Schedule of Investments (unaudited)
June 30, 2021
BlackRock Advantage Large Cap Core Fund
(Percentages shown are based on Net Assets)
Security | Β | Investment Value | Value |
Investment Companies | |||
Equity Funds β 100.0% | |||
Master Advantage Large Cap Core Portfolio(a) | Β | $ββ3,399,613,384 | $ββ3,399,613,384 |
Total Investments β 100.0% (Cost: $2,465,526,086) | 3,399,613,384 | ||
Liabilities in Excess of Other Assets β (0.0)% | (1,181,828) | ||
Net Assets β 100.0% | $ββ3,398,431,556 |
(a) | Affiliate of the Fund. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended June 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 09/30/20 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Β | Change in Unrealized Appreciation (Depreciation) | Β | Value at 06/30/21 | Investment Value Held at 06/30/21 | Income (Expense) | Β | Capital Gain Distributions from Underlying Funds |
Master Advantage Large Cap Core Portfolio | $ββ2,804,526,325 | $βββ | $ββ(202,664,040)(a)(b) | $ββ431,038,319 | Β | $ββ366,712,780 | Β | $ββ3,399,613,384 | $3,399,613,384 | $ββ22,891,793 | Β | $βββ |
(a) | Represents net amount purchased (sold). |
(b) | Inclusive of income and expense allocated from the Master Portfolio. |
BlackRock Advantage Large Cap Core Fund (the βFundβ) seeks to achieve its investment objective by investing all of its assets in Master Advantage Large Cap Core Portfolio (the βMaster Portfolioβ), 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 $3,399,613,384 and 77.5%, respectively.
The Fund records its investment in the Master Portfolio at fair value. The Fundβs 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:
β’Β Β Β Β Level 1 β Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;
β’Β Β Β Β Level 2 β 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 marketβcorroborated inputs); and
β’Β Β Β Β Level 3 β 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 Committeeβs (the βGlobal Valuation Committeeβsβ) 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 Fundβs policy regarding valuation of financial instruments, refer to its most recent financial statements.
Certain investments of the Fund were fair valued using net asset value (βNAVβ) per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
1
Schedule of Investments (unaudited)
June 30, 2021
Master Advantage Large Cap Core Portfolio
(Percentages shown are based on Net Assets)
Security | Β | Shares | Value |
Common Stocks | |||
Aerospace & Defense β 0.7% | |||
HEICO Corp. | Β | ββββ14,191 | $ββββββ1,978,509 |
Lockheed Martin Corp. | Β | ββββ76,327 | β βββ28,878,321 |
Mercury Systems, Inc.(a) | Β | ββββ19,793 | βββββ1,311,880 |
Β | Β | Β | 32,168,710 |
Air Freight & Logistics β 1.3% | |||
CH Robinson Worldwide, Inc. | Β | ββββ98,835 | β ββββ9,257,875 |
Expeditors International of Washington, Inc. | Β | βββ390,219 | ββββ49,401,725 |
Β | Β | Β | 58,659,600 |
Airlines β 0.1% | |||
Delta Air Lines, Inc.(a) | Β | ββββ82,635 | β ββββ3,574,790 |
Southwest Airlines Co.(a) | Β | ββββ40,638 | βββββ2,157,472 |
Β | Β | Β | 5,732,262 |
Auto Components β 1.1% | |||
BorgWarner, Inc. | Β | βββ988,814 | ββββ47,997,032 |
Automobiles β 1.3% | |||
Tesla, Inc.(a) | Β | ββββ80,658 | ββββ54,823,243 |
Banks β 2.1% | |||
Bank of Hawaii Corp. | Β | βββββ4,107 | β ββββββ345,892 |
Citigroup, Inc. | Β | βββ170,951 | β βββ12,094,783 |
First Hawaiian, Inc. | Β | ββββ29,325 | β ββββββ831,070 |
JPMorgan Chase & Co. | Β | βββ165,695 | β βββ25,772,200 |
Pinnacle Financial Partners, Inc. | Β | ββββ36,757 | β ββββ3,245,276 |
Regions Financial Corp. | Β | 48,277 | β 974,230 |
Signature Bank | Β | 60,638 | β 14,895,725 |
Truist Financial Corp. | Β | 309,179 | β 17,159,434 |
Wells Fargo & Co. | Β | 284,390 | β 12,880,023 |
Wintrust Financial Corp. | Β | 11,804 | β 892,737 |
Zions Bancorp NA | Β | 29,198 | β1,543,406 |
Β | Β | Β | 90,634,776 |
Beverages β 0.9% | |||
Molson Coors Beverage Co., Class B(a) | Β | 97,509 | β 5,235,258 |
PepsiCo, Inc. | Β | 241,849 | β35,834,767 |
Β | Β | Β | 41,070,025 |
Biotechnology β 2.4% | |||
AbbVie, Inc. | Β | 105,961 | β 11,935,447 |
Alexion Pharmaceuticals, Inc.(a) | Β | 2,788 | β 512,183 |
Amgen, Inc. | Β | 52,102 | β 12,699,863 |
BioMarin Pharmaceutical, Inc.(a) | Β | 49,771 | β 4,152,892 |
Gilead Sciences, Inc. | Β | 845,452 | β 58,217,825 |
Vertex Pharmaceuticals, Inc.(a) | Β | 82,024 | β16,538,499 |
Β | Β | Β | 104,056,709 |
Building Products β 1.6% | |||
Allegion PLC | Β | 104,270 | β 14,524,811 |
Carrier Global Corp. | Β | 192,658 | β 9,363,179 |
Lennox International, Inc. | Β | 19,302 | β 6,771,141 |
Owens Corning | Β | 15,531 | β 1,520,485 |
Trane Technologies PLC | Β | 207,815 | β38,267,054 |
Β | Β | Β | 70,446,670 |
Capital Markets β 3.1% | |||
Ameriprise Financial, Inc. | Β | 3,113 | β 774,763 |
Bank of New York Mellon Corp. | Β | 189,279 | β 9,696,763 |
Charles Schwab Corp. | Β | 368,379 | β 26,821,675 |
CME Group, Inc. | Β | 47,816 | β 10,169,507 |
Invesco Ltd. | Β | 282,608 | β 7,554,112 |
Moodyβs Corp. | Β | 56,077 | β 20,320,623 |
Security | Β | Shares | Value |
Capital Markets (continued) | |||
Morgan Stanley | Β | βββ666,103 | $βββββ61,074,984 |
Stifel Financial Corp. | Β | ββββ15,081 | βββββββ978,154 |
Β | Β | Β | 137,390,581 |
Chemicals β 1.4% | |||
Ecolab, Inc. | Β | βββ107,004 | β βββ22,039,614 |
PPG Industries, Inc. | Β | βββ214,298 | β βββ36,381,371 |
Sherwin-Williams Co. | Β | βββββ5,771 | βββββ1,572,309 |
Β | Β | Β | 59,993,294 |
Commercial Services & Supplies β 0.9% | |||
Cintas Corp. | Β | ββββ10,879 | β ββββ4,155,778 |
Copart, Inc.(a) | Β | βββ158,507 | β βββ20,895,978 |
IAA, Inc.(a) | Β | βββ251,129 | ββββ13,696,575 |
Β | Β | Β | 38,748,331 |
Construction & Engineering β 0.2% | |||
EMCOR Group, Inc. | Β | ββββ27,305 | β ββββ3,363,703 |
Quanta Services, Inc. | Β | ββββ78,692 | βββββ7,127,134 |
Β | Β | Β | 10,490,837 |
Construction Materials β 0.0% | |||
Vulcan Materials Co. | Β | βββββ8,099 | βββββ1,409,793 |
Consumer Finance β 1.8% | |||
Ally Financial, Inc. | Β | βββ755,962 | β βββ37,677,146 |
American Express Co. | Β | βββ238,733 | ββββ39,445,854 |
Β | Β | Β | 77,123,000 |
Containers & Packaging β 0.3% | |||
Crown Holdings, Inc. | Β | 146,577 | β14,981,635 |
Distributors β 0.4% | |||
Genuine Parts Co. | Β | 134,361 | β16,992,636 |
Diversified Consumer Services β 0.6% | |||
Bright Horizons Family Solutions, Inc.(a) | Β | 86,423 | β 12,713,687 |
H&R Block, Inc. | Β | 140,906 | β 3,308,473 |
Terminix Global Holdings, Inc.(a) | Β | 216,442 | β10,326,448 |
Β | Β | Β | 26,348,608 |
Diversified Financial Services β 1.0% | |||
Berkshire Hathaway, Inc., Class B(a) | Β | 41,633 | β 11,570,643 |
Voya Financial, Inc. | Β | 523,166 | β32,174,709 |
Β | Β | Β | 43,745,352 |
Diversified Telecommunication Services β 0.1% | |||
AT&T Inc. | Β | 73,972 | β2,128,914 |
Electric Utilities β 1.4% | |||
Eversource Energy | Β | 306,619 | β 24,603,108 |
NextEra Energy, Inc. | Β | 120,652 | β 8,841,379 |
OGE Energy Corp. | Β | 431,310 | β 14,513,581 |
Pinnacle West Capital Corp. | Β | 27,472 | β 2,251,880 |
Southern Co. | Β | 63,420 | β 3,837,544 |
Xcel Energy, Inc. | Β | 98,720 | β6,503,674 |
Β | Β | Β | 60,551,166 |
Electronic Equipment, Instruments & Components β 0.5% | |||
Flex Ltd.(a) | Β | 847,888 | β 15,151,759 |
National Instruments Corp. | Β | 196,723 | β8,317,448 |
Β | Β | Β | 23,469,207 |
Energy Equipment & Services β 0.7% | |||
Schlumberger NV | Β | 917,538 | β 29,370,391 |
TechnipFMC PLC(a) | Β | 232,353 | β2,102,795 |
Β | Β | Β | 31,473,186 |
Entertainment β 2.1% | |||
Live Nation Entertainment, Inc.(a) | Β | 95,264 | β 8,344,174 |
Β
2
Schedule of Investments (unaudited)Β Β (continued)
June 30, 2021
Master Advantage Large Cap Core Portfolio
(Percentages shown are based on Net Assets)
Security | Β | Shares | Value |
Entertainment (continued) | |||
Roku, Inc.(a) | Β | ββββ32,495 | $βββββ14,923,329 |
Spotify Technology SA(a) | Β | ββββ73,896 | β βββ20,364,998 |
Walt Disney Co.(a) | Β | βββ205,653 | β βββ36,147,628 |
Zynga, Inc., Class A(a) | Β | β1,156,582 | ββββ12,294,467 |
Β | Β | Β | 92,074,596 |
Equity Real Estate Investment Trusts (REITs) β 2.1% | |||
Brixmor Property Group, Inc. | Β | βββ285,813 | β ββββ6,542,260 |
Equinix, Inc. | Β | ββββ41,182 | β βββ33,052,673 |
Equity Residential | Β | βββββ5,752 | β ββββββ442,904 |
Macerich Co. | Β | ββββ71,371 | β ββββ1,302,521 |
Prologis, Inc. | Β | βββ432,725 | β βββ51,723,619 |
RLJ Lodging Trust | Β | ββββββββ73 | βββββββββ1,112 |
Β | Β | Β | 93,065,089 |
Food & Staples Retailing β 1.6% | |||
Costco Wholesale Corp. | Β | βββ175,018 | ββββ69,249,372 |
Food Products β 1.4% | |||
Bunge Ltd. | Β | ββββ39,729 | β ββββ3,104,821 |
Conagra Brands, Inc. | Β | βββ266,561 | β ββββ9,697,489 |
Hershey Co. | Β | βββ155,263 | β βββ27,043,709 |
Kellogg Co. | Β | βββ149,635 | β ββββ9,626,020 |
McCormick & Co., Inc. | Β | βββ133,411 | ββββ11,782,860 |
Β | Β | Β | 61,254,899 |
Gas Utilities β 0.3% | |||
Atmos Energy Corp. | Β | 54,345 | β 5,223,098 |
Southwest Gas Holdings, Inc. | Β | 56,354 | β 3,730,071 |
UGI Corp. | Β | 101,245 | β4,688,656 |
Β | Β | Β | 13,641,825 |
Health Care Equipment & Supplies β 3.5% | |||
Align Technology, Inc.(a) | Β | 39,411 | β 24,080,121 |
Danaher Corp. | Β | 99,809 | β 26,784,743 |
Dexcom, Inc.(a) | Β | 101,527 | β 43,352,029 |
Envista Holdings Corp.(a) | Β | 21,238 | β 917,694 |
Hill-Rom Holdings, Inc. | Β | 28,307 | β 3,215,392 |
IDEXX Laboratories, Inc.(a) | Β | 85,868 | β54,229,936 |
Β | Β | Β | 152,579,915 |
Health Care Providers & Services β 2.0% | |||
1Life Healthcare, Inc.(a) | Β | 66,817 | β 2,208,970 |
AmerisourceBergen Corp. | Β | 119,787 | β 13,714,414 |
Anthem, Inc. | Β | 50,677 | β 19,348,479 |
Cigna Corp. | Β | 23,132 | β 5,483,903 |
Henry Schein, Inc.(a) | Β | 72,869 | β 5,406,151 |
McKesson Corp. | Β | 129,960 | β 24,853,550 |
UnitedHealth Group, Inc. | Β | 35,823 | β14,344,962 |
Β | Β | Β | 85,360,429 |
Health Care Technology β 0.3% | |||
Cerner Corp. | Β | 93,257 | β 7,288,967 |
Teladoc Health, Inc.(a) | Β | 23,516 | β3,910,476 |
Β | Β | Β | 11,199,443 |
Hotels, Restaurants & Leisure β 2.4% | |||
Aramark | Β | 49,294 | β 1,836,201 |
Chipotle Mexican Grill, Inc.(a) | Β | 9,105 | β 14,115,846 |
International Game Technology PLC(a) | Β | 235,031 | β 5,631,343 |
Marriott Vacations Worldwide Corp.(a) | Β | 2,591 | β 412,746 |
McDonaldβs Corp. | Β | 43,404 | β 10,025,890 |
MGM Resorts International | Β | 55,543 | β 2,368,909 |
Planet Fitness, Inc., Class A(a) | Β | 54,199 | β 4,078,475 |
Rush Street Interactive, Inc.(a) | Β | 21,826 | β 267,587 |
Shake Shack, Inc., Class A(a) | Β | 110,855 | β 11,863,702 |
Six Flags Entertainment Corp.(a) | Β | 313,327 | β 13,560,792 |
Security | Β | Shares | Value |
Hotels, Restaurants & Leisure (continued) | |||
Travel + Leisure Co. | Β | βββ123,336 | $ββββββ7,332,325 |
Wendyβs Co. | Β | βββ198,854 | β ββββ4,657,161 |
Wyndham Hotels & Resorts, Inc. | Β | ββββ64,975 | β ββββ4,697,043 |
Wynn Resorts Ltd.(a) | Β | βββ179,017 | ββββ21,893,779 |
Β | Β | Β | 102,741,799 |
Household Durables β 0.2% | |||
iRobot Corp.(a) | Β | ββββ38,695 | β ββββ3,613,726 |
KB Home | Β | βββ137,989 | βββββ5,618,912 |
Β | Β | Β | 9,232,638 |
Household Products β 0.9% | |||
Colgate-Palmolive Co. | Β | βββ443,682 | β βββ36,093,531 |
Procter & Gamble Co. | Β | ββββ35,512 | βββββ4,791,634 |
Β | Β | Β | 40,885,165 |
Independent Power and Renewable Electricity Producers β 0.1% | |||
Brookfield Renewable Corp., Class A | Β | ββββ10,887 | β ββββββ456,601 |
Sunnova Energy International, Inc.(a) | Β | βββ147,881 | βββββ5,569,198 |
Β | Β | Β | 6,025,799 |
Industrial Conglomerates β 1.2% | |||
Honeywell International, Inc. | Β | βββ173,367 | β βββ38,028,051 |
Roper Technologies, Inc. | Β | ββββ29,865 | ββββ14,042,523 |
Β | Β | Β | 52,070,574 |
Insurance β 2.8% | |||
Athene Holding Ltd., Class A(a) | Β | ββββ12,103 | β ββββββ816,952 |
First American Financial Corp. | Β | 56,823 | β 3,542,914 |
Marsh & McLennan Cos., Inc. | Β | 186,027 | β 26,170,278 |
MetLife, Inc. | Β | 877,542 | β 52,520,889 |
Progressive Corp. | Β | 176,756 | β 17,359,207 |
Travelers Cos., Inc. | Β | 133,298 | β 19,956,044 |
Willis Towers Watson PLC | Β | 13,760 | β3,165,075 |
Β | Β | Β | 123,531,359 |
Interactive Media & Services β 6.4% | |||
Alphabet, Inc., Class A(a) | Β | 51,273 | β 125,197,899 |
Alphabet, Inc., Class C(a) | Β | 29,948 | β 75,059,271 |
Facebook, Inc., Class A(a) | Β | 189,213 | β 65,791,252 |
Twitter, Inc.(a) | Β | 215,752 | β14,845,895 |
Β | Β | Β | 280,894,317 |
Internet & Direct Marketing Retail β 2.7% | |||
Amazon.com, Inc.(a) | Β | 33,560 | β 115,451,770 |
eBay, Inc. | Β | 40,399 | β 2,836,414 |
Etsy, Inc.(a) | Β | 9,561 | β1,968,036 |
Β | Β | Β | 120,256,220 |
IT Services β 5.8% | |||
Accenture PLC, Class A | Β | 180,847 | β 53,311,887 |
Automatic Data Processing, Inc. | Β | 124,112 | β 24,651,125 |
Fidelity National Information Services, Inc. | Β | 118,261 | β 16,754,036 |
Fiserv, Inc.(a) | Β | 151,214 | β 16,163,265 |
Mastercard, Inc., Class A | Β | 89,903 | β 32,822,686 |
Okta, Inc.(a) | Β | 7,299 | β 1,785,919 |
Paychex, Inc. | Β | 8,641 | β 927,179 |
PayPal Holdings, Inc.(a) | Β | 180,888 | β 52,725,234 |
Twilio, Inc., Class A(a) | Β | 10,505 | β 4,140,651 |
Visa, Inc., Class A | Β | 210,014 | β49,105,474 |
Β | Β | Β | 252,387,456 |
Life Sciences Tools & Services β 0.8% | |||
Agilent Technologies, Inc. | Β | 190,819 | β 28,204,956 |
Bio-Rad Laboratories, Inc., Class A(a) | Β | 761 | β 490,305 |
Bruker Corp. | Β | 27,598 | β 2,096,896 |
Β
3
Schedule of Investments (unaudited)Β Β (continued)
June 30, 2021
Master Advantage Large Cap Core Portfolio
(Percentages shown are based on Net Assets)
Security | Β | Shares | Value |
Life Sciences Tools & Services (continued) | |||
PPD, Inc.(a) | Β | ββββ58,309 | $ββββββ2,687,462 |
Thermo Fisher Scientific, Inc. | Β | βββββ4,950 | βββββ2,497,126 |
Β | Β | Β | 35,976,745 |
Machinery β 2.6% | |||
Caterpillar, Inc. | Β | ββββ52,988 | β βββ11,531,778 |
Deere & Co. | Β | βββ118,364 | β βββ41,748,166 |
Oshkosh Corp. | Β | βββ159,904 | β βββ19,930,435 |
Otis Worldwide Corp. | Β | βββ284,844 | β βββ23,291,694 |
Xylem, Inc. | Β | βββ145,101 | ββββ17,406,316 |
Β | Β | Β | 113,908,389 |
Media β 1.1% | |||
Cardlytics, Inc.(a) | Β | βββββ2,882 | β ββββββ365,812 |
Comcast Corp., Class A | Β | βββ340,544 | β βββ19,417,819 |
Discovery, Inc., Class A(a) | Β | βββ383,582 | β βββ11,768,296 |
Discovery, Inc., Class C(a) | Β | ββββ34,121 | β ββββββ988,827 |
Fox Corp., Class A | Β | ββββ11,342 | β ββββββ421,128 |
Sirius XM Holdings, Inc. | Β | β2,586,669 | ββββ16,916,815 |
Β | Β | Β | 49,878,697 |
Metals & Mining β 0.3% | |||
Reliance Steel & Aluminum Co. | Β | ββββ93,946 | ββββ14,176,451 |
Multiline Retail β 1.2% | |||
Target Corp. | Β | βββ222,411 | ββββ53,765,635 |
Multi-Utilities β 1.2% | |||
Ameren Corp. | Β | 42,825 | β 3,427,713 |
Consolidated Edison, Inc. | Β | 516,057 | β 37,011,608 |
DTE Energy Co. | Β | 96,160 | β 12,462,336 |
NiSource, Inc. | Β | 21,569 | β528,441 |
Β | Β | Β | 53,430,098 |
Oil, Gas & Consumable Fuels β 2.7% | |||
Antero Midstream Corp. | Β | 52,528 | β 545,766 |
Chesapeake Energy Corp. | Β | 71,885 | β 3,732,269 |
Chevron Corp. | Β | 240,442 | β 25,183,895 |
Continental Resources, Inc. | Β | 114,249 | β 4,344,890 |
Devon Energy Corp. | Β | 26,627 | β 777,242 |
EOG Resources, Inc. | Β | 185,728 | β 15,497,144 |
Hess Corp. | Β | 151,282 | β 13,209,944 |
Kinder Morgan, Inc. | Β | 770,824 | β 14,052,122 |
Phillips 66 | Β | 402,711 | β 34,560,658 |
Valero Energy Corp. | Β | 96,004 | β7,495,992 |
Β | Β | Β | 119,399,922 |
Personal Products β 0.4% | |||
Estee Lauder Cos., Inc., Class A | Β | 31,311 | β 9,959,403 |
Herbalife Nutrition Ltd.(a) | Β | 125,967 | β6,642,240 |
Β | Β | Β | 16,601,643 |
Pharmaceuticals β 3.2% | |||
Bristol-Myers Squibb Co. | Β | 529,313 | β 35,368,695 |
Johnson & Johnson | Β | 565,453 | β 93,152,727 |
Pfizer, Inc. | Β | 254,986 | β9,985,252 |
Β | Β | Β | 138,506,674 |
Professional Services β 0.3% | |||
IHS Markit Ltd. | Β | 39,427 | β 4,441,846 |
Robert Half International, Inc. | Β | 82,893 | β7,374,990 |
Β | Β | Β | 11,816,836 |
Real Estate Management & Development β 0.3% | |||
CBRE Group, Inc., Class A(a) | Β | 155,847 | β13,360,763 |
Road & Rail β 0.7% | |||
Landstar System, Inc. | Β | 67,774 | β 10,709,648 |
Security | Β | Shares | Value |
Road & Rail (continued) | |||
Ryder System, Inc. | Β | βββ222,399 | $βββββ16,530,918 |
Schneider National, Inc., Class B | Β | ββββ67,946 | βββββ1,479,184 |
Β | Β | Β | 28,719,750 |
Semiconductors & Semiconductor Equipment β 4.6% | |||
Advanced Micro Devices, Inc.(a) | Β | βββ158,296 | β βββ14,868,743 |
Applied Materials, Inc. | Β | βββ173,599 | β βββ24,720,498 |
Cirrus Logic, Inc.(a) | Β | ββββ58,009 | β ββββ4,937,726 |
Intel Corp. | Β | βββ964,357 | β βββ54,139,002 |
Lam Research Corp. | Β | βββββ5,249 | β ββββ3,415,524 |
NVIDIA Corp. | Β | ββββ34,738 | β βββ27,793,874 |
QUALCOMM, Inc. | Β | βββ456,344 | β βββ65,225,248 |
Silicon Laboratories, Inc.(a) | Β | βββββ9,330 | β ββββ1,429,822 |
Xilinx, Inc. | Β | ββββ26,301 | βββββ3,804,177 |
Β | Β | Β | 200,334,614 |
Software β 10.6% | |||
Adobe, Inc.(a) | Β | βββ133,650 | β βββ78,270,786 |
Alteryx, Inc., Class A(a) | Β | ββββ29,330 | β ββββ2,522,967 |
Appian Corp.(a) | Β | βββββ2,577 | β ββββββ354,982 |
Cadence Design Systems, Inc.(a) | Β | βββ118,347 | β βββ16,192,236 |
HubSpot, Inc.(a) | Β | ββββ26,637 | β βββ15,521,913 |
InterDigital, Inc. | Β | βββββββββ9 | β ββββββββββ657 |
Intuit, Inc. | Β | βββ127,975 | β βββ62,729,506 |
Microsoft Corp. | Β | βββ612,426 | β ββ165,906,203 |
PagerDuty, Inc.(a) | Β | 18,703 | β 796,374 |
PTC, Inc.(a) | Β | 65,200 | β 9,210,152 |
salesforce.com, Inc.(a) | Β | 24,669 | β 6,025,897 |
ServiceNow, Inc.(a) | Β | 37,828 | β 20,788,377 |
Splunk, Inc.(a) | Β | 152,509 | β 22,049,751 |
UiPath, Inc., Class A(a)(b) | Β | 51,935 | β 3,527,945 |
VMware, Inc., Class A(a)(b) | Β | 140,119 | β 22,414,836 |
Workday, Inc., Class A(a) | Β | 133,237 | β 31,809,001 |
Zendesk, Inc.(a) | Β | 42,420 | β6,122,903 |
Β | Β | Β | 464,244,486 |
Specialty Retail β 1.3% | |||
Home Depot, Inc. | Β | 100,569 | β 32,070,448 |
Lithia Motors, Inc. | Β | 8,364 | β 2,874,205 |
Loweβs Cos., Inc. | Β | 73,462 | β 14,249,424 |
TJX Cos., Inc. | Β | 110,485 | β7,448,899 |
Β | Β | Β | 56,642,976 |
Technology Hardware, Storage & Peripherals β 6.9% | |||
Apple Inc. | Β | 1,673,070 | β 229,143,667 |
Dell Technologies, Inc., Class C(a) | Β | 253,173 | β 25,233,753 |
Hewlett Packard Enterprise Co. | Β | 2,456,958 | β 35,822,448 |
HP, Inc. | Β | 256,528 | β 7,744,580 |
NetApp, Inc. | Β | 70,837 | β5,795,883 |
Β | Β | Β | 303,740,331 |
Textiles, Apparel & Luxury Goods β 0.6% | |||
Crocs, Inc.(a) | Β | 11,537 | β 1,344,291 |
Levi Strauss & Co., Class A | Β | 62,542 | β 1,733,664 |
NIKE, Inc., Class B | Β | 118,457 | β 18,300,422 |
Ralph Lauren Corp. | Β | 47,253 | β5,566,876 |
Β | Β | Β | 26,945,253 |
Thrifts & Mortgage Finance β 0.3% | |||
Essent Group Ltd. | Β | 34,287 | β 1,541,201 |
New York Community Bancorp, Inc. | Β | 1,070,479 | β 11,796,679 |
Radian Group, Inc. | Β | 63,230 | β1,406,867 |
Β | Β | Β | 14,744,747 |
Β
4
Schedule of Investments (unaudited)Β Β (continued)
June 30, 2021
Master Advantage Large Cap Core Portfolio
(Percentages shown are based on Net Assets)
Security | Β | Shares | Value |
Trading Companies & Distributors β 0.4% | |||
SiteOne Landscape Supply, Inc.(a) | Β | ββββ43,537 | $ββββββ7,369,073 |
WW Grainger, Inc. | Β | ββββ24,041 | ββββ10,529,958 |
Β | Β | Β | 17,899,031 |
Wireless Telecommunication Services β 0.1% | |||
United States Cellular Corp.(a) | Β | βββ125,928 | βββββ4,572,446 |
Total Long-Term Investments β 99.3% (Cost: $3,121,909,130) | 4,355,551,949 | ||
Short-Term Securities(c)(d) | |||
Money Market Funds β 1.3% | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01% | Β | 42,617,355 | β βββ42,617,355 |
SL Liquidity Series, LLC, Money Market Series, 0.13%(e) | Β | 12,386,174 | ββββ12,389,890 |
Total Short-Term Securities β 1.3% (Cost: $55,000,902) | 55,007,245 | ||
Total Investments β 100.6% (Cost: $3,176,910,032) | 4,410,559,194 | ||
Liabilities in Excess of Other Assets β (0.6)% | (26,164,524) | ||
Net Assets β 100.0% | $ββ4,384,394,670 |
(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. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Master Portfolio during the period ended June 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 09/30/20 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Β | Change in Unrealized Appreciation (Depreciation) | Β | Value at 06/30/21 | Shares Held at 06/30/21 | Income | Β | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class | $ββ109,976,399 | $βββ | $ββ(67,359,044)(a) | $βββ | Β | $βββ | Β | $ββ42,617,355 | 42,617,355 | $ββ17,681 | Β | $βββ |
SL Liquidity Series, LLC, Money Market Series | β22,241,319 | ββ | β(9,854,132)(a) | β4,340 | Β | β(1,637) | Β | β12,389,890 | 12,386,174 | β493,770(b) | Β | ββ |
Β | Β | Β | Β | $ββ4,340 | Β | $ββ(1,637) | Β | $ββ55,007,245 | Β | $ββ511,451 | Β | $βββ |
(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 Portfolioβs 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.
5
Schedule of Investments (unaudited)Β Β (continued)
June 30, 2021
Master Advantage Large Cap Core Portfolio
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 | Β | Β | Β | Β |
S&P 500 E-Mini Index | 220 | 09/17/21 | $ββ47,175 | $ββ476,328 |
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:
β’Β Β Β Β Level 1 β Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Master Portfolio has the ability to access;
β’Β Β Β Β Level 2 β 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 marketβcorroborated inputs); and
β’Β Β Β Β Level 3 β 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 Committeeβs (the βGlobal Valuation Committeeβsβ) 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 Portfolioβs 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 (βNAVβ) per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
The following table summarizes the Master Portfolioβs financial instruments categorized in the fair value hierarchy. The breakdown of the Master Portfolioβs financial instruments into major categories is disclosed in the Schedule of Investments above.
Β | Level 1 | Β | Level 2 | Β | Level 3 | Β | Total |
Assets | Β | Β | Β | Β | Β | Β | Β |
Investments | Β | Β | Β | Β | Β | Β | Β |
Long-Term Investments | Β | Β | Β | Β | Β | Β | Β |
Common Stocksβ | $ββ4,355,551,949 | Β | $βββ | Β | $βββ | Β | $ββ4,355,551,949 |
Short-Term Securities | Β | Β | Β | Β | Β | Β | Β |
Money Market Funds | β42,617,355 | Β | ββ | Β | ββ | Β | β42,617,355 |
Β | $ββ4,398,169,304 | Β | $βββ | Β | $βββ | Β | 4,398,169,304 |
Investments valued at NAV(a) | Β | Β | Β | Β | Β | Β | 12,389,890 |
Β | Β | Β | Β | Β | Β | Β | $ββ4,410,559,194 |
Derivative Financial Instruments(b) | Β | Β | Β | Β | Β | Β | Β |
Assets | Β | Β | Β | Β | Β | Β | Β |
Equity Contracts | $ββ476,328 | Β | $βββ | Β | $βββ | Β | $ββ476,328 |
(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 Abbreviationβ | |
S&P | Standard & Poorβs |
6