Master Advantage U.s. Total Market NPORT-P Master Advantage U.S. Total Market LLC (Dec 2019 report)

Schedule of Investments  (unaudited)  December 31, 2019 BlackRock Advantage U.S. Total Market Fund, Inc. (Percentages shown are based on Net Assets)

Security	Value
Mutual Fund — 100.0%
Master Advantage U.S. Total Market LLC	$	391,649,320
Total Investments — 100.0% (Cost: $342,645,691)		391,649,320
Liabilities in Excess of Other Assets — 0.0%		(180,777	)
Net Assets — 100.0%	$	391,468,543

BlackRock Advantage U.S. Total Market Fund, Inc. (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Master Advantage U.S. Total Market LLC (the “Master LLC”), which has the same investment objective and strategies as the Fund. As of December 31, 2019, the value of the investment and the percentage owned by the Fund of the Master LLC was $391,649,320 and 100.0%, 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”) 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 U.S. Total Market LLC (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 100.1%
Aerospace & Defense — 3.0%
Boeing Co.		1,772	$	577,247
Curtiss-Wright Corp.		1,747		246,135
HEICO Corp.		4,190		478,288
HEICO Corp., Class A		2,236		200,189
Hexcel Corp.		5,700		417,867
Lockheed Martin Corp.		14,275		5,558,399
Northrop Grumman Corp.		2,647		910,489
Raytheon Co.		7,653		1,681,670
Teledyne Technologies, Inc.(a)		4,644		1,609,332
				11,679,616
Air Freight & Logistics — 0.1%
Hub Group, Inc., Class A(a)		10,936		560,907
Airlines — 0.5%
Alaska Air Group, Inc.		14,816		1,003,784
American Airlines Group, Inc.		2,808		80,533
United Airlines Holdings, Inc.(a)		10,682		940,977
				2,025,294
Auto Components — 0.4%
BorgWarner, Inc.		8,518		369,511
Dana, Inc.		38,603		702,575
Goodyear Tire & Rubber Co.		19,531		303,805
				1,375,891
Automobiles — 0.6%
Ford Motor Co.		59,271		551,220
General Motors Co.		6,394		234,020
Harley-Davidson, Inc.		13,325		495,557
Tesla, Inc.(a)		2,201		920,744
				2,201,541
Banks — 4.0%
Bank of America Corp.		88,114		3,103,375
Bank OZK		11,047		336,989
CIT Group, Inc.		16,943		773,109
Citizens Financial Group, Inc.		22,001		893,461
Cullen/Frost Bankers, Inc.		9,494		928,323
East West Bancorp, Inc.		18,374		894,814
First Citizens BancShares, Inc., Class A		255		135,714
First Horizon National Corp.		34,068		564,166
IBERIABANK Corp.		649		48,565
JPMorgan Chase & Co.		27,868		3,884,799
National Bank Holdings Corp., Class A		1,355		47,723
PacWest Bancorp		5,239		200,497
Pinnacle Financial Partners, Inc.		1,509		96,576
Republic First Bancorp, Inc.(a)		63,588		265,798
Sandy Spring Bancorp, Inc.		3,261		123,527
South State Corp.		2,368		205,424
SVB Financial Group(a)		576		144,599
Synovus Financial Corp.		1,191		46,687
Truist Financial Corp.		2,246		126,495
U.S. Bancorp		3,211		190,380
Wells Fargo & Co.		44,072		2,371,074
Zions Bancorp NA		6,957		361,207
				15,743,302
Beverages — 1.3%
Brown-Forman Corp., Class B		4,873		329,415
Coca-Cola Co.		9,864		545,972
Coca-Cola European Partners PLC		5,420		275,770
Molson Coors Beverage Co., Class B		7,632		411,365
Monster Beverage Corp.(a)		10,420		662,191
PepsiCo, Inc.		19,973		2,729,710
				4,954,423
Biotechnology — 3.9%
AbbVie, Inc.		27,529		2,437,418

Security	Shares		Value
Biotechnology (continued)
Alexion Pharmaceuticals, Inc.(a)		3,719	$	402,210
Amgen, Inc.		9,029		2,176,621
Biogen, Inc.(a)		2,597		770,608
Gilead Sciences, Inc.		83,804		5,445,584
Immunic, Inc.(a)		4,797		46,531
Incyte Corp.(a)		2,557		223,277
Regeneron Pharmaceuticals, Inc.(a)		3,081		1,156,854
Seattle Genetics, Inc.(a)		1,157		132,199
United Therapeutics Corp.(a)		6,206		546,624
Vertex Pharmaceuticals, Inc.(a)		9,477		2,074,989
				15,412,915
Building Products — 0.8%
Allegion PLC		22,887		2,850,347
Resideo Technologies, Inc.(a)		11,037		131,671
				2,982,018
Capital Markets — 4.0%
Affiliated Managers Group, Inc.		4,758		403,193
Bank of New York Mellon Corp.		8,683		437,015
Charles Schwab Corp.		35,975		1,710,971
CME Group, Inc.		8,053		1,616,398
Evercore, Inc., Class A		3,976		297,246
FactSet Research Systems, Inc.		5,065		1,358,940
Intercontinental Exchange, Inc.		24,661		2,282,376
Moody’s Corp.		5,438		1,291,036
Morgan Stanley		50,030		2,557,534
Nasdaq, Inc.		1,823		195,243
S&P Global, Inc.		8,998		2,456,904
Stifel Financial Corp.		3,367		204,209
TD Ameritrade Holding Corp.		13,154		653,754
Westwood Holdings Group, Inc.		1,929		57,137
				15,521,956
Chemicals — 1.6%
Air Products & Chemicals, Inc.		7,960		1,870,520
CF Industries Holdings, Inc.		9,595		458,065
Ecolab, Inc.		9,590		1,850,774
Mosaic Co.		23,900		517,196
Scotts Miracle-Gro Co.		1,171		124,337
Sherwin-Williams Co.		2,638		1,539,379
				6,360,271
Commercial Services & Supplies — 0.2%
Cintas Corp.		2,057		553,498
Copart, Inc.(a)		1,907		173,423
				726,921
Communications Equipment — 0.5%
Calix, Inc.(a)		29,709		237,672
Ciena Corp.(a)		6,720		286,877
Cisco Systems, Inc.		31,646		1,517,742
				2,042,291
Construction & Engineering — 0.6%
Comfort Systems USA, Inc.		22,017		1,097,547
EMCOR Group, Inc.		3,705		319,742
Fluor Corp.		17,504		330,476
MasTec, Inc.(a)		6,844		439,111
				2,186,876
Consumer Finance — 0.9%
Ally Financial, Inc.		17,306		528,871
American Express Co.		14,388		1,791,162
Capital One Financial Corp.		9,430		970,441
FirstCash, Inc.		622		50,152
Green Dot Corp., Class A(a)		13,727		319,839
World Acceptance Corp.(a)		509		43,978
				3,704,443

1

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Advantage U.S. Total Market LLC (Percentages shown are based on Net Assets)

Security	Shares		Value
Containers & Packaging — 0.2%
Westrock Co.		16,316	$	700,120
Distributors — 0.1%
Pool Corp.		1,374		291,810
Diversified Consumer Services — 0.3%
H&R Block, Inc.		44,274		1,039,554
Diversified Financial Services — 1.6%
Berkshire Hathaway, Inc., Class B(a)		27,717		6,277,901
Diversified Telecommunication Services — 1.5%
AT&T Inc.		28,807		1,125,778
CenturyLink, Inc.		24,899		328,916
Cogent Communications Holdings, Inc.		12,356		813,148
Verizon Communications, Inc.		59,396		3,646,914
				5,914,756
Electric Utilities — 1.9%
Alliant Energy Corp.		29,171		1,596,237
IDACORP, Inc.		19,183		2,048,744
Pinnacle West Capital Corp.		8,823		793,452
Xcel Energy, Inc.		48,009		3,048,091
				7,486,524
Electrical Equipment — 0.9%
AMETEK, Inc.		17,858		1,781,157
Generac Holdings, Inc.(a)		6,214		625,066
Hubbell, Inc.		8,140		1,203,255
				3,609,478
Electronic Equipment, Instruments & Components — 0.7%
CDW Corp.		11,868		1,695,225
National Instruments Corp.		25,537		1,081,237
				2,776,462
Energy Equipment & Services — 0.4%
Archrock, Inc.		64,198		644,548
Patterson-UTI Energy, Inc.		14,883		156,271
Seadrill Ltd.(a)		74		188
Transocean Ltd.(a)		104,889		721,636
				1,522,643
Entertainment — 0.9%
Activision Blizzard, Inc.		2,056		122,168
Cinemark Holdings, Inc.		2,520		85,302
Live Nation Entertainment, Inc.(a)		4,783		341,841
Netflix, Inc.(a)		481		155,637
Spotify Technology SA(a)		3,347		500,544
Take-Two Interactive Software, Inc.(a)		5,624		688,546
Walt Disney Co.		9,210		1,332,042
Zynga, Inc., Class A(a)		48,692		297,995
				3,524,075
Equity Real Estate Investment Trusts (REITs) — 3.8%
Boston Properties, Inc.		2,462		339,411
Brandywine Realty Trust		18,236		287,217
CyrusOne, Inc.		2,514		164,491
Digital Realty Trust, Inc.		404		48,375
Equity Residential		7,900		639,268
Essex Property Trust, Inc.		931		280,101
Host Hotels & Resorts, Inc.		26,892		498,847
Lamar Advertising Co., Class A		20,587		1,837,596
Macerich Co.		5,242		141,115
National Retail Properties, Inc.		2,005		107,508
National Storage Affiliates Trust		14,051		472,395
Outfront Media, Inc.		18,831		505,047
Park Hotels & Resorts, Inc.		87,310		2,258,710
Prologis, Inc.		12,539		1,117,726
Realty Income Corp.		987		72,673
RLJ Lodging Trust		81,917		1,451,569
Simon Property Group, Inc.		26,640		3,968,294

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
STAG Industrial, Inc.		11,070	$	349,480
UDR, Inc.		5,867		273,989
				14,813,812
Food & Staples Retailing — 1.8%
Costco Wholesale Corp.		18,396		5,406,952
Performance Food Group Co.(a)		23,666		1,218,326
Walmart, Inc.		3,721		442,204
				7,067,482
Food Products — 1.2%
Hershey Co.		22,328		3,281,769
Hormel Foods Corp.		15,773		711,520
J&J Snack Foods Corp.		3,149		580,266
				4,573,555
Gas Utilities — 0.1%
Southwest Gas Holdings, Inc.		5,853		444,652
Health Care Equipment & Supplies — 2.7%
Danaher Corp.		2,157		331,056
DexCom, Inc.(a)		3,296		720,967
Edwards Lifesciences Corp.(a)		9,178		2,141,136
Hologic, Inc.(a)		823		42,969
IDEXX Laboratories, Inc.(a)		4,048		1,057,054
Insulet Corp.(a)		1,784		305,421
Medtronic PLC		9,835		1,115,781
Penumbra, Inc.(a)		874		143,572
SmileDirectClub, Inc.(a)(b)		47,462		414,818
Stryker Corp.		20,455		4,294,323
				10,567,097
Health Care Providers & Services — 2.5%
AmerisourceBergen Corp.		12,828		1,090,637
Anthem, Inc.		10,278		3,104,264
Cigna Corp.		3,855		788,309
CVS Health Corp.		30,744		2,283,972
McKesson Corp.		1,434		198,351
UnitedHealth Group, Inc.		7,814		2,297,160
WellCare Health Plans, Inc.(a)		630		208,032
				9,970,725
Health Care Technology — 0.3%
Teladoc Health, Inc.(a)		2,255		188,789
Veeva Systems, Inc., Class A(a)		6,975		981,103
				1,169,892
Hotels, Restaurants & Leisure — 2.6%
Boyd Gaming Corp.		29,114		871,673
Carnival Corp.		15,157		770,430
Chipotle Mexican Grill, Inc.(a)		78		65,295
Choice Hotels International, Inc.		17,049		1,763,378
Darden Restaurants, Inc.		25,066		2,732,445
Dunkin’ Brands Group, Inc.		2,529		191,041
Extended Stay America, Inc.		84,619		1,257,438
International Game Technology PLC		10,718		160,448
McDonald’s Corp.		5,664		1,119,263
Penn National Gaming, Inc.(a)		20,713		529,424
Texas Roadhouse, Inc.		15,067		848,573
				10,309,408
Household Durables — 0.4%
DR Horton, Inc.		25,887		1,365,539
Helen of Troy Ltd.(a)		1,246		224,018
				1,589,557
Household Products — 1.4%
Church & Dwight Co., Inc.		34,235		2,408,090
Procter & Gamble Co.		24,152		3,016,585
				5,424,675

2

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Advantage U.S. Total Market LLC (Percentages shown are based on Net Assets)

Security	Shares			Value
Industrial Conglomerates — 0.8%
Carlisle Cos., Inc.		683		$	110,537
Honeywell International, Inc.		6,100			1,079,700
Roper Technologies, Inc.		5,638			1,997,149
					3,187,386
Insurance — 2.6%
Aflac, Inc.		2,665			140,979
Allstate Corp.		13,020			1,464,099
Arthur J. Gallagher & Co.		13,680			1,302,746
Cincinnati Financial Corp.		8,548			898,822
CNO Financial Group, Inc.		9,106			165,092
First American Financial Corp.		25,796			1,504,423
Globe Life, Inc.		10,163			1,069,656
Lincoln National Corp.		7,273			429,180
Marsh & McLennan Cos., Inc.		6,271			698,652
MetLife, Inc.		11,149			568,265
Prudential Financial, Inc.		13,999			1,312,266
Unum Group		13,640			397,742
Willis Towers Watson PLC		1,590			321,085
					10,273,007
Interactive Media & Services — 4.1%
Alphabet, Inc., Class A(a)		2,369			3,173,015
Alphabet, Inc., Class C(a)		3,757			5,023,184
Care.com, Inc.(a)(b)		264			3,968
Cargurus, Inc.(a)		5,840			205,451
Facebook, Inc., Class A(a)		31,280			6,420,220
Pinterest, Inc., Class A(a)		17,849			332,705
TripAdvisor, Inc.		11,878			360,854
Twitter, Inc.(a)		14,087			451,488
Yelp, Inc.(a)		3,464			120,651
					16,091,536
Internet & Direct Marketing Retail — 2.9%
Amazon.com, Inc.(a)		6,097			11,266,280
Etsy, Inc.(a)		2,294			101,624
					11,367,904
IT Services — 5.1%
Accenture PLC, Class A		357			75,173
Automatic Data Processing, Inc.		27,058			4,613,389
Broadridge Financial Solutions, Inc.		7,518			928,774
DXC Technology Co.		6,876			258,469
GoDaddy, Inc., Class A(a)		12,620			857,150
Jack Henry & Associates, Inc.		3,507			510,865
ManTech International Corp., Class A		614			49,046
Mastercard, Inc., Class A		25,865			7,723,030
Paychex, Inc.		42,083			3,579,580
PayPal Holdings, Inc.(a)		1,549			167,555
Unisys Corp.(a)		33,921			402,303
Visa, Inc., Class A		4,986			936,869
					20,102,203
Life Sciences Tools & Services — 0.4%
Mettler-Toledo International, Inc.(a)		720			571,162
Thermo Fisher Scientific, Inc.		3,527			1,145,816
					1,716,978
Machinery — 2.5%
AGCO Corp.		1,182			91,310
IDEX Corp.		8,319			1,430,868
Oshkosh Corp.		29,162			2,760,183
PACCAR, Inc.		57,681			4,562,567
Snap-on, Inc.		5,838			988,957
Xylem, Inc.		562			44,280
					9,878,165
Media — 1.8%
AMC Networks, Inc., Class A(a)		9,053	��		357,594
Comcast Corp., Class A		8,984			404,010
Discovery, Inc., Class A(a)		23,330			763,824

Security	Shares		Value
Media (continued)
Gray Television, Inc.(a)		12,132	$	260,110
iHeartMedia, Inc., Class A(a)		14,333		242,228
Interpublic Group of Cos., Inc.		115,940		2,678,214
Liberty Media Corp. - Liberty SiriusXM, Class A(a)		1,039		50,225
Sinclair Broadcast Group, Inc., Class A		8,426		280,923
Sirius XM Holdings, Inc.		218,154		1,559,801
ViacomCBS, Inc., Class B		9,607		403,206
				7,000,135
Metals & Mining — 0.3%
Alcoa Corp.(a)		30,327		652,334
Freeport-McMoRan, Inc.		17,926		235,189
Materion Corp.		5,997		356,522
Reliance Steel & Aluminum Co.		599		71,736
				1,315,781
Multiline Retail — 0.7%
Dollar General Corp.		12,666		1,975,643
Kohl’s Corp.		1,067		54,364
Target Corp.		5,736		735,413
				2,765,420
Multi-Utilities — 0.4%
Ameren Corp.		8,034		617,011
Consolidated Edison, Inc.		7,229		654,008
DTE Energy Co.		1,152		149,610
				1,420,629
Oil, Gas & Consumable Fuels — 3.1%
ConocoPhillips		8,516		553,795
Continental Resources, Inc.		19,317		662,573
Devon Energy Corp.		27,611		717,058
EOG Resources, Inc.		15,747		1,318,969
Exxon Mobil Corp.		76,454		5,334,960
Marathon Oil Corp.		28,835		391,579
Marathon Petroleum Corp.		17,363		1,046,121
Range Resources Corp.		8,379		40,638
SM Energy Co.		6,395		71,880
Teekay Corp.		14,949		79,529
Valero Energy Corp.		9,693		907,749
Whiting Petroleum Corp.(a)		14,116		103,611
Williams Cos., Inc.		32,829		778,704
				12,007,166
Paper & Forest Products — 0.3%
Boise Cascade Co.		12,020		439,091
Clearwater Paper Corp.(a)		10,665		227,804
Domtar Corp.		2,482		94,912
Verso Corp., Class A(a)(b)		13,864		249,968
				1,011,775
Personal Products — 0.7%
Estee Lauder Cos., Inc., Class A		13,860		2,862,644
Pharmaceuticals — 5.1%
Allergan PLC		285		54,483
Bristol-Myers Squibb Co.		49,446		3,173,939
Eli Lilly & Co.		4,453		585,258
Johnson & Johnson		47,600		6,943,412
Merck & Co., Inc.		35,799		3,255,919
Mylan NV(a)		21,227		426,663
Pfizer, Inc.		50,385		1,974,084
Prestige Consumer Healthcare, Inc.(a)		13,849		560,884
Zoetis, Inc.		22,282		2,949,023
				19,923,665
Professional Services — 0.1%
Robert Half International, Inc.		8,228		519,598
Road & Rail — 0.5%
CSX Corp.		4,112		297,544

3

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Advantage U.S. Total Market LLC (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail (continued)
Landstar System, Inc.		9,707	$	1,105,336
Lyft, Inc., Class A(a)		8,276		356,034
Old Dominion Freight Line, Inc.		562		106,656
Universal Logistics Holdings, Inc.		8,923		169,180
				2,034,750
Semiconductors & Semiconductor Equipment — 3.6%
Advanced Micro Devices, Inc.(a)		2,175		99,746
Amkor Technology, Inc.(a)		7,354		95,602
Applied Materials, Inc.		24,901		1,519,957
Cirrus Logic, Inc.(a)(b)		20,014		1,649,354
Cypress Semiconductor Corp.		3,404		79,415
Intel Corp.		49,165		2,942,525
Lam Research Corp.		6,669		1,950,016
Micron Technology, Inc.(a)		1,600		86,048
NVIDIA Corp.		12,421		2,922,661
QUALCOMM, Inc.		5,509		486,059
Skyworks Solutions, Inc.		6,693		809,050
Texas Instruments, Inc.		11,626		1,491,500
				14,131,933
Software — 7.8%
Adobe, Inc.(a)		10,109		3,334,049
Cloudflare, Inc., Class A(a)		15,273		260,557
Intuit, Inc.		11,705		3,065,891
Manhattan Associates, Inc.(a)		4,762		379,769
Microsoft Corp.		96,205		15,171,528
Paylocity Holding Corp.(a)		6,936		838,008
RingCentral, Inc., Class A(a)		1,734		292,474
salesforce.com, Inc.(a)		21,657		3,522,294
ServiceNow, Inc.(a)		8,721		2,462,113
Workday, Inc., Class A(a)		6,655		1,094,415
				30,421,098
Specialty Retail — 1.1%
Asbury Automotive Group, Inc.(a)		5,030		562,304
Group 1 Automotive, Inc.		1,786		178,600
Home Depot, Inc.		9,468		2,067,622
Lithia Motors, Inc., Class A		2,015		296,205
O’Reilly Automotive, Inc.(a)		1,276		559,220
Ross Stores, Inc.		1,391		161,940
Sonic Automotive, Inc., Class A		5,943		184,233
Tractor Supply Co.		2,429		226,966
				4,237,090
Technology Hardware, Storage & Peripherals — 4.6%
Apple Inc.		59,717		17,535,897
HP, Inc.		18,560		381,408
Western Digital Corp.		919		58,329
				17,975,634
Textiles, Apparel & Luxury Goods — 1.2%
Lululemon Athletica, Inc.(a)		3,724		862,739

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
NIKE, Inc., Class B		31,830	$	3,224,697
Ralph Lauren Corp.		3,475		407,339
				4,494,775
Thrifts & Mortgage Finance — 0.2%
Essent Group Ltd.		6,450		335,335
LendingTree, Inc.(a)		398		120,769
MGIC Investment Corp.		27,079		383,709
Washington Federal, Inc.		1,470		53,875
				893,688
Tobacco — 0.5%
Altria Group, Inc.		29,789		1,486,769
Philip Morris International, Inc.		5,101		434,044
				1,920,813
Trading Companies & Distributors — 0.5%
GATX Corp.		24,862		2,059,817
Water Utilities — 1.0%
American Water Works Co., Inc.		31,098		3,820,389
Wireless Telecommunication Services — 0.5%
Gogo, Inc.(a)		22,424		143,514
Telephone & Data Systems, Inc.		46,096		1,172,221
United States Cellular Corp.(a)		16,432		595,331
				1,911,066
Total Common Stocks — 100.1% (Cost: $341,787,807)				391,897,888
Rights — 0.0%
Pharmaceuticals — 0.0%
Bristol-Myers Squibb Co. — CVR(a)		8,974		27,012
Total Rights — 0.0% (Cost: $20,640)				27,012
Total Long-Term Investments — 100.1% (Cost: $341,808,447)				391,924,900
Short-Term Securities — 1.0%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.51%(c)(e)		1,885,156		1,885,156
SL Liquidity Series, LLC, Money Market Series, 1.80%(c)(d)(e)		2,092,802		2,093,221
Total Short-Term Securities — 1.0% (Cost: $3,978,375)				3,978,377
Total Investments — 101.1% (Cost: $345,786,822)				395,903,277
Liabilities in Excess of Other Assets — (1.1)%				(4,253,957	)
Net Assets — 100.0%			$	391,649,320

^(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.

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

Affiliate	Shares Held at 03/31/19		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		4,680,904		(2,795,748	)		1,885,156	$	1,885,156	$	48,392		$	6	$	—
SL Liquidity Series, LLC, Money Market Series		—		2,092,802			2,092,802		2,093,221		27,442	(b)		166		2
								$	3,978,377	$	75,834		$	172	$	2

^(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.

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Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Advantage U.S. Total Market LLC     

For Master LLC compliance purposes, the Master LLC’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.

Portfolio Abbreviation
CVR	Contingent Value Rights

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		14		03/20/20		$2,262		$17,735

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 Master LLC 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 LLC’s policy regarding valuation of investments and derivative financial instruments, refer to the Master LLC’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Master LLC’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(a)	$	391,897,888	$	—	$	—	$	391,897,888
Rights(a)		27,012		—		—		27,012
Short-Term Securities		1,885,156		—		—		1,885,156
Subtotal	$	393,810,056	$	—	$	—	$	393,810,056
Investments Valued at Net Asset Value (“NAV”)(b)								2,093,221
Total Investments							$	395,903,277

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

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

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets:
Equity contracts	$	17,735	$	—	$	—	$	17,735

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

5