel Corp.		16,203		726,867
Honeywell International, Inc.		133,329		12,624,923
Huntington Ingalls Industries, Inc.		8,445		904,882
L-3 Communications Holdings, Inc.		14,193		1,483,452
Lockheed Martin Corp. (a)		46,282		9,594,721
Northrop Grumman Corp.		33,053		5,485,145
Orbital ATK, Inc.		10,201		733,146
Precision Castparts Corp.		23,577		5,415,873
Raytheon Co.		52,046		5,686,546
Rockwell Collins, Inc.		22,617		1,850,975
Spirit Aerosystems Holdings, Inc., Class A (b)		24,065		1,163,302
Textron, Inc.		47,486		1,787,373
TransDigm Group, Inc. (a)(b)		9,096		1,932,081
Triumph Group, Inc.		8,618		362,645
United Technologies Corp.		151,834		13,511,708
				86,379,084
Air Freight & Logistics — 0.7%
C.H. Robinson Worldwide, Inc.		25,001		1,694,568
Expeditors International of Washington, Inc.		32,908		1,548,322
FedEx Corp.		48,398		6,968,344
United Parcel Service, Inc., Class B		119,657		11,808,949
				22,020,183
Airlines — 0.7%
Alaska Air Group, Inc.		22,261		1,768,636
American Airlines Group, Inc.		118,165		4,588,347
Copa Holdings SA, Class A (a)		5,301		222,271
Delta Air Lines, Inc.		139,229		6,247,205
JetBlue Airways Corp. (a)(b)		53,431		1,376,917
Southwest Airlines Co.		113,986		4,336,027
Spirit Airlines, Inc. (b)		12,309		582,216
United Continental Holdings, Inc. (b)		65,155		3,456,473
				22,578,092
Auto Components — 0.4%
Allison Transmission Holdings, Inc.		30,088		803,049
BorgWarner, Inc. (a)		38,808		1,614,025
Delphi Automotive PLC		49,248		3,744,818
Gentex Corp. (a)		49,475		766,862
Goodyear Tire & Rubber Co.		45,717		1,340,880
Johnson Controls, Inc.		111,689		4,619,457
Lear Corp.		13,139		1,429,260
Visteon Corp. (b)		6,789		687,318
				15,005,669
Automobiles — 0.7%
Ford Motor Co.		665,953		9,036,982

Common Stocks	Shares		Value
Automobiles (continued)
General Motors Co.		274,127	$	8,229,293
Harley-Davidson, Inc. (a)		35,564		1,952,464
Tesla Motors, Inc. (a)(b)		16,633		4,131,637
Thor Industries, Inc. (a)		7,940		411,292
				23,761,668
Banks — 3.7%
Associated Banc-Corp (a)		26,409		474,570
Bank of America Corp.		1,791,243		27,907,566
Bank of Hawaii Corp. (a)		7,565		480,302
BankUnited, Inc. (a)		17,599		629,164
BB&T Corp.		132,317		4,710,485
BOK Financial Corp. (a)		5,061		327,497
CIT Group, Inc.		29,525		1,181,886
Citizens Financial Group, Inc.		52,837		1,260,691
City National Corp.		8,120		715,047
Comerica, Inc.		30,082		1,236,370
Commerce Bancshares, Inc. (a)		14,008		638,205
Cullen/Frost Bankers, Inc. (a)		9,254		588,369
East West Bancorp, Inc.		24,775		951,856
Fifth Third Bancorp		138,143		2,612,284
First Horizon National Corp. (a)		39,935		566,278
First Niagara Financial Group, Inc.		60,837		621,146
First Republic Bank		24,519		1,539,058
Huntington Bancshares, Inc. (a)		139,424		1,477,894
KeyCorp		144,984		1,886,242
M&T Bank Corp. (a)		22,680		2,765,826
PacWest Bancorp (a)		17,121		732,950
PNC Financial Services Group, Inc. (c)		88,336		7,879,571
Popular, Inc.		17,827		538,910
Regions Financial Corp.		228,748		2,061,020
Signature Bank (b)		8,643		1,188,931
SunTrust Banks, Inc.		86,681		3,314,681
SVB Financial Group (b)		8,769		1,013,170
Synovus Financial Corp.		22,556		667,658
TCF Financial Corp.		29,384		445,461
US Bancorp		285,724		11,717,541
Wells Fargo & Co.		794,616		40,803,532
Zions Bancorporation (a)		34,966		962,964
				123,897,125
Beverages — 2.0%
Brown-Forman Corp., Class A		4,716		504,565
Brown-Forman Corp., Class B		21,510		2,084,319
Coca-Cola Co.		668,810		26,832,657
Coca-Cola Enterprises, Inc.		39,815		1,925,055
Constellation Brands, Inc., Class A		27,902		3,493,609
Dr Pepper Snapple Group, Inc.		32,702		2,585,093
Molson Coors Brewing Co., Class B		23,573		1,957,031
Monster Beverage Corp. (b)		25,518		3,448,503
PepsiCo, Inc.		251,756		23,740,591
				66,571,423

88 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock Large Cap Index Master Portfolio

Common Stocks	Shares		Value
Biotechnology — 3.0%
Agios Pharmaceuticals, Inc. (a)(b)		4,599	$	324,643
Alexion Pharmaceuticals, Inc. (a)(b)		36,802		5,755,465
Alkermes PLC (b)		25,573		1,500,368
Alnylam Pharmaceuticals, Inc. (b)		12,561		1,009,402
Amgen, Inc.		129,682		17,937,614
Baxalta, Inc.		92,829		2,925,042
Biogen, Inc. (b)		40,121		11,707,709
BioMarin Pharmaceutical, Inc. (a)(b)		27,348		2,880,291
Bluebird Bio, Inc. (a)(b)		6,007		513,899
Celgene Corp. (a)(b)		135,279		14,633,129
Gilead Sciences, Inc.		250,657		24,612,011
Incyte Corp. (b)		26,684		2,944,046
Intercept Pharmaceuticals, Inc. (a)(b)		2,746		455,452
Intrexon Corp. (a)(b)		7,450		236,910
Isis Pharmaceuticals, Inc. (a)(b)		20,664		835,239
Juno Therapeutics, Inc. (a)(b)		1,920		78,125
Medivation, Inc. (b)		26,686		1,134,155
Opko Health, Inc. (a)(b)		50,816		427,363
Puma Biotechnology, Inc. (a)(b)		4,457		335,879
Regeneron Pharmaceuticals, Inc. (b)		13,380		6,223,573
Seattle Genetics, Inc. (a)(b)		17,991		693,733
United Therapeutics Corp. (b)		7,850		1,030,234
Vertex Pharmaceuticals, Inc. (b)		41,575		4,329,620
				102,523,902
Building Products — 0.2%
Allegion PLC		16,532		953,235
AO Smith Corp.		12,911		841,668
Armstrong World Industries, Inc. (b)		6,974		332,939
Fortune Brands Home & Security, Inc. (a)		27,105		1,286,675
Lennox International, Inc. (a)		6,795		770,077
Masco Corp.		59,929		1,509,012
Owens Corning		19,814		830,405
USG Corp. (b)		15,937		424,243
				6,948,254
Capital Markets — 2.1%
Affiliated Managers Group, Inc. (b)		9,385		1,604,741
Ameriprise Financial, Inc. (a)		30,937		3,376,155
Artisan Partners Asset Management, Inc., Class A (a)		5,713		201,269
Bank of New York Mellon Corp.		191,286		7,488,847
BlackRock, Inc. (c)		21,398		6,365,263
Charles Schwab Corp.		195,406		5,580,795
E*Trade Financial Corp. (b)		49,065		1,291,881
Eaton Vance Corp. (a)		19,821		662,418
Federated Investors, Inc., Class B (a)		16,165		467,169
Franklin Resources, Inc. (a)		66,154		2,464,898
Goldman Sachs Group, Inc.		73,685		12,803,506

Common Stocks	Shares		Value
Capital Markets (continued)
Invesco Ltd.		73,462	$	2,294,218
Lazard Ltd., Class A		11,481		497,127
Legg Mason, Inc.		16,394		682,154
LPL Financial Holdings, Inc. (a)		14,108		561,075
Morgan Stanley		261,464		8,236,116
Northern Trust Corp.		39,804		2,713,041
NorthStar Asset Management Group, Inc.		33,198		476,723
Raymond James Financial, Inc. (a)		21,766		1,080,247
SEI Investments Co.		23,809		1,148,308
State Street Corp.		70,217		4,719,285
T. Rowe Price Group, Inc.		44,446		3,088,997
TD Ameritrade Holding Corp. (a)		45,947		1,462,952
Waddell & Reed Financial, Inc., Class A (a)		14,418		501,314
				69,768,499
Chemicals — 2.1%
Air Products & Chemicals, Inc.		36,631		4,673,383
Airgas, Inc.		11,632		1,039,087
Albemarle Corp. (a)		19,423		856,554
Ashland, Inc.		11,476		1,154,715
Axalta Coating Systems, Ltd. (b)		17,402		440,967
Cabot Corp.		11,289		356,281
Celanese Corp., Series A (a)		26,309		1,556,703
CF Industries Holdings, Inc.		40,254		1,807,405
Chemours Co. (a)		29,717		192,269
Cytec Industries, Inc.		11,989		885,388
Dow Chemical Co.		193,586		8,208,046
E.I. du Pont de Nemours & Co.		154,398		7,441,984
Eastman Chemical Co.		25,474		1,648,677
Ecolab, Inc. (a)		45,031		4,940,801
FMC Corp. (a)		23,116		783,864
Huntsman Corp.		34,460		333,917
International Flavors & Fragrances, Inc.		13,956		1,441,097
LyondellBasell Industries NV, Class A		65,674		5,474,585
Monsanto Co.		81,205		6,930,035
Mosaic Co.		59,551		1,852,632
NewMarket Corp. (a)		1,457		520,149
Platform Specialty Products Corp. (a)(b)		22,176		280,526
PPG Industries, Inc.		46,368		4,066,010
Praxair, Inc.		49,175		5,008,965
RPM International, Inc.		22,916		959,951
Scotts Miracle-Gro Co., Class A		7,794		474,031
Sherwin-Williams Co.		13,812		3,077,037
Sigma-Aldrich Corp.		20,409		2,835,218
Valspar Corp. (a)		13,951		1,002,798
Westlake Chemical Corp.		7,126		369,768
WR Grace & Co. (b)		12,394		1,153,262
				71,766,105

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 89

Schedule of Investments (continued) BlackRock Large Cap Index Master Portfolio

Common Stocks	Shares		Value
Commercial Services & Supplies — 0.5%
ADT Corp. (a)		29,673	$	887,223
Cintas Corp. (a)		16,158		1,385,548
Clean Harbors, Inc. (a)(b)		10,133		445,548
Copart, Inc. (b)		21,343		702,185
Covanta Holding Corp. (a)		20,254		353,432
Iron Mountain, Inc.		36,058		1,118,519
KAR Auction Services, Inc.		24,643		874,826
Pitney Bowes, Inc. (a)		34,142		677,719
Republic Services, Inc.		41,513		1,710,336
Rollins, Inc.		16,476		442,710
RR Donnelley & Sons Co. (a)		35,723		520,127
Stericycle, Inc. (a)(b)		14,516		2,022,224
Tyco International PLC		71,812		2,402,830
Waste Connections, Inc.		21,336		1,036,503
Waste Management, Inc.		78,087		3,889,513
				18,469,243
Communications Equipment — 1.5%
Arista Networks, Inc. (a)(b)		5,874		359,430
ARRIS Group, Inc. (b)		23,170		601,725
Brocade Communications Systems, Inc.		70,111		727,752
Cisco Systems, Inc.		867,452		22,770,615
CommScope Holding Co., Inc. (b)		18,033		541,531
EchoStar Corp., Class A (b)		7,866		338,474
F5 Networks, Inc. (b)		12,419		1,438,120
Harris Corp.		21,238		1,553,560
Juniper Networks, Inc.		67,600		1,737,996
Lumentum Holdings, Inc. (b)		7,535		127,718
Motorola Solutions, Inc.		30,139		2,060,905
Palo Alto Networks, Inc. (b)		12,378		2,129,016
QUALCOMM, Inc.		278,041		14,939,143
Viavi Solutions, Inc. (b)		37,678		202,331
				49,528,316
Construction & Engineering — 0.1%
AECOM (a)(b)		25,224		693,912
Chicago Bridge & Iron Co. NV		16,430		651,614
Fluor Corp.		24,979		1,057,861
Jacobs Engineering Group, Inc. (b)		21,040		787,527
KBR, Inc.		25,207		419,949
Quanta Services, Inc. (a)(b)		35,462		858,535
				4,469,398
Construction Materials — 0.1%
Eagle Materials, Inc.		8,502		581,707
Martin Marietta Materials, Inc. (a)		11,545		1,754,263
Vulcan Materials Co.		22,650		2,020,380
				4,356,350
Consumer Finance — 0.8%
Ally Financial, Inc. (b)		82,468		1,680,698
American Express Co.		147,393		10,926,243
Capital One Financial Corp.		93,199		6,758,792

Common Stocks	Shares		Value
Consumer Finance (continued)
Credit Acceptance Corp. (b)		1,530	$	301,211
Discover Financial Services		75,474		3,923,893
Navient Corp.		67,167		754,957
Santander Consumer USA Holdings, Inc. (b)		15,898		324,637
SLM Corp. (b)		72,466		536,248
Springleaf Holdings, Inc. (b)		9,137		399,470
Synchrony Financial (b)		21,714		679,648
				26,285,797
Containers & Packaging — 0.4%
Aptargroup, Inc.		10,573		697,395
Avery Dennison Corp.		15,794		893,467
Ball Corp.		23,716		1,475,135
Bemis Co., Inc.		16,442		650,610
Crown Holdings, Inc. (b)		23,716		1,085,007
Graphic Packaging Holding Co.		55,483		709,628
Owens-Illinois, Inc. (a)(b)		27,574		571,333
Packaging Corp. of America		16,852		1,013,816
Sealed Air Corp.		35,998		1,687,586
Silgan Holdings, Inc.		7,169		373,075
Sonoco Products Co.		17,096		645,203
WestRock Co.		44,563		2,292,321
				12,094,576
Distributors — 0.1%
Genuine Parts Co. (a)		25,960		2,151,824
LKQ Corp. (b)		52,367		1,485,128
				3,636,952
Diversified Consumer Services — 0.1%
H&R Block, Inc.		46,423		1,680,513
Service Corp. International		34,913		946,142
ServiceMaster Global Holdings, Inc. (b)		17,490		586,789
				3,213,444
Diversified Financial Services — 3.8%
Berkshire Hathaway, Inc., Class B (b)		317,218		41,365,227
CBOE Holdings, Inc. (a)		14,045		942,139
Citigroup, Inc.		517,505		25,673,423
CME Group, Inc.		54,678		5,070,838
Equity Commonwealth (b)		22,184		604,292
Interactive Brokers Group, Inc., Class A		10,114		399,200
IntercontinentalExchange Group, Inc.		18,986		4,461,520
JPMorgan Chase & Co.		632,965		38,591,876
Leucadia National Corp. (a)		55,858		1,131,683
McGraw-Hill Financial, Inc.		46,683		4,038,080
Moody’s Corp.		30,277		2,973,201
MSCI, Inc.		19,192		1,141,156

90 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock Large Cap Index Master Portfolio

Common Stocks	Shares		Value
Diversified Financial Services (continued)
NASDAQ OMX Group, Inc.		19,959	$	1,064,413
				127,457,048
Diversified Telecommunication Services — 2.1%
AT&T, Inc. (a)		1,038,264		33,826,641
CenturyLink, Inc.		96,154		2,415,388
Frontier Communications Corp. (a)		196,177		931,841
Level 3 Communications, Inc. (b)		49,346		2,155,927
Verizon Communications, Inc. (a)		695,629		30,266,818
Zayo Group Holdings, Inc. (a)(b)		24,300		616,248
				70,212,863
Electric Utilities — 1.6%
American Electric Power Co., Inc.		83,565		4,751,506
Duke Energy Corp.		117,949		8,485,251
Edison International		55,571		3,504,863
Entergy Corp.		30,651		1,995,380
Eversource Energy (a)		54,179		2,742,541
Exelon Corp.		146,895		4,362,782
FirstEnergy Corp.		71,981		2,253,725
Great Plains Energy, Inc.		26,160		706,843
Hawaiian Electric Industries, Inc.		18,454		529,445
ITC Holdings Corp.		26,060		868,840
NextEra Energy, Inc.		75,750		7,389,413
OGE Energy Corp.		34,541		945,042
Pepco Holdings, Inc.		43,390		1,050,906
Pinnacle West Capital Corp.		18,953		1,215,645
PPL Corp.		113,953		3,747,914
Southern Co. (a)		154,914		6,924,656
Westar Energy, Inc. (a)		23,719		911,758
Xcel Energy, Inc.		86,460		3,061,549
				55,448,059
Electrical Equipment — 0.5%
Acuity Brands, Inc. (a)		7,342		1,289,108
AMETEK, Inc. (a)		41,194		2,155,270
Babcock & Wilcox Enterprises, Inc. (b)		8,608		144,614
Eaton Corp. PLC		79,669		4,087,020
Emerson Electric Co.		113,987		5,034,806
Hubbell, Inc., Class B (a)		10,018		851,029
Regal-Beloit Corp.		7,717		435,625
Rockwell Automation, Inc.		22,954		2,329,142
SolarCity Corp. (a)(b)		10,249		437,735
				16,764,349
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp., Class A		52,690		2,685,082
Arrow Electronics, Inc. (b)		16,634		919,528
Avnet, Inc.		23,489		1,002,510
CDW Corp.		22,217		907,787
Cognex Corp.		14,983		514,966
Corning, Inc. (a)		214,660		3,674,979
Dolby Laboratories, Inc., Class A		8,014		261,256

Common Stocks	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Fitbit, Inc., Series A (b)		7,174	$	270,388
FLIR Systems, Inc.		23,729		664,175
Ingram Micro, Inc., Class A		26,430		719,953
IPG Photonics Corp. (a)(b)		5,954		452,325
Jabil Circuit, Inc.		32,929		736,622
Keysight Technologies, Inc. (b)		29,356		905,339
National Instruments Corp.		19,265		535,374
Trimble Navigation Ltd. (b)		45,256		743,104
				14,993,388
Energy Equipment & Services — 1.1%
Baker Hughes, Inc.		74,139		3,858,193
Cameron International Corp. (b)		32,667		2,003,140
Diamond Offshore Drilling, Inc.		10,333		178,761
Dril-Quip, Inc. (b)		6,780		394,732
Ensco PLC, Class A (a)		39,260		552,781
FMC Technologies, Inc. (b)		39,031		1,209,961
Frank’s International NV		5,536		84,867
Halliburton Co.		145,126		5,130,204
Helmerich & Payne, Inc. (a)		16,708		789,620
Nabors Industries Ltd.		55,597		525,392
National Oilwell Varco, Inc. (a)		66,155		2,490,736
Noble Corp. PLC (a)		41,661		454,521
Oceaneering International, Inc. (a)		16,631		653,266
Patterson-UTI Energy, Inc. (a)		25,992		341,535
Rowan Cos. PLC, Class A		22,126		357,335
RPC, Inc. (a)		9,362		82,854
Schlumberger Ltd.		216,566		14,936,557
Seadrill Ltd. (a)		64,702		381,742
Superior Energy Services, Inc.		26,678		336,943
Weatherford International PLC (a)(b)		131,109		1,111,804
				35,874,944
Food & Staples Retailing — 2.1%
Costco Wholesale Corp.		75,043		10,848,966
CVS Health Corp.		192,449		18,567,480
Kroger Co. (a)		167,219		6,031,589
Rite Aid Corp. (a)(b)		167,315		1,015,602
Sprouts Farmers Market, Inc. (a)(b)		26,312		555,183
Sysco Corp. (a)		101,273		3,946,609
Wal-Mart Stores, Inc.		269,415		17,468,869
Walgreens Boots Alliance, Inc.		146,634		12,185,285
Whole Foods Market, Inc. (a)		61,215		1,937,455
				72,557,038
Food Products — 1.7%
Archer-Daniels-Midland Co.		105,812		4,385,907
Blue Buffalo Pet Products, Inc. (b)		6,636		118,851
Bunge Ltd.		24,584		1,802,007
Campbell Soup Co. (a)		29,457		1,492,881
ConAgra Foods, Inc.		72,839		2,950,708
Flowers Foods, Inc. (a)		29,486		729,484
General Mills, Inc.		101,670		5,706,737

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 91

Schedule of Investments (continued) BlackRock Large Cap Index Master Portfolio

Common Stocks	Shares		Value
Food Products (continued)
Hain Celestial Group, Inc. (a)(b)		17,658	$	911,153
The Hershey Co. (a)		24,848		2,283,034
Hormel Foods Corp. (a)		22,734		1,439,290
Ingredion, Inc.		12,275		1,071,730
J.M. Smucker Co.		20,410		2,328,577
Kellogg Co.		42,595		2,834,697
Keurig Green Mountain, Inc. (a)		21,873		1,140,458
Kraft Heinz Co.		100,962		7,125,898
McCormick & Co., Inc. (a)		21,855		1,796,044
Mead Johnson Nutrition Co.		34,548		2,432,179
Mondelez International, Inc., Class A		277,438		11,616,329
Pilgrim’s Pride Corp. (a)		10,279		213,598
Pinnacle Foods, Inc.		20,281		849,368
Tyson Foods, Inc., Class A (a)		50,273		2,166,766
WhiteWave Foods Co. (b)		29,603		1,188,561
				56,584,257
Gas Utilities — 0.1%
AGL Resources, Inc.		20,599		1,257,363
Atmos Energy Corp.		17,500		1,018,150
National Fuel Gas Co. (a)		14,171		708,267
Questar Corp.		30,054		583,348
UGI Corp.		29,715		1,034,676
				4,601,804
Health Care Equipment & Supplies — 2.1%
Abbott Laboratories		253,924		10,212,823
Alere, Inc. (b)		14,337		690,327
Align Technology, Inc. (a)(b)		13,555		769,382
Baxter International, Inc.		92,829		3,049,433
Becton Dickinson & Co.		35,713		4,737,687
Boston Scientific Corp. (b)		228,667		3,752,425
C.R. Bard, Inc.		12,664		2,359,430
Cooper Cos., Inc.		8,174		1,216,782
DENTSPLY International, Inc.		23,847		1,205,943
DexCom, Inc. (a)(b)		13,583		1,166,236
Edwards Lifesciences Corp. (b)		18,346		2,608,251
Hill-Rom Holdings, Inc.		9,731		505,915
Hologic, Inc. (b)		42,203		1,651,403
IDEXX Laboratories, Inc. (a)(b)		16,060		1,192,455
Intuitive Surgical, Inc. (b)		6,287		2,889,379
Medtronic PLC		243,061		16,270,503
ResMed, Inc. (a)		23,959		1,220,951
Sirona Dental Systems, Inc. (b)		9,625		898,397
St. Jude Medical, Inc. (a)		47,958		3,025,670
Stryker Corp.		57,610		5,421,101
Teleflex, Inc. (a)		7,200		894,312
Varian Medical Systems, Inc. (a)(b)		16,884		1,245,702
Zimmer Biomet Holdings, Inc.		29,064		2,729,981
				69,714,488
Health Care Providers & Services — 2.6%
Acadia Healthcare Co., Inc. (b)		8,772		581,320

Common Stocks	Shares		Value
Health Care Providers & Services (continued)
Aetna, Inc.		59,560	$	6,516,460
AmerisourceBergen Corp.		37,470		3,559,275
Anthem, Inc.		44,926		6,289,640
Brookdale Senior Living, Inc. (b)		32,069		736,304
Cardinal Health, Inc. (a)		56,428		4,334,799
Centene Corp. (b)		20,282		1,099,893
Cigna Corp.		43,897		5,926,973
Community Health Systems, Inc. (b)		20,322		869,172
DaVita HealthCare Partners, Inc. (b)		30,091		2,176,482
Envision Healthcare Holdings, Inc. (b)		31,564		1,161,239
Express Scripts Holding Co. (b)		115,253		9,330,883
HCA Holdings, Inc. (b)		54,683		4,230,277
Health Net, Inc. (b)		12,964		780,692
Henry Schein, Inc. (a)(b)		14,294		1,897,100
Humana, Inc. (a)		25,547		4,572,913
Laboratory Corp. of America Holdings (b)		17,159		1,861,237
LifePoint Hospitals, Inc. (b)		7,551		535,366
McKesson Corp.		39,494		7,307,575
MEDNAX, Inc. (b)		15,953		1,225,031
Patterson Cos., Inc.		14,591		631,061
Premier, Inc., Class A (b)		6,053		208,042
Quest Diagnostics, Inc. (a)		24,655		1,515,543
Tenet Healthcare Corp. (a)(b)		16,575		611,949
UnitedHealth Group, Inc.		162,358		18,835,151
Universal Health Services, Inc., Class B		15,679		1,956,896
VCA, Inc. (b)		13,862		729,834
				89,481,107
Health Care Technology — 0.1%
Athenahealth, Inc. (a)(b)		6,508		867,842
Cerner Corp. (b)		51,111		3,064,616
IMS Health Holdings, Inc. (b)		22,641		658,853
Inovalon Holdings, Inc. (a)(b)		4,068		84,736
Veeva Systems, Inc., Class A (a)(b)		12,822		300,163
				4,976,210
Hotels, Restaurants & Leisure — 2.0%
ARAMARK		33,315		987,457
Brinker International, Inc. (a)		10,462		551,033
Carnival Corp.		72,447		3,600,616
Chipotle Mexican Grill, Inc. (b)		5,296		3,814,444
Choice Hotels International, Inc. (a)		6,398		304,865
Darden Restaurants, Inc.		21,690		1,486,632
Domino’s Pizza, Inc.		9,487		1,023,742
Dunkin’ Brands Group, Inc. (a)		16,119		789,831
Extended Stay America, Inc. (a)		9,609		161,239
Hilton Worldwide Holdings, Inc.		88,687		2,034,480
Hyatt Hotels Corp., Class A (b)		6,178		290,984

92 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock Large Cap Index Master Portfolio

Common Stocks	Shares		Value
Hotels, Restaurants & Leisure (continued)
International Game Technology PLC		15,150	$	232,249
Las Vegas Sands Corp.		62,356		2,367,657
Marriott International, Inc., Class A (a)		35,738		2,437,331
McDonald’s Corp.		163,485		16,108,177
MGM Resorts International (b)		75,217		1,387,754
Norwegian Cruise Line Holdings Ltd. (b)		22,347		1,280,483
Panera Bread Co., Class A (b)		4,263		824,507
Royal Caribbean Cruises Ltd. (a)		29,334		2,613,366
Six Flags Entertainment Corp. (a)		12,333		564,605
Starbucks Corp.		255,926		14,546,834
Starwood Hotels & Resorts Worldwide, Inc.		29,193		1,940,751
The Wendy’s Co.		36,372		314,618
Wyndham Worldwide Corp.		20,634		1,483,585
Wynn Resorts Ltd. (a)		13,858		736,137
Yum! Brands, Inc.		73,751		5,896,392
				67,779,769
Household Durables — 0.5%
D.R. Horton, Inc. (a)		56,299		1,652,939
Garmin Ltd.		19,831		711,536
GoPro, Inc., Class A (a)(b)		15,008		468,550
Harman International Industries, Inc.		12,068		1,158,407
Jarden Corp. (a)(b)		36,112		1,765,155
Leggett & Platt, Inc.		23,673		976,511
Lennar Corp., Class A (a)		29,999		1,443,852
Lennar Corp., Class B (a)		1,562		61,855
Mohawk Industries, Inc. (b)		10,547		1,917,339
Newell Rubbermaid, Inc.		45,945		1,824,476
NVR, Inc. (a)(b)		702		1,070,704
PulteGroup, Inc.		62,035		1,170,601
Tempur Sealy International, Inc. (b)		10,278		734,158
Toll Brothers, Inc. (b)		30,118		1,031,240
TopBuild Corp. (b)		6,375		197,434
Tupperware Brands Corp. (a)		8,682		429,672
Whirlpool Corp.		13,427		1,977,260
				18,591,689
Household Products — 1.6%
Church & Dwight Co., Inc.		22,360		1,876,004
Clorox Co. (a)		22,374		2,584,868
Colgate-Palmolive Co. (a)		154,284		9,790,863
Energizer Holdings, Inc.		10,268		397,474
Kimberly-Clark Corp.		62,101		6,771,493
Procter & Gamble Co.		462,730		33,288,796
Spectrum Brands Holdings, Inc. (a)		4,413		403,834
				55,113,332
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		115,266		1,128,454

Common Stocks	Shares		Value
Independent Power and Renewable Electricity Producers (continued)
Calpine Corp. (b)		64,059	$	935,262
NRG Energy, Inc. (a)		56,818		843,747
TerraForm Power, Inc., Class A (a)(b)		9,795		139,285
				3,046,748
Industrial Conglomerates — 2.1%
3M Co.		108,194		15,338,663
BWX Technologies, Inc.		18,514		488,029
Carlisle Cos., Inc.		11,167		975,772
Danaher Corp.		101,709		8,666,624
General Electric Co.		1,718,555		43,341,957
Roper Industries, Inc.		17,145		2,686,622
				71,497,667
Insurance — 3.1%
ACE Ltd.		55,704		5,759,794
Aflac, Inc.		74,004		4,301,852
Alleghany Corp. (b)		2,721		1,273,727
Allied World Assurance Co. Holdings AG		16,199		618,316
Allstate Corp.		69,762		4,062,939
American Financial Group, Inc.		11,632		801,561
American International Group, Inc.		227,425		12,922,288
American National Insurance Co.		1,163		113,555
AmTrust Financial Services, Inc. (a)		6,716		422,974
Aon PLC		48,072		4,259,660
Arch Capital Group Ltd. (b)		20,977		1,541,180
Arthur J Gallagher & Co.		28,519		1,177,264
Aspen Insurance Holdings Ltd.		10,648		494,813
Assurant, Inc.		11,443		904,111
Assured Guaranty Ltd.		25,637		640,925
Axis Capital Holdings Ltd.		17,498		939,993
Brown & Brown, Inc.		19,671		609,211
Chubb Corp.		39,187		4,806,286
Cincinnati Financial Corp.		27,773		1,494,187
CNA Financial Corp.		4,330		151,247
Endurance Specialty Holdings Ltd.		10,450		637,763
Erie Indemnity Co., Class A		4,290		355,813
Everest Re Group Ltd.		7,578		1,313,571
FNF Group		47,999		1,702,525
Genworth Financial, Inc., Class A (a)(b)		86,722		400,656
Hanover Insurance Group, Inc. (a)		7,546		586,324
Hartford Financial Services Group, Inc.		71,624		3,278,947
HCC Insurance Holdings, Inc.		16,323		1,264,543
Lincoln National Corp.		43,191		2,049,845
Loews Corp.		53,192		1,922,359
Markel Corp. (b)		2,383		1,910,832
Marsh & McLennan Cos., Inc.		91,571		4,781,838
Mercury General Corp. (a)		1,182		59,703
MetLife, Inc.		159,777		7,533,486
Old Republic International Corp.		44,171		690,834

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 93

Schedule of Investments (continued) BlackRock Large Cap Index Master Portfolio

Common Stocks	Shares		Value
Insurance (continued)
PartnerRe Ltd.		8,207	$	1,139,788
Principal Financial Group, Inc.		50,211		2,376,989
ProAssurance Corp.		9,548		468,520
Progressive Corp.		100,072		3,066,206
Prudential Financial, Inc.		77,263		5,888,213
Reinsurance Group of America, Inc.		11,376		1,030,552
RenaissanceRe Holdings Ltd.		7,751		824,086
StanCorp Financial Group, Inc.		7,089		809,564
Torchmark Corp.		21,461		1,210,400
Travelers Cos., Inc.		54,358		5,410,252
Unum Group		42,104		1,350,696
Validus Holdings Ltd.		14,367		647,521
Voya Financial, Inc.		39,295		1,523,467
W.R. Berkley Corp.		16,313		886,938
White Mountains Insurance Group Ltd.		1,013		757,015
XL Group PLC		52,389		1,902,768
				105,077,897
Internet & Catalog Retail — 1.7%
Amazon.com, Inc. (b)		65,014		33,280,016
Expedia, Inc.		16,839		1,981,614
Groupon, Inc. (a)(b)		89,423		291,519
HomeAway, Inc. (a)(b)		16,440		436,318
Liberty Interactive Corp., Series A (b)		80,605		2,114,269
Liberty Ventures, Series A (b)		24,480		987,768
Netflix, Inc. (b)		72,380		7,473,959
Priceline Group, Inc. (b)		8,842		10,936,316
TripAdvisor, Inc. (b)		18,924		1,192,590
				58,694,369
Internet Software & Services — 3.6%
Akamai Technologies, Inc. (b)		30,460		2,103,568
Alphabet, Inc., Class A (b)		49,167		31,386,738
Alphabet, Inc., Class C (b)		50,173		30,526,257
eBay, Inc. (b)		207,201		5,063,992
Equinix, Inc. (a)		9,709		2,654,441
Facebook, Inc., Class A (b)		369,097		33,181,820
GoDaddy, Inc., Class A (a)(b)		3,798		95,747
IAC/InterActiveCorp		12,764		833,106
LendingClub Corp. (a)(b)		10,645		140,833
LinkedIn Corp., Class A (a)(b)		18,663		3,548,396
Pandora Media, Inc. (b)		35,953		767,237
Rackspace Hosting, Inc. (b)		20,750		512,110
Twitter, Inc. (b)		96,400		2,597,016
VeriSign, Inc. (a)(b)		17,685		1,247,854
Yahoo!, Inc. (b)		160,062		4,627,392
Yelp, Inc. (a)(b)		10,451		226,369
Zillow Group, Inc. (a)(b)		15,333		413,991
Zillow Group, Inc., Class A (a)(b)		7,079		203,380
				120,130,247

Common Stocks	Shares		Value
IT Services — 3.7%
Accenture PLC, Class A		107,136	$	10,527,183
Alliance Data Systems Corp. (b)		10,584		2,741,044
Amdocs Ltd.		26,659		1,516,364
Automatic Data Processing, Inc. (a)		80,083		6,435,470
Black Knight Financial Services, Inc., Class A Class A (b)		3,331		108,424
Booz Allen Hamilton Holding Corp. (a)		17,634		462,187
Broadridge Financial Solutions, Inc.		20,577		1,138,937
Cognizant Technology Solutions Corp., Class A (b)		104,131		6,519,642
Computer Sciences Corp.		23,938		1,469,315
CoreLogic, Inc. (b)		15,404		573,491
DST Systems, Inc.		6,184		650,186
Fidelity National Information Services, Inc.		48,348		3,243,184
Fiserv, Inc. (b)		40,387		3,497,918
FleetCor Technologies, Inc. (b)		15,659		2,154,992
Gartner, Inc. (b)		14,161		1,188,533
Genpact Ltd. (b)		27,063		638,957
Global Payments, Inc.		11,336		1,300,579
International Business Machines Corp.		154,876		22,452,374
Jack Henry & Associates, Inc.		14,165		986,026
Leidos Holdings, Inc.		11,540		476,717
Mastercard, Inc., Class A		170,502		15,365,640
Paychex, Inc.		55,339		2,635,797
PayPal Holdings, Inc. (b)		207,201		6,431,519
Sabre Corp.		19,507		530,200
Teradata Corp. (a)(b)		23,791		688,987
Total System Services, Inc.		28,182		1,280,308
Vantiv, Inc., Class A (b)		24,707		1,109,838
VeriFone Systems, Inc. (b)		19,367		537,047
Visa, Inc., Class A (a)		333,861		23,256,757
Western Union Co. (a)		88,513		1,625,099
WEX, Inc. (b)		6,522		566,371
Xerox Corp.		188,730		1,836,343
				123,945,429
Leisure Products — 0.2%
Brunswick Corp.		15,593		746,749
Hasbro, Inc. (a)		18,827		1,358,180
Mattel, Inc. (a)		57,228		1,205,222
Polaris Industries, Inc. (a)		11,465		1,374,309
Vista Outdoor, Inc. (b)		11,009		489,130
				5,173,590
Life Sciences Tools & Services — 0.7%
Agilent Technologies, Inc.		56,887		1,952,931
Bio-Rad Laboratories, Inc., Class A (b)		3,564		478,681
Bio-Techne Corp. (a)		6,329		585,179
Bruker Corp. (b)		19,829		325,790

94 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock Large Cap Index Master Portfolio

Common Stocks	Shares		Value
Life Sciences Tools & Services (continued)
Charles River Laboratories International, Inc. (b)		8,103	$	514,703
Illumina, Inc. (b)		24,578		4,321,304
Mettler-Toledo International, Inc. (b)		4,832		1,375,864
PerkinElmer, Inc.		19,591		900,402
QIAGEN NV (b)		40,027		1,032,697
Quintiles Transnational Holdings, Inc. (a)(b)		13,692		952,552
Thermo Fisher Scientific, Inc.		67,893		8,301,956
VWR Corp. (a)(b)		4,791		123,081
Waters Corp. (a)(b)		14,168		1,674,799
				22,539,939
Machinery — 1.4%
AGCO Corp. (a)		12,900		601,527
Caterpillar, Inc.		102,958		6,729,335
Colfax Corp. (a)(b)		16,915		505,928
Crane Co.		8,392		391,151
Cummins, Inc. (a)		30,925		3,357,836
Deere & Co.		56,946		4,214,004
Donaldson Co., Inc. (a)		22,947		644,352
Dover Corp.		27,505		1,572,736
Flowserve Corp. (a)		23,120		951,157
Graco, Inc. (a)		9,942		666,412
IDEX Corp.		13,453		959,199
Illinois Tool Works, Inc.		51,036		4,200,773
Ingersoll-Rand PLC		45,151		2,292,316
ITT Corp.		15,297		511,379
Joy Global, Inc. (a)		17,058		254,676
Kennametal, Inc. (a)		14,085		350,576
Lincoln Electric Holdings, Inc. (a)		12,726		667,224
Manitowoc Co., Inc. (a)		24,132		361,980
Middleby Corp. (b)		9,844		1,035,490
Nordson Corp. (a)		10,228		643,750
Oshkosh Corp. (a)		13,400		486,822
PACCAR, Inc.		60,515		3,157,067
Parker Hannifin Corp.		23,653		2,301,437
Pentair PLC		30,797		1,571,879
Snap-on, Inc.		9,993		1,508,343
SPX Corp.		6,602		78,696
SPX FLOW, Inc. (b)		6,602		227,307
Stanley Black & Decker, Inc.		26,220		2,542,816
Terex Corp.		18,387		329,863
Timken Co. (a)		13,600		373,864
Toro Co.		9,434		665,474
Trinity Industries, Inc. (a)		26,242		594,906
Valmont Industries, Inc. (a)		4,113		390,283
WABCO Holdings, Inc. (b)		9,385		983,830
Wabtec Corp.		16,646		1,465,680
Xylem, Inc.		31,147		1,023,179
				48,613,247

Common Stocks	Shares		Value
Marine — 0.0%
Kirby Corp. (a)(b)		9,469	$	586,605
Media — 3.3%
AMC Networks, Inc., Class A (b)		10,059		736,017
Cable One, Inc. (b)		561		235,295
Cablevision Systems Corp., New York Group, Class A (a)		34,978		1,135,736
CBS Corp., Class B		83,941		3,349,246
Charter Communications, Inc., Class A (a)(b)		12,785		2,248,242
Cinemark Holdings, Inc.		19,502		633,620
Clear Channel Outdoor Holdings, Inc., Class A (b)		5,809		41,418
Comcast Corp., Class A (a)		362,084		20,595,338
Comcast Corp., Special Class A (a)		65,015		3,721,459
Discovery Communications, Inc., Class A (a)(b)		26,091		679,149
Discovery Communications, Inc., Class C (b)		46,342		1,125,647
DISH Network Corp., Class A (b)		37,119		2,165,522
Gannett Co., Inc.		20,638		303,998
Graham Holdings Co., Class B		618		356,586
Interpublic Group of Cos., Inc.		69,996		1,339,023
John Wiley & Sons, Inc., Class A		8,106		405,543
Liberty Broadband Corp., Class A (b)		4,205		216,305
Liberty Broadband Corp., Class C (b)		11,306		578,528
Liberty Media Corp., Class A (b)		17,733		633,423
Liberty Media Corp., Class C (b)		34,202		1,178,601
Lions Gate Entertainment Corp. (a)		16,175		595,240
Live Nation Entertainment, Inc. (a)(b)		24,792		596,000
Morningstar, Inc.		3,070		246,398
MSG Networks, Inc. (b)		10,313		743,980
News Corp., Class A		66,667		841,337
News Corp., Class B		19,455		249,413
Omnicom Group, Inc.		41,670		2,746,053
Regal Entertainment Group, Class A (a)		13,319		248,932
Scripps Networks Interactive, Inc., Class A (a)		15,904		782,318
Sirius XM Holdings, Inc. (b)		396,569		1,483,168
Starz, Class A (b)		14,781		551,923
TEGNA, Inc.		38,093		852,902
Thomson Reuters Corp. (a)		56,225		2,263,618
Time Warner Cable, Inc.		48,216		8,648,504
Time Warner, Inc.		140,645		9,669,344
Tribune Co., Class A (a)		13,836		492,562
Twenty-First Century Fox, Inc., Class A		214,726		5,793,307
Twenty-First Century Fox, Inc., Class B (a)		82,484		2,232,842
Viacom, Inc., Class A (a)		1,662		73,577

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 95

Schedule of Investments (continued) BlackRock Large Cap Index Master Portfolio

Common Stocks	Shares		Value
Media (continued)
Viacom, Inc., Class B		59,116	$	2,550,855
Walt Disney Co.		289,401		29,576,782
				112,917,751
Metals & Mining — 0.3%
Alcoa, Inc.		223,365		2,157,706
Allegheny Technologies, Inc. (a)		17,575		249,214
Compass Minerals International, Inc. (a)		5,836		457,367
Freeport-McMoRan Copper & Gold, Inc. (a)		193,779		1,877,719
Newmont Mining Corp.		90,860		1,460,120
Nucor Corp. (a)		54,464		2,045,123
Reliance Steel & Aluminum Co.		12,503		675,287
Royal Gold, Inc. (a)		11,132		522,981
Southern Copper Corp. (a)		19,621		524,273
Steel Dynamics, Inc.		40,502		695,825
Tahoe Resources, Inc. (a)		25,688		198,825
United States Steel Corp. (a)		25,441		265,095
				11,129,535
Multi-Utilities — 1.1%
Alliant Energy Corp.		19,346		1,131,547
Ameren Corp.		41,578		1,757,502
CenterPoint Energy, Inc.		72,902		1,315,152
CMS Energy Corp.		47,585		1,680,702
Consolidated Edison, Inc. (a)		49,954		3,339,425
Dominion Resources, Inc. (a)		101,224		7,124,145
DTE Energy Co.		30,587		2,458,277
MDU Resources Group, Inc. (a)		33,268		572,210
NiSource, Inc.		54,074		1,003,073
PG&E Corp.		81,865		4,322,472
Public Service Enterprise Group, Inc.		86,281		3,637,607
SCANA Corp. (a)		24,314		1,367,906
Sempra Energy (a)		42,228		4,084,292
TECO Energy, Inc.		40,711		1,069,071
Vectren Corp.		14,119		593,139
WEC Energy Group, Inc.		53,846		2,811,838
				38,268,358
Multiline Retail — 0.7%
Dillard’s, Inc., Class A (a)		4,178		365,115
Dollar General Corp.		51,800		3,752,392
Dollar Tree, Inc. (b)		39,271		2,617,805
JC Penney Co., Inc. (a)(b)		53,085		493,160
Kohl’s Corp. (a)		34,757		1,609,597
Macy’s, Inc.		58,264		2,990,109
Nordstrom, Inc. (a)		24,026		1,722,904
Sears Holdings Corp. (a)(b)		2,132		48,183
Target Corp.		108,902		8,566,231
				22,165,496

Common Stocks	Shares		Value
Office Electronics — 0.0%
Zebra Technologies Corp., Class A (b)		8,635	$	661,009
Oil, Gas & Consumable Fuels — 5.4%
Anadarko Petroleum Corp.		86,634		5,231,827
Antero Resources Corp. (a)(b)		11,218		237,373
Apache Corp.		64,318		2,518,693
Cabot Oil & Gas Corp.		70,879		1,549,415
California Resources Corp. (a)		50,597		131,552
Cheniere Energy, Inc. (a)(b)		40,407		1,951,658
Chesapeake Energy Corp. (a)		102,373		750,394
Chevron Corp.		320,736		25,299,656
Cimarex Energy Co.		16,212		1,661,406
Cobalt International Energy, Inc. (b)		63,033		446,274
Columbia Pipeline Group, Inc.		53,436		977,344
Concho Resources, Inc. (b)		20,493		2,014,462
ConocoPhillips		210,292		10,085,604
CONSOL Energy, Inc. (a)		38,389		376,212
Continental Resources, Inc. (b)		14,932		432,580
CVR Energy, Inc.		2,514		103,200
Denbury Resources, Inc. (a)		57,436		140,144
Devon Energy Corp.		70,118		2,600,677
Diamondback Energy, Inc. (b)		11,176		721,970
Energen Corp.		13,230		659,648
EOG Resources, Inc.		93,627		6,816,046
EP Energy Corp., Class A (a)(b)		5,474		28,191
EQT Corp.		26,065		1,688,230
Exxon Mobil Corp. (a)		713,132		53,021,364
Golar LNG Ltd. (a)		15,397		429,268
Gulfport Energy Corp. (b)		18,162		539,048
Hess Corp.		43,008		2,152,981
HollyFrontier Corp.		32,899		1,606,787
Kinder Morgan, Inc.		304,550		8,429,944
Kosmos Energy Ltd. (b)		25,369		141,559
Laredo Petroleum, Inc. (a)(b)		19,817		186,874
Marathon Oil Corp. (a)		115,531		1,779,177
Marathon Petroleum Corp.		92,662		4,293,030
Memorial Resource Development Corp. (a)(b)		13,287		233,585
Murphy Oil Corp. (a)		30,834		746,183
Murphy USA, Inc. (b)		7,878		432,896
Newfield Exploration Co. (b)		28,192		927,517
Noble Energy, Inc. (a)		73,192		2,208,935
Occidental Petroleum Corp.		131,011		8,666,378
ONEOK, Inc. (a)		35,451		1,141,522
PBF Energy, Inc., Class A (a)		15,029		424,269
Phillips 66		92,381		7,098,556
Pioneer Natural Resources Co. (a)		25,465		3,097,563
QEP Resources, Inc.		31,172		390,585
Range Resources Corp. (a)		28,804		925,184
SM Energy Co. (a)		11,944		382,686
Southwestern Energy Co. (b)		65,560		831,956
Spectra Energy Corp. (a)		114,502		3,007,968
Targa Resources Corp.		9,400		484,288

96 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock Large Cap Index Master Portfolio

Common Stocks	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Teekay Corp.		7,507	$	222,507
Tesoro Corp. (a)		21,462		2,086,965
Valero Energy Corp. (a)		86,751		5,213,735
Whiting Petroleum Corp. (b)		33,837		516,691
Williams Cos., Inc.		127,744		4,707,366
World Fuel Services Corp. (a)		12,499		447,464
WPX Energy, Inc. (b)		39,417		260,941
				183,458,328
Paper & Forest Products — 0.1%
Domtar Corp. (a)		11,114		397,325
International Paper Co.		71,792		2,713,020
				3,110,345
Personal Products — 0.2%
Avon Products, Inc. (a)		70,011		227,536
Coty, Inc., Class A (a)		14,554		393,831
Edgewell Personal Care Co.		10,682		871,651
Estee Lauder Cos., Inc., Class A		35,778		2,886,569
Herbalife Ltd. (a)(b)		12,372		674,274
Nu Skin Enterprises, Inc., Class A (a)		10,183		420,354
				5,474,215
Pharmaceuticals — 5.4%
AbbVie, Inc.		282,325		15,361,303
Akorn, Inc. (b)		13,434		382,936
Allergan PLC (b)		66,936		18,193,874
Bristol-Myers Squibb Co.		284,320		16,831,744
Eli Lilly & Co.		166,891		13,967,108
Endo International PLC (b)		35,511		2,460,202
Jazz Pharmaceuticals PLC (b)		10,516		1,396,630
Johnson & Johnson		472,972		44,151,936
Mallinckrodt PLC (b)		20,184		1,290,565
Merck & Co., Inc.		481,872		23,799,658
Mylan NV (b)		71,680		2,885,837
Perrigo Co. PLC		24,949		3,923,729
Pfizer, Inc.		1,050,255		32,988,510
Zoetis, Inc.		85,275		3,511,625
				181,145,657
Producer Durables: Miscellaneous — 0.0%
Ultimate Software Group, Inc. (a)(b)		4,810		861,038
Professional Services — 0.4%
CoStar Group, Inc. (b)		5,593		967,925
Dun & Bradstreet Corp.		6,076		637,980
Equifax, Inc.		20,323		1,974,989
IHS, Inc., Class A (b)		11,624		1,348,384
Manpowergroup, Inc.		13,380		1,095,688
Nielsen Holdings PLC (a)		62,776		2,791,649
Robert Half International, Inc.		23,000		1,176,680
Towers Watson & Co., Class A		11,959		1,403,748

Common Stocks	Shares		Value
Professional Services (continued)
TransUnion (b)		5,544	$	139,265
Verisk Analytics, Inc., Class A (b)		28,842		2,131,712
				13,668,020
Real Estate Investment Trusts (REITs) — 3.4%
Alexandria Real Estate Equities, Inc.		12,350		1,045,674
American Campus Communities, Inc.		19,035		689,828
American Capital Agency Corp.		60,478		1,130,939
American Homes 4 Rent, Class A		28,784		462,847
American Tower Corp.		72,163		6,348,901
Annaly Capital Management, Inc.		163,082		1,609,619
Apartment Investment & Management Co., Class A		27,054		1,001,539
Apple Hospitality REIT, Inc.		29,950		556,171
AvalonBay Communities, Inc.		22,547		3,941,667
BioMed Realty Trust, Inc.		34,534		689,989
Boston Properties, Inc.		26,166		3,098,054
Brandywine Realty Trust		31,636		389,755
Brixmor Property Group, Inc. (a)		29,270		687,260
Camden Property Trust		14,901		1,101,184
Care Capital Properties, Inc.		12,450		409,978
CBL & Associates Properties, Inc.		29,107		400,221
Chimera Investment Corp.		35,499		474,622
Columbia Property Trust, Inc.		21,694		503,301
Communications Sales & Leasing, Inc. (a)		21,046		376,723
Corporate Office Properties Trust		16,758		352,421
Corrections Corp. of America		19,954		589,441
Crown Castle International Corp.		56,926		4,489,754
DDR Corp.		51,048		785,118
Digital Realty Trust, Inc. (a)		23,387		1,527,639
Douglas Emmett, Inc.		24,669		708,494
Duke Realty Corp.		59,104		1,125,931
Empire State Realty Trust, Inc., Class A		19,857		338,165
Equity Lifestyle Properties, Inc.		14,187		830,933
Equity Residential		62,082		4,663,600
Essex Property Trust, Inc. (a)		11,147		2,490,463
Extra Space Storage, Inc. (a)		21,048		1,624,064
Federal Realty Investment Trust		11,818		1,612,566
Gaming and Leisure Properties, Inc.		15,272		453,578
General Growth Properties, Inc.		98,419		2,555,941
HCP, Inc.		78,744		2,933,214
Healthcare Trust of America, Inc., Class A		21,521		527,480
Home Properties, Inc.		9,775		730,681
Hospitality Properties Trust		25,180		644,104
Host Hotels & Resorts, Inc.		129,296		2,044,170
Kilroy Realty Corp.		15,185		989,455
Kimco Realty Corp.		70,723		1,727,763
Lamar Advertising Co., Class A		13,632		711,318

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 97

Schedule of Investments (continued) BlackRock Large Cap Index Master Portfolio

Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
Liberty Property Trust		25,058	$	789,578
Macerich Co.		27,004		2,074,447
MFA Financial, Inc. (a)		64,258		437,597
Mid-America Apartment Communities, Inc.		13,009		1,065,047
National Retail Properties, Inc.		22,546		817,743
NorthStar Realty Finance Corp. (a)		61,265		756,623
Omega Healthcare Investors, Inc.		31,340		1,101,601
Outfront Media, Inc.		23,630		491,504
Paramount Group, Inc. (a)		30,739		516,415
Piedmont Office Realty Trust, Inc., Class A		26,796		479,380
Plum Creek Timber Co., Inc.		29,955		1,183,522
Post Properties, Inc.		9,380		546,760
Prologis, Inc.		89,382		3,476,960
Public Storage		24,704		5,228,107
Rayonier, Inc.		21,869		482,649
Realty Income Corp. (a)		39,745		1,883,516
Regency Centers Corp.		16,296		1,012,796
Retail Properties of America, Inc., Class A		40,568		571,603
Senior Housing Properties Trust		40,083		649,345
Simon Property Group, Inc.		53,091		9,753,878
SL Green Realty Corp.		17,024		1,841,316
Spirit Realty Capital, Inc.		74,442		680,400
Starwood Property Trust, Inc.		39,921		819,179
Tanger Factory Outlet Centers		16,466		542,884
Taubman Centers, Inc.		7,970		550,568
Two Harbors Investment Corp.		62,490		551,162
UDR, Inc.		43,783		1,509,638
Ventas, Inc.		56,436		3,163,802
VEREIT, Inc. (a)		153,986		1,188,772
Vornado Realty Trust		32,112		2,903,567
Weingarten Realty Investors		20,992		695,045
Welltower, Inc.		58,876		3,987,083
Weyerhaeuser Co.		88,307		2,414,313
WP Carey, Inc.		17,952		1,037,805
WP Glimcher, Inc.		32,468		378,577
				114,957,747
Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A (a)(b)		49,076		1,570,432
Forest City Enterprises, Inc., Class A (a)(b)		36,686		738,489
Howard Hughes Corp. (b)		6,911		792,968
Jones Lang LaSalle, Inc.		7,643		1,098,834
Realogy Holdings Corp. (b)		25,218		948,954
				5,149,677
Road & Rail — 0.9%
AMERCO, Inc.		1,266		498,133
Avis Budget Group, Inc. (b)		17,848		779,601
CSX Corp.		168,511		4,532,946

Common Stocks	Shares		Value
Road & Rail (continued)
Genesee & Wyoming, Inc., Class A (a)(b)		9,032	$	533,610
Hertz Global Holdings, Inc. (a)(b)		69,031		1,154,889
JB Hunt Transport Services, Inc.		15,680		1,119,552
Kansas City Southern		18,928		1,720,177
Landstar System, Inc. (a)		7,650		485,545
Norfolk Southern Corp.		51,996		3,972,494
Old Dominion Freight Line, Inc. (b)		11,741		716,201
Ryder System, Inc. (a)		8,973		664,361
Union Pacific Corp.		149,342		13,203,326
				29,380,835
Semiconductors & Semiconductor Equipment — 2.3%
Altera Corp.		51,354		2,571,808
Analog Devices, Inc.		53,478		3,016,694
Applied Materials, Inc.		210,062		3,085,811
Atmel Corp.		71,340		575,714
Avago Technologies Ltd. (a)		43,764		5,470,938
Broadcom Corp., Class A		94,232		4,846,352
Cree, Inc. (a)(b)		18,813		455,839
Cypress Semiconductor Corp. (a)(b)		56,826		484,157
First Solar, Inc. (b)		12,863		549,893
Freescale Semiconductor Ltd. (b)		18,751		685,912
Intel Corp.		809,139		24,387,449
KLA-Tencor Corp.		27,030		1,351,500
Lam Research Corp. (a)		27,111		1,771,162
Linear Technology Corp. (a)		41,057		1,656,650
Marvell Technology Group Ltd. (a)		78,996		714,914
Maxim Integrated Products, Inc.		48,734		1,627,716
Microchip Technology, Inc. (a)		35,905		1,547,146
Micron Technology, Inc. (b)		184,468		2,763,331
NVIDIA Corp.		91,762		2,261,933
ON Semiconductor Corp. (b)		71,991		676,715
Qorvo, Inc. (b)		25,145		1,132,782
Skyworks Solutions, Inc. (a)		32,594		2,744,741
SunEdison, Inc. (a)(b)		44,956		322,784
SunPower Corp. (a)(b)		8,800		176,352
Teradyne, Inc.		36,400		655,564
Texas Instruments, Inc.		177,445		8,787,076
Xilinx, Inc.		44,233		1,875,479
				76,196,412
Software — 4.0%
Activision Blizzard, Inc.		86,063		2,658,486
Adobe Systems, Inc. (b)		85,327		7,015,586
Allscripts Healthcare Solutions, Inc. (a)(b)		31,571		391,480
ANSYS, Inc. (b)		15,203		1,339,992
Autodesk, Inc. (b)		38,930		1,718,370
CA, Inc.		54,451		1,486,512
Cadence Design Systems, Inc. (a)(b)		50,366		1,041,569
CDK Global, Inc.		27,120		1,295,794

98 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock Large Cap Index Master Portfolio

Common Stocks	Shares		Value
Software (continued)
Citrix Systems, Inc. (b)		27,383	$	1,897,094
Electronic Arts, Inc. (b)		53,660		3,635,465
FactSet Research Systems, Inc. (a)		7,142		1,141,363
FireEye, Inc. (a)(b)		23,947		761,994
Fortinet, Inc. (b)		24,580		1,044,158
Intuit, Inc. (a)		47,019		4,172,936
King Digital Entertainment PLC (a)		12,936		175,153
Microsoft Corp.		1,379,762		61,068,266
NetSuite, Inc. (a)(b)		6,807		571,107
Nuance Communications, Inc. (b)		42,702		699,032
Oracle Corp. (a)		540,410		19,519,609
PTC, Inc. (b)		19,347		614,074
Red Hat, Inc. (b)		31,267		2,247,472
Salesforce.com, Inc. (b)		111,888		7,768,384
ServiceNow, Inc. (b)		26,296		1,826,257
SolarWinds, Inc. (a)(b)		11,568		453,928
Solera Holdings, Inc.		11,533		622,782
Splunk, Inc. (b)		21,190		1,172,867
SS&C Technologies Holdings, Inc.		13,649		955,976
Symantec Corp.		116,106		2,260,584
Synopsys, Inc. (b)		26,397		1,219,014
Tableau Software, Inc., Class A (b)		8,275		660,180
VMware, Inc., Class A (b)		14,006		1,103,533
Workday, Inc., Class A (a)(b)		17,966		1,237,139
Zynga, Inc., Class A (b)		137,712		313,983
				134,090,139
Specialty Retail — 2.6%
Aaron’s, Inc. (a)		11,335		409,307
Advance Auto Parts, Inc.		12,478		2,364,955
AutoNation, Inc. (b)		12,266		713,636
AutoZone, Inc. (b)		5,329		3,857,290
Bed Bath & Beyond, Inc. (b)		29,333		1,672,568
Best Buy Co., Inc. (a)		51,875		1,925,600
Cabela’s, Inc. (a)(b)		8,840		403,104
CarMax, Inc. (b)		35,693		2,117,309
CST Brands, Inc.		13,334		448,822
Dick’s Sporting Goods, Inc.		15,468		767,367
DSW, Inc., Class A (a)		13,097		331,485
Foot Locker, Inc. (a)		23,936		1,722,674
GameStop Corp., Class A (a)		18,042		743,511
Gap, Inc. (a)		40,274		1,147,809
GNC Holdings, Inc., Class A		14,671		593,002
Home Depot, Inc.		221,554		25,587,271
Kate Spade & Co. (b)		22,271		425,599
L Brands, Inc.		42,206		3,804,027
Lowe’s Cos., Inc.		162,324		11,187,370
Michaels Cos., Inc. (b)		10,085		232,963
O’Reilly Automotive, Inc. (b)		17,225		4,306,250
Office Depot, Inc. (b)		92,052		590,974
Penske Automotive Group, Inc.		7,552		365,819
Ross Stores, Inc.		70,577		3,420,867
Sally Beauty Holdings, Inc. (b)		26,497		629,304
Signet Jewelers Ltd.		13,715		1,867,023

Common Stocks	Shares		Value
Specialty Retail (continued)
Staples, Inc. (a)		110,462	$	1,295,719
Tiffany & Co. (a)		19,400		1,498,068
TJX Cos., Inc.		116,047		8,288,077
Tractor Supply Co.		23,306		1,965,162
Ulta Salon Cosmetics & Fragrance, Inc. (b)		10,986		1,794,563
Urban Outfitters, Inc. (a)(b)		16,826		494,348
Williams-Sonoma, Inc. (a)		15,611		1,191,900
				88,163,743
Technology Hardware, Storage & Peripherals — 3.9%
3D Systems Corp. (a)(b)		17,990		207,785
Apple, Inc.		982,604		108,381,221
EMC Corp.		331,239		8,002,734
Hewlett-Packard Co.		310,004		7,939,203
Lexmark International, Inc., Class A (a)		10,993		318,577
NCR Corp. (b)		28,464		647,556
NetApp, Inc. (a)		50,299		1,488,850
SanDisk Corp.		35,572		1,932,627
Western Digital Corp.		38,325		3,044,538
				131,963,091
Textiles, Apparel & Luxury Goods — 0.9%
Carter’s, Inc.		9,140		828,449
Coach, Inc.		47,734		1,380,945
Fossil Group, Inc. (a)(b)		7,327		409,433
Hanesbrands, Inc. (a)		68,584		1,984,821
LULULEMON Athletica, Inc. (a)(b)		19,119		968,377
Michael Kors Holdings Ltd. (b)		33,536		1,416,561
NIKE, Inc., Class B		115,650		14,221,480
PVH Corp.		14,216		1,449,179
Ralph Lauren Corp.		10,194		1,204,523
Skechers U.S.A., Inc., Class A (b)		6,899		925,018
Under Armour, Inc., Class A (a)(b)		30,469		2,948,790
VF Corp.		57,648		3,932,170
				31,669,746
Thrifts & Mortgage Finance — 0.1%
Hudson City Bancorp, Inc.		88,670		901,774
New York Community Bancorp, Inc. (a)		75,226		1,358,581
People’s United Financial, Inc. (a)		51,856		815,695
TFS Financial Corp.		10,620		183,195
				3,259,245
Tobacco — 1.3%
Altria Group, Inc.		335,417		18,246,685
Philip Morris International, Inc.		264,223		20,960,811
Reynolds American, Inc. (a)		140,835		6,234,765
				45,442,261
Trading Companies & Distributors — 0.3%
Air Lease Corp. (a)		17,557		542,862

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 99

Schedule of Investments (continued) BlackRock Large Cap Index Master Portfolio

Common Stocks	Shares		Value
Trading Companies & Distributors (continued)
Fastenal Co. (a)		50,257	$	1,839,909
GATX Corp. (a)		7,797		344,238
HD Supply Holdings, Inc. (b)		29,562		846,064
MSC Industrial Direct Co., Inc., Class A (a)		8,164		498,249
NOW, Inc. (a)(b)		19,346		286,321
United Rentals, Inc. (a)(b)		16,490		990,225
W.W. Grainger, Inc. (a)		11,415		2,454,339
Watsco, Inc.		4,465		529,013
WESCO International, Inc. (a)(b)		7,732		359,306
				8,690,526
Transportation Infrastructure — 0.0%
Macquarie Infrastructure Corp. (a)		11,974		893,979
Water Utilities — 0.1%
American Water Works Co., Inc. (a)		30,901		1,702,027
Aqua America, Inc. (a)		29,814		789,177
				2,491,204
Wireless Telecommunication Services — 0.2%
SBA Communications Corp., Class A (b)		22,080		2,312,659
Sprint Corp. (a)(b)		126,177		484,520
T-Mobile U.S., Inc. (b)		46,895		1,866,890
Telephone & Data Systems, Inc.		16,319		407,322
United States Cellular Corp. (b)		2,114		74,899
				5,146,290
Total Long-Term Investments (Cost — $3,158,277,679) — 97.8%				3,303,084,810

Short-Term Securities	Shares		Value
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (c)(d)		99,359,259	$	99,359,259
BlackRock Cash Funds: Prime, SL Agency Shares, 0.17% (c)(d)(e)		410,756,880		410,756,880
Total Short-Term Securities (Cost — $510,116,139) — 15.1%				510,116,139
Total Investments (Cost — $3,668,393,818*) — 112.9%				3,813,200,949
Liabilities in Excess of Other Assets — (12.9)%				(435,647,802	)
Net Assets — 100.0%			$	3,377,553,147

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

Tax cost	$	3,673,886,106
Gross unrealized appreciation	$	337,441,348
Gross unrealized depreciation		(198,126,505	)
Net unrealized appreciation	$	139,314,843

Notes to Schedule of Investments

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

(b) Non-income producing security.

(c) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at December 31, 2014		Shares Purchased			Shares Sold			Shares Held at September 30, 2015		Value at September 30, 2015		Income			Realized Gain (Loss)
BlackRock Cash Funds: Institutional, SL Agency Shares		79,872,532		19,486,727	1		—			99,359,259	$	99,359,259	$	105,985			—
BlackRock Cash Funds: Prime, SL Agency Shares		33,734,031		377,022,849	1		—			410,756,880	$	410,756,880	$	519,171	2		—
BlackRock, Inc.		16,270		5,466			(338	)		21,398	$	6,365,263	$	128,400		$	12,868
PNC Financial Services Group, Inc.		68,164		22,832			(2,660	)		88,336	$	7,879,571	$	121,007		$	33,790
iShares Russell 1000 ETF		191,542		—			(191,542	)		—		—		—		$	2,938,679

100 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock Large Cap Index Master Portfolio

¹   Represents net shares purchased.

²   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.

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

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

Portfolio Abbreviations

CBOE	Chicago Board Options Exchange
CME	Chicago Mercantile Exchange
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
S&P	Standard and Poor’s

Derivative Financial Instruments Outstanding as of Period End

Financial Futures Contracts

Contracts Long		Issue	Expiration	Notional Value	Unrealized Depreciation
	740	S&P 500 E-Mini Index	December 2015	$70,621,900	$	(707,316	)
	60	S&P MidCap 400 E-Mini Index	December 2015	$8,177,400		(185,056	)
	Total				$	(892,372	)

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’s 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 Master Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

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

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.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 101

Schedule of Investments (concluded) BlackRock Large Cap Index Master Portfolio

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 Investments1:
Common Stocks	$	3,303,084,810			—			—	$	3,303,084,810
Short-Term Securities:
Short-Term Securities		510,116,139			—			—		510,116,139
Total	$	3,813,200,949			—			—	$	3,813,200,949
1   See above Schedule of Investments for values in each industry.
	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments 2
Liabilities:
Equity contracts	$	(892,372	)		—			—	$	(892,372	)
2   Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.
The Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
	Level 1			Level 2			Level 3		Total
Assets:
Cash pledged for financial futures contracts	$	5,248,100			—			—	$	5,248,100
Liabilities:
Bank overdraft		—		$	(197	)		—		(197	)
Collateral on securities loaned at value		—			(410,756,880	)		—		(410,756,880	)
Total	$	5,248,100		$	(410,757,077	)		—	$	(405,508,977	)
During the period ended September 30, 2015, there were no transfers between levels.

102 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015 (Unaudited) LifePath Retirement Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 40.0%
Active Stock Master Portfolio	$	135,892,842	$	135,892,842
BlackRock Commodity Strategies Fund		7,760,340		49,588,571
BlackRock Emerging Markets Fund, Inc.		1,860,907		29,085,980
International Tilts Master Portfolio	$	119,824,611		119,824,611
iShares Cohen & Steers REIT ETF (b)		40,753		3,774,543
iShares International Developed Real Estate ETF (b)		72,807		2,039,324
iShares MSCI Canada ETF (b)		414,601		9,535,823
iShares MSCI EAFE Small-Cap ETF		330,349		15,780,772
Large Cap Index Master Portfolio	$	181,444,174		181,444,174
Master Small Cap Index Series	$	57,646,399		57,646,399
				604,613,039
Fixed Income Funds — 59.8%
CoreAlpha Bond Master Portfolio	$	757,487,150		757,487,150

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Fixed Income Funds (continued)
iShares TIPS Bond ETF	$	1,319,440	$	146,048,814
				903,535,964
Short-Term Securities — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (c)				2,081,203
BlackRock Cash Funds: Prime, SL Agency Shares, 0.17% (c)(d)				12,734,665
				14,815,868
Total Affiliated Investment Companies (Cost — $1,461,219,052*) — 100.8%				1,522,964,871
Liabilities in Excess of Other Assets — (0.8)%				(11,478,808	)
Net Assets — 100.0%			$	1,511,486,063

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

Tax cost	$	1,462,079,814
Gross unrealized appreciation	$	105,000,366
Gross unrealized depreciation		(44,115,309	)
Net unrealized appreciation	$	60,885,057

Notes to Schedule of Investments

(a) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the LifePath Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31,  2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30,  2015		Value at September 30, 2015		Net Income			Realized Gain (Loss)
Active Stock Master Portfolio	$	261,549,322		—		$	(125,656,480	)1	$	135,892,842	$	135,892,842	$	2,333,946		$	21,692,969
BlackRock Cash Funds: Institutional, SL Agency Shares		3,367,223		—			(1,286,020	)1		2,081,203	$	2,081,203	$	3,176			—
BlackRock Cash Funds: Prime, SL Agency Shares		—		12,734,665	2		—			12,734,665	$	12,734,665	$	41,071	3		—
BlackRock Commodity Strategies Fund		6,449,996		1,659,568			(349,224	)		7,760,340	$	49,588,571		—		$	(1,014,182	)
BlackRock Emerging Markets Fund, Inc.		1,751,608		361,825			(252,526	)		1,860,907	$	29,085,980		—		$	(29,432	)
CoreAlpha Bond Master Portfolio	$	808,534,591		—		$	(51,047,441	)1	$	757,487,150	$	757,487,150	$	13,500,817		$	6,751,056

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 103

Schedule of Investments (continued) LifePath Retirement Master Portfolio

International Tilts Master Portfolio	$	113,464,710	$	6,359,901	2		—		$	119,824,611	$	119,824,611	$	2,420,877	$	(383,436	)
iShares Cohen & Steers REIT ETF		45,789		485			(5,521	)		40,753	$	3,774,543	$	96,690	$	31,944
iShares International Developed Real Estate ETF		71,776		2,576			(1,545	)		72,807	$	2,039,324	$	63,113	$	(3,925	)
iShares MSCI Canada ETF		369,599		60,518			(15,516	)		414,601	$	9,535,823	$	81,590	$	(44,859	)
iShares MSCI EAFE Small-Cap ETF		338,648		19,807			(28,106	)		330,349	$	15,780,772	$	200,455	$	158,525
iShares TIPS Bond ETF		1,328,000		76,815			(85,375	)		1,319,440	$	146,048,814	$	407,275	$	(259,128	)
Large Cap Index Master Portfolio	$	71,857,425	$	109,586,749	2		—		$	181,444,174	$	181,444,174	$	2,141,699	$	775,002
Master Small Cap Index Series	$	61,149,952		—		$	(3,503,553	)1	$	57,646,399	$	57,646,399	$	588,639	$	509,555
Total International ex U.S. Index Master Portfolio4		—		—			—			—		—	$	114,584		—
1   Represents net shares/beneficial interest sold.
2   Represents net shares/beneficial interest purchased.
3   Represents 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.
4   No longer held by LifePath Master Portfolio as of report date.

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

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

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

Portfolio Abbreviations

ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust

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 Master Portfolio 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 LifePath Master Portfolio’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.

104 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) LifePath Retirement Master Portfolio

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the LifePath 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 Master Portfolio’s policy regarding valuation of investments, refer to the LifePath Master Portfolio’s most recent financial statements as contained in its semi-annual report.

As of September 30, 2015, the following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	270,669,695	$	1,252,295,176		—	$	1,522,964,871

The LifePath Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, collateral on securities loaned at value of $12,734,665 is categorized as Level 2 within the disclosure hierarchy.

During the period ended September 30, 2015, there were no transfers between levels.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 105

Schedule of Investments September 30, 2015 (Unaudited) LifePath 2020 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 51.8%
Active Stock Master Portfolio	$	407,508,700	$	407,508,700
BlackRock Commodity Strategies Fund		13,098,416		83,698,877
BlackRock Emerging Markets Fund, Inc.		4,518,206		70,619,566
International Tilts Master Portfolio	$	286,621,753		286,621,753
iShares Cohen & Steers REIT ETF (b)		403,936		37,412,552
iShares International Developed Real Estate ETF		1,164,342		32,613,220
iShares MSCI Canada ETF (b)		997,559		22,943,857
iShares MSCI EAFE Small-Cap ETF (b)		803,501		38,383,243
Large Cap Index Master Portfolio	$	289,618,190		289,618,190
Master Small Cap Index Series	$	94,710,887		94,710,887
				1,364,130,845
Fixed Income Funds — 48.0%
CoreAlpha Bond Master Portfolio	$	1,080,863,076		1,080,863,076

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Fixed Income Funds (continued)
iShares TIPS Bond ETF		1,672,714	$	185,152,712
				1,266,015,788
Short-Term Securities — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (c)		1,919,731		1,919,731
BlackRock Cash Funds: Prime, SL Agency Shares, 0.17% (c)(d)		18,158,041		18,158,041
				20,077,772
Total Affiliated Investment Companies (Cost — $2,500,501,034*) — 100.6%				2,650,224,405
Liabilities in Excess of Other Assets — (0.6)%				(15,493,951	)
Net Assets — 100.0%			$	2,634,730,454

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

Tax cost	$	2,506,240,455
Gross unrealized appreciation	$	231,865,958
Gross unrealized depreciation		(87,882,008	)
Net unrealized appreciation	$	143,983,950

Notes to Schedule of Investments

(a) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the LifePath Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income			Realized Gain (Loss)
Active Stock Master Portfolio	$	627,945,748		—		$	(220,437,048	)1	$	407,508,700	$	407,508,700	$	6,443,739		$	54,003,575
BlackRock Cash Funds: Institutional, SL Agency Shares		5,279,010		—			(3,359,279	)1		1,919,731	$	1,919,731	$	5,593			—
BlackRock Cash Funds: Prime, SL Agency Shares		6,776,550		11,381,491	2		—			18,158,041	$	18,158,041	$	90,407	3		—
BlackRock Commodity Strategies Fund		12,567,336		1,734,686			(1,203,606	)		13,098,416	$	83,698,877		—		$	(3,074,434	)
BlackRock Emerging Markets Fund, Inc.		4,505,579		744,130			(731,503	)		4,518,206	$	70,619,566		—		$	(24,627	)
CoreAlpha Bond Master Portfolio	$	1,143,592,277		—		$	(62,729,201	)1	$	1,080,863,076	$	1,080,863,076	$	19,270,344		$	9,639,378

106 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) LifePath 2020 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income		Realized Gain (Loss)
International Tilts Master Portfolio	$	282,798,820	$	3,822,933	2		—		$	286,621,753	$	286,621,753	$	6,018,807	$	4,107,612
iShares Cohen & Steers REIT ETF		498,805		9,521			(104,390	)		403,936	$	37,412,552	$	1,008,201	$	3,900,941
iShares International Developed Real Estate ETF		1,382,421		28,266			(246,345	)		1,164,342	$	32,613,219	$	1,099,969	$	1,095,230
iShares MSCI Canada ETF		967,873		82,833			(53,147	)		997,559	$	22,943,857	$	201,047	$	(266,569	)
iShares MSCI EAFE Small-Cap ETF		881,531		25,729			(103,759	)		803,501	$	38,383,243	$	493,905	$	608,127
iShares TIPS Bond ETF		1,673,332		105,263			(105,881	)		1,672,714	$	185,152,713	$	515,729	$	(292,476	)
Large Cap Index Master Portfolio	$	176,865,168	$	112,753,022	2		—		$	289,618,190	$	289,618,190	$	3,791,238	$	1,610,797
Master Small Cap Index Series	$	99,172,892		—		$	(4,462,005	)1	$	94,710,887	$	94,710,887	$	971,864	$	829,526
Total International ex U.S. Index Master Portfolio4		—		—			—			—		—	$	163,461		—

¹  Represents net shares/beneficial interest sold.

²  Represents net shares/beneficial interest purchased.

³  Represents 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.

⁴  No longer held by LifePath Master Portfolio as of report date.

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

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

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

Portfolio Abbreviations

ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust

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 Master Portfolio 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 LifePath Master Portfolio’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.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 107

Schedule of Investments (concluded) LifePath 2020 Master Portfolio

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the LifePath 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 Master Portfolio’s policy regarding valuation of investments, refer to the LifePath Master Portfolio’s most recent financial statements as contained in its semi-annual report.

As of September 30, 2015, the following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	490,901,799	$	2,159,322,606		—	$	2,650,224,405

The LifePath Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, collateral on securities loaned at value of $18,158,041 is categorized as Level 2 within the disclosure hierarchy.

During the period ended September 30, 2015, there were no transfers between levels.

108 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015 (Unaudited) LifePath 2025 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 63.0%
Active Stock Master Portfolio	$	12,698,176	$	12,698,176
BlackRock Commodity Strategies Fund		329,576		2,105,993
BlackRock Emerging Markets Fund, Inc.		135,630		2,119,893
International Tilts Master Portfolio	$	8,454,512		8,454,512
iShares Cohen & Steers REIT ETF		18,953		1,755,427
iShares International Developed Real Estate ETF		54,358		1,522,567
iShares MSCI Canada ETF (b)		31,702		729,146
iShares MSCI EAFE Small-Cap ETF		24,807		1,185,030
Large Cap Index Master Portfolio	$	7,904,186		7,904,186
Master Small Cap Index Series	$	2,025,536		2,025,536
				40,500,466
Fixed Income Funds — 36.8%
CoreAlpha Bond Master Portfolio	$	20,622,840		20,622,840

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Fixed Income Funds (continued)
iShares TIPS Bond ETF		27,708	$	3,066,999
				23,689,839
Short-Term Securities — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (c)		92,462		92,462
BlackRock Cash Funds: Prime, SL Agency Shares, 0.17% (c)(d)		8,464		8,464
				100,926
Total Affiliated Investment Companies (Cost — $64,770,711*) — 99.9%				64,291,231
Other Assets Less Liabilities — 0.1%				37,403
Net Assets — 100.0%			$	64,328,634

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

Tax cost	$	64,934,264
Gross unrealized appreciation	$	2,201,048
Gross unrealized depreciation		(2,844,081	)
Net unrealized depreciation	$	(643,033	)

Notes to Schedule of Investments

(a) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the LifePath Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31,  2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30,  2015		Value at September 30, 2015		Net Income			Realized Gain (Loss)
Active Stock Master Portfolio	$	15,992,282		—		$	(3,294,106	)1	$	12,698,176	$	12,698,176	$	188,171		$	1,381,665
BlackRock Cash Funds: Institutional, SL Agency Shares		39,034		53,428	2		—			92,462	$	92,462	$	207			—
BlackRock Cash Funds: Prime, SL Agency Shares		—		8,464	2		—			8,464	$	8,464	$	1,566	3		—
BlackRock Commodity Strategies Fund		297,619		95,898			(63,941	)		329,576	$	2,105,993		—		$	(172,812	)
BlackRock Emerging Markets Fund, Inc.		125,241		42,298			(31,909	)		135,630	$	2,119,893		—		$	(26,362	)
CoreAlpha Bond Master Portfolio	$	19,692,253	$	930,587	2		—		$	20,622,840	$	20,622,840	$	360,958		$	175,915

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 109

Schedule of Investments (continued) LifePath 2025 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31,  2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30,  2015		Value at September 30, 2015		Net Income		Realized Gain (Loss)
International Tilts Master Portfolio	$	7,554,212	$	900,300	2		—		$	8,454,512	$	8,454,512	$	180,968	$	(24,918	)
iShares Cohen & Steers REIT ETF		19,497		6,283			(6,827	)		18,953	$	1,755,427	$	44,059	$	103,695
iShares International Developed Real Estate ETF		53,688		16,609			(15,939	)		54,358	$	1,522,567	$	48,543	$	(13,540	)
iShares MSCI Canada ETF		27,681		7,611			(3,590	)		31,702	$	729,146	$	6,141	$	(8,826	)
iShares MSCI EAFE Small-Cap ETF		24,879		4,177			(4,249	)		24,807	$	1,185,030	$	15,111	$	7,763
iShares TIPS Bond ETF		25,680		8,866			(6,838	)		27,708	$	3,066,999	$	9,110	$	(36,643	)
Large Cap Index Master Portfolio	$	5,483,712	$	2,420,474	2		—		$	7,904,186	$	7,904,186	$	111,443	$	48,602
Master Small Cap Index Series	$	1,907,031	$	118,505	2		—		$	2,025,536	$	2,025,536	$	21,207	$	17,624
Total International ex U.S. Index Master Portfolio4		—		—			—			—		—	$	3,029		—

¹  Represents net shares/beneficial interest sold.

²  Represents net shares/beneficial interest purchased.

³  Represents 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.

⁴  No longer held by LifePath Master Portfolio as of report date.

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

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

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

Portfolio Abbreviations

ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust

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 Master Portfolio 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 LifePath Master Portfolio’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.

110 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (concluded) LifePath 2025 Master Portfolio

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the LifePath 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 Master Portfolio’s policy regarding valuation of investments, refer to the LifePath Master Portfolio’s most recent financial statements as contained in its semi-annual report.

As of September 30, 2015, the following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	12,585,981	$	51,705,250		—	$	64,291,231

The LifePath Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, collateral on securities loaned at value of $8,464 is categorized as Level 2 within the disclosure hierarchy.

During the period ended September 30, 2015, there were no transfers between levels.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 111

Schedule of Investments September 30, 2015 (Unaudited) LifePath 2030 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 73.7%
Active Stock Master Portfolio	$	571,481,868	$	571,481,868
BlackRock Commodity Strategies Fund		12,702,720		81,170,384
BlackRock Emerging Markets Fund, Inc.		6,272,324		98,036,427
International Tilts Master Portfolio	$	390,312,669		390,312,669
iShares Cohen & Steers REIT ETF (b)		1,105,582		102,399,005
iShares International Developed Real Estate ETF		3,170,146		88,795,789
iShares MSCI Canada ETF (b)		1,405,870		32,335,010
iShares MSCI EAFE Small-Cap ETF		1,147,259		54,804,562
Large Cap Index Master Portfolio	$	374,927,089		374,927,089
Master Small Cap Index Series	$	69,068,742		69,068,742
				1,863,331,545

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Fixed Income Funds — 26.2%
CoreAlpha Bond Master Portfolio	$	594,350,694	$	594,350,694
iShares TIPS Bond ETF (b)		607,736		67,270,298
				661,620,992
Short-Term Securities — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (c)		3,748,190		3,748,190
BlackRock Cash Funds: Prime, SL Agency Shares, 0.17% (c)(d)		36,053,304		36,053,304
				39,801,494
Total Affiliated Investment Companies (Cost — $2,409,697,608*) — 101.5%				2,564,754,031
Liabilities in Excess of Other Assets — (1.5)%				(37,170,690	)
Net Assets — 100.0%			$	2,527,583,341

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

Tax cost	$	2,417,187,143
Gross unrealized appreciation	$	248,799,818
Gross unrealized depreciation		(101,232,930	)
Net unrealized appreciation	$	147,566,888

Notes to Schedule of Investments

(a) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the LifePath Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31,  2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30,  2015		Value at September 30, 2015		Net Income			Realized Gain (Loss)
Active Stock Master Portfolio	$	732,007,711		—		$	(160,525,843	)1	$	571,481,868	$	571,481,868	$	8,302,723		$	65,124,517
BlackRock Cash Funds: Institutional, SL Agency Shares		5,873,387		—			(2,125,197	)1		3,748,190	$	3,748,190	$	6,155			—
BlackRock Cash Funds: Prime, SL Agency Shares		8,407,500		27,645,804	2		—			36,053,304	$	36,053,304	$	139,727	3		—
BlackRock Commodity Strategies Fund		12,540,270		1,867,557			(1,705,107	)		12,702,720	$	81,170,384		—		$	(4,585,419	)
BlackRock Emerging Markets Fund, Inc.		6,115,000		1,108,735			(951,411	)		6,272,324	$	98,036,427		—		$	(190,754	)
CoreAlpha Bond Master Portfolio	$	591,843,692	$	2,507,002	2		—		$	594,350,694	$	594,350,694	$	10,298,874		$	5,127,505

112 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) LifePath 2030 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31,  2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30,  2015		Value at September 30, 2015		Net Income		Realized Gain (Loss)
International Tilts Master Portfolio	$	378,538,181	$	11,774,488	2		—		$	390,312,669	$	390,312,669	$	8,185,836	$	(1,245,112	)
iShares Cohen & Steers REIT ETF		1,164,738		147,871			(207,027	)		1,105,582	$	102,399,005	$	2,531,521	$	4,131,673
iShares International Developed Real Estate ETF		3,234,964		294,318			(359,136	)		3,170,146	$	88,795,789	$	2,725,122	$	26,894
iShares MSCI Canada ETF		1,320,806		147,141			(62,077	)		1,405,870	$	32,335,010	$	281,104	$	(304,303	)
iShares MSCI EAFE Small-Cap ETF		1,198,374		50,255			(101,370	)		1,147,259	$	54,804,562	$	694,297	$	323,560
iShares TIPS Bond ETF		587,067		53,805			(33,136	)		607,736	$	67,270,298	$	186,705	$	47,953
Large Cap Index Master Portfolio	$	325,759,398	$	49,167,691	2		—		$	374,927,089	$	374,927,089	$	5,402,372	$	2,665,378
Master Small Cap Index Series	$	75,431,704		—		$	(6,362,962	)1	$	69,068,742	$	69,068,742	$	731,201	$	589,031
Total International ex U.S. Index Master Portfolio4		—		—			—			—		—	$	86,921		—
1   Represents net shares/beneficial interest sold.
2   Represents net shares/beneficial interest purchased.
3   Represents 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.
4   No longer held by LifePath Master Portfolio.

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

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

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

Portfolio Abbreviations

ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 113

Schedule of Investments (concluded) LifePath 2030 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 LifePath Master Portfolio 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 LifePath Master Portfolio’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.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the LifePath 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 Master Portfolio’s policy regarding valuation of investments, refer to the LifePath Master Portfolio’s most recent financial statements as contained in its semi-annual report.

As of September 30, 2015, the following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	564,612,969	$	2,000,141,062		—	$	2,564,754,031

The LifePath Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, collateral on securities loaned at value of $36,053,304 is categorized as Level 2 within the disclosure hierarchy.

During the period ended September 30, 2015, there were no transfers between levels.

114 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015 (Unaudited) LifePath 2035 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 83.7%
Active Stock Master Portfolio	$	13,556,191	$	13,556,191
BlackRock Commodity Strategies Fund		284,192		1,815,990
BlackRock Emerging Markets Fund, Inc.		154,747		2,418,699
International Tilts Master Portfolio	$	9,672,051		9,672,051
iShares Cohen & Steers REIT ETF		31,278		2,896,968
iShares International Developed Real Estate ETF		89,575		2,508,996
iShares MSCI Canada ETF		36,004		828,092
iShares MSCI EAFE Small-Cap ETF		29,113		1,390,728
Large Cap Index Master Portfolio	$	9,847,484		9,847,484
Master Small Cap Index Series	$	1,280,353		1,280,353
				46,215,552
Fixed Income Funds — 16.1%
CoreAlpha Bond Master Portfolio	$	8,478,482		8,478,482

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Fixed Income Funds (continued)
iShares TIPS Bond ETF		3,548	$	392,728
				8,871,210
Short-Term Securities — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (b)		60,712		60,712
Total Affiliated Investment Companies (Cost — $55,562,846*) — 99.9%				55,147,474
Other Assets Less Liabilities — 0.1%				53,485
Net Assets — 100.0%			$	55,200,959

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

Tax cost	$	55,691,016
Gross unrealized appreciation	$	2,313,040
Gross unrealized depreciation		(2,856,582	)
Net unrealized depreciation	$	(543,542	)

Notes to Schedule of Investments

(a) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the LifePath Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31,  2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30,  2015		Value at September 30, 2015		Net Income			Realized Gain (Loss)
Active Stock Master Portfolio	$	15,858,279		—		$	(2,302,088	)1	$	13,556,191	$	13,556,191	$	191,867		$	1,411,407
BlackRock Cash Funds: Institutional, SL Agency Shares		105,615		—			(44,903	)1		60,712	$	60,712	$	120			—
BlackRock Cash Funds: Prime, SL Agency Shares		—		—			—			—		—	$	1,651	3		—
BlackRock Commodity Strategies Fund		266,087		65,440			(47,335	)		284,192	$	1,815,990		—		$	(137,151	)
BlackRock Emerging Markets Fund, Inc.		147,219		40,860			(33,332	)		154,747	$	2,418,699		—		$	(34,605	)
CoreAlpha Bond Master Portfolio	$	7,576,096	$	902,386	2		—		$	8,478,482	$	8,478,482	$	140,336		$	68,268
International Tilts Master Portfolio	$	8,798,849	$	873,202	2		—		$	9,672,051	$	9,672,051	$	201,464		$	(29,904	)
iShares Cohen & Steers REIT ETF		30,677		9,666			(9,065	)		31,278	$	2,896,968	$	70,648		$	111,138

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 115

Schedule of Investments (continued) LifePath 2035 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income		Realized Gain (Loss)
iShares International Developed Real Estate ETF		84,556		24,188			(19,169	)		89,575	$	2,508,996	$	77,241	$	(31,313	)
iShares MSCI Canada ETF		32,043		6,875			(2,914	)		36,004	$	828,092	$	7,055	$	(4,857	)
iShares MSCI EAFE Small-Cap ETF		28,911		4,779			(4,577	)		29,113	$	1,390,728	$	17,293	$	1,237
iShares TIPS Bond ETF		3,848		—			(300	)		3,548	$	392,728	$	1,092	$	411
Large Cap Index Master Portfolio	$	8,787,621	$	1,059,863	2		—		$	9,847,484	$	9,847,484	$	144,789	$	70,871
Master Small Cap Index Series	$	1,338,461		—		$	(58,108	)1	$	1,280,353	$	1,280,353	$	13,772	$	11,005
Total International ex U.S. Index Master Portfolio4		—		—			—			—		—	$	1,179		—
1   Represents net shares/beneficial interest sold.
2   Represents net shares/beneficial interest purchased.
3   Represents 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.
4   No longer held by LifePath Master Portfolio as of report date.

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

Portfolio Abbreviations

ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust

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 Master Portfolio 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 LifePath Master Portfolio’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.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the LifePath 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 Master Portfolio’s policy regarding valuation of investments, refer to the LifePath Master Portfolio’s most recent financial statements as contained in its semi-annual report.

116 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (concluded) LifePath 2035 Master Portfolio

As of September 30, 2015, the following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	12,312,913	$	42,834,561	—	$	55,147,474

During the period ended September 30, 2015, there were no transfers between levels.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 117

Schedule of Investments September 30, 2015 (Unaudited) LifePath 2040 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 92.6%
Active Stock Master Portfolio	$	479,373,037	$	479,373,037
BlackRock Commodity Strategies Fund		9,762,100		62,379,817
BlackRock Emerging Markets Fund, Inc.		5,831,696		91,149,403
International Tilts Master Portfolio	$	359,900,083		359,900,083
iShares Cohen & Steers REIT ETF (b)		1,284,967		119,013,644
iShares International Developed Real Estate ETF (b)		3,680,632		103,094,502
iShares MSCI Canada ETF (b)		1,319,147		30,340,381
iShares MSCI EAFE Small-Cap ETF		1,034,562		49,421,027
Large Cap Index Master Portfolio	$	371,636,495		371,636,495
Master Small Cap Index Series	$	39,361,184		39,361,184
				1,705,669,573
Fixed Income Fund — 7.2%
CoreAlpha Bond Master Portfolio	$	133,482,204		133,482,204

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (c)		2,272,152	$	2,272,152
BlackRock Cash Funds: Prime, SL Agency Shares, 0.17% (c)(d)		28,882,093		28,882,093
				31,154,245
Total Affiliated Investment Companies (Cost — $1,761,662,400*) — 101.5%				1,870,306,022
Liabilities in Excess of Other Assets — (1.5)%				(27,583,761	)
Net Assets — 100.0%			$	1,842,722,261

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

Tax cost	$	1,766,486,124
Gross unrealized appreciation	$	187,952,163
Gross unrealized depreciation		(84,132,265	)
Net unrealized appreciation	$	103,819,898

Notes to Schedule of Investments

(a) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the LifePath Master Portfolio for purposes of Section 2(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income			Realized Gain (Loss)
Active Stock Master Portfolio	$	617,793,419		—		$	(138,420,382	)1	$	479,373,037	$	479,373,037	$	7,176,126		$	55,835,647
BlackRock Cash Funds: Institutional, SL Agency Shares		4,210,819		—			(1,938,667	)1		2,272,152	$	2,272,152	$	4,669			—
BlackRock Cash Funds: Prime, SL Agency Shares		16,314,800		12,567,293	2		—			28,882,093	$	28,882,093	$	123,093	3		—
BlackRock Commodity Strategies Fund		10,188,103		1,478,221			(1,904,224	)		9,762,100	$	62,379,817		—		$	(5,376,033	)
BlackRock Emerging Markets Fund, Inc.		5,989,668		896,507			(1,054,480	)		5,831,695	$	91,149,403		—		$	(522,028	)
CoreAlpha Bond Master Portfolio	$	124,444,002	$	9,038,202	2		—		$	133,482,204	$	133,482,204	$	2,240,882		$	1,100,254
International Tilts Master Portfolio	$	367,981,472		—		$	(8,081,389	)1	$	359,900,083	$	359,900,083	$	7,877,136		$	5,493,259
iShares Cohen & Steers REIT ETF		1,402,976		192,951			(310,960	)		1,284,967	$	119,013,644	$	3,021,839		$	(1,101,640	)

118 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) LifePath 2040 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased		Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income		Realized Gain (Loss)
iShares International Developed Real Estate ETF		3,883,740		371,489		(574,597	)		3,680,632	$	103,094,502	$	3,292,393	$	(381,085	)
iShares MSCI Canada ETF		1,285,655		137,156		(103,664	)		1,319,147	$	30,340,381	$	274,168	$	(535,042	)
iShares MSCI EAFE Small-Cap ETF		1,170,755		49,263		(185,456	)		1,034,562	$	49,421,027	$	670,701	$	910,244
Large Cap Index Master Portfolio	$	379,569,351		—	$	(7,932,856	)1	$	371,636,495	$	371,636,495	$	5,754,970	$	3,026,953
Master Small Cap Index Series	$	50,915,660		—	$	(11,554,476	)1	$	39,361,184	$	39,361,184	$	468,329	$	515,862
Total International ex U.S. Index Master Portfolio4		—		—		—			—		—	$	18,936		—
1   Represents net shares/beneficial interest sold.
2   Represents net shares/beneficial interest purchased.
3   Represents 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.
4   No longer held by LifePath Master Portfolio as of report date.

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

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

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

Portfolio Abbreviations

ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust

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 Master Portfolio 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 LifePath Master Portfolio’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.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the LifePath 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 Master Portfolio’s policy regarding valuation of investments, refer to the LifePath Master Portfolio’s most recent financial statements as contained in its semi-annual report.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 119

Schedule of Investments (concluded) LifePath 2040 Master Portfolio

As of September 30, 2015, the following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	486,553,019	$	1,383,753,003		—	$	1,870,306,022

The LifePath Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, collateral on securities loaned at value of $28,882,093 is categorized as Level 2 within the disclosure hierarchy.

During the period ended September 30, 2015, there were no transfers between levels.

120 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015 (Unaudited) LifePath 2045 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 97.2%
Active Stock Master Portfolio	$	9,222,682	$	9,222,682
BlackRock Commodity Strategies Fund		183,154		1,170,353
BlackRock Emerging Markets Fund, Inc.		112,083		1,751,852
International Tilts Master Portfolio	$	6,871,794		6,871,794
iShares Cohen & Steers REIT ETF		25,805		2,390,059
iShares International Developed Real Estate ETF		73,788		2,066,802
iShares MSCI Canada ETF		24,842		571,366
iShares MSCI EAFE Small-Cap ETF		20,081		959,269
Large Cap Index Master Portfolio	$	6,668,571		6,668,571
Master Small Cap Index Series	$	743,970		743,970
				32,416,718
Fixed Income Fund — 2.6%
CoreAlpha Bond Master Portfolio	$	876,540		876,540

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (b)		41,933	$	41,933
Total Affiliated Investment Companies (Cost — $33,973,276*) — 99.9%				33,335,191
Other Assets Less Liabilities — 0.1%				27,785
Net Assets — 100.0%			$	33,362,976

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

Tax cost	$	34,069,001
Gross unrealized appreciation	$	1,221,101
Gross unrealized depreciation		(1,954,911	)
Net unrealized depreciation	$	(733,810	)

Notes to Schedule of Investments

(a) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the LifePath Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income			Realized Gain (Loss)
Active Stock Master Portfolio	$	10,880,891		—		$	(1,658,209	)1	$	9,222,682	$	9,222,682	$	128,858		$	942,710
BlackRock Cash Funds: Institutional, SL Agency Shares		75,058		—			(33,125	)1		41,933	$	41,933	$	168			—
BlackRock Cash Funds: Prime, SL Agency Shares		—		—			—			—		—	$	858	2		—
BlackRock Commodity Strategies Fund		178,939		41,423			(37,208	)		183,154	$	1,170,353		—		$	(98,365	)
BlackRock Emerging Markets Fund, Inc.		104,984		33,594			(26,495	)		112,083	$	1,751,852		—		$	(19,601	)
CoreAlpha Bond Master Portfolio	$	644,004	$	232,536	3		—		$	876,540	$	876,540	$	12,987		$	6,641
International Tilts Master Portfolio	$	6,367,614	$	504,180	3		—		$	6,871,794	$	6,871,794	$	139,137		$	(24,273	)
iShares Cohen & Steers REIT ETF		25,214		8,510			(7,919	)		25,805	$	2,390,059	$	57,157		$	103,561
iShares International Developed Real Estate ETF		69,082		20,396			(15,690	)		73,788	$	2,066,802	$	62,285		$	(20,409	)

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 121

Schedule of Investments (continued) LifePath 2045 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income		Realized Gain (Loss)
iShares MSCI Canada ETF		23,208		4,439			(2,805	)		24,842	$	571,366	$	4,896	$	(3,441	)
iShares MSCI EAFE Small-Cap ETF		20,569		2,702			(3,190	)		20,081	$	959,269	$	11,845	$	10,050
Large Cap Index Master Portfolio	$	6,174,176	$	494,395	3		—		$	6,668,571	$	6,668,571	$	97,303	$	48,254
Master Small Cap Index Series	$	865,739		—		$	(121,769	)1	$	743,970	$	743,970	$	8,218	$	7,027
Total International ex U.S. Index Master Portfolio4		—		—			—			—		—	$	1,179		—
1   Represents net shares/beneficial interest sold.
2   Represents 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. 3   Represents net shares/beneficial interest purchased.
4   No longer held by LifePath Master Portfolio as of report date.

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

Portfolio Abbreviations

ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust

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 Master Portfolio 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 LifePath Master Portfolio’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.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the LifePath 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 Master Portfolio’s policy regarding valuation of investments, refer to the LifePath Master Portfolio’s most recent financial statements as contained in its semi-annual report.

122 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (concluded) LifePath 2045 Master Portfolio

As of September 30, 2015, the following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	8,951,634	$	24,383,557		—	$	33,335,191

During the period ended September 30, 2015, there were no transfers between levels.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 123

Schedule of Investments September 30, 2015 (Unaudited) LifePath 2050 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 98.2%
Active Stock Master Portfolio	$	119,222,087	$	119,222,087
BlackRock Commodity Strategies Fund		2,209,915		14,121,356
BlackRock Emerging Markets Fund, Inc.		1,371,858		21,442,134
International Tilts Master Portfolio	$	84,785,289		84,785,289
iShares Cohen & Steers REIT ETF (b)		318,519		29,501,230
iShares International Developed Real Estate ETF		911,792		25,539,294
iShares MSCI Canada ETF (b)		304,294		6,998,762
iShares MSCI EAFE Small-Cap ETF		246,352		11,768,235
Large Cap Index Master Portfolio	$	75,224,164		75,224,164
Master Small Cap Index Series	$	9,075,366		9,075,366
				397,677,917
Fixed Income Fund — 1.6%
CoreAlpha Bond Master Portfolio	$	6,289,526		6,289,526

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (c)		386,019	$	386,019
BlackRock Cash Funds: Prime, SL Agency Shares, 0.17% (c)(d)		6,732,162		6,732,162
				7,118,181
Total Affiliated Investment Companies (Cost — $398,737,372*) — 101.6%				411,085,624
Liabilities in Excess of Other Assets — (1.6)%				(6,310,238	)
Net Assets — 100.0%			$	404,775,386

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

Tax cost	$	399,709,041
Gross unrealized appreciation	$	30,281,681
Gross unrealized depreciation		(18,905,098	)
Net unrealized appreciation	$	11,376,583

Notes to Schedule of Investments

(a) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the LifePath Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income			Realized Gain (Loss)
Active Stock Master Portfolio	$	147,719,967		—		$	(28,497,880	)1	$	119,222,087	$	119,222,087	$	1,817,045		$	14,083,647
BlackRock Cash Funds: Institutional, SL Agency Shares		1,215,707		—			(829,688	)1		386,019	$	386,019	$	1,388			—
BlackRock Cash Funds: Prime, SL Agency Shares		2,950,000		3,782,162	2		—			6,732,162	$	6,732,162	$	29,274	3		—
BlackRock Commodity Strategies Fund		2,193,346		587,472			(570,903	)		2,209,915	$	14,121,356		—		$	(1,848,491	)
BlackRock Emerging Markets Fund, Inc.		1,329,101		378,151			(335,394	)		1,371,858	$	21,442,134		—		$	(508,771	)
CoreAlpha Bond Master Portfolio	$	4,957,761	$	1,331,765	2		—		$	6,289,526	$	6,289,526	$	103,509		$	48,554
International Tilts Master Portfolio	$	81,873,561	$	2,911,728	2		—		$	84,785,289	$	84,785,289	$	1,905,443		$	(175,592	)
iShares Cohen & Steers REIT ETF		327,853		103,331			(112,665	)		318,519	$	29,501,230	$	758,294		$	1,665,275

124 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) LifePath 2050 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31,  2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30,  2015		Value at September 30, 2015		Net Income		Realized Gain (Loss)
iShares International Developed Real Estate ETF		901,660		249,254			(239,122	)		911,792	$	25,539,294	$	840,986	$	(412,501	)
iShares MSCI Canada ETF		285,386		64,182			(45,274	)		304,294	$	6,998,762	$	67,518	$	(198,407	)
iShares MSCI EAFE Small-Cap ETF		260,026		37,207			(50,881	)		246,352	$	11,768,235	$	166,367	$	6,862
Large Cap Index Master Portfolio	$	69,086,943	$	6,137,221	2		—		$	75,224,164	$	75,224,164	$	1,164,008	$	595,483
Master Small Cap Index Series	$	11,565,177		—		$	(2,489,811	)1	$	9,075,366	$	9,075,366	$	110,441	$	142,799
Total International ex U.S. Index Master Portfolio4		—		—			—			—		—	$	868		—

¹  Represents net shares/beneficial interest sold.

²  Represents net shares/beneficial interest purchased.

³  Represents 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.

⁴  No longer held by LifePath Master Portfolio as of report date.

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

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

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

Portfolio Abbreviations

ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust

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 Master Portfolio 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 LifePath Master Portfolio’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.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the LifePath 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 Master Portfolio’s policy regarding valuation of investments, refer to the LifePath Master Portfolio’s most recent financial statements as contained in its semi-annual report.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 125

Schedule of Investments (concluded) LifePath 2050 Master Portfolio

As of September 30, 2015, the following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	116,489,192	$	294,596,432		—	$	411,085,624

The LifePath Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, collateral on securities loaned at value of $6,732,162 is categorized as Level 2 within the disclosure hierarchy.

During the period ended September 30, 2015, there were no transfers between levels.

126 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015 (Unaudited) LifePath 2055 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 98.2%
Active Stock Master Portfolio	$	4,609,465	$	4,609,465
BlackRock Commodity Strategies Fund		76,312		487,635
BlackRock Emerging Markets Fund, Inc.		49,712		777,000
International Tilts Master Portfolio	$	3,086,605		3,086,605
iShares Cohen & Steers REIT ETF		11,500		1,065,130
iShares International Developed Real Estate ETF		32,722		916,543
iShares MSCI Canada ETF		10,785		248,055
iShares MSCI EAFE Small-Cap ETF		8,907		425,487
Large Cap Index Master Portfolio	$	2,403,317		2,403,317
Master Small Cap Index Series	$	333,085		333,085
				14,352,322
Fixed Income Fund — 1.6%
CoreAlpha Bond Master Portfolio	$	229,171		229,171

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (b)		49,437	$	49,437
Total Affiliated Investment Companies (Cost — $15,029,482*) — 100.1%				14,630,930
Liabilities in Excess of Other Assets — (0.1)%				(18,587	)
Net Assets — 100.0%			$	14,612,343

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

Tax cost	$	15,077,744
Gross unrealized appreciation	$	312,334
Gross unrealized depreciation		(759,148	)
Net unrealized depreciation	$	(446,814	)

Notes to Schedule of Investments

(a) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the LifePath Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31,  2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30,  2015		Value at September 30, 2015		Net Income			Realized Gain (Loss)
Active Stock Master Portfolio	$	4,678,399		—		$	(68,934	)1	$	4,609,465	$	4,609,465	$	59,744		$	426,285
BlackRock Cash Funds: Institutional, SL Agency Shares		25,991		23,446	2		—			49,437	$	49,437	$	50			—
BlackRock Cash Funds: Prime, SL Agency Shares		—		—			—			—		—	$	1,056	3		—
BlackRock Commodity Strategies Fund		68,577		25,878			(18,143	)		76,312	$	487,635		—		$	(42,992	)
BlackRock Emerging Markets Fund, Inc.		40,487		20,085			(10,860	)		49,712	$	777,000		—		$	(5,397	)
CoreAlpha Bond Master Portfolio	$	115,070	$	114,101	2		—		$	229,171	$	229,171	$	3,085		$	1,580
International Tilts Master Portfolio	$	2,416,757	$	669,848	2		—		$	3,086,605	$	3,086,605	$	57,797		$	(9,941	)
iShares Cohen & Steers REIT ETF		9,602		4,368			(2,470	)		11,500	$	1,065,130	$	23,838		$	23,158
iShares International Developed Real Estate ETF		26,550		10,872			(4,700	)		32,722	$	916,543	$	25,951		$	(8,581	)

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 127

Schedule of Investments (continued) LifePath 2055 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31,  2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30,  2015		Value at September 30, 2015		Net Income		Realized Gain (Loss)
iShares MSCI Canada ETF		8,714		3,271			(1,200	)		10,785	$	248,055	$	2,058	$	(1,866	)
iShares MSCI EAFE Small-Cap ETF		7,943		2,264			(1,300	)		8,907	$	425,487	$	4,797	$	(1,727	)
Large Cap Index Master Portfolio	$	1,751,127		652,190	2		—		$	2,403,317	$	2,403,317	$	31,722	$	14,591
Master Small Cap Index Series	$	342,105		—		$	(9,020	)1	$	333,085	$	333,085	$	3,443	$	2,461
Total International ex U.S. Index Master Portfolio4		—		—			—			—		—	$	26		—

¹  Represents net shares/beneficial interest sold.

²  Represents net shares/beneficial interest purchased.

³  Represents 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.

⁴  No longer held by LifePath Master Portfolio as of report date.

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

Portfolio Abbreviations

ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust

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 Master Portfolio 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 LifePath Master Portfolio’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.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the LifePath 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 Master Portfolio’s policy regarding valuation of investments, refer to the LifePath Master Portfolio’s most recent financial statements as contained in its semi-annual report.

128 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (concluded) LifePath 2055 Master Portfolio

As of September 30, 2015, the following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	3,969,287	$	10,661,643		—	$	14,630,930

During the period ended September 30, 2015, there were no transfers between levels.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 129

Schedule of Investments September 30, 2015 (Unaudited) LifePath Index Retirement Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 40.1%
iShares Cohen & Steers REIT ETF		15,924	$	1,474,881
iShares Core MSCI Total International Stock ETF		489,227		23,893,847
iShares International Developed Real Estate ETF		44,090		1,234,961
iShares MSCI EAFE Small-Cap ETF (b)		71,678		3,424,058
Large Cap Index Master Portfolio	$	106,948,063		106,948,063
Master Small Cap Index Series	$	19,080,123		19,080,123
Total International ex U.S. Index Master Portfolio	$	35,987,250		35,987,250
				192,043,183
Fixed Income Funds — 59.8%
iShares TIPS Bond ETF		384,148		42,521,342

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Fixed Income Funds (continued)
U.S. Total Bond Index Master Portfolio	$	243,424,965	$	243,424,965
				285,946,307
Short-Term Securities — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (c)		865,074		865,074
BlackRock Cash Funds: Prime, SL Agency Shares, 0.17% (c)(d)		2,115,342		2,115,342
				2,980,416
Total Affiliated Investment Companies (Cost — $453,423,645*) — 100.5%				480,969,906
Liabilities in Excess of Other Assets — (0.5)%				(2,437,911	)
Net Assets — 100.0%			$	478,531,995

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

Tax cost	$	453,779,330
Gross unrealized appreciation	$	32,136,928
Gross unrealized depreciation		(4,946,352	)
Net unrealized appreciation	$	27,190,576

Notes to Schedule of Investments

(a) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the LifePath Index Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30,  2015		Value at September 30, 2015		Net Income			Realized Gain (Loss)
BlackRock Cash Funds: Institutional, SL Agency Shares		984,033		—			(118,959	)1		865,074	$	865,074	$	1,287			—
BlackRock Cash Funds: Prime, SL Agency Shares		—		2,115,342	2		—			2,115,342	$	2,115,342	$	7,464	3		—
iShares Cohen & Steers REIT ETF		12,463		4,037			(576	)		15,924	$	1,474,881	$	34,141		$	8,536
iShares Core MSCI Total International Stock ETF		252,688		249,729			(13,190	)		489,227	$	23,893,847	$	216,249		$	(8,962	)
iShares International Developed Real Estate ETF		34,882		11,671			(2,463	)		44,090	$	1,234,961	$	37,177		$	(8,892	)
iShares MSCI EAFE Small-Cap ETF		107,873		14,306			(50,501	)		71,678	$	3,424,058	$	47,534		$	359,169

130 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) LifePath Index Retirement Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30,  2015		Value at September 30, 2015		Net Income		Realized Gain (Loss)
iShares TIPS Bond ETF		342,094		81,240			(39,186	)		384,148	$	42,521,342	$	118,524	$	(325,714	)
Large Cap Index Master Portfolio	$	98,004,312	$	8,943,751	2		—		$	106,948,063	$	106,948,063	$	1,511,249	$	790,511
Master Small Cap Index Series	$	16,529,780	$	2,550,343	2		—		$	19,080,123	$	19,080,123	$	179,879	$	116,389
Total International ex U.S. Index Master Portfolio	$	35,792,647	$	194,603	2		—		$	35,987,250	$	35,987,250	$	865,533	$	64,169
U.S. Total Bond Index Master Portfolio	$	221,316,244	$	22,108,721	2		—		$	243,424,965	$	243,424,965	$	3,371,654	$	488,016
1  Represents net shares/beneficial interest sold.
2  Represents net shares/beneficial interest purchased.
3  Represents 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.

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

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

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

Portfolio Abbreviations

ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust

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

• 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 LifePath Index Master Portfolio’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.

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.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 131

Schedule of Investments (concluded) LifePath Index Retirement Master Portfolio

As of period end, the following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	75,529,505	$	405,440,401		—	$	480,969,906

LifePath Index Master Portfolio may hold assets and/or liabilities in which fair value approximates the carrying amount for financial statement purposes. As of period end, collateral on securities loaned at value of $2,115,342 is categorized as level 2 within the disclosure hierarchy.

During the period ended September 30, 2015, there were no transfers between levels.

132 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015 (Unaudited) LifePath Index 2020 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 52.3%
iShares Cohen & Steers REIT ETF (b)		192,049	$	17,787,578
iShares Core MSCI Total International Stock ETF		1,088,964		53,185,002
iShares International Developed Real Estate ETF		551,662		15,452,053
iShares MSCI EAFE Small-Cap ETF		219,959		10,507,441
Large Cap Index Master Portfolio	$	299,963,847		299,963,847
Master Small Cap Index Series	$	36,997,516		36,997,516
Total International ex U.S. Index Master Portfolio	$	111,246,185		111,246,185
				545,139,622
Fixed Income Funds — 47.7%
iShares TIPS Bond ETF		651,866		72,155,048

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Fixed Income Funds (continued)
U.S. Total Bond Index Master Portfolio	$	424,663,686	$	424,663,686
				496,818,734
Short-Term Securities — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (c)		2,234,268		2,234,268
BlackRock Cash Funds: Prime, SL Agency Shares, 0.17% (c)(d)		10,787		10,787
				2,245,055
Total Affiliated Investment Companies (Cost — $988,703,578*) — 100.2%				1,044,203,411
Liabilities in Excess of Other Assets — (0.2)%				(2,198,746	)
Net Assets — 100.0%			$	1,042,004,665

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

Tax cost	$	989,095,956
Gross unrealized appreciation	$	66,135,218
Gross unrealized depreciation		(11,027,763	)
Net unrealized appreciation	$	55,107,455

Notes to Schedule of Investments

(a) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the LifePath Index Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income			Realized Gain (Loss)
BlackRock Cash Funds: Institutional, SL Agency Shares		2,109,818		124,450	1		—			2,234,268	$	2,234,268	$	3,081			—
BlackRock Cash Funds: Prime, SL Agency Shares		1,079,100		—			(1,068,313	)2		10,787	$	10,787	$	8,789	3		—
iShares Cohen & Steers REIT ETF		170,731		46,381			(25,063	)		192,049	$	17,787,578	$	424,790		$	298,929
iShares Core MSCI Total International Stock ETF		607,955		531,466			(50,457	)		1,088,964	$	53,185,002	$	499,017		$	(47,643	)
iShares International Developed Real Estate ETF		473,539		112,755			(34,632	)		551,662	$	15,452,053	$	461,972		$	(119,447	)

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 133

Schedule of Investments (continued) LifePath Index 2020 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income		Realized Gain (Loss)
iShares MSCI EAFE Small-Cap ETF		288,452		46,917			(115,410	)		219,959	$	10,507,441	$	133,588	$	701,756
iShares TIPS Bond ETF		517,118		167,251			(32,503	)		651,866	$	72,155,048	$	199,173	$	(264,711	)
Large Cap Index Master Portfolio	$	264,872,726	$	35,091,121	1		—		$	299,963,847	$	299,963,847	$	4,238,027	$	2,209,412
Master Small Cap Index Series	$	29,854,120	$	7,143,396	1		—		$	36,997,516	$	36,997,516	$	343,049	$	192,328
Total International ex U.S. Index Master Portfolio	$	100,829,252	$	10,416,933	1		—		$	111,246,185	$	111,246,185	$	2,565,910	$	162,100
U.S. Total Bond Index Master Portfolio	$	349,364,622	$	75,299,064	1		—		$	424,663,686	$	424,663,686	$	5,674,031	$	777,940
1  Represents net shares/beneficial interest purchased.
2  Represents net shares/beneficial interest sold.
3  Represents 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.

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

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

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

Portfolio Abbreviations

ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust

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

• 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 LifePath Index Master Portfolio’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.

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.

134 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (concluded) LifePath Index 2020 Master Portfolio

As of period end, the following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	171,332,177	$	872,871,234		—	$	1,044,203,411

LifePath Index Master Portfolio may hold assets and/or liabilities in which fair value approximates the carrying amount for financial statement purposes. As of period end, collateral on securities loaned at value of $10,787 is categorized as level 2 within the disclosure hierarchy.

During the period ended September 30, 2015, there were no transfers between levels.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 135

Schedule of Investments September 30, 2015 (Unaudited) LifePath Index 2025 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 63.4%
iShares Cohen & Steers REIT ETF		228,290	$	21,144,220
iShares Core MSCI Total International Stock ETF		1,170,117		57,148,514
iShares International Developed Real Estate ETF		645,901		18,091,687
iShares MSCI EAFE Small-Cap ETF		161,330		7,706,734
Large Cap Index Master Portfolio	$	232,412,990		232,412,990
Master Small Cap Index Series	$	20,696,826		20,696,826
Total International ex U.S. Index Master Portfolio	$	68,930,882		68,930,882
				426,131,853
Fixed Income Funds — 36.4%
iShares TIPS Bond ETF		315,203		34,889,820

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
U.S. Total Bond Index Master Portfolio	$	210,105,095	$	210,105,095
				244,994,915
Short-Term Securities — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (b)		1,377,465		1,377,465
Total Affiliated Investment Companies (Cost — $655,676,134*) — 100.0%				672,504,233
Liabilities in Excess of Other Assets — (0.0)%				(70,587	)
Net Assets — 100.0%			$	672,433,646

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

Tax cost	$	655,943,459
Gross unrealized appreciation	$	28,874,147
Gross unrealized depreciation		(12,313,373	)
Net unrealized appreciation	$	16,560,774

Notes to Schedule of Investments

(a) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the LifePath Index Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31,  2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30,  2015		Value at September 30, 2015		Net Income			Realized Gain (Loss)
BlackRock Cash Funds: Institutional, SL Agency Shares		746,905		630,560	1		—			1,377,465	$	1,377,465	$	2,362			—
BlackRock Cash Funds: Prime, SL Agency Shares2		—		—			—			—		—	$	12,631	3		—
iShares Cohen & Steers REIT ETF		169,929		83,863			(25,502	)		228,290	$	21,144,220	$	464,306		$	334,168
iShares Core MSCI Total International Stock ETF		639,667		562,676			(32,226	)		1,170,117	$	57,148,514	$	546,712		$	(32,355	)
iShares International Developed Real Estate ETF		471,056		207,482			(32,637	)		645,901	$	18,091,687	$	499,837		$	(77,117	)
iShares MSCI EAFE Small-Cap ETF		202,339		37,391			(78,400	)		161,330	$	7,706,734	$	97,098		$	354,650
iShares TIPS Bond ETF		224,311		106,491			(15,599	)		315,203	$	34,889,820	$	96,453		$	(115,361	)
Large Cap Index Master Portfolio	$	186,587,207	$	45,825,783	1		—			232,412,990	$	232,412,990	$	3,127,988		$	1,581,996

136 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (concluded) LifePath Index 2025 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31,  2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold		Shares/ Beneficial Interest Held at September 30,  2015		Value at September 30, 2015		Net Income		Realized Gain (Loss)
Master Small Cap Index Series	$	15,639,897	$	5,056,929	1		—		20,696,826	$	20,696,826	$	186,311	$	64,295
Total International ex U.S. Index Master Portfolio	$	59,342,333	$	9,588,549	1		—		68,930,882	$	68,930,882	$	1,607,503	$	97,835
U.S. Total Bond Index Master Portfolio	$	156,945,766	$	53,159,329	1		—		210,105,095	$	210,105,095	$	2,671,534	$	360,392

¹ Represents net shares/beneficial interest purchased.

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

³ Represents 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.

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

Portfolio Abbreviations

ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust

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

• 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 LifePath Index Master Portfolio’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.

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.

As of period end, the following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	140,358,440	$	532,145,793	—	$	672,504,233

During the period ended September 30, 2015, there were no transfers between levels.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 137

Schedule of Investments September 30, 2015 (Unaudited) LifePath Index 2030 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 74.1%
iShares Cohen & Steers REIT ETF (b)		482,098	$	44,651,917
iShares Core MSCI Total International Stock ETF		1,442,411		70,447,353
iShares International Developed Real Estate ETF		1,381,974		38,709,092
iShares MSCI EAFE Small-Cap ETF (b)		305,325		14,585,375
Large Cap Index Master Portfolio	$	400,935,959		400,935,959
Master Small Cap Index Series	$	26,311,893		26,311,893
Total International ex U.S. Index Master Portfolio	$	143,613,541		143,613,541
				739,255,130
Fixed Income Funds — 25.8%
iShares TIPS Bond ETF (b)		322,453		35,692,323

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
U.S. Total Bond Index Master Portfolio	$	221,214,979	$	221,214,979
				256,907,302
Short-Term Securities — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (c)		3,032,423		3,032,423
BlackRock Cash Funds: Prime, SL Agency Shares, 0.17% (c)(d)		1,687,876		1,687,876
				4,720,299
Total Affiliated Investment Companies (Cost — $959,768,064*) — 100.4%				1,000,882,731
Liabilities in Excess of Other Assets — (0.4)%				(3,937,227	)
Net Assets — 100.0%			$	996,945,504

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

Tax cost	$	960,059,647
Gross unrealized appreciation	$	59,233,035
Gross unrealized depreciation		(18,409,951	)
Net unrealized appreciation	$	40,823,084

Notes to Schedule of Investments

(a) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the LifePath Index Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income			Realized Gain (Loss)
BlackRock Cash Funds: Institutional, SL Agency Shares		1,973,808		1,058,615	1		—			3,032,423	$	3,032,423	$	3,521			—
BlackRock Cash Funds: Prime, SL Agency Shares		—		1,687,876	1		—			1,687,876	$	1,687,876	$	6,840	2		—
iShares Cohen & Steers REIT ETF		372,716		173,292			(63,910	)		482,098	$	44,651,917	$	1,008,937		$	747,788
iShares Core MSCI Total International Stock ETF		805,065		685,068			(47,722	)		1,442,411	$	70,447,353	$	705,961		$	(49,195	)
iShares International Developed Real Estate ETF		1,033,666		408,136			(59,828	)		1,381,974	$	38,709,092	$	1,095,634		$	(144,849	)
iShares MSCI EAFE Small-Cap ETF		368,703		64,322			(127,700	)		305,325	$	14,585,375	$	183,763		$	651,125
iShares TIPS Bond ETF		230,520		102,954			(11,021	)		322,453	$	35,692,323	$	98,140		$	(77,693	)

138 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) LifePath Index 2030 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold		Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income		Realized Gain (Loss)
Large Cap Index Master Portfolio	$	342,118,889	$	58,817,070	1		—	$	400,935,959	$	400,935,959	$	5,617,943	$	2,895,963
Master Small Cap Index Series	$	21,723,664	$	4,588,229	1		—	$	26,311,893	$	26,311,893	$	251,128	$	122,041
Total International ex U.S. Index Master Portfolio	$	126,495,470	$	17,118,071	1		—	$	143,613,541	$	143,613,541	$	3,317,716	$	197,726
U.S. Total Bond Index Master Portfolio	$	173,164,163	$	48,050,816	1		—	$	221,214,979	$	221,214,979	$	2,900,888	$	382,709
1   Represents net shares/beneficial interest purchased. 2   Represents 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.

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

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

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

Portfolio Abbreviations

ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust

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

• 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 LifePath Index Master Portfolio’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.

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.

As of period end, the following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 139

Schedule of Investments (concluded) LifePath Index 2030 Master Portfolio

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	208,806,359	$	792,076,372		—	$	1,000,882,731

LifePath Index Master Portfolio may hold assets and/or liabilities in which fair value approximates the carrying amount for financial statement purposes. As of period end, collateral on securities loaned at value of $1,687,876 is categorized as level 2 within the disclosure hierarchy.

During the period ended September 30, 2015, there were no transfers between levels.

140 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015 (Unaudited) LifePath Index 2035 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 84.2%
iShares Cohen & Steers REIT ETF (b)		319,535	$	29,595,332
iShares Core MSCI Total International Stock ETF		1,075,523		52,528,543
iShares International Developed Real Estate ETF		914,835		25,624,529
iShares MSCI EAFE Small-Cap ETF		155,134		7,410,751
Large Cap Index Master Portfolio	$	232,461,117		232,461,117
Master Small Cap Index Series	$	11,389,095		11,389,095
Total International ex U.S. Index Master Portfolio	$	72,053,860		72,053,860
				431,063,227
Fixed Income Funds — 15.7%
iShares TIPS Bond ETF		95,576		10,579,307

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
U.S. Total Bond Index Master Portfolio	$	69,684,914	$	69,684,914
				80,264,221
Short-Term Securities — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (c)		1,006,356		1,006,356
BlackRock Cash Funds: Prime, SL Agency Shares, 0.17% (c)(d)		576,870		576,870
				1,583,226
Total Affiliated Investment Companies (Cost — $504,964,404*) — 100.2%				512,910,674
Liabilities in Excess of Other Assets — (0.2)%				(972,186	)
Net Assets — 100.0%			$	511,938,488

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

Tax cost	$	505,120,815
Gross unrealized appreciation	$	20,934,181
Gross unrealized depreciation		(13,144,322	)
Net unrealized appreciation	$	7,789,859

Notes to Schedule of Investments

(a) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the LifePath Index Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income			Realized Gain (Loss)
BlackRock Cash Funds: Institutional, SL Agency Shares		1,029,104		—			(22,748	)1		1,006,356	$	1,006,356	$	1,906			—
BlackRock Cash Funds: Prime, SL Agency Shares		9,300		567,570	2		—			576,870	$	576,870	$	4,373	3		—
iShares Cohen & Steers REIT ETF		236,670		124,934			(42,069	)		319,535	$	29,595,332	$	648,255		$	496,927
iShares Core MSCI Total International Stock ETF		601,151		498,772			(24,400	)		1,075,523	$	52,528,543	$	530,240		$	(60,371	)
iShares International Developed Real Estate ETF		656,946		312,788			(54,899	)		914,835	$	25,624,528	$	700,492		$	(148,166	)
iShares MSCI EAFE Small-Cap ETF		208,872		33,062			(86,800	)		155,134	$	7,410,751	$	93,369		$	431,984
iShares TIPS Bond ETF		64,925		32,804			(2,153	)		95,576	$	10,579,307	$	28,916		$	(1,997	)

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 141

Schedule of Investments (continued) LifePath Index 2035 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold		Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income		Realized Gain (Loss)
Large Cap Index Master Portfolio	$	193,467,131	$	38,993,986	2		—	$	232,461,117	$	232,461,117	$	3,186,845	$	1,632,460
Master Small Cap Index Series	$	9,587,520	$	1,801,575	2		—	$	11,389,095	$	11,389,095	$	108,524	$	36,984
Total International ex U.S. Index Master Portfolio	$	63,367,924	$	8,685,936	2		—	$	72,053,860	$	72,053,860	$	1,685,263	$	108,497
U.S. Total Bond Index Master Portfolio	$	51,838,842	$	17,846,072	2		—	$	69,684,914	$	69,684,914	$	873,492	$	115,755

¹ Represents net shares/beneficial interest sold.

² Represents net shares/beneficial interest purchased.

³ Represents 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.

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

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

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

Portfolio Abbreviations

ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust

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

• 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 LifePath Index Master Portfolio’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.

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.

142 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (concluded) LifePath Index 2035 Master Portfolio

As of period end, the following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	127,321,688	$	385,588,986	—	$	512,910,674

LifePath Index Master Portfolio may hold assets and/or liabilities in which fair value approximates the carrying amount for financial statement purposes. As of period end, collateral on securities loaned at value of $576,870 is categorized as level 2 within the disclosure hierarchy.

During the period ended September 30, 2015, there were no transfers between levels.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 143

Schedule of Investments September 30, 2015 (Unaudited) LifePath Index 2040 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 93.2%
iShares Cohen & Steers REIT ETF		514,244	$	47,629,279
iShares Core MSCI Total International Stock ETF		1,298,630		63,425,089
iShares International Developed Real Estate ETF		1,472,604		41,247,638
iShares MSCI EAFE Small-Cap ETF		249,343		11,911,115
Large Cap Index Master Portfolio	$	336,971,815		336,971,815
Master Small Cap Index Series	$	13,492,588		13,492,588
Total International ex U.S. Index Master Portfolio	$	117,564,783		117,564,783
				632,242,307
Fixed Income Funds — 6.7%
iShares TIPS Bond ETF		49,033		5,427,463

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
U.S. Total Bond Index Master Portfolio	$	40,062,313	$	40,062,313
				45,489,776
Short-Term Securities — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (b)		483,938		483,938
Total Affiliated Investment Companies (Cost — $663,333,955*) — 100.0%				678,216,021
Liabilities in Excess of Other Assets — (0.0)%				(198,525	)
Net Assets — 100.0%			$	678,017,496

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

Tax cost	$	663,493,758
Gross unrealized appreciation	$	33,733,054
Gross unrealized depreciation		(19,010,791	)
Net unrealized appreciation	$	14,722,263

Notes to Schedule of Investments

(a) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the LifePath Index Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income			Realized Gain (Loss)
BlackRock Cash Funds: Institutional, SL Agency Shares		1,301,475		—			(817,537	)1		483,938	$	483,938	$	2,570			—
BlackRock Cash Funds: Prime, SL Agency Shares		—		—			—			—		—	$	8,543	2		—
iShares Cohen & Steers REIT ETF		380,890		209,143			(75,789	)		514,244	$	47,629,279	$	1,061,950		$	880,153
iShares Core MSCI Total International Stock ETF		722,933		603,265			(27,568	)		1,298,630	$	63,425,089	$	643,444		$	(84,636	)
iShares International Developed Real Estate ETF		1,053,806		515,559			(96,761	)		1,472,604	$	41,247,638	$	1,151,434		$	(297,614	)
iShares MSCI EAFE Small-Cap ETF		304,945		57,770			(113,372	)		249,343	$	11,911,115	$	150,069		$	581,875
iShares TIPS Bond ETF		32,531		17,274			(772	)		49,033	$	5,427,463	$	14,836		$	(758	)
Large Cap Index Master Portfolio	$	278,797,165	$	58,174,650	3		—		$	336,971,815	$	336,971,815	$	4,674,660		$	2,395,013

144 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (concluded) LifePath Index 2040 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold		Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income		Realized Gain (Loss)
Master Small Cap Index Series	$	12,158,465	$	1,334,123	3		—	$	13,492,588	$	13,492,588	$	137,268	$	71,684
Total International ex U.S. Index Master Portfolio	$	100,880,849	$	16,683,934	3		—	$	117,564,783	$	117,564,783	$	2,720,722	$	157,197
U.S. Total Bond Index Master Portfolio	$	28,589,605	$	11,472,708	3		—	$	40,062,313	$	40,062,313	$	491,771	$	63,050

¹ Represents net shares/beneficial interest sold.

² Represents 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.

³ Represents net shares/beneficial interest purchased.

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

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

• 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 LifePath Index Master Portfolio’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.

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.

As of period end, the following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:

Portfolio Abbreviations

ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust

	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	170,124,522	$	508,091,499	—	$	678,216,021

During the period ended September 30, 2015, there were no transfers between levels.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 145

Schedule of Investments September 30, 2015 (Unaudited) LifePath Index 2045 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 97.9%
iShares Cohen & Steers REIT ETF		243,359	$	22,539,910
iShares Core MSCI Total International Stock ETF		777,699		37,982,819
iShares International Developed Real Estate ETF		700,059		19,608,653
iShares MSCI EAFE Small-Cap ETF		103,200		4,929,864
Large Cap Index Master Portfolio	$	149,891,731		149,891,731
Master Small Cap Index Series	$	5,830,446		5,830,446
Total International ex U.S. Index Master Portfolio	$	44,057,038		44,057,038
				284,840,461
Fixed Income Funds — 1.9%
iShares TIPS Bond ETF		4,740		524,671

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
U.S. Total Bond Index Master Portfolio	$	5,092,823	$	5,092,823
				5,617,494
Short-Term Securities — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (b)		543,909		543,909
Total Affiliated Investment Companies (Cost — $292,043,244*) — 100.0%				291,001,864
Liabilities in Excess of Other Assets —(0.0)%				(29,703	)
Net Assets — 100.0%			$	290,972,161

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

Tax cost	$	292,114,287
Gross unrealized appreciation	$	9,402,482
Gross unrealized depreciation		(10,514,905	)
Net unrealized depreciation	$	(1,112,423	)

Notes to Schedule of Investments

(a) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the LifePath Index Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income			Realized Gain (Loss)
BlackRock Cash Funds: Institutional, SL Agency Shares		745,850		—			(201,941	)1		543,909	$	543,909	$	1,156			—
BlackRock Cash Funds: Prime, SL Agency Shares		—		—			—			—		—	$	2,085	2		—
iShares Cohen & Steers REIT ETF		175,568		105,547			(37,756	)		243,359	$	22,539,910	$	496,909		$	440,529
iShares Core MSCI Total International Stock ETF		453,977		340,822			(17,100	)		777,699	$	37,982,819	$	406,131		$	(62,137	)
iShares International Developed Real Estate ETF		481,318		273,746			(55,005	)		700,059	$	19,608,653	$	535,341		$	(168,015	)
iShares MSCI EAFE Small-Cap ETF		133,177		24,561			(54,538	)		103,200	$	4,929,864	$	62,112		$	251,420
iShares TIPS Bond ETF		3,400		1,390			(50	)		4,740	$	524,671	$	1,458		$	(93	)
Large Cap Index Master Portfolio	$	119,219,041	$	30,672,690	3		—		$	149,891,731	$	149,891,731	$	2,042,151		$	1,042,528

146 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (concluded) LifePath Index 2045 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold		Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income		Realized Gain (Loss)
Master Small Cap Index Series	$	5,195,235	$	635,211	3		—	$	5,830,446	$	5,830,446	$	58,512	$	33,290
Total International ex U.S. Index Master Portfolio	$	36,608,413	$	7,448,625	3		—	$	44,057,038	$	44,057,038	$	1,037,802	$	66,074
U.S. Total Bond Index Master Portfolio	$	3,452,564	$	1,640,259	3		—	$	5,092,823	$	5,092,823	$	59,997	$	7,445

¹ Represents net shares/beneficial interest sold.

² Represents 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.

³ Represents net shares/beneficial interest purchased.

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

Portfolio Abbreviations

ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust

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

• 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 LifePath Index Master Portfolio’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.

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.

As of period end, the following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	86,129,826	$	204,872,038	—	$	291,001,864

During the period ended September 30, 2015, there were no transfers between levels.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 147

Schedule of Investments September 30, 2015 (Unaudited) LifePath Index 2050 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 98.9%
iShares Cohen & Steers REIT ETF (b)		261,874	$	24,254,770
iShares Core MSCI Total International Stock ETF		831,867		40,628,384
iShares International Developed Real Estate ETF		749,347		20,989,209
iShares MSCI EAFE Small-Cap ETF		107,618		5,140,912
Large Cap Index Master Portfolio	$	158,185,585		158,185,585
Master Small Cap Index Series	$	6,136,683		6,136,683
Total International ex U.S. Index Master Portfolio	$	47,094,582		47,094,582
				302,430,125
Fixed Income Fund — 1.0%
U.S. Total Bond Index Master Portfolio	$	3,158,720		3,158,720

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (c)		711,210	$	711,210
BlackRock Cash Funds: Prime, SL Agency Shares, 0.17% (c)(d)		272,020		272,020
				983,230
Total Affiliated Investment Companies (Cost — $308,844,110*) — 100.2%				306,572,075
Liabilities in Excess of Other Assets — (0.2)%				(625,842	)
Net Assets — 100.0%			$	305,946,233

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

Tax cost	$	308,930,525
Gross unrealized appreciation	$	9,101,871
Gross unrealized depreciation		(11,460,321	)
Net unrealized depreciation	$	(2,358,450	)

Notes to Schedule of Investments

(a) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the LifePath Index Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income			Realized Gain (Loss)
BlackRock Cash Funds: Institutional, SL Agency Shares		654,907		56,303	1		—			711,210	$	711,210	$	1,268			—
BlackRock Cash Funds: Prime, SL Agency Shares		—		272,020	1		—			272,020	$	272,020	$	9,181	2		—
iShares Cohen & Steers REIT ETF		182,681		125,649			(46,456	)		261,874	$	24,254,770	$	533,889		$	504,603
iShares Core MSCI Total International Stock ETF		503,636		348,431			(20,200	)		831,867	$	40,628,384	$	446,656		$	(73,283	)
iShares International Developed Real Estate ETF		506,059		321,924			(78,636	)		749,347	$	20,989,209	$	575,759		$	(220,121	)
iShares MSCI EAFE Small-Cap ETF		138,356		32,250			(62,988	)		107,618	$	5,140,912	$	64,771		$	314,984
Large Cap Index Master Portfolio	$	122,826,821	$	35,358,764	1		—		$	158,185,585	$	158,185,585	$	2,150,613		$	1,090,620
Master Small Cap Index Series	$	5,410,116	$	726,567	1		—		$	6,136,683	$	6,136,683	$	61,933		$	37,446

148 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (concluded) LifePath Index 2050 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold		Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income		Realized Gain (Loss)
Total International ex U.S. Index Master Portfolio	$	36,389,565	$	10,705,017	1		—	$	47,094,582	$	47,094,582	$	1,089,249	$	60,608
U.S. Total Bond Index Master Portfolio	$	2,376,518	$	782,202	1		—	$	3,158,720	$	3,158,720	$	40,626	$	5,184

¹ Represents net shares/beneficial interest purchased.

² Represents 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.

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

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

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

Portfolio Abbreviations

ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust

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

• 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 LifePath Index Master Portfolio’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.

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.

As of period end, the following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	91,996,505	$	214,575,570	—	$	306,572,075

LifePath Index Master Portfolio may hold assets and/or liabilities in which fair value approximates the carrying amount for financial statement purposes. As of period end, collateral on securities loaned at value of $272,020 is categorized as level 2 within the disclosure hierarchy.

During the period ended September 30, 2015, there were no transfers between levels.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 149

Schedule of Investments September 30, 2015 (Unaudited) LifePath Index 2055 Master Portfolio (Percentages shown are based on Net Assets)

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 98.7%
iShares Cohen & Steers REIT ETF (b)		78,260	$	7,248,441
iShares Core MSCI Total International Stock ETF		319,392		15,599,105
iShares International Developed Real Estate ETF		224,082		6,276,537
iShares MSCI EAFE Small-Cap ETF		32,217		1,539,006
Large Cap Index Master Portfolio	$	47,289,305		47,289,305
Master Small Cap Index Series	$	1,868,181		1,868,181
Total International ex U.S. Index Master Portfolio	$	10,646,145		10,646,145
				90,466,720
Fixed Income Fund — 1.0%
U.S. Total Bond Index Master Portfolio	$	944,297		944,297

Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Money Market — 4.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (c)		318,056	$	318,056
BlackRock Cash Funds: Prime, SL Agency Shares, 0.17% (c)(d)		3,670,219		3,670,219
				3,988,275
Total Affiliated Investment Companies (Cost — $98,422,672*) — 104.0%				95,399,292
Liabilities in Excess of Other Assets — (4.0)%				(3,709,515	)
Net Assets — 100.0%			$	91,689,777

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

Tax cost	$	98,462,926
Gross unrealized appreciation	$	985,336
Gross unrealized depreciation		(4,048,970	)
Net unrealized depreciation	$	(3,063,634	)

Notes to Schedule of Investments

(a) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the LifePath Index Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income			Realized Gain (Loss)
BlackRock Cash Funds: Institutional, SL Agency Shares		231,529		86,527	1		—			318,056	$	318,056	$	457			—
BlackRock Cash Funds: Prime, SL Agency Shares		—		3,670,219	1		—			3,670,219	$	3,670,219	$	3,079	2		—
iShares Cohen & Steers REIT ETF		48,162		43,835			(13,737	)		78,260	$	7,248,441	$	154,357		$	141,995
iShares Core MSCI Total International Stock ETF		175,107		148,285			(4,000	)		319,392	$	15,599,105	$	163,800		$	(13,978	)
iShares International Developed Real Estate ETF		132,547		116,099			(24,564	)		224,082	$	6,276,537	$	165,698		$	(50,130	)
iShares MSCI EAFE Small-Cap ETF		36,496		11,321			(15,600	)		32,217	$	1,539,006	$	19,390		$	59,008
Large Cap Index Master Portfolio	$	32,623,835	$	14,665,470	1		—		$	47,289,305	$	47,289,305	$	608,571		$	302,481
Master Small Cap Index Series	$	1,436,584	$	431,597	1		—		$	1,868,181	$	1,868,181	$	17,742		$	7,691

150 LIFEPATH INDEX 2055 MASTER PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (concluded) LifePath Index 2055 Master Portfolio

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold		Shares/ Beneficial Interest Held at September 30, 2015		Value at September 30, 2015		Net Income		Realized Gain (Loss)
Total International ex U.S. Index Master Portfolio	$	7,348,791	$	3,297,354	1		—	$	10,646,145	$	10,646,145	$	259,022	$	16,427
U.S. Total Bond Index Master Portfolio	$	703,501	$	240,796	1		—	$	944,297	$	944,297	$	11,708	$	1,616
1  Represents net shares/beneficial interest purchased.
2  Represents 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.

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

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

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

Portfolio Abbreviations

ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust

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

• 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 LifePath Index Master Portfolio’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.

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.

As of period end, the following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	34,651,364	$	60,747,928		—	$	95,399,292

LifePath Index Master Portfolio may hold assets and/or liabilities in which fair value approximates the carrying amount for financial statement purposes. As of period end, collateral on securities loaned at value of $3,670,219 is categorized as level 2 within the disclosure hierarchy.

During the period ended September 30, 2015, there were no transfers between levels.

LIFEPATH INDEX 2055 MASTER PORTFOLIO SEPTEMBER 30, 2015 151

Schedule of Investments September 30, 2015 (Unaudited) Money Market Master Portfolio (Percentages shown are based on Net Assets)

Certificates of Deposit	Par   (000)		Value
Domestic — 5.0%
Bank of America N.A.:
0.29%, 10/05/15	$	186,000	$	186,000,000
0.28%, 10/13/15		100,000		100,000,000
0.35%, 11/16/15		100,000		100,000,000
0.37%, 1/04/16		183,000		183,000,000
0.35%, 1/07/16 (a)		200,000		200,000,000
State Street Bank & Trust (a):
0.33%, 10/01/15		149,000		149,000,000
0.34%, 10/23/15		215,250		215,250,000
Wells Fargo Bank NA (a):
0.29%, 11/30/15		132,924		132,924,000
0.19%, 12/08/15		102,750		102,750,000
0.33%, 1/06/16		135,000		135,000,000
0.33%, 1/21/16		150,000		150,000,000
0.32%, 2/12/16		100,000		100,000,000
0.35%, 2/12/16		35,000		35,000,000
0.32%, 2/18/16		150,000		150,000,000
0.32%, 4/01/16		177,500		177,500,000
				2,116,424,000
Yankee (b) — 28.2%
Bank of Montreal, Chicago:
0.30%, 10/09/15 (a)		100,000		100,000,000
0.30%, 10/13/15 (a)		100,000		100,000,000
0.31%, 10/13/15 (a)		75,000		75,000,000
0.25%, 10/20/15		150,000		150,000,000
0.27%, 10/23/15		100,000		100,000,000
0.31%, 12/10/15 (a)		200,000		200,000,000
0.30%, 12/23/15		200,000		200,000,000
0.32%, 1/07/16 (a)		140,000		140,000,000
0.36%, 1/25/16 (a)		200,000		200,000,000
0.42%, 4/21/16 (a)		400,000		400,000,000
Bank of Nova Scotia, Houston (a):
0.29%, 10/08/15		150,000		150,000,000
0.30%, 11/06/15		65,000		65,000,000
0.30%, 11/06/15		150,000		150,000,000
0.34%, 3/18/16		75,000		75,000,000
0.36%, 4/08/16		185,000		185,000,000
0.33%, 4/15/16		92,000		92,000,000
0.34%, 6/06/16		100,000		100,000,000
Bank of Tokyo Mitsubishi UFJ Ltd., New York:
0.26%, 10/05/15		100,000		100,000,000
0.30%, 10/06/15		75,000		75,000,000
0.41%, 1/07/16 (a)		246,000		246,000,000
BNP Paribas Fortis SA, New York, 0.38%, 12/04/15 (a)		100,000		100,000,000
BNP Paribas SA, New York:
0.27%, 10/01/15 (a)		300,000		300,000,000
0.32%, 12/24/15		270,000		270,000,000
Canadian Imperial Bank of Commerce, New York (a):
0.24%, 10/19/15		200,000		200,000,000

Certificates of Deposit	Par   (000)		Value
Yankee (b) (continued)
Canadian Imperial Bank of Commerce, New York (a) (continued):
0.31%, 10/21/15	$	150,000	$	150,000,000
0.30%, 1/26/16		97,100		97,100,000
0.33%, 5/23/16		400,000		400,000,000
0.33%, 6/01/16		250,000		250,000,000
0.40%, 6/01/16		200,000		200,000,000
0.43%, 6/30/16		150,000		150,000,000
Credit Agricole Corporate & Investment Bank, New York, 0.29%, 12/04/15 (a)		485,000		485,000,000
Credit Industriel et Commercial, New York, 0.43%, 2/11/16 (a)		225,000		225,000,000
Mitsubishi UFJ Trust & Banking Corp., New York (a):
0.36%, 11/12/15		50,000		50,000,000
0.40%, 2/04/16		100,000		100,000,000
Mizuho Bank Ltd., New York:
0.28%, 10/13/15		300,000		300,000,000
0.37%, 10/21/15 (a)		252,000		252,000,000
0.34%, 11/30/15 (a)		100,000		99,999,996
0.37%, 1/19/16		150,000		150,000,000
National Bank of Canada, New York, 0.36%, 12/24/15 (a)		265,000		265,000,000
Natixis, New York, 0.31%, 12/18/15		600,000		600,000,000
Norinchukin Bank, New York:
0.26%, 10/14/15		216,000		216,000,000
0.37%, 10/20/15 (a)		8,500		8,500,000
0.36%, 11/12/15 (a)		100,000		100,000,000
0.31%, 12/18/15		138,000		138,000,000
0.33%, 1/06/16		122,500		122,500,000
0.33%, 1/07/16		300,000		300,000,000
0.31%, 1/08/16		125,000		125,000,000
Rabobank Nederland, New York (a):
0.31%, 12/21/15		285,000		285,000,000
0.31%, 1/11/16		280,000		280,000,000
Royal Bank of Canada, New York (a):
0.30%, 10/14/15		127,900		127,900,000
0.29%, 11/10/15		65,000		65,000,000
0.32%, 3/16/16		200,000		200,000,000
Skandinaviska Enskilda Banken AB, New York:
0.30%, 12/18/15		120,000		120,000,000
0.39%, 3/14/16 (a)		150,000		150,000,000
Standard Chartered Bank, New York, 0.32%, 1/04/16 (a)		200,000		200,000,000
Sumitomo Mitsui Banking Corp., New York:
0.35%, 12/17/15		100,000		100,006,412
0.41%, 2/25/16 (a)		175,000		175,000,000

152 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) Money Market Master Portfolio

Certificates of Deposit (b)	Par   (000)		Value
Yankee (b) (continued)
Sumitomo Mitsui Banking Corp., New York (continued):
0.43%, 3/15/16 (a)	$	250,000	$	250,000,000
Sumitomo Mitsui Trust Bank Ltd., New York:
0.38%, 1/08/16		220,000		220,000,000
0.40%, 1/08/16 (a)		100,000		100,000,000
Toronto-Dominion Bank, New York:
0.24%, 10/06/15 (a)		50,000		50,000,000
0.29%, 11/10/15 (a)		135,000		135,000,000
0.30%, 12/28/15		77,000		77,000,940
0.29%, 1/26/16 (a)		150,000		150,000,000
0.30%, 2/25/16 (a)		100,000		100,000,000
UBS AG, Stamford, 0.42%, 2/17/16 (a)		300,000		300,000,000
Westpac Banking Corp., New York, 0.28%, 10/28/15 (a)		150,000		150,000,000
				11,792,007,348
Total Certificates of Deposit — 33.2%				13,908,431,348
Commercial Paper
ABN Amro Funding USA LLC (c):
0.33%, 12/02/15		170,000		169,903,383
0.32%, 12/07/15		25,000		24,985,111
0.30%, 12/21/15		13,000		12,991,225
0.29%, 12/28/15		248,000		247,824,196
ANZ New Zealand International Ltd. (a)(d):
0.31%, 10/01/15		150,000		150,000,000
0.31%, 11/05/15		200,000		200,000,000
0.35%, 6/03/16		50,000		50,000,000
Australia & New Zealand Banking Group Ltd. (a):
0.30%, 11/13/15		100,000		100,000,000
0.41%, 5/26/16		250,000		250,000,000
AutoZone, Inc. (c):
0.40%, 10/01/15		45,000		45,000,000
0.40%, 10/05/15		35,000		34,998,444
0.40%, 10/21/15		1,360		1,359,698
Bank of Nova Scotia, 0.36%, 12/09/15 (a)(d)		185,000		185,000,000
Barton Capital LLC, 0.30%, 12/07/15 (c)		123,470		123,401,063
Bedford Row Funding Corp. (a):
0.31%, 10/01/15 (d)		7,000		7,000,000
0.34%, 11/20/15		24,750		24,750,000
0.34%, 2/05/16		100,000		100,000,000
0.38%, 2/08/16		100,000		100,000,000
0.33%, 2/26/16		65,000		65,000,000
0.34%, 3/07/16 (d)		50,000		50,000,000
0.40%, 4/07/16		75,000		75,000,000

Commercial Paper	Par   (000)		Value
Bedford Row Funding Corp. (a) (continued):
0.40%, 4/20/16	$	100,000	$	100,000,000
0.35%, 5/10/16		100,000		100,000,000
Bennington Stark Capital Co. (c):
0.25%, 10/26/15		45,000		44,992,188
0.25%, 10/27/15		200,000		199,963,889
0.25%, 10/28/15		175,000		174,967,187
BNP Paribas Fortis SA, 0.06%, 10/01/15 (c)		300,000		300,000,000
Cafco LLC, 0.50%, 3/07/16 (c)		25,000		24,945,139
Cancara Asset Securitisation LLC, 0.33%, 1/07/16 (c)		300,000		299,730,500
Ciesco LLC, 0.32%, 11/05/15 (c)		75,000		74,976,667
Collateralized Commercial Paper Co. LLC:
0.30%, 10/19/15 (c)		119,000		118,982,150
0.38%, 1/07/16 (a)		200,000		200,000,000
0.39%, 2/22/16 (a)		125,000		125,000,000
Collateralized Commercial Paper II Co.:
0.46%, 10/13/15 (c)		200,000		199,969,333
0.37%, 12/07/15 (a)		50,000		50,000,000
Commonwealth Bank of Australia (a):
0.29%, 10/23/15		155,000		155,000,000
0.28%, 10/29/15		72,000		71,999,499
0.28%, 12/02/15 (d)		75,000		75,000,000
0.35%, 2/19/16		100,000		100,000,000
0.29%, 2/26/16		150,000		150,000,000
0.30%, 3/29/16 (d)		100,000		100,000,000
0.30%, 3/30/16		100,000		100,000,000
0.32%, 4/29/16		48,000		48,000,000
0.32%, 5/20/16		100,000		99,986,997
0.41%, 6/24/16		340,000		340,000,000
0.40%, 7/15/16		75,000		75,000,000
HSBC Bank PLC (a):
0.30%, 10/16/15		219,000		219,000,008
0.29%, 10/23/15 (d)		119,500		119,500,000
0.33%, 2/05/16		200,000		200,000,000
0.43%, 7/06/16		160,000		160,000,000
Hyundai Capital America (c):
0.50%, 10/01/15		50,000		50,000,000
0.50%, 10/07/15		50,000		49,995,833
0.48%, 11/06/15 (d)		75,000		74,964,000
ING US Funding LLC, 0.31%, 12/21/15 (c)		100,000		99,930,250
Kellogg Co. (c):
0.37%, 10/01/15		38,000		38,000,000
0.38%, 10/23/15		23,480		23,474,547
Kells Funding LLC, 0.32%, 10/09/15 (a)(d)		150,000		149,999,619
LMA Americas LLC, 0.31%, 12/17/15 (c)(d)		111,000		110,926,401

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 153

Schedule of Investments (continued) Money Market Master Portfolio

Commercial Paper	Par   (000)		Value
Matchpoint Finance PLC, 0.52%, 3/24/16 (c)	$	4,625	$	4,613,309
Mizuho Bank Ltd., 0.37%, 12/22/15 (c)		150,000		149,873,583
Motiva Enterprises LLC (c):
0.34%, 10/01/15		15,000		15,000,000
0.43%, 10/22/15		25,000		24,993,729
National Australia Bank Ltd. (a):
0.30%, 10/08/15		150,000		150,000,000
0.29%, 11/04/15		200,000		200,000,000
0.32%, 11/04/15 (d)		100,000		100,000,114
0.29%, 11/09/15 (d)		200,000		200,000,000
0.36%, 2/26/16		374,000		374,000,000
National Bank of Canada, 0.40%, 3/23/16 (a)		400,000		400,000,000
Nederlandse Waterschapsbank NV, 0.37%, 12/22/15 (a)		50,000		50,000,000
Nieuw Amsterdam Receivables Corp., 0.23%, 11/19/15 (c)		99,200		99,168,945
Nissan Motor Acceptance Corp. (c):
0.35%, 10/01/15 (d)		30,000		30,000,000
0.37%, 10/02/15		40,000		39,999,589
0.35%, 10/06/15 (d)		25,000		24,998,785
0.37%, 10/07/15 (d)		25,000		24,998,458
0.35%, 10/09/15		25,000		24,998,056
Nordea Bank AB (c):
0.30%, 10/19/15		150,000		149,977,500
0.48%, 2/26/16		150,000		149,707,083
Sheffield Receivable Corp. (c):
0.30%, 10/01/15		200,000		200,000,000
0.30%, 10/02/15		200,000		199,998,333
Skandinaviska Enskilda Banken AB, 0.30%, 12/29/15 (c)(d)		250,000		249,814,583
Sumitomo Mitsui Banking Corp. (c):
0.28%, 10/05/15		75,000		74,997,667
0.28%, 10/07/15		130,000		129,993,933
Sumitomo Trust & Banking Co. Ltd., 0.27%, 10/06/15 (c)		200,000		199,992,500
Thunder Bay Funding LLC:
0.32%, 12/14/15 (a)		45,000		45,000,000
0.50%, 3/11/16 (c)(d)		50,000		49,887,500
Versailles Com Paper LLC (c):
0.30%, 12/16/15		199,150		199,023,872
0.33%, 1/04/16		150,000		149,869,375
VF Corp., 0.40%, 10/27/15 (c)		14,235		14,230,888
Virginia Electric & Power Co. (c):
0.40%, 10/08/15		23,200		23,198,196
0.43%, 11/02/15		17,350		17,343,368
Westpac Banking Corp. (a):
0.36%, 3/02/16		40,000		40,000,000
0.28%, 3/18/16		112,000		112,000,000
0.32%, 3/18/16		25,000		25,000,000
0.27%, 4/01/16		150,000		150,000,000
0.41%, 6/23/16		485,000		485,000,000

Commercial Paper	Par   (000)		Value
Westpac Securities NZ Ltd., London, 0.34%, 5/06/16 (a)(d)	$	50,000	$	50,000,000
Xerox Corp., 0.42%, 10/05/15 (c)		18,500		18,499,137
Total Commercial Paper — 27.0%				11,287,695,830
Corporate Notes
Commonwealth Bank of Australia, 3.25%, 3/17/16 (d)		50,000		50,618,121
Nederlandse Waterschapsbank NV, 0.40%, 11/04/15 (a)(d)		50,000		50,004,448
Svenska Handelsbanken AB, 0.38%, 11/13/15 (a)(d)		295,800		295,800,000
Total Corporate Notes — 0.9%				396,422,569
Time Deposits
Natixis, SA, 0.06%, 10/01/15		287,000		287,000,000
Nordea Bank Finland PLC, 0.05%, 10/01/15		500,000		500,000,000
Skandinaviska Enskilda Banken AB, 0.05%, 10/01/15		255,000		255,000,000
Svenska Handelsbanken AB, 0.04%, 10/01/15		755,000		755,000,000
Total Time Deposits — 4.3%				1,797,000,000
U.S. Government Sponsored Agency Obligations
Fannie Mae:
1.63%, 10/26/15		5,000		5,005,091
0.22%, 8/16/17 (a)		80,000		79,984,821
Federal Farm Credit Bank (a):
0.25%, 2/24/16		79,750		79,763,080
0.24%, 3/29/16		100,000		99,995,012
0.21%, 8/01/16		75,000		74,993,665
0.18%, 10/03/16		74,500		74,485,339
0.31%, 11/21/16		32,000		32,031,529
0.20%, 1/30/17		150,000		149,959,407
0.24%, 3/24/17		50,000		50,003,973
0.21%, 3/29/17		100,000		99,985,765
0.24%, 7/13/17		100,000		99,963,773
0.19%, 7/20/17		50,000		49,984,600
0.26%, 9/13/17		115,000		115,000,000
0.24%, 10/27/17		145,000		144,937,215
0.30%, 3/02/18		68,000		67,999,102
Federal Home Loan Bank (a):
0.23%, 5/20/16		90,000		89,991,235

154 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) Money Market Master Portfolio

U.S. Government Sponsored Agency Obligations	Par   (000)		Value
Federal Home Loan Bank (a) (continued):
0.23%, 5/27/16	$	35,000	$	34,996,523
Total U.S. Government Sponsored Agency Obligations - 3.2%				1,349,080,130
Repurchase Agreements
BNP Paribas Securities Corp., 0.15%, 10/01/15 (Purchased on 10/07/14 -10/16/14 to be repurchased at $166,000,692, collateralized by various Corporate Debt Obligations and a U.S. Government Sponsored Agency Obligation, 0.36% to 6.53%, due 10/09/18 to 12/25/46, original par and fair values of $291,502,904 and $179,463,754, respectively) (a)		166,000		166,000,000
Total Value of BNP Paribas Securities Corp. (collateral value of $179,463,754)				166,000,000
Citigroup Global Markets, Inc., 0.10%, 10/01/15 (Purchased on 9/30/15 to be repurchased at $96,984,269, collateralized by various U.S. Treasury Obligations, 0.13% to 6.50%, due 10/15/15 to 5/15/45, original par and fair values of $88,681,285 and $98,923,700, respectively) (e)		96,984		96,984,000
Citigroup Global Markets, Inc., 0.10%, 10/01/15 (Purchased on 9/29/14 to be repurchased at $100,101,944, collateralized by a U.S. Treasury Obligation, 1.38%, due 2/29/20, original par and fair value of $101,417,600 and $102,000,066, respectively) (a)		100,000		100,000,000
Total Value of Citigroup Global Markets, Inc. (collateral value of $200,923,766)				196,984,000

Repurchase Agreements	Par   (000)		Value
Credit Suisse Securities (USA) LLC, 0.47%, 10/06/15 (Purchased on 9/29/15 to be repurchased at $240,021,933, collateralized by various Corporate Debt Obligations, 0.00% to 5.00%, due 3/15/18 to 4/23/54, original par and fair values of $401,926,029 and $288,003,093, respectively)	$	240,000	$	240,000,000
Credit Suisse Securities (USA) LLC, 0.40%, 10/01/15 (Purchased on 9/16/15 – 9/29/15 to be repurchased at $500,047,223 collateralized by various Corporate Debt Obligations, 0.00% to 8.84%, due 4/15/18 to 6/25/55, original par and fair values of $1,306,029,689 and $600,005,548, respectively) (a)		500,000		500,000,000
Credit Suisse Securities (USA) LLC, 0.64%, 11/04/15 (Purchased on 9/30/15 to be repurchased at $400,250,056 collateralized by various Corporate Debt Obligations, 0.00%, due 9/25/44 to 5/31/45, original par and fair values of $523,535,635 and $480,003,847, respectively) (f)		400,000		400,000,000
Total Value of Credit Suisse Securities (USA) LLC (collateral value of $1,368,012,488)				1,140,000,000
Federal Reserve Bank of New York, 0.05%, 10/01/15 (Purchased on 9/30/15 to be repurchased at $3,200,004,444, collateralized by a U.S. Treasury Obligation, 3.88%, due 6/15/40, original par and fair value of $2,663,510,300 and $3,200,004,533 respectively)		3,200,000		3,200,000,000
Federal Reserve Bank of New York, 0.07%, 10/04/15 (Purchased on 9/30/15 to be repurchased at $5,500,042,778, collateralized by a U.S. Teasury Obligation, 2.50%, due 8/15/23, original par and fair value of $5,244,473,800 and $5,500,010,786, respectively) (f)		5,500,000		5,500,000,000
Total Value of Federal Reserve Bank of New York (collateral value of $8,700,015,319)				8,700,000,000

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 155

Schedule of Investments (continued) Money Market Master Portfolio

Repurchase Agreements	Par   (000)		Value
Goldman Sachs & Co., 0.16%, 10/02/15 (Purchased on 9/25/15 to be repurchased at $34,001,058, collateralized by various U.S. Government Sponsored Agency Obligations, 3.00% to 6.00%, due 7/01/30 to 3/16/45, original par and fair values of $128,841,693 and $35,488,885, respectively)	$	34,000	$	34,000,000
Goldman Sachs & Co., 0.16%, 10/07/15 (Purchased on 9/30/15 to be repurchased at $563,017,516, collateralized by various U.S. Government Sponsored Agency Obligations, 0.00% to 8.26%, due 5/25/18 to 10/15/49, original par and fair values of $16,289,434,817 and $609,502,898, respectively)		563,000		563,000,000
Total Value of Goldman Sachs & Co. (collateral value of $644,991,783)				597,000,000
HSBC Securities (USA), Inc., 0.17%, 10/01/15 (Purchased on 7/13/15 – 8/11/15 to be repurchased at $50,017,519, collateralized by various Corporate Debt Obligations, 3.38% to 8.00%, due 10/01/19 to 3/15/25, original par and fair values of $52,148,000 and $51,503,818, respectively) (a)		50,000		50,000,000
HSBC Securities (USA), Inc., 0.25%, 10/01/15 (Purchased on 3/11/14 – 7/20/15 to be repurchased at $185,564,757, collateralized by various Corporate Debt Obligations, 2.43% to 11.00%, due 10/01/15 to 4/01/35, original par and fair values of $204,287,000 and $194,250,248, respectively) (a)		185,000		185,000,000
Total Value of HSBC Securities (USA), Inc. (collateral value of $245,754,066)				235,000,000

Repurchase Agreements	Par   (000)		Value
J.P. Morgan Securities LLC, 0.40%, 10/01/15 (Purchased on 3/25/13 to be repurchased at $60,613,333, collateralized by various Corporate Debt Obligations, 0.36% to 0.43%, due 2/25/36 to 5/25/37, original par and fair values of $270,311,700 and $75,001,032, respectively) (a)	$	60,000	$	60,000,000
J.P. Morgan Securities LLC, 0.47%, 11/04/15 (Purchased on 9/30/15 to be repurchased at $150,068,979, collateralized by various Corporate Debt Obligations, 0.00% to 3.90%, due 11/13/28 to 2/10/48, original par and fair values of $6,346,180,808 and $160,500,327, respectively) (f)		150,000		150,000,000
J.P. Morgan Securities LLC, 0.55%, 11/04/15 (Purchased on 9/30/15 to be repurchased at $150,080,646, collateralized by various Corporate Debt Obligations, 0.00% to 7.24%, due 1/02/19 to 4/22/46, original par and fair values of $312,415,007 and $187,503,386, respectively) (f)		150,000		150,000,000
J.P. Morgan Securities LLC, 0.71%, 12/31/15 (Purchased on 9/30/15 to be repurchased at $150,270,250, collateralized by various Corporate Debt Obligations, 0.00% to 6.42%, due 4/15/26 to 9/15/58, original par and fair values of $263,720,771 and $187,502,254, respectively) (f)		150,000		150,000,000
J.P. Morgan Securities LLC, 0.83%, 12/31/15 (Purchased on 9/30/15 to be repurchased at $200,421,667, collateralized by various Corporate Debt Obligations, 0.44% to 7.31%, due 6/25/21 to 3/25/54, original par and fair values of $2,220,715,088 and $240,000,915, respectively) (f)		200,000		200,000,000

156 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) Money Market Master Portfolio

Repurchase Agreements	Par   (000)		Value
J.P. Morgan Securities LLC, 0.63%, 11/17/15, (Purchased on 8/19/15 to be repurchased at $126,198,450, collateralized by various Corporate Debt Obligations, 0.31% to 7.92%, due 3/14/22 to 5/25/47, original par and fair values of $505,324,224 and $157,501,462, respectively)	$	126,000	$	126,000,000
Total Value of J.P. Morgan Securities LLC (collateral value of $1,008,009,376)				836,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.16%, 10/07/15 (Purchased on 9/30/15 to be repurchased at $262,008,151, collateralized by various U.S. Government Sponsored Agency Obligations, 0.94% to 7.05%, due 3/11/19 to 1/20/65, original par and fair values of $4,392,056,876 and $286,116,694, respectively)		262,000		262,000,000
Total Value of Merrill Lynch, Pierce, Fenner & Smith, Inc. (collateral value of $286,116,694)				262,000,000
RBC Capital Markets LLC, 0.12%, 10/01/15 (Purchased on 9/30/15 to be repurchased at $160,000,533, collateralized by various Corporate Debt Obligations and various U.S. Government Sponsored Obligations, 0.00% to 11.00%, due 10/23/15 to 6/15/68, original par and fair values of $303,510,687 and $171,410,246, respectively)		160,000		160,000,000
RBC Capital Markets LLC, 0.13%, 10/01/15 (Purchased on 3/28/14 to be repurchased at $72,143,520, collateralized by various U.S. Government Sponsored Agency Obligations, 0.74% to 5.88%, due 9/14/18 to 9/15/42, original par and fair values of $73,985,000 and $75,600,417, respectively) (a)		72,000		72,000,000

Repurchase Agreements	Par   (000)		Value
RBC Capital Markets LLC, 0.13%, 10/01/15 (Purchased on 6/12/14 to be repurchased at $51,087,663, collateralized by various Corporate Debt Obligations, 0.00% to 10.20%, due 7/15/16 to 5/15/46, original par and fair values of $57,104,803 and $53,550,344, respectively) (a)	$	51,000	$	51,000,000
Total Value of RBC Capital Markets LLC (collateral value of $300,561,007)				283,000,000
Wells Fargo Securities LLC, 0.52%, 10/13/15 (Purchased on 7/14/15 to be repurchased at $93,137,263, collateralized by various Corporate Debt Obligations, 3.88% to 6.80%, due 6/15/17 to 2/06/44, original par and fair values of $88,530,000 and $97,666,551, respectively)		93,015		93,015,000
Wells Fargo Securities LLC, 0.47%, 11/02/15 (Purchased on 8/03/15 to be repurchased at $150,178,208, collateralized by various Corporate Debt Obligations, 4.40% to 9.25%, due 10/01/17 to 2/15/44, original par and fair values of $139,466,000 and $157,500,293, respectively)		150,000		150,000,000
Wells Fargo Securities LLC, 0.20%, 10/01/15 (Purchased on 9/25/15 to be repurchased at $320,010,667, collateralized by various Corporate Debt Obligations, 0.41% to 6.35%, due 4/15/18 to 11/25/57, original par and fair values of $381,240,238 and $342,400,000, respectively) (a)		320,000		320,000,000
Wells Fargo Securities LLC, 0.47%, 11/03/15 (Purchased on 8/04/15 to be repurchased at $140,166,328, collateralized by various Corporate Debt Obligations and a U.S. Government Sponsored Agency Obligation, 0.64% to 8.05%, due 10/1/15 to 6/15/67, original par and fair values of $144,410,000 and $147,000,424, respectively)		140,000		140,000,000

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 157

Schedule of Investments (continued) Money Market Master Portfolio

Repurchase Agreements	Par   (000)		Value
Wells Fargo Securities, LLC, 0.74%, 12/17/15 (Purchased on 9/14/15 to be repurchased at $110,212,544, collateralized by various Corporate Debt Obligations and a U.S. Government Sponsored Agency Obligation, 0.00 to 6.83%, due 1/17/20 to 4/26/55, original par and fair values of $137,286,306 and $137,500,001, respectively)	$	110,000	$	110,000,000
Total Value of Wells Fargo Securities LLC (collateral value of $882,067,269)				703,015,000
Total Repurchase Agreements — 31.6%				13,228,999,000

	Value
Total Investments (Cost — $41,967,628,877*) — 100.2%	$	41,967,628,877
Liabilities in Excess of Other Assets — (0.2)%		(97,020,763	)
Net Assets — 100.0%	$	41,870,608,114

Notes to Schedule of Investments

* Cost for federal income tax purposes.

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

(b) Issuer is a U.S. branch of foreign domiciled bank.

(c) Rates shown are discount rates or a range of discount rates at the time of purchase.

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

(e) Traded in a joint account.

(f) Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

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 Master Portfolio 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 Master Portfolio’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.

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.

158 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (concluded) Money Market Master Portfolio

The following table summarizes the Master Portfolio’s investments categorized in the disclosure hierarchy:

	Level 1	Level 2		Level 3	Total
Assets:
Investments:
Short-Term Securities1	—	$	41,967,628,877	—	$	41,967,628,877
1    See above Schedule of Investments for values in each security type.

The Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, cash of $24,728,093 is categorized as Level 1 within the disclosure hierarchy.

During the period ended September 30, 2015, there were no transfers between levels.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 159

Schedule of Investments September 30, 2015 (Unaudited) Prime Money Market Master Portfolio (Percentages shown are based on Net Assets)

Certificates of Deposit	Par   (000)		Value
Domestic — 2.3%
State Street Bank & Trust, 0.33%, 10/01/15 (a)	$	50,000	$	50,000,000
Wells Fargo Bank NA (a):
0.19%, 12/08/15		100,000		100,000,000
0.33%, 1/06/16		100,000		100,000,000
0.33%, 1/21/16		100,000		100,000,000
0.32%, 2/12/16		100,000		100,000,000
0.35%, 2/12/16		25,000		25,000,000
0.32%, 4/01/16		80,000		80,000,000
				555,000,000
Euro — 0.2%
Australia & New Zealand Banking Group Ltd., 0.27%, 10/19/15		62,000		62,000,000
Yankee (b) — 20.7%
Bank of Montreal, Chicago:
0.30%, 10/09/15 (a)		100,000		100,000,000
0.31%, 10/13/15 (a)		75,000		75,000,000
0.25%, 10/20/15		97,000		97,000,000
0.27%, 10/23/15		75,000		75,000,000
0.32%, 1/07/16 (a)		75,000		75,000,000
0.36%, 1/25/16 (a)		100,000		100,000,000
0.42%, 4/21/16 (a)		100,000		100,000,000
Bank of Nova Scotia, Houston (a):
0.30%, 11/06/15		31,000		31,000,000
0.30%, 11/06/15		50,000		50,000,000
0.41%, 2/29/16		75,000		75,025,233
Bank of Tokyo-Mitsubishi UFJ, Ltd., New York:
0.26%, 10/05/15		200,000		200,000,000
0.35%, 11/13/15		100,000		100,000,000
0.35%, 11/23/15 (a)		55,000		55,000,000
0.40%, 3/24/16 (a)		100,000		100,000,000
BNP Paribas SA, New York (a):
0.27%, 10/01/15		200,000		200,000,000
0.42%, 2/29/16		95,000		95,000,000
Canadian Imperial Bank of Commerce, New York (a):
0.24%, 10/19/15		100,000		100,000,000
0.30%, 1/26/16		125,000		125,000,000
0.31%, 2/10/16		150,000		150,000,000
0.33%, 6/01/16		200,000		200,000,000
0.40%, 6/01/16		100,000		100,000,000
0.43%, 6/30/16		150,000		150,000,000
Mitsubishi UFJ Trust & Banking Corp., New York (a):
0.36%, 11/12/15		25,000		25,000,000
0.40%, 1/05/16		150,000		150,000,000
0.40%, 2/04/16		199,250		199,250,000
Mizuho Bank Ltd., New York:
0.27%, 10/06/15		25,000		25,000,000
0.37%, 1/19/16		100,000		100,000,000

Certificates of Deposit	Par   (000)		Value
Yankee (b) (continued)
Mizuho Bank Ltd., New York (continued):
0.40%, 2/04/16 (a)	$	149,200	$	149,200,000
National Bank of Canada, New York, 0.36%, 12/24/15 (a)		74,300		74,300,000
Norinchukin Bank, New York:
0.36%, 11/12/15 (a)		50,000		50,000,000
0.33%, 1/07/16		200,000		200,000,000
0.31%, 1/08/16		115,000		115,000,000
Oversea-Chinese Banking Corp. Ltd., New York:
0.30%, 10/28/15		50,000		50,000,000
0.30%, 11/16/15		100,000		100,000,000
Rabobank Nederland, New York (a):
0.29%, 11/09/15		100,000		100,000,000
0.31%, 12/21/15		120,000		120,000,000
0.29%, 1/11/16		100,000		100,000,000
0.31%, 1/11/16		110,000		110,000,000
0.34%, 2/22/16		75,000		75,000,000
Royal Bank of Canada, New York (a):
0.30%, 10/14/15		50,000		50,000,000
0.29%, 11/10/15		70,000		70,000,000
0.32%, 3/16/16		50,000		50,000,000
Skandinaviska Enskilda Banken AB, New York, 0.39%, 3/14/16 (a)		150,000		150,000,000
Sumitomo Mitsui Banking Corp., New York, 0.41%, 2/25/16 (a)		125,000		125,000,000
Sumitomo Mitsui Trust Bank Ltd., New York:
0.30%, 10/05/15		150,000		150,000,000
0.40%, 1/08/16 (a)		100,000		100,000,000
Toronto-Dominion Bank, New York (a):
0.24%, 10/06/15		50,000		50,000,000
0.30%, 2/25/16		50,000		50,000,000
0.44%, 6/06/16		100,000		100,000,000
				4,990,775,233
Total Certificates of Deposit — 23.2%				5,607,775,233
Commercial Paper
ANZ New Zealand International Ltd., London (a)(c):
0.28%, 11/10/15		100,000		100,000,000
0.35%, 6/03/16		100,000		100,000,000
Australia & New Zealand Banking International Group Ltd. (a):
0.30%, 11/13/15		100,000		100,000,000

160 MASTER INVESTMENTS PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) Prime Money Market Master Portfolio

Commercial Paper	Par   (000)		Value
Australia & New Zealand Banking International Group Ltd. (a) (continued):
0.35%, 11/24/15	$	59,000	$	58,999,605
0.41%, 5/26/16		250,000		250,000,000
Bank of Nova Scotia, 0.36%, 12/09/15 (a)(c)		100,000		100,000,000
Bedford Row Funding Corp. (a):
0.38%, 2/08/16		100,000		100,000,000
0.35%, 2/18/16		100,000		100,000,000
0.33%, 2/26/16		35,000		35,000,000
0.34%, 3/02/16		80,000		80,000,000
0.34%, 3/07/16 (c)		50,000		50,000,000
0.40%, 3/24/16		100,000		100,000,000
0.40%, 4/07/16		75,000		75,000,000
0.40%, 4/20/16		25,750		25,750,000
BNP Paribas Fortis SA, NY, 0.06%, 10/01/15 (d)		300,000		300,000,000
Cafco LLC, 0.32%, 11/02/15 (d)		60,000		59,982,933
Caisse des Depots et Consignations, 0.25%, 10/19/15 (d)		100,000		99,987,500
Chariot Funding LLC (d):
0.28%, 10/07/15 (c)		25,000		24,998,833
0.31%, 10/20/15		45,500		45,492,556
0.42%, 1/05/16		100,000		99,888,000
0.42%, 1/06/16		50,000		49,943,417
0.43%, 1/11/16		50,000		49,939,083
Charta LLC, 0.28%, 12/14/15 (d)		8,000		7,995,396
Ciesco LLC, 0.32%, 11/06/15 (d)		50,000		49,984,000
Collateralized Commercial Paper Co. (a):
0.38%, 1/07/16		100,000		100,000,000
0.39%, 2/22/16		75,000		75,000,000
Collateralized Commercial Paper II Co., 0.37%, 12/07/15 (a)		150,000		150,000,000
Commonwealth Bank of Australia (a):
0.28%, 10/27/15 (c)		100,000		99,999,353
0.29%, 11/17/15		100,000		100,000,000
0.32%, 11/19/15		100,000		100,000,000
0.28%, 12/02/15 (c)		180,000		180,000,000
0.35%, 2/19/16		50,000		50,000,000
0.29%, 2/26/16		50,000		50,000,000
0.32%, 4/29/16		27,000		27,000,000
0.40%, 7/15/16		25,000		25,000,000
CRC Funding LLC (d):
0.50%, 2/08/16		199,500		199,139,792
0.50%, 3/07/16		50,000		49,890,278
DBS Bank Ltd., 0.30%, 11/09/15 (d)		125,000		124,959,375
Fairway Finance Co. LLC:
0.30%, 10/21/15 (d)		48,500		48,491,917
0.31%, 12/17/15 (a)		50,000		50,000,000
0.32%, 1/06/16 (a)		50,000		49,997,556

Commercial Paper	Par   (000)		Value
HSBC Bank PLC (a):
0.30%, 10/16/15	$	110,000	$	110,000,004
0.32%, 11/19/15		92,500		92,500,000
0.35%, 1/13/16		100,000		100,000,000
0.33%, 2/05/16		116,500		116,500,000
0.43%, 7/06/16		70,000		70,000,000
Jupiter Securitization Co. LLC (d):
0.42%, 1/04/16		100,000		99,889,167
0.43%, 1/12/16		50,000		49,938,486
Kells Funding LLC:
0.24%, 10/15/15 (d)		160,000		159,985,067
0.30%, 10/30/15 (a)		125,650		125,648,009
0.28%, 11/18/15 (c)(d)		96,000		95,964,160
0.31%, 1/13/16 (a)		100,000		100,000,000
0.41%, 1/20/16 (d)		200,000		199,747,167
Mizuho Bank Ltd., New York (d):
0.30%, 10/28/15		175,000		174,960,625
0.37%, 12/22/15		150,000		149,873,583
National Australia Bank Ltd. (a):
0.30%, 10/08/15		100,000		100,000,000
0.29%, 11/04/15		50,000		50,000,000
0.29%, 11/09/15 (c)		50,000		50,000,000
0.34%, 1/11/16 (c)		200,000		200,000,000
0.36%, 2/26/16		100,000		100,000,000
Nederlandse Waterschapsbank NV (a):
0.28%, 10/01/15		120,000		120,000,000
0.26%, 11/30/15		200,000		200,000,000
0.37%, 12/22/15		100,000		100,000,000
Nieuw Amsterdam Receivables Corp. (d):
0.21%, 10/16/15		90,344		90,336,095
0.24%, 11/02/15		1,275		1,274,728
Nordea Bank AB (d):
0.30%, 10/19/15		100,000		99,985,000
0.48%, 2/26/16		100,000		99,804,722
Old Line Funding LLC:
0.37%, 1/06/16 (a)		92,000		92,000,000
0.37%, 2/09/16 (a)(c)		100,000		100,007,239
0.51%, 3/03/16 (d)		46,311		46,209,965
0.50%, 3/07/16 (d)		80,000		79,824,444
0.50%, 3/11/16 (d)		50,000		49,887,500
PSP Capital, Inc., 0.33%, 10/26/15 (d)		50,000		49,988,542
Skandinaviska Enskilda Banken AB (d):
0.27%, 10/05/15		149,000		148,995,530
0.27%, 10/06/15		51,000		50,998,087
Sumitomo Mitsui Banking Corp., 0.28%, 10/07/15 (d)		100,000		99,995,333
Sumitomo Trust & Banking Co. Ltd., 0.27%, 10/06/15 (d)		200,000		199,992,500
Thunder Bay Funding LLC (a):
0.32%, 12/14/15		92,000		92,000,000
0.37%, 1/06/16		50,000		50,000,000

MASTER INVESTMENTS PORTFOLIO SEPTEMBER 30, 2015 161

Schedule of Investments (continued) Prime Money Market Master Portfolio

Commercial Paper	Par   (000)		Value
Toyota Credit Canada, Inc. (d):
0.25%, 10/14/15	$	50,000	$	49,995,486
0.25%, 10/16/15		50,000		49,994,792
0.27%, 11/09/15		50,000		49,985,375
0.27%, 11/10/15		50,000		49,985,000
Toyota Motor Credit Corp.:
0.24%, 10/02/15 (d)		100,000		99,999,333
0.27%, 1/08/16 (a)		200,000		200,000,000
United Overseas Bank Ltd. (d):
0.30%, 1/06/16		89,200		89,127,897
0.39%, 1/11/16		200,000		199,779,000
0.39%, 1/14/16		100,000		99,886,250
Victory Receivables Corp., 0.22%, 10/14/15 (d)		50,000		49,996,028
Westpac Banking Corp. (a):
0.32%, 11/20/15		100,000		100,000,000
0.36%, 3/02/16		250,000		250,000,000
0.28%, 3/18/16		75,000		75,000,000
0.33%, 4/14/16		90,000		90,000,000
Westpac Securities NZ Ltd., 0.34%, 5/06/16 (a)(c)		25,000		25,000,000
Total Commercial Paper — 37.0%				8,937,494,708
Corporate Notes
Commonwealth Bank of Australia (c):
3.25%, 3/17/16		65,000		65,803,558
0.85%, 9/20/16 (a)		20,000		20,056,976
Nederlandse Waterschapsbank NV, 0.40%, 11/04/15 (a)(c)		100,000		100,008,896
Svenska Handelsbanken AB, 0.38%, 11/13/15 (a)(c)		108,200		108,200,000
The Toronto-Dominion Bank, 0.50%, 11/06/15 (a)		24,000		24,004,428
Total Corporate Notes — 1.3%				318,073,858
Time Deposits
Credit Agricole Corporate & Investment Bank, 0.07%, 10/01/15		700,000		700,000,000
Natixis, 0.06%, 10/01/15		279,000		279,000,000
Nordea Bank AB, 0.05%, 10/01/15		500,000		500,000,000
Skandinaviska Enskilda Banken AB, 0.05%, 10/01/15		250,000		250,000,000
Svenska Handelsbanken AB, 0.04%, 10/01/15		900,000		900,000,000
Total Time Deposits — 10.9%				2,629,000,000

U.S. Government Sponsored Agency Obligation — 0.4%	Par   (000)		Value
Federal Home Loan Bank, 0.15%, 10/14/15 (a)	$	100,000	$	100,000,000
Repurchase Agreements
BNP Paribas Securities Corp., 0.15%, 10/01/15 (Purchased on 10/07/14 - 10/16/2014 to be repurchased at $84,125,013, collateralized by various Corporate Debt Obligations, 0.39% to 6.51%, due 3/15/19 to 9/25/46, original par and fair values of $123,085,306 and $91,393,006, respectively) (a)		84,000		84,000,000
Total Value of BNP Securities Corp. (collateral value of $91,393,006)				84,000,000
Citigroup Global Markets, Inc., 0.10%, 10/01/15 (Purchased on 9/30/15 to be repurchased at $45,500,126, collateralized by various U.S. Treasury Obligations, 0.13% to 6.50%, due 10/15/15 to 5/15/45, original par and fair values of $41,604,784 and $46,410,009, respectively) (e)		45,500		45,500,000
Total Value of Citigroup Global Markets, Inc. (collateral value of $46,410,009)				45,000,000
Credit Suisse Securities (USA) LLC, 0.47%, 10/06/15 (Purchased on 9/29/15 to be repurchased at $140,012,794, collateralized by various Corporate Debt Obligations, 0.00% to 5.00%, due 7/16/18 to 9/25/55, original par and fair values of $168,047,489 and $168,000,770, respectively)		140,000		140,000,000
Credit Suisse Securities (USA) LLC, 0.40%, 10/01/15 (Purchased on 3/03/15 - 03/27/15 to be repurchased at $325,815,162, collateralized by various Corporate Debt Obligations, 0.00% to 2.75%, due 12/14/16 to 5/31/45, original par and fair values of $913,435,991 and $390,140,682, respectively) (a)		325,116		325,116,000

162 MASTER INVESTMENTS PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) Prime Money Market Master Portfolio

Repurchase Agreements	Par   (000)		Value
Credit Suisse Securities (USA) LLC, 0.64%, 11/04/15 (Purchased on 9/30/15 to be repurchased at $50,031,257, collateralized by a Corporate Debt Obligation, 5.00%, due 9/25/45, original par and fair value of $59,715,000 and $60,003,623, respectively) (f)	$	50,000	$	50,000,000
Total Value of Credit Suisse Securities (USA) LLC (collateral value of $618,145,075)				515,116,000
Federal Reserve Bank of New York, 0.05%, 10/01/15 (Purchased on 9/30/15 to be repurchased at $1,000,001,389, collateralized by a U.S. Treasury Obligation, 2.75%, due 2/15/19, original par and fair value of $944,511,000 and $1,000,001,494, respectively)		1,000,000		1,000,000,000
Federal Reserve Bank of New York, 0.07%, 10/01/15 (Purchased on 9/24/15 to be repurchased at $1,000,013,611, collateralized by a U.S. Treasury Obligation, 0.75%, due 2/28/18, original par and fair value of $1,000,332,600 and $1,000,013,626, respectively) (f)		1,000,000		1,000,000,000
Federal Reserve Bank of New York, 0.07%, 10/02/15 (Purchased on 9/30/15 to be repurchased at $2,500,009,722, collateralized by a Treasury Obligation, 3.88%, due 8/15/40, original par and fair value of $2,080,868,600 and $2,500,004,957, respectively) (f)		2,500,000		2,500,000,000
Total Value of Federal Reserve Bank of New York (collateral value of $4,500,020,077)				4,500,000,000
HSBC Securities (USA), Inc., 0.11%, 10/01/15 (Purchased on 4/14/15 to be repurchased at $15,007,792, collateralized by a U.S. Treasury Obligation, 1.50%, due 8/31/18, original par and fair value of $15,030,000 and $15,300,184, respectively) (a)		15,000		15,000,000
Total Value of HSBC Securities (USA), Inc. (collateral value of $15,300,184)				15,000,000

Repurchase Agreements	Par   (000)		Value
J.P. Morgan Securities LLC, 0.20%, 10/01/15 (Purchased on 3/25/13 to be repurchased at $50,255,556, collateralized by various Corporate Debt Obligations, 0.53% to 1.13%, due 7/25/42 to 9/15/47, original par and fair values of $2,180,460,010 and $53,500,054, respectively) (a)	$	50,000	$	50,000,000
J.P. Morgan Securities LLC, 0.40%, 10/01/15 (Purchased on 3/25/13 to be repurchased at $30,306,667, collateralized by various Corporate Debt Obligations, 0.39% to 7.75%, due 6/15/27 to 2/25/36, original par and fair values of $365,754,322 and $37,501,405, respectively) (a)		30,000		30,000,000
J.P. Morgan Securities LLC, 0.58%, 10/05/15 (Purchased on 7/06/15 to be repurchased at $100,147,698, collateralized by various Corporate Debt Obligations, 0.41% to 4.84%, due 12/25/31 to 3/25/37, original par and fair values of $228,432,209 and $125,002,179, respectively)		100,000		100,000,000
J.P. Morgan Securities LLC, 0.47%, 11/04/15 (Purchased on 9/30/15 to be repurchased at $125,057,483, collateralized by various Corporate Debt Obligations and a U.S. Government Sponsored Agency Obligation, 0.17% to 1.84%, due 6/25/25 to 11/10/47, original par and fair values of $2,853,181,929 and $133,750,246, respectively) (f)		125,000		125,000,000
J.P. Morgan Securities LLC, 0.55%, 11/04/15 (Purchased on 9/30/15 to be repurchased at $45,024,194, collateralized by various Corporate Debt Obligations, 0.26% to 4.77%, due 2/25/35 to 9/25/46, original par and fair values of $143,546,521 and $56,252,788, respectively) (f)		45,000		45,000,000

MASTER INVESTMENTS PORTFOLIO SEPTEMBER 30, 2015 163

Schedule of Investments (continued) Prime Money Market Master Portfolio

Repurchase Agreements	Par   (000)		Value
J.P. Morgan Securities LLC, 0.63%, 11/17/15 (Purchased on 8/19/15 to be repurchased at $70,110,250, collateralized by various Corporate Debt Obligations, 0.37% to 4.84%, due 12/15/35 to 5/25/37, original par and fair values of $223,153,600 and $87,501,485, respectively)	$	70,000	$	70,000,000
J.P. Morgan Securities LLC, 0.71%, 12/30/15 (Purchased on 9/30/15 to be repurchased at $45,080,194, collateralized by various Corporate Debt Obligations, 0.51% to 6.03%, due 4/19/26 to 5/25/47, original par and fair values of $90,902,000 and $56,252,363, respectively) (f)		45,000		45,000,000
J.P. Morgan Securities LLC, 0.83%, 12/30/15 (Purchased on 9/30/15 to be repurchased at $50,104,271, collateralized by various Corporate Debt Obligations, 0.32% to 7.50%, due 1/25/19 to 3/12/51, original par and fair values of $2,668,271,568 and $59,071,643, respectively) (f)		50,000		50,000,000
Total Value of J.P. Morgan Securities LLC (collateral value of $608,832,163)				515,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.65%, 11/14/15 (Purchased on 9/30/15 to be repurchased at $110,089,375, collateralized by various Corporate Debt Obligations, 0.00% to 1.74%, due 8/01/20 to 10/25/37, original par and fair values of $163,361,604 and $137,500,000, respectively) (f)		110,000		110,000,000
Total Value of Merrill Lynch, Pierce, Fenner & Smith (collateral value of $137,500,000)				110,000,000

Repurchase Agreements	Par   (000)		Value
RBC Capital Markets LLC, 0.12%, 10/01/15 (Purchased on 9/30/15 to be repurchased at $63,000,210, collateralized by various Corporate Debt Obligations, 0.00% to 10.20%, due 3/15/17 to 12/31/49, original par and fair values of $63,364,429 and $66,224,909, respectively)	$	63,000	$	63,000,000
RBC Capital Markets LLC, 0.13%, 10/01/15 (Purchased on 3/28/14 to be repurchased at $25,049,833, collateralized by various Corporate Debt Obligations, 0.00% to 5.00%, due 10/16/15 to 9/26/18, original par and fair values of $26,259,688 and $26,250,000, respectively) (a)		25,000		25,000,000
RBC Capital Markets LLC, 0.13%, 10/01/15 (Purchased on 6/13/14 to be repurchased at $16,027,444, collateralized by various Corporate Debt Obligations, 0.00% to 8.10%, due 9/26/16 to 5/15/46, original par and fair values of $19,639,923 and $16,800,001, respectively) (a)		16,000		16,000,000
RBC Capital Markets LLC, 0.20%, 10/07/15 (Purchased on 9/30/15 to be repurchased at $100,003,889, collateralized by various Corporate Debt Obligations, 0.00% to 10.20%, due 8/01/16 to 5/15/46, original par and fair values of $100,319,738 and $105,000,001, respectively)		100,000		100,000,000
Total Value of RBC Capital Markets LLC (collateral value of $214,274,911)				204,000,000
Wells Fargo Securities LLC, 0.20%, 10/01/15 (Purchased on 9/23/15 to be repurchased at $180,008,000, collateralized by various Corporate Debt Obligations, 0.59% to 4.63%, due 7/20/19 to 5/15/46, original par and fair values of $193,923,395 and $192,600,001, respectively) (a)		180,000		180,000,000

164 MASTER INVESTMENTS PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) Prime Money Market Master Portfolio

Repurchase Agreements	Par   (000)		Value
Wells Fargo Securities LLC, 0.52%, 10/08/15 (Purchased on 7/09/15 to be repurchased at $50,065,722, collateralized by various Corporate Debt Obligations, 5.25% to 8.38%, due 4/01/17 to 7/15/35, original par and fair values of $44,858,000 and $51,500,823, respectively)	$	50,000	$	50,000,000
Wells Fargo Securities LLC, 0.52%, 10/13/15 (Purchased on 7/14/15 to be repurchased at $36,753,247, collateralized by various Corporate Debt Obligations, 0.00%, due 10/01/15 to 10/06/15, original par and fair values of $37,440,162 and $37,439,100, respectively)		36,705		36,705,000
Wells Fargo Securities LLC, 0.47%, 11/02/15 (Purchased on 8/03/15 to be repurchased at $100,118,806, collateralized by various Corporate Debt Obligations, 0.00% to 9.00%, due 10/05/15 to 7/10/35, original par and fair values of $99,960,690 and $102,847,511, respectively)		100,000		100,000,000

Repurchase Agreements	Par   (000)		Value
Wells Fargo Securities LLC, 0.47%, 11/03/15 (Purchased on 8/04/15 to be repurchased at $59,070,095, collateralized by various Corporate Debt Obligations, 0.00%, due 10/05/15 to 10/19/15, original par and fair values of $60,185,611 and $60,180,001, respectively)	$	59,000	$	59,000,000
Wells Fargo Securities LLC, 0.74%, 12/17/15 (Purchased on 9/14/15 to be repurchased at $55,106,272, collateralized by various Corporate Debt Obligations, 3.46% to 5.27%, due 5/20/20 to 4/25/54, original par and fair values of $69,818,189 and $68,750,001, respectively)		55,000		55,000,000
Total Value of Wells Fargo Securities LLC (collateral value of $513,317,437)				480,705,000
Total Repurchase Agreements — 26.8%				6,469,321,000
Total Investments (Cost — $24,061,664,799*) — 99.6%				24,061,664,799
Other Assets Less Liabilities — 0.4%				95,929,122
Net Assets — 100.0%			$	24,157,593,921

Notes to Schedule of Investments

* Cost for federal income tax purposes.

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

(b) Issuer is a U.S. branch of foreign domiciled bank.

(c) 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) Rates shown are discount rates or a range of discount rates at the time of purchase.

(e) Traded in a joint account.

(f) Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

MASTER INVESTMENTS PORTFOLIO SEPTEMBER 30, 2015 165

Schedule of Investments (concluded) Prime Money Market 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 Master Portfolio 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 Master Portfolio’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.

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 Securities1	—	$24,061,664,799	—	$	24,061,664,799

¹  See above Schedule of Investments for values in each security type.

The Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, cash of $209,111,174 is categorized as Level 1 within the disclosure hierarchy.

During the period ended September 30, 2015, there were no transfers between levels.

166 MASTER INVESTMENTS PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015(Unaudited) S&P 500 Index Master Portfolio (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 2.6%
Boeing Co.		236,380	$	30,953,961
General Dynamics Corp.		111,968		15,445,985
Honeywell International, Inc.		288,591		27,326,682
L-3 Communications Holdings, Inc.		29,724		3,106,752
Lockheed Martin Corp.		98,774		20,476,838
Northrop Grumman Corp.		69,282		11,497,348
Precision Castparts Corp.		51,032		11,722,561
Raytheon Co.		112,653		12,308,467
Rockwell Collins, Inc.		48,832		3,996,411
Textron, Inc.		102,501		3,858,138
United Technologies Corp.		306,439		27,270,006
				167,963,149
Air Freight & Logistics — 0.7%
C.H. Robinson Worldwide, Inc.		52,331		3,546,995
Expeditors International of Washington, Inc.		70,615		3,322,436
FedEx Corp.		97,322		14,012,422
United Parcel Service, Inc., Class B		258,021		25,464,092
				46,345,945
Airlines — 0.6%
American Airlines Group, Inc.		247,923		9,626,850
Delta Air Lines, Inc.		293,843		13,184,735
Southwest Airlines Co.		243,336		9,256,502
United Continental Holdings, Inc. (a)		139,628		7,407,265
				39,475,352
Auto Components — 0.4%
BorgWarner, Inc.		83,533		3,474,138
Delphi Automotive PLC		105,241		8,002,526
Goodyear Tire & Rubber Co.		99,592		2,921,033
Johnson Controls, Inc.		241,751		9,998,821
				24,396,518
Automobiles — 0.6%
Ford Motor Co.		1,438,849		19,525,181
General Motors Co.		532,393		15,982,438
Harley-Davidson, Inc.		77,180		4,237,182
				39,744,801
Banks — 5.8%
Bank of America Corp.		3,866,026		60,232,685
BB&T Corp.		286,881		10,212,964
Citigroup, Inc.		1,110,669		55,100,289
Comerica, Inc.		65,718		2,701,010
Fifth Third Bancorp		299,012		5,654,317
Huntington Bancshares, Inc.		298,493		3,164,026
JPMorgan Chase & Co.		1,366,181		83,296,056
KeyCorp		313,179		4,074,459
M&T Bank Corp.		49,090		5,986,525
People’s United Financial, Inc.		112,010		1,761,917

Common Stocks	Shares		Value
Banks (continued)
PNC Financial Services Group, Inc. (b)		190,032	$	16,950,854
Regions Financial Corp.		494,833		4,458,445
SunTrust Banks, Inc.		190,578		7,287,703
U.S. Bancorp		612,576		25,121,742
Wells Fargo & Co.		1,729,898		88,830,262
Zions Bancorporation		75,325		2,074,450
				376,907,704
Beverages — 2.2%
Brown-Forman Corp., Class B		39,200		3,798,480
Coca-Cola Co.		1,445,704		58,001,645
Coca-Cola Enterprises, Inc.		77,807		3,761,968
Constellation Brands, Inc., Class A		63,654		7,970,117
Dr Pepper Snapple Group, Inc.		70,784		5,595,475
Molson Coors Brewing Co., Class B		58,940		4,893,199
Monster Beverage Corp. (a)		56,257		7,602,571
PepsiCo, Inc.		543,502		51,252,239
				142,875,694
Biotechnology — 2.9%
Alexion Pharmaceuticals, Inc. (a)		83,542		13,065,133
Amgen, Inc.		280,697		38,826,009
Baxalta, Inc.		200,928		6,331,241
Biogen, Inc. (a)		86,843		25,341,656
Celgene Corp. (a)		291,756		31,559,247
Gilead Sciences, Inc.		542,550		53,272,985
Regeneron Pharmaceuticals, Inc. (a)		28,559		13,283,933
Vertex Pharmaceuticals, Inc. (a)		89,989		9,371,454
				191,051,658
Building Products — 0.1%
Allegion PLC		34,669		1,999,014
Masco Corp.		128,326		3,231,249
				5,230,263
Capital Markets — 2.1%
Affiliated Managers Group, Inc. (a)		20,204		3,454,682
Ameriprise Financial, Inc.		65,775		7,178,026
Bank of New York Mellon Corp.		409,490		16,031,533
BlackRock, Inc. (b)		47,394		14,098,293
Charles Schwab Corp.		443,044		12,653,337
E*Trade Financial Corp. (a)		107,021		2,817,863
Franklin Resources, Inc.		143,993		5,365,179
Goldman Sachs Group, Inc.		148,697		25,837,591
Invesco Ltd.		159,009		4,965,851
Legg Mason, Inc.		40,516		1,685,871
Morgan Stanley		562,791		17,727,916
Northern Trust Corp.		80,986		5,520,006
State Street Corp.		150,609		10,122,431

MASTER INVESTMENTS PORTFOLIO SEPTEMBER 30, 2015 167

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

Common Stocks	Shares		Value
Capital Markets (continued)
T. Rowe Price Group, Inc.		94,590	$	6,574,005
				134,032,584
Chemicals — 2.0%
Air Products & Chemicals, Inc.		71,359		9,103,981
Airgas, Inc.		25,115		2,243,523
CF Industries Holdings, Inc.		86,885		3,901,137
Dow Chemical Co.		428,422		18,165,093
E.I. du Pont de Nemours & Co.		334,196		16,108,247
Eastman Chemical Co.		55,000		3,559,600
Ecolab, Inc.		98,250		10,779,990
FMC Corp.		49,539		1,679,867
International Flavors & Fragrances, Inc.		29,862		3,083,550
LyondellBasell Industries NV, Class A		137,659		11,475,254
Monsanto Co.		173,127		14,774,658
Mosaic Co.		124,470		3,872,262
PPG Industries, Inc.		100,363		8,800,831
Praxair, Inc.		105,762		10,772,917
Sherwin-Williams Co.		29,243		6,514,756
Sigma-Aldrich Corp.		44,091		6,125,122
				130,960,788
Commercial Services & Supplies — 0.5%
ADT Corp. (c)		62,000		1,853,800
Cintas Corp.		32,959		2,826,234
Iron Mountain, Inc.		69,673		2,161,257
Pitney Bowes, Inc.		73,611		1,461,178
Republic Services, Inc.		88,852		3,660,703
Stericycle, Inc. (a)(c)		31,398		4,374,055
Tyco International PLC		155,437		5,200,922
Waste Management, Inc.		155,404		7,740,673
				29,278,822
Communications Equipment — 1.4%
Cisco Systems, Inc.		1,877,611		49,287,289
F5 Networks, Inc. (a)		26,556		3,075,185
Harris Corp.		45,496		3,328,032
Juniper Networks, Inc.		129,732		3,335,410
Motorola Solutions, Inc.		58,752		4,017,462
QUALCOMM, Inc.		581,320		31,234,323
				94,277,701
Construction & Engineering — 0.1%
Fluor Corp.		54,461		2,306,424
Jacobs Engineering Group, Inc. (a)		46,610		1,744,612
Quanta Services, Inc. (a)(c)		75,400		1,825,434
				5,876,470
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		24,722		3,756,508

Common Stocks	Shares		Value
Construction Materials (continued)
Vulcan Materials Co.		48,976	$	4,368,659
				8,125,167
Consumer Finance — 0.7%
American Express Co.		314,627		23,323,300
Capital One Financial Corp.		200,691		14,554,111
Discover Financial Services		160,870		8,363,631
Navient Corp.		138,288		1,554,357
				47,795,399
Containers & Packaging — 0.2%
Avery Dennison Corp.		33,830		1,913,763
Ball Corp.		50,895		3,165,669
Owens-Illinois, Inc. (a)(c)		60,630		1,256,254
Sealed Air Corp.		76,051		3,565,271
WestRock Co.		96,257		4,951,460
				14,852,417
Distributors — 0.1%
Genuine Parts Co.		56,190		4,657,589
Diversified Consumer Services — 0.1%
H&R Block, Inc.		101,617		3,678,535
Diversified Financial Services — 2.0%
Berkshire Hathaway, Inc., Class B (a)		693,009		90,368,374
CME Group, Inc.		124,762		11,570,428
IntercontinentalExchange Group, Inc.		40,800		9,587,592
Leucadia National Corp.		124,668		2,525,774
McGraw-Hill Financial, Inc.		101,045		8,740,392
Moody’s Corp.		64,369		6,321,036
NASDAQ OMX Group, Inc.		43,883		2,340,280
				131,453,876
Diversified Telecommunication Services — 2.3%
AT&T, Inc.		2,273,076		74,056,816
CenturyLink, Inc.		208,126		5,228,125
Frontier Communications Corp.		426,431		2,025,547
Level 3 Communications, Inc. (a)		106,641		4,659,145
Verizon Communications, Inc.		1,502,095		65,356,154
				151,325,787
Electric Utilities — 1.7%
American Electric Power Co., Inc.		180,878		10,284,723
Duke Energy Corp.		255,302		18,366,426
Edison International		120,284		7,586,312
Entergy Corp.		66,277		4,314,633
Eversource Energy		117,270		5,936,207
Exelon Corp.		317,955		9,443,264
FirstEnergy Corp.		155,804		4,878,223
NextEra Energy, Inc.		170,278		16,610,619
Pepco Holdings, Inc.		93,691		2,269,196

168 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

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

Common Stocks	Shares		Value
Electric Utilities (continued)
Pinnacle West Capital Corp.		40,922	$	2,624,737
PPL Corp.		246,653		8,112,417
Southern Co.		335,313		14,988,491
Xcel Energy, Inc.		187,143		6,626,734
				112,041,982
Electrical Equipment — 0.4%
AMETEK, Inc.		89,165		4,665,113
Eaton Corp. PLC		172,445		8,846,429
Emerson Electric Co.		242,606		10,715,907
Rockwell Automation, Inc.		49,692		5,042,247
				29,269,696
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp., Class A		114,048		5,811,886
Corning, Inc.		453,608		7,765,769
FLIR Systems, Inc.		51,061		1,429,197
TE Connectivity Ltd.		148,631		8,901,511
				23,908,363
Energy Equipment & Services — 0.9%
Cameron International Corp. (a)		70,664		4,333,117
Diamond Offshore Drilling, Inc. (c)		23,577		407,882
Ensco PLC, Class A		84,813		1,194,167
Halliburton Co.		314,127		11,104,389
National Oilwell Varco, Inc.		143,194		5,391,254
Schlumberger Ltd.		467,725		32,258,993
Transocean Ltd. (c)		127,604		1,648,644
				56,338,446
Food & Staples Retailing — 2.3%
Costco Wholesale Corp.		162,251		23,456,627
CVS Health Corp.		411,710		39,721,781
Kroger Co.		359,493		12,966,912
Sysco Corp.		204,383		7,964,806
Wal-Mart Stores, Inc.		582,593		37,775,330
Walgreens Boots Alliance, Inc.		323,407		26,875,122
Whole Foods Market, Inc.		132,270		4,186,345
				152,946,923
Food Products — 1.6%
Archer-Daniels-Midland Co.		225,289		9,338,229
Campbell Soup Co.		65,611		3,325,165
ConAgra Foods, Inc.		159,762		6,471,959
General Mills, Inc.		221,329		12,423,197
Hershey Co.		54,182		4,978,242
Hormel Foods Corp.		49,759		3,150,242
J.M. Smucker Co.		38,073		4,343,749
Kellogg Co.		94,175		6,267,346
Keurig Green Mountain, Inc.		44,345		2,312,148
Kraft Heinz Co.		219,856		15,517,437
McCormick & Co., Inc.		42,820		3,518,948
Mead Johnson Nutrition Co.		74,773		5,264,019

Common Stocks	Shares		Value
Food Products (continued)
Mondelez International, Inc., Class A		595,266	$	24,923,787
Tyson Foods, Inc., Class A		112,612		4,853,577
				106,688,045
Gas Utilities — 0.0%
AGL Resources, Inc.		44,278		2,702,729
Health Care Equipment & Supplies — 2.0%
Abbott Laboratories		549,621		22,105,757
Baxter International, Inc.		200,928		6,600,485
Becton Dickinson & Co.		77,302		10,254,883
Boston Scientific Corp. (a)		494,952		8,122,162
C.R. Bard, Inc.		27,411		5,106,943
DENTSPLY International, Inc.		51,617		2,610,272
Edwards Lifesciences Corp. (a)		39,709		5,645,429
Intuitive Surgical, Inc. (a)		13,608		6,253,965
Medtronic PLC		522,366		34,967,180
St. Jude Medical, Inc.		103,416		6,524,515
Stryker Corp.		117,056		11,014,970
Varian Medical Systems, Inc. (a)		36,844		2,718,350
Zimmer Biomet Holdings, Inc.		62,986		5,916,275
				127,841,186
Health Care Providers & Services — 2.7%
Aetna, Inc.		128,918		14,104,919
AmerisourceBergen Corp.		75,984		7,217,720
Anthem, Inc.		96,706		13,538,840
Cardinal Health, Inc.		120,860		9,284,465
Cigna Corp.		95,015		12,828,925
DaVita HealthCare Partners, Inc. (a)		63,482		4,591,653
Express Scripts Holding Co. (a)		249,467		20,196,848
HCA Holdings, Inc. (a)		117,966		9,125,850
Henry Schein, Inc. (a)		30,871		4,097,199
Humana, Inc.		54,671		9,786,109
Laboratory Corp. of America Holdings (a)		37,066		4,020,549
McKesson Corp.		85,918		15,897,408
Patterson Cos., Inc.		31,346		1,355,715
Quest Diagnostics, Inc.		53,028		3,259,631
Tenet Healthcare Corp. (a)(c)		37,071		1,368,661
UnitedHealth Group, Inc.		352,780		40,926,008
Universal Health Services, Inc., Class B		33,653		4,200,231
				175,800,731
Health Care Technology — 0.1%
Cerner Corp. (a)		113,054		6,778,718
Hotels, Restaurants & Leisure — 1.8%
Carnival Corp.		170,998		8,498,601
Chipotle Mexican Grill, Inc. (a)		11,462		8,255,505
Darden Restaurants, Inc.		42,118		2,886,768

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 169

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

Common Stocks	Shares		Value
Hotels, Restaurants & Leisure (continued)
Marriott International, Inc., Class A		73,648	$	5,022,794
McDonald’s Corp.		348,167		34,304,895
Royal Caribbean Cruises Ltd.		63,470		5,654,542
Starbucks Corp.		548,318		31,166,395
Starwood Hotels & Resorts Worldwide, Inc.		63,088		4,194,090
Wyndham Worldwide Corp.		44,319		3,186,536
Wynn Resorts Ltd.		30,182		1,603,268
Yum! Brands, Inc.		159,635		12,762,818
				117,536,212
Household Durables — 0.4%
D.R. Horton, Inc.		120,516		3,538,350
Garmin Ltd.		43,738		1,569,320
Harman International Industries, Inc.		26,268		2,521,465
Leggett & Platt, Inc.		51,213		2,112,536
Lennar Corp., Class A		64,253		3,092,497
Mohawk Industries, Inc. (a)		23,515		4,274,792
Newell Rubbermaid, Inc.		99,199		3,939,192
PulteGroup, Inc.		119,290		2,251,002
Whirlpool Corp.		29,034		4,275,547
				27,574,701
Household Products — 1.7%
Clorox Co.		47,562		5,494,838
Colgate-Palmolive Co.		332,696		21,112,888
Kimberly-Clark Corp.		134,419		14,657,048
Procter & Gamble Co.		1,001,586		72,054,097
				113,318,871
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		251,944		2,466,532
NRG Energy, Inc.		124,274		1,845,469
				4,312,001
Industrial Conglomerates — 2.3%
3M Co.		230,822		32,723,635
Danaher Corp.		220,045		18,750,034
General Electric Co.		3,727,294		94,002,355
Roper Industries, Inc.		37,111		5,815,294
				151,291,318
Insurance — 2.6%
ACE Ltd.		119,776		12,384,838
Aflac, Inc.		160,182		9,311,380
Allstate Corp.		147,906		8,614,045
American International Group, Inc.		477,678		27,141,664
Aon PLC		104,011		9,216,415
Assurant, Inc.		25,099		1,983,072
Chubb Corp.		84,001		10,302,723
Cincinnati Financial Corp.		54,610		2,938,018

Common Stocks	Shares		Value
Insurance (continued)
Genworth Financial, Inc., Class A (a)		182,289	$	842,175
Hartford Financial Services Group, Inc.		153,282		7,017,250
Lincoln National Corp.		93,411		4,433,286
Loews Corp.		106,132		3,835,610
Marsh & McLennan Cos., Inc.		195,789		10,224,102
MetLife, Inc.		411,939		19,422,924
Principal Financial Group, Inc.		101,176		4,789,672
Progressive Corp.		216,783		6,642,231
Prudential Financial, Inc.		167,239		12,745,284
Torchmark Corp.		43,045		2,427,738
Travelers Cos., Inc.		115,034		11,449,334
Unum Group		92,115		2,955,049
XL Group PLC		113,205		4,111,606
				172,788,416
Integrated Oil & Gas — 2.2%
ConocoPhillips		455,180		21,830,433
Exxon Mobil Corp.		1,543,584		114,765,470
Marathon Oil Corp.		249,180		3,837,372
				140,433,275
Internet & Catalog Retail — 1.8%
Amazon.com, Inc. (a)		141,690		72,529,694
Expedia, Inc.		36,810		4,331,801
Netflix, Inc. (a)		157,378		16,250,852
Priceline Group, Inc. (a)		18,759		23,202,257
TripAdvisor, Inc. (a)(c)		41,326		2,604,364
				118,918,968
Internet Software & Services — 3.7%
Akamai Technologies, Inc. (a)		65,921		4,552,504
Alphabet, Inc., Class A (a)		107,100		68,369,427
Alphabet, Inc., Class C (a)		109,294		66,496,656
eBay, Inc. (a)		414,360		10,126,958
Equinix, Inc. (c)		21,015		5,745,501
Facebook, Inc., Class A (a)		834,715		75,040,879
VeriSign, Inc. (a)(c)		36,916		2,604,793
Yahoo!, Inc. (a)		319,895		9,248,164
				242,184,882
IT Services — 3.6%
Accenture PLC, Class A		231,202		22,717,909
Alliance Data Systems Corp. (a)		22,908		5,932,714
Automatic Data Processing, Inc.		172,379		13,852,376
Cognizant Technology Solutions Corp., Class A (a)		225,392		14,111,793
Computer Sciences Corp.		50,829		3,119,884
Fidelity National Information Services, Inc.		104,650		7,019,922
Fiserv, Inc. (a)		86,631		7,503,111

170 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

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

Common Stocks	Shares		Value
IT Services (continued)
International Business Machines Corp.		332,966	$	48,270,081
Mastercard, Inc., Class A		369,264		33,278,072
Paychex, Inc.		118,968		5,666,446
PayPal Holdings, Inc. (a)		410,422		12,739,499
Teradata Corp. (a)(c)		52,962		1,533,780
Total System Services, Inc.		62,522		2,840,374
Visa, Inc., Class A		721,355		50,249,589
Western Union Co.		190,612		3,499,636
Xerox Corp.		371,710		3,616,738
				235,951,924
Leisure Products — 0.1%
Hasbro, Inc.		41,360		2,983,710
Mattel, Inc.		124,909		2,630,584
				5,614,294
Life Sciences Tools & Services — 0.4%
Agilent Technologies, Inc.		123,008		4,222,865
PerkinElmer, Inc.		42,112		1,935,468
Thermo Fisher Scientific, Inc.		146,955		17,969,657
Waters Corp. (a)(c)		30,529		3,608,833
				27,736,823
Machinery — 1.2%
Caterpillar, Inc.		222,854		14,565,737
Cummins, Inc.		61,368		6,663,337
Deere & Co.		115,318		8,533,532
Dover Corp.		57,771		3,303,346
Flowserve Corp.		49,918		2,053,627
Illinois Tool Works, Inc.		121,722		10,018,938
Ingersoll-Rand PLC		97,730		4,961,752
Joy Global, Inc.		34,113		509,307
PACCAR, Inc.		130,985		6,833,487
Parker Hannifin Corp.		51,197		4,981,468
Pentair PLC		66,320		3,384,973
Snap-on, Inc.		21,532		3,250,040
Stanley Black & Decker, Inc.		56,753		5,503,906
Xylem, Inc.		67,561		2,219,379
				76,782,829
Media — 3.1%
Cablevision Systems Corp., New York Group, Class A		81,799		2,656,013
CBS Corp., Class B		164,182		6,550,862
Comcast Corp., Class A		782,290		44,496,655
Comcast Corp., Special Class A		135,881		7,777,828
Discovery Communications, Inc., Class A (a)(c)		55,065		1,433,342
Discovery Communications, Inc., Class C (a)		97,018		2,356,567
Interpublic Group of Cos., Inc.		152,449		2,916,349
News Corp., Class A		140,837		1,777,363

Common Stocks	Shares		Value
Media (continued)
News Corp., Class B		39,823	$	510,531
Omnicom Group, Inc.		90,196		5,943,916
Scripps Networks Interactive, Inc., Class A		35,252		1,734,046
TEGNA, Inc.		84,325		1,888,037
Time Warner Cable, Inc.		104,719		18,783,447
Time Warner, Inc.		301,740		20,744,625
Twenty-First Century Fox, Inc., Class A		451,372		12,178,017
Twenty-First Century Fox, Inc., Class B		159,244		4,310,735
Viacom, Inc., Class B		128,365		5,538,950
Walt Disney Co.		573,063		58,567,039
				200,164,322
Metals & Mining — 0.2%
Alcoa, Inc.		483,475		4,670,369
Freeport-McMoRan, Inc.		383,965		3,720,621
Newmont Mining Corp.		195,240		3,137,507
Nucor Corp.		117,819		4,424,103
				15,952,600
Multi-Utilities — 1.2%
Ameren Corp.		89,577		3,786,420
CenterPoint Energy, Inc.		158,825		2,865,203
CMS Energy Corp.		101,892		3,598,826
Consolidated Edison, Inc.		108,125		7,228,156
Dominion Resources, Inc.		219,099		15,420,188
DTE Energy Co.		66,206		5,320,976
NiSource, Inc.		118,026		2,189,382
PG&E Corp.		180,683		9,540,062
Public Service Enterprise Group, Inc.		186,755		7,873,591
SCANA Corp.		52,763		2,968,446
Sempra Energy		87,009		8,415,511
TECO Energy, Inc.		86,116		2,261,406
WEC Energy Group, Inc.		116,373		6,076,998
				77,545,165
Multiline Retail — 0.7%
Dollar General Corp.		109,687		7,945,726
Dollar Tree, Inc. (a)(c)		86,740		5,782,089
Kohl’s Corp.		73,052		3,383,038
Macy’s, Inc.		122,126		6,267,506
Nordstrom, Inc.		52,053		3,732,721
Target Corp.		232,073		18,254,862
				45,365,942
Oil & Gas Drilling — 0.0%
Helmerich & Payne, Inc.		39,920		1,886,619
Oil & Gas Equipment & Services — 0.2%
Baker Hughes, Inc.		160,474		8,351,067

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 171

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

Common Stocks	Shares		Value
Oil & Gas Equipment & Services (continued)
FMC Technologies, Inc. (a)		85,249	$	2,642,719
				10,993,786
Oil & Gas Exploration & Production — 0.6%
Anadarko Petroleum Corp.		187,521		11,324,393
Apache Corp.		139,217		5,451,738
Cabot Oil & Gas Corp.		152,695		3,337,913
Cimarex Energy Co.		34,582		3,543,963
Newfield Exploration Co. (a)		60,442		1,988,542
Noble Energy, Inc.		158,022		4,769,104
Pioneer Natural Resources Co.		55,119		6,704,675
Range Resources Corp.		61,607		1,978,817
Southwestern Energy Co. (a)(c)		143,267		1,818,058
				40,917,203
Oil, Gas & Consumable Fuels — 2.5%
Chesapeake Energy Corp. (c)		186,426		1,366,503
Chevron Corp.		696,123		54,910,182
Columbia Pipeline Group, Inc.		117,170		2,143,039
CONSOL Energy, Inc. (c)		83,199		815,350
Devon Energy Corp.		142,664		5,291,408
EOG Resources, Inc.		202,656		14,753,357
EQT Corp.		56,244		3,642,924
Hess Corp.		90,182		4,514,511
Kinder Morgan, Inc.		665,057		18,408,778
Marathon Petroleum Corp.		198,416		9,192,613
Murphy Oil Corp.		59,971		1,451,298
Occidental Petroleum Corp.		282,375		18,679,106
ONEOK, Inc.		77,071		2,481,686
Phillips 66		176,956		13,597,299
Spectra Energy Corp.		247,841		6,510,783
Tesoro Corp.		45,454		4,419,947
				162,178,784
Paper & Forest Products — 0.1%
International Paper Co.		154,140		5,824,951
Personal Products — 0.1%
Estee Lauder Cos., Inc., Class A		83,489		6,735,893
Pharmaceuticals — 5.9%
AbbVie, Inc.		612,570		33,329,934
Allergan PLC (a)		145,690		39,599,999
Bristol-Myers Squibb Co.		617,084		36,531,373
Eli Lilly & Co.		360,532		30,172,923
Endo International PLC (a)		76,924		5,329,295
Johnson & Johnson		1,022,933		95,490,795
Mallinckrodt PLC (a)		43,185		2,761,249
Merck & Co., Inc.		1,043,017		51,514,610
Mylan NV (a)		151,965		6,118,111
Perrigo Co. PLC		53,998		8,492,265
Pfizer, Inc.		2,279,177		71,588,949

Common Stocks	Shares		Value
Pharmaceuticals (continued)
Zoetis, Inc.		169,560	$	6,982,481
				387,911,984
Professional Services — 0.2%
Dun & Bradstreet Corp.		13,110		1,376,550
Equifax, Inc.		43,936		4,269,700
Nielsen Holdings PLC		136,266		6,059,749
Robert Half International, Inc.		49,868		2,551,247
				14,257,246
Real Estate Investment Trusts (REITs) — 2.4%
American Tower Corp.		156,197		13,742,212
Apartment Investment & Management Co., Class A		58,207		2,154,823
AvalonBay Communities, Inc.		48,802		8,531,566
Boston Properties, Inc.		56,635		6,705,584
Crown Castle International Corp.		123,190		9,715,995
Equity Residential		134,377		10,094,400
Essex Property Trust, Inc.		24,127		5,390,454
General Growth Properties, Inc.		216,253		5,616,091
HCP, Inc.		170,442		6,348,965
Host Hotels & Resorts, Inc. (c)		279,719		4,422,357
Kimco Realty Corp.		152,381		3,722,668
Macerich Co.		49,789		3,824,791
Plum Creek Timber Co., Inc. (c)		64,838		2,561,749
Prologis, Inc.		193,468		7,525,905
Public Storage		54,332		11,498,281
Realty Income Corp. (c)		85,849		4,068,384
Simon Property Group, Inc.		114,371		21,012,240
SL Green Realty Corp.		36,765		3,976,503
Ventas, Inc.		122,156		6,848,065
Vornado Realty Trust		65,482		5,920,883
Welltower, Inc.		129,595		8,776,174
Weyerhaeuser Co.		191,142		5,225,822
				157,683,912
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A (a)		107,091		3,426,912
Refining, Marketing & Transport — 0.2%
Valero Energy Corp.		183,644		11,037,004
Road & Rail — 0.8%
CSX Corp.		364,744		9,811,614
JB Hunt Transport Services, Inc.		33,994		2,427,172
Kansas City Southern		40,812		3,708,994
Norfolk Southern Corp.		111,510		8,519,364
Ryder System, Inc.		19,261		1,426,084
Union Pacific Corp.		320,664		28,349,904
				54,243,132
Semiconductors & Semiconductor Equipment — 2.3%
Altera Corp.		111,157		5,566,743
Analog Devices, Inc.		115,754		6,529,683

172 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

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

Common Stocks	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Applied Materials, Inc.		443,483	$	6,514,765
Avago Technologies Ltd. (c)		95,919		11,990,834
Broadcom Corp., Class A		206,629		10,626,930
First Solar, Inc. (a)		27,607		1,180,199
Intel Corp.		1,754,481		52,880,057
KLA-Tencor Corp.		59,344		2,967,200
Lam Research Corp.		58,451		3,818,604
Linear Technology Corp.		88,407		3,567,222
Microchip Technology, Inc.		77,648		3,345,852
Micron Technology, Inc. (a)		397,723		5,957,891
NVIDIA Corp.		188,689		4,651,184
Qorvo, Inc. (a)		55,169		2,485,363
Skyworks Solutions, Inc.		70,550		5,941,016
Texas Instruments, Inc.		379,722		18,803,833
Xilinx, Inc.		95,469		4,047,886
				150,875,262
Software — 3.8%
Activision Blizzard, Inc.		184,985		5,714,187
Adobe Systems, Inc. (a)		183,825		15,114,092
Autodesk, Inc. (a)		84,045		3,709,746
CA, Inc.		116,871		3,190,578
Citrix Systems, Inc. (a)		59,176		4,099,713
Electronic Arts, Inc. (a)		114,792		7,777,158
Intuit, Inc.		102,503		9,097,141
Microsoft Corp.		2,960,268		131,021,462
Oracle Corp.		1,202,801		43,445,172
Red Hat, Inc. (a)(c)		67,678		4,864,695
Salesforce.com, Inc. (a)		228,945		15,895,651
Symantec Corp.		251,312		4,893,045
				248,822,640
Specialty Retail — 2.6%
Advance Auto Parts, Inc.		27,016		5,120,343
AutoNation, Inc. (a)		28,918		1,682,449
AutoZone, Inc. (a)		11,414		8,261,796
Bed Bath & Beyond, Inc. (a)(c)		63,244		3,606,173
Best Buy Co., Inc.		113,523		4,213,974
CarMax, Inc. (a)(c)		77,244		4,582,114
GameStop Corp., Class A (c)		39,487		1,627,259
Gap, Inc.		87,859		2,503,982
Home Depot, Inc.		474,003		54,742,606
L Brands, Inc.		94,915		8,554,689
Lowe’s Cos., Inc.		341,809		23,557,476
O’Reilly Automotive, Inc. (a)(c)		36,737		9,184,250
Ross Stores, Inc.		152,764		7,404,471
Signet Jewelers Ltd.		29,582		4,026,998
Staples, Inc.		236,517		2,774,344
Tiffany & Co.		41,485		3,203,472
TJX Cos., Inc.		249,109		17,791,365
Tractor Supply Co.		50,367		4,246,945

Common Stocks	Shares		Value
Specialty Retail (continued)
Urban Outfitters, Inc. (a)(c)		35,003	$	1,028,388
				168,113,094
Technology Hardware, Storage & Peripherals — 4.4%
Apple, Inc.		2,108,441		232,561,042
EMC Corp.		710,726		17,171,140
Hewlett-Packard Co.		666,894		17,079,155
NetApp, Inc.		110,751		3,278,230
SanDisk Corp.		75,446		4,098,981
Seagate Technology PLC		111,547		4,997,306
Western Digital Corp.		85,240		6,771,466
				285,957,320
Textiles, Apparel & Luxury Goods — 1.0%
Coach, Inc.		102,000		2,950,860
Fossil Group, Inc. (a)(c)		15,506		866,475
Hanesbrands, Inc.		148,288		4,291,455
Michael Kors Holdings Ltd. (a)		71,584		3,023,708
NIKE, Inc., Class B		250,427		30,795,008
PVH Corp.		30,529		3,112,126
Ralph Lauren Corp.		22,311		2,636,268
Under Armour, Inc., Class A (a)(c)		66,531		6,438,870
VF Corp.		125,514		8,561,310
				62,676,080
Thrifts & Mortgage Finance — 0.0%
Hudson City Bancorp, Inc.		175,105		1,780,818
Tobacco — 1.5%
Altria Group, Inc.		726,015		39,495,216
Philip Morris International, Inc.		571,915		45,370,017
Reynolds American, Inc.		306,915		13,587,127
				98,452,360
Trading Companies & Distributors — 0.2%
Fastenal Co.		107,086		3,920,419
United Rentals, Inc. (a)		35,826		2,151,351
W.W. Grainger, Inc.		22,420		4,820,524
				10,892,294
Utilities — 0.1%
Williams Cos., Inc.		251,763		9,277,467
Total Long-Term Investments (Cost — $4,113,517,846) — 95.7%				6,252,040,342
Short-Term Securities
Money Market Funds — 4.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (b)(d)		242,342,846		242,341,846

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 173

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

Short-Term Securities	Shares		Value
BlackRock Cash Funds: Prime, SL Agency Shares, 0.17% (b)(d)(e)		52,399,806	$	52,398,806
Total Short-Term Securities (Cost — $294,740,652) — 4.5%				294,740,652

	Value
Total Investments (Cost — $4,408,258,498*) — 100.2%	$	6,546,780,994
Liabilities in Excess of Other Assets — (0.2)%		(14,244,736	)
Net Assets — 100.0%	$	6,532,536,258

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

Tax cost	$	4,062,364,596
Gross unrealized appreciation	$	2,590,107,144
Gross unrealized depreciation		(105,690,746	)
Net unrealized appreciation	$	2,484,416,398

Notes to Schedule of Investments

(a) Non-income producing security.

(b) During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at December 31, 2014		Shares Purchased			Shares Sold			Shares Held at September 30, 2015		Value at September 30, 2015		Income			Realized Gain
BlackRock, Inc.		39,755		7,793			(154	)		47,394	$	14,098,293	$	291,832		$	9,903
BlackRock Cash Funds: Institutional, SL Agency Shares		76,063,771		166,278,075	1		—			242,341,846	$	242,341,846	$	308,545			—
BlackRock Cash Funds: Prime, SL Agency Shares		6,710,893		45,687,913	1		—			52,398,806	$	52,398,806	$	235,328	2		—
PNC Financial Services Group, Inc.		164,243		28,757			(2,968	)		190,032	$	16,950,854	$	266,578		$	52,842

¹  Represents net shares purchased.

²  Represents 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.

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

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

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

Derivative Financial Instruments Outstanding as of Period End

Financial Futures Contracts

Contracts Long		Issue	Expiration	Notional Value	Unrealized Depreciation
	2,773	S&P 500 E-Mini Index	December 2015	$264,641,255	$	(4,000,381	)

174 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) S&P 500 Index 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 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 Master Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

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

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.

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

	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks1	$	6,252,040,342			—		—	$	6,252,040,342
Short-Term Securities:
Money Market Funds		294,740,652			—		—		294,740,652
Total	$	6,546,780,994			—		—	$	6,546,780,994
1    See above Schedule of Investments for values in each industry.
	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments2
Liabilities:
Equity contracts	$	(4,000,381	)		—		—	$	(4,000,381	)
2    Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 175

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

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

	Level 1		Level 2			Level 3		Total
Assets:
Cash pledged for financial futures contracts	$	12,755,800		—			—	$	12,755,800
Liabilities:
Collateral on securities loaned at value		—	$	(52,398,806	)		—		(52,398,806	)
Total	$	12,755,800	$	(52,398,806	)		—	$	(39,643,006	)

During the period ended September 30, 2015, there were no transfers between levels.

176 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015 (Unaudited) Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Australia — 4.6%
AGL Energy Ltd.		33,932	$	381,890
Alumina Ltd. (a)		80,719		64,218
Amcor Ltd.		61,970		576,312
AMP Ltd.		171,424		673,282
APA Group (b)		66,494		401,320
Aristocrat Leisure Ltd.		27,113		164,901
Asciano Ltd.		44,883		265,721
ASX Ltd. (a)		9,130		243,749
Aurizon Holdings Ltd.		104,377		368,748
AusNet Services (a)		34,747		33,398
Australia & New Zealand Banking Group Ltd.		139,444		2,664,234
Bank of Queensland Ltd.		19,847		162,476
Bendigo & Adelaide Bank Ltd. (a)		16,747		117,041
BHP Billiton Ltd. (a)		161,773		2,555,090
Boral Ltd.		39,580		147,205
Brambles Ltd.		85,150		584,936
Caltex Australia Ltd.		14,445		318,872
CIMIC Group, Ltd.		1,949		32,379
Coca-Cola Amatil Ltd.		41,206		261,226
Cochlear Ltd.		3,188		187,587
Commonwealth Bank of Australia (a)		86,197		4,424,365
Computershare Ltd.		18,081		135,020
Crown Resorts Ltd. (a)		12,817		89,648
CSL Ltd.		25,101		1,579,686
Dexus Property Group		50,587		255,106
Federation Centres Ltd.		174,986		337,905
Flight Centre Travel Group Ltd. (a)		1,384		35,251
Fortescue Metals Group Ltd. (a)		63,976		82,589
Goodman Group		90,279		373,169
GPT Group		85,677		272,296
Harvey Norman Holdings Ltd.		13,921		38,132
Healthscope Ltd.		82,216		147,774
Iluka Resources Ltd.		34,250		150,469
Incitec Pivot Ltd.		96,223		265,214
Insurance Australia Group Ltd. (a)		120,818		413,091
Lend Lease Group (b)		31,290		277,015
Macquarie Group Ltd.		15,644		847,828
Medibank Pvt Ltd.		149,927		255,420
Mirvac Group		212,978		258,591
National Australia Bank Ltd.		134,087		2,837,671
Newcrest Mining Ltd. (c)		43,527		391,690
Orica Ltd. (a)		17,936		190,363
Origin Energy Ltd.		49,628		234,230
Platinum Asset Management Ltd.		9,023		43,109
Qantas Airways Ltd. (c)		22,815		59,898
QBE Insurance Group Ltd. (a)		69,084		629,134
Ramsay Health Care Ltd.		7,590		313,042
REA Group Ltd.		1,087		34,040
Rio Tinto Ltd.		22,393		770,419
Santos Ltd.		66,177		187,270
Scentre Group		288,676		794,523
Seek Ltd.		11,674		98,935

Common Stocks	Shares		Value
Australia (continued)
Sonic Healthcare Ltd.		20,252	$	260,488
South32 Ltd. (c)		304,116		293,956
Stockland		120,177		326,498
Suncorp Group Ltd.		72,978		627,803
Sydney Airport (b)		56,475		237,351
Tabcorp Holdings Ltd.		54,398		179,088
Tatts Group Ltd.		59,669		158,313
Telstra Corp. Ltd.		194,368		768,471
TPG Telecom Ltd.		14,159		108,519
Transurban Group (b)		101,891		713,726
Treasury Wine Estates Ltd.		43,110		199,760
Wesfarmers Ltd. (a)		59,492		1,644,545
Westfield Corp.		107,826		758,739
Westpac Banking Corp.		160,395		3,369,400
Woodside Petroleum Ltd.		37,491		767,308
Woolworths Ltd. (a)		65,258		1,143,880
WorleyParsons Ltd.		4,265		17,854
				38,603,177
Austria — 0.1%
Andritz AG		5,013		225,890
Erste Group Bank AG (c)		15,117		439,313
OMV AG		7,068		171,980
Raiffeisen Bank International AG (c)		4,478		58,851
Voestalpine AG		4,890		168,130
				1,064,164
Belgium — 1.0%
Ageas		9,520		391,238
Anheuser-Busch InBev NV		41,592		4,423,536
Belgacom SA		7,467		258,298
Colruyt SA		3,569		172,014
Delhaize Group		5,181		459,247
Groupe Bruxelles Lambert SA		6,270		473,159
KBC Groep NV		12,394		783,821
Solvay SA		3,273		334,501
Telenet Group Holding NV (c)		1,997		114,718
UCB SA (a)		6,867		537,979
Umicore SA		5,605		216,164
				8,164,675
Brazil — 1.2%
AES Tiete SA, Preference Shares		16,600		58,913
AMBEV SA		247,600		1,212,862
B2W Cia Digital (c)		17,200		64,470
Banco Bradesco SA — ADR		35,196		209,693
Banco Bradesco SA, Preference Shares		146,088		789,306
Banco do Brasil SA		36,400		139,559
Banco do Estado do Rio Grande do Sul, Preference Shares		2,900		4,082
Banco Santander Brasil SA		12,700		40,395
BB Seguridade Participacoes SA		47,500		297,257

BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015 177

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

Common Stocks	Shares		Value
Brazil (continued)
BM&FBovespa SA		105,100	$	293,734
BR Malls Participacoes SA		13,700		36,146
Braskem SA, Preference A Shares		11,000		46,253
BRF SA		35,100		624,974
CCR SA		32,500		99,767
Centrais Eletricas Brasileiras SA, Preference ‘B’ Shares		1,600		3,531
CETIP SA — Mercados Organizado		9,411		78,099
Cia Brasileira de Distribuicao Grupo Pao de Acucar, Preference Shares		5,400		68,527
Cia Energetica de Minas Gerais, Preference Shares		24,313		42,867
Cia Energetica de Sao Paulo, Preference ‘B’ Shares		4,000		15,346
Cia Paranaense de Energia, Preference ‘B’ Shares		11,500		94,680
Cielo SA		48,332		446,929
Companhia de Saneamento Basico do Estado de Sao Paulo		7,000		27,968
Companhia Siderurgica Nacional SA		48,700		48,153
Cosan SA Industria e Comercio		1,800		9,140
CPFL Energia SA		3,715		13,934
Cyrela Brazil Realty SA		6,700		13,976
Duratex SA		5,621		8,337
EcoRodovias Infraestrutura e Logistica SA		5,600		8,616
EDP — Energias do Brasil SA		900		2,606
Embraer SA		37,700		242,490
Equatorial Energia SA		13,600		116,155
Estacio Participacoes SA		21,100		75,044
Fibria Celulose SA		10,300		139,776
Gerdau SA, Preference Shares		30,600		42,220
Hypermarcas SA (c)		19,300		74,386
Itau Unibanco Holding SA, Preference Shares		164,045		1,096,944
Itausa — Investimentos Itau SA, Preference Shares		226,712		408,305
JBS SA		31,400		133,061
Klabin SA, Preference Shares		22,200		122,521
Kroton Educacional SA		59,168		115,068
Localiza Rent a Car SA		2,940		18,124
Lojas Americanas SA		6,000		17,843
Lojas Americanas SA, Preference Shares		12,320		50,343
Lojas Renner SA		21,500		99,786
M Dias Branco SA		1,500		21,983
Multiplan Empreendimentos Imobiliarios SA		4,600		49,197
Natura Cosmeticos SA		8,200		40,333
Odontoprev SA		600		1,445
Oi SA, Preference Shares (c)		22,799		16,045
Petroleo Brasileiro SA (c)		164,300		353,922

Common Stocks	Shares		Value
Brazil (continued)
Petroleo Brasileiro SA, Preference Shares (c)		220,300	$	402,314
Porto Seguro SA		4,400		33,407
Qualicorp SA		8,500		31,817
Raia Drogasil SA		9,300		91,722
Souza Cruz SA		22,800		154,128
Sul America SA		36,638		164,961
Suzano Papel e Celulose SA, Preference ‘A’ Shares		13,600		66,173
Telefonica Brasil SA, Preference Shares		16,200		149,843
Tim Participacoes SA		41,040		77,743
Totvs SA		3,300		25,088
Tractebel Energia SA		4,600		39,172
Transmissora Alianca de Energia Eletrica SA		3,300		15,874
Ultrapar Participacoes SA		18,600		313,401
Usinas Siderurgicas de Minas Gerais SA, Preference ‘A’ Shares		9,600		8,112
Vale SA		65,800		275,183
Vale SA, Preference Shares		114,000		383,019
Via Varejo SA		2,300		2,297
WEG SA		18,720		72,953
				10,342,318
Canada — 6.4%
Agnico Eagle Mines Ltd.		12,637		320,352
Agrium, Inc.		7,173		642,856
Alimentation Couche Tard, Inc., Class B		20,794		956,259
AltaGas Ltd. (a)		5,249		129,327
ARC Resources Ltd. (a)		13,939		184,252
Atco Ltd. Class I		2,968		87,183
Bank of Montreal		32,859		1,792,040
Bank of Nova Scotia (a)		64,560		2,846,058
Barrick Gold Corp.		55,355		352,165
Baytex Energy Corp. (a)		6,019		19,259
BCE, Inc.		10,393		425,377
BlackBerry Ltd. (a)(c)		17,331		106,363
Bombardier, Inc., Class B (a)		55,865		69,910
Brookfield Asset Management, Inc., Class A		44,288		1,393,520
CAE, Inc.		5,726		60,671
Cameco Corp.		17,020		207,505
Canadian Imperial Bank of Commerce (a)		20,000		1,436,943
Canadian National Railway Co.		43,323		2,460,110
Canadian Natural Resources Ltd.		56,684		1,103,947
Canadian Oil Sands Ltd. (a)		19,702		93,158
Canadian Pacific Railway Ltd.		8,246		1,183,544
Canadian Tire Corp. Ltd., Class A		4,121		370,720
Canadian Utilities Ltd., Class A		9,258		250,511
Cenovus Energy, Inc.		39,944		605,820
CGI Group, Inc., Class A (c)		12,922		468,174

178 BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

Common Stocks	Shares		Value
Canada (continued)
CI Financial Corp.		11,539	$	261,995
Constellation Software, Inc.		1,101		461,479
Crescent Point Energy Corp.		30,179		345,323
Dollarama, Inc.		6,920		467,366
Eldorado Gold Corp.		17,582		56,389
Empire Co. Ltd., Class A		12,024		247,328
Enbridge, Inc.		42,824		1,590,056
Encana Corp.		30,957		199,266
Enerplus Corp.		4,790		23,331
Fairfax Financial Holdings Ltd.		1,258		572,901
Finning International, Inc.		7,357		107,943
First Capital Realty, Inc. (a)		2,654		37,190
First Quantum Minerals Ltd. (a)		28,339		103,842
Fortis, Inc.		15,891		454,522
Franco-Nevada Corp.		9,282		409,048
George Weston Ltd.		3,435		277,889
Gildan Activewear, Inc.		13,076		394,681
Goldcorp, Inc.		40,940		513,246
Great-West Lifeco, Inc.		16,984		406,878
H&R Real Estate Investment Trust		2,945		45,394
Husky Energy, Inc.		14,784		230,540
IGM Financial, Inc. (a)		4,062		103,064
Imperial Oil Ltd.		16,836		533,403
Industrial Alliance Insurance & Financial Services, Inc.		3,523		105,122
Intact Financial Corp.		8,105		569,202
Inter Pipeline Ltd.		18,400		339,459
Jean Coutu Group PJC, Inc., Class A		3,208		48,342
Keyera Corp.		8,330		229,395
Kinross Gold Corp. (c)		50,110		87,115
Loblaw Cos. Ltd.		13,102		674,589
Magna International, Inc.		21,261		1,019,795
Manulife Financial Corp.		108,864		1,683,741
MEG Energy Corp. (c)		7,620		47,050
Methanex Corp.		4,533		150,206
Metro, Inc.		13,402		365,153
National Bank of Canada (a)		19,207		613,127
Onex Corp.		5,499		317,413
Open Text Corp.		5,660		253,459
Paramount Resources Ltd., Class A (c)		2,674		19,717
Pembina Pipeline Corp. (a)		18,933		455,555
Peyto Exploration & Development Corp. (a)		6,142		127,719
Potash Corp. of Saskatchewan, Inc.		43,849		901,295
Power Corp. of Canada		21,464		445,042
Power Financial Corp. (a)		17,668		405,126
PrairieSky Royalty Ltd. (a)		5,018		95,359
Restaurant Brands International, Inc.		11,133		400,771
RioCan Real Estate Investment Trust		3,112		59,395

Common Stocks	Shares		Value
Canada (continued)
Rogers Communications, Inc., Class B		18,164	$	625,838
Royal Bank of Canada		71,809		3,970,615
Saputo, Inc.		10,940		240,196
Shaw Communications, Inc., Class B		19,068		369,215
Silver Wheaton Corp.		17,253		207,372
SNC-Lavalin Group, Inc. (a)		9,239		262,943
Sun Life Financial, Inc.		30,632		987,937
Suncor Energy, Inc. (a)		72,194		1,930,763
Teck Resources Ltd., Class B		19,684		93,958
TELUS Corp.		8,212		258,760
Thomson Reuters Corp.		19,582		787,095
Toronto-Dominion Bank		92,301		3,638,091
Tourmaline Oil Corp. (c)		10,430		242,833
TransAlta Corp.		5,518		25,636
TransCanada Corp. (a)		36,953		1,168,540
Turquoise Hill Resources Ltd. (c)		39,981		102,162
Valeant Pharmaceuticals International, Inc. (c)		16,850		3,007,621
Veresen, Inc.		9,589		73,292
Vermilion Energy, Inc.		6,754		217,474
West Fraser Timber Co. Ltd.		2,687		85,372
Yamana Gold, Inc.		26,930		45,405
				53,163,363
Chile — 0.2%
AES Gener SA		90,837		42,486
Aguas Andinas SA, Class A		76,400		39,742
Banco de Chile		1,385,221		144,386
Banco de Credito e Inversiones		735		29,834
Banco Santander Chile SA		2,103,327		95,310
Cencosud SA		46,368		90,293
Colbun SA		466,420		120,191
Companhia Cervecerias Unidas SA		4,404		48,564
CorpBanca		2,375,874		20,928
Embotelladora Andina SA, Preference ‘B’ Shares		9,220		31,911
Empresa Nacional de Electricidad SA		204,788		241,046
Empresa Nacional de Telecomunicaciones SA		2,032		19,186
Empresas CMPC SA		36,023		92,713
Empresas COPEC SA		24,294		220,436
Enersis SA		1,181,655		297,589
Latam Airlines Group SA (c)		19,853		95,315
SACI Falabella		35,710		221,278
Sociedad Quimica y Minera de Chile SA, Preference ‘B’ Shares		1,850		26,746
SONDA SA		18,572		27,798
Vina Concha y Toro SA		57,286		94,962
				2,000,714

BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015 179

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

Common Stocks	Shares		Value
China — 3.6%
AAC Technologies Holdings, Inc.		39,500	$	247,079
Agricultural Bank of China Ltd., Class H		1,110,000		421,571
Air China Ltd., Class H		62,000		49,106
Aluminum Corp. of China Ltd., Class H (c)		64,000		19,992
Anhui Conch Cement Co., Ltd., Class H		79,500		235,042
Anta Sports Products Ltd.		81,000		210,260
AviChina Industry & Technology Co. Ltd., Class H		116,000		86,058
Bank of China Ltd., Class H		4,049,000		1,746,061
Bank of Communications Co. Ltd., Class H		470,700		328,098
BBMG Corp., Class H		39,500		27,258
Beijing Capital International Airport Co. Ltd., Class H		100,000		93,472
Byd Co. Ltd., Class H (a)(c)		26,500		141,056
CGN Power Co. Ltd. (d)		546,000		228,395
China Cinda Asset Management Co. Ltd.		681,000		236,812
China Citic Bank Corp. Ltd., Class H (c)		448,000		260,871
China Coal Energy Co. Ltd., Class H (a)		107,000		43,423
China Communications Construction Co. Ltd., Class H		239,000		296,463
China Communications Services Corp. Ltd., Class H		44,000		16,984
China Conch Venture Holdings, Ltd.		92,500		196,790
China Construction Bank Corp., Class H		4,300,000		2,869,527
China COSCO Holdings Co. Ltd., Class H (a)(c)		78,000		43,066
China Everbright Bank Co. Ltd., Class H		58,000		25,343
China Galaxy Securities Co. Ltd., Class H		132,500		93,869
China Huishan Dairy Holdings Co. Ltd. (a)		338,000		122,129
China International Marine Containers Group Co. Ltd., Class H		41,500		73,136
China Life Insurance Co. Ltd., Class H		379,000		1,320,578
China Longyuan Power Group Corp., Class H		125,000		135,198
China Medical System Holdings Ltd.		109,000		125,465
China Mengniu Dairy Co. Ltd.		85,000		299,734
China Merchants Bank Co. Ltd., Class H		236,078		575,394

Common Stocks	Shares		Value
China (continued)
China Minsheng Banking Corp. Ltd., Class H		306,400	$	284,007
China National Building Material Co. Ltd., Class H		132,000		76,483
China Oilfield Services Ltd., Class H (a)		64,000		64,511
China Pacific Insurance Group Co. Ltd., Class H		141,800		528,963
China Petroleum & Chemical Corp. Class H		1,278,400		783,075
China Railway Construction Corp. Ltd., Class H		72,000		106,513
China Railway Group Ltd., Class H		230,000		210,075
China Shenhua Energy Co. Ltd., Class H		179,500		275,691
China Shipping Container Lines Co. Ltd., Class H (c)		122,000		42,407
China Southern Airlines Co. Ltd., Class H		48,000		35,175
China Telecom Corp. Ltd., Class H		754,000		365,327
China Unicom Hong Kong Ltd.		340,000		432,544
China Vanke Co. Ltd., Class H		48,500		104,195
Chongqing Changan Automobile Co. Ltd.		21,400		36,158
Chongqing Rural Commercial Bank, Class H		122,000		69,364
CITIC Securities Co. Ltd., Class H		90,500		162,666
CNOOC Ltd.		958,000		986,383
Country Garden Holdings Co. Ltd.		214,270		77,632
CSPC Pharmaceutical Group Ltd.		154,000		135,592
CSR Corp. Ltd., Class H (c)		222,350		283,553
Dalian Wanda Commercial Properties Co., Ltd. (d)		24,800		142,969
Datang International Power Generation Co. Ltd., Class H		98,000		37,205
Dongfeng Motor Group Co. Ltd., Class H		182,000		228,422
Evergrande Real Estate Group Ltd. (a)		286,000		163,430
Fosun International Ltd.		81,500		140,727
GF Securities Co., Ltd. (c)		31,000		56,526
Great Wall Motor Co. Ltd., Class H		123,000		137,242
Guangzhou Automobile Group Co. Ltd., Class H		52,000		42,451
Guangzhou R&F Properties Co. Ltd., Class H (a)		13,200		12,009
Haitian International Holdings Ltd.		67,000		110,892
Haitong Securities Co. Ltd., Class H		163,200		237,820
Hengan International Group Co. Ltd.		39,000		381,096
Huadian Power International Corp., Ltd.		68,000		53,356
Huaneng Power International, Inc., Class H		192,000		207,891

180 BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

Common Stocks	Shares		Value
China (continued)
Huaneng Renewables Corp. Ltd.		158,000	$	58,571
Huatai Securities Co., Ltd. (c)(d)		68,800		137,276
Industrial & Commercial Bank of China Ltd., Class H		3,753,000		2,168,122
Inner Mongolia Yitai Coal Co., Class B		25,300		20,611
Jiangsu Expressway Co. Ltd., Class H		26,000		33,305
Jiangxi Copper Co. Ltd., Class H		36,000		43,896
Kingsoft Corp. Ltd.		55,000		108,263
Lenovo Group Ltd.		446,000		377,043
Longfor Properties Co. Ltd.		51,500		65,209
Luye Pharma Group, Ltd. (c)		189,500		169,194
New China Life Insurance Co. Ltd., Class H		29,100		126,142
People’s Insurance Co. Group of China Ltd., Class H		272,000		133,487
PetroChina Co. Ltd., Class H		1,096,000		763,257
PICC Property & Casualty Co. Ltd., Class H		177,532		347,731
Ping An Insurance Group Co. of China Ltd., Class H		267,000		1,334,194
Semiconductor Manufacturing International Corp. (c)		1,051,000		95,415
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		276,000		174,970
Shanghai Electric Group Co. Ltd., Class H (a)		104,000		56,895
Shanghai Fosun Pharmaceutical Group Co., Ltd., Class H		7,000		21,982
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		19,100		40,032
Shenzhou International Group Holdings Ltd.		20,000		103,625
Shui On Land Ltd.		76,666		17,697
Sihuan Pharmaceutical Holdings Group Ltd.		249,000		32,129
Sino-Ocean Land Holdings Ltd.		137,000		74,973
Sinopec Engineering Group Co. Ltd.		13,500		11,792
Sinopec Shanghai Petrochemical Co. Ltd., Class H (c)		123,000		47,164
Sinopharm Group Co. Ltd., Class H		47,200		166,019
Sinotrans Ltd., Class H		45,000		21,236
SOHO China Ltd.		195,000		76,033
Sunac China Holdings Ltd.		149,000		78,164
Tencent Holdings Ltd.		266,500		4,492,281
Tingyi Cayman Islands Holding Corp.		138,000		220,438
Tsingtao Brewery Co. Ltd., Class H (a)		14,000		61,578
Want Want China Holdings Ltd.		339,000		279,235
Weichai Power Co. Ltd., Class H		24,400		22,828

Common Stocks	Shares		Value
China (continued)
Yanzhou Coal Mining Co. Ltd., Class H (a)		36,000	$	16,021
Zhejiang Expressway Co. Ltd., Class H		54,000		58,986
Zhuzhou CSR Times Electric Co. Ltd., Class H		25,000		186,026
Zijin Mining Group Co. Ltd., Class H		218,000		57,190
ZTE Corp., Class H		14,400		32,937
				29,912,527
Colombia — 0.1%
Almacenes Exito SA		14,362		61,675
Banco Davivienda SA, Preference Shares		3,212		24,945
Bancolombia SA		15,644		126,457
Cementos Argos SA		38,031		116,268
Corp. Financiera Colombiana SA		1,431		17,601
Ecopetrol SA		184,080		79,288
Grupo Argos SA		6,618		38,365
Grupo Aval Acciones y Valores		125,734		47,845
Grupo de Inversiones Suramericana SA		6,592		76,598
Grupo de Inversiones Suramericana SA, Preference Shares		803		9,206
Interconexion Electrica SA		6,953		16,100
Isagen SA ESP		166,052		154,877
				769,225
Czech Republic — 0.0%
CEZ AS		9,764		203,091
Komercni Banka AS		558		120,942
				324,033
Denmark — 1.3%
A.P. Moeller — Maersk A/S, Class A		220		331,388
A.P. Moeller — Maersk A/S, Class B		371		571,890
Carlsberg A/S, Class B		6,368		489,326
Coloplast A/S, Class B (a)		6,579		466,444
Danske Bank A/S		35,120		1,061,338
DSV A/S		8,213		306,894
ISS A/S		8,788		291,909
Novo Nordisk A/S, Class B		100,859		5,442,812
Novozymes A/S, Class B		12,683		553,513
Pandora A/S		5,500		642,505
TDC A/S		36,256		186,984
Tryg A/S		5,025		97,633
Vestas Wind Systems A/S		11,244		584,564
William Demant Holding A/S (c)		1,605		133,340
				11,160,540
Egypt — 0.0%
Commercial International Bank		36,920		250,835
Global Telecom Holding SAE (c)		69,057		16,771

BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015 181

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

Common Stocks	Shares		Value
Egypt (continued)
Talaat Moustafa Group		21,412	$	18,652
				286,258
Finland — 0.6%
Elisa OYJ		8,970		303,430
Fortum OYJ		27,627		408,767
Kone OYJ, Class B (a)		16,423		625,022
Metso OYJ		9,428		196,128
Neste Oil OYJ		5,327		122,600
Nokia OYJ		186,013		1,271,919
Nokian Renkaat OYJ (a)		4,713		152,567
Orion OYJ, Class B		4,256		161,048
Sampo OYJ, Class A		21,894		1,059,606
Stora Enso OYJ, Class R		32,562		246,381
UPM-Kymmene OYJ		27,594		414,205
Wartsila OYJ (a)		6,761		268,292
				5,229,965
France — 7.3%
Accor SA		10,752		504,131
Aeroports de Paris		1,132		128,482
Air Liquide SA		18,689		2,215,621
Airbus Group SE		30,511		1,806,861
Alcatel-Lucent (c)		114,729		423,316
Alstom SA (c)		10,571		326,973
ArcelorMittal (a)		73,184		379,522
Arkema		3,739		242,354
AtoS		4,829		371,188
AXA SA		99,880		2,424,981
BNP Paribas SA		53,133		3,128,156
Bollore SA		36,855		179,684
Bouygues SA		11,139		395,310
Bureau Veritas SA		11,737		247,771
Cap Gemini SA		7,654		683,523
Carrefour SA		27,447		813,431
Casino Guichard-Perrachon SA		2,964		157,847
Christian Dior SA		2,982		558,691
Cie Generale des Etablissements Michelin		9,265		847,695
CNP Assurances		7,565		105,114
Compagnie de Saint-Gobain		23,437		1,017,174
Credit Agricole SA		52,014		598,822
Danone SA		31,693		2,000,561
Dassault Systemes SA		6,665		492,577
Edenred		13,608		222,825
EDF		14,412		254,480
Essilor International SA		10,093		1,233,044
Eurazeo		1,698		113,094
Eutelsat Communications SA		10,133		310,790
Fonciere Des Regions		2,240		195,316
GDF Suez		75,110		1,215,316
Gecina SA		1,956		238,536
Groupe Eurotunnel SA, Registered Shares		23,156		315,488

Common Stocks	Shares		Value
France (continued)
Hermes International		1,327	$	483,045
ICADE		1,426		96,751
Iliad SA		1,504		304,247
Imerys SA		704		45,227
Ingenico		2,978		359,851
JCDecaux SA		4,756		172,885
Kering		4,140		677,694
Klepierre		10,381		470,491
L’Oreal SA		12,489		2,170,763
Lagardere SCA		4,159		115,242
Legrand SA (c)		13,403		713,080
LVMH Moet Hennessy Louis Vuitton SA		14,269		2,429,196
Natixis		61,153		338,591
Numericable-SFR (c)		5,463		252,905
Orange SA		99,208		1,503,920
Pernod Ricard SA		10,974		1,108,025
Peugeot SA (c)		21,557		326,644
Publicis Groupe SA		9,791		669,143
Remy Cointreau SA		2,524		165,871
Renault SA		9,933		716,693
Rexel SA		17,849		219,731
Safran SA		14,145		1,063,585
Sanofi		59,127		5,628,890
Schneider Electric SE		27,411		1,534,989
SCOR SE		9,355		335,941
SES SA		21,227		669,909
Societe BIC SA		1,438		223,450
Societe Generale SA		35,927		1,605,612
Sodexo		5,001		414,954
Suez Environnement Co.		19,703		354,050
Technip SA		5,041		238,558
Thales SA		4,833		336,981
Total SA		107,626		4,841,324
Unibail-Rodamco SE		4,674		1,211,424
Valeo SA		4,428		601,220
Veolia Environnement SA		23,837		543,630
Vinci SA		26,382		1,677,595
Vivendi SA		56,472		1,337,917
Wendel SA		1,358		159,222
Zodiac Aerospace		9,179		210,752
				60,478,672
Germany — 6.4%
Adidas AG		10,707		863,276
Allianz SE, Registered Shares		23,128		3,633,243
Axel Springer AG		2,564		143,382
BASF SE		47,566		3,638,007
Bayer AG, Registered Shares		42,013		5,390,197
Bayerische Motoren Werke AG		17,155		1,496,647
Bayerische Motoren Werke AG, Preference Shares		2,023		139,131
Beiersdorf AG		6,483		574,659
Brenntag AG		8,520		459,686

182 BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

Common Stocks	Shares		Value
Germany (continued)
Commerzbank AG (c)		59,739	$	630,950
Continental AG		5,478		1,170,023
Daimler AG, Registered Shares		48,314		3,517,404
Deutsche Annington Immobilien SE		25,145		809,317
Deutsche Bank AG, Registered Shares		69,330		1,871,021
Deutsche Boerse AG		9,803		845,450
Deutsche Lufthansa AG, Registered Shares (c)		12,602		175,430
Deutsche Post AG, Registered Shares		47,843		1,325,394
Deutsche Telekom AG, Registered Shares		161,500		2,874,944
Deutsche Wohnen AG, Bearer Shares		16,491		441,043
E.ON SE		109,648		940,937
Evonik Industries AG		7,842		262,570
Fraport AG Frankfurt Airport Services Worldwide		2,602		160,889
Fresenius Medical Care AG & Co. KGaA		11,508		899,407
Fresenius SE & Co. KGaA		18,714		1,256,229
Fuchs Petrolub SE, Preference Shares		3,377		149,467
GEA Group AG		10,847		413,600
Hannover Rueck SE		3,514		359,942
HeidelbergCement AG		7,796		535,366
Henkel AG & Co. KGaA		5,377		475,262
Henkel AG & Co. KGaA, Preference Shares		8,849		911,406
Hugo Boss AG		3,305		371,616
Infineon Technologies AG		59,995		674,070
K+S AG, Registered Shares (a)		10,011		335,903
Kabel Deutschland Holding AG (c)		984		128,321
Lanxess AG		5,116		239,546
Linde AG		9,262		1,504,375
MAN SE		2,023		206,081
Merck KGaA		6,678		591,245
Metro AG		7,442		205,904
Muenchener Rueckversicherungs AG, Registered Shares		8,057		1,504,761
Osram Licht AG		4,893		253,498
Porsche Automobil Holding SE, Preference Shares		9,061		385,506
ProSiebenSat.1 Media AG, Registered Shares		12,956		635,952
RWE AG		24,137		274,286
SAP SE		48,938		3,170,383
Siemens AG, Registered Shares		39,225		3,504,240
Symrise AG		6,340		382,005
Telefonica Deutschland Holding AG (a)		33,908		207,346
ThyssenKrupp AG		19,076		335,203
TUI AG		24,966		461,287

Common Stocks	Shares		Value
Germany (continued)
United Internet AG, Registered Shares		6,889	$	349,261
Volkswagen AG		2,897		341,333
Volkswagen AG, Preference Shares		7,730		849,122
				53,275,523
Greece — 0.0%
Alpha Bank AE (c)		199,078		23,883
Eurobank Ergasias SA (c)		225,111		5,575
FF Group (c)		440		8,938
Hellenic Telecommunications Organization SA		12,770		112,206
JUMBO SA		1,999		17,605
National Bank of Greece SA (c)		51,085		21,955
OPAP SA		8,833		80,065
Piraeus Bank SA (c)		86,435		7,566
Titan Cement Co. SA		990		22,542
				300,335
Hong Kong — 3.3%
AIA Group Ltd.		616,800		3,207,820
Alibaba Health Information Technology Ltd. (c)		176,000		112,874
Alibaba Pictures Group Ltd. (c)		480,000		107,268
ASM Pacific Technology Ltd.		6,300		41,320
Bank of East Asia Ltd. (a)		59,000		198,365
Beijing Enterprises Holdings Ltd.		38,000		228,921
Beijing Enterprises Water Group Ltd. (c)		232,000		162,284
Belle International Holdings Ltd.		292,000		253,946
BOC Hong Kong Holdings Ltd.		206,500		609,026
Brilliance China Automotive Holdings Ltd.		148,000		175,949
Cathay Pacific Airways Ltd.		32,000		60,262
Cheung Kong Infrastructure Holdings Ltd.		38,000		340,585
Cheung Kong Property Holdings Ltd.		142,008		1,040,396
China Agri-Industries Holdings Ltd. (c)		43,100		14,832
China Everbright International Ltd.		107,000		150,316
China Everbright Ltd.		102,000		234,263
China Gas Holdings Ltd.		74,000		102,070
China Merchants Holdings International Co. Ltd.		60,000		177,154
China Mobile Ltd.		310,500		3,716,609
China Overseas Land & Investment Ltd.		216,000		656,722
China Power International Development, Ltd.		139,000		90,670
China Resources Cement Holdings Ltd.		90,000		41,199
China Resources Enterprise Ltd.		86,000		160,010
China Resources Gas Group Ltd.		48,000		123,885

BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015 183

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

Common Stocks	Shares		Value
Hong Kong (continued)
China Resources Land Ltd.		163,111	$	385,157
China Resources Power Holdings Co., Ltd.		118,000		270,913
China State Construction International Holdings Ltd.		70,000		100,453
China Taiping Insurance Holdings Co. Ltd. (c)		67,872		212,413
CITIC Ltd.		220,000		401,658
CK Hutchison Holdings Ltd.		134,008		1,743,127
CLP Holdings Ltd.		96,500		824,975
COSCO Pacific Ltd.		36,000		39,649
ENN Energy Holdings Ltd.		34,000		163,735
Far East Horizon Ltd.		141,000		109,496
First Pacific Co. Ltd.		140,000		85,534
Franshion Properties China Ltd.		326,000		82,457
Galaxy Entertainment Group Ltd.		152,000		389,315
GCL-Poly Energy Holdings Ltd. (c)		431,000		83,491
Geely Automobile Holdings Ltd.		365,000		174,950
Goldin Properties Holdings, Ltd. (a)(c)		39,647		35,902
GOME Electrical Appliances Holding Ltd.		627,000		95,736
Guangdong Investment Ltd.		164,000		244,806
Haier Electronics Group Co. Ltd.		48,000		80,593
Hanergy Thin Film Power Group, Ltd. (a)(c)		382,000		1
Hang Lung Properties Ltd.		120,000		269,923
Hang Seng Bank Ltd.		39,400		710,715
Henderson Land Development Co. Ltd.		58,850		351,904
HKT Trust & HKT Ltd. (b)		142,900		169,819
Hong Kong & China Gas Co. Ltd.		361,330		677,556
Hong Kong Exchanges & Clearing Ltd.		56,400		1,293,872
Hysan Development Co. Ltd.		25,000		104,097
Kerry Properties Ltd.		16,500		45,302
Kunlun Energy Co. Ltd.		134,000		96,283
Li & Fung Ltd.		250,000		191,508
Link REIT		126,500		696,436
MGM China Holdings Ltd.		27,200		31,686
MTR Corp.		67,500		293,491
New World China Land Ltd.		214,000		127,253
New World Development Co. Ltd.		280,666		273,336
Nine Dragons Paper Holdings Ltd.		178,000		92,841
NWS Holdings Ltd.		52,186		68,790
PCCW Ltd.		84,000		43,239
Power Assets Holdings Ltd.		78,500		742,835
Sands China Ltd.		138,800		421,599
Shanghai Industrial Holdings, Ltd.		15,000		33,278
Shangri-La Asia Ltd.		32,000		27,782
Shimao Property Holdings Ltd.		51,000		77,069
Sino Biopharmaceutical Ltd.		132,000		163,464
Sino Land Co. Ltd.		112,800		171,751
SJM Holdings Ltd. (a)		69,000		49,125

Common Stocks	Shares		Value
Hong Kong (continued)
Sun Art Retail Group Ltd. (a)		110,000	$	84,604
Sun Hung Kai Properties Ltd.		89,000		1,160,855
Swire Pacific Ltd., Class A		36,500		409,111
Swire Properties Ltd.		42,600		118,074
Techtronic Industries Co.		74,000		275,876
WH Group Ltd. (c)(d)		335,500		166,964
Wharf Holdings Ltd.		73,000		411,895
Wheelock & Co. Ltd.		32,000		138,974
Wynn Macau Ltd. (a)(c)		121,200		138,666
Yue Yuen Industrial Holdings Ltd.		19,000		70,689
Yuexiu Property Co. Ltd.		284,400		46,849
				27,778,618
Hungary — 0.0%
MOL Hungarian Oil & Gas PLC		997		43,448
OTP Bank PLC		11,103		214,328
Richter Gedeon Nyrt		3,173		50,446
				308,222
India — 1.8%
ACC Ltd.		1,747		35,939
Adani Ports & Special Economic Zone Ltd.		43,145		197,097
Aditya Birla Nuvo Ltd.		1,463		47,900
Ambuja Cements Ltd.		26,422		83,015
Apollo Hospitals Enterprise Ltd.		8,931		196,389
Asian Paints Ltd.		11,155		143,258
Aurobindo Pharma Ltd.		13,516		158,857
Bajaj Auto Ltd.		3,253		114,889
Bharat Forge, Ltd.		5,977		82,960
Bharat Heavy Electricals Ltd.		22,772		71,597
Bharat Petroleum Corp. Ltd.		6,728		87,294
Bharti Airtel Ltd.		67,324		347,421
Bharti Infratel, Ltd.		20,489		111,019
Bosch Ltd.		292		86,428
Cairn India Ltd.		17,443		40,978
Cipla Ltd.		13,384		129,932
Coal India Ltd.		42,303		211,566
Container Corp. of India		2,401		54,355
Dabur India Ltd.		20,426		85,971
Divi’s Laboratories Ltd.		3,088		52,513
DLF Ltd.		16,579		34,858
Dr. Reddy’s Laboratories Ltd.		1,820		115,741
Dr. Reddy’s Laboratories Ltd. — ADR		4,517		288,681
Eicher Motors, Ltd.		723		196,483
GAIL India Ltd.		12,294		56,727
GlaxoSmithKline Consumer Healthcare Ltd.		391		36,039
Glenmark Pharmaceuticals Ltd.		5,797		92,811
Godrej Consumer Products Ltd.		4,619		86,026
HCL Technologies Ltd.		29,571		443,479
Hero MotoCorp Ltd.		1,935		70,788
Hindalco Industries Ltd.		43,227		46,806
Hindustan Unilever Ltd.		40,183		499,016

184 BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

Common Stocks	Shares		Value
India (continued)
Housing Development Finance Corp.		76,688	$	1,420,838
ICICI Bank Ltd. — ADR		20,733		173,743
ICICI Bank, Ltd.		30,654		126,689
Idea Cellular Ltd.		41,835		95,648
Indiabulls Housing Finance, Ltd.		8,948		108,558
Infosys Ltd.		13,647		242,100
Infosys Ltd. — ADR		75,312		1,437,706
ITC Ltd.		114,631		574,790
JSW Steel Ltd.		3,280		44,544
Larsen & Toubro Ltd.		4,639		103,988
Larsen & Toubro Ltd. — GDR		12,158		271,215
LIC Housing Finance Ltd.		17,978		129,050
Lupin Ltd.		11,830		367,278
Mahindra & Mahindra Financial Services Ltd.		10,804		39,475
Mahindra & Mahindra Ltd.		3,478		67,179
Mahindra & Mahindra Ltd. — GDR		13,518		260,662
Marico, Ltd.		11,032		67,968
Motherson Sumi Systems Ltd.		12,306		43,286
Nestle India Ltd.		897		87,017
NTPC Ltd.		63,930		120,607
Oil & Natural Gas Corp. Ltd.		58,267		204,073
Oil India Ltd.		4,661		30,125
Piramal Enterprises Ltd.		8,297		109,963
Power Finance Corp. Ltd.		10,235		35,988
Reliance Communications Ltd. (c)		32,595		33,796
Reliance Industries Ltd.		11,768		154,860
Reliance Industries Ltd. — GDR (d)		27,499		714,974
Rural Electrification Corp., Ltd.		11,484		48,108
Shree Cement Ltd.		231		41,316
Shriram Transport Finance Co. Ltd.		5,718		80,801
Siemens Ltd.		2,761		55,929
State Bank of India		34,826		126,335
State Bank of India — GDR		5,712		208,006
Sun Pharmaceutical Industries Ltd.		47,910		633,969
Tata Consultancy Services Ltd.		23,603		933,010
Tata Motors Ltd. (c)		29,859		135,827
Tata Motors Ltd. — ADR (c)		6,008		135,180
Tata Power Co. Ltd.		42,988		42,634
Tata Steel Ltd.		11,672		37,897
Tech Mahindra Ltd.		11,300		96,126
UltraTech Cement Ltd.		1,383		56,383
United Breweries Ltd.		2,563		34,513
United Spirits Ltd. (c)		3,702		174,690
UPL Ltd.		13,245		92,822
Vedanta, Ltd., ADR		11,497		59,554
Wipro Ltd.		9,623		87,930
Wipro Ltd. — ADR		18,332		225,300
Zee Entertainment Enterprises Ltd.		20,478		123,000
				14,802,283
Indonesia — 0.5%
Adaro Energy Tbk PT		230,400		8,449

Common Stocks	Shares		Value
Indonesia (continued)
Astra Agro Lestari Tbk PT		11,500	$	14,267
Astra International Tbk PT		1,198,900		429,431
Bank Central Asia Tbk PT		705,900		592,657
Bank Danamon Indonesia Tbk PT		186,600		36,931
Bank Mandiri Persero Tbk PT		711,400		385,898
Bank Negara Indonesia Persero Tbk PT		405,600		114,904
Bank Rakyat Indonesia Persero Tbk PT		660,000		390,783
Bumi Serpong Damai Tbk PT		111,800		10,764
Charoen Pokphand Indonesia Tbk PT		271,300		37,149
Global Mediacom Tbk PT		137,600		8,854
Gudang Garam Tbk PT		9,800		28,133
Indocement Tunggal Prakarsa Tbk PT		88,600		99,764
Indofood CBP Sukses Makmur Tbk PT		18,900		16,028
Indofood Sukses Makmur Tbk PT		331,300		124,683
Jasa Marga Persero Tbk PT		71,000		23,458
Kalbe Farma Tbk PT		858,400		80,770
Lippo Karawaci Tbk PT		819,500		63,303
Matahari Department Store Tbk PT		98,800		109,126
Media Nusantara Citra Tbk PT		60,162		6,756
Perusahaan Gas Negara Persero Tbk PT		426,200		73,750
Semen Indonesia Persero Tbk PT		106,000		65,557
Summarecon Agung Tbk PT		1,981,500		152,180
Surya Citra Media Tbk PT		84,000		15,795
Tambang Batubara Bukit Asam Persero Tbk PT		29,500		11,361
Telekomunikasi Indonesia Persero Tbk PT		2,805,700		506,713
Tower Bersama Infrastructure Tbk PT (c)		38,000		16,993
Unilever Indonesia Tbk PT		62,700		162,872
United Tractors Tbk PT		67,700		81,044
XL Axiata Tbk PT (c)		82,000		14,669
				3,683,042
Ireland — 0.7%
Bank of Ireland (c)		1,442,740		564,099
CRH PLC		39,330		1,038,237
Experian PLC		51,781		831,253
James Hardie Industries SE		24,629		297,298
Kerry Group PLC, Class A		8,083		608,088
Shire PLC		32,015		2,188,608
				5,527,583
Israel — 0.5%
Azrieli Group		1,500		59,966
Bank Hapoalim BM		66,126		332,754
Bank Leumi Le-Israel BM (c)		71,682		267,565

BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015 185

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

Common Stocks	Shares		Value
Israel (continued)
Bezeq The Israeli Telecommunication Corp. Ltd.		106,530	$	203,877
Delek Group Ltd.		69		15,083
Israel Chemicals Ltd.		18,197		93,640
Israel Corp. Ltd.		40		9,592
Mizrahi Tefahot Bank Ltd.		8,332		98,522
NICE Systems Ltd.		2,571		143,999
Teva Pharmaceutical Industries Ltd.		44,550		2,517,704
				3,742,702
Italy — 1.7%
Assicurazioni Generali SpA		55,938		1,023,453
Atlantia SpA		21,663		605,972
Banca Monte dei Paschi di Siena SpA (c)		108,878		194,007
Banco Popolare SC (c)		14,013		207,328
Enel Green Power SpA		101,500		191,922
Enel SpA		343,622		1,533,238
Eni SpA		126,625		1,991,853
Exor SpA		6,195		270,070
Finmeccanica SpA (c)		15,326		191,924
Intesa Sanpaolo SpA		716,693		2,521,320
Luxottica Group SpA		9,215		638,641
Mediobanca SpA		34,909		343,460
Pirelli & C SpA		14,326		239,731
Prysmian SpA		10,105		208,863
Saipem SpA (a)(c)		17,006		136,363
Snam SpA		108,925		559,426
Telecom Italia SpA (c)		577,797		712,033
Telecom Italia SpA, Non-Convertible Savings Shares		219,492		225,112
Tenaris SA		27,208		327,104
Terna — Rete Elettrica Nazionale SpA		77,000		374,237
UniCredit SpA		237,637		1,481,475
Unione di Banche Italiane SCpA		40,601		288,084
UnipolSai SpA (a)		92,405		200,936
				14,466,552
Japan — 16.3%
ABC-Mart, Inc.		300		16,771
Acom Co. Ltd. (c)		16,100		82,382
Aeon Co. Ltd. (a)		34,200		530,575
AEON Financial Service Co. Ltd.		4,000		79,144
Aeon Mall Co. Ltd.		5,190		79,725
Air Water, Inc.		4,000		60,084
Aisin Seiki Co. Ltd.		10,800		362,361
Ajinomoto Co., Inc.		29,000		611,552
Alfresa Holdings Corp.		8,900		151,989
Alps Electric Co. Ltd.		9,900		279,576
Amada Co. Ltd.		12,700		96,832
ANA Holdings, Inc.		80,000		224,114
Aozora Bank Ltd.		70,000		242,782

Common Stocks	Shares		Value
Japan (continued)
Asahi Glass Co. Ltd. (a)		49,000	$	286,322
Asahi Group Holdings Ltd. (a)		20,300		658,598
Asahi Kasei Corp.		68,000		479,498
Asics Corp.		6,100		145,389
Astellas Pharma, Inc.		105,900		1,370,778
Bank of Kyoto Ltd.		15,000		152,561
Bank of Yokohama Ltd.		56,000		340,370
Benesse Holdings, Inc.		1,100		29,410
Bridgestone Corp.		32,600		1,128,161
Brother Industries Ltd.		7,500		90,405
Calbee, Inc.		3,500		113,260
Canon, Inc.		58,800		1,700,936
Casio Computer Co. Ltd. (a)		8,100		147,435
Central Japan Railway Co.		7,200		1,160,839
Chiba Bank Ltd.		41,000		291,144
Chubu Electric Power Co., Inc.		33,600		495,406
Chugai Pharmaceutical Co. Ltd.		11,800		362,416
Chugoku Bank Ltd.		4,000		59,366
Chugoku Electric Power Co., Inc.		14,700		202,612
Citizen Holdings Co. Ltd.		14,200		98,140
COLOPL, Inc. (a)		1,500		24,126
Credit Saison Co. Ltd. (a)		7,700		139,887
Dai Nippon Printing Co. Ltd.		26,000		251,222
Dai-ichi Life Insurance Co. Ltd.		55,200		878,775
Daicel Corp.		12,000		147,310
Daihatsu Motor Co. Ltd.		8,100		93,696
Daiichi Sankyo Co. Ltd. (a)		36,100		626,406
Daikin Industries Ltd.		12,000		673,032
Daito Trust Construction Co. Ltd.		4,000		406,419
Daiwa House Industry Co. Ltd.		29,900		741,247
Daiwa Securities Group, Inc.		96,000		621,168
Denso Corp.		24,600		1,042,028
Dentsu, Inc.		11,900		610,709
Don Quijote Co. Ltd.		6,600		248,660
East Japan Railway Co.		16,200		1,365,103
Eisai Co. Ltd.		13,100		772,920
Electric Power Development Co. Ltd.		7,100		216,687
FamilyMart Co. Ltd.		3,300		150,456
FANUC Corp.		10,100		1,553,771
Fast Retailing Co. Ltd. (a)		2,600		1,057,573
Fuji Electric Co. Ltd.		13,000		47,147
Fuji Heavy Industries Ltd.		29,000		1,043,550
FUJIFILM Holdings Corp.		24,300		908,386
Fujitsu Ltd.		103,000		448,029
Fukuoka Financial Group, Inc.		34,000		161,937
GungHo Online Entertainment, Inc.		8,800		26,140
Gunma Bank Ltd.		15,000		96,006
Hachijuni Bank Ltd.		10,000		70,982
Hakuhodo DY Holdings, Inc.		5,800		54,989
Hamamatsu Photonics KK		6,400		144,840
Hankyu Hanshin Holdings, Inc.		57,000		348,616
Hikari Tsushin, Inc.		1,800		125,986

186 BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

Common Stocks	Shares		Value
Japan (continued)
Hino Motors Ltd.		8,600	$	87,641
Hirose Electric Co. Ltd.		1,335		145,333
Hiroshima Bank Ltd.		22,000		127,144
Hisamitsu Pharmaceutical Co., Inc.		1,100		36,781
Hitachi Chemical Co. Ltd.		1,600		22,076
Hitachi Construction Machinery Co. Ltd.		4,600		61,652
Hitachi High-Technologies Corp.		1,600		34,645
Hitachi Ltd.		241,000		1,216,093
Hitachi Metals Ltd.		8,000		92,903
Hokuhoku Financial Group, Inc.		45,000		103,036
Hokuriku Electric Power Co.		7,100		95,495
Honda Motor Co. Ltd.		87,500		2,611,586
Hoya Corp.		21,700		710,716
Hulic Co. Ltd.		9,000		81,417
Ibiden Co. Ltd.		2,300		30,110
Idemitsu Kosan Co. Ltd.		2,400		36,764
IHI Corp.		58,000		149,039
Iida Group Holdings Co. Ltd.		6,800		106,382
Inpex Corp.		53,500		478,329
Isetan Mitsukoshi Holdings Ltd.		20,100		301,586
Isuzu Motors Ltd.		31,000		311,303
ITOCHU Corp.		80,100		846,755
Itochu Techno-Solutions Corp.		6,000		127,963
Iyo Bank Ltd.		8,700		100,013
J. Front Retailing Co. Ltd.		9,700		157,126
Japan Airlines Co. Ltd.		7,400		261,848
Japan Airport Terminal Co. Ltd. (a)		1,500		64,831
Japan Exchange Group, Inc. (a)		29,800		435,623
Japan Prime Realty Investment Corp.		41		133,277
Japan Real Estate Investment Corp.		56		257,952
Japan Retail Fund Investment Corp. (a)		141		272,815
Japan Tobacco, Inc.		54,600		1,693,701
JFE Holdings, Inc.		22,200		291,574
JGC Corp.		15,000		199,007
Joyo Bank Ltd.		29,000		152,777
JSR Corp.		12,500		180,186
JTEKT Corp.		12,600		176,412
JX Holdings, Inc.		125,300		452,448
Kajima Corp.		47,000		249,423
Kakaku.com, Inc. (a)		7,400		120,179
Kamigumi Co. Ltd.		18,000		147,494
Kaneka Corp.		19,000		139,919
Kansai Electric Power Co., Inc. (c)		38,500		428,013
Kansai Paint Co. Ltd.		8,000		108,803
Kao Corp.		25,800		1,169,536
Kawasaki Heavy Industries Ltd.		84,000		289,996
KDDI Corp.		87,000		1,947,330
Keihan Electric Railway Co. Ltd. (a)		15,000		100,047
Keikyu Corp.		22,000		175,116

Common Stocks	Shares		Value
Japan (continued)
Keio Corp.		27,000	$	191,956
Keisei Electric Railway Co. Ltd.		16,000		175,520
Keyence Corp.		2,220		991,403
Kikkoman Corp. (a)		8,000		220,345
Kintetsu Corp.		91,000		326,858
Kirin Holdings Co. Ltd.		48,100		630,914
Kobe Steel Ltd.		126,000		136,619
Koito Manufacturing Co. Ltd.		6,000		196,058
Komatsu Ltd. (a)		48,200		707,500
Konami Corp.		5,700		123,190
Konica Minolta, Inc.		23,700		249,674
Kose Corp.		1,700		155,158
Kubota Corp.		56,000		770,695
Kuraray Co. Ltd.		19,300		240,537
Kurita Water Industries Ltd.		7,400		157,111
Kyocera Corp. (a)		16,700		764,859
Kyowa Hakko Kirin Co. Ltd.		12,000		178,892
Kyushu Electric Power Co., Inc. (c)		25,500		278,216
Lawson, Inc.		3,800		280,374
LIXIL Group Corp.		13,600		276,790
M3, Inc.		9,700		192,766
Mabuchi Motor Co. Ltd.		2,300		99,865
Makita Corp.		5,800		308,518
Marubeni Corp.		87,100		426,736
Marui Group Co. Ltd.		9,500		114,591
Maruichi Steel Tube Ltd.		6,400		144,872
Mazda Motor Corp.		29,500		466,138
McDonald’s Holdings Co. Japan Ltd. (a)		1,500		33,668
Medipal Holdings Corp.		3,000		47,601
Meiji Holdings Co. Ltd.		6,200		454,649
Minebea Co. Ltd. (a)		19,000		201,692
Miraca Holdings, Inc.		2,400		101,780
Mitsubishi Chemical Holdings Corp.		70,100		366,033
Mitsubishi Corp.		68,400		1,121,182
Mitsubishi Electric Corp.		98,000		897,732
Mitsubishi Estate Co. Ltd.		70,000		1,429,925
Mitsubishi Gas Chemical Co., Inc. (a)		31,000		143,099
Mitsubishi Heavy Industries Ltd.		157,000		702,142
Mitsubishi Logistics Corp.		2,000		23,192
Mitsubishi Materials Corp.		62,000		188,382
Mitsubishi Motors Corp.		35,200		269,220
Mitsubishi Tanabe Pharma Corp.		11,400		201,183
Mitsubishi UFJ Financial Group, Inc.		673,500		4,069,447
Mitsubishi UFJ Lease & Finance Co. Ltd.		11,500		50,663
Mitsui & Co. Ltd.		84,200		946,365
Mitsui Chemicals, Inc.		37,000		118,584
Mitsui Fudosan Co. Ltd.		53,000		1,452,803
Mitsui OSK Lines Ltd. (a)		47,000		112,896
Mixi, Inc.		1,800		61,601

BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015 187

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

Common Stocks	Shares		Value
Japan (continued)
Mizuho Financial Group, Inc.		1,263,600	$	2,363,691
MS&AD Insurance Group Holdings, Inc.		25,800		692,210
Murata Manufacturing Co. Ltd.		10,100		1,304,662
Nabtesco Corp. (c)		3,900		71,253
Nagoya Railroad Co. Ltd.		31,000		121,824
Namco Bandai Holdings, Inc.		10,000		232,087
NEC Corp.		108,000		332,511
Nexon Co. Ltd.		5,100		68,185
NGK Insulators Ltd.		15,000		287,031
NGK Spark Plug Co. Ltd. (a)		8,500		195,124
NH Foods Ltd.		8,000		163,255
NHK Spring Co. Ltd.		14,000		135,751
Nidec Corp.		11,100		763,302
Nikon Corp. (a)		19,900		240,658
Nintendo Co. Ltd.		5,200		876,469
Nippon Building Fund, Inc.		75		362,912
Nippon Electric Glass Co. Ltd.		28,000		135,245
Nippon Express Co. Ltd.		31,000		148,129
Nippon Paint Co. Ltd. (a)		6,000		104,939
Nippon Prologis REIT, Inc.		53		96,168
Nippon Steel & Sumitomo Metal		37,648		686,041
Nippon Telegraph & Telephone Corp.		37,500		1,320,885
Nippon Yusen KK		93,000		215,521
Nissan Motor Co. Ltd.		123,500		1,135,533
Nisshin Seifun Group, Inc.		9,000		130,873
Nissin Foods Holdings Co. Ltd.		3,500		161,010
Nitori Holdings Co. Ltd.		4,000		313,217
Nitto Denko Corp.		8,800		527,056
NOK Corp.		3,800		82,216
Nomura Holdings, Inc.		183,100		1,062,779
Nomura Real Estate Holdings, Inc.		5,200		104,541
Nomura Research Institute Ltd.		6,710		257,578
NSK Ltd.		24,800		240,387
NTT Data Corp.		6,800		342,833
NTT DoCoMo, Inc.		72,500		1,222,861
NTT Urban Development Corp.		2,400		22,114
Obayashi Corp.		33,000		281,562
Odakyu Electric Railway Co. Ltd. (a)		34,000		306,185
Oji Holdings Corp.		39,000		167,395
Olympus Corp.		14,300		446,136
Omron Corp.		11,500		346,175
Ono Pharmaceutical Co. Ltd. (a)		4,200		497,975
Oracle Corp. Japan		700		29,560
Oriental Land Co. Ltd. (a)		11,100		619,858
ORIX Corp.		68,400		882,314
Osaka Gas Co. Ltd.		94,000		356,393
Otsuka Corp.		2,900		141,299
Otsuka Holdings Co. Ltd.		21,300		680,142
Panasonic Corp.		112,700		1,140,538
Park24 Co. Ltd.		8,400		157,649
Rakuten, Inc.		48,300		617,392
Recruit Holdings Co. Ltd.		8,500		254,867

Common Stocks	Shares		Value
Japan (continued)
Resona Holdings, Inc.		113,000	$	575,763
Ricoh Co. Ltd.		39,000		393,624
Rinnai Corp.		2,100		160,221
Rohm Co. Ltd.		5,400		240,139
Ryohin Keikaku Co. Ltd.		1,000		203,609
Sankyo Co. Ltd.		3,300		117,401
Sanrio Co. Ltd.		4,800		131,121
Santen Pharmaceutical Co. Ltd.		20,200		271,197
SBI Holdings, Inc.		8,850		99,995
Secom Co. Ltd.		10,900		655,532
Sega Sammy Holdings, Inc.		6,900		67,335
Seibu Holdings, Inc. (a)		6,200		125,644
Seiko Epson Corp.		14,900		210,776
Sekisui Chemical Co. Ltd.		19,000		199,985
Sekisui House Ltd.		33,100		518,476
Seven & I Holdings Co. Ltd.		41,500		1,893,775
Seven Bank Ltd.		27,800		120,320
Sharp Corp. (a)(c)		86,000		98,633
Shikoku Electric Power Co., Inc.		8,000		130,466
Shimadzu Corp.		11,000		158,810
Shimamura Co. Ltd.		900		96,943
Shimano, Inc.		4,100		576,032
Shimizu Corp.		29,000		248,999
Shin-Etsu Chemical Co. Ltd.		19,800		1,015,424
Shinsei Bank Ltd.		100,000		205,565
Shionogi & Co. Ltd.		16,800		602,198
Shiseido Co. Ltd. (a)		19,900		433,953
Shizuoka Bank Ltd.		30,000		301,075
Showa Shell Sekiyu KK		13,900		109,571
SMC Corp.		2,900		634,979
Softbank Corp.		50,900		2,353,605
Sompo Japan Nipponkoa Holdings, Inc.		18,100		525,711
Sony Corp.		62,700		1,536,909
Sony Financial Holdings, Inc.		6,900		113,249
Stanley Electric Co. Ltd.		5,100		101,753
Sumitomo Chemical Co. Ltd.		79,000		399,481
Sumitomo Corp.		64,200		620,840
Sumitomo Dainippon Pharma Co. Ltd. (a)		3,900		38,989
Sumitomo Electric Industries Ltd.		39,500		505,330
Sumitomo Heavy Industries Ltd.		20,000		79,252
Sumitomo Metal Mining Co. Ltd.		29,000		329,433
Sumitomo Mitsui Financial Group, Inc.		68,400		2,593,747
Sumitomo Mitsui Trust Holdings, Inc.		177,000		648,713
Sumitomo Realty & Development Co. Ltd.		19,000		604,721
Sumitomo Rubber Industries Ltd.		10,500		145,752
Suntory Beverage & Food Ltd.		8,500		326,562
Suruga Bank Ltd.		8,300		154,442
Suzuken Co. Ltd.		1,870		62,359
Suzuki Motor Corp.		18,900		581,174

188 BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

Common Stocks	Shares		Value
Japan (continued)
Sysmex Corp.		7,800	$	411,931
T&D Holdings, Inc.		31,400		370,892
Taiheiyo Cement Corp.		49,000		146,822
Taisei Corp.		51,000		332,473
Taisho Pharmaceutical Holdings Co. Ltd.		800		45,991
Taiyo Nippon Sanso Corp.		4,000		38,001
Takashimaya Co. Ltd.		13,000		105,038
Takeda Pharmaceutical Co. Ltd.		39,500		1,732,953
TDK Corp.		6,800		384,593
Teijin Ltd.		59,000		179,212
Terumo Corp.		16,500		466,994
THK Co. Ltd.		4,000		63,714
Tobu Railway Co. Ltd.		57,000		244,854
Toho Co. Ltd.		5,000		113,968
Toho Gas Co. Ltd.		18,000		106,142
Tohoku Electric Power Co., Inc.		22,400		303,554
Tokio Marine Holdings, Inc.		33,800		1,262,767
Tokyo Electric Power Co., Inc. (c)		70,100		468,242
Tokyo Electron Ltd.		8,000		377,722
Tokyo Gas Co. Ltd.		124,000		599,827
Tokyo Tatemono Co. Ltd.		8,000		95,385
Tokyu Corp.		53,000		388,947
Tokyu Fudosan Holdings Corp.		30,800		204,929
TonenGeneral Sekiyu KK		16,000		155,055
Toppan Printing Co. Ltd.		23,000		185,276
Toray Industries, Inc.		80,000		691,620
Toshiba Corp. (c)		208,000		524,006
Toto Ltd. (a)		8,500		264,891
Toyo Seikan Kaisha Ltd. (a)		8,500		135,298
Toyo Suisan Kaisha Ltd.		5,400		204,725
Toyoda Gosei Co. Ltd.		4,300		84,516
Toyota Industries Corp.		10,000		475,688
Toyota Motor Corp.		142,100		8,319,659
Toyota Tsusho Corp.		10,200		214,998
Trend Micro, Inc.		4,200		148,362
Unicharm Corp.		21,500		380,805
United Urban Investment Corp.		212		283,124
USS Co. Ltd.		12,100		201,248
West Japan Railway Co.		8,200		513,943
Yahoo! Japan Corp. (a)		75,400		287,047
Yakult Honsha Co. Ltd.		5,200		259,024
Yamada Denki Co. Ltd.		39,300		158,439
Yamaguchi Financial Group, Inc. (a)		4,000		49,032
Yamaha Corp.		9,600		212,622
Yamaha Motor Co. Ltd.		14,700		295,738
Yamato Holdings Co. Ltd.		17,700		338,888
Yamazaki Baking Co. Ltd.		7,000		107,861
Yaskawa Electric Corp.		8,100		82,660
Yokogawa Electric Corp.		8,400		87,923

Common Stocks	Shares		Value
Japan (continued)
Yokohama Rubber Co. Ltd.		5,000	$	88,186
				135,510,384
Luxembourg — 0.0%
RTL Group SA (c)		2,943		253,707
Malaysia — 0.6%
AirAsia Bhd (a)		60,100		17,529
Alliance Financial Group Bhd		90,800		69,284
AMMB Holdings Bhd		68,900		71,606
Astro Malaysia Holdings Bhd		29,600		18,977
Axiata Group Bhd (a)		165,600		218,741
Berjaya Sports Toto Bhd		117,638		82,444
British American Tobacco Malaysia Bhd		3,100		42,566
Bumi Armada Bhd (c)		45,600		9,626
CIMB Group Holdings Bhd		239,100		242,844
Dialog Group BHD		142,134		51,898
DiGi.Com Bhd (a)		169,300		213,748
Felda Global Ventures Holdings Bhd (a)		89,900		30,708
Gamuda Bhd		39,600		39,544
Genting Bhd		78,100		129,321
Genting Malaysia Bhd		106,100		100,257
Genting Plantations Bhd		10,000		22,500
Hong Leong Bank Bhd		14,040		42,009
Hong Leong Financial Group Bhd		7,000		22,336
IHH Healthcare Bhd		176,500		239,584
IJM Corp. Bhd		126,600		92,735
IOI Corp. Bhd		102,200		94,588
IOI Properties Group Sdn Bhd		23,273		10,503
Kuala Lumpur Kepong Bhd		17,500		86,390
Lafarge Malayan Cement Bhd		17,500		35,830
Malayan Banking Bhd (a)		324,600		633,248
Malaysia Airports Holdings Bhd		11,300		13,522
Maxis Bhd (a)		66,600		99,353
MISC Bhd		27,400		54,985
Petronas Chemicals Group Bhd		126,000		176,203
Petronas Dagangan Bhd		6,100		30,348
Petronas Gas Bhd		52,700		264,114
PPB Group Bhd		12,600		44,255
Public Bank BHD		156,720		624,910
RHB Capital Bhd		12,900		17,483
Sapurakencana Petroleum Bhd (a)		220,700		94,732
Sime Darby Bhd		159,000		281,602
Telekom Malaysia Bhd		55,900		85,014
Tenaga Nasional Bhd		208,700		570,802
UMW Holdings Bhd		10,900		18,638
Westports Holdings Bhd		70,000		67,643
YTL Corp. Bhd		113,160		41,210
YTL Power International Bhd		42,000		15,400
				5,119,030

BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015 189

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

Common Stocks	Shares		Value
Malta — 0.0%
Brait SE (a)(c)		18,341	$	186,343
Mexico — 1.0%
Alfa SAB de CV, Series A		169,400		330,385
America Movil SAB de CV, Series L		1,602,800		1,329,275
Arca Continental SAB de CV		15,972		89,927
Cemex SAB de CV (c)		820,345		572,134
Coca-Cola Femsa SAB de CV, Series L		24,300		168,929
Controladora Comercial Mexicana SAB de CV		6,300		18,295
El Puerto de Liverpool SAB de CV, Series C1		10,900		141,549
Fibra Uno Administracion SA de CV		129,500		267,428
Fomento Economico Mexicano SAB de CV		95,700		856,352
Gentera SAB de CV		37,100		60,725
Gruma SAB de CV		10,000		138,895
Grupo Aeroportuario del Pacifico SAB de CV, Class B		15,800		137,411
Grupo Aeroportuario del Sureste SAB de CV, Class B		10,700		163,479
Grupo Bimbo SAB de CV, Series A (c)		104,600		264,889
Grupo Carso SAB de CV, Series A1		14,900		66,775
Grupo Comercial Chedraui SA de CV		41,000		106,836
Grupo Financiero Banorte SAB de CV, Series O		142,200		696,494
Grupo Financiero Inbursa SAB de CV, Series O		99,700		206,066
Grupo Financiero Santander Mexico SAB de CV, Series B		92,800		137,458
Grupo Lala SAB de CV		9,900		23,390
Grupo Mexico SAB de CV, Series B		196,823		476,430
Grupo Televisa SAB CPO		132,200		689,743
Industrias Penoles SAB de CV		2,850		38,848
Kimberly-Clark de Mexico SAB de CV, Class A		78,500		177,526
Mexichem SAB de CV		35,730		87,735
OHL Mexico SAB de CV (c)		42,200		54,395
Promotora y Operadora de Infraestructura SAB de CV (c)		9,700		106,726
Wal-Mart de Mexico SAB de CV		281,300		690,732
				8,098,827
Netherlands — 3.0%
Aegon NV		103,800		595,204
Akzo Nobel NV		12,760		829,901
Altice NV Class A (c)		14,627		306,045
Altice NV Class B (c)		3,659		81,628
ASML Holding NV		17,224		1,514,039
CNH Industrial NV (a)		45,146		294,278
Delta Lloyd NV		8,296		69,709

Common Stocks	Shares		Value
Netherlands (continued)
Gemalto NV		4,250	$	276,302
Heineken Holding NV		5,586		398,261
Heineken NV		11,301		915,026
ING Groep NV CVA		196,445		2,776,771
Koninklijke Ahold NV		45,490		887,420
Koninklijke Boskalis Westminster NV		4,734		207,219
Koninklijke DSM NV		9,500		438,440
Koninklijke KPN NV		174,560		654,671
Koninklijke Philips Electronics NV		53,051		1,248,122
Koninklijke Vopak NV		2,494		99,718
NN Group NV		10,990		315,492
OCI NV (c)		3,417		87,653
QIAGEN NV (c)		10,835		279,490
Randstad Holding NV		7,147		427,182
RELX NV		54,257		886,395
Royal Dutch Shell PLC, Class A		196,439		4,637,340
Royal Dutch Shell PLC, Class B		124,136		2,935,226
TNT Express NV (c)		29,376		224,168
Unilever NV CVA		81,040		3,248,487
Wolters Kluwer NV		16,190		499,289
				25,133,476
New Zealand — 0.1%
Auckland International Airport Ltd.		55,568		173,955
Contact Energy Ltd.		39,025		123,844
Fletcher Building Ltd.		30,613		133,473
Meridian Energy Ltd.		95,908		129,141
Mighty River Power Ltd.		12,773		20,576
Ryman Healthcare Ltd.		13,399		62,761
Spark New Zealand Ltd. (a)		65,332		124,849
				768,599
Norway — 0.4%
DnB NOR ASA		51,793		674,053
Gjensidige Forsikring ASA		15,619		210,303
Norsk Hydro ASA		59,486		198,360
Orkla ASA		51,519		380,998
Seadrill Ltd. (a)(c)		18,960		110,731
Statoil ASA		57,162		833,369
Subsea 7 SA (a)(c)		12,237		92,113
Telenor ASA		36,700		685,797
Yara International ASA		9,441		376,626
				3,562,350
Peru — 0.1%
Compania de Minas Buenaventura SA — ADR		4,924		29,347
Credicorp Ltd.		4,727		502,764
Southern Copper Corp.		10,147		271,128
				803,239
Philippines — 0.3%
Aboitiz Equity Ventures, Inc.		86,410		106,857

190 BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

Common Stocks	Shares		Value
Philippines (continued)
Aboitiz Power Corp.		29,200	$	26,988
Alliance Global Group, Inc.		35,800		11,762
Ayala Corp.		13,480		221,350
Ayala Land, Inc.		389,400		284,092
Bank of the Philippine Islands		45,031		77,447
BDO Unibank, Inc.		59,814		132,654
DMCI Holdings, Inc.		170,000		46,492
Energy Development Corp.		642,400		75,718
Globe Telecom, Inc.		845		42,529
GT Capital Holdings, Inc.		2,625		71,206
International Container Terminal Services, Inc.		9,550		15,319
JG Summit Holdings, Inc.		156,443		237,907
Jollibee Foods Corp.		12,070		49,879
Megaworld Corp.		600,000		56,164
Metro Pacific Investments Corp.		1,468,000		156,497
Metropolitan Bank & Trust Co.		12,817		22,391
Philippine Long Distance Telephone Co.		6,185		290,031
SM Investments Corp.		6,035		115,039
SM Prime Holdings, Inc.		486,150		215,369
Universal Robina Corp.		34,300		141,024
				2,396,715
Poland — 0.3%
Alior Bank SA (c)		761		15,882
Bank Handlowy w Warszawie SA		502		10,697
Bank Millennium SA (c)		13,346		20,666
Bank Pekao SA		6,396		259,965
Bank Zachodni WBK SA (c)		1,160		89,724
CCC SA		981		42,375
Cyfrowy Polsat SA (c)		8,953		55,089
Enea SA		3,084		10,969
Energa SA		5,000		22,191
Eurocash SA		9,624		113,343
Grupa Azoty SA (c)		1,551		36,121
Grupa Lotos SA (c)		1,964		14,445
KGHM Polska Miedz SA		4,863		105,048
LPP SA		55		113,379
Mbank (c)		573		52,377
Orange Polska SA		32,359		61,862
PGE SA		64,372		228,720
Polski Koncern Naftowy Orlen SA		15,864		276,981
Polskie Gornictwo Naftowe i Gazownictwo SA		93,796		161,239
Powszechna Kasa Oszczednosci Bank Polski SA (c)		50,667		392,875
Powszechny Zaklad Ubezpieczen SA		3,388		347,859
Synthos SA		54,162		53,927
Tauron Polska Energia SA		20,989		18,129
				2,503,863

Common Stocks	Shares		Value
Portugal — 0.1%
Banco Comercial Portugues SA (a)(c)		1,716,504	$	83,885
EDP — Energias de Portugal SA		94,763		347,167
Galp Energia SGPS SA		18,382		181,390
Jeronimo Martins SGPS SA		11,973		161,591
				774,033
Qatar — 0.2%
Barwa Real Estate Co.		2,548		29,973
Commercial Bank of Qatar QSC		2,974		46,132
Doha Bank QSC		6,076		83,857
Ezdan Holding Group QSC		43,351		223,184
Gulf International Services OSC		901		16,134
Industries Qatar QSC		10,894		368,797
Masraf Al Rayan		13,978		165,366
Ooredoo QSC		2,666		56,453
Qatar Electricity & Water Co.		1,002		57,612
Qatar Insurance Co. SAQ		3,794		96,987
Qatar Islamic Bank SAQ		1,671		52,537
Qatar National Bank		9,990		514,906
Vodafone Qatar		7,760		28,999
				1,740,937
Russia — 0.8%
AK Transneft OAO, Preference Shares		32		72,333
Alrosa AO		57,800		50,814
Federal Hydrogenerating Co. JSC		6,552,000		60,933
Gazprom OAO		357,230		729,938
Gazprom OAO — ADR		160,445		647,293
Lukoil OAO		17,457		595,521
Lukoil OAO — ADR		12,969		441,728
Magnit OJSC — GDR		11,460		548,200
MegaFon OAO — GDR		2,296		27,896
MMC Norilsk Nickel		3,113		449,710
Mobile Telesystems — ADR		27,500		198,550
Moscow Exchange MICEX-RTS OAO		63,850		78,283
NovaTek OAO — GDR		4,662		432,515
Rosneft Oil Co.		21,260		78,393
Rosneft Oil Co. OJSC		20,000		74,021
Rostelecom OJSC		42,250		54,878
Sberbank of Russia		205,970		237,923
Sberbank of Russia — ADR		70,000		346,623
Severstal OAO		10,830		114,670
Sistema JSFC — GDR		2,940		20,316
Surgutneftegas OAO		301,050		153,394
Surgutneftegas OAO — ADR		24,155		123,603
Surgutneftegas OAO, Preference Shares		395,000		236,399
Tatneft OAO		79,770		374,681
Uralkali OJSC (c)		22,930		67,742
Uralkali PJSC — GDR (c)		8,086		120,128
VTB Bank OJSC		86,510,000		89,546

BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015 191

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

Common Stocks	Shares		Value
Russia (continued)
VTB Bank OJSC — GDR		50,000	$	101,276
				6,527,307
Singapore — 0.9%
Ascendas Real Estate Investment Trust		178,200		293,575
CapitaCommercial Trust		80,000		75,532
CapitaLand Ltd.		147,400		278,323
CapitaMall Trust		210,100		280,939
City Developments Ltd.		14,000		75,858
ComfortDelGro Corp. Ltd.		86,000		173,736
DBS Group Holdings Ltd.		88,484		1,009,986
Genting Singapore PLC		233,000		119,014
Global Logistic Properties Ltd.		260,600		374,666
Golden Agri-Resources Ltd. (a)		270,000		62,758
Hutchison Port Holdings Trust		309,000		170,134
Jardine Cycle & Carriage Ltd. (a)		4,444		84,437
Keppel Corp. Ltd. (a)		76,700		366,815
Noble Group Ltd. (a)		131,000		38,331
Oversea-Chinese Banking Corp. Ltd.		166,949		1,033,795
SembCorp Industries Ltd.		40,000		97,623
SembCorp Marine Ltd. (a)		21,000		33,904
Singapore Airlines Ltd.		28,600		215,296
Singapore Exchange Ltd.		29,000		143,461
Singapore Press Holdings Ltd.		48,376		130,573
Singapore Technologies Engineering Ltd.		57,000		119,585
Singapore Telecommunications Ltd.		438,000		1,108,627
StarHub Ltd.		41,600		101,292
Suntec Real Estate Investment Trust		86,000		90,840
United Overseas Bank Ltd.		65,100		850,018
UOL Group Ltd.		22,000		93,146
Wilmar International Ltd. (a)		108,500		196,322
Yangzijiang Shipbuilding Holdings Ltd.		76,800		61,409
				7,679,995
South Africa — 1.6%
African Bank Investments Ltd. (c)		20,398		15
African Rainbow Minerals Ltd.		17,087		64,128
Anglo American Platinum Ltd. (c)		832		13,784
AngloGold Ashanti Ltd. (c)		19,921		160,792
Aspen Pharmacare Holdings Ltd. (c)		22,072		469,638
Barclays Africa Group Ltd.		20,871		256,625
Barloworld Ltd.		5,200		28,377
Bidvest Group Ltd.		15,736		371,377
Capitec Bank Holdings, Ltd.		1,291		46,724
Coronation Fund Managers Ltd.		27,149		128,126
Discovery Holdings Ltd.		20,716		206,105
Exxaro Resources Ltd.		34,427		130,931

Common Stocks	Shares		Value
South Africa (continued)
FirstRand Ltd.		194,558	$	691,362
Foschini Group Ltd.		6,363		64,618
Gold Fields Ltd.		86,627		228,031
Growthpoint Properties Ltd.		126,575		234,518
Hyprop Investments, Ltd.		7,562		65,866
Impala Platinum Holdings Ltd. (c)		29,321		81,433
Imperial Holdings Ltd.		3,661		44,888
Investec Ltd.		7,549		57,777
Kumba Iron Ore Ltd.		1,303		7,410
Liberty Holdings Ltd.		1,922		17,560
Life Healthcare Group Holdings Ltd.		20,533		52,820
Massmart Holdings Ltd.		14,916		116,710
Mediclinic International Ltd.		28,346		226,271
MMI Holdings Ltd. (a)		20,454		35,194
Mondi, Ltd.		3,303		69,255
Mr. Price Group Ltd.		10,819		151,028
MTN Group Ltd.		88,476		1,137,739
Nampak Ltd.		15,329		28,504
Naspers Ltd., Class N		20,214		2,533,362
Nedbank Group Ltd.		13,358		212,133
Netcare Ltd.		21,846		57,361
Pick n Pay Stores Ltd.		28,036		134,475
Pioneer Foods Group, Ltd.		6,964		98,518
PSG Group Ltd.		2,684		43,107
Redefine Properties Ltd.		238,334		201,456
Remgro Ltd.		24,867		453,543
Resilient Property Income Fund, Ltd.		17,014		142,573
RMB Holdings Ltd. (a)		17,898		85,329
RMI Holdings		15,066		45,116
Sanlam Ltd.		87,998		380,545
Sappi Ltd. (c)		10,017		30,762
Sasol Ltd. (a)		29,622		829,793
Shoprite Holdings Ltd.		26,136		296,823
Spar Group Ltd.		4,305		57,594
Standard Bank Group Ltd.		67,456		658,653
Steinhoff International Holdings Ltd.		116,440		714,993
Telkom SA SOC, Ltd.		11,210		53,896
Tiger Brands Ltd.		7,701		169,561
Truworths International Ltd. (a)		20,055		123,238
Tsogo Sun Holdings, Ltd.		25,000		43,656
Vodacom Group Ltd.		23,375		232,515
Woolworths Holdings Ltd.		41,426		289,931
				13,076,539
South Korea — 3.1%
Amorepacific Corp.		2,183		647,095
Amorepacific Group		1,096		151,365
BGF Retail Co., Ltd.		612		104,531
BS Financial Group, Inc.		6,269		72,688
Celltrion, Inc. (c)		4,209		242,395
Cheil Industries, Inc. (c)		4,015		499,372

192 BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

Common Stocks	Shares		Value
South Korea (continued)
Cheil Worldwide, Inc. (c)		12,217	$	188,762
CJ CheilJedang Corp.		518		166,908
CJ Corp.		848		189,356
CJ Korea Express Co., Ltd. (c)		414		69,876
Coway Co., Ltd.		1,699		120,223
Daelim Industrial Co., Ltd.		1,073		61,102
Daewoo Engineering & Construction Co., Ltd. (c)		19,237		103,876
Daewoo International Corp.		1,160		20,408
Daewoo Securities Co., Ltd.		8,184		82,917
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		5,365		29,018
Daum Communications Corp.		1,108		118,043
DGB Financial Group, Inc.		5,100		45,353
Dongbu Insurance Co., Ltd.		1,160		60,162
Doosan Corp.		436		40,882
Doosan Heavy Industries & Construction Co., Ltd.		776		13,902
Doosan Infracore Co., Ltd. (c)		3,880		21,637
E-Mart Co., Ltd.		1,071		208,968
GS Engineering & Construction Corp. (c)		6,155		128,327
GS Holdings		1,216		46,914
Halla Visteon Climate Control Corp.		750		24,935
Hana Financial Group, Inc.		14,915		333,237
Hankook Tire Co., Ltd.		4,552		152,388
Hanmi Pharm Co., Ltd. (c)		204		64,242
Hanmi Science Co., Ltd. (c)		696		82,253
Hanssem Co., Ltd.		731		176,992
Hanwha Chemical Corp.		4,037		74,027
Hanwha Corp.		4,520		148,877
Hanwha Life Insurance Co., Ltd.		7,120		49,016
Hotel Shilla Co., Ltd.		1,174		114,429
Hyosung Corp.		1,140		108,896
Hyundai Department Store Co., Ltd.		314		35,583
Hyundai Development Co-Engineering & Construction		2,250		103,901
Hyundai Engineering & Construction Co., Ltd.		3,298		95,649
Hyundai Glovis Co., Ltd.		1,138		215,702
Hyundai Heavy Industries Co., Ltd. (c)		1,622		132,810
Hyundai Marine & Fire Insurance Co., Ltd.		1,200		30,618
Hyundai Merchant Marine Co., Ltd. (c)		13,543		70,644
Hyundai Mobis		3,433		671,724
Hyundai Motor Co.		7,769		1,079,581
Hyundai Motor Co., Preference Shares		852		79,673
Hyundai Motor Co., Second Preference Shares		1,756		169,284
Hyundai Steel Co.		5,604		244,270

Common Stocks	Shares		Value
South Korea (continued)
Hyundai Wia Corp.		513	$	56,060
Industrial Bank of Korea		11,789		135,776
Kangwon Land, Inc.		7,491		267,739
KB Financial Group, Inc.		19,467		578,651
KCC Corp.		266		92,931
KEPCO Plant Service & Engineering Co., Ltd.		707		72,173
Kia Motors Corp.		13,276		601,817
Korea Aerospace Industries Ltd.		2,530		145,734
Korea Electric Power Corp.		12,939		533,460
Korea Gas Corp.		753		25,289
Korea Investment Holdings Co., Ltd.		1,486		76,857
Korea Zinc Co., Ltd.		398		156,508
Korean Air Lines Co., Ltd. (c)		3,387		89,770
KT Corp. (c)		1,200		31,184
KT&G Corp.		5,534		520,578
Kumho Petrochemical Co., Ltd.		423		19,034
LG Chem Ltd.		2,692		652,536
LG Chem Ltd., Preference Shares		179		28,821
LG Corp.		5,702		293,568
LG Display Co., Ltd.		13,391		255,648
LG Electronics, Inc.		4,891		188,932
LG Household & Health Care Ltd.		443		320,594
LG Innotek Co., Ltd.		954		71,188
LG Uplus Corp.		5,020		51,384
Lotte Chemical Corp.		1,222		280,031
Lotte Confectionery Co., Ltd.		75		139,283
Lotte Shopping Co., Ltd.		752		181,747
LS Industrial Systems Co., Ltd.		1,994		76,629
Mirae Asset Securities Co., Ltd.		2,793		66,099
NAVER Corp.		1,412		612,011
NCSoft Corp.		540		86,337
OCI Co., Ltd.		1,017		71,147
Orion Corp.		138		109,895
Paradise Co., Ltd. (c)		5,601		106,618
POSCO		3,514		496,862
S-1 Corp.		442		34,792
S-Oil Corp.		3,144		167,299
Samsung Card Co., Ltd.		1,210		37,052
Samsung Electro-Mechanics Co., Ltd.		2,177		118,652
Samsung Electronics Co. Ltd.		5,632		5,403,640
Samsung Electronics Co. Ltd., Preference Shares		1,036		804,211
Samsung Fire & Marine Insurance Co., Ltd.		1,790		422,694
Samsung Heavy Industries Co. Ltd.		4,858		50,660
Samsung Life Insurance Co., Ltd.		4,848		405,415
Samsung SDI Co., Ltd.		2,189		201,389
Samsung SDS Co., Ltd.		1,671		407,377
Samsung Securities Co., Ltd.		2,400		92,634
Shinhan Financial Group Co., Ltd.		21,504		752,038
Shinsegae Co., Ltd.		670		134,157

BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015 193

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

Common Stocks	Shares		Value
South Korea (continued)
SK C&C Co., Ltd.		1,734	$	357,925
SK Hynix, Inc.		29,346		836,963
SK Innovation Co., Ltd. (c)		3,761		313,247
SK Networks Co., Ltd.		14,759		86,029
SK Telecom Co. Ltd.		390		86,516
Woori Bank		13,531		107,536
Woori Investment & Securities Co., Ltd.		5,312		44,909
Yuhan Corp.		122		25,105
				26,075,942
Spain — 2.5%
Abertis Infraestructuras SA (a)		30,600		484,162
ACS Actividades de Construccion y Servicios SA (a)		11,270		324,260
Aena SA (c)(d)		3,841		424,870
Amadeus IT Holding SA, Class A		23,234		995,464
Banco Bilbao Vizcaya Argentaria SA		329,594		2,786,990
Banco de Sabadell SA (a)		280,858		516,935
Banco Popular Espanol SA (a)		90,200		329,504
Banco Santander SA		726,731		3,864,325
Bankia SA		308,381		400,232
Bankinter SA		38,876		286,406
CaixaBank SA (c)		148,385		572,644
Distribuidora Internacional de Alimentacion SA (c)		38,924		235,627
Enagas SA		3,839		110,085
Endesa SA		13,298		280,433
Ferrovial SA		24,791		593,005
Gas Natural SDG SA		17,935		349,950
Grifols SA (a)		7,661		316,751
Iberdrola SA		276,622		1,843,192
Inditex SA		54,636		1,832,025
International Consolidated Airlines Group SA (c)		47,602		426,464
Mapfre SA		66,978		175,137
Red Electrica Corp. SA		2,074		172,216
Repsol SA		67,363		785,665
Telefonica SA		227,664		2,762,015
Zardoya Otis SA (a)		4,481		48,424
				20,916,781
Sweden — 2.2%
Alfa Laval AB		18,245		298,686
Assa Abloy AB		50,271		901,649
Atlas Copco AB, A Shares		38,912		935,795
Atlas Copco AB, B Shares		19,981		446,938
Boliden AB		11,878		185,988
Electrolux AB Class B		12,094		341,738
Getinge AB, Class B		11,241		250,894
Hennes & Mauritz AB, Class B		48,616		1,776,252
Hexagon AB, Class B		14,829		453,049
Husqvarna AB, Class B		17,215		112,902

Common Stocks	Shares		Value
Sweden (continued)
ICA Gruppen AB		3,148	$	106,573
Industrivarden AB, Class C		8,883		156,029
Investment AB Kinnevik, Class B		12,764		364,862
Investor AB, Class B		22,400		769,686
Lundin Petroleum AB (c)		9,142		117,986
Millicom International Cellular SA		3,166		197,993
Nordea Bank AB		151,624		1,691,594
Sandvik AB		58,748		500,437
Securitas AB, Class B		18,887		230,989
Skandinaviska Enskilda Banken AB, Class A		77,659		830,580
Skanska AB, Class B		22,371		439,203
SKF AB, Class B		18,910		347,537
Svenska Cellulosa AB, B Shares		30,011		839,771
Svenska Handelsbanken AB, A Shares		76,689		1,100,093
Swedbank AB, Class A		46,483		1,028,220
Swedish Match AB		11,349		343,064
Tele2 AB, Class B		12,243		119,401
Telefonaktiebolaget LM Ericsson, Class B		154,231		1,512,948
TeliaSonera AB		135,866		733,375
Volvo AB, Class B		76,836		736,023
				17,870,255
Switzerland — 7.2%
ABB Ltd., Registered Shares (a)(c)		110,190		1,949,649
Actelion Ltd., Registered Shares (c)		5,351		680,091
Adecco SA, Registered Shares (c)		9,034		661,610
Aryzta AG (a)(c)		3,776		160,040
Baloise Holding AG, Registered Shares		2,811		322,152
Barry Callebaut AG, Registered Shares (c)		143		155,709
Cie Financiere Richemont SA, Registered Shares		26,760		2,082,220
Coca-Cola HBC AG (c)		13,000		275,192
Credit Suisse Group AG, Registered Shares (c)		78,597		1,889,223
Dufry AG (c)		2,230		261,116
EMS-Chemie Holding AG, Registered Shares		450		185,130
Geberit AG, Registered Shares		2,154		658,942
Givaudan SA, Registered Shares (c)		474		771,276
Glencore PLC (c)		617,224		856,746
Holcim Ltd., Registered Shares (c)		22,466		1,177,668
Julius Baer Group Ltd. (c)		12,813		581,864
Kuehne & Nagel International AG, Registered Shares (a)		3,617		465,097
Lindt & Spruengli AG (c)		47		275,567
Lindt & Spruengli AG, Registered Shares (c)		6		425,623

194 BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

Common Stocks	Shares		Value
Switzerland (continued)
Lonza Group AG, Registered Shares (c)		2,937	$	385,381
Nestle SA, Registered Shares		163,457		12,292,888
Novartis AG, Registered Shares		115,204		10,588,612
Pargesa Holding SA, Bearer Shares		734		43,076
Partners Group Holding AG		939		318,264
Roche Holding AG		35,642		9,461,937
Schindler Holding AG, Participation Certificates		1,841		264,454
Schindler Holding AG, Registered Shares		2,090		306,539
SGS SA, Registered Shares		282		492,765
Sika AG, Bearer Shares (a)		114		351,641
Sonova Holding AG, Registered Shares		2,902		373,685
STMicroelectronics NV		37,953		259,287
Sulzer AG, Registered Shares (a)		1,058		103,669
Swatch Group AG, Bearer Shares (a)		1,687		625,658
Swatch Group AG, Registered Shares		1,971		142,188
Swiss Life Holding AG, Registered Shares (c)		1,676		373,857
Swiss Prime Site AG, Registered Shares (c)		2,212		161,617
Swiss Re AG		17,665		1,515,606
Swisscom AG, Registered Shares (a)		1,447		722,150
Syngenta AG, Registered Shares		4,690		1,502,726
Transocean Ltd. (a)		22,257		287,104
UBS Group AG		193,574		3,578,819
Zurich Insurance Group AG (c)		7,515		1,844,979
				59,831,817
Taiwan — 2.5%
Acer, Inc. (c)		69,504		27,293
Advanced Semiconductor Engineering, Inc.		371,097		404,342
Advantech Co., Ltd.		8,795		60,397
Asia Cement Corp.		57,233		56,140
Asia Pacific Telecom Co., Ltd. (c)		33,000		9,644
Asustek Computer, Inc.		38,220		328,615
AU Optronics Corp.		320,000		94,741
Casetek Holdings, Ltd.		6,000		25,656
Catcher Technology Co., Ltd.		36,000		384,865
Cathay Financial Holding Co. Ltd.		455,935		624,471
Chailease Holding Co., Ltd.		23,795		37,413
Chang Hwa Commercial Bank		131,794		65,083
Cheng Shin Rubber Industry Co. Ltd.		71,436		117,468
Chicony Electronics Co., Ltd.		15,622		36,114
China Airlines Ltd. (c)		103,687		35,548
China Development Financial Holding Corp.		577,765		155,862

Common Stocks	Shares		Value
Taiwan (continued)
China Life Insurance Co., Ltd.		123,900	$	94,381
China Motor Corp.		116,000		81,556
China Steel Corp.		540,638		315,944
Chunghwa Telecom Co. Ltd.		212,000		637,069
Compal Electronics, Inc.		192,000		109,063
CTBC Financial Holding Co. Ltd.		691,298		357,353
CTCI Corp.		81,000		97,078
Delta Electronics, Inc.		87,000		410,358
E.Sun Financial Holding Co., Ltd.		359,437		211,862
Eclat Textile Co., Ltd.		7,160		113,691
Epistar Corp.		48,000		37,143
Eva Airways Corp. (c)		67,689		37,975
Evergreen Marine Corp. Taiwan Ltd.		83,830		35,415
Far Eastern New Century Corp.		210,607		188,045
Far EasTone Telecommunications Co. Ltd.		95,000		204,885
Feng TAY Enterprise Co., Ltd.		14,420		89,874
First Financial Holding Co., Ltd.		445,555		203,442
Formosa Chemicals & Fibre Corp.		181,360		369,592
Formosa Petrochemical Corp.		74,000		176,590
Formosa Plastics Corp.		234,040		495,003
Formosa Taffeta Co., Ltd.		31,000		29,333
Foxconn Technology Co., Ltd.		42,582		122,393
Fubon Financial Holding Co., Ltd.		334,952		524,347
Giant Manufacturing Co., Ltd.		10,000		72,916
Hermes Microvision, Inc.		1,000		38,119
Highwealth Construction Corp.		62,400		88,383
Hiwin Technologies Corp.		10,871		58,042
Hon Hai Precision Industry Co. Ltd.		724,546		1,892,839
Hotai Motor Co., Ltd.		8,000		85,361
HTC Corp.		27,050		52,366
Hua Nan Financial Holdings Co., Ltd.		354,923		165,668
Innolux Corp.		658,494		206,230
Inotera Memories, Inc. (c)		93,000		58,464
Inventec Co. Ltd.		218,470		104,096
Kinsus Interconnect Technology Corp.		74,000		142,407
Largan Precision Co., Ltd.		5,000		390,224
Lite-On Technology Corp.		99,321		91,503
MediaTek, Inc.		86,255		641,877
Mega Financial Holding Co., Ltd.		510,110		354,337
Merida Industry Co., Ltd.		8,150		44,011
Nan Ya Plastics Corp.		292,790		496,875
Novatek Microelectronics Corp.		23,000		72,211
Pegatron Corp.		105,000		256,965
Phison Electronics Corp.		15,000		94,770
Pou Chen Corp.		92,000		138,396
Powertech Technology, Inc.		70,100		126,989
President Chain Store Corp.		37,000		230,757
Quanta Computer, Inc.		138,000		240,207
Radiant Opto-Electronics Corp.		7,729		24,002
Realtek Semiconductor Corp.		90,240		153,632

BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015 195

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

Common Stocks	Shares		Value
Taiwan (continued)
Ruentex Development Co., Ltd.		47,757	$	52,157
Ruentex Industries Ltd.		17,521		31,136
Shin Kong Financial Holding Co., Ltd.		292,832		69,646
Siliconware Precision Industries Co.		108,000		134,639
Simplo Technology Co., Ltd.		11,600		37,415
SinoPac Financial Holdings Co., Ltd.		494,136		156,636
Standard Foods Corp.		6,361		13,789
Synnex Technology International Corp.		30,000		30,011
Taishin Financial Holding Co., Ltd.		299,398		106,405
Taiwan Business Bank (c)		242,073		60,164
Taiwan Cement Corp.		105,000		106,746
Taiwan Cooperative Financial Holding Co., Ltd.		389,833		161,351
Taiwan Fertilizer Co., Ltd.		12,000		14,990
Taiwan Glass Industry Corp. (c)		120,720		44,096
Taiwan Mobile Co. Ltd.		98,800		302,486
Taiwan Semiconductor Manufacturing Co. Ltd.		1,249,000		5,005,587
Teco Electric and Machinery Co., Ltd.		39,000		30,755
TPK Holding Co., Ltd.		13,887		33,241
Transcend Information, Inc.		29,000		73,322
U-Ming Marine Transport Corp.		3,000		3,197
Uni-President Enterprises Corp.		251,950		437,524
United Microelectronics Corp.		488,000		160,300
Vanguard International Semiconductor Corp.		11,000		12,528
Wan Hai Lines Ltd.		36,000		22,793
Wistron Corp.		121,993		63,788
WPG Holdings Ltd.		28,270		27,311
Yang Ming Marine Transport Corp. (c)		228,000		66,232
Yuanta Financial Holding Co., Ltd.		319,260		118,709
Yulon Motor Co. Ltd.		14,000		12,557
Zhen Ding Technology Holding Ltd.		14,710		42,165
				21,159,367
Thailand — 0.5%
Advanced Info Service PCL — NVDR		52,400		326,817
Airports of Thailand PCL — NVDR		26,500		205,688
Bangkok Bank PCL — NVDR (a)		22,400		98,956
Bangkok Bank PCL, Foreign Registered Shares		30,500		133,972
Bangkok Dusit Medical Services PCL — NVDR		54,300		27,735
Banpu PCL — NVDR (a)		29,500		16,272
BEC World PCL — NVDR		16,900		14,913
BTS Group Holdings PCL		152,700		41,038
Bumrungrad Hospital PCL		22,400		133,533
Central Pattana PCL — NVDR		27,100		33,456

Common Stocks	Shares		Value
Thailand (continued)
Charoen Pokphand Foods PCL — NVDR		323,700	$	184,978
CP ALL PCL — NVDR		280,500		370,477
Delta Electronics Thailand PCL		20,000		48,556
Energy Absolute PCL		45,000		26,683
Glow Energy PCL — NVDR		7,600		17,854
Home Product Center PCL		82,832		15,656
Indorama Ventures PCL — NVDR		39,200		24,926
IRPC PCL — NVDR		492,400		51,200
Kasikornbank PCL — NVDR		36,500		172,410
Kasikornbank PCL, Foreign Registered Shares		48,700		229,165
Krung Thai Bank PCL — NVDR (a)		143,775		67,870
Minor International PCL		34,980		27,763
PTT Exploration & Production PCL — NVDR		76,522		148,226
PTT Global Chemical PCL — NVDR		52,168		77,500
PTT PCL — NVDR		68,800		456,884
Siam Cement PCL — NVDR		5,700		72,957
Siam Cement PCL, Foreign Registered Shares		19,200		246,744
Siam Commercial Bank PCL — NVDR (a)		82,400		304,973
Thai Oil PCL — NVDR		17,800		25,949
Thai Union Frozen Products PCL		14,800		7,516
TMB Bank PCL		271,500		18,133
True Corp. PCL — NVDR (c)		350,483		94,375
				3,723,175
Turkey — 0.3%
Akbank TAS		183,187		410,941
Anadolu Efes Biracilik Ve Malt Sanayii AS		3,889		27,453
Arcelik AS		3,960		19,306
BIM Birlesik Magazalar AS		8,104		143,712
Coca-Cola Icecek AS		4,750		54,364
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		92,969		77,195
Enka Insaat ve Sanayi AS		15,716		25,971
Eregli Demir ve Celik Fabrikalari TAS (a)		51,754		63,886
Ford Otomotiv Sanayi		2,700		28,853
Haci Omer Sabanci Holding AS		32,457		95,234
KOC Holding AS		17,992		70,244
Petkim Petrokimya Holding (c)		37,514		49,628
TAV Havalimanlari Holding AS		2,171		17,059
Tofas Turk Otomobil Fabrikasi AS		4,704		27,925
Tupras Turkiye Petrol Rafinerileri AS (c)		5,076		124,412
Turk Hava Yollari (c)		26,638		70,279
Turk Telekomunikasyon AS		10,009		19,755
Turkcell Iletisim Hizmetleri AS (a)		33,444		116,700
Turkiye Garanti Bankasi AS		133,513		310,710
Turkiye Halk Bankasi		79,553		266,034

196 BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

Common Stocks	Shares		Value
Turkey (continued)
Turkiye Is Bankasi, Class C		88,347	$	137,729
Turkiye Sise ve Cam Fabrikalari AS		39,778		37,758
Turkiye Vakiflar Bankasi Tao, Class D		29,827		37,812
Ulker Biskuvi Sanayi		3,956		25,058
Yapi ve Kredi Bankasi		65,139		72,649
				2,330,667
United Arab Emirates — 0.1%
Abu Dhabi Commercial Bank PJSC		80,031		167,317
Aldar Properties PJSC		61,586		40,573
Arabtec Holding Co. (c)		77,075		38,976
DP World Ltd.		10,522		223,764
Dubai Financial Market		39,225		18,062
Dubai Islamic Bank PJSC		36,085		66,058
Emaar Malls Group PJSC (c)		81,000		68,412
Emaar Properties PJSC		172,958		306,524
First Gulf Bank PJSC		37,011		140,781
National Bank of Abu Dhabi PJSC		28,159		73,142
				1,143,609
United Kingdom — 13.2%
3i Group PLC		35,640		251,757
Aberdeen Asset Management PLC		67,589		303,608
Admiral Group PLC		11,495		261,440
Aggreko PLC		10,191		146,915
AMEC PLC		19,816		215,256
Anglo American PLC		82,571		689,724
Antofagasta PLC		26,475		200,540
ARM Holdings PLC		70,055		1,006,495
Ashtead Group PLC		25,797		364,810
Associated British Foods PLC		18,131		917,594
AstraZeneca PLC		63,940		4,054,983
Aviva PLC		200,561		1,371,749
Babcock International Group PLC		15,027		207,887
BAE Systems PLC		153,801		1,042,554
Barclays PLC		837,787		3,100,470
Barratt Developments PLC		48,277		471,569
BG Group PLC		170,615		2,461,272
BHP Billiton PLC		107,556		1,637,176
BP PLC		916,964		4,652,096
British American Tobacco PLC		93,149		5,139,562
British Land Co. PLC		55,219		701,261
BT Group PLC		428,002		2,724,036
Bunzl PLC		19,227		515,941
Burberry Group PLC		21,472		445,085
Capita PLC		33,043		600,127
Carnival PLC		9,212		476,597
Centrica PLC		257,380		894,144
Cobham PLC		65,337		282,821
Compass Group PLC		80,904		1,292,270
Croda International PLC		7,271		298,356
Diageo PLC		125,886		3,382,166
Direct Line Insurance Group PLC		65,820		373,473

Common Stocks	Shares		Value
United Kingdom (continued)
Dixons Carphone PLC		53,496	$	343,818
easyJet PLC		8,921		240,814
Fiat Chrysler Automobiles NV (c)		45,604		592,740
Fresnillo PLC		19,656		176,080
G4S PLC		93,084		325,407
GKN PLC		101,475		412,178
GlaxoSmithKline PLC		246,108		4,723,769
Hammerson PLC		42,497		401,285
Hargreaves Lansdown PLC		16,828		307,756
HSBC Holdings PLC		987,751		7,451,308
ICAP PLC		22,617		156,646
IMI PLC (a)		17,672		253,932
Imperial Tobacco Group PLC		51,455		2,660,159
Inmarsat PLC		25,312		376,552
InterContinental Hotels Group PLC		10,956		379,564
Intertek Group PLC (a)		7,802		287,914
Intu Properties PLC (a)		64,901		323,937
Investec PLC		22,696		173,781
ITV PLC		194,650		725,353
J. Sainsbury PLC (a)		77,432		306,232
Johnson Matthey PLC		10,652		394,931
Kingfisher PLC		117,839		640,129
Land Securities Group PLC		41,762		796,148
Legal & General Group PLC		291,372		1,050,620
Lloyds Banking Group PLC		2,821,957		3,212,686
London Stock Exchange Group PLC		15,659		573,969
Marks & Spencer Group PLC		87,368		663,191
Meggitt PLC		42,920		309,630
Melrose Industries PLC		56,908		227,657
Merlin Entertainments PLC (d)		43,755		246,541
Mondi PLC		18,175		380,933
National Grid PLC		194,617		2,710,457
Next PLC		7,051		812,572
Old Mutual PLC		282,197		808,736
Pearson PLC		43,957		751,354
Persimmon PLC (c)		15,176		461,902
Petrofac Ltd. (a)		14,308		166,638
Prudential PLC		132,661		2,798,686
Randgold Resources Ltd.		5,702		335,991
Reckitt Benckiser Group PLC		32,154		2,915,910
Reed Elsevier PLC		54,420		933,381
Rexam PLC		41,271		327,679
Rio Tinto PLC		66,047		2,216,085
Rolls-Royce Holdings PLC (c)		94,268		967,017
Royal Bank of Scotland Group PLC (c)		158,796		757,631
Royal Mail PLC		43,082		299,348
RSA Insurance Group PLC		54,630		333,050
SABMiller PLC		48,428		2,742,370
Sage Group PLC		57,581		435,633
Schroders PLC		7,414		315,036
Segro PLC		45,868		298,421
Severn Trent PLC		12,513		413,931
Sky PLC		49,764		787,318

BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015 197

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

Common Stocks	Shares		Value
United Kingdom (continued)
Smith & Nephew PLC		44,736	$	781,592
Smiths Group PLC		22,769		346,926
Sports Direct International PLC (c)		11,394		130,720
SSE PLC (a)		49,071		1,110,625
St. James’s Place PLC		26,679		343,362
Standard Chartered PLC		134,117		1,301,596
Standard Life PLC		113,667		667,584
Tate & Lyle PLC (a)		18,661		166,283
Taylor Wimpey PLC		149,204		442,058
Tesco PLC (c)		414,229		1,150,559
Travis Perkins PLC		13,060		389,617
Tullow Oil PLC (c)		46,858		120,445
Unilever PLC		68,843		2,803,959
United Utilities Group PLC		37,850		530,505
Vodafone Group PLC		1,335,864		4,213,425
Weir Group PLC		13,734		243,661
Whitbread PLC		9,265		656,391
William Hill PLC		49,735		264,522
WM Morrison Supermarkets PLC (a)		110,313		277,597
Wolseley PLC		13,631		797,331
WPP PLC		63,087		1,313,409
				110,240,707
Total Common Stocks — 98.6%				822,812,155
Rights
Hong Kong — 0.0%
Fosun International Ltd. (Expires 10/19/15) (c)		9		—

Rights	Shares		Value
Republic of Korea — 0.0%
Mirae Asset Securities Co., Ltd. (Expires 11/05/15) (c)		2		10,470
Total Rights — 0.0%				10,470
Total Long-Term Investments (Cost — $885,057,086) — 98.6%				822,822,625
Short-Term Securities
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18%, (e)(f)		6,225,774		6,225,774
BlackRock Cash Funds: Prime, SL Agency Shares, 0.17% (e)(f)(g)		32,524,608		32,524,608
Total Short-Term Securities (Cost — $38,750,382) — 4.7%				38,750,382
Total Investments (Cost — $923,807,468*) — 103.3%				861,573,007
Liabilities in Excess of Other Assets — (3.3)%				(27,319,560	)
Net Assets — 100.0%			$	834,253,447

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

Tax cost	$	926,603,668
Gross unrealized appreciation	$	41,368,848
Gross unrealized depreciation		(106,399,509	)
Net unrealized depreciation	$	(65,030,661	)

Notes to Schedule of Investments

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

(b) A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

(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) Represents the current yield as of report date.

198 BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

(f) During the period ended September 30, 2015, investments in issuers considered to be an affiliate 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/ Beneficial Interest Held at December 31,  2014		Shares/ Beneficial Interest Purchased		Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at September 30,  2015		Value at September 30, 2015		Net Income (Loss)		Realized Gain (Loss)
BlackRock Cash Funds: Institutional, SL Agency Shares		22,280,035		—		(16,054,261	)		6,225,774	$	6,225,774	$	12,643		—
BlackRock Cash Funds: Prime, SL Agency Shares		2,952,909		29,571,699		—			32,524,608	$	32,524,608	$	249,313		—
iShares India 50 ETF		288,798		65,800		(354,598	)		—		—		—	$	1,817,638

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

Portfolio Abbreviations

ADR	American Depositary Receipts
ARC	Auction Rate Certificates
CVA	Certificaten Van Aandelen (Dutch Certificate)
GDR	Global Depositary Receipt
JSC	Joint Stock Company
MSCI	Morgan Stanley Capital International
MTN	Medium-Term Note
NVDR	Non-voting Depository Receipts
NYSE	New York Stock Exchange
PCL	Public Company Limited
REIT	Real Estate Investment Trust
S&P	Standard and Poor’s

Financial futures contracts

Contracts Long		Issue	Expiration	Notional Value			Unrealized Appreciation (Depreciation)
	24	S&P/TSX 60 Index	December 2015		USD	701,386	$	(1,375	)
	97	E-Mini MSCI EAFE Index	December 2015		USD	8,000,075		(157,940	)
	57	MSCI Emerging Markets Mini Index	December 2015		USD	2,254,635		4,283
	Total						$	(155,032	)

BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015 199

Schedule of Investments (continued) Total International ex U.S. Index 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 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 Master Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

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

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.

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		—	$	38,603,177		—	$	38,603,177
Austria		—		1,064,164		—		1,064,164
Belgium		—		8,164,675		—		8,164,675
Brazil	$	10,342,318		—		—		10,342,318
Canada		53,163,363		—		—		53,163,363
Chile		2,000,714		—		—		2,000,714
China		—		29,794,925	$	117,602		29,912,527
Colombia		769,225		—		—		769,225
Czech Republic		—		324,033		—		324,033
Denmark		—		11,160,540		—		11,160,540
Egypt		—		286,258		—		286,258
Finland		—		5,229,965		—		5,229,965
France		—		60,478,672		—		60,478,672
Germany		—		53,275,523		—		53,275,523
Greece		—		300,335		—		300,335
Hong Kong		169,819		27,569,149		39,650		27,778,618
Hungary		—		308,222		—		308,222

200 BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) Total International ex U.S. Index Master Portfolio

	Level 1			Level 2		Level 3		Total
Assets (concluded):
India		3,309,473			11,492,810		—		14,802,283
Indonesia		—			3,683,042		—		3,683,042
Ireland		—			5,527,583		—		5,527,583
Israel		—			3,742,702		—		3,742,702
Italy		—			14,466,552		—		14,466,552
Japan		—			135,510,384		—		135,510,384
Luxembourg		—			253,707		—		253,707
Malaysia		122,220			4,996,810		—		5,119,030
Malta		—			186,343		—		186,343
Mexico		8,098,827			—		—		8,098,827
Netherlands		3,164,444			21,969,032		—		25,133,476
New Zealand		—			768,599		—		768,599
Norway		—			3,562,350		—		3,562,350
Peru		803,239			—		—		803,239
Philippines		26,988			2,369,727		—		2,396,715
Poland		36,121			2,467,742		—		2,503,863
Portugal		—			774,033		—		774,033
Qatar		154,599			1,586,338		—		1,740,937
Russia		226,446			6,300,861		—		6,527,307
Singapore		—			7,679,995		—		7,679,995
South Africa		109,522			12,967,002		15		13,076,539
South Korea		676,559			25,399,383		—		26,075,942
Spain		—			20,916,781		—		20,916,781
Sweden		—			17,870,255		—		17,870,255
Switzerland		—			59,831,817		—		59,831,817
Taiwan		—			21,159,367		—		21,159,367
Thailand		—			3,723,175		—		3,723,175
Turkey		143,712			2,186,955		—		2,330,667
United Arab Emirates		—			1,143,609		—		1,143,609
United Kingdom		—			110,240,707		—		110,240,707
Rights		—			10,470		—		10,470
Short-Term Securities		38,750,382			—		—		38,750,382
Total	$	122,067,971		$	739,347,769	$	157,267	$	861,573,007
	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments 1
Assets:
Equity contracts	$	4,283			—		—	$	4,283
Liabilities:
Equity contracts	$	(159,315	)		—		—	$	(159,315	)
Total	$	(155,032	)		$—		—	$	(155,032	)
1    Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015 201

Schedule of Investments (concluded) Total International ex U.S. Index Master Portfolio

The Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

	Level 1		Level 2			Level 3	Total
Assets:
Cash	$	5,675		—		—	$	5,675
Cash pledged for financial futures contracts		484,620		—		—		484,620
Foreign currency at value		3,123,751		—		—		3,123,751
Liabilities:
Collateral on securities loaned at value		—	$	(32,524,608	)	—		(32,524,608	)
Total	$	3,614,046	$	(32,524,608	)	—	$	(28,910,562	)

During the period ended September 30, 2015, there were no transfers between levels.

202 BLACKROCK TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments September 30, 2015 (Unaudited) Treasury Money Market Master Portfolio (Percentages shown are based on Net Assets)

U.S. Treasury Obligations	Par   (000)		Value
U.S. Treasury Bills (a):
0.02%, 10/15/15	$	6,000	$	5,999,953
0.11%, 12/31/15		284,000		283,921,032
0.25%, 2/11/16		10,000		9,990,949
0.20%, 2/25/16		54,190		54,146,102
0.11%, 3/31/16		25,000		24,986,729
U.S. Treasury Notes:
0.25%, 10/31/15		161,467		161,483,694
0.25% - 2.13%, 12/31/15		492,000		493,660,236
0.38%, 1/15/16		32,150		32,169,798
0.38% - 4.50%, 2/15/16		171,000		173,312,262
2.63%, 2/29/16		37,540		37,920,894
2.38%, 3/31/16		34,175		34,540,173
0.25%, 4/15/16		40,000		40,001,291
0.09%, 7/31/16 (b)		32,995		32,999,076
0.07%, 10/31/16 (b)		79,563		79,545,582
0.10%, 1/31/17 (b)		97,504		97,504,860
0.09%, 4/30/17 (b)		108,291		108,287,334
0.09%, 7/31/17 (b)		84,160		84,122,119
Total U.S. Treasury Obligations — 32.1%				1,754,592,084
Repurchase Agreements
BNP Paribas Securities Corp., 0.07%, 10/01/15 (Purchased on 9/30/15 to be repurchased at $799,001,554, collateralized by various U.S. Treasury Obligations, 0.00% to 6.63%, due 8/31/16 to 2/15/45, original par and fair values of $816,938,912 and $814,980,000, respectively)		799,000		799,000,000
BNP Paribas Securities Corp., 0.05%, 10/02/15 (Purchased on 9/25/15 to be repurchased at $153,101,488, collateralized by various U.S. Treasury Obligations, 0.00% to 2.50%, due 2/15/17 to 2/15/40, original par and fair values of $155,850,184 and $156,162,000, respectively)		153,100		153,100,000
Total Value of BNP Paribas Securities Corp. (collateral value of $971,142,000)				952,100,000

Repurchase Agreements	Par   (000)		Value
Citigroup Global Markets, Inc., 0.10%, 10/01/15 (Purchased on 9/30/15 to be repurchased at $32,516,090, collateralized by various U.S. Treasury Obligations, 0.13% to 6.50%, due 10/15/15 to 5/15/45, original par and fair values of $29,732,331 and $33,166,326, respectively) (c)	$	32,516	$	32,516,000
Total Value of Citigroup Global Markets, Inc. (collateral value of $33,166,326)				32,516,000
HSBC Securities (USA), Inc., 0.01%, 10/01/15 (Purchased on 1/27/14 to be repurchased at $200,034,000, collateralized by various U.S. Treasury Obligations, 0.25% to 10.63%, due 4/30/16 to 5/15/39, original par and fair values of $181,646,400 and $204,001,068, respectively) (d)		200,000		200,000,000
HSBC Securities (USA), Inc., 0.10%, 10/01/15 (Purchased on 9/30/15 to be repurchased at $621,001,725, collateralized by various U.S. Treasury Obligations, 0.25% to 9.88%, due 10/15/15 to 8/15/45, original par and fair values of $596,683,036 and $633,420,422, respectively)		621,000		621,000,000
Total Value of HSBC Securities (USA), Inc. (collateral value of $837,421,490)				821,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.12%, 10/01/15 (Purchased on 9/30/15 to be repurchased at $658,002,193, collateralized by various U.S. Treasury Obligations, 2.00% to 4.38%, due 8/31/21 to 5/15/41, original par and fair values of $621,176,200 and $671,160,041, respectively)		658,000		658,000,000
Total Value of Merrill Lynch, Pierce, Fenner & Smith, Inc. (collateral value of $671,160,041)				658,000,000

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 203

Schedule of Investments (continued) Treasury Money Market Master Portfolio

Repurchase Agreements	Par   (000)		Value
Morgan Stanley & Co. LLC, 0.08%, 10/01/15 (Purchased on 9/30/15 to be repurchased at $631,001,402, collateralized by various U.S. Treasury Obligations, 0.88% to 3.88%, due 1/31/18 to 8/15/40, original par and fair values of $617,110,600 and $643,620,036, respectively)	$	631,000	$	631,000,000
Total Value of Morgan Stanley & Co. LLC (collateral value of $507,960,020)				631,000,000
RBC Capital Markets LLC, 0.06%, 10/01/15 (Purchased on 9/30/15 to be repurchased at $135,000,225, collateralized by various U.S. Treasury Obligations, 0.00% to 9.13%, due 12/03/15 to 8/15/45, original par and fair values of $167,828,000 and $137,700,021, respectively)		135,000		135,000,000
Total Value of RBC Capital Markets LLC (collateral value of $137,700,021)				135,000,000

Repurchase Agreements	Par   (000)		Value
TD Securities (USA) LLC, 0.11%, 10/01/15 (Purchased on 9/30/15 to be repurchased at $500,001,528 collateralized by various U.S. Treasury Obligations, 0.13% to 0.63%, due 4/15/19 to 7/15/21, original par and fair values of $483,412,400 and $510,000,012, respectively)	$	500,000	$	500,000,000
Total Value of TD Securities (USA) LLC (collateral value of $510,000,012)				500,000,000
Total Repurchase Agreements - 68.3%				3,729,616,000
Total Investments (Cost — $5,484,208,084*) — 100.4%				5,484,208,084
Liabilities in Excess of Other Assets — (0.4)%				(22,077,593	)
Net Assets —100.0%			$	5,462,130,491

Notes to Schedule of investments

* Cost for federal income tax purposes.

(a) Rates shown are discount rates or a range of discount rates at the time of purchase.

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

(c) Traded in a joint account.

(d) Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

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 Master Portfolio 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 Master Portfolio’s own assumptions used in determining the fair value of investments)

204 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (concluded) Treasury Money Market Master Portfolio

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.

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 Securities1	—	$	5,484,208,084	—	$	5,484,208,084
1    See above Schedule of Investments for values in each security type.

The Master Portfolio may hold assets in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, bank overdraft of $63,411 is categorized as Level 2 within the disclosure hierarchy.

During the period ended September 30, 2015, there were no transfers between levels.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 205

Schedule of Investments September 30, 2015 (Unaudited) BlackRock U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Asset-Backed Securities	Par   (000)		Value
Asset-Backed Securities — 0.5%
BMW Vehicle Owner Trust, Series 2014-A, Class A4, 1.50%, 2/25/21	$	200	$	201,330
Capital One Multi-Asset Execution Trust:
Series 2007-A7, Class A7, 5.75%, 7/15/20		1,500		1,633,227
Series 2014-A5, Class A, 1.48%, 7/15/20		400		402,704
Chase Issuance Trust, Series 2014-A1, Class A, 1.15%, 1/15/19		1,000		1,002,998
Citibank Credit Card Issuance Trust, Series 2008-A1, Class A1, 5.35%, 2/07/20		170		186,370
Discover Card Execution Note Trust, Series 2014-A3, Class A3, 1.22%, 10/15/19		1,000		1,003,320
GE Capital Credit Card Master Note Trust, Series 2013-1, Class A, 1.35%, 3/15/21		750		746,625
Hyundai Auto Receivables Trust, Series 2015-B, Class A3, 1.12%, 11/15/19		1,000		998,162
Nissan Auto Lease Trust, Series 2014-B, Class A4, 1.29%, 3/16/20		200		200,535
Toyota Auto Receivables Owner Trust, Series 2014-C, Class A4, 1.44%, 4/15/20		200		201,068
Total Asset-Backed Securities — 0.5%				6,576,339
Corporate Bonds
Aerospace & Defense — 0.4%
Boeing Co.:
2.35%, 10/30/21		75		74,854
6.13%, 2/15/33		100		127,941
3.30%, 3/01/35		65		59,941
Crane Co., 4.45%, 12/15/23		125		130,968
Eaton Corp.:
2.75%, 11/02/22		250		243,307
4.00%, 11/02/32		200		192,062
General Dynamics Corp., 3.88%, 7/15/21		50		53,581
Harris Corp.:
3.83%, 4/27/25		250		244,760
4.85%, 4/27/35		65		62,737
Honeywell International, Inc., 5.30%, 3/01/18		100		109,477
Ingersoll-Rand Luxembourg Finance SA, 4.65%, 11/01/44		30		28,467

Corporate Bonds	Par   (000)		Value
Aerospace & Defense (continued)
L-3 Communications Corp.:
3.95%, 11/15/16	$	250	$	256,319
1.50%, 5/28/17		250		247,715
4.95%, 2/15/21		250		265,239
Lockheed Martin Corp.:
3.60%, 3/01/35		65		59,649
4.07%, 12/15/42		100		94,635
3.80%, 3/01/45		500		455,981
Northrop Grumman Corp.:
1.75%, 6/01/18		250		249,231
4.75%, 6/01/43		125		128,966
Parker-Hannifin Corp., 4.20%, 11/21/34		250		254,540
Precision Castparts Corp.:
1.25%, 1/15/18		75		74,649
2.50%, 1/15/23		150		145,063
4.20%, 6/15/35		250		250,933
Raytheon Co.:
4.88%, 10/15/40		250		276,773
4.70%, 12/15/41		100		107,471
Textron, Inc., 3.65%, 3/01/21		350		358,219
Tyco Electronics Group SA, 3.45%, 8/01/24		75		76,005
United Technologies Corp.:
1.80%, 6/01/17		250		253,003
3.10%, 6/01/22		100		101,579
5.70%, 4/15/40		50		59,317
4.50%, 6/01/42		450		458,232
4.15%, 5/15/45		250		242,575
				5,744,189
Agriculture, Fishing & Ranching — 0.0%
Bunge Ltd. Finance Corp., 3.20%, 6/15/17		150		152,790
Air Freight & Logistics — 0.1%
FedEx Corp.:
4.00%, 1/15/24		250		260,385
3.90%, 2/01/35		190		174,677
3.88%, 8/01/42		50		43,800
United Parcel Service, Inc.:
5.13%, 4/01/19		50		56,013
6.20%, 1/15/38		100		129,312
				664,187
Airlines — 0.0%
American Airlines Pass-Through Trust, Series 2013-2, Class A, 4.95%, 7/15/24		174		185,282
Continental Airlines Pass-Through Trust, Series 2012-1, Class A, 4.15%, 10/11/25		45		46,205

206 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Corporate Bonds	Par   (000)		Value
Airlines (continued)
Delta Air Lines Pass-Through Trust, Series 2012-1, Class A, 4.75%, 11/07/21	$	83	$	87,745
Southwest Airlines Co., 2.75%, 11/06/19		75		76,424
United Airlines Pass-Through Trust, Series 2013-1, Class A, 4.30%, 2/15/27		190		197,652
				593,308
Auto Components — 0.0%
BorgWarner, Inc., 3.38%, 3/15/25		70		68,541
Delphi Corp., 5.00%, 2/15/23		250		258,750
Johnson Controls, Inc.:
3.63%, 7/02/24		80		77,812
4.95%, 7/02/64		250		221,721
				626,824
Automobiles — 0.2%
Daimler Finance North America LLC, 8.50%, 1/18/31		100		141,966
Ford Motor Co.:
7.45%, 7/16/31		150		186,332
4.75%, 1/15/43		350		328,317
General Motors Co.:
4.88%, 10/02/23		100		101,419
5.20%, 4/01/45		250		234,611
Toyota Motor Credit Corp.:
2.10%, 1/17/19		250		252,855
2.13%, 7/18/19		350		351,150
2.15%, 3/12/20		500		501,085
				2,097,735
Banks — 3.1%
Abbey National Treasury Services PLC:
1.38%, 3/13/17		250		249,991
1.65%, 9/29/17		250		250,957
2.00%, 8/24/18		195		195,782
2.38%, 3/16/20		250		251,101
Asian Development Bank:
1.75%, 9/11/18		500		509,876
1.88%, 4/12/19		500		511,289
Australia & New Zealand Banking Group Ltd.:
1.25%, 6/13/17		250		249,623
1.50%, 1/16/18		250		250,021
2.25%, 6/13/19		250		252,501
Bancolombia SA, 5.95%, 6/03/21		100		104,625
Bank of Montreal:
2.50%, 1/11/17		150		152,710
1.40%, 4/10/18		230		228,523

Corporate Bonds	Par   (000)		Value
Banks (continued)
Bank of New York Mellon Corp.:
1.35%, 3/06/18	$	250	$	249,426
2.20%, 5/15/19		250		252,110
2.30%, 9/11/19		500		504,961
3.55%, 9/23/21		50		52,533
3.00%, 2/24/25		105		103,213
Bank of Nova Scotia:
1.10%, 12/13/16		500		500,923
1.30%, 7/21/17		250		250,277
1.38%, 12/18/17		100		99,831
2.05%, 10/30/18		250		252,038
Barclays Bank PLC:
2.00%, 3/16/18		500		499,662
5.13%, 1/08/20		200		223,659
3.75%, 5/15/24		250		252,730
Barclays PLC, 3.65%, 3/16/25		450		429,636
BB&T Corp.:
5.25%, 11/01/19		100		110,730
2.45%, 1/15/20		250		252,368
2.63%, 6/29/20		250		253,488
BNP Paribas SA:
2.38%, 9/14/17		250		253,764
5.00%, 1/15/21		100		112,228
3.25%, 3/03/23		250		251,661
4.25%, 10/15/24		250		248,596
BPCE SA:
2.50%, 12/10/18		250		254,440
4.00%, 4/15/24		250		259,774
Branch Banking & Trust Co.:
2.30%, 10/15/18		250		253,473
3.80%, 10/30/26		250		253,640
Citizens Bank NA/Providence, 1.60%, 12/04/17		250		249,049
Commonwealth Bank of Australia, New York:
1.63%, 3/12/18		500		500,713
2.25%, 3/13/19		250		252,515
2.30%, 3/12/20		250		250,773
Compass Bank:
2.75%, 9/29/19		250		249,068
3.88%, 4/10/25		250		233,050
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA:
1.70%, 3/19/18		250		250,773
2.25%, 1/14/19		250		252,371
4.63%, 12/01/23		500		516,596
3.38%, 5/21/25		500		490,554
5.25%, 5/24/41		25		27,955
5.25%, 8/04/45		250		252,998
Credit Suisse Group Funding Guernsey Ltd. (a):
3.75%, 3/26/25		500		485,577
4.88%, 5/15/45		250		244,987

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 207

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Corporate Bonds	Par   (000)		Value
Banks (continued)
Credit Suisse, New York:
1.75%, 1/29/18	$	500	$	500,045
2.30%, 5/28/19		600		602,326
5.40%, 1/14/20		150		166,278
3.00%, 10/29/21		250		250,516
Discover Bank/Greenwood Delaware, 7.00%, 4/15/20		500		579,687
Export-Import Bank of Korea:
4.00%, 1/11/17		400		412,657
1.75%, 2/27/18		500		497,727
Fifth Third Bancorp:
1.45%, 2/28/18		200		198,909
2.88%, 10/01/21		200		202,057
3.50%, 3/15/22		100		101,924
4.30%, 1/16/24		250		257,232
HSBC Bank USA NA, 4.88%, 8/24/20		500		550,129
HSBC Holdings PLC:
4.88%, 1/14/22		150		165,571
4.25%, 3/14/24		500		495,995
6.50%, 5/02/36		200		236,507
6.80%, 6/01/38		250		305,856
5.25%, 3/14/44		250		253,658
HSBC USA, Inc.:
2.25%, 6/23/19		250		250,548
2.35%, 3/05/20		1,000		986,259
2.75%, 8/07/20		250		250,906
Huntington National Bank, 1.38%, 4/24/17		250		248,666
Intesa Sanpaolo SpA:
3.88%, 1/16/18		200		206,027
5.25%, 1/12/24		250		266,914
KeyCorp:
2.30%, 12/13/18		340		341,822
5.10%, 3/24/21		100		110,648
KFW:
0.88%, 12/15/17		1,000		999,480
1.00%, 1/26/18		500		500,926
1.13%, 8/06/18		1,500		1,502,212
1.88%, 6/30/20		750		762,339
2.13%, 1/17/23		200		202,333
Korea Development Bank:
1.50%, 1/22/18		200		198,536
3.00%, 3/17/19		350		361,252
Landwirtschaftliche Rentenbank, 0.88%, 9/12/17		750		750,564
Lloyds Bank PLC:
2.35%, 9/05/19		350		351,463
2.40%, 3/17/20		750		750,797
2.70%, 8/17/20		250		253,587
Lloyds TSB Bank PLC, 4.20%, 3/28/17		50		52,037
Manufacturers & Traders Trust Co.:
1.40%, 7/25/17		250		249,544

Corporate Bonds	Par   (000)		Value
Banks (continued)
Manufacturers & Traders Trust Co. (continued):
1.45%, 3/07/18	$	250	$	248,109
MUFG Union Bank NA, 2.63%, 9/26/18		250		254,171
Oesterreichische Kontrollbank AG, 1.63%, 3/12/19		500		505,663
PNC Bank NA (b):
2.20%, 1/28/19		500		505,391
2.25%, 7/02/19		350		352,182
2.30%, 6/01/20		500		496,786
2.95%, 1/30/23		250		244,538
PNC Funding Corp. (b):
5.63%, 2/01/17		150		157,971
3.30%, 3/08/22		150		154,461
Rabobank Nederland:
3.38%, 1/19/17		300		308,323
3.88%, 2/08/22		150		157,980
Regions Financial Corp., 2.00%, 5/15/18		250		249,802
Royal Bank of Canada:
1.25%, 6/16/17		250		250,279
1.40%, 10/13/17		225		224,887
2.20%, 7/27/18		250		253,744
1.80%, 7/30/18		250		251,057
2.15%, 3/06/20		250		250,612
Santander Holdings USA, Inc.:
3.45%, 8/27/18		250		258,341
2.65%, 4/17/20		150		147,275
Sumitomo Mitsui Banking Corp.:
1.35%, 7/11/17		250		249,159
1.80%, 7/18/17		250		250,881
2.45%, 1/10/19		250		251,692
2.45%, 1/16/20		250		251,367
SunTrust Banks, Inc.:
3.50%, 1/20/17		50		51,227
2.35%, 11/01/18		250		252,787
Svenska Handelsbanken AB, 1.63%, 3/21/18		250		250,256
Toronto-Dominion Bank:
2.38%, 10/19/16		50		50,828
1.63%, 3/13/18		500		501,527
1.40%, 4/30/18		250		248,707
2.25%, 11/05/19		300		301,789
US Bancorp:
1.65%, 5/15/17		250		252,237
1.95%, 11/15/18		225		227,347
4.13%, 5/24/21		50		54,303
US Bank NA:
1.35%, 1/26/18		500		500,195
2.13%, 10/28/19		250		251,854
Wachovia Corp., 5.63%, 10/15/16		250		261,870
Wells Fargo & Co.:
2.63%, 12/15/16		100		101,993

208 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Corporate Bonds	Par   (000)		Value
Banks (continued)
Wells Fargo & Co. (continued):
2.10%, 5/08/17	$	150	$	152,096
5.63%, 12/11/17		250		271,859
1.50%, 1/16/18		250		249,763
2.15%, 1/15/19		250		251,969
2.13%, 4/22/19		350		352,500
2.15%, 1/30/20		460		458,872
2.60%, 7/22/20		500		505,043
3.00%, 1/22/21		250		256,166
3.45%, 2/13/23		450		447,892
4.48%, 1/16/24		250		262,447
3.55%, 9/29/25		250		250,094
4.10%, 6/03/26		520		524,593
4.30%, 7/22/27		200		203,828
5.38%, 11/02/43		150		165,199
5.61%, 1/15/44		306		342,312
4.65%, 11/04/44		345		339,788
3.90%, 5/01/45		150		137,848
Westpac Banking Corp.:
1.50%, 12/01/17		250		249,812
1.60%, 1/12/18		250		250,796
2.25%, 1/17/19		350		354,946
4.88%, 11/19/19		50		55,345
				44,677,832
Beverages — 0.5%
Anheuser-Busch Cos. LLC, 6.45%, 9/01/37		100		121,819
Anheuser-Busch InBev Finance, Inc.:
2.15%, 2/01/19		500		501,371
4.63%, 2/01/44		400		389,947
Anheuser-Busch InBev Worldwide, Inc.:
1.38%, 7/15/17		500		499,856
7.75%, 1/15/19		250		293,779
2.50%, 7/15/22		200		191,377
8.20%, 1/15/39		150		210,990
3.75%, 7/15/42		50		42,926
Beam, Inc., 1.88%, 5/15/17		100		100,402
Coca-Cola Co.:
1.15%, 4/01/18		250		249,776
1.65%, 11/01/18		500		504,951
2.45%, 11/01/20		350		355,970
Coca-Cola Femsa SAB de CV, 2.38%, 11/26/18		250		251,850
Diageo Capital PLC:
1.50%, 5/11/17		200		200,565
5.75%, 10/23/17		100		108,632
3.88%, 4/29/43		125		115,305
Diageo Investment Corp.:
2.88%, 5/11/22		100		98,922
4.25%, 5/11/42		250		246,911

Corporate Bonds	Par   (000)		Value
Beverages (continued)
Dr Pepper Snapple Group, Inc.:
3.20%, 11/15/21	$	25	$	25,579
2.70%, 11/15/22		100		97,147
Molson Coors Brewing Co., 3.50%, 5/01/22		75		74,534
PepsiCo, Inc.:
1.25%, 8/13/17		500		503,391
2.25%, 1/07/19		250		255,097
2.75%, 3/05/22		250		251,240
3.10%, 7/17/22		500		512,094
2.75%, 3/01/23		300		298,271
3.60%, 3/01/24		250		259,629
3.50%, 7/17/25		250		256,514
4.88%, 11/01/40		100		108,853
3.60%, 8/13/42		100		89,756
				7,217,454
Biotechnology — 0.3%
Amgen, Inc.:
2.13%, 5/15/17		300		303,814
1.25%, 5/22/17		750		748,520
2.20%, 5/22/19		250		251,033
3.45%, 10/01/20		100		103,736
5.15%, 11/15/41		550		565,261
5.38%, 5/15/43		250		266,544
4.40%, 5/01/45		175		160,678
Biogen, Inc.:
4.05%, 9/15/25		95		95,967
5.20%, 9/15/45		250		252,262
Celgene Corp.:
3.25%, 8/15/22		150		150,236
5.25%, 8/15/43		145		147,509
Gilead Sciences, Inc.:
3.05%, 12/01/16		150		153,563
3.70%, 4/01/24		500		511,633
3.50%, 2/01/25		170		171,208
3.65%, 3/01/26		75		75,349
5.65%, 12/01/41		50		56,452
4.50%, 2/01/45		150		144,157
4.75%, 3/01/46		500		502,306
				4,660,228
Building Products — 0.0%
Owens Corning, 4.20%, 12/15/22		150		151,969
Capital Markets — 1.2%
American Express Credit Corp., 2.60%, 9/14/20		145		145,661
Ameriprise Financial, Inc., 4.00%, 10/15/23		150		156,913
Ares Capital Corp., 3.88%, 1/15/20		300		308,899
Brookfield Asset Management, Inc., 4.00%, 1/15/25		250		248,850

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 209

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Corporate Bonds	Par   (000)		Value
Capital Markets (continued)
Charles Schwab Corp.:
2.20%, 7/25/18	$	75	$	76,106
4.45%, 7/22/20		100		110,313
3.00%, 3/10/25		80		78,771
CME Group, Inc.:
3.00%, 3/15/25		250		245,362
5.30%, 9/15/43		100		113,182
FMS Wertmanagement AoeR:
1.13%, 10/14/16		250		251,457
0.63%, 1/30/17		500		499,865
Franklin Resources, Inc., 2.80%, 9/15/22		150		149,533
Goldman Sachs Capital I, 6.35%, 2/15/34		250		286,360
Goldman Sachs Group, Inc.:
5.95%, 1/18/18		300		327,752
2.38%, 1/22/18		250		253,265
2.90%, 7/19/18		500		512,976
2.63%, 1/31/19		500		506,190
7.50%, 2/15/19		150		175,320
2.55%, 10/23/19		755		759,895
2.60%, 4/23/20		600		601,633
5.75%, 1/24/22		350		401,691
3.63%, 1/22/23		150		151,955
4.00%, 3/03/24		425		437,436
3.75%, 5/22/25		250		250,519
6.13%, 2/15/33		400		478,387
6.75%, 10/01/37		650		775,397
5.15%, 5/22/45		250		245,389
Invesco Finance PLC, 4.00%, 1/30/24		250		262,298
Lazard Group LLC, 4.25%, 11/14/20		150		158,888
Legg Mason, Inc., 5.63%, 1/15/44		125		129,373
Morgan Stanley:
5.75%, 10/18/16		225		235,470
4.75%, 3/22/17		760		796,160
1.88%, 1/05/18		250		250,645
6.63%, 4/01/18		500		556,767
2.38%, 7/23/19		500		500,052
5.63%, 9/23/19		250		279,289
2.65%, 1/27/20		500		502,363
5.50%, 7/28/21		100		113,012
4.88%, 11/01/22		500		532,713
4.10%, 5/22/23		250		253,028
3.88%, 4/29/24		250		255,353
4.00%, 7/23/25		155		158,409
5.00%, 11/24/25		250		265,806
4.35%, 9/08/26		500		502,573
3.95%, 4/23/27		250		240,770
7.25%, 4/01/32		50		66,223
6.38%, 7/24/42		50		61,435
4.30%, 1/27/45		250		237,595

Corporate Bonds	Par   (000)		Value
Capital Markets (continued)
Murray Street Investment Trust I, 4.65%, 3/09/17 (c)	$	200	$	208,580
NASDAQ OMX Group, Inc., 4.25%, 6/01/24		250		254,417
Nomura Holdings, Inc., 2.75%, 3/19/19		250		253,935
State Street Corp.:
3.10%, 5/15/23		250		246,209
3.30%, 12/16/24		405		409,087
TD Ameritrade Holding Corp., 2.95%, 4/01/22		250		251,759
				16,531,286
Chemicals — 0.6%
Agrium, Inc.:
3.15%, 10/01/22		50		49,066
3.50%, 6/01/23		250		246,543
3.38%, 3/15/25		145		137,277
Airgas, Inc., 2.38%, 2/15/20		250		247,820
Albemarle Corp., 4.15%, 12/01/24		250		250,786
CF Industries, Inc.:
6.88%, 5/01/18		200		222,981
5.15%, 3/15/34		250		240,831
Cytec Industries, Inc., 3.50%, 4/01/23		250		244,209
Dow Chemical Co.:
8.55%, 5/15/19		100		120,887
4.25%, 11/15/20		186		199,399
4.13%, 11/15/21		50		52,233
3.00%, 11/15/22		250		241,662
4.25%, 10/01/34		250		233,582
5.25%, 11/15/41		100		98,334
E.I. du Pont de Nemours & Co.:
6.00%, 7/15/18		325		361,868
2.80%, 2/15/23		250		241,997
Eastman Chemical Co.:
3.60%, 8/15/22		200		201,208
3.80%, 3/15/25		300		292,853
Ecolab, Inc.:
2.25%, 1/12/20		135		135,217
4.35%, 12/08/21		150		162,319
LYB International Finance BV:
4.00%, 7/15/23		200		200,930
5.25%, 7/15/43		75		74,645
LyondellBasell Industries NV:
6.00%, 11/15/21		250		282,523
4.63%, 2/26/55		100		84,809
Methanex Corp., 3.25%, 12/15/19		250		249,524
Monsanto Co.:
4.20%, 7/15/34		300		273,442
4.40%, 7/15/44		150		129,952
3.95%, 4/15/45		120		97,369

210 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Corporate Bonds	Par   (000)		Value
Chemicals (continued)
Mosaic Co.:
3.75%, 11/15/21	$	50	$	51,164
5.45%, 11/15/33		250		263,393
Potash Corp. of Saskatchewan, Inc.:
3.25%, 12/01/17		250		257,510
3.63%, 3/15/24		250		248,020
3.00%, 4/01/25		250		229,314
PPG Industries, Inc., 2.30%, 11/15/19		350		352,867
Praxair, Inc.:
1.25%, 11/07/18		250		247,655
2.65%, 2/05/25		165		159,580
3.20%, 1/30/26		250		250,633
Rohm & Haas Co., 7.85%, 7/15/29		250		328,900
Sherwin-Williams Co., 1.35%, 12/15/17		200		199,276
				7,962,578
Commercial Services — 0.1%
3M Co.:
1.63%, 6/15/19		350		351,552
3.00%, 8/07/25		250		252,475
Northwestern University, 3.87%, 12/01/48		100		98,340
Republic Services, Inc.:
5.25%, 11/15/21		50		56,099
3.55%, 6/01/22		250		256,304
3.20%, 3/15/25		250		243,181
Vanderbilt University, 5.25%, 4/01/19		100		111,763
Waste Management, Inc.:
4.60%, 3/01/21		100		110,297
2.90%, 9/15/22		200		198,141
3.90%, 3/01/35		315		296,798
				1,974,950
Communications Equipment — 0.1%
Cisco Systems, Inc.:
1.10%, 3/03/17		500		501,646
2.13%, 3/01/19		500		506,270
2.90%, 3/04/21		125		128,316
5.50%, 1/15/40		350		408,066
Motorola Solutions, Inc.:
3.75%, 5/15/22		150		139,682
3.50%, 3/01/23		250		225,301
				1,909,281
Construction & Engineering — 0.0%
ABB Finance USA, Inc.:
1.63%, 5/08/17		150		150,861
2.88%, 5/08/22		100		99,104

Corporate Bonds	Par   (000)		Value
Construction & Engineering (continued)
Fluor Corp., 3.50%, 12/15/24	$	250	$	254,131
				504,096
Consumer Finance — 0.2%
American Express Co.:
1.55%, 5/22/18		250		248,586
3.63%, 12/05/24		300		296,817
4.05%, 12/03/42		67		63,951
Capital One Bank USA NA:
1.30%, 6/05/17		250		248,303
2.25%, 2/13/19		250		249,111
Capital One Financial Corp.:
2.45%, 4/24/19		250		249,206
3.50%, 6/15/23		110		109,089
Caterpillar Financial Services Corp.:
1.70%, 6/16/18		250		250,968
3.30%, 6/09/24		250		247,398
Discover Financial Services, 3.75%, 3/04/25		75		72,634
HSBC Finance Corp., 6.68%, 1/15/21		161		188,374
MasterCard, Inc., 3.38%, 4/01/24		250		255,563
McGraw Hill Financial, Inc., 4.40%, 2/15/26 (a)		250		253,703
Synchrony Financial:
3.75%, 8/15/21		500		505,113
4.50%, 7/23/25		190		191,488
				3,430,304
Containers & Packaging — 0.0%
Packaging Corp. of America, 4.50%, 11/01/23		250		261,054
Diversified Financial Services — 2.9%
Air Lease Corp.:
2.13%, 1/15/18		175		173,250
3.38%, 1/15/19		250		253,125
3.88%, 4/01/21		175		177,188
American Express Credit Corp.:
2.38%, 3/24/17		100		101,571
1.13%, 6/05/17		500		497,466
1.55%, 9/22/17		105		105,291
2.13%, 3/18/19		400		402,714
2.25%, 8/15/19		250		250,875
American Honda Finance Corp.:
1.55%, 12/11/17		250		251,444
2.15%, 3/13/20		250		248,423
Bank of America Corp.:
3.88%, 3/22/17		300		309,929
1.70%, 8/25/17		250		250,657
2.00%, 1/11/18		1,050		1,053,883
6.88%, 4/25/18		400		447,054
2.60%, 1/15/19		500		505,080

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 211

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Corporate Bonds	Par   (000)		Value
Diversified Financial Services (continued)
Bank of America Corp. (continued):
5.63%, 7/01/20	$	150	$	169,181
5.00%, 5/13/21		100		110,188
5.70%, 1/24/22		100		114,063
4.20%, 8/26/24		500		499,642
4.00%, 1/22/25		250		245,016
3.88%, 8/01/25		250		253,473
4.25%, 10/22/26		290		286,698
6.11%, 1/29/37		100		115,024
7.75%, 5/14/38		200		273,462
5.88%, 2/07/42		100		116,933
5.00%, 1/21/44		250		263,270
4.88%, 4/01/44		175		181,662
Series L, 2.65%, 4/01/19		500		505,645
Series L, 3.95%, 4/21/25		655		637,207
Bank of America NA:
1.65%, 3/26/18		750		749,407
1.75%, 6/05/18		1,000		997,633
Boeing Capital Corp., 4.70%, 10/27/19		250		278,703
Capital One Bank USA NA, 3.38%, 2/15/23		350		340,432
Citigroup, Inc.:
4.45%, 1/10/17		400		415,936
1.35%, 3/10/17		250		249,549
1.80%, 2/05/18		480		479,534
2.50%, 9/26/18		350		354,648
8.50%, 5/22/19		250		301,839
2.50%, 7/29/19		250		251,581
2.40%, 2/18/20		695		691,629
4.05%, 7/30/22		250		254,854
3.50%, 5/15/23		250		243,374
3.88%, 3/26/25		500		485,905
3.30%, 4/27/25		155		150,975
4.40%, 6/10/25		500		502,867
4.30%, 11/20/26		150		148,544
6.63%, 6/15/32		100		118,279
6.13%, 8/25/36		184		210,939
8.13%, 7/15/39		75		107,857
6.68%, 9/13/43		250		306,131
Deutsche Bank AG, 4.50%, 4/01/25		250		242,218
Deutsche Bank AG, London:
1.40%, 2/13/17		500		499,013
2.50%, 2/13/19		250		251,042
3.70%, 5/30/24		215		213,443
Ford Motor Credit Co. LLC:
4.25%, 2/03/17		250		258,337
1.72%, 12/06/17		250		248,326
2.38%, 1/16/18		250		250,280
2.24%, 6/15/18		250		249,272
2.38%, 3/12/19		500		496,028
2.60%, 11/04/19		250		247,438
2.46%, 3/27/20		250		244,796

Corporate Bonds	Par   (000)		Value
Diversified Financial Services (continued)
Ford Motor Credit Co. LLC (continued):
4.38%, 8/06/23	$	220	$	228,478
General Electric Capital Corp.:
2.90%, 1/09/17		100		102,514
2.30%, 4/27/17		1,000		1,020,460
5.63%, 5/01/18		300		332,118
2.30%, 1/14/19		500		508,534
6.00%, 8/07/19		100		115,655
4.38%, 9/16/20		50		55,163
4.63%, 1/07/21		250		278,996
4.65%, 10/17/21		700		787,352
3.45%, 5/15/24		300		313,733
6.75%, 3/15/32		500		677,085
5.88%, 1/14/38		750		935,308
6.88%, 1/10/39		250		350,029
6.38%, 11/15/67 (d)		250		267,969
General Motors Financial Co., Inc.:
2.40%, 4/10/18		155		153,809
3.20%, 7/13/20		1,000		986,531
3.45%, 4/10/22		150		144,283
4.00%, 1/15/25		250		236,750
Intercontinental Exchange, Inc., 2.50%, 10/15/18		250		255,034
Jefferies Group LLC:
8.50%, 7/15/19		125		148,021
5.13%, 1/20/23		150		150,296
John Deere Capital Corp.:
1.95%, 12/13/18		500		504,899
2.25%, 4/17/19		100		101,630
2.05%, 3/10/20		1,000		998,086
2.80%, 3/04/21		250		253,774
3.90%, 7/12/21		50		53,414
JPMorgan Chase & Co.:
1.35%, 2/15/17		1,250		1,251,625
2.00%, 8/15/17		250		252,118
1.80%, 1/25/18		1,000		1,000,852
1.63%, 5/15/18		500		496,905
2.35%, 1/28/19		500		503,947
2.20%, 10/22/19		500		497,519
4.50%, 1/24/22		300		323,691
3.25%, 9/23/22		200		200,144
3.20%, 1/25/23		150		148,900
3.38%, 5/01/23		250		244,316
3.88%, 9/10/24		300		297,133
3.13%, 1/23/25		250		241,277
3.90%, 7/15/25		250		254,630
4.13%, 12/15/26		250		249,011
6.40%, 5/15/38		100		125,437
5.50%, 10/15/40		125		141,505
5.60%, 7/15/41		50		57,221
5.63%, 8/16/43		500		550,159
4.85%, 2/01/44		100		104,580
4.95%, 6/01/45		250		250,750

212 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Corporate Bonds	Par   (000)		Value
Diversified Financial Services (continued)
JPMorgan Chase Bank NA, 6.00%, 10/01/17	$	250	$	270,152
Leucadia National Corp., 5.50%, 10/18/23		150		150,867
Moody’s Corp.:
2.75%, 7/15/19		40		40,687
4.50%, 9/01/22		50		52,690
MUFG Americas Holdings Corp., 3.00%, 2/10/25		250		238,957
National Rural Utilities Cooperative Finance Corp.:
2.30%, 11/15/19		250		252,225
3.40%, 11/15/23		350		362,485
2.85%, 1/27/25		250		242,300
NCUA Guaranteed Notes, 3.00%, 6/12/19		1,000		1,063,080
ORIX Corp., 3.75%, 3/09/17		100		102,994
PACCAR Financial Corp., 2.20%, 9/15/19		250		252,732
Royal Bank of Scotland Group PLC:
1.88%, 3/31/17		175		174,570
6.40%, 10/21/19		250		280,854
Toyota Motor Credit Corp., 1.38%, 1/10/18		200		199,853
UBS AG/Stamford CT:
5.75%, 4/25/18		300		328,921
2.38%, 8/14/19		800		803,432
2.35%, 3/26/20		500		499,368
				42,108,031
Diversified Telecommunication Services — 1.1%
AT&T, Inc.:
1.70%, 6/01/17		500		501,874
2.38%, 11/27/18		500		505,312
2.45%, 6/30/20		1,500		1,476,882
4.50%, 5/15/35		310		283,593
6.30%, 1/15/38		200		220,053
5.35%, 9/01/40		463		457,365
5.55%, 8/15/41		200		202,952
4.30%, 12/15/42		151		129,763
4.35%, 6/15/45		759		651,472
4.75%, 5/15/46		350		320,704
British Telecommunications PLC:
2.35%, 2/14/19		250		250,985
9.63%, 12/15/30		150		223,676
CC Holdings GS V LLC/Crown Castle GS III Corp., 2.38%, 12/15/17		325		327,276
Deutsche Telekom International Finance BV, 8.75%, 6/15/30		400		571,871
Embarq Corp., 8.00%, 6/01/36		100		103,156
Orange SA:
4.13%, 9/14/21		650		696,186
5.38%, 1/13/42		225		240,324

Corporate Bonds	Par   (000)		Value
Diversified Telecommunication Services (continued)
Qwest Corp.:
6.50%, 6/01/17	$	150	$	160,155
6.75%, 12/01/21		50		52,906
6.88%, 9/15/33		250		241,367
Telefonaktiebolaget LM Ericsson, 4.13%, 5/15/22		100		104,468
Telefonica Emisiones SAU:
3.19%, 4/27/18		250		255,695
5.46%, 2/16/21		50		55,868
4.57%, 4/27/23		200		209,142
7.05%, 6/20/36		75		87,954
Telefonica Europe BV, 8.25%, 9/15/30		300		388,981
Verizon Communications, Inc.:
1.35%, 6/09/17		250		249,650
1.10%, 11/01/17		250		248,006
3.65%, 9/14/18		500		527,045
2.55%, 6/17/19		500		506,446
2.63%, 2/21/20		250		250,742
3.50%, 11/01/21		400		408,960
4.15%, 3/15/24		250		258,595
3.50%, 11/01/24		500		491,605
7.75%, 12/01/30		100		133,593
6.40%, 9/15/33		500		572,798
5.05%, 3/15/34		500		498,845
4.40%, 11/01/34		500		465,229
4.27%, 1/15/36		250		226,722
6.40%, 2/15/38		200		229,737
6.00%, 4/01/41		250		272,754
3.85%, 11/01/42		250		207,291
6.55%, 9/15/43		750		886,083
5.01%, 8/21/54		650		591,594
				15,745,675
Electric Utilities — 1.5%
Alabama Power Co., 5.50%, 10/15/17		100		107,592
Ameren Illinois Co.:
2.70%, 9/01/22		100		98,421
4.30%, 7/01/44		250		255,273
American Electric Power Co., Inc.:
1.65%, 12/15/17		200		199,383
Series F, 2.95%, 12/15/22		500		485,518
Arizona Public Service Co., 3.15%, 5/15/25		250		249,391
Berkshire Hathaway Energy Co.:
1.10%, 5/15/17		500		498,101
2.00%, 11/15/18		500		501,131
3.50%, 2/01/25		110		110,616
6.13%, 4/01/36		250		301,034
5.15%, 11/15/43		250		270,057
4.50%, 2/01/45		400		396,502
CenterPoint Energy Houston Electric LLC, 3.55%, 8/01/42		100		91,565

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 213

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Corporate Bonds	Par   (000)		Value
Electric Utilities (continued)
Commonwealth Edison Co.:
2.15%, 1/15/19	$	500	$	504,062
3.10%, 11/01/24		250		249,639
5.90%, 3/15/36		50		60,382
Connecticut Light & Power Co., 2.50%, 1/15/23		150		146,229
Consolidated Edison Co. of New York, Inc., 3.30%, 12/01/24		250		252,135
Dominion Gas Holdings LLC, 3.60%, 12/15/24		250		248,911
Dominion Resources, Inc., 7.00%, 6/15/38		250		310,257
DTE Electric Co.:
4.00%, 4/01/43		150		145,627
3.70%, 3/15/45		145		135,131
Duke Energy Carolinas LLC, 6.05%, 4/15/38		100		125,442
Duke Energy Corp.:
2.15%, 11/15/16		500		505,320
1.63%, 8/15/17		250		250,883
3.95%, 10/15/23		250		260,985
Duke Energy Indiana, Inc.:
4.20%, 3/15/42		150		151,134
4.90%, 7/15/43		250		274,951
Duke Energy Progress, Inc.:
4.10%, 5/15/42		150		149,460
4.10%, 3/15/43		250		246,663
4.38%, 3/30/44		100		104,056
4.20%, 8/15/45		250		252,936
Entergy Corp.:
4.70%, 1/15/17		150		153,916
4.00%, 7/15/22		200		206,537
Entergy Louisiana LLC, 4.05%, 9/01/23		250		264,223
Eversource Energy, Series H, 3.15%, 1/15/25		125		122,476
Exelon Corp.:
3.95%, 6/15/25		250		252,331
5.10%, 6/15/45		250		255,268
Exelon Generation Co. LLC, 6.25%, 10/01/39		150		159,317
Florida Power & Light Co.:
2.75%, 6/01/23		250		247,875
5.95%, 2/01/38		50		63,486
Georgia Power Co., 4.30%, 3/15/42		200		184,509
Great Plains Energy, Inc., 5.29%, 6/15/22 (c)		150		165,042
Indiana Michigan Power Co., 6.05%, 3/15/37		175		208,611
Interstate Power & Light Co., 3.25%, 12/01/24		250		253,106
Kansas City Power & Light Co., 3.65%, 8/15/25		150		153,137

Corporate Bonds	Par   (000)		Value
Electric Utilities (continued)
LG&E and KU Energy LLC, 3.75%, 11/15/20	$	50	$	52,252
Louisville Gas & Electric Co., 4.65%, 11/15/43		250		266,908
Nevada Power Co., 5.45%, 5/15/41		50		57,774
NextEra Energy Capital Holdings, Inc., 3.63%, 6/15/23		1,000		1,009,609
NiSource Finance Corp., 6.13%, 3/01/22		500		582,394
Nisource Finance Corp.:
5.95%, 6/15/41		50		58,137
5.25%, 2/15/43		75		81,509
Northeast Utilities, 1.45%, 5/01/18		250		248,010
Northern States Power Co.:
3.40%, 8/15/42		200		176,332
4.00%, 8/15/45		85		84,415
Oglethorpe Power Corp., 4.55%, 6/01/44		250		246,748
Oncor Electric Delivery Co. LLC:
7.00%, 9/01/22		100		123,312
5.30%, 6/01/42		75		82,922
3.75%, 4/01/45 (a)		250		222,042
Pacific Gas & Electric Co.:
3.25%, 6/15/23		500		503,369
6.05%, 3/01/34		250		301,864
5.13%, 11/15/43		250		276,344
4.75%, 2/15/44		250		263,202
PacifiCorp:
2.95%, 2/01/22		100		100,324
2.95%, 6/01/23		300		299,150
Pennsylvania Electric Co., 6.15%, 10/01/38		250		278,684
Potomac Electric Power Co., 3.60%, 3/15/24		250		259,974
PPL Capital Funding, Inc.:
1.90%, 6/01/18		250		250,024
3.40%, 6/01/23		250		250,374
Progress Energy, Inc.:
4.40%, 1/15/21		100		107,583
7.75%, 3/01/31		50		67,622
Public Service Co. of Colorado:
3.95%, 3/15/43		200		195,728
4.30%, 3/15/44		75		76,550
Public Service Electric & Gas Co.:
1.80%, 6/01/19		250		249,533
3.50%, 8/15/20		50		53,287
2.38%, 5/15/23		250		241,436
3.05%, 11/15/24		250		248,073
3.95%, 5/01/42		50		48,687
3.65%, 9/01/42		50		46,457
Puget Energy, Inc.:
5.63%, 7/15/22		500		561,779

214 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Corporate Bonds	Par   (000)		Value
Electric Utilities (continued)
Puget Energy, Inc. (continued):
3.65%, 5/15/25 (a)	$	250	$	246,716
South Carolina Electric & Gas Co., 4.60%, 6/15/43		250		254,618
Southern California Edison Co.:
1.13%, 5/01/17		500		499,604
2.40%, 2/01/22		250		247,375
5.50%, 3/15/40		50		59,285
4.65%, 10/01/43		350		378,021
Toledo Edison Co., 6.15%, 5/15/37		100		115,565
Virginia Electric & Power Co.:
2.95%, 1/15/22		400		403,552
4.00%, 1/15/43		250		245,641
4.45%, 2/15/44		150		157,083
WEC Energy Group, Inc., 3.55%, 6/15/25		350		355,481
				21,563,970
Electrical Equipment — 0.1%
Amphenol Corp., 2.55%, 1/30/19		350		353,660
Emerson Electric Co.:
5.00%, 4/15/19		100		110,546
2.63%, 2/15/23		350		344,603
Pentair Finance SA, 1.88%, 9/15/17		250		247,269
Roper Industries, Inc., 3.13%, 11/15/22		150		147,951
				1,204,029
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc., 3.00%, 3/01/18		750		758,470
Corning, Inc.:
3.70%, 11/15/23		250		261,079
4.75%, 3/15/42		50		52,497
Ingram Micro, Inc., 4.95%, 12/15/24		200		206,349
Jabil Circuit, Inc., 4.70%, 9/15/22		250		243,125
Tyco Electronics Group SA:
6.55%, 10/01/17		50		54,790
3.50%, 2/03/22		100		102,538
				1,678,848
Energy Equipment & Services — 0.1%
Baker Hughes, Inc., 5.13%, 9/15/40		100		102,613
Ensco PLC:
4.70%, 3/15/21		100		84,210
4.50%, 10/01/24		250		184,684
5.20%, 3/15/25		65		49,470
FMC Technologies, Inc., 3.45%, 10/01/22		100		93,468

Corporate Bonds	Par   (000)		Value
Energy Equipment & Services (continued)
Halliburton Co.:
6.15%, 9/15/19	$	100	$	113,989
4.50%, 11/15/41		50		47,835
4.75%, 8/01/43		250		248,234
National Oilwell Varco, Inc., 3.95%, 12/01/42		150		124,509
Noble Holding International Ltd.:
2.50%, 3/15/17		150		139,495
5.95%, 4/01/25		200		156,528
5.25%, 3/15/42		50		31,951
TransCanada PipeLines Ltd., 6.20%, 10/15/37		200		220,954
Transcontinental Gas Pipe Line Co. LLC, 4.45%, 8/01/42		250		190,946
				1,788,886
Food & Staples Retailing — 0.6%
Costco Wholesale Corp.:
1.13%, 12/15/17		150		149,990
2.25%, 2/15/22		85		84,204
CVS Health Corp.:
2.25%, 8/12/19		500		505,391
4.00%, 12/05/23		500		529,731
4.88%, 7/20/35		1,000		1,049,271
Kraft Heinz Foods Co. (a):
2.00%, 7/02/18		1,000		1,001,393
5.00%, 7/15/35		500		522,294
Kroger Co.:
6.15%, 1/15/20		100		114,611
3.30%, 1/15/21		500		513,068
3.40%, 4/15/22		100		101,938
5.15%, 8/01/43		125		132,007
Target Corp., 2.30%, 6/26/19		750		766,060
Wal-Mart Stores, Inc.:
1.00%, 4/21/17		500		501,965
1.13%, 4/11/18		250		249,807
3.63%, 7/08/20		150		162,125
6.20%, 4/15/38		250		320,755
5.63%, 4/15/41		500		604,251
4.00%, 4/11/43		150		145,788
4.75%, 10/02/43		250		270,150
4.30%, 4/22/44		250		255,568
Walgreen Co., 3.10%, 9/15/22		200		196,968
Walgreens Boots Alliance, Inc.:
4.50%, 11/18/34		155		146,935
4.80%, 11/18/44		150		143,793
				8,468,063
Food Products — 0.3%
Archer-Daniels-Midland Co., 4.54%, 3/26/42		75		79,194
ConAgra Foods, Inc.:
3.25%, 9/15/22		200		194,743

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 215

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Corporate Bonds	Par   (000)		Value
Food Products (continued)
ConAgra Foods, Inc. (continued):
4.65%, 1/25/43	$	165	$	150,226
General Mills, Inc.:
2.20%, 10/21/19		300		302,851
3.15%, 12/15/21		150		152,893
JM Smucker Co.:
3.50%, 10/15/21		50		51,592
4.25%, 3/15/35		250		240,938
Kellogg Co.:
1.88%, 11/17/16		200		201,809
Series B, 7.45%, 4/01/31		100		129,408
Kraft Foods Group, Inc.:
5.38%, 2/10/20		52		58,079
6.50%, 2/09/40		250		299,705
5.00%, 6/04/42		200		205,135
Mead Johnson Nutrition Co., 4.60%, 6/01/44		250		234,168
Mondelez International, Inc.:
2.25%, 2/01/19		250		251,566
4.00%, 2/01/24		250		259,066
Sysco Corp.:
3.75%, 10/01/25		100		101,052
4.85%, 10/01/45		150		153,447
Tyson Foods, Inc.:
2.65%, 8/15/19		500		503,769
4.50%, 6/15/22		150		158,966
4.88%, 8/15/34		70		71,336
Unilever Capital Corp.:
2.20%, 3/06/19		200		203,986
4.25%, 2/10/21		200		221,850
				4,225,779
Gas Utilities — 0.0%
AGL Capital Corp., 3.50%, 9/15/21		50		51,613
Atmos Energy Corp., 4.15%, 1/15/43		100		95,932
National Fuel Gas Co., 3.75%, 3/01/23		300		282,855
				430,400
Health Care Equipment & Supplies — 0.4%
Baxter International, Inc., 1.85%, 6/15/18		250		249,921
Becton Dickinson & Co.:
1.80%, 12/15/17		250		251,096
2.68%, 12/15/19		500		505,592
3.30%, 3/01/23		200		199,249
6.00%, 5/15/39		250		288,315
Boston Scientific Corp.:
6.00%, 1/15/20		100		112,150
4.13%, 10/01/23		100		102,308
3.85%, 5/15/25		250		245,900

Corporate Bonds	Par   (000)		Value
Health Care Equipment & Supplies (continued)
Covidien International Finance SA:
2.95%, 6/15/23	$	250	$	246,742
6.55%, 10/15/37		25		31,985
Medtronic, Inc.:
1.38%, 4/01/18		300		299,550
4.13%, 3/15/21		50		54,265
3.15%, 3/15/22		350		355,001
2.75%, 4/01/23		500		490,929
3.63%, 3/15/24		400		410,696
4.38%, 3/15/35		350		353,813
4.00%, 4/01/43		150		139,793
4.63%, 3/15/45		250		257,774
St. Jude Medical, Inc.:
3.25%, 4/15/23		150		147,671
3.88%, 9/15/25		45		45,642
Stryker Corp., 1.30%, 4/01/18		200		198,960
Zimmer Holdings, Inc.:
3.15%, 4/01/22		500		495,052
4.25%, 8/15/35		295		276,135
				5,758,539
Health Care Providers & Services — 0.6%
Aetna, Inc.:
1.50%, 11/15/17		250		250,248
4.13%, 6/01/21		250		264,946
2.75%, 11/15/22		250		241,247
3.50%, 11/15/24		70		69,634
6.75%, 12/15/37		50		62,189
4.75%, 3/15/44		25		25,387
AmerisourceBergen Corp.:
1.15%, 5/15/17		250		249,021
4.25%, 3/01/45		250		233,527
Anthem, Inc.:
1.88%, 1/15/18		450		450,175
2.25%, 8/15/19		225		223,990
3.13%, 5/15/22		200		197,961
3.30%, 1/15/23		100		98,959
4.63%, 5/15/42		50		49,266
5.10%, 1/15/44		150		155,903
4.85%, 8/15/54		150		147,654
Cardinal Health, Inc.:
3.20%, 6/15/22		50		50,289
3.50%, 11/15/24		250		249,883
4.60%, 3/15/43		50		48,328
Cigna Corp.:
4.00%, 2/15/22		25		25,898
3.25%, 4/15/25		300		290,469
5.38%, 2/15/42		50		54,213
Dignity Health:
2.64%, 11/01/19		100		102,014
5.27%, 11/01/64		100		103,822
Express Scripts Holding Co.:
2.65%, 2/15/17		350		355,762
2.25%, 6/15/19		350		348,900

216 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Corporate Bonds	Par   (000)		Value
Health Care Providers & Services (continued)
Express Scripts Holding Co. (continued):
4.75%, 11/15/21	$	300	$	323,907
3.50%, 6/15/24		250		246,024
Humana, Inc., 4.95%, 10/01/44		250		253,905
Kaiser Foundation Hospitals, 3.50%, 4/01/22		100		103,031
Laboratory Corp. of America Holdings:
3.75%, 8/23/22		100		101,532
4.00%, 11/01/23		100		101,655
3.60%, 2/01/25		75		72,605
McKesson Corp.:
2.85%, 3/15/23		150		145,412
4.88%, 3/15/44		250		254,327
Quest Diagnostics, Inc.:
4.70%, 4/01/21		100		108,571
4.25%, 4/01/24		250		256,846
3.50%, 3/30/25		370		359,266
UnitedHealth Group, Inc.:
1.40%, 10/15/17		250		251,405
1.63%, 3/15/19		550		546,240
2.30%, 12/15/19		250		253,303
2.88%, 3/15/23		250		249,071
4.63%, 7/15/35		555		585,602
6.88%, 2/15/38		100		133,160
5.95%, 2/15/41		100		121,049
3.95%, 10/15/42		150		141,325
				8,957,921
Hotels, Restaurants & Leisure — 0.2%
Carnival Corp., 3.95%, 10/15/20		250		262,105
Hyatt Hotels Corp., 3.38%, 7/15/23		190		185,235
Marriott International, Inc.:
3.00%, 3/01/19		100		102,216
3.25%, 9/15/22		100		100,195
McDonald’s Corp.:
1.88%, 5/29/19		100		100,054
3.50%, 7/15/20		50		52,485
3.25%, 6/10/24		400		398,639
3.38%, 5/26/25		500		501,937
3.70%, 2/15/42		100		86,598
Starbucks Corp., 3.85%, 10/01/23		250		265,230
Starwood Hotels & Resorts Worldwide, Inc., 4.50%, 10/01/34		250		220,558
Wyndham Worldwide Corp., 4.25%, 3/01/22		50		49,705
Yum! Brands, Inc.:
5.30%, 9/15/19		100		110,473

Corporate Bonds	Par   (000)		Value
Hotels, Restaurants & Leisure (continued)
Yum! Brands, Inc. (continued):
5.35%, 11/01/43	$	100	$	96,026
				2,531,456
Household Durables — 0.1%
Leggett & Platt, Inc., 3.80%, 11/15/24		200		205,403
Mohawk Industries, Inc., 3.85%, 2/01/23		125		126,799
Newell Rubbermaid, Inc., 4.00%, 12/01/24		250		254,152
Whirlpool Corp., 5.15%, 3/01/43		200		203,622
				789,976
Household Products — 0.1%
Clorox Co.:
3.05%, 9/15/22		50		49,753
3.50%, 12/15/24		250		250,763
Kimberly-Clark Corp.:
1.90%, 5/22/19		500		502,346
3.63%, 8/01/20		50		53,175
2.65%, 3/01/25		85		82,752
Procter & Gamble Co.:
2.30%, 2/06/22		250		250,708
5.55%, 3/05/37		250		304,634
				1,494,131
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC:
4.25%, 6/15/22		500		511,706
5.60%, 6/15/42		50		49,995
Southern Power Co., 5.25%, 7/15/43		500		514,830
				1,076,531
Industrial Conglomerates — 0.1%
General Electric Co.:
5.25%, 12/06/17		750		812,563
2.70%, 10/09/22		150		150,379
4.50%, 3/11/44		500		518,148
Koninklijke Philips NV, 3.75%, 3/15/22		250		254,191
				1,735,281
Insurance — 1.0%
ACE INA Holdings, Inc., 4.15%, 3/13/43		150		143,951
Aflac, Inc.:
2.65%, 2/15/17		250		255,318
3.63%, 6/15/23		250		256,532
3.63%, 11/15/24		250		254,799
Alleghany Corp., 4.95%, 6/27/22		50		54,055
Allstate Corp.:
3.15%, 6/15/23		250		252,588

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 217

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Corporate Bonds	Par   (000)		Value
Insurance (continued)
Allstate Corp. (continued):
4.50%, 6/15/43	$	150	$	150,857
American International Group, Inc.:
2.30%, 7/16/19		500		502,887
3.38%, 8/15/20		250		260,894
4.88%, 6/01/22		250		275,863
4.13%, 2/15/24		250		262,645
4.70%, 7/10/35		500		515,393
Aon PLC, 4.45%, 5/24/43		200		190,471
Arch Capital Group US, Inc., 5.14%, 11/01/43		125		128,998
Assurant, Inc., 2.50%, 3/15/18		250		252,746
Assured Guaranty US Holdings, Inc., 5.00%, 7/01/24		110		114,401
AXA SA, 8.60%, 12/15/30		50		67,844
Berkshire Hathaway Finance Corp., 4.40%, 5/15/42		100		98,590
Berkshire Hathaway, Inc.:
1.90%, 1/31/17		100		101,340
1.55%, 2/09/18		500		504,059
2.10%, 8/14/19		500		508,743
4.50%, 2/11/43		100		99,649
CNA Financial Corp., 5.75%, 8/15/21		100		113,947
First American Financial Corp., 4.60%, 11/15/24		200		204,787
Hartford Financial Services Group, Inc.:
6.30%, 3/15/18		250		276,348
6.63%, 3/30/40		100		128,654
6.10%, 10/01/41		100		118,859
Lincoln National Corp.:
4.85%, 6/24/21		300		329,820
4.20%, 3/15/22		100		103,879
4.00%, 9/01/23		200		207,472
3.35%, 3/09/25		65		63,885
Loews Corp., 2.63%, 5/15/23		250		240,298
Markel Corp., 3.63%, 3/30/23		250		248,640
Marsh & McLennan Cos., Inc.:
2.35%, 9/10/19		235		237,706
2.35%, 3/06/20		190		191,367
4.80%, 7/15/21		50		55,149
MetLife, Inc.:
4.75%, 2/08/21		200		222,095
3.00%, 3/01/25		650		629,783
6.40%, 12/15/36		100		109,000
4.13%, 8/13/42		300		284,882
4.88%, 11/13/43		250		263,536
Old Republic International Corp., 4.88%, 10/01/24		250		262,077
Principal Financial Group, Inc.:
1.85%, 11/15/17		250		251,551
3.40%, 5/15/25		250		245,959
4.63%, 9/15/42		50		49,211

Corporate Bonds	Par   (000)		Value
Insurance (continued)
Progressive Corp.:
3.75%, 8/23/21	$	50	$	53,444
4.35%, 4/25/44		100		100,120
3.70%, 1/26/45		200		178,874
Prudential Financial, Inc.:
2.35%, 8/15/19		350		351,921
5.38%, 6/21/20		350		394,425
8.88%, 6/15/38 (d)		100		114,775
5.10%, 8/15/43		250		265,099
5.20%, 3/15/44 (d)		100		98,219
5.38%, 5/15/45 (d)		250		248,125
Chubb Corp., Series 1, 6.50%, 5/15/38		100		130,061
Travelers Cos., Inc.:
3.90%, 11/01/20		250		270,406
4.60%, 8/01/43		100		104,341
Travelers Property Casualty Corp., 6.38%, 3/15/33		100		124,945
Voya Financial, Inc., 2.90%, 2/15/18		750		765,808
WR Berkley Corp., 4.63%, 3/15/22		200		212,326
XLIT Ltd.:
2.30%, 12/15/18		250		252,313
5.75%, 10/01/21		100		114,241
				13,870,971
Internet & Catalog Retail — 0.1%
Amazon.com, Inc.:
1.20%, 11/29/17		250		248,956
2.60%, 12/05/19		350		358,659
4.80%, 12/05/34		250		256,890
				864,505
Internet Software & Services — 0.1%
Baidu, Inc.:
3.25%, 8/06/18		205		208,957
2.75%, 6/09/19		350		346,332
eBay, Inc.:
2.20%, 8/01/19		500		493,818
3.25%, 10/15/20		50		50,781
2.60%, 7/15/22		50		46,213
Expedia, Inc., 4.50%, 8/15/24		250		250,861
Google, Inc., 3.63%, 5/19/21		25		26,834
				1,423,796
IT Services — 0.3%
Alibaba Group Holding Ltd. (a):
3.13%, 11/28/21		225		216,075
4.50%, 11/28/34		250		232,347
Fidelity National Information Services, Inc.:
1.45%, 6/05/17		250		247,927
2.00%, 4/15/18		250		248,673
3.50%, 4/15/23		25		23,751

218 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Corporate Bonds	Par   (000)		Value
IT Services (continued)
International Business Machines Corp.:
1.25%, 2/08/18	$	500	$	500,336
1.95%, 2/12/19		250		252,631
1.88%, 5/15/19		250		251,864
2.90%, 11/01/21		100		102,869
3.63%, 2/12/24		275		283,375
4.00%, 6/20/42		350		322,784
Total System Services, Inc., 2.38%, 6/01/18		250		250,679
Verisk Analytics, Inc., 4.00%, 6/15/25		250		247,235
Western Union Co.:
2.88%, 12/10/17		250		255,353
6.20%, 11/17/36		25		24,181
Xerox Corp.:
5.63%, 12/15/19		100		110,703
2.80%, 5/15/20		500		495,157
				4,065,940
Leisure Products — 0.0%
Hasbro, Inc., 5.10%, 5/15/44		60		59,160
Mattel, Inc., 1.70%, 3/15/18		200		199,106
				258,266
Life Sciences Tools & Services — 0.1%
Agilent Technologies, Inc., 3.88%, 7/15/23		200		202,193
Life Technologies Corp., 6.00%, 3/01/20		100		114,195
Thermo Fisher Scientific, Inc.:
2.40%, 2/01/19		500		502,743
3.30%, 2/15/22		55		55,154
3.15%, 1/15/23		250		245,919
				1,120,204
Machinery — 0.2%
Caterpillar, Inc.:
3.90%, 5/27/21		50		53,856
3.40%, 5/15/24		500		499,397
5.20%, 5/27/41		100		110,246
3.80%, 8/15/42		250		229,175
Danaher Corp., 3.90%, 6/23/21		50		53,740
Deere & Co., 3.90%, 6/09/42		50		47,613
Flowserve Corp., 3.50%, 9/15/22		100		99,015
Illinois Tool Works, Inc.:
1.95%, 3/01/19		250		251,270
4.88%, 9/15/41		50		54,773
3.90%, 9/01/42		75		72,086
Ingersoll-Rand Global Holding Co. Ltd.:
6.88%, 8/15/18		50		56,353
2.88%, 1/15/19		500		508,359
Joy Global, Inc., 5.13%, 10/15/21		50		47,788

Corporate Bonds	Par   (000)		Value
Machinery (continued)
Stanley Black & Decker, Inc., 2.90%, 11/01/22	$	150	$	148,747
Trinity Industries, Inc., 4.55%, 10/01/24		250		236,157
Valmont Industries, Inc., 5.00%, 10/01/44		250		220,024
				2,688,599
Media — 1.1%
21st Century Fox America, Inc.:
4.50%, 2/15/21		100		108,108
3.00%, 9/15/22		150		147,826
6.20%, 12/15/34		100		114,283
6.15%, 2/15/41		150		171,071
4.75%, 9/15/44		500		492,191
CBS Corp., 4.85%, 7/01/42		325		298,522
CCO Safari II LLC (a):
3.58%, 7/23/20		500		496,317
4.91%, 7/23/25		430		427,937
6.48%, 10/23/45		500		504,425
Cintas Corp. No 2, 4.30%, 6/01/21		25		27,267
Comcast Corp.:
5.15%, 3/01/20		350		395,131
3.60%, 3/01/24		250		258,497
4.25%, 1/15/33		650		646,008
4.20%, 8/15/34		235		231,798
4.40%, 8/15/35		250		251,596
6.45%, 3/15/37		200		253,107
4.65%, 7/15/42		150		154,231
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.:
2.40%, 3/15/17		250		253,305
3.80%, 3/15/22		250		251,629
4.45%, 4/01/24		250		256,457
3.95%, 1/15/25		350		343,288
5.15%, 3/15/42		150		140,952
Discovery Communications LLC:
4.38%, 6/15/21		50		52,094
3.25%, 4/01/23		50		47,454
4.95%, 5/15/42		50		44,816
4.88%, 4/01/43		150		129,384
Grupo Televisa SAB, 5.00%, 5/13/45		200		180,676
Interpublic Group of Cos., Inc., 4.20%, 4/15/24		250		251,057
NBCUniversal Media LLC:
4.38%, 4/01/21		600		657,344
2.88%, 1/15/23		250		247,665
5.95%, 4/01/41		250		299,226
Omnicom Group, Inc.:
3.63%, 5/01/22		125		126,479
3.65%, 11/01/24		70		68,739

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 219

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Corporate Bonds	Par   (000)		Value
Media (continued)
Scripps Networks Interactive, Inc., 3.90%, 11/15/24	$	250	$	245,321
Thomson Reuters Corp.:
6.50%, 7/15/18		250		280,521
4.30%, 11/23/23		250		259,709
Time Warner Cable, Inc.:
8.25%, 4/01/19		300		349,582
5.00%, 2/01/20		500		536,471
4.13%, 2/15/21		100		102,782
6.55%, 5/01/37		150		147,387
6.75%, 6/15/39		50		50,012
5.50%, 9/01/41		250		223,903
4.50%, 9/15/42		475		375,546
Time Warner, Inc.:
4.88%, 3/15/20		250		277,143
3.60%, 7/15/25		250		244,800
7.63%, 4/15/31		250		319,239
7.70%, 5/01/32		250		324,641
6.25%, 3/29/41		150		172,759
5.35%, 12/15/43		250		263,022
4.65%, 6/01/44		250		238,533
Viacom, Inc.:
2.50%, 9/01/18		500		502,639
5.63%, 9/15/19		250		275,035
3.13%, 6/15/22		150		139,776
3.25%, 3/15/23		200		182,927
6.88%, 4/30/36		250		259,735
4.38%, 3/15/43		70		51,637
5.85%, 9/01/43		100		92,576
Walt Disney Co.:
1.85%, 5/30/19		500		503,195
3.75%, 6/01/21		50		53,935
2.35%, 12/01/22		300		296,304
3.15%, 9/17/25		165		167,144
WPP Finance 2010:
4.75%, 11/21/21		100		109,335
3.75%, 9/19/24		250		249,128
				15,623,617
Metals & Mining — 0.5%
Barrick Gold Corp.:
3.85%, 4/01/22		350		319,713
4.10%, 5/01/23		500		442,455
Barrick North America Finance LLC, 5.70%, 5/30/41		50		40,376
BHP Billiton Finance USA Ltd.:
1.63%, 2/24/17		100		100,545
2.05%, 9/30/18		175		175,476
2.88%, 2/24/22		250		245,762
5.00%, 9/30/43		350		354,008
Carpenter Technology Corp., 4.45%, 3/01/23		250		245,211
Freeport-McMoRan, Inc.:
2.15%, 3/01/17		100		94,750

Corporate Bonds	Par   (000)		Value
Metals & Mining (continued)
Freeport-McMoRan, Inc. (continued):
3.55%, 3/01/22	$	50	$	37,500
5.40%, 11/14/34		100		69,969
5.45%, 3/15/43		350		243,250
Goldcorp, Inc.:
2.13%, 3/15/18		150		148,248
3.63%, 6/09/21		250		240,885
Kinross Gold Corp., 5.95%, 3/15/24		200		162,528
Newmont Mining Corp.:
3.50%, 3/15/22		450		403,896
4.88%, 3/15/42		50		38,612
Reliance Steel & Aluminum Co., 4.50%, 4/15/23		25		23,862
Rio Tinto Finance USA Ltd.:
1.63%, 8/21/17		250		249,132
4.13%, 5/20/21		150		157,245
2.88%, 8/21/22		100		94,679
3.75%, 6/15/25		500		487,700
5.20%, 11/02/40		350		338,929
4.75%, 3/22/42		100		92,862
Southern Copper Corp.:
6.75%, 4/16/40		100		88,763
5.88%, 4/23/45		365		296,325
Teck Resources Ltd.:
3.00%, 3/01/19		450		320,625
4.75%, 1/15/22		300		192,750
3.75%, 2/01/23		100		61,000
5.20%, 3/01/42		50		27,625
Vale Overseas Ltd.:
4.38%, 1/11/22 (e)		750		661,455
6.88%, 11/21/36		200		157,020
Vale SA, 5.63%, 9/11/42		250		171,250
				6,784,406
Multi-Utilities — 0.2%
CMS Energy Corp., 4.70%, 3/31/43		200		202,230
Consolidated Edison Co. of New York, Inc.:
6.65%, 4/01/19		100		115,025
4.20%, 3/15/42		150		146,158
3.95%, 3/01/43		150		142,198
4.45%, 3/15/44		250		255,704
Dominion Resources, Inc.:
1.40%, 9/15/17		250		249,104
3.63%, 12/01/24		250		249,904
4.90%, 8/01/41		50		51,109
ONE Gas, Inc., 4.66%, 2/01/44		250		262,253
San Diego Gas & Electric Co.:
3.60%, 9/01/23		250		261,834

220 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Corporate Bonds	Par   (000)		Value
Multi-Utilities (continued)
San Diego Gas & Electric Co. (continued):
4.30%, 4/01/42	$	100	$	103,568
SCANA Corp., 4.13%, 2/01/22		100		101,624
Sempra Energy:
2.30%, 4/01/17		250		252,765
2.40%, 3/15/20		250		249,744
4.05%, 12/01/23		250		260,674
3.55%, 6/15/24		250		251,608
				3,155,502
Multiline Retail — 0.1%
Dollar General Corp., 1.88%, 4/15/18		250		249,770
Kohl’s Corp.:
4.00%, 11/01/21		50		51,661
5.55%, 7/17/45		100		97,964
Nordstrom, Inc., 4.00%, 10/15/21		100		106,805
Target Corp.:
2.90%, 1/15/22		150		153,056
4.00%, 7/01/42		350		344,267
				1,003,523
Oil, Gas & Consumable Fuels — 2.8%
Alberta Energy Co. Ltd., 7.38%, 11/01/31		50		49,963
Anadarko Petroleum Corp.:
6.45%, 9/15/36		350		385,050
4.50%, 7/15/44		250		222,374
Apache Corp.:
3.25%, 4/15/22		145		141,169
6.00%, 1/15/37		100		106,622
4.75%, 4/15/43		250		225,591
4.25%, 1/15/44		100		85,025
Boardwalk Pipelines LP, 3.38%, 2/01/23		200		173,455
BP Capital Markets PLC:
1.85%, 5/05/17		250		252,149
1.38%, 5/10/18		250		248,227
2.24%, 9/26/18		300		304,138
2.24%, 5/10/19		500		503,696
2.52%, 1/15/20		115		116,561
2.32%, 2/13/20		250		250,928
4.74%, 3/11/21		50		55,314
3.06%, 3/17/22		210		210,486
3.25%, 5/06/22		100		100,643
3.99%, 9/26/23		250		259,392
Buckeye Partners LP, 4.15%, 7/01/23		250		229,545
Canadian Natural Resources Ltd.:
3.45%, 11/15/21		100		95,576
3.80%, 4/15/24		250		231,191
3.90%, 2/01/25		250		229,881
6.25%, 3/15/38		50		49,806

Corporate Bonds	Par   (000)		Value
Oil, Gas & Consumable Fuels (continued)
Cenovus Energy, Inc.:
5.70%, 10/15/19	$	150	$	163,606
3.00%, 8/15/22		100		91,174
5.20%, 9/15/43		250		218,116
Chevron Corp.:
1.72%, 6/24/18		500		503,880
2.19%, 11/15/19		555		560,991
2.43%, 6/24/20		550		557,227
2.41%, 3/03/22		145		141,933
CNOOC Finance 2013 Ltd., 3.00%, 5/09/23		300		280,992
CNOOC Nexen Finance 2014 ULC, 4.25%, 4/30/24		500		503,800
ConocoPhillips Co.:
1.05%, 12/15/17		1,000		991,998
4.15%, 11/15/34		395		374,958
6.50%, 2/01/39		400		483,876
ConocoPhillips Holding Co., 6.95%, 4/15/29		100		123,902
Continental Resources, Inc.:
5.00%, 9/15/22		250		218,750
4.50%, 4/15/23		300		260,513
Devon Energy Corp.:
2.25%, 12/15/18		500		500,932
4.00%, 7/15/21		150		153,892
5.00%, 6/15/45		250		226,504
Diamond Offshore Drilling, Inc., 4.88%, 11/01/43		250		163,484
Ecopetrol SA:
7.63%, 7/23/19		100		109,720
5.38%, 6/26/26		250		218,125
5.88%, 5/28/45		250		190,625
Enable Midstream Partners LP, 2.40%, 5/15/19 (a)		350		332,470
Enbridge Energy Partners LP, 4.20%, 9/15/21		100		101,104
Enbridge, Inc., 3.50%, 6/10/24		65		58,772
Encana Corp., 3.90%, 11/15/21		700		644,902
Energy Transfer Partners LP:
9.70%, 3/15/19		44		52,494
5.20%, 2/01/22		250		251,167
3.60%, 2/01/23		150		135,039
4.90%, 2/01/24		250		238,355
4.75%, 1/15/26		500		460,043
4.90%, 3/15/35		250		201,942
5.95%, 10/01/43		150		132,572
EnLink Midstream Partners LP, 5.05%, 4/01/45		150		127,088
Enterprise Products Operating LLC:
2.55%, 10/15/19		500		498,567
3.90%, 2/15/24		125		122,725
3.75%, 2/15/25		40		38,121
3.70%, 2/15/26		210		198,439
5.95%, 2/01/41		150		154,528

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 221

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Corporate Bonds	Par   (000)		Value
Oil, Gas & Consumable Fuels (continued)
Enterprise Products Operating LLC (continued):
4.45%, 2/15/43	$	75	$	63,902
4.85%, 3/15/44		200		178,294
5.10%, 2/15/45		250		228,195
EOG Resources, Inc.:
5.63%, 6/01/19		150		168,903
3.15%, 4/01/25		80		78,592
EQT Corp., 4.88%, 11/15/21		50		50,910
Exxon Mobil Corp.:
2.40%, 3/06/22		500		497,886
3.18%, 3/15/24		250		258,158
2.71%, 3/06/25		250		244,714
Hess Corp.:
8.13%, 2/15/19		200		233,573
5.60%, 2/15/41		300		279,569
Husky Energy, Inc., 3.95%, 4/15/22		150		144,867
Kinder Morgan Energy Partners LP:
2.65%, 2/01/19		245		241,034
5.00%, 10/01/21		200		204,799
3.95%, 9/01/22		225		211,288
4.15%, 2/01/24		250		226,729
4.25%, 9/01/24		155		140,863
6.50%, 2/01/37		100		95,640
5.00%, 8/15/42		75		59,266
5.40%, 9/01/44		250		206,446
Kinder Morgan, Inc.:
3.05%, 12/01/19		250		245,457
4.30%, 6/01/25		160		143,736
5.30%, 12/01/34		250		212,889
5.55%, 6/01/45		250		207,659
5.05%, 2/15/46		250		198,361
Magellan Midstream Partners LP, 3.20%, 3/15/25		500		464,437
Marathon Oil Corp.:
5.90%, 3/15/18		100		108,013
2.80%, 11/01/22		400		357,992
3.85%, 6/01/25		250		221,324
Marathon Petroleum Corp.:
5.13%, 3/01/21		150		163,451
3.63%, 9/15/24		115		111,137
4.75%, 9/15/44		250		222,204
Murphy Oil Corp., 4.00%, 6/01/22		100		86,499
Nabors Industries, Inc.:
5.00%, 9/15/20		50		48,558
4.63%, 9/15/21		250		226,929
Nexen Energy ULC, 6.40%, 5/15/37		100		117,614
Noble Energy, Inc.:
4.15%, 12/15/21		150		150,943
5.25%, 11/15/43		250		222,127
Occidental Petroleum Corp.:
4.10%, 2/01/21		50		53,840

Corporate Bonds	Par   (000)		Value
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corp. (continued):
3.50%, 6/15/25	$	250	$	249,297
ONEOK Partners LP:
2.00%, 10/01/17		250		248,404
3.38%, 10/01/22		500		449,735
6.13%, 2/01/41		50		44,991
Petroleos Mexicanos:
3.50%, 7/18/18		350		353,850
3.13%, 1/23/19		250		244,687
4.88%, 1/24/22		400		396,084
3.50%, 1/30/23		400		360,000
4.50%, 1/23/26 (a)		500		460,950
6.50%, 6/02/41		300		275,940
6.38%, 1/23/45		750		673,800
Phillips 66:
4.65%, 11/15/34		355		345,574
5.88%, 5/01/42		100		108,238
Pioneer Natural Resources Co., 3.95%, 7/15/22		150		148,328
Plains All American Pipeline LP/PAA Finance Corp.:
2.85%, 1/31/23		250		229,346
5.15%, 6/01/42		50		46,309
4.70%, 6/15/44		250		219,523
Plains Exploration & Production Co., 6.50%, 11/15/20		162		146,105
Rowan Cos., Inc.:
4.75%, 1/15/24		50		36,627
5.40%, 12/01/42		100		59,288
Shell International Finance BV:
4.38%, 3/25/20		100		109,780
2.13%, 5/11/20		750		750,776
4.13%, 5/11/35		500		486,397
6.38%, 12/15/38		300		374,267
5.50%, 3/25/40		50		57,083
4.55%, 8/12/43		200		201,252
Southwestern Energy Co.:
4.05%, 1/23/20		500		497,144
4.10%, 3/15/22		100		90,460
Spectra Energy Capital LLC, 3.30%, 3/15/23		150		134,713
Spectra Energy Partners LP:
4.75%, 3/15/24		250		258,415
3.50%, 3/15/25		250		233,412
Statoil ASA:
1.95%, 11/08/18		250		251,563
2.65%, 1/15/24		500		477,687
3.70%, 3/01/24		250		256,924
5.10%, 8/17/40		100		110,158
Suncor Energy, Inc.:
6.10%, 6/01/18		200		220,848
3.60%, 12/01/24		165		163,587
6.50%, 6/15/38		250		299,526

222 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Corporate Bonds	Par   (000)		Value
Oil, Gas & Consumable Fuels (continued)
Sunoco Logistics Partners Operations LP:
4.95%, 1/15/43	$	250	$	192,629
5.30%, 4/01/44		100		80,882
Talisman Energy, Inc.:
3.75%, 2/01/21		300		282,919
5.50%, 5/15/42		50		38,626
TC PipeLines LP, 4.38%, 3/13/25		250		239,998
Tennessee Gas Pipeline Co. LLC, 7.50%, 4/01/17		100		107,347
Total Capital Canada Ltd., 2.75%, 7/15/23		150		143,954
Total Capital International SA:
1.50%, 2/17/17		100		100,874
2.13%, 1/10/19		350		356,258
2.75%, 6/19/21		250		253,989
2.70%, 1/25/23		500		486,703
Total Capital SA, 2.13%, 8/10/18		500		507,960
TransCanada PipeLines Ltd.:
1.88%, 1/12/18		1,000		1,004,527
4.63%, 3/01/34		250		239,313
5.00%, 10/16/43		150		145,982
Valero Energy Corp.:
6.13%, 2/01/20		150		170,083
6.63%, 6/15/37		300		329,539
Weatherford International Ltd.:
6.00%, 3/15/18		150		151,830
9.63%, 3/01/19		250		267,833
5.13%, 9/15/20		50		43,573
5.95%, 4/15/42		350		243,324
Williams Cos., Inc.:
7.88%, 9/01/21		31		31,499
3.70%, 1/15/23		100		77,547
4.55%, 6/24/24		45		35,682
5.75%, 6/24/44		250		172,668
Williams Partners LP:
4.00%, 11/15/21		250		240,147
4.30%, 3/04/24		250		226,821
3.90%, 1/15/25		250		215,270
4.00%, 9/15/25		250		216,530
				39,366,281
Paper & Forest Products — 0.1%
Celulosa Arauco y Constitucion SA, 4.75%, 1/11/22		50		50,789
Georgia-Pacific LLC, 8.88%, 5/15/31		25		35,924
International Paper Co.:
3.65%, 6/15/24		500		494,141
5.00%, 9/15/35		250		245,123
Westvaco Corp., 8.20%, 1/15/30		100		137,247
				963,224

Corporate Bonds	Par   (000)		Value
Personal Products — 0.0%
Colgate-Palmolive Co.:
1.75%, 3/15/19	$	250	$	252,446
3.25%, 3/15/24		250		259,646
				512,092
Pharmaceuticals — 1.1%
Abbott Laboratories, 2.55%, 3/15/22		1,000		987,864
AbbVie, Inc.:
1.75%, 11/06/17		300		300,891
2.00%, 11/06/18		150		150,572
2.50%, 5/14/20		500		499,899
4.50%, 5/14/35		450		434,387
4.40%, 11/06/42		400		365,507
4.70%, 5/14/45		250		242,559
Actavis Funding SCS:
2.35%, 3/12/18		750		752,984
3.45%, 3/15/22		155		153,223
4.55%, 3/15/35		130		119,608
4.85%, 6/15/44		250		227,857
4.75%, 3/15/45		500		453,977
Actavis, Inc., 3.25%, 10/01/22		150		146,278
Allergan, Inc., 1.35%, 3/15/18		250		245,585
AstraZeneca PLC:
5.90%, 9/15/17		100		108,955
1.95%, 9/18/19		500		503,768
6.45%, 9/15/37		100		129,256
Baxalta, Inc. (a):
2.88%, 6/23/20		500		499,813
4.00%, 6/23/25		100		100,155
Bristol-Myers Squibb Co.:
1.75%, 3/01/19		250		250,970
2.00%, 8/01/22		250		239,832
4.50%, 3/01/44		250		264,592
Eli Lilly & Co.:
1.95%, 3/15/19		250		253,536
2.75%, 6/01/25		45		44,307
3.70%, 3/01/45		250		235,387
GlaxoSmithKline Capital PLC, 2.85%, 5/08/22		150		149,741
GlaxoSmithKline Capital, Inc.:
5.65%, 5/15/18		100		110,890
6.38%, 5/15/38		300		380,914
Johnson & Johnson:
2.45%, 12/05/21		450		457,865
4.38%, 12/05/33		250		273,059
4.50%, 9/01/40		100		109,316
Merck & Co., Inc.:
3.88%, 1/15/21		250		268,823
2.75%, 2/10/25		70		68,134
4.15%, 5/18/43		250		247,369
3.70%, 2/10/45		400		366,998
Merck Sharp & Dohme Corp., 5.00%, 6/30/19		500		557,021

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 223

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Corporate Bonds	Par   (000)		Value
Pharmaceuticals (continued)
Mylan, Inc., 4.20%, 11/29/23	$	250	$	252,643
Novartis Capital Corp.:
4.40%, 4/24/20		100		110,709
3.40%, 5/06/24		650		672,787
Perrigo Co. PLC, 2.30%, 11/08/18		250		247,291
Perrigo Finance PLC, 3.90%, 12/15/24		250		246,226
Pfizer, Inc.:
1.10%, 5/15/17		850		851,567
1.50%, 6/15/18		500		502,007
4.30%, 6/15/43		500		495,197
4.40%, 5/15/44		250		251,159
Sanofi, 1.25%, 4/10/18		250		249,437
Teva Pharmaceutical Finance Co. BV:
2.40%, 11/10/16		200		202,415
3.65%, 11/10/21		113		114,372
2.95%, 12/18/22		59		56,507
Zoetis, Inc., 4.70%, 2/01/43		150		134,397
				15,088,606
Real Estate — 0.2%
AvalonBay Communities, Inc.:
2.95%, 9/15/22		100		98,464
3.45%, 6/01/25		100		98,565
Boston Properties LP:
3.70%, 11/15/18		200		209,573
3.13%, 9/01/23		250		243,135
Brandywine Operating Partnership LP, 3.95%, 2/15/23		250		246,743
Duke Realty LP, 3.63%, 4/15/23		250		246,648
Host Hotels & Resorts LP:
5.25%, 3/15/22		250		271,465
Series E, 4.00%, 6/15/25		190		187,294
Liberty Property LP, 4.40%, 2/15/24		250		259,828
Simon Property Group LP:
2.80%, 1/30/17		100		101,895
2.15%, 9/15/17		250		253,564
4.13%, 12/01/21		100		106,994
3.38%, 3/15/22		100		102,783
4.25%, 10/01/44		250		242,775
Ventas Realty LP/Ventas Capital Corp.:
2.70%, 4/01/20		250		248,944
4.25%, 3/01/22		100		104,373
				3,023,043
Real Estate Investment Trusts (REITs) — 0.4%
American Tower Corp.:
3.40%, 2/15/19		250		257,344
2.80%, 6/01/20		250		249,484
5.05%, 9/01/20		25		27,324
5.90%, 11/01/21		500		566,061

Corporate Bonds	Par   (000)		Value
Real Estate Investment Trusts (REITs) (continued)
American Tower Corp. (continued):
4.70%, 3/15/22	$	100	$	105,129
3.50%, 1/31/23		150		144,511
DDR Corp., 4.63%, 7/15/22		100		104,735
ERP Operating LP:
4.75%, 7/15/20		100		109,657
4.50%, 7/01/44		150		151,097
Essex Portfolio LP, 3.88%, 5/01/24		100		100,385
HCP, Inc.:
6.00%, 1/30/17		100		105,386
2.63%, 2/01/20		250		249,137
5.38%, 2/01/21		250		276,900
3.15%, 8/01/22		100		97,330
Healthcare Realty Trust, Inc., 3.75%, 4/15/23		150		146,835
Hospitality Properties Trust, 5.00%, 8/15/22		200		211,664
Kilroy Realty LP, 6.63%, 6/01/20		250		288,275
Kimco Realty Corp., 3.20%, 5/01/21		250		253,078
Mid-America Apartments LP, 4.30%, 10/15/23		200		205,370
Omega Healthcare Investors, Inc.:
5.88%, 3/15/24		250		260,625
4.50%, 4/01/27 (a)		250		237,927
Prologis LP, 4.50%, 8/15/17		500		524,626
Realty Income Corp., 4.65%, 8/01/23		250		263,753
Simon Property Group LP, 4.75%, 3/15/42		100		104,702
Welltower, Inc.:
4.13%, 4/01/19		200		211,402
5.25%, 1/15/22		50		54,794
4.00%, 6/01/25		250		249,926
Weyerhaeuser Co., 7.38%, 3/15/32		350		439,920
				5,997,377
Road & Rail — 0.3%
Burlington Northern Santa Fe LLC:
4.70%, 10/01/19		750		824,080
3.75%, 4/01/24		50		51,527
5.40%, 6/01/41		50		55,135
4.40%, 3/15/42		150		145,412
4.45%, 3/15/43		200		193,846
4.55%, 9/01/44		250		245,211
Canadian National Railway Co.:
1.45%, 12/15/16		50		50,309
2.95%, 11/21/24		305		300,363
3.50%, 11/15/42		100		89,747
Canadian Pacific Railway Co.:
2.90%, 2/01/25		250		236,060
5.75%, 1/15/42		25		28,312

224 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Corporate Bonds	Par   (000)		Value
Road & Rail (continued)
Canadian Pacific Railway Co. (continued):
4.80%, 8/01/45	$	110	$	110,199
CSX Corp.:
3.70%, 10/30/20		100		105,997
4.75%, 5/30/42		100		99,112
3.95%, 5/01/50		200		173,047
4.50%, 8/01/54		250		231,808
Norfolk Southern Corp.:
7.70%, 5/15/17		150		164,895
3.00%, 4/01/22		250		249,174
3.85%, 1/15/24		250		256,387
3.95%, 10/01/42		100		89,552
4.45%, 6/15/45		250		241,563
Union Pacific Corp.:
4.16%, 7/15/22		100		107,543
3.25%, 8/15/25		250		252,223
4.30%, 6/15/42		50		50,540
4.75%, 12/15/43		250		268,226
				4,620,268
Semiconductors & Semiconductor Equipment — 0.2%
Applied Materials, Inc.:
3.90%, 10/01/25		160		159,460
5.85%, 6/15/41		50		55,650
Intel Corp.:
1.35%, 12/15/17		300		299,464
4.80%, 10/01/41		300		310,275
4.90%, 7/29/45		500		517,584
KLA-Tencor Corp., 4.65%, 11/01/24		305		304,781
Lam Research Corp., 3.80%, 3/15/25		230		222,887
Maxim Integrated Products, Inc., 3.38%, 3/15/23		100		100,120
QUALCOMM, Inc.:
3.45%, 5/20/25		250		236,069
4.65%, 5/20/35		250		228,191
Seagate HDD Cayman:
3.75%, 11/15/18		125		127,879
4.75%, 6/01/23		250		246,736
Texas Instruments, Inc., 1.75%, 5/01/20		250		248,287
Xilinx, Inc., 3.00%, 3/15/21		75		76,297
				3,133,680
Software — 0.4%
Autodesk, Inc., 1.95%, 12/15/17		75		75,451
CA, Inc., 4.50%, 8/15/23		170		175,676
Microsoft Corp.:
1.63%, 12/06/18		250		253,313
1.85%, 2/12/20		500		503,148
3.00%, 10/01/20		50		52,659
3.50%, 2/12/35		165		153,424

Corporate Bonds	Par   (000)		Value
Software (continued)
Microsoft Corp. (continued):
5.30%, 2/08/41	$	100	$	116,257
3.75%, 5/01/43		150		138,037
4.00%, 2/12/55		500		452,963
Oracle Corp.:
1.20%, 10/15/17		750		751,262
5.75%, 4/15/18		150		165,639
2.25%, 10/08/19		500		505,766
3.88%, 7/15/20		100		107,835
3.25%, 5/15/30		250		235,097
4.30%, 7/08/34		250		250,651
3.90%, 5/15/35		500		474,393
5.38%, 7/15/40		150		167,009
4.50%, 7/08/44		250		252,668
Symantec Corp., 2.75%, 6/15/17		150		150,665
				4,981,913
Specialty Retail — 0.3%
Advance Auto Parts, Inc., 4.50%, 12/01/23		250		260,822
AutoZone, Inc.:
3.70%, 4/15/22		50		51,441
3.13%, 7/15/23		250		247,195
3.25%, 4/15/25		165		161,854
Bed Bath & Beyond, Inc., 5.17%, 8/01/44		250		236,784
Home Depot, Inc.:
2.00%, 6/15/19		350		353,812
4.40%, 4/01/21		150		165,408
3.25%, 2/01/25		250		249,892
3.35%, 9/15/25		45		45,826
5.88%, 12/16/36		100		122,907
4.20%, 4/01/43		250		252,471
4.40%, 3/15/45		250		258,412
Lowe’s Cos., Inc.:
1.63%, 4/15/17		200		202,353
4.63%, 4/15/20		100		110,478
3.12%, 4/15/22		100		102,051
5.00%, 9/15/43		150		165,326
4.25%, 9/15/44		250		247,758
Macy’s Retail Holdings, Inc.:
5.90%, 12/01/16		11		11,573
3.88%, 1/15/22		300		305,479
4.38%, 9/01/23		200		206,618
3.63%, 6/01/24		250		241,791
QVC, Inc., 5.45%, 8/15/34		200		178,697
Staples, Inc., 2.75%, 1/12/18		150		151,421
				4,330,369
Technology Hardware, Storage & Peripherals — 0.3%
Adobe Systems, Inc., 3.25%, 2/01/25		70		68,674

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 225

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Corporate Bonds	Par   (000)		Value
Technology Hardware, Storage & Peripherals (continued)
Apple, Inc.:
1.05%, 5/05/17	$	500	$	501,926
1.00%, 5/03/18		500		497,665
2.50%, 2/09/25		140		132,982
3.20%, 5/13/25		750		754,606
3.85%, 5/04/43		250		227,997
4.45%, 5/06/44		250		248,823
3.45%, 2/09/45		350		296,303
EMC Corp.:
1.88%, 6/01/18		250		250,620
2.65%, 6/01/20		250		252,397
Hewlett Packard Enterprise Co., 4.90%, 10/15/25 (a)(f)		250		249,312
Hewlett-Packard Co.:
3.30%, 12/09/16		150		153,062
2.75%, 1/14/19		500		507,863
4.65%, 12/09/21		100		106,047
6.00%, 9/15/41		150		147,456
NetApp, Inc.:
2.00%, 12/15/17		350		350,366
3.38%, 6/15/21		105		103,490
				4,849,589
Textiles, Apparel & Luxury Goods — 0.0%
VF Corp., 3.50%, 9/01/21		100		106,362
Tobacco — 0.3%
Altria Group, Inc.:
9.25%, 8/06/19		45		56,084
2.63%, 1/14/20		250		252,658
2.85%, 8/09/22		250		244,256
10.20%, 2/06/39		33		53,341
4.50%, 5/02/43		400		382,085
5.38%, 1/31/44		70		76,101
Philip Morris International, Inc.:
1.13%, 8/21/17		250		249,920
1.88%, 1/15/19		250		251,396
4.13%, 5/17/21		50		53,789
2.63%, 3/06/23		250		243,698
3.38%, 8/11/25		250		250,941
4.50%, 3/20/42		50		50,135
3.88%, 8/21/42		100		92,454
4.13%, 3/04/43		200		189,271
Reynolds American, Inc.:
6.88%, 5/01/20 (a)		250		292,779
3.25%, 6/12/20		250		257,133
5.70%, 8/15/35		75		81,500
4.75%, 11/01/42		150		143,931
6.15%, 9/15/43		150		170,336
5.85%, 8/15/45		250		278,142
				3,669,950

Corporate Bonds	Par   (000)		Value
Trading Companies & Distributors — 0.0%
GATX Corp.:
1.25%, 3/04/17	$	500	$	497,352
2.38%, 7/30/18		150		150,135
				647,487
Transportation Infrastructure — 0.1%
Ryder System, Inc.:
2.50%, 3/01/17		150		151,976
2.35%, 2/26/19		500		501,250
				653,226
Water Utilities — 0.0%
American Water Capital Corp.:
3.40%, 3/01/25		250		253,338
4.30%, 9/01/45		250		251,981
United Utilities PLC, 5.38%, 2/01/19		50		54,057
				559,376
Wireless Telecommunication Services — 0.1%
America Movil SAB de CV:
5.00%, 3/30/20		200		218,460
4.38%, 7/16/42		350		314,079
Rogers Communications, Inc.:
3.00%, 3/15/23		150		144,313
5.00%, 3/15/44		250		253,313
Vodafone Group PLC:
1.63%, 3/20/17		250		250,274
7.88%, 2/15/30		100		123,822
4.38%, 2/19/43		450		392,449
				1,696,710
Total Corporate Bonds — 25.4%				363,776,463
Foreign Agency Obligations
Asian Development Bank:
0.75%, 7/28/17		750		750,010
1.50%, 9/28/18		1,000		1,013,061
Brazilian Government International Bond:
8.00%, 1/15/18		69		72,917
5.88%, 1/15/19		250		261,875
4.88%, 1/22/21		650		632,125
2.63%, 1/05/23		250		202,500
4.25%, 1/07/25		750		656,250
5.63%, 1/07/41		300		243,000
5.00%, 1/27/45		500		373,750
Canada Government International Bond, 1.63%, 2/27/19		500		507,346
Colombia Government International Bond:
4.38%, 7/12/21		250		254,625

226 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Foreign Agency Obligations	Par   (000)		Value
Colombia Government International Bond (continued):
2.63%, 3/15/23	$	250	$	222,250
4.00%, 2/26/24		750		726,750
7.38%, 9/18/37		100		112,250
5.63%, 2/26/44		200		187,000
5.00%, 6/15/45		250		214,375
Corporacion Andina de Fomento, 1.50%, 8/08/17		143		142,944
Council of Europe Development Bank:
1.00%, 3/07/18		250		250,131
1.63%, 3/10/20		250		251,797
European Bank for Reconstruction & Development, 1.00%, 2/16/17		1,250		1,258,574
European Investment Bank:
1.25%, 10/14/16		100		100,747
1.75%, 3/15/17		500		507,808
0.88%, 4/18/17		1,500		1,504,033
1.63%, 6/15/17		500		507,402
1.00%, 8/17/17		1,500		1,505,745
1.00%, 3/15/18		250		250,214
1.00%, 6/15/18		250		249,725
1.13%, 8/15/18		1,000		1,001,391
1.88%, 3/15/19		500		510,553
1.75%, 6/17/19		500		507,872
1.38%, 6/15/20		1,000		993,711
Export Development Canada:
1.75%, 8/19/19		500		507,980
1.75%, 7/21/20		500		507,020
Inter-American Development Bank:
1.38%, 10/18/16		250		252,329
1.25%, 1/16/18		1,000		1,008,825
0.88%, 3/15/18		1,000		998,749
1.75%, 10/15/19		500		509,160
1.75%, 4/14/22		750		747,857
International Bank for Reconstruction & Development:
0.63%, 10/14/16		1,250		1,252,054
1.00%, 11/15/17		500		502,215
1.38%, 4/10/18		1,000		1,011,913
1.00%, 6/15/18		1,500		1,500,483
International Finance Corp.:
0.63%, 10/03/16		1,000		1,000,695
1.75%, 9/16/19		500		506,432
Israel Government International Bond, 4.50%, 1/30/43		200		200,820
Italian Government International Bond:
6.88%, 9/27/23		100		126,900
5.38%, 6/15/33		250		287,651
Japan Bank for International Cooperation, 2.13%, 2/07/19		200		204,570

Foreign Agency Obligations	Par   (000)		Value
KFW:
1.25%, 2/15/17	$	750	$	756,401
0.75%, 3/17/17		1,500		1,501,947
2.75%, 10/01/20		500		528,313
Mexico Government International Bond:
5.63%, 1/15/17		500		530,000
8.13%, 12/30/19		100		127,125
5.13%, 1/15/20		100		110,000
3.63%, 3/15/22		500		504,500
3.60%, 1/30/25		500		489,375
6.75%, 9/27/34		150		179,250
6.05%, 1/11/40		300		328,500
4.75%, 3/08/44		450		410,625
5.55%, 1/21/45		775		793,406
Nordic Investment Bank, 1.13%, 3/19/18		500		502,172
Panama Government International Bond:
5.20%, 1/30/20		350		377,563
3.75%, 3/16/25		500		483,750
6.70%, 1/26/36		350		416,500
Peruvian Government International Bond:
7.35%, 7/21/25		400		499,000
8.75%, 11/21/33		191		269,310
5.63%, 11/18/50		150		154,875
Philippine Government International Bond:
4.00%, 1/15/21		500		537,486
4.20%, 1/21/24		500		548,098
7.75%, 1/14/31		500		708,610
3.95%, 1/20/40		250		252,764
Poland Government International Bond:
6.38%, 7/15/19		250		289,415
3.00%, 3/17/23		200		199,631
4.00%, 1/22/24		250		264,375
Province of Manitoba Canada, 1.13%, 6/01/18		500		499,255
Province of Ontario Canada:
1.20%, 2/14/18		750		751,489
2.00%, 9/27/18		500		510,126
2.00%, 1/30/19		500		508,313
4.40%, 4/14/20		200		222,952
Province of Quebec Canada:
3.50%, 7/29/20		500		539,144
2.63%, 2/13/23		250		254,737
Republic of Korea, 4.13%, 6/10/44		250		285,750
South Africa Government International Bond:
4.67%, 1/17/24		200		198,000
5.38%, 7/24/44		200		186,250

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 227

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Foreign Agency Obligations	Par   (000)		Value
Svensk Exportkredit AB, 1.88%, 6/17/19	$	500	$	508,130
Turkey Government International Bond:
7.50%, 11/07/19		500		561,725
5.63%, 3/30/21		500		521,875
3.25%, 3/23/23		750		667,327
5.75%, 3/22/24		700		725,550
6.88%, 3/17/36		250		270,375
6.00%, 1/14/41		500		486,875
6.63%, 2/17/45		250		266,782
Uruguay Government International Bond:
8.00%, 11/18/22		150		185,625
4.50%, 8/14/24		250		252,500
5.10%, 6/18/50		250		219,375
Total Foreign Agency Obligations — 3.3%				47,483,530
Municipal Bonds
American Municipal Power, Inc., RB, Build America Bonds, Combined Hydroelectric Projects, Series B, 7.83%, 2/15/41		150		205,603
Bay Area Toll Authority, RB, Build America Bonds, San Francisco Toll Bridge:
Series S-1, 6.92%, 4/01/40		100		131,783
Series S-1, 7.04%, 4/01/50		100		137,105
Series S-3, 6.91%, 10/01/50		200		272,380
Chicago Transit Authority, RB, Series A, 6.90%, 12/01/40		100		112,456
City & County of Denver Colorado School District No. 1, COP, Refunding, Series B, 4.24%, 12/15/37		50		50,455
City & County of San Francisco California Public Utilities Commission Water Revenue, RB, Build America Bonds, Sub-Series G, 6.95%, 11/01/50		100		140,512
City of Los Angeles California Department of Water & Power, RB, Build America Bonds:
5.72%, 7/01/39		100		120,258
6.60%, 7/01/50		90		121,504
City of New York New York, GO, 5.97%, 3/01/36		100		123,084
City of New York New York Transitional Finance Authority, RB, Build America Bonds, Future Tax Secured, Sub-Series B-1, 5.57%, 11/01/38		100		121,031

Municipal Bonds	Par   (000)		Value
City Public Service Board of San Antonio Texas, RB, 4.43%, 2/01/42	$	170	$	180,096
Commonwealth of Massachusetts, GO, Build America Bonds, 5.46%, 12/01/39		100		121,326
Commonwealth of Pennsylvania, GO, Build America Bonds, 4.65%, 2/15/26		100		109,170
County Los Angeles California Metropolitan Transportation Authority, RB, Build America Bonds, 5.74%, 6/01/39		100		122,176
County of San Diego California Water Authority, RB, Build America Bonds, Series B, 6.14%, 5/01/49		100		125,837
County of Sonoma California, Refunding RB, Series A, 6.00%, 12/01/29		100		117,472
Dallas Area Rapid Transit, RB, Build America Bonds, Senior Lien, Series B, 5.02%, 12/01/48		160		186,654
District of Columbia, RB, Series E, 5.59%, 12/01/34		200		242,034
East Bay Municipal Utility District, RB, Build America Bonds, 5.87%, 6/01/40		100		125,416
Florida Hurricane Catastrophe Fund Finance Corp., RB, Series A, 3.00%, 7/01/20		100		102,293
Illinois State Toll Highway Authority, RB, Build America Bonds, 5.85%, 12/01/34		100		122,031
JobsOhio Beverage System, Refunding RB, Series B, 4.53%, 1/01/35		100		105,632
Los Angeles Community College District, GO, 6.75%, 8/01/49		100		138,202
Los Angeles Unified School District, GO, 6.76%, 7/01/34		150		197,235
Massachusetts Institute of Technology, 4.68%, 7/01/14		300		313,163
Massachusetts School Building Authority, RB, 5.72%, 8/15/39		100		122,274
Metropolitan Transportation Authority, RB, Build America Bonds, Series C-1, 6.69%, 11/15/40		305		394,350

228 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Municipal Bonds	Par   (000)		Value
Metropolitan Water Reclamation District of Greater Chicago, GO, Build America Bonds, 5.72%, 12/01/38	$	150	$	175,149
Municipal Electric Authority of Georgia Plant Vogtle Units 3 & 4, Refunding RB, Build America Bonds, Series A, 6.64%, 4/01/57		125		146,506
New Jersey EDA, RB, Series A (NPFGC), 7.43%, 2/15/29		200		226,906
New Jersey State Turnpike Authority, RB, Build America Bonds, Series F, 7.41%, 1/01/40		400		553,112
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Future Tax Secured, Build America Bonds, 5.77%, 8/01/36		100		120,854
New York City Water & Sewer System, RB, Build America Bonds, 2nd General Resolution, Fiscal 2020, Series DD, 5.95%, 6/15/42		115		147,132
New York State Dormitory Authority, RB, Build America Bonds, Series H, 5.43%, 3/15/39		135		159,227
New York State Urban Development Corp., RB, 5.77%, 3/15/39		200		243,380
North Texas Tollway Authority, RB, Build America Bonds, Series B, 6.72%, 1/01/49		100		135,360
Ohio State University, RB, Build America Bonds, Series C, 4.91%, 6/01/40		100		113,901
Ohio State Water Development Authority, RB, Build America Bonds, Series B-2, 4.88%, 12/01/34		100		112,820
Port Authority of New York & New Jersey, RB:
158th Series, 5.86%, 12/01/24		100		122,138
159th Series, 6.04%, 12/01/29		200		245,996
182nd Series, 5.31%, 8/01/46		100		106,513
Port Authority of New York & New Jersey, Refunding RB, 174th Series, 4.46%, 10/01/62		100		96,636

Municipal Bonds	Par   (000)		Value
Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series F, 6.58%, 5/15/49	$	100	$	128,362
Santa Clara Valley Transportation Authority, RB, Build America Bonds, Series A, 5.88%, 4/01/32		100		121,890
State of California, GO, Build America Bonds, Various Purpose:
7.50%, 4/01/34		145		203,333
7.55%, 4/01/39		675		975,544
7.35%, 11/01/39		100		139,462
7.60%, 11/01/40		200		293,438
State of Connecticut, GO, Build America Bonds, Series D, 5.09%, 10/01/30		150		167,868
State of Illinois, GO:
5.67%, 3/01/18		200		213,652
Pension, 5.10%, 6/01/33		900		843,489
State of Oregon, GO, Pension, 5.76%, 6/01/23		100		116,720
State of Texas, GO, Build America Bonds, Series A, 5.52%, 4/01/39		100		125,086
State of Washington, GO, Build America Bonds, Series D, 5.48%, 8/01/39		175		213,241
Texas Transportation Commission, RB, 1st Tier, Build America Bonds, Series B, 5.18%, 4/01/30		200		232,906
University of California, RB, Series AD, 4.86%, 5/15/12		300		289,809
University of California, Refunding RB, Series AJ, 4.60%, 5/15/31		150		161,789
University of California Medical Center, RB, Build America Bonds, Series H, 6.55%, 5/15/48		50		63,872
University of North Carolina at Chapel Hill, Refunding RB, 3.85%, 12/01/34		400		410,228
University of Virginia, RB, Build America Bonds, 6.20%, 9/01/39		140		191,937
Virginia Commonwealth Transportation Board, RB, Build America Bonds, Series A-2, 5.35%, 5/15/35		75		86,963
Total Municipal Bonds — 0.8%				12,046,751

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 229

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Non-Agency Mortgage-Backed Securities	Par   (000)		Value
Commercial Mortgage-Backed Securities — 1.4%
Banc of America Commercial Mortgage Trust, Series 2007-5, Class A4, 5.49%, 2/10/51	$	341	$	357,891
Bear Stearns Commercial Mortgage Securities Trust:
Series 2006-PW14, Class A4, 5.20%, 12/11/38		1,306		1,348,361
Series 2007-PW16, Class AM, 5.90%, 6/11/40 (d)		700		742,255
Series 2007-T26, Class A4, 5.47%, 1/12/45 (d)		1,245		1,303,579
Citigroup Commercial Mortgage Trust, Class A4:
Series 2013-GC17, 4.13%, 11/10/46		750		813,560
Series 2014-GC25, 3.64%, 10/10/47		500		521,179
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.32%, 12/11/49		600		619,516
Commercial Mortgage Trust:
Series 2013-CR09, Class A4, 4.23%, 7/10/45 (d)		700		773,959
Series 2013-CR12, Class A4, 4.05%, 10/10/46		300		324,918
Series 2014-UBS2, Class A5, 3.96%, 3/10/47		500		536,383
Series 2015-PC1, Class A5, 3.90%, 7/10/50		1,500		1,587,318
Credit Suisse Commercial Mortgage Trust Series, Series 2007-C3, Class A4, 5.89%, 6/15/39 (d)		220		230,038
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.74%, 12/10/49		348		365,436
GS Mortgage Securities Corp. II:
Series 2012-GCJ9, Class A3, 2.77%, 11/10/45		250		251,385
Series 2015-GC30, Class A4, 3.38%, 5/10/50		600		611,821
GS Mortgage Securities Trust, Series 2007-GG10, Class A4, 5.79%, 8/10/45 (d)		269		283,790
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C18, Class A5, 4.08%, 2/15/47		250		270,412

Non-Agency Mortgage-Backed Securities	Par   (000)		Value
Commercial Mortgage-Backed Securities (continued)
JPMBB Commercial Mortgage Securities Trust (continued):
Series 2014-C22, Class A4, 3.80%, 9/15/47	$	300	$	316,304
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2006-LDP9, Class A3, 5.34%, 5/15/47		860		888,748
Series 2011-C5, Class A3, 4.17%, 8/15/46		650		711,114
Series 2012-LC9, Class A3, 2.48%, 12/15/47		300		302,913
Series 2013-C16, Class A2, 3.07%, 12/15/46		850		882,265
Series 2014-C19, Class A2, 3.05%, 4/15/47		300		312,113
Series 2014-C20, Class A5, 3.80%, 7/15/47		1,400		1,484,594
LB-UBS Commercial Mortgage Trust, Series 2007-C7, Class A3, 5.87%, 9/15/45 (d)		261		281,465
ML-CFC Commercial Mortgage Trust, Series 2007-9, Class AM, 5.86%, 9/12/49 (d)		675		726,211
Morgan Stanley Capital I Trust, Series 2007-IQ14, Class A4, 5.69%, 4/15/49 (d)		1,500		1,564,936
Wells Fargo Commercial Mortgage Trust:
Series 2013-LC12, Class A4, 4.22%, 7/15/46 (d)		200		218,640
Series 2015-C27, Class A5, 3.45%, 2/15/48		1,500		1,533,700
WFRBS Commercial Mortgage Trust, Series 2013-C11, Class A5, 3.07%, 3/15/45		500		510,264
Total Non-Agency Mortgage-Backed Securities — 1.4%				20,675,068
U.S. Government Sponsored Agency Securities
Agency Obligations — 2.5%
Fannie Mae:
0.88%, 12/20/17 - 5/21/18		4,828		4,832,933
1.13%, 4/27/17 - 7/20/18		5,310		5,343,563
1.63%, 1/21/20		500		505,155
6.25%, 5/15/29		2,850		3,953,335
6.63%, 11/15/30		149		215,127
7.25%, 5/15/30		550		830,449
Federal Home Loan Bank:
0.63%, 12/28/16		5,000		5,010,555
5.50%, 7/15/36		100		132,230

230 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

U.S. Government Sponsored Agency Securities	Par   (000)		Value
Agency Obligations (continued)
Federal Home Loan Mortgage Corp., 0.75%, 1/12/18	$	2,000	$	1,998,324
Financing Corp., 8.60%, 9/26/19		200		255,134
Freddie Mac:
0.88%, 3/07/18		1,500		1,501,272
1.75%, 5/30/19		420		428,532
2.38%, 1/13/22		7,430		7,652,224
4.88%, 6/13/18		250		276,211
6.25%, 7/15/32		1,300		1,836,607
Tennessee Valley Authority:
3.50%, 12/15/42		140		133,657
6.25%, 12/15/17		400		446,493
				35,351,801
Commercial Mortgage-Backed Securities — 0.4%
Fannie Mae, Class A2 (d):
Series 2014-M6, 2.68%, 5/25/21		150		155,259
Series 2014-M13, 3.02%, 8/25/24		500		516,952
Freddie Mac:
Series K713, Class A2, 2.31%, 3/25/20		300		307,258
Series K026, Class A2, 2.51%, 11/25/22		200		202,369
Series K038, Class A1, 2.60%, 10/25/23		234		242,945
Series K014, Class A1, 2.79%, 10/25/20		127		131,955
Series K017, Class A2, 2.87%, 12/25/21		500		522,933
Series K033, Class A2, 3.06%, 7/25/23 (d)		100		104,303
Series K031, Class A2, 3.30%, 4/25/23 (d)		100		106,057
Series K006, Class A1, 3.40%, 7/25/19		411		428,643
Series K004, Class A1, 3.41%, 5/25/19		452		471,644
Series K037, Class A2, 3.49%, 1/25/24		200		213,696
Series K034, Class A2, 3.53%, 7/25/23 (d)		1,400		1,505,055
Series K003, Class A5, 5.09%, 3/25/19		300		335,348
Freddie Mac Mortgage-Backed Securities, Series K013, Class A2, 3.97%, 1/25/21		500		550,561
				5,794,978
Mortgage-Backed Securities — 29.6%
Fannie Mae Mortgage-Backed Securities:
1.89%, 4/01/43 (d)		349		359,876

U.S. Government Sponsored Agency Securities	Par   (000)		Value
Mortgage-Backed Securities (continued)
Fannie Mae Mortgage-Backed Securities (continued):
1.93%, 5/01/43 (d)	$	809	$	835,349
2.06%, 6/01/43 (d)		793		809,377
2.48%, 8/01/42 (d)		275		284,761
2.50%, 9/01/28 - 10/01/45 (g)		15,981		16,282,140
2.80%, 8/01/41 (d)		88		93,276
3.00%, 1/01/27 - 10/01/45 (g)		49,236		50,469,671
3.13%, 11/01/40 (d)		42		44,118
3.50%, 2/01/26 - 10/01/45 (g)		51,082		53,476,418
4.00%, 10/01/25 - 10/01/45 (g)		37,726		40,331,445
4.50%, 5/01/24 - 10/01/45 (g)		17,339		18,752,622
5.00%, 1/01/19 - 10/01/45 (g)		14,021		15,419,532
5.50%, 3/01/34 - 10/01/45 (g)		7,639		8,542,289
6.00%, 3/01/34 - 10/01/45 (g)		8,040		9,087,800
6.50%, 7/01/32		202		235,920
7.00%, 2/01/32		41		46,130
Freddie Mac Mortgage-Backed Securities:
1.76%, 6/01/43 (d)		187		191,395
2.45%, 9/01/40 (d)		66		70,612
2.50%, 7/01/28 - 10/01/30 (g)		6,846		6,986,490
3.00%, 3/01/27 - 10/01/45 (g)		21,195		21,695,544
3.01%, 8/01/41 (d)		50		52,958
3.50%, 10/01/30 - 10/01/45 (g)		28,299		29,549,445
4.00%, 5/01/19 - 10/01/45 (g)		19,367		20,598,433
4.50%, 4/01/18 - 10/01/45 (g)		10,517		11,362,925
5.00%, 10/01/18 - 10/01/45 (g)		2,213		2,429,742
5.50%, 6/01/35 - 10/01/45 (g)		3,475		3,857,003
6.50%, 6/01/31		96		109,296
8.00%, 12/01/24		201		223,710
Ginnie Mae Mortgage-Backed Securities:
2.50%, 5/20/45		1,239		1,224,028
3.00%, 5/15/43 - 10/01/45 (g)		20,766		21,192,136
3.50%, 9/20/42 - 10/01/45 (g)		41,077		43,059,847

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 231

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

U.S. Government Sponsored Agency Securities	Par   (000)		Value
Mortgage-Backed Securities (continued)
Ginnie Mae Mortgage-Backed Securities (continued):
4.00%, 3/15/41 - 10/01/45 (f)	$	22,330	$	23,801,968
4.50%, 7/15/39 - 10/01/45 (f)		13,645		14,735,390
5.00%, 11/15/39 - 10/01/45 (f)		5,752		6,380,166
5.50%, 12/15/32 - 7/20/40		668		747,012
6.00%, 3/15/35 - 10/20/38		416		472,586
6.50%, 9/15/36		194		222,087
7.50%, 12/15/23		203		234,809
				424,268,306
Total U.S. Government Sponsored Agency Securities — 32.5%				465,415,085
U.S. Treasury Obligations
U.S. Treasury Bonds:
8.75%, 5/15/17		2,100		2,377,538
8.75%, 8/15/20		400		539,104
6.25%, 8/15/23		50		66,124
7.63%, 2/15/25		375		556,104
6.50%, 11/15/26		400		573,594
6.13%, 11/15/27		2,080		2,951,705
6.13%, 8/15/29		2,500		3,637,305
5.38%, 2/15/31		1,500		2,081,759
4.75%, 2/15/37		2,500		3,389,910
4.38%, 2/15/38		2,500		3,214,845
4.50%, 5/15/38		1,000		1,308,464
3.50%, 2/15/39		1,300		1,466,360
4.25%, 5/15/39		2,775		3,497,366
4.50%, 8/15/39		1,700		2,217,659
4.38%, 11/15/39		1,800		2,309,719
4.63%, 2/15/40		1,230		1,634,522
4.38%, 5/15/40		1,650		2,117,628
3.88%, 8/15/40		860		1,024,296
4.25%, 11/15/40		2,028		2,556,758
4.75%, 2/15/41		200		271,240
4.38%, 5/15/41		610		786,328
3.75%, 8/15/41		1,550		1,819,313
3.13%, 11/15/41		400		421,792
3.13%, 2/15/42		4,850		5,104,247
3.00%, 5/15/42		480		492,450
2.75%, 8/15/42		750		731,270
2.75%, 11/15/42		4,200		4,089,095
3.13%, 2/15/43		3,050		3,194,082
2.88%, 5/15/43		250		249,199
3.63%, 8/15/43		2,500		2,877,345
3.75%, 11/15/43		1,700		2,001,529
3.63%, 2/15/44		1,000		1,149,974
3.38%, 5/15/44		1,600		1,756,042

U.S. Treasury Obligations	Par   (000)		Value
U.S. Treasury Bonds (continued):
3.00%, 11/15/44	$	4,500	$	4,595,274
2.50%, 2/15/45		4,500		4,142,695
3.00%, 5/15/45		7,800		7,982,200
U.S. Treasury Notes:
2.75%, 11/30/16		5,135		5,272,202
0.63%, 12/15/16		4,000		4,008,436
0.63%, 12/31/16		4,000		4,007,864
0.88%, 12/31/16		9,750		9,798,877
3.25%, 12/31/16		4,500		4,655,272
0.88%, 1/31/17		7,600		7,639,383
0.63%, 2/15/17		15,200		15,228,302
4.63%, 2/15/17		3,650		3,855,929
0.88%, 2/28/17		2,950		2,965,287
1.00%, 3/31/17		5,000		5,036,460
0.88%, 4/15/17		4,000		4,020,208
0.63%, 5/31/17		6,500		6,504,823
2.75%, 5/31/17		5,000		5,179,690
0.63%, 6/30/17		7,000		7,004,011
0.75%, 6/30/17		1,510		1,514,148
2.50%, 6/30/17		3,280		3,388,778
0.88%, 7/15/17		4,000		4,018,804
0.50%, 7/31/17		900		898,336
2.38%, 7/31/17		3,000		3,096,837
4.75%, 8/15/17		3,800		4,090,989
0.63%, 8/31/17		521		520,980
1.88%, 8/31/17		1,870		1,913,681
1.00%, 9/15/17		9,000		9,063,396
0.88%, 10/15/17		4,710		4,729,504
1.88%, 10/31/17		5,000		5,122,655
0.88%, 11/15/17		14,000		14,049,588
2.25%, 11/30/17		7,000		7,229,873
1.00%, 12/15/17		8,344		8,395,716
2.63%, 1/31/18		2,000		2,085,208
1.00%, 2/15/18		4,500		4,524,142
0.75%, 2/28/18		4,500		4,496,778
2.75%, 2/28/18		1,300		1,361,073
1.00%, 3/15/18		5,000		5,025,975
0.75%, 4/15/18		9,000		8,985,231
0.63%, 4/30/18		1,500		1,492,305
2.63%, 4/30/18		5,000		5,228,190
1.00%, 5/15/18		7,000		7,028,070
2.25%, 7/31/18		3,000		3,114,297
4.00%, 8/15/18		500		544,440
1.38%, 9/30/18		2,400		2,431,063
1.25%, 10/31/18		700		705,979
1.75%, 10/31/18		2,250		2,304,200
1.38%, 12/31/18		4,030		4,075,547
1.50%, 12/31/18		4,815		4,889,358
1.25%, 1/31/19		6,400		6,442,502
1.63%, 3/31/19		1,500		1,527,500
1.25%, 4/30/19		4,300		4,323,069
1.13%, 5/31/19		1,880		1,880,220
1.00%, 6/30/19		2,000		1,990,156
1.63%, 6/30/19		2,000		2,035,338

232 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

U.S. Treasury Obligations	Par   (000)		Value
U.S. Treasury Notes (continued):
0.88%, 7/31/19	$	1,500	$	1,483,398
1.00%, 8/31/19		2,300		2,283,619
1.63%, 8/31/19		2,000		2,034,322
3.38%, 11/15/19		3,100		3,367,133
1.50%, 11/30/19		6,500		6,569,062
1.13%, 12/31/19		4,750		4,722,664
1.63%, 12/31/19		12,500		12,687,500
1.38%, 1/31/20		750		753,047
3.63%, 2/15/20		2,500		2,746,452
1.25%, 2/29/20		6,200		6,187,569
1.38%, 2/29/20		5,700		5,725,975
1.13%, 3/31/20		1,500		1,488,086
1.13%, 4/30/20		2,700		2,676,305
1.38%, 4/30/20		6,200		6,216,467
1.38%, 5/31/20		4,400		4,407,907
1.88%, 6/30/20		2,000		2,047,240
2.00%, 7/31/20		6,500		6,691,275
2.63%, 8/15/20		4,140		4,381,337
2.13%, 8/31/20		4,000		4,139,272
1.75%, 10/31/20		500		507,813
2.00%, 11/30/20		8,300		8,525,005
2.38%, 12/31/20		1,500		1,568,165
2.13%, 1/31/21		2,800		2,889,468
3.63%, 2/15/21		2,310		2,562,987
2.00%, 2/28/21		7,700		7,893,901
2.25%, 3/31/21		7,500		7,786,522
2.00%, 8/31/21		4,500		4,599,963
2.13%, 9/30/21		4,900		5,041,639
2.00%, 11/15/21		3,700		3,775,735
1.88%, 11/30/21		11,000		11,142,373
2.13%, 12/31/21		7,000		7,188,307
1.50%, 1/31/22		6,000		5,932,812
2.00%, 2/15/22		1,500		1,530,137
1.75%, 3/31/22		9,100		9,122,513
1.75%, 4/30/22		3,000		3,005,625
2.13%, 6/30/22		8,000		8,208,336
1.63%, 8/15/22		3,000		2,974,608
1.88%, 8/31/22		2,000		2,016,928
1.63%, 11/15/22		1,000		990,312
1.75%, 5/15/23		1,000		991,484
2.75%, 11/15/23		2,500		2,661,653
2.50%, 5/15/24		2,300		2,395,774
2.38%, 8/15/24		7,500		7,724,610
2.25%, 11/15/24		8,980		9,147,908
2.00%, 2/15/25		11,984		11,937,190
4.50%, 2/15/36		1,616		2,118,938
Total U.S. Treasury Obligations — 36.6%				523,734,841

Preferred Securities	Par   (000)		Value
Insurance — 0.0%
Prudential Financial, Inc., 5.63% (d)	$	100	$	103,200
Chubb Corp., 6.00%		50		61,214
XL Group PLC, Series E, 6.50% (d)(h)		150		119,100
				283,514
Total Preferred Securities — 0.0%				283,514
Total Long-Term Investments (Cost — $1,431,650,492) — 100.5%				1,439,991,591
Short-Term Securities	Shares
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (b)(i)		199,216		199,215,867
BlackRock Cash Funds: Prime, SL Agency Shares, 0.17% (b)(i)(j)		675,000		675,000
Total Short-Term Securities (Cost — $199,890,867) — 14.0%				199,890,867
Total Investments Before TBA Sale Commitments (Cost — $1,631,541,359) — 114.5%				1,639,882,458
TBA Sale Commitments (g)	Par   (000)
Fannie Mae Mortgage-Backed Securities:
3.00%, 10/19/30		2,400		(2,498,625	)
3.50%, 10/14/45		7,126		(7,431,082	)
4.00%, 10/14/45		2,509		(2,675,613	)
Ginnie Mae Mortgage-Backed Securities, TBA, 3.50%, 10/21/45 (g)		5,593		(5,857,794	)
Total TBA Sale Commitments (Proceeds — $18,408,322) — 1.3%				(18,463,114	)
Total Investments, Net of TBA Sale Commitments (Cost — $1,613,133,037*) — 113.2%				1,621,419,344
Liabilities in Excess of Other Assets — (13.2)%				(189,028,336	)
Net Assets — 100.0%			$	1,432,391,008

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

Tax cost	$	1,431,686,873
Gross unrealized appreciation	$	19,560,142
Gross unrealized depreciation		(11,255,425	)
Net unrealized appreciation	$	8,304,717

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 233

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) 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.

(b) During the period ended September 30, 2015, investments in issuers considered to be affiliates of the Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/Par Held at December 31, 2014		Shares/Par Purchased			Shares/Par Sold			Shares/Par Held at September 30, 2015		Value at September 30, 2015		Income
BlackRock Cash Funds: Institutional, SL Agency Shares		251,106,435		—			(51,890,568	)1		199,215,867	$	199,215,867	$	336,923
BlackRock Cash Funds: Prime, SL Agency Shares		—		675,000	2		—			675,000	$	675,000	$	2,337	3
PNC Bank NA, 2.20%, 1/28/19	$	500,000		—			—		$	500,000	$	505,391	$	8,250
PNC Bank NA, 2.25%, 7/02/19	$	350,000		—			—		$	350,000	$	352,182	$	5,906
PNC Bank NA, 2.30%, 6/01/20		—	$	500,000			—		$	500,000	$	496,786	$	2,715
PNC Bank NA, 2.95%, 1/30/23	$	250,000		—			—		$	250,000	$	244,538	$	5,531
PNC Funding Corp., 5.63%, 2/01/17	$	150,000		—			—		$	150,000	$	157,971	$	6,328
PNC Funding Corp., 3.30%, 3/08/22	$	150,000		—			—		$	150,000	$	154,461	$	3,713
1  Represents net shares sold.
2  Represents net shares purchased.
3  Represents 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.

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

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

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

(f) When-issued security.

(g) Represents or includes a TBA transaction. Unsettled TBA transactions as of period end were as follows:

234 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

Counterparty	Value			Unrealized Appreciation (Depreciation)
Bank of America Securities LLC	$	639,844		$	3,047
Barclays Capital, Inc.	$	2,740,103		$	6,345
Citigroup Global Markets, Inc.	$	7,602,469		$	29,516
Credit Suisse Securities (USA) LLC	$	24,999,738		$	88,445
Deutsche Bank Securities, Inc.	$	13,419,406		$	62,291
Goldman Sachs & Co.	$	9,313,104		$	35,200
J.P. Morgan Securities LLC	$	43,330,670		$	178,852
Morgan Stanley & Co. LLC	$	35,573,072		$	131,512
Nomura Securities International, Inc.	$	37,511,380		$	177,639
RBC Capital Markets, LLC	$	(4,903,304	)	$	(8,955	)
Wells Fargo Securities LLC	$	1,802,589		$	19,527

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

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

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

Portfolio Abbreviations

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

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 235

Schedule of Investments (continued) BlackRock U.S. Total Bond Index 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 Master Portfolio 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 Master Portfolio’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. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as level 3.

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.

As of period end, 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 Investments1:
Asset-Backed Securities		—	$	6,576,339			—	$	6,576,339
Corporate Bonds		—		363,776,463			—		363,776,463
Foreign Agency Obligations		—		47,483,530			—		47,483,530
Municipal Bonds		—		12,046,751			—		12,046,751
Non-Agency Mortgage-Backed Securities		—		20,675,068			—		20,675,068
Preferred Securities		—		283,514			—		283,514
U.S. Government Sponsored Agency Securities		—		465,415,085			—		465,415,085
U.S. Treasury Obligations		—		523,734,841			—		523,734,841
Short-Term Securities
Money Market funds	$	199,890,867		—			—		199,890,867
Liabilities:
Investments:
TBA Sale Commitments		—		(18,463,114	)		—		(18,463,114	)
Total	$	199,890,867	$	1,421,528,477			—	$	1,621,419,344

236 MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015

Schedule of Investments (continued) BlackRock U.S. Total Bond Index Master Portfolio

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

	Level 1		Level 2			Level 3		Total
Liabilities:
Cash received as collateral for TBA commitments		—	$	(80,000	)		—	$	(80,000	)
Collateral on securities loaned at value		—		(675,000	)		—		(675,000	)
Total		—	$	(755,000	)		—	$	(755,000	)
Duringthe period ended September 30, 2015, there were no transfers between levels.

MASTER INVESTMENT PORTFOLIO SEPTEMBER 30, 2015 237

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 23, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of each registrant and in the capacities and on the dates indicated.

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Funds III and Master Investment Portfolio

Date: November 23, 2015

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Funds III and Master Investment Portfolio

Date: November 23, 2015