N-CSR

Schedules of Investments

May 31, 2025

(unaudited)

Morgan Stanley Pathway Large Cap Equity ETF (formerly Large Cap Equity Fund)


Shares/Units	Security	Value
COMMON STOCKS - 98.5%
COMMUNICATION SERVICES - 9.1%
Diversified Telecommunication Services - 0.7%
255,328	AT&T Inc.	$	7,098,118
8,663	Frontier Communications Parent Inc.*		313,861
2,850	GCI Liberty Inc.*(a)#		–
3,860	Iridium Communications Inc.		98,044
5,122	Liberty Global Ltd., Class A Shares*		49,325
5,313	Liberty Global Ltd., Class C Shares*		52,492
261,025	Verizon Communications Inc.		11,474,659

	Total Diversified Telecommunication Services		19,086,499

Entertainment - 2.3%
9,346	Electronic Arts Inc.		1,343,768
795	Liberty Media Corp.-Liberty Formula One, Class A Shares*		70,055
7,421	Liberty Media Corp.-Liberty Formula One, Class C Shares*		716,349
640	Liberty Media Corp.-Liberty Live, Class A Shares*		45,990
1,689	Liberty Media Corp.-Liberty Live, Class C Shares*		123,213
5,584	Live Nation Entertainment Inc.*		766,069
665	Madison Square Garden Sports Corp., Class A Shares*		126,277
34,974	Netflix Inc.*		42,221,662
2,011	Playtika Holding Corp.		9,532
18,641	ROBLOX Corp., Class A Shares*		1,621,394
4,620	Roku Inc., Class A Shares*		334,765
5,228	Spotify Technology SA*		3,477,352
6,263	Take-Two Interactive Software Inc.*		1,417,192
2,969	TKO Group Holdings Inc., Class A Shares		468,538
144,651	Walt Disney Co. (The)		16,351,349
86,869	Warner Bros Discovery Inc.*		866,084

	Total Entertainment		69,959,589

Interactive Media & Services - 5.3%
293,443	Alphabet Inc., Class A Shares		50,395,901
190,865	Alphabet Inc., Class C Shares		32,991,015
1,246	Angi Inc., Class A Shares*		19,500
2,896	IAC Inc.*		104,140
8,847	Match Group Inc.		264,879
114,517	Meta Platforms Inc., Class A Shares		74,148,613
20,984	Pinterest Inc., Class A Shares*		652,812
3,459	TripAdvisor Inc.*		49,256
2,448	Trump Media & Technology Group Corp.*(b)		52,216
9,145	ZoomInfo Technologies Inc., Class A Shares*		87,335

	Total Interactive Media & Services		158,765,667

Media - 0.7%
3,279	Charter Communications Inc., Class A Shares*		1,299,369
266,802	Comcast Corp., Class A Shares		9,223,345
5,680	DoubleVerify Holdings Inc.*		78,043
115,333	Fox Corp., Class A Shares		6,336,395
4,803	Fox Corp., Class B Shares		241,495
13,512	Interpublic Group of Cos., Inc. (The)		323,747
524	Liberty Broadband Corp., Class A Shares*		48,680
3,856	Liberty Broadband Corp., Class C Shares*		361,693
5,714	New York Times Co. (The), Class A Shares		326,384
13,288	News Corp., Class A Shares		375,253
4,125	News Corp., Class B Shares		134,970
1,000	Nexstar Media Group Inc., Class A Shares		170,420
6,893	Omnicom Group Inc.		506,222
181	Paramount Global, Class A Shares		4,100
20,972	Paramount Global, Class B Shares(b)		253,761
7,377	Sirius XM Holdings Inc.(b)		159,933
15,789	Trade Desk Inc. (The), Class A Shares*		1,187,649

	Total Media		21,031,459

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
COMMUNICATION SERVICES - 9.1% - (continued)
Wireless Telecommunication Services - 0.1%
16,752	T-Mobile US Inc.	$	4,057,334

	TOTAL COMMUNICATION SERVICES		272,900,548

CONSUMER DISCRETIONARY - 10.6%
Automobile Components - 0.0%@
8,880	Aptiv PLC*		593,273
7,673	BorgWarner Inc.		253,900
8,290	Gentex Corp.		178,815
1,991	Lear Corp.		180,026
11,275	QuantumScape Corp., Class A Shares*		45,100

	Total Automobile Components		1,251,114

Automobiles - 1.6%
140,645	Ford Motor Co.		1,459,895
123,740	General Motors Co.		6,138,742
3,886	Harley-Davidson Inc.		94,080
32,234	Lucid Group Inc., Class A Shares*		71,882
29,968	Rivian Automotive Inc., Class A Shares*(b)		435,435
112,070	Tesla Inc.*		38,827,772
1,917	Thor Industries Inc.		155,641

	Total Automobiles		47,183,447

Broadline Retail - 4.1%
587,432	Amazon.com Inc.*		120,429,434
40,964	Coupang Inc., Class A Shares*		1,149,040
100	Dillard’s Inc., Class A Shares		39,602
17,195	eBay Inc.		1,258,158
3,809	Etsy Inc.*		210,828
3,630	Kohl’s Corp.(b)		29,512
9,402	Macy’s Inc.		111,790
2,159	Ollie’s Bargain Outlet Holdings Inc.*		240,621

	Total Broadline Retail		123,468,985

Distributors - 0.1%
4,932	Genuine Parts Co.		623,997
9,324	LKQ Corp.		377,342
1,355	Pool Corp.		407,299

	Total Distributors		1,408,638

Diversified Consumer Services - 0.1%
13,589	ADT Inc.		113,060
2,034	Bright Horizons Family Solutions Inc.*		262,793
1,346	Duolingo Inc., Class A Shares*		699,395
1,014	Grand Canyon Education Inc.*		200,615
4,988	H&R Block Inc.		284,067
4,964	Service Corp. International		387,192

	Total Diversified Consumer Services		1,947,122

Hotels, Restaurants & Leisure - 2.4%
94,103	Airbnb Inc., Class A Shares*		12,139,287
9,054	Aramark		366,687
1,177	Booking Holdings Inc.		6,495,781
2,182	Boyd Gaming Corp.		163,584
7,303	Caesars Entertainment Inc.*		196,305
36,289	Carnival Corp.*		842,631
2,742	Cava Group Inc.*		222,842
48,683	Chipotle Mexican Grill Inc., Class A Shares*		2,438,045
1,046	Choice Hotels International Inc		132,507
2,408	Churchill Downs Inc.		229,892
34,544	Darden Restaurants Inc.		7,399,670
1,233	Domino’s Pizza Inc.		584,220
12,598	DoorDash Inc., Class A Shares*		2,628,573
16,477	DraftKings Inc., Class A Shares*		591,195
3,845	Dutch Bros Inc., Class A Shares*		277,609

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
CONSUMER DISCRETIONARY - 10.6% - (continued)
Hotels, Restaurants & Leisure - 2.4% - (continued)
4,345	Expedia Group Inc.	$	724,529
49,353	Hilton Worldwide Holdings Inc.		12,261,259
1,464	Hyatt Hotels Corp., Class A Shares		193,292
12,510	Las Vegas Sands Corp.		514,912
3,159	Light & Wonder Inc., Class A Shares*		284,689
8,085	Marriott International Inc., Class A Shares		2,133,065
1,116	Marriott Vacations Worldwide Corp.		73,500
25,628	McDonald’s Corp.		8,043,348
8,632	MGM Resorts International*		273,203
16,118	Norwegian Cruise Line Holdings Ltd.*		284,483
5,004	Penn Entertainment Inc.*		74,209
3,015	Planet Fitness Inc., Class A Shares*		310,032
8,384	Royal Caribbean Cruises Ltd.		2,154,436
64,928	Starbucks Corp.		5,450,706
2,407	Texas Roadhouse Inc., Class A Shares		469,870
2,199	Travel + Leisure Co.		106,805
1,378	Vail Resorts Inc.		220,714
6,650	Wendy’s Co. (The)		75,810
1,008	Wingstop Inc.		344,434
2,642	Wyndham Hotels & Resorts Inc.		218,705
3,496	Wynn Resorts Ltd.		316,528
10,086	Yum! Brands Inc.		1,451,779

	Total Hotels, Restaurants & Leisure		70,689,136

Household Durables - 0.2%
10,178	DR Horton Inc.		1,201,615
5,476	Garmin Ltd.		1,111,464
3,726	Leggett & Platt Inc.		33,757
8,133	Lennar Corp., Class A Shares		862,748
406	Lennar Corp., Class B Shares		41,128
1,806	Mohawk Industries Inc.*		181,702
13,920	Newell Brands Inc.		73,776
100	NVR Inc.*		711,593
7,189	PulteGroup Inc.		704,738
2,444	SharkNinja Inc.*		224,677
5,887	Somnigroup International Inc.		383,008
3,604	Toll Brothers Inc.		375,717
1,048	TopBuild Corp.*		296,469
1,876	Whirlpool Corp.		146,497

	Total Household Durables		6,348,889

Leisure Products - 0.0%@
2,400	Brunswick Corp.		121,488
4,826	Hasbro Inc		321,942
11,757	Mattel Inc.*		222,678
1,768	Polaris Inc.		69,341
2,747	YETI Holdings Inc.*		83,948

	Total Leisure Products		819,397

Specialty Retail - 1.9%
2,236	Advance Auto Parts Inc.		107,171
922	AutoNation Inc.*		169,510
602	AutoZone Inc.*		2,247,290
7,710	Bath & Body Works Inc.		216,805
7,677	Best Buy Co., Inc.		508,831
2,255	Burlington Stores Inc.*		514,749
5,429	CarMax Inc.*		349,953
3,817	Carvana Co., Class A Shares*		1,248,770
2,026	Dick’s Sporting Goods Inc.		363,343
1,964	Five Below Inc.*		228,943
3,670	Floor & Decor Holdings Inc., Class A Shares*		263,102
13,657	GameStop Corp., Class A Shares*		406,979
6,927	Gap Inc. (The)		154,541

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
CONSUMER DISCRETIONARY - 10.6% - (continued)
Specialty Retail - 1.9% - (continued)
35,280	Home Depot Inc. (The)	$	12,993,271
934	Lithia Motors Inc., Class A Shares		295,994
52,230	Lowe’s Cos., Inc.		11,789,878
634	Murphy USA Inc.		270,585
8,196	O’Reilly Automotive Inc.*		11,208,030
712	Penske Automotive Group Inc.		116,896
497	RH*		90,012
11,512	Ross Stores Inc.		1,612,716
80,512	TJX Cos., Inc. (The)		10,216,973
19,024	Tractor Supply Co.		920,762
1,658	Ulta Beauty Inc.*		781,681
4,520	Valvoline Inc.*		156,347
3,494	Wayfair Inc., Class A Shares*		144,093
4,382	Williams-Sonoma Inc.		708,832

	Total Specialty Retail		58,086,057

Textiles, Apparel & Luxury Goods - 0.2%
1,897	Amer Sports Inc.*		69,013
1,291	Birkenstock Holding PLC*		69,430
6,454	Capri Holdings Ltd.*		116,946
1,227	Carter’s Inc.		38,491
1,025	Columbia Sportswear Co.		65,374
2,006	Crocs Inc.*		204,612
5,379	Deckers Outdoor Corp.*		567,592
4,109	lululemon athletica Inc.*		1,301,197
42,127	NIKE Inc., Class B Shares(b)		2,552,475
2,042	PVH Corp.		171,058
1,439	Ralph Lauren Corp., Class A Shares		398,330
4,640	Skechers USA Inc., Class A Shares*		287,866
8,258	Tapestry Inc.		648,666
5,673	Under Armour Inc., Class A Shares*		38,066
7,178	Under Armour Inc., Class C Shares*		45,221
12,593	V.F. Corp.		156,909

	Total Textiles, Apparel & Luxury Goods		6,731,246

	TOTAL CONSUMER DISCRETIONARY		317,934,031

CONSUMER STAPLES - 4.7%
Beverages - 1.0%
309	Boston Beer Co., Inc. (The), Class A Shares*		71,024
1,581	Brown-Forman Corp., Class A Shares		52,537
6,307	Brown-Forman Corp., Class B Shares		210,275
7,646	Celsius Holdings Inc.*		289,630
138,076	Coca-Cola Co. (The)		9,955,280
2,120	Coca-Cola Consolidated Inc.		243,058
5,596	Constellation Brands Inc., Class A Shares		997,711
45,101	Keurig Dr Pepper Inc.		1,518,551
6,164	Molson Coors Beverage Co., Class B Shares		330,329
84,137	Monster Beverage Corp.*		5,380,561
85,085	PepsiCo Inc.		11,184,423

	Total Beverages		30,233,379

Consumer Staples Distribution & Retail - 1.5%
14,857	Albertsons Cos., Inc., Class A Shares		330,271
4,680	BJ’s Wholesale Club Holdings Inc.*		529,823
1,310	Casey’s General Stores Inc.		573,466
19,488	Costco Wholesale Corp.		20,271,028
7,769	Dollar General Corp.		755,535
7,183	Dollar Tree Inc.*		648,338
2,938	Grocery Outlet Holding Corp.*		39,898
23,463	Kroger Co. (The)		1,600,880
5,758	Maplebear Inc.*		262,968
5,483	Performance Food Group Co.*		491,057
17,382	Sysco Corp.		1,268,886

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
CONSUMER STAPLES - 4.7% - (continued)
Consumer Staples Distribution & Retail - 1.5% - (continued)
16,554	Target Corp.	$	1,556,241
7,749	US Foods Holding Corp.*		613,101
25,599	Walgreens Boots Alliance Inc.		287,989
154,372	Walmart Inc.		15,239,604

	Total Consumer Staples Distribution & Retail		44,469,085

Food Products - 0.7%
16,863	Archer-Daniels-Midland Co.		813,977
4,714	Bunge Global SA		368,399
17,062	Conagra Brands Inc.		390,549
5,914	Darling Ingredients Inc.*		184,280
6,582	Flowers Foods Inc.		111,236
1,731	Freshpet Inc.*		138,757
19,549	General Mills Inc.		1,060,729
5,217	Hershey Co. (The)		838,320
10,329	Hormel Foods Corp.		316,894
2,268	Ingredion Inc.		315,524
3,695	J.M. Smucker Co. (The)		416,094
9,271	Kellanova		766,063
31,729	Kraft Heinz Co. (The)		848,116
4,882	Lamb Weston Holdings Inc.		272,318
8,879	McCormick & Co., Inc., Class VTG Shares		645,770
158,837	Mondelez International Inc., Class A Shares		10,719,909
1,496	Pilgrim’s Pride Corp.		73,543
1,884	Post Holdings Inc.*		208,352
8	Seaboard Corp.		21,417
875	Smithfield Foods Inc.		20,457
6,999	The Campbell’s Co.		238,246
59,285	Tyson Foods Inc., Class A Shares		3,329,446

	Total Food Products		22,098,396

Household Products - 0.9%
8,727	Church & Dwight Co., Inc.		857,951
4,392	Clorox Co. (The)		579,217
28,941	Colgate-Palmolive Co.		2,689,777
11,857	Kimberly-Clark Corp.		1,704,562
123,955	Procter & Gamble Co. (The)		21,058,715
1,594	Reynolds Consumer Products Inc.		35,195
1,110	Spectrum Brands Holdings Inc.		64,125

	Total Household Products		26,989,542

Personal Care Products - 0.1%
4,497	BellRing Brands Inc.*		283,086
14,270	Coty Inc., Class A Shares*		70,351
1,988	elf Beauty Inc.*		223,630
8,248	Estee Lauder Cos., Inc. (The), Class A Shares		552,121
68,511	Kenvue Inc.		1,635,358

	Total Personal Care Products		2,764,546

Tobacco - 0.5%
60,314	Altria Group Inc.		3,655,631
55,291	Philip Morris International Inc.		9,985,002

	Total Tobacco		13,640,633

	TOTAL CONSUMER STAPLES		140,195,581

ENERGY - 3.0%
Energy Equipment & Services - 0.3%
35,298	Baker Hughes Co., Class A Shares		1,307,791
31,108	Halliburton Co.		609,406
14,547	NOV Inc.		174,564
206,724	Schlumberger NV		6,832,228
14,546	TechnipFMC PLC		453,108
2,560	Weatherford International PLC		111,616

	Total Energy Equipment & Services		9,488,713

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
ENERGY - 3.0% - (continued)
Oil, Gas & Consumable Fuels - 2.7%
12,240	Antero Midstream Corp.	$	229,867
10,477	Antero Resources Corp.*		392,364
13,386	APA Corp.		227,696
7,900	Cheniere Energy Inc.		1,872,221
58,218	Chevron Corp.		7,958,401
2,064	Chord Energy Corp.		185,760
3,597	Civitas Resources Inc.		98,450
114,354	ConocoPhillips		9,760,114
25,814	Coterra Energy Inc.		627,538
22,027	Devon Energy Corp.		666,537
6,750	Diamondback Energy Inc.		908,213
3,571	DT Midstream Inc.		374,027
64,260	EOG Resources Inc.		6,976,708
20,934	EQT Corp.		1,154,091
32,612	Expand Energy Corp.		3,787,232
251,503	Exxon Mobil Corp.		25,728,757
9,880	Hess Corp.		1,306,037
5,364	HF Sinclair Corp.		193,801
68,559	Kinder Morgan Inc.		1,922,394
11,495	Marathon Petroleum Corp.		1,847,706
4,386	Matador Resources Co.		188,642
2,028	New Fortress Energy Inc., Class A Shares(b)		5,050
24,298	Occidental Petroleum Corp.		990,872
22,138	ONEOK Inc.		1,789,636
9,033	Ovintiv Inc.		323,562
22,620	Permian Resources Corp., Class A Shares		285,238
43,457	Phillips 66		4,931,500
8,391	Range Resources Corp.		319,194
7,650	Targa Resources Corp.		1,208,165
673	Texas Pacific Land Corp.		749,742
11,164	Valero Energy Corp.		1,439,821
4,588	Viper Energy Inc., Class A Shares		182,098
43,342	Williams Cos., Inc. (The)		2,622,624

	Total Oil, Gas & Consumable Fuels		81,254,058

	TOTAL ENERGY		90,742,771

FINANCIALS - 16.9%
Banks - 3.7%
459,984	Bank of America Corp.		20,299,094
3,644	Bank OZK		161,538
792	BOK Financial Corp.		74,781
67,311	Citigroup Inc.		5,069,864
15,748	Citizens Financial Group Inc.		635,432
7,661	Columbia Banking System Inc.		179,114
4,678	Comerica Inc.		267,067
4,469	Commerce Bancshares Inc.		281,592
2,106	Cullen/Frost Bankers Inc.		267,420
4,816	East West Bancorp Inc.		439,219
24,173	Fifth Third Bancorp		923,167
410	First Citizens BancShares Inc., Class A Shares		758,041
4,299	First Hawaiian Inc.		102,660
18,612	First Horizon Corp.		370,006
12,979	FNB Corp.		180,019
50,801	Huntington Bancshares Inc.		794,020
181,607	JPMorgan Chase & Co.		47,944,248
33,018	KeyCorp		523,665
5,919	M&T Bank Corp.		1,081,046
115,360	NU Holdings Ltd., Class A Shares*		1,385,474
2,692	Pinnacle Financial Partners Inc		286,106
14,159	PNC Financial Services Group Inc. (The)		2,460,976
2,519	Popular Inc.		260,792

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 16.9% - (continued)
Banks - 3.7% - (continued)
3,260	Prosperity Bancshares Inc.	$	227,059
32,445	Regions Financial Corp.		695,621
4,953	Synovus Financial Corp.		236,902
1,501	TFS Financial Corp.		19,828
93,284	Truist Financial Corp.		3,684,718
55,601	US Bancorp		2,423,648
5,911	Webster Financial Corp.		304,298
251,159	Wells Fargo & Co.		18,781,670
3,733	Western Alliance Bancorp.		270,306
2,274	Wintrust Financial Corp.		271,538
5,113	Zions Bancorp NA		242,152

	Total Banks		111,903,081

Capital Markets - 4.7%
1,040	Affiliated Managers Group Inc.		183,040
3,402	Ameriprise Financial Inc.		1,732,434
6,598	Ares Management Corp., Class A Shares		1,091,969
25,417	Bank of New York Mellon Corp. (The)		2,252,200
15,322	Blackrock Inc.		15,013,875
25,661	Blackstone Inc.		3,560,720
19,025	Blue Owl Capital Inc., Class A Shares		355,387
20,229	Brookfield Asset Management Ltd., Class A Shares(b)		1,134,847
291,179	Brookfield Corp.		16,806,852
8,010	Carlyle Group Inc. (The)		362,052
3,730	Cboe Global Markets Inc.		854,618
152,753	Charles Schwab Corp. (The)		13,494,200
12,785	CME Group Inc., Class A Shares		3,694,865
7,167	Coinbase Global Inc., Class A Shares*		1,767,526
1,260	Evercore Inc., Class A Shares		291,677
1,362	FactSet Research Systems Inc.		624,150
11,198	Franklin Resources Inc.		242,325
21,286	Goldman Sachs Group Inc. (The)		12,781,179
1,936	Houlihan Lokey Inc., Class A Shares		338,180
3,654	Interactive Brokers Group Inc., Class A Shares		766,171
72,760	Intercontinental Exchange Inc.		13,082,248
11,914	Invesco Ltd.		172,276
4,721	Janus Henderson Group PLC		171,514
6,086	Jefferies Financial Group Inc.		295,780
84,357	KKR & Co., Inc., Class Miscella Shares		10,246,001
3,713	Lazard Inc., Class A Shares		161,144
2,797	LPL Financial Holdings Inc.		1,082,886
1,358	MarketAxess Holdings Inc.		293,885
8,987	Moody’s Corp.		4,307,649
40,789	Morgan Stanley(c)		5,222,216
930	Morningstar Inc.		286,831
6,645	MSCI Inc., Class A Shares		3,747,913
14,629	Nasdaq Inc.		1,222,107
6,879	Northern Trust Corp.		734,264
7,223	Raymond James Financial Inc.		1,061,637
23,939	Robinhood Markets Inc., Class A Shares*		1,583,565
28,621	S&P Global Inc.		14,678,566
3,532	SEI Investments Co.		301,138
37,965	State Street Corp.		3,655,270
3,482	Stifel Financial Corp.		328,074
7,756	T. Rowe Price Group Inc.		725,884
3,926	TPG Inc., Class A Shares		188,958
4,109	Tradeweb Markets Inc., Class A Shares		593,545
2,820	Virtu Financial Inc., Class A Shares		113,336
16,067	XP Inc., Class A Shares		311,057

	Total Capital Markets		141,916,011

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 16.9% - (continued)
Consumer Finance - 0.6%
9,430	Ally Financial Inc.	$	330,050
39,062	American Express Co.		11,486,181
22,500	Capital One Financial Corp.		4,255,875
232	Credit Acceptance Corp.*		110,733
3,921	OneMain Holdings Inc., Class A Shares		203,265
7,454	SLM Corp.		241,286
38,311	SoFi Technologies Inc.*		509,536
13,698	Synchrony Financial		789,690

	Total Consumer Finance		17,926,616

Financial Services - 5.0%
9,330	Affirm Holdings Inc., Class A Shares*		484,227
18,589	Apollo Global Management Inc.		2,429,396
85,713	Berkshire Hathaway Inc., Class B Shares*		43,195,923
19,738	Block Inc., Class A Shares*		1,218,821
2,427	Corpay Inc.*		789,042
9,550	Equitable Holdings Inc.		504,909
1,549	Euronet Worldwide Inc.*		167,726
19,287	Fidelity National Information Services Inc.		1,535,438
20,141	Fiserv Inc.*		3,278,753
9,134	Global Payments Inc.		690,622
2,592	Jack Henry & Associates Inc.		469,593
57,265	MasterCard Inc., Class A Shares		33,534,384
9,252	MGIC Investment Corp.		244,715
156,120	PayPal Holdings Inc.*		10,972,114
6,037	Rocket Cos., Inc., Class A Shares(b)		76,972
2,207	Shift4 Payments Inc., Class A Shares*(b)		209,202
16,545	Toast Inc., Class A Shares*		697,868
6,999	UWM Holdings Corp.		30,096
136,371	Visa Inc., Class A Shares		49,801,325
3,608	Voya Financial Inc.		240,004
6,495	Western Union Co. (The)		60,274
1,283	WEX Inc.*		170,549

	Total Financial Services		150,801,953

Insurance - 2.8%
19,694	Aflac Inc.		2,039,117
9,382	Allstate Corp. (The)		1,969,000
2,542	American Financial Group Inc.		315,157
22,273	American International Group Inc.		1,885,187
6,994	Aon PLC, Class A Shares		2,602,328
12,757	Arch Capital Group Ltd.		1,212,425
14,565	Arthur J. Gallagher & Co.		5,060,464
1,872	Assurant Inc.		379,979
1,699	Assured Guaranty Ltd.		143,650
2,705	Axis Capital Holdings Ltd.		280,779
2,242	Brighthouse Financial Inc.*		134,094
8,496	Brown & Brown Inc.		959,198
14,389	Chubb Ltd.		4,276,411
5,515	Cincinnati Financial Corp.		831,772
929	CNA Financial Corp.		44,508
1,510	Everest Group Ltd.		524,257
9,224	Fidelity National Financial Inc.		505,198
3,281	First American Financial Corp.		183,113
2,997	Globe Life Inc.		365,244
1,262	Hanover Insurance Group Inc. (The)		222,087
79,747	Hartford Insurance Group Inc. (The)		10,354,350
2,288	Kemper Corp.		145,814
769	Kinsale Capital Group Inc.		362,960
4,059	Lincoln National Corp.		134,515
6,353	Loews Corp.		567,259
455	Markel Group Inc.*		883,474

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 16.9% - (continued)
Insurance - 2.8% - (continued)
33,345	Marsh & McLennan Cos., Inc.	$	7,791,393
20,710	MetLife Inc.		1,627,392
8,207	Old Republic International Corp.		310,225
1,153	Primerica Inc.		312,002
8,011	Principal Financial Group Inc.		623,977
66,113	Progressive Corp. (The)		18,837,577
37,911	Prudential Financial Inc.		3,938,574
2,351	Reinsurance Group of America Inc., Class A Shares		477,935
1,835	RenaissanceRe Holdings Ltd.		457,686
3,004	RLI Corp.		230,917
3,578	Ryan Specialty Holdings Inc., Class A Shares		256,077
36,113	Travelers Cos., Inc. (The)		9,956,354
6,319	Unum Group		516,326
91	White Mountains Insurance Group Ltd.		162,417
3,561	Willis Towers Watson PLC		1,127,235
10,390	WR Berkley Corp.		776,029

	Total Insurance		83,784,456

Mortgage Real Estate Investment Trusts (REITs) - 0.1%
30,570	AGNC Investment Corp.		273,296
20,276	Annaly Capital Management Inc.		384,230
18,626	Rithm Capital Corp.		207,680
11,133	Starwood Property Trust Inc.		219,877

	Total Mortgage Real Estate Investment Trusts (REITs)		1,085,083

	TOTAL FINANCIALS		507,417,200

HEALTH CARE - 10.3%
Biotechnology - 1.8%
106,487	AbbVie Inc.		19,818,296
4,555	Alnylam Pharmaceuticals Inc.*		1,387,271
34,163	Amgen Inc.		9,845,093
3,284	Apellis Pharmaceuticals Inc.*		55,598
5,155	Biogen Inc.*		669,067
6,779	BioMarin Pharmaceutical Inc.*		393,657
6,661	Exact Sciences Corp.*		374,881
10,184	Exelixis Inc.*		438,319
113,929	Gilead Sciences Inc.		12,541,304
818	GRAIL Inc.*		31,419
5,793	Incyte Corp.*		376,893
5,703	Ionis Pharmaceuticals Inc.*		191,108
11,397	Moderna Inc.*		302,704
4,049	Natera Inc.*		638,649
3,820	Neurocrine Biosciences Inc.*		469,936
3,727	Regeneron Pharmaceuticals Inc.		1,827,274
21,068	Roivant Sciences Ltd.*		231,537
3,228	Sarepta Therapeutics Inc.*		121,373
2,939	Ultragenyx Pharmaceutical Inc.*		100,014
1,561	United Therapeutics Corp.*		497,725
9,196	Vertex Pharmaceuticals Inc.*		4,065,092
3,987	Viking Therapeutics Inc.*		106,852

	Total Biotechnology		54,484,062

Health Care Equipment & Supplies - 2.8%
143,638	Abbott Laboratories		19,187,164
2,678	Align Technology Inc.*		484,557
18,115	Baxter International Inc.		552,507
37,346	Becton Dickinson & Co.		6,445,546
152,096	Boston Scientific Corp.*		16,009,625
6,926	Cooper Cos Inc. (The)*		472,907
6,518	DENTSPLY SIRONA Inc.		104,158
13,959	DexCom Inc.*		1,197,682
20,932	Edwards Lifesciences Corp.*		1,637,301
1,937	Enovis Corp.*		60,628

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
HEALTH CARE - 10.3% - (continued)
Health Care Equipment & Supplies - 2.8% - (continued)
6,110	Envista Holdings Corp.*	$	111,630
16,126	GE HealthCare Technologies Inc.		1,137,528
3,942	Globus Medical Inc., Class A Shares*		233,288
7,805	Hologic Inc.*		485,237
8,480	IDEXX Laboratories Inc.*		4,353,293
1,041	Inspire Medical Systems Inc.*		143,866
2,470	Insulet Corp.*		802,824
23,645	Intuitive Surgical Inc.*		13,060,079
1,569	Masimo Corp.*		254,963
45,655	Medtronic PLC		3,788,452
1,330	Penumbra Inc.*		355,070
2,295	QuidelOrtho Corp.*		70,388
5,159	ResMed Inc.		1,262,872
5,024	Solventum Corp.*		367,204
3,490	STERIS PLC		855,783
24,333	Stryker Corp.		9,310,779
1,609	Teleflex Inc.		196,732
7,005	Zimmer Biomet Holdings Inc.		645,651

	Total Health Care Equipment & Supplies		83,587,714

Health Care Providers & Services - 1.7%
3,355	Acadia Healthcare Co., Inc.*		75,957
1,212	Amedisys Inc.*		114,013
8,626	Cardinal Health Inc.		1,332,200
27,561	Cencora Inc.		8,026,866
17,848	Centene Corp.*		1,007,341
538	Chemed Corp.		309,264
9,572	Cigna Group (The)		3,030,878
44,623	CVS Health Corp.		2,857,657
1,670	DaVita Inc.*		227,554
8,269	Elevance Health Inc.		3,173,973
3,569	Encompass Health Corp.		431,492
6,601	HCA Healthcare Inc.		2,517,555
4,390	Henry Schein Inc.*		307,256
4,264	Humana Inc.		994,066
2,964	Labcorp Holdings Inc.		737,947
4,518	McKesson Corp.		3,250,746
2,004	Molina Healthcare Inc.*		611,300
3,625	Premier Inc., Class A Shares		83,303
3,917	Quest Diagnostics Inc.		678,973
3,421	Tenet Healthcare Corp.*		577,362
62,657	UnitedHealth Group Inc.		18,916,775
1,964	Universal Health Services Inc., Class B Shares		373,847

	Total Health Care Providers & Services		49,636,325

Health Care Technology - 0.1%
4,732	Certara Inc.*		53,755
4,333	Doximity Inc., Class A Shares*		225,706
12,231	Veeva Systems Inc., Class A Shares*		3,421,011

	Total Health Care Technology		3,700,472

Life Sciences Tools & Services - 1.4%
3,003	10X Genomics Inc., Class A Shares*		28,619
10,200	Agilent Technologies Inc.		1,141,584
177,611	Avantor Inc.*		2,292,958
1,652	Azenta Inc.*		44,141
655	Bio-Rad Laboratories Inc., Class A Shares*		148,639
5,418	Bio-Techne Corp.		262,231
4,874	Bruker Corp.		178,876
1,812	Charles River Laboratories International Inc.*		245,762
69,143	Danaher Corp.		13,130,256
2,657	Fortrea Holdings Inc.*		11,425
5,707	Illumina Inc.*		469,344

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
HEALTH CARE - 10.3% - (continued)
Life Sciences Tools & Services - 1.4% - (continued)
6,428	IQVIA Holdings Inc.*	$	902,041
886	Medpace Holdings Inc.*		261,281
748	Mettler-Toledo International Inc.*		864,329
7,584	QIAGEN NV*		342,266
2,038	Repligen Corp.*		240,627
4,400	Revvity Inc.		397,848
4,951	Sotera Health Co.*		60,600
45,465	Thermo Fisher Scientific Inc.		18,314,211
2,077	Waters Corp.*		725,372
2,577	West Pharmaceutical Services Inc.		543,360

	Total Life Sciences Tools & Services		40,605,770

Pharmaceuticals - 2.5%
72,140	Bristol-Myers Squibb Co.		3,482,919
18,591	Elanco Animal Health Inc.*		249,863
31,429	Eli Lilly & Co.		23,184,230
1,996	Jazz Pharmaceuticals PLC*		215,708
119,639	Johnson & Johnson		18,569,169
139,330	Merck & Co., Inc.		10,706,117
23,345	Novo Nordisk AS, ADR(b)		1,669,168
8,895	Organon & Co.		82,012
4,681	Perrigo Co. PLC		125,310
201,652	Pfizer Inc.		4,736,806
13,348	Royalty Pharma PLC, Class A Shares		438,882
43,270	Viatris Inc.		380,343
74,776	Zoetis Inc., Class A Shares		12,609,477

	Total Pharmaceuticals		76,450,004

	TOTAL HEALTH CARE		308,464,347

INDUSTRIALS - 10.5%
Aerospace & Defense - 2.9%
34,030	Airbus SE, ADR		1,557,553
4,456	ATI Inc.*		354,876
2,566	Axon Enterprise Inc.*		1,925,424
26,607	Boeing Co. (The)*		5,516,163
3,245	BWX Technologies Inc.		407,572
1,365	Curtiss-Wright Corp.		600,750
9,725	General Dynamics Corp.		2,708,315
38,282	General Electric Co.		9,413,927
1,584	HEICO Corp.		474,630
30,948	HEICO Corp., Class A Shares		7,298,776
2,991	Hexcel Corp.		158,194
14,465	Howmet Aerospace Inc.		2,457,459
1,400	Huntington Ingalls Industries Inc.		312,284
6,697	L3Harris Technologies Inc.		1,636,345
1,251	Loar Holdings Inc.*		108,900
7,501	Lockheed Martin Corp.		3,618,332
4,869	Northrop Grumman Corp.		2,360,345
142,366	RTX Corp.		19,430,112
4,309	Spirit AeroSystems Holdings Inc., Class A Shares*		161,070
4,559	Standard Aero Inc.*		133,715
69,583	Textron Inc.		5,151,230
13,674	TransDigm Group Inc.		20,079,312
2,069	Woodward Inc.		447,587

	Total Aerospace & Defense		86,312,871

Air Freight & Logistics - 0.2%
4,181	CH Robinson Worldwide Inc.		401,251
4,959	Expeditors International of Washington Inc.		559,028
7,837	FedEx Corp.		1,709,250
4,137	GXO Logistics Inc.*		170,196
25,971	United Parcel Service Inc., Class B Shares		2,533,211

	Total Air Freight & Logistics		5,372,936

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
INDUSTRIALS - 10.5% - (continued)
Building Products - 0.8%
2,335	AAON Inc.	$	224,837
2,449	Advanced Drainage Systems Inc.		269,292
3,169	Allegion PLC		452,216
4,089	AO Smith Corp.		262,964
1,581	Armstrong World Industries Inc.		246,051
4,887	AZEK Co., Inc. (The), Class A Shares*		241,955
4,066	Builders FirstSource Inc.*		437,827
1,604	Carlisle Cos., Inc.		609,809
122,886	Carrier Global Corp.		8,749,483
4,311	Fortune Brands Innovations Inc.		217,275
4,481	Hayward Holdings Inc.*		62,510
23,551	Johnson Controls International PLC		2,387,365
1,132	Lennox International Inc.		638,958
7,758	Masco Corp.		484,254
36,935	Owens Corning		4,947,443
1,529	Simpson Manufacturing Co., Inc.		238,065
8,062	Trane Technologies PLC		3,468,837
3,751	Trex Co., Inc.*		209,568

	Total Building Products		24,148,709

Commercial Services & Supplies - 0.7%
12,316	Cintas Corp.		2,789,574
1,849	Clean Harbors Inc.*		419,335
156,674	Copart Inc.*		8,065,578
1,363	MSA Safety Inc.		222,128
6,474	RB Global Inc.		681,712
7,259	Republic Services Inc., Class A Shares		1,867,668
10,428	Rollins Inc.		597,003
9,363	Tetra Tech Inc.		327,143
8,733	Veralto Corp.		882,295
3,870	Vestis Corp.		23,839
14,263	Waste Management Inc.		3,436,955

	Total Commercial Services & Supplies		19,313,230

Construction & Engineering - 0.4%
4,732	AECOM		519,810
8,473	API Group Corp.*		395,435
1,258	Comfort Systems USA Inc.		601,613
1,609	EMCOR Group Inc.		759,223
1,637	Everus Construction Group Inc.*		94,799
2,234	MasTec Inc.*		348,348
29,506	Quanta Services Inc.		10,107,575
733	Valmont Industries Inc.		233,123
6,243	WillScot Holdings Corp.		168,249

	Total Construction & Engineering		13,228,175

Electrical Equipment - 1.3%
1,072	Acuity Inc.		278,602
8,164	AMETEK Inc.		1,459,233
29,074	Eaton Corp. PLC		9,309,495
20,383	Emerson Electric Co.		2,433,323
28,414	GE Vernova Inc.		13,439,254
2,096	Generac Holdings Inc.*		255,984
1,893	Hubbell Inc., Class B Shares		737,475
5,727	nVent Electric PLC		376,837
2,364	Regal Rexnord Corp.		315,452
25,085	Rockwell Automation Inc.		7,915,572
5,484	Sensata Technologies Holding PLC		142,913
12,758	Vertiv Holdings Co., Class A Shares		1,376,971

	Total Electrical Equipment		38,041,111

Ground Transportation - 1.0%
546	Avis Budget Group Inc.*		66,497
249,835	CSX Corp.		7,892,288

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
INDUSTRIALS - 10.5% - (continued)
Ground Transportation - 1.0% - (continued)
2,932	JB Hunt Transport Services Inc.	$	407,108
5,507	Knight-Swift Transportation Holdings Inc., Class A Shares		244,070
1,229	Landstar System Inc.		168,643
13,731	Lyft Inc., Class A Shares*		209,260
7,993	Norfolk Southern Corp.		1,975,230
6,875	Old Dominion Freight Line Inc.		1,101,169
1,439	Ryder System Inc.		211,720
920	Saia Inc.*		243,257
1,934	Schneider National Inc., Class B Shares		44,811
111,528	Uber Technologies Inc.*		9,386,197
219	U-Haul Holding Co.*		14,016
3,719	U-Haul Holding Co.-Non Voting		212,132
36,763	Union Pacific Corp.		8,148,887
4,112	XPO Inc.*		468,069

	Total Ground Transportation		30,793,354

Industrial Conglomerates - 0.6%
19,366	3M Co		2,872,946
61,271	Honeywell International Inc.		13,888,298

	Total Industrial Conglomerates		16,761,244

Machinery - 1.4%
2,303	AGCO Corp.		225,648
3,034	Allison Transmission Holdings Inc.		314,080
17,168	Caterpillar Inc.		5,974,979
30,818	CNH Industrial NV		385,533
1,766	Crane Co.		302,692
4,832	Cummins Inc.		1,553,391
8,864	Deere & Co.		4,487,489
4,399	Donaldson Co., Inc.		305,950
4,849	Dover Corp.		861,910
2,059	Esab Corp.		253,236
4,792	Flowserve Corp.		239,169
12,264	Fortive Corp.		860,810
8,769	Gates Industrial Corp. PLC*		185,464
5,966	Graco Inc.		505,082
2,708	IDEX Corp.		489,904
10,428	Illinois Tool Works Inc.		2,555,694
14,344	Ingersoll Rand Inc.		1,171,044
2,992	ITT Inc.		450,416
1,945	Lincoln Electric Holdings Inc.		376,533
1,852	Middleby Corp. (The)*		270,633
2,051	Nordson Corp.		434,792
2,343	Oshkosh Corp.		232,402
14,115	Otis Worldwide Corp.		1,345,865
18,191	PACCAR Inc.		1,707,225
18,935	Parker-Hannifin Corp.		12,586,095
5,673	Pentair PLC		562,648
1,037	RBC Bearings Inc.*		379,407
1,830	Snap-on Inc.		586,973
5,571	Stanley Black & Decker Inc.		364,511
2,356	Timken Co. (The)		161,362
3,557	Toro Co. (The)		269,549
6,059	Westinghouse Air Brake Technologies Corp.		1,225,857
8,574	Xylem Inc.		1,080,667

	Total Machinery		42,707,010

Marine Transportation - 0.0%@
2,033	Kirby Corp.*		224,931

Passenger Airlines - 0.3%
4,475	Alaska Air Group Inc.*		227,912
23,742	American Airlines Group Inc.*		270,896
141,633	Delta Air Lines Inc.		6,853,621

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
INDUSTRIALS - 10.5% - (continued)
Passenger Airlines - 0.3% - (continued)
21,219	Southwest Airlines Co.(b)	$	708,290
11,576	United Airlines Holdings Inc.*		919,655

	Total Passenger Airlines		8,980,374

Professional Services - 0.5%
5,182	Amentum Holdings Inc.*		107,060
14,620	Automatic Data Processing Inc.		4,759,249
4,498	Booz Allen Hamilton Holding Corp., Class A Shares		477,913
4,170	Broadridge Financial Solutions Inc.		1,012,601
768	CACI International Inc., Class A Shares*		328,704
12,941	Clarivate PLC*		54,611
1,844	Concentrix Corp.		103,199
5,397	Dayforce Inc.*		318,855
11,258	Dun & Bradstreet Holdings Inc.		101,435
4,350	Equifax Inc.		1,149,226
1,256	FTI Consulting Inc.*		206,185
6,058	Genpact Ltd.		260,797
4,383	Jacobs Solutions Inc.		553,573
4,700	KBR Inc.		245,293
4,693	Leidos Holdings Inc.		697,004
1,598	ManpowerGroup Inc.		67,036
1,715	Parsons Corp.*		111,201
11,373	Paychex Inc.		1,795,910
1,830	Paycom Software Inc.		474,135
1,524	Paylocity Holding Corp.*		290,932
3,512	Robert Half Inc.		160,814
1,713	Science Applications International Corp.		197,920
7,609	SS&C Technologies Holdings Inc.		614,883
6,901	TransUnion		590,933
5,046	Verisk Analytics Inc., Class A Shares		1,585,150

	Total Professional Services		16,264,619

Trading Companies & Distributors - 0.4%
3,876	Air Lease Corp., Class A Shares		223,296
6,620	Core & Main Inc., Class A Shares*		362,842
40,486	Fastenal Co.		1,673,691
7,086	Ferguson Enterprises Inc.		1,292,061
1,600	MSC Industrial Direct Co., Inc., Class A Shares		129,920
1,601	SiteOne Landscape Supply Inc.*		187,013
2,316	United Rentals Inc.		1,640,608
1,306	Watsco Inc.		579,303
1,464	WESCO International Inc.		245,791
5,757	WW Grainger Inc.		6,261,083

	Total Trading Companies & Distributors		12,595,608

	TOTAL INDUSTRIALS		314,744,172

INFORMATION TECHNOLOGY - 26.4%
Communications Equipment - 1.0%
36,685	Arista Networks Inc.*		3,178,388
4,980	Ciena Corp.*		398,699
277,565	Cisco Systems Inc.		17,497,698
2,063	F5 Inc.*		588,739
11,688	Juniper Networks Inc.		419,950
2,561	Lumentum Holdings Inc.*		185,109
21,406	Motorola Solutions Inc.		8,891,624
142	Ubiquiti Inc.		56,131

	Total Communications Equipment		31,216,338

Electronic Equipment, Instruments & Components - 0.5%
70,656	Amphenol Corp., Class A Shares		6,354,094
1,814	Arrow Electronics Inc.*		214,741
3,107	Avnet Inc.		155,381
4,751	CDW Corp.		856,890
5,859	Cognex Corp.		175,594

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
INFORMATION TECHNOLOGY - 26.4% - (continued)
Electronic Equipment, Instruments & Components - 0.5% - (continued)
4,311	Coherent Corp.*	$	326,041
27,170	Corning Inc.		1,347,360
1,921	Crane NXT Co.		102,985
898	Ingram Micro Holding Corp.		17,179
1,005	IPG Photonics Corp.*		66,591
3,877	Jabil Inc.		651,375
6,240	Keysight Technologies Inc.*		979,930
852	Littelfuse Inc.		174,711
2,673	TD SYNNEX Corp.		324,342
1,637	Teledyne Technologies Inc.*		816,634
8,662	Trimble Inc.*		617,341
5,348	Vontier Corp.		191,191
1,834	Zebra Technologies Corp., Class A Shares*		531,438

	Total Electronic Equipment, Instruments & Components		13,903,818

IT Services - 1.1%
32,020	Accenture PLC, Class A Shares		10,144,576
5,362	Akamai Technologies Inc.*		407,137
3,847	Amdocs Ltd.		353,001
10,782	Cloudflare Inc., Class A Shares*		1,788,626
17,602	Cognizant Technology Solutions Corp., Class A Shares		1,425,586
6,133	DXC Technology Co.*		93,222
1,990	EPAM Systems Inc.*		347,235
7,191	Gartner Inc.*		3,138,296
1,523	Globant SA*		149,391
5,005	GoDaddy Inc., Class A Shares*		911,661
32,629	International Business Machines Corp.		8,452,869
8,104	Kyndryl Holdings Inc.*		316,380
2,571	MongoDB Inc., Class A Shares*		485,482
5,734	Okta Inc., Class A Shares*		591,577
11,044	Snowflake Inc., Class A Shares*		2,271,419
5,400	Twilio Inc., Class A Shares*		635,580
2,943	VeriSign Inc.		801,879

	Total IT Services		32,313,917

Semiconductors & Semiconductor Equipment - 8.6%
57,256	Advanced Micro Devices Inc.*		6,339,957
3,886	Allegro MicroSystems Inc.*		98,510
4,511	Amkor Technology Inc.		81,288
17,623	Analog Devices Inc.		3,770,969
28,943	Applied Materials Inc.		4,536,815
5,211	ASML Holding NV, Class REG Shares, ADR		3,839,308
3,844	Astera Labs Inc.*		348,728
241,072	Broadcom Inc.		58,356,299
1,813	Cirrus Logic Inc.*		178,327
4,697	Enphase Energy Inc.*		194,409
5,428	Entegris Inc.		373,121
3,802	First Solar Inc.*		601,020
3,375	GLOBALFOUNDRIES Inc.*		120,825
154,180	Intel Corp.		3,014,219
4,729	KLA Corp.		3,579,285
45,728	Lam Research Corp.		3,694,365
5,007	Lattice Semiconductor Corp.*		225,015
2,243	MACOM Technology Solutions Holdings Inc.*		272,771
30,309	Marvell Technology Inc.		1,824,299
18,752	Microchip Technology Inc.		1,088,366
93,628	Micron Technology Inc.		8,844,101
2,338	MKS Inc.		192,160
1,677	Monolithic Power Systems Inc.		1,110,006
1,030,647	NVIDIA Corp.		139,271,329
52,264	ON Semiconductor Corp.*		2,196,133
1,764	Onto Innovation Inc.*		162,182

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
INFORMATION TECHNOLOGY - 26.4% - (continued)
Semiconductors & Semiconductor Equipment - 8.6% - (continued)
3,341	Qorvo Inc.*	$	253,983
39,719	QUALCOMM Inc.		5,767,199
5,826	Skyworks Solutions Inc.		402,169
10,893	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		2,105,835
5,608	Teradyne Inc.		440,789
32,373	Texas Instruments Inc.		5,919,403
1,662	Universal Display Corp.		238,248
3,946	Wolfspeed Inc.*(b)		4,696

	Total Semiconductors & Semiconductor Equipment		259,446,129

Software - 11.2%
15,481	Adobe Inc.*		6,426,008
3,113	ANSYS Inc.*		1,029,843
836	Appfolio Inc., Class A Shares*		176,538
9,342	AppLovin Corp., Class A Shares*		3,671,406
5,714	Atlassian Corp., Class A Shares*		1,186,398
7,686	Autodesk Inc.*		2,275,978
4,815	Bentley Systems Inc., Class B Shares		229,820
3,636	BILL Holdings Inc.*		158,821
47,737	Cadence Design Systems Inc.*		13,703,861
16,717	CCC Intelligent Solutions Holdings Inc.*		146,775
8,797	Confluent Inc., Class A Shares*		202,595
598	Constellation Software Inc.		2,166,991
8,184	Crowdstrike Holdings Inc., Class A Shares*		3,857,692
10,818	Datadog Inc., Class A Shares*		1,275,226
7,112	Docusign Inc., Class A Shares*		630,194
2,232	Dolby Laboratories Inc., Class A Shares		165,748
8,161	Dropbox Inc., Class A Shares*		235,527
10,480	Dynatrace Inc.*		566,025
3,062	Elastic NV*		247,624
839	Fair Isaac Corp.*		1,448,349
2,772	Five9 Inc.*		73,486
22,499	Fortinet Inc.*		2,289,948
19,385	Gen Digital Inc.		552,085
5,397	Gitlab Inc., Class A Shares*		245,618
2,902	Guidewire Software Inc.*		623,988
1,766	HubSpot Inc.*		1,041,763
2,632	Informatica Inc., Class A Shares*		63,194
16,774	Intuit Inc.		12,638,706
2,099	Manhattan Associates Inc.*		396,249
409,762	Microsoft Corp.		188,638,034
8,172	MicroStrategy Inc., Class A Shares*		3,015,958
2,741	nCino Inc.*		72,088
8,876	Nutanix Inc., Class A Shares*		680,700
91,033	Oracle Corp.		15,068,693
73,219	Palantir Technologies Inc., Class A Shares*		9,648,800
52,732	Palo Alto Networks Inc.*		10,146,692
1,651	Pegasystems Inc.		162,046
4,460	Procore Technologies Inc.*		299,578
4,187	PTC Inc.*		704,756
2,788	RingCentral Inc., Class A Shares*		72,293
17,279	Roper Technologies Inc.		9,853,695
53,287	Salesforce Inc.		14,140,771
9,896	SentinelOne Inc., Class A Shares*		174,269
8,204	ServiceNow Inc.*		8,294,982
12,230	Synopsys Inc.*		5,674,475
3,069	Teradata Corp.*		67,395
1,522	Tyler Technologies Inc.*		878,179
14,478	UiPath Inc., Class A Shares*		192,702
11,139	Unity Software Inc.*		290,505
33,254	Workday Inc., Class A Shares*		8,237,348

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
INFORMATION TECHNOLOGY - 26.4% - (continued)
Software - 11.2% - (continued)
9,324	Zoom Communications Inc., Class A Shares*	$	757,575
3,369	Zscaler Inc.*		928,833

	Total Software		335,726,823

Technology Hardware, Storage & Peripherals - 4.0%
574,911	Apple Inc.		115,470,874
9,847	Dell Technologies Inc., Class C Shares		1,095,676
46,425	Hewlett Packard Enterprise Co.		802,224
33,273	HP Inc.		828,498
7,186	NetApp Inc.		712,564
11,472	Pure Storage Inc., Class A Shares*		614,785
4,160	Sandisk Corp.*		156,790
17,613	Super Micro Computer Inc.*		704,872
12,354	Western Digital Corp.*		636,849

	Total Technology Hardware, Storage & Peripherals		121,023,132

	TOTAL INFORMATION TECHNOLOGY		793,630,157

MATERIALS - 2.6%
Chemicals - 1.5%
29,662	Air Products & Chemicals Inc.		8,273,028
4,069	Albemarle Corp.(b)		226,887
1,606	Ashland Inc.		79,513
7,792	Axalta Coating Systems Ltd.*		239,994
3,767	Celanese Corp., Class A Shares		199,011
6,204	CF Industries Holdings Inc.		562,765
5,776	Chemours Co. (The).		58,511
24,619	Corteva Inc.		1,743,025
24,890	Dow Inc.		690,449
77,367	DuPont de Nemours Inc.		5,168,116
4,100	Eastman Chemical Co.		321,317
8,906	Ecolab Inc.		2,365,612
8,379	Element Solutions Inc.		179,143
4,625	FMC Corp.		187,590
5,197	Huntsman Corp.		57,895
9,022	International Flavors & Fragrances Inc.		690,724
27,976	Linde PLC		13,081,018
8,946	LyondellBasell Industries NV, Class A Shares		505,359
11,554	Mosaic Co. (The)		417,562
236	NewMarket Corp.		151,998
4,515	Olin Corp.		87,636
8,288	PPG Industries Inc.		918,310
4,535	RPM International Inc.		516,264
1,413	Scotts Miracle-Gro Co. (The)		84,158
25,605	Sherwin-Williams Co. (The)		9,187,330
1,167	Westlake Corp.		82,892

	Total Chemicals		46,076,107

Construction Materials - 0.5%
24,300	CRH PLC		2,215,188
1,171	Eagle Materials Inc.		236,788
13,845	Martin Marietta Materials Inc.		7,580,830
19,239	Vulcan Materials Co.		5,099,681

	Total Construction Materials		15,132,487

Containers & Packaging - 0.2%
80,152	Amcor PLC		730,185
2,417	AptarGroup Inc.		382,853
2,855	Avery Dennison Corp.		507,419
10,354	Ball Corp.		554,767
4,221	Crown Holdings Inc.		415,769
10,358	Graphic Packaging Holding Co.		230,155
18,720	International Paper Co.		895,003
3,138	Packaging Corp. of America		606,167
3,841	Sealed Air Corp.		123,680

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
MATERIALS - 2.6% - (continued)
Containers & Packaging - 0.2% - (continued)
3,002	Silgan Holdings Inc.	$	165,320
18,358	Smurfit WestRock PLC		795,452
3,505	Sonoco Products Co.		159,618

	Total Containers & Packaging		5,566,388

Metals & Mining - 0.4%
8,519	Alcoa Corp.		228,054
18,130	Cleveland-Cliffs Inc.*		105,698
167,238	Freeport-McMoRan Inc.		6,435,318
4,777	MP Materials Corp.*		104,091
40,631	Newmont Corp.		2,142,066
8,372	Nucor Corp.		915,562
1,925	Reliance Inc.		563,678
2,316	Royal Gold Inc.		412,526
3,082	Southern Copper Corp.		280,185
5,069	Steel Dynamics Inc.		623,842
7,900	United States Steel Corp.		425,178

	Total Metals & Mining		12,236,198

Paper & Forest Products - 0.0%@
2,196	Louisiana-Pacific Corp.		197,794

	TOTAL MATERIALS		79,208,974

REAL ESTATE - 2.5%
Diversified REITs - 0.0%@
7,725	WP Carey Inc.		484,821

Health Care REITs - 0.2%
6,113	Alexandria Real Estate Equities Inc.		429,071
12,028	Healthcare Realty Trust Inc., Class A Shares		174,406
24,931	Healthpeak Properties Inc.		434,049
21,700	Medical Properties Trust Inc.(b)		99,169
9,802	Omega Healthcare Investors Inc.		362,674
14,893	Ventas Inc.		957,322
21,922	Welltower Inc.		3,382,126

	Total Health Care REITs		5,838,817

Hotel & Resort REITs - 0.0%@
25,319	Host Hotels & Resorts Inc.		392,191
7,686	Park Hotels & Resorts Inc.		79,627

	Total Hotel & Resort REITs		471,818

Industrial REITs - 0.3%
9,865	Americold Realty Trust Inc.		163,463
1,688	EastGroup Properties Inc.		286,200
4,785	First Industrial Realty Trust Inc.		236,523
2,986	Lineage Inc.		127,472
77,702	Prologis Inc.		8,438,437
7,688	Rexford Industrial Realty Inc.		270,925
6,589	STAG Industrial Inc.		234,437

	Total Industrial REITs		9,757,457

Office REITs - 0.1%
5,464	BXP Inc.		367,891
5,895	Cousins Properties Inc.		165,473
3,477	Highwoods Properties Inc.		103,267
4,190	Kilroy Realty Corp.		134,918
6,345	Vornado Realty Trust		239,016

	Total Office REITs		1,010,565

Real Estate Management & Development - 0.3%
10,817	CBRE Group Inc., Class A Shares*		1,352,341
96,252	CoStar Group Inc.*		7,080,297
1,100	Howard Hughes Holdings Inc.*		75,141
1,719	Jones Lang LaSalle Inc.*		382,821
276	Seaport Entertainment Group Inc.*		5,393
1,770	Zillow Group Inc., Class A Shares*		117,121
5,605	Zillow Group Inc., Class C Shares*		376,152

	Total Real Estate Management & Development		9,389,266

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
REAL ESTATE - 2.5% - (continued)
Residential REITs - 0.3%
12,072	American Homes 4 Rent, Class A Shares	$	456,925
5,047	AvalonBay Communities Inc.		1,043,568
3,716	Camden Property Trust		436,593
49,976	Equity LifeStyle Properties Inc.		3,176,974
13,497	Equity Residential		946,680
2,262	Essex Property Trust Inc.		642,182
21,639	Invitation Homes Inc.		729,234
4,100	Mid-America Apartment Communities Inc.		642,265
4,472	Sun Communities Inc.		552,024
11,699	UDR Inc.		484,690

	Total Residential REITs		9,111,135

Retail REITs - 0.2%
3,747	Agree Realty Corp.(b)		282,149
10,566	Brixmor Property Group Inc.		268,482
2,957	Federal Realty Investment Trust		282,334
23,484	Kimco Realty Corp.		499,270
6,409	NNN REIT Inc.		267,640
30,824	Realty Income Corp.		1,745,255
6,480	Regency Centers Corp.		467,532
11,441	Simon Property Group Inc.		1,865,684

	Total Retail REITs		5,678,346

Specialized REITs - 1.1%
44,164	American Tower Corp.		9,479,803
15,553	Crown Castle Inc.		1,560,744
7,927	CubeSmart		338,958
11,719	Digital Realty Trust Inc.		2,010,043
2,805	EPR Properties		156,210
6,651	Equinix Inc.		5,911,542
7,437	Extra Space Storage Inc.		1,124,103
9,298	Gaming & Leisure Properties Inc.		434,217
10,420	Iron Mountain Inc.		1,028,558
3,041	Lamar Advertising Co., Class A Shares		366,562
4,085	Millrose Properties Inc.		113,849
2,458	National Storage Affiliates Trust		84,555
23,397	Public Storage		7,215,869
5,193	Rayonier Inc.		123,074
3,846	SBA Communications Corp., Class A Shares		891,849
37,286	VICI Properties Inc., Class A Shares		1,182,339
25,710	Weyerhaeuser Co.		666,146

	Total Specialized REITs		32,688,421

	TOTAL REAL ESTATE		74,430,646

UTILITIES - 1.9%
Electric Utilities - 1.4%
9,088	Alliant Energy Corp.		565,546
19,013	American Electric Power Co., Inc.		1,967,655
11,222	Constellation Energy Corp.		3,435,615
85,569	Duke Energy Corp.		10,073,183
13,453	Edison International		748,659
15,077	Entergy Corp.		1,255,613
7,906	Evergy Inc.		525,037
12,975	Eversource Energy		840,910
35,385	Exelon Corp.		1,550,571
20,590	FirstEnergy Corp.		863,545
1,900	IDACORP Inc.		226,005
157,471	NextEra Energy Inc.		11,123,751
7,135	NRG Energy Inc.		1,112,347
6,978	OGE Energy Corp.		310,312
77,218	PG&E Corp.		1,303,440

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
UTILITIES - 1.9% - (continued)
Electric Utilities - 1.4% - (continued)
3,987	Pinnacle West Capital Corp.	$	363,734
26,361	PPL Corp.		916,045
38,946	Southern Co. (The)		3,505,140
20,583	Xcel Energy Inc.		1,442,868

	Total Electric Utilities		42,129,976

Gas Utilities - 0.0%@
5,545	Atmos Energy Corp.		857,701
7,585	MDU Resources Group Inc.		130,386
3,115	National Fuel Gas Co.		257,112
7,601	UGI Corp.		274,092

	Total Gas Utilities		1,519,291

Independent Power & Renewable Electricity Producers - 0.1%
24,544	AES Corp. (The)		247,649
4,816	Brookfield Renewable Corp.		141,542
1,465	Clearway Energy Inc., Class A Shares		42,265
2,939	Clearway Energy Inc., Class C Shares		90,433
12,143	Vistra Corp.		1,949,802

	Total Independent Power & Renewable Electricity Producers		2,471,691

Multi-Utilities - 0.4%
9,500	Ameren Corp.		920,360
23,113	CenterPoint Energy Inc.		860,728
10,524	CMS Energy Corp.		739,100
12,248	Consolidated Edison Inc.		1,279,793
29,639	Dominion Energy Inc.		1,679,642
7,364	DTE Energy Co.		1,006,291
16,703	NiSource Inc.		660,437
17,855	Public Service Enterprise Group Inc.		1,446,791
22,406	Sempra		1,760,887
11,188	WEC Energy Group Inc.		1,202,039

	Total Multi-Utilities		11,556,068

Water Utilities - 0.0%@
6,936	American Water Works Co., Inc.		991,640
9,088	Essential Utilities Inc.		350,160

	Total Water Utilities		1,341,800

	TOTAL UTILITIES		59,018,826

	TOTAL COMMON STOCKS (Cost - $1,695,963,996)		2,958,687,253


Face Amount†
	SHORT-TERM INVESTMENTS(d) - 1.7%
	MONEY MARKET FUND - 0.3%
	$ 7,708,147		Invesco STIT - Government & Agency Portfolio, Institutional Class, 4.174%(e) (Cost - $7,708,147)		7,708,147

	TIME DEPOSITS - 1.4%
	31,538,275		Citibank - New York, 3.680% due 6/2/25		31,538,275
	37,580	^CAD	Royal Bank of Canada - Toronto, 1.570% due 6/2/25		27,384
	13,204,302		Skandinaviska Enskilda Banken AB - Stockholm, 3.680% due 6/2/25		13,204,302

			TOTAL TIME DEPOSITS (Cost - $44,769,961)		44,769,961

			TOTAL SHORT-TERM INVESTMENTS (Cost - $52,478,108)		52,478,108

			TOTAL INVESTMENTS - 100.2% (Cost - $1,748,442,104)		3,011,165,361

			Liabilities in Excess of Other Assets - (0.2)%		(6,037,498	)

			TOTAL NET ASSETS - 100.0%	$	3,005,127,863

†	Amount denominated in U.S. dollars, unless otherwise noted.

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)	Illiquid security.

(b)	All or a portion of this security is on loan (See Note 1).

(c)	Affiliated security. As of May 31, 2025, total cost and total value of affiliated security amounted to $1,915,257 and $5,222,216, respectively.

Underlying Security

Beginning
Value as of
August 31, 2024

Purchases
at Cost

Proceeds
from Sales

Net Realized
Gain/(Loss)

on Sales

Change in
Unrealized
Appreciation

Dividend/
Interest
Income

Ending
Value as of
May 31, 2025

Morgan Stanley

$ 3,852,841

$ 426,017

$ –

$ 943,358

$ 107,440

$ 5,222,216

(d)	Inclusive of all short-term holdings, including investments of collateral received from securities lending transactions. Excluding such collateral, the percentage of portfolio holdings would be 1.4%.

(e)	Represents investments of collateral received from securities lending transactions.

#	Security that used significant unobservable inputs to determine fair value. At May 31, 2025, the Fund held a Level 3 security with a value of $0, representing 0.0% of net assets.

At May 31, 2025, for Morgan Stanley Pathway Large Cap Equity ETF the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund

Aggregate Cost For
Federal Income
Tax Purposes

Gross

Unrealized
Appreciation

Gross
Unrealized
(Depreciation)

Net
Unrealized
Appreciation

Morgan Stanley Pathway Large Cap Equity ETF

$ 1,748,442,104

$ 1,311,174,547

$ (47,378,708)

$ 1,263,795,839


Abbreviations used in this schedule:
ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
REIT	—	Real Estate Investment Trust

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF (formerly Small-Mid Cap Equity Fund)


Shares/Units	Security	Value
COMMON STOCKS - 97.4%
COMMUNICATION SERVICES - 2.4%
Diversified Telecommunication Services - 0.2%
368	Anterix Inc.*	$	9,785
5,699	AST SpaceMobile Inc., Class A Shares*(a)		131,476
382	ATN International Inc.		5,428
997	Bandwidth Inc., Class A Shares*		13,978
1,959	Cogent Communications Holdings Inc.		89,546
10,749	Frontier Communications Parent Inc.*		389,436
5,412	GCI Liberty Inc.*#		–
2,185	Globalstar Inc.*		40,335
719	IDT Corp., Class B Shares		44,283
4,933	Iridium Communications Inc.		125,298
7,854	Liberty Global Ltd., Class A Shares*		75,634
6,728	Liberty Global Ltd., Class C Shares*		66,473
2,029	Liberty Latin America Ltd., Class A Shares*		9,963
4,976	Liberty Latin America Ltd., Class C Shares*		24,880
44,025	Lumen Technologies Inc.*		172,578
1,859	Shenandoah Telecommunications Co.		23,386

	Total Diversified Telecommunication Services		1,222,479

Entertainment - 0.6%
17,450	AMC Entertainment Holdings Inc., Class A Shares*		62,122
409	Atlanta Braves Holdings Inc., Class A Shares*		17,771
2,295	Atlanta Braves Holdings Inc., Class C Shares*		93,200
4,749	Cinemark Holdings Inc.		160,374
2,993	Eventbrite Inc., Class A Shares*		7,063
1,936	IMAX Corp.*		53,918
863	Liberty Media Corp.-Liberty Live, Class A Shares*		62,015
2,130	Liberty Media Corp.-Liberty Live, Class C Shares*		155,384
151,527	Lionsgate Studios Corp.*		1,095,540
4,278	LiveOne Inc.*		3,161
1,664	Madison Square Garden Entertainment Corp., Class A Shares*		61,751
807	Madison Square Garden Sports Corp., Class A Shares*		153,241
924	Marcus Corp. (The)		17,076
3,300	Playstudios Inc.*		4,422
2,726	Playtika Holding Corp.		12,921
697	Reservoir Media Inc.*		5,437
5,554	Roku Inc., Class A Shares*		402,443
1,283	Sphere Entertainment Co.*		48,369
10,100	Starz Entertainment Corp.*		211,696
3,462	TKO Group Holdings Inc., Class A Shares		546,338
2,830	Vivid Seats Inc., Class A Shares*		4,415

	Total Entertainment		3,178,657

Interactive Media & Services - 0.2%
2,127	Angi Inc., Class A Shares*		33,288
3,543	Bumble Inc., Class A Shares*		19,912
3,737	Cargurus Inc., Class A Shares*		117,118
2,485	Cars.com Inc.*		25,471
1,212	EverQuote Inc., Class A Shares*		27,937
14,529	fuboTV Inc.*		53,176
3,599	Getty Images Holdings Inc.*		6,406
968	Grindr Inc.*		23,639
3,378	IAC Inc.*		121,473
11,092	Match Group Inc.		332,094
1,244	MediaAlpha Inc., Class A Shares*		12,689
7,146	Nextdoor Holdings Inc.*		10,933
1,421	Outbrain Inc.*		3,666
2,451	QuinStreet Inc.*		37,427
947	Shutterstock Inc.		17,472

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
COMMUNICATION SERVICES - 2.4% - (continued)
Interactive Media & Services - 0.2% - (continued)
4,675	TripAdvisor Inc.*	$	66,572
3,373	TrueCar Inc.*		4,891
3,512	Trump Media & Technology Group Corp.*(a)		74,911
7,031	Vimeo Inc.*		30,655
654	Webtoon Entertainment Inc.*		5,749
2,830	Yelp Inc., Class A Shares*		108,021
1,812	Ziff Davis Inc.*		58,781
2,653	ZipRecruiter Inc., Class A Shares*		15,838
12,295	ZoomInfo Technologies Inc., Class A Shares*		117,417

	Total Interactive Media & Services		1,325,536

Media - 1.4%
3,912	Advantage Solutions Inc.*		4,655
1,217	AMC Networks Inc., Class A Shares*		8,044
862	Boston Omaha Corp., Class A Shares*		12,671
244	Cable One Inc.		35,705
5,913	Cardlytics Inc.*		10,703
13,890	Clear Channel Outdoor Holdings Inc., Class A Shares*		14,862
124,957	Criteo SA, ADR*		3,181,405
6,196	DoubleVerify Holdings Inc.*		85,133
5,130	EchoStar Corp., Class A Shares*		90,955
2,331	Entravision Communications Corp., Class A Shares		4,825
2,008	EW Scripps Co. (The), Class A Shares*		4,458
711	Gambling.com Group Ltd.*		8,383
7,620	Gannett Co., Inc.*		26,975
5,110	Gray Media Inc.		20,287
737	Ibotta Inc., Class A Shares*		36,843
4,494	iHeartMedia Inc., Class A Shares*		5,887
3,575	Integral Ad Science Holding Corp.*		29,101
16,902	Interpublic Group of Cos., Inc. (The)		404,972
1,701	John Wiley & Sons Inc., Class A Shares		66,543
741	Liberty Broadband Corp., Class A Shares*		68,839
4,812	Liberty Broadband Corp., Class C Shares*		451,366
5,442	Magnite Inc.*		89,031
2,565	National CineMedia Inc.		13,979
6,975	New York Times Co. (The), Class A Shares		398,412
16,663	News Corp., Class A Shares		470,563
5,368	News Corp., Class B Shares		175,641
11,498	Nexstar Media Group Inc., Class A Shares		1,959,489
719	Paramount Global, Class A Shares		16,285
25,710	Paramount Global, Class B Shares		311,091
1,595	PubMatic Inc., Class A Shares*		18,661
869	Scholastic Corp.		15,008
1,759	Sinclair Inc.		24,679
3,247	Stagwell Inc., Class A Shares*		14,482
978	TechTarget Inc.*		7,912
7,319	TEGNA Inc.		122,374
1,624	Thryv Holdings Inc.*		21,599
506	Townsquare Media Inc., Class A Shares		3,491
2,259	WideOpenWest Inc.*		9,510

	Total Media		8,244,819

Wireless Telecommunication Services - 0.0%@
2,955	Gogo Inc.*		31,353
602	Spok Holdings Inc.		9,752
4,212	Telephone & Data Systems Inc.		144,724

	Total Wireless Telecommunication Services		185,829

	TOTAL COMMUNICATION SERVICES		14,157,320

CONSUMER DISCRETIONARY - 9.9%
Automobile Components - 0.7%
3,372	Adient PLC*		52,569
4,445	American Axle & Manufacturing Holdings Inc.*		19,513

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
CONSUMER DISCRETIONARY - 9.9% - (continued)
Automobile Components - 0.7% - (continued)
63,069	BorgWarner Inc.	$	2,086,953
593	Cooper-Standard Holdings Inc.*		13,663
6,122	Dana Inc.		101,809
1,111	Dorman Products Inc.*		143,663
1,945	Fox Factory Holding Corp.*		49,889
10,111	Gentex Corp.		218,094
1,451	Gentherm Inc.*		39,707
12,257	Goodyear Tire & Rubber Co. (The)*		139,852
2,083	Holley Inc.*		4,041
1,046	LCI Industries		91,148
5,284	Lear Corp.		477,779
1,084	Luminar Technologies Inc., Class A Shares*		3,892
2,287	Modine Manufacturing Co.*		207,660
1,431	Patrick Industries Inc.		122,866
1,984	Phinia Inc.		86,106
14,959	QuantumScape Corp., Class A Shares*		59,836
5,627	Solid Power Inc.*		8,778
836	Standard Motor Products Inc.		25,331
946	Stoneridge Inc.*		4,749
1,261	Visteon Corp.*		106,460
1,212	XPEL Inc.*		43,596

	Total Automobile Components		4,107,954

Automobiles - 0.2%
4,900	Harley-Davidson Inc.		118,629
4,143	Livewire Group Inc.*		18,643
43,202	Lucid Group Inc., Class A Shares*		96,340
36,930	Rivian Automotive Inc., Class A Shares*(a)		536,593
2,219	Thor Industries Inc.		180,161
1,288	Winnebago Industries Inc.		43,702

	Total Automobiles		994,068

Broadline Retail - 0.1%
1,462	1stdibs.com Inc.*		3,670
140	Dillard’s Inc., Class A Shares		55,443
4,826	Etsy Inc.*		267,119
1,215	Groupon Inc., Class A Shares*		35,393
5,057	Kohl’s Corp.(a)		41,113
11,937	Macy’s Inc.		141,931
2,685	Ollie’s Bargain Outlet Holdings Inc.*		299,243
946	Savers Value Village Inc.*		9,479

	Total Broadline Retail		853,391

Distributors - 0.1%
652	A-Mark Precious Metals Inc.		12,864
869	GigaCloud Technology Inc., Class A Shares*		15,260
1,642	Pool Corp.		493,569
209	Weyco Group Inc.		6,554

	Total Distributors		528,247

Diversified Consumer Services - 1.0%
200,890	ADT Inc.		1,671,405
1,661	Adtalem Global Education Inc.*		219,302
581	American Public Education Inc.*		17,111
2,524	Bright Horizons Family Solutions Inc.*		326,101
504	Carriage Services Inc., Class A Shares		21,924
16,772	Chegg Inc.*		17,107
6,131	Coursera Inc.*		54,259
1,660	Duolingo Inc., Class A Shares*		862,553
1,392	European Wax Center Inc., Class A Shares*		7,085
3,358	Frontdoor Inc.*		184,724
140	Graham Holdings Co., Class B Shares		133,617
1,250	Grand Canyon Education Inc.*		247,306
5,968	H&R Block Inc.		339,878

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
CONSUMER DISCRETIONARY - 9.9% - (continued)
Diversified Consumer Services - 1.0% - (continued)
1,046	KinderCare Learning Cos Inc.*	$	12,834
5,740	Laureate Education Inc., Class A Shares*		129,150
1,290	Lincoln Educational Services Corp.*		30,702
1,140	Matthews International Corp., Class A Shares		24,453
4,478	Mister Car Wash Inc.*		31,704
2,768	Nerdy Inc.*		4,733
4,240	OneSpaWorld Holdings Ltd.		79,966
2,218	Perdoceo Education Corp.		75,501
6,222	Service Corp. International		485,316
947	Strategic Education Inc.		86,395
5,591	Stride Inc.*		846,422
3,512	Udemy Inc.*		25,708
2,070	Universal Technical Institute Inc.*		73,547

	Total Diversified Consumer Services		6,008,803

Hotels, Restaurants & Leisure - 2.8%
2,476	Accel Entertainment Inc., Class A Shares*		27,781
11,599	Aramark		469,760
26	Biglari Holdings Inc., Class B Shares*		6,426
711	BJ’s Restaurants Inc.*		31,718
3,877	Bloomin’ Brands Inc.		29,582
2,862	Boyd Gaming Corp.		214,564
21,585	Brinker International Inc.*		3,726,219
9,319	Caesars Entertainment Inc.*		250,495
3,319	Cava Group Inc.*		269,735
2,124	Cheesecake Factory Inc. (The)		117,181
1,170	Choice Hotels International Inc.(a)		148,216
3,054	Churchill Downs Inc.		291,565
999	Cracker Barrel Old Country Store Inc.		57,383
1,210	Dave & Buster’s Entertainment Inc.*		26,572
1,906	Denny’s Corp.*		7,281
1,006	Dine Brands Global Inc.		24,204
4,814	Dutch Bros Inc., Class A Shares*		347,571
962	El Pollo Loco Holdings Inc.*		10,101
3,418	Everi Holdings Inc.*		48,228
1,501	First Watch Restaurant Group Inc.*		23,175
1,323	Full House Resorts Inc.*		4,207
98,229	Genius Sports Ltd.*		942,016
5,798	Global Business Travel Group I*		36,238
752	Golden Entertainment Inc.		21,455
3,166	Hilton Grand Vacations Inc.*		120,846
1,783	Hyatt Hotels Corp., Class A Shares		235,409
771	Inspired Entertainment Inc.*		6,029
155,933	International Game Technology PLC		2,293,774
736	Jack in the Box Inc.		13,958
3,158	Krispy Kreme Inc.		9,127
358	Kura Sushi USA Inc., Class A Shares*		23,649
3,690	Life Time Group Holdings Inc.*		105,534
3,914	Light & Wonder Inc., Class A Shares*		352,730
1,374	Lindblad Expeditions Holdings Inc.*		14,427
1,514	Marriott Vacations Worldwide Corp.		99,712
565	Monarch Casino & Resort Inc.		47,313
79	Nathan’s Famous Inc.		8,451
19,570	Norwegian Cruise Line Holdings Ltd.*		345,410
1,518	Papa John’s International Inc.		68,689
6,706	Penn Entertainment Inc.*		99,450
3,713	Planet Fitness Inc., Class A Shares*		381,808
1,458	PlayAGS Inc.*		17,817
2,153	Portillo’s Inc., Class A Shares*		25,836
1,154	Potbelly Corp.*		12,313
764	Pursuit Attractions and Hospitality Inc.*		21,308

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
CONSUMER DISCRETIONARY - 9.9% - (continued)
Hotels, Restaurants & Leisure - 2.8% - (continued)
318	RCI Hospitality Holdings Inc.	$	12,793
2,200	Red Rock Resorts Inc., Class A Shares		105,754
3,483	Rush Street Interactive Inc.*		44,199
18,221	Sabre Corp.*		45,917
1,686	Shake Shack Inc., Class A Shares*		218,826
3,954	Six Flags Entertainment Corp.		132,696
6,982	Super Group SGHC Ltd.		61,023
4,379	Sweetgreen Inc., Class A Shares*		58,766
1,370	Target Hospitality Corp.*		10,015
11,755	Texas Roadhouse Inc., Class A Shares		2,294,694
3,381	Travel + Leisure Co.		164,215
14,472	United Parks & Resorts Inc.*		648,201
1,620	Vail Resorts Inc.		259,475
7,866	Wendy’s Co. (The)		89,672
1,287	Wingstop Inc.		439,768
3,398	Wyndham Hotels & Resorts Inc.		281,286
4,401	Wynn Resorts Ltd.		398,467
901	Xponential Fitness Inc., Class A Shares*		8,118

	Total Hotels, Restaurants & Leisure		16,709,148

Household Durables - 1.0%
1,089	Beazer Homes USA Inc.*		22,346
344	Cavco Industries Inc.*		149,157
1,185	Century Communities Inc.		61,466
2,350	Champion Homes Inc.*		153,690
3,402	Cricut Inc., Class A Shares.		20,616
1,378	Dream Finders Homes Inc., Class A Shares*		28,745
1,105	Ethan Allen Interiors Inc.		28,874
214	Flexsteel Industries Inc.		6,499
4,982	GoPro Inc., Class A Shares*		3,303
1,330	Green Brick Partners Inc.*		77,738
417	Hamilton Beach Brands Holding Co., Class A Shares		7,619
892	Helen of Troy Ltd.*		23,986
481	Hooker Furnishings Corp.		4,723
189	Hovnanian Enterprises Inc., Class A Shares*		17,063
1,023	Installed Building Products Inc.		163,148
4,473	iRobot Corp.*		13,732
2,862	KB Home		147,622
713	Landsea Homes Corp.*		8,035
1,821	La-Z-Boy Inc.		76,282
368	Legacy Housing Corp.*		8,203
6,080	Leggett & Platt Inc.		55,085
977	LGI Homes Inc.*		48,948
801	Lifetime Brands Inc.		2,667
551	Lovesac Co. (The)*		10,546
1,149	M/I Homes Inc.*		122,495
3,124	Meritage Homes Corp		198,718
2,330	Mohawk Industries Inc.*		234,421
17,983	Newell Brands Inc.		95,310
2,976	SharkNinja Inc.*		273,584
29,042	Somnigroup International Inc		1,889,473
5,708	Sonos Inc.*		58,678
4,502	Taylor Morrison Home Corp., Class A Shares*		253,373
4,388	Toll Brothers Inc.		457,449
1,300	TopBuild Corp.*		367,757
6,717	Traeger Inc.*		9,269
3,969	Tri Pointe Homes Inc.*		117,006
10,679	Whirlpool Corp.		833,923

	Total Household Durables		6,051,549

Leisure Products - 0.4%
1,195	Acushnet Holdings Corp.		81,547

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
CONSUMER DISCRETIONARY - 9.9% - (continued)
Leisure Products - 0.4% - (continued)
23,451	Brunswick Corp.	$	1,187,090
970	Clarus Corp.		3,085
445	Escalade Inc.		6,604
1,150	Funko Inc., Class A Shares*		4,818
6,141	Hasbro Inc.		409,666
271	JAKKS Pacific Inc.		5,455
182	Johnson Outdoors Inc., Class A Shares		4,949
1,748	Latham Group Inc.*		9,876
752	Malibu Boats Inc., Class A Shares*		22,665
338	Marine Products Corp.		2,809
691	MasterCraft Boat Holdings Inc.*		11,754
14,965	Mattel Inc.*		283,437
4,531	Outdoor Holding Co.*		6,570
15,544	Peloton Interactive Inc., Class A Shares*		110,362
2,334	Polaris Inc.		91,539
1,808	Smith & Wesson Brands Inc.		17,212
758	Sturm Ruger & Co., Inc.		27,440
6,437	Topgolf Callaway Brands Corp.*		40,811
3,745	YETI Holdings Inc.*		114,447

	Total Leisure Products		2,442,136

Specialty Retail - 2.3%
932	1-800-Flowers.com Inc., Class A Shares*		4,585
17,045	Abercrombie & Fitch Co., Class A Shares*		1,337,862
2,935	Academy Sports & Outdoors Inc.		120,071
2,494	Advance Auto Parts Inc.		119,537
7,900	American Eagle Outfitters Inc.		86,584
370	America’s Car-Mart Inc.*		18,411
1,871	Arhaus Inc., Class A Shares*		16,802
4,597	Arko Corp.		19,675
872	Asbury Automotive Group Inc.*		198,738
9,023	AutoNation Inc.*		1,658,879
5,855	BARK Inc.*		7,553
62,711	Bath & Body Works Inc.		1,763,433
2,025	Beyond Inc.*		12,980
1,301	Boot Barn Holdings Inc.*		208,563
1,398	Buckle Inc. (The)		59,569
660	Build-A-Bear Workshop Inc.		33,686
21,496	Caleres Inc.		289,121
2,265	Camping World Holdings Inc., Class A Shares		36,829
4,773	Carvana Co., Class A Shares*		1,561,535
307	Citi Trends Inc.*		8,129
1,844	Designer Brands Inc., Class A Shares		6,546
9,132	Destination XL Group Inc.*		10,319
2,450	Dick’s Sporting Goods Inc.		439,383
6,611	EVgo Inc., Class A Shares*		26,114
2,363	Five Below Inc.*		275,455
4,601	Floor & Decor Holdings Inc., Class A Shares*		329,846
3,769	Foot Locker Inc.*		89,551
17,072	GameStop Corp., Class A Shares*		508,746
8,776	Gap Inc. (The)		195,793
395	Genesco Inc.*		8,583
3,757	Group 1 Automotive Inc.		1,592,667
8,724	GrowGeneration Corp.*		9,422
560	Haverty Furniture Cos., Inc.		11,738
264	J Jill Inc.		4,224
617	Lands’ End Inc.*		5,195
6,917	Leslie’s Inc.*		5,213
1,155	Lithia Motors Inc., Class A Shares		366,031
808	MarineMax Inc.*		17,130
1,104	Monro Inc.		16,924

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
CONSUMER DISCRETIONARY - 9.9% - (continued)
Specialty Retail - 2.3% - (continued)
817	Murphy USA Inc.	$	348,687
3,546	National Vision Holdings Inc.*		70,246
21,777	ODP Corp. (The)*		358,232
338	OneWater Marine Inc., Class A Shares*		4,992
806	Penske Automotive Group Inc.		132,329
3,269	Petco Health & Wellness Co., Inc., Class A Shares*		11,997
3,897	RealReal Inc. (The)*		22,018
1,515	Revolve Group Inc., Class A Shares*		31,209
646	RH*		116,997
4,697	Sally Beauty Holdings Inc.*		40,911
715	Shoe Carnival Inc.		13,742
1,855	Signet Jewelers Ltd.		123,487
800	Sleep Number Corp.*		8,608
675	Sonic Automotive Inc., Class A Shares		47,203
3,632	Stitch Fix Inc., Class A Shares*		16,053
3,143	ThredUp Inc., Class A Shares*		22,630
958	Tile Shop Holdings Inc.*		6,103
3,963	Tilly’s Inc., Class A Shares*		5,667
1,045	Torrid Holdings Inc.*(a)		5,392
2,471	Upbound Group Inc.		56,685
2,719	Urban Outfitters Inc.*		190,058
5,749	Valvoline Inc.*		198,858
3,707	Victoria’s Secret & Co.*		78,626
3,895	Warby Parker Inc., Class A Shares*		82,457
4,342	Wayfair Inc., Class A Shares*		179,064
125	Winmark Corp.		53,103
661	Zumiez Inc.*		8,256

	Total Specialty Retail		13,715,032

Textiles, Apparel & Luxury Goods - 1.3%
2,788	Amer Sports Inc.*		101,428
42,630	Birkenstock Holding PLC*		2,292,641
5,171	Capri Holdings Ltd.*		93,699
1,594	Carter’s Inc.		50,004
1,373	Columbia Sportswear Co.		87,570
17,427	Crocs Inc.*		1,777,554
6,379	Figs Inc., Class A Shares*		27,749
1,761	G-III Apparel Group Ltd.*		51,157
14,751	Hanesbrands Inc.*		73,018
2,373	Kontoor Brands Inc.		162,788
555	Movado Group Inc.		8,991
746	Oxford Industries Inc.		40,045
2,507	PVH Corp.		210,011
1,748	Ralph Lauren Corp., Class A Shares		483,864
279	Rocky Brands Inc.		6,347
5,820	Skechers USA Inc., Class A Shares*		361,073
3,111	Steven Madden Ltd.		76,686
481	Superior Group of Cos., Inc.		4,743
10,217	Tapestry Inc.		802,545
8,509	Under Armour Inc., Class A Shares*		57,095
99,418	Under Armour Inc., Class C Shares*		626,333
15,604	V.F. Corp.		194,426
3,968	Vera Bradley Inc.*		8,015
3,800	Wolverine World Wide Inc.		64,828

	Total Textiles, Apparel & Luxury Goods		7,662,610

	TOTAL CONSUMER DISCRETIONARY		59,072,938

CONSUMER STAPLES - 3.5%
Beverages - 0.2%
394	Boston Beer Co., Inc. (The), Class A Shares*		90,561
7,775	Celsius Holdings Inc.*		294,517
2,690	Coca-Cola Consolidated Inc.		308,409

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
CONSUMER STAPLES - 3.5% - (continued)
Beverages - 0.2% - (continued)
530	MGP Ingredients Inc.	$	15,593
993	National Beverage Corp.		44,913
10,555	Primo Brands Corp., Class A Shares		349,054
1,694	Vita Coco Co., Inc. (The)*		60,289

	Total Beverages		1,163,336

Consumer Staples Distribution & Retail - 2.0%
18,696	Albertsons Cos., Inc., Class A Shares		415,612
1,483	Andersons Inc. (The)		52,661
26,552	BJ’s Wholesale Club Holdings Inc.*		3,005,952
1,626	Casey’s General Stores Inc.		711,798
1,589	Chefs’ Warehouse Inc. (The)*		101,346
13,981	Dollar Tree Inc.*		1,261,925
4,097	Grocery Outlet Holding Corp.*		55,637
280	Guardian Pharmacy Services Inc., Class A Shares*		5,928
1,410	HF Foods Group Inc.*		5,372
648	Ingles Markets Inc., Class A Shares		40,370
51,619	Maplebear Inc.*		2,357,440
380	Natural Grocers by Vitamin Cottage Inc.		18,555
6,690	Performance Food Group Co.*		599,156
1,134	PriceSmart Inc.		122,449
1,338	SpartanNash Co.		26,038
13,743	Sprouts Farmers Market Inc.*		2,375,615
2,473	United Natural Foods Inc.*		75,600
9,556	US Foods Holding Corp.*		756,071
334	Village Super Market Inc., Class A Shares		12,886
724	Weis Markets Inc.		54,879

	Total Consumer Staples Distribution & Retail		12,055,290

Food Products - 0.8%
284	Alico Inc.		9,159
2,868	B&G Foods Inc.		12,074
2,282	Beyond Meat Inc.*(a)		6,686
2,297	BRC Inc., Class A Shares*		4,112
610	Calavo Growers Inc.		16,806
1,958	Cal-Maine Foods Inc.		187,831
7,028	Darling Ingredients Inc.*		218,992
3,769	Dole PLC		53,369
8,289	Flowers Foods Inc.		140,084
1,530	Fresh Del Monte Produce Inc.		54,040
1,994	Freshpet Inc.*		159,839
60,166	Hain Celestial Group Inc. (The)*		112,510
2,928	Ingredion Inc.		407,343
635	J&J Snack Foods Corp.		73,133
421	John B Sanfilippo & Son Inc.		26,161
870	Lancaster Colony Corp.		145,638
163	Lifeway Foods Inc.*		3,683
630	Limoneira Co.		9,948
1,209	Mama’s Creations Inc.*		10,047
1,596	Mission Produce Inc.*		17,843
87,042	Nomad Foods Ltd.		1,523,235
1,852	Pilgrim’s Pride Corp.		91,044
2,325	Post Holdings Inc.*		257,122
13	Seaboard Corp.		34,803
167	Seneca Foods Corp., Class A Shares*		15,750
3,938	Simply Good Foods Co. (The)*		135,900
1,364	Smithfield Foods Inc.		31,890
3,519	SunOpta Inc.*		21,959
31,790	TreeHouse Foods Inc.*		714,003
2,930	Utz Brands Inc.		38,764
1,383	Vital Farms Inc.*		44,035
1,319	Westrock Coffee Co.*		9,075

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
CONSUMER STAPLES - 3.5% - (continued)
Food Products - 0.8% - (continued)
2,923	WK Kellogg Co.(a)	$	49,457

	Total Food Products		4,636,335

Household Products - 0.3%
448	Central Garden & Pet Co.*		16,155
2,228	Central Garden & Pet Co., Class A Shares*		71,229
3,098	Energizer Holdings Inc.		72,153
400	Oil-Dri Corp. of America		20,068
2,451	Reynolds Consumer Products Inc.		54,118
1,314	Spectrum Brands Holdings Inc.		75,910
5,991	WD-40 Co.		1,459,587

	Total Household Products		1,769,220

Personal Care Products - 0.2%
3,042	Beauty Health Co. (The)*		4,958
5,596	BellRing Brands Inc.*		352,268
16,031	Coty Inc., Class A Shares*		79,033
2,085	Edgewell Personal Care Co.		57,588
2,398	elf Beauty Inc.*		269,751
4,000	Herbalife Ltd.*		31,240
3,123	Honest Co., Inc. (The)*		15,709
770	Interparfums Inc.		104,889
412	Medifast Inc.*		5,797
462	Nature’s Sunshine Products Inc.*		7,142
1,812	Nu Skin Enterprises Inc., Class A Shares		15,638
5,174	Olaplex Holdings Inc.*		6,830
416	USANA Health Sciences Inc.*		12,426
1,477	Waldencast PLC, Class A Shares*		3,973

	Total Personal Care Products		967,242

Tobacco - 0.0%@
2,958	Ispire Technology Inc.*		7,454
772	Turning Point Brands Inc.		57,375
1,051	Universal Corp.		68,725

	Total Tobacco		133,554

	TOTAL CONSUMER STAPLES		20,724,977

ENERGY - 4.4%
Energy Equipment & Services - 1.2%
7,135	Archrock Inc.		177,662
1,200	Aris Water Solutions Inc., Class A Shares		26,448
2,951	Atlas Energy Solutions Inc., Class A Shares(a)		35,855
8,774	Borr Drilling Ltd.*		15,355
1,190	Bristow Group Inc.*		34,819
3,029	Cactus Inc., Class A Shares		124,189
49,177	ChampionX Corp.		1,183,690
1,752	Core Laboratories Inc.		18,834
699	DMC Global Inc.*		4,516
4,363	Expro Group Holdings NV*		36,300
767	Flowco Holdings Inc., Class A Shares.		13,200
302	Forum Energy Technologies Inc.*		4,451
468	Geospace Technologies Corp.*		2,724
6,400	Helix Energy Solutions Group Inc.*		39,616
4,282	Helmerich & Payne Inc.		65,300
19,252	Innovex International Inc.*		265,678
6,678	ION Geophysical Corp.*(b)#		–
1,966	Kodiak Gas Services Inc.		69,419
6,700	Liberty Energy Inc., Class A Shares		77,653
1,296	Mammoth Energy Services Inc.*		3,421
341	Nabors Industries Ltd.*		8,801
395	Natural Gas Services Group Inc.*		9,468
5,773	Noble Corp. PLC		142,997
16,943	NOV Inc.		203,316
4,472	Oceaneering International Inc.*		85,281

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
ENERGY - 4.4% - (continued)
Energy Equipment & Services - 1.2% - (continued)
2,491	Oil States International Inc.*	$	10,836
78,224	Patterson-UTI Energy Inc.		431,796
852	ProFrac Holding Corp., Class A Shares*		7,106
3,269	ProPetro Holding Corp.*		17,653
585	Ranger Energy Services Inc., Class A Shares		6,230
3,435	RPC Inc.		15,251
769	SEACOR Marine Holdings Inc.*		4,106
3,019	Seadrill Ltd.*		70,041
4,498	Select Water Solutions Inc., Class A Shares		36,164
1,448	Solaris Energy Infrastructure Inc., Class A Shares		39,719
86,170	TechnipFMC PLC		2,684,196
218,071	TETRA Technologies Inc.*		584,430
2,190	Tidewater Inc.*		86,965
31,438	Transocean Ltd.*		78,281
2,796	Valaris Ltd.*		105,186
3,130	Weatherford International PLC		136,468

	Total Energy Equipment & Services		6,963,421

Oil, Gas & Consumable Fuels - 3.2%
5,308	Aemetis Inc.*(a)		9,077
1,554	Amplify Energy Corp.*		4,460
14,986	Antero Midstream Corp.		281,437
12,685	Antero Resources Corp.*		475,053
16,079	APA Corp.		273,504
1,636	Ardmore Shipping Corp.		15,722
3,004	Berry Corp.		7,180
556	BKV Corp.*		11,954
2,961	California Resources Corp.		130,787
22,373	Cameco Corp.		1,309,492
670	Centrus Energy Corp., Class A Shares*		85,036
2,644	Chord Energy Corp.		237,960
4,168	Civitas Resources Inc.		114,078
6,419	Clean Energy Fuels Corp.*		11,490
46,993	CNX Resources Corp.*		1,516,934
4,057	Comstock Resources Inc.*		94,528
2,282	Core Natural Resources Inc.		158,143
6,796	Crescent Energy Co., Class A Shares		57,018
1,713	CVR Energy Inc.		40,067
2,890	Delek US Holdings Inc.		55,632
35,952	Devon Energy Corp.		1,087,908
5,653	DHT Holdings Inc.		65,462
2,432	Diversified Energy Co. PLC		33,975
1,683	Dorian LPG Ltd.		36,033
4,434	DT Midstream Inc.		464,417
2,576	Empire Petroleum Corp.*		12,674
7,149	Encore Energy Corp.*		14,369
8,492	Energy Fuels Inc.*(a)		41,526
25,939	EQT Corp.		1,430,017
1,066	Evolution Petroleum Corp.		4,786
696	Excelerate Energy Inc., Class A Shares		19,578
10,176	Expand Energy Corp.		1,181,739
1,152	FLEX LNG Ltd.(a)		27,533
1,005	FutureFuel Corp.		3,970
4,407	Golar LNG Ltd.		181,392
1,949	Granite Ridge Resources Inc.		10,953
2,112	Green Plains Inc.*		8,786
570	Gulfport Energy Corp.*		109,155
1,024	Hallador Energy Co.*		17,664
18,237	HF Sinclair Corp.		658,903
455	HighPeak Energy Inc.		4,500
529	Infinity Natural Resources Inc., Class A Shares*		8,824

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
ENERGY - 4.4% - (continued)
Oil, Gas & Consumable Fuels - 3.2% - (continued)
1,726	International Seaways Inc.	$	63,948
1,606	Kinetik Holdings Inc., Class A Shares		71,531
21,548	Kosmos Energy Ltd.*		35,770
57,787	Magnolia Oil & Gas Corp., Class A Shares		1,242,420
32,100	Matador Resources Co.		1,380,621
6,379	Murphy Oil Corp.		133,512
101	NACCO Industries Inc., Class A Shares		3,622
4,308	New Fortress Energy Inc., Class A Shares(a)		10,727
4,627	NextDecade Corp.*		38,312
8,222	Nordic American Tankers Ltd.		21,788
90,032	Northern Oil & Gas Inc.		2,393,051
11,488	Ovintiv Inc.		411,500
2,535	Par Pacific Holdings Inc.*		54,731
4,397	PBF Energy Inc., Class A Shares		83,763
5,366	Peabody Energy Corp.		70,617
29,424	Permian Resources Corp., Class A Shares		371,037
47	PrimeEnergy Resources Corp.*		9,076
10,377	Range Resources Corp.		394,741
731	REX American Resources Corp.*		30,804
422	Riley Exploration Permian Inc.		10,829
5,676	Ring Energy Inc.*		4,187
2,221	Sable Offshore Corp.*		63,920
1,525	SandRidge Energy Inc.		14,960
2,049	Scorpio Tankers Inc.		81,427
5,641	SFL Corp., Ltd., Class B Shares		48,400
3,378	Sitio Royalties Corp., Class A Shares		57,662
5,281	SM Energy Co.		123,681
6,507	Talos Energy Inc.*		52,316
2,973	Teekay Corp., Ltd.		25,122
1,075	Teekay Tankers Ltd., Class A Shares		47,504
824	Texas Pacific Land Corp.		917,961
18,073	Uranium Energy Corp.*		107,173
12,283	Ur-Energy Inc.*		10,033
4,067	VAALCO Energy Inc.		12,892
5,668	Viper Energy Inc., Class A Shares		224,963
1,070	Vital Energy Inc.*		15,922
1,234	Vitesse Energy Inc.		25,828
3,524	W&T Offshore Inc.		5,215
2,493	World Kinect Corp.		68,283

	Total Oil, Gas & Consumable Fuels		19,053,565

	TOTAL ENERGY		26,016,986

FINANCIALS - 15.1%
Banks - 6.0%
1,015	1st Source Corp.		61,468
385	ACNB Corp.		16,004
762	Amalgamated Financial Corp.		23,028
1,512	Amerant Bancorp Inc., Class A Shares		26,505
2,811	Ameris Bancorp		172,792
326	Ames National Corp.		5,672
663	Arrow Financial Corp.		17,072
7,500	Associated Banc-Corp.		173,775
5,643	Atlantic Union Bankshares Corp.		169,403
2,333	Axos Financial Inc.*		162,237
72,158	Banc of California Inc.		990,008
902	BancFirst Corp.		111,582
1,972	Bancorp Inc. (The)*		100,769
432	Bank First Corp.		50,242
1,669	Bank of Hawaii Corp.		111,005
650	Bank of Marin Bancorp		13,852
2,051	Bank of NT Butterfield & Son Ltd. (The)		86,470

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 15.1% - (continued)
Banks - 6.0% - (continued)
4,854	Bank OZK	$	215,178
194	Bank7 Corp.		7,492
21,411	BankUnited Inc.		727,546
327	Bankwell Financial Group Inc.		11,350
1,483	Banner Corp.		91,427
1,023	Bar Harbor Bankshares		29,749
427	Baycom Corp.		11,269
798	BCB Bancorp Inc.		6,464
1,648	Berkshire Hills Bancorp Inc.		40,805
936	Blue Foundry Bancorp*		8,480
1,118	BOK Financial Corp.		105,562
835	Bridgewater Bancshares Inc.*		12,224
3,809	Brookline Bancorp Inc.		39,347
516	Burke & Herbert Financial Services Corp.		29,371
966	Business First Bancshares Inc.		22,981
1,350	Byline Bancorp Inc.		34,925
5,119	Cadence Bank		155,106
853	California BanCorp*		12,744
1,129	Camden National Corp.		44,415
378	Capital Bancorp Inc.		12,209
618	Capital City Bank Group Inc.		23,323
4,622	Capitol Federal Financial Inc.		26,392
965	Carter Bankshares Inc.*		15,874
2,466	Cathay General Bancorp		105,680
770	Central Pacific Financial Corp.		20,559
154	Chemung Financial Corp.		7,218
337	ChoiceOne Financial Services Inc.		9,968
635	Citizens & Northern Corp.		11,779
176	Citizens Financial Services Inc.		10,762
619	City Holding Co.		72,974
679	Civista Bancshares Inc.		15,311
910	CNB Financial Corp.		19,720
535	Coastal Financial Corp.*		47,021
731	Colony Bankcorp Inc.		11,177
9,234	Columbia Banking System Inc.		215,891
1,021	Columbia Financial Inc.*		14,611
21,201	Comerica Inc.		1,210,365
5,492	Commerce Bancshares Inc.		346,051
2,234	Community Financial System Inc.		125,640
876	Community Trust Bancorp Inc.		44,720
743	Community West Bancshares		13,225
1,441	ConnectOne Bancorp Inc.		33,100
2,608	Cullen/Frost Bankers Inc.		331,164
1,278	Customers Bancorp Inc.*		65,127
5,720	CVB Financial Corp.		107,250
1,588	Dime Community Bancshares Inc.		40,748
1,275	Eagle Bancorp Inc.		22,440
19,397	East West Bancorp Inc.		1,769,006
8,506	Eastern Bankshares Inc.		127,590
421	Enterprise Bancorp Inc.		16,230
1,759	Enterprise Financial Services Corp.		93,121
1,021	Equity Bancshares Inc., Class A Shares		39,758
286	Esquire Financial Holdings Inc.		25,952
378	ESSA Bancorp Inc.		6,951
525	Farmers & Merchants Bancorp Inc.		12,500
1,573	Farmers National Banc Corp.		20,811
1,908	FB Financial Corp.		83,284
186	Fidelity D&D Bancorp Inc.		7,585
811	Financial Institutions Inc.		20,940
56,369	First Bancorp		1,163,236

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 15.1% - (continued)
Banks - 6.0% - (continued)
868	First Bancorp Inc. (The)	$	20,997
1,230	First Bank		17,872
3,826	First Busey Corp.		84,631
294	First Business Financial Services Inc.		14,338
721	First Citizens BancShares Inc., Class A Shares		1,333,043
4,367	First Commonwealth Financial Corp.		68,213
849	First Community Bancshares Inc.		31,922
4,032	First Financial Bancorp		97,413
5,608	First Financial Bankshares Inc.		197,738
613	First Financial Corp.		31,778
2,380	First Foundation Inc.*		12,281
47,788	First Hawaiian Inc.		1,141,177
23,650	First Horizon Corp.		470,162
310	First Internet Bancorp		7,518
3,765	First Interstate BancSystem Inc., Class A Shares		102,220
2,648	First Merchants Corp.		99,830
1,237	First Mid Bancshares Inc.		43,641
1,026	First of Long Island Corp. (The)		12,179
320	First Western Financial Inc.*		6,669
742	Five Star Bancorp		20,746
73,054	Flagstar Financial Inc.		841,582
1,038	Flushing Financial Corp.		12,487
16,361	FNB Corp.		226,927
280	FS Bancorp Inc.		10,755
6,951	Fulton Financial Corp.		119,905
686	FVCBankcorp Inc.*		7,999
1,456	German American Bancorp Inc.		55,641
15,556	Glacier Bancorp Inc.		645,107
351	Great Southern Bancorp Inc.		19,635
266	Greene County Bancorp Inc.		5,770
344	Guaranty Bancshares Inc.		14,221
4,199	Hancock Whitney Corp.		229,559
1,315	Hanmi Financial Corp.		30,140
1,488	HarborOne Bancorp Inc.		16,933
644	HBT Financial Inc.		15,070
3,032	Heritage Commerce Corp.		28,076
1,343	Heritage Financial Corp.		31,399
2,064	Hilltop Holdings Inc.		61,549
65	Hingham Institution For Savings The		15,757
295	Home Bancorp Inc.		14,868
8,506	Home BancShares Inc.		240,635
720	HomeStreet Inc.*		9,382
633	HomeTrust Bancshares Inc.		22,845
5,260	Hope Bancorp Inc.		52,810
1,633	Horizon Bancorp Inc.		24,234
139,975	Huntington Bancshares Inc.		2,187,809
20,242	Independent Bank Corp.		1,217,581
2,478	International Bancshares Corp.		155,197
433	Investar Holding Corp.		8,231
587	John Marshall Bancorp Inc.		10,237
2,369	Kearny Financial Corp.		14,285
1,074	Lakeland Financial Corp.		64,300
564	LCNB Corp.		8,184
1,077	LINKBANCORP Inc.		7,377
1,667	Live Oak Bancshares Inc.		45,759
830	Mercantile Bank Corp.		36,653
818	Metrocity Bankshares Inc.		22,855
409	Metropolitan Bank Holding Corp.*		26,450
1,080	Mid Penn Bancorp Inc.		28,782
304	Middlefield Banc Corp.		8,922

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 15.1% - (continued)
Banks - 6.0% - (continued)
719	Midland States Bancorp Inc.	$	12,137
852	MidWestOne Financial Group Inc.		24,495
430	MVB Financial Corp.		8,411
1,593	National Bank Holdings Corp., Class A Shares		57,587
273	National Bankshares Inc.		6,994
1,488	NB Bancorp Inc.*		25,073
2,224	NBT Bancorp Inc.		93,074
594	Nicolet Bankshares Inc.		72,848
274	Northeast Bank		22,969
533	Northeast Community Bancorp Inc.		12,056
1,560	Northfield Bancorp Inc.		18,221
230	Northrim BanCorp Inc.		21,068
5,501	Northwest Bancshares Inc.		67,552
297	Norwood Financial Corp.		7,722
236	Oak Valley Bancorp		6,016
2,595	OceanFirst Financial Corp.		43,622
1,820	OFG Bancorp		74,875
14,229	Old National Bancorp		296,817
2,497	Old Second Bancorp Inc.		41,300
452	Orange County Bancorp Inc.		11,558
1,327	Origin Bancorp Inc.		45,237
770	Orrstown Financial Services Inc.		23,146
4,091	Pacific Premier Bancorp Inc.		86,729
665	Park National Corp.		108,102
952	Parke Bancorp Inc.		18,459
914	Pathward Financial Inc.		71,338
540	PCB Bancorp		10,444
660	Peapack Gladstone Financial Corp.		18,097
1,928	Peoples Bancorp Inc.		56,529
222	Peoples Bancorp of North Carolina Inc.		6,112
386	Peoples Financial Services Corp.		18,551
3,329	Pinnacle Financial Partners Inc.		353,806
545	Pioneer Bancorp Inc.*		6,213
238	Plumas Bancorp		10,360
668	Ponce Financial Group Inc.*		8,945
3,097	Popular Inc.		320,632
386	Preferred Bank		32,273
950	Primis Financial Corp.		8,997
209	Princeton Bancorp Inc.		6,544
4,109	Prosperity Bancshares Inc.		286,192
668	Provident Bancorp Inc.*		7,609
4,359	Provident Financial Services Inc.		72,795
669	QCR Holdings Inc.		45,024
762	RBB Bancorp		12,939
182	Red River Bancshares Inc.		10,208
4,346	Renasant Corp.		152,327
365	Republic Bancorp Inc., Class A Shares		25,017
1,645	S&T Bancorp Inc.		60,306
3,607	Seacoast Banking Corp. of Florida		93,169
2,166	ServisFirst Bancshares Inc.		161,215
2,645	Shore Bancshares Inc.		38,326
564	Sierra Bancorp		15,437
5,299	Simmons First National Corp., Class A Shares		99,409
657	SmartFinancial Inc.		20,879
524	South Plains Financial Inc.		18,848
313	Southern First Bancshares Inc.*		11,290
384	Southern Missouri Bancorp Inc.		20,221
344	Southern States Bancshares Inc.		11,865
1,226	Southside Bancshares Inc.		34,561
4,302	SouthState Corp.		377,716

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 15.1% - (continued)
Banks - 6.0% - (continued)
2,259	Stellar Bancorp Inc.	$	60,812
1,121	Stock Yards Bancorp Inc.		82,461
6,429	Synovus Financial Corp.		307,499
36,698	Texas Capital Bancshares Inc.*		2,630,880
2,858	TFS Financial Corp.		37,754
458	Third Coast Bancshares Inc.*		14,042
317	Timberland Bancorp Inc.		9,646
684	Tompkins Financial Corp.		41,998
3,227	Towne Bank		111,525
1,724	TriCo Bancshares		68,788
972	Triumph Financial Inc.*		56,152
802	TrustCo. Bank Corp. NY		24,894
2,629	Trustmark Corp.		90,595
16,980	UMB Financial Corp.		1,750,978
5,645	United Bankshares Inc.		204,010
5,107	United Community Banks Inc.		146,775
317	Unity Bancorp Inc.		14,013
1,520	Univest Financial Corp.		44,870
482	USCB Financial Holdings Inc.		7,967
20,687	Valley National Bancorp		181,632
2,113	Veritex Holdings Inc.		51,135
198	Virginia National Bankshares Corp.		7,395
2,516	WaFd Inc.		71,505
851	Washington Trust Bancorp Inc.		23,539
26,222	Webster Financial Corp.		1,349,909
4,166	WesBanco Inc.		128,230
761	West BanCorp Inc.		14,748
1,109	Westamerica BanCorp		53,287
4,839	Western Alliance Bancorp		350,392
26,424	Wintrust Financial Corp.		3,155,290
2,185	WSFS Financial Corp.		115,565
6,221	Zions Bancorp NA		294,627

	Total Banks		35,889,033

Capital Markets - 2.6%
1,314	Acadian Asset Management Inc.		39,565
1,334	Affiliated Managers Group Inc.		234,784
1,313	AlTi Global Inc.*		4,359
2,690	Artisan Partners Asset Management Inc., Class A Shares		108,407
929	B. Riley Financial Inc.*		2,833
12,772	BGC Group Inc., Class A Shares		118,524
9,733	Carlyle Group Inc. (The)		439,932
7,688	Cboe Global Markets Inc.		1,761,475
1,255	Cohen & Steers Inc.		96,434
170	Diamond Hill Investment Group Inc.		24,014
6,712	DigitalBridge Group Inc.		74,235
1,248	Donnelley Financial Solutions Inc.*		67,991
1,562	Evercore Inc., Class A Shares		361,587
1,688	FactSet Research Systems Inc.		773,543
395	Forge Global Holdings Inc.*		5,490
2,296	GCM Grosvenor Inc., Class A Shares		28,953
1,693	Hamilton Lane Inc., Class A Shares		252,257
12,690	Houlihan Lokey Inc., Class A Shares		2,216,689
116,320	Invesco Ltd.		1,681,987
6,117	Janus Henderson Group PLC		222,231
7,878	Jefferies Financial Group Inc.		382,871
5,081	Lazard Inc., Class A Shares		220,515
1,628	MarketAxess Holdings Inc.		352,315
2,335	Moelis & Co., Class A Shares		133,352
1,164	Morningstar Inc.		359,001
3,688	Open Lending Corp.*		6,602

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 15.1% - (continued)
Capital Markets - 2.6% - (continued)
1,947	P10 Inc., Class A Shares	$	21,144
3,329	Patria Investments Ltd., Class A Shares		42,411
2,042	Perella Weinberg Partners, Class A Shares		35,470
763	Piper Sandler Cos		191,856
1,036	PJT Partners Inc., Class A Shares		156,084
29,665	Robinhood Markets Inc., Class A Shares*		1,962,340
4,435	SEI Investments Co.		378,128
575	Silvercrest Asset Management Group Inc., Class A Shares		8,349
2,861	StepStone Group Inc., Class A Shares		165,509
17,199	Stifel Financial Corp.		1,620,490
1,974	StoneX Group Inc.*		167,109
4,679	TPG Inc., Class A Shares		225,200
1,899	Victory Capital Holdings Inc., Class A Shares		117,757
3,546	Virtu Financial Inc., Class A Shares		142,514
305	Virtus Investment Partners Inc.		52,063
5,433	WisdomTree Inc.		51,288
18,113	XP Inc., Class A Shares		350,668

	Total Capital Markets		15,658,326

Consumer Finance - 0.6%
12,095	Ally Financial Inc.		423,325
210	Atlanticus Holdings Corp.*		10,301
11,300	Bread Financial Holdings Inc.		579,012
440	Consumer Portfolio Services Inc.*		3,982
271	Credit Acceptance Corp.*		129,348
346	Dave Inc.*		69,484
996	Encore Capital Group Inc.*		37,748
1,138	Enova International Inc.*		105,458
1,723	FirstCash Holdings Inc.		220,389
2,490	Green Dot Corp., Class A Shares*		23,008
4,738	LendingClub Corp.*		47,522
553	LendingTree Inc.*		19,366
944	Medallion Financial Corp.		8,657
3,873	Navient Corp.		52,053
691	Nelnet Inc., Class A Shares		80,280
1,345	NerdWallet Inc., Class A Shares*		14,176
5,315	OneMain Holdings Inc., Class A Shares		275,530
717	OppFi Inc.		9,084
2,016	PRA Group Inc.*		28,607
1,846	PROG Holdings Inc.		53,220
351	Regional Management Corp.		9,284
9,070	SLM Corp.		293,596
46,996	SoFi Technologies Inc.*		625,047
3,581	Upstart Holdings Inc.*		168,916
182	World Acceptance Corp.*		28,115

	Total Consumer Finance		3,315,508

Financial Services - 1.9%
1,324	Acacia Research Corp.*		4,939
11,488	Affirm Holdings Inc., Class A Shares*		596,227
875	Alerus Financial Corp.		18,384
7,487	AvidXchange Holdings Inc.*		73,298
1,317	Banco Latinoamericano de Comercio Exterior SA, Class E Shares		54,023
8,708	Burford Capital Ltd.		111,985
2,626	Cannae Holdings Inc.		48,975
2,353	Cantaloupe Inc.*		19,695
573	Cass Information Systems Inc.		24,238
2,987	Compass Diversified Holdings		20,073
1,453	Enact Holdings Inc.		51,436
11,532	Equitable Holdings Inc.		609,697
4,667	Essent Group Ltd.		270,686
1,806	Euronet Worldwide Inc.*		195,554

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 15.1% - (continued)
Financial Services - 1.9% - (continued)
2,788	EVERTEC Inc.	$	101,009
425	Federal Agricultural Mortgage Corp., Class C Shares		79,228
5,669	Flywire Corp.*		60,942
5,139	HA Sustainable Infrastructure Capital Inc.		128,732
1,192	International Money Express Inc.*		13,148
3,214	Jack Henry & Associates Inc.		582,280
2,657	Jackson Financial Inc., Class A Shares		217,635
20,951	Marqeta Inc., Class A Shares*		112,716
706	Merchants Bancorp		22,606
11,450	MGIC Investment Corp.		302,852
2,795	Mr Cooper Group Inc.*		362,036
57,956	NCR Atleos Corp.*		1,536,414
1,765	NewtekOne Inc.		19,150
3,516	NMI Holdings Inc., Class A Shares*		139,656
214	Onity Group Inc.*		7,931
8,048	Pagseguro Digital Ltd., Class A Shares		71,708
11,857	Payoneer Global Inc.*		80,746
1,252	Paysafe Ltd.*		15,462
1,759	Paysign Inc.*		7,828
1,168	PennyMac Financial Services Inc.		112,128
1,787	Priority Technology Holdings Inc.*		15,243
6,833	Radian Group Inc.		233,347
6,531	Remitly Global Inc.*		139,502
3,464	Repay Holdings Corp., Class A Shares*		16,662
721	Sezzle Inc.*		76,938
21,585	Shift4 Payments Inc., Class A Shares*(a)		2,046,042
12,842	StoneCo Ltd., Class A Shares*		175,293
20,315	Toast Inc., Class A Shares*		856,887
3,755	UWM Holdings Corp.		16,146
342	Velocity Financial Inc.*		5,728
4,351	Voya Financial Inc.		289,429
12,986	Walker & Dunlop Inc.		889,411
713	Waterstone Financial Inc.		9,212
10,851	Western Union Co. (The)		100,697
1,705	WEX Inc.*		226,646

	Total Financial Services		11,170,600

Insurance - 3.6%
1,747	Ambac Financial Group Inc.*		13,679
930	American Coastal Insurance Corp.		10,044
15,260	American Financial Group Inc.		1,891,935
872	AMERISAFE Inc.		41,394
2,437	Assurant Inc.		494,662
2,256	Assured Guaranty Ltd.		190,745
3,738	Axis Capital Holdings Ltd.		388,004
38,853	Baldwin Insurance Group Inc. (The), Class A Shares*		1,497,006
619	Bowhead Specialty Holdings Inc.*		23,089
2,887	Brighthouse Financial Inc.*		172,672
4,484	CNO Financial Group Inc.		170,213
1,901	Crawford & Co., Class A Shares		19,751
1,238	Donegal Group Inc., Class A Shares		25,008
812	Employers Holdings Inc.		39,520
582	Enstar Group Ltd.*		194,976
1,928	Everest Group Ltd.		669,382
1,268	F&G Annuities & Life Inc.		40,525
2,591	Fidelis Insurance Holdings Ltd.		45,291
4,298	First American Financial Corp.		239,871
15,269	Genworth Financial Inc., Class A Shares*		107,646
3,907	Globe Life Inc.		476,146
1,309	GoHealth Inc., Class A Shares*		7,213
992	Goosehead Insurance Inc., Class A Shares		107,394

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 15.1% - (continued)
Insurance - 3.6% - (continued)
2,130	Greenlight Capital Re Ltd., Class A Shares*	$	30,757
2,042	Hamilton Insurance Group Ltd., Class B Shares*		44,434
12,058	Hanover Insurance Group Inc. (The)		2,121,967
365	HCI Group Inc.		61,601
1,264	Heritage Insurance Holdings Inc.*		30,930
1,039	Hippo Holdings Inc.*		24,479
1,798	Horace Mann Educators Corp.		78,087
61	Investors Title Co.		14,275
1,534	James River Group Holdings Ltd.		8,928
42,278	Kemper Corp.		2,694,377
161	Kestrel Group Ltd.*(b)		4,091
681	Kingsway Financial Services Inc.*		8,758
981	Kinsale Capital Group Inc.		463,022
2,272	Lemonade Inc.*		76,112
6,224	Lincoln National Corp.		206,263
1,651	MBIA Inc.*		7,281
1,181	Mercury General Corp.		76,151
380	NI Holdings Inc.*		5,046
11,168	Old Republic International Corp.		422,150
9,383	Oscar Health Inc., Class A Shares*		129,485
14,825	Palomar Holdings Inc.*		2,542,043
7,722	Primerica Inc.		2,089,573
2,037	ProAssurance Corp.*		47,238
2,937	Reinsurance Group of America Inc., Class A Shares		597,063
2,281	RenaissanceRe Holdings Ltd.		568,927
3,608	RLI Corp.		277,347
386	Root Inc., Class A Shares*		50,562
4,572	Ryan Specialty Holdings Inc., Class A Shares		327,218
673	Safety Insurance Group Inc.		55,280
2,708	Selective Insurance Group Inc.		238,358
9,663	Selectquote Inc.*		20,969
2,721	SiriusPoint Ltd.*		53,304
1,595	Skyward Specialty Insurance Group Inc.*		101,043
1,335	Stewart Information Services Corp.		80,554
1,016	Tiptree Inc.		22,535
1,782	Trupanion Inc.*		84,093
790	United Fire Group Inc.		22,476
1,277	Universal Insurance Holdings Inc.		34,658
8,002	Unum Group		653,843
107	White Mountains Insurance Group Ltd.		190,974

	Total Insurance		21,432,418

Mortgage Real Estate Investment Trusts (REITs) - 0.4%
773	Advanced Flower Capital Inc.		3,834
958	AG Mortgage Investment Trust Inc.		6,668
38,665	AGNC Investment Corp.		345,665
560	Angel Oak Mortgage REIT Inc.		5,102
25,571	Annaly Capital Management Inc.		484,570
6,248	Apollo Commercial Real Estate Finance Inc.		61,418
5,912	Arbor Realty Trust Inc.		56,637
1,995	Ares Commercial Real Estate Corp.		9,197
2,393	ARMOUR Residential REIT Inc.(a)		38,790
7,838	Blackstone Mortgage Trust Inc., Class A Shares(a)		148,060
4,825	BrightSpire Capital Inc., Class A Shares		24,414
619	Chicago Atlantic Real Estate Finance Inc.		9,013
3,594	Chimera Investment Corp.		47,369
3,170	Claros Mortgage Trust Inc.		8,147
3,398	Dynex Capital Inc.		40,912
3,649	Ellington Financial Inc.		45,868
3,528	Franklin BSP Realty Trust Inc.		38,914
1,891	Granite Point Mortgage Trust Inc.		4,898

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 15.1% - (continued)
Mortgage Real Estate Investment Trusts (REITs) - 0.4% - (continued)
2,552	Invesco Mortgage Capital Inc.	$	18,834
2,073	KKR Real Estate Finance Trust Inc.		18,512
5,133	Ladder Capital Corp., Class A Shares		53,999
4,624	MFA Financial Inc.		43,003
4,100	New York Mortgage Trust Inc.		26,773
287	Nexpoint Real Estate Finance Inc.		4,239
3,517	Orchid Island Capital Inc.		24,021
3,855	PennyMac Mortgage Investment Trust		47,339
6,373	Ready Capital Corp.		28,487
7,680	Redwood Trust Inc.		41,856
23,603	Rithm Capital Corp.		263,173
763	Seven Hills Realty Trust		8,996
14,090	Starwood Property Trust Inc.		278,277
1,096	Sunrise Realty Trust Inc.		11,771
2,163	TPG RE Finance Trust Inc.		16,612
4,906	Two Harbors Investment Corp.		51,955

	Total Mortgage Real Estate Investment Trusts (REITs)		2,317,323

	TOTAL FINANCIALS		89,783,208

HEALTH CARE - 12.9%
Biotechnology - 5.2%
1,849	4D Molecular Therapeutics Inc.*		6,693
105,812	89bio Inc.*		1,041,190
3,015	Absci Corp.*		7,990
5,356	ACADIA Pharmaceuticals Inc.*		115,529
1,392	Achieve Life Sciences Inc.*		4,983
4,729	Acrivon Therapeutics Inc.*		4,965
2,666	ADC Therapeutics SA*		8,238
10,164	ADMA Biologics Inc.*		201,654
870	Aduro Biotech Holdings Europe BV*(b)(f)		418
3,891	Adverum Biotechnologies Inc.*		8,638
5,610	Agenus Inc.*		19,242
2,454	Agios Pharmaceuticals Inc.*		78,749
8,695	Akebia Therapeutics Inc.*		26,346
3,274	Akero Therapeutics Inc.*		162,554
2,197	Aldeyra Therapeutics Inc.*		4,724
2,467	Alector Inc.*		3,281
7,053	Alkermes PLC*		215,892
5,063	Allogene Therapeutics Inc.*		5,924
2,654	Altimmune Inc.*		14,411
12,243	Amicus Therapeutics Inc.*		74,315
1,154	AnaptysBio Inc.*		25,653
3,701	Anavex Life Sciences Corp.*(a)		27,869
530	Anika Therapeutics Inc.*		5,909
3,983	Annexon Inc.*		8,125
4,700	Apellis Pharmaceuticals Inc.*		79,571
1,652	Apogee Therapeutics Inc.*		60,529
16,572	Applied Therapeutics Inc.*		5,855
5,603	Arbutus Biopharma Corp.*		18,826
1,924	Arcellx Inc.*		119,403
772	Arcturus Therapeutics Holdings Inc.*		9,673
1,962	Arcus Biosciences Inc.*		17,521
4,665	Arcutis Biotherapeutics Inc.*		60,832
10,244	Ardelyx Inc.*		37,595
1,107	ArriVent Biopharma Inc.*		23,524
5,214	Arrowhead Pharmaceuticals Inc.*		83,789
1,851	ARS Pharmaceuticals Inc.*		26,710
3,273	Artiva Biotherapeutics Inc.*		6,317
34,892	Ascendis Pharma AS, ADR*		5,681,813
1,743	Astria Therapeutics Inc.*		8,297
6,272	Atossa Therapeutics Inc.*		4,874

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
HEALTH CARE - 12.9% - (continued)
Biotechnology - 5.2% - (continued)
1,893	Aura Biosciences Inc.*	$	11,093
5,904	Aurinia Pharmaceuticals Inc.*		46,287
4,898	Avidity Biosciences Inc.*		151,740
894	Avita Medical Inc.*		5,024
3,978	Beam Therapeutics Inc.*		62,972
770	Bicara Therapeutics Inc.*		7,122
63,208	Bicycle Therapeutics PLC, ADR*		519,570
9,033	BioCryst Pharmaceuticals Inc.*		97,105
3,637	Biohaven Ltd.*		53,864
5,541	Biomea Fusion Inc.*		7,979
5,973	Black Diamond Therapeutics Inc.*		13,141
2,777	Blueprint Medicines Corp.*		281,449
6,171	Bridgebio Pharma Inc.*		211,357
2,178	C4 Therapeutics Inc.*		2,722
7,092	Cabaletta Bio Inc.*		13,262
820	Candel Therapeutics Inc.*		4,469
1,420	Capricor Therapeutics Inc.*(a)		14,044
1,647	Cardiff Oncology Inc.*		5,616
2,288	CareDx Inc.*		38,873
1,238	Cargo Therapeutics Inc.*		5,261
12,633	Caribou Biosciences Inc.*		13,391
301	Cartesian Therapeutics Inc.*(a)		2,878
4,803	Catalyst Pharmaceuticals Inc.*		119,883
1,284	Celcuity Inc.*		13,649
2,808	Celldex Therapeutics Inc.*		55,542
11,887	Century Therapeutics Inc.*		6,305
2,454	CG oncology Inc.*		62,871
3,744	Cibus Inc., Class A Shares*		12,093
5,005	Climb Bio Inc.*		5,906
3,506	Cogent Biosciences Inc.*		19,073
4,788	Coherus Biosciences Inc.*		3,730
3,100	Compass Therapeutics Inc.*		6,510
1,253	Contra Inhibrx Inc.*(b)(f)		1,416
1,664	Corbus Pharmaceuticals Holdings Inc.*		12,347
4,067	Crinetics Pharmaceuticals Inc.*		124,084
1,892	Cullinan Therapeutics Inc.*		16,356
4,867	Cytokinetics Inc.*		150,974
1,843	Day One Biopharmaceuticals Inc.*		11,758
5,347	Denali Therapeutics Inc.*		70,794
1,220	Design Therapeutics Inc.*		4,551
884	Dianthus Therapeutics Inc.*		15,373
1,064	Discount Medicine Inc., Class A Shares*		49,668
5,433	Dynavax Technologies Corp.*		53,189
4,037	Dyne Therapeutics Inc.*		48,283
3,076	Editas Medicine Inc.*		5,291
712	Enanta Pharmaceuticals Inc.*		4,222
930	Entrada Therapeutics Inc.*		7,068
6,356	Erasca Inc.*		8,898
7,974	Exact Sciences Corp.*		448,777
12,443	Exelixis Inc.*		535,547
4,506	Fate Therapeutics Inc.*		5,452
629	Fennec Pharmaceuticals Inc.*		5,107
5,913	Fibrobiologics Inc.*		4,314
784	Foghorn Therapeutics Inc.*		3,199
21,167	Generation Bio Co.*		8,005
24,594	Geron Corp.*		37,383
420	Greenwich Lifesciences Inc.*(a)		4,137
5,412	Halozyme Therapeutics Inc.*		303,451
4,418	Heron Therapeutics Inc.*		8,306
2,184	HilleVax Inc.*		4,084

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
HEALTH CARE - 12.9% - (continued)
Biotechnology - 5.2% - (continued)
3,532	Humacyte Inc.*	$	9,430
3,879	Ideaya Biosciences Inc.*		77,153
5,836	IGM Biosciences Inc.*		7,412
5,428	ImmunityBio Inc.*		14,438
2,771	Immunome Inc.*		24,274
2,650	Immunovant Inc.*		39,352
483	Inhibrx Biosciences Inc.*		6,506
904	Inmune Bio Inc.*(a)		6,672
2,049	Inovio Pharmaceuticals Inc.*		4,098
6,905	Inozyme Pharma Inc.*		27,413
34,515	Insmed Inc.*		2,406,731
3,915	Intellia Therapeutics Inc.*		26,896
6,780	Ionis Pharmaceuticals Inc.*		227,198
12,703	Iovance Biotherapeutics Inc.*		22,230
5,272	Ironwood Pharmaceuticals Inc., Class A Shares*		3,158
1,000	iTeos Therapeutics Inc.*		10,020
1,287	Janux Therapeutics Inc.*		30,631
2,103	Jasper Therapeutics Inc.*		11,566
1,371	KalVista Pharmaceuticals Inc.*		16,178
1,624	Keros Therapeutics Inc.*		22,980
1,755	Kiniksa Pharmaceuticals International PLC, Class A Shares*		48,017
1,361	Kodiak Sciences Inc.*		4,627
230	Korro Bio Inc.*		2,627
1,103	Krystal Biotech Inc.*		138,934
2,800	Kura Oncology Inc.*		15,932
2,073	Kymera Therapeutics Inc.*		61,444
4,084	Kyverna Therapeutics Inc.*		10,414
1,886	Larimar Therapeutics Inc.*		4,243
21,898	Legend Biotech Corp., ADR*		633,947
1,199	Lexeo Therapeutics Inc.*		3,261
5,997	Lexicon Pharmaceuticals Inc.*		3,758
8,253	Lineage Cell Therapeutics Inc.*		5,486
361	Lyell Immunopharma Inc.*		158
2,240	MacroGenics Inc.*		3,046
790	Madrigal Pharmaceuticals Inc.*		217,455
11,311	MannKind Corp.*		46,941
1,516	MeiraGTx Holdings PLC*		7,762
26,181	Mersana Therapeutics Inc.*		8,998
28,354	Merus NV*		1,589,809
603	Metsera Inc.*		16,112
5,419	MiMedx Group Inc.*		34,844
1,181	Mineralys Therapeutics Inc.*		18,400
1,806	Mirum Pharmaceuticals Inc.*		80,295
1,545	Monte Rosa Therapeutics Inc.*		6,458
44,490	MoonLake Immunotherapeutics, Class A Shares*		1,735,555
3,344	Myriad Genetics Inc.*		14,011
5,066	Natera Inc.*		799,060
4,409	Neurocrine Biosciences Inc.*		542,395
386	Neurogene Inc.*		6,566
2,097	Nkarta Inc.*		3,649
7,011	Novavax Inc.*		51,461
3,388	Nurix Therapeutics Inc.*		36,014
1,495	Nuvalent Inc., Class A Shares*		111,542
9,673	Ocugen Inc.*		8,088
1,468	Olema Pharmaceuticals Inc.*		7,751
19	Oncternal Therapeutics Inc.*(f)		19
2,782	Organogenesis Holdings Inc., Class A Shares*		7,623
2,472	ORIC Pharmaceuticals Inc.*		20,196
27,091	Ovid therapeutics Inc.*		7,374
5,928	PepGen Inc.*		8,655

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
HEALTH CARE - 12.9% - (continued)
Biotechnology - 5.2% - (continued)
2,248	Perspective Therapeutics Inc.*	$	5,777
650	Praxis Precision Medicines Inc.*		25,057
7,302	Precigen Inc.*		9,639
2,474	Prime Medicine Inc.*		2,919
4,297	ProKidney Corp., Class A Shares*		3,106
2,523	Protagonist Therapeutics Inc.*		119,767
1,505	Prothena Corp. PLC*		6,908
3,248	PTC Therapeutics Inc.*		157,593
2,183	Puma Biotechnology Inc.*		7,160
9,170	Pyxis Oncology Inc.*		11,096
10,649	Recursion Pharmaceuticals Inc., Class A Shares*(a)		44,513
1,711	REGENXBIO Inc.*		15,142
3,019	Regulus Therapeutics Inc.*		23,941
4,704	Relay Therapeutics Inc.*		14,112
20,401	Renovaro Inc.*		6,318
2,834	Replimune Group Inc.*		25,449
32,674	Revolution Medicines Inc.*		1,287,356
24,997	Rhythm Pharmaceuticals Inc.*		1,533,066
719	Rigel Pharmaceuticals Inc.*		13,805
3,318	Rocket Pharmaceuticals Inc.*		8,328
18,534	Roivant Sciences Ltd.*		203,689
2,005	Sage Therapeutics Inc.*		12,952
4,931	Sana Biotechnology Inc.*		10,700
3,913	Sarepta Therapeutics Inc.*		147,129
4,448	Savara Inc.*		10,141
3,406	Scholar Rock Holding Corp.*		98,808
1,154	Sera Prognostics Inc., Class A Shares*		1,800
5,769	Skye Bioscience Inc.*		11,423
22,419	Soleno Therapeutics Inc.*		1,644,434
1,114	Solid Biosciences Inc.*		3,576
2,911	SpringWorks Therapeutics Inc.*		135,973
1,676	Spyre Therapeutics Inc.*		25,609
1,333	Stoke Therapeutics Inc.*		12,717
4,216	Summit Therapeutics Inc.*(a)		76,794
15,267	Sutro Biopharma Inc.*		13,705
3,718	Syndax Pharmaceuticals Inc.*		39,188
7,171	Tango Therapeutics Inc.*		15,920
5,968	Taysha Gene Therapies Inc.*		16,173
9,262	Tenaya Therapeutics Inc.*		4,261
6,172	TG Therapeutics Inc.*		216,699
850	Tourmaline Bio Inc.*		14,178
3,539	Travere Therapeutics Inc., Class Preferred Shares*		53,156
7,311	TScan Therapeutics Inc.*		10,455
2,510	Twist Bioscience Corp.*		73,543
760	Tyra Biosciences Inc.*		6,916
3,896	Ultragenyx Pharmaceutical Inc.*		132,581
1,915	United Therapeutics Corp.*		610,598
707	Upstream Bio Inc.*		6,526
1,388	UroGen Pharma Ltd.*		5,885
2,203	Vanda Pharmaceuticals Inc.*		9,561
49,515	Vaxcyte Inc.*		1,608,742
2,020	Vera Therapeutics Inc., Class A Shares*		38,279
3,260	Veracyte Inc.*		86,749
1,389	Verastem Inc.*		10,445
2,124	Vericel Corp.*		87,711
2,617	Verve Therapeutics Inc.*		11,646
4,576	Viking Therapeutics Inc.*		122,637
4,601	Vir Biotechnology Inc.*		22,729
3,337	Viridian Therapeutics Inc.*		46,451
1,953	Voyager Therapeutics Inc.*		5,351

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
HEALTH CARE - 12.9% - (continued)
Biotechnology - 5.2% - (continued)
1,262	X4 Pharmaceuticals Inc.*	$	4,291
3,541	XBiotech Inc.*		10,092
2,574	Xencor Inc.*		20,592
16,470	Xenon Pharmaceuticals Inc.*		475,159
322	XOMA Royalty Corp.*		7,973
1,519	Y-mAbs Therapeutics Inc.*		6,987
623	Zenas Biopharma Inc.*		5,931
2,160	Zentalis Pharmaceuticals Inc.*		2,614
2,264	Zura Bio Ltd., Class A Shares*		2,287
2,037	Zymeworks Inc.*		23,283

	Total Biotechnology		31,008,590

Health Care Equipment & Supplies - 3.3%
139,883	Accuray Inc.*		214,021
4,502	Alphatec Holdings Inc.*		55,960
1,510	AngioDynamics Inc.*		15,402
1,753	Artivion Inc.*		51,854
24,205	AtriCure Inc.*		836,767
1,628	Avanos Medical Inc.*		20,464
1,622	AxoGen Inc.*		17,664
596	Beta Bionics Inc.*		10,275
1,374	Bioventus Inc., Class A Shares*		8,903
480	Ceribell Inc.*		8,069
6,314	Cerus Corp.*		8,019
8,886	CONMED Corp.		504,280
605	CVRx Inc.*		4,014
22,970	CytoSorbents Corp.*		19,295
8,965	DENTSPLY SIRONA Inc.		143,261
2,956	Embecta Corp.		31,127
2,437	Enovis Corp.*		76,278
71,504	Envista Holdings Corp.*		1,306,378
7,365	Fractyl Health Inc.*		13,993
19,329	Glaukos Corp.*		1,822,531
4,912	Globus Medical Inc., Class A Shares*		290,692
20,095	Haemonetics Corp.*		1,360,632
930	ICU Medical Inc.*		125,420
2,673	Inmode Ltd.*		39,186
990	Inogen Inc.*		6,361
1,304	Inspire Medical Systems Inc.*		180,213
12,866	Integer Holdings Corp.*		1,527,966
55,125	Integra LifeSciences Holdings Corp.*		697,882
370	iRadimed Corp.		21,416
13,309	iRhythm Technologies Inc.*		1,869,914
25,636	Lantheus Holdings Inc.*		1,937,056
853	LeMaitre Vascular Inc.		70,117
2,458	LivaNova PLC*		106,308
11,864	Masimo Corp.*		1,927,900
2,529	Merit Medical Systems Inc.*		240,331
36,365	Neogen Corp.*		213,099
507	NeuroPace Inc.*		6,703
4,752	Novocure Ltd.*		90,811
1,891	Omnicell Inc.*		57,430
94,696	OraSure Technologies Inc.*		272,724
3,966	Orchestra BioMed Holdings Inc.*		11,303
1,312	Orthofix Medical Inc.*		14,760
682	OrthoPediatrics Corp.*		13,613
1,612	Penumbra Inc.*		430,356
19,101	PROCEPT BioRobotics Corp.*		1,107,858
1,660	Pulmonx Corp.*		5,644
793	Pulse Biosciences Inc.*(a)		13,723
10,547	QuidelOrtho Corp.*		323,476

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
HEALTH CARE - 12.9% - (continued)
Health Care Equipment & Supplies - 3.3% - (continued)
1,838	RxSight Inc.*	$	28,103
143	Sanara Medtech Inc.*		4,147
362	Semler Scientific Inc.*		14,480
1,976	SI-BONE Inc.*		37,346
1,632	Sight Sciences Inc.*		6,022
2,279	STAAR Surgical Co.*		40,589
1,944	Stereotaxis Inc.*		4,141
560	Surmodics Inc.*		16,251
906	Tactile Systems Technology Inc.*		8,951
2,843	Tandem Diabetes Care Inc.*		56,348
2,036	Teleflex Inc.		248,942
1,471	TransMedics Group Inc.*		186,993
1,716	Treace Medical Concepts Inc.*		9,850
308	UFP Technologies Inc.*		72,134
72	Utah Medical Products Inc.		3,966
38,819	Varex Imaging Corp.*		297,742
32,856	Zimvie Inc.*		300,304
3,790	Zynex Inc.*		8,869

	Total Health Care Equipment & Supplies		19,476,627

Health Care Providers & Services - 2.5%
36,776	Acadia Healthcare Co., Inc.*		832,609
4,424	AdaptHealth Corp., Class A Shares*		39,727
724	Addus HomeCare Corp.*		80,299
12,962	agilon health Inc.*		28,776
4,031	AirSculpt Technologies Inc.*		17,777
4,329	Alignment Healthcare Inc.*		66,537
1,444	Amedisys Inc.*		135,837
1,780	AMN Healthcare Services Inc.*		37,576
1,054	Ardent Health Partners Inc.*		15,262
1,839	Astrana Health Inc.*		45,589
2,000	Aveanna Healthcare Holdings Inc.*		10,660
2,440	BrightSpring Health Services Inc.*		58,096
8,191	Brookdale Senior Living Inc.*		53,323
1,005	Castle Biosciences Inc.*		16,050
651	Chemed Corp.		374,221
5,286	Community Health Systems Inc.*		20,510
4,791	Concentra Group Holdings Parent Inc.		103,629
1,130	CorVel Corp.*		125,735
1,226	Cross Country Healthcare Inc.*		16,159
2,083	DaVita Inc.*		283,830
3,686	DocGo Inc.*		5,234
22,954	Encompass Health Corp.		2,775,139
2,014	Enhabit Inc.*		21,147
2,395	Ensign Group Inc. (The)		352,688
726	Fulgent Genetics Inc.*		15,043
17,307	GeneDx Holdings Corp., Class A Shares*		1,232,604
5,288	Guardant Health Inc.*		214,799
24,454	HealthEquity Inc.*		2,460,317
5,422	Henry Schein Inc.*		379,486
8,439	Hims & Hers Health Inc.*		477,310
589	InfuSystem Holdings Inc.*		3,404
2,995	Innovage Holding Corp.*		12,249
424	Joint Corp. (The)*		4,537
6,022	LifeStance Health Group Inc.*		35,771
2,009	Nano-X Imaging Ltd.*(a)		10,286
550	National HealthCare Corp.		57,277
496	National Research Corp.		6,701
5,513	NeoGenomics Inc.*		40,135
13,691	OPKO Health Inc.*		18,620
47,997	Option Care Health Inc.*		1,568,542

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
HEALTH CARE - 12.9% - (continued)
Health Care Providers & Services - 2.5% - (continued)
2,933	Owens & Minor Inc.*	$	19,358
1,605	PACS Group Inc.*		15,922
3,715	Pediatrix Medical Group Inc.*		52,567
1,488	Pennant Group Inc. (The)*		42,720
2,933	Performant Financial Corp.*		9,004
4,424	Premier Inc., Class A Shares		101,663
4,436	Privia Health Group Inc.*		100,963
3,324	Progyny Inc.*		71,466
4,993	Quipt Home Medical Corp.*		8,937
2,856	RadNet Inc.*		164,191
4,537	Select Medical Holdings Corp.		69,371
183	Sonida Senior Living Inc.*		4,465
3,238	Surgery Partners Inc.*		76,449
4,583	Talkspace Inc.*		14,620
10,170	Tenet Healthcare Corp.*		1,716,391
2,494	Universal Health Services Inc., Class B Shares		474,733
657	US Physical Therapy Inc.		49,268
1,122	Viemed Healthcare Inc.*		7,461

	Total Health Care Providers & Services		15,053,040


Health Care Technology - 0.1%
5,075	Certara Inc.*		57,652
2,148	Definitive Healthcare Corp., Class A Shares*		7,110
5,538	Doximity Inc., Class A Shares*		288,474
4,973	Evolent Health Inc., Class A Shares*		37,049
2,001	Health Catalyst Inc.*		7,604
1,106	HealthStream Inc.		30,990
1,315	LifeMD Inc.*		16,056
765	OptimizeRx Corp.*		9,287
2,350	Phreesia Inc.*		57,551
2,367	Schrodinger Inc.*		51,175
763	Simulations Plus Inc.		24,298
7,241	Teladoc Health Inc.*		50,108
3,995	Waystar Holding Corp.*		159,720

	Total Health Care Technology		797,074

Life Sciences Tools & Services - 1.1%
4,801	10X Genomics Inc., Class A Shares*		45,754
5,228	Adaptive Biotechnologies Corp.*		49,771
8,166	Akoya Biosciences Inc.*		10,207
82,270	Avantor Inc.*		1,062,106
1,860	Azenta Inc.*		49,699
1,699	BioLife Solutions Inc.*		37,174
4,784	Bio-Rad Laboratories Inc., Class A Shares*		1,085,633
6,978	Bio-Techne Corp.		337,735
4,850	Bruker Corp.		177,995
6,586	Charles River Laboratories International Inc.*		893,259
2,694	Codexis Inc.*		6,196
1,543	CryoPort Inc.*		9,273
4,520	Cytek Biosciences Inc.*		12,520
3,388	Fortrea Holdings Inc.*		14,568
23,525	Harvard Bioscience Inc.*		10,986
7,803	ICON PLC, ADR*		1,016,575
789	Lifecore Biomedical Inc.*		5,342
4,400	Maravai LifeSciences Holdings Inc., Class A Shares*		9,900
3,837	MaxCyte Inc.*		9,132
1,129	Medpace Holdings Inc.*		332,942
208	Mesa Laboratories Inc.		20,929
11,836	Nautilus Biotechnology Inc., Class A Shares*		8,841
2,063	Niagen Bioscience Inc.*		22,322
2,956	OmniAb Inc.*		3,754
234	OmniAb Inc., (Cost - $0, acquired 11/3/22), Class CR3 Shares*(b)(c)(f)		–

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
HEALTH CARE - 12.9% - (continued)
Life Sciences Tools & Services - 1.1% - (continued)
234	OmniAb Inc., (Cost - $0, acquired 11/3/22), Class CR4 Shares*(b)(c)(f)	$	–
10,144	Pacific Biosciences of California Inc.*(a)		9,776
9,629	QIAGEN NV*		434,557
1,361	Quanterix Corp.*		7,077
4,548	Quantum-Si Inc.*		7,641
2,436	Repligen Corp.*		287,619
6,350	Sotera Health Co.*		77,724
148,360	Standard BioTools Inc.*		149,844

	Total Life Sciences Tools & Services		6,206,851

Pharmaceuticals - 0.7%
1,323	Alto Neuroscience Inc.*		3,413
2,077	Alumis Inc.*		7,270
99,017	Amneal Pharmaceuticals Inc.*		724,804
1,780	Amphastar Pharmaceuticals Inc.*		45,764
780	ANI Pharmaceuticals Inc.*		45,802
2,797	Aquestive Therapeutics Inc.*		7,580
2,409	Arvinas Inc.*		17,345
3,220	Atea Pharmaceuticals Inc.*		9,563
4,495	Avadel Pharmaceuticals PLC*		40,949
1,573	Axsome Therapeutics Inc.*		165,417
813	Biote Corp., Class A Shares*		2,813
1,775	Cassava Sciences Inc.*		3,568
1,004	CinCor Pharma Inc.*(f)		3,383
1,493	Collegium Pharmaceutical Inc.*		43,506
1,433	Contineum Therapeutics Inc., Class A Shares*		5,245
3,559	Corcept Therapeutics Inc.*		276,036
2,788	CorMedix Inc.*		33,846
3,359	Edgewise Therapeutics Inc.*		47,967
21,753	Elanco Animal Health Inc.*		292,360
1,733	Enliven Therapeutics Inc.*		30,795
6,941	Esperion Therapeutics Inc.*		5,898
2,092	Evolus Inc.*		19,226
2,520	EyePoint Pharmaceuticals Inc.*		18,245
2,335	Fulcrum Therapeutics Inc.*		16,053
1,681	Harmony Biosciences Holdings Inc.*		57,995
1,464	Harrow Inc.*		41,153
2,707	Innoviva Inc.*		52,976
2,621	Jazz Pharmaceuticals PLC*		283,251
473	LENZ Therapeutics Inc.*		13,812
775	Ligand Pharmaceuticals Inc.*		79,197
2,788	Liquidia Corp.*		41,597
447	MBX Biosciences Inc.*		5,552
442	MediWound Ltd.*		9,706
3,086	Mind Medicine MindMed Inc.*		22,404
6,609	Nektar Therapeutics, Class A Shares*		4,788
14,133	Neumora Therapeutics Inc.*		10,123
6,179	Nuvation Bio Inc.*		13,099
6,870	Ocular Therapeutix Inc.*		55,029
2,109	Omeros Corp.*		6,517
11,469	Organon & Co.		105,744
2,002	Pacira BioSciences Inc.*		51,732
5,944	Perrigo Co. PLC		159,121
1,403	Phathom Pharmaceuticals Inc.*		5,963
789	Phibro Animal Health Corp., Class A Shares		19,267
2,130	Pliant Therapeutics Inc.*		2,876
2,113	Prestige Consumer Healthcare Inc.*		181,021
1,078	Rapport Therapeutics Inc.*		8,915
68	Scilex Holding Co.*		348
4,282	scPharmaceuticals Inc.*		15,587
717	Septerna Inc.*		6,632

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
HEALTH CARE - 12.9% - (continued)
Pharmaceuticals - 0.7% - (continued)
1,907	SIGA Technologies Inc.	$	11,404
2,118	Supernus Pharmaceuticals Inc.*		67,141
1,674	Tarsus Pharmaceuticals Inc.*		71,898
2,404	Terns Pharmaceuticals Inc.*		7,476
1,412	Theravance Biopharma Inc.*		12,934
866	Third Harmonic Bio Inc.*		4,512
3,255	Trevi Therapeutics Inc.*		21,190
2,805	Ventyx Biosciences Inc.*		4,769
7,526	Verona Pharma PLC, ADR*		611,111
8,130	Veru Inc.*		4,132
4,719	WaVe Life Sciences Ltd.*		28,361
6,967	Xeris Biopharma Holdings Inc.*		34,417
2,080	Zevra Therapeutics Inc.*		17,784

	Total Pharmaceuticals		4,018,382

Pharmaceuticals, Biotechnology & Life Sciences - 0.0%@
1,045	AstraZeneca PLC*(b)(f)		324
2,089	Novartis AG*(b)(f)		334

	Total Pharmaceuticals, Biotechnology & Life Sciences		658

	TOTAL HEALTH CARE		76,561,222

INDUSTRIALS - 20.3%
Aerospace & Defense - 1.4%
1,466	AAR Corp.*		90,027
1,242	Aerovironment Inc.*		221,113
1,142	AerSale Corp.*		6,726
13,732	Archer Aviation Inc., Class A Shares*		138,556
1,333	Astronics Corp.*		41,616
5,429	ATI Inc.*		432,365
3,993	BWX Technologies Inc.		501,521
693	Byrna Technologies Inc.*		18,475
1,167	Cadre Holdings Inc.		38,243
1,693	Curtiss-Wright Corp.		745,106
613	Ducommun Inc.*		43,143
1,989	Eve Holding Inc.*		10,741
3,498	Hexcel Corp.		185,009
1,730	Huntington Ingalls Industries Inc.		385,894
1,448	Intuitive Machines Inc., Class A Shares*		16,522
6,550	Kratos Defense & Security Solutions Inc.*		241,629
3,240	Leonardo DRS Inc.		137,052
1,857	Loar Holdings Inc.*		161,652
27,712	Mercury Systems Inc.*		1,364,816
1,241	Moog Inc., Class A Shares		229,970
266	National Presto Industries Inc.		22,783
809	Park Aerospace Corp.		11,043
1,016	Redwire Corp.*(a)		14,539
66,534	Rocket Lab Corp.*		1,782,446
5,186	Spirit AeroSystems Holdings Inc., Class A Shares*		193,853
6,052	Standard Aero Inc.*		177,505
8,297	Textron Inc.		614,227
3,335	Triumph Group Inc.*		86,010
668	V2X Inc.*		30,247
2,972	Virgin Galactic Holdings Inc.*(a)		9,540
2,582	Woodward Inc.		558,564

	Total Aerospace & Defense		8,510,933

Air Freight & Logistics - 0.6%
18,523	CH Robinson Worldwide Inc.		1,777,653
941	Forward Air Corp.*		15,790
36,466	GXO Logistics Inc.*		1,500,211
3,061	Hub Group Inc., Class A Shares		103,186
1,467	Radiant Logistics Inc.*		8,714

	Total Air Freight & Logistics		3,405,554

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INDUSTRIALS - 20.3% - (continued)
Building Products - 1.3%
2,962	AAON Inc.	$	285,211
3,074	Advanced Drainage Systems Inc.		338,017
3,828	Allegion PLC		546,256
582	American Woodmark Corp.*		32,807
5,171	AO Smith Corp.		332,547
989	Apogee Enterprises Inc.		38,225
1,912	Armstrong World Industries Inc.		297,565
6,217	AZEK Co., Inc. (The), Class A Shares*		307,804
1,323	AZZ Inc.		119,983
733	CSW Industrials Inc.		224,144
5,494	Fortune Brands Innovations Inc.		276,898
1,305	Gibraltar Industries Inc.*		76,447
1,696	Griffon Corp.		116,600
6,131	Hayward Holdings Inc.*		85,527
902	Insteel Industries Inc.		31,588
5,582	Janus International Group Inc.*		45,605
3,402	JELD-WEN Holding Inc.*		12,417
1,410	Lennox International Inc.		795,874
5,199	Masterbrand Inc.*		53,030
3,752	Owens Corning.		502,580
2,313	Quanex Building Products Corp.		38,696
108,057	Resideo Technologies Inc.*		2,236,780
1,850	Simpson Manufacturing Co., Inc.		288,045
960	Tecnoglass Inc.		82,205
4,666	Trex Co., Inc.*		260,689
2,632	UFP Industries Inc.		256,778
6,452	Zurn Elkay Water Solutions Corp.		233,498

	Total Building Products		7,915,816

Commercial Services & Supplies - 2.0%
2,796	ABM Industries Inc.		147,209
3,556	ACCO Brands Corp.		12,766
6,256	ACV Auctions Inc., Class A Shares*		102,473
2,732	BrightView Holdings Inc.*		42,565
1,891	Brink’s Co. (The)		155,176
31,276	Casella Waste Systems Inc., Class A Shares*		3,665,860
1,131	CECO Environmental Corp.*		30,413
813	Cimpress PLC*		35,983
6,301	Clean Harbors Inc.*		1,429,004
4,902	CoreCivic Inc.*		107,648
1,777	Deluxe Corp.		25,358
2,666	Driven Brands Holdings Inc.*		47,508
939	Ennis Inc.		17,531
161,887	Enviri Corp.*		1,319,379
5,595	GEO Group Inc. (The)*		151,848
3,446	Healthcare Services Group Inc.*		48,589
2,098	HNI Corp.		97,620
2,521	Interface Inc., Class A Shares.		50,647
36,017	LanzaTech Global Inc.*		10,164
1,006	Liquidity Services Inc.*		23,510
57,435	MillerKnoll Inc.		968,928
1,202	Montrose Environmental Group Inc.*		23,475
1,612	MSA Safety Inc.		262,708
477	NL Industries Inc.		3,477
95,409	OPENLANE Inc.*		2,187,728
698	Perma-Fix Environmental Services Inc.*		7,392
4,876	Pitney Bowes Inc.		50,223
1,177	Quad/Graphics Inc.		6,862
3,444	Quest Resource Holding Corp.*		7,577
4,264	Steelcase Inc., Class A Shares		43,962
11,660	Tetra Tech Inc.		407,400

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INDUSTRIALS - 20.3% - (continued)
Commercial Services & Supplies - 2.0% - (continued)
644	UniFirst Corp.	$	121,433
5,470	Vestis Corp.		33,695
459	Virco Mfg. Corp.		3,860
793	VSE Corp.		103,161

	Total Commercial Services & Supplies		11,753,132

Construction & Engineering - 3.4%
5,886	AECOM		646,577
1,214	Ameresco Inc., Class A Shares*		16,729
10,137	API Group Corp.*		473,094
21,628	Arcosa Inc.		1,865,848
570	Argan Inc.		119,871
487	Bowman Consulting Group Ltd.*		12,209
888	Centuri Holdings Inc.*(a)		18,541
13,036	Comfort Systems USA Inc.		6,234,206
834	Concrete Pumping Holdings Inc.		5,863
1,989	Construction Partners Inc., Class A Shares*		208,228
1,262	Dycom Industries Inc.*		290,159
2,007	EMCOR Group Inc.		947,023
2,227	Everus Construction Group Inc.*		128,966
79,554	Fluor Corp.*		3,307,855
1,927	Granite Construction Inc.		172,370
3,339	Great Lakes Dredge & Dock Corp.*		37,330
382	IES Holdings Inc.*		99,190
469	Limbach Holdings Inc.*		60,135
10,168	MasTec Inc.*		1,585,496
966	Matrix Service Co.*		11,805
679	MYR Group Inc.*		106,501
345	Northwest Pipe Co.*		13,331
2,083	Orion Group Holdings Inc.*		17,164
13,770	Primoris Services Corp.		992,955
1,319	Sterling Infrastructure Inc.*		247,985
2,070	Tutor Perini Corp.*		76,342
883	Valmont Industries Inc.		280,829
92,738	WillScot Holdings Corp.		2,499,289

	Total Construction & Engineering		20,475,891

Electrical Equipment - 1.6%
1,363	Acuity Inc.		354,230
552	Allient Inc.		16,781
1,703	American Superconductor Corp.*		48,127
6,896	Array Technologies Inc.*		45,514
1,513	Atkore Inc.		98,496
157,001	Babcock & Wilcox Enterprises Inc.*		109,618
3,902	Blink Charging Co.*		2,743
46,566	Bloom Energy Corp., Class A Shares*		860,074
16,407	ChargePoint Holdings Inc.*		11,413
5,000	Energy Vault Holdings Inc.*		4,130
1,696	EnerSys		141,836
7,433	Enovix Corp.*(a)		56,639
2,291	Fluence Energy Inc., Class A Shares*		10,768
693	FuelCell Energy Inc.*		3,541
2,550	Generac Holdings Inc.*		311,431
9,573	GrafTech International Ltd.*		9,537
5,642	Hyliion Holdings Corp.*		8,689
1,058	LSI Industries Inc.		17,214
958	NANO Nuclear Energy Inc.*(a)		28,865
3,716	Net Power Inc.*		7,915
44,867	NEXTracker Inc., Class A Shares*		2,543,510
3,613	NuScale Power Corp.*		115,580
7,279	nVent Electric PLC.		478,958
35,487	Plug Power Inc.*		31,324

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INDUSTRIALS - 20.3% - (continued)
Electrical Equipment - 1.6% - (continued)
405	Powell Industries Inc.	$	68,684
90	Preformed Line Products Co.		12,838
26,051	Regal Rexnord Corp.		3,476,245
6,680	Sensata Technologies Holding PLC		174,081
4,932	SES AI Corp.*(a)		4,483
6,364	Shoals Technologies Group Inc., Class A Shares*		30,038
24,291	Stem Inc.*		11,881
9,883	Sunrun Inc.*		74,024
4,089	T1 Energy Inc.*(a)		4,457
1,536	Thermon Group Holdings Inc.*		39,844
12,922	TPI Composites Inc.*		15,506
997	Vicor Corp.*		43,509

	Total Electrical Equipment		9,272,523

Ground Transportation - 0.8%
18,212	ArcBest Corp.		1,141,710
754	Avis Budget Group Inc.*		91,830
636	Covenant Logistics Group Inc., Class A Shares		14,437
3,808	FTAI Infrastructure Inc.		23,267
1,639	Heartland Express Inc.		14,669
6,024	Hertz Global Holdings Inc.*		39,457
6,939	Knight-Swift Transportation Holdings Inc., Class A Shares		307,536
1,517	Landstar System Inc.		208,163
16,467	Lyft Inc., Class A Shares*		250,957
2,604	Marten Transport Ltd.		33,956
234	PAMT CORP*		2,939
511	Proficient Auto Logistics Inc.*		4,119
7,059	RXO Inc.*		109,626
1,837	Ryder System Inc.		270,278
5,877	Saia Inc.*		1,553,937
2,157	Schneider National Inc., Class B Shares		49,978
4,379	U-Haul Holding Co.		249,778
412	U-Haul Holding Co.*		26,368
261	Universal Logistics Holdings Inc.		6,280
2,582	Werner Enterprises Inc.		67,003
5,071	XPO Inc.*		577,232

	Total Ground Transportation		5,043,520

Industrial Conglomerates - 0.0%@
1,332	Brookfield Business Corp., Class A Shares		38,002

Machinery - 3.9%
28,042	374Water Inc.*		12,181
4,809	3D Systems Corp.*		7,454
2,739	AGCO Corp.		268,367
460	Alamo Group Inc.		91,098
1,318	Albany International Corp., Class A Shares		87,080
3,842	Allison Transmission Holdings Inc.		397,724
1,055	Astec Industries Inc.		41,451
3,595	Atmus Filtration Technologies Inc.		129,492
1,420	Blue Bird Corp.*		54,954
1,881	Chart Industries Inc.*		295,054
93,872	CNH Industrial NV		1,174,339
1,561	Columbus McKinnon Corp.		22,728
7,090	Commercial Vehicle Group Inc.*		9,217
2,146	Crane Co.		367,824
5,327	Donaldson Co., Inc.		370,493
1,132	Douglas Dynamics Inc.		31,119
273	Eastern Co. (The)		6,107
2,593	Energy Recovery Inc.*		32,698
2,426	Enerpac Tool Group Corp., Class A Shares		104,027
894	Enpro Inc.		165,515
2,492	Esab Corp.		306,491

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INDUSTRIALS - 20.3% - (continued)
Machinery - 3.9% - (continued)
1,150	ESCO Technologies Inc.	$	208,426
2,631	Federal Signal Corp.		247,498
5,853	Flowserve Corp.		292,123
1,931	Franklin Electric Co., Inc.		166,819
10,565	Gates Industrial Corp. PLC*		223,450
401	Gencor Industries Inc.*		5,530
917	Gorman-Rupp Co. (The)		33,470
7,325	Graco Inc.		620,134
421	Graham Corp.*		16,600
1,467	Greenbrier Cos., Inc. (The)		66,118
13,587	Helios Technologies Inc.		411,958
3,074	Hillenbrand Inc.		60,066
8,182	Hillman Solutions Corp.*		59,238
635	Hyster-Yale Inc.		25,502
23,505	ITT Inc.		3,538,443
13,621	JBT Marel Corp.		1,563,827
505	Kadant Inc.		158,525
3,688	Kennametal Inc.		79,403
327	LB Foster Co., Class A Shares*		6,177
2,448	Lincoln Electric Holdings Inc.		473,908
453	Lindsay Corp.		63,148
1,171	Luxfer Holdings PLC, ADR		13,385
1,152	Manitowoc Co., Inc. (The)*		12,108
556	Mayville Engineering Co., Inc.*		8,763
2,349	Middleby Corp. (The)*		343,259
420	Miller Industries Inc.		19,039
4,885	Mueller Industries Inc.		380,395
84,956	Mueller Water Products Inc., Class A Shares		2,083,971
2,153	NN Inc.*		4,414
2,480	Nordson Corp.		525,735
108	Omega Flex Inc.		3,534
2,906	Oshkosh Corp.		288,246
333	Park-Ohio Holdings Corp.		6,094
25,012	Pentair PLC		2,480,690
1,146	Proto Labs Inc.*		42,379
1,246	RBC Bearings Inc.*		455,874
2,400	REV Group Inc.		89,976
1,310	Shyft Group Inc. (The)		13,742
2,287	Snap-on Inc.		733,555
6,020	SPX Technologies Inc.*		915,582
503	Standex International Corp.		75,923
112,099	Stratasys Ltd.*		1,157,983
100	Taylor Devices Inc.*		3,693
851	Tennant Co.		63,331
2,949	Terex Corp.		132,734
2,796	Timken Co. (The)		191,498
1,948	Titan International Inc.*		14,103
4,448	Toro Co. (The)		337,069
3,602	Trinity Industries Inc.		92,715
572	Twin Disc Inc.		4,147
1,794	Wabash National Corp.		15,554
1,196	Watts Water Technologies Inc., Class A Shares		289,575
1,348	Worthington Enterprises Inc.		79,411

	Total Machinery		23,174,253

Marine Transportation - 0.2%
328	Costamare Bulkers Holdings Ltd.*(b)		3,070
1,644	Costamare Inc.		14,089
2,187	Genco Shipping & Trading Ltd.		28,956
5,933	Golden Ocean Group Ltd.		45,684
1,059	Himalaya Shipping Ltd.*		6,333

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INDUSTRIALS - 20.3% - (continued)
Marine Transportation - 0.2% - (continued)
10,180	Kirby Corp.*	$	1,126,315
1,421	Matson Inc.		160,360
1,037	Pangaea Logistics Solutions Ltd.		4,667
2,124	Safe Bulkers Inc.		8,071

	Total Marine Transportation		1,397,545

Passenger Airlines - 0.2%
5,429	Alaska Air Group Inc.*		276,499
743	Allegiant Travel Co.*		41,296
29,075	American Airlines Group Inc.*		331,746
2,589	Blade Air Mobility Inc.*		9,036
1,629	Frontier Group Holdings Inc.*		6,549
12,963	JetBlue Airways Corp.*		65,463
18,900	Joby Aviation Inc.*		147,798
1,696	SkyWest Inc.*		172,059
1,505	Sun Country Airlines Holdings Inc.*		17,428
3,734	Wheels Up Experience Inc.*(a)		4,891

	Total Passenger Airlines		1,072,765

Professional Services - 2.4%
156,273	Alight Inc., Class A Shares		853,251
986	Asure Software Inc.*		9,564
1,114	Barrett Business Services Inc.		46,036
942	BlackSky Technology Inc., Class A Shares*		10,541
4,305	CACI International Inc., Class A Shares*		1,842,540
2,129	CBIZ Inc.*		153,799
17,951	Clarivate PLC*		75,753
2,001	Concentrix Corp.		111,986
308,844	Conduent Inc.*		691,811
293	CRA International Inc.		55,685
1,280	CSG Systems International Inc.		84,557
6,637	Dayforce Inc.*		392,114
13,245	Dun & Bradstreet Holdings Inc.		119,337
6,890	ExlService Holdings Inc.*		316,871
2,202	Exponent Inc.		168,101
62,885	First Advantage Corp.*		1,076,591
386	Forrester Research Inc.*		4,103
392	Franklin Covey Co.*		9,165
1,542	FTI Consulting Inc.*		253,135
7,609	Genpact Ltd.		327,568
946	Heidrick & Struggles International Inc.		41,302
853	HireQuest Inc.		8,539
758	Huron Consulting Group Inc.*		108,265
603	IBEX Holdings Ltd.*		17,360
809	ICF International Inc.		69,509
1,237	Innodata Inc.*		48,824
1,550	Insperity Inc.		100,316
57,446	KBR Inc.		2,998,107
1,238	Kelly Services Inc., Class A Shares		14,509
823	Kforce Inc.		33,578
2,220	Korn Ferry		150,982
5,156	Legalzoom.com Inc.*		47,074
2,132	ManpowerGroup Inc.		89,437
2,486	Maximus Inc.		180,260
777	Mistras Group Inc.*		5,866
2,614	NV5 Global Inc.*		57,769
1,978	Parsons Corp.*		128,254
1,910	Paylocity Holding Corp.*		364,619
10,001	Planet Labs PBC*		38,404
347	Resolute Holdings Management Inc.*(a)		11,933
1,137	Resources Connection Inc.		5,930
29,202	Robert Half Inc.		1,337,160

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INDUSTRIALS - 20.3% - (continued)
Professional Services - 2.4% - (continued)
2,111	Science Applications International Corp.	$	243,905
793	Spire Global Inc.*		8,231
1,404	TriNet Group Inc.		116,827
920	TrueBlue Inc.*		5,520
988	TTEC Holdings Inc.*		4,851
5,380	Upwork Inc.*		83,336
7,355	Verra Mobility Corp., Class A Shares*		173,946
657	Willdan Group Inc.*		35,511
16,838	WNS Holdings Ltd.*		976,436

	Total Professional Services		14,109,068

Trading Companies & Distributors - 2.5%
29,462	AerCap Holdings NV		3,409,637
4,748	Air Lease Corp., Class A Shares		273,532
1,046	Alta Equipment Group Inc.		4,969
8,183	Applied Industrial Technologies Inc.		1,853,613
316	BlueLinx Holdings Inc.*		21,147
1,657	Boise Cascade Co.		143,960
30,589	Core & Main Inc., Class A Shares*		1,676,583
1,832	Custom Truck One Source Inc.*		7,878
434	Distribution Solutions Group Inc.*		11,826
4,884	DNOW Inc.*		70,427
564	DXP Enterprises Inc.*		46,632
261	EVI Industries Inc.		4,839
33,199	FTAI Aviation Ltd.		3,889,263
1,573	GATX Corp.		250,485
459	Global Industrial Co.		11,957
1,693	GMS Inc.*		128,211
1,470	H&E Equipment Services Inc.		139,121
9,459	Herc Holdings Inc.		1,172,916
1,643	Hudson Technologies Inc.*		11,747
224	Karat Packaging Inc.		7,047
1,041	McGrath RentCorp.		116,988
3,818	MRC Global Inc.*		47,381
1,983	MSC Industrial Direct Co., Inc., Class A Shares		161,020
4,000	NPK International Inc.*		32,360
2,665	Rush Enterprises Inc., Class A Shares		132,317
410	Rush Enterprises Inc., Class B Shares		21,408
1,966	SiteOne Landscape Supply Inc.*		229,648
751	Titan Machinery Inc.*		14,029
420	Transcat Inc.*		36,700
1,522	Watsco Inc.		675,114
1,905	WESCO International Inc.		319,830
106	Willis Lease Finance Corp.		14,240
1,809	Xometry Inc., Class A Shares*		59,968

	Total Trading Companies & Distributors		14,996,793

Transportation Infrastructure - 0.0%@
429	Sky Harbour Group Corp., Class A Shares*		4,419

	TOTAL INDUSTRIALS		121,170,214

INFORMATION TECHNOLOGY - 16.2%
Communications Equipment - 2.1%
3,184	ADTRAN Holdings Inc.*		25,568
2,211	Applied Optoelectronics Inc.*		34,094
458	Aviat Networks Inc.*		9,824
17,399	Calix Inc.*		804,530
44,717	Ciena Corp.*		3,580,043
426	Clearfield Inc.*		15,809
9,445	CommScope Holding Co., Inc.*		57,048
1,584	Digi International Inc.*		51,337
5,511	Extreme Networks Inc.*		86,357
7,500	F5 Inc.*		2,140,350

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INFORMATION TECHNOLOGY - 16.2% - (continued)
Communications Equipment - 2.1% - (continued)
16,002	Harmonic Inc.*	$	144,338
14,228	Juniper Networks Inc.		511,212
20,921	Lumentum Holdings Inc.*		1,512,170
1,371	NETGEAR Inc.*		40,211
2,911	NetScout Systems Inc.*		66,487
359,414	Ribbon Communications Inc.*		1,214,819
182	Ubiquiti Inc.		71,943
133,613	ViaSat Inc.*		1,166,442
75,684	Viavi Solutions Inc.*		689,481

	Total Communications Equipment		12,222,063

Electronic Equipment, Instruments & Components - 3.7%
1,798	908 Devices Inc.*		10,213
1,609	Advanced Energy Industries Inc.		184,681
794	Aeva Technologies Inc.*		14,506
4,325	Arlo Technologies Inc.*		61,934
2,343	Arrow Electronics Inc.*		277,364
25,628	Avnet Inc.		1,281,656
11,818	Badger Meter Inc.		2,933,464
83	Bel Fuse Inc., Class A Shares		5,271
487	Bel Fuse Inc., Class B Shares		35,941
9,142	Belden Inc.		970,880
1,573	Benchmark Electronics Inc.		57,446
7,775	Celestica Inc.*		897,080
168	Climb Global Solutions Inc.		18,509
7,596	Cognex Corp.		227,652
13,729	Coherent Corp.*		1,038,324
5,123	Crane NXT Co.		274,644
1,303	CTS Corp.		53,019
1,966	Daktronics Inc.*		29,175
1,102	ePlus Inc.*		78,650
4,863	Evolv Technologies Holdings Inc.*		26,552
8,631	Fabrinet*		2,009,901
777	FARO Technologies Inc.*		32,922
1,142	Ingram Micro Holding Corp.		21,846
75,808	Innoviz Technologies Ltd.*		68,985
1,180	Insight Enterprises Inc.*		153,860
32,748	IPG Photonics Corp.*		2,169,883
10,594	Itron Inc.*		1,224,666
4,733	Jabil Inc.		795,191
875	Kimball Electronics Inc.*		15,838
3,827	Knowles Corp.*		62,801
4,849	Lightwave Logic Inc.*		4,752
1,080	Littelfuse Inc.		221,465
1,435	Methode Electronics Inc.		11,408
8,847	MicroVision Inc.*		9,732
8,871	Mirion Technologies Inc., Class A Shares*		169,436
1,636	Napco Security Technologies Inc.		45,644
33,859	nLight Inc.*		512,287
1,598	Novanta Inc.*		197,864
8,721	OSI Systems Inc.*		1,910,858
2,302	Ouster Inc.*		28,154
1,443	PAR Technology Corp.*		94,603
553	PC Connection Inc.		36,166
1,152	Plexus Corp.*		151,212
5,191	Powerfleet Inc.*		23,619
409	Richardson Electronics Ltd.		3,661
4,328	Rogers Corp.*		288,115
2,314	Sanmina Corp.*		195,973
954	ScanSource Inc.*		38,523
7,000	SmartRent Inc., Class A Shares*		5,910

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INFORMATION TECHNOLOGY - 16.2% - (continued)
Electronic Equipment, Instruments & Components - 3.7% - (continued)
14,243	TD SYNNEX Corp.	$	1,728,246
1,850	Teledyne Technologies Inc.*		922,891
4,529	TTM Technologies Inc.*		135,236
5,247	Vishay Intertechnology Inc.		73,825
436	Vishay Precision Group Inc.*		11,214
6,646	Vontier Corp.		237,595

	Total Electronic Equipment, Instruments & Components		22,091,243

IT Services - 1.7%
4,929	Amdocs Ltd.		452,285
8,600	Applied Digital Corp.*(a)		58,738
1,900	ASGN Inc.*		100,339
1,475	Backblaze Inc., Class A Shares*		8,407
3,807	BigBear.ai Holdings Inc.*		15,837
2,700	BigCommerce Holdings Inc.*		13,608
2,015	Couchbase Inc.*		36,411
3,091	DigitalOcean Holdings Inc.*		87,475
7,901	DXC Technology Co.*		120,095
5,564	Fastly Inc., Class A Shares*		40,506
1,864	Globant SA*		182,840
2,908	Grid Dynamics Holdings Inc.*		36,437
959	Hackett Group Inc. (The)		23,515
1,768	Information Services Group Inc.		8,345
148,618	Kyndryl Holdings Inc.*		5,802,047
2,984	Rackspace Technology Inc.*		3,402
342	Tucows Inc., Class A Shares*		6,635
122,029	Unisys Corp.*		582,078
17,560	Wix.com Ltd.*		2,615,562

	Total IT Services		10,194,562

Semiconductors & Semiconductor Equipment - 2.9%
2,256	ACM Research Inc., Class A Shares*		50,873
1,161	Aehr Test Systems*		11,076
5,289	Allegro MicroSystems Inc.*		134,076
889	Alpha & Omega Semiconductor Ltd.*		18,865
1,812	Ambarella Inc.*		95,384
4,762	Amkor Technology Inc.		85,811
4,844	Astera Labs Inc.*		439,448
1,430	Axcelis Technologies Inc.*		80,566
18,358	CEVA Inc.*		344,396
2,363	Cirrus Logic Inc.*		232,425
1,822	Cohu Inc.*		31,102
25,123	Credo Technology Group Holding Ltd.*		1,531,498
1,958	Diodes Inc.*		86,935
1,101	Everspin Technologies Inc.*		6,177
28,038	FormFactor Inc.*		836,934
1,236	Ichor Holdings Ltd.*		19,504
1,031	Impinj Inc.*		117,627
135,566	indie Semiconductor Inc., Class A Shares*(a)		359,250
2,290	Kulicke & Soffa Industries Inc.		73,623
5,982	Lattice Semiconductor Corp.*		268,831
18,185	MACOM Technology Solutions Holdings Inc.*		2,211,478
3,682	MaxLinear Inc., Class A Shares*		41,938
2,947	MKS Inc.		242,214
4,723	Navitas Semiconductor Corp., Class A Shares*(a)		24,087
165	NVE Corp.		11,741
10,022	Onto Innovation Inc.*		921,423
1,170	PDF Solutions Inc.*		20,709
2,394	Penguin Solutions Inc.*		42,517
2,695	Photronics Inc.*		45,033
2,466	Power Integrations Inc.		122,634
4,107	Qorvo Inc.*		312,214

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INFORMATION TECHNOLOGY - 16.2% - (continued)
Semiconductors & Semiconductor Equipment - 2.9% - (continued)
628	QuickLogic Corp.*	$	3,253
65,021	Rambus Inc.*		3,476,673
8,161	Rigetti Computing Inc.*(a)		98,830
62,241	Semtech Corp.*		2,323,457
1,483	Silicon Laboratories Inc.*		178,746
810	SiTime Corp.*		158,817
1,020	SkyWater Technology Inc.*		9,221
1,700	Synaptics Inc.*		99,892
2,035	Ultra Clean Holdings Inc.*		39,418
2,049	Universal Display Corp.		293,724
84,478	Veeco Instruments Inc.*		1,631,270
6,060	Wolfspeed Inc.*(a)		7,211

	Total Semiconductors & Semiconductor Equipment		17,140,901

Software - 5.5%
4,737	8x8 Inc.*		7,769
3,026	A10 Networks Inc.		52,229
28,816	ACI Worldwide Inc.*		1,333,028
78,125	Adeia Inc.		1,003,125
938	Agilysys Inc.*		99,344
2,252	Alarm.com Holdings Inc.*		129,265
2,763	Alkami Technology Inc.*		79,132
3,725	Amplitude Inc., Class A Shares*		46,153
1,008	Appfolio Inc., Class A Shares*		212,859
1,783	Appian Corp., Class A Shares*		56,165
996	Arteris Inc.*		7,739
3,638	Asana Inc., Class A Shares*		65,157
270	AudioEye Inc.*		3,299
42,026	Aurora Innovation Inc., Class A Shares*(a)		254,678
5,581	AvePoint Inc.*		104,086
6,217	Bentley Systems Inc., Class B Shares		296,737
4,505	BILL Holdings Inc.*		196,778
4,799	Bit Digital Inc.*		11,326
1,758	Blackbaud Inc.*		109,400
2,499	BlackLine Inc.*		139,769
10,436	Blend Labs Inc., Class A Shares*		38,196
22,910	Box Inc., Class A Shares*		866,456
49,896	Braze Inc., Class A Shares*		1,836,173
5,036	C3.ai Inc., Class A Shares*		133,907
21,541	CCC Intelligent Solutions Holdings Inc.*		189,130
2,375	Cerence Inc.*		20,211
7,731	Cipher Mining Inc.*		24,121
11,741	Cleanspark Inc.*		101,325
3,996	Clear Secure Inc., Class A Shares		98,901
8,751	Clearwater Analytics Holdings Inc., Class A Shares*		202,148
128,974	Cognyte Software Ltd.*		1,406,461
10,711	Commvault Systems Inc.*		1,961,720
11,000	Confluent Inc., Class A Shares*		253,330
750	Consensus Cloud Solutions Inc.*		16,478
7,700	Core Scientific Inc.*		82,005
934	CS Disco Inc.*		3,680
72	Daily Journal Corp.*		30,343
621	Digimarc Corp.*		8,123
3,618	Digital Turbine Inc.*		17,077
2,624	Dolby Laboratories Inc., Class A Shares		194,858
1,305	Domo Inc., Class B Shares*		16,574
9,904	Dropbox Inc., Class A Shares*		285,829
7,885	D-Wave Quantum Inc.*		128,762
62,677	Dynatrace Inc.*		3,385,185
7,331	E2open Parent Holdings Inc.*		23,533
816	eGain Corp.*		4,398

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INFORMATION TECHNOLOGY - 16.2% - (continued)
Software - 5.5% - (continued)
3,839	Elastic NV*	$	310,460
901	EverCommerce Inc.*		9,019
3,156	Five9 Inc.*		83,666
9,268	Freshworks Inc., Class A Shares*		141,522
58,832	Gen Digital Inc.		1,675,535
5,582	Gitlab Inc., Class A Shares*		254,037
3,600	Guidewire Software Inc.*		774,072
3,424	Hut 8 Corp.*		52,284
825	I3 Verticals Inc., Class A Shares*		20,386
3,449	Informatica Inc., Class A Shares*		82,810
2,303	Intapp Inc.*		126,941
1,121	InterDigital Inc.		243,548
3,703	Jamf Holding Corp.*		38,882
4,119	Kaltura Inc.*		8,732
549	Life360 Inc.*		34,889
2,822	LiveRamp Holdings Inc.*		91,941
2,685	Manhattan Associates Inc.*		506,874
15,062	MARA Holdings Inc.*(a)		212,675
1,249	Meridianlink Inc.*		20,846
1,693	Mitek Systems Inc.*		15,897
2,661	N-able Inc.*		20,729
3,657	nCino Inc.*		96,179
6,704	NCR Voyix Corp.*		74,347
3,378	NextNav Inc.*		42,394
7,008	Nice Ltd., ADR*		1,162,837
11,062	Nutanix Inc., Class A Shares*		848,345
4,835	Olo Inc., Class A Shares*		42,113
1,099	ON24 Inc.*		6,253
40,029	OneSpan Inc.		637,662
898	Ooma Inc.*		12,258
1,362	Pagaya Technologies Ltd., Class A Shares*		22,391
4,303	PagerDuty Inc.*		61,361
1,925	Pegasystems Inc.		188,939
3,901	Porch Group Inc.*		35,577
34,580	Procore Technologies Inc.*		2,322,739
1,865	Progress Software Corp.		114,809
2,142	PROS Holdings Inc.*		37,678
2,539	Q2 Holdings Inc.*		222,213
1,637	Qualys Inc.*		226,806
24,457	Radware Ltd.*		570,337
2,706	Rapid7 Inc.*		62,103
591	Red Violet Inc.		28,699
4,614	Rekor Systems Inc.*		5,352
440	ReposiTrak Inc.		9,601
1,777	Rimini Street Inc.*		5,420
3,501	RingCentral Inc., Class A Shares*		90,781
65,299	Riot Platforms Inc.*(a)		526,963
1,437	Sapiens International Corp. NV		41,242
2,088	SEMrush Holdings Inc., Class A Shares*		20,546
12,523	SentinelOne Inc., Class A Shares*		220,530
14,428	SoundHound AI Inc., Class A Shares*(a)		145,867
355	SoundThinking Inc.*		5,506
5,526	Sprinklr Inc., Class A Shares*		46,639
2,096	Sprout Social Inc., Class A Shares*		45,756
1,654	SPS Commerce Inc.*		232,817
2,026	Telos Corp.*		5,106
5,117	Tenable Holdings Inc.*		164,870
4,074	Teradata Corp.*		89,465
12,483	Terawulf Inc.*		44,065
79,086	UiPath Inc., Class A Shares*		1,052,635

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INFORMATION TECHNOLOGY - 16.2% - (continued)
Software - 5.5% - (continued)
13,553	Unity Software Inc.*	$	353,462
29,423	Varonis Systems Inc., Class B Shares*		1,402,889
32,445	Verint Systems Inc.*		569,085
2,439	Vertex Inc., Class A Shares*		96,511
609	Viant Technology Inc., Class A Shares*		8,398
1,501	Weave Communications Inc.*		14,485
2,734	WM Technology Inc.*		2,843
2,189	Workiva Inc., Class A Shares*		147,298
60,789	Xperi Inc.*		473,546
4,069	Yext Inc.*		27,303
7,963	Zeta Global Holdings Corp., Class A Shares*		104,634

	Total Software		33,032,362

Technology Hardware, Storage & Peripherals - 0.3%
1,011	CompoSecure Inc., Class A Shares*		13,861
1,757	Corsair Gaming Inc.*		15,444
236	CPI Card Group Inc.*		5,253
1,149	Diebold Nixdorf Inc.*		55,347
3,641	Eastman Kodak Co.*		20,681
1,164	Immersion Corp.		8,753
29,113	IonQ Inc.*(a)		1,174,419
13,453	Pure Storage Inc., Class A Shares*		720,946
747	Turtle Beach Corp.*		8,576
5,815	Xerox Holdings Corp.		28,435

	Total Technology Hardware, Storage & Peripherals		2,051,715

	TOTAL INFORMATION TECHNOLOGY		96,732,846

MATERIALS - 4.0%
Chemicals - 1.8%
969	AdvanSix Inc.		22,781
1,145	American Vanguard Corp.		5,633
1,211	Arq Inc.*		5,982
2,016	Ashland Inc.		99,812
2,111	ASP Isotopes Inc.*		15,959
2,841	Aspen Aerogels Inc.*		16,364
86,047	Avient Corp.		3,108,878
63,240	Axalta Coating Systems Ltd.*		1,947,792
1,412	Balchem Corp.		235,380
2,315	Cabot Corp.		172,907
6,448	Chemours Co. (The)		65,318
310	Core Molding Technologies Inc.*		5,168
4,544	Ecovyst Inc.*		33,853
9,984	Element Solutions Inc.		213,458
5,632	FMC Corp.		228,434
855	Hawkins Inc.		114,134
2,346	HB Fuller Co.		130,954
6,991	Huntsman Corp.		77,880
1,588	Ingevity Corp.*		65,696
1,121	Innospec Inc.		95,375
416	Intrepid Potash Inc.*		15,708
761	Koppers Holdings Inc.		23,378
772	Kronos Worldwide Inc.		4,887
1,941	LSB Industries Inc.*		14,693
2,095	Mativ Holdings Inc.		11,983
1,336	Minerals Technologies Inc.		75,858
14,035	Mosaic Co. (The)		507,225
303	NewMarket Corp.		195,150
411	Northern Technologies International Corp.		2,972
5,244	Olin Corp.		101,786
2,147	Orion SA		23,381
5,779	Perimeter Solutions Inc.*		69,753
5,882	PureCycle Technologies Inc.*(a)		55,938

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
MATERIALS - 4.0% - (continued)
Chemicals - 1.8% - (continued)
652	Quaker Chemical Corp.	$	70,703
2,465	Rayonier Advanced Materials Inc.*		9,490
20,185	RPM International Inc.		2,297,860
1,829	Scotts Miracle-Gro Co. (The)		108,935
1,814	Sensient Technologies Corp.		171,478
940	Stepan Co.		51,033
4,487	Tronox Holdings PLC		25,486
465	Valhi Inc.		6,770

	Total Chemicals		10,506,225

Construction Materials - 0.1%
1,460	Eagle Materials Inc.		295,227
2,501	Knife River Corp.*		235,344
164	Smith-Midland Corp.*		4,943
472	United States Lime & Minerals Inc.		48,512

	Total Construction Materials		584,026

Containers & Packaging - 1.3%
2,886	AptarGroup Inc.		457,142
5,350	Ardagh Metal Packaging SA		20,865
14,113	Avery Dennison Corp.		2,508,303
5,198	Crown Holdings Inc.		512,003
81,536	Graphic Packaging Holding Co.		1,811,730
1,247	Greif Inc., Class A Shares		69,333
197	Greif Inc., Class B Shares		11,869
1,358	Myers Industries Inc.		17,233
6,679	O-I Glass Inc.*		87,562
3,931	Packaging Corp. of America		759,351
1,818	Ranpak Holdings Corp., Class A Shares*		6,054
6,183	Sealed Air Corp.		199,093
3,741	Silgan Holdings Inc.		206,017
22,812	Smurfit WestRock PLC		988,444
4,377	Sonoco Products Co.		199,329
1,759	TriMas Corp.		46,385

	Total Containers & Packaging		7,900,713

Metals & Mining - 0.8%
10,867	Alcoa Corp.		290,910
473	Alpha Metallurgical Resources Inc.*		52,995
681	Caledonia Mining Corp. PLC		11,645
2,102	Carpenter Technology Corp.		493,970
2,422	Century Aluminum Co.*		37,517
114,939	Cleveland-Cliffs Inc.*		670,094
27,643	Coeur Mining Inc.*		223,356
4,987	Commercial Metals Co.		232,344
1,691	Compass Minerals International Inc.*		32,484
5,724	Constellium SE, Class A Shares*		69,489
491	Contango ORE Inc.*		9,535
4,909	Critical Metals Corp.*		6,774
2,810	Dakota Gold Corp.*		8,599
26,766	Hecla Mining Co.		137,577
12,546	i-80 Gold Corp.*		6,312
3,026	Ivanhoe Electric Inc.*		22,241
730	Kaiser Aluminum Corp.		52,991
1,234	Lifezone Metals Ltd.*		4,924
2,112	MAC Copper Ltd.*		25,682
886	Materion Corp.		68,603
1,617	Metallus Inc.*		20,423
5,637	MP Materials Corp.*		122,830
11,172	Novagold Resources Inc.*		39,996
372	Olympic Steel Inc.		11,030
2,098	Perpetua Resources Corp.*		29,183
611	Piedmont Lithium Inc.*		3,776

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
MATERIALS - 4.0% - (continued)
Metals & Mining - 0.8% - (continued)
1,154	Radius Recycling Inc.	$	34,170
945	Ramaco Resources Inc., Class A Shares		8,543
471	Ramaco Resources Inc., Class B Shares		3,509
2,375	Reliance Inc.		695,448
2,887	Royal Gold Inc.		514,233
1,136	Ryerson Holding Corp.		23,583
8,658	SSR Mining Inc.*		102,424
3,909	SunCoke Energy Inc.		31,819
1,116	Tredegar Corp.*		9,352
9,832	United States Steel Corp.		529,158
2,325	Warrior Met Coal Inc.		105,671
1,528	Worthington Steel Inc.		38,047

	Total Metals & Mining		4,781,237

Paper & Forest Products - 0.0%@
630	Clearwater Paper Corp.*		18,138
2,763	Louisiana-Pacific Corp.		248,863
1,860	Resolute Forest Products Inc.*(f)		1,990
1,532	Sylvamo Corp.		81,150

	Total Paper & Forest Products		350,141

	TOTAL MATERIALS		24,122,342

REAL ESTATE - 4.7%
Diversified REITs - 0.2%
3,143	Alexander & Baldwin Inc.		56,291
375	Alpine Income Property Trust Inc.		5,745
1,885	American Assets Trust Inc.		37,587
2,878	Armada Hoffler Properties Inc.		20,031
48,151	Broadstone Net Lease Inc., Class A Shares		766,083
1,352	CTO Realty Growth Inc.		24,904
7,704	Essential Properties Realty Trust Inc.		250,380
2,000	Gladstone Commercial Corp.		28,700
8,279	Global Net Lease Inc.		64,245
1,064	NexPoint Diversified Real Estate Trust		4,426
640	One Liberty Properties Inc.		15,667

	Total Diversified REITs		1,274,059

Health Care REITs - 0.5%
47,080	American Healthcare REIT Inc.		1,644,975
8,207	CareTrust REIT Inc.		236,033
1,317	Community Healthcare Trust Inc.		21,520
11,541	Diversified Healthcare Trust		36,123
2,614	Global Medical REIT Inc.		16,625
15,502	Healthcare Realty Trust Inc., Class A Shares		224,779
1,871	LTC Properties Inc.		66,215
27,176	Medical Properties Trust Inc.(a)		124,194
1,902	National Health Investors Inc.		137,914
11,952	Omega Healthcare Investors Inc.		442,224
10,682	Sabra Health Care REIT Inc.		186,721
587	Strawberry Fields REIT Inc.		5,988
455	Universal Health Realty Income Trust		18,068

	Total Health Care REITs		3,161,379

Hotel & Resort REITs - 0.3%
9,845	Apple Hospitality REIT Inc.		114,103
3,087	Braemar Hotels & Resorts Inc.		7,038
1,734	Chatham Lodging Trust		12,363
8,879	DiamondRock Hospitality Co.		67,836
31,143	Host Hotels & Resorts Inc.		482,405
9,186	Park Hotels & Resorts Inc.		95,167
5,255	Pebblebrook Hotel Trust		48,241
7,029	RLJ Lodging Trust		51,312
11,288	Ryman Hospitality Properties Inc.		1,096,178
6,311	Service Properties Trust		14,641

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
REAL ESTATE - 4.7% - (continued)
Hotel & Resort REITs - 0.3% - (continued)
4,049	Summit Hotel Properties Inc.	$	17,735
8,558	Sunstone Hotel Investors Inc.		76,680
4,755	Xenia Hotels & Resorts Inc.		58,154

	Total Hotel & Resort REITs		2,141,853

Industrial REITs - 0.7%
12,607	Americold Realty Trust Inc.		208,898
2,144	EastGroup Properties Inc.		363,515
25,932	First Industrial Realty Trust Inc.		1,281,819
2,292	Industrial Logistics Properties Trust		7,541
1,194	Innovative Industrial Properties Inc., Class A Shares		65,933
12,606	LXP Industrial Trust		108,159
2,302	Plymouth Industrial REIT Inc.		37,292
9,676	Rexford Industrial Realty Inc.		340,982
42,377	STAG Industrial Inc.		1,507,774
4,307	Terreno Realty Corp.		243,001

	Total Industrial REITs		4,164,914

Office REITs - 0.6%
8,393	Brandywine Realty Trust		35,502
6,958	BXP Inc.		468,482
1,288	City Office REIT Inc.		6,285
59,102	COPT Defense Properties		1,622,350
7,226	Cousins Properties Inc.		202,834
5,637	Douglas Emmett Inc.		80,214
1,701	Easterly Government Properties Inc., Class A Shares		36,963
5,830	Empire State Realty Trust Inc., Class A Shares		44,658
4,278	Franklin Street Properties Corp.		7,786
4,691	Highwoods Properties Inc.		139,323
5,116	Hudson Pacific Properties Inc.		9,516
3,529	JBG SMITH Properties		60,346
5,084	Kilroy Realty Corp.		163,705
540	NET Lease Office Properties*		16,853
2,327	Orion Properties Inc.		4,445
8,235	Paramount Group Inc.		49,822
1,310	Peakstone Realty Trust		16,231
4,787	Piedmont Office Realty Trust Inc., Class A Shares		34,083
905	Postal Realty Trust Inc., Class A Shares		12,525
3,090	SL Green Realty Corp.		175,419
7,866	Vornado Realty Trust		296,312

	Total Office REITs		3,483,654

Real Estate Management & Development - 0.6%
3,619	Anywhere Real Estate Inc.*		12,630
15,902	Compass Inc., Class A Shares*		93,981
5,997	Cushman & Wakefield PLC*		60,150
3,891	eXp World Holdings Inc.		33,151
669	Forestar Group Inc.*		12,811
506	FRP Holdings Inc.*		13,723
1,303	Howard Hughes Holdings Inc.*		89,008
9,425	Jones Lang LaSalle Inc.*		2,098,948
4,265	Kennedy-Wilson Holdings Inc.		27,168
896	Marcus & Millichap Inc.		25,814
426	Maui Land & Pineapple Co., Inc.*		6,765
5,814	Newmark Group Inc., Class A Shares		64,012
30,761	Opendoor Technologies Inc.*		20,062
623	RE/MAX Holdings Inc., Class A Shares*		4,704
5,460	Real Brokerage Inc. (The)*		22,495
5,344	Redfin Corp.*(a)		53,387
604	RMR Group Inc. (The), Class A Shares		9,120
249	Seaport Entertainment Group Inc.*		4,865
1,573	St Joe Co. (The)		70,329
1,614	Star Holdings*		10,217

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
REAL ESTATE - 4.7% - (continued)
Real Estate Management & Development - 0.6% - (continued)
298	Stratus Properties Inc.*	$	5,409
758	Tejon Ranch Co.*		12,651
2,066	Zillow Group Inc., Class A Shares*		136,707
6,876	Zillow Group Inc., Class C Shares*		461,448

	Total Real Estate Management & Development		3,349,555

Residential REITs - 0.6%
14,908	American Homes 4 Rent, Class A Shares		564,268
5,752	Apartment Investment & Management Co., Class A Shares		45,901
474	BRT Apartments Corp.		7,470
4,587	Camden Property Trust		538,927
799	Centerspace		50,936
3,718	Elme Communities		59,711
8,244	Equity LifeStyle Properties Inc.		524,071
90,912	Independence Realty Trust Inc.		1,690,054
1,018	NexPoint Residential Trust Inc.		34,612
3,059	UMH Properties Inc.		51,361
3,271	Veris Residential Inc.		49,719

	Total Residential REITs		3,617,030

Retail REITs - 0.7%
5,268	Acadia Realty Trust		101,462
4,503	Agree Realty Corp.(a)		339,076
89	Alexander’s Inc.		20,042
13,364	Brixmor Property Group Inc.		339,579
1,274	CBL & Associates Properties Inc.		32,117
4,222	Curbline Properties Corp.		95,797
3,729	Federal Realty Investment Trust		356,045
558	FrontView REIT Inc.		6,423
2,128	Getty Realty Corp.		62,265
3,385	InvenTrust Properties Corp.		95,085
29,037	Kimco Realty Corp.		617,327
9,676	Kite Realty Group Trust		214,033
10,792	Macerich Co. (The)		174,615
3,695	NETSTREIT Corp.		59,489
8,221	NNN REIT Inc.		343,309
5,242	Phillips Edison & Co., Inc.		185,881
8,045	Regency Centers Corp.		580,447
421	Saul Centers Inc.		14,179
2,400	SITE Centers Corp.		28,608
4,651	Tanger Inc.		138,600
5,778	Urban Edge Properties		104,928
2,581	Whitestone REIT, Class B Shares		31,798

	Total Retail REITs		3,941,105

Specialized REITs - 0.5%
26,255	CubeSmart		1,122,664
3,283	EPR Properties		182,830
1,538	Farmland Partners Inc.		17,410
4,323	Four Corners Property Trust Inc.		119,358
11,636	Gaming and Leisure Properties Inc.		543,401
1,177	Gladstone Land Corp.		11,635
3,864	Lamar Advertising Co., Class A Shares		465,767
3,059	National Storage Affiliates Trust		105,230
6,912	Outfront Media Inc.		114,186
3,429	PotlatchDeltic Corp.		134,897
6,703	Rayonier Inc.		158,861
2,440	Safehold Inc.		36,771
10,448	Uniti Group Inc.		44,926

	Total Specialized REITs		3,057,936

	TOTAL REAL ESTATE		28,191,485

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
UTILITIES - 4.0%
Electric Utilities - 1.7%
18,100	ALLETE Inc.	$	1,177,224
571	Genie Energy Ltd., Class B Shares		12,071
7,866	Hawaiian Electric Industries Inc.*		84,009
17,844	IDACORP Inc.		2,122,544
1,577	MGE Energy Inc.		142,435
8,918	NRG Energy Inc.		1,390,316
8,877	OGE Energy Corp.		394,760
1,764	Otter Tail Corp.		136,145
5,026	Pinnacle West Capital Corp.		458,522
36,298	Portland General Electric Co.		1,539,035
43,211	TXNM Energy Inc.		2,449,632

	Total Electric Utilities		9,906,693

Gas Utilities - 1.0%
11,354	Atmos Energy Corp.		1,756,237
5,308	Brookfield Infrastructure Corp., Class A Shares		210,038
959	Chesapeake Utilities Corp.		117,180
9,097	MDU Resources Group Inc.		156,377
3,950	National Fuel Gas Co.		326,033
35,898	New Jersey Resources Corp.		1,647,359
1,760	Northwest Natural Holding Co.		72,107
12,716	ONE Gas Inc.		950,648
281	RGC Resources Inc.		5,775
2,661	Southwest Gas Holdings Inc.		191,140
2,556	Spire Inc.		192,416
9,555	UGI Corp.		344,553

	Total Gas Utilities		5,969,863

Independent Power & Renewable Electricity Producers - 0.7%
5,931	Brookfield Renewable Corp.		174,312
1,696	Clearway Energy Inc., Class A Shares		48,929
3,609	Clearway Energy Inc., Class C Shares		111,049
2,632	Montauk Renewables Inc.*		4,843
37,997	Ormat Technologies Inc.		2,824,317
25,575	Sunnova Energy International Inc.*		5,560
7,870	Vistra Corp.		1,263,686

	Total Independent Power & Renewable Electricity Producers		4,432,696

Multi-Utilities - 0.5%
3,376	Avista Corp.		130,010
3,197	Black Hills Corp.		186,928
20,893	NiSource Inc.		826,109
29,524	Northwestern Energy Group Inc.		1,633,563
701	Unitil Corp.		38,436

	Total Multi-Utilities		2,815,046

Water Utilities - 0.1%
1,650	American States Water Co.		130,136
1,459	Cadiz Inc.*		4,297
2,592	California Water Service Group		122,472
513	Consolidated Water Co., Ltd.		13,866
10,995	Essential Utilities Inc.		423,637
397	Global Water Resources Inc.		4,030
1,464	H2O America		76,831
732	Middlesex Water Co.		42,419
734	Pure Cycle Corp.*		7,795
643	York Water Co. (The)		21,000

	Total Water Utilities		846,483

	TOTAL UTILITIES		23,970,781

	TOTAL COMMON STOCKS (Cost - $483,305,170)		580,504,319

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units			Security	Value
	WARRANT - 0.0%@
	HEALTH CARE - 0.0%@
	Health Care Equipment & Supplies - 0.0%@
	107		Pulse Biosciences Inc., expires 6/27/29*(b)(f) (Cost - $0)	$	338

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost - $483,305,170)		580,504,657


Face Amount†
	SHORT-TERM INVESTMENTS(d) - 3.8%
	MONEY MARKET FUND - 1.0%
	$ 6,093,217		Invesco STIT - Government & Agency Portfolio, Institutional Class, 4.174%(e)
			(Cost - $6,093,217)		6,093,217

	TIME DEPOSITS - 2.8%
	9,413,870		Citibank - New York, 3.680% due 6/2/25		9,413,870
	1,747,036		JPMorgan Chase & Co. - New York, 3.680% due 6/2/25		1,747,036
	29,629	^CAD	Royal Bank of Canada - Toronto, 1.570% due 6/2/25		21,590
	64		Skandinaviska Enskilda Banken AB - Stockholm, 3.680% due 6/2/25		64
	5,350,976		Sumitomo Mitsui Banking Corp. - Tokyo, 3.680% due 6/2/25		5,350,976

			TOTAL TIME DEPOSITS (Cost - $16,533,536)		16,533,536

			TOTAL SHORT-TERM INVESTMENTS (Cost - $22,626,753)		22,626,753

			TOTAL INVESTMENTS - 101.2% (Cost - $505,931,923)		603,131,410

			Liabilities in Excess of Other Assets - (1.2)%		(7,237,317	)

			TOTAL NET ASSETS - 100.0%	$	595,894,093

†	Amount denominated in U.S. dollars, unless otherwise noted.

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)	All or a portion of this security is on loan (See Note 1).

(b)	Illiquid security.

(c)	The aggregate value of restricted securities (excluding 144A holdings) at May 31, 2025, amounts to $0 and represents 0.0% of net assets.

(d)	Inclusive of all short-term holdings, including investments of collateral received from securities lending transactions. Excluding such collateral, the percentage of portfolio holdings would be 2.8%.

(e)	Represents investments of collateral received from securities lending transactions.

(f)	Security is valued in good faith at fair value by or under the direction of the Board of Trustees.

#	Security that used significant unobservable inputs to determine fair value. At May 31, 2025, the Fund held a Level 3 securities with a value of $0, representing 0.0% of net assets.

At May 31, 2025, for Morgan Stanley Pathway Small-Mid Cap Equity ETF the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes	Gross Unrealized Appreciation	Gross Unrealized (Depreciation)	Net Unrealized Appreciation
Morgan Stanley Pathway Small-Mid Cap Equity ETF	$ 505,931,923	$ 144,649,570	$ (47,124,987)	$ 97,524,583


Abbreviations used in this schedule:
ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
REIT	—	Real Estate Investment Trust

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
COMMON STOCKS - 96.6%
Australia - 3.7%
45,173	AGL Energy Ltd.	$	296,960
408,713	AMP Ltd.		327,305
81,014	ANZ Group Holdings Ltd.		1,516,250
36,370	APA Group		195,138
15,553	Aristocrat Leisure Ltd.		625,435
5,131	ASX Ltd.		235,802
50,771	Bendigo & Adelaide Bank Ltd.		392,018
137,254	BHP Group Ltd.		3,365,745
11,582	BlueScope Steel Ltd.		170,821
38,018	Brambles Ltd.		568,246
10,857	CAR Group Ltd.		248,801
55,829	Champion Iron Ltd.		155,773
36,169	Charter Hall Group, REIT		423,530
11,246	Cochlear Ltd.		1,967,927
36,797	Coles Group Ltd.		512,516
45,577	Commonwealth Bank of Australia		5,168,383
13,812	Computershare Ltd.		358,008
27,619	CSL Ltd.		4,396,737
55,511	Evolution Mining Ltd.		316,699
46,751	Fortescue Ltd.		466,565
54,621	Goodman Group, REIT		1,158,567
62,083	Insurance Australia Group Ltd.		345,708
9,580	JB Hi-Fi Ltd.		665,637
62,287	Lottery Corp., Ltd. (The)		204,758
9,842	Macquarie Group Ltd.		1,358,499
61,525	Magellan Financial Group Ltd.		331,850
76,533	Medibank Pvt Ltd.		235,500
82,997	National Australia Bank Ltd.		2,032,620
36,109	Northern Star Resources Ltd.		488,008
30,632	Orica Ltd.		372,925
48,445	Origin Energy Ltd.		337,815
55,522	Paladin Energy Ltd.*		223,238
1,670	Pro Medicus Ltd.		303,444
21,938	Qantas Airways Ltd.		149,994
40,872	QBE Insurance Group Ltd.		609,993
439,338	Ramelius Resources Ltd.		815,428
1,392	REA Group Ltd.		215,041
5,940	Reece Ltd.		59,944
23,443	Rio Tinto Ltd.		1,711,683
38,441	Sandfire Resources Ltd.*		286,029
86,128	Santos Ltd.		364,244
145,555	Scentre Group, REIT		344,296
5,945	SGH Ltd.		194,423
125,283	Sigma Healthcare Ltd.*		251,983
11,934	Sonic Healthcare Ltd.		205,147
118,822	South32 Ltd.		234,028
60,665	Stockland, REIT		213,490
30,254	Suncorp Group Ltd.		402,269
19,546	Technology One Ltd.		517,186
106,770	Telstra Group Ltd.		328,985
84,969	Transurban Group		777,291
147,609	Ventia Services Group Pty Ltd.		450,003
108,712	Vicinity Ltd., REIT		172,882
5,834	Washington H Soul Pattinson & Co., Ltd.		138,496
31,103	Wesfarmers Ltd.		1,664,262
92,533	Westpac Banking Corp.		1,941,746
5,570	WiseTech Global Ltd.		384,568

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Australia - 3.7% - (continued)
50,926	Woodside Energy Group Ltd.	$	728,817
33,583	Woolworths Group Ltd.		689,647

	Total Australia		43,619,103

Austria - 0.3%
40,453	Erste Group Bank AG		3,257,247
4,144	OMV AG		221,700
1,904	Verbund AG		148,666

	Total Austria		3,627,613

Belgium - 1.0%
3,770	Ageas SA/NV		246,030
95,779	Anheuser-Busch InBev SA/NV		6,758,589
8,278	Colruyt Group NV		371,980
580	D’ieteren Group		119,203
1,307	Elia Group SA/NV		138,467
2,277	Groupe Bruxelles Lambert NV		186,105
6,368	KBC Group NV		631,206
12	Lotus Bakeries NV		124,168
403	Sofina SA		116,974
22,135	Syensqo SA		1,697,903
9,630	UCB SA		1,757,512

	Total Belgium		12,148,137

Brazil - 0.0%@
33,626	NU Holdings Ltd., Class A Shares*		403,848

Canada - 2.3%
63,135	Alimentation Couche-Tard Inc.		3,273,258
7,228	AtkinsRealis Group Inc.		474,019
85,000	Barrick Mining Corp.		1,630,196
10,152	Boardwalk Real Estate Investment Trust, Class Trust Un Shares		518,345
5,617	Bombardier Inc., Class B Shares*		393,090
14,796	Boralex Inc., Class A Shares		340,372
23,700	Canadian National Railway Co.		2,491,319
79,262	Canadian Pacific Kansas City Ltd.		6,473,915
12,520	Celestica Inc.*		1,449,833
64,515	Dundee Precious Metals Inc.		994,274
5,388	EQB Inc.		371,567
17,513	Finning International Inc.		646,489
6,909	Gildan Activewear Inc., Class A Shares		321,700
81,777	Headwater Exploration Inc.		371,835
19,058	IMAX Corp.*		530,765
2,493	Kinaxis Inc.*		355,017
9,093	Lundin Gold Inc.		439,361
13,942	MDA Space Ltd.*		288,420
8,943	Methanex Corp.		292,593
21,280	Nutrien Ltd.		1,257,247
37,708	NuVista Energy Ltd.*		379,732
178,036	OceanaGold Corp.		792,655
33,775	Secure Waste Infrastructure Corp.(a)		377,042
18,102	Toronto-Dominion Bank (The)		1,250,065
31,612	Vermilion Energy Inc.		206,393
68,399	Whitecap Resources Inc., Class Common S Shares(a)		426,637

	Total Canada		26,346,139

Chile - 0.1%
51,982	Antofagasta PLC		1,245,527

China - 0.4%
15,100	Contemporary Amperex Technology Co., Ltd., Class A Shares		524,256
24,600	Meituan, Class B Shares*(b)		425,444
46,600	Tencent Holdings Ltd.		2,937,361
39,329	Tencent Music Entertainment Group, ADR		662,300
67,800	Yangzijiang Shipbuilding Holdings Ltd.		111,481

	Total China		4,660,842

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Denmark - 2.3%
46	AP Moller - Maersk AS, Class A Shares	$	82,550
148	AP Moller - Maersk AS, Class B Shares		268,937
2,223	Ascendis Pharma AS, ADR*		361,993
14,633	Bavarian Nordic AS*		386,575
2,522	Carlsberg AS, Class B Shares		360,848
29,509	Coloplast AS, Class B Shares		2,867,816
19,006	Danske Bank AS		729,200
2,123	Demant AS*		83,268
5,617	DSV AS		1,330,151
432	FLSmidth & Co. AS		25,072
1,763	Genmab AS*		369,930
13,187	ISS AS		354,982
5,263	Jyske Bank AS, Class Registered Shares		495,504
6,987	Netcompany Group AS*(b)		323,833
205,617	Novo Nordisk AS, Class B Shares		14,372,673
9,326	Novonesis (Novozymes) B, Class B Shares		656,828
5,017	Orsted AS*(b)		205,506
9,210	Pandora AS		1,683,512
13,441	Rockwool AS, Class B Shares		639,736
8,742	Tryg AS		224,575
93,905	Vestas Wind Systems AS		1,486,492

	Total Denmark		27,309,981

Finland - 0.8%
3,767	Elisa OYJ		198,916
12,429	Fortum OYJ		214,600
8,088	Kesko OYJ, Class B Shares		195,658
56,321	Kone OYJ, Class B Shares		3,508,319
9,619	Konecranes OYJ		753,011
15,730	Metso OYJ		190,320
11,769	Neste OYJ		126,234
146,947	Nokia OYJ		765,911
85,076	Nordea Bank Abp		1,235,266
10,740	Orion OYJ, Class B Shares		729,606
65,327	Sampo OYJ, Class A Shares		697,697
15,740	Stora Enso OYJ, Class R Shares		159,476
14,072	UPM-Kymmene OYJ		390,220
13,097	Wartsila OYJ Abp		262,699

	Total Finland		9,427,933

France - 11.6%
14,885	Accor SA		790,705
880	Aeroports de Paris SA		118,054
34,073	Air Liquide SA		7,060,191
24,751	Airbus SE		4,558,727
435,274	Alstom SA*		9,846,628
1,837	Amundi SA(b)		149,967
7,877	Arkema SA		563,040
110,729	AXA SA		5,221,219
1,043	BioMerieux		139,903
107,630	BNP Paribas SA		9,434,186
18,376	Bollore SE		116,885
5,183	Bouygues SA		226,002
9,050	Bureau Veritas SA		309,835
25,352	Capgemini SE		4,212,914
14,321	Carrefour SA(a)		214,061
63,167	Cie de Saint-Gobain SA		7,095,685
18,418	Cie Generale des Etablissements Michelin SCA		704,693
1,360	Covivio SA, REIT		81,570
29,331	Credit Agricole SA		536,596
17,641	Danone SA		1,507,164
516	Dassault Aviation SA		186,902
88,391	Dassault Systemes SE		3,313,813

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
France - 11.6% - (continued)
6,543	Edenred SE	$	204,635
7,088	Eiffage SA		975,110
23,156	Elis SA(a)		630,856
50,187	Engie SA		1,085,622
13,179	EssilorLuxottica SA(c)		3,663,794
1,079	Eurazeo SE		75,465
13,745	FDJ United(b)		504,835
1,382	Gecina SA, REIT		152,104
8,470	Getlink SE		162,101
1,819	Hermes International SCA		5,017,244
3,733	Ipsen SA*		439,687
47,304	Kering SA		9,317,658
26,379	Klepierre SA, REIT		1,033,402
22,426	Legrand SA		2,734,825
15,029	L’Oréal SA		6,355,643
13,998	LVMH Moët Hennessy Louis Vuitton SE		7,605,941
51,131	Orange SA		763,812
5,452	Pernod Ricard SA		564,411
6,320	Publicis Groupe SA		690,983
16,414	Renault SA		846,184
5,901	Rexel SA		165,846
9,759	Safran SA		2,898,874
91,451	Sanofi SA		9,036,193
773	Sartorius Stedim Biotech		170,386
30,949	Schneider Electric SE		7,756,331
64,295	Societe Generale SA		3,496,035
2,351	Sodexo SA		162,490
2,531	Sopra Steria Group*		545,700
15,434	SPIE SA		784,490
15,960	Technip Energies NV		604,474
4,331	Teleperformance SE		438,152
2,499	Thales SA		765,816
99,165	TotalEnergies SE		5,828,495
3,339	Unibail-Rodamco-Westfield, REIT		316,581
17,658	Vallourec SACA(a)		299,212
17,490	Veolia Environnement SA		601,619
13,388	Vinci SA		1,917,960
735	Virbac SACA		278,035
193,157	Worldline SA*(a)(b)		1,147,970

	Total France		136,427,711

Germany - 9.0%
13,870	adidas AG		3,457,761
18,068	Allianz SE, Class Registered Shares		7,159,412
24,175	BASF SE		1,164,893
27,196	Bayer AG, Class Registered Shares		764,213
29,101	Bayerische Motoren Werke AG		2,582,250
8,011	Bechtle AG		349,440
11,641	Beiersdorf AG		1,595,279
3,634	Bilfinger SE		321,971
3,379	Brenntag SE		228,976
24,196	Commerzbank AG		736,322
2,940	Continental AG		258,047
4,720	Covestro AG*		324,265
6,953	CTS Eventim AG & Co. KGaA		843,531
12,845	Daimler Truck Holding AG		557,623
5,031	Delivery Hero SE, Class A Shares*(b)		139,374
150,280	Deutsche Bank AG, Class Registered Shares		4,161,397
5,176	Deutsche Boerse AG		1,667,000
17,350	Deutsche Lufthansa AG, Class Registered Shares		138,844
25,871	Deutsche Post AG		1,156,983
195,781	Deutsche Telekom AG, Class Registered Shares		7,410,344

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Germany - 9.0% - (continued)
162,757	E.ON SE	$	2,852,890
19,362	Evonik Industries AG		419,332
16,386	Freenet AG		541,647
6,216	Fresenius Medical Care AG		353,250
11,637	Fresenius SE & Co. KGaA		570,709
4,090	GEA Group AG		273,447
1,588	Hannover Rueck SE		501,851
8,500	Heidelberg Materials AG		1,665,781
3,162	Henkel AG & Co. KGaA		232,116
315,815	Infineon Technologies AG		12,295,958
8,149	Jungheinrich AG, Class Preferred Shares*		327,563
1,890	Knorr-Bremse AG		191,009
105,646	Lanxess AG		3,257,966
1,990	LEG Immobilien SE(c)		168,816
19,467	Mercedes-Benz Group AG		1,162,830
21,986	Merck KGaA		2,883,862
1,480	MTU Aero Engines AG		589,586
3,634	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class Registered Shares		2,357,529
1,510	Nemetschek SE		209,814
17,383	Nordex SE*		352,786
137	Rational AG		112,544
1,214	Rheinmetall AG		2,586,096
16,853	RWE AG		635,177
69,076	SAP SE		20,868,154
7,796	Scout24 SE(b)		1,061,600
29,335	Siemens AG, Class Registered Shares		7,060,482
18,452	Siemens Energy AG*		1,793,300
25,053	Siemens Healthineers AG(b)		1,326,520
7,148	SUSS MicroTec SE		310,642
3,695	Symrise AG, Class A Shares		440,803
39,299	TAG Immobilien AG		664,159
1,647	Talanx AG		213,840
27,201	TeamViewer SE*(b)		317,020
55,627	TUI AG*		464,858
19,811	Vonovia SE(c)		648,661
18,189	Zalando SE*(b)		649,566

	Total Germany		105,380,089

Hong Kong - 1.9%
737,200	AIA Group Ltd.		6,121,152
317,500	BOC Hong Kong Holdings Ltd.		1,334,660
52,000	CK Asset Holdings Ltd.		214,597
70,000	CK Hutchison Holdings Ltd.		392,631
15,500	CK Infrastructure Holdings Ltd.		100,166
46,000	CLP Holdings Ltd.		390,006
1,480	Futu Holdings Ltd., ADR		150,856
64,000	Galaxy Entertainment Group Ltd.		270,715
21,400	Hang Seng Bank Ltd.		298,334
38,894	Henderson Land Development Co., Ltd.		121,759
96,000	HKT Trust & HKT Ltd., Class Miscella Shares		138,238
298,380	Hong Kong & China Gas Co., Ltd.		261,886
31,999	Hong Kong Exchanges & Clearing Ltd.		1,600,827
28,900	Hongkong Land Holdings Ltd.		149,440
39,800	Jardine Matheson Holdings Ltd.		1,766,901
100,000	Kerry Properties Ltd.		239,224
73,180	Link REIT		386,866
43,500	MTR Corp., Ltd.		151,582
36,500	Power Assets Holdings Ltd.		231,156
436,256	Prudential PLC		4,968,929
110,646	Sino Land Co., Ltd.		111,809
35,000	SITC International Holdings Co., Ltd.		111,224
41,000	Sun Hung Kai Properties Ltd.		440,897

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Hong Kong - 1.9% - (continued)
10,000	Swire Pacific Ltd., Class A Shares	$	84,962
88,000	Techtronic Industries Co., Ltd.		979,691
320,000	United Laboratories International Holdings Ltd. (The)		593,627
219,500	WH Group Ltd.(b)		201,866
27,000	Wharf Holdings Ltd. (The)		71,799
46,000	Wharf Real Estate Investment Co., Ltd.		115,372
115,000	Yue Yuen Industrial Holdings Ltd.		173,407

	Total Hong Kong		22,174,579

Hungary - 0.1%
27,234	Wizz Air Holdings PLC*(b)		586,824

India - 0.1%
8,889	HDFC Bank Ltd., ADR		670,142

Indonesia - 0.1%
1,321,100	Bank Central Asia Tbk PT		760,367

Ireland - 1.0%
4,997	AerCap Holdings NV		578,303
56,349	AIB Group PLC		442,730
26,748	Bank of Ireland Group PLC		367,122
125,508	Cairn Homes PLC		311,374
4,165	DCC PLC		261,018
90,715	Experian PLC		4,532,719
12,169	James Hardie Industries PLC, CDI*		279,814
4,138	Kerry Group PLC, Class A Shares		451,152
21,550	Kingspan Group PLC		1,847,339
21,918	Ryanair Holdings PLC		581,630
42,910	Smurfit WestRock PLC		1,859,290

	Total Ireland		11,512,491

Isle of Man - 0.0%@
19,165	Playtech PLC		82,224

Israel - 0.5%
1,102	Azrieli Group Ltd.		84,243
33,117	Bank Hapoalim BM		554,790
41,348	Bank Leumi Le-Israel BM		667,700
5,916	Check Point Software Technologies Ltd.*		1,354,054
1,311	CyberArk Software Ltd.*		501,825
733	Elbit Systems Ltd.		294,167
20,044	ICL Group Ltd.		132,251
31,906	Israel Discount Bank Ltd., Class A Shares		271,922
4,203	Mizrahi Tefahot Bank Ltd.		240,588
1,092	Monday.com Ltd.*		324,859
1,739	Nice Ltd.*		289,869
85,550	Teva Pharmaceutical Industries Ltd., ADR*		1,435,529
1,388	Wix.com Ltd.*		206,743

	Total Israel		6,358,540

Italy - 3.1%
13,557	Azimut Holding SpA		396,287
5,106	Banca Mediolanum SpA		84,823
62,996	Banca Monte dei Paschi di Siena SpA		520,996
31,553	Banco BPM SpA		362,792
90,646	BPER Banca SPA(a)		805,379
2,425	Brunello Cucinelli SpA		298,640
15,743	Buzzi SpA		809,734
16,935	Davide Campari-Milano NV		110,554
9,919	De’Longhi SpA		324,996
3,498	DiaSorin SpA		363,190
660,783	Enel SpA		6,070,182
57,276	Eni SpA		846,404
9,106	Ferrari NV		4,362,403
99,953	FinecoBank Banca Fineco SpA		2,162,110
23,837	Generali		868,352
8,271	Infrastrutture Wireless Italiane SpA(b)		97,036

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Italy - 3.1% - (continued)
410,996	Intesa Sanpaolo SpA	$	2,294,909
128,948	Iren SpA		401,107
20,355	Iveco Group NV		406,269
11,095	Leonardo SpA		690,512
18,518	Lottomatica Group SpA		487,332
28,025	Maire SpA		357,855
13,330	Mediobanca Banca di Credito Finanziario SpA		317,156
6,537	Moncler SpA		409,471
14,610	Nexi SpA(b)		87,989
12,751	Poste Italiane SpA(b)		276,913
7,736	Prysmian SpA		498,094
38,114	Recordati Industria Chimica e Farmaceutica SpA		2,287,003
3,057	Reply SpA		516,033
57,423	Snam SpA		343,777
257,419	Telecom Italia SpA*		110,151
39,015	Terna - Rete Elettrica Nazionale		398,271
114,864	UniCredit SpA		7,390,098
9,377	Unipol Assicurazioni SpA		183,734

	Total Italy		35,940,552

Japan - 18.6%
17,500	ABC-Mart Inc.		341,573
20,600	Advantest Corp.		1,055,717
18,000	Aeon Co., Ltd.		553,944
6,000	AGC Inc.		177,426
13,000	Aisin Corp.		164,748
24,300	Ajinomoto Co., Inc.		606,778
5,100	ANA Holdings Inc.		101,288
29,900	Anritsu Corp.		339,375
12,200	Anycolor Inc.		335,062
39,300	Asahi Group Holdings Ltd.		520,676
108,300	Asahi Intecc Co., Ltd.		1,678,764
33,700	Asahi Kasei Corp.		235,989
18,100	Asics Corp.		438,470
49,300	Astellas Pharma Inc.		486,632
41,000	Azbil Corp.		360,088
16,800	Bandai Namco Holdings Inc.		533,321
7,900	BIPROGY Inc.		320,516
41,400	Bridgestone Corp.		1,776,592
24,600	Canon Inc.(a)		751,319
10,000	Capcom Co., Ltd.		296,788
21,300	Central Japan Railway Co.		466,058
13,100	Chiba Bank Ltd. (The)		118,282
17,500	Chubu Electric Power Co., Inc.		215,075
18,000	Chugai Pharmaceutical Co., Ltd.		947,351
26,600	Concordia Financial Group Ltd.		169,208
27,200	Credit Saison Co., Ltd.		738,607
10,800	Dai Nippon Printing Co., Ltd.		158,934
47,500	Daicel Corp.		403,893
33,100	Daido Steel Co., Ltd.		222,591
8,800	Daifuku Co., Ltd.		236,158
95,500	Dai-ichi Life Holdings Inc.		738,955
46,700	Daiichi Sankyo Co., Ltd.		1,247,444
30,400	Daikin Industries Ltd.		3,487,680
1,500	Daito Trust Construction Co., Ltd.		168,817
15,400	Daiwa House Industry Co., Ltd.		520,553
35,800	Daiwa Securities Group Inc.		243,755
52,000	Denso Corp.		702,812
4,900	Dentsu Group Inc.		106,360
6,900	Dentsu Soken Inc.		324,983
19,300	Dexerials Corp.		279,318
2,600	Disco Corp.		594,492

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Japan - 18.6% - (continued)
24,700	East Japan Railway Co.	$	520,179
24,700	Ebara Corp.		394,463
7,100	Eisai Co., Ltd.		203,224
75,450	ENEOS Holdings Inc.		355,005
205,100	FANUC Corp.		5,475,479
5,700	Fast Retailing Co., Ltd.		1,901,915
10,600	Food & Life Cos., Ltd.		455,829
4,200	Fuji Electric Co., Ltd.		185,215
104,900	FUJIFILM Holdings Corp.		2,378,504
6,600	Fujikura Ltd.		308,495
200,600	Fujitsu Ltd.		4,582,278
10,500	Fuyo General Lease Co., Ltd.		289,854
16,200	GS Yuasa Corp.		294,423
5,900	Hankyu Hanshin Holdings Inc.		158,843
500	Hikari Tsushin Inc.		136,002
207,300	Hitachi Ltd.		5,732,804
114,800	Honda Motor Co., Ltd.		1,170,465
4,200	Horiba Ltd.		298,875
3,200	Hoshizaki Corp.		119,666
32,100	Hoya Corp.		3,791,372
12,100	Hulic Co., Ltd.		123,037
20,985	Idemitsu Kosan Co., Ltd.		127,514
3,900	IHI Corp.		379,037
38,200	INFRONEER Holdings Inc.		311,662
24,400	Inpex Corp.		328,156
828	Invincible Investment Corp., REIT		352,836
14,400	Isuzu Motors Ltd.		194,541
61,700	ITOCHU Corp.		3,266,846
3,700	Japan Airlines Co., Ltd.		74,768
140,500	Japan Exchange Group Inc.		1,562,012
49,700	Japan Post Bank Co., Ltd.		537,608
48,300	Japan Post Holdings Co., Ltd.		470,718
6,100	Japan Post Insurance Co., Ltd.		133,563
32,200	Japan Tobacco Inc.		989,374
16,800	JFE Holdings Inc.		198,599
11,700	Kajima Corp.		288,109
37,200	Kanadevia Corp.		242,248
15,600	Kandenko Co., Ltd.		323,226
8,700	Kaneka Corp.		235,686
26,000	Kansai Electric Power Co., Inc. (The)		298,244
12,700	Kao Corp.		578,960
10,100	Kawasaki Kisen Kaisha Ltd.		151,250
177,800	KDDI Corp.		3,073,452
178	KDX Realty Investment Corp., REIT, Class A Shares		187,408
17,000	Keyence Corp.		7,180,570
18,200	Kikkoman Corp.		166,425
13,200	Kinden Corp.		358,142
21,700	Kirin Holdings Co., Ltd.		311,609
3,800	Kobe Bussan Co., Ltd.		120,161
20,700	Kokusai Electric Corp.		432,245
24,700	Komatsu Ltd.		751,372
2,600	Konami Group Corp.		352,798
28,500	Kubota Corp.		326,447
35,300	Kyocera Corp.		433,579
13,300	Kyoritsu Maintenance Co., Ltd.		321,953
6,800	Kyowa Kirin Co., Ltd.		111,899
10,500	Lasertec Corp.		1,066,559
22,400	Lion Corp.		243,362
73,900	LY Corp.		268,209
10,400	M3 Inc.		146,100
7,200	Makita Corp.		219,966

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Japan - 18.6% - (continued)
38,700	Marubeni Corp.	$	784,076
9,500	MatsukiyoCocokara & Co.		192,506
136,800	Mebuki Financial Group Inc.		667,894
8,700	Meidensha Corp.		261,000
7,400	MEIJI Holdings Co., Ltd.		165,845
8,500	MINEBEA MITSUMI Inc.		118,887
91,300	MISUMI Group Inc.		1,202,355
41,200	Mitsubishi Chemical Group Corp.		218,896
91,800	Mitsubishi Corp.		1,857,308
52,200	Mitsubishi Electric Corp.		1,054,159
77,900	Mitsubishi Estate Co., Ltd.		1,420,497
21,400	Mitsubishi Gas Chemical Co., Inc.		328,299
23,200	Mitsubishi HC Capital Inc.		170,605
87,100	Mitsubishi Heavy Industries Ltd.		2,003,303
311,500	Mitsubishi UFJ Financial Group Inc.		4,335,226
68,000	Mitsui & Co., Ltd.		1,419,232
72,600	Mitsui Fudosan Co., Ltd.		697,464
10,500	Mitsui Mining & Smelting Co., Ltd.		357,394
8,900	Mitsui OSK Lines Ltd.		314,629
64,290	Mizuho Financial Group Inc.		1,762,456
6,000	MonotaRO Co., Ltd.		124,325
14,900	Morinaga Milk Industry Co., Ltd.		343,024
130,700	MS&AD Insurance Group Holdings Inc.		3,105,133
296,300	Murata Manufacturing Co., Ltd.		4,263,495
33,500	NEC Corp.		881,802
9,500	Nexon Co., Ltd.		176,436
37,100	NHK Spring Co., Ltd.		410,243
21,900	Nidec Corp.		422,293
75,400	Nintendo Co., Ltd.		6,148,815
261	Nippon Accommodations Fund Inc., REIT, Class A Shares		208,448
213	Nippon Building Fund Inc., REIT		194,789
14,300	Nippon Electric Glass Co., Ltd.		341,913
19,400	Nippon Express Holdings Inc.		359,077
25,800	Nippon Paint Holdings Co., Ltd.		194,168
5,100	Nippon Sanso Holdings Corp.		182,268
26,300	Nippon Steel Corp.		530,622
796,500	Nippon Telegraph & Telephone Corp.		885,505
11,400	Nippon Yusen KK		414,739
63,100	Nissan Motor Co., Ltd.*		159,573
5,300	Nissin Foods Holdings Co., Ltd.		112,773
72,000	Nissui Corp.		423,876
11,900	Nitori Holdings Co., Ltd.		1,189,668
8,600	Nitto Boseki Co., Ltd.		311,091
19,500	Nitto Denko Corp.		354,830
82,700	Nomura Holdings Inc.		503,740
25,480	Nomura Research Institute Ltd.		995,623
16,900	NTT Data Group Corp.		463,835
17,000	Obayashi Corp.		256,118
94,200	Obic Co., Ltd.		3,440,276
32,600	Olympus Corp.		417,195
4,000	Omron Corp.		104,173
11,200	Ono Pharmaceutical Co., Ltd.		122,492
800	Oracle Corp. Japan		93,953
29,600	Oriental Land Co., Ltd.		659,123
31,600	ORIX Corp.		667,904
9,400	Osaka Gas Co., Ltd.		238,989
5,900	Otsuka Corp.		121,230
12,100	Otsuka Holdings Co., Ltd.		614,610
9,600	PAL Group Holdings Co., Ltd.		236,772
10,200	Pan Pacific International Holdings Corp.		334,591
62,400	Panasonic Holdings Corp.		715,397

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Japan - 18.6% - (continued)
28,900	Park24 Co., Ltd.	$	403,724
41,400	Rakuten Group Inc.*		227,552
57,100	Recruit Holdings Co., Ltd.		3,451,020
667,000	Renesas Electronics Corp.		8,211,880
57,200	Resona Holdings Inc.		500,864
34,200	Resorttrust Inc.(a)		388,580
16,000	Ricoh Co., Ltd.		148,930
70,000	Round One Corp.		534,379
40,200	Sankyo Co., Ltd.		702,271
6,300	Sankyu Inc.		302,325
4,900	Sanrio Co., Ltd.		215,962
42,000	Santen Pharmaceutical Co., Ltd.		467,179
29,600	Sanwa Holdings Corp.		1,019,162
28,200	Sawai Group Holdings Co., Ltd.		350,782
7,000	SBI Holdings Inc.		213,662
2,000	SCREEN Holdings Co., Ltd.		142,231
4,800	SCSK Corp.		145,748
10,900	Secom Co., Ltd.		397,849
10,400	Sekisui Chemical Co., Ltd.		180,197
15,900	Sekisui House Ltd.		361,100
59,200	Seven & i Holdings Co., Ltd.		895,609
7,100	SG Holdings Co., Ltd.		69,363
67,100	Shimadzu Corp.		1,629,394
5,900	Shimano Inc.		843,438
142,400	Shin-Etsu Chemical Co., Ltd.		4,542,257
19,700	Shionogi & Co., Ltd.		332,089
9,800	Shiseido Co., Ltd.		158,765
23,500	SMC Corp.		8,802,306
769,300	Softbank Corp.		1,178,788
25,800	SoftBank Group Corp.		1,337,335
88,600	Sompo Holdings Inc.		2,702,876
284,100	Sony Group Corp.		7,557,186
16,700	Subaru Corp.		307,606
11,400	Sumitomo Bakelite Co., Ltd.		310,033
30,500	Sumitomo Corp.		777,399
18,600	Sumitomo Electric Industries Ltd.		386,024
8,300	Sumitomo Forestry Co., Ltd.		241,082
6,700	Sumitomo Metal Mining Co., Ltd.		152,624
255,700	Sumitomo Mitsui Financial Group Inc.		6,489,114
16,900	Sumitomo Mitsui Trust Group Inc.		455,608
7,900	Sumitomo Realty & Development Co., Ltd.		303,368
4,200	Suntory Beverage & Food Ltd.		136,383
42,800	Suzuki Motor Corp.		545,860
7,800	SWCC Corp.		379,774
137,700	Sysmex Corp.		2,328,797
14,000	T&D Holdings Inc.		318,373
12,800	Taiheiyo Cement Corp.		327,285
4,300	Taisei Corp.		239,546
42,654	Takeda Pharmaceutical Co., Ltd.		1,281,388
9,100	Takeuchi Manufacturing Co., Ltd.		292,283
53,300	TDK Corp.		584,929
17,000	TechnoPro Holdings Inc.		463,682
236,400	Terumo Corp.		4,349,463
6,200	TIS Inc.		203,849
3,300	Toho Co., Ltd.		174,681
35,000	Tohoku Electric Power Co., Inc.		244,046
49,900	Tokio Marine Holdings Inc.		2,094,945
12,000	Tokyo Electron Ltd.		1,892,016
9,700	Tokyo Gas Co., Ltd.		326,575
9,200	Tokyo Metro Co., Ltd.		116,293
7,900	Tokyo Seimitsu Co., Ltd.		435,613

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Japan - 18.6% - (continued)
22,700	Tokyo Tatemono Co., Ltd.	$	402,999
13,300	Tokyu Corp.		161,449
65,200	Tokyu Fudosan Holdings Corp.		479,950
7,200	TOPPAN Holdings Inc.		192,749
37,900	Toray Industries Inc.		260,594
7,300	Toyo Suisan Kaisha Ltd.		484,085
23,000	Toyo Tire Corp.		474,821
20,600	Toyoda Gosei Co., Ltd.		398,485
16,400	Toyota Industries Corp.		2,044,826
257,700	Toyota Motor Corp.		4,890,340
16,500	Toyota Tsusho Corp.		348,593
3,300	Trend Micro Inc.		246,815
12,100	Tsumura & Co.		287,053
147,200	Unicharm Corp.		1,171,889
11,600	West Japan Railway Co.		251,492
7,200	Yakult Honsha Co., Ltd.		145,696
47,100	Yamaguchi Financial Group Inc.		496,778
25,200	Yamaha Motor Co., Ltd.		192,444
6,700	Yokogawa Electric Corp.		163,727
2,700	Zensho Holdings Co., Ltd.		148,503
10,300	ZOZO Inc.		111,697

	Total Japan		218,144,917

Luxembourg - 0.4%
108,674	ArcelorMittal SA		3,327,241
5,981	CVC Capital Partners PLC(b)		111,246
3,240	Eurofins Scientific SE		216,187
13,409	Millicom International Cellular SA		502,972
10,795	Tenaris SA		180,919

	Total Luxembourg		4,338,565

Macau - 0.0%@
213,600	MGM China Holdings Ltd.		301,672
68,000	Sands China Ltd.*		132,744

	Total Macau		434,416

Netherlands - 5.1%
13,233	ABN AMRO Bank NV, Dutch Certificate, GDR(b)		342,298
684	Adyen NV*(b)		1,313,158
36,885	Aegon Ltd.		264,267
96,730	Akzo Nobel NV		6,589,167
1,663	Argenx SE*		953,293
2,412	ASM International NV		1,314,605
20,981	ASML Holding NV		15,591,317
13,540	ASR Nederland NV		868,628
5,660	BE Semiconductor Industries NV		685,315
7,084	Euronext NV(b)		1,153,839
2,311	EXOR NV		222,622
13,702	Ferrovial SE		699,020
3,501	Fugro NV		44,419
3,388	Heineken Holding NV		263,969
67,242	Heineken NV		6,000,882
1,577	IMCD NV		214,074
242,470	ING Groep NV		5,145,853
5,341	JDE Peet’s NV		146,921
25,343	Koninklijke Ahold Delhaize NV		1,069,699
108,136	Koninklijke KPN NV		508,587
204,314	Koninklijke Philips NV*		4,727,986
7,157	NN Group NV		450,529
35,520	Prosus NV*		1,826,422
5,579	QIAGEN NV*		251,734
3,029	Randstad NV		127,217
55,965	Stellantis NV		570,692
131,743	Universal Music Group NV		4,208,907

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Netherlands - 5.1% - (continued)
23,653	Wolters Kluwer NV	$	4,198,771

	Total Netherlands		59,754,191

New Zealand - 0.2%
40,319	Auckland International Airport Ltd.		181,909
20,347	Contact Energy Ltd.		111,273
16,312	Fisher & Paykel Healthcare Corp., Ltd.		357,062
24,727	Infratil Ltd.		156,434
40,477	Meridian Energy Ltd.		132,802
8,568	Xero Ltd.*		1,017,529

	Total New Zealand		1,957,009

Norway - 0.5%
8,484	Aker BP ASA		195,029
96,763	DNB Bank ASA		2,590,781
22,113	Equinor ASA		518,173
5,008	Gjensidige Forsikring ASA		126,785
2,455	Kongsberg Gruppen ASA		431,809
13,463	Mowi ASA		251,400
167,218	Norsk Hydro ASA		915,694
19,166	Orkla ASA		216,919
1,761	Salmar ASA		78,414
16,617	Telenor ASA		255,602
3,984	Yara International ASA		142,854

	Total Norway		5,723,460

Poland - 0.0%@
5,502	InPost SA*		90,510

Portugal - 0.2%
81,309	EDP SA		325,721
11,985	Galp Energia SGPS SA		191,462
62,187	Jeronimo Martins SGPS SA		1,558,741

	Total Portugal		2,075,924

Singapore - 1.3%
1,188,758	CapitaLand Ascendas REIT(d)		2,443,105
159,228	CapitaLand Integrated Commercial Trust, REIT		258,073
69,900	CapitaLand Investment Ltd.		136,618
98,040	DBS Group Holdings Ltd.		3,400,584
188,800	Genting Singapore Ltd.		101,029
65,857	Grab Holdings Ltd., Class A Shares*		320,724
257,200	Keppel DC REIT		436,834
39,300	Keppel Ltd.		206,969
91,100	Oversea-Chinese Banking Corp., Ltd.		1,146,738
10,392	Sea Ltd., ADR*		1,666,565
146,400	Sembcorp Industries Ltd.		751,661
39,350	Singapore Airlines Ltd.		217,588
20,400	Singapore Exchange Ltd.		221,163
45,400	Singapore Technologies Engineering Ltd.		275,335
203,600	Singapore Telecommunications Ltd.		603,031
120,803	United Overseas Bank Ltd.		3,318,239
56,800	Wilmar International Ltd.		134,347

	Total Singapore		15,638,603

South Africa - 0.0%@
57,442	Investec PLC		411,586

South Korea - 1.5%
13,034	Classys Inc.		536,893
4,794	E-MART Inc.		316,206
961	HD Hyundai Electric Co., Ltd.		263,778
1,564	Hugel Inc.*		374,971
1,005	Hyosung Heavy Industries Corp.		452,075
8,390	Hyundai Rotem Co., Ltd.		889,310
9,267	IsuPetasys Co., Ltd.		257,719
5,400	Kolmar Korea Co., Ltd.*		323,242
34,752	Korea Electric Power Corp.		764,071

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
South Korea - 1.5% - (continued)
9,370	LEENO Industrial Inc.	$	268,696
2,307	PharmaResearch Co., Ltd.		753,322
9,574	Poongsan Corp.		429,787
15,639	Samsung E&A Co., Ltd.		246,258
203,428	Samsung Electronics Co., Ltd.		8,277,923
4,074	Samsung Fire & Marine Insurance Co., Ltd.		1,194,975
2,693	Samsung SDI Co., Ltd.		327,986
44,149	Shinhan Financial Group Co., Ltd.		1,844,860
9,819	Silicon2 Co., Ltd.*		334,729
4,212	SOOP Co., Ltd.		257,214

	Total South Korea		18,114,015

Spain - 2.9%
624	Acciona SA		100,863
5,144	ACS Actividades de Construccion y Servicios SA		338,673
2,060	Aena SME SA(b)		555,116
47,903	Amadeus IT Group SA		3,986,324
321,354	Banco Bilbao Vizcaya Argentaria SA		4,835,889
143,055	Banco de Sabadell SA		457,119
411,035	Banco Santander SA		3,293,184
188,230	Bankinter SA		2,430,451
108,949	CaixaBank SA		929,219
14,761	Cellnex Telecom SA(b)		566,418
8,669	EDP Renovaveis SA		87,135
8,539	Endesa SA		260,957
7,354	Grifols SA*		79,245
273,082	Iberdrola SA		4,995,609
20,767	Indra Sistemas SA(a)		855,237
126,709	Industria de Diseno Textil SA		6,868,189
12,056	Logista Integral SA		389,795
172,080	Mapfre SA		653,277
49,264	Merlin Properties Socimi SA, REIT		609,988
6,811	Redeia Corp. SA		140,992
30,651	Repsol SA		413,318
102,751	Telefonica SA		551,512

	Total Spain		33,398,510

Sweden - 2.4%
6,878	AddTech AB, Class B Shares		237,822
8,102	Alfa Laval AB		344,725
27,365	Assa Abloy AB, Class B Shares		867,967
74,688	Atlas Copco AB, Class A Shares		1,199,859
204,812	Atlas Copco AB, Class B Shares		2,919,288
19,076	Avanza Bank Holding AB		684,569
11,113	Beijer Ref AB, Class B Shares		165,076
44,745	Billerud Aktiebolag		489,274
7,910	Boliden AB*		247,639
269,553	Electrolux AB, Class B Shares*		1,757,986
17,088	Epiroc AB, Class A Shares		382,580
11,308	Epiroc AB, Class B Shares		221,295
10,446	EQT AB(a)		306,017
15,963	Essity AB, Class B Shares		465,411
3,992	Evolution AB(b)		274,078
20,071	Fastighets AB Balder, Class B Shares*		140,832
14,644	H & M Hennes & Mauritz AB, Class B Shares		209,819
74,684	Hexagon AB, Class B Shares		753,036
2,473	Holmen AB, Class B Shares		102,475
3,371	Industrivarden AB, Class A Shares		122,848
4,023	Industrivarden AB, Class C Shares		146,154
6,879	Indutrade AB		187,559
4,075	Investment AB Latour, Class B Shares		108,121
46,646	Investor AB, Class B Shares		1,381,626
1,894	L E Lundbergforetagen AB, Class B Shares		96,772

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Sweden - 2.4% - (continued)
6,336	Lifco AB, Class B Shares	$	259,467
9,553	Loomis AB, Class B Shares		371,245
19,246	NCC AB, Class B Shares		366,220
39,580	Nibe Industrier AB, Class B Shares(a)		162,258
8,874	Saab AB, Class B Shares		449,501
6,621	Sagax AB, Class B Shares		145,131
28,834	Sandvik AB		634,395
12,710	Securitas AB, Class B Shares		188,654
43,898	Skandinaviska Enskilda Banken AB, Class A Shares		736,655
8,894	Skanska AB, Class B Shares		212,616
9,099	SKF AB, Class B Shares		201,525
7,585	Spotify Technology SA*		5,045,087
252,642	Storskogen Group AB, Class B Shares		290,528
17,496	Svenska Cellulosa AB SCA, Class B Shares		236,707
123,814	Svenska Handelsbanken AB, Class A Shares		1,660,839
23,547	Swedbank AB, Class A Shares		640,495
5,394	Swedish Orphan Biovitrum AB*		165,044
13,860	Tele2 AB, Class B Shares		207,814
75,352	Telefonaktiebolaget LM Ericsson, Class B Shares		640,734
61,275	Telia Co. AB		237,447
5,952	Trelleborg AB, Class B Shares		218,210
42,764	Volvo AB, Class B Shares		1,193,723
44,405	Wihlborgs Fastigheter AB		446,822

	Total Sweden		28,523,945

Switzerland - 7.6%
69,229	ABB Ltd., Class Registered Shares		3,918,503
8,872	Accelleron Industries AG		513,667
30,787	Alcon AG		2,646,918
9,799	Avolta AG		527,524
1,148	Baloise Holding AG, Class Registered Shares		273,472
842	Banque Cantonale Vaudoise, Class Registered Shares		97,695
107	Barry Callebaut AG, Class Registered Shares		109,679
362	Belimo Holding AG, Class Registered Shares		351,099
2,174	BKW AG		458,162
635	Bucher Industries AG, Class Registered Shares		307,844
129	Chocoladefabriken Lindt & Spruengli AG		2,069,926
3	Chocoladefabriken Lindt & Spruengli AG, Class Registered Shares		470,045
27,547	Cie Financiere Richemont SA, Class Registered Shares		5,211,780
23,332	Coca-Cola HBC AG*		1,217,769
4,669	DKSH Holding AG		366,075
4,944	DSM-Firmenich AG		552,996
209	EMS-Chemie Holding AG, Class Registered Shares		158,823
1,139	Flughafen Zurich AG, Class Registered Shares		315,762
2,902	Galderma Group AG		382,419
5,737	Galenica AG(b)		594,237
888	Geberit AG, Class Registered Shares		663,684
249	Givaudan SA, Class Registered Shares		1,252,736
278,405	Glencore PLC*		1,069,881
1,054	Helvetia Holding AG, Class Registered Shares		250,521
14,267	Holcim AG*		1,586,624
15,971	Julius Baer Group Ltd.		1,054,247
1,368	Kuehne + Nagel International AG, Class Registered Shares		309,236
7,009	Logitech International SA, Class Registered Shares		583,567
8,567	Lonza Group AG, Class Registered Shares		5,951,489
71,095	Nestlé SA, Class Registered Shares		7,575,078
51,596	Novartis AG, Class Registered Shares		5,987,971
611	Partners Group Holding AG		823,772
4,530	PSP Swiss Property AG, Class Registered Shares		797,096
59,385	Roche Holding AG		19,277,218
11,662	Sandoz Group AG		594,701
1,136	Schindler Holding AG		404,744

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Switzerland - 7.6% - (continued)
580	Schindler Holding AG, Class Registered Shares	$	199,293
32,870	SGS SA, Class Registered Shares		3,438,332
3,240	Siegfried Holding AG, Class Registered Shares*		381,936
8,596	SIG Group AG*		176,046
4,101	Sika AG, Class Registered Shares		1,096,894
1,402	Sonova Holding AG, Class Registered Shares		441,413
18,810	STMicroelectronics NV		471,126
3,101	Straumann Holding AG, Class Registered Shares		399,690
4,133	Sulzer AG, Class Registered Shares		782,836
755	Swatch Group AG (The)		127,217
771	Swiss Life Holding AG, Class Registered Shares		773,042
2,183	Swiss Prime Site AG, Class Registered Shares		310,361
8,307	Swiss Re AG		1,474,143
717	Swisscom AG, Class Registered Shares		493,146
2,153	Swissquote Group Holding SA, Class Registered Shares		1,288,892
5,579	Temenos AG, Class Registered Shares		414,132
89,071	UBS Group AG, Class Registered Shares		2,850,699
6,888	VAT Group AG(b)		2,620,349
3,963	Zurich Insurance Group AG		2,792,157

	Total Switzerland		89,258,664

Taiwan - 0.5%
29,000	Taiwan Semiconductor Manufacturing Co., Ltd.		923,507
27,900	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		5,393,628

	Total Taiwan		6,317,135

United Kingdom - 16.4%
26,259	3i Group PLC		1,445,502
7,381	Admiral Group PLC		333,634
34,932	Anglo American PLC		1,042,486
5,075	ARM Holdings PLC, ADR*(a)		632,041
11,701	Ashtead Group PLC		685,758
8,690	Associated British Foods PLC		244,384
114,578	AstraZeneca PLC		16,657,322
24,939	Auto Trader Group PLC(b)		267,500
72,951	Aviva PLC		602,466
50,581	Babcock International Group PLC		640,632
167,989	BAE Systems PLC		4,295,596
79,665	Balfour Beatty PLC		536,673
2,371,694	Barclays PLC		10,523,179
123,470	Barratt Redrow PLC		768,761
63,368	Beazley PLC		808,583
37,072	Berkeley Group Holdings PLC		2,108,380
1,574,128	BP PLC		7,647,365
111,786	British American Tobacco PLC		5,029,249
87,339	British Land Co. PLC (The), REIT		461,002
166,050	BT Group PLC(a)		402,326
39,997	Bunzl PLC		1,281,474
136,232	Centrica PLC		291,337
6,136	Coca-Cola Europacific Partners PLC		563,223
150,618	Compass Group PLC		5,301,270
8,173	Computacenter PLC		287,835
132,534	ConvaTec Group PLC(b)		518,966
5,700	Cranswick PLC		409,541
3,343	Croda International PLC		138,574
266,652	Currys PLC*		438,050
347,596	Diageo PLC		9,464,681
40,754	Drax Group PLC		363,702
41,352	easyJet PLC		322,009
19,564	Endeavour Mining PLC		599,743
16,533	Entain PLC		167,311
392,271	GSK PLC		7,990,438
669,960	Haleon PLC		3,737,447

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
United Kingdom - 16.4% - (continued)
48,313	Halma PLC	$	1,892,500
132,660	Harbour Energy PLC		319,455
23,941	Hikma Pharmaceuticals PLC		692,206
482,089	HSBC Holdings PLC		5,693,656
13,786	IMI PLC		370,734
21,707	Imperial Brands PLC		821,366
28,212	Inchcape PLC		259,263
36,716	Informa PLC		390,126
4,104	InterContinental Hotels Group PLC		470,634
16,412	Intermediate Capital Group PLC		445,895
31,896	International Consolidated Airlines Group SA		140,344
4,193	Intertek Group PLC		271,439
47,509	J Sainsbury PLC		182,692
64,950	JD Sports Fashion PLC		73,591
17,484	JET2 PLC		439,588
736,870	Kingfisher PLC		2,757,030
17,188	Land Securities Group PLC, REIT		147,047
355,110	Legal & General Group PLC		1,190,533
3,937,157	Lloyds Banking Group PLC		4,110,695
12,926	London Stock Exchange Group PLC		1,964,256
149,455	LondonMetric Property PLC, REIT		406,249
62,387	M&G PLC		199,786
53,416	Marks & Spencer Group PLC		268,989
34,070	Melrose Industries PLC		216,047
11,549	Mondi PLC		187,675
336,177	National Grid PLC(a)		4,757,609
338,662	NatWest Group PLC		2,402,890
3,238	Next PLC		561,658
18,301	Nomad Foods Ltd.		320,268
55,594	OSB Group PLC		367,168
15,717	Pearson PLC		246,928
18,824	Phoenix Group Holdings PLC		161,307
171,155	Reckitt Benckiser Group PLC		11,633,836
143,325	RELX PLC		7,728,944
70,755	Rentokil Initial PLC		335,920
32,454	Rightmove PLC		325,957
30,967	Rio Tinto PLC		1,844,138
1,044,856	Rolls-Royce Holdings PLC		12,255,117
222,818	Sage Group PLC (The)		3,661,057
19,403	Schroders PLC		93,241
270,346	Segro PLC, REIT		2,547,420
7,835	Severn Trent PLC		286,049
268,535	Shell PLC		8,873,155
194,782	Smith & Nephew PLC		2,827,962
33,475	Smiths Group PLC		975,116
14,725	Softcat PLC		356,483
1,975	Spirax Group PLC		152,615
30,465	SSE PLC		724,326
38,814	St. James’s Place PLC		585,876
201,795	Standard Chartered PLC		3,161,568
185,240	Tesco PLC		969,008
68,309	Trainline PLC*(b)		249,442
210,310	Tritax Big Box REIT PLC		417,578
111,550	Unilever PLC		7,105,090
17,837	United Utilities Group PLC		282,108
548,521	Vodafone Group PLC		569,918
9,926	Weir Group PLC (The)		325,729
158,553	WH Smith PLC		2,242,794
29,312	Whitbread PLC		1,144,870
17,522	Wise PLC, Class A Shares*		260,370
28,194	WPP PLC		227,686

	Total United Kingdom		191,901,437

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units			Security	Value
	United States - 0.6%
	258		Booking Holdings Inc.	$	1,423,884
	180,490		Carnival Corp.*		4,190,978
	3,286		Ferguson Enterprises Inc.		599,169
	12,310		Liberty Media Corp.-Liberty Formula One, Class C Shares*		1,188,284

			Total United States		7,402,315

	Uruguay - 0.1%
	228		MercadoLibre Inc.*		584,430

			TOTAL COMMON STOCKS (Cost - $789,606,593)		1,132,752,274

	PREFERRED STOCKS - 0.1%
	Germany - 0.1%
	1,468		Bayerische Motoren Werke AG, Class Preferred Shares		121,690
	2,720		Dr ING hc F Porsche AG, Class Preferred Shares(b)		131,178
	4,468		Henkel AG & Co. KGaA, Class Preferred Shares		357,707
	4,132		Porsche Automobil Holding SE, Class Preferred Shares		164,707
	716		Sartorius AG, Class Preferred Shares		171,633
	5,583		Volkswagen AG, Class Preferred Shares		604,803

			TOTAL PREFERRED STOCKS (Cost - $1,790,980)		1,551,718

	OPEN END MUTUAL FUND SECURITY - 0.1%
	United States - 0.1%
	21,340		Vanguard FTSE Developed Markets ETF, Common Class Shares (Cost - $958,478)		1,186,077

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost - $792,356,051)		1,135,490,069


Face Amount†
	SHORT-TERM INVESTMENTS(e) - 2.7%
	MONEY MARKET FUND - 0.4%
	$ 4,914,925		Invesco STIT - Government & Agency Portfolio, Institutional Class, 4.174%(f) (Cost - $4,914,925)		4,914,925

	TIME DEPOSITS - 2.3%
	37,728	^AUD	ANZ National Bank - Hong Kong, 2.570% due 6/2/25		24,321
	6,393,953		ANZ National Bank - London, 3.680% due 6/2/25		6,393,953
			BBH - New York:
	194,332	^DKK	0.730% due 6/2/25		29,581
	332,484	^SEK	1.070% due 6/2/25		34,682
	471,103	^EUR	1.080% due 6/2/25		534,938
	10,279	^NZD	2.000% due 6/3/25		6,142
	268,532	^NOK	3.230% due 6/2/25		26,312
	1,444	^ZAR	5.450% due 6/2/25		80
			Citibank - London:
	996,308	^EUR	1.080% due 6/2/25		1,131,307
	346,064	^GBP	3.170% due 6/2/25		466,303
	3,868,264		Citibank - New York, 3.680% due 6/2/25		3,868,264
	657,377	^HKD	HSBC Bank - Hong Kong, 0.000% due 6/2/25		83,838
	120,761	^SGD	HSBC Bank - Singapore, 0.640% due 6/2/25		93,639
	2,976,554		JPMorgan Chase & Co. - New York, 3.680% due 6/2/25		2,976,554
	2,416	^CAD	Royal Bank of Canada - Toronto, 1.570% due 6/2/25		1,761
			Skandinaviska Enskilda Banken AB - Stockholm:
	431,901	^CHF	0.000% due 6/2/25		524,916
	9,300,142		3.680% due 6/2/25		9,300,142
			Sumitomo Mitsui Banking Corp. - Tokyo:
	14,796,023	^JPY	0.120% due 6/2/25		102,825
	771,334		3.680% due 6/2/25		771,334

			TOTAL TIME DEPOSITS (Cost - $26,370,892)		26,370,892

			TOTAL SHORT-TERM INVESTMENTS (Cost - $31,285,817)		31,285,817

			TOTAL INVESTMENTS - 99.5% (Cost - $823,641,868)		1,166,775,886

			Other Assets in Excess of Liabilities - 0.5%		5,941,554

			TOTAL NET ASSETS - 100.0%	$	1,172,717,440

†	Amount denominated in U.S. dollars, unless otherwise noted.

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)	All or a portion of this security is on loan (See Note 1).

(b)

Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at May 31, 2025, amounts to $16,200,088 and represents 1.4% of net assets.

(c)	Illiquid security.

(d)	Security is valued in good faith at fair value by or under the direction of the Board of Trustees.

(e)	Inclusive of all short-term holdings, including investments of collateral received from securities lending transactions. Excluding such collateral, the percentage of portfolio holdings would be 2.3%.

(f)	Represents investments of collateral received from securities lending transactions.

Schedules of Investments

(unaudited) (continued)

International Equity Fund

At May 31, 2025, for International Equity Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund

Aggregate Cost For
Federal Income
Tax Purposes

Gross

Unrealized
Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

International Equity Fund

$ 823,641,868

$ 392,057,219

$ (48,848,887)

$ 343,208,332

Abbreviations used in this schedule:



ADR	—	American Depositary Receipt
CDI	—	Clearing House Electronics System (CHESS) Depositary Interest
ETF	—	Exchange-Traded Fund
GDR	—	Global Depositary Receipt
PLC	—	Public Limited Company
REIT	—	Real Estate Investment Trust


Summary of Investments by Security Sector^
Industrials	18.7	%
Financials	18.5
Health Care	12.8
Information Technology	12.0
Consumer Discretionary	10.5
Consumer Staples	7.9
Materials	5.8
Communication Services	4.3
Utilities	2.7
Energy	2.6
Real Estate	1.9
Short-Term Investments	2.3

Total Investments	100.0	%+

^	As a percentage of total investments.

+	Does not reflect investments of collateral received from securities lending transactions.

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
COMMON STOCKS - 97.2%
Argentina - 0.1%
8,500	Grupo Financiero Galicia SA, ADR*	$	493,425

Australia - 0.0%@
128,000	MMG Ltd.*		47,519

Brazil - 4.9%
134,556	Ambev SA		330,131
1,010,760	B3 SA - Brasil Bolsa Balcao		2,453,370
42,982	Banco Bradesco SA		105,080
33,944	Banco BTG Pactual SA		234,766
358,708	Banco do Brasil SA		1,469,107
284,682	BB Seguridade Participacoes SA		1,867,379
15,753	BRF SA		55,922
15,025	Caixa Seguridade Participacoes SA		39,596
35,249	Centrais Eletricas Brasileiras SA		258,647
13,140	Cia de Saneamento Basico do Estado de Sao Paulo SABESP		269,721
7,096	CPFL Energia SA		50,244
20,881	Embraer SA		239,140
8,764	Energisa SA		72,798
9,680	Eneva SA*		23,648
108,078	Engie Brasil Energia SA		776,036
33,487	Equatorial Energia SA		214,623
157,205	Inter & Co., Inc., Class A Shares(a)		1,119,300
21,493	JBS SA		150,794
550,000	JSL SA		598,244
21,763	Klabin SA		69,683
263,983	Localiza Rent a Car SA		1,983,196
372,847	Motiva Infraestrutura de Mobilidade SA		878,913
24,863	Natura & Co. Holding SA*		45,522
127,216	NU Holdings Ltd., Class A Shares*		1,527,864
367,090	Odontoprev SA		706,140
107,510	Petroleo Brasileiro SA - Petrobras		618,731
88,012	Petroleo Brasileiro SA - Petrobras, ADR		1,015,659
142,598	PRIO SA*		971,284
39,751	Raia Drogasil SA		103,229
345,417	Rede D’Or Sao Luiz SA(b)		2,282,081
33,328	Rumo SA*		109,687
195,596	Smartfit Escola de Ginastica e Danca SA		821,254
52,325	Suzano SA		454,312
23,521	TIM SA		80,167
17,165	TOTVS SA		126,702
21,149	Ultrapar Participações SA		60,247
104,909	Vale SA		955,820
110,105	Vale SA, Class B Shares, ADR		1,005,259
343,035	Vibra Energia SA		1,210,557
380,859	WEG SA		2,820,610
12,385	XP Inc., Class A Shares		239,774

	Total Brazil		28,415,237

Chile - 0.5%
80,068	Antofagasta PLC		1,918,488
1,266,261	Banco de Chile		186,501
2,818	Banco de Credito e Inversiones SA		108,831
2,141,522	Banco Santander Chile		127,729
33,447	Cencosud SA		115,239
32,401	Empresas CMPC SA		51,767
9,413	Empresas COPEC SA		64,738
473,707	Enel Americas SA		44,217
564,409	Enel Chile SA		40,967
23,830	Falabella SA		113,826

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
Chile - 0.5% - (continued)
6,671,962	Latam Airlines Group SA	$	127,070
8,011	Sociedad Quimica y Minera de Chile SA, ADR*(a)		243,775

	Total Chile		3,143,148

China - 24.2%
9,300	360 Security Technology Inc., Class A Shares		12,845
3,900	37 Interactive Entertainment Network Technology Group Co., Ltd., Class A Shares		7,912
24,000	AAC Technologies Holdings Inc.		111,613
3,600	Accelink Technologies Co., Ltd., Class A Shares		20,577
794	Advanced Micro-Fabrication Equipment Inc., Class A Shares*		19,233
3,000	AECC Aviation Power Co., Ltd., Class A Shares		14,748
154,700	Agricultural Bank of China Ltd., Class A Shares		118,752
808,000	Agricultural Bank of China Ltd., Class H Shares(c)		517,278
11,877	Aier Eye Hospital Group Co., Ltd., Class A Shares		20,464
13,600	Air China Ltd., Class A Shares*		15,115
18,000	Akeso Inc.*(b)		192,438
760,976	Alibaba Group Holding Ltd		10,900,706
51,315	Alibaba Group Holding Ltd., ADR		5,841,700
31,400	Aluminum Corp. of China Ltd., Class A Shares		28,517
102,000	Aluminum Corp. of China Ltd., Class H Shares(c)		58,977
351	Amlogic Shanghai Co., Ltd., Class A Shares*		3,252
2,500	Angel Yeast Co., Ltd., Class A Shares*		13,199
6,100	Anhui Conch Cement Co., Ltd., Class A Shares		19,688
380,337	Anhui Conch Cement Co., Ltd., Class H Shares(c)		988,759
1,000	Anhui Gujing Distillery Co., Ltd., Class A Shares		20,877
3,700	Anhui Gujing Distillery Co., Ltd., Class B Shares		53,729
3,500	Anhui Jianghuai Automobile Group Corp., Ltd., Class A Shares		18,555
75,800	ANTA Sports Products Ltd		916,998
1,759	Autohome Inc., ADR		43,131
3,600	Avary Holding Shenzhen Co., Ltd., Class A Shares		14,137
44,000	AviChina Industry & Technology Co., Ltd., Class H Shares(c)		22,090
2,200	AVICOPTER PLC, Class A Shares		11,214
16,800	BAIC BluePark New Energy Technology Co., Ltd., Class A Shares*		16,785
65,868	Baidu Inc., Class A Shares*		676,411
47,000	Bank of Beijing Co., Ltd., Class A Shares		41,068
16,600	Bank of Changsha Co., Ltd., Class A Shares		22,568
4,000	Bank of Chengdu Co., Ltd., Class A Shares		10,770
54,930	Bank of China Ltd., Class A Shares		42,070
2,054,000	Bank of China Ltd., Class H Shares(c)		1,189,009
75,700	Bank of Communications Co., Ltd., Class A Shares		79,736
259,000	Bank of Communications Co., Ltd., Class H Shares(c)		226,096
14,800	Bank of Hangzhou Co., Ltd., Class A Shares		34,237
35,590	Bank of Jiangsu Co., Ltd., Class A Shares		54,259
16,600	Bank of Nanjing Co., Ltd., Class A Shares		26,406
14,790	Bank of Ningbo Co., Ltd., Class A Shares		54,762
29,640	Bank of Shanghai Co., Ltd., Class A Shares		43,527
30,184	Baoshan Iron & Steel Co., Ltd., Class A Shares		28,238
9,900	Beijing Enlight Media Co., Ltd., Class A Shares*		24,073
1,303	Beijing Kingsoft Office Software Inc., Class A Shares		50,738
2,000	Beijing New Building Materials PLC, Class A Shares		7,949
543	Beijing Roborock Technology Co., Ltd., Class A Shares		17,049
5,880	Beijing Tiantan Biological Products Corp., Ltd., Class A Shares		15,548
2,600	Beijing Tong Ren Tang Co., Ltd., Class A Shares		13,688
1,218	Beijing Wantai Biological Pharmacy Enterprise Co., Ltd., Class A Shares		11,716
79,200	Beijing-Shanghai High Speed Railway Co., Ltd., Class A Shares		64,358
6,207	Bilibili Inc., Class Z Shares*		114,232
68,500	BOE Technology Group Co., Ltd., Class A Shares		36,019
3,300	BYD Co., Ltd., Class A Shares		160,534
118,000	BYD Co., Ltd., Class H Shares(c)		5,855,039
22,500	BYD Electronic International Co., Ltd		88,492
907	Cambricon Technologies Corp., Ltd., Class A Shares*		76,019
32,800	CGN Power Co., Ltd., Class A Shares		16,709

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
China - 24.2% - (continued)
318,000	CGN Power Co., Ltd., Class H Shares(b)(c)	$	104,235
2,400	Changchun High-Tech Industry Group Co., Ltd., Class A Shares*		34,734
3,900	Chaozhou Three-Circle Group Co., Ltd., Class A Shares		17,691
267,000	China CITIC Bank Corp., Ltd., Class H Shares(c)		235,005
61,000	China Coal Energy Co., Ltd., Class H Shares(c)		68,201
54,000	China Communications Services Corp., Ltd., Class H Shares(c)		30,940
21,100	China Construction Bank Corp., Class A Shares		26,439
5,601,224	China Construction Bank Corp., Class H Shares(c)		5,008,957
9,900	China CSSC Holdings Ltd., Class A Shares		42,152
27,298	China Eastern Airlines Corp., Ltd., Class A Shares*		15,270
47,400	China Energy Engineering Corp., Ltd., Class A Shares		14,672
91,612	China Everbright Bank Co., Ltd., Class A Shares		50,500
114,000	China Everbright Bank Co., Ltd., Class H Shares(c)		52,780
92,000	China Feihe Ltd.(b)		71,227
12,000	China Galaxy Securities Co., Ltd., Class A Shares		26,342
98,500	China Galaxy Securities Co., Ltd., Class H Shares(c)		95,241
10,800	China Greatwall Technology Group Co., Ltd., Class A Shares*		21,786
85,000	China Hongqiao Group Ltd.		150,867
10,700	China International Capital Corp., Ltd., Class A Shares		49,054
46,400	China International Capital Corp., Ltd., Class H Shares(b)(c)		85,984
7,200	China Jushi Co., Ltd., Class A Shares		11,284
5,300	China Life Insurance Co., Ltd., Class A Shares		28,171
215,000	China Life Insurance Co., Ltd., Class H Shares(c)		434,285
8,800	China Literature Ltd.*(b)		29,877
80,000	China Longyuan Power Group Corp., Ltd., Class H Shares(c)		66,238
89,000	China Mengniu Dairy Co., Ltd.		199,682
35,700	China Merchants Bank Co., Ltd., Class A Shares		214,826
1,055,891	China Merchants Bank Co., Ltd., Class H Shares(c)		6,552,604
17,000	China Merchants Energy Shipping Co., Ltd., Class A Shares		14,242
13,200	China Merchants Expressway Network & Technology Holdings Co., Ltd., Class A Shares		23,204
9,230	China Merchants Securities Co., Ltd., Class A Shares		20,698
6,520	China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A Shares		7,851
55,920	China Minsheng Banking Corp., Ltd., Class A Shares		33,764
216,700	China Minsheng Banking Corp., Ltd., Class H Shares(c)		111,303
152,000	China National Building Material Co., Ltd., Class H Shares(c)		67,857
19,300	China National Chemical Engineering Co., Ltd., Class A Shares		20,683
34,000	China National Nuclear Power Co., Ltd., Class A Shares		45,178
2,470	China National Software & Service Co., Ltd., Class A Shares*		15,057
5,200	China Northern Rare Earth Group High-Tech Co., Ltd., Class A Shares		16,793
44,000	China Oilfield Services Ltd., Class H Shares(c)		35,718
12,500	China Pacific Insurance Group Co., Ltd., Class A Shares		59,753
76,200	China Pacific Insurance Group Co., Ltd., Class H Shares(c)		235,974
43,800	China Petroleum & Chemical Corp., Class A Shares		35,143
714,000	China Petroleum & Chemical Corp., Class H Shares(c)		384,748
27,800	China Railway Group Ltd., Class A Shares		21,571
138,000	China Railway Group Ltd., Class H Shares(c)		62,285
22,980	China Railway Signal & Communication Corp., Ltd., Class A Shares		16,000
4,498	China Resources Microelectronics Ltd., Class A Shares		29,689
19,800	China Resources Mixc Lifestyle Services Ltd.(b)		94,267
44,500	China Resources Pharmaceutical Group Ltd.(b)		29,103
3,720	China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A Shares		22,156
13,299	China Shenhua Energy Co., Ltd., Class A Shares		72,966
95,000	China Shenhua Energy Co., Ltd., Class H Shares(c)		400,378
20,400	China Southern Airlines Co., Ltd., Class A Shares*		17,238
57,440	China State Construction Engineering Corp., Ltd., Class A Shares		45,248
41,600	China Three Gorges Renewables Group Co., Ltd., Class A Shares		24,771
2,535	China Tourism Group Duty Free Corp., Ltd., Class A Shares		21,290
125,600	China Tower Corp., Ltd., Class H Shares(b)(c)		185,883
40,000	China United Network Communications Ltd., Class A Shares		29,764
15,600	China Vanke Co., Ltd., Class A Shares*		14,362
43,500	China Vanke Co., Ltd., Class H Shares*(c)		28,463

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
China - 24.2% - (continued)
41,900	China Yangtze Power Co., Ltd., Class A Shares	$	175,597
52,390	China Zheshang Bank Co., Ltd., Class A Shares		23,416
1,800	Chongqing Brewery Co., Ltd., Class A Shares		14,426
16,182	Chongqing Changan Automobile Co., Ltd., Class A Shares*		27,650
28,000	Chongqing Rural Commercial Bank Co., Ltd., Class A Shares		28,188
3,000	Chongqing Zhifei Biological Products Co., Ltd., Class A Shares		7,973
120,000	CITIC Ltd.		150,914
22,565	CITIC Securities Co., Ltd., Class A Shares		79,949
47,925	CITIC Securities Co., Ltd., Class H Shares(c)		121,532
26,600	CMOC Group Ltd., Class A Shares		26,599
123,000	CMOC Group Ltd., Class H Shares(c)		97,766
1,820	CNGR Advanced Material Co., Ltd., Class A Shares		7,851
16,100	CNPC Capital Co., Ltd., Class A Shares		15,113
88,580	Contemporary Amperex Technology Co., Ltd., Class A Shares		3,075,402
700	Contemporary Amperex Technology Co., Ltd., Class H Shares*(c)		27,086
5,300	COSCO Shipping Energy Transportation Co., Ltd., Class A Shares		7,414
20,320	COSCO SHIPPING Holdings Co., Ltd., Class A Shares		46,250
80,750	COSCO SHIPPING Holdings Co., Ltd., Class H Shares(c)		139,476
51,400	CRRC Corp., Ltd., Class A Shares		51,377
109,000	CRRC Corp., Ltd., Class H Shares(c)		69,790
8,700	CSC Financial Co., Ltd., Class A Shares		27,753
2,880	CSPC Innovation Pharmaceutical Co., Ltd., Class A Shares		20,663
229,120	CSPC Pharmaceutical Group Ltd.		234,921
21,700	Daqin Railway Co., Ltd., Class A Shares		20,321
342,200	DaShenLin Pharmaceutical Group Co., Ltd., Class A Shares		826,589
2,100	Dong-E-E-Jiao Co., Ltd., Class A Shares		15,977
600	Dongfang Electric Corp., Ltd., Class A Shares		1,327
27,025	East Money Information Co., Ltd., Class A Shares		77,378
33,480	Eastroc Beverage Group Co., Ltd., Class A Shares		1,485,925
900	Ecovacs Robotics Co., Ltd., Class A Shares		6,685
1,300	Empyrean Technology Co., Ltd., Class A Shares		22,931
23,900	ENN Energy Holdings Ltd.		190,311
298,743	ENN Natural Gas Co., Ltd., Class A Shares		785,689
2,800	Eoptolink Technology Inc. Ltd., Class A Shares		34,201
2,581	Eve Energy Co., Ltd., Class A Shares		16,096
7,300	Everbright Securities Co., Ltd., Class A Shares		16,490
4,000	Flat Glass Group Co., Ltd., Class A Shares		7,951
20,800	Focus Media Information Technology Co., Ltd., Class A Shares		21,572
9,186	Foshan Haitian Flavouring & Food Co., Ltd., Class A Shares		56,643
53,500	Fosun International Ltd.		31,140
17,700	Founder Securities Co., Ltd., Class A Shares		18,702
25,800	Foxconn Industrial Internet Co., Ltd., Class A Shares		67,848
135,000	Full Truck Alliance Co., Ltd., ADR		1,570,050
4,100	Fuyao Glass Industry Group Co., Ltd., Class A Shares		33,002
16,800	Fuyao Glass Industry Group Co., Ltd., Class H Shares(b)(c)		119,588
3,220	Ganfeng Lithium Group Co., Ltd., Class A Shares		13,445
21,800	GD Power Development Co., Ltd., Class A Shares		13,809
15,100	GEM Co., Ltd., Class A Shares		12,663
26,000	Genscript Biotech Corp.*		42,163
9,000	GF Securities Co., Ltd., Class A Shares		20,318
10,400	Giant Biogene Holding Co., Ltd.(b)		93,596
924	Gigadevice Semiconductor Inc., Class A Shares*		14,352
4,300	GoerTek Inc., Class A Shares		12,430
2,700	Goldwind Science & Technology Co., Ltd., Class A Shares		3,467
1,595	Goneo Group Co., Ltd., Class A Shares		15,676
2,000	Gotion High-tech Co., Ltd., Class A Shares		6,775
4,100	Great Wall Motor Co., Ltd., Class A Shares		12,824
68,500	Great Wall Motor Co., Ltd., Class H Shares*(c)		105,566
104,400	Gree Electric Appliances Inc. of Zhuhai, Class A Shares		671,922
2,200	Guangdong Haid Group Co., Ltd., Class A Shares		18,489
7,700	Guanghui Energy Co., Ltd., Class A Shares		6,339

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
China - 24.2% - (continued)
15,100	Guangzhou Automobile Group Co., Ltd., Class A Shares	$	16,184
2,600	Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class A Shares		9,755
7,900	Guangzhou Haige Communications Group Inc. Co., Class A Shares		14,911
3,220	Guangzhou Tinci Materials Technology Co., Ltd., Class A Shares		7,504
3,800	Guolian Minsheng Securities Co., Ltd., Class A Shares		5,228
9,400	Guosen Securities Co., Ltd., Class A Shares		14,633
30,178	Guotai Haitong Securities Co., Ltd., Class A Shares		71,981
60,864	Guotai Haitong Securities Co., Ltd., Class H Shares(b)(c)		85,591
5,900	Guoyuan Securities Co., Ltd., Class A Shares		6,174
17,542	H World Group Ltd., ADR		618,706
44,000	Haidilao International Holding Ltd.(b)		84,147
13,300	Haier Smart Home Co., Ltd., Class A Shares		46,111
67,800	Haier Smart Home Co., Ltd., Class H Shares(c)		197,371
70,600	Hainan Airlines Holding Co., Ltd., Class A Shares*		13,218
29,200	Hainan Airport Infrastructure Co., Ltd., Class A Shares*		13,945
16,000	Haitian International Holdings Ltd.		39,025
4,939	Hangzhou First Applied Material Co., Ltd., Class A Shares		8,312
2,700	Hangzhou Silan Microelectronics Co., Ltd., Class A Shares*		8,972
400	Hangzhou Tigermed Consulting Co., Ltd., Class A Shares		2,752
38,000	Hansoh Pharmaceutical Group Co., Ltd.(b)		124,520
1,600	Henan Shenhuo Coal Industry & Electricity Power Co., Ltd., Class A Shares		3,668
5,300	Henan Shuanghui Investment & Development Co., Ltd., Class A Shares		17,902
289,500	Hengan International Group Co., Ltd.		784,636
10,778	Hengli Petrochemical Co., Ltd., Class A Shares*		22,643
8,200	Hengtong Optic-electric Co., Ltd., Class A Shares		17,009
13,000	Hisense Home Appliances Group Co., Ltd., Class H Shares(c)		42,946
1,399	Hithink RoyalFlush Information Network Co., Ltd., Class A Shares		48,065
14,100	HLA Group Corp., Ltd., Class A Shares		14,022
900	Hoshine Silicon Industry Co., Ltd., Class A Shares		6,107
21,000	Hua Hong Semiconductor Ltd.(b)		84,198
18,400	Huadian Power International Corp., Ltd., Class A Shares		14,924
1,694	Huadong Medicine Co., Ltd., Class A Shares		10,494
15,100	Huafon Chemical Co., Ltd., Class A Shares		14,130
3,500	Huagong Tech Co., Ltd., Class A Shares		20,481
7,500	Huaibei Mining Holdings Co., Ltd., Class A Shares		12,942
2,260	Hualan Biological Engineering Inc., Class A Shares		5,044
22,500	Huaneng Power International Inc., Class A Shares		22,580
114,000	Huaneng Power International Inc., Class H Shares(c)		71,896
2,600	Huaqin Technology Co., Ltd., Class A Shares		23,936
16,000	Huatai Securities Co., Ltd., Class A Shares		37,146
35,800	Huatai Securities Co., Ltd., Class H Shares(b)(c)		60,203
30,500	Huaxia Bank Co., Ltd., Class A Shares		31,881
289,199	Huayu Automotive Systems Co., Ltd., Class A Shares		726,703
1,000	Huizhou Desay Sv Automotive Co., Ltd., Class A Shares		15,290
3,200	Humanwell Healthcare Group Co., Ltd., Class A Shares		9,835
3,785	Hundsun Technologies Inc., Class A Shares		13,750
4,476	Hygon Information Technology Co., Ltd., Class A Shares(h)		83,707
4,600	IEIT Systems Co., Ltd., Class A Shares		31,110
3,900	Iflytek Co., Ltd., Class A Shares		24,826
560	Imeik Technology Development Co., Ltd., Class A Shares		13,178
111,300	Industrial & Commercial Bank of China Ltd., Class A Shares		109,231
1,972,000	Industrial & Commercial Bank of China Ltd., Class H Shares(c)		1,431,110
39,200	Industrial Bank Co., Ltd., Class A Shares		122,960
19,760	Industrial Securities Co., Ltd., Class A Shares		15,773
800	Ingenic Semiconductor Co., Ltd., Class A Shares*		7,048
62,900	Inner Mongolia BaoTou Steel Union Co., Ltd., Class A Shares*		15,154
7,700	Inner Mongolia Dian Tou Energy Corp., Ltd., Class A Shares(h)		21,156
16,300	Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd., Class A Shares		11,997
13,600	Inner Mongolia Yili Industrial Group Co., Ltd., Class A Shares		57,141
28,100	Inner Mongolia Yitai Coal Co., Ltd., Class B Shares		57,234
35,000	Innovent Biologics Inc.*(b)		275,159

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
China - 24.2% - (continued)
2,200	Isoftstone Information Technology Group Co., Ltd., Class A Shares	$	15,949
66,200	J&T Global Express Ltd.*		57,257
4,116	JA Solar Technology Co., Ltd., Class A Shares*		5,205
4,000	JCET Group Co., Ltd., Class A Shares		17,864
31,900	JD Health International Inc.*(b)		163,378
57,000	JD Logistics Inc.*(b)		89,661
68,319	JD.com Inc., ADR(a)		2,214,219
88,656	JD.com Inc., Class A Shares		1,440,021
7,400	Jiangsu Eastern Shenghong Co., Ltd., Class A Shares		8,732
46,000	Jiangsu Expressway Co., Ltd., Class H Shares(c)		58,538
1,948	Jiangsu Hengli Hydraulic Co., Ltd., Class A Shares		18,433
10,301	Jiangsu Hengrui Pharmaceuticals Co., Ltd., Class A Shares		78,088
3,000	Jiangsu King’s Luck Brewery JSC Ltd., Class A Shares		18,360
1,800	Jiangsu Yanghe Distillery Co., Ltd., Class A Shares		16,415
3,200	Jiangsu Yuyue Medical Equipment & Supply Co., Ltd., Class A Shares		16,749
6,200	Jiangsu Zhongtian Technology Co., Ltd., Class A Shares		11,415
5,300	Jiangxi Copper Co., Ltd., Class A Shares		15,640
29,000	Jiangxi Copper Co., Ltd., Class H Shares(c)		51,453
9,597	Jinko Solar Co., Ltd., Class A Shares		6,930
1,217	Kangmei Pharmaceutical Co., Ltd., Class A Shares*(d)#		2
8,284	Kanzhun Ltd., ADR*		140,497
113,468	KE Holdings Inc., ADR		2,094,619
89,000	Kingdee International Software Group Co., Ltd.*		138,475
27,800	Kingsoft Corp., Ltd.		118,432
77,800	Kuaishou Technology, Class B Shares*(b)		522,940
3,200	Kuang-Chi Technologies Co., Ltd., Class A Shares		19,672
2,800	Kunlun Tech Co., Ltd., Class A Shares		12,921
2,188	Kweichow Moutai Co., Ltd., Class A Shares		462,275
6,600	LB Group Co., Ltd., Class A Shares		15,177
792,000	Lenovo Group Ltd.		904,329
9,000	Lens Technology Co., Ltd., Class A Shares		25,211
34,706	Li Auto Inc., Class A Shares*		493,265
66,500	Li Ning Co., Ltd.		126,257
70,500	Liaoning Port Co., Ltd., Class A Shares		14,444
14,500	Lingyi iTech Guangdong Co., Class A Shares		16,152
51,500	Longfor Group Holdings Ltd.(b)		64,170
9,072	LONGi Green Energy Technology Co., Ltd., Class A Shares		18,114
1,012	Loongson Technology Corp., Ltd., Class A Shares*		18,186
11,038	Luxshare Precision Industry Co., Ltd., Class A Shares		46,401
2,000	Luzhou Laojiao Co., Ltd., Class A Shares		32,415
3,400	Mango Excellent Media Co., Ltd., Class A Shares		10,520
864	Maxscend Microelectronics Co., Ltd., Class A Shares		8,453
11,300	Meihua Holdings Group Co., Ltd., Class A Shares		16,418
388,443	Meituan, Class B Shares*(b)		6,717,916
36,900	Metallurgical Corp. of China Ltd., Class A Shares		15,008
108,200	Midea Group Co., Ltd., Class A Shares*		1,184,643
9,400	Midea Group Co., Ltd., Class H Shares*(c)		98,308
12,516	MINISO Group Holding Ltd.		53,729
54,000	MINISO Group Holding Ltd., ADR(a)		919,080
1,749	Montage Technology Co., Ltd., Class A Shares		18,536
10,086	Muyuan Foods Co., Ltd., Class A Shares		56,570
16,595	NARI Technology Co., Ltd., Class A Shares		51,120
5,493	National Silicon Industry Group Co., Ltd., Class A Shares		14,080
800	NAURA Technology Group Co., Ltd., Class A Shares		46,470
178,825	NetEase Inc.		4,351,332
5,400	New China Life Insurance Co., Ltd., Class A Shares		37,621
28,000	New China Life Insurance Co., Ltd., Class H Shares(c)		113,374
6,400	New Hope Liuhe Co., Ltd., Class A Shares*		8,512
40,810	New Oriental Education & Technology Group Inc.		193,910
3,400	Ninestar Corp., Class A Shares*		10,183
2,492	Ningbo Deye Technology Co., Ltd., Class A Shares		28,404

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
China - 24.2% - (continued)
2,100	Ningbo Orient Wires & Cables Co., Ltd., Class A Shares	$	13,876
4,500	Ningbo Sanxing Medical Electric Co., Ltd., Class A Shares		13,747
4,160	Ningbo Tuopu Group Co., Ltd., Class A Shares		28,359
10,200	Ningxia Baofeng Energy Group Co., Ltd., Class A Shares		22,661
47,113	NIO Inc., Class A Shares*		166,417
56,000	Nongfu Spring Co., Ltd., Class H Shares(b)(c)		272,792
9,000	OFILM Group Co., Ltd., Class A Shares*		14,674
1,000	Oppein Home Group Inc., Class A Shares		8,548
14,464	Orient Securities Co., Ltd., Class A Shares		18,735
24,800	People’s Insurance Co. Group of China Ltd. (The), Class A Shares		28,428
243,000	People’s Insurance Co. Group of China Ltd. (The), Class H Shares(c)		157,767
21,700	PetroChina Co., Ltd., Class A Shares		24,963
608,000	PetroChina Co., Ltd., Class H Shares(c)		510,605
2,025	Pharmaron Beijing Co., Ltd., Class A Shares		6,705
204,000	PICC Property & Casualty Co., Ltd., Class H Shares(c)		386,595
586,880	Ping An Bank Co., Ltd., Class A Shares		941,743
23,000	Ping An Insurance Group Co. of China Ltd., Class A Shares		169,871
803,500	Ping An Insurance Group Co. of China Ltd., Class H Shares(c)		4,694,867
850	Piotech Inc., Class A Shares		17,351
18,000	Poly Developments & Holdings Group Co., Ltd., Class A Shares		20,294
15,600	Pop Mart International Group Ltd.(b)		435,831
45,300	Postal Savings Bank of China Co., Ltd., Class A Shares		33,513
258,000	Postal Savings Bank of China Co., Ltd., Class H Shares(b)(c)		167,222
22,300	Power Construction Corp. of China Ltd., Class A Shares		14,597
105,900	Proya Cosmetics Co., Ltd., Class A Shares		1,305,097
3,759	Qifu Technology Inc., ADR		154,495
8,300	Qinghai Salt Lake Industry Co., Ltd., Class A Shares*		18,204
4,000	Range Intelligent Computing Technology Group Co., Ltd., Class A Shares		23,833
1,100	Rockchip Electronics Co., Ltd., Class A Shares		21,939
11,850	Rongsheng Petrochemical Co., Ltd., Class A Shares		14,107
11,800	SAIC Motor Corp., Ltd., Class A Shares		26,556
9,500	Sailun Group Co., Ltd., Class A Shares		16,520
6,100	Sanan Optoelectronics Co., Ltd., Class A Shares		10,494
18,900	Sany Heavy Industry Co., Ltd., Class A Shares		49,410
7,247	Satellite Chemical Co., Ltd., Class A Shares*		16,788
20,600	SDIC Capital Co., Ltd., Class A Shares		19,900
14,700	SDIC Power Holdings Co., Ltd., Class A Shares		31,953
2,700	Seres Group Co., Ltd., Class A Shares		50,886
7,700	SF Holding Co., Ltd., Class A Shares		49,205
975	SG Micro Corp., Class A Shares		12,477
16,700	Shaanxi Coal Industry Co., Ltd., Class A Shares		48,384
5,500	Shandong Gold Mining Co., Ltd., Class A Shares		22,904
28,500	Shandong Gold Mining Co., Ltd., Class H Shares(b)(c)		88,822
2,250	Shandong Hualu Hengsheng Chemical Co., Ltd., Class A Shares		6,505
14,900	Shandong Nanshan Aluminum Co., Ltd., Class A Shares		7,758
6,800	Shandong Sun Paper Industry JSC Ltd., Class A Shares		13,290
62,400	Shandong Weigao Group Medical Polymer Co., Ltd., Class H Shares(c)		44,368
1,987	Shanghai Baosight Software Co., Ltd., Class A Shares		6,887
19,197	Shanghai Baosight Software Co., Ltd., Class B Shares		26,535
637	Shanghai BOCHU Electronic Technology Corp., Ltd., Class A Shares		16,667
23,700	Shanghai Electric Group Co., Ltd., Class A Shares*		24,398
4,000	Shanghai Fosun Pharmaceutical Group Co., Ltd., Class A Shares		14,046
2,000	Shanghai International Airport Co., Ltd., Class A Shares		8,970
2,200	Shanghai M&G Stationery Inc., Class A Shares		8,994
2,700	Shanghai Pharmaceuticals Holding Co., Ltd., Class A Shares		6,891
56,200	Shanghai Pudong Development Bank Co., Ltd., Class A Shares		96,191
5,102	Shanghai Putailai New Energy Technology Co., Ltd., Class A Shares		11,095
15,800	Shanghai RAAS Blood Products Co., Ltd., Class A Shares		14,934
19,600	Shanghai Rural Commercial Bank Co., Ltd., Class A Shares		24,377
1,498	Shanghai United Imaging Healthcare Co., Ltd., Class A Shares		28,577
7,100	Shanjin International Gold Co., Ltd., Class A Shares		19,487

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
China - 24.2% - (continued)
6,100	Shanxi Coking Coal Energy Group Co., Ltd., Class A Shares	$	5,098
7,400	Shanxi Lu’an Environmental Energy Development Co., Ltd., Class A Shares		11,033
2,140	Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A Shares		54,687
18,000	Shenergy Co., Ltd., Class A Shares		22,424
4,400	Shengyi Technology Co., Ltd., Class A Shares		16,014
1,638	Shennan Circuits Co., Ltd., Class A Shares		19,158
48,700	Shenwan Hongyuan Group Co., Ltd., Class A Shares		31,930
299,800	Shenzhen Inovance Technology Co., Ltd., Class A Shares*		2,726,177
21,800	Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A Shares		683,578
1,900	Shenzhen New Industries Biomedical Engineering Co., Ltd., Class A Shares		15,824
1,359	Shenzhen Transsion Holdings Co., Ltd., Class A Shares		13,667
24,200	Shenzhou International Group Holdings Ltd.		176,441
12,000	Sichuan Chuantou Energy Co., Ltd., Class A Shares		28,060
4,400	Sichuan Kelun Pharmaceutical Co., Ltd., Class A Shares		23,506
17,860	Sichuan Road & Bridge Group Co., Ltd., Class A Shares		22,958
2,300	Sieyuan Electric Co., Ltd., Class A Shares		22,994
9,000	Silergy Corp		103,326
592,972	Sinopharm Group Co., Ltd., Class H Shares(c)		1,431,804
16,500	Sinotruk Hong Kong Ltd.		41,496
55,000	Smoore International Holdings Ltd.(b)		134,934
2,000	Spring Airlines Co., Ltd., Class A Shares		16,301
3,640	Sungrow Power Supply Co., Ltd., Class A Shares		30,388
20,200	Sunny Optical Technology Group Co., Ltd.*		154,506
2,800	Sunwoda Electronic Co., Ltd., Class A Shares*		7,202
1,653	SUPCON Technology Co., Ltd., Class A Shares		10,065
5,100	Suzhou Dongshan Precision Manufacturing Co., Ltd., Class A Shares		19,858
1,400	Suzhou TFC Optical Communication Co., Ltd., Class A Shares		15,894
63,074	TAL Education Group, ADR*		620,017
8,060	TBEA Co., Ltd., Class A Shares		12,957
20,020	TCL Technology Group Corp., Class A Shares		11,859
4,875	TCL Zhonghuan Renewable Energy Technology Co., Ltd., Class A Shares		5,114
455,531	Tencent Holdings Ltd.		28,713,710
22,113	Tencent Music Entertainment Group, ADR		372,383
4,300	Tianqi Lithium Corp., Class A Shares		17,217
850,000	Tingyi Cayman Islands Holding Corp		1,392,984
31,600	Tongcheng Travel Holdings Ltd		89,276
31,900	Tongling Nonferrous Metals Group Co., Ltd., Class A Shares		14,042
10,300	Tongwei Co., Ltd., Class A Shares		23,297
25,000	TravelSky Technology Ltd., Class H Shares(c)		35,587
6,575	Trina Solar Co., Ltd., Class A Shares		12,235
300	Tsingtao Brewery Co., Ltd., Class A Shares		3,089
18,000	Tsingtao Brewery Co., Ltd., Class H Shares(c)		124,588
979	Unigroup Guoxin Microelectronics Co., Ltd., Class A Shares		8,669
8,160	Unisplendour Corp., Ltd., Class A Shares		27,089
3,400	Victory Giant Technology Huizhou Co., Ltd., Class A Shares		40,562
10,720	Vipshop Holdings Ltd., ADR		147,829
4,700	Wanhua Chemical Group Co., Ltd., Class A Shares		35,372
12,400	Weichai Power Co., Ltd., Class A Shares		25,815
717,200	Weichai Power Co., Ltd., Class H Shares(c)		1,393,905
7,640	Wens Foodstuff Group Co., Ltd., Class A Shares		17,655
8,300	Western Mining Co., Ltd., Class A Shares*		18,212
11,400	Western Securities Co., Ltd., Class A Shares		11,728
2,442	Western Superconducting Technologies Co., Ltd., Class A Shares		16,819
1,620	Will Semiconductor Co., Ltd. Shanghai, Class A Shares		27,987
1,600	Wingtech Technology Co., Ltd., Class A Shares		7,542
2,038	Wuhan Guide Infrared Co., Ltd., Class A Shares*		2,494
6,600	Wuliangye Yibin Co., Ltd., Class A Shares		115,839
6,260	WUS Printed Circuit Kunshan Co., Ltd., Class A Shares		26,941
3,864	WuXi AppTec Co., Ltd., Class A Shares		33,908
8,748	WuXi AppTec Co., Ltd., Class H Shares(b)(c)		76,081
98,000	Wuxi Biologics Cayman Inc.*(b)		309,336

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
China - 24.2% - (continued)
22,000	XCMG Construction Machinery Co., Ltd., Class A Shares	$	25,118
483,600	Xiaomi Corp., Class B Shares*(b)		3,122,845
2,778	Xinjiang Daqo New Energy Co., Ltd., Class A Shares		7,411
112,000	Xinyi Solar Holdings Ltd.		33,858
36,422	XPeng Inc., Class A Shares*		351,554
42,000	Yadea Group Holdings Ltd.(b)		64,004
10,660	Yankuang Energy Group Co., Ltd., Class A Shares		19,046
96,700	Yankuang Energy Group Co., Ltd., Class H Shares(c)		114,399
3,700	Yantai Jereh Oilfield Services Group Co., Ltd., Class A Shares		17,673
1,470	Yealink Network Technology Corp., Ltd., Class A Shares		6,887
3,480	Yifeng Pharmacy Chain Co., Ltd., Class A Shares		12,589
5,300	Yihai Kerry Arawana Holdings Co., Ltd., Class A Shares		22,277
5,330	Yonyou Network Technology Co., Ltd., Class A Shares*		9,608
8,200	YTO Express Group Co., Ltd., Class A Shares		15,005
10,987	Yum China Holdings Inc.		479,583
7,900	Yunnan Aluminium Co., Ltd., Class A Shares		16,019
5,000	Yunnan Baiyao Group Co., Ltd., Class A Shares		39,200
1,300	Yunnan Energy New Material Co., Ltd., Class A Shares		5,016
7,400	Yunnan Yuntianhua Co., Ltd., Class A Shares		22,362
6,100	Yutong Bus Co., Ltd., Class A Shares		20,932
4,000	Zangge Mining Co., Ltd., Class A Shares		20,077
1,600	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd., Class A Shares		45,319
49,000	Zhaojin Mining Industry Co., Ltd., Class H Shares(c)		123,778
2,100	Zhejiang Chint Electrics Co., Ltd., Class A Shares		6,371
6,400	Zhejiang Dahua Technology Co., Ltd., Class A Shares		13,485
61,680	Zhejiang Expressway Co., Ltd., Class H Shares(c)		48,766
2,158	Zhejiang Huayou Cobalt Co., Ltd., Class A Shares		10,010
1,900	Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., Class A Shares		7,099
5,900	Zhejiang Juhua Co., Ltd., Class A Shares		21,705
14,782	Zhejiang Leapmotor Technology Co., Ltd.*(b)		103,713
7,200	Zhejiang NHU Co., Ltd., Class A Shares		21,876
5,500	Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A Shares		19,749
7,000	Zhejiang Wanfeng Auto Wheel Co., Ltd., Class A Shares		15,680
23,800	Zhejiang Zheneng Electric Power Co., Ltd., Class A Shares		17,675
7,900	Zheshang Securities Co., Ltd., Class A Shares		11,451
1,820	Zhongji Innolight Co., Ltd., Class A Shares		23,662
11,600	Zhongjin Gold Corp., Ltd., Class A Shares		22,455
28,500	Zhongsheng Group Holdings Ltd.		42,645
2,300	Zhongtai Securities Co., Ltd., Class A Shares		1,941
7,397	Zhuzhou CRRC Times Electric Co., Ltd., Class A Shares		44,981
11,200	Zhuzhou CRRC Times Electric Co., Ltd., Class H Shares(c)		47,571
33,400	Zijin Mining Group Co., Ltd., Class A Shares		82,118
164,000	Zijin Mining Group Co., Ltd., Class H Shares(c)		365,276
13,200	Zoomlion Heavy Industry Science & Technology Co., Ltd., Class A Shares		13,042
3,100	ZTE Corp., Class A Shares		13,331
18,000	ZTE Corp., Class H Shares(c)		50,208
12,405	ZTO Express Cayman Inc.		218,838

	Total China		141,376,886

Colombia - 0.0%@
6,956	Grupo Cibest SA		81,697
12,422	Interconexion Electrica SA ESP		57,760

	Total Colombia		139,457

Cyprus - 0.0%@
2,925	TCS Group Holding PLC, Class Registered Shares, GDR*(d)#		–

Czech Republic - 0.1%
4,692	CEZ AS		258,266
2,012	Komercni Banka AS		92,929
10,147	Moneta Money Bank AS(b)		66,231

	Total Czech Republic		417,426

Egypt - 0.2%
55,480	Commercial International Bank - Egypt (CIB)		92,374

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
Egypt - 0.2% - (continued)
819,550	Commercial International Bank - Egypt (CIB), Class Registered Shares, GDR	$	1,311,467
30,598	Eastern Co. SAE		20,507

	Total Egypt		1,424,348

Greece - 1.1%
75,290	Alpha Services & Holdings SA		242,329
380,102	Eurobank Ergasias Services & Holdings SA		1,172,582
1,594	FF Group*(d)#		–
4,184	Hellenic Telecommunications Organization SA		80,771
3,520	JUMBO SA		114,461
15,879	Metlen Energy & Metals SA		806,795
136,102	National Bank of Greece SA		1,624,597
32,494	OPAP SA		699,931
217,101	Piraeus Financial Holdings SA		1,449,657
5,371	Public Power Corp. SA		82,088

	Total Greece		6,273,211

Hong Kong - 1.3%
273,400	AIA Group Ltd.		2,270,107
164,000	Alibaba Health Information Technology Ltd.*(a)		93,869
11,000	Beijing Enterprises Holdings Ltd.		46,060
78,000	Beijing Enterprises Water Group Ltd.		25,587
110,000	Bosideng International Holdings Ltd.		61,500
28,000	C&D International Investment Group Ltd.		50,021
64,800	China Gas Holdings Ltd.		58,969
809,000	China Medical System Holdings Ltd.		1,102,442
29,538	China Merchants Port Holdings Co., Ltd.		56,828
110,500	China Overseas Land & Investment Ltd.		185,202
131,000	China Power International Development Ltd.		53,466
46,500	China Resources Beer Holdings Co., Ltd.		146,869
27,600	China Resources Gas Group Ltd.		73,125
87,000	China Resources Land Ltd.		282,683
64,000	China Resources Power Holdings Co., Ltd.		165,900
208,000	China Ruyi Holdings Ltd.*		54,088
58,000	China State Construction International Holdings Ltd.		81,530
35,800	China Taiping Insurance Holdings Co., Ltd.		54,546
51,000	Chow Tai Fook Jewellery Group Ltd.		72,060
50,000	Far East Horizon Ltd.		38,645
165,000	Galaxy Entertainment Group Ltd		697,936
707,000	GCL Technology Holdings Ltd.*		73,955
175,000	Geely Automobile Holdings Ltd.		390,181
96,000	Guangdong Investment Ltd.		77,940
116,000	Kunlun Energy Co., Ltd.		115,645
5,000	Orient Overseas International Ltd.		85,607
297,750	Sino Biopharmaceutical Ltd.		167,743
1,495,000	Want Want China Holdings Ltd.		960,081

	Total Hong Kong		7,542,585

Hungary - 0.9%
125,718	MOL Hungarian Oil & Gas PLC*		1,087,784
52,646	OTP Bank Nyrt		3,996,279
3,969	Richter Gedeon Nyrt		115,552

	Total Hungary		5,199,615

India - 18.2%
1,569	ABB India Ltd.		109,596
4,372	Adani Enterprises Ltd.		128,859
14,607	Adani Ports & Special Economic Zone Ltd.		244,821
19,316	Adani Power Ltd.*		122,874
355,000	Aditya Birla Capital Ltd.*		921,853
1,166	Alkem Laboratories Ltd.		69,476
14,916	Ambuja Cements Ltd.		96,569
4,996	APL Apollo Tubes Ltd.		105,872
52,394	Apollo Hospitals Enterprise Ltd.		4,219,006
39,500	Ashok Leyland Ltd.		109,086

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
India - 18.2% - (continued)
10,900	Asian Paints Ltd.	$	287,830
3,407	Astral Ltd.		59,862
10,537	AU Small Finance Bank Ltd.(b)		85,536
7,814	Aurobindo Pharma Ltd.*		104,987
4,548	Avenue Supermarts Ltd.*(b)		212,765
116,994	Axis Bank Ltd.		1,628,477
1,870	Bajaj Auto Ltd.		188,090
8,048	Bajaj Finance Ltd.		860,512
10,904	Bajaj Finserv Ltd.		257,295
806	Bajaj Holdings & Investment Ltd.		126,456
2,232	Balkrishna Industries Ltd.		64,473
28,101	Bank of Baroda		82,318
102,639	Bharat Electronics Ltd.		461,770
7,210	Bharat Forge Ltd.		104,514
26,158	Bharat Heavy Electricals Ltd.		79,590
41,676	Bharat Petroleum Corp., Ltd.		154,764
74,057	Bharti Airtel Ltd.		1,606,763
198	Bosch Ltd.		72,677
3,124	Britannia Industries Ltd.		200,560
3,360	BSE Ltd.		105,531
47,609	Canara Bank		63,907
18,240	CG Power & Industrial Solutions Ltd.		145,733
92,701	Cholamandalam Investment & Finance Co., Ltd.		1,734,241
15,646	Cipla Ltd.		267,996
53,365	Coal India Ltd.		248,012
4,130	Colgate-Palmolive India Ltd.		118,563
6,095	Container Corp. Of India Ltd.		55,925
3,103	Coromandel International Ltd.		83,064
4,282	Cummins India Ltd.		163,677
16,912	Dabur India Ltd.		95,525
130,000	Delhivery Ltd.*		545,182
3,468	Divi’s Laboratories Ltd.		267,990
1,017	Dixon Technologies India Ltd.		174,760
20,976	DLF Ltd.		195,486
17,745	Dr Reddy’s Laboratories Ltd.		259,478
3,935	Eicher Motors Ltd.		246,076
139,483	Eternal Ltd.*		388,368
20,203	FSN E-Commerce Ventures Ltd.*		48,015
61,646	GAIL India Ltd.		136,869
94,009	GMR Airports Ltd.*		92,454
12,040	Godrej Consumer Products Ltd.		173,281
4,526	Godrej Properties Ltd.*		118,789
8,058	Grasim Industries Ltd.		238,829
7,976	Havells India Ltd.		142,430
27,685	HCL Technologies Ltd.		529,961
2,494	HDFC Asset Management Co., Ltd.(b)		139,799
216,895	HDFC Bank Ltd.*		4,924,106
140,153	HDFC Bank Ltd., ADR		10,566,135
27,988	HDFC Life Insurance Co., Ltd.(b)		254,318
3,472	Hero MotoCorp Ltd.		174,996
39,027	Hindalco Industries Ltd.		289,210
5,612	Hindustan Aeronautics Ltd.		326,536
25,257	Hindustan Petroleum Corp., Ltd.		121,427
23,786	Hindustan Unilever Ltd.		653,007
4,546	Hyundai Motor India Ltd.*		98,152
152,134	ICICI Bank Ltd.		2,582,716
202,725	ICICI Bank Ltd., ADR		6,941,304
7,010	ICICI Lombard General Insurance Co., Ltd.(b)		153,657
10,058	ICICI Prudential Life Insurance Co., Ltd.(b)		77,920
119,973	IDFC First Bank Ltd.*		95,386
23,869	Indian Hotels Co., Ltd. (The), Class A Shares		214,415

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
India - 18.2% - (continued)
75,308	Indian Oil Corp., Ltd.	$	125,052
7,982	Indian Railway Catering & Tourism Corp., Ltd.		70,671
446,537	Indus Towers Ltd.*		2,006,358
16,128	IndusInd Bank Ltd.		154,765
9,925	Info Edge India Ltd.		165,737
95,970	Infosys Ltd.		1,754,266
5,671	InterGlobe Aviation Ltd.*(b)		353,538
88,487	ITC Ltd.		432,433
8,783	Jindal Stainless Ltd.		66,247
11,170	Jindal Steel & Power Ltd.		123,784
454,575	Jio Financial Services Ltd.*		1,524,226
12,171	JSW Energy Ltd.*		69,547
17,171	JSW Steel Ltd.		199,552
11,798	Jubilant Foodworks Ltd.		90,494
11,490	Kalyan Jewellers India Ltd.		75,314
21,500	KEI Industries Ltd.		907,902
153,184	Kotak Mahindra Bank Ltd.		3,721,630
33,967	Larsen & Toubro Ltd.		1,460,017
422,000	Lemon Tree Hotels Ltd.*(b)		689,245
2,225	LTIMindtree Ltd.(b)		131,929
6,483	Lupin Ltd.		148,302
8,287	Macrotech Developers Ltd.(b)		138,003
118,616	Mahindra & Mahindra Ltd.		4,121,780
11,851	MakeMyTrip Ltd.*		1,204,417
3,608	Mankind Pharma Ltd.*		103,970
14,859	Marico Ltd.		124,409
3,672	Maruti Suzuki India Ltd.		529,686
22,101	Max Healthcare Institute Ltd.		291,940
3,048	Mphasis Ltd.		91,247
71	MRF Ltd.		115,297
3,203	Muthoot Finance Ltd.		83,003
9,749	Nestle India Ltd.		272,795
103,946	NHPC Ltd.		106,284
106,309	NMDC Ltd.		88,506
126,785	NTPC Ltd.		495,173
78,545	Oberoi Realty Ltd.		1,596,986
92,535	Oil & Natural Gas Corp., Ltd.		258,895
13,625	Oil India Ltd.		68,056
553	Oracle Financial Services Software Ltd.		54,737
185	Page Industries Ltd.		99,892
10,276	PB Fintech Ltd.*		210,140
3,171	Persistent Systems Ltd.		209,148
23,014	Petronet LNG Ltd.		82,818
118,085	Phoenix Mills Ltd. (The)		2,128,554
2,152	PI Industries Ltd.		96,162
4,399	Pidilite Industries Ltd.		159,782
1,425	Polycab India Ltd.		99,849
42,380	Power Finance Corp., Ltd.		201,598
134,393	Power Grid Corp. of India Ltd.		455,404
6,043	Prestige Estates Projects Ltd.		103,837
76,677	Punjab National Bank		94,883
12,011	Rail Vikas Nigam Ltd.		56,999
37,082	REC Ltd.		174,543
676,569	Reliance Industries Ltd.		11,243,655
88,201	Samvardhana Motherson International Ltd.		157,563
10,224	SBI Cards & Payment Services Ltd.		110,137
12,752	SBI Life Insurance Co., Ltd.(b)		270,293
275	Shree Cement Ltd.		95,494
42,216	Shriram Finance Ltd.		315,714
2,571	Siemens Energy India Ltd.*(h)		74,497
2,571	Siemens Ltd.		97,937

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
India - 18.2% - (continued)
790	Solar Industries India Ltd.	$	148,280
12,906	Sona Blw Precision Forgings Ltd.(b)		82,130
3,892	SRF Ltd.		130,135
52,302	State Bank of India		496,885
27,062	Sun Pharmaceutical Industries Ltd.		529,787
2,112	Sundaram Finance Ltd.		126,802
1,866	Supreme Industries Ltd.		90,503
288,923	Suzlon Energy Ltd.*		241,660
3,941	Tata Communications Ltd.		77,266
95,841	Tata Consultancy Services Ltd		3,882,532
16,854	Tata Consumer Products Ltd.		218,480
865	Tata Elxsi Ltd.		65,151
59,203	Tata Motors Ltd.		498,316
44,189	Tata Power Co., Ltd. (The)		203,038
223,618	Tata Steel Ltd.		421,243
14,873	Tech Mahindra Ltd.		273,661
1,209	Thermax Ltd.		48,098
114,056	Titan Co., Ltd.		4,735,372
3,612	Torrent Pharmaceuticals Ltd.		133,842
5,829	Torrent Power Ltd.		93,688
5,334	Trent Ltd.*		350,611
3,306	Tube Investments of India Ltd.		118,423
6,684	TVS Motor Co., Ltd.		218,472
22,782	UltraTech Cement Ltd.		2,986,888
37,122	Union Bank of India Ltd.		63,832
9,159	United Spirits Ltd.		163,793
156,978	UPL Ltd.		1,153,785
37,839	Varun Beverages Ltd.		210,472
41,844	Vedanta Ltd.		213,198
683,511	Vodafone Idea Ltd.*		55,325
7,259	Voltas Ltd.		106,537
72,562	Wipro Ltd.		211,929
394,970	Yes Bank Ltd.*		99,245
7,268	Zydus Lifesciences Ltd.		78,655

	Total India		106,103,603

Indonesia - 1.8%
401,700	Alamtri Resources Indonesia Tbk PT		54,220
170,900	Amman Mineral Internasional PT*		72,386
3,469,200	Astra International Tbk PT		1,032,557
1,602,700	Bank Central Asia Tbk PT		922,443
4,467,448	Bank Mandiri Persero Tbk PT		1,451,675
4,983,800	Bank Negara Indonesia Persero Tbk PT		1,368,847
11,552,424	Bank Rakyat Indonesia Persero Tbk PT		3,144,202
560,447	Barito Pacific Tbk PT		43,213
177,900	Chandra Asri Pacific Tbk PT*		101,867
243,100	Charoen Pokphand Indonesia Tbk PT		72,063
27,884,300	GoTo Gojek Tokopedia Tbk PT, Class A Shares*		109,208
74,900	Indofood CBP Sukses Makmur Tbk PT		50,059
162,900	Indofood Sukses Makmur Tbk PT		78,640
727,000	Kalbe Farma Tbk PT*		67,502
564,000	Sumber Alfaria Trijaya Tbk PT*		84,143
1,379,687	Telkom Indonesia Persero Tbk PT*		238,371
64,001	Telkom Indonesia Persero Tbk PT, ADR*		1,097,617
421,300	United Tractors Tbk PT		579,123

	Total Indonesia		10,568,136

Ireland - 0.5%
31,965	PDD Holdings Inc., ADR*		3,084,942

Kazakhstan - 0.3%
24,000	Kaspi.KZ JSC, ADR		1,914,360

Kuwait - 0.3%
45,974	Boubyan Bank KSCP		100,749

100

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
Kuwait - 0.3% - (continued)
51,115	Gulf Bank KSCP	$	55,699
319,529	Kuwait Finance House KSCP		781,262
31,451	Mabanee Co., KPSC		85,908
62,567	Mobile Telecommunications Co., KSCP		97,122
239,956	National Bank of Kuwait SAKP		748,764

	Total Kuwait		1,869,504

Luxembourg - 0.3%
7,411	Globant SA*(a)		726,945
4,054	Reinet Investments SCA		110,014
21,284	Ternium SA, ADR		582,756
8,392	Zabka Group SA*		50,719

	Total Luxembourg		1,470,434

Malaysia - 0.5%
66,500	AMMB Holdings Bhd		81,878
59,300	Axiata Group Bhd		28,565
114,300	CELCOMDIGI BHD		99,754
225,207	CIMB Group Holdings Bhd		364,493
135,700	Gamuda Bhd		145,741
74,000	Genting Bhd		52,165
15,800	Hong Leong Bank Bhd		72,687
64,800	IHH Healthcare Bhd		105,048
56,900	IOI Corp. Bhd		48,127
16,400	Kuala Lumpur Kepong Bhd		74,964
157,209	Malayan Banking Bhd		360,195
57,900	Maxis Bhd		48,022
66,300	MISC Bhd		116,955
103,300	MR DIY Group M Bhd(b)		38,351
3,100	Nestle Malaysia Bhd		57,203
72,100	Petronas Chemicals Group Bhd		57,947
8,600	Petronas Dagangan Bhd		39,750
23,900	Petronas Gas Bhd		100,851
18,200	PPB Group Bhd		48,114
115,400	Press Metal Aluminium Holdings Bhd		135,934
405,500	Public Bank Bhd		410,643
47,250	QL Resources Bhd		49,920
38,400	RHB Bank Bhd		57,833
56,800	SD Guthrie Bhd		59,650
77,600	Sime Darby Bhd		30,996
81,500	Sunway Bhd		90,966
31,400	Telekom Malaysia Bhd		48,177
81,000	Tenaga Nasional Bhd		266,449
82,800	YTL Corp. Bhd		35,415
61,300	YTL Power International Bhd		46,101

	Total Malaysia		3,172,894

Mexico - 2.9%
109,459	Alfa SAB de CV, Class A Shares		85,329
67,295	America Movil SAB de CV, ADR		1,137,286
577,096	America Movil SAB de CV, Series B		486,471
16,111	Arca Continental SAB de CV		177,342
21,000	BBB Foods Inc., Class A Shares*		606,060
134,493	Cemex SAB de CV, ADR		921,277
14,849	Coca-Cola Femsa SAB de CV		140,391
75,717	Fibra Uno Administracion SA de CV, REIT		105,870
51,181	Fomento Economico Mexicano SAB de CV		543,717
5,792	Gruma SAB de CV, Class B Shares		108,982
7,753	Grupo Aeroportuario del Centro Norte SAB de CV, Class B Shares		95,802
5,393	Grupo Aeroportuario del Pacifico SAB de CV, ADR		1,238,934
10,998	Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares		252,708
5,233	Grupo Aeroportuario del Sureste SAB de CV, Class B Shares		167,942
34,834	Grupo Bimbo SAB de CV, Series A		97,430
18,121	Grupo Carso SAB de CV, Series A1		115,224

101

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
Mexico - 2.9% - (continued)
10,056	Grupo Comercial Chedraui SA de CV	$	73,622
498,975	Grupo Financiero Banorte SAB de CV, Class O Shares		4,425,363
55,152	Grupo Financiero Inbursa SAB de CV, Class O Shares		139,047
226,760	Grupo México SAB de CV, Series B		1,253,059
5,497	Industrias Peñoles SAB de CV*		116,054
486,757	Kimberly-Clark de México SAB de CV, Class A Shares		868,319
28,252	Prologis Property Mexico SA de CV, REIT		107,788
5,386	Promotora y Operadora de Infraestructura SAB de CV		60,675
5,595	Qualitas Controladora SAB de CV		60,003
151,000	Regional SAB de CV		1,174,237
709,788	Wal-Mart de Mexico SAB de CV		2,318,283

	Total Mexico		16,877,215

Netherlands - 0.5%
16,911	NEPI Rockcastle NV*		130,058
50,000	Prosus NV*		2,570,978

	Total Netherlands		2,701,036

Peru - 0.3%
4,250	Cia de Minas Buenaventura SAA, ADR		63,665
7,499	Credicorp Ltd.		1,588,363

	Total Peru		1,652,028

Philippines - 0.7%
7,250	Ayala Corp.		75,482
939,160	Ayala Land Inc.		387,865
62,306	Bank of the Philippine Islands		154,314
68,164	BDO Unibank Inc.		194,838
382,760	International Container Terminal Services Inc.		2,823,306
14,290	Jollibee Foods Corp.		57,236
9,080	Manila Electric Co.		89,679
55,726	Metropolitan Bank & Trust Co.		73,499
2,295	PLDT Inc.		50,033
6,120	SM Investments Corp.		91,617
259,400	SM Prime Holdings Inc.		104,896

	Total Philippines		4,102,765

Poland - 1.2%
16,220	Allegro.eu SA*(b)		149,363
5,322	Bank Polska Kasa Opieki SA		262,373
324	Budimex SA*		54,001
397	CCC SA*		23,166
1,723	CD Projekt SA		102,157
10,200	Diagnostyka SA*		460,076
1,507	Dino Polska SA*(b)		221,361
77,500	InPost SA*		1,274,902
4,925	KGHM Polska Miedz SA		161,895
30	LPP SA		115,667
371	mBank SA*		81,355
17,948	ORLEN SA		352,796
32,962	PGE Polska Grupa Energetyczna SA*		82,284
169,795	Powszechna Kasa Oszczednosci Bank Polski SA		3,418,172
17,818	Powszechny Zaklad Ubezpieczen SA		291,446
1,070	Santander Bank Polska SA		143,246

	Total Poland		7,194,260

Qatar - 0.3%
185,855	Al Rayan Bank		114,236
58,133	Barwa Real Estate Co.		45,912
87,760	Commercial Bank PSQC (The)		110,579
50,646	Dukhan Bank		49,973
44,158	Industries Qatar QSC		143,261
113,710	Mesaieed Petrochemical Holding Co.		41,534
19,838	Ooredoo QPSC		67,131
14,392	Qatar Electricity & Water Co. QSC		62,521
16,292	Qatar Fuel QSC		66,962

102

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
Qatar - 0.3% - (continued)
82,215	Qatar Gas Transport Co., Ltd.	$	107,994
35,539	Qatar International Islamic Bank QSC		102,224
49,366	Qatar Islamic Bank QPSC		286,242
133,971	Qatar National Bank QPSC		621,736

	Total Qatar		1,820,305

Russia - 0.0%@
64,081	Alrosa PJSC(d)#		641
24,130	Mobile TeleSystems PJSC(d)#		241
135,663	Mobile TeleSystems PJSC, ADR*(d)#		1,357
39,065	Moscow Exchange MICEX-RTS PJSC(d)#		391
1,593	Ozon Holdings PLC, ADR*(d)#		–
19	PhosAgro PJSC, Class Registered Shares, GDR*(d)#		–
8,690	Polyus PJSC*(d)#		87
28,885	Rosneft Oil Co. PJSC(d)#		289
891,342	Sberbank of Russia PJSC, (Cost - $1,699,436, acquired 8/10/15)(d)(e)#		8,913
5,523	Severstal PAO(d)#		55
88,972	United Co. RUSAL International PJSC*(d)#		12
2,330	VK IPJSC, GDR*(d)#		–
12,017	VTB Bank PJSC(d)#		2
3,377	X5 Retail Group NV, Class Registered Shares, GDR*(d)#		–

	Total Russia		11,988

Saudi Arabia - 3.0%
4,239	ACWA Power Co.*		292,056
8,788	Ades Holding Co.		32,708
225,948	Al Rajhi Bank		5,497,655
870	Al Rajhi Co. for Co.-operative Insurance*		26,279
35,531	Alinma Bank		245,438
14,157	Almarai Co. JSC		193,306
25,374	Arab National Bank		146,187
773	Arabian Internet & Communications Services Co.		53,896
21,510	Bank AlBilad		148,548
18,653	Bank Al-Jazira*		63,427
36,408	Banque Saudi Fransi		167,216
2,413	Bupa Arabia for Cooperative Insurance Co.		107,849
1,876	Co. for Cooperative Insurance (The)		69,115
891	Dallah Healthcare Co.		28,119
15,526	Dar Al Arkan Real Estate Development Co.*		82,771
36,317	Dr Sulaiman Al Habib Medical Services Group Co.		2,530,383
700	Elm Co.		190,050
108,508	Etihad Etisalat Co.		1,713,485
5,255	Jabal Omar Development Co.*(d)		30,088
15,972	Jarir Marketing Co.		54,711
855	Makkah Construction & Development Co.(d)		22,013
3,443	Mouwasat Medical Services Co.		66,845
1,521	Nahdi Medical Co.		49,399
43,029	Riyad Bank		332,427
6,876	SABIC Agri-Nutrients Co.		175,347
8,982	Sahara International Petrochemical Co.		45,263
809	SAL Saudi Logistics Services		38,426
38,453	Saudi Arabian Mining Co.*		521,479
167,798	Saudi Arabian Oil Co.(b)		1,118,309
1,248	Saudi Aramco Base Oil Co.		33,084
29,646	Saudi Awwal Bank		266,117
25,470	Saudi Basic Industries Corp.		377,386
25,347	Saudi Electricity Co.		95,597
7,851	Saudi Industrial Investment Group(h)		34,553
18,780	Saudi Investment Bank (The)		74,034
27,334	Saudi Kayan Petrochemical Co.*		36,598
136,939	Saudi National Bank (The)		1,269,906
874	Saudi Research & Media Group*		33,278
1,501	Saudi Tadawul Group Holding Co.		70,184

103

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
Saudi Arabia - 3.0% - (continued)
57,782	Saudi Telecom Co.	$	644,655
36,000	United International Transportation Co.		678,670
8,700	Yanbu National Petrochemical Co.		69,023

	Total Saudi Arabia		17,725,880

Singapore - 0.8%
84,300	ASMPT Ltd.		568,871
4,800	BOC Aviation Ltd.(b)		38,694
104,000	Grab Holdings Ltd., Class A Shares*		506,480
17,864	Trip.com Group Ltd.		1,123,132
35,148	Trip.com Group Ltd., ADR		2,202,022

	Total Singapore		4,439,199

South Africa - 3.2%
24,155	Absa Group Ltd.		233,705
10,171	Aspen Pharmacare Holdings Ltd.		68,789
9,385	Bid Corp., Ltd.		249,041
81,241	Bidvest Group Ltd.		1,104,015
20,833	Capitec Bank Holdings Ltd.		4,007,053
89,428	Clicks Group Ltd.		1,924,048
15,366	Discovery Ltd.		186,957
147,491	FirstRand Ltd.		613,235
25,858	Gold Fields Ltd.		585,307
16,967	Harmony Gold Mining Co., Ltd.		245,231
26,021	Impala Platinum Holdings Ltd.*		187,792
1,524	Kumba Iron Ore Ltd.		24,985
741,945	Life Healthcare Group Holdings Ltd.		592,189
48,230	MTN Group Ltd.		335,203
4,899	Naspers Ltd., Class N Shares		1,412,721
104,444	Nedbank Group Ltd.		1,485,406
139,431	Old Mutual Ltd.		90,883
23,929	OUTsurance Group Ltd.		101,069
74,307	Pepkor Holdings Ltd.(b)		120,649
14,376	Remgro Ltd.		127,914
287,305	Sanlam Ltd.		1,416,384
17,899	Sasol Ltd.*		81,294
15,414	Shoprite Holdings Ltd.		251,020
135,136	Standard Bank Group Ltd.		1,759,776
2,586	Valterra Platinum Ltd.		101,382
179,957	Vodacom Group Ltd.		1,381,992
28,189	Woolworths Holdings Ltd.		91,834

	Total South Africa		18,779,874

South Korea - 8.4%
1,173	Alteogen Inc.*		278,793
963	Amorepacific Corp.		93,217
4,443	Celltrion Inc.		517,872
255	CJ CheilJedang Corp.		42,735
15,896	Coway Co., Ltd.		1,021,410
1,381	DB Insurance Co., Ltd.		100,478
1,233	Doosan Bobcat Inc.		41,832
12,898	Doosan Enerbility Co., Ltd.*		376,878
1,334	Ecopro BM Co., Ltd.*		86,029
2,991	Ecopro Co., Ltd.		92,082
8,489	Hana Financial Group Inc.		446,802
699	Hanjin Kal Corp.		71,527
1,886	Hankook Tire & Technology Co., Ltd.		52,431
1,096	Hanmi Semiconductor Co., Ltd.		63,822
922	Hanwha Aerospace Co., Ltd.		542,256
2,735	Hanwha Ocean Co., Ltd.*		154,458
1,441	Hanwha Systems Co., Ltd.		47,350
1,100	HD Hyundai Co., Ltd.		88,949
667	HD Hyundai Electric Co., Ltd.		183,080
669	HD Hyundai Heavy Industries Co., Ltd.		196,403

104

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
South Korea - 8.4% - (continued)
1,254	HD Korea Shipbuilding & Offshore Engineering Co., Ltd.	$	287,867
3,423	HLB Inc.*		134,745
7,877	HMM Co., Ltd.		121,472
734	HYBE Co., Ltd.*		141,345
1,125	Hyundai Glovis Co., Ltd.		92,363
5,735	Hyundai Mobis Co., Ltd.		1,050,476
4,124	Hyundai Motor Co.		549,962
2,128	Hyundai Rotem Co., Ltd.		225,560
7,385	Industrial Bank of Korea		84,143
8,967	Kakao Corp.		277,205
5,216	KakaoBank Corp.		88,902
35,241	KB Financial Group Inc.		2,648,674
18,134	Kia Corp.		1,166,857
2,324	Korea Aerospace Industries Ltd.		140,664
7,152	Korea Electric Power Corp.		157,247
1,350	Korea Investment Holdings Co., Ltd.		105,553
147	Korea Zinc Co., Ltd.		77,794
4,872	Korean Air Lines Co., Ltd.		79,032
800	Krafton Inc.*		213,409
25,138	KT Corp.		923,505
10,645	KT&G Corp.		923,318
1,415	LG Chem Ltd.		202,428
2,541	LG Corp.		130,606
7,553	LG Display Co., Ltd.*		47,085
2,815	LG Electronics Inc.		144,910
1,318	LG Energy Solution Ltd.*		271,396
218	LG H&H Co., Ltd.		51,410
336	LG Innotek Co., Ltd.		35,113
8,928	LG Uplus Corp.		82,619
400	LS Electric Co., Ltd.		72,549
2,851	Meritz Financial Group Inc.		230,551
5,672	Mirae Asset Securities Co., Ltd.		63,854
4,031	NAVER Corp.		546,487
3,575	NH Investment & Securities Co., Ltd.		44,616
638	Orion Corp.		50,991
831	POSCO Future M Co., Ltd.*		69,701
2,083	POSCO Holdings Inc.		378,660
1,191	Posco International Corp.		42,360
1,417	Samsung Biologics Co., Ltd.*(b)		1,058,201
2,522	Samsung C&T Corp.		272,564
1,588	Samsung Electro-Mechanics Co., Ltd.		140,506
326,804	Samsung Electronics Co., Ltd.		13,298,358
871	Samsung Fire & Marine Insurance Co., Ltd.		255,479
17,567	Samsung Heavy Industries Co., Ltd.*		214,055
2,330	Samsung Life Insurance Co., Ltd.		166,541
1,875	Samsung SDI Co., Ltd.		228,360
1,283	Samsung SDS Co., Ltd.		120,769
44	Samyang Foods Co., Ltd.*		35,381
115,839	Shinhan Financial Group Co., Ltd.		4,840,579
946	SK Biopharmaceuticals Co., Ltd.*		63,374
73,761	SK Hynix Inc.		10,925,015
1,081	SK Inc.		128,114
2,022	SK Innovation Co., Ltd.		131,030
2,816	SK Square Co., Ltd.*		234,130
2,136	SK Telecom Co., Ltd.		79,646
436	SKC Co., Ltd.*		27,913
1,576	S-Oil Corp.		61,849
18,929	Woori Financial Group Inc.		264,053
1,615	Yuhan Corp.		121,369

	Total South Korea		49,121,119

105

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
Taiwan - 16.0%
14,000	Accton Technology Corp.	$	343,218
80,000	Acer Inc.		91,892
12,753	Advantech Co., Ltd.		144,316
4,139	Airtac International Group		127,196
2,000	Alchip Technologies Ltd.		184,376
426,498	ASE Technology Holding Co., Ltd.		1,960,814
59,000	Asia Cement Corp.		81,851
9,000	Asia Vital Components Co., Ltd.		183,137
20,000	Asustek Computer Inc.		413,506
163,800	AUO Corp.*		69,561
16,000	Catcher Technology Co., Ltd.		111,230
277,550	Cathay Financial Holding Co., Ltd.		549,444
47,048	Chailease Holding Co., Ltd.		189,371
174,630	Chang Hwa Commercial Bank Ltd.		105,759
49,000	Cheng Shin Rubber Industry Co., Ltd.		82,572
71,000	China Airlines Ltd.		52,076
331,000	China Steel Corp.		216,349
88,000	Chroma ATE Inc.		975,146
106,000	Chunghwa Telecom Co., Ltd.		457,104
117,000	Compal Electronics Inc.		111,582
484,880	CTBC Financial Holding Co., Ltd.		656,005
211,000	Delta Electronics Inc.		2,602,760
24,000	E Ink Holdings Inc.		168,063
415,794	E.Sun Financial Holding Co., Ltd.		410,538
6,100	Eclat Textile Co., Ltd.*		87,075
8,000	Elite Material Co., Ltd.		197,355
2,000	eMemory Technology Inc.		158,673
80,000	Eva Airways Corp.		108,165
30,791	Evergreen Marine Corp. Taiwan Ltd.		249,797
89,000	Far Eastern New Century Corp.		97,043
53,000	Far EasTone Telecommunications Co., Ltd.		152,190
12,230	Feng TAY Enterprise Co., Ltd.		49,124
313,048	First Financial Holding Co., Ltd.		280,575
116,000	Formosa Chemicals & Fibre Corp.		92,061
114,000	Formosa Plastics Corp.		131,088
5,300	Fortune Electric Co., Ltd.		80,105
237,781	Fubon Financial Holding Co., Ltd.		627,142
15,000	Gigabyte Technology Co., Ltd.		136,240
3,000	Global Unichip Corp.		115,091
70,000	Globalwafers Co., Ltd.		727,176
361,480	Hon Hai Precision Industry Co., Ltd.		1,855,166
9,140	Hotai Motor Co., Ltd.		192,883
244,111	Hua Nan Financial Holdings Co., Ltd.		212,677
190,164	Innolux Corp.		76,796
8,000	International Games System Co., Ltd.		222,576
72,000	Inventec Corp.		100,174
3,000	Jentech Precision Industrial Co., Ltd.		133,656
435,112	KGI Financial Holding Co., Ltd.		249,284
3,541	Largan Precision Co., Ltd.		271,266
59,264	Lite-On Technology Corp., ADR		199,062
3,000	Lotes Co., Ltd.		129,586
141,000	MediaTek Inc.		5,854,537
330,889	Mega Financial Holding Co., Ltd.		435,116
22,000	Micro-Star International Co., Ltd.		103,557
139,000	Nan Ya Plastics Corp.		131,997
5,000	Nien Made Enterprise Co., Ltd.		71,843
83,000	Novatek Microelectronics Corp.		1,417,625
59,000	Pegatron Corp.		163,965
7,000	PharmaEssentia Corp.*		115,892
63,000	Pou Chen Corp.		65,086
42,224	Poya International Co., Ltd.		703,933

106

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
Taiwan - 16.0% - (continued)
15,539	President Chain Store Corp.	$	131,753
424,000	Quanta Computer Inc.*		3,792,121
15,000	Realtek Semiconductor Corp.		268,757
56,000	Ruentex Development Co., Ltd.		55,588
114,598	Shanghai Commercial & Savings Bank Ltd. (The)		176,864
420,614	Shin Kong Financial Holding Co., Ltd.*		168,402
322,571	SinoPac Financial Holdings Co., Ltd.		245,187
32,700	Synnex Technology International Corp.		77,092
325,803	Taishin Financial Holding Co., Ltd.		185,679
175,831	Taiwan Business Bank		85,956
297,393	Taiwan Cooperative Financial Holding Co., Ltd.		236,493
56,000	Taiwan High Speed Rail Corp.		51,008
53,000	Taiwan Mobile Co., Ltd.		201,219
1,416,507	Taiwan Semiconductor Manufacturing Co., Ltd.		45,108,753
56,118	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		10,848,732
194,668	TCC Group Holdings Co., Ltd.		189,267
43,000	Unimicron Technology Corp.		149,744
140,000	Uni-President Enterprises Corp.		369,136
327,000	United Microelectronics Corp.		504,638
32,013	Vanguard International Semiconductor Corp.		88,491
2,000	Voltronic Power Technology Corp.		89,403
19,630	Wan Hai Lines Ltd.		70,143
77,000	Wistron Corp.		295,359
24,000	Wiwynn Corp.		1,911,414
41,760	WPG Holdings Ltd.		97,424
72,357	Yageo Corp.		1,168,953
48,000	Yang Ming Marine Transport Corp.		126,787
309,993	Yuanta Financial Holding Co., Ltd.		321,639
16,000	Zhen Ding Technology Holding Ltd.		54,360

	Total Taiwan		93,353,805

Thailand - 0.7%
33,800	Advanced Info Service PCL, NVDR		293,871
112,800	Airports of Thailand PCL, NVDR		113,768
342,200	Bangkok Dusit Medical Services PCL, NVDR		224,036
15,000	Bumrungrad Hospital PCL, NVDR		63,816
60,900	Central Pattana PCL, NVDR		84,402
118,200	Charoen Pokphand Foods PCL, NVDR		88,156
165,900	CP ALL PCL, NVDR		237,211
46,716	CP AXTRA PCL, NVDR		26,747
86,600	Delta Electronics Thailand PCL, NVDR		273,230
129,098	Gulf Development PCL*		176,874
137,900	Home Product Center PCL, NVDR		32,279
168,200	Kasikornbank PCL		789,927
27,000	Kasikornbank PCL, NVDR		126,630
121,000	Krung Thai Bank PCL, NVDR		81,947
91,300	Minor International PCL, NVDR		68,971
165,700	PTT Exploration & Production PCL		495,662
40,800	PTT Exploration & Production PCL, NVDR		121,812
98,900	PTT Oil & Retail Business PCL, NVDR		35,559
304,000	PTT PCL, NVDR		275,413
40,500	SCB X PCL, NVDR		146,154
23,000	Siam Cement PCL (The), NVDR		116,492
1,277,200	TMBThanachart Bank PCL, NVDR		74,675
272,121	True Corp. PCL, NVDR*		103,596

	Total Thailand		4,051,228

Turkey - 0.6%
78,127	Akbank TAS		101,783
39,612	Aselsan Elektronik Sanayi Ve Ticaret AS		131,197
66,815	BIM Birlesik Magazalar AS		813,485
16,577	Coca-Cola Icecek AS		20,663
69,832	Eregli Demir ve Celik Fabrikalari TAS*		41,865

107

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
Turkey - 0.6% - (continued)
17,990	Ford Otomotiv Sanayi AS	$	36,853
25,546	Haci Ömer Sabanci Holding AS		50,514
19,638	KOC Holding AS		71,196
190,000	MLP Saglik Hizmetleri AS, Class B Shares*(b)		1,530,314
5,249	Pegasus Hava Tasimaciligi AS*		32,370
195,088	Sasa Polyester Sanayi AS*		16,355
57,900	Tofas Turk Otomobil Fabrikasi AS		262,078
13,822	Turk Hava Yollari AO*		96,552
31,232	Turkcell Iletisim Hizmetleri AS		75,755
204,992	Turkiye Is Bankasi AS, Class C Shares		56,354
26,836	Turkiye Petrol Rafinerileri AS		85,020
28,575	Turkiye Sise ve Cam Fabrikalari AS		24,114
81,036	Yapi ve Kredi Bankasi AS*		52,762

	Total Turkey		3,499,230

United Arab Emirates - 0.9%
84,338	Abu Dhabi Commercial Bank PJSC		277,340
41,360	Abu Dhabi Islamic Bank PJSC		215,766
128,791	Abu Dhabi National Oil Co. for Distribution PJSC		127,497
96,553	ADNOC Drilling Co. PJSC		137,988
94,933	Adnoc Gas PLC		84,775
112,561	Aldar Properties PJSC		254,634
80,135	Americana Restaurants International PLC - Foreign Co.		44,415
74,000	Dubai Electricity & Water Authority PJSC*		55,001
76,638	Dubai Islamic Bank PJSC		172,127
27,975	Emaar Development PJSC		102,043
308,521	Emaar Properties PJSC		1,104,377
52,786	Emirates NBD Bank PJSC		321,551
100,586	Emirates Telecommunications Group Co. PJSC		470,455
129,397	First Abu Dhabi Bank PJSC		567,153
114,981	Multiply Group PJSC*		72,928
38,101	Salik Co. PJSC		59,335
2,540,500	Talabat Holding PLC		995,893

	Total United Arab Emirates		5,063,278

United Kingdom - 0.9%
14,628	Anglogold Ashanti PLC		628,569
600,959	Helios Towers PLC*		973,497
26,000	Lion Finance Group PLC		2,349,900
17,638	Unilever PLC		1,118,241

	Total United Kingdom		5,070,207

United States - 0.4%
21,962	BeOne Medicines Ltd.*		415,822
4,299	EPAM Systems Inc.*		750,133
2,342	Legend Biotech Corp., ADR*		67,801
17,629	Schlumberger NV		582,639
2,820	Southern Copper Corp.		256,366

	Total United States		2,072,761

Uruguay - 1.2%
134,811	Arcos Dorados Holdings Inc., Class A Shares		998,950
2,431	MercadoLibre Inc.*		6,231,358

	Total Uruguay		7,230,308

	TOTAL COMMON STOCKS (Cost - $436,113,735)		567,423,216

PREFERRED STOCKS - 1.3%
Brazil - 0.7%
151,538	Banco Bradesco SA, Class Preferred Shares		429,301
5,428	Centrais Eletricas Brasileiras SA, Class Preferred B Shares		44,585
48,798	Cia Energetica de Minas Gerais, Class Preferred Shares		92,503
41,489	Cia Paranaense de Energia - Copel, Class Preferred B Shares		91,925
37,579	Gerdau SA, Class Preferred Shares		100,217
319,001	Itau Unibanco Holding SA, Class Preferred Shares		2,088,033
155,164	Itausa SA, Class Preferred Shares		300,646

108

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units			Security	Value
	Brazil - 0.7% - (continued)
	132,430		Petroleo Brasileiro SA - Petrobras, Class Preferred Shares	$	715,600
	24,868		Telefonica Brasil SA, Class Preferred Shares		124,636

			Total Brazil		3,987,446

	Chile - 0.0%@
	4,284		Sociedad Quimica y Minera de Chile SA, Class Preferred B Shares*		128,124

	Colombia - 0.0%@
	11,353		Grupo Cibest SA		116,946

	Mexico - 0.1%
	418,317		Cemex SAB de CV, Class Preferred Shares		286,846

	South Korea - 0.5%
	940		Hyundai Motor Co., Class Preferred 2nd Shares		100,517
	565		Hyundai Motor Co., Class Preferred Shares		60,497
	80,774		Samsung Electronics Co., Ltd., Class Preferred Shares		2,696,051

			Total South Korea		2,857,065

			TOTAL PREFERRED STOCKS (Cost - $7,114,562)		7,376,427

	RIGHT - 0.0%@
	South Korea - 0.0%@
	66		Hanwha Aerospace Co., Ltd. expires 7/2/25*(d)(h) (Cost - $0)		6,066

	WARRANTS - 0.0%@
	Malaysia - 0.0%@
	16,560		YTL Corp. Bhd, expires 12/31/2049*(d)(h)		1,245
	12,260		YTL Power International Bhd, expires 12/31/2049*(d)(h)		2,160

			TOTAL WARRANTS (Cost - $1)		3,405

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost - $443,228,298)		574,809,114


Face Amount†
	SHORT-TERM INVESTMENTS(f) - 2.1%
	MONEY MARKET FUND - 0.1%
	$ 513,813		Invesco STIT - Government & Agency Portfolio, Institutional Class, 4.174%(g) (Cost - $513,813)		513,813

	TIME DEPOSITS - 2.0%
			BBH - New York:
	31	^EUR	1.080% due 6/2/25		36
	14,566	^ZAR	5.450% due 6/2/25		810
	1,938,369	^HKD	BNP Paribas - Paris, 0.000% due 6/2/25		247,208
	13,878	^EUR	Citibank - London, 1.080% due 6/2/25		15,759
	7,215,142		Citibank - New York, 3.680% due 6/2/25		7,215,142
	1,110,672	^HKD	HSBC Bank - Hong Kong, 0.000% due 6/2/25		141,648
	1,635,671		JPMorgan Chase & Co. - New York, 3.680% due 6/2/25		1,635,671
	2,031,995		Skandinaviska Enskilda Banken AB - Stockholm, 3.680% due 6/2/25		2,031,995
	185	^GBP	Societe Generale SA - Paris, 3.170% due 6/2/25		249
	429,071	^ZAR	Standard Chartered Bank - Johannesburg, 5.450% due 6/2/25		23,860
			Sumitomo Mitsui Banking Corp. - Tokyo:
	22	^EUR	1.080% due 6/2/25		25
	230,493		3.680% due 6/2/25		230,493

			TOTAL TIME DEPOSITS (Cost - $11,542,896)		11,542,896

			TOTAL SHORT-TERM INVESTMENTS (Cost - $12,056,709)		12,056,709

			TOTAL INVESTMENTS - 100.6% (Cost - $455,285,007)		586,865,823

			Liabilities in Excess of Other Assets - (0.6)%		(3,302,123	)

			TOTAL NET ASSETS - 100.0%	$	583,563,700

†	Amount denominated in U.S. dollars, unless otherwise noted.

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)	All or a portion of this security is on loan (See Note 1).

(b)

(c)	Security trades on the Hong Kong exchange.

(d)	Illiquid security.

(e)	The aggregate value of restricted securities (excluding 144A holdings) at May 31, 2025, amounts to $8,913 and represents less than 0.05% of net assets.

(f)	Inclusive of all short-term holdings, including investments of collateral received from securities lending transactions. Excluding such collateral, the percentage of portfolio holdings would be 2.0%.

(g)	Represents investments of collateral received from securities lending transactions.

(h)	Security is valued in good faith at fair value by or under the direction of the Board of Trustees.

#	Security that used significant unobservable inputs to determine fair value. At May 31, 2025, the Fund held a Level 3 securities with a value of $11,990, representing less than 0.05% of net assets.

At May 31, 2025, for Emerging Markets Equity Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund

Aggregate Cost For
Federal Income
Tax Purposes

Gross

Unrealized
Appreciation

Gross

Unrealized
(Depreciation)

Net

Unrealized
Appreciation

Emerging Markets Equity Fund

$ 455,285,007

$ 175,545,836

$ (43,927,777)

$ 131,618,059

Abbreviations used in this schedule:



ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
NVDR	—	Non Voting Depository Receipt
PCL	—	Public Company Limited
PJSC	—	Private Joint Stock Company
PLC	—	Public Limited Company
REIT	—	Real Estate Investment Trust


Summary of Investments by Security Sector^
Financials
Banks	21.0	%
Insurance	2.7
Consumer Finance	0.9
Other	1.6
Information Technology
Semiconductors & Semiconductor Equipment	13.6
Technology Hardware, Storage & Peripherals	4.8
IT Services	1.5
Other	1.8
Consumer Discretionary	14.9
Communication Services	8.9
Industrials	7.0
Consumer Staples	4.3
Materials	4.1
Health Care	4.0
Energy	3.9
Real Estate	1.7
Utilities	1.3
Short-Term Investments	2.0

Total Investments	100.0	%+

^	As a percentage of total investments.

+	Does not reflect investments of collateral received from securities lending transactions.

109

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7%
	Advertising - 0.1%
	$ 265,000	B	Clear Channel Outdoor Holdings Inc., Senior Secured Notes, 5.125% due 8/15/27(a)	$	259,412
	160,000	BB	Lamar Media Corp., Company Guaranteed Notes, 4.000% due 2/15/30		150,928
			Outfront Media Capital LLC/Outfront Media Capital Corp.:
	80,000	BB	Senior Secured Notes, 7.375% due 2/15/31(a)		84,531
	115,000	B	Senior Unsecured Notes, 4.250% due 1/15/29(a)		108,769
	125,000	BB-	Stagwell Global LLC, Company Guaranteed Notes, 5.625% due 8/15/29(a)		117,626

			Total Advertising		721,266

	Aerospace/Defense - 0.4%
			Boeing Co. (The), Senior Unsecured Notes:
	50,000	BBB-	3.100% due 5/1/26		49,244
	70,000	BBB-	2.700% due 2/1/27		67,790
	200,000	BBB-	2.800% due 3/1/27		192,907
	130,000	BBB-	3.200% due 3/1/29		122,953
	100,000	BBB-	5.150% due 5/1/30		100,851
	50,000	BBB-	3.625% due 2/1/31		46,582
	100,000	BBB-	3.600% due 5/1/34		86,415
	50,000	BBB-	6.528% due 5/1/34		53,334
	40,000	BBB-	3.550% due 3/1/38		30,856
	25,000	BBB-	3.500% due 3/1/39		18,825
	40,000	BBB-	3.750% due 2/1/50		27,394
	630,000	BBB-	5.805% due 5/1/50		589,266
	455,000	BBB-	6.858% due 5/1/54		485,106
	100,000	BBB-	3.950% due 8/1/59		66,149
	331,000	BBB-	5.930% due 5/1/60		306,373
	175,000	B+	Bombardier Inc., Senior Unsecured Notes, 6.000% due 2/15/28(a)		174,830
			General Dynamics Corp., Company Guaranteed Notes:
	25,000	A	2.850% due 6/1/41		17,816
	25,000	A	4.250% due 4/1/50		20,485
	50,000	A-	General Electric Co., Senior Unsecured Notes, 5.875% due 1/14/38		52,269
			L3Harris Technologies Inc., Senior Unsecured Notes:
	50,000	BBB	3.850% due 12/15/26		49,526
	100,000	BBB	5.400% due 1/15/27		101,406
	361,000	BBB	4.400% due 6/15/28		359,550
	50,000	BBB	5.600% due 7/31/53		47,586
			Lockheed Martin Corp., Senior Unsecured Notes:
	50,000	A-	4.070% due 12/15/42		41,185
	50,000	A-	3.800% due 3/1/45		38,717
	50,000	A-	4.700% due 5/15/46		43,639
	25,000	A-	2.800% due 6/15/50		15,191
	50,000	A-	4.090% due 9/15/52		38,474
	24,000	A-	4.150% due 6/15/53		18,541
	25,000	A-	5.700% due 11/15/54		24,553
			Northrop Grumman Corp., Senior Unsecured Notes:
	600,000	BBB+	3.250% due 1/15/28		583,493
	334,000	BBB+	4.700% due 3/15/33		328,100
	64,000	BBB+	4.750% due 6/1/43		56,594
	51,000	BBB+	4.030% due 10/15/47		39,530
	280,000	BBB+	5.250% due 5/1/50		257,300
			RTX Corp., Senior Unsecured Notes:
	50,000	BBB+	5.750% due 11/8/26		50,862

113

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Aerospace/Defense - 0.4% - (continued)
	$ 250,000	BBB+	3.500% due 3/15/27	$	245,972
	100,000	BBB+	4.125% due 11/16/28		98,899
	140,000	BBB+	5.750% due 1/15/29		145,932
	116,000	BBB+	2.375% due 3/15/32		99,028
	164,000	BBB+	6.100% due 3/15/34		174,494
	25,000	BBB+	6.125% due 7/15/38		26,340
	25,000	BBB+	4.450% due 11/16/38		22,506
	430,000	BBB+	4.500% due 6/1/42		371,050
	76,000	BBB+	3.750% due 11/1/46		56,616
	177,000	BBB+	2.820% due 9/1/51		105,605
	100,000	BBB+	5.375% due 2/27/53		92,794
	340,000	B-	Spirit AeroSystems Inc., Secured Notes, 9.750% due 11/15/30(a)		375,975
			TransDigm Inc., Senior Secured Notes:
	240,000	BB-	7.125% due 12/1/31(a)		248,515
	10,000	BB-	6.625% due 3/1/32(a)		10,229

			Total Aerospace/Defense		6,677,647

	Agriculture - 0.6%
			Altria Group Inc., Company Guaranteed Notes:
	210,000	BBB+	6.200% due 11/1/28		220,688
	300,000	BBB+	4.800% due 2/14/29		301,003
	1,290,000	BBB+	2.450% due 2/4/32		1,093,741
	669,000	BBB+	6.875% due 11/1/33		734,491
	50,000	BBB+	5.800% due 2/14/39		49,479
	320,000	BBB+	5.950% due 2/14/49		311,215
	25,000	A	Archer-Daniels-Midland Co., Senior Unsecured Notes, 3.250% due 3/27/30		23,647
			BAT Capital Corp., Company Guaranteed Notes:
	50,000	BBB+	3.215% due 9/6/26		49,159
	224,000	BBB+	3.557% due 8/15/27		219,123
	148,000	BBB+	2.259% due 3/25/28		139,120
	105,000	BBB+	5.834% due 2/20/31		109,343
	90,000	BBB+	6.000% due 2/20/34		93,485
	725,000	BBB+	5.625% due 8/15/35		725,474
	50,000	BBB+	4.390% due 8/15/37		43,902
	791,000	BBB+	4.540% due 8/15/47		623,320
	393,000	BBB+	4.758% due 9/6/49		314,928
	208,000	BBB+	7.081% due 8/2/53		225,628
	770,000	BBB+	6.250% due 8/15/55		757,732
			BAT International Finance PLC, Company Guaranteed Notes:
	110,000	BBB+	4.448% due 3/16/28		109,617
	50,000	BBB+	5.931% due 2/2/29		52,211
	130,000	BB+	Darling Ingredients Inc., Company Guaranteed Notes, 5.250% due 4/15/27(a)		129,183
	690,000	BBB	Imperial Brands Finance PLC, Company Guaranteed Notes, 5.875% due 7/1/34(a)		693,143
	1,225,000	A+	Japan Tobacco Inc., Senior Unsecured Notes, 5.850% due 6/15/35(a)		1,261,172
			Philip Morris International Inc., Senior Unsecured Notes:
	100,000	A-	4.750% due 2/12/27		100,754
	234,000	A-	5.125% due 11/17/27		238,098
	180,000	A-	4.875% due 2/13/29		182,203
	210,000	A-	2.100% due 5/1/30		186,723
	40,000	A-	5.125% due 2/13/31		40,657
	50,000	A-	5.375% due 2/15/33		50,961
	25,000	A-	5.625% due 9/7/33		25,817
	190,000	A-	5.250% due 2/13/34		191,088
	25,000	A-	6.375% due 5/16/38		27,109

114

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Agriculture - 0.6% - (continued)
	$ 25,000	A-	3.875% due 8/21/42	$	19,789
	25,000	A-	4.125% due 3/4/43		20,358
	25,000	A-	4.250% due 11/10/44		20,623
			Reynolds American Inc., Company Guaranteed Notes:
	25,000	BBB+	5.700% due 8/15/35		25,040
	89,000	BBB+	5.850% due 8/15/45		83,759

			Total Agriculture		9,493,783

	Airlines - 0.5%
	641,883	A-	American Airlines Class A Pass-Through Trust, Pass-Thru Certificates, 3.375% due 5/1/27		623,743
	250,000	BB	American Airlines Inc., Senior Secured Notes, 8.500% due 5/15/29(a)		259,166
			American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes:
	143,333	Ba1(b)	5.500% due 4/20/26(a)		143,187
	680,000	Ba1(b)	5.750% due 4/20/29(a)		668,781
	1,260,721	AA	British Airways Class AA Pass Through Trust, Pass-Thru Certificates, 3.300% due 12/15/32(a)		1,165,559
	365,464	AA	Delta Air Lines Class AA Pass Through Trust, Pass-Thru Certificates, 2.000% due 6/10/28		341,597
	2,295,000	A3(b)	Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes, 4.750% due 10/20/28(a)		2,287,734
	85,000	B+	JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes, 9.875% due 9/20/31(a)		84,025
	2,081,250	Baa3(b)	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes, 6.500% due 6/20/27(a)		2,087,377
	42,743	Aa3(b)	United Airlines Class AA Pass-Through Trust, Pass-Thru Certificates, 4.150% due 8/25/31		40,414
	481,944	A	United Airlines Class B Pass-Through Trust, Pass-Thru Certificates, 4.875% due 1/15/26		479,717
	195,000	BBB-	United Airlines Inc., Senior Secured Notes, 4.625% due 4/15/29(a)		185,336

			Total Airlines		8,366,636

	Apparel - 0.0%@
			NIKE Inc., Senior Unsecured Notes:
	25,000	AA-	3.250% due 3/27/40		19,298
	25,000	AA-	3.875% due 11/1/45		19,310
	50,000	AA-	3.375% due 3/27/50		34,268
	80,000	BB+	William Carter Co. (The), Company Guaranteed Notes, 5.625% due 3/15/27(a)		79,508

			Total Apparel		152,384

	Auto Manufacturers - 0.4%
	170,000	Ba2(b)	Allison Transmission Inc., Senior Unsecured Notes, 5.875% due 6/1/29(a)		170,774
			American Honda Finance Corp., Senior Unsecured Notes:
	200,000	A-	1.300% due 9/9/26		191,919
	100,000	A-	2.300% due 9/9/26		97,190
	100,000	A-	4.900% due 3/12/27		100,669
	25,000	A	Cummins Inc., Senior Unsecured Notes, 2.600% due 9/1/50		14,411
			Ford Motor Co., Senior Unsecured Notes:
	615,000	BBB-	3.250% due 2/12/32		507,082
	50,000	BBB-	4.750% due 1/15/43		37,538
	50,000	BBB-	5.291% due 12/8/46		39,353
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	200,000	BBB-	2.700% due 8/10/26		193,500
	200,000	BBB-	5.800% due 3/5/27		199,796
	460,000	BBB-	2.900% due 2/16/28		425,911
	220,000	BBB-	2.900% due 2/10/29		196,970
	230,000	BBB-	7.122% due 11/7/33		233,376
			General Motors Co., Senior Unsecured Notes:
	50,000	BBB	5.600% due 10/15/32		49,700
	50,000	BBB	6.600% due 4/1/36		51,498
	50,000	BBB	5.150% due 4/1/38		45,113
	260,000	BBB	6.250% due 10/2/43		247,112
	25,000	BBB	5.200% due 4/1/45		20,753
	25,000	BBB	6.750% due 4/1/46		24,894

115

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Auto Manufacturers - 0.4% - (continued)
	$ 25,000		BBB	5.400% due 4/1/48	$	21,005
				General Motors Financial Co., Inc.:
	100,000		BBB	Company Guaranteed Notes, 4.350% due 1/17/27		99,068
				Senior Unsecured Notes:
	100,000		BBB	1.500% due 6/10/26		96,638
	100,000		BBB	2.350% due 2/26/27		95,692
	765,000		BBB	5.850% due 4/6/30		781,447
	50,000		BBB	5.950% due 4/4/34		49,614
	50,000		BBB	5.900% due 1/7/35		49,295
	50,000		BBB	6.150% due 7/15/35		50,027
	100,000		A-	Honda Motor Co., Ltd., Senior Unsecured Notes, 2.534% due 3/10/27		96,672
				Hyundai Capital America, Senior Unsecured Notes:
	700,000		A-	5.650% due 6/26/26(a)		706,292
	305,000		A-	5.300% due 3/19/27(a)		307,118
	184,000		A-	5.400% due 3/29/32(a)		182,776
				Toyota Motor Credit Corp., Senior Unsecured Notes:
	100,000		A+	1.125% due 6/18/26		96,709
	100,000		A+	5.000% due 8/14/26		100,713
	100,000		A+	5.400% due 11/20/26		101,547
	50,000		A+	3.200% due 1/11/27		49,123
	100,000		A+	1.900% due 1/13/27		96,189
	100,000		A+	3.050% due 3/22/27		97,778
	100,000		A+	5.550% due 11/20/30		104,258
				Volkswagen Group of America Finance LLC, Company Guaranteed Notes:
	260,000		BBB+	4.750% due 11/13/28(a)		257,249
	580,000		BBB+	5.350% due 3/27/30(a)		581,255

				Total Auto Manufacturers		6,868,024

	Auto Parts & Equipment - 0.1%
	255,000		BBB-	Adient Global Holdings Ltd., Senior Secured Notes, 7.000% due 4/15/28(a)		260,844
	100,000		B+	American Axle & Manufacturing Inc., Company Guaranteed Notes, 6.500% due 4/1/27		99,615
				Aptiv Swiss Holdings Ltd., Company Guaranteed Notes:
	25,000		BBB	3.100% due 12/1/51		14,312
	25,000		BBB	4.150% due 5/1/52		17,165
	130,000		BB-	Dana Inc., Senior Unsecured Notes, 5.625% due 6/15/28		129,487
	230,000		B+	Goodyear Tire & Rubber Co. (The), Company Guaranteed Notes, 5.000% due 7/15/29		220,541

				Total Auto Parts & Equipment		741,964

	Banks - 7.4%
				ABN AMRO Bank NV:
	600,000	^EUR	Ba1u(b)	Junior Subordinated Notes, (Cost - $619,348, acquired 3/7/24), 4.750% (5-Year EUR Swap Rate + 3.898%)(c)(d)(e)		674,121
	800,000		BBB	Senior Non-Preferred Notes, 2.470% (1-Year CMT Index + 1.100%) due 12/13/29(a)(d)		737,733
	260,000		BBB-	Subordinated Notes, 4.750% due 7/28/25(a)		259,934
	200,000		BBB	AIB Group PLC, Senior Unsecured Notes, 5.871% (SOFR + 1.910%) due 3/28/35(a)(d)		202,765
	800,000		A	Banco Bilbao Vizcaya Argentaria SA, Senior Preferred Notes, 5.381% due 3/13/29		818,800
	1,000,000		BB-	Banco Mercantil del Norte SA, Junior Subordinated Notes, 5.875% (5-Year CMT Index + 4.643%)(a)(d)(e)		980,947
	800,000		Baa2(b)	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander, Subordinated Notes, 7.525% (5-Year CMT Index + 2.995%) due 10/1/28(a)(d)		842,775
				Banco Santander SA, Senior Preferred Notes:
	800,000		A+	5.588% due 8/8/28		822,404
	200,000		A+	6.938% due 11/7/33		222,619
				Bank of America Corp.:
	841,000		BBB-	Junior Subordinated Notes, 6.625% (5-Year CMT Index + 2.684%)(d)(e)		856,879
				Senior Unsecured Notes:
	210,000		A-	3.500% due 4/19/26		208,061
	740,000		A-	1.658% (SOFR + 0.910%) due 3/11/27(d)		722,978

116

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Banks - 7.4% - (continued)
	$ 200,000	A-	1.734% (SOFR + 0.960%) due 7/22/27(d)	$	193,482
	50,000	A-	5.933% (SOFR + 1.340%) due 9/15/27(d)		50,780
	100,000	A-	3.824% (3-Month Term SOFR + 1.837%) due 1/20/28(d)		98,671
	100,000	A-	2.551% (SOFR + 1.050%) due 2/4/28(d)		96,653
	230,000	A-	4.376% (SOFR + 1.580%) due 4/27/28(d)		228,897
	150,000	A-	3.593% (3-Month Term SOFR + 1.632%) due 7/21/28(d)		146,813
	100,000	A-	4.948% (SOFR + 2.040%) due 7/22/28(d)		100,606
	100,000	A-	6.204% (SOFR + 1.990%) due 11/10/28(d)		103,525
	435,000	A-	3.419% (3-Month Term SOFR + 1.302%) due 12/20/28(d)		421,967
	3,850,000	A-	3.970% (3-Month Term SOFR + 1.332%) due 3/5/29(d)		3,780,628
	100,000	A-	2.087% (SOFR + 1.060%) due 6/14/29(d)		92,792
	100,000	A-	4.271% (3-Month Term SOFR + 1.572%) due 7/23/29(d)		98,821
	241,000	A-	5.819% (SOFR + 1.570%) due 9/15/29(d)		249,617
	659,000	A-	3.974% (3-Month Term SOFR + 1.472%) due 2/7/30(d)		642,420
	383,000	A-	2.592% (SOFR + 2.150%) due 4/29/31(d)		345,371
	585,000	A-	1.922% (SOFR + 1.370%) due 10/24/31(d)		503,133
	690,000	A-	2.687% (SOFR + 1.320%) due 4/22/32(d)		609,106
	600,000	A-	2.572% (SOFR + 1.210%) due 10/20/32(d)		519,849
	752,000	A-	2.972% (SOFR + 1.330%) due 2/4/33(d)		662,017
	1,490,000	A-	4.571% (SOFR + 1.830%) due 4/27/33(d)		1,444,147
	411,000	A-	5.872% (SOFR + 1.840%) due 9/15/34(d)		426,453
	355,000	A-	5.468% (SOFR + 1.650%) due 1/23/35(d)		358,338
	250,000	A-	4.244% (3-Month Term SOFR + 2.076%) due 4/24/38(d)		221,279
	250,000	A-	2.676% (SOFR + 1.930%) due 6/19/41(d)		174,174
	200,000	A-	5.000% due 1/21/44		183,817
	360,000	A-	4.330% (3-Month Term SOFR + 1.782%) due 3/15/50(d)		290,578
	260,000	A-	4.083% (3-Month Term SOFR + 3.412%) due 3/20/51(d)		200,359
	50,000	A-	2.831% (SOFR + 1.880%) due 10/24/51(d)		30,186
			Subordinated Notes:
	40,000	BBB+	4.450% due 3/3/26		39,939
	120,000	BBB+	4.250% due 10/22/26		119,492
	100,000	BBB+	4.183% due 11/25/27		99,112
	790,000	BBB+	5.425% (SOFR + 1.913%) due 8/15/35(d)		772,982
	1,130,000	BBB+	5.518% (SOFR + 1.738%) due 10/25/35(d)		1,108,174
	655,000	BBB	Bank of Ireland Group PLC, Senior Unsecured Notes, 5.601% (SOFR + 1.620%) due 3/20/30(a)(d)		668,996
			Bank of Montreal, Senior Unsecured Notes:
	100,000	A-	5.300% due 6/5/26		100,816
	100,000	A-	2.650% due 3/8/27		97,069
			Bank of New York Mellon Corp. (The), Senior Unsecured Notes:
	100,000	A	2.450% due 8/17/26		97,809
	50,000	A	1.050% due 10/15/26		47,858
	390,000	A	4.289% (SOFR + 1.418%) due 6/13/33(d)		372,457
	50,000	A	4.967% (SOFR + 1.606%) due 4/26/34(d)		49,418
	100,000	A	5.188% (SOFR + 1.418%) due 3/14/35(d)		99,867
			Bank of Nova Scotia (The):
			Senior Unsecured Notes:
	10,000	A-	1.300% due 6/11/25		9,991
	100,000	A-	2.700% due 8/3/26		98,066
	100,000	A-	1.950% due 2/2/27		96,262
	50,000	A-	2.951% due 3/11/27		48,778
	180,000	BBB+	Subordinated Notes, 4.588% (5-Year CMT Index + 2.050%) due 5/4/37(d)		167,624
			Barclays PLC, Senior Unsecured Notes:
	820,000	BBB+	4.972% (3-Month USD-LIBOR + 1.902%) due 5/16/29(d)		823,283

117

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Banks - 7.4% - (continued)
	$ 200,000		BBB+	6.490% (SOFR + 2.220%) due 9/13/29(d)	$	209,796
	2,305,000		BBB+	5.367% (SOFR + 1.230%) due 2/25/31(d)		2,324,379
	200,000		BBB+	2.894% (1-Year CMT Index + 1.300%) due 11/24/32(d)		174,038
	200,000		BBB+	6.224% (SOFR + 2.980%) due 5/9/34(d)		208,616
	730,000		BBB+	5.785% (SOFR + 1.590%) due 2/25/36(d)		730,527
	600,000	^EUR	Ba1(b)	BAWAG Group AG, Junior Subordinated Notes, (Cost - $659,155, acquired 12/9/24), 7.250% (5-Year EURIBOR ICE Swap + 5.052%)(c)(d)(e)		703,204
				BNP Paribas SA:
				Junior Subordinated Notes:
	550,000		BBB-	7.750% (5-Year CMT Index + 4.899%)(a)(d)(e)		573,457
	200,000		BBB-	8.000% (5-Year CMT Index + 3.727%)(a)(d)(e)		209,636
				Senior Non-Preferred Notes:
	220,000		A-	2.219% (SOFR + 2.074%) due 6/9/26(a)(d)		219,896
	950,000		A-	4.400% due 8/14/28(a)		940,318
	200,000		A-	2.871% (3-Month Term SOFR + 1.387%) due 4/19/32(a)(d)		176,379
				Senior Preferred Notes:
	650,000		A+	5.125% (1-Year CMT Index + 1.450%) due 1/13/29(a)(d)		656,477
	600,000		A+	5.894% (SOFR + 1.866%) due 12/5/34(a)(d)		625,435
	200,000		BBB+	Subordinated Notes, 4.375% (5-Year USD Swap Rate + 1.483%) due 3/1/33(a)(d)		194,501
				BPCE SA, Senior Non-Preferred Notes:
	1,120,000		BBB+	6.714% (SOFR + 2.270%) due 10/19/29(a)(d)		1,178,235
	530,000		BBB+	5.936% (SOFR + 1.850%) due 5/30/35(a)(d)		536,022
	900,000	^EUR	BBB	CaixaBank SA, Subordinated Notes, (Cost - $1,036,823, acquired 3/7/24), 6.250% (5-Year EUR Swap Rate + 3.550%) due 2/23/33(c)(d)		1,093,469
	100,000		A-	Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 5.926% due 10/2/26		101,840
				Citigroup Inc.:
				Junior Subordinated Notes:
	210,000		BB+	6.950% (5-Year CMT Index + 2.726%)(d)(e)		211,837
	700,000		BB+	7.125% (5-Year CMT Index + 2.693%)(d)(e)		709,517
				Senior Unsecured Notes:
	70,000		BBB+	4.658% (SOFR + 1.887%) due 5/24/28(d)		69,982
	2,540,000		BBB+	3.520% (3-Month Term SOFR + 1.413%) due 10/27/28(d)		2,470,473
	100,000		BBB+	3.980% (3-Month Term SOFR + 1.600%) due 3/20/30(d)		97,092
	550,000		BBB+	4.412% (SOFR + 3.914%) due 3/31/31(d)		537,684
	70,000		BBB+	2.572% (SOFR + 2.107%) due 6/3/31(d)		62,665
	690,000		BBB+	2.561% (SOFR + 1.167%) due 5/1/32(d)		602,281
	160,000		BBB+	2.520% (SOFR + 1.177%) due 11/3/32(d)		137,576
	250,000		BBB+	3.785% (SOFR + 1.939%) due 3/17/33(d)		229,225
	220,000		BBB+	4.910% (SOFR + 2.086%) due 5/24/33(d)		215,922
	76,000		BBB+	4.650% due 7/30/45		64,937
	70,000		BBB+	4.650% due 7/23/48		58,387
				Subordinated Notes:
	210,000		BBB	4.400% due 6/10/25		209,827
	20,000		BBB	5.500% due 9/13/25		20,038
	890,000		BBB	4.300% due 11/20/26		885,665
	30,000		BBB	6.625% due 6/15/32		32,261
	100,000		BBB	6.675% due 9/13/43		105,930
	286,000		BBB	5.300% due 5/6/44		261,475
	50,000		BBB+	Citizens Financial Group Inc., Senior Unsecured Notes, 2.850% due 7/27/26		49,005
				Commonwealth Bank of Australia:
	8,000		AA-	Senior Unsecured Notes, 3.900% due 7/12/47(a)		6,136
	1,945,000		A-	Subordinated Notes, 5.929% (1-Year CMT Index + 1.320%) due 3/14/46(a)(d)		1,866,470
	270,000		A-	Cooperatieve Rabobank UA, Senior Non-Preferred Notes, 3.758% (1-Year CMT Index + 1.420%) due 4/6/33(a)(d)		247,792
				Credit Agricole SA:
	1,000,000	^EUR	BBB-	Junior Subordinated Notes, (Cost - $1,147,706, acquired 3/6/24), 7.250% (5-Year EURIBOR ICE Swap + 4.441%)(c)(d)(e)		1,215,439

118

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Banks - 7.4% - (continued)
				Senior Non-Preferred Notes:
	$ 500,000		A-	1.907% (SOFR + 1.676%) due 6/16/26(a)(d)	$	499,427
	865,000		A-	5.222% (SOFR + 1.460%) due 5/27/31(a)(d)		872,763
	490,000		A-	5.862% (SOFR + 1.740%) due 1/9/36(a)(d)		497,216
				Danske Bank AS, Senior Non-Preferred Notes:
	2,100,000		A-	4.298% (1-Year CMT Index + 1.750%) due 4/1/28(a)(d)		2,084,414
	1,250,000		A-	5.705% (1-Year CMT Index + 1.400%) due 3/1/30(a)(d)		1,287,616
	310,000		A-	4.613% (1-Year CMT Index + 1.100%) due 10/2/30(a)(d)		306,489
				Deutsche Bank AG:
				Senior Non-Preferred Notes:
	200,000	^EUR	BBB	(Cost - $226,274, acquired 12/4/24), 5.000% (3-Month EURIBOR + 2.950%) due 9/5/30(c)(d)		242,175
	150,000		BBB	5.297% (SOFR + 1.720%) due 5/9/31(d)		150,143
	200,000		BBB-	Subordinated Notes, 3.742% (SOFR + 2.257%) due 1/7/33(d)		175,924
	300,000		AA-	DNB Bank ASA, Senior Preferred Notes, 4.853% (SOFR + 1.050%) due 11/5/30(a)(d)		301,283
	100,000		BBB+	Fifth Third Bancorp, Senior Unsecured Notes, 2.550% due 5/5/27		96,265
				Goldman Sachs Group Inc. (The):
	590,000		BB+	Junior Subordinated Notes, 7.500% (5-Year CMT Index + 2.809%)(d)(e)		616,037
				Senior Unsecured Notes:
	250,000		BBB+	3.500% due 11/16/26		246,344
	100,000		BBB+	3.850% due 1/26/27		99,130
	270,000		BBB+	1.542% (SOFR + 0.818%) due 9/10/27(d)		259,274
	70,000		BBB+	3.615% (SOFR + 1.846%) due 3/15/28(d)		68,753
	891,000		BBB+	3.814% (3-Month Term SOFR + 1.420%) due 4/23/29(d)		871,178
	2,494,000		BBB+	4.223% (3-Month Term SOFR + 1.563%) due 5/1/29(d)		2,465,642
	174,000		BBB+	6.484% (SOFR + 1.770%) due 10/24/29(d)		183,493
	57,000		BBB+	1.992% (SOFR + 1.090%) due 1/27/32(d)		48,478
	984,000		BBB+	2.615% (SOFR + 1.281%) due 4/22/32(d)		862,506
	1,700,000		BBB+	2.383% (SOFR + 1.248%) due 7/21/32(d)		1,461,752
	1,538,000		BBB+	2.650% (SOFR + 1.264%) due 10/21/32(d)		1,334,642
	284,000		BBB+	6.561% (SOFR + 1.950%) due 10/24/34(d)		309,050
	340,000		BBB+	5.330% (SOFR + 1.550%) due 7/23/35(d)		336,900
	50,000		BBB+	4.017% (3-Month Term SOFR + 1.635%) due 10/31/38(d)		42,498
	50,000		BBB+	4.411% (3-Month Term SOFR + 1.692%) due 4/23/39(d)		43,812
	210,000		BBB+	6.250% due 2/1/41		218,581
	330,000		BBB+	3.210% (SOFR + 1.513%) due 4/22/42(d)		239,478
	10,000		BBB+	2.908% (SOFR + 1.472%) due 7/21/42(d)		6,933
	300,000		BBB+	3.436% (SOFR + 1.632%) due 2/24/43(d)		221,491
	10,000		BBB+	4.750% due 10/21/45		8,638
	100,000		BBB+	5.734% (SOFR + 1.696%) due 1/28/56(d)		96,942
				Subordinated Notes:
	130,000		BBB	4.250% due 10/21/25		129,798
	290,000		BBB	5.150% due 5/22/45		255,002
				HSBC Holdings PLC:
	320,000		NR	Junior Subordinated Notes, 7.050% (5-Year CMT Index + 2.987%)(d)(e)(f)		320,505
				Senior Unsecured Notes:
	580,000		A-	2.099% (SOFR + 1.929%) due 6/4/26(d)		579,915
	200,000		A-	4.583% (3-Month Term SOFR + 1.796%) due 6/19/29(d)		198,559
	900,000		A-	5.286% (SOFR + 1.290%) due 11/19/30(d)		908,677
	1,030,000		A-	2.804% (SOFR + 1.187%) due 5/24/32(d)		900,779
	200,000		A-	5.402% (SOFR + 2.870%) due 8/11/33(d)		201,491
	200,000		A-	6.254% (SOFR + 2.390%) due 3/9/34(d)		210,268
	200,000		A-	6.332% (SOFR + 2.650%) due 3/9/44(d)		209,750

119

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Banks - 7.4% - (continued)
				Subordinated Notes:
	$ 220,000		BBB	4.762% (SOFR + 2.530%) due 3/29/33(d)	$	210,865
	200,000		BBB	6.547% (SOFR + 2.980%) due 6/20/34(d)		208,961
	680,000		BBB	5.874% (SOFR + 1.900%) due 11/18/35(d)		672,923
	100,000		BBB	6.500% due 9/15/37		103,236
	200,000		A-	HSBC USA Inc., Senior Unsecured Notes, 5.294% due 3/4/27		202,956
				Intesa Sanpaolo SpA:
	340,000		BBB+	Senior Preferred Notes, 7.200% due 11/28/33(a)		375,334
	350,000		BBB-	Subordinated Notes, 4.950% (1-Year CMT Index + 2.750%) due 6/1/42(a)(d)		275,295
				JPMorgan Chase & Co., Senior Unsecured Notes:
	200,000		A	1.470% (SOFR + 0.765%) due 9/22/27(d)		192,093
	464,000		A	6.070% (SOFR + 1.330%) due 10/22/27(d)		473,686
	53,000		A	5.299% (SOFR + 1.450%) due 7/24/29(d)		54,061
	2,082,000		A	5.012% (SOFR + 1.310%) due 1/23/30(d)		2,106,059
	1,406,000		A	4.565% (SOFR + 1.750%) due 6/14/30(d)		1,399,605
	1,530,000		A	2.739% (3-Month Term SOFR + 1.510%) due 10/15/30(d)		1,409,483
	1,955,000		A	2.580% (3-Month Term SOFR + 1.250%) due 4/22/32(d)		1,724,227
	772,000		A	5.350% (SOFR + 1.845%) due 6/1/34(d)		781,581
	100,000		A	5.502% (SOFR + 1.315%) due 1/24/36(d)		101,097
	1,750,000		A	5.572% (SOFR + 1.680%) due 4/22/36(d)		1,777,713
	50,000		A	3.882% (3-Month Term SOFR + 1.622%) due 7/24/38(d)		42,990
	150,000		A	3.109% (SOFR + 2.440%) due 4/22/51(d)		97,572
	800,000	^EUR	BB+	KBC Group NV, Junior Subordinated Notes, (Cost - $940,004, acquired 3/8/24), 8.000% (5-Year EURIBOR ICE Swap + 4.928%)(c)(d)(e)		999,917
	520,000		BBB	KeyCorp, Senior Unsecured Notes, 6.401% (SOFR + 2.420%) due 3/6/35(d)		544,865
				Kreditanstalt fuer Wiederaufbau, Government Guaranteed Notes:
	200,000		AAA	4.625% due 8/7/26		201,256
	400,000		AAA	4.375% due 3/1/27		402,715
	200,000		AAA	3.750% due 2/15/28		199,410
	200,000		AAA	4.625% due 3/18/30		205,966
				Lloyds Banking Group PLC:
	665,000		BB-	Junior Subordinated Notes, 6.750% (5-Year CMT Index + 4.815%)(d)(e)		667,101
				Senior Unsecured Notes:
	200,000		BBB+	3.750% due 1/11/27		197,606
	200,000		BBB+	4.375% due 3/22/28		198,706
	400,000		BBB+	5.679% (1-Year CMT Index + 1.750%) due 1/5/35(d)		403,728
	725,000		A-	Mitsubishi UFJ Financial Group Inc., Senior Unsecured Notes, 5.615% (1-Year CMT Index + 1.270%) due 4/24/36(d)		734,824
				Mizuho Financial Group Inc., Senior Unsecured Notes:
	200,000		A-	2.839% due 9/13/26		196,007
	200,000		A-	2.201% (3-Month Term SOFR + 1.772%) due 7/10/31(d)		175,893
	200,000		A-	5.748% (1-Year CMT Index + 1.900%) due 7/6/34(d)		205,616
	1,500,000		A-	National Australia Bank Ltd., Subordinated Notes, 3.347% (5-Year CMT Index + 1.700%) due 1/12/37(a)(d)		1,305,047
				NatWest Group PLC, Senior Unsecured Notes:
	400,000		BBB+	5.076% (3-Month USD-LIBOR + 1.905%) due 1/27/30(d)		402,266
	2,500,000		BBB+	5.115% (1-Year CMT Index + 1.050%) due 5/23/31(d)		2,508,192
	1,820,000		BBB+	5.778% (1-Year CMT Index + 1.500%) due 3/1/35(d)		1,852,573
	500,000		A	NatWest Markets PLC, Senior Unsecured Notes, 1.600% due 9/29/26(a)		481,056
				PNC Financial Services Group Inc. (The), Senior Unsecured Notes:
	30,000		A-	5.812% (SOFR + 1.322%) due 6/12/26(d)		30,006
	100,000		A-	2.600% due 7/23/26		98,103
	420,000		A-	5.582% (SOFR + 1.841%) due 6/12/29(d)		431,943
	50,000		A-	2.550% due 1/22/30		45,670
	100,000		A-	5.222% (SOFR + 1.072%) due 1/29/31(d)		101,565
	50,000		A-	6.037% (SOFR + 2.140%) due 10/28/33(d)		52,246
	50,000		A-	5.068% (SOFR + 1.933%) due 1/24/34(d)		49,358

120

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Banks - 7.4% - (continued)
	$ 50,000		A-	5.676% (SOFR + 1.902%) due 1/22/35(d)	$	50,954
	25,000		A-	5.401% (SOFR + 1.599%) due 7/23/35(d)		24,915
	800,000	^EUR	Baa2(b)	Raiffeisen Bank International AG, Subordinated Notes, (Cost - $909,316, acquired 5/30/24), 7.375% (5-Year EURIBOR ICE Swap + 5.200%) due 12/20/32(c)(d)		975,406
				Royal Bank of Canada, Senior Unsecured Notes:
	10,000		A	1.150% due 6/10/25		9,993
	100,000		A	5.200% due 7/20/26		100,918
	100,000		A	1.400% due 11/2/26		96,134
	100,000		A	4.875% due 1/19/27		100,833
	100,000		A	4.950% due 2/1/29		101,798
				Santander Holdings USA Inc., Senior Unsecured Notes:
	89,000		BBB+	6.174% (SOFR + 2.500%) due 1/9/30(d)		91,795
	1,155,000		BBB+	5.741% (SOFR + 1.878%) due 3/20/31(d)		1,166,159
	915,000		BBB+	7.660% (SOFR + 3.280%) due 11/9/31(d)		1,007,025
	950,000		BBB	Santander UK Group Holdings PLC, Senior Unsecured Notes, 4.858% (SOFR + 1.554%) due 9/11/30(d)		940,639
				Societe Generale SA, Senior Non-Preferred Notes:
	1,080,000		BBB	5.512% (SOFR + 1.650%) due 5/22/31(a)(d)		1,087,947
	540,000		BBB	6.066% (1-Year CMT Index + 2.100%) due 1/19/35(a)(d)		547,475
				State Street Corp.:
	150,000		BBB	Junior Subordinated Notes, 6.700% (5-Year CMT Index + 2.613%)(d)(e)		153,296
				Senior Unsecured Notes:
	100,000		A	4.530% (SOFR + 1.018%) due 2/20/29(d)		100,336
	100,000		A	5.684% (SOFR + 1.484%) due 11/21/29(d)		103,948
	50,000		A	4.164% (SOFR + 1.726%) due 8/4/33(d)		47,285
				Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes:
	200,000		A-	5.880% due 7/13/26		202,991
	200,000		A-	3.446% due 1/11/27		197,048
	200,000		A-	2.174% due 1/14/27		193,001
	200,000		A-	2.130% due 7/8/30		176,349
	200,000		A-	5.808% due 9/14/33		209,669
				Toronto-Dominion Bank (The), Senior Unsecured Notes:
	100,000		A-	1.250% due 9/10/26		95,995
	100,000		A-	1.950% due 1/12/27		96,136
	100,000		A-	2.800% due 3/10/27		97,250
	100,000		A-	5.298% due 1/30/32		101,353
	300,000		A-	4.456% due 6/8/32		290,509
				Truist Financial Corp., Senior Unsecured Notes:
	50,000		A-	5.122% (SOFR + 1.852%) due 1/26/34(d)		48,956
	25,000		A-	5.867% (SOFR + 2.361%) due 6/8/34(d)		25,580
	800,000		A-	5.711% (SOFR + 1.922%) due 1/24/35(d)		811,696
				UBS AG, Senior Unsecured Notes:
	250,000		A+	5.000% due 7/9/27		252,738
	1,085,000		A+	7.500% due 2/15/28		1,165,858
				UBS Group AG:
				Junior Subordinated Notes:
	250,000		BB	4.875% (5-Year CMT Index + 3.404%)(a)(d)(e)		241,437
	795,000		BB	6.850% (5-Year USD SOFR ICE Swap Rate + 3.630%)(a)(d)(e)		794,745
	200,000		BB	9.250% (5-Year CMT Index + 4.745%)(a)(d)(e)		218,258
				Senior Unsecured Notes:
	370,000		A-	2.193% (SOFR + 2.044%) due 6/5/26(a)(d)		369,928
	1,500,000		A-	1.494% (1-Year CMT Index + 0.850%) due 8/10/27(a)(d)		1,443,279
	500,000		A-	4.751% (1-Year CMT Index + 1.750%) due 5/12/28(a)(d)		500,589
	1,415,000		A-	3.091% (SOFR + 1.730%) due 5/14/32(a)(d)		1,266,089
	250,000		A-	9.016% (SOFR + 5.020%) due 11/15/33(a)(d)		305,027

121

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Banks - 7.4% - (continued)
			US Bancorp, Senior Unsecured Notes:
	$ 100,000	A	2.375% due 7/22/26	$	97,994
	155,000	A	5.083% (SOFR + 1.296%) due 5/15/31(d)		156,178
	50,000	A	5.850% (SOFR + 2.090%) due 10/21/33(d)		51,753
	1,415,000	A	4.839% (SOFR + 1.600%) due 2/1/34(d)		1,370,963
	1,315,000	A	5.836% (SOFR + 2.260%) due 6/12/34(d)		1,356,691
	1,595,000	A	5.678% (SOFR + 1.860%) due 1/23/35(d)		1,622,831
			Wells Fargo & Co.:
			Junior Subordinated Notes:
	50,000	BB+	5.875% (3-Month USD-LIBOR + 0.000%)(d)(e)		50,006
	150,000	BB+	6.850% (5-Year CMT Index + 2.767%)(d)(e)		154,602
			Senior Unsecured Notes:
	750,000	BBB+	3.000% due 10/23/26		734,845
	510,000	BBB+	2.393% (SOFR + 2.100%) due 6/2/28(d)		488,036
	490,000	BBB+	4.150% due 1/24/29		483,656
	510,000	BBB+	5.574% (SOFR + 1.740%) due 7/25/29(d)		522,938
	111,000	BBB+	6.303% (SOFR + 1.790%) due 10/23/29(d)		116,425
	103,000	BBB+	2.572% (3-Month Term SOFR + 1.262%) due 2/11/31(d)		93,017
	100,000	BBB+	4.478% (3-Month Term SOFR + 4.032%) due 4/4/31(d)		98,314
	2,460,000	BBB+	3.350% (SOFR + 1.500%) due 3/2/33(d)		2,204,425
	325,000	BBB+	5.389% (SOFR + 2.020%) due 4/24/34(d)		325,695
	663,000	BBB+	5.557% (SOFR + 1.990%) due 7/25/34(d)		670,028
	140,000	BBB+	6.491% (SOFR + 2.060%) due 10/23/34(d)		150,036
	300,000	BBB+	3.068% (SOFR + 2.530%) due 4/30/41(d)		219,041
	1,240,000	BBB+	5.013% (3-Month Term SOFR + 4.502%) due 4/4/51(d)		1,086,762
	200,000	BBB+	4.611% (SOFR + 2.130%) due 4/25/53(d)		164,343
			Subordinated Notes:
	200,000	BBB	5.375% due 11/2/43		184,095
	20,000	BBB	4.650% due 11/4/44		16,605
	20,000	BBB	4.900% due 11/17/45		17,054
	10,000	BBB	4.750% due 12/7/46		8,255
			Wells Fargo Bank NA, Senior Unsecured Notes:
	358,000	A+	5.450% due 8/7/26		361,991
	250,000	A+	5.254% due 12/11/26		253,228
			Westpac Banking Corp., Senior Unsecured Notes:
	100,000	AA-	1.150% due 6/3/26		96,903
	100,000	AA-	2.700% due 8/19/26		98,211
	100,000	AA-	3.350% due 3/8/27		98,508
	50,000	AA-	2.150% due 6/3/31		43,914

			Total Banks		120,346,392

	Beverages - 0.2%
			Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
	125,000	A-	4.700% due 2/1/36		119,885
	924,000	A-	4.900% due 2/1/46		831,230
	50,000	A-	Anheuser-Busch InBev Finance Inc., Company Guaranteed Notes, 4.900% due 2/1/46		45,011
			Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
	260,000	A-	3.500% due 6/1/30		248,927
	50,000	A-	4.375% due 4/15/38		45,335
	50,000	A-	5.450% due 1/23/39		50,092
	25,000	A-	4.950% due 1/15/42		23,148
	50,000	A-	4.439% due 10/6/48		41,535
	210,000	A-	5.550% due 1/23/49		205,761
	50,000	A-	4.750% due 4/15/58		42,275

122

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Beverages - 0.2% - (continued)
	$ 50,000	A-	5.800% due 1/23/59	$	49,882
			Coca-Cola Co. (The), Senior Unsecured Notes:
	100,000	A+	3.375% due 3/25/27		98,901
	50,000	A+	5.000% due 5/13/34		50,759
	240,000	A+	2.500% due 6/1/40		169,700
	85,000	A+	2.600% due 6/1/50		51,016
	25,000	A+	3.000% due 3/5/51		16,200
	50,000	A+	2.500% due 3/15/51		28,996
	50,000	A+	5.300% due 5/13/54		47,740
	25,000	A+	5.400% due 5/13/64		23,669
			Constellation Brands Inc.:
			Company Guaranteed Notes:
	100,000	BBB	3.700% due 12/6/26		98,848
	25,000	BBB	5.250% due 11/15/48		22,311
	30,000	BBB	Senior Unsecured Notes, 2.250% due 8/1/31		25,687
			Keurig Dr Pepper Inc., Company Guaranteed Notes:
	255,000	BBB	4.600% due 5/15/30		253,683
	25,000	BBB	3.800% due 5/1/50		17,902
	25,000	BBB	3.350% due 3/15/51		16,287
	50,000	BBB	Molson Coors Beverage Co., Company Guaranteed Notes, 4.200% due 7/15/46		39,070
			PepsiCo Inc., Senior Unsecured Notes:
	100,000	A+	2.375% due 10/6/26		97,702
	100,000	A+	2.625% due 3/19/27		97,419
	50,000	A+	4.800% due 7/17/34		49,596
	25,000	A+	2.625% due 10/21/41		17,208
	25,000	A+	4.450% due 4/14/46		21,483
	25,000	A+	2.875% due 10/15/49		15,965
	25,000	A+	3.625% due 3/19/50		18,374
	50,000	A+	2.750% due 10/21/51		30,470
	25,000	A+	4.200% due 7/18/52		19,870
	25,000	A+	3.875% due 3/19/60		18,324

			Total Beverages		3,050,261

	Biotechnology - 0.2%
			Amgen Inc., Senior Unsecured Notes:
	100,000	BBB+	2.200% due 2/21/27		96,345
	171,000	BBB+	5.150% due 3/2/28		174,118
	180,000	BBB+	4.050% due 8/18/29		176,334
	221,000	BBB+	2.450% due 2/21/30		200,414
	25,000	BBB+	6.375% due 6/1/37		26,908
	100,000	BBB+	3.150% due 2/21/40		75,426
	43,000	BBB+	3.375% due 2/21/50		29,380
	50,000	BBB+	4.663% due 6/15/51		41,407
	69,000	BBB+	4.200% due 2/22/52		52,578
	50,000	BBB+	4.875% due 3/1/53		42,449
	50,000	BBB+	5.650% due 3/2/53		47,537
	50,000	BBB+	2.770% due 9/1/53		28,643
	63,000	BBB+	4.400% due 2/22/62		47,602
	67,000	BBB+	5.750% due 3/2/63		63,340
			Biogen Inc., Senior Unsecured Notes:
	835,000	BBB+	5.750% due 5/15/35		839,521
	50,000	BBB+	3.150% due 5/1/50		30,408
	665,000	BBB+	6.450% due 5/15/55		665,087

123

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Biotechnology - 0.2% - (continued)
			Gilead Sciences Inc., Senior Unsecured Notes:
	$ 674,000	A-	1.650% due 10/1/30	$	582,438
	90,000	A-	4.000% due 9/1/36		80,655
	100,000	A-	2.600% due 10/1/40		69,841
	142,000	A-	4.800% due 4/1/44		126,137
	99,000	A-	4.500% due 2/1/45		84,315
	70,000	A-	4.750% due 3/1/46		61,311
	100,000	BBB-	Royalty Pharma PLC, Company Guaranteed Notes, 5.400% due 9/2/34		99,467

			Total Biotechnology		3,741,661

	Building Materials - 0.2%
			Builders FirstSource Inc., Company Guaranteed Notes:
	305,000	BB-	4.250% due 2/1/32(a)		276,918
	100,000	BB-	6.375% due 3/1/34(a)		99,721
	660,000	B	Camelot Return Merger Sub Inc., Senior Secured Notes, 8.750% due 8/1/28(a)		584,684
			Carrier Global Corp., Senior Unsecured Notes:
	50,000	BBB+	2.493% due 2/15/27		48,451
	50,000	BBB+	3.377% due 4/5/40		38,771
	50,000	BBB+	3.577% due 4/5/50		35,747
	575,000	BB-	EMRLD Borrower LP/Emerald Co.-Issuer Inc., Senior Secured Notes, 6.625% due 12/15/30(a)		581,742
	155,000	B+	Griffon Corp., Company Guaranteed Notes, 5.750% due 3/1/28		154,148
	110,000	BB	Knife River Corp., Senior Unsecured Notes, 7.750% due 5/1/31(a)		115,246
			Martin Marietta Materials Inc., Senior Unsecured Notes:
	25,000	BBB+	4.250% due 12/15/47		19,711
	25,000	BBB+	3.200% due 7/15/51		15,900
	115,000	BB	Masterbrand Inc., Company Guaranteed Notes, 7.000% due 7/15/32(a)		114,504
	175,000	BB-	Miter Brands Acquisition Holdco Inc./MIWD Borrower LLC, Senior Secured Notes, 6.750% due 4/1/32(a)		176,427
	25,000	BBB	Owens Corning, Senior Unsecured Notes, 4.400% due 1/30/48		19,897
	555,000	BB	Quikrete Holdings Inc., Senior Secured Notes, 6.375% due 3/1/32(a)		564,323
	185,000	BB-	Smyrna Ready Mix Concrete LLC, Senior Secured Notes, 6.000% due 11/1/28(a)		182,459
			Standard Industries Inc., Senior Unsecured Notes:
	75,000	BB	5.000% due 2/15/27(a)		74,535
	100,000	BB	4.750% due 1/15/28(a)		98,247
	305,000	BB	4.375% due 7/15/30(a)		286,479

			Total Building Materials		3,487,910

	Chemicals - 0.4%
			Air Products & Chemicals Inc., Senior Unsecured Notes:
	25,000	A	4.850% due 2/8/34		24,714
	25,000	A	2.700% due 5/15/40		17,795
	50,000	A	2.800% due 5/15/50		30,888
	25,000	BBB-	Albemarle Corp., Senior Unsecured Notes, 5.650% due 6/1/52		20,092
	110,000	BB-	Avient Corp., Senior Unsecured Notes, 7.125% due 8/1/30(a)		113,424
	190,000	BB	Axalta Coating Systems LLC, Company Guaranteed Notes, 3.375% due 2/15/29(a)		176,993
	500,000	BB	Braskem Netherlands Finance BV, Company Guaranteed Notes, 7.250% due 2/13/33(a)		435,345
	25,000	BBB	Cabot Corp., Senior Unsecured Notes, 5.000% due 6/30/32		24,592
	25,000	BBB	CF Industries Inc., Company Guaranteed Notes, 5.375% due 3/15/44		22,496
	235,000	BB-	Chemours Co. (The), Company Guaranteed Notes, 5.750% due 11/15/28(a)		210,670
			Dow Chemical Co. (The), Senior Unsecured Notes:
	25,000	BBB	5.150% due 2/15/34		24,434
	25,000	BBB	5.250% due 11/15/41		22,175
	25,000	BBB	4.625% due 10/1/44		19,857
	25,000	BBB	4.800% due 5/15/49		19,756
	25,000	BBB	6.900% due 5/15/53		26,052
	25,000	BBB	5.600% due 2/15/54		22,078

124

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Chemicals - 0.4% - (continued)
			DuPont de Nemours Inc., Senior Unsecured Notes:
	$ 50,000	BBB+	4.725% due 11/15/28	$	50,597
	32,000	BBB+	5.319% due 11/15/38		32,568
	50,000	BBB+	5.419% due 11/15/48		49,217
			Eastman Chemical Co., Senior Unsecured Notes:
	176,000	BBB	4.500% due 12/1/28		175,057
	25,000	BBB	5.625% due 2/20/34		24,942
	25,000	BBB	4.650% due 10/15/44		20,545
			Ecolab Inc., Senior Unsecured Notes:
	25,000	A-	3.950% due 12/1/47		19,455
	25,000	A-	2.125% due 8/15/50		13,149
	25,000	A-	2.700% due 12/15/51		14,911
	25,000	A-	2.750% due 8/18/55		14,459
	25,000	A-	EIDP Inc., Senior Unsecured Notes, 4.800% due 5/15/33		24,525
	65,000	BB	Element Solutions Inc., Company Guaranteed Notes, 3.875% due 9/1/28(a)		62,483
	25,000	BBB-	FMC Corp., Senior Unsecured Notes, 6.375% due 5/18/53		22,974
	25,000	BB+	Huntsman International LLC, Senior Unsecured Notes, 4.500% due 5/1/29		23,385
	200,000	BB	INEOS Finance PLC, Senior Secured Notes, 7.500% due 4/15/29(a)		196,580
	25,000	BBB-	International Flavors & Fragrances Inc., Senior Unsecured Notes, 4.375% due 6/1/47		18,764
	25,000	A	Linde Inc., Company Guaranteed Notes, 3.550% due 11/7/42		19,348
	25,000	BBB	LYB International Finance BV, Company Guaranteed Notes, 4.875% due 3/15/44		20,734
			LYB International Finance III LLC, Company Guaranteed Notes:
	370,000	BBB	5.500% due 3/1/34		360,435
	510,000	BBB	6.150% due 5/15/35		517,180
	25,000	BBB	4.200% due 10/15/49		17,867
	50,000	BBB	4.200% due 5/1/50		35,593
	25,000	BBB	3.800% due 10/1/60		15,535
	25,000	BBB	Mosaic Co. (The), Senior Unsecured Notes, 5.625% due 11/15/43		23,468
			NOVA Chemicals Corp.:
	150,000	BB+	Senior Secured Notes, 8.500% due 11/15/28(a)		158,215
	150,000	BB-	Senior Unsecured Notes, 9.000% due 2/15/30(a)		161,681
			Nutrien Ltd., Senior Unsecured Notes:
	25,000	BBB	4.900% due 6/1/43		21,890
	25,000	BBB	5.000% due 4/1/49		21,693
	25,000	BBB	3.950% due 5/13/50		18,210
			OCP SA, Senior Unsecured Notes:
	200,000	BB+	3.750% due 6/23/31(a)		176,912
	730,000	BB+	6.750% due 5/2/34(a)		738,063
	400,000	BB+	5.125% due 6/23/51(a)		293,282
			Orbia Advance Corp. SAB de CV, Company Guaranteed Notes:
	260,000	BBB-	2.875% due 5/11/31(a)		213,412
	530,000	Baa3(b)	7.500% due 5/13/35(a)		534,108
	213,000	BBB	RPM International Inc., Senior Unsecured Notes, 3.750% due 3/15/27		209,698
			Sherwin-Williams Co. (The), Senior Unsecured Notes:
	25,000	BBB	3.800% due 8/15/49		18,031
	25,000	BBB	3.300% due 5/15/50		16,339
	25,000	BBB	2.900% due 3/15/52		14,794
	870,000	BBB+	Syensqo Finance America LLC, Company Guaranteed Notes, 5.850% due 6/4/34(a)		883,281
			Westlake Corp., Senior Unsecured Notes:
	50,000	BBB+	3.125% due 8/15/51		29,710
	25,000	BBB+	3.375% due 8/15/61		14,180
	175,000	B-	WR Grace Holdings LLC, Senior Secured Notes, 4.875% due 6/15/27(a)		172,762

			Total Chemicals		6,681,393

125

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Commercial Services - 0.5%
	$ 185,000		BB	ADT Security Corp. (The), Senior Secured Notes, 4.875% due 7/15/32(a)	$	175,588
	645,000		BBB-	Ashtead Capital Inc., Company Guaranteed Notes, 5.550% due 5/30/33(a)		638,553
	245,000		B+	Avis Budget Car Rental LLC/Avis Budget Finance Inc., Company Guaranteed Notes, 5.750% due 7/15/27(a)		241,909
				Block Inc., Senior Unsecured Notes:
	95,000		BB+	3.500% due 6/1/31		85,838
	225,000		BB+	6.500% due 5/15/32		230,348
	200,000		BB	Boost Newco Borrower LLC, Senior Secured Notes, 7.500% due 1/15/31(a)		211,760
	130,000		BB-	Clarivate Science Holdings Corp., Senior Secured Notes, 3.875% due 7/1/28(a)		123,871
	250,000		BB-	CoreCivic Inc., Company Guaranteed Notes, 8.250% due 4/15/29		264,221
	25,000		BBB	Equifax Inc., Senior Unsecured Notes, 5.100% due 6/1/28		25,292
	105,000		B	EquipmentShare.com Inc., Secured Notes, 8.625% due 5/15/32(a)		110,005
	105,000		B	Garda World Security Corp., Senior Secured Notes, 4.625% due 2/15/27(a)		103,721
				GEO Group Inc. (The):
	270,000		B+	Company Guaranteed Notes, 10.250% due 4/15/31		296,205
	400,000		BB	Senior Secured Notes, 8.625% due 4/15/29		422,521
				Global Payments Inc., Senior Unsecured Notes:
	176,000		BBB-	4.450% due 6/1/28		174,359
	44,000		BBB-	3.200% due 8/15/29		41,110
	100,000	^EUR	BBB-	4.875% due 3/17/31		119,750
	97,000		BBB-	2.900% due 11/15/31		84,228
	915,000		BBB-	5.950% due 8/15/52		851,079
	185,000		BB-	Herc Holdings Inc., Company Guaranteed Notes, 5.500% due 7/15/27(a)		183,733
				Moody’s Corp., Senior Unsecured Notes:
	245,000		BBB+	4.250% due 2/1/29		243,295
	42,000		BBB+	2.000% due 8/19/31		35,882
				PayPal Holdings Inc., Senior Unsecured Notes:
	10,000		A-	1.650% due 6/1/25		10,000
	25,000		A-	2.650% due 10/1/26		24,469
	50,000		A-	2.850% due 10/1/29		46,756
	240,000		A-	2.300% due 6/1/30		216,044
	25,000		A-	5.150% due 6/1/34		24,950
	25,000		A-	3.250% due 6/1/50		16,319
	25,000		A-	5.050% due 6/1/52		22,202
	140,000		BB	Prime Security Services Borrower LLC/Prime Finance Inc., Senior Secured Notes, 3.375% due 8/31/27(a)		134,554
	118,000		A-	RELX Capital Inc., Company Guaranteed Notes, 4.000% due 3/18/29		116,416
				S&P Global Inc., Company Guaranteed Notes:
	50,000		A3(b)	2.450% due 3/1/27		48,506
	230,000		A3(b)	3.250% due 12/1/49		159,301
	25,000		A3(b)	3.700% due 3/1/52		18,441
	25,000		A3(b)	2.300% due 8/15/60		12,436
	25,000		A3(b)	3.900% due 3/1/62		18,148
				Service Corp. International, Senior Unsecured Notes:
	200,000		BB	5.125% due 6/1/29		198,075
	100,000		BB	5.750% due 10/15/32		99,462
	240,000		BB-	Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Company Guaranteed Notes, 6.750% due 8/15/32(a)		245,018
	200,000	^EUR	BBB+	Transurban Finance Co. Pty Ltd., Senior Secured Notes, (Cost—$226,368, acquired 3/6/24), 4.225% due 4/26/33(c)		237,810
				United Rentals North America Inc., Company Guaranteed Notes:
	105,000		BB+	3.875% due 2/15/31		96,950
	120,000		BB+	3.750% due 1/15/32		107,820
	320,000		BB+	6.125% due 3/15/34(a)		324,744
	670,000		B	Upbound Group Inc., Company Guaranteed Notes, 6.375% due 2/15/29(a)		641,910
	25,000		BBB	Verisk Analytics Inc., Senior Unsecured Notes, 4.125% due 3/15/29		24,631
	480,000	^EUR	B+	Verisure Holding AB, Senior Secured Notes, (Cost - $526,371, acquired 12/3/24), 5.500% due 5/15/30(c)		568,143

126

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Commercial Services - 0.5% - (continued)
	$ 170,000		B	Wand NewCo 3 Inc., Senior Secured Notes, 7.625% due 1/30/32(a)	$	176,971
	125,000		BB-	Williams Scotsman Inc., Senior Secured Notes, 7.375% due 10/1/31(a)		130,124
	200,000	^EUR	BBB-	Worldline SA, Senior Unsecured Notes, (Cost - $209,787, acquired 12/3/24), 4.125% due 9/12/28(c)		222,135

				Total Commercial Services		8,605,603

	Computers - 0.4%
	100,000		AA-	Accenture Capital Inc., Company Guaranteed Notes, 4.250% due 10/4/31		98,146
	405,000	^EUR	BB	Almaviva-The Italian Innovation Co. SpA, Senior Secured Notes, 5.000% due 10/30/30(a)		473,214
				Apple Inc., Senior Unsecured Notes:
	100,000		AA+	3.350% due 2/9/27		98,846
	100,000		AA+	4.000% due 5/12/28		99,878
	50,000		AA+	2.200% due 9/11/29		46,137
	100,000		AA+	4.300% due 5/10/33		99,220
	100,000		AA+	4.750% due 5/12/35		99,002
	25,000		AA+	4.500% due 2/23/36		24,538
	50,000		AA+	2.375% due 2/8/41		34,188
	100,000		AA+	3.850% due 5/4/43		81,715
	100,000		AA+	3.450% due 2/9/45		76,065
	50,000		AA+	4.375% due 5/13/45		43,311
	25,000		AA+	3.750% due 9/12/47		19,301
	50,000		AA+	2.650% due 5/11/50		30,481
	100,000		AA+	2.650% due 2/8/51		60,546
	50,000		AA+	2.700% due 8/5/51		30,383
	50,000		AA+	3.950% due 8/8/52		38,896
	50,000		AA+	2.800% due 2/8/61		28,874
	25,000		AA+	2.850% due 8/5/61		14,601
	50,000		AA+	4.100% due 8/8/62		38,545
	1,205,000		BBB-	Booz Allen Hamilton Inc., Company Guaranteed Notes, 5.950% due 4/15/35		1,197,645
				Dell International LLC/EMC Corp.:
				Company Guaranteed Notes:
	100,000		BBB	5.300% due 4/1/32		100,375
	50,000		BBB	3.450% due 12/15/51		33,010
	23,000		BBB	Senior Unsecured Notes, 8.350% due 7/15/46		28,461
				DXC Technology Co., Senior Unsecured Notes:
	25,000		BBB-	1.800% due 9/15/26		24,054
	88,000		BBB-	2.375% due 9/15/28		80,589
				Hewlett Packard Enterprise Co., Senior Unsecured Notes:
	248,000		BBB	5.250% due 7/1/28		252,616
	25,000		BBB	5.000% due 10/15/34		24,305
				HP Inc., Senior Unsecured Notes:
	25,000		BBB	4.750% due 1/15/28		25,081
	25,000		BBB	6.000% due 9/15/41		24,436
	185,000		BB+	Insight Enterprises Inc., Company Guaranteed Notes, 6.625% due 5/15/32(a)		188,662
				International Business Machines Corp., Senior Unsecured Notes:
	100,000		A-	3.300% due 1/27/27		98,376
	100,000		A-	1.700% due 5/15/27		95,143
	100,000		A-	4.150% due 5/15/39		86,020
	100,000		A-	4.000% due 6/20/42		81,032
	100,000		A-	4.250% due 5/15/49		78,811
				Kyndryl Holdings Inc., Senior Unsecured Notes:
	460,000		BBB-	2.050% due 10/15/26		443,682
	25,000		BBB-	2.700% due 10/15/28		23,450
	25,000		BBB	Leidos Inc., Company Guaranteed Notes, 2.300% due 2/15/31		21,601
	175,000		B+	NCR Atleos Corp., Senior Secured Notes, 9.500% due 4/1/29(a)		191,263

127

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Computers - 0.4% - (continued)
	$ 225,000	B+	NCR Voyix Corp., Company Guaranteed Notes, 5.000% due 10/1/28(a)	$	222,064
	1,435,000	BBB+	NetApp Inc., Senior Unsecured Notes, 5.700% due 3/17/35		1,440,302
			Seagate HDD Cayman, Company Guaranteed Notes:
	120,000	BB	3.125% due 7/15/29		108,131
	200,000	BB	8.250% due 12/15/29		213,342
	75,000	BB	9.625% due 12/1/32		85,191

			Total Computers		6,703,529

	Cosmetics/Personal Care - 0.1%
	115,000	BB	Edgewell Personal Care Co., Company Guaranteed Notes, 5.500% due 6/1/28(a)		113,243
			Estee Lauder Cos Inc. (The), Senior Unsecured Notes:
	25,000	A-	4.150% due 3/15/47		18,847
	25,000	A-	3.125% due 12/1/49		15,283
	25,000	A-	5.150% due 5/15/53		22,396
			Kenvue Inc., Company Guaranteed Notes:
	540,000	A	4.900% due 3/22/33		541,255
	50,000	A	5.050% due 3/22/53		45,574
	25,000	A	5.200% due 3/22/63		22,665
	90,000	B+	Perrigo Finance Unlimited Co., Company Guaranteed Notes, 6.125% due 9/30/32		89,907
	25,000	AA-	Procter & Gamble Co. (The), Senior Unsecured Notes, 3.600% due 3/25/50		18,744

			Total Cosmetics/Personal Care		887,914

	Distribution/Wholesale - 0.0%@
	110,000	BBB-	American Builders & Contractors Supply Co., Inc., Senior Secured Notes, 4.000% due 1/15/28(a)		106,267
	75,000	BB-	RB Global Holdings Inc., Company Guaranteed Notes, 7.750% due 3/15/31(a)		78,604
	110,000	BB+	Resideo Funding Inc., Company Guaranteed Notes, 6.500% due 7/15/32(a)		111,028

			Total Distribution/Wholesale		295,899

	Diversified Financial Services - 1.0%
			AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes:
	2,560,000	BBB+	2.450% due 10/29/26		2,481,318
	150,000	BBB+	6.450% due 4/15/27		154,387
	340,000	BBB+	3.000% due 10/29/28		320,891
	150,000	BBB+	3.400% due 10/29/33		129,141
	655,000	BBB-	6.950% (5-Year CMT Index + 2.720%) due 3/10/55(d)		672,371
			Air Lease Corp., Senior Unsecured Notes:
	50,000	BBB	1.875% due 8/15/26		48,342
	50,000	BBB	2.200% due 1/15/27		48,177
	25,000	BBB	5.850% due 12/15/27		25,735
	50,000	BBB	5.300% due 2/1/28		50,947
	50,000	BBB	2.100% due 9/1/28		46,304
	25,000	BBB	3.000% due 2/1/30		23,161
	25,000	BBB	3.125% due 12/1/30		22,838
	1,325,000	BBB-	Aircastle Ltd., Company Guaranteed Notes, 5.950% due 2/15/29(a)		1,359,063
	670,000	BBB-	Aircastle Ltd./Aircastle Ireland DAC, Senior Unsecured Notes, 5.250% due 3/15/30(a)		666,780
			Ally Financial Inc.:
	25,000	BBB-	Senior Unsecured Notes, 6.184% (SOFR + 2.290%) due 7/26/35(d)		24,831
	95,000	BB+	Subordinated Notes, 6.700% due 2/14/33		96,520
			American Express Co., Senior Unsecured Notes:
	100,000	A-	2.550% due 3/4/27		97,004
	220,000	A-	4.050% due 5/3/29		218,464
	100,000	A-	5.085% (SOFR + 1.020%) due 1/30/31(d)		101,465
	345,000	A-	5.016% (SOFR + 1.440%) due 4/25/31(d)		348,704
	100,000	A-	5.043% (SOFR + 1.835%) due 5/1/34(d)		99,486
	100,000	A-	5.442% (SOFR + 1.320%) due 1/30/36(d)		100,505
	110,000	A-	5.667% (SOFR + 1.790%) due 4/25/36(d)		112,160

128

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Diversified Financial Services - 1.0% - (continued)
	$ 100,000	A-	4.050% due 12/3/42	$	82,915
			Avolon Holdings Funding Ltd.:
			Company Guaranteed Notes:
	953,000	BBB-	2.528% due 11/18/27(a)		898,314
	1,790,000	BBB-	5.150% due 1/15/30(a)		1,783,189
	500,000	BBB-	Senior Unsecured Notes, 2.750% due 2/21/28(a)		470,065
			Capital One Financial Corp.:
			Senior Unsecured Notes:
	50,000	BBB	4.100% due 2/9/27		49,596
	100,000	BBB	3.750% due 3/9/27		98,725
	50,000	BBB	5.817% (SOFR + 2.600%) due 2/1/34(d)		50,586
	50,000	BBB	6.377% (SOFR + 2.860%) due 6/8/34(d)		52,253
			Subordinated Notes:
	50,000	BBB-	3.750% due 7/28/26		49,430
	27,000	BBB-	2.359% (SOFR + 1.337%) due 7/29/32(d)		22,345
			Charles Schwab Corp. (The), Senior Unsecured Notes:
	50,000	A-	5.875% due 8/24/26		50,802
	50,000	A-	2.450% due 3/3/27		48,437
	25,000	A-	3.300% due 4/1/27		24,577
	50,000	A-	2.000% due 3/20/28		47,092
	25,000	A-	4.000% due 2/1/29		24,786
	50,000	A-	5.643% (SOFR + 2.210%) due 5/19/29(d)		51,755
	50,000	A-	6.196% (SOFR + 1.878%) due 11/17/29(d)		52,845
	25,000	A-	2.900% due 3/3/32		22,027
	1,000,000	BBB-	Citadel Finance LLC, Company Guaranteed Notes, 5.900% due 2/10/30(a)		994,945
	759,000	A+	Credit Suisse USA LLC, Company Guaranteed Notes, 7.125% due 7/15/32		848,154
			Intercontinental Exchange Inc., Senior Unsecured Notes:
	50,000	A-	4.000% due 9/15/27		49,548
	50,000	A-	4.350% due 6/15/29		49,886
	13,000	A-	2.100% due 6/15/30		11,559
	25,000	A-	2.650% due 9/15/40		17,710
	25,000	A-	4.250% due 9/21/48		20,041
	50,000	A-	3.000% due 6/15/50		31,666
	50,000	A-	4.950% due 6/15/52		44,226
	50,000	A-	3.000% due 9/15/60		29,335
	130,000	BB	Jane Street Group/JSG Finance Inc., Senior Secured Notes, 7.125% due 4/30/31(a)		135,919
			Jefferies Financial Group Inc., Senior Unsecured Notes:
	50,000	BBB	4.850% due 1/15/27		50,245
	50,000	BBB	5.875% due 7/21/28		51,341
	50,000	BBB	4.150% due 1/23/30		48,214
	650,000	NR	Lehman Brothers Holdings Inc., Subordinated Notes, 6.750% due 12/28/17*(g)(h)#		–
			Mastercard Inc., Senior Unsecured Notes:
	25,000	A+	3.650% due 6/1/49		18,585
	50,000	A+	3.850% due 3/26/50		38,325
	25,000	A+	2.950% due 3/15/51		15,890
	232,000	BBB	Nasdaq Inc., Senior Unsecured Notes, 5.550% due 2/15/34		237,837
	175,000	B	Nationstar Mortgage Holdings Inc., Company Guaranteed Notes, 5.500% due 8/15/28(a)		174,754
			Nomura Holdings Inc., Senior Unsecured Notes:
	200,000	BBB+	1.653% due 7/14/26		193,213
	200,000	BBB+	6.070% due 7/12/28		207,642
	250,000	BB	OneMain Finance Corp., Company Guaranteed Notes, 6.625% due 5/15/29		252,324
	90,000	BB	PRA Group Inc., Company Guaranteed Notes, 5.000% due 10/1/29(a)		80,816
	25,000	BBB-	Radian Group Inc., Senior Unsecured Notes, 4.875% due 3/15/27		24,956

129

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Diversified Financial Services - 1.0% - (continued)
	$ 305,000		BB	Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer Inc., Company Guaranteed Notes, 3.625% due 3/1/29(a)	$	284,727
	760,000	^EUR	B	Sherwood Financing PLC, Senior Secured Notes, (Cost - $799,650, acquired 3/8/24), 4.500% due 11/15/26(c)		861,944
	50,000		BBB-	Synchrony Financial, Senior Unsecured Notes, 3.700% due 8/4/26		49,266
	95,000		Ba3(b)	United Wholesale Mortgage LLC, Senior Unsecured Notes, 5.500% due 4/15/29(a)		91,016
				Visa Inc., Senior Unsecured Notes:
	25,000		AA-	2.700% due 4/15/40		18,525
	25,000		AA-	3.650% due 9/15/47		19,035
	50,000		AA-	2.000% due 8/15/50		26,630
	25,000		BBB+	Voya Financial Inc., Company Guaranteed Notes, 3.650% due 6/15/26		24,773

				Total Diversified Financial Services		16,131,380

	Electric - 2.7%
				AEP Texas Inc., Senior Unsecured Notes:
	43,000		BBB+	5.400% due 6/1/33		42,829
	82,000		BBB+	3.450% due 1/15/50		53,947
	41,000		BBB+	3.450% due 5/15/51		26,719
				AEP Transmission Co. LLC, Senior Unsecured Notes:
	70,000		BBB+	3.750% due 12/1/47		51,568
	59,000		BBB+	3.150% due 9/15/49		38,183
	45,000		BBB+	2.750% due 8/15/51		26,518
	65,000		BBB+	4.500% due 6/15/52		52,791
	80,000		BB	AES Corp. (The), Junior Subordinated Notes, 7.600% (5-Year CMT Index + 3.201%) due 1/15/55(d)		80,833
				Alabama Power Co., Senior Unsecured Notes:
	64,000		A	3.700% due 12/1/47		47,160
	60,000		A	3.450% due 10/1/49		41,294
	116,000		A	3.125% due 7/15/51		74,243
	111,000		A	3.000% due 3/15/52		69,351
				Ameren Illinois Co., 1st Mortgage Notes:
	43,000		A	3.250% due 3/15/50		28,152
	95,000		A	2.900% due 6/15/51		57,782
	170,000		A	5.550% due 7/1/54		161,851
	150,000		A-	American Transmission Systems Inc., Senior Unsecured Notes, 2.650% due 1/15/32(a)		130,049
				Arizona Public Service Co., Senior Unsecured Notes:
	25,000		BBB+	5.550% due 8/1/33		25,190
	25,000		BBB+	3.350% due 5/15/50		16,412
				Baltimore Gas & Electric Co., Senior Unsecured Notes:
	174,000		A	5.450% due 6/1/35		175,002
	6,000		A	3.500% due 8/15/46		4,280
	50,000		A	3.750% due 8/15/47		36,810
	80,000		A	3.200% due 9/15/49		52,362
	67,000		A	2.900% due 6/15/50		40,845
	54,000		A	4.550% due 6/1/52		43,921
	65,000		A	5.400% due 6/1/53		59,945
	350,000		A	5.650% due 6/1/54		336,611
	25,000		A-	Berkshire Hathaway Energy Co., Senior Unsecured Notes, 6.125% due 4/1/36		26,256
	350,000		B+	Calpine Corp., Senior Unsecured Notes, 4.625% due 2/1/29(a)		341,278
				CenterPoint Energy Houston Electric LLC:
	118,000		A	1st Mortgage Notes, 3.600% due 3/1/52		82,568
	129,000		A	General Refinance Mortgage, 4.450% due 10/1/32		124,673
				Comision Federal de Electricidad, Company Guaranteed Notes:
	1,500,000		BBB	3.348% due 2/9/31(a)		1,295,213
	1,000,000		BBB	3.875% due 7/26/33(a)		831,764
				Commonwealth Edison Co., 1st Mortgage Notes:
	25,000		A	5.900% due 3/15/36		26,145

130

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Electric - 2.7% - (continued)
	$ 71,000		A	5.950% due 6/1/55	$	71,069
				Consolidated Edison Co. of New York Inc., Senior Unsecured Notes:
	40,000		A-	3.950% due 4/1/50		30,182
	134,000		A-	5.900% due 11/15/53		133,247
	100,000		A-	5.700% due 5/15/54		96,815
	25,000		A-	4.625% due 12/1/54		20,333
	241,000		BBB+	Constellation Energy Generation LLC, Senior Unsecured Notes, 5.600% due 6/15/42		230,755
				Consumers Energy Co., 1st Mortgage Notes:
	56,000		A	3.500% due 8/1/51		40,056
	53,000		A	2.650% due 8/15/52		31,684
	113,000		A	4.200% due 9/1/52		89,751
	1,600,000		BBB-	Dominion Energy Inc., Junior Subordinated Notes, 6.625% (5-Year CMT Index + 2.207%) due 5/15/55(d)		1,604,663
	83,000		A	Dominion Energy South Carolina Inc., 1st Mortgage Notes, 6.250% due 10/15/53		86,863
				DTE Electric Co., General Refinance Mortgage:
	350,000		A	5.200% due 3/1/34		351,073
	180,000		A	3.250% due 4/1/51		120,378
				Duke Energy Carolinas LLC, 1st Mortgage Notes:
	204,000		A	3.950% due 11/15/28		201,708
	140,000		A	4.950% due 1/15/33		139,897
	25,000		A	6.050% due 4/15/38		26,095
	500,000		A	4.250% due 12/15/41		415,207
	105,000		A	3.200% due 8/15/49		68,655
	80,000		A	3.550% due 3/15/52		55,552
	227,000		A	5.350% due 1/15/53		209,472
				Duke Energy Corp., Senior Unsecured Notes:
	50,000		BBB	2.650% due 9/1/26		48,936
	50,000		BBB	4.850% due 1/5/27		50,342
	700,000	^EUR	BBB	3.100% due 6/15/28		800,549
				Duke Energy Florida LLC, 1st Mortgage Notes:
	145,000		A	2.500% due 12/1/29		133,702
	233,000		A	1.750% due 6/15/30		203,276
	25,000		A	6.400% due 6/15/38		26,890
	24,000		A	4.200% due 7/15/48		18,672
	26,000		A	5.950% due 11/15/52		25,938
	350,000		A	6.200% due 11/15/53		360,518
	380,000		A	Duke Energy Indiana LLC, 1st Mortgage Notes, 2.750% due 4/1/50		224,994
				Duke Energy Ohio Inc., 1st Mortgage Notes:
	529,000		A	3.650% due 2/1/29		516,577
	20,000		A	5.650% due 4/1/53		18,980
				Duke Energy Progress LLC, 1st Mortgage Notes:
	130,000		A	3.450% due 3/15/29		125,718
	43,000		A	5.250% due 3/15/33		43,669
	81,000		A	4.150% due 12/1/44		64,472
	67,000		A	2.900% due 8/15/51		40,388
				Edison International:
	390,000		BB+	Junior Subordinated Notes, 8.125% (5-Year CMT Index + 3.864%) due 6/15/53(d)		386,225
	180,000		BBB-	Senior Unsecured Notes, 6.950% due 11/15/29		186,699
				Electricite de France SA:
	2,005,000		BBB	Senior Unsecured Notes, 5.750% due 1/13/35(a)		2,022,568
	600,000	^EUR	B+	Junior Subordinated Notes, (Cost - $704,029, acquired 12/9/24), 7.500% (5-Year EUR Swap Rate + 4.860%)(c)(d)(e)		750,908
	1,725,000		BB+	Emera Inc., Junior Subordinated Notes, 6.750% (3-Month USD-LIBOR + 5.440%) due 6/15/76(d)		1,741,489
	770,000		BBB-	Emera US Finance LP, Company Guaranteed Notes, 2.639% due 6/15/31		662,851

131

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Electric - 2.7% - (continued)
				Entergy Arkansas LLC, 1st Mortgage Notes:
	$ 87,000		A	3.350% due 6/15/52	$	56,443
	350,000		A	5.750% due 6/1/54		337,291
	320,000		BBB-	Entergy Corp., Junior Subordinated Notes, 7.125% (5-Year CMT Index + 2.670%) due 12/1/54(d)		327,962
				Entergy Louisiana LLC:
				1st Mortgage Notes:
	25,000		A	5.150% due 9/15/34		24,699
	25,000		A	2.900% due 3/15/51		15,053
	25,000		A	Collateral Trust, 4.200% due 9/1/48		19,366
				Entergy Mississippi LLC, 1st Mortgage Notes:
	370,000		A	5.000% due 9/1/33		365,737
	475,000		A	5.800% due 4/15/55		459,105
	565,000		A	Entergy Texas Inc., 1st Mortgage Notes, 5.550% due 9/15/54		523,048
	200,000	^EUR	A-	ESB Finance DAC, Company Guaranteed Notes, (Cost - $222,761, acquired 3/6/24), 4.000% due 10/3/28(c)		235,686
	855,000		BB+(i)	EUSHI Finance Inc., Company Guaranteed Notes, 7.625% (5-Year CMT Index + 3.136%) due 12/15/54(d)		875,827
	725,000		BBB-	Evergy Inc., Junior Subordinated Notes, 6.650% (5-Year CMT Index + 2.558%) due 6/1/55(d)		719,437
	128,000		BBB	Eversource Energy, Senior Unsecured Notes, 5.450% due 3/1/28		130,776
	170,000		BBB	Exelon Corp., Junior Subordinated Notes, 6.500% (5-Year CMT Index + 1.975%) due 3/15/55(d)		169,675
				FirstEnergy Corp., Senior Unsecured Notes:
	60,000		BBB-	1.600% due 1/15/26		58,849
	470,000		BBB-	3.900% due 7/15/27		463,291
	240,000		BBB-	4.850% due 7/15/47		197,651
				Florida Power & Light Co., 1st Mortgage Notes:
	25,000		A+	5.650% due 2/1/37		25,857
	251,000		A+	3.950% due 3/1/48		193,980
	122,000		A+	2.875% due 12/4/51		74,765
	230,000		A+	5.700% due 3/15/55		226,149
				Georgia Power Co., Senior Unsecured Notes:
	50,000		A	5.004% due 2/23/27		50,663
	278,000		A	4.950% due 5/17/33		275,692
	430,000		A	5.250% due 3/15/34		431,727
	520,000		BBB+	ITC Holdings Corp., Senior Unsecured Notes, 5.650% due 5/9/34(a)		522,722
				MidAmerican Energy Co., 1st Mortgage Notes:
	47,000		A	3.100% due 5/1/27		46,109
	141,000		A	5.850% due 9/15/54		140,191
	167,000		A	5.300% due 2/1/55		153,070
	100,000		A-	National Rural Utilities Cooperative Finance Corp., Senior Unsecured Notes, 4.850% due 2/7/29		101,043
				NextEra Energy Capital Holdings Inc., Company Guaranteed Notes:
	250,000		BBB+	1.875% due 1/15/27		239,843
	50,000		BBB+	2.250% due 6/1/30		44,460
	50,000		BBB+	5.050% due 2/28/33		49,661
	50,000		BBB+	5.250% due 3/15/34		49,621
	160,000		BBB	6.500% (5-Year CMT Index + 1.979%) due 8/15/55(d)		161,507
				Northern States Power Co., 1st Mortgage Notes:
	211,000		A	2.900% due 3/1/50		132,311
	136,000		A	2.600% due 6/1/51		79,346
	62,000		A	5.100% due 5/15/53		55,747
				NRG Energy Inc., Company Guaranteed Notes:
	205,000		BB	5.750% due 1/15/28		205,847
	345,000		BB	5.250% due 6/15/29(a)		341,354
				Ohio Power Co., Senior Unsecured Notes:
	113,000		BBB+	2.600% due 4/1/30		102,889
	89,000		BBB+	5.000% due 6/1/33		87,076
	66,000		BBB+	4.000% due 6/1/49		48,092

132

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Electric - 2.7% - (continued)
	$ 438,000	BBB+	2.900% due 10/1/51	$	257,554
			Oncor Electric Delivery Co. LLC:
	25,000	A+	1st Mortgage Notes, 2.700% due 11/15/51		14,233
			Senior Secured Notes:
	50,000	A+	4.550% due 9/15/32		48,676
	50,000	A+	5.650% due 11/15/33		51,771
	50,000	A+	4.950% due 9/15/52		43,125
			Pacific Gas & Electric Co., 1st Mortgage Notes:
	500,000	BBB	5.450% due 6/15/27		505,052
	2,090,000	BBB	4.550% due 7/1/30		2,023,262
	89,000	BBB	2.500% due 2/1/31		76,466
	136,000	BBB	6.150% due 1/15/33		138,240
	179,000	BBB	6.400% due 6/15/33		184,002
	111,000	BBB	6.950% due 3/15/34		117,808
	100,000	BBB	4.500% due 7/1/40		81,827
	50,000	BBB	3.300% due 8/1/40		35,601
	50,000	BBB	4.950% due 7/1/50		39,624
	90,000	BBB	3.500% due 8/1/50		56,884
	180,000	BBB	6.750% due 1/15/53		178,856
	55,000	BBB	6.700% due 4/1/53		54,437
			PacifiCorp, 1st Mortgage Notes:
	50,000	A	5.450% due 2/15/34		49,859
	25,000	A	5.750% due 4/1/37		24,934
			PECO Energy Co., 1st Mortgage Notes:
	46,000	A	3.050% due 3/15/51		28,759
	74,000	A	4.600% due 5/15/52		61,451
	91,000	A	4.375% due 8/15/52		73,166
			PG&E Corp.:
	1,435,000	B	Junior Subordinated Notes, 7.375% (5-Year CMT Index + 3.883%) due 3/15/55(d)		1,408,761
			Senior Secured Notes:
	145,000	BB	5.000% due 7/1/28		141,562
	180,000	BB	5.250% due 7/1/30		174,786
	100,000	AAA	PG&E Recovery Funding LLC, Senior Secured Notes, 5.231% due 6/1/42		98,514
			PPL Electric Utilities Corp., 1st Mortgage Notes:
	25,000	A+	5.000% due 5/15/33		25,000
	25,000	A+	4.850% due 2/15/34		24,619
	25,000	A+	5.250% due 5/15/53		23,214
	860,000	BBB	PSEG Power LLC, Senior Unsecured Notes, 5.750% due 5/15/35(a)		864,032
	270,000	A	Public Service Co. of Colorado, 1st Mortgage Notes, 2.700% due 1/15/51		155,430
	102,000	A	Public Service Co. of New Hampshire, 1st Mortgage Notes, 5.150% due 1/15/53		91,173
			Public Service Electric & Gas Co., 1st Mortgage Notes:
	199,000	A	3.200% due 5/15/29		190,750
	185,000	A	4.900% due 12/15/32		186,272
	350,000	A-	Puget Sound Energy Inc., Senior Secured Notes, 5.685% due 6/15/54		333,858
			San Diego Gas & Electric Co., 1st Mortgage Notes:
	370,000	A	3.320% due 4/15/50		240,799
	120,000	A	5.350% due 4/1/53		108,642
			Sempra:
			Junior Subordinated Notes:
	230,000	BBB-	6.875% (5-Year CMT Index + 2.789%) due 10/1/54(d)		224,813
	905,000	BBB-	6.625% (5-Year CMT Index + 2.354%) due 4/1/55(d)		855,145
	25,000	BBB	Senior Unsecured Notes, 3.800% due 2/1/38		20,217

133

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Electric - 2.7% - (continued)
			Southern California Edison Co.:
			1st Mortgage Notes:
	$ 410,000	A-	5.300% due 3/1/28	$	414,443
	208,000	A-	5.650% due 10/1/28		212,102
	199,000	A-	5.950% due 11/1/32		202,109
	619,000	A-	5.200% due 6/1/34		592,564
	660,000	A-	5.450% due 3/1/35		637,967
	60,000	A-	3.650% due 6/1/51		38,331
	55,000	A-	5.875% due 12/1/53		49,079
	850,000	A-	5.750% due 4/15/54		747,241
	1,500,000	A-	5.900% due 3/1/55		1,344,872
	25,000	A-	1st Refinanced Mortgage Notes, 5.950% due 2/1/38		24,373
	550,000	A-	Southwestern Public Service Co., 1st Mortgage Notes, 6.000% due 6/1/54		538,519
			Union Electric Co., 1st Mortgage Notes:
	350,000	A	5.200% due 4/1/34		349,806
	51,000	A	5.450% due 3/15/53		47,803
			Virginia Electric & Power Co., Senior Unsecured Notes:
	25,000	BBB+	6.000% due 5/15/37		25,757
	52,000	BBB+	2.950% due 11/15/51		31,433
	126,000	BBB+	5.700% due 8/15/53		119,909
	15,000	BBB+	5.350% due 1/15/54		13,623
			Vistra Operations Co. LLC:
			Company Guaranteed Notes:
	435,000	BB+	5.000% due 7/31/27(a)		433,948
	185,000	BB+	7.750% due 10/15/31(a)		196,286
			Senior Secured Notes:
	1,722,000	BBB-	3.700% due 1/30/27(a)		1,689,725
	710,000	BBB-	6.000% due 4/15/34(a)		720,533
			Wisconsin Power & Light Co., Senior Unsecured Notes:
	25,000	A-	5.375% due 3/30/34		25,025
	25,000	A-	3.650% due 4/1/50		17,386

			Total Electric		43,585,987

	Electrical Components & Equipment - 0.0%@
			Emerson Electric Co., Senior Unsecured Notes:
	25,000	A	2.750% due 10/15/50		15,330
	25,000	A	2.800% due 12/21/51		15,168
	110,000	B	Energizer Holdings Inc., Company Guaranteed Notes, 4.750% due 6/15/28(a)		106,172
	85,000	BB+	EnerSys, Company Guaranteed Notes, 6.625% due 1/15/32(a)		86,898
	440,000	BB	WESCO Distribution Inc., Company Guaranteed Notes, 6.625% due 3/15/32(a)		451,752

			Total Electrical Components & Equipment		675,320

	Electronics - 0.1%
	140,000	B+	Coherent Corp., Company Guaranteed Notes, 5.000% due 12/15/29(a)		135,800
			Honeywell International Inc., Senior Unsecured Notes:
	100,000	A	2.500% due 11/1/26		97,400
	100,000	A	1.100% due 3/1/27		94,608
	220,000	A	5.000% due 3/1/35		217,841
	25,000	A	3.812% due 11/21/47		18,751
	50,000	A	2.800% due 6/1/50		30,818
	25,000	A	5.250% due 3/1/54		23,117
	25,000	A	5.350% due 3/1/64		22,802
	190,000	BB	Imola Merger Corp., Senior Secured Notes, 4.750% due 5/15/29(a)		182,185
	80,000	BB+	Sensata Technologies BV, Company Guaranteed Notes, 5.875% due 9/1/30(a)		79,169
	185,000	BB+	Sensata Technologies Inc., Company Guaranteed Notes, 4.375% due 2/15/30(a)		174,162

			Total Electronics		1,076,653

134

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Energy - Alternate Sources - 0.0%@
	$ 85,000		BB-	TerraForm Power Operating LLC, Company Guaranteed Notes, 4.750% due 1/15/30(a)	$	80,164

	Engineering & Construction - 0.0%@
	290,000		BBB-	CIMIC Finance USA Pty Ltd., Company Guaranteed Notes, 7.000% due 3/25/34(a)		303,392
	120,000		BB	Dycom Industries Inc., Company Guaranteed Notes, 4.500% due 4/15/29(a)		115,544
	220,000		BB	Global Infrastructure Solutions Inc., Company Guaranteed Notes, 5.625% due 6/1/29(a)		214,877

				Total Engineering & Construction		633,813

	Entertainment - 0.4%
	450,000	^EUR	B-	888 Acquisitions Ltd., Senior Secured Notes, 7.558% due 7/15/27(a)		513,875
	120,000		B	Boyne USA Inc., Senior Unsecured Notes, 4.750% due 5/15/29(a)		115,395
				Caesars Entertainment Inc.:
	235,000		B-	Company Guaranteed Notes, 4.625% due 10/15/29(a)		219,894
	90,000		BB-	Senior Secured Notes, 7.000% due 2/15/30(a)		92,387
	65,000		BB-	Cinemark USA Inc., Company Guaranteed Notes, 5.250% due 7/15/28(a)		64,165
	330,000		B+	Live Nation Entertainment Inc., Company Guaranteed Notes, 4.750% due 10/15/27(a)		324,492
	400,000	^EUR	B	Motion Finco Sarl, Senior Secured Notes, (Cost - $441,229, acquired 3/21/25), 7.375% due 6/15/30(c)		436,835
	45,000		BB-	Six Flags Entertainment Corp., Company Guaranteed Notes, 7.250% due 5/15/31(a)		46,011
	270,000		BB-	Six Flags Entertainment Corp./Canada’s Wonderland Co./Magnum Management Corp., Company Guaranteed Notes, 5.250% due 7/15/29		262,346
	73,000		BBB-	Six Flags Entertainment Corp./Six Flags Theme Parks Inc./Canada’s Wonderland Co., Senior Secured Notes, 6.625% due 5/1/32(a)		74,469
	700,000	^EUR	BBB+	Universal Music Group NV, Senior Unsecured Notes, (Cost - $780,944, acquired 12/3/24), 4.000% due 6/13/31(c)		829,884
	165,000		BB-	Vail Resorts Inc., Company Guaranteed Notes, 6.500% due 5/15/32(a)		169,082
				Warnermedia Holdings Inc., Company Guaranteed Notes:
	100,000		BB+	3.755% due 3/15/27		96,927
	100,000		BB+	4.054% due 3/15/29		93,133
	565,000		BB+	4.279% due 3/15/32		479,674
	2,366,000		BB+	5.141% due 3/15/52		1,533,230
	310,000		BB-	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Company Guaranteed Notes, 7.125% due 2/15/31(a)		325,312

				Total Entertainment		5,677,111

	Environmental Control - 0.1%
	58,000		BB+	Clean Harbors Inc., Company Guaranteed Notes, 6.375% due 2/1/31(a)		59,059
	305,000		BB	GFL Environmental Inc., Senior Secured Notes, 6.750% due 1/15/31(a)		316,754
				Republic Services Inc., Senior Unsecured Notes:
	66,000		BBB+	3.375% due 11/15/27		64,624
	260,000		BBB+	4.875% due 4/1/29		264,272
				Waste Connections Inc., Senior Unsecured Notes:
	25,000		BBB+	3.050% due 4/1/50		16,103
	25,000		BBB+	2.950% due 1/15/52		15,433
	50,000		A-	Waste Management Inc., Company Guaranteed Notes, 2.950% due 6/1/41		36,120
	285,000		BB	Wrangler Holdco Corp., Company Guaranteed Notes, 6.625% due 4/1/32(a)		294,062

				Total Environmental Control		1,066,427

	Food - 0.5%
	500,000		BB+	Albertsons Cos Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Company Guaranteed Notes, 5.875% due 2/15/28(a)		499,935
	100,000		BBB-	Conagra Brands Inc., Senior Unsecured Notes, 5.300% due 10/1/26		100,786
	400,000	^EUR	B	Flora Food Management BV, Senior Secured Notes, (Cost - $445,166, acquired 3/21/25), 6.875% due 7/2/29(c)		468,560
				General Mills Inc., Senior Unsecured Notes:
	50,000		BBB	3.200% due 2/10/27		49,071
	25,000		BBB	3.000% due 2/1/51		15,533
	620,000	^GBP	B	Iceland Bondsco PLC, Senior Secured Notes, (Cost - $825,024, acquired 5/29/24), 10.875% due 12/15/27(c)		887,634
				J.M. Smucker Co. (The), Senior Unsecured Notes:
	25,000		BBB	4.250% due 3/15/35		22,729
	25,000		BBB	6.500% due 11/15/53		26,261
				JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, Company Guaranteed Notes:
	100,000		BBB-	2.500% due 1/15/27		96,512
	370,000		BBB-	3.625% due 1/15/32		332,853

135

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Food - 0.5% - (continued)
	$ 50,000		BBB-	4.375% due 2/2/52	$	37,663
	50,000		BBB-	6.500% due 12/1/52		50,707
				Kraft Heinz Foods Co., Company Guaranteed Notes:
	10,000		BBB	3.000% due 6/1/26		9,847
	25,000		BBB	6.875% due 1/26/39		26,954
	25,000		BBB	6.500% due 2/9/40		26,153
	180,000		BBB	5.200% due 7/15/45		159,555
	75,000		BBB	4.375% due 6/1/46		59,085
	50,000		BBB	4.875% due 10/1/49		41,752
				Kroger Co. (The), Senior Unsecured Notes:
	290,000		BBB	5.000% due 9/15/34		282,192
	25,000		BBB	3.875% due 10/15/46		18,386
	25,000		BBB	4.450% due 2/1/47		20,092
	25,000		BBB	5.400% due 1/15/49		22,679
	25,000		BBB	3.950% due 1/15/50		18,371
	25,000		BBB	5.500% due 9/15/54		23,122
	70,000		BB+	Lamb Weston Holdings Inc., Company Guaranteed Notes, 4.125% due 1/31/30(a)		66,087
				Mars Inc.:
	230,000		A	Company Guaranteed Notes, 3.200% due 4/1/30(a)		216,121
				Senior Unsecured Notes:
	70,000		A	5.000% due 3/1/32(a)		70,189
	1,325,000		A	5.200% due 3/1/35(a)		1,318,844
	1,845,000		A	5.700% due 5/1/55(a)		1,791,222
	175,000		BB	Performance Food Group Inc., Company Guaranteed Notes, 5.500% due 10/15/27(a)		174,431
	215,000		BB	Post Holdings Inc., Senior Secured Notes, 6.250% due 2/15/32(a)		218,875
				Sysco Corp., Company Guaranteed Notes:
	50,000		BBB	3.300% due 7/15/26		49,336
	25,000		BBB	5.950% due 4/1/30		26,301
	25,000		BBB	4.450% due 3/15/48		20,134
	25,000		BBB	3.150% due 12/14/51		15,464
	25,000		BBB	Tyson Foods Inc., Senior Unsecured Notes, 5.100% due 9/28/48		21,840
	60,000		BB+	US Foods Inc., Company Guaranteed Notes, 5.750% due 4/15/33(a)		59,090

				Total Food		7,344,366

	Forest Products & Paper - 0.0%@
				International Paper Co., Senior Unsecured Notes:
	25,000		BBB	6.000% due 11/15/41		24,630
	25,000		BBB	4.800% due 6/15/44		21,087
	25,000		BBB	4.350% due 8/15/48		19,356
	50,000		BBB-	Suzano Austria GmbH, Company Guaranteed Notes, 3.750% due 1/15/31		45,357

				Total Forest Products & Paper		110,430

	Gas - 0.2%
	1,000,000	^EUR	BBB	APA Infrastructure Ltd., (Cost - $990,141, acquired 5/31/24), Company Guaranteed Notes, 2.000% due 7/15/30(c)		1,073,332
	92,000		A-	Atmos Energy Corp., Senior Unsecured Notes, 4.125% due 10/15/44		74,556
	790,000		BBB+	Brooklyn Union Gas Co. (The), Senior Unsecured Notes, 6.388% due 9/15/33(a)		824,509
				CenterPoint Energy Resources Corp., Senior Unsecured Notes:
	108,000		BBB+	5.250% due 3/1/28		110,217
	52,000		BBB+	1.750% due 10/1/30		44,683
	25,000		BBB-	National Fuel Gas Co., Senior Unsecured Notes, 5.500% due 3/15/30		25,485
				NiSource Inc., Senior Unsecured Notes:
	75,000		BBB+	3.490% due 5/15/27		73,508
	61,000		BBB+	5.250% due 3/30/28		62,157
	153,000		BBB+	3.600% due 5/1/30		145,568

136

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Gas - 0.2% - (continued)
			Piedmont Natural Gas Co., Inc., Senior Unsecured Notes:
	$ 90,000	BBB+	3.500% due 6/1/29	$	86,248
	96,000	BBB+	2.500% due 3/15/31		84,267
	109,000	BBB+	3.350% due 6/1/50		70,202
	55,000	BBB	Southwest Gas Corp., Senior Unsecured Notes, 5.450% due 3/23/28		56,073
	75,000	A	Spire Missouri Inc., 1st Mortgage Notes, 4.800% due 2/15/33		73,575

			Total Gas		2,804,380

	Healthcare - Products - 0.2%
			Abbott Laboratories, Senior Unsecured Notes:
	50,000	AA-	4.750% due 11/30/36		48,837
	75,000	AA-	4.900% due 11/30/46		69,429
	60,000	BBB+	Agilent Technologies Inc., Senior Unsecured Notes, 2.300% due 3/12/31		52,430
	145,000	BB	Avantor Funding Inc., Company Guaranteed Notes, 4.625% due 7/15/28(a)		141,363
			Baxter International Inc., Senior Unsecured Notes:
	50,000	BBB	1.915% due 2/1/27		47,820
	25,000	BBB	3.132% due 12/1/51		15,353
	25,000	A-	Boston Scientific Corp., Senior Unsecured Notes, 4.700% due 3/1/49		21,933
			Danaher Corp., Senior Unsecured Notes:
	25,000	A-	2.600% due 10/1/50		14,653
	25,000	A-	2.800% due 12/10/51		15,079
	25,000	A-	DH Europe Finance II Sarl, Company Guaranteed Notes, 3.400% due 11/15/49		17,306
	140,000	BB+	Hologic Inc., Company Guaranteed Notes, 3.250% due 2/15/29(a)		133,868
	525,000	BB-	Medline Borrower LP/Medline Co.-Issuer Inc., Senior Secured Notes, 6.250% due 4/1/29(a)		534,877
			Medtronic Inc., Company Guaranteed Notes:
	50,000	A	4.375% due 3/15/35		47,482
	50,000	A	4.625% due 3/15/45		43,741
			Solventum Corp., Company Guaranteed Notes:
	420,000	BBB-	5.400% due 3/1/29		428,440
	430,000	BBB-	5.450% due 3/13/31		439,882
	590,000	BBB-	5.600% due 3/23/34		594,583
	465,000	BBB-	5.900% due 4/30/54		445,859
			Stryker Corp., Senior Unsecured Notes:
	25,000	BBB+	4.625% due 3/15/46		21,395
	25,000	BBB+	2.900% due 6/15/50		15,907
			Thermo Fisher Scientific Inc., Senior Unsecured Notes:
	164,000	A-	2.000% due 10/15/31		140,927
	200,000	A-	5.086% due 8/10/33		201,671

			Total Healthcare - Products		3,492,835

	Healthcare - Services - 0.6%
	175,000	B+	Acadia Healthcare Co., Inc., Company Guaranteed Notes, 5.500% due 7/1/28(a)		172,813
			Aetna Inc., Senior Unsecured Notes:
	25,000	BBB	6.625% due 6/15/36		26,324
	25,000	BBB	4.750% due 3/15/44		20,514
			Centene Corp., Senior Unsecured Notes:
	50,000	BBB-	4.250% due 12/15/27		48,860
	50,000	BBB-	2.450% due 7/15/28		46,070
	100,000	BBB-	4.625% due 12/15/29		96,487
	50,000	BBB-	3.375% due 2/15/30		45,588
	50,000	BBB-	3.000% due 10/15/30		44,001
	50,000	BBB-	2.500% due 3/1/31		42,479
	100,000	BB	Charles River Laboratories International Inc., Company Guaranteed Notes, 3.750% due 3/15/29(a)		92,897
	115,000	B-	CHS/Community Health Systems Inc., Senior Secured Notes, 5.625% due 3/15/27(a)		113,333

137

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Healthcare - Services - 0.6% - (continued)
			Cigna Group (The):
			Company Guaranteed Notes:
	$ 100,000	A-	3.400% due 3/1/27	$	98,256
	930,000	A-	4.375% due 10/15/28		924,641
	50,000	A-	4.800% due 8/15/38		45,673
	50,000	A-	4.800% due 7/15/46		42,386
	25,000	A-	3.875% due 10/15/47		18,107
	25,000	A-	4.900% due 12/15/48		21,147
			Senior Unsecured Notes:
	50,000	A-	3.400% due 3/15/50		32,619
	50,000	A-	3.400% due 3/15/51		32,464
	25,000	A-	5.600% due 2/15/54		23,076
	100,000	A	City of Hope, Senior Secured Notes, 5.623% due 11/15/43		94,024
			CommonSpirit Health, Senior Secured Notes:
	50,000	AA	3.817% due 10/1/49		35,536
	95,000	A-	3.910% due 10/1/50		67,471
	100,000	AA	Corewell Health Obligated Group, Senior Unsecured Notes, 3.487% due 7/15/49		69,650
			DaVita Inc., Company Guaranteed Notes:
	255,000	BB-	4.625% due 6/1/30(a)		238,390
	290,000	BB-	6.875% due 9/1/32(a)		294,666
	50,000	AA-	Duke University Health System Inc., Senior Unsecured Notes, 3.920% due 6/1/47		38,068
			Elevance Health Inc., Senior Unsecured Notes:
	97,000	A	4.550% due 3/1/48		78,500
	25,000	A	3.125% due 5/15/50		15,770
	25,000	A	3.600% due 3/15/51		17,058
	25,000	A	4.550% due 5/15/52		19,892
	66,000	A	6.100% due 10/15/52		65,458
	180,000	BB-	Encompass Health Corp., Company Guaranteed Notes, 4.750% due 2/1/30		175,612
	140,000	A	Franciscan Missionaries of Our Lady Health System Inc., Secured Notes, 3.914% due 7/1/49		100,795
			HCA Inc., Company Guaranteed Notes:
	216,000	BBB-	5.250% due 6/15/26		216,249
	200,000	BBB-	5.200% due 6/1/28		202,823
	90,000	BBB-	5.875% due 2/1/29		92,860
	104,000	BBB-	4.125% due 6/15/29		101,228
	805,000	BBB-	3.500% due 9/1/30		750,320
	25,000	BBB-	5.125% due 6/15/39		22,897
	178,000	BBB-	3.500% due 7/15/51		113,996
	150,000	BBB-	6.000% due 4/1/54		142,241
	830,000	BBB-	5.950% due 9/15/54		782,022
	390,000	A-	Highmark Inc., Senior Unsecured Notes, 2.550% due 5/10/31(a)		330,828
	41,000	AA	Hoag Memorial Hospital Presbyterian, Unsecured Notes, 3.803% due 7/15/52		29,734
			Humana Inc., Senior Unsecured Notes:
	57,000	BBB	1.350% due 2/3/27		54,275
	50,000	BBB	3.950% due 3/15/27		49,651
	25,000	BBB	5.875% due 3/1/33		25,387
	25,000	BBB	5.950% due 3/15/34		25,369
	25,000	BBB	3.950% due 8/15/49		17,333
	25,000	BBB	5.500% due 3/15/53		21,686
	100,000	AA-	Kaiser Foundation Hospitals, Company Guaranteed Notes, 4.875% due 4/1/42		90,626
	88,000	A+	Mount Nittany Medical Center Obligated Group, Unsecured Notes, 3.799% due 11/15/52		63,354
	90,000	Aa2(b)	Nationwide Children’s Hospital Inc., Unsecured Notes, 4.556% due 11/1/52		75,558
	75,000	BB-	Pediatrix Medical Group Inc., Company Guaranteed Notes, 5.375% due 2/15/30(a)		72,620
	90,000	AA-	Presbyterian Healthcare Services, Unsecured Notes, 4.875% due 8/1/52		78,776
	110,000	AA-	Queen’s Health Systems (The), Secured Notes, 4.810% due 7/1/52		95,726
	240,000	AA	Roche Holdings Inc., Company Guaranteed Notes, 2.607% due 12/13/51(a)		140,773

138

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Healthcare - Services - 0.6% - (continued)
	$ 65,000	Aa2(b)	Seattle Children’s Hospital, Unsecured Notes, 2.719% due 10/1/50	$	38,494
			Tenet Healthcare Corp., Senior Secured Notes:
	555,000	BB-	4.625% due 6/15/28		544,330
	430,000	BB-	6.125% due 6/15/30		434,398
			UnitedHealth Group Inc., Senior Unsecured Notes:
	60,000	A+	1.250% due 1/15/26		58,741
	100,000	A+	3.450% due 1/15/27		98,442
	50,000	A+	2.950% due 10/15/27		48,284
	100,000	A+	3.850% due 6/15/28		98,297
	100,000	A+	4.250% due 1/15/29		98,739
	100,000	A+	2.300% due 5/15/31		86,734
	50,000	A+	4.500% due 4/15/33		47,659
	25,000	A+	5.800% due 3/15/36		25,527
	50,000	A+	3.500% due 8/15/39		39,132
	25,000	A+	2.750% due 5/15/40		17,442
	153,000	A+	3.750% due 10/15/47		109,573
	25,000	A+	4.250% due 6/15/48		19,300
	375,000	A+	3.700% due 8/15/49		262,624
	224,000	A+	3.250% due 5/15/51		142,806
	50,000	A+	4.750% due 5/15/52		41,015
	885,000	A+	5.050% due 4/15/53		759,465
	120,000	A+	3.875% due 8/15/59		80,891
	50,000	A+	3.125% due 5/15/60		28,863
	65,000	A+	4.950% due 5/15/62		53,360
	53,000	A+	5.200% due 4/15/63		45,149

			Total Healthcare - Services		10,074,222

	Home Builders - 0.0%@
	10,000	BBB	Lennar Corp., Company Guaranteed Notes, 4.750% due 11/29/27		10,031
	60,000	BB-	LGI Homes Inc., Company Guaranteed Notes, 8.750% due 12/15/28(a)		61,781
	35,000	BBB	MDC Holdings Inc., Company Guaranteed Notes, 6.000% due 1/15/43		30,978

			Total Home Builders		102,790

	Home Furnishings - 0.0%@
	220,000	BB-	Somnigroup International Inc., Company Guaranteed Notes, 4.000% due 4/15/29(a)		207,437

	Household Products/Wares - 0.0%@
	165,000	B	ACCO Brands Corp., Company Guaranteed Notes, 4.250% due 3/15/29(a)		145,926
	265,000	BB	Central Garden & Pet Co., Company Guaranteed Notes, 4.125% due 10/15/30		245,258
	25,000	A	Kimberly-Clark Corp., Senior Unsecured Notes, 3.200% due 7/30/46		17,282

			Total Household Products/Wares		408,466

	Housewares - 0.0%@
			Newell Brands Inc., Senior Unsecured Notes:
	340,000	B+	6.625% due 9/15/29		329,644
	105,000	B+	6.375% due 5/15/30		98,791
	230,000	B-	Scotts Miracle-Gro Co. (The), Company Guaranteed Notes, 4.500% due 10/15/29		218,884

			Total Housewares		647,319

	Insurance - 1.4%
	2,055,000	A-	200 Park Funding Trust, Senior Unsecured Notes, 5.740% due 2/15/55(a)		1,979,127
			Aflac Inc., Senior Unsecured Notes:
	25,000	A-	3.600% due 4/1/30		24,100
	25,000	A-	4.750% due 1/15/49		20,984
			Allianz SE, Subordinated Notes:
	1,000,000	A+	6.350% (5-Year CMT Index + 3.232%) due 9/6/53(a)(d)		1,031,307
	1,000,000	A+	5.600% (5-Year CMT Index + 2.771%) due 9/3/54(a)(d)		981,028

139

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Insurance - 1.4% - (continued)
			Allstate Corp. (The), Senior Unsecured Notes:
	$ 25,000	BBB+	1.450% due 12/15/30	$	21,104
	25,000	BBB+	5.250% due 3/30/33		25,287
	25,000	BBB+	4.200% due 12/15/46		19,838
	25,000	BBB+	3.850% due 8/10/49		18,444
			American International Group Inc., Senior Unsecured Notes:
	50,000	A-	5.125% due 3/27/33		49,984
	83,000	A-	4.750% due 4/1/48		71,428
			Aon Corp., Company Guaranteed Notes:
	22,000	A-	4.500% due 12/15/28		22,062
	49,000	A-	3.750% due 5/2/29		47,562
	38,000	A-	2.800% due 5/15/30		34,801
	50,000	A-	Aon Corp./Aon Global Holdings PLC, Company Guaranteed Notes, 5.350% due 2/28/33		50,738
			Aon North America Inc., Company Guaranteed Notes:
	50,000	A-	5.450% due 3/1/34		50,502
	50,000	A-	5.750% due 3/1/54		47,778
	25,000	BBB+	Arch Capital Group Ltd., Senior Unsecured Notes, 3.635% due 6/30/50		17,627
			Arthur J. Gallagher & Co., Senior Unsecured Notes:
	25,000	BBB	5.450% due 7/15/34		25,241
	25,000	BBB	3.500% due 5/20/51		16,816
	25,000	BBB	5.750% due 3/2/53		23,909
	25,000	BBB	5.750% due 7/15/54		23,751
	25,000	A	Assured Guaranty US Holdings Inc., Company Guaranteed Notes, 3.150% due 6/15/31		22,758
			Athene Holding Ltd., Senior Unsecured Notes:
	25,000	A-	6.150% due 4/3/30		26,230
	25,000	A-	3.500% due 1/15/31		23,179
	25,000	A-	5.875% due 1/15/34		25,285
	50,000	A-	6.250% due 4/1/54		47,745
			Berkshire Hathaway Finance Corp., Company Guaranteed Notes:
	25,000	AA	1.450% due 10/15/30		21,691
	50,000	AA	2.875% due 3/15/32		45,669
	25,000	AA	5.750% due 1/15/40		26,434
	25,000	AA	4.400% due 5/15/42		22,566
	50,000	AA	4.200% due 8/15/48		40,941
	460,000	AA	4.250% due 1/15/49		380,261
	50,000	AA	2.850% due 10/15/50		31,390
	25,000	AA	2.500% due 1/15/51		14,498
	75,000	AA	3.850% due 3/15/52		56,225
	25,000	AA	Berkshire Hathaway Inc., Senior Unsecured Notes, 4.500% due 2/11/43		22,681
	25,000	BBB+	Brighthouse Financial Inc., Senior Unsecured Notes, 5.625% due 5/15/30		25,402
			Brown & Brown Inc., Senior Unsecured Notes:
	25,000	BBB-	4.500% due 3/15/29		24,787
	25,000	BBB-	2.375% due 3/15/31		21,671
			Chubb INA Holdings LLC, Company Guaranteed Notes:
	25,000	A	1.375% due 9/15/30		21,466
	25,000	A	4.150% due 3/13/43		20,749
	50,000	A	3.050% due 12/15/61		29,693
	600,000	BBB+	Cincinnati Financial Corp., Senior Unsecured Notes, 6.125% due 11/1/34		631,206
	25,000	A-	CNA Financial Corp., Senior Unsecured Notes, 5.500% due 6/15/33		25,227
			Corebridge Financial Inc.:
	25,000	BBB-	Junior Subordinated Notes, 6.875% (5-Year CMT Index + 3.846%) due 12/15/52(d)		25,379
			Senior Unsecured Notes:
	50,000	BBB+	3.650% due 4/5/27		49,216
	50,000	BBB+	3.850% due 4/5/29		48,501

140

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Insurance - 1.4% - (continued)
	$ 25,000	BBB+	6.050% due 9/15/33	$	25,907
	25,000	BBB+	5.750% due 1/15/34		25,445
	25,000	BBB+	4.350% due 4/5/42		20,492
	25,000	BBB+	4.400% due 4/5/52		19,377
	2,070,000	A-	Dai-ichi Life Insurance Co., Ltd. (The), Subordinated Notes, 6.200% (5-Year CMT Index + 2.515%)(a)(d)(e)		2,059,802
			Equitable Holdings Inc., Senior Unsecured Notes:
	25,000	A-	4.350% due 4/20/28		24,825
	25,000	A-	5.594% due 1/11/33		25,478
	17,000	A-	5.000% due 4/20/48		14,558
	600,000	BBB-	Essent Group Ltd., Senior Unsecured Notes, 6.250% due 7/1/29		618,425
			Everest Reinsurance Holdings Inc., Senior Unsecured Notes:
	25,000	BBB+	3.500% due 10/15/50		16,434
	25,000	BBB+	3.125% due 10/15/52		14,994
			Fairfax Financial Holdings Ltd., Senior Unsecured Notes:
	25,000	BBB+	6.000% due 12/7/33		25,650
	25,000	BBB+	6.350% due 3/22/54		24,429
	25,000	BBB	Fidelity National Financial Inc., Senior Unsecured Notes, 3.400% due 6/15/30		23,078
	615,000	AA-	Guardian Life Insurance Co. of America (The), Subordinated Notes, 4.850% due 1/24/77(a)		496,502
			Hartford Insurance Group Inc. (The), Senior Unsecured Notes:
	98,000	BBB+	5.950% due 10/15/36		101,076
	4,000	BBB+	4.300% due 4/15/43		3,304
	110,000	B+	HUB International Ltd., Senior Secured Notes, 7.250% due 6/15/30(a)		114,598
	1,625,000	A3(b)	Intact Financial Corp., Senior Unsecured Notes, 5.459% due 9/22/32(a)		1,623,693
			Jackson Financial Inc., Senior Unsecured Notes:
	25,000	BBB	3.125% due 11/23/31		21,780
	640,000	BBB	4.000% due 11/23/51		423,691
	25,000	BBB-	Kemper Corp., Senior Unsecured Notes, 3.800% due 2/23/32		22,356
			Lincoln National Corp., Senior Unsecured Notes:
	25,000	BBB+	3.625% due 12/12/26		24,631
	25,000	BBB+	3.800% due 3/1/28		24,443
	25,000	BBB+	3.050% due 1/15/30		23,152
	25,000	A	Loews Corp., Senior Unsecured Notes, 3.200% due 5/15/30		23,384
	25,000	A	Manulife Financial Corp., Senior Unsecured Notes, 5.375% due 3/4/46		23,933
			Markel Group Inc., Senior Unsecured Notes:
	25,000	BBB	3.350% due 9/17/29		23,806
	25,000	BBB	5.000% due 4/5/46		21,453
			Marsh & McLennan Cos., Inc., Senior Unsecured Notes:
	290,000	A-	2.250% due 11/15/30		257,033
	25,000	A-	5.450% due 3/15/53		23,495
	25,000	A-	5.700% due 9/15/53		24,423
	720,000	A-	Meiji Yasuda Life Insurance Co., Subordinated Notes, 6.100% (5-Year CMT Index + 2.911%) due 6/11/55(a)(d)		708,959
			MetLife Inc.:
			Junior Subordinated Notes:
	1,200,000	BBB	3.850% (5-Year CMT Index + 3.576%)(d)(e)		1,192,246
	540,000	BBB	6.400% due 12/15/36		547,436
			Senior Unsecured Notes:
	50,000	A-	5.375% due 7/15/33		51,414
	25,000	A-	6.375% due 6/15/34		27,264
	25,000	A-	5.700% due 6/15/35		26,037
	25,000	A-	4.125% due 8/13/42		20,538
	25,000	A-	4.875% due 11/13/43		22,473
	25,000	A-	4.050% due 3/1/45		19,973
	25,000	A-	5.000% due 7/15/52		22,141

141

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Insurance - 1.4% - (continued)
	$ 25,000	A-	5.250% due 1/15/54	$	23,011
	930,000	AA-	New York Life Insurance Co., Subordinated Notes, 5.875% due 5/15/33(a)		964,343
	550,000	A-	Nippon Life Insurance Co., Subordinated Notes, 2.900% (5-Year CMT Index + 2.600%) due 9/16/51(a)(d)		469,584
	530,000	Baa3(b)	NMI Holdings Inc., Senior Unsecured Notes, 6.000% due 8/15/29		538,322
			Northwestern Mutual Life Insurance Co. (The), Subordinated Notes:
	510,000	AA-	6.170% due 5/29/55(a)		523,847
	500,000	AA-	3.625% due 9/30/59(a)		331,503
	25,000	BBB+	Old Republic International Corp., Senior Unsecured Notes, 3.850% due 6/11/51		17,267
	1,330,000	A	Omnis Funding Trust, Senior Unsecured Notes, 6.722% due 5/15/55(a)		1,335,605
	610,000	BBB+	PartnerRe Finance B LLC, Company Guaranteed Notes, 4.500% (5-Year CMT Index + 3.815%) due 10/1/50(d)		564,833
			Principal Financial Group Inc., Company Guaranteed Notes:
	25,000	A-	3.700% due 5/15/29		24,197
	25,000	A-	2.125% due 6/15/30		22,024
	25,000	A-	5.375% due 3/15/33		25,317
	25,000	A-	5.500% due 3/15/53		23,494
			Progressive Corp. (The), Senior Unsecured Notes:
	25,000	A	3.200% due 3/26/30		23,703
	50,000	A	3.000% due 3/15/32		44,938
	25,000	A	4.950% due 6/15/33		25,207
	25,000	A	4.200% due 3/15/48		20,132
	25,000	A	3.950% due 3/26/50		19,016
	25,000	A	3.700% due 3/15/52		18,062
			Prudential Financial Inc., Senior Unsecured Notes:
	25,000	A	3.878% due 3/27/28		24,765
	25,000	A	2.100% due 3/10/30		22,557
	50,000	A	5.750% due 7/15/33		52,416
	25,000	A	5.700% due 12/14/36		25,669
	25,000	A	3.000% due 3/10/40		18,428
	50,000	A	3.905% due 12/7/47		37,819
	25,000	A	3.935% due 12/7/49		18,610
	50,000	A	4.350% due 2/25/50		40,248
	50,000	A	3.700% due 3/13/51		35,680
	25,000	A	Reinsurance Group of America Inc., Senior Unsecured Notes, 6.000% due 9/15/33		25,878
	600,000	BBB+	RenaissanceRe Holdings Ltd., Senior Unsecured Notes, 5.750% due 6/5/33		609,014
	660,000	AA-	RGA Global Funding, Secured Notes, 5.050% due 12/6/31(a)		651,569
	300,000	AA-	Teachers Insurance & Annuity Association of America, Subordinated Notes, 4.900% due 9/15/44(a)		263,430
	555,000	AA	Transatlantic Holdings Inc., Senior Unsecured Notes, 8.000% due 11/30/39		670,884
	25,000	BBB	Unum Group, Senior Unsecured Notes, 4.125% due 6/15/51		18,188
			Willis North America Inc., Company Guaranteed Notes:
	25,000	BBB+	4.500% due 9/15/28		24,910
	25,000	BBB+	2.950% due 9/15/29		23,276
	25,000	BBB+	5.900% due 3/5/54		24,089
	25,000	BBB+	WR Berkley Corp., Senior Unsecured Notes, 3.550% due 3/30/52		16,880

			Total Insurance		22,807,111

	Internet - 0.3%
	200,000	A+	Alibaba Group Holding Ltd., Senior Unsecured Notes, 5.250% due 5/26/35(a)		199,568
			Alphabet Inc., Senior Unsecured Notes:
	80,000	AA+	1.100% due 8/15/30		68,347
	90,000	AA+	1.900% due 8/15/40		58,809
	100,000	AA+	2.050% due 8/15/50		54,260
	50,000	AA+	2.250% due 8/15/60		26,100
			Amazon.com Inc., Senior Unsecured Notes:
	200,000	AA	3.300% due 4/13/27		197,312

142

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Internet - 0.3% - (continued)
	$ 50,000		AA	3.875% due 8/22/37	$	44,469
	50,000		AA	2.875% due 5/12/41		36,628
	50,000		AA	4.950% due 12/5/44		47,296
	200,000		AA	2.500% due 6/3/50		117,385
	75,000		AA	3.100% due 5/12/51		49,599
	75,000		AA	3.950% due 4/13/52		57,888
	50,000		AA	2.700% due 6/3/60		27,986
	50,000		AA	3.250% due 5/12/61		31,831
	25,000		AA	4.100% due 4/13/62		19,100
	25,000		BBB+	eBay Inc., Senior Unsecured Notes, 3.650% due 5/10/51		17,308
	210,000		BB	Match Group Holdings II LLC, Senior Unsecured Notes, 4.125% due 8/1/30(a)		193,861
	1,000,000		BB+	MercadoLibre Inc., Company Guaranteed Notes, 3.125% due 1/14/31		891,755
				Meta Platforms Inc., Senior Unsecured Notes:
	450,000		AA-	4.750% due 8/15/34		444,518
	225,000		AA-	4.450% due 8/15/52		185,789
	260,000		AA-	5.400% due 8/15/54		246,737
	115,000		AA-	4.650% due 8/15/62		94,719
	25,000		A	Netflix Inc., Senior Unsecured Notes, 4.900% due 8/15/34		25,067
	310,000		BBB	Uber Technologies Inc., Senior Unsecured Notes, 4.800% due 9/15/34		299,330
	450,000	^EUR	B	United Group BV, Senior Secured Notes, 6.500% due 10/31/31(a)		527,537
	110,000		BB	Wayfair LLC, Senior Secured Notes, 7.250% due 10/31/29(a)		107,393

				Total Internet		4,070,592

	Investment Companies - 0.1%
				Ares Capital Corp., Senior Unsecured Notes:
	25,000		BBB	2.150% due 7/15/26		24,234
	25,000		BBB	7.000% due 1/15/27		25,761
	355,000		BBB	2.875% due 6/15/28		331,369
	25,000		BBB	5.875% due 3/1/29		25,332
	845,000		BBB	5.500% due 9/1/30		837,913
				Blackstone Private Credit Fund, Senior Unsecured Notes:
	50,000		BBB-	2.625% due 12/15/26		48,180
	50,000		BBB-	3.250% due 3/15/27		48,349
	25,000		BBB-	6.250% due 1/25/31(a)		25,477
				Blackstone Secured Lending Fund, Senior Unsecured Notes:
	25,000		Baa2(b)	2.750% due 9/16/26		24,235
	25,000		Baa2(b)	2.850% due 9/30/28		23,070
	25,000		BBB-	Blue Owl Capital Corp., Senior Unsecured Notes, 3.400% due 7/15/26		24,457
				Blue Owl Credit Income Corp., Senior Unsecured Notes:
	25,000		BBB-	4.700% due 2/8/27		24,728
	25,000		BBB-	7.750% due 9/16/27		26,024
	25,000		BBB-	7.750% due 1/15/29		26,426
	25,000		Baa3(b)	FS KKR Capital Corp., Senior Unsecured Notes, 3.125% due 10/12/28		22,646
	200,000		Aa3(b)	Gaci First Investment Co., Company Guaranteed Notes, (Cost - $204,022, acquired 3/14/23), 5.250% due 10/13/32(c)		201,585
				Golub Capital BDC Inc., Senior Unsecured Notes:
	25,000		BBB-	2.500% due 8/24/26		24,196
	25,000		BBB-	6.000% due 7/15/29		25,289
	75,000		BB-	Icahn Enterprises LP/Icahn Enterprises Finance Corp., Senior Secured Notes, 5.250% due 5/15/27		71,413

				Total Investment Companies		1,860,684

	Iron/Steel - 0.1%
	25,000		BBB-	ArcelorMittal SA, Senior Unsecured Notes, 6.750% due 3/1/41		25,653
	150,000		BB-	ATI Inc., Senior Unsecured Notes, 5.875% due 12/1/27		150,312
	60,000		BB-	Big River Steel LLC/BRS Finance Corp., Senior Secured Notes, 6.625% due 1/31/29(a)		60,484
	75,000		BB	Carpenter Technology Corp., Senior Unsecured Notes, 6.375% due 7/15/28		75,327

143

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Iron/Steel - 0.1% - (continued)
				Cleveland-Cliffs Inc., Company Guaranteed Notes:
	$ 175,000		BB-	5.875% due 6/1/27	$	172,404
	135,000		Ba3(b)	4.875% due 3/1/31(a)		110,008
				Nucor Corp., Senior Unsecured Notes:
	485,000		A-	5.100% due 6/1/35		475,334
	25,000		A-	6.400% due 12/1/37		26,947
	25,000		A-	3.850% due 4/1/52		18,140
	25,000		A-	2.979% due 12/15/55		14,659
	25,000		BBB+	Reliance Inc., Senior Unsecured Notes, 2.150% due 8/15/30		21,947
	25,000		BBB	Steel Dynamics Inc., Senior Unsecured Notes, 3.250% due 10/15/50		15,875
	60,000		BB-	United States Steel Corp., Senior Unsecured Notes, 6.875% due 3/1/29		60,571
				Vale Overseas Ltd., Company Guaranteed Notes:
	25,000		BBB-	6.875% due 11/21/36		26,708
	13,000		BBB-	6.875% due 11/10/39		13,851
	25,000		BBB-	Vale SA, Senior Unsecured Notes, 5.625% due 9/11/42		23,790

				Total Iron/Steel		1,292,010

	Leisure Time - 0.4%
	120,000		BB	Acushnet Co., Company Guaranteed Notes, 7.375% due 10/15/28(a)		124,453
	105,000		BBB-	Amer Sports Co., Senior Secured Notes, 6.750% due 2/16/31(a)		108,595
	2,715,000		BB+	Carnival Corp., Company Guaranteed Notes, 6.125% due 2/15/33(a)		2,724,006
				Royal Caribbean Cruises Ltd., Senior Unsecured Notes:
	460,000		BBB-	6.250% due 3/15/32(a)		466,038
	1,950,000		BBB-	6.000% due 2/1/33(a)		1,957,211
	1,205,000		B-	Sabre GLBL Inc., Senior Secured Notes, 10.750% due 11/15/29(a)		1,226,158
	406,000	^EUR	B+	TUI Cruises GmbH, Senior Unsecured Notes, 5.000% due 5/15/30(a)		464,595

				Total Leisure Time		7,071,056

	Lodging - 0.2%
				Hilton Domestic Operating Co., Inc., Company Guaranteed Notes:
	80,000		BB+	5.750% due 5/1/28(a)		80,318
	245,000		BB+	3.625% due 2/15/32(a)		217,946
	215,000		BB+	5.875% due 3/15/33(a)		216,543
				Las Vegas Sands Corp., Senior Unsecured Notes:
	525,000		BB+	5.625% due 6/15/28		526,084
	705,000		BB+	6.000% due 6/14/30		712,397
	1,285,000		BB+	6.200% due 8/15/34		1,272,938
	155,000		BBB	Marriott International Inc., Senior Unsecured Notes, 5.300% due 5/15/34		153,575
	280,000		BB-	MGM Resorts International, Company Guaranteed Notes, 6.125% due 9/15/29		281,490
	200,000		BBB-	Sands China Ltd., Senior Unsecured Notes, 2.300% due 3/8/27		190,577
	145,000		B	Station Casinos LLC, Company Guaranteed Notes, 4.500% due 2/15/28(a)		140,644

				Total Lodging		3,792,512

	Machinery - Construction & Mining - 0.0%@
	45,000		BB-	BWX Technologies Inc., Company Guaranteed Notes, 4.125% due 6/30/28(a)		43,809
				Caterpillar Financial Services Corp., Senior Unsecured Notes:
	200,000		A	1.700% due 1/8/27		192,263
	50,000		A	4.500% due 1/8/27		50,198
				Caterpillar Inc., Senior Unsecured Notes:
	50,000		A	3.803% due 8/15/42		40,372
	50,000		A	3.250% due 4/9/50		34,105
	155,000		BB-	Terex Corp., Company Guaranteed Notes, 5.000% due 5/15/29(a)		149,468

				Total Machinery - Construction & Mining		510,215

	Machinery - Diversified - 0.1%
	299,000		BB-	Chart Industries Inc., Senior Secured Notes, 7.500% due 1/1/30(a)		312,123
	185,000		BBB+	CNH Industrial Capital LLC, Company Guaranteed Notes, 4.550% due 4/10/28		184,568

144

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Machinery - Diversified - 0.1% - (continued)
				Deere & Co., Senior Unsecured Notes:
	$ 25,000		A	3.900% due 6/9/42	$	20,770
	25,000		A	3.750% due 4/15/50		18,924
	90,000		BB+	Esab Corp., Company Guaranteed Notes, 6.250% due 4/15/29(a)		91,633
				John Deere Capital Corp., Senior Unsecured Notes:
	50,000		A	4.750% due 6/8/26		50,226
	50,000		A	1.050% due 6/17/26		48,347
	100,000		A	1.700% due 1/11/27		96,068
	100,000		A	1.750% due 3/9/27		95,733
	200,000	^EUR	B+	Nova Alexandre III SAS, Senior Secured Notes, 7.529% (3-Month EURIBOR + 5.250%) due 7/15/29(a)(d)		231,212
				Otis Worldwide Corp., Senior Unsecured Notes:
	29,000		BBB	5.250% due 8/16/28		29,724
	210,000		BBB	2.565% due 2/15/30		191,462

				Total Machinery - Diversified		1,370,790

	Media - 1.0%
				CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
	590,000		BB-	4.500% due 8/15/30(a)		553,534
	150,000		BB-	4.750% due 2/1/32(a)		138,927
	740,000		BB-	4.500% due 5/1/32		674,092
	370,000		BB-	4.500% due 6/1/33(a)		329,307
	1,320,000		BB-	4.250% due 1/15/34(a)		1,140,343
				Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes:
	100,000		BBB-	6.150% due 11/10/26		101,781
	200,000		BBB-	4.200% due 3/15/28		197,439
	1,425,000		BBB-	6.100% due 6/1/29		1,482,643
	130,000		BBB-	6.550% due 6/1/34		135,806
	50,000		BBB-	6.384% due 10/23/35		51,340
	50,000		BBB-	3.500% due 3/1/42		34,549
	92,000		BBB-	5.750% due 4/1/48		80,770
	315,000		BBB-	4.800% due 3/1/50		243,807
	257,000		BBB-	3.700% due 4/1/51		165,234
	451,000		BBB-	3.900% due 6/1/52		297,958
	415,000		BBB-	5.250% due 4/1/53		341,682
	718,000		BBB-	3.850% due 4/1/61		441,864
	101,000		BBB-	3.950% due 6/30/62		62,539
				Comcast Corp., Company Guaranteed Notes:
	100,000		A-	2.350% due 1/15/27		96,883
	45,000		A-	1.950% due 1/15/31		38,914
	188,000		A-	1.500% due 2/15/31		158,346
	182,000		A-	4.800% due 5/15/33		178,687
	25,000		A-	3.200% due 7/15/36		20,482
	365,000		A-	3.900% due 3/1/38		308,589
	20,000		A-	3.250% due 11/1/39		15,267
	27,000		A-	4.750% due 3/1/44		23,403
	153,000		A-	3.969% due 11/1/47		114,685
	20,000		A-	4.000% due 3/1/48		14,999
	43,000		A-	3.999% due 11/1/49		31,803
	60,000		A-	3.450% due 2/1/50		40,267
	570,000		A-	2.800% due 1/15/51		333,817
	149,000		A-	2.887% due 11/1/51		88,440
	1,051,000		A-	4.049% due 11/1/52		773,794
	330,000		A-	6.050% due 5/15/55		329,181
	389,000		A-	2.937% due 11/1/56		222,055

145

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Media - 1.0% - (continued)
	$ 79,000	A-	2.650% due 8/15/62	$	40,181
	400,000	A-	2.987% due 11/1/63		219,779
	110,000	BB-	Directv Financing LLC/Directv Financing Co.-Obligor Inc., Senior Secured Notes, 5.875% due 8/15/27(a)		108,310
	100,000	CCC+	DISH DBS Corp., Senior Secured Notes, 5.250% due 12/1/26(a)		92,318
	205,000	B	DISH Network Corp., Senior Secured Notes, 11.750% due 11/15/27(a)		211,631
	421,000	Baa3(b)	FactSet Research Systems Inc., Senior Unsecured Notes, 3.450% due 3/1/32		379,171
	105,000	B	Gray Media Inc., Senior Secured Notes, 10.500% due 7/15/29(a)		111,764
			iHeartCommunications Inc., Senior Secured Notes:
	65,000	CCC+	9.125% due 5/1/29(a)		54,030
	70,000	CCC+	7.750% due 8/15/30(a)		54,171
			News Corp.:
	185,000	BBB-	Company Guaranteed Notes, 5.125% due 2/15/32(a)		177,987
	1,647,000	BBB-	Senior Unsecured Notes, 3.875% due 5/15/29(a)		1,563,106
	220,000	BB+	Nexstar Media Inc., Company Guaranteed Notes, 5.625% due 7/15/27(a)		219,210
			Paramount Global, Senior Unsecured Notes:
	42,000	BB+	5.850% due 9/1/43		35,966
	43,000	BB+	5.250% due 4/1/44		33,021
	34,000	BB+	4.900% due 8/15/44		25,358
	50,000	BB+	4.600% due 1/15/45		36,633
	48,000	BB+	4.950% due 5/19/50		36,179
	60,000	B3(b)	Sinclair Television Group Inc., Senior Secured Notes, 4.375% due 12/31/32(a)		43,477
			Sirius XM Radio LLC, Company Guaranteed Notes:
	427,000	BB+	4.000% due 7/15/28(a)		405,458
	290,000	BB+	4.125% due 7/1/30(a)		263,683
			TEGNA Inc., Company Guaranteed Notes:
	135,000	BB+	4.625% due 3/15/28		130,664
	140,000	BB+	5.000% due 9/15/29		133,442
	50,000	BBB-	Time Warner Cable Enterprises LLC, Senior Secured Notes, 8.375% due 7/15/33		57,457
			Time Warner Cable LLC, Senior Secured Notes:
	25,000	BBB-	6.550% due 5/1/37		25,124
	25,000	BBB-	7.300% due 7/1/38		26,628
	25,000	BBB-	6.750% due 6/15/39		25,253
	1,407,000	BBB-	5.500% due 9/1/41		1,236,556
	90,000	B+	Univision Communications Inc., Senior Secured Notes, 7.375% due 6/30/30(a)		84,200
	115,000	B+	Virgin Media Secured Finance PLC, Senior Secured Notes, 4.500% due 8/15/30(a)		106,283
			Walt Disney Co. (The), Company Guaranteed Notes:
	200,000	A	3.700% due 3/23/27		199,170
	100,000	A	2.200% due 1/13/28		95,512
	100,000	A	2.650% due 1/13/31		91,032
	100,000	A	6.200% due 12/15/34		110,009
	25,000	A	6.400% due 12/15/35		27,711
	30,000	A	6.650% due 11/15/37		33,738
	50,000	A	3.500% due 5/13/40		40,094
	50,000	A	2.750% due 9/1/49		30,683
	100,000	A	3.600% due 1/13/51		71,784

			Total Media		15,900,000

	Mining - 0.2%
			Barrick North America Finance LLC, Company Guaranteed Notes:
	25,000	BBB+	5.700% due 5/30/41		24,382
	25,000	BBB+	5.750% due 5/1/43		24,505
			BHP Billsiton Finance USA Ltd., Company Guaranteed Notes:
	25,000	A-	5.250% due 9/8/30		25,680
	50,000	A-	5.250% due 9/8/33		50,404

146

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Mining - 0.2% - (continued)
	$ 25,000	A-	4.125% due 2/24/42	$	20,855
	25,000	A-	5.000% due 9/30/43		23,031
	25,000	A-	5.500% due 9/8/53		23,981
			Freeport-McMoRan Inc., Company Guaranteed Notes:
	25,000	BBB-	4.125% due 3/1/28		24,581
	290,000	BBB-	4.625% due 8/1/30		284,805
	25,000	BBB-	5.450% due 3/15/43		23,101
			Glencore Funding LLC, Company Guaranteed Notes:
	890,000	BBB+	5.634% due 4/4/34(a)		894,705
	610,000	BBB+	3.375% due 9/23/51(a)		389,838
	120,000	BB-	Kaiser Aluminum Corp., Company Guaranteed Notes, 4.625% due 3/1/28(a)		116,634
	25,000	BBB-	Kinross Gold Corp., Senior Unsecured Notes, 6.250% due 7/15/33		26,338
			Newmont Corp., Company Guaranteed Notes:
	61,000	BBB+	2.600% due 7/15/32		53,225
	133,000	BBB+	5.875% due 4/1/35		139,619
	90,000	BB	Novelis Corp., Company Guaranteed Notes, 3.250% due 11/15/26(a)		88,346
	25,000	A	Rio Tinto Finance USA Ltd., Company Guaranteed Notes, 2.750% due 11/2/51		14,668
			Rio Tinto Finance USA PLC, Company Guaranteed Notes:
	50,000	A	5.000% due 3/9/33		49,945
	25,000	A	4.750% due 3/22/42		22,234
	25,000	A	4.125% due 8/21/42		20,555
	25,000	A	5.125% due 3/9/53		22,326
	1,370,000	A	5.750% due 3/14/55		1,330,864
			Southern Copper Corp., Senior Unsecured Notes:
	25,000	BBB+	6.750% due 4/16/40		26,511
	25,000	BBB+	5.250% due 11/8/42		22,585
	25,000	BBB-	Yamana Gold Inc., Company Guaranteed Notes, 2.630% due 8/15/31		21,802

			Total Mining		3,765,520

	Miscellaneous Manufacturers - 0.0%@
			3M Co., Senior Unsecured Notes:
	50,000	BBB+	2.250% due 9/19/26		48,630
	25,000	BBB+	4.000% due 9/14/48		19,233
	50,000	BBB+	3.250% due 8/26/49		33,122
	25,000	BBB+	3.700% due 4/15/50		17,743
			Eaton Corp., Company Guaranteed Notes:
	115,000	A-	4.150% due 11/2/42		96,029
	25,000	A-	4.700% due 8/23/52		21,605
	105,000	BB+	Hillenbrand Inc., Company Guaranteed Notes, 3.750% due 3/1/31		92,146
	25,000	BBB+	Parker-Hannifin Corp., Senior Unsecured Notes, 4.000% due 6/14/49		19,115
	218,000	BBB	Textron Inc., Senior Unsecured Notes, 3.900% due 9/17/29		209,696
	120,000	BB+	Trinity Industries Inc., Company Guaranteed Notes, 7.750% due 7/15/28(a)		124,770

			Total Miscellaneous Manufacturers		682,089

	Multi-National - 0.4%
	200,000	AAA	African Development Bank, Senior Unsecured Notes, 4.625% due 1/4/27		201,809
	1,145,000	Baa1(b)	African Export-Import Bank (The), Senior Unsecured Notes, 3.798% due 5/17/31(a)		1,006,869
			Asian Development Bank, Senior Unsecured Notes:
	200,000	AAA	4.125% due 1/12/27		200,352
	200,000	AAA	2.500% due 11/2/27		193,541
	100,000	AAA	4.375% due 1/14/28		101,152
	200,000	AAA	3.750% due 4/25/28		199,122
	200,000	AAA	3.625% due 8/28/29		197,265
	200,000	AAA	3.875% due 9/28/32		195,168
	200,000	AAA	Asian Infrastructure Investment Bank (The), Senior Unsecured Notes, 4.500% due 1/16/30		203,952

147

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7%- (continued)
	Multi-National - 0.4% - (continued)
				Banque Ouest Africaine de Developpement, Senior Unsecured Notes:
	$ 1,100,000		Baa1(b)	4.700% due 10/22/31(a)	$	994,710
	1,000,000	^EUR	Baa1(b)	(Cost - $882,467, acquired 5/30/24), 2.750% due 1/22/33(c)		956,209
				European Investment Bank, Senior Unsecured Notes:
	200,000		AAA	4.375% due 3/19/27		201,391
	400,000		AAA	3.750% due 11/15/29		396,281
	200,000		AAA	4.500% due 3/14/30		204,434
	300,000		AAA	4.125% due 2/13/34		294,436
	200,000		AAA	4.625% due 2/12/35		203,062
				Inter-American Development Bank, Senior Unsecured Notes:
	200,000		AAA	1.500% due 1/13/27		192,160
	200,000		AAA	4.375% due 2/1/27		201,102
	500,000		AAA	4.375% due 7/17/34		498,056

				Total Multi-National		6,641,071

	Office/Business Equipment - 0.0%@
	25,000		BBB-	CDW LLC/CDW Finance Corp., Company Guaranteed Notes, 3.250% due 2/15/29		23,501

	Oil & Gas - 2.1%
				Aker BP ASA, Senior Unsecured Notes:
	600,000	^EUR	BBB	(Cost - $597,224, acquired 3/7/24), 1.125% due 5/12/29(c)		632,430
	1,340,000		BBB	5.125% due 10/1/34(a)		1,254,813
	215,000		BBB-	Antero Resources Corp., Company Guaranteed Notes, 7.625% due 2/1/29(a)		220,218
				APA Corp., Senior Unsecured Notes:
	159,000		BBB-	4.250% due 1/15/30(a)		148,842
	720,000		BBB-	5.350% due 7/1/49(a)		551,176
	150,000		BB-	Ascent Resources Utica Holdings LLC/ARU Finance Corp., Senior Unsecured Notes, 8.250% due 12/31/28(a)		152,374
	175,000		BB-	Baytex Energy Corp., Company Guaranteed Notes, 8.500% due 4/30/30(a)		169,734
	266,524		BB-	Borr IHC Ltd./Borr Finance LLC, Senior Secured Notes, 10.000% due 11/15/28(a)		231,010
				BP Capital Markets America Inc., Company Guaranteed Notes:
	70,000		A-	3.410% due 2/11/26		69,531
	250,000		A-	3.017% due 1/16/27		245,023
	110,000		A-	3.633% due 4/6/30		105,604
	50,000		A-	4.812% due 2/13/33		49,064
	93,000		A-	4.989% due 4/10/34		91,656
	1,920,000		A-	5.227% due 11/17/34		1,908,804
	50,000		A-	2.772% due 11/10/50		29,635
	100,000		A-	2.939% due 6/4/51		60,881
	50,000		A-	3.001% due 3/17/52		30,502
	50,000		A-	3.379% due 2/8/61		31,138
				BP Capital Markets PLC, Company Guaranteed Notes:
	1,000,000		BBB	4.875% (5-Year CMT Index + 4.398%)(d)(e)		962,859
	1,000,000		BBB	6.450% (5-Year CMT Index + 2.153%)(d)(e)		1,008,566
	50,000		BBB-	Canadian Natural Resources Ltd., Senior Unsecured Notes, 4.950% due 6/1/47		40,698
				Chevron USA Inc., Company Guaranteed Notes:
	10,000		AA-	3.850% due 1/15/28		9,944
	25,000		AA-	2.343% due 8/12/50		13,823
	65,000		BB	Chord Energy Corp., Company Guaranteed Notes, 6.750% due 3/15/33(a)		64,610
				Civitas Resources Inc., Company Guaranteed Notes:
	250,000		BB-	8.375% due 7/1/28(a)		252,129
	250,000		BB-	8.750% due 7/1/31(a)		245,069
	25,000		A+	CNOOC Petroleum North America ULC, Company Guaranteed Notes, 6.400% due 5/15/37		28,684
	200,000		B	Comstock Resources Inc., Company Guaranteed Notes, 6.750% due 3/1/29(a)		197,285

148

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Oil & Gas - 2.1% - (continued)
			ConocoPhillips Co., Company Guaranteed Notes:
	$ 25,000	A-	5.050% due 9/15/33	$	24,969
	25,000	A-	6.500% due 2/1/39		27,209
	25,000	A-	3.800% due 3/15/52		17,509
	50,000	A-	5.300% due 5/15/53		44,570
	25,000	A-	5.550% due 3/15/54		23,176
	1,570,000	A-	5.500% due 1/15/55		1,445,352
	50,000	A-	4.025% due 3/15/62		34,658
	25,000	A-	5.700% due 9/15/63		23,009
	340,000	A-	5.650% due 1/15/65		313,316
			Continental Resources Inc., Company Guaranteed Notes:
	180,000	BBB-	2.268% due 11/15/26(a)		172,754
	580,000	BBB-	4.375% due 1/15/28		567,267
	80,000	BBB-	5.750% due 1/15/31(a)		79,628
			Coterra Energy Inc., Senior Unsecured Notes:
	950,000	BBB	3.900% due 5/15/27		935,749
	150,000	BBB	4.375% due 3/15/29		147,636
	590,000	BBB	5.400% due 2/15/35		571,691
	445,000	BBB	5.900% due 2/15/55		400,660
	250,000	BB-	Crescent Energy Finance LLC, Company Guaranteed Notes, 9.250% due 2/15/28(a)		258,446
			Devon Energy Corp., Senior Unsecured Notes:
	32,000	BBB	5.250% due 10/15/27		32,014
	142,000	BBB	5.875% due 6/15/28		141,999
	129,000	BBB	4.500% due 1/15/30		125,662
	25,000	BBB	5.200% due 9/15/34		23,660
	485,000	BBB	5.600% due 7/15/41		435,101
	10,000	BBB	4.750% due 5/15/42		8,050
	640,000	BBB	5.000% due 6/15/45		515,496
	95,000	BB+	Diamond Foreign Asset Co./Diamond Finance LLC, Secured Notes, 8.500% due 10/1/30(a)		95,198
			Diamondback Energy Inc., Company Guaranteed Notes:
	114,000	BBB	3.250% due 12/1/26		111,786
	794,000	BBB	3.500% due 12/1/29		750,700
	200,000	BBB	3.125% due 3/24/31		180,544
	330,000	BBB	4.400% due 3/24/51		246,533
	2,000,000	NR	Diversified Gas & Oil Corp., Senior Secured Notes, 9.750% due 4/9/29(a)		1,939,266
	115,000	B-	Encino Acquisition Partners Holdings LLC, Company Guaranteed Notes, 8.500% due 5/1/28(a)		117,874
			Eni SpA, Senior Unsecured Notes:
	380,000	A-	5.750% due 5/19/35(a)		379,746
	1,290,000	A-	5.950% due 5/15/54(a)		1,205,841
	190,000	A-	EOG Resources Inc., Senior Unsecured Notes, 4.375% due 4/15/30		187,934
			EQT Corp., Senior Unsecured Notes:
	236,000	BBB-	3.900% due 10/1/27		232,069
	52,000	BBB-	5.700% due 4/1/28		53,100
	201,000	BBB-	5.000% due 1/15/29		201,043
	200,000	BBB-	3.625% due 5/15/31(a)		182,198
	128,000	BBB-	5.750% due 2/1/34		128,638
			Equinor ASA, Company Guaranteed Notes:
	50,000	AA-	3.625% due 9/10/28		49,101
	50,000	AA-	3.250% due 11/18/49		33,424
	25,000	AA-	3.700% due 4/6/50		18,120
			Expand Energy Corp., Company Guaranteed Notes:
	10,000	BBB-	5.375% due 2/1/29		9,974
	105,000	BBB-	6.750% due 4/15/29(a)		106,339
	2,025,000	BBB-	5.375% due 3/15/30		2,016,111
	295,000	BBB-	4.750% due 2/1/32		278,379

149

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Oil & Gas - 2.1% - (continued)
			Exxon Mobil Corp., Senior Unsecured Notes:
	$ 180,000	AA-	3.482% due 3/19/30	$	173,811
	460,000	AA-	4.227% due 3/19/40		402,477
	75,000	AA-	4.114% due 3/1/46		59,901
	185,000	AA-	4.327% due 3/19/50		149,621
	200,000	AA-	3.452% due 4/15/51		137,359
	125,000	BB-	Gulfport Energy Operating Corp., Company Guaranteed Notes, 6.750% due 9/1/29(a)		126,863
	75,000	BBB-	Hess Corp., Senior Unsecured Notes, 5.800% due 4/1/47		72,303
	210,000	BB+	Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes, 5.750% due 2/1/29(a)		200,783
			Marathon Petroleum Corp., Senior Unsecured Notes:
	25,000	BBB	5.150% due 3/1/30		25,237
	25,000	BBB	6.500% due 3/1/41		25,350
	235,000	BB-	Matador Resources Co., Company Guaranteed Notes, 6.500% due 4/15/32(a)		230,298
	50,000	BB-	MEG Energy Corp., Company Guaranteed Notes, 5.875% due 2/1/29(a)		49,783
	65,000	B-	Nabors Industries Inc., Company Guaranteed Notes, 7.375% due 5/15/27(a)		62,528
	60,000	BB-	Noble Finance II LLC, Company Guaranteed Notes, 8.000% due 4/15/30(a)		59,896
			Occidental Petroleum Corp., Senior Unsecured Notes:
	280,000	BB+	6.125% due 1/1/31		285,142
	50,000	BB+	5.550% due 10/1/34		47,262
	50,000	BB+	6.450% due 9/15/36		49,050
	25,000	BB+	6.200% due 3/15/40		23,338
	50,000	BB+	6.600% due 3/15/46		47,370
	400,000	BB+	6.050% due 10/1/54		347,930
	177,000	BBB-	Ovintiv Inc., Company Guaranteed Notes, 6.250% due 7/15/33		177,009
			Permian Resources Operating LLC, Company Guaranteed Notes:
	175,000	BB+	5.875% due 7/1/29(a)		172,919
	140,000	BB+	6.250% due 2/1/33(a)		138,233
			Petroleos Mexicanos, Company Guaranteed Notes:
	100,000	BBB	5.350% due 2/12/28		94,038
	300,000	BBB	6.840% due 1/23/30		280,510
	100,000	BBB	6.700% due 2/16/32		89,317
	100,000	BBB	7.690% due 1/23/50		73,686
	50,000	BBB+	Phillips 66 Co., Company Guaranteed Notes, 5.500% due 3/15/55		44,027
			Pioneer Natural Resources Co., Senior Unsecured Notes:
	30,000	AA-	1.125% due 1/15/26		29,376
	50,000	AA-	1.900% due 8/15/30		43,750
	330,000	AA-	2.150% due 1/15/31		288,863
			Saudi Arabian Oil Co., Senior Unsecured Notes:
	655,000	Aa3(b)	5.375% due 6/2/35(a)		654,336
	730,000	Aa3(b)	6.375% due 6/2/55(a)		716,217
			Shell Finance US Inc., Company Guaranteed Notes:
	25,000	A+	4.125% due 5/11/35		23,177
	90,000	A+	4.550% due 8/12/43		77,249
	140,000	A+	4.375% due 5/11/45		115,586
	340,000	A+	4.000% due 5/10/46		263,911
	480,000	A+	3.250% due 4/6/50		317,643
			Shell International Finance BV, Company Guaranteed Notes:
	220,000	A+	3.875% due 11/13/28		218,045
	50,000	A+	3.000% due 11/26/51		31,232
	215,000	BB-	SM Energy Co., Senior Unsecured Notes, 6.625% due 1/15/27		215,344
	110,000	BB+	Sunoco LP, Company Guaranteed Notes, 7.250% due 5/1/32(a)		114,444
	185,000	BB+	Sunoco LP/Sunoco Finance Corp., Company Guaranteed Notes, 6.000% due 4/15/27		185,014
	50,000	A+	TotalEnergies Capital International SA, Company Guaranteed Notes, 3.127% due 5/29/50		32,010

150

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Oil & Gas - 2.1% - (continued)
				TotalEnergies Capital SA, Company Guaranteed Notes:
	$ 50,000		A+	5.150% due 4/5/34	$	50,317
	100,000		A+	4.724% due 9/10/34		97,619
	1,420,000		A+	5.425% due 9/10/64		1,288,430
	44,000		B	Transocean Inc., Senior Secured Notes, 8.750% due 2/15/30(a)		44,663
	25,000		BBB	Valero Energy Corp., Senior Unsecured Notes, 6.625% due 6/15/37		26,196
	380,000		Baa3(b)	Var Energi ASA, Senior Unsecured Notes, 6.500% due 5/22/35(a)		383,625
	115,000		B	Vital Energy Inc., Company Guaranteed Notes, 7.875% due 4/15/32(a)		93,311
	700,000	^EUR	Ba1(b)	Wintershall Dea Finance 2 BV, Company Guaranteed Notes, (Cost - $689,988, acquired 12/10/24), 3.000% (3.319% - 5-Year EUR Swap Rate)(c)(e)(j)		737,742

				Total Oil & Gas		33,393,742

	Oil & Gas Services - 0.1%
	85,000		BB-	Archrock Partners LP/Archrock Partners Finance Corp., Company Guaranteed Notes, 6.250% due 4/1/28(a)		84,913
				Halliburton Co., Senior Unsecured Notes:
	20,000		BBB+	4.850% due 11/15/35		18,800
	100,000		BBB+	5.000% due 11/15/45		85,686
	100,000		BB-	Kodiak Gas Services LLC, Company Guaranteed Notes, 7.250% due 2/15/29(a)		102,548
	400,000	^EUR	B1(b)	OEG Finance PLC, Senior Secured Notes, (Cost - $437,741, acquired 12/11/24), 7.250% due 9/27/29(c)		465,922
				Schlumberger Holdings Corp.:
	910,000		A	Company Guaranteed Notes, 4.850% due 5/15/33(a)		879,295
	171,000		A	Senior Unsecured Notes, 3.900% due 5/17/28(a)		168,199

				Total Oil & Gas Services		1,805,363

	Packaging & Containers - 0.1%
				Amcor Flexibles North America Inc. North America Inc., Company Guaranteed Notes:
	570,000		BBB	5.100% due 3/17/30(a)		573,559
	94,000		BBB	2.690% due 5/25/31		82,884
	95,000		BB+	Ball Corp., Company Guaranteed Notes, 6.000% due 6/15/29		96,981
	25,000		BBB	Berry Global Inc., Senior Secured Notes, 5.650% due 1/15/34		25,153
	170,000		BB	Graphic Packaging International LLC, Company Guaranteed Notes, 6.375% due 7/15/32(a)		170,420
	160,000		B	Mauser Packaging Solutions Holding Co., Senior Secured Notes, 7.875% due 4/15/27(a)		161,713
	430,000	^EUR	BB-	OI European Group BV, Senior Unsecured Notes, (Cost - $495,178, acquired 9/6/24), 6.250% due 5/15/28(c)		505,500
	85,000		B+	Owens-Brockway Glass Container Inc., Company Guaranteed Notes, 6.625% due 5/13/27(a)		85,101
				Packaging Corp. of America, Senior Unsecured Notes:
	25,000		BBB	5.700% due 12/1/33		25,581
	25,000		BBB	3.050% due 10/1/51		15,161
	135,000		BB+	Sealed Air Corp., Company Guaranteed Notes, 4.000% due 12/1/27(a)		131,042
	239,000		BBB-	Sonoco Products Co., Senior Unsecured Notes, 3.125% due 5/1/30		219,441
	100,000		BB-	TriMas Corp., Company Guaranteed Notes, 4.125% due 4/15/29(a)		94,208
				WRKCo Inc., Company Guaranteed Notes:
	50,000		BBB	3.900% due 6/1/28		48,950
	25,000		BBB	4.900% due 3/15/29		25,134

				Total Packaging & Containers		2,260,828

	Pharmaceuticals - 0.9%
	255,000		B	1261229 BC Ltd., Senior Secured Notes, 10.000% due 4/15/32(a)		252,691
				AbbVie Inc., Senior Unsecured Notes:
	450,000		A-	2.950% due 11/21/26		441,166
	100,000		A-	4.800% due 3/15/27		100,958
	400,000		A-	4.800% due 3/15/29		405,998
	1,430,000		A-	3.200% due 11/21/29		1,356,042
	180,000		A-	4.950% due 3/15/31		182,849
	240,000		A-	5.050% due 3/15/34		240,352
	200,000		A-	4.550% due 3/15/35		190,657
	200,000		A-	4.500% due 5/14/35		189,885
	10,000		A-	4.875% due 11/14/48		8,844

151

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Pharmaceuticals - 0.9% - (continued)
	$ 355,000	A-	4.250% due 11/21/49	$	284,304
	75,000	A-	5.400% due 3/15/54		70,997
	500,000	A-	5.600% due 3/15/55		486,668
	45,000	B+	AdaptHealth LLC, Company Guaranteed Notes, 4.625% due 8/1/29(a)		41,595
	50,000	A+	Astrazeneca Finance LLC, Company Guaranteed Notes, 5.000% due 2/26/34		50,241
			AstraZeneca PLC, Senior Unsecured Notes:
	25,000	A+	4.000% due 9/18/42		20,749
	25,000	A+	4.375% due 11/16/45		21,233
	25,000	A+	4.375% due 8/17/48		20,925
	25,000	A+	2.125% due 8/6/50		13,389
	25,000	A+	3.000% due 5/28/51		16,167
			Becton Dickinson & Co., Senior Unsecured Notes:
	243,000	BBB	4.693% due 2/13/28		243,979
	27,000	BBB	4.685% due 12/15/44		22,778
	25,000	BBB	4.669% due 6/6/47		20,781
	25,000	BBB	3.794% due 5/20/50		17,915
			Bristol-Myers Squibb Co., Senior Unsecured Notes:
	100,000	A	4.900% due 2/22/27		101,168
	41,000	A	3.400% due 7/26/29		39,461
	273,000	A	5.100% due 2/22/31		279,337
	770,000	A	5.200% due 2/22/34		774,749
	98,000	A	4.125% due 6/15/39		84,888
	50,000	A	3.550% due 3/15/42		38,484
	50,000	A	4.350% due 11/15/47		40,606
	50,000	A	4.550% due 2/20/48		41,790
	50,000	A	4.250% due 10/26/49		39,369
	50,000	A	2.550% due 11/13/50		28,172
	50,000	A	3.700% due 3/15/52		35,358
	939,000	A	5.550% due 2/22/54		891,145
	50,000	A	3.900% due 3/15/62		34,705
	90,000	A	5.650% due 2/22/64		85,122
			CVS Health Corp., Senior Unsecured Notes:
	200,000	BBB	2.875% due 6/1/26		196,440
	150,000	BBB	4.300% due 3/25/28		148,275
	200,000	BBB	5.000% due 1/30/29		201,283
	494,000	BBB	2.125% due 9/15/31		413,338
	100,000	BBB	4.780% due 3/25/38		88,693
	100,000	BBB	5.125% due 7/20/45		85,616
	200,000	BBB	5.050% due 3/25/48		166,419
			Eli Lilly & Co., Senior Unsecured Notes:
	100,000	A+	4.500% due 2/9/27		100,597
	595,000	A+	4.700% due 2/9/34		584,763
	200,000	A+	4.600% due 8/14/34		194,819
	25,000	A+	3.950% due 3/15/49		19,499
	25,000	A+	4.875% due 2/27/53		22,181
	110,000	A+	5.000% due 2/9/54		99,642
	25,000	A+	4.150% due 3/15/59		19,303
	25,000	A+	4.950% due 2/27/63		21,972
	475,000	A+	5.100% due 2/9/64		426,255
	50,000	A	GlaxoSmithKline Capital Inc., Company Guaranteed Notes, 6.375% due 5/15/38		54,379
			Johnson & Johnson, Senior Unsecured Notes:
	50,000	AAA	4.950% due 6/1/34		51,036
	50,000	AAA	3.625% due 3/3/37		43,787

152

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Pharmaceuticals - 0.9% - (continued)
	$ 50,000	AAA	3.700% due 3/1/46	$	39,441
	25,000	AAA	2.450% due 9/1/60		13,343
			Merck & Co., Inc., Senior Unsecured Notes:
	25,000	A+	3.900% due 3/7/39		21,450
	25,000	A+	3.600% due 9/15/42		19,335
	50,000	A+	4.150% due 5/18/43		41,712
	50,000	A+	3.700% due 2/10/45		38,457
	50,000	A+	4.000% due 3/7/49		38,770
	50,000	A+	2.450% due 6/24/50		28,393
	390,000	A+	2.750% due 12/10/51		233,435
	100,000	AA-	Novartis Capital Corp., Company Guaranteed Notes, 3.800% due 9/18/29		98,339
	255,000	BB	Organon & Co./Organon Foreign Debt Co.-Issuer BV, Senior Secured Notes, 4.125% due 4/30/28(a)		239,625
			Pfizer Inc., Senior Unsecured Notes:
	160,000	A	2.625% due 4/1/30		147,310
	140,000	A	1.700% due 5/28/30		122,665
	25,000	A	4.000% due 12/15/36		22,546
	25,000	A	3.900% due 3/15/39		21,197
			Pfizer Investment Enterprises Pte Ltd., Company Guaranteed Notes:
	200,000	A	4.750% due 5/19/33		196,613
	1,095,000	A	5.300% due 5/19/53		1,001,596
	158,000	A	5.340% due 5/19/63		142,155
	256,000	BBB+	Takeda Pharmaceutical Co., Ltd., Senior Unsecured Notes, 2.050% due 3/31/30		226,717
	175,000	BB	Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed Notes, 8.125% due 9/15/31		194,891
			Utah Acquisition Sub Inc., Company Guaranteed Notes:
	100,000	BB+	3.950% due 6/15/26		98,704
	25,000	BB+	5.250% due 6/15/46		19,316
			Viatris Inc., Company Guaranteed Notes:
	705,000	BB+	3.850% due 6/22/40		500,824
	1,075,000	BB+	4.000% due 6/22/50		687,791
	50,000	A	Wyeth LLC, Company Guaranteed Notes, 5.950% due 4/1/37		52,331
			Zoetis Inc., Senior Unsecured Notes:
	25,000	BBB+	4.700% due 2/1/43		22,227
	25,000	BBB+	3.950% due 9/12/47		19,319

			Total Pharmaceuticals		14,442,316

	Pipelines - 1.3%
	215,000	BB+	Antero Midstream Partners LP/Antero Midstream Finance Corp., Company Guaranteed Notes, 5.750% due 1/15/28(a)		214,631
	140,000	B+	Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Unsecured Notes, 7.250% due 7/15/32(a)		145,253
			Buckeye Partners LP, Senior Unsecured Notes:
	130,000	BB-	4.125% due 12/1/27		126,573
	125,000	BB-	6.875% due 7/1/29(a)		128,580
			Cheniere Corpus Christi Holdings LLC, Senior Secured Notes:
	72,000	BBB	5.125% due 6/30/27		72,556
	199,000	BBB	3.700% due 11/15/29		190,553
			Cheniere Energy Partners LP, Company Guaranteed Notes:
	72,000	BBB-	4.500% due 10/1/29		70,482
	143,000	BBB-	4.000% due 3/1/31		133,893
	486,000	BBB-	3.250% due 1/31/32		426,285
	105,000	BBB-	5.950% due 6/30/33		107,336
	600,000	Baa1(b)	Columbia Pipelines Operating Co. LLC, Senior Unsecured Notes, 6.036% due 11/15/33(a)		617,235
			DT Midstream Inc., Company Guaranteed Notes:
	180,000	BB+	4.125% due 6/15/29(a)		171,499
	55,000	BB+	4.375% due 6/15/31(a)		51,402
	50,000	A-	Eastern Energy Gas Holdings LLC, Senior Unsecured Notes, 6.200% due 1/15/55		50,026

153

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Pipelines - 1.3% - (continued)
			Enbridge Inc.:
			Company Guaranteed Notes:
	$ 100,000	BBB+	5.900% due 11/15/26	$	101,690
	50,000	BBB+	2.500% due 8/1/33		40,676
	25,000	BBB+	5.625% due 4/5/34		25,206
	50,000	BBB+	3.400% due 8/1/51		31,857
	50,000	BBB+	6.700% due 11/15/53		52,394
	955,000	BBB+	5.950% due 4/5/54		913,720
	725,000	BBB-	Subordinated Notes, 5.750% (5-Year CMT Index + 5.314%) due 7/15/80(d)		701,382
			Energy Transfer LP:
	240,000	BBB	Company Guaranteed Notes, 5.250% due 4/15/29		243,584
			Junior Subordinated Notes:
	223,000	BB+	6.500% (5-Year CMT Index + 5.694%)(d)(e)		222,996
	405,000	BB+	8.000% (5-Year CMT Index + 4.020%) due 5/15/54(d)		424,897
			Senior Unsecured Notes:
	49,000	BBB	5.500% due 6/1/27		49,664
	76,000	BBB	5.550% due 2/15/28		77,834
	30,000	BBB	4.950% due 6/15/28		30,193
	800,000	BBB	3.750% due 5/15/30		756,722
	280,000	BBB	5.550% due 5/15/34		277,727
	25,000	BBB	5.800% due 6/15/38		24,449
	340,000	BBB	5.300% due 4/1/44		294,653
	18,000	BBB	5.300% due 4/15/47		15,290
	750,000	BBB	6.250% due 4/15/49		714,788
	147,000	BBB	5.000% due 5/15/50		118,839
			Enterprise Products Operating LLC, Company Guaranteed Notes:
	100,000	A-	4.600% due 1/11/27		100,495
	100,000	A-	3.950% due 2/15/27		99,415
	660,000	A-	4.150% due 10/16/28		654,971
	50,000	A-	4.850% due 1/31/34		49,012
	150,000	A-	6.650% due 10/15/34		162,971
	50,000	A-	4.950% due 2/15/35		48,795
	250,000	A-	4.850% due 3/15/44		219,630
	25,000	A-	5.100% due 2/15/45		22,541
	25,000	A-	4.250% due 2/15/48		19,594
	50,000	A-	4.800% due 2/1/49		42,181
	50,000	A-	4.200% due 1/31/50		38,198
	130,000	A-	3.700% due 1/31/51		90,822
	25,000	A-	3.200% due 2/15/52		15,799
	50,000	A-	3.300% due 2/15/53		31,895
	670,000	A-	5.550% due 2/16/55		624,598
	180,000	A-	3.950% due 1/31/60		125,840
	60,000	BBB	5.375% (3-Month Term SOFR + 2.832%) due 2/15/78(d)		58,342
	105,000	B	Genesis Energy LP/Genesis Energy Finance Corp., Company Guaranteed Notes, 7.750% due 2/1/28		105,955
	90,000	BB-	Harvest Midstream I LP, Senior Unsecured Notes, 7.500% due 5/15/32(a)		92,521
			Hess Midstream Operations LP, Company Guaranteed Notes:
	130,000	BB+	5.875% due 3/1/28(a)		131,344
	70,000	BB+	5.500% due 10/15/30(a)		69,214
	25,000	BBB	Kinder Morgan Energy Partners LP, Company Guaranteed Notes, 6.950% due 1/15/38		26,981
			Kinder Morgan Inc., Company Guaranteed Notes:
	110,000	BBB	5.000% due 2/1/29		111,214
	170,000	BBB	5.150% due 6/1/30		171,560
	50,000	BBB	5.550% due 6/1/45		45,854

154

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Pipelines - 1.3% - (continued)
	$ 25,000	BBB	5.200% due 3/1/48	$	21,710
	55,000	BBB	3.250% due 8/1/50		34,110
	82,000	BBB	3.600% due 2/15/51		54,414
	25,000	BBB	5.450% due 8/1/52		22,150
	805,000	BB+	Kinetik Holdings LP, Company Guaranteed Notes, 5.875% due 6/15/30(a)		800,603
			MPLX LP, Senior Unsecured Notes:
	100,000	BBB	4.125% due 3/1/27		99,251
	850,000	BBB	4.800% due 2/15/29		852,634
	130,000	BBB	4.500% due 4/15/38		111,909
	140,000	BBB	4.700% due 4/15/48		110,036
	50,000	BBB	5.500% due 2/15/49		43,869
	50,000	BBB	4.950% due 3/14/52		40,302
	100,000	B+	NGL Energy Operating LLC/NGL Energy Finance Corp., Senior Secured Notes, 8.125% due 2/15/29(a)		97,464
	375,000	BB	Northriver Midstream Finance LP, Senior Secured Notes, 6.750% due 7/15/32(a)		378,591
	74,000	BBB+	Northwest Pipeline LLC, Senior Unsecured Notes, 4.000% due 4/1/27		73,170
	85,000	Ba1(b)	NuStar Logistics LP, Company Guaranteed Notes, 6.375% due 10/1/30		86,554
			ONEOK Inc., Company Guaranteed Notes:
	200,000	BBB	5.800% due 11/1/30		207,078
	165,000	BBB	6.050% due 9/1/33		169,203
	25,000	BBB	5.050% due 11/1/34		23,772
	25,000	BBB	5.150% due 10/15/43		21,495
	100,000	BBB	5.200% due 7/15/48		83,981
	25,000	BBB	4.850% due 2/1/49		19,862
	50,000	BBB	3.950% due 3/1/50		34,176
	25,000	BBB	4.500% due 3/15/50		18,892
	105,000	BBB	6.625% due 9/1/53		105,655
	25,000	BBB	ONEOK Partners LP, Company Guaranteed Notes, 6.650% due 10/1/36		26,236
	150,000	BBB	Plains All American Pipeline LP/PAA Finance Corp., Senior Unsecured Notes, 4.500% due 12/15/26		149,780
	500,000	B-	Prairie Acquiror LP, Senior Secured Notes, 9.000% due 8/1/29(a)		508,801
	180,000	BB	Rockies Express Pipeline LLC, Senior Unsecured Notes, 4.950% due 7/15/29(a)		173,988
			Sabine Pass Liquefaction LLC, Senior Secured Notes:
	121,000	BBB+	5.000% due 3/15/27		121,540
	40,000	BBB+	4.200% due 3/15/28		39,612
	134,000	BBB+	5.900% due 9/15/37		136,726
	1,120,000	BBB-	South Bow USA Infrastructure Holdings LLC, Company Guaranteed Notes, 5.026% due 10/1/29(a)		1,110,204
	25,000	BBB+	Spectra Energy Partners LP, Company Guaranteed Notes, 4.500% due 3/15/45		19,950
			Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Company Guaranteed Notes:
	150,000	B+	6.000% due 3/1/27(a)		149,892
	890,000	B+	6.000% due 12/31/30(a)		853,841
			Targa Resources Corp., Company Guaranteed Notes:
	72,000	BBB	6.150% due 3/1/29		75,137
	130,000	BBB	4.200% due 2/1/33		118,772
	50,000	BBB	6.500% due 2/15/53		49,235
			Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company Guaranteed Notes:
	50,000	BBB	6.500% due 7/15/27		50,095
	100,000	BBB	5.000% due 1/15/28		99,861
	20,000	BBB	6.875% due 1/15/29		20,386
	188,000	BBB	5.500% due 3/1/30		189,450
	489,000	BBB	4.875% due 2/1/31		477,079
	40,000	BBB	4.000% due 1/15/32		36,558
	25,000	BBB+	TransCanada PipeLines Ltd., Senior Unsecured Notes, 5.100% due 3/15/49		21,966
			Transcontinental Gas Pipe Line Co. LLC, Senior Unsecured Notes:
	137,000	BBB+	4.000% due 3/15/28		135,467

155

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Pipelines - 1.3% - (continued)
	$ 138,000		BBB+	4.600% due 3/15/48	$	113,038
				Venture Global Calcasieu Pass LLC, Senior Secured Notes:
	200,000		BB+	3.875% due 8/15/29(a)		185,977
	110,000		BB+	3.875% due 11/1/33(a)		94,030
				Venture Global LNG Inc.:
	380,000		B-	Junior Subordinated Notes, 9.000% (5-Year CMT Index + 5.440%)(a)(d)(e)		358,773
				Senior Secured Notes:
	200,000		BB	8.125% due 6/1/28(a)		204,824
	725,000		BB	9.500% due 2/1/29(a)		775,496
	330,000		BB	7.000% due 1/15/30(a)		328,788
				Western Midstream Operating LP, Senior Unsecured Notes:
	100,000		BBB-	4.650% due 7/1/26		99,718
	630,000		BBB-	4.050% due 2/1/30		597,877
	115,000		BBB-	5.250% due 2/1/50		93,276
	50,000		BBB+	Williams Cos., Inc. (The), Senior Unsecured Notes, 6.000% due 3/15/55		48,514

				Total Pipelines		21,760,375

	Private Equity - 0.0%@
				Brookfield Finance Inc., Company Guaranteed Notes:
	100,000		A-	4.250% due 6/2/26		99,609
	50,000		A-	3.900% due 1/25/28		49,051
	25,000		A-	4.850% due 3/29/29		25,027
	50,000		A-	5.968% due 3/4/54		48,528
	25,000		A-	Brookfield Finance LLC/Brookfield Finance Inc., Company Guaranteed Notes, 3.450% due 4/15/50		16,409

				Total Private Equity		238,624

	Real Estate - 0.0%@
	490,000	^EUR	Ba1(b)	Castellum AB, Junior Subordinated Notes, (Cost - $494,514, acquired 12/4/24), 3.125% (3.454% - 5-Year EUR Swap Rate)(c)(e)(j)		541,745

	Real Estate Investment Trusts (REITs) - 0.8%
				Alexandria Real Estate Equities Inc., Company Guaranteed Notes:
	25,000		BBB+	3.950% due 1/15/27		24,754
	25,000		BBB+	3.950% due 1/15/28		24,628
	25,000		BBB+	4.500% due 7/30/29		24,612
	25,000		BBB+	1.875% due 2/1/33		19,441
	25,000		BBB+	4.750% due 4/15/35		23,235
	50,000		BBB+	3.550% due 3/15/52		32,514
	25,000		BBB+	5.625% due 5/15/54		22,475
				American Homes 4 Rent LP, Senior Unsecured Notes:
	25,000		BBB	4.250% due 2/15/28		24,687
	25,000		BBB	3.625% due 4/15/32		22,686
	25,000		BBB	5.500% due 2/1/34		24,948
				American Tower Corp., Senior Unsecured Notes:
	50,000		BBB	3.650% due 3/15/27		49,211
	150,000		BBB	5.800% due 11/15/28		155,716
	86,000		BBB	3.800% due 8/15/29		82,978
	100,000		BBB	2.100% due 6/15/30		87,857
	137,000		BBB	1.875% due 10/15/30		117,580
	106,000		BBB	2.700% due 4/15/31		93,786
	47,000		BBB	2.300% due 9/15/31		40,229
				AvalonBay Communities Inc., Senior Unsecured Notes:
	25,000		A-	3.300% due 6/1/29		23,886
	25,000		A-	2.300% due 3/1/30		22,606
	25,000		A-	5.000% due 2/15/33		24,856
	25,000		A-	5.300% due 12/7/33		25,340

156

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Real Estate Investment Trusts (REITs) - 0.8% - (continued)
				Boston Properties LP, Senior Unsecured Notes:
	$ 25,000		BBB	4.500% due 12/1/28	$	24,643
	25,000		BBB	3.400% due 6/21/29		23,454
	25,000		BBB	3.250% due 1/30/31		22,525
	25,000		BBB	2.450% due 10/1/33		19,575
	25,000		BBB	6.500% due 1/15/34		26,258
				Brandywine Operating Partnership LP, Company Guaranteed Notes:
	720,000		BB+	8.300% due 3/15/28		755,364
	80,000		BB+	8.875% due 4/12/29		85,280
	25,000		BBB	Brixmor Operating Partnership LP, Senior Unsecured Notes, 5.500% due 2/15/34		24,941
	25,000		A-	Camden Property Trust, Senior Unsecured Notes, 4.900% due 1/15/34		24,534
				Crown Castle Inc., Senior Unsecured Notes:
	109,000		BBB	5.000% due 1/11/28		109,651
	163,000		BBB	3.800% due 2/15/28		159,191
	69,000		BBB	3.100% due 11/15/29		64,209
	83,000		BBB	2.250% due 1/15/31		71,421
	66,000		BBB	2.100% due 4/1/31		55,726
	80,000		BBB	2.500% due 7/15/31		68,651
				CubeSmart LP, Company Guaranteed Notes:
	25,000		BBB	3.125% due 9/1/26		24,482
	25,000		BBB	2.500% due 2/15/32		21,152
	300,000	^EUR	Baa2(b)	Digital Intrepid Holding BV, Company Guaranteed Notes, (Cost - $244,610, acquired 5/30/23), 0.625% due 7/15/31(c)		287,246
	25,000		BBB	Digital Realty Trust LP, Company Guaranteed Notes, 5.550% due 1/15/28		25,594
				EPR Properties, Senior Unsecured Notes:
	25,000		BBB-	3.750% due 8/15/29		23,551
	305,000		BBB-	3.600% due 11/15/31		272,023
				Equinix Inc., Senior Unsecured Notes:
	130,000		BBB	1.550% due 3/15/28		120,416
	183,000		BBB	2.000% due 5/15/28		170,769
	333,000		BBB	3.200% due 11/18/29		313,496
	170,000		BBB	2.500% due 5/15/31		149,254
				ERP Operating LP, Senior Unsecured Notes:
	25,000		A-	3.500% due 3/1/28		24,446
	25,000		A-	4.150% due 12/1/28		24,805
	25,000		A-	3.000% due 7/1/29		23,605
	25,000		A-	2.500% due 2/15/30		22,784
	25,000		A-	1.850% due 8/1/31		21,233
	1,331,000		BBB-	Essential Properties LP, Company Guaranteed Notes, 2.950% due 7/15/31		1,163,817
				Essex Portfolio LP, Company Guaranteed Notes:
	25,000		BBB+	3.625% due 5/1/27		24,548
	25,000		BBB+	4.000% due 3/1/29		24,387
	170,000		BBB+	5.500% due 4/1/34		170,677
	106,000		BBB+	Extra Space Storage LP, Company Guaranteed Notes, 5.700% due 4/1/28		108,933
				GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes:
	87,000		BBB-	5.300% due 1/15/29		87,202
	267,000		BBB-	4.000% due 1/15/30		252,295
	65,000		BBB-	4.000% due 1/15/31		60,611
	86,000		BBB-	3.250% due 1/15/32		74,457
	25,000		BBB+	Healthpeak OP LLC, Company Guaranteed Notes, 2.875% due 1/15/31		22,443
	25,000		BBB-	Host Hotels & Resorts LP, Senior Unsecured Notes, 2.900% due 12/15/31		21,411
	146,000		BBB	Invitation Homes Operating Partnership LP, Company Guaranteed Notes, 2.300% due 11/15/28		135,445
				Iron Mountain Inc., Company Guaranteed Notes:
	450,000		BB-	4.875% due 9/15/27(a)		444,920
	80,000		BB-	5.250% due 3/15/28(a)		79,173

157

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Real Estate Investment Trusts (REITs) - 0.8% - (continued)
			Kilroy Realty LP, Company Guaranteed Notes:
	$ 25,000	BBB-	4.250% due 8/15/29	$	23,619
	25,000	BBB-	2.650% due 11/15/33		19,153
			Kimco Realty OP LLC, Company Guaranteed Notes:
	25,000	BBB+	3.800% due 4/1/27		24,695
	25,000	BBB+	3.200% due 4/1/32		22,341
	25,000	BBB+	4.600% due 2/1/33		24,142
	65,000	BB	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Company Guaranteed Notes, 7.000% due 7/15/31(a)		67,438
	25,000	A-	Mid-America Apartments LP, Senior Unsecured Notes, 5.000% due 3/15/34		24,898
			NNN REIT Inc., Senior Unsecured Notes:
	124,000	BBB+	3.100% due 4/15/50		76,650
	238,000	BBB+	3.500% due 4/15/51		159,266
			Omega Healthcare Investors Inc., Company Guaranteed Notes:
	25,000	BBB-	4.750% due 1/15/28		25,015
	790,000	BBB-	3.625% due 10/1/29		743,828
	765,000	BBB-	Piedmont Operating Partnership LP, Company Guaranteed Notes, 2.750% due 4/1/32		614,557
			Prologis LP, Senior Unsecured Notes:
	25,000	A	4.875% due 6/15/28		25,352
	147,000	A	2.250% due 4/15/30		131,898
	25,000	A	4.625% due 1/15/33		24,457
	25,000	A	5.125% due 1/15/34		24,896
	25,000	A	5.000% due 3/15/34		24,600
	140,000	A	2.125% due 10/15/50		72,310
	25,000	A	5.250% due 6/15/53		22,861
			Public Storage Operating Co., Company Guaranteed Notes:
	25,000	A	1.850% due 5/1/28		23,324
	25,000	A	3.385% due 5/1/29		24,100
	25,000	A	2.250% due 11/9/31		21,517
	25,000	A	5.100% due 8/1/33		25,317
			Realty Income Corp., Senior Unsecured Notes:
	57,000	A-	3.100% due 12/15/29		53,340
	74,000	A-	3.250% due 1/15/31		68,338
	134,000	A-	5.125% due 2/15/34		133,365
	90,000	A-	5.375% due 9/1/54		84,144
			Regency Centers LP, Company Guaranteed Notes:
	25,000	A-	3.600% due 2/1/27		24,669
	25,000	A-	5.250% due 1/15/34		24,982
			RHP Hotel Properties LP/RHP Finance Corp., Company Guaranteed Notes:
	240,000	BB	4.750% due 10/15/27		237,239
	100,000	BB	6.500% due 4/1/32(a)		101,445
	1,020,000	BBB-	Sabra Health Care LP, Company Guaranteed Notes, 5.125% due 8/15/26		1,018,759
	155,000	BB+	SBA Communications Corp., Senior Unsecured Notes, 3.125% due 2/1/29		144,300
			Simon Property Group LP, Senior Unsecured Notes:
	50,000	A-	3.375% due 6/15/27		49,106
	50,000	A-	3.375% due 12/1/27		48,846
	50,000	A-	2.450% due 9/13/29		45,968
	50,000	A-	2.650% due 7/15/30		45,426
	25,000	A-	2.200% due 2/1/31		21,876
	25,000	A-	2.250% due 1/15/32		21,286
	25,000	A-	2.650% due 2/1/32		21,693
	25,000	A-	5.500% due 3/8/33		25,609
	25,000	A-	6.250% due 1/15/34		26,644
	50,000	A-	3.250% due 9/13/49		32,692

158

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Real Estate Investment Trusts (REITs) - 0.8% - (continued)
	$ 25,000	A-	3.800% due 7/15/50	$	17,936
			Starwood Property Trust Inc., Senior Unsecured Notes:
	110,000	BB-	7.250% due 4/1/29(a)		114,480
	293,000	BB-	6.500% due 7/1/30(a)		297,288
			UDR Inc., Company Guaranteed Notes:
	25,000	BBB+	3.000% due 8/15/31		22,413
	255,000	BBB+	2.100% due 8/1/32		206,563
	170,000	BBB+	5.125% due 9/1/34		165,656
			Ventas Realty LP, Company Guaranteed Notes:
	25,000	BBB+	4.000% due 3/1/28		24,601
	25,000	BBB+	4.400% due 1/15/29		24,737
	25,000	BBB+	3.000% due 1/15/30		23,154
	25,000	BBB+	4.875% due 4/15/49		20,931
	312,000	BBB-	VICI Properties LP, Senior Unsecured Notes, 4.750% due 2/15/28		312,293
	160,000	BBB-	VICI Properties LP/VICI Notes Co., Inc., Company Guaranteed Notes, 4.500% due 1/15/28(a)		158,080
	460,000	BBB+	WEA Finance LLC/Westfield UK & Europe Finance PLC, Company Guaranteed Notes, 4.750% due 9/17/44(a)		365,880
			Welltower OP LLC, Company Guaranteed Notes:
	25,000	A-	2.700% due 2/15/27		24,361
	25,000	A-	2.050% due 1/15/29		22,950
	25,000	A-	4.125% due 3/15/29		24,675
	25,000	A-	3.100% due 1/15/30		23,477
	25,000	A-	2.750% due 1/15/31		22,543
	25,000	A-	2.750% due 1/15/32		21,957
			Weyerhaeuser Co., Senior Unsecured Notes:
	25,000	BBB	4.000% due 11/15/29		24,348
	25,000	BBB	4.000% due 3/9/52		18,268

			Total Real Estate Investment Trusts (REITs)		13,111,175

	Retail - 0.4%
	100,000	BB	Asbury Automotive Group Inc., Company Guaranteed Notes, 4.625% due 11/15/29(a)		95,151
	50,000	BBB	AutoZone Inc., Senior Unsecured Notes, 5.400% due 7/15/34		50,306
	295,000	BB+	Bath & Body Works Inc., Company Guaranteed Notes, 7.500% due 6/15/29		303,392
	25,000	BBB	Dick’s Sporting Goods Inc., Senior Unsecured Notes, 4.100% due 1/15/52		17,130
	25,000	BBB	Dollar General Corp., Senior Unsecured Notes, 4.125% due 4/3/50		18,036
	75,000	BB	FirstCash Inc., Company Guaranteed Notes, 6.875% due 3/1/32(a)		76,969
	130,000	BB	Gap Inc. (The), Company Guaranteed Notes, 3.625% due 10/1/29(a)		118,866
			Group 1 Automotive Inc., Company Guaranteed Notes:
	50,000	BB+	4.000% due 8/15/28(a)		47,957
	146,000	BB+	6.375% due 1/15/30(a)		148,935
			Home Depot Inc. (The), Senior Unsecured Notes:
	100,000	A	2.950% due 6/15/29		95,035
	50,000	A	5.875% due 12/16/36		52,706
	70,000	A	3.300% due 4/15/40		54,545
	25,000	A	4.200% due 4/1/43		20,789
	25,000	A	4.875% due 2/15/44		22,486
	25,000	A	4.400% due 3/15/45		20,972
	50,000	A	4.250% due 4/1/46		40,800
	50,000	A	4.500% due 12/6/48		41,755
	50,000	A	3.125% due 12/15/49		32,667
	180,000	A	3.350% due 4/15/50		123,019
	50,000	A	2.375% due 3/15/51		27,358
	50,000	A	2.750% due 9/15/51		29,689
	50,000	A	3.625% due 4/15/52		35,365
	25,000	A	4.950% due 9/15/52		22,106

159

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Retail - 0.4% - (continued)
	$ 25,000	A	3.500% due 9/15/56	$	16,820
	405,000	BB-	Kohl’s Corp., Senior Unsecured Notes, 5.125% due 5/1/31		260,606
	95,000	BB+	Lithia Motors Inc., Senior Unsecured Notes, 3.875% due 6/1/29(a)		89,538
			Lowe’s Cos., Inc., Senior Unsecured Notes:
	405,000	BBB+	3.650% due 4/5/29		392,759
	284,000	BBB+	1.700% due 10/15/30		244,349
	91,000	BBB+	2.625% due 4/1/31		81,080
	50,000	BBB+	4.050% due 5/3/47		37,784
	50,000	BBB+	3.000% due 10/15/50		30,350
	25,000	BBB+	4.250% due 4/1/52		18,975
	50,000	BBB+	5.625% due 4/15/53		46,902
	25,000	BBB+	4.450% due 4/1/62		18,844
			Macy’s Retail Holdings LLC, Company Guaranteed Notes:
	1,120,000	BB+	5.875% due 3/15/30(a)		1,070,640
	95,000	BB+	6.125% due 3/15/32(a)		88,145
			McDonald’s Corp., Senior Unsecured Notes:
	100,000	BBB+	3.500% due 3/1/27		98,691
	25,000	BBB+	4.700% due 12/9/35		24,022
	25,000	BBB+	6.300% due 3/1/38		26,855
	25,000	BBB+	4.450% due 9/1/48		20,537
	70,000	BBB+	3.625% due 9/1/49		49,859
	425,000	BBB+	4.200% due 4/1/50		331,425
	25,000	BBB+	5.150% due 9/9/52		22,501
	25,000	BBB+	5.450% due 8/14/53		23,588
	110,000	BB+	Nordstrom Inc., Senior Unsecured Notes, 4.375% due 4/1/30		100,354
	115,000	BB-	Penske Automotive Group Inc., Company Guaranteed Notes, 3.750% due 6/15/29		107,880
	480,000	BB	PetSmart Inc./PetSmart Finance Corp., Senior Secured Notes, 4.750% due 2/15/28(a)		463,755
	70,000	BB	Sally Holdings LLC/Sally Capital Inc., Company Guaranteed Notes, 6.750% due 3/1/32		71,195
	150,000	BB-	Sonic Automotive Inc., Company Guaranteed Notes, 4.625% due 11/15/29(a)		143,414
			Starbucks Corp., Senior Unsecured Notes:
	50,000	BBB+	4.900% due 2/15/31		50,383
	25,000	BBB+	3.750% due 12/1/47		17,865
	25,000	BBB+	4.500% due 11/15/48		20,051
	25,000	BBB+	4.450% due 8/15/49		19,910
	25,000	BBB+	3.350% due 3/12/50		16,319
	25,000	BBB+	3.500% due 11/15/50		16,842
	80,000	BB-	Superior Plus LP/Superior General Partner Inc., Company Guaranteed Notes, 4.500% due 3/15/29(a)		76,112
			Target Corp., Senior Unsecured Notes:
	50,000	A	4.500% due 9/15/32		49,201
	25,000	A	4.000% due 7/1/42		20,509
	25,000	A	3.625% due 4/15/46		18,355
	50,000	A	2.950% due 1/15/52		30,844
			Walmart Inc., Senior Unsecured Notes:
	90,000	AA	1.500% due 9/22/28		82,927
	40,000	AA	1.800% due 9/22/31		34,441
	100,000	AA	4.100% due 4/15/33		96,845
	25,000	AA	6.200% due 4/15/38		27,627
	25,000	AA	3.950% due 6/28/38		22,370
	25,000	AA	5.625% due 4/15/41		26,048
	25,000	AA	2.500% due 9/22/41		17,231
	25,000	AA	3.625% due 12/15/47		18,931
	50,000	AA	4.050% due 6/29/48		40,525
	25,000	AA	2.950% due 9/24/49		16,338

160

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Retail - 0.4% - (continued)
	$ 50,000	AA	2.650% due 9/22/51	$	30,744

			Total Retail		6,127,320

	Semiconductors - 0.6%
	220,000	BB	Amkor Technology Inc., Senior Unsecured Notes, 6.625% due 9/15/27(a)		220,887
			Analog Devices Inc., Senior Unsecured Notes:
	25,000	A-	2.800% due 10/1/41		17,769
	25,000	A-	2.950% due 10/1/51		15,712
			Applied Materials Inc., Senior Unsecured Notes:
	50,000	A	3.300% due 4/1/27		49,255
	25,000	A	5.850% due 6/15/41		25,934
	25,000	A	4.350% due 4/1/47		20,733
	100,000	BBB+	Broadcom Corp./Broadcom Cayman Finance Ltd., Company Guaranteed Notes, 3.875% due 1/15/27		99,173
			Broadcom Inc.:
			Company Guaranteed Notes:
	377,000	BBB+	4.150% due 11/15/30		367,391
	100,000	BBB+	3.500% due 2/15/41(a)		77,355
	100,000	BBB+	3.750% due 2/15/51(a)		72,341
			Senior Unsecured Notes:
	170,000	BBB+	4.150% due 4/15/32(a)		161,724
	100,000	BBB+	3.469% due 4/15/34(a)		87,700
	1,054,000	BBB+	3.137% due 11/15/35(a)		872,109
	10,000	BBB+	3.187% due 11/15/36(a)		8,112
	108,000	BBB+	4.926% due 5/15/37(a)		102,837
			Entegris Inc.:
	319,000	BB-	Company Guaranteed Notes, 5.950% due 6/15/30(a)		319,522
	445,000	BB	Senior Secured Notes, 4.750% due 4/15/29(a)		432,295
			Foundry JV Holdco LLC, Senior Secured Notes:
	320,000	BBB	5.875% due 1/25/34(a)		320,515
	2,300,000	BBB	6.200% due 1/25/37(a)		2,349,318
			Intel Corp., Senior Unsecured Notes:
	100,000	BBB	2.450% due 11/15/29		90,381
	735,000	BBB	3.250% due 11/15/49		447,988
	100,000	BBB	4.750% due 3/25/50		78,737
	50,000	BBB	4.900% due 8/5/52		39,869
	50,000	BBB	5.700% due 2/10/53		44,842
	25,000	BBB	5.600% due 2/21/54		22,200
	64,000	BBB	5.900% due 2/10/63		57,859
			KLA Corp., Senior Unsecured Notes:
	258,000	A-	4.100% due 3/15/29		255,936
	100,000	A-	5.250% due 7/15/62		90,239
			Lam Research Corp., Senior Unsecured Notes:
	25,000	A-	4.875% due 3/15/49		22,151
	25,000	A-	3.125% due 6/15/60		14,916
	25,000	BBB-	Marvell Technology Inc., Senior Unsecured Notes, 5.750% due 2/15/29		25,852
			Micron Technology Inc., Senior Unsecured Notes:
	25,000	BBB-	5.375% due 4/15/28		25,502
	25,000	BBB-	4.663% due 2/15/30		24,662
	100,000	BBB-	5.875% due 2/9/33		102,152
	25,000	BBB-	5.875% due 9/15/33		25,634
	990,000	BBB-	6.050% due 11/1/35		1,007,550
			NVIDIA Corp., Senior Unsecured Notes:
	25,000	AA-	3.500% due 4/1/40		20,564
	510,000	AA-	3.500% due 4/1/50		373,653

161

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Semiconductors - 0.6% - (continued)
	$ 160,000	AA-	3.700% due 4/1/60	$	114,623
			NXP BV/NXP Funding LLC/NXP USA Inc., Company Guaranteed Notes:
	50,000	BBB+	3.875% due 6/18/26		49,602
	296,000	BBB+	2.500% due 5/11/31		256,021
	70,000	BB	ON Semiconductor Corp., Company Guaranteed Notes, 3.875% due 9/1/28(a)		66,908
			QUALCOMM Inc., Senior Unsecured Notes:
	25,000	A	2.150% due 5/20/30		22,516
	25,000	A	4.800% due 5/20/45		22,234
	25,000	A	3.250% due 5/20/50		16,751
	25,000	A	4.500% due 5/20/52		20,565
	25,000	A	6.000% due 5/20/53		25,691
	105,000	BB-	Synaptics Inc., Company Guaranteed Notes, 4.000% due 6/15/29(a)		97,836
			Texas Instruments Inc., Senior Unsecured Notes:
	90,000	A+	1.750% due 5/4/30		79,504
	25,000	A+	3.875% due 3/15/39		21,600
	50,000	A+	4.150% due 5/15/48		39,919
	62,000	A+	5.050% due 5/18/63		54,611

			Total Semiconductors		9,279,750

	Shipbuilding - 0.0%@
	137,000	BBB-	Huntington Ingalls Industries Inc., Company Guaranteed Notes, 2.043% due 8/16/28		126,303

	Software - 0.4%
	50,000	A+	Adobe Inc., Senior Unsecured Notes, 2.300% due 2/1/30		45,812
	500,000	CCC	AthenaHealth Group Inc., Senior Unsecured Notes, 6.500% due 2/15/30(a)		482,224
	90,000	BBB+	Autodesk Inc., Senior Unsecured Notes, 2.850% due 1/15/30		83,418
	750,000	B	Cloud Software Group Inc., Senior Secured Notes, 8.250% due 6/30/32(a)		789,250
	25,000	BBB	Concentrix Corp., Senior Unsecured Notes, 6.600% due 8/2/28		26,204
	50,000	B	CoreWeave Inc., Company Guaranteed Notes, 9.250% due 6/1/30(a)		49,980
	115,000	BB-	Elastic NV, Senior Unsecured Notes, 4.125% due 7/15/29(a)		108,735
			Fidelity National Information Services Inc., Senior Unsecured Notes:
	25,000	BBB	1.650% due 3/1/28		23,161
	25,000	BBB	3.100% due 3/1/41		17,856
			Fiserv Inc., Senior Unsecured Notes:
	50,000	BBB	3.200% due 7/1/26		49,281
	25,000	BBB	5.450% due 3/2/28		25,565
	25,000	BBB	5.375% due 8/21/28		25,590
	25,000	BBB	4.200% due 10/1/28		24,724
	100,000	BBB	3.500% due 7/1/29		95,294
	25,000	BBB	2.650% due 6/1/30		22,580
	50,000	BBB	4.400% due 7/1/49		39,208
			Intuit Inc., Senior Unsecured Notes:
	25,000	A-	1.350% due 7/15/27		23,557
	25,000	A-	5.125% due 9/15/28		25,683
	25,000	A-	1.650% due 7/15/30		21,827
			Microsoft Corp., Senior Unsecured Notes:
	55,000	AAA	3.450% due 8/8/36		48,590
	157,000	AAA	2.525% due 6/1/50		95,327
	50,000	AAA	2.500% due 9/15/50		30,033
	168,000	AAA	2.921% due 3/17/52		109,079
	50,000	AAA	4.500% due 2/6/57		44,124
	142,000	AAA	3.041% due 3/17/62		89,489
			Oracle Corp., Senior Unsecured Notes:
	100,000	BBB	2.650% due 7/15/26		97,944
	60,000	BBB	4.650% due 5/6/30		60,021

162

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Software - 0.4% - (continued)
	$ 600,000	BBB	2.875% due 3/25/31	$	540,893
	46,000	BBB	6.250% due 11/9/32		49,061
	238,000	BBB	4.300% due 7/8/34		221,022
	37,000	BBB	3.850% due 7/15/36		31,863
	200,000	BBB	3.800% due 11/15/37		166,595
	88,000	BBB	5.375% due 7/15/40		83,225
	500,000	BBB	3.650% due 3/25/41		383,227
	76,000	BBB	4.000% due 7/15/46		56,857
	91,000	BBB	4.000% due 11/15/47		67,295
	280,000	BBB	3.600% due 4/1/50		189,993
	350,000	BBB	5.375% due 9/27/54		309,996
	55,000	BBB	4.375% due 5/15/55		41,640
	100,000	BBB	3.850% due 4/1/60		66,431
	135,000	BB	RingCentral Inc., Senior Unsecured Notes, 8.500% due 8/15/30(a)		142,706
			Roper Technologies Inc., Senior Unsecured Notes:
	25,000	BBB+	2.950% due 9/15/29		23,378
	25,000	BBB+	1.750% due 2/15/31		21,178
	25,000	BBB+	4.900% due 10/15/34		24,223
			Salesforce Inc., Senior Unsecured Notes:
	140,000	A+	2.700% due 7/15/41		97,713
	50,000	A+	2.900% due 7/15/51		31,072
	25,000	A+	3.050% due 7/15/61		14,763
	205,000	B+	SS&C Technologies Inc., Company Guaranteed Notes, 5.500% due 9/30/27(a)		204,877
			Synopsys Inc., Senior Unsecured Notes:
	160,000	BBB	4.850% due 4/1/30		161,279
	130,000	BBB	5.000% due 4/1/32		130,120
	110,000	BBB	5.150% due 4/1/35		108,735
	210,000	BBB	5.700% due 4/1/55		200,213
	50,000	BBB+	VMware LLC, Senior Unsecured Notes, 3.900% due 8/21/27		49,312
			Workday Inc., Senior Unsecured Notes:
	25,000	BBB+	3.500% due 4/1/27		24,588
	25,000	BBB+	3.700% due 4/1/29		24,208

			Total Software		6,021,019

	Telecommunications - 0.9%
			AT&T Inc., Senior Unsecured Notes:
	200,000	BBB	4.250% due 3/1/27		199,407
	100,000	BBB	2.300% due 6/1/27		95,987
	50,000	BBB	1.650% due 2/1/28		46,554
	55,000	BBB	4.350% due 3/1/29		54,706
	142,000	BBB	2.750% due 6/1/31		126,983
	83,000	BBB	5.400% due 2/15/34		83,994
	25,000	BBB	5.250% due 3/1/37		24,464
	25,000	BBB	4.900% due 8/15/37		23,595
	25,000	BBB	4.850% due 3/1/39		23,104
	80,000	BBB	5.550% due 8/15/41		77,278
	73,000	BBB	4.350% due 6/15/45		58,970
	132,000	BBB	4.750% due 5/15/46		112,398
	238,000	BBB	4.500% due 3/9/48		192,560
	270,000	BBB	3.500% due 9/15/53		179,149
	1,527,000	BBB	3.550% due 9/15/55		1,007,930
	190,000	NR	6.050% due 8/15/56		190,186
	52,000	BBB	3.800% due 12/1/57		35,589
	432,000	BBB	3.650% due 9/15/59		283,975

163

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Telecommunications - 0.9% - (continued)
	$ 18,000		BBB	3.850% due 6/1/60	$	12,202
	500,000	^GBP	BB+	British Telecommunications PLC, Company Guaranteed Notes, (Cost - $681,046, acquired 3/7/24), 8.375% (5-Year UK Government Note Generic Bid Yield + 3.820%) due 12/20/83(c)(d)		721,440
				Cisco Systems Inc., Senior Unsecured Notes:
	50,000		AA-	4.800% due 2/26/27		50,502
	100,000		AA-	4.950% due 2/26/31		101,947
	50,000		AA-	5.900% due 2/15/39		52,511
	50,000		AA-	5.500% due 1/15/40		50,529
	25,000		AA-	5.350% due 2/26/64		23,415
	505,000		B+	Colombia Telecomunicaciones SA ESP, Senior Unsecured Notes, 4.950% due 7/17/30(a)		443,568
	38,000		B-	CommScope LLC, Senior Secured Notes, 4.750% due 9/1/29(a)		36,439
				Corning Inc., Senior Unsecured Notes:
	25,000		BBB+	5.350% due 11/15/48		22,743
	25,000		BBB+	4.375% due 11/15/57		19,118
	80,000		B	EchoStar Corp., Senior Secured Notes, 10.750% due 11/30/29(d)		80,454
	370,000	^EUR	BB+	Fibercop SpA, Senior Secured Notes, 1.625% due 1/18/29		391,737
	95,000		B	Frontier Communications Holdings LLC, Senior Secured Notes, 5.875% due 10/15/27(a)		95,302
	340,000		B1(b)	Intelsat Jackson Holdings SA, Senior Secured Notes, 6.500% due 3/15/30(a)		335,198
	63,000		BBB	Juniper Networks Inc., Senior Unsecured Notes, 2.000% due 12/10/30		53,995
	600,000	^EUR	BB+	Lorca Telecom Bondsco SA, Senior Secured Notes, (Cost - $632,602, acquired 12/3/24), 4.000% due 9/18/27(c)		682,109
	165,000		B+	Lumen Technologies Inc., Senior Secured Notes, 4.125% due 4/15/30(a)		161,081
				Motorola Solutions Inc., Senior Unsecured Notes:
	83,000		BBB	4.600% due 5/23/29		82,815
	37,000		BBB	2.750% due 5/24/31		32,772
	26,000		BBB	5.600% due 6/1/32		26,703
	350,000		BBB-	Nokia OYJ, Senior Unsecured Notes, 6.625% due 5/15/39		356,372
				Rogers Communications Inc.:
				Company Guaranteed Notes:
	100,000		BBB-	3.200% due 3/15/27		97,837
	340,000		BBB-	5.300% due 2/15/34		334,187
	165,000		BB	Subordinated Notes, 7.125% (5-Year CMT Index + 2.620%) due 4/15/55(d)		165,096
	900,000		A1(b)	Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Senior Secured Notes, 5.152% due 3/20/28(a)		903,911
	150,000		BBB-	Telefonica Emisiones SA, Company Guaranteed Notes, 5.213% due 3/8/47		129,277
	400,000	^EUR	BB	Telefonica Europe BV, Company Guaranteed Notes, (Cost - $450,953, acquired 3/7/24), 6.135% (7-Year EUR Swap Rate + 3.347%)(c)(d)(e)		482,415
				T-Mobile USA Inc., Company Guaranteed Notes:
	40,000		BBB	2.250% due 2/15/26		39,293
	152,000		BBB	3.750% due 4/15/27		150,048
	110,000		BBB	2.625% due 2/15/29		102,465
	300,000		BBB	3.375% due 4/15/29		286,277
	80,000		BBB	2.875% due 2/15/31		72,102
	290,000		BBB	2.250% due 11/15/31		248,482
	330,000		BBB	2.700% due 3/15/32		286,479
	199,000		BBB	5.050% due 7/15/33		197,147
	100,000		BBB	4.375% due 4/15/40		86,527
	100,000		BBB	3.300% due 2/15/51		64,913
	100,000		BBB	3.400% due 10/15/52		65,274
	250,000		BBB	5.500% due 1/15/55		230,776
				Verizon Communications Inc., Senior Unsecured Notes:
	100,000		BBB+	4.125% due 3/16/27		99,605
	37,000		BBB+	4.016% due 12/3/29		36,202
	10,000		BBB+	3.150% due 3/22/30		9,372
	138,000		BBB+	1.680% due 10/30/30		118,194
	145,000		BBB+	1.750% due 1/20/31		123,565
	115,000		BBB+	2.550% due 3/21/31		101,799

164

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Telecommunications - 0.9% - (continued)
	$ 100,000		BBB+	2.355% due 3/15/32	$	85,178
	114,000		BBB+	5.050% due 5/9/33		114,031
	464,000		BBB+	4.780% due 2/15/35		446,382
	101,000		BBB+	5.850% due 9/15/35		104,574
	21,000		BBB+	4.272% due 1/15/36		19,091
	193,000		BBB+	2.650% due 11/20/40		133,009
	50,000		BBB+	3.400% due 3/22/41		37,749
	100,000		BBB+	4.000% due 3/22/50		74,398
	50,000		BBB+	2.875% due 11/20/50		30,303
	150,000		BBB+	3.550% due 3/22/51		104,687
	69,000		BBB+	2.987% due 10/30/56		40,306
	100,000		BBB+	3.000% due 11/20/60		57,215
	500,000	^EUR	B+	Vmed O2 UK Financing I PLC, Senior Secured Notes, (Cost - $533,182, acquired 12/3/24), 5.625% due 4/15/32(c)		586,563
				Vodafone Group PLC, Senior Unsecured Notes:
	9,000		BBB	6.150% due 2/27/37		9,479
	25,000		BBB	4.875% due 6/19/49		20,923
	50,000		BBB	4.250% due 9/17/50		37,768
	50,000		BBB	5.750% due 6/28/54		46,782
	25,000		BBB	5.875% due 6/28/64		23,328
	600,000	^EUR	Ba3(b)	Zegona Finance PLC, Senior Secured Notes, 6.750% due 7/15/29(a)		725,584

				Total Telecommunications		13,778,374

	Toys/Games/Hobbies - 0.1%
	920,000		BBB	Hasbro Inc., Senior Unsecured Notes, 6.050% due 5/14/34		931,602
	765,000		BBB	Mattel Inc., Company Guaranteed Notes, 5.875% due 12/15/27(a)		768,222

				Total Toys/Games/Hobbies		1,699,824

	Transportation - 0.3%
				Burlington Northern Santa Fe LLC, Senior Unsecured Notes:
	201,000		AA-	4.150% due 12/15/48		160,509
	52,000		AA-	3.050% due 2/15/51		33,490
	174,000		AA-	2.875% due 6/15/52		106,697
	500,000		AA-	5.500% due 3/15/55		483,236
				Canadian National Railway Co., Senior Unsecured Notes:
	25,000		A-	3.200% due 8/2/46		17,346
	25,000		A-	3.650% due 2/3/48		18,596
	25,000		A-	4.450% due 1/20/49		20,997
				Canadian Pacific Railway Co., Company Guaranteed Notes:
	25,000		BBB+	4.300% due 5/15/43		20,953
	25,000		BBB+	4.700% due 5/1/48		21,340
	25,000		BBB+	3.500% due 5/1/50		17,253
	270,000		BBB+	3.100% due 12/2/51		172,680
				CSX Corp., Senior Unsecured Notes:
	25,000		BBB+	4.100% due 11/15/32		23,799
	25,000		BBB+	4.750% due 5/30/42		22,244
	25,000		BBB+	3.800% due 11/1/46		18,854
	25,000		BBB+	4.750% due 11/15/48		21,567
	25,000		BBB+	3.350% due 9/15/49		16,952
	25,000		BBB+	3.800% due 4/15/50		18,536
	25,000		BBB+	3.950% due 5/1/50		18,956
	25,000		BBB+	4.500% due 11/15/52		20,548
	25,000		BBB+	4.500% due 8/1/54		20,506
	25,000		BBB+	4.250% due 11/1/66		18,605
				FedEx Corp., Company Guaranteed Notes:
	25,000		BBB	3.250% due 5/15/41		17,239

165

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 29.7% - (continued)
	Transportation - 0.3% - (continued)
	$ 25,000		BBB	4.100% due 4/15/43	$	18,733
	25,000		BBB	5.100% due 1/15/44		21,357
	25,000		BBB	4.750% due 11/15/45		20,338
	25,000		BBB	4.400% due 1/15/47		19,101
	24,000		BBB	5.250% due 5/15/50		20,660
	145,000		BB	Genesee & Wyoming Inc., Senior Secured Notes, 6.250% due 4/15/32(a)		147,421
				Norfolk Southern Corp., Senior Unsecured Notes:
	46,000		BBB+	2.550% due 11/1/29		42,222
	166,000		BBB+	2.300% due 5/15/31		145,416
	138,000		BBB+	3.942% due 11/1/47		104,406
	52,000		BBB+	3.155% due 5/15/55		32,140
	55,000		BB	RXO Inc, Company Guaranteed Notes, 7.500% due 11/15/27(a)		56,342
	100,000		BBB+	Ryder System Inc., Senior Unsecured Notes, 5.300% due 3/15/27		101,305
				Union Pacific Corp., Senior Unsecured Notes:
	153,000		A-	2.800% due 2/14/32		135,973
	884,000		A-	2.891% due 4/6/36		717,802
	35,000		A-	4.300% due 3/1/49		28,243
	138,000		A-	3.250% due 2/5/50		92,672
	45,000		A-	2.950% due 3/10/52		27,844
	144,000		A-	3.500% due 2/14/53		99,021
	320,000		A-	3.839% due 3/20/60		223,368
	10,000		A-	3.750% due 2/5/70		6,583
				United Parcel Service Inc., Senior Unsecured Notes:
	100,000		A	2.400% due 11/15/26		97,397
	50,000		A	4.875% due 3/3/33		49,973
	50,000		A	5.150% due 5/22/34		50,431
	25,000		A	6.200% due 1/15/38		26,608
	25,000		A	4.250% due 3/15/49		19,682
	25,000		A	3.400% due 9/1/49		16,956
	25,000		A	5.300% due 4/1/50		22,973
	700,000		A	5.950% due 5/14/55		694,845
	700,000		A	6.050% due 5/14/65		692,682
	145,000		BB-	XPO Inc., Company Guaranteed Notes, 7.125% due 6/1/31(a)		150,210

				Total Transportation		5,173,607

	Trucking & Leasing - 0.2%
	1,890,000		B+	Fortress Transportation & Infrastructure Investors LLC, Company Guaranteed Notes, 7.000% due 6/15/32(a)		1,933,306
				GATX Corp., Senior Unsecured Notes:
	25,000		BBB	5.400% due 3/15/27		25,259
	25,000		BBB	3.850% due 3/30/27		24,610
	25,000		BBB	4.700% due 4/1/29		24,988
	25,000		BBB	4.000% due 6/30/30		23,926
	25,000		BBB	3.500% due 6/1/32		22,489
	25,000		BBB	5.450% due 9/15/33		25,003
	25,000		BBB	6.900% due 5/1/34		27,284
	270,000		BBB	6.050% due 6/5/54		262,596

				Total Trucking & Leasing		2,369,461

	Water - 0.0%@
	351,000	^EUR	BB+	Holding d’Infrastructures des Metiers de l’Environnement, Senior Unsecured Notes, (Cost - $377,179, acquired 12/5/24), 4.875% due 10/24/29(c)		413,568

				TOTAL CORPORATE BONDS & NOTES (Cost - $489,838,572)		483,271,911

166

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Security	Value
	MORTGAGE-BACKED SECURITIES - 29.0%
	FHLMC - 6.7%
		Federal Home Loan Mortgage Corp. (FHLMC):
	$ 1,468,351	4.500% due 4/1/29 - 10/1/52	$	1,396,245
	20,781,218	5.500% due 1/1/30 - 3/1/55		20,661,990
	24,750,225	3.000% due 3/1/31 - 6/1/52		21,287,624
	3,497,798	1.500% due 5/1/31 - 12/1/50		2,770,804
	20,176,147	2.500% due 11/1/31 - 5/1/52		16,569,739
	8,856,774	3.500% due 11/1/33 - 4/1/52		8,103,746
	3,752,298	5.000% due 12/1/34 - 4/1/54		3,666,679
	17,537,867	2.000% due 3/1/36 - 5/1/52		13,895,007
	13,052,978	4.000% due 4/1/38 - 5/1/54		12,263,866
	7,037,018	6.000% due 5/1/38 - 4/1/55		7,137,914
	1,898,852	6.500% due 7/1/53 - 9/1/54		1,961,617

		Total FHLMC		109,715,231

	FNMA - 14.6%
		Federal National Mortgage Association (FNMA):
	4,950,457	4.000% due 7/1/25 - 9/1/53		4,586,539
	13,612,915	3.500% due 11/1/25 - 6/1/52		12,244,801
	15,744,932	5.500% due 3/1/26 - 1/1/55		15,623,312
	39,556,054	2.500% due 11/1/27 - 7/1/61		32,854,021
	34,878,634	3.000% due 12/1/27 - 9/1/61		30,121,113
	17,517,180	4.500% due 3/1/29 - 5/1/53		16,607,531
	8,531,332	5.000% due 3/1/29 - 5/1/53		8,347,222
	1,757,000	4.690% due 5/1/30		1,779,384
	6,599,857	2.590% due 9/1/30		6,068,616
	3,499,759	1.500% due 6/1/31 - 8/1/51		2,980,688
	8,000,000	3.670% due 7/1/33		7,490,051
	3,000,000	2.060% due 1/1/34		2,447,352
	40,899	6.402% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.527%) due 3/1/34(d)		41,397
	4,000,000	2.440% due 4/1/35		3,249,371
	2,199,000	1.890% due 5/1/35		1,701,113
	4,000,000	4.290% due 5/1/35		3,825,977
	1,097,000	5.180% due 5/1/35		1,120,725
	32,981,895	2.000% due 6/1/36 - 12/1/53		26,193,521
	6,550	7.000% due 4/1/37		6,635
	34,500	6.265% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.265%) due 5/1/37(d)		34,804
	985,717	6.500% due 5/1/40 - 8/1/54		1,020,214
	7,225,000	3.000% due 6/1/40 - 5/1/55(k)		6,156,600
	275,000	3.500% due 6/1/40(k)		262,538
	600,000	4.000% due 6/1/40 - 6/1/55(k)		559,891
	10,028,317	6.000% due 11/1/52 - 5/1/55		10,136,339
	1,100,000	2.000% due 6/1/55(k)		854,276
	11,725,000	2.500% due 6/1/55 - 7/1/55(k)		9,547,003
	300,000	4.500% due 6/1/55(k)		282,835
	10,125,000	5.000% due 6/1/55 - 7/1/55(k)		9,792,295
	15,350,000	5.500% due 6/1/55 - 7/1/55(k)		15,179,208
	1,200,000	6.000% due 6/1/55(k)		1,211,706
	4,370,000	6.500% due 6/1/55(k)		4,486,221

		Total FNMA		236,813,299

	GNMA - 7.7%
		Government National Mortgage Association (GNMA):
	10,406	6.000% due 12/15/33 - 6/15/37		10,675
	237,642	5.000% due 10/15/34 - 9/15/40		237,228
	16,586	5.500% due 5/15/37 - 6/15/38		16,946
	25,630	6.500% due 1/15/38 - 10/15/38		26,741

167

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Security	Value
	MORTGAGE-BACKED SECURITIES - 29.0% - (continued)
	GNMA - 7.7% - (continued)
	$ 35,013	4.500% due 3/15/41	$	33,852
	303,899	4.000% due 6/15/41 - 11/15/45		288,255
		Government National Mortgage Association II (GNMA):
	8,320,543	6.000% due 11/20/38 - 9/20/54		8,417,806
	3,586,574	4.000% due 11/20/40 - 11/20/52		3,315,423
	22,623,033	5.000% due 11/20/40 - 11/20/54		21,970,182
	5,874,509	4.500% due 6/20/41 - 5/20/53		5,580,992
	12,447,261	3.000% due 1/20/43 - 1/20/54		10,879,389
	9,477,588	3.500% due 6/20/43 - 10/20/52		8,481,168
	48,127,974	2.500% due 9/20/50 - 5/20/55		40,354,184
	9,004,091	2.000% due 10/20/50 - 4/20/52		7,235,340
	9,824,389	5.500% due 4/20/53 - 8/20/54		9,766,264
	1,750,214	6.500% due 8/20/54 - 2/20/55		1,790,128
	998,798	7.500% due 4/20/55		1,062,602
	500,000	5.000% due 6/20/55(k)		484,839
	4,100,000	5.500% due 6/20/55(k)		4,069,898
	1,100,000	6.000% due 6/20/55(k)		1,110,583

		Total GNMA		125,132,495

		TOTAL MORTGAGE-BACKED SECURITIES (Cost - $485,508,272)		471,661,025

	U.S. GOVERNMENT AGENCIES & OBLIGATIONS - 19.4%
	U.S. GOVERNMENT AGENCIES - 0.3%
	2,720,000	Federal Farm Credit Banks Funding Corp., 3.500% due 2/28/39		2,315,556
		Federal Home Loan Banks:
	635,000	0.920% due 2/26/27		601,662
	690,000	2.490% due 3/26/40		505,428
		Federal National Mortgage Association (FNMA), Principal Strip:
	575,000	zero coupon due 1/15/30(m)		475,526
	595,000	zero coupon due 5/15/30(m)		485,028

		Total U.S. GOVERNMENT AGENCIES		4,383,200

	U.S. GOVERNMENT OBLIGATIONS - 19.1%
		U.S. Treasury Bonds:
	1,520,000	5.000% due 5/15/37		1,589,588
	105,000	4.375% due 2/15/38		103,003
	1,500,000	1.125% due 8/15/40		899,736
	620,000	1.375% due 11/15/40		385,902
	2,869,000	1.875% due 2/15/41		1,928,338
	350,000	2.250% due 5/15/41		248,616
	920,000	3.125% due 11/15/41		737,689
	1,435,000	2.375% due 2/15/42		1,019,943
	1,115,000	3.375% due 8/15/42		915,846
	3,671,000	4.000% due 11/15/42		3,280,024
	100,000	3.125% due 2/15/43		78,629
	1,625,000	3.875% due 2/15/43		1,424,128
	215,000	3.875% due 5/15/43		187,957
	502,500	3.625% due 8/15/43		423,042
	540,000	4.375% due 8/15/43		503,877
	10,310,000	3.750% due 11/15/43		8,813,842
	920,000	4.750% due 11/15/43		899,965
	1,125,000	3.625% due 2/15/44		941,792
	1,830,000	4.500% due 2/15/44		1,730,887
	20,500,000	4.625% due 5/15/44		19,689,209
	415,000	3.125% due 8/15/44		319,501

168

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Security	Value
	U.S. GOVERNMENT AGENCIES & OBLIGATIONS - 19.4% - (continued)
	U.S. GOVERNMENT OBLIGATIONS - 19.1% - (continued)
	$ 1,248,000	4.125% due 8/15/44	$	1,118,788
	1,375,000	3.000% due 11/15/44		1,033,506
	838,000	4.625% due 11/15/44		803,040
	1,248,000	4.750% due 2/15/45		1,215,435
	1,627,000	3.000% due 5/15/45		1,216,310
	168,000	5.000% due 5/15/45		169,260
	245,000	2.875% due 8/15/45		178,706
	1,412,500	3.000% due 11/15/45		1,049,830
	370,000	2.500% due 2/15/46		250,111
	1,110,000	2.875% due 11/15/46		797,813
	4,319,000	3.000% due 2/15/47		3,166,873
	335,000	3.000% due 5/15/47		244,943
	880,000	2.750% due 8/15/47		611,772
	260,000	3.000% due 2/15/48		188,444
	1,355,000	3.000% due 8/15/48		977,188
	2,878,000	3.375% due 11/15/48		2,221,007
	2,000,000	2.000% due 2/15/50		1,142,734
	1,520,000	1.250% due 5/15/50		708,373
	1,645,000	1.375% due 8/15/50		787,255
	1,245,000	1.625% due 11/15/50		637,601
	2,003,000	1.875% due 2/15/51		1,093,591
	4,040,000	2.375% due 5/15/51		2,494,305
	96,000	1.875% due 11/15/51		51,898
	2,989,000	2.250% due 2/15/52		1,776,587
	280,000	2.875% due 5/15/52		192,002
	1,472,000	3.000% due 8/15/52		1,035,661
	1,214,000	4.000% due 11/15/52		1,036,642
	4,446,000	3.625% due 2/15/53		3,543,254
	1,220,000	3.625% due 5/15/53		971,330
	904,000	4.125% due 8/15/53		788,775
	1,049,900	4.750% due 11/15/53		1,016,557
	1,022,000	4.250% due 2/15/54		910,718
	1,810,000	4.625% due 5/15/54		1,717,874
	2,961,000	4.250% due 8/15/54		2,641,420
	3,269,000	4.500% due 11/15/54		3,044,001
	4,581,000	4.625% due 2/15/55		4,359,108
		U.S. Treasury Notes:
	1,759,000	3.750% due 4/15/26		1,752,117
	236,000	0.750% due 4/30/26		228,828
	1,183,000	3.625% due 5/15/26		1,177,032
	1,324,000	4.500% due 7/15/26		1,329,534
	1,270,000	4.625% due 9/15/26		1,278,731
	1,605,000	4.625% due 10/15/26		1,617,351
	1,064,000	4.625% due 11/15/26		1,072,770
	2,000,000	4.000% due 1/15/27		2,000,039
	4,639,000	4.125% due 2/15/27		4,649,691
	770,000	1.875% due 2/28/27		743,095
	294,000	4.250% due 3/15/27		295,464
	6,000,000	2.500% due 3/31/27		5,848,711
	1,070,000	3.875% due 3/31/27		1,068,579
	2,000,000	4.500% due 4/15/27		2,019,844
	3,000,000	2.750% due 4/30/27		2,935,078
	2,000,000	4.500% due 5/15/27		2,021,055

169

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Security	Value
	U.S. GOVERNMENT AGENCIES & OBLIGATIONS - 19.4% - (continued)
	U.S. GOVERNMENT OBLIGATIONS - 19.1% - (continued)
	$ 710,000	2.625% due 5/31/27	$	692,444
	2,000,000	4.625% due 6/15/27		2,027,539
	1,000,000	4.375% due 7/15/27		1,009,297
	765,000	2.750% due 7/31/27		746,801
	5,000,000	3.750% due 8/15/27		4,983,105
	2,160,000	3.125% due 8/31/27		2,124,352
	860,000	3.375% due 9/15/27		850,308
	2,000,000	3.875% due 10/15/27		1,998,711
	1,343,000	4.125% due 10/31/27		1,349,925
	1,090,000	4.125% due 11/15/27		1,095,620
	2,500,000	3.875% due 11/30/27		2,499,072
	1,086,000	4.000% due 12/15/27		1,089,118
	2,000,000	3.875% due 12/31/27		1,999,727
	2,287,000	4.250% due 1/15/28		2,306,877
	2,286,000	4.250% due 2/15/28		2,307,029
	1,723,000	3.750% due 4/15/28		1,716,741
	2,132,000	3.500% due 4/30/28		2,109,472
	1,521,000	3.750% due 5/15/28		1,515,593
	1,900,000	1.250% due 6/30/28		1,756,016
	581,000	4.875% due 10/31/28		598,759
	235,000	1.500% due 11/30/28		216,645
	6,000	4.375% due 11/30/28		6,090
	2,815,000	3.750% due 12/31/28		2,799,825
	6,374,000	4.000% due 1/31/29		6,390,433
	955,000	4.250% due 2/28/29		965,688
	415,000	2.375% due 3/31/29		392,232
	6,000,000	4.125% due 3/31/29		6,041,602
	5,000,000	4.625% due 4/30/29		5,123,730
	5,000,000	4.500% due 5/31/29		5,102,539
	4,000,000	4.250% due 6/30/29		4,045,469
	1,000,000	4.000% due 7/31/29		1,002,051
	930,000	3.125% due 8/31/29		900,138
	1,800,000	3.625% due 8/31/29		1,777,008
	2,000,000	3.500% due 9/30/29		1,964,102
	285,000	3.875% due 9/30/29		284,048
	930,000	4.000% due 10/31/29		931,453
	2,000,000	4.125% due 10/31/29		2,012,852
	2,597,000	3.875% due 11/30/29		2,587,109
	706,000	4.125% due 11/30/29		710,868
	1,617,000	4.375% due 12/31/29		1,644,034
	614,000	4.250% due 1/31/30		621,135
	1,553,000	4.000% due 2/28/30		1,555,184
	3,431,000	3.625% due 3/31/30		3,376,452
	6,868,000	4.000% due 3/31/30		6,874,439
	12,670,000	3.875% due 4/30/30		12,610,609
	1,556,000	3.750% due 5/31/30		1,538,556
	1,847,000	4.000% due 5/31/30		1,848,804
	1,546,600	4.875% due 10/31/30		1,608,675
	1,512,000	4.375% due 11/30/30		1,535,979
	1,000,000	3.750% due 12/31/30		984,629
	1,668,000	4.000% due 1/31/31		1,662,494
	1,560,000	1.125% due 2/15/31		1,331,484
	1,345,000	4.250% due 2/28/31		1,357,189

170

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	U.S. GOVERNMENT AGENCIES & OBLIGATIONS - 19.4% - (continued)
	U.S. GOVERNMENT OBLIGATIONS - 19.1% - (continued)
	$ 640,000		4.125% due 3/31/31	$	641,263
	1,000,000		4.625% due 5/31/31		1,027,539
	800,000		4.250% due 6/30/31		805,969
	1,000,000		4.125% due 7/31/31		1,000,293
	800,000		3.625% due 9/30/31		777,266
	1,000,000		4.125% due 10/31/31		998,770
	1,000,000		4.125% due 11/30/31		998,281
	4,755,000		4.375% due 1/31/32		4,810,630
	1,260,000		4.000% due 4/30/32		1,246,219
	1,178,000		2.875% due 5/15/32		1,085,048
	10,050,000		4.125% due 5/31/32		10,011,527
	4,270,000		2.750% due 8/15/32		3,885,200
	1,473,000		4.125% due 11/15/32		1,464,714
	1,470,000		3.375% due 5/15/33		1,381,685
	1,447,000		3.875% due 8/15/33		1,405,455
	2,694,000		4.500% due 11/15/33		2,730,095
	4,275,000		4.000% due 2/15/34		4,169,461
	2,193,000		4.375% due 5/15/34		2,195,313
	1,155,000		3.875% due 8/15/34		1,110,672
	18,313,500		4.250% due 11/15/34		18,100,320
	5,150,000		4.625% due 2/15/35		5,237,309
	7,955,000		4.250% due 5/15/35		7,849,969

			Total U.S. GOVERNMENT OBLIGATIONS		310,865,194

			TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost - $332,432,923)		315,248,394

	COLLATERALIZED MORTGAGE OBLIGATIONS - 13.2%
	Asset-Backed Securities - 6.1%
	615,000	Aa2(b)	Allegro CLO XIII Ltd., Series 2021-1A, Class B, 6.231% (3-Month Term SOFR + 1.962%) due 7/20/34(a)(d)		615,876
			AMSR Trust:
	2,000,000	NR	Series 2019-SFR1, Class E, 3.471% due 1/19/39(a)		1,922,914
	2,492,569	NR	Series 2019-SFR1, Class H, 6.040% due 1/19/39(a)		2,422,393
	1,400,000	NR	Series 2025-SFR1, Class E2, 3.655% due 6/17/42(a)		1,231,987
	1,026,000	NR	Aqua Finance Issuer Trust, Series 2025-A, Class C, 5.810% due 12/19/50(a)(l)		1,028,000
	1,549,770	A3(b)	Aqua Finance Trust, Series 2020-AA, Class C, 3.970% due 7/17/46(a)		1,501,473
			Business Jet Securities LLC:
	725,185	BB	Series 2024-1A, Class C, 9.132% due 5/15/39(a)		740,551
	2,505,028	BB	Series 2024-2A, Class C, 7.974% due 9/15/39(a)		2,499,128
	241,563	NR	Cajun Global LLC, Series 2021-1, Class A2, 3.931% due 11/20/51(a)		234,422
	3,545,000	NR	CCAS LLC, Series 2024-1A, Class A, 7.124% due 6/16/31(a)		3,586,501
	1,750,000	NR	Cherry Securitization Trust, Series 2025-1A, Class A, 6.130% due 11/15/32(a)(l)		1,765,437
	1,357,576	NR	Crockett Partners Equipment Co. IIA LLC, Series 2024-1C, Class A, 6.050% due 1/20/31(a)		1,373,829
	3,000,000	A-	CyrusOne Data Centers Issuer I LLC, Series 2024-1A, Class A2, 4.760% due 3/22/49(a)		2,903,337
			FirstKey Homes Trust:
	805,000	NR	Series 2021-SFR1, Class E1, 2.389% due 8/17/38(a)		773,550
	2,000,000	NR	Series 2021-SFR1, Class E2, 2.489% due 8/17/38(a)		1,918,664
	2,500,000	NR	Series 2021-SFR1, Class F1, 3.238% due 8/17/38(a)		2,414,466
	3,980,000	BBB-	Five Guys Holdings Inc., Series 2023-1A, Class A2, 7.549% due 1/26/54(a)		4,102,012
	435,000	NR	Flexential Issuer, Series 2021-1A, Class A2, 3.250% due 11/27/51(a)		416,366
	1,165,000	A(i)	Frontier Issuer LLC, Series 2024-1, Class A2, 6.190% due 6/20/54(a)		1,196,194
	940,000	Aaa(b)	Greenwood Park CLO Ltd., Series 2018-1A, Class B, 5.918% (3-Month Term SOFR + 1.662%) due 4/15/31(a)(d)		941,598
	2,779,277	AAA(i)	GS Mortgage-Backed Securities Trust, Series 2025-SL1, Class A1, 5.847% due 11/25/67(a)(d)		2,786,933
	647,611	AAA	HIN Timeshare Trust, Series 2020-A, Class A, 1.390% due 10/9/39(a)		616,068
	2,385,844	Baa1(b)	Home Partners of America Trust, Series 2022-1, Class D, 4.730% due 4/17/39(a)		2,343,526

171

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS - 13.2% - (continued)
	Asset-Backed Securities - 6.1% - (continued)
	$ 4,260,875		BBB	Jack in the Box Funding LLC, Series 2019-1A, Class A23, 4.970% due 8/25/49(a)	$	4,088,705
	1,000,000		Aaa(b)	LCM XIV LP, Series 14A, Class BR, 6.111% (3-Month Term SOFR + 1.842%) due 7/20/31(a)(d)		1,001,374
				Lendmark Funding Trust:
	1,250,000		BB-	Series 2024-2A, Class E, 8.470% due 2/21/34(a)		1,252,533
	1,395,000		BB	Series 2025-1A, Class E, 8.910% due 9/20/34(a)(l)		1,418,510
	750,000		BB-	Mariner Finance Issuance Trust, Series 2025-AA, Class E, 8.640% due 5/20/38(a)		759,367
	3,375,000		A(i)	MetroNet Infrastructure Issuer LLC, Series 2024-1A, Class A2, 6.230% due 4/20/54(a)		3,445,088
	964,475		BBB(i)	MVW LLC, Series 2025-1A, Class C, 5.750% due 9/22/42(a)		971,475
	2,323,325		NR	NBC Funding LLC, Series 2024-1A, Class A2, 6.750% due 7/30/54(a)		2,357,289
	1,270,000		BBB+	New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.410% due 10/20/61(a)		1,157,860
	1,675,000		BBB	Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class B1, 5.110% due 11/20/50(a)		1,626,010
				Oportun Issuance Trust:
	1,245,735		NR	Series 2021-C, Class A, 2.180% due 10/8/31(a)		1,214,931
	1,841,000		NR	Series 2025-A, Class D, 7.250% due 2/8/33(a)		1,814,835
				Progress Residential Trust:
	1,750,000		NR	Series 2021-SFR9, Class F, 4.053% due 11/17/40(a)		1,662,813
	2,500,000		NR	Series 2022-SFR1, Class F, 4.880% due 2/17/41(a)		2,317,042
	2,081,000		NR	Series 2022-SFR2, Class E2, 4.800% due 4/17/27(a)		2,014,612
	1,781,000		NR	Series 2023-SFR2, Class E1, 4.750% due 10/17/40(a)		1,716,010
	2,992,500		NR	Qdoba Funding LLC, Series 2023-1A, Class A2, 8.500% due 9/14/53(a)		3,120,475
				Saluda Grade Alternative Mortgage Trust:
	1,262,108		NR	Series 2023-FIG3, Class A, 7.067% due 8/25/53(a)(d)		1,300,392
	3,137,250		NR	Series 2023-FIG4, Class A, 6.718% due 11/25/53(a)(d)		3,241,565
	830,000		Aaa(b)	SCF Equipment Trust LLC, Series 2025-1A, Class A3, 5.110% due 11/21/33(a)		841,078
	5,327,999		NR	Seasoned Loans Structured Transaction Trust, Series 2025-1, Class A1, 3.000% due 5/25/35		4,826,146
	4,174,538		BBB-	SEB Funding LLC, Series 2021-1A, Class A2, 4.969% due 1/30/52(a)		4,090,065
	1,339,499		NR	Service Experts Issuer LLC, Series 2024-1A, Class A, 6.390% due 11/20/35(a)		1,358,842
	1,308,438		BBB-	SERVPRO Master Issuer LLC, Series 2024-1A, Class A2, 6.174% due 1/25/54(a)		1,333,136
	1,362,877		Ba2(b)	Sierra Timeshare Receivables Funding LLC, Series 2023-1A, Class D, 9.800% due 1/20/40(a)		1,404,532
	3,500,000		A-	Stack Infrastructure Issuer LLC, Series 2024-1A, Class A2, 5.900% due 3/25/49(a)		3,540,760
	1,000,000		NR	Stream Innovations Issuer Trust, Series 2025-1A, Class D, 8.400% due 9/15/45(a)(l)		999,902
	1,760,000		A2(b)	Upstart Securitization Trust, Series 2025-1, Class A, 5.450% due 4/20/35(a)		1,752,024
	2,969,313		NR	Zaxbys Funding LLC, Series 2021-1A, Class A2, 3.238% due 7/30/51(a)		2,719,880

				Total Asset-Backed Securities		98,682,476

	Consumer Cyclical - 0.0%@
	450,000	^EUR	B+	Cirsa Finance International Sarl, 10.375% due 11/30/27(a)		540,115

	Mortgage Securities - 7.1%
	2,029,234		AAA	A&D Mortgage Trust, Series 2024-NQM4, Class A1, 5.464% due 8/25/69(a)		2,028,399
	1,750,000		NR	ABL, Series 2024-RTL1, Class A1, step bond to yield, 6.075% due 9/25/29(a)		1,751,802
				BAMLL Re-REMIC Trust:
	2,000,000		NR	Series 2024-FRR2, Class C, 1.232% due 7/27/50(a)(d)		1,811,584
	2,000,000		NR	Series 2024-FRR3, Class C, 0.647% due 1/27/50(a)(d)		1,814,639
	12,116		AA+	Banc of America Mortgage Trust, Series 2004-F, Class 1A1, 6.592% due 7/25/34(d)		11,643
				BBCMS Mortgage Trust:
	280,000		AAA	Series 2022-C16, Class A5, 4.600% due 6/15/55(d)		273,125
	590,000		AAA	Series 2023-C19, Class A2B, 5.753% due 4/15/56		598,502
	250,000		AAA	Series 2024-C28, Class A5, 5.403% due 9/15/57		253,132
	2,000,000		NR	BMD2 Re-Remic Trust, Series 2019-FRR1, Class 5A1, 3.441% due 5/25/52(a)(d)		1,856,671
				BMO Mortgage Trust:
	280,000		AAA	Series 2022-C1, Class A5, 3.374% due 2/15/55(d)		252,684
	100,000		A-(i)	Series 2024-5C6, Class C, 5.885% due 9/15/57(d)		98,750
	650,000		NR	Brean Asset Backed Securities Trust, Series 2025-RM11, Class A1, 4.750% due 5/25/65(a)(d)(l)		624,762
	1,215,000		BBB-(i)	BX Mortgage Trust, Series 2021-PAC, Class D, 5.742% (1-Month Term SOFR + 1.413%) due 10/15/36(a)(d)		1,205,183

172

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS - 13.2% - (continued)
	Mortgage Securities - 7.1% - (continued)
			BX Trust:
	$ 901,000	Aaa(b)	Series 2022-VAMF, Class A, 5.179% (1-Month Term SOFR + 0.850%) due 1/15/39(a)(d)	$	899,651
	969,000	A3(b)	Series 2024-BIO, Class C, 6.969% (1-Month Term SOFR + 2.640%) due 2/15/41(a)(d)		963,938
	1,200,000	NR	CAFL Issuer LP, Series 2025-RRTL1, Class A1, step bond to yield, 5.684% due 5/28/40(a)(l)		1,202,988
			CIM Trust:
	666,734	NR	Series 2019-R4, Class A1, 3.000% due 10/25/59(a)(d)		616,979
	372,521	NR	Series 2020-R6, Class A1A, 2.250% due 12/25/60(a)(d)		338,632
	1,374,979	NR	Series 2021-R1, Class A2, 2.400% due 8/25/56(a)(d)		1,244,509
	680,249	NR	Series 2021-R3, Class A1A, 1.951% due 6/25/57(a)(d)		625,876
	864,137	NR	Series 2021-R4, Class A1A, 2.000% due 5/1/61(a)(d)		789,946
	1,702,438	NR	Series 2021-R5, Class A1, 2.000% due 8/25/61(a)(d)		1,449,827
	1,935,208	NR	Series 2023-R1, Class A1A, 5.400% due 4/25/62(a)(d)		1,911,939
	1,682,612	NR	Series 2023-R3, Class A1A, 4.500% due 1/25/63(a)(d)		1,683,222
			Citigroup Commercial Mortgage Trust:
	285,000	Aa3(b)	Series 2016-C2, Class B, 3.176% due 8/10/49		276,497
	578,328	Aaa(b)	Series 2016-C3, Class A3, 2.896% due 11/15/49		564,142
	108,496	Aaa(b)	Series 2017-P7, Class AAB, 3.509% due 4/14/50		107,528
	713,326	AAA(i)	COLT Mortgage Loan Trust, Series 2021-2, Class A1, 0.924% due 8/25/66(a)(d)		595,719
			Commercial Mortgage Trust:
	46	PIF(i)	Series 2014-CR21, Class C, 4.697% due 12/10/47(d)(l)		45
	165,000	Aaa(b)	Series 2018-COR3, Class A3, 4.228% due 5/10/51		160,457
	861,601	Aa2(b)	Connecticut Avenue Securities Trust, Series 2025-R03, Class 2A1, 5.772% (30-Day Average SOFR + 1.450%) due 3/25/45(a)(d)		868,135
	310,000	Aaa(b)	CSAIL Commercial Mortgage Trust, Series 2018-CX12, Class A4, 4.224% due 8/15/51(d)		301,789
	2,025,000	NR	DBSG Mortgage Trust, Series 2024-ALTA, Class A, 5.946% due 6/10/37(a)(d)		2,055,962
	1,750,000	AAA(i)	DOLP Trust, Series 2021-NYC, Class A, 2.956% due 5/10/41(a)		1,534,635
	1,410,752	BBB+	Federal Home Loan Mortgage Corp. (FHLMC), Structured Agency Credit Risk, Series 2021-DNA6, Class M2, 5.822% (30-Day Average SOFR + 1.500%) due 10/25/41(a)(d)		1,417,141
			Federal National Mortgage Association (FNMA), ACES:
	245,000	NR	Series 2021-M2S, Class A2, 1.807% due 10/25/31(d)		209,687
	265,000	NR	Series 2022-M10, Class A2, 1.928% due 1/25/32(d)		226,282
	2,035,000	NR	Series 2023-M2, Class 3A2, 1.979% due 4/25/32(d)		1,732,282
			Federal National Mortgage Association (FNMA), REMICS:
	5,947	NR	Series 2018-57, Class QA, 3.500% due 5/25/46		5,923
	4,006,643	NR	Series 2020-57, Class NI, 2.500% due 8/25/50(n)		676,202
	569,479	NR	Series 2020-73, Class KI, 3.000% due 10/25/50(n)		103,478
	489,781	NR	Series 2021-61, Class KI, 2.500% due 4/25/49(n)		74,836
			FHLMC Multifamily Structured Pass-Through Certificates:
	2,700,000	AA+(i)	Series K104, Class XAM, 1.379% due 1/25/30(d)(n)		153,077
	440,000	AAA(i)	Series K144, Class A2, 2.450% due 4/25/32		386,273
	500,000	Aaa(b)	Series K146, Class A2, 2.920% due 6/25/32		451,326
	736,000	Aaa(b)	Series K148, Class A2, 3.500% due 7/25/32(d)		688,435
	250,000	NR	Series K154, Class A2, 3.424% due 4/25/32		241,199
	320,000	AAA(i)	Series K-152, Class A2, 3.780% due 11/25/32(d)		303,527
			Freddie Mac Multifamily Structured Credit Risk:
	2,000,000	NR	Series 2021-MN1, Class M2, 8.072% (30-Day Average SOFR + 3.750%) due 1/25/51(a)(d)		2,042,111
	2,000,000	NR	Series 2021-MN3, Class M2, 8.322% (30-Day Average SOFR + 4.000%) due 11/25/51(a)(d)		2,068,596
	2,000,000	NR	GAM RE-REMIC Trust, Series 2022-FRR3, Class BK61, zero coupon due 11/27/49(a)(m)		1,808,388
			Government National Mortgage Association (GNMA):
	66,118	NR	Series 2018-124, Class NW, 3.500% due 9/20/48		60,179
	3,613,413	NR	Series 2021-119, Class JG, 1.500% due 6/20/51		3,078,229
	1,237,827	NR	Series 2023-53, Class SL, 3.843% (12.500% - 30-Day Average SOFR) due 4/20/53(j)		1,122,816
	6,943,401	NR	Series 2024-51, Class GC, 3.500% due 7/20/48		6,649,941
			GS Mortgage Securities Corp. Trust:
	1,980,000	AAA	Series 2021-DM, Class A, 5.328% (1-Month Term SOFR + 0.999%) due 11/15/36(a)(d)		1,966,198

173

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS - 13.2% - (continued)
	Mortgage Securities - 7.1% - (continued)
	$ 1,772,000		AA-(i)	Series 2021-IP, Class B, 5.593% (1-Month Term SOFR + 1.264%) due 10/15/36(a)(d)	$	1,759,763
	40,382		WR(b)	Harborview Mortgage Loan Trust, Series 2004-5, Class 2A6, 5.073% due 6/19/34(d)		38,747
				JPMDB Commercial Mortgage Securities Trust:
	190,000		Aaa(b)	Series 2017-C7, Class A5, 3.409% due 10/15/50		183,296
	130,000		AA-	Series 2018-C8, Class B, 4.522% due 6/15/51		122,238
	1,455,386		Aaa(b)	JPMorgan Mortgage Trust, Series 2021-13, Class A3, 2.500% due 4/25/52(a)(d)		1,166,595
	1,200,000		NR	KREST Commercial Mortgage Securities Trust, Series 2021-CHIP, Class B, 2.861% due 11/5/44(a)		884,816
	510,000		NR	Lhome Mortgage Trust, Series 2025-RTL2, Class A1, 5.612% due 4/25/40(a)(d)(l)		510,017
	1,700,000		NR	LHOME Mortgage Trust, Series 2025-RTL1, Class A1, step bond to yield, 5.652% due 1/25/40(a)		1,701,293
	745,000		Aaa(b)	MCR Mortgage Trust, Series 2024-HF1, Class A, 6.122% (1-Month Term SOFR + 1.793%) due 12/15/41(a)(d)		746,333
	2,000,000		NR	MFA Trust, Series 2024-RTL3, Class A1, step bond to yield, 5.913% due 11/25/39(a)		2,003,994
				Multifamily Connecticut Avenue Securities Trust:
	3,031,379		NR	Series 2019-01, Class M10, 7.686% (30-Day Average SOFR + 3.364%) due 10/25/49(a)(d)		3,055,425
	1,843,013		NR	Series 2020-01, Class M10, 8.186% (30-Day Average SOFR + 3.864%) due 3/25/50(a)(d)		1,874,723
	2,199,375		NR	Neighborly Issuer, Series 2023-1A, Class A2, 7.308% due 1/30/53(a)		2,227,725
	2,388,730		NR	NRM FHT1 Excess Owner LLC, Series 2025-FHT1, Class A, step bond to yield, 6.545% due 3/25/32(a)		2,368,497
	2,209,501		AAA(i)	OBX Trust, Series 2021-NQM4, Class A1, 1.957% due 10/25/61(a)(d)		1,864,059
	2,000,000		Aaa(b)	One Bryant Park Trust, Series 2019-OBP, Class A, 2.516% due 9/15/54(a)		1,800,068
	3,234,000		AA	One New York Plaza Trust, Series 2020-1NYP, Class A, 5.393% (1-Month Term SOFR + 1.064%) due 1/15/36(a)(d)		3,141,666
				PRET LLC:
	1,131,392		NR	Series 2022-RN2, Class A1, step bond to yield, 5.000% due 6/25/52(a)		1,132,523
	2,484,220		NR	Series 2025-NPL3, Class A1, step bond to yield, 6.708% due 4/25/55(a)(l)		2,507,843
	528,703		AAA	PRKCM Trust, Series 2023-AFC1, Class A1, step bond to yield, 6.598% due 2/25/58(a)		529,862
	740,585		AAA(i)	PRPM LLC, Series 2022-NQM1, Class A1, step bond to yield, 5.500% due 8/25/67(a)		739,777
	1,220,620		AAA(i)	RCKT Mortgage Trust, Series 2024-CES9, Class A1A, step bond to yield, 5.582% due 12/25/44(a)		1,224,947
	1,974,045		NR	RCO IX Mortgage LLC, Series 2025-2, Class A1, step bond to yield, 6.513% due 4/25/30(a)(l)		1,978,021
	2,547,468		NR	RFM Reremic Trust, Series 2022-FRR1, Class BK64, 1.671% due 3/1/50(a)(d)		2,342,052
				ROCK Trust:
	210,000		Aaa(b)	Series 2024-CNTR, Class A, 5.388% due 11/13/41(a)		212,701
	1,900,000		Aa3(b)	Series 2024-CNTR, Class B, 5.930% due 11/13/41(a)		1,938,797
	3,579,789		NR	Saluda Grade Alternative Mortgage Trust, Series 2024-CES1, Class A1, 6.306% due 3/25/54(a)(d)		3,606,736
	3,445,000		AA-	SDAL Trust, Series 2025-DAL, Class B, 7.269% (1-Month Term SOFR + 2.941%) due 4/15/42(a)(d)		3,474,976
	3,715,000		Aaa(b)	SHR Trust, Series 2024-LXRY, Class A, 6.279% (1-Month Term SOFR + 1.950%) due 10/15/41(a)(d)		3,726,511
	910,000		AAA(i)	SLG Office Trust, Series 2021-OVA, Class A, 2.585% due 7/15/41(a)		787,822
	25,566		WR(b)	Structured Asset Mortgage Investments II Trust, Series 2005-AR5, Class A3, 4.941% (1-Month Term SOFR + 0.614%) due 7/19/35(d)		24,988
	2,000,000		NR	Toorak Mortgage Trust, Series 2025-RRTL1, Class A1, step bond to yield, 5.524% due 2/25/40(a)		1,991,013
	469,980		Aaa(b)	UBS Commercial Mortgage Trust, Series 2019-C17, Class A3, 2.669% due 10/15/52		431,799
	2,282,603		NR	VCAT LLC, Series 2025-NPL2, Class A1, step bond to yield, 5.977% due 1/25/55(a)		2,275,663
	674,633		NR	Velocity Commercial Capital Loan Trust, Series 2019-1, Class A, 3.760% due 3/25/49(a)(d)		643,125
				Verus Securitization Trust:
	619,008		AAA	Series 2021-5, Class A1, 1.013% due 9/25/66(a)(d)		529,010
	2,251,335		AAA	Series 2021-7, Class A1, step bond to yield, 1.829% due 10/25/66(a)		2,014,037
	447,421		A+	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR19, Class A1B3, 5.139% (1-Month Term SOFR + 0.814%) due 12/25/45(d)		447,319
				Wells Fargo Commercial Mortgage Trust:
	53,927		AAA	Series 2016-BNK1, Class ASB, 2.514% due 8/15/49		53,601
	367,278		Aaa(b)	Series 2016-C33, Class A3, 3.162% due 3/15/59		363,126
	250,000		Aaa(b)	Series 2018-C44, Class A4, 3.948% due 5/15/51		244,876

				Total Mortgage Securities		114,909,798

				TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $213,598,572)		214,132,389

	SOVEREIGN BONDS - 2.5%
	Brazil - 0.3%
	31,000,000	^BRL	BB	Brazil Notas do Tesouro Nacional Serie F, 10.000% due 1/1/27		5,349,794

174

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	SOVEREIGN BONDS - 2.5% - (continued)
	Canada - 0.1%
				Province of British Columbia Canada:
	$ 50,000		A+	4.200% due 7/6/33	$	48,496
	400,000		A+	4.750% due 6/12/34		400,614
				Province of Ontario Canada:
	200,000		AA-	3.100% due 5/19/27		196,370
	50,000		AA-	5.050% due 4/24/34		51,265

				Total Canada		696,745

	Chile - 0.1%
				Chile Government International Bonds:
	200,000		A	2.750% due 1/31/27		194,670
	200,000		A	3.240% due 2/6/28		193,775
	45,000		A	2.550% due 1/27/32		39,096
	200,000		A	3.500% due 1/25/50		139,460

				Total Chile		567,001

	Colombia - 0.2%
				Colombia Government International Bonds:
	200,000		BB+	8.000% due 4/20/33		205,352
	375,000		BB+	8.000% due 11/14/35		375,829
	930,000		BB+	4.125% due 2/22/42		582,412
	8,800,000,000	^COP	BBB-	Colombian TES, 7.750% due 9/18/30		1,833,700

				Total Colombia		2,997,293

	Dominican Republic - 0.0%@
				Dominican Republic International Bonds:
	185,000		BB	7.050% due 2/3/31(a)		192,252
	300,000		BB	6.950% due 3/15/37(a)		301,320

				Total Dominican Republic		493,572

	Egypt - 0.0%@
				Egypt Government International Bonds:
	200,000		B-	7.600% due 3/1/29		196,481
	200,000		B-	7.625% due 5/29/32		180,409

				Total Egypt		376,890

	El Salvador - 0.0%@
	150,000		B-	El Salvador Government International Bonds, 9.650% due 11/21/54(a)		149,832

	Guatemala - 0.0%@
	200,000		BB+	Guatemala Government Bonds, 6.050% due 8/6/31		200,584

	Hungary - 0.0%@
	200,000		BBB-	Hungary Government International Bonds, (Cost - $198,178, acquired 12/6/21), 2.125% due 9/22/31(c)		164,441

	Indonesia - 0.2%
				Indonesia Government International Bonds:
	80,000		BBB	4.100% due 4/24/28		79,765
	445,000		BBB	2.850% due 2/14/30		412,479
	120,000		BBB	2.150% due 7/28/31		103,140
	200,000		BBB	3.050% due 3/12/51		128,811
	29,000,000,000	^IDR	NR	Indonesia Treasury Bonds, 6.875% due 4/15/29		1,804,845

				Total Indonesia		2,529,040

	Israel - 0.1%
				Israel Government International Bonds:
	200,000		A	5.375% due 2/19/30		201,717
	400,000		A	2.750% due 7/3/30		356,298
	1,735,000		A	5.750% due 3/12/54		1,541,538

				Total Israel		2,099,553

	Italy - 0.0%@
	200,000		Baa3u(b)	Republic of Italy Government International Bonds, 3.875% due 5/6/51		137,290

175

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	SOVEREIGN BONDS - 2.5% - (continued)
	Ivory Coast - 0.1%
			Ivory Coast Government International Bonds:
	$ 200,000	BB	8.075% due 4/1/36(a)	$	189,393
	500,000	BB	8.250% due 1/30/37(a)		473,984

			Total Ivory Coast		663,377

	Japan - 0.0%@
	200,000	A+	Japan Bank for International Cooperation, 1.875% due 7/21/26		194,808

	Jordan - 0.0%@
	200,000	BB-	Jordan Government International Bonds, 7.375% due 10/10/47		172,743

	Kenya - 0.0%@
	200,000	B-	Kenya Government International Bonds, 9.750% due 2/16/31(a)		199,950

	Mexico - 0.3%
			Mexico Government International Bonds:
	323,000	BBB	3.750% due 1/11/28		315,732
	272,000	BBB	4.500% due 4/22/29		266,057
	200,000	BBB	3.250% due 4/16/30		182,020
	764,000	BBB	2.659% due 5/24/31		650,088
	960,000	BBB	3.500% due 2/12/34		791,040
	1,700,000	BBB	6.350% due 2/9/35		1,700,595
	310,000	BBB	4.750% due 3/8/44		234,755
	225,000	BBB	4.600% due 2/10/48		160,363
	200,000	BBB	6.338% due 5/4/53		176,080

			Total Mexico		4,476,730

	Nigeria - 0.0%@
	260,000	B-	Nigeria Government International Bonds, 7.143% due 2/23/30(a)		239,576

	Oman - 0.0%@
			Oman Government International Bonds:
	200,000	Ba1(b)	(Cost - $210,132, acquired 12/6/21), 5.625% due 1/17/28(c)		202,392
	200,000	Ba1(b)	7.000% due 1/25/51(a)		206,368

			Total Oman		408,760

	Panama - 0.2%
			Panama Government International Bonds:
	210,000	BBB-	3.875% due 3/17/28		201,117
	500,000	BBB-	3.160% due 1/23/30		440,225
	200,000	BBB-	2.252% due 9/29/32		147,650
	350,000	BBB-	3.298% due 1/19/33		275,888
	750,000	BBB-	6.400% due 2/14/35		709,125
	530,000	BBB-	4.500% due 5/15/47		348,501
	10,000	BBB-	4.500% due 4/1/56		6,140
	2,565,000	BBB-	4.500% due 1/19/63		1,552,543

			Total Panama		3,681,189

	Paraguay - 0.0%@
	200,000	BB+	Paraguay Government International Bonds, 5.400% due 3/30/50		168,750

	Peru - 0.1%
			Peruvian Government International Bonds:
	650,000	BBB-	2.783% due 1/23/31		574,600
	100,000	BBB-	3.000% due 1/15/34		83,545
	70,000	BBB-	6.550% due 3/14/37		74,363
	290,000	BBB-	5.625% due 11/18/50		270,367
	50,000	BBB-	3.550% due 3/10/51		33,638
	190,000	BBB-	2.780% due 12/1/60		99,702

			Total Peru		1,136,215

176

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	SOVEREIGN BONDS - 2.5% - (continued)
	Philippines - 0.1%
				Philippine Government International Bonds:
	$ 360,000		BBB+	1.648% due 6/10/31	$	303,718
	550,000		BBB+	1.950% due 1/6/32		463,072

				Total Philippines		766,790

	Poland - 0.0%@
				Republic of Poland Government International Bonds:
	50,000		A-	5.500% due 11/16/27		51,566
	100,000		A-	4.875% due 10/4/33		98,131
	50,000		A-	5.500% due 4/4/53		45,582
	100,000		A-	5.500% due 3/18/54		90,855

				Total Poland		286,134

	Senegal - 0.0%@
	200,000		B	Senegal Government International Bonds, 7.750% due 6/10/31		161,750

	South Africa - 0.1%
	200,000		BB-	Republic of South Africa Government International Bonds, 7.100% due 11/19/36(a)		193,888
	32,010,000	^ZAR	BB	South Africa Government Bonds, 8.000% due 1/31/30		1,735,354

				Total South Africa		1,929,242

	South Korea - 0.0%@
				Export-Import Bank of Korea:
	200,000		AA	1.125% due 12/29/26		190,131
	200,000		AA	5.250% due 1/14/35		205,483

				Total South Korea		395,614

	Supranational - 0.1%
				International Bank for Reconstruction & Development:
	100,000		AAA	3.125% due 6/15/27		98,374
	100,000		Aaa(b)	2.500% due 11/22/27		96,669
	200,000		AAA	1.375% due 4/20/28		185,878
	150,000		AAA	3.500% due 7/12/28		148,088
	100,000		AAA	3.625% due 9/21/29		98,567
	100,000		AAA	4.000% due 7/25/30		99,813
	100,000		AAA	4.500% due 4/10/31		101,965
	300,000		AAA	4.625% due 1/15/32		307,069
	500,000		AAA	3.875% due 8/28/34		478,982

				Total Supranational		1,615,405

	Turkey - 0.0%@
	200,000		B1(b)	Istanbul Metropolitan Municipality, 10.500% due 12/6/28(a)		213,878

	United Kingdom - 0.5%
				United Kingdom Gilt:
	3,200,000	^GBP	Aa3u(b)	(Cost - $4,061,940, acquired 12/3/24), 4.125% due 7/22/29(c)		4,318,089
	3,205,000	^GBP	AA-u(i)	(Cost - $3,902,315, acquired 3/6/24), 3.250% due 1/31/33(c)		3,989,621

				Total United Kingdom		8,307,710

	Uruguay - 0.0%@
				Uruguay Government International Bonds:
	100,000		BBB+	5.750% due 10/28/34		104,250
	50,000		BBB+	5.442% due 2/14/37		50,259
	100,000		BBB+	5.100% due 6/18/50		89,993
	50,000		BBB+	4.975% due 4/20/55		43,123

				Total Uruguay		287,625

				TOTAL SOVEREIGN BONDS (Cost - $41,566,864)		41,068,281

	ASSET-BACKED SECURITIES - 1.8%
	Automobiles - 1.5%
	1,235,000		BBB	American Credit Acceptance Receivables Trust, Series 2025-2, Class D, 5.500% due 7/14/31(a)		1,236,792
	759,000		BBB(i)	AutoNation Finance Trust, Series 2025-1A, Class D, 5.630% due 9/10/32(a)		762,978

177

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	ASSET-BACKED SECURITIES - 1.8% - (continued)
	Automobiles - 1.5% - (continued)
			Avis Budget Rental Car Funding AESOP LLC:
	$ 4,000,000	Aaa(b)	Series 2024-3A, Class A, 5.230% due 12/20/30(a)	$	4,067,890
	440,000	Baa3(b)	Series 2024-3A, Class C, 6.110% due 12/20/30(a)		442,134
	1,600,000	Baa3(b)	Series 2025-1A, Class C, 5.870% due 8/20/29(a)		1,605,022
	1,080,000	BBB	Bridgecrest Lending Auto Securitization Trust, Series 2025-2, Class D, 5.620% due 3/17/31		1,083,884
			Carmax Auto Owner Trust:
	870,000	AAA	Series 2025-2, Class A4, 4.650% due 11/15/30		866,137
	570,000	AA-	Series 2025-2, Class C, 5.160% due 1/15/31		568,670
	1,850,000	BBB	Consumer Portfolio Services Auto Trust, Series 2025-B, Class D, 5.560% due 7/15/31(a)		1,866,535
	1,000,000	Baa3(b)	Drive Auto Receivables Trust, Series 2025-1, Class D, 5.410% due 9/15/32		1,004,556
	1,440,000	AAA	Enterprise Fleet Financing LLC, Series 2025-2, Class A4, 4.580% due 12/22/31(a)		1,444,451
			Exeter Select Automobile Receivables Trust:
	1,500,000	AA	Series 2025-1, Class B, 4.870% due 8/15/31		1,503,122
	1,200,000	A	Series 2025-1, Class C, 5.400% due 8/15/31		1,211,038
	583,000	AAA	Ford Credit Floorplan Master Owner Trust A, Series 2018-4, Class A, 4.060% due 11/15/30		576,288
	1,800,000	BBB	GLS Auto Receivables Issuer Trust, Series 2025-2A, Class D, 5.590% due 1/15/31(a)		1,816,673
	270,000	Aaa(b)	Hertz Vehicle Financing III LLC, Series 2023-4A, Class A, 6.150% due 3/25/30(a)		279,782
	354,000	AAA	Hyundai Auto Receivables Trust, Series 2023-C, Class A3, 5.540% due 10/16/28		358,170
	933,000	AA	Octane Receivables Trust, Series 2024-1A, Class B, 5.660% due 5/20/30(a)		941,545
	2,000,000	Baa2(b)	Santander Drive Auto Receivables Trust, Series 2024-2, Class D, 6.280% due 8/15/31		2,054,024
	505,000	BBB+	Westlake Automobile Receivables Trust, Series 2023-2A, Class D, 7.010% due 11/15/28(a)		516,251

			Total Automobiles		24,205,942

	Credit Cards - 0.2%
			American Express Credit Account Master Trust:
	118,000	Aaa(b)	Series 2022-3, Class A, 3.750% due 8/15/27		117,817
	275,000	AAA	Series 2023-2, Class A, 4.800% due 5/15/30		279,287
	462,000	AAA	Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A, 4.950% due 10/15/27		462,575
			Perimeter Master Notes Business Trust:
	1,100,000	NR	Series 2025-1A, Class A, 5.580% due 12/16/30(a)		1,102,224
	999,000	NR	Series 2025-1A, Class B, 6.120% due 12/16/30(a)		1,002,361

			Total Credit Cards		2,964,264

	Student Loans - 0.1%
	816,647	Aaa(b)	ECMC Group Student Loan Trust, Series 2017-2A, Class A, 5.486% (30-Day Average SOFR + 1.164%) due 5/25/67(a)(d)		812,467
	903,232	AA+	Navient Student Loan Trust, Series 2017-3A, Class A3, 5.486% (30-Day Average SOFR + 1.164%) due 7/26/66(a)(d)		905,229
	520,113	AAA	Nelnet Student Loan Trust, Series 2006-1, Class A6, 5.040% (3-Month Term SOFR + 0.712%) due 8/23/36(a)(d)		516,734

			Total Student Loans		2,234,430

			TOTAL ASSET-BACKED SECURITIES (Cost - $29,253,370)		29,404,636


Shares/Units
	OPEN END MUTUAL FUND SECURITIES - 0.3%
	Financials - 0.3%
	Capital Markets - 0.3%
	64,000		iShares iBoxx $ High Yield Corporate Bond ETF		5,092,480
	7,300		SPDR Portfolio High Yield Bond ETF		171,550

			TOTAL OPEN END MUTUAL FUND SECURITIES (Cost - $5,126,338)		5,264,030


Face Amount/Units†
	SENIOR LOANS - 0.2%
	Airlines - 0.0%@
	$ 50,000	NR	VistaJet Malta Finance PLC, 8.048% (3-Month CME Term SOFR + 3.750%) due 4/1/31(d)		50,052

	Building Materials - 0.0%@
	370,884	NR	CP Atlas Buyer Inc., 8.177% (1-Month CME Term SOFR + 3.750%) due 11/23/27(d)		352,868

178

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	SENIOR LOANS - 0.2% - (continued)
	Healthcare - Services - 0.1%
			ModivCare Inc.:
	$ 141,195	NR	11.708% (3-Month CME Term SOFR + 7.500%) due 1/12/26(d)	$	109,779
	817,929	NR	9.049% (3-Month CME Term SOFR + 4.750%) due 7/1/31(d)		563,234

			Total Healthcare - Services		673,013

	Insurance - 0.1%
	997,906	NR	Asurion LLC, 7.691% (1-Month CME Term SOFR + 3.250%) due 12/23/26(d)		998,251

	Software - 0.0%@
	371,250	NR	Rocket Software Inc., 8.577% (1-Month CME Term SOFR + 4.250%) due 11/28/28(d)		372,228

	Telecommunications - 0.0%@
	530,000	NR	Lumen Technologies Inc. due 4/15/30(o)		525,511

			TOTAL SENIOR LOANS (Cost - $3,251,802)		2,971,923

	MUNICIPAL BONDS - 0.1%
	California - 0.1%
	310,000	AA-	California Health Facilities Financing Authority, Revenue Bonds, 3.000% due 8/15/51		216,926
	100,000	AA-	California State University, Revenue Bonds, Series B, 5.183% due 11/1/53		91,534
	205,000	A	Los Angeles Department of Water & Power, Revenue Bonds, 6.574% due 7/1/45		212,240
			State of California, GO:
	150,000	AA-	5.875% due 10/1/41		152,095
	100,000	AA-	4.600% due 4/1/38		101,261
			University of California, Revenue Bonds:
	25,000	AA	Series AD, 4.858% due 5/15/12		20,236
	266,000	AA	Series AQ, 4.767% due 5/15/15		211,252
	90,000	AA	Series BF, 2.650% due 5/15/50		55,288

			Total California		1,060,832

	Connecticut - 0.0%@
	200,000	AA-	State of Connecticut, GO, 5.850% due 3/15/32		212,409

	Florida - 0.0%@
	50,000	AA	State Board of Administration Finance Corp., Series A, Revenue Bonds, 5.526% due 7/1/34		50,503

	Illinois - 0.0%@
	150,000	A+	Chicago O’Hare International Airport, Revenue Bonds, Series C, 4.472% due 1/1/49		126,933
	235,294	A-	State of Illinois, GO, 5.100% due 6/1/33		234,081

			Total Illinois		361,014

	Minnesota - 0.0%@
	260,000	AA	University of Minnesota, Revenue Bonds, 4.048% due 4/1/52		201,856

	New Jersey - 0.0%@
	215,000	Aa3(b)	Jersey City Municipal Utilities Authority, Revenue Bonds, Series B, 5.470% due 5/15/27		216,519
	85,000	A-	New Jersey Transportation Trust Fund Authority, Revenue Bonds, Series B, 6.561% due 12/15/40		91,015

			Total New Jersey		307,534

	New York - 0.0%@
	100,000	AA	City of New York, GO, 5.263% due 10/1/52		93,131
	150,000	AA-	Port Authority of New York & New Jersey, Revenue Bonds, Series 239, 5.072% due 7/15/53		137,915

			Total New York		231,046

	Texas - 0.0%@
	40,000	AA-	Dallas Fort Worth International Airport, Revenue Bonds, Series A 3.144% due 11/1/45		29,170

			TOTAL MUNICIPAL BONDS (Cost - $2,774,366)		2,454,364


Shares/Units
	COMMON STOCK - 0.0%@
	Telecommunications - 0.0%@
	11,289		Intelsat SA*(h)
			(Cost - $848,528)		467,438

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost - $1,604,199,607)		1,565,944,391

179

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Security	Value
	SHORT-TERM INVESTMENTS - 7.7%
	TIME DEPOSITS - 6.7%
	497	^AUD	ANZ National Bank - Hong Kong, 2.570% due 6/2/25	$	320
			BBH - New York:
	1,697	^EUR	1.080% due 6/2/25		1,927
	15,487	^ZAR	5.450% due 6/2/25		861
			Citibank - London:
	5,037	^EUR	1.080% due 6/2/25		5,719
	583	^GBP	3.170% due 6/2/25		786
	$ 7,309,330		Citibank - New York, 3.680% due 6/2/25		7,309,330
	56,149,348		JPMorgan Chase & Co. - New York, 3.680% due 6/2/25		56,149,348
	419		Royal Bank of Canada - Toronto, 3.680% due 6/2/25		419
	44,681,890		Sumitomo Mitsui Banking Corp. - Tokyo, 3.680% due 6/2/25		44,681,890

			TOTAL TIME DEPOSITS (Cost - $108,150,600)		108,150,600

	U.S. GOVERNMENT OBLIGATION - 1.0%
	16,500,000		U.S. Treasury Bills, 4.237% due 7/10/25(p) (Cost - $16,426,554)		16,426,554

			TOTAL SHORT-TERM INVESTMENTS (Cost - $124,577,154)		124,577,154

			TOTAL INVESTMENTS - 103.9% (Cost - $1,728,776,761)		1,690,521,545

			Liabilities in Excess of Other Assets - (3.9)%		(62,702,347	)

			TOTAL NET ASSETS - 100.0%	$	1,627,819,198

†	Amount denominated in U.S. dollars, unless otherwise noted.

††	All ratings are by Standard & Poor’s Rating Service, unless otherwise noted.

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)

(b)	Rating by Moody’s Investors Service.

(c)	The aggregate value of restricted securities (excluding 144A holdings) at May 31, 2025, amounts to $28,365,619 and represents 1.7% of net assets.

(d)	Variable rate security. Interest rate disclosed is that which was in effect at May 31, 2025.

(e)	Security is perpetual in nature and has no stated maturity date.

(f)	When-issued security.

(g)	Security is currently in default.

(h)	Illiquid security.

(i)	Rating by Fitch Ratings Service.

(j)	Inverse Floating Rate Security - interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate as of May 31, 2025.

(k)	This security is traded on a TBA basis (see Note 1).

(l)	Security is valued in good faith at fair value by or under the direction of the Board of Trustees.

(m)	Principal only security.

(n)	Interest only security.

(o)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

(p)	Rate shown represents yield-to-maturity.

#	Security that used significant unobservable inputs to determine fair value. At May 31, 2025, the Fund held Level 3 security with a value of $0, representing 0.0% of net assets.

At May 31, 2025, for Core Fixed Income Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes	Gross Unrealized Appreciation	Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
Core Fixed Income Fund	$ 1,728,776,761	$ 20,620,226	$ (59,943,560)	$ (39,323,334)


Abbreviations used in this schedule:

ACES	—	Alternative Credit Enhancement Securities
CLO	—	Collateralized Loan Obligation
CME	—	Chicago Mercantile Exchange
CMT	—	Constant Maturity Treasury Rate
DAC	—	Designated Activity Company
EURIBOR	—	Euro Interbank Offered Rate
ETF	—	Exchange-Traded Fund
GO	—	General Obligation
IBOR	—	Interbank Offered Rate
ICE	—	Intercontinental Exchange
LIBOR	—	London Interbank Offered Rate
LLC	—	Limited Liability Company
PLC	—	Public Limited Company
REMICS	—	Real Estate Mortgage Investment Conduits
SOFR	—	Secured Overnight Financing Rate


Summary of Investments by Security Type^
Corporate Bonds & Notes	28.6	%
Mortgage-Backed Securities	27.9
U.S. Government Agencies & Obligations	18.6
Collateralized Mortgage Obligations	12.7
Sovereign Bonds	2.4
Asset-Backed Securities	1.7
Open End Mutual Fund Securities	0.3
Senior Loans	0.2
Municipal Bonds	0.2
Common Stock	0.0	*
Short-Term Investments	7.4

Total Investments	100.0	%

^	As a percentage of total investments.

*	Position represents less than 0.05%.

180

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund

At May 31, 2025, Core Fixed Income Fund had open exchange-traded futures contracts as described below.

The unrealized appreciation (depreciation) on the open contracts were as follows:


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
U.S. Treasury 2-Year Note Futures		713		9/25	$	147,746,291	$	147,902,938	$	156,647
U.S. Treasury 5-Year Note Futures		592		9/25		63,851,797		64,047,000		195,203
U.S. Treasury 10-Year Note Futures		188		9/25		20,687,761		20,821,000		133,239
U.S. Treasury Long Bond Futures		110		9/25		12,185,680		12,405,938		220,258
U.S. Treasury Ultra Long Bond Futures		197		9/25		22,661,156		22,864,312		203,156

										908,503

Contracts to Sell:
Euro-Bobl Futures		27		6/25		3,639,777		3,652,654		(12,877	)
Euro-Bund Futures		54		6/25		8,057,054		8,045,404		11,650
U.S. Treasury Ultra Long Bond Futures		2		9/25		232,375		232,125		250
U.S. Ultra Long Bond Futures		202		9/25		22,572,475		22,734,468		(161,993	)

										(162,970	)

Net Unrealized Appreciation on Open Exchange-Traded Futures Contracts									$	745,533

At May 31, 2025, Core Fixed Income Fund had deposited cash of $8,528,290 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

181

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund

At May 31, 2025, Core Fixed Income Fund had open forward foreign currency contracts as described below.

The unrealized appreciation (depreciation) on the open contracts were as follows:


Foreign Currency	Local Currency		In Exchange For		Counterparty		Value		Settlement Date	Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Dollar		3,710,000	USD	2,313,037		GSC	$	2,392,576	6/30/25	$	79,539
Brazilian Real		3,000,000	USD	512,558		GSC		521,293	6/30/25		8,735
British Pound		1,000,000	USD	1,337,470		GSC		1,347,622	6/30/25		10,152
Euro		3,200,000	USD	3,663,424		GSC		3,639,892	6/30/25		(23,532	)
Euro		1,350,000	USD	1,544,360		GSC		1,535,580	6/30/25		(8,780	)
Euro		700,000	USD	795,515		GSC		796,226	6/30/25		711
Euro		950,000	USD	1,033,125		GSC		1,080,593	6/30/25		47,468
Japanese Yen		250,000,000	USD	1,769,849		GSC		1,742,692	6/30/25		(27,157	)

											87,136

Contracts to Sell:
Australian Dollar		3,710,000	USD	2,333,516		GSC		2,392,576	6/30/25		(59,060	)
Brazilian Real		33,490,000	USD	5,782,612		GSC		5,819,362	6/30/25		(36,750	)
British Pound		8,627,500	USD	11,146,040		GSC		11,626,607	6/30/25		(480,567	)
Euro		24,870,000	USD	26,995,515		GSC		28,288,785	6/30/25		(1,293,270	)
South African Rand		35,835,000	USD	1,957,631		CITI		1,988,771	6/30/25		(31,140	)

											(1,900,787	)

Net Unrealized Depreciation on Open Forward Foreign Currency Contracts										$	(1,813,651	)

182

Schedules of Investments

(unaudited) (continued)

High Yield Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 96.2%
	Advertising - 0.7%
	$ 1,015,000	B	Neptune Bidco US Inc., Senior Secured Notes, 9.290% due 4/15/29(a)	$	962,245

	Airlines - 1.3%
	405,000	BBB-	Air Canada, Senior Secured Notes, 3.875% due 8/15/26(a)		400,098
			American Airlines Inc., Senior Secured Notes:
	615,000	BB-	7.250% due 2/15/28(a)		621,585
	240,000	BB	8.500% due 5/15/29(a)		248,800
			United Airlines Inc., Senior Secured Notes:
	106,000	BBB-	4.375% due 4/15/26(a)		104,813
	451,000	BBB-	4.625% due 4/15/29(a)		428,650

			Total Airlines		1,803,946

	Banks - 0.4%
	475,000	BB	Walker & Dunlop Inc., Company Guaranteed Notes, 6.625% due 4/1/33(a)		479,030

	Building Materials - 0.6%
			Standard Industries Inc., Senior Unsecured Notes:
	252,000	BB	5.000% due 2/15/27(a)		250,437
	615,000	BB	3.375% due 1/15/31(a)		544,624

			Total Building Materials		795,061

	Chemicals - 1.9%
	901,000	B	Consolidated Energy Finance SA, Company Guaranteed Notes, 5.625% due 10/15/28(a)		731,435
			Methanex Corp., Senior Unsecured Notes:
	215,000	BB	5.125% due 10/15/27		213,356
	4,000	BB	5.250% due 12/15/29		3,883
	800,000	BB	Methanex US Operations Inc., Company Guaranteed Notes, 6.250% due 3/15/32(a)		774,862
	557,000	BB-	Minerals Technologies Inc., Company Guaranteed Notes, 5.000% due 7/1/28(a)		541,588
	435,500	CCC-	Trinseo Luxco Finance SPV Sarl/Trinseo NA Finance SPV LLC, Secured Notes, 7.625% (5.125% cash and 2.500% PIK until 2/15/28 then 7.625% until 5/3/29) due 5/3/29(a)(b)		261,300

			Total Chemicals		2,526,424

	Coal - 0.1%
	152,000	BB+	Warrior Met Coal Inc., Senior Secured Notes, 7.875% due 12/1/28(a)		154,905

	Commercial Services - 7.1%
			Avis Budget Car Rental LLC/Avis Budget Finance Inc., Company Guaranteed Notes:
	306,000	B+	5.375% due 3/1/29(a)		288,793
	170,000	B+	8.250% due 1/15/30(a)		172,680
	207,000	B+	8.375% due 6/15/32(a)		208,759
	390,000	BB+	Block Inc., Senior Unsecured Notes, 6.500% due 5/15/32(a)		399,271
	510,000	BB	Boost Newco Borrower LLC, Senior Secured Notes, 7.500% due 1/15/31(a)		539,989
	709,000	B-	Champions Financing Inc., Senior Secured Notes, 8.750% due 2/15/29(a)		660,944
			Deluxe Corp.:
	822,000	CCC+	Company Guaranteed Notes, 8.000% due 6/1/29(a)		763,278
	390,000	B+	Senior Secured Notes, 8.125% due 9/15/29(a)		395,425
			EquipmentShare.com Inc.:
	522,000	B	Secured Notes, 8.625% due 5/15/32(a)		546,884
	395,000	B	Senior Secured Notes, 8.000% due 3/15/33(a)		406,187
			Herc Holdings Escrow Inc., Senior Unsecured Notes:
	219,000	BB-	7.000% due 6/15/30(a)		225,588
	455,000	BB-	7.250% due 6/15/33(a)		468,733
			Hertz Corp. (The):
	367,000	CCC+	Company Guaranteed Notes, 4.625% due 12/1/26(a)		324,138
	315,000	B	Senior Secured Notes, 12.625% due 7/15/29(a)		320,987
	890,000	B	Mobius Merger Sub Inc., Senior Secured Notes, 9.000% due 6/1/30(a)		790,336

184

Schedules of Investments

(unaudited) (continued)

High Yield Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 96.2% - (continued)
	Commercial Services - 7.1% - (continued)
			Prime Security Services Borrower LLC/Prime Finance Inc.:
	$ 540,000	B	Secured Notes, 6.250% due 1/15/28(a)	$	539,823
	231,000	BB	Senior Secured Notes, 3.375% due 8/31/27(a)		222,014
	522,000	BB-	Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Company Guaranteed Notes, 6.750% due 8/15/32(a)		532,914
	610,000	B+	Veritiv Operating Co., Senior Secured Notes, 10.500% due 11/30/30(a)		649,728
	684,000	B	VM Consolidated Inc., Company Guaranteed Notes, 5.500% due 4/15/29(a)		677,489
	544,000	B	WEX Inc., Company Guaranteed Notes, 6.500% due 3/15/33(a)		538,172

			Total Commercial Services		9,672,132

	Computers - 0.6%
	520,000	B	Fortress Intermediate 3 Inc., Senior Secured Notes, 7.500% due 6/1/31(a)		538,075
	62,000	B+	NCR Voyix Corp., Company Guaranteed Notes, 5.125% due 4/15/29(a)		60,498
	210,000	BB	Seagate HDD Cayman, Company Guaranteed Notes, 4.091% due 6/1/29(a)		201,000

			Total Computers		799,573

	Cosmetics/Personal Care - 1.2%
	718,000	BB	Edgewell Personal Care Co., Company Guaranteed Notes, 4.125% due 4/1/29(a)		672,169
	940,000	B+	Perrigo Finance Unlimited Co., Company Guaranteed Notes, 6.125% due 9/30/32		939,030

			Total Cosmetics/Personal Care		1,611,199

	Diversified Financial Services - 8.0%
	414,000	BB+	Air Lease Corp., Junior Subordinated Notes, 4.650% (5-Year CMT Index + 4.076%)(c)(d)		408,261
	735,000	BB	Aircastle Ltd., Junior Subordinated Notes, 5.250% (5-Year CMT Index + 4.410%)(a)(c)(d)		731,709
	1,052,000	BB+	Ally Financial Inc., Subordinated Notes, 6.700% due 2/14/33		1,068,834
	345,000	BB-	Bread Financial Holdings Inc., Company Guaranteed Notes, 9.750% due 3/15/29(a)		368,075
			Burford Capital Global Finance LLC, Company Guaranteed Notes:
	724,000	BB	6.250% due 4/15/28(a)		720,997
	149,000	BB	9.250% due 7/1/31(a)		158,871
	905,000	CCC	Cobra AcquisitionCo LLC, Company Guaranteed Notes, 6.375% due 11/1/29(a)		765,644
	627,000	BB	Credit Acceptance Corp., Company Guaranteed Notes, 9.250% due 12/15/28(a)		663,758
	416,000	BB-	EZCORP Inc., Company Guaranteed Notes, 7.375% due 4/1/32(a)		433,616
	715,000	B	Focus Financial Partners LLC, Senior Secured Notes, 6.750% due 9/15/31(a)		723,805
			goeasy Ltd.:
	395,000	BB-	Company Guaranteed Notes, 6.875% due 5/15/30(a)		390,424
	297,000	BB-	Senior Unsecured Notes, 7.625% due 7/1/29(a)		300,213
			Jane Street Group/JSG Finance Inc., Senior Secured Notes:
	200,000	BB	4.500% due 11/15/29(a)		192,793
	405,000	BB	7.125% due 4/30/31(a)		423,440
	440,000	BB	6.125% due 11/1/32(a)		440,973
	534,000	B1(e)	LFS Topco LLC, Company Guaranteed Notes, 5.875% due 10/15/26(a)		529,648
			OneMain Finance Corp., Company Guaranteed Notes:
	119,000	BB	6.625% due 5/15/29		120,106
	231,000	BB	5.375% due 11/15/29		224,001
	308,000	BB	7.500% due 5/15/31		316,604
	705,000	B-	Planet Financial Group LLC, Company Guaranteed Notes, 10.500% due 12/15/29(a)		695,169
	505,000	B1(e)	Rfna LP, Senior Unsecured Notes, 7.875% due 2/15/30(a)		506,630
	710,000	B+	VFH Parent LLC/Valor Co.-Issuer Inc., Senior Secured Notes, 7.500% due 6/15/31(a)		740,813

			Total Diversified Financial Services		10,924,384

	Electric - 4.4%
	638,000	BB+	Atlantica Sustainable Infrastructure Ltd., Company Guaranteed Notes, 4.125% due 6/15/28(a)		612,532
	523,000	B+	Calpine Corp., Senior Unsecured Notes, 5.000% due 2/1/31(a)		507,524
	700,000	BB	Clearway Energy Operating LLC, Company Guaranteed Notes, 3.750% due 1/15/32(a)		615,465
			NRG Energy Inc., Company Guaranteed Notes:
	174,000	BB	5.750% due 1/15/28		174,719
	290,000	BB	5.250% due 6/15/29(a)		286,935
	597,000	BB	3.625% due 2/15/31(a)		541,811
	170,000	BB	6.250% due 11/1/34(a)		170,116

185

Schedules of Investments

(unaudited) (continued)

High Yield Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 96.2% - (continued)
	Electric - 4.4% - (continued)
	$ 910,000	Ba3(e)	Pattern Energy Operations LP/Pattern Energy Operations Inc., Company Guaranteed Notes, 4.500% due 8/15/28(a)	$	873,750
			Vistra Operations Co. LLC:
			Company Guaranteed Notes:
	170,000	BB+	7.750% due 10/15/31(a)		180,371
	320,000	BB+	6.875% due 4/15/32(a)		333,066
	546,000	BBB-	Senior Secured Notes, 4.300% due 7/15/29(a)		532,013
			XPLR Infrastructure Operating Partners LP:
	445,000	BB	Company Guaranteed Notes, 4.500% due 9/15/27(a)		430,649
	690,000	BB	Senior Unsecured Notes, 7.250% due 1/15/29(a)		693,867

			Total Electric		5,952,818

	Electrical Components & Equipment - 0.8%
			EnerSys, Company Guaranteed Notes:
	485,000	BB+	4.375% due 12/15/27(a)		469,673
	29,000	BB+	6.625% due 1/15/32(a)		29,648
	504,000	BB	WESCO Distribution Inc., Company Guaranteed Notes, 6.375% due 3/15/33(a)		513,717

			Total Electrical Components & Equipment		1,013,038

	Electronics - 1.0%
	700,000	BB	Imola Merger Corp., Senior Secured Notes, 4.750% due 5/15/29(a)		671,206
	730,000	BB-	TTM Technologies Inc., Company Guaranteed Notes, 4.000% due 3/1/29(a)		694,798

			Total Electronics		1,366,004

	Entertainment - 2.8%
	755,000	B+	Banijay Entertainment SAS, Senior Secured Notes, 8.125% due 5/1/29(a)		784,182
	95,000	B-	Caesars Entertainment Inc., Company Guaranteed Notes, 4.625% due 10/15/29(a)		88,893
	675,000	BBB-	Flutter Treasury DAC, Senior Secured Notes, 5.875% due 6/4/31(a)		678,797
	780,000	B-	Ontario Gaming GTA LP/OTG Co.-Issuer Inc., Senior Secured Notes, 8.000% due 8/1/30(a)		771,592
	753,000	B+	SeaWorld Parks & Entertainment Inc., Company Guaranteed Notes, 5.250% due 8/15/29(a)		724,180
	755,000	B	Voyager Parent LLC, Senior Secured Notes, 9.250% due 7/1/32(a)		780,514

			Total Entertainment		3,828,158

	Environmental Control - 0.3%
			Reworld Holding Corp., Company Guaranteed Notes:
	240,000	B	4.875% due 12/1/29(a)		227,450
	208,000	B	5.000% due 9/1/30		194,437

			Total Environmental Control		421,887

	Food - 1.9%
			Albertsons Cos Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Company Guaranteed Notes:
	372,000	BB+	5.875% due 2/15/28(a)		371,952
	505,000	BB+	3.500% due 3/15/29(a)		474,955
	1,033,000	B-	C&S Group Enterprises LLC, Company Guaranteed Notes, 5.000% due 12/15/28(a)		881,704
	131,000	BB	Land O’Lakes Capital Trust I, Limited Guaranteed Notes, 7.450% due 3/15/28(a)		130,267
			Performance Food Group Inc., Company Guaranteed Notes:
	347,000	BB	5.500% due 10/15/27(a)		345,871
	360,000	BB	4.250% due 8/1/29(a)		343,406

			Total Food		2,548,155

	Forest Products & Paper - 0.6%
	886,000	B+	Magnera Corp., Company Guaranteed Notes, 4.750% due 11/15/29(a)		752,069

	Gas - 0.5%
			Venture Global Plaquemines LNG LLC, Senior Secured Notes:
	97,000	(P)BB+	7.500% due 5/1/33(a)		101,421
	558,000	(P)BB+	7.750% due 5/1/35(a)		588,114

			Total Gas		689,535

	Healthcare - Products - 1.2%
	470,000	B+	Insulet Corp., Senior Unsecured Notes, 6.500% due 4/1/33(a)		483,575
	402,000	BB-	Medline Borrower LP, Senior Secured Notes, 3.875% due 4/1/29(a)		378,967

186

Schedules of Investments

(unaudited) (continued)

High Yield Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 96.2% - (continued)
	Healthcare - Products - 1.2% - (continued)
	$ 285,000	BB-	Medline Borrower LP/Medline Co.-Issuer Inc., Senior Secured Notes, 6.250% due 4/1/29(a)	$	290,362
	462,000	BB-	Sotera Health Holdings LLC, Senior Secured Notes, 7.375% due 6/1/31(a)		480,637

			Total Healthcare - Products		1,633,541

	Healthcare - Services - 2.6%
	778,000	B	Concentra Health Services Inc., Company Guaranteed Notes, 6.875% due 7/15/32(a)		801,400
	637,000	BB-	DaVita Inc., Company Guaranteed Notes, 6.750% due 7/15/33(a)		644,162
	750,000	CCC+	LifePoint Health Inc., Company Guaranteed Notes, 5.375% due 1/15/29(a)		708,560
			Molina Healthcare Inc., Senior Unsecured Notes:
	715,000	BB	3.875% due 11/15/30(a)		654,010
	160,000	BB	6.250% due 1/15/33(a)		159,886
	535,000	B	Select Medical Corp., Company Guaranteed Notes, 6.250% due 12/1/32(a)		529,777

			Total Healthcare - Services		3,497,795

	Home Builders - 0.4%
			Mattamy Group Corp., Senior Unsecured Notes:
	201,000	BB+	5.250% due 12/15/27(a)		199,994
	371,000	BB+	4.625% due 3/1/30(a)		349,429

			Total Home Builders		549,423

	Insurance - 2.2%
	590,000	B	Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, Senior Secured Notes, 6.500% due 10/1/31(a)		595,472
	520,000	B	Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, Senior Secured Notes, 7.125% due 5/15/31(a)		536,321
	705,000	B	Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC, Senior Secured Notes, 7.250% due 2/15/31(a)		724,247
	557,000	B-	Jones Deslauriers Insurance Management Inc., Senior Secured Notes, 8.500% due 3/15/30(a)		585,221
	585,000	B	Panther Escrow Issuer LLC, Senior Secured Notes, 7.125% due 6/1/31(a)		605,174

			Total Insurance		3,046,435

	Internet - 2.4%
	582,000	B+	Cogent Communications Group Inc./Cogent Communications Finance Inc., Company Guaranteed Notes, 7.000% due 6/15/27(a)		585,584
	210,000	B+	Cogent Communications Group LLC, Company Guaranteed Notes, 7.000% due 6/15/27(a)		210,956
			Gen Digital Inc., Company Guaranteed Notes:
	101,000	BB-	6.750% due 9/30/27(a)		102,822
	198,000	BB-	7.125% due 9/30/30(a)		204,517
	354,000	BB-	6.250% due 4/1/33(a)		358,788
	784,000	B-	GrubHub Holdings Inc., Company Guaranteed Notes, (Cost - $736,741, acquired 3/3/21), 5.500% due 7/1/27(a)(f)		724,876
	490,000	B-	ION Trading Technologies Sarl, Senior Secured Notes, 5.750% due 5/15/28(a)		474,262
			Match Group Holdings II LLC, Senior Unsecured Notes:
	434,000	BB	4.125% due 8/1/30(a)		400,647
	149,000	BB	3.625% due 10/1/31(a)		130,417

			Total Internet		3,192,869

	Iron/Steel - 2.6%
			ATI Inc., Senior Unsecured Notes:
	484,000	BB-	4.875% due 10/1/29		469,480
	210,000	BB-	5.125% due 10/1/31		202,752
			Cleveland-Cliffs Inc.:
			Company Guaranteed Notes:
	80,000	BB-	5.875% due 6/1/27		78,813
	330,000	BB-	7.000% due 3/15/32(a)		285,131
	660,000	Ba3(e)	7.375% due 5/1/33(a)		572,125
	48,000	B	Senior Unsecured Notes, 6.250% due 10/1/40		34,903
	665,000	BB+	Commercial Metals Co., Senior Unsecured Notes, 3.875% due 2/15/31		601,900
			Mineral Resources Ltd., Senior Unsecured Notes:
	268,000	Ba3(e)	8.125% due 5/1/27(a)		268,428
	398,000	Ba3(e)	9.250% due 10/1/28(a)		406,125
	639,000	Ba3(e)	8.500% due 5/1/30(a)		633,510

			Total Iron/Steel		3,553,167

187

Schedules of Investments

(unaudited) (continued)

High Yield Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 96.2% - (continued)
	Leisure Time - 2.7%
			Carnival Corp.:
			Company Guaranteed Notes:
	$ 361,000	BB+	5.750% due 3/1/27(a)	$	362,382
	749,000	BB+	6.000% due 5/1/29(a)		751,592
	120,000	BBB-	Senior Secured Notes, 7.000% due 8/15/29(a)		126,011
			NCL Corp., Ltd.:
			Senior Secured Notes:
	270,000	BB-	5.875% due 2/15/27(a)		270,209
	230,000	BB	8.125% due 1/15/29(a)		242,299
			Senior Unsecured Notes:
	374,000	B+	7.750% due 2/15/29(a)		393,497
	350,000	B+	6.250% due 3/1/30(a)		346,461
	180,000	B+	NCL Finance Ltd., Company Guaranteed Notes, 6.125% due 3/15/28(a)		181,260
			Royal Caribbean Cruises Ltd., Senior Unsecured Notes:
	290,000	BBB-	6.250% due 3/15/32(a)		293,806
	735,000	BBB-	6.000% due 2/1/33(a)		737,718

			Total Leisure Time		3,705,235

	Lodging - 2.3%
	961,000	B	Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower Inc., Company Guaranteed Notes, 4.875% due 7/1/31(a)		862,348
	820,000	BB-	Melco Resorts Finance Ltd., Senior Unsecured Notes, 5.375% due 12/4/29(a)		755,045
	722,000	B	Station Casinos LLC, Company Guaranteed Notes, 6.625% due 3/15/32(a)		723,469
			Travel + Leisure Co., Senior Secured Notes:
	245,000	BB-	6.000% due 4/1/27		246,936
	540,000	BB-	4.500% due 12/1/29(a)		512,494

			Total Lodging		3,100,292

	Media - 5.9%
	345,000	BB+	Belo Corp., Company Guaranteed Notes, 7.750% due 6/1/27		356,597
	905,000	B	Cable One Inc., Company Guaranteed Notes, 4.000% due 11/15/30(a)		701,698
			CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
	509,000	BB-	6.375% due 9/1/29(a)		516,377
	680,000	BB-	4.500% due 5/1/32		619,436
	630,000	BB-	4.250% due 1/15/34(a)		544,255
			CSC Holdings LLC:
			Company Guaranteed Notes:
	200,000	CCC+	6.500% due 2/1/29(a)		159,800
	415,000	CCC+	4.125% due 12/1/30(a)		285,554
	200,000	CCC+	4.500% due 11/15/31(a)		135,412
	510,000	CCC-	Senior Unsecured Notes, 5.750% due 1/15/30(a)		256,536
			Paramount Global, Junior Subordinated Notes:
	619,000	B+	6.250% (3-Month USD-LIBOR + 3.899%) due 2/28/57(c)		585,277
	222,000	B+	6.375% (5-Year CMT Index + 3.999%) due 3/30/62(c)		217,163
			Sirius XM Radio LLC, Company Guaranteed Notes:
	560,000	BB+	4.000% due 7/15/28(a)		531,748
	846,000	BB+	3.875% due 9/1/31(a)		740,062
	727,000	BB-	Sunrise FinCo I BV, Senior Secured Notes, 4.875% due 7/15/31(a)		675,637
	345,000	BB+	TEGNA Inc., Company Guaranteed Notes, 4.625% due 3/15/28(a)		333,920
			Univision Communications Inc., Senior Secured Notes:
	120,000	B+	8.000% due 8/15/28(a)		120,184
	112,000	B+	7.375% due 6/30/30(a)		104,783
	430,000	B+	8.500% due 7/31/31(a)		413,158
	817,000	B-	Virgin Media Finance PLC, Company Guaranteed Notes, 5.000% due 7/15/30(a)		741,477

			Total Media		8,039,074

188

Schedules of Investments

(unaudited) (continued)

High Yield Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 96.2% - (continued)
	Mining - 1.7%
	$ 160,000	BB-	Capstone Copper Corp., Company Guaranteed Notes, 6.750% due 3/31/33(a)	$	160,103
	1,160,000	BB+	FMG Resources August 2006 Pty Ltd., Company Guaranteed Notes, 4.375% due 4/1/31(a)		1,063,393
			Hudbay Minerals Inc., Company Guaranteed Notes:
	40,000	B+	4.500% due 4/1/26(a)		39,677
	482,000	B+	6.125% due 4/1/29(a)		484,309
			Novelis Corp., Company Guaranteed Notes:
	505,000	BB	4.750% due 1/30/30(a)		480,446
	65,000	BB	6.875% due 1/30/30(a)		67,072

			Total Mining		2,295,000

	Miscellaneous Manufacturers - 0.0%@
	12,101	WD(g)	Anagram Holdings LLC/Anagram International Inc., Secured Notes, 10.000% due 8/15/26*(a)(h)(i)		–

	Oil & Gas - 5.7%
	668,000	BB-	Baytex Energy Corp., Company Guaranteed Notes, 7.375% due 3/15/32(a)		606,980
			Civitas Resources Inc.:
	397,000	BB-	Company Guaranteed Notes, 8.625% due 11/1/30(a)		391,916
	285,000	BB-	Senior Unsecured Notes, 9.625% due 6/15/33(a)		285,866
			Comstock Resources Inc., Company Guaranteed Notes:
	505,000	B	6.750% due 3/1/29(a)		498,145
	170,000	B	5.875% due 1/15/30(a)		160,870
			Crescent Energy Finance LLC, Company Guaranteed Notes:
	180,000	BB-	9.250% due 2/15/28(a)		186,081
	387,000	BB-	7.625% due 4/1/32(a)		365,147
	74,000	BB-	7.375% due 1/15/33(a)		68,744
			Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes:
	342,000	BB+	5.750% due 2/1/29(a)		326,990
	50,000	BB+	6.000% due 2/1/31(a)		46,060
	590,000	BB+	6.250% due 4/15/32(a)		536,022
	150,000	BB+	8.375% due 11/1/33(a)		149,395
	175,000	BB+	7.250% due 2/15/35(a)		162,198
	283,000	B-	Nabors Industries Inc., Company Guaranteed Notes, 7.375% due 5/15/27(a)		272,238
	874,000	BB-	Strathcona Resources Ltd., Senior Unsecured Notes, 6.875% due 8/1/26(a)		879,147
	255,000	BB+	Sunoco LP, Company Guaranteed Notes, 7.250% due 5/1/32(a)		265,303
	629,000	B+	Talos Production Inc., Secured Notes, 9.375% due 2/1/31(a)		618,836
	741,000	BB	Valaris Ltd., Secured Notes, 8.375% due 4/30/30(a)		744,465
	535,000	B	Vital Energy Inc., Company Guaranteed Notes, 7.875% due 4/15/32(a)		434,100
	796,000	B+	Wildfire Intermediate Holdings LLC, Senior Unsecured Notes, 7.500% due 10/15/29(a)		771,478

			Total Oil & Gas		7,769,981

	Oil & Gas Services - 1.4%
			Archrock Partners LP/Archrock Partners Finance Corp., Company Guaranteed Notes:
	278,000	BB-	6.250% due 4/1/28(a)		277,717
	375,000	BB-	6.625% due 9/1/32(a)		377,163
	635,000	BB-	Kodiak Gas Services LLC, Company Guaranteed Notes, 7.250% due 2/15/29(a)		651,179
	642,000	BB-	Weatherford International Ltd., Company Guaranteed Notes, 8.625% due 4/30/30(a)		652,588

			Total Oil & Gas Services		1,958,647

	Packaging & Containers - 2.8%
			Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Senior Secured Notes:
	210,000	B	6.000% due 6/15/27(a)		210,671
	875,000	B	3.250% due 9/1/28(a)		805,343
			Clydesdale Acquisition Holdings Inc.:
	708,000	B-	Company Guaranteed Notes, 8.750% due 4/15/30(a)		724,529
	105,000	B+	Senior Secured Notes, 6.750% due 4/15/32(a)		106,142

189

Schedules of Investments

(unaudited) (continued)

High Yield Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 96.2% - (continued)
	Packaging & Containers - 2.8% - (continued)
			Crown Americas LLC, Company Guaranteed Notes:
	$ 474,000	BB+	5.250% due 4/1/30	$	472,496
	195,000	BB+	5.875% due 6/1/33(a)		193,775
	728,000	CCC-	Iris Holding Inc., Senior Unsecured Notes, 10.000% due 12/15/28(a)		642,338
	244,000	B	Mauser Packaging Solutions Holding Co., Senior Secured Notes, 7.875% due 8/15/26(a)		243,573
	417,000	BB-	Silgan Holdings Inc., Company Guaranteed Notes, 4.125% due 2/1/28		405,316

			Total Packaging & Containers		3,804,183

	Pharmaceuticals - 2.6%
			HLF Financing Sarl LLC/Herbalife International Inc.:
	835,000	B+	Company Guaranteed Notes, 4.875% due 6/1/29(a)		688,644
	685,000	BB-	Senior Secured Notes, 12.250% due 4/15/29(a)		744,433
	804,000	BB-	Organon & Co./Organon Foreign Debt Co.-Issuer BV, Senior Unsecured Notes, 5.125% due 4/30/31(a)		677,023
	230,000	D	Par Pharmaceutical Inc., Senior Secured Notes, 7.500% due 4/1/27*(a)(i)		–
			Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed Notes:
	400,000	BB	7.875% due 9/15/29		432,070
	270,000	BB	8.125% due 9/15/31		300,688
	325,000	BB	6.000% due 12/1/32		328,173
	325,000	BB+(g)	Teva Pharmaceutical Finance Netherlands IV BV, Company Guaranteed Notes, 5.750% due 12/1/30		328,436

			Total Pharmaceuticals		3,499,467

	Pipelines - 6.0%
	405,000	BB+	Antero Midstream Partners LP/Antero Midstream Finance Corp., Company Guaranteed Notes, 5.750% due 1/15/28(a)		404,305
	625,000	BB-	Delek Logistics Partners LP/Delek Logistics Finance Corp., Company Guaranteed Notes, 8.625% due 3/15/29(a)		647,857
	534,000	BB+	Excelerate Energy LP, Company Guaranteed Notes, 8.000% due 5/15/30(a)		553,034
			Genesis Energy LP/Genesis Energy Finance Corp., Company Guaranteed Notes:
	349,000	B	8.250% due 1/15/29		361,458
	510,000	B	8.875% due 4/15/30		535,960
	85,000	B	7.875% due 5/15/32		86,147
	110,000	B	8.000% due 5/15/33		111,720
			Harvest Midstream I LP, Senior Unsecured Notes:
	770,000	BB-	7.500% due 9/1/28(a)		782,445
	510,000	BB-	7.500% due 5/15/32(a)		524,288
			Howard Midstream Energy Partners LLC, Senior Unsecured Notes:
	120,000	B+	8.875% due 7/15/28(a)		125,600
	775,000	B+	7.375% due 7/15/32(a)		802,701
	1,220,000	B-	ITT Holdings LLC, Senior Unsecured Notes, 6.500% due 8/1/29(a)		1,139,834
			NGL Energy Operating LLC/NGL Energy Finance Corp., Senior Secured Notes:
	392,000	B+	8.125% due 2/15/29(a)		382,059
	459,000	B+	8.375% due 2/15/32(a)		434,834
	238,000	Ba1(e)	NuStar Logistics LP, Company Guaranteed Notes, 6.375% due 10/1/30		242,352
	1,045,000	BB	Venture Global LNG Inc., Senior Secured Notes, 8.375% due 6/1/31(a)		1,061,483

			Total Pipelines		8,196,077

	Private Equity - 0.6%
			HAT Holdings I LLC/HAT Holdings II LLC, Company Guaranteed Notes:
	257,000	BB+	3.375% due 6/15/26(a)		250,349
	575,000	BB+	8.000% due 6/15/27(a)		592,508

			Total Private Equity		842,857

	Real Estate - 1.6%
			Cushman & Wakefield US Borrower LLC, Senior Secured Notes:
	338,000	BB-	6.750% due 5/15/28(a)		339,687
	380,000	BB-	8.875% due 9/1/31(a)		406,486
	495,000	BB	Greystar Real Estate Partners LLC, Senior Secured Notes, 7.750% due 9/1/30(a)		526,105
			Kennedy-Wilson Inc., Company Guaranteed Notes:
	925,000	B	4.750% due 3/1/29		850,475
	41,000	B	4.750% due 2/1/30		36,425

			Total Real Estate		2,159,178

190

Schedules of Investments

(unaudited) (continued)

High Yield Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 96.2% - (continued)
	Real Estate Investment Trusts (REITs) - 3.0%
	$ 803,000	B+	Apollo Commercial Real Estate Finance Inc., Senior Secured Notes, 4.625% due 6/15/29(a)	$	751,403
	646,000	B+	Blackstone Mortgage Trust Inc., Senior Secured Notes, 7.750% due 12/1/29(a)		680,605
			Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Company Guaranteed Notes:
	305,000	BB	4.250% due 2/1/27(a)		298,568
	110,000	BB	4.750% due 6/15/29(a)		106,631
	340,000	BB	7.000% due 7/15/31(a)		352,752
			Service Properties Trust:
			Company Guaranteed Notes:
	336,000	BB-	5.500% due 12/15/27		324,520
	395,000	BB-	8.375% due 6/15/29		400,416
	478,000	BB-	8.875% due 6/15/32		476,293
	60,000	BB-	Senior Secured Notes, 8.625% due 11/15/31(a)		63,978
			Starwood Property Trust Inc., Senior Unsecured Notes:
	130,000	BB-	7.250% due 4/1/29(a)		135,295
	530,000	BB-	6.500% due 7/1/30(a)		537,756

			Total Real Estate Investment Trusts (REITs)		4,128,217

	Retail - 4.4%
	630,000	BB+	Brinker International Inc., Company Guaranteed Notes, 8.250% due 7/15/30(a)		667,080
	524,000	B-	CEC Entertainment LLC, Senior Secured Notes, 6.750% due 5/1/26(a)		515,988
			FirstCash Inc., Company Guaranteed Notes:
	432,000	BB	4.625% due 9/1/28(a)		420,867
	187,000	BB	5.625% due 1/1/30(a)		185,843
	77,000	BB	6.875% due 3/1/32(a)		79,021
	1,417,000	BB-	Kohl’s Corp., Senior Unsecured Notes, 5.125% due 5/1/31		911,799
	686,000	CCC	LBM Acquisition LLC, Company Guaranteed Notes, 6.250% due 1/15/29(a)		551,482
			Murphy Oil USA Inc., Company Guaranteed Notes:
	415,000	BB+	4.750% due 9/15/29		402,251
	110,000	BB+	3.750% due 2/15/31(a)		99,802
	807,000	CCC	Park River Holdings Inc., Senior Unsecured Notes, 6.750% due 8/1/29(a)		645,869
	59,000	BB-	QXO Building Products Inc., Senior Secured Notes, 6.750% due 4/30/32(a)		60,631
	495,000	B	Raising Cane’s Restaurants LLC, Senior Unsecured Notes, 9.375% due 5/1/29(a)		525,918
	775,000	B	Saks Global Enterprises LLC, Senior Secured Notes, 11.000% due 12/15/29(a)		354,562
	640,000	B	Specialty Building Products Holdings LLC/SBP Finance Corp., Senior Secured Notes, 7.750% due 10/15/29(a)		613,615

			Total Retail		6,034,728

	Semiconductors - 0.2%
	320,000	BB-	Entegris Inc., Company Guaranteed Notes, 5.950% due 6/15/30(a)		320,524

	Software - 2.1%
	635,000	B-	Capstone Borrower Inc., Senior Secured Notes, 8.000% due 6/15/30(a)		656,493
			Cloud Software Group Inc.:
	140,000	B-	Secured Notes, 9.000% due 9/30/29(a)		143,378
			Senior Secured Notes:
	355,000	B	6.500% due 3/31/29(a)		354,879
	370,000	B	8.250% due 6/30/32(a)		389,363
	450,000	B	Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl, Senior Secured Notes, 4.625% due 5/1/28(a)		428,553
			Open Text Corp., Company Guaranteed Notes:
	20,000	BB	3.875% due 2/15/28(a)		19,176
	260,000	BB	3.875% due 12/1/29(a)		242,250
	240,000	BB	Open Text Holdings Inc., Company Guaranteed Notes, 4.125% due 12/1/31(a)		217,515
	1,116,480	B-	Rackspace Finance LLC, Senior Secured Notes, 3.500% due 5/15/28(a)		413,098

			Total Software		2,864,705

191

Schedules of Investments

(unaudited) (continued)

High Yield Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 96.2% - (continued)
	Telecommunications - 6.0%
			Altice Financing SA, Senior Secured Notes:
	$ 1,264,000	CCC+	5.000% due 1/15/28(a)	$	990,663
	607,000	CCC+	5.750% due 8/15/29(a)		464,409
			Bell Telephone Co. of Canada or Bell Canada, Company Guaranteed Notes:
	438,000	BB+	6.875% (5-Year CMT Index + 2.390%) due 9/15/55(c)		441,926
	330,000	BB+	7.000% (5-Year CMT Index + 2.363%) due 9/15/55(c)		331,601
	610,000	B+	C&W Senior Finance Ltd., Company Guaranteed Notes, 9.000% due 1/15/33(a)		607,821
	2,000	B-	CommScope LLC, Senior Secured Notes, 4.750% due 9/1/29(a)		1,918
	715,000	B	Connect Finco Sarl/Connect US Finco LLC, Senior Secured Notes, 9.000% due 9/15/29(a)		682,286
			Iliad Holding SASU, Senior Secured Notes:
	133,000	B+	7.000% due 10/15/28(a)		135,228
	200,000	B+	8.500% due 4/15/31(a)		210,835
	985,000	B+	7.000% due 4/15/32(a)		992,563
			Rogers Communications Inc., Subordinated Notes:
	286,000	BB	7.000% (5-Year CMT Index + 2.653%) due 4/15/55(c)		288,218
	404,000	BB	7.125% (5-Year CMT Index + 2.620%) due 4/15/55(c)		404,236
	535,000	BB-	Sable International Finance Ltd., Senior Secured Notes, 7.125% due 10/15/32(a)		526,139
	590,000	D	Telesat Canada/Telesat LLC, Senior Secured Notes, 4.875% due 6/1/27(a)		340,203
	667,000	CCC+	Viasat Inc., Senior Unsecured Notes, 7.500% due 5/30/31(a)		531,098
			Vmed O2 UK Financing I PLC, Senior Secured Notes:
	260,000	B+	4.750% due 7/15/31(a)		238,984
	270,000	B+	7.750% due 4/15/32(a)		278,362
	805,000	CCC	Zayo Group Holdings Inc., Senior Unsecured Notes, 6.125% due 3/1/28(a)		695,324

			Total Telecommunications		8,161,814

	Transportation - 1.0%
	670,000	B2(e)	Star Leasing Co. LLC, Secured Notes, 7.625% due 2/15/30(a)		631,051
	663,000	BB	Stonepeak Nile Parent LLC, Senior Secured Notes, 7.250% due 3/15/32(a)		687,166

			Total Transportation		1,318,217

	Trucking & Leasing - 0.6%
	800,000	BBB-	AerCap Global Aviation Trust, Company Guaranteed Notes, 6.500% (3-Month Term SOFR + 4.562%) due 6/15/45(a)(c)		801,337

			TOTAL CORPORATE BONDS & NOTES (Cost - $132,364,928)		130,773,326

	SENIOR LOANS - 0.3%
	Media - 0.1%
	119,789	NR	Gannett Holdings LLC, 9.325% (1-Month CME Term SOFR + 5.000%) due 10/15/29(c)(i)		118,741

	Mining - 0.2%
	360,705	NR	Arctic Canadian Diamond Company Ltd., 10.000% (6-Month USD-LIBOR + 10.000%) due 12/31/27(c)(i)		347,503

			TOTAL SENIOR LOANS (Cost - $462,071)		466,244

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost - $132,826,999)		131,239,570

	SHORT-TERM INVESTMENTS - 3.5%
	TIME DEPOSITS - 3.5%
	413,928		Citibank - New York, 3.680% due 6/2/25		413,928
	4,335,137		JPMorgan Chase & Co. - New York, 3.680% due 6/2/25		4,335,137

			TOTAL SHORT-TERM INVESTMENTS (Cost - $4,749,065)		4,749,065

			TOTAL INVESTMENTS - 100.0% (Cost - $137,576,064)		135,988,635

			Liabilities in Excess of Other Assets - 0.0%@		(36,180	)

			TOTAL NET ASSETS - 100.0%	$	135,952,455

192

Schedules of Investments

(unaudited) (continued)

High Yield Fund

†	Amount denominated in U.S. dollars, unless otherwise noted.

††	All ratings are by Standard & Poor’s Rating Service, unless otherwise noted.

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)

(b)	Payment in-kind security for which part of the income earned may be paid as additional principal.

(c)	Variable rate security. Interest rate disclosed is that which was in effect at May 31, 2025.

(d)	Security is perpetual in nature and has no stated maturity date.

(e)	Rating by Moody’s Investors Service.

(f)	The aggregate value of restricted securities (excluding 144A holdings) at May 31, 2025, amounts to $724,876 and represents 0.5% of net assets.

(g)	Rating by Fitch Ratings Service.

(h)	Security is currently in default.

(i)	Security is valued in good faith at fair value by or under the direction of the Board of Trustees.

At May 31, 2025, for High Yield Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund

Aggregate Cost For
Federal Income
Tax Purposes

Gross

Unrealized
Appreciation

Gross
Unrealized
(Depreciation)

Net

Unrealized
(Depreciation)

High Yield Fund

$ 137,576,064

$ 1,954,879

$ (3,542,308)

$ (1,587,429)

Abbreviations used in this schedule:


CME	—	Chicago Mercantile Exchange
CMT	—	Constant Maturity Treasury Rate
DAC	—	Designated Activity Company
LIBOR	—	London Interbank Offered Rate
LLC	—	Limited Liability Company
PLC	—	Public Limited Company
SOFR	—	Secured Overnight Financing Rate


Summary of Investments by Security Type^
Corporate Bonds & Notes	96.2	%
Senior Loans	0.3
Short-Term Investments	3.5

Total Investments	100.0	%

^	As a percentage of total investments.

Currency abbreviation used in this schedule:


USD		—		United States Dollar

See pages 258-260 for definitions of ratings.

193

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	MORTGAGE-BACKED SECURITIES - 41.7%
	FHLMC - 6.5%
			Federal Home Loan Mortgage Corp. (FHLMC):
	$ 25,824		3.500% due 10/1/39	$	24,494
	358,205		2.500% due 12/1/51		292,081
	83,391		2.000% due 3/1/52		64,875
	1,148,132		4.500% due 9/1/52 - 10/1/52		1,085,600
	5,757,207		6.500% due 1/1/53 - 3/1/54		5,922,198
	2,507,003		5.000% due 3/1/53 - 6/1/54		2,434,901
	1,725,743		6.000% due 12/1/53 - 9/1/54		1,744,299

			Total FHLMC		11,568,448

	FNMA - 28.6%
			Federal National Mortgage Association (FNMA):
	791,397		4.500% due 9/1/34 - 6/1/52		749,336
	286,398		3.500% due 10/1/34 - 6/1/50		259,728
	9,166		7.037% (1-Year CMT Index + 2.360%) due 11/1/34(a)		9,528
	6,485,028		6.500% due 8/1/37 - 2/1/54		6,664,612
	388,377		3.000% due 10/1/49 - 5/1/51		331,109
	76,481		4.000% due 6/1/50		70,813
	410,561		2.000% due 3/1/52		319,402
	8,031,734		6.000% due 4/1/53 - 7/1/54		8,126,903
	1,288,376		5.000% due 5/1/53 - 6/1/54		1,249,234
	531,811		5.500% due 9/1/53		527,005
	744,000		4.000% due 6/1/55(b)		681,545
	12,800,000		5.000% due 6/1/55(b)		12,389,272
	800,000		3.000% due 7/1/55(b)		680,439
	3,135,000		6.000% due 7/1/55(b)		3,161,419
	15,200,000		6.500% due 7/1/55(b)		15,589,403

			Total FNMA		50,809,748

	GNMA - 6.6%
			Government National Mortgage Association II (GNMA):
	969		6.000% due 9/20/38		983
	4,499,866		3.000% due 11/20/51 - 6/20/52		3,923,541
	5,974,760		3.500% due 12/20/52 - 3/20/55		5,316,020
	700,000		2.500% due 6/20/55(b)		586,139
	1,200,000		3.000% due 6/20/55(b)		1,045,081
	900,000		3.500% due 7/20/55(b)		800,578

			Total GNMA		11,672,342

			TOTAL MORTGAGE-BACKED SECURITIES (Cost - $74,329,348)		74,050,538

	SOVEREIGN BONDS - 41.1%
	Australia - 1.6%
			Australia Government Bonds:
	100,000	^AUD	2.500% due 5/21/30		61,426
	50,000	^AUD	1.750% due 6/21/51		17,217
			New South Wales Treasury Corp.:
	300,000	^AUD	2.000% due 3/8/33		161,210
	1,200,000	^AUD	1.750% due 3/20/34		606,479
			Queensland Treasury Corp.:
	1,200,000	^AUD	2.000% due 8/22/33		631,937
	200,000	^AUD	1.750% due 7/20/34(c)		99,277
	300,000	^AUD	5.250% due 7/21/36(c)		195,557

194

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	SOVEREIGN BONDS - 41.1% - (continued)
	Australia - 1.6% - (continued)
			Treasury Corp. of Victoria:
	400,000	^AUD	4.250% due 12/20/32	$	253,242
	1,000,000	^AUD	2.250% due 9/15/33		535,672
	400,000	^AUD	2.000% due 9/17/35		194,205

			Total Australia		2,756,222

	Brazil - 1.8%
	18,900,000	^BRL	Brazil Letras do Tesouro Nacional, zero coupon due 10/1/25		3,154,411

	Canada - 1.1%
	27,900,000	^INR	Export Development Canada, 7.130% due 3/11/29(c)		332,443
	200,000	^CAD	Province of British Columbia Canada, 4.150% due 6/18/34		150,136
	700,000	^CAD	Province of Ontario Canada, 3.650% due 6/2/33		512,230
			Province of Quebec Canada:
	900,000	^CAD	3.600% due 9/1/33(c)		654,269
	500,000	^CAD	4.450% due 9/1/34		383,421

			Total Canada		2,032,499

	Chile - 0.1%
	$ 200,000		Chile Government International Bonds, 4.850% due 1/22/29		201,650

	China - 0.4%
	4,090,000	^CNY	China Government Bonds, 3.190% due 4/15/53		710,820

	France - 5.5%
			French Republic Government Bonds OAT:
	6,000,000	^EUR	2.750% due 2/25/30(c)		6,907,155
	2,100,000	^EUR	2.000% due 5/25/48(c)		1,743,479
	1,000,000	^EUR	3.000% due 6/25/49(c)		996,263
	50,000	^EUR	0.750% due 5/25/52(c)		27,636
	200,000	^EUR	0.500% due 5/25/72(c)		66,830

			Total France		9,741,363

	Hungary - 0.1%
	200,000		Hungary Government International Bonds, 6.250% due 9/22/32(c)		207,262

	Israel - 1.0%
			Israel Government International Bonds:
	300,000		5.375% due 3/12/29		304,253
	900,000		5.375% due 2/19/30		907,727
	300,000		5.500% due 3/12/34		297,354
	300,000		5.750% due 3/12/54		266,548

			Total Israel		1,775,882

	Italy - 0.3%
	400,000	^GBP	Republic of Italy Government International Bonds, 6.000% due 8/4/28		556,400

	Japan - 10.6%
	50,000,000	^JPY	Japan Government Five Year Bonds, 0.400% due 6/20/29		340,059
	120,000,000	^JPY	Japan Government Forty Year Bonds, 2.200% due 3/20/64		669,254
			Japan Government Thirty Year Bonds:
	210,000,000	^JPY	1.700% due 9/20/44		1,305,887
	280,000,000	^JPY	1.400% due 9/20/45		1,624,619
	152,000,000	^JPY	0.500% due 9/20/46		709,749
	98,000,000	^JPY	0.700% due 12/20/48		454,128
	360,000,000	^JPY	0.500% due 3/20/49		1,570,703
	125,000,000	^JPY	0.700% due 6/20/51		538,550
	180,000,000	^JPY	0.700% due 12/20/51		763,910
	152,000,000	^JPY	1.800% due 3/20/54		838,386
	202,000,000	^JPY	2.200% due 6/20/54		1,221,767
	244,000,000	^JPY	2.300% due 12/20/54		1,509,126
	63,000,000	^JPY	2.400% due 3/20/55		398,951

195

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	SOVEREIGN BONDS - 41.1% - (continued)
	Japan - 10.6% - (continued)
			Japan Government Twenty Year Bonds:
	131,000,000	^JPY	1.200% due 9/20/35	$	879,732
	200,000,000	^JPY	1.000% due 12/20/35		1,311,422
	20,000,000	^JPY	0.400% due 3/20/36		122,286
	80,000,000	^JPY	1.500% due 9/20/43		487,565
	130,000,000	^JPY	1.800% due 9/20/44		822,587
	180,000,000	^JPY	2.000% due 12/20/44		1,174,605
	74,000,000	^JPY	2.400% due 3/20/45		513,746
			Japanese Government CPI Linked Bonds:
	164,459,190	^JPY	0.100% due 3/10/28		1,186,932
	52,219,350	^JPY	0.100% due 3/10/29		376,763

			Total Japan		18,820,727

	Malaysia - 1.9%
			Malaysia Government Bonds:
	12,523,000	^MYR	3.519% due 4/20/28		2,970,478
	900,000	^MYR	2.632% due 4/15/31		203,464
	160,000	^MYR	3.582% due 7/15/32		38,029
	860,000	^MYR	Malaysia Government Investment Issues, 4.193% due 10/7/32		211,376

			Total Malaysia		3,423,347

	Peru - 0.8%
	900,000	^PEN	Peru Government Bonds, 7.600% due 8/12/39(c)		256,065
			Peruvian Government International Bonds:
	2,900,000	^PEN	6.950% due 8/12/31		871,152
	1,400,000	^PEN	5.400% due 8/12/34		357,710

			Total Peru		1,484,927

	Poland - 0.6%
			Poland Government International Bonds:
$	200,000		4.625% due 3/18/29		201,506
	100,000		4.875% due 2/12/30		101,157
	200,000	^EUR	3.875% due 2/14/33		237,837
	100,000		4.875% due 10/4/33		98,131
	100,000		5.125% due 9/18/34		99,116
	100,000		5.375% due 2/12/35		100,090
	100,000	^EUR	4.250% due 2/14/43		114,094
	100,000		5.500% due 4/4/53		91,165

			Total Poland		1,043,096

	Romania - 0.7%
			Romanian Government International Bonds:
	600,000	^EUR	6.625% due 9/27/29		729,321
	200,000	^EUR	1.750% due 7/13/30(c)		192,260
	100,000	^EUR	2.000% due 4/14/33(c)		85,681
	50,000	^EUR	2.750% due 4/14/41(c)		35,319
	200,000	^EUR	2.875% due 4/13/42(c)		141,530

			Total Romania		1,184,111

	Saudi Arabia - 1.1%
			Saudi Government International Bonds:
	400,000		5.125% due 1/13/28(c)		406,583
	400,000		4.750% due 1/18/28(c)		401,322
	500,000	^EUR	3.375% due 3/5/32(c)		567,133
	500,000		4.875% due 7/18/33(c)		495,785

			Total Saudi Arabia		1,870,823

196

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	SOVEREIGN BONDS - 41.1% - (continued)
	Serbia - 0.1%
			Serbia International Bonds:
	100,000	^EUR	1.000% due 9/23/28(c)	$	103,989
	100,000	^EUR	1.650% due 3/3/33(c)		92,049

			Total Serbia		196,038

	Singapore - 1.1%
			Singapore Government Bonds:
	920,000	^SGD	2.750% due 3/1/35		734,006
	47,000	^SGD	2.375% due 7/1/39		35,853
	1,269,000	^SGD	3.250% due 6/1/54		1,124,019

			Total Singapore		1,893,878

	South Africa - 0.8%
			South Africa Government Bonds:
	8,800,000	^ZAR	8.000% due 1/31/30		477,073
	18,200,000	^ZAR	8.875% due 2/28/35		935,833

			Total South Africa		1,412,906

	South Korea - 0.2%
	$ 400,000		Korea National Oil Corp., 4.250% due 9/30/29(c)		395,005

	Spain - 8.6%
	100,000	^EUR	Autonomous Community of Catalonia, 4.220% due 4/26/35		117,564
			Spain Government Bonds:
	900,000	^EUR	2.500% due 5/31/27		1,032,884
	400,000	^EUR	1.450% due 10/31/27(c)		448,657
	1,500,000	^EUR	1.400% due 7/30/28(c)		1,666,203
	450,000	^EUR	1.450% due 4/30/29(c)		495,982
	1,500,000	^EUR	2.700% due 1/31/30		1,726,506
	400,000	^EUR	0.700% due 4/30/32(c)		397,241
	2,100,000	^EUR	2.550% due 10/31/32(c)		2,348,285
	2,300,000	^EUR	3.550% due 10/31/33(c)		2,732,535
	2,760,000	^EUR	3.150% due 4/30/35(c)		3,146,716
	400,000	^EUR	1.850% due 7/30/35(c)		404,921
	500,000	^EUR	1.900% due 10/31/52(c)		380,201
	700,000	^EUR	1.450% due 10/31/71(c)		376,607

			Total Spain		15,274,302

	United Kingdom - 2.7%
			United Kingdom Gilts:
	1,350,000	^GBP	3.250% due 1/22/44		1,386,862
	700,000	^GBP	3.500% due 1/22/45		738,877
	500,000	^GBP	1.750% due 1/22/49		354,331
	1,400,000	^GBP	0.625% due 10/22/50		684,333
	1,300,000	^GBP	1.250% due 7/31/51		751,983
	500,000	^GBP	4.375% due 7/31/54		573,681
	500,000	^GBP	1.125% due 10/22/73		216,737

			Total United Kingdom		4,706,804

			TOTAL SOVEREIGN BONDS (Cost - $86,884,833)		72,842,473

	COLLATERALIZED MORTGAGE OBLIGATIONS - 16.9%
	Asset-Backed Securities - 7.9%
	278,189		ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE5, Class M4, 5.339% (1-Month Term SOFR + 1.014%) due 8/25/35(a)		273,493
	316,827		Argent Mortgage Loan Trust, Series 2005-W1, Class A1, 4.919% (1-Month Term SOFR + 0.594%) due 5/25/35(a)		282,763
	500,000		Bain Capital Credit CLO Ltd., Series 2020-2A, Class ARR, 5.509% (3-Month Term SOFR + 1.240%) due 7/19/34(a)(c)		500,453
	124,808		Bayview Financial Asset Trust, Series 2007-SR1A, Class A, 4.889% (1-Month Term SOFR + 0.564%) due 3/25/37(a)(c)		125,007
	286,607		BlueMountain CLO Ltd., Series 2016-3A, Class A1R2, 5.526% (3-Month Term SOFR + 1.200%) due 11/15/30(a)(c)		286,696
	299,629	^EUR	BNPP AM Euro CLO DAC, Series 2019-1A, Class AR, 3.056% (3-Month EURIBOR + 0.820%) due 7/22/32(a)(c)		338,293
	178,769	^EUR	Cairn CLO VII DAC, Series 2016-7A, Class A1R, 2.856% (3-Month EURIBOR + 0.670%) due 1/31/30(a)(c)		202,576

197

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS - 16.9% - (continued)
	Asset-Backed Securities - 7.9% - (continued)
	182,122	^EUR	Cairn CLO X DAC, Series 2018-10A, Class AR, 3.059% (3-Month EURIBOR + 0.780%) due 10/15/31(a)(c)	$	206,524
	$ 600,000		Carlyle Global Market Strategies CLO Ltd., Series 2016-3A, Class ARRR, 5.359% (3-Month Term SOFR + 1.090%) due 7/20/34(a)(c)		598,508
	535,441		CarVal CLO I Ltd., Series 2018-1A, Class AR, 5.491% (3-Month Term SOFR + 1.230%) due 7/16/31(a)(c)		535,170
	123,207		CIFC Funding Ltd., Series 2017-4A, Class A1R, 5.487% (3-Month Term SOFR + 1.212%) due 10/24/30(a)(c)		123,293
			Countrywide Asset-Backed Certificates:
	204,381		Series 2007-9, Class 2A4, 4.689% (1-Month Term SOFR + 0.364%) due 2/25/36(a)		196,833
	34,062		Series 2007-12, Class 1A1, 5.179% (1-Month Term SOFR + 0.854%) due 8/25/47(a)		33,229
	235,112		Series 2007-13, Class 1A, 5.279% (1-Month Term SOFR + 0.954%) due 10/25/47(a)		230,028
	122,671		CSAB Mortgage-Backed Trust, Series 2006-4, Class A6A, step bond to yield, 6.184% due 12/25/36		19,121
	191,524	^EUR	CVC Cordatus Loan Fund XI DAC, Series 11A, Class AR, 2.929% (3-Month EURIBOR + 0.650%) due 10/15/31(a)(c)		216,995
	490,563	^EUR	CVC Cordatus Opportunity Loan Fund DAC, Series 1A, Class AR, 2.983% (3-Month EURIBOR + 0.840%) due 8/15/33(a)(c)		553,072
	226,359	^EUR	Dryden 27 Euro CLO DAC, Series 2017-27A, Class AR, 2.939% (3-Month EURIBOR + 0.660%) due 4/15/33(a)(c)		255,983
	600,000		Dryden 43 Senior Loan Fund, Series 2016-43A, Class AR3, 5.339% (3-Month Term SOFR + 1.070%) due 4/20/34(a)(c)		598,118
	158,589		Dryden 55 CLO Ltd., Series 2018-55A, Class A1, 5.538% (3-Month Term SOFR + 1.282%) due 4/15/31(a)(c)		158,886
	500,000		Elevation CLO Ltd., Series 2018-3A, Class A1R2, 5.582% (3-Month Term SOFR + 1.300%) due 1/25/35(a)(c)		500,227
	280,598		Ellington Loan Acquisition Trust, Series 2007-2, Class A1, 5.489% (1-Month Term SOFR + 1.164%) due 5/25/37(a)(c)		274,868
	7,142		Galaxy XV CLO Ltd., Series 2013-15A, Class ARR, 5.488% (3-Month Term SOFR + 1.232%) due 10/15/30(a)(c)		7,145
	376,600		Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 5.608% (3-Month Term SOFR + 1.352%) due 7/15/31(a)(c)		376,785
	500,000	^EUR	Grosvenor Place CLO DAC, Series 2024-2A, Class A, 3.845% (3-Month EURIBOR + 1.240%) due 1/15/39(a)(c)		568,232
	500,000	^EUR	Hayfin Emerald CLO XII DAC, Series 12-A, Class A, 3.898% (3-Month EURIBOR + 1.740%) due 1/25/37(a)(c)		568,775
	900,000	^EUR	Hayfin Emerald CLO XIV DAC, Series 14-A, Class A, 3.914% (3-Month EURIBOR + 1.210%) due 1/22/39(a)(c)		1,021,410
	500,000		ICG US CLO Ltd., Series 2021-3A, Class AR, 5.419% (3-Month Term SOFR + 1.150%) due 10/20/34(a)(c)		498,361
	700,000		Jamestown CLO XVI Ltd., Series 2021-16A, Class AR, 5.402% (3-Month Term SOFR + 1.120%) due 7/25/34(a)(c)		700,845
	387,454		Northwoods Capital XII-B Ltd., Series 2018-12BA, Class AR, 5.489% (3-Month Term SOFR + 1.190%) due 6/15/31(a)(c)		387,269
	400,000		NovaStar Mortgage Funding Trust, Series 2006-1, Class A2D, 4.979% (1-Month Term SOFR + 0.654%) due 5/25/36(a)		386,200
	46,907		Option One Mortgage Loan Trust, Series 2007-CP1, Class 1A1, 4.579% (1-Month Term SOFR + 0.254%) due 3/25/37(a)		42,753
	270,182		OZLM IX Ltd., Series 2014-9A, Class A1A4, 5.469% (3-Month Term SOFR + 1.200%) due 10/20/31(a)(c)		270,257
	500,000	^EUR	Providus CLO II DAC, Series 2A, Class ARR, 3.439% (3-Month EURIBOR + 1.160%) due 10/15/38(a)(c)		568,815
	600,000	^EUR	Rockford Tower Europe CLO DAC, Series 2018-1A, Class AR, 3.561% (3-Month EURIBOR + 1.370%) due 4/24/37(a)(c)		682,001
	841,221		Soundview Home Loan Trust, Series 2006-3, Class A4, 4.939% (1-Month Term SOFR + 0.614%) due 11/25/36(a)		794,522
	481,44	1 ^EUR	St Pauls CLO, Series 11A, Class AR, 3.113% (3-Month EURIBOR + 0.850%) due 1/17/32(a)(c)		544,216
	41,717		Voya CLO Ltd., Series 2017-1A, Class A1R, 5.491% (3-Month Term SOFR + 1.212%) due 4/17/30(a)(c)		41,738
	14,539		Wind River CLO Ltd., Series 2014-1A, Class ARR, 5.581% (3-Month Term SOFR + 1.312%) due 7/18/31(a)(c)		14,560

			Total Asset-Backed Securities		13,984,020

	Mortgage Securities - 9.0%
	156,288	^GBP	ALBA PLC, Series 2007-1, Class A3, 4.682% (Sterling Overnight Index Average + 0.289%) due 3/17/39(a)		206,877
	231,630		Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL1, Class A, 5.782% (30-Day Average SOFR + 1.450%) due 1/15/37(a)(c)		231,907
	4,360		Banc of America Funding Trust, Series 2006-A, Class 1A1, 6.421% due 2/20/36(a)		4,141
	205,821		BDS Ltd., Series 2021-FL10, Class A, 5.791% (1-Month Term SOFR + 1.464%) due 12/16/36(a)(c)		206,069
			Bear Stearns Adjustable Rate Mortgage Trust:
	1,373		Series 2003-5, Class 1A2, 5.031% due 8/25/33(a)		1,324
	1,336		Series 2003-7, Class 6A, 6.348% due 10/25/33(a)		1,289
	4,512		Series 2004-2, Class 22A, 6.974% due 5/25/34(a)		4,366
	1,441		Series 2004-2, Class 23A, 4.000% due 5/25/34(a)		1,302
	26,099		Bear Stearns Structured Products Inc. Trust, Series 2007-R6, Class 1A1, 5.063% due 1/26/36(a)		18,583
	358,066		BIG Commercial Mortgage Trust, Series 2022-BIG, Class A, 5.671% (1-Month Term SOFR + 1.342%) due 2/15/39(a)(c)		357,416
			Countrywide Alternative Loan Trust:
	2,964		Series 2005-21CB, Class A3, 5.250% due 6/25/35		2,198
	16,578		Series 2007-16CB, Class 5A1, 6.250% due 8/25/37		7,622
	32,787		Series 2007-11T1, Class A12, 4.789% (1-Month Term SOFR + 0.464%) due 5/25/37(a)		10,160
	25,464		Series 2007-7T2, Class A9, 6.000% due 4/25/37		11,311
			Countrywide Home Loan Mortgage Pass-Through Trust:
	33,786		Series 2005-2, Class 1A1, 5.079% (1-Month Term SOFR + 0.754%) due 3/25/35(a)		31,127

198

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS - 16.9% - (continued)
	Mortgage Securities - 9.0% - (continued)
	$ 1,195		Series 2005-3, Class 2A1, 5.019% (1-Month Term SOFR + 0.694%) due 4/25/35(a)	$	1,125
	33,984		Series 2005-9, Class 1A3, 4.899% (1-Month Term SOFR + 0.574%) due 5/25/35(a)		29,711
	11,218		Series 2005-11, Class 3A1, 3.661% due 4/25/35(a)		8,984
	5,536		Series 2005-HYB9, Class 3A2A, 6.662% (1-Year Term SOFR + 2.465%) due 2/20/36(a)		4,798
	490,115		Series 2007-4, Class 1A47, 6.000% due 5/25/37		212,550
	91,937		Series 2007-19, Class 2A1, 6.500% due 11/25/47		43,605
			Credit Suisse Commercial Mortgage Capital Trust:
	34,400		Series 2007-5R, Class A5, 6.500% due 7/26/36		7,282
	70,993		Series 2021-INV1, Class A3, 2.500% due 7/25/56(a)(c)		57,061
	341,191		Deutsche Alternative-A Securities Mortgage Loan Trust, Series 2007-3, Class 2A1, 5.939% (1-Month Term SOFR + 1.614%) due 10/25/47(a)		261,702
	27,359	^GBP	Eurohome UK Mortgages PLC, Series 2007-1, Class A, 4.662% (Sterling Overnight Index Average + 0.269%) due 6/15/44(a)		36,719
	126,715	^GBP	Eurosail-UK PLC, Series 2007-4X, Class A3, 5.472% (Sterling Overnight Index Average + 1.069%) due 6/13/45(a)		170,538
	343,091		Extended Stay America Trust, Series 2021-ESH, Class A, 5.523% (1-Month Term SOFR + 1.194%) due 7/15/38(a)(c)		343,296
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	3,390		Series 2391, Class FJ, 4.947% (30-Day Average SOFR + 0.614%) due 4/15/28(a)		3,386
	14,914		Series 2614, Class SJ, 7.434% (19.348% - 2.750% x 30-Day Average SOFR) due 5/15/33(d)		16,448
	51,396		Series 4579, Class FD, 4.800% (30-Day Average SOFR + 0.464%) due 1/15/38(a)		50,732
	51,396		Series 4579, Class SD, 2.134% due 1/15/38(a)(e)		2,601
	862,250		Series 5513, Class MF, 5.262% (30-Day Average SOFR + 0.940%) due 11/25/54(a)		860,046
			Federal Home Loan Mortgage Corp. (FHLMC), Structured Pass-Through Certificates:
	6,075		Series T-35, Class A, 4.716% (30-Day Average SOFR + 0.394%) due 9/25/31(a)		6,049
	14,060		Series T-62, Class 1A1, 5.697% (1-Year Treasury Average Rate + 1.200%) due 10/25/44(a)		12,855
	3,237		Federal National Mortgage Association (FNMA), Grantor Trust, Series 2004-T3, Class 1A1, 6.000% due 2/25/44		3,237
	19,626		Federal National Mortgage Association (FNMA), REMIC Trust, Series 2004-W12, Class 1A1, 6.000% due 7/25/44		20,272
			Federal National Mortgage Association (FNMA), REMICS:
	3,179		Series 2003-34, Class A1, 6.000% due 4/25/43		3,201
	3,522		Series 2006-48, Class TF, 4.836% (30-Day Average SOFR + 0.514%) due 6/25/36(a)		3,486
	39,406		Series 2009-104, Class FA, 5.236% (30-Day Average SOFR + 0.914%) due 12/25/39(a)		39,473
	933,439		Series 2024-90, Class FA, 5.822% (30-Day Average SOFR + 1.500%) due 12/25/54(a)		936,754
	461,876		Series 2025-6, Class GF, 5.722% (30-Day Average SOFR + 1.400%) due 2/25/55(a)		462,094
	4,591		FORT CRE Issuer LLC, Series 2022-FL3, Class A, 6.174% (30-Day Average SOFR + 1.850%) due 2/23/39(a)(c)		4,587
	796,503		GCAT Trust, Series 2023-NQM4, Class A1, 4.250% due 5/25/67(a)(c)		749,387
	6,677		GMACM Mortgage Loan Trust, Series 2005-AR6, Class 3A1, 3.847% due 11/19/35(a)		5,784
			Government National Mortgage Association (GNMA):
	68,955		Series 2016-H15, Class FA, 5.233% (1-Month Term SOFR + 0.914%) due 7/20/66(a)		69,193
	2,636		Series 2017-121, Class PE, 3.000% due 7/20/46		2,579
	484,477		Series 2024-H07, Class JF, 5.118% (30-Day Average SOFR + 0.790%) due 4/20/74(a)		483,569
	740,650		GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ4, Class A4, 2.500% due 9/25/52(a)(c)		592,066
			GS Mortgage-Backed Securities Trust:
	75,313		Series 2021-GR3, Class A2, 2.500% due 4/25/52(a)(c)		60,343
	76,512		Series 2021-INV1, Class A2, 2.500% due 12/25/51(a)(c)		61,163
			GSR Mortgage Loan Trust:
	1,330		Series 2003-1, Class A2, 5.880% (1-Year CMT Index + 1.750%) due 3/25/33(a)		1,323
	28,589		Series 2005-AR7, Class 2A1, 4.988% due 11/25/35(a)		27,591
			Harborview Mortgage Loan Trust:
	8,491		Series 2005-2, Class 2A1A, 4.881% (1-Month Term SOFR + 0.554%) due 5/19/35(a)		8,127
	12,176		Series 2005-3, Class 2A1A, 4.921% (1-Month Term SOFR + 0.594%) due 6/19/35(a)		11,868
	38,780		Series 2006-SB1, Class A1A, 5.347% (1-Year Treasury Average Rate + 0.850%) due 12/19/36(a)		34,660
	53,260		Series 2007-1, Class 2A1A, 4.701% (1-Month Term SOFR + 0.374%) due 3/19/37(a)		49,092
			JP Morgan Mortgage Trust:
	595		Series 2003-A2, Class 3A1, 5.955% due 11/25/33(a)		576
	400		Series 2005-A1, Class 6T1, 6.048% due 2/25/35(a)		379
	308,592		Series 2021-10, Class A3, 2.500% due 12/25/51(a)(c)		246,973

199

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS - 16.9% - (continued)
	Mortgage Securities - 9.0% - (continued)
$	892,452		Series 2021-INV4, Class A2, 3.000% due 1/25/52(a)(c)	$	747,418
	746,056		Series 2021-INV8, Class A2, 3.000% due 5/25/52(a)(c)		626,677
	564,545		Series 2022-INV1, Class A3, 3.000% due 3/25/52(a)(c)		472,447
	728,519		Series 2022-LTV2, Class A3, 3.500% due 9/25/52(a)(c)		631,539
	246,274	^GBP	Ludgate Funding PLC, Series 2007-1, Class A2A, 4.632% (Sterling Overnight Index Average + 0.279%) due 1/1/61(a)		325,582
	300,000		Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.130% due 9/10/39(c)		281,682
	1,547		Merrill Lynch Mortgage Investors Trust, Series 2003-A2, Class 1A1, 6.248% due 2/25/33(a)		1,436
			MFA Trust:
	73,356		Series 2020-NQM2, Class A1, 1.381% due 4/25/65(a)(c)		70,883
	344,960		Series 2023-NQM4, Class A1, step bond to yield, 6.105% due 12/25/68(c)		346,492
			New Residential Mortgage Loan Trust:
	126,772		Series 2019-RPL3, Class A1, 2.750% due 7/25/59(a)(c)		121,338
	135,265		Series 2020-RPL1, Class A1, 2.750% due 11/25/59(a)(c)		129,309
	286,693	^GBP	Newgate Funding PLC, Series 2007-1X, Class A3, 4.511% (Sterling Overnight Index Average + 0.279%) due 12/1/50(a)		378,734
	400,000		NYO Commercial Mortgage Trust, Series 2021-1290, Class A, 5.538% (1-Month Term SOFR + 1.209%) due 11/15/38(a)(c)		398,494
	874,611		OBX Trust, Series 2024-HYB1, Class A1, 3.644% due 3/25/53(a)(c)		861,310
	300,000		One New York Plaza Trust, Series 2020-1NYP, Class A, 5.393% (1-Month Term SOFR + 1.064%) due 1/15/36(a)(c)		291,435
	223,760		PRET LLC, Series 2021-RN3, Class A1, step bond to yield, 4.843% due 9/25/51(c)		222,894
	373,480		PRKCM Trust, Series 2023-AFC4, Class A1, step bond to yield, 7.225% due 11/25/58(c)		379,104
	389,179		PRPM Trust, Series 2023-NQM3, Class A1, step bond to yield, 6.221% due 11/25/68(c)		391,196
			RALI Trust:
	65,687		Series 2006-QS6, Class 1A1, 6.000% due 6/25/36		53,335
	40,184		Series 2007-QO2, Class A1, 4.589% (1-Month Term SOFR + 0.264%) due 2/25/47(a)		12,249
			Residential Asset Securitization Trust:
	13,321		Series 2005-A15, Class 5A1, 5.750% due 2/25/36		4,443
	36,529		Series 2006-R1, Class A2, 4.839% (1-Month Term SOFR + 0.514%) due 1/25/46(a)		10,306
	122,176	^GBP	ResLoC UK PLC, Series 2007-1X, Class A3B, 4.673% (Sterling Overnight Index Average + 0.279%) due 12/15/43(a)		161,931
			RMAC Securities No 1 PLC:
	236,373	^GBP	Series 2006-NS3X, Class A2A, 4.675% (Sterling Overnight Index Average + 0.269%) due 6/12/44(a)		312,236
	123,145	^GBP	Series 2006-NS1X, Class A2A, 4.675% (Sterling Overnight Index Average + 0.269%) due 6/12/44(a)		163,346
			Structured Adjustable Rate Mortgage Loan Trust:
	1,358		Series 2004-1, Class 4A1, 6.526% due 2/25/34(a)		1,323
	473		Series 2004-4, Class 3A2, 6.177% due 4/25/34(a)		468
	18,514		Series 2004-19, Class 2A1, 5.897% (1-Year Treasury Average Rate + 1.400%) due 1/25/35(a)		16,653
			Structured Asset Mortgage Investments II Trust:
	18,094		Series 2005-AR2, Class 2A1, 4.899% (1-Month Term SOFR + 0.574%) due 5/25/45(a)		17,068
	19,045		Series 2005-AR8, Class A1A, 4.999% (1-Month Term SOFR + 0.674%) due 2/25/36(a)		15,867
	15,721		Series 2006-AR5, Class 1A1, 4.859% (1-Month Term SOFR + 0.534%) due 5/25/36(a)		10,913
	85,413		Series 2007-AR4, Class A3, 4.879% (1-Month Term SOFR + 0.554%) due 9/25/47(a)		75,317
	47,725		Series 2007-AR6, Class A1, 5.997% (1-Year Treasury Average Rate + 1.500%) due 8/25/47(a)		40,038
	41,085		Structured Asset Securities Corp., Series 2006-RF1, Class 1A, 4.719% (1-Month Term SOFR + 0.394%) due 1/25/36(a)(c)		34,226
	386,290	^GBP	Towd Point Mortgage Funding Granite 6 PLC, Series 2024-GR6A, Class A1, 5.222% (Sterling Overnight Index Average + 0.925%) due 7/20/53(a)(c)		521,832
			Towd Point Mortgage Trust:
	417,594		Series 2019-4, Class A1, 2.900% due 10/25/59(a)(c)		399,400
	100,379		Series 2020-1, Class A1, 2.710% due 1/25/60(a)(c)		96,064
	80,454		UWM Mortgage Trust, Series 2021-INV5, Class A12, 3.000% due 1/25/52(a)(c)		67,246
			WaMu Mortgage Pass-Through Certificates Trust:
	3,229		Series 2002-AR9, Class 1A, 5.897% (1-Year Treasury Average Rate + 1.400%) due 8/25/42(a)		3,119
	891		Series 2003-AR5, Class A7, 5.785% due 6/25/33(a)		893
	29,064		Series 2003-AR9, Class 2A, 6.637% due 9/25/33(a)		28,318
	78,733		Series 2004-AR1, Class A, 6.207% due 3/25/34(a)		78,947
	10,519		Series 2005-AR13, Class A1A1, 5.019% (1-Month Term SOFR + 0.694%) due 10/25/45(a)		10,514
	18,494		Series 2006-AR10, Class 2A1, 4.348% due 9/25/36(a)		15,724

200

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS - 16.9% - (continued)
	Mortgage Securities - 9.0% - (continued)
	$ 30,463		Series 2006-AR13, Class 2A, 5.997% (1-Year Treasury Average Rate + 1.500%) due 10/25/46(a)	$	28,412
	14,062		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2006-AR5, Class 3A, 5.437% (1-Year Treasury Average Rate + 0.940%) due 7/25/46(a)		8,617
	36,095		Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2002-AR3, Class 1A7, 6.227% due 12/25/32(a)		35,819

			Total Mortgage Securities		16,005,551

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $31,194,039)		29,989,571

	CORPORATE BONDS & NOTES - 12.0%
	Belgium - 0.1%
	200,000		KBC Group NV, Senior Unsecured Notes, 5.796% (1-Year CMT Index + 2.100%) due 1/19/29(a)(c)		205,402

	Canada - 1.2%
	800,000		Canadian Imperial Bank of Commerce, Covered Notes, 4.876% due 1/14/30(c)		820,453
	100,000	^EUR	Fairfax Financial Holdings Ltd., Senior Unsecured Notes, 2.750% due 3/29/28		112,234
	400,000		Royal Bank of Canada, Senior Unsecured Notes, 4.969% (SOFR + 1.100%) due 8/2/30(a)		402,911
	700,000		Toronto-Dominion Bank (The), Covered Notes, 4.814% due 7/16/27(c)		708,815

			Total Canada		2,044,413

	Cayman Islands - 0.1%
	200,000		Sands China Ltd., Senior Unsecured Notes, 5.400% due 8/8/28		199,416

	Denmark - 0.4%
	600,000		Danske Bank AS, Senior Non-Preferred Notes, 4.613% (1-Year CMT Index + 1.100%) due 10/2/30(a)(c)		593,204
			Jyske Realkredit AS, Covered Notes:
	31,740	^DKK	1.000% due 10/1/50		3,659
	453,912	^DKK	1.500% due 10/1/53		56,014
			Nordea Kredit Realkreditaktieselskab, Covered Notes:
	15	^DKK	1.000% due 10/1/50		2
	181,070	^DKK	1.500% due 10/1/53		22,366

			Total Denmark		675,245

	France - 0.7%
	400,000		BPCE SA, Senior Non-Preferred Notes, 6.612% (SOFR + 1.980%) due 10/19/27(a)(c)		409,039
	800,000		Credit Agricole SA, Senior Non-Preferred Notes, 5.862% (SOFR + 1.740%) due 1/9/36(a)(c)		811,781

			Total France		1,220,820

	Germany - 0.6%
			Deutsche Bank AG, Senior Non-Preferred Notes:
	400,000		2.552% (SOFR + 1.318%) due 1/7/28(a)		385,548
	700,000		4.999% (SOFR + 1.700%) due 9/11/30(a)		696,813

			Total Germany		1,082,361

	Italy - 0.1%
	100,000	^EUR	Banca Monte dei Paschi di Siena SpA, Covered Notes, 0.875% due 10/8/26		111,955
	100,000	^EUR	Nexi SpA, Senior Unsecured Notes, 2.125% due 4/30/29		109,417

			Total Italy		221,372

	Japan - 0.2%
	200,000		Nomura Holdings Inc., Senior Unsecured Notes, 2.329% due 1/22/27		192,316
	200,000		Sumitomo Mitsui Trust Bank Ltd., Senior Unsecured Notes, 5.200% due 3/7/29(c)		203,825

			Total Japan		396,141

	Netherlands - 0.3%
	400,000		ABN AMRO Bank NV, Senior Non-Preferred Notes, 6.575% (1-Year CMT Index + 1.550%) due 10/13/26(a)(c)		402,442

	Qatar - 0.1%
	200,000		QatarEnergy, Senior Unsecured Notes, 2.250% due 7/12/31(c)		174,400

	Switzerland - 0.8%
			UBS Group AG, Senior Unsecured Notes:
	250,000		4.282% due 1/9/28(c)		247,283
	250,000		3.869% (3-Month USD-LIBOR + 1.410%) due 1/12/29(a)(c)		244,640
	300,000		4.194% (SOFR + 3.730%) due 4/1/31(a)(c)		290,634
	600,000		6.537% (SOFR + 3.920%) due 8/12/33(a)(c)		643,727

			Total Switzerland		1,426,284

201

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	CORPORATE BONDS & NOTES - 12.0% - (continued)
	United Arab Emirates - 0.4%
			Abu Dhabi Developmental Holding Co. PJSC, Senior Unsecured Notes:
	$ 200,000		4.500% due 5/6/30(c)	$	197,674
	500,000		4.375% due 10/2/31(c)		487,631

			Total United Arab Emirates		685,305

	United Kingdom - 2.0%
			Barclays PLC, Senior Unsecured Notes:
	800,000		6.496% (SOFR + 1.880%) due 9/13/27(a)		816,881
	400,000	^EUR	4.918% (EUR Swap Rate + 1.750%) due 8/8/30(a)		485,379
	200,000		HSBC Holdings PLC, Senior Unsecured Notes, 4.041% (3-Month Term SOFR + 1.808%) due 3/13/28(a)		197,640
	300,000		Lloyds Banking Group PLC, Senior Unsecured Notes, 5.721% (1-Year CMT Index + 1.070%) due 6/5/30(a)		309,447
	300,000		Nationwide Building Society, Senior Non-Preferred Notes, 2.972% (SOFR + 1.290%) due 2/16/28(a)(c)		291,655
	500,000		Santander UK Group Holdings PLC, Senior Unsecured Notes, 6.534% (SOFR + 2.600%) due 1/10/29(a)		518,958
	900,000		Standard Chartered PLC, Senior Unsecured Notes, 6.750% (1-Year CMT Index + 1.850%) due 2/8/28(a)(c)		926,388

			Total United Kingdom		3,546,348

	United States - 5.0%
			Athene Global Funding:
	500,000		Secured Notes, 5.094% (SOFR + 0.750%) due 7/16/26(a)(c)		501,185
	300,000		Senior Secured Notes, 5.516% due 3/25/27(c)		304,043
			Bank of America Corp., Senior Unsecured Notes:
	500,000		5.202% (SOFR + 1.630%) due 4/25/29(a)		507,923
	700,000		1.898% (SOFR + 1.530%) due 7/23/31(a)		605,574
	600,000		5.511% (SOFR + 1.310%) due 1/24/36(a)		603,995
	150,000		GA Global Funding Trust, Secured Notes, 2.250% due 1/6/27(c)		144,048
	100,000		Goldman Sachs Bank USA, Senior Unsecured Notes, 5.283% (SOFR + 0.777%) due 3/18/27(a)		100,428
			Goldman Sachs Group Inc. (The), Senior Unsecured Notes:
	400,000		6.484% (SOFR + 1.770%) due 10/24/29(a)		421,823
	600,000		5.727% (SOFR + 1.265%) due 4/25/30(a)		619,919
	500,000		5.851% (SOFR + 1.552%) due 4/25/35(a)		513,963
	400,000		5.330% (SOFR + 1.550%) due 7/23/35(a)		396,353
			JPMorgan Chase & Co., Senior Unsecured Notes:
	600,000		4.603% (SOFR + 1.040%) due 10/22/30(a)		596,524
	400,000		5.502% (SOFR + 1.315%) due 1/24/36(a)		404,388
	1,300,000		Lehman Brothers Holdings Inc., Senior Unsecured Notes, 0.000% due 5/25/49*(f)(g)		845
	600,000		Lincoln Financial Global Funding, Secured Notes, 5.300% due 1/13/30(c)		613,059
	200,000		Pacific Gas & Electric Co., 1st Mortgage Notes, 4.400% due 3/1/32		185,917
	200,000		PacifiCorp, 1st Mortgage Notes, 5.300% due 2/15/31		203,182
			Philip Morris International Inc., Senior Unsecured Notes:
	200,000		4.875% due 2/13/29		202,448
	200,000		5.250% due 2/13/34		201,145
	600,000		PNC Financial Services Group Inc. (The), Senior Unsecured Notes, 5.575% (SOFR + 1.394%) due 1/29/36(a)		603,513
			Wells Fargo & Co., Senior Unsecured Notes:
	600,000		4.808% (SOFR + 1.980%) due 7/25/28(a)		601,570
	500,000	^EUR	3.900% (3-Month EURIBOR + 1.220%) due 7/22/32(a)		583,764

			Total United States		8,915,609

			TOTAL CORPORATE BONDS & NOTES (Cost - $21,017,547)		21,195,558

	U.S. GOVERNMENT OBLIGATIONS - 7.9%
			U.S. Treasury Bonds:
	200,000		1.375% due 11/15/40		124,484
	1,100,000		1.875% due 2/15/41(h)		739,342
	975,000		4.125% due 8/15/44(h)		874,053

202

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	U.S. GOVERNMENT OBLIGATIONS - 7.9% - (continued)
	$ 300,000		3.000% due 2/15/48	$	217,435
	175,000		3.000% due 8/15/48		126,205
	800,000		3.375% due 11/15/48(h)		617,375
	400,000		2.250% due 8/15/49		244,219
	350,000		2.375% due 11/15/49		219,187
	3,900,000		4.500% due 11/15/54(h)		3,631,570
	1,900,000		4.625% due 2/15/55(h)(i)		1,807,969
			U.S. Treasury Inflation Indexed Notes:
	269,738		0.375% due 7/15/25		269,573
	1,296,620		0.500% due 1/15/28(j)		1,269,338
	1,073,979		0.125% due 7/15/31(h)		980,033
	807,646		0.125% due 1/15/32(h)(i)		725,253
	110,079		0.625% due 7/15/32		101,731
	1,503,194		1.125% due 1/15/33(h)		1,422,806
			U.S. Treasury Notes:
	200,000		4.000% due 2/29/28(i)		200,586
	400,000		4.375% due 5/15/34		400,422

			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost - $15,074,383)		13,971,581

	ASSET-BACKED SECURITIES - 0.1%
	Student Loans - 0.1%
	16,636		Massachusetts Educational Financing Authority, Series 2008-1, Class A1, 5.575% (90-Day Average SOFR + 1.212%) due 4/25/38(a)		16,664
	216,165		SMB Private Education Loan Trust, Series 2022-B, Class A1B, 5.782% (30-Day Average SOFR + 1.450%) due 2/16/55(a)(c)		217,888

			TOTAL ASSET-BACKED SECURITIES (Cost - $232,801)		234,552

	MUNICIPAL BOND - 0.1%
	Arizona - 0.1%
	200,000		Maricopa County Industrial Development Authorities, Revenue Bonds, 7.375% due 10/1/29(c) (Cost - $200,000)		204,955

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost - $228,932,951)		212,489,228

	SHORT-TERM INVESTMENTS - 3.4%
	COMMERCIAL PAPERS - 0.3%
	250,000		AbbVie Inc., 4.612% due 6/10/25(c)(k)		249,744
	250,000		Alimentation Couche-Tard Inc., 4.678% due 6/25/25(c)(k)		249,256

			TOTAL COMMERCIAL PAPERS (Cost - $499,000)		499,000

	TIME DEPOSITS - 2.9%
	84,811	^AUD	ANZ National Bank - Hong Kong, 2.570% due 6/2/25		54,673
			BBH - New York:
	1,863	^DKK	0.730% due 6/2/25		283
	31,377	^SEK	1.070% due 6/2/25		3,273
	532,364	^EUR	1.080% due 6/2/25		604,499
	15,110	^NZD	2.000% due 6/3/25		9,029
	1,510	^NOK	3.230% due 6/2/25		148
	833	^ZAR	5.450% due 6/2/25		46
			Citibank - London:
	647,517	^EUR	1.080% due 6/2/25		735,256
	233,100	^GBP	3.170% due 6/2/25		314,090
	1,332,370		Citibank - New York, 3.680% due 6/2/25		1,332,370
	452	^HKD	HSBC Bank - Hong Kong, 0.000% due 6/2/25		58
	133,737	^SGD	HSBC Bank - Singapore, 0.640% due 6/2/25		103,701
	1,830,284		JPMorgan Chase & Co. - New York, 3.680% due 6/2/25		1,830,284

203

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	SHORT-TERM INVESTMENTS - 3.4% - (continued)
	TIME DEPOSITS - 2.9% - (continued)
	169,638	^CAD	Royal Bank of Canada - Toronto, 1.570% due 6/2/25	$	123,611
	1,133	^CHF	Skandinaviska Enskilda Banken AB - Stockholm, 0.000% due 6/2/25		1,377
	6,059,372	^JPY	Sumitomo Mitsui Banking Corp. - Tokyo, 0.120% due 6/2/25		42,110

			TOTAL TIME DEPOSITS (Cost - $5,154,808)		5,154,808

	U.S. GOVERNMENT OBLIGATIONS - 0.2%
			U.S. Treasury Bills:
$	61,000		4.255% due 8/19/25(i)(k)		60,445
	324,000		4.263% due 7/10/25(i)(k)		322,557

			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost - $383,002)		383,002

			TOTAL SHORT-TERM INVESTMENTS (Cost - $6,036,810)		6,036,810

			TOTAL INVESTMENTS IN SECURITIES (Cost - $234,969,761)		218,526,038

			TOTAL INVESTMENTS IN PURCHASED OPTIONS - 0.0% (Cost - $17,390)		2,103

			TOTAL INVESTMENTS - 123.2% (Cost - $234,987,151)		218,528,141

			Liabilities in Excess of Other Assets - (23.2)%		(41,124,018	)

			TOTAL NET ASSETS - 100.0%	$	177,404,123

†	Amount denominated in U.S. dollars, unless otherwise noted.

*	Non-income producing security.

(a)	Variable rate security. Interest rate disclosed is that which was in effect at May 31, 2025.

(b)	This security is traded on a TBA basis (see Note 1).

(c)

(d)	Inverse Floating Rate Security - interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate as of May 31, 2025.

(e)	Interest only security.

(f)	Illiquid security.

(g)	Security is currently in default.

(h)	Position, or portion thereof, has been segregated to collateralize reverse repurchase agreement.

(i)	All or a portion of this security is held at the broker as collateral for open over-the-counter (“OTC”) swap contracts.

(j)	All or a portion of this security is held at the broker as collateral for open centrally cleared swap contract.

(k)	Rate shown represents yield-to-maturity.

204

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At May 31, 2025, for International Fixed Income Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund

Aggregate Cost For

Federal Income

Tax Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

(Depreciation)

International Fixed Income Fund

$ 234,987,151

$ 3,816,491

$ (22,582,254)

$ (18,765,763)


Abbreviations used in this schedule:

CLO	—	Collateralized Loan Obligation
CMT	—	Constant Maturity Treasury Rate
CPI	—	Consumer Price Index
DAC	—	Designated Activity Company
EURIBOR	—	Euro Interbank Offered Rate
LIBOR	—	London Interbank Offered Rate
LLC	—	Limited Liability Company
OAT	—	Obligations assimilables du Trésor
PAM	—	Paid at Maturity
PJSC	—	Private Joint Stock Company
PLC	—	Public Limited Company
REMICS	—	Real Estate Mortgage Investment Conduits
SOFR	—	Secured Overnight Financing Rate


Summary of Investments by Security Type^
Mortgage-Backed Securities	33.9	%
Sovereign Bonds	33.3
Collateralized Mortgage Obligations	13.7
Corporate Bonds & Notes	9.7
U.S. Government Obligations	6.4
Asset-Backed Securities	0.1
Municipal Bond	0.1
Purchased Options	0.0	*
Short-Term Investments	2.8

Total Investments	100.0	%

^	As a percentage of total investments.

*	Position represents less than 0.05%.

205

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At May 31, 2025, International Fixed Income Fund held the following Options Contracts Written:

Interest Rate Swaptions


Number of Contracts		Notional Amount†		Security Name	Counterparty	Expiration Date	Exercise Rate	Value
	400,000	$	17,320	OTC 5-Year Swaption, SOFR, Put	BCLY	9/25/25	4.350%	$	534
	2,700,000		116,910	OTC 5-Year Swaption, SOFR, Put	BOA	6/23/25	4.250%		99
	2,300,000		99,590	OTC 5-Year Swaption, SOFR, Put	DUB	6/24/25	4.400%		31
	2,700,000		116,910	OTC 5-Year Swaption, SOFR, Put	DUB	6/25/25	4.300%		94
	800,000		34,640	OTC 5-Year Swaption, SOFR, Put	DUB	6/25/25	4.280%		32
	800,000		34,640	OTC 5-Year Swaption, SOFR, Put	DUB	9/25/25	4.330%		1,131
	400,000		17,320	OTC 10-Year Swaption, SOFR, Put	BOA	6/12/25	4.138%		193
	400,000		17,320	OTC 10-Year Swaption, SOFR, Call	BOA	6/12/25	3.738%		1,078
	700,000		30,310	OTC 10-Year Swaption, SOFR, Put	GSC	6/20/25	4.130%		830
	700,000		30,310	OTC 10-Year Swaption, SOFR, Call	GSC	6/20/25	3.730%		2,737
	700,000		30,310	OTC 10-Year Swaption, SOFR, Put	GSC	6/30/25	4.101%		1,539
	700,000		30,310	OTC 10-Year Swaption, SOFR, Call	GSC	6/30/25	3.701%		3,042

				Total Interest Rate Swaptions				$	11,340

Options on Futures


Number of Contracts	Notional Amount†		Security Name	Counterparty	Expiration Date	Strike Price		Value
5	$	553,438	U.S. Treasury 10-Year Note Futures, Call	BNP	6/20/25	$	111.50	$	1,797
5		553,438	U.S. Treasury 10-Year Note Futures, Put	BNP	6/20/25	$	108.50		391

			Total Options on Futures					$	2,188

			TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received — $103,753)					$	13,528

†	Amount denominated in U.S. dollars, unless otherwise noted.

207

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At May 31, 2025, International Fixed Income Fund had open exchange-traded futures contracts as described below.

The unrealized appreciation (depreciation) on the open contracts were as follows:


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Government 3-Year Bond Futures		54		6/25	$	3,700,834	$	3,743,363	$	42,529
Canada Government 10-Year Bond Futures		72		9/25		6,344,592		6,416,964		72,372
Canada Government 5-Year Bond Futures		4		9/25		330,455		332,830		2,375
Euro-BTP Futures		105		6/25		14,297,694		14,444,412		146,718
Euro-BTP Futures		68		9/25		9,308,693		9,322,046		13,353
Euro-Buxl 30-Year Bond Futures		11		6/25		1,585,930		1,518,595		(67,335)
Euro-OAT Futures		63		6/25		8,953,463		8,995,715		42,252
Euro-Schatz Note Futures		53		6/25		6,435,969		6,460,184		24,215
U.S. Treasury 2-Year Note Futures		26		9/25		5,388,500		5,393,375		4,875
U.S. Treasury 5-Year Note Futures		127		9/25		13,693,180		13,739,813		46,633
U.S. Treasury 10-Year Note Futures		28		9/25		3,086,344		3,101,000		14,656
U.S. Ultra Long Bond Futures		68		9/25		7,614,938		7,653,188		38,250
United Kingdom Treasury 10-Year Gilt Futures		45		9/25		5,520,893		5,546,912		26,019

										406,912

Contracts to Sell:
Australian Government 10-Year Bond Futures		123		6/25		8,925,954		9,050,097		(124,143)
Euro-Bobl Futures		28		6/25		3,778,569		3,787,937		(9,368)
Euro-Bund Futures		47		6/25		6,959,332		7,002,481		(43,149)
Japan Government 10-Year Bond Futures		18		6/25		17,263,470		17,398,937		(135,467)
U.S. Treasury Long Bond Futures		1		9/25		112,219		112,781		(562)
U.S. Treasury Ultra Long Bond Futures		12		9/25		1,363,313		1,392,751		(29,438)

										(342,127)

Net Unrealized Appreciation on Open Exchange-Traded Futures Contracts									$	64,785

At May 31, 2025, International Fixed Income Fund had deposited cash of $1,779,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

210

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At May 31, 2025, International Fixed Income Fund had open forward foreign currency contracts as described below.

The unrealized appreciation (depreciation) on the open contracts were as follows:


Foreign Currency	Local Currency		In Exchange For		Counterparty		Value		Settlement Date	Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Dollar		288,000	USD	184,629		BNP	$	185,660	6/3/25	$	1,031
Australian Dollar		5,756,956	USD	3,712,891		WFB		3,711,222	6/3/25		(1,669	)
Brazilian Real		1,691,993	USD	296,389		BNP		295,886	6/3/25		(503	)
Brazilian Real		283,205	USD	50,000		BNP		49,525	6/3/25		(475	)
Brazilian Real		340,819	USD	60,000		BNP		59,600	6/3/25		(400	)
Brazilian Real		2,036,357	USD	356,711		HSBC		356,106	6/3/25		(605	)
Brazilian Real		1,299,457	USD	220,094		JPM		227,241	6/3/25		7,147
Brazilian Real		3,934,666	USD	673,675		JPM		688,071	6/3/25		14,396
Brazilian Real		4,916,245	USD	830,573		SCB		859,724	6/3/25		29,151
Brazilian Real		8,043,316	USD	1,406,820		WFB		1,397,062	7/2/25		(9,758	)
Brazilian Real		6,155,976	USD	1,078,350		WFB		1,076,521	6/3/25		(1,829	)
Brazilian Real		1,834,056	USD	315,428		WFB		320,729	6/3/25		5,301
British Pound		162,000	USD	218,195		JPM		218,316	7/2/25		121
British Pound		5,549,189	USD	7,474,758		JPM		7,477,251	6/3/25		2,493
Canadian Dollar		682,236	USD	492,731		HSBC		497,130	6/3/25		4,399
Canadian Dollar		4,541,453	USD	3,301,674		HSBC		3,309,252	6/3/25		7,578
Chinese Offshore Renminbi		368,000	USD	50,422		BCLY		51,129	6/18/25		707
Chinese Offshore Renminbi		1,024,000	USD	141,673		BCLY		142,985	8/20/25		1,312
Chinese Offshore Renminbi		437,000	USD	60,788		BNP		60,716	6/18/25		(72	)
Chinese Offshore Renminbi		108,000	USD	15,111		BNP		15,081	8/20/25		(30	)
Chinese Offshore Renminbi		435,000	USD	60,261		BNP		60,438	6/18/25		177
Chinese Offshore Renminbi		459,000	USD	63,397		BNP		63,773	6/18/25		376
Chinese Offshore Renminbi		587,000	USD	81,132		BNP		81,557	6/18/25		425
Chinese Offshore Renminbi		1,455,000	USD	201,584		BNP		202,156	6/18/25		572
Chinese Offshore Renminbi		5,502,000	USD	767,239		BNP		768,264	8/20/25		1,025
Chinese Offshore Renminbi		2,995,000	USD	416,423		BNP		418,203	8/20/25		1,780
Chinese Offshore Renminbi		10,261,000	USD	1,430,410		BNP		1,432,781	8/20/25		2,371
Chinese Offshore Renminbi		650,000	USD	90,047		BOA		90,761	8/20/25		714
Chinese Offshore Renminbi		1,161,000	USD	161,339		DUB		161,308	6/18/25		(31	)
Chinese Offshore Renminbi		1,161,000	USD	162,441		JPM		162,115	8/20/25		(326	)
Chinese Offshore Renminbi		920,000	USD	127,307		SCB		127,823	6/18/25		516
Chinese Onshore Renminbi		239,187	USD	33,420		BNP		33,336	7/17/25		(84	)
Chinese Onshore Renminbi		190,369	USD	26,424		BNP		26,491	6/26/25		67
Chinese Onshore Renminbi		648,359	USD	89,756		BNP		90,153	6/17/25		397
Chinese Onshore Renminbi		1,880,168	USD	261,215		BNP		261,632	6/26/25		417
Chinese Onshore Renminbi		1,150,732	USD	159,569		BNP		160,006	6/17/25		437
Chinese Onshore Renminbi		648,945	USD	89,756		BNP		90,234	6/17/25		478
Chinese Onshore Renminbi		2,898,767	USD	404,822		DUB		404,121	7/21/25		(701	)
Chinese Onshore Renminbi		2,422,826	USD	337,987		DUB		337,486	7/9/25		(501	)
Chinese Onshore Renminbi		238,792	USD	33,316		GSC		33,281	7/17/25		(35	)
Chinese Onshore Renminbi		8,085	USD	1,120		GSC		1,124	6/17/25		4
Chinese Onshore Renminbi		2,675,135	USD	370,630		GSC		371,781	6/11/25		1,151
Chinese Onshore Renminbi		4,889,704	USD	677,676		GSC		680,073	6/20/25		2,397
Chinese Onshore Renminbi		2,902,492	USD	401,785		JPM		403,315	6/9/25		1,530
Chinese Onshore Renminbi		517,593	USD	71,639		SCB		71,901	6/5/25		262
Danish Krone		6,721,899	USD	1,026,405		BOA		1,023,198	6/3/25		(3,207	)
Danish Krone		6,704,112	USD	1,015,331		JPM		1,022,594	7/2/25		7,263
Egyptian Pound		1,059,000	USD	20,000		DUB		21,199	6/10/25		1,199
Egyptian Pound		3,306,000	USD	60,000		DUB		63,390	8/25/25		3,390
Egyptian Pound		1,596,300	USD	30,000		GSC		31,813	6/18/25		1,813

211

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For		Counterparty	Value		Settlement Date	Unrealized Appreciation/ (Depreciation)
Contracts to Buy: (continued)
Egyptian Pound		1,101,400	USD	20,000	HSBC	$	21,106	8/26/25	$	1,106
Egyptian Pound		1,058,600	USD	20,000	HSBC		21,191	6/10/25		1,191
Egyptian Pound		1,056,600	USD	20,000	HSBC		21,234	6/3/25		1,234
Egyptian Pound		1,826,882	USD	34,489	JPM		36,571	6/10/25		2,082
Egyptian Pound		1,082,200	USD	20,000	SCB		21,168	7/22/25		1,168
Egyptian Pound		1,588,050	USD	30,000	SCB		31,896	6/4/25		1,896
Euro		148,000	USD	167,848	BCLY		168,054	6/3/25		206
Euro		28,052,456	USD	31,836,732	BOA		31,853,575	6/3/25		16,843
Euro		148,000	USD	168,027	HSBC		168,367	7/2/25		340
Euro		429,000	USD	486,816	HSBC		488,038	7/2/25		1,222
Euro		314,000	USD	357,474	JPM		356,547	6/3/25		(927	)
Euro		472,000	USD	533,887	JPM		535,956	6/3/25		2,069
Euro		184,000	USD	206,383	JPM		208,932	6/3/25		2,549
Euro		130,000	USD	147,054	NWM		147,615	6/3/25		561
Hungarian Forint		5,273,353	USD	14,557	GSC		14,770	8/22/25		213
Hungarian Forint		249,235	USD	687	SOG		698	8/22/25		11
Indian Rupee		15,009,485	USD	176,627	BOA		175,244	6/30/25		(1,383	)
Indian Rupee		15,754,743	USD	183,762	DUB		183,946	6/30/25		184
Indian Rupee		2,954,210	USD	34,507	GSC		34,493	6/30/25		(14	)
Indian Rupee		15,599,093	USD	181,850	HSBC		182,129	6/30/25		279
Indian Rupee		25,175,517	USD	294,244	JPM		293,940	6/30/25		(304	)
Indian Rupee		18,232,325	USD	212,910	JPM		212,874	6/30/25		(36	)
Indian Rupee		10,617,958	USD	123,946	JPM		123,971	6/30/25		25
Indian Rupee		15,732,104	USD	183,151	JPM		183,682	6/30/25		531
Indian Rupee		51,918,299	USD	604,524	SOG		606,178	6/30/25		1,654
Indonesian Rupiah		3,315,875,284	USD	203,241	BNP		203,175	7/16/25		(66	)
Indonesian Rupiah		3,307,339,100	USD	200,000	BNP		202,963	6/10/25		2,963
Indonesian Rupiah		8,690,701,993	USD	524,785	SCB		533,148	6/18/25		8,363
Israeli New Shekel		71,000	USD	20,079	GSC		20,208	6/4/25		129
Israeli New Shekel		403,878	USD	114,934	JPM		114,951	6/4/25		17
Japanese Yen		63,400,000	USD	442,775	BCLY		440,599	6/3/25		(2,176	)
Japanese Yen		66,414,539	USD	460,940	HSBC		461,549	6/3/25		609
Japanese Yen		43,478,997	USD	301,268	HSBC		302,158	6/3/25		890
Japanese Yen		60,000,000	USD	406,757	HSBC		417,770	6/20/25		11,013
Japanese Yen		63,700,000	USD	445,729	JPM		442,684	6/3/25		(3,045	)
Japanese Yen		54,772,627	USD	377,170	UBS		380,643	6/3/25		3,473
Japanese Yen		1,024,789,616	USD	7,122,530	WFB		7,121,788	6/3/25		(742	)
Japanese Yen		1,040,041,545	USD	7,223,514	WFB		7,227,781	6/3/25		4,267
Kazakhstan Tenge		37,387,710	USD	70,410	DUB		69,111	12/15/25		(1,299	)
Kazakhstan Tenge		25,775,000	USD	50,000	DUB		48,931	9/12/25		(1,069	)
Kazakhstan Tenge		25,887,500	USD	50,000	DUB		49,159	9/11/25		(841	)
Kazakhstan Tenge		10,305,000	USD	20,000	DUB		19,563	9/12/25		(437	)
Kazakhstan Tenge		10,898,720	USD	21,040	DUB		20,696	9/11/25		(344	)
Kazakhstan Tenge		10,451,265	USD	19,590	DUB		19,319	12/15/25		(271	)
Kazakhstan Tenge		5,180,000	USD	10,000	DUB		9,837	9/11/25		(163	)
Kazakhstan Tenge		5,289,500	USD	10,000	DUB		10,027	9/17/25		27
Kazakhstan Tenge		10,862,520	USD	20,960	GSC		20,628	9/11/25		(332	)
Kazakhstan Tenge		15,682,500	USD	30,000	GSC		29,807	9/8/25		(193	)
Korean Won		557,158,278	USD	400,000	BNP		403,406	6/9/25		3,406
Korean Won		214,616,035	USD	147,000	BNP		155,497	6/18/25		8,497
Korean Won		186,421,094	USD	136,338	BOA		134,944	6/5/25		(1,394	)
Korean Won		281,774,965	USD	199,498	DUB		204,061	6/12/25		4,563
Korean Won		291,079,661	USD	204,463	DUB		210,897	6/18/25		6,434
Korean Won		1,074,950,731	USD	779,684	JPM		778,537	6/13/25		(1,147	)
Korean Won		1,069,741,907	USD	775,209	JPM		774,705	6/12/25		(504	)
Korean Won		281,499,852	USD	198,407	JPM		203,862	6/12/25		5,455
Korean Won		547,265,261	USD	385,580	JPM		396,329	6/12/25		10,749
Mexican Peso		3,916,000	USD	198,840	BOA		201,508	6/18/25		2,668
Mexican Peso		3,217,000	USD	163,574	JPM		165,539	6/18/25		1,965
New Taiwan Dollar		5,984,814	USD	200,000	BNP		200,101	6/9/25		101
New Taiwan Dollar		6,007,536	USD	200,000	BNP		200,912	6/12/25		912
New Taiwan Dollar		3,557,603	USD	109,381	GSC		119,335	7/16/25		9,954
New Taiwan Dollar		3,862,022	USD	118,000	GSC		129,945	8/20/25		11,945

212

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For		Counterparty		Value		Settlement Date	Unrealized Appreciation/ (Depreciation)
Contracts to Buy: (continued)
New Taiwan Dollar		4,972,377	USD	152,865		GSC	$	166,792	7/16/25	$	13,927
New Taiwan Dollar		2,808,190	USD	89,000		SCB		94,487	8/20/25		5,487
New Zealand Dollar		140,464	USD	83,688		JPM		83,934	6/3/25		246
Nigerian Naira		4,880,700	USD	3,060		DUB		3,053	6/13/25		(7	)
Nigerian Naira		48,120,000	USD	30,000		JPM		29,915	6/23/25		(85	)
Nigerian Naira		16,150,000	USD	10,000		SCB		10,078	6/17/25		78
Nigerian Naira		48,525,000	USD	30,000		SCB		30,299	6/16/25		299
Nigerian Naira		32,100,000	USD	20,000		SOG		20,018	6/18/25		18
Peruvian Sol		1,448,132	USD	397,293		BCLY		400,033	6/18/25		2,740
Polish Zloty		5,453	USD	1,408		BCLY		1,457	6/6/25		49
Polish Zloty		44,553	USD	11,516		BNP		11,903	6/6/25		387
Polish Zloty		460,733	USD	118,624		BNP		123,091	6/6/25		4,467
Polish Zloty		949,459	USD	247,447		BNP		253,576	6/20/25		6,129
Polish Zloty		688,380	USD	173,472		BNP		183,911	6/6/25		10,439
Polish Zloty		47,837	USD	12,388		GSC		12,778	6/13/25		390
Polish Zloty		785,646	USD	203,554		HSBC		209,826	6/20/25		6,272
Polish Zloty		42,505	USD	10,967		JPM		11,354	6/13/25		387
Polish Zloty		927,882	USD	240,997		JPM		247,814	6/20/25		6,817
Polish Zloty		967,117	USD	247,882		JPM		258,379	6/6/25		10,497
Polish Zloty		268,984	USD	69,697		UBS		71,863	6/6/25		2,166
Polish Zloty		122,931	USD	32,752		WFB		32,837	6/13/25		85
Polish Zloty		51,698	USD	13,378		WFB		13,810	6/13/25		432
Polish Zloty		511,218	USD	131,899		WFB		136,579	6/6/25		4,680
Singapore Dollar		17,270	USD	13,381		DUB		13,391	6/3/25		10
Singapore Dollar		2,777,235	USD	2,160,768		HSBC		2,153,480	6/3/25		(7,288	)
Singapore Dollar		1,156,034	USD	898,309		JPM		896,394	6/3/25		(1,915	)
Singapore Dollar		25,827	USD	20,057		WFB		20,027	6/3/25		(30	)
South African Rand		3,646,000	USD	199,931		BOA		202,450	6/23/25		2,519
Swiss Franc		328,000	USD	398,006		BOA		398,639	6/3/25		633
Swiss Franc		339,688	USD	411,039		WFB		412,844	6/3/25		1,805
Thai Baht		655,144	USD	20,000		GSC		20,001	7/16/25		1
Turkish Lira		15,073,093	USD	382,110		BCLY		380,554	6/11/25		(1,556	)
Turkish Lira		11,336,632	USD	277,784		BCLY		277,975	7/9/25		191
Turkish Lira		3,725,848	USD	94,268		BCLY		94,764	6/5/25		496
Turkish Lira		4,026,684	USD	100,341		BCLY		100,936	6/18/25		595
Turkish Lira		5,853,226	USD	145,081		BCLY		145,680	6/25/25		599
Turkish Lira		4,577,513	USD	114,033		BCLY		114,744	6/18/25		711
Turkish Lira		5,118,526	USD	128,277		BCLY		129,361	6/10/25		1,084
Turkish Lira		7,236,524	USD	181,169		BCLY		182,515	6/12/25		1,346
Turkish Lira		15,544,696	USD	387,484		BCLY		388,862	6/20/25		1,378
Turkish Lira		7,249,303	USD	181,142		BCLY		182,649	6/13/25		1,507
Turkish Lira		7,487,699	USD	186,238		BCLY		187,885	6/17/25		1,647

											278,881

Contracts to Sell:
Australian Dollar		115,000	USD	73,586		BOA		74,135	6/3/25		(549	)
Australian Dollar		95,000	USD	60,924		JPM		61,242	6/3/25		(318	)
Australian Dollar		115,000	USD	74,555		JPM		74,135	6/3/25		420
Australian Dollar		5,719,956	USD	3,644,727		WFB		3,687,370	6/3/25		(42,643	)
Australian Dollar		5,756,956	USD	3,714,365		WFB		3,712,764	7/2/25		1,601
Brazilian Real		2,700,000	USD	440,533		BNP		458,251	10/2/25		(17,718	)
Brazilian Real		1,500,000	USD	246,832		BNP		254,584	10/2/25		(7,752	)
Brazilian Real		2,316,016	USD	400,000		BNP		405,011	6/3/25		(5,011	)
Brazilian Real		1,300,000	USD	215,908		BNP		220,639	10/2/25		(4,731	)
Brazilian Real		8,500,000	USD	1,387,687		GSC		1,442,645	10/2/25		(54,958	)
Brazilian Real		1,400,000	USD	229,516		GSC		237,612	10/2/25		(8,096	)
Brazilian Real		1,300,000	USD	214,001		GSC		220,640	10/2/25		(6,639	)
Brazilian Real		900,000	USD	148,069		GSC		152,751	10/2/25		(4,682	)
Brazilian Real		300,000	USD	46,682		GSC		50,917	10/2/25		(4,235	)
Brazilian Real		600,000	USD	98,493		GSC		101,834	10/2/25		(3,341	)
Brazilian Real		400,000	USD	66,126		GSC		67,890	10/2/25		(1,764	)
Brazilian Real		2,036,357	USD	356,187		HSBC		356,106	6/3/25		81
Brazilian Real		5,234,123	USD	916,868		JPM		915,313	6/3/25		1,555

213

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For		Counterparty	Value		Settlement Date	Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
Brazilian Real		4,916,245	USD	861,185	SCB	$	859,724	6/3/25	$	1,461
Brazilian Real		7,990,032	USD	1,406,820	WFB		1,397,250	6/3/25		9,570
British Pound		5,217,189	USD	6,996,449	BCLY		7,029,898	6/3/25		(33,449	)
British Pound		170,000	USD	224,680	BNP		229,067	6/3/25		(4,387	)
British Pound		162,000	USD	215,713	BNP		218,287	6/3/25		(2,574	)
British Pound		5,549,189	USD	7,475,756	JPM		7,478,278	7/2/25		(2,522	)
Canadian Dollar		5,225,670	USD	3,775,457	BNP		3,807,826	6/3/25		(32,369	)
Canadian Dollar		4,534,734	USD	3,301,674	HSBC		3,309,157	7/2/25		(7,483	)
Chinese Offshore Renminbi		4,693,000	USD	652,963	BCLY		655,301	8/20/25		(2,338	)
Chinese Offshore Renminbi		972,000	USD	135,341	BCLY		135,724	8/20/25		(383	)
Chinese Offshore Renminbi		56,000	USD	7,707	BCLY		7,781	6/18/25		(74	)
Chinese Offshore Renminbi		3,883,493	USD	532,288	BNP		539,566	6/18/25		(7,278	)
Chinese Offshore Renminbi		3,281,350	USD	448,658	BNP		455,906	6/18/25		(7,248	)
Chinese Offshore Renminbi		634,000	USD	86,842	BNP		88,087	6/18/25		(1,245	)
Chinese Offshore Renminbi		1,686,000	USD	233,116	BNP		234,250	6/18/25		(1,134	)
Chinese Offshore Renminbi		1,068,000	USD	147,750	BNP		148,386	6/18/25		(636	)
Chinese Offshore Renminbi		107,173	USD	14,736	BNP		14,890	6/18/25		(154	)
Chinese Offshore Renminbi		900,000	USD	125,030	BNP		125,044	6/18/25		(14	)
Chinese Offshore Renminbi		2,771,000	USD	387,230	BNP		386,925	8/20/25		305
Chinese Offshore Renminbi		8,498,970	USD	1,163,075	BOA		1,180,834	6/18/25		(17,759	)
Chinese Offshore Renminbi		3,488,000	USD	482,482	BOA		484,617	6/18/25		(2,135	)
Chinese Offshore Renminbi		699,000	USD	95,506	BOA		97,604	8/20/25		(2,098	)
Chinese Offshore Renminbi		3,187,692	USD	441,203	HSBC		445,109	8/20/25		(3,906	)
Chinese Offshore Renminbi		3,178,845	USD	441,108	HSBC		442,628	7/16/25		(1,520	)
Chinese Offshore Renminbi		924,000	USD	127,538	HSBC		128,379	6/18/25		(841	)
Chinese Offshore Renminbi		4,182,077	USD	578,182	JPM		583,959	8/20/25		(5,777	)
Chinese Offshore Renminbi		2,160,882	USD	296,064	JPM		300,230	6/18/25		(4,166	)
Chinese Offshore Renminbi		6,489,829	USD	902,167	JPM		906,198	8/20/25		(4,031	)
Chinese Offshore Renminbi		2,852,893	USD	394,662	JPM		397,242	7/16/25		(2,580	)
Chinese Offshore Renminbi		2,878,472	USD	399,466	JPM		400,804	7/16/25		(1,338	)
Chinese Offshore Renminbi		4,831,000	USD	667,966	SCB		674,570	8/20/25		(6,604	)
Chinese Offshore Renminbi		688,000	USD	96,097	SCB		96,068	8/20/25		29
Chinese Offshore Renminbi		3,025,085	USD	420,945	WFB		421,218	7/16/25		(273	)
Chinese Onshore Renminbi		240,019	USD	33,420	BNP		33,342	6/5/25		78
Chinese Onshore Renminbi		2,908,078	USD	404,822	DUB		404,091	6/9/25		731
Chinese Onshore Renminbi		239,559	USD	33,316	GSC		33,278	6/5/25		38
Danish Krone		7,230,000	USD	1,034,163	HSBC		1,125,492	4/1/26		(91,329	)
Egyptian Pound		1,056,600	USD	21,221	HSBC		21,233	6/3/25		(12	)
Euro		345,000	USD	392,439	BNP		391,748	6/3/25		691
Euro		28,052,456	USD	31,897,017	BOA		31,912,931	7/2/25		(15,914	)
Euro		1,491,000	USD	1,694,690	BOA		1,693,031	6/3/25		1,659
Euro		26,917,456	USD	30,577,961	BOA		30,564,782	6/3/25		13,179
Euro		399,000	USD	448,686	HSBC		453,065	6/3/25		(4,379	)
Indian Rupee		2,156,045	USD	25,062	BOA		25,173	6/30/25		(111	)
Indian Rupee		8,903,590	USD	103,021	DUB		103,955	6/30/25		(934	)
Indian Rupee		8,778,221	USD	101,453	SCB		102,491	6/30/25		(1,038	)
Indonesian Rupiah		3,311,505,604	USD	203,241	BNP		203,219	6/10/25		22
Israeli New Shekel		414,382	USD	117,906	BCLY		117,943	6/11/25		(37	)
Israeli New Shekel		468,000	USD	132,158	BOA		133,201	6/4/25		(1,043	)
Israeli New Shekel		786,128	USD	220,000	JPM		223,745	6/4/25		(3,745	)
Israeli New Shekel		403,878	USD	114,934	JPM		114,953	6/11/25		(19	)
Japanese Yen		19,308,146	USD	135,368	BCLY		134,183	6/3/25		1,185
Japanese Yen		437,030,842	USD	3,051,348	BNP		3,037,151	6/3/25		14,197
Japanese Yen		444,888,172	USD	3,113,512	BNP		3,091,756	6/3/25		21,756
Japanese Yen		60,000,000	USD	400,173	GSC		417,769	6/20/25		(17,596	)
Japanese Yen		50,000,000	USD	371,443	GSC		355,782	1/5/26		15,661
Japanese Yen		43,336,377	USD	301,268	HSBC		302,157	7/2/25		(889	)
Japanese Yen		66,196,284	USD	460,940	HSBC		461,544	7/2/25		(604	)
Japanese Yen		6,704,850	USD	46,679	HSBC		46,749	7/2/25		(70	)
Japanese Yen		68,946,762	USD	482,811	HSBC		479,146	6/3/25		3,665
Japanese Yen		65,013,826	USD	457,134	HSBC		451,814	6/3/25		5,320
Japanese Yen		11,900,000	USD	82,278	JPM		82,971	7/2/25		(693	)
Japanese Yen		60,000,000	USD	437,801	JPM		426,938	1/5/26		10,863

214

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For		Counterparty	Value		Settlement Date	Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
Japanese Yen		54,592,717	USD	377,170	UBS	$	380,640	7/2/25	$	(3,470	)
Japanese Yen		28,131,633	USD	198,435	UBS		195,501	6/3/25		2,934
Japanese Yen		1,036,629,157	USD	7,223,514	WFB		7,227,747	7/2/25		(4,233	)
Japanese Yen		1,021,424,220	USD	7,122,530	WFB		7,121,733	7/2/25		797
Japanese Yen		1,299,998,338	USD	9,106,053	WFB		9,034,354	6/3/25		71,699
Kazakhstan Tenge		9,226,750	USD	17,000	DUB		17,521	9/11/25		(521	)
Korean Won		135,785,580	USD	93,000	BCLY		98,381	6/18/25		(5,381	)
Korean Won		1,565,711,509	USD	1,099,092	BNP		1,133,886	6/12/25		(34,794	)
Korean Won		41,729,400	USD	30,000	BOA		30,246	6/23/25		(246	)
Korean Won		185,853,930	USD	136,338	BOA		134,931	7/16/25		1,407
Korean Won		617,989,320	USD	432,039	DUB		447,547	6/12/25		(15,508	)
Korean Won		411,279,564	USD	283,651	DUB		297,986	6/18/25		(14,335	)
Korean Won		186,366,555	USD	129,792	DUB		134,904	6/5/25		(5,112	)
Korean Won		68,326,113	USD	47,998	DUB		49,505	6/18/25		(1,507	)
Korean Won		105,245,367	USD	73,147	HSBC		76,254	6/18/25		(3,107	)
Korean Won		547,377,080	USD	385,580	JPM		396,324	6/9/25		(10,744	)
Korean Won		1,069,648,882	USD	775,209	JPM		774,698	6/13/25		511
Korean Won		1,074,584,279	USD	779,684	JPM		778,572	6/18/25		1,112
Malaysian Ringgit		14,607,921	USD	3,456,678	BCLY		3,433,947	6/18/25		22,731
Malaysian Ringgit		421,892	USD	99,769	BOA		99,176	6/18/25		593
Mexican Peso		1,857,000	USD	94,939	BOA		95,557	6/18/25		(618	)
New Taiwan Dollar		8,091,585	USD	247,381	BNP		272,256	8/20/25		(24,875	)
New Taiwan Dollar		6,161,074	USD	189,554	BNP		207,301	8/20/25		(17,747	)
New Taiwan Dollar		5,460,780	USD	167,802	BNP		183,174	7/16/25		(15,372	)
New Taiwan Dollar		4,469,744	USD	137,734	BNP		149,931	7/16/25		(12,197	)
New Taiwan Dollar		599,862	USD	20,000	BNP		20,080	6/23/25		(80	)
New Taiwan Dollar		2,898,614	USD	99,000	BNP		97,529	8/20/25		1,471
New Taiwan Dollar		77,487	USD	2,377	BOA		2,608	8/20/25		(231	)
New Taiwan Dollar		9,997,683	USD	305,562	HSBC		336,390	8/20/25		(30,828	)
New Taiwan Dollar		5,621,589	USD	172,489	HSBC		188,568	7/16/25		(16,079	)
New Taiwan Dollar		6,470,895	USD	202,722	HSBC		217,725	8/20/25		(15,003	)
New Taiwan Dollar		9,135,855	USD	279,290	JPM		307,392	8/20/25		(28,102	)
New Taiwan Dollar		6,491,325	USD	200,201	JPM		218,412	8/20/25		(18,211	)
New Taiwan Dollar		5,499,384	USD	168,900	JPM		184,469	7/16/25		(15,569	)
New Taiwan Dollar		3,486,229	USD	106,313	JPM		117,300	8/20/25		(10,987	)
New Taiwan Dollar		3,965,427	USD	122,077	JPM		133,015	7/16/25		(10,938	)
New Taiwan Dollar		3,290,175	USD	100,873	JPM		110,704	8/20/25		(9,831	)
New Taiwan Dollar		4,499,169	USD	137,895	SCB		151,383	8/20/25		(13,488	)
New Zealand Dollar		128,000	USD	76,291	BCLY		76,486	6/3/25		(195	)
New Zealand Dollar		140,325	USD	83,688	JPM		83,939	7/2/25		(251	)
New Zealand Dollar		12,337	USD	7,322	WFB		7,372	6/3/25		(50	)
Peruvian Sol		1,201,895	USD	327,456	BCLY		330,928	11/10/25		(3,472	)
Peruvian Sol		1,451,311	USD	397,293	BCLY		400,064	9/17/25		(2,771	)
Peruvian Sol		389,103	USD	106,131	BNP		107,369	8/7/25		(1,238	)
Peruvian Sol		994,093	USD	271,447	DUB		274,609	6/18/25		(3,162	)
Peruvian Sol		761,097	USD	208,554	DUB		209,779	9/22/25		(1,225	)
Peruvian Sol		672,552	USD	180,638	GSC		185,624	7/30/25		(4,986	)
Peruvian Sol		452,053	USD	122,000	GSC		124,875	6/18/25		(2,875	)
Peruvian Sol		1,011,108	USD	275,905	GSC		278,761	9/10/25		(2,856	)
Polish Zloty		1,511,000	USD	398,779	BCLY		403,685	6/6/25		(4,906	)
Polish Zloty		756,000	USD	200,941	BOA		201,977	6/6/25		(1,036	)
Polish Zloty		417,000	USD	107,380	UBS		111,407	6/6/25		(4,027	)
Polish Zloty		122,910	USD	32,752	WFB		32,837	6/6/25		(85	)
Singapore Dollar		127,000	USD	97,143	BCLY		98,476	6/3/25		(1,333	)
Singapore Dollar		19,375	USD	14,861	BCLY		15,023	6/3/25		(162	)
Singapore Dollar		239,131	USD	182,738	BOA		185,423	6/3/25		(2,685	)
Singapore Dollar		31,863	USD	24,385	BOA		24,706	6/3/25		(321	)
Singapore Dollar		33,622	USD	25,648	DUB		26,071	6/3/25		(423	)
Singapore Dollar		17,238	USD	13,381	DUB		13,391	7/2/25		(10	)
Singapore Dollar		537,000	USD	414,498	GSC		416,392	6/3/25		(1,894	)
Singapore Dollar		2,425,006	USD	1,859,140	HSBC		1,880,360	6/3/25		(21,220	)
Singapore Dollar		2,772,006	USD	2,160,768	HSBC		2,153,342	7/2/25		7,426
Singapore Dollar		421,290	USD	321,227	JPM		326,670	6/3/25		(5,443	)

215

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For		Counterparty	Value		Settlement Date	Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
Singapore Dollar		159,869	USD	122,194	JPM	$	123,963	6/3/25	$	(1,769	)
Singapore Dollar		1,153,891	USD	898,309	JPM		896,363	7/2/25		1,946
Singapore Dollar		17,766	USD	13,796	WFB		13,801	7/2/25		(5	)
Singapore Dollar		25,780	USD	20,057	WFB		20,026	7/2/25		31
South African Rand		359,000	USD	20,028	BOA		19,934	6/23/25		94
South African Rand		82,471	USD	4,351	GSC		4,579	6/23/25		(228	)
South African Rand		717,000	USD	39,877	GSC		39,813	6/23/25		64
South African Rand		11,988,192	USD	621,623	JPM		665,664	6/23/25		(44,041	)
South African Rand		5,685,000	USD	298,973	UBS		315,669	6/23/25		(16,696	)
South African Rand		3,725,000	USD	198,304	UBS		206,837	6/23/25		(8,533	)
South African Rand		1,935,459	USD	102,048	UBS		107,470	6/23/25		(5,422	)
Swiss Franc		668,176	USD	808,137	WFB		812,076	6/3/25		(3,939	)
Swiss Franc		338,480	USD	411,039	WFB		412,848	7/2/25		(1,809	)
Thai Baht		1,365,108	USD	41,303	BNP		41,675	7/16/25		(372	)
Thai Baht		6,061,980	USD	183,158	HSBC		185,062	7/16/25		(1,904	)
Thai Baht		209,127	USD	6,300	HSBC		6,384	7/16/25		(84	)
Thai Baht		5,693,712	USD	171,358	UBS		173,820	7/16/25		(2,462	)
Turkish Lira		17,130,683	USD	421,305	BCLY		432,503	6/11/25		(11,198	)

										(744,485	)

Net Unrealized Depreciation on Open Forward Foreign Currency Contracts									$	(465,604	)

216

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At May 31, 2025, International Fixed Income Fund held the following OTC Total Return Swap Contracts:


Fund Pay Floating Rate Index	Fund Receive Floating Rate Index	Financing Rate	Payment Frequency	Maturity Date	Counterparty	Notional Amount		Value		Upfront Payment Paid		Unrealized Appreciation/ (Depreciation)
iBoxx Investment Grade Index	SOFR	3.258%	PAM	6/20/25	BNP	USD	7,800,000	$	96,453	$	84,863	$	11,590
iBoxx Investment Grade Index	SOFR	3.229%	PAM	9/22/25	BNP	USD	1,200,000		5,631		12,951		(7,320	)
iBoxx Investment Grade Index	SOFR	3.228%	PAM	9/22/25	JPM	USD	5,100,000		22,664		52,582		(29,918	)

								$	124,748	$	150,396	$	(25,648	)

217

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At May 31, 2025, International Fixed Income Fund held the following OTC Interest Rate Swap Contracts:


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Payment Frequency	Counterparty		Notional Amount			Value				Upfront Payment Paid/ (Received)				Unrealized Appreciation/ (Depreciation)
Pay	3-Month MYR-KLIBOR		3.500	%		3/19/30	3-Month		BNP		MYR	2,250,000		$	6,776			$	—			$	6,776
Pay	3-Month MYR-KLIBOR		3.500	%		3/19/30	3-Month		GSC		MYR	6,070,000			18,279				(2,641	)			20,920
Receive	3-Month MYR-KLIBOR		3.750	%		9/20/33	3-Month		GSC		MYR	1,510,000			(9,723	)			9,564				(19,287	)
Receive	3-Month MYR-KLIBOR		3.750	%		9/18/34	3-Month		BNP		MYR	1,050,000			(6,520	)			(2,898	)			(3,622	)
Receive	3-Month MYR-KLIBOR		3.750	%		3/19/35	3-Month		JPM		MYR	1,990,000			(12,020	)			1,514				(13,534	)
Pay	China 7-Day Reverse Repo Index		1.500	%		3/18/31	3-Month		SCB		CNY	85,800,000			10,506				39,641				(29,135	)
Pay	China 7-Day Reverse Repo Index		1.500	%		3/18/31	3-Month		BNP		CNY	159,800,000			19,567				(24,547	)			44,114
Pay	China 7-Day Reverse Repo Index		2.250	%		9/18/29	3-Month		BNP		CNY	2,700,000			12,255				3,411				8,844

														$	39,120			$	24,044			$	15,076

218

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At May 31, 2025, International Fixed Income Fund held the following Centrally Cleared Interest Rate Swap Contracts:


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Maturity Date	Payment Frequency	Notional Amount			Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	3-Month FRA New Zealand Bank Bill	3.750%	6/15/27	6-Month		NZD	900,000	$	9,854		$	(28,224	)	$	38,078
Pay	3-Month FRA New Zealand Bank Bill	4.750%	6/19/29	6-Month		NZD	1,800,000		63,425			(1,236	)		64,661
Pay	3-Month South Korean Certificate of Deposit	2.500%	9/17/30	3-Month		KRW	56,040,000		190			(114	)		304
Pay	3-Month Stockholm Interbank Offered Rate	2.474%	2/3/30	12-Month		SEK	4,400,000		6,503			—			6,503
Pay	6-Month Australian Bank Bill	3.750%	3/19/30	6-Month		AUD	19,500,000		27,412			(44,431	)		71,843
Pay	6-Month Australian Bank Bill	4.000%	6/21/33	6-Month		AUD	200,000		(397	)		(12,380	)		11,983
Pay	6-Month Australian Bank Bill	4.250%	3/19/35	6-Month		AUD	1,200,000		5,937			(545	)		6,482
Pay	6-Month Australian Bank Bill	4.500%	3/19/35	6-Month		AUD	4,500,000		83,282			(13,988	)		97,270
Pay	6-Month Australian Bank Bill	4.500%	6/18/35	6-Month		AUD	500,000		9,089			2,896			6,193
Pay	6-Month EURIBOR	0.451%	5/27/50	12-Month		EUR	200,000		(91,696	)		—			(91,696	)
Pay	6-Month EURIBOR	0.650%	4/12/27	12-Month		EUR	500,000		(14,812	)		—			(14,812	)
Pay	6-Month EURIBOR	0.650%	5/11/27	12-Month		EUR	300,000		(8,802	)		—			(8,802	)
Pay	6-Month EURIBOR	0.700%	4/11/27	12-Month		EUR	200,000		(5,779	)		—			(5,779	)
Pay	6-Month EURIBOR	1.000%	5/13/27	12-Month		EUR	500,000		(10,736	)		—			(10,736	)
Pay	6-Month EURIBOR	2.250%	9/17/30	12-Month		EUR	11,700,000		20,185			(179,354	)		199,539
Pay	6-Month EURIBOR	2.250%	9/21/37	12-Month		EUR	5,650,000		(179,236	)		141,469			(320,705	)
Pay	6-Month EURIBOR	2.250%	9/21/42	12-Month		EUR	2,310,000		(136,294	)		176,898			(313,192	)
Pay	6-Month EURIBOR	2.250%	9/17/55	12-Month		EUR	700,000		(59,319	)		(49,363	)		(9,956	)
Pay	6-Month EURIBOR	2.343%	1/10/30	12-Month		EUR	3,400,000		22,497			3,599			18,898
Pay	6-Month EURIBOR	3.000%	3/19/27	12-Month		EUR	7,050,000		150,330			47,415			102,915
Pay	6-Month EURIBOR	3.370%	10/9/28	12-Month		EUR	710,000		48,311			—			48,311
Receive	6-Month EURIBOR	0.054%	5/27/50	12-Month		EUR	50,000		27,068			6,520			20,548
Receive	6-Month EURIBOR	2.000%	9/17/27	12-Month		EUR	5,400,000		(7,401	)		(13,304	)		5,903
Receive	6-Month EURIBOR	2.213%	3/12/55	12-Month		EUR	2,100,000		62,293			—			62,293
Receive	6-Month EURIBOR	2.250%	9/17/35	12-Month		EUR	1,030,000		29,411			23,854			5,557
Receive	6-Month EURIBOR	2.270%	3/12/55	12-Month		EUR	1,200,000		29,096			202			28,894
Receive	6-Month EURIBOR	2.282%	3/12/55	12-Month		EUR	200,000		4,621			—			4,621
Receive	6-Month EURIBOR	3.000%	3/15/33	12-Month		EUR	3,160,000		(60,619	)		(33,464	)		(27,155	)
Receive	Bank of Japan Uncollateralised Overnight Call Rate	2.000%	6/18/55	12-Month		JPY	10,000,000		2,757			(2,075	)		4,832
Pay	Bank of Japan Uncollateralized Overnight Call Rate	0.000%	3/17/31	6-Month		JPY	130,000,000		(53,363	)		(4,651	)		(48,712	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate	0.050%	12/15/31	12-Month		JPY	490,000,000		(213,718	)		(164,853	)		(48,865	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate	0.250%	3/15/32	12-Month		JPY	50,000,000		(17,975	)		(1,479	)		(16,496	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate	0.400%	12/15/51	12-Month		JPY	67,000,000		(167,391	)		(28,522	)		(138,869	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate	0.450%	12/15/51	12-Month		JPY	40,000,000		(96,934	)		(61,872	)		(35,062	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate	0.750%	3/19/27	12-Month		JPY	570,000,000		4,590			628			3,962
Pay	Bank of Japan Uncollateralized Overnight Call Rate	0.850%	9/20/33	12-Month		JPY	68,100,000		(8,772	)		(4,741	)		(4,031	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate	1.000%	3/19/32	12-Month		JPY	860,000,000		(6,055	)		(15,354	)		9,299
Pay	Bank of Japan Uncollateralized Overnight Call Rate	1.000%	9/18/34	12-Month		JPY	90,000,000		(7,918	)		(2,958	)		(4,960	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate	1.000%	3/19/35	12-Month		JPY	800,000,000		(113,087	)		(65,211	)		(47,876	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate	1.000%	6/19/44	12-Month		JPY	230,000,000		(213,308	)		(92,913	)		(120,395	)
Receive	Bank of Japan Uncollateralized Overnight Call Rate	0.400%	6/19/39	6-Month		JPY	80,000,000		85,274			(20,457	)		105,731
Receive	Bank of Japan Uncollateralized Overnight Call Rate	1.500%	9/18/54	12-Month		JPY	63,500,000		61,808			9,937			51,871
Pay	Canadian Overnight Repo Rate Average	1.713%	10/2/29	6-Month		CAD	400,000		(10,433	)		(29,897	)		19,464
Pay	Canadian Overnight Repo Rate Average	2.850%	9/1/29	6-Month		CAD	1,000,000		9,147			(2,988	)		12,135
Pay	Canadian Overnight Repo Rate Average	3.250%	6/21/53	6-Month		CAD	200,000		3,057			(10,586	)		13,643

219

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Maturity Date	Payment Frequency	Notional Amount			Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	Canadian Overnight Repo Rate Average	3.898%	6/19/26	PAM		CAD	2,500,000	$	25,328		$	(3,864	)	$	29,192
Pay	Canadian Overnight Repo Rate Average	3.925%	6/19/26	PAM		CAD	4,300,000		44,403			(371	)		44,774
Receive	Canadian Overnight Repo Rate Average	2.850%	6/1/33	6-Month		CAD	300,000		(505	)		2,521			(3,026	)
Receive	Canadian Overnight Repo Rate Average	2.880%	9/1/33	6-Month		CAD	400,000		(1,188	)		—			(1,188	)
Receive	Canadian Overnight Repo Rate Average	3.000%	6/1/33	6-Month		CAD	200,000		(2,039	)		723			(2,762	)
Receive	Canadian Overnight Repo Rate Average	3.000%	6/1/34	6-Month		CAD	700,000		(5,157	)		98			(5,255	)
Receive	Canadian Overnight Repo Rate Average	3.180%	6/1/33	6-Month		CAD	1,500,000		(29,810	)		(1,311	)		(28,499	)
Receive	Canadian Overnight Repo Rate Average	3.250%	12/20/33	6-Month		CAD	2,500,000		(57,950	)		144,403			(202,353	)
Receive	Canadian Overnight Repo Rate Average	3.250%	12/18/34	6-Month		CAD	200,000		(4,313	)		(4,815	)		502
Receive	Canadian Overnight Repo Rate Average	3.750%	12/20/33	6-Month		CAD	500,000		(26,267	)		(2,465	)		(23,802	)
Pay	Euro Short-Term Rate Market Index	1.795%	10/11/29	12-Month		EUR	2,700,000		(21,772	)		—			(21,772	)
Pay	Euro Short-Term Rate Market Index	1.923%	10/11/29	12-Month		EUR	1,800,000		(2,937	)		—			(2,937	)
Pay	Euro Short-Term Rate Market Index	2.028%	10/11/29	12-Month		EUR	800,000		957			2,642			(1,685	)
Receive	Financial Benchmarks India Overnight Mumbai Interbank Outright Rate	6.000%	9/17/30	6-Month		INR	26,680,000		(4,884	)		(785	)		(4,099	)
Receive	Singapore Overnight Rate Average	2.500%	9/17/30	6-Month		SGD	600,000		(12,546	)		(8,022	)		(4,524	)
Receive	Singapore Overnight Rate Average	2.750%	9/18/29	6-Month		SGD	4,720,000		(137,881	)		(190	)		(137,691	)
Pay	SOFR	3.250%	6/18/35	12-Month		USD	700,000		(34,178	)		(38,400	)		4,222
Pay	SOFR	3.981%	11/30/27	12-Month		USD	3,700,000		24,035			—			24,035
Receive	SOFR	1.000%	12/15/26	12-Month		USD	1,000,000		57,690			3,719			53,971
Receive	SOFR	2.965%	11/30/26	12-Month		USD	6,600,000		131,253			(3,697	)		134,950
Receive	SOFR	3.000%	3/19/27	12-Month		USD	12,760,000		198,046			261,813			(63,767	)
Receive	SOFR	3.000%	3/19/30	12-Month		USD	3,820,000		109,541			177,729			(68,188	)
Receive	SOFR	3.250%	6/18/27	12-Month		USD	2,200,000		16,896			16,095			801
Receive	SOFR	3.250%	6/18/30	12-Month		USD	5,600,000		85,809			69,148			16,661
Receive	SOFR	3.250%	3/19/35	12-Month		USD	5,680,000		283,386			378,116			(94,730	)
Receive	SOFR	3.250%	12/20/53	12-Month		USD	100,000		13,921			11,616			2,305
Receive	SOFR	3.250%	3/19/55	12-Month		USD	400,000		54,721			47,355			7,366
Receive	SOFR	3.500%	12/20/38	12-Month		USD	3,200,000		176,349			50,178			126,171
Receive	SOFR	3.500%	6/20/54	12-Month		USD	300,000		31,247			14,915			16,332
Receive	SOFR	3.593%	8/31/29	12-Month		USD	2,800,000		(2,826	)		—			(2,826	)
Receive	SOFR	3.595%	8/19/34	12-Month		USD	400,000		9,942			—			9,942
Receive	SOFR	3.613%	8/22/34	12-Month		USD	300,000		6,949			—			6,949
Receive	SOFR	3.620%	11/30/29	12-Month		USD	4,800,000		(18,486	)		(10,253	)		(8,233	)
Receive	SOFR	3.645%	8/7/34	12-Month		USD	700,000		14,695			—			14,695
Receive	SOFR	3.661%	8/31/29	12-Month		USD	2,300,000		(8,508	)		—			(8,508	)
Receive	SOFR	3.750%	6/21/25	12-Month		USD	4,900,000		52,357			24,288			28,069
Receive	SOFR	3.750%	6/20/31	12-Month		USD	400,000		1,857			(2,001	)		3,858
Receive	SOFR	3.750%	5/15/32	12-Month		USD	130,000		(678	)		(433	)		(245	)
Receive	SOFR	3.771%	2/15/55	12-Month		USD	100,000		4,567			—			4,567
Receive	SOFR	3.773%	3/4/55	12-Month		USD	400,000		18,244			—			18,244
Receive	SOFR	3.781%	11/15/53	12-Month		USD	100,000		4,381			—			4,381
Receive	SOFR	3.782%	11/15/53	12-Month		USD	200,000		8,733			—			8,733
Receive	SOFR	3.791%	11/15/53	12-Month		USD	300,000		12,673			—			12,673
Receive	SOFR	3.806%	2/15/55	12-Month		USD	200,000		7,956			—			7,956
Receive	SOFR	3.815%	11/15/34	12-Month		USD	700,000		(168	)		—			(168	)
Receive	SOFR	3.836%	5/15/34	12-Month		USD	500,000		(1,609	)		—			(1,609	)
Receive	SOFR	3.840%	6/30/31	12-Month		USD	1,300,000		(9,886	)		—			(9,886	)
Receive	SOFR	3.843%	11/15/34	12-Month		USD	1,200,000		(3,028	)		—			(3,028	)
Receive	SOFR	3.844%	11/15/34	12-Month		USD	1,500,000		(3,818	)		—			(3,818	)
Receive	SOFR	3.847%	5/15/34	12-Month		USD	300,000		(1,213	)		—			(1,213	)
Receive	SOFR	3.851%	2/28/29	12-Month		USD	1,100,000		(9,392	)		—			(9,392	)
Receive	SOFR	3.862%	2/28/29	12-Month		USD	1,600,000		(14,303	)		—			(14,303	)
Receive	SOFR	3.884%	3/25/35	12-Month		USD	500,000		(1,656	)		—			(1,656	)
Receive	SOFR	3.887%	11/15/53	12-Month		USD	300,000		7,808			—			7,808
Receive	SOFR	3.900%	2/15/35	12-Month		USD	900,000		(6,684	)		(2,648	)		(4,036	)
Receive	SOFR	3.905%	8/15/26	PAM		USD	1,800,000		(1,232	)		—			(1,232	)
Receive	SOFR	3.905%	3/12/35	12-Month		USD	200,000		(1,005	)		—			(1,005	)
Receive	SOFR	3.908%	3/4/35	12-Month		USD	400,000		(2,070	)		—			(2,070	)
Receive	SOFR	3.914%	11/15/53	12-Month		USD	200,000		4,295			—			4,295
Receive	SOFR	3.930%	3/24/35	12-Month		USD	300,000		(2,146	)		—			(2,146	)
Receive	SOFR	3.930%	6/25/55	12-Month		USD	345,000		5,476			1,280			4,196
Receive	SOFR	3.931%	11/15/54	12-Month		USD	300,000		5,551			—			5,551
Receive	SOFR	3.954%	11/15/54	12-Month		USD	200,000		2,894			—			2,894
Receive	SOFR	3.959%	11/15/54	12-Month		USD	400,000		5,422			—			5,422
Receive	SOFR	3.960%	6/27/55	12-Month		USD	405,000		4,308			(236	)		4,544
Receive	SOFR	3.964%	11/15/54	12-Month		USD	300,000		3,803			—			3,803
Receive	SOFR	3.998%	11/15/54	12-Month		USD	700,000		4,714			—			4,714
Receive	SOFR	4.000%	6/20/26	12-Month		USD	3,600,000		28,536			(10,341	)		38,877
Receive	SOFR	4.005%	9/29/55	12-Month		USD	124,000		174			(1,392	)		1,566

220

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Maturity Date	Payment Frequency	Notional Amount			Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Receive	SOFR	4.020%	5/15/26	PAM		USD	2,500,000	$	1,219		$	—		$	1,219
Receive	SOFR	4.065%	6/26/55	12-Month		USD	213,000		(1,605	)		(3,715	)		2,110
Receive	SOFR	4.100%	8/31/29	12-Month		USD	10,780,000		(225,488	)		(152,977	)		(72,511	)
Receive	SOFR	4.100%	12/31/31	12-Month		USD	1,370,000		(34,364	)		(29,547	)		(4,817	)
Receive	SOFR	4.111%	11/15/54	12-Month		USD	640,000		(8,391	)		—			(8,391	)
Receive	SOFR	4.130%	11/15/54	12-Month		USD	660,000		(10,792	)		—			(10,792	)
Receive	SOFR	4.150%	11/15/34	12-Month		USD	5,200,000		(139,889	)		(151,731	)		11,842
Receive	SOFR	4.250%	12/20/25	12-Month		USD	27,709,000		24,663			143,567			(118,904	)
Pay	Sterling Overnight Index Average	3.000%	6/17/27	12-Month		GBP	5,100,000		(110,705	)		(11,885	)		(98,820	)
Pay	Sterling Overnight Index Average	3.500%	3/19/30	12-Month		GBP	9,400,000		(230,220	)		(221,626	)		(8,594	)
Pay	Sterling Overnight Index Average	4.000%	3/17/28	12-Month		GBP	11,200,000		72,045			34,710			37,335
Receive	Sterling Overnight Index Average	3.500%	3/19/35	12-Month		GBP	600,000		43,426			39,674			3,752
Receive	Sterling Overnight Index Average	3.750%	3/19/27	12-Month		GBP	200,000		1,024			(532	)		1,556
Receive	Sterling Overnight Index Average	3.750%	3/19/55	12-Month		GBP	900,000		159,384			113,755			45,629
Pay	Swiss Average Rate Overnight Index	0.300%	2/15/27	12-Month		CHF	200,000		2,459			—			2,459

									$ (136,360)		$	403,566			$ (539,926)

221

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At May 31, 2025, International Fixed Income Fund held the following OTC and Centrally Cleared Credit Default Swap Contracts:

OTC Credit Default Swaps on Sovereign Issues - Buy Protection (1)


Reference Obligation & Ratings†	Fixed Deal (Pay) Rate	Maturity Date	Payment Frequency	Counterparty	Implied Credit Spread at 5/31/25 (2)	Notional Amount (3)		Value			Upfront Payment (Received)			Unrealized Depreciation
South Korea Government Bonds, AA	(1.000)%	6/20/30	3-Month	BOA	0.289%	USD	280,000	$	(9,777	)	$	(8,945	)	$	(832	)
South Korea Government Bonds, AA	(1.000)%	6/20/30	3-Month	GSC	0.289%	USD	400,000		(13,967	)		(12,778	)		(1,189	)

								$	(23,744	)	$	(21,723	)	$	(2,021	)

†	All ratings are by Standard & Poor’s Rating Service, unless otherwise noted.

OTC Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (4)


Reference Obligation & Ratings†	Fixed Deal Receive Rate	Maturity Date	Payment Frequency	Counterparty	Implied Credit Spread at 5/31/25 (2)	Notional Amount (3)		Value		Upfront Payment (Received)			Unrealized Appreciation
Petroleos Mexicanos, NR	4.750%	7/6/26	1-Month	DUB	N/A(a)	USD	576,450	$	2,445	$	—		$	2,445
Republic of Italy Government International Bonds, BBB+	1.000%	6/20/25	3-Month	BCLY	0.063%	USD	300,000		779		(7,348	)		8,127

								$	3,224	$	(7,348	)	$	10,572

†	All ratings are by Standard & Poor’s Rating Service, unless otherwise noted.

(a)	Security is valued in good faith at fair value by or under the direction of the Board of Trustees.

222

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

Centrally Cleared - Credit Default Swaps on Indexes - Buy Protection (1)


Reference Obligation & Ratings	Fixed Deal (Pay) Rate		Maturity Date		Payment Frequency	Implied Credit Spread at 5/31/25 (2)		Notional Amount (3)		Market Value			Upfront Payment (Received)			Unrealized Depreciation
Markit CDX North America Investment Grade Series 43 10-Year Index, NR		(1.000)%		12/20/34	3-Month		0.504%		USD 1,100,000	$	(9,580	)	$	(6,915	)	$	(2,665	)
Markit iTraxx Europe Series 43 10-Year Index, NR		(1.000)%		6/20/35	3-Month		0.971%		EUR 4,200,000		(21,605	)		(9,633	)		(11,972	)
Markit iTraxx Europe Series 43 5-Year Index, NR		(1.000)%		6/20/30	3-Month		0.578%		EUR 2,440,000		(61,424	)		(53,456	)		(7,968	)

										$	(92,609	)	$	(70,004	)	$	(22,605	)

Centrally Cleared - Credit Default Swaps on Corporate Issue and Indexes - Sell Protection (4)
Reference Obligation & Ratings†	Fixed Deal Receive Rate		Maturity Date		Payment Frequency	Implied Credit Spread at 5/31/25 (2)		Notional Amount (3)		Value			Upfront Payment Paid			Unrealized Appreciation/ (Depreciation)
Ford Motor Credit Co. LLC, BBB-		5.000%		6/20/25	3-Month		0.377%		USD 200,000	$	2,589		$	7,947		$	(5,358	)
Markit CDX North America Investment Grade Series 43 5-Year Index, NR		1.000%		12/20/29	3-Month		0.504%		USD 6,500,000		147,896			129,971			17,925
Markit CDX North America Investment Grade Series 44 5-Year Index, NR		1.000%		6/20/30	3-Month		0.561%		USD 29,500,000		652,719			477,626			175,093

										$	803,204		$	615,544		$	187,660

†	All ratings are by Standard & Poor’s Rating Service, unless otherwise noted.

223

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At May 31, 2025, International Fixed Income Fund held the following OTC Cross-Currency Swap Contracts:


Counterparty Pay	Counterparty Receive	Maturity Date (5)		Counterparty	Notional Amount of Currency Received (6)		Notional Amount of Currency Delivered (6)		Value			Upfront Payment Paid/ (Received)			Unrealized Depreciation
Floating rate equal to Bank of Japan Uncollateralised Overnight Call Rate minus 0.459% based on the notional amount of currency delivered	Floating rate equal to SOFR based on the notional amount of currency received		9/17/30	GSC		JPY 550,000,000	USD	3,603,427	$	(221,599	)	$	(9,290	)	$	(212,309	)
Floating rate equal to Bank of Japan Uncollateralised Overnight Call Rate minus 0.470% based on the notional amount of currency delivered	Floating rate equal to SOFR based on the notional amount of currency received		6/18/26	GSC		JPY 2,662,200,000	USD	18,342,922		(144,138	)		1,377,049			(1,521,187	)

									$	(365,737	)	$	1,367,759		$	(1,733,496	)

(1)

If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising the referenced index.

(2)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as ‘‘Defaulted’’ indicates a credit event has occurred for the referenced entity or obligation.

(3)	The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(5)	At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered.

(6)	The notional amounts to be received or delivered may be determined and exchanged at a future date, based on the effective date of the cross-currency swap.

At May 31, 2025, International Fixed Income Fund deposited cash collateral with brokers in the amount of $2,609,000 for open centrally cleared swap contracts.

At May 31, 2025, International Fixed Income Fund had cash collateral from brokers in the amount of $150,000 for open OTC swap contracts.

224

Schedules of Investments

(unaudited) (continued)

Municipal Bond Fund


Face Amount†		Rating††	Security	Value
	MUNICIPAL BONDS - 94.4%
	Alabama - 6.1%
$	400,000	AAA	Alabama Federal Aid Highway Finance Authority, Revenue Bonds, Series A, 5.000% due 9/1/36	$	447,292
	220,000	A1(a)	Black Belt Energy Gas District, Revenue Bonds, Series A, 5.250% due 5/1/55(b)		231,992
	1,000,000	Aa3(a)	Southeast Alabama Gas Supply District (The), Revenue Bonds, Series A, 5.000% due 8/1/54(b)		1,041,467
			Southeast Energy Authority A Cooperative District, Revenue Bonds:
	965,000	A1(a)	Series A, 5.250% due 1/1/54(b)		997,041
	500,000	A2(a)	Series B1, 5.000% due 5/1/53(b)		513,043
	1,400,000	Aa1(a)	Series C, 5.000% due 2/1/30		1,465,344

			Total Alabama		4,696,179

	Alaska - 0.2%
			Northern Tobacco Securitization Corp., Revenue Bonds:
	105,000	BBB+	Series A, 4.000% due 6/1/50		87,484
	45,000	BBB-	Series B1, 4.000% due 6/1/50		42,198

			Total Alaska		129,682

	Arizona - 2.0%
	1,000,000	A+	City of Mesa, Utility System Revenue, Revenue Bonds, 5.000% due 7/1/40		1,060,263
	480,000	Aa1(a)	Maricopa County & Phoenix Industrial Development Authorities, Revenue Bonds, Series A, 6.500% due 3/1/55		531,109

			Total Arizona		1,591,372

	California - 11.2%
	900,000	NR	California Infrastructure & Economic Development Bank, Revenue Bonds, AMT, Series A, 9.500% due 1/1/65(b)(c)(d)		872,344
			California School Finance Authority, Revenue Bonds:
	640,000	BBB-	Aspire Public School Obligation Group, 5.000% due 8/1/32(c)		655,016
	250,000	NR	iLead Lancaster Holdings LLC, Series A, 4.000% due 6/1/31(c)		237,996
			California State Public Works Board, Revenue Bonds:
	1,000,000	A+	Series D, 4.000% due 5/1/47		905,993
	1,000,000	A+	Series D, 5.000% due 11/1/46		1,026,430
			East Bay Municipal Utility District Water System Revenue, Revenue Bonds:
	750,000	AAA	Series A, 5.000% due 6/1/43		809,792
	755,000	AAA	Series A, 5.000% due 6/1/44		810,901
	500,000	AA	Las Virgenes Unified School District, GO, Series B, 5.250% due 8/1/51		530,882
	1,000,000	AA-	Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds, 5.000% due 5/15/47		1,021,491
	595,000	AA	Riverside County Public Financing Authority, Tax Allocation, Series A, 4.000% due 10/1/40		564,799
	1,000,000	AA-	San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds, AMT, Series A, 5.500% due 5/1/55(d)		1,038,395
	250,000	BBB+	Tobacco Securitization Authority of Southern California, Revenue Bonds, San Diego County Tobacco Asset Securitization, 5.000% due 6/1/48		244,321

			Total California		8,718,360

	Colorado - 3.0%
	100,000	AA	Colorado Bridge & Tunnel Enterprise, Revenue Bonds, Series A, 5.000% due 12/1/36		109,679
	500,000	AA	Colorado Health Facilities Authority, Revenue Bonds, Adventhealth Obligated, Series A, 3.000% due 11/15/51		342,463
	1,000,000	AA+	Denver City & County School District No 1, GO, Series C, 5.500% due 12/1/47		1,075,283
	500,000	AA	Mesa County Valley School District No 51 Grand Junction, GO, 5.250% due 12/1/43		535,768
	240,000	Aa1(a)	University of Colorado, Revenue Bonds, Series A, 5.000% due 6/1/36		269,405

			Total Colorado		2,332,598

	District of Columbia - 2.0%
			District of Columbia Income Tax Revenue, Revenue Bonds:
	500,000	AAA	Series A, 5.000% due 6/1/33		561,681
	500,000	AAA	Series A, 5.000% due 6/1/43		524,321
	2,075,000	WD(e)	District of Columbia Tobacco Settlement Financing Corp., Revenue Bonds, Capital Appreciation Asset-Backed, Series B, zero coupon due 6/15/46		444,514

			Total District of Columbia		1,530,516

	Florida - 6.3%
	460,000	NR	Boggy Creek Improvement District, Special Assessment, Series 2013, 5.125% due 5/1/43		444,188
	1,000,000	A	Brevard County Health Facilities Authority, Revenue Bonds, Health First Obligated Group, Series A, 5.000% due 4/1/47		988,095

226

Schedules of Investments

(unaudited) (continued)

Municipal Bond Fund


Face Amount†		Rating††	Security	Value
	MUNICIPAL BONDS - 94.4% - (continued)
	Florida - 6.3% - (continued)
$	665,000	AA+	Broward County, Water & Sewer Utility Revenue, Revenue Bonds, Series A, 4.000% due 10/1/45	$	610,844
	2,500,000	NR	Capital Trust Agency, Inc., Revenue Bonds, Wonderful Foundations Charter, Series B, zero coupon due 1/1/60		186,203
	500,000	AA+	City of Fort Lauderdale, Water & Sewer Revenue, Revenue Bonds, Series A, 5.000% due 9/1/41		531,478
	800,000	A+	County of Miami-Dade Aviation Revenue, Revenue Bonds, AMT, Series A, 5.250% due 10/1/50(d)		811,737
	100,000	AA+	JEA Water & Sewer System Revenue, Revenue Bonds, Series A, 5.250% due 10/1/49		103,934
	270,000	NR	Lakewood Ranch Stewardship District, Special Assessment, Isles Lakewood Ranch Project, 3.875% due 5/1/29		269,822
	1,000,000	A+	Orange County Health Facilities Authority, Revenue Bonds, Orlando Health Obligated Group, Series A, 5.000% due 10/1/53		973,200

			Total Florida		4,919,501

	Georgia - 3.8%
			Main Street Natural Gas Inc., Revenue Bonds:
	2,500,000	Aa1(a)	Series A, 4.000% due 7/1/52(b)		2,499,415
	435,000	A3(a)	Series A, 5.000% due 6/1/53(b)		451,264

			Total Georgia		2,950,679

	Idaho - 1.2%
	900,000	A	Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System, Series A, 5.000% due 3/1/42		927,420

	Illinois - 3.0%
	1,000,000	A	Chicago Midway International Airport, Revenue Bonds, AMT, Series C, 5.000% due 1/1/38(d)		1,029,507
	300,000	Aa1(a)	Cook County Community Consolidated School District No. 64 Park Ridge-Niles, GO, 5.000% due 12/1/41		317,634
	500,000	AAA	Illinois Finance Authority, Revenue Bonds, Series A, 5.000% due 7/1/43		521,978
			State of Illinois, GO:
	275,000	A-	Series B, 5.250% due 5/1/44		281,075
	150,000	A-	Series C, 5.000% due 12/1/46		149,023

			Total Illinois		2,299,217

	Indiana - 3.6%
	650,000	AA	Indiana Municipal Power Agency, Revenue Bonds, Series A, 5.000% due 1/1/43		678,464
			Indianapolis Local Public Improvement Bond Bank, Revenue Bonds:
	1,000,000	A1(a)	Indianapolis Airport Authority, AMT, 5.000% due 1/1/31(d)		1,058,040
	500,000	AA+	Series D, 6.000% due 2/1/48		550,811
	500,000	Aa2(a)	IPS Multi-School Building Corp., Revenue Bonds, 5.000% due 7/15/44		512,106

			Total Indiana		2,799,421

	Kansas - 1.0%
			Kansas Development Finance Authority, Revenue Bonds:
	500,000	Aa2(a)	Kansas Athletics Inc., Series C-1, 5.000% due 9/1/44		516,560
	250,000	Aaa(a)	Series R, 5.000% due 5/1/41		266,256

			Total Kansas		782,816

	Kentucky - 1.6%
	230,000	NR	City of Henderson, Revenue Bonds, Pratt Paper LLC Project, AMT, Series A, 4.450% due 1/1/42(c)(d)		210,822
	1,020,000	Aa3(a)	Kentucky State Property & Building Commission, Revenue Bonds, Series A, 5.000% due 4/1/41		1,070,714

			Total Kentucky		1,281,536

	Maryland - 2.2%
			City of Baltimore, Tax Allocation, Harbor Point Project:
	125,000	NR	Series A, 2.800% due 6/1/25(c)		125,000
	135,000	NR	Series A, 2.850% due 6/1/26(c)		133,280
	500,000	AAA	County of Prince George’s, GO, Series A, 5.000% due 8/1/40		537,166
	630,000	Baa3(a)	Maryland Economic Development Corp., Revenue Bonds, Green Bond, Purple Line Light Rail Project, AMT, Series B, 5.250% due 6/30/55(d)		616,600
	250,000	AAA	Washington Suburban Sanitary Commission, Revenue Bonds, 5.000% due 6/1/43		266,116

			Total Maryland		1,678,162

	Massachusetts - 3.5%
	1,000,000	AAA	City of Boston, GO, Series A, 5.000% due 11/1/37		1,096,882
			Commonwealth of Massachusetts, GO:
	550,000	AA+	Series C, 5.000% due 10/1/48		561,949
	270,000	AA+	Series I, 5.000% due 12/1/47		278,940
	690,000	AA+	Massachusetts Water Resources Authority, Revenue Bonds, Series C, 5.000% due 8/1/39		750,763

			Total Massachusetts		2,688,534

227

Schedules of Investments

(unaudited) (continued)

Municipal Bond Fund


Face Amount†		Rating††	Security	Value
	MUNICIPAL BONDS - 94.4% - (continued)
	Michigan - 3.9%
$	845,000	A+	Central Michigan University, Revenue Bonds, Series A, 5.000% due 10/1/37	$	915,812
	500,000	AA-	Great Lakes Water Authority Sewage Disposal System Revenue, Revenue Bonds, Series C, 5.250% due 7/1/53		515,603
	1,000,000	AA-	Lansing Board of Water & Light, Revenue Bonds, Series A, 5.250% due 7/1/54		1,038,575
	500,000	AA+	Michigan State Housing Development Authority, Revenue Bonds, Series D, 5.100% due 12/1/37		517,821

			Total Michigan		2,987,811

	Nebraska - 2.0%
	500,000	A2(a)	Central Plains Energy Project, Revenue Bonds, Series 1, 5.000% due 5/1/53(b)		515,852
	1,000,000	AA	Omaha Public Power District, Revenue Bonds, Series A, 5.250% due 2/1/48		1,039,799

			Total Nebraska		1,555,651

	New Jersey - 3.1%
	100,000	BBB	Camden County Improvement Authority (The), Revenue Bonds, KIPP Cooper Norcross High School, 6.000% due 6/15/62		102,579
	110,000	NR	New Jersey Economic Development Authority, Revenue Bonds, Golden Door Charter School Project, Series A, 5.125% due 11/1/29(c)		110,280
			New Jersey Transportation Trust Fund Authority, Revenue Bonds:
	1,000,000	A-	Series A, 4.000% due 6/15/40		926,492
	240,000	A-	Series AA, 5.000% due 6/15/42		246,545
	500,000	AA-	New Jersey Turnpike Authority, Revenue Bonds, Series A, 5.000% due 1/1/43(f)		523,365
	500,000	A-	Tobacco Settlement Financing Corp., Revenue Bonds, Series A, 5.000% due 6/1/35		507,637

			Total New Jersey		2,416,898

	New York - 5.4%
	1,000,000	AA	City of New York, GO, Series B, 5.250% due 10/1/47		1,028,311
	500,000	AAA	New York City Transitional Finance Authority, Revenue Bonds, Series E, 5.000% due 11/1/53		507,847
	180,000	AA+	New York State Thruway Authority, Revenue Bonds, Series A, 4.125% due 3/15/52		157,482
	225,000	Baa2(a)	New York Transportation Development Corp., Revenue Bonds, Delta Air Lines Inc.- LaGuardia, AMT, 4.000% due 10/1/30(d)		220,440
	500,000	AA-	Port Authority of New York & New Jersey, Revenue Bonds, Series 241, 5.000% due 7/15/41		528,467
	660,000	AA+	Triborough Bridge & Tunnel Authority, Revenue Bonds, Series C, 5.250% due 5/15/52		679,796
	1,000,000	AA+	Triborough Bridge & Tunnel Authority Sales Tax Revenue, Revenue Bonds, Triborough Bridge and Tunnel Authority Capital Lockbox, Series A, 5.000% due 5/15/40		1,064,581

			Total New York		4,186,924

	North Carolina - 0.7%
	500,000	AA+	County of Johnston, Revenue Bonds, 5.000% due 4/1/41		536,432

	North Dakota - 0.5%
	495,000	Aa1(a)	North Dakota Housing Finance Agency, Revenue Bonds, Water and Sewer System, Series A, 3.700% due 1/1/46		413,463

	Ohio - 5.0%
			Buckeye Tobacco Settlement Financing Authority, Revenue Bonds:
	85,000	BBB+	Series A2, 3.000% due 6/1/48		59,367
	100,000	NR	Series B2, 5.000% due 6/1/55		86,659
	1,000,000	Aa2(a)	North Ridgeville City School District, GO, 5.000% due 12/1/44		1,015,453
	600,000	Baa3(a)	Ohio Air Quality Development Authority, Revenue Bonds, Ohio Valley Electric Corp., Remarketing, Series A, 2.875% due 2/1/26		593,560
	1,000,000	AAA	Ohio Water Development Authority, Revenue Bonds, Series A, 5.000% due 12/1/41		1,069,355
	1,000,000	AAA	Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds, Series D, 5.000% due 12/1/43		1,056,222

			Total Ohio		3,880,616

	Oklahoma - 1.3%
	1,000,000	AAA	Oklahoma Water Resources Board, Revenue Bonds, Clean Water Program, 5.000% due 4/1/44		1,046,417

	Oregon - 1.7%
	1,000,000	AA-	Port of Portland Airport Revenue, Revenue Bonds, Green Bond, AMT, Series 29, 5.000% due 7/1/38(d)		1,034,114
	250,000	AA+	State of Oregon, GO, Series F, 5.000% due 8/1/48		257,324

			Total Oregon		1,291,438

	Pennsylvania - 2.6%
	250,000	AA-	Geisinger Authority, Revenue Bonds, Geisinger Health System, 4.000% due 4/1/50		207,632
	1,000,000	A	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Series B1, 5.250% due 11/1/37		1,081,505
	830,000	A+	Pennsylvania Turnpike Commission, Revenue Bonds, Series A, 4.000% due 12/1/46		743,284

			Total Pennsylvania		2,032,421

228

Schedules of Investments

(unaudited) (continued)

Municipal Bond Fund


Face Amount†		Rating††	Security	Value
	MUNICIPAL BONDS - 94.4% - (continued)
	Puerto Rico - 1.1%
			Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds:
	$ 664,000	NR	Series A1, 4.750% due 7/1/53	$	608,088
	225,000	NR	Series A1, zero coupon due 7/1/46		72,233
	216,000	NR	Series A2, 4.784% due 7/1/58		193,645

			Total Puerto Rico		873,966

	Tennessee - 0.5%
	245,000	Baa1(a)	Tennergy Corp., Revenue Bonds, Gas Supply, Series A, 5.500% due 10/1/53(b)		256,909
	95,000	AA+	Tennessee Housing Development Agency, Revenue Bonds, Series 2A, 6.000% due 1/1/55		103,687

			Total Tennessee		360,596

	Texas - 10.4%
	415,000	Aa1(a)	Bexar Management And Development Corp., Revenue Bonds, 4.610% due 7/1/44		409,809
	315,000	AA	City of Austin, Water & Wastewater System Revenue, Revenue Bonds, 5.000% due 11/15/41		333,438
	500,000	Aa3(a)	City of Houston, GO, Series A, 5.250% due 3/1/40		534,364
	100,000	BB	City of Houston, Airport System Revenue, Revenue Bonds, AMT, Series B1, 5.000% due 7/15/30(d)		99,994
	250,000	Aa1(a)	City of Midland, GO, Series B, 5.000% due 3/1/47		255,946
			Fort Bend Independent School District, GO:
	500,000	AAA	Series A, PSF-GTD-Insured, 5.000% due 8/15/36		554,456
	1,000,000	AAA	Series A, PSF-GTD-Insured, 5.000% due 8/15/44		1,034,494
	500,000	AA	Leander Independent School District, GO, Series B, 5.000% due 8/15/34(f)		559,595
	315,000	Aaa(a)	New Caney Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/15/41		331,983
	500,000	AA-	North Texas Municipal Water District, Revenue Bonds, Panther Creek Regional Wastewater System, 5.250% due 6/1/43		531,344
	795,000	Aaa(a)	Northside Independent School District, GO, PSF-GTD-Insured, 0.700% due 6/1/50(b)		795,000
	1,000,000	AAA	Plano Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/15/41		1,058,390
	1,000,000	AA	Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Cook Children’s Medical Center, 5.250% due 12/1/49		1,038,199
	500,000	AAA	Texas Water Development Board, Revenue Bonds, State Revolving Fund, 5.000% due 8/1/44		521,834

			Total Texas		8,058,846

	Utah - 0.6%
	500,000	Aaa(a)	Canyons School District, GO, School Bonds Guaranty Program, 2.500% due 6/15/30		469,199

	Virginia - 2.6%
	500,000	AA+	Albemarle County Economic Development Authority, Revenue Bonds, Series A, 5.000% due 6/1/38		538,433
	225,000	AAA	Prince William County Service Authority, Revenue Bonds, 5.000% due 7/15/31		250,055
	80,000	AA+	Virginia Housing Development Authority, Revenue Bonds, Series G, 5.150% due 11/1/52		80,763
	1,000,000	AA+	Virginia Public Building Authority, Revenue Bonds, Series A, 5.000% due 8/1/42		1,060,750
	100,000	BBB	Virginia Small Business Financing Authority, Revenue Bonds, AMT, 4.000% due 1/1/48(d)		82,639

			Total Virginia		2,012,640

	Washington - 2.3%
			Pierce County School District No 10 Tacoma, GO, School Bonds Guaranty Program:
	1,000,000	AA+	5.000% due 12/1/48		1,030,411
	370,000	AA+	5.000% due 12/1/44		385,616
			Washington State Housing Finance Commission, Revenue Bonds:
	285,000	Ba2(a)	Spokane Int Acad Project, Series A, 4.000% due 7/1/26(c)		281,603
	100,000	BB(e)	Transforming Age Projects, Series A, 5.000% due 1/1/26(c)		100,168

			Total Washington		1,797,798

			TOTAL MUNICIPAL BONDS (Cost - $74,509,076)		73,247,109

	SHORT-TERM INVESTMENTS - 6.2%
	TIME DEPOSITS - 6.2%
	3,852,329		Citibank - New York, 3.680% due 6/2/25		3,852,329
	940,552		JPMorgan Chase & Co. - New York, 3.680% due 6/2/25		940,552

			TOTAL SHORT-TERM INVESTMENTS (Cost - $4,792,881)		4,792,881

			TOTAL INVESTMENTS - 100.6% (Cost - $79,301,957)		78,039,990

			Liabilities in Excess of Other Assets - (0.6)%		(503,737	)

			TOTAL NET ASSETS - 100.0%	$	77,536,253

†	Amount denominated in U.S. dollars, unless otherwise noted.

††	All ratings are by Standard & Poor’s Rating Service, unless otherwise noted.

(a)	Rating by Moody’s Investors Service.

(b)	Variable rate security. Interest rate disclosed is that which was in effect at May 31, 2025.

(c)

(d)	Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (AMT).

(e)	Rating by Fitch Ratings Service.

(f)	When-issued security.

At May 31, 2025, for Municipal Bond Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and

depreciation of all investments for federal income tax purposes were as follows:

Fund

Aggregate Cost For

Federal Income

Tax Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

(Depreciation)

Municipal Bond Fund

$ 79,301,957

$ 288,343

$ (1,550,310)

$ (1,261,967)


Abbreviations used in this schedule:

AMT	—	Alternative Minimum Tax
GO	—	General Obligation
PSF-GTD	—	Permanent School Fund Guaranteed


Summary of Investments by Industry^
General Obligation	31.9	%
Water and Sewer	12.8
School District	12.4
Health Care Providers & Services	8.4
Airport	5.7
Utilities	3.6
Development	3.5
Single Family Housing	2.7
Transportation	2.7
Higher Education	2.2
Bond Bank	2.1
Education	2.0
Tobacco Settlement	1.9
Power	1.3
Multifamily Housing	0.6
Nursing Homes	0.1
Short-Term Investments	6.1

Total Investments	100.0	%

^	As a percentage of total investments.

229

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund


Face Amount/Units†		Security	Value
	U.S. GOVERNMENT OBLIGATIONS - 109.9%
		U.S. Treasury Inflation Indexed Bonds:
	$ 1,326,207	2.000% due 1/15/26	$	1,331,246
	2,132,758	1.750% due 1/15/28		2,156,726
	2,948,378	3.625% due 4/15/28		3,134,635
	1,626,720	2.500% due 1/15/29		1,688,268
	2,426,076	3.875% due 4/15/29		2,645,445
	43,245	3.375% due 4/15/32(a)		47,834
	858,255	2.125% due 2/15/40		837,350
	949,312	2.125% due 2/15/41		915,923
	1,981,602	0.750% due 2/15/42		1,514,731
	1,794,532	0.625% due 2/15/43		1,313,383
	2,291,774	1.375% due 2/15/44		1,898,937
	2,607,763	0.750% due 2/15/45		1,878,397
	2,011,232	1.000% due 2/15/46		1,502,502
	1,841,681	0.875% due 2/15/47		1,314,071
	2,230,823	1.000% due 2/15/48		1,615,871
	1,525,212	1.000% due 2/15/49		1,089,101
	1,194,259	0.250% due 2/15/50(a)		679,534
	1,474,152	0.125% due 2/15/51		786,384
	1,034,037	0.125% due 2/15/52(a)		541,671
	2,151,920	1.500% due 2/15/53		1,673,962
	2,084,260	2.125% due 2/15/54		1,873,834
	810,856	2.375% due 2/15/55(a)		769,431
		U.S. Treasury Inflation Indexed Notes:
	1,561,395	0.625% due 1/15/26		1,554,355
	2,805,011	0.125% due 4/15/26		2,775,107
	4,850,144	0.125% due 7/15/26		4,808,841
	4,330,628	0.125% due 10/15/26		4,279,664
	5,203,438	0.375% due 1/15/27		5,131,436
	2,831,925	0.125% due 4/15/27		2,770,451
	3,935,485	0.375% due 7/15/27		3,878,589
	6,478,080	1.625% due 10/15/27(b)		6,552,059
	5,287,616	0.500% due 1/15/28		5,176,359
	1,066,290	1.250% due 4/15/28		1,062,158
	4,599,682	0.750% due 7/15/28		4,530,907
	5,847,520	2.375% due 10/15/28		6,055,958
	3,153,959	0.875% due 1/15/29		3,093,414
	1,137,433	2.125% due 4/15/29		1,165,119
	4,710,068	0.250% due 7/15/29		4,499,925
	3,150,995	1.625% due 10/15/29		3,178,908
	5,270,786	0.125% due 1/15/30		4,945,612
	1,105,192	1.625% due 4/15/30		1,107,998
	3,954,385	0.125% due 7/15/30		3,690,475
	5,418,258	0.125% due 1/15/31		4,981,812
	7,410,455	0.125% due 7/15/31		6,762,227
	4,384,364	0.125% due 1/15/32		3,937,086
	9,356,715	0.625% due 7/15/32(b)		8,647,114
	10,844,471	1.125% due 1/15/33(b)		10,264,528
	7,055,703	1.375% due 7/15/33		6,782,598
	2,289,034	1.750% due 1/15/34		2,247,185
	4,179,048	1.875% due 7/15/34(b)		4,141,671

230

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	U.S. GOVERNMENT OBLIGATIONS - 109.9% - (continued)
	$ 4,357,835			2.125% due 1/15/35	$	4,382,939

				TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost - $165,931,785)		153,613,731

	MORTGAGE-BACKED SECURITIES - 14.2%
	FHLMC - 3.4%
				Federal Home Loan Mortgage Corp. (FHLMC):
	86,520			3.000% due 7/1/52		73,703
	354,904			6.500% due 10/1/53		365,783
	4,023,305			6.000% due 3/1/54		4,065,846
	296,091			5.000% due 7/1/54		287,013

				Total FHLMC		4,792,345

	FNMA - 8.1%
				Federal National Mortgage Association (FNMA):
	32,431			4.000% due 3/1/50		30,102
	169,269			3.000% due 5/1/52		144,191
	82,286			4.500% due 10/1/52		77,779
	1,765,224			5.500% due 5/1/54		1,748,576
	3,200,000			4.000% due 6/1/55(c)		2,931,376
	4,600,000			4.500% due 7/1/55(c)		4,334,464
	2,000,000			6.500% due 7/1/55(c)		2,051,237

				Total FNMA		11,317,725

	GNMA - 2.7%
	4,274,165			Government National Mortgage Association II (GNMA), 3.500% due 11/20/52 - 1/20/55		3,802,959

				TOTAL MORTGAGE-BACKED SECURITIES (Cost - $20,089,286)		19,913,029

	COLLATERALIZED MORTGAGE OBLIGATIONS - 11.6%
	Asset-Backed Securities - 6.8%
	400,000		Aaa(d)	AIMCO CLO, Series 2015-AA, Class AR3, 5.530% (3-Month Term SOFR + 1.250%) due 10/17/34(e)(f)		400,469
	300,000	^EUR	AAA	Arbour CLO VI DAC, Series 6A, Class AR, 3.293% (3-Month EURIBOR + 1.150%) due 11/15/37(e)(f)		340,503
	100,202		Aaa(d)	ARES L CLO Ltd., Series 2018-50A, Class AR, 5.568% (3-Month Term SOFR + 1.312%) due 1/15/32(e)(f)		100,261
	84,322		CCC	Bear Stearns Asset-Backed Securities Trust, Series 2004-1, Class M1, 5.414% (1-Month Term SOFR + 1.089%) due 6/25/34(e)		93,107
	143,304		AAA	BlueMountain CLO Ltd., Series 2016-3A, Class A1R2, 5.526% (3-Month Term SOFR + 1.200%) due 11/15/30(e)(f)		143,348
	218,546	^EUR	Aaa(d)	Cairn CLO X DAC, Series 2018-10A, Class AR, 3.059% (3-Month EURIBOR + 0.780%) due 10/15/31(e)(f)		247,828
	500,000		AAA	Canyon CLO Ltd., Series 2020-1A, Class AR2, 5.336% (3-Month Term SOFR + 1.080%) due 7/15/34(e)(f)		496,756
	151,114	^EUR	Aaa(d)	Carlyle Global Markets Strategis Euro CLO Ltd., Series 2014-2A, Class AR-1, 2.893% (3-Month EURIBOR + 0.750%) due 11/15/31(e)(f)		171,116
				Credit-Based Asset Servicing & Securitization LLC:
	135,545		CCC	Series 2005-CB3, Class M4, 3.408% (1-Month Term SOFR + 1.164%) due 6/25/35(e)		131,611
	624,880		Caa2(d)	Series 2007-CB6, Class A3, 4.661% (1-Month Term SOFR + 0.334%) due 7/25/37(e)(f)		409,729
				CWABS Asset-Backed Certificates Trust:
	149,011		Caa1(d)	Series 2004-7, Class MV5, 6.164% (1-Month Term SOFR + 1.839%) due 11/25/34(e)		133,299
	221,077		CC	Series 2007-1, Class 1A, 4.579% (1-Month Term SOFR + 0.254%) due 7/25/37(e)		206,145
	46,088		D	Series 2007-6, Class 1A, 4.839% (1-Month Term SOFR + 0.514%) due 9/25/37(e)		42,152
	236,544		CCC	Series 2007-8, Class 1A1, 4.629% (1-Month Term SOFR + 0.304%) due 11/25/37(e)		224,399
	500,000	^EUR	AAA	Dryden 44 Euro CLO, Series 2015-44A, Class A1RR, 3.159% (3-Month EURIBOR + 0.880%) due 4/15/34(e)(f)		567,068
	700,000	^EUR	AAA	Dunedin Park CLO DAC, Series 1A, Class AR, 3.081% (3-Month EURIBOR + 0.980%) due 11/20/34(e)(f)		793,061
	434,983		BB	Ellington Loan Acquisition Trust, Series 2007-1, Class A1, 5.539% (1-Month Term SOFR + 1.214%) due 5/25/37(e)(f)		424,919
	17,593		Caa1(d)	GSAA Trust, Series 2006-7, Class AF4A, step bond to yield, 6.720% due 3/25/46		9,254
	82,411		Aaa(d)	LCM Loan Income Fund I Ltd., Series 1A, Class A, 5.561% (3-Month Term SOFR + 1.292%) due 4/20/31(e)(f)		82,572
	145,785		Caa2(d)	Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A2, 4.679% (1-Month Term SOFR + 0.354%) due 8/25/36(e)		58,720
	175,726		Aaa(d)	Magnetite XII Ltd., Series 2015-12A, Class AR4, 5.406% (3-Month Term SOFR + 1.150%) due 10/15/31(e)(f)		175,813
	614,615	^EUR	Aaa(d)	Man GLG Euro CLO V DAC, Series 5A, Class A1R, 3.191% (3-Month EURIBOR + 0.690%) due 12/15/31(e)(f)		696,689
				Option One Mortgage Loan Trust:
	79,617		CC	Series 2007-1, Class 1A1, 4.579% (1-Month Term SOFR + 0.254%) due 1/25/37(e)		51,037
	73,264		D	Series 2007-2, Class 1A1, 4.579% (1-Month Term SOFR + 0.254%) due 3/25/37(e)		48,766

231

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS - 11.6% - (continued)
	Asset-Backed Securities - 6.8% - (continued)
	467,318	^EUR	Aaa(d)	Palmer Square European Loan Funding DAC, Series 2023-3A, Class AR, 3.113% (3-Month EURIBOR + 0.970%) due 5/15/33(e)(f)	$	531,010
	$ 75,394		AA-	RASC Trust, Series 2006-KS3, Class M1, 4.934% (1-Month Term SOFR + 0.444%) due 4/25/36(e)		74,772
	87,710		Caa3(d)	Securitized Asset-Backed Receivables LLC Trust, Series 2006-HE2, Class A2C, 4.739% (1-Month Term SOFR + 0.414%) due 7/25/36(e)		34,337
				Soundview Home Loan Trust:
	182,707		Caa1(d)	Series 2007-OPT1, Class 1A1, 4.639% (1-Month Term SOFR + 0.314%) due 6/25/37(e)		123,964
	42,258		CCC	Series 2007-OPT2, Class 2A3, 4.619% (1-Month Term SOFR + 0.294%) due 7/25/37(e)		37,886
	461,634	^EUR	Aaa(d)	St Paul’s CLO IV DAC, Series 4A, Class ARR1, 2.988% (3-Month EURIBOR + 0.830%) due 4/25/30(e)(f)		522,783
	449,465		AAA	TIAA CLO IV Ltd., Series 2018-1A, Class A1AR, 5.409% (3-Month Term SOFR + 1.140%) due 1/20/32(e)(f)		449,621
	508,975		AAA	Tralee CLO VI Ltd., Series 2019-6A, Class A1RR, 5.502% (3-Month Term SOFR + 1.220%) due 10/25/32(e)(f)		508,937
	500,000		AAA	Trinitas CLO VI Ltd., Series 2017-6A, Class ARRR, 5.612% (3-Month Term SOFR + 1.330%) due 1/25/34(e)(f)		500,142
	600,000		AAA	Trinitas CLO XIV Ltd., Series 2020-14A, Class A1R, 5.622% (3-Month Term SOFR + 1.340%) due 1/25/34(e)(f)		600,171
				Voya CLO Ltd.:
	41,717		Aaa(d)	Series 2017-1A, Class A1R, 5.491% (3-Month Term SOFR + 1.212%) due 4/17/30(e)(f)		41,738
	38,007		AAA	Series 2017-2A, Class A1R, 5.498% (3-Month Term SOFR + 1.242%) due 6/7/30(e)(f)		38,070

				Total Asset-Backed Securities		9,512,053

	Mortgage Securities - 4.8%
				Alternative Loan Trust:
	149,566		Caa2(d)	Series 2006-HY11, Class A1, 4.679% (1-Month Term SOFR + 0.354%) due 6/25/36(e)		140,581
	25,013		WR(d)	Series 2007-4CB, Class 1A35, 6.000% due 4/25/37		20,876
	347,573		Caa1(d)	Alternative Loan Trust Resecuritization, Series 2008-2R, Class 1A1, 6.000% due 8/25/37(e)		285,988
	11,877		WR(d)	Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-3, Class 3A2, 6.642% due 5/25/33(e)		11,402
	19,475		WR(d)	Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-A, Class A1, 4.799% (1-Month Term SOFR + 0.474%) due 3/25/35(e)(f)		19,264
				CHL Mortgage Pass-Through Trust:
	395,723		WR(d)	Series 2005-HYB6, Class 2A1, 5.033% due 10/20/35(e)		373,959
	37,724		WR(d)	Series 2005-HYB9, Class 2A1, 7.210% (1-Year Term SOFR + 2.465%) due 2/20/36(e)		34,626
	79,098		WD(g)	Series 2006-6, Class A4, 6.000% due 4/25/36		38,137
	116,394		WD(g)	Series 2007-1, Class A1, 6.000% due 3/25/37		51,796
				Citigroup Mortgage Loan Trust:
	2,660		WR(d)	Series 2004-HYB2, Class 2A, 6.757% due 3/25/34(e)		2,451
	102,682		Caa2(d)	Series 2007-AR4, Class 1A1A, 4.745% due 3/25/37(e)		86,759
	12,199		CCC(g)	Citigroup Mortgage Loan Trust Inc., Series 2004-NCM2, Class 1CB1, 5.500% due 8/25/34		11,998
	48,154		NR	Credit Suisse Commercial Mortgage, Series 2015-3R, Class 5A2, 4.589% (1-Month Term SOFR + 0.264%) due 9/29/36(e)(f)		47,655
	700,000		NR	Federal National Mortgage Association (FNMA), REMICS, Series 2025-47, Class FJ, 5.330% (30-Day Average SOFR + 1.030%) due 6/25/55(e)(h)		700,219
	117,617		NR	Freddie Mac Multifamily Structured Pass Through Certificates, Series KBX1, Class A2, 2.920% due 1/25/26		116,189
				Government National Mortgage Association (GNMA):
	206,369		NR	Series 2018-H15, Class FG, 5.461% (1-Year Term SOFR + 0.865%) due 8/20/68(e)		207,355
	490,935		NR	Series 2023-H11, Class FC, 5.428% (30-Day Average SOFR + 1.100%) due 5/20/73(e)		497,752
	2,569,301		NR	Series 2023-H19, Class FA, 5.228% (30-Day Average SOFR + 0.900%) due 8/20/73(e)		2,578,062
	2,667		AA-	HarborView Mortgage Loan Trust, Series 2005-9, Class 2A1A, 5.119% (1-Month Term SOFR + 0.794%) due 6/20/35(e)		2,531
	36,689		B-	IndyMac INDX Mortgage Loan Trust, Series 2005-16IP, Class A1, 5.079% (1-Month Term SOFR + 0.754%) due 7/25/45(e)		29,103
	97,292		CCC	JP Morgan Alternative Loan Trust, Series 2006-A1, Class 1A1, 4.899% (1-Month Term SOFR + 0.574%) due 3/25/36(e)		90,865
	57,172		BBB-	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-FL12, Class A, 5.826% (1-Month Term SOFR + 1.497%) due 12/15/31(e)(f)		56,956
	169,918		WD(g)	Lehman XS Trust, Series 2007-20N, Class A1, 6.739% (1-Month Term SOFR + 2.414%) due 12/25/37(e)		164,779
	600,000		Aaa(d)	LUX Trust LION, Class A, 7.019% (1-Month Term SOFR + 2.690%) due 8/15/40(e)(f)		606,154
	2,662		WR(d)	MRFC Mortgage Pass-Through Trust, Series 2000-TBC2, Class A1, 4.923% (1-Month Term SOFR + 0.594%) due 6/15/30(e)		2,591
				New Residential Mortgage Loan Trust:
	26,604		NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(e)(f)		25,894
	126,772		Aaa(d)	Series 2019-RPL3, Class A1, 2.750% due 7/25/59(e)(f)		121,338
	511,519		WD(g)	Residential Asset Securitization Trust, Series 2006-A10, Class A5, 6.500% due 9/25/36		154,548
	413,280		Caa3(d)	Securitized Asset-Backed Receivables LLC Trust, Series 2006-FR3, Class A3, 4.939% (1-Month Term SOFR + 0.614%) due 5/25/36(e)		212,364
	42,561		WR(d)	Sequoia Mortgage Trust, Series 6, Class A, 5.081% (1-Month Term SOFR + 0.754%) due 4/19/27(e)		41,537
				WaMu Mortgage Pass-Through Certificates Trust:
	3,792		BB(g)	Series 2002-AR2, Class A, 4.182% (11th District Cost of Funds Index + 1.250%) due 2/27/34(e)		3,650
	1,876		WR(d)	Series 2002-AR17, Class 1A, 5.697% (1-Year Treasury Average Rate + 1.200%) due 11/25/42(e)		1,792

				Total Mortgage Securities		6,739,171

				TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $16,956,996)		16,251,224

232

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	SOVEREIGN BONDS - 2.6%
	Canada - 0.3%
				Canadian Government Real Return Bonds:
	558,480	^CAD	AAA	4.250% due 12/1/26	$	429,193
	62,900	^CAD	AAA	0.500% due 12/1/50		35,374

				Total Canada		464,567

	France - 0.9%
				French Republic Government Bonds OAT:
	727,410	^EUR	AA-u(g)	0.100% due 3/1/26(f)		822,575
	242,846	^EUR	AA-u(g)	0.100% due 7/25/31(f)		264,039
	119,220	^EUR	AA-u(g)	0.100% due 7/25/38(f)		113,870

				Total France		1,200,484

	Italy - 0.3%
	369,342	^EUR	Baa3u(d)	Italy Buoni Poliennali Del Tesoro, 0.400% due 5/15/30(f)		407,859

	Japan - 1.1%
				Japanese Government CPI Linked Bonds:
	66,007,430	^JPY	A1(d)	0.100% due 3/10/28		476,388
	148,880,700	^JPY	A1(d)	0.100% due 3/10/29		1,074,175

				Total Japan		1,550,563

	Mexico - 0.0%@
	305,206	^MXN	BBB-(g)	Mexican Udibonos, 4.000% due 8/24/34		14,538

				TOTAL SOVEREIGN BONDS (Cost - $4,260,386)		3,638,011

	CORPORATE BONDS & NOTES - 0.1%
	Banks - 0.1%
	100,000	^GBP	BBB	HSBC Holdings PLC, Subordinated Notes, 6.000% due 3/29/40		127,079
	34,193	^DKK	AAA	Nykredit Realkredit AS, Covered Notes, 1.000% due 10/1/50		4,059

				Total Banks		131,138

	Diversified Financial Services - 0.0%@
	98,711	^DKK	AAA	Jyske Realkredit AS, Covered Notes, 1.500% due 10/1/53		11,842
	100,000	^DKK	AAA	Nordea Kredit Realkreditaktieselskab, Covered Notes, 1.500% due 10/1/53		10,647
				Realkredit Danmark AS, Covered Notes:
	17,881	^DKK	AAA	1.000% due 10/1/53		2,118
	171,545	^DKK	AAA	1.500% due 10/1/53		21,182

				Total Diversified Financial Services		45,789

				TOTAL CORPORATE BONDS & NOTES (Cost - $234,607)		176,927

				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost - $207,473,060)		193,592,922

	SHORT-TERM INVESTMENTS - 0.4%
	TIME DEPOSITS - 0.4%
	21,938	^AUD		ANZ National Bank - London, 2.570% due 6/2/25		14,142
				BNP Paribas - Paris:
	853	^CHF		0.000% due 6/2/25		1,036
	167,230	^NZD		2.000% due 6/3/25		99,929
	$ 108,541			Citibank - New York, 3.680% due 6/2/25		108,541
	1,254,829	^JPY		DNB - Oslo, 0.120% due 6/2/25		8,721
	13,635	^SGD		HSBC Bank - Singapore, 0.640% due 6/2/25		10,573
	110,157	^CAD		Royal Bank of Canada - Toronto, 1.570% due 6/2/25		80,269
				Skandinaviska Enskilda Banken AB - Stockholm:
	10,170	^DKK		0.730% due 6/2/25		1,548
	1,634	^SEK		1.070% due 6/2/25		170
	57,732	^GBP		3.170% due 6/2/25		77,792
	2,393	^NOK		3.230% due 6/2/25		234
	215	^ZAR		Standard Chartered Bank - Johannesburg, 5.450% due 6/2/25		12
	116,745	^EUR		Sumitomo Mitsui Banking Corp. - Tokyo, 1.080% due 6/2/25		132,564

				TOTAL SHORT-TERM INVESTMENTS (Cost - $535,531)		535,531

				TOTAL INVESTMENTS - 138.8% (Cost - $208,008,591)		194,128,453

				Liabilities in Excess of Other Assets - (38.8)%		(54,294,346	)

				TOTAL NET ASSETS - 100.0%	$	139,834,107

233

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

†	Amount denominated in U.S. dollars, unless otherwise noted.

††	All ratings are by Standard & Poor’s Rating Service, unless otherwise noted.

@	The amount is less than 0.05%.

(a)	All or a portion of this security is held at the broker as collateral for open over-the-counter (“OTC”) swap contracts.

(b)	Position, or portion thereof, has been segregated to collateralize reverse repurchase agreement.

(c)	This security is traded on a TBA basis (see Note 1).

(d)	Rating by Moody’s Investors Service.

(e)	Variable rate security. Interest rate disclosed is that which was in effect at May 31, 2025.

(f)

(g)	Rating by Fitch Ratings Service.

(h)	Security is valued in good faith at fair value by or under the direction of the Board of Trustees.

At May 31, 2025, for Inflation-Linked Fixed Income Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes	Gross Unrealized Appreciation	Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
Inflation-Linked Fixed Income Fund	$ 208,008,591	$ 716,250	$ (13,821,205)	$ (13,104,955)


Abbreviations used in this schedule:

CLO	—	Collateralized Loan Obligation
CPI	—	Consumer Price Index
DAC	—	Designated Activity Company
EURIBOR	—	Euro Interbank Offered Rate
LLC	—	Limited Liability Company
OAT	—	Obligations assimilables du Trésor
PLC	—	Public Limited Company
REMICS	—	Real Estate Mortgage Investment Conduits
SOFR	—	Secured Overnight Financing Rate


Summary of Investments by Security Type^
U.S. Government Obligations	79.1	%
Mortgage-Backed Securities	10.2
Collateralized Mortgage Obligations	8.4
Sovereign Bonds	1.9
Corporate Bonds & Notes	0.1
Short-Term Investments	0.3

Total Investments	100.0	%

^	As a percentage of total investments.

234

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

At May 31, 2025, Inflation-Linked Fixed Income Fund had open exchange-traded futures contracts as described below.

The unrealized appreciation (depreciation) on the open contracts were as follows:


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
3-Month Euro-Euribor Futures		107		9/26	$	29,750,511	$	29,833,956	$	83,445
Australian Government 10-Year Bond Futures		22		6/25		1,596,376		1,618,717		22,341
Euro-Bobl Futures		5		6/25		677,712		676,418		(1,294	)
Euro-BTP Futures		20		6/25		2,715,105		2,751,316		36,211
U.S. Treasury 5-Year Note Futures		4		9/25		431,281		432,750		1,469
U.S. Ultra Long Bond Futures		95		9/25		10,648,532		10,691,953		43,421

										185,593

Contracts to Sell:
3-Month Euro-Euribor Futures		107		9/25		29,750,114		29,817,250		(67,136	)
Euro-Bund Futures		2		6/25		298,001		297,978		23
Euro-Buxl 30-Year Bond Futures		12		6/25		1,696,823		1,656,649		40,174
Euro-OAT Futures		29		6/25		4,121,377		4,140,885		(19,508	)
Euro-Schatz Note Futures		13		6/25		1,578,669		1,584,574		(5,905	)
U.S. Treasury 2-Year Note Futures		115		9/25		23,822,680		23,855,313		(32,633	)
U.S. Treasury 10-Year Note Futures		117		9/25		12,860,859		12,957,750		(96,891	)
U.S. Treasury Ultra Long Bond Futures		10		9/25		1,136,094		1,160,625		(24,531	)

										(206,407	)

Net Unrealized Depreciation on Open Exchange-Traded Futures Contracts									$	(20,814	)

At May 31, 2025, Inflation-Linked Fixed Income Fund had deposited cash of $565,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

237

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

At May 31, 2025, Inflation-Linked Fixed Income Fund had open forward foreign currency contracts as described below.

The unrealized appreciation (depreciation) on the open contracts were as follows:


Foreign Currency	Local Currency		In Exchange For		Counterparty		Value		Settlement Date	Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Dollar		1,062,000	USD	684,140		BCLY	$	684,618	6/3/25	$	478
Australian Dollar		309,000	USD	198,078		BCLY		199,197	6/3/25		1,119
Brazilian Real		226,564	USD	40,000		BCLY		39,620	6/3/25		(380	)
Brazilian Real		284,145	USD	50,000		BCLY		49,690	6/3/25		(310	)
Brazilian Real		6,858,568	USD	1,202,825		BNP		1,191,280	7/2/25		(11,545	)
Brazilian Real		8,697,275	USD	1,523,512		BNP		1,520,928	6/3/25		(2,584	)
Brazilian Real		1,766,288	USD	309,403		HSBC		308,878	6/3/25		(525	)
Brazilian Real		10,166,066	USD	1,717,502		SCB		1,777,782	6/3/25		60,280
British Pound		232,000	USD	311,121		BCLY		312,608	6/3/25		1,487
British Pound		232,000	USD	312,546		JPM		312,651	7/2/25		105
Canadian Dollar		2,296,574	USD	1,669,629		HSBC		1,673,461	6/3/25		3,832
Chinese Offshore Renminbi		364,000	USD	50,634		BNP		50,574	6/18/25		(60	)
Chinese Offshore Renminbi		362,000	USD	50,148		BNP		50,296	6/18/25		148
Chinese Offshore Renminbi		440,000	USD	60,808		BNP		61,133	6/18/25		325
Chinese Offshore Renminbi		319,000	USD	43,900		BNP		44,322	6/18/25		422
Chinese Offshore Renminbi		1,092,000	USD	151,292		BNP		151,721	6/18/25		429
Chinese Offshore Renminbi		368,000	USD	50,432		BNP		51,129	6/18/25		697
Chinese Offshore Renminbi		556,000	USD	76,588		BNP		77,637	8/20/25		1,049
Euro		65,000	USD	73,443		BCLY		73,808	6/3/25		365
Euro		79,000	USD	88,613		BCLY		89,704	6/3/25		1,091
Euro		3,227,000	USD	3,661,251		HSBC		3,664,259	6/3/25		3,008
Euro		4,594,000	USD	5,213,731		MLP		5,216,489	6/3/25		2,758
Indian Rupee		8,620,023	USD	100,761		BNP		100,644	6/30/25		(117	)
Indian Rupee		15,749,085	USD	183,696		DUB		183,880	6/30/25		184
Indian Rupee		3,097,386	USD	35,839		DUB		36,164	6/30/25		325
Indian Rupee		25,770,568	USD	302,582		HSBC		300,887	6/30/25		(1,695	)
Indian Rupee		15,593,517	USD	181,785		HSBC		182,064	6/30/25		279
Indian Rupee		12,039,062	USD	140,709		JPM		140,563	6/30/25		(146	)
Indian Rupee		3,106,885	USD	36,281		JPM		36,275	6/30/25		(6	)
Indian Rupee		5,077,509	USD	59,271		JPM		59,283	6/30/25		12
Indian Rupee		17,235,687	USD	200,655		JPM		201,237	6/30/25		582
Indian Rupee		32,501,822	USD	382,472		MLP		379,478	6/30/25		(2,994	)
Indian Rupee		2,955,761	USD	34,495		MLP		34,510	6/30/25		15
Indian Rupee		3,053,727	USD	35,293		SCB		35,654	6/30/25		361
Indonesian Rupiah		3,302,760,000	USD	200,000		BCLY		202,682	6/10/25		2,682
Indonesian Rupiah		3,311,284,243	USD	202,960		BNP		202,894	7/16/25		(66	)
Indonesian Rupiah		6,447,400,102	USD	389,324		SCB		395,528	6/18/25		6,204
Israeli New Shekel		309,619	USD	88,110		JPM		88,123	6/4/25		13
Israeli New Shekel		71,000	USD	20,076		JPM		20,208	6/4/25		132
Japanese Yen		59,738,217	USD	414,604		HSBC		415,151	6/3/25		547
Japanese Yen		81,791,628	USD	566,738		HSBC		568,412	6/3/25		1,674
Korean Won		557,158,278	USD	400,000		BNP		403,406	6/9/25		3,406
Korean Won		281,776,378	USD	199,499		DUB		204,062	6/12/25		4,563
Korean Won		147,232,411	USD	106,827		JPM		106,675	6/18/25		(152	)
Korean Won		146,556,201	USD	106,214		JPM		106,144	6/13/25		(70	)
Korean Won		129,261,496	USD	91,000		JPM		93,654	6/18/25		2,654
Korean Won		281,499,852	USD	198,407		JPM		203,862	6/12/25		5,455
Korean Won		547,265,261	USD	385,580		JPM		396,329	6/12/25		10,749
Korean Won		100,297,283	USD	73,352		MLP		72,602	6/5/25		(750	)
Korean Won		129,255,280	USD	88,000		MLP		93,650	6/18/25		5,650
Korean Won		292,994,911	USD	205,485		MLP		212,285	6/18/25		6,800
Mexican Peso		2,232,000	USD	113,309		MLP		114,854	6/18/25		1,545
Mexican Peso		3,916,000	USD	198,840		MLP		201,508	6/18/25		2,668
New Taiwan Dollar		2,884,003	USD	88,612		BNP		96,740	7/16/25		8,128
New Taiwan Dollar		3,819,652	USD	117,365		BNP		128,125	7/16/25		10,760
New Taiwan Dollar		7,842,576	USD	272,000		JPM		263,878	8/20/25		(8,122	)
New Taiwan Dollar		5,977,000	USD	200,000		JPM		199,840	6/9/25		(160	)
New Zealand Dollar		184,662	USD	110,022		JPM		110,345	6/3/25		323
Polish Zloty		344,605	USD	88,942		BCLY		92,066	6/6/25		3,124
Polish Zloty		215,422	USD	56,143		BNP		57,534	6/20/25		1,391
Polish Zloty		2,815,836	USD	727,832		BNP		752,291	6/6/25		24,459
Polish Zloty		178,257	USD	46,185		HSBC		47,608	6/20/25		1,423
Polish Zloty		210,524	USD	54,679		JPM		56,226	6/20/25		1,547
Polish Zloty		898,187	USD	231,746		JPM		239,923	6/13/25		8,177
Singapore Dollar		200,000	USD	155,284		DUB		155,081	6/3/25		(203	)

238

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For		Counterparty		Value		Settlement Date	Unrealized Appreciation/ (Depreciation)
Contracts to Buy: (continued)
Singapore Dollar		8,389	USD	6,500		DUB	$	6,505	6/3/25	$	5
Singapore Dollar		776,804	USD	604,376		HSBC		602,337	6/3/25		(2,039	)
Singapore Dollar		323,348	USD	251,261		JPM		250,725	6/3/25		(536	)
South African Rand		10,262,651	USD	532,149		JPM		569,851	6/23/25		37,702
South African Rand		3,646,000	USD	199,931		MLP		202,450	6/23/25		2,519
Swiss Franc		59,000	USD	71,760		BCLY		71,706	6/3/25		(54	)
Swiss Franc		352,918	USD	427,929		HSBC		428,923	6/3/25		994
Swiss Franc		164,000	USD	199,003		MLP		199,319	6/3/25		316
Thai Baht		327,666	USD	10,000		HSBC		10,003	7/16/25		3
Turkish Lira		1,396,842	USD	34,429		BCLY		34,329	7/7/25		(100	)

											202,350

Contracts to Sell:
Australian Dollar		1,062,000	USD	684,411		BCLY		684,903	7/2/25		(492	)
Australian Dollar		1,328,000	USD	851,657		JPM		856,095	6/3/25		(4,438	)
Australian Dollar		43,000	USD	27,820		MLP		27,720	6/3/25		100
Brazilian Real		510,709	USD	89,461		BCLY		89,309	6/3/25		152
Brazilian Real		1,158,008	USD	200,000		BNP		202,506	6/3/25		(2,506	)
Brazilian Real		726,345	USD	127,000		BNP		127,019	6/3/25		(19	)
Brazilian Real		6,812,921	USD	1,202,825		BNP		1,191,403	6/3/25		11,422
Brazilian Real		1,766,288	USD	308,948		HSBC		308,878	6/3/25		70
Brazilian Real		10,166,066	USD	1,780,802		SCB		1,777,781	6/3/25		3,021
British Pound		232,000	USD	312,504		JPM		312,608	6/3/25		(104	)
Canadian Dollar		2,297,576	USD	1,659,959		BNP		1,674,191	6/3/25		(14,232	)
Canadian Dollar		2,293,176	USD	1,669,629		HSBC		1,673,413	7/2/25		(3,784	)
Chinese Offshore Renminbi		551,000	USD	76,666		BCLY		76,938	8/20/25		(272	)
Chinese Offshore Renminbi		2,481,634	USD	341,218		BNP		344,794	6/18/25		(3,576	)
Chinese Offshore Renminbi		705,253	USD	96,665		BNP		97,987	6/18/25		(1,322	)
Chinese Offshore Renminbi		595,906	USD	81,478		BNP		82,794	6/18/25		(1,316	)
Chinese Offshore Renminbi		544,000	USD	74,515		BNP		75,582	6/18/25		(1,067	)
Chinese Offshore Renminbi		508,000	USD	69,580		BNP		70,580	6/18/25		(1,000	)
Chinese Offshore Renminbi		1,276,178	USD	176,513		BNP		177,310	6/18/25		(797	)
Chinese Offshore Renminbi		718,000	USD	99,310		BNP		99,758	6/18/25		(448	)
Chinese Offshore Renminbi		1,455,000	USD	202,954		BNP		203,167	8/20/25		(213	)
Chinese Offshore Renminbi		739,000	USD	102,001		HSBC		102,675	6/18/25		(674	)
Chinese Offshore Renminbi		374,522	USD	51,837		HSBC		52,296	8/20/25		(459	)
Chinese Offshore Renminbi		373,484	USD	51,826		HSBC		52,005	7/16/25		(179	)
Chinese Offshore Renminbi		2,036,023	USD	278,957		JPM		282,882	6/18/25		(3,925	)
Chinese Offshore Renminbi		491,355	USD	67,931		JPM		68,610	8/20/25		(679	)
Chinese Offshore Renminbi		762,500	USD	105,997		JPM		106,471	8/20/25		(474	)
Chinese Offshore Renminbi		294,237	USD	40,704		JPM		40,970	7/16/25		(266	)
Chinese Offshore Renminbi		296,879	USD	41,200		JPM		41,338	7/16/25		(138	)
Chinese Offshore Renminbi		1,543,457	USD	211,220		MLP		214,445	6/18/25		(3,225	)
Danish Krone		415,450	USD	62,919		JPM		63,369	7/2/25		(450	)
Danish Krone		416,552	USD	63,606		MLP		63,407	6/3/25		199
Euro		96,000	USD	108,938		BCLY		109,008	6/3/25		(70	)
Euro		173,000	USD	197,199		HSBC		196,442	6/3/25		757
Euro		4,594,000	USD	5,223,603		MLP		5,226,209	7/2/25		(2,606	)
Euro		7,696,000	USD	8,742,579		MLP		8,738,811	6/3/25		3,768
Indian Rupee		6,684,593	USD	79,000		JPM		78,047	6/30/25		953
Indonesian Rupiah		3,306,920,613	USD	202,960		BNP		202,938	6/10/25		22
Israeli New Shekel		317,677	USD	90,390		BCLY		90,418	6/11/25		(28	)
Israeli New Shekel		613,012	USD	171,553		JPM		174,474	6/4/25		(2,921	)
Israeli New Shekel		365,000	USD	103,072		JPM		103,885	6/4/25		(813	)
Israeli New Shekel		309,619	USD	88,110		JPM		88,125	6/11/25		(15	)
Japanese Yen		6,881,033	USD	48,242		BCLY		47,820	6/3/25		422
Japanese Yen		63,292,064	USD	441,905		BNP		439,849	6/3/25		2,056
Japanese Yen		64,584,053	USD	451,986		BNP		448,828	6/3/25		3,158
Japanese Yen		81,523,334	USD	566,738		HSBC		568,410	7/2/25		(1,672	)
Japanese Yen		59,541,902	USD	414,604		HSBC		415,147	7/2/25		(543	)
Japanese Yen		12,598,718	USD	87,712		HSBC		87,843	7/2/25		(131	)
Japanese Yen		9,985,057	USD	69,922		HSBC		69,391	6/3/25		531
Japanese Yen		9,415,565	USD	66,204		HSBC		65,434	6/3/25		770
Korean Won		278,535,600	USD	196,000		BCLY		201,808	6/18/25		(5,808	)
Korean Won		690,832,673	USD	484,948		BNP		500,300	6/12/25		(15,352	)
Korean Won		910,657,119	USD	628,061		DUB		659,802	6/18/25		(31,741	)
Korean Won		272,671,754	USD	190,626		DUB		197,468	6/12/25		(6,842	)
Korean Won		141,092,185	USD	99,115		DUB		102,226	6/18/25		(3,111	)
Korean Won		100,267,940	USD	69,830		DUB		72,580	6/5/25		(2,750	)
Korean Won		233,034,165	USD	161,962		HSBC		168,841	6/18/25		(6,879	)
Korean Won		547,377,080	USD	385,580		JPM		396,324	6/9/25		(10,744	)
Korean Won		146,568,947	USD	106,214		JPM		106,145	6/12/25		69
Korean Won		147,282,619	USD	106,827		JPM		106,670	6/13/25		157
Korean Won		115,607,200	USD	80,000		MLP		83,761	6/18/25		(3,761	)
Korean Won		99,992,140	USD	73,352		MLP		72,595	7/16/25		757
Korean Won		27,817,800	USD	20,000		SCB		20,163	6/23/25		(163	)
Mexican Peso		2,033,000	USD	104,070		JPM		104,613	6/18/25		(543	)
New Taiwan Dollar		299,880	USD	10,000		BCLY		10,038	6/23/25		(38	)
New Taiwan Dollar		6,657,590	USD	203,540		BNP		224,007	8/20/25		(20,467	)

239

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For		Counterparty		Value		Settlement Date	Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
New Taiwan Dollar		5,069,168	USD	155,960		BNP	$	170,561	8/20/25	$	(14,601	)
New Taiwan Dollar		4,493,017	USD	138,064		BNP		150,712	7/16/25		(12,648	)
New Taiwan Dollar		3,677,623	USD	113,325		BNP		123,361	7/16/25		(10,036	)
New Taiwan Dollar		4,322,622	USD	146,000		BNP		145,442	8/20/25		558
New Taiwan Dollar		8,225,884	USD	251,410		HSBC		276,775	8/20/25		(25,365	)
New Taiwan Dollar		4,625,347	USD	141,921		HSBC		155,151	7/16/25		(13,230	)
New Taiwan Dollar		7,516,792	USD	229,794		JPM		252,916	8/20/25		(23,122	)
New Taiwan Dollar		4,868,494	USD	150,151		JPM		163,809	8/20/25		(13,658	)
New Taiwan Dollar		4,524,798	USD	138,968		JPM		151,778	7/16/25		(12,810	)
New Taiwan Dollar		2,868,379	USD	87,472		JPM		96,512	8/20/25		(9,040	)
New Taiwan Dollar		3,262,657	USD	100,442		JPM		109,441	7/16/25		(8,999	)
New Taiwan Dollar		2,467,639	USD	75,655		JPM		83,028	8/20/25		(7,373	)
New Taiwan Dollar		58,091	USD	1,782		MLP		1,955	8/20/25		(173	)
New Taiwan Dollar		3,701,818	USD	113,457		SCB		124,554	8/20/25		(11,097	)
New Zealand Dollar		184,496	USD	109,964		BCLY		110,245	6/3/25		(281	)
New Zealand Dollar		184,480	USD	110,022		JPM		110,352	7/2/25		(330	)
Polish Zloty		755,000	USD	199,258		BCLY		201,709	6/6/25		(2,451	)
Polish Zloty		334,000	USD	86,226		DUB		89,233	6/6/25		(3,007	)
Polish Zloty		756,000	USD	200,941		MLP		201,977	6/6/25		(1,036	)
Singapore Dollar		516,000	USD	398,334		BCLY		400,108	6/3/25		(1,774	)
Singapore Dollar		20,301	USD	15,486		DUB		15,741	6/3/25		(255	)
Singapore Dollar		8,374	USD	6,500		DUB		6,505	7/2/25		(5	)
Singapore Dollar		425,303	USD	326,060		HSBC		329,782	6/3/25		(3,722	)
Singapore Dollar		775,342	USD	604,376		HSBC		602,299	7/2/25		2,077
Singapore Dollar		254,365	USD	193,949		JPM		197,235	6/3/25		(3,286	)
Singapore Dollar		28,039	USD	21,431		JPM		21,741	6/3/25		(310	)
Singapore Dollar		12,000	USD	9,186		JPM		9,305	6/3/25		(119	)
Singapore Dollar		322,749	USD	251,261		JPM		250,717	7/2/25		544
Singapore Dollar		41,939	USD	32,049		MLP		32,520	6/3/25		(471	)
Singapore Dollar		19,238	USD	14,723		MLP		14,917	6/3/25		(194	)
South African Rand		538,000	USD	29,925		BCLY		29,873	6/23/25		52
South African Rand		2,772,000	USD	145,754		BNP		153,920	6/23/25		(8,166	)
South African Rand		967,408	USD	50,999		BNP		53,717	6/23/25		(2,718	)
South African Rand		3,726,000	USD	198,379		HSBC		206,893	6/23/25		(8,514	)
South African Rand		1,637,000	USD	88,443		JPM		90,897	6/23/25		(2,454	)
South African Rand		179,000	USD	9,986		MLP		9,939	6/23/25		47
Swiss Franc		578,352	USD	705,259		BNP		702,907	6/3/25		2,352
Swiss Franc		351,663	USD	427,929		HSBC		428,927	7/2/25		(998	)
Thai Baht		3,096,982	USD	93,702		BNP		94,546	7/16/25		(844	)
Thai Baht		2,972,442	USD	89,810		HSBC		90,744	7/16/25		(934	)
Thai Baht		474,918	USD	14,307		HSBC		14,499	7/16/25		(192	)
Thai Baht		2,767,215	USD	83,000		JPM		84,479	7/16/25		(1,479	)

											(334,731	)

Net Unrealized Depreciation on Open Forward Foreign Currency Contracts										$	(132,381	)

240

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

At May 31, 2025, Inflation-Linked Fixed Income Fund held the following Centrally Cleared Interest Rate Swap Contracts:


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Maturity Date	Payment Frequency	Notional Amount			Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	6-Month EURIBOR	0.650%	4/12/27	12-Month		EUR	300,000		$ (8,935	)	$	—		$	(8,935	)
Pay	6-Month EURIBOR	0.650%	5/11/27	12-Month		EUR	300,000		(8,807	)		—			(8,807	)
Pay	6-Month EURIBOR	0.700%	4/11/27	12-Month		EUR	200,000		(5,781	)		—			(5,781	)
Pay	6-Month EURIBOR	2.250%	9/17/35	12-Month		EUR	11,970,000		(341,800	)		(522,719	)		180,919
Receive	6-Month EURIBOR	0.197%	11/8/52	12-Month		EUR	1,400,000		758,167			—			758,167
Receive	6-Month EURIBOR	1.895%	10/8/27	12-Month		EUR	5,900,000		6,257			—			6,257
Receive	6-Month EURIBOR	2.250%	9/17/55	12-Month		EUR	2,150,000		182,195			174,592			7,603
Receive	Bank of Japan Uncollateralized Overnight Call Rate	0.300%	9/20/27	6-Month		JPY	5,590,000		481			(1,139	)		1,620
Receive	Bank of Japan Uncollateralized Overnight Call Rate	0.500%	12/15/31	12-Month		JPY	75,000,000		16,792			1,442			15,350
Receive	Bank of Japan Uncollateralized Overnight Call Rate	0.550%	9/14/28	12-Month		JPY	90,000,000		4,758			(1,033	)		5,791
Pay	SOFR	2.340%	11/21/28	6-Month		USD	4,130,000		(206,254	)		—			(206,254	)
Pay	SOFR	3.085%	2/13/34	12-Month		USD	1,500,000		(83,261	)		(13,946	)		(69,315	)
Receive	SOFR	2.237%	11/21/53	6-Month		USD	810,000		285,565			—			285,565
Receive	SOFR	2.865%	2/13/54	12-Month		USD	1,400,000		285,537			27,102			258,435
Receive	SOFR	3.250%	6/18/34	12-Month		USD	2,600,000		107,214			115,634			(8,420	)
Receive	SOFR	3.250%	3/19/55	12-Month		USD	3,100,000		424,088			405,813			18,275
Receive	SOFR	3.500%	6/20/54	12-Month		USD	700,000		74,045			18,675			55,370
Receive	SOFR	3.685%	11/15/52	12-Month		USD	1,000,000		60,617			—			60,617
Receive	SOFR	3.838%	11/15/34	12-Month		USD	600,000		(1,278	)		—			(1,278	)
Receive	SOFR	3.866%	11/15/34	12-Month		USD	200,000		(867	)		—			(867	)
Receive	SOFR	3.881%	11/15/34	12-Month		USD	1,100,000		(6,094	)		—			(6,094	)
Receive	SOFR	3.894%	11/15/34	12-Month		USD	400,000		(2,612	)		—			(2,612	)
Receive	SOFR	4.250%	12/20/25	12-Month		USD	7,740,000		6,890			(28,248	)		35,138
Pay	Sterling Overnight Index Average	3.500%	3/19/30	12-Month		GBP	5,700,000		(139,602	)		(104,169	)		(35,433	)

									$ 1,407,315		$	72,004		$	1,335,311

241

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

At May 31, 2025, Inflation-Linked Fixed Income Fund held the following Centrally Cleared Inflation Rate Swap Contracts:


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date	Notional Amount			Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	2-Year EUR Inflation Linked		2.000%	2/15/27		EUR	300,000	$	(1,833	)	$	(30	)	$	(1,803	)
Pay	5-Year EUR Inflation Linked		3.000%	5/15/27		EUR	200,000		2,669			100			2,569
Receive	10-Year EUR Inflation Linked		1.380%	3/15/31		EUR	740,000		(147,571	)		(8,957	)		(138,614	)
Pay	10-Year EUR Inflation Linked		2.034%	9/15/34		EUR	500,000		(7,481	)		(2,239	)		(5,242	)
Pay	10-Year EUR Inflation Linked		2.720%	6/15/32		EUR	500,000		(20,197	)		(4,228	)		(15,969	)
Receive	30-Year EUR Inflation Linked		2.421%	5/15/52		EUR	30,000		443			—			443
Receive	30-Year EUR Inflation Linked		2.590%	12/15/52		EUR	100,000		12,243			—			12,243
Receive	30-Year EUR Inflation Linked		2.590%	3/15/52		EUR	200,000		11,506			(2,478	)		13,984
Receive	30-Year EUR Inflation Linked		2.700%	4/15/53		EUR	200,000		34,284			1,337			32,947
Receive	30-Year EUR Inflation Linked		2.736%	10/15/53		EUR	100,000		18,602			1,308			17,294
Receive	30-Year EUR Inflation Linked		2.763%	9/15/53		EUR	100,000		19,564			(974	)		20,538
Receive	10-Year GBP Inflation Linked		3.466%	9/15/34		GBP	300,000		6,954			—			6,954
Receive	10-Year GBP Inflation Linked		3.500%	8/15/34		GBP	600,000		16,749			3,390			13,359
Receive	1-Year USD Inflation Linked		2.208%	10/7/25		USD	902,000		(6,629	)		—			(6,629	)
Receive	1-Year USD Inflation Linked		2.380%	10/15/25		USD	900,000		(5,629	)		—			(5,629	)
Receive	1-Year USD Inflation Linked		2.700%	1/14/26		USD	200,000		(1,118	)		—			(1,118	)
Receive	1-Year USD Inflation Linked		2.820%	2/5/26		USD	700,000		(3,032	)		—			(3,032	)
Receive	1-Year USD Inflation Linked		2.842%	2/13/26		USD	800,000		(3,324	)		—			(3,324	)
Receive	1-Year USD Inflation Linked		3.043%	2/21/26		USD	400,000		(849	)		—			(849	)
Receive	1-Year USD Inflation Linked		3.323%	4/23/26		USD	400,000		1,222			—			1,222
Pay	5-Year USD Inflation Linked		2.703%	5/25/26		USD	510,000		51,156			81			51,075
Pay	5-Year USD Inflation Linked		2.768%	5/13/26		USD	500,000		49,045			—			49,045
Pay	5-Year USD Inflation Linked		2.813%	5/14/26		USD	300,000		28,663			—			28,663
Pay	7-Year USD Inflation Linked		1.798%	8/25/27		USD	600,000		105,570			5,868			99,702
Pay	7-Year USD Inflation Linked		1.890%	8/27/27		USD	700,000		118,284			1,693			116,591
Pay	7-Year USD Inflation Linked		2.573%	8/26/28		USD	100,000		8,138			—			8,138
Pay	7-Year USD Inflation Linked		2.645%	9/10/28		USD	100,000		7,326			—			7,326
Receive	10-Year USD Inflation Linked		1.280%	5/19/30		USD	800,000		(178,211	)		(50,027	)		(128,184	)
Receive	10-Year USD Inflation Linked		1.760%	11/4/29		USD	1,200,000		(211,186	)		(8,764	)		(202,422	)
Receive	10-Year USD Inflation Linked		1.883%	11/20/29		USD	1,500,000		(245,726	)		9,233			(254,959	)
Pay	10-Year USD Inflation Linked		2.311%	2/24/31		USD	2,300,000		285,379			1,035			284,344
Receive	10-Year USD Inflation Linked		2.335%	2/5/28		USD	960,000		(111,194	)		59,292			(170,486	)
Receive	10-Year USD Inflation Linked		2.353%	5/9/28		USD	360,000		(39,861	)		24,122			(63,983	)
Receive	10-Year USD Inflation Linked		2.360%	5/9/28		USD	540,000		(59,342	)		36,670			(96,012	)
Receive	10-Year USD Inflation Linked		2.364%	5/10/28		USD	550,000		(60,238	)		37,569			(97,807	)

								$	(325,624	)	$	104,001		$	(429,625	)

242

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

At May 31, 2025, Inflation-Linked Fixed Income Fund deposited cash collateral with brokers in the amount of $822,000 for open centrally cleared swap contracts.


Currency abbreviations used in this schedule:

AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
JPY	—	Japanese Yen
MXN	—	Mexican Peso
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
USD	—	United States Dollar
ZAR	—	South African Rand


Counterparty abbreviations used in this schedule:

BCLY	—	Barclays Bank PLC
BNP	—	BNP Paribas SA
DUB	—	Deutsche Bank AG
HSBC	—	HSBC Bank USA
JPM	—	JPMorgan Chase & Co.
MLP	—	Merrill Lynch, Pierce, Fenner & Smith Inc.
SCB	—	Standard Chartered Bank

See pages 258-260 for definitions of ratings.

At May 31, 2025, Inflation-Linked Fixed Income Fund was involved in following sale-buyback transactions:


Counterparty	Borrowing Date	Maturity Date	Borrowing Rate	Amount Borrowed
BNP Paribas SA	5/21/25	6/5/25	4.504%	$	127,112
BNP Paribas SA	5/21/25	6/5/25	4.504%		2,410,330
BNP Paribas SA	5/21/25	6/5/25	4.504%		6,061,102
BNP Paribas SA	5/21/25	6/5/25	4.504%		6,707,902
BNP Paribas SA	5/21/25	6/5/25	4.504%		6,740,792

				$	22,047,238

243

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 49.1%
	Aerospace/Defense - 0.5%
$	400,000	BBB-	Boeing Co. (The), Senior Unsecured Notes, 2.600% due 10/30/25	$	395,901
	1,800,000	BBB	Rolls-Royce PLC, Company Guaranteed Notes, 3.625% due 10/14/25(a)		1,790,912

			Total Aerospace/Defense		2,186,813

	Agriculture - 1.4%
	2,645,000	BBB	Imperial Brands Finance PLC, Company Guaranteed Notes, 3.500% due 7/26/26(a)		2,606,695
	3,172,000	BBB+	Reynolds American Inc., Company Guaranteed Notes, 4.450% due 6/12/25		3,171,780

			Total Agriculture		5,778,475

	Airlines - 0.5%
	2,000,000	BBB-	United Airlines Inc., Senior Secured Notes, 4.375% due 4/15/26(a)		1,977,606

	Auto Manufacturers - 5.7%
			BMW US Capital LLC, Company Guaranteed Notes:
	3,100,000	A	5.144% (SOFR + 0.800%) due 8/13/26(a)(b)		3,111,329
	200,000	A	5.128% (SOFR + 0.780%) due 3/19/27(a)(b)		200,051
	700,000	A	5.268% (SOFR + 0.920%) due 3/21/28(a)(b)		699,512
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	300,000	BBB-	5.125% due 6/16/25		299,991
	2,200,000	BBB-	4.134% due 8/4/25		2,195,440
	200,000	BBB-	3.375% due 11/13/25		198,433
	600,000	BBB-	4.389% due 1/8/26		595,269
			General Motors Financial Co., Inc., Senior Unsecured Notes:
	300,000	BBB	6.050% due 10/10/25		301,117
	500,000	BBB	5.693% (SOFR + 1.350%) due 5/8/27(b)		499,318
			Hyundai Capital America, Senior Unsecured Notes:
	3,300,000	A-	5.494% (SOFR + 1.150%) due 8/4/25(a)(b)		3,303,579
	700,000	A-	5.850% (SOFR + 1.500%) due 1/8/27(a)(b)		705,126
			Mercedes-Benz Finance North America LLC, Company Guaranteed Notes:
	700,000	A	4.915% (SOFR + 0.570%) due 8/1/25(a)(b)		700,171
	3,400,000	A	4.975% (SOFR + 0.630%) due 7/31/26(a)(b)		3,402,316
			Nissan Motor Acceptance Co. LLC, Senior Unsecured Notes
	300,000	BB	1.850% due 9/16/26(a)		285,378
	400,000	BB	2.000% due 3/9/26(a)		387,260
	400,000	BB	Nissan Motor Co., Ltd., Senior Unsecured Notes, 3.522% due 9/17/25		396,751
	200,000	BBB	Stellantis Finance US Inc., Company Guaranteed Notes, 5.350% due 3/17/28(a)		200,510
			Toyota Motor Credit Corp., Senior Unsecured Notes:
	167,000	A+	4.796% (SOFR + 0.450%) due 4/10/26(b)		167,054
	35,000	A+	4.796% (SOFR + 0.450%) due 5/15/26(b)		35,039
	60,000	A+	5.236% (SOFR + 0.890%) due 5/18/26(b)		60,264
			Volkswagen Group of America Finance LLC, Company Guaranteed Notes:
	725,000	BBB+	5.276% (SOFR + 0.930%) due 9/12/25(a)(b)		725,654
	2,000,000	BBB+	1.250% due 11/24/25(a)		1,965,311
	2,800,000	BBB+	5.178% (SOFR + 0.830%) due 3/20/26(a)(b)		2,804,306
	250,000	BBB+	5.405% (SOFR + 1.060%) due 8/14/26(a)(b)		250,858

			Total Auto Manufacturers		23,490,037

	Banks - 21.7%
			ABN AMRO Bank NV, Senior Non-Preferred Notes:
	2,400,000	BBB	6.575% (1-Year CMT Index + 1.550%) due 10/13/26(a)(b)		2,414,653
	700,000	BBB	6.128% (SOFR + 1.780%) due 9/18/27(b)		707,091
	800,000	BBB	6.128% (SOFR + 1.780%) due 9/18/27(a)(b)		808,104
	200,000	BBB+	Banco Bilbao Vizcaya Argentaria SA, Senior Non-Preferred Notes, 5.862% (1-Year CMT Index + 2.300%) due 9/14/26(b)		200,438

244

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 49.1% - (continued)
	Banks - 21.7% - (continued)
			Bank of America Corp., Senior Unsecured Notes:
	$ 1,600,000	A-	1.319% (SOFR + 1.150%) due 6/19/26(b)	$	1,596,893
	2,430,000	A-	5.314% (SOFR + 0.970%) due 7/22/27(b)		2,437,569
			Bank of Montreal, Senior Unsecured Notes:
	3,100,000	A-	5.677% (SOFR + 1.330%) due 6/5/26(b)		3,128,771
	319,000	A-	5.110% (SOFR + 0.760%) due 6/4/27(b)		319,401
	500,000	A-	5.227% (SOFR + 0.880%) due 9/10/27(b)		501,272
	462,000	A-	Bank of Nova Scotia (The), Senior Unsecured Notes, 4.898% (SOFR + 0.545%) due 3/2/26(b)		462,442
			Banque Federative du Credit Mutuel SA, Senior Preferred Notes:
	875,000	A+	5.744% (SOFR + 1.400%) due 7/13/26(a)(b)		884,243
	680,000	A+	5.474% (SOFR + 1.130%) due 1/23/27(a)(b)		683,086
			Barclays PLC, Senior Unsecured Notes:
	500,000	BBB+	4.375% due 1/12/26		498,850
	500,000	BBB+	7.325% (1-Year CMT Index + 3.050%) due 11/2/26(b)		504,949
	640,000	BBB+	6.226% (SOFR + 1.880%) due 9/13/27(b)		646,994
	1,500,000	BBB+	5.836% (SOFR + 1.490%) due 3/12/28(b)		1,511,477
	1,500,000	A-	BNP Paribas SA, Senior Non-Preferred Notes, 1.323% (SOFR + 1.004%) due 1/13/27(a)(b)		1,468,784
			BPCE SA, Senior Non-Preferred Notes:
	2,400,000	BBB+	1.652% (SOFR + 1.520%) due 10/6/26(a)(b)		2,371,718
	250,000	BBB+	5.975% (SOFR + 2.100%) due 1/18/27(b)		251,541
	1,500,000	BBB+	5.975% (SOFR + 2.100%) due 1/18/27(a)(b)		1,509,249
	700,000	A-	Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 5.569% (SOFR + 1.220%) due 10/2/26(b)		704,497
	250,000	A+	Citibank NA, Senior Unsecured Notes, 5.052% (SOFR + 0.708%) due 8/6/26(b)		250,428
			Cooperatieve Rabobank UA, Senior Non-Preferred Notes:
	5,700,000	A-	1.106% (1-Year CMT Index + 0.550%) due 2/24/27(a)(b)		5,549,053
	500,000	A-	1.980% (1-Year CMT Index + 0.730%) due 12/15/27(a)(b)		479,828
			Credit Agricole SA:
			Senior Non-Preferred Notes:
	1,347,000	A-	1.907% (SOFR + 1.676%) due 6/16/26(a)(b)		1,345,456
	575,000	A-	1.247% (SOFR + 0.892%) due 1/26/27(a)(b)		561,716
			Senior Preferred Notes:
	625,000	A+	5.637% (SOFR + 1.290%) due 7/5/26(a)(b)		628,664
	600,000	A+	5.637% (SOFR + 1.290%) due 7/5/26(b)		603,517
	4,100,000	A-	Danske Bank AS, Senior Non-Preferred Notes, 1.621% (1-Year CMT Index + 1.350%) due 9/11/26(a)(b)		4,061,409
			Deutsche Bank AG, Senior Non-Preferred Notes:
	500,000	BBB	4.100% due 1/13/26		497,711
	1,600,000	BBB	6.119% (SOFR + 3.190%) due 7/14/26(b)		1,601,711
	805,000	A	DNB Bank ASA, Senior Non-Preferred Notes, 5.896% (SOFR + 1.950%) due 10/9/26(a)(b)		808,072
	200,000	A+	Goldman Sachs Bank USA, Senior Unsecured Notes, 5.118% (SOFR + 0.770%) due 3/18/27(b)		200,175
			Goldman Sachs Group Inc. (The), Senior Unsecured Notes:
	1,639,000	BBB+	5.408% (SOFR + 1.065%) due 8/10/26(b)		1,641,298
	1,300,000	BBB+	5.798% (SOFR + 1.075%) due 8/10/26(b)		1,302,416
	500,000	BBB+	1.431% (SOFR + 0.798%) due 3/9/27(b)		487,417
	1,000,000	BBB+	1.948% (SOFR + 0.913%) due 10/21/27(b)		963,021
			HSBC Holdings PLC, Senior Unsecured Notes:
	2,500,000	A-	4.292% (3-Month Term SOFR + 1.609%) due 9/12/26(b)		2,495,244
	1,500,000	A-	5.940% (3-Month Term SOFR + 1.642%) due 9/12/26(b)		1,505,324
			ING Groep NV, Senior Unsecured Notes:
	2,700,000	A-	5.360% (SOFR + 1.010%) due 4/1/27(b)		2,706,379
	629,000	A-	5.907% (SOFR + 1.560%) due 9/11/27(b)		634,632
			JPMorgan Chase & Co., Senior Unsecured Notes:
	1,000,000	A	3.960% (3-Month Term SOFR + 1.507%) due 1/29/27(b)		995,856
	339,000	A	5.529% (SOFR + 1.180%) due 2/24/28(b)		342,099
	600,000	A	5.264% (SOFR + 0.920%) due 4/22/28(b)		602,432

245

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 49.1% - (continued)
	Banks - 21.7% - (continued)
	$ 800,000	A	5.204% (SOFR + 0.860%) due 10/22/28(b)	$	803,188
			Lloyds Banking Group PLC, Senior Unsecured Notes:
	900,000	BBB+	4.716% (1-Year CMT Index + 1.750%) due 8/11/26(b)		899,727
	300,000	BBB+	5.905% (SOFR + 1.560%) due 8/7/27(b)		302,341
	1,275,000	BBB+	5.928% (SOFR + 1.580%) due 1/5/28(b)		1,288,253
	1,700,000	BBB+	5.407% (SOFR + 1.060%) due 11/26/28(b)		1,702,185
	2,700,000	A-	Mizuho Financial Group Inc., Senior Unsecured Notes, 5.423% (SOFR + 1.080%) due 5/13/31(b)		2,699,924
			National Bank of Canada, Company Guaranteed Notes:
	1,100,000	BBB+	5.250% (SOFR + 0.900%) due 3/25/27(b)		1,100,740
	2,400,000	BBB+	5.379% (SOFR + 1.030%) due 7/2/27(b)		2,405,667
			NatWest Group PLC, Senior Unsecured Notes:
	900,000	BBB+	7.472% (1-Year CMT Index + 2.850%) due 11/10/26(b)		910,370
	1,510,000	BBB+	5.601% (SOFR + 1.250%) due 3/1/28(b)		1,517,115
			NatWest Markets PLC, Senior Unsecured Notes:
	200,000	A	5.110% (SOFR + 0.760%) due 9/29/26(b)		200,689
	300,000	A	5.110% (SOFR + 0.760%) due 9/29/26(a)(b)		301,033
	750,000	A	5.246% (SOFR + 0.900%) due 5/17/27(a)(b)		753,203
	600,000	AA-	Nordea Bank Abp, Senior Preferred Notes, 5.307% (SOFR + 0.960%) due 6/6/25(a)(b)		600,054
			Royal Bank of Canada, Senior Unsecured Notes:
	221,000	A	5.424% (SOFR + 1.080%) due 7/20/26(b)		222,613
	293,000	A	5.134% (SOFR + 0.790%) due 7/23/27(b)		293,518
	1,765,000	A	5.170% (SOFR + 0.820%) due 3/27/28(b)		1,765,112
	1,800,000	BBB+	Santander Holdings USA Inc., Senior Unsecured Notes, 3.450% due 6/2/25		1,800,000
	2,100,000	BBB	Santander UK Group Holdings PLC, Senior Unsecured Notes, 6.833% (SOFR + 2.749%) due 11/21/26(b)		2,119,306
			Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes:
	2,000,000	A-	5.646% (SOFR + 1.300%) due 7/13/26(b)		2,016,549
	1,025,000	A-	5.226% (SOFR + 0.880%) due 1/14/27(b)		1,031,018
	181,000	A-	5.396% (SOFR + 1.050%) due 4/15/30(b)		181,521
			Sumitomo Mitsui Trust Bank Ltd., Senior Unsecured Notes:
	640,000	A	5.425% (SOFR + 1.120%) due 3/9/26(b)		643,530
	350,000	A	5.497% (SOFR + 1.150%) due 9/14/26(b)		352,627
	75,000	AA-	Svenska Handelsbanken AB, Senior Preferred Notes, 5.596% (SOFR + 1.250%) due 6/15/26(a)(b)		75,680
			Swedbank AB:
	1,000,000	A-	Senior Non-Preferred Notes, 5.337% due 9/20/27		1,016,145
	800,000	A+	Senior Preferred Notes, 5.726% (SOFR + 1.380%) due 6/15/26(b)		808,399
	250,000	BBB	Synchrony Bank, Senior Unsecured Notes, 5.400% due 8/22/25		250,288
			UBS Group AG, Senior Unsecured Notes:
	1,500,000	A-	6.373% (SOFR + 3.340%) due 7/15/26(a)(b)		1,502,115
	3,000,000	A-	1.305% (SOFR + 0.980%) due 2/2/27(a)(b)		2,931,309
			Wells Fargo & Co., Senior Unsecured Notes:
	1,500,000	BBB+	5.124% (SOFR + 0.780%) due 1/24/28(b)		1,494,633
	1,500,000	BBB+	5.414% (SOFR + 1.070%) due 4/22/28(b)		1,505,808

			Total Banks		89,370,540

	Biotechnology - 0.2%
	351,000	BBB+	Baxalta Inc., Company Guaranteed Notes, 4.000% due 6/23/25		350,813
	300,000	BBB	Illumina Inc., Senior Unsecured Notes, 4.650% due 9/9/26		299,687
	176,000	BBB-	Royalty Pharma PLC, Company Guaranteed Notes, 1.200% due 9/2/25		174,359

			Total Biotechnology		824,859

	Computers - 0.6%
	2,371,000	BBB	Dell International LLC/EMC Corp., Senior Unsecured Notes, 6.020% due 6/15/26		2,393,184

	Diversified Financial Services - 2.9%
	539,000	BBB	Air Lease Corp., Senior Unsecured Notes, 1.875% due 8/15/26		521,122
	800,000	BBB-	Aircastle Ltd., Company Guaranteed Notes, 4.250% due 6/15/26		793,976

246

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 49.1% - (continued)
	Diversified Financial Services - 2.9% - (continued)
			American Express Co., Senior Unsecured Notes:
	$ 1,000,000	A-	4.994% (SOFR + 0.650%) due 11/4/26(b)	$	1,000,511
	1,200,000	A-	5.275% (SOFR + 0.930%) due 7/26/28(b)		1,204,643
			Aviation Capital Group LLC, Senior Unsecured Notes:
	200,000	BBB-	1.950% due 1/30/26(a)		196,115
	2,420,000	BBB-	1.950% due 9/20/26(a)		2,328,033
			Avolon Holdings Funding Ltd.:
			Company Guaranteed Notes:
	1,700,000	BBB-	4.250% due 4/15/26(a)		1,687,936
	300,000	BBB-	4.375% due 5/1/26(a)		298,045
			Senior Unsecured Notes:
	400,000	BBB-	5.500% due 1/15/26(a)		400,562
	1,100,000	BBB-	2.125% due 2/21/26(a)		1,075,311
			Nomura Holdings Inc., Senior Unsecured Notes:
	2,000,000	BBB+	5.709% due 1/9/26		2,010,612
	300,000	BBB+	5.600% (SOFR + 1.250%) due 7/2/27(b)		302,234
	200,000	BBB-	Synchrony Financial, Senior Unsecured Notes, 4.875% due 6/13/25		200,031

			Total Diversified Financial Services		12,019,131

	Electric - 4.0%
	736,000	BBB-	Algonquin Power & Utilities Corp., Senior Unsecured Notes, step bond to yield, 5.365% due 6/15/26		739,638
	1,000,000	BBB-	Edison International, Senior Unsecured Notes, 4.700% due 8/15/25		998,789
	921,000	BBB	Enel Finance International NV, Senior Unsecured Notes, 4.500% due 6/15/25(a)		920,829
	1,869,000	BBB	Entergy Corp., Senior Unsecured Notes, 0.900% due 9/15/25		1,848,802
	816,000	BBB+	Exelon Corp., Senior Unsecured Notes, 3.400% due 4/15/26		807,532
	2,695,000	BBB+	FirstEnergy Pennsylvania Electric Co., Senior Unsecured Notes, 5.150% due 3/30/26(a)		2,705,243
	1,328,000	BBB	Jersey Central Power & Light Co., Senior Unsecured Notes, 4.300% due 1/15/26(a)		1,323,939
			Pacific Gas & Electric Co., 1st Mortgage Notes:
	400,000	BBB	4.950% due 6/8/25		399,966
	200,000	BBB	3.500% due 6/15/25		199,846
	1,400,000	BBB	3.450% due 7/1/25		1,397,550
	1,300,000	BBB	3.150% due 1/1/26		1,286,039
	200,000	BBB	2.950% due 3/1/26		196,805
			Southern California Edison Co., 1st Mortgage Notes:
	1,000,000	A-	4.200% due 6/1/25		1,000,000
	2,563,000	A-	3.700% due 8/1/25		2,555,454
	200,000	A-	4.400% due 9/6/26		199,198

			Total Electric		16,579,630

	Electronics - 0.4%
	1,793,000	BBB-	Flex Ltd., Senior Unsecured Notes, 4.750% due 6/15/25		1,792,729

	Food - 0.7%
	1,000,000	BBB-	Conagra Brands Inc., Senior Unsecured Notes, 7.125% due 10/1/26		1,028,470
	1,800,000	BBB-	The Campbell’s Co., Senior Unsecured Notes, 5.300% due 3/20/26		1,807,805

			Total Food		2,836,275

	Gas - 0.2%
	1,050,000	A	Southern California Gas Co., 1st Mortgage Notes, 2.600% due 6/15/26		1,029,808

	Healthcare - Products - 0.0%@
	200,000	BBB	Baxter International Inc., Senior Unsecured Notes, 2.600% due 8/15/26		195,399

	Healthcare - Services - 0.1%
	500,000	BBB-	HCA Inc., Company Guaranteed Notes, 5.375% due 9/1/26		502,200

	Insurance - 2.0%
			Athene Global Funding:
			Secured Notes:
	300,000	A+	4.950% due 1/7/27(a)		300,816

247

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 49.1% - (continued)
	Insurance - 2.0% - (continued)
	$ 2,700,000	A+	5.560% (SOFR + 1.210%) due 3/25/27(a)(b)	$	2,720,342
			Senior Secured Notes:
	400,000	A+	1.450% due 1/8/26(a)		392,287
	600,000	A+	5.620% due 5/8/26(a)		605,282
	1,000,000	A+	Corebridge Global Funding, Secured Notes, 5.097% (SOFR + 0.750%) due 1/7/28(a)(b)		995,974
	700,000	A-	F&G Global Funding, Secured Notes, 1.750% due 6/30/26(a)		677,820
	300,000	A	Jackson National Life Global Funding, Secured Notes, 5.314% (SOFR + 0.970%) due 1/14/28(a)(b)		302,045
	2,000,000	AA-	Pacific Life Global Funding II, Secured Notes, 4.824% (SOFR + 0.480%) due 2/4/27(a)(b)		1,998,294
	200,000	AA-	Protective Life Global Funding, Secured Notes, 4.844% (SOFR + 0.500%) due 7/22/26(a)(b)		199,855

			Total Insurance		8,192,715

	Internet - 0.6%
			Uber Technologies Inc., Company Guaranteed Notes:
	400,000	BBB	7.500% due 9/15/27(a)		404,133
	2,300,000	BBB	4.500% due 8/15/29(a)		2,265,423

			Total Internet		2,669,556

	Leisure Time - 0.4%
	500,000	BBB-	Harley-Davidson Financial Services Inc., Company Guaranteed Notes, 3.350% due 6/8/25(a)		499,792
	1,100,000	BBB-	Harley-Davidson Inc., Senior Unsecured Notes, 3.500% due 7/28/25		1,097,310

			Total Leisure Time		1,597,102

	Lodging - 0.1%
	400,000	BB+	Las Vegas Sands Corp., Senior Unsecured Notes, 2.900% due 6/25/25		399,500

	Machinery - Diversified - 0.1%
	500,000	BBB	Westinghouse Air Brake Technologies Corp., Company Guaranteed Notes, 3.200% due 6/15/25		499,433

	Media - 0.1%
	200,000	BBB-	Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.908% due 7/23/25		199,976
	220,000	BBB	Cox Communications Inc., Senior Unsecured Notes, 3.350% due 9/15/26(a)		215,880

			Total Media		415,856

	Oil & Gas - 0.5%
	2,000,000	BBB+	Woodside Finance Ltd., Company Guaranteed Notes, 3.700% due 9/15/26(a)		1,972,738

	Packaging & Containers - 0.9%
			Berry Global Inc., Senior Secured Notes:
	2,500,000	BBB	1.570% due 1/15/26		2,445,113
	1,119,000	BBB	4.875% due 7/15/26(a)		1,115,633

			Total Packaging & Containers		3,560,746

	Pharmaceuticals - 1.0%
	4,000,000	BBB	Bayer US Finance II LLC, Company Guaranteed Notes, 4.250% due 12/15/25(a)		3,984,592

	Pipelines - 2.0%
	500,000	BBB	Energy Transfer LP, Senior Unsecured Notes, 5.950% due 12/1/25		501,283
	3,400,000	BBB	MPLX LP, Senior Unsecured Notes, 1.750% due 3/1/26		3,323,774
	3,800,000	BBB	ONEOK Inc., Company Guaranteed Notes, 5.850% due 1/15/26		3,821,898
	400,000	BBB+	Williams Cos Inc. (The), Senior Unsecured Notes, 5.400% due 3/2/26		402,031

			Total Pipelines		8,048,986

	Retail - 0.1%
	600,000	A	7-Eleven Inc., Senior Unsecured Notes, 0.950% due 2/10/26(a)		583,969

	Semiconductors - 0.3%
	500,000	Baa2(c)	Microchip Technology Inc., Company Guaranteed Notes, 4.250% due 9/1/25		499,248
			SK Hynix Inc., Senior Unsecured Notes:
	400,000	BBB	6.250% due 1/17/26		403,400
	300,000	BBB	5.500% due 1/16/27(a)		303,593

			Total Semiconductors		1,206,241

	Telecommunications - 1.5%
	2,000,000	BBB-	Rogers Communications Inc., Company Guaranteed Notes, 3.625% due 12/15/25		1,987,350
	4,100,000	BBB	T-Mobile USA Inc., Company Guaranteed Notes, 2.250% due 2/15/26		4,027,547

			Total Telecommunications		6,014,897

248

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 49.1% - (continued)
	Trucking & Leasing - 0.6%
$	2,263,000	BBB	Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes, 5.750% due 5/24/26(a)	$	2,282,389

			TOTAL CORPORATE BONDS & NOTES (Cost - $203,511,902)		202,405,406

	COLLATERALIZED MORTGAGE OBLIGATIONS - 20.1%
	Asset-Backed Securities - 7.4%
	1,200,000	Aaa(c)	Anchorage Capital CLO 6 Ltd., Series 2015-6A, Class AR3, 5.712% (3-Month Term SOFR + 1.440%) due 4/22/34(a)(b)		1,202,647
	100,202	Aaa(c)	ARES L CLO Ltd., Series 2018-50A, Class AR, 5.568% (3-Month Term SOFR + 1.312%) due 1/15/32(a)(b)		100,261
	1,000,000	AAA	Atlas Senior Loan Fund XVIII Ltd., Series 2021-18A, Class A1R, 5.379% (3-Month Term SOFR + 1.110%) due 1/18/35(a)(b)		1,001,341
	1,000,000	Aaa(c)	Bain Capital Credit CLO Ltd., Series 2021-2A, Class A1R, 5.491% (3-Month Term SOFR + 1.230%) due 7/16/34(a)(b)		1,000,203
	147,737	BBB-	Bear Stearns Asset Backed Securities I Trust, Series 2005-CL1, Class A2, 2.763% (1-Month Term SOFR + 0.614%) due 9/25/34(b)		146,254
	339,496	AAA	BlueMountain CLO Ltd., Series 2018-3A, Class A1R, 5.472% (3-Month Term SOFR + 1.190%) due 10/25/30(a)(b)		339,651
	245,902	AAA	CARLYLE US CLO Ltd., Series 2018-2A, Class A1R, 5.406% (3-Month Term SOFR + 1.150%) due 10/15/31(a)(b)		246,148
	400,000	AAA	CCG Receivables Trust, Series 2025-1, Class A2, 4.480% due 10/14/32(a)		400,245
	154,450	Aaa(c)	CNH Equipment Trust, Series 2023-B, Class A2, 5.900% due 2/16/27		154,595
	5,462	B-	CWABS Inc. Asset-Backed Certificates Trust, Series 2004-5, Class M1, 5.294% (1-Month Term SOFR + 0.969%) due 8/25/34(b)		5,461
	2,000,000	Aaa(c)	Dell Equipment Finance Trust, Series 2024-2, Class A2, 4.690% due 8/22/30(a)		2,001,725
			DLLAA LLC:
	51,753	Aaa(c)	Series 2023-1A, Class A2, 5.930% due 7/20/26(a)		51,838
	1,100,000	Aaa(c)	Series 2025-1A, Class A2, 4.700% due 10/20/27(a)		1,100,493
	752,126	Aaa(c)	DLLAD LLC, Series 2024-1A, Class A2, 5.500% due 8/20/27(a)		755,464
	269,032	Aaa(c)	DLLST LLC, Series 2024-1A, Class A2, 5.330% due 1/20/26(a)		269,241
	234,388	Aaa(c)	Dryden 54 Senior Loan Fund, Series 2017-54A, Class AR, 5.419% (3-Month Term SOFR + 1.150%) due 10/19/29(a)(b)		234,506
	400,000	Aaa(c)	Dryden 95 CLO Ltd., Series 2021-95A, Class AR, 5.362% (3-Month Term SOFR + 1.040%) due 8/20/34(a)(b)		399,258
	124,899	BBB-	Finance America Mortgage Loan Trust, Series 2004-2, Class M1, 5.264% (1-Month Term SOFR + 0.939%) due 8/25/34(b)		118,509
	59,028	A	Fremont Home Loan Trust, Series 2005-A, Class M3, 5.174% (1-Month Term SOFR + 0.849%) due 1/25/35(b)		58,239
	451,920	Aaa(c)	Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 5.608% (3-Month Term SOFR + 1.352%) due 7/15/31(a)(b)		452,142
	1,300,000	AAA	Greywolf CLO III Ltd., Series 2020-3RA, Class A1R2, 5.502% (3-Month Term SOFR + 1.230%) due 4/22/33(a)(b)		1,299,977
	1,300,000	Aaa(c)	Guggenheim CLO Ltd., Series 2022-2A, Class A1R, 5.406% (3-Month Term SOFR + 1.150%) due 1/15/35(a)(b)		1,298,045
	174,939	Aaa(c)	KKR CLO 11 Ltd., Series 11, Class AR, 5.698% (3-Month Term SOFR + 1.442%) due 1/15/31(a)(b)		175,128
	1,000,000	AAA	LCM 31 Ltd., Series 31A, Class AR, 5.549% (3-Month Term SOFR + 1.280%) due 7/20/34(a)(b)		1,000,213
	576,876	Aaa(c)	LCM Loan Income Fund I Ltd., Series 1A, Class A, 5.561% (3-Month Term SOFR + 1.292%) due 4/20/31(a)(b)		578,005
	5,307	Aaa(c)	M&T Equipment 2023-LEAF1 Notes, Series 2023-1A, Class A2, 6.090% due 7/15/30(a)		5,309
	2,000,000	AAA	M&T Equipment 2025-LEAF1 Notes, Series 2025-1A, Class A2, 4.700% due 12/16/27(a)		2,002,654
	126,425	BBB+	MASTR Asset Backed Securities Trust, Series 2004-OPT2, Class A1, 5.139% (1-Month Term SOFR + 0.814%) due 9/25/34(b)		115,168
			MMAF Equipment Finance LLC:
	153,063	Aaa(c)	Series 2023-A, Class A2, 5.790% due 11/13/26(a)		153,583
	575,619	Aaa(c)	Series 2024-A, Class A2, 5.200% due 9/13/27(a)		577,028
	341,859	B-	Morgan Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1, 5.339% (1-Month Term SOFR + 1.014%) due 5/25/34(b)(d)		357,880
	400,000	AAA	Neuberger Berman Loan Advisers CLO 43 Ltd., Series 2021-43A, Class AR, 5.330% (3-Month Term SOFR + 1.050%) due 7/17/36(a)(b)		399,724
	400,000	AAA	Neuberger Berman Loan Advisers CLO 45 Ltd., Series 2021-45A, Class AR, 5.302% (3-Month Term SOFR + 1.060%) due 10/14/36(a)(b)		399,720
	10,257	AA-	NovaStar Mortgage Funding Trust, Series 2005-4, Class M1, 5.099% (1-Month Term SOFR + 0.774%) due 1/25/36(b)		10,234
	1,000,000	AAA	Ocean Trails CLO XI, Series 2021-11A, Class AR, 5.299% (3-Month Term SOFR + 1.030%) due 7/20/34(a)(b)		994,344
	211,731	Aaa(c)	Octagon Investment Partners 39 Ltd., Series 2018-3A, Class AR, 5.419% (3-Month Term SOFR + 1.150%) due 10/20/30(a)(b)		211,835
	32,848	NR	Pagaya AI Debt Trust, Series 2024-1, Class A, 6.660% due 7/15/31(a)		33,071
	1,500,000	AAA	PFS Financing Corp., Series 2023-D, Class A, 5.482% (30-Day Average SOFR + 1.150%) due 8/15/27(a)(b)		1,502,038
	524,286	AAA	Sound Point CLO XXVIII Ltd., Series 2020-3A, Class A1R, 5.562% (3-Month Term SOFR + 1.280%) due 1/25/32(a)(b)		524,475
	94,682	NR	Stonepeak ABS, Series 2021-1A, Class AA, 2.301% due 2/28/33(a)		90,521
	824,018	AAA	TIAA CLO IV Ltd., Series 2018-1A, Class A1AR, 5.409% (3-Month Term SOFR + 1.140%) due 1/20/32(a)(b)		824,304
	214,093	AAA(e)	Towd Point Mortgage Trust, Series 2024-CES1, Class A1A, 5.848% due 1/25/64(a)(b)		214,557
	1,000,000	AAA	Tralee CLO V Ltd., Series 2018-5A, Class A1RR, 5.349% (3-Month Term SOFR + 1.080%) due 10/20/34(a)(b)		998,334
	2,000,000	Aaa(c)	Trinitas CLO XII Ltd., Series 2020-12A, Class A1R, 5.652% (3-Month Term SOFR + 1.370%) due 4/25/33(a)(b)		2,001,034

249

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS - 20.1% - (continued)
	Asset-Backed Securities - 7.4% - (continued)
	$ 688,112	Aaa(c)	Venture 36 CLO Ltd., Series 2019-36A, Class A1AR, 5.664% (3-Month Term SOFR + 1.392%) due 4/20/32(a)(b)	$	688,627
	1,009,103	AAA(e)	Verdelite Static CLO Ltd., Series 2024-1A, Class A, 5.399% (3-Month Term SOFR + 1.130%) due 7/20/32(a)(b)		1,009,459
	3,000,000	AAA	Verizon Master Trust, Series 2024-1, Class A1B, 4.977% (30-Day Average SOFR + 0.650%) due 12/20/28(b)		3,005,172

			Total Asset-Backed Securities		30,508,660

	Mortgage Securities - 12.7%
	477,406	Aaa(c)	ACREC LLC, Series 2023-FL2, Class A, 6.559% (1-Month Term SOFR + 2.230%) due 2/19/38(a)(b)		479,055
	95,033	Aaa(c)	AG Trust, Series 2024-NLP, Class A, 6.344% (1-Month Term SOFR + 2.016%) due 7/15/41(a)(b)		95,224
	412,401	Aaa(c)	Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL3, Class A, 5.513% (1-Month Term SOFR + 1.184%) due 8/15/34(a)(b)		412,695
	558,318	AAA(e)	Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A1, step bond to yield, 5.903% due 1/25/64(a)		559,923
	1,600,000	NR	BWAY Mortgage Trust, Series 2021-1450, Class A, 5.693% (1-Month Term SOFR + 1.364%) due 9/15/36(a)(b)		1,541,023
	515,936	Aaa(c)	BXMT Ltd., Series 2020-FL3, Class A, 6.343% (1-Month Term SOFR + 2.014%) due 11/15/37(a)(b)		516,220
	550,187	AAA(e)	Chase Home Lending Mortgage Trust, Series 2024-9, Class A11, 5.572% (30-Day Average SOFR + 1.250%) due 9/25/55(a)(b)		544,023
	2,700,000	AAA	Citigroup Commercial Mortgage Trust, Series 2021-KEYS, Class A, 5.623% (1-Month Term SOFR + 1.294%) due 10/15/36(a)(b)		2,681,413
	1,374,858	Aaa(c)	Citigroup Mortgage Loan Trust, Series 2021-INV3, Class A11, 5.000% (30-Day Average SOFR + 0.850%) due 5/25/51(a)(b)		1,276,758
	1,315,325	NR	COMM Mortgage Trust, Series 2021-2400, Class A, 5.743% (1-Month Term SOFR + 1.414%) due 12/15/38(a)(b)		1,304,178
			Credit Suisse Commercial Mortgage Capital Trust:
	212,978	AAA	Series 2021-INV1, Class A11, 5.000% (30-Day Average SOFR + 0.800%) due 7/25/56(a)(b)		198,064
	613,913	NR	Series 2021-RPL4, Class A1, 4.119% due 12/27/60(a)(b)		611,564
	152,735	AAA(e)	Series 2022-RPL4, Class A1, 3.904% due 4/25/62(a)(b)		144,867
	1,801,228	Aaa(c)	Extended Stay America Trust, Series 2021-ESH, Class A, 5.523% (1-Month Term SOFR + 1.194%) due 7/15/38(a)(b)		1,802,304
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	358,693	NR	Series 4344, Class FA, 4.900% (30-Day Average SOFR + 0.564%) due 12/15/37(b)		350,513
	425,780	NR	Series 4351, Class FA, 4.900% (30-Day Average SOFR + 0.564%) due 5/15/38(b)		417,653
	891,966	NR	Series 4906, Class WF, 4.850% (30-Day Average SOFR + 0.514%) due 12/15/38(b)		881,407
	826,077	NR	Series 5481, Class FJ, 5.472% (30-Day Average SOFR + 1.150%) due 12/25/54(b)		825,385
	88,336	NR	Series 5484, Class FA, 5.522% (30-Day Average SOFR + 1.200%) due 12/25/54(b)		88,420
	283,537	NR	Series 5491, Class FL, 5.522% (30-Day Average SOFR + 1.200%) due 1/25/55(b)		283,641
	950,804	NR	Series 5495, Class AF, 5.472% (30-Day Average SOFR + 1.150%) due 1/25/55(b)		949,466
	961,972	NR	Series 5496, Class AF, 5.422% (30-Day Average SOFR + 1.100%) due 1/25/55(b)		958,460
	284,198	NR	Series 5500, Class GF, 5.272% (30-Day Average SOFR + 0.950%) due 10/25/54(b)		284,627
	964,207	NR	Series 5508, Class QF, 5.272% (30-Day Average SOFR + 0.950%) due 2/25/55(b)		965,875
	364,131	NR	Series 5511, Class FG, 5.472% (30-Day Average SOFR + 1.150%) due 3/25/55(b)		363,852
	3,640,612	NR	Series 5513, Class MF, 5.262% (30-Day Average SOFR + 0.940%) due 11/25/54(b)		3,631,306
	2,417,403	NR	Series 5532, Class FA, 5.272% (30-Day Average SOFR + 0.950%) due 4/25/55(b)		2,411,731
	1,800,000	NR	Series 5548, Class AF, 5.350% (30-Day Average SOFR + 1.000%) due 6/25/55(b)(h)		1,806,021
			Federal National Mortgage Association (FNMA), REMICS:
	682,938	NR	Series 2017-108, Class AF, 4.736% (30-Day Average SOFR + 0.414%) due 1/25/48(b)		669,324
	226,880	NR	Series 2019-9, Class FA, 4.850% (30-Day Average SOFR + 0.514%) due 3/25/49(b)		224,825
	836,062	NR	Series 2024-90, Class FB, 5.572% (30-Day Average SOFR + 1.250%) due 11/25/53(b)		837,922
	967,933	NR	Series 2024-101, Class FB, 5.422% (30-Day Average SOFR + 1.100%) due 1/25/55(b)		964,047
	473,956	NR	Series 2024-103, Class FC, 5.472% (30-Day Average SOFR + 1.150%) due 1/25/55(b)		472,514
	664,542	NR	Series 2024-103, Class FJ, 5.522% (30-Day Average SOFR + 1.200%) due 1/25/55(b)		664,876
	362,189	NR	Series 2025-4, Class FB, 5.522% (30-Day Average SOFR + 1.200%) due 12/25/53(b)		362,522
	277,125	NR	Series 2025-6, Class FA, 5.572% (30-Day Average SOFR + 1.250%) due 2/25/55(b)		277,852
	477,527	NR	Series 2025-16, Class FA, 5.472% (30-Day Average SOFR + 1.150%) due 3/25/55(b)		476,828
	964,609	NR	Series 2025-16, Class FN, 5.272% (30-Day Average SOFR + 0.950%) due 1/25/55(b)		966,004
	482,822	NR	Series 2025-19, Class FC, 5.482% (30-Day Average SOFR + 1.160%) due 3/25/55(b)		481,798
	1,200,000	NR	Series 2025-40, Class FP, 5.327% (30-Day Average SOFR + 1.000%) due 10/25/54(b)(h)		1,199,995
			GCAT Trust:
	574,917	AAA	Series 2021-NQM3, Class A1, 1.091% due 5/25/66(a)(b)		494,058
	705,162	AAA(e)	Series 2022-HX1, Class A1, 2.885% due 12/27/66(a)(b)		655,611

250

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS - 20.1% - (continued)
	Mortgage Securities - 12.7% - (continued)
			Government National Mortgage Association (GNMA):
	$ 456,458	NR	Series 2016-H06, Class FD, 5.353% (1-Month Term SOFR + 1.034%) due 7/20/65(b)	$	458,760
	683,177	NR	Series 2017-H15, Class FE, 6.717% (1-Year Term SOFR + 1.515%) due 7/20/67(b)		695,257
	64,321	NR	Series 2020-17, Class EU, 2.500% due 10/20/49		56,672
	45,667	NR	Series 2020-21, Class AC, 2.500% due 1/20/49		40,455
	2,840,872	NR	Series 2021-122, Class FA, 3.000% (30-Day Average SOFR + 0.400%) due 7/20/51(b)		2,454,411
	196,374	NR	Series 2023-H11, Class FC, 5.428% (30-Day Average SOFR + 1.100%) due 5/20/73(b)		199,101
	383,410	NR	Series 2023-H24, Class FA, 5.278% (30-Day Average SOFR + 0.950%) due 10/20/73(b)		385,518
	193,297	NR	Series 2023-H27, Class FD, 5.428% (30-Day Average SOFR + 1.100%) due 11/20/73(b)		195,905
	778,370	NR	Series 2024-H01, Class FB, 5.228% (30-Day Average SOFR + 0.900%) due 1/20/74(b)		780,003
	1,016,235	AAA(e)	GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.750% due 12/25/60(a)(b)		951,294
			GS Mortgage-Backed Securities Trust:
	668,971	Aaa(c)	Series 2021-GR2, Class A9, 5.000% (30-Day Average SOFR + 0.850%) due 2/25/52(a)(b)		620,125
	229,536	Aaa(c)	Series 2021-INV1, Class A9, 5.000% (30-Day Average SOFR + 0.850%) due 12/25/51(a)(b)		213,166
	536,201	Aaa(c)	Series 2024-PJ7, Class A25, 5.671% (30-Day Average SOFR + 1.350%) due 11/25/54(a)(b)		532,569
	142,929	BBB-	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-FL12, Class A, 5.826% (1-Month Term SOFR + 1.497%) due 12/15/31(a)(b)		142,391
			JPMorgan Mortgage Trust:
	147,651	Aaa(c)	Series 2019-INV3, Class A3, 3.500% due 5/25/50(a)(b)		131,820
	288,074	Aaa(c)	Series 2021-12, Class A11, 5.000% (30-Day Average SOFR + 0.850%) due 2/25/52(a)(b)		267,457
	243,984	NR	Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, step bond to yield, 5.250% due 7/25/67(a)		243,510
	454,301	Aaa(c)	M360 Ltd., Series 2021-CRE3, Class A, 5.942% (1-Month Term SOFR + 1.614%) due 11/22/38(a)(b)		454,023
	161,651	Aaa(c)	MF1 Ltd., Series 2020-FL4, Class A, 6.143% (1-Month Term SOFR + 1.814%) due 12/15/35(a)(b)		161,792
			MFA Trust:
	122,359	AAA	Series 2020-NQM1, Class A1, 2.479% due 3/25/65(a)(b)		117,832
	115,274	AAA	Series 2020-NQM2, Class A1, 1.381% due 4/25/65(a)(b)		111,388
			Mill City Mortgage Loan Trust:
	354,919	Aaa(c)	Series 2019-GS2, Class A1, 2.750% due 8/25/59(a)(b)		342,525
	253,193	AAA(e)	Series 2021-NMR1, Class A1, 1.125% due 11/25/60(a)(b)		241,441
	1,600,000	Aaa(c)	Natixis Commercial Mortgage Securities Trust, Series 2021-APPL, Class A, 5.543% (1-Month Term SOFR + 1.214%) due 8/15/38(a)(b)		1,544,482
			New Residential Mortgage Loan Trust:
	133,021	NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(a)(b)		129,472
	40,238	AAA(e)	Series 2018-RPL1, Class A1, 3.500% due 12/25/57(a)(b)		38,896
	366,018	NR	NYMT Loan Trust, Series 2021-SP1, Class A1, step bond to yield, 4.670% due 8/25/61(a)		364,484
	1,800,000	AAA(e)	NYO Commercial Mortgage Trust, Series 2021-1290, Class A, 5.538% (1-Month Term SOFR + 1.209%) due 11/15/38(a)(b)		1,793,221
			OBX Trust:
	278,001	AAA	Series 2024-NQM5, Class A1, step bond to yield, 5.988% due 1/25/64(a)		279,324
	516,664	AAA	Series 2024-NQM6, Class A1, step bond to yield, 6.447% due 2/25/64(a)		522,218
	647,408	AAA(e)	Sequoia Mortgage Trust, Series 2024-HYB1, Class A1A, 4.525% due 11/25/63(a)(b)		650,189
			Towd Point Mortgage Trust:
	231,653	AAA(e)	Series 2018-3, Class A1, 3.750% due 5/25/58(a)(b)		226,678
	116,415	Aaa(c)	Series 2019-HY2, Class A1, 5.439% (1-Month Term SOFR + 1.114%) due 5/25/58(a)(b)		119,358
	138,668	Aaa(c)	Series 2019-HY3, Class A1A, 5.439% (1-Month Term SOFR + 1.114%) due 10/25/59(a)(b)		140,145
	401,517	AAA(e)	Series 2020-1, Class A1, 2.710% due 1/25/60(a)(b)		384,255
	640,902	AAA(e)	Series 2021-SJ2, Class A1A, 2.250% due 12/25/61(a)(b)		619,305
	166,293	AAA(e)	Verus Securitization Trust, Series 2023-5, Class A1, step bond to yield, 6.476% due 6/25/68(a)		167,261
	246,153	AA	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR13, Class A1A1, 5.019% (1-Month Term SOFR + 0.694%) due 10/25/45(b)		246,020

			Total Mortgage Securities		52,156,567

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $83,763,756)		82,665,227

	ASSET-BACKED SECURITIES - 11.8%
	Automobiles - 7.0%
	1,617,717	AAA	ARI Fleet Lease Trust, Series 2024-B, Class A2, 5.540% due 4/15/33(a)		1,626,538
	1,675,003	Aaa(c)	Bank of America Auto Trust, Series 2023-1A, Class A3, 5.530% due 2/15/28(a)		1,686,151

251

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	ASSET-BACKED SECURITIES - 11.8% - (continued)
	Automobiles - 7.0% - (continued)
			BMW Vehicle Lease Trust:
	$ 123,974	AAA	Series 2023-2, Class A3, 5.990% due 9/25/26	$	124,469
	311,288	AAA	Series 2024-1, Class A2B, 4.722% (30-Day Average SOFR + 0.400%) due 7/27/26(b)		311,323
			CarMax Auto Owner Trust:
	477,681	AAA	Series 2024-1, Class A2B, 4.952% (30-Day Average SOFR + 0.620%) due 3/15/27(b)		477,874
	1,390,019	AAA	Series 2024-3, Class A2B, 4.802% (30-Day Average SOFR + 0.470%) due 9/15/27(b)		1,390,641
			Carvana Auto Receivables Trust:
	99,372	AAA	Series 2021-P2, Class A4, 0.800% due 1/10/27		98,446
	2,769,000	AAA	Series 2023-P1, Class A4, 5.940% due 1/10/29(a)		2,818,020
	1,940,550	AAA	Series 2023-P2, Class A3, 5.420% due 4/10/28(a)		1,946,323
	1,765,490	AAA	Series 2023-P4, Class A3, 6.160% due 10/10/28(a)		1,784,107
	127,833	AAA	Series 2023-P5, Class A2, 5.770% due 4/12/27(a)		127,922
	2,000,000	AAA	Series 2024-P1, Class A3, 5.050% due 4/10/29(a)		2,008,687
			Chase Auto Owner Trust:
	316,327	Aaa(c)	Series 2024-2A, Class A2, 5.660% due 5/26/27(a)		317,135
	2,000,000	Aaa(c)	Series 2024-3A, Class A3, 5.220% due 7/25/29(a)		2,022,312
	411,804	Aaa(c)	Chesapeake Funding II LLC, Series 2024-1A, Class A1, 5.520% due 5/15/36(a)		415,717
	620,284	AAA	Citizens Auto Receivables Trust, Series 2024-1, Class A2B, 4.932% (30-Day Average SOFR + 0.600%) due 10/15/26(a)(b)		620,479
	324,075	AAA	Ford Credit Auto Lease Trust, Series 2024-A, Class A2B, 4.832% (30-Day Average SOFR + 0.500%) due 7/15/26(b)		324,094
	1,000,000	Aaa(c)	Hertz Vehicle Financing III LLC, Series 2023-1A, Class A, 5.490% due 6/25/27(a)		1,005,351
	507,183	AAA	Hyundai Auto Lease Securitization Trust, Series 2024-A, Class A2B, 4.832% (30-Day Average SOFR + 0.500%) due 6/15/26(a)(b)		507,330
	15,387	Aaa(c)	LAD Auto Receivables Trust, Series 2023-2A, Class A2, 5.930% due 6/15/27(a)		15,396
	200,000	Aaa(c)	Oscar US Funding XV LLC, Series 2023-1A, Class A3, 5.810% due 12/10/27(a)		201,414
	456,040	Aaa(c)	Oscar US Funding XVI LLC, Series 2024-1A, Class A2, 5.480% due 2/10/27(a)		456,771
			SBNA Auto Lease Trust:
	379,119	Aaa(c)	Series 2024-B, Class A2, 5.670% due 11/20/26(a)		379,698
	1,300,000	Aaa(c)	Series 2024-B, Class A3, 5.560% due 11/22/27(a)		1,311,099
	362,383	AAA	SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A2, 5.710% due 10/20/27(a)		363,346
	1,006,356	Aaa(c)	Tesla Electric Vehicle Trust, Series 2023-1, Class A2B, 4.848% (30-Day Average SOFR + 0.520%) due 12/21/26(a)(b)		1,006,746
			Toyota Auto Receivables Owner Trust:
	677,789	AAA	Series 2022-C, Class A3, 3.760% due 4/15/27		675,435
	26,325	AAA	Series 2023-C, Class A2A, 5.600% due 8/17/26		26,339
	4,000,000	AAA	Series 2025-B, Class A2A, 4.460% due 3/15/28		3,995,077
	482,152	Aaa(c)	Toyota Lease Owner Trust, Series 2024-B, Class A2B, 4.768% (30-Day Average SOFR + 0.440%) due 2/22/27(a)(b)		481,958
	14,853	AAA	Volkswagen Auto Loan Enhanced Trust, Series 2023-1, Class A2A, 5.500% due 12/21/26		14,862
	515,681	AAA	World Omni Auto Receivables Trust, Series 2023-D, Class A2A, 5.910% due 2/16/27		516,500

			Total Automobiles		29,057,560

	Credit Cards - 3.0%
	700,000	Aaa(c)	CARDS II Trust, Series 2023-2A, Class A, 5.159% (SOFR + 0.850%) due 7/15/28(a)(b)		700,396
	1,100,000	Aaa(c)	Golden Credit Card Trust, Series 2022-1A, Class A, 1.970% due 1/15/29(a)		1,054,653
			Master Credit Card Trust II:
	2,300,000	Aaa(c)	Series 2023-2A, Class A, 5.181% (30-Day Average SOFR + 0.850%) due 1/21/27(a)(b)		2,301,281
	2,200,000	Aaa(c)	Series 2024-1A, Class A, 5.081% (30-Day Average SOFR + 0.750%) due 1/21/28(a)(b)		2,203,463
			Trillium Credit Card Trust II:
	3,000,000	AAA	Series 2023-3A, Class A, 5.169% (SOFR + 0.850%) due 8/26/28(a)(b)		3,002,719
	3,000,000	Aaa(c)	Series 2024-1A, Class A, 5.072% (SOFR + 0.750%) due 12/26/28(a)(b)		3,006,537

			Total Credit Cards		12,269,049

	Student Loans - 1.8%
			ECMC Group Student Loan Trust:
	418,793	Aaa(c)	Series 2017-2A, Class A, 5.486% (30-Day Average SOFR + 1.164%) due 5/25/67(a)(b)		416,650
	305,876	Aaa(c)	Series 2018-1A, Class A, 5.186% (30-Day Average SOFR + 0.864%) due 2/27/68(a)(b)		303,366
	463,133	Aaa(c)	Series 2019-1A, Class A1B, 5.436% (30-Day Average SOFR + 1.114%) due 7/25/69(a)(b)		461,446
	1,356,736	AAA	ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.530% due 12/26/46(a)		1,198,815

252

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	ASSET-BACKED SECURITIES - 11.8% - (continued)
	Student Loans - 1.8% - (continued)
			Navient Private Education Loan Trust:
	$ 369,801	AAA	Series 2015-BA, Class A3, 5.893% (1-Month Term SOFR + 1.564%) due 7/16/40(a)(b)	$	371,733
	198,123	AAA	Series 2020-A, Class A2B, 5.343% (1-Month Term SOFR + 1.014%) due 11/15/68(a)(b)		197,650
			Navient Private Education Refinance Loan Trust:
	121,746	AAA	Series 2020-GA, Class A, 1.170% due 9/16/69(a)		112,349
	177,648	AAA	Series 2020-IA, Class A1A, 1.330% due 4/15/69(a)		162,413
			Nelnet Student Loan Trust:
	467,494	AA+	Series 2017-3A, Class A, 5.286% (30-Day Average SOFR + 0.964%) due 2/25/66(a)(b)		467,479
	27,693	AAA	Series 2018-3A, Class A2, 4.879% (1-Month Term SOFR + 0.554%) due 9/27/66(a)(b)		27,701
	458,030	AA+	Series 2019-2A, Class A, 5.336% (30-Day Average SOFR + 1.014%) due 6/27/67(a)(b)		458,010
	368,200	AA+	Series 2019-3A, Class A, 5.239% (1-Month Term SOFR + 0.914%) due 8/25/67(a)(b)		367,022
			SMB Private Education Loan Trust:
	172,834	AAA	Series 2020-PTA, Class A2A, 1.600% due 9/15/54(a)		161,748
	144,747	AAA	Series 2021-D, Class A1A, 1.340% due 3/17/53(a)		131,470
	429,879	Aaa(c)	Series 2023-C, Class A1B, 5.881% (30-Day Average SOFR + 1.550%) due 11/15/52(a)(b)		434,525
	897,612	Aaa(c)	Series 2024-D, Class A1B, 5.431% (30-Day Average SOFR + 1.100%) due 7/15/53(a)(b)		889,573
	1,000,000	Aaa(c)	Series 2025-A, Class A1B, zero coupon (30-Day Average SOFR + 1.450%) due 4/15/54(a)(b)		1,001,864
	267,467	Aaa(c)	Towd Point Asset Trust, Series 2021-SL1, Class A2, 5.139% (1-Month Term SOFR + 0.814%) due 11/20/61(a)(b)		266,477

			Total Student Loans		7,430,291

			TOTAL ASSET-BACKED SECURITIES (Cost - $48,915,560)		48,756,900

	MORTGAGE-BACKED SECURITIES - 1.9%
	FHLMC - 0.2%
	695,714		Federal Home Loan Mortgage Corp. (FHLMC), 4.000% due 6/1/49 - 9/1/49		646,690

	FNMA - 1.7%
	7,200,000		Federal National Mortgage Association (FNMA), 5.500% due 7/1/55(f)		7,119,500

			TOTAL MORTGAGE-BACKED SECURITIES (Cost - $7,826,628)		7,766,190

	U.S. GOVERNMENT OBLIGATION - 0.2%
	940,967		U.S. Treasury Inflation Indexed Notes, 2.125% due 4/15/29
			(Cost - $941,939)		963,871

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost - $344,959,785)		342,557,594

	SHORT-TERM INVESTMENTS - 19.2%
	COMMERCIAL PAPERS - 14.8%
			AbbVie Inc.:
	1,000,000		4.612% due 6/10/25(a)(g)		998,978
	300,000		4.614% due 6/13/25(a)(g)		299,578
	2,700,000		4.673% due 7/7/25(a)(g)		2,687,820
	4,000,000		AES Corp., 4.819% due 6/6/25(a)(g)		3,997,862
	4,000,000		Alimentation Couche-Tarde Inc., 4.663% due 6/9/25(a)(g)		3,996,383
	3,200,000		Aon PLC., 4.711% due 6/12/25(a)(g)		3,195,840
			Bacardi-Martini B.V.:
	4,000,000		4.815% due 6/12/25(a)(g)		3,994,667
	400,000		4.925% due 7/3/25(a)(g)		398,312
	1,900,000		Broadcom Corp., 4.777% due 6/3/25(a)(g)		1,899,749
			CBRE Services Inc.:
	800,000		4.719% due 6/4/25(a)(g)		799,791
	4,400,000		4.744% due 6/12/25(a)(g)		4,394,219
			Enbridge Inc.:
	1,200,000		4.635% due 6/18/25(a)(g)		1,197,536
	2,800,000		4.637% due 6/20/25(a)(g)		2,793,532
	1,200,000		Enel Finance America, 4.536% due 6/6/25(a)(g)		1,199,400
	4,000,000		Global Payments Inc., 5.063% due 6/18/25(g)		3,991,022
	4,000,000		Intel Corp., 4.614% due 7/3/25(a)(g)		3,984,190

253

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†			Security	Value
	SHORT-TERM INVESTMENTS - 19.2% - (continued)
	COMMERCIAL PAPERS - 14.8% - (continued)
	$ 1,000,000		JNS lang Inc., 4.696% due 6/16/25(a)(g)	$	998,164
			Jones Lang LaSalle Inc.:
	600,000		4.753% due 6/9/25(a)(g)		599,447
	2,400,000		4.725% due 6/18/25(a)(g)		2,394,980
	3,800,000		Keurig Dr Pepper Inc., 4.610% due 6/13/25(a)(g)		3,794,659
	3,100,000		NextEra Energy Capital Holdings Inc., 4.678% due 6/9/25(a)(g)		3,097,197
	4,000,000		Oracle Corp., 4.637% due 6/20/25(a)(g)		3,990,760
			Quanta Services Inc.:
	400,000		4.907% due 6/2/25(a)(g)		400,000
	4,000,000		4.903% due 6/6/25(a)(g)		3,997,822
	1,900,000		RTX Corp., 4.785% due 6/23/25(a)(g)		1,894,735

			TOTAL COMMERCIAL PAPERS (Cost - $60,996,643)		60,996,643

	CORPORATE BOND - 0.4%
	1,754,000		Pacific Gas & Electric Co., 5.365%(SOFR + 0.950%) due 9/4/25(b)
			(Cost - $1,753,890)		1,753,890

	TIME DEPOSITS - 1.8%
	256,837		ANZ National Bank - London, 3.680% due 6/2/25		256,837
	21	^NZD	BBH - New York, 2.000% due 6/3/25		13
	47	^EUR	Citibank - London, 1.080% due 6/2/25		53
	7,227,812		Citibank - New York, 3.680% due 6/2/25		7,227,812

			TOTAL TIME DEPOSITS (Cost - $7,484,715)		7,484,715

	U.S. GOVERNMENT OBLIGATIONS - 2.2%
			U.S. Treasury Bills:
	1,900,000		4.250% due 7/22/25(g)		1,888,857
	7,100,000		4.283% due 9/23/25(g)		7,005,878

			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost - $8,894,735)		8,894,735

			TOTAL SHORT-TERM INVESTMENTS (Cost - $79,129,983)		79,129,983

			TOTAL INVESTMENTS - 102.3% (Cost - $424,089,768)		421,687,577

			Liabilities in Excess of Other Assets - (2.3)%		(9,348,722	)

			TOTAL NET ASSETS - 100.0%	$	412,338,855

†	Amount denominated in U.S. dollars, unless otherwise noted.

††	All ratings are by Standard & Poor’s Rating Service, unless otherwise noted.

@	The amount is less than 0.05%.

(a)

(b)	Variable rate security. Interest rate disclosed is that which was in effect at May 31, 2025.

(c)	Rating by Moody’s Investors Service.

(d)	Affiliated security. As of May 31, 2025, total cost and total value of affiliated security amounted to $341,473 and $357,880, respectively.

Underlying Security

Beginning
Value as of
August 31, 2024

Purchases
at Cost

Proceeds
from Sales

Net Realized
Gain on Sales

Change in
Unrealized
Appreciation

Accretion
of discount

Dividend/
Interest
Income

Ending
Value as of
May 31, 2025

Morgan Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1, 5.339% (1-Month Term SOFR + 1.014%) due 5/25/34

$ 371,341

$ –

$ (21,639)

$ 32

$ 7,949

$ 197

$ 11,707

$ 357,880

(e)	Rating by Fitch Ratings Service.

(f)	This security is traded on a TBA basis (see Note 1).

(g)	Rate shown represents yield-to-maturity.

(h)	Security is valued in good faith at fair value by or under the direction of the Board of Trustees.

At May 31, 2025, for Ultra-Short Term Fixed Income Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes	Gross Unrealized Appreciation	Gross Unrealized (Depreciation)	Net Unrealized (Depreciation)
Ultra-Short Term Fixed Income Fund	$ 424,089,768	$ 1,066,350	$ (3,591,304)	$ (2,524,954)


Abbreviations used in this schedule:

ABS	—	Asset-Backed Security
CLO	—	Collateralized Loan Obligation
CMT	—	Constant Maturity Treasury Rate
LLC	—	Limited Liability Company
MASTR	—	Mortgage Asset Securitization Transactions, Inc.
PLC	—	Public Limited Company
REMICS	—	Real Estate Mortgage Investment Conduits
SOFR	—	Secured Overnight Financing Rate


Summary of Investments by Security Type^
Corporate Bonds & Notes	48.0	%
Collateralized Mortgage Obligations	19.6
Asset-Backed Securities	11.6
Mortgage-Backed Securities	1.8
U.S. Government Obligation	0.2
Short-Term Investments	18.8

Total Investments	100.0	%

^	As a percentage of total investments.

254

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund

At May 31, 2025, Ultra-Short Term Fixed Income Fund had open exchange-traded futures contracts as described below.

The unrealized appreciation (depreciation) on the open contracts were as follows:


Open Futures Contracts	Number of Contracts	Expiration Date (Month/Year)	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
3-Month SOFR Futures	170	3/27	$	41,043,279	$	41,123,000	$	79,721
U.S. Treasury 5-Year Note Futures	263	9/25		28,356,742		28,453,312		96,570

								176,291

Contracts to Sell:
3-Month SOFR Futures	30	6/25		7,174,703		7,174,125		578
3-Month SOFR Futures	209	3/26		50,299,563		50,261,888		37,675
U.S. Treasury 2-Year Note Futures	438	9/25		90,710,484		90,857,624		(147,140	)
U.S. Treasury 10-Year Note Futures	56	9/25		6,155,625		6,202,000		(46,375	)
U.S. Treasury Ultra Long Bond Futures	47	9/25		5,339,641		5,454,938		(115,297	)
U.S. Ultra Long Bond Futures	24	9/25		2,672,630		2,701,125		(28,495	)

								(299,054	)

Net Unrealized Depreciation on Open Exchange-Traded Futures Contracts							$	(122,763	)

At May 31, 2025, Ultra-Short Term Fixed Income Fund had deposited cash of $788,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

255

Schedules of Investments

(unaudited) (continued)

Alternative Strategies Fund


Units		Security	Value
	OPEN END MUTUAL FUND SECURITIES - 98.8%
	United States - 98.8%
	589,836	AB Select US Long/Short Portfolio, Class I	$	8,906,518
	1,552,589	Abbey Capital Futures Strategy Fund, Class I		16,146,922
	704,896	American Beacon AHL TargetRisk Fund, Class Y		7,175,839
	1,379,141	BlackRock Event Driven Equity Fund, Institutional Class		14,370,646
	611,107	BlackRock Global Equity Market Neutral Fund, Institutional Class		8,983,273
	1,723,622	BlackRock Systematic Multi-Strategy Fund, Institutional Class		17,960,146
	818,953	BNY Mellon Global Real Return Fund, Class Y		12,734,717
	700,791	Calamos Market Neutral Income Fund, Class I		10,736,116
	69,573	Cohen & Steers Global Realty Shares Inc., Class I		3,773,613
	1,681,359	John Hancock Diversified Macro Fund, Class I		14,325,181
	220,200	JPMorgan Hedged Equity Fund, Class I		7,160,888
	643,209	Neuberger Berman Long Short Fund, Institutional Class		12,452,525
	262,463	PIMCO CommodityRealReturn Strategy Fund, Institutional Class		3,572,121
	1,292,014	PIMCO Credit Opportunities Bond Fund, Institutional Class		12,584,214
	1,930,024	PIMCO Mortgage Opportunities and Bond Fund, Class I2		17,910,620
	1,048,708	Touchstone Flexible Income Fund, Institutional Class		10,738,770

		TOTAL INVESTMENTS - 98.8% (Cost - $176,049,219)		179,532,109

		Other Assets in Excess of Liabilities - 1.2%		2,186,246

		TOTAL NET ASSETS - 100.0%	$	181,718,355

At May 31, 2025, for Alternative Strategies Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund

Aggregate Cost For

Federal Income
Tax Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

Alternative Strategies Fund

$ 176,049,219

$ 6,925,619

$ (3,442,729)

$ 3,482,890


Summary of Investments by Security Type^
Open End Mutual Fund Securities	100.0	%

^	As a percentage of total investments.

257

Ratings

The definitions of the applicable rating symbols are set forth below:

Standard & Poor’s Ratings Service (“Standard & Poor’s”) — Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to show relative standings within the major rating categories.

AAA — Bonds rated “AAA” have the highest rating assigned by Standard & Poor’s. Capacity to pay interest and repay principal is extremely strong.

AA — Bonds rated “AA” have a very strong capacity to pay interest and repay principal and differ from the highest rated issues only in a small degree.

A — Bonds rated “A” have a strong capacity to pay interest and repay principal although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.

BBB — Bonds rated “BBB” are regarded as having an adequate capacity to pay interest and repay principal. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for bonds in this category than in higher rated categories.

BB, B, CCC, CC and C — Bonds rated “BB”, “B”, “CCC”, “CC” and “C” are regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. “BB” represents the lowest degree of speculation and “C” the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.

D — Bonds rated “D” are in default and payment of interest and/or repayment of principal is in arrears.

P — Preliminary rating.

u — The upgrade state defines bonds that have recently been upgraded into higher rating categories.

Moody’s Investors Service (“Moody’s”) — Numerical modifiers 1, 2 and 3 may be applied to each generic rating from “Aa” to “Caa,” where 1 is the highest and 3 the lowest ranking within its generic category.

Aaa — Bonds rated “Aaa” are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as “gilt edge.” Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.

Aa — Bonds rated “Aa” are judged to be of high quality by all standards. Together with the “Aaa” group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in “Aaa” securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in “Aaa” securities.

A — Bonds rated “A” possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate but elements may be present which suggest a susceptibility to impairment some time in the future.

Baa — Bonds rated “Baa” are considered as medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

258

Ba — Bonds rated “Ba” are judged to have speculative elements; their future cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate and therefore not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class.

B — Bonds rated “B” generally lack characteristics of desirable investments. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.

Caa — Bonds rated “Caa” are of poor standing. These may be in default, or present elements of danger may exist with respect to principal or interest.

Ca — Bonds rated “Ca” represent obligations which are speculative in a high degree. Such issues are often in default or have other marked short-comings.

C — Bonds rated “C” are the lowest class of bonds and issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing.

e — Expected.

u — Upgraded.

Fitch Ratings Service (“Fitch”) — Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to show relative standings within the major rating categories.

AAA — Bonds rated “AAA” have the highest rating assigned by Fitch. Capacity to pay interest and repay principal is extremely strong.

AAApre — Stable Outlook rating is based on the pledge of securities in the escrow deposit fund securing the bonds and reflects the lien of the refunded bondholders on the escrow trust funds and that all amounts have been invested in direct non-callable obligations of the United States.

AA — Bonds rated “AA” have a very strong capacity to pay interest and repay principal and differ from the highest rated issues only in a small degree.

BB, B, CCC, CC and C — Bonds rated “BB”, “B”, “CCC”, “CC” and “C” are regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. “BB” represents a lower degree of speculation than “B”, and “CC” the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.

D — Bonds rated “D” are in default and payment of interest and/or repayment of principal is in arrears.

NR — Indicates that the bond is not rated by Standard & Poor’s, Moody’s, or Fitch.

WD, WR — Indicates that the bonds rating has been withdrawn and the issuer is no longer rated by Standard & Poor’s, Moody’s or Fitch.

259

1. Organization and Significant Accounting Policies

The Morgan Stanley Pathway Funds (the “Trust”) is organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust currently consists of Morgan Stanley Pathway Large Cap Equity ETF, Morgan Stanley Pathway Small-Mid Cap Equity ETF, International Equity Fund, Emerging Markets Equity Fund, Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund (individually, a “Fund” and collectively, the “Funds”). Alternative Strategies Fund will allocate its assets among shares of mutual funds, exchange-traded funds or closed-end funds managed by a third party professional money manager (“Underlying Funds”). Each Fund is a diversified series of the Trust, except for International Fixed Income Fund, which is non-diversified.

The investment objectives of each Fund are as follows:


Morgan Stanley Pathway Large Cap Equity ETF		Capital appreciation
Morgan Stanley Pathway Small-Mid Cap Equity ETF		Capital appreciation
International Equity Fund		Capital appreciation
Emerging Marketing Equity Fund		Long-term capital appreciation
Core Fixed Income Fund		Maximum total return, consistent with preservation of capital and prudent investment management
High Yield Fund		A high level of current income primarily through investment in below-investment grade debt securities
International Fixed Income Fund		Maximize current income, consistent with the protection of principal
Municipal Bond Fund		A high level of interest income that is excluded form federal income taxation, to the extent consistent with prudent investment management and the preservation of capital
Inflation-Linked Fixed Income Fund		Total return that exceeds the rate of inflation over an economic cycle
Ultra-Short Term Fixed Income Fund		Total return, consistent with preservation of capital
Alternative Strategies Fund		Long term growth of capital

The following is a summary of significant accounting policies consistently followed by the Funds which are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Estimates and assumptions are required to be made by management regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. The Funds are investment companies and follow the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 – Investment Companies.

(a) Investment Valuation. Equity securities for each Fund for which market quotations are readily available and are traded on an exchange are valued at the closing sale price or official closing price on the exchange on which such security is principally traded. In the event there are no sales that day, such securities are valued at the mean between the bid and ask prices. For securities that are primarily traded on foreign exchanges, these values are converted to U.S. dollars using the current exchange rates as of the close of the New York Stock Exchange (“NYSE”).

Exchange-traded purchased and written options and futures contracts are valued at the last sale price (closing price) in the market where such contracts are principally traded or, if no sales are reported, the bid price. Swaps for which quotations are available on an automated basis from approved third-party pricing services are valued using those automated third-party pricing service quotations. Forward foreign currency contracts are valued using the official closing price for such contracts on the NYSE.

261

Portfolio securities traded in the over-the-counter market for which market quotations are readily available are valued at the last sales price that day. In the event there are no sales that day, such securities are valued at the mean between the bid and ask prices. Investments in registered open-end management investment companies are valued at reported net asset value per share.

Debt obligations that will mature in 60 days or less are valued at amortized cost, which approximates market value. Debt obligations that will mature in more than 60 days are valued using valuations furnished by an approved third-party pricing service; such valuations are determined by the third-party pricing service based upon its analysis of a variety of factors, including transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and its analysis of various relationships between securities, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, and as well as industry and economic events.

Overnight repurchase agreements and repurchase agreements maturing in seven days or less are valued at cost. Term repurchase agreements maturing in more than seven days are valued at the average of the bid quotations obtained daily from at least two recognized purchasers of such term repurchase agreements selected by Consulting Group Advisory Services, LLC (“CGAS”) (the “Manager”).

The Board of Trustees (the “Board”) has ultimate responsibility for ensuring the Funds’ investments are valued appropriately. The Board has delegated primary responsibility for determining or causing to be determined the value of the Funds’ investments (including any fair valuation) to the Manager pursuant to valuation policies and procedures approved by the Board. When market quotations are not readily available or are determined to be unreliable, investments are valued at fair value as determined in good faith by the valuation committee established by the Manager in accordance with such procedures under the oversight of the Board. Circumstances that may indicate that market quotations are not readily available or are unreliable include, but are not limited to, such instances when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, and before the applicable Fund calculates its Net Asset Value (“NAV”).

Each business day, Emerging Markets Equity Fund and International Equity Fund use a Board-approved third-party pricing service to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE.

The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities that segregates fair value measurements into levels (Level 1, 2 and 3). The three levels of the fair value hierarchy are as follows:

Level 1 – unadjusted quoted prices in active markets for identical securities.

Level 2 – significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – significant unobservable inputs (including assumptions made by the Manager or persons acting at their direction that are used in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Funds generally use to evaluate how to classify each major category of assets and liabilities in accordance with GAAP.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign bonds, senior loans, convertible preferred securities and non-U.S. bonds are normally valued by third-party pricing service providers that use broker quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

262

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by third-party pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities and the related forward sales commitments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

Common stocks, preferred stocks, rights, warrants, exchange-traded funds and financial derivative instruments, such as futures contracts or options contracts that are traded on a national securities exchange, are categorized as Level 1 of the fair value hierarchy, to the extent these securities are actively traded and valuation adjustments are not applied.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE close. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Investments in registered open-end investment management companies are valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy.

Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are categorized as Level 2 of the fair value hierarchy.

Over-the-counter financial derivative instruments, such as foreign currency contracts, forward foreign currency contracts, options contracts, or swap contracts, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer quotations or by third-party pricing service providers. Depending on the product and the terms of the transaction, the value of financial derivatives can be estimated by a third-party pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, dividends and exchange rates. Financial derivatives that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange. For centrally cleared credit default swaps the clearing facility requires its members to provide actionable levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates including the overnight index swap rate and Secured Overnight Financing Rate (“SOFR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

The Funds’ policy is to recognize transfers between levels at the end of the reporting period. In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

263

The following table summarizes the valuation of each Fund’s assets and liabilities using the fair value hierarchy:


	Total Fair Value at May 31, 2025			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Morgan Stanley Pathway Large Cap Equity ETF
Investments, at Value
Common Stocks:
Communication Services	$	272,900,548	*	$	272,900,548	$	—		$	—	*
Consumer Discretionary		317,934,031			317,934,031		—			—
Consumer Staples		140,195,581			140,195,581		—			—
Energy		90,742,771			90,742,771		—			—
Financials		507,417,200			507,417,200		—			—
Health Care		308,464,347			308,464,347		—			—
Industrials		314,744,172			314,744,172		—			—
Information Technology		793,630,157			793,630,157		—			—
Materials		79,208,974			79,208,974		—			—
Real Estate		74,430,646			74,430,646		—			—
Utilities		59,018,826			59,018,826		—			—
Short-Term Investments:
Money Market Fund		7,708,147			7,708,147		—			—
Time Deposits		44,769,961			—		44,769,961			—

Total Investments, at Value	$	3,011,165,361	*	$	2,966,395,400	$	44,769,961		$	—	*

Securities Lending Transactions - Liabilities	$	(7,708,147	)	$	—	$	(7,708,147	)	$	—

Other Financial Instruments - Assets***
Futures Contracts	$	1,072,582		$	1,072,582	$	—		$	—

Total Other Financial Instruments - Assets	$	1,072,582		$	1,072,582	$	—		$	—

264


	Total Fair Value at May 31, 2025			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Morgan Stanley Pathway Small-Mid Cap Equity ETF
Investments, at Value
Common Stocks:
Communication Services	$	14,157,320	*	$	14,157,320	$	—		$	—	*
Consumer Discretionary		59,072,938			59,072,938		—			—
Consumer Staples		20,724,977			20,724,977		—			—
Energy		26,016,986	*		26,016,986		—			—	*
Financials		89,783,208			89,783,208		—			—
Health Care		76,561,222			76,555,328		5,894			—
Industrials		121,170,214			121,170,214		—			—
Information Technology		96,732,846			96,732,846		—			—
Materials		24,122,342			24,120,352		1,990			—
Real Estate		28,191,485			28,191,485		—			—
Utilities		23,970,781			23,970,781		—			—
Warrant:
Health Care		338			—		338			—
Short-Term Investments:
Money Market Fund		6,093,217			6,093,217		—			—
Time Deposits		16,533,536			—		16,533,536			—

Total Investments, at Value	$	603,131,410	*	$	586,589,652	$	16,541,758		$	—	*

Securities Lending Transactions - Liabilities	$	(6,093,217	)	$	—	$	(6,093,217	)	$	—

Other Financial Instruments - Assets***
Futures Contracts	$	325,096		$	325,096	$	—		$	—

Total Other Financial Instruments - Assets	$	325,096		$	325,096	$	—		$	—

265


	Total Fair Value at May 31, 2025			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
International Equity Fund
Investments, at Value
Common Stocks:
France	$	136,427,711		$	—	$	136,427,711		$	—
Germany		105,380,089			327,563		105,052,526			—
Japan		218,144,917			594,999		217,549,918			—
Netherlands		59,754,191			—		59,754,191			—
Switzerland		89,258,664			—		89,258,664			—
United Kingdom		191,901,437			2,255,619		189,645,818			—
Other Countries**		331,885,265			57,145,204		274,740,061			—
Preferred Stocks:
Germany		1,551,718			—		1,551,718			—
Open End Mutual Fund Security:
United States		1,186,077			1,186,077		—			—
Short-Term Investments:
Money Market Fund		4,914,925			4,914,925		—			—
Time Deposits		26,370,892			—		26,370,892			—

Total Investments, at Value	$	1,166,775,886		$	66,424,387	$	1,100,351,499		$	—

Security Lending Transactions - Liabilities	$	(4,914,925	)	$	—	$	(4,914,925	)	$	—

Other Financial Instruments - Assets***
Futures Contracts	$	74,314		$	74,314	$	—		$	—

Total Other Financial Instruments - Assets	$	74,314		$	74,314	$	—		$	—

266


	Total Fair Value at May 31, 2025			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Emerging Markets Equity Fund
Investments, at Value
Common Stocks:
China	$	141,376,886		$	15,267,468	$	126,109,416		$	2
India		106,103,603			18,842,935		87,260,668			—
South Korea		49,121,119			82,731		49,038,388			—
Taiwan		93,353,805			10,848,732		82,505,073			—
Other Countries**		177,467,803	*		68,343,994		109,111,821			11,988	*
Preferred Stocks:
Brazil		3,987,446			3,987,446		—			—
Chile		128,124			128,124		—			—
Colombia		116,946			116,946		—			—
Mexico		286,846			286,846		—			—
South Korea		2,857,065			—		2,857,065			—
Right:
South Korea		6,066			—		6,066			—
Warrants:
Malaysia		3,405			—		3,405			—
Short-Term Investments:
Money Market Fund		513,813			513,813		—			—
Time Deposits		11,542,896			—		11,542,896			—

Total Investments, at Value	$	586,865,823	*	$	118,419,035	$	468,434,798		$	11,990	*

Security Lending Transactions - Liabilities	$	(513,813	)	$	—	$	(513,813	)	$	—

Other Financial Instruments - Assets***
Futures Contract	$	37,245		$	37,245	$	—		$	—

Total Other Financial Instruments - Assets	$	37,245		$	37,245	$	—		$	—

Other Financial Instruments - Liabilities***
Forward Foreign Currency Contract	$	(2	)	$	—	$	(2	)	$	—

Total Other Financial Instruments - Liabilities	$	(2	)	$	—	$	(2	)	$	—

267


	Total Fair Value at May 31, 2025			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Core Fixed Income Fund
Investments, at Value
Corporate Bonds & Notes	$	483,271,911	*	$	—		$	483,271,911		$	—	*
Mortgage-Backed Securities		471,661,025			—			471,661,025			—
U.S. Government Agencies & Obligations		315,248,394			—			315,248,394			—
Collateralized Mortgage Obligations		214,132,389			—			214,132,389			—
Sovereign Bonds:
Other Countries**		41,068,281			—			41,068,281			—
Asset-Backed Securities		29,404,636			—			29,404,636			—
Open End Mutual Fund Securities:
Financials		5,264,030			5,264,030			—			—
Senior Loans		2,971,923			—			2,971,923			—
Municipal Bonds		2,454,364			—			2,454,364			—
Common Stock:
Telecommunications		467,438			—			467,438			—
Short-Term Investments:
Time Deposits		108,150,600			—			108,150,600			—
U.S. Government Obligation		16,426,554			—			16,426,554			—

Total Investments, at Value	$	1,690,521,545	*	$	5,264,030		$	1,685,257,515		$	—	*

Other Financial Instruments - Assets***
Futures Contracts	$	920,403		$	920,403		$	—		$	—
Forward Foreign Currency Contracts		146,605			—			146,605			—

Total Other Financial Instruments - Assets	$	1,067,008		$	920,403		$	146,605		$	—

Other Financial Instruments - Liabilities***
Futures Contracts	$	(174,870	)	$	(174,870	)	$	—		$	—
Forward Foreign Currency Contracts		(1,960,256	)		—			(1,960,256	)		—

Total Other Financial Instruments - Liabilities	$	(2,135,126	)	$	(174,870	)	$	(1,960,256	)	$	—

268


	Total Fair Value at May 31, 2025			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
International Fixed Income Fund
Investments, at Value
Mortgage-Backed Securities	$	74,050,538		$	—		$	74,050,538		$	—
Sovereign Bonds:
France		9,741,363			—			9,741,363			—
Japan		18,820,727			—			18,820,727			—
Spain		15,274,302			—			15,274,302			—
Other Countries**		29,006,081			—			29,006,081			—
Collateralized Mortgage Obligations		29,989,571			—			29,989,571			—
Corporate Bonds & Notes		21,195,558			—			21,195,558			—
U.S. Government Obligations		13,971,581			—			13,971,581			—
Asset-Backed Securities		234,552			—			234,552			—
Municipal Bond		204,955			—			204,955			—
Purchased Options		2,103			—			2,103			—
Short-Term Investments:
Commercial Papers		499,000			—			499,000			—
Time Deposits		5,154,808			—			5,154,808			—
U.S. Government Obligations		383,002			—			383,002			—

Total Investments, at Value	$	218,528,141		$	—		$	218,528,141		$	—

Other Financial Instruments - Assets***
Futures Contracts	$	474,247		$	474,247		$	—		$	—
Forward Foreign Currency Contracts		543,558			—			543,558			—
OTC Total Return Swap		11,590			—			11,590			—
OTC Interest Rate Swaps		80,654			—			80,654			—
Centrally Cleared Interest Rate Swaps		1,792,654			—			1,792,654			—
OTC Credit Default Swaps		10,572			—			10,572			—
Centrally Cleared Credit Default Swaps		193,018			—			193,018			—

Total Other Financial Instruments - Assets	$	3,106,293		$	474,247		$	2,632,046		$	—

Other Financial Instruments - Liabilities***
Options Contracts Written	$	(13,528	)	$	(2,188	)	$	(11,340	)	$	—
Reverse Repurchase Agreements		(11,941,642	)		—			(11,941,642	)		—
Forward Sale Commitments		(18,793,232	)		—			(18,793,232	)		—
Futures Contracts		(409,462	)		(409,462	)		—			—
Forward Foreign Currency Contracts		(1,009,162	)		—			(1,009,162	)		—
OTC Total Return Swaps		(37,238	)		—			(37,238	)		—
OTC Interest Rate Swaps		(65,578	)		—			(65,578	)		—
Centrally Cleared Interest Rate Swaps		(2,332,580	)		—			(2,332,580	)		—
OTC Credit Default Swaps		(2,021	)		—			(2,021	)		—
Centrally Cleared Credit Default Swaps		(27,963	)		—			(27,963	)		—
OTC Cross Currency Swaps		(1,733,496	)		—			(1,733,496	)		—

Total Other Financial Instruments - Liabilities	$	(36,365,902	)	$	(411,650	)	$	(35,954,252	)	$	—

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	Total Fair Value at May 31, 2025			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Inflation-Linked Fixed Income Fund
Investments, at Value
U.S. Government Obligations	$	153,613,731		$	—		$	153,613,731		$	—
Mortgage-Backed Securities		19,913,029			—			19,913,029			—
Collateralized Mortgage Obligations		16,251,224			—			16,251,224			—
Sovereign Bonds:
Other Countries**		3,638,011			—			3,638,011			—
Corporate Bonds & Notes		176,927			—			176,927			—
Short-Term Investments:
Time Deposits		535,531			—			535,531			—

Total Investments, at Value	$	194,128,453		$	—		$	194,128,453		$	—

Other Financial Instruments - Assets***
Futures Contracts	$	227,084		$	227,084		$	—		$	—
Forward Foreign Currency Contracts		268,978			—			268,978			—
Centrally Cleared Interest Rate Swaps		1,689,107			—			1,689,107			—
Centrally Cleared Inflation Rate Swaps		766,437			—			766,437			—

Total Other Financial Instruments - Assets	$	2,951,606		$	227,084		$	2,724,522		$	—

Other Financial Instruments - Liabilities***
Options Contracts Written	$	(169,698	)	$	—		$	(169,698	)	$	—
Reverse Repurchase Agreement		(26,060,500	)		—			(26,060,500	)		—
Futures Contracts		(247,898	)		(247,898	)		—			—
Forward Foreign Currency Contracts		(401,359	)		—			(401,359	)		—
Centrally Cleared Interest Rate Swaps		(353,796	)		—			(353,796	)		—
Centrally Cleared Inflation Rate Swaps		(1,196,062	)		—			(1,196,062	)		—

Total Other Financial Instruments - Liabilities	$	(28,429,313	)	$	(247,898	)	$	(28,181,415	)	$	—

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	Total Fair Value at May 31, 2025			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Ultra-Short Term Fixed Income Fund
Investments, at Value
Corporate Bonds & Notes	$	202,405,406		$	—		$	202,405,406	$	—
Collateralized Mortgage Obligations		82,665,227			—			82,665,227		—
Asset-Backed Securities		48,756,900			—			48,756,900		—
Mortgage-Backed Securities		7,766,190			—			7,766,190		—
U.S. Government Obligation		963,871			—			963,871		—
Short-Term Investments:
Commercial Papers		60,996,643			—			60,996,643		—
Corporate Bond		1,753,890			—			1,753,890		—
Time Deposits		7,484,715			—			7,484,715		—
U.S. Government Obligations		8,894,735			—			8,894,735		—

Total Investments, at Value	$	421,687,577		$	—		$	421,687,577	$	—

Other Financial Instruments - Assets***
Futures Contracts	$	214,544		$	214,544		$	—	$	—

Total Other Financial Instruments - Assets	$	214,544		$	214,544		$	—	$	—

Other Financial Instruments - Liabilities***
Futures Contracts	$	(337,307	)	$	(337,307	)	$	—	$	—

Total Other Financial Instruments - Liabilities	$	(337,307	)	$	(337,307	)	$	—	$	—

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	Total Fair Value at May 31, 2025		Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Alternative Strategies Fund
Investments, at Value
Open End Mutual Fund Securities:
United States	$	179,532,109	$	179,532,109	$	—	$	—

Total Investments, at Value	$	179,532,109	$	179,532,109	$	—	$	—

*	Includes securities that are fair valued using significant unobservable inputs at $0.

**	Other countries represents countries that are individually less than 5% of Net Assets.

***	Swaps, futures contracts and forward foreign currency contracts are valued at the unrealized appreciation (depreciation) on the instrument and option contracts written, forward sale commitments and reverse repurchase agreements are shown at value.

There were no significant transfers in or out of level 3 for the period ended May 31, 2025 for any of the Funds.

(b) Accounting for Derivative Instruments. Derivative instruments require enhanced disclosures regarding a Fund’s credit derivatives holdings, including credit default swaps, credit spread options and hybrid financial instruments containing embedded credit derivatives.

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All open derivative positions at the period-end for each Fund are disclosed in the Fund’s Schedule of Investments.

Certain Funds may use derivative instruments including futures, options, forward foreign currency contracts, swaptions and swap contracts as part of their investment strategies. Following is a description of these derivative instruments, including the primary underlying risk exposures related to each instrument type:

(i) Futures Contracts. Certain Funds may enter into futures contracts, to the extent permitted by their investment policies and objectives, for bonafide hedging and other permissible risk management purposes including protecting against anticipated changes in the value of securities a Fund intends to purchase. Upon entering into a futures contract, a Fund is required to deposit cash or securities as initial margin, which is included in deposits for collateral with counterparty on the Statements of Assets and Liabilities. Additional securities are also segregated as collateral up to the current market value of the futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund, depending on the fluctuation in the value of the underlying financial instruments and are reported on the Statements of Assets and Liabilities. The Fund recognizes an unrealized gain or loss equal to the variation margin. When futures contracts are closed, a realized gain or loss is recognized which is equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contracts.

The risks associated with entering into futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, investing in futures contracts involves the risk that the Fund could lose more than the original margin deposit due to subsequent payments that may be required for a futures transaction.

(ii) Options Written. Certain Funds may write options to manage exposure to certain changes in the market. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the Fund realizes a gain from investments equal to the amount of the premium received. When a written call option is exercised, the premium received is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. When a written put option is exercised, the amount of the premium received reduces the cost of the security purchased by the Fund.

When writing a covered call option, a Fund may forego the opportunity of profit if the market price of the underlying security increases more than the premium received and the option is exercised. When writing a put option, a Fund may incur a loss if the market price of the underlying security decreases more than the premium received and the option is exercised. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

(iii) Purchased Options. Certain Funds may purchase options to manage exposure to certain changes in the market. A Fund will normally purchase call options in anticipation of an increase in the market value of securities of the type in which they may invest, an amount equal to the value is recorded as an asset. The purchase of a call option will entitle a Fund, in return for the premium paid, to purchase specified securities at a specified price during the option period. A Fund will ordinarily realize a gain if, during the option period, the value of such securities exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise, the Fund will realize a loss equal to the amount of the premium paid on the purchase of the call option.

A Fund will normally purchase put options in anticipation of a decline in the market value of securities in its portfolio (“protective puts”) or in securities in which it may invest. The purchase of a put option will entitle the Fund, in exchange for the premium paid, to sell specified securities at a specified price during the option period. The purchase of protective puts is designed to offset or hedge against a decline in the market value of the Fund’s securities. Put options may also be purchased by a Fund for the purpose of affirmatively benefiting from a decline in the price of securities which it does not own. The Fund will ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to more than cover the premium and transaction costs; otherwise the Fund will realize a loss equal to the amount of the premium paid on the purchase of the put option. Gains and losses on the purchase of protective put options would tend to be offset by countervailing changes in the value of the underlying portfolio securities.

(iv) Inflation-Capped Options. Certain Funds may write or purchase inflation-capped options to enhance returns or for hedging opportunities. When a Fund writes an inflation-capped option, an amount equal to the premium received is recorded as a liability on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option written. When a Fund purchases an inflation-capped option, the Fund pays a premium which is recorded as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. The purpose of purchasing inflation-capped options is to protect a Fund from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products.

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(v) Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts to hedge against foreign currency exchange rate risk on their non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated portfolio transactions. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through either delivery or offset by entering into another forward foreign currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

(vi) Swaptions. Swaptions contracts entered into by the Funds typically represent an option that gives the purchaser the right, but not the obligation, to enter into a swap contract on a future date. Certain Funds may purchase swaptions to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Changes in the value of purchased swaptions are reported as net change in unrealized appreciation or depreciation on the Statements of Operations and Changes in Net Assets. Gain or loss is recognized when the swaptions contract expires or is closed as net realized gain or loss on the Statements of Operations and Changes in Net Assets. Details of purchased swaptions contracts held at period-end are included on the Fund’s Schedule of Investments under the caption “Purchased Options.”

Certain Funds may write swaption contracts to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Swaption contracts written by a Fund represent an option that obligates the writer upon exercise by the purchaser, to enter into a previously agreed upon swap contract on a future date. If a written call swaption is exercised, the writer will enter into a swap and is obligated to pay the fixed rate and receive a floating rate in exchange. If a written put swaption is exercised, the writer will enter a swap and is obligated to pay the floating rate and receive a fixed rate in exchange.

When a Fund writes a swaption, the premium received is recorded as a liability in the Statements of Assets and Liabilities and is subsequently adjusted to the current market value of the swaption. Changes in the value of the swaption are reported as unrealized gains or losses in the Statements of Operations. A gain or loss is recognized when the swaption contract expires or is closed. Premiums received from writing swaptions that expire or are exercised are treated by the Fund as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction is also treated as a realized gain or, if the premium received is less than the amount paid for the closing purchase, as a realized loss.

Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk, associated with both option contracts and swap contracts. To reduce credit risk from potential counterparty default, a Fund only enters into swaption contracts with counterparties that meet certain standards of creditworthiness. A Fund bears the market risk arising from any change in index values or interest rates.

(vii) Swap Contracts. Swaps involve the exchange by a Fund with another party of the respective amounts payable with respect to a notional principal amount related to one or more indices. Certain Funds may enter into these transactions to preserve a return or spread on a particular investment or portion of its assets, as a duration management technique or to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. Certain Funds may also use these transactions for speculative purposes, such as to obtain the price performance of a security without actually purchasing the security in circumstances where, for example, the subject security is illiquid, is unavailable for direct investment or available only on less attractive terms.

Swaps are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as change in unrealized appreciation or depreciation in the Statements of Operations. Net receipts or payments of interest are recorded as realized gains or losses, respectively. Gains and losses are realized upon termination of a swap contract. An upfront payment received by the Fund, is recorded as a liability on the Fund’s books. An upfront payment made by the Fund is recorded as an asset on the Fund’s books. Any upfront payments paid or received upon entering a swap contract to compensate for differences between stated terms of the agreement and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded as a realized gain or loss at the termination of the swap.

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Swaps have risks associated with them, including possible default by the counterparty to the transaction, illiquidity and, where swaps are used as hedges, the risk that the use of a swap could result in losses greater than if the swap had not been employed. This risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Such amounts are reported on the Statements of Assets and Liabilities as deposits with counterparties.

(viii) Credit Default Swaps. Certain Funds may enter into credit default swap contracts for investment purposes, to manage their credit risk or to add leverage. As a seller in a credit default swap contract, a Fund is required to pay the notional or other agreed-upon value to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund keeps the stream of payments and has no payment obligations. Such periodic payments are accrued daily and accounted for as realized gains.

Certain Funds may also purchase credit default swap contracts in order to hedge against the risk of default by debt securities held in their portfolios. In these cases, a Fund functions as the counterparty referenced in the preceding paragraph. As a purchaser of a credit default swap contract, the Fund receives the notional or other agreed upon value from the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund makes periodic payments to the counterparty over the term of the contract provided no event of default has occurred. Such periodic payments are accrued daily and accounted for as realized losses.

For a credit default swap sold by a Fund, payment of the agreed upon amount made by the Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation received. For a credit default swap purchased by a Fund, the agreed upon amount received by the Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Fund.

Entering into credit default swaps involves, to varying degrees, elements of credit and market risk in excess of the related amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there will be unfavorable changes in net interest rates. As privately negotiated transactions, swaps may involve risk, which is the risk that the swap contracts fail to contemplate a particular outcome or that the parties disagree about the proper interpretation of a transaction term.

(ix) Interest Rate Swaps. Certain Funds may enter into interest rate swaps for investment purposes to manage exposure to fluctuations in interest rates or to add leverage. Interest rate swaps represent an agreement between two counterparties to exchange cash flows based on the difference in the fixed interest rate and the floating interest rate, applied to the notional principal amount for a specified period. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Once the payments are settled in cash, the net amount is recorded as realized gain or loss from swap contracts on the Statements of Operations. The Funds settle accrued net receivable or payable under the swap contracts on a periodic basis.

The primary risk associated with interest rate swaps is that unfavorable changes in interest rates could adversely impact a Fund.

(x) Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit and interest derivatives. In a centrally cleared derivative transaction, a Fund typically enters into the transaction with financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of the original counterparty. The Fund typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse. The margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin receivable or payable on swap contracts for the change in value as appropriate on the Statements of Assets and Liabilities. Only a limited number of derivative transactions are currently eligible for clearing by clearinghouses.

(xi) Cross-Currency Swaps. Certain Funds may enter into cross-currency swaps to gain or mitigate exposure to currency risk. Cross-currency swaps involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specific exchange rates. The exchange of currencies at the inception date of the

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contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.

(xii) Volatility Swaps. A volatility swap is an agreement between counterparties to exchange periodic payments based on the measured volatility of a reference security, index, currency or other reference investment over a specified time frame. One cash flow is typically based on the realized volatility of the reference investment as measured by changes in its price or level over the specified time period while the other cash flow is based on a specified rate representing expected volatility for the reference investment at the time the swap is executed, or the measured volatility of a different reference investment over the specified time period. The appreciation or depreciation on a volatility swap will typically depend on the magnitude of the reference investment’s volatility, or size of the movements in its price, over the specified time period, rather than general directional increases or decreases in its price.

Volatility swaps are less standard in structure than other types of swaps and provide pure, or isolated, exposure to volatility risk of the specific underlying reference investment. Volatility swaps are typically used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of investments held by the Fund.

Variance swaps are a type of volatility swap where counterparties agree to exchange periodic payments based on the measured variance (or the volatility squared) of a reference security, index, or other reference investment over a specified time period. At payment date, a net cash flow will be exchanged based on the difference between the realized variance of the reference investment over the specified time period and the specified rate representing expected variance for the reference investment at the time the swap is executed multiplied by the notional amount of the contract.

(xiii) Inflation Rate Swaps. The Fund may enter into inflation rate swap contracts to attempt to hedge against inflation. Pursuant to the inflation rate swap agreement, the Fund negotiates with a counterparty to exchange a periodic stream of payments, based on a benchmark inflation index. One cash flow stream will typically be a floating rate payment linked to the specified inflation index while the other is typically a fixed interest rate.

Inflation rate swaps are normally issued on a zero coupon basis where all payments compound during the life of the contract and are netted upon the termination or maturity of the contract. Final payments received or paid by the Fund are recorded as realized gains or losses in the Statements of Operations. Inflation rate swap contracts are subject to movements in interest rates.

(xiv) Total Return Swaps. The Fund may enter into total return swap contracts to gain exposure and benefit from a reference asset (single asset, or a basket of assets) without actually having to own it. Total return swap contracts are agreements where the total return of a reference asset is paid in exchange for periodic cash flows. The deal is structured such that the total return (asset income plus capital appreciation/depreciation) is exchanged, in the cash flows. Periodic payments received or made by the Fund are recorded as realized gains or losses in the Statements of Operations.

(c) Repurchase Agreements. When entering into repurchase agreements, it is the Funds’ policy that their custodian or a third party custodian takes possession of the underlying collateral securities, the market value of which at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market daily to ensure the adequacy of the collateral. If the seller defaults and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited.

(d) Stripped Securities. Certain Funds may invest in “Stripped Securities”, a term used collectively for stripped fixed income securities. Stripped Securities can be principal-only securities (“PO”), which are debt obligations that have been stripped of interest coupons, or interest-only securities (“IO”), which are interest coupons that have been stripped from debt obligations. As is the case with all securities, the market value of Stripped Securities will fluctuate in response to changes in economic conditions, interest rates and the market’s perception of the securities. However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation increases with a longer period of maturity. The yield-to-maturity on an IO is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in the IO.

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(e) Time Deposits. Certain Funds may purchase overnight time deposits issued by offshore branches of U.S. banks that meet credit and risk standards established by the custodian and approved by the Board.

(f) Lending of Portfolio Securities. The Trust has an agreement with its custodian, whereby the custodian, as agent, may lend securities owned by the Funds to brokers, dealers and other financial organizations that have been approved as borrowers by the Funds. The custodian enters into agreements with the borrowers. Loans of securities by a Fund are collateralized by cash, U.S. government securities or irrevocable performance letters of credit issued by banks approved by the Funds. All non-cash collateral is received, held and administered by the custodian in an applicable custody account or other account established for the purpose of holding collateral for each Fund. Cash collateral received by the Funds as a result of securities lending activities is invested in an unaffiliated registered money market fund, and is recorded as Payable for collateral received from securities on loan within the Statements of Assets and Liabilities. Securities lending income represents the income earned on investing cash collateral plus any premium payments that may be received on the loan of certain types of securities, less fees and expenses associated with the loan. Each Fund maintains the risk of any market loss on its securities on loan as well as the potential loss on investments purchased with cash collateral received from its securities lending. The custodian has the right under its agreement with the borrowers to recover any loaned securities from the borrower on demand. Additionally, the Funds are exposed to risks that a borrower may not provide additional collateral when required or return loaned securities when due. If the borrower fails to return the securities, the custodian will use the collateral to purchase replacement securities. The custodian is responsible for any shortfall in collateral value under certain circumstances.

At May 31, 2025, the aggregate market value of the loaned securities and the value of the collateral each fund received were as follows:

Gross Amounts Not Offset in the Statements of Assets and Liabilities


Fund	Gross Asset Amount Presented in the Statements of Assets and Liabilities (a)	Financial Instrument	Collateral Received (b)(c)	Net Amount (Not Less than $0)
Morgan Stanley Pathway Large Cap Equity ETF	$ 7,472,071	$ —	$ (7,472,071)	$ 0
Morgan Stanley Pathway Small-Mid Cap Equity ETF	5,858,427	—	(5,858,427)	0
International Equity Fund	7,907,341	—	(7,907,341)	0
Emerging Markets Equity Fund	1,533,995	—	(1,533,995)	0

(a)	Represents market value of securities on loan at period end.

(b)

The Funds received cash collateral of $7,708,147, $6,093,217, $4,914,925 and $513,813, respectively, which was subsequently invested in Invesco STIT - Government & Agency Portfolio as reported in the Schedules of Investments. In addition, the Funds received non-cash collateral of $0, $0, $3,233,481 and $1,058,250, respectively, in the form of U.S. Government Obligations, which the Funds cannot sell or repledge, and accordingly are not reflected in the Schedules of Investments.

(c)	The actual collateral received could be greater than the amount shown here due to overcollateralization.

(g) To-Be-Announced Purchase and Sale Commitments. Certain Funds may trade securities on a to-be-announced (“TBA”) basis. In a TBA transaction, a Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information is not known, such as the face amount and maturity date and the underlying pool of investments in U.S. government agency mortgage pass-through transactions. Securities purchased on a TBA basis are not settled until they are delivered to the Fund, normally 15 to 45 days later. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are marked-to-market on a daily basis and are subject to market fluctuations. Realized gains or losses on TBA purchase commitments are included in Net realized gain (loss) on investments on the Statements of Operations. Any fluctuation in the value of the purchased TBA commitments is included in Net change in unrealized appreciation (depreciation) on investments on the Statements of Operations.

Additionally, when a Fund sells TBA securities without already owning or having the right to obtain the deliverable securities (an uncovered forward commitment to sell), it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold them. A Fund may be unable to purchase the deliverable securities if the corresponding market is illiquid.

TBA securities subject to a forward commitment to sell at period end are included at the end of the Fund’s Schedule of Investments under the caption “Schedule of Forward Sale Commitments.” The proceeds and value of these commitments are recorded as Forward Sale Commitments, at value in the Statements of Assets and Liabilities.

(h) Short Sales of Securities. A short sale is a transaction in which a Fund sells securities it does not own in anticipation of a decline in the market price of the securities. To complete a short sale, the Fund may arrange through a broker to borrow the securities to be delivered to the buyer. The proceeds received by the Fund for the short sale are retained by the broker until the Fund replaces the borrowed securities. In borrowing the securities to be delivered to the buyer, the Fund becomes obligated to replace the securities borrowed at their market price at the time of replacement, whatever that price may be.

The risk of engaging in short sale transactions is that selling short magnifies the potential for loss to a Fund. The larger the Fund’s short position, the greater the potential loss. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the security, the Fund also may be required to pay a premium, which could decrease the proceeds of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Fund may be required to pay in connection with the short sale. In addition, because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is unlimited.

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(i) Mortgage Dollar Rolls. Certain Funds may sell mortgage-backed securities for delivery in the current month and simultaneously contract to repurchase substantially similar (same type, coupon and maturity) securities to settle on a specific future date at an agreed upon price. Pools of mortgage securities are used to collateralize mortgage dollar roll transactions and may have different prepayment histories than those sold. During the period between the sale and the repurchase, a Fund forgoes principal and interest paid on the securities sold. Proceeds of the sale will be invested in short-term instruments and the income from these investments, together with any additional fee income received on a sale, is intended to generate income for a Fund. A Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions. If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sale price and the future purchase price is recorded as an adjustment to interest income.

Mortgage dollar roll transactions involve the risk that the market value of the securities a Fund is obligated to repurchase under the agreement may decline below the repurchase price of those securities. If investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities sold as part of the dollar roll, the use of this technique will adversely impact the investment performance of a Fund. In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, the Fund’s use of proceeds of the dollar roll may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities.

(j) Credit and Market Risk. Certain Funds invest in high yield instruments that are subject to certain credit and market risks. The yields of high yield obligations reflect, among other things, perceived credit and market risks. Each Fund’s investment in securities rated below investment grade typically involve risks not associated with higher rated securities, including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading.

(k) Foreign Investment and Currency Risks. Certain Funds’ investments in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies and may require settlement in foreign currencies and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of a Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

(l) Emerging Markets Risk. In addition to foreign investment and currency risks, which tend to be amplified in emerging markets, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. The economies of emerging market countries may grow at slower rates than expected or suffer a downturn or recession. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries.

(m) Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

(n) Market Risk. The value of an investment in the Fund is based on the values of the Fund’s investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund’s portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi- governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such

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event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund’s portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund’s investments (and, in turn, the Fund’s investment results) and/or negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund’s investments, and exacerbate preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

(o) Security Transactions and Investment Income. Security transactions are accounted for on a trade date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as practical after a Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as income from non-cash dividends at fair value. Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt, if any, and is included in interest and dividend income, respectively. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults on an expected interest payment, the Trust’s policy is to generally halt any additional “interest income accruals and accretion” and consider the Fund’s ability to realize interest accrued up to the date of default.

(p) Foreign Currency Translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments in the Statements of Operations.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities, at the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

(q) Distributions to Shareholders. Distributions from net investment income for Morgan Stanley Pathway Large Cap Equity ETF, Morgan Stanley Pathway Small-Mid Cap Equity ETF, International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Alternative Strategies Fund, if any, are declared and paid on an annual basis. Distributions from net investment income for Core Fixed Income Fund, High Yield Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund, if any, are declared and paid on a monthly basis.

The Funds intend to satisfy conditions that will enable interest from municipal securities, which are exempt from regular federal income tax and from designated state income taxes, to retain such tax-exempt status when distributed to the shareholders of the Funds. Distributions of net realized gains to shareholders of the Funds, if any, are taxable and are declared at least annually. Distributions to shareholders of the Funds are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(r) Federal and Other Taxes. It is the Trust’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, each Fund intends to distribute substantially all of its income and net realized gains on investments, if any, to shareholders each year. Therefore, no federal income tax provision is required in the Funds’ financial statements. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years or expected to be taken in 2023 tax returns. Each Fund’s federal tax returns for the prior four fiscal years remain subject to examination by the Internal Revenue Service.

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(s) Reclassification. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share.

(t) Restricted Securities. All Funds may invest in non-publicly traded securities, commonly called restricted securities. Restricted securities may be less liquid than publicly-traded securities. Although certain restricted securities may be resold in privately negotiated transactions, the values realized from these sales could be less than originally paid by a Fund. Certain restricted securities may be deemed liquid by the Manager and/or Sub-adviser pursuant to the procedures approved by the Board. The value of restricted securities is determined as described in Note 1(a).

(u) Reverse Repurchase Agreements. Certain Funds may each enter into reverse repurchase agreements with the financial institutions with which it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities to a financial institution and agrees to repurchase them at a mutually agreed upon date, price and rate of interest. During the period between the sale and repurchase, the Fund would not be entitled to principal and interest paid on the securities sold by the Fund. The Fund, however, would seek to achieve gains derived from the difference between the current sale price and the forward price for the future purchase as well as the interest earned on the proceeds on the initial sale. Reverse repurchase agreements involve the risk that the market value of the securities purchased with the proceeds from the sale of the securities received by the Fund may decline below the price of the securities the Fund is obligated to repurchase. Reverse repurchase agreements also involve credit risk with the counterparty to the extent that the value of securities subject to repurchase exceed the Fund’s liability under the reverse repurchase agreement. Reverse repurchase agreements will be viewed as borrowings by a Fund for the purpose of calculating the Fund’s indebtedness and will have the effect of leveraging the Fund’s assets.

(v) Indemnification. The Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds’ that have not yet occurred.

(w) Senior Floating-Rate Loans. Interests in senior floating-rate loans (“Senior Loans”) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Funds based on information available to such managers. The portfolio managers of other Funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Funds. At times, the fair value of a Senior Loan determined by the portfolio managers of other Funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Funds. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

In connection with bank loan interests, the Funds may enter into unfunded bank loan interests (“commitments”). Unfunded loan commitments may be partially or wholly unfunded. The Funds are obligated to fund those commitments at the borrower’s discretion. In connection with these commitments, the Funds earns a commitment fee, which is included in interest income in the Statements of Operations and recognized respectively over the commitment period.

There were no fully/partially unfunded loan positions as of May 31, 2025.

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(x) Sale-Buyback and Buy-Saleback Transactions. A sale-buyback financing transaction consists of a sale of a security by a Fund to a counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Fund will segregate assets determined to be liquid by the Sub-adviser or will otherwise cover its obligations under sale-buyback transactions.

During the period ended May 31, 2025, the Inflation-Linked Fixed Income Fund participated in sale-buyback transactions.

A buy-saleback lending transaction consists of a purchase of a security by a Fund from a counterparty, with a simultaneous agreement to sell the same or substantially the same security at an agreed-upon price and date. The party who sold the security is not entitled to receive principal and interest payments, if any, made on the security during the term of the agreement. The Fund will segregate assets determined to be liquid by the Sub-adviser or will otherwise cover its obligations under buy-saleback transactions.

During the period ended May 31, 2025, the Funds did not participate in buy-saleback transactions.

Sale-buyback and buy-saleback transactions are governed by Master Securities Forward Transaction Agreements (“Master Forward Agreements”), which are agreements between each Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of any pending sale-buyback and buy-saleback transactions as of period end is disclosed in each Fund’s Schedule of Investments.

(y) Disclosure about Offsetting Assets and Liabilities. In order to better define contractual rights under derivative contracts and to secure rights that will help the Funds mitigate their counterparty risk, a Sub-adviser may, on behalf of the Funds, enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The ISDA Master Agreement gives a Fund the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. Absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statements of Assets and Liabilities across the transactions between the Funds and the applicable counterparty. The right to offset and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Funds’ credit risk to such counterparty equal to any amounts payable by the Funds under the applicable transactions, if any. The enforceability of the right to offset may vary by jurisdiction.

Cash collateral that has been received or pledged to cover obligations under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits with counterparties and, in the case of cash pledged by counterparty for the benefit of the Fund, a corresponding liability in the Statements of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Schedules of Investments. The carrying amount of such deposits due to brokers at May 31, 2025 approximated their fair value. If measured at fair value, such deposits would have been considered as Level 2 in the fair value hierarchy (see Note 1(a)).

Repurchase agreements and reverse repurchase agreements may be entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit a Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. The Fund’s repurchase agreements as of May 31, 2025 are shown on a gross basis and the required offsetting disclosures are shown in the Schedules of Investments. The value of the related collateral exceeded the value of the repurchase agreements as of May 31, 2025.

For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements or similar agreements on the Statements of Assets and Liabilities.

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Summary of Investments by Security Sector^
Information Technology	26.4	%
Financials	16.9
Consumer Discretionary	10.6
Industrials	10.5
Health Care	10.3
Communication Services	9.1
Consumer Staples	4.6
Energy	3.0
Materials	2.6
Real Estate	2.5
Utilities	2.0
Short-Term Investments	1.5

Total Investments	100.0	%+


Summary of Investments by Security Sector^
Industrials	20.3	%
Information Technology	16.2
Financials	15.0
Health Care	12.8
Consumer Discretionary	9.9
Real Estate	4.7
Energy	4.4
Materials	4.0
Utilities	4.0
Consumer Staples	3.5
Communication Services	2.4
Short-Term Investments	2.8

Total Investments	100.0	%+



EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
USD	—	United States Dollar
ZAR	—	South African Rand


Counterparty abbreviations used in this schedule:

CITI	—	Citigroup Global Markets Inc.
GSC	—	Goldman Sachs & Co.