Schedule of Investments (unaudited)  September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
American Express Credit Account Master Trust, Series 2019-1, Class A, 2.87%, 10/15/24	$	4,530	$	4,704,400
Americredit Automobile Receivables Trust,
Series 2018-1, Class D, 3.82%, 03/18/24		4,000		4,207,569
Citibank Credit Card Issuance Trust,
Series 2016-A2, Class A2, 2.19%, 11/20/23		9,750		9,966,017
GM Financial Consumer Automobile Receivables Trust
Series 2020-2, Class A3, 1.49%, 12/16/24		27		27,539
Series 2020-2, Class A4, 1.74%, 08/18/25		2,365		2,448,675
Honda Auto Receivables Owner Trust
Series 2017-4, Class A4, 2.21%, 03/21/24		6,525		6,593,378
Series 2020-2, Class A4, 1.09%, 10/15/26		5,000		5,094,470
Nissan Auto Lease Trust, Series 2020-A, Class A4, 1.88%, 04/15/25		930		951,644
Nissan Auto Receivables Owner Trust,
Series 2019-B, Class A4, 2.54%, 12/15/25		6,000		6,299,333
Santander Drive Auto Receivables Trust,
Series 2020-1, Class C, 4.11%, 12/15/25		51		54,855
Synchrony Credit Card Master Note Trust,
Series 2018-2, Class A, 3.47%, 05/15/26		3,415		3,647,839
Total Asset-Backed Securities — 0.3% (Cost: $42,641,570)				43,995,719
Corporate Bonds
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc.
4.20%, 04/15/24(a)		250		277,382
4.75%, 03/30/30		1,000		1,200,704
Omnicom Group Inc., 2.45%, 04/30/30(a)		700		720,027
Omnicom Group, Inc/Omnicom Capital, Inc.
3.63%, 05/01/22		125		130,915
3.65%, 11/01/24(a)		70		77,010
3.60%, 04/15/26(a)		500		563,743
				2,969,781
Aerospace & Defense — 0.8%
3M Co.
2.00%, 06/26/22		500		514,635
1.75%, 02/14/23		500		517,000
2.00%, 02/14/25(a)		1,000		1,060,476
3.00%, 08/07/25(a)		250		277,896
2.88%, 10/15/27(a)		750		832,809
2.38%, 08/26/29(a)		985		1,065,332
3.13%, 09/19/46		250		267,596
3.63%, 10/15/47		600		704,739
4.00%, 09/14/48(a)		1,000		1,251,816
3.25%, 08/26/49(a)		430		478,237
3.70%, 04/15/50		500		605,283
Boeing Co.
2.35%, 10/30/21		75		75,980
2.13%, 03/01/22		250		251,794
4.51%, 05/01/23		2,000		2,108,680
1.88%, 06/15/23		500		499,018
4.88%, 05/01/25		2,000		2,176,250
3.10%, 05/01/26(a)		1,000		997,541
2.70%, 02/01/27		230		224,314
2.80%, 03/01/27		1,000		975,729
5.04%, 05/01/27		2,000		2,201,821
3.20%, 03/01/29		1,000		984,843

Security	Par (000)		Value
Aerospace & Defense (continued)
Boeing Co. (continued)
2.95%, 02/01/30	$	570	$	551,662
5.15%, 05/01/30		3,000		3,372,026
6.13%, 02/15/33(a)		100		118,646
3.25%, 02/01/35(a)		1,600		1,503,949
3.30%, 03/01/35(a)		65		61,127
5.71%, 05/01/40		1,500		1,768,384
3.38%, 06/15/46		250		214,262
3.85%, 11/01/48		1,000		916,330
3.90%, 05/01/49(a)		750		691,264
3.75%, 02/01/50		540		494,187
5.81%, 05/01/50		2,500		3,024,450
3.95%, 08/01/59		500		452,632
5.93%, 05/01/60		2,000		2,475,279
Carlisle Cos., Inc., 2.75%, 03/01/30		100		106,296
Eaton Corp.
2.75%, 11/02/22		2,250		2,358,059
3.10%, 09/15/27(a)		190		211,995
4.00%, 11/02/32		200		241,620
4.15%, 11/02/42(a)		250		308,610
General Dynamics Corp.
2.25%, 11/15/22		500		517,649
3.38%, 05/15/23(a)		500		536,890
3.50%, 05/15/25(a)		1,000		1,121,634
2.13%, 08/15/26		500		536,780
3.75%, 05/15/28(a)		500		586,935
4.25%, 04/01/40		1,000		1,258,119
4.25%, 04/01/50(a)		500		653,026
General Electric Co.
2.70%, 10/09/22		500		518,334
3.10%, 01/09/23		1,500		1,574,100
3.45%, 05/15/24(a)		2,086		2,241,089
3.45%, 05/01/27		1,000		1,058,787
3.63%, 05/01/30		1,000		1,035,613
5.88%, 01/14/38(a)		2,215		2,590,123
6.88%, 01/10/39(a)		1,322		1,698,234
4.25%, 05/01/40		1,000		1,014,560
4.13%, 10/09/42(a)		560		566,575
4.50%, 03/11/44		300		309,889
4.35%, 05/01/50		2,500		2,549,027
Series A, 6.75%, 03/15/32		394		495,666
Illinois Tool Works, Inc.
2.65%, 11/15/26(a)		3,000		3,326,935
4.88%, 09/15/41		50		67,862
3.90%, 09/01/42		75		93,568
Ingersoll-Rand Global Holding Co. Ltd., 4.30%, 02/21/48		500		596,941
Ingersoll-Rand Luxembourg Finance SA
3.55%, 11/01/24(a)		500		549,949
4.65%, 11/01/44		30		36,983
4.50%, 03/21/49(a)		500		631,477
L3Harris Technologies, Inc.
3.85%, 06/15/23		1,500		1,623,979
3.83%, 04/27/25		500		558,786
4.40%, 06/15/28		250		298,004
2.90%, 12/15/29		200		219,420
4.85%, 04/27/35		1,065		1,402,765
Lockheed Martin Corp.
3.55%, 01/15/26(a)		2,250		2,556,732
3.60%, 03/01/35		65		78,190
4.07%, 12/15/42		1,100		1,374,163

M A S T E R   P O R T F O L I O   S  C H E D U L E   O F   I N V E S T M E N T S 1

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Aerospace & Defense (continued)
Lockheed Martin Corp. (continued)
3.80%, 03/01/45	$	1,500	$	1,783,206
4.70%, 05/15/46		750		1,022,011
4.09%, 09/15/52(a)		500		643,818
Northrop Grumman Corp.
2.55%, 10/15/22		2,000		2,082,681
3.25%, 08/01/23(a)		500		539,933
2.93%, 01/15/25(a)		1,000		1,088,054
3.25%, 01/15/28		2,000		2,247,150
4.75%, 06/01/43(a)		375		488,405
4.03%, 10/15/47(a)		1,500		1,836,515
5.25%, 05/01/50(a)		1,000		1,434,497
Parker-Hannifin Corp.
3.25%, 06/14/29(a)		2,000		2,239,894
4.20%, 11/21/34		250		305,406
4.10%, 03/01/47(a)		500		601,217
4.00%, 06/14/49(a)		500		601,351
Raytheon Technologies Corp.
2.80%, 03/15/22(b)		1,000		1,031,037
2.50%, 12/15/22(b)		500		518,594
3.50%, 03/15/27(b)		1,000		1,124,796
2.25%, 07/01/30(a)		615		650,447
4.88%, 10/15/40(b)		250		319,867
4.70%, 12/15/41(b)		100		123,306
3.75%, 11/01/46(a)		750		859,059
4.35%, 04/15/47(a)(b)		1,000		1,250,651
3.13%, 07/01/50		1,330		1,418,550
Textron, Inc.
3.00%, 06/01/30		1,000		1,053,255
2.45%, 03/15/31		1,300		1,291,789
United Technologies Corp.
3.13%, 05/04/27(a)		1,000		1,108,523
4.13%, 11/16/28(a)		3,000		3,552,375
4.45%, 11/16/38		500		615,686
5.70%, 04/15/40(a)		300		423,444
4.50%, 06/01/42(a)		1,700		2,146,294
4.15%, 05/15/45		500		599,766
4.05%, 05/04/47(a)		500		597,037
4.63%, 11/16/48(a)		1,250		1,632,615
				108,452,580
Airlines — 0.1%
American Airlines Pass-Through Trust
Series AA, 3.20%, 06/12/28		416		391,008
Series AA, 3.15%, 02/15/32		965		910,310
Continental Airlines Pass-Through Trust
Series 2-A, 4.00%, 04/29/26		337		323,718
Series A, 4.15%, 10/11/25		33		32,115
JetBlue Pass Through Trust, Series AA, 2.75%, 11/15/33		928		909,179
Southwest Airlines Co.
4.75%, 05/04/23		1,255		1,341,357
5.25%, 05/04/25		560		616,762
5.13%, 06/15/27		1,240		1,355,464
2.63%, 02/10/30		2,000		1,896,100
United Airlines Pass-Through Trust
Series A, 4.30%, 02/15/27		141		135,631
Series AA, 3.10%, 07/07/28		421		412,090

Security	Par (000)		Value
Airlines (continued)
United Airlines Pass-Through Trust (continued)
Series AA, 2.70%, 05/01/32	$	1,350	$	1,277,013
US Airways Pass Through Trust, Series 2013-1A,
Class A, 3.95%, 05/15/27		154		126,858
				9,727,605
Auto Components — 0.0%
Aptiv PLC, 4.40%, 10/01/46(a)		500		489,587
BorgWarner, Inc.
3.38%, 03/15/25(a)		70		75,767
2.65%, 07/01/27		905		955,063
Brookfield Asset Management, Inc., 4.00%, 01/15/25(a)		250		280,388
Lear Corp., 4.25%, 05/15/29(a)		1,000		1,082,586
Magna International, Inc., 2.45%, 06/15/30		115		121,136
				3,004,527
Automobiles — 0.4%
American Honda Finance Corp.
1.95%, 05/20/22		300		307,283
2.05%, 01/10/23(a)		895		924,212
1.95%, 05/10/23(a)		685		709,088
3.63%, 10/10/23(a)		2,000		2,178,214
2.40%, 06/27/24		1,000		1,058,224
2.15%, 09/10/24(a)		1,000		1,052,289
2.35%, 01/08/27(a)		500		533,949
Cummins, Inc.
3.65%, 10/01/23(a)		250		271,978
2.60%, 09/01/50		500		490,482
Daimler Finance North America LLC, 8.50%, 01/18/31		600		929,320
General Motors Co.
4.88%, 10/02/23		600		652,880
5.40%, 10/02/23		180		198,425
4.00%, 04/01/25(a)		2,000		2,150,498
6.13%, 10/01/25		1,335		1,550,815
4.20%, 10/01/27(a)		1,000		1,071,716
6.80%, 10/01/27		600		730,765
5.00%, 04/01/35(a)		750		812,518
6.60%, 04/01/36(a)		250		304,265
5.15%, 04/01/38(a)		500		530,983
6.25%, 10/02/43		250		296,266
5.20%, 04/01/45(a)		250		269,291
6.75%, 04/01/46		275		338,519
5.40%, 04/01/48(a)		500		553,331
5.95%, 04/01/49(a)		1,000		1,171,736
General Motors Financial Co. Inc.
3.15%, 06/30/22(a)		1,000		1,027,250
5.20%, 03/20/23		2,165		2,348,685
2.90%, 02/26/25(a)		660		680,176
3.60%, 06/21/30(a)		2,060		2,133,351
General Motors Financial Co., Inc.
3.45%, 04/10/22		400		411,250
3.55%, 07/08/22		1,000		1,033,220
3.25%, 01/05/23(a)		3,000		3,100,461
5.10%, 01/17/24		1,000		1,092,002
3.95%, 04/13/24(a)		1,000		1,058,053
4.00%, 01/15/25		250		267,122
2.75%, 06/20/25		980		1,002,656
4.30%, 07/13/25		1,000		1,087,890
5.25%, 03/01/26		405		455,648
4.35%, 01/17/27(a)		500		542,758

2

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Automobiles (continued)
General Motors Financial Co., Inc. (continued)
5.65%, 01/17/29	$	250	$	291,629
PACCAR Financial Corp., 2.00%, 09/26/22(a)		2,180		2,246,777
Toyota Motor Corp.(a)
2.36%, 07/02/24		500		532,020
2.76%, 07/02/29		185		205,654
Toyota Motor Credit Corp.
2.60%, 01/11/22		250		257,349
3.30%, 01/12/22		2,000		2,072,348
1.15%, 05/26/22		3,000		3,037,973
2.63%, 01/10/23		2,000		2,093,938
0.50%, 08/14/23		4,000		4,008,628
2.00%, 10/07/24		3,000		3,141,429
3.65%, 01/08/29(a)		1,000		1,172,187
2.15%, 02/13/30		500		526,962
3.38%, 04/01/30		1,000		1,152,725
				56,067,188
Banks — 1.8%
Australia & New Zealand Banking Group Ltd.,
2.05%, 11/21/22(a)		1,705		1,764,885
Banco Bilbao Vizcaya Argentaria SA
0.88%, 09/18/23		1,400		1,399,258
1.13%, 09/18/25		1,200		1,192,843
Bank of America NA, (3 mo. LIBOR US + 0.65%), 3.34%, 01/25/23(c)		980		1,016,944
Bank of Montreal
2.35%, 09/11/22		2,000		2,079,082
2.50%, 06/28/24(a)		1,000		1,063,129
Series E, 3.30%, 02/05/24(a)		4,000		4,333,410
Barclays Bank PLC, 1.70%, 05/12/22(a)		640		651,046
BBVA USA
2.50%, 08/27/24(a)		1,000		1,040,803
3.88%, 04/10/25		250		268,238
BPCE SA, 4.00%, 04/15/24		250		276,891
Canadian Imperial Bank of Commerce
3.50%, 09/13/23(a)		2,000		2,173,244
(3 mo. LIBOR US + 0.79%), 2.61%, 07/22/23(c)		2,000		2,072,756
Citibank NA, 3.65%, 01/23/24(a)		2,500		2,739,967
Citizens Bank NA/Providence RI, 2.65%, 05/26/22		250		258,306
Citizens Financial Group, Inc.
2.85%, 07/27/26(a)		1,500		1,647,954
2.50%, 02/06/30		340		360,490
Comerica, Inc.
3.70%, 07/31/23(a)		250		270,781
4.00%, 02/01/29		1,000		1,142,705
Cooperatieve Rabobank UA
2.75%, 01/10/22		2,000		2,062,032
3.88%, 02/08/22(a)		150		157,129
3.95%, 11/09/22		1,000		1,062,588
2.75%, 01/10/23(a)		2,000		2,103,780
4.63%, 12/01/23		500		555,529
3.38%, 05/21/25(a)		500		561,990
4.38%, 08/04/25(a)		500		566,694
3.75%, 07/21/26(a)		500		556,846
5.25%, 05/24/41(a)		1,025		1,507,631
5.25%, 08/04/45		1,250		1,703,215
Credit Suisse AG, New York
3.00%, 10/29/21		3,250		3,341,487

Security	Par (000)		Value
Banks (continued)
Credit Suisse AG, New York (continued)
2.10%, 11/12/21(a)	$	2,250	$	2,292,570
1.00%, 05/05/23		1,690		1,707,713
3.63%, 09/09/24(a)		750		829,749
2.95%, 04/09/25		1,000		1,091,760
Discover Bank
3.35%, 02/06/23(a)		500		528,811
4.20%, 08/08/23(a)		2,000		2,189,760
2.45%, 09/12/24		600		633,012
2.70%, 02/06/30		535		560,892
(5 year USD Swap + 1.73%), 4.68%, 08/09/28(a)(c)		1,000		1,048,340
Fifth Third Bancorp
3.50%, 03/15/22		100		104,122
1.63%, 05/05/23		2,000		2,053,611
4.30%, 01/16/24		250		275,806
3.65%, 01/25/24		1,000		1,090,897
2.55%, 05/05/27		2,000		2,153,596
8.25%, 03/01/38		425		693,746
Fifth Third Bank
2.88%, 10/01/21		200		204,693
1.80%, 01/30/23(a)		250		256,924
3.95%, 07/28/25(a)		500		571,933
3.85%, 03/15/26(a)		500		570,572
2.25%, 02/01/27		590		631,417
First Republic Bank, 4.63%, 02/13/47(a)		500		624,223
Huntington Bancshares, Inc.
2.63%, 08/06/24		775		825,455
4.00%, 05/15/25		1,000		1,139,426
2.55%, 02/04/30		800		837,941
ING Groep NV
4.10%, 10/02/23		1,000		1,095,715
3.95%, 03/29/27		250		286,455
4.55%, 10/02/28		1,000		1,208,392
4.05%, 04/09/29(a)		1,000		1,173,915
KeyBank NA
2.50%, 11/22/21		1,000		1,024,532
3.30%, 02/01/22		1,000		1,039,097
2.30%, 09/14/22(a)		350		363,080
3.38%, 03/07/23		250		266,671
3.90%, 04/13/29		1,000		1,141,823
KeyCorp
2.25%, 04/06/27		250		264,849
2.55%, 10/01/29(a)		500		531,966
M&T Bank Corp., 3.55%, 07/26/23(a)		2,000		2,167,431
MUFG Americas Holdings Corp., 3.00%, 02/10/25		200		216,010
MUFG Union Bank NA, 2.10%, 12/09/22		1,000		1,033,026
National Australia Bank Ltd.
3.70%, 11/04/21		500		517,788
2.50%, 05/22/22		1,000		1,036,926
2.88%, 04/12/23(a)		2,000		2,117,264
2.50%, 07/12/26		1,250		1,363,525
National Bank of Canada, 2.10%, 02/01/23		1,000		1,033,823
PNC Bank NA
2.63%, 02/17/22(a)		2,000		2,060,575
2.45%, 07/28/22		750		776,999
2.70%, 11/01/22		1,000		1,045,247
2.95%, 01/30/23		250		263,121
2.95%, 02/23/25		250		273,080

M A S T E R   P O R T F O L I O   S  C H E D U L E   O F   I N V E S T M E N T S 3

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
PNC Bank NA (continued)
4.05%, 07/26/28(a)	$	500	$	584,668
PNC Financial Services Group, Inc.
3.30%, 03/08/22		75		77,970
3.50%, 01/23/24(a)		2,000		2,179,625
3.90%, 04/29/24		2,000		2,201,772
2.20%, 11/01/24		300		317,342
3.45%, 04/23/29		2,000		2,302,042
2.55%, 01/22/30		1,000		1,083,164
Regions Financial Corp.
2.75%, 08/14/22(a)		500		520,024
3.80%, 08/14/23(a)		2,000		2,168,458
2.25%, 05/18/25		2,000		2,112,332
Royal Bank of Canada(a)
1.95%, 01/17/23		675		698,230
3.70%, 10/05/23		2,000		2,184,394
2.55%, 07/16/24		1,000		1,069,774
2.25%, 11/01/24		1,500		1,589,978
4.65%, 01/27/26		700		826,276
Santander Holdings USA Inc., 3.24%, 10/05/26		2,000		2,140,160
Santander Holdings USA, Inc., 3.40%, 01/18/23(a)		2,000		2,093,918
Santander UK Group Holdings PLC(c)
(1 year CMT + 1.25%), 1.53%, 08/21/26		1,000		984,600
(3 mo. LIBOR US + 1.08%), 3.37%, 01/05/24(a)		3,000		3,132,556
Santander UK PLC, 2.88%, 06/18/24(a)		1,500		1,601,489
Synchrony Bank, 3.00%, 06/15/22		500		515,992
Toronto-Dominion Bank
1.90%, 12/01/22		2,730		2,818,138
0.75%, 06/12/23		2,000		2,013,000
3.50%, 07/19/23(a)		500		542,837
2.65%, 06/12/24(a)		500		534,962
(5 year USD Swap + 2.21%), 3.63%, 09/15/31(c)		500		561,961
Truist Bank
2.80%, 05/17/22(a)		3,000		3,116,199
2.45%, 08/01/22		1,000		1,035,985
1.25%, 03/09/23		3,000		3,053,946
2.75%, 05/01/23(a)		500		527,324
2.15%, 12/06/24		1,000		1,059,617
3.80%, 10/30/26		250		289,103
2.25%, 03/11/30		1,000		1,031,653
(3 mo. LIBOR US + 0.74%), 3.69%, 08/02/24(a)(c)		365		396,257
(5 year CMT + 1.15%), 2.64%, 09/17/29(a)(c)		1,000		1,037,426
Truist Financial Corp.
2.75%, 04/01/22(a)		1,000		1,032,833
3.75%, 12/06/23		2,000		2,184,804
2.50%, 08/01/24		2,000		2,128,949
2.85%, 10/26/24		500		541,825
1.13%, 08/03/27		900		897,496
US Bancorp, 2.95%, 07/15/22		2,000		2,087,902
US Bancorp
2.40%, 07/30/24(a)		1,000		1,063,711
3.90%, 04/26/28		2,000		2,380,790
1.38%, 07/22/30		4,000		3,968,091
Series V, 2.63%, 01/24/22(a)		2,000		2,056,585
Series V, 2.38%, 07/22/26(a)		500		544,904
US Bank NA(a)
3.40%, 07/24/23		3,000		3,238,053

Security	Par (000)		Value
Banks (continued)
US Bank NA(a) (continued)
2.80%, 01/27/25	$	500	$	543,500
Wells Fargo & Co.
3.50%, 03/08/22		4,000		4,169,299
2.63%, 07/22/22		3,750		3,887,993
3.07%, 01/24/23(a)		2,500		2,578,556
4.13%, 08/15/23		1,750		1,911,379
4.48%, 01/16/24(a)		250		277,148
3.75%, 01/24/24(a)		2,000		2,173,042
3.30%, 09/09/24(a)		750		816,980
3.00%, 02/19/25(a)		350		378,539
3.55%, 09/29/25		1,000		1,113,289
3.00%, 04/22/26(a)		1,750		1,905,099
4.10%, 06/03/26(a)		2,020		2,277,877
3.00%, 10/23/26		1,750		1,912,910
4.30%, 07/22/27(a)		1,500		1,718,648
4.15%, 01/24/29(a)		1,000		1,176,083
5.38%, 11/02/43		900		1,191,376
5.61%, 01/15/44(a)		656		895,352
4.65%, 11/04/44(a)		3,345		4,081,925
3.90%, 05/01/45		1,150		1,344,639
4.90%, 11/17/45		1,500		1,907,657
4.40%, 06/14/46		600		716,728
4.75%, 12/07/46(a)		1,600		1,992,492
5.95%, 12/01/86		250		327,898
(3 mo. LIBOR US + 0.75%), 2.16%, 02/11/26(c)		1,500		1,557,557
(3 mo. LIBOR US + 0.83%), 2.41%, 10/30/25(a)(c)		1,000		1,047,126
(3 mo. LIBOR US + 1.00%), 2.57%, 02/11/31(a)(c)		1,500		1,574,717
(3 mo. LIBOR US + 1.17%), 3.20%, 06/17/27(c)		1,335		1,456,925
(3 mo. LIBOR US + 1.17%), 2.88%, 10/30/30(c)		2,000		2,147,795
(3 mo. LIBOR US + 1.31%), 3.58%, 05/22/28(a)(c)		1,500		1,679,162
(3 mo. LIBOR US + 3.77%), 4.48%, 04/04/31(c)		2,000		2,427,317
(3 mo. LIBOR US + 4.24%), 5.01%, 04/04/51(a)(c)		3,000		4,105,942
(Secured Overnight Financing Rate + 1.60%), 1.65%, 06/02/24(c)		3,000		3,055,946
(Secured Overnight Financing Rate + 2.00%), 2.19%, 04/30/26(a)(c)		3,000		3,129,090
(Secured Overnight Financing Rate + 2.10%), 2.39%, 06/02/28(c)		900		938,951
(Secured Overnight Financing Rate + 2.53%), 3.07%, 04/30/41(a)(c)		2,000		2,092,201
Series M, 3.45%, 02/13/23(a)		450		476,914
Wells Fargo Bank NA
3.55%, 08/14/23(a)		500		541,301
6.60%, 01/15/38		500		734,680
Westpac Banking Corp.
2.80%, 01/11/22		1,000		1,032,141
2.75%, 01/11/23(a)		3,000		3,162,533
2.00%, 01/13/23(a)		180		186,593
2.35%, 02/19/25		500		533,580
2.85%, 05/13/26		500		555,275
3.40%, 01/25/28		500		575,959
2.65%, 01/16/30(a)		295		326,701

4

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Westpac Banking Corp. (continued)
4.42%, 07/24/39(a)	$	1,000	$	1,212,658
(5 year CMT + 1.35%), 2.89%, 02/04/30(c)		1,250		1,295,450
(5 year USD ICE Swap + 2.24%), 4.32%, 11/23/31(a)(c)		750		848,580
Zions Bancorp NA, 3.25%, 10/29/29		1,000		996,668
				232,669,218
Beverages — 0.8%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
3.65%, 02/01/26(a)		2,250		2,522,259
4.70%, 02/01/36(a)		2,500		3,020,050
4.90%, 02/01/46		5,370		6,621,368
Anheuser-Busch InBev Finance, Inc.
3.30%, 02/01/23(a)		3,036		3,220,680
3.65%, 02/01/26		500		559,989
4.63%, 02/01/44		650		765,261
4.90%, 02/01/46(a)		500		614,961
Anheuser-Busch InBev Worldwide, Inc.
4.15%, 01/23/25(a)		1,000		1,131,528
4.00%, 04/13/28(a)		1,000		1,158,727
4.75%, 01/23/29(a)		3,500		4,271,466
3.50%, 06/01/30(a)		1,000		1,137,731
4.38%, 04/15/38(a)		1,000		1,165,075
8.20%, 01/15/39(a)		1,150		1,869,553
5.45%, 01/23/39(a)		1,000		1,294,640
4.35%, 06/01/40		1,000		1,168,815
4.95%, 01/15/42		500		613,482
3.75%, 07/15/42		300		319,508
4.60%, 04/15/48		1,000		1,192,446
4.44%, 10/06/48		632		737,916
5.55%, 01/23/49(a)		3,000		4,033,153
4.50%, 06/01/50		2,200		2,636,823
4.75%, 04/15/58		500		609,598
5.80%, 01/23/59(a)		1,000		1,429,429
4.60%, 06/01/60		500		602,304
Coca-Cola Co.
3.20%, 11/01/23(a)		2,000		2,174,812
1.75%, 09/06/24(a)		1,000		1,045,091
2.88%, 10/27/25(a)		125		138,703
2.55%, 06/01/26		750		820,013
2.90%, 05/25/27		250		280,931
2.13%, 09/06/29(a)		1,000		1,070,253
3.45%, 03/25/30		500		589,650
2.60%, 06/01/50(a)		1,000		1,004,102
2.50%, 03/15/51		3,000		2,997,013
2.75%, 06/01/60		600		609,374
Constellation Brands, Inc.
2.65%, 11/07/22(a)		4,000		4,142,969
4.75%, 12/01/25		1,000		1,188,817
3.70%, 12/06/26(a)		750		857,050
3.50%, 05/09/27		1,000		1,117,905
3.15%, 08/01/29(a)		1,000		1,091,601
2.88%, 05/01/30		1,000		1,079,731
4.10%, 02/15/48(a)		500		577,488
3.75%, 05/01/50(a)		500		558,289
Diageo Capital PLC
2.63%, 04/29/23(a)		250		262,266
3.50%, 09/18/23(a)		2,000		2,166,557
1.38%, 09/29/25		500		512,423
3.88%, 05/18/28		1,000		1,177,724

Security	Par (000)		Value
Beverages (continued)
Diageo Capital PLC (continued)
2.38%, 10/24/29(a)	$	830	$	882,979
2.00%, 04/29/30		1,000		1,031,353
2.13%, 04/29/32(a)		1,000		1,044,386
3.88%, 04/29/43(a)		125		150,030
Diageo Investment Corp.
2.88%, 05/11/22		100		103,944
4.25%, 05/11/42		250		309,226
Keurig Dr. Pepper, Inc.
2.70%, 11/15/22		100		103,871
4.06%, 05/25/23(a)		3,500		3,804,570
4.42%, 05/25/25(a)		250		287,986
4.60%, 05/25/28(a)		750		900,653
3.20%, 05/01/30		500		560,970
4.99%, 05/25/38		250		324,825
4.42%, 12/15/46		500		615,870
5.09%, 05/25/48		750		1,003,789
3.80%, 05/01/50		500		575,260
Molson Coors Brewing Co.
3.50%, 05/01/22		75		77,977
3.00%, 07/15/26(a)		2,345		2,500,051
5.00%, 05/01/42		750		849,416
4.20%, 07/15/46		500		527,420
PepsiCo, Inc.
2.75%, 03/05/22		250		258,655
3.10%, 07/17/22(a)		500		523,113
2.75%, 03/01/23(a)		300		317,273
0.75%, 05/01/23		295		297,999
3.60%, 03/01/24(a)		250		274,118
2.25%, 03/19/25		2,400		2,570,743
2.75%, 04/30/25(a)		1,000		1,090,366
3.50%, 07/17/25(a)		250		281,531
2.85%, 02/24/26(a)		500		555,221
2.38%, 10/06/26(a)		1,000		1,089,000
3.00%, 10/15/27(a)		500		564,863
2.63%, 07/29/29		1,000		1,106,320
2.75%, 03/19/30		1,400		1,567,108
1.63%, 05/01/30		600		616,408
3.60%, 08/13/42(a)		100		118,338
4.60%, 07/17/45(a)		500		685,037
4.45%, 04/14/46(a)		1,000		1,331,046
3.45%, 10/06/46(a)		2,250		2,608,168
3.38%, 07/29/49(a)		600		692,982
2.88%, 10/15/49		500		537,509
3.63%, 03/19/50		1,400		1,697,196
				102,597,094
Biotechnology — 0.4%
Amgen, Inc.
3.88%, 11/15/21		829		852,578
2.70%, 05/01/22(a)		500		517,019
2.65%, 05/11/22(a)		2,000		2,069,034
2.25%, 08/19/23(a)		250		261,189
3.63%, 05/22/24(a)		250		275,155
3.13%, 05/01/25		750		823,445
2.60%, 08/19/26		715		777,320
3.20%, 11/02/27(a)		2,000		2,240,043
3.15%, 02/21/40		1,000		1,063,853
4.95%, 10/01/41(a)		2,000		2,645,791
4.40%, 05/01/45(a)		1,925		2,384,869
4.56%, 06/15/48		500		640,132
3.38%, 02/21/50		2,000		2,149,475

M A S T E R   P O R T F O L I O   S  C H E D U L E   O F   I N V E S T M E N T S 5

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Biotechnology (continued)
Amgen, Inc. (continued)
4.66%, 06/15/51(a)	$	904	$	1,176,867
2.77%, 09/01/53(b)		1,064		1,021,564
Baxalta, Inc.
4.00%, 06/23/25		1,398		1,583,416
5.25%, 06/23/45		105		145,793
Biogen Inc.
2.25%, 05/01/30(a)		795		814,142
3.15%, 05/01/50		1,130		1,115,112
Biogen, Inc.
4.05%, 09/15/25		595		676,908
5.20%, 09/15/45(a)		1,150		1,539,750
Gilead Sciences, Inc.
1.95%, 03/01/22		1,000		1,019,649
2.50%, 09/01/23(a)		500		524,718
0.75%, 09/29/23		425		425,892
3.70%, 04/01/24		1,750		1,921,944
3.50%, 02/01/25(a)		1,170		1,295,338
3.65%, 03/01/26(a)		1,325		1,493,601
2.95%, 03/01/27(a)		500		550,120
1.20%, 10/01/27		355		356,069
1.65%, 10/01/30		1,060		1,058,157
4.60%, 09/01/35(a)		1,350		1,736,768
2.60%, 10/01/40		580		576,729
5.65%, 12/01/41		50		70,146
4.80%, 04/01/44		1,100		1,417,824
4.50%, 02/01/45(a)		1,150		1,438,994
4.75%, 03/01/46(a)		1,000		1,302,727
4.15%, 03/01/47(a)		1,150		1,402,275
2.80%, 10/01/50		550		543,534
Regeneron Pharmaceuticals, Inc.
1.75%, 09/15/30		810		792,812
2.80%, 09/15/50		835		786,960
Royalty Pharma PLC(b)
1.75%, 09/02/27		1,500		1,503,915
3.30%, 09/02/40		1,000		991,721
				45,983,348
Building Materials — 0.1%
Carrier Global Corp.(b)
1.92%, 02/15/23		350		360,116
2.24%, 02/15/25		390		406,837
2.49%, 02/15/27(a)		983		1,027,853
2.72%, 02/15/30		500		523,018
3.38%, 04/05/40		1,000		1,047,724
3.58%, 04/05/50		1,500		1,593,496
Fortune Brands Home & Security, Inc., 3.25%, 09/15/29		500		551,937
Johnson Controls International PLC
3.63%, 07/02/24(d)		75		81,641
4.63%, 07/02/44		750		937,644
5.13%, 09/14/45		24		31,684
4.50%, 02/15/47		250		313,196
4.95%, 07/02/64(d)		179		231,546
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.75%, 09/15/30(a)		395		397,498
Martin Marietta Materials, Inc.
2.50%, 03/15/30		1,000		1,041,716
4.25%, 12/15/47(a)		250		285,319
Masco Corp., 4.38%, 04/01/26(a)		1,000		1,160,943

Security	Par (000)		Value
Building Materials (continued)
Owens Corning
4.20%, 12/01/24(a)	$	250	$	275,545
3.88%, 06/01/30		300		339,586
4.40%, 01/30/48		1,000		1,113,698
Vulcan Materials Co.
3.90%, 04/01/27(a)		1,000		1,133,358
4.50%, 06/15/47		500		580,961
				13,435,316
Building Products — 0.2%
Allegion PLC, 3.50%, 10/01/29(a)		500		545,767
Home Depot Inc. (The)
2.70%, 04/15/30(a)		300		333,862
3.13%, 12/15/49		600		669,344
3.35%, 04/15/50(a)		1,565		1,811,657
Home Depot, Inc.
2.63%, 06/01/22(a)		2,750		2,855,165
3.35%, 09/15/25(a)		1,500		1,690,389
2.13%, 09/15/26(a)		500		538,525
2.50%, 04/15/27		800		869,542
2.80%, 09/14/27		500		552,136
3.90%, 12/06/28(a)		440		521,285
2.95%, 06/15/29(a)		590		666,158
5.88%, 12/16/36		100		150,581
3.30%, 04/15/40		1,100		1,249,618
5.40%, 09/15/40		500		711,296
4.20%, 04/01/43		750		939,251
4.40%, 03/15/45(a)		2,250		2,916,250
4.25%, 04/01/46(a)		1,000		1,277,554
3.90%, 06/15/47		500		617,322
4.50%, 12/06/48		1,000		1,336,689
3.50%, 09/15/56		140		164,770
Lowe’s Cos., Inc.
3.80%, 11/15/21(a)		250		257,814
3.12%, 04/15/22		1,600		1,656,775
3.38%, 09/15/25(a)		500		557,700
2.50%, 04/15/26(a)		955		1,035,302
3.65%, 04/05/29(a)		500		577,435
4.50%, 04/15/30		1,000		1,240,558
5.00%, 04/15/40		1,000		1,310,824
4.25%, 09/15/44		250		298,863
4.38%, 09/15/45(a)		1,000		1,232,933
3.70%, 04/15/46(a)		250		286,690
4.05%, 05/03/47(a)		1,000		1,195,818
4.55%, 04/05/49(a)		500		641,584
5.13%, 04/15/50		1,000		1,380,113
				32,089,570
Capital Markets — 0.7%
Ameriprise Financial, Inc.
4.00%, 10/15/23		150		165,739
2.88%, 09/15/26		500		549,256
Ares Capital Corp.
4.20%, 06/10/24		500		520,849
3.25%, 07/15/25(a)		875		866,723
Bank of New York Mellon Corp.
2.60%, 02/07/22(a)		1,000		1,028,965
1.95%, 08/23/22(a)		1,000		1,031,122
3.45%, 08/11/23(a)		500		543,127
2.20%, 08/16/23(a)		1,000		1,048,828
2.10%, 10/24/24(a)		250		264,571
2.80%, 05/04/26		70		77,452

6

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Capital Markets (continued)
Bank of New York Mellon Corp. (continued)
3.25%, 05/16/27	$	750	$	852,401
3.85%, 04/28/28(a)		2,000		2,415,440
3.30%, 08/23/29(a)		1,000		1,145,120
Series G, 3.00%, 02/24/25		105		115,135
Bank of New York Mellon Corp. (The), 1.85%, 01/27/23		245		252,776
Brookfield Finance Inc., 4.35%, 04/15/30		2,000		2,334,878
Brookfield Finance, Inc.
4.00%, 04/01/24(a)		150		165,123
3.90%, 01/25/28		1,000		1,113,604
4.70%, 09/20/47		500		589,084
Charles Schwab Corp.
3.00%, 03/10/25(a)		80		87,472
3.85%, 05/21/25(a)		1,000		1,132,408
3.20%, 01/25/28(a)		1,000		1,125,405
3.25%, 05/22/29		200		229,985
4.63%, 03/22/30(a)		1,000		1,261,242
E*TRADE Financial Corp., 4.50%, 06/20/28		1,000		1,173,365
Franklin Resources, Inc., 2.80%, 09/15/22(a)		150		156,633
FS KKR Capital Corp.
4.63%, 07/15/24(a)		500		505,724
4.13%, 02/01/25		100		99,373
Invesco Finance PLC
4.00%, 01/30/24(a)		250		273,348
5.38%, 11/30/43		500		623,388
Jefferies Financial Group, Inc., 5.50%, 10/18/23(a)		150		165,071
Jefferies Group LLC, 5.13%, 01/20/23		650		708,514
Jefferies Group LLC/Jefferies Group Capital Finance, Inc.(a)
4.85%, 01/15/27		1,000		1,129,413
4.15%, 01/23/30		1,000		1,127,005
Kreditanstalt fuer Wiederaufbau
2.00%, 11/30/21(a)		2,000		2,041,394
3.13%, 12/15/21		4,000		4,140,427
2.63%, 01/25/22		2,000		2,063,420
2.50%, 02/15/22		3,000		3,094,072
2.13%, 03/07/22(a)		2,000		2,054,880
2.13%, 06/15/22		2,250		2,322,888
2.38%, 12/29/22		3,000		3,144,342
2.13%, 01/17/23		5,200		5,422,196
1.63%, 02/15/23		4,000		4,130,467
2.63%, 02/28/24		1,000		1,079,276
1.38%, 08/05/24		3,000		3,121,832
2.50%, 11/20/24		2,000		2,177,594
2.00%, 05/02/25(a)		2,000		2,146,600
0.38%, 07/18/25		2,000		1,995,443
2.88%, 04/03/28(a)		5,000		5,819,863
1.75%, 09/14/29		1,500		1,626,150
Landwirtschaftliche Rentenbank
2.38%, 06/10/25		2,000		2,179,353
Series 36, 2.00%, 12/06/21		2,000		2,041,613
Lazard Group LLC, 4.38%, 03/11/29		1,000		1,147,905
Legg Mason, Inc., 5.63%, 01/15/44		625		865,377
Nomura Holdings Inc.(a)
3.10%, 01/16/30		900		954,771
2.68%, 07/16/30		2,000		2,064,572
Nomura Holdings, Inc., 2.65%, 01/16/25		900		947,781

Security	Par (000)		Value
Capital Markets (continued)
Northern Trust Corp.
3.65%, 08/03/28(a)	$	250	$	295,522
3.15%, 05/03/29		500		570,215
Oesterreichische Kontrollbank AG
2.88%, 03/13/23		2,000		2,125,434
1.50%, 02/12/25		1,000		1,047,749
Owl Rock Capital Corp.
4.00%, 03/30/25(a)		345		348,052
3.75%, 07/22/25		265		264,181
Raymond James Financial, Inc., 4.95%, 07/15/46		500		646,644
State Street Corp.
3.10%, 05/15/23(a)		250		266,498
3.30%, 12/16/24(a)		405		448,544
2.65%, 05/19/26		1,000		1,095,032
2.40%, 01/24/30(a)		300		328,564
(3 mo. LIBOR US + 0.64%), 2.65%, 05/15/23(c)		1,000		1,035,350
(Secured Overnight Financing Rate + 0.94%), 2.35%, 11/01/25(a)(c)		450		476,341
(Secured Overnight Financing Rate + 1.49%), 3.03%, 11/01/34(c)		200		218,006
(Secured Overnight Financing Rate + 2.60%), 2.90%, 03/30/26(b)(c)		1,000		1,087,355
TD Ameritrade Holding Corp.
2.95%, 04/01/22		250		258,437
3.63%, 04/01/25		1,000		1,120,136
2.75%, 10/01/29(a)		1,000		1,107,330
TPG Specialty Lending, Inc., 3.88%, 11/01/24(a)		500		506,526
				94,706,671
Chemicals — 0.4%
Air Products and Chemicals, Inc.
1.50%, 10/15/25		85		88,176
1.85%, 05/15/27		415		435,883
2.05%, 05/15/30		430		451,351
2.70%, 05/15/40		495		527,140
2.80%, 05/15/50		395		421,290
Albemarle Corp., 4.15%, 12/01/24		250		272,384
Cabot Corp., 4.00%, 07/01/29		1,500		1,592,387
Dow Chemical Co.
3.50%, 10/01/24(a)		500		547,880
4.80%, 11/30/28(a)		300		361,447
4.25%, 10/01/34(a)		1,600		1,869,591
9.40%, 05/15/39		250		426,589
5.25%, 11/15/41		100		123,076
4.38%, 11/15/42(a)		250		282,934
5.55%, 11/30/48(a)		1,000		1,338,018
4.80%, 05/15/49		1,000		1,193,399
3.60%, 11/15/50		1,000		1,012,207
DuPont de Nemours, Inc.
4.21%, 11/15/23		2,000		2,196,115
4.73%, 11/15/28		1,500		1,801,752
5.32%, 11/15/38(a)		750		951,718
5.42%, 11/15/48(a)		1,500		2,005,726
Eastman Chemical Co.
3.60%, 08/15/22(a)		200		209,793
3.80%, 03/15/25(a)		1,050		1,158,870
4.50%, 12/01/28		1,000		1,175,948
4.80%, 09/01/42(a)		250		296,162
Ecolab, Inc.
2.38%, 08/10/22(a)		500		518,134

M A S T E R   P O R T F O L I O   S  C H E D U L E   O F   I N V E S T M E N T S 7

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
Ecolab, Inc. (continued)
3.25%, 01/14/23	$	250	$	264,571
3.25%, 12/01/27		1,000		1,134,317
4.80%, 03/24/30		500		637,771
1.30%, 01/30/31		800		783,315
3.70%, 11/01/46		250		288,320
2.13%, 08/15/50		800		734,359
EI du Pont de Nemours and Co.
1.70%, 07/15/25		800		830,388
2.30%, 07/15/30		800		848,748
Emerson Electric Co.
2.63%, 12/01/21		750		769,401
2.63%, 02/15/23(a)		350		366,683
2.75%, 10/15/50		1,000		1,017,310
FMC Corp.
3.20%, 10/01/26(a)		155		171,260
3.45%, 10/01/29(a)		115		128,075
4.50%, 10/01/49		165		203,113
International Flavors & Fragrances, Inc.
4.45%, 09/26/28		500		586,796
5.00%, 09/26/48(a)		500		618,698
Linde, Inc.
2.70%, 02/21/23(a)		1,000		1,049,374
2.65%, 02/05/25(a)		165		178,671
3.20%, 01/30/26(a)		250		280,678
1.10%, 08/10/30		900		874,451
2.00%, 08/10/50		705		635,909
LYB International Finance BV
4.00%, 07/15/23		450		487,506
5.25%, 07/15/43		75		91,677
4.88%, 03/15/44		350		418,355
LYB International Finance II BV, 3.50%, 03/02/27(a)		1,000		1,110,184
LYB International Finance III LLC
3.38%, 05/01/30		1,000		1,087,282
4.20%, 10/15/49(a)		830		914,098
4.20%, 05/01/50(a)		500		557,435
LyondellBasell Industries NV, 4.63%, 02/26/55(a)		600		682,471
Mosaic Co.
3.75%, 11/15/21(a)		50		51,303
4.25%, 11/15/23		1,000		1,085,352
4.05%, 11/15/27(a)		1,000		1,112,748
5.45%, 11/15/33(a)		250		290,832
Nutrien Ltd.
3.15%, 10/01/22		1,050		1,096,871
3.50%, 06/01/23(a)		250		266,803
3.63%, 03/15/24(a)		250		272,198
3.38%, 03/15/25(a)		1,395		1,540,359
3.00%, 04/01/25(a)		250		270,496
4.00%, 12/15/26		250		290,199
4.90%, 06/01/43		500		618,703
5.00%, 04/01/49		750		989,312
3.95%, 05/13/50		1,000		1,143,334
PPG Industries, Inc.
2.40%, 08/15/24		1,000		1,063,844
2.80%, 08/15/29		1,000		1,086,566
Rohm & Haas Co., 7.85%, 07/15/29		250		352,666
RPM International, Inc., 5.25%, 06/01/45		250		301,091
Sherwin-Williams Co.
3.95%, 01/15/26		500		561,124

Security	Par (000)		Value
Chemicals (continued)
Sherwin-Williams Co. (continued)
3.45%, 06/01/27(a)	$	250	$	280,754
2.95%, 08/15/29(a)		620		682,371
4.50%, 06/01/47		1,000		1,242,283
3.80%, 08/15/49		880		1,001,376
Westlake Chemical Corp.
3.60%, 08/15/26(a)		500		549,245
3.38%, 06/15/30		300		321,759
5.00%, 08/15/46		750		877,316
				56,358,091
Commercial Services & Supplies(a) — 0.0%
GATX Corp.
3.25%, 09/15/26		750		814,236
4.70%, 04/01/29		1,000		1,195,192
				2,009,428
Communications Equipment — 0.1%
Cisco Systems, Inc.
3.00%, 06/15/22(a)		3,000		3,143,621
2.60%, 02/28/23(a)		500		527,505
2.20%, 09/20/23(a)		1,000		1,049,930
3.63%, 03/04/24(a)		1,000		1,108,058
2.95%, 02/28/26		1,500		1,671,052
2.50%, 09/20/26(a)		1,000		1,100,809
5.90%, 02/15/39(a)		500		747,044
5.50%, 01/15/40(a)		850		1,261,079
Juniper Networks, Inc.
4.35%, 06/15/25(a)		250		281,542
3.75%, 08/15/29(a)		500		574,033
5.95%, 03/15/41		500		633,667
				12,098,340
Construction Materials — 0.0%
WW Grainger, Inc., 4.60%, 06/15/45		1,250		1,607,305
Consumer Discretionary — 0.0%
Cintas Corp. No. 2
2.90%, 04/01/22		250		258,608
3.70%, 04/01/27(a)		500		576,410
RELX Capital, Inc., 3.50%, 03/16/23		300		319,062
				1,154,080
Consumer Finance — 0.5%
American Express Co.
2.75%, 05/20/22(a)		1,000		1,035,553
2.65%, 12/02/22(a)		1,000		1,047,599
3.40%, 02/27/23(a)		2,000		2,130,730
3.70%, 08/03/23		2,000		2,171,134
3.40%, 02/22/24(a)		3,000		3,261,568
2.50%, 07/30/24(a)		655		697,135
3.00%, 10/30/24(a)		1,000		1,084,942
3.63%, 12/05/24		300		331,570
3.13%, 05/20/26		3,000		3,345,384
4.05%, 12/03/42		67		84,450
American Express Credit Corp.
2.70%, 03/03/22(a)		1,000		1,031,089
3.30%, 05/03/27		500		564,738
Andrew W Mellon Foundation (The), 0.95%, 08/01/27		112		112,091
Automatic Data Processing, Inc., 1.25%, 09/01/30		2,000		1,973,098

8

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Consumer Finance (continued)
Capital One Bank USA NA, 3.38%, 02/15/23	$	350	$	370,151
Capital One Financial Corp.
3.20%, 01/30/23(a)		4,000		4,222,724
3.50%, 06/15/23		110		117,619
3.75%, 04/24/24		250		272,067
3.30%, 10/30/24(a)		1,000		1,083,869
3.20%, 02/05/25		250		270,083
4.20%, 10/29/25(a)		340		377,410
3.75%, 07/28/26(a)		230		250,484
3.75%, 03/09/27(a)		500		555,173
3.65%, 05/11/27(a)		2,000		2,215,902
3.80%, 01/31/28(a)		1,000		1,116,007
Discover Financial Services(a)
3.95%, 11/06/24		350		385,140
3.75%, 03/04/25		75		81,442
Equifax, Inc.(a)
2.60%, 12/01/24		1,000		1,068,186
3.25%, 06/01/26		250		269,105
Global Payments, Inc.
4.00%, 06/01/23(a)		1,000		1,083,461
4.80%, 04/01/26(a)		500		583,750
3.20%, 08/15/29		250		272,686
2.90%, 05/15/30		1,815		1,942,068
4.15%, 08/15/49(a)		355		416,700
IHS Markit Ltd.
4.75%, 08/01/28		300		356,877
4.25%, 05/01/29		1,000		1,160,080
Mastercard, Inc.
3.38%, 04/01/24(a)		250		275,098
2.00%, 03/03/25(a)		1,200		1,277,613
3.30%, 03/26/27		235		267,875
3.50%, 02/26/28(a)		1,000		1,165,972
2.95%, 06/01/29		1,500		1,694,094
3.35%, 03/26/30(a)		330		386,944
3.65%, 06/01/49		500		611,459
3.85%, 03/26/50		1,050		1,340,558
Moody’s Corp.
4.50%, 09/01/22		550		587,058
4.88%, 02/15/24(a)		500		565,103
3.25%, 01/15/28		750		843,871
4.25%, 02/01/29(a)		1,000		1,196,966
3.25%, 05/20/50		135		144,533
2.55%, 08/18/60		1,000		924,811
PayPal Holdings, Inc.
1.35%, 06/01/23		395		403,468
2.40%, 10/01/24(a)		1,170		1,239,671
1.65%, 06/01/25		440		455,716
2.85%, 10/01/29(a)		1,335		1,469,345
2.30%, 06/01/30		465		491,758
3.25%, 06/01/50		585		647,134
S&P Global, Inc.
2.50%, 12/01/29(a)		320		348,401
1.25%, 08/15/30		430		423,055
3.25%, 12/01/49		225		257,094
2.30%, 08/15/60		150		135,889
Synchrony Financial
2.85%, 07/25/22		175		180,101
4.50%, 07/23/25(a)		190		209,740
3.95%, 12/01/27		1,000		1,076,122

Security	Par (000)		Value
Consumer Finance (continued)
Synchrony Financial (continued)
5.15%, 03/19/29(a)	$	500	$	577,994
Visa, Inc.
2.15%, 09/15/22		2,000		2,070,411
2.80%, 12/14/22(a)		750		787,936
3.15%, 12/14/25(a)		1,945		2,176,153
2.75%, 09/15/27		1,150		1,272,757
1.10%, 02/15/31		1,400		1,374,292
4.15%, 12/14/35		500		647,468
2.70%, 04/15/40		1,000		1,081,684
4.30%, 12/14/45(a)		1,750		2,324,402
3.65%, 09/15/47		195		239,151
2.00%, 08/15/50		1,100		1,009,588
Western Union Co., 6.20%, 11/17/36(a)		525		632,648
				70,155,998
Containers & Packaging — 0.1%
Bemis Co. Inc., 2.63%, 06/19/30		275		293,141
Fibria Overseas Finance, Ltd., 5.50%, 01/17/27		1,000		1,130,938
Georgia-Pacific LLC, 8.88%, 05/15/31		525		848,742
International Paper Co.
5.00%, 09/15/35		250		325,508
7.30%, 11/15/39		250		365,427
4.80%, 06/15/44		250		309,380
5.15%, 05/15/46(a)		1,000		1,308,978
4.40%, 08/15/47(a)		500		610,784
4.35%, 08/15/48(a)		750		918,028
Packaging Corp. of America
4.50%, 11/01/23		250		276,502
3.00%, 12/15/29(a)		200		219,053
4.05%, 12/15/49		650		777,077
WestRock MWV LLC, 8.20%, 01/15/30(a)		100		140,909
WRKCo, Inc.
4.65%, 03/15/26(a)		1,170		1,373,808
3.38%, 09/15/27(a)		500		549,097
4.00%, 03/15/28		1,000		1,144,625
4.90%, 03/15/29(a)		1,000		1,228,683
				11,820,680
Diversified Financial Services — 4.1%
AERCAP IRELAND CAP/GLOBA Co. GUAR
01/24 4.875, 4.88%, 01/16/24(a)		1,000		1,035,751
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.95%, 02/01/22(a)		1,250		1,265,530
3.30%, 01/23/23		500		501,789
2.88%, 08/14/24(a)		1,000		963,141
6.50%, 07/15/25(a)		1,000		1,079,566
3.65%, 07/21/27(a)		1,000		915,991
3.88%, 01/23/28(a)		500		460,863
Air Lease Corp.
2.25%, 01/15/23(a)		1,095		1,101,947
4.25%, 09/15/24		250		261,556
2.30%, 02/01/25(a)		375		368,973
3.25%, 03/01/25(a)		2,000		2,034,550
3.38%, 07/01/25		1,000		1,021,860
3.63%, 12/01/27(a)		200		198,100
3.25%, 10/01/29(a)		500		474,285
3.00%, 02/01/30		400		372,497
Aircastle Ltd.
5.00%, 04/01/23		100		100,225

M A S T E R   P O R T F O L I O   S  C H E D U L E   O F   I N V E S T M E N T S 9

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
Aircastle Ltd. (continued)
4.13%, 05/01/24(a)	$	1,000	$	985,607
4.25%, 06/15/26		500		462,440
Ally Financial, Inc.
4.13%, 02/13/22		500		518,150
4.63%, 05/19/22		500		525,258
3.05%, 06/05/23		2,000		2,078,245
1.45%, 10/02/23		335		334,629
3.88%, 05/21/24(a)		1,500		1,598,540
5.13%, 09/30/24		2,300		2,563,336
4.63%, 03/30/25		1,500		1,647,670
5.80%, 05/01/25		500		576,680
Banco Santander SA
3.50%, 04/11/22		1,600		1,659,642
3.13%, 02/23/23(a)		1,000		1,047,505
2.71%, 06/27/24		1,000		1,058,020
2.75%, 05/28/25(a)		1,400		1,468,534
5.18%, 11/19/25(a)		200		226,469
3.80%, 02/23/28(a)		600		659,459
4.38%, 04/12/28(a)		1,000		1,134,848
3.31%, 06/27/29		600		652,634
3.49%, 05/28/30(a)		800		872,319
Bank of America Corp.
2.50%, 10/21/22(a)		1,000		1,021,479
3.30%, 01/11/23(a)		1,000		1,061,488
4.10%, 07/24/23(a)		4,000		4,379,232
4.00%, 04/01/24(a)		500		554,116
4.20%, 08/26/24(a)		750		835,229
4.00%, 01/22/25		750		835,500
3.88%, 08/01/25		2,250		2,557,080
4.45%, 03/03/26		1,340		1,545,481
3.50%, 04/19/26		645		722,687
4.25%, 10/22/26		1,290		1,493,727
3.25%, 10/21/27(a)		1,375		1,521,139
6.11%, 01/29/37(a)		350		494,079
7.75%, 05/14/38(a)		200		331,237
5.88%, 02/07/42		1,100		1,624,793
5.00%, 01/21/44(a)		1,250		1,726,068
(3 mo. LIBOR US + 0.64%), 2.02%, 02/13/26(c)		1,400		1,451,919
(3 mo. LIBOR US + 0.78%), 3.55%, 03/05/24(a)(c)		1,000		1,064,960
(3 mo. LIBOR US + 0.79%), 3.00%, 12/20/23(c)		5,144		5,400,147
(3 mo. LIBOR US + 0.81%), 3.37%, 01/23/26(a)(c)		2,000		2,182,943
(3 mo. LIBOR US + 0.87%), 2.46%, 10/22/25(c)		385		405,916
(3 mo. LIBOR US + 0.93%), 2.82%, 07/21/23(a)(c)		500		519,312
(3 mo. LIBOR US + 0.94%), 3.86%, 07/23/24(a)(c)		1,500		1,624,475
(3 mo. LIBOR US + 0.99%), 2.50%, 02/13/31(a)(c)		3,500		3,679,746
(3 mo. LIBOR US + 1.02%), 2.88%, 04/24/23(c)		1,000		1,034,389
(3 mo. LIBOR US + 1.04%), 3.42%, 12/20/28(c)		2,544		2,830,901

Security	Par (000)		Value
Diversified Financial Services (continued)
Bank of America Corp. (continued)
(3 mo. LIBOR US + 1.06%), 3.56%, 04/23/27(a)(c)	$	1,000	$	1,116,930
(3 mo. LIBOR US + 1.07%), 3.97%, 03/05/29(a)(c)		1,000		1,147,367
(3 mo. LIBOR US + 1.09%), 3.09%, 10/01/25(a)(c)		1,000		1,078,300
(3 mo. LIBOR US + 1.18%), 3.19%, 07/23/30(c)		4,965		5,462,323
(3 mo. LIBOR US + 1.19%), 2.88%, 10/22/30(c)		1,000		1,080,092
(3 mo. LIBOR US + 1.19%), 3.95%, 01/23/49(a)(c)		600		730,679
(3 mo. LIBOR US + 1.21%), 3.97%, 02/07/30(a)(c)		2,650		3,070,804
(3 mo. LIBOR US + 1.31%), 4.27%, 07/23/29(a)(c)		1,450		1,700,940
(3 mo. LIBOR US + 1.32%), 4.08%, 04/23/40(c)		1,000		1,190,685
(3 mo. LIBOR US + 1.37%), 3.59%, 07/21/28(a)(c)		500		561,529
(3 mo. LIBOR US + 1.51%), 3.71%, 04/24/28(c)		1,000		1,130,785
(3 mo. LIBOR US + 1.52%), 4.33%, 03/15/50(c)		2,000		2,542,715
(3 mo. LIBOR US + 1.58%), 3.82%, 01/20/28(c)		2,000		2,260,540
(3 mo. LIBOR US + 1.81%), 4.24%, 04/24/38(c)		1,500		1,827,918
(3 mo. LIBOR US + 1.99%), 4.44%, 01/20/48(c)		1,150		1,497,244
(3 mo. LIBOR US + 3.15%), 4.08%, 03/20/51(c)		2,900		3,591,188
(Secured Overnight Financing Rate + 1.15%), 1.32%, 06/19/26(c)		1,700		1,712,810
(Secured Overnight Financing Rate + 1.93%), 2.68%, 06/19/41(c)		3,000		3,063,244
(Secured Overnight Financing Rate + 2.15%), 2.59%, 04/29/31(c)		2,700		2,872,587
Series L, 3.95%, 04/21/25		2,155		2,393,853
Series L, 4.18%, 11/25/27(a)		1,000		1,145,718
Bank of Nova Scotia
2.70%, 03/07/22		1,000		1,034,659
2.45%, 09/19/22		2,000		2,083,081
2.00%, 11/15/22		1,000		1,032,657
2.38%, 01/18/23(a)		475		494,760
3.40%, 02/11/24		1,000		1,086,429
4.50%, 12/16/25		250		289,596
2.70%, 08/03/26(a)		500		547,631
Bank of Nova Scotia (The), 2.20%, 02/03/25(a)		2,000		2,111,000
Barclays PLC
3.68%, 01/10/23(a)		1,500		1,546,355
3.65%, 03/16/25(a)		450		485,362
4.38%, 01/12/26(a)		1,000		1,120,316
5.20%, 05/12/26(a)		1,000		1,108,750
4.34%, 01/10/28(a)		750		835,170
4.84%, 05/09/28(a)		1,000		1,075,378
4.95%, 01/10/47(a)		1,000		1,279,776
(1 year CMT + 1.90%), 2.65%, 06/24/31(a)(c)		2,000		1,995,328

10

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
Barclays PLC (continued)
(3 mo. LIBOR US + 1.36%), 4.34%, 05/16/24(a)(c)	$	2,000	$	2,147,093
(3 mo. LIBOR US + 1.90%), 4.97%, 05/16/29(c)		2,250		2,632,875
(3 mo. LIBOR US + 2.45%), 2.85%, 05/07/26(c)		500		520,044
(3 mo. LIBOR US + 3.05%), 5.09%, 06/20/30(a)(c)		1,000		1,120,163
BNP Paribas SA
3.25%, 03/03/23(a)		250		266,880
4.25%, 10/15/24		250		276,467
Citigroup, Inc.
2.90%, 12/08/21(a)		750		770,436
2.75%, 04/25/22		1,500		1,550,206
4.05%, 07/30/22		250		265,486
2.70%, 10/27/22(a)		500		521,258
3.50%, 05/15/23(a)		500		534,308
3.88%, 03/26/25		500		550,866
3.30%, 04/27/25(a)		155		170,410
4.40%, 06/10/25		500		564,154
3.70%, 01/12/26(a)		1,000		1,120,603
4.60%, 03/09/26		250		286,587
3.40%, 05/01/26		500		555,760
3.20%, 10/21/26		2,500		2,757,750
4.30%, 11/20/26		150		171,901
4.45%, 09/29/27		3,000		3,478,781
4.13%, 07/25/28(a)		750		863,860
6.63%, 06/15/32		100		139,713
6.13%, 08/25/36		184		246,977
8.13%, 07/15/39(a)		575		1,000,838
5.88%, 01/30/42(a)		2,500		3,662,753
6.68%, 09/13/43(a)		250		383,782
5.30%, 05/06/44(a)		500		666,733
4.65%, 07/30/45(a)		250		326,856
4.75%, 05/18/46		1,500		1,882,470
4.65%, 07/23/48(a)		1,500		1,978,189
(3 mo. LIBOR US + 0.72%), 3.14%, 01/24/23(c)		3,500		3,611,440
(3 mo. LIBOR US + 0.90%), 3.35%, 04/24/25(c)		4,000		4,327,697
(3 mo. LIBOR US + 0.95%), 2.88%, 07/24/23(a)(c)		1,500		1,556,510
(3 mo. LIBOR US + 1.15%), 3.52%, 10/27/28(a)(c)		2,000		2,228,955
(3 mo. LIBOR US + 1.39%), 3.67%, 07/24/28(a)(c)		1,000		1,124,112
(3 mo. LIBOR US + 1.56%), 3.89%, 01/10/28(a)(c)		1,000		1,131,893
(3 mo. LIBOR US + 1.84%), 4.28%, 04/24/48(a)(c)		1,000		1,255,304
(Secured Overnight Financing Rate + 0.87%), 2.31%, 11/04/22(c)		700		712,821
(Secured Overnight Financing Rate + 1.42%), 2.98%, 11/05/30(a)(c)		1,000		1,081,132
(Secured Overnight Financing Rate + 2.11%), 2.57%, 06/03/31(c)		1,500		1,572,105
(Secured Overnight Financing Rate + 2.75%), 3.11%, 04/08/26(c)		1,400		1,515,271
(Secured Overnight Financing Rate + 3.91%), 4.41%, 03/31/31(c)		2,400		2,876,943

Security	Par (000)		Value
Diversified Financial Services (continued)
Citigroup, Inc. (continued)
(Secured Overnight Financing Rate + 4.55%), 5.32%, 03/26/41(c)	$	2,400	$	3,263,653
Clorox Co.
3.05%, 09/15/22		50		52,217
3.50%, 12/15/24		250		278,050
CME Group, Inc.
3.00%, 09/15/22		1,000		1,050,024
3.00%, 03/15/25(a)		1,250		1,369,179
3.75%, 06/15/28		1,000		1,171,028
5.30%, 09/15/43(a)		100		147,758
Credit Suisse Group Funding Guernsey Ltd.(a)
3.80%, 09/15/22		500		529,073
3.80%, 06/09/23		1,000		1,075,824
3.75%, 03/26/25		500		551,486
4.55%, 04/17/26		250		291,512
4.88%, 05/15/45		1,500		2,005,650
Deutsche Bank AG, 4.10%, 01/13/26		350		373,351
Deutsche Bank AG, London, 3.70%, 05/30/24(a)		215		225,919
Deutsche Bank AG, New York
4.25%, 10/14/21		2,000		2,058,850
3.95%, 02/27/23		2,000		2,097,230
(Secured Overnight Financing Rate + 2.16%), 2.22%, 09/18/24(c)		1,435		1,444,973
(Secured Overnight Financing Rate + 2.58%), 3.96%, 11/26/25(c)		800		850,591
(Secured Overnight Financing Rate + 3.04%), 3.55%, 09/18/31(c)		855		863,925
GE Capital Funding LLC(b)
4.40%, 05/15/30		2,000		2,147,818
4.55%, 05/15/32		1,000		1,074,865
GE Capital International Funding Co.(a)
3.37%, 11/15/25		1,427		1,526,298
4.42%, 11/15/35		5,685		6,000,851
Goldman Sachs Group, Inc.
2.35%, 11/15/21		1,500		1,503,438
5.75%, 01/24/22		2,350		2,510,528
3.00%, 04/26/22(a)		3,000		3,043,330
3.63%, 01/22/23(a)		150		160,343
3.63%, 02/20/24(a)		1,000		1,085,059
4.00%, 03/03/24(a)		3,425		3,766,915
3.85%, 07/08/24(a)		500		549,880
3.50%, 01/23/25		750		822,902
3.50%, 04/01/25		1,915		2,113,528
3.75%, 05/22/25(a)		2,250		2,500,656
4.25%, 10/21/25(a)		1,050		1,194,586
3.75%, 02/25/26(a)		380		427,694
5.95%, 01/15/27(a)		250		307,624
3.85%, 01/26/27		2,000		2,251,618
2.60%, 02/07/30(a)		2,000		2,113,989
3.80%, 03/15/30		2,600		3,013,550
6.75%, 10/01/37(a)		1,650		2,397,332
4.80%, 07/08/44		1,250		1,636,024
5.15%, 05/22/45		1,500		1,976,883
4.75%, 10/21/45(a)		1,750		2,302,102
(3 mo. LIBOR US + 0.82%), 2.88%, 10/31/22(c)		2,000		2,047,937
(3 mo. LIBOR US + 0.99%), 2.91%, 07/24/23(c)		2,000		2,074,625
(3 mo. LIBOR US + 1.16%), 3.81%, 04/23/29(a)(c)		1,000		1,138,116

M A S T E R   P O R T F O L I O   S  C H E D U L E   O F   I N V E S T M E N T S 11

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
Goldman Sachs Group, Inc. (continued)
(3 mo. LIBOR US + 1.20%), 3.27%, 09/29/25(a)(c)	$	1,000	$	1,082,388
(3 mo. LIBOR US + 1.30%), 4.22%, 05/01/29(a)(c)		3,000		3,498,638
(3 mo. LIBOR US + 1.37%), 4.02%, 10/31/38(c)		2,000		2,320,383
(3 mo. LIBOR US + 1.43%), 4.41%, 04/23/39(c)		2,400		2,930,114
(3 mo. LIBOR US + 1.51%), 3.69%, 06/05/28(c)		2,500		2,802,322
HSBC Holdings PLC
3.60%, 05/25/23(a)		3,750		3,993,469
4.25%, 03/14/24(a)		500		536,182
4.25%, 08/18/25(a)		500		543,386
4.30%, 03/08/26(a)		1,000		1,127,304
3.90%, 05/25/26		1,000		1,106,688
4.38%, 11/23/26(a)		2,000		2,205,967
4.95%, 03/31/30(a)		1,353		1,628,746
6.50%, 05/02/36(a)		200		268,649
6.50%, 09/15/37		750		1,017,754
6.80%, 06/01/38		250		351,614
6.10%, 01/14/42(a)		1,000		1,433,895
5.25%, 03/14/44(a)		1,250		1,582,086
(3 mo. LIBOR US + 0.99%), 3.95%, 05/18/24(c)		380		406,483
(3 mo. LIBOR US + 1.06%), 3.26%, 03/13/23(a)(c)		1,000		1,033,825
(3 mo. LIBOR US + 1.14%), 2.63%, 11/07/25(a)(c)		1,000		1,041,819
(3 mo. LIBOR US + 1.21%), 3.80%, 03/11/25(a)(c)		1,000		1,080,473
(3 mo. LIBOR US + 1.35%), 4.29%, 09/12/26(a)(c)		3,000		3,349,470
(3 mo. LIBOR US + 1.53%), 4.58%, 06/19/29(c)		3,000		3,461,194
(3 mo. LIBOR US + 1.55%), 4.04%, 03/13/28(c)		3,000		3,315,548
(3 mo. LIBOR US + 1.61%), 3.97%, 05/22/30(a)(c)		3,000		3,349,406
(Secured Overnight Financing Rate + 1.54%), 1.65%, 04/18/26(a)(c)		1,740		1,733,336
(Secured Overnight Financing Rate + 2.39%), 2.85%, 06/04/31(a)(c)		2,000		2,070,802
Intercontinental Exchange, Inc.
2.35%, 09/15/22(a)		1,000		1,035,019
3.75%, 12/01/25		1,115		1,259,608
3.75%, 09/21/28(a)		1,135		1,313,458
2.10%, 06/15/30		770		790,790
1.85%, 09/15/32		165		163,939
2.65%, 09/15/40		1,000		996,589
4.25%, 09/21/48(a)		500		619,071
3.00%, 06/15/50		435		453,531
3.00%, 09/15/60		1,250		1,264,000
John Deere Capital Corp.
2.65%, 01/06/22(a)		140		144,041
2.75%, 03/15/22		500		517,727
2.95%, 04/01/22		500		519,596
1.95%, 06/13/22(a)		300		308,317
0.55%, 07/05/22		2,000		2,010,381
2.15%, 09/08/22		1,000		1,033,896

Security	Par (000)		Value
Diversified Financial Services (continued)
John Deere Capital Corp. (continued)
2.80%, 03/06/23(a)	$	500	$	529,325
3.45%, 06/07/23		2,000		2,162,437
3.45%, 01/10/24(a)		1,000		1,092,828
2.05%, 01/09/25		1,000		1,059,808
2.25%, 09/14/26(a)		500		543,003
3.05%, 01/06/28		300		333,993
2.80%, 07/18/29		630		703,323
2.45%, 01/09/30(a)		300		326,224
JPMorgan Chase & Co.
4.50%, 01/24/22(a)		2,800		2,951,926
3.25%, 09/23/22(a)		3,200		3,382,335
2.97%, 01/15/23		2,000		2,065,238
3.20%, 01/25/23		3,150		3,348,381
3.38%, 05/01/23		1,250		1,333,694
2.70%, 05/18/23(a)		500		528,013
3.63%, 05/13/24(a)		1,000		1,103,821
3.88%, 09/10/24(a)		1,300		1,441,942
3.13%, 01/23/25(a)		250		272,714
3.90%, 07/15/25(a)		2,250		2,545,031
3.30%, 04/01/26(a)		500		554,084
3.20%, 06/15/26(a)		1,000		1,109,995
7.63%, 10/15/26(a)		500		669,679
4.13%, 12/15/26(a)		250		290,479
4.25%, 10/01/27(a)		500		582,439
3.63%, 12/01/27(a)		1,000		1,119,795
6.40%, 05/15/38(a)		1,100		1,678,917
5.50%, 10/15/40(a)		125		178,328
5.60%, 07/15/41(a)		550		806,571
5.40%, 01/06/42(a)		400		574,375
5.63%, 08/16/43		500		718,977
4.85%, 02/01/44		100		134,821
4.95%, 06/01/45		1,250		1,693,973
(3 mo. LIBOR US + 0.70%), 3.21%, 04/01/23(a)(c)		2,000		2,078,180
(3 mo. LIBOR US + 0.73%), 3.56%, 04/23/24(a)(c)		1,500		1,608,450
(3 mo. LIBOR US + 0.89%), 3.80%, 07/23/24(a)(c)		2,500		2,708,203
(3 mo. LIBOR US + 0.94%), 2.78%, 04/25/23(a)(c)		1,500		1,551,244
(3 mo. LIBOR US + 0.95%), 3.51%, 01/23/29(a)(c)		1,000		1,124,812
(3 mo. LIBOR US + 1.12%), 4.01%, 04/23/29(c)		4,000		4,640,756
(3 mo. LIBOR US + 1.16%), 3.22%, 03/01/25(a)(c)		2,000		2,148,321
(3 mo. LIBOR US + 1.16%), 3.70%, 05/06/30(c)		1,000		1,147,688
(3 mo. LIBOR US + 1.22%), 3.90%, 01/23/49(c)		1,750		2,105,934
(3 mo. LIBOR US + 1.26%), 4.20%, 07/23/29(c)		1,175		1,390,749
(3 mo. LIBOR US + 1.33%), 4.45%, 12/05/29(a)(c)		2,500		3,005,736
(3 mo. LIBOR US + 1.34%), 3.78%, 02/01/28(a)(c)		2,000		2,262,077
(3 mo. LIBOR US + 1.36%), 3.88%, 07/24/38(a)(c)		1,000		1,179,095
(3 mo. LIBOR US + 1.38%), 3.54%, 05/01/28(a)(c)		750		844,799

12

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
JPMorgan Chase & Co. (continued)
(3 mo. LIBOR US + 1.38%), 3.96%, 11/15/48(a)(c)	$	1,500	$	1,822,779
(3 mo. LIBOR US + 1.46%), 4.03%, 07/24/48(c)		1,500		1,825,807
(3 mo. LIBOR US + 1.58%), 4.26%, 02/22/48(a)(c)		1,000		1,258,438
(Secured Overnight Financing Rate + 1.16%), 2.30%, 10/15/25(c)		500		526,063
(Secured Overnight Financing Rate + 1.51%), 2.74%, 10/15/30(a)(c)		3,000		3,213,996
(Secured Overnight Financing Rate + 1.59%), 2.01%, 03/13/26(c)		1,300		1,345,960
(Secured Overnight Financing Rate + 1.85%), 2.08%, 04/22/26(a)(c)		3,100		3,241,918
(Secured Overnight Financing Rate + 2.04%), 2.52%, 04/22/31(c)		1,600		1,702,517
(Secured Overnight Financing Rate + 2.44%), 3.11%, 04/22/51(c)		2,700		2,897,429
(Secured Overnight Financing Rate + 2.46%), 3.11%, 04/22/41(c)		1,100		1,193,213
(Secured Overnight Financing Rate + 2.52%), 2.96%, 05/13/31(c)		1,000		1,072,904
(Secured Overnight Financing Rate + 3.79%), 4.49%, 03/24/31(c)		1,000		1,220,342
Kimberly-Clark Corp.
2.65%, 03/01/25(a)		85		91,890
2.75%, 02/15/26		500		549,935
5.30%, 03/01/41(a)		250		354,287
3.20%, 07/30/46		210		242,384
3.90%, 05/04/47		750		963,120
2.88%, 02/07/50		800		890,176
Lloyds Banking Group PLC
3.00%, 01/11/22(a)		2,000		2,057,827
4.05%, 08/16/23(a)		500		541,090
3.90%, 03/12/24		500		543,261
4.45%, 05/08/25(a)		500		565,239
4.58%, 12/10/25(a)		250		274,785
4.65%, 03/24/26		250		278,011
4.55%, 08/16/28		2,000		2,357,600
5.30%, 12/01/45(a)		850		1,108,492
4.34%, 01/09/48(a)		800		940,246
(1 year CMT + 1.00%), 2.44%, 02/05/26(a)(c)		340		352,332
(1 year CMT + 1.10%), 1.33%, 06/15/23(a)(c)		3,000		3,017,754
(1 year CMT + 3.50%), 3.87%, 07/09/25(c)		1,000		1,088,375
(3 mo. LIBOR US + 1.21%), 3.57%, 11/07/28(c)		500		547,791
(3 mo. LIBOR US + 1.25%), 2.86%, 03/17/23(a)(c)		1,000		1,027,857
Series, (3 mo. LIBOR US + 0.81%), 2.91%, 11/07/23(c)		1,000		1,038,551
Mitsubishi UFJ Financial Group, Inc.
3.00%, 02/22/22		1,500		1,550,132
2.62%, 07/18/22(a)		2,000		2,072,577
2.67%, 07/25/22		1,000		1,036,699
3.46%, 03/02/23(a)		3,000		3,196,309
3.76%, 07/26/23(a)		1,500		1,623,817
2.80%, 07/18/24		1,000		1,067,672
2.19%, 02/25/25(a)		500		523,679
3.85%, 03/01/26		500		570,568
2.76%, 09/13/26(a)		250		270,873

Security	Par (000)		Value
Diversified Financial Services (continued)
Mitsubishi UFJ Financial Group, Inc. (continued)
3.29%, 07/25/27(a)	$	1,000	$	1,116,532
3.96%, 03/02/28		1,000		1,154,812
3.74%, 03/07/29		2,000		2,296,854
2.56%, 02/25/30(a)		2,000		2,102,202
2.05%, 07/17/30		2,000		2,021,611
4.29%, 07/26/38(a)		250		309,506
3.75%, 07/18/39		1,010		1,166,901
Mizuho Financial Group, Inc.
2.95%, 02/28/22(a)		250		258,640
3.55%, 03/05/23(a)		2,000		2,136,602
3.17%, 09/11/27(a)		1,000		1,091,458
(3 mo. LIBOR US + 0.99%), 1.24%, 07/10/24(c)		800		806,281
(3 mo. LIBOR US + 1.00%), 3.92%, 09/11/24(c)		2,000		2,175,000
(3 mo. LIBOR US + 1.10%), 2.56%, 09/13/25(c)		905		951,165
(3 mo. LIBOR US + 1.13%), 3.15%, 07/16/30(a)(c)		1,000		1,094,394
(3 mo. LIBOR US + 1.31%), 2.87%, 09/13/30(c)		500		536,389
(3 mo. LIBOR US + 1.51%), 2.20%, 07/10/31(a)(c)		1,000		1,013,142
Morgan Stanley
2.63%, 11/17/21(a)		2,750		2,818,695
2.75%, 05/19/22(a)		2,000		2,072,094
4.88%, 11/01/22		500		540,501
3.13%, 01/23/23(a)		3,500		3,700,445
3.75%, 02/25/23(a)		500		536,658
4.10%, 05/22/23		250		270,793
3.70%, 10/23/24(a)		1,500		1,664,185
4.00%, 07/23/25		505		570,776
5.00%, 11/24/25		1,250		1,468,537
3.88%, 01/27/26(a)		500		569,887
3.13%, 07/27/26(a)		500		553,530
4.35%, 09/08/26		1,500		1,736,251
3.63%, 01/20/27(a)		2,000		2,266,520
3.95%, 04/23/27		250		283,393
7.25%, 04/01/32(a)		50		75,256
6.38%, 07/24/42(a)		50		78,192
4.30%, 01/27/45(a)		500		633,631
4.38%, 01/22/47(a)		1,500		1,945,663
(3 mo. LIBOR US + 0.85%), 3.74%, 04/24/24(c)		4,000		4,305,691
(3 mo. LIBOR US + 1.14%), 3.77%, 01/24/29(a)(c)		3,000		3,424,234
(3 mo. LIBOR US + 1.34%), 3.59%, 07/22/28(a)(c)		2,250		2,530,554
(3 mo. LIBOR US + 1.43%), 4.46%, 04/22/39(c)		3,000		3,726,837
(3 mo. LIBOR US + 1.46%), 3.97%, 07/22/38(a)(c)		1,000		1,185,004
(3 mo. LIBOR US + 1.63%), 4.43%, 01/23/30(a)(c)		750		896,117
(Secured Overnight Financing Rate + 1.14%), 2.70%, 01/22/31(c)		4,000		4,260,781
(Secured Overnight Financing Rate + 1.15%), 2.72%, 07/22/25(a)(c)		605		642,675
(Secured Overnight Financing Rate + 1.99%), 2.19%, 04/28/26(a)(c)		3,430		3,592,187

M A S T E R   P O R T F O L I O   S  C H E D U L E   O F   I N V E S T M E N T S 13

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
Morgan Stanley (continued)
(Secured Overnight Financing Rate + 3.12%), 3.62%, 04/01/31(c)	$	4,020	$	4,618,899
(Secured Overnight Financing Rate + 4.84%), 5.60%, 03/24/51(a)(c)		500		751,772
Series F, 3.88%, 04/29/24(a)		250		275,885
Nasdaq, Inc.
4.25%, 06/01/24		250		279,274
3.25%, 04/28/50		1,000		1,044,398
Natwest Group PLC(c)
(1 year CMT + 2.15%), 2.36%, 05/22/24(a)		385		394,992
(1 year CMT + 2.55%), 3.07%, 05/22/28		580		609,508
Royal Bank of Scotland Group PLC
3.88%, 09/12/23		1,000		1,072,200
6.00%, 12/19/23		2,000		2,249,236
4.80%, 04/05/26		500		577,147
(3 mo. LIBOR US + 1.55%), 4.52%, 06/25/24(a)(c)		2,000		2,155,652
(3 mo. LIBOR US + 1.75%), 4.89%, 05/18/29(a)(c)		750		872,371
(3 mo. LIBOR US + 1.76%), 4.27%, 03/22/25(a)(c)		1,000		1,086,263
(3 mo. LIBOR US + 1.87%), 4.45%, 05/08/30(a)(c)		1,000		1,157,236
(3 mo. LIBOR US + 1.91%), 5.08%, 01/27/30(a)(c)		1,000		1,192,462
(5 year CMT + 2.10%), 3.75%, 11/01/29(a)(c)		290		299,866
Sumitomo Mitsui Financial Group, Inc.
2.44%, 10/19/21		1,000		1,021,713
2.85%, 01/11/22		1,000		1,029,218
3.10%, 01/17/23		4,000		4,223,659
3.75%, 07/19/23(a)		500		541,790
2.45%, 09/27/24(a)		1,000		1,056,455
2.35%, 01/15/25(a)		2,000		2,106,693
3.78%, 03/09/26		500		568,810
2.63%, 07/14/26		1,000		1,077,696
3.01%, 10/19/26		250		275,647
3.36%, 07/12/27(a)		1,000		1,113,036
3.35%, 10/18/27(a)		500		550,115
3.54%, 01/17/28(a)		2,000		2,240,590
3.04%, 07/16/29(a)		920		1,002,717
3.20%, 09/17/29		500		542,177
2.72%, 09/27/29(a)		1,000		1,060,705
2.13%, 07/08/30(a)		2,000		2,029,432
				541,283,619
Diversified Telecommunication Services — 0.9%
AT&T, Inc.
3.00%, 06/30/22(a)		2,000		2,079,963
2.63%, 12/01/22(a)		2,000		2,083,319
4.05%, 12/15/23		2,500		2,770,303
4.45%, 04/01/24(a)		500		558,490
3.95%, 01/15/25(a)		500		560,630
3.88%, 01/15/26(a)		1,000		1,133,906
4.13%, 02/17/26(a)		1,250		1,432,625
2.95%, 07/15/26(a)		500		546,324
3.80%, 02/15/27(a)		500		564,119
4.25%, 03/01/27(a)		1,000		1,161,040
1.65%, 02/01/28		1,100		1,102,080
4.10%, 02/15/28(a)		544		629,787
4.35%, 03/01/29(a)		2,000		2,354,214

Security	Par (000)		Value
Diversified Telecommunication Services (continued)
AT&T, Inc. (continued)
4.30%, 02/15/30	$	3,000	$	3,555,991
2.75%, 06/01/31		2,000		2,110,116
2.25%, 02/01/32		1,400		1,400,278
4.50%, 05/15/35		810		956,323
4.90%, 08/15/37(a)		750		906,303
4.85%, 03/01/39(a)		2,000		2,413,105
5.35%, 09/01/40(a)		1		1,258
3.50%, 06/01/41		1,000		1,050,656
4.90%, 06/15/42		350		413,655
4.30%, 12/15/42(a)		651		736,570
3.10%, 02/01/43		1,600		1,560,550
4.65%, 06/01/44(a)		250		284,226
4.80%, 06/15/44(a)		319		380,190
4.35%, 06/15/45(a)		584		654,324
4.50%, 03/09/48(a)		2,353		2,700,337
3.65%, 06/01/51		1,000		1,008,650
3.30%, 02/01/52		800		758,254
3.50%, 09/15/53(b)(e)		2,624		2,536,946
3.55%, 09/15/55(b)(e)		11,407		11,055,353
3.65%, 09/15/59(a)(b)		7,182		7,055,379
3.85%, 06/01/60		1,000		1,017,492
3.50%, 02/01/61		600		571,309
British Telecommunications PLC
5.13%, 12/04/28		1,000		1,205,174
9.63%, 12/15/30		900		1,442,997
Deutsche Telekom International Finance BV,
8.75%, 06/15/30		1,650		2,563,656
Telefonica Emisiones SAU
4.57%, 04/27/23(a)		1,200		1,314,920
4.10%, 03/08/27(a)		1,000		1,137,449
7.05%, 06/20/36		75		107,884
4.67%, 03/06/38		1,000		1,152,535
5.21%, 03/08/47(a)		1,750		2,079,447
4.90%, 03/06/48(a)		500		576,388
5.52%, 03/01/49		500		622,634
Telefonica Europe BV, 8.25%, 09/15/30		300		452,876
Verizon Communications, Inc.
5.15%, 09/15/23		2,000		2,266,426
4.15%, 03/15/24(a)		2,000		2,223,811
3.50%, 11/01/24		500		552,026
3.38%, 02/15/25(a)		2,992		3,334,773
2.63%, 08/15/26(a)		900		983,782
4.13%, 03/16/27(a)		2,750		3,251,331
4.33%, 09/21/28(a)		2,164		2,623,847
3.88%, 02/08/29(a)		2,000		2,366,007
4.02%, 12/03/29(a)		3,000		3,592,375
3.15%, 03/22/30(a)		1,000		1,130,030
4.50%, 08/10/33(a)		1,750		2,219,587
4.40%, 11/01/34		1,500		1,870,012
4.27%, 01/15/36(a)		1,250		1,541,867
5.25%, 03/16/37(a)		1,250		1,731,074
4.81%, 03/15/39(a)		596		780,472
3.85%, 11/01/42		250		298,088
6.55%, 09/15/43(a)		750		1,220,836
4.86%, 08/21/46		2,000		2,730,995
5.50%, 03/16/47		250		376,561
4.52%, 09/15/48		4,000		5,240,480
5.01%, 04/15/49		1,981		2,851,380

14

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Telecommunication Services (continued)
Verizon Communications, Inc. (continued)
4.00%, 03/22/50(a)	$	1,000	$	1,231,125
4.67%, 03/15/55		500		692,766
				117,869,676
Education — 0.1%
American University, Series 2019, 3.67%, 04/01/49		135		154,384
Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 2.92%, 09/01/50		300		326,841
California Institute of Technology, 3.65%, 09/01/19		263		287,533
Duke University
2.68%, 10/01/44		300		313,574
2.83%, 10/01/55		253		267,878
Ford Foundation (The)
2.42%, 06/01/50		60		61,639
2.82%, 06/01/70		125		130,422
George Washington University
4.87%, 09/15/45		100		135,250
Series 2014, 4.30%, 09/15/44		250		308,084
Series 2018, 4.13%, 09/15/48(a)		164		201,533
Georgetown University
2.94%, 04/01/50		104		103,219
Series A, 5.22%, 10/01/18		62		83,360
Series B, 4.32%, 04/01/49		40		50,211
Leland Stanford Junior University
3.65%, 05/01/48		250		308,085
2.41%, 06/01/50		300		303,566
Massachusetts Institute of Technology
2.29%, 07/01/51		157		157,099
4.68%, 07/03/14(a)		300		433,575
Series F, 2.99%, 07/01/50		289		327,484
Northeastern University, 2.89%, 10/01/50		51		53,105
Northwestern University
3.87%, 12/01/48		100		123,837
2.64%, 12/01/50		85		88,122
Series 2017, 3.66%, 12/01/57		58		72,409
President and Fellows of Harvard College
3.15%, 07/15/46		175		199,196
2.52%, 10/15/50		204		211,816
3.30%, 07/15/56		200		242,537
Trustees of Boston University, Series CC, 4.06%, 10/01/48		35		45,972
Trustees of Princeton University (The), 2.52%, 07/01/50		420		440,464
Trustees of the University of Pennsylvania (The)
2.40%, 10/01/50		146		145,356
3.61%, 02/15/19		160		178,014
University of Chicago (The), 2.55%, 04/01/50		137		136,626
University of Notre Dame du Lac, Series 2017,
3.39%, 02/15/48		110		128,952
University of Southern California
3.03%, 10/01/39(a)		200		216,426
2.81%, 10/01/50		134		141,908
3.23%, 10/01/20		130		138,709
William Marsh Rice University, 3.77%, 05/15/55		300		382,651

Security	Par (000)		Value
Education (continued)
Yale University
2.40%, 04/15/50	$	175	$	178,996
Series 2020, 1.48%, 04/15/30		152		153,813
				7,232,646
Electric Utilities — 2.0%
AEP Texas, Inc.
2.40%, 10/01/22		1,000		1,035,713
3.95%, 06/01/28		500		577,880
Series H, 3.45%, 01/15/50		250		273,486
AEP Transmission Co. LLC
3.10%, 12/01/26(a)		500		562,660
3.80%, 06/15/49		1,000		1,181,997
3.15%, 09/15/49(a)		135		144,681
3.65%, 04/01/50(a)		500		583,070
Alabama Power Co.
1.45%, 09/15/30		1,000		1,006,897
3.75%, 03/01/45		250		288,985
4.30%, 01/02/46		250		313,066
3.45%, 10/01/49(a)		185		211,020
Series B, 3.70%, 12/01/47		2,500		2,953,794
Ameren Corp.
2.50%, 09/15/24(a)		635		672,544
3.50%, 01/15/31		1,000		1,143,029
Ameren Illinois Co.
2.70%, 09/01/22		100		103,590
4.30%, 07/01/44		250		310,210
3.25%, 03/15/50		150		168,755
American Electric Power Co., Inc.
2.30%, 03/01/30		300		308,118
3.25%, 03/01/50		1,000		1,043,659
Series F, 2.95%, 12/15/22(a)		500		523,005
Appalachian Power Co., 4.40%, 05/15/44		250		300,360
Arizona Public Service Co.
3.15%, 05/15/25		250		273,427
2.60%, 08/15/29(a)		500		538,663
5.05%, 09/01/41		250		329,224
4.20%, 08/15/48		250		309,080
3.50%, 12/01/49		1,100		1,223,588
Baltimore Gas & Electric Co.
2.40%, 08/15/26		1,000		1,084,944
3.50%, 08/15/46(a)		700		793,954
3.20%, 09/15/49		225		242,304
2.90%, 06/15/50		450		458,971
Berkshire Hathaway Energy Co.
3.75%, 11/15/23		500		545,170
3.50%, 02/01/25(a)		110		122,425
4.05%, 04/15/25(b)		2,000		2,284,037
3.25%, 04/15/28(a)		500		566,925
3.70%, 07/15/30(b)		500		587,738
6.13%, 04/01/36		250		356,891
5.15%, 11/15/43(a)		250		342,067
4.50%, 02/01/45		400		501,664
3.80%, 07/15/48		500		581,259
4.45%, 01/15/49		2,000		2,563,898
4.25%, 10/15/50(b)		1,000		1,245,015
Black Hills Corp.
3.95%, 01/15/26(a)		200		217,849
3.05%, 10/15/29(a)		415		451,893
2.50%, 06/15/30		55		56,875
4.35%, 05/01/33		400		480,004

M A S T E R   P O R T F O L I O   S  C H E D U L E   O F   I N V E S T M E N T S 15

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric Utilities (continued)
Black Hills Corp. (continued)
3.88%, 10/15/49(a)	$	350	$	389,433
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42		100		114,498
3.95%, 03/01/48		250		309,732
2.90%, 07/01/50		290		307,017
CenterPoint Energy, Inc.
2.50%, 09/01/24		425		452,171
4.25%, 11/01/28(a)		2,000		2,384,449
2.95%, 03/01/30(a)		1,000		1,095,679
3.70%, 09/01/49		250		279,095
Cleco Corporate Holdings LLC
3.74%, 05/01/26		500		533,428
3.38%, 09/15/29		500		507,097
CMS Energy Corp.
3.45%, 08/15/27		1,000		1,120,447
4.70%, 03/31/43		200		249,842
Commonwealth Edison Co.
3.10%, 11/01/24(a)		250		271,160
2.55%, 06/15/26		250		271,978
3.70%, 08/15/28		500		581,288
5.90%, 03/15/36		50		72,108
3.70%, 03/01/45		250		290,182
3.65%, 06/15/46		750		875,896
4.00%, 03/01/48(a)		2,000		2,460,524
4.00%, 03/01/49		1,000		1,234,109
3.00%, 03/01/50		500		534,578
Series 122, 2.95%, 08/15/27(a)		1,000		1,112,561
Series 127, 3.20%, 11/15/49		610		667,355
Connecticut Light & Power Co.
2.50%, 01/15/23		150		156,225
Series A, 3.20%, 03/15/27(a)		500		557,917
Consolidated Edison Co. of New York Inc.
4.50%, 12/01/45		250		314,074
3.85%, 06/15/46(a)		1,000		1,174,508
3.95%, 04/01/50		1,000		1,219,261
Consolidated Edison Co. of New York, Inc.
3.30%, 12/01/24(a)		250		274,275
3.80%, 05/15/28(a)		500		575,844
3.95%, 03/01/43		150		174,449
4.45%, 03/15/44		250		310,066
4.50%, 05/15/58		1,000		1,296,483
3.70%, 11/15/59		200		229,574
Series 12-A, 4.20%, 03/15/42		400		475,340
Series A, 4.13%, 05/15/49(a)		500		605,034
Series C, 4.30%, 12/01/56		500		628,272
Series C, 4.00%, 11/15/57		750		895,590
Series D, 4.00%, 12/01/28		500		594,125
Series E, 4.65%, 12/01/48		500		650,097
Consumers Energy Co.
4.35%, 04/15/49		1,000		1,319,224
3.10%, 08/15/50		215		234,660
2.50%, 05/01/60		1,055		991,845
Dominion Energy Inc.
4.60%, 03/15/49(a)		500		667,766
Series C, 3.38%, 04/01/30		1,500		1,691,294
Dominion Energy South Carolina, Inc.
5.45%, 02/01/41		1,000		1,379,558
4.60%, 06/15/43(a)		250		325,690
Dominion Energy, Inc.
3.07%, 08/15/24(a)(d)		500		538,197

Security	Par (000)		Value
Electric Utilities (continued)
Dominion Energy, Inc. (continued)
3.90%, 10/01/25(a)	$	2,000	$	2,272,072
7.00%, 06/15/38		250		378,998
Series C, 4.90%, 08/01/41		50		64,239
DTE Electric Co.
3.65%, 03/15/24(a)		1,000		1,089,415
3.70%, 03/15/45		645		754,573
3.70%, 06/01/46		250		292,110
3.75%, 08/15/47(a)		200		238,727
Series A, 4.00%, 04/01/43		150		181,918
Series A, 4.05%, 05/15/48		250		315,018
DTE Energy Co.
2.25%, 11/01/22(a)		200		206,779
2.95%, 03/01/30(a)		1,000		1,069,001
Series C, 2.53%, 10/01/24		1,000		1,063,353
Series C, 3.40%, 06/15/29(a)		725		803,531
Series F, 1.05%, 06/01/25		895		894,505
Duke Energy Carolinas LLC
3.05%, 03/15/23(a)		200		212,327
2.45%, 08/15/29		500		541,329
2.45%, 02/01/30		400		432,585
6.10%, 06/01/37		500		734,733
6.05%, 04/15/38		100		149,644
5.30%, 02/15/40(a)		250		353,115
4.25%, 12/15/41(a)		2,000		2,485,794
3.70%, 12/01/47		500		592,229
3.95%, 03/15/48		1,000		1,237,637
3.20%, 08/15/49(a)		930		1,032,905
Duke Energy Corp.
2.40%, 08/15/22(a)		1,000		1,033,656
3.95%, 10/15/23		250		272,551
3.75%, 04/15/24(a)		500		549,125
0.90%, 09/15/25		415		415,059
2.65%, 09/01/26(a)		500		540,887
3.15%, 08/15/27		500		551,913
2.45%, 06/01/30(a)		1,695		1,787,285
4.80%, 12/15/45		250		318,924
3.75%, 09/01/46		1,500		1,712,421
3.95%, 08/15/47		500		590,631
4.20%, 06/15/49		500		614,081
Duke Energy Florida LLC
2.50%, 12/01/29(a)		345		374,228
1.75%, 06/15/30		470		477,311
3.40%, 10/01/46		250		280,810
Duke Energy Indiana LLC
3.75%, 05/15/46		500		587,825
2.75%, 04/01/50		1,000		1,023,820
Series UUU, 4.20%, 03/15/42(a)		400		474,761
Series WWW, 4.90%, 07/15/43		250		332,007
Series YYY, 3.25%, 10/01/49(a)		500		558,075
Duke Energy Ohio, Inc.
2.13%, 06/01/30		610		640,319
3.70%, 06/15/46		250		289,004
Duke Energy Progress LLC
3.38%, 09/01/23		250		270,734
3.70%, 09/01/28		365		423,872
4.10%, 05/15/42		150		182,925
4.10%, 03/15/43		250		305,416
4.38%, 03/30/44		100		126,888
4.20%, 08/15/45		250		311,399
3.70%, 10/15/46		500		588,857

16

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric Utilities (continued)
Duke Energy Progress LLC (continued)
2.50%, 08/15/50	$	500	$	484,767
Edison International
3.13%, 11/15/22		95		98,023
3.55%, 11/15/24		175		184,505
5.75%, 06/15/27(a)		2,050		2,263,433
4.13%, 03/15/28		1,000		1,025,995
Entergy Arkansas LLC, 3.50%, 04/01/26		65		73,560
Entergy Corp.
4.00%, 07/15/22(a)		200		210,953
0.90%, 09/15/25		665		662,332
2.80%, 06/15/30		310		335,136
3.75%, 06/15/50		135		152,940
Entergy Louisiana LLC
4.05%, 09/01/23(a)		250		273,401
5.40%, 11/01/24		3,000		3,534,663
4.00%, 03/15/33		250		313,038
4.20%, 09/01/48		250		316,815
4.20%, 04/01/50		1,000		1,284,193
Entergy Mississippi LLC
2.85%, 06/01/28(a)		500		549,871
3.85%, 06/01/49		500		603,952
Entergy Texas, Inc., 3.55%, 09/30/49(a)		200		224,930
Evergy Kansas Central, Inc.
2.55%, 07/01/26		350		379,342
4.25%, 12/01/45		1,000		1,257,622
3.25%, 09/01/49(a)		500		546,215
3.45%, 04/15/50		500		566,651
Evergy Metro, Inc., 3.65%, 08/15/25		150		169,322
Evergy, Inc.(a)
2.45%, 09/15/24		500		529,294
2.90%, 09/15/29		500		536,658
Eversource Energy
0.80%, 08/15/25		800		795,999
1.65%, 08/15/30		800		792,682
3.45%, 01/15/50		400		449,295
Series H, 3.15%, 01/15/25(a)		125		136,349
Series M, 3.30%, 01/15/28		2,000		2,233,379
Exelon Corp.
3.50%, 06/01/22		500		522,741
3.95%, 06/15/25(a)		250		281,792
3.40%, 04/15/26(a)		750		839,746
4.05%, 04/15/30		1,000		1,173,038
5.10%, 06/15/45		250		324,301
4.45%, 04/15/46(a)		250		303,380
4.70%, 04/15/50		500		635,911
Exelon Generation Co. LLC
4.25%, 06/15/22		500		527,938
6.25%, 10/01/39		150		185,942
5.75%, 10/01/41		500		574,323
5.60%, 06/15/42		50		58,929
FirstEnergy Corp.
2.25%, 09/01/30		795		777,537
7.38%, 11/15/31		500		701,032
Series A, 1.60%, 01/15/26		360		357,764
Series B, 3.90%, 07/15/27(a)		2,000		2,198,919
Series C, 4.85%, 07/15/47		500		602,326
Florida Power & Light Co.
2.75%, 06/01/23		250		262,739
2.85%, 04/01/25		120		131,564
3.13%, 12/01/25(a)		500		556,949

Security	Par (000)		Value
Electric Utilities (continued)
Florida Power & Light Co. (continued)
5.95%, 02/01/38	$	50	$	73,997
5.25%, 02/01/41		500		697,343
4.13%, 02/01/42		500		623,351
4.05%, 10/01/44		750		945,037
3.70%, 12/01/47		1,000		1,216,661
3.95%, 03/01/48		500		632,488
4.13%, 06/01/48		500		653,866
3.15%, 10/01/49(a)		885		1,004,660
Georgia Power Co.(a)
4.30%, 03/15/42		700		837,844
3.70%, 01/30/50		1,000		1,111,934
Series A, 2.20%, 09/15/24		1,000		1,054,942
Series B, 2.65%, 09/15/29		1,000		1,071,495
Indiana Michigan Power Co.
6.05%, 03/15/37		175		247,276
4.25%, 08/15/48		250		309,137
Series K, 4.55%, 03/15/46		150		191,715
Interstate Power & Light Co.
3.25%, 12/01/24		250		274,126
3.70%, 09/15/46		500		566,229
3.50%, 09/30/49		105		115,022
IPALCO Enterprises Inc., 4.25%, 05/01/30(b)		1,000		1,131,453
ITC Holdings Corp., 3.25%, 06/30/26		1,000		1,116,539
Kentucky Utilities Co., 3.30%, 06/01/50		300		329,554
Louisville Gas & Electric Co., 4.65%, 11/15/43		250		315,723
MidAmerican Energy Co.
3.65%, 04/15/29		500		595,724
4.80%, 09/15/43		250		335,066
4.40%, 10/15/44		1,000		1,268,423
4.25%, 07/15/49		1,500		1,944,204
3.15%, 04/15/50(a)		250		277,039
Mississippi Power Co., Series 12-A, 4.25%, 03/15/42		500		590,041
National Rural Utilities Cooperative Finance Corp.
2.30%, 09/15/22		1,000		1,035,832
3.40%, 11/15/23		350		378,810
2.85%, 01/27/25		250		272,345
3.40%, 02/07/28(a)		2,000		2,307,288
2.40%, 03/15/30		830		904,918
4.30%, 03/15/49		500		649,492
Nevada Power Co.
2.40%, 05/01/30		400		428,083
5.45%, 05/15/41		50		67,535
3.13%, 08/01/50		400		429,485
NextEra Energy Capital Holdings, Inc.
2.80%, 01/15/23		1,000		1,049,724
3.63%, 06/15/23		1,250		1,341,126
3.15%, 04/01/24		500		540,863
2.75%, 05/01/25		2,000		2,161,692
3.55%, 05/01/27		1,000		1,130,250
2.75%, 11/01/29(a)		245		265,669
2.25%, 06/01/30		2,300		2,381,714
Northern States Power Co.
2.60%, 05/15/23(a)		500		522,061
3.40%, 08/15/42(a)		200		228,376
4.00%, 08/15/45		85		106,520
3.60%, 09/15/47		150		178,072
2.90%, 03/01/50		445		476,525
2.60%, 06/01/51		305		309,651
NSTAR Electric Co., 2.70%, 06/01/26		250		270,291

M A S T E R   P O R T F O L I O   S C H E D U L E   O F   I N V E S T M E N T S 17

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric Utilities (continued)
Oglethorpe Power Corp.
4.55%, 06/01/44	$	250	$	270,666
5.05%, 10/01/48		500		591,136
3.75%, 08/01/50(b)		250		249,006
Ohio Power Co., 4.15%, 04/01/48		1,000		1,245,231
Oklahoma Gas and Electric Co., 3.25%, 04/01/30(a)		1,000		1,119,969
Oncor Electric Delivery Co. LLC
7.00%, 09/01/22		100		112,204
0.55%, 10/01/25(b)		580		576,742
3.70%, 11/15/28(a)		355		417,499
5.25%, 09/30/40		250		343,723
5.30%, 06/01/42		75		106,165
3.75%, 04/01/45		250		298,677
3.80%, 09/30/47		1,000		1,214,531
3.80%, 06/01/49(a)		1,000		1,216,857
3.10%, 09/15/49(a)		245		269,264
Pacific Gas and Electric Co.
1.75%, 06/16/22		1,500		1,501,802
3.15%, 01/01/26		2,000		2,052,290
2.10%, 08/01/27		585		566,028
3.75%, 07/01/28		2,000		2,065,105
4.55%, 07/01/30		2,000		2,171,451
2.50%, 02/01/31		1,500		1,427,205
4.50%, 07/01/40		2,000		2,033,942
3.30%, 08/01/40(a)		895		821,897
3.95%, 12/01/47		1,000		926,825
4.95%, 07/01/50		2,000		2,134,147
3.50%, 08/01/50		900		811,459
PacifiCorp
2.95%, 02/01/22		100		102,739
2.95%, 06/01/23(a)		300		318,059
4.10%, 02/01/42		250		303,397
4.15%, 02/15/50		500		626,347
PECO Energy Co.
3.90%, 03/01/48		1,000		1,236,905
3.00%, 09/15/49(a)		195		208,116
Pennsylvania Electric Co., 6.15%, 10/01/38		250		317,168
Potomac Electric Power Co.
3.60%, 03/15/24		250		272,838
4.15%, 03/15/43		250		302,499
PPL Capital Funding, Inc.
3.50%, 12/01/22		2,000		2,108,733
3.40%, 06/01/23		1,250		1,331,157
4.13%, 04/15/30		300		354,389
5.00%, 03/15/44		1,000		1,246,743
4.00%, 09/15/47(a)		500		572,385
PPL Electric Utilities Corp.(a)
4.75%, 07/15/43		250		333,913
3.00%, 10/01/49		170		184,081
Progress Energy, Inc.
3.15%, 04/01/22		1,000		1,032,621
7.75%, 03/01/31		50		73,202
Public Service Co. of Colorado
3.70%, 06/15/28		1,000		1,167,028
1.90%, 01/15/31		800		831,843
3.60%, 09/15/42		250		294,044
3.95%, 03/15/43		200		238,931
4.30%, 03/15/44		75		95,897
3.80%, 06/15/47		1,000		1,218,215
2.70%, 01/15/51		800		813,131

Security	Par (000)		Value
Electric Utilities (continued)
Public Service Co. of New Hampshire, 3.60%, 07/01/49	$	1,000	$	1,165,433
Public Service Co. of Oklahoma, Series G, 6.63%, 11/15/37		250		360,417
Public Service Electric & Gas Co.
2.38%, 05/15/23(a)		250		261,123
3.05%, 11/15/24(a)		250		271,826
3.20%, 05/15/29		500		571,022
2.45%, 01/15/30		400		434,161
3.95%, 05/01/42(a)		50		60,939
3.65%, 09/01/42		50		58,660
3.80%, 03/01/46		1,250		1,515,712
3.85%, 05/01/49		500		628,234
3.15%, 01/01/50		400		452,543
Series K, 4.05%, 05/01/45		150		178,538
Public Service Enterprise Group, Inc., 2.88%, 06/15/24		1,000		1,069,953
Puget Energy, Inc.
5.63%, 07/15/22		500		535,785
3.65%, 05/15/25		250		267,567
Puget Sound Energy, Inc.
5.80%, 03/15/40(a)		500		707,103
4.22%, 06/15/48		500		624,444
3.25%, 09/15/49		750		840,076
San Diego Gas & Electric Co.
4.30%, 04/01/42		100		117,223
4.15%, 05/15/48		1,000		1,211,484
Series NNN, 3.60%, 09/01/23		250		269,836
Series VVV, 1.70%, 10/01/30		500		498,024
Sempra Energy
4.05%, 12/01/23		250		273,558
3.55%, 06/15/24		250		270,633
3.75%, 11/15/25(a)		250		279,546
3.40%, 02/01/28		2,000		2,199,628
4.00%, 02/01/48		1,000		1,127,749
Sierra Pacific Power Co., 2.60%, 05/01/26		1,250		1,362,355
Southern California Edison Co.
2.85%, 08/01/29(a)		2,350		2,469,088
5.50%, 03/15/40(a)		50		62,280
4.50%, 09/01/40		1,000		1,142,778
4.65%, 10/01/43(a)		350		404,014
4.00%, 04/01/47		500		536,511
3.65%, 02/01/50(a)		400		413,335
Series 08-A, 5.95%, 02/01/38		500		632,542
Series B, 2.40%, 02/01/22(a)		250		254,882
Series B, 4.88%, 03/01/49		500		607,614
Series C, 3.60%, 02/01/45		250		256,682
Series C, 4.13%, 03/01/48(a)		1,000		1,099,897
Series D, 3.40%, 06/01/23(a)		1,000		1,063,466
Series E, 3.70%, 08/01/25		2,000		2,216,938
Southern Co.
2.95%, 07/01/23(a)		500		531,337
3.25%, 07/01/26(a)		500		557,930
4.40%, 07/01/46(a)		750		887,133
Series B, (5 year CMT + 3.73%), 4.00%, 01/15/51(c)		1,000		1,003,352
Southern Power Co.
5.25%, 07/15/43		500		583,221
Series E, 2.50%, 12/15/21(a)		1,000		1,023,621
Southwestern Electric Power Co.
Series L, 3.85%, 02/01/48(a)		500		554,539

18

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric Utilities (continued)
Southwestern Electric Power Co. (continued)
Series M, 4.10%, 09/15/28	$	1,000	$	1,165,867
Southwestern Public Service Co.
3.75%, 06/15/49(a)		1,000		1,180,472
3.15%, 05/01/50		400		431,401
Tampa Electric Co.
4.10%, 06/15/42		250		301,895
4.45%, 06/15/49		250		322,924
3.63%, 06/15/50(a)		80		92,946
Toledo Edison Co., 6.15%, 05/15/37		100		142,870
Tucson Electric Power Co.
1.50%, 08/01/30		865		857,411
4.85%, 12/01/48		250		336,890
Union Electric Co.
2.95%, 06/15/27		1,000		1,102,739
4.00%, 04/01/48		1,000		1,229,336
3.25%, 10/01/49		500		562,624
Virginia Electric & Power Co.
2.95%, 01/15/22(a)		400		409,904
4.00%, 01/15/43		250		306,018
4.45%, 02/15/44		150		195,586
4.60%, 12/01/48(a)		455		621,209
3.30%, 12/01/49		280		323,920
Series A, 3.15%, 01/15/26		555		616,520
Series A, 3.50%, 03/15/27(a)		750		855,009
Series A, 2.88%, 07/15/29(a)		115		128,883
Series A, 6.00%, 05/15/37		250		360,926
Series B, 6.00%, 01/15/36		1,000		1,410,220
Series B, 3.80%, 09/15/47		1,500		1,820,156
Series D, 4.65%, 08/15/43(a)		500		662,237
WEC Energy Group, Inc., 3.55%, 06/15/25		350		392,426
Wisconsin Electric Power Co., 4.30%, 10/15/48(a)		750		957,340
Wisconsin Power & Light Co., 3.00%, 07/01/29(a)		1,000		1,126,907
Wisconsin Public Service Corp., 3.30%, 09/01/49		625		698,291
Xcel Energy, Inc.
3.30%, 06/01/25		292		322,239
3.35%, 12/01/26(a)		500		563,262
4.00%, 06/15/28		1,000		1,176,869
2.60%, 12/01/29		200		216,077
4.80%, 09/15/41		250		312,895
3.50%, 12/01/49		200		222,180
				260,728,480
Electrical Equipment — 0.1%
Rockwell Automation, Inc., 4.20%, 03/01/49		1,000		1,312,422
Roper Technologies, Inc.
0.45%, 08/15/22		2,040		2,038,863
3.13%, 11/15/22		150		157,208
3.65%, 09/15/23(a)		250		271,571
2.35%, 09/15/24(a)		240		253,844
1.00%, 09/15/25		120		120,259
3.80%, 12/15/26(a)		250		288,483
1.40%, 09/15/27		370		373,771
2.95%, 09/15/29(a)		435		478,817
2.00%, 06/30/30		130		132,521
1.75%, 02/15/31		490		490,264

Security	Par (000)		Value
Electrical Equipment (continued)
Tyco Electronics Group SA
3.50%, 02/03/22	$	100	$	103,216
3.45%, 08/01/24		75		81,550
				6,102,789
Electronic Equipment, Instruments & Components — 0.1%
ABB Finance USA, Inc.
2.88%, 05/08/22		100		103,994
3.80%, 04/03/28		1,000		1,188,488
Amphenol Corp., 2.80%, 02/15/30(a)		1,000		1,093,675
Arrow Electronics, Inc., 4.00%, 04/01/25		500		543,636
Avnet, Inc., 3.75%, 12/01/21		1,000		1,028,704
Corning, Inc.
3.70%, 11/15/23(a)		250		270,596
4.75%, 03/15/42		50		62,088
5.35%, 11/15/48		750		1,012,615
3.90%, 11/15/49		250		286,436
4.38%, 11/15/57		750		908,112
5.45%, 11/15/79		250		318,169
Honeywell International, Inc.
1.85%, 11/01/21(a)		3,000		3,048,483
2.30%, 08/15/24		1,000		1,066,416
1.35%, 06/01/25		355		366,017
2.70%, 08/15/29		1,500		1,659,546
1.95%, 06/01/30		1,000		1,052,302
3.81%, 11/21/47(a)		500		629,158
2.80%, 06/01/50		435		466,348
Keysight Technologies, Inc., 3.00%, 10/30/29(a)		800		874,525
				15,979,308
Energy Equipment & Services — 0.1%
Baker Hughes a GE Co. LLC, 5.13%, 09/15/40		100		118,493
Baker Hughes a GE Co. LLC/Baker Hughes Co- Obligor, Inc.
2.77%, 12/15/22		500		522,814
3.34%, 12/15/27(a)		450		478,215
3.14%, 11/07/29		325		339,103
4.08%, 12/15/47		1,500		1,499,794
Halliburton Co.
3.80%, 11/15/25		2,415		2,624,103
2.92%, 03/01/30		1,000		985,373
4.85%, 11/15/35		1,000		1,061,662
4.50%, 11/15/41		50		47,035
4.75%, 08/01/43		1,250		1,233,121
5.00%, 11/15/45		1,175		1,211,955
National Oilwell Varco, Inc.
3.60%, 12/01/29		1,000		971,271
3.95%, 12/01/42		150		134,884
TechnipFMC PLC, 3.45%, 10/01/22		100		103,471
				11,331,294
Environmental, Maintenance, & Security Service — 0.1%
Republic Services, Inc.
3.55%, 06/01/22(a)		250		260,813
4.75%, 05/15/23(a)		250		274,912
2.50%, 08/15/24		205		218,204
3.20%, 03/15/25		250		274,335
2.90%, 07/01/26(a)		85		93,992
3.95%, 05/15/28		1,750		2,061,662
1.45%, 02/15/31		880		867,855

M A S T E R   P O R T F O L I O   S C H E D U L E   O F   I N V E S T M E N T S 19

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Environmental, Maintenance, & Security Service (continued)
Republic Services, Inc. (continued)
3.05%, 03/01/50	$	1,000	$	1,062,364
Waste Connections, Inc., 3.05%, 04/01/50		1,000		1,046,207
Waste Management, Inc.
2.90%, 09/15/22(a)		200		208,453
2.40%, 05/15/23		500		522,429
3.15%, 11/15/27		1,000		1,118,423
3.90%, 03/01/35(a)		315		381,513
4.15%, 07/15/49		1,000		1,272,299
				9,663,461
Equity Real Estate Investment Trusts (REITs) — 0.7%
Alexandria Real Estate Equities, Inc.
4.30%, 01/15/26		750		866,615
3.38%, 08/15/31(a)		820		925,285
1.88%, 02/01/33		585		572,915
4.00%, 02/01/50(a)		1,000		1,197,281
American Campus Communities Operating Partnership LP
3.30%, 07/15/26		1,000		1,070,306
2.85%, 02/01/30		500		506,424
3.88%, 01/30/31		195		212,939
AvalonBay Communities, Inc.
2.95%, 09/15/22(a)		100		103,979
3.45%, 06/01/25		100		110,807
3.20%, 01/15/28		2,000		2,225,396
3.30%, 06/01/29(a)		255		289,936
2.45%, 01/15/31		835		893,184
3.90%, 10/15/46		250		303,202
Boston Properties LP
3.85%, 02/01/23		1,000		1,064,889
3.13%, 09/01/23(a)		250		264,440
3.20%, 01/15/25		1,000		1,082,955
3.65%, 02/01/26(a)		190		211,028
4.50%, 12/01/28(a)		1,000		1,176,275
2.90%, 03/15/30(a)		480		500,372
3.25%, 01/30/31		2,000		2,155,560
Brandywine Operating Partnership LP, 4.55%, 10/01/29(a)		500		530,495
Brixmor Operating Partnership LP
3.65%, 06/15/24		750		786,600
4.13%, 06/15/26		250		272,222
4.13%, 05/15/29		1,250		1,354,105
Camden Property Trust, 2.80%, 05/15/30		1,500		1,634,372
Choice Hotels International, Inc., 3.70%, 12/01/29		200		211,778
CubeSmart LP
3.00%, 02/15/30(a)		1,500		1,610,136
2.00%, 02/15/31		500		493,345
CyrusOne LP/CyrusOne Finance Corp., 2.15%, 11/01/30		275		268,702
Duke Realty LP
2.88%, 11/15/29(a)		540		589,055
1.75%, 07/01/30		325		323,509
ERP Operating LP
4.63%, 12/15/21		2,000		2,079,094
3.00%, 04/15/23		500		526,340
3.25%, 08/01/27		500		556,485
3.50%, 03/01/28(a)		1,000		1,131,049
3.00%, 07/01/29(a)		735		809,784
2.50%, 02/15/30(a)		405		430,063

Security	Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
ERP Operating LP (continued)
4.50%, 07/01/44	$	150	$	192,501
4.50%, 06/01/45		500		641,067
Essex Portfolio LP
3.88%, 05/01/24		100		109,336
4.00%, 03/01/29		1,000		1,157,847
3.00%, 01/15/30(a)		200		214,950
1.65%, 01/15/31		90		87,693
2.65%, 03/15/32		95		100,320
2.65%, 09/01/50		400		375,371
Federal Realty Investment Trust
3.25%, 07/15/27(a)		500		530,938
3.50%, 06/01/30		800		865,560
Healthcare Trust of America Holdings LP, 3.10%, 02/15/30(a)		1,000		1,076,078
Healthpeak Properties, Inc.
3.40%, 02/01/25(a)		500		547,217
4.00%, 06/01/25(a)		500		563,175
3.50%, 07/15/29(a)		1,500		1,670,615
3.00%, 01/15/30(a)		530		571,206
2.88%, 01/15/31		90		95,001
Highwoods Realty LP
4.13%, 03/15/28(a)		250		275,817
3.05%, 02/15/30		500		517,252
Host Hotels & Resorts LP(a)
Series E, 4.00%, 06/15/25		190		197,281
Series H, 3.38%, 12/15/29		1,000		935,097
Hudson Pacific Properties LP, 4.65%, 04/01/29(a)		1,000		1,141,688
Hyatt Hotels Corp.
3.38%, 07/15/23		190		194,654
4.38%, 09/15/28		305		314,707
5.75%, 04/23/30		500		574,131
Kilroy Realty LP
3.05%, 02/15/30(a)		1,000		1,046,975
2.50%, 11/15/32		375		365,137
Kimco Realty Corp.
3.30%, 02/01/25		350		377,983
2.80%, 10/01/26		500		534,140
4.45%, 09/01/47		350		380,522
3.70%, 10/01/49(a)		500		490,760
Life Storage LP
4.00%, 06/15/29		1,000		1,135,687
2.20%, 10/15/30		130		129,668
Marriott International, Inc.
3.13%, 06/15/26		1,000		997,608
4.63%, 06/15/30		1,000		1,070,947
Series EE, 5.75%, 05/01/25(a)		1,100		1,227,622
Mid-America Apartments LP
4.30%, 10/15/23		200		218,523
3.60%, 06/01/27		500		557,248
3.95%, 03/15/29(a)		500		578,923
1.70%, 02/15/31		195		192,000
National Retail Properties, Inc.
3.30%, 04/15/23(a)		500		525,854
4.30%, 10/15/28		1,000		1,117,099
3.10%, 04/15/50		1,000		893,443
Omega Healthcare Investors, Inc.
4.50%, 04/01/27		250		268,652
4.75%, 01/15/28(a)		500		548,389
3.63%, 10/01/29(a)		600		607,976

20

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Piedmont Operating Partnership LP, 3.15%, 08/15/30	$	500	$	489,813
Realty Income Corp.
4.65%, 08/01/23		250		276,246
4.13%, 10/15/26		1,000		1,157,124
3.00%, 01/15/27(a)		1,000		1,087,996
3.25%, 06/15/29(a)		975		1,078,344
3.25%, 01/15/31		670		741,453
Regency Centers LP
2.95%, 09/15/29(a)		1,000		1,035,982
3.70%, 06/15/30		500		548,881
4.40%, 02/01/47		500		560,938
Sabra Health Care LP/Sabra Capital Corp., 3.90%, 10/15/29		1,000		974,139
Simon Property Group LP
2.35%, 01/30/22		2,000		2,035,302
2.63%, 06/15/22(a)		250		256,644
2.00%, 09/13/24(a)		1,040		1,072,071
3.38%, 10/01/24(a)		500		541,196
3.30%, 01/15/26(a)		1,500		1,625,026
3.38%, 06/15/27(a)		750		804,123
2.45%, 09/13/29(a)		500		495,262
4.75%, 03/15/42		100		114,830
4.25%, 10/01/44		250		271,221
4.25%, 11/30/46		500		535,977
3.25%, 09/13/49(a)		655		600,710
3.80%, 07/15/50		1,000		1,015,311
SITE Centers Corp., 4.25%, 02/01/26(a)		250		267,674
Spirit Realty LP
4.00%, 07/15/29		425		442,082
3.40%, 01/15/30(a)		500		497,124
UDR, Inc.
4.40%, 01/26/29(a)		1,000		1,180,821
3.20%, 01/15/30		500		553,982
3.00%, 08/15/31		500		541,026
Ventas Realty LP
2.65%, 01/15/25(a)		650		678,824
4.13%, 01/15/26		1,250		1,404,529
3.25%, 10/15/26		500		530,787
4.00%, 03/01/28(a)		1,500		1,633,490
3.00%, 01/15/30		1,000		1,019,628
VEREIT Operating Partnership LP
3.95%, 08/15/27		500		533,359
3.10%, 12/15/29		500		500,874
Welltower, Inc.
3.63%, 03/15/24(a)		500		540,837
4.00%, 06/01/25		1,250		1,403,133
4.25%, 04/01/26(a)		350		400,937
4.13%, 03/15/29(a)		1,000		1,134,716
3.10%, 01/15/30		1,000		1,062,405
2.75%, 01/15/31		2,000		2,060,937
				89,261,334
Food & Staples Retailing — 0.6%
Campbell Soup Co.
3.65%, 03/15/23(a)		1,000		1,070,585
3.30%, 03/19/25(a)		500		543,456
4.80%, 03/15/48		750		963,526
Conagra Brands, Inc.
3.25%, 09/15/22		200		210,284
3.20%, 01/25/23(a)		500		526,582

Security	Par (000)		Value
Food & Staples Retailing (continued)
Conagra Brands, Inc. (continued)
4.30%, 05/01/24(a)	$	1,000	$	1,115,690
4.60%, 11/01/25		1,000		1,160,911
5.30%, 11/01/38(a)		1,000		1,289,190
5.40%, 11/01/48(a)		500		680,383
Costco Wholesale Corp.
3.00%, 05/18/27(a)		1,500		1,681,548
1.60%, 04/20/30		1,500		1,525,098
Dollar General Corp., 4.13%, 04/03/50		1,000		1,185,957
Dollar Tree, Inc.
3.70%, 05/15/23		2,500		2,688,465
4.20%, 05/15/28(a)		1,000		1,176,034
General Mills, Inc.
3.15%, 12/15/21		650		667,188
2.60%, 10/12/22		250		260,142
3.65%, 02/15/24		500		544,903
3.20%, 02/10/27(a)		250		280,719
4.20%, 04/17/28(a)		1,000		1,180,589
2.88%, 04/15/30		1,000		1,096,422
4.15%, 02/15/43		300		368,731
4.70%, 04/17/48(a)		750		1,023,905
Ingredion Inc., 3.90%, 06/01/50		500		562,366
Kellogg Co.
2.65%, 12/01/23		1,000		1,059,911
3.25%, 04/01/26(a)		65		72,484
4.30%, 05/15/28(a)		1,000		1,181,979
4.50%, 04/01/46(a)		350		437,481
Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40		73		103,739
Kroger Co.
3.40%, 04/15/22(a)		100		103,729
3.50%, 02/01/26		495		557,716
2.65%, 10/15/26(a)		1,000		1,089,613
3.70%, 08/01/27(a)		500		572,958
4.50%, 01/15/29		1,000		1,227,746
2.20%, 05/01/30		1,500		1,575,134
5.15%, 08/01/43		125		160,657
3.88%, 10/15/46(a)		500		566,768
4.45%, 02/01/47(a)		1,000		1,227,245
4.65%, 01/15/48		500		634,819
5.40%, 01/15/49		500		690,146
3.95%, 01/15/50(a)		300		350,185
McCormick & Co., Inc., 2.50%, 04/15/30		2,000		2,139,142
Sysco Corp.
3.55%, 03/15/25(a)		1,000		1,091,401
3.75%, 10/01/25		100		109,864
3.30%, 07/15/26(a)		630		686,828
5.95%, 04/01/30		1,000		1,267,429
6.60%, 04/01/40		1,000		1,352,530
4.85%, 10/01/45		150		168,590
4.50%, 04/01/46(a)		250		274,324
4.45%, 03/15/48		500		551,402
6.60%, 04/01/50		600		842,244
Target Corp.
2.90%, 01/15/22		150		155,197
3.50%, 07/01/24		1,000		1,106,073
2.25%, 04/15/25		1,420		1,521,558
2.50%, 04/15/26(a)		250		273,448
3.38%, 04/15/29(a)		1,000		1,162,699
2.35%, 02/15/30		980		1,064,025
2.65%, 09/15/30		1,160		1,295,210
4.00%, 07/01/42(a)		350		458,730

M A S T E R   P O R T F O L I O   S C H E D U L E   O F   I N V E S T M E N T S 21

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Food & Staples Retailing (continued)
Target Corp. (continued)
3.63%, 04/15/46(a)	$	850	$	1,072,588
3.90%, 11/15/47		500		661,623
Walgreen Co., 3.10%, 09/15/22(a)		200		209,384
Walgreens Boots Alliance, Inc.
3.30%, 11/18/21		500		512,765
3.80%, 11/18/24(a)		1,000		1,101,277
3.45%, 06/01/26(a)		1,305		1,425,920
4.50%, 11/18/34		155		177,264
4.80%, 11/18/44(a)		1,150		1,258,482
4.65%, 06/01/46		1,000		1,065,303
Walmart, Inc.
2.35%, 12/15/22(a)		1,250		1,303,991
3.40%, 06/26/23(a)		2,000		2,160,752
3.30%, 04/22/24(a)		1,750		1,909,400
2.85%, 07/08/24		2,500		2,716,327
2.65%, 12/15/24(a)		250		270,761
3.70%, 06/26/28		1,000		1,182,465
3.25%, 07/08/29(a)		250		291,464
2.38%, 09/24/29(a)		275		303,552
3.95%, 06/28/38(a)		1,000		1,253,445
4.88%, 07/08/40		2,000		2,731,445
4.00%, 04/11/43(a)		150		186,921
4.30%, 04/22/44		750		991,201
3.63%, 12/15/47		1,000		1,231,372
4.05%, 06/29/48(a)		1,900		2,479,668
2.95%, 09/24/49(a)		1,495		1,681,931
				77,114,979
Food Products — 0.1%
Archer-Daniels-Midland Co.
2.50%, 08/11/26(a)		1,750		1,896,324
4.54%, 03/26/42		37		49,635
4.02%, 04/16/43		125		158,065
3.75%, 09/15/47(a)		1,000		1,255,787
4.50%, 03/15/49		1,000		1,401,936
Bunge, Ltd. Finance Corp., 3.75%, 09/25/27(a)		1,000		1,085,688
Hershey Co.
2.05%, 11/15/24		500		530,229
2.45%, 11/15/29		500		542,454
3.13%, 11/15/49		500		552,875
JM Smucker Co.
3.50%, 10/15/21		50		51,542
3.50%, 03/15/25(a)		1,250		1,404,714
4.25%, 03/15/35		250		301,599
4.38%, 03/15/45		500		603,405
Mondelez International, Inc.
3.63%, 05/07/23(a)		500		541,550
1.50%, 05/04/25		350		359,674
2.75%, 04/13/30		2,000		2,174,852
1.50%, 02/04/31		580		565,385
4.63%, 05/07/48		500		689,350
2.63%, 09/04/50		215		208,741
Tyson Foods, Inc.
4.50%, 06/15/22		150		158,673
3.55%, 06/02/27(a)		1,000		1,131,007
4.88%, 08/15/34		70		91,507
5.15%, 08/15/44		250		331,729

Security	Par (000)		Value
Food Products (continued)
Tyson Foods, Inc. (continued)
4.55%, 06/02/47	$	250	$	314,983
5.10%, 09/28/48		1,500		2,073,175
				18,474,879
Health — 0.0%
Northwell Healthcare, Inc., 4.26%, 11/01/47		70		80,359
Health Care Equipment & Supplies — 0.4%
Abbott Laboratories
2.55%, 03/15/22(a)		1,000		1,033,825
3.88%, 09/15/25(a)		45		51,419
3.75%, 11/30/26(a)		417		484,092
1.15%, 01/30/28		530		533,758
1.40%, 06/30/30		445		447,886
4.75%, 11/30/36(a)		2,250		3,011,666
5.30%, 05/27/40		500		731,486
4.75%, 04/15/43(a)		250		340,965
4.90%, 11/30/46		1,500		2,126,701
Baxter International, Inc.
3.75%, 10/01/25(b)		1,000		1,134,429
2.60%, 08/15/26(a)		730		798,155
3.95%, 04/01/30(b)		500		599,006
Becton Dickinson & Co.
2.89%, 06/06/22(a)		500		517,705
3.36%, 06/06/24(a)		1,000		1,082,228
3.73%, 12/15/24(a)		1,250		1,379,610
3.70%, 06/06/27		1,630		1,848,161
2.82%, 05/20/30		470		506,853
6.00%, 05/15/39		250		329,365
4.69%, 12/15/44		196		242,343
4.67%, 06/06/47		500		617,400
3.79%, 05/20/50		455		508,925
Boston Scientific Corp.
3.45%, 03/01/24		2,000		2,166,821
3.85%, 05/15/25		382		433,344
4.00%, 03/01/29(a)		250		290,835
4.55%, 03/01/39(a)		1,000		1,252,306
4.70%, 03/01/49		800		1,056,801
Danaher Corp., 2.60%, 10/01/50(e)		500		490,170
DH Europe Finance II Sarl
2.05%, 11/15/22		300		309,268
2.20%, 11/15/24		1,000		1,056,636
2.60%, 11/15/29		445		483,785
3.25%, 11/15/39		400		447,422
3.40%, 11/15/49(a)		675		765,028
Koninklijke Philips NV, 5.00%, 03/15/42(a)		250		327,300
Medtronic Global Holdings SCA, 3.35%, 04/01/27(a)		250		284,320
Medtronic, Inc.
3.15%, 03/15/22		1,350		1,403,984
3.63%, 03/15/24(a)		400		438,435
3.50%, 03/15/25		2,584		2,911,195
4.38%, 03/15/35(a)		350		467,497
4.63%, 03/15/45		1,750		2,409,074
Stryker Corp.
3.38%, 11/01/25		580		646,690
3.50%, 03/15/26(a)		500		564,248
4.63%, 03/15/46		1,250		1,629,514
2.90%, 06/15/50		500		515,405

22

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care Equipment & Supplies (continued)
Thermo Fisher Scientific, Inc.
3.00%, 04/15/23(a)	$	2,000	$	2,115,395
4.15%, 02/01/24(a)		250		276,203
3.65%, 12/15/25		500		563,474
3.20%, 08/15/27(a)		500		562,692
2.60%, 10/01/29(a)		970		1,057,402
4.50%, 03/25/30		1,000		1,237,119
4.10%, 08/15/47(a)		500		639,096
Zimmer Biomet Holdings, Inc.
3.15%, 04/01/22(a)		1,500		1,551,497
3.55%, 04/01/25		750		829,116
4.45%, 08/15/45		500		555,930
				48,063,980
Health Care Providers & Services — 0.6%
Adventist Health System/West, 3.63%, 03/01/49		197		203,563
Advocate Health & Hospitals Corp.
3.83%, 08/15/28		74		85,686
4.27%, 08/15/48		107		136,595
3.39%, 10/15/49		85		94,864
3.01%, 06/15/50		265		280,752
Aetna, Inc.
2.75%, 11/15/22(a)		2,250		2,338,881
2.80%, 06/15/23(a)		1,500		1,580,709
3.50%, 11/15/24(a)		320		350,661
6.75%, 12/15/37(a)		300		435,202
4.50%, 05/15/42		250		297,654
4.75%, 03/15/44(a)		1,025		1,265,790
3.88%, 08/15/47		1,050		1,172,961
Allina Health System, Series 2019, 3.89%, 04/15/49		220		265,606
AmerisourceBergen Corp.
3.45%, 12/15/27(a)		750		854,951
2.80%, 05/15/30		400		427,662
4.25%, 03/01/45		250		286,107
4.30%, 12/15/47		500		581,841
Anthem, Inc.
3.13%, 05/15/22		1,200		1,251,489
2.95%, 12/01/22(a)		4,000		4,205,083
3.30%, 01/15/23(a)		100		106,015
3.50%, 08/15/24		250		274,077
2.38%, 01/15/25(a)		160		170,156
2.25%, 05/15/30		785		808,363
4.63%, 05/15/42		50		62,802
4.65%, 01/15/43(a)		2,000		2,522,258
5.10%, 01/15/44(a)		900		1,189,590
4.65%, 08/15/44		350		439,372
4.38%, 12/01/47		1,000		1,224,825
4.55%, 03/01/48		250		315,024
3.13%, 05/15/50		845		861,242
Ascension Health
3.95%, 11/15/46		1,000		1,248,373
Series B, 2.53%, 11/15/29(a)		150		162,652
Series B, 3.11%, 11/15/39		52		55,817
BayCare Health System, Inc., 3.83%, 11/15/50		285		350,046
Bon Secours Mercy Health, Inc., 3.46%, 06/01/30		200		224,673
Cardinal Health, Inc.
2.62%, 06/15/22		1,000		1,031,996
3.50%, 11/15/24		250		273,361
3.75%, 09/15/25(a)		500		558,754

Security	Par (000)		Value
Health Care Providers & Services (continued)
Cardinal Health, Inc. (continued)
3.41%, 06/15/27(a)	$	1,000	$	1,113,312
4.60%, 03/15/43		50		54,815
4.90%, 09/15/45		250		289,199
4.37%, 06/15/47		500		541,979
Children’s Health System of Texas, 2.51%, 08/15/50		71		67,448
Children’s Hospital Corp., Series 2017, 4.12%, 01/01/47		200		249,176
CHRISTUS Health, Series C, 4.34%, 07/01/28(a)		155		180,388
CommonSpirit Health
2.76%, 10/01/24		245		256,140
3.35%, 10/01/29		132		139,919
3.82%, 10/01/49		251		274,601
4.19%, 10/01/49		400		425,582
Community Health Network, Inc., Series 20-A, 3.10%, 05/01/50		1,000		955,007
Cottage Health Obligated Group, 3.30%, 11/01/49		46		51,065
Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48		100		119,650
Dignity Health, 5.27%, 11/01/64		100		118,907
Duke University Health System, Inc., Series 2017, 3.92%, 06/01/47		173		217,387
Hackensack Meridian Health, Inc.
Series 2020, 2.68%, 09/01/41		195		192,164
Series 2020, 2.88%, 09/01/50		293		287,747
Hartford HealthCare Corp., 3.45%, 07/01/54		175		171,532
HCA, Inc.
4.75%, 05/01/23		3,000		3,272,667
5.25%, 04/15/25		1,000		1,154,649
4.13%, 06/15/29		750		848,287
5.13%, 06/15/39(a)		1,000		1,213,562
5.50%, 06/15/47		1,000		1,237,961
5.25%, 06/15/49		1,250		1,530,176
Humana, Inc.
3.85%, 10/01/24(a)		500		552,636
3.13%, 08/15/29		500		553,206
4.63%, 12/01/42		1,000		1,244,748
4.95%, 10/01/44(a)		250		330,983
4.80%, 03/15/47		200		261,823
Johns Hopkins Health System Corp., 3.84%, 05/15/46		175		214,750
Kaiser Foundation Hospitals
3.50%, 04/01/22(a)		100		104,203
3.15%, 05/01/27		500		560,057
4.15%, 05/01/47		1,110		1,397,659
Series 2019, 3.27%, 11/01/49(a)		325		363,061
Mayo Clinic, Series 2016, 4.13%, 11/15/52		300		392,741
McKesson Corp.
2.85%, 03/15/23(a)		150		157,310
3.80%, 03/15/24(a)		1,500		1,642,730
3.95%, 02/16/28(a)		1,000		1,165,838
4.75%, 05/30/29		1,000		1,215,438
MedStar Health, Inc., 3.63%, 08/15/49		99		107,027
Memorial Health Services, 3.45%, 11/01/49		175		183,427
Memorial Sloan-Kettering Cancer Center
5.00%, 07/01/42		200		276,272
2.96%, 01/01/50		1,214		1,286,674
4.13%, 07/01/52		200		257,704

M A S T E R   P O R T F O L I O   S C H E D U L E   O F   I N V E S T M E N T S 23

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care Providers & Services (continued)
Mercy Health, Series 2018, 4.30%, 07/01/28	$	64	$	72,835
Methodist Hospital (The), Series 20A, 2.71%, 12/01/50		219		219,134
Montefiore Obligated Group, 4.29%, 09/01/50		364		361,952
Mount Sinai Hospitals Group, Inc.
Series 2017, 3.98%, 07/01/48		66		75,354
Series 2019, 3.74%, 07/01/49(a)		300		331,904
Series 2020, 3.39%, 07/01/50		186		182,356
MultiCare Health System, 2.80%, 08/15/50		47		46,317
New York and Presbyterian Hospital
2.26%, 08/01/40		500		476,793
4.02%, 08/01/45		150		188,002
2.61%, 08/01/60		500		484,805
Series 2019, 3.95%, 08/01/19(a)		207		223,399
Northwell Healthcare, Inc.
3.98%, 11/01/46		200		218,761
3.81%, 11/01/49		162		172,494
Orlando Health Obligated Group
4.09%, 10/01/48		29		32,703
3.33%, 10/01/50		192		192,000
Partners Healthcare System, Inc.
3.19%, 07/01/49		500		540,519
Series 2017, 3.77%, 07/01/48		85		101,156
PeaceHealth Obligated Group, Series 2018, 4.79%, 11/15/48		79		102,660
Providence St. Joseph Health Obligated Group
Series 19A, 2.53%, 10/01/29		325		343,593
Series A, 3.93%, 10/01/48		77		91,584
RWJ Barnabas Health, Inc., 3.95%, 07/01/46		230		261,340
Sharp HealthCare, Series 20B, 2.68%, 08/01/50(e)		91		91,485
Spectrum Health System Obligated Group, Series 19A, 3.49%, 07/15/49		85		98,654
Stanford Health Care, Series 2018, 3.80%, 11/15/48		64		78,366
Sutter Health
Series 2018, 3.70%, 08/15/28(a)		86		96,724
Series 2018, 4.09%, 08/15/48		107		126,777
Texas Health Resources, 2.33%, 11/15/50		165		153,369
Toledo Hospital
6.02%, 11/15/48		125		144,395
Series B, 5.33%, 11/15/28		125		140,788
Trinity Health Corp., Series 2019, 3.43%, 12/01/48		137		144,389
UnitedHealth Group, Inc.
3.35%, 07/15/22(a)		750		790,799
2.88%, 03/15/23		250		264,830
3.50%, 06/15/23(a)		2,000		2,163,107
2.38%, 08/15/24(a)		425		452,528
3.75%, 07/15/25		1,000		1,141,371
1.25%, 01/15/26		210		215,595
3.10%, 03/15/26		500		558,901
3.45%, 01/15/27		500		568,894
3.38%, 04/15/27(a)		1,000		1,141,564
3.85%, 06/15/28(a)		1,000		1,180,219
2.88%, 08/15/29(a)		1,890		2,107,730
2.00%, 05/15/30(a)		315		330,055
4.63%, 07/15/35		555		730,927
6.88%, 02/15/38(a)		100		161,071
3.50%, 08/15/39		645		740,989

Security	Par (000)		Value
Health Care Providers & Services (continued)
UnitedHealth Group, Inc. (continued)
2.75%, 05/15/40	$	300	$	316,992
5.95%, 02/15/41		100		149,918
3.95%, 10/15/42		150		182,287
4.75%, 07/15/45(a)		1,500		2,047,496
4.20%, 01/15/47		750		949,916
4.25%, 04/15/47		1,000		1,273,566
3.75%, 10/15/47		500		594,540
4.25%, 06/15/48(a)		400		509,993
4.45%, 12/15/48		1,000		1,324,398
3.70%, 08/15/49(a)		1,500		1,794,623
2.90%, 05/15/50		1,290		1,360,444
3.88%, 08/15/59(a)		500		611,714
3.13%, 05/15/60		600		643,940
Universal Health Services, Inc., 2.65%, 10/15/30(b)		50		49,763
Willis-Knighton Medical Center, Series 2018, 4.81%, 09/01/48		108		134,908
Yale-New Haven Health Services Corp., 2.50%, 07/01/50		121		118,264
				85,633,010
Hotels, Restaurants & Leisure — 0.3%
GLP Capital LP/GLP Financing II, Inc., 5.25%, 06/01/25		400		434,328
Las Vegas Sands Corp.
3.20%, 08/08/24		2,745		2,774,836
3.50%, 08/18/26		270		273,607
3.90%, 08/08/29		185		184,965
McDonald’s Corp.
2.63%, 01/15/22		3,000		3,087,579
3.35%, 04/01/23(a)		250		266,994
3.25%, 06/10/24(a)		400		437,292
3.38%, 05/26/25		500		556,295
3.30%, 07/01/25		115		127,873
3.70%, 01/30/26		250		284,754
3.50%, 03/01/27(a)		1,000		1,132,225
3.50%, 07/01/27		1,400		1,594,216
3.80%, 04/01/28		1,000		1,166,983
3.60%, 07/01/30(a)		1,525		1,778,293
4.70%, 12/09/35		315		402,827
6.30%, 03/01/38(a)		1,000		1,494,648
3.70%, 02/15/42		100		112,106
4.88%, 12/09/45(a)		750		972,545
4.45%, 03/01/47(a)		500		623,533
4.45%, 09/01/48		500		622,611
3.63%, 09/01/49(a)		875		982,497
4.20%, 04/01/50		1,390		1,691,764
Sands China Ltd.
4.60%, 08/08/23		500		533,680
5.13%, 08/08/25		500		545,485
5.40%, 08/08/28(a)		1,750		1,952,632
Starbucks Corp.
1.30%, 05/07/22		180		182,430
2.70%, 06/15/22(a)		500		516,277
3.10%, 03/01/23(a)		2,000		2,118,454
3.85%, 10/01/23(a)		250		272,249
3.80%, 08/15/25(a)		1,000		1,130,709
4.00%, 11/15/28(a)		500		588,867
3.55%, 08/15/29(a)		1,250		1,433,278
2.25%, 03/12/30		1,000		1,038,543

24

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Starbucks Corp. (continued)
2.55%, 11/15/30	$	800	$	849,403
3.75%, 12/01/47		1,000		1,087,253
3.35%, 03/12/50		1,000		1,026,179
3.50%, 11/15/50		800		851,819
				35,130,029
Household Durables — 0.0%
DR Horton, Inc., 2.50%, 10/15/24(a)		425		448,801
Leggett & Platt, Inc.
3.80%, 11/15/24		200		215,017
4.40%, 03/15/29(a)		1,000		1,109,203
Mohawk Industries, Inc.
3.85%, 02/01/23(a)		125		132,678
3.63%, 05/15/30		300		328,641
Whirlpool Corp.
5.15%, 03/01/43		200		242,678
4.50%, 06/01/46		250		295,504
4.60%, 05/15/50		600		743,113
				3,515,635
Insurance — 0.8%
Aflac, Inc.
3.63%, 06/15/23(a)		250		271,182
3.63%, 11/15/24		250		279,119
2.88%, 10/15/26(a)		750		826,929
4.75%, 01/15/49(a)		500		644,766
Alleghany Corp.
4.95%, 06/27/22		550		584,665
3.63%, 05/15/30		700		786,859
Allstate Corp.(a)
3.15%, 06/15/23		250		268,707
3.28%, 12/15/26		750		853,223
4.50%, 06/15/43		150		190,829
4.20%, 12/15/46		1,000		1,248,800
American Financial Group, Inc., 4.50%, 06/15/47		750		831,840
American International Group, Inc.
4.88%, 06/01/22(a)		250		267,986
4.13%, 02/15/24		250		277,068
2.50%, 06/30/25		1,000		1,067,920
3.75%, 07/10/25		750		839,526
3.90%, 04/01/26(a)		500		570,154
4.25%, 03/15/29(a)		1,000		1,173,878
3.40%, 06/30/30(a)		1,500		1,661,046
3.88%, 01/15/35		500		576,812
4.70%, 07/10/35		500		627,826
4.50%, 07/16/44(a)		750		874,917
4.80%, 07/10/45(a)		1,750		2,170,223
4.75%, 04/01/48(a)		1,000		1,225,158
4.38%, 01/15/55		500		573,618
Aon Corp.
2.20%, 11/15/22		335		346,622
4.50%, 12/15/28		1,000		1,209,809
3.75%, 05/02/29(a)		1,000		1,153,475
2.80%, 05/15/30		1,800		1,950,227
Aon PLC
3.50%, 06/14/24		1,000		1,091,628
3.88%, 12/15/25		600		687,780
4.60%, 06/14/44		250		317,238
Arch Capital Finance LLC, 4.01%, 12/15/26		1,000		1,160,724

Security	Par (000)		Value
Insurance (continued)
Arch Capital Group US, Inc., 5.14%, 11/01/43	$	125	$	159,036
Assured Guaranty US Holdings, Inc., 5.00%, 07/01/24(a)		110		124,198
Athene Holding Ltd., 6.15%, 04/03/30		1,000		1,187,524
AXA Equitable Holdings, Inc.
4.35%, 04/20/28		1,000		1,138,825
5.00%, 04/20/48		1,000		1,182,030
AXA SA, 8.60%, 12/15/30(a)		550		841,517
Berkshire Hathaway Finance Corp.
3.00%, 05/15/22		750		782,057
1.85%, 03/12/30		500		522,661
4.40%, 05/15/42		100		127,140
4.30%, 05/15/43		250		324,879
4.20%, 08/15/48		2,000		2,566,034
4.25%, 01/15/49(a)		1,000		1,301,238
Berkshire Hathaway, Inc.(a)
3.00%, 02/11/23		1,000		1,059,781
2.75%, 03/15/23		1,500		1,580,088
3.13%, 03/15/26		1,400		1,562,942
4.50%, 02/11/43		1,100		1,451,365
Brighthouse Financial Inc., 5.63%, 05/15/30		1,000		1,164,565
Brighthouse Financial, Inc., 3.70%, 06/22/27(a)		2,500		2,593,407
Chubb Corp.
6.00%, 05/11/37(a)		50		74,524
Series 1, 6.50%, 05/15/38		100		157,019
Chubb INA Holdings, Inc.
2.88%, 11/03/22		1,000		1,046,024
3.35%, 05/15/24(a)		500		548,120
3.35%, 05/03/26		795		900,896
4.15%, 03/13/43		150		189,911
CNA Financial Corp.(a)
4.50%, 03/01/26		350		411,011
3.90%, 05/01/29		500		573,508
Fairfax Financial Holdings Ltd., 4.63%, 04/29/30(b)		1,000		1,084,826
Fidelity National Financial, Inc., 3.40%, 06/15/30		500		540,789
First American Financial Corp., 4.60%, 11/15/24(a)		200		221,530
Globe Life, Inc., 2.15%, 08/15/30		1,000		1,003,338
Hanover Insurance Group Inc. (The), 2.50%, 09/01/30		500		513,417
Hartford Financial Services Group, Inc.
2.80%, 08/19/29(a)		500		542,164
6.10%, 10/01/41		100		141,617
3.60%, 08/19/49		1,335		1,491,071
Lincoln National Corp.
4.20%, 03/15/22		1,350		1,427,125
4.00%, 09/01/23		200		218,340
3.35%, 03/09/25		65		71,116
3.80%, 03/01/28(a)		1,500		1,726,858
6.30%, 10/09/37		250		327,589
4.35%, 03/01/48(a)		200		228,829
4.38%, 06/15/50		500		581,261
Loews Corp.
2.63%, 05/15/23		250		262,276
3.75%, 04/01/26(a)		500		570,118
3.20%, 05/15/30		655		732,177
Manulife Financial Corp.
4.15%, 03/04/26(a)		500		586,470

M A S T E R   P O R T F O L I O   S C H E D U L E   O F   I N V E S T M E N T S 25

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
Manulife Financial Corp. (continued)
2.48%, 05/19/27	$	1,000	$	1,070,176
(5 year USD Swap + 1.65%), 4.06%, 02/24/32(c)		500		541,669
Markel Corp.(a)
3.35%, 09/17/29		475		524,455
4.30%, 11/01/47		750		888,580
4.15%, 09/17/50		500		599,403
Marsh & McLennan Cos., Inc.
2.75%, 01/30/22		1,000		1,028,859
3.30%, 03/14/23		500		531,425
3.88%, 03/15/24(a)		500		553,926
3.50%, 06/03/24(a)		1,000		1,092,388
3.75%, 03/14/26(a)		1,000		1,129,827
4.38%, 03/15/29(a)		1,000		1,210,781
2.25%, 11/15/30		345		361,015
4.20%, 03/01/48		500		632,103
4.90%, 03/15/49		1,000		1,395,122
MetLife, Inc.
3.00%, 03/01/25(a)		1,650		1,826,463
6.38%, 06/15/34		500		760,039
5.88%, 02/06/41		2,000		2,910,809
4.13%, 08/13/42		300		363,662
4.88%, 11/13/43(a)		1,250		1,676,862
4.05%, 03/01/45(a)		250		306,189
4.60%, 05/13/46(a)		500		655,373
Old Republic International Corp., 4.88%, 10/01/24(a)		250		283,790
Principal Financial Group, Inc.
3.40%, 05/15/25(a)		250		277,481
3.10%, 11/15/26		1,000		1,112,635
3.70%, 05/15/29(a)		1,135		1,330,040
2.13%, 06/15/30		1,000		1,030,107
4.63%, 09/15/42(a)		50		61,677
4.30%, 11/15/46		250		300,653
Progressive Corp.
2.45%, 01/15/27(a)		500		540,104
4.35%, 04/25/44		100		130,822
3.70%, 01/26/45(a)		200		238,534
4.13%, 04/15/47(a)		500		635,821
4.20%, 03/15/48(a)		500		647,511
3.95%, 03/26/50		500		633,980
Prudential Financial, Inc.
3.50%, 05/15/24(a)		1,000		1,107,153
1.50%, 03/10/26		1,000		1,041,730
3.88%, 03/27/28(a)		951		1,114,520
4.60%, 05/15/44(a)		250		305,167
3.91%, 12/07/47		500		556,245
3.94%, 12/07/49		908		1,029,214
4.35%, 02/25/50(a)		1,000		1,202,740
3.70%, 03/13/51(a)		1,250		1,378,575
(3 mo. LIBOR US + 2.67%), 5.70%, 09/15/48(a)(c)		1,000		1,130,551
(3 mo. LIBOR US + 3.04%), 5.20%, 03/15/44(c)		350		370,843
(5 year CMT + 3.04%), 3.70%, 10/01/50(c)		1,000		1,020,300
Prudential PLC, 3.13%, 04/14/30(a)		1,000		1,110,509
Reinsurance Group of America, Inc., 3.90%, 05/15/29(a)		475		542,253

Security	Par (000)		Value
Insurance (continued)
Travelers Cos., Inc.
6.75%, 06/20/36	$	250	$	385,808
4.60%, 08/01/43(a)		850		1,109,359
4.30%, 08/25/45		250		317,366
4.00%, 05/30/47(a)		250		305,244
4.05%, 03/07/48(a)		1,150		1,428,920
4.10%, 03/04/49(a)		250		312,823
Travelers Property Casualty Corp., 6.38%, 03/15/33		100		147,149
Trinity Acquisition PLC, 4.40%, 03/15/26		500		577,383
Unum Group
4.00%, 06/15/29(a)		1,000		1,095,456
5.75%, 08/15/42		250		288,675
4.50%, 12/15/49(a)		250		242,260
Voya Financial, Inc.
3.65%, 06/15/26		350		396,669
5.70%, 07/15/43		500		670,905
Willis North America, Inc.
4.50%, 09/15/28		1,500		1,783,516
3.88%, 09/15/49		580		666,594
WR Berkley Corp.
4.63%, 03/15/22		200		211,248
4.00%, 05/12/50		500		591,424
XLIT Ltd., 5.50%, 03/31/45		250		329,385
				112,504,030
Interactive Media & Services — 0.1%
Alphabet, Inc.
3.38%, 02/25/24(a)		500		549,512
0.45%, 08/15/25		175		174,459
2.00%, 08/15/26(a)		2,500		2,680,650
0.80%, 08/15/27		540		537,681
1.10%, 08/15/30		650		647,126
1.90%, 08/15/40		600		577,240
2.05%, 08/15/50		800		748,792
2.25%, 08/15/60		1,500		1,418,366
Baidu Inc., 3.08%, 04/07/25		2,000		2,118,020
Baidu, Inc.(a)
4.13%, 06/30/25		1,000		1,110,625
4.88%, 11/14/28		500		595,772
eBay, Inc.
3.80%, 03/09/22(a)		640		669,218
2.60%, 07/15/22		50		51,646
2.75%, 01/30/23		3,000		3,146,237
3.60%, 06/05/27(a)		1,000		1,128,529
2.70%, 03/11/30(a)		1,000		1,060,565
JD.com Inc., 3.38%, 01/14/30(a)		1,000		1,081,293
				18,295,731
Internet & Direct Marketing Retail — 0.2%
Alibaba Group Holding Ltd.
3.13%, 11/28/21		475		486,091
3.60%, 11/28/24		1,500		1,643,610
3.40%, 12/06/27(a)		1,000		1,118,920
4.50%, 11/28/34(a)		250		309,297
4.00%, 12/06/37(a)		1,000		1,173,125
4.20%, 12/06/47(a)		1,300		1,635,563
Altria Group, Inc.
1.20%, 06/03/27		2,000		2,026,520
1.50%, 06/03/30		1,000		1,020,551
Amazon.com, Inc.
2.40%, 02/22/23(a)		1,500		1,572,620

26

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Internet & Direct Marketing Retail (continued)
Amazon.com, Inc. (continued)
2.80%, 08/22/24(a)	$	1,500	$	1,623,520
3.15%, 08/22/27(a)		2,750		3,135,590
4.80%, 12/05/34(a)		600		827,189
3.88%, 08/22/37		1,000		1,245,027
4.05%, 08/22/47		2,500		3,248,020
2.50%, 06/03/50		2,000		2,040,039
4.25%, 08/22/57(a)		1,000		1,365,238
2.70%, 06/03/60		2,000		2,073,154
				26,544,074
Internet Software & Services — 0.1%
Booking Holdings Inc., 4.50%, 04/13/27		1,000		1,174,143
Booking Holdings, Inc.
2.75%, 03/15/23(a)		500		524,857
3.60%, 06/01/26		1,500		1,661,624
4.63%, 04/13/30		1,000		1,201,393
Expedia Group, Inc.
4.50%, 08/15/24		250		266,318
3.80%, 02/15/28(a)		750		757,382
3.25%, 02/15/30		825		794,896
				6,380,613
IT Services — 0.3%
Broadridge Financial Solutions, Inc.
3.40%, 06/27/26(a)		270		301,059
2.90%, 12/01/29		500		541,664
DXC Technology Co., 4.75%, 04/15/27(a)		500		557,190
Fidelity National Information Services, Inc.
3.50%, 04/15/23		25		26,621
3.00%, 08/15/26(a)		750		831,975
Series 10Y, 4.25%, 05/15/28		1,000		1,198,187
Fiserv, Inc.
2.75%, 07/01/24		1,120		1,196,471
2.25%, 06/01/27(a)		1,800		1,901,141
4.20%, 10/01/28		1,000		1,187,614
3.50%, 07/01/29		1,645		1,875,161
2.65%, 06/01/30		955		1,027,662
4.40%, 07/01/49(a)		880		1,103,873
Genpact Luxembourg Sarl, 3.38%, 12/01/24(a)		1,000		1,048,710
IBM Credit LLC, 3.00%, 02/06/23		2,500		2,657,078
International Business Machines Corp.
2.50%, 01/27/22(a)		600		617,586
2.85%, 05/13/22(a)		2,250		2,342,580
2.88%, 11/09/22(a)		3,400		3,586,303
3.63%, 02/12/24(a)		775		853,424
3.00%, 05/15/24(a)		2,000		2,166,378
3.45%, 02/19/26		250		283,932
3.30%, 05/15/26		1,500		1,689,170
3.30%, 01/27/27(a)		1,000		1,125,015
1.70%, 05/15/27		1,170		1,209,580
3.50%, 05/15/29(a)		4,000		4,610,214
1.95%, 05/15/30		1,700		1,753,848
5.88%, 11/29/32(a)		250		362,245
2.85%, 05/15/40		1,000		1,060,912
4.00%, 06/20/42(a)		850		1,022,486
4.70%, 02/19/46(a)		250		339,764

Security	Par (000)		Value
IT Services (continued)
International Business Machines Corp. (continued)
4.25%, 05/15/49(a)	$	1,925	$	2,413,378
2.95%, 05/15/50(a)		280		289,304
				41,180,525
Leisure Products — 0.0%
Hasbro, Inc.
2.60%, 11/19/22		305		315,975
3.00%, 11/19/24		500		530,689
3.55%, 11/19/26(a)		300		317,868
3.50%, 09/15/27		250		260,213
3.90%, 11/19/29		300		315,737
6.35%, 03/15/40(a)		500		589,795
5.10%, 05/15/44(a)		60		62,503
				2,392,780
Life Sciences Tools & Services — 0.0%
Agilent Technologies, Inc.
3.88%, 07/15/23		200		216,549
2.75%, 09/15/29		645		699,187
PerkinElmer, Inc., 3.30%, 09/15/29(a)		1,000		1,110,469
				2,026,205
Machinery — 0.2%
Caterpillar Financial Services Corp.
2.95%, 02/26/22(a)		1,000		1,037,204
1.90%, 09/06/22		1,000		1,028,542
2.63%, 03/01/23(a)		2,000		2,102,292
3.45%, 05/15/23(a)		400		430,971
3.65%, 12/07/23(a)		1,000		1,098,065
3.30%, 06/09/24(a)		250		273,356
2.15%, 11/08/24(a)		200		212,678
Caterpillar, Inc.
3.40%, 05/15/24		500		546,630
2.60%, 09/19/29(a)		70		76,598
5.20%, 05/27/41(a)		600		843,064
3.80%, 08/15/42(a)		1,450		1,774,898
3.25%, 09/19/49		1,000		1,118,231
3.25%, 04/09/50		1,000		1,132,122
CNH Industrial NV, 4.50%, 08/15/23(a)		3,000		3,258,639
Crane Co., 4.45%, 12/15/23		125		136,545
Deere & Co.
3.90%, 06/09/42(a)		550		702,345
2.88%, 09/07/49		385		412,911
3.75%, 04/15/50		1,000		1,253,230
Dover Corp.
3.15%, 11/15/25(a)		250		275,681
2.95%, 11/04/29		170		185,910
Flowserve Corp., 3.50%, 09/15/22		100		104,338
Fortive Corp., 3.15%, 06/15/26(a)		500		552,497
Otis Worldwide Corp.
2.06%, 04/05/25		515		541,903
2.57%, 02/15/30		1,000		1,074,731
3.11%, 02/15/40		1,000		1,070,561
3.36%, 02/15/50		195		214,190
Stanley Black & Decker, Inc.
2.90%, 11/01/22		150		157,483
4.25%, 11/15/28(a)		1,000		1,215,180

M A S T E R   P O R T F O L I O   S C H E D U L E   O F   I N V E S T M E N T S 27

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Machinery (continued)
Stanley Black & Decker, Inc. (continued)
4.85%, 11/15/48	$	250	$	351,370
(5 year CMT + 2.66%), 4.00%, 03/15/60(a)(c)		600		623,919
Valmont Industries, Inc., 5.00%, 10/01/44		1,000		1,105,114
Westinghouse Air Brake Technologies Corp.
4.40%, 03/15/24		500		543,010
3.20%, 06/15/25		500		527,079
4.95%, 09/15/28(a)		500		582,656
Xylem, Inc., 4.38%, 11/01/46(a)		500		589,031
				27,152,974
Media — 1.0%
Bell Canada, Inc.
4.46%, 04/01/48(a)		310		381,546
4.30%, 07/29/49		265		327,827
Charter Communications Operating LLC/Charter Communications Operating Capital
4.46%, 07/23/22(a)		1,000		1,058,737
4.50%, 02/01/24(a)		2,000		2,217,633
4.91%, 07/23/25		1,930		2,231,510
3.75%, 02/15/28		500		552,802
5.05%, 03/30/29		1,000		1,198,583
2.80%, 04/01/31		2,000		2,080,030
6.38%, 10/23/35		250		342,850
5.38%, 04/01/38		1,000		1,224,016
6.48%, 10/23/45		1,500		2,011,880
5.38%, 05/01/47(a)		1,500		1,781,042
5.75%, 04/01/48		1,000		1,247,587
5.13%, 07/01/49		1,000		1,159,453
4.80%, 03/01/50(a)		1,900		2,160,554
3.70%, 04/01/51		1,000		988,290
6.83%, 10/23/55(a)		250		346,241
Comcast Corp.
3.00%, 02/01/24(a)		1,500		1,617,360
3.60%, 03/01/24(a)		250		275,085
3.70%, 04/15/24		1,000		1,104,295
3.10%, 04/01/25		2,080		2,291,790
3.38%, 08/15/25		500		557,360
3.95%, 10/15/25		1,250		1,434,742
3.15%, 03/01/26		750		837,554
2.35%, 01/15/27		850		911,885
3.30%, 02/01/27		1,000		1,128,243
3.30%, 04/01/27		2,000		2,261,500
3.15%, 02/15/28(a)		1,250		1,404,295
3.55%, 05/01/28(a)		1,000		1,157,796
4.15%, 10/15/28		1,720		2,072,633
2.65%, 02/01/30		945		1,029,686
3.40%, 04/01/30		730		842,320
4.25%, 10/15/30(a)		1,000		1,228,039
1.95%, 01/15/31		845		868,525
1.50%, 02/15/31		1,645		1,629,598
4.25%, 01/15/33		650		807,631
4.20%, 08/15/34		2,235		2,784,051
4.40%, 08/15/35(a)		250		317,239
3.20%, 07/15/36(a)		500		555,285
3.90%, 03/01/38(a)		500		593,317
4.60%, 10/15/38(a)		1,500		1,917,221
3.25%, 11/01/39		1,000		1,113,632
3.75%, 04/01/40		1,000		1,169,480
4.65%, 07/15/42		1,150		1,500,543
4.75%, 03/01/44(a)		250		329,383

Security	Par (000)		Value
Media (continued)
Comcast Corp. (continued)
4.60%, 08/15/45	$	500	$	644,999
3.40%, 07/15/46		500		556,345
4.00%, 08/15/47(a)		500		606,312
3.97%, 11/01/47		1,500		1,793,082
4.00%, 03/01/48(a)		500		607,483
4.70%, 10/15/48(a)		2,500		3,334,001
4.00%, 11/01/49(a)		1,255		1,522,840
3.45%, 02/01/50(a)		1,800		2,033,386
2.80%, 01/15/51		860		870,237
2.45%, 08/15/52		1,700		1,593,648
4.05%, 11/01/52		694		852,313
4.95%, 10/15/58		2,000		2,865,667
2.65%, 08/15/62		800		764,759
Discovery Communications LLC
2.95%, 03/20/23		525		553,074
3.90%, 11/15/24		250		277,105
3.45%, 03/15/25		1,000		1,093,628
4.90%, 03/11/26(a)		330		385,383
3.95%, 03/20/28(a)		620		705,311
5.00%, 09/20/37(a)		250		297,984
5.20%, 09/20/47(a)		1,445		1,750,410
5.30%, 05/15/49		500		611,019
4.65%, 05/15/50		1,000		1,146,314
4.00%, 09/15/55(b)		538		546,234
Fox Corp.
4.03%, 01/25/24		1,000		1,100,931
4.71%, 01/25/29(a)		1,000		1,198,284
5.48%, 01/25/39(a)		1,000		1,337,666
5.58%, 01/25/49(a)		500		690,678
Grupo Televisa SAB
4.63%, 01/30/26		2,000		2,247,720
6.63%, 01/15/40		250		330,040
5.00%, 05/13/45(a)		200		225,912
6.13%, 01/31/46		250		325,234
5.25%, 05/24/49(a)		500		588,125
Interpublic Group of Cos., Inc., 3.75%, 10/01/21		1,000		1,031,578
NBCUniversal Media LLC
5.95%, 04/01/41		1,250		1,866,879
4.45%, 01/15/43		250		320,427
TCI Communications, Inc., 7.88%, 02/15/26		250		337,729
TELUS Corp.(a)
4.60%, 11/16/48		200		249,571
4.30%, 06/15/49		500		612,799
Thomson Reuters Corp.
4.30%, 11/23/23(a)		250		273,727
3.35%, 05/15/26		140		153,982
5.65%, 11/23/43(a)		1,000		1,304,355
Time Warner Cable LLC
6.55%, 05/01/37(a)		650		864,151
6.75%, 06/15/39		2,050		2,772,245
5.88%, 11/15/40		250		311,519
5.50%, 09/01/41		250		302,847
4.50%, 09/15/42		1,225		1,330,674
TWDC Enterprises 18 Corp.
2.35%, 12/01/22(a)		1,300		1,350,949
3.15%, 09/17/25		165		183,366
3.00%, 02/13/26(a)		200		221,602
1.85%, 07/30/26(a)		1,000		1,048,460
2.95%, 06/15/27(a)		750		829,820
4.13%, 06/01/44		500		603,776

28

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
TWDC Enterprises 18 Corp. (continued)
3.00%, 07/30/46(a)	$	75	$	77,375
Series E, 4.13%, 12/01/41		250		298,672
ViacomCBS, Inc.
3.70%, 08/15/24(a)		1,000		1,094,561
3.50%, 01/15/25		500		547,412
4.00%, 01/15/26(a)		1,500		1,684,381
3.38%, 02/15/28(a)		500		551,758
3.70%, 06/01/28		500		555,478
4.95%, 01/15/31(a)		1,000		1,202,458
6.88%, 04/30/36		250		344,002
4.85%, 07/01/42		325		364,983
4.38%, 03/15/43		1,070		1,137,434
5.85%, 09/01/43		100		126,850
5.25%, 04/01/44		250		291,891
4.90%, 08/15/44(a)		1,000		1,139,265
4.95%, 05/19/50(a)		1,000		1,173,357
Walt Disney Co.
1.65%, 09/01/22		230		235,497
3.00%, 09/15/22		150		157,528
1.75%, 08/30/24		500		520,531
3.70%, 09/15/24		500		553,622
3.35%, 03/24/25(a)		1,300		1,447,180
3.70%, 10/15/25(a)		830		941,345
1.75%, 01/13/26		600		624,384
3.38%, 11/15/26		1,500		1,696,981
2.00%, 09/01/29(a)		500		516,227
3.80%, 03/22/30(a)		1,000		1,187,111
2.65%, 01/13/31		600		647,802
6.20%, 12/15/34(a)		350		517,243
6.40%, 12/15/35		764		1,158,352
6.65%, 11/15/37		250		377,570
4.63%, 03/23/40		1,000		1,269,999
3.50%, 05/13/40		600		678,364
4.75%, 09/15/44		500		635,284
4.95%, 10/15/45		15		19,556
4.75%, 11/15/46		1,500		1,965,872
2.75%, 09/01/49(a)		1,000		975,111
4.70%, 03/23/50(a)		1,300		1,720,774
3.60%, 01/13/51		2,200		2,479,196
3.80%, 05/13/60		1,000		1,155,181
WPP Finance 2010
3.63%, 09/07/22		1,500		1,574,297
3.75%, 09/19/24		250		274,437
				138,396,970
Metals & Mining — 0.2%
Barrick Gold Corp., 5.25%, 04/01/42		950		1,302,434
Barrick North America Finance LLC
5.70%, 05/30/41		250		353,071
5.75%, 05/01/43(a)		250		364,033
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39(a)		500		713,154
BHP Billiton Finance USA Ltd.
2.88%, 02/24/22(a)		1,250		1,291,553
5.00%, 09/30/43		1,850		2,600,662
Newmont Corp., 2.25%, 10/01/30		500		516,012
Newmont Goldcorp Corp.
3.70%, 03/15/23		66		69,414
2.80%, 10/01/29(a)		80		86,157

Security	Par (000)		Value
Metals & Mining (continued)
Newmont Goldcorp Corp. (continued)
4.88%, 03/15/42	$	1,300	$	1,758,956
Nucor Corp.
3.95%, 05/01/28(a)		1,000		1,165,517
5.20%, 08/01/43		250		335,139
4.40%, 05/01/48(a)		500		649,576
Precision Castparts Corp.
2.50%, 01/15/23(a)		150		156,438
4.20%, 06/15/35		250		312,230
4.38%, 06/15/45		500		622,190
Reliance Steel & Aluminum Co., 4.50%, 04/15/23		25		27,109
Rio Tinto Finance USA Ltd.
3.75%, 06/15/25		3,500		3,959,991
5.20%, 11/02/40		350		498,064
Rio Tinto Finance USA PLC(a)
4.75%, 03/22/42		100		135,765
4.13%, 08/21/42		500		643,896
Southern Copper Corp.
3.50%, 11/08/22		1,000		1,047,188
3.88%, 04/23/25		750		828,503
6.75%, 04/16/40		1,350		1,941,891
5.88%, 04/23/45		615		834,555
Steel Dynamics, Inc.
2.80%, 12/15/24		30		31,648
2.40%, 06/15/25		45		46,952
5.00%, 12/15/26		1,100		1,175,451
3.45%, 04/15/30		90		99,229
3.25%, 01/15/31		35		37,450
Teck Resources Ltd., 5.40%, 02/01/43(a)		2,000		2,106,628
Timken Co., 4.50%, 12/15/28		500		554,300
Vale Overseas Ltd.
6.25%, 08/10/26		2,000		2,365,000
3.75%, 07/08/30		1,000		1,027,250
6.88%, 11/10/39		1,250		1,636,094
				31,293,500
Multiline Retail — 0.1%
Kohl’s Corp.
9.50%, 05/15/25		1,000		1,182,469
5.55%, 07/17/45(a)		100		91,960
O’Reilly Automotive, Inc.
4.35%, 06/01/28		1,000		1,190,074
3.90%, 06/01/29(a)		1,000		1,169,206
1.75%, 03/15/31		440		434,897
TJX Cos., Inc.
3.50%, 04/15/25		2,000		2,227,546
2.25%, 09/15/26(a)		1,500		1,596,795
4.50%, 04/15/50		1,000		1,291,053
				9,184,000
Multi-Utilities — 0.1%
Atmos Energy Corp.
2.63%, 09/15/29(a)		210		231,963
4.15%, 01/15/43		100		124,528
4.30%, 10/01/48(a)		500		644,239
4.13%, 03/15/49		500		637,156
3.38%, 09/15/49(a)		630		714,362
CenterPoint Energy Resources Corp.
1.75%, 10/01/30(e)		200		200,766
5.85%, 01/15/41(a)		250		341,153

M A S T E R   P O R T F O L I O   S C H E D U L E   O F   I N V E S T M E N T S 29

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Multi-Utilities (continued)
Dominion Energy Gas Holdings LLC
3.60%, 12/15/24(a)	$	250	$	275,677
Series A, 2.50%, 11/15/24(a)		495		526,685
Series B, 3.00%, 11/15/29		1,000		1,101,550
Series C, 3.90%, 11/15/49		300		347,529
National Fuel Gas Co.
4.90%, 12/01/21		600		621,185
3.75%, 03/01/23		300		311,320
NiSource, Inc.
0.95%, 08/15/25		870		869,088
2.95%, 09/01/29(a)		1,000		1,085,752
1.70%, 02/15/31		445		437,460
5.95%, 06/15/41		1,050		1,472,138
5.25%, 02/15/43		75		98,325
4.80%, 02/15/44(a)		250		312,441
4.38%, 05/15/47		500		615,991
ONE Gas, Inc., 4.66%, 02/01/44		250		313,114
Piedmont Natural Gas Co. Inc., 3.35%, 06/01/50		400		437,724
Southern California Gas Co.
2.55%, 02/01/30(a)		1,000		1,078,817
4.30%, 01/15/49		1,000		1,273,904
Series TT, 2.60%, 06/15/26		1,250		1,350,273
Series UU, 4.13%, 06/01/48		250		312,029
Southern Co. Gas Capital Corp.
2.45%, 10/01/23		1,000		1,051,136
1.75%, 01/15/31		500		493,749
3.95%, 10/01/46(a)		750		839,137
Walt Disney Co., 3.65%, 09/15/49		500		568,731
				18,687,922
Office Supplies & Equipment — 0.0%
VMware, Inc.
2.95%, 08/21/22(a)		2,000		2,082,298
4.70%, 05/15/30		1,000		1,185,857
				3,268,155
Offshore Drilling & Other Services — 0.1%
Applied Materials, Inc.
3.90%, 10/01/25(a)		160		183,502
3.30%, 04/01/27(a)		1,000		1,136,724
1.75%, 06/01/30		285		293,658
5.85%, 06/15/41(a)		300		442,478
4.35%, 04/01/47(a)		500		661,699
2.75%, 06/01/50		500		525,472
KLA Corp.
4.65%, 11/01/24		305		348,283
4.10%, 03/15/29(a)		500		600,066
3.30%, 03/01/50(a)		1,070		1,130,478
Lam Research Corp.
3.80%, 03/15/25		230		258,832
1.90%, 06/15/30		820		850,834
4.88%, 03/15/49		1,000		1,415,465
2.88%, 06/15/50		305		315,306
3.13%, 06/15/60		110		117,805
				8,280,602
Oil, Gas & Consumable Fuels — 2.2%
Boardwalk Pipelines LP
3.38%, 02/01/23		200		205,350
4.80%, 05/03/29		500		544,862
BP Capital Markets America, Inc.
3.25%, 05/06/22		100		104,316

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
BP Capital Markets America, Inc. (continued)
2.52%, 09/19/22	$	1,000	$	1,034,388
2.75%, 05/10/23		350		369,274
3.22%, 11/28/23		1,000		1,074,531
3.80%, 09/21/25		1,000		1,127,173
3.41%, 02/11/26		2,000		2,232,232
3.12%, 05/04/26		350		386,401
3.02%, 01/16/27		500		548,938
3.54%, 04/06/27		1,000		1,119,369
3.94%, 09/21/28		500		582,193
4.23%, 11/06/28		1,000		1,185,706
3.63%, 04/06/30		1,000		1,147,160
1.75%, 08/10/30		515		511,044
3.00%, 02/24/50		1,000		962,593
2.77%, 11/10/50		1,700		1,568,753
BP Capital Markets PLC
3.56%, 11/01/21(a)		3,000		3,104,045
3.06%, 03/17/22		210		218,197
3.99%, 09/26/23		250		273,951
3.28%, 09/19/27(a)		500		555,082
Canadian Natural Resources Ltd.
3.45%, 11/15/21		1,100		1,125,023
2.95%, 01/15/23		1,000		1,040,107
3.80%, 04/15/24		1,250		1,341,736
3.90%, 02/01/25		250		270,996
3.85%, 06/01/27		250		269,179
6.25%, 03/15/38		300		356,285
4.95%, 06/01/47		1,500		1,668,973
Cheniere Corpus Christi Holdings LLC
7.00%, 06/30/24		1,000		1,151,358
5.13%, 06/30/27		1,500		1,669,712
3.70%, 11/15/29(b)		500		519,692
Chevron Corp.
2.41%, 03/03/22		145		148,760
2.36%, 12/05/22		1,000		1,038,128
1.14%, 05/11/23		235		239,545
3.19%, 06/24/23		500		534,323
1.55%, 05/11/25		3,200		3,316,005
0.69%, 08/12/25		760		757,981
3.33%, 11/17/25		500		562,349
2.95%, 05/16/26		1,250		1,392,905
2.00%, 05/11/27		520		550,015
1.02%, 08/12/27		655		655,455
2.24%, 05/11/30		950		1,008,098
2.98%, 05/11/40		275		296,884
3.08%, 05/11/50		130		138,973
2.34%, 08/12/50		1,100		1,041,738
Cimarex Energy Co., 4.38%, 03/15/29		1,000		1,034,665
CNOOC Finance 2013 Ltd.
3.00%, 05/09/23		1,300		1,360,125
4.25%, 05/09/43		500		606,719
3.30%, 09/30/49		500		534,219
CNOOC Finance 2015 USA LLC
3.50%, 05/05/25		500		550,240
4.38%, 05/02/28		2,000		2,336,250
CNOOC Nexen Finance 2014 ULC
4.25%, 04/30/24		1,750		1,925,175
4.88%, 04/30/44		500		664,531
CNOOC Petroleum North America ULC, 6.40%, 05/15/37		400		584,000

30

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Columbia Pipeline Group, Inc., 4.50%, 06/01/25	$	250	$	288,364
Concho Resources, Inc.
3.75%, 10/01/27		1,000		1,080,186
2.40%, 02/15/31		200		189,448
4.88%, 10/01/47		500		552,450
ConocoPhillips, 6.50%, 02/01/39		1,400		2,048,009
ConocoPhillips Co.
4.95%, 03/15/26		1,000		1,194,831
4.30%, 11/15/44		1,000		1,200,168
5.95%, 03/15/46		750		1,100,006
ConocoPhillips Holding Co., 6.95%, 04/15/29		850		1,180,297
Devon Energy Corp.
5.85%, 12/15/25		250		280,174
5.60%, 07/15/41		500		505,837
4.75%, 05/15/42		1,350		1,254,495
5.00%, 06/15/45		500		474,589
Diamondback Energy, Inc.
4.75%, 05/31/25		115		124,055
3.50%, 12/01/29		1,000		969,425
Ecopetrol SA
5.88%, 09/18/23		350		384,563
5.38%, 06/26/26		500		550,391
6.88%, 04/29/30(a)		1,000		1,195,999
5.88%, 05/28/45(a)		2,250		2,451,094
Enable Midstream Partners LP
4.95%, 05/15/28		1,000		976,325
5.00%, 05/15/44		500		419,320
Enbridge Energy Partners LP
5.88%, 10/15/25		1,500		1,796,572
7.38%, 10/15/45		800		1,171,313
Enbridge, Inc.
4.00%, 10/01/23		1,000		1,082,573
3.50%, 06/10/24		65		70,130
2.50%, 01/15/25		250		263,061
4.25%, 12/01/26		1,000		1,146,986
3.70%, 07/15/27		1,000		1,112,513
3.13%, 11/15/29		750		796,885
4.50%, 06/10/44		250		284,534
4.00%, 11/15/49		250		264,433
Energy Transfer Operating LP
5.20%, 02/01/22		250		259,062
3.60%, 02/01/23		150		154,357
4.25%, 03/15/23		1,000		1,039,741
4.90%, 02/01/24		250		266,783
2.90%, 05/15/25		120		120,648
4.75%, 01/15/26		1,000		1,064,953
4.20%, 04/15/27		1,000		1,034,649
5.25%, 04/15/29		1,000		1,073,607
3.75%, 05/15/30		400		387,403
4.90%, 03/15/35		250		246,090
6.50%, 02/01/42		500		523,733
5.15%, 02/01/43		500		460,917
5.95%, 10/01/43		150		148,922
5.15%, 03/15/45		2,000		1,810,790
6.13%, 12/15/45		250		250,948
5.30%, 04/15/47		250		232,184
6.00%, 06/15/48		1,000		1,005,789
6.25%, 04/15/49		1,500		1,550,280
5.00%, 05/15/50		1,070		990,721

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Energy Transfer Partners LP/Regency Energy Finance Corp., 5.88%, 03/01/22	$	500	$	522,293
Enterprise Products Operating LLC
3.90%, 02/15/24		125		136,248
3.75%, 02/15/25		1,790		1,989,554
3.70%, 02/15/26		960		1,076,691
3.95%, 02/15/27		2,000		2,291,385
3.13%, 07/31/29		1,155		1,258,928
2.80%, 01/31/30		860		915,433
5.95%, 02/01/41		150		189,277
4.45%, 02/15/43		825		890,587
4.85%, 03/15/44		700		796,159
5.10%, 02/15/45		250		291,022
4.90%, 05/15/46		1,100		1,239,693
4.25%, 02/15/48		1,000		1,061,691
4.80%, 02/01/49		1,000		1,153,234
4.20%, 01/31/50(a)		620		659,154
3.70%, 01/31/51		800		788,899
3.20%, 02/15/52		1,700		1,570,954
3.95%, 01/31/60		545		537,796
(3 mo. LIBOR US + 2.57%), 5.38%, 02/15/78(c)		1,000		890,000
Series E, (3 mo. LIBOR US + 3.03%), 5.25%, 08/16/77(c)		750		714,188
EOG Resources, Inc.
3.15%, 04/01/25		80		87,338
4.38%, 04/15/30(a)		1,000		1,178,285
5.10%, 01/15/36		250		288,528
4.95%, 04/15/50		500		614,364
Equinor ASA
2.75%, 11/10/21		500		511,322
2.65%, 01/15/24		1,500		1,598,685
3.70%, 03/01/24(a)		250		276,131
3.25%, 11/10/24		500		550,022
2.88%, 04/06/25		2,000		2,174,124
3.13%, 04/06/30(a)		1,000		1,125,939
2.38%, 05/22/30		1,000		1,057,524
5.10%, 08/17/40		1,100		1,483,662
4.25%, 11/23/41		300		359,557
3.25%, 11/18/49		750		795,304
3.70%, 04/06/50		1,000		1,147,153
Exxon Mobil Corp.
2.40%, 03/06/22		2,000		2,053,100
1.90%, 08/16/22		270		277,998
2.73%, 03/01/23		1,000		1,051,671
1.57%, 04/15/23		1,400		1,439,998
3.18%, 03/15/24		250		270,413
2.02%, 08/16/24		500		525,815
2.71%, 03/06/25		1,250		1,351,016
2.99%, 03/19/25		2,400		2,630,056
3.04%, 03/01/26		620		684,236
2.28%, 08/16/26		500		536,482
3.29%, 03/19/27		800		900,504
2.44%, 08/16/29		500		536,912
3.48%, 03/19/30		1,100		1,268,406
2.61%, 10/15/30		1,000		1,080,908
3.00%, 08/16/39		500		528,707
4.23%, 03/19/40		1,200		1,468,239
4.11%, 03/01/46		1,000		1,188,255
3.10%, 08/16/49		1,500		1,533,903

M A S T E R   P O R T F O L I O   S C H E D U L E   O F   I N V E S T M E N T S 31

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Exxon Mobil Corp. (continued)
4.33%, 03/19/50	$	1,651	$	2,066,655
3.45%, 04/15/51		1,249		1,372,344
Hess Corp.
4.30%, 04/01/27		1,500		1,566,716
5.60%, 02/15/41		550		593,608
5.80%, 04/01/47		1,000		1,096,247
Husky Energy, Inc.
3.95%, 04/15/22		150		155,017
4.00%, 04/15/24		500		530,628
6.80%, 09/15/37		500		620,024
Kinder Morgan Energy Partners LP
5.00%, 10/01/21		200		206,472
3.95%, 09/01/22		225		237,123
3.45%, 02/15/23		500		525,541
4.15%, 02/01/24		1,000		1,094,252
4.30%, 05/01/24		500		551,465
4.25%, 09/01/24		155		171,512
5.80%, 03/15/35		1,000		1,202,907
6.50%, 02/01/37		100		124,425
6.95%, 01/15/38		1,250		1,635,824
5.00%, 08/15/42		75		83,288
5.00%, 03/01/43		250		278,560
5.50%, 03/01/44		750		885,117
5.40%, 09/01/44		250		289,715
Kinder Morgan, Inc.
3.15%, 01/15/23		1,500		1,575,425
4.30%, 06/01/25		410		461,801
4.30%, 03/01/28(a)		500		568,982
2.00%, 02/15/31		900		867,071
5.30%, 12/01/34		250		294,735
5.55%, 06/01/45		1,250		1,483,868
5.05%, 02/15/46		750		852,217
5.20%, 03/01/48(a)		1,250		1,464,737
3.25%, 08/01/50		900		810,484
Magellan Midstream Partners LP
3.20%, 03/15/25		500		532,060
4.25%, 09/15/46		250		261,803
4.85%, 02/01/49		750		858,665
3.95%, 03/01/50		175		179,000
Marathon Oil Corp.
2.80%, 11/01/22		400		409,745
3.85%, 06/01/25		250		256,560
4.40%, 07/15/27		1,000		994,780
6.60%, 10/01/37		250		257,413
5.20%, 06/01/45		250		234,566
Marathon Petroleum Corp.
4.50%, 05/01/23		1,000		1,079,206
3.63%, 09/15/24		115		122,940
3.80%, 04/01/28		1,000		1,086,275
4.75%, 09/15/44		250		260,630
5.85%, 12/15/45		250		283,886
4.50%, 04/01/48		1,000		1,013,453
MPLX LP
3.50%, 12/01/22		1,000		1,048,073
3.38%, 03/15/23		2,000		2,107,097
4.50%, 07/15/23		250		271,035
4.88%, 12/01/24		250		279,297
4.88%, 06/01/25		250		282,960
1.75%, 03/01/26		725		721,734
4.13%, 03/01/27		1,000		1,099,244

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
MPLX LP (continued)
4.00%, 03/15/28	$	1,000	$	1,088,293
2.65%, 08/15/30		880		858,936
4.50%, 04/15/38		750		767,810
5.20%, 12/01/47		500		550,051
4.70%, 04/15/48		1,750		1,776,078
5.50%, 02/15/49		700		786,187
Nexen, Inc., 7.88%, 03/15/32		900		1,394,719
Noble Energy, Inc.
3.85%, 01/15/28		1,500		1,703,383
5.25%, 11/15/43		500		662,893
4.95%, 08/15/47		500		655,602
4.20%, 10/15/49		500		600,850
ONEOK Inc.
3.10%, 03/15/30		1,000		961,953
6.35%, 01/15/31		1,000		1,162,377
4.50%, 03/15/50		500		443,726
ONEOK Partners LP
3.38%, 10/01/22		500		519,442
4.90%, 03/15/25		250		273,957
6.13%, 02/01/41		300		317,234
ONEOK, Inc.
2.75%, 09/01/24		430		440,398
4.55%, 07/15/28		500		529,435
3.40%, 09/01/29		1,000		979,800
4.95%, 07/13/47		1,000		938,041
4.45%, 09/01/49		1,000		890,017
Phillips 66
4.30%, 04/01/22		1,000		1,054,690
3.85%, 04/09/25		1,000		1,110,760
2.15%, 12/15/30		1,000		972,497
4.65%, 11/15/34(a)		1,355		1,618,295
5.88%, 05/01/42		100		131,741
4.88%, 11/15/44		1,250		1,485,879
Phillips 66 Partners LP
2.45%, 12/15/24		255		262,353
3.15%, 12/15/29		370		365,138
4.90%, 10/01/46		500		519,490
Pioneer Natural Resources Co., 1.90%, 08/15/30		1,200		1,125,505
Plains All American Pipeline LP/PAA Finance Corp.
3.65%, 06/01/22		500		512,054
2.85%, 01/31/23		250		254,271
3.60%, 11/01/24		750		773,005
4.50%, 12/15/26		500		531,623
5.15%, 06/01/42		50		47,191
4.70%, 06/15/44		750		664,985
4.90%, 02/15/45		1,000		912,645
Regency Energy Partners LP/Regency Energy Finance Corp.
5.00%, 10/01/22		1,000		1,052,430
4.50%, 11/01/23		1,000		1,063,973
Sabine Pass Liquefaction LLC
5.63%, 04/15/23		500		547,685
5.63%, 03/01/25		1,000		1,143,840
5.00%, 03/15/27		1,000		1,127,934
4.20%, 03/15/28		750		814,429
4.50%, 05/15/30(b)		2,000		2,252,903
Shell International Finance BV
2.25%, 01/06/23		1,000		1,040,539
3.40%, 08/12/23(a)		2,000		2,163,623

32

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Shell International Finance BV (continued)
2.00%, 11/07/24(a)	$	1,000	$	1,051,793
2.38%, 04/06/25		2,000		2,132,050
3.25%, 05/11/25		1,250		1,382,815
2.88%, 05/10/26(a)		500		553,567
2.50%, 09/12/26(a)		1,000		1,089,786
3.88%, 11/13/28		1,000		1,167,735
2.38%, 11/07/29		1,000		1,055,480
4.13%, 05/11/35		500		602,103
6.38%, 12/15/38		300		446,323
5.50%, 03/25/40(a)		300		420,638
4.55%, 08/12/43(a)		700		875,956
4.38%, 05/11/45		2,500		3,065,954
4.00%, 05/10/46		1,250		1,458,587
3.75%, 09/12/46		900		1,004,152
3.13%, 11/07/49(a)		940		962,663
3.25%, 04/06/50(a)		1,000		1,063,891
Spectra Energy Partners LP
4.75%, 03/15/24		250		278,411
3.50%, 03/15/25		250		272,734
3.38%, 10/15/26		1,000		1,100,708
Suncor Energy, Inc.
2.80%, 05/15/23		1,200		1,257,751
3.60%, 12/01/24		1,165		1,269,180
6.50%, 06/15/38		500		640,144
6.85%, 06/01/39		250		327,679
4.00%, 11/15/47		1,500		1,534,976
Sunoco Logistics Partners Operations LP
4.25%, 04/01/24		400		420,014
4.00%, 10/01/27		1,750		1,788,315
4.95%, 01/15/43		250		222,326
5.30%, 04/01/44		100		93,169
5.35%, 05/15/45		250		232,654
5.40%, 10/01/47		500		472,083
TC PipeLines LP
4.38%, 03/13/25		250		273,645
3.90%, 05/25/27		105		112,542
Total Capital Canada Ltd., 2.75%, 07/15/23		1,150		1,223,902
Total Capital International SA
2.70%, 01/25/23(a)		500		524,844
3.75%, 04/10/24(a)		1,000		1,104,732
3.46%, 02/19/29(a)		3,000		3,448,470
3.46%, 07/12/49(a)		500		546,150
3.13%, 05/29/50		1,000		1,037,861
3.39%, 06/29/60(a)		1,000		1,057,501
Total Capital SA, 4.25%, 12/15/21		250		261,497
TransCanada PipeLines Ltd.
2.50%, 08/01/22		1,000		1,031,308
3.75%, 10/16/23		500		541,571
4.88%, 01/15/26		850		998,374
4.25%, 05/15/28		750		867,038
4.10%, 04/15/30		1,500		1,729,907
4.63%, 03/01/34		1,250		1,476,171
5.60%, 03/31/34		500		631,413
6.20%, 10/15/37		200		267,314
4.75%, 05/15/38		250		294,227
7.25%, 08/15/38		250		363,203
7.63%, 01/15/39		250		379,571
5.00%, 10/16/43		150		177,382

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
TransCanada PipeLines Ltd. (continued)
4.88%, 05/15/48	$	750	$	932,676
5.10%, 03/15/49(a)		500		636,006
Transcontinental Gas Pipe Line Co. LLC
7.85%, 02/01/26		250		323,676
4.00%, 03/15/28		750		837,452
4.45%, 08/01/42		250		276,026
3.95%, 05/15/50(b)		500		524,843
Valero Energy Corp.
3.65%, 03/15/25		1,500		1,623,437
2.85%, 04/15/25		2,000		2,098,835
3.40%, 09/15/26		750		805,943
2.15%, 09/15/27		2,000		1,991,927
4.00%, 04/01/29		1,000		1,095,697
6.63%, 06/15/37		300		377,366
4.90%, 03/15/45		500		556,570
Valero Energy Partners LP, 4.50%, 03/15/28		500		560,042
Williams Companies Inc. (The), 3.50%, 11/15/30		1,000		1,087,748
Williams Cos., Inc.
4.00%, 11/15/21		250		257,458
3.60%, 03/15/22		750		775,370
3.70%, 01/15/23		3,000		3,170,504
4.30%, 03/04/24		250		273,390
3.90%, 01/15/25		250		273,186
4.00%, 09/15/25		250		277,155
3.75%, 06/15/27		750		823,015
6.30%, 04/15/40		250		309,125
5.75%, 06/24/44		1,000		1,177,954
4.90%, 01/15/45		500		533,196
5.10%, 09/15/45		900		1,009,303
4.85%, 03/01/48		500		560,196
				289,042,246
Personal Products — 0.1%
Colgate-Palmolive Co.
3.25%, 03/15/24(a)		250		273,160
3.70%, 08/01/47		750		990,818
Estee Lauder Companies Inc. (The), 2.60%, 04/15/30		500		546,252
Estee Lauder Cos., Inc.
2.00%, 12/01/24(a)		325		342,406
3.15%, 03/15/27		1,000		1,128,075
2.38%, 12/01/29		130		139,833
4.15%, 03/15/47		250		314,425
3.13%, 12/01/49(a)		685		754,204
Procter & Gamble Co.
2.30%, 02/06/22(a)		250		257,133
2.15%, 08/11/22(a)		1,000		1,035,450
3.10%, 08/15/23(a)		500		538,759
2.45%, 03/25/25		2,500		2,707,523
2.85%, 08/11/27(a)		500		563,314
3.00%, 03/25/30(a)		1,000		1,159,946
3.50%, 10/25/47(a)		1,000		1,250,989
3.60%, 03/25/50		1,000		1,267,990
Unilever Capital Corp.
3.13%, 03/22/23(a)		2,000		2,133,243
3.10%, 07/30/25		250		278,369
2.00%, 07/28/26(a)		750		801,802
2.90%, 05/05/27(a)		750		837,525

M A S T E R   P O R T F O L I O   S C H E D U L E   O F   I N V E S T M E N T S 33

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Personal Products (continued)
Unilever Capital Corp. (continued)
2.13%, 09/06/29(a)	$	1,000	$	1,060,153
1.38%, 09/14/30		805		811,609
				19,192,978
Pharmaceuticals — 1.9%
AbbVie Inc.(b)
3.25%, 10/01/22		3,150		3,294,555
4.85%, 06/15/44		1,250		1,552,143
AbbVie, Inc.
2.15%, 11/19/21(a)(b)		700		713,001
3.45%, 03/15/22(b)		1,155		1,198,001
2.90%, 11/06/22(a)		1,250		1,310,780
2.30%, 11/21/22(b)		4,400		4,552,799
2.85%, 05/14/23(a)		1,500		1,577,971
3.75%, 11/14/23(a)		3,000		3,273,627
2.60%, 11/21/24(b)		1,850		1,960,082
3.80%, 03/15/25(b)		750		831,632
3.60%, 05/14/25(a)		1,500		1,662,596
3.20%, 05/14/26(a)		1,435		1,579,826
2.95%, 11/21/26(a)(b)		2,000		2,178,455
3.20%, 11/21/29(b)		2,850		3,139,891
4.55%, 03/15/35(b)		630		774,543
4.50%, 05/14/35(a)		450		547,702
4.30%, 05/14/36		200		235,573
4.05%, 11/21/39(a)(b)		1,895		2,179,171
4.40%, 11/06/42		1,400		1,666,585
4.75%, 03/15/45(b)		668		807,273
4.70%, 05/14/45(a)		1,500		1,846,951
4.45%, 05/14/46(a)		1,250		1,488,612
4.88%, 11/14/48(a)		1,000		1,269,857
4.25%, 11/21/49(a)(b)		3,195		3,793,030
AstraZeneca PLC
2.38%, 06/12/22(a)		500		514,960
3.50%, 08/17/23(a)		500		540,394
3.38%, 11/16/25(a)		4,700		5,271,235
0.70%, 04/08/26(a)		1,100		1,085,917
3.13%, 06/12/27(a)		500		556,257
4.00%, 01/17/29(a)		1,500		1,775,300
1.38%, 08/06/30(a)		1,100		1,069,965
6.45%, 09/15/37		100		151,918
4.38%, 11/16/45		950		1,232,205
4.38%, 08/17/48		900		1,176,829
2.13%, 08/06/50(a)		385		348,845
Banner Health, 3.18%, 01/01/50		181		197,102
Bristol-Myers Squibb Co.
2.60%, 05/16/22		2,000		2,074,900
2.00%, 08/01/22(a)		250		257,711
3.25%, 08/15/22		150		158,032
3.55%, 08/15/22		750		795,464
4.00%, 08/15/23		750		817,560
3.88%, 08/15/25		500		570,083
3.20%, 06/15/26		4,000		4,511,746
3.45%, 11/15/27		1,000		1,149,127
3.90%, 02/20/28		1,000		1,185,278
3.40%, 07/26/29		1,500		1,747,064
4.13%, 06/15/39		500		632,070
5.25%, 08/15/43		145		204,623
4.50%, 03/01/44(a)		250		348,796
4.63%, 05/15/44		500		669,900
5.00%, 08/15/45		1,750		2,460,965

Security	Par (000)		Value
Pharmaceuticals (continued)
Bristol-Myers Squibb Co. (continued)
4.35%, 11/15/47	$	500	$	660,357
4.55%, 02/20/48		1,000		1,352,392
4.25%, 10/26/49		2,500		3,283,114
Catholic Health Services of Long Island Obligated Group, 3.37%, 07/01/50		225		218,623
Cigna Corp.
3.05%, 11/30/22		3,000		3,155,097
3.00%, 07/15/23		1,000		1,060,862
3.75%, 07/15/23		1,330		1,441,284
3.50%, 06/15/24		750		818,127
3.25%, 04/15/25		300		329,933
4.13%, 11/15/25		1,000		1,147,165
4.50%, 02/25/26		250		292,051
3.40%, 03/01/27		750		841,027
3.05%, 10/15/27		1,000		1,112,640
4.38%, 10/15/28		2,000		2,379,115
2.40%, 03/15/30		1,000		1,037,122
4.80%, 08/15/38		1,000		1,241,368
3.20%, 03/15/40		1,000		1,060,086
4.80%, 07/15/46		250		313,266
3.88%, 10/15/47		750		830,825
4.90%, 12/15/48(a)		1,500		1,947,017
3.40%, 03/15/50		1,000		1,046,873
CVS Health Corp.
3.50%, 07/20/22		500		524,435
2.75%, 12/01/22		2,000		2,085,693
3.70%, 03/09/23		1,725		1,848,491
2.63%, 08/15/24(a)		1,225		1,305,728
4.10%, 03/25/25(a)		361		407,796
3.88%, 07/20/25		943		1,062,423
2.88%, 06/01/26(a)		750		812,096
3.63%, 04/01/27		175		195,896
1.30%, 08/21/27		1,500		1,477,489
4.30%, 03/25/28(a)		3,500		4,096,650
3.25%, 08/15/29		2,000		2,200,017
3.75%, 04/01/30		1,745		1,991,278
1.75%, 08/21/30		2,065		2,017,998
4.88%, 07/20/35		1,000		1,272,366
4.78%, 03/25/38(a)		2,500		3,045,969
4.13%, 04/01/40		800		911,184
2.70%, 08/21/40		705		671,924
5.13%, 07/20/45(a)		1,750		2,211,106
5.05%, 03/25/48		4,750		6,062,940
4.25%, 04/01/50		285		334,986
Eli Lilly & Co.
2.75%, 06/01/25(a)		45		49,190
3.10%, 05/15/27(a)		750		841,818
3.38%, 03/15/29		1,000		1,156,864
3.70%, 03/01/45		1,000		1,210,781
3.95%, 05/15/47		500		626,752
3.95%, 03/15/49(a)		750		940,171
4.15%, 03/15/59		500		649,909
Eli Lilly and Co., 2.25%, 05/15/50		500		471,121
GlaxoSmithKline Capital PLC
2.85%, 05/08/22		2,650		2,757,108
2.88%, 06/01/22(a)		500		519,132
3.38%, 06/01/29(a)		1,000		1,156,468
GlaxoSmithKline Capital, Inc.
2.80%, 03/18/23(a)		1,500		1,589,456
3.38%, 05/15/23(a)		1,000		1,076,653

34

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
GlaxoSmithKline Capital, Inc. (continued)
3.88%, 05/15/28(a)	$	1,000	$	1,188,565
5.38%, 04/15/34		250		352,850
6.38%, 05/15/38		1,100		1,697,471
4.20%, 03/18/43(a)		600		772,823
Johnson & Johnson
2.45%, 12/05/21		450		462,022
2.25%, 03/03/22(a)		750		769,378
2.05%, 03/01/23(a)		750		779,207
2.45%, 03/01/26		2,370		2,593,255
4.38%, 12/05/33		250		326,810
3.55%, 03/01/36(a)		750		910,831
3.63%, 03/03/37		500		610,648
2.10%, 09/01/40		1,500		1,497,593
4.50%, 09/01/40(a)		100		135,581
4.50%, 12/05/43		750		1,028,363
3.70%, 03/01/46(a)		500		625,858
3.75%, 03/03/47(a)		1,750		2,233,424
3.50%, 01/15/48(a)		1,250		1,548,040
2.45%, 09/01/60		2,000		2,024,341
Laboratory Corp. of America Holdings
3.75%, 08/23/22		100		105,152
4.00%, 11/01/23		100		109,296
3.25%, 09/01/24(a)		1,000		1,090,695
3.60%, 02/01/25		75		83,291
3.60%, 09/01/27		500		570,773
4.70%, 02/01/45(a)		450		572,798
Mead Johnson Nutrition Co., 4.60%, 06/01/44		250		335,067
Merck & Co., Inc.
2.35%, 02/10/22		1,500		1,544,585
2.75%, 02/10/25(a)		3,570		3,879,472
1.45%, 06/24/30		2,000		2,027,970
3.90%, 03/07/39(a)		500		620,406
4.15%, 05/18/43(a)		750		956,598
3.70%, 02/10/45		1,900		2,284,488
4.00%, 03/07/49		1,000		1,262,405
2.45%, 06/24/50(a)		1,000		1,003,796
Mylan NV(a)
3.95%, 06/15/26		250		281,258
5.25%, 06/15/46		500		620,552
Mylan, Inc.
4.20%, 11/29/23(a)		250		273,481
4.55%, 04/15/28		800		931,925
5.40%, 11/29/43		250		314,138
5.20%, 04/15/48		550		680,061
Novartis Capital Corp.
2.40%, 05/17/22(a)		500		516,784
3.40%, 05/06/24(a)		650		717,015
1.75%, 02/14/25(a)		500		524,181
3.00%, 11/20/25(a)		1,100		1,223,800
2.00%, 02/14/27		500		531,990
3.10%, 05/17/27(a)		2,500		2,811,435
2.20%, 08/14/30(a)		1,000		1,079,689
4.40%, 05/06/44		1,250		1,681,369
4.00%, 11/20/45		250		321,972
2.75%, 08/14/50(a)		1,250		1,342,466
Perrigo Finance Unlimited Co.
3.90%, 12/15/24(a)		250		270,900
4.38%, 03/15/26(a)		250		279,389

Security	Par (000)		Value
Pharmaceuticals (continued)
Perrigo Finance Unlimited Co. (continued)
3.15%, 06/15/30	$	1,000	$	1,032,570
Pfizer, Inc.
2.20%, 12/15/21(a)		3,000		3,069,327
5.80%, 08/12/23(a)		500		574,458
3.40%, 05/15/24(a)		1,000		1,098,411
0.80%, 05/28/25		550		553,906
2.75%, 06/03/26(a)		115		127,191
3.00%, 12/15/26(a)		750		848,114
3.60%, 09/15/28		2,000		2,361,021
3.45%, 03/15/29(a)		1,000		1,170,695
2.63%, 04/01/30		1,000		1,118,075
1.70%, 05/28/30		825		850,231
4.00%, 12/15/36		500		613,057
4.10%, 09/15/38		1,000		1,240,033
3.90%, 03/15/39		500		607,741
7.20%, 03/15/39(a)		2,250		3,731,027
2.55%, 05/28/40		245		254,699
4.30%, 06/15/43(a)		500		641,772
4.40%, 05/15/44(a)		500		658,518
4.13%, 12/15/46(a)		500		639,168
4.20%, 09/15/48		500		643,696
4.00%, 03/15/49		1,000		1,271,816
2.70%, 05/28/50		875		913,979
Quest Diagnostics, Inc.
4.25%, 04/01/24		250		277,213
3.50%, 03/30/25		370		409,943
4.20%, 06/30/29		250		297,695
2.95%, 06/30/30(a)		425		464,222
2.80%, 06/30/31		400		430,831
4.70%, 03/30/45		250		315,644
Sanofi, 3.63%, 06/19/28		2,000		2,344,634
Shire Acquisitions Investments Ireland DAC
2.88%, 09/23/23		500		529,975
3.20%, 09/23/26(a)		900		1,000,731
Takeda Pharmaceutical Co. Ltd.
4.00%, 11/26/21		3,000		3,114,889
4.40%, 11/26/23		1,000		1,110,377
5.00%, 11/26/28(a)		1,000		1,242,891
2.05%, 03/31/30(a)		1,055		1,065,386
3.03%, 07/09/40		530		549,250
3.18%, 07/09/50(a)		1,115		1,132,675
3.38%, 07/09/60(a)		1,000		1,053,440
Upjohn, Inc.(b)
2.30%, 06/22/27		1,000		1,035,541
2.70%, 06/22/30		2,000		2,070,722
3.85%, 06/22/40		1,000		1,080,084
4.00%, 06/22/50(a)		500		533,643
Wyeth LLC
6.50%, 02/01/34		500		777,109
5.95%, 04/01/37		250		370,699
Zoetis, Inc.
3.25%, 02/01/23		1,000		1,055,120
3.90%, 08/20/28		1,000		1,187,073
2.00%, 05/15/30		400		412,012
4.70%, 02/01/43(a)		400		526,703
3.95%, 09/12/47(a)		500		616,126

M A S T E R   P O R T F O L I O   S C H E D U L E   O F   I N V E S T M E N T S 35

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
Zoetis, Inc. (continued)
4.45%, 08/20/48	$	250	$	328,230
3.00%, 05/15/50		400		428,632
				248,276,386
Producer Durables: Miscellaneous — 0.3%
CA, Inc., 4.50%, 08/15/23		170		180,190
Oracle Corp.
2.50%, 10/15/22(a)		3,250		3,392,032
2.63%, 02/15/23(a)		2,000		2,089,027
2.40%, 09/15/23(a)		4,000		4,207,065
2.95%, 11/15/24		3,500		3,796,005
2.50%, 04/01/25		700		750,120
2.95%, 05/15/25(a)		500		544,546
2.65%, 07/15/26(a)		745		813,399
3.25%, 11/15/27(a)		750		848,446
2.95%, 04/01/30(a)		3,300		3,689,601
3.25%, 05/15/30(a)		950		1,083,184
4.30%, 07/08/34		250		313,366
3.90%, 05/15/35		500		608,245
3.85%, 07/15/36(a)		750		886,150
3.80%, 11/15/37		750		879,907
6.13%, 07/08/39		500		747,015
3.60%, 04/01/40		1,100		1,260,020
5.38%, 07/15/40(a)		400		557,893
4.50%, 07/08/44		500		629,952
4.13%, 05/15/45(a)		2,250		2,683,874
4.00%, 07/15/46(a)		2,250		2,666,995
4.00%, 11/15/47(a)		1,500		1,778,285
3.60%, 04/01/50(a)		2,600		2,930,640
4.38%, 05/15/55		250		314,455
3.85%, 04/01/60		2,100		2,479,084
salesforce.com, Inc., 3.25%, 04/11/23		2,500		2,678,111
				42,807,607
Professional Services — 0.0%
Verisk Analytics, Inc.
4.00%, 06/15/25		250		285,244
4.13%, 03/15/29		500		589,646
3.63%, 05/15/50		330		374,308
				1,249,198
Real Estate — 0.0%
Prologis LP
3.75%, 11/01/25(a)		45		51,350
2.13%, 04/15/27		30		31,943
2.25%, 04/15/30(a)		1,240		1,317,975
1.25%, 10/15/30		365		356,916
4.38%, 09/15/48(a)		100		135,562
3.00%, 04/15/50		95		102,014
2.13%, 10/15/50		715		643,819
				2,639,579
Real Estate Management & Development — 0.0%
CBRE Services, Inc.
5.25%, 03/15/25		250		286,666
4.88%, 03/01/26		250		292,693
				579,359
Road & Rail — 0.4%
Burlington Northern Santa Fe LLC
3.75%, 04/01/24		50		55,105
3.65%, 09/01/25		750		851,305

Security	Par (000)		Value
Road & Rail (continued)
Burlington Northern Santa Fe LLC (continued)
7.00%, 12/15/25(a)	$	250	$	324,060
3.25%, 06/15/27(a)		1,750		1,992,452
5.40%, 06/01/41		50		70,013
4.40%, 03/15/42		150		188,258
4.38%, 09/01/42(a)		250		315,387
4.45%, 03/15/43(a)		200		255,377
5.15%, 09/01/43		250		343,074
4.90%, 04/01/44		500		679,462
4.55%, 09/01/44		250		326,112
4.15%, 04/01/45		500		626,907
4.70%, 09/01/45		500		669,934
3.90%, 08/01/46		2,000		2,426,937
4.13%, 06/15/47(a)		250		309,877
4.05%, 06/15/48		1,000		1,244,082
4.15%, 12/15/48(a)		500		630,708
3.55%, 02/15/50(a)		125		146,283
3.05%, 02/15/51		1,000		1,101,231
Canadian National Railway Co.
2.85%, 12/15/21		1,000		1,024,388
2.95%, 11/21/24		305		329,934
2.75%, 03/01/26		560		615,465
3.50%, 11/15/42		100		112,486
3.65%, 02/03/48		1,500		1,812,196
2.45%, 05/01/50		455		452,474
Canadian Pacific Railway Co.
4.45%, 03/15/23		500		540,643
2.90%, 02/01/25		1,000		1,081,880
7.13%, 10/15/31(a)		250		370,180
4.80%, 09/15/35(a)		250		328,217
5.75%, 01/15/42		25		35,740
4.80%, 08/01/45(a)		1,110		1,491,038
CSX Corp.
3.35%, 11/01/25(a)		250		280,779
3.80%, 03/01/28(a)		2,500		2,930,565
2.40%, 02/15/30(a)		500		540,404
4.75%, 05/30/42		100		128,149
4.30%, 03/01/48		750		934,164
4.50%, 03/15/49		1,000		1,303,850
3.35%, 09/15/49		215		237,784
3.80%, 04/15/50		550		654,591
3.95%, 05/01/50		450		552,066
4.50%, 08/01/54		250		327,029
4.25%, 11/01/66(a)		750		930,306
4.65%, 03/01/68		500		655,319
Kansas City Southern
3.13%, 06/01/26		250		262,148
2.88%, 11/15/29(a)		120		127,203
4.70%, 05/01/48		500		555,913
4.20%, 11/15/69		105		112,005
Norfolk Southern Corp.
3.00%, 04/01/22(a)		1,750		1,810,096
3.85%, 01/15/24(a)		1,000		1,095,402
3.15%, 06/01/27(a)		880		982,500
2.55%, 11/01/29		165		179,460
3.95%, 10/01/42		100		117,869
4.45%, 06/15/45		250		317,156
3.94%, 11/01/47		225		270,002
4.15%, 02/28/48		250		308,323
4.10%, 05/15/49		1,000		1,252,669
3.40%, 11/01/49		335		371,086

36

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Road & Rail (continued)
Norfolk Southern Corp. (continued)
3.05%, 05/15/50	$	605	$	642,972
4.05%, 08/15/52(a)		1,000		1,225,450
Union Pacific Corp.
4.16%, 07/15/22(a)		100		105,800
3.65%, 02/15/24(a)		1,000		1,089,776
3.25%, 08/15/25(a)		250		277,610
2.75%, 03/01/26(a)		1,000		1,096,631
2.15%, 02/05/27		160		170,088
3.95%, 09/10/28(a)		1,000		1,179,490
3.70%, 03/01/29(a)		1,000		1,160,090
2.40%, 02/05/30		365		392,880
3.60%, 09/15/37(a)		1,250		1,444,769
4.38%, 09/10/38(a)		2,750		3,388,433
4.05%, 11/15/45(a)		250		298,058
4.05%, 03/01/46		140		169,188
4.50%, 09/10/48		500		662,294
3.25%, 02/05/50(a)		600		661,229
3.80%, 10/01/51		250		297,003
3.95%, 08/15/59		780		910,270
3.84%, 03/20/60		1,450		1,682,042
			54,842,116
Semiconductors & Semiconductor Equipment — 0.5%
Altera Corp., 4.10%, 11/15/23(a)		250		277,763
Analog Devices, Inc.(a)
2.88%, 06/01/23		1,000		1,054,952
3.50%, 12/05/26		750		848,586
Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
2.65%, 01/15/23		1,500		1,558,199
3.63%, 01/15/24		250		268,885
3.88%, 01/15/27		2,750		3,046,739
3.50%, 01/15/28		500		540,230
Broadcom, Inc.
3.13%, 10/15/22		1,000		1,046,549
2.25%, 11/15/23		1,360		1,413,920
3.63%, 10/15/24		2,000		2,180,749
3.15%, 11/15/25		530		574,058
4.25%, 04/15/26		1,000		1,126,621
3.46%, 09/15/26		2,000		2,190,238
4.11%, 09/15/28		1,000		1,127,749
4.75%, 04/15/29		1,000		1,165,056
5.00%, 04/15/30		1,000		1,179,597
4.15%, 11/15/30		1,700		1,909,684
4.30%, 11/15/32		1,200		1,370,869
Flex Ltd., 4.88%, 06/15/29		500		571,563
Intel Corp.
2.70%, 12/15/22		2,500		2,631,973
2.88%, 05/11/24(a)		1,000		1,080,981
3.40%, 03/25/25		2,400		2,689,013
3.70%, 07/29/25(a)		1,000		1,136,076
3.75%, 03/25/27		800		937,363
2.45%, 11/15/29		500		544,368
4.10%, 05/19/46(a)		2,500		3,120,322
4.10%, 05/11/47(a)		250		316,363
3.73%, 12/08/47(a)		1,399		1,670,727
4.75%, 03/25/50(a)		2,600		3,580,512
4.95%, 03/25/60		1,000		1,459,060
Jabil, Inc.
4.70%, 09/15/22		250		268,028
3.00%, 01/15/31		1,350		1,378,300

Security	Par (000)		Value
Semiconductors & Semiconductor Equipment (continued)
Maxim Integrated Products, Inc., 3.38%, 03/15/23	$	100	$	106,478
Microchip Technology, Inc., 4.33%, 06/01/23		2,000		2,152,421
Micron Technology, Inc.
4.64%, 02/06/24(a)		300		333,264
4.98%, 02/06/26		250		289,812
5.33%, 02/06/29		250		300,664
4.66%, 02/15/30		750		880,806
NVIDIA Corp.
3.20%, 09/16/26		1,000		1,127,975
2.85%, 04/01/30		1,660		1,865,020
3.50%, 04/01/40		710		832,077
3.50%, 04/01/50		2,405		2,814,521
3.70%, 04/01/60		145		172,868
NXP BV/NXP Funding LLC/NXP USA, Inc.(b)
2.70%, 05/01/25(a)		85		90,046
3.88%, 06/18/26		320		358,495
4.30%, 06/18/29		1,000		1,152,731
3.40%, 05/01/30(a)		2,165		2,370,044
QUALCOMM, Inc.
3.25%, 05/20/27(a)		500		561,074
1.30%, 05/20/28(b)		2,250		2,205,766
2.15%, 05/20/30		605		633,418
1.65%, 05/20/32(a)(b)		828		817,701
4.65%, 05/20/35(a)		250		336,030
4.80%, 05/20/45(a)		750		1,012,180
4.30%, 05/20/47		1,500		1,926,756
3.25%, 05/20/50		800		890,695
Texas Instruments, Inc.
2.25%, 09/04/29		680		729,428
4.15%, 05/15/48		1,000		1,307,721
Xilinx Inc., 2.38%, 06/01/30		1,400		1,469,706
				71,002,790
Software — 0.3%
Activision Blizzard, Inc.
3.40%, 06/15/27(a)		1,000		1,130,441
1.35%, 09/15/30		130		127,081
2.50%, 09/15/50		800		745,477
Autodesk, Inc.
3.50%, 06/15/27		2,000		2,268,917
2.85%, 01/15/30		100		109,419
Intuit, Inc.
0.65%, 07/15/23		655		657,993
0.95%, 07/15/25		755		762,228
1.35%, 07/15/27		825		838,024
1.65%, 07/15/30		985		1,000,704
Microsoft Corp.
2.40%, 02/06/22(a)		2,000		2,055,470
2.38%, 02/12/22(a)		1,000		1,026,530
2.65%, 11/03/22(a)		500		523,272
2.00%, 08/08/23(a)		2,000		2,088,247
3.63%, 12/15/23(a)		1,000		1,095,991
2.88%, 02/06/24(a)		865		930,895
3.13%, 11/03/25(a)		1,500		1,677,285
2.40%, 08/08/26(a)		1,485		1,622,141
3.30%, 02/06/27(a)		4,500		5,141,670
3.50%, 02/12/35		1,165		1,437,267
4.20%, 11/03/35		250		328,287
3.45%, 08/08/36(a)		750		910,092
4.10%, 02/06/37		786		1,018,980
3.50%, 11/15/42(a)		1,000		1,228,956

M A S T E R   P O R T F O L I O   S C H E D U L E   O F   I N V E S T M E N T S 37

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Software (continued)
Microsoft Corp. (continued)
3.70%, 08/08/46(a)	$	2,500	$	3,139,247
2.53%, 06/01/50		4,714		4,929,991
3.95%, 08/08/56		1,707		2,248,377
2.68%, 06/01/60		3,737		3,942,069
ServiceNow, Inc., 1.40%, 09/01/30		810		791,267
				43,776,318
Specialty Retail — 0.1%
AutoZone, Inc.
3.70%, 04/15/22		50		52,107
3.13%, 07/15/23(a)		250		266,144
3.25%, 04/15/25		165		181,688
3.75%, 04/18/29		1,000		1,156,521
Best Buy Co., Inc., 1.95%, 10/01/30		1,250		1,241,397
Ross Stores, Inc.
4.60%, 04/15/25		500		575,636
4.70%, 04/15/27		500		589,086
4.80%, 04/15/30		1,000		1,217,265
Tapestry, Inc., 3.00%, 07/15/22(a)		1,000		1,010,205
VF Corp., 2.95%, 04/23/30		500		544,360
				6,834,409
Technology Hardware, Storage & Peripherals — 0.6%
Adobe Inc., 1.70%, 02/01/23		160		164,805
Adobe, Inc.
1.90%, 02/01/25		160		169,165
3.25%, 02/01/25		70		77,488
2.15%, 02/01/27		1,275		1,367,305
2.30%, 02/01/30		1,200		1,290,969
Apple Inc.
0.75%, 05/11/23		350		353,570
2.85%, 05/11/24		2,000		2,158,061
2.75%, 01/13/25(a)		1,000		1,082,923
1.13%, 05/11/25		650		665,179
1.65%, 05/11/30		1,400		1,450,206
Apple, Inc.
2.50%, 02/09/22		1,000		1,028,307
1.70%, 09/11/22		2,500		2,567,710
2.10%, 09/12/22(a)		500		516,792
2.40%, 01/13/23(a)		1,000		1,044,695
2.85%, 02/23/23(a)		250		263,830
2.40%, 05/03/23(a)		2,000		2,105,754
3.45%, 05/06/24(a)		1,000		1,102,257
1.80%, 09/11/24		1,635		1,711,119
2.50%, 02/09/25(a)		140		150,998
3.20%, 05/13/25(a)		750		836,254
0.55%, 08/20/25		2,800		2,803,756
3.25%, 02/23/26(a)		1,910		2,147,265
2.45%, 08/04/26		1,410		1,536,519
3.35%, 02/09/27(a)		2,000		2,287,476
3.20%, 05/11/27(a)		1,000		1,137,613
2.90%, 09/12/27(a)		1,000		1,121,170
3.00%, 11/13/27(a)		1,000		1,130,370
2.20%, 09/11/29(a)		1,235		1,328,133
1.25%, 08/20/30		2,800		2,790,737
4.50%, 02/23/36(a)		250		333,529
3.85%, 05/04/43(a)		1,250		1,558,330
4.45%, 05/06/44(a)		250		339,452
3.45%, 02/09/45(a)		1,350		1,576,067
4.38%, 05/13/45(a)		500		669,879

Security	Par (000)		Value
Technology Hardware, Storage & Peripherals (continued)
Apple, Inc. (continued)
4.65%, 02/23/46(a)	$	1,980	$	2,763,512
3.85%, 08/04/46(a)		750		933,921
4.25%, 02/09/47(a)		250		332,681
3.75%, 11/13/47		1,250		1,535,610
2.95%, 09/11/49		1,250		1,368,240
2.65%, 05/11/50		1,200		1,257,460
2.40%, 08/20/50		2,800		2,793,493
2.55%, 08/20/60		1,600		1,589,445
Dell International LLC/EMC Corp.(b)
5.45%, 06/15/23(a)		3,000		3,288,977
4.00%, 07/15/24		1,000		1,079,779
6.02%, 06/15/26		3,090		3,628,214
4.90%, 10/01/26		1,000		1,130,423
5.30%, 10/01/29		1,250		1,433,624
6.20%, 07/15/30		1,500		1,797,080
8.10%, 07/15/36		500		657,519
8.35%, 07/15/46		850		1,123,030
Hewlett Packard Enterprise Co.
4.40%, 10/15/22(a)		1,500		1,602,935
2.25%, 04/01/23		1,000		1,031,277
1.45%, 04/01/24		1,000		1,011,460
4.90%, 10/15/25(a)		1,250		1,430,246
6.20%, 10/15/35(a)		500		625,823
6.35%, 10/15/45(a)		750		955,948
HP, Inc.
4.05%, 09/15/22		1,000		1,067,504
2.20%, 06/17/25		500		523,761
3.40%, 06/17/30(a)		500		536,937
6.00%, 09/15/41(a)		650		796,789
NetApp, Inc., 1.88%, 06/22/25		675		699,164
Seagate HDD Cayman
4.75%, 06/01/23		168		182,633
4.88%, 06/01/27(a)		252		282,289
4.09%, 06/01/29(a)(b)		272		295,872
4.13%, 01/15/31(b)		120		129,503
5.75%, 12/01/34(a)		650		741,460
				79,494,292
Telecommunications Equipment — 0.0%
Motorola Solutions, Inc.
4.60%, 02/23/28(a)		500		583,787
4.60%, 05/23/29(a)		965		1,139,640
2.30%, 11/15/30		840		833,884
				2,557,311
Textiles, Apparel & Luxury Goods — 0.0%
NIKE, Inc.
2.75%, 03/27/27(a)		2,000		2,224,421
2.85%, 03/27/30		1,000		1,123,121
3.88%, 11/01/45(a)		500		622,733
3.38%, 11/01/46		1,500		1,696,956
				5,667,231
Tobacco — 0.3%
Altria Group, Inc.
2.85%, 08/09/22(a)		1,500		1,562,107
4.00%, 01/31/24		250		274,925
2.35%, 05/06/25		240		253,587
4.80%, 02/14/29		3,000		3,559,784
3.40%, 05/06/30		435		474,726
5.80%, 02/14/39		1,000		1,279,712

38

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Tobacco (continued)
Altria Group, Inc. (continued)
4.50%, 05/02/43(a)	$	400	$	438,152
5.38%, 01/31/44(a)		1,320		1,642,029
3.88%, 09/16/46		1,250		1,284,903
5.95%, 02/14/49(a)		1,250		1,674,420
4.45%, 05/06/50		655		728,874
BAT Capital Corp.
2.76%, 08/15/22(a)		3,000		3,109,091
3.22%, 08/15/24		1,250		1,337,396
4.70%, 04/02/27		500		573,615
3.56%, 08/15/27(a)		2,000		2,160,021
2.26%, 03/25/28		600		602,976
3.46%, 09/06/29		500		532,391
4.91%, 04/02/30		600		707,663
2.73%, 03/25/31		300		298,936
4.39%, 08/15/37		2,250		2,432,909
3.73%, 09/25/40		200		200,699
4.54%, 08/15/47(a)		1,350		1,445,680
4.76%, 09/06/49(a)		750		814,540
5.28%, 04/02/50		250		293,817
3.98%, 09/25/50		300		295,808
BAT International Finance PLC, 1.67%, 03/25/26(a)		250		250,850
Philip Morris International, Inc.
2.63%, 03/06/23(a)		250		262,512
2.13%, 05/10/23(a)		1,000		1,036,325
3.25%, 11/10/24(a)		1,000		1,100,656
3.38%, 08/11/25		750		834,689
2.75%, 02/25/26(a)		415		459,600
3.13%, 08/17/27(a)		1,000		1,126,013
2.10%, 05/01/30		2,000		2,057,231
6.38%, 05/16/38		1,750		2,597,771
4.50%, 03/20/42		50		61,406
3.88%, 08/21/42		350		396,692
4.13%, 03/04/43		450		526,785
4.88%, 11/15/43		250		320,378
4.25%, 11/10/44(a)		365		441,166
Reynolds American, Inc.
4.00%, 06/12/22(a)		1,000		1,054,037
4.45%, 06/12/25		1,000		1,125,338
5.70%, 08/15/35		325		405,981
6.15%, 09/15/43(a)		150		188,935
5.85%, 08/15/45(a)		1,250		1,518,931
				43,744,057
Transportation Infrastructure — 0.2%
FedEx Corp.
3.40%, 01/14/22		1,000		1,036,592
4.00%, 01/15/24(a)		250		276,992
3.25%, 04/01/26(a)		545		606,461
3.30%, 03/15/27		500		555,455
3.10%, 08/05/29		1,000		1,107,264
3.90%, 02/01/35		190		215,119
3.88%, 08/01/42(a)		50		55,136
4.75%, 11/15/45		660		816,600
4.55%, 04/01/46		750		904,426
4.40%, 01/15/47		500		590,661
4.05%, 02/15/48		1,000		1,153,114
4.95%, 10/17/48(a)		1,000		1,279,300
5.25%, 05/15/50		1,000		1,351,061

Security	Par (000)		Value
Transportation Infrastructure (continued)
Ryder System, Inc.
3.40%, 03/01/23	$	500	$	530,394
3.88%, 12/01/23		2,000		2,181,700
2.50%, 09/01/24		285		299,532
2.90%, 12/01/26		1,160		1,251,698
United Parcel Service, Inc.
2.45%, 10/01/22(a)		500		522,210
2.50%, 04/01/23(a)		2,000		2,101,084
3.90%, 04/01/25		1,000		1,139,326
2.40%, 11/15/26(a)		2,000		2,196,063
3.05%, 11/15/27(a)		500		564,786
6.20%, 01/15/38		100		150,516
5.20%, 04/01/40(a)		1,000		1,385,192
3.63%, 10/01/42		250		288,881
3.40%, 11/15/46		220		247,296
3.75%, 11/15/47(a)		500		604,201
4.25%, 03/15/49(a)		1,000		1,277,793
3.40%, 09/01/49		300		341,205
5.30%, 04/01/50		1,000		1,484,052
				26,514,110
Utilities — 0.1%
American Water Capital Corp.
3.40%, 03/01/25		250		276,781
2.95%, 09/01/27(a)		500		553,078
3.75%, 09/01/28(a)		1,500		1,752,570
3.45%, 06/01/29		500		573,644
4.30%, 09/01/45		250		312,810
3.75%, 09/01/47		500		590,481
4.15%, 06/01/49		500		625,629
3.45%, 05/01/50		1,000		1,121,233
Emera US Finance LP
3.55%, 06/15/26(a)		1,075		1,200,397
4.75%, 06/15/46		350		421,839
Essential Utilities Inc., 3.35%, 04/15/50		1,000		1,068,923
				8,497,385
Wireless Telecommunication Services — 0.6%
America Movil SAB de CV
3.13%, 07/16/22		3,500		3,640,000
3.63%, 04/22/29(a)		1,400		1,581,125
2.88%, 05/07/30		1,500		1,622,805
6.13%, 03/30/40		250		359,531
4.38%, 07/16/42		850		1,040,453
4.38%, 04/22/49		1,000		1,245,700
American Tower Corp.
4.70%, 03/15/22		100		105,980
3.50%, 01/31/23		150		159,436
3.00%, 06/15/23		1,000		1,059,060
5.00%, 02/15/24(a)		3,000		3,392,302
2.95%, 01/15/25(a)		500		540,136
2.40%, 03/15/25		585		618,243
4.40%, 02/15/26		30		34,228
3.38%, 10/15/26(a)		500		553,696
2.75%, 01/15/27(a)		435		469,250
3.95%, 03/15/29		500		575,645
3.80%, 08/15/29		500		572,386
2.90%, 01/15/30(a)		540		583,749
2.10%, 06/15/30		2,000		2,012,959
1.88%, 10/15/30		965		953,482
3.70%, 10/15/49		425		465,949

M A S T E R   P O R T F O L I O   S C H E D U L E   O F   I N V E S T M E N T S 39

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Wireless Telecommunication Services (continued)
American Tower Corp. (continued)
3.10%, 06/15/50	$	110	$	108,794
Crown Castle International Corp.
3.15%, 07/15/23		1,000		1,063,428
3.70%, 06/15/26(a)		280		312,276
4.00%, 03/01/27(a)		1,000		1,136,269
3.80%, 02/15/28		2,000		2,269,016
3.30%, 07/01/30		1,000		1,093,573
4.00%, 11/15/49		585		655,077
3.25%, 01/15/51		1,000		993,314
Digital Realty Trust LP
4.75%, 10/01/25		500		584,894
3.70%, 08/15/27		1,000		1,123,904
3.60%, 07/01/29(a)		750		860,462
EPR Properties
4.50%, 06/01/27		1,000		922,022
3.75%, 08/15/29		845		736,796
Equinix, Inc.
2.63%, 11/18/24		335		356,191
1.25%, 07/15/25		475		478,254
1.00%, 09/15/25(e)		1,000		992,845
2.90%, 11/18/26		135		145,602
5.38%, 05/15/27(a)		1,100		1,198,591
1.55%, 03/15/28(e)		335		335,562
3.20%, 11/18/29		455		501,447
2.15%, 07/15/30		500		506,188
3.00%, 07/15/50		135		134,207
2.95%, 09/15/51(e)		400		392,504
GLP Capital LP/GLP Financing II, Inc.
3.35%, 09/01/24		215		218,077
5.30%, 01/15/29		1,000		1,113,670
4.00%, 01/15/30		980		1,014,300
Orange SA
9.00%, 03/01/31(a)		250		407,525
5.38%, 01/13/42		1,825		2,568,805
Rogers Communications, Inc.
3.00%, 03/15/23		650		686,510
3.63%, 12/15/25(a)		565		639,325
2.90%, 11/15/26(a)		1,000		1,112,361
5.00%, 03/15/44(a)		250		325,468
4.30%, 02/15/48		750		910,270
4.35%, 05/01/49		1,250		1,512,636
3.70%, 11/15/49(a)		400		444,575
T-Mobile USA, Inc.(b)
3.50%, 04/15/25		1,045		1,146,678
3.75%, 04/15/27		3,500		3,927,490
2.05%, 02/15/28(e)		500		511,910
3.88%, 04/15/30(a)		6,000		6,807,720
2.55%, 02/15/31(e)		700		724,227
4.38%, 04/15/40		1,250		1,465,212
4.50%, 04/15/50		1,720		2,063,441
Vodafone Group PLC
3.75%, 01/16/24(a)		1,000		1,091,698
4.13%, 05/30/25(a)		1,500		1,710,433
4.38%, 05/30/28(a)		1,350		1,597,995
7.88%, 02/15/30		100		145,161
5.00%, 05/30/38(a)		500		623,251
4.38%, 02/19/43(a)		950		1,104,491
5.25%, 05/30/48(a)		2,500		3,232,056

Security	Par (000)		Value
Wireless Telecommunication Services (continued)
Vodafone Group PLC (continued)
4.88%, 06/19/49(a)	$	500	$	620,792
4.25%, 09/17/50		1,190		1,380,175
Vornado Realty LP, 3.50%, 01/15/25(a)		250		260,063
Weyerhaeuser Co.
4.00%, 11/15/29(a)		1,000		1,172,539
4.00%, 04/15/30		1,000		1,182,364
7.38%, 03/15/32		350		510,272
WP Carey, Inc., 3.85%, 07/15/29(a)		475		513,479
				81,232,300
Total Corporate Bonds — 27.4% (Cost: $3,364,292,385)				3,657,910,051
Foreign Agency Obligations
Canada — 0.4%
Canada Government International Bond
2.63%, 01/25/22		1,000		1,032,366
1.63%, 01/22/25		2,000		2,104,420
Export Development Canada
2.00%, 05/17/22		4,000		4,113,369
2.50%, 01/24/23		2,000		2,103,100
Province of Alberta Canada
2.20%, 07/26/22		1,000		1,032,982
1.88%, 11/13/24		1,000		1,053,242
1.00%, 05/20/25		3,000		3,048,664
3.30%, 03/15/28(a)		2,000		2,332,940
Province of British Columbia Canada, 2.00%, 10/23/22		750		776,203
Province of Manitoba Canada, 2.13%, 05/04/22(a)		2,000		2,055,489
Province of New Brunswick Canada, 3.63%, 02/24/28(a)		1,000		1,170,607
Province of Ontario Canada
2.40%, 02/08/22		1,000		1,028,060
2.55%, 04/25/22		4,000		4,137,330
2.25%, 05/18/22		2,000		2,061,095
2.20%, 10/03/22		2,000		2,073,560
1.75%, 01/24/23		2,000		2,062,740
2.50%, 04/27/26(a)		3,000		3,290,070
1.05%, 05/21/27		1,000		1,014,300
Province of Quebec Canada
2.38%, 01/31/22(a)		1,000		1,027,226
2.63%, 02/13/23		250		263,244
2.50%, 04/09/24		2,000		2,145,715
2.88%, 10/16/24		500		546,815
1.50%, 02/11/25		2,000		2,082,239
0.60%, 07/23/25		2,000		2,003,610
2.50%, 04/20/26		2,750		3,004,642
2.75%, 04/12/27		2,000		2,240,542
				49,804,570
Chile — 0.0%
Chile Government International Bond
3.24%, 02/06/28(a)		1,500		1,666,875
2.45%, 01/31/31(a)		2,000		2,105,000
2.55%, 01/27/32		1,000		1,054,687
3.63%, 10/30/42		350		403,047

40

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chile (continued)
Chile Government International Bond (continued)
3.86%, 06/21/47(a)	$	750	$	895,313
3.50%, 01/25/50		1,000		1,140,312
				7,265,234
Colombia — 0.2%
Colombia Government International Bond
2.63%, 03/15/23		250		255,938
4.00%, 02/26/24		2,750		2,936,484
4.50%, 01/28/26(a)		2,250		2,486,953
3.88%, 04/25/27		2,000		2,160,000
4.50%, 03/15/29		2,000		2,240,625
3.00%, 01/30/30(a)		3,000		3,058,125
3.13%, 04/15/31		1,000		1,021,500
7.38%, 09/18/37(a)		100		140,563
6.13%, 01/18/41(a)		1,000		1,288,438
5.63%, 02/26/44		950		1,177,109
5.00%, 06/15/45		1,900		2,217,062
5.20%, 05/15/49		1,500		1,812,187
4.13%, 05/15/51(a)		900		938,250
				21,733,234
Europe — 0.0%
European Investment Bank, 3.25%, 01/29/24(a)		3,000		3,294,780
Germany — 0.0%
FMS Wertmanagement
2.00%, 08/01/22		1,000		1,032,330
2.75%, 03/06/23		500		530,060
Landwirtschaftliche Rentenbank
2.25%, 10/01/21		500		509,955
1.75%, 07/27/26		1,000		1,069,494
				3,141,839
Hungary — 0.0%
Hungary Government International Bond
5.38%, 02/21/23		500		552,344
5.75%, 11/22/23		500		573,281
5.38%, 03/25/24(a)		1,500		1,718,906
7.63%, 03/29/41(a)		750		1,336,172
				4,180,703
Indonesia — 0.1%
Indonesia Government International Bond
4.10%, 04/24/28		1,000		1,136,250
4.75%, 02/11/29		1,000		1,183,750
2.85%, 02/14/30(a)		1,000		1,051,563
4.35%, 01/11/48		1,400		1,613,062
3.70%, 10/30/49		500		534,844
3.50%, 02/14/50(a)		1,000		1,060,625
4.20%, 10/15/50		1,000		1,153,750
4.45%, 04/15/70		600		709,875
				8,443,719
Israel — 0.1%
Israel Government International Bond
4.00%, 06/30/22		900		955,969
3.15%, 06/30/23		3,000		3,214,687
3.25%, 01/17/28		1,500		1,706,719
2.75%, 07/03/30(a)		400		441,000
4.50%, 01/30/43		1,200		1,567,500
3.88%, 07/03/50(a)		1,000		1,199,375

Security	Par (000)		Value
Israel (continued)
Israel Government International Bond (continued)
4.50%, 04/03/20	$	600	$	817,500
State of Israel
2.50%, 01/15/30(a)		2,000		2,160,000
3.38%, 01/15/50		1,000		1,107,500
				13,170,250
Italy — 0.1%
Republic of Italy Government International Bond
6.88%, 09/27/23		100		116,740
2.38%, 10/17/24		3,500		3,640,193
2.88%, 10/17/29		2,500		2,587,281
5.38%, 06/15/33		750		945,607
4.00%, 10/17/49		1,500		1,607,410
				8,897,231
Japan — 0.2%
Japan Bank for International Cooperation
2.00%, 11/04/21(a)		2,000		2,035,720
2.50%, 06/01/22		2,000		2,071,773
2.38%, 07/21/22(a)		1,000		1,036,046
1.63%, 10/17/22(a)		1,000		1,025,139
2.38%, 11/16/22		2,000		2,084,205
1.75%, 01/23/23		2,000		2,061,888
3.25%, 07/20/23		1,100		1,187,384
3.38%, 07/31/23		500		541,502
3.38%, 10/31/23		500		544,700
2.50%, 05/23/24		500		536,458
2.50%, 05/28/25		2,000		2,177,032
0.63%, 07/15/25		2,000		2,003,340
2.38%, 04/20/26		750		818,943
2.25%, 11/04/26		500		544,349
2.88%, 06/01/27		1,000		1,134,250
2.75%, 11/16/27		500		566,422
3.25%, 07/20/28		2,000		2,357,780
2.00%, 10/17/29		1,000		1,092,929
				23,819,860
Mexico — 0.3%
Mexico Government International Bond
3.63%, 03/15/22(a)		4,750		4,938,516
4.00%, 10/02/23		250		271,172
3.60%, 01/30/25		500		539,219
4.13%, 01/21/26		3,000		3,333,000
4.15%, 03/28/27(a)		1,000		1,111,500
4.50%, 04/22/29		1,500		1,681,406
3.25%, 04/16/30(a)		3,000		3,078,000
4.75%, 04/27/32(a)		3,000		3,396,562
6.75%, 09/27/34		150		201,797
6.05%, 01/11/40		2,300		2,887,937
4.75%, 03/08/44		2,200		2,414,500
5.55%, 01/21/45		1,525		1,847,156
4.60%, 01/23/46		1,500		1,607,813
4.35%, 01/15/47(a)		1,750		1,822,188
4.60%, 02/10/48		2,000		2,134,375
4.50%, 01/31/50		1,950		2,052,375
5.00%, 04/27/51		2,000		2,242,000
				35,559,516

M A S T E R   P O R T F O L I O   S C H E D U L E   O F   I N V E S T M E N T S 41

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Panama — 0.1%
Panama Government International Bond
3.75%, 03/16/25	$	3,500	$	3,823,750
3.88%, 03/17/28		2,500		2,835,156
3.16%, 01/23/30		1,000		1,086,250
2.25%, 09/29/32		1,000		1,013,500
6.70%, 01/26/36		350		507,609
4.50%, 05/15/47(a)		750		937,735
4.50%, 04/16/50(a)		1,250		1,560,938
4.50%, 04/01/56(a)		2,400		2,995,200
3.87%, 07/23/60(a)		900		1,031,906
				15,792,044
Peru — 0.1%
Peruvian Government International Bond
7.35%, 07/21/25		400		512,000
2.39%, 01/23/26		2,000		2,100,000
4.13%, 08/25/27(a)		1,000		1,165,313
2.84%, 06/20/30		1,000		1,087,500
2.78%, 01/23/31		2,000		2,164,000
8.75%, 11/21/33		441		738,675
6.55%, 03/14/37		250		378,203
5.63%, 11/18/50		1,400		2,233,437
				10,379,128
Philippines — 0.1%
Philippine Government International Bond
4.20%, 01/21/24		2,500		2,774,219
3.75%, 01/14/29(a)		3,000		3,501,562
2.46%, 05/05/30		2,000		2,142,500
7.75%, 01/14/31		1,500		2,278,125
6.38%, 10/23/34		250		361,406
5.00%, 01/13/37		1,000		1,300,313
3.95%, 01/20/40		250		295,703
3.70%, 03/01/41		1,100		1,267,063
3.70%, 02/02/42		2,000		2,313,125
2.95%, 05/05/45		1,000		1,055,625
				17,289,641
Poland — 0.0%
Poland Government International Bond
5.00%, 03/23/22		2,050		2,195,422
3.00%, 03/17/23		200		212,063
4.00%, 01/22/24		2,250		2,497,815
3.25%, 04/06/26		250		282,109
				5,187,409
South Korea — 0.1%
Export-Import Bank of Korea
1.88%, 10/21/21		2,000		2,027,500
2.75%, 01/25/22(a)		1,000		1,028,438
5.00%, 04/11/22		2,000		2,133,125
1.88%, 02/12/25		1,000		1,038,079
3.25%, 11/10/25(a)		500		558,906
2.63%, 05/26/26		1,000		1,093,437
3.25%, 08/12/26		500		566,406
Korea Development Bank
3.38%, 03/12/23(a)		4,000		4,260,760
2.75%, 03/19/23		1,000		1,050,625

Security	Par (000)		Value
South Korea (continued)
Korea International Bond
4.13%, 06/10/44(a)	$	250	$	345,343
3.88%, 09/20/48		1,750		2,409,531
				16,512,150
Supranational — 1.3%
African Development Bank, 3.00%, 09/20/23(a)		5,000		5,400,740
Asian Development Bank
2.13%, 11/24/21		1,000		1,021,620
2.00%, 02/16/22(a)		2,000		2,048,535
1.88%, 02/18/22		1,000		1,022,424
1.88%, 07/19/22(a)		2,000		2,058,705
1.88%, 08/10/22(a)		1,500		1,545,331
1.75%, 09/13/22(a)		2,500		2,573,897
2.75%, 03/17/23(a)		3,750		3,978,648
0.25%, 07/14/23(a)		4,000		4,001,828
2.63%, 01/30/24(a)		3,000		3,229,693
1.50%, 10/18/24		3,000		3,138,570
0.63%, 04/29/25		3,000		3,027,870
2.00%, 04/24/26(a)		1,000		1,082,920
2.75%, 01/19/28(a)		750		861,485
1.75%, 09/19/29		2,000		2,156,842
1.88%, 01/24/30(a)		3,000		3,275,460
European Bank for Reconstruction & Development
2.75%, 03/07/23		2,000		2,120,380
0.25%, 07/10/23		4,000		4,001,579
1.50%, 02/13/25		1,000		1,041,045
European Investment Bank
2.25%, 03/15/22		1,000		1,029,600
2.63%, 05/20/22		10,000		10,393,418
2.25%, 08/15/22(a)		5,000		5,188,480
2.00%, 12/15/22(a)		1,000		1,039,144
2.50%, 03/15/23		2,000		2,110,307
2.88%, 08/15/23		1,500		1,612,182
3.13%, 12/14/23		4,000		4,364,320
2.63%, 03/15/24(a)		2,000		2,160,205
1.63%, 03/14/25		4,000		4,217,720
0.63%, 07/25/25		2,000		2,018,911
2.13%, 04/13/26(a)		1,000		1,091,030
2.38%, 05/24/27(a)		3,500		3,901,917
Inter-American Development Bank
2.13%, 01/18/22(a)		1,000		1,024,354
1.75%, 04/14/22		750		767,408
1.75%, 09/14/22(a)		2,000		2,059,231
0.50%, 05/24/23		3,000		3,019,170
2.63%, 01/16/24(a)		5,000		5,379,969
1.75%, 03/14/25(a)		3,000		3,177,125
0.88%, 04/03/25(a)		3,000		3,060,660
0.63%, 07/15/25(a)		5,000		5,045,625
2.00%, 06/02/26		500		540,526
2.38%, 07/07/27		1,000		1,113,948
2.25%, 06/18/29(a)		4,500		5,043,465
3.20%, 08/07/42		750		965,350
4.38%, 01/24/44		300		459,552
International Bank for Reconstruction & Development
2.00%, 01/26/22		3,000		3,070,290
2.13%, 07/01/22		3,000		3,099,196
7.63%, 01/19/23		1,000		1,167,554

42

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Supranational (continued)
International Bank for Reconstruction & Development (continued)
1.75%, 04/19/23	$	1,000	$	1,038,180
1.88%, 06/19/23		5,000		5,218,150
3.00%, 09/27/23(a)		4,000		4,327,160
2.50%, 03/19/24(a)		3,000		3,221,240
0.75%, 03/11/25(a)		5,000		5,077,050
0.63%, 04/22/25		5,000		5,046,557
0.38%, 07/28/25		3,000		2,991,978
1.75%, 10/23/29		3,000		3,244,350
4.75%, 02/15/35		500		735,245
Series GDIF, 1.63%, 02/10/22(a)		3,500		3,566,255
Series GDIF, 2.50%, 07/29/25		1,000		1,099,149
Series GDIF, 1.88%, 10/27/26		750		810,697
Series GDIF, 2.50%, 11/22/27		2,000		2,259,105
International Finance Corp.
2.88%, 07/31/23		750		805,125
0.38%, 07/16/25		2,000		1,997,629
Nordic Investment Bank, 1.38%, 10/17/22(a)		2,000		2,046,441
				169,192,540
Sweden — 0.0%
Svensk Exportkredit AB
2.38%, 03/09/22		1,500		1,544,503
1.63%, 11/14/22(a)		500		513,663
2.88%, 03/14/23		1,000		1,061,994
0.75%, 04/06/23		2,000		2,019,941
1.75%, 12/12/23		1,000		1,043,616
0.63%, 05/14/25		2,000		2,008,684
				8,192,401
Uruguay — 0.1%
Uruguay Government International Bond
8.00%, 11/18/22		150		162,422
4.50%, 08/14/24(a)		1,250		1,364,453
4.38%, 10/27/27(a)		1,000		1,155,000
4.38%, 01/23/31(a)		2,500		2,972,656
5.10%, 06/18/50(a)		2,250		3,017,110
4.98%, 04/20/55(a)		1,600		2,132,000
				10,803,641
Total Foreign Agency Obligations — 3.2% (Cost: $409,752,943)				432,659,890
Municipal Bonds
Arizona — 0.0%
Salt River Project Agricultural Improvement &
Power District, RB, BAB, 4.84%, 01/01/41		220		296,309
California — 0.2%
Bay Area Toll Authority, RB
Series F-2, 6.26%, 04/01/49(a)		750		1,279,095
Series S-1, 6.92%, 04/01/40		620		953,963
Bay Area Toll Authority, RB, BAB
Series S-1, 7.04%, 04/01/50		100		179,849
Series S-3, 6.91%, 10/01/50		200		365,276
Bay Area Toll Authority, Refunding RB, 2.57%, 04/01/31		345		374,774
California State University, RB, Series E, 2.90%, 11/01/51		200		200,752

Security	Par (000)		Value
California (continued)
California State University, Refunding RB, Series B, 2.98%, 11/01/51	$	515	$	538,082
City of San Francisco California Public Utilities Commission Water Revenue, RB, BAB, 6.95%, 11/01/50		100		174,796
City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, Series A, 3.30%, 11/01/39		115		123,954
East Bay Municipal Utility District Water System Revenue, RB, BAB, 5.87%, 06/01/40		100		154,348
Foothill-Eastern Transportation Corridor Agency, Refunding RB
Series A, 4.09%, 01/15/49		75		78,181
Series A, (AGM), 3.92%, 01/15/53		175		185,316
Los Angeles Community College District, GO, BAB, 6.75%, 08/01/49		540		965,077
Los Angeles County Metropolitan Transportation Authority, RB, BAB, 5.74%, 06/01/39		100		141,824
Los Angeles County Public Works Financing Authority, Refunding RB, BAB, 7.62%, 08/01/40		100		168,562
Los Angeles Department of Water & Power Power System Revenue, RB, BAB
5.72%, 07/01/39		200		298,768
6.57%, 07/01/45		675		1,144,962
6.60%, 07/01/50		90		157,137
Los Angeles Unified School District, GO, BAB
5.76%, 07/01/29		300		386,445
5.75%, 07/01/34		850		1,186,370
Series RY, 6.76%, 07/01/34		450		665,950
Regents of the University of California Medical Center Pooled Revenue, RB
Series N, 3.26%, 05/15/60		365		400,766
Series N, 3.71%, 05/15/20		250		265,313
Regents of the University of California Medical Center Pooled Revenue, RB, BAB, Series H, 6.55%, 05/15/48		120		193,765
Regents of the University of California Medical Center Pooled Revenue, Refunding RB, BAB, Series F, 6.58%, 05/15/49		600		967,068
San Diego County Regional Transportation Commission, RB, BAB, 5.91%, 04/01/48		260		422,154
San Diego County Regional Transportation Commission, Refunding RB, Series A, 3.25%, 04/01/48		175		185,894
San Diego County Water Authority, RB, BAB, Series B, 6.14%, 05/01/49		315		497,413
Santa Clara Valley Transportation Authority, RB, BAB, Series A, 5.88%, 04/01/32		100		130,770
State of California Department of Water Resources Power Supply Revenue, Refunding RB, Series P, 2.00%, 05/01/22(f)		250		256,813
State of California, GO
7.55%, 04/01/39(a)		2,375		4,135,421
7.60%, 11/01/40		1,850		3,361,080
Series A, 2.37%, 04/01/22		500		515,475
State of California, GO, BAB
5.70%, 11/01/21		200		211,708
7.50%, 04/01/34		645		1,069,055

M A S T E R   P O R T F O L I O   S C H E D U L E   O F   I N V E S T M E N T S 43

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
State of California, GO, BAB (continued)
7.30%, 10/01/39	$	600	$	985,212
7.35%, 11/01/39(a)		800		1,337,104
State of California, Refunding GO
2.80%, 04/01/21		95		96,169
3.38%, 04/01/25		100		111,762
3.50%, 04/01/28		355		410,384
2.50%, 10/01/29		1,250		1,348,012
4.50%, 04/01/33		200		238,840
4.60%, 04/01/38		165		195,890
University of California, RB
Series AD, 4.86%, 05/15/12		300		426,204
Series AQ, 4.77%, 05/15/15		405		569,151
Series BD, 3.35%, 07/01/29		570		652,815
Series BG, 0.88%, 05/15/25		240		241,745
Series BG, 1.61%, 05/15/30		250		250,390
University of California, RB, BAB
5.77%, 05/15/43		190		276,731
5.95%, 05/15/45		500		726,690
University of California, Refunding RB
Series AJ, 4.60%, 05/15/31		150		181,733
Series AX, 3.06%, 07/01/25		100		109,597
				30,494,605
Colorado — 0.0%
Regional Transportation District Sales Tax Revenue, RB, BAB, Series B, 5.84%, 11/01/50		100		166,110
Connecticut — 0.0%
State of Connecticut, GO, Series A, 5.85%, 03/15/32		600		836,142
State of Connecticut, GO, BAB, Series D, 5.09%, 10/01/30		150		186,115
				1,022,257
District of Columbia — 0.0%
District of Columbia Water & Sewer Authority, RB, Series A, Senior Lien, 4.81%, 10/01/14		200		300,178
District of Columbia Water & Sewer Authority, Refunding RB, Series D, Subordinate Lien, 3.21%, 10/01/48		160		170,389
District of Columbia, RB, BAB, Series E, 5.59%, 12/01/34		200		272,182
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, RB, BAB, 7.46%, 10/01/46		100		175,946
				918,695
Florida — 0.0%
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series C, 4.28%, 10/01/41		665		716,910
County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series C, 3.49%, 10/01/42		70		75,021
State Board of Administration Finance Corp., RB Series A, 1.26%, 07/01/25		735		746,510

Security	Par (000)		Value
Florida (continued)
State Board of Administration Finance Corp., RB (continued)
Series A, 1.71%, 07/01/27	$	450	$	456,682
Series A, 2.15%, 07/01/30		710		718,215
				2,713,338
Georgia — 0.0%
Municipal Electric Authority of Georgia, Refunding RB, BAB
6.64%, 04/01/57		640		954,918
6.66%, 04/01/57		396		600,483
				1,555,401
Illinois — 0.1%
Chicago O’Hare International Airport, ARB
Series C, Senior Lien, 4.47%, 01/01/49		165		206,450
Series C, Senior Lien, 4.57%, 01/01/54		165		209,971
Chicago O’Hare International Airport, Refunding ARB, BAB, Series B, 6.40%, 01/01/40		250		372,852
Chicago Transit Authority Sales Tax Receipts Fund, RB, Series A, 6.90%, 12/01/40		530		759,395
Chicago Transit Authority Sales Tax Receipts Fund, RB, BAB, Series B, 6.20%, 12/01/40		435		596,968
Illinois State Toll Highway Authority, RB, BAB, Series A, 6.18%, 01/01/34		250		362,437
Metropolitan Water Reclamation District of Greater Chicago, GO, BAB, 5.72%, 12/01/38		340		489,835
State of Illinois, GO, 5.10%, 06/01/33		4,400		4,417,468
State of Illinois, GO, BAB, 7.35%, 07/01/35		425		479,387
				7,894,763
Massachusetts — 0.0%
Commonwealth of Massachusetts, GO, Series H, 2.90%, 09/01/49		105		115,565
Commonwealth of Massachusetts, GO, BAB, 5.46%, 12/01/39		1,000		1,419,090
Commonwealth of Massachusetts, Refunding GO, Series D, 2.81%, 09/01/43		1,000		1,081,660
Massachusetts School Building Authority, RB, BAB, 5.72%, 08/15/39		585		842,681
Massachusetts School Building Authority, Refunding RB
Series B, 1.75%, 08/15/30		200		202,630
Sub-Series B, 3.40%, 10/15/40		125		133,829
				3,795,455
Michigan — 0.0%
Great Lakes Water Authority Sewage Disposal System Revenue, Refunding RB, Series A, 3.06%, 07/01/39		30		32,096
Michigan Finance Authority, Refunding RB
3.08%, 12/01/34		150		163,772
3.38%, 12/01/40		125		139,440

44

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Michigan (continued)
Michigan State Building Authority, Refunding RB, 2.71%, 10/15/40	$	250	$	250,948
University of Michigan, RB, Series B, 2.44%, 04/01/40		323		333,355
				919,611
Missouri — 0.0%
Health & Educational Facilities Authority of the State of Missouri, RB, Series A, 3.65%, 08/15/57		440		550,264
Nebraska — 0.0%
University of Nebraska Facilities Corp., Refunding RB, Series A, 3.04%, 10/01/49		200		216,158
Nevada — 0.0%
County of Clark Department of Aviation, ARB, BAB, Series C, 6.82%, 07/01/45		450		740,497
New Jersey — 0.1%
New Jersey Economic Development Authority, RB, Series A, (NPFGC), 7.43%, 02/15/29		1,450		1,794,505
New Jersey Transportation Trust Fund Authority, RB, BAB
Series B, 6.56%, 12/15/40		100		129,705
Series C, 5.75%, 12/15/28		350		398,499
New Jersey Transportation Trust Fund Authority, Refunding RB
4.08%, 06/15/39		200		190,184
Series B, 4.13%, 06/15/42		1,055		1,031,917
New Jersey Turnpike Authority, RB, Series A, 7.10%, 01/01/41		750		1,232,197
New Jersey Turnpike Authority, RB, BAB, 7.41%, 01/01/40		900		1,516,554
Rutgers The State University of New Jersey, RB, Series P, 3.92%, 05/01/19		110		135,196
Rutgers The State University of New Jersey, Refunding RB, Series R, 3.27%, 05/01/43		425		458,554
				6,887,311
New York — 0.1%
City of New York, GO, BAB
5.52%, 10/01/37		500		709,860
Series A-2, 5.21%, 10/01/31		225		287,514
Series F-1, 6.27%, 12/01/37		300		460,917
Metropolitan Transportation Authority, RB, 6.81%, 11/15/40		400		514,388
Metropolitan Transportation Authority, RB, BAB
6.67%, 11/15/39		515		654,318
7.34%, 11/15/39		500		799,735
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, BAB
5.77%, 08/01/36		100		133,655
5.57%, 11/01/38		645		883,527
New York City Water & Sewer System, RB, BAB, 5.95%, 06/15/42		115		182,690
New York City Water & Sewer System, Refunding RB, 5.88%, 06/15/44		100		160,423

Security	Par (000)		Value
New York (continued)
New York City Water & Sewer System, Refunding RB, BAB
5.72%, 06/15/42	$	300	$	466,557
6.01%, 06/15/42(a)		600		951,780
5.44%, 06/15/43		200		309,142
New York State Dormitory Authority, RB, BAB, Series D, 5.60%, 03/15/40		625		886,813
New York State Dormitory Authority, Refunding RB
Series B, 3.14%, 07/01/43		50		53,292
Series F, 3.11%, 02/15/39		350		382,361
New York State Thruway Authority, Refunding RB
Series M, 2.90%, 01/01/35		500		537,835
Series M, 3.50%, 01/01/42		160		168,547
New York State Urban Development Corp., RB, Series B, 3.90%, 03/15/33		500		572,855
New York State Urban Development Corp., RB, BAB, 5.77%, 03/15/39		200		261,566
Port Authority of New York & New Jersey, ARB 192nd Series, 4.81%, 10/15/65		100		137,127
215th Series, 3.29%, 08/01/69		200		206,958
Port Authority of New York & New Jersey, RB
159th Series, 6.04%, 12/01/29		200		265,892
165th Series, 5.65%, 11/01/40		1,245		1,777,188
168th Series, 4.93%, 10/01/51		250		340,020
181st Series, 4.96%, 08/01/46		180		242,406
182nd Series, 5.31%, 08/01/46		100		113,086
Series AAA, 1.09%, 07/01/23(a)		200		202,236
Port Authority of New York & New Jersey, Refunding RB, 174th Series, 4.46%, 10/01/62		1,300		1,665,521
				14,328,209
Ohio — 0.1%
American Municipal Power, Inc., RB, BAB
Series B, 7.83%, 02/15/41		650		1,083,361
Series B, 8.08%, 02/15/50		500		914,285
JobsOhio Beverage System, Refunding RB
Series B, 3.99%, 01/01/29		100		114,725
Series B, 4.53%, 01/01/35		100		126,329
Ohio State University, RB, Series A, 3.80%, 12/01/46		200		246,704
Ohio State University, RB, BAB, Series C, 4.91%, 06/01/40(a)		805		1,121,510
Ohio Turnpike & Infrastructure Commission, Refunding RB, Series A, 3.22%, 02/15/48		250		259,803
Ohio Water Development Authority Water Pollution Control Loan Fund, RB, Series B-2, 4.88%, 12/01/34		100		121,841
				3,988,558
Oregon — 0.0%
Oregon School Boards Association, GO, Series B, (NPFGC), 5.55%, 06/30/28		375		459,780
State of Oregon Department of Transportation, RB, BAB, Series A, 5.83%, 11/15/34		125		181,617

M A S T E R   P O R T F O L I O   S C H E D U L E   O F   I N V E S T M E N T S 45

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oregon (continued)
State of Oregon, GO
5.76%, 06/01/23	$	54	$	58,565
5.89%, 06/01/27		750		949,200
				1,649,162
Pennsylvania — 0.0%
Pennsylvania State University, Refunding RB, Series D, 2.84%, 09/01/50		160		164,279
University of Pittsburgh-of the Commonwealth System of Higher Education, RB, 3.56%, 09/15/19		175		210,201
				374,480
South Carolina — 0.0%
South Carolina Public Service Authority, RB, BAB, Series C, 6.45%, 01/01/50		100		160,315
Tennessee — 0.0%
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, RB, Series B, 4.05%, 07/01/26		350		395,605
Texas — 0.1%
City of San Antonio Texas Electric & Gas Systems Revenue, RB, 4.43%, 02/01/42		170		217,581
City of San Antonio Texas Electric & Gas Systems Revenue, RB, BAB
5.72%, 02/01/41		200		291,384
5.81%, 02/01/41		250		377,435
Dallas Area Rapid Transit, RB, BAB, 5.02%, 12/01/48(a)		560		814,677
Dallas Fort Worth International Airport, Refunding RB
Series A, 2.99%, 11/01/38		200		214,504
Series A, 3.14%, 11/01/45		265		277,185
Series C, 2.92%, 11/01/50		380		378,453
Grand Parkway Transportation Corp., Refunding RB, 3.24%, 10/01/52		1,090		1,132,619
North Texas Tollway Authority, RB, BAB, 6.72%, 01/01/49		550		950,543
Permanent University Fund - University of Texas System, Refunding RB, Series A, 3.38%, 07/01/47		1,040		1,258,286
State of Texas, GO, BAB, 5.52%, 04/01/39		1,000		1,488,750
Texas Private Activity Bond Surface Transportation Corp., RB, Series B, 3.92%, 12/31/49		425		469,553
Texas Transportation Commission State Highway Fund, RB, BAB, Series B, 5.18%, 04/01/30		600		774,888
Texas Transportation Commission, Refunding GO, 2.47%, 10/01/44		985		996,347
				9,642,205
Utah — 0.0%
State of Utah, GO, BAB, Series B, 3.54%, 07/01/25		300		327,348
Virginia — 0.0%
University of Virginia, RB, Series C, 4.18%, 09/01/17		60		82,666

Security	Par (000)		Value
Virginia (continued)
University of Virginia, Refunding RB
2.26%, 09/01/50	$	420	$	410,328
Series A, 3.23%, 09/01/19		120		130,153
				623,147
Washington — 0.0%
State of Washington, GO, BAB, Series B, 5.14%, 08/01/40		200		285,158
Wisconsin — 0.0%
State of Wisconsin, RB, Series A, (AGM), 5.70%, 05/01/26		80		94,266
State of Wisconsin, Refunding RB
Series A, 3.95%, 05/01/36		600		681,246
Series C, 3.15%, 05/01/27		320		359,360
				1,134,872
Total Municipal Bonds — 0.7% (Cost: $81,432,496)				91,079,833
Non-Agency Mortgage-Backed Securities
Commercial Mortgage-Backed Securities — 1.3%
BANK 2019-BNK18, Series 2019-BN18, Class A4, 3.58%, 05/15/62		2,000		2,311,058
BANK 2020-BNK27, Series 2020-BN27, Class A5, 2.14%, 04/15/63		5,440		5,712,489
Barclays Commercial Mortgage Trust, Series 2017-C1, Class A4, 3.67%, 02/15/50		2,300		2,628,204
BBCMS Mortgage Trust, Series 2020-C7, Class A5, 2.04%, 04/15/53		6,670		6,960,025
Benchmark Mortgage Trust
Series 2018-B5, Class A4, 4.21%, 07/15/51		3,000		3,582,375
Series 2019-B11, Class A4, 3.28%, 05/15/52		4,000		4,543,090
Series 2019-B13, Class A4, 2.95%, 08/15/57		8,544		9,517,153
Series 2019-B9, Class A5, 4.02%, 03/15/52		3,000		3,560,595
Series 2020-B19, Class B, 2.35%, 09/15/53		1,130		1,163,364
Citigroup Commercial Mortgage Trust Series 2013-GC17, Class A4, 4.13%, 11/10/46		750		818,392
Series 2014-GC25, Class A4, 3.64%, 10/10/47		500		545,888
Series 2014-GC25, Class AS, 4.02%, 10/10/47		1,500		1,641,500
Series 2016-GC37, Class A4, 3.31%, 04/10/49		3,500		3,871,072
Series 2016-P5, Class A4, 2.94%, 10/10/49		1,000		1,088,629
Series 2017-P7, Class A4, 3.71%, 04/14/50		2,250		2,566,400
Commercial Mortgage Trust
Series 2013-CR12, Class A4, 4.05%, 10/10/46		1,300		1,414,297
Series 2013-CR9, Class A4, 4.36%, 07/10/45(g)		2,700		2,895,072
Series 2014-UBS2, Class A5, 3.96%, 03/10/47		500		545,948
Series 2015-PC1, Class A5, 3.90%, 07/10/50		1,500		1,666,830
Series 2016-CR28, Class A4, 3.76%, 02/10/49		750		843,759
Commission Mortgage Trust, Series 2014-CR20, Class A3, 3.33%, 11/10/47		5,000		5,340,424
CSAIL Commercial Mortgage Securities Trust
Series 2015-C3, Class A4, 3.72%, 08/15/48		1,000		1,102,413
Series 2016-C7, Class A5, 3.50%, 11/15/49		4,800		5,320,531
Series 2018-CX11, Class A5, 4.03%, 04/15/51(g)		4,000		4,680,763

46

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
DBJPM Mortgage Trust, Series 2016-C3, Class A5, 2.89%, 08/10/49	$	7,500	$	8,167,251
GS Mortgage Securities Corp. II, Series 2018- GS10, Class A5, 4.16%, 07/10/51(g)		3,000		3,527,586
GS Mortgage Securities Trust
Series 2012-GC6, Class A3, 3.48%, 01/10/45		5,280		5,387,265
Series 2012-GCJ9, Class A3, 2.77%, 11/10/45		245		250,801
Series 2014-GC24, Class A5, 3.93%, 09/10/47		7,000		7,688,224
Series 2015-GC30, Class A4, 3.38%, 05/10/50		600		655,637
Series 2015-GS1, Class A3, 3.73%, 11/10/48		2,300		2,565,021
JPMBB Commercial Mortgage Securities Trust
Series 2014-C18, Class A5, 4.08%, 02/15/47		250		273,525
Series 2014-C22, Class A4, 3.80%, 09/15/47		300		329,040
Series 2015-C31, Class A3, 3.80%, 08/15/48		2,250		2,519,572
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.41%, 10/15/50		6,000		6,797,755
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2011-C5, Class A3, 4.17%, 08/15/46		100		102,192
Series 2014-C20, Class A5, 3.80%, 07/15/47		1,400		1,527,839
Series 2017-JP7, Class A5, 3.45%, 09/15/50		3,500		3,971,305
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C10, Class A5, 4.22%, 07/15/46(g)		3,750		4,037,571
Series 2013-C10, Class AS, 4.22%, 07/15/46(g)		2,500		2,664,302
Series 2013-C11, Class A4, 4.30%, 08/15/46(g)		11,765		12,646,648
Series 2014-C16, Class A4, 3.60%, 06/15/47		4,430		4,715,023
Series 2015-C24, Class A4, 3.73%, 05/15/48		750		836,960
Morgan Stanley Capital I Trust
Series 2015-UBS8, Class A4, 3.81%, 12/15/48		1,181		1,321,230
Series 2018-H3, Class A4, 3.91%, 07/15/51		3,000		3,486,661
Series 2019-H6, Class A4, 3.42%, 06/15/52		590		671,287
Series 2019-L3, Class AS, 3.49%, 11/15/52		760		855,975
Wells Fargo Commercial Mortgage Trust
Series 2013-LC12, Class A4, 4.22%, 07/15/46(g)		200		215,580
Series 2014-LC18, Class ASB, 3.24%, 12/15/47		2,130		2,226,939
Series 2015-C27, Class A5, 3.45%, 02/15/48		1,500		1,633,181
Series 2015-SG1, Class A4, 3.79%, 09/15/48		4,983		5,481,559
Series 2019-C49, Class A5, 4.02%, 03/15/52		3,850		4,531,887
Series 2020-C56, Class A5, 2.45%, 06/15/53		3,110		3,345,088
WFRBS Commercial Mortgage Trust
Series 2012-C7, Class A1, 2.30%, 06/15/45		17		16,881
Series 2012-C7, Class A2, 3.43%, 06/15/45		800		825,036
Series 2013-C11, Class A5, 3.07%, 03/15/45		500		519,582
Total Non-Agency Mortgage-Backed Securities — 1.3% (Cost: $158,573,920)				168,114,674

Security	Par (000)		Value
Preferred Securities
Capital Trusts — 0.0%
Diversified Financial Services — 0.0%
Goldman Sachs Capital I, 6.35%, 02/15/34	$	250	$	342,624
Insurance — 0.0%
Allstate Corp., Series B, 5.75%, 08/15/53(c)		1,250		1,301,593
MetLife, Inc., 6.40%, 12/15/36		600		746,435
Prudential Financial, Inc.(a)(c)
5.38%, 05/15/45		500		539,859
5.63%, 06/15/43		100		106,218
				2,694,105
Total Capital Trusts — 0.0%				3,036,729
Total Preferred Securities — 0.0% (Cost: $2,890,766)				3,036,729
U.S. Government Sponsored Agency Securities
Agency Obligations — 1.4%
Fannie Mae
1.25%, 08/17/21		8,200		8,280,484
1.38%, 10/07/21(a)		2,000		2,024,736
2.63%, 01/11/22 - 09/06/24		8,715		9,356,848
1.88%, 04/05/22(a)		5,000		5,131,668
2.38%, 01/19/23		490		514,036
0.25%, 07/10/23		10,000		9,997,941
0.50%, 06/17/25		20,000		20,092,213
6.25%, 05/15/29		5,350		7,742,793
7.13%, 01/15/30(a)		10,000		15,480,395
7.25%, 05/15/30		20,550		32,337,516
0.88%, 08/05/30		7,010		6,921,620
6.63%, 11/15/30		149		228,932
Federal Farm Credit Banks Funding Corp.,
2.85%, 09/20/21		1,705		1,749,500
Federal Home Loan Bank
3.00%, 12/09/22		4,910		5,209,135
2.75%, 12/13/24		5,000		5,503,010
3.13%, 06/13/25		9,570		10,791,754
5.50%, 07/15/36		2,100		3,268,688
Freddie Mac
2.38%, 02/16/21 - 01/13/22(a)		19,715		20,140,655
1.13%, 08/12/21		3,032		3,057,674
0.13%, 07/25/22		925		924,162
0.25%, 08/24/23(a)		4,855		4,858,292
0.38%, 07/21/25		325		325,053
6.75%, 03/15/31		2,800		4,373,164
6.25%, 07/15/32		3,300		5,173,798
Tennessee Valley Authority
5.88%, 04/01/36		2,100		3,287,425
3.50%, 12/15/42		140		179,864
				186,951,356
Commercial Mortgage-Backed Securities — 0.9%
Fannie Mae
3.06%, 09/25/27(g)		4,000		4,505,313
2.52%, 08/25/29		5,000		5,497,631
3.78%, 08/25/30(g)		3,000		3,636,074
Series 2012-M9, Class A2, 2.48%, 04/25/22		894		909,841
Series 2014-M13, Class A2, 3.02%, 08/25/24(g)		474		510,652

M A S T E R   P O R T F O L I O   S C H E D U L E   O F   I N V E S T M E N T S 47

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Fannie Mae (continued)
Series 2014-M2, Class ASV2, 2.78%, 06/25/21(g)	$	42	$	42,149
Series 2014-M6, Class A2, 2.68%, 05/25/21(g)		48		48,158
Series 2016-M5, Class A2, 2.47%, 04/25/26		6,110		6,639,838
Series 2016-M6, Class A2, 2.49%, 05/25/26		7,000		7,627,367
Freddie Mac
2.49%, 11/25/24		3,362		3,484,088
2.90%, 03/25/27		3,694		3,970,403
2.67%, 09/25/29		10,000		11,280,747
2.52%, 10/25/29		5,650		6,304,635
1.48%, 04/25/30		2,640		2,730,018
1.35%, 05/25/30		1,000		1,024,196
Series K013, Class A2, 3.97%, 01/25/21(g)		442		445,025
Series K017, Class A2, 2.87%, 12/25/21		6,732		6,900,373
Series K026, Class A2, 2.51%, 11/25/22		200		207,368
Series K031, Class A2, 3.30%, 04/25/23(g)		100		106,744
Series K033, Class A2, 3.06%, 07/25/23(g)		100		106,348
Series K034, Class A2, 3.53%, 07/25/23(g)		3,900		4,199,537
Series K035, Class A2, 3.46%, 08/25/23(g)		2,000		2,153,912
Series K036, Class A2, 3.53%, 10/25/23(g)		1,200		1,301,597
Series K037, Class A2, 3.49%, 01/25/24		2,700		2,933,207
Series K038, Class A1, 2.60%, 10/25/23		76		77,806
Series K041, Class A2, 3.17%, 10/25/24		7,500		8,223,341
Series K052, Class A2, 3.15%, 11/25/25		750		835,162
Series K063, Class A2, 3.43%, 01/25/27(g)		5,000		5,770,707
Series K066, Class A2, 3.12%, 06/25/27		3,500		3,967,305
Series K076, Class A2, 3.90%, 04/25/28		2,000		2,396,559
Series K081, Class A2, 3.90%, 08/25/28(g)		5,000		6,029,820
Series K088, Class A2, 3.69%, 01/25/29		500		597,039
Series K727, Class A2, 2.95%, 07/25/24		5,000		5,403,889
Series K730, Class A2, 3.59%, 01/25/25(g)		9,000		9,990,523
Series K734, Class A2, 3.21%, 02/25/26		5,700		6,357,257
				126,214,629
Mortgage-Backed Securities — 28.4%
Freddie Mac Mortgage-Backed Securities
8.00%, 12/01/24		48		50,951
3.00%, 03/01/27 - 09/01/50		125,380		132,477,103
2.50%, 07/01/28 - 08/01/50		49,601		52,573,225
3.50%, 03/01/32 - 06/01/49		108,461		116,496,177
5.00%, 04/01/33 - 04/01/49		5,654		6,274,887
4.00%, 05/01/33 - 06/01/50		50,169		54,083,433
5.50%, 06/01/35 - 01/01/39		118		138,380
4.50%, 06/01/38 - 01/01/49		19,625		21,574,107
(12 mo. LIBOR US + 1.50%), 2.37%, 06/01/43(h)		4		4,460
(12 mo. LIBOR US + 1.76%), 2.93%, 08/01/41(h)		8		8,139
(12 mo. LIBOR US + 1.83%), 3.49%, 09/01/40(h)		16		17,044
Ginnie Mae Mortgage-Backed Securities
7.50%, 12/15/23		36		38,302
5.50%, 12/15/32 - 04/20/48		416		470,656
6.00%, 03/15/35 - 10/20/38		127		146,425
6.50%, 09/15/36		81		93,150
4.50%, 07/15/39 - 10/21/50(i)		57,346		61,822,621
5.00%, 11/15/39 - 10/21/50(i)		21,163		23,152,552
4.00%, 03/15/41 - 10/21/50(i)		118,275		126,795,698
3.50%, 09/20/42 - 10/21/50(i)		248,500		264,960,735
3.00%, 01/20/43 - 11/19/50(i)(j)		333,302		350,298,174

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Ginnie Mae Mortgage-Backed Securities (continued)
2.50%, 05/20/45 - 10/21/50(i)	$	93,330	$	98,079,964
Uniform Mortgage-Backed Securities
4.50%, 05/01/24 - 10/14/50(i)		130,173		142,156,823
4.00%, 10/01/25 - 02/01/57(i)		321,986		349,158,583
3.50%, 02/01/26 - 11/01/51(i)		445,796		476,354,061
3.00%, 01/01/27 - 10/14/50(i)		622,709		655,633,390
2.50%, 09/01/28 - 11/12/50(i)		534,095		560,180,033
7.00%, 02/01/32		11		11,631
6.50%, 07/01/32		74		87,020
5.00%, 11/01/33 - 10/14/50(i)		43,017		47,483,171
6.00%, 03/01/34 - 10/14/50(i)		10,623		12,114,248
1.50%, 10/19/35(i)		5,350		5,474,137
2.00%, 10/19/35 - 10/14/50(i)		190,700		197,526,238
5.50%, 04/01/36 - 10/14/50(i)		26,915		30,090,660
(12 mo. LIBOR US + 1.53%), 3.28%, 04/01/43(h)		1		1,012
(12 mo. LIBOR US + 1.53%), 2.84%, 05/01/43(h)		99		102,730
(12 mo. LIBOR US + 1.54%), 2.42%, 06/01/43(h)		167		172,577
(12 mo. LIBOR US + 1.70%), 2.70%, 08/01/42(h)		28		28,875
(12 mo. LIBOR US + 1.75%), 2.56%, 08/01/41(h)		7		7,335
(12 mo. LIBOR US + 1.83%), 3.77%, 11/01/40(h)		7		6,886
				3,786,145,593
Total U.S. Government Sponsored Agency Securities — 30.7% (Cost: $3,981,145,527)				4,099,311,578
U.S. Treasury Obligations
U.S. Treasury Bonds
5.38%, 02/15/31		6,000		8,846,016
4.50%, 02/15/36 - 08/15/39(a)		19,601		30,436,410
4.75%, 02/15/37 - 02/15/41(a)		8,450		13,849,923
5.00%, 05/15/37		9,000		14,596,172
4.38%, 02/15/38 - 05/15/41(a)		24,810		38,877,742
3.50%, 02/15/39		6,700		9,417,426
4.25%, 05/15/39 - 11/15/40(a)		19,303		29,793,416
4.63%, 02/15/40(a)		16,230		26,170,875
1.13%, 05/15/40 - 08/15/40		91,000		89,610,781
3.88%, 08/15/40(a)		3,860		5,722,148
3.75%, 08/15/41 - 11/15/43(a)		58,250		86,515,857
3.13%, 11/15/41 - 05/15/48(a)		82,550		113,202,982
3.00%, 05/15/42 - 08/15/48(a)		96,580		130,210,423
2.75%, 08/15/42 - 11/15/47(a)		97,000		125,433,438
2.88%, 05/15/43 - 05/15/49(a)		70,550		93,224,053
3.63%, 08/15/43 - 02/15/44(a)		18,500		27,059,083
3.38%, 05/15/44 - 11/15/48(a)		22,300		32,189,609
2.50%, 02/15/45 - 05/15/46(a)		67,950		84,012,569
2.25%, 08/15/46 - 08/15/49		51,500		61,184,688
2.38%, 11/15/49		27,500		33,672,461
2.00%, 02/15/50(a)		15,000		17,017,969
1.25%, 05/15/50(a)		24,000		22,815,000
1.38%, 08/15/50		11,200		10,991,750
U.S. Treasury Notes
1.13%, 09/30/21		20,000		20,195,312
2.13%, 09/30/21 - 05/15/25(a)		266,150		279,799,773

48

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Treasury Obligations (continued)
1.25%, 10/31/21 - 07/31/23(a)	$	12,000	$	12,220,781
1.50%, 10/31/21 - 02/15/30(a)		404,475		419,891,074
2.00%, 10/31/21 - 11/15/26(a)		320,184		340,641,050
1.75%, 11/30/21 - 12/31/24(a)		207,600		216,360,438
1.88%, 11/30/21 - 08/31/24(a)		291,958		300,279,922
2.50%, 01/15/22 - 05/15/24(a)		128,300		137,014,867
2.25%, 04/15/22 - 11/15/27(a)		285,085		311,069,858
0.13%, 07/31/22(a)		70,000		70,000,000
1.38%, 10/15/22 - 08/31/26(a)		153,000		158,304,062
7.63%, 11/15/22 - 02/15/25(a)		3,775		4,437,194
0.25%, 04/15/23 - 09/30/25(a)		213,000		213,124,571
1.63%, 04/30/23 - 08/15/29(a)		264,350		283,310,137
2.75%, 04/30/23 - 02/15/28(a)		348,600		379,340,295
2.63%, 06/30/23 - 02/15/29(a)		83,884		93,922,108
6.25%, 08/15/23(a)		2,050		2,409,391
2.88%, 09/30/23 - 08/15/28(a)		166,600		189,675,317
2.38%, 08/15/24 - 05/15/27(a)		35,500		39,697,324
7.50%, 11/15/24(a)		5,000		6,501,953
0.38%, 04/30/25 - 07/31/27(a)		46,000		46,009,766
6.88%, 08/15/25		8,000		10,559,375
3.00%, 09/30/25 - 10/31/25(a)		53,000		60,182,539
6.00%, 02/15/26(a)		7,659		9,981,286
6.75%, 08/15/26(a)		7,500		10,296,680
6.63%, 02/15/27(a)		3,500		4,877,305
0.50%, 04/30/27 - 08/31/27		98,000		98,373,672
3.13%, 11/15/28(a)		30,000		36,154,687
5.25%, 11/15/28 - 02/15/29(a)		14,000		19,313,632
6.13%, 08/15/29(a)		7,500		11,115,820
0.63%, 05/15/30 - 08/15/30(a)		41,000		40,819,375
Total U.S. Treasury Obligations — 37.0% (Cost: $4,526,625,308)				4,930,730,355
Total Long-Term Investments — 100.6% (Cost: $12,567,354,915)				13,426,838,829
	Shares
Short-Term Securities
Money Market Funds — 25.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(k)(l)(m)		3,447,748,171		3,450,851,144
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.08%(k)(l)		100,000		100,000
Total Short-Term Securities — 25.9% (Cost: $3,447,475,711)				3,450,951,144
Total Investments Before TBA Sale Commitments — 126.5% (Cost: $16,014,830,626)				16,877,789,973

Security	Par (000)			Value
TBA Sale Commitments(i)
Mortgage-Backed Securities — (1.7)%
Ginnie Mae Mortgage-Backed Securities
2.50%, 10/21/50	$	(6,625	)	$	(6,957,544	)
3.00%, 10/21/50		(48,025	)		(50,284,614	)
Uniform Mortgage-Backed Securities
2.50%, 10/19/35 - 10/14/50		(107,526	)		(112,718,463	)
3.00%, 10/14/50		(53,735	)		(56,290,561	)
4.50%, 10/14/50		(3,504	)		(3,790,342	)
Total TBA Sale Commitments — (1.7)% (Proceeds: $(230,555,522))					(230,041,524	)
Total Investments, Net of TBA Sale Commitments — 124.8% (Cost: $15,784,275,104)					16,647,748,449
Liabilities in Excess of Other Assets — (24.8)%					(3,308,339,065	)
Net Assets — 100.0%				$	13,339,409,384

^(a)  All or a portion of this security is on loan.

^(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)  Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

^(d)  Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(e)  When-issued security.

^(f)  Security is collateralized by municipal bonds or U.S. Treasury obligations.

^(g)  Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

^(h)  Variable rate security. Rate shown is the rate in effect as of period end.

⁽ⁱ⁾  Represents or includes a TBA transaction.

^(j)  All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments.

^(k)  Affiliate of the Master Portfolio.

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

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

M A S T E R   P O R T F O L I O   S C H E D U L E   O F   I N V E S T M E N T S 49

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio

Affiliates

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the period ended September 30, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/20		Shares Held at 09/30/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,222,272,575	$	1,224,490,017	(a)	$	—	$	955,404	$	3,133,148	$	3,450,851,144		3,447,748,171	$	15,027,854	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		—			—		—		—		100,000		100,000		411			—
								$	955,404	$	3,133,148	$	3,450,951,144			$	15,028,265		$	—

^(a)  Represents net amount purchased (sold).

^(b)  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.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of 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 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 financial instruments is based on the pricing transparency of the 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 financial instruments, refer to its most recent financial statements.

The following table summarizes the Master Portfolio’s investments categorized in the disclosure hierarchy. The breakdown of the Master Portfolio’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	43,995,719	$	—	$	43,995,719
Corporate Bonds		—		3,657,910,051		—		3,657,910,051
Foreign Agency Obligations		—		432,659,890		—		432,659,890
Municipal Bonds		—		91,079,833		—		91,079,833
Non-Agency Mortgage-Backed Securities		—		168,114,674		—		168,114,674
Preferred Securities
Capital Trusts		—		3,036,729		—		3,036,729
U.S. Government Sponsored Agency Securities		—		4,099,311,578		—		4,099,311,578
U.S. Treasury Obligations		—		4,930,730,355		—		4,930,730,355

50

Schedule of Investments (unaudited) (continued) September 30, 2020 U.S. Total Bond Index Master Portfolio

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3		Total
Short-Term Securities
Money Market Funds	$	3,450,951,144	$	—		$	—	$	3,450,951,144
Liabilities
Investments
TBA Sale Commitments		—		(230,041,524	)		—		(230,041,524	)
	$	3,450,951,144	$	13,196,797,305		$	—	$	16,647,748,449

Portfolio Abbreviation

AGM	Assured Guaranty Municipal Corp.
ARB	Airport Revenue Bonds
BAB	Build America Bond
CMT	Constant Maturity Treasury
DAC	Designated Activity Company
GO	General Obligation Bonds
LIBOR	London Interbank Offered Rate
NPFGC	National Public Finance Guarantee Corp.
RB	Revenue Bond
SAB	Special Assessment Bonds
SCA	Svenska Celluosa Aktiebolaget
TBA	To-Be-Announced

M A S T E R   P O R T F O L I O   S C H E D U L E   O F   I N V E S T M E N T S 51