Schedule of Investments (unaudited)
June 30, 2020
BlackRock Advantage Large Cap Core Fund
(Percentages shown are based on Net Assets)
Security | Investment Value | Value | |
Investment Companies | |||
Equity Funds — 100.0% | |||
Master Advantage Large Cap Core Portfolio(a) | $ 2,661,526,717 | $ 2,661,526,717 | |
Total Investments — 100.0% (Cost: $2,251,268,384) | 2,661,526,717 | ||
Liabilities in Excess of Other Assets — (0.0)% | (831,589) | ||
Net Assets — 100.0% | $ 2,660,695,128 |
(a) | Affiliate of the Fund. |
Affiliates
Investments in issuers considered to be an affiliate/affiliates of the Fund during the period ended June 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Investment Value Held at 09/30/19 | Investment Value Purchased | Investment Value Sold | Investment Value Held at 06/30/20 | Value at 06/30/20 | Income | Net Realized Gain (Loss)(a) | Change in Unrealized Appreciation (Depreciation) | |||
Master Advantage Large Cap Core Portfolio | $2,654,856,128 | $6,670,589(b) | $— | $2,661,526,717 | $ 2,661,526,717 | $ 28,607,736 | $ 38,271,414 | $ 105,787,577 |
(a) | Includes net capital gain distributions, if applicable. |
(b) | Represents net investment value purchased (sold). |
BlackRock Advantage Large Cap Core Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Master Advantage Large Cap Core 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 $2,661,526,717 and 76.8%, 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 the Fund has the ability to access
• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)
• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of 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 semi-annual report.
Certain investments of the Fund were fair valued using net asset value per share (“NAV”) as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
1
Schedule of Investments (unaudited)
June 30, 2020
Master Advantage Large Cap Core Portfolio
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Common Stocks | |||
Aerospace & Defense — 1.3% | |||
Boeing Co. | 21,908 | $ 4,015,736 | |
HEICO Corp. | 39,522 | 3,938,367 | |
Hexcel Corp. | 11,835 | 535,179 | |
L3Harris Technologies, Inc. | 14,710 | 2,495,846 | |
Lockheed Martin Corp. | 36,112 | 13,177,991 | |
Northrop Grumman Corp. | 21,838 | 6,713,875 | |
Spirit AeroSystems Holdings, Inc., Class A | 134,526 | 3,220,552 | |
Teledyne Technologies, Inc.(a) | 29,798 | 9,265,688 | |
43,363,234 | |||
Air Freight & Logistics — 0.3% | |||
FedEx Corp. | 11,768 | 1,650,109 | |
United Parcel Service, Inc., Class B | 84,500 | 9,394,710 | |
11,044,819 | |||
Airlines — 0.3% | |||
Alaska Air Group, Inc. | 47,860 | 1,735,403 | |
Delta Air Lines, Inc. | 227,439 | 6,379,664 | |
Southwest Airlines Co. | 40,749 | 1,392,801 | |
9,507,868 | |||
Auto Components — 0.1% | |||
Dana, Inc. | 62,647 | 763,667 | |
Goodyear Tire & Rubber Co. | 217,784 | 1,948,078 | |
2,711,745 | |||
Automobiles — 0.5% | |||
Tesla, Inc.(a) | 17,223 | 18,597,568 | |
Banks — 3.4% | |||
Bank of America Corp. | 886,381 | 21,051,549 | |
CIT Group, Inc. | 95,002 | 1,969,391 | |
Citigroup, Inc. | 115,607 | 5,907,518 | |
Citizens Financial Group, Inc. | 248,590 | 6,274,412 | |
Comerica, Inc. | 8,843 | 336,918 | |
Cullen/Frost Bankers, Inc. | 81,206 | 6,066,900 | |
East West Bancorp, Inc. | 19,535 | 707,948 | |
First Hawaiian, Inc. | 30,117 | 519,217 | |
First Horizon National Corp. | 72,754 | 724,630 | |
JPMorgan Chase & Co. | 379,093 | 35,657,488 | |
PNC Financial Services Group, Inc. | 51,993 | 5,470,183 | |
Truist Financial Corp. | 17,761 | 666,926 | |
US Bancorp | 89,769 | 3,305,295 | |
Wells Fargo & Co. | 1,064,389 | 27,248,358 | |
Zions Bancorp NA | 29,965 | 1,018,810 | |
116,925,543 | |||
Beverages — 1.8% | |||
Coca-Cola Co. | 380,755 | 17,012,133 | |
Coca-Cola European Partners PLC | 27,354 | 1,032,887 | |
Molson Coors Beverage Co., Class B | 109,155 | 3,750,566 | |
PepsiCo, Inc. | 294,174 | 38,907,453 | |
60,703,039 | |||
Biotechnology — 4.2% | |||
AbbVie, Inc. | 450,708 | 44,250,511 | |
Alexion Pharmaceuticals, Inc.(a) | 5,765 | 647,064 | |
Amgen, Inc. | 105,675 | 24,924,505 | |
Biogen, Inc.(a) | 28,022 | 7,497,286 | |
Bluebird Bio, Inc.(a) | 69,876 | 4,265,231 | |
Gilead Sciences, Inc. | 417,234 | 32,101,984 | |
Moderna, Inc.(a) | 31,275 | 2,008,168 | |
Regeneron Pharmaceuticals, Inc.(a) | 13,470 | 8,400,566 |
Security | Shares | Value | |
Biotechnology (continued) | |||
United Therapeutics Corp.(a) | 17,621 | $ 2,132,141 | |
Vertex Pharmaceuticals, Inc.(a) | 61,985 | 17,994,865 | |
144,222,321 | |||
Building Products — 0.6% | |||
Allegion PLC | 199,012 | 20,343,006 | |
Resideo Technologies, Inc.(a) | 87,679 | 1,027,598 | |
21,370,604 | |||
Capital Markets — 2.4% | |||
Affiliated Managers Group, Inc. | 45,129 | 3,364,818 | |
Ameriprise Financial, Inc. | 4,538 | 680,882 | |
Bank of New York Mellon Corp. | 100,310 | 3,876,982 | |
Charles Schwab Corp. | 267,168 | 9,014,248 | |
CME Group, Inc. | 46,409 | 7,543,319 | |
Evercore, Inc., Class A | 11,745 | 692,015 | |
FactSet Research Systems, Inc. | 29,411 | 9,660,631 | |
Intercontinental Exchange, Inc. | 113,709 | 10,415,744 | |
Moody’s Corp. | 9,709 | 2,667,354 | |
Morgan Stanley | 90,840 | 4,387,572 | |
Northern Trust Corp. | 11,097 | 880,436 | |
S&P Global, Inc. | 78,061 | 25,719,538 | |
State Street Corp. | 12,321 | 783,000 | |
T Rowe Price Group, Inc. | 8,116 | 1,002,326 | |
TD Ameritrade Holding Corp. | 31,476 | 1,145,097 | |
81,833,962 | |||
Chemicals — 1.8% | |||
Air Products & Chemicals, Inc. | 46,217 | 11,159,557 | |
DuPont de Nemours, Inc. | 8,018 | 425,996 | |
Ecolab, Inc. | 141,765 | 28,204,147 | |
Linde PLC | 22,229 | 4,714,993 | |
LyondellBasell Industries NV, Class A | 35,617 | 2,340,749 | |
Mosaic Co. | 190,634 | 2,384,832 | |
PPG Industries, Inc. | 39,648 | 4,205,067 | |
Sherwin-Williams Co. | 15,646 | 9,041,041 | |
62,476,382 | |||
Commercial Services & Supplies — 0.3% | |||
Cintas Corp. | 28,852 | 7,685,019 | |
Copart, Inc.(a) | 28,772 | 2,395,844 | |
10,080,863 | |||
Communications Equipment — 1.6% | |||
Ciena Corp.(a) | 94,827 | 5,135,830 | |
Cisco Systems, Inc. | 1,103,417 | 51,463,369 | |
InterDigital, Inc. | 9 | 510 | |
Motorola Solutions, Inc. | 4,291 | 601,298 | |
57,201,007 | |||
Construction & Engineering — 0.2% | |||
EMCOR Group, Inc. | 28,032 | 1,854,037 | |
Fluor Corp. | 61,213 | 739,453 | |
MasTec, Inc.(a) | 89,177 | 4,001,372 | |
Quanta Services, Inc. | 20,280 | 795,584 | |
7,390,446 | |||
Consumer Finance — 0.7% | |||
Ally Financial, Inc. | 359,328 | 7,125,474 | |
American Express Co. | 115,183 | 10,965,422 | |
Capital One Financial Corp. | 20,197 | 1,264,130 | |
LendingTree, Inc.(a) | 13,523 | 3,915,314 | |
23,270,340 | |||
Containers & Packaging — 0.2% | |||
Westrock Co. | 252,581 | 7,137,939 |
2
Schedule of Investments (unaudited) (continued)
June 30, 2020
Master Advantage Large Cap Core Portfolio
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Diversified Consumer Services — 0.2% | |||
frontdoor, Inc.(a) | 43,746 | $ 1,939,260 | |
Grand Canyon Education, Inc.(a) | 13,102 | 1,186,124 | |
H&R Block, Inc. | 327,403 | 4,675,315 | |
7,800,699 | |||
Diversified Financial Services — 1.7% | |||
Berkshire Hathaway, Inc., Class B(a)(b) | 320,834 | 57,272,077 | |
Diversified Telecommunication Services — 1.2% | |||
AT&T Inc. | 662,219 | 20,018,881 | |
CenturyLink, Inc. | 311,043 | 3,119,761 | |
Verizon Communications, Inc. | 314,818 | 17,355,916 | |
40,494,558 | |||
Electric Utilities — 1.7% | |||
Alliant Energy Corp. | 44,250 | 2,116,920 | |
Eversource Energy | 194,283 | 16,177,945 | |
IDACORP, Inc. | 72,047 | 6,294,746 | |
NextEra Energy, Inc. | 72,085 | 17,312,654 | |
Pinnacle West Capital Corp. | 60,906 | 4,463,801 | |
Xcel Energy, Inc. | 226,631 | 14,164,438 | |
60,530,504 | |||
Electrical Equipment — 0.7% | |||
AMETEK, Inc. | 181,568 | 16,226,732 | |
Hubbell, Inc. | 71,464 | 8,958,727 | |
25,185,459 | |||
Electronic Equipment, Instruments & Components — 0.6% | |||
Avnet, Inc. | 32,458 | 905,091 | |
CDW Corp. | 53,280 | 6,190,070 | |
National Instruments Corp. | 364,118 | 14,095,008 | |
TE Connectivity Ltd. | 5,361 | 437,190 | |
21,627,359 | |||
Energy Equipment & Services — 0.2% | |||
Baker Hughes Co. | 20,051 | 308,585 | |
ChampionX Corp.(a) | 269,548 | 2,630,788 | |
Schlumberger Ltd. | 167,212 | 3,075,029 | |
TechnipFMC PLC(b) | 39,241 | 268,408 | |
6,282,810 | |||
Entertainment — 1.0% | |||
Activision Blizzard, Inc. | 37,437 | 2,841,468 | |
Cinemark Holdings, Inc. | 59,444 | 686,578 | |
Electronic Arts, Inc.(a) | 24,875 | 3,284,744 | |
Netflix, Inc.(a) | 49,970 | 22,738,349 | |
Walt Disney Co. | 18,730 | 2,088,582 | |
Zynga, Inc., Class A(a) | 422,050 | 4,026,357 | |
35,666,078 | |||
Equity Real Estate Investment Trusts (REITs) — 2.5% | |||
Alexandria Real Estate Equities, Inc. | 19,008 | 3,084,048 | |
American Tower Corp. | 58,323 | 15,078,829 | |
AvalonBay Communities, Inc. | 20,399 | 3,154,501 | |
Boston Properties, Inc. | 142,097 | 12,842,727 | |
Camden Property Trust | 4,654 | 424,538 | |
Equity Residential | 118,788 | 6,987,110 | |
Host Hotels & Resorts, Inc. | 299,273 | 3,229,156 | |
Invitation Homes, Inc. | 94,056 | 2,589,362 | |
Lamar Advertising Co., Class A | 23,350 | 1,558,846 | |
Macerich Co.(b) | 224,781 | 2,016,286 | |
National Retail Properties, Inc. | 19,923 | 706,868 | |
Outfront Media, Inc. | 174,183 | 2,468,173 | |
Park Hotels & Resorts, Inc. | 545,934 | 5,399,287 | |
Prologis, Inc. | 161,319 | 15,055,902 | |
Realty Income Corp. | 19,222 | 1,143,709 |
Security | Shares | Value | |
Equity Real Estate Investment Trusts (REITs) (continued) | |||
RLJ Lodging Trust | 312,825 | $ 2,953,068 | |
Service Properties Trust | 89,058 | 631,421 | |
Simon Property Group, Inc. | 61,250 | 4,188,275 | |
UDR, Inc. | 21,386 | 799,409 | |
Ventas, Inc. | 24,870 | 910,739 | |
Welltower, Inc. | 26,412 | 1,366,821 | |
86,589,075 | |||
Food & Staples Retailing — 1.5% | |||
Costco Wholesale Corp. | 160,338 | 48,616,085 | |
Performance Food Group Co.(a) | 86,260 | 2,513,617 | |
Sprouts Farmers Market, Inc.(a) | 50,736 | 1,298,334 | |
52,428,036 | |||
Food Products — 1.4% | |||
General Mills, Inc. | 411,547 | 25,371,872 | |
Hershey Co. | 161,466 | 20,929,223 | |
Lamb Weston Holdings, Inc. | 19,270 | 1,231,931 | |
Mondelez International, Inc., Class A | 17,336 | 886,390 | |
48,419,416 | |||
Gas Utilities — 0.3% | |||
Southwest Gas Holdings, Inc. | 111,076 | 7,669,798 | |
UGI Corp. | 38,766 | 1,232,759 | |
8,902,557 | |||
Health Care Equipment & Supplies — 2.7% | |||
Abbott Laboratories | 212,404 | 19,420,098 | |
Cantel Medical Corp. | 41,701 | 1,844,435 | |
Danaher Corp. | 33,444 | 5,913,903 | |
DENTSPLY SIRONA, Inc. | 42,648 | 1,879,071 | |
Edwards Lifesciences Corp.(a) | 278,822 | 19,269,388 | |
Envista Holdings Corp.(a) | 19,715 | 415,789 | |
Hologic, Inc.(a) | 150,700 | 8,589,900 | |
IDEXX Laboratories, Inc.(a) | 23,911 | 7,894,456 | |
Intuitive Surgical, Inc.(a) | 961 | 547,607 | |
Medtronic PLC | 95,147 | 8,724,980 | |
SmileDirectClub, Inc.(a)(b) | 112,832 | 891,373 | |
Stryker Corp. | 94,223 | 16,978,042 | |
92,369,042 | |||
Health Care Providers & Services — 2.9% | |||
AmerisourceBergen Corp. | 39,971 | 4,027,878 | |
AMN Healthcare Services, Inc.(a)(b) | 18,434 | 833,954 | |
Anthem, Inc. | 61,845 | 16,263,998 | |
Cardinal Health, Inc. | 16,977 | 886,030 | |
Cigna Corp. | 39,839 | 7,475,788 | |
CVS Health Corp. | 285,037 | 18,518,854 | |
HCA Healthcare, Inc. | 25,049 | 2,431,256 | |
McKesson Corp. | 48,420 | 7,428,596 | |
Quest Diagnostics, Inc. | 4,409 | 502,450 | |
UnitedHealth Group, Inc. | 139,180 | 41,051,141 | |
99,419,945 | |||
Health Care Technology — 0.4% | |||
Teladoc Health, Inc.(a) | 25,116 | 4,793,137 | |
Veeva Systems, Inc., Class A(a) | 38,944 | 9,129,253 | |
13,922,390 | |||
Hotels, Restaurants & Leisure — 1.6% | |||
Boyd Gaming Corp. | 103,487 | 2,162,878 | |
Chipotle Mexican Grill, Inc.(a) | 3,994 | 4,203,126 | |
Choice Hotels International, Inc.(b) | 42,862 | 3,381,812 | |
Darden Restaurants, Inc. | 58,643 | 4,443,380 | |
Domino’s Pizza, Inc. | 15,565 | 5,750,334 | |
Extended Stay America, Inc. | 401,482 | 4,492,584 |
3
Schedule of Investments (unaudited) (continued)
June 30, 2020
Master Advantage Large Cap Core Portfolio
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Hotels, Restaurants & Leisure (continued) | |||
International Game Technology PLC | 63,246 | $ 562,889 | |
Las Vegas Sands Corp. | 32,023 | 1,458,327 | |
McDonald’s Corp. | 84,797 | 15,642,503 | |
MGM Resorts International(b) | 30,804 | 517,507 | |
Penn National Gaming, Inc.(a) | 37,240 | 1,137,310 | |
Texas Roadhouse, Inc. | 71,415 | 3,754,286 | |
Vail Resorts, Inc. | 8,240 | 1,500,916 | |
Yum! Brands, Inc. | 77,003 | 6,692,331 | |
55,700,183 | |||
Household Durables — 0.0% | |||
DR Horton, Inc. | 20,327 | 1,127,132 | |
Household Products — 1.9% | |||
Church & Dwight Co., Inc. | 135,159 | 10,447,791 | |
Clorox Co. | 68,928 | 15,120,735 | |
Colgate-Palmolive Co. | 16,848 | 1,234,285 | |
Procter & Gamble Co. | 322,441 | 38,554,270 | |
65,357,081 | |||
Industrial Conglomerates — 1.0% | |||
3M Co. | 21,568 | 3,364,392 | |
General Electric Co. | 79,678 | 544,201 | |
Honeywell International, Inc. | 138,419 | 20,014,003 | |
Roper Technologies, Inc. | 27,024 | 10,492,338 | |
34,414,934 | |||
Insurance — 1.9% | |||
Arthur J. Gallagher & Co. | 82,131 | 8,006,951 | |
Brown & Brown, Inc. | 25,518 | 1,040,114 | |
Cincinnati Financial Corp. | 189,734 | 12,148,668 | |
First American Financial Corp. | 77,884 | 3,739,990 | |
Globe Life, Inc. | 100,618 | 7,468,874 | |
Lincoln National Corp. | 34,451 | 1,267,452 | |
Marsh & McLennan Cos., Inc. | 53,964 | 5,794,115 | |
MetLife, Inc. | 66,082 | 2,413,315 | |
Progressive Corp. | 20,444 | 1,637,769 | |
Prudential Financial, Inc. | 236,521 | 14,404,129 | |
Travelers Cos., Inc. | 12,510 | 1,426,765 | |
Unum Group | 114,981 | 1,907,535 | |
Willis Towers Watson PLC | 14,350 | 2,826,232 | |
WR Berkley Corp. | 31,444 | 1,801,427 | |
65,883,336 | |||
Interactive Media & Services — 4.8% | |||
Alphabet, Inc., Class A(a) | 46,466 | 65,891,111 | |
Alphabet, Inc., Class C(a) | 34,557 | 48,850,121 | |
Facebook, Inc., Class A(a) | 188,626 | 42,831,306 | |
Twitter, Inc.(a) | 227,347 | 6,772,667 | |
Yelp, Inc.(a) | 68,522 | 1,584,914 | |
165,930,119 | |||
Internet & Direct Marketing Retail — 5.3% | |||
Amazon.com, Inc.(a) | 62,979 | 173,747,725 | |
eBay, Inc. | 122,212 | 6,410,019 | |
Etsy, Inc.(a) | 9,924 | 1,054,226 | |
Grubhub, Inc.(a)(b) | 10,740 | 755,022 | |
Wayfair, Inc., Class A(a) | 10,137 | 2,003,173 | |
183,970,165 | |||
IT Services — 5.3% | |||
Accenture PLC, Class A | 14,497 | 3,112,796 | |
Amdocs Ltd. | 72,281 | 4,400,467 | |
Automatic Data Processing, Inc. | 200,255 | 29,815,967 | |
Broadridge Financial Solutions, Inc. | 8,216 | 1,036,777 | |
Cognizant Technology Solutions Corp., Class A | 8,870 | 503,993 |
Security | Shares | Value | |
IT Services (continued) | |||
Fiserv, Inc.(a) | 65,943 | $ 6,437,356 | |
Jack Henry & Associates, Inc. | 24,899 | 4,582,163 | |
Mastercard, Inc., Class A | 126,023 | 37,265,001 | |
Paychex, Inc. | 256,472 | 19,427,754 | |
PayPal Holdings, Inc.(a) | 254,576 | 44,354,777 | |
Visa, Inc., Class A | 163,390 | 31,562,046 | |
182,499,097 | |||
Leisure Products — 0.0% | |||
Peloton Interactive, Inc., Class A(a) | 6,532 | 377,354 | |
Life Sciences Tools & Services — 0.1% | |||
Mettler-Toledo International, Inc.(a) | 1,673 | 1,347,685 | |
Thermo Fisher Scientific, Inc. | 6,443 | 2,334,557 | |
3,682,242 | |||
Machinery — 1.9% | |||
AGCO Corp. | 24,793 | 1,375,020 | |
Deere & Co. | 32,896 | 5,169,606 | |
Fortive Corp. | 16,980 | 1,148,867 | |
IDEX Corp. | 42,900 | 6,779,916 | |
Illinois Tool Works, Inc. | 56,484 | 9,876,227 | |
Middleby Corp.(a) | 47,914 | 3,782,331 | |
Oshkosh Corp. | 194,610 | 13,937,968 | |
PACCAR, Inc. | 215,510 | 16,130,924 | |
Snap-on, Inc. | 39,706 | 5,499,678 | |
Xylem, Inc. | 30,028 | 1,950,619 | |
65,651,156 | |||
Media — 1.7% | |||
AMC Networks, Inc., Class A(a) | 127,914 | 2,991,909 | |
Comcast Corp., Class A | 352,780 | 13,751,364 | |
Discovery, Inc., Class A(a)(b) | 334,179 | 7,051,177 | |
Interpublic Group of Cos., Inc. | 952,759 | 16,349,344 | |
Liberty Media Corp. - Liberty SiriusXM, Class A(a) | 9,987 | 344,751 | |
Sirius XM Holdings, Inc.(b) | 2,871,834 | 16,857,666 | |
ViacomCBS, Inc., Class B | 56,821 | 1,325,066 | |
58,671,277 | |||
Metals & Mining — 0.2% | |||
Alcoa Corp.(a) | 243,274 | 2,734,400 | |
Reliance Steel & Aluminum Co. | 36,858 | 3,498,930 | |
6,233,330 | |||
Mortgage Real Estate Investment Trusts (REITs) — 0.0% | |||
Two Harbors Investment Corp. | 124,371 | 626,830 | |
Multiline Retail — 0.3% | |||
Macy’s, Inc.(b) | 369,624 | 2,543,013 | |
Target Corp. | 79,879 | 9,579,889 | |
12,122,902 | |||
Multi-Utilities — 0.7% | |||
Ameren Corp. | 91,753 | 6,455,741 | |
Avista Corp. | 10,875 | 395,741 | |
CMS Energy Corp. | 50,828 | 2,969,372 | |
Consolidated Edison, Inc. | 127,566 | 9,175,822 | |
DTE Energy Co. | 50,021 | 5,377,258 | |
Public Service Enterprise Group, Inc. | 6,335 | 311,429 | |
24,685,363 | |||
Oil, Gas & Consumable Fuels — 1.7% | |||
Chevron Corp. | 117,904 | 10,520,574 | |
Concho Resources, Inc. | 19,554 | 1,007,031 | |
ConocoPhillips | 178,205 | 7,488,174 | |
Continental Resources, Inc. | 224,632 | 3,937,799 | |
EOG Resources, Inc. | 234,385 | 11,873,944 |
4
Schedule of Investments (unaudited) (continued)
June 30, 2020
Master Advantage Large Cap Core Portfolio
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Oil, Gas & Consumable Fuels (continued) | |||
Exxon Mobil Corp. | 104,176 | $ 4,658,751 | |
Marathon Oil Corp. | 847,158 | 5,184,607 | |
Marathon Petroleum Corp. | 19,138 | 715,378 | |
PBF Energy, Inc., Class A | 34,025 | 348,416 | |
Pioneer Natural Resources Co. | 7,199 | 703,342 | |
Suncor Energy, Inc. | 193,322 | 3,259,409 | |
Valero Energy Corp. | 92,926 | 5,465,907 | |
Williams Cos., Inc. | 287,674 | 5,471,560 | |
60,634,892 | |||
Paper & Forest Products — 0.1% | |||
Domtar Corp. | 218,447 | 4,611,416 | |
Pharmaceuticals — 4.0% | |||
Bristol-Myers Squibb Co. | 255,859 | 15,044,509 | |
Elanco Animal Health, Inc.(a) | 48,898 | 1,048,862 | |
Eli Lilly and Co. | 56,472 | 9,271,573 | |
Johnson & Johnson | 223,327 | 31,406,476 | |
Merck & Co., Inc. | 557,570 | 43,116,888 | |
Mylan NV(a)(b) | 177,541 | 2,854,859 | |
Pfizer, Inc. | 511,571 | 16,728,372 | |
Zoetis, Inc. | 132,367 | 18,139,574 | |
137,611,113 | |||
Professional Services — 0.4% | |||
IHS Markit Ltd. | 63,311 | 4,779,980 | |
Insperity, Inc. | 12,493 | 808,672 | |
Robert Half International, Inc. | 149,794 | 7,913,617 | |
13,502,269 | |||
Road & Rail — 0.9% | |||
AMERCO | 11,832 | 3,575,512 | |
CSX Corp. | 74,819 | 5,217,877 | |
Landstar System, Inc. | 69,535 | 7,809,476 | |
Lyft, Inc., Class A(a) | 13,602 | 449,002 | |
Norfolk Southern Corp. | 35,385 | 6,212,545 | |
Union Pacific Corp. | 43,632 | 7,376,862 | |
30,641,274 | |||
Semiconductors & Semiconductor Equipment — 4.7% | |||
Applied Materials, Inc. | 262,407 | 15,862,503 | |
Cirrus Logic, Inc.(a) | 128,789 | 7,956,584 | |
Intel Corp. | 695,409 | 41,606,321 | |
Lam Research Corp. | 41,757 | 13,506,719 | |
Maxim Integrated Products, Inc. | 16,562 | 1,003,823 | |
NVIDIA Corp. | 142,489 | 54,132,996 | |
Skyworks Solutions, Inc. | 94,704 | 12,108,853 | |
Texas Instruments, Inc. | 110,502 | 14,030,439 | |
Xilinx, Inc. | 16,987 | 1,671,351 | |
161,879,589 | |||
Software — 10.3% | |||
Adobe, Inc.(a) | 86,763 | 37,768,802 | |
Atlassian Corp. PLC, Class A(a) | 33,664 | 6,068,609 | |
Citrix Systems, Inc. | 36,723 | 5,431,699 | |
Cloudflare, Inc., Class A(a) | 105,248 | 3,783,666 | |
DocuSign, Inc.(a) | 38,672 | 6,659,705 | |
HubSpot, Inc.(a) | 17,123 | 3,841,545 | |
Intuit, Inc. | 55,176 | 16,342,579 | |
Microsoft Corp. | 1,055,254 | 214,754,742 | |
New Relic, Inc.(a) | 23,280 | 1,603,992 | |
RingCentral, Inc., Class A(a)(b) | 25,487 | 7,264,050 | |
salesforce.com, Inc.(a) | 98,586 | 18,468,115 | |
ServiceNow, Inc.(a) | 11,097 | 4,494,951 | |
Slack Technologies, Inc., Class A(a) | 145,175 | 4,513,491 | |
Smartsheet, Inc., Class A(a) | 77,149 | 3,928,427 |
Security | Shares | Value | |
Software (continued) | |||
VMware, Inc., Class A(a) | 6,311 | $ 977,321 | |
Workday, Inc., Class A(a) | 23,146 | 4,336,635 | |
Zendesk, Inc.(a) | 32,348 | 2,863,768 | |
Zoom Video Communications, Inc., Class A(a) | 32,312 | 8,192,384 | |
Zscaler, Inc.(a) | 39,865 | 4,365,218 | |
355,659,699 | |||
Specialty Retail — 2.7% | |||
Best Buy Co., Inc. | 62,991 | 5,497,225 | |
Home Depot, Inc. | 218,488 | 54,733,429 | |
Lowe’s Cos., Inc. | 215,717 | 29,147,681 | |
TJX Cos., Inc. | 109,658 | 5,544,308 | |
94,922,643 | |||
Technology Hardware, Storage & Peripherals — 4.7% | |||
Apple Inc. | 430,826 | 157,165,325 | |
HP, Inc. | 171,368 | 2,986,944 | |
NetApp, Inc. | 32,686 | 1,450,278 | |
161,602,547 | |||
Textiles, Apparel & Luxury Goods — 0.8% | |||
Lululemon Athletica, Inc.(a) | 13,032 | 4,066,114 | |
NIKE, Inc., Class B | 227,535 | 22,309,807 | |
Ralph Lauren Corp. | 14,175 | 1,027,971 | |
VF Corp. | 14,828 | 903,618 | |
28,307,510 | |||
Thrifts & Mortgage Finance — 0.0% | |||
MGIC Investment Corp. | 120,021 | 982,972 | |
Tobacco — 0.0% | |||
Altria Group, Inc. | 32,593 | 1,279,275 | |
Trading Companies & Distributors — 0.2% | |||
GATX Corp. | 127,514 | 7,775,804 | |
WW Grainger, Inc. | 1,124 | 353,116 | |
8,128,920 | |||
Water Utilities — 0.7% | |||
American Water Works Co., Inc. | 178,957 | 23,024,608 | |
Wireless Telecommunication Services — 0.3% | |||
Telephone & Data Systems, Inc. | 343,462 | 6,828,024 | |
United States Cellular Corp.(a) | 129,200 | 3,988,404 | |
10,816,428 | |||
Total Common Stocks — 96.9% (Cost: $2,809,400,002) | 3,355,285,341 | ||
Rights | |||
Pharmaceuticals — 0.0% | |||
Bristol-Myers Squibb Co., CVR(a) | 87,067 | 311,700 | |
Total Rights — 0.0% (Cost: $200,254) | 311,700 | ||
Total Long-Term Investments — 96.9% (Cost: $2,809,600,256) | 3,355,597,041 | ||
Short-Term Securities | |||
Money Market Funds — 3.6% | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.11%(c)(d) | 99,120,916 | 99,120,916 | |
SL Liquidity Series, LLC, Money Market Series, 0.50%(c)(d)(e) | 25,757,153 | 25,777,759 | |
124,898,675 |
5
Schedule of Investments (unaudited) (continued)
June 30, 2020
Master Advantage Large Cap Core Portfolio
(Percentages shown are based on Net Assets)
Security | Par (000) | Value | |
Time Deposits — 0.0% | |||
United States — 0.0% | |||
BNP Paribas S.A., 0.10%, 07/01/20 (Cost: $485,276) | USD | 485 | $ 485,276 |
Total Short-Term Securities — 3.6% (Cost: $125,362,559) | 125,383,951 | ||
Total Investments — 100.5% (Cost: $2,934,962,815) | 3,480,980,992 | ||
Liabilities in Excess of Other Assets — (0.5)% | (17,617,476) | ||
Net Assets — 100.0% | $ 3,463,363,516 |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Affiliate of the Portfolio. |
(d) | Annualized 7-day yield as of period end. |
(e) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be an affiliate/affiliates of the Portfolio during the period ended June 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Shares Held at 09/30/19 | Shares Purchased | Shares Sold | Shares Held at 06/30/20 | Value at 06/30/20 | Income | Net Realized Gain (Loss)(a) | Change in Unrealized Appreciation (Depreciation) | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class | 38,261,121 | 60,859,795(b) | — | 99,120,916 | $ 99,120,916 | $ 282,297 | $ 69 | $ — | |||
SL Liquidity Series, LLC, Money Market Series | 9,759,892 | 15,997,261(b) | — | 25,757,153 | 25,777,759 | 194,399(c) | 30,632 | 21,201 | |||
$ 124,898,675 | $ 476,696 | $ 30,701 | $ 21,201 |
(a) | Includes net capital gain distributions, if applicable. |
(b) | Represents net shares purchased (sold). |
(c) | 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. |
For Master Portfolio compliance purposes, the Master Portfolio’s sector classifications refer to one or more of the sector 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 sector sub-classifications for reporting ease.
Currency Abbreviation | |
USD | United States Dollar |
Portfolio Abbreviation | |
S&P | Standard & Poor’s |
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 | 718 | 09/18/20 | $ 110,938 | $ 2,266,161 |
6
Schedule of Investments (unaudited) (continued)
June 30, 2020
Master Advantage Large Cap Core Portfolio
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative 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 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 investments and derivative 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 investments and derivative financial instruments is based on the pricing transparency of the investments and derivative 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 investments and derivative financial instruments, refer to the Master Portfolio’s most recent financial statements as contained in its semi-annual report.
Certain investments of the Master Portfolio were fair valued using net asset value per share (“NAV”) as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
The following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | ||||
Assets | |||||||
Investments | |||||||
Long-Term Investments | |||||||
Common Stocks | $ 3,355,285,341 | $ — | $ — | $ 3,355,285,341 | |||
Rights | 311,700 | — | — | 311,700 | |||
Short-Term Securities | |||||||
Money Market Funds | 99,120,916 | — | — | 99,120,916 | |||
Time Deposits | — | 485,276 | — | 485,276 | |||
$ 3,454,717,957 | $ 485,276 | $ — | 3,455,203,233 | ||||
Investments Valued at NAV(a) | 25,777,759 | ||||||
$ 3,480,980,992 | |||||||
Derivative Financial Instruments(b) | |||||||
Assets | |||||||
Equity Contracts | $ 2,266,161 | $ — | $ — | $ 2,266,161 |
The breakdown of the Portfolio’s investments into major categories is disclosed in the Schedule of Investments above. |
(a) | 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. |
(b) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
7