BlackRock Funds III NPORT-P iShares Russell 1000 Large-Cap Index Fund (Mar 2024 report)

Schedule of Investments (unaudited) March 31, 2024 iShares Russell 1000 Large-Cap Index Fund (Percentages shown are based on Net Assets)

Mutual Fund	Value
Large Cap Index Master Portfolio of Master Investment Portfolio	$	1,310,655,503
Total Investments — 100.0% (Cost: $792,888,046)		1,310,655,503
Liabilities in Excess of Other Assets — (0.0)%		(259,662	)
Net Assets — 100.0%	$	1,310,395,841

 

iShares Russell 1000 Large-Cap Index Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Large Cap Index Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2024, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $1,310,655,503 and 4.0%, respectively.

The Fund records its investment in the Master Portfolio at fair value. The Fund’s investment in the Master Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Master Portfolio.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the 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); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the 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 Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments is based on the pricing transparency of the investments 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 investments, refer to the Fund’s most recent financial statements.

Certain investments of the Fund were fair valued using net asset value per share or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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

Schedule of Investments (unaudited) March 31, 2024 Large Cap Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.9%
Axon Enterprise, Inc.(a)		46,039	$	14,404,682
Boeing Co.(a)		367,798		70,981,336
BWX Technologies, Inc.		60,931		6,252,739
Curtiss-Wright Corp.		25,666		6,568,956
General Dynamics Corp.		161,417		45,598,688
General Electric Co.		715,093		125,520,274
HEICO Corp.(b)		30,258		5,779,278
HEICO Corp., Class A		53,328		8,209,312
Hexcel Corp.		55,035		4,009,300
Howmet Aerospace, Inc.(b)		250,576		17,146,916
Huntington Ingalls Industries, Inc.		26,490		7,721,040
L3Harris Technologies, Inc.		124,708		26,575,275
Lockheed Martin Corp.		142,458		64,799,871
Mercury Systems, Inc.(a)		30,920		912,140
Northrop Grumman Corp.		94,410		45,190,291
RTX Corp.(b)		948,541		92,511,204
Spirit AeroSystems Holdings, Inc., Class A(a)(b)		69,218		2,496,693
Textron, Inc.		128,975		12,372,572
TransDigm Group, Inc.		35,067		43,188,517
Woodward, Inc.		40,574		6,253,265
				606,492,349
Air Freight & Logistics — 0.4%
CH Robinson Worldwide, Inc.(b)		74,583		5,678,750
Expeditors International of Washington, Inc.(b)		97,046		11,797,882
FedEx Corp.		152,933		44,310,808
GXO Logistics, Inc.(a)		77,111		4,145,487
United Parcel Service, Inc., Class B(b)		477,659		70,994,457
				136,927,384
Automobile Components — 0.1%
Aptiv PLC(a)		177,810		14,162,566
BorgWarner, Inc.		153,208		5,322,446
Gentex Corp.(b)		158,205		5,714,365
Lear Corp.(b)		38,723		5,610,188
Phinia, Inc.		30,641		1,177,534
QuantumScape Corp., Class A(a)(b)		193,869		1,219,436
				33,206,535
Automobiles — 1.2%
Ford Motor Co.(b)		2,587,638		34,363,833
General Motors Co.		760,212		34,475,614
Harley-Davidson, Inc.(b)		86,439		3,780,842
Lucid Group, Inc.(a)(b)		490,966		1,399,253
Rivian Automotive, Inc., Class A(a)(b)		438,449		4,801,017
Tesla, Inc.(a)		1,819,961		319,930,944
Thor Industries, Inc.(b)		34,015		3,991,320
				402,742,823
Banks — 3.3%
Bank of America Corp.(b)		4,545,331		172,358,951
Bank OZK(b)		67,908		3,087,098
BOK Financial Corp.(b)		18,661		1,716,812
Citigroup, Inc.		1,261,383		79,769,861
Citizens Financial Group, Inc.		306,565		11,125,244
Columbia Banking System, Inc.		133,760		2,588,256
Comerica, Inc.		85,330		4,692,297
Commerce Bancshares, Inc.(b)		82,348		4,380,914
Cullen/Frost Bankers, Inc.(b)		39,317		4,425,915
East West Bancorp, Inc.(b)		93,895		7,428,033
Fifth Third Bancorp(b)		447,505		16,651,661
First Citizens BancShares, Inc., Class A		7,196		11,765,460

Security	Shares		Value
Banks (continued)
First Hawaiian, Inc.(b)		86,417	$	1,897,717
First Horizon Corp.		363,544		5,598,578
FNB Corp.(b)		239,640		3,378,924
Huntington Bancshares, Inc.		960,511		13,399,128
JPMorgan Chase & Co.		1,904,042		381,379,613
KeyCorp.		613,982		9,707,055
M&T Bank Corp.(b)		109,027		15,856,887
New York Community Bancorp, Inc., Class A(b)		470,029		1,513,493
NU Holdings Ltd./Cayman Islands, Class A(a)		1,540,433		18,377,366
Pinnacle Financial Partners, Inc.(b)		51,024		4,381,941
PNC Financial Services Group, Inc.		262,635		42,441,816
Popular, Inc.(b)		45,406		3,999,814
Prosperity Bancshares, Inc.(b)		55,831		3,672,563
Regions Financial Corp.(b)		625,509		13,160,709
Synovus Financial Corp.(b)		94,409		3,782,025
TFS Financial Corp.(b)		35,153		441,522
Truist Financial Corp.		874,613		34,092,415
U.S. Bancorp(b)		1,025,446		45,837,436
Webster Financial Corp.		111,855		5,678,878
Wells Fargo & Co.		2,377,707		137,811,898
Western Alliance Bancorp		70,502		4,525,523
Wintrust Financial Corp.		41,848		4,368,513
Zions Bancorp NA		94,207		4,088,584
				1,079,382,900
Beverages — 1.3%
Boston Beer Co., Inc., Class A(a)		6,589		2,005,823
Brown-Forman Corp., Class A(b)		30,607		1,620,641
Brown-Forman Corp., Class B(b)		123,055		6,352,099
Celsius Holdings, Inc.(a)(b)		94,654		7,848,710
Coca-Cola Co.		2,568,979		157,170,135
Constellation Brands, Inc., Class A		106,191		28,858,466
Keurig Dr. Pepper, Inc.		628,431		19,273,979
Molson Coors Beverage Co., Class B		116,870		7,859,507
Monster Beverage Corp.(a)		490,582		29,081,701
PepsiCo, Inc.(b)		908,699		159,031,412
				419,102,473
Biotechnology — 2.0%
AbbVie, Inc.		1,163,985		211,961,669
Alnylam Pharmaceuticals, Inc.(a)		81,595		12,194,373
Amgen, Inc.		352,354		100,181,289
Apellis Pharmaceuticals, Inc.(a)		64,987		3,819,936
Biogen, Inc.(a)		94,981		20,480,753
BioMarin Pharmaceutical, Inc.(a)		123,472		10,784,045
Exact Sciences Corp.(a)		117,799		8,135,199
Exelixis, Inc.(a)		204,571		4,854,470
Gilead Sciences, Inc.		824,405		60,387,666
Incyte Corp.(a)		123,818		7,053,911
Ionis Pharmaceuticals, Inc.(a)(b)		97,515		4,227,275
Moderna, Inc.(a)(b)		218,870		23,322,787
Natera, Inc.(a)		70,064		6,408,053
Neurocrine Biosciences, Inc.(a)		63,682		8,783,021
Regeneron Pharmaceuticals, Inc.(a)		67,606		65,070,099
Roivant Sciences Ltd.(a)		229,777		2,421,850
Sarepta Therapeutics, Inc.(a)		58,949		7,631,538
Ultragenyx Pharmaceutical, Inc.(a)		47,852		2,234,210
United Therapeutics Corp.(a)(b)		29,954		6,881,033
Vertex Pharmaceuticals, Inc.(a)		169,919		71,027,841
				637,861,018
Broadline Retail — 3.5%
Amazon.com, Inc.(a)		5,942,780		1,071,958,656
Coupang, Inc., Class A(a)		728,772		12,964,854

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 1

Schedule of Investments (unaudited) (continued) March 31, 2024 Large Cap Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Broadline Retail (continued)
eBay, Inc.		351,592	$	18,557,026
Etsy, Inc.(a)		81,977		5,633,460
Kohl’s Corp.(b)		76,214		2,221,638
Macy’s, Inc.(b)		183,566		3,669,484
Nordstrom, Inc.(b)		70,287		1,424,718
Ollie’s Bargain Outlet Holdings, Inc.(a)		39,632		3,153,518
				1,119,583,354
Building Products — 0.7%
A O Smith Corp.(b)		78,496		7,022,252
Advanced Drainage Systems, Inc.(b)		45,074		7,763,546
Allegion PLC		58,238		7,845,241
Armstrong World Industries, Inc.(b)		29,048		3,608,343
AZEK Co., Inc., Class A(a)		83,906		4,213,759
Builders FirstSource, Inc.(a)		81,045		16,901,935
Carlisle Cos., Inc.		31,891		12,496,488
Carrier Global Corp.		549,281		31,929,705
Fortune Brands Innovations, Inc.(b)		84,596		7,162,743
Hayward Holdings, Inc.(a)(b)		92,819		1,421,059
Johnson Controls International PLC		448,446		29,292,493
Lennox International, Inc.(b)		21,298		10,409,610
Masco Corp.		150,007		11,832,552
Owens Corning(b)		57,955		9,666,894
Trane Technologies PLC		150,126		45,067,825
Trex Co., Inc.(a)		71,197		7,101,901
				213,736,346
Capital Markets — 3.1%
Affiliated Managers Group, Inc.		22,312		3,736,591
Ameriprise Financial, Inc.		67,647		29,659,151
Ares Management Corp., Class A		108,102		14,375,404
Bank of New York Mellon Corp.		507,714		29,254,481
BlackRock, Inc.(b)(c)		98,045		81,740,117
Blackstone, Inc., Class A(b)		469,992		61,742,849
Blue Owl Capital, Inc., Class A(b)		305,653		5,764,616
Carlyle Group, Inc.(b)		139,628		6,549,949
Cboe Global Markets, Inc.		69,340		12,739,838
Charles Schwab Corp.		977,573		70,717,631
CME Group, Inc., Class A		236,801		50,980,887
Coinbase Global, Inc., Class A(a)(b)		109,855		29,124,758
Evercore, Inc., Class A		23,211		4,470,206
FactSet Research Systems, Inc.		25,408		11,545,141
Franklin Resources, Inc.(b)		189,006		5,312,959
Goldman Sachs Group, Inc.		210,325		87,850,649
Houlihan Lokey, Inc., Class A(b)		32,462		4,161,304
Interactive Brokers Group, Inc., Class A		68,879		7,694,473
Intercontinental Exchange, Inc.		373,331		51,306,879
Invesco Ltd.		248,796		4,127,526
Janus Henderson Group PLC		91,651		3,014,401
Jefferies Financial Group, Inc.		119,339		5,262,850
KKR & Co., Inc., Class A		432,036		43,454,181
Lazard, Inc.(b)		72,113		3,019,371
LPL Financial Holdings, Inc.		49,668		13,122,286
MarketAxess Holdings, Inc.		24,414		5,352,769
Moody’s Corp.		104,649		41,130,196
Morgan Stanley		772,259		72,715,907
Morningstar, Inc.		17,115		5,277,753
MSCI, Inc., Class A		50,625		28,372,781
Nasdaq, Inc.		228,896		14,443,338
Northern Trust Corp.		134,234		11,936,087
Raymond James Financial, Inc.		124,715		16,015,900
Robinhood Markets, Inc., Class A(a)(b)		437,505		8,806,976
S&P Global, Inc.		211,596		90,023,518

Security	Shares		Value
Capital Markets (continued)
SEI Investments Co.		68,639	$	4,935,144
State Street Corp.		203,104		15,704,001
Stifel Financial Corp.(b)		65,368		5,109,817
T Rowe Price Group, Inc.(b)		144,855		17,660,722
TPG, Inc., Class A(b)		42,282		1,890,005
Tradeweb Markets, Inc., Class A		75,635		7,878,898
Virtu Financial, Inc., Class A		63,979		1,312,849
XP, Inc., Class A		216,477		5,554,800
				994,849,959
Chemicals — 1.5%
Air Products and Chemicals, Inc.(b)		146,266		35,435,864
Albemarle Corp.(b)		76,296		10,051,235
Ashland, Inc.(b)		30,185		2,939,114
Axalta Coating Systems Ltd.(a)		142,998		4,917,701
Celanese Corp., Class A(b)		64,639		11,108,859
CF Industries Holdings, Inc.(b)		126,862		10,556,187
Chemours Co.		94,960		2,493,650
Corteva, Inc.		470,317		27,123,181
Dow, Inc.		466,615		27,031,007
DuPont de Nemours, Inc.		302,390		23,184,241
Eastman Chemical Co.		79,266		7,944,039
Ecolab, Inc.(b)		163,818		37,825,576
Element Solutions, Inc.		142,592		3,561,948
FMC Corp.(b)		82,177		5,234,675
Ginkgo Bioworks Holdings, Inc., Class A(a)(b)		1,011,690		1,173,560
Huntsman Corp.		115,723		3,012,270
International Flavors & Fragrances, Inc.(b)		169,967		14,615,462
Linde PLC		319,704		148,444,961
LyondellBasell Industries NV, Class A		170,300		17,418,284
Mosaic Co.		220,602		7,160,741
NewMarket Corp.(b)		3,942		2,501,672
Olin Corp.(b)		79,517		4,675,600
PPG Industries, Inc.		154,738		22,421,536
RPM International, Inc.		84,098		10,003,457
Scotts Miracle-Gro Co.(b)		27,058		2,018,256
Sherwin-Williams Co.		156,856		54,480,795
Westlake Corp.(b)		21,978		3,358,238
				500,692,109
Commercial Services & Supplies — 0.6%
Cintas Corp.		57,123		39,245,215
Clean Harbors, Inc.(a)		34,033		6,851,183
Copart, Inc.(a)		565,646		32,762,216
Driven Brands Holdings, Inc.(a)		39,934		630,558
MSA Safety, Inc.		25,376		4,912,540
RB Global, Inc.		122,401		9,323,284
Republic Services, Inc.		136,168		26,068,002
Rollins, Inc.		168,795		7,810,145
Stericycle, Inc.(a)(b)		60,732		3,203,613
Tetra Tech, Inc.(b)		35,050		6,474,085
Veralto Corp.		145,206		12,873,964
Vestis Corp.		75,700		1,458,739
Waste Management, Inc.		268,213		57,169,601
				208,783,145
Communications Equipment — 0.8%
Arista Networks, Inc.(a)(b)		165,341		47,945,583
Ciena Corp.(a)		101,426		5,015,516
Cisco Systems, Inc.		2,674,717		133,495,125
F5, Inc.(a)		38,881		7,371,449
Juniper Networks, Inc.		209,167		7,751,729
Lumentum Holdings, Inc.(a)(b)		43,302		2,050,350

2

Schedule of Investments (unaudited) (continued) March 31, 2024 Large Cap Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment (continued)
Motorola Solutions, Inc.		108,939	$	38,671,166
Ubiquiti, Inc.(b)		2,640		305,844
Viasat, Inc.(a)(b)		77,266		1,397,742
				244,004,504
Construction & Engineering — 0.2%
AECOM		87,614		8,593,181
EMCOR Group, Inc.		30,566		10,704,213
MasTec, Inc.(a)		40,832		3,807,584
MDU Resources Group, Inc.		135,166		3,406,183
Quanta Services, Inc.		94,753		24,616,830
Valmont Industries, Inc.		13,362		3,050,277
WillScot Mobile Mini Holdings Corp.(a)		126,348		5,875,182
				60,053,450
Construction Materials — 0.2%
Eagle Materials, Inc.(b)		22,902		6,223,618
Martin Marietta Materials, Inc.		40,693		24,983,060
Vulcan Materials Co.		87,318		23,830,829
				55,037,507
Consumer Finance — 0.5%
Ally Financial, Inc.		175,911		7,140,227
American Express Co.		382,623		87,119,431
Capital One Financial Corp.(b)		249,939		37,213,418
Credit Acceptance Corp.(a)(b)		4,151		2,289,484
Discover Financial Services		164,362		21,546,215
OneMain Holdings, Inc.		72,266		3,692,070
SLM Corp.(b)		155,536		3,389,129
SoFi Technologies, Inc.(a)(b)		604,518		4,412,981
Synchrony Financial		271,524		11,708,115
				178,511,070
Consumer Staples Distribution & Retail — 1.8%
Albertsons Cos., Inc., Class A		283,388		6,075,839
BJ’s Wholesale Club Holdings, Inc.(a)(b)		89,818		6,794,732
Casey’s General Stores, Inc.		25,050		7,977,172
Costco Wholesale Corp.(b)		292,233		214,098,663
Dollar General Corp.		144,436		22,540,682
Dollar Tree, Inc.(a)		137,481		18,305,595
Grocery Outlet Holding Corp.(a)		63,616		1,830,868
Kroger Co.		430,086		24,570,813
Performance Food Group Co.(a)		103,279		7,708,745
Sysco Corp.		334,599		27,162,747
Target Corp.(b)		303,360		53,758,426
U.S. Foods Holding Corp.(a)		149,332		8,059,448
Walgreens Boots Alliance, Inc.		472,311		10,244,426
Walmart, Inc.		2,824,491		169,949,623
				579,077,779
Containers & Packaging — 0.3%
Amcor PLC(b)		947,962		9,015,119
AptarGroup, Inc.		42,234		6,077,050
Ardagh Group SA, Class A(a)		6,425		43,080
Ardagh Metal Packaging SA		97,793		335,430
Avery Dennison Corp.		53,608		11,967,986
Ball Corp.(b)		201,082		13,544,884
Berry Global Group, Inc.		76,794		4,644,501
Crown Holdings, Inc.		71,425		5,661,146
Graphic Packaging Holding Co.(b)		202,600		5,911,868
International Paper Co.(b)		232,022		9,053,498
Packaging Corp. of America		59,071		11,210,494
Sealed Air Corp.		93,752		3,487,574

Security	Shares		Value
Containers & Packaging (continued)
Silgan Holdings, Inc.(b)		53,550	$	2,600,388
Sonoco Products Co.		65,542		3,790,949
Westrock Co.		171,348		8,473,159
				95,817,126
Distributors — 0.1%
Genuine Parts Co.		93,089		14,422,279
LKQ Corp.(b)		174,594		9,325,066
Pool Corp.(b)		25,049		10,107,271
				33,854,616
Diversified Consumer Services — 0.1%
ADT, Inc.(b)		133,480		896,986
Bright Horizons Family Solutions, Inc.(a)(b)		36,928		4,186,158
Grand Canyon Education, Inc.(a)		21,024		2,863,679
H&R Block, Inc.(b)		99,175		4,870,484
Mister Car Wash, Inc.(a)(b)		52,555		407,301
Service Corp. International		99,408		7,377,068
				20,601,676
Diversified REITs — 0.0%
WP Carey, Inc.(b)		138,456		7,814,457
Diversified Telecommunication Services — 0.6%
AT&T, Inc.		4,722,294		83,112,374
ESC GCI Liberty, Inc. (d)		56,944		1
Frontier Communications Parent, Inc. (a)(b)		165,904		4,064,648
Iridium Communications, Inc.		81,262		2,125,814
Verizon Communications, Inc.		2,775,823		116,473,533
				205,776,370
Electric Utilities — 1.3%
Alliant Energy Corp.(b)		169,355		8,535,492
American Electric Power Co., Inc.(b)		339,642		29,243,176
Avangrid, Inc.		47,390		1,726,892
Constellation Energy Corp.		212,087		39,204,282
Duke Energy Corp.(b)		508,396		49,166,977
Edison International(b)		249,177		17,624,289
Entergy Corp.		139,420		14,733,906
Evergy, Inc.(b)		148,296		7,916,040
Eversource Energy		229,251		13,702,332
Exelon Corp.		655,468		24,625,933
FirstEnergy Corp.(b)		358,407		13,841,678
Hawaiian Electric Industries, Inc.(b)		75,674		852,846
IDACORP, Inc.(b)		33,008		3,066,113
NextEra Energy, Inc.		1,335,273		85,337,297
NRG Energy, Inc.		152,106		10,296,055
OGE Energy Corp.(b)		130,632		4,480,678
PG&E Corp.		1,337,483		22,416,215
Pinnacle West Capital Corp.(b)		74,508		5,567,983
PPL Corp.		490,722		13,509,577
Southern Co.		718,714		51,560,542
Xcel Energy, Inc.(b)		363,261		19,525,279
				436,933,582
Electrical Equipment — 0.7%
Acuity Brands, Inc.		20,315		5,459,250
AMETEK, Inc.		151,625		27,732,212
ChargePoint Holdings, Inc., Class A(a)(b)		219,620		417,278
Eaton Corp. PLC		262,658		82,127,903
Emerson Electric Co.		376,388		42,689,927
Generac Holdings, Inc.(a)(b)		40,355		5,090,380
Hubbell, Inc.(b)		35,551		14,755,443
nVent Electric PLC		109,802		8,279,071

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 3

Schedule of Investments (unaudited) (continued) March 31, 2024 Large Cap Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment (continued)
Plug Power, Inc.(a)(b)		335,826	$	1,155,241
Regal Rexnord Corp.(b)		43,005		7,745,200
Rockwell Automation, Inc.(b)		75,751		22,068,539
Sensata Technologies Holding PLC		101,593		3,732,527
Sunrun, Inc.(a)(b)		136,992		1,805,555
Vertiv Holdings Co., Class A		226,965		18,536,232
				241,594,758
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		384,429		44,343,885
Arrow Electronics, Inc.(a)		37,946		4,912,489
Avnet, Inc.		63,399		3,143,322
CDW Corp.		89,098		22,789,486
Cognex Corp.		115,783		4,911,515
Coherent Corp.(a)		76,051		4,610,212
Corning, Inc.		501,397		16,526,045
Crane NXT Co.(b)		29,782		1,843,506
IPG Photonics Corp.(a)		19,319		1,752,040
Jabil, Inc.		82,177		11,007,609
Keysight Technologies, Inc.(a)		116,971		18,291,925
Littelfuse, Inc.		16,695		4,046,033
TD SYNNEX Corp.		31,365		3,547,382
Teledyne Technologies, Inc.(a)		30,864		13,250,533
Trimble, Inc.(a)(b)		165,246		10,635,233
Vontier Corp.		100,593		4,562,898
Zebra Technologies Corp., Class A(a)		33,640		10,140,442
				180,314,555
Energy Equipment & Services — 0.3%
Baker Hughes Co., Class A		667,478		22,360,513
Halliburton Co.		592,270		23,347,284
NOV, Inc.(b)		260,948		5,093,705
Schlumberger NV		939,656		51,502,545
TechnipFMC PLC		283,938		7,129,683
				109,433,730
Entertainment — 1.4%
AMC Entertainment Holdings, Inc., Class A(a)(b)		35,547		132,235
Electronic Arts, Inc.		178,422		23,671,247
Liberty Media Corp.-Liberty Formula One, Class C(a)		130,211		8,541,842
Liberty Media Corp.-Liberty Formula One, Class A(a)		14,208		834,578
Liberty Media Corp.-Liberty Live, Class A(a)		13,217		559,740
Liberty Media Corp.-Liberty Live, Class C(a)(b)		29,820		1,306,712
Live Nation Entertainment, Inc.(a)		102,526		10,844,175
Madison Square Garden Sports Corp., Class A(a)(b)		12,427		2,293,030
Netflix, Inc.(a)		281,854		171,178,390
Playtika Holding Corp.(b)		15,183		107,040
ROBLOX Corp., Class A(a)		311,347		11,887,228
Roku, Inc., Class A(a)		83,552		5,445,084
Spotify Technology SA(a)		92,429		24,392,013
Take-Two Interactive Software, Inc.(a)		108,701		16,141,011
TKO Group Holdings, Inc., Class A		27,763		2,399,001
Walt Disney Co.(b)		1,206,210		147,591,856
Warner Bros Discovery, Inc., Class A(a)		1,477,437		12,898,025
				440,223,207
Financial Services — 4.2%
Affirm Holdings, Inc., Class A(a)		148,079		5,517,424
Apollo Global Management, Inc.		343,946		38,676,728
Berkshire Hathaway, Inc., Class B(a)		1,209,062		508,434,752
Block, Inc., Class A(a)		357,432		30,231,599

Security	Shares		Value
Financial Services (continued)
Corpay, Inc.(a)		47,371	$	14,615,848
Equitable Holdings, Inc.(b)		227,872		8,661,415
Euronet Worldwide, Inc.(a)		31,047		3,412,997
Fidelity National Information Services, Inc.(b)		390,288		28,951,564
Fiserv, Inc.(a)		394,310		63,018,624
Global Payments, Inc.		169,989		22,720,730
Jack Henry & Associates, Inc.		47,891		8,320,103
Mastercard, Inc., Class A		547,664		263,738,552
MGIC Investment Corp.		181,135		4,050,179
NCR Atleos Corp.(a)		39,663		783,344
PayPal Holdings, Inc.(a)		724,193		48,513,689
Rocket Cos., Inc., Class A(a)(b)		81,478		1,185,505
Shift4 Payments, Inc., Class A(a)(b)		37,509		2,478,220
Toast, Inc., Class A(a)(b)		245,482		6,117,411
UWM Holdings Corp., Class A(b)		64,344		467,137
Visa, Inc., Class A(b)		1,052,172		293,640,162
Voya Financial, Inc.		66,622		4,924,698
Western Union Co.(b)		182,073		2,545,381
WEX, Inc.(a)		28,114		6,677,918
				1,367,683,980
Food Products — 0.8%
Archer-Daniels-Midland Co.		352,024		22,110,627
Bunge Global SA		95,128		9,752,523
Campbell Soup Co.(b)		128,189		5,698,001
Conagra Brands, Inc.		315,419		9,349,019
Darling Ingredients, Inc.(a)		103,764		4,826,064
Flowers Foods, Inc.(b)		131,815		3,130,606
Freshpet, Inc.(a)		27,975		3,241,183
General Mills, Inc.		383,340		26,822,300
Hershey Co.		98,549		19,167,780
Hormel Foods Corp.		187,590		6,545,015
Ingredion, Inc.		42,761		4,996,623
J M Smucker Co.		67,180		8,455,947
Kellanova(b)		171,290		9,813,204
Kraft Heinz Co.		529,626		19,543,199
Lamb Weston Holdings, Inc.		96,521		10,282,382
McCormick & Co., Inc.		166,694		12,803,766
Mondelez International, Inc., Class A(b)		896,952		62,786,640
Pilgrim’s Pride Corp.(a)		28,135		965,593
Post Holdings, Inc.(a)		34,781		3,696,525
Seaboard Corp.		115		370,751
Tyson Foods, Inc., Class A		181,949		10,685,865
WK Kellogg Co.(b)		42,822		805,054
				255,848,667
Gas Utilities — 0.1%
Atmos Energy Corp.		96,430		11,462,634
National Fuel Gas Co.(b)		61,672		3,313,020
UGI Corp.		135,489		3,324,900
				18,100,554
Ground Transportation — 1.1%
Avis Budget Group, Inc.(b)		13,166		1,612,308
CSX Corp.		1,301,381		48,242,194
Hertz Global Holdings, Inc.(a)(b)		86,630		678,313
JB Hunt Transport Services, Inc.		53,953		10,750,135
Knight-Swift Transportation Holdings, Inc.		103,727		5,707,059
Landstar System, Inc.(b)		23,089		4,450,636
Lyft, Inc., Class A(a)		233,757		4,523,198
Norfolk Southern Corp.		149,834		38,188,191
Old Dominion Freight Line, Inc.		130,058		28,523,020
Ryder System, Inc.(b)		28,817		3,463,515
Saia, Inc.(a)(b)		17,310		10,126,350

4

Schedule of Investments (unaudited) (continued) March 31, 2024 Large Cap Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Ground Transportation (continued)
Schneider National, Inc., Class B		38,489	$	871,391
Uber Technologies, Inc.(a)(b)		1,297,933		99,927,862
U-Haul Holding Co.(a)(b)		5,406		365,121
U-Haul Holding Co., Series N(b)		66,320		4,422,218
Union Pacific Corp.(b)		402,058		98,878,124
XPO, Inc.(a)		75,064		9,160,060
				369,889,695
Health Care Equipment & Supplies — 2.4%
Abbott Laboratories		1,141,821		129,779,375
Align Technology, Inc.(a)		50,181		16,455,353
Baxter International, Inc.(b)		333,813		14,267,168
Becton Dickinson & Co.		189,655		46,930,130
Boston Scientific Corp.(a)		960,859		65,809,233
Cooper Cos., Inc.		129,780		13,167,479
DENTSPLY SIRONA, Inc.		142,763		4,738,304
Dexcom, Inc.(a)		254,986		35,366,558
Edwards Lifesciences Corp.(a)		397,043		37,941,429
Enovis Corp.(a)		34,315		2,142,972
Envista Holdings Corp.(a)		105,055		2,246,076
GE HealthCare Technologies, Inc.(a)		257,071		23,370,325
Globus Medical, Inc., Class A(a)		78,087		4,188,587
Hologic, Inc.(a)		160,098		12,481,240
ICU Medical, Inc.(a)		12,997		1,394,838
IDEXX Laboratories, Inc.(a)		54,289		29,312,260
Inspire Medical Systems, Inc.(a)		18,737		4,024,520
Insulet Corp.(a)		45,687		7,830,752
Integra LifeSciences Holdings Corp.(a)		47,284		1,676,218
Intuitive Surgical, Inc.(a)		230,362		91,935,170
Masimo Corp.(a)(b)		28,437		4,175,973
Medtronic PLC(b)		876,102		76,352,289
Novocure Ltd.(a)		67,214		1,050,555
Penumbra, Inc.(a)		24,159		5,391,806
QuidelOrtho Corp.(a)		35,545		1,704,027
ResMed, Inc.(b)		95,708		18,953,055
Shockwave Medical, Inc.(a)		23,597		7,683,891
STERIS PLC(b)		65,230		14,665,009
Stryker Corp.		234,306		83,851,088
Tandem Diabetes Care, Inc.(a)(b)		40,218		1,424,119
Teleflex, Inc.(b)		30,845		6,976,214
Zimmer Biomet Holdings, Inc.		138,432		18,270,255
				785,556,268
Health Care Providers & Services — 2.5%
Acadia Healthcare Co., Inc.(a)		59,878		4,743,535
agilon health, Inc.(a)(b)		201,647		1,230,047
Amedisys, Inc.(a)		22,448		2,068,808
Cardinal Health, Inc.		162,596		18,194,492
Cencora, Inc.(b)		106,556		25,892,042
Centene Corp.(a)		351,885		27,615,935
Chemed Corp.		9,937		6,378,858
Cigna Group(b)		192,567		69,938,409
CVS Health Corp.(b)		844,590		67,364,498
DaVita, Inc.(a)		34,794		4,803,312
Elevance Health, Inc.		156,362		81,079,952
Encompass Health Corp.		66,260		5,471,751
HCA Healthcare, Inc.		131,159		43,745,461
Henry Schein, Inc.(a)(b)		87,387		6,599,466
Humana, Inc.		82,387		28,565,221
Laboratory Corp. of America Holdings(b)		55,881		12,207,763
McKesson Corp.		89,412		48,000,832
Molina Healthcare, Inc.(a)		38,242		15,710,961
Premier, Inc., Class A(b)		73,783		1,630,604

Security	Shares		Value
Health Care Providers & Services (continued)
Quest Diagnostics, Inc.		74,800	$	9,956,628
R1 RCM, Inc.(a)		99,623		1,283,144
Tenet Healthcare Corp.(a)		66,197		6,957,967
UnitedHealth Group, Inc.		613,134		303,317,390
Universal Health Services, Inc., Class B		40,255		7,344,927
				800,102,003
Health Care REITs — 0.2%
Healthcare Realty Trust, Inc.(b)		256,344		3,627,268
Healthpeak Properties, Inc.		465,377		8,725,819
Medical Properties Trust, Inc.(b)		386,511		1,816,602
Omega Healthcare Investors, Inc.(b)		157,038		4,973,393
Ventas, Inc.		266,486		11,602,800
Welltower, Inc.(b)		353,978		33,075,704
				63,821,586
Health Care Technology(a) — 0.1%
Certara, Inc.(b)		72,883		1,303,148
Doximity, Inc., Class A		84,604		2,276,694
Teladoc Health, Inc.		111,586		1,684,948
Veeva Systems, Inc., Class A		95,451		22,115,042
				27,379,832
Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.(b)		466,331		9,643,725
Park Hotels & Resorts, Inc.		137,179		2,399,261
				12,042,986
Hotels, Restaurants & Leisure — 2.1%
Airbnb, Inc., Class A(a)		273,348		45,091,486
Aramark		151,199		4,916,991
Booking Holdings, Inc.		23,030		83,550,076
Boyd Gaming Corp.(b)		47,336		3,186,660
Caesars Entertainment, Inc.(a)		136,394		5,965,874
Carnival Corp.(a)		660,318		10,789,596
Cava Group, Inc.(a)		10,677		747,924
Chipotle Mexican Grill, Inc.(a)		18,115		52,656,139
Choice Hotels International, Inc.(b)		20,148		2,545,700
Churchill Downs, Inc.(b)		47,722		5,905,598
Darden Restaurants, Inc.(b)		79,579		13,301,630
Domino’s Pizza, Inc.		23,313		11,583,763
DoorDash, Inc., Class A(a)		202,461		27,882,929
DraftKings, Inc., Class A(a)		275,563		12,513,316
Expedia Group, Inc.(a)		90,618		12,482,629
Hilton Worldwide Holdings, Inc.		164,248		35,035,741
Hyatt Hotels Corp., Class A		28,380		4,530,016
Las Vegas Sands Corp.		221,160		11,433,972
Marriott International, Inc., Class A		160,662		40,536,629
Marriott Vacations Worldwide Corp.		24,763		2,667,718
McDonald’s Corp.		481,050		135,632,047
MGM Resorts International(a)		185,991		8,780,635
Norwegian Cruise Line Holdings Ltd.(a)(b)		285,379		5,972,982
Penn Entertainment, Inc.(a)		102,537		1,867,199
Planet Fitness, Inc., Class A(a)		59,095		3,701,120
Royal Caribbean Cruises Ltd.(a)		154,272		21,445,351
Starbucks Corp.(b)		744,160		68,008,782
Texas Roadhouse, Inc.		43,567		6,729,794
Travel & Leisure Co.		50,043		2,450,105
Vail Resorts, Inc.(b)		24,797		5,525,516
Wendy’s Co.(b)		117,565		2,214,925
Wingstop, Inc.		19,517		7,151,029
Wyndham Hotels & Resorts, Inc.(b)		55,651		4,271,214

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 5

Schedule of Investments (unaudited) (continued) March 31, 2024 Large Cap Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Wynn Resorts Ltd.(b)		68,574	$	7,010,320
Yum! Brands, Inc.(b)		184,845		25,628,759
				693,714,165
Household Durables — 0.5%
D.R. Horton, Inc.		205,144		33,756,445
Garmin Ltd.		101,293		15,079,489
Leggett & Platt, Inc.(b)		87,296		1,671,718
Lennar Corp., Class A(b)		161,624		27,796,096
Lennar Corp., Class B(b)		8,229		1,268,747
Mohawk Industries, Inc.(a)(b)		34,037		4,455,103
Newell Brands, Inc.(b)		247,682		1,988,887
NVR, Inc.(a)		1,947		15,770,622
PulteGroup, Inc.		141,199		17,031,423
Tempur Sealy International, Inc.(b)		109,975		6,248,780
Toll Brothers, Inc.		70,614		9,135,333
TopBuild Corp.(a)		21,227		9,355,376
Whirlpool Corp.(b)		36,489		4,365,179
				147,923,198
Household Products — 1.1%
Church & Dwight Co., Inc.		161,022		16,796,205
Clorox Co.(b)		82,116		12,572,781
Colgate-Palmolive Co.		541,258		48,740,283
Kimberly-Clark Corp.(b)		222,145		28,734,456
Procter & Gamble Co.(b)		1,552,887		251,955,916
Reynolds Consumer Products, Inc.(b)		33,158		946,992
Spectrum Brands Holdings, Inc.(b)		23,012		2,048,298
				361,794,931
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		436,480		7,826,086
Brookfield Renewable Corp., Class A(b)		91,361		2,244,740
Clearway Energy, Inc., Class A(b)		22,840		491,288
Clearway Energy, Inc., Class C(b)		53,375		1,230,294
Vistra Corp.(b)		239,407		16,674,698
				28,467,106
Industrial Conglomerates — 0.4%
3M Co.		362,627		38,463,846
Honeywell International, Inc.		439,153		90,136,153
				128,599,999
Industrial REITs — 0.3%
Americold Realty Trust, Inc.		181,695		4,527,840
EastGroup Properties, Inc.		29,035		5,219,622
First Industrial Realty Trust, Inc.		87,217		4,582,381
Prologis, Inc.		608,506		79,239,651
Rexford Industrial Realty, Inc.		137,226		6,902,468
STAG Industrial, Inc.(b)		117,012		4,497,941
				104,969,903
Insurance — 2.3%
Aflac, Inc.		389,031		33,402,202
Allstate Corp.		172,916		29,916,197
American Financial Group, Inc.		47,944		6,543,397
American International Group, Inc.		469,373		36,690,887
Aon PLC, Class A		130,707		43,619,540
Arch Capital Group Ltd.(a)		235,809		21,798,184
Arthur J Gallagher & Co.		139,601		34,905,834
Assurant, Inc.		34,964		6,581,623
Assured Guaranty Ltd.		36,048		3,145,188
Axis Capital Holdings Ltd.(b)		53,100		3,452,562
Brighthouse Financial, Inc.(a)		43,389		2,236,269
Brown & Brown, Inc.		156,296		13,682,152

Security	Shares		Value
Insurance (continued)
Chubb Ltd.		267,809	$	69,397,346
Cincinnati Financial Corp.		102,628		12,743,319
CNA Financial Corp.		18,457		838,317
Everest Group Ltd.		27,932		11,102,970
Fidelity National Financial, Inc., Class A		166,043		8,816,883
First American Financial Corp.		66,930		4,086,076
Globe Life, Inc.		57,869		6,734,215
Hanover Insurance Group, Inc.		22,509		3,065,051
Hartford Financial Services Group, Inc.		194,618		20,055,385
Kemper Corp.(b)		42,302		2,619,340
Kinsale Capital Group, Inc.(b)		14,821		7,777,172
Lincoln National Corp.		108,430		3,462,170
Loews Corp.		120,627		9,443,888
Markel Group, Inc.(a)		8,648		13,157,759
Marsh & McLennan Cos., Inc.		326,463		67,244,849
MetLife, Inc.		417,647		30,951,819
Old Republic International Corp.		175,157		5,380,823
Primerica, Inc.(b)		23,323		5,899,786
Principal Financial Group, Inc.		159,378		13,755,915
Progressive Corp.		385,470		79,722,905
Prudential Financial, Inc.(b)		239,367		28,101,686
Reinsurance Group of America, Inc.		44,369		8,557,893
RenaissanceRe Holdings Ltd.(b)		33,579		7,892,072
RLI Corp.		26,206		3,890,805
Ryan Specialty Holdings, Inc., Class A(b)		61,134		3,392,937
Travelers Cos., Inc.		150,306		34,591,423
Unum Group		106,257		5,701,751
W.R. Berkley Corp.		131,757		11,652,589
White Mountains Insurance Group Ltd.(b)		1,740		3,122,082
Willis Towers Watson PLC		68,170		18,746,750
				737,880,011
Interactive Media & Services — 5.7%
Alphabet, Inc., Class A(a)		3,919,773		591,611,339
Alphabet, Inc., Class C(a)		3,310,806		504,103,322
IAC, Inc.(a)		52,124		2,780,294
Match Group, Inc.(a)		182,363		6,616,130
Meta Platforms, Inc., Class A		1,460,433		709,157,056
Pinterest, Inc., Class A(a)		383,997		13,313,176
TripAdvisor, Inc.(a)		69,707		1,937,157
ZoomInfo Technologies, Inc., CLass A(a)		205,582		3,295,479
				1,832,813,953
IT Services — 1.4%
Accenture PLC, Class A		416,777		144,459,076
Akamai Technologies, Inc.(a)		98,435		10,705,791
Amdocs Ltd.(b)		78,257		7,072,085
Cloudflare, Inc., Class A(a)		189,815		18,379,786
Cognizant Technology Solutions Corp., Class A		334,908		24,545,407
DXC Technology Co.(a)		132,069		2,801,184
EPAM Systems, Inc.(a)		37,125		10,252,440
Gartner, Inc.(a)		50,598		24,118,549
Globant SA(a)		26,877		5,426,466
GoDaddy, Inc., Class A(a)		96,750		11,482,290
International Business Machines Corp.(b)		599,332		114,448,439
Kyndryl Holdings, Inc.(a)		150,125		3,266,720
MongoDB, Inc., Class A(a)		44,040		15,794,506
Okta, Inc., Class A(a)		101,057		10,572,583
Snowflake, Inc., Class A(a)(b)		207,708		33,565,613
Twilio, Inc., Class A(a)		113,214		6,923,036
VeriSign, Inc.(a)		58,514		11,088,988
				454,902,959

6

Schedule of Investments (unaudited) (continued) March 31, 2024 Large Cap Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Leisure Products — 0.1%
Brunswick Corp.(b)		46,500	$	4,488,180
Hasbro, Inc.(b)		86,407		4,883,724
Mattel, Inc.(a)		236,606		4,687,165
Peloton Interactive, Inc., Class A(a)(b)		211,296		905,403
Polaris, Inc.(b)		36,049		3,609,226
YETI Holdings, Inc.(a)(b)		55,061		2,122,601
				20,696,299
Life Sciences Tools & Services — 1.5%
10X Genomics, Inc., Class A(a)(b)		61,186		2,296,311
Agilent Technologies, Inc.(b)		192,642		28,031,337
Avantor, Inc.(a)		444,519		11,366,351
Azenta, Inc.(a)		39,062		2,354,657
Bio-Rad Laboratories, Inc., Class A(a)		14,036		4,854,631
Bio-Techne Corp.		102,397		7,207,725
Bruker Corp.		71,786		6,743,577
Charles River Laboratories International, Inc.(a)		32,888		8,911,004
Danaher Corp.		434,126		108,409,945
Fortrea Holdings, Inc.(a)		57,757		2,318,366
ICON PLC(a)		54,189		18,204,794
Illumina, Inc.(a)		104,230		14,312,864
IQVIA Holdings, Inc.(a)		119,953		30,334,914
Maravai LifeSciences Holdings, Inc., Class A(a)		64,873		562,449
Medpace Holdings, Inc.(a)		15,182		6,135,805
Mettler-Toledo International, Inc.(a)		14,358		19,114,662
QIAGEN NV		150,399		6,465,653
Repligen Corp.(a)(b)		37,193		6,840,536
Revvity, Inc.		81,721		8,580,705
Sotera Health Co.(a)		62,387		749,268
Thermo Fisher Scientific, Inc.		254,467		147,898,765
Waters Corp.(a)(b)		38,596		13,285,901
West Pharmaceutical Services, Inc.		48,703		19,272,264
				474,252,484
Machinery — 1.9%
AGCO Corp.(b)		42,073		5,175,820
Allison Transmission Holdings, Inc.		60,337		4,896,951
Caterpillar, Inc.(b)		336,546		123,320,551
CNH Industrial NV(b)		634,861		8,227,798
Crane Co.(b)		32,784		4,430,102
Cummins, Inc.(b)		93,477		27,542,998
Deere & Co.		170,128		69,878,375
Donaldson Co., Inc.		81,516		6,087,615
Dover Corp.(b)		91,895		16,282,875
Esab Corp.		36,615		4,048,520
Flowserve Corp.		90,336		4,126,548
Fortive Corp.		232,754		20,021,499
Gates Industrial Corp. PLC(a)		77,258		1,368,239
Graco, Inc.(b)		109,312		10,216,299
IDEX Corp.		49,768		12,144,387
Illinois Tool Works, Inc.		197,433		52,977,197
Ingersoll Rand, Inc.		266,801		25,332,755
ITT, Inc.		55,667		7,572,382
Lincoln Electric Holdings, Inc.(b)		36,713		9,377,969
Middleby Corp.(a)(b)		35,472		5,703,543
Nordson Corp.(b)		37,798		10,377,063
Oshkosh Corp.(b)		42,070		5,246,550
Otis Worldwide Corp.(b)		272,539		27,054,946
PACCAR, Inc.		338,028		41,878,289
Parker-Hannifin Corp.		84,254		46,827,531
Pentair PLC		109,181		9,328,425
RBC Bearings, Inc.(a)(b)		18,422		4,980,388
Snap-on, Inc.(b)		34,080		10,095,178

Security	Shares		Value
Machinery (continued)
Stanley Black & Decker, Inc.(b)		100,920	$	9,883,096
Timken Co.(b)		39,013		3,410,907
Toro Co.(b)		68,655		6,290,858
Westinghouse Air Brake Technologies Corp.		117,526		17,121,188
Xylem, Inc./New York		156,319		20,202,667
				631,429,509
Marine Transportation — 0.0%
Kirby Corp.(a)		40,402		3,851,119
Media — 0.7%
Cable One, Inc.(b)		3,861		1,633,705
Charter Communications, Inc., Class A(a)		66,407		19,299,866
Comcast Corp., Class A		2,633,293		114,153,252
Fox Corp., Class A(b)		164,855		5,155,016
Fox Corp., Class B		91,794		2,627,144
Interpublic Group of Cos., Inc.(b)		251,345		8,201,387
Liberty Broadband Corp., Series A(a)(b)		10,629		607,129
Liberty Broadband Corp., Series C(a)		77,230		4,419,873
Liberty Media Corp.-Liberty SiriusXM(a)		97,641		2,900,914
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		50,444		1,498,187
New York Times Co., Class A(b)		107,071		4,627,609
News Corp., Class A(b)		255,958		6,700,980
News Corp., Class B(b)		83,757		2,266,464
Nexstar Media Group, Inc., Class A(b)		22,046		3,798,305
Omnicom Group, Inc.(b)		130,347		12,612,376
Paramount Global, Class A(b)		7,797		170,209
Paramount Global, Class B(b)		371,785		4,375,909
Sirius XM Holdings, Inc.(b)		402,934		1,563,384
Trade Desk, Inc., Class A(a)(b)		290,463		25,392,275
				222,003,984
Metals & Mining — 0.5%
Alcoa Corp.		114,871		3,881,491
Cleveland-Cliffs, Inc.(a)(b)		323,428		7,354,753
Freeport-McMoRan, Inc.(b)		942,053		44,295,332
MP Materials Corp., Class A(a)(b)		73,191		1,046,631
Newmont Corp.(b)		760,663		27,262,162
Nucor Corp.(b)		163,852		32,426,311
Reliance, Inc.		37,854		12,650,050
Royal Gold, Inc.(b)		43,044		5,243,190
Southern Copper Corp.(b)		57,210		6,094,009
SSR Mining, Inc.		142,062		633,596
Steel Dynamics, Inc.		102,811		15,239,675
U.S. Steel Corp.(b)		145,066		5,915,791
				162,042,991
Mortgage Real Estate Investment Trusts (REITs)(b) — 0.1%
AGNC Investment Corp.		411,459		4,073,444
Annaly Capital Management, Inc.		325,377		6,406,673
Rithm Capital Corp.		317,470		3,542,965
Starwood Property Trust, Inc.		195,893		3,982,505
				18,005,587
Multi-Utilities — 0.5%
Ameren Corp.(b)		171,835		12,708,917
CenterPoint Energy, Inc.(b)		418,582		11,925,401
CMS Energy Corp.		193,365		11,667,644
Consolidated Edison, Inc.(b)		228,761		20,773,786
Dominion Energy, Inc.		551,203		27,113,676
DTE Energy Co.		135,718		15,219,416
NiSource, Inc.		277,294		7,669,952
Public Service Enterprise Group, Inc.		327,538		21,872,988

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 7

Schedule of Investments (unaudited) (continued) March 31, 2024 Large Cap Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Multi-Utilities (continued)
Sempra		415,461	$	29,842,564
WEC Energy Group, Inc.		207,604		17,048,440
				175,842,784
Office REITs — 0.1%
Alexandria Real Estate Equities, Inc.(b)		113,076		14,576,627
Boston Properties, Inc.(b)		104,329		6,813,727
Cousins Properties, Inc.		97,224		2,337,265
Highwoods Properties, Inc.(b)		69,806		1,827,521
Kilroy Realty Corp.(b)		79,511		2,896,586
NET Lease Office Properties		9,645		229,551
Vornado Realty Trust(b)		122,396		3,521,333
				32,202,610
Oil, Gas & Consumable Fuels — 3.5%
Antero Midstream Corp.(b)		213,309		2,999,125
Antero Resources Corp.(a)		184,466		5,349,514
APA Corp.(b)		207,235		7,124,739
Cheniere Energy, Inc.		157,980		25,479,014
Chesapeake Energy Corp.(b)		83,614		7,427,432
Chevron Corp.(b)		1,134,969		179,030,010
ConocoPhillips		790,273		100,585,947
Coterra Energy, Inc.		493,616		13,762,014
Devon Energy Corp.		421,849		21,168,383
Diamondback Energy, Inc.		117,589		23,302,612
DT Midstream, Inc.(a)(b)		66,007		4,033,028
EOG Resources, Inc.		387,604		49,551,295
EQT Corp.(b)		239,325		8,871,778
Exxon Mobil Corp.(b)		2,640,698		306,954,736
Hess Corp.		183,219		27,966,548
HF Sinclair Corp.(b)		95,611		5,772,036
Kinder Morgan, Inc.		1,293,101		23,715,472
Marathon Oil Corp.		398,333		11,288,757
Marathon Petroleum Corp.		250,253		50,425,979
New Fortress Energy, Inc., Class A(b)		44,774		1,369,637
Occidental Petroleum Corp.(b)		453,096		29,446,709
ONEOK, Inc.(b)		383,548		30,749,043
Ovintiv, Inc.(b)		169,730		8,808,987
Phillips 66		293,538		47,946,497
Pioneer Natural Resources Co.		153,481		40,288,763
Range Resources Corp.(b)		157,080		5,408,264
Southwestern Energy Co.(a)		742,727		5,629,871
Targa Resources Corp.(b)		145,698		16,316,719
Texas Pacific Land Corp.(b)		11,703		6,770,303
Valero Energy Corp.(b)		223,833		38,206,055
Williams Cos., Inc.		802,953		31,291,078
				1,137,040,345
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		40,981		3,438,716
Passenger Airlines — 0.2%
Alaska Air Group, Inc.(a)(b)		84,295		3,623,842
American Airlines Group, Inc.(a)(b)		432,176		6,633,902
Delta Air Lines, Inc.(b)		423,025		20,250,207
Southwest Airlines Co.(b)		393,838		11,496,131
United Airlines Holdings, Inc.(a)		215,337		10,310,335
				52,314,417
Personal Care Products — 0.2%
Coty, Inc., Class A(a)		235,728		2,819,307
Estee Lauder Cos., Inc., Class A		151,595		23,368,369

Security	Shares		Value
Personal Care Products (continued)
Kenvue, Inc.(b)		1,143,921	$	24,548,545
Olaplex Holdings, Inc.(a)		74,023		142,124
				50,878,345
Pharmaceuticals — 3.6%
Bristol-Myers Squibb Co.		1,342,973		72,829,426
Catalent, Inc.(a)		116,707		6,588,110
Elanco Animal Health, Inc.(a)		322,932		5,257,333
Eli Lilly & Co.		558,212		434,266,608
Jazz Pharmaceuticals PLC(a)		41,109		4,950,346
Johnson & Johnson		1,589,671		251,470,055
Merck & Co., Inc.		1,675,445		221,074,968
Organon & Co.(b)		174,957		3,289,192
Perrigo Co. PLC		90,368		2,908,946
Pfizer, Inc.(b)		3,727,002		103,424,305
Royalty Pharma PLC, Class A		242,457		7,363,419
Viatris, Inc.(b)		797,717		9,524,741
Zoetis, Inc., Class A		305,283		51,656,936
				1,174,604,385
Professional Services — 0.8%
Automatic Data Processing, Inc.		272,788		68,126,075
Booz Allen Hamilton Holding Corp., Class A		84,150		12,491,226
Broadridge Financial Solutions, Inc.		77,714		15,920,490
CACI International, Inc., Class A(a)(b)		14,457		5,476,745
Clarivate PLC(a)(b)		308,961		2,295,580
Concentrix Corp.(b)		30,351		2,009,843
Dayforce, Inc.(a)(b)		97,210		6,436,274
Dun & Bradstreet Holdings, Inc.		189,122		1,898,785
Equifax, Inc.(b)		80,325		21,488,544
FTI Consulting, Inc.(a)		21,712		4,565,817
Genpact Ltd.		115,052		3,790,963
Jacobs Solutions, Inc.		83,948		12,905,326
KBR, Inc.		86,126		5,482,781
Leidos Holdings, Inc.		90,707		11,890,781
ManpowerGroup, Inc.		31,447		2,441,545
Paychex, Inc.(b)		212,440		26,087,632
Paycom Software, Inc.		34,233		6,812,709
Paycor HCM, Inc.(a)(b)		42,568		827,522
Paylocity Holding Corp.(a)(b)		28,167		4,840,781
Robert Half, Inc.(b)		67,088		5,318,737
Science Applications International Corp.(b)		35,280		4,600,159
SS&C Technologies Holdings, Inc.		143,749		9,253,123
TransUnion		127,777		10,196,605
Verisk Analytics, Inc.		94,066		22,174,178
				267,332,221
Real Estate Management & Development(a) — 0.2%
CBRE Group, Inc., Class A		200,247		19,472,018
CoStar Group, Inc.		266,500		25,743,900
Howard Hughes Holdings, Inc.		21,687		1,574,910
Jones Lang LaSalle, Inc.		31,071		6,061,641
Zillow Group, Inc., Class A		39,481		1,889,561
Zillow Group, Inc., Class C(b)		103,809		5,063,803
				59,805,833
Residential REITs — 0.3%
American Homes 4 Rent, Class A(b)		218,718		8,044,448
Apartment Income REIT Corp.		97,015		3,150,077
AvalonBay Communities, Inc.		93,425		17,335,943
Camden Property Trust		68,324		6,723,082
Equity LifeStyle Properties, Inc.(b)		117,467		7,564,875
Equity Residential		245,375		15,485,616

8

Schedule of Investments (unaudited) (continued) March 31, 2024 Large Cap Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Residential REITs (continued)
Essex Property Trust, Inc.		42,293	$	10,353,749
Invitation Homes, Inc.		405,293		14,432,484
Mid-America Apartment Communities, Inc.		76,888		10,116,923
Sun Communities, Inc.(b)		81,413		10,468,084
UDR, Inc.		218,979		8,192,004
				111,867,285
Retail REITs — 0.3%
Agree Realty Corp.		62,531		3,571,771
Brixmor Property Group, Inc.(b)		200,839		4,709,674
Federal Realty Investment Trust(b)		55,183		5,635,288
Kimco Realty Corp.		397,513		7,795,230
NNN REIT, Inc.		118,800		5,077,512
Realty Income Corp.(b)		548,347		29,665,573
Regency Centers Corp.		119,472		7,235,224
Simon Property Group, Inc.		213,924		33,476,967
				97,167,239
Semiconductors & Semiconductor Equipment — 9.1%
Advanced Micro Devices, Inc.(a)		1,057,278		190,828,106
Allegro MicroSystems, Inc.(a)(b)		46,915		1,264,828
Analog Devices, Inc.(b)		328,470		64,968,081
Applied Materials, Inc.		551,130		113,659,540
Broadcom, Inc.		284,372		376,909,493
Cirrus Logic, Inc.(a)		36,491		3,377,607
Enphase Energy, Inc.(a)		87,011		10,526,591
Entegris, Inc.		99,376		13,966,303
First Solar, Inc.(a)		70,155		11,842,164
GLOBALFOUNDRIES, Inc.(a)(b)		51,690		2,693,566
Intel Corp.		2,783,376		122,941,718
KLA Corp.		90,477		63,204,518
Lam Research Corp.		86,802		84,334,219
Lattice Semiconductor Corp.(a)		91,956		7,193,718
Marvell Technology, Inc.		563,444		39,936,911
Microchip Technology, Inc.(b)		354,599		31,811,076
Micron Technology, Inc.		720,842		84,980,063
MKS Instruments, Inc.(b)		43,736		5,816,888
Monolithic Power Systems, Inc.(b)		30,479		20,647,084
NVIDIA Corp.		1,568,881		1,417,578,116
ON Semiconductor Corp.(a)		284,257		20,907,102
Qorvo, Inc.(a)		64,853		7,447,070
QUALCOMM, Inc.		735,866		124,582,114
Skyworks Solutions, Inc.		105,628		11,441,625
Teradyne, Inc.(b)		101,574		11,460,595
Texas Instruments, Inc.(b)		598,753		104,308,760
Universal Display Corp.(b)		30,786		5,185,902
Wolfspeed, Inc.(a)(b)		80,018		2,360,531
				2,956,174,289
Software — 10.6%
Adobe, Inc.(a)		298,110		150,426,306
ANSYS, Inc.(a)		57,209		19,860,676
AppLovin Corp., Class A(a)(b)		138,412		9,580,879
Aspen Technology, Inc.(a)		18,995		4,051,254
Atlassian Corp., Class A(a)		102,295		19,958,777
Autodesk, Inc.(a)		141,695		36,900,212
Bentley Systems, Inc., Class B(b)		126,643		6,613,297
Bill Holdings, Inc.(a)		67,602		4,645,609
Cadence Design Systems, Inc.(a)		178,274		55,493,131
CCC Intelligent Solutions Holdings, Inc.(a)		223,351		2,671,278
Confluent, Inc., Class A(a)		121,959		3,722,189
Crowdstrike Holdings, Inc., Class A(a)		140,809		45,141,957
Datadog., Inc., Class A(a)		180,015		22,249,854

Security	Shares		Value
Software (continued)
DocuSign, Inc.(a)(b)		133,321	$	7,939,266
Dolby Laboratories, Inc., Class A(b)		38,321		3,210,150
DoubleVerify Holdings, Inc.(a)		83,152		2,923,624
Dropbox, Inc., Class A(a)		173,645		4,219,574
Dynatrace, Inc.(a)		158,991		7,383,542
Elastic NV(a)		51,528		5,165,167
Fair Isaac Corp.(a)		15,972		19,958,771
Five9, Inc.(a)		48,260		2,997,429
Fortinet, Inc.(a)		433,046		29,581,372
Gen Digital, Inc.(b)		363,013		8,131,491
Gitlab, Inc., Class A(a)		57,984		3,381,627
Guidewire Software, Inc.(a)(b)		53,132		6,201,036
HashiCorp, Inc., Class A(a)		60,506		1,630,637
HubSpot, Inc.(a)		30,101		18,860,083
Informatica, Inc., Class A(a)(b)		33,234		1,163,190
Intuit, Inc.		180,190		117,123,500
Manhattan Associates, Inc.(a)		40,829		10,216,641
Microsoft Corp.		4,913,909		2,067,379,794
nCino, Inc.(a)(b)		42,161		1,575,978
NCR Voyix Corp.(a)(b)		79,327		1,001,900
Nutanix, Inc., Class A(a)		153,425		9,469,391
Oracle Corp.		1,017,633		127,824,881
Palantir Technologies, Inc., Class A(a)		1,252,922		28,829,735
Palo Alto Networks, Inc.(a)		201,529		57,260,435
Pegasystems, Inc.		29,753		1,923,234
Procore Technologies, Inc.(a)		51,718		4,249,668
PTC, Inc.(a)(b)		75,763		14,314,661
RingCentral, Inc., Class A(a)		55,109		1,914,487
Roper Technologies, Inc.		69,699		39,089,987
Salesforce, Inc.		617,912		186,102,736
SentinelOne, Inc., Class A(a)		152,124		3,546,010
ServiceNow, Inc.(a)		134,291		102,383,458
Smartsheet, Inc., Class A(a)		81,384		3,133,284
Synopsys, Inc.(a)		100,183		57,254,585
Teradata Corp.(a)		69,364		2,682,306
Tyler Technologies, Inc.(a)		27,559		11,712,851
UiPath, Inc., Class A(a)		257,254		5,831,948
Unity Software, Inc.(a)(b)		196,624		5,249,861
Workday, Inc., Class A(a)		132,791		36,218,745
Zoom Video Communications, Inc., Class A(a)		165,952		10,848,282
Zscaler, Inc.(a)(b)		59,092		11,382,892
				3,422,583,628
Specialized REITs — 1.0%
American Tower Corp.		307,057		60,671,393
Crown Castle, Inc.		285,291		30,192,347
CubeSmart(b)		147,990		6,692,108
Digital Realty Trust, Inc.		199,736		28,769,973
EPR Properties(b)		50,315		2,135,872
Equinix, Inc.		61,565		50,811,441
Extra Space Storage, Inc.(b)		137,860		20,265,420
Gaming & Leisure Properties, Inc.		167,475		7,715,573
Iron Mountain, Inc.(b)		193,706		15,537,158
Lamar Advertising Co., Class A		57,162		6,825,714
National Storage Affiliates Trust(b)		56,789		2,223,857
Public Storage		103,308		29,965,519
Rayonier, Inc.(b)		102,627		3,411,322
SBA Communications Corp.		70,788		15,339,760
VICI Properties, Inc.		671,477		20,003,300
Weyerhaeuser Co.		482,784		17,336,773
				317,897,530

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 9

Schedule of Investments (unaudited) (continued) March 31, 2024 Large Cap Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail — 2.1%
Advance Auto Parts, Inc.(b)		38,621	$	3,286,261
AutoNation, Inc.(a)(b)		19,625		3,249,508
AutoZone, Inc.(a)		11,604		36,571,747
Bath & Body Works, Inc.		149,907		7,498,348
Best Buy Co., Inc.(b)		128,844		10,569,073
Burlington Stores, Inc.(a)		43,142		10,017,141
CarMax, Inc.(a)(b)		103,343		9,002,209
Dick’s Sporting Goods, Inc.(b)		39,609		8,906,480
Five Below, Inc.(a)(b)		36,780		6,671,156
Floor & Decor Holdings, Inc., Class A(a)(b)		67,937		8,805,994
GameStop Corp., Class A(a)(b)		176,004		2,203,570
Gap, Inc.(b)		121,344		3,343,027
Home Depot, Inc.		659,702		253,061,687
Lithia Motors, Inc., Class A(b)		18,025		5,423,002
Lowe’s Cos., Inc.		380,927		97,033,535
Murphy USA, Inc.(b)		12,878		5,398,458
O’Reilly Automotive, Inc.(a)		38,980		44,003,742
Penske Automotive Group, Inc.(b)		12,936		2,095,503
Petco Health & Wellness Co., Inc.(a)(b)		47,926		109,271
RH(a)		10,244		3,567,575
Ross Stores, Inc.		221,406		32,493,545
TJX Cos., Inc.		759,661		77,044,819
Tractor Supply Co.(b)		72,190		18,893,567
Ulta Beauty, Inc.(a)(b)		32,405		16,943,926
Valvoline, Inc.(a)		91,190		4,064,338
Victoria’s Secret & Co.(a)(b)		56,422		1,093,458
Wayfair, Inc., Class A(a)(b)		53,014		3,598,590
Williams-Sonoma, Inc.(b)		41,998		13,335,625
				688,285,155
Technology Hardware, Storage & Peripherals — 5.3%
Apple, Inc.		9,629,351		1,651,241,109
Hewlett Packard Enterprise Co.		855,814		15,173,582
HP, Inc.		569,607		17,213,524
NetApp, Inc.		140,980		14,798,671
Pure Storage, Inc., Class A(a)		185,988		9,669,516
Western Digital Corp.(a)		211,175		14,410,582
				1,722,506,984
Textiles, Apparel & Luxury Goods — 0.5%
Capri Holdings Ltd.(a)		79,938		3,621,191
Carter’s, Inc.(b)		23,015		1,948,910
Columbia Sportswear Co.(b)		23,947		1,944,017
Crocs, Inc.(a)		39,646		5,701,095
Deckers Outdoor Corp.(a)		17,236		16,223,557
Lululemon Athletica, Inc.(a)		74,435		29,078,033
NIKE, Inc., Class B		784,351		73,713,307
PVH Corp.		39,587		5,566,328
Ralph Lauren Corp., Class A(b)		27,377		5,140,306
Skechers USA, Inc., Class A(a)		86,545		5,301,747
Tapestry, Inc.(b)		150,930		7,166,156
Under Armour, Inc., Class A(a)		126,836		936,050
Under Armour, Inc., Class C(a)(b)		128,526		917,676
VF Corp.(b)		233,620		3,583,731
				160,842,104
Tobacco — 0.4%
Altria Group, Inc.(b)		1,178,103		51,388,853
Philip Morris International, Inc.		1,023,627		93,784,706
				145,173,559

Security	Shares		Value
Trading Companies & Distributors — 0.5%
Air Lease Corp., Class A(b)		68,474	$	3,522,303
Core & Main, Inc., Class A(a)		114,456		6,552,606
Fastenal Co.(b)		376,424		29,037,347
Ferguson PLC		136,048		29,716,965
MSC Industrial Direct Co., Inc., Class A(b)		30,370		2,947,105
SiteOne Landscape Supply, Inc.(a)(b)		30,150		5,262,682
United Rentals, Inc.(b)		44,601		32,162,227
Watsco, Inc.(b)		22,249		9,610,900
WESCO International, Inc.(b)		28,967		4,961,468
WW Grainger, Inc.		29,114		29,617,672
				153,391,275
Water Utilities — 0.1%
American Water Works Co., Inc.		128,316		15,681,499
Essential Utilities, Inc.(b)		160,007		5,928,259
				21,609,758
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.		323,111		52,738,177
Total Common Stocks — 98.1% (Cost: $16,224,118,144)				31,769,879,190
Investment Companies
Equity Funds — 1.1%
iShares Russell 1000 ETF(b)(c)		1,212,081		349,115,690
Total Investment Companies — 1.1% (Cost: $336,129,407)				349,115,690
Total Long-Term Investments — 99.2% (Cost: $16,560,247,551)				32,118,994,880
Short-Term Securities
Money Market Funds — 6.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(c)(e)(f)		1,766,065,867		1,766,772,293
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(c)(e)		334,773,277		334,773,277
Total Short-Term Securities — 6.5% (Cost: $2,100,548,839)				2,101,545,570
Total Investments — 105.7% (Cost: $18,660,796,390)				34,220,540,450
Liabilities in Excess of Other Assets — (5.7)%				(1,854,180,901	)
Net Assets — 100.0%			$	32,366,359,549

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Master Portfolio.

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

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

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

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Master Portfolio for compliance purposes.

10

Schedule of Investments (unaudited) (continued) March 31, 2024 Large Cap Index Master Portfolio

Affiliates

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the period ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 12/31/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,024,962,526	$	—		$	(257,739,637	)(a)	$	(81,754	)	$	(368,842	)	$	1,766,772,293		1,766,065,867	$	1,428,023	(b)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		210,703,888		124,069,389	(a)		—			—			—			334,773,277		334,773,277		3,473,853			—
	BlackRock, Inc.		80,757,864		—			(1,111,115	)		33,593			2,059,775			81,740,117		98,045		500,030			—
	iShares Russell 1000 ETF		130,944,320		658,929,950			(460,433,126	)		19,149,763			524,783			349,115,690		1,212,081		899,267			—
										$	19,101,602		$	2,215,716		$	2,532,401,377			$	6,301,173		$	—

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

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		822		06/21/24	$	218,179	$	3,471,024
S&P Mid 400 E-Mini Index		52		06/21/24		16,002		416,490
							$	3,887,514

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Master Portfolio has the ability to access;

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

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the 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 Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 11

Schedule of Investments (unaudited) (continued) March 31, 2024 Large Cap Index Master Portfolio

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Master Portfolio’s financial instruments categorized in the fair value hierarchy. The breakdown of the Master Portfolio’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	606,492,349	$	—	$	—	$	606,492,349
Air Freight & Logistics		136,927,384		—		—		136,927,384
Automobile Components		33,206,535		—		—		33,206,535
Automobiles		402,742,823		—		—		402,742,823
Banks		1,079,382,900		—		—		1,079,382,900
Beverages		419,102,473		—		—		419,102,473
Biotechnology		637,861,018		—		—		637,861,018
Broadline Retail		1,119,583,354		—		—		1,119,583,354
Building Products		213,736,346		—		—		213,736,346
Capital Markets		994,849,959		—		—		994,849,959
Chemicals		500,692,109		—		—		500,692,109
Commercial Services & Supplies		208,783,145		—		—		208,783,145
Communications Equipment		244,004,504		—		—		244,004,504
Construction & Engineering		60,053,450		—		—		60,053,450
Construction Materials		55,037,507		—		—		55,037,507
Consumer Finance		178,511,070		—		—		178,511,070
Consumer Staples Distribution & Retail		579,077,779		—		—		579,077,779
Containers & Packaging		95,774,046		43,080		—		95,817,126
Distributors		33,854,616		—		—		33,854,616
Diversified Consumer Services		20,601,676		—		—		20,601,676
Diversified REITs		7,814,457		—		—		7,814,457
Diversified Telecommunication Services		205,776,369		—		1		205,776,370
Electric Utilities		436,933,582		—		—		436,933,582
Electrical Equipment		241,594,758		—		—		241,594,758
Electronic Equipment, Instruments & Components		180,314,555		—		—		180,314,555
Energy Equipment & Services		109,433,730		—		—		109,433,730
Entertainment		440,223,207		—		—		440,223,207
Financial Services		1,367,683,980		—		—		1,367,683,980
Food Products		255,848,667		—		—		255,848,667
Gas Utilities		18,100,554		—		—		18,100,554
Ground Transportation		369,889,695		—		—		369,889,695
Health Care Equipment & Supplies		785,556,268		—		—		785,556,268
Health Care Providers & Services		800,102,003		—		—		800,102,003
Health Care REITs		63,821,586		—		—		63,821,586
Health Care Technology		27,379,832		—		—		27,379,832
Hotel & Resort REITs		12,042,986		—		—		12,042,986
Hotels, Restaurants & Leisure		693,714,165		—		—		693,714,165
Household Durables		147,923,198		—		—		147,923,198
Household Products		361,794,931		—		—		361,794,931
Independent Power and Renewable Electricity Producers		28,467,106		—		—		28,467,106
Industrial Conglomerates		128,599,999		—		—		128,599,999
Industrial REITs		104,969,903		—		—		104,969,903
Insurance		737,880,011		—		—		737,880,011
Interactive Media & Services		1,832,813,953		—		—		1,832,813,953
IT Services		454,902,959		—		—		454,902,959
Leisure Products		20,696,299		—		—		20,696,299
Life Sciences Tools & Services		474,252,484		—		—		474,252,484
Machinery		631,429,509		—		—		631,429,509
Marine Transportation		3,851,119		—		—		3,851,119
Media		222,003,984		—		—		222,003,984
Metals & Mining		162,042,991		—		—		162,042,991
Mortgage Real Estate Investment Trusts (REITs)		18,005,587		—		—		18,005,587
Multi-Utilities		175,842,784		—		—		175,842,784
Office REITs		32,202,610		—		—		32,202,610
Oil, Gas & Consumable Fuels		1,137,040,345		—		—		1,137,040,345
Paper & Forest Products		3,438,716		—		—		3,438,716
Passenger Airlines		52,314,417		—		—		52,314,417

12

Schedule of Investments (unaudited) (continued) March 31, 2024 Large Cap Index Master Portfolio

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Personal Care Products	$	50,878,345	$	—	$	—	$	50,878,345
Pharmaceuticals		1,174,604,385		—		—		1,174,604,385
Professional Services		267,332,221		—		—		267,332,221
Real Estate Management & Development		59,805,833		—		—		59,805,833
Residential REITs		111,867,285		—		—		111,867,285
Retail REITs		97,167,239		—		—		97,167,239
Semiconductors & Semiconductor Equipment		2,956,174,289		—		—		2,956,174,289
Software		3,422,583,628		—		—		3,422,583,628
Specialized REITs		317,897,530		—		—		317,897,530
Specialty Retail		688,285,155		—		—		688,285,155
Technology Hardware, Storage & Peripherals		1,722,506,984		—		—		1,722,506,984
Textiles, Apparel & Luxury Goods		160,842,104		—		—		160,842,104
Tobacco		145,173,559		—		—		145,173,559
Trading Companies & Distributors		153,391,275		—		—		153,391,275
Water Utilities		21,609,758		—		—		21,609,758
Wireless Telecommunication Services		52,738,177		—		—		52,738,177
Investment Companies		349,115,690		—		—		349,115,690
Short-Term Securities
Money Market Funds		2,101,545,570		—		—		2,101,545,570
	$	34,220,497,369	$	43,080	$	1	$	34,220,540,450
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	3,887,514	$	—	$	—	$	3,887,514

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

Portfolio Abbreviation
ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 13