Schedule of Investments (unaudited) December 31, 2019 | BlackRock Advantage Large Cap Core Fund (Percentages shown are based on Net Assets) |
Security | Value | |||
Mutual Fund — 100.0% | ||||
Master Advantage Large Cap Core Portfolio | $ | 2,801,451,657 | ||
|
| |||
Total Investments — 100.0% | 2,801,451,657 | |||
Liabilities in Excess of Other Assets — 0.0% | (901,624 | ) | ||
|
| |||
Net Assets — 100.0% | $ | 2,800,550,033 | ||
|
|
BlackRock Advantage Large Cap Core Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Master Advantage Large Cap Core Portfolio (the “Master LLC”), which has the same investment objective and strategies as the Fund. As of period end, the value of the investment and the percentage owned by the Fund of the Master LLC was $2,801,451,657 and 76.0%, 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 each 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 Master LLC’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 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 Large Cap Core Portfolio (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks — 99.4% | ||||||||
Aerospace & Defense — 2.7% | ||||||||
Boeing Co. | 6,081 | $ | 1,980,947 | |||||
HEICO Corp. | 11,760 | 1,342,404 | ||||||
HEICO Corp., Class A | 4,677 | 418,732 | ||||||
Hexcel Corp. | 13,556 | 993,790 | ||||||
Lockheed Martin Corp. | 132,835 | 51,723,292 | ||||||
Northrop Grumman Corp. | 30,569 | 10,514,819 | ||||||
Raytheon Co. | 68,213 | 14,989,125 | ||||||
Teledyne Technologies, Inc.(a) | 53,087 | 18,396,769 | ||||||
|
| |||||||
100,359,878 | ||||||||
Air Freight & Logistics — 0.2% | ||||||||
CH Robinson Worldwide, Inc. | 48,184 | 3,767,989 | ||||||
Expeditors International of Washington, Inc. | 19,569 | 1,526,773 | ||||||
United Parcel Service, Inc., Class B | 12,129 | 1,419,821 | ||||||
|
| |||||||
6,714,583 | ||||||||
Airlines — 0.5% | ||||||||
Alaska Air Group, Inc. | 56,479 | 3,826,452 | ||||||
Delta Air Lines, Inc. | 44,431 | 2,598,325 | ||||||
United Airlines Holdings, Inc.(a) | 115,777 | 10,198,796 | ||||||
|
| |||||||
16,623,573 | ||||||||
Auto Components — 0.1% | ||||||||
Dana, Inc. | 105,415 | 1,918,553 | ||||||
Goodyear Tire & Rubber Co. | 223,855 | 3,482,065 | ||||||
|
| |||||||
5,400,618 | ||||||||
Automobiles — 0.5% | ||||||||
Ford Motor Co. | 766,217 | 7,125,818 | ||||||
General Motors Co. | 205,180 | 7,509,588 | ||||||
Harley-Davidson, Inc. | 13,315 | 495,185 | ||||||
Tesla, Inc.(a)(b) | 11,974 | 5,009,083 | ||||||
|
| |||||||
20,139,674 | ||||||||
Banks — 3.7% | ||||||||
Bank of America Corp. | 848,168 | 29,872,477 | ||||||
CIT Group, Inc. | 184,409 | 8,414,583 | ||||||
Citizens Financial Group, Inc. | 305,187 | 12,393,644 | ||||||
Comerica, Inc. | 9,017 | 646,970 | ||||||
Cullen/Frost Bankers, Inc. | 55,703 | 5,446,639 | ||||||
East West Bancorp, Inc. | 117,356 | 5,715,237 | ||||||
First Hawaiian, Inc. | 30,964 | 893,311 | ||||||
First Horizon National Corp. | 75,001 | 1,242,017 | ||||||
JPMorgan Chase & Co. | 299,098 | 41,694,261 | ||||||
PNC Financial Services Group, Inc. | 8,831 | 1,409,693 | ||||||
Truist Financial Corp. | 64,984 | 3,659,899 | ||||||
U.S. Bancorp | 80,622 | 4,780,078 | ||||||
Wells Fargo & Co. | 384,437 | 20,682,711 | ||||||
Zions Bancorp NA | 10,301 | 534,828 | ||||||
|
| |||||||
137,386,348 | ||||||||
Beverages — 1.1% | ||||||||
Coca-Cola Co. | 79,035 | 4,374,587 | ||||||
Coca-Cola European Partners PLC | 19,972 | 1,016,175 | ||||||
Molson Coors Beverage Co., Class B | 21,641 | 1,166,450 | ||||||
Monster Beverage Corp.(a) | 139,643 | 8,874,313 | ||||||
PepsiCo, Inc. | 195,210 | 26,679,351 | ||||||
|
| |||||||
42,110,876 | ||||||||
Biotechnology — 3.9% | ||||||||
AbbVie, Inc. | 272,355 | 24,114,312 | ||||||
Alexion Pharmaceuticals, Inc.(a) | 26,110 | 2,823,797 | ||||||
Amgen, Inc. | 71,458 | 17,226,380 | ||||||
Biogen, Inc.(a) | 35,554 | 10,549,938 | ||||||
Gilead Sciences, Inc. | 771,484 | 50,131,030 | ||||||
Incyte Corp.(a) | 29,132 | 2,543,806 | ||||||
Regeneron Pharmaceuticals, Inc.(a) | 42,515 | 15,963,532 | ||||||
United Therapeutics Corp.(a) | 21,736 | 1,914,507 | ||||||
Vertex Pharmaceuticals, Inc.(a) | 78,926 | 17,280,848 | ||||||
|
| |||||||
142,548,150 |
Security | Shares | Value | ||||||
Building Products — 0.9% | ||||||||
Allegion PLC | 261,387 | $ | 32,553,137 | |||||
Resideo Technologies, Inc.(a) | 90,065 | 1,074,475 | ||||||
|
| |||||||
33,627,612 | ||||||||
Capital Markets — 3.9% | ||||||||
Affiliated Managers Group, Inc. | 34,850 | 2,953,189 | ||||||
Bank of New York Mellon Corp. | 103,108 | 5,189,426 | ||||||
Charles Schwab Corp. | 294,373 | 14,000,380 | ||||||
CME Group, Inc. | 62,323 | 12,509,473 | ||||||
Evercore, Inc., Class A | 33,340 | 2,492,498 | ||||||
FactSet Research Systems, Inc. | 53,286 | 14,296,634 | ||||||
Intercontinental Exchange, Inc. | 219,422 | 20,307,506 | ||||||
Invesco Ltd. | 21,140 | 380,097 | ||||||
Moody’s Corp. | 39,187 | 9,303,386 | ||||||
Morgan Stanley | 489,624 | 25,029,579 | ||||||
Nasdaq, Inc. | 3,532 | 378,277 | ||||||
S&P Global, Inc. | 108,691 | 29,678,078 | ||||||
SEI Investments Co. | 5,488 | 359,354 | ||||||
TD Ameritrade Holding Corp. | 135,966 | 6,757,510 | ||||||
|
| |||||||
143,635,387 | ||||||||
Chemicals — 1.5% | ||||||||
Air Products & Chemicals, Inc. | 49,981 | 11,745,035 | ||||||
CF Industries Holdings, Inc. | 92,310 | 4,406,879 | ||||||
Ecolab, Inc. | 92,531 | 17,857,558 | ||||||
LyondellBasell Industries NV, Class A | 58,752 | 5,550,889 | ||||||
Mosaic Co. | 177,197 | 3,834,543 | ||||||
Sherwin-Williams Co. | 19,134 | 11,165,454 | ||||||
|
| |||||||
54,560,358 | ||||||||
Commercial Services & Supplies — 0.2% | ||||||||
ADT, Inc. | 152,686 | 1,210,800 | ||||||
Cintas Corp. | 9,041 | 2,432,752 | ||||||
Copart, Inc.(a) | 27,141 | 2,468,203 | ||||||
|
| |||||||
6,111,755 | ||||||||
Communications Equipment — 0.7% | ||||||||
Ciena Corp.(a) | 107,008 | 4,568,172 | ||||||
Cisco Systems, Inc. | 426,448 | 20,452,446 | ||||||
InterDigital, Inc. | 9 | 490 | ||||||
|
| |||||||
25,021,108 | ||||||||
Construction & Engineering — 0.2% | ||||||||
AECOM(a) | 15,214 | 656,180 | ||||||
Fluor Corp. | 135,697 | 2,561,959 | ||||||
MasTec, Inc.(a) | 91,657 | 5,880,713 | ||||||
|
| |||||||
9,098,852 | ||||||||
Consumer Finance — 1.2% | ||||||||
Ally Financial, Inc. | 306,015 | 9,351,818 | ||||||
American Express Co. | 155,857 | 19,402,638 | ||||||
Capital One Financial Corp. | 141,169 | 14,527,702 | ||||||
|
| |||||||
43,282,158 | ||||||||
Containers & Packaging — 0.3% | ||||||||
Westrock Co. | 260,683 | 11,185,908 | ||||||
|
| |||||||
Diversified Consumer Services — 0.2% | ||||||||
frontdoor, Inc.(a) | 50,843 | 2,410,975 | ||||||
H&R Block, Inc. | 187,606 | 4,404,989 | ||||||
|
| |||||||
6,815,964 | ||||||||
Diversified Financial Services — 1.8% | ||||||||
AXA Equitable Holdings, Inc. | 44,374 | 1,099,588 | ||||||
Berkshire Hathaway, Inc., Class B(a) | 283,448 | 64,200,972 | ||||||
|
| |||||||
65,300,560 | ||||||||
Diversified Telecommunication Services — 1.8% | ||||||||
AT&T Inc. | 647,143 | 25,290,348 | ||||||
CenturyLink, Inc. | 259,935 | 3,433,741 | ||||||
Verizon Communications, Inc. | 638,600 | 39,210,040 | ||||||
|
| |||||||
67,934,129 |
1
Schedule of Investments (unaudited) (continued) December 31, 2019 | Master Advantage Large Cap Core Portfolio (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Electric Utilities — 1.4% | ||||||||
Alliant Energy Corp. | 45,520 | $ | 2,490,854 | |||||
IDACORP, Inc. | 74,065 | 7,910,142 | ||||||
OGE Energy Corp. | 35,904 | 1,596,651 | ||||||
Pinnacle West Capital Corp. | 74,143 | 6,667,680 | ||||||
Xcel Energy, Inc. | 501,829 | 31,861,123 | ||||||
|
| |||||||
50,526,450 | ||||||||
Electrical Equipment — 0.9% | ||||||||
AMETEK, Inc. | 199,311 | 19,879,279 | ||||||
Generac Holdings, Inc.(a) | 48,760 | 4,904,768 | ||||||
Hubbell, Inc. | 63,256 | 9,350,502 | ||||||
|
| |||||||
34,134,549 | ||||||||
Electronic Equipment, Instruments & Components — 1.0% | ||||||||
CDW Corp. | 130,755 | 18,677,044 | ||||||
National Instruments Corp. | 390,204 | 16,521,237 | ||||||
|
| |||||||
35,198,281 | ||||||||
Energy Equipment & Services — 0.2% | ||||||||
Patterson-UTI Energy, Inc. | 182,664 | 1,917,972 | ||||||
Transocean Ltd.(a) | 816,561 | 5,617,940 | ||||||
|
| |||||||
7,535,912 | ||||||||
Entertainment — 1.2% | ||||||||
Activision Blizzard, Inc. | 11,151 | 662,592 | ||||||
Cinemark Holdings, Inc. | 43,677 | 1,478,466 | ||||||
Electronic Arts, Inc.(a) | 45,400 | 4,880,954 | ||||||
Live Nation Entertainment, Inc.(a) | 89,367 | 6,387,059 | ||||||
Netflix, Inc.(a) | 9,631 | 3,116,303 | ||||||
Spotify Technology SA(a) | 25,084 | 3,751,312 | ||||||
Take-Two Interactive Software, Inc.(a) | 52,522 | 6,430,268 | ||||||
Walt Disney Co. | 93,056 | 13,458,689 | ||||||
Zynga, Inc., Class A(a) | 912,567 | 5,584,910 | ||||||
|
| |||||||
45,750,553 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 2.9% | ||||||||
Boston Properties, Inc. | 51,486 | 7,097,860 | ||||||
Equity Residential | 41,851 | 3,386,583 | ||||||
Essex Property Trust, Inc. | 1,614 | 485,588 | ||||||
Host Hotels & Resorts, Inc. | 122,648 | 2,275,120 | ||||||
Invitation Homes, Inc. | 347,744 | 10,421,888 | ||||||
Lamar Advertising Co., Class A | 92,399 | 8,247,535 | ||||||
National Retail Properties, Inc. | 22,204 | 1,190,578 | ||||||
Outfront Media, Inc. | 334,927 | 8,982,742 | ||||||
Park Hotels & Resorts, Inc. | 639,130 | 16,534,293 | ||||||
Prologis, Inc. | 99,263 | 8,848,304 | ||||||
Regency Centers Corp. | 6,951 | 438,539 | ||||||
RLJ Lodging Trust | 424,761 | 7,526,765 | ||||||
SBA Communications Corp. | 9,896 | 2,384,837 | ||||||
Simon Property Group, Inc. | 183,089 | 27,272,937 | ||||||
UDR, Inc. | 33,086 | 1,545,116 | ||||||
|
| |||||||
106,638,685 | ||||||||
Food & Staples Retailing — 1.7% | ||||||||
Costco Wholesale Corp. | 153,711 | 45,178,737 | ||||||
Performance Food Group Co.(a) | 267,384 | 13,764,928 | ||||||
Walmart, Inc. | 44,202 | 5,252,966 | ||||||
|
| |||||||
64,196,631 | ||||||||
Food Products — 0.8% | ||||||||
General Mills, Inc. | 44,812 | 2,400,131 | ||||||
Hershey Co. | 181,523 | 26,680,251 | ||||||
Hormel Foods Corp. | 46,775 | 2,110,020 | ||||||
|
| |||||||
31,190,402 | ||||||||
Gas Utilities — 0.3% | ||||||||
Atmos Energy Corp. | 3,883 | 434,352 | ||||||
Southwest Gas Holdings, Inc. | 114,171 | 8,673,571 | ||||||
|
| |||||||
9,107,923 | ||||||||
Health Care Equipment & Supplies — 2.5% | ||||||||
Danaher Corp. | 20,152 | 3,092,929 |
Security | Shares | Value | ||||||
Health Care Equipment & Supplies (continued) | ||||||||
DexCom, Inc.(a) | 26,791 | $ | 5,860,263 | |||||
Edwards Lifesciences Corp.(a) | 77,082 | 17,982,460 | ||||||
Hologic, Inc.(a) | 154,900 | 8,087,329 | ||||||
IDEXX Laboratories, Inc.(a) | 24,576 | 6,417,531 | ||||||
Medtronic PLC | 89,638 | 10,169,431 | ||||||
Stryker Corp. | 187,468 | 39,357,032 | ||||||
|
| |||||||
90,966,975 | ||||||||
Health Care Providers & Services — 2.6% | ||||||||
AmerisourceBergen Corp. | 129,981 | 11,050,985 | ||||||
Anthem, Inc. | 94,458 | 28,529,150 | ||||||
Cigna Corp. | 36,670 | 7,498,648 | ||||||
CVS Health Corp. | 308,228 | 22,898,258 | ||||||
Humana, Inc. | 8,587 | 3,147,307 | ||||||
McKesson Corp. | 5,148 | 712,071 | ||||||
UnitedHealth Group, Inc. | 65,366 | 19,216,297 | ||||||
WellCare Health Plans, Inc.(a) | 6,165 | 2,035,745 | ||||||
|
| |||||||
95,088,461 | ||||||||
Health Care Technology — 0.3% | ||||||||
Veeva Systems, Inc., Class A(a) | 81,442 | 11,455,632 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 2.3% | ||||||||
Boyd Gaming Corp. | 115,592 | 3,460,824 | ||||||
Carnival Corp. | 176,761 | 8,984,762 | ||||||
Chipotle Mexican Grill, Inc.(a) | 1,592 | 1,332,679 | ||||||
Choice Hotels International, Inc. | 147,498 | 15,255,718 | ||||||
Darden Restaurants, Inc. | 214,172 | 23,346,890 | ||||||
Extended Stay America, Inc. | 585,544 | 8,701,184 | ||||||
International Game Technology PLC | 64,971 | 972,616 | ||||||
McDonald’s Corp. | 87,616 | 17,313,798 | ||||||
Penn National Gaming, Inc.(a) | 75,666 | 1,934,023 | ||||||
Texas Roadhouse, Inc. | 59,586 | 3,355,884 | ||||||
|
| |||||||
84,658,378 | ||||||||
Household Durables — 0.3% | ||||||||
DR Horton, Inc. | 160,304 | 8,456,036 | ||||||
Garmin Ltd. | 8,473 | 826,626 | ||||||
|
| |||||||
9,282,662 | ||||||||
Household Products — 1.4% | ||||||||
Church & Dwight Co., Inc. | 267,180 | 18,793,441 | ||||||
Procter & Gamble Co. | 272,956 | 34,092,204 | ||||||
|
| |||||||
52,885,645 | ||||||||
Industrial Conglomerates — 0.8% | ||||||||
Carlisle Cos., Inc. | 3,091 | 500,247 | ||||||
Honeywell International, Inc. | 99,844 | 17,672,388 | ||||||
Roper Technologies, Inc. | 33,064 | 11,712,261 | ||||||
|
| |||||||
29,884,896 | ||||||||
Insurance — 3.2% | ||||||||
Aflac, Inc. | 17,518 | 926,702 | ||||||
Allstate Corp. | 161,485 | 18,158,988 | ||||||
Arthur J. Gallagher & Co. | 111,205 | 10,590,052 | ||||||
Brown & Brown, Inc. | 51,666 | 2,039,774 | ||||||
Cincinnati Financial Corp. | 70,820 | 7,446,723 | ||||||
First American Financial Corp. | 250,601 | 14,615,050 | ||||||
Globe Life, Inc. | 103,426 | 10,885,586 | ||||||
Lincoln National Corp. | 114,962 | 6,783,908 | ||||||
Marsh & McLennan Cos., Inc. | 32,225 | 3,590,187 | ||||||
MetLife, Inc. | 83,267 | 4,244,119 | ||||||
Progressive Corp. | 46,776 | 3,386,115 | ||||||
Prudential Financial, Inc. | 183,537 | 17,204,758 | ||||||
Travelers Cos., Inc. | 50,482 | 6,913,510 | ||||||
Unum Group | 124,327 | 3,625,375 | ||||||
Willis Towers Watson PLC | 14,374 | 2,902,686 | ||||||
WR Berkley Corp. | 44,502 | 3,075,088 | ||||||
|
| |||||||
116,388,621 | ||||||||
Interactive Media & Services — 4.7% | ||||||||
Alphabet, Inc., Class A(a) | 34,688 | 46,460,760 |
2
Schedule of Investments (unaudited) (continued) December 31, 2019 | Master Advantage Large Cap Core Portfolio (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Interactive Media & Services (continued) | ||||||||
Alphabet, Inc., Class C(a) | 37,463 | $ | 50,088,780 | |||||
Facebook, Inc., Class A(a) | 315,446 | 64,745,291 | ||||||
Pinterest, Inc., Class A(a)(b) | 149,530 | 2,787,239 | ||||||
TripAdvisor, Inc. | 85,489 | 2,597,156 | ||||||
Twitter, Inc.(a) | 115,896 | 3,714,467 | ||||||
Yelp, Inc.(a) | 80,130 | 2,790,928 | ||||||
|
| |||||||
173,184,621 | ||||||||
Internet & Direct Marketing Retail — 3.0% | ||||||||
Amazon.com, Inc.(a) | 59,520 | 109,983,437 | ||||||
|
| |||||||
IT Services — 5.4% | ||||||||
Amdocs Ltd. | 74,303 | 5,363,934 | ||||||
Automatic Data Processing, Inc. | 220,857 | 37,656,119 | ||||||
Booz Allen Hamilton Holding Corp. | 21,550 | 1,532,852 | ||||||
Broadridge Financial Solutions, Inc. | 58,652 | 7,245,868 | ||||||
DXC Technology Co. | 27,528 | 1,034,778 | ||||||
GoDaddy, Inc., Class A(a) | 155,624 | 10,569,982 | ||||||
Jack Henry & Associates, Inc. | 29,801 | 4,341,112 | ||||||
Mastercard, Inc., Class A | 252,458 | 75,381,434 | ||||||
Paychex, Inc. | 335,753 | 28,559,150 | ||||||
PayPal Holdings, Inc.(a) | 26,093 | 2,822,480 | ||||||
Visa, Inc., Class A | 124,707 | 23,432,445 | ||||||
|
| |||||||
197,940,154 | ||||||||
Life Sciences Tools & Services — 0.1% | ||||||||
Thermo Fisher Scientific, Inc. | 11,102 | 3,606,707 | ||||||
|
| |||||||
Machinery — 2.3% | ||||||||
AGCO Corp. | 25,493 | 1,969,334 | ||||||
Deere & Co. | 6,808 | 1,179,554 | ||||||
IDEX Corp. | 55,267 | 9,505,924 | ||||||
Ingersoll-Rand PLC | 11,892 | 1,580,685 | ||||||
Oshkosh Corp. | 200,023 | 18,932,177 | ||||||
PACCAR, Inc. | 540,933 | 42,787,800 | ||||||
Snap-on, Inc. | 40,813 | 6,913,722 | ||||||
|
| |||||||
82,869,196 | ||||||||
Media — 2.1% | ||||||||
AMC Networks, Inc., Class A(a) | 131,474 | 5,193,223 | ||||||
Comcast Corp., Class A | 305,026 | 13,717,019 | ||||||
Discovery, Inc., Class A(a)(b) | 321,282 | 10,518,773 | ||||||
Interpublic Group of Cos., Inc. | 1,057,832 | 24,435,919 | ||||||
Liberty Media Corp. — Liberty SiriusXM, | 10,388 | 502,156 | ||||||
Sinclair Broadcast Group, Inc., Class A | 88,434 | 2,948,390 | ||||||
Sirius XM Holdings, Inc.(b) | 2,515,780 | 17,987,827 | ||||||
ViacomCBS, Inc., Class B | 87,446 | 3,670,109 | ||||||
|
| |||||||
78,973,416 | ||||||||
Metals & Mining — 0.3% | ||||||||
Alcoa Corp.(a) | 250,046 | 5,378,489 | ||||||
Reliance Steel & Aluminum Co. | 37,886 | 4,537,227 | ||||||
|
| |||||||
9,915,716 | ||||||||
Multiline Retail — 0.7% | ||||||||
Dollar General Corp. | 125,099 | 19,512,942 | ||||||
Target Corp. | 47,848 | 6,134,592 | ||||||
|
| |||||||
25,647,534 | ||||||||
Multi-Utilities — 1.1% | ||||||||
Ameren Corp. | 102,212 | 7,849,882 | ||||||
Avista Corp. | 13,671 | 657,438 | ||||||
Consolidated Edison, Inc. | 152,698 | 13,814,588 | ||||||
DTE Energy Co. | 131,341 | 17,057,256 | ||||||
|
| |||||||
39,379,164 | ||||||||
Oil, Gas & Consumable Fuels — 3.5% | ||||||||
ConocoPhillips | 186,081 | 12,100,847 | ||||||
Continental Resources, Inc. | 93,019 | 3,190,552 | ||||||
Devon Energy Corp. | 16,195 | 420,584 |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
EOG Resources, Inc. | 190,403 | $ | 15,948,155 | |||||
Exxon Mobil Corp. | 800,810 | 55,880,522 | ||||||
Marathon Oil Corp. | 42,568 | 578,073 | ||||||
Marathon Petroleum Corp. | 223,764 | 13,481,781 | ||||||
Phillips 66 | 48,903 | 5,448,283 | ||||||
Suncor Energy, Inc. | 198,022 | 6,495,122 | ||||||
Valero Energy Corp. | 89,704 | 8,400,780 | ||||||
Williams Cos., Inc. | 330,207 | 7,832,510 | ||||||
|
| |||||||
129,777,209 | ||||||||
Paper & Forest Products — 0.2% | ||||||||
Domtar Corp. | 143,758 | 5,497,306 | ||||||
|
| |||||||
Personal Products — 0.6% | ||||||||
Estee Lauder Cos., Inc., Class A | 114,066 | 23,559,192 | ||||||
|
| |||||||
Pharmaceuticals — 4.8% | ||||||||
Allergan PLC | 2,950 | 563,951 | ||||||
Bristol-Myers Squibb Co. | 485,914 | 31,190,820 | ||||||
Johnson & Johnson | 427,551 | 62,366,864 | ||||||
Merck & Co., Inc. | 393,219 | 35,763,268 | ||||||
Mylan NV(a) | 201,561 | 4,051,376 | ||||||
Pfizer, Inc. | 434,740 | 17,033,113 | ||||||
Zoetis, Inc. | 190,642 | 25,231,469 | ||||||
|
| |||||||
176,200,861 | ||||||||
Professional Services — 0.5% | ||||||||
CoStar Group, Inc.(a) | 6,586 | 3,940,404 | ||||||
IHS Markit Ltd.(a) | 15,862 | 1,195,202 | ||||||
Insperity, Inc. | 27,067 | 2,328,845 | ||||||
Robert Half International, Inc. | 146,615 | 9,258,737 | ||||||
|
| |||||||
16,723,188 | ||||||||
Road & Rail — 0.5% | ||||||||
CSX Corp. | 46,004 | 3,328,849 | ||||||
Landstar System, Inc. | 74,546 | 8,488,553 | ||||||
Lyft, Inc., Class A(a) | 61,955 | 2,665,304 | ||||||
Old Dominion Freight Line, Inc. | 10,964 | 2,080,748 | ||||||
Ryder System, Inc. | 31,683 | 1,720,704 | ||||||
|
| |||||||
18,284,158 | ||||||||
Semiconductors & Semiconductor Equipment — 3.8% | ||||||||
Applied Materials, Inc. | 365,520 | 22,311,341 | ||||||
Cirrus Logic, Inc.(a) | 147,807 | 12,180,775 | ||||||
Cypress Semiconductor Corp. | 45,271 | 1,056,172 | ||||||
Intel Corp. | 585,923 | 35,067,492 | ||||||
Lam Research Corp. | 57,719 | 16,877,036 | ||||||
Micron Technology, Inc.(a) | 71,429 | 3,841,452 | ||||||
NVIDIA Corp. | 106,760 | 25,120,628 | ||||||
QUALCOMM, Inc. | 74,083 | 6,536,343 | ||||||
Skyworks Solutions, Inc. | 31,882 | 3,853,896 | ||||||
Texas Instruments, Inc. | 114,893 | 14,739,623 | ||||||
|
| |||||||
141,584,758 | ||||||||
Software — 7.6% | ||||||||
Adobe, Inc.(a) | 79,945 | 26,366,660 | ||||||
Dropbox, Inc., Class A(a) | 100,718 | 1,803,859 | ||||||
Intuit, Inc. | 114,597 | 30,016,392 | ||||||
Manhattan Associates, Inc.(a) | 16,434 | 1,310,611 | ||||||
Microsoft Corp. | 973,749 | 153,560,217 | ||||||
Paylocity Holding Corp.(a) | 25,024 | 3,023,400 | ||||||
salesforce.com, Inc.(a) | 205,601 | 33,438,947 | ||||||
ServiceNow, Inc.(a) | 81,512 | 23,012,468 | ||||||
Workday, Inc., Class A(a) | 49,443 | 8,130,901 | ||||||
|
| |||||||
280,663,455 | ||||||||
Specialty Retail — 1.3% | ||||||||
AutoZone, Inc.(a) | 2,770 | 3,299,929 | ||||||
Home Depot, Inc. | 167,842 | 36,653,336 | ||||||
O’Reilly Automotive, Inc.(a) | 4,388 | 1,923,085 |
3
Schedule of Investments (unaudited) (continued) December 31, 2019 | Master Advantage Large Cap Core Portfolio (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||||||
Specialty Retail (continued) | ||||||||||||
Ross Stores, Inc. |
| 28,309 | $ | 3,295,734 | ||||||||
Tractor Supply Co. |
| 13,518 | 1,263,122 | |||||||||
|
| |||||||||||
46,435,206 | ||||||||||||
Technology Hardware, Storage & Peripherals — 4.7% | ||||||||||||
Apple Inc. |
| 568,717 | 167,003,746 | |||||||||
HP Inc. |
| 270,380 | 5,556,309 | |||||||||
NetApp, Inc. |
| 23,009 | 1,432,310 | |||||||||
|
| |||||||||||
173,992,365 | ||||||||||||
Textiles, Apparel & Luxury Goods — 0.9% | ||||||||||||
Lululemon Athletica, Inc.(a) |
| 31,854 | 7,379,616 | |||||||||
NIKE, Inc., Class B |
| 241,818 | 24,498,582 | |||||||||
Ralph Lauren Corp. |
| 20,286 | 2,377,925 | |||||||||
|
| |||||||||||
34,256,123 | ||||||||||||
Thrifts & Mortgage Finance — 0.1% | ||||||||||||
Essent Group Ltd. |
| 46,714 | 2,428,661 | |||||||||
MGIC Investment Corp. |
| 123,395 | 1,748,507 | |||||||||
|
| |||||||||||
4,177,168 | ||||||||||||
Tobacco — 0.5% | ||||||||||||
Altria Group, Inc. |
| 253,990 | 12,676,641 | |||||||||
Philip Morris International, Inc. |
| 82,731 | 7,039,581 | |||||||||
|
| |||||||||||
19,716,222 | ||||||||||||
Trading Companies & Distributors — 0.3% | ||||||||||||
GATX Corp. |
| 142,600 | 11,814,410 | |||||||||
|
| |||||||||||
Water Utilities — 0.8% | ||||||||||||
American Water Works Co., Inc. |
| 245,323 | 30,137,931 | |||||||||
|
| |||||||||||
Wireless Telecommunication Services — 0.4% | ||||||||||||
Telephone & Data Systems, Inc. |
| 353,020 | 8,977,299 | |||||||||
United States Cellular Corp.(a) |
| 132,796 | 4,811,199 | |||||||||
|
| |||||||||||
13,788,498 | ||||||||||||
Total Common Stocks — 99.4% |
| 3,660,856,142 | ||||||||||
|
| |||||||||||
Rights — 0.0% | ||||||||||||
Pharmaceuticals — 0.0% | ||||||||||||
Bristol-Myers Squibb Co. — CVR(a) |
| 87,067 | 262,072 | |||||||||
|
| |||||||||||
Total Rights — 0.0% |
| 262,072 | ||||||||||
|
| |||||||||||
Total Long-Term Investments — 99.4% |
| 3,661,118,214 | ||||||||||
|
|
Security | Shares | Value | ||||||||||
Short-Term Securities — 1.3% |
| |||||||||||
Money Markets Funds — 1.3% | ||||||||||||
BlackRock Liquidity Funds, T-Fund, | 35,959,029 | $ | 35,959,029 | |||||||||
|
| |||||||||||
SL Liquidity Series, LLC, | 13,059,391 | 13,062,003 | ||||||||||
|
| |||||||||||
Total Money Market Funds — 1.3% |
| 49,021,032 | ||||||||||
|
| |||||||||||
Par (000) | ||||||||||||
Time Deposits — 0.0% | ||||||||||||
United States — 0.0% | ||||||||||||
Brown Brothers Harriman & Co., | USD | 5 | 4,830 | |||||||||
|
| |||||||||||
Total Time Deposits — 0.0% |
| 4,830 | ||||||||||
|
| |||||||||||
Total Short-Term Investments — 1.3% |
| 49,025,862 | ||||||||||
|
| |||||||||||
Total Investments — 100.7% |
| 3,710,144,076 | ||||||||||
Liabilities in Excess of Other Assets — (0.7)% |
| (25,526,321 | ) | |||||||||
|
| |||||||||||
Net Assets — 100.0% | $ | 3,684,617,755 | ||||||||||
|
|
(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 Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate | Shares Held at 09/30/19 | 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, | 38,261,121 | 2,302,092 | 35,959,029 | $ | 35,959,029 | $ | 137,502 | $ | 69 | $ | — | |||||||||||||||||
SL Liquidity Series, LLC, | 9,759,892 | 3,299,499 | 13,059,391 | 13,062,003 | 58,063 | (b) | (971 | ) | — | |||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 49,021,032 | $ | 195,565 | $ | (902 | ) | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(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. |
Portfolio Abbreviation | ||
S&P | Standard & Poor’s |
4
Schedule of Investments (unaudited) (continued) December 31, 2019 | Master Advantage Large Cap Core Portfolio
|
CVR | Contigent Value Rights |
For Portfolio compliance purposes, the Portfolio’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.
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 | 256 | 03/20/20 | $ | 41,358 | $ | 666,565 | ||||||||||||||
|
|
|
|
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 each 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.
The following tables summarize the Portfolio’s investments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Long-Term Investments: | ||||||||||||||||
Common Stocks(a) | $ | 3,660,856,142 | $ | — | $ | — | $ | 3,660,856,142 | ||||||||
Rights(a) | 262,072 | — | — | 262,072 | ||||||||||||
Short Term Investments: | ||||||||||||||||
Time Deposits | — | 4,830 | — | 4,830 | ||||||||||||
Money Market Funds | 35,959,029 | — | — | 35,959,029 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Subtotal | $ | 3,697,077,243 | $ | 4,830 | $ | — | $ | 3,697,082,073 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments Valued at Net Asset Value (“NAV”)(b) | 13,062,003 | |||||||||||||||
|
| |||||||||||||||
Total Investments | $ | 3,710,144,076 | ||||||||||||||
|
|
(a) | See above Schedule of Investments for values in each industry. |
(b) | Certain investments of the portfolio were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets: | ||||||||||||||||
Equity contracts | $ | 666,565 | $ | — | $ | — | $ | 666,565 | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Future contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
5