NPORT-EX 2 NPORT_5841863088632264.htm SP 500 Index Master Portfolio

Schedule of Investments  (unaudited)

September 30, 2020

   

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Aerospace & Defense — 1.6%

 

Boeing Co.

     458,126     $ 75,709,903  

General Dynamics Corp.

     200,676       27,779,579  

Howmet Aerospace, Inc.

     339,873       5,682,676  

Huntington Ingalls Industries, Inc.

     35,861       5,047,436  

L3Harris Technologies, Inc.

     186,671       31,704,203  

Lockheed Martin Corp.

     212,404       81,410,205  

Northrop Grumman Corp.

     133,588       42,145,678  

Raytheon Technologies Corp.

     1,319,038       75,897,446  

Teledyne Technologies, Inc.(a)

    31,829       9,873,674  

Textron, Inc.

     195,208       7,045,057  

TransDigm Group, Inc.

     46,804       22,237,516  
   

 

 

  
      384,533,373  

Air Freight & Logistics — 0.7%

 

C.H. Robinson Worldwide, Inc.

     115,921       11,845,967  

Expeditors International of Washington, Inc.

     144,763       13,103,947  

FedEx Corp.

     208,029       52,323,454  

United Parcel Service, Inc., Class B

     610,732       101,766,273  
   

 

 

  
      179,039,641  

Airlines — 0.2%

 

Alaska Air Group, Inc.

     104,278       3,819,703  

American Airlines Group, Inc.(b)

    439,112       5,396,686  

Delta Air Lines, Inc.

     550,751       16,841,966  

Southwest Airlines Co.

     509,319       19,099,463  

United Airlines Holdings, Inc.(a)

    251,247       8,730,833  
   

 

 

  
      53,888,651  

Auto Components — 0.1%

 

Aptiv PLC

     233,150       21,375,192  

BorgWarner, Inc.

     176,581       6,840,748  
   

 

 

  
      28,215,940  

Automobiles — 0.2%

 

Ford Motor Co.

     3,390,483       22,580,617  

General Motors Co.

     1,087,117       32,167,792  
   

 

 

  
      54,748,409  

Banks — 3.3%

 

Bank of America Corp.

     6,583,215       158,589,649  

Citigroup, Inc.

     1,797,565       77,493,027  

Citizens Financial Group, Inc.

     365,770       9,246,665  

Comerica, Inc.

     123,273       4,715,192  

Fifth Third Bancorp

     611,953       13,046,838  

First Republic Bank

     146,729       16,002,265  

Huntington Bancshares, Inc.

     878,386       8,054,800  

JPMorgan Chase & Co.

     2,631,423       253,327,092  

KeyCorp.

     839,510       10,015,354  

M&T Bank Corp.

     108,602       10,001,158  

People’s United Financial, Inc.

     379,790       3,915,635  

PNC Financial Services Group, Inc.

     366,156       40,244,206  

Regions Financial Corp.

     833,745       9,613,080  

SVB Financial Group(a)

    45,318       10,904,417  

Truist Financial Corp.

     1,163,614       44,275,513  

U.S. Bancorp

     1,183,035       42,411,805  

Wells Fargo & Co.

     3,557,412       83,634,756  

Zions Bancorp NA

     145,771       4,259,429  
   

 

 

  
      799,750,881  

Beverages — 1.7%

 

Brown-Forman Corp., Class B(b)

    156,870       11,815,448  

Coca-Cola Co.

     3,337,967       164,795,431  

Constellation Brands, Inc., Class A

     145,838       27,637,759  
Security   Shares     Value  

Beverages (continued)

 

Molson Coors Beverage Co., Class B

     161,725     $ 5,427,491  

Monster Beverage Corp.(a)

    318,762       25,564,713  

PepsiCo, Inc.

     1,195,547       165,702,814  
   

 

 

  
      400,943,656  

Biotechnology — 2.1%

 

AbbVie, Inc.

     1,523,827       133,472,007  

Alexion Pharmaceuticals, Inc.(a)

    189,243       21,655,076  

Amgen, Inc.

     505,711       128,531,508  

Biogen, Inc.(a)(b)

    136,694       38,777,354  

Gilead Sciences, Inc.

     1,082,515       68,404,123  

Incyte Corp.(a)

    160,508       14,403,988  

Regeneron Pharmaceuticals, Inc.(a)

    90,267       50,529,661  

Vertex Pharmaceuticals, Inc.(a)

    225,374       61,328,773  
   

 

 

  
      517,102,490  

Building Products — 0.5%

 

Allegion PLC

     79,134       7,827,144  

AO Smith Corp.

     116,550       6,153,840  

Carrier Global Corp.

     706,396       21,573,334  

Fortune Brands Home & Security, Inc.

     119,282       10,320,278  

Johnson Controls International PLC

     642,441       26,243,715  

Masco Corp.

     225,817       12,449,291  

Trane Technologies PLC

     206,627       25,053,524  
   

 

 

  
      109,621,126  

Capital Markets — 2.5%

 

Ameriprise Financial, Inc.

     103,845       16,003,553  

Bank of New York Mellon Corp.

     703,000       24,141,020  

BlackRock, Inc.(c)

    122,445       69,003,880  

Cboe Global Markets, Inc.

     92,827       8,144,641  

Charles Schwab Corp.

     995,432       36,064,501  

CME Group, Inc.

     309,650       51,807,542  

E*TRADE Financial Corp.

     190,903       9,554,695  

Franklin Resources, Inc.

     229,824       4,676,918  

Goldman Sachs Group, Inc.

     297,089       59,705,976  

Intercontinental Exchange, Inc.

     484,604       48,484,630  

Invesco Ltd.

     327,515       3,736,946  

MarketAxess Holdings, Inc.

     33,020       15,902,102  

Moody’s Corp.

     138,939       40,271,469  

Morgan Stanley

     1,034,693       50,027,407  

MSCI, Inc.

     72,216       25,765,225  

Nasdaq, Inc.

     99,903       12,259,097  

Northern Trust Corp.

     179,676       14,009,338  

Raymond James Financial, Inc.

     108,288       7,879,035  

S&P Global, Inc.(b)

    208,089       75,036,893  

State Street Corp.

     303,979       18,035,074  

T. Rowe Price Group, Inc.

     195,989       25,129,710  
   

 

 

  
      615,639,652  

Chemicals — 1.8%

 

Air Products & Chemicals, Inc.

     190,729       56,810,540  

Albemarle Corp.

     90,674       8,095,375  

Celanese Corp.

     102,137       10,974,621  

CF Industries Holdings, Inc.

     183,713       5,641,826  

Corteva, Inc.

     643,334       18,534,452  

Dow, Inc.

     639,913       30,107,907  

DuPont de Nemours, Inc.

     632,434       35,087,438  

Eastman Chemical Co.

     115,913       9,055,124  

Ecolab, Inc.

     214,432       42,852,091  

FMC Corp.

     112,854       11,952,367  

International Flavors & Fragrances, Inc.

     93,335       11,428,871  

Linde PLC

     453,617       108,019,816  

LyondellBasell Industries NV, Class A

     223,528       15,756,489  
 

 

 

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS

   1

Schedule of Investments  (unaudited) (continued)

September 30, 2020, 2020

   

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Chemicals (continued)

 

Mosaic Co.

     301,320     $ 5,505,116  

PPG Industries, Inc.

     203,752       24,874,044  

Sherwin-Williams Co.

     70,550       49,155,007  
   

 

 

  
      443,851,084  

Commercial Services & Supplies — 0.4%

 

Cintas Corp.

     75,067       24,984,550  

Copart, Inc.(a)

    178,107       18,729,732  

Republic Services, Inc.

     180,884       16,885,521  

Rollins, Inc.(b)

    127,350       6,901,097  

Waste Management, Inc.

     335,588       37,978,494  
   

 

 

  
      105,479,394  

Communications Equipment — 0.8%

 

Arista Networks, Inc.(a)(b)

    47,229       9,773,097  

Cisco Systems, Inc.

     3,655,307       143,982,543  

F5 Networks, Inc.(a)

    51,988       6,382,567  

Juniper Networks, Inc.

     290,641       6,248,781  

Motorola Solutions, Inc.

     146,601       22,988,503  
   

 

 

  
      189,375,491  

Construction & Engineering — 0.1%

 

Jacobs Engineering Group, Inc.

     111,963       10,386,807  

Quanta Services, Inc.

     121,753       6,435,864  
   

 

 

  
      16,822,671  

Construction Materials — 0.1%

 

Martin Marietta Materials, Inc.

     53,454       12,580,934  

Vulcan Materials Co.

     115,239       15,619,494  
   

 

 

  
      28,200,428  

Consumer Finance — 0.5%

 

American Express Co.

     563,118       56,452,579  

Capital One Financial Corp.

     394,278       28,332,817  

Discover Financial Services

     264,542       15,285,237  

Synchrony Financial

     473,928       12,402,696  
   

 

 

  
      112,473,329  

Containers & Packaging — 0.4%

 

Amcor PLC

     1,345,193       14,864,383  

Avery Dennison Corp.

     72,705       9,294,607  

Ball Corp.

     281,971       23,437,430  

International Paper Co.

     341,409       13,840,721  

Packaging Corp. of America

     81,400       8,876,670  

Sealed Air Corp.

     133,968       5,199,298  

Westrock Co.

     221,545       7,696,473  
   

 

 

  
      83,209,582  

Distributors — 0.1%

 

Genuine Parts Co.

     124,563       11,854,661  

LKQ Corp.(a)

    241,720       6,702,895  
   

 

 

  
      18,557,556  

Diversified Financial Services — 1.5%

 

Berkshire Hathaway, Inc., Class B(a)

    1,711,526       364,452,346  
   

 

 

  

Diversified Telecommunication Services — 1.6%

 

AT&T, Inc.

     6,152,008       175,393,748  

CenturyLink, Inc.

     857,752       8,654,718  

Verizon Communications, Inc.

     3,572,960       212,555,390  
   

 

 

  
      396,603,856  

Electric Utilities — 1.8%

 

Alliant Energy Corp.

     212,748       10,988,434  

American Electric Power Co., Inc.

     429,095       35,069,934  

Duke Energy Corp.

     634,070       56,153,239  

Edison International

     326,571       16,602,870  
Security   Shares     Value  

Electric Utilities (continued)

    

Entergy Corp.

     173,355     $ 17,080,668  

Evergy, Inc.

     198,431       10,084,263  

Eversource Energy

     296,144       24,742,831  

Exelon Corp.

     839,719       30,028,352  

FirstEnergy Corp.

     470,441       13,506,361  

NextEra Energy, Inc.

     422,782       117,347,372  

NRG Energy, Inc.

     210,798       6,479,931  

Pinnacle West Capital Corp.

     96,814       7,217,484  

PPL Corp.

     668,523       18,190,511  

Southern Co.

     910,570       49,371,105  

Xcel Energy, Inc.

     453,160       31,272,572  
   

 

 

  
      444,135,927  

Electrical Equipment — 0.5%

    

AMETEK, Inc.

     199,032       19,783,781  

Eaton Corp. PLC

     345,947       35,296,972  

Emerson Electric Co.

     515,985       33,833,137  

Rockwell Automation, Inc.

     100,605       22,201,511  
   

 

 

  
      111,115,401  

Electronic Equipment, Instruments & Components — 0.5%

 

Amphenol Corp., Class A

     258,151       27,950,009  

CDW Corp.

     122,974       14,699,082  

Corning, Inc.

     657,033       21,294,440  

FLIR Systems, Inc.

     113,633       4,073,743  

IPG Photonics Corp.(a)(b)

    29,995       5,098,250  

Keysight Technologies, Inc.(a)

    160,848       15,888,565  

TE Connectivity Ltd.

     283,029       27,663,254  

Zebra Technologies Corp., Class A(a)

    46,056       11,627,298  
   

 

 

  
      128,294,641  

Energy Equipment & Services — 0.2%

    

Baker Hughes Co.

     572,371       7,606,811  

Halliburton Co.

     750,650       9,045,333  

National Oilwell Varco, Inc.

     342,352       3,101,709  

Schlumberger NV

     1,205,365       18,755,479  

TechnipFMC PLC

     362,703       2,288,656  
   

 

 

  
      40,797,988  

Entertainment — 2.0%

    

Activision Blizzard, Inc.

     667,853       54,062,700  

Electronic Arts, Inc.(a)

    249,161       32,493,086  

Live Nation Entertainment, Inc.(a)

    121,362       6,538,985  

Netflix, Inc.(a)

    380,790       190,406,424  

Take-Two Interactive Software, Inc.(a)

    98,542       16,281,109  

Walt Disney Co.(b)

    1,560,290       193,600,783  
   

 

 

  
      493,383,087  

Equity Real Estate Investment Trusts (REITs) — 2.6%

 

Alexandria Real Estate Equities, Inc.

     101,270       16,203,200  

American Tower Corp.

     382,997       92,581,865  

Apartment Investment & Management Co., Class A

     128,731       4,340,809  

AvalonBay Communities, Inc.

     121,601       18,159,893  

Boston Properties, Inc.

     122,286       9,819,566  

Crown Castle International Corp.

     361,609       60,207,898  

Digital Realty Trust, Inc.

     232,261       34,086,624  

Duke Realty Corp.

     320,492       11,826,155  

Equinix, Inc.

     76,659       58,270,806  

Equity Residential

     295,670       15,176,741  

Essex Property Trust, Inc.

     56,305       11,305,481  

Extra Space Storage, Inc.

     110,681       11,841,760  

Federal Realty Investment Trust

     61,405       4,509,583  

Healthpeak Properties, Inc.

     464,806       12,619,483  

Host Hotels & Resorts, Inc.

     604,349       6,520,926  

Iron Mountain, Inc.

     252,876       6,774,548  
 

 

 

2  

Schedule of Investments  (unaudited) (continued)

September 30, 2020

   

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Equity Real Estate Investment Trusts (REITs) (continued)

 

Kimco Realty Corp.

     361,070     $ 4,065,648  

Mid-America Apartment Communities, Inc.

     99,445       11,530,648  

Prologis, Inc.

     637,882       64,183,687  

Public Storage

     130,798       29,131,331  

Realty Income Corp.

     297,920       18,098,640  

Regency Centers Corp.

     136,212       5,178,780  

SBA Communications Corp.

     96,653       30,782,047  

Simon Property Group, Inc.

     263,910       17,069,699  

SL Green Realty Corp.

     63,248       2,932,810  

UDR, Inc.

     255,798       8,341,573  

Ventas, Inc.

     321,095       13,473,146  

Vornado Realty Trust

     135,460       4,566,357  

Welltower, Inc.

     360,314       19,849,698  

Weyerhaeuser Co.

     648,783       18,503,291  
   

 

 

  
      621,952,693  

Food & Staples Retailing — 1.6%

 

Costco Wholesale Corp.

     381,229       135,336,295  

Kroger Co.

     670,986       22,753,135  

Sysco Corp.

     439,090       27,320,180  

Walgreens Boots Alliance, Inc.

     621,006       22,306,536  

Walmart, Inc.

     1,198,920       167,740,897  
   

 

 

  
      375,457,043  

Food Products — 1.1%

 

Archer-Daniels-Midland Co.

     479,615       22,297,301  

Campbell Soup Co.

     174,803       8,455,221  

Conagra Brands, Inc.

     423,722       15,131,113  

General Mills, Inc.

     526,236       32,458,237  

Hershey Co.

     127,279       18,244,172  

Hormel Foods Corp.

     242,105       11,836,513  

J.M. Smucker Co.

     99,331       11,474,717  

Kellogg Co.

     216,799       14,003,047  

Kraft Heinz Co.

     559,480       16,756,426  

Lamb Weston Holdings, Inc.

     124,846       8,273,544  

McCormick & Co., Inc.

     107,590       20,883,219  

Mondelez International, Inc., Class A

     1,233,284       70,852,166  

Tyson Foods, Inc., Class A

     253,297       15,066,106  
   

 

 

  
      265,731,782  

Gas Utilities — 0.0%

    

Atmos Energy Corp.

     106,510       10,181,291  
   

 

 

  

Health Care Equipment & Supplies — 3.9%

 

Abbott Laboratories

     1,528,746       166,373,427  

ABIOMED, Inc.(a)

    39,437       10,926,415  

Align Technology, Inc.(a)(b)

    61,710       20,201,386  

Baxter International, Inc.

     436,773       35,125,285  

Becton Dickinson and Co.

     250,284       58,236,081  

Boston Scientific Corp.(a)(b)

    1,235,302       47,200,889  

Cooper Cos., Inc.

     42,423       14,301,642  

Danaher Corp.

     545,153       117,387,796  

DENTSPLY SIRONA, Inc.

     191,806       8,387,676  

DexCom, Inc.(a)

    82,667       34,077,817  

Edwards Lifesciences Corp.(a)

    535,129       42,713,997  

Hologic, Inc.(a)

    223,962       14,886,754  

IDEXX Laboratories, Inc.(a)

    73,440       28,869,998  

Intuitive Surgical, Inc.(a)(b)

    101,045       71,695,469  

Medtronic PLC

     1,160,649       120,614,644  

ResMed, Inc.

     125,192       21,461,665  

STERIS PLC

     73,941       13,027,665  

Stryker Corp.

     282,152       58,792,012  

Teleflex, Inc.

     40,309       13,721,990  
Security   Shares     Value  

Health Care Equipment & Supplies (continued)

 

Varian Medical Systems, Inc.(a)(b)

    78,200     $ 13,450,400  

West Pharmaceutical Services, Inc.

     63,513       17,459,724  

Zimmer Biomet Holdings, Inc.

     179,086       24,380,768  
   

 

 

  
      953,293,500  

Health Care Providers & Services — 2.6%

 

AmerisourceBergen Corp.

     126,910       12,300,117  

Anthem, Inc.

     217,161       58,327,273  

Cardinal Health, Inc.

     254,665       11,956,522  

Centene Corp.(a)

    497,800       29,036,674  

Cigna Corp.

     317,056       53,712,457  

CVS Health Corp.

     1,129,987       65,991,241  

DaVita, Inc.(a)

    69,453       5,948,649  

HCA Healthcare, Inc.

     227,659       28,384,524  

Henry Schein, Inc.(a)(b)

    123,272       7,245,928  

Humana, Inc.

     114,227       47,277,413  

Laboratory Corp. of America Holdings(a)

    84,938       15,991,277  

McKesson Corp.

     140,617       20,942,090  

Quest Diagnostics, Inc.

     115,282       13,198,636  

UnitedHealth Group, Inc.

     820,558       255,825,368  

Universal Health Services, Inc., Class B

     67,089       7,179,865  
   

 

 

  
      633,318,034  

Health Care Technology — 0.1%

 

Cerner Corp.(b)

    263,732       19,065,186  
   

 

 

  

Hotels, Restaurants & Leisure — 1.6%

 

Carnival Corp.

     447,165       6,787,965  

Chipotle Mexican Grill, Inc.(a)

    24,149       30,034,353  

Darden Restaurants, Inc.

     112,179       11,300,913  

Domino’s Pizza, Inc.(b)

    33,697       14,330,660  

Hilton Worldwide Holdings, Inc.

     239,440       20,429,021  

Las Vegas Sands Corp.

     283,584       13,232,029  

Marriott International, Inc., Class A

     229,622       21,258,405  

McDonald’s Corp.

     642,488       141,019,691  

MGM Resorts International

     353,512       7,688,886  

Norwegian Cruise Line Holdings Ltd.(a)(b)

    225,621       3,860,375  

Royal Caribbean Cruises Ltd.

     153,843       9,958,257  

Starbucks Corp.

     1,009,361       86,724,297  

Wynn Resorts Ltd.

     85,011       6,104,640  

Yum! Brands, Inc.

     260,241       23,760,003  
   

 

 

  
      396,489,495  

Household Durables — 0.4%

 

D.R. Horton, Inc.

     285,772       21,612,936  

Garmin Ltd.

     128,795       12,217,494  

Leggett & Platt, Inc.

     117,117       4,821,707  

Lennar Corp., Class A

     237,116       19,367,635  

Mohawk Industries, Inc.(a)

    50,377       4,916,291  

Newell Brands, Inc.

     333,665       5,725,691  

NVR, Inc.(a)

    3,042       12,420,851  

PulteGroup, Inc.

     231,556       10,718,727  

Whirlpool Corp.

     53,787       9,890,892  
   

 

 

  
      101,692,224  

Household Products — 1.8%

 

Church & Dwight Co., Inc.

     213,668       20,022,828  

Clorox Co.

     109,273       22,965,907  

Colgate-Palmolive Co.

     740,313       57,115,148  

Kimberly-Clark Corp.

     293,749       43,374,977  

Procter & Gamble Co.

     2,149,638       298,778,186  
   

 

 

  
      442,257,046  
 

 

 

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS

   3

Schedule of Investments  (unaudited) (continued)

September 30, 2020

   

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Independent Power and Renewable Electricity Producers — 0.1%

 

AES Corp.

     582,112     $ 10,542,048  
   

 

 

  

Industrial Conglomerates — 1.1%

 

3M Co.

     497,359       79,666,965  

General Electric Co.

     7,546,128       47,012,377  

Honeywell International, Inc.

     605,947       99,744,936  

Roper Technologies, Inc.

     90,602       35,797,756  
   

 

 

  
      262,222,034  

Insurance — 1.8%

 

Aflac, Inc.

     572,468       20,809,212  

Allstate Corp.

     269,666       25,386,357  

American International Group, Inc.

     743,797       20,476,731  

Aon PLC, Class A

     200,016       41,263,301  

Arthur J Gallagher & Co.

     165,349       17,457,547  

Assurant, Inc.

     52,112       6,321,707  

Chubb Ltd.

     389,319       45,207,722  

Cincinnati Financial Corp.

     129,152       10,069,981  

Everest Re Group Ltd.

     34,513       6,817,698  

Globe Life, Inc.

     84,610       6,760,339  

Hartford Financial Services Group, Inc.

     307,460       11,332,976  

Lincoln National Corp.

     156,847       4,914,017  

Loews Corp.

     205,070       7,126,182  

Marsh & McLennan Cos., Inc.

     437,186       50,145,234  

MetLife, Inc.

     662,307       24,617,951  

Principal Financial Group, Inc.

     220,438       8,877,038  

Progressive Corp.

     505,455       47,851,425  

Prudential Financial, Inc.

     339,044       21,536,075  

Travelers Cos., Inc.

     219,868       23,787,519  

Unum Group

     173,973       2,927,966  

W.R. Berkley Corp.

     120,666       7,378,726  

Willis Towers Watson PLC

     111,946       23,376,564  
   

 

 

  
      434,442,268  

Interactive Media & Services(a) — 5.5%

 

Alphabet, Inc., Class A

     259,439       380,233,798  

Alphabet, Inc., Class C

     253,502       372,546,539  

Facebook, Inc., Class A

     2,075,952       543,691,829  

Twitter, Inc.(b)

    682,937       30,390,696  
   

 

 

  
      1,326,862,862  

Internet & Direct Marketing Retail — 5.2%

 

Amazon.com, Inc.(a)

    367,615       1,157,520,379  

Booking Holdings, Inc.(a)

    35,357       60,484,513  

eBay, Inc.

     574,090       29,910,089  

Etsy, Inc.(a)(b)

    103,033       12,531,904  

Expedia Group, Inc.

     116,285       10,662,171  
   

 

 

  
      1,271,109,056  

IT Services — 5.6%

 

Accenture PLC, Class A

     549,318       124,140,375  

Akamai Technologies, Inc.(a)

    140,703       15,553,310  

Automatic Data Processing, Inc.

     370,497       51,680,627  

Broadridge Financial Solutions, Inc.

     99,873       13,183,236  

Cognizant Technology Solutions Corp., Class A

     464,998       32,280,161  

DXC Technology Co.

     220,706       3,939,602  

Fidelity National Information Services, Inc.

     534,843       78,734,238  

Fiserv, Inc.(a)

    479,908       49,454,519  

FleetCor Technologies, Inc.(a)

    72,372       17,231,773  

Gartner, Inc.(a)(b)

    76,998       9,620,900  

Global Payments, Inc.(b)

    257,743       45,770,002  

International Business Machines Corp.

     768,961       93,559,485  

Jack Henry & Associates, Inc.

     67,031       10,898,570  

Leidos Holdings, Inc.

     116,021       10,343,272  
Security   Shares     Value  

IT Services (continued)

 

Mastercard, Inc., Class A

     762,726     $ 257,931,051  

Paychex, Inc.

     277,374       22,126,124  

PayPal Holdings, Inc.(a)

    1,013,074       199,605,970  

VeriSign, Inc.(a)

    86,729       17,766,436  

Visa, Inc., Class A(b)

    1,455,765       291,109,327  

Western Union Co.

     354,220       7,590,935  
   

 

 

  
      1,352,519,913  

Leisure Products — 0.0%

    

Hasbro, Inc.

     109,344       9,044,936  
   

 

 

  

Life Sciences Tools & Services — 1.2%

 

Agilent Technologies, Inc.

     266,207       26,870,935  

Bio-Rad Laboratories, Inc., Class A(a)

    18,020       9,288,589  

Illumina, Inc.(a)

    126,062       38,963,243  

IQVIA Holdings, Inc.(a)

    165,151       26,032,752  

Mettler-Toledo International, Inc.(a)

    20,698       19,989,093  

PerkinElmer, Inc.

     95,779       12,021,222  

Thermo Fisher Scientific, Inc.

     341,567       150,808,662  

Waters Corp.(a)

    53,469       10,462,814  
   

 

 

  
      294,437,310  

Machinery — 1.6%

 

Caterpillar, Inc.

     467,553       69,735,530  

Cummins, Inc.

     127,509       26,924,801  

Deere & Co.

     270,580       59,968,645  

Dover Corp.

     124,309       13,467,637  

Flowserve Corp.

     112,148       3,060,519  

Fortive Corp.

     291,041       22,180,235  

IDEX Corp.

     65,171       11,887,842  

Illinois Tool Works, Inc.

     247,499       47,819,282  

Ingersoll Rand Inc.(a)

    320,494       11,409,586  

Otis Worldwide Corp.

     353,198       22,046,619  

PACCAR, Inc.

     298,344       25,442,776  

Parker-Hannifin Corp.

     110,721       22,403,287  

Pentair PLC

     142,497       6,522,088  

Snap-on, Inc.

     46,909       6,901,721  

Stanley Black & Decker, Inc.

     137,876       22,363,487  

Westinghouse Air Brake Technologies Corp.

     154,454       9,557,614  

Xylem, Inc.

     156,792       13,189,343  
   

 

 

  
      394,881,012  

Media — 1.3%

 

Charter Communications, Inc., Class A(a)(b)

    129,150       80,633,511  

Comcast Corp., Class A

     3,936,124       182,085,096  

Discovery, Inc., Class A(a)(b)

    134,754       2,933,595  

Discovery, Inc., Class C(a)

    267,283       5,238,747  

DISH Network Corp., Class A(a)

    213,018       6,183,913  

Fox Corp., Class A

     303,158       8,436,887  

Fox Corp., Class B(a)

    133,124       3,723,478  

Interpublic Group of Cos., Inc.

     340,340       5,673,468  

News Corp., Class A, Class A

     332,273       4,658,467  

News Corp., Class B, Class B

     114,231       1,596,949  

Omnicom Group, Inc.

     185,083       9,161,609  

ViacomCBS, Inc., Class B

     486,782       13,634,764  
   

 

 

  
      323,960,484  

Metals & Mining — 0.3%

 

Freeport-McMoRan, Inc.(b)

    1,253,904       19,611,059  

Newmont Corp.

     693,403       43,996,420  

Nucor Corp.

     259,631       11,647,047  
   

 

 

  
      75,254,526  
 

 

 

4  

Schedule of Investments  (unaudited) (continued)

September 30, 2020

   

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Multiline Retail — 0.5%

 

Dollar General Corp.

     215,026     $ 45,073,750  

Dollar Tree, Inc.(a)

    206,058       18,821,338  

Target Corp.

     430,895       67,831,491  
   

 

 

  
      131,726,579  

Multi-Utilities — 0.9%

 

Ameren Corp.

     214,214       16,940,043  

CenterPoint Energy, Inc.

     470,418       9,102,588  

CMS Energy Corp.

     247,137       15,176,683  

Consolidated Edison, Inc.

     289,441       22,518,510  

Dominion Energy, Inc.

     725,407       57,256,374  

DTE Energy Co.

     167,263       19,241,936  

NiSource, Inc.

     321,488       7,072,736  

Public Service Enterprise Group, Inc.

     435,757       23,927,417  

Sempra Energy

     249,759       29,561,475  

WEC Energy Group, Inc.

     272,192       26,375,405  
   

 

 

  
      227,173,167  

Oil, Gas & Consumable Fuels — 1.9%

 

Apache Corp.

     317,469       3,006,431  

Cabot Oil & Gas Corp.

     344,150       5,974,444  

Chevron Corp.

     1,612,321       116,087,112  

Concho Resources, Inc.

     169,845       7,493,561  

ConocoPhillips

     926,943       30,440,808  

Devon Energy Corp.

     330,941       3,130,702  

Diamondback Energy, Inc.

     136,845       4,121,771  

EOG Resources, Inc.

     506,533       18,204,796  

Exxon Mobil Corp.

     3,650,824       125,332,788  

Hess Corp.

     236,028       9,660,626  

HollyFrontier Corp.

     129,331       2,549,114  

Kinder Morgan, Inc.

     1,677,834       20,687,693  

Marathon Oil Corp.

     684,055       2,797,785  

Marathon Petroleum Corp.

     565,354       16,587,486  

Noble Energy, Inc.

     412,314       3,525,285  

Occidental Petroleum Corp.

     722,809       7,235,318  

ONEOK, Inc.

     383,542       9,964,421  

Phillips 66

     377,602       19,574,888  

Pioneer Natural Resources Co.

     141,842       12,196,994  

Valero Energy Corp.

     352,074       15,251,846  

Williams Cos., Inc.

     1,055,312       20,736,881  
   

 

 

  
      454,560,750  

Personal Products — 0.2%

 

Estee Lauder Cos., Inc., Class A

     193,936       42,326,532  
   

 

 

  

Pharmaceuticals — 4.1%

 

Bristol-Myers Squibb Co.

     1,946,137       117,332,600  

Catalent, Inc.(a)

    141,724       12,140,078  

Eli Lilly & Co.

     685,459       101,461,641  

Johnson & Johnson

     2,273,285       338,446,671  

Merck & Co., Inc.

     2,183,847       181,150,109  

Mylan NV(a)

    452,280       6,707,312  

Perrigo Co. PLC

     116,394       5,343,648  

Pfizer, Inc.

     4,798,031       176,087,738  

Zoetis, Inc.

     409,831       67,773,752  
   

 

 

  
      1,006,443,549  

Professional Services — 0.3%

    

Equifax, Inc.

     105,425       16,541,183  

IHS Markit Ltd.

     322,064       25,285,245  

Nielsen Holdings PLC

     313,402       4,444,040  
Security   Shares     Value  

Professional Services (continued)

 

Robert Half International, Inc.

     98,980     $ 5,240,001  

Verisk Analytics, Inc.

     140,211       25,982,500  
   

 

 

  
      77,492,969  

Real Estate Management & Development — 0.1%

 

CBRE Group, Inc., Class A(a)

    291,463       13,690,017  
   

 

 

  

Road & Rail — 1.0%

 

CSX Corp.

     660,577       51,307,016  

JB Hunt Transport Services, Inc.

     71,440       9,028,587  

Kansas City Southern

     81,200       14,683,396  

Norfolk Southern Corp.

     220,059       47,090,426  

Old Dominion Freight Line, Inc.

     83,696       15,142,280  

Union Pacific Corp.

     586,137       115,392,791  
   

 

 

  
      252,644,496  

Semiconductors & Semiconductor Equipment — 5.0%

 

Advanced Micro Devices, Inc.(a)

    1,012,926       83,049,803  

Analog Devices, Inc.

     318,578       37,190,796  

Applied Materials, Inc.

     788,565       46,880,189  

Broadcom, Inc.

     347,649       126,655,484  

Intel Corp.

     3,672,209       190,146,982  

KLA Corp.

     133,954       25,952,248  

Lam Research Corp.

     126,318       41,905,996  

Maxim Integrated Products, Inc.

     230,519       15,585,390  

Microchip Technology, Inc.

     217,977       22,399,317  

Micron Technology, Inc.(a)

    962,004       45,175,708  

NVIDIA Corp.

     532,742       288,330,625  

Qorvo, Inc.(a)

    99,482       12,834,173  

QUALCOMM, Inc.

     974,190       114,642,679  

Skyworks Solutions, Inc.

     143,117       20,823,523  

Teradyne, Inc.

     143,359       11,391,306  

Texas Instruments, Inc.

     790,862       112,927,185  

Xilinx, Inc.

     210,533       21,945,960  
   

 

 

  
      1,217,837,364  

Software — 9.1%

 

Adobe, Inc.(a)

    414,162       203,117,470  

ANSYS, Inc.(a)

    74,514       24,383,216  

Autodesk, Inc.(a)

    189,334       43,738,047  

Cadence Design Systems, Inc.(a)(b)

    240,722       25,668,187  

Citrix Systems, Inc.

     106,662       14,688,424  

Fortinet, Inc.(a)

    115,935       13,658,302  

Intuit, Inc.

     226,348       73,836,981  

Microsoft Corp.

     6,534,212       1,374,340,810  

NortonLifeLock, Inc.

     510,295       10,634,548  

Oracle Corp.

     1,669,262       99,654,941  

Paycom Software, Inc.(a)

    42,795       13,322,084  

salesforce.com, Inc.(a)

    785,730       197,469,664  

ServiceNow, Inc.(a)

    165,633       80,332,005  

Synopsys, Inc.(a)(b)

    130,891       28,008,056  

Tyler Technologies, Inc.(a)(b)

    34,089       11,882,062  
   

 

 

  
      2,214,734,797  

Specialty Retail — 2.5%

 

Advance Auto Parts, Inc.(b)

    59,306       9,103,471  

AutoZone, Inc.(a)

    20,282       23,884,894  

Best Buy Co., Inc

     198,275       22,066,025  

CarMax, Inc.(a)

    140,808       12,941,663  

Gap, Inc.

     180,058       3,066,388  

Home Depot, Inc.

     929,455       258,118,948  

L Brands, Inc.

     200,125       6,365,976  

Lowe’s Cos., Inc.

     652,532       108,228,958  
 

 

 

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS

   5

Schedule of Investments  (unaudited) (continued)

September 30, 2020

   

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Specialty Retail (continued)

 

O’Reilly Automotive, Inc.(a)

    63,951     $ 29,486,527  

Ross Stores, Inc.

     307,115       28,659,972  

Tiffany & Co.

     94,104       10,901,948  

TJX Cos., Inc.

     1,035,317       57,615,391  

Tractor Supply Co.

     98,685       14,145,508  

Ulta Beauty, Inc.(a)(b)

    49,300       11,042,214  
   

 

 

  
      595,627,883  
Technology Hardware, Storage & Peripherals — 6.9%  

Apple, Inc.

     13,880,988       1,607,557,220  

Hewlett Packard Enterprise Co.

     1,101,086       10,317,176  

HP, Inc.

     1,185,932       22,520,849  

NetApp, Inc.

     191,688       8,403,602  

Seagate Technology PLC

     192,709       9,494,772  

Western Digital Corp.

     259,683       9,491,414  

Xerox Holdings Corp.

     160,203       3,007,010  
   

 

 

  
      1,670,792,043  
Textiles, Apparel & Luxury Goods — 0.7%  

Hanesbrands, Inc.

     298,358       4,699,139  

NIKE, Inc., Class B

     1,074,871       134,939,305  

PVH Corp.

     63,061       3,760,958  

Ralph Lauren Corp.

     42,619       2,896,814  

Tapestry, Inc.

     237,843       3,717,486  

Under Armour, Inc., Class A(a)(b)

    164,871       1,851,501  

Under Armour, Inc., Class C(a)

    169,421       1,667,103  

VF Corp.

     274,173       19,260,653  
   

 

 

  
      172,792,959  
Tobacco — 0.7%  

Altria Group, Inc.

     1,603,724       61,967,895  

Philip Morris International, Inc.

     1,344,623       100,833,279  
   

 

 

  
      162,801,174  
Trading Companies & Distributors — 0.2%  

Fastenal Co.

     493,888       22,269,410  

United Rentals, Inc.(a)(b)

    62,237       10,860,357  

W.W. Grainger, Inc.

     38,855       13,862,298  
   

 

 

  
      46,992,065  
Security   Shares     Value  
Water Utilities — 0.1%  

American Water Works Co., Inc.

     157,399     $ 22,803,967  
   

 

 

  
Wireless Telecommunication Services — 0.2%  

T-Mobile US, Inc.(a)

    502,324       57,445,773  
   

 

 

  

Total Common Stocks — 99.0%
(Cost: $13,156,640,893)

       24,062,837,427  
   

 

 

  

Investment Companies

    

Equity Funds — 0.2%

 

iShares Core S&P 500 ETF(c)

    116,868       39,274,660  
   

 

 

  

Total Investment Companies — 0.2%
(Cost: $35,081,012)

       39,274,660  
   

 

 

  

Total Long-Term Investments — 99.2%
(Cost: $13,191,721,905)

       24,102,112,087  
   

 

 

  
   

Short-Term Securities

    

Money Market Funds — 1.9%

 

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(c)(d)(e)

    292,142,956       292,405,885  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.08%(c)(d)

    183,746,460       183,746,460  
   

 

 

  

Total Short-Term Securities — 1.9%
(Cost: $475,832,893)

       476,152,345  
   

 

 

  

Total Investments — 101.1%
(Cost: $13,667,554,798)

       24,578,264,432  

Liabilities in Excess of Other Assets — (1.1)%

 

     (276,418,390 ) 
   

 

 

  

Net Assets — 100.0%

     $ 24,301,846,042  
   

 

 

  

(a) Non-income producing security.

  

(b) All or a portion of this security is on loan.

  

(c)  Affiliate of the Fund.

   

(d) Annualized 7-day yield as of period end.

  

(e) All or a portion of this security was purchased with the cash collateral from loaned securities.

  

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund 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

    $ 139,403,854      $ 152,780,148 (a)     $ —      $ (81,081 )     $ 302,964      $ 292,405,885        292,142,956      $ 1,467,544 (b)     $ —  

BlackRock Cash Funds: Treasury, SL Agency Shares

      215,380,072        —        (31,633,612 )(a)       —        —        183,746,460        183,746,460        967,908        —  

BlackRock, Inc

      50,696,290        16,775,336        (6,914,032 )       204,788        8,241,498        69,003,880        122,445        1,332,693        —  

iShares Core S&P 500 ETF

      94,603,944        41,630,812        (92,287,653 )       (2,419,239 )       (2,253,204 )       39,274,660        116,868        798,608        —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  
            $ (2,295,532 )     $ 6,291,258      $ 584,430,885         $ 4,566,753      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

(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.

  

For Master Portfolio compliance purposes, the Master Portfolio’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

 

 

6  

Schedule of Investments  (unaudited) (continued)

September 30, 2020

    S&P 500 Index Master Portfolio

 

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

      1,104          12/18/20        $ 185,030        $ 1,899,763  
                 

 

 

  

FairValue 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 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 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 Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Fund’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

    $ 24,062,837,427        $ —        $ —        $ 24,062,837,427  

Investment Companies

      39,274,660          —          —          39,274,660  

Short-Term Securities

                  

Money Market Funds.

      476,152,345          —          —          476,152,345  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 24,578,264,432        $ —        $ —        $ 24,578,264,432  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments

                  

Assets

                  

Equity Contracts

    $ 1,899,763        $ —        $ —        $ 1,899,763  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

Portfolio Abbreviation
ETF    Exchange-Traded Fund
MSCI    Morgan Stanley Capital International
S&P    Standard & Poor’s

 

 

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS

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