Schedule of Investments  (unaudited) March 31, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities — 15.3%
AmeriCredit Automobile Receivables Trust, Series 2017-3:
Class C, 2.69%, 06/19/23	$	2,410	$	2,387,957
Class D, 3.18%, 07/18/23		1,270		1,260,605
Ameriquest Mortgage Securities, Inc., Series 2004-R4, Class M1, (1 mo. LIBOR US + 0.83%), 1.77%, 06/25/34(a)		47		45,720
Argent Securities, Inc., Series 2005-W2, Class A2C, (1 mo. LIBOR US + 0.36%), 1.31%, 10/25/35(a)		53		52,263
Avant Loans Funding Trust (b):
Series 2018-A, Class B, 3.95%, 12/15/22		921		766,419
Series 2018-B, Class A, 3.42%, 01/18/22		250		246,426
Series 2019-A, Class A, 3.48%, 07/15/22		112		109,141
Series 2019-A, Class B, 3.80%, 12/15/22		3,500		3,132,493
Series 2019-B, Class B, 3.15%, 10/15/26		5,736		4,618,144
Series 2020-REV1, Class A, 2.17%, 05/15/29		8,630		7,602,046
Avid Automobile Receivables Trust, Series 2019-1, Class A, 2.62%, 02/15/24(b)		1,811		1,769,082
Chase Funding Trust, Series 2004-2, Class 2A2, (1 mo. LIBOR US + 0.50%), 1.45%, 02/26/35(a)		119		106,572
College Loan Corp. Trust I, Series 2004-1, Class A4, (3 mo. LIBOR US + 0.19%), 1.98%, 04/25/24(a)		751		706,043
Conn’s Receivables Funding LLC, Class A(b):
Series 2018-A, 3.25%, 01/15/23		43		41,749
Series 2019-A, 3.40%, 10/16/23		1,169		1,135,259
Series 2019-B, 2.66%, 06/17/24		5,543		5,252,987
Conseco Finance Corp., Series 1996-9, Class M1, 7.63%, 08/15/27(c)		46		47,923
Consumer Loan Underlying Bond CLUB Credit Trust, Class A(b):
Series 2019-HP1, 2.59%, 12/15/26		7,113		6,645,237
Series 2020-P1, 2.26%, 03/15/28		9,607		9,213,197

Security	Par (000)		Value
Asset-Backed Securities (continued)
Consumer Loan Underlying Bond Credit Trust, Class A(b):
Series 2018-P1, 3.39%, 07/15/25	$	607	$	601,334
Series 2018-P2, 3.47%, 10/15/25		416		410,455
Series 2018-P3, 3.82%, 01/15/26		2,599		2,525,171
Series 2019-P1, 2.94%, 07/15/26		3,770		3,641,957
Countrywide Asset-Backed Certificates, Series 2004-1, Class M1, (1 mo. LIBOR US + 0.75%), 1.70%, 03/25/34(a)		21		20,756
Discover Card Execution Note Trust, Series 2015-A2, Class A, 1.90%, 10/17/22		1,160		1,159,768
Drive Auto Receivables Trust:
Series 2016-BA, Class D, 4.53%, 08/15/23(b)		1,074		1,076,081
Series 2016-CA, Class D, 4.18%, 03/15/24(b)		874		864,373
Series 2017-1, Class D, 3.84%, 03/15/23		3,296		3,285,580
Series 2017-2, Class D, 3.49%, 09/15/23		1,246		1,239,930
Series 2017-3, Class D, 3.53%, 12/15/23(b)		8,725		8,725,138
Series 2017-AA, Class D, 4.16%, 05/15/24(b)		1,342		1,339,122
Series 2017-BA, Class D, 3.72%, 10/17/22(b)		1,741		1,738,589
Series 2018-1, Class D, 3.81%, 05/15/24		4,905		4,896,470
Series 2018-2, Class C, 3.63%, 08/15/24		2,654		2,663,133
Series 2018-2, Class D, 4.14%, 08/15/24		2,360		2,379,181
Series 2018-3, Class C, 3.72%, 09/16/24		2,277		2,274,843
Series 2018-3, Class D, 4.30%, 09/16/24		4,840		4,803,609
Series 2018-4, Class C, 3.66%, 11/15/24		6,103		6,106,755
Series 2018-4, Class D, 4.09%, 01/15/26		1,420		1,422,417
Series 2019-1, Class B, 3.41%, 06/15/23		7,400		7,370,967
Series 2019-1, Class C, 3.78%, 04/15/25		4,350		4,334,531
Series 2019-1, Class D, 4.09%, 06/15/26		5,610		5,558,224
Series 2019-2, Class B, 3.17%, 11/15/23		425		423,192

1

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities (continued)
Series 2019-2, Class C, 3.42%, 06/16/25	$	8,500	$	8,376,781
Series 2020-1, Class C, 2.36%, 03/16/26		7,240		6,745,663
Series 2020-1, Class D, 2.70%, 05/17/27		3,390		2,832,848
DT Auto Owner Trust, Series 2019-3A, Class C, 2.74%, 04/15/25(b)		3,050		2,985,127
Enva LLC, Class A(b):
Series 2018-A, 4.20%, 05/20/26		197		196,006
Series 2019-A, 3.96%, 06/22/26		2,780		2,680,348
Exeter Automobile Receivables Trust, Class B(b):
Series 2018-4A, 3.64%, 11/15/22		3,782		3,756,536
Series 2019-1A, 3.45%, 02/15/23		7,300		7,250,240
Series 2020-1A, 2.26%, 04/15/24		9,560		9,306,702
Flagship Credit Auto Trust, Series 2016-3, Class C, 2.72%, 07/15/22(b)		4,161		4,149,880
Ford Credit Auto Owner Trust, Class A(b):
Series 2018-1, 3.19%, 07/15/31		2,870		3,143,632
Series 2019-1, 3.52%, 07/15/30		450		463,801
GSAA Home Equity Trust, Series 2005-5, Class M3, (1 mo. LIBOR US + 0.95%), 1.89%, 02/25/35(a)		47		46,656
Marlette Funding Trust(b):
Series 2018-3A, Class A, 3.20%, 09/15/28		371		368,337
Series 2018-3A, Class A, 2.69%, 09/17/29		3,638		3,520,876
Series 2018-3A, Class B, 3.86%, 09/15/28		2,000		1,952,717
Series 2018-4A, Class A, 3.71%, 12/15/28		1,131		1,100,177
Series 2019-1A, Class A, 3.44%, 04/16/29		3,279		3,166,208
Series 2019-2A, Class A, 3.13%, 07/16/29		2,239		2,148,223
Series 2019-4A, Class A, 2.39%, 12/17/29		4,353		4,197,192
Series 2020-1A, Class A, 2.24%, 03/15/30		6,057		5,871,868
National Collegiate Student Loan Trust, Series 2007-1, Class A3, (1 mo. LIBOR US + 0.24%), 1.19%, 07/25/30(a)		281		278,019
OneMain Financial Issuance Trust, Series 2019-2A, Class A, 3.14%, 10/14/36(b)		5,690		4,597,430
Prestige Auto Receivables Trust, Series 2016-1A, Class D, 5.15%, 11/15/21(b)		3,339		3,345,154

Security	Par (000)		Value
Asset-Backed Securities (continued)
Prosper Marketplace Issuance Trust, Class A(b):
Series 2018-2A, 3.35%, 10/15/24	$	162	$	161,339
Series 2019-1A, 3.54%, 04/15/25		730		722,169
Series 2019-2A, 3.20%, 09/15/25		1,098		1,071,277
Series 2019-3A, 3.19%, 07/15/25		2,227		2,137,707
Series 2019-4A, 2.48%, 02/17/26		2,012		1,911,833
Santander Drive Auto Receivables Trust:
Series 2016-3, Class D, 2.80%, 08/15/22		3,450		3,424,641
Series 2017-2, Class D, 3.49%, 07/17/23		6,240		6,216,858
Series 2017-3, Class D, 3.20%, 11/15/23		8,000		8,024,141
Series 2018-5, Class D, 4.19%, 12/16/24		5,190		5,209,671
Series 2019-3, Class B, 2.28%, 09/15/23		5,330		5,204,199
Santander Revolving Auto Loan Trust, Series 2019-A, Class A, 2.51%, 01/26/32(b)		4,790		4,585,485
SoFi Consumer Loan Program LLC(b):
Series 2016-1, Class A, 3.26%, 08/25/25		707		683,522
Series 2016-2A, Class A, 3.09%, 10/27/25		107		105,113
Series 2016-3, Class A, 3.05%, 12/26/25		123		121,709
Series 2017-1, Class A, 3.28%, 01/26/26		1,193		1,171,143
Series 2017-3, Class A, 2.77%, 05/25/26		497		492,290
Series 2017-4, Class A, 2.50%, 05/26/26		146		138,703
Series 2017-6, Class A2, 2.82%, 11/25/26		584		569,731
SoFi Consumer Loan Program Trust, Series 2018-1, Class A2, 3.14%, 02/25/27(b)		1,611		1,574,223
SoFi Professional Loan Program LLC, Series 2015-B, Class A2, 2.51%, 09/27/32(b)		49		49,447
Springleaf Funding Trust, Series 2016-AA, Class A, 2.90%, 11/15/29(b)		760		753,123
Trafigura Securitisation Finance PLC, Series 2017-1A, Class A1, (1 mo. LIBOR US + 0.85%), 1.55%, 12/15/20(a)(b)		2,690		2,682,016
Upgrade Master Pass-Through Trust, Class A(b):
Series 2019-ST3, 3.75%, 11/15/25		2,539		2,125,451
Series 2019-ST4, 3.75%, 12/15/25(d)		3,171		3,170,676

2

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities (continued)
Upgrade Receivables Trust, Class A(b):
Series 2018-1A, 3.76%, 11/15/24	$	249	$	246,240
Series 2019-1A, 3.48%, 03/15/25		613		607,718
Series 2019-2A, 2.77%, 10/15/25		2,976		2,868,746
Upstart Securitization Trust, Series 2020-1, Class A, 2.32%, 04/22/30(b)		7,550		7,123,108
Westlake Automobile Receivables Trust(b):
Series 2017-1A, Class D, 3.46%, 10/17/22		7,043		7,028,919
Series 2018-1A, Class D, 3.41%, 05/15/23		3,000		2,869,341
Series 2018-2A, Class B, 3.20%, 01/16/24		2,210		2,202,898
Series 2018-3A, Class B, 3.32%, 10/16/23		3,510		3,462,664
Series 2018-3A, Class C, 3.61%, 10/16/23		2,980		2,971,470
Series 2018-3A, Class D, 4.00%, 10/16/23		1,140		1,138,906
Series 2019-2A, Class B, 2.62%, 07/15/24		1,200		1,160,019
Total Asset-Backed Securities — 15.3% (Cost — $289,862,089)				280,467,756
Corporate Bonds — 45.1%
Aerospace & Defense — 0.3%
3M Co.:
2.25%, 03/15/23		935		972,981
2.65%, 04/15/25		1,710		1,761,770
Carlisle Cos., Inc., 2.75%, 03/01/30		425		370,972
General Dynamics Corp., 3.25%, 04/01/25		1,130		1,197,054
Illinois Tool Works, Inc., 2.65%, 11/15/26(e)		500		494,356
Raytheon Co., 3.13%, 10/15/20(e)		1,190		1,196,130
Rockwell Collins, Inc., 2.80%, 03/15/22		275		277,876
				6,271,139
Airlines — 0.0%
Delta Air Lines, Inc., 3.40%, 04/19/21		1,000		910,526
Auto Components — 0.3%
PACCAR Financial Corp., 1.90%, 02/07/23		1,900		1,874,537
Toyota Motor Corp., 2.76%, 07/02/29(e)		365		367,421
Toyota Motor Credit Corp.:
2.90%, 03/30/23		1,830		1,841,127

Security	Par (000)		Value
Auto Components (continued)
3.00%, 04/01/25	$	1,830	$	1,834,946
				5,918,031
Automobiles — 0.0%
Ford Motor Co., 4.35%, 12/08/26		930		725,660
Banks — 4.1%
Bank of America NA, (3 mo. LIBOR US + 0.65%), 3.34%, 01/25/23(f)		605		604,661
Bank of Montreal, 2.05%, 11/01/22		2,565		2,543,352
Bank of Nova Scotia, 2.38%, 01/18/23		1,920		1,935,144
Barclays Bank PLC, 2.65%, 01/11/21		200		199,877
Canadian Imperial Bank of Commerce:
(3 mo. LIBOR US + 0.79%), 2.61%, 07/22/23(f)		350		351,240
2.25%, 01/28/25		1,960		1,936,782
Capital One Financial Corp.:
2.50%, 05/12/20		550		549,763
2.40%, 10/30/20		1,090		1,087,746
3.45%, 04/30/21		740		741,287
Capital One NA, 2.65%, 08/08/22		1,600		1,584,814
Citibank NA, 3.65%, 01/23/24(e)		3,855		4,036,721
Discover Bank, 3.10%, 06/04/20		4,360		4,353,460
Fifth Third Bancorp, 2.38%, 01/28/25		850		807,851
Fifth Third Bank, 1.80%, 01/30/23		485		478,959
First Republic Bank, (Secured Overnight Financing Rate + 0.62%), 1.91%, 02/12/24(f)		2,500		2,400,552
HSBC Holdings PLC:
3.40%, 03/08/21		1,525		1,533,386
3.60%, 05/25/23		2,350		2,372,286
(3 mo. LIBOR US + 0.92%), 3.03%, 11/22/23(e)(f)		1,835		1,815,122
(3 mo. LIBOR US + 0.99%), 3.95%, 05/18/24(f)		605		619,938
(3 mo. LIBOR US + 1.21%), 3.80%, 03/11/25(f)		895		920,538
(3 mo. LIBOR US + 1.14%), 2.63%, 11/07/25(e)(f)		3,350		3,249,809
4.30%, 03/08/26		200		212,410
3.90%, 05/25/26		1,500		1,525,759
(3 mo. LIBOR US + 1.35%), 4.29%, 09/12/26(f)		2,185		2,180,307
4.38%, 11/23/26		210		221,090
(3 mo. LIBOR US + 1.55%), 4.04%, 03/13/28(f)		2,000		2,033,849
(3 mo. LIBOR US + 1.61%), 3.97%, 05/22/30(f)		200		204,867
6.50%, 09/15/37		400		480,969
5.25%, 03/14/44		350		384,783
HSBC USA, Inc., 2.75%, 08/07/20		840		836,030
Huntington National Bank, 1.80%, 02/03/23		2,330		2,289,548

3

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
ING Groep NV:
3.15%, 03/29/22	$	415	$	416,965
4.10%, 10/02/23(e)		2,290		2,350,223
KeyBank NA, 1.25%, 03/10/23		1,230		1,206,133
KeyCorp, 2.25%, 04/06/27		1,555		1,443,600
Lloyds Banking Group PLC, 3.10%, 07/06/21		1,000		996,900
National Bank of Canada, 2.10%, 02/01/23		1,180		1,156,742
Regions Bank/Birmingham AL, 2.75%, 04/01/21		370		365,366
Royal Bank of Canada(e):
1.95%, 01/17/23		2,105		2,083,573
2.25%, 11/01/24		1,750		1,758,453
Santander UK PLC, 3.75%, 11/15/21		1,340		1,304,385
Svenska Handelsbanken AB:
2.45%, 03/30/21		800		803,350
3.90%, 11/20/23(e)		2,700		2,805,144
Toronto-Dominion Bank, 2.65%, 06/12/24		3,300		3,352,023
Truist Bank, 2.80%, 05/17/22(e)		200		202,453
Wells Fargo & Co.:
3.75%, 01/24/24		1,540		1,627,512
3.30%, 09/09/24		1,590		1,655,493
3.00%, 02/19/25		800		815,552
3.00%, 10/23/26		2,654		2,712,766
Wells Fargo Bank NA:
2.60%, 01/15/21		1,600		1,606,976
(3 mo. LIBOR US + 0.61%), 2.90%, 05/27/22(f)		250		249,904
(3 mo. LIBOR US + 0.65%), 2.08%, 09/09/22(f)		1,010		1,005,262
Westpac Banking Corp., 2.00%, 01/13/23		500		494,297
				74,905,972
Beverage: Brewers & Distillers — 0.1%
Cigna Corp.:
3.20%, 09/17/20		705		706,034
2.40%, 03/15/30		330		312,554
3.40%, 03/15/50		330		311,447
CVS Health Corp., 3.00%, 08/15/26(e)		75		75,888
				1,405,923
Beverages — 1.4%
Coca-Cola Co., 2.95%, 03/25/25		1,470		1,574,888
Diageo Capital PLC:
2.13%, 10/24/24(e)		4,280		4,173,675
2.38%, 10/24/29		3,265		3,137,349
Keurig Dr. Pepper, Inc.:
3.55%, 05/25/21		3,015		3,050,366
4.06%, 05/25/23		6,950		7,229,580

Security	Par (000)		Value
Beverages (continued)
PepsiCo, Inc.:
2.85%, 02/24/26	$	800	$	843,047
2.63%, 03/19/27		1,610		1,690,090
3.00%, 10/15/27		1,190		1,268,659
3.45%, 10/06/46(e)		1,100		1,234,732
3.38%, 07/29/49		955		1,073,426
2.88%, 10/15/49		1,230		1,272,399
				26,548,211
Biotechnology — 0.3%
Amgen, Inc.:
2.65%, 05/11/22		820		829,693
3.63%, 05/22/24		800		838,479
3.13%, 05/01/25(e)		800		848,708
2.60%, 08/19/26		800		821,311
Gilead Sciences, Inc.:
3.50%, 02/01/25		400		422,065
2.95%, 03/01/27(e)		800		827,207
				4,587,463
Capital Markets — 1.8%
Ameriprise Financial, Inc., 3.00%, 04/02/25		930		926,066
Ares Capital Corp., 3.25%, 07/15/25		3,670		2,912,727
Brookfield Finance LLC, 3.45%, 04/15/50		1,200		958,748
Brookfield Finance, Inc., 3.90%, 01/25/28		1,063		1,090,535
FS KKR Capital Corp.:
4.63%, 07/15/24		950		712,515
4.13%, 02/01/25		680		552,971
Goldman Sachs Group, Inc.:
6.00%, 06/15/20		1,040		1,046,261
2.35%, 11/15/21		1,600		1,598,048
3.00%, 04/26/22		2,000		2,014,669
3.50%, 04/01/25		2,470		2,524,897
3.75%, 05/22/25(e)		2,300		2,380,843
(3 mo. LIBOR US + 1.20%), 3.27%, 09/29/25(e)(f)		2,200		2,235,818
3.75%, 02/25/26		1,900		1,962,881
3.50%, 11/16/26		365		370,399
3.85%, 01/26/27		1,090		1,123,877
(3 mo. LIBOR US + 1.30%), 4.22%, 05/01/29(f)		2,000		2,128,481
6.75%, 10/01/37		500		661,882
(3 mo. LIBOR US + 1.37%), 4.02%, 10/31/38(f)		500		501,579
Morgan Stanley:
2.63%, 11/17/21		1,195		1,199,467
2.75%, 05/19/22		900		904,590
3.88%, 01/27/26		200		213,624
3.13%, 07/27/26		1,000		1,025,467

4

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Capital Markets (continued)
(3 mo. LIBOR US + 1.63%), 4.43%, 01/23/30(f)	$	90	$	s99,913
6.38%, 07/24/42		460		641,457
Nomura Holdings, Inc., 2.65%, 01/16/25		2,940		2,876,626
				32,664,341
Chemicals — 1.2%
DuPont de Nemours, Inc., 3.77%, 11/15/20		3,920		3,932,302
FMC Corp.:
3.20%, 10/01/26		2,098		2,074,773
3.45%, 10/01/29		2,015		1,903,126
International Flavors & Fragrances, Inc.:
3.40%, 09/25/20		1,550		1,556,956
3.20%, 05/01/23		1,590		1,668,158
RPM International, Inc., 3.75%, 03/15/27		1,000		982,841
Sherwin-Williams Co.:
4.20%, 01/15/22		1,590		1,623,868
3.13%, 06/01/24		265		263,557
3.30%, 02/01/25		800		758,407
3.95%, 01/15/26		400		420,670
3.45%, 06/01/27		4,710		4,827,111
2.95%, 08/15/29		1,220		1,196,366
3.30%, 05/15/50		95		88,943
				21,297,078
Commercial Services & Supplies — 0.5%
Aviation Capital Group LLC, 6.75%, 04/06/21(b)		300		297,364
Ecolab, Inc., 3.25%, 12/01/27		1,190		1,117,576
Georgetown University, Series 20A, 2.94%, 04/01/50		27		23,451
IHS Markit Ltd.:
4.13%, 08/01/23		1,244		1,274,814
4.25%, 05/01/29		2,000		2,009,904
University of Chicago, Series 20B, 2.76%, 04/01/45		148		139,623
Waste Connections, Inc., 2.60%, 02/01/30		3,320		3,146,261
Waste Management, Inc., 2.40%, 05/15/23		1,000		983,411
				8,992,404
Communications Equipment — 0.5%
Cisco Systems, Inc., 2.45%, 06/15/20		800		801,434
Motorola Solutions, Inc.:
4.60%, 02/23/28		4,069		4,146,723
4.60%, 05/23/29		2,100		2,118,063

Security	Par (000)		Value
Communications Equipment (continued)
National Rural Utilities Cooperative Finance Corp., 3.70%, 03/15/29	$	1,600	$	1,792,178
				8,858,398
Construction — 0.2%
Landesbank Baden-Wuerttemberg, 7.63%, 02/01/23(e)		2,974		3,523,356
Construction & Engineering — 0.0%
ABB Finance USA, Inc., 3.80%, 04/03/28		400		425,199
Construction Materials — 0.0%
Allegion US Holding Co., Inc., 3.55%, 10/01/27		125		123,822
Consumer Finance — 2.2%
American Express Co.:
2.20%, 10/30/20		5,467		5,451,855
2.75%, 05/20/22		3,400		3,455,338
2.50%, 08/01/22(e)		1,000		1,006,483
3.70%, 08/03/23		1,500		1,555,631
American Express Credit Corp., 2.38%, 05/26/20		4,500		4,499,820
Automatic Data Processing, Inc., 2.25%, 09/15/20		400		400,658
Capital One Bank USA NA, (Secured Overnight Financing Rate + 0.62%), 2.01%, 01/27/23(f)		6,290		6,147,280
Caterpillar Financial Services Corp., 2.63%, 03/01/23		1,590		1,587,244
Global Payments, Inc., 4.00%, 06/01/23		1,400		1,449,977
Mastercard, Inc.:
3.38%, 04/01/24		900		949,063
2.95%, 11/21/26		1,335		1,428,690
2.95%, 06/01/29(e)		1,220		1,298,519
3.65%, 06/01/49		3,150		3,533,062
NIKE, Inc., 2.40%, 03/27/25		245		254,588
PayPal Holdings, Inc., 2.20%, 09/26/22		4,580		4,558,928
S&P Global, Inc.:
4.40%, 02/15/26		1,000		1,109,490
2.95%, 01/22/27		685		685,144
Visa, Inc., 1.90%, 04/15/27		605		603,294
				39,975,064
Diversified Financial Services — 5.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust:
4.25%, 07/01/20		250		246,624
3.30%, 01/23/23		1,000		850,875
Ares Capital Corp., 4.20%, 06/10/24		5,000		4,432,262
Banco Santander SA, 3.50%, 04/11/22		600		593,610
Bank of America Corp.:
5.63%, 07/01/20		1,130		1,137,089

5

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
(3 mo. LIBOR US + 0.63%), 3.50%, 05/17/22(f)	$	1,395	$	1,411,575
(3 mo. LIBOR US + 1.02%), 2.88%, 04/24/23(f)		3,000		3,012,225
(3 mo. LIBOR US + 0.79%), 3.00%, 12/20/23(f)		1,095		1,117,115
(3 mo. LIBOR US + 0.94%), 3.86%, 07/23/24(e)(f)		3,400		3,557,358
(3 mo. LIBOR US + 1.21%), 3.97%, 02/07/30(f)		175		188,638
(3 mo. LIBOR US + 1.81%), 4.24%, 04/24/38(f)		2,550		2,932,468
(3 mo. LIBOR US + 1.32%), 4.08%, 04/23/40(f)		70		75,609
Carrier Global Corp.(b):
1.92%, 02/15/23		215		211,664
2.24%, 02/15/25(e)		360		349,717
2.49%, 02/15/27		602		574,241
2.72%, 02/15/30		940		866,147
3.58%, 04/05/50		331		283,524
Citigroup, Inc.:
(3 mo. LIBOR US + 0.72%), 3.14%, 01/24/23(f)		1,600		1,618,850
(3 mo. LIBOR US + 0.90%), 3.35%, 04/24/25(f)		2,805		2,874,279
4.75%, 05/18/46		1,080		1,208,103
4.65%, 07/23/48		160		192,343
Credit Suisse Group Funding Guernsey Ltd.:
3.45%, 04/16/21		2,030		2,042,835
3.80%, 09/15/22		670		678,877
3.80%, 06/09/23		300		303,269
GE Capital International Funding Co.:
2.34%, 11/15/20		1,140		1,120,832
4.42%, 11/15/35		810		864,335
General Motors Financial Co., Inc.:
3.20%, 07/13/20		100		99,708
4.20%, 03/01/21		900		866,158
4.20%, 11/06/21		1,500		1,431,666
3.45%, 04/10/22		1,780		1,674,681
3.55%, 07/08/22(e)		3,345		3,110,591
3.25%, 01/05/23(e)		1,200		1,088,682
3.70%, 05/09/23		5,800		5,217,032
4.15%, 06/19/23		1,155		1,050,585
2.90%, 02/26/25		1,335		1,154,008
Goldman Sachs Group, Inc., 2.60%, 02/07/30		5,310		5,007,639
Intercontinental Exchange, Inc.:
3.75%, 09/21/28(e)		1,870		1,988,478
4.25%, 09/21/48		350		406,000
John Deere Capital Corp.:
2.30%, 06/07/21		3,195		3,209,045

Security	Par (000)		Value
Diversified Financial Services (continued)
2.60%, 03/07/24	$	750	$	754,445
JPMorgan Chase & Co.:
4.25%, 10/15/20		1,770		1,790,179
2.55%, 03/01/21		1,100		1,102,631
3.25%, 09/23/22		780		804,423
3.20%, 01/25/23		1,380		1,419,699
(3 mo. LIBOR US + 0.94%), 2.78%, 04/25/23(f)		1,000		1,012,892
3.38%, 05/01/23		5,400		5,644,348
3.63%, 05/13/24(e)		400		417,096
3.13%, 01/23/25		800		829,873
(3 mo. LIBOR US + 1.16%), 3.22%, 03/01/25(f)		600		622,935
3.30%, 04/01/26		600		623,030
(3 mo. LIBOR US + 1.25%), 3.96%, 01/29/27(e)(f)		1,455		1,564,729
(3 mo. LIBOR US + 1.38%), 3.96%, 11/15/48(e)(f)		2,205		2,551,275
Kimberly-Clark Corp.:
2.40%, 06/01/23(e)		800		815,744
2.88%, 02/07/50		670		657,035
Lloyds Banking Group PLC, (1 year CMT + 1.00%), 2.44%, 02/05/26(e)(f)		450		424,923
Mitsubishi UFJ Financial Group, Inc.:
3.54%, 07/26/21		385		388,322
3.00%, 02/22/22		335		341,343
3.46%, 03/02/23		1,600		1,641,275
2.19%, 02/25/25		5,270		5,242,479
Morgan Stanley, (Secured Overnight Financing Rate + 1.14%), 2.70%, 01/22/31(f)		2,140		2,092,317
Nasdaq, Inc., 3.85%, 06/30/26		32		32,767
National Rural Utilities Cooperative Finance Corp.:
1.75%, 01/21/22		4,400		4,405,867
2.40%, 03/15/30		1,495		1,484,000
ORIX Corp., 2.90%, 07/18/22		405		415,445
S&P Global, Inc., 2.50%, 12/01/29		965		943,322
Sumitomo Mitsui Financial Group, Inc., 2.35%, 01/15/25		1,325		1,315,651
				98,386,782
Diversified Telecommunication Services — 2.1%
AT&T, Inc.:
2.45%, 06/30/20		2,120		2,118,735
4.60%, 02/15/21		1,000		1,017,832
3.00%, 02/15/22(e)		800		806,805
3.20%, 03/01/22		810		821,280
2.63%, 12/01/22		800		790,288
4.05%, 12/15/23		400		419,324
3.80%, 03/01/24		2,360		2,466,742
3.90%, 03/11/24		1,590		1,668,743

6

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Telecommunication Services (continued)
4.45%, 04/01/24	$	1,280	$	1,362,907
3.55%, 06/01/24		1,190		1,234,584
3.95%, 01/15/25(e)		200		211,198
3.40%, 05/15/25		1,590		1,653,917
3.60%, 07/15/25(e)		1,175		1,244,910
2.95%, 07/15/26		725		723,741
4.35%, 03/01/29(e)		1,130		1,219,151
4.85%, 03/01/39		1,185		1,328,960
4.80%, 06/15/44		2,170		2,366,281
5.45%, 03/01/47		217		260,239
4.50%, 03/09/48(e)		2,740		2,967,214
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/23		1,270		1,265,993
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		2,930		3,955,394
Verizon Communications, Inc.:
3.50%, 11/01/24		2,500		2,659,729
3.38%, 02/15/25		1,000		1,068,202
4.50%, 08/10/33		2,600		3,064,657
4.86%, 08/21/46		950		1,239,795
				37,936,621
Electric Utilities — 3.6%
AEP Transmission Co. LLC, 3.15%, 09/15/49		30		30,120
Alabama Power Co.:
3.38%, 10/01/20		800		785,245
2.80%, 04/01/25(e)		800		789,969
3.45%, 10/01/49(e)		370		375,947
Ameren Corp., 2.50%, 09/15/24		65		63,190
Ameren Illinois Co., 3.25%, 03/15/50		130		130,060
Appalachian Power Co.:
3.40%, 06/01/25		800		778,635
Series X, 3.30%, 06/01/27		1,190		1,207,024
Arizona Public Service Co.:
3.15%, 05/15/25(e)		400		412,541
2.95%, 09/15/27		800		802,113
3.50%, 12/01/49(e)		240		243,782
Avangrid, Inc., 3.80%, 06/01/29		600		613,509
Baltimore Gas & Electric Co.:
3.35%, 07/01/23		2,390		2,464,656
2.40%, 08/15/26		800		769,349
4.25%, 09/15/48		225		256,848
Berkshire Hathaway Energy Co., 4.45%, 01/15/49(e)		500		595,406
CenterPoint Energy Houston Electric LLC, Series Z, 2.40%, 09/01/26(e)		800		802,917
Commonwealth Edison Co.:
2.55%, 06/15/26		800		790,574
3.70%, 08/15/28		2,200		2,351,979
2.20%, 03/01/30		500		477,740
4.00%, 03/01/49		90		100,078

Security	Par (000)		Value
Electric Utilities (continued)
Consolidated Edison Co. of New York, Inc.:
Series 06-A, 5.85%, 03/15/36	$	1,000	$	1,124,036
Series A, 4.13%, 05/15/49		50		54,123
Series B, 3.13%, 11/15/27		800		798,776
Consumers Energy Co., 3.38%, 08/15/23		800		833,010
Dominion Energy, Inc., 3.90%, 10/01/25		500		516,044
DTE Electric Co., 3.65%, 03/15/24		1,590		1,632,963
DTE Energy Co., Series B, 2.60%, 06/15/22		495		484,146
Duke Energy Corp.:
2.65%, 09/01/26		1,000		992,170
4.20%, 06/15/49		700		704,241
Duke Energy Florida LLC, 3.80%, 07/15/28		1,365		1,468,151
Duke Energy Ohio, Inc., 4.30%, 02/01/49		100		115,580
Duke Energy Progress LLC, 3.25%, 08/15/25		1,590		1,694,647
Edison International, 4.13%, 03/15/28		500		478,229
Entergy Texas, Inc., 3.55%, 09/30/49		520		526,587
Evergy Kansas Central, Inc., 2.55%, 07/01/26		800		829,976
Evergy Metro, Inc.:
3.15%, 03/15/23		1,590		1,653,105
3.65%, 08/15/25		300		312,018
Evergy, Inc., 2.90%, 09/15/29		50		47,312
Eversource Energy:
Series L, 2.90%, 10/01/24		1,530		1,447,442
Series M, 3.30%, 01/15/28(e)		1,000		1,009,990
Exelon Corp., 2.85%, 06/15/20		1,230		1,229,865
Florida Power & Light Co.:
2.75%, 06/01/23		1,590		1,642,699
3.25%, 06/01/24		800		812,638
4.05%, 10/01/44		500		583,019
3.15%, 10/01/49		40		41,432
Georgia Power Co., 3.25%, 04/01/26		800		828,431
Indiana Michigan Power Co., Series J, 3.20%, 03/15/23		1,190		1,263,608
Interstate Power & Light Co., 3.25%, 12/01/24		800		808,968
Kentucky Utilities Co., 3.25%, 11/01/20		800		797,263
MidAmerican Energy Co.:
3.10%, 05/01/27		800		822,148
3.15%, 04/15/50		490		498,063
Nevada Power Co., Series DD, 2.40%, 05/01/30		440		417,364
NextEra Energy Capital Holdings, Inc.:
3.55%, 05/01/27		645		657,519
2.75%, 11/01/29		670		645,940
Oglethorpe Power Corp., 5.05%, 10/01/48		250		240,966

7

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric Utilities (continued)
Oncor Electric Delivery Co. LLC, 3.80%, 06/01/49	$	320	$	336,783
PacifiCorp:
2.95%, 06/01/23		800		817,178
4.13%, 01/15/49		280		302,637
Pennsylvania Electric Co., 3.25%, 03/15/28(b)(e)		1,590		1,510,268
PPL Electric Utilities Corp.:
2.50%, 09/01/22		400		393,144
3.00%, 10/01/49		275		263,873
Progress Energy, Inc., 4.40%, 01/15/21		1,110		1,118,228
PSEG Power LLC:
4.15%, 09/15/21		350		354,935
3.85%, 06/01/23		1,300		1,322,557
Public Service Co. of Colorado:
3.20%, 11/15/20(e)		800		800,229
3.70%, 06/15/28		1,800		1,905,045
4.05%, 09/15/49		20		22,373
Public Service Electric & Gas Co.:
2.38%, 05/15/23		400		400,999
2.25%, 09/15/26		800		796,372
3.00%, 05/15/27(e)		500		510,878
3.70%, 05/01/28(e)		800		862,617
Puget Sound Energy, Inc., 3.25%, 09/15/49		390		381,775
San Diego Gas & Electric Co., 2.50%, 05/15/26(e)		400		406,938
Southern California Edison Co.:
3.65%, 02/01/50		330		320,201
Series B, 4.88%, 03/01/49		260		299,990
Southern Co., 3.25%, 07/01/26		2,400		2,389,468
Union Electric Co., 4.00%, 04/01/48(e)		500		556,822
Virginia Electric & Power Co.:
3.30%, 12/01/49		140		139,789
Series A, 3.80%, 04/01/28(e)		3,300		3,494,250
Series C, 2.75%, 03/15/23		1,250		1,259,107
Wisconsin Electric Power Co., 3.10%, 06/01/25		800		808,157
Wisconsin Power & Light Co., 3.05%, 10/15/27		1,090		1,055,501
Xcel Energy, Inc.:
4.00%, 06/15/28		900		949,138
3.50%, 12/01/49		50		43,996
				66,677,399
Electrical Equipment — 0.4%
Emerson Electric Co.:
2.63%, 12/01/21		800		817,415
2.63%, 02/15/23(e)		1,190		1,202,692
Roper Technologies, Inc.:
3.65%, 09/15/23		1,800		1,843,912
3.80%, 12/15/26		1,000		1,030,439

Security	Par (000)		Value
Electrical Equipment (continued)
4.20%, 09/15/28	$	1,894	$	2,037,260
				6,931,718
Electronic Equipment, Instruments & Components — 0.3%
Amphenol Corp., 2.05%, 03/01/25		405		382,929
Honeywell International, Inc., 2.30%, 08/15/24		1,050		1,042,576
Jabil, Inc., 3.60%, 01/15/30		565		501,972
Keysight Technologies, Inc.:
4.60%, 04/06/27		820		840,572
3.00%, 10/30/29(e)		1,995		1,882,657
Tyco Electronics Group SA, 3.13%, 08/15/27		250		258,068
				4,908,774
Equity Real Estate Investment Trusts (REITs) — 1.4%
American Tower Corp.:
2.80%, 06/01/20(e)		1,190		1,180,650
2.25%, 01/15/22		960		937,250
4.70%, 03/15/22		1,000		1,015,624
3.00%, 06/15/23(e)		1,000		1,001,314
4.40%, 02/15/26(e)		400		419,293
3.38%, 10/15/26(e)		3,100		3,071,317
2.90%, 01/15/30(e)		1,360		1,310,699
3.70%, 10/15/49(e)		450		414,851
AvalonBay Communities, Inc., 2.30%, 03/01/30		790		743,826
Crown Castle International Corp.:
2.25%, 09/01/21(e)		275		271,192
4.88%, 04/15/22		830		853,184
3.20%, 09/01/24		1,625		1,619,933
3.70%, 06/15/26		1,000		1,021,813
3.80%, 02/15/28		396		404,816
5.20%, 02/15/49		1,200		1,329,614
GLP Capital LP/GLP Financing II, Inc.:
5.25%, 06/01/25		1,790		1,655,750
5.38%, 04/15/26		2,010		1,781,664
Omega Healthcare Investors, Inc., 4.50%, 04/01/27		2,010		1,985,506
Public Storage, 3.09%, 09/15/27		2,500		2,333,082
Service Properties Trust, 4.38%, 02/15/30		650		492,250
Spirit Realty LP, 4.00%, 07/15/29		2,200		2,149,810
				25,993,438
Food & Staples Retailing — 0.5%
McCormick & Co., Inc., 2.70%, 08/15/22(e)		880		882,505
Mondelez International, Inc., 3.63%, 02/13/26		2,095		2,196,155
Walmart, Inc.:
3.25%, 10/25/20		2,320		2,337,620
3.13%, 06/23/21		1,850		1,890,286

8

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Food & Staples Retailing (continued)
2.55%, 04/11/23	$	800	$	826,388
2.95%, 09/24/49(e)		940		1,030,031
				9,162,985
Food Products — 0.2%
Campbell Soup Co., 4.80%, 03/15/48(e)		1,780		2,121,913
General Mills, Inc., 2.88%, 04/15/30		40		39,920
Kellogg Co., 2.65%, 12/01/23		918		924,402
Sysco Corp., 3.30%, 07/15/26		800		760,857
				3,847,092
Forest Products — 0.2%
Archer-Daniels-Midland Co., 2.75%, 03/27/25		2,315		2,362,650
JM Smucker Co., 2.38%, 03/15/30		1,000		927,165
				3,289,815
Gas Utilities — 0.2%
Atmos Energy Corp., 3.00%, 06/15/27		400		409,238
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/29		1,500		1,517,883
Sempra Energy, 3.75%, 11/15/25		200		197,449
Southern California Gas Co.:
3.15%, 09/15/24		800		823,950
Series TT, 2.60%, 06/15/26		800		790,021
				3,738,541
Health Care Equipment & Supplies — 0.9%
Abbott Laboratories, 3.40%, 11/30/23		910		954,974
Baxter International, Inc.:
1.70%, 08/15/21		800		797,520
2.60%, 08/15/26		3,360		3,341,959
3.50%, 08/15/46		270		248,368
Becton Dickinson & Co.:
2.40%, 06/05/20		480		478,506
3.25%, 11/12/20		1,800		1,798,574
3.13%, 11/08/21		800		810,160
2.89%, 06/06/22		575		573,927
Covidien International Finance SA, 2.95%, 06/15/23 (e)		2,390		2,493,168
DH Europe Finance II Sarl:
2.60%, 11/15/29		855		830,355
3.25%, 11/15/39		1,395		1,379,001
Stryker Corp.:
2.63%, 03/15/21		245		245,337
3.50%, 03/15/26		900		938,367
3.65%, 03/07/28(e)		800		851,547
				15,741,763
Health Care Providers & Services — 1.0%
Aetna, Inc., 2.75%, 11/15/22		1,000		1,001,833
Anthem, Inc., 3.35%, 12/01/24(e)		1,395		1,420,150
Cigna Corp., 3.75%, 07/15/23		818		841,010

Security	Par (000)		Value
Health Care Providers & Services (continued)
HCA, Inc.:
5.25%, 04/15/25	$	3,653	$	3,831,162
5.50%, 06/15/47		997		1,083,398
Humana, Inc.:
2.90%, 12/15/22		915		910,040
3.85%, 10/01/24		1,000		1,016,956
Omega Healthcare Investors, Inc., 4.95%, 04/01/24		1,400		1,383,574
Quest Diagnostics, Inc., 2.95%, 06/30/30		2,960		2,901,732
Thermo Fisher Scientific, Inc.:
4.13%, 03/25/25		275		294,320
2.95%, 09/19/26		400		404,408
4.50%, 03/25/30		120		134,897
UnitedHealth Group, Inc.:
2.38%, 08/15/24		1,035		1,058,748
3.10%, 03/15/26		150		158,343
2.88%, 08/15/29		310		324,540
4.75%, 07/15/45		800		1,018,703
				17,783,814
Hotels, Restaurants & Leisure — 0.9%
GLP Capital LP/GLP Financing II, Inc.:
5.38%, 11/01/23		1,300		1,186,471
5.75%, 06/01/28(e)		1,145		1,011,837
5.30%, 01/15/29		3,595		3,074,444
Las Vegas Sands Corp., 3.50%, 08/18/26		5,160		4,719,737
McDonald’s Corp.:
2.75%, 12/09/20		2,050		2,040,863
1.45%, 09/01/25		375		357,051
3.70%, 01/30/26		1,000		1,046,003
3.50%, 03/01/27(e)		278		289,115
3.80%, 04/01/28		290		307,052
6.30%, 10/15/37		310		394,285
Starbucks Corp., 3.55%, 08/15/29		1,140		1,172,813
				15,599,671
Household Products — 0.0%
Clorox Co., 3.50%, 12/15/24		800		865,570
Independent Power and Renewable Electricity Producers — 0.0%
Exelon Corp., 5.15%, 12/01/20		360		361,648
Insurance — 0.9%
Aflac, Inc., 3.63%, 06/15/23		500		499,086
American International Group, Inc., 3.30%, 03/01/21		320		320,236
Aon PLC, 3.88%, 12/15/25		3,400		3,544,085
Berkshire Hathaway, Inc., 3.13%, 03/15/26		355		379,515
Chubb INA Holdings, Inc., 3.35%, 05/15/24(e)		660		686,477

9

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
Fidelity National Financial, Inc., 5.50%, 09/01/22	$	385	$	422,620
Hartford Financial Services Group, Inc., 3.60%, 08/19/49(e)		190		174,803
Markel Corp., 5.00%, 05/20/49		1,680		1,657,882
Marsh & McLennan Cos., Inc.:
3.30%, 03/14/23(e)		175		177,986
4.90%, 03/15/49		4,935		6,219,937
Progressive Corp.:
3.20%, 03/26/30(e)		315		340,579
4.13%, 04/15/47		1,130		1,268,781
3.95%, 03/26/50		115		134,296
Willis Towers Watson PLC, 5.75%, 03/15/21		350		358,638
				16,184,921
Interactive Media & Services — 0.0%
Alphabet, Inc., 2.00%, 08/15/26		800		844,614
Internet & Direct Marketing Retail — 0.7%
Alibaba Group Holding Ltd.:
2.80%, 06/06/23		200		198,950
3.60%, 11/28/24		2,445		2,565,661
3.40%, 12/06/27(e)		4,800		5,126,256
4.50%, 11/28/34		300		356,625
4.20%, 12/06/47		920		1,117,512
Amazon.com, Inc.:
2.80%, 08/22/24		440		467,442
3.15%, 08/22/27		2,390		2,614,537
4.25%, 08/22/57		250		340,587
Expedia Group, Inc., 3.25%, 02/15/30		385		322,282
				13,109,852
IT Services — 0.8%
Global Payments, Inc., 3.20%, 08/15/29		4,630		4,418,431
International Business Machines Corp.:
2.85%, 05/13/22		200		205,107
3.38%, 08/01/23 (e)		800		841,996
4.25%, 05/15/49		330		387,960
PayPal Holdings, Inc., 2.85%, 10/01/29		4,520		4,472,420
Verisk Analytics, Inc.:
4.00%, 06/15/25		1,400		1,494,361
4.13%, 03/15/29		3,090		3,258,575
				15,078,850
Leisure Products — 0.2%
Hasbro, Inc., 3.90%, 11/19/29		3,920		3,497,967
Machinery — 0.3%
Caterpillar Financial Services Corp., 1.95%, 11/18/22		1,935		1,928,422
Deere & Co., 2.75%, 04/15/25		215		222,003
John Deere Capital Corp., 1.20%, 04/06/23		1,040		1,018,241

Security	Par (000)		Value
Machinery (continued)
Otis Worldwide Corp.(b):
2.29%, 04/05/27	$	230	$	219,879
2.57%, 02/15/30		350		340,164
3.11%, 02/15/40		70		65,664
3.36%, 02/15/50		55		53,402
Stanley Black & Decker, Inc., 2.30%, 03/15/30		2,460		2,360,768
Westinghouse Air Brake Technologies Corp., 4.95%, 09/15/28		161		147,941
				6,356,484
Media — 1.8%
Charter Communications Operating LLC/Charter Communications Operating Capital:
3.58%, 07/23/20		3,485		3,474,157
4.46%, 07/23/22		200		207,450
4.91%, 07/23/25		1,350		1,433,151
3.75%, 02/15/28		1,750		1,758,064
4.20%, 03/15/28		4,800		4,908,620
5.05%, 03/30/29(e)		1,020		1,102,620
5.38%, 04/01/38		1,900		2,048,678
5.38%, 05/01/47		1,700		1,834,820
Comcast Corp.:
3.70%, 04/15/24(e)		1,750		1,878,015
3.38%, 02/15/25		1,590		1,693,736
2.35%, 01/15/27		400		397,199
4.15%, 10/15/28		200		224,563
2.65%, 02/01/30		3,385		3,482,440
4.60%, 10/15/38		1,200		1,468,822
3.25%, 11/01/39		1,900		1,961,339
4.70%, 10/15/48		920		1,191,860
Fox Corp., 4.03%, 01/25/24(b)		1,040		1,080,364
Interpublic Group of Cos., Inc., 3.75%, 10/01/21		215		217,073
Thomson Reuters Corp.:
3.85%, 09/29/24		800		783,808
3.35%, 05/15/26(e)		800		800,407
Time Warner Cable LLC, 4.50%, 09/15/42(e)		700		657,276
				32,604,462
Multi-Utilities — 0.3%
CenterPoint Energy, Inc., 4.25%, 11/01/28		730		748,030
Dominion Energy, Inc., 2.58%, 07/01/20		210		209,748
DTE Energy Co., Series D, 3.70%, 08/01/23		835		841,553
NiSource, Inc., 3.95%, 03/30/48		310		314,712
San Diego Gas & Electric Co., 3.60%, 09/01/23		1,590		1,675,105
Sempra Energy, 2.90%, 02/01/23		255		253,376

10

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Multi-Utilities (continued)
Southern California Gas Co., Series XX, 2.55%, 02/01/30(e)	$	730	$	727,905
Southwest Gas Corp., 3.70%, 04/01/28		230		240,406
Washington Gas Light Co., 3.65%, 09/15/49		30		26,798
				5,037,633
Office Supplies & Equipment — 0.2%
VMware, Inc.:
2.30%, 08/21/20		470		464,991
2.95%, 08/21/22		3,800		3,780,199
				4,245,190
Oil, Gas & Consumable Fuels — 1.8%
Canadian Natural Resources Ltd., 6.25%, 03/15/38		640		498,164
Cenovus Energy, Inc., 5.40%, 06/15/47		472		214,380
CNOOC Finance 2013 Ltd., 3.00%, 05/09/23		500		510,156
CNOOC Finance 2015 USA LLC, 3.50%, 05/05/25		1,500		1,575,938
Enbridge, Inc., 4.00%, 11/15/49		600		534,367
Energy Transfer Operating LP, 5.00%, 05/15/50		516		401,677
Enterprise Products Operating LLC:
3.70%, 01/31/51		570		502,665
3.95%, 01/31/60		365		306,715
Equinor ASA:
2.75%, 11/10/21		2,480		2,504,397
3.25%, 11/10/24		400		390,862
3.25%, 11/18/49		500		491,614
Exxon Mobil Corp., 3.18%, 03/15/24		800		837,581
Hess Corp., 5.60%, 02/15/41		360		245,847
Occidental Petroleum Corp., 3.50%, 08/15/29		241		113,880
ONEOK Partners LP:
3.38%, 10/01/22		1,000		915,452
4.90%, 03/15/25(e)		2,000		1,748,492
6.13%, 02/01/41		800		719,606
ONEOK, Inc.:
2.75%, 09/01/24		1,475		1,193,804
4.00%, 07/13/27		1,725		1,413,017
4.55%, 07/15/28		300		255,989
4.35%, 03/15/29		2,215		1,804,223
5.20%, 07/15/48		320		250,876
4.45%, 09/01/49		701		543,954
Petroleos Mexicanos:
5.35%, 02/12/28		665		462,175
6.50%, 06/02/41		380		243,323
6.38%, 01/23/45		460		290,016
5.63%, 01/23/46		800		488,000
6.75%, 09/21/47		100		64,660
7.69%, 01/23/50(b)		100		68,000

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
6.95%, 01/28/60(b)	$	185	$	124,875
Phillips 66 Partners LP, 3.15%, 12/15/29		3,270		2,676,813
Shell International Finance BV:
2.13%, 05/11/20		3,530		3,526,316
2.38%, 11/07/29		2,470		2,435,686
Tennessee Gas Pipeline Co. LLC, 2.90%, 03/01/30(b)		3,950		3,336,693
TransCanada PipeLines Ltd.:
3.75%, 10/16/23		800		825,216
5.10%, 03/15/49		1,160		1,301,129
				33,816,558
Personal Products — 0.5%
Estee Lauder Cos., Inc., 1.70%, 05/10/21		400		399,841
Procter & Gamble Co.:
2.45%, 03/25/25		400		420,294
2.80%, 03/25/27		2,835		3,024,309
Unilever Capital Corp.:
3.00%, 03/07/22		1,440		1,488,160
2.20%, 05/05/22(e)		2,700		2,661,966
2.00%, 07/28/26(e)		800		797,911
				8,792,481
Pharmaceuticals — 2.9%
AbbVie, Inc.:
2.50%, 05/14/20		3,280		3,280,228
2.60%, 11/21/24(b)		3,520		3,554,004
3.20%, 11/21/29(b)		2,770		2,781,379
4.05%, 11/21/39(b)		890		915,462
AstraZeneca PLC:
2.38%, 11/16/20		3,275		3,266,872
3.50%, 08/17/23		1,200		1,263,611
3.13%, 06/12/27		1,490		1,491,024
Bristol-Myers Squibb Co.:
2.25%, 08/15/21(b)		1,700		1,709,967
3.25%, 11/01/23(e)		400		417,405
3.45%, 11/15/27(b)(e)		557		592,697
CVS Health Corp.:
2.80%, 07/20/20		2,535		2,535,469
3.35%, 03/09/21		2,492		2,505,614
4.78%, 03/25/38		1,050		1,161,028
Eli Lilly & Co., 2.75%, 06/01/25(e)		378		390,580
GlaxoSmithKline Capital PLC, 3.13%, 05/14/21		1,962		1,988,903
GlaxoSmithKline Capital, Inc.:
3.38%, 05/15/23		1,800		1,878,789
4.20%, 03/18/43		993		1,106,516
Johnson & Johnson, 2.95%, 03/03/27(e)		2,530		2,777,689
Laboratory Corp. of America Holdings, 4.63%, 11/15/20		1,625		1,634,567

11

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
Merck & Co., Inc.:
2.80%, 05/18/23	$	800	$	805,532
2.75%, 02/10/25		800		832,757
Novartis Capital Corp.:
2.40%, 09/21/22		800		818,590
3.10%, 05/17/27(e)		3,500		3,775,033
2.20%, 08/14/30		3,590		3,674,719
2.75%, 08/14/50		520		539,558
Pfizer, Inc.:
3.00%, 12/15/26		1,000		1,073,212
7.20%, 03/15/39(e)		500		801,062
Takeda Pharmaceutical Co. Ltd., 4.00%, 11/26/21		1,800		1,823,419
Zoetis, Inc.:
3.45%, 11/13/20		355		351,514
3.00%, 09/12/27		1,800		1,813,731
3.90%, 08/20/28(e)		1,155		1,200,307
				52,761,238
Producer Durables: Miscellaneous — 0.2%
Oracle Corp., 2.50%, 04/01/25		4,025		4,063,067
Professional Services — 0.1%
IHS Markit Ltd., 4.75%, 08/01/28		2,105		2,203,009
Real Estate — 0.2%
Equinix, Inc.:
2.63%, 11/18/24		900		858,384
3.20%, 11/18/29		1,815		1,687,769
Prologis LP, 2.13%, 04/15/27		585		556,240
				3,102,393
Road & Rail — 0.3%
Burlington Northern Santa Fe LLC, 3.00%, 04/01/25		800		830,529
Canadian National Railway Co., 2.75%, 03/01/26(e)		800		852,426
CSX Corp.:
3.40%, 08/01/24		800		840,083
2.60%, 11/01/26		800		814,344
Kansas City Southern, 2.88%, 11/15/29		655		628,325
Union Pacific Corp.:
2.75%, 04/15/23		1,590		1,595,224
3.25%, 08/15/25		400		412,854
				5,973,785
Semiconductors & Semiconductor Equipment — 1.3%
Broadcom Corp./Broadcom Cayman Finance Ltd.:
3.00%, 01/15/22		1,108		1,095,668
3.63%, 01/15/24		2,300		2,259,248
3.13%, 01/15/25		540		517,607
Broadcom, Inc., 4.25%, 04/15/26(b)		1,120		1,101,080

Security	Par (000)		Value
Semiconductors & Semiconductor Equipment (continued)
Intel Corp.:
3.30%, 10/01/21	$	560	$	584,618
3.40%, 03/25/25(e)		4,490		4,898,572
Maxim Integrated Products, Inc.:
3.38%, 03/15/23		1,000		1,020,418
3.45%, 06/15/27(e)		1,015		1,039,015
Micron Technology, Inc., 4.19%, 02/15/27		2,580		2,606,231
NVIDIA Corp.:
2.85%, 04/01/30(e)		60		62,617
3.50%, 04/01/40		60		63,658
3.50%, 04/01/50		95		103,296
3.70%, 04/01/60		50		55,889
NXP BV/NXP Funding LLC/NXP USA, Inc., 4.30%, 06/18/29(b)		210		215,203
QUALCOMM, Inc.:
2.25%, 05/20/20		4,644		4,643,396
3.45%, 05/20/25		800		838,286
3.25%, 05/20/27		2,335		2,456,113
Texas Instruments, Inc., 2.25%, 05/01/23		800		824,790
				24,385,705
Software — 0.7%
Activision Blizzard, Inc., 2.30%, 09/15/21		200		201,415
Citrix Systems, Inc.:
4.50%, 12/01/27		1,300		1,342,103
3.30%, 03/01/30		2,150		1,997,767
Microsoft Corp.:
1.55%, 08/08/21		1,285		1,293,937
3.63%, 12/15/23		4,250		4,643,695
2.70%, 02/12/25(e)		800		862,107
Oracle Corp.:
3.88%, 07/15/20		425		427,234
1.90%, 09/15/21		950		952,799
2.95%, 05/15/25		800		826,825
2.65%, 07/15/26		400		408,237
				12,956,119
Specialty Retail — 0.2%
Home Depot, Inc.:
2.80%, 09/14/27		800		826,899
5.40%, 09/15/40		200		259,825
3.13%, 12/15/49		1,920		1,894,356
Lowe’s Cos., Inc., 4.00%, 04/15/25		490		523,539
				3,504,619
Technology Hardware, Storage & Peripherals — 0.4%
Adobe, Inc.:
1.90%, 02/01/25		745		751,484
2.15%, 02/01/27		2,090		2,116,206
Apple, Inc.:
2.25%, 02/23/21		1,700		1,717,133
1.80%, 09/11/24		940		957,003

12

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Technology Hardware, Storage & Peripherals (continued)
3.00%, 06/20/27(e)	$	925	$	990,429
Dell International LLC/EMC Corp., 8.35%, 07/15/46(b)		390		463,029
Hewlett Packard Enterprise Co., 3.50%, 10/05/21(e)		615		620,508
				7,615,792
Tobacco — 0.8%
Altria Group, Inc.:
3.49%, 02/14/22		570		583,104
5.80%, 02/14/39		1,017		1,113,332
BAT Capital Corp.:
2.76%, 08/15/22		1,070		1,051,595
3.56%, 08/15/27		4,360		4,106,395
4.39%, 08/15/37		670		617,613
4.76%, 09/06/49		820		774,203
Philip Morris International, Inc.:
2.38%, 08/17/22		2,970		2,995,182
2.50%, 08/22/22		500		501,348
6.38%, 05/16/38		2,010		2,550,913
Reynolds American, Inc.:
3.25%, 06/12/20		127		126,619
4.00%, 06/12/22		305		309,299
				14,729,603
Water Utilities — 0.1%
Essential Utilities, Inc., 3.57%, 05/01/29		1,030		1,050,384
Wireless Telecommunication Services — 0.4%
American Tower Corp.:
3.45%, 09/15/21		740		744,765
3.50%, 01/31/23		1,900		1,909,720
3.95%, 03/15/29(e)		1,960		2,037,304
Crown Castle International Corp.:
5.25%, 01/15/23		1,000		1,042,569
3.65%, 09/01/27		200		202,552
3.10%, 11/15/29		705		675,350
EPR Properties, 4.95%, 04/15/28		140		137,766
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 09/20/21(b)		623		619,387
				7,369,413
Total Corporate Bonds — 45.1% (Cost — $826,551,728)				827,642,357
Foreign Agency Obligations — 0.5%
Colombia — 0.1%
Colombia Government International Bond:
3.88%, 04/25/27		200		196,938

Security	Par (000)		Value
Colombia (continued)
5.00%, 06/15/45	$	1,160	$	1,187,912
				1,384,850
Indonesia — 0.1%
Indonesia Government International Bond:
3.50%, 01/11/28		1,800		1,774,125
4.75%, 07/18/47(b)(e)		500		520,312
				2,294,437
Mexico — 0.2%
Mexico Government International Bond:
4.15%, 03/28/27		1,685		1,715,541
4.50%, 04/22/29		810		827,719
6.05%, 01/11/40		100		118,281
4.60%, 02/10/48(e)		750		754,500
4.50%, 01/31/50(e)		590		586,755
				4,002,796
Uruguay — 0.1%
Uruguay Government International Bond:
4.38%, 01/23/31(e)		530		575,216
5.10%, 06/18/50		1,200		1,367,625
4.98%, 04/20/55(e)		50		56,531
				1,999,372
Total Foreign Agency Obligations — 0.5% (Cost — $9,497,071)				9,681,455
Municipal Bonds — 0.6%
California — 0.3%
Bay Area Toll Authority, RB, Build America Bonds, San Francisco Toll Bridge:
Series S-1, 6.92%, 04/01/40		50		73,506
Series F-2, 6.26%, 04/01/49		500		749,590
California State University, RB, Series B, 2.98%, 11/01/51		995		967,220
Regents of the University of California Medical Center Pooled Revenue, RB, Series N:
3.71%, 05/15/20		85		87,727
3.01%, 05/15/50(e)		320		291,414
3.26%, 05/15/60		230		208,851
State of California, GO, Build America Bonds:
7.55%, 04/01/39		1,025		1,676,920
7.60%, 11/01/40		500		839,780
State of California, GO, Refunding, 3.50%, 04/01/28		500		548,435

13

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
University of California, RB, General, Series AD, 4.89%, 05/15/2112	$	165	$	219,608
University of California, Refunding RB, Limited Project, Series J , 4.13%, 05/15/45		150		157,070
				5,820,121
District of Columbia — 0.0%
District of Columbia Water & Sewer Authority, Refunding RB, Subordinate Lien, Series A, 3.21%, 10/01/48		200		204,260
Illinois — 0.1%
Chicago O’Hare International Airport, ARB, General Senior Lien, Series C, 4.47%, 01/01/49		310		365,608
State of Illinois, GO, Pension, 5.1%, 06/01/33(e)		690		686,847
				1,052,455
Massachusetts — 0.0%
Commonwealth of Massachusetts, GO, Consolidated Loan, Series H, 2.90%, 09/01/49 ,		545		510,349
New Jersey — 0.0%
New Jersey State Turnpike Authority, RB, Build America Bonds, Series A, 7.10%, 01/01/41		550		765,391
New York — 0.2%
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, Build America Bonds, 5.51%, 08/01/37		110		147,123
Metropolitan Transportation Authority, RB, Build America Bonds, Series E, 6.81%, 11/15/40		355		482,988
New York City Water & Sewer System, Refunding RB, Build America Bonds, 5.88%, 06/15/44(e)		500		727,900
Port Authority of New York & New Jersey, ARB, 192nd Series, 4.81%, 10/15/65		50		58,655
Port Authority of New York & New Jersey, RB:
4.03%, 09/01/48		1,000		1,023,790
191th Series, 4.82%, 06/01/45		200		212,450
State of New York Dormitory Authority, Refunding RB, Series B, 3.14%, 07/01/43		255		258,366
				2,911,272

Security	Par (000)		Value
Texas — 0.0%
Grand Parkway Transportation Corp., Refunding RB, 3.24%, 10/01/52	$	400	$	395,208
Total Municipal Bonds — 0.6% (Cost — $11,556,057)				11,659,056
Non-Agency Mortgage-Backed Securities — 8.7%
Collateralized Mortgage Obligations — 6.4%
American Home Mortgage Investment Trust, Series 2004-3, Class 4A, (6 mo. LIBOR US + 1.50%), 3.26%, 10/25/34(a)		48		45,685
Angel Oak Mortgage Trust I LLC, Series 2019-4, Class A1, 2.99%, 07/26/49(b)(c)		4,728		4,650,111
Citicorp Mortgage Securities Trust, Series 2006-1, Class 2A1, 5.00%, 02/25/21		3		3,147
Citigroup Mortgage Loan Trust, Class A(b)(c):
Series 2013-A, 3.00%, 05/25/42		13		11,551
Series 2014-A, 4.00%, 01/25/35		74		75,076
Connecticut Avenue Securities Trust(b):
Series 2019-R01, Class 2ED2, 2.10%, 07/25/31(c)		10,904		9,063,375
Series 2019-R05, Class 1M1, (1 mo. LIBOR US + 0.75%), 1.70%, 07/25/39(a)		34		33,397
Series 2019-R05, Class 1M2, (1 mo. LIBOR US + 2.00%), 2.95%, 07/25/39(a)		6,600		5,575,572
Series 2019-R06, Class 2ED2, (1 mo. LIBOR US + 1.00%), 1.95%, 09/25/39(a)		9,000		6,604,655
Series 2019-R06, Class 2M1, (1 mo. LIBOR US + 0.75%), 1.70%, 09/25/39(a)		3,741		3,646,427
Series 2019-R06, Class 2M2, (1 mo. LIBOR US + 2.10%), 3.05%, 09/25/39(a)		7,500		5,798,488
Series 2019-R07, Class 1M1, (1 mo. LIBOR US + 0.77%), 1.72%, 10/25/39(a)		4,058		3,957,755
Series 2020-R01, Class 1M1, (1 mo. LIBOR US + 0.80%), 1.75%, 01/25/40(a)		9,183		8,780,303
Series 2020-R02, Class 2M1, (1 mo. LIBOR US + 0.75%), 1.70%, 01/25/40(a)		4,087		3,923,318
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-6, Class 3A1, 5.00%, 09/25/19		7		5,765

14

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Credit Suisse Mortgage Capital Certificates, Series 2009-15R, Class 3A1, 4.07%, 03/26/36(b)(c)	$	12	$	12,305
Deephaven Residential Mortgage Trust, Series 2019-3A, Class A1, 2.96%, 07/25/59(b)(c)		5,125		4,895,222
Fannie Mae Connecticut Avenue Securities:
Series 2016-C04, Class 1M2, (1 mo. LIBOR US + 4.25%), 5.20%, 01/25/29(a)		4,472		4,203,021
Series 2016-C05, Class 2M2F, (1 mo. LIBOR US + 2.75%), 3.70%, 01/25/29(a)		2,692		2,629,226
Series 2017-C02, Class 1M1, (1 mo. LIBOR US + 1.15%), 2.10%, 09/25/29(a)		35		34,950
Series 2017-C04, Class 2M1, (1 mo. LIBOR US + 0.85%), 1.80%, 11/25/29(a)		229		226,520
Series 2018-C01, Class 1EA1, 1.40%, 07/25/30(c)		6,092		5,440,400
Series 2018-C02, Class 2ED2, 1.85%, 08/25/30(c)		10,309		9,009,596
Freddie Mac STACR Trust(a)(b):
Series 2019-DNA2, Class M2, (1 mo. LIBOR US + 2.45%), 3.40%, 03/25/49		2,447		2,028,010
Series 2019-DNA4, Class M1, (1 mo. LIBOR US + 0.70%), 1.65%, 10/25/49		1,237		1,220,092
Series 2020-DNA1, Class M1, (1 mo. LIBOR US + 0.70%), 1.65%, 01/25/50		4,860		4,713,240
Series 2020-DNA2, Class M1, (1 mo. LIBOR US + 0.75%), 1.70%, 02/25/50		7,880		7,504,215
Series 2020-HQA1, Class M1, (1 mo. LIBOR US + 0.75%), 1.70%, 01/25/50		2,760		2,656,670
Freddie Mac Structured Agency Credit Risk Debt Notes (a):
Series 2015-DNA1, Class M2, (1 mo. LIBOR US + 1.85%), 2.80%, 10/25/27		4,116		4,009,189
Series 2016-DNA1, Class M2, (1 mo. LIBOR US + 2.90%), 3.85%, 07/25/28		66		65,224
Series 2016-DNA1, Class M3, (1 mo. LIBOR US + 5.55%), 6.50%, 07/25/28		2,200		2,117,498

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Series 2017-DNA1, Class M1, (1 mo. LIBOR US + 1.20%), 2.15%, 07/25/29	$	1,146	$	1,139,785
Series 2017-DNA2, Class M1, (1 mo. LIBOR US + 1.20%), 2.15%, 10/25/29		697		679,088
Series 2017-DNA3, Class M1, (1 mo. LIBOR US + 0.75%), 1.70%, 03/25/30		802		788,711
Series 2017-HQA2, Class M1, (1 mo. LIBOR US + 0.80%), 1.75%, 12/25/29		859		848,847
STACR Trust (a)(b):
Series 2018-DNA3, Class M1, (1 mo. LIBOR US + 0.75%), 1.70%, 09/25/48		2,501		2,462,771
Series 2018-HRP1, Class M2, (1 mo. LIBOR US + 1.65%), 2.60%, 04/25/43		6,127		5,733,096
Series 2018-HRP1, Class M2B, (1 mo. LIBOR US + 1.65%), 2.60%, 04/25/43		2,000		1,822,285
Series 2018-HRP2, Class M2, (1 mo. LIBOR US + 1.25%), 2.20%, 02/25/47		2,219		2,103,717
				118,518,303
Commercial Mortgage-Backed Securities — 2.3%
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class B, 4.36%, 09/15/48(c)		360		354,228
Citigroup Commercial Mortgage Trust:
Series 2006-C5, Class AJ, 5.48%, 10/15/49		25		24,080
Series 2015-GC29, Class A2, 2.67%, 04/10/48		1,364		1,362,578
Series 2016-GC36, Class A5, 3.62%, 02/10/49		550		584,261
Series 2017-P8, Class AS, 3.79%, 09/15/50(c)		2,090		2,104,989
COMM Mortgage Trust, Series 2015-CR22, Class A2, 2.86%, 03/10/48		1,717		1,715,861
Commercial Mortgage Trust:
Series 2012-CR3, Class AM, 3.42%, 10/15/45(b)		1,680		1,684,133
Series 2013-CR11, Class B, 5.12%, 08/10/50(c)		380		382,661
Series 2013-LC6, Class AM, 3.28%, 01/10/46		400		397,451
Series 2014-CR17, Class A5, 3.98%, 05/10/47		670		703,673

15

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
DBJPM Mortgage Trust, Series 2016-C1, Class B, 4.20%, 05/10/49(c)	$	330	$	318,238
Eleven Madison Avenue Mortgage Trust, Series 2015-11MD, Class A, 3.55%, 09/10/35(b)(c)		150		148,271
GE Commercial Mortgage Corp., Series 2007-C1, Class AM, 5.61%, 12/10/49(c)		43		35,417
Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust, Series 2006-GG7, Class AM, 5.51%, 07/10/38(c)		29		28,947
GS Mortgage Securities Trust:
Series 2012-GCJ7, Class AS, 4.09%, 05/10/45		280		284,118
Series 2013-GC13, Class A5, 4.05%, 07/10/46(c)		170		180,032
Series 2014-GC20, Class A5, 4.00%, 04/10/47		730		774,209
Series 2015-GC30, Class B, 4.04%, 05/10/50(c)		300		290,594
Series 2015-GS1, Class A3, 3.73%, 11/10/48		2,030		2,180,576
JPMBB Commercial Mortgage Securities Trust:
Series 2013-C14, Class A4, 4.13%, 08/15/46(c)		430		453,769
Series 2013-C17, Class A3, 3.93%, 01/15/47		1,224		1,286,624
Series 2014-C22, Class A4, 3.80%, 09/15/47		1,470		1,555,622
Series 2014-C25, Class AS, 4.07%, 11/15/47		2,180		2,238,944
Series 2015-C30, Class A5, 3.82%, 07/15/48		1,780		1,900,107
Series 2015-C33, Class A4, 3.77%, 12/15/48		2,360		2,520,785
Series 2016-C1, Class A5, 3.58%, 03/15/49		810		858,043
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2006-CB16, Class B, 5.67%, 05/12/45(c)		210		10,823
Series 2011-C5, Class A3, 4.17%, 08/15/46		70		71,380
Series 2012-CBX, Class AS, 4.27%, 06/15/45		350		357,364
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C13, Class A4, 4.04%, 11/15/46		460		479,256
Morgan Stanley Capital I Trust:
Series 2012-C4, Class A4, 3.24%, 03/15/45		680		684,080

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Series 2015-MS1, Class A4, 3.78%, 05/15/48(c)	$	550	$	574,348
Series 2015-UBS8, Class A3, 3.54%, 12/15/48		3,010		3,116,035
Series 2019-L3, Class AS, 3.49%, 11/15/52		970		938,034
UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5, 2.85%, 12/10/45		505		503,461
Wells Fargo Commercial Mortgage Trust, Class AS:
Series 2014-LC18, 3.81%, 12/15/47		510		515,202
Series 2015-C26, 3.58%, 02/15/48		1,380		1,380,432
Series 2018-C46, 4.38%, 08/15/51		2,670		2,797,710
WF-RBS Commercial Mortgage Trust:
Series 2012-C08, Class AS, 3.66%, 08/15/45		640		644,843
Series 2012-C10, Class AS, 3.24%, 12/15/45		460		459,333
Series 2013-C18, Class A5, 4.16%, 12/15/46(c)		620		649,460
Series 2014-C23, Class A4, 3.65%, 10/15/57		314		324,496
WFRBS Commercial Mortgage Trust, Class AS:
Series 2014-C23, 4.21%, 10/15/57(c)		1,140		1,170,103
Series 2014-C24, 3.93%, 11/15/47		2,380		2,416,136
				41,460,707
Total Non-Agency Mortgage-Backed Securities — 8.7% (Cost — $171,949,460)				159,979,010
U.S. Government Sponsored Agency Securities — 46.0%
Collateralized Mortgage Obligations — 2.2%
Fannie Mae Connecticut Avenue Securities (a):
Series 2016-C05, Class 2M2, (1 mo. LIBOR US + 4.45%), 5.40%, 01/25/29		465		443,475
Series 2017-C01, Class 1M2A, (1 mo. LIBOR US + 3.55%), 4.50%, 07/25/29		2,523		2,453,173
Series 2017-C05, Class 1M2A, (1 mo. LIBOR US + 2.20%), 3.15%, 01/25/30		2,558		2,470,266
Series 2017-C06, Class 1M2A, (1 mo. LIBOR US + 2.65%), 3.60%, 02/25/30		722		696,031

16

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Series 2017-C07, Class 2M2A, (1 mo. LIBOR US + 2.50%), 3.45%, 05/25/30	$	1,020	$	924,972
Series 2018-C03, Class 1M1, (1 mo. LIBOR US + 0.68%), 1.63%, 10/25/30		442		433,927
Series 2019-R04, Class 2M1, (1 mo. LIBOR US + 0.75%), 1.70%, 06/25/39 (b)		1,693		1,653,318
Series 2019-R04, Class 2M2, (1 mo. LIBOR US + 2.10%), 3.05%, 06/25/39(b)		5,895		4,794,294
Freddie Mac STACR Trust (a)(b):
Series 2018-HQA2, Class M2, (1 mo. LIBOR US + 2.30%), 3.25%, 10/25/48		2,000		1,630,413
Series 2019-DNA1, Class M1, (1 mo. LIBOR US + 0.90%), 1.85%, 01/25/49		2,225		2,183,677
Series 2019-FTR2, Class M1, (1 mo. LIBOR US + 0.95%), 1.90%, 11/25/48		4,280		4,169,437
Series 2019-HQA1, Class M2, (1 mo. LIBOR US + 2.35%), 3.30%, 02/25/49		10,336		8,725,533
Series 2019-HQA2, Class M1, (1 mo. LIBOR US + 0.70%), 1.65%, 04/25/49		450		446,116
Series 2019-HQA2, Class M2, (1 mo. LIBOR US + 2.05%), 3.00%, 04/25/49		1,680		1,393,964
Series 2019-HQA3, Class M1, (1 mo. LIBOR US + 0.75%), 1.70%, 09/25/49		881		863,193
Series 2019-HQA3, Class M2, (1 mo. LIBOR US + 1.85%), 2.80%, 09/25/49		5,000		4,054,841
Freddie Mac Structured Agency Credit Risk Debt Notes (a):
Series 2016-HQA3, Class M2, (1 mo. LIBOR US + 1.35%), 2.30%, 03/25/29		114		109,613
Series 2016-HQA2, Class M2, (1 mo. LIBOR US + 2.25%), 3.20%, 11/25/28		111		109,675
Series 2015-HQA2, Class M2, (1 mo. LIBOR US + 2.80%), 3.75%, 05/25/28		22		21,458
Series 2015-DNA3, Class M2, (1 mo. LIBOR US + 2.85%), 3.80%, 04/25/28		229		223,835

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Series 2017-DNA2, Class M2, (1 mo. LIBOR US + 3.45%), 4.40%, 10/25/29	$	1,370	$	1,219,170
Series 2016-DNA2, Class M3, (1 mo. LIBOR US + 4.65%), 5.60%, 10/25/28		2,176		2,067,403
				41,087,784
Commercial Mortgage-Backed Securities — 2.6%
Fannie Mae, Class A2:
Series 2012-M13, 2.38%, 05/25/22		3,398		3,458,034
Series 2012-M9, 2.48%, 04/25/22		4,313		4,383,930
Series 2016-M13, 2.48%, 09/25/26(c)		800		830,924
Series 2013-M3, 2.51%, 11/25/22(c)		4,303		4,401,984
Series 2012-M5, 2.72%, 02/25/22		1,800		1,836,802
Series 2018-M1, 2.98%, 12/25/27(c)		1,590		1,736,202
Series 2018-M7, 3.05%, 03/25/28(c)		1,590		1,735,499
Series 2014-M3, 3.48%, 01/25/24(c)		2,032		2,188,487
Freddie Mac:
Series K020, Class A2, 2.37%, 05/25/22		7,960		8,122,257
Series K055, Class A2, 2.67%, 03/25/26		1,590		1,700,662
Series K064, Class A2, 3.22%, 03/25/27		2,790		3,093,423
Series K031, Class A2, 3.30%, 04/25/23(c)		281		298,225
Series K060, Class A2, 3.30%, 10/25/26		1,190		1,321,070
Series K061, Class A2, 3.35%, 11/25/26(c)		1,590		1,770,361
Series K073, Class A2, 3.35%, 01/25/28		1,610		1,832,150
Series K072, Class A2, 3.44%, 12/25/27		1,190		1,362,101
Series K076, Class A2, 3.90%, 04/25/28		2,390		2,808,348
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K025, Class A2, 2.68%, 10/25/22		3,980		4,109,489
				46,989,948

17

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities — 41.2%
Fannie Mae Mortgage-Backed Securities:
(12 mo. LIBOR US + 1.54%), 2.02%, 06/01/43 (a)	$	104	$	103,749
(11th District Cost of Funds + 1.25%), 2.29%, 09/01/34(a)		143		140,538
2.50%, 09/01/28 - 04/15/50(g)		257,091		266,360,435
3.00%, 12/01/26 - 04/15/50(g)		132,383		138,850,867
(6 mo. LIBOR US + 1.04%), 3.04%, 05/01/33(a)		4		3,900
(6 mo. LIBOR US + 1.36%), 3.21%, 10/01/32(a)		15		14,717
(12 mo. LIBOR US + 1.38%), 3.38%, 04/01/35(a)		75		76,138
3.50%, 11/01/31 - 11/01/51(g)		69,937		74,382,384
(12 mo. LIBOR US + 1.77%), 3.78%, 01/01/42(a)		24		24,168
(12 mo. LIBOR US + 1.81%), 3.81%, 02/01/42(a)		3		3,073
4.00%, 04/15/20 - 02/01/57(g)		44,944		48,446,490
(12 mo. LIBOR US + 1.82%), 4.07%, 09/01/41(a)		50		50,791
(12 mo. LIBOR US + 1.75%), 4.33%, 08/01/41(a)		30		30,594
(12 mo. LIBOR US + 1.53%), 4.41%, 04/01/43 - 05/01/43(a)		30		30,133
(12 mo. LIBOR US + 1.74%), 4.43%, 04/01/40 (a)		12		11,747
4.50%, 04/01/23 - 04/15/50(g)		17,391		18,862,086
5.00%, 05/01/20 - 04/01/49		5,274		5,796,512
5.50%, 10/01/32 - 01/01/47		3,684		4,159,955
6.00%, 11/01/22 - 09/01/38		991		1,131,033
6.50%, 12/01/30 - 01/01/36		807		913,144
7.00%, 01/01/32 - 06/01/32		25		29,777
7.50%, 09/01/29		7		7,672
Freddie Mac Mortgage-Backed Securities:
(11th District Cost of Funds + 1.25%), 2.29%, 11/01/27(a)		79		77,457
(12 mo. LIBOR US + 1.60%), 2.40%, 08/01/43(a)		37		37,110
(12 mo. LIBOR US + 1.65%), 2.46%, 05/01/43(a)		107		108,958
2.50%, 02/01/27 - 10/01/49		1,300		1,352,754
3.00%, 05/01/27 - 02/01/50		7,427		7,833,796
3.50%, 04/01/26 - 02/01/50		28,854		30,650,753
(12 mo. LIBOR US + 1.75%), 3.75%, 02/01/40(a)		68		68,973
(12 mo. LIBOR US + 1.90%), 3.87%, 01/01/42(a)		1		1,372
4.00%, 10/01/24 - 03/01/49		18,372		19,741,192
(12 mo. LIBOR US + 1.76%), 4.25%, 08/01/41(a)		35		35,730

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
(12 mo. LIBOR US + 1.50%), 4.37%, 06/01/43(a)	$	11	$	11,439
(12 mo. LIBOR US + 1.79%), 4.39%, 09/01/32(a)		3		2,637
4.50%, 08/01/20 - 01/01/49		5,197		5,622,376
(12 mo. LIBOR US + 1.89%), 4.58%, 07/01/41(a)		30		30,661
(12 mo. LIBOR US + 1.75%), 4.65%, 04/01/38(a)		97		98,968
(1 year CMT + 2.34%), 4.79%, 04/01/32(a)		32		32,247
5.00%, 10/01/20 - 07/01/48		2,429		2,640,464
5.50%, 07/01/20 - 08/01/38		1,013		1,134,162
6.00%, 07/01/21 - 04/01/38		409		464,192
6.50%, 05/01/21 - 08/01/36		342		415,443
7.50%, 12/01/30		1		730
Ginnie Mae Mortgage-Backed Securities:
2.50%, 04/21/50(g)		3,375		3,527,139
3.00%, 01/20/43 - 04/21/50(g)(h)		20,137		21,354,056
3.50%, 01/15/41 - 01/20/50		45,730		48,553,859
4.00%, 09/15/40 - 06/20/49		28,047		30,107,137
4.50%, 03/15/39 - 04/21/50(g)		15,701		16,767,630
5.00%, 11/20/33 - 04/21/50(g)		3,572		3,917,268
5.50%, 06/15/34 - 04/20/48		783		880,186
6.00%, 01/15/32 - 10/20/38		239		273,025
6.50%, 06/15/28 - 07/15/38		91		104,960
7.00%, 06/15/29		12		12,524
7.50%, 08/20/30		3		3,956
				755,293,057
Total U.S. Government Sponsored Agency Securities — 46.0% (Cost — $825,824,309)				843,370,789
Total Long-Term Investments — 116.2% (Cost — $2,135,240,714)				2,132,800,423
	Shares
Short-Term Securities — 8.5%
BlackRock Cash Funds: Institutional, SL Agency Shares,     1.35%(i)(j)(k)		156,257,436		156,226,185
BlackRock Cash Funds: Treasury, SL Agency Shares,     0.25%(i)(k)		100,000		100,000
Total Short-Term Securities — 8.5% (Cost — $156,268,530)				156,326,185
Total Investments Before TBA Sale Commitments — 124.7% (Cost — $2,291,509,244)				2,289,126,608

18

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
TBA Sale Commitments — (7.0%)
Mortgage-Backed Securities — (7.0%)
Fannie Mae Mortgage-Backed Securities(g):
2.50%, 04/20/35 - 04/15/50	$	98,425	$	(101,966,181	)
3.00%, 04/20/35 - 04/15/50		20,340		(21,315,660	)
3.50%, 04/15/50		4,105		(4,320,513	)
4.00%, 04/15/20		351		(373,947	)
Total TBA Sale Commitments — (7.0)% (Proceeds — $124,576,139)				(127,976,301	)
Total Investments, Net of TBA Sale Commitments — 117.7% (Cost — $2,166,933,105)				2,161,150,307
Liabilities in Excess of Other Assets — (17.7)%				(325,521,733	)
Net Assets — 100.0%			$	1,835,628,574

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

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

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

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

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

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

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

^(k)  Investments in issuers considered to be an affiliate/affiliates of the Master Portfolio during the period ended March 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 12/31/19		Shares Purchased		Shares Sold			Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		180,038,038		—		(23,780,602	)(b)		156,257,436	$	156,226,185	$	444,405	(c)	$	(23,371	)	$	45,884
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		—		—			100,000		100,000		3,959			—			—
										$	156,326,185	$	448,364		$	(23,371	)	$	45,884

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

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

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

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

19

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio

Currency Abbreviations
AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
KRW	South Korean Won
MXN	Mexican Peso
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
USD	United States Dollar
ZAR	South African Rand
Portfolio Abbreviations
ARB	Airport Revenue Bonds
EURIBOR	Euro Interbank Offered Rate
GO	General Obligation Bonds
LIBOR	London Interbank Offered Rate
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		172		06/15/20	$	15,934	$	354,181
10-Year Canada Bond		242		06/19/20		25,302		96,166
10-Year U.S. Treasury Note		305		06/19/20		42,300		191,253
U.S. Long Treasury Bond		148		06/19/20		26,501		(65,774	)
U.S. Ultra Long Treasury Bond		758		06/19/20		168,181		10,727,701
2-Year U.S. Treasury Note		45		06/30/20		9,917		12,770
5-Year U.S. Treasury Note		718		06/30/20		90,008		24,460
								11,340,757
Short Contracts
Euro Bund Futures		191		06/08/20		36,340		229,747
10-Year U.S. Ultra Long Treasury Note		78		06/19/20		12,170		(516,294	)
Long Gilt Future		215		06/26/20		36,370		(36,285	)
								(322,832	)
							$	11,017,925

20

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	610,959	EUR	550,000	Barclays Bank PLC		06/17/20	$	2,602
USD	680,459	EUR	620,000	Deutsche Bank AG		06/17/20		(5,325	)
USD	132,588	EUR	120,000	JPMorgan Chase Bank N.A.		06/17/20		(144	)
USD	731,096	EUR	680,000	Natwest Markets PLC		06/17/20		(21,055	)
USD	1,384,868	EUR	1,290,000	Natwest Markets PLC		06/17/20		(42,007	)
USD	146,698	HKD	1,140,000	HSBC Bank PLC		06/17/20		(304	)
								(68,835	)
	Net unrealized depreciation						$	(66,233	)

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.34.V1		5.00	%		Quarterly		06/20/25		USD	4,170	$	260,764	$	220,989	$	39,775
ITRAXX.XO.33.V1		5.00			Quarterly		06/20/25		EUR	4,860		152,999		125,086		27,913
											$	413,763	$	346,075	$	67,688

Centrally Cleared Interest Rate Swaps

Paid by the Master Portfolio		Received by the Master Portfolio											Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Effective Date		Termination Date		Notional Amount (000)		Value
6-Month EURIBOR, (0.29)%	Semi-Annual	(0.36)%	Monthly		NA		02/04/22	EUR	21,020	$	(12,744	)	$	674		$	(13,418	)
6-Month EURIBOR, (0.29)%	Semi-Annual	(0.41)	Monthly		NA		03/03/22	EUR	33,980		(49,848	)		17,679			(67,527	)
6-Month EURIBOR, (0.29)%	Semi-Annual	(0.44)	Monthly		NA		03/04/22	EUR	78,580		(158,484	)		61,184			(219,668	)
6-Month EURIBOR, (0.29)%	Semi-Annual	(0.47)	Monthly		NA		03/05/22	EUR	32,180		(83,443	)		(15,006	)		(68,437	)
6-Month EURIBOR, (0.29)%	Semi-Annual	(0.48)	Monthly		NA		03/06/22	EUR	25,270		(71,391	)		(2,058	)		(69,333	)
0.44	Semi-Annual	3-Month LIBOR, 1.45%	Quarterly		NA		03/19/22	USD	15,860		(2,771	)		269			(3,040	)
0.52	Semi-Annual	6-Month GBP LIBOR, 1.18%	Semi-Annual		NA		03/19/22	GBP	47,094		(29,412	)		(27,642	)		(1,770	)
0.52	Semi-Annual	6-Month GBP LIBOR, 1.18%	Semi-Annual		NA		03/19/22	GBP	6,026		(3,757	)		(5,293	)		1,536
3-Month LIBOR, 1.45%	Quarterly	0.44	Semi-Annual		NA		03/19/22	USD	15,860		2,771			5,409			(2,638	)
0.61	Semi-Annual	6-Month GBP LIBOR, 1.18%	Semi-Annual		NA		03/20/22	GBP	30,111		(87,291	)		(56,106	)		(31,185	)
0.61	Semi-Annual	6-Month GBP LIBOR, 1.18%	Semi-Annual		NA		03/20/22	GBP	6,949		(20,145	)		(14,278	)		(5,867	)

21

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Master Portfolio		Received by the Master Portfolio												Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Effective Date			Termination Date		Notional Amount (000)		Value
6-Month EURIBOR, (0.29)%	Semi-Annual	(0.30)%	Monthly		NA			03/26/22	EUR	6,450	$	3,463		$	(2,733	)	$	6,196
0.50	Semi-Annual	6-Month GBP LIBOR, 1.18%	Semi-Annual		NA			03/31/22	GBP	8,105		(513	)		113			(626	)
0.51	Semi-Annual	6-Month GBP LIBOR, 1.18%	Semi-Annual		NA			03/31/22	GBP	7,205		(679	)		760			(1,439	)
(0.32)	Monthly	6-Month EURIBOR, (0.29)%	Semi-Annual		06/08/20	(a)		06/08/22	EUR	141,577		986			180,001			(179,015	)
(0.32)	Monthly	6-Month EURIBOR, (0.29)%	Semi-Annual		06/08/20	(a)		06/08/22	EUR	141,577		987			139,563			(138,576	)
0.44	Semi-Annual	6-Month GBP LIBOR, 1.18%	Semi-Annual		06/08/20	(a)		06/08/22	GBP	62,776		49,563			15,366			34,197
0.48	Semi-Annual	6-Month GBP LIBOR, 1.18%	Semi-Annual		06/08/20	(a)		06/08/22	GBP	60,340		(9,499	)		(106,085	)		96,586
0.50	Semi-Annual	6-Month GBP LIBOR, 1.18%	Semi-Annual		06/08/20	(a)		06/08/22	GBP	61,472		(36,808	)		17,978			(54,786	)
0.62	Semi-Annual	6-Month GBP LIBOR, 1.18%	Semi-Annual		06/08/20	(a)		06/08/22	GBP	104,168		(382,161	)		(60,405	)		(321,756	)
0.49	Semi-Annual	3-Month LIBOR, 1.45%	Quarterly		06/08/20	(a)		06/08/22	USD	44,048		(120,864	)		(74,379	)		(46,485	)
1.19	Semi-Annual	3-Month LIBOR, 1.45%	Quarterly		06/08/20	(a)		06/08/22	USD	72,785		(1,215,273	)		(97,077	)		(1,118,196	)
1.18	Semi-Annual	3-Month LIBOR, 1.45%	Quarterly		06/08/20	(a)		06/08/25	USD	68,850		(2,364,120	)		(1,023,229	)		(1,340,891	)
6-Month EURIBOR, (0.29)%	Semi-Annual	(0.42)	Monthly		06/08/20	(a)		06/08/25	EUR	117,416		(1,320,493	)		(79,646	)		(1,240,847	)
6-Month EURIBOR, (0.29)%	Semi-Annual	(0.11)	Monthly		06/08/20	(a)		06/08/25	EUR	56,411		339,950			(172,708	)		512,658
6-Month EURIBOR, (0.29)%	Semi-Annual	(0.11)	Monthly		06/08/20	(a)		06/08/25	EUR	56,411		339,950			204			339,746
6-Month GBP LIBOR, 1.18%	Semi-Annual	0.49	Semi-Annual		06/08/20	(a)		06/08/25	GBP	24,024		(44,311	)		10,774			(55,085	)
6-Month GBP LIBOR, 1.18%	Semi-Annual	0.50	Semi-Annual		06/08/20	(a)		06/08/25	GBP	24,992		(32,750	)		82,857			(115,607	)
6-Month GBP LIBOR, 1.18%	Semi-Annual	0.63	Semi-Annual		06/08/20	(a)		06/08/25	GBP	25,632		174,730			(15,299	)		190,029
6-Month GBP LIBOR, 1.18%	Semi-Annual	0.64	Semi-Annual		06/08/20	(a)		06/08/25	GBP	41,740		293,076			62,714			230,362
3-Month LIBOR, 1.45%	Quarterly	0.78	Semi-Annual		06/08/20	(a)		06/08/25	USD	17,743		259,496			145,613			113,883
1-Month MXIBOR, 6.71%	Annual	6.58	Annual		09/17/20	(a)		09/11/25	MXN	204,160		28,856			163			28,693
0.94	Monthly	6-Month WIBOR, 1.09%	Semi-Annual		09/16/20	(a)		09/16/25	PLN	32,810		(25,834	)		142			(25,976	)
3-Month JIBAR, 5.61%	Quarterly	7.97	Quarterly		09/16/20	(a)		09/16/25	ZAR	47,488		91,235			50			91,185

22

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Master Portfolio		Received by the Master Portfolio												Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Effective Date			Termination Date		Notional Amount (000)		Value
6-Month CAD BA, 2.07%	Semi-Annual	0.78%	Semi-Annual		09/16/20	(a)		09/16/25	CAD	12,180	$	(85,726	)	$	(17,610	)	$	(68,116	)
(0.08)	Monthly	6-Month EURIBOR, (0.29)%	Semi-Annual		09/16/20	(a)		09/16/25	EUR	6,740		(47,063	)		(4,012	)		(43,051	)
(0.22)	Monthly	6-Month EURIBOR, (0.29)%	Semi-Annual		09/16/20	(a)		09/16/25	EUR	25,460		18,183			(1,945	)		20,128
6-Month GBP LIBOR, 1.18%	Semi-Annual	0.67	Semi-Annual		09/16/20	(a)		09/16/25	GBP	8,570		81,564			(51	)		81,615
0.86	Monthly	6-Month WIBOR, 1.09%	Semi-Annual		09/16/20	(a)		09/16/25	PLN	30,625		7,132			137			6,995
0.94	Monthly	6-Month WIBOR, 1.09%	Semi-Annual		09/16/20	(a)		09/16/25	PLN	27,150		(19,974	)		118			(20,092	)
3-Month STIBOR, 0.31%	Quarterly	0.34	Monthly		09/16/20	(a)		09/16/25	SEK	33,450		22,117			66			22,051
3-Month STIBOR, 0.31%	Quarterly	0.35	Monthly		09/16/20	(a)		09/16/25	SEK	37,500		26,631			2,815			23,816
1.56	Semi-Annual	6-Month SIBOR, 6.71%	Semi-Annual		09/16/20	(a)		09/16/25	SGD	6,760		(120,702	)		86			(120,788	)
0.56	Semi-Annual	3-Month LIBOR, 1.45%	Quarterly		09/16/20	(a)		09/16/25	USD	1,920		(5,997	)		39			(6,036	)
3-Month JIBAR, 5.61%	Quarterly	7.22	Quarterly		09/16/20	(a)		09/16/25	ZAR	143,090		19,598			147			19,451
3-Month JIBAR, 5.61%	Quarterly	7.98	Quarterly		09/16/20	(a)		09/16/25	ZAR	49,607		96,487			52			96,435
3-Month JIBAR, 5.61%	Quarterly	8.06	Quarterly		09/16/20	(a)		09/16/25	ZAR	43,835		93,602			46			93,556
3-Month JIBAR, 5.61%	Quarterly	8.09	Quarterly		09/16/20	(a)		09/16/25	ZAR	147,820		326,195			164			326,031
3-Month JIBAR, 5.61%	Quarterly	8.15	Quarterly		09/16/20	(a)		09/16/25	ZAR	32,130		75,487			33			75,454
3-Month JIBAR, 5.61%	Quarterly	8.16	Quarterly		09/16/20	(a)		09/16/25	ZAR	74,970		177,921			78			177,843
(0.15)	Monthly	6-Month EURIBOR, (0.29)%	Semi-Annual		NA			03/03/30	EUR	4,720		60,491			(22,344	)		82,835
(0.19)	Monthly	6-Month EURIBOR, (0.29)%	Semi-Annual		NA			03/04/30	EUR	6,810		117,450			(31,289	)		148,739
(0.20)	Monthly	6-Month EURIBOR, (0.29)%	Semi-Annual		NA			03/05/30	EUR	3,160		57,602			10,056			47,546
(0.21)	Monthly	6-Month EURIBOR, (0.29)%	Semi-Annual		NA			03/06/30	EUR	3,280		64,762			3,769			60,993
6-Month GBP LIBOR, 1.18%	Semi-Annual	0.88	Semi-Annual		NA			03/19/30	GBP	2,720		97,729			94,237			3,492
0.77	Semi-Annual	3-Month LIBOR, 1.45%	Quarterly		NA			03/19/30	USD	1,390		(9,302	)		4,094			(13,396	)
3-Month LIBOR, 1.45%	Quarterly	0.77	Semi-Annual		NA			03/19/30	USD	1,390		9,302			31			9,271
6-Month GBP LIBOR, 1.18%	Semi-Annual	0.91	Semi-Annual		NA			03/20/30	GBP	6,140		239,191			128,799			110,392
6-Month GBP LIBOR, 1.18%	Semi-Annual	0.57	Semi-Annual		NA			03/24/30	GBP	220		(345	)		22			(367	)

23

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Master Portfolio		Received by the Master Portfolio												Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Effective Date			Termination Date		Notional Amount (000)		Value
0.03%	Monthly	6-Month EURIBOR, (0.29)%	Semi-Annual		NA			03/26/30	EUR	280	$	(1,787	)	$	1,927		$	(3,714	)
6-Month GBP LIBOR, 1.18%	Semi-Annual	0.59	Semi-Annual		NA			03/30/30	GBP	1,270		(68	)		5,104			(5,172	)
6-Month GBP LIBOR, 1.18%	Semi-Annual	0.57	Semi-Annual		NA			03/31/30	GBP	1,510		(3,817	)		(243	)		(3,574	)
(0.20)	Monthly	6-Month EURIBOR, (0.29)%	Semi-Annual		06/08/20	(a)		06/08/30	EUR	33,723		731,292			42,314			688,978
(0.20)	Monthly	6-Month EURIBOR, (0.29)%	Semi-Annual		06/08/20	(a)		06/08/30	EUR	59,025		1,279,960			74,061			1,205,899
0.50	Semi-Annual	6-Month GBP LIBOR, 1.18%	Semi-Annual		06/08/20	(a)		06/08/30	GBP	1,270		13,418			6,748			6,670
0.74	Semi-Annual	6-Month GBP LIBOR, 1.18%	Semi-Annual		06/08/20	(a)		06/08/30	GBP	6,480		(117,100	)		(1,973	)		(115,127	)
0.89	Semi-Annual	6-Month GBP LIBOR, 1.18%	Semi-Annual		06/08/20	(a)		06/08/30	GBP	7,780		(288,108	)		70,051			(358,159	)
3-Month LIBOR, 1.45%	Quarterly	0.81	Semi-Annual		06/08/20	(a)		06/08/30	USD	11,760		128,513			32,072			96,441
0.93	Semi-Annual	3-Month LIBOR, 1.45%	Quarterly		06/08/20	(a)		06/08/30	USD	9,403		(212,711	)		167,234			(379,945	)
3-Month LIBOR, 1.45%	Quarterly	1.10	Semi-Annual		06/08/20	(a)		06/08/30	USD	7,154		279,439			18,367			261,072
3-Month LIBOR, 1.45%	Quarterly	1.30	Semi-Annual		06/08/20	(a)		06/08/30	USD	42,610		2,522,670			211,595			2,311,075
6-Month EURIBOR, (0.29)%	Semi-Annual	0.11	Monthly		06/08/20	(a)		06/08/50	EUR	11,292		(233,822	)		(30,006	)		(203,816	)
0.86	Semi-Annual	3-Month LIBOR, 1.45%	Quarterly		06/08/20	(a)		06/08/50	USD	4,100		34,172			(53,174	)		87,346
1.28	Semi-Annual	3-Month LIBOR, 1.45%	Quarterly		06/08/20	(a)		06/08/50	USD	2,440		(258,578	)		(9,106	)		(249,472	)
											$	688,280		$	(307,922	)	$	996,202

^(a)  Forward swap.

24

Schedule of Investments  (unaudited) (continued) March 31, 2020 CoreAlpha Bond Master Portfolio

OTC Interest Rate Swaps

Paid by the Master Portfolio		Received by the Master Portfolio													Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate		Frequency	Counterparty	Effective Date		Date		Notional Amount (000)			Value
3-Month KRW CDC, 1.18%	Quarterly		1.30%	Quarterly	Citibank N.A.		NA		03/18/25		KRW	5,206,267	$	53,881	$	—	$	53,881
3-Month KRW CDC, 1.18%	Quarterly		1.07	Quarterly	JPMorgan Chase Bank+ N.A.		NA		03/18/25		KRW	4,838,400		5,179		—		5,179
3-Month KRW CDC, 1.18%	Quarterly		1.07	Quarterly	Bank of America N.A.		NA		-03/18/25		KRW	3,784,704		3,975		—		3,975
3-Month KRW CDC, 1.18%	Quarterly		1.06	Quarterly	JPMorgan Chase Bank N.A.		NA		03/18/25		KRW	4,816,896		3,698		—		3,698
3-Month KRW CDC, 1.18%	Quarterly		1.25	Quarterly	Bank of America N.A.		NA		03/18/25		KRW	657,685		5,493		—		5,493
3-Month KRW CDC, 1.18%	Quarterly		1.26	Quarterly	Citibank N.A.		NA		03/18/25		KRW	4,434,968		39,189		—		39,189
													$	111,415	$	—	$	111,415

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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) 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 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 annual report.

25

Schedule of Investments  (unaudited) (continued) March 31, 2020 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:
Asset-Backed Securities	$	—		$	277,297,080		$	3,170,676	$	280,467,756
Corporate Bonds(a)		—			827,642,357			—		827,642,357
Foreign Agency Obligations(a)		—			9,681,455			—		9,681,455
Municipal Bonds(a)		—			11,659,056			—		11,659,056
Non-Agency Mortgage-Backed Securities		—			159,979,010			—		159,979,010
U.S. Government Sponsored Agency Securities		—			843,370,789			—		843,370,789
Short-Term Securities		156,326,185			—			—		156,326,185
Liabilities:
Investments:
TBA Sale Commitments		—			(127,976,301	)		—		(127,976,301	)
	$	156,326,185		$	2,001,653,446		$	3,170,676	$	2,161,150,307
Derivative Financial Instruments(b)
Assets:
Credit contracts	$	—		$	67,688		$	—	$	67,688
Foreign currency exchange contracts		—			2,602			—		2,602
Interest rate contracts		11,636,278			7,820,610			—		19,456,888
Liabilities:
Foreign currency exchange contracts		—			(68,835	)		—		(68,835	)
Interest rate contracts		(618,353	)		(6,712,993	)		—		(7,331,346	)
	$	11,017,925		$	1,109,072		$	—	$	12,126,997

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

^(b)  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.

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