Master Investment Portfolio II NPORT-P Advantage CoreAlpha Bond Master Portfolio (Mar 2024 report)

Schedule of Investments (unaudited) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
ACHV ABS Trust, Series 2024-1PL, Class B, 6.34%, 04/25/31(a)	$	1,360	$	1,359,688
Affirm Asset Securitization Trust(a)
Series 2022-A, Class 1A, 4.30%, 05/17/27		2,275		2,260,416
Series 2022-Z1, Class A, 4.55%, 06/15/27		991		982,386
Series 2023-A, Class 1A, 6.61%, 01/18/28		2,375		2,389,411
Series 2023-A, Class 1D, 9.09%, 01/18/28		950		967,883
Series 2023-B, Class A, 6.82%, 09/15/28		4,400		4,465,563
Series 2023-B, Class B, 7.44%, 09/15/28		1,960		1,990,707
Series 2023-B, Class C, 7.81%, 09/15/28		1,500		1,527,344
Series 2023-B, Class D, 8.78%, 09/15/28		2,000		2,051,758
Series 2023-X1, Class A, 7.11%, 11/15/28		1,986		1,995,407
Series 2023-X1, Class C, 8.25%, 11/15/28		2,500		2,559,765
Series 2023-X1, Class D, 9.55%, 11/15/28		450		463,681
Series 2024-A1, Class B, 5.93%, 02/15/29		1,250		1,246,784
Avant Loans Funding Trust, Series 2021-REV1, Class A, 1.21%, 07/15/30(a)		166		166,206
Blue Bridge Funding LLC, Series 2023-1, Class A, 7.37%, 11/15/30(a)		648		648,465
Carvana Auto Receivables Trust
Series 2021-N2, Class B, 0.75%, 03/10/28		333		312,923
Series 2021-N2, Class C, 1.07%, 03/10/28		937		880,301
Chase Funding Trust, Series 2004-2, Class 2A2, (1-mo. Term SOFR + 0.61%), 5.94%, 02/26/35(b)		71		67,339
Conn’s Receivables Funding LLC, Series 2024-A, Class A, 7.05%, 01/16/29(a)		2,068		2,070,945
CWABS, Inc., Series 2004-1, Class M1, (1-mo. Term SOFR + 0.86%), 6.19%, 03/25/34(b)		5		4,823
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 06/15/27		166		165,545
DT Auto Owner Trust, Series 2023-1A, Class C, 5.55%, 10/16/28(a)		5,090		5,068,737
Exeter Automobile Receivables Trust
Series 2021-2A, Class D, 1.40%, 04/15/27		2,225		2,116,681
Series 2021-4A, Class C, 1.46%, 10/15/27		1,836		1,812,374
Series 2022-2A, Class B, 3.65%, 10/15/26		2,368		2,360,841
Series 2022-4A, Class D, 5.98%, 12/15/28		1,250		1,246,404
Series 2023-1A, Class D, 6.69%, 06/15/29		1,020		1,033,126
Series 2023-5, Class C, 6.85%, 01/16/29		1,160		1,191,045
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 07/15/31(a)		2,870		2,817,295
JPMorgan Chase Bank NA(a)
Series 2021-2, Class B, 0.89%, 12/26/28		529		519,929
Series 2021-2, Class C, 0.97%, 12/26/28		228		223,589
Series 2021-3, Class B, 0.76%, 02/26/29		1,514		1,469,783
Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2022- ELL, Class A-3, 4.28%, 02/01/36		85		81,184
OnDeck Asset Securitization Trust IV LLC, Series 2023-1, Class A, 7.00%, 08/19/30(a)		1,460		1,460,301
OneMain Financial Issuance Trust, Series 2019-2A, Class A, 3.14%, 10/14/36(a)		5,690		5,353,250
Santander Drive Auto Receivables Trust
Series 2020-2, Class D, 2.22%, 09/15/26		1,732		1,721,322
Series 2022-5, Class C, 4.74%, 10/16/28		2,960		2,924,475
Series 2024-1, Class C, 5.45%, 03/15/30		510		508,447
Upstart Securitization Trust, Series 2021-5, Class A, 1.31%, 11/20/31(a)		30		29,617
Westlake Automobile Receivables Trust(a)
Series 2022-1A, Class B, 2.75%, 03/15/27		3,519		3,501,643
Series 2022-3A, Class C, 6.44%, 12/15/27		3,060		3,085,340

Security	Par (000)		Value
Asset-Backed Securities (continued)
Westlake Automobile Receivables Trust(a) (continued)
Series 2023-1A, Class C, 5.74%, 08/15/28	$	3,380	$	3,378,101
Series 2023-4, Class C, 6.64%, 11/15/28		1,080		1,099,312
Series 2024-1A, Class D, 6.02%, 10/15/29		1,360		1,363,831
Total Asset-Backed Securities — 10.1% (Cost: $73,141,166)				72,943,967
	Shares
Common Stocks
Financial Services(c) — 0.0%
Edcon Holdco 1		1,643,590		1
Edcon Holdco 2		163,560		—
				1
Total Common Stocks — 0.0% (Cost: $ — )				1
	Par (000)
Corporate Bonds
Aerospace & Defense — 0.6%
Boeing Co.
5.71%, 05/01/40	$	350		334,999
5.93%, 05/01/60		495		464,080
General Dynamics Corp., 2.25%, 06/01/31		550		465,991
Lockheed Martin Corp. 4.15%, 06/15/53		50		42,176
5.70%, 11/15/54(d)		430		458,264
4.30%, 06/15/62		535		453,108
5.90%, 11/15/63(d)		805		881,750
5.20%, 02/15/64		150		148,319
Spirit AeroSystems, Inc., 9.75%, 11/15/30(a)		107		119,687
TransDigm, Inc. 5.50%, 11/15/27		200		195,750
6.75%, 08/15/28(a)		261		264,445
6.38%, 03/01/29(a)		350		351,090
6.63%, 03/01/32(a)(d)		210		212,161
				4,391,820
Air Freight & Logistics — 0.0%
United Parcel Service, Inc., 5.30%, 04/01/50(d)		280		284,681
Automobiles — 0.6%
American Honda Finance Corp., 4.90%, 03/13/29		450		448,725
AutoZone, Inc.
5.05%, 07/15/26		920		921,436
4.50%, 02/01/28		180		177,208
Carvana Co.(a)(e)
(12.00% PIK), 12.00%, 12/01/28(d)		433		423,531
(13.00% PIK), 13.00%, 06/01/30		226		220,401
General Motors Financial Co., Inc. 2.90%, 02/26/25		1,115		1,087,676
5.40%, 04/06/26		85		85,032
5.75%, 02/08/31		105		106,138
Genuine Parts Co., 1.75%, 02/01/25(d)		1,050		1,016,067

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 1

Schedule of Investments (unaudited) (continued) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Automobiles (continued)
Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27(a)	$	15	$	14,182
LCM Investments Holdings II LLC, 8.25%, 08/01/31(a)		30		31,385
				4,531,781
Banks — 6.5%
Banco Santander SA 2.75%, 05/28/25		400		386,693
5.59%, 08/08/28		1,800		1,825,423
6.92%, 08/08/33		1,000		1,046,470
(1-year CMT + 0.90%), 1.72%, 09/14/27(b)		400		364,842
Bank of America Corp.(b)
(1-day SOFR + 0.96%), 1.73%, 07/22/27		830		765,218
(1-day SOFR + 1.05%), 2.55%, 02/04/28		225		209,142
(1-day SOFR + 1.15%), 1.32%, 06/19/26		1,680		1,596,942
(1-day SOFR + 1.65%), 5.47%, 01/23/35		325		327,118
(1-day SOFR + 1.99%), 6.20%, 11/10/28		735		760,325
(1-day SOFR + 2.04%), 4.95%, 07/22/28		775		769,086
(3-mo. CME Term SOFR + 1.45%), 2.88%, 10/22/30		165		146,613
(3-mo. CME Term SOFR + 2.08%), 4.24%, 04/24/38		400		359,818
(3-mo. CME Term SOFR + 3.41%), 4.08%, 03/20/51		91		74,622
Bank of Montreal
2.65%, 03/08/27		435		407,733
5.72%, 09/25/28		20		20,540
Bank of New York Mellon Corp., (1-day SOFR + 1.51%), 4.71%, 02/01/34(b)		270		260,524
Bank of Nova Scotia, 1.05%, 03/02/26(d)		550		508,648
Citigroup, Inc. 4.75%, 05/18/46		50		44,401
(1-day SOFR + 0.77%), 1.46%, 06/09/27(b)		2,285		2,098,842
(1-day SOFR + 2.06%), 5.83%, 02/13/35(b)		1,770		1,752,276
(1-day SOFR + 2.66%), 6.17%, 05/25/34(b)		70		71,084
(3-mo. CME Term SOFR + 1.16%), 3.35%, 04/24/25(b)		2,155		2,151,421
Deutsche Bank AG/New York(b)
(1-day SOFR + 1.59%), 5.71%, 02/08/28		305		304,557
(1-day SOFR + 2.51%), 6.82%, 11/20/29		225		235,216
Fifth Third Bancorp, (1-day SOFR + 2.34%), 6.34%, 07/27/29(b)		140		144,322
Freedom Mortgage Corp.(a)
12.00%, 10/01/28		85		92,651
12.25%, 10/01/30		135		148,471
Goldman Sachs Group, Inc.
3.75%, 05/22/25		500		490,689
3.50%, 11/16/26		365		350,186
2.60%, 02/07/30		1,100		962,850
(1-day SOFR + 1.25%), 2.38%, 07/21/32(b)		1,295		1,062,363
(3-mo. CME Term SOFR + 1.56%), 4.22%, 05/01/29(b)		550		529,393
(3-mo. CME Term SOFR + 1.69%), 4.41%, 04/23/39(b)		370		331,217
HSBC Holdings PLC(b)
(1-day SOFR + 1.43%), 3.00%, 03/10/26		735		716,001
(1-day SOFR + 1.51%), 4.18%, 12/09/25		1,420		1,402,746
ING Groep NV(b)
(1-day SOFR + 1.56%), 6.08%, 09/11/27		855		865,559
(1-day SOFR + 2.09%), 6.11%, 09/11/34		545		565,843
Inter-American Development Bank, 4.50%, 05/15/26		1,730		1,722,903

Security	Par (000)		Value
Banks (continued)
JPMorgan Chase & Co.(b)
(1-day SOFR + 0.89%), 1.58%, 04/22/27	$	816	$	756,526
(1-day SOFR + 1.26%), 2.96%, 01/25/33		120		102,460
(1-day SOFR + 1.31%), 5.01%, 01/23/30		250		248,976
(1-day SOFR + 1.85%), 2.08%, 04/22/26		1,063		1,024,267
(1-day SOFR + 1.85%), 5.35%, 06/01/34		850		853,279
(1-day SOFR + 1.99%), 4.85%, 07/25/28(d)		1,150		1,140,302
(1-day SOFR + 2.08%), 4.91%, 07/25/33		470		460,198
(3-mo. CME Term SOFR + 1.59%), 2.01%, 03/13/26		2,120		2,049,542
Mitsubishi UFJ Financial Group, Inc.(b)
(1-year CMT + 0.55%), 0.95%, 07/19/25		1,094		1,077,793
(1-year CMT + 0.95%), 2.31%, 07/20/32		425		353,338
(1-year CMT + 0.97%), 2.49%, 10/13/32		315		263,285
Mizuho Financial Group, Inc., (1-year CMT + 1.90%), 5.75%, 07/06/34(b)		990		1,022,328
Morgan Stanley
3.88%, 01/27/26		200		195,349
6.38%, 07/24/42		460		519,174
4.30%, 01/27/45		380		333,678
(1-day SOFR + 0.86%), 1.51%, 07/20/27(b)		340		312,053
(1-day SOFR + 1.73%), 5.12%, 02/01/29(b)		55		54,866
(1-day SOFR + 1.73%), 5.47%, 01/18/35(b)(d)		55		55,492
(3-mo. CME Term SOFR + 1.89%), 4.43%, 01/23/30(b)		415		401,892
(5-year CMT + 2.43%), 5.95%, 01/19/38(b)		265		265,539
Popular, Inc., 7.25%, 03/13/28		372		380,886
Royal Bank of Canada 3.63%, 05/04/27(d)		630		606,110
5.20%, 08/01/28		40		40,398
5.00%, 02/01/33		10		9,964
Santander Holdings USA, Inc.(b)
(1-day SOFR + 2.36%), 6.50%, 03/09/29		270		276,157
(1-day SOFR + 2.50%), 6.17%, 01/09/30		370		373,335
Santander U.K. Group Holdings PLC, (3-mo. LIBOR US + 1.40%), 3.82%, 11/03/28(b)		240		225,671
Sumitomo Mitsui Financial Group, Inc., 1.47%, 07/08/25		1,049		998,594
Truist Financial Corp.
1.20%, 08/05/25		430		406,480
(1-day SOFR + 0.86%), 1.89%, 06/07/29(b)		10		8,680
(1-day SOFR + 2.36%), 5.87%, 06/08/34(b)		330		334,046
U.S. Bancorp, (1-day SOFR + 1.86%), 5.68%, 01/23/35(b)(d)		155		156,508
UBS AG, 5.65%, 09/11/28		240		245,679
UniCredit SpA, (5-year USD ICE Swap + 4.91%), 7.30%, 04/02/34(a)(b)		400		411,094
Wells Fargo & Co.
4.15%, 01/24/29		308		296,806
(1-day SOFR + 1.51%), 3.53%, 03/24/28(b)		35		33,313
(1-day SOFR + 1.56%), 4.54%, 08/15/26(b)(d)		1,738		1,715,804
(1-day SOFR + 1.78%), 5.50%, 01/23/35(b)(d)		175		175,412
(1-day SOFR + 1.98%), 4.81%, 07/25/28(b)(d)		940		926,199
(1-day SOFR + 2.06%), 6.49%, 10/23/34(b)		180		193,063
(1-day SOFR + 2.10%), 4.90%, 07/25/33(b)		835		804,654
(3-mo. CME Term SOFR + 1.26%), 2.57%, 02/11/31(b)		1		862
(3-mo. CME Term SOFR + 1.43%), 2.88%, 10/30/30(b)		6		5,304

2

Schedule of Investments (unaudited) (continued) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Wells Fargo & Co. (continued)
(3-mo. CME Term SOFR + 4.50%), 5.01%, 04/04/51(b)	$	360	$	337,997
Westpac Banking Corp., 2.96%, 11/16/40(d)		120		84,693
				46,410,794
Beverages — 0.2%
Coca-Cola Co., 3.00%, 03/05/51		90		64,006
Diageo Capital PLC
2.13%, 04/29/32		380		310,126
5.50%, 01/24/33		725		751,976
PepsiCo, Inc., 4.65%, 02/15/53(d)		365		342,802
				1,468,910
Biotechnology — 0.5%
Amgen, Inc. 2.60%, 08/19/26		800		757,572
5.65%, 03/02/53		165		168,128
4.40%, 02/22/62(d)		410		337,785
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/30		2,640		2,160,597
				3,424,082
Broadline Retail — 0.1%
QVC, Inc., 4.45%, 02/15/25(d)		294		284,816
Rakuten Group, Inc., 11.25%, 02/15/27(a)		331		350,691
				635,507
Building Materials — 0.0%
Eco Material Technologies, Inc., 7.88%, 01/31/27(a)(d)		100		101,456
Building Products — 0.1%
Allegion PLC, 3.50%, 10/01/29		90		82,980
Builders FirstSource, Inc., 6.38%, 03/01/34(a)(d)		155		155,640
Home Depot, Inc.
5.40%, 09/15/40		200		203,502
3.13%, 12/15/49		360		251,902
Lowe’s Cos., Inc.
3.35%, 04/01/27		280		267,534
5.80%, 09/15/62		105		107,591
				1,069,149
Capital Markets — 0.8%
Ameriprise Financial, Inc., 5.70%, 12/15/28		720		742,738
Ares Capital Corp.
2.15%, 07/15/26		352		324,132
7.00%, 01/15/27		335		344,628
2.88%, 06/15/28		240		213,904
Barings BDC, Inc., 3.30%, 11/23/26		135		123,419
Blackstone Private Credit Fund, 4.70%, 03/24/25(d)		220		217,243
Brookfield Capital Finance LLC, 6.09%, 06/14/33		145		151,879
Brookfield Finance, Inc., 5.97%, 03/04/54		870		899,931
Charles Schwab Corp.
5.88%, 08/24/26		415		421,917
2.45%, 03/03/27		45		41,935
(1-day SOFR + 1.88%), 6.20%, 11/17/29(b)		240		249,456
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(a)		77		73,160
FS KKR Capital Corp.
2.63%, 01/15/27		800		725,720
7.88%, 01/15/29		60		62,708
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 01/15/29(a)		134		139,869
Jefferies Financial Group, Inc., 5.88%, 07/21/28		65		66,169
Main Street Capital Corp., 6.95%, 03/01/29		310		314,893
Nasdaq, Inc., 3.85%, 06/30/26		32		31,134

Security	Par (000)		Value
Capital Markets (continued)
Nomura Holdings, Inc., 2.65%, 01/16/25	$	400	$	390,578
StoneX Group, Inc., 7.88%, 03/01/31(a)(d)		135		136,964
				5,672,377
Chemicals — 0.1%
Air Products and Chemicals, Inc., 2.70%, 05/15/40(d)		87		63,509
Chemours Co., 5.75%, 11/15/28(a)(d)		187		172,432
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28(a)(d)		193		185,474
LYB International Finance III LLC, 4.20%, 05/01/50		160		125,159
NOVA Chemicals Corp, 9.00%, 02/15/30(a)		215		221,829
Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00%, 01/27/30(a)(d)		10		9,173
RPM International, Inc., 3.75%, 03/15/27		105		100,414
				877,990
Commercial Services & Supplies — 0.6%
APX Group, Inc., 5.75%, 07/15/29(a)		150		144,225
CoreCivic, Inc., 8.25%, 04/15/29		205		214,426
Ford Foundation
Series 2020, 2.42%, 06/01/50		5		3,156
Series 2020, 2.82%, 06/01/70		30		18,339
Fortress Transportation and Infrastructure Investors LLC, 7.88%, 12/01/30(a)		105		110,262
Interface, Inc., 5.50%, 12/01/28(a)(d)		156		148,226
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/28(a)(d)		350		342,853
PROG Holdings, Inc., 6.00%, 11/15/29(a)		207		193,469
Quanta Services, Inc.
0.95%, 10/01/24		2,110		2,058,767
2.90%, 10/01/30		890		778,161
3.05%, 10/01/41		605		432,246
Rockefeller Foundation, Series 2020, 2.49%, 10/01/50		72		46,232
Steelcase, Inc., 5.13%, 01/18/29		146		137,980
				4,628,342
Communications Equipment — 0.4%
Cisco Systems, Inc., 5.30%, 02/26/54		395		405,462
Motorola Solutions, Inc.
4.60%, 02/23/28(d)		259		255,447
5.40%, 04/15/34		625		623,765
5.50%, 09/01/44		1,370		1,350,226
				2,634,900
Construction & Engineering — 0.0%
Brand Industrial Services, Inc., 10.38%, 08/01/30(a)		100		108,266
Construction Materials — 0.1%
Boise Cascade Co., 4.88%, 07/01/30(a)		15		13,916
Carrier Global Corp., 6.20%, 03/15/54		85		93,596
Eagle Materials, Inc., 2.50%, 07/01/31		555		466,459
Masco Corp., 2.00%, 10/01/30		160		131,020
Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/31(a) .		200		213,778
Trane Technologies Financing Ltd., 4.50%, 03/21/49		95		83,833
				1,002,602
Consumer Finance — 1.3%
Ally Financial, Inc., (1-day SOFR + 2.82%), 6.85%, 01/03/30(b)		555		571,187
American Express Co.
4.05%, 05/03/29		336		325,891
(1-day SOFR + 1.00%), 5.10%, 02/16/28(b)		720		718,889
(1-day SOFR + 1.84%), 5.04%, 05/01/34(b)		500		494,104
(1-day SOFR + 1.93%), 5.63%, 07/28/34(b)		255		257,133

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 3

Schedule of Investments (unaudited) (continued) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Consumer Finance (continued)
Bread Financial Holdings, Inc., 9.75%, 03/15/29(a)	$	274	$	285,145
Capital One Financial Corp.(b)
(1-day SOFR + 2.26%), 6.05%, 02/01/35		775		789,033
(1-day SOFR + 2.64%), 6.31%, 06/08/29		340		349,539
Credit Acceptance Corp., 9.25%, 12/15/28(a)		328		352,791
FirstCash, Inc.(a)
5.63%, 01/01/30		193		183,401
6.88%, 03/01/32		150		149,930
Ford Motor Credit Co. LLC, 6.80%, 11/07/28		845		881,989
goeasy Ltd.(a)
9.25%, 12/01/28		223		237,763
7.63%, 07/01/29(d)		125		125,181
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/31(a)		200		209,363
Mastercard, Inc.
3.65%, 06/01/49		280		225,259
2.95%, 03/15/51		1,880		1,312,371
OneMain Finance Corp.
7.13%, 03/15/26		205		208,720
9.00%, 01/15/29		197		209,039
S&P Global, Inc.
5.25%, 09/15/33(a)		95		97,075
2.30%, 08/15/60		2,113		1,159,250
Sabre GLBL, Inc., 11.25%, 12/15/27(a)		242		227,119
Visa, Inc., 3.65%, 09/15/47		385		310,632
				9,680,804
Consumer Staples Distribution & Retail — 0.2%
Costco Wholesale Corp., 1.75%, 04/20/32		160		129,620
General Mills, Inc.
2.88%, 04/15/30		40		35,609
4.95%, 03/29/33(d)		515		509,254
Walmart, Inc., 4.50%, 09/09/52		450		417,126
				1,091,609
Containers & Packaging — 0.1%
Mauser Packaging Solutions Holding Co.(a)
7.88%, 08/15/26(d)		50		50,937
9.25%, 04/15/27		50		49,602
Packaging Corp. of America, 5.70%, 12/01/33		420		433,783
				534,322
Diversified Consumer Services — 0.1%
Georgetown University, Series 20A, 2.94%, 04/01/50		27		18,915
Massachusetts Institute of Technology, 3.07%, 04/01/52(d)		264		193,714
Northwestern University, Series 2020, 2.64%, 12/01/50(d)		266		179,706
President and Fellows of Harvard College, 2.52%, 10/15/50		54		35,577
University of Chicago
Series 20B, 2.76%, 04/01/45		148		115,398
Series C, 2.55%, 04/01/50(d)		157		107,362
University of Southern California
4.98%, 10/01/53		10		10,069
Series 21A, 2.95%, 10/01/51(d)		190		134,330
Yale University, Series 2020, 2.40%, 04/15/50(d)		272		175,520
				970,591
Diversified REITs — 0.2%
American Tower Corp., 5.80%, 11/15/28		280		286,672
Crown Castle, Inc.
5.60%, 06/01/29		410		415,502
5.80%, 03/01/34		200		204,591

Security	Par (000)		Value
Diversified REITs (continued)
Equinix, Inc., 2.63%, 11/18/24	$	225	$	220,468
Prologis LP, 5.25%, 06/15/53		145		142,738
VICI Properties LP, 5.63%, 05/15/52		77		71,358
				1,341,329
Diversified Telecommunication Services — 0.6%
AT&T, Inc.
1.70%, 03/25/26		924		863,891
4.35%, 03/01/29		16		15,588
4.85%, 03/01/39		695		648,471
Consolidated Communications, Inc., 6.50%, 10/01/28(a)(d)		27		23,585
Frontier Communications Holdings LLC(a)
6.75%, 05/01/29(d)		75		66,839
8.75%, 05/15/30		267		273,201
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC(a)
10.50%, 02/15/28(d)		265		274,733
6.50%, 02/15/29		200		155,005
Verizon Communications, Inc. 1.68%, 10/30/30		937		763,397
4.27%, 01/15/36		810		744,232
4.13%, 08/15/46		430		360,696
				4,189,638
Electric Utilities — 2.4%
AEP Texas, Inc.
5.25%, 05/15/52		140		131,422
Series I, 2.10%, 07/01/30(d)		260		216,483
AEP Transmission Co. LLC
3.15%, 09/15/49		30		20,622
Series O, 4.50%, 06/15/52		130		113,540
Alabama Power Co., 3.45%, 10/01/49		370		273,491
Ameren Corp., 5.70%, 12/01/26(d)		240		243,192
Appalachian Power Co., Series X, 3.30%, 06/01/27		190		179,440
Arizona Public Service Co., 2.95%, 09/15/27(d)		800		749,156
Atlantic City Electric Co., 2.30%, 03/15/31		370		310,068
Baltimore Gas and Electric Co., 2.90%, 06/15/50		170		111,515
Berkshire Hathaway Energy Co., 4.45%, 01/15/49		200		168,735
CenterPoint Energy Houston Electric LLC
5.20%, 10/01/28		30		30,510
Sereis AJ, 4.85%, 10/01/52		75		69,780
Series AH, 3.60%, 03/01/52		55		41,778
CenterPoint Energy, Inc., 4.25%, 11/01/28(d)		170		162,079
Commonwealth Edison Co.
2.20%, 03/01/30		390		334,216
4.00%, 03/01/49		90		71,752
Series 130, 3.13%, 03/15/51		70		47,596
Consolidated Edison Co. of New York, Inc.,
Series 06-A, 5.85%, 03/15/36		500		522,688
Constellation Energy Generation LLC, 5.80%, 03/01/33		175		180,383
Consumers Energy Co.
4.60%, 05/30/29		50		49,418
4.63%, 05/15/33		110		107,072
2.65%, 08/15/52(d)		72		45,502
4.20%, 09/01/52		60		50,570
Dominion Energy, Inc.
3.90%, 10/01/25		448		438,129
5.38%, 11/15/32		140		140,795
Series C, 3.38%, 04/01/30		58		52,710
DTE Electric Co., Series B, 3.65%, 03/01/52		217		164,245

4

Schedule of Investments (unaudited) (continued) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric Utilities (continued)
Duke Energy Carolinas LLC, 5.35%, 01/15/53	$	100	$	98,585
Duke Energy Corp. 2.65%, 09/01/26		300		283,273
4.85%, 01/05/29		180		178,301
4.20%, 06/15/49		530		422,567
5.00%, 08/15/52		60		54,310
Duke Energy Florida LLC, 5.88%, 11/15/33		85		89,811
Duke Energy Indiana LLC 5.25%, 03/01/34		60		60,480
5.40%, 04/01/53		20		19,627
Duke Energy Ohio, Inc., 4.30%, 02/01/49		100		83,328
Duke Energy Progress LLC, 5.10%, 03/15/34		50		49,972
Entergy Corp., 0.90%, 09/15/25		285		267,142
Entergy Mississippi LLC, 5.00%, 09/01/33		180		176,813
Entergy Texas, Inc., 3.55%, 09/30/49		220		160,016
Evergy Kansas Central, Inc., 3.45%, 04/15/50		130		92,509
Evergy Metro, Inc., 3.65%, 08/15/25		300		293,039
Evergy, Inc., 2.90%, 09/15/29		50		44,661
Eversource Energy, Series M, 3.30%, 01/15/28		200		186,924
Exelon Corp. 5.15%, 03/15/29		45		45,103
5.60%, 03/15/53		70		69,870
Florida Power & Light Co. 4.80%, 05/15/33		55		54,168
4.05%, 10/01/44		300		256,460
3.15%, 10/01/49		40		28,157
2.88%, 12/04/51		90		59,150
Idaho Power Co., 5.80%, 04/01/54(d)		70		71,695
Indiana Michigan Power Co., 5.63%, 04/01/53		50		50,510
Interstate Power and Light Co., 2.30%, 06/01/30		20		17,016
Kentucky Utilities Co., 3.30%, 06/01/50		60		42,042
MidAmerican Energy Co. 3.10%, 05/01/27		100		95,014
3.15%, 04/15/50		60		41,821
2.70%, 08/01/52		105		65,376
National Grid PLC, 5.42%, 01/11/34		90		89,366
National Rural Utilities Cooperative Finance Corp., 3.70%, 03/15/29		330		312,127
Nevada Power Co., 6.00%, 03/15/54		90		94,970
NextEra Energy Capital Holdings, Inc. 3.55%, 05/01/27		245		233,715
2.25%, 06/01/30		200		170,294
5.00%, 07/15/32		50		49,717
5.55%, 03/15/54		80		79,467
Northern States Power Co., 5.40%, 03/15/54		85		85,597
NSTAR Electric Co. 3.10%, 06/01/51(d)		110		74,704
4.95%, 09/15/52		90		84,003
Oglethorpe Power Corp., 6.20%, 12/01/53(a)		65		68,316
Oncor Electric Delivery Co. LLC 3.80%, 06/01/49		120		94,753
4.60%, 06/01/52		40		35,187
4.95%, 09/15/52		70		65,812
Pacific Gas and Electric Co. 2.10%, 08/01/27		65		58,524
3.00%, 06/15/28		100		91,340
6.95%, 03/15/34		10		10,948
3.30%, 08/01/40		90		65,892
4.95%, 07/01/50		270		232,252
3.50%, 08/01/50		190		129,819

Security	Par (000)		Value
Electric Utilities (continued)
Pacific Gas and Electric Co. (continued)
6.75%, 01/15/53	$	70	$	76,249
PacifiCorp., 4.13%, 01/15/49		280		219,835
PECO Energy Co., 3.05%, 03/15/51		70		47,693
PPL Electric Utilities Corp. 4.85%, 02/15/34		145		142,585
5.25%, 05/15/53		130		128,510
Public Service Co. of Colorado 3.70%, 06/15/28		370		353,822
4.05%, 09/15/49		20		15,636
Public Service Electric and Gas Co. 3.10%, 03/15/32		85		74,513
5.20%, 03/01/34		295		298,462
2.05%, 08/01/50		105		59,486
Puget Sound Energy, Inc., 5.45%, 06/01/53		100		99,359
San Diego Gas & Electric Co. 2.50%, 05/15/26		400		380,121
5.35%, 04/01/53(d)		95		93,568
Sempra 3.70%, 04/01/29		140		130,887
5.50%, 08/01/33		100		100,268
Southern California Edison Co. 5.20%, 06/01/34		30		29,699
3.65%, 02/01/50		100		74,062
5.75%, 04/15/54		20		20,286
Series C, 4.13%, 03/01/48		370		298,663
Southern Co. 3.25%, 07/01/26		1,100		1,057,121
5.70%, 03/15/34		185		190,799
Talen Energy Supply LLC, 8.63%, 06/01/30(a)		140		149,710
Tampa Electric Co., 3.45%, 03/15/51		35		24,879
Tucson Electric Power Co. 1.50%, 08/01/30(d)		190		153,406
5.50%, 04/15/53		30		29,659
Union Electric Co. 4.00%, 04/01/48		230		184,397
5.45%, 03/15/53		10		9,903
Virginia Electric and Power Co. 3.30%, 12/01/49		190		134,303
5.35%, 01/15/54(d)		195		191,142
Series A, 3.80%, 04/01/28		750		719,997
Wisconsin Electric Power Co., 4.75%, 09/30/32		20		19,696
Wisconsin Power and Light Co., 5.38%, 03/30/34		90		90,598
Wisconsin Public Service Corp., 3.30%, 09/01/49(d)		85		60,122
Xcel Energy, Inc. 4.00%, 06/15/28		900		857,819
5.45%, 08/15/33		100		99,391
3.50%, 12/01/49		50		34,652
				17,262,728
Electrical Equipment — 0.0%
Eaton Corp., 4.70%, 08/23/52		90		84,036
Electronic Equipment, Instruments & Components — 0.9%
CDW LLC/CDW Finance Corp. 3.25%, 02/15/29		880		796,762
3.57%, 12/01/31		610		536,272
Flex Ltd. 3.75%, 02/01/26		5		4,851
4.88%, 06/15/29		745		730,333
Honeywell International, Inc., 4.50%, 01/15/34		750		729,190
Jabil, Inc., 1.70%, 04/15/26		1,055		979,296

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 5

Schedule of Investments (unaudited) (continued) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electronic Equipment, Instruments & Components (continued)
Keysight Technologies, Inc., 4.60%, 04/06/27	$	1,225	$	1,204,801
Vontier Corp., 2.95%, 04/01/31		1,120		936,203
Xerox Holdings Corp.(a) 5.50%, 08/15/28		380		345,979
8.88%, 11/30/29(d)		90		91,689
				6,355,376
Energy Equipment & Services(a) — 0.1%
Helix Energy Solutions Group, Inc., 9.75%, 03/01/29(d)		135		144,506
Kodiak Gas Services LLC, 7.25%, 02/15/29(d)		75		76,394
USA Compression Partners LP/USA Compression Finance Corp., 7.13%, 03/15/29		224		226,790
				447,690
Environmental, Maintenance & Security Service — 0.0%
Waste Connections, Inc., 2.60%, 02/01/30(d)		305		269,402
Financial Services — 0.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 5.10%, 01/19/29		445		442,371
Burford Capital Global Finance LLC(a) 6.88%, 04/15/30		50		49,096
9.25%, 07/01/31		20		21,168
Coinbase Global, Inc.(a)(d) 3.38%, 10/01/28		5		4,284
3.63%, 10/01/31		148		119,518
Freedom Mortgage Holdings LLC, 9.25%, 02/01/29(a)		20		20,469
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35		250		234,898
GGAM Finance Ltd., 8.00%, 02/15/27(a)(d)		85		87,764
Intercontinental Exchange, Inc. 3.00%, 06/15/50		195		130,784
3.00%, 09/15/60		180		113,134
LD Holdings Group LLC(a) 6.50%, 11/01/25		357		346,548
6.13%, 04/01/28(d)		261		216,294
MGIC Investment Corp., 5.25%, 08/15/28		63		61,198
Nationstar Mortgage Holdings, Inc.(a) 5.00%, 02/01/26		30		29,358
5.50%, 08/15/28(d)		500		478,541
7.13%, 02/01/32		352		349,589
PennyMac Financial Services, Inc.(a) 5.38%, 10/15/25		5		4,942
7.88%, 12/15/29		35		35,964
United Wholesale Mortgage LLC(a)(d) 5.50%, 11/15/25		271		268,557
5.50%, 04/15/29		320		302,656
				3,317,133
Food Products — 0.1%
Hershey Co., 2.65%, 06/01/50		105		68,217
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 04/01/33		343		337,914
				406,131
Gas Utilities — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp. 5.50%, 05/20/25(d)		217		217,086
9.38%, 06/01/28(a)		150		155,326
Atmos Energy Corp. 1.50%, 01/15/31		30		24,076
5.75%, 10/15/52		105		111,249

Security	Par (000)		Value
Gas Utilities (continued)
CenterPoint Energy Resources Corp., 5.25%, 03/01/28	$	85	$	85,859
NiSource, Inc. 3.60%, 05/01/30		60		55,263
5.35%, 04/01/34		80		79,567
3.95%, 03/30/48		130		101,736
5.00%, 06/15/52		20		18,488
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/29		180		167,502
Southern California Gas Co., 5.75%, 06/01/53		100		101,667
Southern Co. Gas Capital Corp., 5.75%, 09/15/33		140		144,923
Southwest Gas Corp. 3.70%, 04/01/28(d)		230		219,372
2.20%, 06/15/30		85		71,604
Washington Gas Light Co., 3.65%, 09/15/49(d)		30		22,291
				1,576,009
Ground Transportation — 0.4%
Burlington Northern Santa Fe LLC, 3.05%, 02/15/51		990		679,551
Canadian National Railway Co., 4.40%, 08/05/52		240		214,328
CSX Corp., 2.60%, 11/01/26		800		756,611
GN Bondco LLC, 9.50%, 10/15/31(a)(d)		303		302,458
Ryder System, Inc. 5.65%, 03/01/28		140		142,678
6.60%, 12/01/33		825		894,834
				2,990,460
Health Care Equipment & Supplies — 0.2%
Abbott Laboratories, 4.90%, 11/30/46		265		258,681
Agilent Technologies, Inc., 2.30%, 03/12/31		254		213,334
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28(a)		270		279,358
Becton Dickinson & Co., 4.30%, 08/22/32(d)		180		170,800
DH Europe Finance II SARL, 3.40%, 11/15/49		175		131,069
Zimmer Biomet Holdings, Inc., 5.35%, 12/01/28		160		162,300
				1,215,542
Health Care Providers & Services — 1.0%
Allina Health System, Series 2021, 2.90%, 11/15/51		230		152,825
Banner Health, Series 2020, 3.18%, 01/01/50(d)		119		86,193
Baylor Scott & White Holdings, Series 2021, 2.84%, 11/15/50(d)		92		62,581
Beth Israel Lahey Health, Inc., Series L, 3.08%, 07/01/51		169		109,268
Cardinal Health, Inc., 5.45%, 02/15/34		460		465,038
Cencora, Inc. 3.45%, 12/15/27		1,427		1,356,162
2.70%, 03/15/31(d)		117		100,412
CommonSpirit Health, 3.91%, 10/01/50		339		265,199
Fortrea Holdings, Inc., 7.50%, 07/01/30(a)(d)		35		36,130
Fred Hutchinson Cancer Center, Series 2022, 4.97%, 01/01/52(d)		130		125,325
Hackensack Meridian Health, Inc., Series 2020, 2.88%, 09/01/50		58		38,988
HCA, Inc. 3.63%, 03/15/32		720		637,371
5.60%, 04/01/34		425		427,942
5.13%, 06/15/39		485		457,726
3.50%, 07/15/51		175		120,888
4.63%, 03/15/52		745		622,645
6.00%, 04/01/54(d)		180		182,697
Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 04/30/28(a)(d)		140		148,750
Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52(d)		73		59,357

6

Schedule of Investments (unaudited) (continued) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care Providers & Services (continued)
Inova Health System Foundation, 4.07%, 05/15/52(d)	$	18	$	15,358
IQVIA, Inc., 6.25%, 02/01/29		95		98,641
Kaiser Foundation Hospitals
Series 2021, 2.81%, 06/01/41		57		42,065
Series 2021, 3.00%, 06/01/51		161		111,543
Memorial Sloan-Kettering Cancer Center, Series 2020, 2.96%, 01/01/50		46		32,031
Methodist Hospital, Series 20A, 2.71%, 12/01/50		87		56,744
Providence St Joseph Health Obligated Group, Series 21A, 2.70%, 10/01/51		136		83,331
Star Parent, Inc., 9.00%, 10/01/30(a)(d)		40		42,332
Sutter Health, Series 20A, 3.36%, 08/15/50		54		39,759
UMass Memorial Health Care Obligated Group, 5.36%, 07/01/52		42		40,810
UnitedHealth Group, Inc. 4.75%, 07/15/45		800		750,044
3.25%, 05/15/51		5		3,595
6.05%, 02/15/63		195		214,422
WakeMed, Series A, 3.29%, 10/01/52(d)		81		57,891
				7,044,063
Hotels, Restaurants & Leisure — 0.8%
Brunswick Corp./DE, 5.85%, 03/18/29		740		748,036
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., 4.38%, 01/15/28(a)(d)		200		189,186
Carnival Corp.(a) 7.63%, 03/01/26		371		375,363
10.50%, 06/01/30(d)		275		300,784
Choice Hotels International, Inc., 3.70%, 12/01/29		145		129,753
Darden Restaurants, Inc., 6.30%, 10/10/33		240		250,397
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow Esc, 6.63%, 01/15/32(a)		60		60,242
Marriott International, Inc. 5.00%, 10/15/27		170		169,495
5.55%, 10/15/28		310		316,544
Series AA, 4.65%, 12/01/28(d)		46		45,170
Series FF, 4.63%, 06/15/30		41		39,889
Series HH, 2.85%, 04/15/31		670		577,904
McDonald’s Corp. 3.63%, 09/01/49		1,390		1,055,599
5.15%, 09/09/52		350		338,685
NCL Corp. Ltd., 5.88%, 03/15/26(a)		441		435,334
Raising Cane’s Restaurants LLC, 9.38%, 05/01/29(a)		255		275,589
Royal Caribbean Cruises Ltd., 5.50%, 08/31/26(a)		162		160,544
				5,468,514
Household Durables — 0.2%
Lennar Corp., 4.75%, 11/29/27		90		88,861
MDC Holdings, Inc., 3.97%, 08/06/61		30		23,921
NVR, Inc., 3.00%, 05/15/30		1,375		1,221,021
				1,333,803
Household Products — 0.0%
Kimberly-Clark Corp., 2.88%, 02/07/50(d)		160		109,889
Insurance — 1.6%
Aflac, Inc., 4.75%, 01/15/49		45		41,123
Aon North America, Inc., 5.75%, 03/01/54		480		492,098
Arch Capital Group Ltd., 3.64%, 06/30/50		400		297,129
Arthur J Gallagher & Co. 3.50%, 05/20/51		950		674,794
6.75%, 02/15/54		465		527,930

Security	Par (000)		Value
Insurance (continued)
Assured Guaranty U.S. Holdings, Inc., 6.13%, 09/15/28	$	335	$	347,297
Athene Holding Ltd. 3.95%, 05/25/51(d)		30		22,038
3.45%, 05/15/52		55		35,821
Berkshire Hathaway Finance Corp. 4.20%, 08/15/48		125		110,241
2.85%, 10/15/50		95		64,111
3.85%, 03/15/52		175		141,464
Brighthouse Financial, Inc., 3.85%, 12/22/51		120		78,794
Brown & Brown, Inc. 4.20%, 03/17/32		120		110,781
4.95%, 03/17/52		340		300,152
Enstar Group Ltd., 3.10%, 09/01/31		805		668,340
Fairfax Financial Holdings Ltd. 3.38%, 03/03/31		360		312,999
6.35%, 03/22/54(a)		420		428,444
Marsh & McLennan Cos., Inc. 4.75%, 03/15/39		111		105,317
4.20%, 03/01/48		1,265		1,065,562
4.90%, 03/15/49		1,735		1,615,155
5.45%, 03/15/53		390		392,537
Principal Financial Group, Inc. 5.38%, 03/15/33		233		234,820
5.50%, 03/15/53		90		88,380
Progressive Corp. 4.13%, 04/15/47		135		114,226
3.70%, 03/15/52		35		27,298
RenaissanceRe Holdings Ltd., 5.75%, 06/05/33		1,450		1,461,986
Travelers Cos., Inc., 5.45%, 05/25/53		140		145,009
Unum Group, 4.13%, 06/15/51		410		309,953
Willis North America, Inc., 5.90%, 03/05/54		940		951,598
				11,165,397
Interactive Media & Services — 0.3%
Alphabet, Inc., 2.25%, 08/15/60		335		192,919
Cogent Communications Group, Inc., 7.00%, 06/15/27(a)		269		267,811
Meta Platforms, Inc. 4.45%, 08/15/52		280		248,876
5.60%, 05/15/53		1,590		1,680,528
				2,390,134
Internet Software & Services — 0.1%
Booking Holdings, Inc., 4.63%, 04/13/30		315		311,111
EquipmentShare.com, Inc., 9.00%, 05/15/28(a)		90		92,699
VeriSign, Inc., 2.70%, 06/15/31		630		527,626
				931,436
IT Services — 0.7%
Fiserv, Inc. 5.45%, 03/02/28		790		799,234
5.60%, 03/02/33(d)		865		881,883
5.45%, 03/15/34		90		91,153
4.40%, 07/01/49		780		661,744
International Business Machines Corp. 4.25%, 05/15/49		1,465		1,243,178
5.10%, 02/06/53		790		765,001
Kyndryl Holdings, Inc. 3.15%, 10/15/31		100		84,146
6.35%, 02/20/34		170		174,498
4.10%, 10/15/41		30		23,005
				4,723,842

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 7

Schedule of Investments (unaudited) (continued) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Leisure Products — 0.1%
Amer Sports Co., 6.75%, 02/16/31(a)(d)	$	416	$	412,803
Machinery — 0.4%
IDEX Corp., 2.63%, 06/15/31		2,189		1,853,383
Ingersoll Rand, Inc. 5.40%, 08/14/28		200		202,653
5.70%, 08/14/33		70		71,809
Otis Worldwide Corp. 3.11%, 02/15/40(d)		70		53,810
3.36%, 02/15/50		70		50,807
Westinghouse Air Brake Technologies Corp., 5.61%, 03/11/34(d)		310		314,010
				2,546,472
Media — 1.3%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/28(a)		95		89,509
AMC Networks, Inc., 10.25%, 01/15/29(a)(f)		95		95,690
Cable One, Inc., 4.00%, 11/15/30(a)(d)		332		259,102
CCO Holdings LLC/CCO Holdings Capital Corp.(a)
5.38%, 06/01/29		50		45,772
6.38%, 09/01/29		545		517,032
4.75%, 03/01/30		50		42,932
4.50%, 08/15/30		10		8,380
7.38%, 03/01/31(d)		475		465,824
4.75%, 02/01/32(d)		50		40,806
Charter Communications Operating LLC/Charter Communications Operating Capital 3.95%, 06/30/62		325		196,077
5.50%, 04/01/63		320		250,955
Comcast Corp. 2.35%, 01/15/27		400		374,166
4.65%, 02/15/33(d)		1,020		1,000,976
2.99%, 11/01/63		880		540,441
Directv Financing LLC, 8.88%, 02/01/30(a)		272		271,343
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27(a)		384		363,278
FactSet Research Systems, Inc. 2.90%, 03/01/27		1,575		1,480,716
3.45%, 03/01/32		483		426,453
Hughes Satellite Systems Corp., 5.25%, 08/01/26		157		130,665
Interpublic Group of Cos., Inc., 3.38%, 03/01/41		78		58,214
Nexstar Media, Inc., 4.75%, 11/01/28(a)(d)		279		254,215
Paramount Global, 4.20%, 05/19/32(d)		190		157,843
Sirius XM Radio, Inc., 5.50%, 07/01/29(a)(d)		50		47,623
TEGNA, Inc., 4.63%, 03/15/28(d)		478		437,205
Thomson Reuters Corp., 3.35%, 05/15/26(d)		800		770,070
Time Warner Cable LLC, 4.50%, 09/15/42		250		184,952
Townsquare Media, Inc., 6.88%, 02/01/26(a)(d)		359		350,025
Univision Communications, Inc.(a) 8.00%, 08/15/28		190		193,565
7.38%, 06/30/30(d)		200		197,768
				9,251,597
Metals & Mining — 0.8%
BHP Billiton Finance USA Ltd. 4.75%, 02/28/28		1,575		1,571,701
4.90%, 02/28/33		565		560,157
Cleveland-Cliffs, Inc., 7.00%, 03/15/32(a)(d)		200		202,640
FMG Resources August 2006 Pty. Ltd.(a) 4.50%, 09/15/27(d)		50		48,030
5.88%, 04/15/30		279		274,470
6.13%, 04/15/32(d)		4		3,955

Security	Par (000)		Value
Metals & Mining (continued)
Mineral Resources Ltd.(a) 8.13%, 05/01/27	$	40	$	40,465
9.25%, 10/01/28		262		275,938
Nucor Corp., 3.13%, 04/01/32		195		171,824
Rain Carbon, Inc., 12.25%, 09/01/29(a)		223		231,322
Reliance, Inc., 2.15%, 08/15/30		1,575		1,322,009
Rio Tinto Finance USA Ltd., 2.75%, 11/02/51		230		148,115
Rio Tinto Finance USA PLC, 5.13%, 03/09/53		620		602,564
Southern Copper Corp., 3.88%, 04/23/25		152		148,957
Taseko Mines Ltd., 7.00%, 02/15/26(a)		39		39,159
				5,641,306
Mortgage Real Estate Investment Trusts (REITs)(a) — 0.1%
Rithm Capital Corp., 8.00%, 04/01/29		359		348,502
Starwood Property Trust, Inc., 7.25%, 04/01/29		70		70,557
				419,059
Oil, Gas & Consumable Fuels — 2.6%
Canadian Natural Resources Ltd., 2.95%, 07/15/30		551		485,792
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/27		160		159,619
Chevron Corp., 3.08%, 05/11/50		60		43,084
Civitas Resources, Inc.(a) 5.00%, 10/15/26(d)		10		9,777
8.38%, 07/01/28		275		289,496
8.75%, 07/01/31(d)		131		140,178
CNOOC Finance 2015 USA LLC, Series 2015, 3.50%, 05/05/25		600		588,516
ConocoPhillips Co., 3.80%, 03/15/52		85		66,375
Continental Resources, Inc., 4.38%, 01/15/28		100		96,635
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(a)		150		141,767
CVR Energy, Inc., 8.50%, 01/15/29(a)		342		346,284
DCP Midstream Operating LP, 3.25%, 02/15/32		17		14,642
Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.63%, 03/15/29(a)		150		153,175
Diamondback Energy, Inc., 6.25%, 03/15/33(d)		125		133,261
Enbridge, Inc., 6.00%, 11/15/28		145		150,761
Energy Transfer LP, 5.40%, 10/01/47		610		562,949
EQT Corp., 7.00%, 02/01/30		45		47,810
Equinor ASA 3.25%, 11/10/24(d)		400		394,794
3.25%, 11/18/49		500		364,237
Exxon Mobil Corp., 3.45%, 04/15/51		475		359,853
Global Partners LP/GLP Finance Corp. 6.88%, 01/15/29(d)		200		198,388
8.25%, 01/15/32(a)		340		352,595
Hess Corp., 5.60%, 02/15/41(d)		165		168,153
Hilcorp Energy I LP/Hilcorp Finance Co., 8.38%, 11/01/33(a)		100		108,420
Marathon Oil Corp., 5.70%, 04/01/34		610		609,970
Marathon Petroleum Corp.(d) 4.50%, 04/01/48		93		78,541
5.00%, 09/15/54		182		161,983
MPLX LP 4.88%, 12/01/24		209		207,868
4.50%, 04/15/38		650		577,225
5.20%, 03/01/47		70		64,033
4.70%, 04/15/48		355		302,840
5.50%, 02/15/49		535		509,298
4.95%, 03/14/52		517		454,114
4.90%, 04/15/58		340		284,755
New Fortress Energy, Inc.(a) 6.75%, 09/15/25		33		32,775

8

Schedule of Investments (unaudited) (continued) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
New Fortress Energy, Inc.(a) (continued) 6.50%, 09/30/26	$	200	$	192,568
8.75%, 03/15/29(d)		115		114,562
NGL Energy Operating LLC/NGL Energy Finance Corp.(a) 8.13%, 02/15/29		314		321,593
8.38%, 02/15/32(d)		552		565,859
Noble Finance II LLC, 8.00%, 04/15/30(a)		75		78,124
ONEOK Partners LP 4.90%, 03/15/25		2,000		1,985,244
6.13%, 02/01/41		75		77,602
ONEOK, Inc. 6.35%, 01/15/31		1,140		1,207,008
6.10%, 11/15/32		590		618,139
7.15%, 01/15/51		80		90,076
PBF Holding Co. LLC/PBF Finance Corp.(d) 6.00%, 02/15/28		50		49,200
7.88%, 09/15/30(a)		90		93,354
Phillips 66 Co., 5.65%, 06/15/54		120		121,773
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/29		225		206,480
4.90%, 02/15/45		170		147,925
Prairie Acquiror LP, 9.00%, 08/01/29(a)(d)		115		118,386
Shell International Finance BV 6.38%, 12/15/38		67		75,808
3.00%, 11/26/51		178		121,534
Talos Production, Inc.(a) 9.00%, 02/01/29		342		363,193
9.38%, 02/01/31		407		433,886
Targa Resources Corp., 4.95%, 04/15/52		190		166,466
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.50%, 03/01/30		1,100		1,094,584
Transocean, Inc.(a) 11.50%, 01/30/27		200		208,444
8.75%, 02/15/30		225		234,602
Valaris Ltd., 8.38%, 04/30/30(a)		335		345,564
Venture Global LNG, Inc.(a) 8.13%, 06/01/28(d)		85		86,716
9.50%, 02/01/29		241		259,765
8.38%, 06/01/31(d)		80		82,502
9.88%, 02/01/32(d)		311		335,178
Western Midstream Operating LP, 6.35%, 01/15/29		65		67,411
				18,523,509
Passenger Airlines(a) — 0.1%
American Airlines, Inc., 8.50%, 05/15/29		145		153,186
United Airlines, Inc. 4.38%, 04/15/26		184		177,880
4.63%, 04/15/29		382		355,260
				686,326
Personal Care Products — 0.0%
Colgate-Palmolive Co. 3.25%, 08/15/32		90		81,403
3.70%, 08/01/47		30		25,050
				106,453
Pharmaceuticals — 0.6%
AbbVie, Inc. 4.05%, 11/21/39		50		44,520
4.40%, 11/06/42		135		122,533
4.70%, 05/14/45(d)		145		135,589
4.25%, 11/21/49		180		155,890
5.40%, 03/15/54		260		267,616

Security	Par (000)		Value
Pharmaceuticals (continued)
AbbVie, Inc. (continued) 5.50%, 03/15/64	$	165	$	169,687
AstraZeneca PLC, 4.38%, 11/16/45		200		179,180
Bausch Health Cos., Inc.(a) 6.13%, 02/01/27		33		20,562
11.00%, 09/30/28		100		66,750
14.00%, 10/15/30(d)		100		57,529
Bristol-Myers Squibb Co. 2.55%, 11/13/50		1,070		658,524
5.55%, 02/22/54(d)		180		185,109
3.90%, 03/15/62		415		316,380
Eli Lilly & Co. 4.88%, 02/27/53		115		112,301
4.95%, 02/27/63		160		155,636
Jazz Securities DAC, 4.38%, 01/15/29(a)		10		9,315
Johnson & Johnson 3.63%, 03/03/37		195		173,047
3.70%, 03/01/46		529		441,750
Merck & Co., Inc. 4.00%, 03/07/49		330		277,097
5.00%, 05/17/53		710		695,119
Novartis Capital Corp., 2.75%, 08/14/50(d)		271		183,449
Pfizer Investment Enterprises Pte. Ltd., 5.34%, 05/19/63		80		78,390
Pfizer, Inc., 7.20%, 03/15/39(d)		80		96,450
Zoetis, Inc., 3.00%, 05/15/50		100		68,885
				4,671,308
Professional Services — 0.1%
Verisk Analytics, Inc., 4.13%, 03/15/29		1,056		1,015,924
Real Estate Management & Development — 0.1%
Anywhere Real Estate Group LLC/Anywhere Co.- Issuer Corp., 7.00%, 04/15/30(a)(d)		233		207,470
CBRE Services, Inc., 4.88%, 03/01/26		220		217,678
Howard Hughes Corp., 4.13%, 02/01/29(a)		250		224,689
Newmark Group, Inc., 7.50%, 01/12/29(a)		98		100,773
				750,610
Residential REITs — 0.1%
Realty Income Corp., 4.75%, 02/15/29		630		622,234
Retail REITs — 0.0%
Simon Property Group LP, 3.25%, 09/13/49(d)		330		230,843
Semiconductors & Semiconductor Equipment — 0.8%
Analog Devices, Inc. 1.70%, 10/01/28		385		338,243
2.80%, 10/01/41		240		174,228
2.95%, 10/01/51		180		122,068
Broadcom, Inc. 3.15%, 11/15/25		198		191,536
4.00%, 04/15/29(a)		1,860		1,771,808
3.14%, 11/15/35(a)		475		383,753
3.50%, 02/15/41(a)		1,110		861,540
3.75%, 02/15/51(a)		815		617,326
Marvell Technology, Inc., 5.95%, 09/15/33(d)		90		93,268
Micron Technology, Inc. 6.75%, 11/01/29		180		193,205
5.30%, 01/15/31		250		251,446
NCR Atleos Corp., 9.50%, 04/01/29(a)		205		219,270
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 05/01/25		190		184,163
Texas Instruments, Inc., 2.70%, 09/15/51(d)		870		566,756
				5,968,610

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 9

Schedule of Investments (unaudited) (continued) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Software — 0.7%
Cloud Software Group, Inc., 6.50%, 03/31/29(a)	$	100	$	94,896
Electronic Arts, Inc., 2.95%, 02/15/51(d)		150		100,268
Intuit, Inc. 1.65%, 07/15/30		71		58,685
5.20%, 09/15/33		460		468,498
5.50%, 09/15/53		150		155,710
Microsoft Corp. 2.53%, 06/01/50(d)		325		213,578
2.50%, 09/15/50(a)		125		80,747
3.04%, 03/17/62(d)		365		254,270
MicroStrategy, Inc., 6.13%, 06/15/28(a)		146		140,851
Oracle Corp. 4.50%, 05/06/28		350		344,793
4.65%, 05/06/30		235		230,445
2.88%, 03/25/31		615		534,728
3.65%, 03/25/41		940		738,085
3.60%, 04/01/50		70		50,573
3.95%, 03/25/51		300		228,581
5.55%, 02/06/53		450		440,205
3.85%, 04/01/60		980		697,484
ServiceNow, Inc., 1.40%, 09/01/30		72		58,255
				4,890,652
Specialized REITs — 0.3%
Iron Mountain, Inc., 7.00%, 02/15/29(a)(d)		300		305,717
Public Storage Operating Co. 1.95%, 11/09/28		1,775		1,565,085
2.25%, 11/09/31		125		103,750
5.35%, 08/01/53		160		160,722
				2,135,274
Specialty Retail — 0.2%
Academy Ltd., 6.00%, 11/15/27(a)(d)		179		176,311
Bath & Body Works, Inc., 6.88%, 11/01/35		408		417,204
eG Global Finance PLC, 12.00%, 11/30/28(a)		200		212,587
Foot Locker, Inc., 4.00%, 10/01/29(a)(d)		360		303,102
Gap, Inc., 3.63%, 10/01/29(a)(d)		142		124,388
				1,233,592
Technology Hardware, Storage & Peripherals — 0.3%
Apple, Inc. 2.70%, 08/05/51		890		589,027
3.95%, 08/08/52		45		37,927
2.55%, 08/20/60		95		59,357
2.85%, 08/05/61		450		290,554
4.10%, 08/08/62		270		229,057
Dell International LLC/EMC Corp., 5.40%, 04/15/34		910		912,130
Western Digital Corp., 4.75%, 02/15/26		363		354,609
				2,472,661
Textiles, Apparel & Luxury Goods — 0.2%
Tapestry, Inc. 7.35%, 11/27/28		120		126,445
7.70%, 11/27/30		170		181,290
3.05%, 03/15/32(d)		960		788,359
7.85%, 11/27/33		575		624,040
				1,720,134
Tobacco — 1.2%
Altria Group, Inc. 2.45%, 02/04/32		1,550		1,257,781
5.80%, 02/14/39		727		736,683
4.45%, 05/06/50		215		170,952

Security	Par (000)		Value
Tobacco (continued)
Altria Group, Inc. (continued) 3.70%, 02/04/51	$	430	$	300,490
4.00%, 02/04/61		365		268,663
BAT Capital Corp. 5.83%, 02/20/31		190		191,631
7.75%, 10/19/32		25		28,212
4.39%, 08/15/37		420		353,034
3.73%, 09/25/40		125		92,634
7.08%, 08/02/43		145		154,698
7.08%, 08/02/53		170		183,268
Philip Morris International, Inc. 5.75%, 11/17/32		710		733,016
5.38%, 02/15/33		290		292,383
5.63%, 09/07/33		650		664,718
6.38%, 05/16/38		1,510		1,652,735
4.25%, 11/10/44		1,530		1,281,816
				8,362,714
Water Utilities — 0.1%
American Water Capital Corp. 2.80%, 05/01/30(d)		270		237,686
5.45%, 03/01/54		65		65,554
Essential Utilities, Inc. 2.70%, 04/15/30		380		328,155
5.38%, 01/15/34		75		74,626
				706,021
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc. 5.15%, 04/15/34		75		74,749
5.50%, 01/15/55		165		164,684
3.60%, 11/15/60		420		294,491
5.80%, 09/15/62		985		1,016,885
				1,550,809
Total Corporate Bonds — 32.9% (Cost: $248,204,782)				236,061,446
Foreign Agency Obligations
Canada — 0.1%
Province of Quebec Canada, 4.50%, 09/08/33		600		593,756
Chile — 0.1%
Chile Government International Bond, 3.10%, 01/22/61		650		409,906
Indonesia — 0.1%
Indonesia Government International Bond 4.75%, 07/18/47(a)		300		282,375
3.35%, 03/12/71		200		133,250
				415,625
Mexico — 0.1%
Mexico Government International Bond 6.05%, 01/11/40		100		99,031
4.50%, 01/31/50(d)		340		268,090
3.77%, 05/24/61		535		348,419
				715,540
Panama — 0.0%
Panama Government International Bond, 3.87%, 07/23/60		220		126,500

10

Schedule of Investments (unaudited) (continued) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Peru — 0.0%
Peruvian Government International Bond, 3.55%, 03/10/51	$	455	$	327,828
Philippines — 0.0%
Philippines Government International Bond 2.65%, 12/10/45		200		132,438
3.20%, 07/06/46		200		143,812
				276,250
South Korea — 0.0%
Export-Import Bank of Korea, 5.13%, 09/18/33		220		224,336
Total Foreign Agency Obligations — 0.4% (Cost: $3,731,639)				3,089,741
Municipal Bonds
California — 0.1%
Bay Area Toll Authority, RB, BAB
Series F-2, 6.26%, 04/01/49		100		112,490
Series S-1, 6.92%, 04/01/40		50		57,207
Bay Area Toll Authority, Refunding RB, Series F-3, 3.13%, 04/01/55		140		97,990
California State University, Refunding RB, Series B, 2.98%, 11/01/51		145		103,289
Regents of the University of California Medical Center Pooled Revenue, RB
Series N, 3.01%, 05/15/50		120		82,970
Series N, 3.71%, 05/15/2120		85		58,711
State of California, GO, BAB, 7.60%, 11/01/40		150		185,230
State of California, Refunding GO, 3.50%, 04/01/28		200		192,499
University of California, RB, Series AD, 4.86%, 05/15/2112		115		106,656
				997,042
District of Columbia — 0.0%
District of Columbia Water & Sewer Authority, Refunding RB, Series D, Subordinate Lien, 3.21%, 10/01/48		200		150,622
Florida — 0.0%
State Board of Administration Finance Corp., RB, Series A, 2.15%, 07/01/30		119		101,291
Illinois — 0.1%
Chicago O’Hare International Airport, ARB, Series C, Senior Lien, 4.47%, 01/01/49(d)		110		102,294
Sales Tax Securitization Corp., Refunding RB, Series B, 2nd Lien, 3.24%, 01/01/42		140		113,287
State of Illinois, GO, 5.10%, 06/01/33(d)		255		252,856
				468,437
Louisiana — 0.0%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Class A-4, 4.48%, 08/01/39		65		62,178
Maryland — 0.0%
Maryland Health & Higher Educational Facilities Authority, Refunding RB
Series D, 3.05%, 07/01/40		115		87,358
Series D, 3.20%, 07/01/50		80		56,740
				144,098

Security	Par (000)		Value
Massachusetts — 0.0%
Commonwealth of Massachusetts, GO, Series H, 2.90%, 09/01/49	$	100	$	71,970
Michigan — 0.1%
University of Michigan, RB Series A, 3.50%, 04/01/52		38		29,913
Series B, Sustainability Bonds, 3.50%, 04/01/52(d)		67		52,973
University of Michigan, Refunding RB, Series C, 3.60%, 04/01/47		238		202,711
				285,597
New Jersey — 0.0%
New Jersey Turnpike Authority, RB, BAB, Series A, 7.10%, 01/01/41		150		175,113
New York — 0.2%
City of New York, GO, Series B-1, Sustainability Bonds, 5.83%, 10/01/53(d)		130		144,611
Metropolitan Transportation Authority, RB, BAB, 6.81%, 11/15/40		105		116,860
New York City Municipal Water Finance Authority, Refunding RB, 5.88%, 06/15/44		250		264,108
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, BAB, 5.51%, 08/01/37		110		112,397
Port Authority of New York & New Jersey, ARB Series 192, 4.81%, 10/15/65		50		47,797
Series 210, 4.03%, 09/01/48		200		167,774
Port Authority of New York & New Jersey, RB, Series 191, 4.82%, 06/01/45		200		189,519
				1,043,066
Oklahoma — 0.0%
Oklahoma Development Finance Authority, RB, Series A-2, 4.62%, 06/01/44		110		104,266
Pennsylvania — 0.0%
Pennsylvania State University, Refunding RB, Series D, 2.84%, 09/01/50		80		56,808
Texas — 0.1%
Board of Regents of the University of Texas System, Refunding RB, Series B, 2.44%, 08/15/49		105		67,905
Dallas Area Rapid Transit, Refunding RB, Series A, Senior Lien, 2.61%, 12/01/48		100		69,689
Dallas Fort Worth International Airport, Refunding RB, 2.84%, 11/01/46		100		74,528
Grand Parkway Transportation Corp., Refunding RB, Subordinate, 3.24%, 10/01/52		100		72,780
Texas Transportation Commission State Highway Fund, Refunding RB, 4.00%, 10/01/33		140		140,000
				424,902
Virginia — 0.0%
University of Virginia, Refunding RB, Series U, 2.58%, 11/01/51		60		39,121
Total Municipal Bonds — 0.6% (Cost: $5,065,326)				4,124,511

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 11

Schedule of Investments (unaudited) (continued) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 8.4%
American Home Mortgage Investment Trust, Series 2004-3, Class 4A, (6-mo. CME Term SOFR + 1.93%), 4.58%, 10/25/34(b)	$	1	$	1,365
Citigroup Mortgage Loan Trust, Series 2013-AA, Class A, 3.00%, 05/25/42(a)(b)		4		4,015
Connecticut Avenue Securities Trust(a)(b)
Series 2019-R01, Class 2M2, (30-day Avg SOFR + 2.56%), 7.88%, 07/25/31		197		197,731
Series 2020-SBT1, Class 1M2, (30-day Avg SOFR + 3.76%), 9.08%, 02/25/40		2,000		2,118,115
Series 2021-R01, Class 1B1, (30-day Avg SOFR + 3.10%), 8.42%, 10/25/41		750		771,538
Series 2021-R01, Class 1M1, (30-day Avg SOFR + 0.75%), 6.07%, 10/25/41		71		71,299
Series 2021-R01, Class 1M2, (30-day Avg SOFR + 1.55%), 6.87%, 10/25/41		3,040		3,053,102
Series 2021-R03, Class 1B1, (30-day Avg SOFR + 2.75%), 8.07%, 12/25/41		1,000		1,017,387
Series 2022-R01, Class 1B1, (30-day Avg SOFR + 3.15%), 8.47%, 12/25/41		2,792		2,868,348
Series 2022-R01, Class 1M1, (30-day Avg SOFR + 1.00%), 6.32%, 12/25/41		3,396		3,396,429
Series 2022-R02, Class 2M2, (30-day Avg SOFR + 3.00%), 8.32%, 01/25/42		3,000		3,082,601
Series 2022-R03, Class 1B1, (30-day Avg SOFR + 6.25%), 11.57%, 03/25/42		2,225		2,483,405
Series 2022-R05, Class 2B1, (30-day Avg SOFR + 4.50%), 9.82%, 04/25/42		1,000		1,057,840
Series 2022-R05, Class 2M2, (30-day Avg SOFR + 3.00%), 8.32%, 04/25/42		1,500		1,546,757
Series 2023-R08, Class 1M1, (30-day Avg SOFR + 1.50%), 6.82%, 10/25/43		2,985		2,997,903
Series 2024-R02, Class 1B1, (30-day Avg SOFR + 2.50%), 7.82%, 02/25/44		1,660		1,670,375
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-6, Class 3A1, 5.00%, 09/25/19		5		2,661
Fannie Mae Connecticut Avenue Securities(b)
Series 2017-C05, Class 1EB3, (30-day Avg SOFR + 1.31%), 6.63%, 01/25/30		240		240,078
Series 2018-C01, Class 1ED2, (30-day Avg SOFR + 0.96%), 6.28%, 07/25/30		49		48,566
Series 2018-C01, Class 1M2C, (30-day Avg SOFR + 2.36%), 7.68%, 07/25/30		2,150		2,192,931
Series 2021-R02, Class 2B1, (30-day Avg SOFR + 3.30%), 8.62%, 11/25/41(a)		900		928,094
Series 2021-R02, Class 2M2, (30-day Avg SOFR + 2.00%), 7.32%, 11/25/41(a)		1,800		1,810,223
Freddie Mac STACR REMIC Trust(a)(b)
Series 2021-DNA3, Class B1, (30-day Avg SOFR + 3.50%), 8.82%, 10/25/33		1,250		1,374,772
Series 2021-DNA3, Class M1, (30-day Avg SOFR + 0.75%), 6.07%, 10/25/33		72		72,137
Series 2021-DNA3, Class M2, (30-day Avg SOFR + 2.10%), 7.42%, 10/25/33		670		681,706
Series 2021-DNA6, Class B1, (30-day Avg SOFR + 3.40%), 8.72%, 10/25/41		3,520		3,642,094
Series 2021-DNA7, Class B1, (30-day Avg SOFR + 3.65%), 8.97%, 11/25/41		1,750		1,822,109

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Freddie Mac STACR REMIC Trust(a)(b) (continued)
Series 2021-HQA1, Class M2, (30-day Avg SOFR + 2.25%), 7.57%, 08/25/33	$	583	$	596,531
Series 2021-HQA3, Class M2, (30-day Avg SOFR + 2.10%), 7.42%, 09/25/41		1,000		1,002,797
Series 2021-HQA4, Class M1, (30-day Avg SOFR + 0.95%), 6.27%, 12/25/41		2,910		2,895,205
Series 2022-DNA1, Class M2, (30-day Avg SOFR + 2.50%), 7.82%, 01/25/42		1,500		1,525,320
Series 2022-DNA2, Class M2, (30-day Avg SOFR + 3.75%), 9.07%, 02/25/42		3,000		3,155,640
Series 2022-HQA1, Class M1A, (30-day Avg SOFR + 2.10%), 7.42%, 03/25/42		792		799,180
Series 2022-HQA1, Class M2, (30-day Avg SOFR + 5.25%), 10.57%, 03/25/42		2,150		2,329,712
Series 2023-HQA3, Class M1, (30-day Avg SOFR + 1.85%), 7.17%, 11/25/43		849		857,570
Series 2024-HQA1, Class M1, (30-day Avg SOFR + 1.25%), 6.57%, 03/25/44		2,000		2,000,598
Freddie Mac Structured Agency Credit Risk Debt Notes(b)
Series 2017-DNA1, Class M2, (30-day Avg SOFR + 3.36%), 8.68%, 07/25/29		3,774		3,908,317
Series 2017-HQA2, Class M2, (30-day Avg SOFR + 2.76%), 8.08%, 12/25/29		557		572,577
Series 2020-HQA5, Class B1, (30-day Avg SOFR + 4.00%), 9.32%, 11/25/50(a)		1,500		1,685,229
				60,482,257
Commercial Mortgage-Backed Securities — 0.5%
BBCMS Mortgage Trust
Series 2023-C19, Class A5, 5.45%, 04/15/56		380		390,840
Series 2023-C22, Class A5, 6.80%, 11/15/56(b)		600		678,241
Commercial Mortgage Trust, Series 2014-CR17, Class A5, 3.98%, 05/10/47		420		419,338
Eleven Madison Trust Mortgage Trust, Series 2015-11MD, Class A, 3.55%, 09/10/35(a)(b)		150		140,999
GS Mortgage Securities Trust, Series 2015-GC30, Class B, 4.02%, 05/10/50(b)		300		279,843
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2006-CB16, Class B, 5.67%, 05/12/45(b)(c)		210		10,823
JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class A3, 3.80%, 08/15/48		1,043		1,009,440
WFRBS Commercial Mortgage Trust, Series 2014- C23, Class A4, 3.65%, 10/15/57		257		255,169
				3,184,693
Total Non-Agency Mortgage-Backed Securities — 8.9% (Cost: $63,343,898)				63,666,950
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 0.0%
Freddie Mac STACR Trust, Series 2019-FTR2, Class M1, (30-day Avg SOFR + 1.06%), 6.38%, 11/25/48(a)(b)		40		40,091
Commercial Mortgage-Backed Securities — 1.6%
Fannie Mae-Aces(b)
Series 2016-M13, Class A2, 2.52%, 09/25/26		578		547,617
Series 2018-M1, Class A2, 2.99%, 12/25/27		1,104		1,041,103

12

Schedule of Investments (unaudited) (continued) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Commercial Mortgage-Backed Securities (continued)
Fannie Mae-Aces(b) (continued)
Series 2018-M7, Class A2, 3.03%, 03/25/28	$	1,440		$	1,356,973
Series 2018-M8, Class A2, 3.30%, 06/25/28		3,391			3,219,710
Freddie Mac Mortgage-Backed Securities, 4.00%, 05/01/46		124			117,867
Freddie Mac Multifamily Structured Pass Through Certificates
Series K055, Class A2, 2.67%, 03/25/26		1,590			1,524,820
Series K060, Class A2, 3.30%, 10/25/26		1,190			1,147,680
Series K061, Class A2, 3.35%, 11/25/26(b)		1,578			1,518,558
Series K072, Class A2, 3.44%, 12/25/27		1,190			1,142,192
					11,616,520
Mortgage-Backed Securities — 26.3%
Fannie Mae Mortgage-Backed Securities 3.00%, 02/01/47		58			51,711
4.00%, 02/01/47 - 02/01/57		1,116			1,038,190
3.50%, 11/01/51		3,218			2,934,252
(11th District Cost of Funds + 1.25%), 4.38%, 09/01/34(b)		50			47,723
(12-mo. LIBOR US + 1.41%), 6.16%, 04/01/35(b)		22			21,977
(12-mo. LIBOR US + 1.53%), 5.18%, 05/01/43(b)		11			11,449
(12-mo. LIBOR US + 1.54%), 5.42%, 06/01/43(b)		23			23,479
(12-mo. LIBOR US + 1.71%), 5.08%, 04/01/40(b)		3			2,654
(12-mo. LIBOR US + 1.75%), 6.00%, 08/01/41(b)		21			21,315
(12-mo. LIBOR US + 1.78%), 6.07%, 01/01/42(b)		6			5,999
(12-mo. LIBOR US + 1.81%), 6.27%, 02/01/42(b)		1			647
(12-mo. LIBOR US + 1.82%), 6.07%, 09/01/41(b)		14			14,206
(6-mo. LIBOR US + 1.04%), 5.16%, 05/01/33(b)		2			2,410
(6-mo. LIBOR US + 1.36%), 5.70%, 10/01/32(b)		9			8,720
Freddie Mac Mortgage-Backed Securities 4.50%, 05/01/24 - 01/01/49		908	(g)		888,167
4.00%, 10/01/24 - 01/01/49		2,307			2,190,466
5.00%, 08/01/25 - 03/01/48		281			281,377
3.50%, 04/01/26 - 04/01/49		5,490			5,036,409
2.50%, 02/01/27		195			188,264
3.00%, 05/01/27 - 10/01/47		4,586			4,098,961
6.00%, 11/01/28 - 04/01/38		186			192,793
6.50%, 06/01/29 - 08/01/36		186	(g)		198,130
7.50%, 12/01/30		—	(g)		302
5.50%, 05/01/33 - 08/01/38		445			453,762
(11th District Cost of Funds + 1.25%), 4.38%, 11/01/27(b)		23			22,779
(12-mo. LIBOR US + 1.50%), 5.25%, 06/01/43(b)		1			727
(12-mo. LIBOR US + 1.60%), 6.85%, 08/01/43(b)		4			3,541
(12-mo. LIBOR US + 1.65%), 6.58%, 05/01/43(b)		20			21,064
(12-mo. LIBOR US + 1.71%), 5.98%, 08/01/41(b)		14			13,823
(12-mo. LIBOR US + 1.75%), 4.82%, 04/01/38(b)		28			28,018
(12-mo. LIBOR US + 1.75%), 6.19%, 02/01/40(b)		19			18,766
(12-mo. LIBOR US + 1.79%), 6.04%, 09/01/32(b)		1			1,332
(12-mo. LIBOR US + 1.89%), 5.98%, 07/01/41(b)		6			5,912
(12-mo. LIBOR US + 1.90%), 6.15%, 01/01/42(b)		—	(g)		375
(1-year CMT + 2.34%), 5.13%, 04/01/32(b)		13			12,841
Ginnie Mae Mortgage-Backed Securities 6.50%, 06/15/28 - 04/18/54(h)		1,554			1,581,440
7.50%, 08/20/30		1			1,509
6.00%, 01/15/32 - 04/18/54(h)		677			686,919
5.00%, 11/20/33 - 04/18/54(h)		1,654			1,644,631
5.50%, 05/20/36 - 04/18/54(h)		2,097			2,105,418

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
Ginnie Mae Mortgage-Backed Securities (continued)
4.50%, 03/15/39 - 08/20/49	$	1,996		$	1,944,312
4.00%, 09/15/40 - 09/15/49		4,373			4,150,688
3.50%, 01/15/41 - 04/18/54(h)		6,821			6,281,939
3.00%, 01/20/43 - 09/20/52		8,022			7,159,581
2.50%, 12/20/46 - 04/20/52		9,880			8,358,025
2.00%, 08/20/50 - 12/20/51(i)		10,129			8,299,943
Uniform Mortgage-Backed Securities 4.00%, 06/01/24 - 03/01/51(h)		9,048			8,558,400
5.00%, 10/01/24 - 04/11/54(h)		5,265			5,177,798
4.50%, 11/01/24 - 04/11/54(h)		5,327			5,141,471
3.00%, 12/01/26 - 04/11/54(h)		14,531			12,935,503
2.50%, 09/01/28 - 03/01/52		33,085			28,013,586
7.50%, 09/01/29		1			1,382
6.50%, 12/01/30 - 04/11/54(h)		4,018	(g)		4,117,688
3.50%, 11/01/31 - 06/01/49(h)		7,203			6,615,964
6.00%, 11/01/31 - 04/11/54(h)		5,628			5,689,760
7.00%, 01/01/32 - 06/01/32		11			11,130
5.50%, 10/01/32 - 04/11/54(h)		5,844			5,872,676
2.00%, 12/01/35 - 03/01/52(h)		47,488			38,803,898
1.50%, 03/01/36 - 07/01/51(h)		9,154			7,431,091
					188,427,293
Total U.S. Government Sponsored Agency Securities — 27.9% (Cost: $227,329,837)					200,083,904
U.S. Treasury Obligations
U.S. Treasury Bonds 4.50%, 08/15/39		1,000			1,024,570
4.75%, 11/15/43		3,400			3,526,969
3.38%, 11/15/48		11,000			9,192,305
4.13%, 08/15/53		2,500			2,402,734
U.S. Treasury Notes 4.25%, 01/31/26(d)		962			954,409
4.00%, 02/29/28		77,899			76,989,164
3.63%, 05/31/28		2,800			2,729,016
4.88%, 10/31/28(d)		4,000			4,100,469
3.75%, 12/31/28		6,500			6,361,367
4.38%, 11/30/30		30,000			30,249,609
Total U.S. Treasury Obligations — 19.2% (Cost: $137,912,079)					137,530,612
Total Long-Term Investments — 100.0% (Cost: $758,728,727)					717,501,132

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 13

Schedule of Investments (unaudited) (continued) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares			Value
Short-Term Securities
Money Market Funds — 4.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(j)(k)(l)		31,827,949		$	31,840,680
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(j)(k)		100,000			100,000
Total Short-Term Securities — 4.5% (Cost: $31,930,146)					31,940,680
Total Investments Before TBA Sale Commitments — 104.5% (Cost: $790,658,873)					749,441,812
	Par (000)
TBA Sale Commitments(h)
Mortgage-Backed Securities — (0.6)%
Uniform Mortgage-Backed Securities
3.50%, 04/11/54	$	(2,282	)		(2,041,931	)
4.00%, 04/11/54		(800	)		(740,802	)
5.00%, 04/11/54		(1,600	)		(1,561,061	)
Total TBA Sale Commitments — (0.6)% (Proceeds: $(4,379,043))					(4,343,794	)
Total Investments, Net of TBA Sale Commitments — 103.9% (Cost: $786,279,830)					745,098,018
Liabilities in Excess of Other Assets — (3.9)%					(27,968,373	)
Net Assets — 100.0%				$	717,129,645

^(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)  Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

^(f)  When-issued security.

^(g)  Rounds to less than 1,000.

^(h)  Represents or includes a TBA transaction.

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

^(j)  Affiliate of the Master Portfolio.

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

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

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Master Portfolio for compliance purposes.

Affiliates

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the period ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	54,071,032	$	—	$	(22,227,124	)(a)	$	4,259	$	(7,487	)	$	31,840,680		31,827,949	$	60,870	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		—		—			—		—			100,000		100,000		1,305			—
								$	4,259	$	(7,487	)	$	31,940,680			$	62,175		$	—

^(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		37		06/06/24	$	5,324	$	22,516
10-Year Australian Treasury Bonds		9		06/17/24		684		1,475
U.S. Long Bond		321		06/18/24		38,660		475,616

14

Schedule of Investments (unaudited) (continued) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts (continued) 10-Year Canadian Bond		111		06/19/24	$	9,861	$	32,579
2-Year U.S. Treasury Note		156		06/28/24		31,900		(25,838	)
								506,348
Short Contracts
Euro OAT		60		06/06/24		8,297		(81,926	)
10-Year U.S. Treasury Note		139		06/18/24		15,401		(1,859	)
10-Year U.S. Ultra Long Treasury Note		27		06/18/24		3,094		(14,389	)
Ultra U.S. Treasury Bond		21		06/18/24		2,709		(44,286	)
Long Gilt		9		06/26/24		1,135		(13,110	)
5-Year U.S. Treasury Note		149		06/28/24		15,945		(494	)
								(156,064	)
							$	350,284

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	500,000	USD	325,061	Goldman Sachs International		06/20/24	$	1,479
CAD	1,310,000	USD	966,151	Barclays Bank PLC		06/20/24		2,055
COP	580,000,000	USD	145,676	Barclays Bank PLC		06/20/24		2,448
COP	170,000,000	USD	43,130	Goldman Sachs International		06/20/24		285
COP	7,090,000,000	USD	1,786,299	Morgan Stanley & Co. International PLC		06/20/24		24,386
EUR	600,000	USD	648,588	Goldman Sachs International		06/20/24		766
GBP	610,000	USD	768,782	Goldman Sachs International		06/20/24		1,448
INR	9,000,000	USD	107,670	Barclays Bank PLC		06/20/24		4
MXN	7,000,000	USD	410,300	Barclays Bank PLC		06/20/24		5,569
MXN	2,800,000	USD	164,704	BNP Paribas SA		06/20/24		1,644
MXN	3,000,000	USD	177,550	Citibank N.A.		06/20/24		680
MXN	4,400,000	USD	258,111	Citibank N.A.		06/20/24		3,292
MXN	1,700,000	USD	99,638	Morgan Stanley & Co. International PLC		06/20/24		1,359
NZD	920,000	USD	548,246	Bank of America N.A.		06/20/24		1,438
SGD	300,000	USD	222,847	Barclays Bank PLC		06/20/24		130
USD	291,487	AUD	440,000	Goldman Sachs International		06/20/24		4,132
USD	3,600,774	AUD	5,440,000	Goldman Sachs International		06/20/24		48,022
USD	397,912	AUD	600,000	JPMorgan Chase Bank N.A.		06/20/24		6,065
USD	87,377	BRL	440,000	Goldman Sachs International		06/20/24		296
USD	298,229	BRL	1,500,000	Goldman Sachs International		06/20/24		1,363
USD	99,662	BRL	500,000	Standard Chartered Bank		06/20/24		707
USD	606,269	CAD	820,000	Deutsche Bank AG		06/20/24		216
USD	4,659,510	CAD	6,280,000	Toronto-Dominion Bank		06/20/24		18,031
USD	392,491	CHF	350,000	Goldman Sachs International		06/20/24		1,030
USD	1,850,911	CHF	1,610,000	JPMorgan Chase Bank N.A.		06/20/24		50,192
USD	224,529	CZK	5,200,000	Deutsche Bank AG		06/20/24		2,800
USD	250,895	CZK	5,800,000	Deutsche Bank AG		06/20/24		3,583
USD	415,010	CZK	9,600,000	Deutsche Bank AG		06/20/24		5,665
USD	445,522	CZK	10,300,000	Deutsche Bank AG		06/20/24		6,329
USD	2,720,853	CZK	63,000,000	Goldman Sachs International		06/20/24		34,526
USD	541,274	CZK	12,500,000	UBS AG		06/20/24		8,273
USD	340,433	EUR	310,000	Barclays Bank PLC		06/20/24		4,933
USD	1,063,952	EUR	980,000	Barclays Bank PLC		06/20/24		3,341
USD	489,442	EUR	450,000	Citibank N.A.		06/20/24		2,427
USD	272,285	EUR	250,000	JPMorgan Chase Bank N.A.		06/20/24		1,721
USD	536,102	EUR	490,000	Morgan Stanley & Co. International PLC		06/20/24		5,796
USD	1,989,562	EUR	1,820,000	Morgan Stanley & Co. International PLC		06/20/24		19,856
USD	50,813	GBP	40,000	Bank of America N.A.		06/20/24		306
USD	37,887	GBP	30,000	Barclays Bank PLC		06/20/24		7

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 15

Schedule of Investments (unaudited) (continued) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	987,242	GBP	770,000	Barclays Bank PLC		06/20/24	$	14,985
USD	749,514	GBP	590,000	Citibank N.A.		06/20/24		4,538
USD	409,727	GBP	320,000	Goldman Sachs International		06/20/24		5,672
USD	154,197	GBP	120,000	JPMorgan Chase Bank N.A.		06/20/24		2,677
USD	306,863	GBP	240,000	JPMorgan Chase Bank N.A.		06/20/24		3,821
USD	764,611	GBP	600,000	Morgan Stanley & Co. International PLC		06/20/24		7,008
USD	1,990,292	GBP	1,570,000	Morgan Stanley & Co. International PLC		06/20/24		7,898
USD	493,905	GBP	390,000	Standard Chartered Bank		06/20/24		1,464
USD	173,054	HKD	1,350,000	HSBC Bank PLC		06/20/24		183
USD	336,179	HUF	122,000,000	BNP Paribas SA		06/20/24		3,425
USD	468,895	HUF	171,000,000	Citibank N.A.		06/20/24		2,494
USD	602,057	HUF	219,000,000	Toronto-Dominion Bank		06/20/24		4,736
USD	446,161	JPY	65,000,000	Barclays Bank PLC		06/20/24		11,563
USD	194,152	JPY	29,000,000	JPMorgan Chase Bank N.A.		06/20/24		254
USD	197,853	JPY	29,000,000	JPMorgan Chase Bank N.A.		06/20/24		3,955
USD	592,132	JPY	88,000,000	Morgan Stanley & Co. International PLC		06/20/24		3,753
USD	272,488	KRW	355,000,000	Barclays Bank PLC		06/20/24		8,328
USD	358,769	KRW	475,000,000	Deutsche Bank AG		06/20/24		5,316
USD	131,204	KRW	175,000,000	Goldman Sachs International		06/20/24		984
USD	153,390	KRW	200,000,000	Goldman Sachs International		06/20/24		4,567
USD	198,696	NOK	2,100,000	Deutsche Bank AG		06/20/24		4,903
USD	2,775,563	NZD	4,500,000	Barclays Bank PLC		06/20/24		86,891
USD	2,720,303	PHP	150,800,000	Bank of America N.A.		06/20/24		38,538
USD	904,410	PLN	3,550,000	Bank of America N.A.		06/20/24		16,374
USD	200,376	PLN	800,000	Deutsche Bank AG		06/20/24		255
USD	152,032	PLN	600,000	JPMorgan Chase Bank N.A.		06/20/24		1,941
USD	359,941	THB	12,725,701	Barclays Bank PLC		06/20/24		8,906
USD	937,527	THB	33,000,000	HSBC Bank PLC		06/20/24		27,231
USD	88,853	THB	3,200,000	JPMorgan Chase Bank N.A.		06/20/24		582
USD	156,243	THB	5,540,000	JPMorgan Chase Bank N.A.		06/20/24		3,424
USD	23,595	THB	834,299	Morgan Stanley & Co. International PLC		06/20/24		581
USD	708,424	TWD	22,100,000	Goldman Sachs International		06/20/24		15,299
USD	127,250	ZAR	2,400,000	Citibank N.A.		06/20/24		1,346
USD	855,345	ZAR	16,100,000	JPMorgan Chase Bank N.A.		06/20/24		10,740
								591,232
AUD	350,000	USD	228,644	Bank of America N.A.		06/20/24		(67	)
AUD	380,000	USD	248,292	Citibank N.A.		06/20/24		(121	)
AUD	340,000	USD	223,479	Goldman Sachs International		06/20/24		(1,432	)
BRL	13,380,000	USD	2,671,021	Morgan Stanley & Co. International PLC		06/20/24		(22,985	)
CAD	420,000	USD	310,781	Goldman Sachs International		06/20/24		(364	)
CAD	500,000	USD	371,192	Goldman Sachs International		06/20/24		(1,648	)
CAD	80,000	USD	59,410	HSBC Bank PLC		06/20/24		(283	)
CAD	210,000	USD	156,002	Morgan Stanley & Co. International PLC		06/20/24		(793	)
CHF	190,000	USD	212,863	BNP Paribas SA		06/20/24		(356	)
CHF	230,000	USD	260,698	Citibank N.A.		06/20/24		(3,452	)
CHF	450,000	USD	518,981	HSBC Bank PLC		06/20/24		(15,675	)
CHF	1,040,000	USD	1,182,430	HSBC Bank PLC		06/20/24		(19,232	)
CHF	540,000	USD	618,336	Morgan Stanley & Co. International PLC		06/20/24		(14,369	)
CZK	6,100,000	USD	261,973	Deutsche Bank AG		06/20/24		(1,869	)
EUR	190,000	USD	208,566	JPMorgan Chase Bank N.A.		06/20/24		(2,937	)
EUR	270,000	USD	295,870	JPMorgan Chase Bank N.A.		06/20/24		(3,661	)
EUR	1,875,000	USD	2,056,157	UBS AG		06/20/24		(26,927	)
GBP	420,000	USD	537,423	Citibank N.A.		06/20/24		(7,101	)
GBP	420,000	USD	535,823	Goldman Sachs International		06/20/24		(5,501	)
HUF	73,000,000	USD	201,073	Bank of America N.A.		06/20/24		(1,966	)
HUF	55,000,000	USD	151,600	JPMorgan Chase Bank N.A.		06/20/24		(1,588	)
IDR	2,500,000,000	USD	161,026	BNP Paribas SA		06/20/24		(3,863	)
IDR	2,800,000,000	USD	180,116	Morgan Stanley & Co. International PLC		06/20/24		(4,094	)
IDR	7,460,000,000	USD	480,670	Morgan Stanley & Co. International PLC		06/20/24		(11,695	)
INR	63,000,000	USD	758,963	Goldman Sachs International		06/20/24		(5,248	)
INR	20,600,000	USD	246,741	Standard Chartered Bank		06/20/24		(289	)

16

Schedule of Investments (unaudited) (continued) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
JPY	47,000,000	USD	325,250	Barclays Bank PLC		06/20/24	$	(11,002	)
JPY	58,000,000	USD	388,194	Citibank N.A.		06/20/24		(398	)
JPY	109,000,000	USD	752,428	UBS AG		06/20/24		(23,640	)
KRW	5,895,000,000	USD	4,513,333	Deutsche Bank AG		06/20/24		(126,792	)
KRW	410,000,000	USD	307,356	JPMorgan Chase Bank N.A.		06/20/24		(2,270	)
MXN	6,100,000	USD	363,052	Barclays Bank PLC		06/20/24		(652	)
NOK	2,100,000	USD	199,682	Deutsche Bank AG		06/20/24		(5,889	)
NOK	3,000,000	USD	281,304	Deutsche Bank AG		06/20/24		(4,457	)
NOK	1,800,000	USD	167,960	JPMorgan Chase Bank N.A.		06/20/24		(1,852	)
NOK	6,800,000	USD	650,507	Morgan Stanley & Co. International PLC		06/20/24		(22,988	)
NZD	470,000	USD	283,445	Bank of America N.A.		06/20/24		(2,628	)
NZD	640,000	USD	386,333	Barclays Bank PLC		06/20/24		(3,944	)
NZD	720,000	USD	438,725	Barclays Bank PLC		06/20/24		(8,537	)
NZD	420,000	USD	253,239	Goldman Sachs International		06/20/24		(2,296	)
NZD	670,000	USD	408,521	Morgan Stanley & Co. International PLC		06/20/24		(8,208	)
PHP	13,200,000	USD	238,488	Standard Chartered Bank		06/20/24		(3,745	)
PLN	700,000	USD	177,350	Barclays Bank PLC		06/20/24		(2,244	)
PLN	700,000	USD	178,503	Deutsche Bank AG		06/20/24		(3,397	)
PLN	1,800,000	USD	459,236	Deutsche Bank AG		06/20/24		(8,965	)
PLN	600,000	USD	151,012	Societe Generale		06/20/24		(921	)
SEK	30,700,000	USD	3,006,503	Barclays Bank PLC		06/20/24		(129,148	)
SEK	600,000	USD	58,747	BNP Paribas SA		06/20/24		(2,512	)
SEK	5,400,000	USD	531,193	Deutsche Bank AG		06/20/24		(25,078	)
SEK	3,100,000	USD	301,114	Goldman Sachs International		06/20/24		(10,567	)
SGD	370,000	USD	276,348	Barclays Bank PLC		06/20/24		(1,343	)
SGD	510,000	USD	385,217	Barclays Bank PLC		06/20/24		(6,155	)
SGD	900,000	USD	672,719	Barclays Bank PLC		06/20/24		(3,787	)
SGD	250,000	USD	186,734	BNP Paribas SA		06/20/24		(920	)
SGD	5,200,000	USD	3,923,637	Citibank N.A.		06/20/24		(58,698	)
SGD	170,000	USD	127,697	JPMorgan Chase Bank N.A.		06/20/24		(1,343	)
SGD	280,000	USD	209,633	JPMorgan Chase Bank N.A.		06/20/24		(1,521	)
TWD	2,000,000	USD	64,243	Deutsche Bank AG		06/20/24		(1,516	)
TWD	5,700,000	USD	180,306	Deutsche Bank AG		06/20/24		(1,536	)
TWD	2,600,000	USD	82,081	JPMorgan Chase Bank N.A.		06/20/24		(537	)
USD	130,447	AUD	200,000	JPMorgan Chase Bank N.A.		06/20/24		(169	)
USD	441,332	CAD	600,000	Bank of America N.A.		06/20/24		(2,121	)
USD	66,257	CAD	90,000	Deutsche Bank AG		06/20/24		(261	)
USD	228,762	CAD	310,000	JPMorgan Chase Bank N.A.		06/20/24		(355	)
USD	317,411	CAD	430,000	Morgan Stanley & Co. International PLC		06/20/24		(397	)
USD	100,191	CHF	90,000	Morgan Stanley & Co. International PLC		06/20/24		(470	)
USD	228,529	COP	900,000,000	Barclays Bank PLC		06/20/24		(1,318	)
USD	152,524	COP	600,000,000	Goldman Sachs International		06/20/24		(708	)
USD	361,564	CZK	8,500,000	BNP Paribas SA		06/20/24		(877	)
USD	226,776	GBP	180,000	Citibank N.A.		06/20/24		(505	)
USD	163,671	GBP	130,000	Deutsche Bank AG		06/20/24		(476	)
USD	126,955	JPY	19,000,000	JPMorgan Chase Bank N.A.		06/20/24		(81	)
USD	133,921	MXN	2,300,000	JPMorgan Chase Bank N.A.		06/20/24		(2,721	)
USD	113,395	PHP	6,400,000	Morgan Stanley & Co. International PLC		06/20/24		(420	)
USD	404,647	THB	14,700,000	UBS AG		06/20/24		(849	)
USD	228,952	ZAR	4,400,000	Barclays Bank PLC		06/20/24		(1,872	)
USD	540,332	ZAR	10,300,000	Barclays Bank PLC		06/20/24		(5	)
USD	370,638	ZAR	7,100,000	Citibank N.A.		06/20/24		(1,827	)
ZAR	67,818	USD	3,620	Barclays Bank PLC		06/20/24		(62	)
ZAR	2,000,000	USD	106,151	Deutsche Bank AG		06/20/24		(1,231	)
ZAR	3,532,182	USD	188,502	Deutsche Bank AG		06/20/24		(3,204	)
ZAR	3,100,000	USD	164,267	Goldman Sachs International		06/20/24		(1,641	)
ZAR	3,400,000	USD	180,732	Morgan Stanley & Co. International PLC		06/20/24		(2,368	)

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 17

Schedule of Investments (unaudited) (continued) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CLP	835,000,000	USD	860,434	Citibank N.A.		06/21/24	$	(9,922	)
CLP	121,000,000	USD	126,296	Goldman Sachs International		06/21/24		(3,048	)
								(683,910	)
							$	(92,678	)

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.HY.41.V2		5.00	%		Quarterly		12/20/28		USD	18,543	$	1,396,027	)	$	(1,143,008	)	$	(253,019	)
CDX.NA.IG.42.V1		1.00			Quarterly		06/20/29		USD	68,000		(1,558,708	)		(1,460,587	)		(98,121	)
											$	(2,954,735	)	$	(2,603,595	)	$	(351,140	)

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index

Financing Rate Received by the Master Portfolio

Payment Frequency

Termination Date

Credit Rating(a)

Notional Amount (000)

(b)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

CDX.NA.HY.42.V1

5.00

%

Quarterly

06/20/29

B

USD  4,005

$

295,288

$

276,153

$

19,135

^(a)  Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

^(b)  The maximum potential amount the Master Portfolio may pay should a negative credit event take place as defined under the terms of the agreement.

Centrally Cleared Interest Rate Swaps

				Effective Date			Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Paid by the Master Portfolio		Received by the Master Portfolio
Rate	Frequency	Rate	Frequency
3.00%	Annual	6-mo. EURIBOR, 3.85%	Semi-Annual		06/19/24	(a)		06/19/26		EUR	33,640	$	(24,433	)	$	28,851		$	(53,284	)
4.35%	Annual	1-Day SONIA, 5.19%	Annual		06/19/24	(a)		06/19/26		GBP	88,090		(274,003	)		110,612			(384,615	)
1-Day SOFR, 5.34%	Annual	4.30%	Annual		06/20/24	(a)		06/20/26		USD	18,785		(18,346	)		(11,112	)		(7,234	)
6-mo. EURIBOR, 3.85%	Semi-Annual	2.82%	Annual		06/19/24	(a)		06/19/27		EUR	3,400		5,664			(3,140	)		8,804
2.83%	Annual	6-mo. EURIBOR, 3.85%	Semi-Annual		06/19/24	(a)		06/19/27		EUR	8,020		(15,230	)		57			(15,287	)
3.75%	Semi-Annual	1-Day CORRA, 5.00%	Semi-Annual		06/19/24	(a)		06/19/27		CAD	1,720		(1,671	)		459			(2,130	)
1-Day CORRA, 5.00%	Semi-Annual	3.75%	Semi-Annual		06/19/24	(a)		06/19/27		CAD	28,880		26,293			(8,087	)		34,380
3.88%	Quarterly	3-mo. BBSW, 4.34%	Quarterly		06/19/24	(a)		06/19/27		AUD	19,370		(39,133	)		83			(39,216	)
4.12%	Annual	1-Day SOFR, 5.34%	Annual		06/20/24	(a)		06/20/27		USD	10,290		(4,569	)		67			(4,636	)
4.12%	Annual	1-Day SONIA, 5.19%	Annual		06/19/24	(a)		06/19/27		GBP	7,950		(40,089	)		8,744			(48,833	)
4.15%	Annual	1-Day SOFR, 5.34%	Annual		06/20/24	(a)		06/20/27		USD	15,180		(17,560	)		(3,963	)		(13,597	)
6-mo. EURIBOR, 3.85%	Semi-Annual	2.67%	Annual		06/19/24	(a)		06/19/29		EUR	24,330		95,047			(45,303	)		140,350
1-Day SONIA, 5.19%	Annual	3.86%	Annual		06/19/24	(a)		06/19/29		GBP	3,130		24,583			(8,420	)		33,003
3.73%	Annual	1-Day SOFR, 5.34%	Annual		06/20/24	(a)		06/20/29		USD	1,955		14,449			16,289			(1,840	)
3.76%	Annual	1-Day SOFR, 5.34%	Annual		06/20/24	(a)		06/20/29		USD	3,910		23,676			850			22,826
3.92%	Annual	1-Day SOFR, 5.34%	Annual		06/20/24	(a)		06/20/29		USD	7,942		(10,070	)		7,269			(17,339	)
3.94%	Annual	1-Day SOFR, 5.34%	Annual		06/20/24	(a)		06/20/29		USD	1,946		(3,725	)		(5,372	)		1,647
3.95%	Annual	1-Day SOFR, 5.34%	Annual		06/20/24	(a)		06/20/29		USD	4,000		(10,291	)		(2,899	)		(7,392	)
28-Day MXIBTIIE, 11.25%	Monthly	8.51%	Monthly		09/18/24	(a)		09/12/29		MXN	10,470		(844	)		6			(850	)
1-Day THOR, 2.49%	Quarterly	2.20%	Quarterly		09/18/24	(a)		09/18/29		THB	8,880		88			3			85
3-mo. STIBOR, 4.03%	Quarterly	2.52%	Annual		09/18/24	(a)		09/18/29		SEK	4,930		(1,112	)		2,517			(3,629	)
6-mo. EURIBOR, 3.85%	Semi-Annual	2.52%	Annual		09/18/24	(a)		09/18/29		EUR	610		(40	)		2,149			(2,189	)
1-Day SORA, 3.69%	Semi-Annual	2.80%	Semi-Annual		09/18/24	(a)		09/18/29		SGD	1,720		(7,547	)		14			(7,561	)
1-Day SORA, 3.69%	Semi-Annual	2.80%	Semi-Annual		09/18/24	(a)		09/18/29		SGD	1,720		(7,518	)		14			(7,532	)
6-mo. PRIBOR, 5.23%	Semi-Annual	3.00%	Annual		09/18/24	(a)		09/18/29		CZK	63,340		(58,029	)		31			(58,060	)
3.24%	Semi-Annual	1-Day CORRA, 5.00%	Semi-Annual		09/18/24	(a)		09/18/29		CAD	1,020		3,683			(1,115	)		4,798
3.77%	Annual	1-Day SONIA, 5.19%	Annual		09/18/24	(a)		09/18/29		GBP	510		(4,066	)		623			(4,689	)

18

Schedule of Investments (unaudited) (continued) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio

Centrally Cleared Interest Rate Swaps (continued)

				Effective Date			Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Paid by the Master Portfolio		Received by the Master Portfolio
Rate	Frequency	Rate	Frequency
3.80%	Annual	6-mo. NIBOR, 4.87%	Semi-Annual		09/18/24	(a)		09/18/29		NOK	22,940	$	(3,829	)	$	(19,097	)	$	15,268
3.85%	Annual	1-Day SOFR, 5.34%	Annual		09/18/24	(a)		09/18/29		USD	670		(1,222	)		(813	)		(409	)
3.94%	Semi-Annual	6-mo. BBSW, 4.50%	Semi-Annual		09/18/24	(a)		09/18/29		AUD	270		66			2			64
3.94%	Semi-Annual	6-mo. BBSW, 4.50%	Semi-Annual		09/18/24	(a)		09/18/29		AUD	3,110		671			23			648
4.16%	Semi-Annual	3-mo. BBR, 5.71%	Quarterly		09/18/24	(a)		09/18/29		NZD	760		(129	)		5			(134	)
6-mo. WIBOR, 5.86%	Semi-Annual	4.81%	Annual		09/18/24	(a)		09/18/29		PLN	4,560		386			13			373
8.47%	Quarterly	3-mo. JIBAR, 8.35%	Quarterly		09/18/24	(a)		09/18/29		ZAR	18,850		11,626			11			11,615
3-mo. KRW CDC, 3.64%	Quarterly	3.14%	Quarterly		09/19/24	(a)		09/19/29		KRW	2,051,670		(4,084	)		17			(4,101	)
3-mo. KRW CDC, 3.64%	Quarterly	3.16%	Quarterly		09/19/24	(a)		09/19/29		KRW	1,159,640		(1,833	)		10			(1,843	)
3.67%	Quarterly	3-mo. HIBOR, 4.72%	Quarterly		09/19/24	(a)		09/19/29		HKD	10,630		7,124			15			7,109
3.78%	Quarterly	3-mo. HIBOR, 4.72%	Quarterly		09/19/24	(a)		09/19/29		HKD	4,890		405			7			398
6-mo. EURIBOR, 3.85%	Semi-Annual	2.64%	Annual		06/19/24	(a)		06/19/34		EUR	22,260		180,390			(58,787	)		239,177
1-Day SONIA, 5.19%	Annual	3.74%	Annual		06/19/24	(a)		06/19/34		GBP	16,900		213,286			40,256			173,030
1-Day SOFR, 5.34%	Annual	3.87%	Annual		06/20/24	(a)		06/20/34		USD	25,720		158,374			(22,311	)		180,685
2.39%	Annual	6-mo. EURIBOR, 3.85%	Semi-Annual		06/19/24	(a)		06/19/54		EUR	11,400		(216,631	)		24,251			(240,882	)
3.66%	Annual	1-Day SOFR, 5.34%	Annual		06/20/24	(a)		06/20/54		USD	11,560		(148,280	)		(6,571	)		(141,709	)
												$	(148,473	)	$	46,258		$	(194,731	)

^(a)  Forward Swap.

Centrally Cleared Inflation Swaps

				Termination Date		Notional Amount (000)			Value		Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Paid by the Master Portfolio		Received by the Master Portfolio
Reference	Frequency	Rate	Frequency
2.46%	At Termination	US CPI for All Urban Consumers NSA	At Termination		02/05/34		USD	1,330	$	9,416	$	(1,893	)	$	11,309
2.44%	At Termination	US CPI for All Urban Consumers NSA	At Termination		02/06/34		USD	1,330		11,528		473			11,055
2.48%	At Termination	US CPI for All Urban Consumers NSA	At Termination		02/08/34		USD	690		3,996		14			3,982
2.19%	At Termination	Eurostat Eurozone HICP Ex Tobacco Unrevised	At Termination		02/15/34		EUR	860		2,857		(419	)		3,276
2.19%	At Termination	Eurostat Eurozone HICP Ex Tobacco Unrevised	At Termination		02/15/34		EUR	270		766		336			430
3.60%	At Termination	UK RPI All Items NSA	At Termination		02/15/34		GBP	720		9,214		2,598			6,616
3.64%	At Termination	UK RPI All Items NSA	At Termination		02/15/34		GBP	270		2,181		422			1,759
2.52%	At Termination	US CPI for All Urban Consumers NSA	At Termination		02/22/34		USD	380		984		(328	)		1,312
2.53%	At Termination	US CPI for All Urban Consumers NSA	At Termination		02/26/34		USD	1,690		3,455		35			3,420
2.51%	At Termination	US CPI for All Urban Consumers NSA	At Termination		02/27/34		USD	330		1,233		257			976
2.50%	At Termination	US CPI for All Urban Consumers NSA	At Termination		02/28/34		USD	690		3,087		14			3,073
		US CPI for All Urban
2.52%	At Termination	Consumers NSA	At Termination		03/05/34		USD	330		950		106			844
		US CPI for All Urban
2.53%	At Termination	Consumers NSA	At Termination		03/06/34		USD	680		1,427		14			1,413
2.49%	At Termination	US CPI for All Urban Consumers NSA	At Termination		03/14/34		USD	410		2,014		14			2,000
2.18%	At Termination	Eurostat Eurozone HICP Ex Tobacco Unrevised	At Termination		03/15/34		EUR	340		1,795		(179	)		1,974
2.19%	At Termination	Eurostat Eurozone HICP Ex Tobacco Unrevised	At Termination		03/15/34		EUR	270		1,148		(586	)		1,734
2.22%	At Termination	Eurostat Eurozone HICP Ex Tobacco Unrevised	At Termination		03/15/34		EUR	320		623		59			564
2.23%	At Termination	Eurostat Eurozone HICP Ex Tobacco Unrevised	At Termination		03/15/34		EUR	580		490		(680	)		1,170

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 19

Schedule of Investments (unaudited) (continued) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio

Centrally Cleared Inflation Swaps (continued)

				Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Paid by the Master Portfolio		Received by the Master Portfolio
Reference	Frequency	Rate	Frequency
2.24%	At Termination	Eurostat Eurozone HICP Ex Tobacco Unrevised	At Termination		03/15/34		EUR	270	$	(140	)	$	198		$	(338	)
2.24%	At Termination	Eurostat Eurozone HICP Ex Tobacco Unrevised	At Termination		03/15/34		EUR	280		(89	)		(425	)		336
2.25%	At Termination	Eurostat Eurozone HICP Ex Tobacco Unrevised	At Termination		03/15/34		EUR	270		(384	)		171			(555	)
3.55%	At Termination	UK RPI All Items NSA	At Termination		03/15/34		GBP	470		7,151			1,609			5,542
3.59%	At Termination	UK RPI All Items NSA	At Termination		03/15/34		GBP	410		4,125			1,590			2,535
3.64%	At Termination	UK RPI All Items NSA	At Termination		03/15/34		GBP	500		1,891			560			1,331
3.64%	At Termination	UK RPI All Items NSA	At Termination		03/15/34		GBP	490		2,242			709			1,533
3.65%	At Termination	UK RPI All Items NSA	At Termination		03/15/34		GBP	230		843			307			536
2.52%	At Termination	US CPI for All Urban Consumers NSA	At Termination		03/25/34		USD	5,200		13,668			19,295			(5,627	)
									$	86,471		$	24,271		$	62,200

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 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 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	$	—	$	72,943,967	$	—	$	72,943,967
Common Stocks		—		—		1		1
Corporate Bonds		—		236,061,446		—		236,061,446
Foreign Agency Obligations		—		3,089,741		—		3,089,741
Municipal Bonds		—		4,124,511		—		4,124,511
Non-Agency Mortgage-Backed Securities		—		63,656,127		10,823		63,666,950
U.S. Government Sponsored Agency Securities		—		200,083,904		—		200,083,904
U.S. Treasury Obligations		—		137,530,612		—		137,530,612

20

Schedule of Investments (unaudited) (continued) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Short-Term Securities
Money Market Funds	$	31,940,680		$	—		$	—	$	31,940,680
Liabilities
Investments
TBA Sale Commitments		—			(4,343,794	)		—		(4,343,794	)
	$	31,940,680		$	713,146,514		$	10,824	$	745,098,018
Derivative Financial Instruments(a)
Assets
Credit Contracts	$	—		$	19,135		$	—	$	19,135
Foreign Currency Exchange Contracts		—			591,232			—		591,232
Interest Rate Contracts		532,186			874,260			—		1,406,446
Other Contracts		—			68,720			—		68,720
Liabilities
Credit Contracts		—			(351,140	)		—		(351,140	)
Foreign Currency Exchange Contracts		—			(683,910	)		—		(683,910	)
Interest Rate Contracts		(181,902	)		(1,068,991	)		—		(1,250,893	)
Other Contracts		—			(6,520	)		—		(6,520	)
	$	350,284		$	(557,214	)	$	—	$	(206,930	)

^(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
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
COP	Colombian Peso
CZK	Czech Koruna
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TWD	New Taiwan Dollar

Currency Abbreviation (continued)
USD	United States Dollar
ZAR	South African Rand
Portfolio Abbreviation
ABS	Asset-Backed Security
ARB	Airport Revenue Bonds
BAB	Build America Bond
BBR	Bank Bill Rate
BBSW	Bank Bill Swap Rate
CMT	Constant Maturity Treasury
CORRA	Overnight Bank of Canada Repo Rate
CPI	Consumer Price Index
CVR	Contingent Value Right
DAC	Designated Activity Company
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
MXIBTIIE	Mexico Interbank TIIE 28-Day
NIBOR	Norwegian Interbank Offered Rate
PIK	Payment-in-Kind
PRIBOR	Prague Interbank Offer Rate
RB	Revenue Bond
REMIC	Real Estate Mortgage Investment Conduit

MASTER PORTFOLIO SCHEDULE OF INVESTMENTS 21

Schedule of Investments (unaudited) (continued) March 31, 2024 Advantage CoreAlpha Bond Master Portfolio

Portfolio Abbreviation (continued)
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
THOR	Thai Overnight Repurchase Rate
UK RPI	United Kingdom Retail Price Index
WIBOR	Warsaw Interbank Offered Rate

 

22