BlackRock Funds VI NPORT-P BlackRock CoreAlpha Bond Fund (Sep 2020 report)

Schedule of Investments  (unaudited) September 30, 2020 BlackRock CoreAlpha Bond Fund (Percentages shown are based on Net Assets)

Mutual Fund	Value
CoreAlpha Bond Fund of Master Investment Portfolio	$	1,759,741,601
Total Investments — 100.0% (Cost: $1,709,096,084)		1,759,741,601
Liabilities in Excess of Other Assets — (0.0)%		(461,986	)
Net Assets — 100.0%	$	1,759,279,615

BlackRock CoreAlpha Bond Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in CoreAlpha Bond Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2020, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $1,759,741,601 and 93.3%, respectively.

The Fund records its investment in the Master Portfolio at fair value. The Fund’s investment in the Master Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Master Portfolio.

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 Fund has the ability to access

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

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

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

Certain investments of the Fund were fair valued using net asset value per share or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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

Schedule of Investments  (unaudited) September 30, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
AmeriCredit Automobile Receivables Trust
Series 2017-1, Class C, 2.71%, 08/18/22	$	1,812	$	1,827,195
Series 2017-3, Class C, 2.69%, 06/19/23		2,410		2,450,918
Series 2017-3, Class D, 3.18%, 07/18/23		1,270		1,310,866
Ameriquest Mortgage Securities, Inc., Series 2004-R4, Class M1, (1 mo. LIBOR US + 0.83%), 0.97%, 06/25/34(a)		26		26,532
Argent Securities, Inc., Series 2005-W2, Class A2C, (1 mo. LIBOR US + 0.36%), 0.51%, 10/25/35(a)		28		28,050
Avant Loans Funding Trust(b)
Series 2019-A, Class A, 3.48%, 07/15/22		19		18,535
Series 2020-REV1, Class A, 2.17%, 05/15/29		8,630		8,603,354
Avid Automobile Receivables Trust, Series 2019-1, Class A, 2.62%, 02/15/24(b)		1,220		1,232,933
Chase Funding Trust, Series 2004-2, Class 2A2, (1 mo. LIBOR US + 0.50%), 0.65%, 02/26/35(a)		120		114,203
College Loan Corp. Trust I, Series 2004-1, Class A4, (3 mo. LIBOR US + 0.19%), 0.43%, 04/25/24(a)		751		731,049
Conn’s Receivables Funding LLC(b)
Series 2018-A, Class A, 3.25%, 01/15/23		6		5,667
Series 2019-A, Class A, 3.40%, 10/16/23		699		700,433
Series 2019-B, Class A, 2.66%, 06/17/24		2,006		2,004,972
Conseco Finance Corp., Series 1996-9, Class M1, 7.63%, 08/15/27(c)		40		42,174
Consumer Loan Underlying Bond CLUB Credit Trust(b)
Series 2019-HP1, Class A, 2.59%, 12/15/26		5,089		5,146,328
Series 2020-P1, Class A, 2.26%, 03/15/28		6,281		6,328,230
Consumer Loan Underlying Bond Credit Trust(b)
Series 2018-P2, Class A, 3.47%, 10/15/25		129		128,980
Series 2018-P3, Class A, 3.82%, 01/15/26		1,193		1,201,103
Series 2019-P1, Class A, 2.94%, 07/15/26		2,228		2,245,051
Countrywide Asset-Backed Certificates, Series 2004-1, Class M1, (1 mo. LIBOR US + 0.75%), 0.90%, 03/25/34(a)		17		16,680
CPS Auto Receivables Trust, Series 2020-B, Class A, 1.15%, 07/17/23(b)		1,645		1,650,753
Drive Auto Receivables Trust
Series 2016-BA, Class D, 4.53%, 08/15/23(b)		739		743,194
Series 2016-CA, Class D, 4.18%, 03/15/24(b)		637		648,566
Series 2017-1, Class D, 3.84%, 03/15/23		2,069		2,095,054
Series 2017-2, Class D, 3.49%, 09/15/23		808		818,091
Series 2017-3, Class D, 3.53%, 12/15/23(b)		5,821		5,915,815
Series 2017-AA, Class D, 4.16%, 05/15/24(b)		978		989,404
Series 2017-BA, Class D, 3.72%, 10/17/22(b)		686		688,836
Series 2018-1, Class D, 3.81%, 05/15/24		4,404		4,502,223
Series 2018-2, Class C, 3.63%, 08/15/24		899		903,562
Series 2018-2, Class D, 4.14%, 08/15/24		2,360		2,450,466
Series 2018-3, Class C, 3.72%, 09/16/24		1,114		1,124,056
Series 2018-3, Class D, 4.30%, 09/16/24		4,840		5,056,209
Series 2018-4, Class C, 3.66%, 11/15/24		3,857		3,905,244
Series 2018-4, Class D, 4.09%, 01/15/26		1,420		1,483,083
Series 2019-1, Class B, 3.41%, 06/15/23		4,873		4,896,138
Series 2019-1, Class C, 3.78%, 04/15/25		4,350		4,470,765
Series 2019-2, Class B, 3.17%, 11/15/23		425		430,540
Series 2019-2, Class C, 3.42%, 06/16/25		8,500		8,747,745
Series 2020-1, Class C, 2.36%, 03/16/26		7,240		7,418,223
Series 2020-2, Class A2A, 0.85%, 07/17/23		1,982		1,985,139

Security	Par (000)		Value
Asset-Backed Securities (continued)
Drive Auto Receivables Trust (continued)
Series 2020-2, Class A3, 0.83%, 05/15/24	$	1,150	$	1,155,160
Series 2020-2, Class B, 1.42%, 03/17/25		2,950		2,984,232
Series 2020-2, Class C, 2.28%, 08/17/26		1,890		1,943,533
DT Auto Owner Trust(b)
Series 2019-3A, Class C, 2.74%, 04/15/25		3,050		3,103,308
Series 2020-2A, Class A, 1.14%, 01/16/24		2,471		2,480,424
Enva LLC, Series 2019-A, Class A, 3.96%, 06/22/26(b)		925		927,555
Exeter Automobile Receivables Trust
Series 2018-4A, Class B, 3.64%, 11/15/22(b)		462		462,562
Series 2019-1A, Class B, 3.45%, 02/15/23(b)		3,817		3,836,013
Series 2020-1A, Class B, 2.26%, 04/15/24(b)		9,560		9,702,286
Series 2020-2A, 1.13%, 08/15/23(b)		9,394		9,423,676
Series 2020-3A, Class B, 0.79%, 09/16/24		4,340		4,341,795
Flagship Credit Auto Trust, Series 2016-3, Class C, 2.72%, 07/15/22(b)		1,137		1,139,119
Ford Credit Auto Owner Trust(b)
Series 2018-1, Class A, 3.19%, 07/15/31		2,870		3,161,931
Series 2019-1, Class A, 3.52%, 07/15/30		450		492,005
GSAA Home Equity Trust, Series 2005-5, Class M3, (1 mo. LIBOR US + 0.95%), 1.09%, 02/25/35(a)		28		28,144
Marlette Funding Trust(b)
Series 2018-3A, Class B, 3.86%, 09/15/28		1,364		1,371,919
Series 2018-4A, Class A, 3.71%, 12/15/28		525		528,424
Series 2019-1A, Class A, 3.44%, 04/16/29		1,901		1,919,560
Series 2019-2A, Class A, 3.13%, 07/16/29		1,400		1,414,327
Series 2019-3A, Class A, 2.69%, 09/17/29		2,231		2,249,540
Series 2019-4A, Class A, 2.39%, 12/17/29		3,013		3,041,572
Series 2020-1A, Class A, 2.24%, 03/15/30		1,797		1,810,827
Series 2020-2A, 1.02%, 09/16/30		7,576		7,588,349
OneMain Financial Issuance Trust, Series 2019-2A, Class A, 3.14%, 10/14/36(b)		5,690		6,094,468
Prestige Auto Receivables Trust, Series 2016-1A, Class D, 5.15%, 11/15/21(b)		2,213		2,217,009
Prosper Marketplace Issuance Trust(b)
Series 2019-1A, Class A, 3.54%, 04/15/25		37		36,679
Series 2019-2A, Class A, 3.20%, 09/15/25		336		336,101
Series 2019-3A, Class A, 3.19%, 07/15/25		1,699		1,706,718
Series 2019-4A, Class A, 2.48%, 02/17/26		1,133		1,137,717
Santander Drive Auto Receivables Trust
Series 2016-3, Class D, 2.80%, 08/15/22		3,113		3,135,683
Series 2017-2, Class D, 3.49%, 07/17/23		5,912		6,005,004
Series 2017-3, Class D, 3.20%, 11/15/23		8,000		8,183,245
Series 2018-5, Class D, 4.19%, 12/16/24		5,190		5,402,003
Series 2019-3, Class B, 2.28%, 09/15/23		5,330		5,394,811
Series 2020-2, Class B, 0.96%, 11/15/24		1,520		1,524,998
Series 2020-2, Class C, 1.46%, 09/15/25		3,030		3,067,132
Santander Revolving Auto Loan Trust,
Series 2019-A, Class A, 2.51%, 01/26/32(b)		4,790		5,074,169
SoFi Consumer Loan Program LLC(b)
Series 2016-1, Class A, 3.26%, 08/25/25		482		485,209
Series 2017-1, Class A, 3.28%, 01/26/26		174		174,363
Series 2017-3, Class A, 2.77%, 05/25/26		213		214,048
Series 2017-4, Class A, 2.50%, 05/26/26		72		72,777
Series 2017-6, Class A2, 2.82%, 11/25/26		279		281,304
SoFi Consumer Loan Program Trust,
Series 2018-1, Class A2, 3.14%, 02/25/27(b)		655		659,775

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

Schedule of Investments  (unaudited) (continued) September 30, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities (continued)
SoFi Professional Loan Program LLC, Series 2015-B, Class A2, 2.51%, 09/27/32(b)	$	37	$	37,571
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/33(b)		5,680		5,829,982
Upgrade Receivables Trust, Series 2019-2A, Class A, 2.77%, 10/15/25(b)		1,350		1,353,298
Upstart Securitization Trust(b)
Series 2019-3, Class A, 2.68%, 01/21/30		1,364		1,375,483
Series 2020-1, Class A, 2.32%, 04/22/30		5,624		5,665,361
Westlake Automobile Receivables Trust(b)
Series 2018-1A, Class D, 3.41%, 05/15/23		3,000		3,028,753
Series 2018-3A, Class B, 3.32%, 10/16/23		2,176		2,182,432
Series 2018-3A, Class C, 3.61%, 10/16/23		2,980		3,021,909
Series 2018-3A, Class D, 4.00%, 10/16/23		1,140		1,176,762
Series 2019-1A, Class B, 3.26%, 10/17/22		4,000		4,043,616
Series 2019-2A, Class B, 2.62%, 07/15/24		1,200		1,218,408
Series 2020-2A, Class B, 1.32%, 07/15/25		1,310		1,317,835
Series 2020-2A, Class C, 2.01%, 07/15/25		4,280		4,341,843
Total Asset-Backed Securities — 13.0% (Cost: $241,932,832)				245,989,086
	Shares
Common Stocks
Diversified Financial Services — 0.0%
HoldCo 2 NPV(d)		1,807,150		1
Total Common Stocks — 0.0% (Cost: $ — )				1
	Par (000)
Corporate Bonds
Aerospace & Defense — 0.5%
3M Co. 2.25%, 03/15/23(e)	$	935		977,752
2.65%, 04/15/25		1,710		1,855,486
Boeing Co. 4.51%, 05/01/23		1,475		1,555,151
4.88%, 05/01/25		1,080		1,175,175
General Dynamics Corp., 3.25%, 04/01/25		1,130		1,251,078
General Electric Co., 3.63%, 05/01/30		495		512,629
Howmet Aerospace, Inc., 6.88%, 05/01/25		1,248		1,379,040
Lockheed Martin Corp. 1.85%, 06/15/30		195		202,976
2.80%, 06/15/50		60		63,063
Raytheon Co., 3.13%, 10/15/20		1,190		1,191,222
Raytheon Technologies Corp., 2.80%, 03/15/22(b)		275		283,535
				10,447,107
Auto Components — 0.1%
Aptiv Corp., 4.15%, 03/15/24		1,625		1,785,718
Lear Corp., 5.25%, 05/15/49		320		347,097
				2,132,815
Automobiles — 1.1%
American Honda Finance Corp., 1.20%, 07/08/25		900		906,750
Ford Motor Co., 5.29%, 12/08/46(e)		1,200		1,125,750

Security	Par (000)		Value
Automobiles (continued)
Ford Motor Credit Co. LLC, 5.58%, 03/18/24	$	1,200	$	1,248,285
General Motors Financial Co. Inc., 2.90%, 02/26/25		1,335		1,375,811
General Motors Financial Co., Inc. 4.20%, 03/01/21		900		911,019
4.20%, 11/06/21		1,500		1,548,217
3.45%, 04/10/22		1,780		1,830,061
3.55%, 07/08/22		3,345		3,456,122
3.25%, 01/05/23		1,200		1,240,185
3.70%, 05/09/23		2,850		2,978,234
4.15%, 06/19/23		1,155		1,226,056
PACCAR Financial Corp. 1.90%, 02/07/23		1,900		1,963,552
0.80%, 06/08/23		170		171,202
				19,981,244
Banks — 3.4%
Bank of America NA, (3 mo. LIBOR US + 0.65%), 3.34%, 01/25/23(f)		605		627,807
Bank of Montreal, 2.05%, 11/01/22		2,565		2,651,001
Barclays Bank PLC 2.65%, 01/11/21		200		200,813
1.70%, 05/12/22		330		335,696
Canadian Imperial Bank of Commerce 0.95%, 06/23/23		2,020		2,038,160
2.25%, 01/28/25		1,960		2,067,195
(3 mo. LIBOR US + 0.79%), 2.61%, 07/22/23(f)		350		362,732
Citibank NA, 3.65%, 01/23/24		3,855		4,225,029
Credit Suisse AG, New York 2.80%, 04/08/22		1,280		1,325,478
1.00%, 05/05/23		2,170		2,192,743
Fifth Third Bancorp, 2.38%, 01/28/25		850		900,274
Fifth Third Bank, 1.80%, 01/30/23		485		498,432
First Republic Bank, (Secured Overnight Financing Rate + 0.62%), 1.91%, 02/12/24(f)		2,500		2,569,553
Huntington National Bank (The), 1.80%, 02/03/23(e)		2,330		2,394,654
ING Groep NV 3.15%, 03/29/22(e)		415		430,602
4.10%, 10/02/23		2,290		2,509,188
KeyBank NA/Cleveland OH, 1.25%, 03/10/23		1,230		1,252,718
National Bank of Canada, 2.10%, 02/01/23		1,180		1,219,911
Royal Bank of Canada 1.95%, 01/17/23		2,105		2,177,444
1.60%, 04/17/23		940		964,665
2.25%, 11/01/24		1,750		1,854,974
1.15%, 06/10/25		8,410		8,527,472
Santander Holdings USA Inc., 3.45%, 06/02/25		1,930		2,063,946
Santander UK PLC, 3.75%, 11/15/21		1,340		1,387,178
Svenska Handelsbanken AB 2.45%, 03/30/21		800		808,610
3.90%, 11/20/23		2,700		2,979,657
Toronto-Dominion Bank, 2.65%, 06/12/24		3,300		3,530,751
Truist Bank, 2.80%, 05/17/22		200		207,747
Truist Financial Corp., 1.20%, 08/05/25		5,850		5,955,715
Wells Fargo & Co. 3.75%, 01/24/24		1,540		1,673,242
3.30%, 09/09/24		1,590		1,731,998
3.00%, 02/19/25		800		865,232

2

Schedule of Investments  (unaudited) (continued) September 30, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Wells Fargo Bank NA(f)
(3 mo. LIBOR US + 0.61%), 2.90%, 05/27/22(e)	$	250	$	253,933
(3 mo. LIBOR US + 0.65%), 2.08%, 09/09/22		1,010		1,024,284
Westpac Banking Corp., 2.00%, 01/13/23(e)		500		518,315
				64,327,149
Beverages — 1.0%
Ball Corp., 2.88%, 08/15/30		320		316,400
Coca-Cola Co., 2.95%, 03/25/25		1,470		1,615,579
Constellation Brands, Inc., 3.75%, 05/01/50(e)		350		390,802
Diageo Capital PLC 2.13%, 10/24/24		4,280		4,538,107
2.00%, 04/29/30		4,255		4,388,409
2.13%, 04/29/32		750		783,289
Keurig Dr. Pepper, Inc., 3.55%, 05/25/21		3,015		3,075,425
PepsiCo, Inc. 2.85%, 02/24/26(e)		800		888,353
3.00%, 10/15/27(e)		1,190		1,344,373
3.45%, 10/06/46		15		17,388
3.38%, 07/29/49		955		1,102,996
				18,461,121
Biotechnology — 0.5%
Amgen, Inc. 2.65%, 05/11/22		820		848,304
3.63%, 05/22/24(e)		800		880,496
3.13%, 05/01/25		800		878,341
2.60%, 08/19/26		800		869,729
Gilead Sciences, Inc. 0.75%, 09/29/23		405		405,850
3.50%, 02/01/25(e)		400		442,851
2.60%, 10/01/40		285		283,393
2.80%, 10/01/50		195		192,707
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/30		4,995		4,889,006
Royalty Pharma PLC(b) 0.75%, 09/02/23		80		79,853
1.20%, 09/02/25		80		79,726
				9,850,256
Building Materials — 0.2%
Carrier Global Corp.(b) 1.92%, 02/15/23		215		221,214
2.24%, 02/15/25(e)		360		375,541
2.70%, 02/15/31		325		338,595
3.38%, 04/05/40		1,980		2,074,494
Masco Corp., 2.00%, 10/01/30		160		160,060
US Concrete, Inc., 5.13%, 03/01/29(b)		80		80,200
				3,250,104
Building Products — 0.2%
Allegion PLC, 3.50%, 10/01/29		630		687,666
Home Depot Inc. (The), 3.13%, 12/15/49		1,240		1,383,311
Home Depot, Inc., 5.40%, 09/15/40		200		284,518
Lowe’s Cos., Inc. 4.00%, 04/15/25		490		556,040
4.55%, 04/05/49		235		301,545
5.13%, 04/15/50		380		524,443
				3,737,523
Capital Markets — 0.8%
Ameriprise Financial, Inc., 3.00%, 04/02/25		930		1,017,251

Security	Par (000)		Value
Capital Markets (continued)
Ares Capital Corp. 4.20%, 06/10/24	$	4,815	$	5,015,776
3.25%, 07/15/25		3,070		3,040,958
Brookfield Finance LLC, 3.45%, 04/15/50		1,000		978,491
Brookfield Finance, Inc.
3.90%, 01/25/28		213		237,198
4.70%, 09/20/47		5		5,891
FS KKR Capital Corp. 4.63%, 07/15/24		950		960,875
4.13%, 02/01/25		680		675,735
Nomura Holdings, Inc., 2.65%, 01/16/25		2,940		3,096,085
				15,028,260
Chemicals — 1.6%
Air Products and Chemicals, Inc. 2.70%, 05/15/40		645		686,879
2.80%, 05/15/50		645		687,929
DuPont de Nemours, Inc., 3.77%, 11/15/20		3,920		3,936,087
Emerson Electric Co. 2.63%, 12/01/21		800		820,695
2.63%, 02/15/23		1,190		1,246,723
FMC Corp. 3.20%, 10/01/26		2,098		2,318,084
3.45%, 10/01/29(e)		1,980		2,205,123
International Flavors & Fragrances, Inc.(e) 3.20%, 05/01/23		1,590		1,656,744
4.45%, 09/26/28		100		117,359
Methanex Corp., 5.25%, 12/15/29(e)		725		716,844
RPM International, Inc., 3.75%, 03/15/27		1,000		1,099,650
Sherwin-Williams Co. 4.20%, 01/15/22		1,590		1,649,757
3.13%, 06/01/24		265		286,300
3.30%, 02/01/25		800		847,331
3.95%, 01/15/26		400		448,899
3.45%, 06/01/27		4,710		5,289,401
2.95%, 08/15/29		3,330		3,664,993
4.50%, 06/01/47		770		956,558
3.80%, 08/15/49		710		807,929
Sherwin-Williams Co. (The), 3.30%, 05/15/50		95		100,596
				29,543,881
Commercial Services & Supplies(b) — 0.0%
AMN Healthcare, Inc., 4.63%, 10/01/27(e)		130		133,250
Aviation Capital Group LLC, 6.75%, 04/06/21		300		305,814
Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, 08/31/27		205		196,645
				635,709
Construction & Engineering — 0.2%
Landesbank Baden-Wuerttemberg, 7.63%, 02/01/23(e)		2,974		3,454,496
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28(b)		200		202,000
				3,656,496
Construction Materials — 0.0%
Allegion US Holding Co., Inc., 3.55%, 10/01/27		125		135,717
Consumer Discretionary — 0.1%
Royal Caribbean Cruises Ltd., 11.50%, 06/01/25(b)		1,350		1,566,075
Consumer Finance — 2.0%
American Express Co. 2.75%, 05/20/22		3,400		3,520,881

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

Schedule of Investments  (unaudited) (continued) September 30, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Consumer Finance (continued)
American Express Co. (continued)
2.50%, 08/01/22(e)	$	1,000	$	1,036,290
3.70%, 08/03/23		1,500		1,628,350
Capital One Financial Corp. 2.40%, 10/30/20		1,090		1,090,000
3.45%, 04/30/21		740		751,861
Equifax, Inc. 2.60%, 12/15/25		275		293,598
3.10%, 05/15/30		530		577,414
Global Payments, Inc. 4.00%, 06/01/23		1,400		1,516,846
3.20%, 08/15/29		205		223,602
IHS Markit Ltd. 4.13%, 08/01/23		1,244		1,352,850
4.75%, 08/01/28		2,105		2,504,087
4.25%, 05/01/29		40		46,403
Mastercard, Inc. 3.38%, 04/01/24		900		990,352
3.65%, 06/01/49		4,960		6,065,674
PayPal Holdings, Inc. 2.20%, 09/26/22		4,580		4,733,942
2.85%, 10/01/29		4,520		4,974,861
3.25%, 06/01/50		320		353,988
S&P Global, Inc. 2.95%, 01/22/27		685		766,339
2.50%, 12/01/29		965		1,050,647
2.30%, 08/15/60		1,310		1,186,763
Visa, Inc. 3.65%, 09/15/47		1,065		1,306,131
2.00%, 08/15/50		1,420		1,303,287
				37,274,166
Containers & Packaging — 0.0%
Clearwater Paper Corp., 4.75%, 08/15/28(b)		150		150,375
County/City/Special District/School District — 0.3%
VF Corp., 2.05%, 04/23/22		4,725		4,844,040
Diversified Financial Services — 6.9%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 4.50%, 09/15/23		1,015		1,046,009
Air Lease Corp., 3.38%, 07/01/25		900		919,674
Aircastle Ltd., 4.25%, 06/15/26		1,985		1,835,887
Ally Financial, Inc. 3.05%, 06/05/23		290		301,345
1.45%, 10/02/23		565		564,374
Banco Santander SA 3.50%, 04/11/22		600		622,366
2.75%, 05/28/25		1,600		1,678,325
Bank of America Corp.(f)
(3 mo. LIBOR US + 0.63%), 3.50%, 05/17/22		1,395		1,421,154
(3 mo. LIBOR US + 0.79%), 3.00%, 12/20/23		1,095		1,149,526
(3 mo. LIBOR US + 0.94%), 3.86%, 07/23/24(e)		3,400		3,682,142
(3 mo. LIBOR US + 1.02%), 2.88%, 04/24/23(e)		3,000		3,103,167
(3 mo. LIBOR US + 1.21%), 3.97%, 02/07/30		175		202,789
(3 mo. LIBOR US + 1.32%), 4.08%, 04/23/40		70		83,348
(3 mo. LIBOR US + 1.81%), 4.24%, 04/24/38		2,550		3,107,461
(Secured Overnight Financing Rate + 0.91%), 0.98%, 09/25/25		950		949,781
(Secured Overnight Financing Rate + 1.15%), 1.32%, 06/19/26		2,030		2,045,297

Security	Par (000)		Value
Diversified Financial Services (continued)
Bank of America Corp.(f) (continued)
(Secured Overnight Financing Rate + 1.93%), 2.68%, 06/19/41	$	1,015	$	1,036,398
Citigroup, Inc. 4.75%, 05/18/46		1,080		1,355,379
4.65%, 07/23/48		160		211,007
(3 mo. LIBOR US + 0.72%), 3.14%, 01/24/23(f)		1,600		1,650,944
(3 mo. LIBOR US + 0.90%), 3.35%, 04/24/25(f)		2,805		3,034,797
(Secured Overnight Financing Rate + 1.67%), 1.68%, 05/15/24(f)		800		819,535
(Secured Overnight Financing Rate + 2.11%), 2.57%, 06/03/31(f)		1,100		1,152,877
(Secured Overnight Financing Rate + 2.75%), 3.11%, 04/08/26(f)		1,630		1,764,208
Clorox Co., 3.50%, 12/15/24		800		889,760
Credit Suisse Group Funding Guernsey Ltd. 3.45%, 04/16/21		2,030		2,064,000
3.80%, 09/15/22		670		708,958
3.80%, 06/09/23	��	300		322,747
Deutsche Bank AG, New York, (Secured Overnight Financing Rate + 2.16%), 2.22%, 09/18/24(f)		1,710		1,721,884
GE Capital International Funding Co., 4.42%, 11/15/35		810		855,003
Goldman Sachs Group, Inc. 2.35%, 11/15/21		1,600		1,603,667
3.00%, 04/26/22		2,000		2,028,886
3.50%, 04/01/25		2,470		2,726,065
3.75%, 05/22/25		2,300		2,556,226
3.75%, 02/25/26(e)		1,900		2,138,470
3.50%, 11/16/26		365		403,768
3.85%, 01/26/27		1,090		1,227,132
2.60%, 02/07/30(e)		6,060		6,405,388
3.80%, 03/15/30		2,010		2,329,706
6.75%, 10/01/37		500		726,464
(3 mo. LIBOR US + 1.20%), 3.27%, 09/29/25(f)		2,200		2,381,253
(3 mo. LIBOR US + 1.30%), 4.22%, 05/01/29(f)		550		641,417
(3 mo. LIBOR US + 1.37%), 4.02%, 10/31/38(f)		500		580,096
(3 mo. LIBOR US + 1.43%), 4.41%, 04/23/39(f)		680		830,199
Intercontinental Exchange, Inc. 0.70%, 06/15/23		2,920		2,927,463
4.25%, 09/21/48(e)		1,640		2,030,553
3.00%, 06/15/50		3,410		3,555,263
John Deere Capital Corp. 2.30%, 06/07/21(e)		3,195		3,237,313
2.60%, 03/07/24		750		801,894
JPMorgan Chase & Co. 4.25%, 10/15/20		1,770		1,772,513
3.25%, 09/23/22		780		824,444
3.20%, 01/25/23		1,380		1,466,910
3.38%, 05/01/23		5,400		5,761,560
3.63%, 05/13/24		400		441,528
3.13%, 01/23/25(e)		800		872,685
3.30%, 04/01/26		600		664,901
(3 mo. LIBOR US + 0.94%), 2.78%, 04/25/23(e)(f)		1,000		1,034,163
(3 mo. LIBOR US + 1.16%), 3.22%, 03/01/25(f)		600		644,496
(3 mo. LIBOR US + 1.38%), 3.96%, 11/15/48(f)		1,665		2,023,285
(Secured Overnight Financing Rate + 1.51%), 2.74%, 10/15/30(f)		610		653,513
Kimberly-Clark Corp. 2.40%, 06/01/23(e)		800		842,463

4

Schedule of Investments  (unaudited) (continued) September 30, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
Kimberly-Clark Corp. (continued) 2.88%, 02/07/50	$	670	$	745,523
Mitsubishi UFJ Financial Group, Inc., 2.05%, 07/17/30		2,420		2,446,149
Mizuho Financial Group, Inc.(f)
(3 mo. LIBOR US + 0.99%), 1.24%, 07/10/24		2,845		2,867,337
(3 mo. LIBOR US + 1.51%), 2.20%, 07/10/31		5,755		5,830,630
Morgan Stanley 5.75%, 01/25/21		2,220		2,257,934
2.63%, 11/17/21		1,195		1,224,851
2.75%, 05/19/22(e)		900		932,442
3.88%, 01/27/26		200		227,955
6.38%, 07/24/42		460		719,364
4.30%, 01/27/45		1,380		1,748,822
(3 mo. LIBOR US + 1.46%), 3.97%, 07/22/38(f)		1,840		2,180,408
(Secured Overnight Financing Rate + 1.99%), 2.19%, 04/28/26(f)		2,400		2,513,483
Nasdaq, Inc. 3.85%, 06/30/26		32		36,404
3.25%, 04/28/50		195		203,658
Natwest Group PLC, (1 year CMT + 2.15%), 2.36%, 05/22/24(f)		290		297,527
ORIX Corp., 2.90%, 07/18/22(e)		405		419,232
Sumitomo Mitsui Financial Group, Inc. 2.35%, 01/15/25		1,325		1,395,684
1.47%, 07/08/25		6,129		6,241,712
2.13%, 07/08/30		1,550		1,572,810
				130,295,751
Diversified Telecommunication Services — 0.9%
AT&T, Inc. 2.63%, 12/01/22		800		833,328
4.05%, 12/15/23(e)		400		443,248
4.45%, 04/01/24(e)		1,280		1,429,733
4.85%, 03/01/39		1,185		1,429,765
3.10%, 02/01/43		1,445		1,409,372
4.80%, 06/15/44		390		464,810
3.30%, 02/01/52		765		725,081
3.50%, 02/01/61		655		623,679
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		5		7,769
Switch Ltd., 3.75%, 09/15/28(b)		865		873,650
Verizon Communications, Inc. 3.50%, 11/01/24		2,500		2,760,128
3.38%, 02/15/25		1,000		1,114,563
4.50%, 08/10/33		2,600		3,297,672
4.13%, 08/15/46(e)		430		530,528
4.86%, 08/21/46		875		1,194,810
				17,138,136
Education — 0.0%
Ford Foundation (The) 2.42%, 06/01/50		5		5,137
2.82%, 06/01/70		30		31,301
Georgetown University, 2.94%, 04/01/50		27		26,797
Northwestern University, 2.64%, 12/01/50		266		275,771
President and Fellows of Harvard College, 2.52%, 10/15/50		54		56,069

Security	Par (000)		Value
Education (continued)
University of Chicago (The) 2.76%, 04/01/45	$	148	$	151,258
2.55%, 04/01/50		157		156,572
Yale University, 2.40%, 04/15/50		272		278,211
				981,116
Electric Utilities — 4.8%
AEP Texas, Inc., 2.10%, 07/01/30		2,830		2,907,342
AEP Transmission Co. LLC, 3.15%, 09/15/49(e)		30		32,151
Alabama Power Co. 3.38%, 10/01/20		800		800,000
2.80%, 04/01/25		800		861,820
3.45%, 10/01/49		370		422,039
Ameren Corp., 2.50%, 09/15/24		65		68,843
Ameren Illinois Co., 3.25%, 03/15/50		130		146,254
Appalachian Power Co. 3.40%, 06/01/25		800		877,403
Series X, 3.30%, 06/01/27		1,190		1,308,570
Arizona Public Service Co. 3.15%, 05/15/25(e)		400		437,483
2.95%, 09/15/27		800		872,327
3.50%, 12/01/49		240		266,965
3.35%, 05/15/50		120		132,167
Avangrid, Inc., 3.80%, 06/01/29		600		694,286
Baltimore Gas & Electric Co. 3.35%, 07/01/23		2,390		2,550,564
2.40%, 08/15/26		800		867,955
4.25%, 09/15/48		225		285,313
2.90%, 06/15/50		170		173,389
Berkshire Hathaway Energy Co., 4.45%, 01/15/49		500		640,975
CenterPoint Energy Houston Electric LLC,
Series Z, 2.40%, 09/01/26(e)		800		862,489
CenterPoint Energy, Inc., 4.25%, 11/01/28		730		870,324
Commonwealth Edison Co. 2.55%, 06/15/26		800		870,331
3.70%, 08/15/28		2,200		2,557,669
2.20%, 03/01/30		500		535,295
4.00%, 03/01/49		90		111,070
Consolidated Edison Co. of New York, Inc.
Series 06-A, 5.85%, 03/15/36		1,000		1,367,615
Series A, 4.13%, 05/15/49		50		60,503
Series B, 3.13%, 11/15/27(e)		800		892,015
Consumers Energy Co., 3.38%, 08/15/23(e)		800		862,010
Dominion Energy, Inc., 3.90%, 10/01/25		500		568,018
DTE Electric Co., 3.65%, 03/15/24(e)		1,590		1,732,170
DTE Energy Co.
Series B, 2.60%, 06/15/22		495		510,659
Series D, 3.70%, 08/01/23(e)		835		902,670
Duke Energy Corp. 2.65%, 09/01/26		1,000		1,081,774
4.20%, 06/15/49		700		859,713
Duke Energy Florida LLC 3.80%, 07/15/28		1,365		1,598,658
1.75%, 06/15/30		780		792,134
Duke Energy Ohio, Inc. 2.13%, 06/01/30		350		367,396
4.30%, 02/01/49(e)		100		126,534
Duke Energy Progress LLC, 3.25%, 08/15/25(e)		1,590		1,772,258
Entergy Corp., 0.90%, 09/15/25		285		283,857

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

Schedule of Investments  (unaudited) (continued) September 30, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric Utilities (continued)
Entergy Texas, Inc., 3.55%, 09/30/49(e)	$	520	$	584,817
Evergy Kansas Central, Inc. 2.55%, 07/01/26		800		867,068
3.45%, 04/15/50		130		147,329
Evergy Metro, Inc. 3.15%, 03/15/23		1,590		1,682,256
3.65%, 08/15/25		300		338,644
Evergy, Inc., 2.90%, 09/15/29		50		53,666
Eversource Energy
Series L, 2.90%, 10/01/24		1,530		1,655,978
Series M, 3.30%, 01/15/28		1,000		1,116,690
Exelon Corp., 5.15%, 12/01/20		360		360,000
Florida Power & Light Co. 2.75%, 06/01/23		1,590		1,671,020
3.25%, 06/01/24		800		867,472
4.05%, 10/01/44(e)		500		630,025
3.15%, 10/01/49		40		45,408
Georgia Power Co., 3.25%, 04/01/26		800		886,829
Indiana Michigan Power Co., Series J, 3.20%, 03/15/23		1,190		1,254,709
Interstate Power & Light Co., 3.25%, 12/01/24		800		877,204
Interstate Power and Light Co., 2.30%, 06/01/30		530		559,729
Kentucky Utilities Co., 3.30%, 06/01/50		320		351,524
MidAmerican Energy Co. 3.10%, 05/01/27		800		891,882
3.15%, 04/15/50(e)		490		542,997
National Rural Utilities Cooperative Finance Corp. 1.75%, 01/21/22		4,400		4,483,223
3.70%, 03/15/29		1,600		1,878,571
Nevada Power Co., 2.40%, 05/01/30		440		470,891
NextEra Energy Capital Holdings, Inc. 3.55%, 05/01/27		645		729,011
2.25%, 06/01/30		1,070		1,108,015
Northern States Power Co., 2.60%, 06/01/51		305		309,651
Oglethorpe Power Corp., 5.05%, 10/01/48		130		153,695
Oncor Electric Delivery Co. LLC, 3.80%, 06/01/49		320		389,394
Pacific Gas and Electric Co. 1.75%, 06/16/22		500		500,601
3.15%, 01/01/26		510		523,334
2.10%, 08/01/27		65		62,892
4.50%, 07/01/40		240		244,073
3.30%, 08/01/40(e)		90		82,649
4.95%, 07/01/50		400		426,829
3.50%, 08/01/50		340		306,551
PacifiCorp 2.95%, 06/01/23		800		848,158
4.13%, 01/15/49(e)		280		349,638
PECO Energy Co., 2.80%, 06/15/50		355		368,863
PPL Electric Utilities Corp.(e) 2.50%, 09/01/22		400		414,508
3.00%, 10/01/49		275		297,778
Progress Energy, Inc., 4.40%, 01/15/21		1,110		1,113,754
PSEG Power LLC 4.15%, 09/15/21		350		358,905
3.85%, 06/01/23		1,300		1,398,634
Public Service Co. of Colorado 3.70%, 06/15/28		1,800		2,100,651
4.05%, 09/15/49		20		25,308
Public Service Electric & Gas Co. 2.38%, 05/15/23		400		417,798

Security	Par (000)		Value
Electric Utilities (continued)
Public Service Electric & Gas Co. (continued)
2.25%, 09/15/26(e)	$	800	$	859,891
3.00%, 05/15/27(e)		500		554,001
3.70%, 05/01/28		800		936,715
2.05%, 08/01/50		915		842,292
Puget Sound Energy, Inc., 3.25%, 09/15/49(e)		390		436,839
San Diego Gas & Electric Co. 2.50%, 05/15/26(e)		400		431,446
Series NNN, 3.60%, 09/01/23		1,590		1,716,159
Sempra Energy 2.90%, 02/01/23		255		266,982
3.75%, 11/15/25(e)		200		223,637
Southern California Edison Co. 3.65%, 02/01/50		330		341,001
Series B, 4.88%, 03/01/49		260		315,959
Series C, 4.13%, 03/01/48		370		406,962
Southern Co., 3.25%, 07/01/26		2,400		2,678,066
Tucson Electric Power Co., 1.50%, 08/01/30		190		188,333
Union Electric Co., 4.00%, 04/01/48		500		614,668
Virginia Electric & Power Co. 3.30%, 12/01/49		610		705,683
Series A, 3.80%, 04/01/28		3,300		3,879,498
Series C, 2.75%, 03/15/23		1,250		1,309,580
WEC Energy Group, Inc., 0.55%, 09/15/23		1,085		1,086,949
Wisconsin Electric Power Co., 3.10%, 06/01/25		800		872,852
Wisconsin Power & Light Co., 3.05%, 10/15/27		1,090		1,214,998
Wisconsin Public Service Corp., 3.30%, 09/01/49		85		94,968
Xcel Energy, Inc. 4.00%, 06/15/28(e)		900		1,059,183
3.50%, 12/01/49		50		55,545
				89,771,837
Electrical Equipment — 0.2%
Roper Technologies, Inc. 3.65%, 09/15/23(e)		1,800		1,955,308
3.80%, 12/15/26		1,000		1,153,930
				3,109,238
Electronic Equipment, Instruments & Components — 0.4%
ABB Finance USA, Inc., 3.80%, 04/03/28		400		475,395
Amphenol Corp., 2.05%, 03/01/25		300		314,594
Honeywell International, Inc., 2.30%, 08/15/24		1,050		1,119,737
Keysight Technologies, Inc. 4.60%, 04/06/27		2,890		3,378,090
3.00%, 10/30/29(e)		1,756		1,919,582
				7,207,398
Energy Equipment & Services — 0.0%
Halliburton Co., 5.00%, 11/15/45		140		144,403
National Oilwell Varco, Inc., 3.60%, 12/01/29		99		96,156
				240,559
Environmental, Maintenance, & Security Service — 0.1%
Waste Connections, Inc., 2.60%, 02/01/30		305		328,029
Waste Management, Inc., 2.40%, 05/15/23		1,000		1,044,857
				1,372,886
Equity Real Estate Investment Trusts (REITs) — 0.9%
Brixmor Operating Partnership LP, 4.05%, 07/01/30		130		139,047
Camden Property Trust, 2.80%, 05/15/30		240		261,500
Choice Hotels International Inc., 3.70%, 01/15/31		340		357,799
Choice Hotels International, Inc., 3.70%, 12/01/29		2,523		2,671,580

6

Schedule of Investments  (unaudited) (continued) September 30, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Federal Realty Investment Trust, 3.50%, 06/01/30	$	210	$	227,209
Hospitality Properties Trust, 4.65%, 03/15/24(e)		800		744,000
Iron Mountain, Inc., 4.50%, 02/15/31(b)		350		353,290
Life Storage LP, 2.20%, 10/15/30		735		733,124
Omega Healthcare Investors, Inc. 4.95%, 04/01/24		1,400		1,490,651
4.50%, 04/01/27		2,010		2,159,962
Public Storage 3.09%, 09/15/27		2,500		2,804,643
3.39%, 05/01/29		1,640		1,890,788
Realty Income Corp., 4.65%, 03/15/47(e)		1,505		1,975,490
Simon Property Group LP, 3.50%, 09/01/25(e)		1,065		1,167,421
Spirit Realty LP, 4.00%, 07/15/29		140		145,627
				17,122,131
Food & Staples Retailing — 1.2%
Campbell Soup Co., 3.13%, 04/24/50		1,670		1,688,068
Conagra Brands, Inc., 5.40%, 11/01/48		1,210		1,646,526
Costco Wholesale Corp., 1.75%, 04/20/32		3,135		3,216,417
Dollar General Corp. 3.50%, 04/03/30		4,535		5,161,553
4.13%, 04/03/50		1,000		1,185,956
General Mills, Inc., 2.88%, 04/15/30		1,340		1,469,206
Kellogg Co., 2.65%, 12/01/23		918		972,998
Kraft Heinz Foods Co.(b) 4.25%, 03/01/31		1,200		1,316,581
4.88%, 10/01/49		925		976,169
McCormick & Co., Inc. 2.70%, 08/15/22		880		916,376
2.50%, 04/15/30		425		454,568
Sysco Corp., 3.30%, 07/15/26		800		872,162
Walmart, Inc. 3.25%, 10/25/20		2,320		2,324,501
2.55%, 04/11/23(e)		800		841,015
				23,042,096
Food Products — 0.2%
Archer-Daniels-Midland Co., 2.75%, 03/27/25		2,315		2,515,473
Hershey Co., 2.65%, 06/01/50		105		107,840
Mondelez International, Inc. 2.13%, 04/13/23		470		487,766
3.63%, 02/13/26		290		330,480
				3,441,559
Health Care Equipment & Supplies — 0.6%
Abbott Laboratories, 3.40%, 11/30/23		910		989,580
Baxter International, Inc. 1.70%, 08/15/21		800		808,168
2.60%, 08/15/26		1,702		1,860,904
Becton Dickinson & Co. 3.13%, 11/08/21		800		822,269
2.89%, 06/06/22(e)		575		595,361
Covidien International Finance SA, 2.95%, 06/15/23		2,390		2,533,647
Stryker Corp., 2.63%, 03/15/21		245		247,133
Thermo Fisher Scientific, Inc. 4.13%, 03/25/25		275		313,260
2.95%, 09/19/26		400		445,287
4.50%, 03/25/30		120		148,454

Security	Par (000)		Value
Health Care Equipment & Supplies (continued)
Thermo Fisher Scientific, Inc. (continued)
4.10%, 08/15/47	$	1,350	$	1,725,560
Zimmer Biomet Holdings, Inc., 3.55%, 03/20/30		950		1,063,724
				11,553,347
Health Care Providers & Services — 0.9%
Aetna, Inc., 2.75%, 11/15/22		1,000		1,039,503
AmerisourceBergen Corp. 3.45%, 12/15/27		1,427		1,626,686
2.80%, 05/15/30		1,855		1,983,283
Anthem, Inc., 3.35%, 12/01/24		1,395		1,532,541
DaVita, Inc., 3.75%, 02/15/31(b)		285		274,612
Hackensack Meridian Health, Inc., Series 2020, 2.88%, 09/01/50		58		56,960
HCA, Inc. 5.50%, 06/15/47		2		2,476
5.25%, 06/15/49		940		1,150,693
Humana, Inc. 2.90%, 12/15/22		915		957,109
3.85%, 10/01/24		1,000		1,105,273
4.88%, 04/01/30		1,040		1,299,822
4.95%, 10/01/44		1,430		1,893,225
3.95%, 08/15/49(e)		1,105		1,321,305
Memorial Sloan-Kettering Cancer Center, 2.96%, 01/01/50		46		48,754
Methodist Hospital (The), Series 20A, 2.71%, 12/01/50		87		87,053
UnitedHealth Group, Inc. 2.38%, 08/15/24		1,035		1,102,039
3.10%, 03/15/26		150		167,670
4.75%, 07/15/45		800		1,091,998
2.90%, 05/15/50		410		432,389
3.13%, 05/15/60		730		783,460
				17,956,851
Hotels, Restaurants & Leisure — 0.5%
GLP Capital LP/GLP Financing II, Inc., 5.38%, 04/15/26(e)		380		421,154
Las Vegas Sands Corp. 3.50%, 08/18/26		2,535		2,568,868
3.90%, 08/08/29		1,460		1,459,726
McDonald’s Corp. 2.75%, 12/09/20		2,050		2,055,032
1.45%, 09/01/25		375		386,873
3.70%, 01/30/26		1,000		1,139,018
3.50%, 03/01/27		278		314,758
3.80%, 04/01/28		290		338,425
6.30%, 10/15/37		310		462,894
Starbucks Corp., 3.55%, 08/15/29(e)		1,140		1,307,150
				10,453,898
Insurance — 1.0%
Aflac, Inc., 3.63%, 06/15/23(e)		500		542,365
Aon PLC, 3.88%, 12/15/25		3,400		3,897,420
Berkshire Hathaway Finance Corp., 4.20%, 08/15/48		1,045		1,340,753
Berkshire Hathaway, Inc., 3.13%, 03/15/26(e)		355		396,317
Brown & Brown, Inc., 2.38%, 03/15/31		360		362,214
Chubb INA Holdings, Inc., 3.35%, 05/15/24		660		723,518
Fidelity National Financial, Inc. 5.50%, 09/01/22		120		130,242

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

Schedule of Investments  (unaudited) (continued) September 30, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
Fidelity National Financial, Inc. (continued)
3.40%, 06/15/30	$	416	$	449,937
Marsh & McLennan Cos, Inc., 4.75%, 03/15/39		190		250,109
Marsh & McLennan Cos., Inc. 3.30%, 03/14/23		175		185,999
4.90%, 03/15/49		5,185		7,233,709
Progressive Corp., 4.13%, 04/15/47		2,320		2,950,208
Willis North America, Inc., 2.95%, 09/15/29		940		1,012,924
Willis Towers Watson PLC, 5.75%, 03/15/21		350		357,819
				19,833,534
Interactive Media & Services — 0.7%
Alphabet, Inc., 2.00%, 08/15/26		800		857,808
Baidu, Inc.(e) 4.38%, 03/29/28		3,035		3,478,929
4.88%, 11/14/28		2,500		2,978,859
eBay, Inc., 2.70%, 03/11/30		1,210		1,283,284
JD.com Inc., 3.38%, 01/14/30(e)		3,950		4,271,108
				12,869,988
Internet & Direct Marketing Retail — 0.6%
Alibaba Group Holding Ltd. 4.50%, 11/28/34		300		371,156
4.00%, 12/06/37		3,200		3,754,000
4.20%, 12/06/47(e)		2,530		3,183,056
Amazon.com, Inc. 2.50%, 06/03/50		330		336,606
4.25%, 08/22/57		250		341,310
JD.com Inc., 4.13%, 01/14/50		2,350		2,576,188
				10,562,316
Internet Software & Services — 0.0%
Booking Holdings, Inc., 4.63%, 04/13/30		315		378,439
IT Services — 0.3%
Booz Allen Hamilton, Inc., 3.88%, 09/01/28(b)		140		143,717
Citrix Systems, Inc. 4.50%, 12/01/27		1,300		1,489,641
3.30%, 03/01/30		2,150		2,296,145
International Business Machines Corp. 2.85%, 05/13/22		200		208,229
3.38%, 08/01/23		800		868,535
4.25%, 05/15/49		330		413,722
				5,419,989
Leisure Products — 0.0%
Hasbro, Inc., 3.90%, 11/19/29		307		323,105
Machinery — 0.3%
Caterpillar Financial Services Corp. 1.95%, 11/18/22(e)		1,935		1,998,580
2.63%, 03/01/23		1,590		1,671,322
Deere & Co., 2.75%, 04/15/25		215		234,329
John Deere Capital Corp., 1.20%, 04/06/23		1,040		1,060,394
Otis Worldwide Corp. 2.57%, 02/15/30		90		96,726
3.11%, 02/15/40		70		74,939
3.36%, 02/15/50		55		60,413
				5,196,703
Media — 1.2%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.46%, 07/23/22		200		211,747

Security	Par (000)		Value
Media (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital (continued)
4.91%, 07/23/25	$	1,350	$	1,560,901
5.38%, 04/01/38		1,900		2,325,630
5.38%, 05/01/47		3,220		3,823,303
3.70%, 04/01/51		1,770		1,749,274
Comcast Corp. 3.70%, 04/15/24		1,750		1,932,516
3.38%, 02/15/25		1,590		1,760,152
2.35%, 01/15/27		400		429,122
4.15%, 10/15/28		200		241,004
2.65%, 02/01/30		125		136,202
4.60%, 10/15/38		1,200		1,533,777
3.25%, 11/01/39		255		283,976
2.65%, 08/15/62		2,140		2,045,732
Fox Corp., 4.03%, 01/25/24		1,040		1,144,969
Interpublic Group of Cos., Inc., 3.75%, 10/01/21		215		221,789
TEGNA, Inc., 4.75%, 03/15/26(b)		480		489,600
Thomson Reuters Corp. 3.85%, 09/29/24		800		872,317
3.35%, 05/15/26		800		879,899
Time Warner Cable LLC, 4.50%, 09/15/42		700		760,385
WMG Acquisition Corp., 3.00%, 02/15/31(b)		1,030		1,001,418
				23,403,713
Metals & Mining — 0.4%
ArcelorMittal SA, 4.25%, 07/16/29		160		168,371
Newmont Corp., 2.25%, 10/01/30		4,785		4,938,235
Vale Overseas Ltd. 3.75%, 07/08/30		940		965,615
6.88%, 11/21/36		1,291		1,676,491
				7,748,712
Multi-Utilities — 0.4%
Atmos Energy Corp. 3.00%, 06/15/27		400		443,708
1.50%, 01/15/31(g)		760		756,927
NiSource, Inc. 3.60%, 05/01/30		60		68,368
1.70%, 02/15/31		610		599,665
3.95%, 03/30/48		310		360,501
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/29		1,500		1,707,418
Southern California Gas Co. 3.15%, 09/15/24		800		869,604
2.55%, 02/01/30		730		787,536
Series TT, 2.60%, 06/15/26		800		864,175
Southwest Gas Corp. 3.70%, 04/01/28(e)		230		263,143
2.20%, 06/15/30		85		88,921
Walt Disney Co., 3.65%, 09/15/49		30		34,124
				6,844,090
Office Supplies & Equipment — 0.2%
VMware, Inc., 2.95%, 08/21/22(e)		3,800		3,956,366
Oil, Gas & Consumable Fuels — 2.0%
Apache Corp., 4.88%, 11/15/27		825		779,625
Cenovus Energy, Inc., 5.38%, 07/15/25		1,150		1,106,803
Chevron Corp. 1.55%, 05/11/25		550		569,938
2.24%, 05/11/30		165		175,091
2.98%, 05/11/40		70		75,570
3.08%, 05/11/50		60		64,141

8

Schedule of Investments  (unaudited) (continued) September 30, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
CNOOC Finance 2013 Ltd., 3.00%, 05/09/23	$	500	$	523,125
CNOOC Finance 2015 USA LLC, 3.50%, 05/05/25		1,500		1,650,720
CNX Resources Corp., 7.25%, 03/14/27(b)		750		765,000
Continental Resources, Inc., 4.38%, 01/15/28(e)		1,200		1,039,500
Enbridge, Inc., 4.00%, 11/15/49		600		634,639
Equinor ASA 2.75%, 11/10/21		2,480		2,536,159
3.25%, 11/10/24		400		440,018
3.25%, 11/18/49		500		530,203
Exxon Mobil Corp. 3.18%, 03/15/24		800		865,321
2.99%, 03/19/25		2,170		2,378,009
Hess Corp. 5.60%, 02/15/41		980		1,057,702
5.80%, 04/01/47		1,155		1,266,165
Noble Energy, Inc., 5.25%, 11/15/43		530		702,666
Occidental Petroleum Corp. 8.50%, 07/15/27		630		634,857
8.88%, 07/15/30		975		1,004,250
ONEOK Partners LP 3.38%, 10/01/22		1,000		1,038,885
4.90%, 03/15/25		2,000		2,191,652
6.13%, 02/01/41		75		79,309
ONEOK, Inc., 2.75%, 09/01/24		1,475		1,510,669
Rockies Express Pipeline LLC, 4.95%, 07/15/29(b)		750		728,438
Sabine Pass Liquefaction LLC 4.20%, 03/15/28		1,887		2,049,104
4.50%, 05/15/30(b)		3,828		4,312,057
Southwestern Energy Co., 8.38%, 09/15/28		140		137,565
Suncor Energy, Inc., 3.10%, 05/15/25		1,600		1,718,813
TransCanada PipeLines Ltd. 3.75%, 10/16/23		800		866,513
4.10%, 04/15/30		765		882,252
4.88%, 05/15/48		340		422,813
5.10%, 03/15/49		60		76,321
Transcontinental Gas Pipe Line Co. LLC(b) 3.25%, 05/15/30		205		221,579
3.95%, 05/15/50		190		199,440
Western Midstream Operating LP, 5.05%, 02/01/30		1,150		1,119,255
Williams Companies Inc. (The), 3.50%, 11/15/30		690		750,546
Williams Cos., Inc., 5.10%, 09/15/45		920		1,031,732
				38,136,445
Personal Products — 0.6%
Estee Lauder Cos., Inc., 1.70%, 05/10/21		400		402,923
Procter & Gamble Co. 2.45%, 03/25/25		400		433,204
2.80%, 03/25/27		2,835		3,181,880
3.60%, 03/25/50		1,890		2,396,501
Unilever Capital Corp. 3.00%, 03/07/22		1,440		1,495,038
2.20%, 05/05/22		2,700		2,776,830
2.00%, 07/28/26		800		855,256
				11,541,632
Pharmaceuticals — 2.7%
AbbVie, Inc.(b) 2.60%, 11/21/24		3,520		3,729,454
3.20%, 11/21/29		2,265		2,495,387
4.05%, 11/21/39		890		1,023,463

Security	Par (000)		Value
Pharmaceuticals (continued)
AbbVie, Inc.(b) (continued)
4.25%, 11/21/49	$	530	$	629,204
AstraZeneca PLC 2.38%, 11/16/20		3,275		3,283,218
3.50%, 08/17/23		1,200		1,296,945
3.13%, 06/12/27		1,490		1,657,645
Banner Health, 3.18%, 01/01/50		119		129,586
Bristol-Myers Squibb Co. 2.25%, 08/15/21		1,700		1,729,889
3.25%, 11/01/23		400		430,088
3.45%, 11/15/27		557		640,064
Cigna Corp., 3.75%, 07/15/23		818		886,444
CVS Health Corp. 3.35%, 03/09/21		2,492		2,524,542
3.00%, 08/15/26(e)		75		82,114
4.78%, 03/25/38		1,050		1,279,307
Eli Lilly & Co., 2.75%, 06/01/25		378		413,193
GlaxoSmithKline Capital PLC 3.13%, 05/14/21		1,962		1,995,673
0.53%, 10/01/23		1,910		1,912,939
GlaxoSmithKline Capital, Inc. 3.38%, 05/15/23		1,800		1,937,975
4.20%, 03/18/43		253		325,874
Johnson & Johnson 2.95%, 03/03/27		2,530		2,823,002
3.70%, 03/01/46		1,329		1,663,531
2.25%, 09/01/50		320		319,308
2.45%, 09/01/60		250		253,043
Merck & Co., Inc. 2.80%, 05/18/23(e)		800		852,981
2.75%, 02/10/25		800		869,349
0.75%, 02/24/26		5,085		5,098,977
4.00%, 03/07/49		330		416,593
Novartis Capital Corp. 2.40%, 09/21/22		800		832,851
3.10%, 05/17/27		1,620		1,821,810
2.75%, 08/14/50(e)		1,086		1,166,335
Pfizer, Inc., 7.20%, 03/15/39		80		132,659
Takeda Pharmaceutical Co. Ltd., 4.00%, 11/26/21		1,800		1,868,934
Upjohn, Inc.(b) 1.65%, 06/22/25		180		184,256
2.30%, 06/22/27		40		41,422
2.70%, 06/22/30		200		207,072
3.85%, 06/22/40		200		216,017
4.00%, 06/22/50		190		202,784
Zoetis, Inc. 3.45%, 11/13/20		355		355,330
3.00%, 09/12/27		1,800		1,989,934
3.90%, 08/20/28		5		5,935
3.00%, 05/15/50		1,130		1,210,884
				50,936,011
Producer Durables: Miscellaneous — 0.3%
Oracle Corp. 1.90%, 09/15/21		950		963,536
2.50%, 04/01/25		4,025		4,313,190
2.95%, 05/15/25		800		871,274
				6,148,000

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

Schedule of Investments  (unaudited) (continued) September 30, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Professional Services — 0.3%
Verisk Analytics, Inc. 4.00%, 06/15/25(e)	$	1,400	$	1,597,366
4.13%, 03/15/29		3,526		4,158,183
3.63%, 05/15/50		185		209,839
				5,965,388
Road & Rail — 0.4%
Burlington Northern Santa Fe LLC 3.00%, 04/01/25		800		878,191
3.05%, 02/15/51		990		1,090,219
Canadian National Railway Co., 2.75%, 03/01/26(e)		800		879,236
CSX Corp. 3.40%, 08/01/24(e)		800		875,459
2.60%, 11/01/26		800		871,682
Union Pacific Corp. 2.75%, 04/15/23(e)		1,590		1,672,487
3.25%, 08/15/25		400		444,176
				6,711,450
Semiconductors & Semiconductor Equipment — 1.4%
Analog Devices, Inc., 2.95%, 04/01/25		225		244,714
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.13%, 01/15/25		540		575,237
Broadcom, Inc. 3.15%, 11/15/25		850		920,659
4.25%, 04/15/26		1,120		1,261,816
4.15%, 11/15/30		2,105		2,364,639
4.30%, 11/15/32		3,395		3,878,417
Flex Ltd. 3.75%, 02/01/26(e)		1,765		1,927,768
4.88%, 05/12/30		1,200		1,363,125
Intel Corp. 3.30%, 10/01/21(e)		560		576,596
3.40%, 03/25/25		4,490		5,030,695
Maxim Integrated Products, Inc. 3.38%, 03/15/23		1,000		1,064,777
3.45%, 06/15/27(e)		1,015		1,131,190
Micron Technology, Inc. 2.50%, 04/24/23		940		976,147
4.19%, 02/15/27		280		318,199
NVIDIA Corp. 2.85%, 04/01/30		60		67,410
3.50%, 04/01/40		60		70,316
3.50%, 04/01/50		2,395		2,802,819
3.70%, 04/01/60		50		59,610
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 05/01/25(b)		190		201,279
Qorvo, Inc., 3.38%, 04/01/31(b)		250		254,063
Texas Instruments, Inc., 1.75%, 05/04/30		730		752,979
				25,842,455
Software — 0.6%
Activision Blizzard, Inc., 1.35%, 09/15/30		365		356,804
Intuit, Inc. 0.65%, 07/15/23		350		351,600
0.95%, 07/15/25		405		408,877
1.35%, 07/15/27		1,410		1,432,260
1.65%, 07/15/30		1,415		1,437,559
Microsoft Corp., 2.70%, 02/12/25		800		871,204
ServiceNow, Inc., 1.40%, 09/01/30		5,872		5,736,197
				10,594,501

Security	Par (000)		Value
Specialty Retail — 0.1%
Lithia Motors, Inc., 4.38%, 01/15/31(b)(g)	$	55	$	55,000
QVC, Inc., 4.38%, 09/01/28		1,700		1,734,000
Ross Stores, Inc., 4.60%, 04/15/25		165		189,960
				1,978,960
Technology Hardware, Storage & Peripherals — 1.0%
Adobe, Inc. 1.90%, 02/01/25		745		787,676
2.15%, 02/01/27		2,090		2,241,307
Apple, Inc. 2.25%, 02/23/21		1,700		1,711,959
1.80%, 09/11/24		940		983,763
3.00%, 06/20/27(e)		925		1,043,544
2.65%, 05/11/50		915		958,813
Dell International LLC/EMC Corp.(b)
5.85%, 07/15/25		230		267,994
8.10%, 07/15/36		235		309,034
8.35%, 07/15/46		2,700		3,567,273
Hewlett Packard Enterprise Co., 4.45%, 10/02/23		3,690		4,055,052
HP, Inc. 2.20%, 06/17/25		1,030		1,078,948
3.00%, 06/17/27		1,250		1,351,370
3.40%, 06/17/30(e)		365		391,964
NetApp, Inc., 2.38%, 06/22/27		165		172,137
				18,920,834
Telecommunications Equipment — 0.1%
Motorola Solutions, Inc. 4.60%, 02/23/28(e)		939		1,096,352
2.30%, 11/15/30		1,075		1,067,174
				2,163,526
Textiles, Apparel & Luxury Goods — 0.2%
NIKE, Inc. 2.40%, 03/27/25		245		263,205
3.25%, 03/27/40		2,075		2,374,036
Ralph Lauren Corp., 1.70%, 06/15/22		1,305		1,328,485
				3,965,726
Tobacco — 0.9%
Altria Group, Inc. 3.49%, 02/14/22		570		592,790
4.80%, 02/14/29		2,850		3,381,795
5.80%, 02/14/39		1,127		1,442,235
4.45%, 05/06/50		215		239,249
BAT Capital Corp. 2.76%, 08/15/22		1,070		1,108,909
4.39%, 08/15/37		670		724,466
3.73%, 09/25/40		265		265,926
3.98%, 09/25/50		350		345,109
Philip Morris International, Inc. 2.38%, 08/17/22		2,970		3,060,027
2.50%, 08/22/22		500		519,467
2.10%, 05/01/30		1,220		1,254,911
6.38%, 05/16/38		2,010		2,983,726
Reynolds American, Inc. 4.00%, 06/12/22(e)		15		15,811
5.85%, 08/15/45		420		510,361
				16,444,782
Utilities — 0.1%
American Water Capital Corp., 2.80%, 05/01/30		270		295,743

10

Schedule of Investments  (unaudited) (continued) September 30, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Utilities (continued)
Essential Utilities, Inc. 3.57%, 05/01/29(e)	$	1,030	$	1,168,475
2.70%, 04/15/30		380		406,597
				1,870,815
Wireless Telecommunication Services — 1.9%
American Tower Corp. 1.30%, 09/15/25		680		687,240
3.38%, 10/15/26		110		121,813
3.70%, 10/15/49		190		208,307
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/23		1,270		1,367,742
Crown Castle International Corp. 5.25%, 01/15/23		1,000		1,100,838
3.20%, 09/01/24		1,625		1,751,962
1.35%, 07/15/25		2,205		2,228,926
3.70%, 06/15/26		1,000		1,115,270
Equinix, Inc. 2.63%, 11/18/24		900		956,930
3.20%, 11/18/29		9,590		10,568,970
3.00%, 07/15/50		510		507,002
GLP Capital LP/GLP Financing II, Inc. 5.75%, 06/01/28(e)		1,145		1,307,235
5.30%, 01/15/29		2,545		2,834,290
4.00%, 01/15/31		3,615		3,763,323
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 09/20/21(b)		415		419,648
T-Mobile USA, Inc.(b) 3.50%, 04/15/25		25		27,433
3.75%, 04/15/27		90		100,993
3.88%, 04/15/30		510		578,656
4.38%, 04/15/40		2,345		2,748,739
4.50%, 04/15/50		2,330		2,795,243
				35,190,560
Total Corporate Bonds — 47.3% (Cost: $843,099,442)				891,656,881
Foreign Agency Obligations
Indonesia — 0.1%
Indonesia Government International Bond, 4.75%, 07/18/47(b)		500		608,281
Israel — 0.0%
State of Israel, 3.38%, 01/15/50		390		431,925
Mexico — 0.1%
Mexico Government International Bond 4.15%, 03/28/27		1,145		1,272,667
6.05%, 01/11/40(e)		100		125,563
4.50%, 01/31/50		590		620,975
				2,019,205
Uruguay — 0.1%
Uruguay Government International Bond 5.10%, 06/18/50(e)		1,200		1,609,125
4.98%, 04/20/55		50		66,625
				1,675,750
Total Foreign Agency Obligations — 0.3% (Cost: $4,067,353)		.		4,735,161

Security	Par (000)		Value
Municipal Bonds
California — 0.4%
Bay Area Toll Authority, RB
Series F-2, 6.26%, 04/01/49(e)	$	500	$	852,730
Series S-1, 6.92%, 04/01/40		50		76,933
California State University, Refunding RB, Series B, 2.98%, 11/01/51		995		1,039,596
Regents of the University of California Medical Center Pooled Revenue, RB
Series N, 3.01%, 05/15/50		320		344,950
Series N, 3.26%, 05/15/60		230		252,538
Series N, 3.71%, 05/15/20(e)		85		90,206
State of California, GO 7.55%, 04/01/39(e)		1,025		1,784,761
7.60%, 11/01/40		500		908,400
State of California, Refunding GO, 3.50%, 04/01/28		500		578,005
University of California, RB, Series AD, 4.86%, 05/15/12		165		234,412
University of California, Refunding RB, Series J, 4.13%, 05/15/45		150		179,722
				6,342,253
District of Columbia — 0.0%
District of Columbia Water & Sewer Authority, Refunding RB, Series D, Subordinate Lien, 3.21%, 10/01/48		200		212,986
Florida — 0.0%
State Board of Administration Finance Corp., RB, Series A, 2.15%, 07/01/30		119		120,377
Illinois — 0.0%
Chicago O’Hare International Airport, ARB, Series C, Senior Lien, 4.47%, 01/01/49		310		387,875
State of Illinois, GO, 5.10%, 06/01/33(e)		255		256,013
				643,888
Maryland — 0.0%
Maryland Health & Higher Educational Facilities Authority, Refunding RB
Series D, 3.05%, 07/01/40		115		117,822
Series D, 3.20%, 07/01/50		80		79,615
				197,437
Massachusetts — 0.0%
Commonwealth of Massachusetts, GO, Series H, 2.90%, 09/01/49		545		599,838
New Jersey — 0.1%
New Jersey Turnpike Authority, RB, Series A, 7.10%, 01/01/41		550		903,612
New York — 0.2%
Metropolitan Transportation Authority, RB, 6.81%, 11/15/40		355		456,519
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, 5.51%, 08/01/37		110		150,853
New York City Water & Sewer System, Refunding RB, 5.88%, 06/15/44(e)		500		802,115
New York State Dormitory Authority, Refunding RB, Series B, 3.14%, 07/01/43		255		271,789
Port Authority of New York & New Jersey, ARB 192nd Series, 4.81%, 10/15/65		50		68,564

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

Schedule of Investments  (unaudited) (continued) September 30, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Port Authority of New York & New Jersey, ARB (continued)
210th Series, 4.03%, 09/01/48	$	1,000	$	1,211,810
Port Authority of New York & New Jersey, RB, 191th Series, 4.82%, 06/01/45		200		224,658
				3,186,308
Pennsylvania — 0.0%
Pennsylvania State University, Refunding RB, Series D, 2.84%, 09/01/50		80		82,139
Texas — 0.1%
Board of Regents of the University of Texas System, Refunding RB, Series B, 2.44%, 08/15/49		405		410,929
Grand Parkway Transportation Corp., Refunding RB, 3.24%, 10/01/52		400		415,640
Texas Transportation Commission State Highway Fund, Refunding RB, 4.00%, 10/01/33		690		871,856
Texas Transportation Commission, Refunding GO, 2.47%, 10/01/44		465		470,357
				2,168,782
Total Municipal Bonds — 0.8% (Cost: $13,182,256)				14,457,620
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 4.3%
American Home Mortgage Investment Trust, Series 2004-3, Class 4A, (6 mo. LIBOR US + 1.50%), 1.81%, 10/25/34(a)		39		38,947
Citicorp Mortgage Securities Trust, Series 2006-1, Class 2A1, 5.00%, 02/25/21		3		2,680
Citigroup Mortgage Loan Trust(b)(c)
Series 2013-A, Class A, 3.00%, 05/25/42		10		9,590
Series 2014-A, Class A, 4.00%, 01/25/35		64		67,794
Connecticut Avenue Securities Trust(b)
Series 2018-R07, Class 1M2, (1 mo. LIBOR US + 2.40%), 2.55%, 04/25/31(a)		7,594		7,552,564
Series 2019-R01, Class 2ED2, 1.30%, 07/25/31		4,933		4,755,917
Series 2019-R01, Class 2M2, (1 mo. LIBOR US + 2.45%), 2.60%, 07/25/31(a)		4,555		4,526,318
Series 2019-R02, Class 1M2, (1 mo. LIBOR US + 2.30%), 2.45%, 08/25/31(a)		7,598		7,555,231
Series 2019-R03, Class 1M2, (1 mo. LIBOR US + 2.15%), 2.30%, 09/25/31(a)		3,809		3,793,513
Series 2019-R05, Class 1M2, (1 mo. LIBOR US + 2.00%), 2.15%, 07/25/39(a)		7,648		7,580,683
Series 2019-R06, Class 2ED2, (1 mo. LIBOR US + 1.00%), 1.15%, 09/25/39(a)		7,192		7,139,658
Series 2019-R06, Class 2M2, (1 mo. LIBOR US + 2.10%), 2.25%, 09/25/39(a)		9,542		9,465,082
Series 2019-R07, Class 1M2, (1 mo. LIBOR US + 2.10%), 2.25%, 10/25/39(a)		3,752		3,731,379
Series 2020-R01, Class 1M1, (1 mo. LIBOR US + 0.80%), 0.95%, 01/25/40(a)		5,522		5,499,538
Series 2020-R02, Class 2M1, (1 mo. LIBOR US + 0.75%), 0.90%, 01/25/40(a)		3,281		3,273,067

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-6, Class 3A1, 5.00%, 09/25/19	$	7	$	6,116
Fannie Mae, Series 2017-C05, Class 1M2, (1 mo. LIBOR US + 2.20%), 2.35%, 01/25/30(a)		2,099		2,069,820
Fannie Mae Connecticut Avenue Securities, Series 2018-C01, Class 1EA1, 0.60%, 07/25/30		1,203		1,182,291
Freddie Mac(a)
Series 2017-DNA1, Class M2, (1 mo. LIBOR US + 3.25%), 3.40%, 07/25/29		1,010		1,033,906
Series 2017-DNA2, Class M2, (1 mo. LIBOR US + 3.45%), 3.60%, 10/25/29		1,370		1,409,661
Freddie Mac Structured Agency Credit Risk Debt Notes(a)
Series 2016-DNA1, Class M3, (1 mo. LIBOR US + 5.55%), 5.73%, 07/25/28		1,768		1,873,656
Series 2017-DNA2, Class M1, (1 mo. LIBOR US + 1.20%), 1.35%, 10/25/29		275		275,167
Series 2017-DNA3, Class M1, (1 mo. LIBOR US + 0.75%), 0.90%, 03/25/30		288		287,445
STACR Trust(a)(b)
Series 2018-DNA3, Class M1, (1 mo. LIBOR US + 0.75%), 0.90%, 09/25/48		17		16,970
Series 2018-HRP1, Class M2, (1 mo. LIBOR US + 1.65%), 1.80%, 04/25/43		4,865		4,685,459
Series 2018-HRP1, Class M2B, (1 mo. LIBOR US + 1.65%), 1.80%, 04/25/43		1,685		1,605,097
Series 2018-HRP2, Class M2, (1 mo. LIBOR US + 1.25%), 1.40%, 02/25/47		1,592		1,546,997
				80,984,546
Commercial Mortgage-Backed Securities — 2.9%
Banc of America Commercial Mortgage Trust,
Series 2015-UBS7, Class B, 4.50%, 09/15/48(c)		360		389,337
Bank
Series 2019-BN23, Class A3, 2.92%, 12/15/52		2,230		2,495,601
Series 2020-BN28, Class A4, 1.84%, 03/15/63		2,100		2,156,541
Benchmark 2019-B15 Mortgage Trust, Series 2019- B15, Class A5, 2.93%, 12/15/72		2,050		2,283,236
Benchmark 2020-B19 Mortgage Trust, Series 2020- B19, Class A5, 1.85%, 09/15/53		4,550		4,676,168
Citigroup Commercial Mortgage Trust 3.79%, 09/15/50(c)		2,090		2,357,620
Series 2006-C5, Class AJ, 5.48%, 10/15/49		25		23,755
Series 2015-GC29, Class A2, 2.67%, 04/10/48		156		155,828
Series 2016-GC36, Class A5, 3.62%, 02/10/49		550		616,638
COMM Mortgage Trust, Series 2015-CR22, Class A2, 2.86%, 03/10/48		1,717		1,716,920
Commercial Mortgage Trust
Series 2012-CR3, Class AM, 3.42%, 10/15/45(b)		1,680		1,730,724
Series 2013-CR11, Class B, 5.28%, 08/10/50(c)		380		402,248
Series 2013-LC6, Class AM, 3.28%, 01/10/46		400		416,790
Series 2014-CR17, Class A5, 3.98%, 05/10/47		670		735,743
DBJPM Mortgage Trust, Series 2016-C1, Class B, 4.20%, 05/10/49(c)		330		350,123
Eleven Madison Avenue Mortgage Trust, Series 2015-11MD, Class A, 3.67%, 09/10/35(b)(c)		150		163,526

12

Schedule of Investments  (unaudited) (continued) September 30, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
GE Commercial Mortgage Corp., Series 2007-C1, Class AM, 5.61%, 12/10/49(c)(h)(i)	$	41	$	21,282
GS Mortgage Securities Trust
Series 2012-GCJ7, Class AS, 4.09%, 05/10/45		280		289,488
Series 2013-GC13, Class A5, 4.19%, 07/10/46(c)		170		182,244
Series 2014-GC20, Class A5, 4.00%, 04/10/47		730		792,933
Series 2015-GC30, Class B, 4.17%, 05/10/50(c)		300		314,936
Series 2015-GS1, Class A3, 3.73%, 11/10/48		2,030		2,263,910
JPMBB Commercial Mortgage Securities Trust
Series 2013-C14, Class A4, 4.13%, 08/15/46(c)		430		464,639
Series 2013-C17, Class A3, 3.93%, 01/15/47		1,224		1,313,157
Series 2014-C25, Class AS, 4.07%, 11/15/47		2,180		2,391,246
Series 2015-C30, Class A5, 3.82%, 07/15/48		1,780		1,998,691
Series 2015-C33, Class A4, 3.77%, 12/15/48		2,360		2,658,908
Series 2016-C1, Class A5, 3.58%, 03/15/49		810		906,912
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2006-CB16, Class B, 5.67%, 05/12/45(c)		210		10,823
Series 2011-C5, Class A3, 4.17%, 08/15/46		52		53,454
Series 2012-CBX, Class AS, 4.27%, 06/15/45		350		365,328
Morgan Stanley Bank of America Merrill Lynch Trust
3.10%, 05/15/46		2,270		2,374,793
Series 2013-C13, Class A4, 4.04%, 11/15/46		460		497,981
Morgan Stanley Capital I Trust
Series 2012-C4, Class A4, 3.24%, 03/15/45		680		691,979
Series 2015-MS1, Class A4, 3.78%, 05/15/48(c)		550		610,467
Series 2015-UBS8, Class A3, 3.54%, 12/15/48		3,010		3,320,676
Series 2019-L3, Class AS, 3.49%, 11/15/52		970		1,092,494
Series 2020-L4, Class A3, 2.70%, 02/15/53		3,070		3,356,238
Wells Fargo Commercial Mortgage Trust 4.38%, 08/15/51		2,670		3,155,433
Series 2014-LC18, Class AS, 3.81%, 12/15/47		510		556,991
Series 2015-C26, Class AS, 3.58%, 02/15/48		1,380		1,485,119
WF-RBS Commercial Mortgage Trust
Series 2012-C10, Class AS, 3.24%, 12/15/45		460		453,834
Series 2012-C8, Class AS, 3.66%, 08/15/45		640		664,274
Series 2013-C18, Class A5, 4.16%, 12/15/46(c)		620		677,634
Series 2014-C23, Class A4, 3.65%, 10/15/57		314		342,619
Series 2014-C23, Class AS, 4.21%, 10/15/57(c)		1,140		1,260,662
				55,239,943
Total Non-Agency Mortgage-Backed Securities — 7.2% (Cost: $135,366,450)				136,224,489
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 4.2%
Connecticut Avenue Securities Trust, Series 2019- R04, Class 2M2, (1 mo. LIBOR US + 2.10%), 2.25%, 06/25/39(a)(b)		9,679		9,615,643
Fannie Mae Connecticut Avenue Securities
Series 2016-C04, Class 1M2, (1 mo. LIBOR US + 4.25%), 4.40%, 01/25/29(a)		3,202		3,317,191
Series 2016-C05, Class 2M2, (1 mo. LIBOR US + 4.45%), 4.60%, 01/25/29(a)		305		314,245
Series 2017-C01, Class 1M2A, (1 mo. LIBOR US + 3.55%), 3.70%, 07/25/29(a)		314		317,908

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Fannie Mae Connecticut Avenue Securities (continued)
Series 2017-C03, Class 1M2, (1 mo. LIBOR US + 3.00%), 3.15%, 10/25/29(a)	$	1,911	$	1,900,913
Series 2017-C05, Class 1M2A, (1 mo. LIBOR US + 2.20%), 2.35%, 01/25/30(a)		513		515,629
Series 2017-C06, Class 1M2A, (1 mo. LIBOR US + 2.65%), 2.80%, 02/25/30(a)		211		213,074
Series 2017-C07, Class 2M2, (1 mo. LIBOR US + 2.50%), 2.65%, 05/25/30(a)		3,018		2,987,178
Series 2018-C02, Class 2ED2, 1.05%, 08/25/30		5,886		5,742,987
Freddie Mac STACR Trust(a)(b)
Series 2018-HQA2, Class M2, (1 mo. LIBOR US + 2.30%), 2.45%, 10/25/48		5,000		4,893,683
Series 2019-DNA2, Class M2, (1 mo. LIBOR US + 2.45%), 2.60%, 03/25/49		1,639		1,610,952
Series 2019-DNA4, Class M2, (1 mo. LIBOR US + 1.95%), 2.10%, 10/25/49		8,230		8,139,786
Series 2019-FTR2, Class M1, (1 mo. LIBOR US + 0.95%), 1.10%, 11/25/48		2,462		2,431,344
Series 2019-HQA1, Class M2, (1 mo. LIBOR US + 2.35%), 2.50%, 02/25/49		7,537		7,465,326
Series 2019-HQA2, Class M2, (1 mo. LIBOR US + 2.05%), 2.20%, 04/25/49		1,280		1,259,306
Series 2019-HQA3, Class M2, (1 mo. LIBOR US + 1.85%), 2.00%, 09/25/49		3,546		3,466,808
Series 2019-HQA4, Class M2, (1 mo. LIBOR US + 2.05%), 2.20%, 11/25/49		3,763		3,714,106
Series 2020-DNA1, Class M1, (1 mo. LIBOR US + 0.70%), 0.85%, 01/25/50		831		830,418
Series 2020-DNA2, Class M1, (1 mo. LIBOR US + 0.75%), 0.90%, 02/25/50		3,598		3,591,192
Series 2020-DNA4, Class M1, (1 mo. LIBOR US + 1.50%), 1.65%, 08/25/50		6,420		6,436,046
Series 2020-HQA1, Class M1, (1 mo. LIBOR US + 0.75%), 0.90%, 01/25/50		769		767,958
Series 2020-HQA3, Class M1, (1 mo. LIBOR US + 1.55%), 1.70%, 07/25/50		7,890		7,907,020
Freddie Mac Structured Agency Credit Risk Debt Notes(a)
Series 2016-DNA2, Class M3, (1 mo. LIBOR US + 4.65%), 4.80%, 10/25/28		1,760		1,828,486
Series 2016-HQA3, Class M2, (1 mo. LIBOR US + 1.35%), 1.50%, 03/25/29		20		20,295
				79,287,494
Commercial Mortgage-Backed Securities — 0.3%
Fannie Mae, Series 2012-M9, Class A2, 2.48%, 04/25/22		3,557		3,621,168
Freddie Mac
Series K031, Class A2, 3.30%, 04/25/23(c)		281		299,950
Series K076, Class A2, 3.90%, 04/25/28		2,390		2,863,888
				6,785,006
Mortgage-Backed Securities — 39.6%
Fannie Mae
Series 2012-M13, Class A2, 2.38%, 05/25/22		2,975		3,047,557
Series 2012-M5, Class A2, 2.72%, 02/25/22		1,530		1,560,840
Series 2013-M3, Class A2, 2.51%, 11/25/22(c)		3,708		3,808,402
Series 2016-M13, Class A2, 2.57%, 09/25/26(c)		800		873,530
Series 2018-M1, Class A2, 3.08%, 12/25/27(c)		1,590		1,795,377

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

Schedule of Investments  (unaudited) (continued) September 30, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Fannie Mae (continued)
Series 2018-M7, Class A2, 3.15%, 03/25/28(c)	$	1,590	$	1,814,018
Series 2020-M42, Class A2, 1.27%, 07/25/30		4,980		5,056,074
Fannie Mae Mortgage-Backed Securities(a)
(11th District Cost of Funds + 1.25%), 1.93%, 09/01/34		133		133,574
(12 mo. LIBOR US + 1.41%), 3.41%, 04/01/35		60		60,961
(12 mo. LIBOR US + 1.72%), 3.47%, 04/01/40		4		3,739
(12 mo. LIBOR US + 1.77%), 3.78%, 01/01/42		18		19,243
(12 mo. LIBOR US + 1.81%), 3.81%, 02/01/42		1		1,233
(12 mo. LIBOR US + 1.82%), 2.32%, 09/01/41		40		41,318
(6 mo. LIBOR US + 1.04%), 2.16%, 05/01/33		4		3,757
(6 mo. LIBOR US + 1.36%), 2.22%, 10/01/32		14		13,849
Federal National Mortgage Association, 3.50%, 01/25/24(c)		1,942		2,108,073
Freddie Mac
Series K020, Class A2, 2.37%, 05/25/22		7,960		8,169,901
Series K055, Class A2, 2.67%, 03/25/26		1,590		1,742,192
Series K060, Class A2, 3.30%, 10/25/26		1,190		1,353,281
Series K061, Class A2, 3.35%, 11/25/26(c)		1,590		1,821,395
Series K064, Class A2, 3.22%, 03/25/27		2,790		3,185,610
Series K072, Class A2, 3.44%, 12/25/27		1,190		1,388,547
Series K073, Class A2, 3.35%, 01/25/28		1,610		1,862,687
Series K115, Class A2, 1.38%, 06/25/30		4,940		5,081,133
Freddie Mac Mortgage-Backed Securities 6.50%, 05/01/21 - 08/01/36		317		383,484
6.00%, 07/01/21 - 04/01/38		373		433,043
5.00%, 07/01/23 - 07/01/48		1,993		2,218,829
4.50%, 05/01/24 - 01/01/49		3,141		3,450,976
4.00%, 10/01/24 - 01/01/49		12,697		13,731,584
3.50%, 04/01/26 - 04/01/49		16,682		17,904,330
2.50%, 02/01/27 - 08/01/50		6,908		7,356,311
3.00%, 05/01/27 - 09/01/50		16,187		17,033,717
7.50%, 12/01/30		1		707
5.50%, 05/01/33 - 08/01/38		929		1,065,727
(1 year CMT + 2.34%), 3.84%, 04/01/32(a)		31		30,867
(11th District Cost of Funds + 1.25%), 1.93%, 11/01/27(a)		73		72,770
(12 mo. LIBOR US + 1.50%), 2.37%, 06/01/43(a)		2		2,437
(12 mo. LIBOR US + 1.60%), 2.39%, 08/01/43(a)		31		32,155
(12 mo. LIBOR US + 1.65%), 2.45%, 05/01/43(a)		93		95,784
(12 mo. LIBOR US + 1.75%), 3.54%, 04/01/38(a)		95		97,134
(12 mo. LIBOR US + 1.75%), 3.75%, 02/01/40(a)		50		51,680
(12 mo. LIBOR US + 1.76%), 2.93%, 08/01/41(a)		32		33,277
(12 mo. LIBOR US + 1.79%), 3.11%, 09/01/32(a).		2		2,439
(12 mo. LIBOR US + 1.89%), 2.76%, 07/01/41(a)		25		26,002
(12 mo. LIBOR US + 1.90%), 3.85%, 01/01/42(a)		1		1,056
Freddie Mac Multifamily Structured Pass Through Certificates 3.42%, 02/25/29		2,935		3,460,423

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
Freddie Mac Multifamily Structured Pass Through Certificates (continued) 2.07%, 01/25/30	$	4,510		$	4,886,516
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K025, Class A2, 2.68%, 10/25/22		3,980			4,132,509
Ginnie Mae Mortgage-Backed Securities 6.50%, 06/15/28 - 07/15/38		81			93,901
7.00%, 06/15/29		12			11,879
7.50%, 08/20/30		3			3,618
6.00%, 01/15/32 - 10/20/38		212			243,655
5.00%, 11/20/33 - 10/21/50(j)		2,906			3,245,509
5.50%, 06/15/34 - 04/20/48		686			802,252
4.50%, 03/15/39 - 10/21/50(j)		8,742			9,438,433
4.00%, 09/15/40 - 09/15/49		18,738			20,128,464
3.50%, 01/15/41 - 10/21/50(j)		38,926			41,580,892
3.00%, 01/20/43 - 11/19/50(j)		42,143			44,297,111
2.50%, 12/20/46 - 10/21/50(j)		11,609			12,199,018
Uniform Mortgage-Backed Securities 6.00%, 11/01/22 - 09/01/38		887			1,041,335
4.50%, 04/01/23 - 10/14/50(j)		17,108			18,699,136
5.00%, 01/01/24 - 04/01/49		4,424			4,986,008
4.00%, 06/01/24 - 02/01/57(j)		38,520			41,837,856
3.00%, 12/01/26 - 10/14/50(j)(k)		91,731			96,358,253
2.50%, 09/01/28 - 11/12/50(j)		140,756			147,607,561
7.50%, 09/01/29		6			7,340
6.50%, 12/01/30 - 01/01/36		725			827,331
3.50%, 11/01/31 - 11/01/51(j)		60,235			64,417,336
7.00%, 01/01/32 - 06/01/32		22			26,439
5.50%, 10/01/32 - 01/01/47		3,268			3,832,303
1.50%, 10/19/35(j)		775			792,982
2.00%, 10/19/35 - 10/14/50(j)		109,200			112,927,422
(12 mo. LIBOR US + 1.53%), 3.28%, 04/01/43(a)		—	(l)		493
(12 mo. LIBOR US + 1.53%), 2.84%, 05/01/43(a)		29			30,001
(12 mo. LIBOR US + 1.54%), 2.42%, 06/01/43(a)		71			73,308
(12 mo. LIBOR US + 1.75%), 2.56%, 08/01/41(a)		30			30,756
					746,990,640
Total U.S. Government Sponsored Agency Securities — 44.1% (Cost: $816,402,244)					833,063,140
Total Long-Term Investments — 112.7% (Cost: $2,054,050,577)					2,126,126,378

14

Schedule of Investments  (unaudited) (continued) September 30, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares			Value
Short-Term Securities
Money Market Funds — 6.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%(m)(n)(o)		116,153,360		$	116,257,898
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.08%(m)(n)		100,000			100,000
Total Short-Term Securities — 6.1% (Cost: $116,311,491)					116,357,898
Total Investments Before TBA Sale Commitments — 118.8% (Cost: $2,170,362,068)					2,242,484,276
	Par (000)
TBA Sale Commitments
Mortgage-Backed Securities — (5.0)%
Ginnie Mae Mortgage-Backed Securities(j)
2.50%, 10/21/50	$	(1,025	)		(1,076,450	)
3.00%, 10/21/50		(3,500	)		(3,664,678	)
Uniform Mortgage-Backed Securities(j)
2.50%, 10/19/35 - 10/14/50		(80,125	)		(84,028,191	)
3.00%, 10/14/50		(4,603	)		(4,821,912	)
4.50%, 10/14/50		(595	)		(643,623	)
Total TBA Sale Commitments — (5.0)% (Proceeds: $(94,395,506))					(94,234,854	)
Total Investments, Net of TBA Sale Commitments — 113.8% (Cost: $2,075,966,562)					2,148,249,422
Liabilities in Excess of Other Assets — (13.8)%					(261,292,074	)
Net Assets — 100.0%				$	1,886,957,348

^(a)  Variable rate security. Rate shown is the rate in effect as of period end.

^(b)  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.

^(c)  Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

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

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

^(f)  Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

^(g)  When-issued security.

^(h)  Issuer filed for bankruptcy and/or is in default.

⁽ⁱ⁾  Non-income producing security.

^(j)  Represents or includes a TBA transaction.

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

^(l)  Amount is less than 500.

^(m)  Affiliate of the Master Portfolio.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the period ended September 30, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/20		Shares Held at 09/30/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	180,110,053	$	—	$	(64,034,051	)(a)	$	147,260	$	34,636	$	116,257,898		116,153,360	$	201,216	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		—		—			—		—		100,000		100,000		1,166			—
								$	147,260	$	34,636	$	116,357,898			$	202,382		$	—

^(a)  Represents net amount purchased (sold).

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

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

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

Schedule of Investments  (unaudited) (continued) September 30, 2020 CoreAlpha Bond Master Portfolio

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro BTP		15		12/08/20	$	2,595	$	31,819
10-Year Australian T-Bond		326		12/15/20		34,883		393,081
U.S. Long Treasury Bond		475		12/21/20		83,734		(618,306	)
U.S. Ultra Treasury Bond		669		12/21/20		148,393		(508,091	)
Long Gilt		281		12/29/20		49,352		118,483
2-Year U.S. Treasury Note		150		12/31/20		33,144		14,794
5-Year U.S. Treasury Note		178		12/31/20		22,434		1,591
								(566,629	)
Short Contracts
Euro Bund		211		12/08/20		43,174		(107,512	)
Euro OAT		29		12/08/20		5,731		(26,886	)
10-Year Canadian Bond		251		12/18/20		28,617		31,126
10-Year U.S. Treasury Note		21		12/21/20		2,930		1,284
10-Year U.S. Ultra Treasury Note		312		12/21/20		49,896		(166,255	)
								(268,243	)
							$	(834,872	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	317,464	EUR	270,000	Citibank N.A.		12/16/20	$	368
USD	665,282	EUR	560,000	Standard Chartered Bank		12/16/20		7,604
								7,972
EUR	8,000,000	USD	9,520,528	Credit Suisse International		11/05/20		(134,346	)
USD	186,586	EUR	160,000	BNP Paribas S.A.		12/16/20		(1,322	)
USD	268,293	EUR	230,000	Natwest Markets PLC		12/16/20		(1,825	)
								(137,493	)
							$	(129,521	)

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.34.V9	5.00	%	Quarterly	06/20/25	B-	USD    14,182		$	716,718	$	841,607	$	(124,889	)
ITRAXX.XO.34.V1	5.00		Quarterly	12/20/25	B	EUR    21,525			1,840,773		2,129,252		(288,479	)
								$	2,557,491	$	2,970,859	$	(413,368	)

^(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

Paid by the Master Portfolio		Received by the Master Portfolio		Effective			Termination		Notional					Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency		Date	(a)		Date	Amount (000)			Value			(Received)			(Depreciation)
0.09%	Semi-Annual	6-Month GBP LIBOR, 0.09%	Semi-Annual		12/08/20			12/08/22	GBP	395,600	$	(79,840	)	$	(364,023	)	$	284,183
0.11%	Semi-Annual	6-Month GBP LIBOR, 0.09%	Semi-Annual		12/08/20			12/08/22	GBP	7,660		(4,057	)		(842	)		(3,215	)
0.24%	Semi-Annual	3-Month LIBOR, 0.23%	Quarterly		12/08/20			12/08/22	USD	182,970		(102,035	)		(58,656	)		(43,379	)

16

Schedule of Investments  (unaudited) (continued) September 30, 2020 CoreAlpha Bond Master Portfolio

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Master Portfolio		Received by the Master Portfolio		Effective			Termination		Notional					Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency		Date	(a)		Date	Amount (000)			Value			(Received)			(Depreciation)
(0.41%)	Annual	6-Month EURIBOR, (0.48%)	Semi-Annual		12/08/20			12/08/25	EUR	47,840	$	(18,584	)	$	31,727		$	(50,311	)
6-Month GBP LIBOR, 0.09%	Semi-Annual	0.22%	Semi-Annual		12/08/20			12/08/25	GBP	44,730		24,403			325,300			(300,897	)
6-Month GBP LIBOR, 0.09%	Semi-Annual	0.24%	Semi-Annual		12/08/20			12/08/25	GBP	3,110		5,169			3,316			1,853
0.39%	Semi-Annual	3-Month LIBOR, 0.23%	Quarterly		12/08/20			12/08/25	USD	262,520		(212,809	)		(380,158	)		167,349
0.19%	Semi-Annual	6-Month GBP LIBOR, 0.09%	Semi-Annual		12/16/20			12/16/25	GBP	1,330		2,200			35			2,165
0.19%	Semi-Annual	6-Month GBP LIBOR, 0.09%	Semi-Annual		12/16/20			12/16/25	GBP	2,410		4,142			63			4,079
0.20%	Semi-Annual	6-Month GBP LIBOR, 0.09%	Semi-Annual		12/16/20			12/16/25	GBP	1,540		1,701			40			1,661
0.20%	Semi-Annual	6-Month GBP LIBOR, 0.09%	Semi-Annual		12/16/20			12/16/25	GBP	1,160		1,319			30			1,289
6-Month WIBOR, 0.16%	Semi-Annual	0.56%	Annual		12/16/20			12/16/25	PLN	6,890		1,870			33			1,837
1-Month MXIBOR, 4.55%	Monthly	5.00%	Monthly		03/17/21			03/11/26	MXN	38,480		(18,277	)		34			(18,311	)
1-Month MXIBOR, 4.55%	Monthly	5.14%	Monthly		03/17/21			03/11/26	MXN	53,740		(10,261	)		44			(10,305	)
1-Month MXIBOR, 4.55%	Monthly	5.17%	Monthly		03/17/21			03/11/26	MXN	93,410		(12,062	)		79			(12,141	)
(0.41%)	Annual	6-Month EURIBOR, (0.48%)	Semi-Annual		03/17/21			03/17/26	EUR	17,160		4,398			49			4,349
0.36%	Semi-Annual	3-Month LIBOR, 0.23%	Quarterly		03/17/21			03/17/26	USD	2,290		3,781			47			3,734
6-Month BBR, 0.80%	Semi-Annual	0.36%	Semi-Annual		03/17/21			03/17/26	AUD	2,780		(1,675	)		40			(1,715	)
0.37%	Semi-Annual	3-Month LIBOR, 0.23%	Quarterly		03/17/21			03/17/26	USD	2,350		2,767			48			2,719
0.37%	Semi-Annual	3-Month LIBOR, 0.23%	Quarterly		03/17/21			03/17/26	USD	1,950		1,907			40			1,867
0.38%	Semi-Annual	3-Month LIBOR, 0.23%	Quarterly		03/17/21			03/17/26	USD	4,360		3,830			89			3,741
6-Month BBR, 0.80%	Semi-Annual	0.38%	Semi-Annual		03/17/21			03/17/26	AUD	2,750		698			40			658
0.42%	Semi-Annual	3-Month LIBOR, 0.23%	Quarterly		03/17/21			03/17/26	USD	7,880		(9,186	)		(14,333	)		5,147
6-Month BBR, 0.80%	Semi-Annual	0.42%	Semi-Annual		03/17/21			03/17/26	AUD	20,260		35,874			298			35,576
0.59%	Semi-Annual	6-Month SIBOR, 0.59%	Semi-Annual		03/17/21			03/17/26	SGD	13,355		(28,703	)		179			(28,882	)
0.60%	Semi-Annual	6-Month SIBOR, 0.59%	Semi-Annual		03/17/21			03/17/26	SGD	13,355		(32,134	)		180			(32,314	)
0.70%	Quarterly	3-Month HIBOR, 0.61%	Quarterly		03/17/21			03/17/26	HKD	111,370		(68,346	)		293			(68,639	)
3-Month JIBAR, 3.35%	Quarterly	5.36%	Quarterly		03/17/21			03/17/26	ZAR	164,460		(17,042	)		178			(17,220	)
3-Month JIBAR, 3.35%	Quarterly	5.45%	Quarterly		03/17/21			03/17/26	ZAR	37,650		5,130			41			5,089
3-Month JIBAR, 3.35%	Quarterly	5.46%	Quarterly		03/17/21			03/17/26	ZAR	32,750		5,535			35			5,500
6-Month EURIBOR, (0.48%)	Semi-Annual	(0.20%)	Annual		12/08/20			12/08/30	EUR	23,790		49,402			(35,563	)		84,965
6-Month EURIBOR, (0.48%)	Semi-Annual	(0.18%)	Annual		12/08/20			12/08/30	EUR	24,150		117,446			85,542			31,904
6-Month EURIBOR, (0.48%)	Semi-Annual	(0.13%)	Annual		12/08/20			12/08/30	EUR	23,190		244,597			163,989			80,608
6-Month GBP LIBOR, 0.09%	Semi-Annual	0.43%	Semi-Annual		12/08/20			12/08/30	GBP	11,690		179,587			500,993			(321,406	)
6-Month GBP LIBOR, 0.09%	Semi-Annual	0.47%	Semi-Annual		12/08/20			12/08/30	GBP	9,470		74,665			66,513			8,152
3-Month LIBOR, 0.23%	Quarterly	0.75%	Semi-Annual		12/08/20			12/08/30	USD	15,320		400,772			1,024,883			(624,111	)
0.06%	Annual	6-Month EURIBOR, (0.48%)	Semi-Annual		12/08/20			12/08/50	EUR	7,900		(196,944	)		(103,491	)		(93,453	)
0.11%	Annual	6-Month EURIBOR, (0.48%)	Semi-Annual		12/08/20			12/08/50	EUR	8,120		(361,005	)		(226,213	)		(134,792	)
0.61%	Semi-Annual	6-Month GBP LIBOR, 0.09%	Semi-Annual		12/08/20			12/08/50	GBP	24,550		(273,852	)		(604,908	)		331,056
0.66%	Semi-Annual	6-Month GBP LIBOR, 0.09%	Semi-Annual		12/08/20			12/08/50	GBP	3,100		(100,318	)		(63,450	)		(36,868	)
1.09%	Semi-Annual	3-Month LIBOR, 0.23%	Quarterly		12/08/20			12/08/50	USD	36,090		190,763			(590,589	)		781,352
											$	(185,174	)	$	(238,048	)	$	52,874

^(a)  Forward Swap.    

OTC Interest Rate Swaps

Paid by the Master Portfolio

Received by the Master Portfolio

Effective

Termination

Notional

Upfront Premium Paid

Unrealized Appreciation

Rate

Frequency

Rate

Frequency

Counterparty

Date

(a)

Date

Amount (000)

Value

(Received)

(Depreciation)

3-Month KRW   CDC, 0.68%

Quarterly

1.00%

Quarterly

Citibank N.A.

03/17/21

03/17/26

KRW

32,294,095

$

113,695

$

—

$

113,695

3-Month KRW   CDC, 0.68%

Quarterly

1.01%

Quarterly

Bank of America N.A.

03/17/21

03/17/26

KRW

23,780,795

88,877

—

88,877

3-Month KRW   CDC, 0.68%

Quarterly

0.99%

Quarterly

Citibank N.A.

03/17/21

03/17/26

KRW

1,180,820

3,601

—

3,601

3-Month KRW   CDC, 0.68%

Quarterly

0.92%

Quarterly

Bank of America N.A.

03/17/21

03/17/26

KRW

1,429,950

39

—

39

$

206,212

$

—

$

206,212

^(a)  Forward Swap.

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

Schedule of Investments  (unaudited) (continued) September 30, 2020 CoreAlpha Bond Master Portfolio

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)

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

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

The following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Master Portfolio’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—		$	245,989,086		$	—	$	245,989,086
Common Stocks		—			—			1		1
Corporate Bonds		—			891,656,881			—		891,656,881
Foreign Agency Obligations		—			4,735,161			—		4,735,161
Municipal Bonds		—			14,457,620			—		14,457,620
Non-Agency Mortgage-Backed Securities		—			136,224,489			—		136,224,489
U.S. Government Sponsored Agency Securities		—			833,063,140			—		833,063,140
Short-Term Securities
Money Market Funds		116,357,898			—			—		116,357,898
Liabilities
Investments
TBA Sale Commitments		—			(94,234,854	)		—		(94,234,854	)
	$	116,357,898		$	2,031,891,523		$	1		2,148,249,422
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—		$	7,972		$	—	$	7,972
Interest Rate Contracts		592,178			2,057,045			—		2,649,223
Liabilities
Credit Contracts		—			(413,368	)		—		(413,368	)
Foreign Currency Exchange Contracts		—			(137,493	)		—		(137,493	)
Interest Rate Contracts		(1,427,050	)		(1,797,959	)		—		(3,225,009	)
	$	(834,872	)	$	(283,803	)	$	—	$	(1,118,675	)

^(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.

18

Schedule of Investments  (unaudited) (continued) September 30, 2020 CoreAlpha Bond Master Portfolio

Currency Abbreviation
AUD	Australian Dollar
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
KRW	South Korean Won
MXN	Mexican Peso
PLN	Polish Zloty
SGD	Singapore Dollar
USD	United States Dollar
ZAR	South African Rand
Portfolio Abbreviation
ARB	Airport Revenue Bonds
BBR	Bank Bill Rate
CMT	Constant Maturity Treasury
EURIBOR	Euro Interbank Offered Rate
GO	General Obligation Bonds
HIBOR	Hong Kong Interbank Offered Rate
JIBAR	Johannesburg Interbank Average Rate
LIBOR	London Interbank Offered Rate
MXIBOR	Mexico Interbank Offered Rate
RB	Revenue Bond
SIBOR	Singapore Interbank Offered Rate
TBA	To-Be-Announced
WIBOR	Warsaw Interbank Offered Rate

S C H E D U L E   O F   I N V E S  T M E N T S 19