Schedule of Investments (unaudited)
June 30, 2020
BlackRock Advantage U.S. Total Market Fund, Inc.
(Percentages shown are based on Net Assets)
Security | Investment Value | Value | |
Investment Companies | |||
Equity Funds — 100.1% | |||
Master Advantage U.S. Total Market LLC(a) | $ 329,849,714 | $ 329,849,714 | |
Total Investments — 100.1% (Cost: $289,625,607) | 329,849,714 | ||
Liabilities in Excess of Other Assets — (0.1)% | (169,761) | ||
Net Assets — 100.0% | $ 329,679,953 |
(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 03/31/20 | Investment Value Purchased | Investment Value Sold | Investment Value Held at 06/30/20 | Value at 06/30/20 | Income | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | |||
Master Advantage U.S. Total Market LLC | $291,646,339 | $38,203,375(a)(b) | $— | $329,849,714 | $ 329,849,714 | $ 1,108,580 | $ 900,823 | $ 61,277,273 |
(a) | Represents net investment value purchased (sold). |
(b) | Inclusive of income, expense, realized and unrealized gains and losses allocated from the Master Portfolio. |
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 June 30, 2020, the value of the investment and the percentage owned by the Fund of the Master LLC was $329,849,714 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 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 U.S. Total Market LLC
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Common Stocks | |||
Aerospace & Defense — 1.4% | |||
Astronics Corp.(a) | 7,595 | $ 80,203 | |
Boeing Co. | 1,422 | 260,653 | |
Curtiss-Wright Corp. | 2,267 | 202,398 | |
HEICO Corp. | 6,925 | 690,076 | |
Hexcel Corp. | 880 | 39,794 | |
L3Harris Technologies, Inc. | 2,113 | 358,513 | |
Lockheed Martin Corp. | 4,077 | 1,487,779 | |
Mercury Systems, Inc.(a) | 917 | 72,131 | |
Northrop Grumman Corp. | 1,617 | 497,130 | |
Teledyne Technologies, Inc.(a) | 2,736 | 850,759 | |
4,539,436 | |||
Air Freight & Logistics — 0.3% | |||
FedEx Corp. | 514 | 72,073 | |
Hub Group, Inc., Class A(a) | 10,936 | 523,397 | |
United Parcel Service, Inc., Class B | 4,802 | 533,886 | |
1,129,356 | |||
Airlines — 0.3% | |||
Alaska Air Group, Inc. | 10,667 | 386,786 | |
Delta Air Lines, Inc. | 19,206 | 538,728 | |
925,514 | |||
Auto Components — 0.1% | |||
Dana, Inc. | 35,218 | 429,307 | |
Automobiles — 0.5% | |||
Tesla, Inc.(a) | 1,616 | 1,744,973 | |
Banks — 3.8% | |||
Bank of America Corp. | 85,323 | 2,026,421 | |
Bank OZK | 9,926 | 232,963 | |
BOK Financial Corp. | 936 | 52,828 | |
CIT Group, Inc. | 4,724 | 97,928 | |
Citigroup, Inc. | 8,433 | 430,926 | |
Citizens Financial Group, Inc. | 25,089 | 633,246 | |
Comerica, Inc. | 971 | 36,995 | |
Credicorp Ltd. | 372 | 49,725 | |
Cullen/Frost Bankers, Inc. | 10,994 | 821,362 | |
First Horizon National Corp. | 34,068 | 339,317 | |
IBERIABANK Corp. | 590 | 26,869 | |
JPMorgan Chase & Co. | 33,378 | 3,139,535 | |
National Bank Holdings Corp., Class A | 1,355 | 36,585 | |
Pinnacle Financial Partners, Inc. | 1,509 | 63,363 | |
PNC Financial Services Group, Inc. | 997 | 104,894 | |
Republic First Bancorp, Inc.(a) | 63,588 | 155,155 | |
Sandy Spring Bancorp, Inc. | 3,261 | 80,808 | |
South State Corp. | 2,368 | 112,859 | |
Synovus Financial Corp. | 1,499 | 30,774 | |
Truist Financial Corp. | 2,539 | 95,339 | |
US Bancorp | 11,167 | 411,169 | |
Webster Financial Corp. | 3,129 | 89,521 | |
Wells Fargo & Co. | 111,441 | 2,852,890 | |
Wintrust Financial Corp. | 3,193 | 139,279 | |
Zions Bancorp NA | 9,738 | 331,092 | |
12,391,843 | |||
Beverages — 1.8% | |||
Coca-Cola Co. | 21,596 | 964,909 | |
Coca-Cola European Partners PLC | 8,062 | 304,421 | |
Molson Coors Beverage Co., Class B | 5,061 | 173,896 | |
PepsiCo, Inc. | 32,722 | 4,327,812 | |
5,771,038 |
Security | Shares | Value | |
Biotechnology — 4.2% | |||
AbbVie, Inc. | 40,084 | $ 3,935,447 | |
Alkermes PLC(a) | 11,696 | 226,961 | |
Amgen, Inc. | 12,722 | 3,000,611 | |
Biogen, Inc.(a) | 1,734 | 463,932 | |
Bluebird Bio, Inc.(a) | 3,204 | 195,572 | |
Clovis Oncology, Inc.(a)(b) | 4,820 | 32,535 | |
Gilead Sciences, Inc. | 29,760 | 2,289,734 | |
Immunic, Inc.(a) | 4,797 | 58,140 | |
Incyte Corp.(a) | 1,093 | 113,639 | |
Inovio Pharmaceuticals, Inc.(a)(b) | 1,501 | 40,452 | |
Moderna, Inc.(a) | 4,540 | 291,513 | |
Novavax, Inc.(a) | 608 | 50,677 | |
Regeneron Pharmaceuticals, Inc.(a) | 1,870 | 1,166,226 | |
Sage Therapeutics, Inc.(a) | 4,373 | 181,829 | |
Sorrento Therapeutics, Inc.(a) | 8,638 | 54,247 | |
United Therapeutics Corp.(a) | 1,927 | 233,167 | |
Vertex Pharmaceuticals, Inc.(a) | 4,508 | 1,308,717 | |
Vir Biotechnology, Inc.(a) | 1,039 | 42,568 | |
13,685,967 | |||
Building Products — 0.7% | |||
Advanced Drainage Systems, Inc. | 3,194 | 157,783 | |
Allegion PLC | 16,933 | 1,730,891 | |
Resideo Technologies, Inc.(a) | 11,037 | 129,354 | |
Trex Co., Inc.(a) | 1,742 | 226,582 | |
2,244,610 | |||
Capital Markets — 3.1% | |||
Affiliated Managers Group, Inc. | 4,689 | 349,612 | |
Ameriprise Financial, Inc. | 4,105 | 615,914 | |
Bank of New York Mellon Corp. | 8,683 | 335,598 | |
Cboe Global Markets, Inc. | 2,102 | 196,074 | |
Charles Schwab Corp. | 29,832 | 1,006,532 | |
CME Group, Inc. | 8,489 | 1,379,802 | |
E*TRADE Financial Corp. | 1,682 | 83,646 | |
FactSet Research Systems, Inc. | 2,525 | 829,387 | |
Franklin Resources, Inc. | 2,484 | 52,089 | |
Intercontinental Exchange, Inc. | 11,751 | 1,076,392 | |
Invesco Ltd. | 14,335 | 154,245 | |
Moody’s Corp. | 3,055 | 839,300 | |
Northern Trust Corp. | 1,669 | 132,418 | |
S&P Global, Inc. | 8,257 | 2,720,516 | |
State Street Corp. | 3,429 | 217,913 | |
T Rowe Price Group, Inc. | 1,534 | 189,449 | |
TD Ameritrade Holding Corp. | 2,857 | 103,938 | |
Westwood Holdings Group, Inc. | 1,929 | 30,382 | |
10,313,207 | |||
Chemicals — 1.7% | |||
Air Products & Chemicals, Inc. | 6,430 | 1,552,588 | |
Dow, Inc. | 4,350 | 177,306 | |
Ecolab, Inc. | 10,418 | 2,072,661 | |
FMC Corp. | 751 | 74,815 | |
Ingevity Corp.(a) | 1,257 | 66,081 | |
Linde PLC | 1,384 | 293,560 | |
LyondellBasell Industries NV, Class A | 2,464 | 161,934 | |
Mosaic Co. | 30,364 | 379,854 | |
Scotts Miracle-Gro Co. | 1,152 | 154,909 | |
Sherwin-Williams Co. | 1,051 | 607,320 | |
Trinseo SA | 1,728 | 38,292 | |
5,579,320 |
2
Schedule of Investments (unaudited) (continued)
June 30, 2020
Master Advantage U.S. Total Market LLC
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Commercial Services & Supplies — 0.3% | |||
Cintas Corp. | 2,915 | $ 776,440 | |
MSA Safety, Inc. | 944 | 108,031 | |
884,471 | |||
Communications Equipment — 1.1% | |||
Ciena Corp.(a) | 1,138 | 61,634 | |
Cisco Systems, Inc. | 71,219 | 3,321,654 | |
Motorola Solutions, Inc. | 527 | 73,849 | |
3,457,137 | |||
Construction & Engineering — 0.7% | |||
Comfort Systems USA, Inc. | 22,017 | 897,192 | |
EMCOR Group, Inc. | 13,663 | 903,671 | |
MasTec, Inc.(a) | 10,509 | 471,539 | |
2,272,402 | |||
Consumer Finance — 0.6% | |||
Ally Financial, Inc. | 31,799 | 630,574 | |
American Express Co. | 10,364 | 986,653 | |
FirstCash, Inc. | 1,137 | 76,725 | |
LendingTree, Inc.(a) | 1,124 | 325,431 | |
2,019,383 | |||
Containers & Packaging — 0.0% | |||
Westrock Co. | 5,181 | 146,415 | |
Diversified Consumer Services — 0.3% | |||
Bright Horizons Family Solutions, Inc.(a) | 2,465 | 288,898 | |
Chegg, Inc.(a) | 731 | 49,167 | |
Graham Holdings Co., Class B | 97 | 33,239 | |
H&R Block, Inc. | 44,521 | 635,760 | |
1,007,064 | |||
Diversified Financial Services — 0.7% | |||
Berkshire Hathaway, Inc., Class B(a) | 12,302 | 2,196,030 | |
Diversified Telecommunication Services — 0.9% | |||
AT&T Inc. | 42,836 | 1,294,933 | |
CenturyLink, Inc. | 9,636 | 96,649 | |
Verizon Communications, Inc. | 25,970 | 1,431,726 | |
2,823,308 | |||
Electric Utilities — 1.7% | |||
ALLETE, Inc. | 3,442 | 187,968 | |
Alliant Energy Corp. | 22,151 | 1,059,704 | |
Eversource Energy | 14,576 | 1,213,744 | |
Exelon Corp. | 1,918 | 69,604 | |
IDACORP, Inc. | 19,525 | 1,705,899 | |
NextEra Energy, Inc. | 1,725 | 414,293 | |
Pinnacle West Capital Corp. | 7,374 | 540,440 | |
Xcel Energy, Inc. | 4,754 | 297,125 | |
5,488,777 | |||
Electrical Equipment — 0.7% | |||
AMETEK, Inc. | 11,219 | 1,002,642 | |
Generac Holdings, Inc.(a) | 1,586 | 193,381 | |
Hubbell, Inc. | 8,140 | 1,020,430 | |
Rockwell Automation, Inc. | 293 | 62,409 | |
2,278,862 | |||
Electronic Equipment, Instruments & Components — 0.4% | |||
Avnet, Inc. | 13,394 | 373,492 | |
National Instruments Corp. | 25,537 | 988,537 | |
1,362,029 | |||
Energy Equipment & Services — 0.4% | |||
Archrock, Inc. | 64,198 | 416,645 | |
ChampionX Corp.(a) | 12,076 | 117,862 | |
Patterson-UTI Energy, Inc. | 6,971 | 24,190 |
Security | Shares | Value | |
Energy Equipment & Services (continued) | |||
Schlumberger Ltd. | 23,488 | $ 431,944 | |
Seadrill Ltd.(a) | 74 | 32 | |
TechnipFMC PLC | 33,880 | 231,739 | |
1,222,412 | |||
Entertainment — 0.7% | |||
Activision Blizzard, Inc. | 3,296 | 250,166 | |
Electronic Arts, Inc.(a) | 277 | 36,578 | |
Netflix, Inc.(a) | 4,492 | 2,044,040 | |
Zynga, Inc., Class A(a) | 6,352 | 60,598 | |
2,391,382 | |||
Equity Real Estate Investment Trusts (REITs) — 3.2% | |||
Alexandria Real Estate Equities, Inc. | 3,306 | 536,398 | |
American Campus Communities, Inc. | 3,883 | 135,750 | |
American Tower Corp. | 6,008 | 1,553,308 | |
AvalonBay Communities, Inc. | 2,768 | 428,044 | |
Boston Properties, Inc. | 18,640 | 1,684,683 | |
Brandywine Realty Trust | 13,535 | 147,396 | |
Camden Property Trust | 1,182 | 107,822 | |
Crown Castle International Corp. | 680 | 113,798 | |
Equity Residential | 15,908 | 935,709 | |
Essex Property Trust, Inc. | 817 | 187,232 | |
Federal Realty Investment Trust | 600 | 51,126 | |
Host Hotels & Resorts, Inc. | 50,172 | 541,356 | |
Macerich Co.(b) | 9,382 | 84,163 | |
National Retail Properties, Inc. | 1,381 | 48,998 | |
Outfront Media, Inc. | 9,386 | 133,000 | |
Park Hotels & Resorts, Inc. | 52,497 | 519,195 | |
Prologis, Inc. | 16,610 | 1,550,211 | |
QTS Realty Trust, Inc., Class A | 731 | 46,850 | |
Realty Income Corp. | 3,851 | 229,135 | |
Regency Centers Corp. | 1,263 | 57,959 | |
RLJ Lodging Trust | 75,323 | 711,049 | |
SBA Communications Corp. | 1,305 | 388,786 | |
Simon Property Group, Inc. | 1,459 | 99,766 | |
Ventas, Inc. | 2,581 | 94,516 | |
Welltower, Inc. | 4,115 | 212,951 | |
10,599,201 | |||
Food & Staples Retailing — 1.5% | |||
Costco Wholesale Corp. | 15,987 | 4,847,418 | |
Performance Food Group Co.(a) | 5,001 | 145,729 | |
4,993,147 | |||
Food Products — 1.5% | |||
Campbell Soup Co. | 825 | 40,945 | |
General Mills, Inc. | 29,669 | 1,829,094 | |
Hershey Co. | 13,383 | 1,734,704 | |
JM Smucker Co. | 379 | 40,102 | |
Lamb Weston Holdings, Inc. | 3,911 | 250,030 | |
Lancaster Colony Corp. | 4,894 | 758,521 | |
Mondelez International, Inc., Class A | 2,570 | 131,404 | |
4,784,800 | |||
Gas Utilities — 0.2% | |||
Southwest Gas Holdings, Inc. | 5,452 | 376,460 | |
UGI Corp. | 10,706 | 340,451 | |
716,911 | |||
Health Care Equipment & Supplies — 2.9% | |||
Abbott Laboratories | 25,998 | 2,376,997 | |
Danaher Corp. | 4,068 | 719,344 | |
DENTSPLY SIRONA, Inc. | 1,457 | 64,195 | |
DexCom, Inc.(a) | 393 | 159,322 | |
Edwards Lifesciences Corp.(a) | 26,806 | 1,852,563 |
3
Schedule of Investments (unaudited) (continued)
June 30, 2020
Master Advantage U.S. Total Market LLC
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Health Care Equipment & Supplies (continued) | |||
Globus Medical, Inc., Class A(a) | 1,025 | $ 48,903 | |
Haemonetics Corp.(a) | 425 | 38,063 | |
IDEXX Laboratories, Inc.(a) | 4,048 | 1,336,488 | |
LivaNova PLC(a) | 2,809 | 135,197 | |
Medtronic PLC | 9,812 | 899,760 | |
Sientra, Inc.(a) | 19,892 | 76,982 | |
SmileDirectClub, Inc.(a)(b) | 10,647 | 84,111 | |
STERIS PLC | 254 | 38,974 | |
Stryker Corp. | 6,288 | 1,133,035 | |
West Pharmaceutical Services, Inc. | 2,245 | 509,997 | |
9,473,931 | |||
Health Care Providers & Services — 3.3% | |||
AmerisourceBergen Corp. | 3,531 | 355,819 | |
AMN Healthcare Services, Inc.(a) | 1,460 | 66,050 | |
Anthem, Inc. | 5,964 | 1,568,413 | |
Cardinal Health, Inc. | 8,581 | 447,842 | |
Cigna Corp. | 4,223 | 792,446 | |
CVS Health Corp. | 26,428 | 1,717,027 | |
HCA Healthcare, Inc. | 4,300 | 417,358 | |
Humana, Inc. | 92 | 35,673 | |
Laboratory Corp. of America Holdings(a) | 1,073 | 178,236 | |
McKesson Corp. | 8,114 | 1,244,850 | |
Quest Diagnostics, Inc. | 3,658 | 416,866 | |
UnitedHealth Group, Inc. | 12,882 | 3,799,546 | |
11,040,126 | |||
Health Care Technology — 0.4% | |||
Allscripts Healthcare Solutions, Inc.(a) | 4,906 | 33,214 | |
Teladoc Health, Inc.(a) | 3,054 | 582,825 | |
Veeva Systems, Inc., Class A(a) | 3,423 | 802,420 | |
1,418,459 | |||
Hotels, Restaurants & Leisure — 1.8% | |||
Boyd Gaming Corp. | 22,169 | 463,332 | |
Brinker International, Inc. | 2,057 | 49,368 | |
Chipotle Mexican Grill, Inc.(a) | 289 | 304,132 | |
Choice Hotels International, Inc. | 1,330 | 104,937 | |
Cracker Barrel Old Country Store, Inc. | 2,021 | 224,149 | |
Darden Restaurants, Inc. | 8,421 | 638,059 | |
Dave & Buster’s Entertainment, Inc. | 13,548 | 180,595 | |
Domino’s Pizza, Inc. | 1,270 | 469,189 | |
Extended Stay America, Inc. | 27,104 | 303,294 | |
International Game Technology PLC | 10,718 | 95,390 | |
Las Vegas Sands Corp. | 1,116 | 50,823 | |
McDonald’s Corp. | 4,475 | 825,503 | |
Penn National Gaming, Inc.(a) | 9,474 | 289,336 | |
Planet Fitness, Inc., Class A(a) | 570 | 34,525 | |
Scientific Games Corp.(a) | 4,920 | 76,063 | |
Texas Roadhouse, Inc. | 10,807 | 568,124 | |
Vail Resorts, Inc. | 642 | 116,940 | |
Wingstop, Inc. | 1,924 | 267,378 | |
Wyndham Destinations, Inc. | 1,215 | 34,239 | |
Wyndham Hotels & Resorts, Inc. | 1,464 | 62,396 | |
Yum! Brands, Inc. | 9,570 | 831,729 | |
5,989,501 | |||
Household Durables — 0.2% | |||
DR Horton, Inc. | 2,736 | 151,711 | |
Helen of Troy Ltd.(a) | 2,143 | 404,084 | |
555,795 | |||
Household Products — 1.7% | |||
Church & Dwight Co., Inc. | 11,418 | 882,611 | |
Clorox Co. | 3,769 | 826,806 |
Security | Shares | Value | |
Household Products (continued) | |||
Colgate-Palmolive Co. | 4,983 | $ 365,055 | |
Procter & Gamble Co. | 30,521 | 3,649,396 | |
5,723,868 | |||
Industrial Conglomerates — 0.9% | |||
3M Co. | 632 | 98,586 | |
Carlisle Cos., Inc. | 3,055 | 365,592 | |
General Electric Co. | 686 | 4,685 | |
Honeywell International, Inc. | 11,175 | 1,615,793 | |
Roper Technologies, Inc. | 1,995 | 774,579 | |
2,859,235 | |||
Insurance — 1.9% | |||
Alleghany Corp. | 114 | 55,762 | |
Allstate Corp. | 1,262 | 122,401 | |
Arch Capital Group Ltd.(a) | 1,179 | 33,778 | |
Arthur J. Gallagher & Co. | 7,277 | 709,435 | |
Brown & Brown, Inc. | 5,878 | 239,587 | |
Cincinnati Financial Corp. | 26,383 | 1,689,304 | |
CNO Financial Group, Inc. | 6,022 | 93,763 | |
First American Financial Corp. | 7,655 | 367,593 | |
Globe Life, Inc. | 8,116 | 602,451 | |
Hanover Insurance Group, Inc. | 424 | 42,964 | |
Hartford Financial Services Group, Inc. | 3,095 | 119,312 | |
Marsh & McLennan Cos., Inc. | 6,239 | 669,881 | |
Progressive Corp. | 1,431 | 114,637 | |
Prudential Financial, Inc. | 17,553 | 1,068,978 | |
Reinsurance Group of America, Inc. | 717 | 56,241 | |
Unum Group | 10,062 | 166,929 | |
Willis Towers Watson PLC | 1,363 | 268,443 | |
6,421,459 | |||
Interactive Media & Services — 5.0% | |||
Alphabet, Inc., Class A(a) | 4,017 | 5,696,307 | |
Alphabet, Inc., Class C(a) | 3,115 | 4,403,395 | |
Facebook, Inc., Class A(a) | 20,614 | 4,680,821 | |
Twitter, Inc.(a) | 19,403 | 578,015 | |
Yelp, Inc.(a) | 3,464 | 80,122 | |
ZoomInfo Technologies, Inc., Class A(a) | 22,216 | 1,133,683 | |
16,572,343 | |||
Internet & Direct Marketing Retail — 5.1% | |||
Amazon.com, Inc.(a) | 5,750 | 15,863,215 | |
eBay, Inc. | 6,025 | 316,011 | |
Etsy, Inc.(a) | 1,624 | 172,517 | |
Grubhub, Inc.(a) | 973 | 68,402 | |
Wayfair, Inc., Class A(a) | 1,324 | 261,636 | |
16,681,781 | |||
IT Services — 4.7% | |||
Accenture PLC, Class A | 1,243 | 266,897 | |
Automatic Data Processing, Inc. | 20,705 | 3,082,767 | |
Booz Allen Hamilton Holding Corp. | 689 | 53,597 | |
Broadridge Financial Solutions, Inc. | 1,168 | 147,390 | |
DXC Technology Co. | 1,934 | 31,911 | |
Fiserv, Inc.(a) | 2,880 | 281,146 | |
Jack Henry & Associates, Inc. | 2,524 | 464,492 | |
ManTech International Corp., Class A | 1,138 | 77,942 | |
Mastercard, Inc., Class A | 8,634 | 2,553,074 | |
Paychex, Inc. | 27,385 | 2,074,414 | |
PayPal Holdings, Inc.(a) | 23,250 | 4,050,847 | |
Unisys Corp.(a) | 12,647 | 137,979 | |
VeriSign, Inc.(a) | 516 | 106,724 | |
Visa, Inc., Class A | 11,399 | 2,201,945 | |
15,531,125 |
4
Schedule of Investments (unaudited) (continued)
June 30, 2020
Master Advantage U.S. Total Market LLC
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Life Sciences Tools & Services — 0.4% | |||
Mettler-Toledo International, Inc.(a) | 743 | $ 598,524 | |
Repligen Corp.(a) | 457 | 56,490 | |
Thermo Fisher Scientific, Inc. | 1,593 | 577,207 | |
Waters Corp.(a) | 751 | 135,480 | |
1,367,701 | |||
Machinery — 1.9% | |||
AGCO Corp. | 1,182 | 65,554 | |
Deere & Co. | 2,699 | 424,148 | |
IDEX Corp. | 2,106 | 332,832 | |
Illinois Tool Works, Inc. | 11,545 | 2,018,643 | |
Middleby Corp.(a) | 1,224 | 96,623 | |
Oshkosh Corp. | 15,006 | 1,074,730 | |
PACCAR, Inc. | 15,705 | 1,175,519 | |
Snap-on, Inc. | 5,838 | 808,621 | |
Toro Co. | 828 | 54,930 | |
Xylem, Inc. | 4,175 | 271,208 | |
6,322,808 | |||
Media — 1.6% | |||
AMC Networks, Inc., Class A(a) | 3,111 | 72,766 | |
Cable One, Inc. | 23 | 40,822 | |
Comcast Corp., Class A | 23,453 | 914,198 | |
Discovery, Inc., Class A(a) | 2,733 | 57,666 | |
Gray Television, Inc.(a) | 12,132 | 169,241 | |
iHeartMedia, Inc., Class A(a) | 13,361 | 111,564 | |
Interpublic Group of Cos., Inc. | 99,934 | 1,714,867 | |
Liberty Media Corp. - Liberty SiriusXM, Class A(a) | 909 | 31,379 | |
Omnicom Group, Inc. | 1,267 | 69,178 | |
Sirius XM Holdings, Inc. | 353,896 | 2,077,370 | |
ViacomCBS, Inc., Class B | 4,596 | 107,179 | |
5,366,230 | |||
Metals & Mining — 0.4% | |||
Alcoa Corp.(a) | 30,327 | 340,876 | |
Materion Corp. | 5,997 | 368,756 | |
Newmont Corp. | 1,507 | 93,042 | |
Reliance Steel & Aluminum Co. | 599 | 56,863 | |
Royal Gold, Inc. | 2,617 | 325,345 | |
Steel Dynamics, Inc. | 3,421 | 89,254 | |
1,274,136 | |||
Multiline Retail — 0.4% | |||
Dollar General Corp. | 1,902 | 362,350 | |
Target Corp. | 7,872 | 944,089 | |
1,306,439 | |||
Multi-Utilities — 0.4% | |||
Ameren Corp. | 8,034 | 565,272 | |
CMS Energy Corp. | 10,262 | 599,506 | |
Consolidated Edison, Inc. | 2,138 | 153,787 | |
1,318,565 | |||
Oil, Gas & Consumable Fuels — 1.8% | |||
Chevron Corp. | 12,327 | 1,099,938 | |
Concho Resources, Inc. | 1,745 | 89,868 | |
ConocoPhillips | 11,596 | 487,264 | |
Continental Resources, Inc. | 10,380 | 181,962 | |
Devon Energy Corp. | 15,970 | 181,100 | |
EOG Resources, Inc. | 19,795 | 1,002,815 | |
Exxon Mobil Corp. | 11,488 | 513,743 | |
Marathon Oil Corp. | 107,418 | 657,398 | |
Marathon Petroleum Corp. | 4,779 | 178,639 | |
ONEOK, Inc. | 814 | 27,041 | |
PBF Energy, Inc., Class A | 6,980 | 71,475 | |
Phillips 66 | 3,527 | 253,591 |
Security | Shares | Value | |
Oil, Gas & Consumable Fuels (continued) | |||
Teekay Corp.(a) | 14,949 | $ 35,878 | |
Valero Energy Corp. | 10,482 | 616,551 | |
Williams Cos., Inc. | 33,148 | 630,475 | |
6,027,738 | |||
Paper & Forest Products — 0.3% | |||
Boise Cascade Co. | 13,115 | 493,255 | |
Domtar Corp. | 22,615 | 477,403 | |
Verso Corp., Class A | 13,864 | 165,813 | |
1,136,471 | |||
Pharmaceuticals — 4.1% | |||
Bristol-Myers Squibb Co. | 24,208 | 1,423,430 | |
Elanco Animal Health, Inc.(a) | 5,941 | 127,434 | |
Eli Lilly and Co. | 8,876 | 1,457,262 | |
Evolus, Inc.(a) | 6,547 | 34,699 | |
Johnson & Johnson | 22,324 | 3,139,424 | |
Merck & Co., Inc. | 43,369 | 3,353,725 | |
Mylan NV(a) | 5,444 | 87,540 | |
Pfizer, Inc. | 54,174 | 1,771,490 | |
Prestige Consumer Healthcare, Inc.(a) | 8,912 | 334,735 | |
Zoetis, Inc. | 13,524 | 1,853,329 | |
13,583,068 | |||
Professional Services — 0.2% | |||
IHS Markit Ltd. | 964 | 72,782 | |
Robert Half International, Inc. | 8,228 | 434,685 | |
507,467 | |||
Real Estate Management & Development — 0.1% | |||
CBRE Group, Inc., Class A(a) | 4,498 | 203,400 | |
Road & Rail — 1.0% | |||
AMERCO | 1,162 | 351,145 | |
CSX Corp. | 8,268 | 576,610 | |
Landstar System, Inc. | 3,871 | 434,752 | |
Lyft, Inc., Class A(a) | 6,409 | 211,561 | |
Norfolk Southern Corp. | 3,854 | 676,647 | |
Uber Technologies, Inc.(a) | 4,640 | 144,211 | |
Union Pacific Corp. | 4,704 | 795,305 | |
Universal Logistics Holdings, Inc. | 8,923 | 155,082 | |
3,345,313 | |||
Semiconductors & Semiconductor Equipment — 4.0% | |||
Applied Materials, Inc. | 17,654 | 1,067,184 | |
Cirrus Logic, Inc.(a) | 15,975 | 986,935 | |
Intel Corp. | 56,569 | 3,384,523 | |
Lam Research Corp. | 3,271 | 1,058,038 | |
NVIDIA Corp. | 11,247 | 4,272,848 | |
Skyworks Solutions, Inc. | 8,180 | 1,045,895 | |
Texas Instruments, Inc. | 10,502 | 1,333,439 | |
Xilinx, Inc. | 644 | 63,363 | |
13,212,225 | |||
Software — 10.3% | |||
8x8, Inc.(a) | 22,983 | 367,728 | |
Adobe, Inc.(a) | 9,126 | 3,972,639 | |
Atlassian Corp. PLC, Class A(a) | 3,050 | 549,823 | |
Autodesk, Inc.(a) | 1,031 | 246,605 | |
Box, Inc., Class A(a) | 18,484 | 383,728 | |
Cadence Design Systems, Inc.(a) | 913 | 87,611 | |
Citrix Systems, Inc. | 3,564 | 527,151 | |
Cloudflare, Inc., Class A(a) | 10,001 | 359,536 | |
DocuSign, Inc.(a) | 3,927 | 676,269 | |
HubSpot, Inc.(a) | 1,974 | 442,867 | |
Intuit, Inc. | 6,072 | 1,798,466 |
5
Schedule of Investments (unaudited) (continued)
June 30, 2020
Master Advantage U.S. Total Market LLC
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Software (continued) | |||
LogMeIn, Inc. | 515 | $ 43,657 | |
Microsoft Corp. | 93,869 | 19,103,280 | |
New Relic, Inc.(a) | 870 | 59,943 | |
Paylocity Holding Corp.(a) | 525 | 76,592 | |
RingCentral, Inc., Class A(a) | 2,385 | 679,749 | |
salesforce.com, Inc.(a) | 5,841 | 1,094,195 | |
ServiceNow, Inc.(a) | 1,728 | 699,944 | |
Slack Technologies, Inc., Class A(a) | 13,652 | 424,441 | |
Smartsheet, Inc., Class A(a) | 8,313 | 423,298 | |
Teradata Corp.(a) | 3,382 | 70,346 | |
VMware, Inc., Class A(a) | 1,504 | 232,909 | |
Workday, Inc., Class A(a) | 2,375 | 444,980 | |
Zendesk, Inc.(a) | 1,861 | 164,754 | |
Zoom Video Communications, Inc., Class A(a) | 2,985 | 756,817 | |
Zscaler, Inc.(a) | 3,595 | 393,652 | |
34,080,980 | |||
Specialty Retail — 2.4% | |||
Abercrombie & Fitch Co., Class A | 19,370 | 206,097 | |
Bed Bath & Beyond, Inc. | 22,979 | 243,577 | |
Best Buy Co., Inc. | 6,007 | 524,231 | |
Home Depot, Inc. | 16,121 | 4,038,472 | |
Lowe’s Cos., Inc. | 15,529 | 2,098,279 | |
Michaels Cos., Inc.(a)(b) | 60,435 | 427,275 | |
TJX Cos., Inc. | 6,216 | 314,281 | |
Tractor Supply Co. | 314 | 41,382 | |
7,893,594 | |||
Technology Hardware, Storage & Peripherals — 4.8% | |||
Apple Inc. | 42,985 | 15,680,928 | |
HP, Inc. | 15,618 | 272,222 | |
15,953,150 | |||
Textiles, Apparel & Luxury Goods — 0.8% | |||
Deckers Outdoor Corp.(a) | 170 | 33,386 | |
Lululemon Athletica, Inc.(a) | 2,347 | 732,288 | |
NIKE, Inc., Class B | 17,377 | 1,703,815 | |
VF Corp. | 727 | 44,303 | |
2,513,792 | |||
Thrifts & Mortgage Finance — 0.1% | |||
MGIC Investment Corp. | 27,079 | 221,777 | |
Tobacco — 0.0% | |||
Altria Group, Inc. | 3,898 | 152,997 | |
Trading Companies & Distributors — 0.5% | |||
GATX Corp. | 20,287 | 1,237,101 | |
WW Grainger, Inc. | 1,663 | 522,448 | |
1,759,549 |
Security | Shares | Value | |
Water Utilities — 0.7% | |||
American Water Works Co., Inc. | 19,091 | $ 2,456,248 | |
Wireless Telecommunication Services — 0.4% | |||
Telephone & Data Systems, Inc. | 38,123 | 757,885 | |
United States Cellular Corp.(a) | 16,432 | 507,256 | |
1,265,141 | |||
Total Common Stocks — 97.3% (Cost: $280,906,481) | 320,934,714 | ||
Rights | |||
Pharmaceuticals — 0.0% | |||
Bristol-Myers Squibb Co., CVR(a) | 8,974 | 32,127 | |
Total Rights — 0.0% (Cost: $20,640) | 32,127 | ||
Total Long-Term Investments — 97.3% (Cost: $280,927,121) | 320,966,841 | ||
Short-Term Securities(c)(d) | |||
Money Market Funds — 3.0% | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.11% | 9,252,729 | 9,252,729 | |
SL Liquidity Series, LLC, Money Market Series, 0.50%(e) | 662,870 | 663,400 | |
Total Short-Term Securities — 3.0% (Cost: $9,915,293) | 9,916,129 | ||
Total Investments — 100.3% (Cost: $290,842,414) | 330,882,970 | ||
Liabilities in Excess of Other Assets — (0.3)% | (1,033,256) | ||
Net Assets — 100.0% | $ 329,849,714 |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Affiliate of the Master LLC. |
(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. |
6
Schedule of Investments (unaudited) (continued)
June 30, 2020
Master Advantage U.S. Total Market LLC
Affiliates
Investments in issuers considered to be an affiliate/affiliates of the Master LLC 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 03/31/20 | 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 | 8,072,097 | 1,180,632(b) | — | 9,252,729 | $ 9,252,729 | $ 2,821 | $ — | $ — | |||
SL Liquidity Series, LLC, Money Market Series | 16,029,626 | — | (15,366,756)(b) | 662,870 | 663,400 | 24,290(c) | 1,890 | (732) | |||
$ 9,916,129 | $ 27,111 | $ 1,890 | $ (732) |
(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 LLC compliance purposes, the Master LLC’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.
Portfolio Abbreviation | |
CVR | Contingent Value Rights |
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 | 68 | 09/18/20 | $ 10,507 | $ 183,596 |
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 annual report.
7
Schedule of Investments (unaudited) (continued)
June 30, 2020
Master Advantage U.S. Total Market LLC
Certain investments of the Master LLC 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 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 | $ 320,934,714 | $ — | $ — | $ 320,934,714 | |||
Rights | 32,127 | — | — | 32,127 | |||
Short-Term Securities | |||||||
Money Market Funds | 9,252,729 | — | — | 9,252,729 | |||
$ 330,219,570 | $ — | $ — | 330,219,570 | ||||
Investments Valued at NAV(a) | 663,400 | ||||||
$ 330,882,970 | |||||||
Derivative Financial Instruments(b) | |||||||
Assets | |||||||
Equity Contracts | $ 183,596 | $ — | $ — | $ 183,596 |
The breakdown of the Master LLC’s investments into major categories is disclosed in the Schedule of Investments above. |
(a) | 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. |
(b) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
8