Schedule of Investments (unaudited) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.5%
Aerojet Rocketdyne Holdings, Inc.		5,758	$	270,396
AeroVironment, Inc.(a)		920		106,775
Aselsan Elektronik Sanayi Ve Ticaret AS		17,724		32,090
Astronics Corp.(a)		8,003		144,374
Axon Enterprise, Inc.(a)		456		64,944
Cubic Corp.		2,275		169,647
Curtiss-Wright Corp.		69		8,183
Embraer SA, ADR(a)(b)		13,705		137,187
HEICO Corp.		1,127		141,777
HEICO Corp., Class A		483		54,869
Hexcel Corp.(b)		133		7,448
Howmet Aerospace, Inc.		4,928		158,337
Kratos Defense & Security Solutions, Inc.(a)		4,075		111,166
Lockheed Martin Corp.		3,073		1,135,473
Maxar Technologies, Inc.		3,034		114,746
Mercury Systems, Inc.(a)		3,132		221,276
Moog, Inc., Class A		3,610		300,171
MTU Aero Engines AG		256		60,305
Northrop Grumman Corp.		1,517		490,962
PAE, Inc.(a)		13,817		124,629
Singapore Technologies Engineering Ltd.(b)		19,500		56,482
Spirit AeroSystems Holdings, Inc., Class A(b)		181		8,806
Teledyne Technologies, Inc.(a)		178		73,630
TransDigm Group, Inc.(a)		264		155,211
Virgin Galactic Holdings Inc.(a)		69		2,113
				4,150,997
Air Freight & Logistics — 0.6%
Agility Public Warehousing Co. KSC		7,989		19,218
Blue Dart Express Ltd.(a)		534		40,836
C.H. Robinson Worldwide, Inc.		3,311		315,969
Deutsche Post AG, Registered Shares		2,864		157,122
DSV Panalpina A/S		805		157,896
Echo Global Logistics, Inc.(a)		11,269		353,959
Expeditors International of Washington, Inc.		12,844		1,383,170
FedEx Corp.		1,541		437,706
Hub Group, Inc., Class A(a)		9,215		619,985
Hyundai Glovis Co. Ltd.		599		99,797
Radiant Logistics, Inc.(a)		6,856		47,649
SF Holding Co. Ltd., Class A		12,300		152,589
United Parcel Service, Inc., Class B		4,066		691,179
XPO Logistics, Inc.(a)		1,012		124,780
ZTO Express Cayman, Inc., ADR		15,702		457,713
				5,059,568
Airlines — 0.2%
Aeroflot PJSC(a)		174,430		155,187
Alaska Air Group, Inc.		267		18,479
American Airlines Group, Inc.(b)		1,402		33,508
ANA Holdings, Inc.(a)		800		18,614
Copa Holdings SA, Class A		142		11,472
Delta Air Lines, Inc.		10,314		497,960
Deutsche Lufthansa AG, Registered Shares(a)		758		10,053
Eva Airways Corp.		182,000		100,321
Hawaiian Holdings, Inc.(b)		8,082		215,547
Japan Airlines Co. Ltd.(a)		1,300		29,115
JetBlue Airways Corp.(a)		599		12,184
Mesa Air Group, Inc.(a)		1,542		20,740
Singapore Airlines Ltd.(a)		9,300		38,405

Security	Shares		Value
Airlines (continued)
Southwest Airlines Co.		3,229	$	197,163
Spirit Airlines, Inc.(a)		11,314		417,487
United Airlines Holdings, Inc.(a)		2,781		160,019
				1,936,254
Auto Components — 0.7%
Adient PLC(a)		2,345		103,649
Aisin Seiki Co. Ltd.		900		34,278
Apollo Tyres Ltd.		24,231		74,481
Aptiv PLC		188		25,925
Bharat Forge Ltd.		14,913		122,030
BorgWarner, Inc.		12,956		600,640
Bridgestone Corp.		4,900		199,209
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		2,800		80,822
Cheng Shin Rubber Industry Co. Ltd.		58,000		98,348
Cie Generale des Etablissements Michelin SCA		188		28,157
Continental AG, Class A(a)		594		78,631
Cooper-Standard Holdings, Inc.(a)		2,217		80,521
Dana, Inc.		18,757		456,358
Denso Corp.		1,300		86,663
Exide Industries Ltd.		32,189		81,089
Faurecia SE(a)		327		17,413
Fox Factory Holding Corp.(a)		2,749		349,288
Fuyao Glass Industry Group Co. Ltd., Class H(c)		19,600		116,911
Gentex Corp.		571		20,368
Gentherm, Inc.(a)		1,111		82,336
Goodyear Tire & Rubber Co.(a)		15,085		265,044
Hankook Tire & Technology Co. Ltd.		3,736		162,613
Hanon Systems		7,106		111,216
Hota Industrial Manufacturing Co. Ltd.		26,000		106,498
Hyundai Mobis Co. Ltd.		1,785		463,014
Koito Manufacturing Co. Ltd.		400		26,913
LCI Industries		3,234		427,794
Lear Corp.		309		56,006
Modine Manufacturing Co.(a)		1,761		26,010
NGK Spark Plug Co. Ltd.		5,300		91,821
Patrick Industries, Inc.		232		19,720
Stanley Electric Co. Ltd.		700		20,907
Stoneridge, Inc.(a)		4,063		129,244
Sumitomo Electric Industries Ltd.		3,400		51,125
Tenneco, Inc., Class A(a)		5,582		59,839
Tianneng Power International Ltd.		48,000		90,940
Toyoda Gosei Co. Ltd.		500		13,181
Toyota Industries Corp.		1,000		89,359
Valeo SA		328		11,128
Visteon Corp.(a)		1,912		233,168
				5,192,657
Automobiles — 1.1%
Astra International Tbk PT		693,200		252,632
BAIC Motor Corp. Ltd., Class H(c)		141,500		45,472
Bayerische Motoren Werke AG		873		90,597
BYD Co. Ltd., Class A		6,100		154,644
BYD Co. Ltd., Class H		21,000		454,372
Daimler AG, Registered Shares		1,807		161,274
Ferrari NV		98		20,500
Ford Motor Co.(a)		4,084		50,029
Geely Automobile Holdings Ltd.		124,000		318,936
General Motors Co.		1,256		72,170
Great Wall Motor Co. Ltd., Class H		62,500		174,755

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 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Automobiles (continued)
Guangzhou Automobile Group Co. Ltd., Class H(b)		62,000	$	52,317
Harley-Davidson, Inc.		293		11,749
Honda Motor Co. Ltd.		6,300		189,917
Hyundai Motor Co.		2,384		462,037
Mazda Motor Corp.		1,300		10,651
NIO, Inc., ADR(a)(b)		26,446		1,030,865
Nissan Motor Co. Ltd.(a)		9,800		54,749
Stellantis NV		4,499		79,583
Subaru Corp.		6,000		119,920
Suzuki Motor Corp.		500		22,775
Tesla, Inc.(a)		5,655		3,777,144
Thor Industries, Inc.		114		15,360
Toyota Motor Corp.		5,200		404,664
TVS Motor Co. Ltd.		19,226		154,513
Winnebago Industries, Inc.		3,428		262,962
Workhorse Group, Inc.(a)(b)		2,547		35,072
Yadea Group Holdings Ltd.(c)		54,000		120,295
				8,599,954
Banks — 5.9%
1st Constitution Bancorp		906		15,955
ABN AMRO Bank NV(a)(c)		1,967		23,879
Abu Dhabi Commercial Bank PJSC		60,531		102,116
ACNB Corp.		1,896		55,552
Agricultural Bank of China Ltd., Class A		313,200		162,333
Al Rajhi Bank		48,614		1,281,266
Amerant Bancorp, Inc.(a)		4,458		82,785
Ameris Bancorp		4,831		253,676
AMMB Holdings BHD		133,300		94,228
Associated Banc-Corp		141		3,009
Australia & New Zealand Banking Group Ltd.		6,505		139,665
Axis Bank Ltd.(a)		53,969		518,121
Banco Bilbao Vizcaya Argentaria SA		17,295		90,127
Banco do Brasil SA		35,969		194,586
Banco Santander Brasil SA		8,200		57,691
Banco Santander Chile, ADR(b)		11,420		283,559
Banco Santander SA(a)		47,501		162,017
Bancolombia SA, ADR		7,229		231,256
Bancorp, Inc.(a)		7,396		153,245
Bank AlBilad		19,894		186,877
Bank Central Asia Tbk PT		379,200		812,094
Bank Mandiri Persero Tbk PT		503,500		213,321
Bank Negara Indonesia Persero Tbk PT		99,600		39,339
Bank of America Corp.		47,273		1,828,992
Bank of Communications Co. Ltd., Class A		72,800		54,930
Bank of Hawaii Corp.(b)		3,069		274,645
Bank of Princeton		526		15,054
Bank OZK		216		8,824
Bank Polska Kasa Opieki SA(a)		22,095		394,232
Bank Rakyat Indonesia Persero Tbk PT		610,500		185,216
Bank7 Corp.		367		6,463
BankFinancial Corp.		16,173		166,905
Bankwell Financial Group, Inc.(b)		1,692		45,599
Banner Corp.		2,419		129,005
Banque Cantonale Vaudoise, Registered Shares		94		9,172
Barclays PLC		46,208		118,335
Baycom Corp.(a)(b)		3,586		64,620
BDO Unibank, Inc.		107,890		227,015
BNP Paribas SA(a)		2,742		167,068
BOC Hong Kong Holdings Ltd.		11,500		40,232
BOK Financial Corp.		19		1,697
Boubyan Bank KSCP		31,000		62,031

Security	Shares		Value
Banks (continued)
CaixaBank SA		11,014	$	34,196
Capital City Bank Group, Inc.		7,311		190,232
Capstar Financial Holdings, Inc.		3,607		62,221
Carter Bankshares, Inc.(a)		8,864		123,741
Central Pacific Financial Corp.		17,812		475,224
China Construction Bank Corp., Class H		1,530,000		1,289,662
China Everbright Bank Co. Ltd., Class A		424,900		264,426
China Merchants Bank Co. Ltd., Class A		50,700		396,067
China Merchants Bank Co. Ltd., Class H		73,500		563,097
CIMB Group Holdings Bhd		230,100		241,105
CIT Group, Inc.		6,065		312,408
Citigroup, Inc.		16,691		1,214,270
Citizens Financial Group, Inc.		2,817		124,371
Civista Bancshares, Inc.		3,300		75,702
CNB Financial Corp.		1,797		44,224
Colony Bankcorp, Inc.		812		12,667
Comerica, Inc.		1,267		90,895
Commerce Bancshares, Inc.		240		18,386
Commerzbank AG(a)		2,820		17,305
Commonwealth Bank of Australia		3,964		260,097
Community Trust Bancorp, Inc.		2,731		120,246
Concordia Financial Group Ltd.		2,800		11,357
Credit Agricole SA(a)		2,498		36,177
CTBC Financial Holding Co. Ltd.		354,000		274,724
Cullen/Frost Bankers, Inc.		111		12,072
CVB Financial Corp.		5,062		111,820
Danske Bank A/S		2,918		54,588
DBS Group Holdings Ltd.		2,300		49,315
Dubai Islamic Bank PJSC		37,304		46,296
East West Bancorp, Inc.		349		25,756
Enterprise Bancorp, Inc.		1,713		55,707
Equity Bancshares, Inc., Class A(a)		2,289		62,719
Erste Group Bank AG(a)		680		23,037
Evans Bancorp, Inc.		951		32,229
Farmers National Banc Corp.		5,801		96,877
Federal Bank Ltd.(a)		124,147		129,155
Fifth Third Bancorp		3,839		143,771
First Abu Dhabi Bank PJSC		48,932		194,739
First Bancorp, Inc.		1,291		37,684
First BanCorp, Puerto Rico		14,434		162,527
First Bank/Hamilton		5,631		68,529
First Busey Corp.		1,610		41,296
First Business Financial Services, Inc.		1,667		41,225
First Citizens BancShares, Inc., Class A		11		9,193
First Commonwealth Financial Corp.		6,808		97,831
First Financial Northwest, Inc.		20,220		288,135
First Guaranty Bancshares, Inc.		780		13,970
First Hawaiian, Inc.		150		4,106
First Horizon Corp.		1,297		21,932
First Internet Bancorp		382		13,458
First Interstate Bancsystem, Inc., Class A		18,124		834,429
First Northwest Bancorp		2,493		41,434
First Republic Bank		746		124,395
First Savings Financial Group, Inc.		541		36,323
First Western Financial, Inc.(a)		1,252		31,313
Flushing Financial Corp.		207		4,395
FNB Corp.		439		5,575
Fulton Financial Corp.(b)		32,469		552,947
Glacier Bancorp, Inc.		9,700		553,676
Grupo Financiero Banorte SAB de CV, Class O(a)		107,996		608,311
Gulf Bank KSCP		224,238		163,204
Hancock Whitney Corp.		7,681		322,679

2

Schedule of Investments (unaudited) (continued) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Hang Seng Bank Ltd.(b)		2,200	$	42,720
Hanmi Financial Corp.		2,110		41,630
Hawthorn Bancshares, Inc.		938		19,970
HBT Financial, Inc.		9,420		161,270
HDFC Bank Ltd.(a)		24,704		505,684
HDFC Bank Ltd., ADR(a)		2,439		189,486
Heartland Financial USA, Inc.		8,793		441,936
Heritage Commerce Corp.		14,504		177,239
Howard Bancorp, Inc.(a)		5,504		90,486
HSBC Holdings PLC		50,757		295,846
Huaxia Bank Co. Ltd., Class A		88,900		87,279
Huntington Bancshares, Inc.		5,057		79,496
ICICI Bank Ltd.(a)		75,797		606,332
ICICI Bank Ltd., ADR(a)(b)		9,323		149,448
Independent Bank Corp.		4,173		98,650
IndusInd Bank Ltd.(a)		10,169		133,807
Industrial & Commercial Bank of China Ltd., Class A		242,700		204,983
Industrial & Commercial Bank of China Ltd., Class H		1,397,000		1,004,863
ING Groep NV		10,367		126,623
Intesa Sanpaolo SpA(a)		40,641		110,120
Investar Holding Corp.		3,275		67,301
Investors Bancorp, Inc.(b)		53,484		785,680
Itau Unibanco Holding SA, ADR		52,383		259,820
Japan Post Bank Co. Ltd.(b)		2,800		26,926
JPMorgan Chase & Co.		25,674		3,908,353
KB Financial Group, Inc.		8,355		411,798
KBC Group NV(a)		798		58,064
KeyCorp.		5,926		118,401
Kiatnakin Phatra Bank PCL, NVDR		65,000		127,152
Kotak Mahindra Bank Ltd.(a)		21,039		506,724
Kuwait Finance House KSCP		39,654		100,809
Level One Bancorp, Inc.		4,448		114,669
Live Oak Bancshares, Inc.		1,106		75,750
M&T Bank Corp.		808		122,501
Macatawa Bank Corp.		505		5,025
Mackinac Financial Corp.		2,225		31,195
Malayan Banking Bhd		355,400		707,608
Mercantile Bank Corp.		4,242		137,738
Meridian Corp.		2,214		57,564
Mid Penn Bancorp, Inc.		1,130		30,295
Midland States Bancorp, Inc.		19,016		527,504
MidWestOne Financial Group, Inc.		2,438		75,505
Mitsubishi UFJ Financial Group, Inc.		39,300		210,148
Mizuho Financial Group, Inc.		8,320		120,310
Moneta Money Bank AS(a)(c)		34,813		129,753
National Australia Bank Ltd.		7,516		148,911
National Bank of Kuwait SAKP		56,704		151,449
National Commercial Bank		33,523		475,058
Natwest Group PLC		13,215		35,758
Nedbank Group Ltd.		17,667		167,491
Nordea Bank Abp		2,907		28,664
Northrim BanCorp, Inc.		5,050		214,675
Oak Valley Bancorp		1,056		18,110
OceanFirst Financial Corp.		11,049		264,513
Pacific Mercantile Bancorp(a)		11,597		103,213
PacWest Bancorp		177		6,753
PCB Bancorp		3,890		58,350
Peapack Gladstone Financial Corp.		8,090		249,819
Peoples Bancorp of North Carolina, Inc.		1,093		25,839
People’s United Financial, Inc.		931		16,665
Pinnacle Financial Partners, Inc.		3,695		327,599
Popular, Inc.		157		11,040

Security	Shares		Value
Banks (continued)
Postal Savings Bank of China Co. Ltd., Class H(c)		168,000	$	125,907
Powszechna Kasa Oszczednosci Bank Polski SA(a)		25,834		213,773
Preferred Bank		833		53,045
Primis Financial Corp.		4,428		64,383
Prosperity Bancshares, Inc.		187		14,004
Public Bank Bhd		585,700		593,589
QCR Holdings, Inc.		2,151		101,570
Regions Financial Corp.		5,330		110,118
Republic Bancorp, Inc., Class A		7,441		329,562
Republic First Bancorp, Inc.(a)		99,827		376,348
Resona Holdings, Inc.		6,600		27,723
RHB Bank Bhd		194,800		252,437
Riyad Bank		23,246		139,178
Salisbury Bancorp, Inc.		1,845		81,936
Samba Financial Group		35,863		368,658
Sandy Spring Bancorp, Inc.		4,984		216,455
Saudi British Bank		22,990		161,530
Sberbank of Russia PJSC, ADR		26,055		400,608
Shinhan Financial Group Co. Ltd.		9,164		304,355
Shinsei Bank Ltd.		600		9,697
Sierra Bancorp		9,520		255,136
Signature Bank		1,693		382,787
Silvergate Capital Corp., Class A(a)(b)		601		85,444
SmartFinancial, Inc.		5,643		122,171
Societe Generale SA(a)		2,495		65,231
South Plains Financial, Inc.		4,265		96,901
South State Corp.		1,264		99,237
Standard Bank Group Ltd.		59,374		504,073
Standard Chartered PLC		6,234		42,924
State Bank of India(a)		61,952		310,333
Sterling Bancorp		298		6,860
Sumitomo Mitsui Financial Group, Inc.		4,300		155,863
Sumitomo Mitsui Trust Holdings, Inc.		1,100		38,378
SVB Financial Group(a)		648		319,892
Swedbank AB, A Shares		789		13,912
Synovus Financial Corp.		307		14,045
TCF Financial Corp.		320		14,867
Texas Capital Bancshares, Inc.(a)		2,860		202,831
TriState Capital Holdings, Inc.(a)		9,817		226,380
Triumph Bancorp, Inc.(a)		1,612		124,753
Truist Financial Corp.		21,330		1,243,966
Turkiye Garanti Bankasi AS(a)		42,434		34,380
Turkiye Is Bankasi, Class C(a)		81,708		47,827
U.S. Bancorp		6,209		343,420
Umpqua Holdings Corp.		275		4,826
UniCredit SpA(a)		6,382		67,412
United Community Banks, Inc.		6,180		210,862
Univest Financial Corp.		3,000		85,770
Washington Trust Bancorp, Inc.		1,672		86,325
Webster Financial Corp.		159		8,762
Wells Fargo & Co.		44,111		1,723,417
WesBanco, Inc.		2,340		84,380
Western Alliance Bancorp		232		21,910
Westpac Banking Corp.		8,633		160,133
Wintrust Financial Corp.(b)		2,176		164,941
Woori Financial Group, Inc.		10,516		93,862
Zions Bancorp NA		382		20,995
				47,344,630
Beverages — 0.9%
Ambev SA		162,534		441,517
Ambev SA, ADR(b)		74,533		204,220
Anheuser-Busch InBev SA/NV		2,381		149,676

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 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Beverages (continued)
Arca Continental SAB de CV		78,187	$	385,780
Asahi Group Holdings Ltd.		800		33,865
Boston Beer Co., Inc., Class A(a)		22		26,538
Brown-Forman Corp., Class A		138		8,786
Brown-Forman Corp., Class B		619		42,692
Budweiser Brewing Co. APAC Ltd.(c)		5,900		17,661
Carlsberg AS, Class B		107		16,410
China Resources Beer Holdings Co. Ltd.		12,000		94,581
Coca-Cola Co.		41,612		2,193,369
Coca-Cola European Partners PLC		393		20,499
Coca-Cola Femsa SAB de C.V., ADR		2,928		135,274
Coca-Cola Femsa SAB de CV		41,882		193,453
Constellation Brands, Inc., Class A		117		26,676
Davide Campari-Milano NV		2,180		24,400
Diageo PLC		6,162		253,144
Fomento Economico Mexicano SAB de CV		39,644		298,870
Fomento Economico Mexicano SAB de CV, ADR		761		57,326
Heineken NV		99		10,163
Jiangsu King’s Luck Brewery JSC Ltd., Class A		8,200		61,540
Kirin Holdings Co. Ltd.		1,000		19,188
Molson Coors Beverage Co., Class B(b)		2,798		143,118
Monster Beverage Corp.(a)		498		45,363
National Beverage Corp.		425		20,787
PepsiCo, Inc.		13,568		1,919,194
Pernod Ricard SA		272		50,913
Primo Water Corp.		9,117		148,242
Suntory Beverage & Food Ltd.		300		11,187
Treasury Wine Estates Ltd.		1,599		12,603
Tsingtao Brewery Co. Ltd., Class H		18,000		160,203
Tsingtao Brewery Co. Ltd., Class A, Class A		11,700		151,390
United Spirits Ltd.(a)		9,317		71,080
				7,449,708
Biotechnology — 2.8%
3SBio, Inc.(a)(c)		190,000		168,227
89bio, Inc.(a)		1,320		31,258
ACADIA Pharmaceuticals, Inc.(a)(b)		1,970		50,826
Acceleron Pharma, Inc.(a)(b)		165		22,376
ADMA Biologics, Inc.(a)		9,173		16,144
Adverum Biotechnologies, Inc.(a)		4,109		40,515
Affimed NV(a)		13,101		103,629
Agenus, Inc.(a)		9,933		27,018
Agios Pharmaceuticals, Inc.(a)		55		2,840
Akebia Therapeutics, Inc.(a)(b)		6,237		21,112
Akero Therapeutics, Inc.(a)		1,434		41,600
Alder Biopharmaceuticals, Inc.(d)		3,943		3,470
Alector, Inc.(a)(b)		5,742		115,644
Alexion Pharmaceuticals, Inc.(a)		1,251		191,290
Alkermes PLC(a)		152		2,839
Allakos, Inc.(a)		1,063		122,011
Allogene Therapeutics, Inc.(a)(b)		1,551		54,750
Allovir, Inc.(a)		1,209		28,291
Alnylam Pharmaceuticals, Inc.(a)		125		17,649
ALX Oncology Holdings, Inc.(a)		483		35,616
Amgen, Inc.		5,254		1,307,248
Amicus Therapeutics, Inc.(a)		14,741		145,641
Anavex Life Sciences Corp.(a)		2,179		32,576
Anika Therapeutics, Inc.(a)		800		32,632
Apellis Pharmaceuticals, Inc.(a)		1,960		84,104
Applied Molecular Transport, Inc.(a)		571		25,130
Applied Therapeutics, Inc.(a)		1,218		22,844
Aptinyx, Inc.(a)		12,794		38,382

Security	Shares		Value
Biotechnology (continued)
AquaBounty Technologies, Inc.(a)		3	$	20
Arcturus Therapeutics Holdings, Inc.(a)		603		24,904
Arcus Biosciences, Inc.(a)		3,757		105,497
Arcutis Biotherapeutics, Inc.(a)(b)		3,039		87,918
Arena Pharmaceuticals, Inc.(a)		2,284		158,487
Argenx SE(a)		46		12,649
Arrowhead Pharmaceuticals, Inc.(a)(b)		5,251		348,194
Assembly Biosciences, Inc.(a)		3,411		15,691
Atara Biotherapeutics, Inc.(a)		7,105		102,028
Athenex, Inc.(a)(b)		8,143		35,015
Athersys, Inc.(a)(b)		23,416		42,149
Avidity Biosciences, Inc.(a)		4,135		90,184
Avrobio, Inc.(a)		5,197		65,950
Beam Therapeutics, Inc.(a)(b)		2,016		161,361
BeiGene Ltd., ADR(a)		1,237		430,575
Beyondspring, Inc.(a)(b)		1,840		20,369
BioAtla, Inc.(a)		948		48,196
BioCryst Pharmaceuticals, Inc.(a)(b)		10,818		110,019
Biogen, Inc.(a)		1,083		302,969
Biohaven Pharmaceutical Holding Co. Ltd.(a)		1,542		105,396
Bioxcel Therapeutics, Inc.(a)		880		37,981
Black Diamond Therapeutics, Inc.(a)		3,753		91,048
Bluebird Bio, Inc.(a)		47		1,417
Blueprint Medicines Corp.(a)		1,124		109,286
Bridgebio Pharma, Inc.(a)(b)		6,260		385,616
C4 Therapeutics, Inc.(a)(b)		1,675		61,958
Cabaletta Bio Inc.(a)		1,820		20,202
CareDx, Inc.(a)		1,912		130,188
Celltrion, Inc.(a)		750		216,163
Centogene NV(a)		910		11,038
Cerevel Therapeutics Holdings, Inc.(a)		1,945		26,705
ChemoCentryx, Inc.(a)		2,817		144,343
China Biologic Products Holdings Inc.(a)		585		69,270
Clovis Oncology, Inc.(a)(b)		7,809		54,819
Coherus Biosciences, Inc.(a)(b)		7,401		108,129
Constellation Pharmaceuticals, Inc.(a)(b)		1,243		29,074
Crinetics Pharmaceuticals, Inc.(a)		4,021		61,441
CSL Ltd.		971		196,243
Cue Biopharma, Inc.(a)		1,777		21,679
Cullinan Oncology, Inc.(a)		875		36,461
Deciphera Pharmaceuticals, Inc.(a)		2,296		102,953
Denali Therapeutics, Inc.(a)(b)		3,047		173,984
Dynavax Technologies Corp.(a)		6,942		68,240
Editas Medicine, Inc.(a)		3,575		150,150
Emergent Biosolutions, Inc.(a)		3,741		347,576
Enanta Pharmaceuticals, Inc.(a)(b)		2,636		130,007
Epizyme, Inc.(a)		6,913		60,212
Esperion Therapeutics, Inc.(a)		736		20,645
Evelo Biosciences, Inc.(a)		2,385		25,519
Exact Sciences Corp.(a)		211		27,806
Exelixis, Inc.(a)		1,972		44,547
Exicure, Inc.(a)		5,365		11,696
Fate Therapeutics, Inc.(a)		3,675		303,004
Fennec Pharmaceuticals, Inc.(a)		1,750		10,867
FibroGen, Inc.(a)		5,708		198,125
Five Prime Therapeutics, Inc.(a)		1,666		62,758
Flexion Therapeutics, Inc.(a)(b)		5,960		53,342
Foghorn Therapeutics, Inc.(a)		2,487		32,779
Forma Therapeutics Holdings, Inc.(a)		1,397		39,144
Forte Biosciences, Inc.(a)		736		25,223
G1 Therapeutics, Inc.(a)(b)		4,626		111,302
Galera Therapeutics, Inc.(a)		2,006		17,693

4

Schedule of Investments (unaudited) (continued) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Generation Bio Co.(a)(b)		1,097	$	31,221
Genmab A/S(a)		94		30,916
Gilead Sciences, Inc.		29,498		1,906,456
Global Blood Therapeutics, Inc.(a)		39		1,589
GlycoMimetics, Inc.(a)		5,325		16,028
Gossamer Bio, Inc.(a)		5,538		51,226
Grifols SA		764		19,995
Halozyme Therapeutics, Inc.(a)		8,525		355,407
Harpoon Therapeutics, Inc.(a)		2,566		53,681
Heron Therapeutics, Inc.(a)		9,354		151,628
Hualan Biological Engineering, Inc., Class A		8,300		50,437
ImmunityBio, Inc.(a)(b)		1,269		30,126
ImmunoGen, Inc.(a)		3,634		29,435
Immunovant, Inc.(a)		1,587		25,455
Incyte Corp.(a)		227		18,448
Infinity Pharmaceuticals Inc.(a)		6,021		19,448
Innovent Biologics, Inc.(a)(c)		35,000		357,952
Inovio Pharmaceuticals, Inc.(a)(b)		11,425		106,024
Inozyme Pharma, Inc.(a)		892		17,662
Insmed, Inc.(a)		5,348		182,153
Intellia Therapeutics, Inc.(a)		2,204		176,882
Intercept Pharmaceuticals, Inc.(a)		3,873		89,389
Invitae Corp.(a)(b)		7,932		303,082
Iovance Biotherapeutics, Inc.(a)(b)		281		8,896
Kadmon Holdings, Inc.(a)		14,737		57,327
Karuna Therapeutics, Inc.(a)(b)		307		36,911
Karyopharm Therapeutics, Inc.(a)		14,678		154,413
Kindred Biosciences, Inc.(a)		10,351		51,444
Kiniksa Pharmaceuticals Ltd., Class A(a)		2,842		52,605
Kodiak Sciences, Inc.(a)		1,121		127,110
Kura Oncology, Inc.(a)		2,280		64,456
Kymera Therapeutics, Inc.(a)		1,455		56,541
Ligand Pharmaceuticals, Inc.(a)		830		126,533
LogicBio Therapeutics, Inc.(a)		2,154		15,681
MacroGenics, Inc.(a)		4,783		152,339
Madrigal Pharmaceuticals, Inc.(a)(b)		1,008		117,906
MannKind Corp.(a)(b)		4,517		17,707
Mirati Therapeutics, Inc.(a)(b)		3,067		525,377
Mirum Pharmaceuticals, Inc.(a)		1,941		38,471
Moderna, Inc.(a)		1,776		232,567
Molecular Templates, Inc.(a)		1,349		17,024
Mustang Bio, Inc.(a)		5,399		17,925
Myriad Genetics, Inc.(a)		4,529		137,908
Natera, Inc.(a)		6,327		642,444
NextCure, Inc.(a)		6,872		68,789
Nkarta, Inc.(a)		800		26,320
Novavax, Inc.(a)(b)		3,779		685,170
Nymox Pharmaceutical Corp.(a)(b)		5,685		12,621
Olema Pharmaceuticals, Inc.(a)		637		21,136
Oncorus, Inc.(a)		802		11,164
OPKO Health, Inc.(a)(b)		38,401		164,740
Organogenesis Holdings, Inc.(a)		1,306		23,795
ORIC Pharmaceuticals, Inc.(a)		1,641		40,204
Oyster Point Pharma, Inc.(a)		3,332		60,909
Passage Bio, Inc.(a)		3,880		67,822
PMV Pharmaceuticals, Inc.(a)		587		19,306
Poseida Therapeutics, Inc.(a)		3,625		34,619
Precision BioSciences, Inc.(a)		4,716		48,811
Prelude Therapeutics, Inc.(a)		421		18,242
Prevail Therapeutics, Inc.		1,105		552
Prothena Corp. PLC(a)		1,951		49,009
PTC Therapeutics, Inc.(a)		3,308		156,634

Security	Shares		Value
Biotechnology (continued)
Puma Biotechnology, Inc.(a)		4,800	$	46,656
Radius Health, Inc.(a)		3,864		80,603
Regeneron Pharmaceuticals, Inc.(a)(b)		664		314,165
REGENXBIO, Inc.(a)		1,445		49,289
Relay Therapeutics, Inc.(a)		2,016		69,693
Replimune Group, Inc.(a)		662		20,198
Revolution Medicines, Inc.(a)		2,670		122,500
Rigel Pharmaceuticals, Inc.(a)(b)		21,910		74,932
Rocket Pharmaceuticals, Inc.(a)		1,733		76,893
Rubius Therapeutics, Inc.(a)		718		19,027
Sage Therapeutics, Inc.(a)		67		5,015
Sana Biotechnology, Inc.(a)		6,121		204,870
Sangamo Therapeutics, Inc.(a)		6,559		82,184
Seagen, Inc.(a)		159		22,079
Selecta Biosciences, Inc.(a)		3,995		18,077
Seres Therapeutics, Inc.(a)(b)		6,530		134,453
Shanghai Junshi Biosciences Co Ltd, Class H(a)(c)		8,800		92,389
Silverback Therapeutics, Inc.(a)(b)		7,224		315,183
Solid Biosciences, Inc.(a)		6,152		34,021
Sorrento Therapeutics, Inc.(a)(b)		15,085		124,753
Spectrum Pharmaceuticals, Inc.(a)		12,474		40,665
SpringWorks Therapeutics, Inc.(a)		1,222		89,903
Sutro Biopharma, Inc.(a)		4,879		111,046
Taysha Gene Therapies, Inc.(a)		1,892		38,408
TG Therapeutics, Inc.(a)		5,636		271,655
Translate Bio, Inc.(a)		1,126		18,568
Travere Therapeutics, Inc.(a)		2,950		73,661
Turning Point Therapeutics, Inc.(a)		1,291		122,116
Twist Bioscience Corp.(a)		3,112		385,452
Ultragenyx Pharmaceutical, Inc.(a)(b)		4,741		539,810
United Therapeutics Corp.(a)		138		23,083
UNITY Biotechnology, Inc.(a)		5,174		31,044
UroGen Pharma Ltd.(a)		1,960		38,181
Veracyte, Inc.(a)		5,064		272,190
Vericel Corp.(a)		1,931		107,267
Vertex Pharmaceuticals, Inc.(a)		3,618		777,472
Vir Biotechnology, Inc.(a)		3,281		168,217
Xencor, Inc.(a)		4,042		174,048
Y-mAbs Therapeutics, Inc.(a)		1,441		43,576
Zai Lab Ltd., ADR(a)		1,473		196,542
Zentalis Pharmaceuticals, Inc.(a)		2,041		88,559
				22,588,377
Building Products — 1.0%
A O Smith Corp.		2,201		148,810
Advanced Drainage Systems, Inc.		3,560		368,068
AGC, Inc.		1,000		41,975
Allegion PLC		1,790		224,860
Armstrong World Industries, Inc.		69		6,216
Assa Abloy AB, Class B		1,601		46,077
AZEK Co., Inc.(a)		125		5,256
Beijing New Building Materials PLC, Class A		8,700		57,309
Builders FirstSource, Inc.(a)		18,742		869,067
Carrier Global Corp.		10,374		437,990
Cie de Saint-Gobain(a)		1,381		81,550
Cornerstone Building Brands, Inc.(a)		3,880		54,436
Daikin Industries Ltd.		900		181,943
Fortune Brands Home & Security, Inc.		1,286		123,225
Geberit AG, Registered Shares		139		88,466
Gibraltar Industries, Inc.(a)		2,658		243,234
Griffon Corp.		3,114		84,607
JELD-WEN Holding, Inc.(a)		4,119		114,055
Johnson Controls International PLC		6,924		413,155

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 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Building Products (continued)
Kingspan Group PLC		670	$	56,681
Lennox International, Inc.(b)		2,828		881,177
Masco Corp.		2,151		128,845
Masonite International Corp.(a)		1,994		229,789
Quanex Building Products Corp.		1,071		28,092
Resideo Technologies, Inc.(a)		10,113		285,692
Rockwool International AS, - B Shares		28		11,785
Trane Technologies PLC		10,332		1,710,566
Trex Co., Inc.(a)(b)		3,070		281,028
UFP Industries, Inc.		4,805		364,411
Zhejiang Weixing New Building Materials Co. Ltd., Class A		56,926		219,314
				7,787,679
Capital Markets — 2.0%
3i Group PLC		2,475		39,334
Affiliated Managers Group, Inc.		89		13,264
Ameriprise Financial, Inc.		627		145,746
Apollo Global Management Inc.		831		39,065
Ares Management Corp., Class A		844		47,289
Artisan Partners Asset Management, Inc., Class A		9,073		473,338
Assetmark Financial Holdings, Inc.(a)		13,397		312,686
ASX Ltd.		222		12,017
B. Riley Financial, Inc.		3,255		183,517
B3 SA - Brasil Bolsa Balcao		17,386		168,713
Bank of New York Mellon Corp.		19,609		927,310
BGC Partners, Inc., Class A		13,575		65,567
Blackstone Group, Inc.		364		27,129
Carlyle Group, Inc.		470		17,277
Cboe Global Markets, Inc.		534		52,701
Charles Schwab Corp.		11,740		765,213
China International Capital Corp. Ltd., Class H(a)(c)		39,200		95,367
CITIC Securities Co. Ltd., Class H		83,500		193,000
CME Group, Inc.		2,922		596,760
Cohen & Steers, Inc.		4,645		303,458
Cowen, Inc., Class A(b)		4,156		146,083
Credit Suisse Group AG, Registered Shares		8,638		91,385
Daiwa Securities Group, Inc.		4,000		20,720
Deutsche Bank AG, Registered Shares(a)		5,181		61,970
Deutsche Boerse AG		587		97,541
Donnelley Financial Solutions, Inc.(a)		5,876		163,529
Evercore, Inc., Class A		70		9,222
FactSet Research Systems, Inc.		192		59,249
Federated Hermes, Inc.		6,595		206,424
Franklin Resources, Inc.(b)		1,565		46,324
Goldman Sachs Group, Inc.		1,137		371,799
Guotai Junan Securities Co. Ltd., Class A		26,400		65,497
Haitong Securities Co. Ltd., Class H(b)		112,000		104,000
Hamilton Lane, Inc., Class A		7,149		633,116
Hargreaves Lansdown PLC		965		20,504
Hithink RoyalFlush Information Network Co. Ltd., Class A		7,507		137,328
Hong Kong Exchanges & Clearing Ltd.		2,800		166,112
Houlihan Lokey, Inc.		9,425		626,857
Huatai Securities Co. Ltd., Class A		105,700		273,818
Interactive Brokers Group, Inc., Class A		794		57,994
Intercontinental Exchange, Inc.		2,133		238,213
Invesco Ltd.		20,058		505,863
Investec Ltd.		50,373		148,024
Japan Exchange Group, Inc.		1,400		32,887
Julius Baer Group Ltd.		582		37,192
KKR & Co., Inc.		1,901		92,864
Korea Investment Holdings Co. Ltd.		1,531		116,318

Security	Shares		Value
Capital Markets (continued)
Lazard Ltd., Class A		308	$	13,401
London Stock Exchange Group PLC		801		76,575
LPL Financial Holdings, Inc.		196		27,863
Macquarie Group Ltd.		807		94,079
Magellan Financial Group Ltd.		268		9,250
MarketAxess Holdings, Inc.		132		65,725
Moelis & Co., Class A		8,648		474,602
Moody’s Corp.		2,033		607,074
Morgan Stanley		32,639		2,534,745
Morningstar, Inc.		167		37,582
MSCI, Inc.		300		125,784
Nasdaq, Inc.		515		75,942
Natixis SA(a)		2,758		13,183
NH Investment & Securities Co. Ltd.		4		41
Nomura Holdings, Inc.		9,100		48,216
Northern Trust Corp.		872		91,656
Orient Securities Co. Ltd/China, Class A		64,378		87,145
Partners Group Holding AG		56		71,564
PJT Partners, Inc., Class A		1,591		107,631
Pzena Investment Management, Inc., Class A		4,987		52,513
Raymond James Financial, Inc.		440		53,926
S&P Global, Inc.		1,155		407,565
SBI Holdings, Inc.		600		16,305
Schroders PLC		232		11,193
Sculptor Capital Management, Inc.		1,149		25,140
SEI Investments Co.		720		43,870
Silvercrest Asset Management Group, Inc., Class A		2,743		39,444
St James’s Place PLC		637		11,183
Standard Life Aberdeen PLC		4,951		19,779
State Street Corp.		5,036		423,074
Stifel Financial Corp.		9,816		628,813
T. Rowe Price Group, Inc.(b)		2,911		499,528
Tradeweb Markets, Inc., Class A(b)		327		24,198
UBS Group AG, Registered Shares		10,968		169,691
Virtus Investment Partners, Inc.		1,021		240,446
Westwood Holdings Group, Inc.		2,376		34,357
				16,272,667
Chemicals — 1.9%
AdvanSix, Inc.(a)		2,468		66,192
Air Liquide SA		1,733		282,957
Air Products & Chemicals, Inc.		884		248,705
Akzo Nobel NV		458		51,134
Albemarle Corp.		329		48,070
Amyris, Inc.(a)		6,659		127,187
Arkema SA		153		18,529
Asahi Kasei Corp.		2,200		25,396
Ashland Global Holdings, Inc.		89		7,901
Asian Paints Ltd.		13,687		476,211
Avient Corp.		13,906		657,337
Axalta Coating Systems Ltd.(a)		2,875		85,043
Balchem Corp.		2,606		326,818
BASF SE		2,927		243,242
Cabot Corp.		28		1,468
CF Industries Holdings, Inc.		666		30,223
Chemours Co.		246		6,866
Chr Hansen Holding A/S(a)		755		68,580
Corteva, Inc.		2,325		108,391
Covestro AG(c)		699		47,029
Dow, Inc.		3,823		244,443
Duk San Neolux Co. Ltd.(a)		2,151		86,473
DuPont de Nemours, Inc.		2,006		155,024
Ecolab, Inc.		3,707		793,557

6

Schedule of Investments (unaudited) (continued) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Element Solutions, Inc.		311	$	5,688
FMC Corp.		3,383		374,194
Formosa Chemicals & Fibre Corp.		20,000		61,580
Givaudan SA, Registered Shares		56		216,006
Grand Pacific Petrochemical(a)		72,000		69,434
Han Kuk Carbon Co. Ltd.		454		4,966
Hanwha Solutions Corp.(a)		3,694		165,145
Hawkins, Inc.		4,534		151,980
HB Fuller Co.		18,005		1,132,695
Huntsman Corp.		371		10,696
Indorama Ventures PCL, NVDR		236,200		337,590
Ingevity Corp.(a)		1,171		88,446
Innospec, Inc.		1,134		116,450
International Flavors & Fragrances, Inc.		627		87,535
Johnson Matthey PLC		161		6,688
Kolon Industries, Inc.		1,784		94,774
Koninklijke DSM NV		362		61,199
Kraton Corp.(a)		527		19,283
Kronos Worldwide, Inc.		9,576		146,513
Kuraray Co. Ltd.		6,000		68,635
LANXESS AG		262		19,337
LG Chem Ltd.		974		697,016
Linde PLC(a)		3,135		878,239
Livent Corp.(a)(b)		13,634		236,141
Lotte Chemical Corp.		310		82,809
LyondellBasell Industries NV, Class A		2,500		260,125
Mitsubishi Chemical Holdings Corp.		2,200		16,523
Nan Ya Plastics Corp.		176,000		494,543
NewMarket Corp.		3		1,140
Nippon Paint Holdings Co. Ltd.		2,000		28,887
Novozymes A/S, B Shares		959		61,363
Orica Ltd.		1,436		15,266
PhosAgro PJSC, GDR, Registered Shares		10,255		178,642
Pidilite Industries Ltd.		2,844		70,562
PPG Industries, Inc.		11,491		1,726,638
PTT Global Chemical PCL, NVDR		28,600		57,598
Saudi Basic Industries Corp.		30,499		955,662
Scotts Miracle-Gro Co.		96		23,517
Shandong Sinocera Functional Material Co. Ltd., Class A		20,900		136,016
Shenzhen Capchem Technology Co. Ltd., Class A		5,000		58,565
Sherwin-Williams Co.		412		304,060
Shin-Etsu Chemical Co. Ltd.		1,000		169,400
Sika AG, Registered Shares		552		157,847
Sinoma Science & Technology Co. Ltd., Class A		43,500		155,296
Solvay SA		723		89,981
Songwon Industrial Co. Ltd.		1,985		35,935
Stepan Co.		2,018		256,508
Sumitomo Chemical Co. Ltd.		3,900		20,234
Taiyo Nippon Sanso Corp.		1,600		30,506
Tata Chemicals Ltd.		5,107		52,721
Toray Industries, Inc.		1,200		7,747
Trinseo SA		5,013		319,178
Umicore SA		594		31,514
UPL Ltd.		22,959		202,506
Valvoline, Inc.		295		7,691
Wanhua Chemical Group Co. Ltd., Class A		10,000		161,839
Westlake Chemical Corp.		24		2,131
WR Grace & Co.		50		2,993
				15,432,949

Security	Shares		Value
Commercial Services & Supplies — 0.9%
ABM Industries, Inc.		7,511	$	383,136
ACCO Brands Corp.		21,440		180,954
Brambles Ltd.		14,469		116,717
BrightView Holdings, Inc.(a)(b)		11,209		189,096
Brink’s Co.		5,073		401,934
Cimpress PLC(a)		1,754		175,628
Cintas Corp.		1,296		442,338
Clean Harbors, Inc.(a)		76		6,389
Compx International, Inc.		266		4,791
Copart, Inc.(a)		9,122		990,740
CoreCivic, Inc.		6,744		61,033
Country Garden Services Holdings Co. Ltd.		28,000		285,389
Dai Nippon Printing Co. Ltd.		2,300		48,244
Deluxe Corp.(b)		3,771		158,231
Herman Miller, Inc.		8,389		345,207
IAA, Inc.(a)		9,539		525,980
KAR Auction Services, Inc.		11,459		171,885
Kimball International, Inc., Class B		20,574		288,036
Matthews International Corp., Class A		7,866		311,100
Montrose Environmental Group Inc.(a)		1,638		82,211
MSA Safety, Inc.		381		57,158
Pitney Bowes, Inc.		8,044		66,283
Rentokil Initial PLC(a)		13,266		88,569
Republic Services, Inc.		2,223		220,855
Rollins, Inc.		3,415		117,544
Secom Co. Ltd.		400		33,721
Securitas AB, B Shares		5,890		100,175
Steelcase, Inc., Class A(b)		18,636		268,172
Stericycle, Inc.(a)		177		11,949
Tetra Tech, Inc.		4,332		587,939
Toppan Printing Co. Ltd		2,200		37,297
Viad Corp.		1,718		71,726
Waste Connections, Inc.(b)		1,759		189,937
Waste Management, Inc.		2,954		381,125
				7,401,489
Communications Equipment — 0.4%
Addsino Co. Ltd., Class A		17,000		47,965
Applied Optoelectronics, Inc.(a)		5,073		42,410
BYD Electronic International Co. Ltd.		10,000		58,948
Calix, Inc.(a)		5,299		183,663
Casa Systems, Inc.(a)(b)		9,329		88,905
Ciena Corp.(a)(b)		1,064		58,222
Cisco Systems, Inc.		35,946		1,858,768
CommScope Holding Co., Inc.(a)		151		2,319
Extreme Networks, Inc.(a)		11,307		98,936
Hengtong Optic-Electric Co. Ltd., Class A		7,100		13,292
Infinera Corp.(a)(b)		3,083		29,689
Lumentum Holdings, Inc.(a)(b)		548		50,060
NETGEAR, Inc.(a)		3,477		142,905
Nokia OYJ(a)		17,714		70,743
Plantronics, Inc.		2,131		82,917
Telefonaktiebolaget LM Ericsson, B Shares		3,247		43,040
Tessco Technologies, Inc.		393		2,845
Ubiquiti, Inc.		4		1,193
ViaSat, Inc.(a)		51		2,452
Viavi Solutions, Inc.(a)		3,967		62,282
ZTE Corp., Class A		22,886		102,865
ZTE Corp., Class H		37,400		95,594
				3,140,013
Construction & Engineering — 0.7%
ACS Actividades de Construccion y Servicios SA		1,089		36,193

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 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
AECOM(a)		363	$	23,272
Aegion Corp.(a)		1,645		47,294
Ameresco, Inc., Class A(a)		2,667		129,696
API Group Corp.(a)(c)		7,436		153,776
China Conch Venture Holdings Ltd.		36,000		169,612
China Railway Group Ltd., Class A		136,800		123,309
Comfort Systems USA, Inc.		1,428		106,772
Dycom Industries, Inc.(a)		405		37,604
EMCOR Group, Inc.		12,722		1,426,899
Ferrovial SA		5,275		137,841
Fluor Corp.		7,374		170,266
Hochtief AG		924		82,724
Hyundai Engineering & Construction Co. Ltd.		2,179		85,196
Kalpataru Power Transmission Ltd.		18,880		97,555
KEC International Ltd.		16,035		90,582
Larsen & Toubro Ltd.		18,416		358,945
MasTec, Inc.(a)(b)		8,111		760,001
Matrix Service Co.(a)		6,515		85,412
MYR Group, Inc.(a)		3,594		257,582
Obayashi Corp.		4,200		38,552
Primoris Services Corp.		8,572		283,990
Quanta Services, Inc.(b)		2,649		233,059
Sino-Thai Engineering & Construction PCL		117,600		59,602
Tutor Perini Corp.(a)		4,267		80,860
Valmont Industries, Inc.		35		8,318
Vinci SA		913		93,511
WillScot Mobile Mini Holdings Corp.(a)		19,179		532,217
				5,710,640
Construction Materials — 0.3%
Ambuja Cements Ltd.		44,605		188,929
Cemex SAB de CV(a)		264,706		186,749
China National Building Material Co. Ltd., Class H		124,000		179,640
China Resources Cement Holdings Ltd.		132,000		148,898
CRH PLC		2,292		107,258
Eagle Materials, Inc.		72		9,677
Forterra, Inc.(a)		1,145		26,621
HeidelbergCement AG		1,340		121,750
James Hardie Industries PLC		1,659		50,141
LafargeHolcim Ltd., Registered Shares		4,133		243,041
Martin Marietta Materials, Inc.		220		73,880
Siam Cement PCL, NVDR		53,500		684,502
Summit Materials, Inc., Class A(a)(b)		8,000		224,160
Taiheiyo Cement Corp.		600		15,810
US Concrete, Inc.(a)(b)		2,153		157,858
Vulcan Materials Co.		483		81,506
				2,500,420
Consumer Finance — 0.5%
Ally Financial, Inc.		16,061		726,118
American Express Co.		12,512		1,769,697
Bajaj Finance Ltd.		3,227		228,460
Capital One Financial Corp.		1,656		210,693
Credit Acceptance Corp.(a)		12		4,323
Discover Financial Services		1,136		107,909
Encore Capital Group, Inc.(a)(b)		2,153		86,615
Enova International, Inc.(a)		1,686		59,819
Ezcorp, Inc., Class A(a)		3,841		19,090
FirstCash, Inc.		3,957		259,856
Green Dot Corp., Class A(a)		1,368		62,641
Isracard Ltd.		1		3
LendingClub Corp.(a)		6,502		107,413
LendingTree, Inc.(a)		11		2,343

Security	Shares		Value
Consumer Finance (continued)
Nelnet, Inc., Class A		867	$	63,066
OneMain Holdings, Inc.		93		4,996
Oportun Financial Corp.(a)		1,092		22,615
PRA Group, Inc.(a)		4,729		175,304
PROG Holdings, Inc.		5,832		252,467
Regional Management Corp.		1,681		58,263
SLM Corp.		732		13,154
Synchrony Financial		2,157		87,704
				4,322,549
Containers & Packaging — 0.3%
Amcor PLC		12,642		147,659
AptarGroup, Inc.(b)		2,260		320,174
Ardagh Group SA		56		1,423
Avery Dennison Corp.		911		167,305
Ball Corp.		3,086		261,508
Berry Global Group, Inc.(a)		293		17,990
Crown Holdings, Inc.(b)		5,929		575,350
Graphic Packaging Holding Co.		413		7,500
International Paper Co.		718		38,822
Myers Industries, Inc.		1,028		20,313
Packaging Corp. of America		592		79,612
Ranpak Holdings Corp.(a)		2,607		52,296
Sealed Air Corp.		2,281		104,515
Silgan Holdings, Inc.		62		2,606
Smurfit Kappa Group PLC		508		23,836
Sonoco Products Co.		196		12,407
Westrock Co.		4,151		216,060
				2,049,376
Distributors — 0.1%
Genuine Parts Co.		2,226		257,303
LKQ Corp.(a)		4,505		190,697
Pool Corp.		1,883		650,087
				1,098,087
Diversified Consumer Services — 0.4%
Bright Horizons Family Solutions, Inc.(a)		2,150		368,617
Chegg, Inc.(a)(b)		695		59,534
Cogna Educacao(a)		109,605		77,501
frontdoor, Inc.(a)		132		7,095
Graham Holdings Co., Class B		306		172,107
Grand Canyon Education, Inc.(a)		75		8,033
GSX Techedu, Inc., ADR(a)(b)		619		20,972
H&R Block, Inc.		1,928		42,030
New Oriental Education & Technology Group, Inc.(a)		2,300		31,857
New Oriental Education & Technology Group, Inc., ADR(a)		53,483		748,762
Offcn Education Technology Co. Ltd., Class A		17,800		76,700
Perdoceo Education Corp.(a)		3,637		43,499
Service Corp. International		387		19,756
Strategic Education, Inc.		3,010		276,649
Stride, Inc.(a)		1,515		45,617
TAL Education Group, ADR(a)(b)		10,444		562,409
Terminix Global Holdings, Inc.(a)(b)		6,304		300,512
Universal Technical Institute, Inc.(a)(b)		5,992		34,993
WW International, Inc.(a)		3,092		96,718
				2,993,361
Diversified Financial Services — 0.6%
Alerus Financial Corp.		2,021		60,185
AMP Ltd.		8,263		7,967
Berkshire Hathaway, Inc., Class B(a)		9,100		2,324,777
Cannae Holdings, Inc.(a)		12,537		496,716
Equitable Holdings, Inc.		2,124		69,285

8

Schedule of Investments (unaudited) (continued) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Financial Services (continued)
EXOR NV		214	$	18,049
FirstRand Ltd.(b)		112,893		394,528
Groupe Bruxelles Lambert SA		387		40,034
Jefferies Financial Group, Inc.		659		19,836
L&T Finance Holdings Ltd.		87,411		115,218
M&G PLC		5,424		15,500
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,900		11,485
ORIX Corp.		4,200		71,034
Voya Financial, Inc.(b)		17,954		1,142,593
Yuanta Financial Holding Co. Ltd.		69,000		54,511
				4,841,718
Diversified Telecommunication Services — 0.8%
AT&T, Inc.		48,515		1,468,549
ATN International, Inc.		654		32,124
Bandwidth, Inc., Class A(a)(b)		873		110,644
BT Group PLC(a)		28,702		61,230
Cellnex Telecom SA(c)		528		30,438
Cogent Communications Holdings, Inc.		2,102		144,534
Deutsche Telekom AG, Registered Shares		7,457		150,284
Emirates Telecommunications Group Co. PJSC		62,416		367,718
Hellenic Telecommunications Organization SA		3,572		57,314
IDT Corp., Class B(a)		6,071		137,569
Iridium Communications, Inc.(a)		2,194		90,503
KT Corp., ADR(a)(b)		41,764		519,544
LG Uplus Corp.		6,218		67,471
Liberty Latin America Ltd., Class C(a)		10,107		131,189
Lumen Technologies, Inc.		5,067		67,644
Nippon Telegraph & Telephone Corp.		1,500		38,703
Ooma, Inc.(a)		6,637		105,196
Orange SA		4,387		53,986
Radius Global Infrastructure, Inc., Class A(a)		11,473		168,653
Swisscom AG, Registered Shares		42		22,534
Telefonica Brasil SA		6,138		48,233
Telefonica Brasil SA, ADR(b)		13,435		105,733
Telefonica SA		13,905		62,515
Telekom Malaysia Bhd		125,800		186,066
Telkom Indonesia Persero Tbk PT		1,123,200		265,115
Telkom Indonesia Persero Tbk PT, ADR		6,755		159,688
Telkom SA SOC Ltd.		36,963		105,966
Verizon Communications, Inc.		23,140		1,345,591
Vonage Holdings Corp.(a)		7,580		89,596
				6,194,330
Electric Utilities — 0.9%
AusNet Services		22,075		30,855
Avangrid, Inc.		1,859		92,597
CPFL Energia SA		23,822		128,746
Edison International		4,448		260,653
EDP - Energias do Brasil SA		82,407		289,738
Electricite de France SA(a)		3,334		44,723
Elia Group SA/NV		420		46,254
Enel SpA		27,741		275,949
Energisa SA		12,001		96,415
Eversource Energy		8,006		693,240
Exelon Corp.		10,053		439,718
Fortum OYJ		4,715		125,933
Hawaiian Electric Industries, Inc.		144		6,398
Iberdrola SA		26,806		345,983
IDACORP, Inc.		925		92,472
Korea Electric Power Corp.		5,843		119,874
Light SA(a)		20,245		72,439
NextEra Energy, Inc.		20,018		1,513,561
Orsted A/S(c)		900		145,319

Security	Shares		Value
Electric Utilities (continued)
Pinnacle West Capital Corp.		1,522	$	123,815
PNM Resources, Inc.		2,517		123,459
Portland General Electric Co.		4,255		201,985
Red Electrica Corp. SA		138		2,448
SSE PLC		5,222		104,706
Tenaga Nasional Bhd		245,800		600,363
Terna Rete Elettrica Nazionale SpA		13,896		104,944
Verbund AG		478		34,721
Xcel Energy, Inc.		11,393		757,748
				6,875,056
Electrical Equipment — 0.8%
ABB Ltd., Registered Shares		3,561		108,331
Acuity Brands, Inc.(b)		453		74,745
Amara Raja Batteries Ltd.		6,819		79,853
AMETEK, Inc.		883		112,786
Atkore, Inc.(a)		1,491		107,203
Bizlink Holding, Inc.		18,000		169,198
Bloom Energy Corp., Class A(a)(b)		6,818		184,427
Contemporary Amperex Technology Co. Ltd., Class A		4,500		223,321
East Group Co. Ltd., Class A		10,700		10,513
Eaton Corp. PLC		1,802		249,181
Emerson Electric Co.		2,836		255,864
EnerSys		400		36,320
FuelCell Energy, Inc.(a)		12,580		181,278
Generac Holdings, Inc.(a)		1,226		401,454
Guoxuan High-Tech Co. Ltd., Class A(a)		2,900		16,015
Havells India Ltd.		10,694		154,017
Hongfa Technology Co. Ltd., Class A		5,800		43,787
Hubbell, Inc.		130		24,296
Legrand SA		1,064		98,854
LS Electric Co. Ltd.		1,787		96,585
Mitsubishi Electric Corp.		7,200		110,038
NARI Technology Co. Ltd., Class A		8,200		39,068
Nidec Corp.		1,100		134,121
nVent Electric PLC		227		6,336
Plug Power, Inc.(a)		25,009		896,322
Prysmian SpA		1,250		40,588
Regal Beloit Corp.		78		11,129
Rockwell Automation, Inc.		1,663		441,427
Schneider Electric SE		1,441		219,515
Sensata Technologies Holding PLC(a)		852		49,373
Shanghai Electric Group Co. Ltd., Class A(a)		22,200		18,807
Shanghai Electric Group Co. Ltd., Class H(a)		216,000		77,895
Siemens Energy AG(a)		862		30,943
Siemens Gamesa Renewable Energy SA		559		21,680
Sungrow Power Supply Co. Ltd., Class A		11,200		123,641
Sunrun, Inc.(a)(b)		11,702		707,737
Teco Electric and Machinery Co., Ltd.		145,000		164,789
TPI Composites, Inc.(a)(b)		4,208		237,457
Vertiv Holdings Co.		323		6,460
Vestas Wind Systems A/S		882		181,945
Voltronic Power Technology Corp.		1,000		39,002
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		9,900		21,528
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		55,400		105,112
Zhejiang Chint Electrics Co. Ltd., Class A		4,100		22,743
Zhuzhou CRRC Times Electric Co. Ltd., Class H		11,200		42,017
				6,377,701
Electronic Equipment, Instruments & Components — 1.5%
AU Optronics Corp.(a)		561,000		418,516
Avnet, Inc.		115		4,774

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) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Benchmark Electronics, Inc.		5,398	$	166,906
BOE Technology Group Co. Ltd., Class A		337,600		323,691
Cheng Uei Precision Industry Co. Ltd.		30,000		50,717
Chroma ATE Inc.		14,000		93,275
Cognex Corp.		244		20,250
Coherent, Inc.(a)		46		11,633
Corning, Inc.		2,474		107,644
Delta Electronics, Inc.		98,000		999,463
Dolby Laboratories, Inc., Class A		123		12,143
ePlus, Inc.(a)		4,446		442,999
FARO Technologies, Inc.(a)		2,949		255,295
Flex Ltd.(a)		18,337		335,750
FLEXium Interconnect, Inc.		41,000		181,264
FLIR Systems, Inc.		275		15,529
GoerTek, Inc., Class A		61,000		253,949
Halma PLC		722		23,621
Hamamatsu Photonics KK		1,100		65,169
Hitachi Ltd.		2,400		108,788
Hon Hai Precision Industry Co. Ltd.		232,000		1,017,718
II-VI, Inc.(a)(b)		4,566		312,177
Innolux Corp.		336,000		250,758
Insight Enterprises, Inc.(a)(b)		6,037		576,051
Iteris, Inc.(a)		9,233		56,968
Itron, Inc.(a)(b)		6,236		552,821
Jabil, Inc.		306		15,961
Keyence Corp.		400		182,302
Kingboard Holdings Ltd.		32,500		175,902
Knowles Corp.(a)		17,562		367,397
Kyocera Corp.		1,500		95,445
Largan Precision Co. Ltd.		4,000		452,402
LG Display Co. Ltd.(a)		6,693		135,592
LG Innotek Co. Ltd.		397		72,566
Littelfuse, Inc.		45		11,900
Methode Electronics, Inc.		6,578		276,144
Murata Manufacturing Co. Ltd.		600		48,297
National Instruments Corp.		4,404		190,187
nLight, Inc.(a)		1,391		45,068
Novanta, Inc.(a)		1,645		216,959
Omron Corp.		600		46,999
OSI Systems, Inc.(a)		7,751		744,871
PAR Technology Corp.(a)(b)		1,432		93,667
PC Connection, Inc.		5,458		253,197
Rogers Corp.(a)		395		74,343
Samsung Electro-Mechanics Co. Ltd.		1,231		205,474
Samsung SDI Co. Ltd.		1,219		716,799
ScanSource, Inc.(a)		9,043		270,838
Sunny Optical Technology Group Co. Ltd.		13,200		303,259
SYNNEX Corp.		55		6,316
TDK Corp.		300		41,762
TE Connectivity Ltd.		149		19,237
TPK Holding Co. Ltd.(a)		112,000		197,287
Trimble, Inc.(a)		309		24,037
Unimicron Technology Corp.		39,000		126,088
Vontier Corp.(a)		258		7,810
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		10,300		124,721
Zebra Technologies Corp., Class A(a)		38		18,437
				12,219,133
Energy Equipment & Services — 0.4%
Archrock, Inc.		5,878		55,782
Aspen Aerogels, Inc.(a)		1,637		33,297
Baker Hughes, Inc.		174		3,760

Security	Shares		Value
Energy Equipment & Services (continued)
Cactus, Inc., Class A		2,516	$	77,040
ChampionX Corp.(a)		15,290		332,252
Frank’s International NV(a)		15,268		54,201
Helix Energy Solutions Group, Inc.(a)		21,289		107,510
Helmerich & Payne, Inc.		95		2,561
Liberty Oilfield Services, Inc., Class A		5,832		65,843
Natural Gas Services Group, Inc.(a)(b)		3,703		34,956
Newpark Resources, Inc.(a)		5,681		17,838
NOV, Inc.		792		10,866
Oceaneering International, Inc.(a)		12,801		146,188
Oil States International, Inc.(a)		8,695		52,431
Patterson-UTI Energy, Inc.		8,502		60,619
ProPetro Holding Corp.(a)		4,104		43,749
Schlumberger NV		60,197		1,636,757
Smart Sand, Inc.(a)(b)		600		1,518
TechnipFMC PLC(b)		23,971		185,056
Tenaris SA		791		8,945
Transocean Ltd.(a)(b)		35,104		124,619
U.S. Silica Holdings, Inc.		6,856		84,260
				3,140,048
Entertainment — 1.1%
Activision Blizzard, Inc.		2,414		224,502
AMC Entertainment Holdings, Inc., Class A(b)		21,526		219,780
Bilibili, Inc., ADR(a)(b)		2,901		310,581
Cinemark Holdings, Inc.(b)		7,299		148,973
Electronic Arts, Inc.		3,116		421,813
Eros STX Global Corp.(a)		46,305		83,812
Gaia, Inc.(a)		4,042		48,059
Glu Mobile, Inc.(a)		8,969		111,933
IMAX Corp.(a)		5,451		109,565
Liberty Media Corp.-Liberty Formula One, Class A(a)		76		2,905
Liberty Media Corp.-Liberty Formula One, Class C(a)		260		11,255
Lions Gate Entertainment Corp., Class A(a)		182		2,721
Lions Gate Entertainment Corp., Class B(a)		7,844		101,188
Live Nation Entertainment, Inc.(a)		134		11,343
Madison Square Garden Sports Corp.(a)		21		3,769
Marcus Corp.		1,697		33,923
NCSoft Corp.		338		261,255
NetEase, Inc., ADR		11,905		1,229,310
Netflix, Inc.(a)		2,643		1,378,747
Nexon Co. Ltd.		700		22,714
NHN Corp.(a)		1,485		95,408
Nintendo Co. Ltd.		200		112,727
Roku, Inc.(a)		1,269		413,402
SM Entertainment Co. Ltd.(a)		1,877		49,304
Spotify Technology SA(a)		942		252,409
Studio Dragon Corp.(a)		601		53,246
Take-Two Interactive Software, Inc.(a)		334		59,018
Ubisoft Entertainment SA(a)		150		11,401
Vivendi SE		1,738		57,048
Walt Disney Co.(a)		15,647		2,887,184
World Wrestling Entertainment, Inc., Class A		14		760
Zynga, Inc., Class A(a)		31,278		319,348
				9,049,403
Equity Real Estate Investment Trusts (REITs) — 1.9%
Acadia Realty Trust		13,910		263,873
Agree Realty Corp.		2,012		135,428
Alexander & Baldwin, Inc.		14,000		235,060
Alexandria Real Estate Equities, Inc.		514		84,450
Alpine Income Property Trust, Inc.		3,002		52,115
American Assets Trust, Inc.		2,348		76,169

10

Schedule of Investments (unaudited) (continued) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
American Campus Communities, Inc.		256	$	11,052
American Homes Rent, Class A		627		20,904
American Tower Corp.		1,480		353,809
Americold Realty Trust		434		16,696
Apartment Income REIT Corp.		294		12,571
Apartment Investment and Management Co., Class A		20,220		124,151
Apple Hospitality REIT, Inc.		138		2,011
Armada Hoffler Properties, Inc.		5,752		72,130
AvalonBay Communities, Inc.		549		101,296
Boston Properties, Inc.		806		81,616
Braemar Hotels & Resorts, Inc.(a)		2,591		15,727
British Land Co. PLC		770		5,357
Brixmor Property Group, Inc.		7,289		147,456
Broadstone Net Lease, Inc.(b)		18,412		336,940
Brookfield Property REIT, Inc., Class A		3,943		70,777
Camden Property Trust		414		45,503
CareTrust REIT, Inc.		6,309		146,905
City Office REIT, Inc.		8,692		92,309
Clipper Realty, Inc.		10,412		82,463
Colony Capital, Inc.(b)		54,820		355,234
CorEnergy Infrastructure Trust, Inc.(b)		5,000		35,350
CorePoint Lodging, Inc.		15,213		137,373
CoreSite Realty Corp.		69		8,270
Corporate Office Properties Trust		69		1,817
Cousins Properties, Inc.		258		9,120
Covivio		169		14,454
Crown Castle International Corp.		1,378		237,195
CTO Realty Growth, Inc.		401		20,856
CubeSmart		409		15,472
CyrusOne, Inc.		278		18,826
Dexus		2,732		20,314
DiamondRock Hospitality Co.(a)		17,386		179,076
Digital Realty Trust, Inc.		961		135,347
Diversified Healthcare Trust		11,883		56,801
Douglas Emmett, Inc.		297		9,326
Duke Realty Corp.		1,425		59,750
Easterly Government Properties, Inc.		16,887		350,067
EPR Properties		74		3,448
Equinix, Inc.		2,083		1,415,586
Equity Commonwealth		103		2,863
Equity LifeStyle Properties, Inc.		932		59,312
Equity Residential		1,501		107,517
Essential Properties Realty Trust, Inc.		2,437		55,637
Essex Property Trust, Inc.		249		67,688
Extra Space Storage, Inc.		415		55,008
Federal Realty Investment Trust		168		17,044
Fibra Uno Administracion SA de CV		57,464		67,165
First Industrial Realty Trust, Inc.		9,815		449,429
Four Corners Property Trust, Inc.		15,449		423,303
Gaming and Leisure Properties, Inc.		512		21,724
Gecina SA		116		15,968
Global Net Lease, Inc.		7,857		141,897
GLP J-Reit		4		6,573
Goodman Group		2,690		37,144
GPT Group		5,319		18,659
Growthpoint Properties Ltd.		86,997		77,802
Healthcare Trust of America, Inc., Class A		420		11,584
Healthpeak Properties, Inc.(b)		2,628		83,413
Highwoods Properties, Inc.		148		6,355
Host Hotels & Resorts, Inc.		2,663		44,872
Hudson Pacific Properties, Inc.		200		5,426
Invitation Homes, Inc.		957		30,614
Iron Mountain, Inc.		1,008		37,306

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
iStar, Inc.(b)		4,692	$	83,424
Japan Real Estate Investment Corp.		3		17,728
Japan Retail Fund Investment Corp.		12		12,294
JBG SMITH Properties		153		4,864
Kilroy Realty Corp.		10,120		664,176
Kimco Realty Corp.		918		17,212
Klepierre SA		715		16,642
Lamar Advertising Co., Class A		192		18,033
Land Securities Group PLC		1,607		15,280
Life Storage, Inc.		141		12,119
Link REIT		5,700		52,005
Macerich Co.(b)		22,771		266,421
Medical Properties Trust, Inc.		2,503		53,264
Mid-America Apartment Communities, Inc.		402		58,033
Mirvac Group		8,323		15,877
National Retail Properties, Inc.		374		16,482
National Storage Affiliates Trust		12,758		509,427
NexPoint Residential Trust, Inc.		1,062		48,948
Nippon Building Fund, Inc.		4		23,571
Nippon Prologis REIT, Inc.		4		12,862
Nomura Real Estate Master Fund, Inc.		6		9,034
Omega Healthcare Investors, Inc.		1,106		40,513
Orix JREIT, Inc.		8		13,934
Outfront Media, Inc.		116		2,532
Park Hotels & Resorts, Inc.		403		8,697
Pebblebrook Hotel Trust		8,207		199,348
Pennsylvania Real Estate Investment Trust		18,057		34,669
Plymouth Industrial REIT, Inc.		3,983		67,114
Postal Realty Trust Inc.		3,951		67,878
Preferred Apartment Communities, Inc., Class A		3,692		36,366
Prologis, Inc.		12,382		1,312,492
Public Storage		522		128,809
QTS Realty Trust, Inc., Class A		5,319		329,991
Rayonier, Inc.		189		6,095
Realty Income Corp.		1,546		98,171
Regency Centers Corp.		4,442		251,906
Retail Properties of America, Inc., Class A		4,476		46,908
Retail Value, Inc.		10,828		202,592
Rexford Industrial Realty, Inc.		238		11,995
RPT Realty		14,964		170,739
Ryman Hospitality Properties, Inc.		3,066		237,646
Saul Centers, Inc.		657		26,352
SBA Communications Corp.		418		116,016
Scentre Group		12,878		27,728
Segro PLC		1,779		22,990
Seritage Growth Properties, Class A(a)		3,703		67,950
Simon Property Group, Inc.		2,036		231,636
SITE Centers Corp.		23,436		317,792
SL Green Realty Corp.(b)		1,253		87,697
Spirit Realty Capital, Inc.		161		6,842
STAG Industrial, Inc.		1,912		64,262
Stockland		2,861		9,604
STORE Capital Corp.		537		17,989
Sun Communities, Inc.		454		68,118
Tanger Factory Outlet Centers, Inc.		1,950		29,503
Terreno Realty Corp.		6,832		394,685
UDR, Inc.		1,299		56,974
Unibail-Rodamco-Westfield(a)		384		30,681
United Urban Investment Corp.		7		9,421
Uniti Group, Inc.		12,696		140,037
Ventas, Inc.		1,426		76,063
VEREIT Inc.		1,400		54,068
VICI Properties, Inc.		2,292		64,726

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) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Vicinity Centres		5,630	$	7,117
Vornado Realty Trust		1,218		55,285
Weingarten Realty Investors		98		2,637
Welltower, Inc.		1,473		105,511
Weyerhaeuser Co.		2,548		90,709
WP Carey, Inc.		1,040		73,590
				14,966,827
Food & Staples Retailing — 1.1%
Aeon Co. Ltd.		900		26,883
Andersons, Inc.		557		15,251
Bid Corp. Ltd.(a)		2,948		57,148
BJ’s Wholesale Club Holdings, Inc.(a)(b)		7,127		319,717
Carrefour SA		1,846		33,423
Chefs’ Warehouse, Inc.(a)		3,083		93,908
Clicks Group Ltd.		16,052		261,443
Coles Group Ltd.		3,542		43,193
Cosmos Pharmaceutical Corp.		100		15,600
Costco Wholesale Corp.		9,945		3,505,414
Grocery Outlet Holding Corp.(a)		65		2,398
Jeronimo Martins SGPS SA		4,312		72,563
Koninklijke Ahold Delhaize NV		6,502		181,359
Kroger Co.		9,912		356,733
Lawson, Inc.		500		24,535
Migros Ticaret(a)		10,864		46,134
Performance Food Group Co.(a)		12,063		694,950
President Chain Store Corp.		25,000		239,081
PriceSmart, Inc.		2,839		274,673
Rite Aid Corp.(a)(b)		4,937		101,011
Shoprite Holdings Ltd.		14,452		153,742
SpartanNash Co.		1,931		37,906
Sprouts Farmers Market, Inc.(a)		65		1,730
Sun Art Retail Group Ltd.		121,500		99,671
Sysco Corp.		5,253		413,621
Tsuruha Holdings, Inc.		100		12,904
United Natural Foods, Inc.(a)		3,218		106,001
US Foods Holding Corp.(a)		507		19,327
Walgreens Boots Alliance, Inc.		7,717		423,663
Wal-Mart de Mexico SAB de CV		30,093		94,919
Walmart, Inc.		3,557		483,147
Weis Markets, Inc.		993		56,124
Welcia Holdings Co. Ltd.		700		24,017
Wm Morrison Supermarkets PLC		3,713		9,339
Woolworths Group Ltd.		2,956		92,062
				8,393,590
Food Products — 1.3%
Ajinomoto Co., Inc.		1,400		28,698
Archer-Daniels-Midland Co.		1,724		98,268
Associated British Foods PLC(a)		549		18,240
AVI Ltd.		12,105		61,181
B&G Foods, Inc.		1,739		54,013
Barry Callebaut AG, Registered Shares		57		129,053
Beyond Meat, Inc.(a)(b)		122		15,875
BRF SA(a)		21,582		96,701
BRF SA, ADR(a)		27,199		122,123
Bunge Ltd.		577		45,739
China Mengniu Dairy Co. Ltd.		52,000		299,559
Chocoladefabriken Lindt & Spruengli AG		3		26,134
Chongqing Fuling Zhacai Group Co. Ltd., Class A		13,600		87,349
Conagra Brands, Inc.		630		23,688
Dali Foods Group Co. Ltd.(c)		89,500		50,881
Danone SA		1,756		120,195
Darling Ingredients, Inc.(a)		8,941		657,879

Security	Shares		Value
Food Products (continued)
Flowers Foods, Inc.		283	$	6,735
Freshpet, Inc.(a)(b)		3,924		623,170
Fu Jian Anjoy Foods Co. Ltd., Class A		2,200		70,101
General Mills, Inc.		12,188		747,368
Grupo Bimbo SAB de CV, Series A		117,410		246,429
Hain Celestial Group, Inc.(a)		97		4,229
Hershey Co.(b)		6,779		1,072,167
Hostess Brands, Inc.(a)		21,397		306,833
Ingredion, Inc.		130		11,690
J.M. Smucker Co.(b)		2,235		282,795
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		9,600		71,001
Kellogg Co.(b)		13,826		875,186
Kerry Group PLC, Class A		428		53,452
Kikkoman Corp.		800		47,708
Landec Corp.(a)		3,788		40,153
M Dias Branco SA		40,426		220,493
McCormick & Co., Inc.		6,812		607,358
Mondelez International, Inc., Class A		5,169		302,542
Nestle India Ltd.		793		186,502
Nestle SA, Registered Shares		7,967		888,132
Nissin Foods Holdings Co. Ltd.		200		14,828
NongShim Co. Ltd.		211		52,920
Post Holdings, Inc.(a)		129		13,638
Sanderson Farms, Inc.		1,701		264,982
Sao Martinho SA		10,965		57,780
Simply Good Foods Co.(a)(b)		9,152		278,404
Tingyi Cayman Islands Holding Corp.		68,000		125,033
Tongwei Co. Ltd., Class A		17,900		90,075
Toyo Suisan Kaisha Ltd.		500		20,985
TreeHouse Foods, Inc.(a)		34		1,776
Tyson Foods, Inc., Class A		211		15,677
Uni-President China Holdings Ltd.		47,000		57,186
Uni-President Enterprises Corp.		274,000		703,609
Universal Robina Corp.		18,640		51,197
Vital Farms, Inc.(a)		6,366		139,033
Want Want China Holdings Ltd.		350,000		262,965
Yakult Honsha Co. Ltd.		600		30,359
				10,780,067
Gas Utilities — 0.4%
APA Group		8,455		64,558
Atmos Energy Corp.(b)		4,401		435,039
Brookfield Infrastructure Corp., Class A		2,169		165,647
China Resources Gas Group Ltd.		28,000		155,411
ENN Energy Holdings Ltd.		25,700		414,522
Hong Kong & China Gas Co. Ltd.		102,600		162,681
Korea Gas Corp.(a)		2,723		81,354
National Fuel Gas Co.		120		5,999
Naturgy Energy Group SA		3,404		83,578
New Jersey Resources Corp.		12,256		488,647
Osaka Gas Co. Ltd.		4,300		83,913
Snam SpA		18,035		99,985
South Jersey Industries, Inc.		2,218		50,082
Southwest Gas Holdings, Inc.		13,468		925,386
Spire, Inc.		773		57,117
Toho Gas Co. Ltd.		300		18,513
Tokyo Gas Co. Ltd.		2,700		60,153
UGI Corp.		3,662		150,179
				3,502,764
Health Care Equipment & Supplies — 1.7%
Abbott Laboratories		4,070		487,749
Accuray, Inc.(a)		25,128		124,384

12

Schedule of Investments (unaudited) (continued) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Alcon, Inc.(a)		1,108	$	77,754
Align Technology, Inc.(a)		1,102		596,766
Alphatec Holdings, Inc.(a)		3,242		51,191
Ambu AS, B Shares		293		13,760
Asahi Intecc Co. Ltd.		300		8,281
AtriCure, Inc.(a)		4,773		312,727
Atrion Corp.		182		116,718
Axogen, Inc.(a)		1,935		39,203
Axonics Modulation Technologies, Inc.(a)		1,514		90,673
Baxter International, Inc.		902		76,075
Becton Dickinson and Co.		1,054		256,280
Boston Scientific Corp.(a)		3,055		118,076
Cantel Medical Corp.(a)		3,863		308,422
Cardiovascular Systems, Inc.(a)		5,620		215,471
Carl Zeiss Meditec AG		182		27,434
Cerus Corp.(a)		14,819		89,062
Coloplast A/S, Class B		298		44,803
CONMED Corp.		1,821		237,804
Cooper Cos., Inc.		18		6,914
CryoLife, Inc.(a)		2,991		67,537
CryoPort, Inc.(a)		1,814		94,346
Danaher Corp.		4,775		1,074,757
DENTSPLY SIRONA, Inc.		274		17,484
DexCom, Inc.(a)(b)		1,446		519,678
Edwards Lifesciences Corp.(a)		6,575		549,933
Envista Holdings Corp.(a)		5,967		243,454
GenMark Diagnostics, Inc.(a)		3,800		90,820
Glaukos Corp.(a)		1,064		89,302
Globus Medical, Inc., Class A(a)		122		7,524
GN Store Nord A/S		196		15,427
Haemonetics Corp.(a)		102		11,323
Hartalega Holdings Bhd		8,000		17,241
Heska Corp.(a)(b)		1,665		280,486
Hill-Rom Holdings, Inc.		2,534		279,956
Hologic, Inc.(a)		2,005		149,132
Hoya Corp.		800		94,157
ICU Medical, Inc.(a)(b)		26		5,341
IDEXX Laboratories, Inc.(a)		1,473		720,754
Inari Medical, Inc.(a)		446		47,722
Inogen, Inc.(a)		2,983		156,667
Insulet Corp.(a)		123		32,093
Integer Holdings Corp.(a)		1,871		172,319
Integra LifeSciences Holdings Corp.(a)		116		8,014
Intersect ENT, Inc.(a)		4,631		96,695
Intuitive Surgical, Inc.(a)		296		218,726
iRhythm Technologies, Inc.(a)		1,456		202,180
Koninklijke Philips NV(a)		1,614		92,039
LeMaitre Vascular, Inc.		3,557		173,510
LivaNova PLC(a)		3,144		231,807
Medtronic PLC		8,845		1,044,860
Mesa Laboratories, Inc.		418		101,783
Natus Medical, Inc.(a)		7,196		184,290
Neogen Corp.(a)		2,332		207,291
Nevro Corp.(a)		3,080		429,660
NuVasive, Inc.(a)		3,574		234,311
Olympus Corp.		2,600		53,934
OraSure Technologies, Inc.(a)		7,719		90,081
Ortho Clinical Diagnostics Holdings PLC(a)		1,578		30,448
Penumbra, Inc.(a)		106		28,681
Quidel Corp.(a)		293		37,484
ResMed, Inc.		174		33,759

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		5,269	$	322,178
Shockwave Medical, Inc.(a)(b)		1,534		199,819
Siemens Healthineers AG(c)		1,387		75,178
Silk Road Medical, Inc.(a)(b)		2,124		107,581
Smith & Nephew PLC		1,898		36,033
Sonova Holding AG, Registered Shares(a)		106		28,098
STAAR Surgical Co.(a)(b)		1,738		183,203
STERIS PLC		127		24,191
Straumann Holding AG, Registered Shares		15		18,728
Stryker Corp.		777		189,262
Sysmex Corp.		300		32,383
Tactile Systems Technology, Inc.(a)		2,294		125,000
Tandem Diabetes Care, Inc.(a)(b)		306		27,005
Teleflex, Inc.		53		22,019
Terumo Corp.		1,600		57,901
Varex Imaging Corp.(a)		4,732		96,959
West Pharmaceutical Services, Inc.		209		58,892
Zimmer Biomet Holdings, Inc.		390		62,431
Zynex, Inc.(a)(b)		1,580		24,127
				13,227,541
Health Care Providers & Services — 1.6%
1Life Healthcare, Inc.(a)		7,897		308,615
Acadia Healthcare Co., Inc.(a)		148		8,457
AdaptHealth Corp.(a)(b)		3,303		121,418
Amedisys, Inc.(a)		76		20,124
AmerisourceBergen Corp.		6,022		711,017
AMN Healthcare Services, Inc.(a)		4,215		310,645
Anthem, Inc.		1,891		678,774
Cardinal Health, Inc.		7,984		485,028
Centene Corp.(a)		3,504		223,941
Chemed Corp.		34		15,634
Cigna Corp.		2,480		599,515
CorVel Corp.(a)		1,248		128,032
Covetrus, Inc.(a)(b)		6,211		186,144
CVS Health Corp.		6,975		524,729
DaVita, Inc.(a)		172		18,536
Encompass Health Corp.		218		17,854
Fresenius Medical Care AG & Co. KGaA		1,026		75,577
Fresenius SE & Co. KGaA		2,121		94,513
Fulgent Genetics, Inc.(a)(b)		690		66,668
Guardant Health, Inc.(a)		215		32,820
HCA Healthcare, Inc.		876		164,986
HealthEquity, Inc.(a)		1,956		133,008
Henry Schein, Inc.(a)		4,758		329,444
Humana, Inc.		868		363,909
IHH Healthcare Bhd		159,100		204,251
Innovage Holding Corp.(a)		4,654		120,027
Jinxin Fertility Group Ltd.(b)(c)		36,000		77,868
Joint Corp.(a)		1,917		92,725
Laboratory Corp. of America Holdings(a)		282		71,918
LHC Group, Inc.(a)		2,299		439,592
Magellan Health, Inc.(a)(b)		1,484		138,368
McKesson Corp.		5,976		1,165,559
MEDNAX, Inc.(a)		890		22,668
National Research Corp.		1,678		78,581
Netcare Ltd.(a)		267,308		258,072
Option Care Health, Inc.(a)		5,943		105,429
Owens & Minor, Inc.		4,342		163,216
Patterson Cos., Inc.(b)		11,755		375,572
PetIQ, Inc.(a)		4,495		158,494
Premier, Inc., Class A		164		5,551

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) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Progyny, Inc.(a)		1,710	$	76,112
Quest Diagnostics, Inc.		481		61,732
R1 RCM, Inc.(a)(b)		6,128		151,239
Select Medical Holdings Corp.(a)		5,605		191,130
Signify Health, Inc., Class A(a)		8,056		235,719
Sinopharm Group Co. Ltd., Class H		103,600		250,992
SOC Telemed, Inc.(a)		3,391		21,329
Tenet Healthcare Corp.(a)		5,181		269,412
U.S. Physical Therapy, Inc.		487		50,697
UnitedHealth Group, Inc.		6,543		2,434,454
Universal Health Services, Inc., Class B		313		41,751
Viemed Healthcare, Inc.(a)		3,773		38,183
				12,920,029
Health Care Technology — 0.4%
Allscripts Healthcare Solutions, Inc.(a)		9,347		140,345
American Well Corp., Class A(a)(b)		53		921
Castlight Health, Inc., Class B(a)		33,058		49,918
Cerner Corp.		5,646		405,834
Certara, Inc.(a)(b)		7,222		197,161
Change Healthcare, Inc.(a)(b)		442		9,768
Evolent Health, Inc., Class A(a)		4,758		96,112
Health Catalyst, Inc.(a)		1,863		87,132
HealthStream, Inc.(a)		2,465		55,068
HMS Holdings Corp.(a)		5,899		218,116
Inovalon Holdings, Inc., Class A(a)		11,169		321,444
Inspire Medical Systems, Inc.(a)		1,496		309,657
M3, Inc.		1,000		68,648
NextGen Healthcare, Inc.(a)		5,232		94,699
Omnicell, Inc.(a)(b)		2,940		381,818
Phreesia, Inc.(a)		5,419		282,330
Schrodinger, Inc./United States(a)(b)		1,148		87,581
Tabula Rasa HealthCare, Inc.(a)		2,401		110,566
Teladoc Health, Inc.(a)		382		69,428
Veeva Systems, Inc., Class A(a)		348		90,911
Vocera Communications, Inc.(a)		5,319		204,569
Yidu Tech, Inc.(a)(c)		13,700		62,560
				3,344,586
Hotels, Restaurants & Leisure — 1.9%
Accel Entertainment, Inc.(a)		15,333		167,590
Airbnb, Inc., Class A(a)(b)		1,220		229,287
Aramark		6,352		239,979
Aristocrat Leisure Ltd.		1,033		27,101
Bally’s Corp.		520		33,790
Biglari Holdings, Inc., Class B(a)		397		52,706
Bloomin’ Brands, Inc.		6,607		178,719
Booking Holdings, Inc.(a)		126		293,560
Boyd Gaming Corp.(a)		824		48,583
Brinker International, Inc.		2,717		193,070
Caesars Entertainment, Inc.(a)		11,010		962,824
Carnival Corp.(b)		6,798		180,419
Century Casinos, Inc.(a)		2,317		23,796
Cheesecake Factory, Inc.(b)		6,801		397,927
Chipotle Mexican Grill, Inc.(a)		496		704,727
Choice Hotels International, Inc.		37		3,970
Churchill Downs, Inc.		2,621		596,068
Compass Group PLC(a)		3,940		79,603
Cracker Barrel Old Country Store, Inc.		1,489		257,418
Darden Restaurants, Inc.		1,179		167,418
Dave & Buster’s Entertainment, Inc.(a)		2,930		140,347
Dine Brands Global, Inc.		3,303		297,369
Domino’s Pizza, Inc.		227		83,488

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
DraftKings, Inc., Class A(a)(b)		1,536	$	94,203
Everi Holdings, Inc.(a)		5,128		72,356
Expedia Group, Inc.		421		72,463
Extended Stay America, Inc.		100		1,975
Flutter Entertainment PLC(a)		353		75,722
GAN Ltd.(a)		645		11,739
Gourmet Master Co. Ltd.		19,000		116,729
Hilton Grand Vacations, Inc.(a)		4,523		169,567
Hilton Worldwide Holdings, Inc.		1,768		213,787
Hyatt Hotels Corp., Class A		22		1,819
International Game Technology PLC		21,686		348,060
Jack in the Box, Inc.		1,521		166,975
Jiumaojiu International Holdings Ltd.(a)(c)		22,000		88,196
Las Vegas Sands Corp.		3,947		239,820
Marriott International, Inc., Class A		1,761		260,822
Marriott Vacations Worldwide Corp.		1,965		342,264
McDonald’s Corp.		6,920		1,551,049
MGM Resorts International		7,004		266,082
Norwegian Cruise Line Holdings Ltd.(a)		903		24,914
Oriental Land Co. Ltd.		300		45,144
Penn National Gaming, Inc.(a)		10,505		1,101,344
Planet Fitness, Inc., Class A(a)(b)		169		13,064
RCI Hospitality Holdings, Inc.		320		20,349
Red Rock Resorts, Inc., Class A		1,609		52,437
Royal Caribbean Cruises Ltd.		1,835		157,094
Scientific Games Corp., Class A(a)		3,367		129,697
SeaWorld Entertainment, Inc.(a)		7,230		359,114
Shake Shack, Inc., Class A(a)(b)		3,212		362,217
Six Flags Entertainment Corp.		522		24,257
Sodexo SA(a)		245		23,473
Starbucks Corp.		4,922		537,827
Target Hospitality Corp.(a)		13,591		34,113
Texas Roadhouse, Inc.		6,643		637,329
Travel + Leisure Co.		7,161		437,967
Vail Resorts, Inc.		675		196,870
Wendy’s Co.		10,053		203,674
Wingstop, Inc.		3,356		426,783
Wyndham Hotels & Resorts, Inc.		5,113		356,785
Wynn Resorts Ltd.(b)		3,377		423,374
Yum China Holdings, Inc.		6,570		389,010
Yum! Brands, Inc.		1,795		194,183
				15,604,406
Household Durables — 0.8%
Arcelik(a)		15,142		61,568
Casio Computer Co. Ltd.		700		13,228
Casper Sleep, Inc.(a)		3,208		23,226
D.R. Horton, Inc.		3,130		278,946
Ethan Allen Interiors, Inc.		2,059		56,849
Garmin Ltd.		2,612		344,392
GoPro, Inc., Class A(a)		10,273		119,578
Green Brick Partners, Inc.(a)(b)		6,884		156,129
Hangzhou Robam Appliances Co. Ltd., Class A		30,200		168,340
Helen of Troy Ltd.(a)(b)		1,126		237,203
iRobot Corp.(a)(b)		4,678		571,558
KB Home		13,745		639,555
Leggett & Platt, Inc.		261		11,915
Lennar Corp., -B Shares		48		3,952
Lennar Corp., Class A		330		33,406
LG Electronics, Inc.		970		129,500
LGI Homes, Inc.(a)		1,736		259,202
Lovesac Co.(a)(b)		795		44,997
M/I Homes, Inc.(a)		1,208		71,357

14

Schedule of Investments (unaudited) (continued) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables (continued)
MDC Holdings, Inc.		17,951	$	1,066,319
Meritage Homes Corp.(a)		1,893		174,005
Mohawk Industries, Inc.(a)		1,074		206,541
Newell Brands, Inc.		4,130		110,601
Panasonic Corp.		4,500		58,272
PulteGroup, Inc.		1,062		55,691
Sekisui House Ltd.		700		15,057
Sonos, Inc.(a)		5,614		210,357
Sony Corp.		3,200		338,667
Taylor Morrison Home Corp.(a)		8,003		246,572
TCL Corp., Class A		39,400		56,404
TCL Electronics Holdings Ltd.		147,000		114,082
Tempur Sealy International, Inc.		396		14,478
Toll Brothers, Inc.		226		12,821
TopBuild Corp.(a)		1,475		308,909
Tupperware Brands Corp.(a)		1,770		46,746
Turtle Beach Corp.(a)		2,009		53,580
Universal Electronics, Inc.(a)		977		53,706
VOXX International Corp.(a)		1,418		27,027
Whirlpool Corp.		1,357		299,015
				6,693,751
Household Products — 0.4%
Central Garden & Pet Co.(a)(b)		788		45,712
Central Garden & Pet Co., Class A(a)(b)		8,121		421,399
Colgate-Palmolive Co.		19,556		1,541,599
Energizer Holdings, Inc.		32		1,519
Hindustan Unilever Ltd.		1,661		55,399
Kimberly-Clark Corp.		144		20,023
Kimberly-Clark de Mexico SAB de C.V., Class A		105,722		180,673
Pigeon Corp.		300		11,376
Procter & Gamble Co.		4,421		598,736
Reckitt Benckiser Group PLC		2,602		232,906
Spectrum Brands Holdings, Inc.		42		3,570
Unicharm Corp.		700		29,393
				3,142,305
Independent Power and Renewable Electricity Producers — 0.3%
Adani Green Energy Ltd.(a)		11,127		168,831
Atlantic Power Corp.(a)		7,858		22,710
Brookfield Renewable Corp., Class A		12,455		582,894
China Longyuan Power Group Corp. Ltd., Class H		74,000		101,066
China Yangtze Power Co. Ltd., Class A		25,700		83,997
Clearway Energy, Inc., Class A(b)		9,442		250,307
Clearway Energy, Inc., Class C		2,553		71,841
Datang International Power Generation Co. Ltd., Class H		550,000		87,790
Huaneng Power International, Inc., Class A		325,173		218,613
Omega Geracao SA(a)		11,676		81,523
Ormat Technologies, Inc.		2,640		207,319
Sunnova Energy International, Inc.(a)(b)		10,675		435,754
Uniper SE		2,001		72,483
				2,385,128
Industrial Conglomerates — 0.5%
3M Co.		2,001		385,553
Alfa SAB de CV, Class A		132,012		76,212
Carlisle Cos., Inc.		118		19,420
CK Hutchison Holdings Ltd.		17,500		139,813
Doosan Corp.		1,435		63,538
Far Eastern New Century Corp.		130,000		138,011
Honeywell International, Inc.		10,093		2,190,888
Roper Technologies, Inc.		1,226		494,495

Security	Shares		Value
Industrial Conglomerates (continued)
Samsung C&T Corp.		2,051	$	226,849
Siemens Energy AG		2,006		329,609
Sime Darby Bhd		322,800		186,984
Smiths Group PLC		1,400		29,658
Toshiba Corp.		1,100		37,232
				4,318,262
Insurance — 2.0%
Admiral Group PLC		323		13,805
Aegon NV		3,857		18,326
Aflac, Inc.		3,254		166,540
Ageas SA		332		20,048
AIA Group Ltd.		29,000		354,866
Alleghany Corp.(a)		72		45,093
Allianz SE, Registered Shares		1,246		316,926
Allstate Corp.		6,927		795,912
American Equity Investment Life Holding Co.		2,087		65,803
American Financial Group, Inc.		130		14,833
American International Group, Inc.		2,282		105,451
American National Group, Inc.		525		56,632
Aon PLC, Class A		798		183,628
Arch Capital Group Ltd.(a)		1,931		74,092
Argo Group International Holdings Ltd.		1,487		74,826
Arthur J. Gallagher & Co.		672		83,845
Assicurazioni Generali SpA(a)		1,146		22,896
Assurant, Inc.		115		16,304
Athene Holding Ltd., Class A(a)		7,770		391,608
Aviva PLC		8,988		50,663
AXA SA		4,820		129,389
Axis Capital Holdings Ltd.		110		5,453
Baloise Holding AG, Registered Shares		179		30,439
Brighthouse Financial, Inc.(a)		108		4,779
Brown & Brown, Inc.		924		42,236
BRP Group, Inc., Class A(a)		1,303		35,507
Cathay Financial Holding Co. Ltd.		37,000		62,304
China Life Insurance Co. Ltd., Class H		164,000		340,823
China Pacific Insurance Group Co. Ltd., Class H		63,800		252,525
Cincinnati Financial Corp.		569		58,658
Citizens, Inc.(a)(b)		3,956		22,905
CNO Financial Group, Inc.		1,519		36,897
Crawford & Co., Class A		10,361		110,345
Dai-ichi Life Holdings, Inc.		2,900		49,851
Donegal Group, Inc., Class A		1,369		20,343
eHealth, Inc.(a)		1,543		112,222
Erie Indemnity Co., Class A		72		15,906
Everest Re Group Ltd.		206		51,049
FedNat Holding Co.		4,457		20,636
Fidelity National Financial, Inc.		881		35,821
First American Financial Corp.		7,221		409,070
Genworth Financial, Inc., Class A(a)		31,664		105,125
Globe Life, Inc.		156		15,074
Greenlight Capital Re Ltd., Class A(a)		2,547		22,159
Hannover Rueck SE		152		27,756
Hanover Insurance Group, Inc.		1,577		204,158
Hartford Financial Services Group, Inc.		1,032		68,927
HCI Group, Inc.		791		60,765
HDFC Life Insurance Co. Ltd.(a)(c)		26,415		252,096
Heritage Insurance Holdings, Inc.		11,085		122,822
Hyundai Marine & Fire Insurance Co. Ltd.		6,876		148,976
ICICI Prudential Life Insurance Co. Ltd.(a)(c)		10,152		61,986
Insurance Australia Group Ltd.		3,299		11,752
Investors Title Co.		307		50,962

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) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Japan Post Holdings Co. Ltd.		6,800	$	60,603
Kemper Corp.		99		7,892
Kinsale Capital Group, Inc.		1,121		184,741
Legal & General Group PLC		13,934		53,500
Lincoln National Corp.		542		33,750
Loews Corp.		2,008		102,970
Markel Corp.(a)		59		67,238
Marsh & McLennan Cos., Inc.		9,661		1,176,710
MetLife, Inc.		18,433		1,120,542
MS&AD Insurance Group Holdings, Inc.		1,300		38,241
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares		406		125,035
NN Group NV		815		39,757
Old Mutual Ltd.		311,158		266,262
Old Republic International Corp.		547		11,947
PICC Property & Casualty Co. Ltd., Class H		289,000		251,458
Ping An Insurance Group Co. of China Ltd., Class A		36,200		435,237
Ping An Insurance Group Co. of China Ltd., Class H		137,500		1,644,686
Porto Seguro SA		16,375		136,675
Primerica, Inc.		74		10,939
Principal Financial Group, Inc.		761		45,630
Progressive Corp.		8,818		843,089
Protective Insurance Corp., Class B		1,134		25,935
Prudential Financial, Inc.		1,519		138,381
Prudential PLC		6,338		135,015
QBE Insurance Group Ltd.		3,472		25,427
Reinsurance Group of America, Inc.		374		47,143
RenaissanceRe Holdings Ltd.		307		49,197
RLI Corp.		2,883		321,656
Sampo OYJ, A Shares		1,682		75,842
Samsung Fire & Marine Insurance Co. Ltd.		1,681		282,482
Sanlam Ltd.		46,175		186,426
SBI Life Insurance Co. Ltd.(a)(c)		15,500		187,277
SCOR SE(a)		223		7,596
Selectquote, Inc.(a)		4,324		127,601
Sompo Holdings, Inc.		700		26,821
Swiss Life Holding AG, Registered Shares		123		60,447
Swiss Re AG		1,021		100,408
T&D Holdings, Inc.		600		7,721
Tokio Marine Holdings, Inc.		1,700		80,905
Travelers Cos., Inc.(b)		4,656		700,262
Trean Insurance Group, Inc.(a)		5,265		85,030
Trupanion, Inc.(a)		3,102		236,403
Tryg A/S		2,346		55,293
United Fire Group, Inc.		45		1,566
United Insurance Holdings Corp.		7,811		56,317
Universal Insurance Holdings, Inc.		1,573		22,557
Unum Group		381		10,603
W.R. Berkley Corp.		643		48,450
White Mountains Insurance Group Ltd.		3		3,345
Willis Towers Watson PLC		1,088		249,021
Zurich Insurance Group AG		485		206,441
				16,090,283
Interactive Media & Services — 3.9%
Alphabet, Inc., Class A(a)		3,064		6,319,561
Alphabet, Inc., Class C(a)		2,331		4,821,977
Auto Trader Group PLC(a)(c)		1,234		9,435
Autohome, Inc., ADR		1,767		164,808
Baidu, Inc., ADR(a)		4,686		1,019,439
Bumble Inc.(a)		4,163		259,688
Cargurus, Inc.(a)		2,700		64,341

Security	Shares		Value
Interactive Media & Services (continued)
Cars.com, Inc.(a)		1,340	$	17,366
Eventbrite, Inc., Class A(a)		4,100		90,856
EverQuote, Inc., Class A(a)		1,789		64,923
Facebook, Inc., Class A(a)		19,064		5,614,920
IAC/InterActiveCorp.(a)		191		41,315
Kakao Corp.		935		412,690
Match Group, Inc.(a)		752		103,310
MediaAlpha, Inc., Class A(a)		1,285		45,528
NAVER Corp.		3,546		1,187,209
Pinterest, Inc., Class A(a)		1,988		147,172
Snap, Inc., Class A(a)		663		34,668
Tencent Holdings Ltd.		124,200		9,912,094
TripAdvisor, Inc.(a)		189		10,166
TrueCar, Inc.(a)		10,229		48,946
Twitter, Inc.(a)		8,755		557,081
Yandex NV, Class A(a)		1,163		74,502
Yelp, Inc.(a)		974		37,986
Z Holdings Corp.		3,200		15,962
Zillow Group, Inc., Class A(a)		202		26,539
Zillow Group, Inc., Class C(a)		449		58,208
				31,160,690
Internet & Direct Marketing Retail — 4.0%
1-800-Flowers.com, Inc., Class A(a)(b)		8,762		241,919
Alibaba Group Holding Ltd.(a)		2,600		73,873
Alibaba Group Holding Ltd., ADR(a)		38,725		8,780,119
Amazon.com, Inc.(a)		3,213		9,941,279
B2W Cia Digital(a)		8,948		96,576
CarParts.com, Inc.(a)		5,883		84,009
Delivery Hero SE(a)(c)		442		57,291
eBay, Inc.		9,582		586,802
Etsy, Inc.(a)		1,225		247,046
Grubhub, Inc.(a)		185		11,100
HelloFresh SE(a)		647		48,206
JD.com, Inc., ADR(a)		30,157		2,543,140
Just Eat Takeaway.com NV(a)(c)		200		18,403
Lands’ End, Inc.(a)		3,373		83,684
Magnite, Inc.(a)		6,963		289,730
Meituan, Class B(a)(c)		82,800		3,231,203
MercadoLibre, Inc.(a)		87		128,076
momo.com Inc.		6,000		209,276
Naspers Ltd., N Shares		10,892		2,608,745
Ocado Group PLC(a)		182		5,103
Overstock.com, Inc.(a)(b)		4,415		292,538
Pinduoduo, Inc., ADR(a)(b)		7,484		1,001,958
Prosus NV		1,158		128,861
Qurate Retail, Inc., Series A		624		7,338
Rakuten, Inc.		2,400		28,672
RealReal, Inc.(a)		8,001		181,063
Shutterstock, Inc.(b)		2,083		185,470
Stamps.com, Inc.(a)(b)		1,484		296,073
Stitch Fix, Inc., Class A(a)		4,453		220,602
Trip.com Group Ltd., ADR(a)		4,490		177,939
Vipshop Holdings Ltd., ADR(a)		8,757		261,484
Wayfair, Inc., Class A(a)(b)		533		167,762
Zalando SE(a)(c)		392		38,411
				32,273,751
IT Services — 3.0%
21Vianet Group, Inc., ADR(a)		3,452		111,500
Accenture PLC, Class A		9,686		2,675,757
Adyen NV(a)(c)		46		102,645
Afterpay Ltd.(a)		317		24,759

16

Schedule of Investments (unaudited) (continued) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Akamai Technologies, Inc.(a)		755	$	76,935
Alliance Data Systems Corp.		78		8,743
Amadeus IT Group SA(a)		1,605		114,321
Amdocs Ltd.		320		22,448
Atos SE(a)		1,124		87,632
Automatic Data Processing, Inc.		6,575		1,239,190
Beijing Sinnet Technology Co. Ltd., Class A		5,000		13,128
Black Knight, Inc.(a)		180		13,318
Brightcove, Inc.(a)		1,777		35,753
Broadridge Financial Solutions, Inc.		180		27,558
Capgemini SE		554		94,195
Cardtronics PLC, Class A(a)		3,326		129,049
Cielo SA		35,400		23,396
Cognizant Technology Solutions Corp., Class A		1,990		155,459
Computershare Ltd.		7,445		85,427
Concentrix Corp.(a)		76		11,379
Conduent, Inc.(a)		15,937		106,140
CSG Systems International, Inc.		3,640		163,400
DXC Technology Co.		538		16,818
EPAM Systems, Inc.(a)		254		100,759
Euronet Worldwide, Inc.(a)		114		15,766
Fastly, Inc., Class A(a)(b)		182		12,245
Fidelity National Information Services, Inc.		6,507		914,949
Fiserv, Inc.(a)		3,626		431,639
FleetCor Technologies, Inc.(a)		300		80,589
Fujitsu Ltd.		200		29,103
Gartner, Inc.(a)		247		45,090
GDS Holdings Ltd., ADR(a)		2,829		229,404
Genpact Ltd.		7,487		320,593
Global Payments, Inc.		953		192,106
Globant SA(a)		964		200,136
GoDaddy, Inc., Class A(a)		737		57,206
GreenSky, Inc., Class A(a)		3,100		19,189
Grid Dynamics Holdings, Inc.(a)		2,464		39,252
HCL Technologies Ltd.		46,978		633,177
Hyundai Autoever Corp.		690		72,258
Infosys Ltd.		70,165		1,316,589
International Business Machines Corp.		4,050		539,703
International Money Express, Inc.(a)		1,834		27,528
Jack Henry & Associates, Inc.		181		27,461
Limelight Networks, Inc.(a)		17,507		62,500
LiveRamp Holdings, Inc.(a)		3,543		183,811
Mastercard, Inc., Class A		7,813		2,781,819
MAXIMUS, Inc.		7,673		683,204
MongoDB, Inc.(a)		207		55,358
NEC Corp.		200		11,809
NTT Data Corp.		2,400		37,221
Okta, Inc.(a)(b)		295		65,027
Paychex, Inc.		593		58,126
PayPal Holdings, Inc.(a)		11,057		2,685,082
Perspecta, Inc.		3,436		99,816
Rackspace Technology, Inc.(a)		2,201		52,340
Sabre Corp.		527		7,805
Samsung SDS Co. Ltd.		1,746		299,706
Snowflake, Inc., Class A(a)		97		22,240
Square, Inc., Class A(a)		2,173		493,380
StoneCo Ltd., Class A(a)		617		37,773
Tata Consultancy Services Ltd.		28,542		1,243,628
Twilio, Inc., Class A(a)		730		248,755
VeriSign, Inc.(a)		494		98,187
Verra Mobility Corp.(a)		7,161		96,924
Visa, Inc., Class A(b)		16,721		3,540,337

Security	Shares		Value
IT Services (continued)
Western Union Co.		2,820	$	69,541
WEX, Inc.(a)		105		21,968
Wipro Ltd.		23,462		133,154
Wipro Ltd., ADR		36,998		234,567
Wix.com Ltd.(a)		76		21,221
Worldline SA(a)(c)		1,865		156,132
				24,145,123
Leisure Products — 0.1%
Bandai Namco Holdings, Inc.		400		28,595
Brunswick Corp.		176		16,785
Giant Manufacturing Co. Ltd.		10,000		120,884
Hasbro, Inc.		387		37,199
Malibu Boats, Inc., Class A(a)		2,828		225,335
Mattel, Inc.(a)		726		14,462
Peloton Interactive, Inc., Class A(a)(b)		1,269		142,686
Polaris, Inc.		128		17,088
Shimano, Inc.		300		71,652
Yamaha Corp.		800		43,595
YETI Holdings, Inc.(a)		4,602		332,310
				1,050,591
Life Sciences Tools & Services — 0.9%
Adaptive Biotechnologies Corp.(a)(b)		458		18,439
Agilent Technologies, Inc.		4,573		581,411
Avantor, Inc.(a)		2,065		59,740
Bio-Techne Corp.		102		38,957
Bruker Corp.		3,843		247,028
Charles River Laboratories International, Inc.(a)		129		37,388
Codexis, Inc.(a)(b)		5,058		115,778
Hangzhou Tigermed Consulting Co. Ltd., Class H(a)(c)		9,900		197,154
Illumina, Inc.(a)		299		114,834
IQVIA Holdings, Inc.(a)		331		63,929
Lonza Group AG, Registered Shares		134		74,946
Luminex Corp.		7,588		242,057
Maccura Biotechnology Co. Ltd., Class A		10,900		67,643
Medpace Holdings, Inc.(a)		3,779		619,945
Mettler-Toledo International, Inc.(a)		26		30,048
NanoString Technologies, Inc.(a)		5,866		385,455
NeoGenomics, Inc.(a)(b)		13,504		651,298
Pacific Biosciences of California, Inc.(a)		11,179		372,373
PerkinElmer, Inc.		73		9,365
Personalis, Inc.(a)		2,473		60,861
Pharmaron Beijing Co. Ltd., Class H(c)		6,000		114,059
PRA Health Sciences, Inc.(a)		149		22,846
QIAGEN NV(a)		1,395		67,717
Quanterix Corp.(a)		1,003		58,645
Repligen Corp.(a)		246		47,825
Samsung Biologics Co. Ltd.(a)(c)		292		194,352
Seer, Inc.(a)		1,124		56,222
Sotera Health Co.(a)		1,557		38,863
Syneos Health, Inc.(a)		153		11,605
Thermo Fisher Scientific, Inc.		2,011		917,780
WuXi AppTec Co. Ltd., Class H(c)		29,940		591,234
Wuxi Biologics Cayman, Inc.(a)(c)		101,500		1,279,991
				7,389,788
Machinery — 2.1%
AGCO Corp.		1,047		150,402
Airtac International Group		11,000		392,371
Alamo Group, Inc.		253		39,506
Alfa Laval AB(a)		538		16,260
Allison Transmission Holdings, Inc.		182		7,431
Alstom SA(a)		1,086		54,112

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) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Altra Industrial Motion Corp.		7,190	$	397,751
Amada Co. Ltd.		5,700		63,656
Atlas Copco AB, A Shares		1,390		84,745
Atlas Copco AB, B Shares		613		31,948
Barnes Group, Inc.		1,395		69,108
Caterpillar, Inc.		2,449		567,850
Chart Industries, Inc.(a)(b)		2,638		375,519
CNH Industrial NV(a)		3,701		57,292
Colfax Corp.(a)		161		7,053
Columbus McKinnon Corp.		2,634		138,970
Crane Co.		71		6,668
Cummins India Ltd.		5,772		72,682
Cummins, Inc.		1,831		474,430
Daifuku Co. Ltd.		600		58,962
Deere & Co.		4,043		1,512,648
Donaldson Co., Inc.		277		16,110
Doosan Bobcat, Inc.(a)		7,187		268,241
Dover Corp.		1,664		228,184
Energy Recovery, Inc.(a)		2,803		51,407
ESCO Technologies, Inc.		4,192		456,467
Evoqua Water Technologies Corp.(a)		8,207		215,844
FANUC Corp.		700		168,285
Flowserve Corp.		224		8,694
Fortive Corp.		6,936		489,959
Franklin Electric Co., Inc.		8,137		642,335
Gates Industrial Corp. PLC(a)		9,076		145,125
GEA Group AG		1,270		52,090
Gencor Industries, Inc.(a)		6,554		87,889
Graco, Inc.		937		67,108
Harmonic Drive Systems, Inc.		300		20,340
Hillenbrand, Inc.		4,084		194,848
Hitachi Construction Machinery Co. Ltd.		400		12,818
Hiwin Technologies Corp.		10,000		142,522
Hoshizaki Corp.		300		26,826
Hurco Cos., Inc.		1,217		42,960
Hyster-Yale Materials Handling, Inc.		931		81,109
Hyundai Construction Equipment Co. Ltd.(a)		1,883		89,804
Hyundai Elevator Co. Ltd.		3,320		134,658
Hyundai Rotem Co. Ltd.(a)		4,721		85,157
IDEX Corp.		938		196,342
Illinois Tool Works, Inc.		2,818		624,243
Ingersoll Rand, Inc.(a)		3,354		165,050
ITT, Inc.(b)		187		17,000
John Bean Technologies Corp.		3,053		407,087
Kennametal, Inc.		6,398		255,728
Knorr-Bremse AG		331		41,306
Komatsu Ltd.		5,500		170,441
Kone OYJ, Class B		629		51,412
Kubota Corp.		6,800		155,121
Lincoln Electric Holdings, Inc.		118		14,507
Lydall, Inc.(a)		596		20,109
Makita Corp.		3,000		128,856
Manitowoc Co., Inc.(a)		11,187		230,676
Mayville Engineering Co., Inc.(a)		2,301		33,088
Meritor, Inc.(a)		4,999		147,071
Middleby Corp.(a)		129		21,382
MINEBEA MITSUMI, Inc.		300		7,700
MISUMI Group, Inc.		1,000		29,130
Mitsubishi Heavy Industries Ltd.		2,200		68,503
Mueller Water Products, Inc., Class A		3,534		49,087
Navistar International Corp.(a)		877		38,614
NGK Insulators Ltd.		5,500		100,939

Security	Shares		Value
Machinery (continued)
Nordson Corp.		406	$	80,664
NSK Ltd.		2,700		27,761
Oshkosh Corp.		3,062		363,337
Otis Worldwide Corp.		3,709		253,881
PACCAR, Inc.		877		81,491
Parker-Hannifin Corp.(b)		812		256,129
Pentair PLC		1,465		91,299
Proto Labs, Inc.(a)(b)		1,792		218,176
Rational AG		18		13,982
REV Group, Inc.		1,258		24,103
Rexnord Corp.		2,949		138,868
Sandvik AB(a)		1,518		41,535
Schindler Holding AG, Registered Shares		197		56,524
SFA Engineering Corp.		2,592		93,382
Sinotruk Hong Kong Ltd.		44,500		133,961
SKF AB, B Shares		642		18,268
SMC Corp.		200		116,476
Snap-on, Inc.		601		138,675
SPX Corp.(a)		1,875		109,256
Stanley Black & Decker, Inc.		1,166		232,815
Techtronic Industries Co. Ltd.		9,500		162,866
Terex Corp.		5,488		252,832
Thermax Ltd.		4,295		79,081
THK Co. Ltd.		1,000		34,695
Timken Co.(b)		907		73,621
Toro Co.		264		27,229
Trinity Industries, Inc.(b)		38		1,083
Volvo AB, B Shares(a)		4,613		116,824
Wabash National Corp.		953		17,916
Wartsila OYJ Abp		5,454		57,173
Watts Water Technologies, Inc., Class A		2,259		268,392
Weichai Power Co. Ltd., Class A		11,800		34,796
Weichai Power Co. Ltd., Class H		44,000		110,457
Welbilt, Inc.(a)		17,229		279,971
Westinghouse Air Brake Technologies Corp.		1,152		91,192
Woodward, Inc.		112		13,511
Xylem, Inc.		8,756		920,956
Yaskawa Electric Corp.		200		9,993
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		60,400		190,845
Zhengzhou Yutong Bus Co. Ltd., Class A		30,100		66,115
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		196,800		282,321
				16,863,988
Marine — 0.1%
AP Moeller - Maersk A/S, Class A		16		34,817
AP Moeller - Maersk A/S, Class B		13		30,180
Evergreen Marine Corp. Taiwan Ltd.(a)		120,000		192,610
Kirby Corp.(a)		75		4,521
Kuehne + Nagel International AG, Registered Shares		522		149,097
MISC BHD		90,300		148,672
Wan Hai Lines Ltd.		51,000		98,831
				658,728
Media — 0.7%
Altice USA, Inc., Class A(a)		3,508		114,115
AMC Networks, Inc., Class A(a)		744		39,551
Cable One, Inc.		22		40,224
Cardlytics, Inc.(a)(b)		2,671		293,009
Charter Communications, Inc., Class A(a)		400		246,808
Comcast Corp., Class A		25,039		1,354,860
ComScore, Inc.(a)		13,300		48,678
Cumulus Media, Inc., Class A, Class A(a)		3,764		34,290
Dentsu Group, Inc.		400		12,876

18

Schedule of Investments (unaudited) (continued) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Discovery, Inc., Class A(a)(b)		2,360	$	102,566
Discovery, Inc., Class C(a)(b)		2,029		74,850
DISH Network Corp., Class A(a)		653		23,639
Emerald Holding, Inc.		7,770		42,890
EW Scripps Co., Class A		4,978		95,926
Focus Media Information Technology Co. Ltd., Class A		161,700		229,662
Fox Corp., Class A		983		35,496
Fox Corp., Class B		812		28,363
Gannett Co., Inc.(a)(b)		4,853		26,109
Grupo Televisa SAB, ADR(a)		16,167		143,240
Grupo Televisa SAB, Series CPO(a)		48,532		86,381
iHeartMedia, Inc., Class A(a)		14,787		268,384
Informa PLC(a)		5,081		39,231
Interpublic Group of Cos., Inc.		660		19,272
Liberty Broadband Corp., Class A(a)		80		11,612
Liberty Broadband Corp., Class C(a)		411		61,712
Liberty Media Corp. - Liberty SiriusXM, Class A(a)		154		6,788
Liberty Media Corp. - Liberty SiriusXM, Class C(a)		271		11,954
McClatchy Co., Class A(a)(d)		3,156		—
Meredith Corp.		5,134		152,890
New York Times Co., Class A		3,240		164,009
News Corp., Class A		402		10,223
News Corp., Class B		371		8,704
Nexstar Media Group, Inc., Class A		85		11,937
Omnicom Group, Inc.		5,989		444,084
Pearson PLC		2,443		26,050
Publicis Groupe SA		234		14,270
Scholastic Corp.		1,671		50,314
SES SA		1,058		8,393
Sinclair Broadcast Group, Inc., Class A(b)		3,938		115,226
Sirius XM Holdings, Inc.(b)		72,455		441,251
TEGNA, Inc.		18,046		339,806
Townsquare Media, Inc., Class A		5,405		57,996
Tribune Publishing Co.		1,550		27,884
ViacomCBS, Inc., Class A		33		1,557
ViacomCBS, Inc., Class B		1,263		56,961
WPP PLC		3,186		40,601
				5,464,642
Metals & Mining — 1.7%
Alcoa Corp.(a)		6,516		211,705
Alrosa AO(a)		42,018		58,805
AngloGold Ashanti Ltd.(b)		12,437		270,716
AngloGold Ashanti Ltd., ADR(b)		12,941		284,314
Antofagasta PLC		1,741		40,553
ArcelorMittal SA(a)		3,554		102,289
Arconic Corp.(a)		3,174		80,588
Baoshan Iron & Steel Co. Ltd., Class A		86,560		106,769
BlueScope Steel Ltd.		1,600		23,611
Boliden AB		1,645		61,035
China Hongqiao Group Ltd.		97,000		129,733
China Molybdenum Co. Ltd., Class H		198,000		120,886
China Steel Corp.		332,000		302,046
Cia Siderurgica Nacional SA		16,350		110,091
Cleveland-Cliffs, Inc.(b)		22,502		452,515
Coeur Mining, Inc.(a)		5,871		53,015
Commercial Metals Co.(b)		15,776		486,532
Fortescue Metals Group Ltd.		1,513		23,059
Ganfeng Lithium Co. Ltd., Class A		2,000		29,035
Ganfeng Lithium Co. Ltd., Class H(c)		6,200		76,397
Glencore PLC(a)		25,130		98,670
Gold Fields Ltd.		36,637		344,343

Security	Shares		Value
Metals & Mining (continued)
Gold Fields Ltd., ADR		27,738	$	263,234
Hecla Mining Co.(b)		24,797		141,095
Hitachi Metals Ltd.		2,300		37,966
Hochschild Mining PLC		52,450		141,536
Impala Platinum Holdings Ltd.		6,515		120,277
Industrias Penoles SAB de CV(a)		3		39
JFE Holdings, Inc.(a)		2,700		33,313
Magnitogorsk Iron & Steel Works PJSC(a)		207,048		165,317
Materion Corp.		2,191		145,132
MMC Norilsk Nickel PJSC		2,278		714,961
MMC Norilsk Nickel PJSC, ADR		1,416		44,129
Newmont Corp.		4,336		261,331
Nippon Steel Corp.(a)		2,700		46,083
Novagold Resources, Inc.(a)		28,036		245,595
Novolipetsk Steel PJSC(a)		112,925		360,831
Nucor Corp.		7,143		573,369
Olympic Steel, Inc.		3,046		89,705
POSCO		2,484		703,857
Reliance Steel & Aluminum Co.		3,632		553,117
Rio Tinto Ltd.		817		69,050
Rio Tinto PLC		2,962		225,965
Royal Gold, Inc.		137		14,744
Ryerson Holding Corp.(a)		10,059		171,405
Saudi Arabian Mining Co.(a)		24,981		380,168
Schnitzer Steel Industries, Inc., Class A		14,157		591,621
Severstal PJSC		5,550		112,981
Southern Copper Corp.		2,659		180,466
Steel Dynamics, Inc.		6,943		352,427
Sumitomo Metal Mining Co. Ltd.		500		21,668
Tung Ho Steel Enterprise Corp.		46,000		71,769
United States Steel Corp.		17,453		456,745
Vale SA		76,127		1,325,036
Vale SA, ADR		4,612		80,156
voestalpine AG		837		34,662
Worthington Industries, Inc.		9,439		633,262
Yeong Guan Energy Technology Group Co. Ltd.		29,000		81,418
Zijin Mining Group Co. Ltd., Class A		50,800		75,321
Zijin Mining Group Co. Ltd., Class H		190,000		234,975
				13,221,433
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
AGNC Investment Corp.		2,631		44,096
Annaly Capital Management, Inc.		7,364		63,330
Arbor Realty Trust, Inc.(b)		16,383		260,490
Blackstone Mortgage Trust, Inc., Class A		4,064		125,984
Ellington Financial, Inc.		5,679		90,921
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(b)		6,797		381,312
Invesco Mortgage Capital, Inc.		5,760		23,098
KKR Real Estate Finance Trust, Inc.		974		17,912
Ladder Capital Corp.		8,679		102,412
New Residential Investment Corp.		597		6,716
Ready Capital Corp.		1,717		23,042
Redwood Trust, Inc.		1,883		19,602
Starwood Property Trust, Inc.		549		13,582
TPG RE Finance Trust, Inc.		4,255		47,656
Two Harbors Investment Corp.		21,443		157,177
				1,377,330
Multi-line Retail — 0.4%
Big Lots, Inc.(b)		4,291		293,075
Dillard’s, Inc., Class A		1,027		99,178
Dollar General Corp.		1,616		327,434

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) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Multi-line Retail (continued)
Dollar Tree, Inc.(a)		1,826	$	209,004
Franchise Group, Inc.		3,681		132,921
Kohl’s Corp.		2,658		158,443
Nordstrom, Inc.(b)		11,121		421,152
Ollie’s Bargain Outlet Holdings, Inc.(a)		99		8,613
Ryohin Keikaku Co. Ltd.		400		9,495
Target Corp.		8,485		1,680,624
				3,339,939
Multi-Utilities — 0.4%
Black Hills Corp.		3,962		264,543
CenterPoint Energy, Inc.		4,168		94,405
Consolidated Edison, Inc.		20,916		1,564,517
E.ON SE		15,936		185,717
Engie SA(a)		7,744		110,006
MDU Resources Group, Inc.		385		12,170
National Grid PLC		15,329		181,964
NorthWestern Corp.		3,935		256,562
Public Service Enterprise Group, Inc.		4,296		258,662
Sempra Energy		1,766		234,136
Suez SA		1,977		41,871
Veolia Environnement SA		2,938		75,373
				3,279,926
Oil, Gas & Consumable Fuels — 2.5%
Aldrees Petroleum and Transport Services Co.		5,348		101,683
Antero Midstream Corp.		97		876
Antero Resources Corp.(a)		20,098		205,000
APA Corp.		874		15,645
Ardmore Shipping Corp.(b)		13,146		59,683
BP PLC		54,799		222,591
Brigham Minerals, Inc., Class A		10,655		155,989
Cabot Oil & Gas Corp.		3,098		58,180
Cheniere Energy, Inc.(a)		2,019		145,388
Chesapeake Energy Corp.(a)		634		27,509
Chevron Corp.		13,349		1,398,842
Cimarex Energy Co.		2,218		131,727
Clean Energy Fuels Corp.(a)		7,197		98,887
CNX Resources Corp.(a)(b)		11,660		171,402
ConocoPhillips		7,057		373,809
Continental Resources, Inc.(b)		1,980		51,223
CVR Energy, Inc.		10,826		207,643
Delek US Holdings, Inc.		11,216		244,284
Devon Energy Corp.		8,578		187,429
DHT Holdings, Inc.		5,109		30,296
Diamondback Energy, Inc.		1,876		137,867
ENEOS Holdings, Inc.		10,200		46,276
Energy Fuels, Inc.(a)		6,152		34,943
Eni SpA		8,330		102,644
EOG Resources, Inc.		3,333		241,743
EQT Corp.(b)		4,343		80,693
Equitrans Midstream Corp.		317		2,587
Evolution Petroleum Corp.		24,873		84,071
Extraction Oil & Gas, Inc.(a)		1,205		43,308
Exxon Mobil Corp.		18,516		1,033,748
Falcon Minerals Corp.		15,200		68,248
Frontline Ltd.		2,735		19,555
Galp Energia SGPS SA		3,281		38,034
Green Plains, Inc.(a)		5,145		139,275
Grupa Lotos SA		13,160		144,458
GS Holdings Corp.		2,739		95,039
Hess Corp.(b)		7,742		547,824
Hess Midstream LP, Class A		1,728		38,742

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
HollyFrontier Corp.		283	$	10,126
Idemitsu Kosan Co. Ltd.		100		2,582
Inpex Corp.		4,800		32,822
Kinder Morgan, Inc.		46,808		779,353
Koninklijke Vopak NV		174		8,658
Laredo Petroleum Inc.(a)(b)		1,259		37,846
Lukoil PJSC		9,858		796,796
Lukoil PJSC - ADR		10,401		840,500
Magnolia Oil & Gas Corp., Class A(a)		19,036		218,533
Marathon Oil Corp.		9,947		106,234
Marathon Petroleum Corp.		3,911		209,199
Matador Resources Co.		4,136		96,989
MOL Hungarian Oil & Gas PLC(a)		47,071		340,757
Murphy Oil Corp.(b)		4,166		68,364
Neste OYJ		1,146		60,859
Nordic American Tankers Ltd.		11,656		37,882
Novatek PJSC, GDR, Registered Shares		2,599		513,086
Occidental Petroleum Corp.		5,632		149,924
Occidental Petroleum Corp.(a)		365		4,347
Oil & Natural Gas Corp. Ltd.		78,214		109,638
Oil Search Ltd.		6,294		19,679
OMV AG		329		16,673
ONEOK, Inc.		3,565		180,603
Ovintiv, Inc.		12,820		305,372
Par Pacific Holdings, Inc.(a)		6,535		92,274
PBF Energy, Inc., Class A(b)		10,234		144,811
PDC Energy, Inc.(a)		4,333		149,055
PetroChina Co. Ltd., Class H		494,000		179,105
Petroleo Brasileiro SA, ADR, Preference Shares(b)		21,549		184,028
Phillips 66(b)		18,982		1,547,792
Pioneer Natural Resources Co.		1,166		185,184
Polski Koncern Naftowy ORLEN SA		21,512		345,061
PTT PCL, NVDR		408,600		536,878
Range Resources Corp.(a)		10,617		109,674
Reliance Industries Ltd.		58,996		1,622,167
Renewable Energy Group, Inc.(a)		831		54,879
Repsol SA		5,755		71,431
REX American Resources Corp.(a)		863		72,639
Santos Ltd.		4,264		23,080
Saudi Arabian Oil Co.(c)		53,054		509,278
Scorpio Tankers, Inc.(b)		8,052		148,640
SFL Corp. Ltd.		4,717		37,830
SK Innovation Co. Ltd.(a)		1,418		276,215
SM Energy Co.		5,182		84,829
S-Oil Corp.(a)		2,202		158,708
Southwestern Energy Co.(a)		24,962		116,073
Targa Resources Corp.		692		21,971
Tatneft PJSC		31,528		249,617
Teekay Tankers Ltd., Class A(a)(b)		881		12,246
Tellurian, Inc.(a)(b)		6,951		16,265
TOTAL SE		6,494		302,749
Ultrapar Participacoes SA		65,164		245,552
Valero Energy Corp.		7,805		558,838
W&T Offshore, Inc.(a)		20,904		75,045
Williams Cos., Inc.		9,886		234,199
Woodside Petroleum Ltd.		2,813		51,416
World Fuel Services Corp.		2,463		86,698
				20,238,190
Paper & Forest Products — 0.2%
Clearwater Paper Corp.(a)		963		36,228
Domtar Corp.		5,067		187,226
Duratex SA		23,674		78,610

20

Schedule of Investments (unaudited) (continued) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Paper & Forest Products (continued)
Long Chen Paper Co. Ltd.		72,000	$	63,242
Louisiana-Pacific Corp.		13,589		753,646
Mondi PLC		594		15,143
Nine Dragons Paper Holdings Ltd.		36,000		52,926
Stora Enso OYJ, B Shares		3,793		70,758
Suzano SA(a)		7,717		93,983
UPM-Kymmene OYJ		1,421		51,068
				1,402,830
Personal Products — 0.4%
Amorepacific Corp.		843		193,605
Amorepacific Group		3,245		186,782
Coty, Inc., Class A(b)		13,763		124,005
Dabur India Ltd.		99,673		738,059
Edgewell Personal Care Co.		3,340		132,264
elf Beauty, Inc.(a)(b)		2,706		72,602
Estee Lauder Cos., Inc., Class A		742		215,811
Herbalife Nutrition Ltd.(a)		1,054		46,755
Kao Corp.		500		33,084
LG Household & Health Care Ltd.		366		507,872
L’Oreal SA		430		164,725
Medifast, Inc.		98		20,758
Natural Health Trends Corp.		3		20
Nu Skin Enterprises, Inc., Class A		30		1,587
Shiseido Co. Ltd.		600		40,353
Unilever PLC		6,515		363,535
USANA Health Sciences, Inc.(a)		1,449		141,422
				2,983,239
Pharmaceuticals — 2.0%
AbbVie, Inc.		17,236		1,865,280
Amneal Pharmaceuticals, Inc.(a)		9		61
Amphastar Pharmaceuticals, Inc.(a)		13,904		254,721
Arvinas, Inc.(a)		1,784		117,922
Astellas Pharma, Inc.		4,000		61,617
AstraZeneca PLC		3,140		313,399
Atea Pharmaceuticals, Inc.(a)		1,159		71,568
Axsome Therapeutics, Inc.(a)		1,342		75,984
Aytu BioScience, Inc.(a)		2,409		18,308
Bristol-Myers Squibb Co.		24,966		1,576,104
CanSino Biologics, Inc., Class H(a)(c)		4,200		159,362
Cassava Sciences, Inc.(a)(b)		1,192		53,580
Catalent, Inc.(a)		741		78,035
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A		10,200		45,542
China Resources Pharmaceutical Group Ltd.(c)		247,500		154,507
Chugai Pharmaceutical Co. Ltd.		1,400		56,887
Collegium Pharmaceutical, Inc.(a)		3,852		91,292
CSPC Pharmaceutical Group Ltd.		447,520		544,096
Daiichi Sankyo Co. Ltd.		3,900		113,785
Dr Reddy’s Laboratories Ltd.		1,735		107,336
Eisai Co. Ltd.		600		40,328
Eli Lilly & Co.		1,682		314,231
Endo International PLC(a)		15,135		112,150
GlaxoSmithKline PLC		12,411		219,709
Glenmark Pharmaceuticals Ltd.		18,689		119,133
Harmony Biosciences Holdings, Inc.(a)(b)		1,430		47,247
Intra-Cellular Therapies, Inc.(a)		2,859		97,006
Johnson & Johnson		19,468		3,199,566
Kala Pharmaceuticals, Inc.(a)		2,505		16,884
Kalbe Farma Tbk PT		1,200,500		129,762
Laurus Labs Ltd.(c)		12,868		63,861
Merck & Co., Inc.		13,928		1,073,709

Security	Shares		Value
Pharmaceuticals (continued)
Merck KGaA		440	$	75,264
Nektar Therapeutics(a)		241		4,820
NGM Biopharmaceuticals, Inc.(a)		4,813		139,914
Novartis AG, Registered Shares		5,565		475,700
Novo Nordisk A/S, Class B		4,413		297,364
Optinose, Inc.(a)		4,371		16,129
Orion OYJ, Class B		99		3,967
Otsuka Holdings Co. Ltd.		600		25,445
Pacira BioSciences, Inc.(a)(b)		1,466		102,752
Perrigo Co. PLC		349		14,124
Pfizer, Inc.		39,802		1,442,026
Phathom Pharmaceuticals, Inc.(a)(b)		635		23,851
Prestige Consumer Healthcare, Inc.(a)		3,534		155,779
Provention Bio, Inc.(a)		2,579		27,067
Reata Pharmaceuticals, Inc., Class A(a)(b)		17		1,695
Relmada Therapeutics, Inc.(a)		2,081		73,272
Revance Therapeutics, Inc.(a)(b)		3,370		94,191
Roche Holding AG		1,846		600,235
Sanofi		2,377		235,048
Shionogi & Co. Ltd.		400		21,594
Sino Biopharmaceutical Ltd.		137,000		137,527
Supernus Pharmaceuticals, Inc.(a)		2,326		60,895
Takeda Pharmaceutical Co. Ltd.		4,200		153,099
TherapeuticsMD, Inc.(a)(b)		10,253		13,739
Theravance Biopharma, Inc.(a)		4,402		89,845
UCB SA		263		25,002
Viatris, Inc.(a)		307		4,289
Vifor Pharma AG		78		10,615
Zoetis, Inc.		2,575		405,511
Zogenix, Inc.(a)		5,857		114,329
				16,038,060
Professional Services — 0.9%
Adecco Group AG, Registered Shares		2,838		191,428
ASGN, Inc.(a)		5,180		494,379
Booz Allen Hamilton Holding Corp.		1,417		114,111
Bureau Veritas SA(a)		758		21,570
CACI International, Inc., Class A(a)		48		11,840
CoreLogic, Inc.		158		12,522
CoStar Group, Inc.(a)		282		231,773
Dun & Bradstreet Holdings, Inc.(a)		745		17,739
Equifax, Inc.		2,810		508,975
Experian PLC		4,407		151,825
Forrester Research, Inc.(a)		4,034		171,364
Franklin Covey Co.(a)		5,372		151,974
FTI Consulting, Inc.(a)		49		6,865
Heidrick & Struggles International, Inc.		3,602		128,663
IHS Markit Ltd.		6,366		616,102
Insperity, Inc.		4,640		388,554
Intertek Group PLC		1,060		81,849
KBR, Inc.		16,588		636,813
Kelly Services, Inc., Class A		7,660		170,588
Kforce, Inc.		7,949		426,066
Korn Ferry		2,422		151,060
ManpowerGroup, Inc.		842		83,274
Mistras Group, Inc.(a)		895		10,212
Nielsen Holdings PLC		837		21,051
Nihon M&A Center, Inc.		200		5,425
Persol Holdings Co. Ltd.		1,300		25,553
Randstad NV		1,275		89,499
Recruit Holdings Co. Ltd.		4,100		201,335
RELX PLC		8,853		222,040
Robert Half International, Inc.		4,461		348,270

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) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
Science Applications International Corp.		107	$	8,944
TransUnion		1,798		161,820
TriNet Group, Inc.(a)		6,583		513,211
Upwork, Inc.(a)		5,558		248,832
Verisk Analytics, Inc.		1,510		266,802
Wolters Kluwer NV		3,077		267,252
				7,159,580
Real Estate Management & Development — 0.9%
Aldar Properties PJSC		82,096		84,226
Aroundtown SA		3,445		24,535
CBRE Group, Inc., Class A(a)		10,033		793,711
China Jinmao Holdings Group Ltd.		100,000		40,245
China Overseas Land & Investment Ltd.		91,500		239,178
China Resources Land Ltd.		40,000		194,953
China Vanke Co. Ltd., Class A		53,300		244,223
China Vanke Co. Ltd., Class H		50,800		199,623
CK Asset Holdings Ltd.		11,000		66,963
Country Garden Holdings Co. Ltd.		81,000		104,268
Cushman & Wakefield PLC(a)(b)		14,065		229,541
Daito Trust Construction Co. Ltd.		100		11,619
Daiwa House Industry Co. Ltd.		1,800		52,828
Deutsche Wohnen SE		836		38,998
Emaar Properties PJSC(a)		94,788		91,694
ESR Cayman Ltd.(a)(c)		3,000		9,867
eXp World Holdings, Inc.(a)(b)		3,146		143,300
Forestar Group, Inc.(a)		797		18,554
Hang Lung Properties Ltd.		4,000		10,441
Henderson Land Development Co. Ltd.		9,000		40,618
Hongkong Land Holdings Ltd.(b)		3,100		15,246
Howard Hughes Corp.(a)		45		4,281
Jones Lang LaSalle, Inc.(a)		121		21,664
Kennedy-Wilson Holdings, Inc.(b)		23,655		478,068
LEG Immobilien AG		132		17,363
Lendlease Corp Ltd.		729		7,188
Longfor Group Holdings Ltd.(c)		36,000		238,774
Marcus & Millichap, Inc.(a)		18,889		636,559
Mitsubishi Estate Co. Ltd.		3,700		64,793
Mitsui Fudosan Co. Ltd.		3,100		70,666
NEPI Rockcastle PLC		32,009		202,160
New World Development Co. Ltd.		7,000		36,363
Newmark Group, Inc., Class A		17,078		170,865
RE/MAX Holdings, Inc., Class A		7,326		288,571
Realogy Holdings Corp.(a)		16,432		248,616
Redfin Corp.(a)(b)		5,458		363,448
RMR Group, Inc., Class A		4,525		184,665
Shimao Property Holdings Ltd.		89,000		281,027
Shimao Services Holdings Ltd(a)(c)		38,000		83,975
Sino Land Co. Ltd.		4,000		5,582
Sumitomo Realty & Development Co. Ltd.		1,200		42,508
Sun Hung Kai Properties Ltd.		4,500		68,138
Sunac China Holdings Ltd.		110,000		473,057
Swire Pacific Ltd., Class A		3,000		22,599
Swire Properties Ltd.		3,000		9,312
Swiss Prime Site AG, Registered Shares		379		34,989
Tokyu Fudosan Holdings Corp.		600		3,567
Vonovia SE		1,492		97,501
Wharf Real Estate Investment Co. Ltd.		5,000		28,117
				6,839,047
Road & Rail — 0.5%
ArcBest Corp.		1,567		110,270
Avis Budget Group, Inc.(a)		549		39,824

Security	Shares		Value
Road & Rail (continued)
Central Japan Railway Co.		300	$	44,916
CJ Logistics Corp.(a)		606		98,305
Container Corp. Of India Ltd.		18,509		151,782
Covenant Logistics Group, Inc., Class A(a)		5,244		107,974
CSX Corp.		1,723		166,132
East Japan Railway Co.		500		35,554
Kansas City Southern		500		131,960
Landstar System, Inc.		1,997		329,625
Localiza Rent a Car SA		29,326		311,201
Lyft, Inc., Class A(a)		671		42,394
Marten Transport Ltd.		1,986		33,702
MTR Corp. Ltd.		5,000		28,437
Norfolk Southern Corp.		426		114,389
Old Dominion Freight Line, Inc.		963		231,515
Ryder System, Inc.		4,244		321,059
Saia, Inc.(a)		552		127,280
Schneider National, Inc., Class B(b)		10,132		252,996
Uber Technologies, Inc.(a)		7,111		387,621
Union Pacific Corp.		1,669		367,864
United International Transportation Co.		4,922		57,616
Werner Enterprises, Inc.		13,629		642,880
West Japan Railway Co.		200		11,097
				4,146,393
Semiconductors & Semiconductor Equipment — 4.3%
Advanced Energy Industries, Inc.		904		98,690
Advanced Micro Devices, Inc.(a)(b)		11,960		938,860
Ambarella, Inc.(a)		1,621		162,732
Amkor Technology, Inc.		1,260		29,875
Analog Devices, Inc.		386		59,861
Applied Materials, Inc.		15,680		2,094,848
ASE Technology Holding Co. Ltd.		21,000		80,106
ASML Holding NV		1,180		724,012
Broadcom, Inc.		973		451,141
Brooks Automation, Inc.		6,133		500,760
Cirrus Logic, Inc.(a)		5,899		500,176
CMC Materials, Inc.		1,529		270,312
Cree, Inc.(a)(b)		285		30,817
Disco Corp.		200		63,201
ENNOSTAR, Inc.(a)		22,000		63,302
Enphase Energy, Inc.(a)		754		122,269
Entegris, Inc.		351		39,242
Everlight Electronics Co. Ltd.		40,000		65,046
First Solar, Inc.(a)(b)		212		18,508
FormFactor, Inc.(a)		6,092		274,810
Foxsemicon Integrated Technology Inc.		11,000		90,645
GCL System Integration Technology Co. Ltd., Class A(a)		98,400		49,733
Ichor Holdings Ltd.(a)		5,758		309,780
Inphi Corp.(a)		105		18,733
Intel Corp.		41,024		2,625,536
King Yuan Electronics Co. Ltd.		44,000		63,896
KLA Corp.		565		186,676
Lam Research Corp.		760		452,382
Lasertec Corp.		900		118,855
Lattice Semiconductor Corp.(a)		13,958		628,389
LONGi Green Energy Technology Co. Ltd., Class A		5,400		73,001
M31 Technology Corp.		11,000		124,294
Maxeon Solar Technologies Ltd.(a)(b)		1,197		37,777
MaxLinear, Inc.(a)		3,030		103,262
MediaTek, Inc.		36,000		1,238,285
Microchip Technology, Inc.		419		65,037
Micron Technology, Inc.(a)		2,508		221,231

22

Schedule of Investments (unaudited) (continued) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
MKS Instruments, Inc.		127	$	23,548
NVIDIA Corp.		4,730		2,525,489
NXP Semiconductors NV		474		95,435
Onto Innovation, Inc.(a)		2,659		174,723
OptoTech Corp.(a)		190,000		178,510
Parade Technologies Ltd.		5,000		215,907
PDF Solutions, Inc.(a)		2,319		41,232
Photronics, Inc.(a)		4,943		63,567
Power Integrations, Inc.		7,630		621,692
Qualcomm, Inc.		12,863		1,705,505
Rambus, Inc.(a)(b)		7,938		154,315
Realtek Semiconductor Corp.		26,000		453,885
Sanan Optoelectronics Co. Ltd., Class A		18,600		66,331
Seoul Semiconductor Co. Ltd.		4,943		81,155
Silicon Laboratories, Inc.(a)		4,381		618,028
Sino-American Silicon Products Inc.		10,000		59,594
SK Hynix, Inc.		8,479		1,001,045
Skyworks Solutions, Inc.		50		9,174
STMicroelectronics NV		1,038		39,657
SunPower Corp.(a)(b)		4,590		153,536
Synaptics, Inc.(a)(b)		2,892		391,635
Taiwan Semiconductor Manufacturing Co. Ltd.		503,000		10,592,774
Teradyne, Inc.		1,286		156,481
Texas Instruments, Inc.		2,691		508,572
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		12,700		54,950
Tokyo Electron Ltd.		500		217,317
Ultra Clean Holdings, Inc.(a)		2,395		139,006
United Microelectronics Corp.		216,000		387,431
Universal Display Corp.(b)		104		24,624
Visual Photonics Epitaxy Co. Ltd.		70,000		293,109
Xilinx, Inc.		576		71,366
Xinyi Solar Holdings Ltd.		92,000		152,494
				34,268,167
Software — 4.8%
2U, Inc.(a)(b)		70		2,676
8x8, Inc.(a)		14,586		473,170
A10 Networks, Inc.(a)		3,541		34,029
ACI Worldwide, Inc.(a)		8,565		325,898
Adobe, Inc.(a)		6,846		3,254,383
Alarm.com Holdings, Inc.(a)		2,410		208,176
Altair Engineering, Inc., Class A(a)		4,771		298,521
Alteryx, Inc., Class A(a)		441		36,585
Anaplan, Inc.(a)		329		17,717
ANSYS, Inc.(a)		316		107,301
Appian Corp.(a)		2,416		321,207
Aspen Technology, Inc.(a)		165		23,814
Atlassian Corp. PLC, Class A(a)		388		81,775
Autodesk, Inc.(a)		1,072		297,105
Avalara, Inc.(a)		118		15,745
Avaya Holdings Corp.(a)(b)		3,905		109,457
Bill.Com Holdings, Inc.(a)(b)		190		27,645
Blackbaud, Inc.		1,295		92,049
Blackline, Inc.(a)(b)		3,686		399,562
Bottomline Technologies DE, Inc.(a)		4,127		186,747
Box, Inc., Class A(a)		21,367		490,586
Cadence Design Systems, Inc.(a)		9,021		1,235,787
CDK Global, Inc.		246		13,299
Cerence, Inc.(a)		2,603		233,177
Ceridian HCM Holding, Inc.(a)		242		20,393
Citrix Systems, Inc.		411		57,688
Cloudera, Inc.(a)(b)		9,053		110,175

Security	Shares		Value
Software (continued)
Cloudflare, Inc., Class A(a)		209	$	14,684
CommVault Systems, Inc.(a)		3,602		232,329
Cornerstone OnDemand, Inc.(a)		5,844		254,682
Coupa Software, Inc.(a)(b)		208		52,932
Crowdstrike Holdings, Inc., Class A(a)		439		80,122
Dassault Systemes SE		406		86,778
Datadog, Inc., Class A(a)		446		37,170
Digital Turbine, Inc.(a)		4,814		386,853
DocuSign, Inc.(a)		1,773		358,944
Domo, Inc., Class B(a)		2,317		130,424
Dropbox, Inc., Class A(a)		945		25,194
Dynatrace, Inc.(a)		1,053		50,797
Elastic NV(a)		163		18,126
Envestnet, Inc.(a)(b)		3,768		272,163
Everbridge, Inc.(a)		56		6,786
Fair Isaac Corp.(a)		115		55,896
FireEye, Inc.(a)		338		6,615
Five9, Inc.(a)		565		88,326
Fortinet, Inc.(a)		412		75,981
Guidewire Software, Inc.(a)		177		17,989
HubSpot, Inc.(a)		1,317		598,195
InterDigital, Inc.		1,595		101,203
Intuit, Inc.		5,864		2,246,264
j2 Global, Inc.(a)(b)		2,522		302,287
Kingdee International Software Group Co. Ltd.(b)		91,000		285,375
LivePerson, Inc.(a)		4,811		253,732
Manhattan Associates, Inc.(a)		143		16,785
Medallia, Inc.(a)		114		3,179
Microsoft Corp.		56,172		13,243,672
MicroStrategy, Inc., Class A(a)(b)		308		209,070
Mimecast Ltd.(a)		3,555		142,947
Model N, Inc.(a)		2,467		86,912
New Relic, Inc.(a)		63		3,873
NortonLifeLock, Inc.		2,545		54,107
Nuance Communications, Inc.(a)(b)		739		32,250
Nutanix, Inc., Class A(a)		381		10,119
Olo, Inc., Class A(a)		2,835		74,816
ON24, Inc.(a)(b)		2,217		107,547
Oracle Corp.		6,493		455,614
PagerDuty, Inc.(a)		79		3,178
Paycom Software, Inc.(a)		109		40,337
Paylocity Holding Corp.(a)		269		48,374
Pegasystems, Inc.		70		8,004
Ping Identity Holding Corp.(a)		2,737		60,022
Progress Software Corp.		7,195		317,012
Proofpoint, Inc.(a)		122		15,346
PROS Holdings, Inc.(a)		5,783		245,777
PTC, Inc.(a)		259		35,651
Q2 Holdings, Inc.(a)		2,562		256,712
QAD, Inc., Class A		1,537		102,333
Qualtrics International Ltd., Class A(a)		1,817		59,797
Qualys, Inc.(a)(b)		1,401		146,797
Rapid7, Inc.(a)		5,694		424,829
RealPage, Inc.(a)		192		16,742
RingCentral, Inc., Class A(a)		635		189,154
SailPoint Technologies Holding, Inc.(a)		7,551		382,383
salesforce.com, Inc.(a)		4,967		1,052,358
SAP SE		2,639		323,691
ServiceNow, Inc.(a)		3,780		1,890,416
Shanghai Baosight Software Co. Ltd., Class A		12,900		115,230
Slack Technologies, Inc., Class A(a)		1,269		51,559
Smartsheet, Inc., Class A(a)		258		16,491

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) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Splunk, Inc.(a)		1,441	$	195,227
Sprout Social, Inc., Class A(a)		4,461		257,667
SS&C Technologies Holdings, Inc.		396		27,669
Sumo Logic, Inc.(a)		677		12,768
SVMK, Inc.(a)		8,304		152,129
Synchronoss Technologies, Inc.(a)		11,580		41,341
Synopsys, Inc.(a)		361		89,449
Temenos AG, Registered Shares		216		31,166
Tenable Holdings, Inc.(a)		4,674		169,129
Teradata Corp.(a)		174		6,706
Thunder Software Technology Co. Ltd., Class A		6,700		125,155
Trade Desk, Inc., Class A(a)		108		70,379
Trend Micro, Inc.		400		20,079
Unity Software, Inc.(a)(b)		42		4,213
Varonis Systems, Inc.(a)		11,765		604,015
VMware, Inc., Class A(a)(b)		3,539		532,443
Workday, Inc., Class A(a)		776		192,782
Workiva, Inc.(a)		1,076		94,968
Xperi Holding Corp.		1,283		27,931
Yext, Inc.(a)(b)		15,001		217,214
Zendesk, Inc.(a)(b)		3,254		431,545
Zoom Video Communications, Inc., Class A(a)		1,363		437,918
Zscaler, Inc.(a)		234		40,171
Zuora, Inc., Class A(a)		9,042		133,822
				38,673,484
Specialty Retail — 1.6%
Aaron’s Co., Inc.		3,762		96,608
Abercrombie & Fitch Co., Class A		582		19,968
Advance Auto Parts, Inc.		198		36,331
American Eagle Outfitters, Inc.(b)		13,108		383,278
America’s Car-Mart, Inc.(a)(b)		338		51,501
Asbury Automotive Group, Inc.(a)(b)		1,092		214,578
At Home Group, Inc.(a)		3,328		95,514
AutoNation, Inc.(a)		94		8,763
AutoZone, Inc.(a)		70		98,301
Bed Bath & Beyond, Inc.		6,863		200,056
Best Buy Co., Inc.(b)		4,965		570,032
Buckle, Inc.(b)		3,230		126,874
Burlington Stores, Inc.(a)		224		66,931
Caleres, Inc.		1,254		27,337
Camping World Holdings, Inc., Class A		4,704		171,132
CarMax, Inc.(a)		422		55,983
Carvana Co.(a)(b)		143		37,523
Conn’s, Inc.(a)		1,188		23,107
Container Store Group, Inc.(a)(b)		5,152		85,729
Designer Brands, Inc., Class A		5,177		90,080
Dick’s Sporting Goods, Inc.		93		7,082
Fast Retailing Co. Ltd.		100		79,938
Five Below, Inc.(a)		133		25,375
Floor & Decor Holdings, Inc., Class A(a)		223		21,292
Foot Locker, Inc.		193		10,856
Foschini Group Ltd.(a)		18,401		152,729
GameStop Corp., Class A(a)		3,255		617,864
Gap, Inc.(a)		326		9,708
Group 1 Automotive, Inc.		1,681		265,245
GrowGeneration Corp.(a)(b)		926		46,013
Guess?, Inc.		2,486		58,421
H & M Hennes & Mauritz AB, B Shares(a)		1,501		33,827
Haverty Furniture Cos., Inc.		2,473		91,971
Hibbett Sports, Inc.(a)		1,579		108,777
Home Depot, Inc.		7,135		2,177,959

Security	Shares		Value
Specialty Retail (continued)
Home Product Center PCL, NVDR.		1,005,000	$	477,528
Hotai Motor Co. Ltd.		11,000		227,707
Industria de Diseno Textil SA		2,799		92,479
L Brands, Inc.		604		37,363
Lithia Motors, Inc., Class A		2,008		783,301
Lowe’s Cos., Inc.		7,201		1,369,486
MarineMax, Inc.(a)		4,367		215,555
Michaels Cos., Inc.(a)		4,596		100,836
Murphy USA, Inc.		669		96,711
National Vision Holdings, Inc.(a)(b)		4,413		193,422
O’Reilly Automotive, Inc.(a)		214		108,552
Penske Automotive Group, Inc.		8		642
Rent-A-Center, Inc.		4,222		243,441
RH(a)		494		294,720
Ross Stores, Inc.		1,155		138,496
Sally Beauty Holdings, Inc.(a)		8,245		165,972
Signet Jewelers Ltd.(a)		4,526		262,418
Sleep Number Corp.(a)(b)		1,432		205,478
Sonic Automotive, Inc., Class A		2,242		111,136
Suning.com Co. Ltd., Class A		162,600		170,913
Tilly’s, Inc., Class A(a)		3,567		40,378
TJX Cos., Inc.		12,869		851,284
Tractor Supply Co.		878		155,476
Truworths International Ltd.		22,640		73,381
Ulta Beauty, Inc.(a)		479		148,092
Urban Outfitters, Inc.(a)		7,925		294,731
Williams-Sonoma, Inc.(b)		187		33,510
				13,059,691
Technology Hardware, Storage & Peripherals — 3.6%
3D Systems Corp.(a)(b)		5,910		162,170
Acer, Inc.		204,000		225,759
Apple, Inc.		123,528		15,088,945
Brother Industries Ltd.		1,400		31,095
Canon, Inc.		4,500		102,303
Catcher Technology Co. Ltd.		41,000		304,685
Compal Electronics, Inc.		7,000		6,572
Dell Technologies, Inc., Class C(a)		5,646		497,695
FUJIFILM Holdings Corp.		400		23,795
Hewlett Packard Enterprise Co.		94,934		1,494,261
HP, Inc.		8,013		254,413
Lenovo Group Ltd.		466,000		665,074
Lite-On Technology Corp.		76,000		168,547
NCR Corp.(a)(b)		2,217		84,135
NetApp, Inc.		3,408		247,659
Primax Electronics Ltd.		216,000		484,230
Pure Storage, Inc., Class A(a)		484		10,425
Quanta Computer, Inc.		180,000		620,829
Ricoh Co. Ltd.		2,600		26,502
Samsung Electronics Co. Ltd.		112,673		8,151,286
Seiko Epson Corp.		1,300		21,223
Super Micro Computer, Inc.(a)		1,291		50,427
Western Digital Corp.		345		23,029
Xerox Holdings Corp.		241		5,849
				28,750,908
Textiles, Apparel & Luxury Goods — 0.8%
Adidas AG(a)		606		189,309
Anta Sports Products Ltd.		18,000		295,234
Capri Holdings Ltd.(a)		307		15,657
Carter’s, Inc.		54		4,802
Columbia Sportswear Co.		19		2,007
Crocs, Inc.(a)		7,831		630,004

24

Schedule of Investments (unaudited) (continued) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Culp, Inc.		3,408	$	52,449
Deckers Outdoor Corp.(a)		2,571		849,510
EssilorLuxottica SA		606		98,721
Fossil Group, Inc.(a)		2,420		30,008
G-III Apparel Group Ltd.(a)		2,739		82,553
Hanesbrands, Inc.		722		14,202
Hermes International		19		21,014
Kering SA		139		95,918
Kontoor Brands, Inc.(b)		3,341		162,139
Levi Strauss & Co., Class A		4,774		114,146
Li Ning Co. Ltd.		46,500		304,202
Lululemon Athletica, Inc.(a)		1,437		440,742
LVMH Moet Hennessy Louis Vuitton SE		579		386,744
Makalot Industrial Co. Ltd.		2,476		21,390
Movado Group, Inc.		2,726		77,555
NIKE, Inc., Class B		9,967		1,324,515
Oxford Industries, Inc.		2,159		188,740
Pandora A/S		359		38,395
Pou Chen Corp.		89,000		103,294
Puma SE(a)		268		26,275
PVH Corp.		150		15,855
Ralph Lauren Corp.		1,230		151,487
Rocky Brands, Inc.		384		20,759
Skechers USA, Inc., Class A(a)		225		9,385
Swatch Group AG		51		14,685
Tapestry, Inc.		2,827		116,501
Under Armour, Inc., Class A(a)(b)		260		5,761
Under Armour, Inc., Class C(a)		602		11,113
Unifi, Inc.(a)		1,355		37,344
VF Corp.		1,305		104,295
Wolverine World Wide, Inc.		2,049		78,518
				6,135,228
Thrifts & Mortgage Finance — 0.9%
Essent Group Ltd.		14,869		706,129
Federal Agricultural Mortgage Corp., Class C(b)		2,966		298,736
Flagstar Bancorp, Inc.		7,311		329,726
FS Bancorp, Inc.		1,389		93,341
Housing Development Finance Corp. Ltd.		47,437		1,629,903
Merchants Bancorp		4,484		188,059
Meridian Bancorp, Inc.		6,850		126,177
MGIC Investment Corp.		2,019		27,963
Mr Cooper Group, Inc.(a)		5,325		185,097
New York Community Bancorp, Inc.(b)		57,396		724,337
NMI Holdings, Inc., Class A(a)		7,116		168,222
Northfield Bancorp, Inc.		3,608		57,439
Northwest Bancshares, Inc.		11,725		169,426
Ocwen Financial Corp.(a)		686		19,503
OP Bancorp		7,950		83,634
PennyMac Financial Services, Inc.		3,118		208,501
Premier Financial Corp.		4,572		152,065
Provident Financial Services, Inc.		4,286		95,492
Radian Group, Inc.		19,509		453,584
Riverview Bancorp, Inc.		46,259		320,575
Rocket Cos., Inc., Class A		32		739
Security National Financial Corp., Class A(a)		1,822		17,036
Southern Missouri Bancorp, Inc.		3,814		150,348
Territorial Bancorp, Inc.		1,213		32,096
TFS Financial Corp.		17,989		366,436
Walker & Dunlop, Inc.		3,645		374,487
Washington Federal, Inc.		12,765		393,162

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
Waterstone Financial, Inc.		980	$	20,012
Western New England Bancorp, Inc.		9,066		76,426
WSFS Financial Corp.		1,725		85,888
				7,554,539
Tobacco — 0.2%
ITC Ltd.		349,427		1,045,615
KT&G Corp.		9,961		717,557
Vector Group Ltd.		7,666		106,941
				1,870,113
Trading Companies & Distributors — 0.8%
Air Lease Corp.		188		9,212
Applied Industrial Technologies, Inc.		4,491		409,445
Ashtead Group PLC		2,556		152,582
Barloworld Ltd.(a)		21,996		134,524
Beacon Roofing Supply, Inc.(a)		2,821		147,595
Brenntag AG		541		46,217
Bunzl PLC		2,749		87,989
DXP Enterprises, Inc.(a)		1,450		43,747
Fastenal Co		3,528		177,388
Ferguson PLC		1,676		200,206
GATX Corp.(b)		711		65,938
GMS, Inc.(a)		2,560		106,880
H&E Equipment Services, Inc.		5,236		198,968
Herc Holdings, Inc.(a)		1,015		102,850
ITOCHU Corp.		700		22,726
Marubeni Corp.		20,300		169,547
McGrath RentCorp(b)		3,947		318,326
Mitsubishi Corp.		4,900		138,910
Mitsui & Co. Ltd.		7,200		150,266
MRC Global, Inc.(a)(b)		7,577		68,420
MSC Industrial Direct Co., Inc., Class A		56		5,051
NOW, Inc.(a)		2,230		22,501
Rush Enterprises, Inc., Class A		2,993		149,141
SiteOne Landscape Supply, Inc.(a)		8,720		1,488,853
Sumitomo Corp.		9,900		141,685
Textainer Group Holdings Ltd.(a)		1,120		32,088
Toyota Tsusho Corp.		1,300		54,744
Triton International Ltd		6,292		345,997
United Rentals, Inc.(a)		414		136,334
Univar Solutions, Inc.(a)		163		3,511
Veritiv Corp.(a)		1,523		64,788
W.W. Grainger, Inc.		1,653		662,737
Watsco, Inc.		72		18,774
WESCO International, Inc.(a)		3,100		268,243
				6,146,183
Transportation Infrastructure — 0.1%
Atlantia SpA(a)		600		11,228
Grupo Aeroportuario del Centro Norte SAB de CV(a)		9,565		60,143
International Container Terminal Services, Inc.		67,220		168,044
Malaysia Airports Holdings Bhd		28,100		42,440
Shenzhen Expressway Co. Ltd., Class H		100,000		108,393
Taiwan High Speed Rail Corp.		126,000		139,124
Transurban Group		3,108		31,596
				560,968
Utilities — 0.0%
AES Brasil Energia SA		28,479		88,038
Water Utilities — 0.2%
American States Water Co.		884		66,848
American Water Works Co., Inc.		1,513		226,829

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) March 31, 2021 Diversified Equity Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Water Utilities (continued)
Beijing Enterprises Water Group Ltd.(b)		712,000	$	271,096
California Water Service Group		6,462		364,069
Cia de Saneamento de Minas Gerais-COPASA		82,247		220,644
Essential Utilities, Inc.		3,207		143,513
Severn Trent PLC		1,921		61,102
United Utilities Group PLC		4,726		60,391
				1,414,492
Wireless Telecommunication Services — 0.3%
KDDI Corp.		3,100		95,513
Maxis Bhd		95,100		103,712
Mobile Telecommunications Co. KSC		47,411		94,971
Sistema PJSFC		796,711		361,002
Sistema PJSFC, - GDR		9,326		84,305
SK Telecom Co. Ltd.		2,467		601,561
Softbank Corp.		5,300		68,951
SoftBank Group Corp.		3,600		306,496
Spok Holdings, Inc.		3,163		33,180
T-Mobile US, Inc.(a)		1,260		157,865
Turkcell Iletisim Hizmetleri, ADR(b)		13,643		63,713
Turkcell Iletisim Hizmetleri AS		74,741		136,561
United States Cellular Corp.(a)		1,358		49,540
Vodacom Group Ltd.		8,256		70,585
Vodafone Group PLC		75,878		138,369
				2,366,324
Total Common Stocks — 84.1% (Cost: $490,544,592)				675,019,706
Preferred Securities
Preferred Stocks — 0.3%
Automobiles — 0.0%
Bayerische Motoren Werke AG, Preference Shares		531		42,272
Banks — 0.1%
Banco Bradesco SA, Preference Shares		158,381		753,264
Itau Unibanco Holding SA, Preference Shares		48,704		242,021
				995,285
Electric Utilities — 0.0%
Cia Energetica de Minas Gerais, Preference Shares		29,563		68,437
Health Care Equipment & Supplies — 0.0%
Sartorius AG, Preference Shares		126		62,818
Metals & Mining — 0.0%
Gerdau SA, Preference Shares		19,546		104,942
Oil, Gas & Consumable Fuels — 0.2%
Petroleo Brasileiro SA, Preference Shares		273,687		1,171,836

Security	Shares		Value
Trading Companies & Distributors — 0.0%
WESCO International, Inc.(e)		1,463	$	45,031
Total Preferred Stocks — 0.3%				2,490,621
Total Preferred Securities — 0.3% (Cost: $2,184,351)				2,490,621
Rights
Gas Utilities — 0.0%
Snam SpA, (Expires 04/07/21)		15,684		16
Metals & Mining — 0.0%
Pan American Silver Corp., (Expires 02/22/29)(a)		16,660		14,494
Total Rights — 0.0% (Cost: $3,539)				14,510
Total Long-Term Investments — 84.4% (Cost: $492,732,482)				677,524,837
Short-Term Securities
Money Market Funds — 17.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.14%(f)(g)(h)		39,755,353		39,779,206
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.02%(f)(g)		104,007,073		104,007,073
Total Short-Term Securities — 17.9% (Cost: $143,771,883)				143,786,279
Total Investments — 102.3% (Cost: $636,504,365)				821,311,116
Liabilities in Excess of Other Assets — (2.3)%				(18,507,423	)
Net Assets — 100.0%			$	802,803,693

^(a)  Non-income producing security.

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

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

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(f)  Affiliate of the Master Portfolio.

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

^(h)  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.

26

Schedule of Investments (unaudited) (continued) March 31, 2021 Diversified Equity 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	$	35,734,117	$	4,046,173	(a)	$	—	$	(719	)	$	(365	)	$	39,779,206		39,755,353	$	38,770	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		27,191,885		76,815,188	(a)		—		—			—			104,007,073		104,007,073		2,416			—
								$	(719	)	$	(365	)	$	143,786,279			$	41,186		$	—

^(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
MSCI Emerging Markets Index		52		06/18/21	$	3,439	$	(45,824	)
Russell 2000 E-Mini Index		9		06/18/21		1,000		(37,367	)
S&P 500 E-Mini Index		129		06/18/21		25,590		456,707
								373,516
Short Contracts
MSCI EAFE Index		363		06/18/21		39,785		132,976
MSCI Emerging Markets Index		397		06/18/21		26,252		467,803
Russell 2000 E-Mini Index		1,568		06/18/21		174,244		4,709,643
								5,310,422
							$	5,683,938

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	645,143	CHF	591,000	Goldman Sachs International		06/16/21	$	18,636
USD	384,746	EUR	318,000	Morgan Stanley & Co. International PLC		06/16/21		11,269
USD	551,083	EUR	462,000	Morgan Stanley & Co. International PLC		06/16/21		8,485
USD	680,516	JPY	72,711,000	Bank of America N.A.		06/16/21		23,370
USD	26,069	NOK	221,000	Goldman Sachs International		06/16/21		231
								61,991
AUD	809,000	USD	631,525	Bank of America N.A.		06/16/21		(16,860	)
EUR	412,000	USD	489,471	Barclays Bank PLC		06/16/21		(5,595	)
GBP	540,000	USD	754,644	Bank of America N.A.		06/16/21		(10,041	)
NZD	118,000	USD	85,567	Toronto-Dominion Bank		06/16/21		(3,169	)
SEK	5,851,000	USD	695,818	Bank of America N.A.		06/16/21		(25,428	)
SGD	165,000	USD	123,847	Goldman Sachs International		06/16/21		(1,230	)
USD	141,000	CAD	178,000	Morgan Stanley & Co. International PLC		06/16/21		(655	)
								(62,978	)
							$	(987	)

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) March 31, 2021 Diversified Equity Master Portfolio

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 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
Aerospace & Defense	$	4,034,210	$	116,787	$	—	$	4,150,997
Air Freight & Logistics		4,432,110		627,458		—		5,059,568
Airlines		1,584,559		351,695		—		1,936,254
Auto Components		2,935,910		2,256,747		—		5,192,657
Automobiles		5,334,934		3,265,020		—		8,599,954
Banks		27,813,747		19,530,883		—		47,344,630
Beverages		6,311,704		1,138,004		—		7,449,708
Biotechnology		21,439,384		1,145,523		3,470		22,588,377
Building Products		7,002,579		785,100		—		7,787,679
Capital Markets		13,931,449		2,341,218		—		16,272,667
Chemicals		9,237,708		6,195,241		—		15,432,949
Commercial Services & Supplies		6,691,377		710,112		—		7,401,489
Communications Equipment		2,707,566		432,447		—		3,140,013
Construction & Engineering		4,337,018		1,373,622		—		5,710,640
Construction Materials		760,451		1,739,969		—		2,500,420
Consumer Finance		4,094,086		228,463		—		4,322,549
Containers & Packaging		2,025,540		23,836		—		2,049,376
Distributors		1,098,087		—		—		1,098,087
Diversified Consumer Services		2,884,804		108,557		—		2,993,361
Diversified Financial Services		4,113,392		728,326		—		4,841,718
Diversified Telecommunication Services		5,092,708		1,101,622		—		6,194,330
Electric Utilities		4,892,984		1,982,072		—		6,875,056
Electrical Equipment		4,014,738		2,362,963		—		6,377,701
Electronic Equipment, Instruments & Components		5,507,309		6,711,824		—		12,219,133
Energy Equipment & Services		3,131,103		8,945		—		3,140,048
Entertainment		8,386,300		663,103		—		9,049,403
Equity Real Estate Investment Trusts (REITs)		14,551,590		415,237		—		14,966,827
Food & Staples Retailing		7,334,499		1,059,091		—		8,393,590
Food Products		7,293,905		3,486,162		—		10,780,067
Gas Utilities		2,278,096		1,224,668		—		3,502,764
Health Care Equipment & Supplies		12,212,212		1,015,329		—		13,227,541
Health Care Providers & Services		12,216,828		703,201		—		12,920,029
Health Care Technology		3,275,938		68,648		—		3,344,586

28

Schedule of Investments (unaudited) (continued) March 31, 2021 Diversified Equity Master Portfolio

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Hotels, Restaurants & Leisure	$	15,148,438	$	455,968	$	—	$	15,604,406
Household Durables		5,738,633		955,118		—		6,693,751
Household Products		2,813,231		329,074		—		3,142,305
Independent Power and Renewable Electricity Producers		1,652,348		732,780		—		2,385,128
Industrial Conglomerates		3,166,568		1,151,694		—		4,318,262
Insurance		9,571,976		6,518,307		—		16,090,283
Interactive Media & Services		19,623,300		11,537,390		—		31,160,690
Internet & Direct Marketing Retail		25,825,707		6,448,044		—		32,273,751
IT Services		19,690,239		4,454,884		—		24,145,123
Leisure Products		785,865		264,726		—		1,050,591
Life Sciences Tools & Services		4,836,191		2,553,597		—		7,389,788
Machinery		12,630,756		4,233,232		—		16,863,988
Marine		4,521		654,207		—		658,728
Media		5,093,559		371,083		—		5,464,642
Metals & Mining		7,757,239		5,464,194		—		13,221,433
Mortgage Real Estate Investment Trusts (REITs)		1,377,330		—		—		1,377,330
Multi-line Retail		3,330,444		9,495		—		3,339,939
Multi-Utilities		2,684,995		594,931		—		3,279,926
Oil, Gas & Consumable Fuels		12,928,988		7,309,202		—		20,238,190
Paper & Forest Products		1,149,693		253,137		—		1,402,830
Personal Products		755,224		2,228,015		—		2,983,239
Pharmaceuticals		11,847,876		4,190,184		—		16,038,060
Professional Services		5,901,804		1,257,776		—		7,159,580
Real Estate Management & Development		3,784,003		3,055,044		—		6,839,047
Road & Rail		3,776,302		370,091		—		4,146,393
Semiconductors & Semiconductor Equipment		17,782,934		16,485,233		—		34,268,167
Software		37,686,010		987,474		—		38,673,484
Specialty Retail		11,824,570		1,235,121		—		13,059,691
Technology Hardware, Storage & Peripherals		17,919,008		10,831,900		—		28,750,908
Textiles, Apparel & Luxury Goods		4,561,437		1,573,791		—		6,135,228
Thrifts & Mortgage Finance		5,924,636		1,629,903		—		7,554,539
Tobacco		106,941		1,763,172		—		1,870,113
Trading Companies & Distributors		4,981,311		1,164,872		—		6,146,183
Transportation Infrastructure		60,143		500,825		—		560,968
Utilities		88,038		—		—		88,038
Water Utilities		1,021,903		392,589		—		1,414,492
Wireless Telecommunication Services		304,298		2,062,026		—		2,366,324
Preferred Securities
Preferred Stocks
Automobiles		—		42,272		—		42,272
Banks		995,285		—		—		995,285
Electric Utilities		68,437		—		—		68,437
Health Care Equipment & Supplies		—		62,818		—		62,818
Metals & Mining		104,942		—		—		104,942
Oil, Gas & Consumable Fuels		1,171,836		—		—		1,171,836
Trading Companies & Distributors		45,031		—		—		45,031
Rights
Gas Utilities		—		16		—		16
Metals & Mining		14,494		—		—		14,494
Short-Term Securities
Money Market Funds		143,786,279		—		—		143,786,279
	$	653,281,588	$	168,026,058	$	3,470	$	821,311,116
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	5,767,129	$	—	$	—	$	5,767,129
Foreign Currency Exchange Contracts		—		61,991		—		61,991

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) March 31, 2021 Diversified Equity Master Portfolio

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Liabilities
Equity Contracts	$	(83,191	)	$	—		$	—	$	(83,191	)
Foreign Currency Exchange Contracts		—			(62,978	)		—		(62,978	)
	$	5,683,938		$	(987	)	$	—	$	5,682,951

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

Currency Abbreviation
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
SGD	Singapore Dollar
USD	United States Dollar

Portfolio Abbreviation
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
JSC	Joint Stock Company
MSCI	Morgan Stanley Capital International
NVDR	Non-Voting Depositary Receipt
PCL	Public Company Limited
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s
SAB	Special Assessment Bonds

30