Master Large Cap Series NPORT-P Master Advantage Large Cap Value Portfolio (Aug 2020 report)

Schedule of Investments  (unaudited)  August 31, 2020 BlackRock Advantage Large Cap Value Fund (Percentages shown are based on Net Assets)

Security	Investment Value		Value
Investment Companies
Equity Funds — 100.0%
Master Advantage Large Cap Value Portfolio(a)	$	515,946,608	$	515,946,608
Total Investments — 100.0%
(Cost: $462,620,947)				515,946,608
Liabilities in Excess of Other Assets — (0.0)%			(227,851)
Net Assets — 100.0%			$515,718,757

^(a)  Affiliate of the Fund.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 05/31/20		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Investment Value Held at 08/31/20		Income (Expense)		Capital Gain Distributions from Underlying Funds
Master Advantage Large Cap Value Portfolio	$	497,398,150	$	—	$	(19,571,874	)(a)(b)	$	(497,685	)	$	38,618,017	$	515,946,608	$	515,946,608	$	2,307,521	$	—

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

^(b)  Inclusive of income and expense, allocated from the Master Portfolio.

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 Portfolio”), 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 Portfolio was $515,946,608 and 99.9%, 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 Directors 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)

• 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. Financial instruments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to the Fund’s most recent financial statements.

Certain investments of the Fund were fair valued using net asset value (“NAV”) per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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Schedule of Investments  (unaudited)  August 31, 2020 Master Advantage Large Cap Value Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.2%
Axon Enterprise, Inc.(a)		2,311	$	198,006
Boeing Co.		1,758		302,060
Curtiss-Wright Corp.		14,050		1,437,596
Hexcel Corp.		6,511		256,468
L3Harris Technologies, Inc.		7,324		1,323,740
Lockheed Martin Corp.		1,229		479,630
Mercury Systems, Inc.(a)		3,211		243,201
Northrop Grumman Corp.		1,874		642,051
Raytheon Technologies Corp.		8,244		502,884
Teledyne Technologies, Inc.(a)		3,218		1,009,197
				6,394,833
Air Freight & Logistics — 0.2%
CH Robinson Worldwide, Inc.		864		84,931
FedEx Corp.		5,133		1,128,439
				1,213,370
Airlines — 0.6%
Alaska Air Group, Inc.		30,486		1,187,430
Delta Air Lines, Inc.		60,472		1,865,561
				3,052,991
Auto Components — 0.4%
Aptiv PLC		23,608		2,033,121
Automobiles — 0.0%
Harley-Davidson, Inc.		7,525		208,518
Banks — 6.7%
Bank of America Corp.		301,094		7,750,160
Bank OZK		8,073		186,002
Citigroup, Inc.		31,992		1,635,431
Citizens Financial Group, Inc.		50,806		1,314,351
Comerica, Inc.		14,006		553,657
Cullen/Frost Bankers, Inc.		17,732		1,231,665
First Hawaiian, Inc.		7,916		130,851
First Horizon National Corp.		80,776		771,411
First Republic Bank		2,235		252,354
JPMorgan Chase & Co.		103,552		10,374,875
PacWest Bancorp		4,790		91,393
PNC Financial Services Group, Inc.		3,390		376,968
Prosperity Bancshares, Inc.		3,508		191,256
Regions Financial Corp.		14,456		167,111
US Bancorp		39,533		1,439,001
Wells Fargo & Co.		303,040		7,318,416
Wintrust Financial Corp.		3,203		139,395
Zions Bancorp NA		24,421		785,379
				34,709,676
Beverages — 1.6%
Brown-Forman Corp., Class B		6,764		494,922
Coca-Cola Co.		17,111		847,508
Coca-Cola European Partners PLC		12,404		510,548
Keurig Dr Pepper, Inc.		8,949		266,949
Molson Coors Beverage Co., Class B		13,152		495,041
PepsiCo, Inc.		40,246		5,636,855
				8,251,823
Biotechnology — 2.9%
AbbVie, Inc.		46,036		4,408,868
Amgen, Inc.		5,104		1,292,945
Biogen, Inc.(a)		7,720		2,220,581
Gilead Sciences, Inc.		104,377		6,967,165
				14,889,559

Security	Shares		Value
Building Products — 1.1%
Advanced Drainage Systems, Inc.		4,034	$	223,806
Allegion PLC		44,539		4,604,887
Lennox International, Inc.		279		78,212
Owens Corning		4,676		316,285
Trex Co., Inc.(a)		1,730		258,618
				5,481,808
Capital Markets — 4.3%
Ameriprise Financial, Inc.		8,022		1,257,850
Bank of New York Mellon Corp.		44,215		1,635,071
Cboe Global Markets, Inc.		16,532		1,517,472
Charles Schwab Corp.		93,994		3,339,607
CME Group, Inc.		18,264		3,212,090
E*TRADE Financial Corp.		1,501		81,204
FactSet Research Systems, Inc.		2,466		864,086
Franklin Resources, Inc.		17,069		359,473
Intercontinental Exchange, Inc.		16,141		1,714,658
Invesco Ltd.		31,969		326,084
Moody’s Corp.		3,652		1,076,025
Morgan Stanley		31,000		1,620,060
Northern Trust Corp.		8,043		658,641
S&P Global, Inc.		4,623		1,693,960
State Street Corp.		12,456		848,129
T Rowe Price Group, Inc.		11,064		1,540,220
TD Ameritrade Holding Corp.		7,459		286,276
				22,030,906
Chemicals — 3.5%
Air Products & Chemicals, Inc.		10,403		3,040,381
Chemours Co.		4,828		99,746
Corteva, Inc.		3,955		112,915
DuPont de Nemours, Inc.		11,143		621,334
Ecolab, Inc.		31,779		6,263,005
FMC Corp.		8,080		863,429
Linde PLC		10,223		2,553,092
Mosaic Co.		87,960		1,603,511
PPG Industries, Inc.		23,022		2,771,849
				17,929,262
Commercial Services & Supplies — 0.2%
Cintas Corp.		1,960		653,150
MSA Safety, Inc.		1,329		167,388
				820,538
Communications Equipment — 1.5%
Cisco Systems, Inc.		182,185		7,691,851
Construction & Engineering — 0.3%
EMCOR Group, Inc.		4,176		313,242
MasTec, Inc.(a)		17,992		831,410
Quanta Services, Inc.		3,543		181,579
				1,326,231
Consumer Finance — 0.7%
Ally Financial, Inc.		66,082		1,511,956
American Express Co.		18,270		1,856,049
Capital One Financial Corp.		4,680		323,061
				3,691,066
Containers & Packaging — 0.3%
International Paper Co.		11,169		405,100
Westrock Co.		38,924		1,180,565
				1,585,665
Distributors — 0.2%
Genuine Parts Co.		8,609		813,034

1

Schedule of Investments  (unaudited) (continued) August 31, 2020 Master Advantage Large Cap Value Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Consumer Services — 0.4%
Bright Horizons Family Solutions, Inc.(a)		8,953	$	1,190,839
H&R Block, Inc.		57,903		839,593
				2,030,432
Diversified Financial Services — 3.2%
Berkshire Hathaway, Inc., Class B(a)		76,110		16,595,025
Equitable Holdings, Inc.		4,777		101,225
				16,696,250
Diversified Telecommunication Services — 2.9%
AT&T Inc.		252,065		7,514,058
CenturyLink, Inc.		66,355		713,316
Verizon Communications, Inc.		110,450		6,546,371
				14,773,745
Electric Utilities — 3.8%
Alliant Energy Corp.		70,993		3,844,271
Eversource Energy		19,350		1,658,489
Exelon Corp.		9,864		364,080
IDACORP, Inc.		23,919		2,150,318
NextEra Energy, Inc.		26,525		7,404,984
Pinnacle West Capital Corp.		24,386		1,788,713
Xcel Energy, Inc.		32,891		2,285,102
				19,495,957
Electrical Equipment — 1.1%
AMETEK, Inc.		15,051		1,515,636
Generac Holdings, Inc.(a)		3,006		571,080
Hubbell, Inc.		25,630		3,714,299
				5,801,015
Electronic Equipment, Instruments & Components — 0.6%
Avnet, Inc.		43,476		1,196,025
National Instruments Corp.		52,956		1,900,591
				3,096,616
Energy Equipment & Services — 0.5%
Baker Hughes Co.		52,088		743,817
ChampionX Corp.(a)		9,199		94,198
National Oilwell Varco, Inc.		17,916		214,992
Schlumberger NV		84,195		1,600,547
TechnipFMC PLC		25,396		195,549
				2,849,103
Entertainment — 0.9%
Walt Disney Co.		33,474		4,414,216
Equity Real Estate Investment Trusts (REITs) — 3.7%
Alexandria Real Estate Equities, Inc.		4,245		714,773
American Tower Corp.		462		115,107
Apartment Investment & Management Co., Class A		2		72
AvalonBay Communities, Inc.		7,446		1,176,915
Boston Properties, Inc.		23,632		2,052,912
Camden Property Trust		6,567		597,203
Douglas Emmett, Inc.		9,665		269,847
Equity Residential		71,206		4,019,579
Essex Property Trust, Inc.		1,533		331,910
Macerich Co.(b)		28,379		225,045
Park Hotels & Resorts, Inc.		37,694		357,716
Prologis, Inc.		75,643		7,704,996
Realty Income Corp.		4,501		279,197
Regency Centers Corp.		14,772		586,596
UDR, Inc.		3,988		138,822
Welltower, Inc.		11,034		634,676
				19,205,366

Security	Shares		Value
Food & Staples Retailing — 1.1%
Costco Wholesale Corp.		11,503	$	3,999,133
Walmart, Inc.		11,395		1,582,196
				5,581,329
Food Products — 2.8%
Campbell Soup Co.		2,432		127,947
General Mills, Inc.		92,647		5,924,776
Hershey Co.		26,718		3,971,363
Hormel Foods Corp.		5,011		255,461
JM Smucker Co.		1,150		138,207
McCormick & Co., Inc.		11,039		2,276,242
Mondelez International, Inc., Class A		29,287		1,710,947
				14,404,943
Gas Utilities — 0.1%
UGI Corp.		22,133		764,252
Health Care Equipment & Supplies — 3.0%
Abbott Laboratories		41,764		4,571,905
DENTSPLY SIRONA, Inc.		4,153		186,345
Edwards Lifesciences Corp.(a)		37,269		3,199,171
Hologic, Inc.(a)		11,518		687,855
IDEXX Laboratories, Inc.(a)		2,038		796,980
Medtronic PLC		39,192		4,211,964
SmileDirectClub, Inc.(a)		17,679		143,554
STERIS PLC		5,628		898,454
Stryker Corp.		3,952		783,128
West Pharmaceutical Services, Inc.		764		216,946
				15,696,302
Health Care Providers & Services — 2.4%
1Life Healthcare, Inc.(a)		4,536		132,315
Anthem, Inc.		11,581		3,260,283
Cardinal Health, Inc.		13,944		707,798
Cigna Corp.		8,843		1,568,483
CVS Health Corp.		43,375		2,694,455
HCA Healthcare, Inc.		8,760		1,188,907
Henry Schein, Inc.(a)		1,262		83,847
Laboratory Corp. of America Holdings(a)		1,896		333,222
McKesson Corp.		11,313		1,735,867
Quest Diagnostics, Inc.		4,235		471,101
UnitedHealth Group, Inc.		416		130,021
				12,306,299
Health Care Technology — 0.1%
Teladoc Health, Inc.(a)(b)		3,450		744,130
Hotels, Restaurants & Leisure — 1.5%
Caesars Entertainment, Inc.(a)		19,527		894,337
Choice Hotels International, Inc.		7,548		749,441
Darden Restaurants, Inc.		15,656		1,356,905
Extended Stay America, Inc.		65,029		812,212
McDonald’s Corp.		6,290		1,343,041
MGM Resorts International		38,505		866,362
Penn National Gaming, Inc.(a)		2,154		110,069
Texas Roadhouse, Inc.		4,348		273,881
Vail Resorts, Inc.		4,562		993,011
Wyndham Destinations, Inc.		18,476		535,619
				7,934,878
Household Durables — 0.1%
DR Horton, Inc.		6,336		452,200
Household Products — 2.7%
Church & Dwight Co., Inc.		7,805		747,953
Clorox Co.		15,528		3,470,508

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Schedule of Investments  (unaudited) (continued) August 31, 2020 Master Advantage Large Cap Value Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Products (continued)
Colgate-Palmolive Co.		47,330	$	3,751,376
Procter & Gamble Co.		43,403		6,003,937
				13,973,774
Industrial Conglomerates — 1.6%
3M Co.		718		117,048
Carlisle Cos., Inc.		5,178		678,059
General Electric Co.		123,070		780,264
Honeywell International, Inc.		27,348		4,527,461
Roper Technologies, Inc.		5,635		2,407,216
				8,510,048
Insurance — 3.2%
Aflac, Inc.		15,376		558,456
Allstate Corp.		5,230		486,390
Arthur J. Gallagher & Co.		3,314		348,964
Brown & Brown, Inc.		9,877		458,293
Cincinnati Financial Corp.		40,942		3,251,204
First American Financial Corp.		13,385		703,650
Globe Life, Inc.		12,688		1,046,506
Hartford Financial Services Group, Inc.		9,945		402,275
Lincoln National Corp.		6,280		226,394
Marsh & McLennan Cos., Inc.		9,133		1,049,473
MetLife, Inc.		21,128		812,583
Prudential Financial, Inc.		57,288		3,882,408
Reinsurance Group of America, Inc.		8,871		813,293
Travelers Cos., Inc.		7,803		905,460
Unum Group		30,253		559,076
Willis Towers Watson PLC		4,839		994,560
				16,498,985
Interactive Media & Services — 1.8%
Alphabet, Inc., Class A(a)		1,858		3,027,667
Alphabet, Inc., Class C(a)		2,175		3,554,342
Cargurus, Inc.(a)		8		195
Twitter, Inc.(a)		72,516		2,942,699
				9,524,903
Internet & Direct Marketing Retail — 1.0%
Amazon.com, Inc.(a)		1,183		4,082,486
Etsy, Inc.(a)		2,499		299,130
Wayfair, Inc., Class A(a)		2,098		622,183
				5,003,799
IT Services — 2.6%
Accenture PLC, Class A		1,105		265,123
Automatic Data Processing, Inc.		13,090		1,820,688
Cognizant Technology Solutions Corp., Class A		4,752		317,719
DXC Technology Co.		11,605		231,868
Fiserv, Inc.(a)		18,025		1,794,929
PayPal Holdings, Inc.(a)		28,789		5,876,986
Visa, Inc., Class A		13,801		2,925,674
				13,232,987
Life Sciences Tools & Services — 0.1%
Agilent Technologies, Inc.		3,483		349,763
Avantor, Inc.(a)		7,479		168,801
				518,564
Machinery — 4.8%
AGCO Corp.		14,911		1,060,172
Caterpillar, Inc.		5,319		756,947
Cummins, Inc.		851		176,370
Deere & Co.		30,451		6,396,537
Fortive Corp.		20,295		1,463,472
Illinois Tool Works, Inc.		10,906		2,154,480

Security	Shares		Value
Machinery (continued)
Oshkosh Corp.		36,049	$	2,776,134
Otis Worldwide Corp.		7,101		446,653
PACCAR, Inc.		34,601		2,970,150
Snap-on, Inc.		11,587		1,718,005
Stanley Black & Decker, Inc.		1,420		229,046
Toro Co.		2,350		176,908
Xylem, Inc.		54,974		4,407,815
				24,732,689
Media — 2.3%
Comcast Corp., Class A		114,100		5,112,821
Discovery, Inc., Class A(a)(b)		51,316		1,132,287
Interpublic Group of Cos., Inc.		156,027		2,771,039
Liberty Media Corp. - Liberty SiriusXM, Class A(a)		2,406		87,362
Nexstar Media Group, Inc., Class A		3,198		307,040
Sirius XM Holdings, Inc.		284,834		1,671,976
TEGNA, Inc.		4,069		50,944
ViacomCBS, Inc., Class A		8,277		252,780
ViacomCBS, Inc., Class B		15,620		435,017
				11,821,266
Metals & Mining — 0.5%
Alcoa Corp.(a)(b)		22,250		325,295
Reliance Steel & Aluminum Co.		13,497		1,415,430
Steel Dynamics, Inc.		24,130		712,318
				2,453,043
Multiline Retail — 0.3%
Kohl’s Corp.		37,170		793,951
Nordstrom, Inc.(b)		53,789		860,624
				1,654,575
Multi-Utilities — 1.1%
Ameren Corp.		40,159		3,176,978
CMS Energy Corp.		16,771		1,014,478
Consolidated Edison, Inc.		19,029		1,357,529
Public Service Enterprise Group, Inc.		6,833		356,956
				5,905,941
Oil, Gas & Consumable Fuels — 3.3%
Chevron Corp.		50,198		4,213,118
Concho Resources, Inc.		13,830		718,883
ConocoPhillips		57,294		2,170,870
Continental Resources, Inc.		26,534		455,854
EOG Resources, Inc.		50,379		2,284,184
Exxon Mobil Corp.		42,098		1,681,394
Kinder Morgan, Inc.		68,636		948,549
Marathon Oil Corp.		149,277		788,183
ONEOK, Inc.		9,340		256,663
Phillips 66		15,923		931,018
Suncor Energy, Inc.		11,927		191,190
Valero Energy Corp.		25,842		1,359,031
Williams Cos., Inc.		42,304		878,231
				16,877,168
Pharmaceuticals — 4.8%
Bristol-Myers Squibb Co.		30,015		1,866,933
Catalent, Inc.(a)		5,116		473,230
Johnson & Johnson		76,240		11,695,978
Merck & Co., Inc.		36,132		3,080,976
Pfizer, Inc.		182,528		6,897,733
Zoetis, Inc.		5,337		854,454
				24,869,304
Professional Services — 0.2%
IHS Markit Ltd.		3,571		285,395

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Schedule of Investments  (unaudited) (continued) August 31, 2020 Master Advantage Large Cap Value Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
Robert Half International, Inc.		12,021	$	639,517
Verisk Analytics, Inc.		272		50,774
				975,686
Real Estate Management & Development — 0.0%
CBRE Group, Inc., Class A(a)(b)		2,503		117,716
Road & Rail — 0.9%
AMERCO		1,173		416,286
CSX Corp.		26,515		2,027,337
Landstar System, Inc.		3,789		504,278
Lyft, Inc., Class A(a)		7,749		229,913
Norfolk Southern Corp.		3,392		720,902
Old Dominion Freight Line, Inc.		604		122,116
Union Pacific Corp.		3,789		729,155
				4,749,987
Semiconductors & Semiconductor Equipment — 3.5%
Analog Devices, Inc.		417		48,739
Applied Materials, Inc.		54,664		3,367,302
Cirrus Logic, Inc.(a)		5,015		303,859
Intel Corp.		205,751		10,483,014
Maxim Integrated Products, Inc.		1,823		124,766
NVIDIA Corp.		6,551		3,504,654
				17,832,334
Software — 1.9%
Atlassian Corp. PLC, Class A(a)		2,616		501,644
Citrix Systems, Inc.		6,358		923,181
Cloudflare, Inc., Class A(a)		12,337		472,014
DocuSign, Inc.(a)		2,286		509,778
Intuit, Inc.		607		209,652
Microsoft Corp.		19,649		4,431,439
RingCentral, Inc., Class A(a)		1,839		534,726
Slack Technologies, Inc., Class A(a)		16,211		532,369
Smartsheet, Inc., Class A(a)		9,465		516,126
Zoom Video Communications, Inc., Class A(a)		1,687		548,444
Zscaler, Inc.(a)		3,547		508,427
				9,687,800
Specialty Retail — 3.2%
Dick’s Sporting Goods, Inc.		13,800		746,856
Five Below, Inc.(a)		6,510		712,520
Foot Locker, Inc.		30,637		929,220
Gap, Inc.		55,616		967,162
Home Depot, Inc.		33,704		9,606,988
Lowe’s Cos., Inc.		9,850		1,622,197
RH(a)		2,287		755,968
TJX Cos., Inc.		20,499		1,123,140
				16,464,051
Technology Hardware, Storage & Peripherals — 0.2%
HP, Inc.		46,814		915,214
NetApp, Inc.		4,844		229,557
				1,144,771

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 0.8%
Lululemon Athletica, Inc.(a)		2,775	$	1,042,484
NIKE, Inc., Class B		7,016		785,020
Ralph Lauren Corp.		8,197		564,200
VF Corp.		22,822		1,500,546
				3,892,250
Thrifts & Mortgage Finance — 0.0%
MGIC Investment Corp.		29,343		269,075
Trading Companies & Distributors — 0.9%
Fastenal Co.		5,019		245,228
GATX Corp.		18,575		1,242,296
SiteOne Landscape Supply, Inc.(a)		1,622		202,831
WESCO International, Inc.(a)		3,010		141,019
WW Grainger, Inc.		7,105		2,596,380
				4,427,754
Water Utilities — 0.6%
American Water Works Co., Inc.		20,603		2,912,028
Wireless Telecommunication Services — 0.5%
Telephone & Data Systems, Inc.		58,175		1,345,588
United States Cellular Corp.(a)		29,546		1,074,883
				2,420,471
Total Long-Term Investments — 96.7% (Cost: $450,757,854)				498,842,254
Short-Term Securities(c)(d)
Money Market Funds — 3.5%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.04%		14,710,717		14,710,717
SL Liquidity Series, LLC, Money Market Series, 0.31%(e)		3,347,124		3,348,797
Total Short-Term Securities — 3.5% (Cost: $18,058,025)				18,059,514
Total Investments — 100.2% (Cost: $468,815,879)				516,901,768
Liabilities in Excess of Other Assets — (0.2)%				(899,170	)
Net Assets — 100.0%			$	516,002,598

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Master 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.

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Schedule of Investments  (unaudited) (continued) August 31, 2020 Master Advantage Large Cap Value Portfolio

Affiliates

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the period ended August 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 05/31/20		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	14,191,241	$	519,476	(a)	$	—	$	—		$	—		$	14,710,717		14,710,717	$	3,047		$	—
SL Liquidity Series, LLC, Money Market Series		1,284,575		2,065,918	(a)		—		(876	)		(820	)		3,348,797		3,347,124		18,413	(b)		—
								$	(876	)	$	(820	)	$	18,059,514			$	21,460		$	—

^(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.

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.

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		101		09/18/20	$	17,669	$	1,296,572

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.

Certain investments of the Master Portfolio were fair valued using net asset value (“NAV”) per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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Schedule of Investments  (unaudited) (continued) August 31, 2020 Master Advantage Large Cap Value Portfolio

The following table summarizes the Master Portfolio’s investments 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	$	498,842,254	$	—	$	—	$	498,842,254
Short-Term Securities
Money Market Funds		14,710,717		—		—		14,710,717
	$	513,552,971	$	—	$	—		513,552,971
Investments Valued at NAV(a)								3,348,797
							$	516,901,768
Derivative Financial Instruments(b)
Assets
Equity Contracts	$	1,296,572	$	—	$	—	$	1,296,572

^(a)  Certain investments of the Master 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.

Portfolio Abbreviation
S&P	Standard & Poor’s

6