BlackRock Funds VI NPORT-P BlackRock Advantage CoreAlpha Bond Fund (Sep 2023 report)

Schedule of Investments  (unaudited)  September 30, 2023 BlackRock Advantage CoreAlpha Bond Fund (Percentages shown are based on Net Assets)

Mutual Fund	Value
Advantage CoreAlpha Bond Master Portfolio	$	825,053,628
Total Investments — 100.0% (Cost: $922,430,791)		825,053,628
Liabilities in Excess of Other Assets — (0.0)%		(319,243	)
Net Assets — 100.0%	$	824,734,385

BlackRock Advantage CoreAlpha Bond Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Advantage CoreAlpha Bond Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2023, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $825,053,628 and 98.8%, 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); 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 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 (“NAV”) as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

1

Schedule of Investments  (unaudited)  September 30, 2023 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
Affirm Asset Securitization Trust
Series 2022-A, Class 1A, 4.30%, 05/17/27(a)	$	2,275	$	2,226,480
Series 2023-A, Class 1A, 6.61%, 01/18/28(a)		2,375		2,363,173
Series 2023-B, Class A, 7.64%, 09/15/28		4,400		4,405,565
Series 2023-B, Class B, 7.44%, 09/15/28		1,960		1,958,528
Avant Loans Funding Trust, Series 2021-REV1, Class A, 1.21%, 07/15/30(a)		3,383		3,339,430
Carvana Auto Receivables Trust
Series 2021-N2, Class B, 0.75%, 03/10/28		415		383,580
Series 2021-N2, Class C, 1.07%, 03/10/28		1,166		1,078,766
Chase Funding Trust, Series 2004-2, Class 2A2, (1-mo. Term SOFR + 0.61%), 5.93%, 02/26/35(b)		100		95,024
Conseco Finance Corp., Series 1996-9, Class M1, 7.63%, 08/15/27(b)		4		4,288
CWABS, Inc., Series 2004-1, Class M1, (1-mo. Term SOFR + 0.86%), 6.18%, 03/25/34(b)		5		4,929
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 06/15/27		2,175		2,149,470
DT Auto Owner Trust, Series 2023-1A, Class C, 5.55%, 10/16/28(a)		5,090		4,996,131
Exeter Automobile Receivables Trust
Series 2020-3A, Class D, 1.73%, 07/15/26		1,432		1,406,176
Series 2021-1A, Class C, 0.74%, 01/15/26		1,474		1,464,153
Series 2021-2A, Class D, 1.40%, 04/15/27		2,225		2,067,500
Series 2021-3A, Class B, 0.69%, 01/15/26		257		256,384
Series 2021-3A, Class C, 0.96%, 10/15/26		2,950		2,866,786
Series 2021-4A, Class C, 1.46%, 10/15/27		2,500		2,418,424
Series 2022-2A, Class B, 3.65%, 10/15/26		5,000		4,954,376
Series 2022-4A, Class D, 5.98%, 12/15/28		1,250		1,225,722
Series 2023-1A, Class D, 6.69%, 06/15/29		1,020		1,014,055
Ford Credit Auto Owner Trust(a)
Series 2018-1, Class A, 3.19%, 07/15/31		2,870		2,769,408
Series 2019-1, Class A, 3.52%, 07/15/30		450		446,884
JPMorgan Chase Bank NA(a)
Series 2021-2, Class B, 0.89%, 12/26/28		1,043		1,012,537
Series 2021-2, Class C, 0.97%, 12/26/28		448		435,408
Series 2021-3, Class B, 0.76%, 02/26/29		2,404		2,299,066
Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2022- ELL, Class A-3, 4.28%, 02/01/36		85		77,035
OnDeck Asset Securitization Trust IV LLC,
Series 2023-1, Class A, 7.00%, 08/19/30		1,460		1,446,701
OneMain Financial Issuance Trust, Series 2019-2A, Class A, 3.14%, 10/14/36(a)		5,690		5,149,456
Santander Drive Auto Receivables Trust
Series 2020-2, Class D, 2.22%, 09/15/26		4,493		4,427,428
Series 2021-1, Class C, 0.75%, 02/17/26		342		340,856
Series 2021-3, Class C, 0.95%, 09/15/27		2,993		2,947,418
Series 2021-4, Class C, 1.26%, 02/16/27		5,030		4,884,137
Series 2022-5, Class C, 4.74%, 10/16/28		2,960		2,876,587
Santander Revolving Auto Loan Trust, Series 2019-A, Class A, 2.51%, 01/26/32(a)		4,790		4,582,451
Synchrony Card Funding LLC, Series 2023-A1, Class A, 5.54%, 07/15/29		2,400		2,395,829
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/33(a)		5,680		5,273,485
Upstart Securitization Trust(a)
Series 2021-3, Class A, 0.83%, 07/20/31		71		70,819
Series 2021-4, Class A, 0.84%, 09/20/31		709		701,928

Security	Par (000)		Value
Asset-Backed Securities (continued)
Upstart Securitization Trust(a) (continued)
Series 2021-5, Class A, 1.31%, 11/20/31	$	366	$	360,809
Westlake Automobile Receivables Trust(a)
Series 2020-3A, Class C, 1.24%, 11/17/25		1,346		1,337,143
Series 2022-1A, Class B, 2.75%, 03/15/27		3,970		3,883,495
Series 2022-3A, Class C, 6.44%, 12/15/27		3,060		3,046,631
Series 2023-1A, Class C, 5.74%, 08/15/28		2,300		2,273,028
Total Asset-Backed Securities — 11.2% (Cost: $96,033,692)				93,717,479
	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 — 0.7%
Boeing Co., 5.93%, 05/01/60	$	1,545		1,387,283
General Dynamics Corp., 2.25%, 06/01/31(d)		1,350		1,090,284
Lockheed Martin Corp.
4.15%, 06/15/53		700		552,075
5.70%, 11/15/54		930		927,676
4.30%, 06/15/62		535		418,687
5.90%, 11/15/63		805		819,917
TransDigm, Inc.
5.50%, 11/15/27		500		468,175
6.75%, 08/15/28(a)		261		256,952
				5,921,049
Automobile Components — 0.0%
Tenneco, Inc., 8.00%, 11/17/28(a)		269		218,899
Automobiles — 0.4%
AutoZone, Inc., 4.50%, 02/01/28		180		172,638
Ford Motor Credit Co. LLC
4.54%, 08/01/26		555		520,985
7.35%, 11/04/27		300		305,900
7.35%, 03/06/30		300		303,803
General Motors Financial Co., Inc.
2.90%, 02/26/25		1,115		1,063,783
5.40%, 04/06/26		85		83,241
Genuine Parts Co., 1.88%, 11/01/30		1,530		1,160,269
				3,610,619
Banks — 2.1%
Banco Santander SA, 5.59%, 08/08/28		2,400		2,347,776
Bank of Montreal
2.65%, 03/08/27(d)		935		841,168
5.72%, 09/25/28		20		19,788
Cooperatieve Rabobank UA, 5.50%, 10/05/26		360		358,932

MASTER    PORTFOLIO    SCHEDULE    OF    INVESTMENTS 1

Schedule of Investments  (unaudited) (continued) September 30, 2023 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Fifth Third Bancorp, (1-day SOFR + 2.34%), 6.34%, 07/27/29(b)	$	140	$	138,301
Freedom Mortgage Corp., 12.00%, 10/01/28(a)		85		86,432
Huntington Bancshares, Inc., (1-day SOFR + 2.02%), 6.21%, 08/21/29		140		136,955
ING Groep NV
4.10%, 10/02/23		2,290		2,290,000
(1-day SOFR + 1.56%), 6.08%, 09/11/27(b)(d)		855		851,201
(1-day SOFR + 2.09%), 6.11%, 09/11/34		545		529,256
Royal Bank of Canada
3.63%, 05/04/27		1,030		960,850
5.20%, 08/01/28		40		38,932
5.00%, 02/01/33		10		9,318
Santander Holdings USA, Inc., (1-day SOFR + 2.36%), 6.50%, 03/09/29(b)		270		263,320
Santander U.K. Group Holdings PLC, (3-mo. LIBOR US + 1.40%), 3.82%, 11/03/28(b)		240		214,255
Sumitomo Mitsui Financial Group, Inc., 5.78%, 07/13/33(d)		1,340		1,309,787
Truist Financial Corp., 1.20%, 08/05/25		945		866,763
UBS AG, 5.65%, 09/11/28		240		236,003
Wells Fargo & Co.(b)
(1-day SOFR + 1.51%), 3.53%, 03/24/28		35		32,143
(1-day SOFR + 1.56%), 4.54%, 08/15/26		3,395		3,297,422
(1-day SOFR + 1.98%), 4.81%, 07/25/28		940		897,015
(1-day SOFR + 2.10%), 4.90%, 07/25/33		835		755,675
(3-mo. CME Term SOFR + 4.50%), 5.01%, 04/04/51		610		512,542
Wells Fargo Bank NA, 5.45%, 08/07/26		270		268,192
Westpac Banking Corp., 2.96%, 11/16/40		120		72,982
				17,335,008
Beverages — 0.8%
Coca-Cola Co., 3.00%, 03/05/51(d)		90		60,403
Coca-Cola Femsa SAB de CV, 2.75%, 01/22/30		1,784		1,507,427
Constellation Brands, Inc.
4.75%, 05/09/32(d)		200		185,275
3.75%, 05/01/50		250		177,791
Diageo Capital PLC
2.13%, 04/29/32		380		293,705
5.50%, 01/24/33		1,335		1,338,066
Mauser Packaging Solutions Holding Co.(a)
7.88%, 08/15/26		50		48,237
9.25%, 04/15/27(d)		50		43,704
PepsiCo, Inc.
3.45%, 10/06/46		7		5,160
4.00%, 05/02/47		946		774,378
2.88%, 10/15/49		719		469,934
4.65%, 02/15/53		1,760		1,562,636
				6,466,716
Biotechnology — 0.5%
Amgen, Inc.
2.60%, 08/19/26		800		738,361
5.65%, 03/02/53		165		154,427
4.40%, 02/22/62		410		303,750

Security	Par (000)		Value
Biotechnology (continued)
Biogen, Inc., 3.15%, 05/01/50	$	1,290	$	787,928
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/30		2,640		2,031,348
				4,015,814
Broadline Retail — 0.0%
Bath & Body Works, Inc., 6.88%, 11/01/35(d)		200		178,617
Building Materials — 0.2%
Boise Cascade Co., 4.88%, 07/01/30(a)		300		261,793
Eagle Materials, Inc., 2.50%, 07/01/31		1,355		1,059,147
Emerald Debt Merger Sub LLC, 6.63%, 12/15/30(a)		140		134,774
Masco Corp., 2.00%, 10/01/30		160		122,489
Trane Technologies Luxembourg Finance SA, 4.50%, 03/21/49		95		75,960
				1,654,163
Building Products — 0.2%
Allegion PLC, 3.50%, 10/01/29		90		78,877
Home Depot, Inc.
5.40%, 09/15/40		200		191,443
3.13%, 12/15/49		360		234,615
4.95%, 09/15/52(d)		120		107,327
Lowe’s Cos., Inc.
3.35%, 04/01/27		280		260,679
4.25%, 04/01/52		116		85,572
5.63%, 04/15/53		67		60,897
5.80%, 09/15/62		305		278,181
				1,297,591
Capital Markets — 0.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.10%, 01/15/27		150		149,266
Ares Capital Corp.
2.15%, 07/15/26(d)		702		615,905
2.88%, 06/15/28		240		200,734
Bank of New York Mellon Corp., (1-day SOFR + 1.51%), 4.71%, 02/01/34(b)		270		243,760
Barings BDC, Inc., 3.30%, 11/23/26		285		250,055
Blackstone Private Credit Fund, 4.70%, 03/24/25(d)		220		213,424
Brookfield Capital Finance LLC, 6.09%, 06/14/33(d)		145		140,901
Charles Schwab Corp.
5.88%, 08/24/26		415		413,633
2.45%, 03/03/27		45		40,083
FS KKR Capital Corp., 2.63%, 01/15/27		800		685,075
Jefferies Financial Group, Inc., 5.88%, 07/21/28		295		288,697
Nomura Holdings, Inc., 2.65%, 01/16/25		1,100		1,049,365
				4,290,898
Chemicals — 0.1%
Air Products and Chemicals, Inc., 2.70%, 05/15/40		187		128,166
Celanese U.S. Holdings LLC, 6.70%, 11/15/33		80		77,873
Chemours Co., 5.75%, 11/15/28(a)		187		162,297
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28(a)		193		173,435
RPM International, Inc., 3.75%, 03/15/27		105		97,772
Tronox, Inc., 4.63%, 03/15/29(a)		41		33,087
				672,630
Commercial Services & Supplies — 0.1%
APX Group, Inc., 5.75%, 07/15/29(a)		150		126,393

2

Schedule of Investments  (unaudited) (continued) September 30, 2023 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Services & Supplies (continued)
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/28(a)(d)	$	300	$	277,850
Steelcase, Inc., 5.13%, 01/18/29		32		28,399
Williams Scotsman, Inc., 7.38%, 10/01/31		65		64,645
				497,287
Communications Equipment — 0.2%
Motorola Solutions, Inc.
4.60%, 02/23/28		259		247,674
5.50%, 09/01/44		1,370		1,200,997
				1,448,671
Construction & Engineering — 0.0%
Brand Industrial Services, Inc., 10.38%, 08/01/30		100		100,154
TopBuild Corp., 4.13%, 02/15/32(a)		176		142,885
				243,039
Construction Materials — 0.0%
AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/28		150		148,313
Consumer Discretionary — 0.8%
Carnival Corp.(a)
7.63%, 03/01/26		371		360,903
10.50%, 06/01/30		500		514,935
NCL Corp. Ltd.(a)
5.88%, 03/15/26		441		407,150
7.75%, 02/15/29(d)		640		594,002
Quanta Services, Inc.
0.95%, 10/01/24		2,110		1,995,811
2.90%, 10/01/30		1,190		970,612
2.35%, 01/15/32		1,280		960,499
3.05%, 10/01/41		605		381,163
Royal Caribbean Cruises Ltd., 11.63%, 08/15/27(a)		763		827,777
				7,012,852
Consumer Finance — 0.7%
American Express Co.
3.95%, 08/01/25		480		464,336
4.05%, 05/03/29		336		312,717
(1-day SOFR + 1.84%), 5.04%, 05/01/34(b)		720		663,805
(1-day SOFR + 1.93%), 5.63%, 07/28/34		255		240,699
Capital One Financial Corp., (1-day SOFR + 2.64%), 6.31%, 06/08/29(b)		340		332,281
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/31(a)(e)		200		200,280
Mastercard, Inc.
3.65%, 06/01/49		280		207,973
2.95%, 03/15/51		1,880		1,218,369
OneMain Finance Corp., 9.00%, 01/15/29		135		134,564
S&P Global, Inc.
5.25%, 09/15/33(a)(d)		95		92,599
2.30%, 08/15/60		2,113		1,041,454
Sabre Global, Inc., 11.25%, 12/15/27(a)		242		222,059
Visa, Inc., 3.65%, 09/15/47		385		292,011
				5,423,147
Consumer Staples Distribution & Retail — 0.2%
Costco Wholesale Corp., 1.75%, 04/20/32		160		122,479
FirstCash, Inc., 5.63%, 01/01/30(a)		193		173,647
General Mills, Inc., 2.88%, 04/15/30(d)		840		709,904

Security	Par (000)		Value
Consumer Staples Distribution & Retail (continued)
Kraft Heinz Foods Co., 4.88%, 10/01/49	$	350	$	292,158
Post Holdings, Inc., 5.50%, 12/15/29(a)		200		181,296
				1,479,484
Distributors — 0.1%
Genuine Parts Co., 1.75%, 02/01/25		1,050		989,264
Diversified Consumer Services — 0.0%
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/27(a)		200		178,883
Macquarie Airfinance Holdings Ltd., 8.13%, 03/30/29		85		85,115
University of Southern California, 4.98%, 10/01/53		10		9,176
				273,174
Diversified REITs — 0.4%
American Tower Corp., 5.80%, 11/15/28		280		277,892
Equinix, Inc., 2.63%, 11/18/24		225		216,475
Iron Mountain, Inc., 7.00%, 02/15/29(a)		300		293,410
Mid-America Apartments LP, 1.10%, 09/15/26		70		61,670
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/28(a)		253		231,191
Prologis LP, 5.25%, 06/15/53		145		130,261
Public Storage
1.95%, 11/09/28(d)		1,775		1,503,247
2.25%, 11/09/31		525		410,596
				3,124,742
Diversified Telecommunication Services — 0.7%
AT&T, Inc.
1.70%, 03/25/26		3,620		3,284,577
4.85%, 03/01/39		695		588,086
Verizon Communications, Inc.
1.68%, 10/30/30		1,687		1,282,639
4.50%, 08/10/33		610		543,110
4.13%, 08/15/46		430		321,215
				6,019,627
Education — 0.1%
Ford Foundation
Series 2020, 2.42%, 06/01/50		5		2,908
Series 2020, 2.82%, 06/01/70(d)		30		16,484
Georgetown University, Series 20A, 2.94%, 04/01/50		27		16,703
Northwestern University, Series 2020, 2.64%, 12/01/50(d)		266		161,291
President and Fellows of Harvard College, 2.52%, 10/15/50		54		32,229
Rockefeller Foundation, Series 2020, 2.49%, 10/01/50		72		41,537
University of Chicago
Series 20B, 2.76%, 04/01/45		148		105,605
Series C, 2.55%, 04/01/50		157		97,170
University of Southern California, Series 21A, 2.95%, 10/01/51		190		120,276
Yale University, Series 2020, 2.40%, 04/15/50(d)		272		158,426
				752,629
Electric Utilities — 3.1%
AEP Texas, Inc.
5.25%, 05/15/52		140		119,934
Series I, 2.10%, 07/01/30		260		205,389
AEP Transmission Co. LLC
3.15%, 09/15/49		30		19,239

MASTER    PORTFOLIO    SCHEDULE    OF    INVESTMENTS 3

Schedule of Investments  (unaudited) (continued) September 30, 2023 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric Utilities (continued)
AEP Transmission Co. LLC (continued)
Series O, 4.50%, 06/15/52	$	130	$	105,315
Alabama Power Co., 3.45%, 10/01/49		370		245,886
Ameren Corp., 2.50%, 09/15/24		65		62,867
Ameren Illinois Co., 3.25%, 03/15/50		130		85,365
Appalachian Power Co., Series X, 3.30%, 06/01/27		1,190		1,091,420
Arizona Public Service Co., 2.95%, 09/15/27(d)		800		729,239
Atlantic City Electric Co., 2.30%, 03/15/31		570		451,788
Baltimore Gas and Electric Co., 2.90%, 06/15/50		170		101,275
Berkshire Hathaway Energy Co., 4.45%, 01/15/49		500		386,852
Black Hills Corp., 1.04%, 08/23/24		200		191,181
CenterPoint Energy Houston Electric LLC
5.20%, 10/01/28		30		29,770
Sereis AJ, 4.85%, 10/01/52		75		65,165
Series AH, 3.60%, 03/01/52		55		38,493
CenterPoint Energy, Inc., 4.25%, 11/01/28(d)		170		156,306
Commonwealth Edison Co.
3.70%, 08/15/28		1,200		1,113,067
2.20%, 03/01/30		500		407,324
4.00%, 03/01/49		90		67,503
Series 130, 3.13%, 03/15/51		70		44,001
Consolidated Edison Co. of New York, Inc.
Series 06-A, 5.85%, 03/15/36		640		622,407
Series B, 3.13%, 11/15/27		800		735,342
Constellation Energy Generation LLC, 5.80%, 03/01/33		175		170,631
Consumers Energy Co.
4.63%, 05/15/33		110		102,398
2.65%, 08/15/52		72		41,581
4.20%, 09/01/52		60		46,739
Dominion Energy, Inc.
3.90%, 10/01/25		500		481,880
5.38%, 11/15/32(d)		140		133,660
DTE Electric Co., Series B, 3.65%, 03/01/52(d)		217		152,089
Duke Energy Carolinas LLC, 5.35%, 01/15/53		100		91,400
Duke Energy Corp.
2.65%, 09/01/26		300		275,945
4.20%, 06/15/49		700		508,692
5.00%, 08/15/52(d)		60		49,876
Duke Energy Indiana LLC, 5.40%, 04/01/53		20		18,292
Duke Energy Ohio, Inc., 4.30%, 02/01/49		100		76,995
Entergy Corp., 0.90%, 09/15/25		285		258,759
Entergy Mississippi LLC, 5.00%, 09/01/33(d)		180		169,158
Entergy Texas, Inc., 3.55%, 09/30/49		220		148,402
Evergy Kansas Central, Inc., 3.45%, 04/15/50		130		85,951
Evergy Metro, Inc., 3.65%, 08/15/25		300		287,311
Evergy, Inc., 2.90%, 09/15/29		50		42,705
Eversource Energy, Series M, 3.30%, 01/15/28		1,000		910,322
Florida Power & Light Co.
4.80%, 05/15/33		55		51,989
4.05%, 10/01/44		500		391,195
3.15%, 10/01/49		40		26,036
2.88%, 12/04/51		90		54,487
Georgia Power Co., 3.25%, 04/01/26		800		754,075
Idaho Power Co., 5.80%, 04/01/54		210		201,332
Indiana Michigan Power Co., 5.63%, 04/01/53		50		47,161
Interstate Power and Light Co., 2.30%, 06/01/30		20		16,009
Kentucky Utilities Co., 3.30%, 06/01/50		60		39,034
MidAmerican Energy Co.
3.10%, 05/01/27		800		740,360
3.15%, 04/15/50		60		37,985

Security	Par (000)		Value
Electric Utilities (continued)
MidAmerican Energy Co. (continued)
2.70%, 08/01/52	$	105	$	59,475
National Rural Utilities Cooperative Finance Corp., 3.70%, 03/15/29		680		620,753
Nevada Power Co., 6.00%, 03/15/54		90		87,885
NextEra Energy Capital Holdings, Inc.
2.94%, 03/21/24		470		463,359
3.55%, 05/01/27		245		228,144
2.25%, 06/01/30		200		160,114
5.00%, 07/15/32		50		46,727
NSTAR Electric Co.
3.10%, 06/01/51		110		68,681
4.95%, 09/15/52		90		77,443
Oglethorpe Power Corp., 5.05%, 10/01/48		130		106,387
Oncor Electric Delivery Co. LLC
3.80%, 06/01/49		320		231,955
4.60%, 06/01/52		40		33,013
4.95%, 09/15/52		70		60,978
Pacific Gas and Electric Co.
2.10%, 08/01/27		65		55,579
3.00%, 06/15/28		100		85,788
3.30%, 08/01/40		90		57,625
4.95%, 07/01/50		270		201,249
3.50%, 08/01/50		340		202,405
PacifiCorp., 4.13%, 01/15/49		280		196,840
PECO Energy Co., 3.05%, 03/15/51		70		43,257
PG&E Corp., 5.25%, 07/01/30(d)		500		434,531
PPL Electric Utilities Corp., 5.25%, 05/15/53		130		118,717
Public Service Co. of Colorado
3.70%, 06/15/28		1,300		1,197,726
4.05%, 09/15/49		20		14,502
Public Service Electric and Gas Co.
3.10%, 03/15/32		85		71,499
2.05%, 08/01/50		105		53,620
Puget Sound Energy, Inc., 5.45%, 06/01/53		100		91,629
San Diego Gas & Electric Co.
2.50%, 05/15/26		400		370,252
5.35%, 04/01/53		95		86,276
Sempra(d)
3.70%, 04/01/29		140		126,135
5.50%, 08/01/33		100		95,666
Southern California Edison Co.
3.65%, 02/01/50		100		67,510
Series C, 4.13%, 03/01/48		370		273,970
Southern Co.
3.25%, 07/01/26		1,900		1,781,539
5.70%, 03/15/34		185		181,178
Talen Energy Supply LLC, 8.63%, 06/01/30(a)		140		143,514
Tampa Electric Co., 3.45%, 03/15/51		35		22,515
Tucson Electric Power Co.
1.50%, 08/01/30		190		144,309
5.50%, 04/15/53		30		27,248
Union Electric Co.
4.00%, 04/01/48		230		168,919
5.45%, 03/15/53		10		9,224
Virginia Electric and Power Co.
3.30%, 12/01/49		320		207,080
Series A, 3.80%, 04/01/28		1,750		1,631,462
Vistra Operations Co. LLC, 5.00%, 07/31/27(a)		500		459,694
Wisconsin Electric Power Co.
3.10%, 06/01/25		800		766,478

4

Schedule of Investments  (unaudited) (continued) September 30, 2023 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric Utilities (continued)
Wisconsin Electric Power Co. (continued)
4.75%, 09/30/32	$	20	$	18,840
Wisconsin Public Service Corp., 3.30%, 09/01/49		85		55,223
Xcel Energy, Inc.
4.00%, 06/15/28		900		841,982
5.45%, 08/15/33		100		95,433
3.50%, 12/01/49		50		32,620
				26,164,525
Electrical Equipment — 0.0%
Eaton Corp., 4.70%, 08/23/52(d)		90		77,610
Electronic Equipment, Instruments & Components — 0.2%
Keysight Technologies, Inc., 4.60%, 04/06/27		1,225		1,179,925
Xerox Holdings Corp., 5.50%, 08/15/28(a)(d)		380		319,567
				1,499,492
Energy Equipment & Services — 0.0%
Patterson-UTI Energy, Inc., 7.15%, 10/01/33		205		205,736
Environmental, Maintenance & Security Service — 0.1%
GFL Environmental, Inc., 4.75%, 06/15/29(a)		20		17,778
Waste Connections, Inc.
2.60%, 02/01/30		305		256,090
3.20%, 06/01/32		715		593,190
				867,058
Financial Services — 6.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.15%, 10/29/23		310		308,826
2.45%, 10/29/26		220		197,078
4.63%, 10/15/27(d)		170		159,426
3.00%, 10/29/28		210		180,070
3.30%, 01/30/32		150		119,237
Air Lease Corp., 3.38%, 07/01/25(d)		275		261,248
Banco Santander SA
2.75%, 05/28/25		1,600		1,506,843
6.92%, 08/08/33		1,000		955,484
(1-year CMT + 0.90%), 1.72%, 09/14/27(b)		400		349,761
Bank of America Corp.(b)
(1-day SOFR + 0.96%), 1.73%, 07/22/27		2,140		1,896,381
(1-day SOFR + 1.15%), 1.32%, 06/19/26		2,030		1,861,661
(1-day SOFR + 1.75%), 4.83%, 07/22/26		945		921,270
(1-day SOFR + 1.99%), 6.20%, 11/10/28		735		738,320
(1-day SOFR + 2.04%), 4.95%, 07/22/28		985		946,450
(3-mo. CME Term SOFR + 1.45%), 2.88%, 10/22/30		165		137,467
(3-mo. CME Term SOFR + 2.08%), 4.24%, 04/24/38		1,050		863,483
(3-mo. CME Term SOFR + 3.41%), 4.08%, 03/20/51		91		67,298
Series N, (1-day SOFR + 1.65%), 3.48%, 03/13/52		315		210,059
Bank of Nova Scotia, 1.05%, 03/02/26		900		803,264
Barclays PLC(b)
(1-year CMT + 1.70%), 3.81%, 03/10/42		233		152,114
(1-year CMT + 2.30%), 5.30%, 08/09/26		345		337,882
Citigroup, Inc.
4.75%, 05/18/46		50		39,124
(1-day SOFR + 0.77%), 1.46%, 06/09/27(b)		3,035		2,682,739
(1-day SOFR + 2.66%), 6.17%, 05/25/34(b)		70		66,894
(3-mo. CME Term SOFR + 1.16%), 3.35%, 04/24/25(b)		2,805		2,754,971

Security	Par (000)		Value
Financial Services (continued)
CME Group, Inc., 2.65%, 03/15/32	$	305	$	248,521
Freedom Mortgage Corp., 12.25%, 10/01/30		135		137,990
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35		1,150		1,028,326
Goldman Sachs Group, Inc.
3.75%, 05/22/25		500		481,902
3.50%, 11/16/26		365		339,455
3.85%, 01/26/27		1,090		1,022,316
2.60%, 02/07/30		2,380		1,949,220
(3-mo. CME Term SOFR + 1.56%), 4.22%, 05/01/29(b)		550		508,766
(3-mo. CME Term SOFR + 1.69%), 4.41%, 04/23/39(b)		720		592,607
HSBC Holdings PLC(b)
(1-day SOFR + 1.43%), 3.00%, 03/10/26		735		700,426
(1-day SOFR + 1.51%), 4.18%, 12/09/25		1,420		1,381,627
(1-day SOFR + 2.53%), 4.76%, 03/29/33		980		834,604
(1-day SOFR + 2.87%), 5.40%, 08/11/33		1,690		1,557,360
(1-day SOFR + 2.98%), 6.55%, 06/20/34		430		407,797
(1-day SOFR + 4.25%), 8.11%, 11/03/33		720		757,176
Inter-American Development Bank, 4.50%, 05/15/26(d)		1,730		1,710,463
Intercontinental Exchange, Inc., 3.00%, 06/15/50		495		307,850
JPMorgan Chase & Co.
3.30%, 04/01/26		266		251,143
(1-day SOFR + 0.61%), 1.56%, 12/10/25(b)		1,600		1,512,131
(1-day SOFR + 0.89%), 1.58%, 04/22/27(b)		816		728,224
(1-day SOFR + 1.85%), 2.08%, 04/22/26(b)		1,063		997,737
(1-day SOFR + 1.85%), 5.35%, 06/01/34(b)		1,100		1,043,104
(1-day SOFR + 1.99%), 4.85%, 07/25/28(b)		1,150		1,108,560
(1-day SOFR + 2.08%), 4.91%, 07/25/33(b)		375		345,019
(3-mo. CME Term SOFR + 1.42%), 3.22%, 03/01/25(b)		600		592,129
(3-mo. CME Term SOFR + 1.59%), 2.01%, 03/13/26(b)		2,120		1,996,345
Kimberly-Clark Corp., 2.88%, 02/07/50(d)		160		102,228
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/29(a)		107		86,435
Mitsubishi UFJ Financial Group, Inc.(b)
(1-year CMT + 0.55%), 0.95%, 07/19/25		1,094		1,048,589
(1-year CMT + 0.95%), 2.31%, 07/20/32		425		325,656
(1-year CMT + 0.97%), 2.49%, 10/13/32		315		242,437
Mizuho Financial Group, Inc., (1-year CMT + 1.90%), 5.75%, 07/06/34(b)		1,240		1,183,668
Morgan Stanley
3.88%, 01/27/26		200		191,211
6.38%, 07/24/42(d)		460		476,084
4.30%, 01/27/45		580		458,262
(1-day SOFR + 0.86%), 1.51%, 07/20/27(b)		1,510		1,334,223
(1-day SOFR + 1.63%), 5.45%, 07/20/29(b)		55		53,596
(1-day SOFR + 1.87%), 5.25%, 04/21/34(b)		900		835,632
(3-mo. CME Term SOFR + 1.89%), 4.43%, 01/23/30(b)		415		383,935
(5-year CMT + 2.43%), 5.95%, 01/19/38(b)		265		247,689
Series I, (1-day SOFR + 0.75%), 0.86%, 10/21/25(b)		2,060		1,940,819
Nasdaq, Inc., 3.85%, 06/30/26		32		30,510
Nationstar Mortgage Holdings, Inc., 5.50%, 08/15/28(a)(d)		500		441,033
Sumitomo Mitsui Financial Group, Inc. 2.35%, 01/15/25		1,325		1,264,713

MASTER    PORTFOLIO    SCHEDULE    OF    INVESTMENTS 5

Schedule of Investments  (unaudited) (continued) September 30, 2023 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Financial Services (continued)
Sumitomo Mitsui Financial Group, Inc. (continued)
1.47%, 07/08/25	$	1,049	$	970,357
5.77%, 01/13/33		760		742,760
United Wholesale Mortgage LLC(a)
5.50%, 11/15/25		271		257,769
5.50%, 04/15/29		320		270,400
				53,946,154
Food Products — 0.3%
General Mills, Inc., 4.95%, 03/29/33(d)		1,125		1,054,096
Hershey Co.
4.50%, 05/04/33		550		518,921
2.65%, 06/01/50		105		62,394
Tyson Foods, Inc., 5.10%, 09/28/48		80		65,057
Unilever Capital Corp., 5.00%, 12/08/33		910		881,254
				2,581,722
Gas Utilities — 0.0%
Southern Co. Gas Capital Corp., 5.75%, 09/15/33		140		137,245
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(a)		101		84,308
Superior Plus LP/Superior General Partner, Inc., 4.50%, 03/15/29(a)		98		85,163
				306,716
Ground Transportation — 0.2%
Burlington Northern Santa Fe LLC, 3.05%, 02/15/51		990		626,842
Canadian National Railway Co., 4.40%, 08/05/52		240		199,360
CSX Corp., 2.60%, 11/01/26		800		734,515
Forward Air Corp., 9.50%, 10/15/31		45		44,969
				1,605,686
Health Care Equipment & Supplies — 0.1%
Abbott Laboratories, 4.90%, 11/30/46		265		241,254
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28(a)		110		110,327
Becton Dickinson & Co., 4.30%, 08/22/32		180		162,758
DH Europe Finance II SARL, 3.40%, 11/15/49		375		259,589
				773,928
Health Care Providers & Services — 1.3%
180 Medical, Inc., 3.88%, 10/15/29(a)		200		168,995
Allina Health System, Series 2021, 2.90%, 11/15/51(d)		230		137,742
Banner Health, Series 2020, 3.18%, 01/01/50		119		78,260
Baylor Scott & White Holdings, Series 2021, 2.84%, 11/15/50		92		55,508
Beth Israel Lahey Health, Inc., Series L, 3.08%, 07/01/51		169		97,383
Cencora, Inc.
3.45%, 12/15/27		1,427		1,323,610
2.70%, 03/15/31		117		95,238
CHS/Community Health Systems, Inc., 8.00%, 03/15/26(a)		150		142,961
CommonSpirit Health, 3.91%, 10/01/50		339		240,423
Fred Hutchinson Cancer Center, Series 2022, 4.97%, 01/01/52(d)		130		114,074
Hackensack Meridian Health, Inc., Series 2020, 2.88%, 09/01/50		58		34,764
HCA, Inc.
5.20%, 06/01/28		945		913,313
3.63%, 03/15/32		100		82,889
5.50%, 06/01/33		1,067		1,009,087
5.13%, 06/15/39		485		420,131

Security	Par (000)		Value
Health Care Providers & Services (continued)
HCA, Inc. (continued)
3.50%, 07/15/51	$	175	$	109,285
4.63%, 03/15/52		745		559,343
Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 04/30/28(a)		140		140,875
Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52		73		53,580
Humana, Inc., 5.75%, 03/01/28		215		215,765
Inova Health System Foundation, 4.07%, 05/15/52		18		14,081
Kaiser Foundation Hospitals
Series 2021, 2.81%, 06/01/41		57		38,283
Series 2021, 3.00%, 06/01/51		161		101,345
LifePoint Health, Inc.
9.88%, 08/15/30(d)		155		150,060
11.00%, 10/15/30		195		195,000
Medline Borrower LP, 5.25%, 10/01/29(a)(d)		400		345,718
Memorial Sloan-Kettering Cancer Center, Series 2020, 2.96%, 01/01/50		46		28,387
Methodist Hospital, Series 20A, 2.71%, 12/01/50		87		50,722
Providence St Joseph Health Obligated Group, Series 21A, 2.70%, 10/01/51		136		74,444
Sutter Health, Series 20A, 3.36%, 08/15/50		54		35,295
Tenet Healthcare Corp.
6.13%, 06/15/30		200		187,510
6.88%, 11/15/31		300		287,579
UMass Memorial Health Care Obligated Group, 5.36%, 07/01/52		42		36,543
UnitedHealth Group, Inc.
2.30%, 05/15/31		185		149,469
4.75%, 07/15/45		800		694,393
2.90%, 05/15/50		410		251,741
3.25%, 05/15/51		5		3,286
5.88%, 02/15/53		570		572,028
5.05%, 04/15/53		520		465,225
3.13%, 05/15/60		730		442,177
6.05%, 02/15/63		325		328,835
WakeMed, Series A, 3.29%, 10/01/52		81		50,422
				10,495,769
Health Care Technology — 0.0%
Fortrea Holdings, Inc., 7.50%, 07/01/30(a)(d)		35		34,056
Hotels, Restaurants & Leisure — 0.7%
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(a)
4.38%, 01/15/28		472		425,436
4.00%, 10/15/30		105		87,252
Caesars Entertainment, Inc., 7.00%, 02/15/30(a)		400		389,225
Choice Hotels International, Inc., 3.70%, 12/01/29		280		241,755
Hilton Domestic Operating Co., Inc., 4.88%, 01/15/30		100		91,008
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 5.00%, 06/01/29(a)		196		170,019
Marriott International, Inc.
5.45%, 09/15/26		85		84,220
5.00%, 10/15/27(d)		170		165,670
5.55%, 10/15/28		310		306,532
Series HH, 2.85%, 04/15/31		970		781,917
McDonald’s Corp.
3.63%, 09/01/49		3,740		2,633,519
5.15%, 09/09/52(d)		350		313,621

6

Schedule of Investments  (unaudited) (continued) September 30, 2023 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Station Casinos LLC, 4.63%, 12/01/31(a)(d)	$	105	$	83,988
Yum! Brands, Inc., 4.63%, 01/31/32		100		86,742
				5,860,904
Household Durables — 0.3%
Lennar Corp., 4.75%, 11/29/27		90		86,700
MDC Holdings, Inc., 3.97%, 08/06/61		570		313,729
NVR, Inc., 3.00%, 05/15/30		2,645		2,203,637
				2,604,066
Independent Power and Renewable Electricity Producers(a) — 0.1%
Calpine Corp., 5.00%, 02/01/31		200		161,718
NRG Energy, Inc.
5.25%, 06/15/29		193		170,372
3.63%, 02/15/31		300		227,597
				559,687
Insurance — 1.6%
Aflac, Inc., 4.75%, 01/15/49		45		37,542
Aon Global Ltd., 3.88%, 12/15/25		3,400		3,270,086
Arthur J Gallagher & Co., 3.50%, 05/20/51		1,840		1,194,131
Assured Guaranty U.S. Holdings, Inc., 6.13%, 09/15/28		600		600,009
Athene Holding Ltd.
3.95%, 05/25/51		30		19,681
3.45%, 05/15/52		55		32,264
Berkshire Hathaway Finance Corp.
4.20%, 08/15/48		125		102,028
2.85%, 10/15/50		95		59,106
3.85%, 03/15/52		325		242,421
Brighthouse Financial, Inc., 3.85%, 12/22/51		270		158,833
Brown & Brown, Inc.
4.20%, 03/17/32		120		103,819
4.95%, 03/17/52		390		310,560
Enstar Group Ltd., 3.10%, 09/01/31		805		605,814
Fairfax Financial Holdings Ltd., 3.38%, 03/03/31		360		292,622
Marsh & McLennan Cos., Inc.
4.75%, 03/15/39		111		97,421
4.20%, 03/01/48		1,715		1,324,839
4.90%, 03/15/49		1,735		1,503,296
5.45%, 03/15/53		390		364,049
NFP Corp., 8.50%, 10/01/31		115		115,174
Principal Financial Group, Inc.
5.38%, 03/15/33(d)		470		451,219
5.50%, 03/15/53		90		79,261
Progressive Corp.
4.13%, 04/15/47		295		231,252
3.70%, 03/15/52		35		24,909
RenaissanceRe Holdings Ltd., 5.75%, 06/05/33		1,700		1,599,112
Travelers Cos., Inc., 5.45%, 05/25/53		140		133,450
Unum Group, 4.13%, 06/15/51		710		466,293
				13,419,191
Interactive Media & Services — 0.5%
Alphabet, Inc., 2.25%, 08/15/60		335		178,926
Cogent Communications Group, Inc., 7.00%, 06/15/27(a)		269		256,895
Meta Platforms, Inc.
3.85%, 08/15/32		205		181,875
4.95%, 05/15/33		2,075		1,988,574

Security	Par (000)		Value
Interactive Media & Services (continued)
Meta Platforms, Inc. (continued)
4.45%, 08/15/52	$	280	$	221,638
5.60%, 05/15/53		1,590		1,504,870
				4,332,778
Internet Software & Services — 0.1%
Booking Holdings, Inc., 4.63%, 04/13/30		315		299,029
EquipmentShare.com, Inc., 9.00%, 05/15/28(a)		90		86,512
VeriSign, Inc., 2.70%, 06/15/31		630		501,785
				887,326
IT Services — 1.0%
Central Parent LLC/CDK Global II LLC/CDK Financing Co, Inc., 8.00%, 06/15/29		35		34,870
Fiserv, Inc.
5.45%, 03/02/28		790		783,055
5.60%, 03/02/33(d)		865		838,345
4.40%, 07/01/49		780		597,510
Gartner, Inc., 4.50%, 07/01/28(a)		500		456,157
International Business Machines Corp.
4.40%, 07/27/32		2,905		2,670,885
4.25%, 05/15/49		1,465		1,130,730
5.10%, 02/06/53		790		692,633
Kyndryl Holdings, Inc., 4.10%, 10/15/41		30		19,723
Verisk Analytics, Inc., 4.13%, 03/15/29		1,056		982,972
VT Topco, Inc., 8.50%, 08/15/30		125		123,819
				8,330,699
Life Sciences Tools & Services — 0.1%
Agilent Technologies, Inc., 2.30%, 03/12/31		1,115		882,514
Star Parent, Inc., 9.00%, 10/01/30		40		40,420
				922,934
Machinery — 0.4%
IDEX Corp., 2.63%, 06/15/31		3,039		2,436,239
Ingersoll Rand, Inc.
5.40%, 08/14/28		200		196,633
5.70%, 08/14/33		220		212,325
Otis Worldwide Corp.
3.11%, 02/15/40(d)		70		49,980
3.36%, 02/15/50		70		46,658
				2,941,835
Media — 1.1%
CCO Holdings LLC/CCO Holdings Capital Corp.(a)(d)
6.38%, 09/01/29		545		508,194
7.38%, 03/01/31		475		458,769
Charter Communications Operating LLC/Charter Communications Operating Capital
5.38%, 05/01/47		365		278,139
3.95%, 06/30/62		325		184,354
Clear Channel Outdoor Holdings, Inc., 9.00%, 09/15/28(d)		120		118,841
Comcast Corp.
2.35%, 01/15/27		400		362,289
4.65%, 02/15/33(d)		1,570		1,469,859
DISH DBS Corp.
7.75%, 07/01/26		425		318,750
7.38%, 07/01/28(d)		411		258,967
5.75%, 12/01/28(a)		223		171,431
FactSet Research Systems, Inc.
2.90%, 03/01/27		1,575		1,436,220
3.45%, 03/01/32(d)		483		400,266

MASTER    PORTFOLIO    SCHEDULE    OF    INVESTMENTS 7

Schedule of Investments  (unaudited) (continued) September 30, 2023 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
Frontier Communications Holdings LLC(a)
6.75%, 05/01/29	$	221	$	170,032
8.75%, 05/15/30(d)		267		253,510
8.63%, 03/15/31		91		85,728
Interpublic Group of Cos., Inc., 3.38%, 03/01/41		78		51,587
Nexstar Media, Inc., 4.75%, 11/01/28(a)(d)		179		148,160
TEGNA, Inc., 4.63%, 03/15/28		478		413,470
Thomson Reuters Corp., 3.35%, 05/15/26		800		755,499
Time Warner Cable LLC, 4.50%, 09/15/42		500		346,409
Univision Communications, Inc.(a)
8.00%, 08/15/28		40		38,780
7.38%, 06/30/30		600		548,338
Virgin Media Finance PLC, 5.00%, 07/15/30(a)		200		157,206
				8,934,798
Metals & Mining — 0.8%
Arsenal AIC Parent LLC, 8.00%, 10/01/30(a)		105		104,477
ATI, Inc., 7.25%, 08/15/30		110		109,175
BHP Billiton Finance USA Ltd.
4.75%, 02/28/28		2,475		2,409,643
4.90%, 02/28/33		565		536,586
Cleveland-Cliffs, Inc., 6.75%, 04/15/30(a)		90		84,115
FMG Resources August Pty. Ltd., 6.13%, 04/15/32(a)(d)		260		236,438
Mineral Resources Ltd., 9.25%, 10/01/28		125		126,250
Nucor Corp., 3.13%, 04/01/32		195		161,189
Rain Carbon, Inc., 12.25%, 09/01/29		223		233,871
Reliance Steel & Aluminum Co., 2.15%, 08/15/30		1,575		1,237,354
Rio Tinto Finance USA Ltd., 2.75%, 11/02/51		230		137,488
Rio Tinto Finance USA PLC, 5.13%, 03/09/53		920		837,420
Southern Copper Corp., 3.88%, 04/23/25		152		145,660
SunCoke Energy, Inc., 4.88%, 06/30/29(a)		520		441,857
Taseko Mines Ltd., 7.00%, 02/15/26(a)(d)		39		36,431
				6,837,954
Multi-Utilities — 0.3%
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28(a)		150		152,062
Atmos Energy Corp.
1.50%, 01/15/31(d)		30		22,785
5.75%, 10/15/52		105		102,782
CenterPoint Energy Resources Corp., 5.25%, 03/01/28		85		83,883
NiSource, Inc.
3.60%, 05/01/30		60		52,264
3.95%, 03/30/48		310		221,350
5.00%, 06/15/52		20		16,678
ONE Gas, Inc., 4.25%, 09/01/32(d)		290		261,487
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/29		500		443,050
Southern California Gas Co.
5.75%, 06/01/53		100		93,279
Series TT, 2.60%, 06/15/26		800		741,373
Southwest Gas Corp.
3.70%, 04/01/28		230		210,359
2.20%, 06/15/30		85		66,861
Washington Gas Light Co., 3.65%, 09/15/49		30		19,999
				2,488,212
Oil, Gas & Consumable Fuels — 2.1%
Canadian Natural Resources Ltd., 2.95%, 07/15/30(d)		551		456,995
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/27		160		155,480

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Chevron Corp., 3.08%, 05/11/50	$	60	$	40,251
Civitas Resources, Inc.(a)
8.38%, 07/01/28		275		279,813
8.75%, 07/01/31		250		255,367
CNOOC Finance 2015 USA LLC, Series 2015, 3.50%, 05/05/25		600		579,000
Comstock Resources, Inc., 6.75%, 03/01/29(a)		186		171,100
ConocoPhillips Co., 3.80%, 03/15/52		85		61,627
Continental Resources, Inc., 4.38%, 01/15/28		100		92,750
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(a)		400		354,539
Crescent Energy Finance LLC, 9.25%, 02/15/28(a)		105		107,200
DCP Midstream Operating LP, 3.25%, 02/15/32		17		13,716
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30		40		40,006
Diamondback Energy, Inc., 6.25%, 03/15/33		125		125,071
Earthstone Energy Holdings LLC, 9.88%, 07/15/31(a)		240		260,993
Energy Transfer LP
5.75%, 02/15/33		400		384,505
5.00%, 05/15/50(d)		855		670,703
EQT Corp., 7.00%, 02/01/30		470		483,508
Equinor ASA
3.25%, 11/10/24		400		389,859
3.25%, 11/18/49		500		334,163
Exxon Mobil Corp., 3.45%, 04/15/51		625		437,295
Global Partners LP/GLP Finance Corp., 6.88%, 01/15/29		200		186,134
Hess Corp., 5.60%, 02/15/41		165		148,990
Kinder Morgan, Inc.
4.80%, 02/01/33		487		439,051
5.55%, 06/01/45		375		322,259
Marathon Petroleum Corp.
4.50%, 04/01/48		93		68,935
5.00%, 09/15/54		182		140,811
MPLX LP
4.88%, 12/01/24		209		206,038
4.50%, 04/15/38		125		101,298
5.20%, 03/01/47		70		57,163
4.70%, 04/15/48		805		610,189
5.50%, 02/15/49		685		579,764
4.95%, 03/14/52		305		238,616
4.90%, 04/15/58		340		252,776
New Fortress Energy, Inc., 6.50%, 09/30/26(a)		200		184,146
ONEOK Partners LP
4.90%, 03/15/25		2,000		1,964,159
6.13%, 02/01/41(d)		75		69,450
ONEOK, Inc.
6.35%, 01/15/31		1,140		1,146,513
6.10%, 11/15/32		590		582,543
7.15%, 01/15/51		80		80,822
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30(a)		90		89,638
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29		225		193,416
4.90%, 02/15/45		170		129,097
Shell International Finance BV
6.38%, 12/15/38		67		71,452
3.00%, 11/26/51		178		111,149
Sunoco LP/Sunoco Finance Corp., 7.00%, 09/15/28		230		226,951
Targa Resources Corp., 4.95%, 04/15/52		190		146,134

8

Schedule of Investments  (unaudited) (continued) September 30, 2023 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.50%, 03/01/30	$	1,100	$	1,029,503
TransCanada PipeLines Ltd., 3.75%, 10/16/23		800		798,812
Transocean, Inc.(a)
11.50%, 01/30/27		200		209,750
8.75%, 02/15/30		285		291,413
Valaris Ltd., 8.38%, 04/30/30(a)		95		95,071
Venture Global Calcasieu Pass LLC, 6.25%, 01/15/30(a)		200		190,774
Venture Global LNG, Inc.(a)
8.13%, 06/01/28		85		84,162
8.38%, 06/01/31		80		78,645
Vital Energy, Inc., 9.75%, 10/15/30		100		102,228
Western Midstream Operating LP
6.35%, 01/15/29		65		65,134
5.25%, 02/01/50		34		26,487
Williams Cos., Inc., 5.30%, 08/15/28		740		723,823
				17,737,237
Passenger Airlines(a) — 0.2%
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29		950		883,548
United Airlines, Inc.
4.38%, 04/15/26		184		170,161
4.63%, 04/15/29		586		503,685
VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.50%, 06/01/28(d)		194		170,315
				1,727,709
Personal Care Products — 0.1%
Colgate-Palmolive Co., 3.25%, 08/15/32		90		78,570
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, Series 2020, 4.75%, 01/15/29(a)		347		312,914
Procter & Gamble Co., 1.20%, 10/29/30		645		499,244
				890,728
Pharmaceuticals — 1.0%
AbbVie, Inc.
2.60%, 11/21/24		3,520		3,393,491
4.05%, 11/21/39		50		40,906
4.40%, 11/06/42		135		112,247
4.70%, 05/14/45		145		123,521
4.25%, 11/21/49		410		324,581
AstraZeneca PLC, 4.38%, 11/16/45		200		167,675
Bausch Health Cos., Inc.(a)
11.00%, 09/30/28		100		67,845
14.00%, 10/15/30(d)		100		59,030
Bristol-Myers Squibb Co.
2.55%, 11/13/50		1,070		611,092
3.90%, 03/15/62		55		38,609
Eli Lilly & Co.
4.88%, 02/27/53		465		427,155
4.95%, 02/27/63		160		145,164
Johnson & Johnson
3.63%, 03/03/37		195		164,332
3.70%, 03/01/46		529		411,960
Merck & Co., Inc.
4.00%, 03/07/49		330		259,868
5.00%, 05/17/53		710		645,719
Novartis Capital Corp., 2.75%, 08/14/50(d)		271		172,894

Security	Par (000)		Value
Pharmaceuticals (continued)
Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.13%, 04/30/31(a)	$	511	$	409,491
Pfizer Investment Enterprises Pte Ltd., 5.30%, 05/19/53		145		134,727
Pfizer Investment Enterprises Pte. Ltd., 5.34%, 05/19/63		80		73,084
Pfizer, Inc., 7.20%, 03/15/39		80		92,075
Zoetis, Inc., 3.00%, 05/15/50		100		63,169
				7,938,635
Professional Services — 0.0%
TriNet Group, Inc., 7.13%, 08/15/31		145		143,550
Real Estate — 0.0%
VICI Properties LP, 5.63%, 05/15/52		77		63,763
Real Estate Management & Development — 0.1%
CBRE Services, Inc., 4.88%, 03/01/26		670		651,842
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31		65		62,887
Greystar Real Estate Partners LLC, 7.75%, 09/01/30		70		69,152
				783,881
Semiconductors & Semiconductor Equipment — 1.1%
Analog Devices, Inc.
1.70%, 10/01/28		385		324,662
2.80%, 10/01/41		240		160,207
2.95%, 10/01/51		180		112,357
Broadcom, Inc.
3.15%, 11/15/25		198		187,152
4.00%, 04/15/29(a)		1,860		1,678,448
3.14%, 11/15/35(a)		475		346,314
3.50%, 02/15/41(a)		1,110		771,497
3.75%, 02/15/51(a)		1,365		912,569
Flex Ltd.
3.75%, 02/01/26		5		4,740
4.88%, 06/15/29		745		693,982
Honeywell International, Inc., 4.50%, 01/15/34		1,300		1,207,121
Jabil, Inc., 1.70%, 04/15/26		1,055		947,736
Marvell Technology, Inc., 5.95%, 09/15/33		90		88,336
Massachusetts Institute of Technology, 3.07%, 04/01/52		264		176,521
Micron Technology, Inc., 6.75%, 11/01/29		180		182,888
NCR Atleos Escrow Corp., 9.50%, 04/01/29		205		198,276
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 05/01/25		190		180,245
Texas Instruments, Inc.
1.75%, 05/04/30		482		390,071
2.70%, 09/15/51		870		525,145
				9,088,267
Software — 0.6%
Activision Blizzard, Inc., 2.50%, 09/15/50		125		74,436
Cloud Software Group, Inc., 6.50%, 03/31/29(a)		100		88,433
Electronic Arts, Inc., 2.95%, 02/15/51		250		151,075
Intuit, Inc.
1.65%, 07/15/30		71		55,774
5.20%, 09/15/33		460		447,928
5.50%, 09/15/53		150		143,914
Microsoft Corp.
2.53%, 06/01/50		325		197,891
3.04%, 03/17/62		365		231,088
Oracle Corp.
4.50%, 05/06/28		350		333,590

MASTER    PORTFOLIO    SCHEDULE    OF    INVESTMENTS 9

Schedule of Investments  (unaudited) (continued) September 30, 2023 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Software (continued)
Oracle Corp. (continued)
4.65%, 05/06/30	$	235	$	219,768
2.88%, 03/25/31(d)		615		502,350
4.90%, 02/06/33		715		659,037
3.65%, 03/25/41		940		670,769
3.95%, 03/25/51		300		205,664
5.55%, 02/06/53		450		394,274
3.85%, 04/01/60		1,280		813,973
ServiceNow, Inc., 1.40%, 09/01/30		72		55,271
				5,245,235
Specialized REITs — 0.0%
Public Storage Operating Co., 5.35%, 08/01/53		160		146,092
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28(a)		100		97,945
				244,037
Specialty Retail — 0.1%
Academy Ltd., 6.00%, 11/15/27(a)		179		169,191
AutoZone, Inc., 5.05%, 07/15/26		920		906,577
				1,075,768
Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc.
2.70%, 08/05/51		890		541,941
3.95%, 08/08/52		45		35,290
2.55%, 08/20/60(d)		95		54,425
2.85%, 08/05/61		450		265,615
4.10%, 08/08/62		270		207,657
				1,104,928
Textiles, Apparel & Luxury Goods — 0.2%
Tapestry, Inc., 3.05%, 03/15/32		1,620		1,186,765
Tobacco — 1.5%
Altria Group, Inc.
4.80%, 02/14/29		2,415		2,296,875
2.45%, 02/04/32		1,550		1,169,285
5.80%, 02/14/39		1,127		1,044,833
4.45%, 05/06/50		215		152,297
3.70%, 02/04/51		430		267,363
4.00%, 02/04/61(d)		365		233,212
BAT Capital Corp.
6.34%, 08/02/30		680		669,783
7.75%, 10/19/32		25		26,407
6.42%, 08/02/33		830		806,675
4.39%, 08/15/37		420		321,387
3.73%, 09/25/40		125		83,826
7.08%, 08/02/43		145		139,087
7.08%, 08/02/53		170		160,592
Philip Morris International, Inc.
2.10%, 05/01/30		670		534,711
5.75%, 11/17/32		710		692,765
5.38%, 02/15/33		290		274,873
5.63%, 09/07/33		650		625,059
6.38%, 05/16/38		2,010		2,047,483
4.25%, 11/10/44		1,530		1,166,185
				12,712,698

Security	Par (000)		Value
Transportation Infrastructure — 0.1%
Ryder System, Inc., 5.65%, 03/01/28	$	140	$	138,570
United Parcel Service, Inc., 5.30%, 04/01/50		280		266,670
				405,240
Utilities — 0.0%
Vistra Operations Co. LLC, 7.75%, 10/15/31(a)		295		290,588
Water Utilities — 0.1%
American Water Capital Corp., 2.80%, 05/01/30		270		228,363
Essential Utilities, Inc.
3.57%, 05/01/29		630		568,235
2.70%, 04/15/30		380		312,952
				1,109,550
Wireless Telecommunication Services — 0.4%
GLP Capital LP/GLP Financing II, Inc., 5.75%, 06/01/28		269		257,917
Rogers Communications, Inc.
3.20%, 03/15/27(d)		520		475,621
4.50%, 03/15/42		290		224,557
T-Mobile U.S., Inc.
4.50%, 04/15/50		335		256,888
3.30%, 02/15/51		245		153,297
5.65%, 01/15/53		450		410,964
3.60%, 11/15/60		970		600,048
5.80%, 09/15/62		985		898,393
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29(a)		200		130,956
				3,408,641
Total Corporate Bonds — 35.3% (Cost: $331,116,235)				294,910,289
Foreign Agency Obligations
Canada — 0.1%
Province of Quebec Canada, 4.50%, 09/08/33		600		575,693
Chile — 0.1%
Chile Government International Bond, 3.10%, 01/22/61(d)		1,050		596,033
Indonesia — 0.1%
Indonesia Government International Bond
4.75%, 07/18/47(a)		500		426,755
3.35%, 03/12/71(d)		200		119,434
				546,189
Israel — 0.0%
State of Israel, 3.38%, 01/15/50		390		257,852
Mexico — 0.2%
Mexico Government International Bond
3.77%, 05/24/61		735		429,607
Series 16-2, 4.15%, 03/28/27		1,145		1,101,513
Series 16-2, 6.05%, 01/11/40		100		92,277
Series 16-2, 4.50%, 01/31/50		340		244,671
				1,868,068
Panama — 0.0%
Panama Government International Bond, 3.87%, 07/23/60(d)		420		240,870

10

Schedule of Investments  (unaudited) (continued) September 30, 2023 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	$	298,785
Philippines — 0.0%
Philippines Government International Bond
2.65%, 12/10/45		200		120,062
3.20%, 07/06/46		200		131,264
				251,326
Republic of Korea — 0.1%
Export-Import Bank of Korea, 5.13%, 09/18/33		440		428,410
Total Foreign Agency Obligations — 0.6% (Cost: $6,359,120)				5,063,226
Municipal Bonds
California — 0.3%
Bay Area Toll Authority, RB, BAB
Series F-2, 6.26%, 04/01/49		100		107,023
Series S-1, 6.92%, 04/01/40		50		54,608
Bay Area Toll Authority, Refunding RB, Series F-3, 3.13%, 04/01/55		540		338,427
California State University, Refunding RB, Series B, 2.98%, 11/01/51		595		379,321
Regents of the University of California Medical Center Pooled Revenue, RB
Series N, 3.01%, 05/15/50		120		75,914
Series N, 3.71%, 05/15/2120		85		52,405
State of California, GO, BAB, 7.60%, 11/01/40		300		355,692
State of California, Refunding GO, 3.50%, 04/01/28		500		469,091
University of California, RB, Series AD, 4.86%, 05/15/2112(d)		115		94,540
University of California, Refunding RB, Series J, 4.13%, 05/15/45		150		125,538
				2,052,559
District of Columbia — 0.0%
District of Columbia Water & Sewer Authority, Refunding RB, Series D, Subordinate Lien, 3.21%, 10/01/48		200		136,479
Florida — 0.0%
State Board of Administration Finance Corp., RB, Series A, 2.15%, 07/01/30		119		95,138
Illinois — 0.1%
Chicago O’Hare International Airport, ARB, Series C, Senior Lien, 4.47%, 01/01/49(d)		110		93,251
Sales Tax Securitization Corp., Refunding RB, Series B, 2nd Lien, 3.24%, 01/01/42		140		103,379
State of Illinois, GO, 5.10%, 06/01/33		255		242,007
				438,637
Louisiana — 0.0%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Class A-4, 4.48%, 08/01/39		65		57,993

Security	Par (000)		Value
Maryland — 0.0%
Maryland Health & Higher Educational Facilities Authority, Refunding RB
Series D, 3.05%, 07/01/40	$	115	$	79,503
Series D, 3.20%, 07/01/50		80		51,169
				130,672
Massachusetts — 0.0%
Commonwealth of Massachusetts, GO, Series H, 2.90%, 09/01/49		295		190,202
Michigan — 0.0%
University of Michigan, RB
Series A, 3.50%, 04/01/52(d)		38		27,066
Series A, 4.45%, 04/01/2122		69		52,696
Series B, 3.50%, 04/01/52		67		47,636
University of Michigan, Refunding RB, Series C, 3.60%, 04/01/47		238		189,393
				316,791
New Jersey — 0.0%
New Jersey Turnpike Authority, RB, BAB, Series A, 7.10%, 01/01/41		150		170,040
New York — 0.2%
Metropolitan Transportation Authority, RB, BAB, 6.81%, 11/15/40		355		372,034
New York City Municipal Water Finance Authority, Refunding RB, 5.88%, 06/15/44		250		253,130
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, BAB, 5.51%, 08/01/37		110		108,114
Port Authority of New York & New Jersey, ARB
Series 192, 4.81%, 10/15/65		50		43,585
Series 210, 4.03%, 09/01/48		500		390,022
Port Authority of New York & New Jersey, RB, Series 191, 4.82%, 06/01/45		200		169,930
				1,336,815
Oklahoma — 0.0%
Oklahoma Development Finance Authority, RB, Series A-2, 4.62%, 06/01/44		110		98,145
Pennsylvania — 0.0%
Pennsylvania State University, Refunding RB, Series D, 2.84%, 09/01/50		80		50,228
Texas — 0.1%
Board of Regents of the University of Texas System, Refunding RB, Series B, 2.44%, 08/15/49		105		61,649
Dallas Area Rapid Transit, Refunding RB, Series A, Senior Lien, 2.61%, 12/01/48		100		62,894
Dallas Fort Worth International Airport, Refunding RB, 2.84%, 11/01/46		260		176,435
Grand Parkway Transportation Corp., Refunding RB, Subordinate, 3.24%, 10/01/52		100		64,777
Texas Transportation Commission State Highway Fund, Refunding RB, 4.00%, 10/01/33		690		629,862
				995,617
Virginia — 0.0%
University of Virginia, Refunding RB, Series U, 2.58%, 11/01/51		60		35,683
Total Municipal Bonds — 0.7% (Cost: $8,175,587)				6,104,999

MASTER    PORTFOLIO    SCHEDULE    OF    INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) September 30, 2023 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 3.7%
American Home Mortgage Investment Trust, Series 2004-3, Class 4A, (6-mo. CME Term SOFR + 1.93%), 4.21%, 10/25/34(b)	$	4	$	4,264
Citigroup Mortgage Loan Trust, Series 2013-A, Class A, 3.00%, 05/25/42(a)(b)		4		4,268
Connecticut Avenue Securities Trust(a)(b)
Series 2019-R01, Class 2M2, (30-day Avg SOFR + 2.56%), 7.88%, 07/25/31		419		420,348
Series 2019-R03, Class 1M2, (30-day Avg SOFR + 2.26%), 7.58%, 09/25/31		43		42,525
Series 2019-R07, Class 1M2, (30-day Avg SOFR + 2.21%), 7.53%, 10/25/39		93		92,809
Series 2019-R07, Class 1M2, (30-day Avg SOFR + 2.51%), 7.83%, 04/25/31		310		310,270
Series 2021-R01, Class 1M1, (30-day Avg SOFR + 0.75%), 6.07%, 10/25/41		626		624,298
Series 2021-R01, Class 1M2, (30-day Avg SOFR + 1.55%), 6.87%, 10/25/41		3,040		3,034,255
Series 2022-R01, Class 1M1, (30-day Avg SOFR + 1.00%), 6.32%, 12/25/41		3,956		3,932,267
Series 2022-R02, Class 2M1, (30-day Avg SOFR + 1.20%), 6.52%, 01/25/42		3,395		3,372,888
Series 2023-R02, Class 1M2, (30-day Avg SOFR + 3.35%), 8.67%, 01/25/43		420		434,965
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-6, Class 3A1, 5.00%, 09/25/19		5		2,650
Fannie Mae Connecticut Avenue Securities(b)
Series 2017-C05, Class 1EB3, (30-day Avg SOFR + 1.31%), 6.63%, 01/25/30		768		767,699
Series 2018-C01, Class 1ED2, (30-day Avg SOFR + 0.96%), 6.28%, 07/25/30		184		183,379
Series 2018-C01, Class 1M2C, (30-day Avg SOFR + 2.36%), 7.68%, 07/25/30		2,150		2,162,336
Freddie Mac STACR REMIC Trust(a)(b)
Series 2020-DNA1, Class M2, (30-day Avg SOFR + 1.81%), 7.13%, 01/25/50		2,361		2,360,924
Series 2021-DNA3, Class M1, (30-day Avg SOFR + 0.75%), 6.07%, 10/25/33		155		153,909
Series 2021-DNA3, Class M2, (30-day Avg SOFR + 2.10%), 7.42%, 10/25/33		670		671,148
Series 2021-DNA6, Class M1, (30-day Avg SOFR + 0.80%), 6.12%, 10/25/41		2,586		2,581,073
Series 2021-HQA2, Class M1, (30-day Avg SOFR + 0.70%), 6.02%, 12/25/33		434		432,965
Series 2022-HQA1, Class M1A, (30-day Avg SOFR + 2.10%), 7.42%, 03/25/42		941		948,885
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		4,150		4,284,901
Series 2017-HQA2, Class M2, (30-day Avg SOFR + 2.76%), 8.08%, 12/25/29		596		608,935
Series 2020-HQA5, Class M2, (30-day Avg SOFR + 2.60%), 7.92%, 11/25/50(a)		3,664		3,706,323
				31,138,284
Commercial Mortgage-Backed Securities — 3.1%
Bank
Series 2018-BN14, Class A3, 3.97%, 09/15/60		2,800		2,541,742

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Bank (continued)
Series 2021-BN35, Class A5, 2.29%, 06/15/64	$	920	$	710,574
Series 2021-BN36, Class A5, 2.47%, 09/15/64		920		718,445
BBCMS Mortgage Trust, Class A5, 5.45%, 04/15/56		380		367,732
Benchmark Mortgage Trust, Series 2019-B10, Class A4, 3.72%, 03/15/62		2,390		2,133,298
Citigroup Commercial Mortgage Trust
Series 2016-C1, Class A4, 3.21%, 05/10/49		1,290		1,197,326
Series 2016-GC36, Class A5, 3.62%, 02/10/49		550		514,142
Series 2017-P8, Class AS, 3.79%, 09/15/50(b)		2,090		1,836,618
Commercial Mortgage Trust, Series 2014-CR17, Class A5, 3.98%, 05/10/47		670		659,659
Eleven Madison Trust Mortgage Trust, Series 2015- 11MD, Class A, 3.67%, 09/10/35(a)(b)		150		130,879
GS Mortgage Securities Trust
Series 2014-GC20, Class A5, 4.00%, 04/10/47		730		722,941
Series 2015-GC30, Class B, 4.16%, 05/10/50(b)		300		271,362
Series 2015-GS1, Class A3, 3.73%, 11/10/48		2,030		1,914,717
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 2014-C25, Class AS, 4.07%, 11/15/47		2,180		2,091,549
Series 2015-C31, Class A3, 3.80%, 08/15/48		1,079		1,018,660
JPMDB Commercial Mortgage Securities Trust,
Series 2017-C5, Class A5, 3.69%, 03/15/50		1,160		1,067,181
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C13, Class A4, 4.04%, 11/15/46		264		263,363
Morgan Stanley Capital I Trust
Series 2015-MS1, Class A4, 3.78%, 05/15/48(b)		550		523,545
Series 2019-L3, Class AS, 3.49%, 11/15/52		970		804,797
Series 2020-L4, Class A3, 2.70%, 02/15/53		3,070		2,521,979
Wells Fargo Commercial Mortgage Trust
Series 2014-LC18, Class AS, 3.81%, 12/15/47		510		482,228
Series 2015-C26, Class AS, 3.58%, 02/15/48		1,380		1,308,010
WFRBS Commercial Mortgage Trust
Series 2013-C18, Class A5, 4.16%, 12/15/46(b)		620		615,345
Series 2014-C23, Class A4, 3.65%, 10/15/57		260		254,572
Series 2014-C23, Class AS, 4.21%, 10/15/57(b)		1,140		1,072,831
				25,754,318
Total Non-Agency Mortgage-Backed Securities — 6.8% (Cost: $60,029,961)				56,892,602
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations(a)(b) — 0.2%
Freddie Mac STACR REMIC Trust, Series 2020- HQA1, Class M2, (30-day Avg SOFR + 2.01%), 7.33%, 01/25/50		909		909,071
Freddie Mac STACR Trust
Series 2019-DNA4, Class M2, (30-day Avg SOFR + 2.06%), 7.38%, 10/25/49		207		207,453
Series 2019-FTR2, Class M1, (30-day Avg SOFR + 1.06%), 6.38%, 11/25/48		633		630,292
				1,746,816
Commercial Mortgage-Backed Securities — 1.4%
Fannie Mae(b)
Series 2014-M3, Class A2, 3.50%, 01/25/24		162		159,970
Series 2016-M13, Class A2, 2.59%, 09/25/26		612		568,645
Series 2018-M1, Class A2, 3.09%, 12/25/27		1,113		1,027,469

12

Schedule of Investments  (unaudited) (continued) September 30, 2023 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Commercial Mortgage-Backed Securities (continued)
Fannie Mae(b) (continued)
Series 2018-M7, Class A2, 3.13%, 03/25/28	$	1,454		$	1,335,861
Series 2018-M8, Class A2, 3.41%, 06/25/28		3,400			3,157,384
Freddie Mac Multifamily Structured Pass Through Certificates
Series K055, Class A2, 2.67%, 03/25/26		1,590			1,496,530
Series K060, Class A2, 3.30%, 10/25/26		1,190			1,124,478
Series K061, Class A2, 3.35%, 11/25/26(b)		1,590			1,500,187
Series K072, Class A2, 3.44%, 12/25/27		1,190			1,111,930
					11,482,454
Mortgage-Backed Securities — 30.5%
Fannie Mae Mortgage-Backed Securities
3.00%, 02/01/47		62			54,438
4.00%, 02/01/47 - 02/01/57		1,150			1,041,045
3.50%, 11/01/51		3,327			2,903,790
(11th District Cost of Funds + 1.25%), 4.07%, 09/01/34(b)		60			57,962
(12-mo. LIBOR US + 1.41%), 4.16%, 04/01/35(b)		23			22,612
(12-mo. LIBOR US + 1.53%), 5.20%, 05/01/43(b)		14			13,542
(12-mo. LIBOR US + 1.54%), 5.41%, 06/01/43(b)		25			24,510
(12-mo. LIBOR US + 1.71%), 5.08%, 04/01/40(b)		3			2,684
(12-mo. LIBOR US + 1.75%), 6.00%, 08/01/41(b)		21			21,381
(12-mo. LIBOR US + 1.78%), 4.07%, 01/01/42(b)		7			6,534
(12-mo. LIBOR US + 1.81%), 4.26%, 02/01/42(b)		1			646
(12-mo. LIBOR US + 1.82%), 6.07%, 09/01/41(b)		14			14,285
(6-mo. LIBOR US + 1.04%), 4.16%, 05/01/33(b)		3			2,525
(6-mo. LIBOR US + 1.36%), 4.70%, 10/01/32(b)		9			9,038
Freddie Mac Mortgage-Backed Securities
4.50%, 05/01/24 - 01/01/49		969			912,014
4.00%, 10/01/24 - 01/01/49		3,699			3,373,897
5.00%, 08/01/25 - 03/01/48		312			303,592
3.50%, 04/01/26 - 04/01/49		5,768			5,096,436
2.50%, 02/01/27		260			248,883
3.00%, 05/01/27 - 10/01/47		4,839			4,157,291
6.00%, 11/01/28 - 04/01/38		196			196,813
6.50%, 06/01/29 - 08/01/36		200			207,041
7.50%, 12/01/30		—	(f)		319
5.50%, 05/01/33 - 08/01/38		473			466,774
(11th District Cost of Funds + 1.25%), 4.07%, 11/01/27(b)		27			26,705
(12-mo. LIBOR US + 1.50%), 5.25%, 06/01/43(b)		1			719
(12-mo. LIBOR US + 1.60%), 6.87%, 08/01/43(b)		4			4,040
(12-mo. LIBOR US + 1.65%), 6.58%, 05/01/43(b)		24			24,636
(12-mo. LIBOR US + 1.70%), 5.27%, 08/01/41(b)		17			16,662
(12-mo. LIBOR US + 1.75%), 4.82%, 04/01/38(b)		29			28,207
(12-mo. LIBOR US + 1.75%), 4.19%, 02/01/40(b)		19			18,794
(12-mo. LIBOR US + 1.79%), 6.04%, 09/01/32(b)		1			1,379
(12-mo. LIBOR US + 1.89%), 5.94%, 07/01/41(b)		7			6,878
(12-mo. LIBOR US + 1.90%), 4.15%, 01/01/42(b)		—	(f)		422
(1-year CMT + 2.34%), 4.84%, 04/01/32(b)		19			18,453
Ginnie Mae Mortgage-Backed Securities
6.50%, 06/15/28 - 07/15/38		44			45,686
7.50%, 08/20/30		2			1,628
6.00%, 01/15/32 - 10/20/38		107			111,234
5.00%, 11/20/33 - 10/23/53(g)		1,705			1,639,863
5.50%, 05/20/36 - 10/23/53(g)		1,869			1,823,561
4.50%, 03/15/39 - 08/20/49		2,113			1,985,627

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Ginnie Mae Mortgage-Backed Securities (continued)
4.00%, 09/15/40 - 10/23/53(g)	$	5,000	$	4,577,164
3.50%, 01/15/41 - 10/23/53(g)		7,433		6,588,215
3.00%, 01/20/43 - 09/20/52		10,046		8,609,573
2.50%, 12/20/46 - 08/20/52		16,267		13,248,680
2.00%, 08/20/50 - 03/20/52(h)		12,483		9,874,286
Uniform Mortgage-Backed Securities
5.00%, 01/01/24 - 10/12/53(g)		33,451		31,604,981
4.00%, 06/01/24 - 03/01/51(g)		9,919		8,988,694
4.50%, 11/01/24 - 10/13/52(g)		6,072		5,645,745
3.00%, 12/01/26 - 01/01/52		21,731		18,518,687
2.50%, 09/01/28 - 04/01/52		44,112		35,907,484
7.50%, 09/01/29		2		1,547
6.50%, 12/01/30 - 10/12/53(g)		1,526		1,536,291
3.50%, 11/01/31 - 06/01/49		13,654		12,123,127
6.00%, 11/01/31 - 10/12/53(g)		4,538		4,486,481
7.00%, 01/01/32 - 06/01/32		13		12,640
5.50%, 10/01/32 - 10/12/53(g)		6,714		6,539,492
2.00%, 12/01/35 - 03/01/52(g)		65,735		51,603,850
1.50%, 03/01/36 - 11/01/51		11,032		8,432,982
Series 2021, 1.50%, 10/18/37(g)		1,610		1,340,673
				254,533,138
Total U.S. Government Sponsored Agency Securities — 32.1% (Cost: $312,962,913)				267,762,408
U.S. Treasury Obligations
U.S. Treasury Bonds, 3.38%, 11/15/48		11,000		8,627,696
U.S. Treasury Inflation-Indexed Notes, 1.25%, 04/15/28(d)		15,185		14,436,752
Total U.S. Treasury Obligations — 2.8% (Cost: $25,219,405)				23,064,448
Total Long-Term Investments — 89.5% (Cost: $839,896,913)				747,515,452
	Shares
Short-Term Securities
Money Market Funds — 5.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(i)(j)(k)		49,225,202		49,239,970
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(i)(j)		100,000		100,000
				49,339,970
	Par (000)
U.S. Treasury Obligations — 9.9%
U.S. Treasury Bills(l)
4.95%, 10/26/23	$	32,500		32,385,528
5.09%, 11/09/23		10,000		9,944,108
5.50%, 12/28/23 - 02/15/24		13,000		12,808,485
5.49%, 01/04/24 - 01/11/24(d)(e)		5,100		5,024,642
5.45%, 01/11/24(d)		7,700		7,585,451

MASTER    PORTFOLIO    SCHEDULE    OF    INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) September 30, 2023 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
U.S. Treasury Obligations (continued)
U.S. Treasury Bills(l) (continued)
5.47%, 01/11/24 - 02/08/24(d)	$	4,300		$	4,230,257
5.54%, 03/14/24		4,100			4,000,844
5.52%, 03/21/24		6,400			6,238,242
					82,217,557
Total Short-Term Securities — 15.8% (Cost: $131,549,797)					131,557,527
Total Investments Before TBA Sale Commitments — 105.3% (Cost: $971,446,710)					879,072,979
TBA Sale Commitments(g)
Mortgage-Backed Securities — (0.2)%
Uniform Mortgage-Backed Securities
3.50%, 10/12/53		(782	)		(672,287	)
4.00%, 10/12/53		(800	)		(712,188	)
Total TBA Sale Commitments — (0.2)% (Proceeds: $(1,422,348))					(1,384,475	)
Total Investments, Net of TBA Sale Commitments — 105.1% (Cost: $970,024,362)					877,688,504
Liabilities in Excess of Other Assets — (5.1)%					(42,648,770	)
Net Assets — 100.0%				$ 835,039,734

^(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)  When-issued security.

^(f)  Rounds to less than 1,000.

^(g)  Represents or includes a TBA transaction.

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

⁽ⁱ⁾  Affiliate of the Master Portfolio.

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

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

^(l)  Rates are discount rates or a range of discount rates as of period end.

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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the period ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/22		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	182,997,233	$	—	$	(133,773,176	)(a)	$	35,059	$	(19,146	)	$	49,239,970		49,225,202	$	582,822	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		—		—			—		—			100,000		100,000		3,618			—
								$	35,059	$	(19,146	)	$	49,339,970			$	586,440		$	—

^(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		181		12/07/23	$	24,617	$	(476,015	)
10-Year Australian Treasury Bonds		101		12/15/23		7,271		(206,683	)
10-Year U.S. Treasury Note		442		12/19/23		47,743		(898,679	)

14

Schedule of Investments  (unaudited) (continued) September 30, 2023 Advantage CoreAlpha Bond Master Portfolio

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts (continued)
U.S. Long Bond		408		12/19/23	$	46,448	$	(1,980,054	)
Ultra U.S. Treasury Bond		77		12/19/23		9,153		(662,577	)
2-Year U.S. Treasury Note		156		12/29/23		31,620		(105,219	)
5-Year U.S. Treasury Note		879		12/29/23		92,583		(743,379	)
								(5,072,606	)
Short Contracts
Euro BTP		46		12/07/23		5,337		207,999
Euro OAT		79		12/07/23		10,290		255,513
10-Year Canadian Bond		224		12/18/23		18,987		536,268
10-Year U.S. Ultra Long Treasury Note		111		12/19/23		12,380		395,459
Long Gilt		123		12/27/23		14,131		105,280
								1,500,519
							$	(3,572,087	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	83,987	AUD	130,000	Nomura International PLC		12/20/23	$	179
USD	45,248	AUD	70,000	The Bank of New York Mellon		12/20/23		121
USD	64,724	AUD	100,000	The Bank of New York Mellon		12/20/23		256
USD	384,594	GBP	310,000	Morgan Stanley & Co. International PLC		12/20/23		6,157
USD	270,499	GBP	220,000	Standard Chartered Bank		12/20/23		1,931
USD	236,885	HKD	1,850,000	Toronto-Dominion Bank		12/20/23		250
							$	8,894

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.V1		5.00	%		Quarterly		12/20/28		USD	6,395	$	(61,621	)	$	(55,319	)	$	(6,302	)
CDX.NA.IG.41.V1		1.00			Quarterly		12/20/28		USD	40,400		(497,832	)		(582,909	)		85,077
											$	(559,453	)	$	(638,228	)	$	78,775

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
6-mo. EURIBOR, 4.13%	Semi-Annual	3.65%	Annual		12/20/23	(a)		12/20/25		EUR	54,220	$	(35,770	)	$	(28,831	)	$	(6,939	)
1-Day SOFR, 5.31%	Annual	4.73%	Annual		12/20/23	(a)		12/20/25		USD	56,880		(94,486	)		(52,369	)		(42,117	)
1-Day SONIA, 5.19%	Annual	5.15%	Annual		12/20/23	(a)		12/20/25		GBP	55,970		108,424			(94,242	)		202,666
3.43%	Annual	6-mo. EURIBOR, 4.13%	Semi-Annual		12/20/23	(a)		12/20/26		EUR	7,300		15,500			6,634			8,866
3-mo. BBSW, 4.14%	Quarterly	4.21%	Quarterly		12/20/23	(a)		12/20/26		AUD	4,450		(4,336	)		8,009			(12,345	)
4.41%	Annual	1-Day SOFR, 5.31%	Annual		12/20/23	(a)		12/20/26		USD	9,870		30,869			12,802			18,067
4.43%	Semi-Annual	1-Day CORRA, 5.00%	Semi-Annual		12/20/23	(a)		12/20/26		CAD	4,470		17,307			189			17,118
4.86%	Annual	1-Day SONIA, 5.19%	Annual		12/20/23	(a)		12/20/26		GBP	13,230		(15,721	)		28,050			(43,771	)
3.23%	Annual	6-mo. EURIBOR, 4.13%	Semi-Annual		12/20/23	(a)		12/20/28		EUR	84,930		508,547			104,542			404,005
4.13%	Annual	1-Day SOFR, 5.31%	Annual		12/20/23	(a)		12/20/28		USD	72,130		604,513			120,326			484,187
1-Day SONIA, 5.19%	Annual	4.40%	Annual		12/20/23	(a)		12/20/28		GBP	7,840		(56,755	)		5,422			(62,177	)
4.52%	Annual	1-Day SONIA, 5.19%	Annual		12/20/23	(a)		12/20/28		GBP	23,730		25,726			84,591			(58,865	)

MASTER    PORTFOLIO    SCHEDULE    OF    INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) September 30, 2023 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
1-Day SONIA, 5.19%	Annual	4.55%	Annual		12/20/23	(a)		12/20/28		GBP	15,900	$	9,028		$	54,577		$	(45,549	)
28-Day MXIBTIIE, 11.50%	Monthly	8.76%	Monthly		03/20/24	(a)		03/14/29		MXN	20,410		(24,269	)		11			(24,280	)
28-Day MXIBTIIE, 11.50%	Monthly	8.76%	Monthly		03/20/24	(a)		03/14/29		MXN	16,970		(20,087	)		9			(20,096	)
28-Day MXIBTIIE, 11.50%	Monthly	8.90%	Monthly		03/20/24	(a)		03/14/29		MXN	11,060		(9,934	)		6			(9,940	)
28-Day MXIBTIIE, 11.50%	Monthly	8.90%	Monthly		03/20/24	(a)		03/14/29		MXN	18,340		(16,276	)		10			(16,286	)
28-Day MXIBTIIE, 11.50%	Monthly	9.03%	Monthly		03/20/24	(a)		03/14/29		MXN	17,420		(10,582	)		9			(10,591	)
28-Day MXIBTIIE, 11.50%	Monthly	9.41%	Monthly		03/20/24	(a)		03/14/29		MXN	14,810		2,968			8			2,960
1.69%	Annual	1-Day SSARON, 1.71%	Annual		03/20/24	(a)		03/20/29		CHF	7,130		(6,331	)		4,800			(11,131	)
3.10%	Annual	6-mo. EURIBOR, 4.13%	Semi-Annual		03/20/24	(a)		03/20/29		EUR	590		5,598			1,283			4,315
3.11%	Annual	6-mo. EURIBOR, 4.13%	Semi-Annual		03/20/24	(a)		03/20/29		EUR	6,670		61,078			6,840			54,238
3.17%	Annual	6-mo. EURIBOR, 4.13%	Semi-Annual		03/20/24	(a)		03/20/29		EUR	780		5,071			969			4,102
3.26%	Annual	6-mo. EURIBOR, 4.13%	Semi-Annual		03/20/24	(a)		03/20/29		EUR	730		1,580			619			961
1-Day SORA, 3.82%	Semi-Annual	3.27%	Semi-Annual		03/20/24	(a)		03/20/29		SGD	2,790		(13,912	)		23			(13,935	)
3.36%	Annual	3-mo. STIBOR, 4.06%	Quarterly		03/20/24	(a)		03/20/29		SEK	51,180		23,563			3,918			19,645
3.50%	Annual	3-mo. STIBOR, 4.06%	Quarterly		03/20/24	(a)		03/20/29		SEK	11,140		(1,444	)		11			(1,455	)
3.51%	Annual	3-mo. STIBOR, 4.06%	Quarterly		03/20/24	(a)		03/20/29		SEK	7,290		(1,138	)		7			(1,145	)
3-mo. KRW CDC, 3.83%	Quarterly	3.68%	Quarterly		03/20/24	(a)		03/20/29		KRW	1,044,540		(4,157	)		9			(4,166	)
3-mo. KRW CDC, 3.83%	Quarterly	3.70%	Quarterly		03/20/24	(a)		03/20/29		KRW	436,879		(1,386	)		4			(1,390	)
3-mo. KRW CDC, 3.83%	Quarterly	3.71%	Quarterly		03/20/24	(a)		03/20/29		KRW	387,421		(1,125	)		3			(1,128	)
3-mo. KRW CDC, 3.83%	Quarterly	3.74%	Quarterly		03/20/24	(a)		03/20/29		KRW	3,746,805		(7,148	)		31			(7,179	)
3-mo. KRW CDC, 3.83%	Quarterly	3.75%	Quarterly		03/20/24	(a)		03/20/29		KRW	13,284,125		(19,357	)		111			(19,468	)
1-Day CORRA, 5.00%	Semi-Annual	3.88%	Semi-Annual		03/20/24	(a)		03/20/29		CAD	6,360		(63,355	)		(999	)		(62,356	)
6-mo. PRIBOR, 7.02%	Semi-Annual	3.93%	Annual		03/20/24	(a)		03/20/29		CZK	19,990		(16,709	)		10			(16,719	)
6-mo. WIBOR, 5.63%	Semi-Annual	3.97%	Annual		03/20/24	(a)		03/20/29		PLN	2,330		(10,169	)		6			(10,175	)
6-mo. PRIBOR, 7.02%	Semi-Annual	3.98%	Annual		03/20/24	(a)		03/20/29		CZK	142,860		(105,403	)		70			(105,473	)
1-Day SOFR, 5.31%	Annual	3.99%	Annual		03/20/24	(a)		03/20/29		USD	5,160		(57,349	)		317			(57,666	)
1-Day SOFR, 5.31%	Annual	4.04%	Annual		03/20/24	(a)		03/20/29		USD	800		(7,260	)		(887	)		(6,373	)
1-Day SOFR, 5.31%	Annual	4.04%	Annual		03/20/24	(a)		03/20/29		USD	840		(7,329	)		(97	)		(7,232	)
1-Day SOFR, 5.31%	Annual	4.21%	Annual		03/20/24	(a)		03/20/29		USD	1,650		(2,434	)		18			(2,452	)
1-Day SOFR, 5.31%	Annual	4.21%	Annual		03/20/24	(a)		03/20/29		USD	970		(1,389	)		11			(1,400	)
4.22%	Quarterly	3-mo. HIBOR, 5.27%	Quarterly		03/20/24	(a)		03/20/29		HKD	36,340		30,582			52			30,530
4.23%	Semi-Annual	6-mo. BBSW, 4.40%	Semi-Annual		03/20/24	(a)		03/20/29		AUD	1,180		8,813			8			8,805
6-mo. WIBOR, 5.63%	Semi-Annual	4.23%	Annual		03/20/24	(a)		03/20/29		PLN	3,360		(6,268	)		9			(6,277	)
4.25%	Semi-Annual	6-mo. BBSW, 4.40%	Semi-Annual		03/20/24	(a)		03/20/29		AUD	1,030		7,346			7			7,339
4.26%	Semi-Annual	6-mo. BBSW, 4.40%	Semi-Annual		03/20/24	(a)		03/20/29		AUD	505		3,347			4			3,343
4.28%	Semi-Annual	6-mo. BBSW, 4.40%	Semi-Annual		03/20/24	(a)		03/20/29		AUD	505		3,156			4			3,152
4.28%	Annual	6-mo. NIBOR, 5.03%	Semi-Annual		03/20/24	(a)		03/20/29		NOK	86,010		7,944			(18,031	)		25,975
4.29%	Annual	6-mo. NIBOR, 5.03%	Semi-Annual		03/20/24	(a)		03/20/29		NOK	6,880		347			7			340
6-mo. WIBOR, 5.63%	Semi-Annual	4.41%	Annual		03/20/24	(a)		03/20/29		PLN	4,180		(638	)		11			(649	)
4.42%	Semi-Annual	6-mo. BBSW, 4.40%	Semi-Annual		03/20/24	(a)		03/20/29		AUD	1,620		3,504			12			3,492
4.45%	Quarterly	3-mo. HIBOR, 5.27%	Quarterly		03/20/24	(a)		03/20/29		HKD	7,180		(2,922	)		10			(2,932	)
4.48%	Quarterly	3-mo. HIBOR, 5.27%	Quarterly		03/20/24	(a)		03/20/29		HKD	7,700		(4,244	)		11			(4,255	)
4.54%	Annual	1-Day SONIA, 5.19%	Annual		03/20/24	(a)		03/20/29		GBP	3,200		(13,669	)		8,541			(22,210	)
4.75%	Semi-Annual	3-mo. BBR, 0.85%	Quarterly		03/20/24	(a)		03/20/29		NZD	890		8,790			6			8,784
4.83%	Semi-Annual	3-mo. BBR, 0.85%	Quarterly		03/20/24	(a)		03/20/29		NZD	1,120		8,920			7			8,913
5.03%	Semi-Annual	3-mo. BBR, 0.85%	Quarterly		03/20/24	(a)		03/20/29		NZD	1,440		4,132			10			4,122
8.48%	Quarterly	3-mo. JIBAR, 8.33%	Quarterly		03/20/24	(a)		03/20/29		ZAR	14,720		17,369			9			17,360
6-mo. EURIBOR, 4.13%	Semi-Annual	3.17%	Annual		12/20/23	(a)		12/20/33		EUR	72,140		(1,266,947	)		(153,081	)		(1,113,866	)
1-Day SOFR, 5.31%	Annual	3.97%	Annual		12/20/23	(a)		12/20/33		USD	93,130		(2,065,531	)		(158,393	)		(1,907,138	)
4.14%	Annual	1-Day SONIA, 5.19%	Annual		12/20/23	(a)		12/20/33		GBP	4,290		74,139			14,153			59,986
4.21%	Annual	1-Day SONIA, 5.19%	Annual		12/20/23	(a)		12/20/33		GBP	11,140		118,947			55,979			62,968
4.22%	Annual	1-Day SONIA, 5.19%	Annual		12/20/23	(a)		12/20/33		GBP	8,690		90,326			(35,006	)		125,332
2.87%	Annual	6-mo. EURIBOR, 4.13%	Semi-Annual		12/20/23	(a)		12/20/53		EUR	18,090		749,677			75,068			674,609
3.69%	Annual	1-Day SOFR, 5.31%	Annual		12/20/23	(a)		12/20/53		USD	30,710		1,547,250			(16,939	)		1,564,189
1-Day SONIA, 5.19%	Annual	4.00%	Annual		12/20/23	(a)		12/20/53		GBP	4,910		(198,120	)		(50,057	)		(148,063	)
												$	(69,589	)	$	(10,769	)	$	(58,820	)

^(a)  Forward Swap.

16

Schedule of Investments  (unaudited) (continued) September 30, 2023 Advantage CoreAlpha Bond Master Portfolio

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
2.67%	Monthly	US CPI for All Urban Consumers NSA	Monthly		08/09/33		USD	1,710	$	(4,928	)	$	36		$	(4,964	)
2.62%	Monthly	Eurostat Eurozone HICP Ex Tobacco Unrevised	Monthly		08/15/33		EUR	740		(5,596	)		1,102			(6,698	)
2.66%	Monthly	Eurostat Eurozone HICP Ex Tobacco Unrevised	Monthly		08/15/33		EUR	1,070		(12,022	)		24			(12,046	)
3.86%	Monthly	UK RPI All Items NSA	Monthly		08/15/33		GBP	630		16			3,315			(3,299	)
3.88%	Monthly	UK RPI All Items NSA	Monthly		08/15/33		GBP	1,500		(3,358	)		(15	)		(3,343	)
2.62%	Monthly	Eurostat Eurozone HICP Ex Tobacco Unrevised	Monthly		09/15/33		EUR	1,080		(8,106	)		(101	)		(8,005	)
									$	(33,994	)	$	4,361		$	(38,355	)

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	$	—	$	93,717,479		$	—	$	93,717,479
Common Stocks		—		—			1		1
Corporate Bonds		—		294,910,289			—		294,910,289
Foreign Agency Obligations		—		5,063,226			—		5,063,226
Municipal Bonds		—		6,104,999			—		6,104,999
Non-Agency Mortgage-Backed Securities		—		56,881,779			10,823		56,892,602
U.S. Government Sponsored Agency Securities		—		267,762,408			—		267,762,408
U.S. Treasury Obligations		—		23,064,448			—		23,064,448
Short-Term Securities
Money Market Funds		49,339,970		—			—		49,339,970
U.S. Treasury Obligations		—		82,217,557			—		82,217,557
Liabilities
Investments
TBA Sale Commitments		—		(1,384,475	)		—		(1,384,475	)
	$	49,339,970	$	828,337,710		$	10,824	$	877,688,504

MASTER    PORTFOLIO    SCHEDULE    OF    INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) September 30, 2023 Advantage CoreAlpha Bond Master Portfolio

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments(a)
Assets
Credit Contracts	$	—		$	85,077		$	—	$	85,077
Foreign Currency Exchange Contracts		—			8,894			—		8,894
Interest Rate Contracts		1,500,519			3,830,369			—		5,330,888
Liabilities
Credit Contracts		—			(6,302	)		—		(6,302	)
Interest Rate Contracts		(5,072,606	)		(3,889,189	)		—		(8,961,795	)
Other Contracts		—			(38,355	)		—		(38,355	)
	$	(3,572,087	)	$	(9,506	)	$	—	$	(3,581,593	)

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

Currency Abbreviation
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
CZK	Czech Koruna
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
USD	United States Dollar
ZAR	South African Rand

Portfolio Abbreviation
ARB	Airport Revenue Bonds
BAB	Build America Bond
BBR	Bank Bill Rate
BBSW	Bank Bill Swap Rate
CMT	Constant Maturity Treasury
CPI	Consumer Price Index
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

Portfolio Abbreviation (continued)
PRIBOR	Prague Interbank Offer Rate
RB	Revenue Bond
REMIC	Real Estate Mortgage Investment Conduit
SAB	Special Assessment Bonds
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Interbank Average Rate
SORA	Singapore Overnight Rate Average
STACR	Structured Agency Credit Risk
STIBOR	Stockholm Interbank Offered Rate
TBA	To-Be-Announced
UK RPI	United Kingdom Retail Price Index
WIBOR	Warsaw Interbank Offered Rate

18