Quantitative Master Series NPORT-P Master Small Cap Index Series (Sep 2020 report)

Schedule of Investments  (unaudited)  September 30, 2020 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Advertising Agencies — 0.3%
Boston Omaha Corp., Class A(a)		17,734	$	283,744
Cardlytics, Inc.(a)(b)		42,584		3,005,153
Chimera Investment Corp.		311,915		2,557,703
Emerald Holding Inc.		45,670		93,167
Fluent, Inc.(a)		71,860		178,213
National CineMedia, Inc.		105,203		285,626
QuinStreet, Inc.(a)		77,814		1,232,573
Viad Corp.		33,829		704,658
				8,340,837
Aerospace — 0.9%
AAR Corp.		52,479		986,605
Aerojet Rocketdyne Holdings, Inc.(a)		119,141		4,752,535
AeroVironment, Inc.(a)		35,442		2,126,874
Astronics Corp.(a)		38,565		297,722
Colony Capital, Inc.		780,565		2,130,943
Columbia Property Trust, Inc.		184,417		2,011,990
Cubic Corp.		50,607		2,943,809
Ducommun, Inc.(a)		18,036		593,745
Kaman Corp.		44,329		1,727,501
Kratos Defense & Security Solutions, Inc.(a)		197,027		3,798,681
Macerich Co.(b)		242,384		1,645,787
Moog, Inc., Class A		47,927		3,044,802
Triumph Group, Inc.		77,157		502,292
				26,563,286
Agriculture, Fishing & Ranching — 0.4%
Alico, Inc.		8,483		242,783
Andersons, Inc.		52,333		1,003,224
Cadiz, Inc.(a)(b)		33,554		333,191
Calavo Growers, Inc.		26,328		1,744,757
Cal-Maine Foods, Inc.(a)		50,633		1,942,788
Fresh Del Monte Produce, Inc.		51,420		1,178,546
GrowGeneration Corp.(a)		57,864		924,667
Limoneira Co.		25,358		362,619
Sanderson Farms, Inc.		32,951		3,887,230
				11,619,805
Air Transport — 0.4%
Air Transport Services Group, Inc.(a)		97,877		2,452,798
Allegiant Travel Co.		21,558		2,582,648
Atlas Air Worldwide Holdings, Inc.(a)		41,729		2,541,296
Hawaiian Holdings, Inc.		76,338		983,997
Mesa Air Group, Inc.(a)		48,462		142,963
SkyWest, Inc.		79,504		2,373,990
Spirit Airlines, Inc.(a)		146,224		2,354,206
				13,431,898
Alternative Energy — 0.3%
Ameresco, Inc., Class A(b)		41,146		1,374,276
Green Brick Partners, Inc.		39,560		636,916
Green Plains, Inc.		58,177		900,580
REX American Resources Corp.(b)		9,715		637,401
Sunnova Energy International, Inc.		86,536		2,631,560
Vivint Solar, Inc.(b)		80,755		3,419,974
				9,600,707
Aluminum — 0.3%
Alcoa Corp.(a)		303,355		3,528,019
Arconic Corp.(a)		162,777		3,100,902

Security	Shares		Value
Aluminum (continued)
Century Aluminum Co.(a)		84,137	$	599,055
Kaiser Aluminum Corp.		24,946		1,336,856
				8,564,832
Asset Management & Custodian — 0.8%
Arlington Asset Investment Corp., Class A		61,437		174,481
Artisan Partners Asset Management, Inc., Class A		89,219		3,478,649
Assetmark Financial Holdings, Inc.(a)		27,735		602,959
B. Riley Financial, Inc.		30,730		770,094
Brightsphere Investment Group, Inc.		98,143		1,266,045
Cohen & Steers, Inc.		39,432		2,197,940
Cowen, Inc., Class A(b)		41,845		680,818
Diamond Hill Investment Group, Inc.		5,314		671,264
Federated Hermes, Inc.		159,144		3,423,187
Focus Financial Partners, Inc., Class A(a)(b)		50,534		1,657,010
GAMCO Investors, Inc., Class A		8,691		100,555
Hamilton Lane, Inc., Class A		48,870		3,156,513
Oppenheimer Holdings, Inc., Class A		16,594		370,378
PJT Partners, Inc.		38,183		2,314,272
Pzena Investment Management, Inc., Class A		31,376		168,175
Sculptor Capital Management, Inc.(a)		26,443		310,441
Silvercrest Asset Management Group, Inc., Class A		13,892		145,310
Virtus Investment Partners, Inc.		12,334		1,710,109
Waddell & Reed Financial, Inc., Class A		105,027		1,559,651
Westwood Holdings Group, Inc.		13,912		154,980
WisdomTree Investments, Inc.		220,806		706,579
				25,619,410
Auto Parts — 1.0%
Adient PLC(a)		142,356		2,467,030
American Axle & Manufacturing Holdings, Inc.(a)(b)		177,034		1,021,486
CarParts.com, Inc.(a)(b)		36,069		389,906
Dana, Inc.		239,201		2,946,956
Dorman Products, Inc.(a)		43,305		3,913,906
Fox Factory Holding Corp.(a)		67,525		5,019,133
Gentherm, Inc.(a)		53,163		2,174,367
Meritor, Inc.(a)		112,597		2,357,781
Standard Motor Products, Inc.		35,386		1,579,985
Stoneridge, Inc.(a)(b)		44,193		811,825
Tenneco, Inc., Class A(a)		89,143		618,652
Visteon Corp.(a)		45,771		3,168,269
Workhorse Group Inc.(a)(b)		153,927		3,891,275
XPEL Inc.(a)		27,828		725,754
				31,086,325
Auto Services — 0.2%
Cooper Tire & Rubber Co.		81,587		2,586,308
Goodyear Tire & Rubber Co.		376,012		2,884,012
				5,470,320
Back Office Support, HR & Consulting — 1.5%
ASGN, Inc.(a)		82,967		5,273,383
Barrett Business Services, Inc.		12,227		641,184
BG Staffing, Inc.		16,595		140,560
CBIZ, Inc.(a)		80,930		1,850,869
Conduent, Inc.(a)		266,302		846,840
CRA International, Inc.		12,734		477,143
DHI Group, Inc.(a)		84,585		191,162
ExlService Holdings, Inc.(a)		54,643		3,604,799
Forrester Research, Inc.(a)		17,200		563,988
GP Strategies Corp.(a)(b)		20,881		201,293
Hackett Group, Inc.		41,091		459,397
Heidrick & Struggles International, Inc.		31,678		622,473

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (unaudited) (continued) September 30, 2020 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Back Office Support, HR & Consulting (continued)
Huron Consulting Group, Inc.(a)		37,983	$	1,493,871
ICF International, Inc.		29,293		1,802,398
Insperity, Inc.		59,743		3,912,569
Kelly Services, Inc., Class A		55,843		951,565
Kforce, Inc.		31,530		1,014,320
Korn Ferry		93,042		2,698,218
Liquidity Services, Inc.(a)		47,136		351,635
Mastech Digital Inc.(a)		6,612		119,082
MAXIMUS, Inc.		99,860		6,831,423
NV5 Global, Inc.(a)(b)		16,884		890,969
PAE Inc.(a)(b)		99,945		849,532
PFSweb, Inc.(a)		23,380		156,412
Resources Connection, Inc.		50,964		588,634
ServiceSource International, Inc.(a)		144,672		212,668
StarTek, Inc.(a)		27,578		144,784
Sykes Enterprises, Inc.(a)		64,530		2,207,571
Target Hospitality Corp.(a)		49,812		60,771
TriNet Group, Inc.(a)		66,789		3,961,923
TrueBlue, Inc.(a)		61,024		945,262
TTEC Holdings, Inc.		30,444		1,660,720
				45,727,418
Banks: Diversified — 6.8%
1st Constitution Bancorp		15,643		186,152
1st Source Corp.		26,399		814,145
ACNB Corp.		13,727		285,522
Allegiance Bancshares, Inc.		31,564		737,651
Altabancorp		27,621		555,735
Amalgamated Bank, Class A		23,480		248,418
Ambac Financial Group, Inc.(a)		74,721		954,187
Amerant Bancorp, Inc.(a)(b)		37,498		349,106
American National Bankshares, Inc.		18,511		387,250
Ameris Bancorp		105,421		2,401,490
Ames National Corp.		15,056		254,296
Arrow Financial Corp.		23,159		581,059
Atlantic Capital Bancshares, Inc.(a)		36,720		416,772
Atlantic Union Bankshares Corp.		124,147		2,653,021
Auburn National BanCorp., Inc.		3,667		132,965
BancFirst Corp.		31,330		1,279,517
Banco Latinoamericano de Comercio Exterior SA		51,824		629,662
Bancorp, Inc.(a)		84,819		732,836
BancorpSouth Bank		157,259		3,047,679
Bank First Corp.		10,749		630,966
Bank of Commerce Holdings		29,813		207,797
Bank of Marin Bancorp		23,269		673,870
Bank of NT Butterfield & Son Ltd.		81,018		1,805,081
Bank of Princeton		9,690		176,067
Bank7 Corp.		7,304		68,658
Bankwell Financial Group, Inc.		11,527		163,107
Banner Corp.		52,372		1,689,521
Bar Harbor Bankshares		26,461		543,774
Baycom Corp.(a)		18,197		187,429
BCB Bancorp, Inc.		25,937		207,496
Boston Private Financial Holdings, Inc.		123,844		683,619
Bridge Bancorp, Inc.		29,506		514,290
Bridgewater Bancshares, Inc.(a)		38,025		360,857
Bryn Mawr Bank Corp.		31,822		791,413
Business First Bancshares, Inc.		28,633		429,495
Byline Bancorp, Inc.		40,250		454,020
C&F Financial Corp.		5,703		169,379
Cadence BanCorp		202,964		1,743,461
California Bancorp Inc.(a)(b)		10,997		124,596

Security	Shares		Value
Banks: Diversified (continued)
Cambridge Bancorp		10,129	$	538,458
Camden National Corp.		23,340		705,451
Capital Bancorp, Inc.(a)		13,728		129,867
Capital City Bank Group, Inc.(b)		23,310		437,995
Capitol Federal Financial, Inc.		219,402		2,032,760
Capstar Financial Holdings, Inc.		25,571		250,852
Carter Bank & Trust		38,700		257,355
Cathay General Bancorp		118,444		2,567,866
CB Financial Services, Inc.		6,377		121,673
CBTX, Inc.		31,638		516,965
Central Pacific Financial Corp.		36,134		490,338
Central Valley Community Bancorp		20,040		247,494
Century Bancorp, Inc., Class A		4,972		326,859
Chemung Financial Corp.		6,300		181,881
ChoiceOne Financial Services Inc.		10,991		285,986
CIT Group, Inc.		159,524		2,825,170
Citizens & Northern Corp.		21,059		341,998
Citizens Holding Co.		6,395		143,376
City Holding Co.		25,302		1,457,648
Civista Bancshares, Inc.		26,232		328,425
CNB Financial Corp.		25,068		372,761
Coastal Financial Corp.(a)		13,132		160,867
Codorus Valley Bancorp, Inc.		16,462		215,652
Colony Bankcorp, Inc.		13,079		140,599
Columbia Banking System, Inc.		115,235		2,748,355
Columbia Financial, Inc.(a)		82,292		913,441
Community Bank System, Inc.		86,275		4,698,536
Community Bankers Trust Corp.		37,382		189,901
Community Financial Corp.		8,247		176,073
Community Trust Bancorp, Inc.		26,249		741,797
ConnectOne Bancorp, Inc.		62,203		875,196
County Bancorp, Inc.		6,837		128,536
CrossFirst Bankshares, Inc.(a)		81,388		707,262
Customers Bancorp, Inc.(a)		47,749		534,789
CVB Financial Corp.		212,894		3,540,427
Eagle Bancorp, Inc.		53,548		1,434,551
Enterprise Bancorp, Inc.		15,238		320,303
Enterprise Financial Services Corp.		39,255		1,070,484
Equity Bancshares, Inc., Class A(a)		20,806		322,493
Esquire Financial Holdings, Inc.(a)		11,357		170,355
Evans Bancorp, Inc.		8,451		188,035
Farmers & Merchants Bancorp, Inc./Archbold		16,838		336,928
Farmers National Banc Corp.		45,522		497,100
FB Financial Corp.		50,582		1,270,620
Fidelity D&D Bancorp, Inc.		6,449		314,131
Financial Institutions, Inc.		27,327		420,836
First Bancorp, Inc.		18,201		383,677
First BanCorp, Puerto Rico		341,942		1,784,937
First Bancorp/Southern Pines NC		47,149		986,829
First Bancshares, Inc.		34,044		713,903
First Bank/Hamilton		28,303		175,479
First Busey Corp.		84,662		1,345,279
First Business Financial Services, Inc.		14,311		204,504
First Choice Bancorp		16,926		224,947
First Commonwealth Financial Corp.		159,767		1,236,597
First Community Bancshares, Inc.		25,204		454,932
First Community Corp.		8,993		122,575
First Financial Bancorp		152,738		1,833,620
First Financial Bankshares, Inc.		210,754		5,882,144
First Financial Corp.		22,326		701,036
First Foundation, Inc.		67,723		885,140
First Guaranty Bancshares, Inc.		8,862		107,319

2

Schedule of Investments  (unaudited) (continued) September 30, 2020 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks: Diversified (continued)
First Internet Bancorp		14,564	$	214,528
First Interstate Bancsystem, Inc.		67,103		2,137,231
First Merchants Corp.		81,035		1,876,771
First Mid Bancshares, Inc.		25,874		645,556
First Midwest Bancorp, Inc.		171,475		1,848,500
First Northwest Bancorp		15,452		152,975
First of Long Island Corp.		41,040		607,802
First Savings Financial Group, Inc.		2,711		147,316
First United Corp.		9,750		114,172
First Western Financial Inc.(a)		8,230		106,579
Flagstar Bancorp, Inc.		68,548		2,031,077
FNCB Bancorp, Inc.		29,402		156,419
Franklin Financial Services Corp.		7,291		155,882
FS Bancorp, Inc.		7,080		290,280
Fulton Financial Corp.		255,236		2,381,352
FVCBankcorp, Inc.(a)		20,792		207,920
German American Bancorp, Inc.		41,109		1,115,698
Glacier Bancorp, Inc.		156,051		5,001,435
Great Western Bancorp, Inc.		87,506		1,089,450
Guaranty Bancshares, Inc.		11,854		295,046
Hancock Whitney Corp.		136,954		2,576,105
Hanmi Financial Corp.		35,695		293,056
HarborOne Bancorp, Inc.(a)		79,912		644,890
Hawthorn Bancshares, Inc.		10,042		190,195
HBT Financial, Inc.		16,051		180,092
Heartland Financial USA, Inc.		53,397		1,601,643
Heritage Commerce Corp.		101,551		675,822
Home BancShares, Inc.		245,768		3,725,843
Hope Bancorp, Inc.		195,776		1,484,961
Horizon Bancorp		70,672		713,080
Howard Bancorp, Inc.(a)		20,178		181,198
Independent Bank Corp.		90,652		3,255,358
Independent Bank Group, Inc.		60,679		2,680,798
International Bancshares Corp.		85,456		2,226,983
Investar Holding Corp.		15,819		202,800
Lakeland Bancorp, Inc.		79,441		790,438
Lakeland Financial Corp.		40,903		1,685,204
Landmark Bancorp Inc/Manhattan KS		4,390		93,727
LCNB Corp.		20,442		279,033
Level One Bancorp, Inc.		8,912		139,027
Limestone Bancorp Inc.(a)		7,262		76,396
Live Oak Bancshares, Inc.(b)		46,805		1,185,571
Luther Burbank Corp.		34,229		285,812
Macatawa Bank Corp.		49,646		324,188
Mackinac Financial Corp.		16,516		159,379
MainStreet Bancshares, Inc.(a)		11,835		144,860
Mercantile Bank Corp.		28,158		507,407
Merchants Bancorp		14,596		287,687
Meridian Bank/Malvern PA		7,428		119,814
Metrocity Bankshares, Inc.(b)		31,082		409,350
Metropolitan Bank Holding Corp.(a)		12,582		352,296
Mid Penn Bancorp, Inc.		11,675		202,094
Middlefield Banc Corp.		8,687		167,659
Midland States Bancorp, Inc.		38,170		490,484
MVB Financial Corp.		16,436		262,483
National Bank Holdings Corp., Class A		48,196		1,265,145
National Bankshares, Inc.		10,664		270,119
NBT Bancorp, Inc.		70,948		1,902,825
Nicolet Bankshares, Inc.(a)		15,064		822,645
Northeast Bank(a)		11,696		215,206
Northrim BanCorp, Inc.		11,374		289,923
Norwood Financial Corp.		9,898		240,719
Oak Valley Bancorp		11,873		136,065

Security	Shares		Value
Banks: Diversified (continued)
OFG Bancorp		85,480	$	1,065,081
Ohio Valley Banc Corp.		7,057		145,798
Old National Bancorp		263,416		3,308,505
Old Second Bancorp, Inc.		52,681		394,844
OP Bancorp		23,528		134,580
Origin Bancorp, Inc.		35,563		759,626
Orrstown Financial Services, Inc.		17,730		226,944
Pacific Premier Bancorp, Inc.		128,193		2,581,807
Park National Corp.		22,947		1,880,736
Parke Bancorp, Inc.		17,346		207,111
PCB Bancorp		21,468		188,704
PCSB Financial Corp.		26,941		325,178
Peapack Gladstone Financial Corp.		31,386		475,498
Penns Woods Bancorp, Inc.		12,286		243,877
Peoples Bancorp of North Carolina, Inc.		7,687		118,610
Peoples Bancorp, Inc.		29,512		563,384
Peoples Financial Services Corp.		11,728		407,665
Pioneer Bancorp, Inc.(a)		20,117		178,639
Preferred Bank		23,922		768,375
Premier Financial Bancorp, Inc.		22,297		240,808
Professional Holding Corp., Class A(a)		14,295		191,696
Provident Financial Services, Inc.		114,549		1,397,498
QCR Holdings, Inc.		25,057		686,812
RBB Bancorp		28,518		323,394
Red River Bancshares, Inc.(b)		8,570		368,510
Reliant Bancorp Inc.		25,198		365,371
Renasant Corp.		89,003		2,022,148
Republic Bancorp, Inc., Class A		16,978		478,100
Republic First Bancorp, Inc.(a)		77,302		153,058
S&T Bancorp, Inc.		64,047		1,132,991
Salisbury Bancorp Inc.		3,726		117,779
Sandy Spring Bancorp, Inc.		75,640		1,745,771
SB Financial Group Inc.		10,278		138,650
Seacoast Banking Corp. of Florida(a)		85,087		1,534,119
Select Bancorp, Inc.(a)		33,126		238,176
ServisFirst Bancshares, Inc.		78,309		2,664,855
Shore Bancshares, Inc.		22,172		243,449
Sierra Bancorp		25,114		421,664
Silvergate Capital Corp., Class A(a)		25,471		366,782
Simmons First National Corp., Class A		173,027		2,743,343
SmartFinancial, Inc.		21,356		290,228
South Plains Financial, Inc.		19,026		236,113
South State Corp.		114,212		5,499,308
Southern First Bancshares, Inc.(a)		12,735		307,550
Southern National Bancorp of Virginia, Inc.		35,408		307,341
Southside Bancshares, Inc.		52,050		1,271,581
Spirit of Texas Bancshares, Inc.		23,127		258,097
Standard AVB Financial Corp.		4,967		162,173
Stock Yards Bancorp, Inc.		34,641		1,179,180
Summit Financial Group, Inc.		19,115		283,093
Texas Capital Bancshares, Inc.(a)		81,861		2,548,333
Tompkins Financial Corp.		23,070		1,310,607
TowneBank		101,527		1,665,043
Trico Bancshares		44,289		1,084,638
TriState Capital Holdings, Inc.(a)		47,239		625,444
Triumph Bancorp, Inc.(a)(b)		38,236		1,190,669
TrustCo Bank Corp. NY		153,275		800,095
Trustmark Corp.		102,810		2,201,162
UMB Financial Corp.		70,192		3,440,110
United Bankshares, Inc.		201,200		4,319,764
United Community Banks, Inc.		118,261		2,002,159
United Security Bancshares		24,184		147,764
Unity Bancorp, Inc.		13,223		153,122

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 3

Schedule of Investments  (unaudited) (continued) September 30, 2020 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks: Diversified (continued)
Univest Financial Corp.		50,726	$	728,933
Valley National Bancorp		638,546		4,374,040
Veritex Holdings, Inc.		78,309		1,333,602
Washington Trust Bancorp, Inc.		28,235		865,685
WesBanco, Inc.		104,149		2,224,623
West BanCorp., Inc.		28,851		457,000
Westamerica BanCorp		42,465		2,307,973
				211,433,457
Banks: Savings, Thrift & Mortgage Lending — 1.0%
Axos Financial, Inc.(a)		95,948		2,236,548
Banc of California, Inc.		69,137		699,667
BankFinancial Corp.		23,860		172,269
BankUnited, Inc.		148,672		3,257,404
Berkshire Hills Bancorp, Inc.		66,841		675,763
Brookline Bancorp, Inc.		130,249		1,126,003
Dime Community Bancshares, Inc.		47,571		538,028
Eagle Bancorp Montana Inc.		7,091		124,943
ESSA Bancorp, Inc.		15,567		191,941
First Capital, Inc.		5,565		311,918
Flushing Financial Corp.		46,316		487,244
Great Southern Bancorp, Inc.		14,826		536,998
Greene County Bancorp, Inc.		5,855		126,995
Heritage Financial Corp.		59,449		1,093,267
Hingham Institution for Savings		2,361		434,424
Home Bancorp, Inc.		13,473		325,373
HomeStreet, Inc.		29,365		756,442
Investors Bancorp, Inc.		368,400		2,674,584
Kearny Financial Corp.		132,530		955,541
Ladder Capital Corp.		178,547		1,271,255
Meridian Bancorp, Inc.		81,718		845,781
Northfield Bancorp, Inc.		74,887		682,969
Northwest Bancshares, Inc.		184,801		1,700,169
OceanFirst Financial Corp.		96,365		1,319,237
Oconee Federal Financial Corp.		2,178		47,480
Ponce de Leon Federal Bank(a)		14,188		125,138
Premier Financial Corp.		62,640		975,618
Provident Bancorp, Inc.		16,241		126,517
Provident Financial Holdings, Inc.		10,685		127,152
Prudential Bancorp, Inc.		14,298		150,701
Richmond Mutual BanCorp., Inc.		23,457		248,175
Riverview Bancorp, Inc.		37,996		157,683
Southern Missouri Bancorp, Inc.		13,207		311,421
Sterling Bancorp, Inc.		27,375		82,399
Territorial Bancorp, Inc.		13,705		277,252
Timberland Bancorp, Inc.		12,693		228,474
Washington Federal, Inc.		125,133		2,610,274
Waterstone Financial, Inc.		35,350		547,572
Western New England Bancorp, Inc.		40,665		228,944
WSFS Financial Corp.		79,908		2,155,119
				30,944,682
Beverage: Brewers & Distillers — 0.0%
Craft Brew Alliance, Inc.(a)(b)		19,652		324,455
Beverage: Soft Drinks — 0.3%
Celsius Holdings, Inc.(a)		58,022		1,317,680
Coca-Cola Consolidated, Inc.		7,507		1,806,785
Farmer Bros Co.(a)		27,036		119,499
National Beverage Corp.(a)(b)		19,836		1,349,046

Security	Shares		Value
Beverage: Soft Drinks (continued)
NewAge Inc.(a)(b)		161,699	$	279,739
Primo Water Corp.		256,686		3,644,941
				8,517,690
Biotechnology — 10.6%
89bio Inc.(a)		10,297		264,221
ADMA Biologics, Inc.(a)(b)		96,552		230,759
Aduro Biotech, Inc.(a)		109,768		266,736
Adverum Biotechnologies, Inc.(a)		141,235		1,454,720
Aeglea BioTherapeutics, Inc.(a)(b)		71,346		505,843
Affimed NV(a)		127,442		432,028
Agenus, Inc.(a)		253,041		1,012,164
Aimmune Therapeutics, Inc.(a)(b)		76,025		2,619,061
Akcea Therapeutics, Inc.(a)(b)		27,899		506,088
Akebia Therapeutics, Inc.(a)		220,379		553,151
Akero Therapeutics, Inc.(a)		21,950		675,840
Akouos, Inc.(a)(b)		23,255		531,842
Albireo Pharma, Inc.(a)(b)		21,083		703,540
Alector, Inc.(a)(b)		78,147		823,279
Allakos, Inc.(a)(b)		40,039		3,261,177
Allogene Therapeutics, Inc.(a)		88,129		3,323,345
Allovir, Inc.(a)(b)		28,786		791,615
ALX Oncology Holdings, Inc.(a)(b)		15,484		584,366
AMAG Pharmaceuticals, Inc.(a)(b)		46,649		438,501
Amicus Therapeutics, Inc.(a)		415,921		5,872,805
AnaptysBio, Inc.(a)		36,887		544,083
Anavex Life Sciences Corp.(a)(b)		83,458		379,734
ANI Pharmaceuticals, Inc.(a)		15,228		429,582
Annexon, Inc.(a)		23,618		713,972
Apellis Pharmaceuticals, Inc.(a)		98,186		2,962,272
Applied Genetic Technologies Corp/DE(a)		39,479		191,868
Applied Molecular Transport, Inc.(a)(b)		20,116		640,091
Applied Therapeutics, Inc.(a)		22,529		467,702
Aprea Therapeutics, Inc.(a)		12,141		292,112
Aptinyx, Inc.(a)		40,764		137,782
Aravive, Inc.(a)		20,451		96,120
Arcturus Therapeutics Holdings, Inc.(a)(b)		26,065		1,118,188
Arcus Biosciences, Inc.(a)		68,058		1,166,514
Arcutis Biotherapeutics, Inc.(a)		29,170		854,681
Ardelyx, Inc.(a)(b)		123,356		647,619
Arena Pharmaceuticals, Inc.(a)(b)		95,216		7,121,205
Arvinas, Inc.(a)		49,522		1,169,214
Assembly Biosciences, Inc.(a)		51,988		854,683
Atara Biotherapeutics, Inc.(a)		117,891		1,527,867
Athenex, Inc.(a)		101,554		1,228,803
Athersys, Inc.(a)		292,865		571,087
Atreca, Inc., Class A(a)		45,165		630,955
AVEO Pharmaceuticals, Inc.(a)(b)		38,519		228,803
Avid Bioservices, Inc.(a)		93,919		715,663
Avidity Biosciences, Inc.(a)		27,035		761,035
Avrobio, Inc.(a)(b)		52,376		681,936
Axcella Health, Inc.(a)		12,271		56,692
Beam Therapeutics, Inc.(a)(b)		57,490		1,415,404
Bellerophon Therapeutics, Inc.(a)		6,417		65,325
Beyondspring, Inc.(a)		21,320		283,769
BioCryst Pharmaceuticals, Inc.(a)		286,770		985,055
BioDelivery Sciences International, Inc.(a)		151,131		563,719
Biohaven Pharmaceutical Holding Co. Ltd.(a)(b)		78,187		5,082,937
BioTelemetry, Inc.(a)		53,905		2,456,990
Bioxcel Therapeutics, Inc.(a)(b)		19,754		856,533
Black Diamond Therapeutics, Inc.(a)(b)		29,279		885,104

4

Schedule of Investments  (unaudited) (continued) September 30, 2020 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Blueprint Medicines Corp.(a)(b)		90,344	$	8,374,889
BrainStorm Cell Therapeutics, Inc.(a)(b)		44,535		753,532
Bridgebio Pharma, Inc.(a)(b)		117,877		4,422,745
Cabaletta Bio Inc.(a)		21,359		231,532
Calamos Asset Management, Inc.(c)		6,201		—
Calithera Biosciences, Inc.(a)		112,344		387,587
Calyxt, Inc.(a)		16,435		90,228
CASI Pharmaceuticals, Inc.(a)		81,289		124,372
Castle Biosciences, Inc.(a)(b)		19,163		985,936
Catabasis Pharmaceuticals, Inc.(a)(b)		30,400		188,176
Catalyst Biosciences, Inc.(a)		29,498		126,841
Catalyst Pharmaceuticals, Inc.(a)		161,476		479,584
Cellular Biomedicine Group, Inc.(a)		20,306		372,412
CEL-SCI Corp.(a)(b)		55,169		703,405
Champions Oncology Inc.(a)		10,748		99,419
Checkmate Pharmaceuticals Inc.(a)(b)		8,286		95,372
Checkpoint Therapeutics, Inc.(a)(b)		78,344		209,962
ChemoCentryx, Inc.(a)		81,057		4,441,924
Chiasma, Inc.(a)		80,034		344,146
Cidara Therapeutics Inc.(a)(b)		54,478		155,262
Clovis Oncology, Inc.(a)(b)		135,443		789,633
Codexis, Inc.(a)		88,515		1,039,166
Cohbar, Inc.(a)		36,941		35,079
Coherus Biosciences, Inc.(a)		92,830		1,702,502
Collegium Pharmaceutical, Inc.(a)(b)		58,103		1,209,704
Constellation Pharmaceuticals, Inc.(a)		49,979		1,012,575
Contra GTX, Inc.(b)(c)		944		1,935
ContraFect Corp.(a)(b)		40,527		213,983
Corbus Pharmaceuticals Holdings, Inc.(a)(b)		110,272		198,490
Cortexyme, Inc.(a)(b)		26,620		1,331,000
Crinetics Pharmaceuticals, Inc.(a)		45,504		713,048
Cue Biopharma, Inc.(a)		46,824		704,701
Cyclerion Therapeutics, Inc.(a)(b)		38,797		235,886
Cymabay Therapeutics, Inc.(a)		113,508		821,798
Cytokinetics, Inc.(a)(b)		108,053		2,339,347
CytomX Therapeutics, Inc.(a)		75,561		502,481
CytoSorbents Corp.(a)		70,041		558,577
Deciphera Pharmaceuticals, Inc.(a)		61,043		3,131,506
Denali Therapeutics, Inc.(a)(b)		103,016		3,691,063
Dyadic International Inc.(a)		32,232		243,996
Dynavax Technologies Corp.(a)(b)		171,815		742,241
Editas Medicine, Inc.(a)		102,458		2,874,971
Eidos Therapeutics, Inc.(a)(b)		18,567		938,191
Eiger Biopharmaceuticals, Inc.(a)		39,406		320,765
Emergent Biosolutions, Inc.(a)(b)		72,902		7,532,964
Enochian Biosciences, Inc.(a)(b)		26,154		93,631
Enzo Biochem, Inc.(a)		72,225		152,395
Epizyme, Inc.(a)		143,491		1,711,848
Evelo Biosciences, Inc.(a)(b)		22,700		119,629
Evofem Biosciences, Inc.(a)(b)		122,743		289,673
Exicure Inc.(a)		97,371		170,399
Fate Therapeutics, Inc.(a)(b)		117,048		4,678,409
Fennec Pharmaceuticals, Inc.(a)		35,740		216,584
FibroGen, Inc.(a)(b)		138,174		5,681,715
Five Prime Therapeutics, Inc.(a)		45,851		215,500
Forma Therapeutics Holdings, Inc.(a)(b)		26,093		1,300,475
Fortress Biotech, Inc.(a)(b)		95,910		387,476
Frequency Therapeutics, Inc.(a)(b)		41,296		793,296
Fulcrum Therapeutics, Inc.(a)(b)		20,859		165,412
G1 Therapeutics, Inc.(a)(b)		57,978		669,646
Galera Therapeutics Inc.(a)		14,122		127,663
Generation Bio Co.(a)(b)		19,709		609,205
GenMark Diagnostics, Inc.(a)(b)		114,819		1,630,430

Security	Shares		Value
Biotechnology (continued)
Genprex Inc.(a)(b)		48,173	$	161,861
Geron Corp.(a)(b)		461,532		803,066
GlycoMimetics, Inc.(a)		55,407		170,099
Gossamer Bio, Inc.(a)(b)		91,863		1,140,020
Gritstone Oncology, Inc.(a)(b)		51,045		135,269
Halozyme Therapeutics, Inc.(a)		223,006		5,860,598
Harpoon Therapeutics, Inc.(a)		17,790		302,252
Harvard Bioscience, Inc.(a)		61,301		184,516
Heron Therapeutics, Inc.(a)		142,598		2,113,302
Homology Medicines, Inc.(a)		57,485		615,089
Hookipa Pharma, Inc.(a)(b)		22,901		216,872
iBio Inc.(a)(b)		83,074		168,640
Ideaya Biosciences Inc.(a)		27,834		349,595
IGM Biosciences Inc.(a)		11,979		884,170
IMARA Inc.(a)		8,327		169,371
Immunic, Inc.(a)		6,185		114,855
ImmunoGen, Inc.(a)		291,987		1,051,153
Immunovant, Inc.(a)		57,039		2,007,202
Inovio Pharmaceuticals, Inc.(a)(b)		256,173		2,971,607
Inozyme Pharma Inc.(a)		12,686		333,515
Insmed, Inc.(a)		164,629		5,291,176
Intellia Therapeutics, Inc.(a)		81,661		1,623,421
Intercept Pharmaceuticals, Inc.(a)(b)		41,717		1,729,587
Invitae Corp.(a)(b)		188,800		8,184,480
iTeos Therapeutics Inc.(a)		17,163		423,411
IVERIC bio Inc.(a)		128,640		725,530
Jounce Therapeutics, Inc.(a)		29,247		238,656
Kadmon Holdings, Inc.(a)		269,915		1,058,067
Kala Pharmaceuticals, Inc.(a)(b)		66,836		501,270
Kaleido Biosciences, Inc.(a)(b)		24,435		270,495
KalVista Pharmaceuticals, Inc.(a)(b)		20,947		263,723
Karuna Therapeutics, Inc.(a)(b)		26,187		2,024,779
Karyopharm Therapeutics, Inc.(a)(b)		112,747		1,646,106
Keros Therapeutics, Inc.(a)(b)		11,743		452,928
Kezar Life Sciences, Inc.(a)		45,133		218,444
Kindred Biosciences, Inc.(a)		62,160		266,666
Kiniksa Pharmaceuticals Ltd.(a)(b)		43,122		660,629
Kodiak Sciences, Inc.(a)(b)		47,122		2,790,094
Krystal Biotech, Inc.(a)(b)		22,308		960,359
Kura Oncology, Inc.(a)		86,603		2,653,516
Lexicon Pharmaceuticals, Inc.(a)		67,629		97,386
Ligand Pharmaceuticals, Inc.(a)(b)		23,359		2,226,580
LogicBio Therapeutics, Inc.(a)(b)		21,456		194,820
Lyra Therapeutics Inc.(a)		7,448		83,269
MacroGenics, Inc.(a)		86,049		2,167,574
Madrigal Pharmaceuticals, Inc.(a)		14,676		1,742,481
Magenta Therapeutics, Inc.(a)		32,370		220,116
MannKind Corp.(a)(b)		359,026		674,969
Marinus Pharmaceuticals Inc.(a)(b)		42,147		541,589
Marker Therapeutics, Inc.(a)(b)		45,421		68,132
MediciNova, Inc.(a)(b)		69,665		365,045
MeiraGTx Holdings PLC(a)		34,888		461,917
Mersana Therapeutics, Inc.(a)		86,841		1,616,979
Minerva Neurosciences, Inc.(a)		50,133		159,423
Mirati Therapeutics, Inc.(a)		61,380		10,192,149
Mirum Pharmaceuticals, Inc.(a)(b)		8,546		164,681
Molecular Templates, Inc.(a)		40,936		447,021
Momenta Pharmaceuticals, Inc.(a)		192,723		10,114,103
Morphic Holding, Inc.(a)		23,138		632,593
Mustang Bio, Inc.(a)		51,990		163,769
Myriad Genetics, Inc.(a)		113,531		1,480,444
NantKwest, Inc.(a)		48,556		336,736
Natera, Inc.(a)		114,985		8,306,516

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 5

Schedule of Investments  (unaudited) (continued) September 30, 2020 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Neoleukin Therapeutics Inc.(a)		49,979	$	599,748
NeuBase Therapeutics Inc.(a)		29,154		221,279
NeuroBo Pharmaceuticals Inc.(a)		7,183		40,368
NextCure, Inc.(a)(b)		28,021		246,585
NGM Biopharmaceuticals, Inc.(a)		40,668		647,028
Nkarta, Inc.(a)		26,288		790,217
Novavax, Inc.(a)		100,715		10,912,470
Nurix Therapeutics Inc.(a)		17,868		623,772
Nymox Pharmaceutical Corp.(a)(b)		64,230		158,006
Odonate Therapeutics, Inc.(a)(b)		22,060		296,266
Omeros Corp.(a)(b)		96,132		971,414
Oncocyte Corp.(a)		72,553		100,849
OPKO Health, Inc.(a)(b)		652,866		2,409,076
Orgenesis Inc.(a)		29,067		146,498
ORIC Pharmaceuticals, Inc.(a)(b)		14,704		367,747
Ovid therapeutics, Inc.(a)		72,293		414,962
Oyster Point Pharma Inc.(a)		9,415		198,751
Pacific Biosciences of California, Inc.(a)		271,215		2,676,892
Pandion Therapeutics Inc.(a)(b)		11,565		132,535
Passage Bio, Inc.(a)(b)		22,849		299,550
PDL BioPharma, Inc.(a)(b)		186,837		588,537
Personalis, Inc.(a)		38,399		832,106
PhaseBio Pharmaceuticals, Inc.(a)(b)		23,083		81,021
Phathom Pharmaceuticals, Inc.(a)		18,048		661,820
Pieris Pharmaceuticals, Inc.(a)		75,974		157,266
Poseida Therapeutics, Inc.(a)(b)		21,109		187,237
Precigen, Inc.(a)(b)		109,623		383,680
Precision BioSciences, Inc.(a)		77,623		478,158
Prevail Therapeutics, Inc.(a)		23,398		238,192
Protagonist Therapeutics, Inc.(a)(b)		49,245		962,740
Protara Therapeutics Inc.(a)		3,291		55,388
Prothena Corp. PLC(a)		54,312		542,577
Provention Bio Inc.(a)		77,772		997,815
PTC Therapeutics, Inc.(a)(b)		101,328		4,737,084
Pulse Biosciences, Inc.(a)(b)		24,575		289,739
Puma Biotechnology, Inc.(a)		51,383		518,454
RadNet, Inc.(a)		70,580		1,083,403
Rapt Therapeutics, Inc.(a)		18,426		593,317
Recro Pharma, Inc.(a)		33,317		69,966
REGENXBIO, Inc.(a)		54,613		1,502,950
Relay Therapeutics, Inc.(a)(b)		52,410		2,232,142
Relmada Therapeutics, Inc.(a)(b)		23,741		893,136
Replimune Group, Inc.(a)		33,823		778,605
Retrophin, Inc.(a)		79,309		1,464,044
Revolution Medicines, Inc.(a)		62,751		2,183,735
Rhythm Pharmaceuticals, Inc.(a)		53,671		1,163,051
Rigel Pharmaceuticals, Inc.(a)		280,558		673,339
Rocket Pharmaceuticals, Inc.(a)(b)		54,081		1,236,292
Rockwell Medical, Inc.(a)		110,669		118,416
Rubius Therapeutics, Inc.(a)		57,590		288,526
Sangamo Therapeutics, Inc.(a)(b)		186,240		1,759,968
Satsuma Pharmaceuticals Inc.(a)		15,447		60,089
Savara, Inc.(a)		79,628		86,795
Scholar Rock Holding Corp.(a)(b)		38,326		677,987
Selecta Biosciences, Inc.(a)		114,510		283,985
Seres Therapeutics, Inc.(a)		86,552		2,450,287
Soleno Therapeutics Inc.(a)		105,332		264,383
Solid Biosciences, Inc.(a)		42,983		87,255
Sorrento Therapeutics, Inc.(a)(b)		360,768		4,022,563
Spero Therapeutics, Inc.(a)(b)		26,280		293,285
SpringWorks Therapeutics, Inc.(a)		35,696		1,701,628
Stoke Therapeutics, Inc.(a)(b)		21,146		708,180

Security	Shares		Value
Biotechnology (continued)
Strongbridge Biopharma PLC(a)		59,034	$	123,971
Sutro Biopharma, Inc.(a)		41,653		418,613
Syros Pharmaceuticals, Inc.(a)		70,232		620,851
TCR2 Therapeutics, Inc.(a)		40,879		830,661
Translate Bio, Inc.(a)(b)		110,872		1,508,968
Tricida, Inc.(a)(b)		47,941		434,345
Turning Point Therapeutics, Inc.(a)		55,843		4,878,444
Twist Bioscience Corp.(a)		53,464		4,061,660
Tyme Technologies, Inc.(a)(b)		98,792		96,816
UNITY Biotechnology, Inc.(a)(b)		55,684		192,667
UroGen Pharma Ltd.(a)(b)		32,228		621,678
Vanda Pharmaceuticals, Inc.(a)		87,156		841,927
Vaxart Inc.(a)(b)		87,606		582,580
Vaxcyte Inc.(a)		29,541		1,458,735
VBI Vaccines, Inc.(a)(b)		293,388		839,090
Veracyte, Inc.(a)(b)		93,347		3,032,844
Verastem, Inc.(a)(b)		276,767		334,888
Vericel Corp.(a)		75,187		1,393,215
Verrica Pharmaceuticals, Inc.(a)(b)		21,272		164,645
Viela Bio Inc.(a)(b)		36,539		1,026,015
Viking Therapeutics, Inc.(a)(b)		108,147		629,416
Vir Biotechnology, Inc.(a)		87,516		3,004,424
VYNE Therapeutics, Inc.(a)(b)		238,882		396,544
X4 Pharmaceuticals, Inc.(a)		25,656		173,691
XBiotech, Inc.(a)(b)		21,897		418,014
Xencor, Inc.(a)		90,888		3,525,546
Xeris Pharmaceuticals, Inc.(a)(b)		67,887		402,570
XOMA Corp.(a)(b)		9,810		184,820
Y-mAbs Therapeutics, Inc.(a)		48,317		1,854,890
Zentalis Pharmaceuticals, Inc.(a)		17,424		569,591
ZIOPHARM Oncology, Inc.(a)(b)		362,549		913,623
				328,496,069
Building Materials — 1.2%
Alpha Pro Tech Ltd.(a)(b)		20,653		305,251
Aspen Aerogels, Inc.(a)		34,052		372,869
Builders FirstSource, Inc.(a)		188,626		6,152,980
Caesarstone Ltd.		37,682		369,284
Cornerstone Building Brands, Inc.(a)(b)		76,824		613,056
Gibraltar Industries, Inc.(a)		52,941		3,448,577
Griffon Corp.		68,291		1,334,406
Louisiana-Pacific Corp.		184,262		5,437,572
LSI Industries, Inc.		42,583		287,435
Masonite International Corp.(a)		39,472		3,884,045
Patrick Industries, Inc.		36,475		2,098,042
PGT Innovations, Inc.(a)		92,519		1,620,933
Quanex Building Products Corp.		54,932		1,012,946
Simpson Manufacturing Co., Inc.		71,290		6,926,536
Summit Materials, Inc., Class A(a)		186,547		3,085,487
				36,949,419
Building: Climate Control — 0.2%
AAON, Inc.(b)		67,790		4,084,347
Comfort Systems USA, Inc.		59,441		3,061,806
				7,146,153
Building: Roofing, Wallboard & Plumbing — 0.2%
Beacon Roofing Supply, Inc.		90,093		2,799,189
Forterra, Inc.		30,724		363,158
Foundation Building Materials, Inc.		34,225		538,017
JELD-WEN Holding, Inc.		109,220		2,468,372
				6,168,736
Cable Television Services — 0.2%
AMC Networks, Inc., Class A		64,998		1,606,101

6

Schedule of Investments  (unaudited) (continued) September 30, 2020 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Cable Television Services (continued)
Liberty Latin America Ltd., Class A		75,722	$	624,706
Liberty Latin America Ltd., Class C		247,665		2,015,993
WideOpenWest, Inc.		86,622		449,568
				4,696,368
Casinos & Gambling — 1.4%
Accel Entertainment, Inc.(a)		74,397		796,792
Boyd Gaming Corp.		131,590		4,038,497
Caesars Entertainment, Inc.(a)		227,408		12,748,492
Century Casinos, Inc.(a)		44,745		245,203
International Game Technology PLC		160,312		1,784,272
Monarch Casino & Resort, Inc.(a)		21,513		959,480
Penn National Gaming, Inc.(a)(b)		248,359		18,055,699
Scientific Games Corp., Class A(a)		92,991		3,246,316
Twin River Worldwide Holdings, Inc.		27,469		721,611
				42,596,362
Cement — 0.0%
Concrete Pumping Holdings, Inc.		40,542		144,735
US Concrete, Inc.		26,718		775,891
				920,626
Chemicals: Diversified — 0.6%
AdvanSix, Inc.(a)		46,665		601,045
AgroFresh Solutions, Inc.(a)		48,994		119,056
American Vanguard Corp.		48,046		631,325
Avient Corp.		148,222		3,921,954
CSW Industrials, Inc.		22,059		1,704,058
GCP Applied Technologies, Inc.(a)		80,012		1,676,251
Hawkins, Inc.		15,510		715,011
Ingevity Corp.(a)		67,214		3,323,060
Landec Corp.(a)		42,588		413,955
Marrone Bio Innovations, Inc.(a)(b)		130,581		159,309
Rayonier Advanced Materials, Inc.(a)		108,215		346,288
Sensient Technologies Corp.		69,176		3,994,222
				17,605,534
Chemicals: Specialty — 0.7%
Advanced Emissions Solutions, Inc.		27,259		110,672
Amyris, Inc.(a)		169,249		494,207
Balchem Corp.		52,265		5,102,632
FutureFuel Corp.		42,590		484,248
Innospec, Inc.		40,420		2,559,395
Kraton Corp.(a)		52,505		935,639
Livent Corp.(a)		236,265		2,119,297
Orion Engineered Carbons SA		101,468		1,269,365
Park Aerospace Corp.		31,735		346,546
PQ Group Holdings, Inc.(a)		64,387		660,611
Quaker Chemical Corp.(b)		21,930		3,941,040
Stepan Co.		35,480		3,867,320
Tronox Holdings PLC(a)		143,313		1,127,873
				23,018,845
Coal — 0.1%
Arch Resources, Inc.		25,554		1,085,534
CONSOL Energy, Inc.(a)		43,544		192,900
Peabody Energy Corp.		109,233		251,236
Warrior Met Coal, Inc.		82,221		1,404,334
				2,934,004
Commercial Banks — 0.0%
HomeTrust Bancshares, Inc.		26,468		359,435
Commercial Finance & Mortgage Companies — 0.3%
Federal Agricultural Mortgage Corp., Class C		15,305		974,316

Security	Shares		Value
Commercial Finance & Mortgage Companies (continued)
Meta Financial Group, Inc.(b)		57,097	$	1,097,404
MMA Capital Holdings, Inc.(a)		7,816		175,938
PennyMac Financial Services, Inc.(d)		69,533		4,041,258
RE/MAX Holdings, Inc., Class A		30,176		987,661
Security National Financial Corp., Class A(a)		10,244		65,562
Walker & Dunlop, Inc.		45,963		2,436,039
				9,778,178
Commercial Services & Supplies — 0.1%
Collectors Universe, Inc.		15,416		762,938
Information Services Group, Inc.(a)		60,206		127,035
National Research Corp.		22,479		1,106,191
				1,996,164
Commercial Services: Rental & Leasing — 0.8%
CAI International, Inc.		27,241		749,945
GATX Corp.		57,445		3,662,119
GMS, Inc.(a)		66,612		1,605,349
H&E Equipment Services, Inc.		50,071		984,396
Herc Holdings, Inc.(a)		38,630		1,530,134
Marlin Business Services Corp.		15,333		108,098
McGrath RentCorp		39,024		2,325,440
Nesco Holdings, Inc.(a)		20,536		85,224
NOW, Inc.(a)		172,388		782,642
Rush Enterprises, Inc., Class B		6,831		302,613
SiteOne Landscape Supply, Inc.(a)		71,839		8,760,766
Triton International Ltd.		81,231		3,303,665
Willis Lease Finance Corp.(a)		4,940		91,143
				24,291,534
Commercial Vehicles & Parts — 0.3%
Blue Bird Corp.(a)		25,232		306,821
Cooper-Standard Holdings, Inc.(a)		28,613		377,978
Miller Industries, Inc.		18,496		565,423
Modine Manufacturing Co.(a)(b)		83,377		521,106
Motorcar Parts of America, Inc.(a)(b)		30,641		476,774
Navistar International Corp.(a)		81,699		3,557,175
REV Group, Inc.		47,942		378,262
Rush Enterprises, Inc., Class A		44,726		2,260,452
Shyft Group, Inc.		56,655		1,069,646
Wabash National Corp.		86,230		1,031,311
				10,544,948
Communications Technology — 0.9%
ADTRAN, Inc.		80,154		821,979
Anterix, Inc.(a)		17,620		576,350
Avaya Holdings Corp.(a)		134,446		2,043,579
Bandwidth, Inc., Class A(a)		31,735		5,539,979
Bel Fuse, Inc., Class B		16,293		174,009
Calix, Inc.(a)		87,684		1,559,021
Casa Systems, Inc.(a)		58,151		234,349
Comtech Telecommunications Corp.		39,839		557,746
Digi International, Inc.(a)		49,377		771,762
DZS, Inc.(a)(b)		20,745		194,381
Extreme Networks, Inc.(a)		195,755		786,935
Genasys Inc.(a)		53,894		331,448
GSI Technology, Inc.(a)		26,370		148,727
Harmonic, Inc.(a)		161,417		900,707
Infinera Corp.(a)(b)		253,959		1,564,387
Inseego Corp.(a)(b)		95,100		981,432
InterDigital, Inc.		51,111		2,916,394
KVH Industries, Inc.(a)(b)		27,118		244,333
Loral Space & Communications, Inc.		21,490		393,267
Maxar Technologies, Inc.		101,217		2,524,352

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 7

Schedule of Investments  (unaudited) (continued) September 30, 2020 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Technology (continued)
NeoPhotonics Corp.(a)		82,018	$	499,490
NETGEAR, Inc.(a)		47,313		1,458,187
Ooma, Inc.(a)		35,826		467,529
PC-Tel Inc.(a)		29,322		165,963
Plantronics, Inc.		56,593		670,061
Powerfleet Inc.(a)		44,876		252,652
Resonant Inc.(a)(b)		83,461		198,637
Ribbon Communications, Inc.(a)		116,039		449,071
Seachange International Inc.(a)		38,951		33,903
Telenav, Inc.(a)		57,408		206,669
				27,667,299
Computer Services Software & Systems — 6.9%
A10 Networks, Inc.(a)		104,821		667,710
ACI Worldwide, Inc.(a)(b)		186,644		4,877,008
Akerna Corp.(a)(b)		15,535		56,547
Alarm.com Holdings, Inc.(a)(b)		77,987		4,308,782
Altair Engineering, Inc., Class A(a)(b)		68,374		2,870,341
American Software, Inc., Class A		50,028		702,393
Appfolio, Inc., Class A(a)		26,968		3,824,332
Appian Corp.(a)(b)		58,246		3,771,429
Asure Software, Inc.(a)		16,639		125,624
Avid Technology, Inc.(a)(b)		55,873		478,273
Benefitfocus, Inc.(a)		50,011		560,123
Blackbaud, Inc.		80,375		4,487,336
Blackline, Inc.(a)(b)		82,270		7,373,860
Blucora, Inc.(a)		82,183		774,164
Bottomline Technologies DE, Inc.(a)		70,706		2,980,965
Box, Inc., Class A(a)(b)		227,175		3,943,758
Brightcove, Inc.(a)		67,105		687,155
Cargurus, Inc.(a)		140,840		3,046,369
Cerence, Inc.(a)(b)		60,049		2,934,595
Cloudera, Inc.(a)		338,685		3,688,280
CommVault Systems, Inc.(a)		68,510		2,795,208
ComScore, Inc.(a)(b)		102,177		208,441
Cornerstone OnDemand, Inc.(a)		99,951		3,634,218
Covetrus, Inc.(a)		161,662		3,944,553
CSG Systems International, Inc.		52,818		2,162,897
Digimarc Corp.(a)(b)		20,112		449,101
Digital Turbine, Inc.(a)(b)		134,627		4,407,688
Domo, Inc., Class B(a)		40,854		1,565,934
Ebix, Inc.		44,934		925,640
Endurance International Group Holdings, Inc.(a)		106,517		611,408
Envestnet, Inc.(a)(b)		87,065		6,717,935
ePlus, Inc.(a)		21,006		1,537,639
Eventbrite, Inc., Class A(a)		100,393		1,089,264
EverQuote, Inc., Class A(a)		23,792		919,323
Evolent Health, Inc., Class A(a)		121,467		1,507,406
GAN Ltd.(a)		12,868		217,469
Grid Dynamics Holdings Inc.(a)		36,599		282,910
Groupon Inc.(a)		38,232		779,933
GTY Technology Holdings, Inc.(a)(b)		67,891		179,911
Inovalon Holdings, Inc., Class A(a)(b)		122,630		3,243,564
Intelligent Systems Corp.(a)		11,424		445,308
Limelight Networks, Inc.(a)(b)		197,194		1,135,837
LivePerson, Inc.(a)(b)		100,667		5,233,677
LiveRamp Holdings, Inc.(a)		104,765		5,423,684
Magnite, Inc.(a)		175,345		1,217,771
ManTech International Corp., Class A		44,280		3,050,006
MicroStrategy, Inc., Class A(a)		12,698		1,911,811
Mimecast Ltd.(a)		93,033		4,365,108
Mitek Systems, Inc.(a)		36,057		459,366

Security	Shares		Value
Computer Services Software & Systems (continued)
NetScout Systems, Inc.(a)		112,306	$	2,451,640
NIC, Inc.		106,269		2,093,499
OneSpan, Inc.(a)		55,484		1,162,945
PAR Technology Corp.(a)(b)		25,222		1,021,743
Parsons Corp.(a)(b)		37,419		1,255,033
PDF Solutions, Inc.(a)		45,757		856,114
Perficient, Inc.(a)(b)		52,846		2,258,638
Perspecta, Inc.		226,623		4,407,817
Ping Identity Holding Corp.(a)(b)		59,192		1,847,382
Progress Software Corp.		73,222		2,685,783
PROS Holdings, Inc.(a)(b)		64,048		2,045,693
Q2 Holdings, Inc.(a)		81,413		7,429,750
QAD, Inc., Class A		19,528		824,082
Rackspace Technology Inc.(a)		53,852		1,038,805
Rapid7, Inc.(a)(b)		82,644		5,061,119
Red Violet Inc.(a)		10,585		195,399
Rimini Street, Inc.(a)		32,047		103,191
SailPoint Technologies Holding, Inc.(a)(b)		143,678		5,685,338
Sapiens International Corp. NV		42,492		1,299,405
Schrodinger Inc/United States(a)		47,643		2,263,519
SecureWorks Corp., Class A(a)		13,813		157,330
ShotSpotter, Inc.(a)		13,743		426,583
Shutterstock, Inc.		35,557		1,850,386
Simulations Plus, Inc.		22,804		1,718,509
Smith Micro Software Inc.(a)		54,468		203,166
Sprout Social Inc., Class A(a)		44,345		1,707,283
SPS Commerce, Inc.(a)		57,488		4,476,591
SVMK, Inc.(a)		197,260		4,361,419
Synchronoss Technologies, Inc.(a)(b)		64,512		194,181
TechTarget, Inc.(a)		39,284		1,726,925
Tenable Holdings, Inc.(a)		113,572		4,287,343
Tucows, Inc., Class A(a)(b)		15,235		1,049,692
Unisys Corp.(a)		104,239		1,112,230
Upland Software, Inc.(a)(b)		42,026		1,584,380
Upwork, Inc.(a)		150,664		2,627,580
Varonis Systems, Inc.(a)(b)		51,151		5,903,848
Verint Systems, Inc.(a)		104,307		5,025,511
Veritone, Inc.(a)(b)		39,209		359,154
Verra Mobility Corp.(a)		216,684		2,093,167
VirnetX Holding Corp.		103,532		545,614
Virtusa Corp.(a)		46,856		2,303,441
Workiva, Inc.(a)(b)		63,309		3,530,110
Yelp, Inc.(a)		114,473		2,299,763
Yext, Inc.(a)(b)		165,104		2,506,279
Zix Corp.(a)		89,695		523,819
Zuora, Inc., Class A(a)		165,923		1,715,644
				212,858,897
Computer Technology — 0.4%
3D Systems Corp.(a)(b)		193,813		951,622
Diebold Nixdorf, Inc.(a)		119,797		915,249
Immersion Corp.(a)		25,169		177,441
Impinj, Inc.(a)(b)		28,229		743,834
Insight Enterprises, Inc.(a)		56,138		3,176,288
Intellicheck Inc.(a)		26,907		179,470
PC Connection, Inc.		19,062		782,686
Quantum Corp.(a)		48,627		223,684
Safeguard Scientifics, Inc.		34,367		188,331
Super Micro Computer Inc.(a)(b)		74,466		1,965,902
Synaptics, Inc.(a)		55,325		4,449,237
				13,753,744

8

Schedule of Investments  (unaudited) (continued) September 30, 2020 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction — 0.4%
Aegion Corp.(a)		50,934	$	719,697
Construction Partners, Inc., Class A(a)		41,891		762,416
EMCOR Group, Inc.		88,584		5,998,023
Granite Construction, Inc.		79,096		1,392,881
Great Lakes Dredge & Dock Corp.(a)		108,535		1,032,168
Primoris Services Corp.		76,509		1,380,222
Sterling Construction Co., Inc.(a)		48,312		684,098
Tutor Perini Corp.(a)		64,517		718,074
				12,687,579
Consumer Electronics — 0.2%
Fitbit, Inc., Class A(b)		389,944		2,714,010
Sonos, Inc.(b)		127,894		1,941,431
Universal Electronics, Inc.		22,876		863,340
VOXX International Corp.(b)		32,316		248,510
				5,767,291
Consumer Lending — 0.6%
Curo Group Holdings Corp.		33,551		236,535
Encore Capital Group, Inc.(a)		49,981		1,928,767
Enova International, Inc.(a)		49,995		819,418
Ezcorp, Inc., Class A(a)		85,294		429,029
FirstCash, Inc.		66,812		3,822,315
Marcus & Millichap, Inc.(a)		38,883		1,070,060
MoneyGram International, Inc.(a)(b)		106,100		299,733
Navient Corp.		310,020		2,619,669
Nelnet, Inc., Class A		27,565		1,660,791
Oportun Financial Corp.(a)(b)		32,279		380,569
PRA Group, Inc.(a)		73,694		2,944,075
Regional Management Corp.(a)		14,161		235,922
World Acceptance Corp.(a)		7,513		792,997
				17,239,880
Consumer Services: Miscellaneous — 0.3%
Cars.com, Inc.(a)		113,764		919,213
Chuy’s Holdings, Inc.(a)		32,347		633,354
Core-Mark Holding Co., Inc.		72,509		2,097,685
Franchise Group Inc.		35,756		906,772
KAR Auction Services, Inc.		212,856		3,065,127
Waitr Holdings, Inc.(a)(b)		129,079		415,634
WW International, Inc.(a)(b)		75,063		1,416,439
				9,454,224
Containers & Packaging — 0.2%
Greif, Inc., Class A		40,773		1,476,390
Greif, Inc., Class B		10,120		399,537
Myers Industries, Inc.		56,081		741,952
O-I Glass, Inc.		255,281		2,703,426
Ranpak Holdings Corp.(a)		46,419		441,909
UFP Technologies, Inc.(a)		11,366		470,780
Veritiv Corp.(a)		21,591		273,342
				6,507,336
Cosmetics — 0.1%
elf Beauty, Inc.(a)		71,320		1,310,148
Inter Parfums, Inc.		27,977		1,044,941
Revlon, Inc., Class A(a)(b)		11,949		75,518
				2,430,607
Diversified Financial Services — 0.9%
Alerus Financial Corp.		21,917		429,573
Altisource Portfolio Solutions SA(a)		8,939		113,257
Associated Capital Group, Inc., Class A		3,113		112,473
Bogota Financial Corp.(a)		9,443		71,956
Cannae Holdings, Inc.(a)		140,048		5,218,188
Greenhill & Co., Inc.		25,163		285,600

Security	Shares		Value
Diversified Financial Services (continued)
Hannon Armstrong Sustainable Infrastructure
Capital, Inc.		119,513	$	5,051,815
Houlihan Lokey, Inc.		84,030		4,961,971
MBIA, Inc.(a)(b)		85,372		517,354
MidWestOne Financial Group, Inc.		23,793		425,181
Moelis & Co., Class A		86,203		3,029,173
Piper Sandler Cos		28,208		2,059,184
Stifel Financial Corp.		109,016		5,511,849
SWK Holdings Corp.(a)		4,868		68,152
Tiptree, Inc.		42,589		210,816
				28,066,542
Diversified Manufacturing Operations — 0.5%
Barnes Group, Inc.		77,963		2,786,398
Enerpac Tool Group Corp.		86,713		1,631,072
Federal Signal Corp.		96,382		2,819,173
Harsco Corp.(a)(b)		124,666		1,734,104
Luxfer Holdings PLC		43,695		548,372
Lydall, Inc.(a)(b)		28,753		475,575
OSI Systems, Inc.(a)		27,220		2,112,544
Raven Industries, Inc.		60,104		1,293,438
Standex International Corp.		18,771		1,111,243
TriMas Corp.(a)(b)		71,644		1,633,483
				16,145,402
Diversified Materials & Processing — 0.2%
Belden, Inc.(b)		70,759		2,202,020
Encore Wire Corp.		34,101		1,582,969
Insteel Industries, Inc.		30,762		575,249
Koppers Holdings, Inc.(a)		35,019		732,247
NL Industries, Inc.		9,941		42,249
Tredegar Corp.		43,637		648,882
Uranium Energy Corp.(a)(b)		312,544		311,544
				6,095,160
Diversified Media — 0.0%
EW Scripps Co., Class A		93,163		1,065,785
Hemisphere Media Group, Inc.(a)		26,455		229,894
				1,295,679
Diversified Retail — 0.9%
Big Lots, Inc.		64,431		2,873,623
BJ’s Wholesale Club Holdings, Inc.(a)(b)		223,672		9,293,571
Dillard’s, Inc., Class A(b)		13,296		485,570
Duluth Holdings, Inc., Class B(a)(b)		16,032		195,911
Gaia, Inc.(a)(b)		17,469		171,720
Hudson Ltd., Class A(a)(b)		66,352		504,275
Macy’s, Inc.(b)		509,751		2,905,581
Overstock.com, Inc.(a)		69,644		5,059,637
PriceSmart, Inc.		36,913		2,452,869
Stitch Fix, Inc., Class A(a)(b)		90,997		2,468,749
Winmark Corp.		4,846		834,384
				27,245,890
Drug & Grocery Store Chains — 0.1%
Ingles Markets, Inc., Class A		23,842		906,950
PetMed Express, Inc.		32,936		1,041,436
Rite Aid Corp.(a)(b)		92,836		881,014
Village Super Market, Inc., Class A		13,818		340,061
Weis Markets, Inc.		15,975		766,800
				3,936,261
Education Services — 0.5%
Adtalem Global Education, Inc.(a)		83,641		2,052,550
American Public Education, Inc.(a)		23,587		664,918
Aspen Group Inc./CO(a)(b)		30,140		336,664

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 9

Schedule of Investments  (unaudited) (continued) September 30, 2020 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Education Services (continued)
Franklin Covey Co.(a)		21,464	$	380,771
HealthStream, Inc.(a)		43,942		881,916
Houghton Mifflin Harcourt Co.(a)		176,414		305,196
K12, Inc.(a)		64,013		1,686,102
Laureate Education, Inc., Class A(a)		175,041		2,324,545
Perdoceo Education Corp.(a)		116,560		1,426,694
Rosetta Stone, Inc.(a)		39,824		1,193,924
Strategic Education, Inc.		39,264		3,591,478
Universal Technical Institute Inc.(a)		47,984		243,759
				15,088,517
Electronic Components — 0.6%
Acacia Research Corp.(a)		15,133		52,512
American Superconductor Corp.(a)		37,058		536,600
Methode Electronics, Inc.		58,307		1,661,749
Novanta, Inc.(a)(b)		56,026		5,901,779
NVE Corp.		7,682		377,033
Rogers Corp.(a)		30,458		2,986,711
Sanmina Corp.(a)		110,036		2,976,474
ScanSource, Inc.(a)		42,482		842,418
TTM Technologies, Inc.(a)		159,822		1,823,569
				17,158,845
Electronic Entertainment — 0.1%
Glu Mobile, Inc.		237,547		1,823,173
PlayAGS, Inc.		44,145		156,273
Turtle Beach Corp.		22,909		416,944
				2,396,390
Electronics — 0.5%
Agilysys, Inc.(a)		27,728		669,909
Daktronics, Inc.		60,802		240,776
II-VI, Inc.(a)		165,706		6,721,035
Integer Holdings Corp.(a)		53,859		3,178,220
iRobot Corp.(a)(b)		45,348		3,441,913
Iteris, Inc.(a)		65,743		269,546
nLight, Inc.(a)(b)		58,436		1,372,077
Research Frontiers Inc.(a)(b)		43,416		117,223
				16,010,699
Energy Equipment — 1.0%
API Group Corp.(a)(e)		228,227		3,247,670
Arcosa, Inc.		80,367		3,543,381
Bloom Energy Corp., Class A(a)(b)		145,476		2,614,204
FuelCell Energy Inc.(a)(b)		362,932		776,674
Matador Resources Co.(a)		176,900		1,461,194
SunPower Corp.(a)(b)		121,703		1,522,505
Sunrun, Inc.(a)(b)		194,440		14,985,491
TPI Composites, Inc.(a)		48,272		1,397,957
				29,549,076
Engineering & Contracting Services — 1.0%
Argan, Inc.		24,820		1,040,206
Dycom Industries, Inc.(a)		50,085		2,645,490
Exponent, Inc.		83,849		6,039,643
Fluor Corp.		230,437		2,030,150
HC2 Holdings, Inc.(a)		73,180		177,096
IES Holdings, Inc.(a)(b)		13,627		432,930
KBR, Inc.		232,080		5,189,309
MasTec, Inc.(a)		92,219		3,891,642
Mistras Group, Inc.(a)		27,467		107,396
MYR Group, Inc.(a)		26,350		979,693
NETSTREIT Corp.(a)		18,667		340,859
Tetra Tech, Inc.		88,086		8,412,213

Security	Shares		Value
Engineering & Contracting Services (continued)
VSE Corp.		14,607	$	447,558
Willdan Group, Inc.(a)(b)		16,480		420,405
				32,154,590
Entertainment — 0.1%
AMC Entertainment Holdings, Inc., Class A(b)		87,253		410,961
Cinemark Holdings, Inc.		173,722		1,737,220
Golden Entertainment, Inc.(a)		27,635		382,192
IMAX Corp.(a)(b)		83,298		996,244
LiveXLive Media, Inc.(a)(b)		54,539		141,529
				3,668,146
Environmental, Maintenance, & Security Service — 0.6%
ABM Industries, Inc.		108,997		3,995,830
BrightView Holdings, Inc.(a)(b)		60,499		689,689
Brink’s Co.		83,065		3,413,141
Healthcare Services Group, Inc.		121,987		2,626,380
IBEX Ltd.(a)		10,191		156,738
Montrose Environmental Group Inc.(a)		16,876		401,986
SP Plus Corp.(a)		38,412		689,495
UniFirst Corp.		24,541		4,647,329
Vivint Smart Home Inc.(a)(b)		117,787		2,011,802
				18,632,390
Financial Data & Systems — 0.6%
Atlanticus Holdings Corp.(a)		7,396		88,012
Cardtronics PLC, Class A(a)(b)		57,558		1,139,648
Cass Information Systems, Inc.		23,614		950,227
Donnelley Financial Solutions, Inc.(a)		51,452		687,399
Everi Holdings, Inc.(a)		134,955		1,113,379
EVERTEC, Inc.		97,675		3,390,299
Evo Payments, Inc., Class A(a)		66,441		1,651,059
Green Dot Corp., Class A(a)		84,192		4,260,957
GreenSky Inc.(a)		103,589		459,935
I3 Verticals, Inc., Class A(a)(b)		24,919		629,205
International Money Express, Inc.(a)		36,558		525,156
LendingClub Corp.(a)		113,195		533,149
Paysign, Inc.(a)(b)		50,221		285,255
Priority Technology Holdings, Inc.(a)(b)		9,786		30,875
Repay Holdings Corp.(a)		96,290		2,262,815
Value Line, Inc.		1,578		38,977
				18,046,347
Food & Staples Retailing — 0.0%
Natural Grocers by Vitamin Cottage, Inc.		14,822		146,145
Foods — 1.4%
B&G Foods, Inc.		104,674		2,906,797
BellRing Brands, Inc., Class A(a)(b)		66,994		1,389,456
Bridgford Foods Corp.(a)		2,585		47,331
Chefs’ Warehouse, Inc.(a)		48,071		698,952
Freshpet, Inc.(a)		63,393		7,077,828
HF Foods Group, Inc.(a)(b)		59,935		396,170
Hostess Brands, Inc.(a)		202,523		2,497,109
J&J Snack Foods Corp.		24,322		3,171,346
John B Sanfilippo & Son, Inc.		14,587		1,099,568
Lancaster Colony Corp.		31,161		5,571,587
Medifast, Inc.		18,570		3,053,837
Nature’s Sunshine Products, Inc.(a)		13,928		161,147
Performance Food Group Co.(a)		213,926		7,406,118
Seneca Foods Corp., Class A(a)		10,989		392,637
Simply Good Foods Co.(a)		139,125		3,067,706
SpartanNash Co.		60,765		993,508
Tootsie Roll Industries, Inc.		26,003		803,493

10

Schedule of Investments  (unaudited) (continued) September 30, 2020 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Foods (continued)
United Natural Foods, Inc.(a)		89,628	$	1,332,768
Vital Farms Inc.(a)(b)		15,972		647,345
				42,714,703
Forest Products — 0.3%
Boise Cascade Co.		63,311		2,527,375
UFP Industries Inc.		97,690		5,520,462
				8,047,837
Forms & Bulk Printing Services — 0.1%
Deluxe Corp.		68,414		1,760,293
Ennis, Inc.		43,014		750,164
Quad/Graphics, Inc.		55,672		168,686
				2,679,143
Fruit & Grain Processing — 0.0%
MGP Ingredients, Inc.		21,890		869,909
Funeral Parlors & Cemeteries — 0.2%
Carriage Services, Inc.		27,642		616,693
Hillenbrand, Inc.		120,561		3,419,110
Matthews International Corp., Class A		51,131		1,143,289
				5,179,092
Gas Pipeline — 0.0%
NextDecade Corp.(a)(b)		43,406		129,350
Glass — 0.0%
Apogee Enterprises, Inc.		43,955		939,318
Gold — 0.3%
Caledonia Mining Corp. PLC		17,098		290,495
Coeur Mining, Inc.(a)(b)		398,958		2,944,310
Gold Resource Corp.(b)		93,686		319,469
Novagold Resources, Inc.(a)		390,350		4,641,262
				8,195,536
Health Care Equipment & Supplies — 0.0%
Inogen, Inc.(a)		30,718		890,822
Health Care Facilities — 0.6%
Apollo Medical Holdings, Inc.(a)		29,899		536,388
Brookdale Senior Living, Inc.(a)(b)		310,090		787,629
Ensign Group, Inc.		83,420		4,759,945
Five Star Senior Living Inc.(a)		30,045		152,328
Hanger, Inc.(a)		60,798		961,824
Joint Corp.(a)		21,493		373,763
National HealthCare Corp.		20,988		1,307,762
Ontrak, Inc.(a)(b)		12,797		767,820
Pliant Therapeutics Inc.(a)(b)		15,620		353,793
Select Medical Holdings Corp.(a)		176,223		3,668,963
Tenet Healthcare Corp.(a)		170,170		4,170,867
U.S. Physical Therapy, Inc.		20,469		1,778,347
				19,619,429
Health Care Management Services — 0.3%
1Life Healthcare Inc.(a)(b)		128,097		3,632,831
Computer Programs & Systems, Inc.		20,882		576,552
Magellan Health, Inc.(a)		38,319		2,903,814
Option Care Health Inc.(a)		69,603		930,592
Progyny, Inc.(a)		44,398		1,306,633
Triple-S Management Corp., Class B(a)		39,005		697,019
				10,047,441
Health Care Services — 2.1%
Accelerate Diagnostics, Inc.(a)(b)		52,110		555,493
Accolade, Inc.(a)(b)		18,529		720,222
Addus HomeCare Corp.(a)		22,331		2,110,503

Security	Shares		Value
Health Care Services (continued)
Allscripts Healthcare Solutions, Inc.(a)		261,907	$	2,131,923
AMN Healthcare Services, Inc.(a)		76,877		4,494,230
Cara Therapeutics, Inc.(a)(b)		70,469		896,718
CorVel Corp.(a)		14,694		1,255,308
Cross Country Healthcare, Inc.(a)		58,870		382,066
Flexion Therapeutics, Inc.(a)(b)		70,759		736,601
Health Catalyst, Inc.(a)(b)		54,667		2,000,812
HealthEquity, Inc.(a)		123,876		6,363,510
HMS Holdings Corp.(a)		145,272		3,479,264
Inari Medical Inc.(a)(b)		12,314		849,912
LHC Group, Inc.(a)		49,624		10,548,078
MEDNAX, Inc.(a)		118,851		1,934,894
NantHealth, Inc.(a)		45,434		106,316
NeoGenomics, Inc.(a)(b)		169,233		6,243,005
NextGen Healthcare, Inc.(a)		92,333		1,176,322
Omnicell, Inc.(a)(b)		68,979		5,149,972
OptimizeRx Corp.(a)(b)		22,724		473,795
Pennant Group Inc.(a)		42,796		1,650,214
Phibro Animal Health Corp., Class A		34,323		597,220
Phreesia, Inc.(a)		45,445		1,460,148
R1 RCM, Inc.(a)		174,073		2,985,352
Ryman Hospitality Properties, Inc.		82,988		3,053,958
Surgery Partners, Inc.(a)		35,495		777,341
Tabula Rasa HealthCare, Inc.(a)		34,667		1,413,374
Tivity Health, Inc.(a)		73,739		1,033,821
Viemed Healthcare Inc.(a)		57,307		495,133
				65,075,505
Health Care: Miscellaneous — 0.2%
Medpace Holdings, Inc.		44,703		4,995,560
Providence Service Corp.		19,260		1,789,447
				6,785,007
Home Building — 1.5%
Beazer Homes USA, Inc.(a)		46,913		619,252
Century Communities, Inc.(a)		47,152		1,995,944
Installed Building Products, Inc.(a)		37,308		3,796,089
KB Home		143,583		5,512,151
Legacy Housing Corp.(a)		14,089		192,737
LGI Homes, Inc.(a)		36,620		4,254,145
M/I Homes, Inc.(a)		44,640		2,055,672
MDC Holdings, Inc.		83,949		3,953,998
Meritage Homes Corp.(a)		60,563		6,685,550
Taylor Morrison Home Corp.(a)(b)		205,093		5,043,237
TopBuild Corp.(a)		54,104		9,235,012
TRI Pointe Group, Inc.(a)(b)		208,329		3,779,088
				47,122,875
Hotel/Motel — 0.1%
Marcus Corp.		37,738		291,715
Red Rock Resorts, Inc., Class A		107,747		1,842,473
				2,134,188
Household Appliances — 0.0%
Hamilton Beach Brands Holding Co., Class A		10,779		209,652
National Presto Industries, Inc.		8,633		706,697
				916,349
Household Equipment & Products — 0.4%
Central Garden & Pet Co.(a)(b)		16,903		674,937
Central Garden & Pet Co., Class A(a)		63,053		2,278,736
Helen of Troy Ltd.(a)		41,387		8,009,212
Tupperware Brands Corp.		78,721		1,587,015
				12,549,900

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) September 30, 2020 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Furnishings — 0.6%
American Woodmark Corp.(a)		27,220	$	2,137,859
Casper Sleep Inc.(a)(b)		39,570		284,508
Ethan Allen Interiors, Inc.		39,204		530,822
Hooker Furniture Corp.		19,559		505,209
La-Z-Boy, Inc.		71,523		2,262,273
Lifetime Brands, Inc.		19,521		184,474
Lovesac Co.(a)(b)		14,603		404,649
Purple Innovation, Inc.(a)(b)		35,576		884,419
RH(a)		25,395		9,716,635
Sleep Number Corp.(a)		43,364		2,120,933
				19,031,781
Insurance: Life — 0.5%
American Equity Investment Life Holding Co.		147,515		3,243,855
Citizens, Inc.(a)(b)		83,733		463,881
CNO Financial Group, Inc.		228,980		3,672,839
FBL Financial Group, Inc., Class A		15,059		725,844
GWG Holdings, Inc.(a)(b)		4,648		39,973
Independence Holding Co.		8,767		330,603
National Western Life Group, Inc., Class A		4,286		783,352
Selectquote, Inc.(a)		51,257		1,037,954
Third Point Reinsurance Ltd.(a)(b)		129,128		897,440
Trean Insurance Group Inc.(a)		16,363		249,536
Trupanion, Inc.(a)		48,797		3,850,083
				15,295,360
Insurance: Multi-Line — 0.5%
BRP Group, Inc., Class A(a)		54,693		1,362,403
Crawford & Co., Class A		27,856		182,178
eHealth, Inc.(a)		41,721		3,295,959
Goosehead Insurance, Inc., Class A		20,554		1,779,771
Horace Mann Educators Corp.		68,903		2,301,360
James River Group Holdings Ltd.		49,907		2,222,359
Mr Cooper Group, Inc.(a)(b)		124,754		2,784,509
PICO Holdings, Inc.(a)		14,026		125,673
ProSight Global, Inc.(a)		15,941		180,771
Watford Holdings Ltd.(a)		27,166		623,188
				14,858,171
Insurance: Property-Casualty — 1.9%
AMERISAFE, Inc.		31,534		1,808,790
Argo Group International Holdings Ltd.		53,627		1,846,378
Donegal Group, Inc., Class A		19,407		273,056
Employers Holdings, Inc.		44,706		1,352,357
Enstar Group Ltd.(a)		19,505		3,150,057
Essent Group Ltd.		182,494		6,754,103
FedNat Holding Co.		20,265		128,075
Genworth Financial, Inc., Class A(a)		820,375		2,748,256
Greenlight Capital Re Ltd., Class A(a)		50,590		340,471
HCI Group, Inc.		9,871		486,542
Heritage Insurance Holdings, Inc.		37,672		381,241
Hilltop Holdings, Inc.		115,754		2,382,217
Investors Title Co.		2,389		310,713
Kinsale Capital Group, Inc.		34,495		6,560,259
National General Holdings Corp.		110,603		3,732,851
NI Holdings, Inc.(a)		17,790		300,473
NMI Holdings, Inc., Class A(a)		133,549		2,377,172
Palomar Holdings, Inc.(a)		32,257		3,362,470
ProAssurance Corp.		79,587		1,244,741
Protective Insurance Corp., Class B		16,116		211,603
Radian Group, Inc.		310,341		4,534,082
RLI Corp.		64,793		5,425,118
Safety Insurance Group, Inc.		23,231		1,605,030

Security	Shares		Value
Insurance: Property-Casualty (continued)
Selective Insurance Group, Inc.		96,593	$	4,973,574
State Auto Financial Corp.		29,499		405,906
Stewart Information Services Corp.		43,002		1,880,477
United Fire Group, Inc.		36,684		745,419
United Insurance Holdings Corp.		35,911		217,621
Universal Insurance Holdings, Inc.		46,605		645,013
				60,184,065
International Trade & Diversified Logistic — 0.1%
CryoPort, Inc.		55,996		2,654,211
Radiant Logistics, Inc.		73,951		380,108
Vectrus, Inc.		19,144		727,472
				3,761,791
Internet Software & Services — 0.1%
ChannelAdvisor Corp.		45,117		652,843
eGain Corp.		34,204		484,671
Gogo, Inc.(b)		91,980		849,895
Quotient Technology, Inc.		145,826		1,076,196
TrueCar, Inc.		178,181		890,905
				3,954,510
Leisure Time — 1.3%
Acushnet Holdings Corp.		54,717		1,839,038
American Outdoor Brands, Inc.(a)		22,447		292,484
Bluegreen Vacations Corp.		14,077		68,977
Callaway Golf Co.		152,220		2,913,491
Churchill Downs, Inc.		62,112		10,175,188
Clarus Corp.		31,331		442,394
Escalade, Inc.		17,293		316,289
Hilton Grand Vacations, Inc.(a)		137,465		2,884,016
Johnson Outdoors, Inc., Class A		8,839		723,826
Liberty TripAdvisor Holdings, Inc., Class A(a)		124,815		215,930
Lindblad Expeditions Holdings, Inc.(a)		43,518		370,338
Marriott Vacations Worldwide Corp.		65,997		5,993,187
Nautilus, Inc.(a)(b)		51,168		878,043
OneSpaWorld Holdings Ltd.		76,846		499,499
RCI Hospitality Holdings, Inc.		14,179		289,252
SeaWorld Entertainment, Inc.(a)		82,135		1,619,702
Smith & Wesson Brands Inc.		89,790		1,393,541
Sturm Ruger & Co., Inc.		27,633		1,690,034
Vista Outdoor, Inc.(a)		97,284		1,963,191
YETI Holdings, Inc.(a)		130,515		5,914,940
				40,483,360
Life Sciences Tools & Services — 0.0%
WaVe Life Sciences Ltd.(a)		39,833		338,182
Luxury Items — 0.1%
Movado Group, Inc.		26,394		262,356
Signet Jewelers Ltd.		87,243		1,631,444
				1,893,800
Machinery: Agricultural — 0.1%
Alamo Group, Inc.		16,050		1,733,882
Lindsay Corp.		18,196		1,759,189
Titan Machinery, Inc.(a)(b)		32,252		426,694
				3,919,765
Machinery: Construction & Handling — 0.2%
Astec Industries, Inc.		36,295		1,969,004
Douglas Dynamics, Inc.		36,906		1,262,185
Manitowoc Co., Inc.(a)		58,632		493,095

12

Schedule of Investments  (unaudited) (continued) September 30, 2020 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery: Construction & Handling (continued)
NACCO Industries, Inc., Class A		6,157	$	112,119
Terex Corp.		111,757		2,163,616
				6,000,019
Machinery: Industrial — 1.4%
Altra Industrial Motion Corp.		105,041		3,883,366
Applied Industrial Technologies, Inc.		62,592		3,448,819
Chart Industries, Inc.(a)		58,452		4,107,422
Columbus McKinnon Corp.		36,466		1,207,025
DXP Enterprises, Inc.(a)		27,111		437,300
EnPro Industries, Inc.		34,528		1,947,724
EVI Industries, Inc.(a)(b)		7,342		195,371
ExOne Co. (The)(a)(b)		19,989		244,266
Gencor Industries, Inc.(a)		13,922		153,560
Graham Corp.		15,405		196,722
Hyster-Yale Materials Handling, Inc.		17,222		639,797
Intevac Inc.(a)		36,767		202,586
John Bean Technologies Corp.		51,118		4,697,233
Kadant, Inc.		18,859		2,067,323
Kennametal, Inc.		135,500		3,921,370
Mayville Engineering Co., Inc.(a)		9,414		86,515
MTS Systems Corp.		32,332		617,864
Omega Flex, Inc.		4,965		778,115
Proto Labs, Inc.(a)		43,708		5,660,186
SPX Corp.(a)		71,273		3,305,642
SPX FLOW, Inc.(a)		70,395		3,014,314
Tennant Co.		29,273		1,766,918
Welbilt, Inc.(a)		218,574		1,346,416
				43,925,854
Machinery: Specialty — 0.1%
Albany International Corp., Class A		50,644		2,507,385
Hurco Cos., Inc.		10,416		295,814
				2,803,199
Manufactured Housing — 0.2%
Cavco Industries, Inc.(b)		15,132		2,728,451
Skyline Champion Corp.		85,621		2,292,074
				5,020,525
Medical & Dental Instruments & Supplies — 2.4%
Alphatec Holdings, Inc.(a)		76,525		508,126
American Renal Associates Holdings, Inc.(a)		20,904		144,238
AngioDynamics, Inc.(a)		61,063		736,420
Anika Therapeutics, Inc.(a)		22,626		800,734
Antares Pharma, Inc.(a)(b)		270,418		730,129
Apyx Medical Corp.(a)		54,845		258,320
AtriCure, Inc.(a)		71,058		2,835,214
Atrion Corp.		2,246		1,405,996
Avanos Medical, Inc.(a)		77,436		2,572,424
Axogen, Inc.(a)		62,805		730,422
BioLife Solutions, Inc.(a)(b)		21,911		634,104
Cantel Medical Corp.		62,266		2,735,968
Cardiovascular Systems, Inc.(a)		62,658		2,465,592
Centogene NV(a)		15,456		146,214
Cerus Corp.(a)(b)		275,130		1,722,314
Chembio Diagnostics Inc.(a)(b)		33,897		164,739
Co-Diagnostics Inc.(a)(b)		44,109		599,441
Community Health Systems, Inc.(a)		148,714		627,573
CONMED Corp.(b)		44,889		3,531,418
CryoLife, Inc.(a)		60,830		1,123,530
Cutera, Inc.(a)		29,045		550,984
Exagen Inc.(a)		5,688		61,658
InfuSystem Holdings Inc.(a)		23,537		301,744

Security	Shares		Value
Medical & Dental Instruments & Supplies (continued)
Intersect ENT, Inc.(a)(b)		55,936	$	912,316
Invacare Corp.		55,654		418,518
LeMaitre Vascular, Inc.		27,263		886,865
LivaNova PLC(a)(b)		80,677		3,647,407
Meridian Bioscience, Inc.(a)		71,473		1,213,612
Merit Medical Systems, Inc.(a)		88,324		3,842,094
Milestone Scientific Inc.(a)(b)		61,171		85,028
NanoString Technologies, Inc.(a)		61,685		2,757,319
Neogen Corp.(a)		86,220		6,746,715
NuVasive, Inc.(a)		83,660		4,063,366
Ocular Therapeutix, Inc.(a)		98,256		747,728
OraSure Technologies, Inc.(a)(b)		115,027		1,399,879
Organogenesis Holdings, Inc.(a)		34,427		132,200
Orthofix Medical, Inc.(a)		32,011		996,823
OrthoPediatrics Corp.(a)(b)		20,339		933,967
Owens & Minor, Inc.		104,248		2,617,667
Patterson Cos., Inc.		139,944		3,373,350
Retractable Technologies Inc.(a)(b)		22,619		150,643
SeaSpine Holdings Corp.(a)		44,724		639,553
Sientra, Inc.(a)		81,563		277,314
STAAR Surgical Co.(a)(b)		74,104		4,191,322
Surgalign Holdings, Inc.(a)(b)		92,564		167,541
Surmodics, Inc.(a)		22,757		885,475
TransMedics Group, Inc.(a)		39,795		548,375
Utah Medical Products, Inc.		5,607		447,831
ViewRay, Inc.(a)		176,397		617,389
Wright Medical Group NV(a)(b)		210,201		6,419,539
				74,507,138
Medical Equipment — 1.7%
Accuray, Inc.(a)		148,013		355,231
Acutus Medical, Inc.(a)		15,680		467,264
AdaptHealth Corp.(a)		39,967		871,680
Beyond Air, Inc.(a)(b)		21,679		112,514
BioSig Technologies, Inc.(a)(b)		36,760		181,227
CareDx, Inc.(a)		78,178		2,966,073
Electromed Inc.(a)		11,555		120,287
Fluidigm Corp.(a)		114,760		852,667
FONAR Corp.(a)		9,408		196,439
Glaukos Corp.(a)(b)		69,300		3,431,736
Icad Inc.(a)		33,996		299,505
Inspire Medical Systems, Inc.(a)		42,638		5,502,434
IntriCon Corp.(a)		15,817		192,651
iRadimed Corp.(a)		9,949		212,710
iRhythm Technologies, Inc.(a)		44,801		10,667,566
Lantheus Holdings, Inc.(a)		105,701		1,339,232
Luminex Corp.		68,793		1,805,816
Misonix, Inc.(a)(b)		24,448		286,775
Natus Medical, Inc.(a)		56,481		967,519
Nemaura Medical Inc.(a)		11,238		39,895
Nevro Corp.(a)		54,922		7,650,635
PAVmed, Inc.(a)(b)		61,174		108,890
Quanterix Corp.(a)		34,905		1,177,695
Quotient Ltd.(a)(b)		102,297		525,807
Repro-Med Systems Inc.(a)		40,890		295,226
Shockwave Medical, Inc.(a)		46,732		3,542,286
SI-BONE, Inc.(a)		43,245		1,025,771
Silk Road Medical, Inc.(a)		44,015		2,958,248
Soliton, Inc.(a)		9,117		69,654
Stereotaxis Inc.(a)		73,909		264,594
Tactile Systems Technology, Inc.(a)(b)		30,839		1,128,399
Vapotherm, Inc.(a)(b)		32,473		941,717

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) September 30, 2020 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Medical Equipment (continued)
Varex Imaging Corp.(a)		63,042	$	801,894
Venus Concept Inc.(a)		28,285		65,621
Zynex, Inc.(a)		32,757		571,610
				51,997,268
Medical Services — 0.1%
Aspira Women’s Health, Inc.(b)		124,485		384,036
DermTech, Inc.		13,578		162,257
Fulgent Genetics Inc.(b)		16,582		663,943
Tela Bio Inc.		8,925		147,620
VolitionRX Ltd.		39,791		127,729
				1,485,585
Metal Fabricating — 0.9%
Advanced Drainage Systems, Inc.		90,660		5,660,810
Compx International, Inc.		2,464		36,837
DMC Global, Inc.		23,685		780,184
Eastern Co.		8,636		168,575
Haynes International, Inc.		20,401		348,653
Lawson Products, Inc.(a)		6,868		281,794
LB Foster Co.(a)		16,911		226,946
MRC Global, Inc.(a)		131,686		563,616
Mueller Industries, Inc.		89,607		2,424,765
Mueller Water Products, Inc., Class A		252,013		2,618,415
NN, Inc.		68,197		351,897
Northwest Pipe Co.(a)		15,659		414,337
RBC Bearings, Inc.(a)		40,130		4,864,157
Rexnord Corp.		198,229		5,915,153
Worthington Industries, Inc.		59,298		2,418,173
				27,074,312
Metals & Minerals: Diversified — 0.7%
Cleveland-Cliffs, Inc.		645,633		4,144,964
Commercial Metals Co.		192,230		3,840,755
Compass Minerals International, Inc.		55,592		3,299,385
Energy Fuels, Inc.(a)(b)		205,360		345,005
Ferroglobe PLC(c)		42,394		—
Hecla Mining Co.		850,808		4,322,105
Intrepid Potash Inc.(a)		15,794		133,301
Materion Corp.		32,691		1,700,913
Minerals Technologies, Inc.		53,674		2,742,741
Oil-Dri Corp. of America		8,646		309,268
SunCoke Energy, Inc.		142,623		487,771
U.S. Silica Holdings, Inc.		134,296		402,888
United States Lime & Minerals, Inc.		3,622		326,342
				22,055,438
Office Supplies & Equipment — 0.4%
ACCO Brands Corp.		148,622		862,008
Eastman Kodak Co.(a)(b)		27,676		244,102
Herman Miller, Inc.		95,507		2,880,491
HNI Corp.		67,848		2,129,070
Kimball International, Inc., Class B		57,914		610,414
Knoll, Inc.		78,167		942,694
Pitney Bowes, Inc.		275,637		1,463,632
Steelcase, Inc., Class A		139,913		1,414,520
Transocean Ltd.(a)(b)		953,917		769,716
				11,316,647
Oil & Gas Producers — 0.0%
Kosmos Energy Ltd.		686,186		669,443
Oil Well Equipment & Services — 0.4%
Bristow Group, Inc.(a)		12,247		260,249
Cactus, Inc., Class A		78,861		1,513,343

Security	Shares		Value
Oil Well Equipment & Services (continued)
ChampionX Corp.(a)		307,354	$	2,455,758
Dril-Quip, Inc.(a)		55,517		1,374,601
Frank’s International NV(a)(b)		269,205		414,576
Helix Energy Solutions Group, Inc.(a)		241,010		580,834
Liberty Oilfield Services, Inc., Class A		101,226		808,796
Matrix Service Co.(a)		44,763		373,771
Nabors Industries Ltd.		11,442		279,642
National Energy Services Reunited Corp.(a)(b)		39,684		253,184
Newpark Resources, Inc.(a)		147,755		155,143
NexTier Oilfield Solutions Inc.(a)		255,975		473,554
Oceaneering International, Inc.(a)(b)		166,676		586,699
Oil States International, Inc.(a)		101,755		277,791
Patterson-UTI Energy, Inc.		309,294		881,488
ProPetro Holding Corp.(a)		134,438		545,818
RPC, Inc.(a)		98,174		259,179
SEACOR Holdings, Inc.(a)		29,849		868,009
Select Energy Services, Inc., Class A(a)		87,959		337,763
Solaris Oilfield Infrastructure, Inc., Class A		50,749		321,749
				13,021,947
Oil, Gas & Consumable Fuels — 0.4%
Archrock, Inc.		212,866		1,145,219
Ardmore Shipping Corp.		56,023		199,442
DHT Holdings, Inc.		186,202		960,802
Dorian LPG Ltd.(a)		58,150		465,781
Exterran Corp.(a)		44,331		184,417
Frontline Ltd.		198,814		1,292,291
Plug Power, Inc.(a)(b)		557,231		7,472,468
				11,720,420
Oil: Crude Producers — 0.8%
Antero Resources Corp.(a)(b)		391,655		1,077,051
Berry Corp.		118,667		376,174
Bonanza Creek Energy, Inc.(a)		32,194		605,247
Brigham Minerals, Inc., Class A		53,320		475,614
CNX Resources Corp.(a)(b)		363,498		3,431,421
Comstock Resources, Inc.(a)		27,958		122,456
Contango Oil & Gas Co.(a)(b)		151,992		203,669
CVR Energy, Inc.		50,096		620,189
Earthstone Energy, Inc., Class A(a)(b)		32,802		84,957
Evolution Petroleum Corp.		44,695		100,117
Falcon Minerals Corp.		63,528		155,008
Goodrich Petroleum Corp.(a)		14,462		111,213
Gulfport Energy Corp.(a)(b)		265,967		140,191
Magnolia Oil & Gas Corp., Class A(a)		194,502		1,005,575
Montage Resources Corp.(a)		35,501		155,849
ONE Gas, Inc.		86,229		5,950,663
Overseas Shipholding Group, Inc., Class A(a)		108,747		232,719
Ovintiv Inc.(b)		424,711		3,465,642
PDC Energy, Inc.(a)(b)		157,710		1,954,816
Penn Virginia Corp.(a)(b)		22,943		225,989
PrimeEnergy Resources Corp.(a)		776		51,371
Range Resources Corp.		346,643		2,294,777
SM Energy Co.		189,045		300,582
Southwestern Energy Co.(a)		966,131		2,270,408
Talos Energy, Inc.(a)(b)		20,478		132,083
Tellurian, Inc.(a)(b)		257,529		205,199
W&T Offshore, Inc.(a)(b)		160,785		289,413
Whiting Petroleum Corp.(a)		1,882		32,540
				26,070,933
Oil: Refining & Marketing — 0.3%
Adams Resources & Energy, Inc.		3,151		62,705
Clean Energy Fuels Corp.(a)		224,635		557,095

14

Schedule of Investments  (unaudited) (continued) September 30, 2020 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil: Refining & Marketing (continued)
Delek US Holdings, Inc.		101,075	$	1,124,965
Par Pacific Holdings, Inc.(a)		68,042		460,644
PBF Energy, Inc., Class A		164,104		933,752
Renewable Energy Group, Inc.(a)		61,989		3,311,452
Trecora Resources(a)(b)		35,662		218,965
World Fuel Services Corp.		102,642		2,174,984
				8,844,562
Paints & Coatings — 0.2%
Chase Corp.		12,268		1,170,367
Ferro Corp.(a)		137,178		1,701,007
HB Fuller Co.		83,816		3,837,096
Kronos Worldwide, Inc.		38,439		494,326
				7,202,796
Paper — 0.2%
Clearwater Paper Corp.(a)		26,801		1,016,830
Domtar Corp.		90,128		2,367,662
Glatfelter Corp.		75,151		1,034,829
Neenah, Inc.		28,157		1,055,043
Schweitzer-Mauduit International, Inc.		51,948		1,578,700
Verso Corp., Class A		49,235		388,464
				7,441,528
Personal Care — 0.3%
Edgewell Personal Care Co.(a)		88,537		2,468,412
Lifevantage Corp.(a)		21,593		260,627
USANA Health Sciences, Inc.(a)		18,315		1,348,900
Veru Inc.(a)		81,915		214,617
WD-40 Co.(b)		22,492		4,257,961
				8,550,517
Pharmaceuticals — 2.6%
Abeona Therapeutics, Inc.(a)		108,925		111,103
AcelRx Pharmaceuticals, Inc.(a)		130,218		184,910
Aerie Pharmaceuticals, Inc.(a)		63,062		742,240
Agile Therapeutics, Inc.(a)		114,870		349,205
Amneal Pharmaceuticals, Inc.(a)		169,796		658,808
Amphastar Pharmaceuticals, Inc.(a)(b)		57,581		1,079,644
Aquestive Therapeutics, Inc.(a)(b)		34,284		166,449
Arrowhead Pharmaceuticals, Inc.(a)(b)		164,051		7,064,036
Avenue Therapeutics, Inc.(a)		10,559		114,354
Axonics Modulation Technologies, Inc.(a)(b)		49,330		2,517,803
Axsome Therapeutics, Inc.(a)(b)		45,351		3,231,259
Aytu BioScience, Inc.(a)(b)		39,773		47,330
Biospecifics Technologies Corp.(a)(b)		9,631		508,806
Cassava Sciences Inc.(a)(b)		39,136		450,455
Cerecor, Inc.(a)		57,957		131,852
Chimerix, Inc.(a)		75,882		188,946
ChromaDex Corp.(a)(b)		67,064		268,927
Concert Pharmaceuticals, Inc.(a)		50,217		493,131
Corcept Therapeutics, Inc.(a)		155,845		2,712,482
CorMedix, Inc.(a)(b)		41,288		248,967
Dicerna Pharmaceuticals, Inc.(a)		104,890		1,886,971
Durect Corp.(a)		330,083		564,442
Eagle Pharmaceuticals, Inc.(a)		18,234		774,580
Eloxx Pharmaceuticals, Inc.(a)(b)		42,227		111,057
Enanta Pharmaceuticals, Inc.(a)		31,880		1,459,466
Endo International PLC(a)		378,495		1,249,033
Esperion Therapeutics, Inc.(a)(b)		41,436		1,540,176
Eton Pharmaceuticals Inc.(a)(b)		23,833		188,281
Evolus, Inc.(a)(b)		39,742		155,391
Galectin Therapeutics, Inc.(a)(b)		71,645		191,292

Security	Shares		Value
Pharmaceuticals (continued)
Harrow Health, Inc.(a)(b)		36,046	$	201,497
Heska Corp.(a)(b)		11,762		1,161,968
Innoviva, Inc.(a)(b)		106,702		1,115,036
Intra-Cellular Therapies, Inc.(a)		106,822		2,741,052
Ironwood Pharmaceuticals, Inc.(a)(b)		258,807		2,327,969
La Jolla Pharmaceutical Co.(a)(b)		34,536		139,180
Lannett Co., Inc.(a)(b)		54,257		331,510
Liquidia Technologies, Inc.(a)(b)		34,631		170,384
Mallinckrodt PLC(a)(b)		140,917		137,155
MEI Pharma, Inc.(a)(b)		169,441		528,656
MyoKardia, Inc.(a)(b)		83,005		11,316,072
Omthera Pharmaceuticals, Inc.(c)		1,326		—
Optinose, Inc.(a)		54,049		210,791
Osmotica Pharmaceuticals PLC(a)		7,946		42,988
Pacira BioSciences, Inc.(a)		68,181		4,099,042
Paratek Pharmaceuticals, Inc.(a)(b)		68,365		369,855
PetIQ, Inc.(a)		35,008		1,152,463
Prestige Consumer Healthcare, Inc.(a)		80,598		2,935,379
Radius Health, Inc.(a)		75,600		857,304
Revance Therapeutics, Inc.(a)(b)		102,866		2,586,051
scPharmaceuticals, Inc.(a)		9,076		67,616
SIGA Technologies, Inc.(a)(b)		92,419		634,919
Spectrum Pharmaceuticals, Inc.(a)		232,529		948,718
Supernus Pharmaceuticals, Inc.(a)		78,526		1,636,482
Syndax Pharmaceuticals, Inc.(a)		46,054		679,757
TG Therapeutics, Inc.(a)(b)		181,330		4,852,391
TherapeuticsMD, Inc.(a)(b)		352,315		556,658
Theravance Biopharma, Inc.(a)		77,531		1,146,296
Ultragenyx Pharmaceutical, Inc.(a)(b)		93,554		7,689,203
Voyager Therapeutics, Inc.(a)		44,577		475,637
Zogenix, Inc.(a)		90,389		1,620,675
				82,124,100
Photography — 0.0%
GoPro, Inc., Class A(a)		205,086		929,040
Plastics — 0.1%
Trinseo SA		62,601		1,605,090
Power Transmission Equipment — 0.2%
Advanced Energy Industries, Inc.(a)		62,811		3,953,324
Powell Industries, Inc.		14,988		361,660
Vicor Corp.(a)		31,376		2,438,857
				6,753,841
Printing & Copying Services — 0.2%
Casella Waste Systems, Inc., Class A		74,864		4,181,155
Cimpress PLC		29,090		2,186,404
				6,367,559
Producer Durables: Miscellaneous — 0.1%
Advanced Disposal Services, Inc.(a)		120,140		3,631,832
Park-Ohio Holdings Corp.		14,825		238,238
				3,870,070
Production Technology Equipment — 0.5%
Axcelis Technologies, Inc.(a)		52,946		1,164,812
Brooks Automation, Inc.(b)		118,720		5,491,987
Cohu, Inc.		65,985		1,133,622
CyberOptics Corp.(a)		11,978		381,380
Ichor Holdings Ltd.(a)		37,465		808,120
Maxeon Solar Technologies Ltd.(a)(b)		15,213		258,012
Onto Innovation, Inc.(a)		77,491		2,307,682
Photronics, Inc.(a)		99,012		986,160

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) September 30, 2020 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Production Technology Equipment (continued)
Ultra Clean Holdings, Inc.(a)		67,185	$	1,441,790
Veeco Instruments, Inc.(a)(b)		81,144		946,951
Xperi Holding Corp.		175,557		2,017,150
				16,937,666
Publishing — 0.1%
Daily Journal Corp.(a)		1,917		463,914
Eros STX Global Corp.(a)		234,662		518,603
Gannett Co., Inc.		190,581		247,755
Meredith Corp.		67,264		882,504
Scholastic Corp.		49,774		1,044,756
Tribune Publishing Co.		29,240		340,939
				3,498,471
Radio & TV Broadcasters — 0.4%
Central European Media Enterprises Ltd., Class A(a) .		149,071		624,608
Entercom Communications Corp., Class A		200,233		322,375
Entravision Communications Corp., Class A		99,275		150,898
Gray Television, Inc.(a)		139,078		1,915,104
iHeartMedia, Inc., Class A(a)		100,337		814,736
Liberty Media Corp.-Liberty Braves, Class A(a)(b)		17,659		368,720
Liberty Media Corp.-Liberty Braves, Class C(a)		57,856		1,215,555
MSG Networks, Inc., Class A(a)		66,697		638,290
Saga Communications, Inc., Class A		6,403		127,292
Sinclair Broadcast Group, Inc., Class A		70,697		1,359,503
TEGNA, Inc.		357,504		4,200,672
				11,737,753
Railroad Equipment — 0.1%
Greenbrier Cos., Inc.		52,183		1,534,180
Real Estate — 0.7%
Avalon GloboCare Corp.(a)(b)		32,360		40,450
Cushman & Wakefield PLC(a)		176,956		1,859,808
eXp World Holdings, Inc.(a)		40,332		1,626,993
Griffin Industrial Realty, Inc.		3,737		199,743
Kennedy-Wilson Holdings, Inc.		200,086		2,905,249
Newmark Group, Inc., Class A		242,487		1,047,544
Realogy Holdings Corp.		183,266		1,730,031
Redfin Corp.(a)		158,097		7,893,783
Retail Value, Inc.		29,691		373,216
RMR Group, Inc., Class A		25,865		710,511
St. Joe Co.(a)		56,116		1,157,673
Stratus Properties, Inc.(a)		9,448		203,699
Tejon Ranch Co.(a)(b)		35,250		498,787
				20,247,487
Real Estate Investment Trusts (REITs) — 6.4%
Acadia Realty Trust		136,296		1,431,108
Agree Realty Corp.		87,748		5,584,283
Alexander & Baldwin, Inc.		113,207		1,269,050
Alexander’s, Inc.		3,604		883,773
Alpine Income Property Trust, Inc.		11,117		172,869
American Assets Trust, Inc.		81,318		1,958,951
American Finance Trust, Inc.		172,610		1,082,265
Anworth Mortgage Asset Corp.		164,420		269,649
Apollo Commercial Real Estate Finance, Inc.		240,909		2,170,590
Arbor Realty Trust, Inc.		174,162		1,997,638
Ares Commercial Real Estate Corp.		51,924		474,585
Armada Hoffler Properties, Inc.		94,696		876,885
ARMOUR Residential REIT, Inc.		101,001		960,520
Blackstone Mortgage Trust, Inc., Class A		227,185		4,991,254
Bluerock Residential Growth REIT, Inc.		37,023		280,634
Broadmark Realty Capital Inc.		206,210		2,033,231

Security	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
BRT Apartments Corp.		16,395	$	193,133
Capstead Mortgage Corp.		150,564		846,170
CareTrust REIT, Inc.		155,490		2,766,945
Catchmark Timber Trust, Inc., Class A		81,971		732,001
Chatham Lodging Trust		77,105		587,540
Cherry Hill Mortgage Investment Corp.		26,281		236,003
CIM Commercial Trust Corp.		19,931		196,520
City Office REIT, Inc.		70,741		531,972
Clipper Realty, Inc.		23,302		140,977
Colony Credit Real Estate, Inc.		143,400		704,094
Community Healthcare Trust, Inc.		35,819		1,674,896
CoreCivic, Inc.		192,276		1,538,208
CorEnergy Infrastructure Trust, Inc.		21,957		128,229
CTO Realty Growth Inc.		8,085		356,549
DiamondRock Hospitality Co.		322,808		1,636,637
Diversified Healthcare Trust		378,711		1,333,063
Dynex Capital, Inc.		37,243		566,466
Easterly Government Properties, Inc.		131,982		2,957,717
EastGroup Properties, Inc.		63,425		8,202,755
Ellington Financial, Inc.		67,381		826,091
Ellington Residential Mortgage REIT		14,587		161,916
Essential Properties Realty Trust, Inc.		149,585		2,740,397
Farmland Partners, Inc.		33,202		221,125
Four Corners Property Trust, Inc.		114,944		2,941,417
Franklin Street Properties Corp.		174,237		637,707
Front Yard Residential Corp.		83,223		727,369
Geo Group, Inc.		192,607		2,184,163
Getty Realty Corp.		54,569		1,419,340
Gladstone Commercial Corp.		58,001		977,317
Gladstone Land Corp.		28,867		433,582
Global Medical REIT, Inc.		70,795		955,733
Global Net Lease, Inc.		144,461		2,296,930
Granite Point Mortgage Trust, Inc.		91,236		646,863
Great Ajax Corp.		35,257		292,281
Healthcare Realty Trust, Inc.		221,865		6,682,574
Hersha Hospitality Trust		57,690		319,603
Independence Realty Trust, Inc.		152,026		1,761,981
Industrial Logistics Properties Trust		108,485		2,372,567
Innovative Industrial Properties, Inc.		34,714		4,308,355
Invesco Mortgage Capital, Inc.(b)		296,305		802,987
Investors Real Estate Trust		20,444		1,332,335
iStar, Inc.		117,313		1,385,467
Jernigan Capital, Inc.		37,307		639,442
Kite Realty Group Trust		139,506		1,615,479
KKR Real Estate Finance Trust, Inc.		47,718		788,779
Lexington Realty Trust		445,455		4,655,005
LTC Properties, Inc.		63,479		2,212,878
Mack-Cali Realty Corp.		141,449		1,785,086
MFA Financial, Inc.		733,306		1,965,260
Monmouth Real Estate Investment Corp.		158,837		2,199,892
National Health Investors, Inc.		70,002		4,219,021
National Storage Affiliates Trust		101,664		3,325,429
New Senior Investment Group, Inc.		140,467		561,868
New York Mortgage Trust, Inc.		606,986		1,547,814
NexPoint Residential Trust, Inc.		36,477		1,617,755
Office Properties Income Trust		76,693		1,589,079
One Liberty Properties, Inc.		25,449		416,346
Orchid Island Capital, Inc.		119,493		598,660
Pebblebrook Hotel Trust		212,012		2,656,510
PennyMac Mortgage Investment Trust(d)		160,984		2,587,013
Physicians Realty Trust		336,998		6,035,634
Piedmont Office Realty Trust, Inc., Class A		204,252		2,771,700

16

Schedule of Investments  (unaudited) (continued) September 30, 2020 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
Plumas Bancorp		6,156	$	121,150
Plymouth Industrial REIT, Inc.		23,589		291,088
PotlatchDeltic Corp.		106,646		4,489,797
Preferred Apartment Communities, Inc., Class A		70,236		379,274
PS Business Parks, Inc., Class A		32,887		4,025,040
QTS Realty Trust, Inc., Class A		99,773		6,287,694
Ready Capital Corp.		63,195		707,784
Redwood Trust, Inc.		181,623		1,365,805
Retail Opportunity Investments Corp.		186,208		1,939,356
Retail Properties of America, Inc., Class A		347,662		2,019,916
RLJ Lodging Trust		269,131		2,330,674
RPT Realty		124,389		676,676
Sabra Health Care REIT, Inc.		334,841		4,615,783
Safehold, Inc.		29,040		1,803,384
Saul Centers, Inc.		19,884		528,517
Seritage Growth Properties, Class A(a)		57,207		769,434
Service Properties Trust		267,605		2,127,460
STAG Industrial, Inc.		245,870		7,496,576
Summit Hotel Properties, Inc.		173,277		897,575
Sunstone Hotel Investors, Inc.		350,279		2,781,215
Tanger Factory Outlet Centers, Inc.(b)		151,491		913,491
Terreno Realty Corp.		109,328		5,986,801
TPG RE Finance Trust, Inc.		101,364		857,539
UMH Properties, Inc.		59,704		808,392
Uniti Group, Inc.		316,478		3,334,096
Universal Health Realty Income Trust		21,755		1,239,817
Urban Edge Properties		188,484		1,832,065
Urstadt Biddle Properties, Inc., Class A		49,093		451,656
Washington Real Estate Investment Trust		133,510		2,687,556
Western Asset Mortgage Capital Corp.		86,892		177,260
Whitestone REIT		63,460		380,760
Xenia Hotels & Resorts, Inc.		181,531		1,593,842
				197,901,383
Real Estate Management & Development — 0.1%
American Realty Investors, Inc.(a)		3,807		34,529
Bluegreen Vacations Holding Corp.		21,180		283,600
CorePoint Lodging, Inc.		68,397		372,764
Fathom Holdings Inc.(a)(b)		7,107		111,864
Forestar Group, Inc.(a)		27,683		489,989
Maui Land & Pineapple Co., Inc.(a)(b)		11,000		119,020
Rafael Holdings, Inc., Class B(a)		12,658		196,199
Transcontinental Realty Investors, Inc.(a)		2,104		52,453
				1,660,418
Recreational Vehicles & Boats — 0.4%
Camping World Holdings, Inc., Class A		55,179		1,641,575
LCI Industries		40,267		4,279,979
Malibu Boats, Inc., Class A(a)(b)		34,196		1,694,754
Marine Products Corp.		12,431		194,421
MasterCraft Boat Holdings, Inc.(a)		31,312		547,647
Winnebago Industries, Inc.		51,141		2,642,456
				11,000,832
Rental & Leasing Services: Consumer — 0.3%
Avis Budget Group, Inc.(a)(b)		86,395		2,273,916
Hertz Global Holdings, Inc.(a)(b)		232,486		258,059
Rent-A-Center, Inc.		77,868		2,327,475
WillScot Mobile Mini Holdings Corp.(a)		261,459		4,361,136
				9,220,586
Restaurants — 1.4%
Biglari Holdings, Inc., Class B(a)		1,622		144,374
BJ’s Restaurants, Inc.		35,571		1,047,210
Bloomin’ Brands, Inc.		142,430		2,174,906

Security	Shares		Value
Restaurants (continued)
Brinker International, Inc.		73,649	$	3,146,285
Carrols Restaurant Group, Inc.(a)		57,151		368,624
Cheesecake Factory, Inc.		68,668		1,904,850
Cracker Barrel Old Country Store, Inc.		38,706		4,438,030
Dave & Buster’s Entertainment, Inc.(b)		71,802		1,088,518
Del Taco Restaurants, Inc.(a)		54,640		448,048
Denny’s Corp.(a)(b)		100,661		1,006,610
Dine Brands Global, Inc.		25,819		1,409,459
El Pollo Loco Holdings, Inc.(a)		27,176		440,251
Fiesta Restaurant Group, Inc.(a)(b)		29,362		275,122
Jack in the Box, Inc.		36,921		2,928,205
Kura Sushi USA, Inc., Class A(a)(b)		5,130		67,203
Nathan’s Famous, Inc.		4,875		249,844
Noodles & Co.(a)		56,677		389,371
Papa John’s International, Inc.		53,550		4,406,094
Red Robin Gourmet Burgers, Inc.(a)(b)		21,287		280,137
Ruth’s Hospitality Group, Inc.		53,544		592,197
Shake Shack, Inc., Class A(a)(b)		57,295		3,694,382
Texas Roadhouse, Inc.		107,355		6,526,111
Wingstop, Inc.		48,340		6,605,661
				43,631,492
Scientific Instruments: Control & Filter — 0.6%
Arlo Technologies, Inc.(a)		126,679		666,331
Brady Corp., Class A		76,534		3,062,891
CIRCOR International, Inc.(a)		32,118		878,427
Energy Recovery, Inc.(a)		68,529		561,938
ESCO Technologies, Inc.		41,596		3,350,974
Gorman-Rupp Co.		26,829		790,382
Helios Technologies, Inc.(b)		50,244		1,828,882
Napco Security Technologies, Inc.(a)(b)		19,400		455,900
Resideo Technologies, Inc.(a)		202,368		2,226,048
Thermon Group Holdings, Inc.(a)		54,364		610,508
Watts Water Technologies, Inc., Class A		44,792		4,485,919
Wrap Technologies, Inc.(a)(b)		20,387		138,020
				19,056,220
Scientific Instruments: Electrical — 0.5%
Allied Motion Technologies, Inc.		11,771		485,907
Atkore International Group, Inc.(a)		76,202		1,732,071
AZZ, Inc.		43,528		1,485,175
EnerSys		69,154		4,641,617
Franklin Electric Co., Inc.		74,872		4,404,720
Orion Energy Systems Inc.(a)		44,492		336,804
Preformed Line Products Co.		5,183		252,516
Ultralife Corp.(a)		13,292		78,423
WESCO International, Inc.(a)		79,095		3,481,762
				16,898,995
Scientific Instruments: Gauges & Meters — 0.4%
Badger Meter, Inc.		47,505		3,105,402
FARO Technologies, Inc.(a)		28,792		1,755,736
Itron, Inc.(a)		64,717		3,930,911
Luna Innovations Inc.(a)		48,054		287,363
Mesa Laboratories, Inc.(b)		7,658		1,950,952
Transcat, Inc.(a)		11,266		330,094
Vishay Precision Group, Inc.(a)(b)		21,398		541,797
				11,902,255
Scientific Instruments: Pollution Control — 0.5%
CECO Environmental Corp.(a)		50,515		368,254
Covanta Holding Corp.		189,311		1,467,160
Darling Ingredients, Inc.(a)		262,971		9,474,845
Evoqua Water Technologies Corp.(a)(b)		148,261		3,146,098
Heritage-Crystal Clean, Inc.(a)		25,186		336,233

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) September 30, 2020 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Scientific Instruments: Pollution Control (continued)
Sharps Compliance Corp.(a)		23,152	$	145,163
Team, Inc.(a)		48,265		265,458
US Ecology, Inc.		50,032		1,634,546
				16,837,757
Securities Brokerage & Services — 0.1%
BGC Partners, Inc., Class A		479,551		1,150,922
Siebert Financial Corp.(a)		12,682		40,963
StoneX Group, Inc.(a)		27,074		1,385,106
				2,576,991
Semiconductors & Components — 1.9%
Acacia Communications, Inc.(a)		64,299		4,333,753
Alpha & Omega Semiconductor Ltd.(a)		33,866		434,162
Amkor Technology, Inc.(a)(b)		160,234		1,794,621
Atomera, Inc.(a)(b)		24,622		257,300
AXT, Inc.(a)(b)		63,934		391,276
CEVA, Inc.(a)		36,421		1,433,895
CMC Materials, Inc.		47,582		6,795,185
Diodes, Inc.(a)		69,477		3,921,977
DSP Group, Inc.(a)		36,248		477,749
FormFactor, Inc.(a)		124,902		3,113,807
Lattice Semiconductor Corp.(a)		220,403		6,382,871
MACOM Technology Solutions Holdings, Inc.(a)		76,664		2,607,343
MaxLinear, Inc.(a)		109,595		2,546,988
Pixelworks Inc.(a)		64,296		131,807
Power Integrations, Inc.(b)		96,625		5,353,025
Rambus, Inc.(a)		184,502		2,525,832
Semtech Corp.(a)		105,686		5,597,130
Silicon Laboratories, Inc.(a)		71,232		6,970,051
SiTime Corp.(a)(b)		14,795		1,243,224
SMART Global Holdings, Inc.(a)		22,883		625,621
Vishay Intertechnology, Inc.		219,515		3,417,848
				60,355,465
Semiconductors & Semiconductor Equipment — 0.1%
Ambarella, Inc.(a)		54,081		2,821,947
Shipping — 0.4%
A-Mark Precious Metals Inc.		7,684		259,104
Diamond S Shipping, Inc.(a)		45,170		310,318
Eagle Bulk Shipping, Inc.(a)(b)		9,716		159,051
Genco Shipping & Trading Ltd.(b)		29,494		203,509
Golar LNG Ltd.(a)		151,503		917,351
International Seaways, Inc.		39,868		582,471
Matson, Inc.		68,993		2,765,929
Nordic American Tankers Ltd.		244,797		854,342
Safe Bulkers, Inc.(a)		83,629		86,138
Scorpio Bulkers Inc.		16,096		227,919
Scorpio Tankers, Inc.		86,673		959,470
SFL Corp. Ltd.		157,757		1,181,600
SITE Centers Corp.		247,712		1,783,526
Tidewater, Inc.(a)(b)		67,412		452,335
Two Harbors Investment Corp.		444,139		2,260,668
				13,003,731
Software — 0.3%
MobileIron, Inc.		167,541		1,174,463
Model N, Inc.(b)		55,207		1,947,703
Park City Group, Inc.		16,180		79,767
Qualys, Inc.(b)		55,698		5,458,961
				8,660,894
Specialty Retail — 2.6%
1-800-Flowers.com, Inc., Class A(a)		41,538		1,035,958

Security	Shares		Value
Specialty Retail (continued)
Aaron’s, Inc.		109,762	$	6,218,017
Abercrombie & Fitch Co., Class A		100,579		1,401,065
Alta Equipment Group. Inc.(a)		29,349		229,803
American Eagle Outfitters, Inc.		245,563		3,636,788
America’s Car-Mart, Inc.(a)		10,418		884,280
Asbury Automotive Group, Inc.(a)		31,211		3,041,512
At Home Group, Inc.(a)(b)		86,082		1,279,179
Bed Bath & Beyond, Inc.(b)		208,199		3,118,821
BMC Stock Holdings, Inc.(a)		109,867		4,705,604
Boot Barn Holdings, Inc.(a)(b)		45,495		1,280,229
Buckle, Inc.		48,109		980,943
Caleres, Inc.		57,985		554,337
Cato Corp., Class A		37,201		290,912
Chico’s FAS, Inc.		198,128		192,679
Children’s Place, Inc.		23,218		658,230
Citi Trends, Inc.		14,865		371,328
Conn’s, Inc.(a)		30,828		326,160
Container Store Group, Inc.(a)(b)		30,185		187,449
Designer Brands, Inc., Class A		106,449		578,018
Envela Corp.(a)		14,164		60,764
Express, Inc.(a)		102,741		62,672
GameStop Corp., Class A(a)(b)		97,430		993,786
Genesco, Inc.(a)		23,619		508,753
Group 1 Automotive, Inc.		28,754		2,541,566
Guess?, Inc.		69,714		810,077
Haverty Furniture Cos., Inc.		24,812		519,563
Hibbett Sports, Inc.(a)		26,529		1,040,467
Lands’ End, Inc.(a)		17,536		228,494
Lithia Motors, Inc., Class A		36,399		8,296,788
Lumber Liquidators Holdings, Inc.(a)(b)		46,949		1,035,225
MarineMax, Inc.(a)		35,129		901,761
Michaels Cos., Inc.(a)		124,778		1,204,732
Monro, Inc.		53,289		2,161,935
Murphy USA, Inc.(a)		44,962		5,767,276
National Vision Holdings, Inc.(a)		130,843		5,003,436
ODP Corp.		85,154		1,656,245
OneWater Marine Inc., Class A(a)(b)		7,640		156,544
RealReal, Inc.(a)		100,202		1,449,923
Regis Corp.(a)		38,664		237,397
Sally Beauty Holdings, Inc.(a)		184,654		1,604,643
Shoe Carnival, Inc.		15,531		521,531
Sonic Automotive, Inc., Class A		39,140		1,571,862
Sportsman’s Warehouse Holdings, Inc.(a)		70,856		1,013,949
Stamps.com, Inc.(a)		27,564		6,641,546
Systemax, Inc.		21,028		503,410
Tilly’s, Inc., Class A		36,062		217,454
Urban Outfitters, Inc.(a)		111,827		2,327,120
Zumiez, Inc.(a)		35,447		986,136
				80,996,367
Steel — 0.2%
Allegheny Technologies, Inc.(a)(b)		203,692		1,776,194
Carpenter Technology Corp.		76,098		1,381,940
Olympic Steel, Inc.		14,995		170,343
Ryerson Holding Corp.(a)		27,174		155,707
Schnitzer Steel Industries, Inc., Class A		43,350		833,621
TimkenSteel Corp.(a)		80,686		286,435
United States Steel Corp.(b)		361,129		2,650,687
				7,254,927
Technology: Miscellaneous — 0.3%
Benchmark Electronics, Inc.		58,043		1,169,566
CTS Corp.		54,398		1,198,388

18

Schedule of Investments  (unaudited) (continued) September 30, 2020 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology: Miscellaneous (continued)
Fabrinet(a)		59,777	$	3,767,744
Kimball Electronics, Inc.(a)		41,083		474,920
Plexus Corp.(a)		46,231		3,265,296
				9,875,914
Telecommunications Equipment — 0.3%
Akoustis Technologies, Inc.(b)		50,773		414,308
Applied Optoelectronics, Inc.(b)		31,447		353,779
CalAmp Corp.		56,214		404,179
Cambium Networks Corp.		8,476		142,990
Clearfield, Inc.		17,213		347,186
Knowles Corp.		143,068		2,131,713
Viavi Solutions, Inc.		371,810		4,361,331
Vocera Communications, Inc.(b)		51,759		1,505,152
				9,660,638
Textile Products — 0.0%
Interface, Inc.		99,406		608,365
Unifi, Inc.(a)		23,703		304,346
				912,711
Textiles Apparel & Shoes — 0.9%
Crocs, Inc.(a)		109,001		4,657,613
Deckers Outdoor Corp.(a)		45,774		10,070,738
Fossil Group, Inc.(a)		78,740		451,968
G-III Apparel Group Ltd.(a)(b)		73,913		968,999
Kontoor Brands, Inc.(a)		83,260		2,014,892
Lakeland Industries Inc.(a)		12,644		250,351
Oxford Industries, Inc.		25,982		1,048,633
Rocky Brands, Inc.		11,451		284,328
Steven Madden Ltd.		133,279		2,598,940
Superior Group of Cos., Inc.		17,077		396,699
Vera Bradley, Inc.(a)		33,970		207,557
Weyco Group, Inc.		10,263		165,953
Wolverine World Wide, Inc.		130,174		3,363,696
				26,480,367
Thrifts & Mortgage Finance — 0.1%
Greenlane Holdings, Inc., Class A(a)		13,787		30,883
Partners Bancorp		11,079		62,375
Turning Point Brands, Inc.		18,850		525,915
Universal Corp.		38,769		1,623,646
Vector Group Ltd.		227,283		2,202,372
				4,445,191
Toys — 0.0%
Funko, Inc., Class A(a)(b)		36,987		214,155
Transportation Miscellaneous — 0.2%
Costamare, Inc.		87,186		529,219
Echo Global Logistics, Inc.(a)		44,641		1,150,399
General Finance Corp.(a)		18,632		117,940
Hub Group, Inc., Class A(a)(b)		53,729		2,696,927
Textainer Group Holdings Ltd.(a)(b)		87,535		1,239,496
				5,733,981
Truckers — 0.6%
ArcBest Corp.		42,706		1,326,448
Covenant Logistics Group, Inc,, Class A(a)		20,658		361,309
Daseke, Inc.(a)(b)		77,092		413,984
Forward Air Corp.		44,598		2,559,033
FRP Holdings, Inc.(a)		11,650		485,456
Heartland Express, Inc.		76,837		1,429,168
Marten Transport Ltd.		98,692		1,610,654
PAM Transportation Services, Inc.(a)		3,247		122,087

Security	Shares		Value
Truckers (continued)
Saia, Inc.(a)		42,909	$	5,412,541
Universal Logistics Holdings, Inc.		12,578		262,377
US Xpress Enterprises, Inc., Class A(a)(b)		35,947		296,922
Werner Enterprises, Inc.		99,188		4,164,904
				18,444,883
Utilities: Electrical — 1.5%
ALLETE, Inc.		84,759		4,385,431
Atlantic Power Corp.(a)		128,069		251,015
Avista Corp.		109,799		3,746,342
Black Hills Corp.		102,766		5,496,953
Brookfield Renewable Corp., Class A		111,602		6,539,877
Clearway Energy, Inc., Class A		55,732		1,376,580
Clearway Energy, Inc., Class C		133,516		3,599,591
Genie Energy Ltd., Class B		23,758		190,064
MGE Energy, Inc.		59,184		3,708,469
NorthWestern Corp.		82,292		4,002,683
Otter Tail Corp.		67,598		2,445,020
PNM Resources, Inc.		129,625		5,357,401
Portland General Electric Co.		145,783		5,175,297
Spark Energy, Inc., Class A		18,805		156,458
Unitil Corp.		24,067		929,949
				47,361,130
Utilities: Gas Distributors — 0.7%
Chesapeake Utilities Corp.		27,022		2,277,955
New Jersey Resources Corp.		155,992		4,214,904
Northwest Natural Holding Co.		49,314		2,238,362
RGC Resources, Inc.		12,025		281,986
South Jersey Industries, Inc.		163,258		3,145,982
Southwest Gas Holdings, Inc.		91,677		5,784,819
Spire, Inc.		82,907		4,410,652
				22,354,660
Utilities: Miscellaneous — 0.2%
Brookfield Infrastructure Corp., Class A		52,803		2,924,758
Ormat Technologies, Inc.(b)		65,428		3,867,449
				6,792,207
Utilities: Telecommunications — 0.9%
8x8, Inc.(a)(b)		166,566		2,590,101
Alaska Communications Systems Group, Inc.		73,759		147,518
ATN International, Inc.		18,869		946,092
Boingo Wireless, Inc.(a)		73,427		748,588
Cincinnati Bell, Inc.(a)		79,483		1,192,245
Cogent Communications Holdings, Inc.		70,086		4,208,664
Consolidated Communications Holdings, Inc.(a)		118,584		674,743
GTT Communications, Inc.(a)(b)		56,567		291,886
IDT Corp., Class B(a)		29,085		191,379
Iridium Communications, Inc.(a)		191,517		4,899,005
j2 Global, Inc.(a)		73,929		5,117,366
ORBCOMM, Inc.(a)		122,467		416,388
Shenandoah Telecommunications Co.		78,582		3,491,791
Spok Holdings, Inc.		28,026		266,527
Vonage Holdings Corp.(a)		374,148		3,827,534
				29,009,827
Utilities: Water — 0.5%
American States Water Co.		60,426		4,528,929
Artesian Resources Corp., Class A		13,005		448,282
California Water Service Group		80,096		3,480,171
Consolidated Water Co. Ltd.		24,989		260,135
Global Water Resources, Inc.		19,411		209,251
Middlesex Water Co.		28,349		1,761,890

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) September 30, 2020 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Utilities: Water (continued)
Pure Cycle Corp.(a)(b)		31,022	$	279,508
SJW Group		42,732		2,600,670
York Water Co.		21,525		909,862
				14,478,698
Total Common Stocks — 99.3% (Cost: $2,925,642,684)				3,081,225,632
Investment Companies
Equity Funds — 0.3%
iShares Russell 2000 ETF(b)(d)		61,875		9,268,256
Total Investment Companies — 0.3% (Cost: $8,702,499)				9,268,256
Warrants
Oil: Crude Producers — 0.0%
Whiting Petroleum Corp. (Expires 09/01/24)		7,384		18,091
Whiting Petroleum Corp. (Expires 09/01/25)		3,691		8,674
Total Warrants — 0.0% (Cost: $977,435)				26,765
Total Long-Term Investments —99.6% (Cost: $2,935,322,618)				3,090,520,653

Security	Shares		Value
Short-Term Securities
Money Market Funds — 10.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(d)(f)(g)		308,086,642	$	308,363,920
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.08%(d)(f)		26,595,185		26,595,185
Total Short-Term Securities —10.8% (Cost: $334,723,602)				334,959,105
Total Investments — 110.4% (Cost: $3,270,046,220)				3,425,479,758
Liabilities in Excess of Other Assets — (10.4)%			(322,530,993)
Net Assets — 100.0%			$	3,102,948,765

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

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

Affiliates

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

Affiliated Issuer	Value at 12/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/20		Shares Held at 09/30/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	391,585,616	$	—	$	(83,401,946	)(a)	$	(7,201	)	$	187,451		$	308,363,920		308,086,642	$	3,848,950	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		28,859,257		—		(2,264,072	)(a)		—			—			26,595,185		26,595,185		151,186			—
iShares Russell 2000 ETF		16,140,400		95,793,568		(103,187,458	)		2,069,919			(1,548,173	)		9,268,256		61,875		145,656			—
PennyMac Financial Services, Inc.(c)		107,634		3,160,148		(496,232	)		126,755			1,142,953			4,041,258		69,533		12,497			—
PennyMac Mortgage Investment Trust(c)		2,987,774		444,327		(159,814	)		(30,639	)		(654,635	)		2,587,013		160,984		107,552			—
								$	2,158,834		$	(872,404	)	$	350,855,632			$	4,265,841		$	—

^(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.

^(c)  As of period end, the entity is no longer an affiliate.

For Series compliance purposes, the Series’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.

20

Schedule of Investments  (unaudited) (continued) September 30, 2020 Master Small Cap Index Series

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
Russell 2000 E-Mini Index		206		12/18/20	$	15,495	$	50,812

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty		Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long	Monthly		Goldman Sachs Bank USA(a)		02/27/23	$	1,454,531	$	(72,200	)(b)	$	1,376,387		0.0	%(c)
	Monthly		JPMorgan Chase Bank N.A.(d)		02/08/23		742,115		14,535	(e)		751,794		0.0	(c)
						$	2,196,646	$	(57,665	)	$	2,128,181

^(a)  The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread of 65 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following is the specified benchmark used in determining the variable rate of interest: USD - 1D Overnight Fed Funds Effective Rate (FEDL01).

^(b)  Amount includes $5,944 of net dividends and financing fees.

^(c)  Rounds to less than 0.1%.

^(d)  The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread of 65 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following is the specified benchmark used in determining the variable rate of interest: USD - 1D Overnight Bank Funding Rate (OBFR01).

^(e)  Amount includes $4,856 of net dividends and financing fees.

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date February 27, 2023:

Security	Shares		Value		%of Basket Value
Reference Entity — Long
Common Stocks
Banks: Diversified
Banner Corp.		5,388	$	173,817		12.6	%
Central Pacific Financial Corp.		3,801		51,579		3.8
First Midwest Bancorp, Inc.		17,839		192,304		14.0
Hanmi Financial Corp.		9,366		76,895		5.6
Simmons First National Corp., Class A		3,656		57,966		4.2
United Community Banks, Inc.		3,361		56,902		4.1
				609,463
Banks: Savings, Thrift & Mortgage Lending
Homestreet, Inc.		7,490		192,942		14.0
Diversified Retail
Macy’s, Inc.		6,176		35,203		2.6
Electronic Components
Acacia Research Corp.		72,495		251,558		18.3
Insurance: Life
American Equity Investment Life Holding Co.		2,517		55,349		4.0

Security	Shares		Value		%of Basket Value
Insurance: Multi-Line
PICO Holdings, Inc.		13,289	$	119,070		8.6	%
Insurance: Property-Casualty
Employers Holdings, Inc.		3,729		112,802		8.2
Net Value of Reference Entity — Goldman Sachs Bank USA			$	1,376,387

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank N.A.period end, termination date February 8, 2023:

Security	Shares		Value		%of Basket Value
Reference Entity — Long
Common Stocks
Banks: Diversified
Banner Corp.		131	$	4,226		0.5	%
Central Pacific Financial Corp.		6,077		82,465		11.0
Hanmi Financial Corp.		7,638		62,708		8.3
United Community Banks, Inc.		10,864		183,927		24.5
				333,326
Computer Services Software & Systems
Mitek Systems, Inc.		19,025		242,379		32.3

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) September 30, 2020 Master Small Cap Index Series

Security	Shares		Value		%of Basket Value
Insurance: Property-Casualty
ProAssurance Corp.		6,734	$	105,320		14.0	%
Leisure Time
Clarus Corp.		5,012		70,769		9.4
Net Value of Reference Entity — JPMorgan Chase Bank N.A			$	751,794

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 Fund has the ability to access

• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the 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 Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Fund’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	$	3,081,223,697	$	—		$	1,935	$	3,081,225,632
Investment Companies		9,268,256		—			—		9,268,256
Warrants		26,765		—			—		26,765
Short-Term Securities
Money Market Funds		334,959,105		—			—		334,959,105
	$	3,425,477,823	$	—		$	1,935	$	3,425,479,758
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	50,812	$	14,535		$	—	$	65,347
Liabilities
Equity Contracts		—		(72,200	)		—		(72,200	)
	$	50,812	$	(57,665	)	$	—	$	(6,853	)

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

Portfolio Abbreviation
ETF	Exchange-Traded Fund
REIT	Real Estate Investment Trust

22