| Schedule of Investments (unaudited) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
| 2 |
| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
| 3 |
| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
| 4 |
| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
| 5 |
| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
| 6 |
| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
| 7 |
| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
| 8 |
| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
| 16 |
| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
| 17 |
| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
| 18 |
| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
| 19 |
| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
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| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
| 21 |
| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
| 22 |
| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio (Percentages shown are based on Net Assets) |
| 23 |
| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio |
| (a) | Non-income producing security. |
| (b) | Security, or a portion of the security, is on loan. |
| (c) | A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
| (d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (e) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (f) | Annualized 7-day yield as of period end. |
| (g) | All or a portion of the security was purchased with the cash collateral from loaned securities. |
| (h) | Investments in issuers considered to be an affiliate/affiliates of the Master Portfolio during the period ended March 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
| Affiliated Issuer | Shares Held at 12/31/19 |
Shares Purchased |
Shares Sold |
Shares Held at 03/31/20 |
Value at 03/31/20 |
Income | Net Realized Gain (Loss)(a) |
Change
in Appreciation |
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| BlackRock Cash Funds: Institutional, SL Agency Shares |
18,171,935 | 3,022,891 | (b) | — | 21,194,826 | $ | 21,190,587 | $ | 62,498 | (c) | $ | (9,962 | ) | $ | (2,655 | ) | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares |
13,177,912 | — | (9,060,416 | )(b) | 4,117,496 | 4,117,496 | 27,170 | — | — | |||||||||||||||||||||||
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| $ | 25,308,083 | $ | 89,668 | $ | (9,962 | ) | $ | (2,655 | ) | |||||||||||||||||||||||
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| (a) | Includes net capital gain distributions, if applicable. |
| (b) | Represents net shares purchased (sold). |
| (c) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
| Portfolio Abbreviations | ||
| ADR | American Depositary Receipts | |
| AGC | Assured Guarantee Corp. | |
| ALL | Albanian Lek | |
| CVR | LekCertificaten 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 | |
| PCL | Public Company Limited | |
| REIT | Real Estate Investment Trust | |
| S&P | Standard & Poor’s | |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description |
Number of |
Expiration Date |
Notional Amount (000) |
Value / Appreciation |
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| Long Contracts |
| |||||||||||||||
| S&P/TSX 60 Index |
32 | 06/18/20 | $ | 926 | $ | 52,331 | ||||||||||
| E-Mini MSCI EAFE Index |
92 | 06/19/20 | 7,173 | 465,521 | ||||||||||||
| MSCI Emerging Markets Index |
42 | 06/19/20 | 1,770 | 64,048 | ||||||||||||
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| $ | 581,900 | |||||||||||||||
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| Schedule of Investments (unaudited) (continued) March 31, 2020 |
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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) 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. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. 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 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: |
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| Investments: |
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| Common Stocks: |
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| Argentina |
$ | 278,658 | $ | — | $ | — | $ | 278,658 | ||||||||
| Australia |
— | 34,830,153 | 4,232 | 34,834,385 | ||||||||||||
| Austria |
— | 896,588 | — | 896,588 | ||||||||||||
| Belgium |
— | 4,591,355 | — | 4,591,355 | ||||||||||||
| Brazil |
7,522,473 | — | — | 7,522,473 | ||||||||||||
| Canada |
50,399,366 | — | — | 50,399,366 | ||||||||||||
| Chile |
1,298,776 | 173,121 | — | 1,471,897 | ||||||||||||
| China |
27,396,281 | 63,896,072 | — | 91,292,353 | ||||||||||||
| Colombia |
347,585 | 129,555 | — | 477,140 | ||||||||||||
| Czech Republic |
— | 207,797 | — | 207,797 | ||||||||||||
| Denmark |
— | 11,666,497 | — | 11,666,497 | ||||||||||||
| Egypt |
— | 186,754 | — | 186,754 | ||||||||||||
| Finland |
— | 6,151,212 | — | 6,151,212 | ||||||||||||
| France |
— | 54,539,549 | — | 54,539,549 | ||||||||||||
| Germany |
— | 40,312,366 | — | 40,312,366 | ||||||||||||
| Greece |
— | 480,134 | 2 | 480,136 | ||||||||||||
| Hong Kong |
53,604 | 18,494,768 | — | 18,548,372 | ||||||||||||
| Hungary |
— | 565,871 | — | 565,871 | ||||||||||||
| India |
1,332,142 | 16,057,361 | — | 17,389,503 | ||||||||||||
| Indonesia |
— | 3,364,425 | — | 3,364,425 | ||||||||||||
| Ireland |
915,388 | 2,124,660 | — | 3,040,048 | ||||||||||||
| Israel |
1,312,591 | 1,762,367 | — | 3,074,958 | ||||||||||||
| Italy |
— | 10,144,615 | — | 10,144,615 | ||||||||||||
| Japan |
175,541 | 138,163,339 | — | 138,338,880 | ||||||||||||
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| Schedule of Investments (unaudited) (continued) March 31, 2020 |
Total International ex U.S. Index Master Portfolio |
Fair Value Hierarchy as of Period End (continued)
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Common Stock (continued): |
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| Luxembourg |
$ | — | $ | 951,013 | $ | — | $ | 951,013 | ||||||||
| Macau |
— | 1,060,108 | — | 1,060,108 | ||||||||||||
| Malaysia |
91,815 | $ | 4,189,091 | — | 4,280,906 | |||||||||||
| Mexico |
4,141,844 | — | — | 4,141,844 | ||||||||||||
| Netherlands |
2,802,547 | 20,468,921 | — | 23,271,468 | ||||||||||||
| New Zealand |
— | 1,579,175 | — | 1,579,175 | ||||||||||||
| Norway |
— | 2,928,322 | — | 2,928,322 | ||||||||||||
| Pakistan |
6,277 | 79,949 | — | 86,226 | ||||||||||||
| Peru |
715,681 | — | — | 715,681 | ||||||||||||
| Philippines |
— | 1,721,738 | — | 1,721,738 | ||||||||||||
| Poland |
— | 1,613,227 | — | 1,613,227 | ||||||||||||
| Portugal |
— | 1,063,248 | — | 1,063,248 | ||||||||||||
| Qatar |
— | 2,069,906 | — | 2,069,906 | ||||||||||||
| Romania |
90,153 | — | — | 90,153 | ||||||||||||
| Russia |
191,695 | 6,867,161 | — | 7,058,856 | ||||||||||||
| Saudi Arabia |
439,112 | 5,215,350 | — | 5,654,462 | ||||||||||||
| Singapore |
— | 6,337,590 | — | 6,337,590 | ||||||||||||
| South Africa |
928,817 | 7,829,171 | — | 8,757,988 | ||||||||||||
| South Korea |
— | 24,559,290 | — | 24,559,290 | ||||||||||||
| Spain |
50,554 | 13,534,143 | — | 13,584,697 | ||||||||||||
| Sweden |
— | 13,337,679 | — | 13,337,679 | ||||||||||||
| Switzerland |
— | 57,613,944 | — | 57,613,944 | ||||||||||||
| Taiwan |
— | 27,097,030 | — | 27,097,030 | ||||||||||||
| Thailand |
— | 4,833,471 | — | 4,833,471 | ||||||||||||
| Turkey |
168,543 | 668,322 | — | 836,865 | ||||||||||||
| United Arab Emirates |
— | 1,272,860 | — | 1,272,860 | ||||||||||||
| United Kingdom |
386,221 | 69,749,978 | — | 70,136,199 | ||||||||||||
| United States |
627,004 | 1,102,150 | — | 1,729,154 | ||||||||||||
| Zambia |
152,649 | — | — | 152,649 | ||||||||||||
| Preferred Securities(a) |
3,515,510 | 4,149,264 | — | 7,664,774 | ||||||||||||
| Short-Term Securities |
25,308,083 | — | — | 25,308,083 | ||||||||||||
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| $ | 130,648,910 | $ | 690,630,660 | $ | 4,234 | $ | 821,283,804 | |||||||||
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| Derivative Financial Instruments(b) |
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| Assets: |
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| Equity contracts |
$ | 581,900 | $ | — | $ | — | $ | 581,900 | ||||||||
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| (a) | See above Schedule of Investments for values in each country. |
| (b) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
| 26 |