Schedule of Investments  (unaudited) September 30, 2019 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 0.0%
Diversified Financial Services — 0.0%
HoldCo 2 NPV, Class A(a)		1,643,590	$	1
HoldCo 2 NPV, Class B(a)		163,560		—
Total Common Stocks — 0.0% (Cost — $—)				1
	Par (000)
Asset-Backed Securities — 16.0%
AmeriCredit Automobile Receivables Trust:
Series 2016-1, Class D, 3.59%, 02/08/22	$	420		424,313
Series 2017-3, Class C, 2.69%, 06/19/23		2,410		2,429,600
Series 2017-3, Class D, 3.18%, 07/18/23		1,270		1,284,699
Ameriquest Mortgage Securities, Inc., Series 2004-R4, Class M1, (1 mo. LIBOR US + 0.83%), 2.84%, 06/25/34(b)		75		75,742
Argent Securities, Inc., Series 2005-W2, Class A2C, (1 mo. LIBOR US + 0.36%), 2.38%, 10/25/35(b)		63		63,357
Avant Loans Funding Trust(c):
Series 2017-B, Class B, 3.38%, 04/15/21		61		61,147
Series 2018-A, Class B, 3.95%, 12/15/22		2,892		2,902,779
Series 2018-B, Class A, 3.42%, 01/18/22		1,275		1,279,151
Series 2019-A, Class A, 3.48%, 07/15/22		257		257,847
Series 2019-A, Class B, 3.80%, 12/15/22		3,500		3,544,638
Series 2019-B, Class B, 3.15%, 10/15/26		5,736		5,741,971
Chase Funding Trust, Series 2004-2, Class 2A2, (1 mo. LIBOR US + 0.50%), 2.52%, 02/26/35(b)		119		115,048
Chase Issuance Trust, Series 2012-A7, Class A7, 2.16%, 09/15/24		1,190		1,199,333
CLUB Credit Trust(c):
Series 2017-P1, Class B, 3.56%, 09/15/23		2,075		2,077,017
Series 2017-P2, Class A, 2.61%, 01/15/24		284		284,112
Series 2018-P3, Class A, 3.82%, 01/15/26		4,383		4,422,955
College Loan Corp. Trust I, Series 2004-1, Class A4, (3 mo. LIBOR US + 0.19%), 2.47%, 04/25/24(b)		751		715,432

Security	Par (000)		Value
Asset-Backed Securities (continued)
Conn’s Receivables Funding LLC, Class A(c):
Series 2018-A, 3.25%, 01/15/23	$	82	$	81,980
Series 2019-A, 3.40%, 10/16/23		3,395		3,415,989
Conseco Finance Corp., Series 1996-9, Class M1, 7.63%, 08/15/27(d)		53		57,139
Consumer Loan Underlying Bond Credit Trust, Class A(c):
Series 2018-P1, 3.39%, 07/15/25		1,464		1,470,122
Series 2018-P2, 3.47%, 10/15/25		789		792,982
Series 2019-P1, 2.94%, 07/15/26		5,808		5,826,682
Countrywide Asset-Backed Certificates, Series 2004-1, Class M1, (1 mo. LIBOR US + 0.75%), 2.77%, 03/25/34(b)		27		27,015
Discover Card Execution Note Trust, Series 2015-A2, Class A, 1.90%, 10/17/22		1,160		1,159,253
Drive Auto Receivables Trust:
Series 2016-BA, Class D, 4.53%, 08/15/23(c)		1,586		1,610,163
Series 2016-CA, Class D, 4.18%, 03/15/24(c)		1,100		1,116,720
Series 2017-1, Class D, 3.84%, 03/15/23		4,011		4,056,669
Series 2017-2, Class D, 3.49%, 09/15/23		1,435		1,447,341
Series 2017-3, Class D, 3.53%, 12/15/23(c)		8,940		9,040,455
Series 2017-AA, Class D, 4.16%, 05/15/24(c)		1,500		1,524,177
Series 2017-BA, Class D, 3.72%, 10/17/22(c)		3,394		3,413,486
Series 2018-1, Class C, 3.22%, 03/15/23		4,036		4,049,296
Series 2018-1, Class D, 3.81%, 05/15/24		4,905		4,994,569
Series 2018-2, Class B, 3.22%, 04/15/22		1,544		1,545,681
Series 2018-2, Class C, 3.63%, 08/15/24		4,125		4,153,835
Series 2018-2, Class D, 4.14%, 08/15/24		2,360		2,415,805
Series 2018-3, Class B, 3.37%, 09/15/22		1,999		2,003,158
Series 2018-3, Class C, 3.72%, 09/16/24		2,430		2,454,184
Series 2018-3, Class D, 4.30%, 09/16/24		4,840		4,969,929
Series 2018-4, Class C, 3.66%, 11/15/24		6,103		6,175,657
Series 2018-4, Class D, 4.09%, 01/15/26		1,420		1,460,497

1

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities (continued)
Series 2018-5, Class C, 3.99%, 01/15/25	$	2,990	$	3,075,790
Series 2019-1, Class B, 3.41%, 06/15/23		7,400		7,482,866
Series 2019-1, Class C, 3.78%, 04/15/25		4,350		4,438,821
Series 2019-1, Class D, 4.09%, 06/15/26		5,610		5,809,558
Series 2019-2, Class B, 3.17%, 11/15/23		425		430,647
Series 2019-2, Class C, 3.42%, 06/16/25		8,500		8,688,079
DT Auto Owner Trust(c):
Series 2015-3A, Class D, 4.53%, 10/17/22		435		435,898
Series 2017-4A, Class C, 2.86%, 07/17/23		348		347,966
Series 2019-3A, Class C, 2.74%, 04/15/25		3,050		3,080,252
Enva LLC, Series 2018-A, Class A, 4.20%, 05/20/26(c)		1,174		1,176,488
Exeter Automobile Receivables Trust(c):
Series 2018-1A, Class D, 3.53%, 11/15/23		4,570		4,654,907
Series 2018-4A, Class B, 3.64%, 11/15/22		4,630		4,671,489
Series 2019-1A, Class B, 3.45%, 02/15/23		7,300		7,383,556
Flagship Credit Auto Trust(c):
Series 2016-3, Class C, 2.72%, 07/15/22		7,500		7,512,541
Series 2016-4, Class B, 2.41%, 10/15/21		1,009		1,008,547
Ford Credit Auto Owner Trust, Class A(c):
Series 2018-1, 3.19%, 07/15/31		2,870		2,989,154
Series 2019-1, 3.52%, 07/15/30		450		475,931
GSAA Home Equity Trust, Series 2005-5, Class M3, (1 mo. LIBOR US + 0.95%), 2.96%, 02/25/35(b)		70		70,721
Marlette Funding Trust(c):
Series 2018-3A, Class A, 3.20%, 09/15/28		1,117		1,119,852
Series 2018-3A, Class A, 2.69%, 09/17/29		5,236		5,248,436
Series 2018-3A, Class B, 3.86%, 09/15/28		2,000		2,027,785
Series 2018-4A, Class A, 3.71%, 12/15/28		1,876		1,894,075

Security	Par (000)		Value
Asset-Backed Securities (continued)
Series 2019-1A, Class A, 3.44%, 04/16/29	$	4,945	$	4,980,352
Series 2019-2A, Class A, 3.13%, 07/16/29		3,230		3,255,344
Morgan Stanley ABS Capital I Trust, Inc., Series 2005-WMC1, Class M2, (1 mo. LIBOR US + 0.74%), 2.75%, 01/25/35(b)		5		5,195
National Collegiate Student Loan Trust(b):
Series 2006-3, Class A4, (1 mo. LIBOR US + 0.27%), 2.29%, 03/26/29		260		259,188
Series 2007-1, Class A3, (1 mo. LIBOR US + 0.24%), 2.26%, 07/25/30		1,005		999,052
OneMain Financial Issuance Trust, Series 2019-2A, Class A, 3.14%, 10/14/36(c)		5,690		5,742,081
Prestige Auto Receivables Trust, Series 2016-1A, Class D, 5.15%, 11/15/21(c)		3,339		3,400,766
Prosper Marketplace Issuance Trust, Class A(c):
Series 2018-2A, 3.35%, 10/15/24		891		892,994
Series 2019-1A, 3.54%, 04/15/25		1,666		1,672,849
Series 2019-2A, 3.20%, 09/15/25		2,372		2,379,884
Series 2019-3A, 3.19%, 07/15/25		3,658		3,676,034
Santander Drive Auto Receivables Trust:
Series 2016-1, Class C, 3.09%, 04/15/22		795		795,991
Series 2016-3, Class C, 2.46%, 03/15/22		1,436		1,436,556
Series 2016-3, Class D, 2.80%, 08/15/22		3,450		3,470,672
Series 2017-2, Class D, 3.49%, 07/17/23		6,240		6,314,658
Series 2017-3, Class D, 3.20%, 11/15/23		8,000		8,099,545
Series 2018-5, Class D, 4.19%, 12/16/24		5,190		5,359,928
Series 2019-3, Class B, 2.28%, 09/15/23		5,330		5,338,846
SLM Private Education Loan Trust, Series 2010-A, Class 1A, (Prime - 0.05%), 5.20%, 05/16/44(b)(c)		15		14,926
SoFi Consumer Loan Program LLC(c):
Series 2016-1, Class A, 3.26%, 08/25/25		969		978,634
Series 2016-2A, Class A, 3.09%, 10/27/25		263		264,165

2

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities (continued)
Series 2016-3, Class A, 3.05%, 12/26/25	$	331	$	332,549
Series 2017-1, Class A, 3.28%, 01/26/26		2,334		2,350,472
Series 2017-3, Class A, 2.77%, 05/25/26		776		778,605
Series 2017-4, Class A, 2.50%, 05/26/26		223		223,631
Series 2017-6, Class A2, 2.82%, 11/25/26		966		968,860
SoFi Consumer Loan Program Trust(c):
Series 2018-1, Class A1, 2.55%, 02/25/27		183		183,146
Series 2018-1, Class A2, 3.14%, 02/25/27		2,380		2,393,906
Series 2018-3, Class A1, 3.20%, 08/25/27		589		590,677
SoFi Professional Loan Program LLC, Series 2015-B, Class A2, 2.51%, 09/27/32(c)		62		62,254
Springleaf Funding Trust, Series 2016-AA, Class A, 2.90%, 11/15/29(c)		2,662		2,662,458
Trafigura Securitisation Finance PLC, Series 2017-1A, Class A1, (1 mo. LIBOR US + 0.85%), 3.33%, 12/15/20(b)(c)		2,690		2,692,429
Upgrade Master Pass-Through Trust, Series 2019-ST3, Class A, 3.75%, 11/15/25(a)(c)		3,050		3,050,000
Upgrade Receivables Trust, Class A(c):
Series 2018-1A, 3.76%, 11/15/24		1,086		1,088,990
Series 2019-1A, 3.48%, 03/15/25		1,590		1,595,486
Series 2019-2A, 2.77%, 10/15/25		5,090		5,095,170
Westlake Automobile Receivables Trust(c):
Series 2017-1A, Class D, 3.46%, 10/17/22		7,500		7,545,260
Series 2018-1A, Class D, 3.41%, 05/15/23		3,000		3,030,601
Series 2018-2A, Class B, 3.20%, 01/16/24		2,735		2,748,737
Series 2018-3A, Class B, 3.32%, 10/16/23		3,510		3,536,448
Series 2018-3A, Class C, 3.61%, 10/16/23		2,980		3,027,746
Series 2018-3A, Class D, 4.00%, 10/16/23		1,140		1,170,505
Series 2019-2A, Class B, 2.62%, 07/15/24		1,200		1,206,190

Security	Par (000)		Value
Asset-Backed Securities (continued)
Series 2019-2A, Class D, 3.20%, 11/15/24	$	5,560	$	5,605,376
Total Asset-Backed Securities — 16.0% (Cost — $278,436,489)				281,442,440
Corporate Bonds — 38.3%
Aerospace — 0.1%
AT&T, Inc.:
4.05%, 12/15/23		400		427,271
3.55%, 06/01/24		1,190		1,244,327
				1,671,598
Aerospace & Defense — 0.4%
Boeing Co., 3.60%, 05/01/34(e)		2,200		2,385,981
Illinois Tool Works, Inc., 2.65%, 11/15/26		500		517,291
L3Harris Technologies, Inc., 4.95%, 02/15/21(c)		1,618		1,662,431
Raytheon Co., 3.13%, 10/15/20		1,190		1,204,191
Rockwell Collins, Inc., 2.80%, 03/15/22		275		279,522
Spirit AeroSystems, Inc., 3.95%, 06/15/23		1,185		1,228,888
				7,278,304
Airlines — 0.1%
Delta Air Lines, Inc., 3.40%, 04/19/21		1,000		1,013,967
Auto Components — 0.0%
Toyota Motor Corp., 2.76%, 07/02/29(e)		365		377,455
Automobiles — 0.3%
Ford Motor Co.:
4.35%, 12/08/26(e)		1,700		1,704,522
6.63%, 10/01/28		800		879,478
General Motors Co.:
5.00%, 10/01/28		1,000		1,062,354
5.20%, 04/01/45(e)		1,300		1,283,810
				4,930,164
Banks — 3.9%
Bank of America NA(3 mo. LIBOR US + 0.65%), 3.34%, 01/25/23(f)		605		621,104
Bank of Nova Scotia, 2.38%, 01/18/23		1,920		1,936,490
Barclays Bank PLC, 2.65%, 01/11/21		200		200,576
BBVA USA, 3.50%, 06/11/21(e)		2,550		2,592,172
Canadian Imperial Bank of Commerce (3 mo. LIBOR US + 0.79%), 2.61%, 07/22/23(e)(f)		4,100		4,125,172

3

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Capital One Financial Corp.:
2.50%, 05/12/20	$	550	$	550,977
2.40%, 10/30/20		1,090		1,093,108
3.45%, 04/30/21		740		753,402
Capital One NA, 2.65%, 08/08/22		1,600		1,618,182
Citibank NA:
2.10%, 06/12/20(e)		1,150		1,150,366
3.40%, 07/23/21		840		859,730
(3 mo. LIBOR US + 0.60%), 2.84%, 05/20/22(e)(f)		3,450		3,485,181
3.65%, 01/23/24		3,855		4,088,483
Citizens Bank Providence, 2.25%, 03/02/20(e)		450		450,140
Discover Bank:
3.10%, 06/04/20		1,000		1,005,408
4.20%, 08/08/23		1,600		1,700,929
HSBC Bank USA NA, 5.88%, 11/01/34		590		757,147
HSBC Holdings PLC:
3.40%, 03/08/21		1,525		1,548,996
3.60%, 05/25/23		2,350		2,445,211
(3 mo. LIBOR US + 0.92%), 3.03%, 11/22/23(f)		1,835		1,862,064
(3 mo. LIBOR US + 0.99%), 3.95%, 05/18/24(f)		605		633,164
(3 mo. LIBOR US + 1.21%), 3.80%, 03/11/25(f)		895		932,618
4.30%, 03/08/26		200		216,013
3.90%, 05/25/26(e)		1,500		1,587,762
(3 mo. LIBOR US + 1.35%), 4.29%, 09/12/26(f)		2,185		2,343,004
4.38%, 11/23/26(e)		210		224,659
(3 mo. LIBOR US + 1.55%), 4.04%, 03/13/28(f)		2,000		2,123,901
(3 mo. LIBOR US + 1.61%), 3.97%, 05/22/30(f)		200		213,538
6.50%, 09/15/37		400		537,367
5.25%, 03/14/44(e)		350		432,880
Huntington National Bank, 2.38%, 03/10/20		600		600,517
ING Groep NV:
3.15%, 03/29/22(e)		415		424,350
4.10%, 10/02/23		2,290		2,430,842
Lloyds Banking Group PLC, 3.10%, 07/06/21(e)		1,000		1,013,454
Regions Bank/Birmingham AL, 2.75%, 04/01/21(e)		1,500		1,509,850
Santander UK PLC, 3.75%, 11/15/21		1,340		1,383,400
SunTrust Bank, 2.80%, 05/17/22		200		203,481
SunTrust Bank/Atlanta GA(3 mo. LIBOR US + 0.30%), 2.59%, 01/29/21(e)(f)		975		975,819
Svenska Handelsbanken AB:
2.45%, 03/30/21(e)		800		804,464
3.90%, 11/20/23		2,700		2,885,193

Security	Par (000)		Value
Banks (continued)
Synchrony Bank, 3.65%, 05/24/21(e)	$	1,290	$	1,314,783
Toronto-Dominion Bank, 2.65%, 06/12/24(e)		3,300		3,362,207
Wells Fargo & Co.:
3.75%, 01/24/24		1,540		1,629,535
3.30%, 09/09/24(e)		1,590		1,659,841
3.00%, 02/19/25		800		820,401
3.00%, 10/23/26		2,654		2,725,627
Series N, 2.15%, 01/30/20		800		799,758
Wells Fargo Bank NA:
2.60%, 01/15/21		1,600		1,611,605
(3 mo. LIBOR US + 0.61%), 2.90%, 05/27/22(f)		250		252,842
Zions Bancorp. NA, 3.50%, 08/27/21		640		653,977
				69,151,690
Beverage: Brewers & Distillers — 0.0%
CVS Health Corp., 3.00%, 08/15/26		75		75,372
Beverages — 0.8%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.:
4.70%, 02/01/36		650		750,814
4.90%, 02/01/46		1,050		1,252,888
Diageo Capital PLC, 2.38%, 10/24/29		3,265		3,235,484
Keurig Dr. Pepper, Inc.:
3.55%, 05/25/21		3,015		3,079,443
5.09%, 05/25/48		625		739,381
Molson Coors Brewing Co., 2.25%, 03/15/20		405		404,753
PepsiCo, Inc.:
2.85%, 02/24/26(e)		800		833,525
3.00%, 10/15/27(e)		1,190		1,259,889
3.45%, 10/06/46		1,100		1,185,481
3.38%, 07/29/49		955		1,016,295
				13,757,953
Biotechnology — 0.4%
Amgen, Inc.:
2.65%, 05/11/22		820		830,758
3.63%, 05/22/24(e)		800		847,533
3.13%, 05/01/25		800		831,634
2.60%, 08/19/26		800		802,605
Celgene Corp., 3.45%, 11/15/27		557		590,142
Gilead Sciences, Inc.:
2.35%, 02/01/20(e)		400		400,472
3.50%, 02/01/25		400		422,310
2.95%, 03/01/27(e)		800		824,890
Lowe’s Cos., Inc., 3.13%, 09/15/24(e)		800		830,269
				6,380,613
Capital Markets — 1.5%
Ares Capital Corp., 4.20%, 06/10/24		5,000		5,125,026

4

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Capital Markets (continued)
Brookfield Finance, Inc., 3.90%, 01/25/28	$	1,063	$	1,115,915
Goldman Sachs Group, Inc.:
6.00%, 06/15/20		1,040		1,067,572
2.35%, 11/15/21		490		490,514
3.00%, 04/26/22		2,000		2,021,740
3.75%, 05/22/25		2,300		2,433,946
(3 mo. LIBOR US + 1.20%), 3.27%, 09/29/25(f)		2,200		2,270,881
3.75%, 02/25/26(e)		1,900		2,009,322
3.50%, 11/16/26(e)		365		379,180
3.85%, 01/26/27		1,090		1,155,805
(3 mo. LIBOR US + 1.30%), 4.22%, 05/01/29(e)(f)		2,000		2,183,180
6.75%, 10/01/37		500		674,942
(3 mo. LIBOR US + 1.37%), 4.02%, 10/31/38(f)		500		538,385
Morgan Stanley:
2.63%, 11/17/21		1,195		1,206,369
2.75%, 05/19/22		900		913,068
3.88%, 01/27/26		200		214,676
3.13%, 07/27/26		1,000		1,030,606
6.38%, 07/24/42		460		667,725
				25,498,852
Chemicals — 0.7%
DuPont de Nemours, Inc., 3.77%, 11/15/20(e)		945		962,396
FMC Corp., 3.20%, 10/01/26		1,600		1,614,810
International Flavors & Fragrances, Inc.:
3.40%, 09/25/20		1,550		1,567,723
3.20%, 05/01/23		1,590		1,619,500
RPM International, Inc.:
6.13%, 10/15/19		743		743,953
3.75%, 03/15/27		1,000		1,038,358
Sherwin-Williams Co.:
4.20%, 01/15/22		1,590		1,648,825
3.13%, 06/01/24		265		273,792
3.30%, 02/01/25		800		817,114
3.95%, 01/15/26		400		427,373
2.95%, 08/15/29		1,605		1,608,035
				12,321,879
Commercial Services & Supplies — 0.3%
Aviation Capital Group Corp., 6.75%, 04/06/21(c)		300		317,911
Ecolab, Inc.(e):
2.25%, 01/12/20		800		800,002
3.25%, 12/01/27		1,190		1,269,078
IHS Markit Ltd., 4.13%, 08/01/23		1,244		1,309,061
Waste Management, Inc., 2.40%, 05/15/23		1,000		1,011,153
				4,707,205

Security	Par (000)		Value
Communications Equipment — 0.5%
Cisco Systems, Inc., 2.45%, 06/15/20(e)	$	800	$	802,849
Motorola Solutions, Inc.:
4.60%, 02/23/28		4,069		4,393,238
4.60%, 05/23/29		1,100		1,198,739
National Rural Utilities Cooperative Finance Corp., 3.70%, 03/15/29		1,600		1,768,372
				8,163,198
Construction — 0.2%
Landesbank Baden-Wuerttemberg, 7.63%, 02/01/23		2,974		3,478,994
Construction & Engineering — 0.0%
ABB Finance USA, Inc., 3.80%, 04/03/28		400		441,767
Construction Materials — 0.0%
Allegion US Holding Co., Inc., 3.55%, 10/01/27		125		127,332
Consumer Discretionary — 0.0%
Royal Caribbean Cruises Ltd., 2.65%, 11/28/20		380		381,533
Consumer Finance — 1.7%
American Express Co.:
2.75%, 05/20/22(e)		3,400		3,454,186
2.50%, 08/01/22		1,000		1,010,039
3.70%, 08/03/23(e)		1,500		1,580,346
Automatic Data Processing, Inc., 2.25%, 09/15/20		400		401,105
Capital One NA, 2.35%, 01/31/20(e)		1,500		1,500,446
Caterpillar Financial Services Corp., 2.63%, 03/01/23		1,590		1,622,719
IHS Markit Ltd., 4.25%, 05/01/29		2,000		2,150,860
Mastercard, Inc.:
3.38%, 04/01/24(e)		900		955,866
2.95%, 11/21/26		1,335		1,404,539
2.95%, 06/01/29		1,220		1,279,684
3.65%, 06/01/49		2,535		2,871,481
PayPal Holdings, Inc., 2.20%, 09/26/22		1,670		1,675,746
S&P Global, Inc.(e):
3.30%, 08/14/20		800		807,659
4.40%, 02/15/26		1,000		1,116,922
2.95%, 01/22/27		685		713,788
Synchrony Financial:
2.70%, 02/03/20		600		600,681
5.15%, 03/19/29(e)		2,200		2,438,990

5

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Consumer Finance (continued)
Total System Services, Inc., 4.00%, 06/01/23(e)	$	1,400	$	1,469,585
Visa, Inc.:
3.15%, 12/14/25		800		852,699
2.75%, 09/15/27(e)		1,195		1,252,562
				29,159,903
Diversified Financial Services — 4.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust:
4.25%, 07/01/20		250		253,435
3.30%, 01/23/23		1,000		1,019,773
Banco Santander SA, 3.50%, 04/11/22		600		615,743
Bank of America Corp.(f):
(3 mo. LIBOR US + 0.63%), 3.50%, 05/17/22		1,395		1,422,675
(3 mo. LIBOR US + 1.02%), 2.88%, 04/24/23		3,000		3,043,900
(3 mo. LIBOR US + 0.79%), 3.00%, 12/20/23		1,095		1,118,288
(3 mo. LIBOR US + 0.94%), 3.86%, 07/23/24		3,400		3,581,647
(3 mo. LIBOR US + 1.21%), 3.97%, 02/07/30		175		191,242
(3 mo. LIBOR US + 1.81%), 4.24%, 04/24/38		2,550		2,913,348
(3 mo. LIBOR US + 1.32%), 4.08%, 04/23/40		70		78,288
Citigroup, Inc.:
4.50%, 01/14/22(e)		1,000		1,051,224
2.75%, 04/25/22		1,400		1,420,839
(3 mo. LIBOR US + 0.72%), 3.14%, 01/24/23(f)		1,600		1,629,152
(3 mo. LIBOR US + 0.90%), 3.35%, 04/24/25(f)		2,805		2,906,289
4.65%, 07/23/48		1,240		1,517,524
Credit Suisse Group Funding Guernsey Ltd.:
3.45%, 04/16/21		2,030		2,063,442
3.80%, 09/15/22(e)		670		696,719
3.80%, 06/09/23		300		313,313
Ford Motor Credit Co. LLC:
2.43%, 06/12/20(e)		1,255		1,251,862
3.16%, 08/04/20		500		501,243
3.81%, 10/12/21		1,845		1,869,926
4.14%, 02/15/23		900		913,798
3.82%, 11/02/27(e)		1,500		1,422,109
General Motors Financial Co., Inc.:
3.20%, 07/13/20		100		100,550
4.20%, 03/01/21		900		919,380
4.20%, 11/06/21		1,500		1,547,483
3.45%, 04/10/22		1,780		1,810,771
3.55%, 07/08/22		3,345		3,413,462

Security	Par (000)		Value
Diversified Financial Services (continued)
3.25%, 01/05/23	$	1,200	$	1,212,796
3.70%, 05/09/23		5,800		5,933,812
4.15%, 06/19/23		1,155		1,200,415
4.30%, 07/13/25		180		186,942
5.25%, 03/01/26		100		108,473
Intercontinental Exchange, Inc.:
3.75%, 09/21/28		1,870		2,048,486
4.25%, 09/21/48		350		415,512
John Deere Capital Corp.(e):
2.30%, 06/07/21		3,195		3,214,238
2.60%, 03/07/24		750		765,289
JPMorgan Chase & Co.:
2.20%, 10/22/19		400		400,006
4.25%, 10/15/20		1,770		1,811,140
2.55%, 03/01/21		1,100		1,106,174
3.25%, 09/23/22		780		806,208
3.20%, 01/25/23		1,380		1,425,179
(3 mo. LIBOR US + 0.94%), 2.78%, 04/25/23(e)(f)		1,000		1,012,751
3.63%, 05/13/24		400		423,631
3.13%, 01/23/25(e)		800		828,367
(3 mo. LIBOR US + 1.16%), 3.22%, 03/01/25(f)		600		621,200
3.30%, 04/01/26(e)		600		627,892
(3 mo. LIBOR US + 1.25%), 3.96%, 01/29/27(f)		2,845		3,076,178
(3 mo. LIBOR US + 1.12%), 4.01%, 04/23/29(f)		355		387,744
(3 mo. LIBOR US + 1.16%), 3.70%, 05/06/30(f)		3,200		3,428,768
(3 mo. LIBOR US + 1.38%), 3.96%, 11/15/48(f)		3,355		3,761,388
Kimberly-Clark Corp., 2.40%, 06/01/23(e)		800		813,395
Mitsubishi UFJ Financial Group, Inc.:
3.54%, 07/26/21		385		393,664
3.00%, 02/22/22		335		340,959
3.46%, 03/02/23		1,600		1,657,440
Nasdaq, Inc., 3.85%, 06/30/26		32		34,289
ORIX Corp., 2.90%, 07/18/22		405		411,815
				78,041,576
Diversified Telecommunication Services — 1.5%
AT&T, Inc.:
4.60%, 02/15/21		1,000		1,027,075
3.00%, 02/15/22(e)		800		816,350
3.20%, 03/01/22		810		829,755
2.63%, 12/01/22		800		808,714
3.80%, 03/01/24		2,360		2,494,104
3.90%, 03/11/24(e)		1,590		1,686,011
4.45%, 04/01/24		1,280		1,384,552

6

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Telecommunication Services (continued)
3.95%, 01/15/25(e)	$	200	$	213,533
3.40%, 05/15/25		1,590		1,658,918
3.60%, 07/15/25		1,175		1,236,892
2.95%, 07/15/26		725		733,571
4.35%, 03/01/29(e)		1,130		1,248,072
4.30%, 02/15/30		1,200		1,320,334
4.85%, 03/01/39(e)		1,185		1,343,595
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/23		1,270		1,331,093
Verizon Communications, Inc.:
3.50%, 11/01/24		2,500		2,643,588
3.38%, 02/15/25		1,000		1,054,867
4.50%, 08/10/33(e)		2,600		3,018,966
4.86%, 08/21/46		950		1,160,314
				26,010,304
Electric Utilities — 3.7%
AEP Transmission Co. LLC, 3.15%, 09/15/49		30		29,511
Alabama Power Co.:
3.38%, 10/01/20		800		809,988
2.80%, 04/01/25		800		814,511
Ameren Corp., 2.50%, 09/15/24		65		65,323
Appalachian Power Co.:
3.40%, 06/01/25(e)		800		833,040
Series X, 3.30%, 06/01/27		1,190		1,244,193
Arizona Public Service Co.:
3.15%, 05/15/25(e)		400		416,530
2.95%, 09/15/27		800		826,038
Avangrid, Inc., 3.80%, 06/01/29		600		644,577
Baltimore Gas & Electric Co.:
3.35%, 07/01/23(e)		2,390		2,494,250
2.40%, 08/15/26		800		799,940
4.25%, 09/15/48(e)		225		262,268
Berkshire Hathaway Energy Co., 4.45%, 01/15/49		500		596,536
CenterPoint Energy Houston Electric LLC, Series Z, 2.40%, 09/01/26(e)		800		801,144
Commonwealth Edison Co.:
2.55%, 06/15/26(e)		800		811,072
3.70%, 08/15/28		2,200		2,414,246
4.00%, 03/01/49		90		103,806
Consolidated Edison Co. of New York, Inc.:
Series 06-A, 5.85%, 03/15/36		1,000		1,316,968
Series A, 4.13%, 05/15/49		50		57,259
Series B, 3.13%, 11/15/27		800		841,557
Consumers Energy Co., 3.38%, 08/15/23		800		838,111
Dominion Energy, Inc., 3.90%, 10/01/25		500		534,170
DTE Electric Co., 3.65%, 03/15/24		1,590		1,684,388

Security	Par (000)		Value
Electric Utilities (continued)
DTE Energy Co., Series B, 2.60%, 06/15/22(e)	$	495	$	498,487
Duke Energy Corp.:
2.65%, 09/01/26		1,000		1,006,455
4.20%, 06/15/49(e)		700		779,701
Duke Energy Florida LLC, 3.80%, 07/15/28		1,365		1,503,661
Duke Energy Ohio, Inc., 4.30%, 02/01/49		100		118,532
Duke Energy Progress LLC, 3.25%, 08/15/25		1,590		1,676,982
Edison International, 4.13%, 03/15/28		500		512,711
Entergy Texas, Inc., 3.55%, 09/30/49		520		540,715
Evergy, Inc., 2.90%, 09/15/29		50		49,747
Eversource Energy:
Series L, 2.90%, 10/01/24		1,530		1,567,557
Series M, 3.30%, 01/15/28		1,000		1,038,253
Florida Power & Light Co.:
2.75%, 06/01/23		1,590		1,631,548
3.25%, 06/01/24		800		839,834
4.05%, 10/01/44		500		579,412
3.15%, 10/01/49		40		40,701
Georgia Power Co., 3.25%, 04/01/26(e)		800		826,549
Indiana Michigan Power Co., Series J, 3.20%, 03/15/23(e)		1,190		1,229,526
Interstate Power & Light Co., 3.25%, 12/01/24(e)		800		834,433
Kansas City Power & Light Co.:
3.15%, 03/15/23		1,590		1,642,719
3.65%, 08/15/25		300		320,954
Kentucky Utilities Co., 3.25%, 11/01/20		800		808,905
MidAmerican Energy Co., 3.10%, 05/01/27(e)		800		842,400
NextEra Energy Capital Holdings, Inc., 3.55%, 05/01/27		645		683,637
Oncor Electric Delivery Co. LLC, 3.80%, 06/01/49(c)		320		358,767
PacifiCorp:
2.95%, 06/01/23		800		822,025
4.13%, 01/15/49		700		811,549
Pennsylvania Electric Co., 3.25%, 03/15/28(c)		1,590		1,638,796
PPL Electric Utilities Corp.:
2.50%, 09/01/22		400		402,109
3.00%, 10/01/49		275		266,078
Progress Energy, Inc.:
4.88%, 12/01/19		920		923,892
4.40%, 01/15/21		1,110		1,136,164
PSEG Power LLC:
4.15%, 09/15/21		350		359,496
3.85%, 06/01/23		1,300		1,373,206
Public Service Co. of Colorado:
3.20%, 11/15/20(e)		800		805,929

7

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric Utilities (continued)
3.70%, 06/15/28	$	1,800	$	1,988,528
4.05%, 09/15/49		20		23,302
Public Service Electric & Gas Co.:
2.38%, 05/15/23		400		405,048
2.25%, 09/15/26		800		795,373
3.00%, 05/15/27		500		520,643
3.70%, 05/01/28		800		875,351
San Diego Gas & Electric Co., 2.50%, 05/15/26		400		399,209
Southern Co., 3.25%, 07/01/26		2,400		2,475,044
Union Electric Co., 4.00%, 04/01/48		500		568,653
Virginia Electric & Power Co.(e):
Series A, 3.80%, 04/01/28		3,300		3,611,366
Series C, 2.75%, 03/15/23		1,250		1,276,044
Westar Energy, Inc., 2.55%, 07/01/26		800		806,621
Wisconsin Electric Power Co., 3.10%, 06/01/25(e)		800		827,908
Wisconsin Power & Light Co., 3.05%, 10/15/27		1,090		1,136,219
Xcel Energy, Inc., 4.00%, 06/15/28(e)		900		990,785
				64,410,950
Electrical Equipment — 0.4%
Emerson Electric Co.:
2.63%, 12/01/21		800		809,421
2.63%, 02/15/23		1,190		1,223,461
Roper Technologies, Inc.:
3.80%, 12/15/26		1,000		1,068,924
4.20%, 09/15/28		3,800		4,173,203
				7,275,009
Electronic Equipment, Instruments & Components — 0.0%
Tyco Electronics Group SA, 3.13%, 08/15/27		250		257,017
Equity Real Estate Investment Trusts (REITs) — 1.6%
American Tower Corp.:
2.80%, 06/01/20		1,190		1,194,533
2.25%, 01/15/22(e)		960		961,262
4.70%, 03/15/22(e)		1,000		1,059,396
3.50%, 01/31/23		1,900		1,968,444
3.00%, 06/15/23(e)		1,000		1,022,930
4.40%, 02/15/26		400		438,388
3.38%, 10/15/26(e)		3,100		3,223,971
3.95%, 03/15/29		3,300		3,554,105
Crown Castle International Corp.:
2.25%, 09/01/21		275		275,227
4.88%, 04/15/22		830		882,344
5.25%, 01/15/23		1,000		1,088,769
3.20%, 09/01/24		1,625		1,669,182
3.70%, 06/15/26		1,000		1,054,311
3.80%, 02/15/28(e)		396		421,153
5.20%, 02/15/49		1,200		1,482,379

Security	Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Hospitality Properties Trust:
4.50%, 06/15/23	$	135	$	138,970
4.38%, 02/15/30(e)		1,350		1,291,950
Omega Healthcare Investors, Inc., 4.50%, 04/01/27		2,010		2,137,700
Public Storage, 3.09%, 09/15/27		2,500		2,625,757
Spirit Realty LP, 4.00%, 07/15/29		2,200		2,301,994
				28,792,765
Food & Staples Retailing — 0.3%
McCormick & Co., Inc., 2.70%, 08/15/22		880		892,101
Mondelez International, Inc., 3.63%, 02/13/26		2,095		2,231,826
Walmart, Inc.:
2.55%, 04/11/23		800		816,268
2.95%, 09/24/49		940		946,221
				4,886,416
Food Products — 0.3%
Diageo Capital PLC, 2.13%, 10/24/24		4,280		4,278,759
Kellogg Co., 2.65%, 12/01/23(e)		918		931,783
Sysco Corp., 3.30%, 07/15/26(e)		800		833,362
				6,043,904
Gas Utilities — 0.2%
Atmos Energy Corp., 3.00%, 06/15/27		400		414,189
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/29		1,500		1,602,533
Sempra Energy, 3.75%, 11/15/25		200		210,757
Southern California Gas Co.:
3.15%, 09/15/24(e)		800		837,417
Series TT, 2.60%, 06/15/26		800		811,144
				3,876,040
Health Care Equipment & Supplies — 1.1%
Abbott Laboratories, 3.40%, 11/30/23		910		954,371
Baxter International, Inc.:
1.70%, 08/15/21		800		793,477
2.60%, 08/15/26		3,360		3,390,408
3.50%, 08/15/46(e)		800		805,694
Becton Dickinson & Co.:
2.68%, 12/15/19(e)		78		78,019
2.40%, 06/05/20(e)		480		480,392
3.25%, 11/12/20(e)		1,800		1,818,549
3.13%, 11/08/21(e)		800		813,282
2.89%, 06/06/22		575		583,745
Celgene Corp., 2.25%, 08/15/21		1,700		1,700,067
Covidien International Finance SA, 2.95%, 06/15/23(e)		2,390		2,467,795
Stryker Corp.:
2.63%, 03/15/21		245		246,815

8

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care Equipment & Supplies (continued)
3.50%, 03/15/26	$	900	$	958,052
3.65%, 03/07/28(e)		800		866,719
Zimmer Biomet Holdings, Inc.:
2.70%, 04/01/20		1,340		1,342,287
3.15%, 04/01/22		800		815,450
3.70%, 03/19/23(e)		360		375,097
3.55%, 04/01/25		1,590		1,669,349
				20,159,568
Health Care Providers & Services — 0.9%
Aetna, Inc., 2.75%, 11/15/22(e)		1,000		1,010,791
Anthem, Inc., 3.35%, 12/01/24		1,395		1,450,446
Cigna Corp., 3.75%, 07/15/23		1,230		1,288,027
HCA, Inc.:
5.25%, 04/15/25(e)		1,600		1,779,577
5.25%, 06/15/26		500		556,759
5.50%, 06/15/47		1,797		2,020,337
5.25%, 06/15/49		530		578,147
Humana, Inc.:
2.90%, 12/15/22		915		930,848
3.85%, 10/01/24		1,000		1,056,329
Omega Healthcare Investors, Inc., 4.95%, 04/01/24		1,400		1,500,685
Quest Diagnostics, Inc., 2.50%, 03/30/20		705		705,701
Thermo Fisher Scientific, Inc., 2.95%, 09/19/26(e)		400		412,107
UnitedHealth Group, Inc.:
2.38%, 08/15/24		1,035		1,043,274
3.10%, 03/15/26		150		156,789
2.88%, 08/15/29(e)		310		316,395
4.75%, 07/15/45(e)		800		972,292
				15,778,504
Hotels, Restaurants & Leisure — 1.0%
GLP Capital LP/GLP Financing II, Inc.:
5.38%, 11/01/23		1,300		1,406,262
5.25%, 06/01/25		1,790		1,971,739
5.38%, 04/15/26(e)		2,010		2,210,719
5.75%, 06/01/28		1,145		1,302,426
5.30%, 01/15/29		3,595		3,962,445
Las Vegas Sands Corp., 3.20%, 08/08/24		1,905		1,940,305
McDonald’s Corp.:
3.70%, 01/30/26		1,000		1,073,379
3.50%, 03/01/27		278		297,137
3.80%, 04/01/28(e)		290		317,827
6.30%, 10/15/37(e)		310		427,579
Starbucks Corp., 3.55%, 08/15/29(e)		2,880		3,106,624
				18,016,442

Security	Par (000)		Value
Household Products — 0.0%
Clorox Co., 3.50%, 12/15/24	$	800	$	850,787
Independent Power and Renewable Electricity Producers — 0.0%
Exelon Corp., 5.15%, 12/01/20		360		369,642
Insurance — 1.1%
Aflac, Inc.:
3.63%, 06/15/23		500		526,562
3.63%, 11/15/24		1,000		1,064,596
American International Group, Inc., 3.30%, 03/01/21		320		324,937
Aon PLC, 3.88%, 12/15/25		3,400		3,654,731
Berkshire Hathaway, Inc., 3.13%, 03/15/26(e)		355		374,622
Chubb INA Holdings, Inc., 3.35%, 05/15/24		660		697,577
Fidelity National Financial, Inc., 5.50%, 09/01/22		385		413,156
Hartford Financial Services Group, Inc., 3.60%, 08/19/49		190		191,204
Markel Corp., 5.00%, 05/20/49(e)		1,680		1,949,110
Marsh & McLennan Cos., Inc.:
3.30%, 03/14/23		175		180,875
4.90%, 03/15/49(e)		4,935		6,182,073
Old Republic International Corp., 3.88%, 08/26/26		1,500		1,578,856
Willis North America, Inc., 5.05%, 09/15/48		1,250		1,460,221
Willis Towers Watson PLC, 5.75%, 03/15/21		350		366,900
				18,965,420
Interactive Media & Services — 0.0%
Alphabet, Inc., 2.00%, 08/15/26		800		802,276
Internet & Direct Marketing Retail — 0.8%
Alibaba Group Holding Ltd.:
2.80%, 06/06/23		200		202,138
3.60%, 11/28/24(e)		2,445		2,562,604
3.40%, 12/06/27		4,800		4,975,632
4.50%, 11/28/34		300		340,605
Amazon.com, Inc.:
2.80%, 08/22/24(e)		440		457,527
3.15%, 08/22/27		2,390		2,538,933
Expedia Group, Inc., 3.80%, 02/15/28		2,050		2,145,476
				13,222,915
IT Services — 0.6%
Broadridge Financial Solutions, Inc., 3.40%, 06/27/26		720		746,196

9

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
IT Services (continued)
Fidelity National Information Services, Inc., 3.63%, 10/15/20	$	714	$	723,520
Global Payments, Inc., 3.20%, 08/15/29		610		618,596
International Business Machines Corp.:
2.85%, 05/13/22		200		204,205
3.38%, 08/01/23(e)		800		836,849
4.25%, 05/15/49(e)		750		862,809
PayPal Holdings, Inc., 2.85%, 10/01/29		4,520		4,548,122
Verisk Analytics, Inc.:
4.13%, 03/15/29		790		870,414
4.00%, 06/15/25		1,400		1,507,139
				10,917,850
Media — 1.3%
Charter Communications Operating LLC/Charter Communications Operating Capital:
3.58%, 07/23/20		1,395		1,407,494
4.46%, 07/23/22		200		210,564
4.91%, 07/23/25		1,350		1,480,890
3.75%, 02/15/28(e)		1,750		1,794,087
4.20%, 03/15/28(e)		4,800		5,047,977
5.05%, 03/30/29		100		111,877
5.38%, 04/01/38(e)		1,900		2,122,363
5.38%, 05/01/47(e)		1,700		1,852,264
Comcast Corp.:
3.38%, 02/15/25		1,590		1,676,567
2.35%, 01/15/27		400		398,304
4.15%, 10/15/28		200		224,345
4.60%, 10/15/38		1,200		1,433,521
4.70%, 10/15/48(e)		1,400		1,714,220
Fox Corp., 4.03%, 01/25/24(c)		1,040		1,105,800
Interpublic Group of Cos., Inc., 3.75%, 10/01/21		215		220,410
Thomson Reuters Corp.:
3.85%, 09/29/24		800		839,936
3.35%, 05/15/26(e)		800		824,286
Time Warner Cable LLC, 5.00%, 02/01/20		680		685,497
				23,150,402
Metals & Mining — 0.0%
Rio Tinto Finance USA PLC, 4.13%, 08/21/42(e)		528		613,103
Multi-Utilities — 0.3%
CenterPoint Energy, Inc., 4.25%, 11/01/28		730		801,918
Dominion Energy, Inc., 2.58%, 07/01/20		210		210,470
DTE Energy Co., Series D, 3.70%, 08/01/23		835		875,551
San Diego Gas & Electric Co., 3.60%, 09/01/23		1,590		1,667,403

Security	Par (000)		Value
Multi-Utilities (continued)
Sempra Energy, 2.90%, 02/01/23	$	255	$	259,101
Southwest Gas Corp., 3.70%, 04/01/28		1,590		1,714,680
Washington Gas Light Co., 3.65%, 09/15/49		30		30,690
				5,559,813
Office Supplies & Equipment — 0.4%
VMware, Inc.:
2.30%, 08/21/20		470		470,245
2.95%, 08/21/22		3,800		3,853,224
3.90%, 08/21/27		2,420		2,488,912
				6,812,381
Oil, Gas & Consumable Fuels — 2.2%
CNOOC Finance 2013 Ltd., 3.00%, 05/09/23		500		508,594
CNOOC Finance 2015 USA LLC, 3.50%, 05/05/25		1,500		1,566,562
Equinor ASA:
2.75%, 11/10/21		2,480		2,514,875
3.25%, 11/10/24		400		423,512
Exxon Mobil Corp., 3.18%, 03/15/24(e)		800		841,626
MPLX LP, 4.88%, 06/01/25(e)		2,000		2,200,204
Occidental Petroleum Corp., 2.90%, 08/15/24(e)		3,500		3,526,192
ONEOK Partners LP:
3.38%, 10/01/22		1,000		1,024,362
4.90%, 03/15/25		2,000		2,199,303
6.13%, 02/01/41		800		974,564
ONEOK, Inc.:
2.75%, 09/01/24		1,475		1,482,467
4.00%, 07/13/27		1,725		1,805,228
4.55%, 07/15/28		300		324,808
4.35%, 03/15/29(e)		2,215		2,369,483
4.45%, 09/01/49		2,100		2,094,688
Petroleos Mexicanos:
5.35%, 02/12/28		1,165		1,114,759
6.50%, 06/02/41		380		361,475
6.38%, 01/23/45(e)		460		428,950
5.63%, 01/23/46		800		680,800
6.75%, 09/21/47(e)		100		95,900
7.69%, 01/23/50(c)(e)		100		104,008
Sabine Pass Liquefaction LLC:
5.75%, 05/15/24(e)		1,100		1,226,073
5.63%, 03/01/25		1,000		1,122,838
5.88%, 06/30/26		550		630,189
5.00%, 03/15/27		3,656		4,031,170
4.20%, 03/15/28		2,844		3,009,265
Shell International Finance BV, 3.40%, 08/12/23(e)		400		421,445

10

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
TransCanada PipeLines Ltd., 3.75%, 10/16/23(e)	$	800	$	843,433
				37,926,773
Personal Products — 0.1%
Estee Lauder Cos., Inc., 1.70%, 05/10/21		400		398,106
Unilever Capital Corp., 2.00%, 07/28/26		800		792,744
				1,190,850
Pharmaceuticals — 1.3%
AbbVie, Inc., 2.50%, 05/14/20		490		491,113
AstraZeneca PLC:
3.50%, 08/17/23		1,200		1,253,790
3.13%, 06/12/27		1,490		1,550,039
Bristol-Myers Squibb Co., 3.25%, 11/01/23(e)		400		418,031
CVS Health Corp.(e):
3.35%, 03/09/21		672		682,746
4.78%, 03/25/38		1,050		1,149,942
Eli Lilly & Co., 2.75%, 06/01/25		800		825,870
Johnson & Johnson, 2.95%, 03/03/27(e)		2,530		2,659,848
Merck & Co., Inc.:
2.80%, 05/18/23		800		823,663
2.75%, 02/10/25		800		828,446
Novartis Capital Corp.:
2.40%, 09/21/22(e)		800		812,671
3.10%, 05/17/27		3,500		3,719,317
Pfizer, Inc.:
3.00%, 12/15/26(e)		1,000		1,052,814
7.20%, 03/15/39		500		784,041
Takeda Pharmaceutical Co. Ltd., 4.00%, 11/26/21(c)		1,800		1,863,157
Zoetis, Inc.:
3.45%, 11/13/20		355		359,588
3.00%, 09/12/27(e)		1,800		1,846,919
3.90%, 08/20/28(e)		1,155		1,263,812
				22,385,807
Professional Services — 0.1%
IHS Markit Ltd., 4.75%, 08/01/28		2,105		2,339,708
Road & Rail — 0.6%
Burlington Northern Santa Fe LLC, 3.00%, 04/01/25		800		834,406
Canadian National Railway Co.:
2.75%, 03/01/26(e)		800		823,142
3.65%, 02/03/48		3,000		3,330,075
CSX Corp.:
3.40%, 08/01/24(e)		800		843,652
2.60%, 11/01/26		800		809,301
Ryder System, Inc., 2.88%, 06/01/22(e)		765		777,218

Security	Par (000)		Value
Road & Rail (continued)
Union Pacific Corp.:
2.75%, 04/15/23	$	1,590	$	1,623,434
3.25%, 08/15/25(e)		400		417,406
2.75%, 03/01/26		800		812,508
				10,271,142
Semiconductors & Semiconductor Equipment — 1.2%
Broadcom Corp./Broadcom Cayman Finance Ltd.:
2.38%, 01/15/20(e)		1,700		1,699,892
3.00%, 01/15/22(e)		1,700		1,716,447
3.63%, 01/15/24		2,300		2,352,003
3.13%, 01/15/25(e)		540		536,213
3.88%, 01/15/27		1,650		1,656,963
3.50%, 01/15/28		900		877,137
Broadcom, Inc., 4.25%, 04/15/26(c)		1,950		2,014,169
Maxim Integrated Products, Inc.:
3.38%, 03/15/23		1,000		1,029,399
3.45%, 06/15/27		1,015		1,048,752
Micron Technology, Inc., 4.19%, 02/15/27(e)		3,400		3,498,217
QUALCOMM, Inc.:
3.45%, 05/20/25		800		845,605
3.25%, 05/20/27		2,335		2,438,214
Texas Instruments, Inc., 2.25%, 05/01/23(e)		800		808,707
				20,521,718
Software — 0.2%
Activision Blizzard, Inc., 2.30%, 09/15/21		200		200,513
Citrix Systems, Inc., 4.50%, 12/01/27(e)		1,300		1,405,387
Microsoft Corp., 2.70%, 02/12/25(e)		800		829,401
Oracle Corp.:
2.95%, 05/15/25(e)		800		829,975
2.65%, 07/15/26		400		408,410
				3,673,686
Specialty Retail — 0.1%
Dollar Tree, Inc., 4.20%, 05/15/28		824		885,408
Home Depot, Inc.:
2.80%, 09/14/27		800		836,854
5.40%, 09/15/40		200		266,166
				1,988,428
Technology Hardware, Storage & Peripherals — 0.7%
Apple, Inc., 3.00%, 06/20/27(e)		925		972,625
Dell International LLC/EMC Corp.(c):
4.00%, 07/15/24(e)		3,300		3,451,345
4.90%, 10/01/26		1,700		1,822,236
5.30%, 10/01/29		1,163		1,267,966
8.35%, 07/15/46		1,300		1,714,631
Hewlett Packard Enterprise Co.:
3.60%, 10/15/20		1,000		1,012,877
3.50%, 10/05/21		1,165		1,194,317
				11,435,997

11

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Tobacco — 0.5%
Altria Group, Inc.:
3.49%, 02/14/22	$	570	$	584,766
5.80%, 02/14/39		1,300		1,505,590
5.38%, 01/31/44(e)		535		594,723
3.88%, 09/16/46(e)		500		458,225
6.20%, 02/14/59		25		29,313
BAT Capital Corp., 2.76%, 08/15/22		1,070		1,079,448
Philip Morris International, Inc.:
6.38%, 05/16/38		2,600		3,578,863
4.25%, 11/10/44		800		874,904
Reynolds American, Inc.:
3.25%, 06/12/20		127		127,803
4.00%, 06/12/22		305		317,740
				9,151,375
Water Utilities — 0.1%
Aqua America, Inc., 3.57%, 05/01/29		1,030		1,096,645
Wireless Telecommunication Services — 0.4%
American Tower Corp., 3.45%, 09/15/21		740		757,007
Crown Castle International Corp.:
3.65%, 09/01/27		200		211,761
3.10%, 11/15/29(e)		705		707,226
EPR Properties, 4.95%, 04/15/28		3,700		4,030,629
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 03/20/23(c)(e)		830		833,112
				6,539,735
Total Corporate Bonds — 38.3% (Cost — $640,061,345)				672,252,727
Foreign Agency Obligations — 0.7%
Colombia Government International Bond:
4.50%, 01/28/26		200		218,125
3.88%, 04/25/27(e)		200		212,250
5.00%, 06/15/45(e)		1,900		2,226,563
Indonesia Government International Bond:
3.50%, 01/11/28		1,800		1,860,750
4.75%, 07/18/47(c)		500		572,969
Mexico Government International Bond:
4.15%, 03/28/27		2,325		2,463,338
4.50%, 04/22/29		810		881,685
6.75%, 09/27/34(e)		720		968,625
6.05%, 01/11/40(e)		100		126,150

Security	Par (000)		Value
Uruguay Government International Bond:
4.38%, 01/23/31(e)	$	530	$	585,484
5.10%, 06/18/50(e)		1,200		1,425,375
4.98%, 04/20/55		50		58,734
Total Foreign Agency Obligations — 0.7% (Cost — $10,510,951)				11,600,048
Municipal Bonds — 0.5%
California — 0.2%
Bay Area Toll Authority, RB, Build America Bonds, San Francisco Toll Bridge:
Series F-2, 6.26%, 04/01/49		500		788,060
Series S-1, 6.92%, 04/01/40		50		74,548
State of California, GO, Build America Bonds:
7.55%, 04/01/39		1,025		1,688,503
7.60%, 11/01/40		500		844,930
State of California, GO, Refunding, 3.50%, 04/01/28		500		542,305
University of California, Refunding RB, Limited Project, Series J, 4.13%, 05/15/45		150		169,140
				4,107,486
Illinois — 0.0%
State of Illinois, GO, Pension, 5.10%, 06/01/33(e)		430		465,049
Massachusetts — 0.0%
Commonwealth of Massachusetts, GO, Consolidated Loan, Series H, 2.90%, 09/01/49		545		531,637
New Jersey — 0.1%
New Jersey State Turnpike Authority, RB, Build America Bonds, Series A, 7.10%, 01/01/41		550		857,956
New York — 0.2%
Metropolitan Transportation Authority, RB, Build America Bonds, Series E, 6.81%, 11/15/40		355		516,734
New York City Water & Sewer System, Refunding RB, Build America Bonds, 5.88%, 06/15/44		500		744,020
Port Authority of New York & New Jersey, ARB, 192nd Series, 4.81%, 10/15/65		50		67,080
Port Authority of New York & New Jersey, RB:
4.03%, 09/01/48		1,000		1,165,550
191th Series, 4.82%, 06/01/45		200		222,706
				2,716,090
Total Municipal Bonds — 0.5% (Cost — $8,093,092)				8,678,218

12

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Non-Agency Mortgage-Backed Securities — 7.8%
Collateralized Mortgage Obligations — 4.3%
American Home Mortgage Investment Trust, Series 2004-3, Class 4A, (6 mo. LIBOR US + 1.50%), 3.69%, 10/25/34(b)	$	54	$	54,212
Angel Oak Mortgage Trust I LLC, Series 2019-4, Class A1, 2.99%, 07/26/49(c)(d)		5,833		5,864,845
Bear Stearns Alternative A Trust, Series 2004-13, Class A2, (1 mo. LIBOR US + 0.88%), 2.90%, 11/25/34(b)		1		1,235
Citicorp Mortgage Securities Trust, Series 2006-1, Class 2A1, 5.00%, 02/25/21		5		5,154
Citigroup Mortgage Loan Trust, Class A(c)(d):
Series 2013-A, 3.00%, 05/25/42		18		18,304
Series 2014-A, 4.00%, 01/25/35		89		92,086
Connecticut Avenue Securities Trust(b)(c):
Series 2019-R03, Class 1M1, (1 mo. LIBOR US + 0.75%), 2.77%, 09/25/31		3,038		3,039,391
Series 2019-R05, Class 1M1, (1 mo. LIBOR US + 0.75%), 2.77%, 07/25/39		5,635		5,640,410
Credit Suisse Mortgage Capital Certificates, Series 2009-15R, Class 3A1, 5.15%, 03/26/36(c)(d)		18		20,746
Deephaven Residential Mortgage Trust, Series 2019-3A, Class A1, 2.96%, 07/25/59(c)(d)		6,649		6,678,266
Fannie Mae Connecticut Avenue Securities(b):
Series 2016-C05, Class 2M2F, (1 mo. LIBOR US + 2.75%), 4.77%, 01/25/29		6,286		6,353,082
Series 2017-C02, Class 1M1, (1 mo. LIBOR US + 1.15%), 3.17%, 09/25/29		653		654,475
Series 2017-C04, Class 2M1, (1 mo. LIBOR US + 0.85%), 2.87%, 11/25/29		950		950,503
Series 2017-C05, Class 1M1, (1 mo. LIBOR US + 0.55%), 2.57%, 01/25/30		637		636,781
Series 2017-C06, Class 1M1, (1 mo. LIBOR US + 0.75%), 2.77%, 02/25/30		221		221,093
Series 2017-C06, Class 2M1, (1 mo. LIBOR US + 0.75%), 2.77%, 02/25/30		58		57,561
Series 2017-C07, Class 2M1, (1 mo. LIBOR US + 0.65%), 2.67%, 05/25/30		989		989,045

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Freddie Mac STACR Trust, Series 2019-DNA3, Class M1, (1 mo. LIBOR US + 0.73%), 2.75%, 07/25/49(b)(c)	$	6,511	$	6,513,091
Freddie Mac Structured Agency Credit Risk Debt Notes(b):
Series 2016-DNA1, Class M2, (1 mo. LIBOR US + 2.90%), 5.05%, 07/25/28		272		273,866
Series 2017-HQA2, Class M1, (1 mo. LIBOR US + 0.80%), 2.82%, 12/25/29		783		782,903
Series 2017-HQA3, Class M1, (1 mo. LIBOR US + 0.55%), 2.57%, 04/25/30		225		225,078
Series 2014-DN2, Class M2, (1 mo. LIBOR US + 1.65%), 3.67%, 04/25/24		604		605,632
Series 2015-DN1, Class M3, (1 mo. LIBOR US + 4.15%), 6.17%, 01/25/25		1,748		1,881,338
Series 2015-DNA1, Class M2, (1 mo. LIBOR US + 1.85%), 3.87%, 10/25/27		6,267		6,308,264
Series 2015-HQ1, Class M3, (1 mo. LIBOR US + 3.80%), 5.82%, 03/25/25		1,463		1,577,110
Series 2015-HQA1, Class M2, (1 mo. LIBOR US + 2.65%), 4.67%, 03/25/28		805		808,738
Series 2016-DNA1, Class M3, (1 mo. LIBOR US + 5.55%), 7.70%, 07/25/28		2,200		2,437,371
Series 2017-DNA1, Class M1, (1 mo. LIBOR US + 1.20%), 3.22%, 07/25/29		2,166		2,171,217
Series 2017-DNA2, Class M1, (1 mo. LIBOR US + 1.20%), 3.22%, 10/25/29		1,039		1,042,003
Series 2017-DNA3, Class M1, (1 mo. LIBOR US + 0.75%), 2.77%, 03/25/30		1,415		1,414,640
Freddie Mac Structured Agency Credit Risk Trust, Series 2019-HQA1, Class M1, (1 mo. LIBOR US + 0.90%), 2.92%, 02/25/49(b)(c)		2,088		2,090,247

13

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
STACR Trust(b)(c):
Series 2018-DNA3, Class M1, (1 mo. LIBOR US + 0.75%), 2.77%, 09/25/48	$	2,264	$	2,266,370
Series 2018-HRP1, Class M2, (1 mo. LIBOR US + 1.65%), 3.67%, 04/25/43		8,140		8,162,732
Series 2018-HRP1, Class M2B, (1 mo. LIBOR US + 1.65%), 3.67%, 04/25/43		2,000		2,007,325
Series 2018-HRP2, Class M2, (1 mo. LIBOR US + 1.25%), 3.27%, 02/25/47		2,390		2,396,789
Wells Fargo Commercial Mortgage Trust, Class A5:
Series 2014-LC16, 3.82%, 08/15/50		1,300		1,386,532
Series 2018-C44, 4.21%, 05/15/51		780		880,207
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-W, Class A9, 4.84%, 11/25/34(d)		35		36,724
				76,545,366
Commercial Mortgage-Backed Securities — 3.5%
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class B, 4.51%, 09/15/48(d)		360		390,986
Benchmark Mortgage Trust, Series 2018-B2, Class A5, 3.88%, 02/15/51(d)		1,450		1,605,678
Citigroup Commercial Mortgage Trust:
Series 2006-C5, Class AJ, 5.48%, 10/15/49		25		24,699
Series 2015-GC35, Class A4, 3.82%, 11/10/48		870		944,289
Series 2016-GC36, Class A5, 3.62%, 02/10/49		550		591,616
COMM Mortgage Trust, Series 2015-CR22, Class A2, 2.86%, 03/10/48		5,736		5,736,656
Commercial Mortgage Trust:
Series 2012-CR3, Class AM, 3.42%, 10/15/45(c)		1,680		1,722,218
Series 2013-CR11, Class B, 5.28%, 08/10/50(d)		380		413,368
Series 2013-LC6, Class AM, 3.28%, 01/10/46		400		410,781
Series 2014-CR17, Class A5, 3.98%, 05/10/47		670		719,378
Core Industrial Trust, Series 2015-CALW, Class A, 3.04%, 02/10/34(c)		379		387,536
CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class A5, 3.46%, 11/15/50(d)		800		857,412

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
DBJPM Mortgage Trust, Series 2016-C1, Class B, 4.20%, 05/10/49(d)	$	330	$	355,885
Eleven Madison Avenue Mortgage Trust, Series 2015-11MD, Class A, 3.67%, 09/10/35(c)(d)		150		160,625
GE Commercial Mortgage Corp., Series 2007-C1, Class AM, 5.61%, 12/10/49(d)		66		54,039
Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust, Series 2006-GG7, Class AM, 5.83%, 07/10/38(d)		34		34,242
GS Mortgage Securities Trust:
Series 2012-GCJ7, Class AS, 4.09%, 05/10/45		280		291,218
Series 2013-GC13, Class A5, 4.19%, 07/10/46(d)		170		182,268
Series 2013-GC16, Class A3, 4.24%, 11/10/46		448		479,899
Series 2014-GC20, Class A5, 4.00%, 04/10/47		730		782,609
Series 2015-GC30, Class B, 4.15%, 05/10/50(d)		300		318,705
Series 2015-GS1, Class A3, 3.73%, 11/10/48		2,030		2,197,276
JPMBB Commercial Mortgage Securities Trust:
Series 2013-C14, Class A4, 4.13%, 08/15/46(d)		430		459,560
Series 2013-C14, Class AS, 4.41%, 08/15/46(d)		1,920		2,046,998
Series 2013-C17, Class A4, 4.20%, 01/15/47		841		906,692
Series 2014-C19, Class A4, 4.00%, 04/15/47		1,320		1,416,414
Series 2014-C22, Class A4, 3.80%, 09/15/47		1,470		1,572,830
Series 2014-C25, Class AS, 4.07%, 11/15/47		2,180		2,331,313
Series 2015-C30, Class A5, 3.82%, 07/15/48		1,780		1,927,815
Series 2015-C33, Class A4, 3.77%, 12/15/48		2,360		2,558,457
Series 2016-C1, Class A5, 3.58%, 03/15/49		810		870,206
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2006-CB16, Class B, 5.67%, 05/12/45(d)		210		10,870
Series 2011-C5, Class A3, 4.17%, 08/15/46		102		105,170
Series 2012-CBX, Class AS, 4.27%, 06/15/45		350		366,360

14

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Series 2016-JP3, Class A4, 2.63%, 08/15/49	$	1,190	$	1,214,303
Morgan Stanley Bank of America Merrill Lynch Trust, Class A4:
Series 2013-C10, 4.22%, 07/15/46(d)		2,690		2,868,755
Series 2013-C13, 4.04%, 11/15/46		460		492,388
Series 2015-C20, 3.25%, 02/15/48		1,040		1,088,656
Series 2015-C27, 3.75%, 12/15/47		1,030		1,112,492
Series 2016-C28, 3.54%, 01/15/49		2,350		2,514,929
Morgan Stanley Capital I Trust:
Series 2012-C4, Class A4, 3.24%, 03/15/45		680		693,691
Series 2012-C4, Class AS, 3.77%, 03/15/45		2,900		2,988,429
Series 2015-MS1, Class A4, 3.78%, 05/15/48(d)		550		591,622
Series 2019-H6, Class A4, 3.42%, 06/15/52		1,070		1,150,297
Series 2019-L2, Class A4, 4.07%, 03/15/52		2,900		3,271,140
UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5, 2.85%, 12/10/45		505		514,963
Wells Fargo Commercial Mortgage Trust, Class AS:
Series 2014-LC18, 3.81%, 12/15/47		510		535,387
Series 2015-C26, 3.58%, 02/15/48		1,380		1,451,651
WF-RBS Commercial Mortgage Trust:
Series 2012-C08, Class AS, 3.66%, 08/15/45		640		661,261
Series 2012-C10, Class AS, 3.24%, 12/15/45		460		471,325
Series 2013-C18, Class A5, 4.16%, 12/15/46(d)		620		667,222
Series 2014-C23, Class A4, 3.65%, 10/15/57		326		346,144
WFRBS Commercial Mortgage Trust, Class AS:
Series 2014-C23, 4.21%, 10/15/57(d)		1,140		1,234,791
Series 2014-C24, 3.93%, 11/15/47		3,740		3,981,520
				61,085,034
Total Non-Agency Mortgage-Backed Securities — 7.8% (Cost — $136,088,899)				137,630,400

Security	Par (000)		Value
U.S. Government Sponsored Agency Securities — 35.4%
Collateralized Mortgage Obligations — 2.9%
Fannie Mae Connecticut Avenue Securities(b):
Series 2018-C06, Class 1M1, (1 mo. LIBOR US + 0.55%), 2.57%, 03/25/31	$	577	$	577,190
Series 2018-C06, Class 2M1, (1 mo. LIBOR US + 0.55%), 2.57%, 03/25/31		644		643,582
Series 2018-C02, Class 2M1, (1 mo. LIBOR US + 0.65%), 2.67%, 08/25/30		862		862,124
Series 2018-C03, Class 1M1, (1 mo. LIBOR US + 0.68%), 2.70%, 10/25/30		1,599		1,598,924
Series 2017-C01, Class 1M1, (1 mo. LIBOR US + 1.30%), 3.32%, 07/25/29		463		463,833
Series 2016-C04, Class 1M1, (1 mo. LIBOR US + 1.45%), 3.47%, 01/25/29		545		545,589
Series 2017-C05, Class 1M2A, (1 mo. LIBOR US + 2.20%), 4.22%, 01/25/30		3,103		3,121,369
Series 2017-C07, Class 2M2A, (1 mo. LIBOR US + 2.50%), 4.52%, 05/25/30		1,475		1,508,291
Series 2014-C02, Class 2M2, (1 mo. LIBOR US + 2.60%), 4.62%, 05/25/24		1,607		1,665,632
Series 2017-C06, Class 1M2A, (1 mo. LIBOR US + 2.65%), 4.67%, 02/25/30		830		839,121
Series 2014-C03, Class 2M2, (1 mo. LIBOR US + 2.90%), 4.92%, 07/25/24		1,527		1,590,823
Series 2017-C01, Class 1M2A, (1 mo. LIBOR US + 3.55%), 5.57%, 07/25/29		2,570		2,645,819
Series 2014-C01, Class M2, (1 mo. LIBOR US + 4.40%), 6.42%, 01/25/24		1,082		1,175,203
Series 2016-C05, Class 2M2, (1 mo. LIBOR US + 4.45%), 6.47%, 01/25/29		563		592,743
Series 2015-C01, Class 2M2, (1 mo. LIBOR US + 4.55%), 6.57%, 02/25/25		321		333,075
Series 2014-C04, Class 1M2, (1 mo. LIBOR US + 4.90%), 6.92%, 11/25/24		923		1,007,438

15

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Series 2014-C04, Class 1M2, (1 mo. LIBOR US + 5.00%), 7.02%, 11/25/24	$	136	$	145,083
Freddie Mac STACR Trust(b)(c):
Series 2019-HQA2, Class M1, (1 mo. LIBOR US + 0.70%), 2.72%, 04/25/49		4,768		4,770,336
Series 2019-HQA3, Class M1, (1 mo. LIBOR US + 0.75%), 2.81%, 09/25/49		3,550		3,552,967
Series 2019-DNA1, Class M1, (1 mo. LIBOR US + 0.90%), 2.92%, 01/25/49		4,237		4,243,780
Series 2019-FTR2, Class M1, (1 mo. LIBOR US + 0.95%), 2.97%, 11/25/48		5,640		5,638,234
Series 2019-HQA3, Class M2, (1 mo. LIBOR US + 1.85%), 3.91%, 09/25/49		5,000		5,009,617
Series 2019-HQA2, Class M2, (1 mo. LIBOR US + 2.05%), 4.07%, 04/25/49		1,680		1,686,438
Series 2018-HQA2, Class M2, (1 mo. LIBOR US + 2.30%), 4.32%, 10/25/48		2,000		2,022,766
Freddie Mac Structured Agency Credit Risk Debt Notes(b):
Series 2016-HQA3, Class M2, (1 mo. LIBOR US + 1.35%), 3.37%, 03/25/29		192		193,039
Series 2014-DN1, Class M2, (1 mo. LIBOR US + 2.20%), 4.22%, 02/25/24		117		118,400
Series 2016-DNA2, Class M2, (1 mo. LIBOR US + 2.20%), 4.22%, 10/25/28		35		35,034
Series 2016-HQA2, Class M2, (1 mo. LIBOR US + 2.25%), 4.27%, 11/25/28		296		297,755
Series 2015-HQA2, Class M2, (1 mo. LIBOR US + 2.80%), 4.82%, 05/25/28		61		61,762
Series 2015-DNA3, Class M2, (1 mo. LIBOR US + 2.85%), 4.87%, 04/25/28		399		403,031
Series 2014-DN4, Class M3, (1 mo. LIBOR US + 4.55%), 6.57%, 10/25/24		161		172,093

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Series 2016-DNA2, Class M3, (1 mo. LIBOR US + 4.65%), 6.67%, 10/25/28	$	2,500	$	2,678,755
				50,199,846
Commercial Mortgage-Backed Securities — 3.1%
Fannie Mae, Class A2:
Series 2012-M13, 2.38%, 05/25/22		3,472		3,501,613
Series 2012-M9, 2.48%, 04/25/22		5,227		5,284,555
Series 2013-M3, 2.51%, 11/25/22(d)		4,780		4,856,563
Series 2016-M13, 2.57%, 09/25/26(d)		800		816,031
Series 2017-M4, 2.67%, 12/25/26(d)		4,000		4,130,409
Series 2012-M5, 2.72%, 02/25/22		2,215		2,241,329
Series 2018-M1, 3.08%, 12/25/27(d)		1,590		1,687,491
Series 2018-M7, 3.15%, 03/25/28(d)		1,590		1,686,778
Freddie Mac:
Series K020, 2.37%, 05/25/22		7,960		8,029,304
Series K055, 2.67%, 03/25/26		1,590		1,649,257
Series K064, 3.22%, 03/25/27		2,790		2,998,541
Series K031, 3.30%, 04/25/23(d)		281		292,525
Series K060, 3.30%, 10/25/26		1,190		1,285,320
Series K061, 3.35%, 11/25/26(d)		1,590		1,721,590
Series K073, 3.35%, 01/25/28		1,610		1,752,502
Series K072, 3.44%, 12/25/27		1,190		1,302,035
Series K076, 3.90%, 04/25/28		2,390		2,695,700
Freddie Mac Multifamily Structured Pass-Through Certificates, Class A2:
Series K056, 2.53%, 05/25/26		1,480		1,522,935
Series K057, 2.57%, 07/25/26		250		258,054
Series K025, 2.68%, 10/25/22		3,980		4,059,570
Series K062, 3.41%, 12/25/26		2,520		2,740,563
				54,512,665
Mortgage-Backed Securities — 29.4%
Fannie Mae Connecticut Avenue Securities, Series 2019-R04(c)(d):
Class 2M1, (1 mo. LIBOR US + 0.75%), 2.77%, 06/25/39		7,139		7,145,676
Class 2M2, 4.12%, 06/25/39		3,430		3,442,613
Fannie Mae Mortgage-Backed Securities:
(12 mo. LIBOR US + 1.54%), 2.02%, 06/01/43(b)		146		149,509
(11th District Cost of Funds + 1.25%), 2.39%, 09/01/34(b)		152		151,454
2.50%, 09/01/28 - 10/01/49(g)		1,202		1,197,291

16

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.00%, 12/01/26 - 10/01/49(g)	$	26,204	$	26,732,824
3.50%, 11/01/31 - 11/01/51(g)		74,250		76,906,999
(6 mo. LIBOR US + 1.36%), 3.69%, 10/01/32(b)		27		27,021
(6 mo. LIBOR US + 1.19%), 3.88%, 05/01/33(b)		7		6,836
4.00%, 06/01/24 - 02/01/57(g)		58,385		61,585,401
(12 mo. LIBOR US + 1.82%), 4.07%, 09/01/41(b)		51		53,373
(12 mo. LIBOR US + 1.75%), 4.36%, 08/01/41(b)		61		64,136
(12 mo. LIBOR US + 1.37%), 4.38%, 04/01/35(b)		95		97,930
(12 mo. LIBOR US + 1.53%), 4.41%, 04/01/43 - 05/01/43(b)		60		61,673
4.50%, 12/01/19 - 10/01/49(g)		53,400		56,888,447
(1 year CMT + 1.94%), 4.56%, 04/01/35(b)		16		15,812
(12 mo. LIBOR US + 1.73%), 4.64%, 04/01/40(b)		14		14,962
(12 mo. LIBOR US + 1.77%), 4.82%, 01/01/42(b)		31		33,019
(12 mo. LIBOR US + 1.81%), 4.92%, 02/01/42(b)		4		4,397
5.00%, 11/01/19 - 10/01/49(g)		21,214		22,914,654
5.50%, 10/01/19 - 01/01/47		4,055		4,568,874
6.00%, 06/01/21 - 02/01/49		4,918		5,647,532
6.50%, 12/01/30 - 01/01/36		905		1,020,529
7.00%, 01/01/32 - 06/01/32		26		30,422
7.50%, 09/01/29		8		9,460
Freddie Mac Mortgage-Backed Securities:
(11th District Cost of Funds + 1.25%), 2.39%, 11/01/27(b)		84		83,771
(12 mo. LIBOR US + 1.65%), 2.45%, 05/01/43(b)		118		119,233
2.50%, 02/01/27 - 10/01/49		1,455		1,469,163
(12 mo. LIBOR US + 1.60%), 2.50%, 08/01/43(b)		47		47,208
3.00%, 05/01/27 - 06/01/49		5,141		5,279,442
3.50%, 04/01/26 - 04/01/49		23,620		24,577,319
4.00%, 10/01/24 - 06/01/49		21,863		22,977,892
(12 mo. LIBOR US + 1.50%), 4.37%, 06/01/43(b)		17		17,071
4.50%, 08/01/20 - 01/01/49		11,942		12,723,323
(12 mo. LIBOR US + 1.78%), 4.50%, 08/01/41(b)		42		44,237
(12 mo. LIBOR US + 1.79%), 4.54%, 09/01/32(b)		3		2,936
(12 mo. LIBOR US + 1.89%), 4.59%, 07/01/41(b)		34		35,071

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
(12 mo. LIBOR US + 1.75%), 4.65%, 04/01/38(b)	$	98	$	103,448
(12 mo. LIBOR US + 1.90%), 4.85%, 01/01/42(b)		2		1,824
(12 mo. LIBOR US + 1.75%), 4.88%, 02/01/40(b)		80		83,552
(1 year CMT + 2.34%), 4.95%, 04/01/32(b)		33		34,918
5.00%, 01/01/20 - 07/01/48		2,863		3,091,417
5.50%, 07/01/20 - 08/01/38		1,082		1,208,362
6.00%, 07/01/21 - 04/01/38		447		506,548
6.50%, 05/01/21 - 08/01/36		367		430,099
7.50%, 12/01/30		1		744
Ginnie Mae Mortgage-Backed Securities:
3.00%, 01/20/43 - 10/01/49(g)		5,953		6,130,463
3.50%, 01/15/41 - 10/01/49(g)		47,328		49,347,781
4.00%, 09/15/40 - 10/01/49(g)		40,522		42,310,153
4.50%, 03/15/39 - 10/01/49(g)		44,380		46,645,678
5.00%, 11/20/33 - 10/01/49(g)		28,325		30,006,288
5.50%, 06/15/34 - 04/20/48		855		958,807
6.00%, 01/15/32 - 10/20/38		261		299,777
6.50%, 06/15/28 - 07/15/38		100		114,753
7.00%, 06/15/29		13		13,109
7.50%, 08/20/30		4		4,172
				517,439,403
Total U.S. Government Sponsored Agency Securities — 35.4% (Cost — $611,060,783)				622,151,914
U.S. Treasury Obligations — 3.4%
U.S. Treasury Bonds, 3.38%, 11/15/48		13,550		17,265,135
U.S. Treasury Notes:
2.50%, 05/31/20		2,000		2,008,047
2.63%, 08/15/20		3,980		4,006,119
2.38%, 04/15/21(e)		1,000		1,009,492
1.38%, 04/30/21		3,980		3,958,079
1.63%, 04/30/23		2,390		2,393,454
2.63%, 06/30/23		10,000		10,380,860
1.63%, 10/31/23		1,990		1,994,275
2.13%, 03/31/24		500		512,090
2.25%, 11/15/24		3,980		4,110,127
2.00%, 08/15/25		3,680		3,761,650
2.25%, 11/15/25		2,960		3,069,728
2.38%, 05/15/27		2,390		2,518,369
2.63%, 02/15/29		1,644		1,779,309

17

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security			Value
Total U.S. Treasury Obligations — 3.4% (Cost — $55,506,560)			$	58,766,734
Total Long-Term Investments — 102.1% (Cost — $1,739,758,119)				1,792,522,482
	Shares
Short-Term Securities — 5.1%
BlackRock Cash Funds: Institutional, SL Agency Shares,     2.14%(h)(i)(j)		90,016,484		90,061,492
BlackRock Cash Funds: Treasury, SL Agency Shares,     1.89%(h)(j)		100,000		100,000
Total Short-Term Securities — 5.1% (Cost — $90,144,371)				90,161,492
Total Investments Before TBA Sale Commitments — 107.2% (Cost — $1,829,902,490)				1,882,683,974
	Par (000)
TBA Sale Commitments — (1.4%)
Mortgage-Backed Securities — (1.4%)
Fannie Mae Mortgage-Backed Securities(g):
3.00%, 10/01/34	USD	8,071		(8,250,357	)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.50%, 10/01/34		1,650	$	(1,706,461	)
4.00%, 10/01/49		50		(51,881	)
4.50%, 10/01/49		3,700		(3,895,932	)
5.50%, 10/01/49		75		(81,185	)
Ginnie Mae Mortgage-Backed Securities(g):
2.50%, 10/01/49		100		(100,927	)
3.50%, 10/01/49		881		(912,678	)
4.00%, 10/01/49		907		(943,227	)
4.50%, 10/01/49		525		(558,306	)
5.00%, 10/01/49		6,711		(7,075,386	)
5.50%, 10/01/49		675		(720,642	)
Total TBA Sale Commitments – (1.4)% (Proceeds — $24,254,294)				(24,296,982	)
Total Investments, Net of TBA Sale Commitments — 105.8% (Cost — $1,805,648,196)				1,858,386,992
Liabilities in Excess of Other Assets — (5.8)%				(101,062,881	)
Net Assets — 100.0%			$	1,757,324,111

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

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

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

^(d)  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.

^(e)  Security, or a portion of the 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)  Represents or includes a TBA transaction.

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

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

^(j)  During the six months ended June 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Master Portfolio were as follows:

Affiliated Persons and/or Related Parties	Shares Held at 12/31/18		Shares Purchased		Shares Sold			Shares Held at 09/30/19		Value at 09/30/19		Income			Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares(b)		117,660,556		—		(27,644,072	)		90,016,484	$	90,061,492	$	266,041	(c)	$	28,344	$	17,120
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		—		—			100,000		100,000		1,706			—		—

18

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio     

Affiliated Persons and/or Related Parties	Shares Held at 12/31/18		Shares Purchased		Shares Sold			Shares Held at 09/30/19		Value at 09/30/19		Income		Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
iShares iBoxx USD High Yield Corporate Bond ETF(d)		350,000		100,000		(450,000	)		—		—		522,807		(562,555	)		2,073,256
										$	90,161,492	$	790,554	$	(534,211	)	$	2,090,376

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased (sold).

^(c)  All or a portion represents of 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.

^(d)  As of period end, the entity is no longer held by the Fund.

Currency Abbreviations
AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
USD	United States Dollar
ZAR	South African Rand
Portfolio Abbreviations
ABS	Asset-Backed Security
ARB	Airport Revenue Bonds
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
GO	General Obligation Bonds
LIBOR	London Interbank Offered Rate
OTC	Over-the-Counter
RB	Revenue Bonds
S&P	Standard & Poor’s

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
10-Year Australian Treasury Bond		285		12/16/19	$	28,344	$	214,163
Long U.S. Treasury Bond		171		12/19/19		27,755		581,110
Ultra Long U.S. Treasury Bond		564		12/19/19		108,235		(3,012,848	)
2-Year U.S. Treasury Note		24		12/31/19		5,172		(5,046	)

19

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio     

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts (continued)
5-Year U.S. Treasury Note		2,070		12/31/19		246,637		1,007,229
								(1,215,392	)
Short Contracts
Euro BTP Futures		28		12/06/19		4,451		(8,097	)
Euro Bund		83		12/06/19		15,764		(4,100	)
Euro OAT		210		12/06/19		38,982		5,343
10-Year Canada Bond		43		12/18/19		4,628		8,809
10-Year U.S. Treasury Note		6		12/19/19		782		(102	)
10-Year U.S. Ultra Long Treasury Bond		8		12/19/19		1,139		18,677
Long Gilt		18		12/27/19		2,971		(19,220	)
								1,310
							$	(1,214,082	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	1,818,160	AUD	2,640,000	Natwest Markets PLC		12/18/19	$	31,936
USD	123,351	AUD	180,000	Westpac Banking Corp.		12/18/19		1,563
USD	522,020	EUR	470,000	Bank of America N.A.		12/18/19		6,693
USD	323,653	HKD	2,530,000	Australia and New Zealand Bank Group		12/18/19		607
USD	160,259	SGD	220,000	Barclays Bank PLC		12/18/19		942
								41,741
USD	1,820,610	CAD	2,410,000	HSBC Bank PLC		12/18/19		(801	)
USD	97,034	HKD	760,000	HSBC Bank PLC		12/18/19		(8	)
								(809	)
							$	40,932

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)
Markit CDX North America High Yield Index, Series 33, Version 1		5.00	%		Quarterly		12/20/24		B		USD	30,500	$	(2,092,445	)	$	(1,991,894	)	$	(100,551	)

^(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.

20

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio

Centrally Cleared Interest Rate Swaps

														Upfront
Paid by the Master Portfolio		Received by the Master Portfolio												Premium			Unrealized
				Effective			Termination		Notional					Paid			Appreciation
Rate	Frequency	Rate	Frequency	Date			Date		Amount (000)		Value			(Received)			(Depreciation)
6-Month GBP LIBOR, 0.83%	Semi-Annual	0.69%	Semi-Annual		N/A			08/21/21	GBP	4,740	$	3,325		$	564		$	2,761
6-Month GBP LIBOR, 0.83%	Semi-Annual	0.69	Semi-Annual		N/A			08/22/21	GBP	6,775		4,157			(131	)		4,288
6-Month GBP LIBOR, 0.83%	Semi-Annual	0.71	Semi-Annual		N/A			08/22/21	GBP	6,755		8,042			152			7,890
(0.57)	Annual	6-Month EURIBOR, (0.39)%	Semi-Annual		N/A			09/06/21	EUR	80,940		186,757			39,505			147,252
6-Month GBP LIBOR, 0.83%	Semi-Annual	0.73	Semi-Annual		N/A			09/10/21	GBP	11,320		17,623			(11,276	)		28,899
(0.51)	Annual	6-Month EURIBOR, (0.39)%	Semi-Annual		N/A			09/12/21	EUR	62,510		72,005			(10,286	)		82,291
6-Month GBP LIBOR, 0.83%	Semi-Annual	0.77	Semi-Annual		N/A			09/12/21	GBP	6,530		17,816			(438	)		18,254
(0.51)	Annual	6-Month EURIBOR, (0.39)%	Semi-Annual		N/A			09/13/21	EUR	21,510		26,908			3,252			23,656
1.66	Semi-Annual	3-Month LIBOR, 2.09%	Quarterly		N/A			09/16/21	USD	8,070		(1,556	)		256			(1,812	)
1.79	Semi-Annual	3-Month LIBOR, 2.09%	Quarterly		N/A			09/18/21	USD	24,040		(64,943	)		(17,888	)		(47,055	)
1.72	Semi-Annual	3-Month LIBOR, 2.09%	Quarterly		N/A			09/20/21	USD	8,260		(11,201	)		(5,505	)		(5,696	)
(0.44)	Annual	6-Month EURIBOR, (0.39)%	Semi-Annual		N/A			09/25/21	EUR	17,610		(2,485	)		332			(2,817	)
6-Month EURIBOR, (0.39)%	Semi-Annual	(0.57)	Annual		12/06/19	(a)		12/06/21	EUR	34,070		(80,628	)		(31,645	)		(48,983	)
1.39	Semi-Annual	3-Month LIBOR, 2.09%	Quarterly		12/06/19	(a)		12/06/21	USD	167,160		549,798			253,673			296,125
6-Month GBP LIBOR, 0.83%	Semi-Annual	0.71	Semi-Annual		12/06/19	(a)		12/06/21	GBP	161,690		297,566			(284,807	)		582,373
6-Month EURIBOR, (0.39)%	Semi-Annual	(0.52)	Annual		12/06/19	(a)		12/06/21	EUR	254,330		(362,730	)		(53,215	)		(309,515	)
6-Month EURIBOR, (0.39)%	Semi-Annual	(0.44)	Annual		12/06/19	(a)		12/06/21	EUR	39,280		17,071			(13,974	)		31,045
1.58	Semi-Annual	3-Month LIBOR, 2.09%	Quarterly		12/06/19	(a)		12/06/21	USD	9,600		(2,427	)		166			(2,593	)
6-Month EURIBOR, (0.39)%	Semi-Annual	(0.45)	Annual		12/06/19	(a)		12/06/21	EUR	17,720		4,506			336			4,170
6-Month GBP LIBOR, 0.83%	Semi-Annual	0.76	Semi-Annual		12/06/19	(a)		12/06/21	GBP	12,400		37,703			266			37,437
6-Month EURIBOR, (0.39)%	Semi-Annual	(0.45)	Annual		12/06/19	(a)		12/06/21	EUR	81,290		18,059			20,529			(2,470	)
1.59	Semi-Annual	3-Month LIBOR, 2.09%	Quarterly		12/06/19	(a)		12/06/21	USD	42,850		(25,700	)		(52,304	)		26,604
(0.50)	Annual	6-Month EURIBOR, (0.39)%	Semi-Annual		12/06/19	(a)		12/06/24	EUR	13,290		76,484			45,295			31,189
0.61	Semi-Annual	6-Month GBP LIBOR, 0.83%	Semi-Annual		12/06/19	(a)		12/06/24	GBP	51,610		(44,047	)		241,123			(285,170	)
3-Month LIBOR, 2.09%	Quarterly	1.31	Semi-Annual		12/06/19	(a)		12/06/24	USD	170,458		(1,448,380	)		(614,668	)		(833,712	)

21

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio

Centrally Cleared Interest Rate Swaps (continued)

														Upfront
Paid by the Master Portfolio		Received by the Master Portfolio												Premium			Unrealized
				Effective			Termination		Notional					Paid			Appreciation
Rate	Frequency	Rate	Frequency	Date			Date		Amount (000)		Value			(Received)			(Depreciation)
0.68	Semi-Annual	6-Month GBP LIBOR, 0.83%	Semi-Annual		12/06/19	(a)		12/06/24	GBP	65,350	$	(334,795	)	$	361,855		$	(696,650	)
(0.45)	Annual	6-Month EURIBOR, (0.39)%	Semi-Annual		12/06/19	(a)		12/06/24	EUR	101,280		285,817			153,093			132,724
(0.37)	Annual	6-Month EURIBOR, (0.39)%	Semi-Annual		12/06/19	(a)		12/06/24	EUR	15,610		(22,859	)		24,244			(47,103	)
3-Month LIBOR, 2.09%	Quarterly	1.48	Semi-Annual		12/06/19	(a)		12/06/24	USD	9,950		(643	)		203			(846	)
(0.40)	Annual	6-Month EURIBOR, (0.39)%	Semi-Annual		12/06/19	(a)		12/06/24	EUR	7,030		(50	)		158			(208	)
0.72	Semi-Annual	6-Month GBP LIBOR, 0.83%	Semi-Annual		12/06/19	(a)		12/06/24	GBP	4,720		(36,178	)		120			(36,298	)
0.72	Semi-Annual	6-Month GBP LIBOR, 0.83%	Semi-Annual		12/06/19	(a)		12/06/24	GBP	4,720		(36,320	)		120			(36,440	)
(0.41)	Annual	6-Month EURIBOR, (0.39)%	Semi-Annual		12/06/19	(a)		12/06/24	EUR	16,910		11,976			(13,886	)		25,862
3-Month LIBOR, 2.09%	Quarterly	1.51	Semi-Annual		12/06/19	(a)		12/06/24	USD	16,490		16,935			58,099			(41,164	)
6.38	Monthly	1-Month MXIBOR	Monthly		03/18/20	(a)		03/12/25	MXN	99,310		13,056			92			12,964
3-Month STIBOR, (0.09)%	Quarterly	0.00%	Annual		03/18/20	(a)		03/18/25	SEK	155,060		7,830			(391	)		8,221
6-Month SIBOR	Semi-Annual	1.54	Semi-Annual		03/18/20	(a)		03/18/25	SGD	8,560		(9,479	)		112			(9,591	)
1.68	Annual	6-Month WIBOR, 1.69%	Semi-Annual		03/18/20	(a)		03/18/25	PLN	115,300		(65,498	)		530			(66,028	)
6-Month BBR	Semi-Annual	0.95	Semi-Annual		03/18/20	(a)		03/18/25	AUD	1,697		854			24			830
3-Month CAD BA	Semi-Annual	1.65	Semi-Annual		03/18/20	(a)		03/18/25	CAD	3,630		(5,834	)		56			(5,890	)
(0.44)	Annual	6-Month EURIBOR, (0.39)%	Semi-Annual		03/18/20	(a)		03/18/25	EUR	2,470		6,904			56			6,848
1.56	Quarterly	3-Month HIBOR, 2.26%	Quarterly		03/18/20	(a)		03/18/25	HKD	205,942		73,448			536			72,912
3-Month CAD BA	Semi-Annual	1.69	Semi-Annual		03/18/20	(a)		03/18/25	CAD	1,790		(289	)		28			(317	)
6-Month GBP LIBOR, 0.83%	Semi-Annual	0.67	Semi-Annual		03/18/20	(a)		03/18/25	GBP	3,770		20,914			(10,138	)		31,052
(0.44)	Annual	6-Month EURIBOR, (0.39)%	Semi-Annual		03/18/20	(a)		03/18/25	EUR	23,920		64,396			22,598			41,798
3-Month JIBAR, 6.79%	Quarterly	6.89	Quarterly		03/18/20	(a)		03/18/25	ZAR	433,310		(232,787	)		535			(233,322	)
(0.12)	Semi-Annual	6-Month JPY LIBOR, (0.51)%	Semi-Annual		03/18/20	(a)		03/18/25	JPY	63,000		(1,087	)		12			(1,099	)
(0.32)	Annual	6-Month EURIBOR, (0.39)%	Semi-Annual		03/18/20	(a)		03/18/25	EUR	2,760		(11,170	)		62			(11,232	)
3-Month CAD BA	Semi-Annual	1.77	Semi-Annual		03/18/20	(a)		03/18/25	CAD	3,420		9,212			53			9,159
1.45	Semi-Annual	3-Month LIBOR, 2.09%	Quarterly		03/18/20	(a)		03/18/25	USD	2,660		630			54			576
3-Month STIBOR, (0.09)%	Quarterly	0.02	Annual		03/18/20	(a)		03/18/25	SEK	22,210		2,837			47			2,790
(0.39)	Annual	6-Month EURIBOR, (0.39)%	Semi-Annual		03/18/20	(a)		03/18/25	EUR	6,140		768			138			630
0.65	Semi-Annual	6-Month GBP LIBOR, 0.83%	Semi-Annual		N/A			08/21/29	GBP	590		(604	)		481			(1,085	)

22

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio

Centrally Cleared Interest Rate Swaps (continued)

														Upfront
Paid by the Master Portfolio		Received by the Master Portfolio												Premium			Unrealized
				Effective			Termination		Notional					Paid			Appreciation
Rate	Frequency	Rate	Frequency	Date			Date		Amount (000)		Value			(Received)			(Depreciation)
0.67	Semi-Annual	6-Month GBP LIBOR, 0.83%	Semi-Annual		N/A			08/22/29	GBP	1,370	$	(3,915	)	$	616		$	(4,531	)
6-Month EURIBOR, (0.39)%	Semi-Annual	(0.30)	Annual		N/A			09/06/29	EUR	8,240		(127,347	)		(64,897	)		(62,450	)
6-Month EURIBOR, (0.39)%	Semi-Annual	(0.15)	Annual		N/A			09/12/29	EUR	5,710		4,715			6,371			(1,656	)
0.78	Semi-Annual	6-Month GBP LIBOR, 0.83%	Semi-Annual		N/A			09/12/29	GBP	2,270		(37,375	)		(3,678	)		(33,697	)
6-Month EURIBOR, (0.39)%	Semi-Annual	(0.13)	Annual		N/A			09/13/29	EUR	1,420		3,957			(925	)		4,882
3-Month LIBOR, 2.09%	Quarterly	1.61	Semi-Annual		N/A			09/16/29	USD	1,690		6,178			1,661			4,517
6-Month EURIBOR, (0.39)%	Semi-Annual	(0.14)	Annual		N/A			09/16/29	EUR	1,510		3,180			4,614			(1,434	)
3-Month LIBOR, 2.09%	Quarterly	1.78	Semi-Annual		N/A			09/18/29	USD	5,110		98,608			26,503			72,105
3-Month LIBOR, 2.09%	Quarterly	1.69	Semi-Annual		N/A			09/20/29	USD	1,680		17,445			6,070			11,375
6-Month EURIBOR, (0.39)%	Semi-Annual	(0.19)	Semi-Annual		12/06/19	(a)		12/06/29	EUR	65,361		343,408			218,534			124,874
6-Month GBP LIBOR, 0.83%	Semi-Annual	0.64	Semi-Annual		12/06/19	(a)		12/06/29	GBP	26,240		(11,238	)		(276,620	)		265,382
1.42	Semi-Annual	3-Month LIBOR, 2.09%	Quarterly		12/06/19	(a)		12/06/29	USD	48		665			376			289
6-Month EURIBOR, (0.39)%	Semi-Annual	(0.08)	Annual		12/06/19	(a)		12/06/29	EUR	7,220		42,642			(22,905	)		65,547
3-Month LIBOR, 2.09%	Quarterly	1.56	Semi-Annual		12/06/19	(a)		12/06/29	USD	180		(16	)		4			(20	)
(0.16)	Annual	6-Month EURIBOR, (0.39)%	Semi-Annual		12/06/19	(a)		12/06/29	EUR	3,510		7,267			89			7,178
6-Month GBP LIBOR, 0.83%	Semi-Annual	0.72	Semi-Annual		12/06/19	(a)		12/06/29	GBP	2,390		23,874			69			23,805
6-Month EURIBOR, (0.39)%	Semi-Annual	(0.19)	Annual		12/06/19	(a)		12/06/29	EUR	8,110		(47,648	)		15,691			(63,339	)
(0.17)	Annual	6-Month EURIBOR, (0.39)%	Semi-Annual		12/06/19	(a)		12/06/29	EUR	7,640		27,782			(30,015	)		57,797
1.59	Semi-Annual	3-Month LIBOR, 2.09%	Quarterly		12/06/19	(a)		12/06/29	USD	9,210		(17,896	)		(68,252	)		50,356
6-Month GBP LIBOR, 0.83%	Semi-Annual	0.69	Semi-Annual		12/06/19	(a)		12/06/29	GBP	7,060		45,808			41,839			3,969
6-Month EURIBOR, (0.39)%	Semi-Annual	0.21	Annual		12/06/19	(a)		12/06/49	EUR	22,920		(99,942	)		(572,270	)		472,328
1.59	Semi-Annual	3-Month LIBOR, 2.09%	Quarterly		12/06/19	(a)		12/06/49	USD	20,480		627,793			472,996			154,797
1.71	Semi-Annual	3-Month LIBOR, 2.09%	Quarterly		12/06/19	(a)		12/06/49	USD	1,150		964			38			926
6-Month EURIBOR, (0.39)%	Semi-Annual	0.21	Annual		12/06/19	(a)		12/06/49	EUR	1,210		(7,554	)		44			(7,598	)
											$	(46,938	)	$	(135,844	)	$	88,906

^(a) Forward swap.

23

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio

OTC Interest Rate Swaps

														Upfront
Paid by the Master Portfolio		Received by the Master Portfolio												Premium		Unrealized
					Effective		Termination		Notional					Paid		Appreciation
Rate	Frequency	Rate	Frequency	Counterparty	Date (a)		Date		Amount (000)		Value			(Received)		(Depreciation)
3-Month KRW CDC, 1.51%	Quarterly	1.14%	Quarterly	JPMorgan Chase Bank N.A.		03/18/20		03/18/25	KRW	7,737,322	$	(13,457	)	$	—	$	(13,457	)
3-Month KRW CDC, 1.51%	Quarterly	1.12	Quarterly	Citibank N.A.		03/18/20		03/18/25	KRW	41,393,668		(105,425	)		—		(105,425	)
3-Month KRW CDC, 1.51%	Quarterly	1.16	Quarterly	Bank of America N.A.		03/18/20		03/18/25	KRW	2,809,520		(2,404	)		—		(2,404	)
3-Month KRW CDC, 1.51%	Quarterly	1.16	Quarterly	Citibank N.A.		03/18/20		03/18/25	KRW	2,809,520		(2,404	)		—		(2,404	)
											$	(123,690	)	$	—	$	(123,690	)

^(a)  Forward swap.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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 Master Portfolio’s own assumptions used in determining the fair value of investments and derivative 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 BlackRock Global Valuation Methodologies Committee (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 and derivative financial instruments is based on the pricing transparency of the investments and derivative 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 investments and derivative financial instruments, refer to the Master Portfolio’s most recent financial statements as contained in its semi-annual report.

24

Schedule of Investments  (unaudited) (continued) September 30, 2019 CoreAlpha Bond Master Portfolio

Fair Value Hierarchy as of Period End (continued)

The following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks	$	—		$	—		$	1	$	1
Asset-Backed Securities		—			278,392,440			3,050,000		281,442,440
Corporate Bonds(a)		—			672,252,727			—		672,252,727
Foreign Agency Obligations(a)		—			11,600,048			—		11,600,048
Municipal Bonds		—			8,678,218			—		8,678,218
Non-Agency Mortgage-Backed
Securities		—			137,630,400			—		137,630,400
U.S. Government Sponsored
Agency Securities		—			622,151,914			—		622,151,914
U.S. Treasury Obligations		—			58,766,734			—		58,766,734
Short-Term Securities		90,161,492			—			—		90,161,492
Liabilities:
Investments:
TBA Sale Commitments		—			(24,296,982	)		—		(24,296,982	)
	$	90,161,492		$	1,765,175,499		$	3,050,001	$	1,858,386,992
Derivative Financial Instruments(b)
Assets:
Forward foreign currency contracts	$	—		$	41,741		$	—	$	41,741
Interest rate contracts		1,835,331			2,990,727			—		4,826,058
Liabilities:
Credit contracts		—			(100,551	)		—		(100,551	)
Forward foreign currency contracts		—			(809	)		—		(809	)
Interest rate contracts		(3,049,413	)		(3,025,511	)		—		(6,074,924	)
	$	(1,214,082	)	$	(94,403	)	$	—	$	(1,308,485	)

^(a) See above Schedule of Investments for values in each industry or country.

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

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