Master Investment Portfolio II NPORTP CoreAlpha Bond Master Portfolio (Mar 2021 report)

Schedule of Investments (unaudited)

March 31, 2021

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Asset-Backed Securities
AmeriCredit Automobile Receivables Trust
Series 2017-1, Class C, 2.71%, 08/18/22	$	700		$	702,653
Series 2017-3, Class D, 3.18%, 07/18/23		1,270			1,305,370
Ameriquest Mortgage Securities, Inc., Series 2004-R4, Class M1, (1 mo. LIBOR US + 0.83%), 0.93%, 06/25/34^(a)		—	^(b)		293
Avant Loans Funding Trust, Series 2020-REV1, Class A, 2.17%, 05/15/29^(c)		8,630			8,690,338
Avid Automobile Receivables Trust, Series 2019-1, Class A, 2.62%, 02/15/24^(c)		700			704,840
Chase Funding Trust, Series 2004-2, Class 2A2, (1 mo. LIBOR US + 0.50%), 0.61%, 02/26/35^(a)		119			116,117
College Loan Corp. Trust I, Series 2004-1, Class A4, (3 mo. LIBOR US + 0.19%), 0.41%, 04/25/24^(a)		751			750,930
Conn’s Receivables Funding LLC, Series 2019-A, Class A, 3.40%, 10/16/23^(c)		342			343,212
Conseco Finance Corp., Series 1996-9, Class M1, 7.63%, 08/15/27^(a)		33			35,456
Consumer Loan Underlying Bond CLUB Credit Trust(c)
Series 2019-HP1, Class A, 2.59%, 12/15/26		3,354			3,390,536
Series 2020-P1, Class A, 2.26%, 03/15/28		3,532			3,553,914
Consumer Loan Underlying Bond Credit Trust^(c)
Series 2018-P3, Class A, 3.82%, 01/15/26		73			73,546
Series 2019-P1, Class A, 2.94%, 07/15/26		841			843,987
Countrywide Asset-Backed Certificates,
Series 2004-1, Class M1, (1 mo. LIBOR US + 0.75%), 0.86%, 03/25/34^(a)		12			11,818
CPS Auto Receivables Trust, Series 2020-B, Class A, 1.15%, 07/17/23^(c)		907			909,405
Drive Auto Receivables Trust
Series 2016-CA, Class D, 4.18%, 03/15/24^(c)		431			432,382
Series 2017-1, Class D, 3.84%, 03/15/23		1,008			1,017,136
Series 2017-2, Class D, 3.49%, 09/15/23		437			441,936
Series 2017-3, Class D, 3.53%, 12/15/23^(c)		3,397			3,441,788
Series 2017-AA, Class D, 4.16%, 05/15/24^(c)		670			674,454
Series 2018-3, Class D, 4.30%, 09/16/24		4,840			4,968,268
Series 2018-4, Class D, 4.09%, 01/15/26		1,420			1,468,886
Series 2019-2, Class B, 3.17%, 11/15/23		183			184,014
Series 2019-2, Class C, 3.42%, 06/16/25		8,500			8,686,313
Series 2020-1, Class C, 2.36%, 03/16/26		7,240			7,396,913
Series 2020-2, Class A2A, 0.85%, 07/17/23		738			738,682
Series 2020-2, Class A3, 0.83%, 05/15/24		1,150			1,154,101
Series 2020-2, Class B, 1.42%, 03/17/25		2,950			2,989,832
Series 2020-2, Class C, 2.28%, 08/17/26		1,890			1,943,520
DT Auto Owner Trust^(c)
Series 2019-3A, Class C, 2.74%, 04/15/25		3,050			3,101,643
Series 2020-2A, Class A, 1.14%, 01/16/24		1,609			1,615,123
Exeter Automobile Receivables Trust
Series 2020-1A, Class B, 2.26%, 04/15/24^(c)		9,560			9,646,684
Series 2020-2A, Class A, 1.13%, 08/15/23^(c)		3,750			3,757,745
Series 2020-3A, Class B, 0.79%, 09/16/24		4,340			4,353,551
Series 2020-3A, Class D, 1.73%, 07/15/26		1,730			1,755,358
Series 2021-1A, Class C, 0.74%, 01/15/26		7,930			7,913,654
Ford Credit Auto Owner Trust^(c)
Series 2018-1, Class A, 3.19%, 07/15/31		2,870			3,092,792
Series 2019-1, Class A, 3.52%, 07/15/30		450			484,726
GSAA Home Equity Trust, Series 2005-5, Class M3, (1 mo. LIBOR US + 0.95%), 1.05%, 02/25/35^(a)		6			6,268


Security	Par (000)		Value

Asset-Backed Securities (continued)
Marlette Funding Trust^(c)
Series 2018-3A, Class B, 3.86%, 09/15/28	$	27	$	26,815
Series 2018-4A, Class A, 3.71%, 12/15/28		42		42,094
Series 2019-1A, Class A, 3.44%, 04/16/29		752		756,560
Series 2019-2A, Class A, 3.13%, 07/16/29		660		665,041
Series 2019-3A, Class A, 2.69%, 09/17/29		1,048		1,053,815
Series 2019-4A, Class A, 2.39%, 12/17/29		1,783		1,796,554
Series 2020-1A, Class A, 2.24%, 03/15/30		821		823,772
Series 2020-2A, Class A, 1.02%, 09/16/30		3,857		3,861,772
OneMain Financial Issuance Trust, Series 2019-2A, Class A, 3.14%, 10/14/36^(c)		5,690		6,047,952
Prosper Marketplace Issuance Trust^(c)
Series 2019-3A, Class A, 3.19%, 07/15/25		123		123,436
Series 2019-4A, Class A, 2.48%, 02/17/26		443		444,537
Santander Drive Auto Receivables Trust
Series 2017-2, Class D, 3.49%, 07/17/23		3,356		3,360,365
Series 2017-3, Class D, 3.20%, 11/15/23		7,288		7,382,277
Series 2018-5, Class D, 4.19%, 12/16/24		5,190		5,351,776
Series 2019-3, Class B, 2.28%, 09/15/23		4,697		4,715,929
Series 2020-2, Class B, 0.96%, 11/15/24		1,520		1,529,124
Series 2020-2, Class C, 1.46%, 09/15/25		3,030		3,070,777
Series 2020-4, Class C, 1.01%, 01/15/26		5,750		5,768,784
Series 2021-1, Class C, 0.75%, 02/17/26		4,730		4,718,751
Santander Revolving Auto Loan Trust, Series 2019-A, Class A, 2.51%, 01/26/32^(c)		4,790		5,022,950
SoFi Consumer Loan Program LLC^(c)
Series 2016-1, Class A, 3.26%, 08/25/25		270		270,005
Series 2017-4, Class A, 2.50%, 05/26/26		4		4,383
Series 2017-6, Class A2, 2.82%, 11/25/26		25		25,342
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/33^(c)		5,680		5,762,011
Upgrade Receivables Trust, Series 2019-2A, Class A, 2.77%, 10/15/25^(c)		14		13,697
Upstart Securitization Trust^(c)
Series 2019-3, Class A, 2.68%, 01/21/30		767		772,722
Series 2020-1, Class A, 2.32%, 04/22/30		3,780		3,816,875
Series 2021-1, Class A, 0.87%, 03/20/31		3,288		3,290,191
Westlake Automobile Receivables Trust^(c)
Series 2018-1A, Class D, 3.41%, 05/15/23		1,086		1,091,195
Series 2018-3A, Class D, 4.00%, 10/16/23		1,140		1,169,987
Series 2019-1A, Class B, 3.26%, 10/17/22		1,838		1,843,082
Series 2019-2A, Class B, 2.62%, 07/15/24		1,200		1,211,154
Series 2020-2A, Class B, 1.32%, 07/15/25		1,310		1,323,641
Series 2020-2A, Class C, 2.01%, 07/15/25		5,920		6,056,397
Series 2020-3A, Class B, 0.78%, 11/17/25		3,480		3,494,937
Series 2020-3A, Class C, 1.24%, 11/17/25		4,250		4,287,948


Total Asset-Backed Securities — 11.3% (Cost: $181,073,555)				183,694,832


	Shares

Common Stocks

Diversified Financial Services — 0.0%
HoldCo 2 NPV^(d)		1,807,150		1


Total Common Stocks — 0.0% (Cost: $ — )				1


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

Schedule of Investments (unaudited) (continued)

March 31, 2021

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds

Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc., 3.38%, 03/01/41	$	810	$	787,247


Aerospace & Defense — 0.5%
3M Co., 2.65%, 04/15/25		1,710		1,816,242
Boeing Co. 4.51%, 05/01/23		1,475		1,578,816
4.88%, 05/01/25		1,080		1,202,524
5.15%, 05/01/30		795		915,638
General Dynamics Corp., 3.25%, 04/01/25^(e)		1,130		1,223,561
General Electric Co., 3.63%, 05/01/30^(e)		495		532,949
Lockheed Martin Corp.^(e)1.85%, 06/15/30		195		189,884
2.80%, 06/15/50		60		56,589
Trane Technologies Luxembourg Finance SA, 4.50%, 03/21/49		125		145,853

				7,662,056

Airlines — 0.1%
Delta Air Line, Inc., 7.38%, 01/15/26^(e)		900		1,052,365
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25^(c)		1,200		1,356,000

				2,408,365

Auto Components — 0.2%
Aptiv Corp., 4.15%, 03/15/24		1,625		1,772,178
Lear Corp., 5.25%, 05/15/49^(e)		909		1,065,042

				2,837,220

Automobiles — 1.4%
American Honda Finance Corp., 1.20%, 07/08/25		900		896,173
Ford Motor Co., 5.29%, 12/08/46		1,200		1,261,524
Ford Motor Credit Co. LLC, 5.58%, 03/18/24		1,200		1,295,148
General Motors Co., 6.75%, 04/01/46		686		925,986
General Motors Financial Co., Inc. 4.20%, 11/06/21		1,500		1,532,385
3.45%, 04/10/22		1,780		1,821,812
3.55%, 07/08/22		3,345		3,465,034
3.25%, 01/05/23^(e)		1,200		1,250,028
3.70%, 05/09/23		2,850		3,001,773
4.15%, 06/19/23		1,155		1,239,180
2.90%, 02/26/25^(e)		1,335		1,399,731
2.35%, 01/08/31^(e)		3,090		2,950,856
Lithia Motors, Inc., 4.38%, 01/15/31^(c)		55		57,087
Toyota Motor Corp., 0.68%, 03/25/24		1,865		1,864,573

				22,961,290

Banks — 2.9%
Canadian Imperial Bank of Commerce, 2.25%, 01/28/25		1,960		2,032,557
Citibank NA, 3.65%, 01/23/24^(e)		3,855		4,173,500
Credit Suisse AG, New York, 1.00%, 05/05/23		2,170		2,181,823
Fifth Third Bancorp, 2.38%, 01/28/25		850		886,229
First Republic Bank, (SOFR + 0.62%), 1.91%, 02/12/24^(a)		2,500		2,558,597
ING Groep NV 3.15%, 03/29/22		415		426,436
4.10%, 10/02/23		2,290		2,479,187
Royal Bank of Canada 1.60%, 04/17/23		940		962,665
2.25%, 11/01/24		1,750		1,834,365
1.15%, 06/10/25		8,410		8,405,664


Security	Par (000)		Value

Banks (continued)
Santander Holdings USA, Inc., 3.45%, 06/02/25	$	510	$	546,542
Santander UK Group Holdings PLC, (3 mo. LIBOR US + 1.40%), 3.82%, 11/03/28^(a)(e)		3,800		4,148,923
SVB Financial Group, 1.80%, 02/02/31		2,420		2,231,282
Toronto-Dominion Bank, 2.65%, 06/12/24		3,300		3,500,216
Truist Financial Corp., 1.20%, 08/05/25^(e)		4,850		4,839,517
Wells Fargo & Co. 3.75%, 01/24/24^(e)		1,540		1,665,303
3.30%, 09/09/24		1,590		1,717,468
3.00%, 02/19/25		800		851,221
(3 mo. LIBOR US + 4.24%), 5.01%, 04/04/51^(a)		750		961,831
Westpac Banking Corp., 2.96%, 11/16/40		120		111,634

				46,514,960

Beverages — 0.6%
Ball Corp., 2.88%, 08/15/30		320		308,240
Constellation Brands, Inc., 3.75%, 05/01/50		350		365,792
Diageo Capital PLC 2.13%, 10/24/24^(e)		4,280		4,466,674
2.00%, 04/29/30		1,255		1,227,067
2.13%, 04/29/32		750		724,216
PepsiCo, Inc. 2.85%, 02/24/26		800		861,832
3.45%, 10/06/46		15		15,861
3.38%, 07/29/49		955		986,488

				8,956,170

Biotechnology — 0.2%
Amgen, Inc. 3.63%, 05/22/24		800		863,617
3.13%, 05/01/25^(e)		800		859,764
2.60%, 08/19/26^(e)		800		840,760
Gilead Sciences, Inc., 3.50%, 02/01/25		400		434,490
Royalty Pharma PLC^(c)0.75%, 09/02/23		80		79,921
1.20%, 09/02/25		80		78,345

				3,156,897

Building Materials — 0.2%
Boise Cascade Co., 4.88%, 07/01/30^(c)		1,250		1,309,375
Carrier Global Corp. 2.24%, 02/15/25		360		372,761
3.38%, 04/05/40		1,980		1,976,101
Masco Corp., 2.00%, 10/01/30^(e)		160		152,147
US Concrete, Inc., 5.13%, 03/01/29^(c)		80		82,400

				3,892,784

Building Products — 0.2%
Allegion PLC, 3.50%, 10/01/29		630		661,546
Home Depot, Inc. 5.40%, 09/15/40		200		264,958
3.13%, 12/15/49		1,240		1,218,522
Lowe’s Cos., Inc. 4.00%, 04/15/25		420		464,670
3.50%, 04/01/51		635		645,874

				3,255,570

Capital Markets — 1.1%
Ameriprise Financial, Inc., 3.00%, 04/02/25		930		989,473
Ares Capital Corp. 4.20%, 06/10/24		4,815		5,191,644
3.25%, 07/15/25		3,070		3,166,778
3.88%, 01/15/26		558		588,071


2

Schedule of Investments (unaudited) (continued)

March 31, 2021

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Capital Markets (continued)
Ares Capital Corp. (continued) 2.15%, 07/15/26	$	1,542	$	1,501,636
Brookfield Finance, Inc., 4.70%, 09/20/47		5		5,702
FS KKR Capital Corp. 4.63%, 07/15/24		950		1,008,550
4.13%, 02/01/25		680		699,183
Goldman Sachs BDC, Inc., 2.88%, 01/15/26		1,795		1,814,261
Golub Capital BDC, Inc., 2.50%, 08/24/26		535		523,391
Nomura Holdings, Inc., 2.65%, 01/16/25		2,940		3,040,945

				18,529,634

Chemicals — 1.2%
Air Products and Chemicals, Inc., 2.70%, 05/15/40		187		178,867
FMC Corp. 3.20%, 10/01/26		2,098		2,254,038
3.45%, 10/01/29		1,082		1,139,048
International Flavors & Fragrances, Inc., 3.20%, 05/01/23^(e)		1,590		1,663,217
Methanex Corp., 5.25%, 12/15/29^(e)		725		747,790
RPM International, Inc., 3.75%, 03/15/27^(e)		1,000		1,100,553
Sherwin-Williams Co. 4.20%, 01/15/22		1,590		1,622,240
3.13%, 06/01/24		265		282,288
3.30%, 02/01/25		800		846,852
3.95%, 01/15/26		400		444,800
3.45%, 06/01/27^(e)		4,710		5,140,393
2.95%, 08/15/29		1,330		1,385,081
4.50%, 06/01/47		770		899,530
3.80%, 08/15/49		710		752,289
Sherwin-Williams Co. (The), 3.30%, 05/15/50		520		513,147

				18,970,133

Commercial Services & Supplies — 0.0%
AMN Healthcare, Inc., 4.63%, 10/01/27^(c)		130		132,925
Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, 08/31/27^(c)		205		198,850
Rockefeller Foundation, Series 2020, 2.49%, 10/01/50		72		65,918

				397,693

Communications Equipment — 0.1%
Motorola Solutions, Inc. 4.60%, 02/23/28^(e)		939		1,068,903
2.30%, 11/15/30		323		305,489

				1,374,392

Construction & Engineering — 0.2%
Landesbank Baden-Wuerttemberg, 7.63%, 02/01/23.		2,974		3,361,343
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28^(c)		200		205,000

				3,566,343

Construction Materials — 0.0%
Allegion US Holding Co., Inc., 3.55%, 10/01/27		125		133,667


Consumer Discretionary — 0.2%
Quanta Services, Inc., 2.90%, 10/01/30^(e)		2,290		2,323,860
Royal Caribbean Cruises Ltd., 11.50%, 06/01/25^(c)		1,350		1,574,437

				3,898,297

Consumer Finance — 1.5%
Block Financial LLC, 3.88%, 08/15/30		100		103,180
Equifax, Inc. 2.60%, 12/15/25		275		288,282


Security	Par (000)		Value

Consumer Finance (continued)
Equifax, Inc. (continued) 3.10%, 05/15/30	$	530	$	550,135
Global Payments, Inc. 4.00%, 06/01/23		1,400		1,498,887
1.20%, 03/01/26		5,500		5,414,328
3.20%, 08/15/29		205		215,908
IHS Markit Ltd. 4.13%, 08/01/23		1,244		1,333,083
4.75%, 08/01/28		2,105		2,431,359
4.25%, 05/01/29		40		45,057
Mastercard, Inc. 3.65%, 06/01/49		4,360		4,758,756
3.85%, 03/26/50		700		793,205
2.95%, 03/15/51		1,940		1,910,489
PayPal Holdings, Inc. 2.85%, 10/01/29		1,520		1,583,587
3.25%, 06/01/50		320		318,388
S&P Global, Inc. 2.95%, 01/22/27		685		730,924
2.30%, 08/15/60^(e)		843		684,942
Visa, Inc. 3.65%, 09/15/47		1,065		1,177,247
2.00%, 08/15/50		235		190,135

				24,027,892

Containers & Packaging — 0.0%
Clearwater Paper Corp., 4.75%, 08/15/28^(c)(e)		150		151,125


Diversified Financial Services — 7.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.50%, 09/15/23^(e)		1,015		1,091,744
Air Lease Corp. 3.38%, 07/01/25		900		950,655
2.88%, 01/15/26		860		892,352
Aircastle Ltd., 4.25%, 06/15/26^(e)		1,985		2,101,653
Ally Financial, Inc. 3.05%, 06/05/23		290		303,232
1.45%, 10/02/23		565		573,554
Banco Santander SA 3.50%, 04/11/22		600		618,128
2.75%, 05/28/25		1,600		1,671,727
2.75%, 12/03/30		400		381,010
Bank of America Corp.^(a)
(3 mo. LIBOR US + 0.79%), 3.00%, 12/20/23		1,095		1,138,849
(3 mo. LIBOR US + 0.94%), 3.86%, 07/23/24		3,400		3,641,648
(3 mo. LIBOR US + 1.21%), 3.97%, 02/07/30		175		194,230
(3 mo. LIBOR US + 1.32%), 4.08%, 04/23/40		70		77,525
(3 mo. LIBOR US + 1.81%), 4.24%, 04/24/38		2,550		2,900,810
(3 mo. LIBOR US + 3.15%), 4.08%, 03/20/51		1,361		1,511,128
(SOFR + 0.74%), 0.81%, 10/24/24		2,545		2,551,308
(SOFR + 0.91%), 0.98%, 09/25/25^(e)		950		947,530
(SOFR + 1.15%), 1.32%, 06/19/26		2,030		2,023,808
(SOFR + 1.65%), 3.48%, 03/13/52		595		606,297
(SOFR + 1.93%), 2.68%, 06/19/41		1,015		950,225
Bank of Nova Scotia, 1.05%, 03/02/26		1,000		984,099
Barclays PLC, (1 year CMT + 1.70%), 3.81%, 03/10/42^(a)		233		228,256
Citigroup, Inc. 4.75%, 05/18/46^(e)		1,080		1,287,032
4.65%, 07/23/48		160		196,331
(3 mo. LIBOR US + 0.72%), 3.14%, 01/24/23^(a)		1,600		1,633,216
(3 mo. LIBOR US + 0.90%), 3.35%, 04/24/25^(a)		2,805		3,001,937


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

Schedule of Investments (unaudited) (continued)

March 31, 2021

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
Citigroup, Inc. (continued)
(SOFR + 0.69%), 0.78%, 10/30/24^(a)	$	8,880	$	8,873,966
(SOFR + 1.67%), 1.68%, 05/15/24^(a)		800		816,296
(SOFR + 2.11%), 2.57%, 06/03/31^(a)		1,100		1,099,140
(SOFR + 2.84%), 3.11%, 04/08/26^(a)		1,630		1,739,965
CME Group, Inc., 5.30%, 09/15/43		663		895,705
Credit Suisse Group AG, 3.80%, 06/09/23		300		318,324
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22		670		697,829
Deutsche Bank AG^(a)
(SOFR + 1.87%), 2.13%, 11/24/26		1,330		1,333,347
(SOFR + 2.16%), 2.22%, 09/18/24		1,710		1,755,260
GE Capital International Funding Co., 4.42%, 11/15/35		810		927,256
Goldman Sachs Group, Inc. 3.75%, 05/22/25		1,820		1,986,793
3.75%, 02/25/26		1,900		2,087,268
3.50%, 11/16/26		365		395,606
3.85%, 01/26/27		1,090		1,195,687
2.60%, 02/07/30		6,060		6,133,702
3.80%, 03/15/30		2,010		2,213,855
6.75%, 10/01/37		500		706,811
5.15%, 05/22/45		503		628,735
(3 mo. LIBOR US + 1.30%), 4.22%, 05/01/29^(a)		550		616,999
(3 mo. LIBOR US + 1.37%), 4.02%, 10/31/38^(a)		500		554,455
(3 mo. LIBOR US + 1.43%), 4.41%, 04/23/39^(a)		2,120		2,470,905
(SOFR + 0.61%), 0.86%, 02/12/26^(a)		1,535		1,508,755
(SOFR + 1.09%), 1.99%, 01/27/32^(a)		2,000		1,898,090
HSBC Holdings PLC, 6.50%, 05/02/36		100		131,116
Intercontinental Exchange, Inc. 0.70%, 06/15/23^(e)		2,920		2,922,900
4.25%, 09/21/48		1,640		1,821,377
3.00%, 06/15/50		2,260		2,105,963
JPMorgan Chase & Co. 3.38%, 05/01/23		5,400		5,715,608
3.63%, 05/13/24		400		435,968
3.13%, 01/23/25		800		857,106
3.30%, 04/01/26		600		652,843
4.95%, 06/01/45^(e)		340		424,202
(3 mo. LIBOR US + 1.16%), 3.22%, 03/01/25^(a)		600		640,127
(3 mo. LIBOR US + 1.38%), 3.96%, 11/15/48^(a)		7,055		7,780,296
(3 mo. LIBOR US + 1.46%), 4.03%, 07/24/48^(a)		660		739,870
(SOFR + 1.51%), 2.74%, 10/15/30^(a)		610		619,955
Kimberly-Clark Corp., 2.88%, 02/07/50		490		481,330
Lloyds Banking Group PLC, (1 year CMT + 0.55%), 0.70%, 05/11/24^(a)		1,590		1,589,311
Mizuho Financial Group, Inc., (3 mo. LIBOR US + 0.99%), 1.24%, 07/10/24^(a)		2,845		2,874,928
Morgan Stanley 3.88%, 01/27/26		200		222,388
6.38%, 07/24/42		460		670,884
4.30%, 01/27/45^(e)		1,380		1,616,779
(3 mo. LIBOR US + 1.46%), 3.97%, 07/22/38^(a)		1,840		2,043,482
(SOFR + 1.03%), 1.79%, 02/13/32^(a)		2,505		2,338,064
(SOFR + 1.43%), 2.80%, 01/25/52^(a)		1,060		975,694
(SOFR + 1.99%), 2.19%, 04/28/26^(a)(e)		2,400		2,479,757
(SOFR + 4.84%), 5.60%, 03/24/51^(a)(e)		2,020		2,813,249
Series I, (SOFR + 0.75%), 0.86%, 10/21/25^(a)(e)		3,410		3,391,605
Nasdaq, Inc. 3.85%, 06/30/26		32		35,324


Security	Par (000)		Value

Diversified Financial Services (continued)
Nasdaq, Inc. (continued) 3.25%, 04/28/50	$	195	$	183,309
Natwest Group PLC, (1 year CMT + 2.15%), 2.36%, 05/22/24^(a)		290		299,201
ORIX Corp., 2.90%, 07/18/22		405		417,289
Sumitomo Mitsui Financial Group, Inc. 2.35%, 01/15/25^(e)		1,325		1,375,295
1.47%, 07/08/25		6,129		6,131,691

				128,099,944

Diversified Telecommunication Services — 1.5%
AT&T, Inc. 0.90%, 03/25/24		2,470		2,475,271
4.45%, 04/01/24		1,202		1,318,419
1.70%, 03/25/26		3,620		3,618,729
4.85%, 03/01/39		1,185		1,375,707
3.10%, 02/01/43		1,445		1,348,273
4.80%, 06/15/44		195		222,695
3.30%, 02/01/52		305		274,698
3.80%, 12/01/57^(c)		238		226,430
3.50%, 02/01/61^(e)		225		204,164
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		2,445		3,626,208
Switch Ltd., 3.75%, 09/15/28^(c)(e)		865		851,783
Verizon Communications, Inc. 3.38%, 02/15/25		1,000		1,084,667
1.68%, 10/30/30^(c)		2,797		2,594,878
4.50%, 08/10/33		2,600		3,019,954
4.13%, 08/15/46		430		470,829
4.86%, 08/21/46		875		1,049,690
2.88%, 11/20/50		170		151,093
3.55%, 03/22/51		285		284,600
3.00%, 11/20/60		430		373,314

				24,571,402

Education — 0.1%
Ford Foundation (The)^(e)
Series 2020, 2.42%, 06/01/50.		5		4,510
Series 2020, 2.82%, 06/01/70		30		27,005
Georgetown University, Series 20A, 2.94%, 04/01/50^(e)		27		24,950
Northwestern University, Series 2020, 2.64%, 12/01/50^(e)		266		252,745
President and Fellows of Harvard College, 2.52%, 10/15/50^(e)		54		50,366
University of Chicago (The)
Series 20B, 2.76%, 04/01/45		148		142,396
Series C, 2.55%, 04/01/50		157		142,147
Yale University, Series 2020, 2.40%, 04/15/50		272		249,469

				893,588

Electric Utilities — 3.3%
AEP Texas, Inc., Series I, 2.10%, 07/01/30		2,180		2,097,125
AEP Transmission Co. LLC, 3.15%, 09/15/49		30		29,299
Alabama Power Co., 3.45%, 10/01/49		370		377,265
Ameren Corp., 2.50%, 09/15/24		65		68,337
Ameren Illinois Co., 3.25%, 03/15/50		130		130,564
Appalachian Power Co. 3.40%, 06/01/25		800		860,182
Series X, 3.30%, 06/01/27^(e)		1,190		1,280,550
Arizona Public Service Co. 3.15%, 05/15/25		400		430,361


4

Schedule of Investments (unaudited) (continued)

March 31, 2021

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric Utilities (continued)
Arizona Public Service Co. (continued) 2.95%, 09/15/27	$	800	$	860,304
3.50%, 12/01/49^(e)		240		244,671
3.35%, 05/15/50		120		118,915
Atlantic City Electric Co., 2.30%, 03/15/31		570		563,295
Avangrid, Inc., 3.80%, 06/01/29		600		660,019
Baltimore Gas & Electric Co.^(e)4.25%, 09/15/48		225		260,993
2.90%, 06/15/50		170		157,192
Berkshire Hathaway Energy Co., 4.45%, 01/15/49		500		585,937
CenterPoint Energy Houston Electric LLC, Series Z, 2.40%, 09/01/26		800		840,434
CenterPoint Energy, Inc., 4.25%, 11/01/28		730		818,731
Commonwealth Edison Co. 3.70%, 08/15/28^(e)		2,200		2,450,104
2.20%, 03/01/30^(e)		500		495,758
4.00%, 03/01/49		90		100,951
3.13%, 03/15/51		70		67,915
Consolidated Edison Co. of New York, Inc.
Series 06-A, 5.85%, 03/15/36		1,000		1,288,583
Series A, 4.13%, 05/15/49		50		55,592
Series B, 3.13%, 11/15/27		800		861,412
Dominion Energy, Inc., 3.90%, 10/01/25		500		549,972
DTE Electric Co., 3.65%, 03/15/24		1,590		1,707,050
DTE Energy Co., Series D, 3.70%, 08/01/23		835		889,536
Duke Energy Corp. 2.65%, 09/01/26		1,000		1,046,333
4.20%, 06/15/49^(e)		700		742,025
Duke Energy Florida LLC 3.80%, 07/15/28^(e)		1,365		1,513,791
1.75%, 06/15/30		780		737,710
Duke Energy Ohio, Inc. 2.13%, 06/01/30		350		340,474
4.30%, 02/01/49^(e)		100		113,969
Entergy Corp., 0.90%, 09/15/25		285		278,306
Entergy Texas, Inc., 3.55%, 09/30/49		520		516,589
Evergy Kansas Central, Inc. 2.55%, 07/01/26		800		838,233
3.45%, 04/15/50^(e)		130		131,490
Evergy Metro, Inc., 3.65%, 08/15/25		300		328,200
Evergy, Inc., 2.90%, 09/15/29		50		50,957
Eversource Energy, Series M, 3.30%, 01/15/28		1,000		1,068,262
Florida Power & Light Co. 4.05%, 10/01/44		500		565,383
3.15%, 10/01/49		40		40,257
Georgia Power Co. 3.25%, 04/01/26		800		864,643
3.25%, 03/15/51		210		200,469
Interstate Power and Light Co., 2.30%, 06/01/30^(e)		530		522,768
Kentucky Utilities Co., 3.30%, 06/01/50^(e)		320		311,375
MidAmerican Energy Co. 3.10%, 05/01/27^(e)		800		867,010
3.15%, 04/15/50		490		481,548
National Rural Utilities Cooperative Finance Corp., 3.70%, 03/15/29		680		744,514
Nevada Power Co., Series DD, 2.40%, 05/01/30		440		438,492
NextEra Energy Capital Holdings, Inc. 3.55%, 05/01/27		645		707,903
2.25%, 06/01/30^(e)		1,070		1,046,893


Security	Par (000)		Value

Electric Utilities (continued)
NextEra Energy Operating Partners LP, 4.50%, 09/15/27^(c)	$	1,300	$	1,405,625
Northern States Power Co., 2.60%, 06/01/51		305		273,120
Oglethorpe Power Corp., 5.05%, 10/01/48^(e)		130		153,057
Oncor Electric Delivery Co. LLC, 3.80%, 06/01/49		320		347,907
Pacific Gas and Electric Co. 1.75%, 06/16/22		500		500,759
3.15%, 01/01/26		510		531,219
2.10%, 08/01/27^(e)		65		63,640
4.50%, 07/01/40		240		243,488
3.30%, 08/01/40		90		81,461
4.95%, 07/01/50^(e)		400		411,078
3.50%, 08/01/50		340		295,040
PacifiCorp, 4.13%, 01/15/49		280		311,813
PECO Energy Co. 2.80%, 06/15/50		355		330,630
3.05%, 03/15/51		70		68,398
PPL Electric Utilities Corp. 2.50%, 09/01/22^(e)		400		409,516
3.00%, 10/01/49		275		261,052
Public Service Co. of Colorado 3.70%, 06/15/28		1,800		1,991,050
4.05%, 09/15/49^(e)		20		22,851
Public Service Electric & Gas Co. 2.25%, 09/15/26		800		836,794
3.00%, 05/15/27^(e)		500		536,678
3.70%, 05/01/28^(e)		800		881,442
2.05%, 08/01/50^(e)		105		84,473
Puget Sound Energy, Inc., 3.25%, 09/15/49		390		375,104
San Diego Gas & Electric Co., 2.50%, 05/15/26		400		417,677
Sempra Energy, 3.75%, 11/15/25		200		219,474
Southern California Edison Co. 3.65%, 02/01/50^(e)		100		98,923
Series B, 4.88%, 03/01/49		260		301,815
Series C, 4.13%, 03/01/48		370		387,697
Southern Co., 3.25%, 07/01/26		2,400		2,568,904
Tampa Electric Co., 3.45%, 03/15/51		35		35,328
Tucson Electric Power Co., 1.50%, 08/01/30		190		175,974
Union Electric Co., 4.00%, 04/01/48		230		256,725
Virginia Electric & Power Co. 3.30%, 12/01/49		610		606,672
Series A, 3.80%, 04/01/28		1,750		1,932,540
Wisconsin Electric Power Co., 3.10%, 06/01/25^(e)		800		851,308
Wisconsin Power & Light Co., 3.05%, 10/15/27		1,090		1,163,800
Wisconsin Public Service Corp., 3.30%, 09/01/49		85		85,998
Xcel Energy, Inc. 4.00%, 06/15/28		900		999,414
3.50%, 12/01/49		50		50,033

				53,917,118

Electronic Equipment, Instruments & Components — 0.2%
Amphenol Corp., 2.05%, 03/01/25		300		309,516
Keysight Technologies, Inc., 4.60%, 04/06/27		1,225		1,402,392
Xerox Holdings Corp., 5.50%, 08/15/28^(c)		700		724,721

				2,436,629

Energy Equipment & Services — 0.1%
Baker Hughes a GE Co. LLC/Baker Hughes Co- Obligor, Inc., 4.08%, 12/15/47.		850		906,090


M A S T E R P O R T F O L I O S C H E D U L E O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

March 31, 2021

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Energy Equipment & Services (continued)
Halliburton Co., 5.00%, 11/15/45	$	140	$	156,079
NOV, Inc., 3.60%, 12/01/29		99		99,564

				1,161,733

Environmental, Maintenance, & Security Service — 0.1%
Waste Connections, Inc., 2.60%, 02/01/30		305		306,300
Waste Management, Inc., 2.40%, 05/15/23		1,000		1,036,813

				1,343,113

Equity Real Estate Investment Trusts (REITs) — 0.9%
American Tower Corp.
3.38%, 10/15/26^(e)		110		118,959
3.70%, 10/15/49		190		192,047
Brixmor Operating Partnership LP, 4.05%, 07/01/30		130		140,031
Camden Property Trust, 2.80%, 05/15/30		240		246,197
Crown Castle International Corp., 3.70%, 06/15/26		1,000		1,093,933
Equinix, Inc., 2.63%, 11/18/24		900		948,303
Essex Portfolio LP, 1.70%, 03/01/28		1,255		1,208,266
Federal Realty Investment Trust, 3.50%, 06/01/30		210		220,033
Iron Mountain, Inc., 4.50%, 02/15/31^(c)		350		346,010
Life Storage LP, 2.20%, 10/15/30		735		694,288
Omega Healthcare Investors, Inc., 4.95%, 04/01/24		1,400		1,525,541
Public Storage
3.09%, 09/15/27^(e)		2,500		2,707,389
3.39%, 05/01/29		1,640		1,789,762
Service Properties Trust, 4.65%, 03/15/24		800		800,000
Simon Property Group LP, 3.50%, 09/01/25^(e)		1,065		1,153,050
Weyerhaeuser Co., 4.00%, 04/15/30		1,390		1,536,488

				14,720,297

Food & Staples Retailing — 0.5%
Costco Wholesale Corp., 1.75%, 04/20/32		3,135		2,979,917
General Mills, Inc., 2.88%, 04/15/30^(e)		840		867,180
Kellogg Co., 2.65%, 12/01/23		918		964,366
Kraft Heinz Foods Co.
4.25%, 03/01/31		1,200		1,321,124
4.88%, 10/01/49		925		1,037,492
Sysco Corp., 3.30%, 07/15/26		800		861,411

				8,031,490

Food Products — 0.0%
Flowers Foods, Inc., 2.40%, 03/15/31		435		424,330
Hershey Co., 2.65%, 06/01/50^(e)		105		94,700

				519,030

Health Care Equipment & Supplies — 0.5%
Abbott Laboratories, 3.40%, 11/30/23^(e)		910		975,115
Baxter International, Inc., 2.60%, 08/15/26		1,702		1,807,775
DH Europe Finance II Sarl, 3.40%, 11/15/49		855		865,676
PerkinElmer, Inc., 2.55%, 03/15/31		50		49,535
Thermo Fisher Scientific, Inc.
4.13%, 03/25/25		275		305,373
2.95%, 09/19/26^(e)		400		428,263
4.50%, 03/25/30		120		139,708
4.10%, 08/15/47		3,055		3,545,460
Zimmer Biomet Holdings, Inc., 3.55%, 03/20/30		310		331,422

				8,448,327

Health Care Providers & Services — 1.3%
AmerisourceBergen Corp.
3.45%, 12/15/27		1,427		1,553,599
2.80%, 05/15/30^(e)		1,855		1,891,122
2.70%, 03/15/31		710		708,398
Anthem, Inc., 3.35%, 12/01/24		1,395		1,508,882


Security	Par (000)		Value

Health Care Providers & Services (continued)
Baylor Scott & White Holdings, 2.84%, 11/15/50	$	92	$	86,575
CommonSpirit Health, 3.91%, 10/01/50		339		345,341
DaVita, Inc., 3.75%, 02/15/31^(c)		285		271,813
Hackensack Meridian Health, Inc., Series 2020, 2.88%, 09/01/50^(e)		58		54,085
HCA, Inc.
5.50%, 06/15/47		2,949		3,667,949
5.25%, 06/15/49		1,110		1,358,273
Humana, Inc.
3.85%, 10/01/24		1,000		1,092,060
4.95%, 10/01/44		1,370		1,644,895
McKesson Corp., 0.90%, 12/03/25^(e)		1,465		1,434,548
Memorial Sloan-Kettering Cancer Center, Series 2020, 2.96%, 01/01/50^(e)		46		44,133
Methodist Hospital (The), Series 20A, 2.71%, 12/01/50^(e)		87		80,142
Molina Healthcare, Inc., 3.88%, 11/15/30^(c)		800		823,000
Sutter Health, Series 20A, 3.36%, 08/15/50		54		53,436
UnitedHealth Group, Inc.
2.38%, 08/15/24		1,035		1,089,911
3.10%, 03/15/26		150		162,907
4.75%, 07/15/45		800		1,008,115
2.90%, 05/15/50^(e)		410		392,622
3.13%, 05/15/60^(e)		730		716,632
Universal Health Services, Inc., 2.65%, 10/15/30^(c)(e)		1,630		1,573,789

				21,562,227

Health Care Technology — 0.0%
Banner Health, Series 2020, 3.18%, 01/01/50^(e)		119		119,414


Hotels, Restaurants & Leisure — 0.5%
Choice Hotels International, Inc., 3.70%, 12/01/29		1,065		1,116,078
GLP Capital LP/GLP Financing II, Inc., 5.38%, 04/15/26		380		426,683
Las Vegas Sands Corp., 3.50%, 08/18/26^(e)		2,535		2,643,203
Marriott International, Inc., 2.85%, 04/15/31		1,150		1,128,664
McDonald’s Corp.
1.45%, 09/01/25^(e)		375		378,585
3.70%, 01/30/26		1,000		1,102,112
3.50%, 03/01/27^(e)		278		304,773
3.80%, 04/01/28		290		321,004
6.30%, 10/15/37		310		428,748
Starbucks Corp., 3.55%, 08/15/29^(e)		540		590,342

				8,440,192

Household Durables — 0.0%
NVR, Inc., 3.00%, 05/15/30		785		805,680


Independent Power and Renewable Electricity Producers — 0.1%
NRG Energy, Inc., 3.63%, 02/15/31^(c)		1,250		1,218,750


Insurance — 1.6%
Aflac, Inc., 4.75%, 01/15/49		2,220		2,751,489
Aon PLC, 3.88%, 12/15/25^(e)		3,400		3,757,025
Berkshire Hathaway Finance Corp.
1.45%, 10/15/30^(e)		1,990		1,857,213
4.20%, 08/15/48		1,045		1,205,775
Berkshire Hathaway, Inc., 3.13%, 03/15/26		355		386,478
Chubb INA Holdings, Inc., 3.35%, 05/15/24^(e)		660		710,279
Fairfax Financial Holdings Ltd., 3.38%, 03/03/31^(c)		2,245		2,236,545
Fidelity National Financial, Inc., 5.50%, 09/01/22		120		128,127
Marsh & McLennan Cos, Inc., 4.75%, 03/15/39^(e)		111		136,851


6

Schedule of Investments (unaudited) (continued)

March 31, 2021

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Insurance (continued)
Marsh & McLennan Cos., Inc.
4.20%, 03/01/48	$	1,715	$	1,986,165
4.90%, 03/15/49^(e)		5,185		6,619,252
MetLife, Inc., 4.05%, 03/01/45^(e)		630		714,703
Progressive Corp., 4.13%, 04/15/47		2,320		2,666,927
Willis North America, Inc., 2.95%, 09/15/29		940		970,652

				26,127,481

Interactive Media & Services — 0.3%
Alphabet, Inc.
2.00%, 08/15/26^(e)		800		832,895
2.25%, 08/15/60		335		273,373
Baidu, Inc, 1.72%, 04/09/26		2,035		2,020,226
eBay, Inc., 2.70%, 03/11/30		1,210		1,222,575

				4,349,069

Internet & Direct Marketing Retail — 0.3%
Alibaba Group Holding Ltd.
4.50%, 11/28/34^(e)		300		341,409
4.00%, 12/06/37		1,470		1,578,743
4.20%, 12/06/47		1,680		1,842,263
JD.com, Inc., 4.13%, 01/14/50		945		949,007

				4,711,422

Internet Software & Services — 0.0%
Booking Holdings, Inc., 4.63%, 04/13/30		315		366,930
Expedia Group, Inc., 2.95%, 03/15/31^(c)		440		433,972

				800,902

IT Services — 0.5%
Booz Allen Hamilton, Inc., 3.88%, 09/01/28^(c)		140		140,735
Citrix Systems, Inc., 1.25%, 03/01/26		2,715		2,669,056
International Business Machines Corp., 4.25%, 05/15/49^(e)		330		379,872
j2 Global, Inc., 4.63%, 10/15/30^(c)		1,250		1,262,500
Verisk Analytics, Inc.
4.00%, 06/15/25		1,400		1,544,047
4.13%, 03/15/29^(e)		2,436		2,707,012

				8,703,222

Life Sciences Tools & Services — 0.1%
Agilent Technologies, Inc., 2.30%, 03/12/31		2,495		2,429,464


Machinery — 0.2%
Caterpillar, Inc., 1.90%, 03/12/31		2,050		1,973,041
Deere & Co., 2.75%, 04/15/25		215		228,838
Otis Worldwide Corp.
3.11%, 02/15/40		70		68,912
3.36%, 02/15/50^(e)		840		819,831

				3,090,622

Media — 0.9%
Charter Communications Operating LLC/Charter Communications Operating Capital
4.46%, 07/23/22		200		208,591
4.91%, 07/23/25		1,350		1,530,423
5.38%, 04/01/38		640		754,335
3.70%, 04/01/51		410		383,475
Comcast Corp.
3.70%, 04/15/24		1,750		1,911,224
3.38%, 02/15/25		1,590		1,730,057
2.35%, 01/15/27^(e)		400		417,538
4.15%, 10/15/28		200		228,886
2.65%, 02/01/30		125		127,960


Security	Par (000)		Value

Media (continued)
Comcast Corp. (continued)
4.60%, 10/15/38	$	1,200	$	1,448,506
3.25%, 11/01/39		255		262,687
2.65%, 08/15/62^(e)		1,560		1,323,586
Fox Corp., 4.03%, 01/25/24		1,040		1,129,672
TEGNA, Inc., 4.75%, 03/15/26^(c)		480		509,400
Thomson Reuters Corp.
3.85%, 09/29/24		800		868,588
3.35%, 05/15/26		800		864,528
Time Warner Cable LLC, 4.50%, 09/15/42		700		748,167
WMG Acquisition Corp., 3.00%, 02/15/31^(c)(e)		1,030		978,809

				15,426,432

Metals & Mining — 0.6%
ArcelorMittal SA, 4.25%, 07/16/29		160		171,252
Freeport-McMoRan, Inc., 5.45%, 03/15/43		400		481,200
Newmont Corp., 2.25%, 10/01/30		695		677,025
Southern Copper Corp.
3.88%, 04/23/25		922		1,009,302
5.88%, 04/23/45		793		1,036,122
Vale Overseas Ltd.
3.75%, 07/08/30		2,662		2,768,214
6.88%, 11/21/36		395		521,400
6.88%, 11/10/39		757		1,005,410
Vale SA, 5.63%, 09/11/42^(e)		1,070		1,281,057

				8,950,982

Multi-Utilities — 0.4%
Atmos Energy Corp.
3.00%, 06/15/27		400		426,776
1.50%, 01/15/31		760		694,225
National Fuel Gas Co., 2.95%, 03/01/31		335		322,593
NiSource, Inc.
3.60%, 05/01/30		60		65,031
1.70%, 02/15/31		610		564,994
3.95%, 03/30/48		310		325,904
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/29^(e)		1,500		1,618,290
Southern California Gas Co.
Series TT, 2.60%, 06/15/26		800		843,230
Series XX, 2.55%, 02/01/30		730		732,915
Southwest Gas Corp.
3.70%, 04/01/28		230		249,028
2.20%, 06/15/30^(e)		85		82,453
Washington Gas Light Co., 3.65%, 09/15/49		30		31,660

				5,957,099

Oil, Gas & Consumable Fuels — 1.9%
Apache Corp., 4.88%, 11/15/27		825		845,625
Cenovus Energy, Inc., 5.38%, 07/15/25		1,150		1,292,387
Cheniere Corpus Christi Holdings LLC
5.13%, 06/30/27		2,900		3,316,495
3.70%, 11/15/29^(e)		1,636		1,724,276
Cheniere Energy, Inc., 4.63%, 10/15/28^(c)		1,250		1,298,175
Chevron Corp.
1.55%, 05/11/25		550		561,222
2.24%, 05/11/30		165		164,171
2.98%, 05/11/40		70		69,313
3.08%, 05/11/50^(e)		60		57,357
Chevron USA, Inc., 5.25%, 11/15/43		370		478,695
CNOOC Finance USA LLC, Series 2015, 3.50%, 05/05/25^(e)		600		636,563
CNX Resources Corp., 7.25%, 03/14/27^(c)(e)		750		805,582


M A S T E R P O R T F O L I O S C H E D U L E O F I N V E S T M E N T S		7

Schedule of Investments (unaudited) (continued)

March 31, 2021

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Continental Resources, Inc., 4.38%, 01/15/28^(e)	$	1,200	$	1,261,800
Diamondback Energy, Inc., 4.40%, 03/24/51		185		189,527
Energy Transfer Operating LP, 5.00%, 05/15/50		450		465,410
Equinor ASA
3.25%, 11/10/24^(e)		400		433,009
3.25%, 11/18/49		500		489,578
Exxon Mobil Corp.
2.99%, 03/19/25		2,170		2,325,336
3.45%, 04/15/51		835		843,226
MPLX LP
4.88%, 12/01/24		209		234,583
4.50%, 04/15/38		125		136,556
5.20%, 03/01/47		70		80,069
4.70%, 04/15/48		105		113,599
5.50%, 02/15/49		285		334,824
Occidental Petroleum Corp.
8.50%, 07/15/27		630		746,550
8.88%, 07/15/30		975		1,229,475
ONEOK Partners LP
3.38%, 10/01/22		1,000		1,033,119
4.90%, 03/15/25		2,000		2,221,563
6.13%, 02/01/41		75		87,866
ONEOK, Inc.
2.75%, 09/01/24		1,475		1,547,385
7.15%, 01/15/51		80		107,864
Pioneer Natural Resources Co., 2.15%, 01/15/31		700		661,791
Rockies Express Pipeline LLC, 4.95%, 07/15/29^(c)		750		765,926
Sabine Pass Liquefaction LLC, 4.20%, 03/15/28		569		624,238
Southwestern Energy Co., 8.38%, 09/15/28		140		153,650
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.50%, 03/01/30		1,100		1,155,000
TransCanada PipeLines Ltd., 3.75%, 10/16/23		800		853,176
Transcontinental Gas Pipe Line Co. LLC, 3.95%, 05/15/50		95		97,112
Western Midstream Operating LP, 5.30%, 02/01/30		1,150		1,248,762
Williams Cos., Inc., 5.10%, 09/15/45^(e)		801		918,577

				31,609,432

Personal Products — 0.1%
Unilever Capital Corp., 2.00%, 07/28/26^(e)		800		827,253


Pharmaceuticals — 1.7%
AbbVie, Inc.
2.60%, 11/21/24		3,520		3,716,410
3.20%, 11/21/29		1,045		1,111,642
4.05%, 11/21/39		890		996,449
4.25%, 11/21/49		320		362,091
AstraZeneca PLC
3.50%, 08/17/23^(e)		1,200		1,278,686
3.13%, 06/12/27		1,490		1,603,488
Bristol-Myers Squibb Co., 3.45%, 11/15/27		557		612,496
Cigna Corp., 3.75%, 07/15/23		444		474,835
CVS Health Corp.
3.00%, 08/15/26		75		80,141
4.78%, 03/25/38		1,050		1,239,195
Eli Lilly & Co., 2.75%, 06/01/25^(e)		378		402,163
Johnson & Johnson
2.95%, 03/03/27		2,530		2,761,768
3.70%, 03/01/46		1,329		1,485,141
2.25%, 09/01/50^(e)		320		284,692


Security	Par (000)		Value

Pharmaceuticals (continued)
Johnson & Johnson (continued)
2.45%, 09/01/60	$	250	$	221,519
Merck & Co., Inc.
2.75%, 02/10/25^(e)		800		852,760
0.75%, 02/24/26^(e)		5,085		5,018,574
4.00%, 03/07/49		330		381,325
Novartis Capital Corp., 2.75%, 08/14/50		1,086		1,030,771
Pfizer, Inc., 7.20%, 03/15/39		80		125,394
Viatris, Inc., 1.65%, 06/22/25^(c)		180		180,636
Zoetis, Inc.
3.00%, 09/12/27		1,800		1,926,191
3.90%, 08/20/28		5		5,560
3.00%, 05/15/50		1,130		1,075,979

				27,227,906

Producer Durables: Miscellaneous — 0.6%
Oracle Corp.
2.50%, 04/01/25		4,025		4,229,138
2.95%, 05/15/25		800		852,051
2.88%, 03/25/31		3,580		3,644,201
3.95%, 03/25/51		1,100		1,133,951

				9,859,341

Road & Rail — 0.3%
Burlington Northern Santa Fe LLC^(e)
3.00%, 04/01/25		800		861,183
3.05%, 02/15/51		990		957,549
CSX Corp., 2.60%, 11/01/26		800		845,438
Union Pacific Corp.
2.75%, 04/15/23		1,590		1,653,358
3.25%, 08/15/25		400		432,421

				4,749,949

Semiconductors & Semiconductor Equipment — 1.4%
Analog Devices, Inc., 2.95%, 04/01/25		225		239,118
Broadcom, Inc.
3.15%, 11/15/25		198		211,035
4.15%, 11/15/30		2,105		2,272,053
4.30%, 11/15/32		3,395		3,696,260
3.42%, 04/15/33^(c)		1,192		1,195,414
3.47%, 04/15/34^(c)		1,120		1,123,830
3.50%, 02/15/41^(c)		470		450,139
3.75%, 02/15/51^(c)		1,315		1,257,424
Flex Ltd., 3.75%, 02/01/26		230		248,885
Intel Corp., 3.40%, 03/25/25^(e)		4,490		4,886,131
Maxim Integrated Products, Inc., 3.38%, 03/15/23^(e)		1,000		1,047,096
Micron Technology, Inc.
2.50%, 04/24/23		940		975,617
4.19%, 02/15/27		280		310,883
4.66%, 02/15/30		1,025		1,164,335
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 05/01/25^(c)(e)		190		199,265
ON Semiconductor Corp., 3.88%, 09/01/28^(c)		1,500		1,542,975
Qorvo, Inc., 3.38%, 04/01/31^(c)		250		244,973
Sensata Technologies, Inc., 4.38%, 02/15/30^(c)(e)		800		838,000
Texas Instruments, Inc., 1.75%, 05/04/30		730		702,171

				22,605,604

Software — 1.1%
Activision Blizzard, Inc.
1.35%, 09/15/30		365		329,737
2.50%, 09/15/50		645		541,271


8

Schedule of Investments (unaudited) (continued)

March 31, 2021

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Software (continued)
Electronic Arts, Inc.
1.85%, 02/15/31	$	1,310	$	1,235,258
2.95%, 02/15/51^(e)		765		706,630
Intuit, Inc.
0.95%, 07/15/25^(e)		405		401,855
1.35%, 07/15/27		1,410		1,386,526
1.65%, 07/15/30		1,415		1,342,067
Microsoft Corp., 2.70%, 02/12/25^(e)		800		855,332
Roper Technologies, Inc.
3.65%, 09/15/23		800		857,224
3.80%, 12/15/26		1,000		1,109,669
ServiceNow, Inc., 1.40%, 09/01/30^(e)		5,872		5,307,580
VMware, Inc., 2.95%, 08/21/22		3,800		3,918,736

				17,991,885

Specialty Retail — 0.1%
QVC, Inc., 4.38%, 09/01/28		1,700		1,713,473


Technology Hardware, Storage & Peripherals — 1.0%
Adobe, Inc.
1.90%, 02/01/25		745		770,202
2.15%, 02/01/27		2,090		2,156,530
Apple, Inc., 3.00%, 06/20/27		925		1,003,616
Dell International LLC/EMC Corp.^(c)
5.85%, 07/15/25		230		268,132
8.10%, 07/15/36		235		344,209
8.35%, 07/15/46		2,960		4,503,323
Hewlett Packard Enterprise Co., 4.45%, 10/02/23		3,690		4,009,457
HP, Inc.
2.20%, 06/17/25		1,030		1,063,097
3.00%, 06/17/27		1,250		1,321,011
3.40%, 06/17/30		365		381,039
6.00%, 09/15/41		83		104,561
NetApp, Inc., 2.38%, 06/22/27		165		168,549

				16,093,726

Textiles, Apparel & Luxury Goods — 0.5%
NIKE, Inc.
2.40%, 03/27/25		245		258,247
3.25%, 03/27/40		2,075		2,178,639
Ralph Lauren Corp., 1.70%, 06/15/22		1,305		1,325,699
VF Corp., 2.05%, 04/23/22		3,525		3,582,755

				7,345,340

Tobacco — 1.1%
Altria Group, Inc.
4.80%, 02/14/29		2,415		2,774,853
2.45%, 02/04/32		3,380		3,229,184
5.80%, 02/14/39		1,127		1,375,255
4.45%, 05/06/50		215		222,399
3.70%, 02/04/51		730		665,069
4.00%, 02/04/61		365		337,436
BAT Capital Corp.
4.39%, 08/15/37		510		534,696
3.73%, 09/25/40		125		119,010
Philip Morris International, Inc.
0.88%, 05/01/26		2,670		2,592,706
2.10%, 05/01/30		1,220		1,177,005
6.38%, 05/16/38^(e)		2,010		2,776,010


Security	Par (000)		Value

Tobacco (continued)
Philip Morris International, Inc. (continued) 4.25%, 11/10/44	$	1,220	$	1,356,854
Reynolds American, Inc., 5.85%, 08/15/45		420		495,064

				17,655,541

Transportation Infrastructure — 0.1%
United Parcel Service, Inc., 5.30%, 04/01/50^(e)		1,775		2,407,086


Utilities — 0.2%
American Water Capital Corp., 2.80%, 05/01/30^(e)		270		277,679
Essential Utilities, Inc.
3.57%, 05/01/29^(e)		1,030		1,108,560
2.70%, 04/15/30		380		383,025
Vistra Operations Co. LLC, 5.00%, 07/31/27^(c)		1,250		1,287,525

				3,056,789

Wireless Telecommunication Services — 0.7%
American Tower Corp., 1.30%, 09/15/25		680		677,069
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/23		1,270		1,352,215
Crown Castle International Corp.
3.20%, 09/01/24		625		671,167
1.35%, 07/15/25		2,205		2,200,384
GLP Capital LP/GLP Financing II, Inc.
5.75%, 06/01/28^(e)		1,145		1,320,838
5.30%, 01/15/29^(e)		2,545		2,852,818
4.00%, 01/15/31		1,258		1,300,112
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 09/20/21^(c)		208		209,056
T-Mobile USA, Inc., 3.50%, 04/15/25^(c)(e)		25		26,972
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29^(c)		155		153,062
VICI Properties LP/VICI Note Co., Inc., 4.13%, 08/15/30^(c)		500		504,350

				11,268,043


Total Corporate Bonds — 43.3% (Cost: $690,951,926)				704,728,732


Foreign Agency Obligations

Indonesia — 0.0%
Indonesia Government International Bond
4.75%, 07/18/47^(c)		500		563,125
3.05%, 03/12/51^(e)		200		197,750

				760,875

Israel — 0.0%
State of Israel, 3.38%, 01/15/50		390		391,828


Mexico — 0.2%
Mexico Government International Bond
4.15%, 03/28/27^(e)		1,145		1,269,805
6.05%, 01/11/40^(e)		100		119,688
4.50%, 01/31/50^(e)		590		596,084
3.77%, 05/24/61		735		647,489

				2,633,066

Panama — 0.0%
Panama Government International Bond, 3.87%, 07/23/60^(e)		830		822,997


M A S T E R P O R T F O L I O S C H E D U L E O F I N V E S T M E N T S		9

Schedule of Investments (unaudited) (continued)

March 31, 2021

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Peru — 0.1%
Peruvian Government International Bond, 3.55%, 03/10/51	$	900	$	876,150


Philippines — 0.0%
Philippine Government International Bond, 2.65%, 12/10/45		200		179,049


Uruguay — 0.1%
Uruguay Government International Bond
5.10%, 06/18/50^(e)		1,200		1,484,625
4.98%, 04/20/55		50		61,094

				1,545,719


Total Foreign Agency Obligations — 0.4% (Cost: $6,984,837)				7,209,684


Municipal Bonds

California — 0.3%
Bay Area Toll Authority, RB, BAB
Series F-2, 6.26%, 04/01/49^(e)		500		772,750
Series S-1, 6.92%, 04/01/40		50		71,876
California State University, Refunding RB, Series B, 2.98%, 11/01/51		595		584,397
Regents of the University of California Medical Center Pooled Revenue, RB
Series N, 3.01%, 05/15/50^(e)		320		307,088
Series N, 3.26%, 05/15/60		230		230,023
Series N, 3.71%, 05/15/20		85		81,745
State of California, GO, BAB^(e)7.55%, 04/01/39		1,025		1,660,602
7.60%, 11/01/40		500		829,265
State of California, Refunding GO, 3.50%, 04/01/28		500		559,605
University of California, RB, Series AD, 4.86%, 05/15/12		165		207,591
University of California, Refunding RB, Series J, 4.13%, 05/15/45		150		171,864

				5,476,806

District of Columbia — 0.0%
District of Columbia Water & Sewer Authority, Refunding RB, Series D, Subordinate Lien, 3.21%, 10/01/48		200		203,604


Florida — 0.0%
State Board of Administration Finance Corp., RB,
Series A, 2.15%, 07/01/30		119		118,097


Illinois — 0.1%
Chicago O’Hare International Airport, RB, Series C, Senior Lien, 4.47%, 01/01/49		310		378,643
State of Illinois, GO, 5.10%, 06/01/33		255		286,990

				665,633

Maryland — 0.0%
Maryland Health & Higher Educational Facilities Authority, Refunding RB
Series D, 3.05%, 07/01/40		115		112,305
Series D, 3.20%, 07/01/50		80		77,402

				189,707


Security	Par (000)		Value

Massachusetts — 0.0%
Commonwealth of Massachusetts, GO, Series H, 2.90%, 09/01/49	$	545	$	549,889


New Jersey — 0.1%
New Jersey Turnpike Authority, RB, BAB, Series A, 7.10%, 01/01/41		550		842,826


New York — 0.2%
Metropolitan Transportation Authority, RB, BAB, 6.81%, 11/15/40		355		485,562
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, BAB, 5.51%, 08/01/37		110		142,537
New York City Water & Sewer System, Refunding RB, 5.88%, 06/15/44^(e)		500		726,060
New York State Dormitory Authority, Refunding RB, Series B, 3.14%, 07/01/43^(e)		255		252,422
Port Authority of New York & New Jersey, ARB, Consolidated, 192nd Series, 4.81%, 10/15/65		50		65,024
Port Authority of New York & New Jersey, RB
191th Series, 4.82%, 06/01/45		200		220,742
210th Series, 4.03%, 09/01/48^(e)		1,000		1,139,970

				3,032,317

Pennsylvania — 0.0%
Pennsylvania State University, Refunding RB, Series D, 2.84%, 09/01/50		80		78,274


Texas — 0.1%
Board of Regents of the University of Texas System, Refunding RB, Series B, 2.44%, 08/15/49		405		369,437
Grand Parkway Transportation Corp., Refunding RB, Subordinate, 3.24%, 10/01/52		400		402,460
Texas Transportation Commission State Highway Fund, Refunding RB, 4.00%, 10/01/33		690		825,550
Texas Transportation Commission, Refunding GO, 2.47%, 10/01/44		465		448,902

				2,046,349


Total Municipal Bonds — 0.8% (Cost: $12,747,912)				13,203,502


Non-Agency Mortgage-Backed Securities

Collateralized Mortgage Obligations — 5.8%
American Home Mortgage Investment Trust, Series 2004-3, Class 4A, (6 mo. LIBOR US + 1.50%), 1.72%, 10/25/34^(a)		30		30,253
Citicorp Mortgage Securities Trust, Series 2006-1, Class 2A1, 5.00%, 02/25/21		2		2,447
Citigroup Mortgage Loan Trust^(a)(c)Series 2013-A, Class A, 3.00%, 05/25/42		8		8,085
Series 2014-A, Class A, 4.00%, 01/25/35		55		58,418
Connecticut Avenue Securities Trust^(a)(c)
Series 2018-R07, Class 1M2, (1 mo. LIBOR US + 2.40%), 2.51%, 04/25/31		6,521		6,530,739
Series 2019-R01, Class 2ED2, (1 mo. LIBOR US + 1.15%), 1.26%, 07/25/31		4,448		4,436,801
Series 2019-R01, Class 2M2, (1 mo. LIBOR US + 2.45%), 2.56%, 07/25/31		5,182		5,192,052


10

Schedule of Investments (unaudited) (continued)

March 31, 2021

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Collateralized Mortgage Obligations (continued)
Connecticut Avenue Securities Trust^(a)(c)(continued)
Series 2019-R02, Class 1M2, (1 mo. LIBOR US + 2.30%), 2.41%, 08/25/31	$	6,107	$	6,116,400
Series 2019-R03, Class 1M2, (1 mo. LIBOR US + 2.15%), 2.26%, 09/25/31		3,573		3,581,357
Series 2019-R05, Class 1J1, 2.38%, 07/25/39		3,333		3,293,770
Series 2019-R05, Class 1M2, (1 mo. LIBOR US + 2.00%), 2.11%, 07/25/39		4,358		4,358,111
Series 2019-R06, Class 2ED2, (1 mo. LIBOR US + 1.00%), 1.11%, 09/25/39		3,416		3,278,668
Series 2019-R06, Class 2M2, (1 mo. LIBOR US + 2.10%), 2.21%, 09/25/39		6,461		6,470,895
Series 2019-R07, Class 1M2, (1 mo. LIBOR US + 2.10%), 2.21%, 10/25/39		3,384		3,386,954
Series 2020-R01, Class 1M1, (1 mo. LIBOR US + 0.80%), 0.91%, 01/25/40		498		497,867
Series 2020-R02, Class 2M1, (1 mo. LIBOR US + 0.75%), 0.86%, 01/25/40		1,107		1,106,956
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-6, Class 3A1, 5.00%, 09/25/19		7		5,868
Fannie Mae Connecticut Avenue Securities^(a)
Series 2017-C05, Class 1M2, (1 mo. LIBOR US + 2.20%), 2.31%, 01/25/30		6,752		6,817,236
Series 2018-C01, Class 1EA1, (1 mo. LIBOR US + 0.45%), 0.56%, 07/25/30		972		943,261
Freddie Mac, Series 2017-HQA3, Class M2, (1 mo. LIBOR US + 2.35%), 2.46%, 04/25/30^(a)		5,552		5,621,732
Freddie Mac STACR REMIC Trust^(a)(c)
Series 2020-DNA3, Class M2, (1 mo. LIBOR US + 3.00%), 3.11%, 06/25/50		7,414		7,452,020
Series 2020-DNA5, Class M1, (30 day SOFR + 1.30%), 1.32%, 10/25/50		160		159,541
Series 2020-DNA6, Class M1, (30 day SOFR + 0.90%), 0.92%, 12/25/50		4,882		4,884,677
Freddie Mac Structured Agency Credit Risk Debt Notes^(a)
(30 day SOFR + 0.80%), 0.82%, 08/25/33^(c)		5,770		5,766,541
Series 2016-DNA1, Class M3, (1 mo. LIBOR US + 5.55%), 5.66%, 07/25/28		1,731		1,818,543
Series 2017-DNA1, Class M2, (1 mo. LIBOR US + 3.25%), 3.36%, 07/25/29		990		1,017,194
Series 2017-DNA2, Class M1, (1 mo. LIBOR US + 1.20%), 1.31%, 10/25/29		236		235,955
Series 2017-DNA2, Class M2, (1 mo. LIBOR US + 3.45%), 3.56%, 10/25/29		1,370		1,419,700
Series 2017-DNA3, Class M1, (1 mo. LIBOR US + 0.75%), 0.86%, 03/25/30		228		228,321
Series 2020-HQA5, Class M1, (30 day SOFR + 1.10%), 1.12%, 11/25/50^(c)		2,158		2,160,261
STACR Trust^(a)(c)
Series 2018-DNA3, Class M1, (1 mo. LIBOR US + 0.75%), 0.86%, 09/25/48		17		17,006
Series 2018-HRP1, Class M2, (1 mo. LIBOR US + 1.65%), 1.76%, 04/25/43		4,865		4,832,898


Security	Par (000)		Value

Collateralized Mortgage Obligations (continued)
STACR Trust^(a)(c)(continued)
Series 2018-HRP1, Class M2B, (1 mo. LIBOR US + 1.65%), 1.76%, 04/25/43	$	1,685	$	1,663,753
Series 2018-HRP2, Class M2, (1 mo. LIBOR US + 1.25%), 1.36%, 02/25/47		1,592		1,594,609

				94,988,889

Commercial Mortgage-Backed Securities — 4.5%
Bank
Series 2019-BN23, Class A3, 2.92%, 12/15/52		2,230		2,328,485
Series 2020-BN28, Class A4, 1.84%, 03/15/63		2,100		2,004,598
Series 2020-BN29, Class A4, 2.00%, 11/15/53		1,740		1,677,721
Barclays Commercial Mortgage Trust, Series 2019- C4, Class A5, 2.92%, 08/15/52		1,400		1,454,068
BBCMS Mortgage Trust, Series 2020-C8, Class A5, 2.04%, 10/15/53		2,970		2,874,497
Benchmark Mortgage Trust
Series 2018-B5, Class A4, 4.21%, 07/15/51		1,290		1,463,481
Series 2019-B15, Class A5, 2.93%, 12/15/72		2,050		2,141,865
Series 2020-B19, Class A5, 1.85%, 09/15/53		4,550		4,365,319
Series 2020-B20, Class A5, 2.03%, 10/15/53		3,190		3,093,610
Series 2020-B21, Class A5, 1.98%, 12/17/53		3,020		2,911,411
Citigroup Commercial Mortgage Trust
Series 2006-C5, Class AJ, 5.48%, 10/15/49		24		20,918
Series 2016-GC36, Class A5, 3.62%, 02/10/49		550		601,512
Series 2017-P8, Class AS, 3.79%, 09/15/50^(a)		2,090		2,287,539
COMM Mortgage Trust, Series 2015-CR22, Class A2, 2.86%, 03/10/48		1,717		1,716,920
Commercial Mortgage Trust
Series 2012-CR3, Class AM, 3.42%, 10/15/45^(c)		1,680		1,705,021
Series 2013-CR11, Class B, 5.11%, 08/10/50^(a)		380		410,175
Series 2013-LC6, Class AM, 3.28%, 01/10/46		400		415,421
Series 2014-CR17, Class A5, 3.98%, 05/10/47		670		727,972
Commission Mortgage Trust, 3.51%, 09/10/50		1,290		1,409,430
Eleven Madison Avenue Mortgage Trust, Series 2015-11MD, Class A, 3.55%, 09/10/35^(a)(c)		150		162,590
GS Mortgage Securities Trust
Series 2012-GCJ7, Class AS, 4.09%, 05/10/45		280		286,711
Series 2013-GC13, Class A5, 4.05%, 07/10/46^(a).		170		181,680
Series 2014-GC20, Class A5, 4.00%, 04/10/47		730		785,404
Series 2015-GC30, Class B, 4.03%, 05/10/50^(a)		300		318,642
Series 2015-GS1, Class A3, 3.73%, 11/10/48		2,030		2,230,253
JPMBB Commercial Mortgage Securities Trust
Series 2013-C14, Class A4, 4.13%, 08/15/46^(a)		430		453,475
Series 2013-C17, Class A3, 3.93%, 01/15/47		1,225		1,293,004
Series 2014-C25, Class AS, 4.07%, 11/15/47		2,180		2,361,637
Series 2015-C30, Class A5, 3.82%, 07/15/48		1,780		1,957,683
Series 2015-C33, Class A4, 3.77%, 12/15/48		2,360		2,597,814
Series 2016-C1, Class A5, 3.58%, 03/15/49		810		884,889
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2006-CB16, Class B, 5.67%, 05/12/45^(a)		210		10,823
Series 2011-C5, Class A3, 4.17%, 08/15/46		42		41,597
Series 2012-CBX, Class AS, 4.27%, 06/15/45		350		361,977
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C13, Class A4, 4.04%, 11/15/46		460		495,225
Series 2013-C9, Class A4, 3.10%, 05/15/46		2,270		2,368,068
Morgan Stanley Capital I Trust
Series 2012-C4, Class A4, 3.24%, 03/15/45		678		687,548
Series 2015-MS1, Class A4, 3.78%, 05/15/48^(a)		550		603,456


M A S T E R P O R T F O L I O S C H E D U L E O F I N V E S T M E N T S		11

Schedule of Investments (unaudited) (continued)

March 31, 2021

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Commercial Mortgage-Backed Securities (continued)
Morgan Stanley Capital I Trust (continued)
Series 2015-UBS8, Class A3, 3.54%, 12/15/48	$	3,010	$	3,238,616
Series 2019-L3, Class AS, 3.49%, 11/15/52		970		1,035,509
Series 2020-L4, Class A3, 2.70%, 02/15/53		3,070		3,149,788
Wells Fargo Commercial Mortgage Trust 2.09%, 07/15/53		2,430		2,359,491
Series 2014-LC18, Class AS, 3.81%, 12/15/47		510		549,696
Series 2015-C26, Class AS, 3.58%, 02/15/48		1,380		1,481,350
Series 2018-C46, Class AS, 4.38%, 08/15/51		2,670		3,031,308
Series 2020-C56, Class A5, 2.45%, 06/15/53		2,880		2,897,629
WF-RBS Commercial Mortgage Trust
Series 2012-C10, Class AS, 3.24%, 12/15/45		460		469,138
Series 2012-C8, Class AS, 3.66%, 08/15/45		640		659,604
Series 2013-C18, Class A5, 4.16%, 12/15/46^(a)		620		672,079
Series 2014-C23, Class A4, 3.65%, 10/15/57		301		325,372
Series 2014-C23, Class AS, 4.21%, 10/15/57^(a)		1,140		1,245,565

				72,807,584


Total Non-Agency Mortgage-Backed Securities — 10.3% (Cost: $168,962,137)				167,796,473


U.S. Government Sponsored Agency Securities

Collateralized Mortgage Obligations^(a)— 5.4%
Connecticut Avenue Securities Trust, Series 2019- R04, Class 2M2, (1 mo. LIBOR US + 2.10%), 2.21%, 06/25/39^(c)		5,776		5,787,687
Fannie Mae Connecticut Avenue Securities
Series 2016-C04, Class 1M2, (1 mo. LIBOR US + 4.25%), 4.36%, 01/25/29		3,133		3,259,081
Series 2016-C05, Class 2M2, (1 mo. LIBOR US + 4.45%), 4.56%, 01/25/29		298		309,823
Series 2017-C01, Class 1M2A, (1 mo. LIBOR US + 3.55%), 3.66%, 07/25/29		199		200,529
Series 2017-C03, Class 1M2, (1 mo. LIBOR US + 3.00%), 3.11%, 10/25/29		4,800		4,906,848
Series 2017-C05, Class 1M2A, (1 mo. LIBOR US + 2.20%), 2.31%, 01/25/30		372		372,583
Series 2017-C06, Class 1M2A, (1 mo. LIBOR US + 2.65%), 2.76%, 02/25/30		176		177,798
Series 2017-C07, Class 2M2, (1 mo. LIBOR US + 2.50%), 2.61%, 05/25/30		2,971		2,986,101
Series 2018-C02, Class 2ED2, (1 mo. LIBOR US + 0.90%), 1.01%, 08/25/30		5,707		5,609,934
Freddie Mac STACR REMIC Trust^(c)
Series 2019-HQA4, Class M2, (1 mo. LIBOR US + 2.05%), 2.16%, 11/25/49		7,344		7,344,002
Series 2020-DNA1, Class M2, (1 mo. LIBOR US + 1.70%), 1.81%, 01/25/50		6,902		6,878,826
Series 2020-DNA2, Class M1, (1 mo. LIBOR US + 0.75%), 0.86%, 02/25/50		3,598		3,597,096
Series 2020-HQA1, Class M2, (1 mo. LIBOR US + 1.90%), 2.01%, 01/25/50		7,852		7,837,147
Freddie Mac STACR Trust^(c)
Series 2018-HQA2, Class M2, (1 mo. LIBOR US + 2.30%), 2.41%, 10/25/48		8,400		8,399,994
Series 2019-DNA2, Class M2, (1 mo. LIBOR US + 2.45%), 2.56%, 03/25/49		1,639		1,640,679
Series 2019-DNA4, Class M2, (1 mo. LIBOR US + 1.95%), 2.06%, 10/25/49		7,250		7,242,797
Series 2019-FTR2, Class M1, (1 mo. LIBOR US + 0.95%), 1.06%, 11/25/48		2,462		2,463,972


Security	Par (000)		Value

Collateralized Mortgage Obligations (continued)
Freddie Mac STACR Trust^(c)(continued)
Series 2019-HQA1, Class M2, (1 mo. LIBOR US + 2.35%), 2.46%, 02/25/49	$	7,537	$	7,550,476
Series 2019-HQA2, Class M2, (1 mo. LIBOR US + 2.05%), 2.16%, 04/25/49		1,280		1,276,550
Series 2019-HQA3, Class M2, (1 mo. LIBOR US + 1.85%), 1.96%, 09/25/49		5,211		5,182,288
Series 2020-DNA4, Class M1, (1 mo. LIBOR US + 1.50%), 1.61%, 08/25/50		840		840,448
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2016-DNA2, Class M3, (1 mo. LIBOR US + 4.65%), 4.76%, 10/25/28		1,725		1,805,436
Series 2016-HQA3, Class M2, (1 mo. LIBOR US + 1.35%), 1.46%, 03/25/29		14		13,987
Series 2017-DNA3, Class M2, (1 mo. LIBOR US + 2.50%), 2.61%, 03/25/30		1,460		1,487,715

				87,171,797

Mortgage-Backed Securities — 31.5%
Fannie Mae
Series 2012-M13, Class A2, 2.38%, 05/25/22		2,036		2,072,286
Series 2012-M5, Class A2, 2.72%, 02/25/22		741		747,443
Series 2012-M9, Class A2, 2.48%, 04/25/22		2,638		2,672,039
Series 2013-M3, Class A2, 2.51%, 11/25/22^(a)		3,499		3,577,039
Series 2016-M13, Class A2, 2.48%, 09/25/26^(a)		800		844,547
Series 2018-M1, Class A2, 2.98%, 12/25/27^(a)		1,590		1,735,810
Series 2018-M7, Class A2, 3.05%, 03/25/28^(a)		1,590		1,731,690
Series 2020-M42, Class A2, 1.27%, 07/25/30		4,980		4,719,755
Federal National Mortgage Association
3.50%, 01/25/24 - 05/01/50^(a)		6,372		6,768,551
2.50%, 11/01/34 - 02/01/51		10,230		10,542,011
3.00%, 03/01/35 - 10/01/50		2,619		2,760,711
2.00%, 02/01/36 - 02/01/51		13,866		13,943,875
Freddie Mac 3.50%, 02/01/34		2,915		3,142,586
2.00%, 02/01/36 - 03/01/51		9,434		9,498,298
2.50%, 01/01/51		1,865		1,917,709
Series K020, Class A2, 2.37%, 05/25/22		7,960		8,111,143
Series K031, Class A2, 3.30%, 04/25/23^(a)		281		296,745
Series K055, Class A2, 2.67%, 03/25/26		1,590		1,701,013
Series K060, Class A2, 3.30%, 10/25/26		1,190		1,314,594
Series K061, Class A2, 3.35%, 11/25/26^(a)		1,590		1,761,632
Series K064, Class A2, 3.22%, 03/25/27		2,790		3,071,429
Series K072, Class A2, 3.44%, 12/25/27		1,190		1,329,564
Series K073, Class A2, 3.35%, 01/25/28		1,610		1,789,828
Series K076, Class A2, 3.90%, 04/25/28		2,390		2,738,315
Series K115, Class A2, 1.38%, 06/25/30		4,940		4,739,466
Freddie Mac Mortgage-Backed Securities^(a)(c)
Series 2021-DNA1, Class M1, (30 day SOFR + 0.65%), 0.67%, 01/25/51		7,050		7,041,543
Series 2021-HQA1, Class M1, (30 day SOFR + 0.70%), 0.72%, 08/25/33		5,690		5,682,914
Freddie Mac Multifamily Structured Pass Through Certificates
Series K090, Class A2, 3.42%, 02/25/29		2,935		3,275,386
Series K106, Class A2, 2.07%, 01/25/30		4,510		4,597,832
Freddie Mac Multifamily Structured Pass-Through
Certificates, Series K025, Class A2, 2.68%, 10/25/22		3,980		4,103,668
Ginnie Mae Mortgage-Backed Securities 6.50%, 06/15/28 - 07/15/38		71		83,525


12

Schedule of Investments (unaudited) (continued)

March 31, 2021

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Ginnie Mae Mortgage-Backed Securities (continued)
7.50%, 08/20/30	$	3	$	3,205
6.00%, 01/15/32 - 10/20/38		181		209,921
5.00%, 11/20/33 - 04/21/51^(f)		2,140		2,426,142
5.50%, 06/15/34 - 04/20/48		601		703,206
4.50%, 03/15/39 - 04/21/51^(f)		4,352		4,761,263
4.00%, 09/15/40 - 09/15/49		11,031		11,961,469
3.50%, 01/15/41 - 04/21/51^(f)		22,908		24,627,692
3.00%, 01/20/43 - 05/20/51^(f)		20,834		21,892,727
2.50%, 12/20/46 - 04/21/51^(f)		14,308		14,769,055
2.00%, 04/21/51^(f)		8,500		8,582,344
Government National Mortgage Association
3.00%, 12/20/45 - 12/20/50		2,721		2,875,630
2.50%, 02/20/51		922		951,969
Uniform Mortgage-Backed Securities
6.00%, 07/01/21 - 09/01/38		1,113		1,302,207
4.50%, 04/01/23 - 04/14/51^(f)		14,939		16,424,482
5.00%, 07/01/23 - 04/01/49		4,279		4,867,948
4.00%, 06/01/24 - 02/01/57^(f)		35,634		38,794,517
3.50%, 04/01/26 - 11/01/51^(f)		45,950		49,308,893
3.00%, 12/01/26 - 04/14/51^(f)(g)		72,140		75,700,425
2.50%, 02/01/27 - 04/14/51^(f)		59,753		61,884,746
6.50%, 06/01/29 - 08/01/36		950		1,107,381
7.50%, 09/01/29 - 12/01/30		3		3,784
7.00%, 01/01/32 - 06/01/32		20		22,563
5.50%, 10/01/32 - 01/01/47		3,677		4,276,610
2.00%, 12/01/35 - 05/13/51^(f)		33,407		33,537,871
1.50%, 04/19/36 - 04/14/51^(f)		13,200		12,977,200
(1 year CMT + 2.34%), 3.63%, 04/01/32^(a)		26		26,030
(11th District Cost of Funds + 1.25%), 1.71%, 11/01/27^(a)		67		66,810
(11th District Cost of Funds + 1.25%), 1.74%, 09/01/34^(a)		121		122,100
(12 mo. LIBOR US + 1.44%), 1.82%, 04/01/35^(a)		35		34,844
(12 mo. LIBOR US + 1.50%), 2.37%, 06/01/43^(a)		2		2,395
(12 mo. LIBOR US + 1.53%), 2.84%, 05/01/43^(a)		28		29,621
(12 mo. LIBOR US + 1.54%), 2.43%, 06/01/43^(a)		46		48,046
(12 mo. LIBOR US + 1.60%), 2.37%, 08/01/43^(a)		17		17,299
(12 mo. LIBOR US + 1.65%), 2.45%, 05/01/43^(a)		67		69,732
(12 mo. LIBOR US + 1.71%), 3.46%, 04/01/40^(a)		3		3,160
(12 mo. LIBOR US + 1.75%), 3.58%, 04/01/38^(a)		50		50,483
(12 mo. LIBOR US + 1.75%), 2.13%, 02/01/40^(a)		28		28,656
(12 mo. LIBOR US + 1.75%), 2.56%, 08/01/41^(a)		26		26,885
(12 mo. LIBOR US + 1.77%), 2.15%, 01/01/42^(a)		13		14,094
(12 mo. LIBOR US + 1.78%), 2.51%, 08/01/41^(a)		27		28,008
(12 mo. LIBOR US + 1.79%), 2.68%, 09/01/32^(a)		2		2,223
(12 mo. LIBOR US + 1.81%), 2.18%, 02/01/42^(a)		1		1,105
(12 mo. LIBOR US + 1.82%), 2.32%, 09/01/41^(a)		26		27,590
(12 mo. LIBOR US + 1.89%), 2.75%, 07/01/41^(a)		24		25,711
(12 mo. LIBOR US + 1.90%), 2.32%, 01/01/42^(a)		1		1,007
(6 mo. LIBOR US + 1.04%), 1.29%, 05/01/33^(a)		4		3,589
(6 mo. LIBOR US + 1.36%), 1.61%, 10/01/32^(a)		13		12,590

				512,928,175


Total U.S. Government Sponsored Agency Securities — 36.9% (Cost: $590,409,202)				600,099,972


Total Long-Term Investments — 103.0% (Cost: $1,651,129,569)				1,676,733,196


Security	Shares			Value

Short-Term Securities

Money Market Funds — 3.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.14%^(h)(i)(j)		59,182,490		$	59,217,999
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.02%^(h)(i)		100,000			100,000


Total Short-Term Securities — 3.6% (Cost: $59,295,515)					59,317,999


Total Investments Before TBA Sale Commitments — 106.6% (Cost: $1,710,425,084)					1,736,051,195


	Par (000)

TBA Sale Commitments

Mortgage-Backed Securities — (0.2)%
Ginnie Mae Mortgage-Backed Securities, 3.00%, 04/21/51^(f)	$	(175	)		(182,308	)
Uniform Mortgage-Backed Securities^(f)
2.50%, 04/19/36		(2,000	)		(2,080,859	)
3.50%, 04/14/51		(1,000	)		(1,056,367	)


Total TBA Sale Commitments — (0.2)% (Proceeds: $(3,319,404))					(3,319,534	)


Total Investments, Net of TBA Sale Commitments — 106.4% (Cost: $1,707,105,680)					1,732,731,661

Liabilities in Excess of Other Assets — (6.4)%					(104,837,716	)


Net Assets — 100.0%				$	1,627,893,945

^(a)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(b)	Amount is less than 500.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

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

^(f)	Represents or includes a TBA transaction.

^(g)	All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments.

^(h)	Affiliate of the Master Portfolio.

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

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

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


M A S T E R P O R T F O L I O S C H E D U L E O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

March 31, 2021

CoreAlpha Bond Master Portfolio

Affiliates

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the period ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 12/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/21		Shares Held at 03/31/21		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	104,962,761	$	—	$	(45,749,089	)^(a)	$	4,353	$	(26	)	$	59,217,999		59,182,490	$	35,990	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		—		—			—		—			100,000		100,000		5			—

								$	4,353	$	(26	)	$	59,317,999			$	35,995		$	—

^(a)

Represents net amount purchased (sold).

^(b)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
Euro BTP		17		06/08/21	$	2,977	$	15,516
Euro Bund Futures		424		06/08/21		85,165		(44,842	)
Euro OAT		100		06/08/21		18,992		(44,120	)
10-Year Australian T-Bond		1,308		06/15/21		137,215		(700,181	)
U.S. Long Bond		439		06/21/21		67,867		(136,966	)
U.S. Ultra Bond		309		06/21/21		55,997		(2,456,432	)
2-Year U.S. Treasury Note		93		06/30/21		20,528		(9,185	)
5-Year U.S. Treasury Note		82		06/30/21		10,119		(40,239	)

								(3,416,449	)

Short Contracts
10-Year Canada Bond		548		06/21/21		60,512		1,511,138
10-Year U.S. Treasury Note		693		06/21/21		90,740		1,439,465
10-Year U.S. Ultra Long Treasury Note		454		06/21/21		65,234		2,503,998
Long Gilt		673		06/28/21		118,378		207,872

								5,662,473

							$	2,246,024

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)

USD	123,803	AUD	160,000	HSBC Bank USA N.A.		06/16/21	$	2,237
USD	781,697	AUD	1,010,000	Westpac Banking Corp.		06/16/21		14,314
USD	263,320	EUR	220,000	Morgan Stanley & Co. International PLC		06/16/21		4,940
USD	2,534,709	EUR	2,120,000	Morgan Stanley & Co. International PLC		06/16/21		44,863
USD	298,066	EUR	250,000	Westpac Banking Corp.		06/16/21		4,452
USD	250,569	GBP	180,000	BNP Paribas S.A.		06/16/21		2,368
USD	457,340	GBP	330,000	BNP Paribas S.A.		06/16/21		2,304
GBP	6,500,000	USD	8,851,626	HSBC Bank USA N.A.		07/06/21		111,869
USD	8,986,724	GBP	6,500,000	Goldman Sachs International		07/06/21		23,230

								210,577

USD	246,964	GBP	180,000	Royal Bank of Canada		06/16/21		(1,238	)
USD	440,746	GBP	320,000	Royal Bank of Canada		06/16/21		(501	)


14

Schedule of Investments (unaudited) (continued)

March 31, 2021

CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	520,742	GBP	380,000	Royal Bank of Canada		06/16/21	$	(3,238	)
AUD	15,000,000	USD	11,708,832	Deutsche Bank AG		06/17/21		(312,018	)

								(316,995	)

							$	(106,418	)

Centrally Cleared Credit Default Swaps — Buy Protection


Reference Obligation/Index	Financing Rate Paid by the Master Portfolio			Payment Frequency	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.IG.36.V1		1.00	%	Quarterly		06/20/26	USD	131,000	$	(3,098,906	)	$	(2,746,617	)	$	(352,289	)

Centrally Cleared Interest Rate Swaps


Paid by the Master Portfolio		Received by the Master Portfolio		Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
6-Month GBP LIBOR, 0.11%	Annual	0.11%	Annual		N/A			03/20/23	GBP	213,660	$	24,479		$	873		$	23,606
(0.50%)	Annual	6-Month EURIBOR, (0.51%)	Semi-Annual		N/A			03/22/23	EUR	43,590		(7,024	)		245			(7,269	)
0.26%	Semi-Annual	3-Month LIBOR, 0.19%	Quarterly		N/A			03/22/23	USD	56,020		19,391			262			19,129
(0.50%)	Annual	6-Month EURIBOR, (0.51%)	Semi-Annual		N/A			03/23/23	EUR	10,750		464			60			404
0.26%	Semi-Annual	3-Month LIBOR, 0.19%	Quarterly		N/A			03/23/23	USD	14,230		4,303			(1,841	)		6,144
(0.50%)	Annual	6-Month EURIBOR, (0.51%)	Semi-Annual		N/A			03/24/23	EUR	40,120		670			(4,263	)		4,933
(0.51%)	Annual	6-Month EURIBOR, (0.51%)	Semi-Annual		N/A			03/29/23	EUR	56,110		9,354			(5,172	)		14,526
(0.51%)	Annual	6-Month EURIBOR, (0.51%)	Semi-Annual		N/A			03/31/23	EUR	34,640		10,106			2,691			7,415
(0.48%)	Annual	6-Month EURIBOR, (0.51%)	Semi-Annual		06/08/21	^(a)		06/08/23	EUR	105,680		(31,958	)		10,230			(42,188	)
0.06%	Annual	6-Month GBP LIBOR, 0.11%	Annual		06/08/21	^(a)		06/08/23	GBP	309,490		704,200			41,470			662,730
0.28%	Semi-Annual	6-Month LIBOR, 0.21%	Quarterly		06/08/21	^(a)		06/08/23	USD	154,680		106,934			61,727			45,207
0.18%	Annual	6-Month LIBOR, 0.21%	Annual		N/A			10/20/25	USD	2,500		61,881			—			61,881
6-Month LIBOR, 0.21%	Annual	0.18%	Annual		N/A			10/20/25	USD	2,500		(58,212	)		—			(58,212	)
(0.31%)	Annual	6-Month EURIBOR, (0.51%)	Semi-Annual		06/08/21	^(a)		06/08/26	EUR	41,770		34,505			23,582			10,923
6-Month GBP LIBOR, 0.11%	Annual	0.32%	Annual		06/08/21	^(a)		06/08/26	GBP	447,440		(5,234,918	)		(1,441,350	)		(3,793,568	)
0.98%	Semi-Annual	6-Month LIBOR, 0.21%	Quarterly		06/08/21	^(a)		06/08/26	USD	74,180		506,077			188,751			317,326
1-Month MXIBOR, 4.29%	Monthly	5.78%	Monthly		09/15/21	^(a)		09/09/26	MXN	252,310		(304,841	)		109			(304,950	)
1-Month MXIBOR, 4.29%	Monthly	6.26%	Monthly		09/15/21	^(a)		09/09/26	MXN	25,180		(4,725	)		11			(4,736	)
1-Month MXIBOR, 4.29%	Monthly	6.38%	Monthly		09/15/21	^(a)		09/09/26	MXN	19,010		1,162			8			1,154
(0.27%)	Annual	6-Month EURIBOR, (0.51%)	Semi-Annual		09/15/21	^(a)		09/15/26	EUR	2,420		2,312			32			2,280
(0.26%)	Annual	6-Month EURIBOR, (0.51%)	Semi-Annual		09/15/21	^(a)		09/15/26	EUR	23,930		4,005			16,624			(12,619	)
(0.26%)	Annual	6-Month EURIBOR, (0.51%)	Semi-Annual		09/15/21	^(a)		09/15/26	EUR	1,360		42			18			24
0.40%	Annual	3-Month STIBOR, 0.00%	Quarterly		09/15/21	^(a)		09/15/26	SEK	24,850		1,850			33			1,817
0.40%	Annual	3-Month STIBOR, 0.00%	Quarterly		09/15/21	^(a)		09/15/26	SEK	21,710		1,708			(409	)		2,117
0.41%	Annual	3-Month STIBOR, 0.00%	Quarterly		09/15/21	^(a)		09/15/26	SEK	17,240		(51	)		22			(73	)
0.43%	Annual	3-Month STIBOR, 0.00%	Quarterly		09/15/21	^(a)		09/15/26	SEK	20,540		(1,827	)		27			(1,854	)
0.48%	Annual	3-Month STIBOR, 0.00%	Quarterly		09/15/21	^(a)		09/15/26	SEK	25,740		(10,702	)		(262	)		(10,440	)
0.48%	Annual	6-Month GBP LIBOR, 0.11%	Annual		09/15/21	^(a)		09/15/26	GBP	13,050		59,979			17,372			42,607
0.51%	Annual	6-Month GBP LIBOR, 0.11%	Annual		09/15/21	^(a)		09/15/26	GBP	970		2,719			(32	)		2,751
0.52%	Annual	6-Month GBP LIBOR, 0.11%	Annual		09/15/21	^(a)		09/15/26	GBP	1,010		1,731			16			1,715
0.53%	Annual	6-Month GBP LIBOR, 0.11%	Annual		09/15/21	^(a)		09/15/26	GBP	1,070		1,417			16			1,401
0.57%	Annual	6-Month GBP LIBOR, 0.11%	Annual		09/15/21	^(a)		09/15/26	GBP	920		(1,195	)		14			(1,209	)
0.99%	Semi-Annual	6-Month BBR, 0.85%	Semi-Annual		09/15/21	^(a)		09/15/26	AUD	4,750		22,379			40			22,339
1.04%	Semi-Annual	6-Month BBR, 0.85%	Semi-Annual		09/15/21	^(a)		09/15/26	AUD	1,596		4,512			14			4,498
1.08%	Semi-Annual	3-Month LIBOR, 0.21%	Quarterly		09/15/21	^(a)		09/15/26	USD	10,160		79,186			23,503			55,683
1.08%	Semi-Annual	3-Month LIBOR, 0.21%	Quarterly		09/15/21	^(a)		09/15/26	USD	1,970		14,906			22			14,884
1.09%	Semi-Annual	6-Month BBR, 0.85%	Semi-Annual		09/15/21	^(a)		09/15/26	AUD	1,597		1,890			14			1,876
3-Month HIBOR, 0.23%	Quarterly	1.10%	Quarterly		09/15/21	^(a)		09/15/26	HKD	11,280		(9,502	)		16			(9,518	)
1.10%	Semi-Annual	3-Month LIBOR, 0.19%	Quarterly		09/15/21	^(a)		09/15/26	USD	2,110		14,618			24			14,594
1.10%	Semi-Annual	6-Month BBR, 0.85%	Semi-Annual		09/15/21	^(a)		09/15/26	AUD	4,840		3,560			41			3,519


M A S T E R P O R T F O L I O S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

March 31, 2021

CoreAlpha Bond Master Portfolio

Centrally Cleared Interest Rate Swaps (continued)


Paid by the Master Portfolio		Received by the Master Portfolio		Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
3-Month HIBOR, 0.23%	Quarterly	1.11%	Quarterly		09/15/21	^(a)		09/15/26	HKD	24,340	$	(17,731	)	$	35		$	(17,766	)
3-Month HIBOR, 0.23%	Quarterly	1.11%	Quarterly		09/15/21	^(a)		09/15/26	HKD	11,740		(8,923	)		17			(8,940	)
1.11%	Semi-Annual	3-Month LIBOR, 0.21%	Quarterly		09/15/21	^(a)		09/15/26	USD	1,290		8,271			14			8,257
1.11%	Semi-Annual	6-Month BBR, 0.85%	Semi-Annual		09/15/21	^(a)		09/15/26	AUD	1,597		758			14			744
3-Month HIBOR, 0.23%	Quarterly	1.12%	Quarterly		09/15/21	^(a)		09/15/26	HKD	41,730		(27,760	)		60			(27,820	)
3-Month HIBOR, 0.23%	Quarterly	1.12%	Quarterly		09/15/21	^(a)		09/15/26	HKD	16,630		(11,115	)		24			(11,139	)
3-Month HIBOR, 0.23%	Quarterly	1.13%	Quarterly		09/15/21	^(a)		09/15/26	HKD	45,300		(27,126	)		65			(27,191	)
3-Month HIBOR, 0.23%	Quarterly	1.16%	Quarterly		09/15/21	^(a)		09/15/26	HKD	11,680		(5,147	)		17			(5,164	)
6-Month SIBOR, 0.59%	Semi-Annual	1.20%	Semi-Annual		09/15/21	^(a)		09/15/26	SGD	6,945		(31,580	)		48			(31,628	)
6-Month SIBOR, 0.59%	Semi-Annual	1.20%	Semi-Annual		09/15/21	^(a)		09/15/26	SGD	6,945		(31,200	)		47			(31,247	)
6-Month SIBOR, 0.59%	Semi-Annual	1.26%	Semi-Annual		09/15/21	^(a)		09/15/26	SGD	1,680		(3,619	)		12			(3,631	)
1.32%	Annual	6-Month WIBOR, 0.15%	Semi-Annual		09/15/21	^(a)		09/15/26	PLN	20,570		37,581			49			37,532
3-Month CAD BA, 0.00%	Semi-Annual	1.58%	Semi-Annual		09/15/21	^(a)		09/15/26	CAD	22,600		(42,209	)		(18,879	)		(23,330	)
3-Month CAD BA, 0.00%	Semi-Annual	1.59%	Semi-Annual		09/15/21	^(a)		09/15/26	CAD	4,920		(7,337	)		44			(7,381	)
3-Month CAD BA, 0.00%	Semi-Annual	1.64%	Semi-Annual		09/15/21	^(a)		09/15/26	CAD	1,790		758			16			742
3-Month JIBAR, 3.68%	Quarterly	6.44%	Quarterly		09/15/21	^(a)		09/15/26	ZAR	23,190		(963	)		14			(977	)
6-Month LIBOR, 0.21%	Annual	0.54%	Annual		N/A			10/21/30	USD	1,250		(104,021	)		—			(104,021	)
0.55%	Annual	6-Month LIBOR, 0.21%	Annual		N/A			10/21/30	USD	1,250		108,225			—			108,225
0.71%	Annual	6-Month GBP LIBOR, 0.11%	Annual		N/A			03/10/31	GBP	9,860		116,943			26,318			90,625
0.85%	Annual	6-Month GBP LIBOR, 0.11%	Annual		N/A			03/18/31	GBP	23,750		(143,116	)		1,292			(144,408	)
6-Month EURIBOR, (0.51%)	Semi-Annual	0.06%	Annual		N/A			03/24/31	EUR	5,720		(7,932	)		4,286			(12,218	)
6-Month EURIBOR, (0.51%)	Semi-Annual	0.08%	Annual		N/A			03/24/31	EUR	6,030		8,043			124			7,919
0.81%	Annual	6-Month GBP LIBOR, 0.11%	Annual		N/A			03/24/31	GBP	3,510		(143	)		(3,195	)		3,052
3-Month LIBOR, 0.19%	Quarterly	1.76%	Semi-Annual		N/A			03/24/31	USD	6,050		(3,631	)		104			(3,735	)
6-Month EURIBOR, (0.51%)	Semi-Annual	0.02%	Annual		N/A			03/31/31	EUR	7,320		(45,280	)		30,091			(75,371	)
6-Month EURIBOR, (0.51%)	Semi-Annual	0.02%	Annual		N/A			03/31/31	EUR	3,080		(19,575	)		(5,246	)		(14,329	)
6-Month EURIBOR, (0.51%)	Semi-Annual	0.04%	Annual		06/08/21	^(a)		06/09/31	EUR	10,490		(73,881	)		(23,789	)		(50,092	)
0.66%	Annual	6-Month GBP LIBOR, 0.11%	Annual		06/08/21	^(a)		06/09/31	GBP	192,420		4,297,184			2,311,416			1,985,768
0.77%	Annual	6-Month GBP LIBOR, 0.11%	Annual		06/08/21	^(a)		06/09/31	GBP	18,460		142,056			93,045			49,011
1.67%	Semi-Annual	6-Month LIBOR, 0.21%	Quarterly		06/08/21	^(a)		06/09/31	USD	7,490		100,615			58,949			41,666
0.74%	Annual	6-Month LIBOR, 0.21%	Annual		N/A			10/22/35	USD	500		65,967			—			65,967
6-Month LIBOR, 0.21%	Annual	0.78%	Annual		N/A			10/22/35	USD	500		(66,753	)		—			(66,753	)
0.84%	Annual	6-Month LIBOR, 0.21%	Annual		N/A			10/22/40	USD	1,000		168,281			—			168,281
6-Month LIBOR, 0.21%	Annual	0.90%	Annual		N/A			10/22/40	USD	1,000		(167,854	)		—			(167,854	)
0.90%	Annual	6-Month LIBOR, 0.21%	Annual		N/A			10/20/50	USD	500		114,952			—			114,952
6-Month LIBOR, 0.21%	Annual	0.98%	Annual		N/A			10/20/50	USD	500		(112,397	)		—			(112,397	)
6-Month EURIBOR, (0.51%)	Semi-Annual	0.40%	Annual		06/08/21	^(a)		06/08/51	EUR	7,120		(230,374	)		(58,313	)		(172,061	)
6-Month GBP LIBOR, 0.11%	Annual	0.86%	Annual		06/08/21	^(a)		06/08/51	GBP	6,700		(300,549	)		(373,072	)		72,523
6-Month GBP LIBOR, 0.11%	Annual	0.93%	Annual		06/08/21	^(a)		06/08/51	GBP	6,850		(140,945	)		(73,188	)		(67,757	)
3-Month LIBOR, 0.19%	Quarterly	2.07%	Semi-Annual		06/08/21	^(a)		06/08/51	USD	21,210		(654,309	)		(386,100	)		(268,209	)

											$	(1,080,451	)	$	518,857		$	(1,599,308	)

^(a)	Forward Swap.

Centrally Cleared Inflation Swaps


Paid by the Master Portfolio		Received by the Master Portfolio		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Reference	Frequency	Rate	Frequency	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
2.27%	Quarterly	6-Month LIBOR	Quarterly		03/02/26	USD	46,680	$	(642,031	)	$	552	$	(642,583	)
2.33%	Quarterly	6-Month LIBOR	Quarterly		02/22/31	USD	24,170		(452,030	)		502		(452,532	)

								$	(1,094,061	)	$	1,054	$	(1,095,115	)


16

Schedule of Investments (unaudited) (continued)

March 31, 2021

CoreAlpha Bond Master Portfolio

OTC Interest Rate Swaps


Paid by the Master Portfolio		Received by the Master Portfolio		Counterparty	Effective Date		Termination Date	Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Counterparty	Effective Date		Termination Date	Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
3-Month KRW CDC, 0.76%	Quarterly	1.51%	Quarterly	Bank of America N.A.		N/A	09/15/26	KRW	1,267,796	$	(4,258	)	$	—	$	(4,258	)
3-Month KRW CDC, 0.76%	Quarterly	1.53%	Quarterly	Bank of America N.A.		N/A	09/15/26	KRW	1,170,274		(3,240	)		—		(3,240	)
3-Month KRW CDC, 0.76%	Quarterly	1.56%	Quarterly	Citibank N.A.		N/A	09/15/26	KRW	717,730		(842	)		—		(842	)

										$	(8,340	)	$	—	$	(8,340	)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Master Portfolio has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Master Portfolio’s investments categorized in the fair value hierarchy. The breakdown of the Master Portfolio’s investments into major categories is disclosed in the Schedule of Investments above.


	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	183,694,832		$	—	$	183,694,832
Common Stocks		—		—			1		1
Corporate Bonds		—		704,728,732			—		704,728,732
Foreign Agency Obligations		—		7,209,684			—		7,209,684
Municipal Bonds		—		13,203,502			—		13,203,502
Non-Agency Mortgage-Backed Securities		—		167,796,473			—		167,796,473
U.S. Government Sponsored Agency Securities		—		600,099,972			—		600,099,972
Short-Term Securities
Money Market Funds		59,317,999		—			—		59,317,999
Liabilities
Investments
TBA Sale Commitments		—		(3,319,534	)		—		(3,319,534	)

	$	59,317,999	$	1,673,413,661		$	1	$	1,732,731,661

Derivative Financial Instruments^(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	210,577		$	—	$	210,577
Interest Rate Contracts		5,677,989		4,102,747			—		9,780,736
Liabilities
Credit Contracts		—		(352,289	)		—		(352,289	)


M A S T E R P O R T F O L I O S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

March 31, 2021

CoreAlpha Bond Master Portfolio

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2			Level 3		Total
Liabilities (continued)
Foreign Currency Exchange Contracts	$	—		$	(316,995	)	$	—	$	(316,995	)
Interest Rate Contracts		(3,431,965	)		(5,710,395	)		—		(9,142,360	)
Other Contracts		—			(1,095,115	)		—		(1,095,115	)

	$	2,246,024		$	(3,161,470	)	$	—	$	(915,446	)

(a)

Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

Currency Abbreviation


AUD		Australian Dollar

CAD		Canadian Dollar

EUR		Euro

GBP		British Pound

HKD		Hong Kong Dollar

KRW		South Korean Won

MXN		Mexican Peso

PLN		Polish Zloty

SEK		Swedish Krona

SGD		Singapore Dollar

USD		United States Dollar

ZAR		South African Rand

Portfolio Abbreviation


ARB		Airport Revenue Bonds

BAB		Build America Bond

BBR		Bank Bill Rate

CMT		Constant Maturity Treasury

EURIBOR		Euro Interbank Offered Rate

GO		General Obligation Bonds

HIBOR		Hong Kong Interbank Offered Rate

JIBAR		Johannesburg Interbank Average Rate

LIBOR		London Interbank Offered Rate

MXIBOR		Mexico Interbank Offered Rate

RB		Revenue Bond

REMIC		Real Estate Mortgage Investment Conduit

SIBOR		Singapore Interbank Offered Rate

SOFR		Secured Overnight Financing Rate

STIBOR		Stockholm Interbank Offered Rate

TBA		To-Be-Announced

WIBOR		Warsaw Interbank Offered Rate


18

Master Investment Portfolio II NPORT-PCoreAlpha Bond Master Portfolio (Mar 2021 report)