Master Investment Portfolio NPORT-P International Tilts Master Portfolio (Sep 2020 report)

Schedule of Investments (unaudited)  September 30, 2020 International Tilts Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 6.8%
Afterpay Ltd.(a)		327	$	19,275
Aristocrat Leisure Ltd.		38,322		835,747
ASX Ltd.		7,276		425,396
Australia & New Zealand Banking Group Ltd.		6,073		75,767
Bendigo & Adelaide Bank Ltd.		77,771		338,723
BHP Group Ltd.		69,439		1,793,859
BHP Group PLC		567		12,096
Brambles Ltd.		120,250		913,062
Cochlear Ltd.		1,329		189,872
Commonwealth Bank of Australia		22,927		1,055,015
CSL Ltd.		6,624		1,368,297
Glencore PLC(a)		63,850		132,372
Goodman Group		12,558		162,594
IDP Education Ltd.		9,344		128,633
IGO Ltd.		17,917		53,997
Iluka Resources Ltd.		15,229		99,711
Insurance Australia Group Ltd.		159,189		503,740
Macquarie Group Ltd.		6,645		576,017
Mirvac Group		167,339		262,320
National Australia Bank Ltd.		118,598		1,523,621
Orica Ltd.		2,673		29,761
Perpetual Ltd.		5,356		108,104
Ramsay Health Care Ltd.		4,327		206,306
Rio Tinto Ltd.		2,924		199,713
Rio Tinto PLC		6,742		405,682
Scentre Group		86,095		137,076
SEEK Ltd.(b)		20,647		318,510
South32 Ltd.		120,911		179,438
Suncorp Group Ltd.		3,640		22,220
Tabcorp Holdings Ltd.		136,192		327,966
Telstra Corp. Ltd.		178,107		356,614
Transurban Group		2,660		27,161
Westpac Banking Corp.		5,115		62,195
WiseTech Global Ltd.		2,806		52,556
				12,903,416
Austria — 0.4%
BAWAG Group AG(a)(c)		543		19,632
Erste Group Bank AG(a)		26,778		560,742
Raiffeisen Bank International AG(a)		11,062		169,315
Vienna Insurance Group AG Wiener Versicherung Gruppe		1,945		43,282
Wienerberger AG(a)		432		11,416
				804,387
Belgium — 0.4%
Anheuser-Busch InBev SA/NV		796		42,857
Elia Group SA/NV		372		37,188
Galapagos NV(a)		519		73,579
KBC Group NV		405		20,309
Proximus SADP		2,023		36,906
Sofina SA		154		42,043
UCB SA		2,077		235,893
Umicore SA		6,305		262,253
				751,028
China — 1.0%
BOC Hong Kong Holdings Ltd.		205,500		544,778

Security	Shares		Value
China (continued)
Prosus NV(a)		10,589	$	977,392
Wilmar International Ltd.(b)		105,800		343,516
				1,865,686
Denmark — 1.7%
Chr Hansen Holding A/S		3,922		435,365
Genmab A/S(a)		865		313,913
ISS A/S(a)		1,720		22,638
Novo Nordisk A/S, Class B		15,708		1,088,322
Orsted A/S(c)		3,221		444,049
Rockwool International AS, -B Shares		257		98,610
Tryg A/S		7,287		229,413
Vestas Wind Systems A/S		3,204		517,787
				3,150,097
Finland — 2.1%
Kesko OYJ, -B Shares		15,889		409,380
Kojamo OYJ		1,706		36,641
Kone OYJ, Class B		10,897		956,794
Neste OYJ		8,362		440,340
Nordea Bank Abp(a)		148,741		1,130,243
Sampo OYJ, A Shares		14,116		559,034
Wartsila OYJ Abp		61,896		486,076
				4,018,508
France — 11.5%
Air Liquide SA		6,833		1,083,096
Airbus SE(a)		2,100		152,304
Alstom SA(a)		4,286		214,098
Amundi SA(a)(c)		1,182		83,313
Christian Dior SE		1,180		484,005
Cie de Saint-Gobain(a)		13,458		563,717
Cie Plastic Omnium SA		524		13,846
CNP Assurances(a)		17,692		221,880
Danone SA		4,505		291,811
Dassault Systemes SE		7,114		1,327,345
Electricite de France SA		16,713		176,547
Engie SA(a)		31,160		416,407
EssilorLuxottica SA(a)		2,448		333,262
Eutelsat Communications SA		10,558		102,831
Faurecia SE(a)		3,050		131,468
Gecina SA		174		22,938
Hermes International		1,652		1,422,789
JCDecaux SA(a)		2,689		46,488
Kering SA		471		312,434
Klepierre SA(b)		2,145		30,026
La Francaise des Jeux SAEM(c)		2,354		86,360
Legrand SA		6,285		500,596
L’Oreal SA(b)		7,663		2,493,761
LVMH Moet Hennessy Louis Vuitton SE		3,992		1,867,858
Nexans SA(a)		1,633		94,343
Orange SA		61,203		637,463
Pernod Ricard SA		11,158		1,778,986
Peugeot SA(a)		7,680		139,273
Renault SA(a)		20,704		537,080
Rexel SA(a)		44,992		564,111
Sanofi		15,155		1,518,710
Schneider Electric SE		5,797		720,561
SCOR SE(a)		758		21,104
Societe Generale SA(a)		58,015		770,086
STMicroelectronics NV		11,702		358,900
Teleperformance		1,705		525,655

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

Schedule of Investments (unaudited) (continued) September 30, 2020 International Tilts Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Thales SA		2,401	$	179,949
Ubisoft Entertainment SA(a)		1,149		103,557
Unibail-Rodamco-Westfield(b)		10,363		382,185
Valeo SA		5,771		177,217
Vinci SA		8,185		683,910
Wendel SE		301		27,304
				21,599,574
Germany — 9.0%
adidas AG, Class N(a)		3,100		1,001,120
alstria office REIT-AG		16,772		233,219
Aurubis AG		270		18,368
BASF SE		13,380		814,789
Bayer AG, Registered Shares		7,298		450,241
Bayerische Motoren Werke AG		6,188		449,107
Beiersdorf AG		12,273		1,393,444
CompuGroup Medical SE & Co KgaA		845		78,192
Covestro AG(c)		4,072		201,931
Daimler AG, Registered Shares		13,708		739,479
Delivery Hero SE(a)(c)		5,289		606,856
Deutsche Boerse AG		7,280		1,276,331
DWS Group GmbH & Co. KGaA(a)(c)		1,008		34,740
E.ON SE		124,871		1,376,379
Fielmann AG(a)		254		20,399
Hannover Rueck SE		284		43,966
Hella GmbH & Co. KGaA(a)		1,726		87,057
HelloFresh SE(a)		2,559		142,213
HOCHTIEF AG		119		9,238
HUGO BOSS AG		6,589		164,697
Infineon Technologies AG, Class N		19,824		558,755
Jenoptik AG		2		54
Knorr-Bremse AG		1,850		217,859
LEG Immobilien AG		4,476		638,004
Nemetschek SE		188		13,741
Puma SE(a)		4,063		365,244
QIAGEN NV(a)		4,819		250,297
RWE AG		11,187		418,946
SAP SE		17,649		2,748,269
Scout24 AG(c)		4,779		416,858
Siemens AG, Class N, Registered Shares		9,721		1,227,655
Siemens Energy AG(a)		5,396		145,510
Siemens Healthineers AG(c)		13,590		610,034
Stroeer SE & Co. KGaA(a)		467		36,276
thyssenkrupp AG(a)		23,122		116,343
Volkswagen AG(a)		373		65,194
Wacker Chemie AG		990		96,075
				17,066,880
Hong Kong — 2.3%
AIA Group Ltd.		87,800		872,740
Champion REIT		17,000		8,458
CK Asset Holdings Ltd.		7,500		36,853
CLP Holdings Ltd.		66,000		616,259
ESR Cayman Ltd.(a)(c)		4,800		14,988
Hang Lung Group Ltd.		5,000		11,425
Hang Seng Bank Ltd.(b)		11,500		170,370
Henderson Land Development Co. Ltd.		60,404		224,287
Hong Kong & China Gas Co. Ltd.(b)		22,649		32,887
Hong Kong Exchanges & Clearing Ltd.		4,500		211,831
Hongkong Land Holdings Ltd.		28,900		107,671
Hysan Development Co. Ltd.		3,000		9,022
Kerry Properties Ltd.		67,000		172,313
Link REIT		36,100		295,817

Security	Shares		Value
Hong Kong (continued)
MTR Corp. Ltd.(b)		3,500	$	17,370
NWS Holdings Ltd.		1,000		764
Sun Hung Kai Properties Ltd.		20,000		257,730
Swire Pacific Ltd., Class A		35,000		169,452
Swire Properties Ltd.		125,000		331,198
Techtronic Industries Co. Ltd.		48,500		644,841
WH Group Ltd.(c)		69,000		56,284
Wharf Real Estate Investment Co. Ltd.(b)		12,000		49,189
Xinyi Glass Holdings Ltd.		10,000		20,224
				4,331,973
Ireland — 0.2%
Kerry Group PLC, Class A		169		21,646
Kingspan Group PLC(a)		3,279		298,410
Smurfit Kappa Group PLC		2,038		79,967
				400,023
Israel — 0.1%
Delek Group Ltd.(a)(b)		469		9,056
First International Bank Of Israel Ltd.		1,166		24,201
Isracard Ltd.		270		670
Nice Ltd.(a)		524		118,804
Shapir Engineering and Industry Ltd.(a)		1,403		9,391
Strauss Group Ltd.(b)		460		13,205
				175,327
Italy — 1.6%
Amplifon SpA(a)		985		35,224
Assicurazioni Generali SpA		81,261		1,145,326
Azimut Holding SpA		1,731		31,256
Banca Generali SpA(a)		2,077		63,169
Banca Mediolanum SpA		7,081		50,985
Enel SpA		117,938		1,023,219
Ferrari NV		300		55,056
Interpump Group SpA		6,484		240,455
Prysmian SpA		6,681		193,934
Terna Rete Elettrica Nazionale SpA		20,003		139,957
Unipol Gruppo SpA(a)		18,349		80,185
UnipolSai Assicurazioni SpA		4,306		11,228
				3,069,994
Japan — 26.4%
ABC-Mart, Inc.		300		15,620
AEON Financial Service Co. Ltd.		800		7,293
Aisin Seiki Co. Ltd.		900		28,795
Amada Co. Ltd.		17,800		166,515
Anritsu Corp.(b)		8,300		189,141
Aozora Bank Ltd.		2,600		43,172
Asahi Group Holdings Ltd.		33,100		1,153,622
Asahi Kasei Corp.		24,600		214,601
Astellas Pharma, Inc.		18,800		280,244
Benesse Holdings, Inc.		7,400		190,468
Bengo4.com Inc.(a)		100		10,662
Bridgestone Corp.		2,800		88,506
Canon, Inc.		35,900		595,457
Central Japan Railway Co.		300		43,002
Chugai Pharmaceutical Co. Ltd.		11,400		511,580
Citizen Watch Co. Ltd.		28,200		79,109
CyberAgent, Inc.		2,600		160,554
Dai Nippon Printing Co. Ltd.		3,100		62,836
Daicel Corp.		4,300		30,992
Daifuku Co. Ltd.		400		40,375
Daiichi Sankyo Co. Ltd.		25,200		773,583
Daikin Industries Ltd.		500		92,387
Daiwa House Industry Co. Ltd.		18,600		477,040

2

Schedule of Investments (unaudited) (continued) September 30, 2020 International Tilts Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Denso Corp.		17,900	$	784,588
Dentsu Group, Inc.		8,000		236,132
DIC Corp.		6,700		167,499
Dip Corp.		1,100		22,660
Dowa Holdings Co. Ltd.		300		8,806
East Japan Railway Co.		8,400		516,589
Eisai Co. Ltd.		4,400		401,862
Electric Power Development Co. Ltd.		6,300		97,173
ENEOS Holdings, Inc.		103,450		369,096
FANUC Corp.		6,700		1,285,833
Fast Retailing Co. Ltd.		1,200		754,105
Fuji Media Holdings, Inc.		4,100		39,483
Fuji Seal International, Inc.		500		9,615
FUJIFILM Holdings Corp.		6,900		340,114
Glory Ltd.		1,000		22,422
GMO internet Inc.		600		15,719
Hino Motors Ltd.		1,800		11,680
Hitachi Capital Corp.		600		14,108
Hitachi Ltd.		8,900		301,349
Hitachi Transport System Ltd.		700		22,174
Honda Motor Co. Ltd.		36,100		857,276
Horiba Ltd.		200		10,460
House Foods Group, Inc.		400		14,218
Isuzu Motors Ltd.		5,600		48,976
ITOCHU Corp.(b)		17,200		440,420
J Front Retailing Co. Ltd.		2,200		15,928
Japan Post Bank Co. Ltd.		11,000		85,798
Japan Post Holdings Co. Ltd.		135,800		926,027
Japan Post Insurance Co. Ltd.		2,100		33,065
Japan Tobacco, Inc.		33,400		609,342
JCR Pharmaceuticals Co. Ltd.		400		11,736
JTEKT Corp.		18,600		145,895
Kajima Corp.		18,600		224,097
Kakaku.com, Inc.		2,900		76,455
Kaken Pharmaceutical Co. Ltd.		100		4,583
Kamigumi Co. Ltd.		600		11,823
Kaneka Corp.		6,800		190,501
Kansai Paint Co. Ltd.		5,900		146,644
Kao Corp.		5,300		397,875
Kawasaki Heavy Industries Ltd.(a)		2,300		31,071
KDDI Corp.		58,500		1,471,366
Keyence Corp.		4,600		2,150,404
Kirin Holdings Co. Ltd.		7,500		140,869
Koito Manufacturing Co. Ltd.		1,200		61,231
Komatsu Ltd.		1,200		26,356
Konami Holdings Corp.		3,100		134,101
Konica Minolta, Inc.(b)		65,200		184,927
Kyocera Corp.		5,900		337,813
Kyushu Railway Co.		10,500		224,495
LINE Corp.(a)		500		25,451
Lintec Corp.		4,500		104,784
Maruichi Steel Tube Ltd.		500		12,518
Mitsubishi Estate Co. Ltd.		1,800		27,266
Mitsubishi Materials Corp.		1,900		37,443
Mitsubishi UFJ Lease & Finance Co. Ltd.		16,000		74,342
Mitsui Fudosan Co. Ltd.		11,800		205,340
Mizuho Financial Group, Inc.		18,870		235,529
MS&AD Insurance Group Holdings, Inc.		16,500		444,563
Murata Manufacturing Co. Ltd.		16,000		1,040,434
Nagase & Co. Ltd.(b)		600		8,404
Nexon Co. Ltd.		34,100		850,582
Nidec Corp.		18,700		1,753,646
Nifco, Inc.		500		13,658

Security	Shares		Value
Japan (continued)
Nihon Kohden Corp.		2,500	$	82,229
Nihon M&A Center Inc.		400		22,884
Nikon Corp.(b)		10,900		73,550
Nintendo Co. Ltd.		1,300		736,698
Nippon Paint Holdings Co. Ltd.		200		20,589
Nippon Paper Industries Co. Ltd.(b)		800		9,936
Nippon Shinyaku Co. Ltd.		300		24,700
Nippon Shokubai Co. Ltd.(b)		1,000		53,329
Nippon Telegraph & Telephone Corp.		700		14,292
Nippon Television Holdings, Inc.		2,900		31,181
Nisshin Seifun Group, Inc.		9,800		155,537
Nitori Holdings Co. Ltd.		2,300		477,139
Nitto Denko Corp.		900		58,634
Nomura Real Estate Master Fund, Inc.		33		41,341
NS Solutions Corp.		300		9,244
NTT Data Corp.		9,900		126,693
NTT DOCOMO, Inc.		20,400		749,620
Obic Co. Ltd.		2,200		386,898
Omron Corp.		4,400		344,019
Oracle Corp. Japan		600		64,786
Oriental Land Co. Ltd.(b)		5,200		729,275
Otsuka Corp.		700		35,771
Otsuka Holdings Co. Ltd.		3,400		144,042
Panasonic Corp.		7,600		64,737
PeptiDream, Inc.(a)		2,500		117,322
Pola Orbis Holdings, Inc.		24,400		460,070
Rakuten, Inc.		30,200		325,645
Recruit Holdings Co. Ltd.		13,800		548,072
Ricoh Co. Ltd.		1,600		10,800
Rohm Co. Ltd.		6,600		510,246
Sankyu Inc.		700		27,644
Sanwa Holdings Corp.		4,100		43,474
SCSK Corp.		1,300		72,734
Sega Sammy Holdings, Inc.		1,000		12,188
Seiko Epson Corp.(b)		17,700		203,554
Seven & i Holdings Co. Ltd.		56,900		1,767,888
Sharp Corp.		1,300		16,171
Shikoku Electric Power Co., Inc.		1,300		9,913
Shimadzu Corp.		7,200		219,142
Shimano, Inc.		900		177,656
Shin-Etsu Chemical Co. Ltd.		100		13,085
Shionogi & Co. Ltd.		8,700		465,661
Shizuoka Bank Ltd.		4,300		29,696
SMC Corp.		400		223,135
Softbank Corp.(b)		40,400		451,443
SoftBank Group Corp.		20,800		1,286,990
Sojitz Corp.(b)		7,100		16,113
Sony Corp.(b)		24,400		1,870,065
Sugi Holdings Co. Ltd.		1,300		91,915
Sumitomo Chemical Co. Ltd.		102,400		338,942
Sumitomo Corp.		26,400		318,238
Sumitomo Heavy Industries Ltd.		4,300		100,043
Sumitomo Mitsui Financial Group, Inc.		48,800		1,364,487
Sumitomo Mitsui Trust Holdings, Inc.		11,800		313,925
Sumitomo Rubber Industries Ltd.		33,100		307,470
Suntory Beverage & Food Ltd.		10,300		386,800
Sysmex Corp.		3,600		344,455
T&D Holdings, Inc.		24,100		237,586
Taisho Pharmaceutical Holdings Co. Ltd.		200		13,171
Takara Bio Inc.		1,400		38,053
Takeda Pharmaceutical Co. Ltd.		40,800		1,458,311
TDK Corp.		200		21,839
Teijin Ltd.		2,400		37,220

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

Schedule of Investments (unaudited) (continued) September 30, 2020 International Tilts Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Terumo Corp.		200	$	7,963
Tokio Marine Holdings, Inc.		11,600		507,553
Tokyo Broadcasting System Holdings, Inc.		800		13,823
Tokyu Fudosan Holdings Corp.		2,300		9,935
Toray Industries, Inc.		9,900		45,292
Toshiba Corp.		1,100		28,060
TOTO Ltd.		600		27,648
Toyo Seikan Group Holdings Ltd.		1,300		12,860
Toyota Motor Corp.		39,800		2,641,526
Trend Micro, Inc.		600		36,563
TS Tech Co. Ltd.		4,800		135,707
Ube Industries Ltd.		7,400		124,966
Unicharm Corp.		12,300		550,096
West Japan Railway Co.		8,900		439,734
Yakult Honsha Co. Ltd.		8,900		494,173
Yamada Denki Co. Ltd.		74,400		371,028
Yamaguchi Financial Group, Inc.		4,800		31,200
Yamaha Corp.		1,300		62,349
Yaoko Co. Ltd.		200		14,854
Yaskawa Electric Corp.		12,500		489,039
Yokogawa Electric Corp.		8,700		138,169
Z Holdings Corp.		57,300		382,731
Zeon Corp.		5,600		58,734
				49,856,562
Luxembourg — 0.1%
RTL Group SA(a)		2,875		113,160
Macau — 0.2%
MGM China Holdings Ltd.		10,800		13,460
Sands China Ltd.		97,600		378,318
Wynn Macau Ltd.(a)(b)		9,600		15,406
				407,184
Netherlands — 4.5%
ABN AMRO Bank NV(c)		28,892		241,523
Akzo Nobel NV		10,753		1,086,810
Argenx SE(a)		590		155,858
ASML Holding NV		7,688		2,839,739
EXOR NV		2,386		129,519
ING Groep NV(a)		98,407		702,318
Just Eat Takeaway.com NV(a)(c)		2,921		326,996
Koninklijke Philips NV(a)		40,342		1,904,913
Royal Dutch Shell PLC		85,462		1,054,877
Signify NV(a)(c)		2,476		91,580
				8,534,133
New Zealand — 0.2%
Fisher & Paykel Healthcare Corp. Ltd.		10,468		231,034
Vector Ltd.		5,687		16,170
Xero Ltd.(a)		2,669		194,691
				441,895
Norway — 0.5%
Aker Carbon Capture AS(a)		9		6
Aker Offshore Wind Holding AS(a)		9		5
Aker Solutions ASA(a)		13		13
Dolphin Drilling ASA(a)(b)(d)		8		—
Equinor ASA		38,049		539,065
Gjensidige Forsikring ASA		17,253		350,145
Leroy Seafood Group ASA		1,900		10,910
NEL ASA(a)		54,249		98,630
				998,774

Security	Shares		Value
Portugal — 0.2%
EDP - Energias de Portugal SA		55,066	$	270,756
Singapore — 0.4%
Ascendas Real Estate Investment Trust		64,200		153,626
Jardine Cycle & Carriage Ltd.		8,300		110,171
Oversea-Chinese Banking Corp. Ltd.(b)		10,300		64,053
Singapore Press Holdings Ltd.		13,600		10,421
Singapore Technologies Engineering Ltd.(b)		86,000		219,156
United Overseas Bank Ltd.(b)		8,400		118,332
				675,759
South Africa — 0.1%
Anglo American PLC		7,689		186,024
Spain — 2.1%
Aena SME SA(a)(c)		724		100,801
Banco Bilbao Vizcaya Argentaria SA		207,328		575,529
Banco de Sabadell SA		129,036		44,786
Banco Santander SA(a)		13,518		25,214
Bankia SA		7,556		11,002
EDP Renovaveis SA		5,531		91,819
Grifols SA , Class A		3,951		113,611
Iberdrola SA		87,048		1,071,438
Industria de Diseno Textil SA		49,266		1,362,914
Mediaset Espana Comunicacion SA(a)		9		33
Naturgy Energy Group SA		8,764		175,759
Repsol SA		33,012		223,016
Siemens Gamesa Renewable Energy SA		6,569		177,771
Zardoya Otis SA		2,011		12,249
				3,985,942
Sweden — 3.3%
Alfa Laval AB(a)		12,197		269,243
Assa Abloy AB, Class B		23,628		552,425
Atlas Copco AB, A Shares		50,619		2,268,509
Electrolux AB, Series B		8,551		199,331
Epiroc AB, Class A		44,477		644,305
Epiroc AB, Class B		5,704		79,175
EQT AB		7,854		152,404
Evolution Gaming Group AB(c)		3,713		245,330
Fabege AB		10,235		141,547
Husqvarna AB, B Shares		2,955		32,494
Industrivarden AB, C Shares(a)		593		15,770
Kinnevik AB, Class B		3,702		150,258
L E Lundbergforetagen AB, B Shares(a)		6,430		317,700
Lifco AB, B Shares		140		10,829
Samhallsbyggnadsbolaget i Norden AB		8,816		26,581
Sinch AB(a)(c)		183		14,923
SSAB AB, -A Shares(a)		28,741		95,447
Svenska Cellulosa AB SCA, Class B(a)		12,160		166,707
Sweco AB, B Shares		252		13,960
Swedbank AB, A Shares(a)		3,518		55,077
Tele2 AB, Class B		8,359		117,853
Telefonaktiebolaget LM Ericsson		3,015		32,994
Volvo AB, B Shares(a)		32,991		633,752
				6,236,614
Switzerland — 8.8%
Alcon, Inc.(a)		6,443		365,290
Baloise Holding AG, Registered Shares		433		63,748
Banque Cantonale Vaudoise, Registered Shares		152		15,425
Cie Financiere Richemont SA, Registered Shares		12,668		850,565
Credit Suisse Group AG, Registered Shares		11,293		112,735

4

Schedule of Investments (unaudited) (continued) September 30, 2020 International Tilts Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Givaudan SA, Registered Shares		323	$	1,394,652
Kuehne + Nagel International AG, Registered Shares		3,770		732,033
Lonza Group AG, Registered Shares		1,011		623,924
Nestle SA, Registered Shares		42,622		5,072,528
Novartis AG, Registered Shares		21,345		1,853,265
Roche Holding AG		6,486		2,221,718
SGS SA, Registered Shares		218		584,205
SIG Combibloc Group AG		2,324		46,469
Sika AG, Registered Shares(b)		8,073		1,982,338
Swiss Re AG		9,626		714,046
				16,632,941
United Kingdom — 11.9%
Abcam PLC		6,577		103,876
Associated British Foods PLC		1		24
AstraZeneca PLC		21,826		2,384,805
Auto Trader Group PLC(c)		93,045		675,544
Bellway PLC		3,077		93,262
Berkeley Group Holdings PLC		3,816		208,020
BP PLC		292,062		844,637
British American Tobacco PLC		37,521		1,345,926
BT Group PLC		231,102		292,719
Centrica PLC		110,556		57,204
CNH Industrial NV(a)		12,727		98,435
Compass Group PLC		6,754		101,457
ConvaTec Group PLC(c)		39,309		90,556
Diageo PLC		64,990		2,232,320
Dialog Semiconductor PLC(a)		353		15,385
Dunelm Group PLC		4,540		81,747
Experian PLC		45,957		1,726,805
Fiat Chrysler Automobiles NV(a)		11,498		141,137
GlaxoSmithKline PLC		70,886		1,328,934
GVC Holdings PLC(a)		14,175		177,531
HomeServe PLC		17,139		273,106
Howden Joinery Group PLC		67,111		510,788
HSBC Holdings PLC		110,116		430,802
IG Group Holdings PLC		20,633		210,765
Inchcape PLC(a)		1,631		9,249
Informa PLC(a)		102,666		497,588
ITV PLC		134,999		117,686
JD Sports Fashion PLC		14,751		153,980
Johnson Matthey PLC		6,055		183,999
Kingfisher PLC		104,095		398,725
Lloyds Banking Group PLC(a)		1,426,095		484,133
M&G PLC		20,261		41,645
Marks & Spencer Group PLC		70,508		88,478
Meggitt PLC		35,383		117,419
Micro Focus International PLC(a)		23,294		74,051
Ocado Group PLC(a)		9,787		346,159
Persimmon PLC		3,218		102,552
Pets at Home Group PLC		11,291		61,719
Prudential PLC		2,501		35,885
Reckitt Benckiser Group PLC		4,510		439,749
RELX PLC		12,814		285,215
Rentokil Initial PLC(a)		22,125		152,925
Rightmove PLC		13,170		106,471
Rolls-Royce Holdings PLC		10,584		17,573
Schroders PLC		3,571		124,020
Smith & Nephew PLC		4,795		93,931

Security	Shares		Value
United Kingdom (continued)
Smiths Group PLC		32,432	$	573,710
Spirax-Sarco Engineering PLC		218		31,044
SSE PLC		21,296		331,454
Standard Chartered PLC(a)		20,595		94,770
Taylor Wimpey PLC		29,890		41,795
Tesco PLC		158,389		434,509
Travis Perkins PLC		3,213		44,954
Unilever NV		31,766		1,929,064
Unilever PLC		16,996		1,047,857
Vodafone Group PLC		272,284		360,893
Wm Morrison Supermarkets PLC		51,578		113,210
WPP PLC		3,283		25,785
				22,387,982
United States — 0.1%
Ferguson PLC		1,609		161,914
Total Common Stocks — 95.9% (Cost: $168,203,846)				181,026,533
Preferred Securities
Preferred Stocks — 0.4%
Germany — 0.4%
Bayerische Motoren Werke AG, Preference Shares		385		21,041
Sartorius AG, Preference Shares		586		240,186
Volkswagen AG, Preference Shares(a)		3,827		615,807
Total Preferred Securities — 0.4% (Cost: $861,272)				877,034
Total Long-Term Investments — 96.3% (Cost: $169,065,118)				181,903,567
Short-Term Securities
Money Market Funds — 4.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(e)(f)(g)		4,095,670		4,099,356
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.08%(e)(f)		4,341,738		4,341,738
Total Short-Term Securities — 4.5% (Cost: $8,438,728)				8,441,094
Total Investments — 100.8% (Cost: $177,503,846)				190,344,661
Liabilities in Excess of Other Assets — (0.8)%				(1,582,409	)
Net Assets — 100.0%			$	188,762,252

^(a)  Non-income producing security.

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

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

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

^(e)  Affiliate of the Master Portfolio.

^(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.

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

Schedule of Investments (unaudited) (continued) September 30, 2020 International Tilts Master Portfolio

Affiliates

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

Affiliated Issuer	Value at 12/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/20		Shares Held at 09/30/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,503,622	$	595,388	(a)	$	—	$	(1,522	)	$	1,868	$	4,099,356		4,095,670	$	28,102	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,224,018		3,117,720	(a)		—		—			—		4,341,738		4,341,738		10,992			—
								$	(1,522	)	$	1,868	$	8,441,094			$	39,094		$	—
(a)  Represents net amount purchased (sold). (b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI EAFE Index		69		12/18/20	$	6,394	$	(171,477	)

Fair Value Hierarchy as of Period End

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

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

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

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Master Portfolio’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	12,903,416	$	—	$	12,903,416
Austria		54,698		749,689		—		804,387
Belgium		—		751,028		—		751,028

6

Schedule of Investments (unaudited) (continued) September 30, 2020 International Tilts Master Portfolio

Fair Value Hierarchy as of Period End (continued)

	Level 1				Level 2		Level 3		Total
Common Stocks (continued)
China	$	—			$	1,865,686	$	—	$	1,865,686
Denmark		444,049				2,706,048		—		3,150,097
Finland		—				4,018,508		—		4,018,508
France		—				21,599,574		—		21,599,574
Germany		771,222				16,295,658		—		17,066,880
Hong Kong		—				4,331,973		—		4,331,973
Ireland		—				400,023		—		400,023
Israel		—				175,327		—		175,327
Italy		—				3,069,994		—		3,069,994
Japan		—				49,856,562		—		49,856,562
Luxembourg		—				113,160		—		113,160
Macau		—				407,184		—		407,184
Netherlands		—				8,534,133		—		8,534,133
New Zealand		—				441,895		—		441,895
Norway		11				998,763		—		998,774
Portugal		—		��		270,756		—		270,756
Singapore		—				675,759		—		675,759
South Africa		—				186,024		—		186,024
Spain		—				3,985,942		—		3,985,942
Sweden		—				6,236,614		—		6,236,614
Switzerland		—				16,632,941		—		16,632,941
United Kingdom		103,876				22,284,106		—		22,387,982
United States		—				161,914		—		161,914
Preferred Securities
Preferred Stocks		—				877,034		—		877,034
Short-Term Securities
Money Market Funds		8,441,094				—		—		8,441,094
	$	9,814,950			$	180,529,711	$	—	$	190,344,661
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(171,477	)		$	—	$	—	$	(171,477	)

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

Portfolio Abbreviation
DIP	Debtor-In-Possession
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
SCA	Svenska Celluosa Aktiebolaget

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