Schedule of Investments (unaudited) September 30, 2022 BlackRock Advantage CoreAlpha Bond Fund (Percentages shown are based on Net Assets)

Mutual Fund	Value
Advantage CoreAlpha Bond Master Portfolio	$	963,917,783
Total Investments — 100.0% (Cost: $1,083,035,496)		963,917,783
Liabilities in Excess of Other Assets — (0.0)%		(363,955	)
Net Assets — 100.0%	$	963,553,828

BlackRock Advantage CoreAlpha Bond Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Advantage CoreAlpha Bond Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2022, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $963,917,783 and 90.6%, respectively.

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;

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

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

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

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

1

Schedule of Investments (unaudited) September 30, 2022 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
ACC Auto Trust, Series 2021-A, Class A, 1.08%, 04/15/27(a)	$	1,600	$	1,573,987
Avant Loans Funding Trust, Series 2021-REV1, Class A, 1.21%, 07/15/30(a)		5,460		5,125,769
Carvana Auto Receivables Trust
Series 2021-N2, Class B, 0.75%, 03/10/28		622		578,650
Series 2021-N2, Class C, 1.07%, 03/10/28		2,652		2,527,179
Chase Funding Trust, Series 2004-2, Class 2A2, (1 mo. LIBOR US + 0.50%), 3.58%, 02/26/35(b)		113		107,553
College Loan Corp. Trust I, Series 2004-1, Class A4, (3 mo. LIBOR US + 0.19%), 2.97%, 04/25/24(b)		420		418,238
Conseco Finance Corp., Series 1996-9, Class M1, 7.63%, 08/15/27(b)		14		13,709
CWABS, Inc. Asset-Backed Certificates, Series 2004-1, Class M1, (1 mo. LIBOR US + 0.75%), 3.83%, 03/25/34(b)		6		5,408
Drive Auto Receivables Trust
Series 2018-3, Class D, 4.30%, 09/16/24		298		297,615
Series 2018-4, Class D, 4.09%, 01/15/26		438		437,923
Series 2020-1, Class C, 2.36%, 03/16/26		2,301		2,296,353
Series 2020-1, Class D, 2.70%, 05/17/27		7,600		7,467,113
Series 2020-2, Class C, 2.28%, 08/17/26		1,673		1,662,968
Series 2021-1, Class C, 1.02%, 06/15/27		6,240		6,042,394
Series 2021-1, Class D, 1.45%, 01/16/29		1,890		1,757,650
Exeter Automobile Receivables Trust
Series 2020-3A, Class D, 1.73%, 07/15/26		1,730		1,672,225
Series 2021-1A, Class C, 0.74%, 01/15/26		7,930		7,775,180
Series 2021-3A, Class B, 0.69%, 01/15/26		2,500		2,451,754
Series 2021-3A, Class C, 0.96%, 10/15/26		2,950		2,811,685
Ford Credit Auto Owner Trust(a)
Series 2018-1, Class A, 3.19%, 07/15/31		2,870		2,759,059
Series 2019-1, Class A, 3.52%, 07/15/30		450		442,819
JPMorgan Chase Bank NA(a)
Series 2021-2, Class B, 0.89%, 12/26/28		2,556		2,458,916
Series 2021-2, Class C, 0.97%, 12/26/28		1,099		1,053,772
Series 2021-3, Class B, 0.76%, 02/26/29		4,601		4,402,662
Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2022-ELL, Class A-3, 4.28%, 02/01/36		85		78,442
OneMain Financial Issuance Trust, Series 2019-2A, Class A, 3.14%, 10/14/36(a)		5,690		5,056,765
Santander Drive Auto Receivables Trust
Series 2018-5, Class D, 4.19%, 12/16/24		173		173,528
Series 2020-2, Class D, 2.22%, 09/15/26		8,000		7,811,619
Series 2020-4, Class C, 1.01%, 01/15/26		5,334		5,271,770
Series 2021-1, Class C, 0.75%, 02/17/26		4,730		4,653,153
Series 2021-3, Class C, 0.95%, 09/15/27		4,420		4,269,602
Series 2021-4, Class C, 1.26%, 02/16/27		5,030		4,805,442
Santander Revolving Auto Loan Trust, Series 2019-A, Class A, 2.51%, 01/26/32(a)		4,790		4,505,886
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/33(a)		5,680		5,186,433
Upstart Securitization Trust(a)
Series 2021-1, Class A, 0.87%, 03/20/31		416		413,211
Series 2021-3, Class A, 0.83%, 07/20/31		2,047		1,981,848
Series 2021-4, Class A, 0.84%, 09/20/31		3,630		3,480,728
Series 2021-5, Class A, 1.31%, 11/20/31		1,306		1,262,840
Westlake Automobile Receivables Trust(a)
Series 2020-2A, Class B, 1.32%, 07/15/25		282		281,097
Series 2020-2A, Class C, 2.01%, 07/15/25		5,920		5,859,492

Security	Par (000)		Value
Asset-Backed Securities (continued)
Westlake Automobile Receivables Trust(a) (continued)
Series 2020-3A, Class B, 0.78%, 11/17/25	$	3,480	$	3,451,713
Series 2020-3A, Class C, 1.24%, 11/17/25		4,250		4,135,046
Series 2022-1A, Class B, 2.75%, 03/15/27		3,970		3,837,299
Total Asset-Backed Securities — 11.5% (Cost: $127,517,766)				122,656,495
	Shares
Common Stocks
Diversified Financial Services(c) — 0.0%
Edcon Holdco 1		1,643,590		1
Edcon Holdco 2		163,560		—
				1
Total Common Stocks — 0.0% (Cost: $ — )				1
	Par (000)
Corporate Bonds
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc., 3.38%, 03/01/41	$	378		250,040
Aerospace & Defense — 0.8%
3M Co., 2.65%, 04/15/25(d)		1,710		1,610,635
Boeing Co., 4.51%, 05/01/23(d)		1,300		1,295,450
Carlisle Cos., Inc., 2.75%, 03/01/30		1,729		1,412,045
General Dynamics Corp.
3.25%, 04/01/25		1,130		1,091,335
2.25%, 06/01/31(d)		1,350		1,100,434
Lockheed Martin Corp.
4.15%, 06/15/53(d)		700		585,094
4.30%, 06/15/62		535		447,523
Trane Technologies Luxembourg Finance SA, 4.50%, 03/21/49		95		75,467
TransDigm U.K. Holdings PLC, 6.88%, 05/15/26		600		568,942
				8,186,925
Automobiles — 0.4%
American Honda Finance Corp., 1.20%, 07/08/25		900		814,312
General Motors Financial Co., Inc.
4.15%, 06/19/23		215		213,964
2.90%, 02/26/25		1,335		1,247,301
Genuine Parts Co., 1.88%, 11/01/30		1,530		1,138,115
Toyota Motor Credit Corp., 3.65%, 08/18/25		1,110		1,074,771
				4,488,463
Banks — 2.3%
Bank of Montreal, 2.65%, 03/08/27		935		833,750
Canadian Imperial Bank of Commerce
0.45%, 06/22/23		2,650		2,573,355
2.25%, 01/28/25		1,960		1,837,144
First Republic Bank, (1 day SOFR + 0.62%), 1.91%, 02/12/24(b)		2,500		2,467,932
HSBC USA, Inc., 3.75%, 05/24/24		441		432,232
ING Groep NV, 4.10%, 10/02/23		2,290		2,261,398

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

Schedule of Investments (unaudited) (continued) September 30, 2022 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Royal Bank of Canada, 3.63%, 05/04/27(d)	$	1,030	$	958,252
Santander U.K. Group Holdings PLC, (3 mo. LIBOR US + 1.40%), 3.82%, 11/03/28(b)		240		206,162
SVB Financial Group, 1.80%, 02/02/31		129		92,322
Toronto-Dominion Bank, 1.45%, 01/10/25(d)		1,420		1,314,613
Truist Financial Corp., 1.20%, 08/05/25(d)		4,850		4,359,613
Wells Fargo & Co.(b)
(1 day SOFR + 1.51%), 3.53%, 03/24/28		35		31,700
(1 day SOFR + 1.56%), 4.54%, 08/15/26		3,935		3,806,740
(1 day SOFR + 1.98%), 4.81%, 07/25/28		940		896,502
(1 day SOFR + 2.10%), 4.90%, 07/25/33		2,965		2,733,533
Westpac Banking Corp., 2.96%, 11/16/40		120		76,610
				24,881,858
Beverages — 0.6%
Coca-Cola Co., 3.00%, 03/05/51		90		62,823
Coca-Cola Femsa SAB de CV, 2.75%, 01/22/30		1,784		1,525,320
Constellation Brands, Inc.
4.75%, 05/09/32(d)		640		598,641
3.75%, 05/01/50		250		181,621
Diageo Capital PLC, 2.13%, 04/29/32		380		294,083
Keurig Dr. Pepper, Inc.
3.95%, 04/15/29(d)		1,661		1,508,541
4.05%, 04/15/32(d)		245		214,870
4.50%, 04/15/52		1,270		1,001,281
PepsiCo, Inc.
2.85%, 02/24/26(d)		800		753,218
3.45%, 10/06/46		7		5,487
				6,145,885
Biotechnology — 0.4%
Amgen, Inc.
3.63%, 05/22/24		400		392,971
3.13%, 05/01/25(d)		800		766,604
2.60%, 08/19/26(d)		800		732,840
4.88%, 03/01/53		180		158,348
Gilead Sciences, Inc., 3.50%, 02/01/25		400		385,814
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/30		2,640		1,998,104
				4,434,681
Building Materials — 0.1%
Boise Cascade Co., 4.88%, 07/01/30(a)		750		623,020
Eagle Materials, Inc., 2.50%, 07/01/31		785		572,622
Masco Corp., 2.00%, 10/01/30		160		120,479
				1,316,121
Building Products — 0.1%
Allegion PLC, 3.50%, 10/01/29		90		76,286
Home Depot, Inc.
4.00%, 09/15/25		245		241,104
5.40%, 09/15/40		200		197,133
3.13%, 12/15/49		360		247,656
4.95%, 09/15/52		120		112,808
Lowe’s Cos., Inc.
4.00%, 04/15/25		420		411,492
3.35%, 04/01/27		280		259,319
				1,545,798
Capital Markets — 1.6%
Ameriprise Financial, Inc., 3.00%, 04/02/25		930		888,011
Ares Capital Corp.
4.20%, 06/10/24		4,815		4,661,614
3.25%, 07/15/25(d)		3,070		2,804,203
3.88%, 01/15/26		558		507,673

Security	Par (000)		Value
Capital Markets (continued)
Ares Capital Corp. (continued)
2.15%, 07/15/26	$	1,542	$	1,292,309
2.88%, 06/15/28		240		188,895
Barings BDC, Inc., 3.30%, 11/23/26(a)		285		236,390
Blackstone Private Credit Fund, 4.70%, 03/24/25		220		208,214
Brookfield Finance, Inc.
4.70%, 09/20/47		5		3,974
3.50%, 03/30/51(d)		205		129,333
Charles Schwab Corp., 2.45%, 03/03/27(d)		345		309,604
FS KKR Capital Corp.
4.13%, 02/01/25		411		388,974
3.40%, 01/15/26		838		739,394
2.63%, 01/15/27		2,810		2,268,956
3.25%, 07/15/27		440		362,404
Golub Capital BDC, Inc., 2.50%, 08/24/26		538		450,979
Nomura Holdings, Inc., 2.65%, 01/16/25(d)		1,100		1,030,146
				16,471,073
Chemicals — 0.5%
Air Products & Chemicals, Inc., 2.70%, 05/15/40		187		134,400
Celanese U.S. Holdings LLC
5.90%, 07/05/24		595		586,753
6.05%, 03/15/25		595		581,224
6.17%, 07/15/27		255		241,333
6.33%, 07/15/29		255		237,666
CF Industries, Inc.
4.95%, 06/01/43		1,325		1,067,595
5.38%, 03/15/44		55		46,738
EI du Pont de Nemours & Co., 2.30%, 07/15/30		500		407,918
International Flavors & Fragrances, Inc., 3.20%, 05/01/23		1,590		1,579,344
RPM International, Inc., 3.75%, 03/15/27		105		96,735
Sherwin-Williams Co., 3.30%, 02/01/25(d)		800		764,920
				5,744,626
Commercial Services & Supplies — 0.1%
ASGN, Inc., 4.63%, 05/15/28(a)		1,255		1,079,992
Massachusetts Institute of Technology, 3.07%, 04/01/52		264		191,087
Rockefeller Foundation, Series 2020, 2.49%, 10/01/50		72		45,025
				1,316,104
Communications Equipment — 0.2%
Motorola Solutions, Inc.
4.60%, 02/23/28(d)		939		886,526
2.30%, 11/15/30		323		242,701
5.50%, 09/01/44		1,370		1,164,495
				2,293,722
Consumer Discretionary — 0.6%
NCL Corp. Ltd., 5.88%, 03/15/26(a)		680		517,303
Quanta Services, Inc.
0.95%, 10/01/24		2,110		1,926,553
2.90%, 10/01/30		1,190		951,090
2.35%, 01/15/32(d)		1,730		1,272,776
3.05%, 10/01/41		985		625,981
Royal Caribbean Cruises Ltd., 5.50%, 08/31/26(a)(d)		680		520,200
				5,813,903
Consumer Finance — 0.4%
American Express Co., 3.95%, 08/01/25(d)		480		464,908
Block Financial LLC, 2.50%, 07/15/28		536		442,693
Mastercard, Inc., 3.65%, 06/01/49		280		218,386

2

Schedule of Investments (unaudited) (continued) September 30, 2022 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Consumer Finance (continued)
S&P Global, Inc.
2.95%, 01/22/27(d)	$	685	$	632,543
2.45%, 03/01/27(a)		840		752,937
2.30%, 08/15/60		2,113		1,112,511
Visa, Inc., 3.65%, 09/15/47		1,065		832,075
				4,456,053
Containers & Packaging — 0.0%
Packaging Corp. of America, 3.05%, 10/01/51		285		180,357
Diversified Financial Services — 6.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.15%, 10/29/23		310		294,478
1.65%, 10/29/24		565		516,177
2.45%, 10/29/26		220		185,647
3.00%, 10/29/28		210		168,413
Air Lease Corp., 3.38%, 07/01/25		275		256,227
Banco Santander SA
2.75%, 05/28/25		1,600		1,462,961
(1 year CMT + 0.45%), 0.70%, 06/30/24(b)		2,200		2,112,589
(1 year CMT + 0.90%), 1.72%, 09/14/27(b)		400		330,910
Bank of America Corp.(b)
(1 day SOFR + 0.41%), 0.52%, 06/14/24		730		705,044
(1 day SOFR + 0.96%), 1.73%, 07/22/27		2,500		2,144,822
(1 day SOFR + 1.15%), 1.32%, 06/19/26		2,030		1,801,823
(1 day SOFR + 1.75%), 4.83%, 07/22/26		945		923,921
(1 day SOFR + 2.04%), 4.95%, 07/22/28		985		946,422
(3 mo. LIBOR US + 0.94%), 3.86%, 07/23/24		2,565		2,530,112
(3 mo. LIBOR US + 1.19%), 2.88%, 10/22/30		165		135,258
(3 mo. LIBOR US + 1.81%), 4.24%, 04/24/38		1,050		865,043
(3 mo. LIBOR US + 3.15%), 4.08%, 03/20/51		91		68,640
Series N, (1 day SOFR + 1.65%), 3.48%, 03/13/52		595		401,140
Bank of Nova Scotia
0.65%, 07/31/24(d)		1,235		1,140,527
1.05%, 03/02/26		1,000		871,521
Barclays PLC(b)
(1 year CMT + 1.70%), 3.81%, 03/10/42		233		145,391
(1 year CMT + 2.30%), 5.30%, 08/09/26		965		927,096
Citigroup, Inc.
4.75%, 05/18/46		50		39,857
(1 day SOFR + 0.69%), 0.78%, 10/30/24(b)		8,880		8,432,975
(1 day SOFR + 0.77%), 1.46%, 06/09/27(b)		3,035		2,583,996
(1 day SOFR + 1.67%), 1.68%, 05/15/24(b)		800		782,835
(1 day SOFR + 2.84%), 3.11%, 04/08/26(b)(d)		1,630		1,527,747
(3 mo. LIBOR US + 0.90%), 3.35%, 04/24/25(b)		2,805		2,705,044
CME Group, Inc., 2.65%, 03/15/32		305		250,736
Deutsche Bank AG, Series E, 0.96%, 11/08/23		445		423,403
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35		438		392,413
Goldman Sachs Group, Inc.
3.75%, 05/22/25		500		478,760
3.50%, 11/16/26		365		337,322
3.85%, 01/26/27		1,090		1,012,792
2.60%, 02/07/30		2,880		2,322,363
(3 mo. LIBOR US + 1.30%), 4.22%, 05/01/29(b)		550		499,882
(3 mo. LIBOR US + 1.43%), 4.41%, 04/23/39(b)		720		596,567
HSBC Holdings PLC(b)
(1 day SOFR + 0.71%), 0.98%, 05/24/25		1,980		1,819,129
(1 day SOFR + 1.43%), 3.00%, 03/10/26		735		679,587

Security	Par (000)		Value
Diversified Financial Services (continued)
HSBC Holdings PLC(b) (continued)
(1 day SOFR + 1.51%), 4.18%, 12/09/25	$	1,640	$	1,568,885
(1 day SOFR + 2.53%), 4.76%, 03/29/33		1,460		1,198,334
(1 day SOFR + 2.87%), 5.40%, 08/11/33		1,690		1,502,737
JPMorgan Chase & Co. 3.30%, 04/01/26		266		249,641
(1 day SOFR + 0.61%), 1.56%, 12/10/25(b)		1,600		1,467,171
(1 day SOFR + 0.89%), 1.58%, 04/22/27(b)		816		704,457
(1 day SOFR + 1.85%), 2.08%, 04/22/26(b)		1,063		968,487
(1 day SOFR + 1.99%), 4.85%, 07/25/28(b)		1,150		1,104,200
(1 day SOFR + 2.08%), 4.91%, 07/25/33(b)		375		345,808
(3 mo. LIBOR US + 1.16%), 3.22%, 03/01/25(b)		600		580,651
(3 mo. SOFR + 1.59%), 2.01%, 03/13/26(b)		2,120		1,941,488
Kimberly-Clark Corp., 2.88%, 02/07/50(d)		160		107,627
Lloyds Banking Group PLC(b)
(1 year CMT + 0.55%), 0.70%, 05/11/24		1,590		1,539,793
(1 year CMT + 2.30%), 4.98%, 08/11/33(d)		430		375,733
Mitsubishi UFJ Financial Group, Inc.(b)
(1 year CMT + 0.55%), 0.95%, 07/19/25(d)		1,820		1,674,573
(1 year CMT + 0.95%), 2.31%, 07/20/32		425		318,395
(1 year CMT + 0.97%), 2.49%, 10/13/32		315		238,545
Mizuho Financial Group, Inc., (1 day SOFR + 1.25%), 1.24%, 07/10/24(b)		2,845		2,752,210
Morgan Stanley
3.88%, 01/27/26		200		190,775
6.38%, 07/24/42(d)		460		477,345
4.30%, 01/27/45		580		459,093
(1 day SOFR + 0.86%), 1.51%, 07/20/27(b)		1,510		1,286,046
(3 mo. LIBOR US + 1.63%), 4.43%, 01/23/30(b)		415		381,493
Series I, (1 day SOFR + 0.75%), 0.86%, 10/21/25(b)		2,060		1,868,159
Nasdaq, Inc.
3.85%, 06/30/26(d)		32		30,523
3.25%, 04/28/50		68		44,601
NatWest Group PLC, (1 year CMT + 2.15%), 2.36%, 05/22/24(b)		290		283,187
Sumitomo Mitsui Financial Group, Inc.
2.35%, 01/15/25		1,325		1,240,885
1.47%, 07/08/25		1,049		943,742
				69,664,154
Diversified Telecommunication Services — 0.8%
AT&T, Inc.
1.70%, 03/25/26		3,620		3,219,227
4.85%, 03/01/39		1,185		1,025,821
3.80%, 12/01/57		98		66,203
Frontier Communications Holdings LLC, 8.75%, 05/15/30(a)		1,100		1,100,704
Verizon Communications, Inc.
1.68%, 10/30/30		1,687		1,264,292
4.50%, 08/10/33		1,100		990,743
4.13%, 08/15/46		430		340,411
2.88%, 11/20/50		170		103,957
3.00%, 11/20/60		280		162,625
				8,273,983
Education — 0.1%
Ford Foundation
Series 2020, 2.42%, 06/01/50		5		3,087
Series 2020, 2.82%, 06/01/70(d)		30		17,834

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

Schedule of Investments (unaudited) (continued) September 30, 2022 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Education (continued)
Georgetown University, Series 20A, 2.94%, 04/01/50	$	27	$	17,819
Northwestern University, Series 2020, 2.64%, 12/01/50		266		176,838
President & Fellows of Harvard College, 2.52%, 10/15/50		54		34,701
University of Chicago
Series 20B, 2.76%, 04/01/45		148		110,951
Series C, 2.55%, 04/01/50(d)		157		102,697
University of Southern California, Series 21-A, 2.95%, 10/01/51		190		132,514
Yale University, Series 2020, 2.40%, 04/15/50		272		176,067
				772,508
Electric Utilities — 3.2%
AEP Texas, Inc.
5.25%, 05/15/52(d)		140		127,750
Series I, 2.10%, 07/01/30		790		616,132
AEP Transmission Co. LLC
3.15%, 09/15/49		30		20,343
Series O, 4.50%, 06/15/52		130		110,387
Alabama Power Co.
3.05%, 03/15/32(d)		300		254,133
3.45%, 10/01/49		370		262,040
Ameren Corp., 2.50%, 09/15/24		65		61,695
Ameren Illinois Co., 3.25%, 03/15/50		130		90,140
American Electric Power Co., Inc., 2.03%, 03/15/24		1,115		1,067,126
Appalachian Power Co., Series X, 3.30%, 06/01/27		1,190		1,092,941
Arizona Public Service Co.
3.15%, 05/15/25		400		381,073
2.95%, 09/15/27		800		711,522
Atlantic City Electric Co., 2.30%, 03/15/31(d)		570		461,852
Avangrid, Inc., 3.80%, 06/01/29		600		533,174
Baltimore Gas & Electric Co., 2.90%, 06/15/50		170		110,373
Berkshire Hathaway Energy Co., 4.45%, 01/15/49		500		418,807
Black Hills Corp., 1.04%, 08/23/24		200		184,713
CenterPoint Energy Houston Electric LLC
Sereis AJ, 4.85%, 10/01/52		75		68,866
Series AH, Class AH, 3.60%, 03/01/52		55		41,127
CenterPoint Energy, Inc., 4.25%, 11/01/28		730		666,377
Commonwealth Edison Co.
3.70%, 08/15/28		1,200		1,112,035
2.20%, 03/01/30		500		411,132
4.00%, 03/01/49		90		71,623
Series 130, 3.13%, 03/15/51		70		47,410
Consolidated Edison Co. of New York, Inc.
A, 4.13%, 05/15/49		50		38,804
Series 06-A, 5.85%, 03/15/36		640		631,294
Series B, 3.13%, 11/15/27		800		730,944
Consumers Energy Co., 2.65%, 08/15/52		125		77,416
Dominion Energy, Inc., 3.90%, 10/01/25		500		480,183
DTE Electric Co., Series B, 3.65%, 03/01/52		217		163,846
Duke Energy Corp.
2.65%, 09/01/26(d)		300		272,167
4.20%, 06/15/49		700		529,927
5.00%, 08/15/52		60		51,135
Duke Energy Florida LLC, 3.80%, 07/15/28		1,365		1,275,706
Duke Energy Ohio, Inc., 4.30%, 02/01/49		100		80,754
Entergy Corp., 0.90%, 09/15/25		285		250,746
Entergy Texas, Inc., 3.55%, 09/30/49		520		365,604

Security	Par (000)		Value
Electric Utilities (continued)
Evergy Kansas Central, Inc.
2.55%, 07/01/26(d)	$	800	$	732,371
3.45%, 04/15/50		130		92,138
Evergy Metro, Inc., 3.65%, 08/15/25		300		289,732
Evergy, Inc., 2.90%, 09/15/29		50		41,307
Eversource Energy, Series M, 3.30%, 01/15/28		1,000		902,269
Florida Power & Light Co.
4.05%, 10/01/44		500		409,986
3.15%, 10/01/49		40		28,176
2.88%, 12/04/51		90		59,320
Georgia Power Co., 3.25%, 04/01/26		800		749,751
Interstate Power & Light Co., 2.30%, 06/01/30		530		425,506
Kentucky Utilities Co., 3.30%, 06/01/50		60		41,701
MidAmerican Energy Co.
3.10%, 05/01/27		800		741,112
3.15%, 04/15/50		60		40,791
2.70%, 08/01/52		105		65,947
National Rural Utilities Cooperative Finance Corp., 3.70%, 03/15/29		680		622,234
NextEra Energy Capital Holdings, Inc.
2.94%, 03/21/24		470		456,580
3.55%, 05/01/27		245		226,620
2.25%, 06/01/30		200		159,558
5.00%, 07/15/32		50		47,739
NSTAR Electric Co.
3.10%, 06/01/51		110		73,565
4.95%, 09/15/52		90		84,062
Oglethorpe Power Corp., 5.05%, 10/01/48		130		109,055
Oncor Electric Delivery Co. LLC
3.80%, 06/01/49		320		251,264
4.60%, 06/01/52(a)		40		35,455
4.95%, 09/15/52(a)		70		66,084
Pacific Gas & Electric Co.
2.10%, 08/01/27		65		52,544
3.00%, 06/15/28(d)		100		82,395
3.30%, 08/01/40		90		57,614
4.95%, 07/01/50		400		292,771
3.50%, 08/01/50		340		206,911
PacifiCorp., 4.13%, 01/15/49		280		222,572
PECO Energy Co.
3.05%, 03/15/51		70		47,186
4.38%, 08/15/52		105		89,084
PG&E Corp., 5.25%, 07/01/30		2,125		1,809,353
Public Service Co. of Colorado
3.70%, 06/15/28		1,300		1,213,843
4.05%, 09/15/49		20		16,232
Public Service Electric & Gas Co.
2.25%, 09/15/26(d)		400		361,233
3.00%, 05/15/27(d)		500		459,997
3.70%, 05/01/28		800		746,787
3.10%, 03/15/32(d)		85		72,411
2.05%, 08/01/50		105		56,949
Puget Sound Energy, Inc., 3.25%, 09/15/49		390		262,829
San Diego Gas & Electric Co., 2.50%, 05/15/26		400		366,710
Sempra Energy, 3.70%, 04/01/29		140		125,036
Southern California Edison Co.
3.65%, 02/01/50		100		68,434
Series B, 4.88%, 03/01/49		260		217,301
Series C, 4.13%, 03/01/48		370		274,946
Southern Co., 3.25%, 07/01/26(d)		1,900		1,760,159
Tampa Electric Co., 3.45%, 03/15/51		35		24,569

4

Schedule of Investments (unaudited) (continued) September 30, 2022 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric Utilities (continued)
Tucson Electric Power Co., 1.50%, 08/01/30	$	190	$	143,207
Union Electric Co., 4.00%, 04/01/48		230		181,473
Virginia Electric & Power Co.
3.30%, 12/01/49		320		224,405
Series A, 3.80%, 04/01/28(d)		1,750		1,641,991
Series C, 4.63%, 05/15/52		110		95,104
Wisconsin Electric Power Co.
3.10%, 06/01/25(d)		800		764,638
4.75%, 09/30/32		20		19,274
Wisconsin Power & Light Co., 3.05%, 10/15/27		390		355,741
Wisconsin Public Service Corp., 3.30%, 09/01/49		85		59,519
Xcel Energy, Inc.
4.00%, 06/15/28		900		843,022
3.50%, 12/01/49(d)		50		35,796
				33,875,656
Electrical Equipment — 0.0%
Eaton Corp., 4.70%, 08/23/52		90		79,050
Electronic Equipment, Instruments & Components — 0.1%
Amphenol Corp., 2.05%, 03/01/25		125		116,964
Arrow Electronics, Inc., 2.95%, 02/15/32(d)		99		75,298
Keysight Technologies, Inc., 4.60%, 04/06/27		1,225		1,191,899
				1,384,161
Energy Equipment & Services — 0.1%
Baker Hughes Holdings LLC/Baker Hughes Co.- Obligor, Inc., 4.08%, 12/15/47		750		555,653
Environmental, Maintenance & Security Service — 0.1%
Waste Connections, Inc.
2.60%, 02/01/30		305		254,550
3.20%, 06/01/32		715		598,606
				853,156
Equity Real Estate Investment Trusts (REITs) — 1.0%
American Tower Corp.
3.38%, 10/15/26		110		100,511
3.65%, 03/15/27		950		868,950
3.70%, 10/15/49		190		129,861
2.95%, 01/15/51		402		241,332
Camden Property Trust, 2.80%, 05/15/30(d)		240		201,458
Crown Castle, Inc.
3.20%, 09/01/24(d)		625		604,668
3.70%, 06/15/26		1,000		939,225
2.25%, 01/15/31		1,310		1,000,310
2.90%, 04/01/41		1,040		675,219
5.20%, 02/15/49		620		533,732
Equinix, Inc., 2.63%, 11/18/24		225		212,933
Extra Space Storage LP, 2.35%, 03/15/32		820		604,326
Federal Realty Investment Trust, 3.50%, 06/01/30		210		178,776
Iron Mountain, Inc., 4.50%, 02/15/31(a)		1,375		1,063,122
Mid-America Apartments LP, 1.10%, 09/15/26		70		59,859
Office Properties Income Trust, 3.45%, 10/15/31		286		172,801
Public Storage
3.09%, 09/15/27		1,250		1,143,815
1.95%, 11/09/28		1,775		1,478,650
2.25%, 11/09/31		525		413,399
Simon Property Group LP, 3.50%, 09/01/25		90		85,931
Weyerhaeuser Co., 4.00%, 04/15/30		250		221,081
				10,929,959

Security	Par (000)		Value
Food & Staples Retailing — 0.2%
Costco Wholesale Corp., 1.75%, 04/20/32(d)	$	160	$	123,342
Dollar General Corp., 4.25%, 09/20/24		75		74,099
General Mills, Inc., 2.88%, 04/15/30(d)		840		713,753
Kraft Heinz Foods Co.
3.88%, 05/15/27		575		537,383
4.88%, 10/01/49(d)		645		531,600
				1,980,177
Food Products — 0.0%
Hershey Co., 2.65%, 06/01/50		105		68,571
Tyson Foods, Inc., 5.10%, 09/28/48		80		71,122
				139,693
Gas Utilities — 0.1%
Atmos Energy Corp., 5.75%, 10/15/52(e)		105		104,795
DCP Midstream Operating LP, 3.25%, 02/15/32(d)		222		175,495
ONE Gas, Inc., 4.25%, 09/01/32(d)		290		264,688
				544,978
Health Care Equipment & Supplies — 0.0%
Becton Dickinson & Co., 4.30%, 08/22/32		180		164,222
DH Europe Finance II SARL, 3.40%, 11/15/49		375		268,939
				433,161
Health Care Providers & Services — 0.9%
Allina Health System, Series 2021, 2.90%, 11/15/51		230		150,539
AmerisourceBergen Corp.
3.45%, 12/15/27		1,427		1,316,821
2.70%, 03/15/31		117		94,044
Banner Health, Series 2020, 3.18%, 01/01/50(d)		119		83,258
Baylor Scott & White Holdings, Series 2021, 2.84%, 11/15/50		92		59,476
Beth Israel Lahey Health, Inc., Series L, 3.08%, 07/01/51		169		107,528
CommonSpirit Health, 3.91%, 10/01/50		339		241,110
DaVita, Inc., 4.63%, 06/01/30(a)		1,440		1,114,200
Elevance Health, Inc., 3.35%, 12/01/24		1,395		1,341,721
Fred Hutchinson Cancer Center, Series 2022, 4.97%, 01/01/52		130		119,592
Hackensack Meridian Health, Inc., 2020, 2.88%, 09/01/50		58		37,835
Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52		73		57,194
Humana, Inc., 3.85%, 10/01/24		1,000		974,810
Inova Health System Foundation, 4.07%, 05/15/52		18		14,849
Kaiser Foundation Hospitals 2021, 3.00%, 06/01/51		161		106,545
Series 2021, 2.81%, 06/01/41		57		39,779
McKesson Corp., 0.90%, 12/03/25		1,465		1,283,105
Memorial Sloan-Kettering Cancer Center, Series 2020, 2.96%, 01/01/50		46		30,884
Methodist Hospital, Series 20A, 2.71%, 12/01/50		87		54,551
Providence St Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/51		136		81,682
Sutter Health, Series 20A, 3.36%, 08/15/50		54		37,459
Tenet Healthcare Corp., 6.25%, 02/01/27(a)(d)		600		559,890
UMass Memorial Health Care Obligated Group, 5.36%, 07/01/52		42		38,508
UnitedHealth Group, Inc.
2.30%, 05/15/31		185		148,831
4.75%, 07/15/45		800		708,482
2.90%, 05/15/50		410		269,287

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

Schedule of Investments (unaudited) (continued) September 30, 2022 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care Providers & Services (continued)
UnitedHealth Group, Inc. (continued) 3.25%, 05/15/51	$	135	$	93,677
3.13%, 05/15/60(d)		730		467,199
WakeMed, Series A, 3.29%, 10/01/52		81		56,391
				9,689,247
Hotels, Restaurants & Leisure — 0.4%
1011778 BC ULC/New Red Finance, Inc., 4.38%, 01/15/28(a)		1,250		1,083,125
Choice Hotels International, Inc., 3.70%, 12/01/29		1,695		1,428,833
GLP Capital LP/GLP Financing II, Inc., 5.38%, 04/15/26		380		363,474
Marriott International, Inc., 5.00%, 10/15/27		170		164,175
McDonald’s Corp. 3.70%, 01/30/26		380		366,338
5.15%, 09/09/52		350		325,437
				3,731,382
Household Durables — 0.2%
NVR, Inc., 3.00%, 05/15/30		3,195		2,608,462
Household Products — 0.0%
Colgate-Palmolive Co., 3.25%, 08/15/32(d)		90		80,202
Independent Power and Renewable Electricity Producers — 0.1%
NRG Energy, Inc., 3.63%, 02/15/31(a)		1,250		975,000
Insurance — 1.1%
Aflac, Inc., 4.75%, 01/15/49(d)		775		681,225
Aon Global Ltd., 3.88%, 12/15/25		3,400		3,266,785
Arthur J Gallagher & Co., 3.50%, 05/20/51		580		393,994
Athene Holding Ltd. 3.95%, 05/25/51		30		19,981
3.45%, 05/15/52		55		33,956
Berkshire Hathaway Finance Corp. 4.20%, 08/15/48		125		103,670
2.85%, 10/15/50		95		61,038
3.85%, 03/15/52(d)		325		248,308
Berkshire Hathaway, Inc., 3.13%, 03/15/26		355		336,857
Brown & Brown, Inc. 4.20%, 03/17/32		240		205,181
4.95%, 03/17/52(d)		782		633,884
Enstar Group Ltd., 3.10%, 09/01/31		805		571,675
Fairfax Financial Holdings Ltd., 3.38%, 03/03/31		360		290,703
Marsh & McLennan Cos., Inc. 4.75%, 03/15/39		111		99,819
4.20%, 03/01/48		1,715		1,363,067
4.90%, 03/15/49		2,535		2,249,258
Progressive Corp. 4.13%, 04/15/47(d)		295		244,424
3.70%, 03/15/52		35		26,291
Willis North America, Inc., 2.95%, 09/15/29		940		773,359
				11,603,475
Interactive Media & Services — 0.2%
Alphabet, Inc.(d) 2.00%, 08/15/26		800		730,094
2.25%, 08/15/60		335		188,335
Baidu, Inc., 1.72%, 04/09/26(d)		490		431,984

Security	Par (000)		Value
Interactive Media & Services (continued)
Meta Platforms, Inc.(a) 3.85%, 08/15/32	$	205	$	180,221
4.45%, 08/15/52		280		228,503
				1,759,137
Internet & Direct Marketing Retail — 0.1%
Genuine Parts Co., 1.75%, 02/01/25		1,050		969,312
Internet Software & Services — 0.1%
Booking Holdings, Inc., 4.63%, 04/13/30		315		296,048
VeriSign, Inc., 2.70%, 06/15/31		630		488,721
				784,769
IT Services — 1.0%
Gartner, Inc., 4.50%, 07/01/28(a)		2,005		1,792,871
Global Payments, Inc., 5.95%, 08/15/52		95		83,698
International Business Machines Corp. 4.00%, 07/27/25		2,350		2,303,960
4.40%, 07/27/32(d)		2,905		2,681,912
4.25%, 05/15/49		565		447,585
Kyndryl Holdings, Inc., 4.10%, 10/15/41		30		16,786
Verisk Analytics, Inc. 4.00%, 06/15/25		1,400		1,355,252
4.13%, 03/15/29		1,056		963,294
Ziff Davis, Inc., 4.63%, 10/15/30(a)(d)		1,087		891,340
				10,536,698
Life Sciences Tools & Services — 0.1%
Agilent Technologies, Inc., 2.30%, 03/12/31		1,115		869,797
Machinery — 0.4%
Deere & Co., 2.75%, 04/15/25		215		205,316
IDEX Corp., 2.63%, 06/15/31		3,739		2,978,292
John Deere Capital Corp., 3.40%, 06/06/25		595		575,049
Otis Worldwide Corp. 3.11%, 02/15/40		70		49,408
3.36%, 02/15/50		70		47,204
Terex Corp., 5.00%, 05/15/29(a)(d)		1,000		858,236
				4,713,505
Media — 0.7%
Comcast Corp. 3.38%, 02/15/25(d)		1,590		1,535,384
2.35%, 01/15/27		400		358,708
DISH DBS Corp., 7.75%, 07/01/26		425		326,005
FactSet Research Systems, Inc. 2.90%, 03/01/27(d)		1,575		1,425,254
3.45%, 03/01/32		775		631,543
Fox Corp., 4.03%, 01/25/24		340		335,795
Frontier Communications Holdings LLC, 6.75%, 05/01/29(a)(d)		385		317,625
Thomson Reuters Corp., 3.35%, 05/15/26		800		749,521
Time Warner Cable LLC, 4.50%, 09/15/42		500		345,203
Univision Communications, Inc., 7.38%, 06/30/30(a)		1,145		1,092,668
				7,117,706
Metals & Mining — 0.2%
Eldorado Gold Corp., 6.25%, 09/01/29(a)		133		101,080
Nucor Corp., 3.13%, 04/01/32		195		159,179
Reliance Steel & Aluminum Co., 2.15%, 08/15/30		1,575		1,197,932
Rio Tinto Finance USA Ltd., 2.75%, 11/02/51		230		149,044

6

Schedule of Investments (unaudited) (continued) September 30, 2022 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Metals & Mining (continued)
Southern Copper Corp., 3.88%, 04/23/25	$	152	$	144,685
Vale Overseas Ltd., 6.88%, 11/21/36		87		82,503
				1,834,423
Multi-Utilities — 0.3%
Atmos Energy Corp. 3.00%, 06/15/27		400		366,901
1.50%, 01/15/31		30		22,556
Consumers Energy Co., 4.20%, 09/01/52		60		49,750
DTE Energy Co., 4.22%, 11/01/24(f)		250		245,107
National Fuel Gas Co., 2.95%, 03/01/31(d)		335		261,471
NiSource, Inc. 3.60%, 05/01/30		60		52,333
3.95%, 03/30/48(d)		310		228,709
5.00%, 06/15/52		20		17,455
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/29		500		440,130
Southern California Gas Co.
Series TT, 2.60%, 06/15/26		800		733,944
Series XX, 2.55%, 02/01/30		730		613,868
Southwest Gas Corp. 3.70%, 04/01/28		230		205,296
2.20%, 06/15/30		85		64,340
Washington Gas Light Co., 3.65%, 09/15/49		30		22,013
				3,323,873
Oil, Gas & Consumable Fuels — 3.4%
Canadian Natural Resources Ltd., 2.95%, 07/15/30(d)		551		453,353
Cheniere Corpus Christi Holdings LLC 5.13%, 06/30/27		2,900		2,807,824
3.70%, 11/15/29		846		733,664
Chevron Corp. 1.55%, 05/11/25		550		508,160
3.08%, 05/11/50		60		42,451
CNOOC Finance 2015 USA LLC, Series 2015, 3.50%, 05/05/25		600		579,113
CNX Resources Corp., 7.25%, 03/14/27(a)		116		112,824
ConocoPhillips Co. 3.76%, 03/15/42(a)		1,165		938,752
3.80%, 03/15/52(d)		705		538,715
Continental Resources, Inc., 4.38%, 01/15/28		1,200		1,076,970
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(a)(d)		1,270		1,075,087
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.00%, 02/01/29(a)		1,230		1,100,850
Devon Energy Corp. 4.50%, 01/15/30(d)		412		375,007
7.88%, 09/30/31		290		317,671
7.95%, 04/15/32(d)		393		431,719
5.60%, 07/15/41(d)		925		828,300
5.00%, 06/15/45		655		545,047
Enbridge, Inc. 2.50%, 08/01/33(d)		150		112,332
3.40%, 08/01/51		195		130,692
EQT Corp., 7.00%, 02/01/30		470		484,993
Equinor ASA 3.25%, 11/10/24		400		388,461
3.25%, 11/18/49		500		358,379
Exxon Mobil Corp. 2.99%, 03/19/25		2,170		2,081,323
3.45%, 04/15/51(d)		625		465,402

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Kinder Morgan, Inc. 4.80%, 02/01/33	$	717	$	643,377
5.55%, 06/01/45		375		326,700
Marathon Oil Corp., 6.60%, 10/01/37		90		87,409
MPLX LP 4.88%, 12/01/24		209		206,453
4.50%, 04/15/38		125		100,617
5.20%, 03/01/47(d)		70		57,529
4.70%, 04/15/48		805		613,333
5.50%, 02/15/49		685		581,380
4.95%, 03/14/52		3,775		2,954,208
4.90%, 04/15/58		340		253,776
Occidental Petroleum Corp. 8.50%, 07/15/27		630		674,226
8.88%, 07/15/30		975		1,085,467
ONEOK Partners LP 4.90%, 03/15/25(d)		2,000		1,967,172
6.13%, 02/01/41		75		66,003
ONEOK, Inc. 2.75%, 09/01/24		1,475		1,401,595
6.35%, 01/15/31(d)		1,140		1,117,755
7.15%, 01/15/51		80		76,414
Pioneer Natural Resources Co., 2.15%, 01/15/31		150		115,544
Plains All American Pipeline LP/PAA Finance Corp., 4.90%, 02/15/45		170		124,710
Shell International Finance BV 6.38%, 12/15/38		67		70,931
3.00%, 11/26/51		178		118,000
Targa Resources Corp., 4.95%, 04/15/52		190		146,186
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.50%, 03/01/30		1,100		987,261
4.88%, 02/01/31		910		782,600
4.00%, 01/15/32		2,670		2,201,962
TransCanada PipeLines Ltd., 3.75%, 10/16/23		800		790,539
Transcontinental Gas Pipe Line Co. LLC, 3.95%, 05/15/50		95		70,155
Williams Cos., Inc. 8.75%, 03/15/32		790		919,502
5.10%, 09/15/45		291		246,399
3.50%, 10/15/51		875		582,239
				35,856,531
Personal Products — 0.1%
Procter & Gamble Co., 1.20%, 10/29/30		645		497,768
Unilever Capital Corp., 2.00%, 07/28/26(d)		800		724,546
				1,222,314
Pharmaceuticals — 1.4%
AbbVie, Inc. 2.60%, 11/21/24		3,520		3,349,720
4.05%, 11/21/39		50		40,221
4.40%, 11/06/42		135		112,111
4.70%, 05/14/45		145		122,644
4.25%, 11/21/49		410		329,135
AstraZeneca PLC, 3.13%, 06/12/27(d)		990		917,274
Bristol-Myers Squibb Co. 2.55%, 11/13/50(d)		1,070		659,268
3.90%, 03/15/62		55		41,502
Cigna Corp. 3.75%, 07/15/23		444		440,730

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

Schedule of Investments (unaudited) (continued) September 30, 2022 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
Cigna Corp. (continued) 3.40%, 03/15/51	$	665	$	453,466
CVS Health Corp. 3.00%, 08/15/26		75		69,197
4.78%, 03/25/38		265		232,326
5.13%, 07/20/45		185		161,997
5.05%, 03/25/48		315		277,409
Eli Lilly & Co., 2.75%, 06/01/25		378		361,773
Johnson & Johnson 3.63%, 03/03/37		195		168,589
3.70%, 03/01/46		529		432,719
Merck & Co., Inc. 0.75%, 02/24/26(d)		5,085		4,457,758
4.00%, 03/07/49		330		272,270
Novartis Capital Corp., 2.75%, 08/14/50		271		183,044
Pfizer, Inc., 7.20%, 03/15/39		80		95,069
Viatris, Inc. 1.65%, 06/22/25		180		160,018
4.00%, 06/22/50		150		89,789
Zoetis, Inc. 3.00%, 09/12/27		1,800		1,618,240
3.90%, 08/20/28		5		4,629
3.00%, 05/15/50		370		242,546
				15,293,444
Real Estate Management & Development — 0.1%
CBRE Services, Inc., 4.88%, 03/01/26		670		660,976
Road & Rail — 0.3%
Burlington Northern Santa Fe LLC 3.00%, 04/01/25(d)		800		769,022
3.05%, 02/15/51		990		673,269
Canadian National Railway Co., 4.40%, 08/05/52		240		206,637
CSX Corp., 2.60%, 11/01/26(d)		800		727,379
Union Pacific Corp. 3.25%, 08/15/25		400		384,952
3.25%, 02/05/50		90		63,439
2.97%, 09/16/62		95		57,510
3.75%, 02/05/70		40		27,960
				2,910,168
Semiconductors & Semiconductor Equipment — 1.1%
Analog Devices, Inc. 2.95%, 04/01/25		225		216,251
1.70%, 10/01/28		385		321,525
2.80%, 10/01/41(d)		240		169,698
2.95%, 10/01/51		180		119,851
Broadcom, Inc. 3.15%, 11/15/25		198		185,851
4.00%, 04/15/29(a)		1,860		1,639,470
3.14%, 11/15/35(a)		475		332,832
3.50%, 02/15/41(a)		1,110		748,994
3.75%, 02/15/51(a)		1,755		1,150,911
Flex Ltd., 3.75%, 02/01/26		5		4,646
Intel Corp., 3.40%, 03/25/25		4,490		4,354,349
Jabil, Inc., 1.70%, 04/15/26(d)		1,055		916,511
Micron Technology, Inc., 4.19%, 02/15/27		280		261,399
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 05/01/25(d)		190		175,786

Security	Par (000)		Value
Semiconductors & Semiconductor Equipment (continued)
Texas Instruments, Inc. 1.75%, 05/04/30	$	482	$	386,268
2.70%, 09/15/51(d)		870		577,551
				11,561,893
Software — 0.3%
Activision Blizzard, Inc., 2.50%, 09/15/50		125		75,467
Electronic Arts, Inc., 2.95%, 02/15/51		250		163,337
Intuit, Inc., 1.65%, 07/15/30		71		55,308
Microsoft Corp. 2.53%, 06/01/50		325		212,337
3.04%, 03/17/62		365		249,046
Oracle Corp. 2.50%, 04/01/25		1,145		1,066,978
2.95%, 05/15/25(d)		800		752,930
2.88%, 03/25/31		615		485,030
3.95%, 03/25/51		300		198,962
Roper Technologies, Inc., 3.65%, 09/15/23		310		306,106
ServiceNow, Inc., 1.40%, 09/01/30		72		53,011
				3,618,512
Technology Hardware, Storage & Peripherals — 1.1%
Adobe, Inc., 2.15%, 02/01/27		2,090		1,884,637
Apple, Inc. 3.00%, 06/20/27(d)		925		869,122
1.40%, 08/05/28		850		707,884
2.70%, 08/05/51		890		587,441
3.95%, 08/08/52		45		37,578
2.55%, 08/20/60		95		56,898
2.85%, 08/05/61		450		282,128
4.10%, 08/08/62		270		221,341
HP, Inc. 2.20%, 06/17/25(d)		812		751,541
1.45%, 06/17/26		2,410		2,077,603
3.00%, 06/17/27(d)		1,250		1,107,910
4.00%, 04/15/29		1,514		1,326,864
3.40%, 06/17/30		40		32,303
2.65%, 06/17/31		1,632		1,197,560
6.00%, 09/15/41(d)		452		392,189
NetApp, Inc., 2.38%, 06/22/27(d)		165		145,259
				11,678,258
Tobacco — 1.3%
Altria Group, Inc. 4.80%, 02/14/29(d)		2,415		2,229,217
2.45%, 02/04/32(d)		1,880		1,326,748
5.80%, 02/14/39(d)		1,127		984,072
4.45%, 05/06/50		215		143,636
3.70%, 02/04/51		430		259,583
4.00%, 02/04/61		365		222,826
BAT Capital Corp. 2.26%, 03/25/28		449		357,134
4.91%, 04/02/30		673		594,221
2.73%, 03/25/31		1,760		1,309,814
4.39%, 08/15/37		510		363,830
3.73%, 09/25/40		125		80,086
4.54%, 08/15/47		560		371,029
4.76%, 09/06/49		335		228,320
Philip Morris International, Inc. 0.88%, 05/01/26		2,670		2,293,486
2.10%, 05/01/30		670		508,944
6.38%, 05/16/38		2,010		1,902,461

8

Schedule of Investments (unaudited) (continued) September 30, 2022 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Tobacco (continued)
Philip Morris International, Inc. (continued) 4.25%, 11/10/44	$	1,020	$	714,246
Reynolds American, Inc., 5.85%, 08/15/45		420		329,444
				14,219,097
Transportation Infrastructure — 0.0%
United Parcel Service, Inc., 5.30%, 04/01/50(d)		280		279,851
Utilities — 0.3%
American Water Capital Corp., 2.80%, 05/01/30		270		228,166
Essential Utilities, Inc. 3.57%, 05/01/29		630		556,807
2.70%, 04/15/30		380		311,032
Vistra Operations Co. LLC(a) 5.00%, 07/31/27(d)		1,250		1,129,063
4.38%, 05/01/29		1,400		1,164,422
				3,389,490
Wireless Telecommunication Services — 1.0%
American Tower Corp., 1.30%, 09/15/25		680		603,054
Crown Castle, Inc. 1.35%, 07/15/25		2,205		1,978,756
2.50%, 07/15/31		450		346,765
GLP Capital LP/GLP Financing II, Inc. 5.75%, 06/01/28		1,145		1,072,188
5.30%, 01/15/29		1,245		1,134,764
Rogers Communications, Inc.(a) 3.20%, 03/15/27		520		474,948
3.80%, 03/15/32		660		570,802
4.50%, 03/15/42		650		523,841
4.55%, 03/15/52(d)		510		406,761
T-Mobile USA, Inc. 3.50%, 04/15/25		25		23,894
4.50%, 04/15/50		335		268,186
3.30%, 02/15/51		245		159,617
5.65%, 01/15/53		1,195		1,128,815
3.60%, 11/15/60		600		385,078
5.80%, 09/15/62		985		915,698
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29(a)		1,465		981,856
				10,975,023
Total Corporate Bonds — 36.6% (Cost: $447,020,240)				389,274,443
Foreign Agency Obligations
Indonesia — 0.1%
Indonesia Government International Bond, 4.75%, 07/18/47(a)		500		420,719
Israel — 0.0%
State of Israel, 3.38%, 01/15/50		390		287,820
Mexico — 0.2%
Mexico Government International Bond 4.15%, 03/28/27		1,145		1,094,047
6.05%, 01/11/40		100		92,456
4.50%, 01/31/50		340		243,908
3.77%, 05/24/61		735		434,477
				1,864,888

Security	Par (000)		Value
Panama — 0.0%
Panama Government International Bond, 3.87%, 07/23/60	$	420	$	248,640
Peru — 0.0%
Peruvian Government International Bond, 3.55%, 03/10/51(d)		455		302,518
Philippines — 0.0%
Philippine Government International Bond, 2.65%, 12/10/45		200		123,522
Uruguay — 0.1%
Uruguay Government International Bond 5.10%, 06/18/50		1,000		910,812
4.98%, 04/20/55(d)		50		44,494
				955,306
Total Foreign Agency Obligations — 0.4%     (Cost: $5,422,714)			4,203,413
Municipal Bonds
California — 0.3%
Bay Area Toll Authority, RB, BAB
Series F-2, 6.26%, 04/01/49		250		284,787
Series S-1, 6.92%, 04/01/40		50		57,215
Bay Area Toll Authority, Refunding RB, Series F-3, 3.13%, 04/01/55		540		359,500
California State University, Refunding RB, Series B, 2.98%, 11/01/51		595		413,219
Regents of the University of California Medical Center Pooled Revenue, RB
Series N, 3.01%, 05/15/50		120		79,536
Series N, 3.71%, 05/15/2120		85		53,461
State of California, GO, BAB 7.55%, 04/01/39		525		645,831
7.60%, 11/01/40(d)		300		374,970
State of California, Refunding GO, 3.50%, 04/01/28		500		471,016
University of California, RB, Series AD, 4.86%, 05/15/2112		115		95,562
University of California, Refunding RB, Series J, 4.13%, 05/15/45		150		129,980
				2,965,077
District of Columbia — 0.0%
District of Columbia Water & Sewer Authority, Refunding RB, Series D, Subordinate Lien, 3.21%, 10/01/48		200		141,944
Florida — 0.0%
State Board of Administration Finance Corp., RB,
Series A, 2.15%, 07/01/30		119		95,094
Illinois — 0.1%
Chicago O’Hare International Airport, ARB, Series C, Senior Lien, 4.47%, 01/01/49(d)		310		272,159
Sales Tax Securitization Corp., Refunding RB,
Series B, 2nd Lien, 3.24%, 01/01/42		140		105,545
State of Illinois, GO, 5.10%, 06/01/33		255		242,398
				620,102

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

Schedule of Investments (unaudited) (continued) September 30, 2022 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Louisiana — 0.0%
Louisiana Local Government Environmental Facilities & Community Development Auth, RB, Class A-4, 4.48%, 08/01/39	$	65	$	59,627
Maryland — 0.0%
Maryland Health & Higher Educational Facilities Authority, Refunding RB
Series D, 3.05%, 07/01/40		115		81,516
Series D, 3.20%, 07/01/50		80		52,407
				133,923
Massachusetts — 0.0%
Commonwealth of Massachusetts, GO, Series H, 2.90%, 09/01/49		295		208,260
Michigan — 0.0%
University of Michigan, RB
Series A, 3.50%, 04/01/52(d)		38		30,420
Series A, 4.45%, 04/01/2122		69		55,023
Series B, 3.50%, 04/01/52		67		52,322
University of Michigan, Refunding RB, Series C, 3.60%, 04/01/47		238		198,668
				336,433
New Jersey — 0.1%
New Jersey Turnpike Authority, RB, BAB, Series A, 7.10%, 01/01/41		550		650,873
New York — 0.1%
Metropolitan Transportation Authority, RB, BAB, 6.81%, 11/15/40		355		385,006
New York City Municipal Water Finance Authority, Refunding RB, 5.88%, 06/15/44		250		271,109
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, BAB, 5.51%, 08/01/37		110		111,744
New York State Dormitory Authority, Refunding RB, Series B, 3.14%, 07/01/43		255		194,671
Port Authority of New York & New Jersey, ARB 210th Series, 4.03%, 09/01/48		500		409,964
Consolidated, 192nd Series, 4.81%, 10/15/65		50		46,163
Port Authority of New York & New Jersey, RB, 191th Series, 4.82%, 06/01/45		200		185,306
				1,603,963
Oklahoma — 0.0%
Oklahoma Development Finance Authority, RB, 4.62%, 06/01/44		110		101,696
Pennsylvania — 0.0%
Pennsylvania State University, Refunding RB, Series D, 2.84%, 09/01/50		80		53,789
Texas — 0.2%
Board of Regents of the University of Texas System, Refunding RB, Series B, 2.44%, 08/15/49		405		251,381
Dallas Area Rapid Transit, Refunding RB, Series A, Senior Lien, 2.61%, 12/01/48		425		278,430
Dallas Fort Worth International Airport, Refunding RB, 2.84%, 11/01/46		260		176,668

Security	Par (000)		Value
Texas (continued)
Grand Parkway Transportation Corp., Refunding RB, Subordinate, 3.24%, 10/01/52	$	400	$	287,436
Texas Transportation Commission State Highway Fund, Refunding RB, 4.00%, 10/01/33		690		636,114
Texas Transportation Commission, Refunding GO, 2.47%, 10/01/44		465		308,746
				1,938,775
Virginia — 0.0%
University of Virginia, Refunding RB, Series U, 2.58%, 11/01/51		60		39,556
Total Municipal Bonds — 0.8% (Cost: $11,660,985)				8,949,112
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 7.3%
American Home Mortgage Investment Trust, Series 2004-3, Class 4A, (6 mo. LIBOR US + 1.50%), 3.24%, 10/25/34(b)		10		9,721
Citigroup Mortgage Loan Trust(a)(b)
Series 2013-A, Class A, 3.00%, 05/25/42		5		4,936
Series 2014-A, Class A, 4.00%, 01/25/35		34		32,268
Connecticut Avenue Securities Trust(a)(b)
2019, Class 1M2, (1 mo. LIBOR US + 2.30%), 5.38%, 08/25/31		1,817		1,812,458
A, Class 1M2, (1 mo. LIBOR US + 2.40%), 5.48%, 04/25/31		1,138		1,133,751
C, Class 2M2, (1 mo. LIBOR US + 2.10%), 5.18%, 09/25/39		287		287,037
Series 2019-R01, Class 2M2, (1 mo. LIBOR US + 2.45%), 5.53%, 07/25/31		936		933,853
Series 2019-R03, Class 1M2, (1 mo. LIBOR US + 2.15%), 5.23%, 09/25/31		1,351		1,347,341
Series 2019-R07, Class 1M2, (1 mo. LIBOR US + 2.10%), 5.18%, 10/25/39		448		445,538
Series 2021-R01, Class 1M1, (30 day SOFR + 0.75%), 3.03%, 10/25/41		2,212		2,192,263
Series 2021-R01, Class 1M2, (30 day SOFR + 1.55%), 3.83%, 10/25/41		3,040		2,887,675
Series 2022-R01, Class 1M1, (30 day SOFR + 1.00%), 3.28%, 12/25/41		5,558		5,453,212
Series 2022-R01, Class 1M2, (30 day SOFR + 1.90%), 4.18%, 12/25/41		3,325		3,027,843
Series 2022-R02, Class 2M1, (30 day SOFR + 1.20%), 3.48%, 01/25/42		5,037		4,932,063
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-6, Class 3A1, 5.00%, 09/25/19		5		2,861
Fannie Mae, Series 2017-C03, Class 1ED1, (1 mo. LIBOR US + 0.70%), 3.78%, 10/25/29(b)		2,996		2,993,951
Fannie Mae Connecticut Avenue Securities(b)
2020, Class 2M1, (30 day SOFR + 0.90%), 3.18%, 11/25/41(a)		956		936,081
Series 2017-C05, Class 1EB3, (1 mo. LIBOR US + 1.20%), 4.28%, 01/25/30		2,059		2,056,954

10

Schedule of Investments (unaudited) (continued) September 30, 2022 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Fannie Mae Connecticut Avenue Securities(b) (continued)
Series 2017-C07, Class 2M2, (1 mo. LIBOR US + 2.50%), 5.58%, 05/25/30	$	6,444	$	6,432,502
Series 2018-C01, Class 1ED2, (1 mo. LIBOR US + 0.85%), 3.93%, 07/25/30		543		540,505
Series 2018-C01, Class 1M2C, (1 mo. LIBOR US + 2.25%), 5.33%, 07/25/30		2,150		2,132,726
Freddie Mac(b)
Series 2017-HQA2, Class M2, (1 mo. LIBOR US + 2.65%), 5.73%, 12/25/29		703		695,827
Series 2020-HQA3, Class M2, (1 mo. LIBOR US + 3.60%), 6.68%, 07/25/50(a)		167		167,262
Series 2021-DNA6, Class M2, (30 day SOFR + 1.50%), 3.78%, 10/25/41(a)		3,830		3,475,723
Freddie Mac STACR REMIC Trust(a)(b)
Series 2020-DNA1, Class M2, (1 mo. LIBOR US + 1.70%), 4.78%, 01/25/50		3,944		3,901,423
Series 2020-DNA4, Class M2B, (1 mo. LIBOR US + 3.75%), 6.83%, 08/25/50		197		197,005
Series 2020-HQA4, Class M2, (1 mo. LIBOR US + 3.15%), 6.23%, 09/25/50		147		147,157
Series 2021-DNA3, Class M1, (30 day SOFR + 0.75%), 3.03%, 10/25/33		361		353,037
Series 2021-DNA3, Class M2, (30 day SOFR + 2.10%), 4.38%, 10/25/33		670		638,160
Series 2021-DNA5, Class M2, (30 day SOFR + 1.65%), 3.93%, 01/25/34		1,711		1,668,119
Series 2021-DNA6, Class M1, (30 day SOFR + 0.80%), 3.08%, 10/25/41		4,090		4,008,817
Series 2021-DNA7, Class M2, (30 day SOFR + 1.80%), 4.08%, 11/25/41		2,400		2,150,997
Series 2021-HQA2, Class M1, (30 day SOFR + 0.70%), 2.98%, 12/25/33		1,688		1,668,672
Series 2022-HQA1, Class M1A, (30 day SOFR + 2.10%), 4.38%, 03/25/42		1,260		1,252,357
Freddie Mac Structured Agency Credit Risk Debt Notes(b)
Series 2016-DNA1, Class M3, (1 mo. LIBOR US + 5.55%), 8.63%, 07/25/28		851		895,217
Series 2017-DNA1, Class M2, (1 mo. LIBOR US + 3.25%), 6.33%, 07/25/29		5,120		5,162,873
Series 2017-HQA3, Class M2, (1 mo. LIBOR US + 2.35%), 5.43%, 04/25/30		4,262		4,216,417
Series 2020-HQA5, Class M2, (30 day SOFR + 2.60%), 4.88%, 11/25/50(a)		4,790		4,736,270
Series 2021-DNA2, Class M1, (30 day SOFR + 0.80%), 3.08%, 08/25/33(a)		891		886,125
STACR Trust(a)(b)
Series 2018-HRP1, Class M2, (1 mo. LIBOR US + 1.65%), 4.73%, 04/25/43		1,235		1,232,677
Series 2018-HRP1, Class M2B, (1 mo. LIBOR US + 1.65%), 4.73%, 04/25/43		365		363,288
				77,412,962
Commercial Mortgage-Backed Securities — 3.8%
Bank
Class A3, 3.97%, 09/15/60		2,800		2,609,765
Series 2019-BN23, Class A3, 2.92%, 12/15/52		2,230		1,915,521

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Barclays Commercial Mortgage Trust, Class A3, 3.32%, 05/15/52	$	1,120	$	1,002,323
BBCMS Mortgage Trust, Series 2020-C8, Class A5, 2.04%, 10/15/53		2,376		1,880,229
Benchmark Mortgage Trust
Class A4, 4.26%, 10/10/51		870		821,717
Class A4, 3.72%, 03/15/62		2,390		2,175,460
Series 2019-B15, Class A5, 2.93%, 12/15/72		2,050		1,757,699
Citigroup Commercial Mortgage Trust
Series 2006-C5, Class AJ, 5.48%, 10/15/49		9		5,853
Series 2016-GC36, Class A5, 3.62%, 02/10/49		550		517,822
Series 2017-P8, Class AS, 3.79%, 09/15/50(b)		2,090		1,870,340
Commercial Mortgage Trust
Class A3, 3.51%, 09/10/50		1,290		1,186,945
Class A4, 3.50%, 02/10/49		2,352		2,222,047
Series 2013-CR11, Class B, 5.28%, 08/10/50(b)		380		374,961
Series 2013-LC6, Class AM, 3.28%, 01/10/46		400		398,236
Series 2014-CR17, Class A5, 3.98%, 05/10/47		670		656,003
Eleven Madison Trust Mortgage Trust, Series 2015-11MD, Class A, 3.67%, 09/10/35(a)(b)		150		139,087
GS Mortgage Securities Trust
Series 2013-GC13, Class A5, 4.18%, 07/10/46(b)		170		168,751
Series 2014-GC20, Class A5, 4.00%, 04/10/47		730		718,069
Series 2015-GC30, Class B, 4.16%, 05/10/50(b)		300		280,272
Series 2015-GS1, Class A3, 3.73%, 11/10/48		2,030		1,929,328
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2006-CB16, Class B, 5.67%, 05/12/45(b)(c)		210		10,823
JPMBB Commercial Mortgage Securities Trust
Series 2013-C14, Class A4, 4.13%, 08/15/46(b)		324		321,434
Series 2013-C17, Class A3, 3.93%, 01/15/47		757		741,397
Series 2014-C25, Class AS, 4.07%, 11/15/47		2,180		2,081,755
Series 2015-C31, Class A3, 3.80%, 08/15/48		1,085		1,034,961
Series 2016-C1, Class A5, 3.58%, 03/17/49		810		765,446
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.69%, 03/15/50		1,160		1,084,817
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C13, Class A4, 4.04%, 11/15/46		460		452,822
Series 2013-C9, Class A4, 3.10%, 05/15/46		2,270		2,241,595
Morgan Stanley Capital I Trust
Series 2015-MS1, Class A4, 3.78%, 05/15/48(b)		550		525,033
Series 2019-L3, Class AS, 3.49%, 11/15/52		970		837,124
Series 2020-L4, Class A3, 2.70%, 02/15/53		3,070		2,576,423
Wells Fargo Commercial Mortgage Trust
Series 2014-LC18, Class AS, 3.81%, 12/15/47		510		482,458
Series 2015-C26, Class AS, 3.58%, 02/15/48		1,380		1,304,659
Series 2020-C56, Class A5, 2.45%, 06/15/53		1,980		1,623,875
WFRBS Commercial Mortgage Trust
Series 2012-C10, Class AS, 3.24%, 12/15/45		460		452,316
Series 2013-C18, Class A5, 4.16%, 12/15/46(b)		620		610,688
Series 2014-C23, Class A4, 3.65%, 10/15/57		270		261,497
Series 2014-C23, Class AS, 4.21%, 10/15/57(b)		1,140		1,097,296
				41,136,847

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

Schedule of Investments (unaudited) (continued) September 30, 2022 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities — 0.1%
Freddie Mac STACR REMIC Trust, Series 2021- HQA1, Class M1, (30 day SOFR + 0.70%), 2.98%, 08/25/33(a)(b)	$	735	$	731,725
Total Non-Agency Mortgage-Backed Securities — 11.2% (Cost: $127,257,238)				119,281,534
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations(b) — 1.8%
Fannie Mae Connecticut Avenue Securities, Series 2017-C03, Class 1M2, (1 mo. LIBOR US + 3.00%), 6.08%, 10/25/29		5,566		5,607,615
Freddie Mac STACR REMIC Trust(a)
Series 2019-HQA4, Class M2, (1 mo. LIBOR US + 2.05%), 5.13%, 11/25/49		562		560,822
Series 2020-DNA4, Class M2, (1 mo. LIBOR US + 3.75%), 6.83%, 08/25/50		31		30,826
Series 2020-HQA1, Class M2, (1 mo. LIBOR US + 1.90%), 4.98%, 01/25/50		1,489		1,470,969
Freddie Mac STACR Trust(a)
Series 2019-DNA3, Class M2, (1 mo. LIBOR US + 2.05%), 5.13%, 07/25/49		3,815		3,759,913
Series 2019-DNA4, Class M2, (1 mo. LIBOR US + 1.95%), 5.03%, 10/25/49		892		886,651
Series 2019-FTR2, Class M1, (1 mo. LIBOR US + 0.95%), 4.03%, 11/25/48		2,091		2,065,428
Series 2019-HQA3, Class M2, (1 mo. LIBOR US + 1.85%), 4.93%, 09/25/49		5,058		4,960,096
				19,342,320
Mortgage-Backed Securities — 32.5%
Fannie Mae
Series 2013-M3, Class A2, 2.51%, 11/25/22(b)		444		442,536
Series 2014-M3, Class A2, 3.50%, 01/25/24(b)		627		616,714
Series 2016-M13, Class A2, 2.59%, 09/25/26(b)		636		589,338
Series 2018-M1, Class A2, 3.09%, 12/25/27(b)		1,202		1,117,266
Series 2018-M7, Class A2, 3.14%, 03/25/28(b)		1,541		1,427,923
Series 2018-M8, Class A2, 3.41%, 06/25/28(b)		3,409		3,199,372
Series 2020-M42, Class A2, 1.27%, 07/25/30		4,980		3,910,624
Fannie Mae Mortgage-Backed Securities 1.77%, 09/01/34(b)		81		78,043
3.00%, 02/01/47		72		66,073
4.00%, 02/01/47 - 02/01/57		1,259		1,190,924
3.50%, 11/01/51		3,661		3,362,811
(12 mo. LIBOR US + 1.40%), 2.15%, 04/01/35(b)		26		25,877
(12 mo. LIBOR US + 1.53%), 3.17%, 05/01/43(b)		19		18,943
(12 mo. LIBOR US + 1.54%), 3.38%, 06/01/43(b)		33		33,280
(12 mo. LIBOR US + 1.71%), 3.08%, 04/01/40(b)		3		2,902
(12 mo. LIBOR US + 1.75%), 4.00%, 08/01/41(b)		24		23,993
(12 mo. LIBOR US + 1.78%), 2.07%, 01/01/42(b)		7		6,879
(12 mo. LIBOR US + 1.81%), 2.24%, 02/01/42(b)		1		982
(12 mo. LIBOR US + 1.82%), 2.07%, 09/01/41(b)		22		22,244
(6 mo. LIBOR US + 1.04%), 2.16%, 05/01/33(b)		3		2,966
(6 mo. LIBOR US + 1.36%), 2.47%, 10/01/32(b)		10		9,968
Freddie Mac Mortgage-Backed Securities
5.00%, 07/01/23 - 03/01/48		370		370,397
4.50%, 05/01/24 - 01/01/49		1,149		1,120,386
4.00%, 10/01/24 - 01/01/49		4,210		4,004,003
3.50%, 04/01/26 - 04/01/49		6,454		5,927,314

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Freddie Mac Mortgage-Backed Securities (continued)
2.50%, 02/01/27	$	417	$	401,445
3.00%, 05/01/27 - 10/01/47		5,425		4,883,315
1.91%, 11/01/27(b)		39		38,407
6.00%, 11/01/28 - 04/01/38		239		248,218
6.50%, 06/01/29 - 08/01/36		235		251,140
7.50%, 12/01/30		—		351
5.50%, 05/01/33 - 08/01/38		548		555,061
(1 year CMT + 2.34%), 2.83%, 04/01/32(b)		22		21,480
(12 mo. LIBOR US + 1.50%), 3.25%, 06/01/43(b)		2		2,230
(12 mo. LIBOR US + 1.60%), 2.36%, 08/01/43(b)		9		9,115
(12 mo. LIBOR US + 1.65%), 2.45%, 05/01/43(b)		35		35,446
(12 mo. LIBOR US + 1.73%), 3.41%, 08/01/41(b)		21		21,164
(12 mo. LIBOR US + 1.75%), 2.81%, 04/01/38(b)		30		29,923
(12 mo. LIBOR US + 1.75%), 2.19%, 02/01/40(b)		20		19,912
(12 mo. LIBOR US + 1.79%), 3.87%, 09/01/32(b)		2		1,649
(12 mo. LIBOR US + 1.89%), 4.00%, 07/01/41(b)		10		10,410
(12 mo. LIBOR US + 1.90%), 2.15%, 01/01/42(b)		1		680
Freddie Mac Multifamily Structured Pass Through Certificates
Series K031, Class A2, 3.30%, 04/25/23(b)		271		268,937
Series K055, Class A2, 2.67%, 03/25/26		1,590		1,493,144
Series K060, Class A2, 3.30%, 10/25/26		1,190		1,133,319
Series K061, Class A2, 3.35%, 11/25/26(b)		1,590		1,522,199
Series K072, Class A2, 3.44%, 12/25/27		1,190		1,129,459
Series K076, Class A2, 3.90%, 04/25/28		2,390		2,313,837
Series K115, Class A2, 1.38%, 06/25/30		2,840		2,265,947
Ginnie Mae Mortgage-Backed Securities
6.50%, 06/15/28 - 07/15/38		52		54,016
7.50%, 08/20/30		2		2,182
6.00%, 01/15/32 - 10/20/38		123		131,351
5.00%, 11/20/33 - 05/20/49		1,067		1,075,042
5.50%, 05/20/36 - 04/20/48		362		377,117
4.50%, 03/15/39 - 10/20/52(g)		3,457		3,338,425
4.00%, 09/15/40 - 10/20/52(g)		5,606		5,317,702
3.50%, 01/15/41 - 10/20/52(g)		10,517		9,673,808
3.00%, 01/20/43 - 10/20/52(g)		13,883		12,379,792
2.50%, 12/20/46 - 10/20/52(g)		18,547		15,955,030
2.00%, 08/20/50 - 10/20/52(g)(h)		17,868		14,938,960
Uniform Mortgage-Backed Securities
6.00%, 11/01/22 - 09/01/38		509		533,251
4.50%, 04/01/23 - 10/13/52(g)		6,314		6,098,217
5.00%, 01/01/24 - 10/13/52(g)		3,479		3,580,425
4.00%, 06/01/24 - 10/13/52(g)		37,035		34,519,635
3.00%, 12/01/26 - 10/13/52(g)		32,880		29,240,024
2.50%, 09/01/28 - 10/13/52(g)		64,687		55,216,738
7.50%, 09/01/29		2		1,822
6.50%, 12/01/30 - 01/01/36		424		439,093
3.50%, 11/01/31 - 10/13/52(g)		15,541		14,332,254
7.00%, 01/01/32 - 06/01/32		16		16,086
5.50%, 10/01/32 - 01/01/47		1,915		1,968,855

12

Schedule of Investments (unaudited) (continued) September 30, 2022 Advantage CoreAlpha Bond Master Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed Securities (continued)
2.00%, 12/01/35 - 10/13/52(g)	$	97,002		$	80,453,973
1.50%, 03/01/36 - 11/01/51(g)		14,368			11,697,495
					345,569,839
Total U.S. Government Sponsored Agency Securities — 34.3% (Cost: $410,357,506)					364,912,159
Total Long-Term Investments — 94.8% (Cost: $1,129,236,449)					1,009,277,157
	Shares
Short-Term Securities
Money Market Funds — 10.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(i)(j)(k)		109,995,589			110,028,588
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%(i)(j)		100,000			100,000
					110,128,588
	Par (000)
U.S. Treasury Obligations — 2.3%
U.S. Treasury Bills, 3.32%, 12/29/22(l)	$	25,000			24,806,584
Total Short-Term Securities — 12.7% (Cost: $134,876,104)					134,935,172
Total Investments Before TBA Sale Commitments — 107.5% (Cost: $1,264,112,553)					1,144,212,329
TBA Sale Commitments(g)
Mortgage-Backed Securities — (2.0)%
Ginnie Mae Mortgage-Backed Securities, 3.50%, 10/20/52		(300	)		(272,848	)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed Securities
2.00%, 10/18/37 - 10/13/52	$	(4,150	)	$	(3,438,078	)
2.50%, 10/13/52		(19,750	)		(16,566,469	)
3.00%, 10/13/52		(500	)		(435,098	)
4.00%, 10/13/52		(700	)		(649,496	)
Total TBA Sale Commitments — (2.0)% (Proceeds: $(22,210,478))					(21,361,989	)
Total Investments, Net of TBA Sale Commitments — 105.5% (Cost: $1,241,902,075)					1,122,850,340
Liabilities in Excess of Other Assets — (5.5)%					(58,973,291	)
Net Assets — 100.0%				$ 1,063,877,049

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

^(b)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

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

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

^(e)  When-issued security.

^(f)  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^(g)  Represents or includes a TBA transaction.

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

⁽ⁱ⁾  Affiliate of the Master Portfolio.

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

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the period ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	67,351,856	$	42,660,400	(a)	$	—	$	(23,639	)	$	39,971	$	110,028,588		109,995,589	$	105,048	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		—			—		—			—		100,000		100,000		712			—
								$	(23,639	)	$	39,971	$	110,128,588			$	105,760		$	—

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

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

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

Schedule of Investments (unaudited) (continued) September 30, 2022 Advantage CoreAlpha Bond Master Portfolio

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
10-Year Australian Treasury Bonds		253		12/15/22	$	18,953	$	(395,001	)
10-Year U.S. Treasury Note		1,024		12/20/22		114,752		(4,931,622	)
10-Year U.S. Ultra Long Treasury Note		150		12/20/22		17,777		(813,441	)
U.S. Long Bond		461		12/20/22		58,317		(4,179,383	)
Ultra U.S. Treasury Bond		339		12/20/22		46,337		(3,961,499	)
2-Year U.S. Treasury Note		164		12/30/22		33,671		(558,374	)
5-Year U.S. Treasury Note		788		12/30/22		84,661		(2,781,983	)
								(17,621,303	)
Short Contracts
Euro BTP		25		12/08/22		2,744		124,581
Euro Bund		153		12/08/22		20,766		677,156
Euro OAT		86		12/08/22		11,136		505,208
10-Year Canadian Bond		234		12/19/22		20,936		33,460
Long Gilt		71		12/28/22		7,642		442,100
								1,782,505
							$	(15,838,798	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	767,332	AUD	1,110,000	Standard Chartered Bank		12/15/22	$	56,488
USD	200,074	CAD	270,000	BNY Mellon		12/15/22		4,567
USD	548,445	CAD	730,000	BNY Mellon		12/15/22		19,851
USD	67,287	CAD	90,000	Royal Bank of Canada		12/15/22		2,118
USD	60,314	CZK	1,470,000	Societe Generale		12/15/22		2,103
USD	413,416	HKD	3,240,000	Royal Bank of Canada		12/15/22		113
							$	85,240

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.39.V1		5.00	%		Quarterly		12/20/27		USD	48,816	$	1,913,827	$	2,312,899		$	(399,072	)
CDX.NA.IG.39.V1		1.00			Quarterly		12/20/27		USD	133,300		409,151		(195,221	)		604,372
											$	2,322,978	$	2,117,678		$	205,300

Centrally Cleared Interest Rate Swaps

				Effective Date			Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Paid by the Master Portfolio		Received by the Master Portfolio
Rate	Frequency	Rate	Frequency
2.35%	Annual	6-Month EURIBOR, 1.81%	Semi-Annual		12/21/22	(a)		12/23/24		EUR	329,930	$	3,778,154		$	(252,361	)	$	4,030,515
1-Day SONIA, 2.19%	Annual	4.17%	Annual		12/21/22	(a)		12/23/24		GBP	198,720		(6,085,090	)		86,031			(6,171,121	)
0.18%	Annual	1-Day FEDL, 3.08%	Annual		N/A			10/20/25		USD	2,500		277,477			—			277,477
1-Day SOFR, 3.07%	Annual	0.18%	Annual		N/A			10/20/25		USD	2,500		(286,557	)		—			(286,557	)
6-Month EURIBOR, 1.81%	Semi-Annual	2.86%	Annual		12/21/22	(a)		12/22/25		EUR	7,830		(27,706	)		(28,019	)		313
1-Day SOFR, 3.07%	Annual	3.77%	Annual		12/21/22	(a)		12/22/25		USD	14,010		(29,971	)		641			(30,612	)
3.79%	Quarterly	3-Month BBSW, 3.06%	Quarterly		12/21/22	(a)		12/22/25		AUD	8,960		46,625			59			46,566

14

Schedule of Investments (unaudited) (continued) September 30, 2022 Advantage CoreAlpha Bond Master Portfolio

Centrally Cleared Interest Rate Swaps (continued)

				Effective Date			Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Paid by the Master Portfolio		Received by the Master Portfolio
Rate	Frequency	Rate	Frequency
3.92%	Semi-Annual	3-Month Canada Bank Acceptance, 4.20%	Semi-Annual		12/21/22	(a)		12/22/25		CAD	5,340	$	4,391		$	2,120		$	2,271
4.39%	Annual	1-Day SONIA, 2.19%	Annual		12/21/22	(a)		12/22/25		GBP	10,560		350,202			54,372			295,830
6-Month EURIBOR, 1.81%	Semi-Annual	2.38%	Annual		12/21/22	(a)		12/21/27		EUR	135,640		(3,939,636	)		154,379			(4,094,015	)
2.96%	Annual	1-Day SOFR, 3.07%	Annual		12/21/22	(a)		12/21/27		USD	31,415		1,197,162			124,273			1,072,889
3.07%	Annual	1-Day SOFR, 3.07%	Annual		12/21/22	(a)		12/21/27		USD	74,230		2,468,614			493,088			1,975,526
3.49%	Annual	1-Day SONIA, 2.19%	Annual		12/21/22	(a)		12/21/27		GBP	97,710		7,506,625			265,316			7,241,309
8.72%	Monthly	1-Month MXIBOR, 9.54%	Monthly		03/15/23	(a)		03/08/28		MXN	66,670		53,573			29			53,544
8.91%	Monthly	1-Month MXIBOR, 9.54%	Monthly		03/15/23	(a)		03/08/28		MXN	14,610		6,583			6			6,577
9.00%	Monthly	1-Month MXIBOR, 9.54%	Monthly		03/15/23	(a)		03/08/28		MXN	21,410		6,009			10			5,999
9.07%	Monthly	1-Month MXIBOR, 9.54%	Monthly		03/15/23	(a)		03/08/28		MXN	11,140		1,759			5			1,754
3-Month KRW CDC, 3.24%	Quarterly	0.00%	Quarterly		03/15/23	(a)		03/15/28		KRW	1,157,780		4,563			9			4,554
3-Month KRW CDC, 3.24%	Quarterly	0.00%	Quarterly		03/15/23	(a)		03/15/28		KRW	414,780		3,281			3			3,278
3-Month KRW CDC, 3.24%	Quarterly	0.00%	Quarterly		03/15/23	(a)		03/15/28		KRW	414,780		2,860			4			2,856
3-Month KRW CDC, 3.24%	Quarterly	0.00%	Quarterly		03/15/23	(a)		03/15/28		KRW	955,200		4,129			8			4,121
3-Month KRW CDC, 3.24%	Quarterly	0.00%	Quarterly		03/15/23	(a)		03/15/28		KRW	1,048,210		1,569			8			1,561
1-Day SSARON, 0.44%	Annual	1.56%	Annual		03/15/23	(a)		03/15/28		CHF	4,700		(55,435	)		13,503			(68,938	)
1-Day SSARON, 0.44%	Annual	2.06%	Annual		03/15/23	(a)		03/15/28		CHF	920		11,554			10			11,544
1-Day SSARON, 0.44%	Annual	2.06%	Annual		03/15/23	(a)		03/15/28		CHF	820		10,019			9			10,010
1-Day SSARON, 0.44%	Annual	2.10%	Annual		03/15/23	(a)		03/15/28		CHF	510		7,200			6			7,194
6-Month EURIBOR, 1.81%	Semi-Annual	2.44%	Annual		03/15/23	(a)		03/15/28		EUR	3,440		(100,457	)		9,484			(109,941	)
2.52%	Quarterly	1-Day THOR, 0.98%	Quarterly		03/15/23	(a)		03/15/28		THB	11,440		6,943			3			6,940
2.60%	Quarterly	1-Day THOR, 0.98%	Quarterly		03/15/23	(a)		03/15/28		THB	13,330		6,833			4			6,829
2.62%	Quarterly	1-Day THOR, 0.98%	Quarterly		03/15/23	(a)		03/15/28		THB	8,940		4,356			3			4,353
3.01%	Semi-Annual	1-Day SORA, 4.39%	Semi-Annual		03/15/23	(a)		03/15/28		SGD	4,985		70,391			40			70,351
3.02%	Semi-Annual	1-Day SORA, 4.39%	Semi-Annual		03/15/23	(a)		03/15/28		SGD	1,875		25,881			15			25,866
3.11%	Annual	3-Month STIBOR, 1.73%	Quarterly		03/15/23	(a)		03/15/28		SEK	2,730		2,976			3			2,973
1-Day SOFR, 3.07%	Annual	3.18%	Annual		03/15/23	(a)		03/15/28		USD	2,390		(62,630	)		10,461			(73,091	)
3.24%	Semi-Annual	1-Day SORA, 4.39%	Semi-Annual		03/15/23	(a)		03/15/28		SGD	760		5,181			6			5,175
1-Day SOFR, 3.07%	Annual	3.29%	Annual		03/15/23	(a)		03/15/28		USD	860		(18,467	)		10			(18,477	)
1-Day SOFR, 3.07%	Annual	3.30%	Annual		03/15/23	(a)		03/15/28		USD	1,380		(28,530	)		15			(28,545	)
3.31%	Annual	3-Month STIBOR, 1.73%	Quarterly		03/15/23	(a)		03/15/28		SEK	6,730		1,691			7			1,684
1-Day SOFR, 3.07%	Annual	3.35%	Annual		03/15/23	(a)		03/15/28		USD	1,010		(18,818	)		11			(18,829	)
3.51%	Semi-Annual	1-Day SORA, 4.39%	Semi-Annual		03/15/23	(a)		03/15/28		SGD	480		(797	)		4			(801	)
3-Month HIBOR, 3.33%	Quarterly	3.52%	Quarterly		03/15/23	(a)		03/15/28		HKD	16,490		(52,769	)		23			(52,792	)
3-Month HIBOR, 3.33%	Quarterly	3.53%	Quarterly		03/15/23	(a)		03/15/28		HKD	7,420		(23,617	)		11			(23,628	)
3.57%	Semi-Annual	3-Month Canada Bank Acceptance, 4.20%	Semi-Annual		03/15/23	(a)		03/15/28		CAD	760		1,594			(231	)		1,825
3.58%	Semi-Annual	3-Month Canada Bank Acceptance, 4.20%	Semi-Annual		03/15/23	(a)		03/15/28		CAD	720		1,382			302			1,080
3.60%	Semi-Annual	3-Month Canada Bank Acceptance, 4.20%	Semi-Annual		03/15/23	(a)		03/15/28		CAD	13,450		17,693			(33,912	)		51,605
3-Month HIBOR, 3.33%	Quarterly	3.68%	Quarterly		03/15/23	(a)		03/15/28		HKD	6,270		(14,635	)		9			(14,644	)
3.69%	Annual	6-Month NIBOR, 3.46%	Semi-Annual		03/15/23	(a)		03/15/28		NOK	10,840		(8,841	)		(1,927	)		(6,914	)
1-Day SOFR, 3.07%	Annual	3.73%	Annual		03/15/23	(a)		03/15/28		USD	550		(856	)		6			(862	)
6-Month BBSW, 3.57%	Semi-Annual	4.03%	Semi-Annual		03/15/23	(a)		03/15/28		AUD	1,090		(9,194	)		8			(9,202	)
3-Month BBR, 0.85%	Quarterly	4.10%	Semi-Annual		03/15/23	(a)		03/15/28		NZD	1,010		(11,692	)		7			(11,699	)
3-Month BBR, 0.85%	Quarterly	4.20%	Semi-Annual		03/15/23	(a)		03/15/28		NZD	850		(7,796	)		5			(7,801	)
3-Month BBR, 0.85%	Quarterly	4.24%	Semi-Annual		03/15/23	(a)		03/15/28		NZD	850		(7,008	)		5			(7,013	)
3-Month BBR, 0.85%	Quarterly	4.25%	Semi-Annual		03/15/23	(a)		03/15/28		NZD	930		(7,417	)		6			(7,423	)
4.84%	Annual	6-Month PRIBOR, 7.33%	Semi-Annual		03/15/23	(a)		03/15/28		CZK	16,400		11,929			7			11,922
4.96%	Annual	6-Month PRIBOR, 7.33%	Semi-Annual		03/15/23	(a)		03/15/28		CZK	21,490		11,024			10			11,014
5.09%	Annual	6-Month PRIBOR, 7.33%	Semi-Annual		03/15/23	(a)		03/15/28		CZK	29,680		8,707			13			8,694
5.14%	Annual	6-Month PRIBOR, 7.33%	Semi-Annual		03/15/23	(a)		03/15/28		CZK	20,040		4,154			9			4,145
5.16%	Annual	6-Month PRIBOR, 7.33%	Semi-Annual		03/15/23	(a)		03/15/28		CZK	19,370		3,348			9			3,339
5.20%	Annual	6-Month PRIBOR, 7.33%	Semi-Annual		03/15/23	(a)		03/15/28		CZK	8,640		972			4			968
5.95%	Annual	6-Month WIBOR, 7.41%	Semi-Annual		03/15/23	(a)		03/15/28		PLN	3,420		26,937			8			26,929
3-Month JIBAR, 6.47%	Quarterly	8.57%	Quarterly		03/15/23	(a)		03/15/28		ZAR	60,560		(69,774	)		39			(69,813	)
3-Month JIBAR, 6.47%	Quarterly	8.65%	Quarterly		03/15/23	(a)		03/15/28		ZAR	11,260		(10,931	)		7			(10,938	)
3-Month JIBAR, 6.47%	Quarterly	8.74%	Quarterly		03/15/23	(a)		03/15/28		ZAR	13,200		(10,392	)		8			(10,400	)
1-Day SOFR, 3.07%	Annual	0.54%	Annual		N/A			10/21/30		USD	1,250		(269,247	)		—			(269,247	)

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

Schedule of Investments (unaudited) (continued) September 30, 2022 Advantage CoreAlpha Bond Master Portfolio

Centrally Cleared Interest Rate Swaps (continued)    

				Effective Date			Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Paid by the Master Portfolio		Received by the Master Portfolio
Rate	Frequency	Rate	Frequency
0.55%	Annual	1-Day FEDL, 3.08%	Annual		N/A			10/21/30		USD	1,250	$	262,726		$	—		$	262,726
6-Month EURIBOR, 1.81%	Semi-Annual	2.55%	Annual		12/21/22	(a)		12/21/32		EUR	34,060		(1,612,324	)		48,774			(1,661,098	)
1-Day SOFR, 3.07%	Annual	2.90%	Annual		12/21/22	(a)		12/21/32		USD	36,775		(2,002,587	)		(24,678	)		(1,977,909	)
1-Day SOFR, 3.07%	Annual	3.00%	Annual		12/21/22	(a)		12/21/32		USD	58,930		(2,728,633	)		(693,743	)		(2,034,890	)
1-Day SONIA, 2.19%	Annual	3.10%	Annual		12/21/22	(a)		12/21/32		GBP	9,530		(1,130,382	)		(71,128	)		(1,059,254	)
3.28%	Annual	1-Day SONIA, 2.19%	Annual		12/21/22	(a)		12/21/32		GBP	17,170		1,762,599			(25,139	)		1,787,738
3.31%	Annual	1-Day SONIA, 2.19%	Annual		12/21/22	(a)		12/21/32		GBP	17,400		1,752,065			263,530			1,488,535
0.74%	Annual	1-Day SOFR, 3.07%	Annual		N/A			10/22/35		USD	500		143,745			—			143,745
1-Day FEDL, 3.08%	Annual	0.78%	Annual		N/A			10/22/35		USD	500		(139,747	)		—			(139,747	)
0.84%	Annual	1-Day SOFR, 3.07%	Annual		N/A			10/22/40		USD	1,000		342,267			—			342,267
1-Day FEDL, 3.08%	Annual	0.90%	Annual		N/A			10/22/40		USD	1,000		(330,323	)		—			(330,323	)
0.90%	Annual	1-Day SOFR, 3.07%	Annual		N/A			10/20/50		USD	500		200,008			—			200,008
1-Day FEDL, 3.08%	Annual	0.98%	Annual		N/A			10/20/50		USD	500		(190,888	)		—			(190,888	)
2.18%	Annual	6-Month EURIBOR, 1.81%	Semi-Annual		12/21/22	(a)		12/23/52		EUR	19,930		847,648			(92,055	)		939,703
2.73%	Annual	1-Day SOFR, 3.07%	Annual		12/21/22	(a)		12/23/52		USD	8,525		527,347			(108,337	)		635,684
2.76%	Annual	1-Day SOFR, 3.07%	Annual		12/21/22	(a)		12/23/52		USD	8,040		456,266			164,905			291,361
1-Day SONIA, 2.19%	Annual	2.99%	Annual		12/21/22	(a)		12/23/52		GBP	7,300		(956,362	)		42,901			(999,263	)
1-Day SONIA, 2.19%	Annual	3.00%	Annual		12/21/22	(a)		12/23/52		GBP	7,390		(952,768	)		(236,309	)		(716,459	)
												$	1,046,735		$	166,722		$	880,013

^(a) Forward Swap.    

Centrally Cleared Inflation Swaps    

				Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Paid by the Master Portfolio		Received by the Master Portfolio
Reference	Frequency	Rate	Frequency
2.07%	Monthly	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA Index	Monthly		02/15/32		EUR	2,635	$	186,161		$	62	$	186,099
2.74%	Monthly	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA Index	Monthly		06/15/32		EUR	2,630		(61,707	)		59		(61,766	)
									$	124,454		$	121	$	124,333

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Master Portfolio has the ability to access;

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

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

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

16

Schedule of Investments (unaudited) (continued) September 30, 2022 Advantage CoreAlpha Bond Master Portfolio

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Master Portfolio’s financial instruments categorized in the fair value hierarchy. The breakdown of the Master Portfolio’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—		$	122,656,495		$	—	$	122,656,495
Common Stocks		—			—			1		1
Corporate Bonds		—			389,274,443			—		389,274,443
Foreign Agency Obligations		—			4,203,413			—		4,203,413
Municipal Bonds		—			8,949,112			—		8,949,112
Non-Agency Mortgage-Backed Securities		—			119,270,711			10,823		119,281,534
U.S. Government Sponsored Agency Securities		—			364,912,159			—		364,912,159
Short-Term Securities
Money Market Funds		110,128,588			—			—		110,128,588
U.S. Treasury Obligations		—			24,806,584			—		24,806,584
Liabilities
Investments
TBA Sale Commitments		—			(21,361,989	)		—		(21,361,989	)
	$	110,128,588		$	1,012,710,928		$	10,824	$	1,122,850,340
Derivative Financial Instruments(a)
Assets
Credit Contracts	$	—		$	604,372		$	—	$	604,372
Foreign Currency Exchange Contracts		—			85,240			—		85,240
Interest Rate Contracts		1,782,505			21,393,147			—		23,175,652
Other Contracts		—			186,099			—		186,099
Liabilities
Credit Contracts		—			(399,072	)		—		(399,072	)
Interest Rate Contracts		(17,621,303	)		(20,513,134	)		—		(38,134,437	)
Other Contracts		—			(61,766	)		—		(61,766	)
	$	(15,838,798	)	$	1,294,886		$	—	$	(14,543,912	)

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

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

Currency Abbreviation (continued)
USD	United States Dollar
ZAR	South African Rand

Portfolio Abbreviation
ARB	Airport Revenue Bonds
BAB	Build America Bond
BBR	Bank Bill Rate
BBSW	Bank Bill Swap Rate
CME	Chicago Mercantile Exchange
CMT	Constant Maturity Treasury
EURIBOR	Euro Interbank Offered Rate
FEDL	Fed Funds Effective Rate
GO	General Obligation Bonds
HIBOR	Hong Kong Interbank Offered Rate
JIBAR	Johannesburg Interbank Average Rate
LIBOR	London Interbank Offered Rate

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

Schedule of Investments (unaudited) (continued) September 30, 2022 Advantage CoreAlpha Bond Master Portfolio

Portfolio Abbreviation (continued)
MXIBOR	Mexico Interbank Offered Rate
NIBOR	Norwegian Interbank Offered Rate
RB	Revenue Bond
REMIC	Real Estate Mortgage Investment Conduit
SAB	Special Assessment Bonds
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Interbank Average Rate
SORA	Singapore Overnight Rate Average
STACR	Structured Agency Credit Risk
STIBOR	Stockholm Interbank Offered Rate
TBA	To-Be-Announced
WIBOR	Warsaw Interbank Offered Rate

18