BlackRock Advantage US Total Market Fund
|
|
|
| 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. |
|
4
|
|
|
| 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