Schedule of Investments (unaudited)  March 31, 2021 S&P 500 Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.6%
Boeing Co.(a)		459,662	$	117,085,104
General Dynamics Corp.		195,312		35,460,847
Howmet Aerospace, Inc.		329,069		10,572,987
Huntington Ingalls Industries, Inc.		32,105		6,608,814
L3Harris Technologies, Inc.		173,590		35,183,221
Lockheed Martin Corp.		206,638		76,352,741
Northrop Grumman Corp.		129,862		42,028,538
Raytheon Technologies Corp.		1,273,874		98,432,244
Teledyne Technologies, Inc.(a)		31,829		13,166,066
Textron, Inc.		195,208		10,947,265
TransDigm Group, Inc.(a)		45,514		26,758,591
				472,596,418
Air Freight & Logistics — 0.6%
C.H. Robinson Worldwide, Inc.		112,996		10,783,208
Expeditors International of Washington, Inc.		138,183		14,880,927
FedEx Corp.		204,011		57,947,285
United Parcel Service, Inc., Class B		602,890		102,485,271
				186,096,691
Airlines — 0.3%
Alaska Air Group, Inc.		104,278		7,217,080
American Airlines Group, Inc.(b)		533,471		12,749,957
Delta Air Lines, Inc.(a)		530,898		25,631,756
Southwest Airlines Co.		501,286		30,608,523
United Airlines Holdings, Inc.(a)		262,971		15,131,351
				91,338,667
Auto Components — 0.1%
Aptiv PLC(a)		227,023		31,306,472
BorgWarner, Inc.		196,796		9,123,462
				40,429,934
Automobiles — 1.9%
Ford Motor Co.(a)		3,277,145		40,145,026
General Motors Co.		1,061,747		61,007,983
Tesla, Inc.(a)		644,156		430,251,117
				531,404,126
Banks — 4.4%
Bank of America Corp.		6,376,718		246,715,219
Citigroup, Inc.		1,750,295		127,333,961
Citizens Financial Group, Inc.		365,770		16,148,746
Comerica, Inc.		123,273		8,843,605
Fifth Third Bancorp		602,022		22,545,724
First Republic Bank		145,177		24,208,265
Huntington Bancshares, Inc.		878,386		13,808,228
JPMorgan Chase & Co.		2,560,861		389,839,870
KeyCorp		839,510		16,773,410
M&T Bank Corp.		102,840		15,591,572
People’s United Financial, Inc.		345,227		6,179,563
PNC Financial Services Group, Inc.		354,492		62,181,442
Regions Financial Corp.		819,317		16,927,089
SVB Financial Group(a)		43,260		21,355,732
Truist Financial Corp.		1,130,798		65,948,139
U.S. Bancorp		1,145,350		63,349,309
Wells Fargo & Co.		3,467,745		135,484,797
Zions Bancorp NA		129,876		7,137,985
				1,260,372,656
Beverages — 1.4%
Brown-Forman Corp., Class B		156,870		10,819,324
Coca-Cola Co.		3,251,905		171,407,912

Security	Shares		Value
Beverages (continued)
Constellation Brands, Inc., Class A		142,194	$	32,420,232
Molson Coors Beverage Co., Class B		161,725		8,272,234
Monster Beverage Corp.(a)		310,130		28,249,742
PepsiCo, Inc.		1,157,388		163,712,532
				414,881,976
Biotechnology — 1.2%
Alexion Pharmaceuticals, Inc.(a)		184,883		28,270,460
Amgen, Inc.		485,123		120,703,454
Biogen, Inc.(a)		127,946		35,792,893
Gilead Sciences, Inc.		1,049,044		67,799,714
Incyte Corp.(a)		157,004		12,759,715
Regeneron Pharmaceuticals, Inc.(a)		88,812		42,020,510
Vertex Pharmaceuticals, Inc.(a)		217,105		46,653,693
				354,000,439
Building Products — 0.5%
A O Smith Corp.		116,550		7,879,946
Allegion PLC		73,213		9,197,017
Carrier Global Corp.		684,917		28,917,196
Fortune Brands Home & Security, Inc.		119,282		11,429,601
Johnson Controls International PLC		606,493		36,189,437
Masco Corp.		213,495		12,788,350
Trane Technologies PLC		201,128		33,298,752
				139,700,299
Capital Markets — 2.8%
Ameriprise Financial, Inc.		97,684		22,706,646
Bank of New York Mellon Corp.		678,758		32,098,466
BlackRock, Inc.(c)		119,304		89,950,444
Cboe Global Markets, Inc.		90,101		8,892,068
Charles Schwab Corp.		1,254,389		81,761,075
CME Group, Inc.		301,246		61,523,471
Franklin Resources, Inc.		229,824		6,802,790
Goldman Sachs Group, Inc.		288,579		94,365,333
Intercontinental Exchange, Inc.		471,721		52,681,801
Invesco Ltd.		316,375		7,978,977
MarketAxess Holdings, Inc.		31,621		15,744,728
Moody’s Corp.		135,605		40,493,009
Morgan Stanley		1,260,900		97,921,494
MSCI, Inc.		68,868		28,874,975
Nasdaq, Inc.		94,707		13,965,494
Northern Trust Corp.		176,469		18,548,657
Raymond James Financial, Inc.		104,678		12,829,336
S&P Global, Inc.		202,130		71,325,613
State Street Corp.		293,011		24,615,854
T. Rowe Price Group, Inc.		191,576		32,874,442
				815,954,673
Chemicals — 1.8%
Air Products & Chemicals, Inc.		184,754		51,978,690
Albemarle Corp.		97,051		14,180,122
Celanese Corp.		95,994		14,380,861
CF Industries Holdings, Inc.		183,713		8,336,896
Corteva, Inc.		622,717		29,031,067
Dow, Inc.		622,600		39,809,044
DuPont de Nemours, Inc.		451,075		34,859,076
Eastman Chemical Co.		115,913		12,764,340
Ecolab, Inc.		207,775		44,478,394
FMC Corp.		110,266		12,196,522
International Flavors & Fragrances, Inc.		208,978		29,175,419
Linde PLC(a)		439,618		123,154,586
LyondellBasell Industries NV, Class A		214,819		22,351,917

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) March 31, 2021 S&P 500 Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Mosaic Co.		291,461	$	9,213,082
PPG Industries, Inc.		198,217		29,784,086
Sherwin-Williams Co.		67,990		50,177,300
				525,871,402
Commercial Services & Supplies — 0.4%
Cintas Corp.		72,809		24,850,440
Copart, Inc.(a)		178,107		19,344,201
Republic Services, Inc.		169,096		16,799,688
Rollins, Inc.		191,024		6,575,046
Waste Management, Inc.		323,846		41,782,611
				109,351,986
Communications Equipment — 0.8%
Arista Networks, Inc.(a)		46,249		13,962,111
Cisco Systems, Inc.		3,545,637		183,344,889
F5 Networks, Inc.(a)		51,988		10,845,737
Juniper Networks, Inc.		260,153		6,589,675
Motorola Solutions, Inc.		142,665		26,828,153
				241,570,565
Construction & Engineering — 0.0%
Quanta Services, Inc.		118,529		10,428,181
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		52,614		17,668,833
Vulcan Materials Co.		109,857		18,538,369
				36,207,202
Consumer Finance — 0.6%
American Express Co.		546,787		77,337,553
Capital One Financial Corp.		384,395		48,906,576
Discover Financial Services		255,724		24,291,223
Synchrony Financial		450,930		18,334,814
				168,870,166
Containers & Packaging — 0.3%
Amcor PLC		1,345,193		15,711,854
Avery Dennison Corp.		68,324		12,547,703
Ball Corp.		273,404		23,168,255
International Paper Co.		325,354		17,591,891
Packaging Corp. of America		81,400		10,946,672
Sealed Air Corp.		133,968		6,138,414
Westrock Co.		221,545		11,531,417
				97,636,206
Distributors — 0.1%
Genuine Parts Co.		122,105		14,114,117
LKQ Corp.(a)		235,216		9,956,693
Pool Corp.		33,768		11,658,065
				35,728,875
Diversified Financial Services — 1.4%
Berkshire Hathaway, Inc., Class B(a)		1,599,808		408,702,950
Diversified Telecommunication Services — 1.4%
AT&T, Inc.		5,978,331		180,964,079
Lumen Technologies, Inc.		831,910		11,105,999
Verizon Communications, Inc.		3,470,806		201,827,369
				393,897,447
Electric Utilities — 1.7%
Alliant Energy Corp.		200,121		10,838,553
American Electric Power Co., Inc.		417,498		35,362,081
Duke Energy Corp.		638,247		61,609,983
Edison International		326,571		19,137,061
Entergy Corp.		166,908		16,602,339

Security	Shares		Value
Electric Utilities (continued)
Evergy, Inc.		186,331	$	11,092,284
Eversource Energy		296,144		25,643,109
Exelon Corp.		824,237		36,052,126
FirstEnergy Corp.		453,128		15,719,010
NextEra Energy, Inc.		1,651,262		124,851,920
NRG Energy, Inc.		201,183		7,590,635
Pinnacle West Capital Corp.		96,814		7,875,819
PPL Corp.		640,215		18,463,801
Southern Co.		899,607		55,919,571
Xcel Energy, Inc.		443,897		29,523,589
				476,281,881
Electrical Equipment — 0.6%
AMETEK, Inc.		196,704		25,125,002
Eaton Corp. PLC		336,171		46,485,726
Emerson Electric Co.		504,442		45,510,757
Generac Holdings, Inc.(a)(b)		51,371		16,821,434
Rockwell Automation, Inc.		97,930		25,994,539
				159,937,458
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		504,094		33,255,081
CDW Corp.		117,995		19,557,671
Corning, Inc.		641,722		27,921,324
FLIR Systems, Inc.		113,633		6,416,856
IPG Photonics Corp.(a)(b)		29,995		6,327,145
Keysight Technologies, Inc.(a)		154,805		22,199,037
TE Connectivity Ltd.		276,436		35,690,652
Trimble, Inc.(a)		210,161		16,348,424
Zebra Technologies Corp., Class A(a)		45,233		21,946,147
				189,662,337
Energy Equipment & Services — 0.2%
Baker Hughes, Inc.		601,869		13,006,389
Halliburton Co.		750,650		16,108,949
NOV, Inc.		342,352		4,697,070
Schlumberger NV		1,156,522		31,445,833
				65,258,241
Entertainment — 2.1%
Activision Blizzard, Inc.		649,422		60,396,246
Electronic Arts, Inc.		242,227		32,790,269
Live Nation Entertainment, Inc.(a)(b)		121,362		10,273,293
Netflix, Inc.(a)		371,316		193,700,705
Take-Two Interactive Software, Inc.(a)(b)		96,326		17,020,804
Walt Disney Co.(a)		1,521,375		280,724,115
				594,905,432
Equity Real Estate Investment Trusts (REITs) — 2.3%
Alexandria Real Estate Equities, Inc.		104,570		17,180,851
American Tower Corp.		373,595		89,311,621
AvalonBay Communities, Inc.		116,625		21,518,479
Boston Properties, Inc.		119,633		12,114,038
Crown Castle International Corp.		361,609		62,243,757
Digital Realty Trust, Inc.		234,952		33,090,640
Duke Realty Corp.		320,492		13,438,230
Equinix, Inc.		74,590		50,690,618
Equity Residential		282,204		20,214,272
Essex Property Trust, Inc.		55,122		14,984,364
Extra Space Storage, Inc.		110,681		14,670,767
Federal Realty Investment Trust		61,405		6,229,537
Healthpeak Properties, Inc.		438,399		13,914,784
Host Hotels & Resorts, Inc.		604,349		10,183,281
Iron Mountain, Inc.		244,276		9,040,655
Kimco Realty Corp.		361,070		6,770,062

2

Schedule of Investments (unaudited) (continued) March 31, 2021 S&P 500 Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Mid-America Apartment Communities, Inc.		99,445	$	14,355,880
Prologis, Inc.		621,225		65,849,850
Public Storage		127,861		31,550,980
Realty Income Corp.		305,308		19,387,058
Regency Centers Corp.		136,212		7,724,583
SBA Communications Corp.		92,432		25,654,502
Simon Property Group, Inc.		274,206		31,196,417
UDR, Inc.		255,798		11,219,300
Ventas, Inc.		315,329		16,819,649
Vornado Realty Trust		135,460		6,148,529
Welltower, Inc.		347,961		24,924,446
Weyerhaeuser Co.		624,975		22,249,110
				672,676,260
Food & Staples Retailing — 1.3%
Costco Wholesale Corp.		370,414		130,563,526
Kroger Co.		639,691		23,022,479
Sysco Corp.		427,677		33,675,287
Walgreens Boots Alliance, Inc.		599,862		32,932,424
Walmart, Inc.		1,163,819		158,081,535
				378,275,251
Food Products — 1.0%
Archer-Daniels-Midland Co.		463,779		26,435,403
Campbell Soup Co.		160,677		8,077,233
Conagra Brands, Inc.		401,707		15,104,183
General Mills, Inc.		515,032		31,581,762
Hershey Co.		122,877		19,434,226
Hormel Foods Corp.		227,068		10,849,309
J.M. Smucker Co.		93,502		11,830,808
Kellogg Co.		205,999		13,039,737
Kraft Heinz Co.		536,448		21,457,920
Lamb Weston Holdings, Inc.		124,846		9,673,068
McCormick & Co., Inc.		207,973		18,542,873
Mondelez International, Inc., Class A		1,189,802		69,639,111
Tyson Foods, Inc., Class A		248,636		18,473,655
				274,139,288
Gas Utilities — 0.0%
Atmos Energy Corp.		103,227		10,203,989
Health Care Equipment & Supplies — 3.6%
Abbott Laboratories		1,488,358		178,364,823
ABIOMED, Inc.(a)		37,886		12,075,405
Align Technology, Inc.(a)		60,216		32,608,771
Baxter International, Inc.		424,507		35,802,920
Becton Dickinson and Co.		242,567		58,980,166
Boston Scientific Corp.(a)		1,189,862		45,988,166
Cooper Cos., Inc.		40,492		15,552,572
Danaher Corp.		531,963		119,734,232
DENTSPLY SIRONA, Inc.		185,620		11,844,412
DexCom, Inc.(a)(b)		80,508		28,933,770
Edwards Lifesciences Corp.(a)		527,109		44,087,397
Hologic, Inc.(a)		213,001		15,843,014
IDEXX Laboratories, Inc.(a)		71,843		35,153,498
Intuitive Surgical, Inc.(a)		98,920		73,095,945
Medtronic PLC		1,133,689		133,922,682
ResMed, Inc.		122,022		23,674,709
STERIS PLC		72,435		13,797,419
Stryker Corp.		275,288		67,054,651
Teleflex, Inc.		38,369		15,940,785
Varian Medical Systems, Inc.(a)		78,200		13,804,646

Security	Shares		Value
Health Care Equipment & Supplies (continued)
West Pharmaceutical Services, Inc.(b)		60,695	$	17,102,637
Zimmer Biomet Holdings, Inc.		173,905		27,838,712
				1,021,201,332
Health Care Providers & Services — 2.6%
AmerisourceBergen Corp.		124,418		14,690,033
Anthem, Inc.		205,637		73,813,401
Cardinal Health, Inc.		248,056		15,069,402
Centene Corp.(a)		486,846		31,114,328
Cigna Corp.		295,341		71,395,733
CVS Health Corp.		1,098,675		82,653,320
DaVita, Inc.(a)		60,955		6,569,120
HCA Healthcare, Inc.		221,224		41,665,328
Henry Schein, Inc.(a)		123,272		8,535,353
Humana, Inc.		108,224		45,372,912
Laboratory Corp. of America Holdings(a)		81,724		20,842,072
McKesson Corp.		134,345		26,202,649
Quest Diagnostics, Inc.		112,537		14,442,999
UnitedHealth Group, Inc.		793,081		295,081,648
Universal Health Services, Inc., Class B		67,089		8,949,002
				756,397,300
Health Care Technology — 0.1%
Cerner Corp.		253,016		18,186,790
Hotels, Restaurants & Leisure — 2.1%
Booking Holdings, Inc.(a)		34,360		80,053,302
Caesars Entertainment, Inc.(a)		172,476		15,083,026
Carnival Corp.(a)		660,600		17,532,324
Chipotle Mexican Grill, Inc.(a)		23,363		33,194,618
Darden Restaurants, Inc.		109,918		15,608,356
Domino’s Pizza, Inc.		32,746		12,043,651
Expedia Group, Inc.		116,285		20,014,974
Hilton Worldwide Holdings, Inc.(a)		234,730		28,383,551
Las Vegas Sands Corp.(b)		274,520		16,679,835
Marriott International, Inc., Class A(a)		223,571		33,113,101
McDonald’s Corp.		626,864		140,505,297
MGM Resorts International(b)		353,512		13,429,921
Norwegian Cruise Line Holdings Ltd.(a)		305,320		8,423,779
Penn National Gaming, Inc.(a)		123,533		12,951,200
Royal Caribbean Cruises Ltd.		184,059		15,757,291
Starbucks Corp.		985,984		107,738,472
Wynn Resorts Ltd.		87,259		10,939,661
Yum! Brands, Inc.		252,888		27,357,424
				608,809,783
Household Durables — 0.4%
D.R. Horton, Inc.		273,944		24,413,889
Garmin Ltd.		122,124		16,102,049
Leggett & Platt, Inc.		117,117		5,346,391
Lennar Corp., Class A		226,273		22,905,616
Mohawk Industries, Inc.(a)		50,377		9,688,001
Newell Brands, Inc.		311,220		8,334,472
NVR, Inc.(a)		2,954		13,916,087
PulteGroup, Inc.		231,556		12,142,797
Whirlpool Corp.		53,787		11,851,965
				124,701,267
Household Products — 1.4%
Church & Dwight Co., Inc.		210,295		18,369,268
Clorox Co.		106,016		20,448,366
Colgate-Palmolive Co.		715,449		56,398,845
Kimberly-Clark Corp.		283,820		39,465,171
Procter & Gamble Co.		2,069,326		280,248,820
				414,930,470

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 3

Schedule of Investments (unaudited) (continued) March 31, 2021 S&P 500 Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		558,229	$	14,966,119
Industrial Conglomerates — 1.2%
3M Co.		484,161		93,288,142
General Electric Co.		7,364,341		96,693,797
Honeywell International, Inc.		584,482		126,873,508
Roper Technologies, Inc.		88,324		35,624,602
				352,480,049
Insurance — 1.9%
Aflac, Inc.		539,777		27,625,787
Allstate Corp.		254,386		29,228,951
American International Group, Inc.		721,953		33,361,448
Aon PLC, Class A		190,528		43,842,398
Arthur J. Gallagher & Co.		165,349		20,630,595
Assurant, Inc.		49,528		7,021,585
Chubb Ltd.		377,662		59,659,266
Cincinnati Financial Corp.		126,390		13,029,545
Everest Re Group Ltd.		34,513		8,552,667
Globe Life, Inc.		77,552		7,493,850
Hartford Financial Services Group, Inc.		300,917		20,098,246
Lincoln National Corp.		152,238		9,479,860
Loews Corp.		190,151		9,750,943
Marsh & McLennan Cos., Inc.		423,376		51,567,197
MetLife, Inc.		632,444		38,446,271
Principal Financial Group, Inc.		215,671		12,931,633
Progressive Corp.		489,839		46,833,507
Prudential Financial, Inc.		328,819		29,955,411
Travelers Cos., Inc.		212,497		31,959,549
Unum Group		173,973		4,841,669
W.R. Berkley Corp.		110,610		8,334,463
Willis Towers Watson PLC		108,797		24,901,457
				539,546,298
Interactive Media & Services(a) — 5.8%
Alphabet, Inc., Class A		251,834		519,412,661
Alphabet, Inc., Class C		242,387		501,409,020
Facebook, Inc., Class A		2,018,141		594,403,069
Twitter, Inc.		667,544		42,475,825
				1,657,700,575
Internet & Direct Marketing Retail — 4.1%
Amazon.com, Inc.(a)		358,954		1,110,632,392
eBay, Inc.		544,071		33,318,908
Etsy, Inc.(a)		105,667		21,309,864
				1,165,261,164
IT Services — 5.1%
Accenture PLC, Class A		532,341		147,059,201
Akamai Technologies, Inc.(a)		137,627		14,024,191
Automatic Data Processing, Inc.		358,920		67,645,652
Broadridge Financial Solutions, Inc.		95,386		14,603,597
Cognizant Technology Solutions Corp., Class A		445,044		34,766,837
DXC Technology Co.		220,706		6,899,270
Fidelity National Information Services, Inc.		521,462		73,322,772
Fiserv, Inc.(a)		480,117		57,153,128
FleetCor Technologies, Inc.(a)		69,975		18,797,384
Gartner, Inc.(a)		75,178		13,723,744
Global Payments, Inc.		248,316		50,055,539
International Business Machines Corp.		750,458		100,006,033
Jack Henry & Associates, Inc.		61,355		9,308,781
Mastercard, Inc., Class A		735,937		262,030,369
Paychex, Inc.		267,919		26,261,420
PayPal Holdings, Inc.(a)		983,066		238,727,748

Security	Shares		Value
IT Services (continued)
VeriSign, Inc.(a)		81,157	$	16,130,765
Visa, Inc., Class A		1,423,563		301,410,994
Western Union Co.		336,155		8,289,582
				1,460,217,007
Leisure Products — 0.0%
Hasbro, Inc.		109,344		10,510,145
Life Sciences Tools & Services — 1.1%
Agilent Technologies, Inc.		253,836		32,272,709
Bio-Rad Laboratories, Inc., Class A(a)		18,020		10,292,483
Illumina, Inc.(a)		122,029		46,866,458
IQVIA Holdings, Inc.(a)		160,696		31,036,825
Mettler-Toledo International, Inc.(a)		19,862		22,954,315
PerkinElmer, Inc.		95,779		12,287,488
Thermo Fisher Scientific, Inc.		331,038		151,079,123
Waters Corp.(a)		50,761		14,424,753
				321,214,154
Machinery — 1.8%
Caterpillar, Inc.		456,681		105,890,623
Cummins, Inc.		124,557		32,273,964
Deere & Co.		263,157		98,457,560
Dover Corp.		118,881		16,302,152
Fortive Corp.		281,511		19,885,937
IDEX Corp.		61,803		12,936,604
Illinois Tool Works, Inc.		239,874		53,136,889
Ingersoll Rand, Inc.(a)		314,746		15,488,651
Otis Worldwide Corp.		342,980		23,476,981
PACCAR, Inc.		290,767		27,018,070
Parker-Hannifin Corp.		107,791		34,000,515
Pentair PLC		142,497		8,880,413
Snap-on, Inc.		44,403		10,245,548
Stanley Black & Decker, Inc.		133,405		26,636,976
Westinghouse Air Brake Technologies Corp.		150,774		11,935,270
Xylem, Inc.		148,950		15,666,561
				512,232,714
Media — 1.3%
Charter Communications, Inc., Class A(a)		119,148		73,516,699
Comcast Corp., Class A		3,830,991		207,294,923
Discovery, Inc., Class A(a)		117,756		5,117,676
Discovery, Inc., Class C(a)(b)		267,283		9,860,070
DISH Network Corp., Class A(a)		205,755		7,448,331
Fox Corp., Class A		280,017		10,111,414
Fox Corp., Class B		133,124		4,650,021
Interpublic Group of Cos., Inc.		330,733		9,657,404
News Corp., Class A		321,091		8,165,344
News Corp., Class B		114,231		2,679,859
Omnicom Group, Inc.		180,687		13,397,941
ViacomCBS, Inc., Class B		475,072		21,425,747
				373,325,429
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		1,216,700		40,065,931
Newmont Corp.		674,897		40,676,042
Nucor Corp.		243,724		19,563,726
				100,305,699
Multi-line Retail — 0.5%
Dollar General Corp.		205,105		41,558,375
Dollar Tree, Inc.(a)		197,468		22,602,188
Target Corp.		420,460		83,280,512
				147,441,075

4

Schedule of Investments (unaudited) (continued) March 31, 2021 S&P 500 Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Multi-Utilities — 0.8%
Ameren Corp.		204,619	$	16,647,802
CenterPoint Energy, Inc.		470,418		10,654,968
CMS Energy Corp.		231,392		14,165,818
Consolidated Edison, Inc.		289,441		21,650,187
Dominion Energy, Inc.		681,612		51,775,247
DTE Energy Co.		167,263		22,269,396
NiSource, Inc.		305,523		7,366,159
Public Service Enterprise Group, Inc.		424,316		25,548,066
Sempra Energy		249,788		33,116,893
WEC Energy Group, Inc.		265,074		24,808,276
				228,002,812
Oil, Gas & Consumable Fuels — 2.5%
APA Corp.		317,469		5,682,695
Cabot Oil & Gas Corp.		344,150		6,463,137
Chevron Corp.		1,617,895		169,539,217
ConocoPhillips		1,133,652		60,049,546
Devon Energy Corp.		506,632		11,069,909
Diamondback Energy, Inc.		140,272		10,308,589
EOG Resources, Inc.		492,292		35,705,939
Exxon Mobil Corp.		3,554,865		198,468,113
Hess Corp.		230,842		16,334,380
HollyFrontier Corp.		117,881		4,217,782
Kinder Morgan, Inc.		1,633,055		27,190,366
Marathon Oil Corp.		684,055		7,305,707
Marathon Petroleum Corp.		545,805		29,195,110
Occidental Petroleum Corp.		699,360		18,616,963
ONEOK, Inc.		373,975		18,945,574
Phillips 66		367,911		29,999,463
Pioneer Natural Resources Co.		170,437		27,068,804
Valero Energy Corp.		340,568		24,384,669
Williams Cos., Inc.		1,015,498		24,057,148
				724,603,111
Personal Products — 0.2%
Estee Lauder Cos., Inc., Class A.		192,193		55,899,334
Pharmaceuticals — 4.2%
AbbVie, Inc.		1,483,066		160,497,403
Bristol-Myers Squibb Co.		1,881,592		118,784,903
Catalent, Inc.(a)		141,724		14,924,954
Eli Lilly & Co.		667,745		124,748,121
Johnson & Johnson		2,205,828		362,527,832
Merck & Co., Inc.		2,121,730		163,564,166
Perrigo Co. PLC		116,394		4,710,465
Pfizer, Inc.		4,672,575		169,287,392
Viatris, Inc.(a)		1,010,311		14,114,045
Zoetis, Inc.		398,615		62,773,890
				1,195,933,171
Professional Services — 0.4%
Equifax, Inc.		101,285		18,345,752
IHS Markit Ltd.		314,633		30,450,182
Jacobs Engineering Group, Inc.		111,963		14,473,457
Leidos Holdings, Inc.		112,849		10,865,102
Nielsen Holdings PLC		301,814		7,590,622
Robert Half International, Inc.		95,263		7,437,182
Verisk Analytics, Inc.		136,594		24,134,794
				113,297,091
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(a)		278,735		22,050,726

Security	Shares		Value
Road & Rail — 1.0%
CSX Corp.		642,549	$	61,954,574
JB Hunt Transport Services, Inc.		71,440		12,006,921
Kansas City Southern		77,355		20,415,531
Norfolk Southern Corp.		211,973		56,918,990
Old Dominion Freight Line, Inc.		80,360		19,319,348
Union Pacific Corp.		562,614		124,005,752
				294,621,116
Semiconductors & Semiconductor Equipment — 5.5%
Advanced Micro Devices, Inc.(a)		1,017,104		79,842,664
Analog Devices, Inc.		308,583		47,855,051
Applied Materials, Inc.		768,490		102,670,264
Broadcom, Inc.		342,392		158,753,475
Enphase Energy, Inc.(a)		108,342		17,568,739
Intel Corp.		3,410,323		218,260,672
KLA Corp.		130,240		43,031,296
Lam Research Corp.		120,366		71,646,658
Maxim Integrated Products, Inc.		222,854		20,362,170
Microchip Technology, Inc.		225,032		34,929,467
Micron Technology, Inc.(a)		939,313		82,856,800
Monolithic Power Systems, Inc.		35,614		12,579,221
NVIDIA Corp.		520,080		277,686,314
NXP Semiconductors NV		227,238		45,752,099
Qorvo, Inc.(a)		94,681		17,298,219
Qualcomm, Inc.		953,142		126,377,098
Skyworks Solutions, Inc.		137,895		25,300,974
Teradyne, Inc.		143,359		17,443,923
Texas Instruments, Inc.		772,390		145,973,986
Xilinx, Inc.		204,902		25,387,358
				1,571,576,448
Software — 8.2%
Adobe, Inc.(a)		403,205		191,671,561
ANSYS, Inc.(a)		72,586		24,647,302
Autodesk, Inc.(a)		184,542		51,145,815
Cadence Design Systems, Inc.(a)		235,337		32,238,816
Citrix Systems, Inc.		103,740		14,560,947
Fortinet, Inc.(a)		114,050		21,033,101
Intuit, Inc.		228,683		87,599,310
Microsoft Corp.		6,328,200		1,491,999,714
NortonLifeLock, Inc.		492,908		10,479,224
Oracle Corp.		1,557,000		109,254,690
Paycom Software, Inc.(a)		41,030		15,183,562
salesforce.com, Inc.(a)		768,845		162,895,190
ServiceNow, Inc.(a)		164,116		82,076,053
Synopsys, Inc.(a)		127,812		31,669,257
Tyler Technologies, Inc.(a)(b)		34,089		14,471,803
				2,340,926,345
Specialty Retail — 2.3%
Advance Auto Parts, Inc.		55,426		10,170,117
AutoZone, Inc.(a)		18,734		26,308,156
Best Buy Co., Inc.		190,275		21,845,473
CarMax, Inc.(a)		136,909		18,162,348
Gap, Inc.		171,031		5,093,303
Home Depot, Inc.		903,122		275,677,991
L Brands, Inc.(a)		195,458		12,091,032
Lowe’s Cos., Inc.		613,260		116,629,787
O’Reilly Automotive, Inc.(a)(b)		59,209		30,033,765
Ross Stores, Inc.		299,219		35,879,350
TJX Cos., Inc.		1,008,789		66,731,392

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) March 31, 2021 S&P 500 Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Tractor Supply Co.		98,685	$	17,475,140
Ulta Beauty, Inc.(a)		46,520		14,382,588
				650,480,442
Technology Hardware, Storage & Peripherals — 6.0%
Apple, Inc.		13,240,315		1,617,304,477
Hewlett Packard Enterprise Co.		1,101,086		17,331,094
HP, Inc.		1,055,144		33,500,822
NetApp, Inc.		187,617		13,634,127
Seagate Technology PLC		169,845		13,035,604
Western Digital Corp.		255,651		17,064,704
				1,711,870,828
Textiles, Apparel & Luxury Goods — 0.7%
Hanesbrands, Inc.		298,358		5,868,702
NIKE, Inc., Class B		1,062,738		141,227,253
PVH Corp.		60,241		6,367,474
Ralph Lauren Corp.		42,619		5,248,956
Tapestry, Inc.(a)		237,843		9,801,510
Under Armour, Inc., Class A(a)(b)		164,871		3,653,541
Under Armour, Inc., Class C(a)		169,421		3,127,511
VF Corp.		264,827		21,164,974
				196,459,921
Tobacco — 0.7%
Altria Group, Inc.		1,561,015		79,861,528
Philip Morris International, Inc.		1,306,237		115,915,471
				195,776,999
Trading Companies & Distributors — 0.2%
Fastenal Co.		477,540		24,010,711
United Rentals, Inc.(a)		59,842		19,706,569
W.W. Grainger, Inc.		37,224		14,924,218
				58,641,498
Water Utilities — 0.1%
American Water Works Co., Inc.		153,076		22,949,154
Wireless Telecommunication Services — 0.2%
T-Mobile US, Inc.(a)		489,231		61,295,752
Total Common Stocks — 98.2% (Cost: $12,693,916,609)				28,200,193,114

Security	Shares		Value
Investment Companies
Equity Funds — 0.7%
iShares Core S&P 500 ETF(c)		514,423	$	204,647,758
Total Investment Companies — 0.7% (Cost: $197,160,869)				204,647,758
Total Long-Term Investments — 98.9% (Cost: $12,891,077,478)				28,404,840,872
Short-Term Securities
Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.14%(c)(d)(e)		87,811,176		87,863,863
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.02%(c)(d)		310,492,426		310,492,426
Total Short-Term Securities — 1.4% (Cost: $398,332,972)				398,356,289
Total Investments — 100.3% (Cost: $13,289,410,450)				28,803,197,161
Liabilities in Excess of Other Assets — (0.3)%				(83,071,537	)
Net Assets — 100.0%			$	28,720,125,624

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Master Portfolio.

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

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

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

6

Schedule of Investments (unaudited) (continued) March 31, 2021 S&P 500 Index Master Portfolio

Affiliates

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the period ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/21		Shares Held at 03/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	161,818,190	$	—		$	(73,958,104	)(a)	$	128,271	$	(124,494	)	$	87,863,863		87,811,176	$	254,261	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		82,440,013		228,052,413	(a)		—			—		—			310,492,426		310,492,426		9,712			—
BlackRock, Inc.		87,650,514		—			(1,544,565	)		460,288		3,384,208			89,950,444		119,304		492,726			—
iShares Core S&P 500 ETF		4,286,954		194,330,800			—			—		6,030,004			204,647,758		514,423		469,951			—
									$	588,559	$	9,289,718		$	692,954,491			$	1,226,650		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		1,490		06/18/21	$	295,571	$	2,386,598

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); and

• 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

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) March 31, 2021 S&P 500 Index Master Portfolio

Fair Value Hierarchy as of Period End (continued)

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 fair value 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
Common Stocks	$	28,200,193,114	$	—	$	—	$	28,200,193,114
Investment Companies		204,647,758		—		—		204,647,758
Short-Term Securities
Money Market Funds		398,356,289		—		—		398,356,289
	$	28,803,197,161	$	—	$	—	$	28,803,197,161
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	2,386,598	$	—	$	—	$	2,386,598

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

Portfolio Abbreviation

ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
S&P	Standard & Poor’s

8