Master Large Cap Series NPORT-P Master Advantage Large Cap Value Portfolio (Dec 2019 report)

Schedule of Investments  (unaudited)  December 31, 2019 BlackRock Advantage Large Cap Value Fund (Percentages shown are based on Net Assets)

Security	Value
Mutual Fund — 100.0%
Master Advantage Large Cap Value Portfolio	$	651,552,399
Total Investments — 100.0% (Cost: $561,648,123)		651,552,399
Liabilities in Excess of Other Assets — 0.0%		(238,427	)
Net Assets — 100.0%	$	651,313,972

BlackRock Advantage Large Cap Value Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Master Advantage Large Cap Value Portfolio (the “Master LLC”), which has the same investment objective and strategies as the Fund. As of period end, the value of the investment and the percentage owned by the Fund of the Master LLC was $651,552,399 and 99.9%, respectively.

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. 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 each Fund has the ability to access

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

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

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 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 Master LLC’s most recent financial statements as contained in its annual report.

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.

1

Schedule of Investments  (unaudited)  December 31, 2019 Master Advantage Large Cap Value Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 98.9%
Aerospace & Defense — 2.2%
Curtiss-Wright Corp.		6,736	$	949,035
General Dynamics Corp.		1,134		199,981
Hexcel Corp.		8,494		622,695
Lockheed Martin Corp.		17,752		6,912,274
Northrop Grumman Corp.		714		245,595
Raytheon Co.		4,784		1,051,236
Teledyne Technologies, Inc.(a)		13,400		4,643,636
				14,624,452
Air Freight & Logistics — 0.0%
Expeditors International of Washington, Inc.		1,163		90,737
Airlines — 0.6%
Alaska Air Group, Inc.		16,722		1,132,915
Delta Air Lines, Inc.		8,066		471,700
United Airlines Holdings, Inc.(a)		29,306		2,581,566
				4,186,181
Auto Components — 0.4%
Dana, Inc.		29,423		535,499
Goodyear Tire & Rubber Co.		113,315		1,762,615
				2,298,114
Automobiles — 0.9%
Ford Motor Co.		297,812		2,769,652
General Motors Co.		77,729		2,844,881
Harley-Davidson, Inc.		3,969		147,607
				5,762,140
Banks — 9.5%
Bank of America Corp.		339,527		11,958,141
Bank OZK		10,551		321,858
CIT Group, Inc.		47,244		2,155,744
Citigroup, Inc.		45,492		3,634,356
Citizens Financial Group, Inc.		55,457		2,252,109
Comerica, Inc.		2,948		211,519
Cullen/Frost Bankers, Inc.		23,317		2,279,936
East West Bancorp, Inc.		38,825		1,890,777
First Citizens BancShares, Inc., Class A		291		154,873
First Hawaiian, Inc.		8,062		232,589
First Horizon National Corp.		82,069		1,359,063
JPMorgan Chase & Co.		129,653		18,073,628
PacWest Bancorp		4,981		190,623
People’s United Financial, Inc.		13,419		226,781
Pinnacle Financial Partners, Inc.		1,098		70,272
PNC Financial Services Group, Inc.		11,371		1,815,153
Regions Financial Corp.		22,879		392,604
SVB Financial Group(a)		336		84,349
Synovus Financial Corp.		2,196		86,083
Truist Financial Corp.		42,598		2,399,119
U.S. Bancorp		46,719		2,769,970
Wells Fargo & Co.		161,675		8,698,115
Zions Bancorp NA		15,189		788,613
				62,046,275
Beverages — 0.6%
Coca-Cola Co.		7,009		387,948
Coca-Cola European Partners PLC		4,695		238,882
Molson Coors Beverage Co., Class B		24,503		1,320,712
Monster Beverage Corp.(a)		10,245		651,070
PepsiCo, Inc.		10,110		1,381,734
				3,980,346
Biotechnology — 2.6%
AbbVie, Inc.		7,043		623,587
Alexion Pharmaceuticals, Inc.(a)		1,916		207,215
Amgen, Inc.		553		133,312
Biogen, Inc.(a)		6,443		1,911,831
Gilead Sciences, Inc.		158,589		10,305,113

Security	Shares		Value
Biotechnology (continued)
Regeneron Pharmaceuticals, Inc.(a)		7,001	$	2,628,735
United Therapeutics Corp.(a)		9,664		851,205
Vertex Pharmaceuticals, Inc.(a)		801		175,379
				16,836,377
Building Products — 1.0%
Allegion PLC		51,839		6,456,029
Resideo Technologies, Inc.(a)		27,842		332,155
				6,788,184
Capital Markets — 4.5%
Affiliated Managers Group, Inc.		12,863		1,090,011
Bank of New York Mellon Corp.		44,840		2,256,797
Charles Schwab Corp.		46,542		2,213,538
CME Group, Inc.		19,063		3,826,325
Evercore, Inc., Class A		9,981		746,180
FactSet Research Systems, Inc.		6,665		1,788,219
Intercontinental Exchange, Inc.		51,776		4,791,869
Invesco Ltd.		27,626		496,715
Moody’s Corp.		844		200,374
Morgan Stanley		142,723		7,296,000
Nasdaq, Inc.		5,852		626,749
S&P Global, Inc.		9,524		2,600,528
SEI Investments Co.		6,566		429,942
TD Ameritrade Holding Corp.		18,290		909,013
				29,272,260
Chemicals — 1.9%
Air Products & Chemicals, Inc.		13,269		3,118,082
CF Industries Holdings, Inc.		26,918		1,285,065
Corteva, Inc.		16,464		486,676
DuPont de Nemours, Inc.		9,482		608,744
Ecolab, Inc.		4,850		936,001
Linde PLC		993		211,410
LyondellBasell Industries NV, Class A		31,433		2,969,790
Mosaic Co.		68,468		1,481,648
PPG Industries, Inc.		6,796		907,198
Sherwin-Williams Co.		653		381,052
				12,385,666
Commercial Services & Supplies — 0.1%
ADT, Inc.(b)		61,009		483,801
Republic Services, Inc.		2,610		233,934
				717,735
Communications Equipment — 0.1%
Ciena Corp.(a)		19,698		840,908
Construction & Engineering — 0.4%
AECOM(a)		11,470		494,701
Fluor Corp.		48,938		923,949
MasTec, Inc.(a)		13,314		854,226
				2,272,876
Consumer Finance — 1.7%
Ally Financial, Inc.		85,544		2,614,225
American Express Co.		29,079		3,620,045
Capital One Financial Corp.		44,878		4,618,395
				10,852,665
Containers & Packaging — 0.4%
Graphic Packaging Holding Co.		6,232		103,763
Packaging Corp. of America		1,849		207,070
Westrock Co.		54,730		2,348,464
				2,659,297
Diversified Consumer Services — 0.2%
frontdoor, Inc.(a)		4,510		213,864
H&R Block, Inc.		51,959		1,219,997
				1,433,861

1

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Advantage Large Cap Value Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Financial Services — 3.6%
AXA Equitable Holdings, Inc.		33,834	$	838,407
Berkshire Hathaway, Inc., Class B(a)(b)		98,592		22,331,088
				23,169,495
Diversified Telecommunication Services — 4.0%
AT&T Inc.		283,466		11,077,851
CenturyLink, Inc.		103,342		1,365,148
Verizon Communications, Inc.		222,300		13,649,220
				26,092,219
Electric Utilities — 2.9%
Alliant Energy Corp.		80,465		4,403,045
IDACORP, Inc.		24,262		2,591,182
OGE Energy Corp.		34,145		1,518,428
Pinnacle West Capital Corp.		30,512		2,743,944
Xcel Energy, Inc.		116,173		7,375,824
				18,632,423
Electrical Equipment — 1.1%
AMETEK, Inc.		40,000		3,989,600
Eaton Corp. PLC		3,881		367,608
Hubbell, Inc.		19,623		2,900,672
				7,257,880
Electronic Equipment, Instruments & Components — 0.8%
Avnet, Inc.		17,716		751,867
CDW Corp.		15,323		2,188,737
National Instruments Corp.		57,116		2,418,291
				5,358,895
Energy Equipment & Services — 0.4%
National Oilwell Varco, Inc.		18,183		455,484
Patterson-UTI Energy, Inc.		50,634		531,657
TechnipFMC PLC		3,173		68,029
Transocean Ltd.(a)		209,147		1,438,931
				2,494,101
Entertainment — 1.9%
Activision Blizzard, Inc.		16,323		969,913
Cinemark Holdings, Inc.		26,022		880,845
Electronic Arts, Inc.(a)		1,349		145,031
Take-Two Interactive Software, Inc.(a)		11,096		1,358,483
Walt Disney Co.		56,457		8,165,376
Zynga, Inc., Class A(a)		104,180		637,582
				12,157,230
Equity Real Estate Investment Trusts (REITs) — 4.5%
Apartment Investment & Management Co., Class A		2		103
Boston Properties, Inc.		19,477		2,685,099
Brandywine Realty Trust		108,819		1,713,899
Equity Residential		22,249		1,800,389
Essex Property Trust, Inc.		1,557		468,439
Host Hotels & Resorts, Inc.		93,163		1,728,174
Invitation Homes, Inc.		80,938		2,425,712
Lamar Advertising Co., Class A		9,394		838,508
National Retail Properties, Inc.		11,943		640,384
Outfront Media, Inc.		31,071		833,324
Park Hotels & Resorts, Inc.		177,530		4,592,701
Prologis, Inc.		20,966		1,868,909
Realty Income Corp.		915		67,371
Regency Centers Corp.		14,992		945,845
RLJ Lodging Trust		98,379		1,743,276
Simon Property Group, Inc.		37,956		5,653,926
SL Green Realty Corp.		5,170		475,020
UDR, Inc.		11,498		536,957
Ventas, Inc.		5,077		293,146

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Welltower, Inc.		1,037	$	84,806
				29,395,988
Food & Staples Retailing — 1.7%
Costco Wholesale Corp.		12,898		3,790,980
Performance Food Group Co.(a)		27,375		1,409,265
Walmart, Inc.		51,447		6,113,961
				11,314,206
Food Products — 1.5%
General Mills, Inc.		32,503		1,740,861
Hershey Co.		39,221		5,764,703
Hormel Foods Corp.		42,666		1,924,663
Kraft Heinz Co.		4,111		132,086
				9,562,313
Gas Utilities — 0.3%
Atmos Energy Corp.		6,729		752,706
Southwest Gas Holdings, Inc.		16,397		1,245,680
				1,998,386
Health Care Equipment & Supplies — 2.3%
Abbott Laboratories		765		66,448
Danaher Corp.		11,905		1,827,179
DexCom, Inc.(a)		1,624		355,234
Edwards Lifesciences Corp.(a)		6,049		1,411,171
Hologic, Inc.(a)		20,699		1,080,695
IDEXX Laboratories, Inc.(a)(b)		1,107		289,071
Medtronic PLC		52,400		5,944,780
SmileDirectClub, Inc.(a)(b)		74,428		650,501
Stryker Corp.		15,241		3,199,696
				14,824,775
Health Care Providers & Services — 2.3%
AmerisourceBergen Corp.		7,925		673,783
Anthem, Inc.		16,396		4,952,084
Cigna Corp.		7,944		1,624,469
CVS Health Corp.		91,278		6,781,043
Humana, Inc.		369		135,246
McKesson Corp.		6,284		869,203
				15,035,828
Health Care Technology — 0.1%
Veeva Systems, Inc., Class A(a)		4,534		637,752
Hotels, Restaurants & Leisure — 2.3%
Carnival Corp.		31,731		1,612,887
Choice Hotels International, Inc.		31,750		3,283,902
Darden Restaurants, Inc.		19,669		2,144,118
Dunkin’ Brands Group, Inc.		2,838		214,383
Extended Stay America, Inc.		131,889		1,959,871
International Game Technology PLC		41,660		623,650
McDonald’s Corp.		22,850		4,515,388
Penn National Gaming, Inc.(a)		3,876		99,071
Texas Roadhouse, Inc.		5,553		312,745
				14,766,015
Household Durables — 0.4%
DR Horton, Inc.		39,325		2,074,394
Garmin Ltd.		3,439		335,509
				2,409,903
Household Products — 2.6%
Church & Dwight Co., Inc.		30,376		2,136,648

2

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Advantage Large Cap Value Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Products (continued)
Procter & Gamble Co.		118,375	$	14,785,037
				16,921,685
Industrial Conglomerates — 1.2%
Carlisle Cos., Inc.		3,485		564,012
General Electric Co.		95,091		1,061,216
Honeywell International, Inc.		16,772		2,968,644
Roper Technologies, Inc.		8,600		3,046,378
				7,640,250
Insurance — 5.1%
Aflac, Inc.		18,042		954,422
Allstate Corp.		47,679		5,361,504
Arthur J. Gallagher & Co.		25,617		2,439,507
Brighthouse Financial, Inc.(a)		1,694		66,456
Brown & Brown, Inc.		13,570		535,744
Cincinnati Financial Corp.		20,947		2,202,577
First American Financial Corp.		51,592		3,008,845
Globe Life, Inc.		21,280		2,239,720
Hartford Financial Services Group, Inc.		10,094		613,412
Lincoln National Corp.		32,050		1,891,270
Marsh & McLennan Cos., Inc.		4,145		461,794
MetLife, Inc.		53,439		2,723,786
Progressive Corp.		15,883		1,149,770
Prudential Financial, Inc.		39,328		3,686,607
Reinsurance Group of America, Inc.		2,596		423,304
Travelers Cos., Inc.		17,279		2,366,359
Unum Group		37,089		1,081,515
Willis Towers Watson PLC		5,765		1,164,184
WR Berkley Corp.		15,043		1,039,471
				33,410,247
Interactive Media & Services — 0.1%
Cargurus, Inc.(a)		8		281
Pinterest, Inc., Class A(a)(b)		14,555		271,305
TripAdvisor, Inc.		13,445		408,459
				680,045
Internet & Direct Marketing Retail — 0.0%
Qurate Retail, Inc., Series A(a)		16,133		136,001
IT Services — 1.4%
Automatic Data Processing, Inc.		13,993		2,385,806
Broadridge Financial Solutions, Inc.		3,545		437,949
GoDaddy, Inc., Class A(a)		4,135		280,849
Jack Henry & Associates, Inc.		2,887		420,549
Mastercard, Inc., Class A		14,255		4,256,400
Paychex, Inc.		16,720		1,422,203
				9,203,756
Machinery — 2.8%
AGCO Corp.		14,225		1,098,881
Deere & Co.		6,443		1,116,314
IDEX Corp.		11,442		1,968,024
Oshkosh Corp.		42,977		4,067,773
PACCAR, Inc.		102,049		8,072,076
Snap-on, Inc.		11,755		1,991,297
				18,314,365
Media — 1.9%
AMC Networks, Inc., Class A(a)		19,130		755,635
Comcast Corp., Class A		75,109		3,377,652
Discovery, Inc., Class A(a)(b)		51,028		1,670,657
Interpublic Group of Cos., Inc.		170,142		3,930,280
Liberty Media Corp. — Liberty SiriusXM, Class A(a)		3,762		181,855
Sinclair Broadcast Group, Inc., Class A		3,296		109,889
Sirius XM Holdings, Inc.(b)		252,128		1,802,715

Security	Shares		Value
Media (continued)
ViacomCBS, Inc., Class A		8,400	$	376,908
				12,205,591
Metals & Mining — 0.6%
Alcoa Corp.(a)		61,409		1,320,908
Freeport-McMoRan, Inc.		22,288		292,419
Reliance Steel & Aluminum Co.		14,097		1,688,257
Royal Gold, Inc.		1,554		189,976
Steel Dynamics, Inc.		18,085		615,613
				4,107,173
Multiline Retail — 0.7%
Dollar General Corp.		16,381		2,555,108
Target Corp.		17,190		2,203,930
				4,759,038
Multi-Utilities — 2.4%
Ameren Corp.		53,447		4,104,730
Consolidated Edison, Inc.		65,835		5,956,092
DTE Energy Co.		45,197		5,869,734
				15,930,556
Oil, Gas & Consumable Fuels — 7.5%
Chevron Corp.		45,653		5,501,643
ConocoPhillips		65,263		4,244,053
Continental Resources, Inc.		36,390		1,248,177
Devon Energy Corp.		31,953		829,819
EOG Resources, Inc.		62,975		5,274,786
Exxon Mobil Corp.		254,340		17,747,845
Kinder Morgan, Inc.		69,628		1,474,025
Marathon Oil Corp.		70,960		963,637
Marathon Petroleum Corp.		57,056		3,437,624
Phillips 66		19,717		2,196,671
Range Resources Corp.		61,296		297,286
Suncor Energy, Inc.		12,104		397,011
Valero Energy Corp.		26,994		2,527,988
Williams Cos., Inc.		108,640		2,576,941
				48,717,506
Paper & Forest Products — 0.3%
Domtar Corp.		55,104		2,107,177
Personal Products — 0.4%
Estee Lauder Cos., Inc., Class A		13,062		2,697,825
Pharmaceuticals — 5.8%
Allergan PLC		9,277		1,773,484
Bristol-Myers Squibb Co.		76,375		4,902,511
Catalent, Inc.(a)		2		113
Johnson & Johnson		121,662		17,746,836
Merck & Co., Inc.		27,092		2,464,017
Mylan NV(a)		62,869		1,263,667
Pfizer, Inc.		213,395		8,360,816
Zoetis, Inc.		10,287		1,361,484
				37,872,928
Professional Services — 0.1%
IHS Markit Ltd.(a)		2,311		174,134
Robert Half International, Inc.		12,198		770,304
				944,438
Road & Rail — 0.5%
CSX Corp.		15,587		1,127,875
Landstar System, Inc.		8,517		969,831
Lyft, Inc., Class A(a)		2,173		93,482
Old Dominion Freight Line, Inc.		2,335		443,136

3

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Advantage Large Cap Value Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail (continued)
Ryder System, Inc.		10,198	$	553,853
				3,188,177
Semiconductors & Semiconductor Equipment — 3.4%
Analog Devices, Inc.		2,096		249,089
Applied Materials, Inc.		55,275		3,373,986
Cirrus Logic, Inc.(a)		18,970		1,563,318
Cypress Semiconductor Corp.		16,429		383,289
Intel Corp.		206,386		12,352,202
Lam Research Corp.		7,227		2,113,175
Micron Technology, Inc.(a)		33,552		1,804,427
Skyworks Solutions, Inc.		3,437		415,465
				22,254,951
Software — 0.7%
Cloudflare, Inc., Class A(a)(b)		23,382		398,897
Intuit, Inc.		8,963		2,347,679
Paylocity Holding Corp.(a)		1,250		151,025
salesforce.com, Inc.(a)		1,479		240,545
ServiceNow, Inc.(a)		4,887		1,379,698
Workday, Inc., Class A(a)		1,814		298,312
				4,816,156
Specialty Retail — 0.8%
AutoNation, Inc.(a)		1,392		67,693
Home Depot, Inc.		22,763		4,970,984
				5,038,677
Technology Hardware, Storage & Peripherals — 0.2%
Dell Technologies, Inc., Class C(a)		1		51
HP, Inc.		63,864		1,312,405
Western Digital Corp.		3,166		200,946
				1,513,402
Textiles, Apparel & Luxury Goods — 0.2%
Ralph Lauren Corp.		8,512		997,777
Thrifts & Mortgage Finance — 0.1%
Essent Group Ltd.		4,146		215,551
MGIC Investment Corp.		29,767		421,798
				637,349
Tobacco — 1.1%
Altria Group, Inc.		55,394		2,764,715
Philip Morris International, Inc.		48,542		4,130,439
				6,895,154
Trading Companies & Distributors — 0.3%
GATX Corp.		21,742		1,801,325
Watsco, Inc.		1,600		288,240
				2,089,565
Water Utilities — 1.0%
American Water Works Co., Inc.		52,462		6,444,957
Wireless Telecommunication Services — 0.5%
Telephone & Data Systems, Inc.		79,513		2,022,016
United States Cellular Corp.(a)		29,961		1,085,487
				3,107,503
Total Long-Term Investments — 99.0% (Cost: $558,917,078)				644,787,732

Security	Shares		Value
Short-Term Securities — 3.0%
Money Market Funds — 3.0%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.51%(c)(e)		4,894,926	$	4,894,926
SL Liquidity Series, LLC, Money Market Series, 1.80%(c)(d)(e)		15,015,794		15,018,797
Total Short-Term Investments — 3.0% (Cost: $19,913,715)				19,913,723
Total Investments — 102.0% (Cost: $578,830,793)				664,701,455
Liabilities in Excess of Other Assets — (2.0)%				(13,088,705	)
Net Assets — 100.0%			$	651,612,750

^(a)  Non-income producing security.

^(b)  Security, or a portion of the security, is on loan.

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

^(d) Security was purchased with the cash collateral from loaned securities.

4

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Advantage Large Cap Value Portfolio     

^(e)  During the period ended December 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 09/30/19		Net Activity			Shares Held at 12/31/19		Value at 12/31/19		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		7,376,795		(2,481,869	)		4,894,926	$	4,894,926	$	22,850		$	11		$	—
SL Liquidity Series, LLC, Money Market Series		2,979,961		12,035,833			15,015,794		15,018,797		27,980	(b)		(192	)		(1	)
								$	19,913,723	$	50,830		$	(181	)	$	(1	)

^(a)  Includes net capital gain distributions, if applicable.

^(b)  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.

Portfolio Abbreviation
S&P	Standard & Poor’s

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

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		37		03/20/20		$	5,978		$	92,621

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. 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 each Fund has the ability to access

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

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

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 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 as contained in its annual report.

The following tables summarize the Portfolio’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments(a)	$	644,787,732	$	—	$	—	$	644,787,732
Short-Term Securities		4,894,926		—		—		4,894,926
Subtotal	$	649,682,658	$	—	$	—	$	649,682,658
Investments Valued at Net Asset Value (“NAV”)(b)								15,018,797
Total Investments							$	664,701,455

^(a)  See above Schedule of Investments for values in each industry.

^(b)  Certain investments of the portfolio were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

5

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Advantage Large Cap Value Portfolio     

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets:
Equity contracts	$	92,621	$	—	$	—	$	92,621

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

6