Master Investment Portfolio II NPORTP Advantage CoreAlpha Bond Master Portfolio (Mar 2022 report)

Schedule of Investments (unaudited)

March 31, 2022

Advantage CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Asset-Backed Securities
ACC Auto Trust, Series 2021-A, Class A, 1.08%, 04/15/27^(a)	$	3,107	$	3,077,968
Avant Loans Funding Trust, Series 2021-REV1, Class A, 1.21%, 07/15/30^(a)		5,460		5,276,364
Carvana Auto Receivables Trust
Series 2021-N2, Class B, 0.75%, 03/10/28		1,342		1,314,162
Series 2021-N2, Class C, 1.07%, 03/10/28		3,686		3,590,000
Chase Funding Trust, Series 2004-2, Class 2A2, (1 mo. LIBOR US + 0.50%), 0.96%, 02/26/35^(b)		120		116,501
College Loan Corp. Trust I, Series 2004-1, Class A4, (3 mo. LIBOR US + 0.19%), 0.45%, 04/25/24^(b)		420		420,290
Conseco Finance Corp., Series 1996-9, Class M1, 7.63%, 08/15/27^(b)		21		21,070
Consumer Loan Underlying Bond Certificate Issuer Trust I, Series 2019-HP1, Class A, 2.59%, 12/15/26^(a)		163		162,622
CWABS, Inc. Asset-Backed Certificates, Series 2004-1, Class M1, (1 mo. LIBOR US + 0.75%), 1.21%, 03/25/34^(b)		6		5,820
Drive Auto Receivables Trust
Series 2018-3, Class D, 4.30%, 09/16/24		1,502		1,511,501
Series 2018-4, Class D, 4.09%, 01/15/26		766		773,017
Series 2019-2, Class C, 3.42%, 06/16/25		2,224		2,232,026
Series 2020-1, Class C, 2.36%, 03/16/26		6,223		6,231,942
Series 2020-1, Class D, 2.70%, 05/17/27		7,600		7,573,560
Series 2020-2, Class B, 1.42%, 03/17/25		1,875		1,874,742
Series 2020-2, Class C, 2.28%, 08/17/26		1,890		1,891,517
Series 2021-1, Class C, 1.02%, 06/15/27		6,240		6,146,392
Series 2021-1, Class D, 1.45%, 01/16/29		1,890		1,820,301
DT Auto Owner Trust, Series 2019-3A, Class C, 2.74%, 04/15/25^(a)		1,149		1,150,019
Exeter Automobile Receivables Trust
Series 2020-3A, Class B, 0.79%, 09/16/24		2,056		2,055,144
Series 2020-3A, Class D, 1.73%, 07/15/26		1,730		1,697,446
Series 2021-1A, Class C, 0.74%, 01/15/26		7,930		7,777,145
Series 2021-3A, Class B, 0.69%, 01/15/26		2,500		2,439,253
Series 2021-3A, Class C, 0.96%, 10/15/26		2,950		2,817,357
Ford Credit Auto Owner Trust^(a)
Series 2018-1, Class A, 3.19%, 07/15/31		2,870		2,859,990
Series 2019-1, Class A, 3.52%, 07/15/30		450		455,026
JPMorgan Chase Bank NA - CACLN^(a)
Series 2021-2, Class B, 0.89%, 12/26/28		3,635		3,567,294
Series 2021-2, Class C, 0.97%, 12/26/28		1,563		1,533,111
Series 2021-3, Class B, 0.76%, 02/26/29		6,060		5,886,406
OneMain Financial Issuance Trust, Series 2019-2A, Class A, 3.14%, 10/14/36^(a)		5,690		5,560,531
Santander Drive Auto Receivables Trust 0.95%, 09/15/27		4,420		4,288,815
Series 2018-5, Class D, 4.19%, 12/16/24		2,145		2,157,255
Series 2020-2, Class B, 0.96%, 11/15/24		493		492,757
Series 2020-2, Class D, 2.22%, 09/15/26		8,000		7,937,454
Series 2020-4, Class C, 1.01%, 01/15/26		5,750		5,684,743
Series 2021-1, Class C, 0.75%, 02/17/26		4,730		4,638,588
Series 2021-4, Class C, 1.26%, 02/16/27		5,030		4,801,340
Santander Revolving Auto Loan Trust, Series 2019-A, Class A, 2.51%, 01/26/32^(a)		4,790		4,696,591
Toyota Auto Loan Extended Note Trust, Series 2020- 1A, Class A, 1.35%, 05/25/33^(a)		5,680		5,376,376
Upstart Securitization Trust^(a) Series 2020-1, Class A, 2.32%, 04/22/30		79		79,199


Security	Par (000)		Value

Asset-Backed Securities (continued)
Upstart Securitization Trust^(a)(continued)
Series 2021-1, Class A, 0.87%, 03/20/31	$	1,266	$	1,254,794
Series 2021-3, Class A, 0.83%, 07/20/31		3,497		3,434,009
Series 2021-4, Class A, 0.84%, 09/20/31		5,683		5,527,802
Series 2021-5, Class A, 1.31%, 11/20/31		1,957		1,871,059
Westlake Automobile Receivables Trust
Series 2018-3A, Class D, 4.00%, 10/16/23^(a)		287		287,760
Series 2020-2A, Class B, 1.32%, 07/15/25^(a)		1,310		1,306,962
Series 2020-2A, Class C, 2.01%, 07/15/25^(a)		5,920		5,904,629
Series 2020-3A, Class B, 0.78%, 11/17/25^(a)		3,480		3,453,541
Series 2020-3A, Class C, 1.24%, 11/17/25^(a)		4,250		4,171,464
Series 2022-1A, Class B, 2.75%, 03/15/27		3,970		3,930,580


Total Asset-Backed Securities — 11.2% (Cost: $156,171,661)				153,134,235


	Shares

Common Stocks

Diversified Financial Services — 0.0%
Edcon Ltd.^(c)		1,807,150		1


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


	Par (000)

Corporate Bonds

Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc., 3.38%, 03/01/41	$	378		336,477


Aerospace & Defense — 0.6%
3M Co., 2.65%, 04/15/25^(d)		1,710		1,697,837
Boeing Co.
4.51%, 05/01/23		1,475		1,500,019
4.88%, 05/01/25		1,080		1,114,203
General Dynamics Corp.
3.25%, 04/01/25		1,130		1,142,123
1.15%, 06/01/26		1,495		1,390,693
2.25%, 06/01/31^(d)		1,350		1,260,260
Lockheed Martin Corp.
1.85%, 06/15/30		195		176,860
2.80%, 06/15/50		60		52,519
Trane Technologies Luxembourg Finance SA, 4.50%, 03/21/49		95		101,194


				8,435,708

Airlines — 0.1%
Delta Air Lines, Inc., 7.38%, 01/15/26		900		977,387
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25^(a)(d)		720		766,800


				1,744,187

Automobiles — 1.0%
American Honda Finance Corp., 1.20%, 07/08/25		900		848,105
AutoNation, Inc., 1.95%, 08/01/28^(d)		655		586,223
Ford Motor Co., 5.29%, 12/08/46^(d)		1,200		1,164,726
Ford Motor Credit Co. LLC
5.58%, 03/18/24		1,200		1,234,236
2.30%, 02/10/25		1,500		1,423,826


MASTER PORTFOLIO SCHEDULE OF INVESTMENTS		1

Schedule of Investments (unaudited) (continued)

March 31, 2022

Advantage CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Automobiles (continued)
Ford Motor Credit Co. LLC (continued)
2.90%, 02/10/29	$	1,500	$	1,336,080
General Motors Financial Co., Inc.
3.45%, 04/10/22		1,780		1,780,605
4.15%, 06/19/23		1,155		1,171,784
2.90%, 02/26/25		1,335		1,303,989
Genuine Parts Co., 1.88%, 11/01/30^(d)		1,530		1,323,299
Toyota Motor Credit Corp., 2.50%, 03/22/24		1,570		1,569,939


				13,742,812

Banks — 2.0%
Bank Of Montreal, 2.65%, 03/08/27		935		904,221
Canadian Imperial Bank of Commerce
0.45%, 06/22/23		2,650		2,587,005
2.25%, 01/28/25		1,960		1,914,285
Credit Suisse AG, 1.00%, 05/05/23		285		280,680
Fifth Third Bancorp, 2.38%, 01/28/25		850		830,679
First Republic Bank, (SOFR + 0.62%), 1.91%, 02/12/24^(b)(d)		2,500		2,477,470
ING Groep NV, 4.10%, 10/02/23		2,290		2,328,564
Santander Holdings USA, Inc., 3.45%, 06/02/25		510		506,313
Santander U.K. Group Holdings PLC, (3 mo. LIBOR US + 1.40%), 3.82%, 11/03/28^(b)		3,800		3,736,585
SVB Financial Group, 1.80%, 02/02/31		2,094		1,803,037
Toronto-Dominion Bank, 1.45%, 01/10/25^(d)		1,420		1,360,081
Truist Financial Corp., 1.20%, 08/05/25		4,850		4,566,450
Wells Fargo & Co.
3.75%, 01/24/24		1,540		1,568,127
3.30%, 09/09/24^(d)		1,590		1,606,872
3.00%, 02/19/25^(d)		800		798,471
(SOFR + 1.51%), 3.53%, 03/24/28^(b)		685		683,624
Westpac Banking Corp., 2.96%, 11/16/40		120		100,839


				28,053,303

Beverages — 0.3%
Ball Corp., 2.88%, 08/15/30^(d)		320		286,894
Coca-Cola Femsa SAB de CV, 2.75%, 01/22/30^(d)		1,389		1,324,106
Constellation Brands, Inc., 3.75%, 05/01/50		250		231,545
Diageo Capital PLC
2.00%, 04/29/30		1,255		1,144,372
2.13%, 04/29/32		750		676,509
PepsiCo, Inc.
2.85%, 02/24/26		800		805,592
3.45%, 10/06/46		7		6,930


				4,475,948

Biotechnology^(d)— 0.2%
Amgen, Inc.
3.63%, 05/22/24		400		407,476
3.13%, 05/01/25		800		807,908
2.60%, 08/19/26		800		788,541
Gilead Sciences, Inc., 3.50%, 02/01/25		400		405,409


				2,409,334

Building Materials — 0.5%
Boise Cascade Co., 4.88%, 07/01/30^(a)		1,250		1,213,812
Eagle Materials, Inc., 2.50%, 07/01/31		3,310		2,940,017
Martin Marietta Materials, Inc.
2.40%, 07/15/31^(d)		2,165		1,943,396
3.20%, 07/15/51		770		657,936


Security	Par (000)		Value

Building Materials (continued)
Masco Corp., 2.00%, 10/01/30	$	160	$	138,528
Nucor Corp., 3.13%, 04/01/32		195		188,491


				7,082,180

Building Products — 0.2%
Allegion PLC, 3.50%, 10/01/29^(d)		330		319,389
Home Depot, Inc.
5.40%, 09/15/40		200		241,699
3.13%, 12/15/49		840		767,951
Lowe’s Cos., Inc.
4.00%, 04/15/25		420		431,241
3.35%, 04/01/27		280		281,637
4.25%, 04/01/52		140		144,807


				2,186,724

Capital Markets — 1.7%
Ameriprise Financial, Inc., 3.00%, 04/02/25		930		926,433
Ares Capital Corp.
4.20%, 06/10/24		4,815		4,849,805
3.25%, 07/15/25		3,070		2,978,108
3.88%, 01/15/26		558		547,385
2.15%, 07/15/26		1,542		1,393,560
2.88%, 06/15/28		1,240		1,097,774
Barings BDC, Inc., 3.30%, 11/23/26^(a)		690		637,099
Blackstone Private Credit Fund, 4.70%, 03/24/25		350		355,109
Brookfield Finance, Inc.
4.70%, 09/20/47		5		5,299
3.50%, 03/30/51		260		231,200
Charles Schwab Corp., 2.45%, 03/03/27		345		334,916
FS KKR Capital Corp.
4.63%, 07/15/24		950		959,329
4.13%, 02/01/25		680		674,731
3.40%, 01/15/26		1,565		1,515,203
2.63%, 01/15/27^(d)		2,810		2,573,335
3.25%, 07/15/27		440		406,154
Goldman Sachs BDC, Inc., 2.88%, 01/15/26^(d)		1,059		1,018,955
Golub Capital BDC, Inc., 2.50%, 08/24/26		840		771,685
Morgan Stanley Direct Lending Fund, 4.50%, 02/11/27^(a)		1,450		1,377,821
Nomura Holdings, Inc., 2.65%, 01/16/25		1,100		1,070,010


				23,723,911

Chemicals — 0.7%
Air Products and Chemicals, Inc., 2.70%, 05/15/40		187		165,328
CF Industries, Inc.
4.95%, 06/01/43		1,325		1,425,037
5.38%, 03/15/44		515		579,070
Emerson Electric Co.
2.00%, 12/21/28		1,710		1,597,749
2.20%, 12/21/31^(d)		995		917,668
International Flavors & Fragrances, Inc., 3.20%, 05/01/23		1,590		1,594,541
Methanex Corp., 5.25%, 12/15/29^(d)		725		735,875
RPM International, Inc., 3.75%, 03/15/27^(d)		105		106,325
Sherwin-Williams Co.
3.30%, 02/01/25		800		800,780
3.95%, 01/15/26		400		412,136
3.45%, 06/01/27^(d)		1,120		1,122,487


				9,456,996


2

Schedule of Investments (unaudited) (continued)

March 31, 2022

Advantage CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Commercial Services & Supplies — 0.1%
ASGN, Inc., 4.63%, 05/15/28^(a)	$	1,800	$	1,754,190
Rockefeller Foundation, Series 2020, 2.49%, 10/01/50		72		60,099


				1,814,289

Communications Equipment — 0.1%
Motorola Solutions, Inc.
4.60%, 02/23/28		939		965,443
2.30%, 11/15/30		323		283,161


				1,248,604

Construction Materials — 0.2%
Allegion U.S. Holding Co., Inc., 3.55%, 10/01/27		125		122,812
Williams Scotsman International, Inc., 4.63%, 08/15/28^(a)		2,450		2,388,750


				2,511,562

Consumer Discretionary — 0.5%
Quanta Services, Inc.
0.95%, 10/01/24^(d)		2,110		2,000,458
2.90%, 10/01/30		2,290		2,118,743
2.35%, 01/15/32		1,845		1,601,638
3.05%, 10/01/41		985		810,323
Royal Caribbean Cruises Ltd., 11.50%, 06/01/25^(a)		805		884,582


				7,415,744

Consumer Finance — 1.0%
Block Financial LLC, 2.50%, 07/15/28		894		815,604
Equifax, Inc.
2.60%, 12/15/25		275		267,057
3.10%, 05/15/30^(d)		530		505,448
Mastercard, Inc.
3.65%, 06/01/49		840		867,884
3.85%, 03/26/50		700		739,550
2.95%, 03/15/51		1,590		1,454,747
PayPal Holdings, Inc.
2.85%, 10/01/29^(d)		1,520		1,487,907
3.25%, 06/01/50		320		291,707
S&P Global, Inc.
2.95%, 01/22/27^(d)		685		682,005
2.45%, 03/01/27		840		817,288
2.90%, 03/01/32^(a)		2,260		2,190,959
2.30%, 08/15/60		2,948		2,228,888
Visa, Inc., 3.65%, 09/15/47		1,065		1,099,793


				13,448,837

Containers & Packaging — 0.2%
Avery Dennison Corp., 2.25%, 02/15/32		2,350		2,063,023
Packaging Corp. of America, 3.05%, 10/01/51		285		243,970


				2,306,993

Diversified Financial Services — 7.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.15%, 10/29/23		310		296,744
1.65%, 10/29/24^(d)		565		533,591
2.45%, 10/29/26		220		203,375
3.00%, 10/29/28^(d)		210		193,659
3.30%, 01/30/32^(d)		185		166,770
3.85%, 10/29/41		150		131,541
Air Lease Corp., 3.38%, 07/01/25		700		689,911
Aircastle Ltd., 4.25%, 06/15/26		568		558,802
Ally Financial, Inc.
3.05%, 06/05/23		290		291,059


Security	Par (000)		Value

Diversified Financial Services (continued)
Ally Financial, Inc. (continued)
1.45%, 10/02/23	$	565	$	551,732
Banco Santander SA
3.50%, 04/11/22		200		200,084
2.75%, 05/28/25		1,600		1,559,144
2.75%, 12/03/30		400		352,038
(1 year CMT + 0.45%), 0.70%, 06/30/24^(b)		2,200		2,135,744
(1 year CMT + 0.90%), 1.72%, 09/14/27^(b)		400		361,281
Bank of America Corp.^(b)
(3 mo. LIBOR US + 0.94%), 3.86%, 07/23/24		2,565		2,593,997
(3 mo. LIBOR US + 1.21%), 3.97%, 02/07/30		175		177,824
(3 mo. LIBOR US + 1.32%), 4.08%, 04/23/40		70		71,872
(3 mo. LIBOR US + 1.81%), 4.24%, 04/24/38		2,550		2,656,770
(3 mo. LIBOR US + 3.15%), 4.08%, 03/20/51		931		963,426
(SOFR + 0.41%), 0.52%, 06/14/24		730		709,543
(SOFR + 0.91%), 0.98%, 09/25/25		950		900,419
(SOFR + 0.96%), 1.73%, 07/22/27		7,050		6,547,229
(SOFR + 1.15%), 1.32%, 06/19/26		2,030		1,902,457
(SOFR + 1.32%), 2.69%, 04/22/32		1,990		1,830,077
(SOFR + 1.93%), 2.68%, 06/19/41		1,015		857,024
Series N, (SOFR + 1.65%), 3.48%, 03/13/52		595		561,079
Bank of Nova Scotia
0.65%, 07/31/24		1,235		1,174,638
1.05%, 03/02/26		1,000		917,335
Barclays PLC, (1 year CMT + 1.70%), 3.81%, 03/10/42^(b)		233		208,365
Citigroup, Inc.
4.75%, 05/18/46		50		53,515
(3 mo. LIBOR US + 0.90%), 3.35%, 04/24/25^(b)		2,805		2,811,671
(SOFR + 0.69%), 0.78%, 10/30/24^(b)		8,880		8,578,802
(SOFR + 0.77%), 1.46%, 06/09/27^(b)		3,035		2,787,307
(SOFR + 1.67%), 1.68%, 05/15/24^(b)		800		793,434
(SOFR + 2.84%), 3.11%, 04/08/26^(b)(d)		1,630		1,616,146
CME Group, Inc., 2.65%, 03/15/32		475		454,502
Credit Suisse Group AG, 3.80%, 06/09/23		300		302,751
Deutsche Bank AG, Series E, 0.96%, 11/08/23		445		431,436
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35		438		470,319
Goldman Sachs Group, Inc.
3.75%, 05/22/25		500		507,525
3.75%, 02/25/26		1,900		1,929,966
3.50%, 11/16/26^(d)		365		366,518
3.85%, 01/26/27		1,090		1,099,786
2.60%, 02/07/30		6,060		5,621,319
3.80%, 03/15/30		2,010		2,023,354
6.75%, 10/01/37		500		630,071
5.15%, 05/22/45^(d)		503		562,012
(3 mo. LIBOR US + 1.30%), 4.22%, 05/01/29^(b)		550		563,140
(3 mo. LIBOR US + 1.37%), 4.02%, 10/31/38^(b)		500		505,259
(3 mo. LIBOR US + 1.43%), 4.41%, 04/23/39^(b)		2,120		2,236,224
(SOFR + 0.61%), 0.86%, 02/12/26^(b)		135		125,769
(SOFR + 1.09%), 1.99%, 01/27/32^(b)		1,600		1,386,048
(SOFR + 1.47%), 2.91%, 07/21/42^(b)		715		615,496
HSBC Holdings PLC^(b)
(SOFR + 0.71%), 0.98%, 05/24/25		1,980		1,879,694
(SOFR + 1.43%), 3.00%, 03/10/26		735		720,636
(SOFR + 2.53%), 4.76%, 03/29/33		1,460		1,500,410
Intercontinental Exchange, Inc.
0.70%, 06/15/23		1,520		1,488,554
4.25%, 09/21/48		160		171,755


MASTER PORTFOLIO SCHEDULE OF INVESTMENTS		3

Schedule of Investments (unaudited) (continued)

March 31, 2022

Advantage CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
JPMorgan Chase & Co.
3.38%, 05/01/23^(d)	$	2,900	$	2,931,456
3.13%, 01/23/25^(d)		800		804,129
3.30%, 04/01/26		600		604,754
(3 mo. LIBOR US + 1.16%), 3.22%, 03/01/25^(b)		600		602,125
(3 mo. LIBOR US + 1.38%), 3.96%, 11/15/48^(b)		405		413,700
(3 mo. LIBOR US + 1.46%), 4.03%, 07/24/48^(b)		660		678,374
(SOFR + 0.61%), 1.56%, 12/10/25^(b)		1,600		1,531,505
(SOFR + 0.89%), 1.58%, 04/22/27^(b)		816		760,004
Kimberly-Clark Corp., 2.88%, 02/07/50^(d)		160		144,188
Lloyds Banking Group PLC, (1 year CMT + 0.55%), 0.70%, 05/11/24^(b)		1,590		1,548,750
Mitsubishi UFJ Financial Group, Inc.^(b)
(1 year CMT + 0.55%), 0.95%, 07/19/25		1,820		1,725,112
(1 year CMT + 0.95%), 2.31%, 07/20/32		425		380,506
(1 year CMT + 0.97%), 2.49%, 10/13/32		1,015		913,140
Mizuho Financial Group, Inc., (SOFR + 1.25%), 1.24%, 07/10/24^(b)		2,845		2,784,241
Morgan Stanley
3.88%, 01/27/26		200		203,805
6.38%, 07/24/42		460		616,104
4.30%, 01/27/45		1,380		1,451,421
(3 mo. LIBOR US + 1.46%), 3.97%, 07/22/38^(b)		1,840		1,856,320
(SOFR + 0.86%), 1.51%, 07/20/27^(b)		1,510		1,387,997
(SOFR + 0.88%), 1.59%, 05/04/27^(b)		2,110		1,960,362
(SOFR + 1.03%), 1.79%, 02/13/32^(b)		85		73,094
(SOFR + 1.43%), 2.80%, 01/25/52^(b)		1,060		881,886
(SOFR + 1.99%), 2.19%, 04/28/26^(b)		2,400		2,318,324
(SOFR + 4.84%), 5.60%, 03/24/51^(b)		220		281,838
Series I, (SOFR + 0.75%), 0.86%, 10/21/25^(b)(d)		3,410		3,211,165
Nasdaq, Inc.
3.85%, 06/30/26		32		32,627
3.25%, 04/28/50		68		58,696
Natwest Group PLC, (1 year CMT + 2.15%), 2.36%, 05/22/24^(b)		290		287,644
Sumitomo Mitsui Financial Group, Inc.
2.35%, 01/15/25		1,325		1,287,548
1.47%, 07/08/25		1,049		987,014


				105,248,778

Diversified Telecommunication Services — 0.9%
AT&T, Inc.
1.70%, 03/25/26		3,620		3,427,002
4.85%, 03/01/39		1,185		1,289,661
3.10%, 02/01/43		1,145		988,465
4.80%, 06/15/44^(d)		195		207,294
3.30%, 02/01/52		305		261,444
3.80%, 12/01/57		238		217,137
3.50%, 02/01/61		75		63,748
Switch Ltd., 3.75%, 09/15/28^(a)(d)		865		838,829
Verizon Communications, Inc.
1.68%, 10/30/30		2,347		2,046,417
4.50%, 08/10/33^(d)		2,600		2,789,492
4.13%, 08/15/46		430		441,536
2.88%, 11/20/50^(d)		170		142,039
3.00%, 11/20/60		280		228,332


				12,941,396

Education — 0.1%
Ford Foundation
Series 2020, 2.42%, 06/01/50^(d)		5		4,125


Security	Par (000)		Value

Education (continued)
Ford Foundation (continued)
Series 2020, 2.82%, 06/01/70	$	30	$	24,748
Georgetown University, Series 20A, 2.94%, 04/01/50^(d)		27		22,025
Massachusetts Institute of Technology, 3.07%, 04/01/52		264		249,575
Northwestern University, Series 2020, 2.64%, 12/01/50		266		224,396
President and Fellows of Harvard College, 2.52%, 10/15/50
President and Fellows of Harvard College, 2.52%, 10/15/50		54		46,341
University of Chicago
Series 20B, 2.76%, 04/01/45		148		131,575
Series C, 2.55%, 04/01/50		157		131,157
University of Southern California, Series 21-A, 2.95%, 10/01/51		190		168,664
Yale University, Series 2020, 2.40%, 04/15/50		272		225,847


				1,228,453

Electric Utilities — 3.1%
AEP Texas, Inc., Series I, 2.10%, 07/01/30		2,180		1,941,887
AEP Transmission Co. LLC, 3.15%, 09/15/49		30		26,563
Alabama Power Co.
3.05%, 03/15/32		300		291,695
3.45%, 10/01/49		370		343,249
Ameren Corp., 2.50%, 09/15/24		65		64,125
Ameren Illinois Co., 3.25%, 03/15/50		130		119,032
American Electric Power Co., Inc., 2.03%, 03/15/24		1,115		1,095,690
Appalachian Power Co., Series X, 3.30%, 06/01/27		1,190		1,196,407
Arizona Public Service Co.
3.15%, 05/15/25		400		399,562
2.95%, 09/15/27		800		782,107
Atlantic City Electric Co., 2.30%, 03/15/31		570		525,736
Avangrid, Inc., 3.80%, 06/01/29		600		608,864
Baltimore Gas & Electric Co.^(d)
4.25%, 09/15/48		225		238,796
2.90%, 06/15/50		170		147,796
Berkshire Hathaway Energy Co., 4.45%, 01/15/49		500		539,235
Black Hills Corp., 1.04%, 08/23/24^(d)		200		190,907
CenterPoint Energy Houston Electric LLC, Class AH, 3.60%, 03/01/52		55		55,076
CenterPoint Energy, Inc., 4.25%, 11/01/28^(d)		730		750,583
Commonwealth Edison Co.
3.70%, 08/15/28^(d)		1,200		1,219,248
2.20%, 03/01/30		500		462,067
4.00%, 03/01/49		90		93,352
3.13%, 03/15/51		70		63,449
Consolidated Edison Co. of New York, Inc.
Series 06-A, 5.85%, 03/15/36		1,000		1,178,073
Series A, 4.13%, 05/15/49		50		50,461
Series B, 3.13%, 11/15/27		800		792,525
Consumers Energy Co., 2.65%, 08/15/52		125		103,756
Dominion Energy, Inc., 3.90%, 10/01/25		500		510,007
DTE Electric Co., Series B, 3.65%, 03/01/52		1,035		1,046,158
Duke Energy Corp.
2.65%, 09/01/26		300		291,980
4.20%, 06/15/49		700		703,411
Duke Energy Florida LLC
3.80%, 07/15/28^(d)		1,365		1,393,800
1.75%, 06/15/30		780		694,343
Duke Energy Ohio, Inc.
2.13%, 06/01/30		350		318,078


4

Schedule of Investments (unaudited) (continued)

March 31, 2022

Advantage CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric Utilities (continued)
Duke Energy Ohio, Inc. (continued)
4.30%, 02/01/49	$	100	$	105,493
Entergy Corp., 0.90%, 09/15/25		285		261,351
Entergy Texas, Inc., 3.55%, 09/30/49		520		489,341
Evergy Kansas Central, Inc.
2.55%, 07/01/26		800		782,133
3.45%, 04/15/50		130		121,448
Evergy Metro, Inc., 3.65%, 08/15/25		300		304,513
Evergy, Inc., 2.90%, 09/15/29		50		47,789
Eversource Energy, Series M, 3.30%, 01/15/28		1,000		981,833
Florida Power & Light Co.
4.05%, 10/01/44		500		522,887
3.15%, 10/01/49		40		37,284
Georgia Power Co.
3.25%, 04/01/26		800		802,650
3.25%, 03/15/51^(d)		210		182,071
Interstate Power and Light Co., 2.30%, 06/01/30		530		483,162
Kentucky Utilities Co., 3.30%, 06/01/50^(d)		60		54,281
MidAmerican Energy Co.
3.10%, 05/01/27^(d)		800		799,637
3.15%, 04/15/50		60		55,105
2.70%, 08/01/52		105		89,752
National Rural Utilities Cooperative Finance Corp., 3.70%, 03/15/29		680		695,539
Nevada Power Co., Series DD, 2.40%, 05/01/30		440		413,330
NextEra Energy Capital Holdings, Inc.
2.94%, 03/21/24^(d)		470		470,216
3.55%, 05/01/27		245		247,849
2.25%, 06/01/30		200		183,071
NextEra Energy Operating Partners LP, 4.50%, 09/15/27^(a)		1,300		1,293,961
Northern States Power Co., 2.60%, 06/01/51		305		257,956
NSTAR Electric Co., 3.10%, 06/01/51^(d)		110		99,174
Oglethorpe Power Corp., 5.05%, 10/01/48		130		145,462
Oncor Electric Delivery Co. LLC, 3.80%, 06/01/49		320		326,403
Pacific Gas and Electric Co.
1.75%, 06/16/22		500		499,432
2.10%, 08/01/27^(d)		65		58,405
3.00%, 06/15/28		100		93,015
3.30%, 08/01/40		90		73,657
4.95%, 07/01/50^(d)		400		376,760
3.50%, 08/01/50		340		273,719
PacifiCorp., 4.13%, 01/15/49		280		289,546
PECO Energy Co., 3.05%, 03/15/51		70		63,061
PPL Electric Utilities Corp., 2.50%, 09/01/22^(d)		400		400,476
Public Service Co. of Colorado
3.70%, 06/15/28		1,300		1,326,273
4.05%, 09/15/49		20		21,039
Public Service Electric & Gas Co.
2.25%, 09/15/26^(d)		400		382,768
3.00%, 05/15/27^(d)		500		495,605
3.70%, 05/01/28		800		814,402
3.10%, 03/15/32^(d)		85		83,972
2.05%, 08/01/50		105		77,831
Puget Sound Energy, Inc., 3.25%, 09/15/49		390		349,615
San Diego Gas & Electric Co., 2.50%, 05/15/26		400		391,711
Sempra Energy, 3.70%, 04/01/29		140		140,678
Southern California Edison Co.
3.65%, 02/01/50		100		92,568
Series B, 4.88%, 03/01/49		260		276,243


Security	Par (000)		Value

Electric Utilities (continued)
Southern California Edison Co. (continued)
Series C, 4.13%, 03/01/48	$	370	$	364,012
Southern Co., 3.25%, 07/01/26		1,900		1,900,178
Tampa Electric Co., 3.45%, 03/15/51^(d)		35		32,581
Tucson Electric Power Co., 1.50%, 08/01/30		190		162,546
Union Electric Co., 4.00%, 04/01/48		230		236,090
Virginia Electric & Power Co.
3.30%, 12/01/49^(d)		320		299,986
Series A, 3.80%, 04/01/28		1,750		1,791,294
Wisconsin Electric Power Co., 3.10%, 06/01/25^(d)		800		795,520
Wisconsin Power & Light Co., 3.05%, 10/15/27^(d)		390		387,021
Wisconsin Public Service Corp., 3.30%, 09/01/49		85		76,638
Xcel Energy, Inc.
4.00%, 06/15/28		900		913,463
3.50%, 12/01/49		50		46,403


				42,078,217

Electronic Equipment, Instruments & Components — 0.2%
Amphenol Corp., 2.05%, 03/01/25^(d)		300		291,843
Arrow Electronics, Inc., 2.95%, 02/15/32		905		831,122
Avnet, Inc., 3.00%, 05/15/31		53		48,651
CDW LLC/CDW Finance Corp., 3.57%, 12/01/31		155		143,600
Keysight Technologies, Inc., 4.60%, 04/06/27		1,225		1,283,769
Rockwell Automation, Inc., 2.80%, 08/15/61^(d)		60		48,374
Xerox Holdings Corp., 5.50%, 08/15/28^(a)(d)		700		682,682


				3,330,041

Energy Equipment & Services — 0.1%
Baker Hughes Holdings LLC/Baker Hughes Co.-Obligor, Inc., 4.08%, 12/15/47		750		757,577


Environmental, Maintenance & Security Service — 0.1%
Waste Connections, Inc.
2.60%, 02/01/30		305		286,928
3.20%, 06/01/32		715		697,660


				984,588

Equity Real Estate Investment Trusts (REITs) — 1.4%
American Homes 4 Rent LP, 3.38%, 07/15/51		105		87,747
American Tower Corp.
3.38%, 10/15/26		110		108,532
3.65%, 03/15/27		950		947,461
3.70%, 10/15/49		190		169,337
Brixmor Operating Partnership LP, 4.05%, 07/01/30		130		130,434
Camden Property Trust, 2.80%, 05/15/30^(d)		240		230,658
Crown Castle International Corp., 3.70%, 06/15/26		1,000		1,006,338
CubeSmart LP, 2.50%, 02/15/32		1,630		1,459,160
Equinix, Inc., 2.63%, 11/18/24		900		887,131
Essex Portfolio LP, 1.70%, 03/01/28		1,255		1,131,142
Extra Space Storage LP, 2.35%, 03/15/32		820		719,639
Federal Realty Investment Trust, 3.50%, 06/01/30		210		206,087
Iron Mountain, Inc., 4.50%, 02/15/31^(a)		350		323,228
Life Storage LP, 2.20%, 10/15/30		735		650,215
Mid-America Apartments LP, 1.10%, 09/15/26		70		63,740
Office Properties Income Trust, 3.45%, 10/15/31^(d)		1,871		1,611,953
Public Storage
3.09%, 09/15/27		1,250		1,250,335
1.85%, 05/01/28		2,945		2,707,829
1.95%, 11/09/28		1,775		1,642,701
3.39%, 05/01/29		1,640		1,655,774
2.25%, 11/09/31		895		818,204


MASTER PORTFOLIO SCHEDULE OF INVESTMENTS		5

Schedule of Investments (unaudited) (continued)

March 31, 2022

Advantage CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Simon Property Group LP
3.50%, 09/01/25	$	1,065	$	1,074,403
2.65%, 02/01/32		615		568,146
Welltower, Inc., 3.85%, 06/15/32		220		221,536
Weyerhaeuser Co., 4.00%, 04/15/30^(d)		250		257,442


				19,929,172

Food & Staples Retailing — 0.4%
Costco Wholesale Corp., 1.75%, 04/20/32		3,135		2,776,375
General Mills, Inc., 2.88%, 04/15/30		840		806,932
Kraft Heinz Foods Co.
3.88%, 05/15/27		575		584,485
4.88%, 10/01/49^(d)		925		974,608
Walmart, Inc., 2.65%, 09/22/51^(d)		540		480,025


				5,622,425

Food Products — 0.0%
Hershey Co., 2.65%, 06/01/50		105		89,201


Health Care Equipment & Supplies — 0.4%
DH Europe Finance II Sarl, 3.40%, 11/15/49		375		356,586
PerkinElmer, Inc.
0.85%, 09/15/24		1,625		1,541,565
1.90%, 09/15/28^(d)		3,220		2,909,560
2.25%, 09/15/31^(d)		1,155		1,020,859
Thermo Fisher Scientific, Inc., 4.10%, 08/15/47		40		42,847


				5,871,417

Health Care Providers & Services — 1.2%
Allina Health System, Series 2021, 2.90%, 11/15/51^(d)		230		194,872
AmerisourceBergen Corp.
3.45%, 12/15/27		1,427		1,428,779
2.70%, 03/15/31		117		108,123
Anthem, Inc., 3.35%, 12/01/24		1,395		1,405,841
Banner Health, Series 2020, 3.18%, 01/01/50		119		108,011
Baylor Scott & White Holdings, Series 2021, 2.84%, 11/15/50		92		77,450
Beth Israel Lahey Health, Inc., Series L, 3.08%, 07/01/51		169		145,789
CommonSpirit Health, 3.91%, 10/01/50		339		322,969
DaVita, Inc., 3.75%, 02/15/31^(a)		285		249,375
Hackensack Meridian Health, Inc., Series 2020, 2.88%, 09/01/50		58		49,044
HCA, Inc.
5.50%, 06/15/47		2,949		3,327,648
5.25%, 06/15/49		1,110		1,215,628
3.50%, 07/15/51		1,775		1,539,072
Hoag Memorial Hospital, 3.80%, 07/15/52		73		73,953
Humana, Inc., 3.85%, 10/01/24		1,000		1,015,861
Kaiser Foundation Hospitals
Series 2021, 2.81%, 06/01/41^(d)		57		49,772
Series 2021, 3.00%, 06/01/51		161		141,829
McKesson Corp., 0.90%, 12/03/25^(d)		1,465		1,345,130
Memorial Sloan-Kettering Cancer Center, Series 2020, 2.96%, 01/01/50		46		39,641
Methodist Hospital, Series 20A, 2.71%, 12/01/50		87		72,291
Molina Healthcare, Inc., 3.88%, 11/15/30^(a)(d)		800		768,000
Providence St Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/51		136		107,419
Sutter Health, Series 20A, 3.36%, 08/15/50		54		48,154


Security	Par (000)		Value

Health Care Providers & Services (continued)
UnitedHealth Group, Inc.
3.10%, 03/15/26	$	150	$	151,377
2.30%, 05/15/31^(d)		845		793,597
4.75%, 07/15/45		800		928,278
2.90%, 05/15/50		410		363,415
3.25%, 05/15/51		135		126,801
3.13%, 05/15/60		730		649,179
WakeMed, Series A, 3.29%, 10/01/52		81		71,038


				16,918,336

Health Care Technology — 0.1%
Laboratory Corp. of America Holdings, 2.70%, 06/01/31		1,695		1,570,927


Hotels, Restaurants & Leisure — 0.3%
Choice Hotels International, Inc., 3.70%, 12/01/29		1,695		1,658,714
GLP Capital LP/GLP Financing II, Inc., 5.38%, 04/15/26		380		397,075
McDonald’s Corp.
1.45%, 09/01/25		375		358,445
3.70%, 01/30/26		1,000		1,023,932
3.50%, 03/01/27		278		282,870
3.80%, 04/01/28^(d)		290		298,377
6.30%, 10/15/37		160		205,105
Starbucks Corp., 3.55%, 08/15/29^(d)		440		441,457


				4,665,975

Household Durables — 0.3%
NVR, Inc., 3.00%, 05/15/30.		4,315		4,027,330


Independent Power and Renewable Electricity Producers — 0.1%
NRG Energy, Inc., 3.63%, 02/15/31^(a)		1,250		1,099,488


Insurance — 1.8%
Aflac, Inc., 4.75%, 01/15/49^(d)		1,575		1,798,678
Aon Global Ltd., 3.88%, 12/15/25^(d)		3,400		3,471,485
Athene Holding Ltd.
3.95%, 05/25/51^(d)		240		218,980
3.45%, 05/15/52		757		631,944
AXA SA, 8.60%, 12/15/30		4,105		5,417,040
Berkshire Hathaway, Inc., 3.13%, 03/15/26		355		358,285
Brown & Brown, Inc.
4.20%, 03/17/32		670		680,760
4.95%, 03/17/52		1,040		1,110,376
Enstar Group Ltd., 3.10%, 09/01/31		805		719,985
Fairfax Financial Holdings Ltd., 3.38%, 03/03/31		360		335,756
Fidelity National Financial, Inc., 5.50%, 09/01/22		120		121,717
Marsh & McLennan Cos., Inc.
4.75%, 03/15/39		111		121,880
4.20%, 03/01/48		1,715		1,773,003
4.90%, 03/15/49		5,035		5,825,819
MetLife, Inc., 4.05%, 03/01/45^(d)		630		643,762
Progressive Corp.
4.13%, 04/15/47		855		900,289
3.70%, 03/15/52		35		35,197
Willis North America, Inc., 2.95%, 09/15/29		940		882,730


				25,047,686

Interactive Media & Services — 0.1%
Alphabet, Inc.
2.00%, 08/15/26^(d)		800		779,701


6

Schedule of Investments (unaudited) (continued)

March 31, 2022

Advantage CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Interactive Media & Services (continued)
Alphabet, Inc. (continued)
2.25%, 08/15/60	$	335	$	260,389
Baidu, Inc., 1.72%, 04/09/26		490		451,346


				1,491,436

Internet & Direct Marketing Retail — 0.3%
Amazon.com, Inc.
2.10%, 05/12/31		1,060		984,702
2.88%, 05/12/41		490		452,229
3.10%, 05/12/51^(d)		620		581,864
3.25%, 05/12/61		510		478,328
Genuine Parts Co., 1.75%, 02/01/25		1,050		1,002,593


				3,499,716

Internet Software & Services — 0.1%
Booking Holdings, Inc., 4.63%, 04/13/30		315		341,644
Expedia Group, Inc., 2.95%, 03/15/31		440		407,372
VeriSign, Inc., 2.70%, 06/15/31		630		570,150


				1,319,166

IT Services — 0.7%
Booz Allen Hamilton, Inc., 3.88%, 09/01/28^(a)(d)		140		135,141
Gartner, Inc., 4.50%, 07/01/28^(a)(d)		4,100		4,084,604
International Business Machines Corp., 4.25%, 05/15/49^(d)		330		351,441
Kyndryl Holdings, Inc.^(a)
2.05%, 10/15/26		160		142,842
2.70%, 10/15/28^(d)		150		129,779
4.10%, 10/15/41^(d)		150		116,204
Verisk Analytics, Inc.
4.00%, 06/15/25^(d)		1,400		1,428,870
4.13%, 03/15/29		2,286		2,357,140
Ziff Davis, Inc., 4.63%, 10/15/30^(a)(d)		1,087		1,035,069


				9,781,090

Life Sciences Tools & Services — 0.2%
Agilent Technologies, Inc., 2.30%, 03/12/31		2,495		2,253,914


Machinery — 0.5%
Deere & Co., 2.75%, 04/15/25		215		213,661
IDEX Corp., 2.63%, 06/15/31		4,209		3,826,389
Otis Worldwide Corp.
3.11%, 02/15/40		70		61,606
3.36%, 02/15/50		70		61,971
Terex Corp., 5.00%, 05/15/29^(a)(d)		2,500		2,396,175


				6,559,802

Media — 0.7%
Charter Communications Operating LLC/Charter Communications Operating Capital
4.46%, 07/23/22		200		200,733
4.91%, 07/23/25		1,350		1,399,965
3.70%, 04/01/51		410		337,880
4.40%, 12/01/61		420		365,599
3.95%, 06/30/62^(d)		290		234,512
Comcast Corp.
3.38%, 02/15/25		1,590		1,614,234
2.35%, 01/15/27^(d)		400		388,943
4.60%, 10/15/38		450		497,253
2.89%, 11/01/51^(a)		578		487,275
FactSet Research Systems, Inc.
2.90%, 03/01/27		1,575		1,530,479
3.45%, 03/01/32		775		748,625
Fox Corp., 4.03%, 01/25/24		340		347,105


Security	Par (000)		Value

Media (continued)
Thomson Reuters Corp., 3.35%, 05/15/26	$	800	$	802,681
Time Warner Cable LLC, 4.50%, 09/15/42		500		462,460
WMG Acquisition Corp., 3.00%, 02/15/31^(a)(d)		1,030		921,850


				10,339,594

Metals & Mining — 1.1%
ArcelorMittal SA, 4.25%, 07/16/29^(d)		160		162,467
Freeport-McMoRan, Inc.
4.55%, 11/14/24		1,059		1,090,770
4.63%, 08/01/30^(d)		815		833,337
5.40%, 11/14/34		2,975		3,302,399
5.45%, 03/15/43		1,015		1,136,638
Newmont Corp., 2.25%, 10/01/30^(d)		695		635,182
Reliance Steel & Aluminum Co., 2.15%, 08/15/30^(d)		4,455		3,993,445
Southern Copper Corp.
3.88%, 04/23/25		922		930,067
6.75%, 04/16/40		115		146,467
Vale Overseas Ltd.
6.88%, 11/21/36		1,865		2,250,589
6.88%, 11/10/39		202		245,319


				14,726,680

Multi-Utilities — 0.4%
Atmos Energy Corp.
3.00%, 06/15/27^(d)		400		397,225
1.50%, 01/15/31		760		654,661
National Fuel Gas Co., 2.95%, 03/01/31^(d)		335		304,846
NiSource, Inc.
3.60%, 05/01/30		60		59,502
1.70%, 02/15/31		610		517,425
3.95%, 03/30/48		310		296,389
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/29		500		496,152
Southern California Gas Co.
Series TT, 2.60%, 06/15/26		800		780,364
Series XX, 2.55%, 02/01/30		730		689,197
Southwest Gas Corp.
3.70%, 04/01/28^(d)		230		228,934
2.20%, 06/15/30		85		74,390
4.05%, 03/15/32		410		408,871
Washington Gas Light Co., 3.65%, 09/15/49		30		28,844


				4,936,800

Oil, Gas & Consumable Fuels — 3.7%
Canadian Natural Resources Ltd., 2.95%, 07/15/30		3,086		2,934,346
Cenovus Energy, Inc., 5.38%, 07/15/25^(d)		636		670,646
Cheniere Corpus Christi Holdings LLC
5.13%, 06/30/27		2,900		3,091,189
3.70%, 11/15/29		3,566		3,554,874
Cheniere Energy, Inc., 4.63%, 10/15/28^(d)		1,250		1,254,187
Chevron Corp.
1.55%, 05/11/25		550		530,617
3.08%, 05/11/50		60		56,642
CNOOC Finance 2015 USA LLC, Series 2015, 3.50%, 05/05/25^(d)		600		601,238
CNX Resources Corp., 7.25%, 03/14/27^(a)		750		793,620
ConocoPhillips Co.
3.76%, 03/15/42		1,165		1,186,261
3.80%, 03/15/52		705		717,357
Continental Resources, Inc., 4.38%, 01/15/28^(d)		1,200		1,216,560
Devon Energy Corp.
7.88%, 09/30/31		290		376,230
5.00%, 06/15/45^(d)		435		473,597


MASTER PORTFOLIO SCHEDULE OF INVESTMENTS		7

Schedule of Investments (unaudited) (continued)

March 31, 2022

Advantage CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Diamondback Energy, Inc.
4.40%, 03/24/51		$	185	$	187,673
4.25%, 03/15/52			135		133,426
Enbridge, Inc.
2.50%, 08/01/33			150		133,181
3.40%, 08/01/51			195		172,818
Energy Transfer LP, 5.00%, 05/15/50			450		455,328
EQT Corp., 7.50%, 02/01/30			470		544,613
Equinor ASA
3.25%, 11/10/24			400		403,622
3.25%, 11/18/49			500		470,920
Exxon Mobil Corp.
2.99%, 03/19/25			2,170		2,179,703
3.45%, 04/15/51^(d)			835		809,444
Kinder Morgan, Inc., 3.60%, 02/15/51			505		448,378
Marathon Oil Corp., 6.60%, 10/01/37			685		832,829
MPLX LP
4.88%, 12/01/24^(d)			209		216,453
4.50%, 04/15/38			125		127,719
5.20%, 03/01/47			70		75,059
4.70%, 04/15/48			805		810,954
5.50%, 02/15/49			685		758,658
4.95%, 03/14/52			4,085		4,252,808
4.90%, 04/15/58			340		342,207
Occidental Petroleum Corp.
8.50%, 07/15/27			630		745,743
8.88%, 07/15/30	��		975		1,250,438
ONEOK Partners LP
3.38%, 10/01/22			1,000		1,003,083
4.90%, 03/15/25			2,000		2,064,220
6.13%, 02/01/41			75		82,495
ONEOK, Inc.
2.75%, 09/01/24			1,475		1,465,823
6.35%, 01/15/31			1,140		1,318,377
7.15%, 01/15/51			80		101,612
Pioneer Natural Resources Co., 2.15%, 01/15/31			150		135,177
Rockies Express Pipeline LLC, 4.95%, 07/15/29^(a)			750		726,555
Southwestern Energy Co., 8.38%, 09/15/28			140		153,650
Targa Resources Corp., 4.95%, 04/15/52			190		193,574
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.50%, 03/01/30			1,100		1,142,394
4.88%, 02/01/31			910		919,100
4.00%, 01/15/32			3,360		3,232,270
TransCanada PipeLines Ltd., 3.75%, 10/16/23			800		811,449
Transcontinental Gas Pipe Line Co. LLC, 3.95%, 05/15/50			95		92,377
Western Midstream Operating LP, 4.55%, 02/01/30^(d)			1,150		1,144,250
Williams Cos., Inc.
8.75%, 03/15/32			790		1,073,043
5.10%, 09/15/45			601		651,200
3.50%, 10/15/51			1,215		1,063,464


					50,183,451


Security	Par (000)		Value

Personal Products — 0.1%
Procter & Gamble Co., 1.20%, 10/29/30	$	810	$	705,439
Unilever Capital Corp., 2.00%, 07/28/26		800		770,429


				1,475,868

Pharmaceuticals — 1.1%
AbbVie, Inc.
2.60%, 11/21/24^(d)		3,520		3,495,652
4.05%, 11/21/39		50		51,370
AstraZeneca PLC, 3.13%, 06/12/27^(d)		990		996,313
Cigna Corp., 3.75%, 07/15/23		444		450,482
CVS Health Corp., 3.00%, 08/15/26^(d)		75		74,386
Eli Lilly & Co., 2.75%, 06/01/25^(d)		378		376,329
Johnson & Johnson, 3.70%, 03/01/46		529		557,613
Merck & Co., Inc.
0.75%, 02/24/26^(d)		5,085		4,746,415
4.00%, 03/07/49		330		357,545
Novartis Capital Corp., 2.75%, 08/14/50^(d)		561		502,225
Pfizer, Inc., 7.20%, 03/15/39		80		117,228
Viatris, Inc.
1.65%, 06/22/25		180		167,499
4.00%, 06/22/50		150		126,012
Zoetis, Inc.
3.00%, 09/12/27		1,800		1,792,560
3.90%, 08/20/28		5		5,132
3.00%, 05/15/50^(d)		1,130		1,001,284


				14,818,045

Producer Durables: Miscellaneous — 0.6%
Oracle Corp.
2.50%, 04/01/25		4,025		3,931,248
2.95%, 05/15/25		800		790,691
2.88%, 03/25/31		3,400		3,100,089
salesforce.com, Inc.
1.50%, 07/15/28^(d)		125		114,988
2.70%, 07/15/41		75		66,374
2.90%, 07/15/51		50		44,396
3.05%, 07/15/61		25		21,930
Salesforce.com., Inc., 1.95%, 07/15/31		80		73,188


				8,142,904

Real Estate Management & Development — 0.0%
CBRE Services, Inc., 4.88%, 03/01/26		670		703,057


Road & Rail — 0.2%
Burlington Northern Santa Fe LLC^(d)
3.00%, 04/01/25		800		807,356
3.05%, 02/15/51		990		908,944
CSX Corp., 2.60%, 11/01/26^(d)		800		787,169
Union Pacific Corp., 3.25%, 08/15/25		400		401,856


				2,905,325

Semiconductors & Semiconductor Equipment — 1.0%
Analog Devices, Inc.
2.95%, 04/01/25		225		225,423
1.70%, 10/01/28		385		355,051
2.80%, 10/01/41		240		215,341
2.95%, 10/01/51		180		162,834


8

Schedule of Investments (unaudited) (continued)

March 31, 2022

Advantage CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Semiconductors & Semiconductor Equipment (continued)
Broadcom, Inc.
3.15%, 11/15/25^(d)	$	198	$	196,395
4.00%, 04/15/29		1,860		1,859,089
3.50%, 02/15/41^(a)		130		115,769
3.75%, 02/15/51^(a)(d)		2,035		1,822,220
Flex Ltd., 3.75%, 02/01/26		230		231,242
Intel Corp., 3.40%, 03/25/25^(d)		4,490		4,558,194
Jabil, Inc., 1.70%, 04/15/26		1,055		976,641
Micron Technology, Inc.
4.19%, 02/15/27		280		287,329
4.66%, 02/15/30		640		668,883
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 05/01/25^(a)(d)		190		184,276
Qorvo, Inc., 1.75%, 12/15/24^(a)		225		214,621
Texas Instruments, Inc.
1.75%, 05/04/30		730		664,261
2.70%, 09/15/51^(d)		870		772,521


				13,510,090

Software — 0.8%
Activision Blizzard, Inc., 2.50%, 09/15/50		125		102,693
Electronic Arts, Inc., 2.95%, 02/15/51		250		208,413
Intuit, Inc.
0.95%, 07/15/25^(d)		405		379,565
1.35%, 07/15/27		1,410		1,283,390
1.65%, 07/15/30^(d)		1,415		1,248,440
Oracle Corp., 3.95%, 03/25/51		1,100		961,637
Roper Technologies, Inc.
3.65%, 09/15/23		800		811,119
3.80%, 12/15/26		1,000		1,023,615
ServiceNow, Inc., 1.40%, 09/01/30^(d)		5,492		4,667,515


				10,686,387

Technology Hardware, Storage & Peripherals — 1.7%
Adobe, Inc., 2.15%, 02/01/27		2,090		2,028,106
Apple, Inc.
3.00%, 06/20/27		925		935,653
1.40%, 08/05/28		850		777,191
2.70%, 08/05/51		890		773,674
2.85%, 08/05/61		450		388,105
Dell International LLC/EMC Corp.
5.85%, 07/15/25		230		245,487
8.10%, 07/15/36		127		167,003
3.38%, 12/15/41^(a)		55		46,227
8.35%, 07/15/46		655		957,210
3.45%, 12/15/51^(a)(d)		70		56,867
Dell, Inc., 6.50%, 04/15/38		20		22,489
Hewlett Packard Enterprise Co., 4.45%, 10/02/23		3,690		3,779,343
HP, Inc.
2.20%, 06/17/25		1,030		993,361
1.45%, 06/17/26		2,410		2,214,802
3.00%, 06/17/27^(d)		1,250		1,216,054
4.00%, 04/15/29		2,705		2,694,905
3.40%, 06/17/30^(d)		365		349,757
2.65%, 06/17/31		5,341		4,778,600


Security	Par (000)		Value

Technology Hardware, Storage & Peripherals (continued)
HP, Inc. (continued)
6.00%, 09/15/41	$	494	$	575,717
NetApp, Inc., 2.38%, 06/22/27		165		157,236


				23,157,787

Textiles, Apparel & Luxury Goods — 0.2%
NIKE, Inc.
2.40%, 03/27/25		245		243,351
3.25%, 03/27/40^(d)		2,075		2,020,151


				2,263,502

Tobacco — 1.3%
Altria Group, Inc.
4.80%, 02/14/29^(d)		2,415		2,531,692
2.45%, 02/04/32^(d)		2,980		2,590,424
5.80%, 02/14/39		1,127		1,214,682
4.45%, 05/06/50		215		195,102
3.70%, 02/04/51^(d)		430		347,324
4.00%, 02/04/61^(d)		365		305,891
BAT Capital Corp.
2.26%, 03/25/28		449		402,875
4.91%, 04/02/30^(d)		673		693,222
2.73%, 03/25/31^(d)		1,760		1,551,086
4.39%, 08/15/37		510		474,258
3.73%, 09/25/40		125		102,416
4.54%, 08/15/47		560		499,737
4.76%, 09/06/49		335		307,921
Philip Morris International, Inc.
0.88%, 05/01/26		2,670		2,435,983
2.10%, 05/01/30		670		602,835
6.38%, 05/16/38		2,010		2,465,918
4.25%, 11/10/44		1,020		986,558
Reynolds American, Inc., 5.85%, 08/15/45		420		432,149


				18,140,073

Transportation Infrastructure — 0.2%
United Parcel Service, Inc., 5.30%, 04/01/50		1,725		2,255,550


Utilities — 0.3%
American Water Capital Corp.
2.80%, 05/01/30		270		258,659
2.30%, 06/01/31^(d)		1,335		1,217,560
Essential Utilities, Inc.
3.57%, 05/01/29		630		629,247
2.70%, 04/15/30		380		358,492
Vistra Operations Co. LLC, 5.00%, 07/31/27^(a)		1,250		1,229,763


				3,693,721

Wireless Telecommunication Services — 0.8%
American Tower Corp., 1.30%, 09/15/25		680		633,398
Crown Castle International Corp.
3.20%, 09/01/24		625		625,732
1.35%, 07/15/25		2,205		2,055,652
2.50%, 07/15/31		450		401,420
GLP Capital LP/GLP Financing II, Inc.
5.75%, 06/01/28		1,145		1,232,333
5.30%, 01/15/29		2,545		2,673,701


MASTER PORTFOLIO SCHEDULE OF INVESTMENTS		9

Schedule of Investments (unaudited) (continued)

March 31, 2022

Advantage CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Wireless Telecommunication Services (continued)
Rogers Communications, Inc.
3.20%, 03/15/27	$	520	$	511,842
3.80%, 03/15/32^(a)		660		654,889
4.50%, 03/15/42^(a)		650		658,534
4.55%, 03/15/52^(a)		510		507,021
T-Mobile USA, Inc., 3.50%, 04/15/25		25		25,165
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29^(a)		155		144,514
VICI Properties LP/VICI Note Co., Inc., 4.13%, 08/15/30^(a)(d)		500		482,680


				10,606,881


Total Corporate Bonds — 43.7% (Cost: $630,256,992)				599,255,455


Foreign Agency Obligations

Indonesia — 0.0%
Indonesia Government International Bond, 4.75%, 07/18/47^(a)(d)		500		533,219


Israel — 0.0%
State of Israel, 3.38%, 01/15/50		390		369,598


Mexico — 0.2%
Mexico Government International Bond
4.15%, 03/28/27		1,145		1,205,112
6.05%, 01/11/40^(d)		100		113,750
4.50%, 01/31/50		340		321,130
3.77%, 05/24/61		735		594,983


				2,234,975

Panama — 0.0%
Panama Government International Bond, 3.87%, 07/23/60^(d)		830		729,259


Peru — 0.1%
Peruvian Government International Bond, 3.55%, 03/10/51		900		839,700


Philippines — 0.0%
Philippine Government International Bond, 2.65%, 12/10/45		200		165,272


Uruguay — 0.1%
Uruguay Government International Bond
5.10%, 06/18/50		1,000		1,183,625
4.98%, 04/20/55		50		58,384


				1,242,009


Total Foreign Agency Obligations — 0.4% (Cost: $6,305,794)				6,114,032


Municipal Bonds

California — 0.3%
Bay Area Toll Authority, RB, BAB
Series F-2, 6.26%, 04/01/49		250		355,899
Series S-1, 6.92%, 04/01/40		50		67,755
Bay Area Toll Authority, Refunding RB, Series F-3, 3.13%, 04/01/55^(d)		540		479,397
California State University, Refunding RB, Series B, 2.98%, 11/01/51		595		529,499


Security	Par (000)		Value

California (continued)
Regents of the University of California Medical Center Pooled Revenue, RB
Series N, 3.01%, 05/15/50	$	120	$	105,094
Series N, 3.71%, 05/15/2120		85		70,413
State of California, GO, BAB
7.55%, 04/01/39		525		780,440
7.60%, 11/01/40		300		456,718
State of California, Refunding GO, 3.50%, 04/01/28		500		511,284
University of California, RB, Series AD, 4.86%, 05/15/2112		115		128,872
University of California, Refunding RB, Series J, 4.13%, 05/15/45		150		153,062


				3,638,433

District of Columbia — 0.0%
District of Columbia Water & Sewer Authority, Refunding RB, Series D, Subordinate Lien, 3.21%, 10/01/48		200		180,507


Florida — 0.0%
State Board of Administration Finance Corp., RB, Series A, 2.15%, 07/01/30		119		108,603


Illinois — 0.1%
Chicago O’Hare International Airport, ARB, Series C, Senior Lien, 4.47%, 01/01/49		310		355,973
Sales Tax Securitization Corp., Refunding RB, Series B, 2nd Lien, 3.24%, 01/01/42		140		129,191
State of Illinois, GO, 5.10%, 06/01/33		255		270,888


				756,052

Maryland — 0.0%
Maryland Health & Higher Educational Facilities Authority, Refunding RB
Series D, 3.05%, 07/01/40		115		104,151
Series D, 3.20%, 07/01/50		80		69,253


				173,404

Massachusetts — 0.0%
Commonwealth of Massachusetts, GO, Series H, 2.90%, 09/01/49		295		258,587


Michigan — 0.0%
University of Michigan, RB
Series A, 3.50%, 04/01/52		38		38,660
Series A, 4.45%, 04/01/2122		69		74,125
Series B, 3.50%, 04/01/52		67		68,156


				180,941

New Jersey — 0.1%
New Jersey Turnpike Authority, RB, BAB, Series A, 7.10%, 01/01/41		550		783,329


New York — 0.1%
Metropolitan Transportation Authority, RB, BAB, 6.81%, 11/15/40		355		460,464
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, BAB, 5.51%, 08/01/37		110		129,483
New York City Water & Sewer System, Refunding RB, 5.88%, 06/15/44		250		331,479
New York State Dormitory Authority, Refunding RB, Series B, 3.14%, 07/01/43		255		236,193


10

Schedule of Investments (unaudited) (continued)

March 31, 2022

Advantage CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New York (continued)
Port Authority of New York & New Jersey, ARB, Consolidated, 192nd Series, 4.81%, 10/15/65	$	50	$	59,110
Port Authority of New York & New Jersey, RB, 191th Series, 4.82%, 06/01/45		200		207,683
Port Authority of New York & New Jersey, Refunding ARB, 210th Series, 4.03%, 09/01/48		500		517,800


				1,942,212

Pennsylvania — 0.0%
Pennsylvania State University, Refunding RB, Series D, 2.84%, 09/01/50		80		69,742


Texas — 0.2%
Board of Regents of the University of Texas System, Refunding RB, Series B, 2.44%, 08/15/49		405		332,467
Dallas Area Rapid Transit, Refunding RB, Series A, Senior Lien, 2.61%, 12/01/48		425		350,884
Dallas Fort Worth International Airport, Refunding RB, 2.84%, 11/01/46		260		228,251
Grand Parkway Transportation Corp., Refunding RB, Subordinate, 3.24%, 10/01/52		400		361,805
Texas Transportation Commission State Highway Fund, Refunding RB, 4.00%, 10/01/33		690		746,531
Texas Transportation Commission, Refunding GO, 2.47%, 10/01/44		465		388,184


				2,408,122

Virginia — 0.0%
University of Virginia, Refunding RB, Series U, 2.58%, 11/01/51		60		50,514


Total Municipal Bonds — 0.8% (Cost: $11,274,192)				10,550,446


Non-Agency Mortgage-Backed Securities

Collateralized Mortgage Obligations — 8.9%
American Home Mortgage Investment Trust, Series 2004-3, Class 4A, (6 mo. LIBOR US + 1.50%), 2.03%, 10/25/34^(b)		14		14,432
Citicorp Mortgage Securities Trust, Series 2006-1, Class 2A1, 5.00%, 11/25/48		2		2,359
Citigroup Mortgage Loan Trust^(a)(b)
Series 2013-A, Class A, 3.00%, 05/25/42		5		5,263
Series 2014-A, Class A, 4.00%, 01/25/35		38		36,987
Connecticut Avenue Securities Trust^(a)(b)
Series 2018-R07, Class 1M2, (1 mo. LIBOR US + 2.40%), 2.86%, 04/25/31		1,927		1,926,634
Series 2019-R01, Class 2M2, (1 mo. LIBOR US + 2.45%), 2.91%, 07/25/31		1,545		1,549,205
Series 2019-R02, Class 1M2, (1 mo. LIBOR US + 2.30%), 2.76%, 08/25/31		3,735		3,734,645
Series 2019-R03, Class 1M2, (1 mo. LIBOR US + 2.15%), 2.61%, 09/25/31		2,574		2,574,350
Series 2019-R04, Class 2M2, (1 mo. LIBOR US + 2.10%), 2.56%, 06/25/39		182		181,699
Series 2019-R05, Class 1J1, 2.19%, 07/25/39		80		80,114
Series 2019-R05, Class 1M2, (1 mo. LIBOR US + 2.00%), 2.46%, 07/25/39		219		219,134
Series 2019-R06, Class 2M2, (1 mo. LIBOR US + 2.10%), 2.56%, 09/25/39		1,100		1,099,156


Security	Par (000)		Value

Collateralized Mortgage Obligations (continued)
Connecticut Avenue Securities Trust^(a)(b)(continued)
Series 2019-R07, Class 1M2, (1 mo. LIBOR US + 2.10%), 2.56%, 10/25/39	$	841	$	841,393
Series 2021-R01, Class 1M1, (30 day SOFR + 0.75%), 0.85%, 10/25/41		3,586		3,560,390
Series 2021-R01, Class 1M2, (30 day SOFR + 1.55%), 1.65%, 10/25/41		3,040		2,936,874
Series 2021-R03, Class 1M2, (30 day SOFR + 1.65%), 1.75%, 12/25/41		2,780		2,631,446
Series 2022-R01, Class 1M1, (30 day SOFR + 1.00%), 1.10%, 12/25/41		6,941		6,871,091
Series 2022-R01, Class 1M2, (30 day SOFR + 1.90%), 2.00%, 12/25/41		3,325		3,170,938
Series 2022-R02, Class 2M1, (30 day SOFR + 1.20%), 1.30%, 01/25/42		6,244		6,192,948
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-6, Class 3A1, 5.00%, 09/25/19		5		3,535
Fannie Mae^(b)
Series 2017-C01, Class 1M2, (1 mo. LIBOR US + 3.55%), 4.01%, 07/25/29		841		856,563
Series 2017-C03, Class 1ED1, (1 mo. LIBOR US + 0.70%), 1.16%, 10/25/29		4,409		4,403,786
Series 2017-C03, Class 1ED2, (1 mo. LIBOR US + 1.20%), 1.66%, 10/25/29		1,150		1,147,914
Series 2017-C05, Class 1EB3, (1 mo. LIBOR US + 1.20%), 1.66%, 01/25/30		3,389		3,380,990
Series 2018-C01, Class 1ED2, (1 mo. LIBOR US + 0.85%), 1.31%, 07/25/30		3,813		3,790,411
Fannie Mae Connecticut Avenue Securities^(b)
Series 2017-C05, Class 1M2, (1 mo. LIBOR US + 2.20%), 2.66%, 01/25/30		6,617		6,649,599
Series 2018-C01, Class 1M2C, (1 mo. LIBOR US + 2.25%), 2.71%, 07/25/30		9,000		9,020,162
Series 2018-C03, Class 1M2, (1 mo. LIBOR US + 2.15%), 2.61%, 10/25/30		1,004		1,007,833
Series 2021-R02, Class 2M1, (30 day SOFR + 0.90%), 1.00%, 11/25/41^(a)		1,265		1,251,495
Freddie Mac^(b)
Series 2017-HQA2, Class M2, (1 mo. LIBOR US + 2.65%), 3.11%, 12/25/29		817		825,171
Series 2017-HQA3, Class M2, (1 mo. LIBOR US + 2.35%), 2.81%, 04/25/30		4,993		5,025,374
Series 2020-DNA4, Class M2B, (1 mo. LIBOR US + 3.75%), 4.21%, 08/25/50^(a)		2,181		2,184,100
Series 2020-HQA3, Class M2, (1 mo. LIBOR US + 3.60%), 4.06%, 07/25/50^(a)		1,016		1,017,413
Series 2020-HQA5, Class M2, (30 day SOFR + 2.60%), 2.70%, 11/25/50^(a)		5,904		5,896,686
Series 2021-DNA3, Class M1, (30 day SOFR + 0.75%), 0.85%, 10/25/33^(a)		532		527,008
Series 2021-DNA3, Class M2, (30 day SOFR + 2.10%), 2.20%, 10/25/33^(a)		670		654,617
Series 2021-DNA5, Class M1, (30 day SOFR + 0.65%), 0.75%, 01/25/34^(a)		311		310,840
Series 2021-DNA5, Class M2, (30 day SOFR + 1.65%), 1.75%, 01/25/34^(a)		1,970		1,938,025
Series 2021-DNA6, Class M1, (30 day SOFR + 0.80%), 0.90%, 10/25/41^(a)		4,090		4,045,907


MASTER PORTFOLIO SCHEDULE OF INVESTMENTS		11

Schedule of Investments (unaudited) (continued)

March 31, 2022

Advantage CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Collateralized Mortgage Obligations (continued)
Freddie Mac^(b)(continued)
Series 2021-DNA6, Class M2, (30 day SOFR + 1.50%), 1.60%, 10/25/41^(a)	$	3,830	$	3,642,379
Series 2021-DNA7, Class M2, (30 day SOFR + 1.80%), 1.90%, 11/25/41^(a)		2,400		2,282,634
Series 2021-HQA2, Class M1, (30 day SOFR + 0.70%), 0.80%, 12/25/33^(a)		2,571		2,547,541
Series 2022-HQA1, Class M1B, (30 day SOFR + 3.50%), 3.55%, 03/25/42^(a)		350		356,354
Freddie Mac STACR REMIC Trust
Series 2020-DNA6, Class M1, (30 day SOFR + 0.90%), 1.00%, 12/25/50^(a)(b)		454		452,564
Series 2022-HQA1, Class M1A, 2.15%, 03/25/42		1,460		1,461,776
Freddie Mac Structured Agency Credit Risk Debt Notes^(b)
Series 2016-DNA1, Class M3, (1 mo. LIBOR US + 5.55%), 6.01%, 07/25/28		1,033		1,099,784
Series 2017-DNA1, Class M2, (1 mo. LIBOR US + 3.25%), 3.71%, 07/25/29		6,099		6,153,462
Series 2021-DNA2, Class M1, (30 day SOFR + 0.80%), 0.90%, 08/25/33^(a)		2,307		2,290,479
STACR Trust^(a)(b)
Series 2018-DNA3, Class M2, (1 mo. LIBOR US + 2.10%), 2.56%, 09/25/48		3,936		3,952,788
Series 2018-HRP1, Class M2, (1 mo. LIBOR US + 1.65%), 2.11%, 04/25/43		3,343		3,334,237
Series 2018-HRP1, Class M2B, (1 mo. LIBOR US + 1.65%), 2.11%, 04/25/43		987		983,993
Series 2018-HRP2, Class M2, (1 mo. LIBOR US + 1.25%), 1.71%, 02/25/47		811		808,334


				120,932,812

Commercial Mortgage-Backed Securities — 3.8%
Bank, Series 2019-BN23, Class A3, 2.92%, 12/15/52		2,230		2,160,789
Barclays Commercial Mortgage Trust 2019-C3, 3.32%, 05/15/52		1,120		1,111,618
BBCMS Mortgage Trust, Series 2020-C8, Class A5, 2.04%, 10/15/53		2,376		2,150,742
Benchmark Mortgage Trust
4.26%, 10/10/51		870		911,443
Series 2018-B5, Class A4, 4.21%, 07/15/51		1,290		1,352,145
Series 2019-B15, Class A5, 2.93%, 12/15/72		2,050		1,984,839
Series 2020-B19, Class A5, 1.85%, 09/15/53		2,300		2,053,548
Series 2020-B20, Class A5, 2.03%, 10/15/53		2,220		2,002,343
Citigroup Commercial Mortgage Trust
Series 2006-C5, Class AJ, 5.48%, 10/15/49		18		14,115
Series 2016-GC36, Class A5, 3.62%, 02/10/49		550		552,278
Series 2017-P8, Class AS, 3.79%, 09/15/50^(b)		2,090		2,109,819
Commercial Mortgage Trust
3.50%, 02/10/49		2,485		2,482,735
3.51%, 09/10/50		1,290		1,293,846
Series 2013-CR11, Class B, 5.11%, 08/10/50^(b)		380		387,232
Series 2013-LC6, Class AM, 3.28%, 01/10/46		400		400,764
Series 2014-CR17, Class A5, 3.98%, 05/10/47		670		678,935
Eleven Madison Trust Mortgage Trust, Series 2015- 11MD, Class A, 3.55%, 09/10/35^(a)(b)		150		149,462
GS Mortgage Securities Trust
Series 2013-GC13, Class A5, 4.03%, 07/10/46^(b)		170		172,201
Series 2014-GC20, Class A5, 4.00%, 04/10/47		730		737,483
Series 2015-GC30, Class B, 4.03%, 05/10/50^(b)		300		296,665


Security	Par (000)		Value

Commercial Mortgage-Backed Securities (continued)
GS Mortgage Securities Trust (continued)
Series 2015-GS1, Class A3, 3.73%, 11/10/48	$	2,030	$	2,046,859
Series 2020-GC47, Class A4, 2.12%, 05/12/53		1,600		1,439,462
J.P. Morgan Chase Commercial Mortgage Securities Trust
Series 2006-CB16, Class B, 5.67%, 05/12/45^(b)		210		10,823
Series 2012-CBX, Class AS, 4.27%, 06/15/45		350		350,245
JPMBB Commercial Mortgage Securities Trust
Series 2013-C14, Class A4, 4.13%, 08/15/46^(b)		324		326,276
Series 2013-C17, Class A3, 3.93%, 01/15/47		1,144		1,139,715
Series 2014-C25, Class AS, 4.07%, 11/15/47		2,180		2,175,346
Series 2015-C30, Class A5, 3.82%, 07/15/48		1,780		1,798,530
Series 2015-C33, Class A4, 3.77%, 12/15/48		2,360		2,379,752
Series 2016-C1, Class A5, 3.58%, 03/17/49		810		816,106
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C13, Class A4, 4.04%, 11/15/46		460		464,679
Series 2013-C9, Class A4, 3.10%, 05/15/46		2,270		2,267,448
Morgan Stanley Capital I Trust
Series 2015-MS1, Class A4, 3.78%, 05/15/48^(b)		550		554,414
Series 2015-UBS8, Class A3, 3.54%, 12/15/48		2,879		2,879,519
Series 2019-L3, Class AS, 3.49%, 11/15/52		970		963,332
Series 2020-L4, Class A3, 2.70%, 02/15/53		3,070		2,923,173
Wells Fargo Commercial Mortgage Trust
Series 2014-LC18, Class AS, 3.81%, 12/15/47		510		509,515
Series 2015-C26, Class AS, 3.58%, 02/15/48		1,380		1,376,000
Series 2020-C56, Class A5, 2.45%, 06/15/53		1,980		1,850,250
WFRBS Commercial Mortgage Trust
Series 2012-C10, Class AS, 3.24%, 12/15/45		460		458,617
Series 2012-C8, Class AS, 3.66%, 08/15/45		640		640,074
Series 2013-C18, Class A5, 4.16%, 12/15/46^(b)		620		629,321
Series 2014-C23, Class A4, 3.65%, 10/15/57		278		279,847
Series 2014-C23, Class AS, 4.21%, 10/15/57^(b)		1,140		1,148,937


				52,431,242


Total Non-Agency Mortgage-Backed Securities — 12.7% (Cost: $178,652,646)				173,364,054


U.S. Government Sponsored Agency Securities

Agency Obligations — 0.4%
Federal National Mortgage Association
1.50%, 04/01/37 - 07/01/51		1,616		1,475,862
2.00%, 03/01/52		1,997		1,855,257
2.50%, 03/01/52		1,999		1,909,646


				5,240,765

Collateralized Mortgage Obligations^(b)— 5.7%
Fannie Mae Connecticut Avenue Securities
Series 2016-C05, Class 2M2, (1 mo. LIBOR US + 4.45%), 4.91%, 01/25/29		269		279,188
Series 2017-C03, Class 1M2, (1 mo. LIBOR US + 3.00%), 3.46%, 10/25/29		6,711		6,851,847
Series 2017-C06, Class 1M2A, (1 mo. LIBOR US + 2.65%), 3.11%, 02/25/30		107		107,016
Series 2017-C07, Class 2M2, (1 mo. LIBOR US + 2.50%), 2.96%, 05/25/30		7,424		7,473,055
Series 2018-C01, Class 1M2, (1 mo. LIBOR US + 2.25%), 2.71%, 07/25/30		7,291		7,345,896
Freddie Mac STACR REMIC Trust^(a)
Series 2019-HQA4, Class M2, (1 mo. LIBOR US + 2.05%), 2.51%, 11/25/49		1,458		1,458,223


12

Schedule of Investments (unaudited) (continued)

March 31, 2022

Advantage CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Collateralized Mortgage Obligations (continued)
Freddie Mac STACR REMIC Trust^(a)(continued)
Series 2020-DNA1, Class M2, (1 mo. LIBOR US + 1.70%), 2.16%, 01/25/50	$	5,799	$	5,792,471
Series 2020-DNA4, Class M2, (1 mo. LIBOR US + 3.75%), 4.21%, 08/25/50		341		341,731
Series 2020-HQA1, Class M2, (1 mo. LIBOR US + 1.90%), 2.36%, 01/25/50		2,192		2,193,769
Series 2020-HQA4, Class M2, (1 mo. LIBOR US + 3.15%), 3.61%, 09/25/50		597		597,210
Freddie Mac STACR Trust^(a)
Series 2018-HQA2, Class M2, (1 mo. LIBOR US + 2.30%), 2.76%, 10/25/48		8,400		8,380,304
Series 2019-DNA2, Class M2, (1 mo. LIBOR US + 2.45%), 2.91%, 03/25/49		7,447		7,456,052
Series 2019-DNA3, Class M2, (1 mo. LIBOR US + 2.05%), 2.51%, 07/25/49		4,861		4,860,579
Series 2019-DNA4, Class M2, (1 mo. LIBOR US + 1.95%), 2.41%, 10/25/49		1,721		1,719,232
Series 2019-FTR2, Class M1, (1 mo. LIBOR US + 0.95%), 1.41%, 11/25/48		2,462		2,446,559
Series 2019-HQA1, Class M2, (1 mo. LIBOR US + 2.35%), 2.81%, 02/25/49		7,538		7,537,448
Series 2019-HQA2, Class M2, (1 mo. LIBOR US + 2.05%), 2.51%, 04/25/49		7,450		7,445,600
Series 2019-HQA3, Class M2, (1 mo. LIBOR US + 1.85%), 2.31%, 09/25/49		5,211		5,203,243
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2016-DNA2, Class M3, (1 mo. LIBOR US + 4.65%), 5.11%, 10/25/28		1,165		1,209,460


				78,698,883

Mortgage-Backed Securities — 29.7%
Fannie Mae
3.50%, 01/25/24^(b)		755		761,151
Series 2012-M13, Class A2, 2.38%, 05/25/22		115		115,212
Series 2012-M9, Class A2, 2.48%, 04/25/22		153		152,633
Series 2013-M3, Class A2, 2.51%, 11/25/22^(b)		2,270		2,270,838
Series 2016-M13, Class A2, 2.50%, 09/25/26^(b)		746		736,004
Series 2018-M1, Class A2, 2.99%, 12/25/27^(b)		1,418		1,421,950
Series 2018-M7, Class A2, 3.05%, 03/25/28^(b)		1,555		1,579,761
Series 2018-M8, Class A2, 3.32%, 06/25/28^(b)		3,441		3,549,359
Series 2020-M42, Class A2, 1.27%, 07/25/30		4,980		4,375,848
Fannie Mae Mortgage-Backed Securities
2.50%, 05/17/37		100		98,552
3.00%, 02/01/47		76		75,443
4.00%, 02/01/47 - 02/01/57		1,385		1,436,132
3.50%, 11/01/51		4,027		4,109,271
(12 mo. LIBOR US + 1.44%), 2.19%, 04/01/35^(b)		32		32,080
(12 mo. LIBOR US + 1.53%), 1.78%, 05/01/43^(b)		19		19,946
(12 mo. LIBOR US + 1.54%), 1.79%, 06/01/43^(b)		37		37,666
(12 mo. LIBOR US + 1.71%), 1.96%, 04/01/40^(b)		3		3,022
(12 mo. LIBOR US + 1.75%), 2.00%, 08/01/41^(b)		24		25,163
(12 mo. LIBOR US + 1.78%), 2.09%, 01/01/42^(b)		9		9,520
(12 mo. LIBOR US + 1.81%), 2.24%, 02/01/42^(b)		1		1,023
(12 mo. LIBOR US + 1.82%), 2.07%, 09/01/41^(b)		22		23,094
(6 mo. LIBOR US + 1.04%), 1.16%, 05/01/33^(b)		3		3,239
(6 mo. LIBOR US + 1.36%), 1.70%, 10/01/32^(b)		11		10,599
(Update Replacements.xls: ECOFC + 1.25%), 1.59%, 09/01/34^(b)		91		93,034
Fannie Mae Mortgage-Backed Security 3.50%, 04/19/36		488		497,638


Security	Par (000)			Value

Mortgage-Backed Securities (continued)
Fannie Mae Mortgage-Backed Security (continued)
3.00%, 04/18/37	$	1,198		$	1,206,596
4.00%, 04/18/37		1,066			1,095,107
Federal National Mortgage Association
2.00%, 03/01/52		170			157,549
2.50%, 03/01/52		1,000			955,395
4.50%, 04/21/52		188			194,345
Freddie Mac
Series K031, Class A2, 3.30%, 04/25/23^(b)		281			284,024
Series K055, Class A2, 2.67%, 03/25/26		1,590			1,584,207
Series K060, Class A2, 3.30%, 10/25/26		1,190			1,219,052
Series K061, Class A2, 3.35%, 11/25/26^(b)		1,590			1,632,249
Series K072, Class A2, 3.44%, 12/25/27		1,190			1,229,927
Series K076, Class A2, 3.90%, 04/25/28		2,390			2,530,009
Series K115, Class A2, 1.38%, 06/25/30		2,840			2,540,985
Freddie Mac Mortgage-Backed Securities
5.00%, 07/01/23 - 03/01/48		424			456,172
4.50%, 05/01/24 - 01/01/49		1,347			1,416,215
4.00%, 10/01/24 - 01/01/49		4,816			5,002,200
3.50%, 04/01/26 - 04/01/49		7,188			7,298,273
2.50%, 02/01/27		540			535,696
3.00%, 05/01/27 - 10/01/47		5,981			5,940,266
6.00%, 11/01/28 - 04/01/38		262			287,659
6.50%, 06/01/29 - 08/01/36		251			284,881
7.50%, 12/01/30		—	^(e)		367
5.50%, 05/01/33 - 08/01/38		599			647,338
(1 year CMT + 2.34%), 2.48%, 04/01/32^(b)		23			23,287
(12 mo. LIBOR US + 1.50%), 1.75%, 06/01/43^(b)		2			2,301
(12 mo. LIBOR US + 1.60%), 2.38%, 08/01/43^(b)		10			10,289
(12 mo. LIBOR US + 1.65%), 2.46%, 05/01/43^(b)		42			43,148
(12 mo. LIBOR US + 1.73%), 2.00%, 08/01/41^(b)		21			22,108
(12 mo. LIBOR US + 1.75%), 2.04%, 04/01/38^(b)		48			47,857
(12 mo. LIBOR US + 1.75%), 2.19%, 02/01/40^(b)		20			20,749
(12 mo. LIBOR US + 1.79%), 2.04%, 09/01/32^(b)		2			1,799
(12 mo. LIBOR US + 1.89%), 2.14%, 07/01/41^(b)		16			17,018
(12 mo. LIBOR US + 1.90%), 2.15%, 01/01/42^(b)		1			737
(Update Replacements.xls: ECOFC + 1.25%), 1.47%, 11/01/27^(b)		47			47,492
Freddie Mac Multifamily Structured Pass Through Certificates, Series K090, Class A2, 3.42%, 02/25/29		2,935			3,038,625
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K025, Class A2, 2.68%, 10/25/22		3,920			3,935,886
Freddie Mac STACR REMIC Trust^(a)(b)
Series 2021-DNA1, Class M1, (30 day SOFR + 0.65%), 0.75%, 01/25/51		479			477,826
Series 2021-HQA1, Class M1, (30 day SOFR + 0.70%), 0.80%, 08/25/33		1,980			1,969,827
Ginnie Mae, 1.50%, 04/21/52		250			228,701
Ginnie Mae Mortgage-Backed Securities
6.50%, 06/15/28 - 07/15/38		56			63,302
7.50%, 08/20/30		2			2,469
6.00%, 01/15/32 - 10/20/38		137			151,429
5.00%, 11/20/33 - 05/20/49		1,223			1,334,744
5.50%, 06/15/34 - 04/20/48		454			505,690
4.50%, 03/15/39 - 08/20/49		2,071			2,173,581
4.00%, 09/15/40 - 09/15/49		5,988			6,205,015
3.50%, 01/15/41 - 04/01/52^(f)		13,255			13,490,089
3.00%, 01/20/43 - 04/01/52^(f)		15,049			14,954,290
2.50%, 12/20/46 - 04/01/52^(f)		17,929			17,403,599


MASTER PORTFOLIO SCHEDULE OF INVESTMENTS		13

Schedule of Investments (unaudited) (continued)

March 31, 2022

Advantage 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)
2.00%, 08/20/50 - 04/01/52^(f)(g)	$	21,448		$	20,456,755
Uniform Mortgage-Backed Securities
6.00%, 11/01/22 - 09/01/38		572			626,818
4.50%, 04/01/23 - 04/01/52^(f)		8,346			8,715,028
5.00%, 01/01/24 - 04/01/49		2,350			2,520,690
4.00%, 06/01/24 - 07/01/49		12,190			12,548,888
3.00%, 12/01/26 - 04/01/52^(f)		34,265			33,822,205
2.50%, 09/01/28 - 04/01/52^(f)		63,148			60,697,935
7.50%, 09/01/29		2			1,968
6.50%, 12/01/30 - 01/01/36		507			547,103
3.50%, 11/01/31 - 05/01/52^(f)		18,149			18,439,221
7.00%, 01/01/32 - 06/01/32		16			18,064
5.50%, 10/01/32 - 01/01/47		2,171			2,367,602
2.00%, 12/01/35 - 04/01/52^(f)		104,691			98,290,300
1.50%, 03/01/36 - 04/01/52^(f)		24,890			22,967,726


					406,128,851


Total U.S. Government Sponsored Agency Securities — 35.8% (Cost: $504,745,777)					490,068,499


Total Long-Term Investments — 104.6% (Cost: $1,487,407,062)					1,432,486,722


	Shares

Short-Term Securities

Money Market Funds — 5.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(h)(i)(j)		81,291,213			81,274,954
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.28%^(h)(i)		100,000			100,000


Total Short-Term Securities — 5.9% (Cost: $81,375,607)					81,374,954


Total Investments Before TBA Sale Commitments — 110.5% (Cost: $1,568,782,669)					1,513,861,676


	Par (000)

TBA Sale Commitments^(f)

Mortgage-Backed Securities — (0.2)%
Uniform Mortgage-Backed Securities 1.50%, 04/13/22 - 04/18/37	$	(1,525	)		(1,370,737	)


Security	Par (000)			Value

Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed Securities (continued)
2.50%, 04/18/22	$	(100	)	$	(98,824	)
3.00%, 04/18/37		(300	)		(302,063	)
3.50%, 04/13/22		(600	)		(601,031	)
4.50%, 04/13/52		(900	)		(932,625	)


Total TBA Sale Commitments — (0.2)% (Proceeds: $(3,345,009))					(3,305,280	)


Total Investments, Net of TBA Sale Commitments — 110.3% (Cost: $1,565,437,660)					1,510,556,396

Liabilities in Excess of Other Assets — (10.3)%					(140,841,009	)


Net Assets — 100.0%				$	1,369,715,387

^(a)

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.

^(b)

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.

^(c)

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

^(d)

All or a portion of this security is on loan.

^(e)

Rounds to less than 1,000.

^(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.


14

Schedule of Investments (unaudited) (continued)

March 31, 2022

Advantage CoreAlpha Bond Master Portfolio

Affiliates

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the period ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	67,351,856	$	13,998,234	^(a)	$	—	$	(62,529	)	$	(12,607	)	$	81,274,954		81,291,213	$	35,052	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		—			—		—			—			100,000		100,000		18			—


								$	(62,529	)	$	(12,607	)	$	81,374,954			$	35,070		$	—

^(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 Bund		458		06/08/22	$	80,387	$	(4,182,296	)
10-Year Australian Treasury Bonds		646		06/15/22		61,268		(2,409,656	)
10-Year Canadian Bond		174		06/21/22		18,172		(356,114	)
U.S. Long Bond		484		06/21/22		72,676		(1,440,089	)
Ultra U.S. Treasury Bond		338		06/21/22		59,826		(2,366,842	)
2-Year U.S. Treasury Note		230		06/30/22		48,713		(146,255	)
5-Year U.S. Treasury Note		645		06/30/22		73,888		(920,325	)


								(11,821,577	)

Short Contracts
Euro BTP		25		06/08/22		3,825		176,554
Euro OAT		46		06/08/22		7,710		380,084
10-Year U.S. Treasury Note		817		06/21/22		100,287		2,916,534
10-Year U.S. Ultra Long Treasury Note		142		06/21/22		19,232		671,931
Long Gilt		419		06/28/22		66,727		538,877


								4,683,980


							$	(7,137,597	)

Forward Foreign Currency Exchange Contracts



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


CAD	1,460,000		USD	1,143,713	Bank of America N.A.		06/15/22	$	23,930
USD	299,973		AUD	400,000	Bank of America N.A.		06/15/22		292
USD	908,489		AUD	1,210,000	JPMorgan Chase Bank N.A.		06/15/22		1,954
USD	513,611		EUR	460,000	Morgan Stanley & Co. International PLC		06/15/22		3,362
USD	167,533		HKD	1,310,000	Morgan Stanley & Co. International PLC		06/15/22		131
USD	72,899		HKD	570,000	UBS AG		06/15/22		60
USD	88,268		HKD	690,000	Westpac Banking Corp.		06/15/22		95
USD	83,097		SEK	770,000	Deutsche Bank AG		06/15/22		1,059
USD	136,685		SEK	1,280,000	Deutsche Bank AG		06/15/22		309
USD	80,184		SEK	750,000	JPMorgan Chase Bank N.A.		06/15/22		276
USD	91,414		SEK	850,000	Royal Bank of Canada		06/15/22		852


									32,320

AUD	5,084,110		USD	3,819,925	JPMorgan Chase Bank N.A.		06/15/22		(10,900	)
EUR	2,781,058		USD	3,095,568	Deutsche Bank AG		06/15/22		(10,713	)


MASTER PORTFOLIO SCHEDULE OF INVESTMENTS		15

Schedule of Investments (unaudited) (continued)

March 31, 2022

Advantage CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)



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

USD	302,942	AUD	410,000	Deutsche Bank AG		06/15/22	$	(4,231	)
USD	866,511	AUD	1,160,000	Deutsche Bank AG		06/15/22		(2,564	)
USD	227,433	AUD	310,000	Morgan Stanley & Co. International PLC		06/15/22		(4,819	)
USD	295,522	AUD	410,000	Morgan Stanley & Co. International PLC		06/15/22		(11,650	)
USD	1,327,446	AUD	1,830,000	Morgan Stanley & Co. International PLC		06/15/22		(43,594	)
USD	74,353	AUD	100,000	Royal Bank of Canada		06/15/22		(568	)
USD	326,369	AUD	450,000	Royal Bank of Canada		06/15/22		(10,772	)
USD	77,252	EUR	70,000	Deutsche Bank AG		06/15/22		(395	)
USD	319,224	EUR	290,000	Deutsche Bank AG		06/15/22		(2,455	)
USD	343,136	EUR	310,000	Deutsche Bank AG		06/15/22		(727	)
USD	187,624	EUR	170,000	HSBC Bank USA N.A.		06/15/22		(947	)
USD	977,954	EUR	890,000	Morgan Stanley & Co. International PLC		06/15/22		(9,267	)
USD	507,467	EUR	460,000	Westpac Banking Corp.		06/15/22		(2,782	)
USD	661,330	EUR	600,000	Westpac Banking Corp.		06/15/22		(4,212	)
USD	78,110	GBP	60,000	Bank of America N.A.		06/15/22		(687	)
USD	78,722	GBP	60,000	Barclays Bank PLC		06/15/22		(74	)
USD	827,080	GBP	630,000	The Bank of New York Mellon		06/15/22		(280	)
USD	75,376	SEK	710,000	Bank of America N.A.		06/15/22		(269	)
USD	121,094	SEK	1,170,000	Bank of America N.A.		06/15/22		(3,562	)
USD	410,185	SEK	3,950,000	Bank of America N.A.		06/15/22		(10,662	)
USD	137,225	SEK	1,310,000	HSBC Bank USA N.A.		06/15/22		(2,347	)
USD	91,917	SEK	870,000	Morgan Stanley & Co. International PLC		06/15/22		(776	)
USD	122,895	SEK	1,160,000	Westpac Banking Corp.		06/15/22		(696	)


								(139,949	)


							$	(107,629	)

Centrally Cleared Interest Rate Swaps



				Effective Date			Termination Date					Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)

Paid by the Master Portfolio		Received by the Master Portfolio							Notional Amount (000)
Rate	Frequency	Rate	Frequency						Notional Amount (000)


6-Month EURIBOR, (0.38%)	Semi-Annual	0.14%	Annual		06/08/22	^(a)		06/08/24		EUR	221,940	$	(2,682,253	)	$	44,021		$	(2,726,274	)
1-Day SONIA, 0.69%	Annual	1.78%	Annual		06/08/22	^(a)		06/08/24		GBP	149,555		(1,345,350	)		19,829			(1,365,179	)
6-Month EURIBOR, (0.38%)	Semi-Annual	0.26%	Annual		06/15/22	^(a)		06/15/25		EUR	25,500		(548,942	)		(34,807	)		(514,135	)
6-Month EURIBOR, (0.38%)	Semi-Annual	0.61%	Annual		06/15/22	^(a)		06/15/25		EUR	6,095		(59,850	)		(27,630	)		(32,220	)
1-Day SOFR, 0.33%	Annual	1.61%	Annual		06/15/22	^(a)		06/15/25		USD	4,800		(122,365	)		179			(122,544	)
1.69%	Annual	1-Day SONIA, 0.69%	Annual		06/15/22	^(a)		06/15/25		GBP	23,740		350,069			124,178			225,891
3-Month BBR, 0.23%	Quarterly	2.01%	Quarterly		06/15/22	^(a)		06/15/25		AUD	27,560		(486,323	)		199			(486,522	)
2.10%	Semi-Annual	3-Month Canada Bank Acceptance, 1.35%	Semi-Annual		06/15/22	^(a)		06/15/25		CAD	40,790		784,106			589			783,517
0.18%	Annual	1-Day FEDL, 0.33%	Annual		N/A			10/20/25		USD	2,500		181,614			—			181,614
1-Day SOFR, 0.33%	Annual	0.18%	Annual		N/A			10/20/25		USD	2,500		(184,714	)		—			(184,714	)
1.51%	Annual	1-Day SOFR, 0.33%	Annual		05/05/22	^(a)		05/05/27		USD	41,490		1,505,930			124,048			1,381,882
1.71%	Annual	1-Day SOFR, 0.33%	Annual		05/12/22	^(a)		05/12/27		USD	45,460		1,218,362			219,056			999,306
0.47%	Annual	6-Month EURIBOR, (0.38%)	Semi-Annual		06/08/22	^(a)		06/08/27		EUR	273,330		8,475,865			(150,659	)		8,626,524
1.55%	Annual	1-Day SONIA, 0.69%	Annual		06/08/22	^(a)		06/08/27		GBP	159,730		3,498,018			(103,072	)		3,601,090
1.82%	Annual	1-Day SOFR, 0.33%	Annual		06/08/22	^(a)		06/08/27		USD	42,465		952,860			883,971			68,889
1.94%	Semi-Annual	1-Day SORA, 0.61%	Semi-Annual		06/15/22	^(a)		06/15/27		SGD	1,130		10,726			9			10,717
8.38%	Monthly	1-Month MXIBOR, 6.72%	Monthly		09/21/22	^(a)		09/15/27		MXN	80,820		111			35			76
8.86%	Monthly	1-Month MXIBOR, 6.72%	Monthly		09/21/22	^(a)		09/15/27		MXN	14,810		(14,150	)		7			(14,157	)
8.86%	Monthly	1-Month MXIBOR, 6.72%	Monthly		09/21/22	^(a)		09/15/27		MXN	19,040		(18,383	)		9			(18,392	)
6-Month EURIBOR, (0.38%)	Semi-Annual	0.65%	Annual		09/21/22	^(a)		09/21/27		EUR	11,870		(312,547	)		5,521			(318,068	)
6-Month EURIBOR, (0.38%)	Semi-Annual	0.88%	Annual		09/21/22	^(a)		09/21/27		EUR	1,550		(21,718	)		19			(21,737	)
6-Month EURIBOR, (0.38%)	Semi-Annual	0.91%	Annual		09/21/22	^(a)		09/21/27		EUR	930		(11,696	)		11			(11,707	)
6-Month EURIBOR, (0.38%)	Semi-Annual	0.98%	Annual		09/21/22	^(a)		09/21/27		EUR	570		(4,883	)		(1,788	)		(3,095	)
6-Month EURIBOR, (0.38%)	Semi-Annual	1.02%	Annual		09/21/22	^(a)		09/21/27		EUR	1,360		(9,077	)		2,326			(11,403	)
6-Month EURIBOR, (0.38%)	Semi-Annual	1.05%	Annual		09/21/22	^(a)		09/21/27		EUR	1,670		(8,267	)		(4,034	)		(4,233	)
6-Month EURIBOR, (0.38%)	Semi-Annual	1.30%	Annual		09/21/22	^(a)		09/21/27		EUR	640		5,727			8			5,719
3-Month STIBOR, 0.04%	Quarterly	1.33%	Annual		09/21/22	^(a)		09/21/27		SEK	268,260		(907,197	)		(15,742	)		(891,455	)


16

Schedule of Investments (unaudited) (continued)

March 31, 2022

Advantage CoreAlpha Bond Master Portfolio

Centrally Cleared Interest Rate Swaps (continued)



				Effective Date			Termination Date					Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)

Paid by the Master Portfolio		Received by the Master Portfolio							Notional Amount (000)
Rate	Frequency	Rate	Frequency						Notional Amount (000)

1.69%	Annual	1-Day SOFR, 0.33%	Annual		09/21/22	^(a)		09/21/27		USD	2,700	$	81,937		$	30		$	81,907
1.77%	Annual	1-Day SOFR, 0.33%	Annual		09/21/22	^(a)		09/21/27		USD	1,720		45,784			19			45,765
1.77%	Annual	1-Day SONIA, 0.69%	Annual		09/21/22	^(a)		09/21/27		GBP	850		7,640			120			7,520
3-Month STIBOR, 0.04%	Quarterly	1.80%	Annual		09/21/22	^(a)		09/21/27		SEK	9,450		(9,498	)		(380	)		(9,118	)
1.81%	Annual	1-Day SOFR, 0.33%	Annual		09/21/22	^(a)		09/21/27		USD	1,180		29,417			13			29,404
1.83%	Annual	1-Day SONIA, 0.69%	Annual		09/21/22	^(a)		09/21/27		GBP	580		3,221			8			3,213
1.86%	Annual	1-Day SOFR, 0.33%	Annual		09/21/22	^(a)		09/21/27		USD	2,080		47,074			23			47,051
1.89%	Annual	1-Day SONIA, 0.69%	Annual		09/21/22	^(a)		09/21/27		GBP	1,050		1,826			16			1,810
3-Month STIBOR, 0.04%	Quarterly	1.91%	Annual		09/21/22	^(a)		09/21/27		SEK	6,380		(2,830	)		8			(2,838	)
1.98%	Annual	1-Day SOFR, 0.33%	Annual		09/21/22	^(a)		09/21/27		USD	1,430		24,416			16			24,400
3-Month HIBOR, 1.55%	Quarterly	2.06%	Quarterly		09/21/22	^(a)		09/21/27		HKD	24,587		(64,692	)		35			(64,727	)
3-Month HIBOR, 1.55%	Quarterly	2.07%	Quarterly		09/21/22	^(a)		09/21/27		HKD	31,235		(79,839	)		45			(79,884	)
2.10%	Semi-Annual	3-Month Canada Bank Acceptance, 1.35%	Semi-Annual		09/21/22	^(a)		09/21/27		CAD	11,980		368,150			53,144			315,006
2.17%	Semi-Annual	1-Day SORA, 0.61%	Semi-Annual		09/21/22	^(a)		09/21/27		SGD	1,710		6,258			14			6,244
2.20%	Semi-Annual	1-Day SORA, 0.61%	Semi-Annual		09/21/22	^(a)		09/21/27		SGD	1,090		2,754			9			2,745
2.22%	Semi-Annual	3-Month Canada Bank Acceptance, 1.35%	Semi-Annual		09/21/22	^(a)		09/21/27		CAD	13,410		352,152			18,042			334,110
2.28%	Annual	1-Day SOFR, 0.33%	Annual		09/21/22	^(a)		09/21/27		USD	1,630		4,781			18			4,763
3-Month HIBOR, 1.55%	Quarterly	2.30%	Quarterly		09/21/22	^(a)		09/21/27		HKD	6,280		(7,332	)		9			(7,341	)
3-Month HIBOR, 1.55%	Quarterly	2.30%	Quarterly		09/21/22	^(a)		09/21/27		HKD	3,932		(4,661	)		6			(4,667	)
3-Month HIBOR, 1.55%	Quarterly	2.31%	Quarterly		09/21/22	^(a)		09/21/27		HKD	5,898		(6,620	)		8			(6,628	)
2.34%	Annual	1-Day SOFR, 0.33%	Annual		09/21/22	^(a)		09/21/27		USD	930		(64	)		10			(74	)
2.37%	Semi-Annual	1-Day SORA, 0.61%	Semi-Annual		09/21/22	^(a)		09/21/27		SGD	1,560		(5,550	)		13			(5,563	)
3-Month HIBOR, 1.55%	Quarterly	2.48%	Quarterly		09/21/22	^(a)		09/21/27		HKD	10,790		(922	)		15			(937	)
3-Month HIBOR, 1.55%	Quarterly	2.54%	Quarterly		09/21/22	^(a)		09/21/27		HKD	6,810		2,018			10			2,008
6-Month BBSW, 0.23%	Semi-Annual	2.62%	Semi-Annual		09/21/22	^(a)		09/21/27		AUD	1,650		(33,656	)		13			(33,669	)
6-Month BBSW, 0.23%	Semi-Annual	2.66%	Semi-Annual		09/21/22	^(a)		09/21/27		AUD	1,760		(33,423	)		14			(33,437	)
6-Month BBSW, 0.23%	Semi-Annual	2.67%	Semi-Annual		09/21/22	^(a)		09/21/27		AUD	5,020		(94,641	)		41			(94,682	)
6-Month BBSW, 0.23%	Semi-Annual	2.71%	Semi-Annual		09/21/22	^(a)		09/21/27		AUD	1,570		(27,173	)		13			(27,186	)
2.83%	Semi-Annual	3-Month Canada Bank Acceptance, 1.35%	Semi-Annual		09/21/22	^(a)		09/21/27		CAD	1,250		4,656			11			4,645
2.85%	Semi-Annual	3-Month Canada Bank Acceptance, 1.35%	Semi-Annual		09/21/22	^(a)		09/21/27		CAD	2,220		6,379			20			6,359
2.89%	Semi-Annual	3-Month Canada Bank Acceptance, 1.35%	Semi-Annual		09/21/22	^(a)		09/21/27		CAD	860		1,293			8			1,285
6-Month BBSW, 0.23%	Semi-Annual	2.96%	Semi-Annual		09/21/22	^(a)		09/21/27		AUD	1,060		(9,485	)		9			(9,494	)
6-Month BBSW, 0.23%	Semi-Annual	2.99%	Semi-Annual		09/21/22	^(a)		09/21/27		AUD	1,210		(9,623	)		10			(9,633	)
6-Month BBSW, 0.23%	Semi-Annual	3.07%	Semi-Annual		09/21/22	^(a)		09/21/27		AUD	1,660		(8,643	)		14			(8,657	)
6-Month BBSW, 0.23%	Semi-Annual	3.24%	Semi-Annual		09/21/22	^(a)		09/21/27		AUD	870		585			7			578
4.85%	Annual	6-Month WIBOR, 4.95%	Semi-Annual		09/21/22	^(a)		09/21/27		PLN	50,070		136,282			106			136,176
5.13%	Annual	6-Month WIBOR, 4.95%	Semi-Annual		09/21/22	^(a)		09/21/27		PLN	4,310		(283	)		9			(292	)
3-Month JIBAR, 4.37%	Quarterly	7.40%	Quarterly		09/21/22	^(a)		09/21/27		ZAR	14,240		849			9			840
3-Month JIBAR, 4.37%	Quarterly	7.52%	Quarterly		09/21/22	^(a)		09/21/27		ZAR	15,050		5,969			9			5,960
3-Month JIBAR, 4.37%	Quarterly	7.56%	Quarterly		09/21/22	^(a)		09/21/27		ZAR	10,230		5,135			7			5,128
3-Month JIBAR, 4.37%	Quarterly	7.62%	Quarterly		09/21/22	^(a)		09/21/27		ZAR	15,280		10,137			9			10,128
3-Month JIBAR, 4.37%	Quarterly	7.63%	Quarterly		09/21/22	^(a)		09/21/27		ZAR	7,590		5,355			5			5,350
3-Month JIBAR, 4.37%	Quarterly	7.68%	Quarterly		09/21/22	^(a)		09/21/27		ZAR	7,590		6,314			5			6,309
1-Day SOFR, 0.33%	Annual	0.54%	Annual		N/A			10/20/30		USD	1,250		(153,020	)		—			(153,020	)
0.55%	Annual	1-Day FEDL, 0.33%	Annual		N/A			10/20/30		USD	1,250		151,170			—			151,170
1-Day SOFR, 0.33%	Annual	1.62%	Annual		05/05/22	^(a)		05/05/32		USD	13,535		(630,740	)		(735,313	)		104,573
1.67%	Annual	1-Day SOFR, 0.33%	Annual		05/06/22	^(a)		05/06/32		USD	12,000		497,656			76,827			420,829
1-Day SOFR, 0.33%	Annual	1.78%	Annual		05/12/22	^(a)		05/12/32		USD	235		(7,468	)		(9,388	)		1,920
6-Month EURIBOR, (0.38%)	Semi-Annual	0.76%	Annual		06/08/22	^(a)		06/08/32		EUR	176,710		(8,798,067	)		129,782			(8,927,849	)
1-Day SONIA, 0.69%	Annual	1.35%	Annual		06/08/22	^(a)		06/08/32		GBP	21,090		(796,279	)		(94,579	)		(701,700	)
1-Day SOFR, 0.33%	Annual	1.85%	Annual		06/08/22	^(a)		06/08/32		USD	22,215		(595,993	)		(781,304	)		185,311
1.58%	Annual	1-Day SOFR, 0.33%	Annual		06/09/22	^(a)		06/09/32		USD	70,520		3,613,446			13,164			3,600,282
0.74%	Annual	1-Day SOFR, 0.33%	Annual		N/A			10/20/35		USD	500		79,879			—			79,879
1-Day FEDL, 0.33%	Annual	0.78%	Annual		N/A			10/20/35		USD	500		(77,058	)		—			(77,058	)
0.84%	Annual	1-Day SOFR, 0.33%	Annual		N/A			10/20/40		USD	1,000		192,118			—			192,118
1-Day FEDL, 0.33%	Annual	0.90%	Annual		N/A			10/20/40		USD	1,000		(182,345	)		—			(182,345	)


MASTER PORTFOLIO SCHEDULE OF INVESTMENTS		17

Schedule of Investments (unaudited) (continued)

March 31, 2022

Advantage CoreAlpha Bond Master Portfolio

Centrally Cleared Interest Rate Swaps (continued)



															Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Paid by the Master Portfolio		Received by the Master Portfolio		Effective Date			Termination Date		Notional Amount (000)
Rate	Frequency	Rate	Frequency	Effective Date			Termination Date		Notional Amount (000)			Value


0.90%	Annual	1-Day SOFR, 0.33%	Annual		N/A			10/20/50		USD	500	$	117,265		$	—		$	117,265
1-Day FEDL, 0.33%	Annual	0.98%	Annual		N/A			10/20/50		USD	500		(108,216	)		—			(108,216	)
1-Day SOFR, 0.33%	Annual	1.66%	Annual		05/05/22	^(a)		05/05/52		USD	3,398		(253,005	)		(42,580	)		(210,425	)
1-Day SOFR, 0.33%	Annual	1.71%	Annual		05/06/22	^(a)		05/06/52		USD	5,052		(323,266	)		(54,947	)		(268,319	)
1-Day SOFR, 0.33%	Annual	1.78%	Annual		05/12/22	^(a)		05/12/52		USD	10,230		(495,186	)		(190,150	)		(305,036	)
0.67%	Annual	6-Month EURIBOR, (0.38%)	Semi-Annual		06/08/22	^(a)		06/08/52		EUR	28,300		2,865,002			(71,599	)		2,936,601
1-Day SONIA, 0.69%	Annual	1.19%	Annual		06/08/22	^(a)		06/08/52		GBP	10,890		(850,173	)		27,729			(877,902	)
1-Day SOFR, 0.33%	Annual	1.59%	Annual		06/09/22	^(a)		06/09/52		USD	27,790		(2,569,171	)		50,865			(2,620,036	)


												$	2,683,669		$	(523,640	)	$	3,207,309

^(a)

Forward Swap.

Centrally Cleared Inflation Swaps



										Upfront Premium Paid (Received	)		Unrealized Appreciation (Depreciation	)
Paid by the Master Portfolio		Received by the Master Portfolio		Termination Date	Notional Amount (000)
Reference	Frequency	Rate	Frequency	Termination Date	Notional Amount (000)			Value


2.07%	Monthly	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA Index	Monthly	02/15/32	EUR	2,635	$	223,200	$	62		$	223,138
4.49%	Monthly	UK Retail Price Index All Items	Monthly	02/15/32	GBP	3,015		74,770		85			74,685
2.68%	Monthly	US CPI for All Urban Consumers	Monthly	02/24/32	USD	8,025		316,888		167			316,721


							$	614,858	$	314		$	614,544

OTC Interest Rate Swaps



														Upfront Premium Paid (Received	)		Unrealized Appreciation (Depreciation	)
Paid by the Master Portfolio		Received by the Master Portfolio			Effective Date	^(a)	Termination Date	Notional Amount (000)
Rate	Frequency	Rate	Frequency	Counterparty	Effective Date	^(a)	Termination Date	Notional Amount (000)			Value


3-Month KRW CDC, 1.51%	Quarterly	2.76%	Quarterly	BNP Paribas SA	09/21/22		09/21/27	KRW	1,700,520	$	(4,007	)	$	—		$	(4,007	)
3-Month KRW CDC, 1.51%	Quarterly	2.80%	Quarterly	BNP Paribas SA	09/21/22		09/21/27	KRW	613,861		(489	)		—			(489	)
3-Month KRW CDC, 1.51%	Quarterly	2.83%	Quarterly	Bank of America N.A.	09/21/22		09/21/27	KRW	1,659,699		748			—			748
3-Month KRW CDC, 1.51%	Quarterly	2.92%	Quarterly	Citibank N.A.	09/21/22		09/21/27	KRW	1,106,665		4,295			—			4,295
3-Month KRW CDC, 1.51%	Quarterly	2.92%	Quarterly	Bank of America N.A.	09/21/22		09/21/27	KRW	1,106,665		4,596			—			4,596


										$	5,143		$	—		$	5,143

^(a)

Forward Swap.

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


18

Schedule of Investments (unaudited) (continued)

March 31, 2022

Advantage CoreAlpha Bond Master Portfolio

Fair Value Hierarchy as of Period End (continued)

•

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 financial instruments categorized in the fair value hierarchy. The breakdown of the Master Portfolio’s financial instruments 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	$	—		$	153,134,235		$	—	$	153,134,235
Common Stocks		—			—			1		1
Corporate Bonds		—			599,255,455			—		599,255,455
Foreign Agency Obligations		—			6,114,032			—		6,114,032
Municipal Bonds		—			10,550,446			—		10,550,446
Non-Agency Mortgage-Backed Securities		—			173,364,054			—		173,364,054
U.S. Government Sponsored Agency Securities		—			490,068,499			—		490,068,499
Short-Term Securities
Money Market Funds		81,374,954			—			—		81,374,954
Liabilities
Investments
TBA Sale Commitments		—			(3,305,280	)		—		(3,305,280	)

	$	81,374,954		$	1,429,181,441		$	1	$	1,510,556,396

Derivative Financial Instruments^(a)
Assets
Foreign Currency Exchange Contracts.	$	—		$	32,320		$	—	$	32,320
Interest Rate Contracts		4,683,980			24,773,516			—		29,457,496
Other Contracts		—			614,544			—		614,544
Liabilities
Foreign Currency Exchange Contracts		—			(139,949	)		—		(139,949	)
Interest Rate Contracts		(11,821,577	)		(21,561,064	)		—		(33,382,641	)

	$	(7,137,597	)	$	3,719,367		$	—	$	(3,418,230	)

^(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


Currency Abbreviation (continued)

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


MASTER PORTFOLIO SCHEDULE OF INVESTMENTS		19

Schedule of Investments (unaudited) (continued)

March 31, 2022

Advantage CoreAlpha Bond Master Portfolio


Portfolio Abbreviation (continued)

BBSW		Bank Bill Swap Rate

CME		Chicago Mercantile Exchange

CMT		Constant Maturity Treasury

CPI		Consumer Price Index

EURIBOR		Euro Interbank Offered Rate

FEDL		Fed Funds Effective 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

SAB		Special Assessment Bonds

SOFR		Secured Overnight Financing Rate

SONIA		Sterling Overnight Interbank Average Rate

SORA		Singapore Overnight Rate Average

STACR		Structured Agency Credit Risk

STIBOR		Stockholm Interbank Offered Rate

TBA		To-Be-Announced

WIBOR		Warsaw Interbank Offered Rate


20

Master Investment Portfolio II NPORT-PAdvantage CoreAlpha Bond Master Portfolio (Mar 2022 report)