Portfolio Information - BlackRock€¦ · For Active Stock Master Portfolio (the “Master...

Portfolio Information as of June 30, 2019 Active Stock Master Portfolio

TEN LARGEST HOLDINGS

SecurityPercent of

Net Assets

Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2%Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Tencent Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Alibaba Group Holding Ltd. — ADR . . . . . . . . . . . . . . . . . . . . . . . . . . 1Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Alphabet, Inc., . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Johnson & Johnson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Facebook, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Taiwan Semiconductor Manufacturing Co. Ltd. . . . . . . . . . . . . . . . . . 1JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

SECTOR ALLOCATION

SectorPercent of

Net Assets

Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15%Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Communication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Short-Term Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Liabilities in Excess of Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . (5)

For Active Stock Master Portfolio (the “Master Portfolio”) compliance purposes, theMaster Portfolio’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or ratings groupindexes, and/or as defined by the investment adviser. These definitions may not applyfor purposes of this report, which may combine such sector sub-classifications forreporting ease.

Derivative Financial Instruments

The Master Portfolio may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/orother assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreigncurrency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including theimperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity ofthe instrument. The Master Portfolio’s successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movementsaccurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation theMaster Portfolio can realize on an investment and/or may result in lower distributions paid to shareholders. The Master Portfolio’s investments in these instruments, if any,are discussed in detail in the Notes to Financial Statements.

P O R T F O L I O I N F O R M A T I O N / D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S 1

Schedule of Investments (unaudited)

June 30, 2019

Active Stock Master Portfolio(Percentages shown are based on Net Assets)

Security Shares Value

Common Stocks — 87.6%

Aerospace & Defense — 1.0%

AAR Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,130 $ 151,943Bharat Electronics Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,300 44,501Boeing Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,057 748,769Curtiss-Wright Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 950 120,774General Dynamics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 714 129,819HEICO Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351 36,283Hexcel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291 23,536Huntington Ingalls Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . 318 71,467L3Harris Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,289 432,919Lockheed Martin Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,278 1,191,684Moog, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,412 413,007Northrop Grumman Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 363 117,289Raytheon Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,604 626,664Spirit AeroSystems Holdings, Inc., Class A . . . . . . . . . . . . . . . 366 29,781Teledyne Technologies, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 368 100,784Textron, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 504 26,732TransDigm Group, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 229 110,790United Technologies Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 10,937Vectrus, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 974 39,505

4,427,184

Air Freight & Logistics — 0.8%

C.H. Robinson Worldwide, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . 5,681 479,192Echo Global Logistics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 4,359 90,972Expeditors International of Washington, Inc. . . . . . . . . . . . . . . 2,968 225,152FedEx Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,297 869,714Hub Group, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,914 290,250Hyundai Glovis Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 748 104,421Park-Ohio Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,476 80,693Radiant Logistics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,114 80,520United Parcel Service, Inc., Class B(b) . . . . . . . . . . . . . . . . . . . 12,108 1,250,393XPO Logistics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,808 335,761

3,807,068

Airlines — 0.4%

Alaska Air Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 413 26,395American Airlines Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 7,365 240,173Copa Holdings SA, Class A . . . . . . . . . . . . . . . . . . . . . . . . . . 142 13,855Delta Air Lines, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,715 551,326Hawaiian Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,669 73,211InterGlobe Aviation Ltd.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,268 51,211JetBlue Airways Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,046 19,340Southwest Airlines Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,322 524,151Spirit Airlines, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,531 311,725United Continental Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . 3,001 262,737

2,074,124

Auto Components — 0.4%

Adient PLC(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321 7,791Cooper-Standard Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 487 22,314Dana, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,430 646,654Garrett Motion, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256 3,930Gentex Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 902 22,198Goodyear Tire & Rubber Co. . . . . . . . . . . . . . . . . . . . . . . . . . 8,177 125,108Hyundai Mobis Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,452 500,265Standard Motor Products, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 195 8,841Tianneng Power International Ltd. . . . . . . . . . . . . . . . . . . . . . 172,000 138,616Tower International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,852 309,114Visteon Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 5,800

1,790,631

Automobiles — 0.6%

Astra International Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . 517,000 272,683BAIC Motor Corp. Ltd., Class H(c) . . . . . . . . . . . . . . . . . . . . . . 74,500 46,752


Automobiles (continued)

Ford Motor Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,412 $ 219,045Ford Otomotiv Sanayi AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,064 173,282Geely Automobile Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . 40,000 68,585General Motors Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,906 381,678Harley-Davidson, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 826 29,596Hyundai Motor Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,225 391,403Kia Motors Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,278 620,986Tesla, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,288 287,816Thor Industries, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,340 78,323

2,570,149

Banks — 7.0%

Al Rajhi Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,641 290,411Alliance Bank Malaysia Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . 46,800 42,610AMMB Holdings Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,400 48,514Associated Banc-Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 564 11,923Axis Bank Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,099 165,099Banco do Brasil SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,500 498,671Banco Macro SA — ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . 607 44,220Banco Santander Brasil SA . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 75,768Bancolombia SA — ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,061 462,473Bandhan Bank Ltd.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,988 31,118Bank Central Asia Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,700 128,810Bank of America Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,166 2,092,814Bank of Beijing Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . 38,000 32,726Bank of Chengdu Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . 41,600 53,552Bank of China Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . 220,200 119,975Bank of China Ltd., Class H . . . . . . . . . . . . . . . . . . . . . . . . . . 1,357,000 572,612Bank of Commerce Holdings . . . . . . . . . . . . . . . . . . . . . . . . . 4,577 48,928Bank of Communications Co. Ltd., Class A . . . . . . . . . . . . . . . 178,195 158,871Bank of Hawaii Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 11,690Bank of Jiangsu Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . 160,798 170,130Bank of Nanjing Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . 255,966 308,150Bank of Shanghai Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . 36,694 63,365Bank OZK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 417 12,548Bank Polska Kasa Opieki SA . . . . . . . . . . . . . . . . . . . . . . . . . 16,740 501,635Bank Rakyat Indonesia Persero Tbk PT . . . . . . . . . . . . . . . . . 1,336,300 412,549BankFinancial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,975 27,630BankUnited, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 334 11,269Banner Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,844 478,903BB&T Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,824 89,613BOK Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112 8,454Boston Private Financial Holdings, Inc. . . . . . . . . . . . . . . . . . . 14,941 180,338Cadence BanCorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,227 649,522Capital City Bank Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 3,810 94,678Cathay General Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,173 868,052CenterState Bank Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,355 376,656Central Pacific Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . 18,926 567,023Chemical Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,188 1,199,919China Construction Bank Corp., Class H . . . . . . . . . . . . . . . . . 702,000 605,127China Everbright Bank Co. Ltd., Class A . . . . . . . . . . . . . . . . . 544,700 302,370CIMB Group Holdings Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . 439,800 572,868CIT Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,077 56,586Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,721 890,852Citizens Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 20,547 726,542Comerica, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206 14,964Commerce Bancshares, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . 342 20,404Credicorp Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 977 223,645Cullen/Frost Bankers, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 194 18,170DCB Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,344 32,101Dubai Islamic Bank PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,718 45,826East West Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,218 103,736Farmers National Banc Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 2,235 33,145Fifth Third Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,839 51,308First Abu Dhabi Bank PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . 28,253 114,524

2 2 0 1 9 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2019



Banks (continued)

First BanCorp, Puerto Rico . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,403 $ 15,489First Citizens BancShares, Inc., Class A . . . . . . . . . . . . . . . . . 27 12,157First Commonwealth Financial Corp. . . . . . . . . . . . . . . . . . . . 4,945 66,609First Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,603 144,696First Financial Northwest, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 19,074 269,897First Hawaiian, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 453 11,719First Horizon National Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 5,340 79,726First Merchants Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,300 162,970First Republic Bank(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,549 346,560First Savings Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . 453 27,180FNB Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,109 13,053Grupo Financiero Galicia SA — ADR . . . . . . . . . . . . . . . . . . . 1,171 41,570Hana Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 273 8,849HDFC Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,614 128,012HDFC Bank Ltd. — ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,268 164,891Home BancShares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,857 555,786Iberiabank Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 950 72,057Independent Bank Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 4,671 256,718Industrial Bank Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . 84,297 224,722JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,208 3,600,854KB Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,470 177,187KeyCorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 889 15,780Kotak Mahindra Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,927 41,236M&T Bank Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 333 56,633Malayan Banking Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,900 257,780MBT Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 10Mercantile Bank Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,840 222,847National Bank Holdings Corp., Class A . . . . . . . . . . . . . . . . . . 694 25,192National Commercial Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,302 344,216Nedbank Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,043 360,536OTP Bank Nyrt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,006 597,560PacWest Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 422 16,386Pinnacle Financial Partners, Inc. . . . . . . . . . . . . . . . . . . . . . . 257 14,772Popular, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340 18,442Powszechna Kasa Oszczednosci Bank Polski SA . . . . . . . . . . 53,301 611,790Prosperity Bancshares, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . 229 15,125RBL Bank Ltd.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,466 263,365Regional SAB de CV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,200 104,116Regions Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,476 22,051Republic Bancorp, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . 7,535 374,866RHB Capital Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,300 189,783Riyad Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,629 69,010Samba Financial Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,195 39,584Sandy Spring Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 15,969 556,999Saudi British Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,811 42,135Shinhan Financial Group Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . 13,630 530,126Sierra Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,632 179,860Standard Bank Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,973 656,201Sterling Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 734 15,620SunTrust Banks, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,281 80,511SVB Financial Group(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 6,513Synovus Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,281 254,835TCF Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 551 11,455Texas Capital Bancshares, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 172 10,556Thanachart Capital PCL — NVDR . . . . . . . . . . . . . . . . . . . . . 82,000 148,454TriState Capital Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 48,067 1,025,750Turkiye Garanti Bankasi AS(a) . . . . . . . . . . . . . . . . . . . . . . . . . 132,623 208,255Turkiye Is Bankasi AS, Class C(a) . . . . . . . . . . . . . . . . . . . . . . 74,691 77,894Turkiye Vakiflar Bankasi Tao, Class D . . . . . . . . . . . . . . . . . . 179,305 129,535U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,306 382,834Umpqua Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 753 12,492United Community Banks, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 33,577 958,959Univest Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,052 106,406Webster Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 314 15,000


Banks (continued)

Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,227 $ 1,430,342Western Alliance Bancorp(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 6,549 292,871Wintrust Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,255 530,776Yapi ve Kredi Bankasi AS(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 281,515 117,023Zions Bancorp. NA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,502 115,042

32,661,613

Beverages — 0.8%

Ambev SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248,600 1,158,206Boston Beer Co., Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . 552 208,523Brown-Forman Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . 176 9,680Coca-Cola Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 665 33,862Keurig Dr Pepper, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,273 36,790Molson Coors Brewing Co., Class B . . . . . . . . . . . . . . . . . . . . 688 38,528Monster Beverage Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,343 277,214PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,761 1,148,830Tsingtao Brewery Co. Ltd., Class H . . . . . . . . . . . . . . . . . . . . 20,000 127,434United Breweries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,783 383,790Wuliangye Yibin Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . 2,800 48,209

3,471,066

Biotechnology — 3.3%

AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,125 1,245,330ACADIA Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 3,485 93,154Acorda Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 9,220 70,717Adamas Pharmaceuticals, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . 3,948 24,478Agenus, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,175 153,525Agios Pharmaceuticals, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 174 8,679Akebia Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 23,912 115,734Alder Biopharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 18,687 219,946Alexion Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 988 129,408Alkermes PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,663 60,024Allogene Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 7,692 206,530AMAG Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,874 18,721Amgen, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,598 1,768,719AnaptysBio, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 864 48,747Apellis Pharmaceuticals, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 3,283 83,191Applied Genetic Technologies Corp.(a) . . . . . . . . . . . . . . . . . . 5,946 22,535Aptinyx, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,731 19,142AquaBounty Technologies, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . 3 9Aravive, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,742 28,452Arcus Biosciences, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 17,770 141,271Ardelyx, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,014 45,768Array BioPharma, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,301 384,585Arrowhead Pharmaceuticals, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . 3,845 101,893Atara Biotherapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,106 42,352Athersys, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,167 91,001Audentes Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,982 75,039Biocon Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126,698 460,294Biogen, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,428 333,966Biohaven Pharmaceutical Holding Co. Ltd.(a) . . . . . . . . . . . . . . 2,020 88,456Bluebird Bio, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186 23,659Blueprint Medicines Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 888 83,765Calithera Biosciences, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 27,765 108,284Cara Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,526 32,809Celgene Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,638 613,617ChemoCentryx, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,217 85,718Chimerix, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,925 81,756Cidara Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 7,801 13,106Clovis Oncology, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,770 70,930Conatus Pharmaceuticals, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . 21,164 5,505Corvus Pharmaceuticals, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 21,443 80,197Crinetics Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 1,995 49,875CytomX Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 2,089 23,439Deciphera Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . 3,901 87,968

S C H E D U L E S O F I N V E S T M E N T S 3


June 30, 2019



Biotechnology (continued)

Denali Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,740 $ 181,442Eiger Biopharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 2,262 23,977Emergent Biosolutions, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 5,802 280,295Epizyme, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,358 29,593Esperion Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 803 37,356Exact Sciences Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,303 153,806Exelixis, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,723 122,301Fate Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,645 256,693FibroGen, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,055 47,665Genomic Health, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,950 287,941Gilead Sciences, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,910 1,210,000Global Blood Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . 5,441 286,197Green Cross Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,156 121,857Halozyme Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 16,445 282,525Incyte Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,485 126,166Innoviva, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,649 184,169Intellia Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 8,677 142,042Intercept Pharmaceuticals, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . 1,744 138,770Intrexon Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,193 78,078Invitae Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,592 319,412Ionis Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 318 20,438Ironwood Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 11,317 123,808Jounce Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,818 8,999Kezar Life Sciences, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 533 4,109MacroGenics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,094 137,355Mersana Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 6,589 26,685Moderna, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 1,332Myriad Genetics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,334 314,859Natera, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,139 279,634Neon Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,880 13,651Neurocrine Biosciences, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 309 26,089OPKO Health, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,694 72,453Portola Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 522 14,162Precision BioSciences, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 7,817 103,575Principia Biopharma, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 648 21,507Ra Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,412 72,529Regeneron Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . 1,383 432,879Repligen Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 653 56,125Retrophin, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,552 252,170Rigel Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 160 418Sage Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 167 30,576Sangamo Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 6,487 69,865Sarepta Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 228 34,645Seattle Genetics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 4,429Seres Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,532 69,333Spark Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 642 65,728Spectrum Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . 11,261 96,957Surface Oncology, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,804 7,907Twist Bioscience Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 871 25,268Ultragenyx Pharmaceutical, Inc.(a) . . . . . . . . . . . . . . . . . . . . . 1,598 101,473United Therapeutics Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 149 11,631UNITY Biotechnology, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 7,272 69,084Unum Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 4,415 11,567Vanda Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 2,392 33,703Vertex Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 2,804 514,198XBiotech, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,637 12,408Xencor, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,539 308,571Y-mAbs Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 2,974 68,015

15,270,714

Building Products — 0.5%

Allegion PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,642 623,723AO Smith Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,232 105,261Armstrong World Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . 148 14,386Blue Star Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,399 38,191


Building Products (continued)

Builders FirstSource, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 5,648 $ 95,225Continental Building Products, Inc.(a) . . . . . . . . . . . . . . . . . . . . 8,680 230,628Fortune Brands Home & Security, Inc. . . . . . . . . . . . . . . . . . . 350 19,996Griffon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,739 29,424Johnson Controls International PLC . . . . . . . . . . . . . . . . . . . . 242 9,997Lennox International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221 60,775Masco Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,619 63,530PGT Innovations, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,689 145,280Quanex Building Products Corp. . . . . . . . . . . . . . . . . . . . . . . . 453 8,557Resideo Technologies, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 2,454 53,792Trex Co., Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,133 439,736Universal Forest Products, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 10,091 384,063

2,322,564

Capital Markets — 1.5%

Ameriprise Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 537 77,951Ares Management Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,712 97,143Artisan Partners Asset Management, Inc., Class A . . . . . . . . . 2,910 80,083B3 SA — Brasil Bolsa Balcao . . . . . . . . . . . . . . . . . . . . . . . . . 17,100 166,816Bank of New York Mellon Corp.(b) . . . . . . . . . . . . . . . . . . . . . . 4,454 196,644BGC Partners, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . . 938 4,906Charles Schwab Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,628 1,230,939CME Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,341 260,302Cohen & Steers, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,804 92,798Evercore, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,275 201,497Franklin Resources, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,581 263,819GF Securities Co. Ltd., Class H . . . . . . . . . . . . . . . . . . . . . . . 34,000 40,452Goldman Sachs Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,451 296,875Haitong Securities Co. Ltd., Class H . . . . . . . . . . . . . . . . . . . . 32,000 35,895Hannon Armstrong Sustainable Infrastructure Capital, Inc.(b) . . 846 23,840Intercontinental Exchange, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 2,433 209,092Lazard Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395 13,584Legg Mason, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291 11,140LPL Financial Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 290 23,655Marcus & Millichap, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,173 252,137MarketAxess Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . 127 40,820Moelis & Co., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,720 444,564Moody’s Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 823 160,740Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,780 997,992MSCI, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 665 158,795Nasdaq, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 334 32,121NH Investment & Securities Co. Ltd. . . . . . . . . . . . . . . . . . . . . 4 50Northern Trust Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,151 103,590Pzena Investment Management, Inc., Class A . . . . . . . . . . . . 900 7,731Raymond James Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . 262 22,152S&P Global, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,953 672,664SEI Investments Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 421 23,618State Street Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,775 99,507TD Ameritrade Holding Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 7,393 369,059Virtu Financial, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . . 140 3,049Westwood Holdings Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . 140 4,928

6,720,948

Chemicals — 1.4%

Air Products & Chemicals, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 3,508 794,106Albemarle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 922 64,918Ashland Global Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 214 17,114Cabot Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201 9,590Corteva, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,197 94,535Dow, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,403 414,352DuPont de Nemours, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,001 675,705Ecolab, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,369 467,735Element Solutions, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 762 7,879Hanwha Chemical Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,531 49,874HB Fuller Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260 12,064



June 30, 2019



Chemicals (continued)

Huntsman Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 749 $ 15,310Innophos Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405 11,790Innospec, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,455 1,136,394Intrepid Potash, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,100 80,976Kumho Petrochemical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 773 65,277Landec Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,534 14,374LG Chem Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221 67,921Linde PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,182 438,146LOTTE Fine Chemical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 2,046 93,702LyondellBasell Industries NV, Class A . . . . . . . . . . . . . . . . . . 6,008 517,469NewMarket Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 10,424Olin Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 567 12,423PhosAgro PJSC, — GDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,220 107,879PolyOne Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,876 404,178PPG Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340 39,681RPM International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 444 27,133Scotts Miracle-Gro Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138 13,593Sherwin-Williams Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 897 411,086Sinopec Shanghai Petrochemical Co. Ltd., Class H . . . . . . . . . 634,000 252,481SRF Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,438 63,369Tata Chemicals Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,816 179,899Valvoline, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 646 12,616Versum Materials, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 373 19,239WR Grace & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228 17,353

6,620,585

Commercial Services & Supplies — 0.8%

ADT, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,116 110,870ARC Document Solutions, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 31,182 63,611CECO Environmental Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 4,725 45,313Cintas Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 929 220,442Clean Harbors, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177 12,585Copart, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,360 101,646Ennis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,505 133,483IAA, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 462 17,916KAR Auction Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 462 11,550KEPCO Plant Service & Engineering Co. Ltd. . . . . . . . . . . . . . 1,225 33,179McGrath RentCorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,988 620,754Mobile Mini, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,247 342,246Republic Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,747 151,360Rollins, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 942 33,790Steelcase, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,084 428,936Stericycle, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285 13,609Tetra Tech, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,206 251,831Viad Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,820 319,277Waste Connections, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,112 393,025Waste Management, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,545 293,617

3,599,040

Communications Equipment — 0.7%

Aerohive Networks, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,690 7,487BYD Electronic International Co. Ltd. . . . . . . . . . . . . . . . . . . . 27,000 38,634Calix, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,958 111,245Ciena Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,792 1,143,085Cisco Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,165 1,103,630EchoStar Corp., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 164 7,268Finisar Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,965 136,420Infinera Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,140 110,987Palo Alto Networks, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 549 111,864Tessco Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,606 171,563Ubiquiti Networks, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 6,838ViaSat, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,486 120,099

3,069,120

Construction & Engineering — 0.7%

AECOM(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 535 20,250Arcosa, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167 6,284


Construction & Engineering (continued)

China Railway Group Ltd., Class H . . . . . . . . . . . . . . . . . . . . . 198,000 $ 150,584China State Construction Engineering Corp. Ltd., Class A . . . . 152,100 127,408Comfort Systems USA, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 17,143 874,122KEC International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,197 66,077Larsen & Toubro Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,988 472,220MasTec, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,368 998,033Metallurgical Corp. of China Ltd., Class H . . . . . . . . . . . . . . . . 342,000 91,467MYR Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,935 146,972Quanta Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 501 19,133Samsung Engineering Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . 10,961 163,112Sino-Thai Engineering & Construction PCL . . . . . . . . . . . . . . . 173,600 152,826Tekfen Holding AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,268 122,077

3,410,565

Construction Materials — 0.3%

Anhui Conch Cement Co. Ltd., Class A . . . . . . . . . . . . . . . . . . 42,900 259,448Anhui Conch Cement Co. Ltd., Class H . . . . . . . . . . . . . . . . . 85,500 535,000Asia Cement Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,000 186,954Cemex SAB de CV CPO . . . . . . . . . . . . . . . . . . . . . . . . . . . . 329,510 138,886Eagle Materials, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153 14,183JK Cement Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,186 31,737Martin Marietta Materials, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . 194 44,641UltraTech Cement Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,434 160,576Vulcan Materials Co.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 286 39,271

1,410,696

Consumer Finance — 0.9%

American Express Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,144 1,128,735Bajaj Finance Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,677 249,355Bharat Financial Inclusion Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . 9,720 125,673Capital One Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 5,057 458,872Cholamandalam Investment and Finance Co. Ltd. . . . . . . . . . . 22,215 91,918Credit Acceptance Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 18,386Discover Financial Services . . . . . . . . . . . . . . . . . . . . . . . . . . 8,692 674,412Enova International, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,462 241,149Equitas Holdings Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,463 28,631FirstCash, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,935 293,559Gentera SAB de CV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,100 32,931Green Dot Corp., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 408 19,951I3 Verticals, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,950 57,427LendingClub Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,995 16,384Mahindra & Mahindra Financial Services Ltd. . . . . . . . . . . . . . 23,822 134,032Navient Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 838 11,439OneMain Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262 8,858Regional Management Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . 8,394 221,350Santander Consumer USA Holdings, Inc. . . . . . . . . . . . . . . . . 397 9,512Shriram Transport Finance Co. Ltd. . . . . . . . . . . . . . . . . . . . . 4,614 72,219SLM Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,495 14,531Srisawad Corp. PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . 25,900 47,556Synchrony Financial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,510 225,702

4,182,582

Containers & Packaging — 0.3%

Amcor PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,173 36,458AptarGroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214 26,609Ardagh Group SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 1,103Avery Dennison Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 9,948Ball Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,775 194,222Berry Global Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 448 23,560Crown Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 805 49,185Graphic Packaging Holding Co. . . . . . . . . . . . . . . . . . . . . . . . 1,027 14,357Owens-Illinois, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 547 9,447Packaging Corp. of America . . . . . . . . . . . . . . . . . . . . . . . . . . 87 8,293Sealed Air Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,763 75,421Silgan Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266 8,140Sonoco Products Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 338 22,085



June 30, 2019



Containers & Packaging (continued)

Westrock Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,933 $ 799,897

1,278,725

Distributors — 0.1%

Core-Mark Holding Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 5,144 204,320Imperial Logistics Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,856 54,245Pool Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135 25,785

284,350

Diversified Consumer Services — 0.1%

2U, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188 7,076Bright Horizons Family Solutions, Inc.(a) . . . . . . . . . . . . . . . . . 196 29,571Chegg, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 893 34,461frontdoor, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,966 85,619Graham Holdings Co., Class B . . . . . . . . . . . . . . . . . . . . . . . . 14 9,660Grand Canyon Education, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 162 18,957H&R Block, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,389 99,298Ser Educacional SA(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 64,714Service Corp. International . . . . . . . . . . . . . . . . . . . . . . . . . . . 597 27,928ServiceMaster Global Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . 466 24,274Strategic Education, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,515 269,670

671,228

Diversified Financial Services — 1.2%

AXA Equitable Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 2,583 53,985Ayala Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,025 297,182Berkshire Hathaway, Inc., Class B(a) . . . . . . . . . . . . . . . . . . . . 16,808 3,582,961Chailease Holding Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,460 573,778FactSet Research Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . 182 52,154FGL Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,050 176,820FirstRand Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,550 80,606Fubon Financial Holding Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . 68,000 100,487Haci Omer Sabanci Holding AS . . . . . . . . . . . . . . . . . . . . . . . 359,849 533,327Interactive Brokers Group, Inc., Class A(b) . . . . . . . . . . . . . . . . 254 13,767Jefferies Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1,343 25,826Morningstar, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 9,112Voya Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 648 35,834

5,535,839

Diversified Telecommunication Services — 1.6%

AT&T, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,917 1,069,539Bandwidth, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,115 83,647China Communications Services Corp. Ltd., Class H . . . . . . . . 312,000 241,964China Telecom Corp. Ltd., Class H . . . . . . . . . . . . . . . . . . . . . 108,000 54,383China Unicom Hong Kong Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 890,000 973,127China Unicom Hong Kong Ltd., ADR(b) . . . . . . . . . . . . . . . . . . 13,742 149,788Cogent Communications Holdings, Inc. . . . . . . . . . . . . . . . . . . 12,277 728,763Hellenic Telecommunications Organization SA . . . . . . . . . . . . 4,764 70,423IDT Corp., Class B(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 928 8,788KT Corp. — ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,414 710,211Ooma, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,104 105,890Tata Communications Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,152 148,621Telekom Malaysia Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171,700 166,352Turk Telekomunikasyon AS(a) . . . . . . . . . . . . . . . . . . . . . . . . . 308,628 265,063Verizon Communications, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 42,083 2,404,202Zayo Group Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 832 27,381

7,208,142

Electric Utilities — 1.6%

Alliant Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,517 516,174American Electric Power Co., Inc. . . . . . . . . . . . . . . . . . . . . . . 4,991 439,258Avangrid, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193 9,747CEZ AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,360 419,528Duke Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,098 449,848Edison International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,320 291,211EDP — Energias do Brasil SA . . . . . . . . . . . . . . . . . . . . . . . . 17,200 84,657El Paso Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,063 134,920


Electric Utilities (continued)

Energa SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 $ 23Entergy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,537 158,203Evergy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,254 195,728Eversource Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,132 85,760Exelon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,705 465,258FirstEnergy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,918 210,540Hawaiian Electric Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . 372 16,201IDACORP, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,796 1,787,252Inter RAO UES PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,894,752 422,256NextEra Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,421 495,966PG&E Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,777 40,729Pinnacle West Capital Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 3,749 352,743Portland General Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . 813 44,040PPL Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,035 94,115Reliance Infrastructure Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 16,012 12,901Southern Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,791 209,567Xcel Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,393 677,770

7,614,395

Electrical Equipment — 0.7%

Acuity Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,522 209,899AMETEK, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 878 79,757Atkore International Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 6,512 168,465Eaton Corp. PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,977 164,645Emerson Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,011 334,334Encore Wire Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,720 335,078Generac Holdings, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,473 726,931GrafTech International Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . 204 2,346Hubbell, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,967 256,497LSI Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,650 71,722nVent Electric PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 553 13,709Regal-Beloit Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148 12,093Rockwell Automation, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,160 845,363Sensata Technologies Holding PLC(a) . . . . . . . . . . . . . . . . . . . 1,664 81,536

3,302,375

Electronic Equipment, Instruments & Components — 1.6%

Anixter International, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,465 445,735Avnet, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 370 16,750CDW Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,920 324,120Coherent, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 11,319Control4 Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,343 31,896Delta Electronics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182,000 925,004Dolby Laboratories, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . 214 13,824Fitbit, Inc., Series A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137,961 607,028Hon Hai Precision Industry Co. Ltd. . . . . . . . . . . . . . . . . . . . . 254,000 633,708Insight Enterprises, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,868 166,918Jabil, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 519 16,400Largan Precision Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,000 874,254Littelfuse, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 14,684National Instruments Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . 10,855 455,802OSI Systems, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,925 892,593Partron Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,549 39,240PC Connection, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,839 204,248Sanmina Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,022 515,426ScanSource, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,151 721,237Tech Data Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,284 343,506Unimicron Technology Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 46,000 52,365Universal Display Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146 27,457Zebra Technologies Corp., Class A(a) . . . . . . . . . . . . . . . . . . . 241 50,487

7,384,001

Energy Equipment & Services — 0.5%

Apergy Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267 8,955Archrock, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,495 461,047Baker Hughes a GE Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,155 126,968



June 30, 2019



Energy Equipment & Services (continued)

Dril-Quip, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 880 $ 42,240Forum Energy Technologies, Inc.(a) . . . . . . . . . . . . . . . . . . . . 3,843 13,143Halliburton Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,698 516,153Helmerich & Payne, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189 9,567Matrix Service Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,313 148,162Nabors Industries Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,691 51,304National Oilwell Varco, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,206 115,729Natural Gas Services Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . 1,524 25,146Oceaneering International, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 3,970 80,948Oil States International, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 1,270 23,241Patterson-UTI Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 736 8,471ProPetro Holding Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,080 353,556RPC, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199 1,435Schlumberger Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,520 219,365Superior Energy Services, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 148,789 193,426Transocean Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,418 86,009Weatherford International PLC(a)(b) . . . . . . . . . . . . . . . . . . . . . 3,482 174

2,485,039

Entertainment — 0.5%

Activision Blizzard, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,854 276,309Electronic Arts, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,489 150,776Inox Leisure Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,895 32,658Live Nation Entertainment, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . 869 57,571NetEase, Inc. — ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 967 247,330Netflix, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,085 1,133,182Take-Two Interactive Software, Inc.(a) . . . . . . . . . . . . . . . . . . . 445 50,521Viacom, Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,762 201,981

2,150,328

Equity Real Estate Investment Trusts (REITs) — 2.8%

Acadia Realty Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,888 243,265Alexandria Real Estate Equities, Inc. . . . . . . . . . . . . . . . . . . . 476 67,159American Campus Communities, Inc. . . . . . . . . . . . . . . . . . . . 468 21,603American Homes 4 Rent, Class A . . . . . . . . . . . . . . . . . . . . . . 888 21,587Apartment Investment & Management Co., Class A . . . . . . . . 500 25,060Apple Hospitality REIT, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 744 11,800Boston Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162 20,898Brandywine Realty Trust(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 603 8,635Brixmor Property Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1,036 18,524Brookfield Property REIT, Inc., Class A . . . . . . . . . . . . . . . . . . 434 8,198Chesapeake Lodging Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,325 208,176Chimera Investment Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 640 12,077Colony Capital, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,651 8,255Columbia Property Trust, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 406 8,420CorePoint Lodging, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,858 72,581CoreSite Realty Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 14,396Corporate Office Properties Trust . . . . . . . . . . . . . . . . . . . . . . 354 9,335Cousins Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,267 190,507CubeSmart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 637 21,301CyrusOne, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 359 20,721Douglas Emmett, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 552 21,992EastGroup Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,707 1,473,758Empire State Realty Trust, Inc., Class A . . . . . . . . . . . . . . . . . 487 7,212EPR Properties(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 253 18,871Equinix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263 132,628Equity Commonwealth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403 13,106Equity LifeStyle Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . 5,707 692,487First Industrial Realty Trust, Inc. . . . . . . . . . . . . . . . . . . . . . . . 23,901 878,123Four Corners Property Trust, Inc. . . . . . . . . . . . . . . . . . . . . . . 37,628 1,028,373Gaming and Leisure Properties, Inc.(b) . . . . . . . . . . . . . . . . . . 692 26,974Healthcare Trust of America, Inc., Class A . . . . . . . . . . . . . . . 708 19,420Hersha Hospitality Trust(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,217 532,869Highwoods Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 349 14,414Hospitality Properties Trust . . . . . . . . . . . . . . . . . . . . . . . . . . 559 13,975Hudson Pacific Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 529 17,600


Equity Real Estate Investment Trusts (REITs) (continued)

Invesco Mortgage Capital, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 48,794 $ 786,559JBG SMITH Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 389 15,303Kilroy Realty Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339 25,022Lamar Advertising Co., Class A(b) . . . . . . . . . . . . . . . . . . . . . . 290 23,406Life Storage, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157 14,928Medical Properties Trust, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1,269 22,131MFA Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,535 11,021National Storage Affiliates Trust . . . . . . . . . . . . . . . . . . . . . . . 16,188 468,481New Residential Investment Corp. . . . . . . . . . . . . . . . . . . . . . 1,382 21,269Omega Healthcare Investors, Inc.(b) . . . . . . . . . . . . . . . . . . . . 703 25,835Outfront Media, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,185 185,301Paramount Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 702 9,835Park Hotels & Resorts, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 15,706 432,857Prologis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,166 1,054,597PS Business Parks, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,737 629,797Rayonier, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 443 13,423Realty Income Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 765 52,762Retail Properties of America, Inc., Class A . . . . . . . . . . . . . . . 739 8,691Retail Value, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 1,810RLJ Lodging Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,163 1,031,812Ryman Hospitality Properties, Inc. . . . . . . . . . . . . . . . . . . . . . 8,153 661,127Senior Housing Properties Trust . . . . . . . . . . . . . . . . . . . . . . . 808 6,682Simon Property Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 5,534 884,112SITE Centers Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 524 6,938Spirit Realty Capital, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 294 12,542Starwood Property Trust, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 922 20,948STORE Capital Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 658 21,839Summit Hotel Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 22,894 262,594Sunstone Hotel Investors, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 13,969 191,515Taubman Centers, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203 8,288Uniti Group, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 577 5,482VICI Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,393 30,702Weingarten Realty Investors . . . . . . . . . . . . . . . . . . . . . . . . . . 410 11,242

12,863,151

Food & Staples Retailing — 0.8%

BJ’s Wholesale Club Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . 4,704 124,186Casey’s General Stores, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 125 19,499China Resources Beer Holdings Co. Ltd. . . . . . . . . . . . . . . . . 16,000 76,013Costco Wholesale Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,335 881,307CP ALL PCL — NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228,400 641,071Diplomat Pharmacy, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,896 48,087Kroger Co.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,497 75,920Massmart Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,312 125,027Performance Food Group Co.(a) . . . . . . . . . . . . . . . . . . . . . . . 7,917 316,917Pick n Pay Stores Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,361 89,947Spar Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,551 405,842Sprouts Farmers Market, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 430 8,123U.S. Foods Holding Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 740 26,462Walgreens Boots Alliance, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1,774 96,985Walmart, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,883 760,503

3,695,889

Food Products — 1.2%

Archer-Daniels-Midland Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 9,483 386,906Calavo Growers, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,078 104,286China Mengniu Dairy Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . 75,000 290,784Flowers Foods, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 616 14,334Foshan Haitian Flavouring & Food Co. Ltd., Class A . . . . . . . . 6,873 105,253Freshpet, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,759 125,562General Mills, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,794 461,861Hain Celestial Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 314 6,877Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,225 566,277Indofood CBP Sukses Makmur Tbk PT . . . . . . . . . . . . . . . . . . 49,800 35,795Indofood Sukses Makmur Tbk PT . . . . . . . . . . . . . . . . . . . . . . 194,400 96,669J.M. Smucker Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,502 173,015



June 30, 2019



Food Products (continued)

JBS SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,947 $ 751,259John B Sanfilippo & Son, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . 4,716 375,818Nestle India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 346 59,713Nestle Malaysia Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100 39,686Pilgrim’s Pride Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182 4,621Post Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222 23,081Simply Good Foods Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,945 167,236Tingyi Cayman Islands Holding Corp. . . . . . . . . . . . . . . . . . . . 192,000 320,754TreeHouse Foods, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 187 10,117Uni-President Enterprises Corp. . . . . . . . . . . . . . . . . . . . . . . . 527,000 1,403,760Want Want China Holdings Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . 55,000 44,727

5,568,391

Gas Utilities — 0.4%

Chesapeake Utilities Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,996 284,680GAIL India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,024 352,529Gujarat Gas Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,259 38,099Indraprastha Gas Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,381 38,192National Fuel Gas Co.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279 14,717Northwest Natural Holding Co. . . . . . . . . . . . . . . . . . . . . . . . . 655 45,522Perusahaan Gas Negara Persero Tbk PT . . . . . . . . . . . . . . . . 865,400 129,268Petronas Gas Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,700 120,613Southwest Gas Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 8,351 748,417UGI Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,122 59,926

1,831,963

Health Care Equipment & Supplies — 2.3%

Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,561 804,080ABIOMED, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 15,890Align Technology, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 706 193,232AngioDynamics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,001 59,090Baxter International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,651 299,017Becton Dickinson & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,204 303,420Boston Scientific Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,604 283,840Cantel Medical Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 10,161Cardiovascular Systems, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 5,472 234,913CONMED Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,372 202,972Cooper Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 38,068Danaher Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,735 962,566DENTSPLY SIRONA, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,127 65,772DexCom, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,355 203,033Edwards Lifesciences Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,095 202,290Globus Medical, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . 12,792 541,102Haemonetics Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,175 141,399Hill-Rom Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,980 311,768Hologic, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,348 64,731ICU Medical, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 13,603IDEXX Laboratories, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 975 268,447Inogen, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,050 70,098Insulet Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201 23,995Integra LifeSciences Holdings Corp.(a)(b) . . . . . . . . . . . . . . . . . 243 13,571Intuitive Surgical, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 407 213,492iRadimed Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,403 49,141iRhythm Technologies, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 2,127 168,203Masimo Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,107 313,564Medtronic PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,550 1,611,804Merit Medical Systems, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 14,229 847,479Neogen Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 326 20,248Novocure Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,026 381,024ResMed, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 344 41,978RTI Surgical Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 9,028 38,369Shenzhen Mindray Bio-Medical Electronics Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 33,311SI-BONE, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,867 58,315Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,031 1,034,273


Health Care Equipment & Supplies (continued)

Teleflex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179 $ 59,276Varian Medical Systems, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 461 62,756Veracyte, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,758 278,201West Pharmaceutical Services, Inc. . . . . . . . . . . . . . . . . . . . . 251 31,413Zimmer Biomet Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1,040 122,450

10,692,355

Health Care Providers & Services — 2.0%

Acadia Healthcare Co., Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 297 10,380Amedisys, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 414 50,264AmerisourceBergen Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,210 273,685Anthem, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,765 780,311Apollo Hospitals Enterprise Ltd. . . . . . . . . . . . . . . . . . . . . . . . 1,752 34,513Bangkok Chain Hospital PCL — NVDR . . . . . . . . . . . . . . . . . . 187,300 101,407Cardinal Health, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,907 89,820Chemed Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,324 838,592Cigna Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,552 559,618Covetrus, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209 5,112CVS Health Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,011 872,439DaVita, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,245 70,044Encompass Health Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 336 21,289Ensign Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,094 62,270HCA Healthcare, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,334 315,487HealthEquity, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,438 551,845Henry Schein, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 909 63,539Humana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214 56,774IHH Healthcare Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,100 130,761Integer Holdings Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,963 248,655Laboratory Corp. of America Holdings(a) . . . . . . . . . . . . . . . . . 641 110,829McKesson Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,420 325,224MEDNAX, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 7,569Molina Healthcare, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214 30,632Penumbra, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 631 100,960Premier, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179 7,001Qualicorp Consultoria e Corretora de Seguros SA . . . . . . . . . . 11,900 71,184Quest Diagnostics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,118 113,823Select Medical Holdings Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . 10,800 171,396Shanghai Pharmaceuticals Holding Co. Ltd., Class H . . . . . . . 57,100 112,259Sinopharm Group Co. Ltd., Class H . . . . . . . . . . . . . . . . . . . . 106,800 376,053Surgery Partners, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,864 23,313Tivity Health, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,099 34,507U.S. Physical Therapy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 6,748 827,102UnitedHealth Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,659 1,624,863Universal Health Services, Inc., Class B . . . . . . . . . . . . . . . . . 808 105,355

9,178,875

Health Care Technology — 0.4%

Castlight Health, Inc., Class B(a) . . . . . . . . . . . . . . . . . . . . . . . 37,964 122,624Cerner Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,924 141,029Evolent Health, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,276 10,144HMS Holdings Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,519 113,981Inovalon Holdings, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . 1,396 20,256Medidata Solutions, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 236 21,360NextGen Healthcare, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 4,350 86,565Omnicell, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,004 602,554Veeva Systems, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . 3,190 517,131Vocera Communications, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 1,658 52,923

1,688,567

Hotels, Restaurants & Leisure — 1.8%

BJ’s Restaurants, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,113 224,665Bloomin’ Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,339 82,051Boyd Gaming Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,368 387,074Brinker International, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,902 507,694Caesars Entertainment Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 1,957 23,132Central Plaza Hotel PCL . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,300 83,690



June 30, 2019



Hotels, Restaurants & Leisure (continued)

Chipotle Mexican Grill, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 132 $ 96,740Choice Hotels International, Inc.(b) . . . . . . . . . . . . . . . . . . . . . 118 10,267Churchill Downs, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,471 169,268Darden Restaurants, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,447 541,333Domino’s Pizza, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565 157,228Dunkin’ Brands Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 284 22,623Extended Stay America, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 21,218 358,372Genting Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 318,300 521,866Genting Malaysia Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480,500 377,038Hilton Grand Vacations, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 332 10,564Hilton Worldwide Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . 383 37,434Hotel Shilla Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,897 243,821Hyatt Hotels Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . 136 10,354International Game Technology PLC . . . . . . . . . . . . . . . . . . . 6,575 85,278International Speedway Corp., Class A . . . . . . . . . . . . . . . . . . 1,197 53,733J Alexander’s Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 9,075 101,912Las Vegas Sands Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,324 432,775Marcus Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,029 66,876Marriott International, Inc., Class A . . . . . . . . . . . . . . . . . . . . . 1,572 220,536Marriott Vacations Worldwide Corp. . . . . . . . . . . . . . . . . . . . . 136 13,110McDonald’s Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,507 728,264MGM Resorts International . . . . . . . . . . . . . . . . . . . . . . . . . . . 659 18,828Norwegian Cruise Line Holdings Ltd.(a) . . . . . . . . . . . . . . . . . . 3,280 175,906OPAP SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,323 48,489Planet Fitness, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,500 108,660Royal Caribbean Cruises Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . 1,879 227,754Ruth’s Hospitality Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 4,458 101,241SeaWorld Entertainment, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 2,387 73,997Six Flags Entertainment Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1,005 49,928Speedway Motorsports, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . 579 10,741Target Hospitality Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,094 146,455Texas Roadhouse, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,782 847,020Wendy’s Co.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 639 12,512Wyndham Destinations, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 328 14,399Wyndham Hotels & Resorts, Inc. . . . . . . . . . . . . . . . . . . . . . . 336 18,729Yum China Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,473 807,253Yum! Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,960 216,913

8,446,523

Household Durables — 0.6%

Arcelik AS(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,969 33,438D.R. Horton, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,895 81,731Hooker Furniture Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,034 83,181iRobot Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,750 160,370La-Z-Boy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,963 60,186Lennar Corp., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 2,079LG Electronics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,975 823,954M/I Homes, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,309 180,059MDC Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,890 651,994Meritage Homes Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,609 441,986NVR, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 53,924PulteGroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 672 21,249Tempur Sealy International, Inc.(a) . . . . . . . . . . . . . . . . . . . . . 159 11,666Toll Brothers, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 465 17,028TopBuild Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 897 74,236Whirlpool Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 13,097ZAGG, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,154 91,552

2,801,730

Household Products — 1.0%

Central Garden & Pet Co.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 662 17,841Church & Dwight Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,393 613,193Clorox Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,428 218,641Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,231 518,246Energizer Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 216 8,346


Household Products (continued)

Hindustan Unilever Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,595 $ 481,706Kimberly-Clark Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,926 523,257LG Household & Health Care Ltd. . . . . . . . . . . . . . . . . . . . . . . 359 408,888Procter & Gamble Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,690 1,939,709Spectrum Brands Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . 139 7,474

4,737,301

Independent Power and Renewable Electricity Producers — 0.1%

CK Power PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,328,900 305,659NRG Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,772 97,353TerraForm Power, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . 7,492 107,136Vistra Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,819 41,182

551,330

Industrial Conglomerates — 0.4%

Beijing Enterprises Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . 26,500 134,706BWX Technologies, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 342 17,818Carlisle Cos., Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201 28,222General Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,387 413,563Honeywell International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 5,049 881,505Roper Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 797 291,909Seaboard Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 4,137

1,771,860

Insurance — 2.6%

Aflac, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,391 185,861Alleghany Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 57,213Allstate Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,307 743,049American Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 215 22,031American International Group, Inc. . . . . . . . . . . . . . . . . . . . . . 3,499 186,427American National Insurance Co. . . . . . . . . . . . . . . . . . . . . . . 26 3,028Aon PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,748 337,329Arch Capital Group Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 59,328Arthur J Gallagher & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,803 245,515Assured Guaranty Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357 15,023Athene Holding Ltd., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . 514 22,133Axis Capital Holdings Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 282 16,821Brown & Brown, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 797 26,700Cathay Financial Holding Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . 72,000 99,726China Life Insurance Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 437,948 350,522China Life Insurance Co. Ltd., Class A . . . . . . . . . . . . . . . . . . 11 45China Life Insurance Co. Ltd., Class H . . . . . . . . . . . . . . . . . . 241,000 595,671China Pacific Insurance Group Co. Ltd., Class H . . . . . . . . . . . 67,200 262,835China Taiping Insurance Holdings Co. Ltd. . . . . . . . . . . . . . . . 32,200 86,255Cincinnati Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 790 81,899CNA Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 4,566CNO Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,723 579,180Employers Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,869 459,433Erie Indemnity Co., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . . . 390 99,169Everest Re Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 23,235Fidelity National Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1,094 44,088First American Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . 7,393 397,004Hanover Insurance Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 146 18,732Hartford Financial Services Group, Inc. . . . . . . . . . . . . . . . . . . 1,178 65,638IRB Brasil Resseguros S/A . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500 64,128James River Group Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . 2,881 135,119Kinsale Capital Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,660 792,217Lincoln National Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,802 309,489Loews Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,682 529,315Markel Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 61,018Marsh & McLennan Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . 3,152 314,412Mercury General Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 5,875MetLife, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,744 384,644New China Life Insurance Co. Ltd., Class H . . . . . . . . . . . . . . 10,300 50,118Old Republic International Corp. . . . . . . . . . . . . . . . . . . . . . . . 973 21,776Ping An Insurance Group Co. of China Ltd., Class A . . . . . . . . 4,600 59,460



June 30, 2019



Insurance (continued)

Ping An Insurance Group Co. of China Ltd., Class H . . . . . . . . 114,000 $ 1,370,835Powszechny Zaklad Ubezpieczen SA . . . . . . . . . . . . . . . . . . . 29,192 341,627Principal Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 819 47,436Progressive Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,430 194,230Prudential Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,213 1,334,513Reinsurance Group of America, Inc. . . . . . . . . . . . . . . . . . . . . 217 33,859RenaissanceRe Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 87 15,487Samsung Life Insurance Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . 1,050 76,082Stewart Information Services Corp. . . . . . . . . . . . . . . . . . . . . . 1,158 46,887Torchmark Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 723 64,680Travelers Cos., Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,926 437,496Unum Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,104 37,039White Mountains Insurance Group Ltd.(b) . . . . . . . . . . . . . . . . 11 11,236Willis Towers Watson PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 449 86,001

11,913,435

Interactive Media & Services — 3.5%

Alphabet, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,935 2,095,218Alphabet, Inc., Class C(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,490 2,691,466Care.com, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,043 110,272Cargurus, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,263 442,817Cars.com, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,551 148,906EverQuote, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,864 76,232Facebook, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,841 3,829,313IAC/InterActiveCorp(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 331 72,002Just Dial Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,554 138,382Match Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180 12,109Meet Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,711 37,274Pinterest, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,725 74,175QuinStreet, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,841 92,580Tencent Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128,200 5,799,690TrueCar, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,092 126,082Twitter, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,063 176,699Yelp, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,746 435,658Zillow Group, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . 194 8,877

16,367,752

Internet & Direct Marketing Retail — 3.6%

1-800-Flowers.com, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . 12,050 227,504Alibaba Group Holding Ltd. — ADR(a)(b) . . . . . . . . . . . . . . . . . . 33,779 5,723,852Amazon.com, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,063 7,693,819Booking Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280 524,919Ctrip.com International Ltd. — ADR(a) . . . . . . . . . . . . . . . . . . . 11,422 421,586eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,903 75,169Etsy, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,410 638,862Expedia Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204 27,138GrubHub, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192 14,974JD.com, Inc. — ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,960 1,119,518Liberty Expedia Holdings, Inc., Class A(a) . . . . . . . . . . . . . . . . 1,134 54,194Qurate Retail, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,019 25,015RealReal, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,868 82,885TripAdvisor, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 962 44,531Vipshop Holdings Ltd. — ADR(a) . . . . . . . . . . . . . . . . . . . . . . . 10,648 91,892Wayfair, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 887 129,502

16,895,360

IT Services — 3.0%

Accenture PLC, Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,699 313,924Amdocs Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,243 77,178Automatic Data Processing, Inc. . . . . . . . . . . . . . . . . . . . . . . . 8,048 1,330,576Black Knight, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 488 29,353Booz Allen Hamilton Holding Corp. . . . . . . . . . . . . . . . . . . . . . 1,377 91,171Broadridge Financial Solutions, Inc. . . . . . . . . . . . . . . . . . . . . 213 27,196Cognizant Technology Solutions Corp., Class A . . . . . . . . . . . 1,310 83,041Conduent, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 654 6,272CoreLogic, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276 11,545


IT Services (continued)

CSG Systems International, Inc. . . . . . . . . . . . . . . . . . . . . . . . 12,271 $ 599,193Euronet Worldwide, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 169 28,433Fidelity National Information Services, Inc. . . . . . . . . . . . . . . . 8,567 1,050,999First Data Corp., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,166 58,634Fiserv, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,144 195,447Genpact Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,155 462,984GoDaddy, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,261 509,359Hackett Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,257 289,745International Business Machines Corp. . . . . . . . . . . . . . . . . . . 4,761 656,542International Money Express, Inc.(a) . . . . . . . . . . . . . . . . . . . . 8,262 116,494Jack Henry & Associates, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 487 65,219Leidos Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147 11,738LiveRamp Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,326 64,284ManTech International Corp., Class A(b) . . . . . . . . . . . . . . . . . 5,620 370,077Mastercard, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,122 1,090,393Mphasis Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,685 330,120NIC, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,184 179,391Okta, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226 27,913Paychex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,021 906,918PayPal Holdings, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,135 587,752Perficient, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,402 151,077Presidio, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,369 155,414Samsung SDS Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 149,128Square, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,441 322,106Switch, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131 1,715Tata Consultancy Services Ltd. . . . . . . . . . . . . . . . . . . . . . . . 18,857 608,505Teradata Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 408 14,627VeriSign, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,758 576,863Visa, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,358 2,318,281WEX, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142 29,550Worldpay, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,260 154,413

14,053,570

Leisure Products — 0.0%

Brunswick Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298 13,675Malibu Boats, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . 4,863 188,928Mattel, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,190 13,340

215,943

Life Sciences Tools & Services — 0.6%

Adaptive Biotechnologies Corp.(a) . . . . . . . . . . . . . . . . . . . . . . 1,018 49,169Agilent Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,518 113,349Bio-Rad Laboratories, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . 73 22,819Bio-Techne Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 26,687Bruker Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345 17,233Charles River Laboratories International, Inc.(a) . . . . . . . . . . . . 162 22,988Fluidigm Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,797 34,459Harvard Bioscience, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 10,344 20,688Illumina, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 624 229,726IQVIA Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390 62,751Medpace Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,488 293,605Mettler-Toledo International, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . 185 155,400NanoString Technologies, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 6,137 186,258NeoGenomics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,783 280,459PerkinElmer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 4,239PRA Health Sciences, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 379 37,578QIAGEN NV(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 762 30,899Syneos Health, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,487 75,971Syngene International Ltd.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 10,117 49,006Thermo Fisher Scientific, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 3,336 979,716Waters Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 496 106,759

2,799,759



June 30, 2019



Machinery — 1.9%

AGCO Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 $ 17,453Albany International Corp., Class A . . . . . . . . . . . . . . . . . . . . 2,574 213,410Allison Transmission Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . 394 18,262Caterpillar, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,722 507,271Colfax Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291 8,157Crane Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,861 822,802Cummins, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,102 188,817Deere & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 115,997Donaldson Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440 22,378Doosan Infracore Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 38,894 209,937ESCO Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,288 106,415Escorts Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,400 119,621Fortive Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 813 66,276Gardner Denver Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 434 15,016Gates Industrial Corp. PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . 155 1,769Global Brass & Copper Holdings, Inc. . . . . . . . . . . . . . . . . . . . 1,106 48,365Graco, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 568 28,502IDEX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211 36,322Iochpe-Maxion SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,106 389,884ITT, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 19,644LB Foster Co., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 629 17,197Lincoln Electric Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 213 17,534Lonking Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 643,000 171,405Meritor, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,349 81,213Miller Industries, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,593 171,985Nordson Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199 28,121Omega Flex, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 771 59,220Oshkosh Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,622 302,401PACCAR, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,442 1,106,574Rexnord Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,898 661,758Sinotruk Hong Kong Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,500 64,974Snap-on, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,191 362,917Terex Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226 7,096Timken Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236 12,116Toro Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 354 23,683TriMas Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,824 242,309Trinity Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 10,375United Tractors Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,900 107,544Valmont Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 9,384Watts Water Technologies, Inc., Class A . . . . . . . . . . . . . . . . 10,864 1,012,307Weichai Power Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . 74,015 132,639Weichai Power Co. Ltd., Class H . . . . . . . . . . . . . . . . . . . . . . 406,000 686,721Welbilt, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 447 7,465Woodward, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,406 611,743Zoomlion Heavy Industry Science and Technology Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,600 113,457Zoomlion Heavy Industry Science and Technology Co. Ltd.,

Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,200 39,541

9,017,977

Marine — 0.0%

Kirby Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203 16,037

Media — 1.7%

AMC Networks, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . 150 8,173Cable One, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 29,275CBS Corp., Class B(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,153 307,035Charter Communications, Inc., Class A(a) . . . . . . . . . . . . . . . . 887 350,525Cheil Worldwide, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,585 65,820Cinemark Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 368 13,285Comcast Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,473 1,964,878Discovery, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,177 66,834Discovery, Inc., Class C(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,913 54,425Emerald Expositions Events, Inc. . . . . . . . . . . . . . . . . . . . . . . 2,571 28,667Entravision Communications Corp., Class A . . . . . . . . . . . . . . 23,429 73,098


Media (continued)

Eros International PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,528 $ 64,163EW Scripps Co., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,486 83,881Fox Corp., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,109 113,914Fox Corp., Class B(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 521 19,032GCI Liberty, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 346 21,265Gray Television, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,641 141,626Grupo Televisa SAB CPO . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,831 104,535Interpublic Group of Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . 25,501 576,068John Wiley & Sons, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . 152 6,971Liberty Broadband Corp., Class A(a) . . . . . . . . . . . . . . . . . . . . 88 9,050Liberty Broadband Corp., Class C(a) . . . . . . . . . . . . . . . . . . . . 161 16,779Liberty Global PLC, Class C(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,413 37,487Liberty Media Corp. — Liberty Formula One, Class A(a) . . . . . . 85 3,048Liberty Media Corp. — Liberty SiriusXM, Class A(a) . . . . . . . . . 757 28,622Liberty Media Corp. — Liberty SiriusXM, Class C(a) . . . . . . . . . 486 18,458Lions Gate Entertainment Corp., Class A . . . . . . . . . . . . . . . . 172 2,107Lions Gate Entertainment Corp., Class B . . . . . . . . . . . . . . . . 338 3,924Madison Square Garden Co., Class A(a) . . . . . . . . . . . . . . . . . 64 17,916McClatchy Co., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 3,156 8,237MSG Networks, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . 24,330 504,604MultiChoice Group Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,243 249,611Naspers Ltd., Class N . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,683 891,470News Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,794 78,161News Corp., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 417 5,821Omnicom Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,841 150,870Sinclair Broadcast Group, Inc., Class A(b) . . . . . . . . . . . . . . . . 1,985 106,456Sirius XM Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,213 241,129TechTarget, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 756 16,065TEGNA, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,881 119,397Townsquare Media, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . 4,576 24,619Tribune Media Co., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . 641 29,627Viacom, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,289 43,955Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,400 1,033,336Zee Entertainment Enterprises Ltd. . . . . . . . . . . . . . . . . . . . . . 16,507 81,081

7,815,300

Metals & Mining — 1.4%

Alcoa Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 642 15,029Alrosa PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,230 80,605Anglo American Platinum Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 11,831 703,944Anglo American PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,091 1,403,190AngloGold Ashanti Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,536 153,005Carpenter Technology Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . 2,885 138,422Cia Siderurgica Nacional SA . . . . . . . . . . . . . . . . . . . . . . . . . 18,500 80,505Hochschild Mining PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,450 127,490Industrias Penoles SAB de CV . . . . . . . . . . . . . . . . . . . . . . . . 3 39Kaiser Aluminum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,495 536,367Magnitogorsk Iron & Steel Works PJSC . . . . . . . . . . . . . . . . . 407,284 289,795Magnitogorsk Iron & Steel Works PJSC, — GDR . . . . . . . . . . 4,861 44,836Materion Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,431 436,086Newmont Goldcorp Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,948 228,820Novolipetsk Steel PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,870 153,824Olympic Steel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,393 46,314POSCO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,491 1,377,941POSCO — ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 814 43,191Reliance Steel & Aluminum Co. . . . . . . . . . . . . . . . . . . . . . . . 235 22,236Royal Gold, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224 22,958Ryerson Holding Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,017 141,752Severstal PAO — GDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,279 105,801Severstal PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,909 82,863Southern Copper Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283 10,994United States Steel Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 606 9,278Warrior Met Coal, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,473 64,595Zijin Mining Group Co. Ltd., Class H . . . . . . . . . . . . . . . . . . . . 308,000 125,168

6,445,048



June 30, 2019



Mortgage Real Estate Investment Trusts (REITs) — 0.0%

KKR Real Estate Finance Trust, Inc. . . . . . . . . . . . . . . . . . . . . 77 $ 1,534Two Harbors Investment Corp. . . . . . . . . . . . . . . . . . . . . . . . . 844 10,693

12,227

Multi-Utilities — 0.5%

Ameren Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 397 29,819Avista Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,724 344,490Black Hills Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,237 331,206Consolidated Edison, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,010 526,957Dominion Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,455 421,780DTE Energy Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,934 503,080MDU Resources Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 666 17,183

2,174,515

Multiline Retail — 0.2%

Dollar General Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,213 163,949Lojas Renner SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,601 203,877Target Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,326 374,675

742,501

Oil & Gas Exploration & Production — 0.0%

Carrizo Oil & Gas, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,336 23,407

Oil, Gas & Consumable Fuels — 3.9%

Adaro Energy Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 358,900 34,599Anadarko Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,934 277,583Antero Midstream Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,970 34,036Antero Resources Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 829 4,584Apache Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 867 25,117Arch Coal, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,203 207,545Ardmore Shipping Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,033 57,319Bukit Asam Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 566,200 118,760Cabot Oil & Gas Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,939 159,319Centennial Resource Development, Inc., Class A(a) . . . . . . . . . 629 4,774Chesapeake Energy Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 3,586 6,993Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,961 1,363,987China Petroleum & Chemical Corp., ADR . . . . . . . . . . . . . . . . 1,973 134,559China Petroleum & Chemical Corp., Class H . . . . . . . . . . . . . . 1,686,000 1,148,536CNOOC Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 436,000 743,712CNX Resources Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 671 4,905Coal India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,155 103,506ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,194 1,231,834CVR Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259 12,947Delek US Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 97,248Devon Energy Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 142,600Encana Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,087 10,706Energy Absolute PCL — NVDR, NVDR . . . . . . . . . . . . . . . . . 84,900 154,412EOG Resources, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,291 679,230EQT Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 872 13,786Equitrans Midstream Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 728 14,349Evolution Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,922 292,592Extraction Oil & Gas, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 387 1,676Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,655 1,736,053Grupa Lotos SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,489 147,263Hess Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,437 91,350Hindustan Petroleum Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 10,820 45,276Kinder Morgan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,054 168,167Kosmos Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 875 5,486Kunlun Energy Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000 69,850LUKOIL PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,179 686,341Lukoil PJSC — ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,789 1,757,499Marathon Oil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,658 123,030Marathon Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,460 81,585MOL Hungarian Oil & Gas PLC . . . . . . . . . . . . . . . . . . . . . . . 44,924 498,709Murphy Oil Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 564 13,903Murphy USA, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,505 126,465


Oil, Gas & Consumable Fuels (continued)

Noble Energy, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,471 $ 727,350Northern Oil and Gas, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 23,293 44,955Oasis Petroleum, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,701 253,902Occidental Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,382 119,767Pacific Ethanol, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,962 32,101Par Pacific Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,080 42,682PBF Energy, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 409 12,802Penn Virginia Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 626 19,206PetroChina Co. Ltd., ADR(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 7,230 398,156PetroChina Co. Ltd., Class H . . . . . . . . . . . . . . . . . . . . . . . . . 1,904,000 1,049,841Petronas Dagangan Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,600 46,752Petronet LNG Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,764 105,678Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 768 71,839Pioneer Natural Resources Co. . . . . . . . . . . . . . . . . . . . . . . . 433 66,621Polski Koncern Naftowy ORLEN SA . . . . . . . . . . . . . . . . . . . . 30,905 745,337PTT Exploration & Production PCL — NVDR . . . . . . . . . . . . . 21,100 93,160QEP Resources, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 811 5,864Range Resources Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 724 5,054Reliance Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,684 193,884Scorpio Tankers, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,126 33,240SK Innovation Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 588 81,050SM Energy Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 381 4,770Southwestern Energy Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 17,764 56,134Talos Energy, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,908 214,237Tatneft PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,440 287,478Teekay Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,448 11,861Ultrapar Participacoes SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,523 301,101Valero Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,435 294,070W&T Offshore, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,546 17,588Whiting Petroleum Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 308 5,753Williams Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,981 139,667WPX Energy, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,364 15,700

18,129,791

Paper & Forest Products — 0.1%

Boise Cascade Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,618 495,242Domtar Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214 9,530Mondi Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,605 81,047

585,819

Personal Products — 0.3%

Coty, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,191 69,559Estee Lauder Cos., Inc., Class A . . . . . . . . . . . . . . . . . . . . . . 3,633 665,239Herbalife Nutrition Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,116 133,240Marico Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,119 108,086Natural Health Trends Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 9,594 77,232Nu Skin Enterprises, Inc., Class A . . . . . . . . . . . . . . . . . . . . . 189 9,321USANA Health Sciences, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 3,732 296,433

1,359,110

Pharmaceuticals — 3.3%

Acer Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,356 32,588Akcea Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 645 15,125Allergan PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,523 422,426Amneal Pharmaceuticals, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 8,031 57,582Amphastar Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . 3,107 65,589Assembly Biosciences, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 3,936 53,097Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,859 1,036,656Catalent, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 496 26,888Celltrion, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372 66,302China Medical System Holdings Ltd. . . . . . . . . . . . . . . . . . . . . 87,000 79,894China Resources Pharmaceutical Group Ltd.(c) . . . . . . . . . . . . 44,000 49,566Cipla Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,730 110,103Corcept Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 11,162 124,456CSPC Pharmaceutical Group Ltd. . . . . . . . . . . . . . . . . . . . . . 34,000 54,837Dr. Reddy’s Laboratories Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 9,003 333,551



June 30, 2019



Pharmaceuticals (continued)

Dr. Reddy’s Laboratories Ltd. — ADR . . . . . . . . . . . . . . . . . . . 1,188 $ 44,514Elanco Animal Health, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 1,612 54,486Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,222 1,021,705Glenmark Pharmaceuticals Ltd. . . . . . . . . . . . . . . . . . . . . . . . 5,581 35,849Horizon Therapeutics PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 28,080 675,605Intersect ENT, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,183 72,445Intra-Cellular Therapies, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 3,891 50,505Jazz Pharmaceuticals PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . 475 67,716Johnson & Johnson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,076 4,328,265KalVista Pharmaceuticals, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . 1,067 23,634Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,032 3,440,533Mylan NV(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,055 96,247Nektar Therapeutics(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,495 53,192Pacira BioSciences, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 760 33,053Perrigo Co. PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,023 48,715Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,021 1,863,670Prestige Consumer Healthcare, Inc.(a)(b) . . . . . . . . . . . . . . . . . 11,592 367,235Reata Pharmaceuticals, Inc., Class A(a) . . . . . . . . . . . . . . . . . 825 77,839Richter Gedeon Nyrt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,157 150,301Supernus Pharmaceuticals, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . 1,430 47,319Zoetis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,544 402,209

15,483,697

Professional Services — 1.2%

CoStar Group, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 918 508,627CRA International, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,356 205,296Forrester Research, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 448 21,069FTI Consulting, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 501 42,004Insperity, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,696 1,917,109Kforce, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,386 504,805L&T Technology Services Ltd.(c) . . . . . . . . . . . . . . . . . . . . . . . 1,709 43,202ManpowerGroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 6,569Nielsen Holdings PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 612 13,831Paylocity Holding Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 14,236 1,335,622Robert Half International, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . 2,621 149,423TransUnion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,602 117,763TriNet Group, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,251 356,018Verisk Analytics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,242 181,903

5,403,241

Real Estate Management & Development — 0.4%

Ayala Land, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 570,420 565,908CareTrust REIT, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,606 585,131China Vanke Co. Ltd., Class H . . . . . . . . . . . . . . . . . . . . . . . . 46,600 174,718Emaar Properties PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,788 114,333Greenland Holdings Group Co. Ltd. . . . . . . . . . . . . . . . . . . . . 128,200 127,597Howard Hughes Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 16,471Realogy Holdings Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404 2,925Shimao Property Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 82,500 251,341Sunac China Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,000 132,594Supalai PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,600 33,415

2,004,433

Road & Rail — 0.4%

Covenant Transportation Group, Inc., Class A(a) . . . . . . . . . . . 6,896 101,440CSX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,898 146,848Daseke, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,340 15,624Genesee & Wyoming, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . 198 19,800Landstar System, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,046 220,948Localiza Rent a Car SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,800 61,898Lyft, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,132 271,514Marten Transport Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,858 106,323Ryder System, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,767 277,916Schneider National, Inc., Class B . . . . . . . . . . . . . . . . . . . . . . 163 2,973Uber Technologies, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 7,566 350,911


Road & Rail (continued)

Universal Logistics Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . 14,790 $ 332,331Werner Enterprises, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 779 24,211

1,932,737

Semiconductors & Semiconductor Equipment — 2.8%

Advanced Micro Devices, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 2,517 76,441Amkor Technology, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 86,598 646,021Analog Devices, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 628 70,882Applied Materials, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,630 522,303Aquantia Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,104 14,385Broadcom, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,715 493,680Cirrus Logic, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,967 1,222,158Cypress Semiconductor Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1,231 27,378First Solar, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 282 18,522GSI Technology, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,892 16,215Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,659 1,132,556Lam Research Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 847 159,101MediaTek, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,000 1,174,937MKS Instruments, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183 14,254Monolithic Power Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . 140 19,009Novatek Microelectronics Corp. . . . . . . . . . . . . . . . . . . . . . . . 65,000 362,709NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,388 392,181NXP Semiconductors NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,600 253,786ON Semiconductor Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 641 12,955QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,587 348,933Radiant Opto-Electronics Corp. . . . . . . . . . . . . . . . . . . . . . . . 126,000 423,435Realtek Semiconductor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 123,000 905,928Taiwan Semiconductor Manufacturing Co. Ltd. . . . . . . . . . . . . 478,000 3,655,924Taiwan Semiconductor Manufacturing Co. Ltd. — ADR . . . . . . 2,557 100,158Teradyne, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 615 29,465Texas Instruments, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,229 714,840Xilinx, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,521 297,276

13,105,432

Software — 3.5%

A10 Networks, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,949 13,292Adobe, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,653 1,076,356Alarm.com Holdings, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 4,479 239,627American Software, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . 1,889 24,840Aspen Technology, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239 29,703Atlassian Corp. PLC, Class A(a) . . . . . . . . . . . . . . . . . . . . . . . 345 45,140Autodesk, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235 38,282Avalara, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,233 89,023Benefitfocus, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,369 498,718Blackline, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 337 18,033Box, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,050 212,201CDK Global, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 783 38,712Ceridian HCM Holding, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 195 9,789Citrix Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 419 41,121Cloudera, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,296 217,217Cornerstone OnDemand, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 2,633 152,530DocuSign, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269 13,372Domo, Inc., Class B(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,476 94,964Dropbox, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,989 124,974Elastic NV(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 2,090Fair Isaac Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 31,088FireEye, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 664 9,834Fortinet, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 396 30,425Guidewire Software, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 278 28,184Intuit, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,199 835,995j2 Global, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 579 51,467LivePerson, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,732 132,685LogMeIn, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173 12,747Manhattan Associates, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 222 15,391Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,994 5,357,596



June 30, 2019



Software (continued)

New Relic, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,084 $ 93,777Nuance Communications, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . 980 15,651Nutanix, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 481 12,477Oracle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,728 668,144Paycom Software, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 7,482Pegasystems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 9,186Pluralsight, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 186 5,640Proofpoint, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173 20,803Qualys, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 328 28,562Rapid7, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,197 127,074RealPage, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246 14,477Red Hat, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 497 93,317RingCentral, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 8,009 920,394salesforce.com, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,490 1,439,918ServiceNow, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,710 744,085SolarWinds Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139 2,549SPS Commerce, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,263 231,301SVMK, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,927 64,835Tableau Software, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . 456 75,705TeleNav, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,014 144,112Totvs SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,373 359,242Tyler Technologies, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 131 28,299Workday, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,485 305,286Workiva, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,225 361,610Yext, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,009 241,261Zendesk, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,316 562,313Zscaler, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,432 186,388Zynga, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,357 124,788

16,374,072

Specialty Retail — 2.6%

Aaron’s, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,281 78,666Advance Auto Parts, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,329 513,132America’s Car-Mart, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,767 152,103American Eagle Outfitters, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . 27,513 464,970Asbury Automotive Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 9,993 842,810AutoNation, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188 7,885AutoZone, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 625 687,169Barnes & Noble, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,024 20,231Best Buy Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,030 420,472BMC Stock Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 18,771 397,945CarMax, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,038 263,790Cato Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,157 51,214Cia. Hering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 37,175Com7 PCL — NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169,400 120,638Dick’s Sporting Goods, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . 246 8,519Five Below, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 3,241Floor & Decor Holdings, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . 200 8,380Foot Locker, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 386 16,181Home Depot, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,419 2,998,719Home Product Center PCL — NVDR . . . . . . . . . . . . . . . . . . . 487,600 278,396JUMBO SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,026 39,213Lithia Motors, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . . . 4,403 522,988Lowe’s Cos., Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,707 1,080,443MarineMax, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,459 155,506Michaels Cos., Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 324 2,819Mr Price Group Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,494 63,289O’Reilly Automotive, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,795 662,929Penske Automotive Group, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . 601 28,427Petrobras Distribuidora SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,400 67,709Sonic Automotive, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . 12,438 290,427Tiffany & Co.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,751 257,604Tilly’s, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,473 41,759TJX Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,130 324,154Tractor Supply Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,596 391,245


Specialty Retail (continued)

Ulta Salon Cosmetics & Fragrance, Inc.(a) . . . . . . . . . . . . . . . . 2,053 $ 712,165Urban Outfitters, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 254 5,779Williams-Sonoma, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 17,875Zumiez, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,847 100,407

12,136,374

Technology Hardware, Storage & Peripherals — 2.6%

Acer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 354,000 220,026Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,651 6,264,366Dell Technologies, Inc., Class C(a) . . . . . . . . . . . . . . . . . . . . . 3,385 171,958Hewlett Packard Enterprise Co. . . . . . . . . . . . . . . . . . . . . . . . 2,706 40,455HP, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 299,376Lenovo Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,190,000 921,398NCR Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405 12,595NetApp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 628 38,748Pure Storage, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 565 8,628Quanta Computer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 336,000 654,014Samsung Electronics Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 79,866 3,252,169Seagate Technology PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,952 91,978Synaptics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,761 109,596Xerox Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,225 43,377

12,128,684

Textiles, Apparel & Luxury Goods — 0.8%

Arvind Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,791 112,709Bata India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,458 51,491Carter’s, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155 15,119Columbia Sportswear Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 10,417Crocs, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,068 218,593Feng TAY Enterprise Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 9,000 70,302Fila Korea Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 676 44,894G-III Apparel Group Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,647 401,495Kontoor Brands, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160 4,483Levi Strauss & Co., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 1,940 40,507Li Ning Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125,000 295,603Lululemon Athletica, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,544 278,244Makalot Industrial Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 108,259NIKE, Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,848 658,840Oxford Industries, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,631 578,430Rocky Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,608 152,986Skechers U.S.A., Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . 450 14,171Steven Madden Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,127 174,062Wolverine World Wide, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 11,273 310,458

3,541,063

Thrifts & Mortgage Finance — 1.1%

Essent Group Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,984 751,088Federal Agricultural Mortgage Corp., Class C . . . . . . . . . . . . . 3,496 254,019Housing Development Finance Corp. Ltd. . . . . . . . . . . . . . . . . 62,296 1,978,093LIC Housing Finance Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,967 136,480MGIC Investment Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,824 102,807New York Community Bancorp, Inc.(b) . . . . . . . . . . . . . . . . . . . 1,580 15,768Radian Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,507 148,685Riverview Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,610 304,110TFS Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170 3,072Timberland Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,091 32,599United Community Financial Corp. . . . . . . . . . . . . . . . . . . . . . 9,583 91,709Washington Federal, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,432 1,307,500

5,125,930

Tobacco — 0.5%

Altria Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,529 261,798Gudang Garam Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,200 104,516ITC Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,098 567,441Philip Morris International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 8,076 634,208



June 30, 2019



Tobacco (continued)

Turning Point Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,359 $ 115,544Vector Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,800 661,050

2,344,557

Trading Companies & Distributors — 0.6%

Air Lease Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 334 13,808Applied Industrial Technologies, Inc. . . . . . . . . . . . . . . . . . . . . 19,346 1,190,359Barloworld Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,925 425,499DXP Enterprises, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,082 78,887Foundation Building Materials, Inc.(a) . . . . . . . . . . . . . . . . . . . 10,945 194,602GATX Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,888 228,989H&E Equipment Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 8,406 244,531Herc Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,321 198,031MSC Industrial Direct Co., Inc., Class A . . . . . . . . . . . . . . . . . 151 11,213Titan Machinery, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,677 75,673Univar, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430 9,477W.W. Grainger, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 564 151,282Watsco, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 17,988WESCO International, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 161 8,155

2,848,494

Transportation Infrastructure — 0.2%

DP World PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,095 49,211Grupo Aeroportuario del Centro Norte SAB de CV . . . . . . . . . 81,905 500,210Grupo Aeroportuario del Centro Norte SAB de CV, ADR . . . . . 4,711 230,274Grupo Aeroportuario del Pacifico SAB de CV, Class B . . . . . . 4,500 46,862Macquarie Infrastructure Corp. . . . . . . . . . . . . . . . . . . . . . . . . 273 11,067

837,624

Water Utilities — 0.2%

American Water Works Co., Inc.(b) . . . . . . . . . . . . . . . . . . . . . 7,764 900,624Aqua America, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 723 29,910California Water Service Group . . . . . . . . . . . . . . . . . . . . . . . 336 17,012Global Water Resources, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1,899 19,826SJW Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 825 50,135

1,017,507

Wireless Telecommunication Services — 1.0%

America Movil SAB de CV, Class L — ADR . . . . . . . . . . . . . . 12,996 189,222America Movil SAB de CV, Series L . . . . . . . . . . . . . . . . . . . . 1,699,075 1,236,657China Mobile Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194,000 1,766,110China Mobile Ltd. — ADR(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 3,131 141,803Maxis Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,700 115,384Mobile Telecommunications Co. Saudi Arabia(a) . . . . . . . . . . . 22,183 70,979Mobile TeleSystems PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,380 348,317Mobile TeleSystems PJSC — ADR . . . . . . . . . . . . . . . . . . . . 9,288 86,471MTN Group Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,199 130,055Sprint Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,310 140,007T-Mobile U.S., Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,960 219,454Telephone & Data Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . 340 10,336TIM Participacoes SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,563 74,394Turkcell Iletisim Hizmetleri AS(b) . . . . . . . . . . . . . . . . . . . . . . . 38,077 84,070United States Cellular Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 620 27,695

4,640,954

Total Common Stocks — 87.6%

(Cost — $362,941,817) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 406,643,356

Preferred Stocks — 0.7%

Banks — 0.7%

Banco Bradesco SA, Preference Shares, 0.00% . . . . . . . . . . . 125,100 1,229,515Banco do Estado do Rio Grande do Sul SA, Preference

Shares, Class B, 0.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,100 81,023Itau Unibanco Holding SA, Preference Shares, 0.00% . . . . . . . 176,128 1,663,147

2,973,685


Chemicals — 0.0%

Braskem SA, Preference ‘A’ Shares, Class A, 0.00% . . . . . . . 16,242 $ 148,168

Food & Staples Retailing — 0.0%

Cia Brasileira de Distribuicao, Preference Shares, 0.00% . . . . 2,200 54,244

Machinery — 0.0%

Randon SA Implementos e Participacoes, Preference Shares,0.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,525 90,695


Gerdau SA, Preference Shares, 0.00% . . . . . . . . . . . . . . . . . . 24,360 96,426

Oil, Gas & Consumable Fuels — 0.0%

Petroleo Brasileiro SA, Preference Shares, 0.00% . . . . . . . . . 5,400 38,546

Total Preferred Stocks — 0.7%

(Cost — $2,902,380) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,401,764

Rights — 0.0%


Pan American Silver Corp. (Expires 02/22/29)(a)(d) . . . . . . . . . . 16,660 3,499

Total Rights — 0.0%

(Cost — $3,539) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,499

Total Long-Term Investments — 88.3%

(Cost — $365,847,736) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 410,048,619

Short-Term Securities — 16.4%BlackRock Cash Funds: Institutional,

SL Agency Shares,2.52%(e)(f)(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,163,175 33,179,756

BlackRock Cash Funds: Treasury,SL Agency Shares,2.34%(f)(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,061,225 43,061,225

Total Short-Term Securities — 16.4%

(Cost — $76,232,762) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,240,981

Total Investments — 104.7%

(Cost — $442,080,498) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 486,289,600

Liabilities in Excess of Other Assets — (4.7)% . . . . . . . . . . . . . . . . . . . . (21,736,989)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $464,552,611

(a) Non-income producing security.(b) Security, or a portion of the 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 fromregistration to qualified institutional investors.

(d) Security is valued using significant unobservable inputs and is classified as Level 3 in thefair value hierarchy.

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

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



June 30, 2019

Active Stock Master Portfolio

(g) During the six months ended June 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Master Portfolio for purposes of Section 2(a)(3) of the Investment CompanyAct of 1940, as amended, were as follows:

Affiliate

SharesHeld at

12/31/18Net

Activity

SharesHeld at

06/30/19Value at06/30/19 Income

NetRealized

Gain (Loss) (a)

Change inUnrealized

Appreciation(Depreciation)

BlackRock Cash Funds:Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . 29,237,013 3,926,162 33,163,175 $33,179,756 $ 57,193(b) $ 5,259 $ 7,287

BlackRock Cash Funds:Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 24,397,577 18,663,648 43,061,225 43,061,225 411,216 — —

$76,240,981 $468,409 $ 5,259 $ 7,287

(a) Includes net capital gain distributions, if applicable.(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

DescriptionNumber ofContracts

ExpirationDate

NotionalAmount (000)

Value/Unrealized

Appreciation(Depreciation)

Long Contracts:MSCI Emerging Markets E-Mini Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 09/20/19 $ 2,475 $ 85,149Russell 2000 E-Mini Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 09/20/19 1,097 15,191S&P 500 E-Mini Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,675 09/20/19 246,577 4,118,068

4,218,408

Short Contracts:MSCI Emerging Markets E-Mini Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,999 09/20/19 105,287 (4,525,323)Russell 2000 E-Mini Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,170 09/20/19 91,675 (2,244,495)

(6,769,818)

$ (2,551,410)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

CommodityContracts

CreditContracts

EquityContracts

ForeignCurrency

ExchangeContracts

InterestRate

ContractsOther

Contracts Total

Assets — Derivative Financial Instruments

Futures contractsUnrealized appreciation on futures contracts(a) . . . . . . . . . . . . . . . $ — $ — $4,218,408 $ — $ — $ — $4,218,408

Liabilities — Derivative Financial Instruments

Futures contractsUnrealized depreciation on futures contracts(a) . . . . . . . . . . . . . . . $ — $ — $6,769,818 $ — $ — — $6,769,818

(a) Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only currentday’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended June 30, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:

CommodityContracts

CreditContracts

EquityContracts

ForeignCurrency

ExchangeContracts

InterestRate

ContractsOther

Contracts Total

Net Realized Gain (Loss) from:

Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $14,866,067 $ — $ — $ — $14,866,067

Net Change in Unrealized Appreciation (Depreciation) on:

Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 1,660,274 $ — $ — $ — $ 1,660,274



June 30, 2019


Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $249,186,420Average notional value of contracts — short . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195,269,805

For more information about the Master Portfolio’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Master Portfolio’s policy regardingvaluation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:

Level 1 Level 2 Level 3 Total

Assets:Investments:

Common Stocks:Aerospace & Defense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,382,683 $ 44,501 $ — $ 4,427,184Air Freight & Logistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,702,647 104,421 — 3,807,068Airlines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,022,913 51,211 — 2,074,124Auto Components . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,151,750 638,881 — 1,790,631Automobiles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 996,458 1,573,691 — 2,570,149Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,199,416 9,462,197 — 32,661,613Beverages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,911,633 559,433 — 3,471,066Biotechnology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,688,563 582,151 — 15,270,714Building Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,284,373 38,191 — 2,322,564Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,644,551 76,397 — 6,720,948Chemicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,740,183 880,402 — 6,620,585Commercial Services & Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,565,861 33,179 — 3,599,040Communications Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,030,486 38,634 — 3,069,120Construction & Engineering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,064,794 1,345,771 — 3,410,565Construction Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236,981 1,173,715 — 1,410,696Consumer Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,433,198 749,384 — 4,182,582Containers & Packaging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,278,725 — — 1,278,725Distributors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 284,350 — — 284,350Diversified Consumer Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 671,228 — — 671,228Diversified Financial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,950,459 1,585,380 — 5,535,839Diversified Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,358,632 1,849,510 — 7,208,142Electric Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,759,687 854,708 — 7,614,395Electrical Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,302,375 — — 3,302,375Electronic Equipment, Instruments & Components . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,859,430 2,524,571 — 7,384,001Energy Equipment & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,485,039 — — 2,485,039Entertainment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,117,670 32,658 — 2,150,328Equity Real Estate Investment Trusts (REITs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,863,151 — — 12,863,151Food & Staples Retailing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,572,963 1,122,926 — 3,695,889Food Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,171,250 2,397,141 — 5,568,391Gas Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,191,361 640,602 — 1,831,963Health Care Equipment & Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,659,044 33,311 — 10,692,355Health Care Providers & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,423,882 754,993 — 9,178,875Health Care Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,688,567 — — 1,688,567Hotels, Restaurants & Leisure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,171,619 1,274,904 — 8,446,523Household Durables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,944,338 857,392 — 2,801,730Household Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,846,707 890,594 — 4,737,301Independent Power and Renewable Electricity Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245,671 305,659 — 551,330Industrial Conglomerates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,637,154 134,706 — 1,771,860Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,620,259 3,293,176 — 11,913,435Interactive Media & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,429,680 5,938,072 — 16,367,752Internet & Direct Marketing Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,895,360 — — 16,895,360IT Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,965,817 1,087,753 — 14,053,570Leisure Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215,943 — — 215,943Life Sciences Tools & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,750,753 49,006 — 2,799,759Machinery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,372,138 1,645,839 — 9,017,977Marine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,037 — — 16,037Media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,842,749 972,551 — 7,815,300Metals & Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,902,387 4,542,661 — 6,445,048



June 30, 2019


Fair Value Hierarchy as of Period End (continued)

Level 1 Level 2 Level 3 Total

Mortgage Real Estate Investment Trusts (REITs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12,227 $ — $ — $ 12,227Multi-Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,174,515 — — 2,174,515Multiline Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 742,501 — — 742,501Oil & Gas Exploration & Production . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,407 — — 23,407Oil, Gas & Consumable Fuels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,018,148 8,111,643 — 18,129,791Paper & Forest Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 504,772 81,047 — 585,819Personal Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,251,024 108,086 — 1,359,110Pharmaceuticals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,753,595 730,102 — 15,483,697Professional Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,360,039 43,202 — 5,403,241Real Estate Management & Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 604,527 1,399,906 — 2,004,433Road & Rail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,932,737 — — 1,932,737Semiconductors & Semiconductor Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,582,499 6,522,933 — 13,105,432Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,374,072 — — 16,374,072Specialty Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,634,838 501,536 — 12,136,374Technology Hardware, Storage & Peripherals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,081,077 5,047,607 — 12,128,684Textiles, Apparel & Luxury Goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,857,805 683,258 — 3,541,063Thrifts & Mortgage Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,011,357 2,114,573 — 5,125,930Tobacco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,672,600 671,957 — 2,344,557Trading Companies & Distributors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,422,995 425,499 — 2,848,494Transportation Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 837,624 — — 837,624Water Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,017,507 — — 1,017,507Wireless Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,197,018 2,443,936 — 4,640,954

Preferred Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,401,764 — — 3,401,764Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 3,499 3,499Short-Term Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,240,981 — — 76,240,981

$407,260,544 $79,025,557 $ 3,499 $486,289,600

Derivative Financial Instruments(a)

Assets:Equity contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,218,408 $ — $ — $ 4,218,408

Liabilities:Equity contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,769,818) — — (6,769,818)

$ (2,551,410) $ — $ — $ (2,551,410)

(a) Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


Statement of Assets and Liabilities (unaudited)

June 30, 2019

Active StockMaster Portfolio

ASSETSInvestments at value — unaffiliated (including securities loaned at value of $32,538,460) (cost — $365,847,736) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $410,048,619Investments at value — affiliated (cost — $76,232,762) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,240,981Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,383Cash pledged for futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,483,000Foreign currency at value (cost — $826,958) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 834,344Receivables:

Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,383,386Securities lending income — affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,162Dividends — affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,312Dividends — unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 675,859Variation margin on futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,411,988

Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,816

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 511,183,850

LIABILITIESCash collateral on securities loaned at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,172,979Payables:

Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,788,505Administration fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,858Deferred foreign capital gain tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,780Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,355Trustees’ fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,916Other accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,401Variation margin on futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,010,288Withdrawals to investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,581,157

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,631,239

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $464,552,611

NET ASSETS CONSIST OFInvestors’ capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $422,894,234Net unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,658,377

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $464,552,611


F I N A N C I A L S T A T E M E N T S 19

Statement of Operations (unaudited)

Six Months Ended June 30, 2019

Active StockMaster Portfolio

INVESTMENT INCOMEDividends — affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 411,216Dividends — unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,053,505Interest — unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139,795Securities lending income — affiliated — net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,193Foreign taxes withheld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (148,738)

Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,512,971

EXPENSESInvestment advisory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565,445Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226,178Professional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,174Trustees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,961

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 811,758Less:

Fees waived and/or reimbursed by the Manager . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (247,208)Fees waived and/or reimbursed by the Administrator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (226,178)

Total expenses after fees waived and/or reimbursed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 338,372

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,174,599

REALIZED AND UNREALIZED GAIN (LOSS)Net realized gain (loss) from:

Investments — affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,259Investments — unaffiliated (including $123,965 foreign capital gain tax) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,091,809Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,866,067Foreign currency transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (38,649)

23,924,486

Net change in unrealized appreciation (depreciation) on:Investments — affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,287Investments — unaffiliated (including $7,780 foreign capital gain tax) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,782,071Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,660,274Foreign currency translations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,584

50,459,216

Net realized and unrealized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,383,702

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $78,558,301



Statements of Changes in Net Assets


Six Months Ended06/30/19

(unaudited)Year Ended

12/31/18

INCREASE (DECREASE) IN NET ASSETS

OPERATIONSNet investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,174,599 $ 9,668,652Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,924,486 45,014,797Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,459,216 (66,244,769)

Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,558,301 (11,561,320)

CAPITAL TRANSACTIONSProceeds from contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,364,980 28,030,716Value of withdrawals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (52,468,822) (122,827,185)

Net decrease in net assets derived from capital transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (43,103,842) (94,796,469)

NET ASSETSTotal increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,454,459 (106,357,789)Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 429,098,152 535,455,941

End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $464,552,611 $ 429,098,152


F I N A N C I A L S T A T E M E N T S 21

Financial Highlights(For a share outstanding throughout each period)


Six Months Ended06/30/19

(unaudited)

Year Ended December 31,

2018 2017 2016 2015 2014

Total Return

Total return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.98%(a) (3.90)% 22.15% 12.45% (1.20)% 11.74%

Ratios to Average Net Assets

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.36%(b)(c) 0.36% 0.36% 0.36% 0.35% 0.35%

Total expenses after fees waived and/or reimbursed . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%(b)(c) 0.15% 0.15% 0.15% 0.15% 0.17%

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.85%(b)(c) 1.88% 1.69% 1.66% 1.65% 1.56%

Supplemental Data

Net assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $464,553 $429,098 $535,456 $503,047 $445,996 $2,434,426

Portfolio turnover rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87% 150% 252% 115% 132% 119%

(a) Aggregate total return.(b) Annualized.(c) Excludes expenses incurred indirectly as a result of investments in underlying funds of 0.01%.



Notes to Financial Statements (unaudited)

1. ORGANIZATION

Master Investment Portfolio (“MIP”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investmentcompany. MIP is organized as a Delaware statutory trust. Active Stock Master Portfolio (the “Master Portfolio”) is a series of MIP. The Master Portfolio is classified asdiversified.

The Master Portfolio, together with certain other registered investment companies advised by BlackRock Fund Advisors (the “Manager”) or its affiliates, is included in acomplex of equity, multi-asset, index and money market funds referred to as the BlackRock Multi-Asset Complex.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may requiremanagement to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets andliabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actualresults could differ from those estimates. The Master Portfolio is considered an investment company under U.S. GAAP and follows the accounting and reporting guidanceapplicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed(the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend date.Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Master Portfolio is informed of the ex-dividend date.Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portionof the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interestincome, including amortization and accretion of premiums and discounts on debt securities is recognized on an accrual basis.

Foreign Currency Translation: The Master Portfolio’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreigncurrencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales ofinvestments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreigncurrency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Master Portfolio does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices ofinvestments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement ofOperations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments.The Master Portfolio reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reportingpurposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Segregation and Collateralization: In cases where the Master Portfolio enters into certain investments (e.g., futures contracts) that would be treated as “seniorsecurities” for 1940 Act purposes, the Master Portfolio may segregate or designate on its books and records cash or liquid assets having a market value at least equal tothe amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if requiredby an exchange or counterparty agreement, the Master Portfolio may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer orcustodian as collateral for certain investments or obligations.

Indemnifications: In the normal course of business, the Master Portfolio enters into contracts that contain a variety of representations that provide generalindemnification. The Master Portfolio’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Master Portfolio,which cannot be predicted with any certainty.

Other: Expenses directly related to the Master Portfolio are charged to the Master Portfolio. Other operating expenses shared by several funds, including other fundsmanaged by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Master Portfolio’s investments are valued at fair value (also referred to as “market value” within the financial statements) as of theclose of trading on the NYSE (generally 4:00 p.m., Eastern time) (or if the reporting date falls on a day the NYSE is closed, investments are valued at fair value as of theperiod end). U.S. GAAP defines fair value as the price the Master Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction betweenmarket participants at the measurement date. The Master Portfolio determines the fair values of its financial instruments using various independent dealers or pricingservices under policies approved by the Board of Trustees of MIP (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global ValuationCommittee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Master Portfolio’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at the official closing price each day, if available. For equity investments traded on morethan one exchange, the official closing price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange forwhich there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, eventsaffecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the

N O T E S T O F I N A N C I A L S T A T E M E N T S 23

Notes to Financial Statements (unaudited) (continued)

computation of the Master Portfolio’s net assets. Each business day, the Master Portfolio uses a pricing service to assist with the valuation of certain foreignexchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current marketfactors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, whichfollows the close of the local markets.

• Investments in open-end U.S. mutual funds are valued at net asset value (“NAV”) each business day.

• Futures contracts traded on exchanges are valued at their last sale price.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the eventthat the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if aprice is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fairvalue (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will include market approach, income approach andcost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically usedin determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that theMaster Portfolio might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair valuedeterminations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair valuemeasurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques arecategorized into a fair value hierarchy consisting of three broad levels for financial statement 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 orsimilar 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, yieldcurves, 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 MasterPortfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority tounobservable 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 classificationis determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significantunobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued byprivately 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 forinvestments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily anindication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities ofthe issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest ratesand perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is juniorto debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in amore senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by theissuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

Securities Lending: The Master Portfolio may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledgesand maintains with the Master Portfolio collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S.Government. The initial collateral received by the Master Portfolio is required to have a value of at least 102% of the current value of the loaned securities for securitiestraded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the currentmarket value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Master Portfolio and any additionalrequired collateral is delivered to the Master Portfolio, or excess collateral returned by the Master Portfolio, on the next business day. During the term of the loan, theMaster Portfolio is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loansof securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securitiestransactions.

The market value of any securities on loan, all of which were classified as common stocks in the Master Portfolio’s Schedule of Investments, and the value of any relatedcollateral are shown separately in the Statement of Assets and Liabilities as a component of investments at value-unaffiliated, and collateral on securities loaned at value,respectively. As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lendingagent, BlackRock Institutional Trust Company, N.A. (“BTC”), if any, is disclosed in the Schedule of Investments.

Securities lending transactions are entered into by the Master Portfolio under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in theevent of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request



additional collateral. In the event that a borrower defaults, the Master Portfolio, as lender, would offset the market value of the collateral received against the market valueof the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to thedefaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event ofan MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the MasterPortfolio can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral tothe other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order tosatisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Master Portfolio’s securities lending agreements by counterparty which are subject to offset under an MSLA:

CounterpartySecurities

Loaned at ValueCash Collateral

Received (a)Net

Amount

Bank of America N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 64,122 $ (64,122) $ —Barclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,682,381 (1,682,381) —BNP Paribas Prime Brokerage International Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 913,995 (913,995) —Citadel Clearing LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 314,474 (314,474) —Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247,878 (247,878) —Credit Suisse Securities (USA) LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,694,307 (2,694,307) —Deutsche Bank Securities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,777 (3,777) —Goldman Sachs & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,435,301 (2,435,301) —HSBC Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,221,247 (4,221,247) —Jefferies LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,387,853 (1,387,853) —JP Morgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,681,206 (7,681,206) —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,827,701 (8,827,701) —Scotia Capital (USA) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 370,856 (370,856) —TD Prime Services LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,083 (90,083) —UBS AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 519,129 (519,129) —Virtu Americas LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 301,713 (301,713) —Wells Fargo Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 782,437 (782,437) —

$ 32,538,460 $ (32,538,460) $ —

(a) Cash collateral with a value of $33,172,979 has been received in connection with securities lending agreements. Collateral received in excess of the value of securities loaned fromthe individual counterparty, if any, is not shown for financial reporting purposes in the table above.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigatethese risks, the Master Portfolio benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement ofthe securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Master Portfolio couldincur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased withcash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Master Portfolio.

5. DERIVATIVE FINANCIAL INSTRUMENTS

The Master Portfolio engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Master Portfolio and/or to manage itsexposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk).Derivative financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or OTC.

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk), and changes in thevalue of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are agreements between the Master Portfolio and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and ona specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of acash amount on the settlement date. Upon entering into a futures contract, the Master Portfolio is required to deposit initial margin with the broker in the form of cash orsecurities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life ofthe contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, is shown as cash pledged for futures contracts in theStatement of Assets and Liabilities. Pursuant to the contract, the Master Portfolio agrees to receive from or pay to the broker an amount of cash equal to the dailyfluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation marginreceivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement ofOperations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use offutures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlyingassets.



6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: MIP, on behalf of the Master Portfolio, entered into an Investment Advisory Agreement with the Manager, the Master Portfolio’s investment adviserand an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of the Master Portfolio’sportfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Master Portfolio.

For such services, the Master Portfolio pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the MasterPortfolio’s net assets.

Average Daily Net AssetsInvestment

Advisory Fee

First $1 Billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%$1 Billion — $3 Billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.24$3 Billion — $5 Billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.23$5 Billion — $10 Billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.22Greater than $10 Billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.21

Administration: MIP, on behalf of the Master Portfolio, entered into an Administration Agreement with BlackRock Advisors, LLC (“BAL” or the “Administrator”), which hasagreed to provide general administrative services (other than investment advice and related portfolio activities). BAL, has agreed to bear all of the Master Portfolio’sordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfoliotransactions, extraordinary expenses and certain other expenses which are borne by the Master Portfolio. BAL is entitled to receive for these administrative services anannual fee of 0.10% based on the average daily net assets of the Master Portfolio.

From time to time, BAL may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Master Portfolio and, accordingly, have a favorableimpact on its performance. BAL may delegate certain of its administration duties to sub-administrators.

Expense Waivers and Reimbursements: The Manager has voluntarily agreed to waive a portion of the investment advisory fees payable by the Master Portfolio. Thisvoluntary waiver may be terminated at any time. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the sixmonths ended June 30, 2019, the Manager waived $214,869 pursuant to this agreement.

BAL voluntarily agreed to waive a portion of its administration fees payable by the Master Portfolio. This arrangement is voluntary and may be terminated by BAL at anytime. This amount is included in fees waived and/or reimbursed by the Administrator in the Statement of Operations. For the six months ended June 30, 2019, the amountwaived was $226,178.

The fees and expenses of MIP’s trustees who are not “interested persons” of MIP, as defined in the 1940 Act (“Independent Trustees”), counsel to the IndependentTrustees and MIP’s independent registered public accounting firm (together, the “independent expenses”) are paid directly by the Master Portfolio. BAL has contractuallyagreed to reimburse the Master Portfolio or provide an offsetting credit against the administration fees paid by the Master Portfolio in an amount equal to the independentexpenses through April 30, 2020. For the six months ended June 30, 2019, the amount waived and/or reimbursed was $20,135.

With respect to the Master Portfolio, the Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees the Master Portfoliopays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”). This amount is included in fees waivedand/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2019, the amount waived was $12,204.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Master Portfolio’s assets invested in affiliated equity andfixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through April 30, 2020. The contractual agreement may beterminated upon 90 days’ notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the Master Portfolio. For the sixmonths ended June 30, 2019, there were no fees waived by the Manager pursuant to this arrangement.

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve assecurities lending agent for the Master Portfolio, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securitieslending. The Master Portfolio is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”).The cash collateral is invested in a money market fund managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lendingincome it receives in order to effectively limit the collateral investment fees the Master Portfolio bears to an annual rate of 0.04%. The shares of such money market fundshares will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certaincircumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the eventthat the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers ofsecurities, and less the collateral investment fees. The Master Portfolio retains a portion of securities lending income and remits a remaining portion to BTC ascompensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Master Portfolio retains 73.5% of securities lending income (which excludes collateral investment fees), and thisamount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendaryear exceeds a specified threshold, the Master Portfolio, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lendingincome in an amount equal to 80% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of thetotal of securities lending income plus the collateral investment fees.



The share of securities lending income earned by the Master Portfolio is shown as securities lending income — affiliated — net in the Statement of Operations. For the sixmonths ended June 30, 2019, the Master Portfolio paid BTC $18,179 in total for securities lending agent services.

Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, the Master Portfolio may participate in a joint lending and borrowing facility fortemporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the MasterPortfolio’s investment policies and restrictions. The Master Portfolio is currently permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through theInterfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its totalassets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its totalassets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are fortemporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lendingfund and the bank loan rate, as calculated according to a formula established by the Board.

During the six months ended June 30, 2019, the Master Portfolio did not participate in the Interfund Lending Program.

Trustees and Officers: Certain trustees and/or officers of MIP are trustees and/or officers of BlackRock or its affiliates.

7. PURCHASES AND SALES

For the six months ended June 30, 2019, purchases and sales of investments and excluding short-term securities, were $347,995,657 and $371,237,320, respectively.

8. INCOME TAX INFORMATION

The Master Portfolio is classified as a partnership for U.S. federal income tax purposes. As such, each investor in the Master Portfolio is treated as the owner of itsproportionate share of net assets, income, expenses and realized and unrealized gains and losses of the Master Portfolio. Therefore, no U.S. federal income tax provisionis required. It is intended that the Master Portfolio’s assets will be managed so an investor in the Master Portfolio can satisfy the requirements of Subchapter M of theInternal Revenue Code of 1986, as amended.

The Master Portfolio files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on theMaster Portfolio’s U.S. federal tax returns generally remains open for each of the four years ended December 31, 2018. The statutes of limitations on the Master Portfolio’sstate and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Master Portfolio as of June 30, 2019, inclusive of the open tax return years, and does notbelieve that there are any uncertain tax positions that require recognition of a tax liability in the Master Portfolio’s financial statements.

As of June 30, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

Tax Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $447,722,418

Gross unrealized appreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,807,223Gross unrealized depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23,791,451)

Net unrealized appreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 36,015,772

9. BANK BORROWINGS

MIP, on behalf of the Master Portfolio along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.25 billioncredit agreement with a group of lenders. Under this agreement, the Master Portfolio may borrow to fund shareholder redemptions. Excluding commitments designated forcertain individual funds, the Participating Funds, including the Master Portfolio, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding,subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unusedcommitment amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80%per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreementexpires in April 2020 unless extended or renewed. Prior to April 18, 2019, Participating Funds paid an upfront commitment fee of 0.02% on the total commitment amounts,in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statement of Operations. These fees were allocated amongsuch funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended June 30,2019, the Master Portfolio did not borrow under the credit agreement.

10. PRINCIPAL RISKS

In the normal course of business, the Master Portfolio invests in securities or other instruments and may enter into certain transactions, and such activities subject theMaster Portfolio to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securitiesor other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or globalpolitical and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. TheMaster Portfolio’s prospectus provides details of the risks to which the Master Portfolio is subject.



The Master Portfolio may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of$1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may declinedue to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry orindustries. The Master Portfolio may invest in illiquid investments. An illiquid investment is any investment that the Master Portfolio reasonably expects cannot be sold ordisposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. TheMaster Portfolio may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuatewidely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices.This volatility may cause the Master Portfolio’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in thesecurities and other markets, the NAV of the Master Portfolio may lose value, regardless of the individual results of the securities and other instruments in which theMaster Portfolio invests.

Counterparty Credit Risk: The Master Portfolio may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on itscommitments related to unsettled or open transactions. The Master Portfolio manages counterparty credit risk by entering into transactions only with counterparties thatthe Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, whichpotentially expose the Master Portfolio to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties.The extent of the Master Portfolio’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded inthe Statement of Assets and Liabilities, less any collateral held by the Master Portfolio.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlyinginstrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Master Portfolio since the exchange or clearinghouse, as counterparty to such instruments,guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of theclearinghouse. While offset rights may exist under applicable law, the Master Portfolio does not have a contractual right of offset against a clearing broker or clearinghousein the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that isheld in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing brokerbecomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically theshortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Master Portfolio.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Master Portfolio through the date the financial statements were issued and has determined thatthere were no subsequent events requiring adjustment or additional disclosure in the financial statements.


Disclosure of Investment Advisory Agreement

The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of Master Investment Portfolio (the “Master Fund”) met in person onApril 17, 2019 (the “April Meeting”) and May 14-15, 2019 (the “May Meeting”) to consider the approval of the investment advisory agreement (the “Agreement”) betweenthe Master Fund, on behalf of Active Stock Master Portfolio (the “Portfolio”), a series of the Master Fund, and BlackRock Fund Advisors (the “Manager” or “BlackRock”),the Master Fund’s investment advisor.

Activities and Composition of the Board

On the date of the May Meeting, the Board consisted of fifteen individuals, thirteen of whom were not “interested persons” of the Master Fund as defined in the InvestmentCompany Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of theMaster Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retainedindependent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Board Member. The Board has established five standingcommittees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee and an Ad Hoc TopicsCommittee, each of which is chaired by an Independent Board Member and composed of Independent Board Members (except for the Ad Hoc Topics Committee, whichalso has one interested Board Member).

The Agreement

Consistent with the requirements of the 1940 Act, the Board considers the continuation of the Agreement on an annual basis. The Board has four quarterly meetings peryear, each typically extending for two days, and additional in-person and telephonic meetings throughout the year, as needed. While the Board also has a fifth one-daymeeting to consider specific information surrounding the renewal of the Agreement, the Board’s consideration entails a year-long deliberative process whereby the Boardand its committees assess BlackRock’s services to the Portfolio. In particular, the Board assessed, among other things, the nature, extent and quality of the servicesprovided to the Portfolio by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management; accounting, administrative andshareholder services; oversight of the Portfolio’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal andregulatory requirements. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel,and met with independent legal counsel in various executive sessions outside of the presence of management.

During the year, the Board, acting directly and through its committees, considers information that is relevant to its annual consideration of the renewal of the Agreement,including the services and support provided by BlackRock to the Portfolio and its shareholders. BlackRock also furnished additional information to the Board in response tospecific questions from the Board. This additional information is discussed further below in the section titled “Board Considerations in Approving the Agreement.” Amongthe matters the Board considered were: (a) investment performance for one-year, three-year, five-year, ten-year, and/or since inception periods, as applicable, againstpeer funds, applicable benchmark, and performance metrics, as applicable, as well as senior management’s and portfolio managers’ analyses of the reasons for any over-performance or under-performance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, ifapplicable, and other amounts paid to BlackRock and its affiliates by the Portfolio for services; (c) Portfolio operating expenses and how BlackRock allocates expenses tothe Portfolio; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Portfolio’s investment objective, policies andrestrictions, and meeting regulatory requirements; (e) BlackRock and the Master Fund’s adherence to applicable compliance policies and procedures; (f) the nature,character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services; (g) BlackRock’s and otherservice providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board;(i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock’s implementation of the Master Fund’s valuation and liquidityprocedures; (k) an analysis of management fees for products with similar investment mandates across the open-end fund, exchange-traded fund (“ETF”), closed-end fund,sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similaritiesand differences between these products and the services provided as compared to the Portfolio; (l) BlackRock’s compensation methodology for its investmentprofessionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodic updates onBlackRock’s business.

Board Considerations in Approving the Agreement

The Approval Process: Prior to the April Meeting, the Board requested and received materials specifically relating to the Agreement. The Independent Board Membersare continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to better assist itsdeliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared byBroadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding the Portfolio’s fees and expenses ascompared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of the Portfolio as compared with a peer group offunds (“Performance Peers”) and other metrics, as applicable; (b) information on the composition of the Expense Peers and Performance Peers, and a description ofBroadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreement and a discussion of fall-out benefitsto BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types ofinvestment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts under similarinvestment mandates, as well as the performance of such other products, as applicable; (e) review of non-management fees; (f) the existence, impact and sharing ofpotential economies of scale, if any, with the Portfolio; (g) a summary of aggregate amounts paid by the Portfolio to BlackRock; (h) sales and redemption data regardingthe Portfolio’s shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock’s and the Portfolio’s operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreement. As a result of the discussions that occurred during the April Meeting, andas a culmination of the Board’s year-long deliberative process, the Board presented BlackRock with questions and requests for additional information. BlackRockresponded to these requests with additional written information in advance of the May Meeting.

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T 29

Disclosure of Investment Advisory Agreement (continued)

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) theinvestment performance of the Portfolio as compared with Performance Peers and other metrics, as applicable; (c) the advisory fee and the estimated cost of the servicesand estimated profits realized by BlackRock and its affiliates from their relationship with the Portfolio; (d) the Portfolio’s fees and expenses compared to Expense Peers;(e) the sharing of potential economies of scale; (f) fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Portfolio; and (g) otherfactors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securitieslending and cash management, and BlackRock’s services related to the valuation and pricing of portfolio holdings of the Portfolio. The Board noted the willingness ofBlackRock personnel to engage in open, candid discussions with the Board. The Board did not identify any particular information as determinative, and each BoardMember may have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock: The Board, including the Independent Board Members, reviewed the nature, extent and qualityof services provided by BlackRock, including the investment advisory services and the resulting performance of the Portfolio. Throughout the year, the Board comparedPortfolio performance to the performance of a comparable group of mutual funds, relevant benchmark, and performance metrics, as applicable. The Board met withBlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials providedby the Portfolio’s portfolio management team discussing the Portfolio’s performance and the Portfolio’s investment objective, strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and the Portfolio’sportfolio management team; BlackRock’s research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use oftechnology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managersand other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts ofBlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’scompensation structure with respect to the Portfolio’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performanceincentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to thePortfolio. BlackRock and its affiliates provide the Portfolio with certain administrative, shareholder and other services (in addition to any such services provided to thePortfolio by third parties) and officers and other personnel as are necessary for the operations of the Portfolio. In particular, BlackRock and its affiliates provide the Portfoliowith administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), thestatement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators;(iv) overseeing and coordinating the activities of other service providers, including, among others, the Portfolio’s custodian, fund accountant, transfer agent, and auditor;(v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and othersupport to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing ormanaging administrative functions necessary for the operation of the Portfolio, such as tax reporting, expense management, fulfilling regulatory filing requirements,overseeing the Portfolio’s distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fundadministration, shareholder services, and legal & compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicablelaws and regulations.

B. The Investment Performance of the Portfolio and BlackRock: The Board, including the Independent Board Members, also reviewed and considered theperformance history of the Portfolio. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included acomprehensive analysis of the Portfolio’s performance as of December 31, 2018. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the mostdesirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investmentperformance of the Portfolio as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review, and meet with Portfoliomanagement to discuss, the performance of the Portfolio throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the dataprovided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and thePerformance Peer funds (for example, the investment objective(s) and investment strategies). Further, the Board recognized that the performance data reflects a snapshotof a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability toaffect long-term performance disproportionately.

The Board noted that for each of the one-, three- and five-year periods reported, the Portfolio ranked in the first quartile, against its Performance Peers.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates

from their Relationship with the Portfolio: The Board, including the Independent Board Members, reviewed the Portfolio’s contractual advisory fee rate compared withthose of its Expense Peers. The contractual advisory fee rate is shown before taking into account any reimbursements or fee waivers. The Board also compared thePortfolio’s total expense ratio, as well as its actual advisory fee rate, to those of its Expense Peers. The total expense ratio represents a fund’s total net operatingexpenses, including any 12b-1 or non 12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers that benefit a fund, and theactual advisory fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. The Board considered the services provided and the feescharged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutualfunds (including mutual funds sponsored by third parties).


Disclosure of Investment Advisory Agreement (continued)

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also providedwith an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Portfolio. The Boardreviewed BlackRock’s estimated profitability with respect to the Portfolio and other funds the Board currently oversees for the year ended December 31, 2018 compared toavailable aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S.fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimatedprofitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected bynumerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocationsand business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operatingmargin, in general, compared to that of certain other publicly-traded asset management firms. The Board considered the differences between BlackRock and these otherfirms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

In addition, the Board considered the estimated cost of the services provided to the Portfolio by BlackRock, and BlackRock’s and its affiliates’ estimated profits relating tothe management of the Portfolio and the other funds advised by BlackRock and its affiliates. As part of its analysis, the Board reviewed BlackRock’s methodology inallocating its costs of managing the Portfolio, to the Portfolio. The Board considered whether BlackRock has the financial resources necessary to attract and retain highquality investment management personnel to perform its obligations under the Agreement and to continue to provide the high quality of services that is expected by theBoard. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing the Portfolio,including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund,sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the Portfolio’s contractual advisory fee rate ranked in the first quartile, and that the actual advisory fee rate and total expense ratio each ranked in thefirst quartile, relative to the Portfolio’s Expense Peers. The Board also noted that the Portfolio has an advisory fee arrangement that includes breakpoints that adjust thefee rate downward as the size of the Portfolio increases above certain contractually specified levels. The Board noted that if the size of the Portfolio were to decrease, thePortfolio could lose the benefit of one or more breakpoints. The Board additionally noted that BlackRock has voluntarily agreed to waive a portion of its administration andadvisory fees payable by the Portfolio. The Board further noted that BlackRock and its affiliates have contractually agreed to reimburse or otherwise compensate thePortfolio for certain other fees and expenses.

D. Economies of Scale: The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of thePortfolio increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and expense caps had beenapproved by the Board. The Board also considered the extent to which the Portfolio benefits from such economies in a variety of ways and whether there should bechanges in the advisory fee rate or breakpoint structure in order to enable the Portfolio to more fully participate in these economies of scale. The Board considered thePortfolio’s asset levels and whether the current fee schedule was appropriate. In its consideration, the Board Members took into account the existence of any expensecaps and further considered the continuation and/or implementation, as applicable, of such caps.

E. Other Factors Deemed Relevant by the Board Members: The Board, including the Independent Board Members, also took into account other ancillary or “fall-out”benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Portfolio, both tangible and intangible, such as BlackRock’s ability toleverage its investment professionals who manage other portfolios and risk management personnel, an increase in BlackRock’s profile in the investment advisorycommunity, and the engagement of BlackRock’s affiliates as service providers to the Portfolio, including for administrative, distribution, securities lending and cashmanagement services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. TheBoard also noted that, subject to applicable law, BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fundtransactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board receivedreports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the open-end fund marketplace, and that shareholders are able to redeem their Portfolio shares if they believe that thePortfolio’s fees and expenses are too high or if they are dissatisfied with the performance of the Portfolio.

Conclusion

The Board, including the Independent Board Members, unanimously approved the continuation of the Agreement between the Manager and the Master Fund, on behalf ofthe Portfolio, for a one-year term ending June 30, 2020. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, theBoard, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Portfolio and itsshareholders. In arriving at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, butconsidered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Memberswere also assisted by the advice of independent legal counsel in making this determination.

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T 31

Trustee and Officer Information

Mark Stalnecker, Chair of the Board and TrusteeBruce R. Bond, TrusteeSusan J. Carter, TrusteeCollette Chilton, TrusteeNeil A. Cotty, TrusteeLena G. Goldberg, TrusteeRobert M. Hernandez, TrusteeHenry R. Keizer, TrusteeCynthia A. Montgomery, TrusteeDonald C. Opatrny, TrusteeJoseph P. Platt, TrusteeKenneth L. Urish, TrusteeClaire A. Walton, TrusteeRobert Fairbairn, TrusteeJohn M. Perlowski, Trustee and President and Chief Executive OfficerThomas Callahan, Vice PresidentJennifer McGovern, Vice PresidentNeal J. Andrews, Chief Financial OfficerJay M. Fife, TreasurerCharles Park, Chief Compliance OfficerJohn MacKessy, Anti-Money Laundering Compliance OfficerBenjamin Archibald, Secretary

Investment Adviser

BlackRock Fund AdvisorsSan Francisco, CA 94105

Administrator

BlackRock Advisors, LLCWilmington, DE 19809

Accounting Agent and Custodian

State Street Bank and Trust CompanyBoston, MA 02111

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLPPhiladelphia, PA 19103

Legal Counsel

Sidley Austin LLPNew York, NY 10019

Address of MIP

400 Howard StreetSan Francisco, CA 94105


Additional Information

General Information

Householding

The Master Portfolio will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholderswith multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings ofshareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of thesedocuments to be combined with those for other members of your household, please call the Master Portfolio at (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Master Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports onForm N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Master Portfolio’s Forms N-PORT and N-Q are availableon the SEC’s website at http://www.sec.gov. The Master Portfolio’s Forms N-PORT and N-Q may also be obtained upon request and without charge by calling(800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Master Portfolio uses to determine how to vote proxies relating to portfolio securities is available upon request andwithout charge (1) by calling (800) 441-7762; (2) at http://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Master Portfolio voted proxies relating to securities held in the Master Portfolio’s portfolio during the most recent 12-month period endedJune 30 is available upon request and without charge (1) at http://www.blackrock.com or by calling (800) 441-7762; and (2) on the SEC’s website at http://www.sec.gov.

Glossary of Terms Used in this Report

ADR American Depositary Receipts

GDR Global Depositary Receipt

NVDR Non-voting Depository Receipts

PCL Public Company Limited

REIT Real Estate Investment Trust

A D D I T I O N A L I N F O R M A T I O N 33

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