International Tilts Master Portfolio
|
|
|
| Schedule of Investments (unaudited)
September 30, 2020 |
|
International Tilts Master Portfolio
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Shares |
|
|
Value |
|
|
| Common Stocks |
|
|
| Australia — 6.8% |
|
| Afterpay Ltd.(a) |
|
|
327 |
|
|
$ |
19,275 |
|
| Aristocrat Leisure Ltd. |
|
|
38,322 |
|
|
|
835,747 |
|
| ASX Ltd. |
|
|
7,276 |
|
|
|
425,396 |
|
| Australia & New Zealand Banking Group Ltd. |
|
|
6,073 |
|
|
|
75,767 |
|
| Bendigo & Adelaide Bank Ltd. |
|
|
77,771 |
|
|
|
338,723 |
|
| BHP Group Ltd. |
|
|
69,439 |
|
|
|
1,793,859 |
|
| BHP Group PLC |
|
|
567 |
|
|
|
12,096 |
|
| Brambles Ltd. |
|
|
120,250 |
|
|
|
913,062 |
|
| Cochlear Ltd. |
|
|
1,329 |
|
|
|
189,872 |
|
| Commonwealth Bank of Australia |
|
|
22,927 |
|
|
|
1,055,015 |
|
| CSL Ltd. |
|
|
6,624 |
|
|
|
1,368,297 |
|
| Glencore PLC(a) |
|
|
63,850 |
|
|
|
132,372 |
|
| Goodman Group |
|
|
12,558 |
|
|
|
162,594 |
|
| IDP Education Ltd. |
|
|
9,344 |
|
|
|
128,633 |
|
| IGO Ltd. |
|
|
17,917 |
|
|
|
53,997 |
|
| Iluka Resources Ltd. |
|
|
15,229 |
|
|
|
99,711 |
|
| Insurance Australia Group Ltd. |
|
|
159,189 |
|
|
|
503,740 |
|
| Macquarie Group Ltd. |
|
|
6,645 |
|
|
|
576,017 |
|
| Mirvac Group |
|
|
167,339 |
|
|
|
262,320 |
|
| National Australia Bank Ltd. |
|
|
118,598 |
|
|
|
1,523,621 |
|
| Orica Ltd. |
|
|
2,673 |
|
|
|
29,761 |
|
| Perpetual Ltd. |
|
|
5,356 |
|
|
|
108,104 |
|
| Ramsay Health Care Ltd. |
|
|
4,327 |
|
|
|
206,306 |
|
| Rio Tinto Ltd. |
|
|
2,924 |
|
|
|
199,713 |
|
| Rio Tinto PLC |
|
|
6,742 |
|
|
|
405,682 |
|
| Scentre Group |
|
|
86,095 |
|
|
|
137,076 |
|
| SEEK Ltd.(b) |
|
|
20,647 |
|
|
|
318,510 |
|
| South32 Ltd. |
|
|
120,911 |
|
|
|
179,438 |
|
| Suncorp Group Ltd. |
|
|
3,640 |
|
|
|
22,220 |
|
| Tabcorp Holdings Ltd. |
|
|
136,192 |
|
|
|
327,966 |
|
| Telstra Corp. Ltd. |
|
|
178,107 |
|
|
|
356,614 |
|
| Transurban Group |
|
|
2,660 |
|
|
|
27,161 |
|
| Westpac Banking Corp. |
|
|
5,115 |
|
|
|
62,195 |
|
| WiseTech Global Ltd. |
|
|
2,806 |
|
|
|
52,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,903,416 |
|
|
|
|
| Austria — 0.4% |
|
|
|
|
|
|
| BAWAG Group AG(a)(c) |
|
|
543 |
|
|
|
19,632 |
|
| Erste Group Bank AG(a) |
|
|
26,778 |
|
|
|
560,742 |
|
| Raiffeisen Bank International AG(a) |
|
|
11,062 |
|
|
|
169,315 |
|
| Vienna Insurance Group AG Wiener Versicherung Gruppe |
|
|
1,945 |
|
|
|
43,282 |
|
| Wienerberger AG(a) |
|
|
432 |
|
|
|
11,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
804,387 |
|
|
|
|
| Belgium — 0.4% |
|
|
|
|
|
|
| Anheuser-Busch InBev SA/NV |
|
|
796 |
|
|
|
42,857 |
|
| Elia Group SA/NV |
|
|
372 |
|
|
|
37,188 |
|
| Galapagos NV(a) |
|
|
519 |
|
|
|
73,579 |
|
| KBC Group NV |
|
|
405 |
|
|
|
20,309 |
|
| Proximus SADP |
|
|
2,023 |
|
|
|
36,906 |
|
| Sofina SA |
|
|
154 |
|
|
|
42,043 |
|
| UCB SA |
|
|
2,077 |
|
|
|
235,893 |
|
| Umicore SA |
|
|
6,305 |
|
|
|
262,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
751,028 |
|
|
|
|
| China — 1.0% |
|
|
|
|
|
|
| BOC Hong Kong Holdings Ltd. |
|
|
205,500 |
|
|
|
544,778 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Shares |
|
|
Value |
|
|
|
|
| China (continued) |
|
|
|
|
|
|
| Prosus NV(a) |
|
|
10,589 |
|
|
$ |
977,392 |
|
| Wilmar International Ltd.(b) |
|
|
105,800 |
|
|
|
343,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,865,686 |
|
|
|
|
| Denmark — 1.7% |
|
|
|
|
|
|
| Chr Hansen Holding A/S |
|
|
3,922 |
|
|
|
435,365 |
|
| Genmab A/S(a) |
|
|
865 |
|
|
|
313,913 |
|
| ISS A/S(a) |
|
|
1,720 |
|
|
|
22,638 |
|
| Novo Nordisk A/S, Class B |
|
|
15,708 |
|
|
|
1,088,322 |
|
| Orsted A/S(c) |
|
|
3,221 |
|
|
|
444,049 |
|
| Rockwool International AS, -B Shares |
|
|
257 |
|
|
|
98,610 |
|
| Tryg A/S |
|
|
7,287 |
|
|
|
229,413 |
|
| Vestas Wind Systems A/S |
|
|
3,204 |
|
|
|
517,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,150,097 |
|
|
|
|
| Finland — 2.1% |
|
|
|
|
|
|
| Kesko OYJ, -B Shares |
|
|
15,889 |
|
|
|
409,380 |
|
| Kojamo OYJ |
|
|
1,706 |
|
|
|
36,641 |
|
| Kone OYJ, Class B |
|
|
10,897 |
|
|
|
956,794 |
|
| Neste OYJ |
|
|
8,362 |
|
|
|
440,340 |
|
| Nordea Bank Abp(a) |
|
|
148,741 |
|
|
|
1,130,243 |
|
| Sampo OYJ, A Shares |
|
|
14,116 |
|
|
|
559,034 |
|
| Wartsila OYJ Abp |
|
|
61,896 |
|
|
|
486,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,018,508 |
|
|
|
|
| France — 11.5% |
|
|
|
|
|
|
| Air Liquide SA |
|
|
6,833 |
|
|
|
1,083,096 |
|
| Airbus SE(a) |
|
|
2,100 |
|
|
|
152,304 |
|
| Alstom SA(a) |
|
|
4,286 |
|
|
|
214,098 |
|
| Amundi SA(a)(c) |
|
|
1,182 |
|
|
|
83,313 |
|
| Christian Dior SE |
|
|
1,180 |
|
|
|
484,005 |
|
| Cie de Saint-Gobain(a) |
|
|
13,458 |
|
|
|
563,717 |
|
| Cie Plastic Omnium SA |
|
|
524 |
|
|
|
13,846 |
|
| CNP Assurances(a) |
|
|
17,692 |
|
|
|
221,880 |
|
| Danone SA |
|
|
4,505 |
|
|
|
291,811 |
|
| Dassault Systemes SE |
|
|
7,114 |
|
|
|
1,327,345 |
|
| Electricite de France SA |
|
|
16,713 |
|
|
|
176,547 |
|
| Engie SA(a) |
|
|
31,160 |
|
|
|
416,407 |
|
| EssilorLuxottica SA(a) |
|
|
2,448 |
|
|
|
333,262 |
|
| Eutelsat Communications SA |
|
|
10,558 |
|
|
|
102,831 |
|
| Faurecia SE(a) |
|
|
3,050 |
|
|
|
131,468 |
|
| Gecina SA |
|
|
174 |
|
|
|
22,938 |
|
| Hermes International |
|
|
1,652 |
|
|
|
1,422,789 |
|
| JCDecaux SA(a) |
|
|
2,689 |
|
|
|
46,488 |
|
| Kering SA |
|
|
471 |
|
|
|
312,434 |
|
| Klepierre SA(b) |
|
|
2,145 |
|
|
|
30,026 |
|
| La Francaise des Jeux SAEM(c) |
|
|
2,354 |
|
|
|
86,360 |
|
| Legrand SA |
|
|
6,285 |
|
|
|
500,596 |
|
| L’Oreal SA(b) |
|
|
7,663 |
|
|
|
2,493,761 |
|
| LVMH Moet Hennessy Louis Vuitton SE |
|
|
3,992 |
|
|
|
1,867,858 |
|
| Nexans SA(a) |
|
|
1,633 |
|
|
|
94,343 |
|
| Orange SA |
|
|
61,203 |
|
|
|
637,463 |
|
| Pernod Ricard SA |
|
|
11,158 |
|
|
|
1,778,986 |
|
| Peugeot SA(a) |
|
|
7,680 |
|
|
|
139,273 |
|
| Renault SA(a) |
|
|
20,704 |
|
|
|
537,080 |
|
| Rexel SA(a) |
|
|
44,992 |
|
|
|
564,111 |
|
| Sanofi |
|
|
15,155 |
|
|
|
1,518,710 |
|
| Schneider Electric SE |
|
|
5,797 |
|
|
|
720,561 |
|
| SCOR SE(a) |
|
|
758 |
|
|
|
21,104 |
|
| Societe Generale SA(a) |
|
|
58,015 |
|
|
|
770,086 |
|
| STMicroelectronics NV |
|
|
11,702 |
|
|
|
358,900 |
|
| Teleperformance |
|
|
1,705 |
|
|
|
525,655 |
|
|
|
|
| M A S T E R
P O R T F O L I O S C H E D U L E O F
I N V E S T M E N T S |
|
1 |
|
|
|
| Schedule of Investments (unaudited) (continued)
September 30, 2020 |
|
International Tilts Master Portfolio
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Shares |
|
|
Value |
|
|
| France (continued) |
|
| Thales SA |
|
|
2,401 |
|
|
$ |
179,949 |
|
| Ubisoft Entertainment SA(a) |
|
|
1,149 |
|
|
|
103,557 |
|
| Unibail-Rodamco-Westfield(b) |
|
|
10,363 |
|
|
|
382,185 |
|
| Valeo SA |
|
|
5,771 |
|
|
|
177,217 |
|
| Vinci SA |
|
|
8,185 |
|
|
|
683,910 |
|
| Wendel SE |
|
|
301 |
|
|
|
27,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,599,574 |
|
|
|
|
| Germany — 9.0% |
|
|
|
|
|
|
| adidas AG, Class N(a) |
|
|
3,100 |
|
|
|
1,001,120 |
|
| alstria office REIT-AG |
|
|
16,772 |
|
|
|
233,219 |
|
| Aurubis AG |
|
|
270 |
|
|
|
18,368 |
|
| BASF SE |
|
|
13,380 |
|
|
|
814,789 |
|
| Bayer AG, Registered Shares |
|
|
7,298 |
|
|
|
450,241 |
|
| Bayerische Motoren Werke AG |
|
|
6,188 |
|
|
|
449,107 |
|
| Beiersdorf AG |
|
|
12,273 |
|
|
|
1,393,444 |
|
| CompuGroup Medical SE & Co KgaA |
|
|
845 |
|
|
|
78,192 |
|
| Covestro AG(c) |
|
|
4,072 |
|
|
|
201,931 |
|
| Daimler AG, Registered Shares |
|
|
13,708 |
|
|
|
739,479 |
|
| Delivery Hero SE(a)(c) |
|
|
5,289 |
|
|
|
606,856 |
|
| Deutsche Boerse AG |
|
|
7,280 |
|
|
|
1,276,331 |
|
| DWS Group GmbH & Co. KGaA(a)(c) |
|
|
1,008 |
|
|
|
34,740 |
|
| E.ON SE |
|
|
124,871 |
|
|
|
1,376,379 |
|
| Fielmann AG(a) |
|
|
254 |
|
|
|
20,399 |
|
| Hannover Rueck SE |
|
|
284 |
|
|
|
43,966 |
|
| Hella GmbH & Co. KGaA(a) |
|
|
1,726 |
|
|
|
87,057 |
|
| HelloFresh SE(a) |
|
|
2,559 |
|
|
|
142,213 |
|
| HOCHTIEF AG |
|
|
119 |
|
|
|
9,238 |
|
| HUGO BOSS AG |
|
|
6,589 |
|
|
|
164,697 |
|
| Infineon Technologies AG, Class N |
|
|
19,824 |
|
|
|
558,755 |
|
| Jenoptik AG |
|
|
2 |
|
|
|
54 |
|
| Knorr-Bremse AG |
|
|
1,850 |
|
|
|
217,859 |
|
| LEG Immobilien AG |
|
|
4,476 |
|
|
|
638,004 |
|
| Nemetschek SE |
|
|
188 |
|
|
|
13,741 |
|
| Puma SE(a) |
|
|
4,063 |
|
|
|
365,244 |
|
| QIAGEN NV(a) |
|
|
4,819 |
|
|
|
250,297 |
|
| RWE AG |
|
|
11,187 |
|
|
|
418,946 |
|
| SAP SE |
|
|
17,649 |
|
|
|
2,748,269 |
|
| Scout24 AG(c) |
|
|
4,779 |
|
|
|
416,858 |
|
| Siemens AG, Class N, Registered Shares |
|
|
9,721 |
|
|
|
1,227,655 |
|
| Siemens Energy AG(a) |
|
|
5,396 |
|
|
|
145,510 |
|
| Siemens Healthineers AG(c) |
|
|
13,590 |
|
|
|
610,034 |
|
| Stroeer SE & Co. KGaA(a) |
|
|
467 |
|
|
|
36,276 |
|
| thyssenkrupp AG(a) |
|
|
23,122 |
|
|
|
116,343 |
|
| Volkswagen AG(a) |
|
|
373 |
|
|
|
65,194 |
|
| Wacker Chemie AG |
|
|
990 |
|
|
|
96,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,066,880 |
|
|
|
|
| Hong Kong — 2.3% |
|
|
|
|
|
|
| AIA Group Ltd. |
|
|
87,800 |
|
|
|
872,740 |
|
| Champion REIT |
|
|
17,000 |
|
|
|
8,458 |
|
| CK Asset Holdings Ltd. |
|
|
7,500 |
|
|
|
36,853 |
|
| CLP Holdings Ltd. |
|
|
66,000 |
|
|
|
616,259 |
|
| ESR Cayman Ltd.(a)(c) |
|
|
4,800 |
|
|
|
14,988 |
|
| Hang Lung Group Ltd. |
|
|
5,000 |
|
|
|
11,425 |
|
| Hang Seng Bank Ltd.(b) |
|
|
11,500 |
|
|
|
170,370 |
|
| Henderson Land Development Co. Ltd. |
|
|
60,404 |
|
|
|
224,287 |
|
| Hong Kong & China Gas Co. Ltd.(b) |
|
|
22,649 |
|
|
|
32,887 |
|
| Hong Kong Exchanges & Clearing Ltd. |
|
|
4,500 |
|
|
|
211,831 |
|
| Hongkong Land Holdings Ltd. |
|
|
28,900 |
|
|
|
107,671 |
|
| Hysan Development Co. Ltd. |
|
|
3,000 |
|
|
|
9,022 |
|
| Kerry Properties Ltd. |
|
|
67,000 |
|
|
|
172,313 |
|
| Link REIT |
|
|
36,100 |
|
|
|
295,817 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Shares |
|
|
Value |
|
|
| Hong Kong (continued) |
|
| MTR Corp. Ltd.(b) |
|
|
3,500 |
|
|
$ |
17,370 |
|
| NWS Holdings Ltd. |
|
|
1,000 |
|
|
|
764 |
|
| Sun Hung Kai Properties Ltd. |
|
|
20,000 |
|
|
|
257,730 |
|
| Swire Pacific Ltd., Class A |
|
|
35,000 |
|
|
|
169,452 |
|
| Swire Properties Ltd. |
|
|
125,000 |
|
|
|
331,198 |
|
| Techtronic Industries Co. Ltd. |
|
|
48,500 |
|
|
|
644,841 |
|
| WH Group Ltd.(c) |
|
|
69,000 |
|
|
|
56,284 |
|
| Wharf Real Estate Investment Co. Ltd.(b) |
|
|
12,000 |
|
|
|
49,189 |
|
| Xinyi Glass Holdings Ltd. |
|
|
10,000 |
|
|
|
20,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,331,973 |
|
|
|
|
| Ireland — 0.2% |
|
|
|
|
|
|
| Kerry Group PLC, Class A |
|
|
169 |
|
|
|
21,646 |
|
| Kingspan Group PLC(a) |
|
|
3,279 |
|
|
|
298,410 |
|
| Smurfit Kappa Group PLC |
|
|
2,038 |
|
|
|
79,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
400,023 |
|
|
|
|
| Israel — 0.1% |
|
|
|
|
|
|
| Delek Group Ltd.(a)(b) |
|
|
469 |
|
|
|
9,056 |
|
| First International Bank Of Israel Ltd. |
|
|
1,166 |
|
|
|
24,201 |
|
| Isracard Ltd. |
|
|
270 |
|
|
|
670 |
|
| Nice Ltd.(a) |
|
|
524 |
|
|
|
118,804 |
|
| Shapir Engineering and Industry Ltd.(a) |
|
|
1,403 |
|
|
|
9,391 |
|
| Strauss Group Ltd.(b) |
|
|
460 |
|
|
|
13,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
175,327 |
|
|
|
|
| Italy — 1.6% |
|
|
|
|
|
|
| Amplifon SpA(a) |
|
|
985 |
|
|
|
35,224 |
|
| Assicurazioni Generali SpA |
|
|
81,261 |
|
|
|
1,145,326 |
|
| Azimut Holding SpA |
|
|
1,731 |
|
|
|
31,256 |
|
| Banca Generali SpA(a) |
|
|
2,077 |
|
|
|
63,169 |
|
| Banca Mediolanum SpA |
|
|
7,081 |
|
|
|
50,985 |
|
| Enel SpA |
|
|
117,938 |
|
|
|
1,023,219 |
|
| Ferrari NV |
|
|
300 |
|
|
|
55,056 |
|
| Interpump Group SpA |
|
|
6,484 |
|
|
|
240,455 |
|
| Prysmian SpA |
|
|
6,681 |
|
|
|
193,934 |
|
| Terna Rete Elettrica Nazionale SpA |
|
|
20,003 |
|
|
|
139,957 |
|
| Unipol Gruppo SpA(a) |
|
|
18,349 |
|
|
|
80,185 |
|
| UnipolSai Assicurazioni SpA |
|
|
4,306 |
|
|
|
11,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,069,994 |
|
|
|
|
| Japan — 26.4% |
|
|
|
|
|
|
| ABC-Mart, Inc. |
|
|
300 |
|
|
|
15,620 |
|
| AEON Financial Service Co. Ltd. |
|
|
800 |
|
|
|
7,293 |
|
| Aisin Seiki Co. Ltd. |
|
|
900 |
|
|
|
28,795 |
|
| Amada Co. Ltd. |
|
|
17,800 |
|
|
|
166,515 |
|
| Anritsu Corp.(b) |
|
|
8,300 |
|
|
|
189,141 |
|
| Aozora Bank Ltd. |
|
|
2,600 |
|
|
|
43,172 |
|
| Asahi Group Holdings Ltd. |
|
|
33,100 |
|
|
|
1,153,622 |
|
| Asahi Kasei Corp. |
|
|
24,600 |
|
|
|
214,601 |
|
| Astellas Pharma, Inc. |
|
|
18,800 |
|
|
|
280,244 |
|
| Benesse Holdings, Inc. |
|
|
7,400 |
|
|
|
190,468 |
|
| Bengo4.com Inc.(a) |
|
|
100 |
|
|
|
10,662 |
|
| Bridgestone Corp. |
|
|
2,800 |
|
|
|
88,506 |
|
| Canon, Inc. |
|
|
35,900 |
|
|
|
595,457 |
|
| Central Japan Railway Co. |
|
|
300 |
|
|
|
43,002 |
|
| Chugai Pharmaceutical Co. Ltd. |
|
|
11,400 |
|
|
|
511,580 |
|
| Citizen Watch Co. Ltd. |
|
|
28,200 |
|
|
|
79,109 |
|
| CyberAgent, Inc. |
|
|
2,600 |
|
|
|
160,554 |
|
| Dai Nippon Printing Co. Ltd. |
|
|
3,100 |
|
|
|
62,836 |
|
| Daicel Corp. |
|
|
4,300 |
|
|
|
30,992 |
|
| Daifuku Co. Ltd. |
|
|
400 |
|
|
|
40,375 |
|
| Daiichi Sankyo Co. Ltd. |
|
|
25,200 |
|
|
|
773,583 |
|
| Daikin Industries Ltd. |
|
|
500 |
|
|
|
92,387 |
|
| Daiwa House Industry Co. Ltd. |
|
|
18,600 |
|
|
|
477,040 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
September 30, 2020 |
|
International Tilts Master Portfolio
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Shares |
|
|
Value |
|
|
| Japan (continued) |
|
| Denso Corp. |
|
|
17,900 |
|
|
$ |
784,588 |
|
| Dentsu Group, Inc. |
|
|
8,000 |
|
|
|
236,132 |
|
| DIC Corp. |
|
|
6,700 |
|
|
|
167,499 |
|
| Dip Corp. |
|
|
1,100 |
|
|
|
22,660 |
|
| Dowa Holdings Co. Ltd. |
|
|
300 |
|
|
|
8,806 |
|
| East Japan Railway Co. |
|
|
8,400 |
|
|
|
516,589 |
|
| Eisai Co. Ltd. |
|
|
4,400 |
|
|
|
401,862 |
|
| Electric Power Development Co. Ltd. |
|
|
6,300 |
|
|
|
97,173 |
|
| ENEOS Holdings, Inc. |
|
|
103,450 |
|
|
|
369,096 |
|
| FANUC Corp. |
|
|
6,700 |
|
|
|
1,285,833 |
|
| Fast Retailing Co. Ltd. |
|
|
1,200 |
|
|
|
754,105 |
|
| Fuji Media Holdings, Inc. |
|
|
4,100 |
|
|
|
39,483 |
|
| Fuji Seal International, Inc. |
|
|
500 |
|
|
|
9,615 |
|
| FUJIFILM Holdings Corp. |
|
|
6,900 |
|
|
|
340,114 |
|
| Glory Ltd. |
|
|
1,000 |
|
|
|
22,422 |
|
| GMO internet Inc. |
|
|
600 |
|
|
|
15,719 |
|
| Hino Motors Ltd. |
|
|
1,800 |
|
|
|
11,680 |
|
| Hitachi Capital Corp. |
|
|
600 |
|
|
|
14,108 |
|
| Hitachi Ltd. |
|
|
8,900 |
|
|
|
301,349 |
|
| Hitachi Transport System Ltd. |
|
|
700 |
|
|
|
22,174 |
|
| Honda Motor Co. Ltd. |
|
|
36,100 |
|
|
|
857,276 |
|
| Horiba Ltd. |
|
|
200 |
|
|
|
10,460 |
|
| House Foods Group, Inc. |
|
|
400 |
|
|
|
14,218 |
|
| Isuzu Motors Ltd. |
|
|
5,600 |
|
|
|
48,976 |
|
| ITOCHU Corp.(b) |
|
|
17,200 |
|
|
|
440,420 |
|
| J Front Retailing Co. Ltd. |
|
|
2,200 |
|
|
|
15,928 |
|
| Japan Post Bank Co. Ltd. |
|
|
11,000 |
|
|
|
85,798 |
|
| Japan Post Holdings Co. Ltd. |
|
|
135,800 |
|
|
|
926,027 |
|
| Japan Post Insurance Co. Ltd. |
|
|
2,100 |
|
|
|
33,065 |
|
| Japan Tobacco, Inc. |
|
|
33,400 |
|
|
|
609,342 |
|
| JCR Pharmaceuticals Co. Ltd. |
|
|
400 |
|
|
|
11,736 |
|
| JTEKT Corp. |
|
|
18,600 |
|
|
|
145,895 |
|
| Kajima Corp. |
|
|
18,600 |
|
|
|
224,097 |
|
| Kakaku.com, Inc. |
|
|
2,900 |
|
|
|
76,455 |
|
| Kaken Pharmaceutical Co. Ltd. |
|
|
100 |
|
|
|
4,583 |
|
| Kamigumi Co. Ltd. |
|
|
600 |
|
|
|
11,823 |
|
| Kaneka Corp. |
|
|
6,800 |
|
|
|
190,501 |
|
| Kansai Paint Co. Ltd. |
|
|
5,900 |
|
|
|
146,644 |
|
| Kao Corp. |
|
|
5,300 |
|
|
|
397,875 |
|
| Kawasaki Heavy Industries Ltd.(a) |
|
|
2,300 |
|
|
|
31,071 |
|
| KDDI Corp. |
|
|
58,500 |
|
|
|
1,471,366 |
|
| Keyence Corp. |
|
|
4,600 |
|
|
|
2,150,404 |
|
| Kirin Holdings Co. Ltd. |
|
|
7,500 |
|
|
|
140,869 |
|
| Koito Manufacturing Co. Ltd. |
|
|
1,200 |
|
|
|
61,231 |
|
| Komatsu Ltd. |
|
|
1,200 |
|
|
|
26,356 |
|
| Konami Holdings Corp. |
|
|
3,100 |
|
|
|
134,101 |
|
| Konica Minolta, Inc.(b) |
|
|
65,200 |
|
|
|
184,927 |
|
| Kyocera Corp. |
|
|
5,900 |
|
|
|
337,813 |
|
| Kyushu Railway Co. |
|
|
10,500 |
|
|
|
224,495 |
|
| LINE Corp.(a) |
|
|
500 |
|
|
|
25,451 |
|
| Lintec Corp. |
|
|
4,500 |
|
|
|
104,784 |
|
| Maruichi Steel Tube Ltd. |
|
|
500 |
|
|
|
12,518 |
|
| Mitsubishi Estate Co. Ltd. |
|
|
1,800 |
|
|
|
27,266 |
|
| Mitsubishi Materials Corp. |
|
|
1,900 |
|
|
|
37,443 |
|
| Mitsubishi UFJ Lease & Finance Co. Ltd. |
|
|
16,000 |
|
|
|
74,342 |
|
| Mitsui Fudosan Co. Ltd. |
|
|
11,800 |
|
|
|
205,340 |
|
| Mizuho Financial Group, Inc. |
|
|
18,870 |
|
|
|
235,529 |
|
| MS&AD Insurance Group Holdings, Inc. |
|
|
16,500 |
|
|
|
444,563 |
|
| Murata Manufacturing Co. Ltd. |
|
|
16,000 |
|
|
|
1,040,434 |
|
| Nagase & Co. Ltd.(b) |
|
|
600 |
|
|
|
8,404 |
|
| Nexon Co. Ltd. |
|
|
34,100 |
|
|
|
850,582 |
|
| Nidec Corp. |
|
|
18,700 |
|
|
|
1,753,646 |
|
| Nifco, Inc. |
|
|
500 |
|
|
|
13,658 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Shares |
|
|
Value |
|
|
| Japan (continued) |
|
| Nihon Kohden Corp. |
|
|
2,500 |
|
|
$ |
82,229 |
|
| Nihon M&A Center Inc. |
|
|
400 |
|
|
|
22,884 |
|
| Nikon Corp.(b) |
|
|
10,900 |
|
|
|
73,550 |
|
| Nintendo Co. Ltd. |
|
|
1,300 |
|
|
|
736,698 |
|
| Nippon Paint Holdings Co. Ltd. |
|
|
200 |
|
|
|
20,589 |
|
| Nippon Paper Industries Co. Ltd.(b) |
|
|
800 |
|
|
|
9,936 |
|
| Nippon Shinyaku Co. Ltd. |
|
|
300 |
|
|
|
24,700 |
|
| Nippon Shokubai Co. Ltd.(b) |
|
|
1,000 |
|
|
|
53,329 |
|
| Nippon Telegraph & Telephone Corp. |
|
|
700 |
|
|
|
14,292 |
|
| Nippon Television Holdings, Inc. |
|
|
2,900 |
|
|
|
31,181 |
|
| Nisshin Seifun Group, Inc. |
|
|
9,800 |
|
|
|
155,537 |
|
| Nitori Holdings Co. Ltd. |
|
|
2,300 |
|
|
|
477,139 |
|
| Nitto Denko Corp. |
|
|
900 |
|
|
|
58,634 |
|
| Nomura Real Estate Master Fund, Inc. |
|
|
33 |
|
|
|
41,341 |
|
| NS Solutions Corp. |
|
|
300 |
|
|
|
9,244 |
|
| NTT Data Corp. |
|
|
9,900 |
|
|
|
126,693 |
|
| NTT DOCOMO, Inc. |
|
|
20,400 |
|
|
|
749,620 |
|
| Obic Co. Ltd. |
|
|
2,200 |
|
|
|
386,898 |
|
| Omron Corp. |
|
|
4,400 |
|
|
|
344,019 |
|
| Oracle Corp. Japan |
|
|
600 |
|
|
|
64,786 |
|
| Oriental Land Co. Ltd.(b) |
|
|
5,200 |
|
|
|
729,275 |
|
| Otsuka Corp. |
|
|
700 |
|
|
|
35,771 |
|
| Otsuka Holdings Co. Ltd. |
|
|
3,400 |
|
|
|
144,042 |
|
| Panasonic Corp. |
|
|
7,600 |
|
|
|
64,737 |
|
| PeptiDream, Inc.(a) |
|
|
2,500 |
|
|
|
117,322 |
|
| Pola Orbis Holdings, Inc. |
|
|
24,400 |
|
|
|
460,070 |
|
| Rakuten, Inc. |
|
|
30,200 |
|
|
|
325,645 |
|
| Recruit Holdings Co. Ltd. |
|
|
13,800 |
|
|
|
548,072 |
|
| Ricoh Co. Ltd. |
|
|
1,600 |
|
|
|
10,800 |
|
| Rohm Co. Ltd. |
|
|
6,600 |
|
|
|
510,246 |
|
| Sankyu Inc. |
|
|
700 |
|
|
|
27,644 |
|
| Sanwa Holdings Corp. |
|
|
4,100 |
|
|
|
43,474 |
|
| SCSK Corp. |
|
|
1,300 |
|
|
|
72,734 |
|
| Sega Sammy Holdings, Inc. |
|
|
1,000 |
|
|
|
12,188 |
|
| Seiko Epson Corp.(b) |
|
|
17,700 |
|
|
|
203,554 |
|
| Seven & i Holdings Co. Ltd. |
|
|
56,900 |
|
|
|
1,767,888 |
|
| Sharp Corp. |
|
|
1,300 |
|
|
|
16,171 |
|
| Shikoku Electric Power Co., Inc. |
|
|
1,300 |
|
|
|
9,913 |
|
| Shimadzu Corp. |
|
|
7,200 |
|
|
|
219,142 |
|
| Shimano, Inc. |
|
|
900 |
|
|
|
177,656 |
|
| Shin-Etsu Chemical Co. Ltd. |
|
|
100 |
|
|
|
13,085 |
|
| Shionogi & Co. Ltd. |
|
|
8,700 |
|
|
|
465,661 |
|
| Shizuoka Bank Ltd. |
|
|
4,300 |
|
|
|
29,696 |
|
| SMC Corp. |
|
|
400 |
|
|
|
223,135 |
|
| Softbank Corp.(b) |
|
|
40,400 |
|
|
|
451,443 |
|
| SoftBank Group Corp. |
|
|
20,800 |
|
|
|
1,286,990 |
|
| Sojitz Corp.(b) |
|
|
7,100 |
|
|
|
16,113 |
|
| Sony Corp.(b) |
|
|
24,400 |
|
|
|
1,870,065 |
|
| Sugi Holdings Co. Ltd. |
|
|
1,300 |
|
|
|
91,915 |
|
| Sumitomo Chemical Co. Ltd. |
|
|
102,400 |
|
|
|
338,942 |
|
| Sumitomo Corp. |
|
|
26,400 |
|
|
|
318,238 |
|
| Sumitomo Heavy Industries Ltd. |
|
|
4,300 |
|
|
|
100,043 |
|
| Sumitomo Mitsui Financial Group, Inc. |
|
|
48,800 |
|
|
|
1,364,487 |
|
| Sumitomo Mitsui Trust Holdings, Inc. |
|
|
11,800 |
|
|
|
313,925 |
|
| Sumitomo Rubber Industries Ltd. |
|
|
33,100 |
|
|
|
307,470 |
|
| Suntory Beverage & Food Ltd. |
|
|
10,300 |
|
|
|
386,800 |
|
| Sysmex Corp. |
|
|
3,600 |
|
|
|
344,455 |
|
| T&D Holdings, Inc. |
|
|
24,100 |
|
|
|
237,586 |
|
| Taisho Pharmaceutical Holdings Co. Ltd. |
|
|
200 |
|
|
|
13,171 |
|
| Takara Bio Inc. |
|
|
1,400 |
|
|
|
38,053 |
|
| Takeda Pharmaceutical Co. Ltd. |
|
|
40,800 |
|
|
|
1,458,311 |
|
| TDK Corp. |
|
|
200 |
|
|
|
21,839 |
|
| Teijin Ltd. |
|
|
2,400 |
|
|
|
37,220 |
|
|
|
|
| M A S T E R
P O R T F O L I O S C H E D U L E O F
I N V E S T M E N T S |
|
3 |
|
|
|
| Schedule of Investments (unaudited) (continued)
September 30, 2020 |
|
International Tilts Master Portfolio
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Shares |
|
|
Value |
|
|
| Japan (continued) |
|
| Terumo Corp. |
|
|
200 |
|
|
$ |
7,963 |
|
| Tokio Marine Holdings, Inc. |
|
|
11,600 |
|
|
|
507,553 |
|
| Tokyo Broadcasting System Holdings, Inc. |
|
|
800 |
|
|
|
13,823 |
|
| Tokyu Fudosan Holdings Corp. |
|
|
2,300 |
|
|
|
9,935 |
|
| Toray Industries, Inc. |
|
|
9,900 |
|
|
|
45,292 |
|
| Toshiba Corp. |
|
|
1,100 |
|
|
|
28,060 |
|
| TOTO Ltd. |
|
|
600 |
|
|
|
27,648 |
|
| Toyo Seikan Group Holdings Ltd. |
|
|
1,300 |
|
|
|
12,860 |
|
| Toyota Motor Corp. |
|
|
39,800 |
|
|
|
2,641,526 |
|
| Trend Micro, Inc. |
|
|
600 |
|
|
|
36,563 |
|
| TS Tech Co. Ltd. |
|
|
4,800 |
|
|
|
135,707 |
|
| Ube Industries Ltd. |
|
|
7,400 |
|
|
|
124,966 |
|
| Unicharm Corp. |
|
|
12,300 |
|
|
|
550,096 |
|
| West Japan Railway Co. |
|
|
8,900 |
|
|
|
439,734 |
|
| Yakult Honsha Co. Ltd. |
|
|
8,900 |
|
|
|
494,173 |
|
| Yamada Denki Co. Ltd. |
|
|
74,400 |
|
|
|
371,028 |
|
| Yamaguchi Financial Group, Inc. |
|
|
4,800 |
|
|
|
31,200 |
|
| Yamaha Corp. |
|
|
1,300 |
|
|
|
62,349 |
|
| Yaoko Co. Ltd. |
|
|
200 |
|
|
|
14,854 |
|
| Yaskawa Electric Corp. |
|
|
12,500 |
|
|
|
489,039 |
|
| Yokogawa Electric Corp. |
|
|
8,700 |
|
|
|
138,169 |
|
| Z Holdings Corp. |
|
|
57,300 |
|
|
|
382,731 |
|
| Zeon Corp. |
|
|
5,600 |
|
|
|
58,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,856,562 |
|
|
|
|
| Luxembourg — 0.1% |
|
|
|
|
|
|
| RTL Group SA(a) |
|
|
2,875 |
|
|
|
113,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Macau — 0.2% |
|
|
|
|
|
|
| MGM China Holdings Ltd. |
|
|
10,800 |
|
|
|
13,460 |
|
| Sands China Ltd. |
|
|
97,600 |
|
|
|
378,318 |
|
| Wynn Macau Ltd.(a)(b) |
|
|
9,600 |
|
|
|
15,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
407,184 |
|
|
|
|
| Netherlands — 4.5% |
|
|
|
|
|
|
| ABN AMRO Bank NV(c) |
|
|
28,892 |
|
|
|
241,523 |
|
| Akzo Nobel NV |
|
|
10,753 |
|
|
|
1,086,810 |
|
| Argenx SE(a) |
|
|
590 |
|
|
|
155,858 |
|
| ASML Holding NV |
|
|
7,688 |
|
|
|
2,839,739 |
|
| EXOR NV |
|
|
2,386 |
|
|
|
129,519 |
|
| ING Groep NV(a) |
|
|
98,407 |
|
|
|
702,318 |
|
| Just Eat Takeaway.com NV(a)(c) |
|
|
2,921 |
|
|
|
326,996 |
|
| Koninklijke Philips NV(a) |
|
|
40,342 |
|
|
|
1,904,913 |
|
| Royal Dutch Shell PLC |
|
|
85,462 |
|
|
|
1,054,877 |
|
| Signify NV(a)(c) |
|
|
2,476 |
|
|
|
91,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,534,133 |
|
|
|
|
| New Zealand — 0.2% |
|
|
|
|
|
|
| Fisher & Paykel Healthcare Corp. Ltd. |
|
|
10,468 |
|
|
|
231,034 |
|
| Vector Ltd. |
|
|
5,687 |
|
|
|
16,170 |
|
| Xero Ltd.(a) |
|
|
2,669 |
|
|
|
194,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
441,895 |
|
|
|
|
| Norway — 0.5% |
|
|
|
|
|
|
| Aker Carbon Capture AS(a) |
|
|
9 |
|
|
|
6 |
|
| Aker Offshore Wind Holding AS(a) |
|
|
9 |
|
|
|
5 |
|
| Aker Solutions ASA(a) |
|
|
13 |
|
|
|
13 |
|
| Dolphin Drilling ASA(a)(b)(d) |
|
|
8 |
|
|
|
— |
|
| Equinor ASA |
|
|
38,049 |
|
|
|
539,065 |
|
| Gjensidige Forsikring ASA |
|
|
17,253 |
|
|
|
350,145 |
|
| Leroy Seafood Group ASA |
|
|
1,900 |
|
|
|
10,910 |
|
| NEL ASA(a) |
|
|
54,249 |
|
|
|
98,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
998,774 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Shares |
|
|
Value |
|
|
| Portugal — 0.2% |
|
| EDP - Energias de Portugal SA |
|
|
55,066 |
|
|
$ |
270,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Singapore — 0.4% |
|
|
|
|
|
|
| Ascendas Real Estate Investment Trust |
|
|
64,200 |
|
|
|
153,626 |
|
| Jardine Cycle & Carriage Ltd. |
|
|
8,300 |
|
|
|
110,171 |
|
| Oversea-Chinese Banking Corp. Ltd.(b) |
|
|
10,300 |
|
|
|
64,053 |
|
| Singapore Press Holdings Ltd. |
|
|
13,600 |
|
|
|
10,421 |
|
| Singapore Technologies Engineering Ltd.(b) |
|
|
86,000 |
|
|
|
219,156 |
|
| United Overseas Bank Ltd.(b) |
|
|
8,400 |
|
|
|
118,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
675,759 |
|
|
|
|
| South Africa — 0.1% |
|
|
|
|
|
|
| Anglo American PLC |
|
|
7,689 |
|
|
|
186,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Spain — 2.1% |
|
|
|
|
|
|
| Aena SME SA(a)(c) |
|
|
724 |
|
|
|
100,801 |
|
| Banco Bilbao Vizcaya Argentaria SA |
|
|
207,328 |
|
|
|
575,529 |
|
| Banco de Sabadell SA |
|
|
129,036 |
|
|
|
44,786 |
|
| Banco Santander SA(a) |
|
|
13,518 |
|
|
|
25,214 |
|
| Bankia SA |
|
|
7,556 |
|
|
|
11,002 |
|
| EDP Renovaveis SA |
|
|
5,531 |
|
|
|
91,819 |
|
| Grifols SA , Class A |
|
|
3,951 |
|
|
|
113,611 |
|
| Iberdrola SA |
|
|
87,048 |
|
|
|
1,071,438 |
|
| Industria de Diseno Textil SA |
|
|
49,266 |
|
|
|
1,362,914 |
|
| Mediaset Espana Comunicacion SA(a) |
|
|
9 |
|
|
|
33 |
|
| Naturgy Energy Group SA |
|
|
8,764 |
|
|
|
175,759 |
|
| Repsol SA |
|
|
33,012 |
|
|
|
223,016 |
|
| Siemens Gamesa Renewable Energy SA |
|
|
6,569 |
|
|
|
177,771 |
|
| Zardoya Otis SA |
|
|
2,011 |
|
|
|
12,249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,985,942 |
|
|
|
|
| Sweden — 3.3% |
|
|
|
|
|
|
| Alfa Laval AB(a) |
|
|
12,197 |
|
|
|
269,243 |
|
| Assa Abloy AB, Class B |
|
|
23,628 |
|
|
|
552,425 |
|
| Atlas Copco AB, A Shares |
|
|
50,619 |
|
|
|
2,268,509 |
|
| Electrolux AB, Series B |
|
|
8,551 |
|
|
|
199,331 |
|
| Epiroc AB, Class A |
|
|
44,477 |
|
|
|
644,305 |
|
| Epiroc AB, Class B |
|
|
5,704 |
|
|
|
79,175 |
|
| EQT AB |
|
|
7,854 |
|
|
|
152,404 |
|
| Evolution Gaming Group AB(c) |
|
|
3,713 |
|
|
|
245,330 |
|
| Fabege AB |
|
|
10,235 |
|
|
|
141,547 |
|
| Husqvarna AB, B Shares |
|
|
2,955 |
|
|
|
32,494 |
|
| Industrivarden AB, C Shares(a) |
|
|
593 |
|
|
|
15,770 |
|
| Kinnevik AB, Class B |
|
|
3,702 |
|
|
|
150,258 |
|
| L E Lundbergforetagen AB, B Shares(a) |
|
|
6,430 |
|
|
|
317,700 |
|
| Lifco AB, B Shares |
|
|
140 |
|
|
|
10,829 |
|
| Samhallsbyggnadsbolaget i Norden AB |
|
|
8,816 |
|
|
|
26,581 |
|
| Sinch AB(a)(c) |
|
|
183 |
|
|
|
14,923 |
|
| SSAB AB, -A Shares(a)
|
|
|
28,741 |
|
|
|
95,447 |
|
| Svenska Cellulosa AB SCA, Class B(a) |
|
|
12,160 |
|
|
|
166,707 |
|
| Sweco AB, B Shares |
|
|
252 |
|
|
|
13,960 |
|
| Swedbank AB, A Shares(a) |
|
|
3,518 |
|
|
|
55,077 |
|
| Tele2 AB, Class B |
|
|
8,359 |
|
|
|
117,853 |
|
| Telefonaktiebolaget LM Ericsson |
|
|
3,015 |
|
|
|
32,994 |
|
| Volvo AB, B Shares(a) |
|
|
32,991 |
|
|
|
633,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,236,614 |
|
|
|
|
| Switzerland — 8.8% |
|
|
|
|
|
|
| Alcon, Inc.(a) |
|
|
6,443 |
|
|
|
365,290 |
|
| Baloise Holding AG, Registered Shares |
|
|
433 |
|
|
|
63,748 |
|
| Banque Cantonale Vaudoise, Registered Shares |
|
|
152 |
|
|
|
15,425 |
|
| Cie Financiere Richemont SA, Registered Shares |
|
|
12,668 |
|
|
|
850,565 |
|
| Credit Suisse Group AG, Registered Shares |
|
|
11,293 |
|
|
|
112,735 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
September 30, 2020 |
|
International Tilts Master Portfolio
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Shares |
|
|
Value |
|
|
| Switzerland (continued) |
|
| Givaudan SA, Registered Shares |
|
|
323 |
|
|
$ |
1,394,652 |
|
| Kuehne + Nagel International AG, Registered Shares |
|
|
3,770 |
|
|
|
732,033 |
|
| Lonza Group AG, Registered Shares |
|
|
1,011 |
|
|
|
623,924 |
|
| Nestle SA, Registered Shares |
|
|
42,622 |
|
|
|
5,072,528 |
|
| Novartis AG, Registered Shares |
|
|
21,345 |
|
|
|
1,853,265 |
|
| Roche Holding AG |
|
|
6,486 |
|
|
|
2,221,718 |
|
| SGS SA, Registered Shares |
|
|
218 |
|
|
|
584,205 |
|
| SIG Combibloc Group AG |
|
|
2,324 |
|
|
|
46,469 |
|
| Sika AG, Registered Shares(b) |
|
|
8,073 |
|
|
|
1,982,338 |
|
| Swiss Re AG |
|
|
9,626 |
|
|
|
714,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,632,941 |
|
|
|
|
| United Kingdom — 11.9% |
|
|
|
|
|
|
| Abcam PLC |
|
|
6,577 |
|
|
|
103,876 |
|
| Associated British Foods PLC |
|
|
1 |
|
|
|
24 |
|
| AstraZeneca PLC |
|
|
21,826 |
|
|
|
2,384,805 |
|
| Auto Trader Group PLC(c) |
|
|
93,045 |
|
|
|
675,544 |
|
| Bellway PLC |
|
|
3,077 |
|
|
|
93,262 |
|
| Berkeley Group Holdings PLC |
|
|
3,816 |
|
|
|
208,020 |
|
| BP PLC |
|
|
292,062 |
|
|
|
844,637 |
|
| British American Tobacco PLC |
|
|
37,521 |
|
|
|
1,345,926 |
|
| BT Group PLC |
|
|
231,102 |
|
|
|
292,719 |
|
| Centrica PLC |
|
|
110,556 |
|
|
|
57,204 |
|
| CNH Industrial NV(a) |
|
|
12,727 |
|
|
|
98,435 |
|
| Compass Group PLC |
|
|
6,754 |
|
|
|
101,457 |
|
| ConvaTec Group PLC(c) |
|
|
39,309 |
|
|
|
90,556 |
|
| Diageo PLC |
|
|
64,990 |
|
|
|
2,232,320 |
|
| Dialog Semiconductor PLC(a) |
|
|
353 |
|
|
|
15,385 |
|
| Dunelm Group PLC |
|
|
4,540 |
|
|
|
81,747 |
|
| Experian PLC |
|
|
45,957 |
|
|
|
1,726,805 |
|
| Fiat Chrysler Automobiles NV(a) |
|
|
11,498 |
|
|
|
141,137 |
|
| GlaxoSmithKline PLC |
|
|
70,886 |
|
|
|
1,328,934 |
|
| GVC Holdings PLC(a) |
|
|
14,175 |
|
|
|
177,531 |
|
| HomeServe PLC |
|
|
17,139 |
|
|
|
273,106 |
|
| Howden Joinery Group PLC |
|
|
67,111 |
|
|
|
510,788 |
|
| HSBC Holdings PLC |
|
|
110,116 |
|
|
|
430,802 |
|
| IG Group Holdings PLC |
|
|
20,633 |
|
|
|
210,765 |
|
| Inchcape PLC(a) |
|
|
1,631 |
|
|
|
9,249 |
|
| Informa PLC(a) |
|
|
102,666 |
|
|
|
497,588 |
|
| ITV PLC |
|
|
134,999 |
|
|
|
117,686 |
|
| JD Sports Fashion PLC |
|
|
14,751 |
|
|
|
153,980 |
|
| Johnson Matthey PLC |
|
|
6,055 |
|
|
|
183,999 |
|
| Kingfisher PLC |
|
|
104,095 |
|
|
|
398,725 |
|
| Lloyds Banking Group PLC(a) |
|
|
1,426,095 |
|
|
|
484,133 |
|
| M&G PLC |
|
|
20,261 |
|
|
|
41,645 |
|
| Marks & Spencer Group PLC |
|
|
70,508 |
|
|
|
88,478 |
|
| Meggitt PLC |
|
|
35,383 |
|
|
|
117,419 |
|
| Micro Focus International PLC(a) |
|
|
23,294 |
|
|
|
74,051 |
|
| Ocado Group PLC(a) |
|
|
9,787 |
|
|
|
346,159 |
|
| Persimmon PLC |
|
|
3,218 |
|
|
|
102,552 |
|
| Pets at Home Group PLC |
|
|
11,291 |
|
|
|
61,719 |
|
| Prudential PLC |
|
|
2,501 |
|
|
|
35,885 |
|
| Reckitt Benckiser Group PLC |
|
|
4,510 |
|
|
|
439,749 |
|
| RELX PLC |
|
|
12,814 |
|
|
|
285,215 |
|
| Rentokil Initial PLC(a) |
|
|
22,125 |
|
|
|
152,925 |
|
| Rightmove PLC |
|
|
13,170 |
|
|
|
106,471 |
|
| Rolls-Royce Holdings PLC |
|
|
10,584 |
|
|
|
17,573 |
|
| Schroders PLC |
|
|
3,571 |
|
|
|
124,020 |
|
| Smith & Nephew PLC |
|
|
4,795 |
|
|
|
93,931 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Shares |
|
|
Value |
|
|
| United Kingdom (continued) |
|
| Smiths Group PLC |
|
|
32,432 |
|
|
$ |
573,710 |
|
| Spirax-Sarco Engineering PLC |
|
|
218 |
|
|
|
31,044 |
|
| SSE PLC |
|
|
21,296 |
|
|
|
331,454 |
|
| Standard Chartered PLC(a) |
|
|
20,595 |
|
|
|
94,770 |
|
| Taylor Wimpey PLC |
|
|
29,890 |
|
|
|
41,795 |
|
| Tesco PLC |
|
|
158,389 |
|
|
|
434,509 |
|
| Travis Perkins PLC |
|
|
3,213 |
|
|
|
44,954 |
|
| Unilever NV |
|
|
31,766 |
|
|
|
1,929,064 |
|
| Unilever PLC |
|
|
16,996 |
|
|
|
1,047,857 |
|
| Vodafone Group PLC |
|
|
272,284 |
|
|
|
360,893 |
|
| Wm Morrison Supermarkets PLC |
|
|
51,578 |
|
|
|
113,210 |
|
| WPP PLC |
|
|
3,283 |
|
|
|
25,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,387,982 |
|
|
|
|
| United States — 0.1% |
|
|
|
|
|
|
| Ferguson PLC |
|
|
1,609 |
|
|
|
161,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Common Stocks — 95.9%
(Cost: $168,203,846) |
|
|
|
|
|
|
181,026,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Preferred Securities |
|
|
|
|
|
|
|
|
|
|
|
| Preferred Stocks — 0.4% |
|
|
|
|
|
|
|
|
|
| Germany — 0.4% |
|
|
|
|
|
|
| Bayerische Motoren Werke AG, Preference Shares |
|
|
385 |
|
|
|
21,041 |
|
| Sartorius AG, Preference Shares |
|
|
586 |
|
|
|
240,186 |
|
| Volkswagen AG, Preference Shares(a) |
|
|
3,827 |
|
|
|
615,807 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Preferred Securities — 0.4%
(Cost: $861,272) |
|
|
|
877,034 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Long-Term Investments — 96.3%
(Cost: $169,065,118) |
|
|
|
181,903,567 |
|
|
|
|
|
|
|
|
|
|
|
| Short-Term Securities |
|
|
|
|
| Money Market Funds — 4.5% |
|
|
|
|
|
|
|
|
| BlackRock Cash Funds: Institutional,
SL Agency Shares,
0.34%(e)(f)(g) |
|
|
4,095,670 |
|
|
|
4,099,356 |
|
| BlackRock Cash Funds: Treasury,
SL Agency
Shares,
0.08%(e)(f) |
|
|
4,341,738 |
|
|
|
4,341,738 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Short-Term Securities — 4.5%
(Cost: $8,438,728) |
|
|
|
8,441,094 |
|
|
|
|
|
|
|
|
|
|
| Total Investments — 100.8%
(Cost: $177,503,846) |
|
|
|
190,344,661 |
|
|
|
| Liabilities in Excess of Other Assets — (0.8)% |
|
|
|
(1,582,409 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Net Assets — 100.0% |
|
|
$ |
188,762,252 |
|
|
|
|
|
|
|
|
|
|
| (a) |
Non-income producing security. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities
may be resold in transactions exempt from registration to qualified institutional investors. |
| (d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
|
| (e) |
Affiliate of the Master Portfolio. |
| (f) |
Annualized 7-day yield as of period end. |
| (g) |
All or a portion of this security was purchased with the cash collateral from loaned securities.
|
|
|
|
| M A S T E R
P O R T F O L I O S C H E D U L E O F
I N V E S T M E N T S |
|
5 |
|
|
|
| Schedule of Investments (unaudited) (continued)
September 30, 2020 |
|
International Tilts Master Portfolio |
Affiliates
Investments in issuers considered to be affiliate(s) of the Master Portfolio during the period ended September 30, 2020, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliated Issuer |
|
Value at
12/31/19 |
|
|
Purchases
at Cost |
|
|
Proceeds
from Sales |
|
|
Net
Realized
Gain (Loss) |
|
|
Change in
Unrealized
Appreciation
(Depreciation) |
|
|
Value at
09/30/20 |
|
|
Shares
Held at
09/30/20 |
|
|
Income |
|
|
Capital Gain
Distributions
from
Underlying
Funds |
|
| BlackRock Cash Funds: Institutional,
SL Agency Shares |
|
$ |
3,503,622 |
|
|
$ |
595,388 |
(a) |
|
$ |
— |
|
|
$ |
(1,522 |
) |
|
$ |
1,868 |
|
|
$ |
4,099,356 |
|
|
|
4,095,670 |
|
|
$ |
28,102 |
(b) |
|
$ |
— |
|
| BlackRock Cash Funds: Treasury,
SL Agency Shares |
|
|
1,224,018 |
|
|
|
3,117,720 |
(a) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,341,738 |
|
|
|
4,341,738 |
|
|
|
10,992 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,522 |
) |
|
$ |
1,868 |
|
|
$ |
8,441,094 |
|
|
|
|
|
|
$ |
39,094 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Represents net amount
purchased (sold).
(b) All or a portion
represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MSCI EAFE Index |
|
|
69 |
|
|
|
12/18/20 |
|
|
$ |
6,394 |
|
|
$ |
(171,477 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value
hierarchy consisting of three broad levels for financial reporting purposes as follows:
| |
• |
|
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the
Master Portfolio 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 financial instruments)
|
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1
measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair
value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its
entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by
privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial
instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of financial instruments, refer to its most recent financial
statements.
The following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure
hierarchy. The breakdown of the Master Portfolio’s investments into major categories is disclosed in the Schedule of Investments above.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Australia |
|
$ |
— |
|
|
$ |
12,903,416 |
|
|
$ |
— |
|
|
$ |
12,903,416 |
|
| Austria |
|
|
54,698 |
|
|
|
749,689 |
|
|
|
— |
|
|
|
804,387 |
|
| Belgium |
|
|
— |
|
|
|
751,028 |
|
|
|
— |
|
|
|
751,028 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
September 30, 2020 |
|
International Tilts Master Portfolio |
Fair Value Hierarchy as of Period End (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Common Stocks (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| China |
|
$ |
— |
|
|
$ |
1,865,686 |
|
|
$ |
— |
|
|
$ |
1,865,686 |
|
| Denmark |
|
|
444,049 |
|
|
|
2,706,048 |
|
|
|
— |
|
|
|
3,150,097 |
|
| Finland |
|
|
— |
|
|
|
4,018,508 |
|
|
|
— |
|
|
|
4,018,508 |
|
| France |
|
|
— |
|
|
|
21,599,574 |
|
|
|
— |
|
|
|
21,599,574 |
|
| Germany |
|
|
771,222 |
|
|
|
16,295,658 |
|
|
|
— |
|
|
|
17,066,880 |
|
| Hong Kong |
|
|
— |
|
|
|
4,331,973 |
|
|
|
— |
|
|
|
4,331,973 |
|
| Ireland |
|
|
— |
|
|
|
400,023 |
|
|
|
— |
|
|
|
400,023 |
|
| Israel |
|
|
— |
|
|
|
175,327 |
|
|
|
— |
|
|
|
175,327 |
|
| Italy |
|
|
— |
|
|
|
3,069,994 |
|
|
|
— |
|
|
|
3,069,994 |
|
| Japan |
|
|
— |
|
|
|
49,856,562 |
|
|
|
— |
|
|
|
49,856,562 |
|
| Luxembourg |
|
|
— |
|
|
|
113,160 |
|
|
|
— |
|
|
|
113,160 |
|
| Macau |
|
|
— |
|
|
|
407,184 |
|
|
|
— |
|
|
|
407,184 |
|
| Netherlands |
|
|
— |
|
|
|
8,534,133 |
|
|
|
— |
|
|
|
8,534,133 |
|
| New Zealand |
|
|
— |
|
|
|
441,895 |
|
|
|
— |
|
|
|
441,895 |
|
| Norway |
|
|
11 |
|
|
|
998,763 |
|
|
|
— |
|
|
|
998,774 |
|
| Portugal |
|
|
— |
|
|
|
270,756 |
|
|
|
— |
|
|
|
270,756 |
|
| Singapore |
|
|
— |
|
|
|
675,759 |
|
|
|
— |
|
|
|
675,759 |
|
| South Africa |
|
|
— |
|
|
|
186,024 |
|
|
|
— |
|
|
|
186,024 |
|
| Spain |
|
|
— |
|
|
|
3,985,942 |
|
|
|
— |
|
|
|
3,985,942 |
|
| Sweden |
|
|
— |
|
|
|
6,236,614 |
|
|
|
— |
|
|
|
6,236,614 |
|
| Switzerland |
|
|
— |
|
|
|
16,632,941 |
|
|
|
— |
|
|
|
16,632,941 |
|
| United Kingdom |
|
|
103,876 |
|
|
|
22,284,106 |
|
|
|
— |
|
|
|
22,387,982 |
|
| United States |
|
|
— |
|
|
|
161,914 |
|
|
|
— |
|
|
|
161,914 |
|
| Preferred Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Preferred Stocks |
|
|
— |
|
|
|
877,034 |
|
|
|
— |
|
|
|
877,034 |
|
| Short-Term Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds |
|
|
8,441,094 |
|
|
|
— |
|
|
|
— |
|
|
|
8,441,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,814,950 |
|
|
$ |
180,529,711 |
|
|
$ |
— |
|
|
$ |
190,344,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative Financial Instruments(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Contracts |
|
$ |
(171,477 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(171,477 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation
(depreciation) on the instrument. |
|
|
|
|
| Portfolio Abbreviation |
|
|
| DIP |
|
Debtor-In-Possession |
|
|
| MSCI |
|
Morgan Stanley Capital International |
|
|
| REIT |
|
Real Estate Investment Trust |
|
|
| SCA |
|
Svenska Celluosa Aktiebolaget |
|
|
|
| M A S T E R
P O R T F O L I O S C H E D U L E O F
I N V E S T M E N T S |
|
7 |