NPORT-EX 2 NPORT_5839717293548961.htm 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  
 

 

 

2  

    

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  
 

 

 

4  

    

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  

 

 

6  

    

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

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