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Schedules of Investments

May 31, 2026

(unaudited)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
COMMON STOCKS - 98.7%
COMMUNICATION SERVICES - 10.7%
Diversified Telecommunication Services - 0.7%
8,384	AST SpaceMobile Inc., Class A Shares*	$	950,829
267,973	AT&T Inc.		6,645,730
277,404	Comcast Corp., Class A Shares		6,899,038
3,962	Iridium Communications Inc.		205,152
104	Liberty Capital Corp.*		2,320
1,141	Liberty Capital Corp., Class C Shares*		25,524
5,258	Liberty Global Ltd., Class A Shares*		65,778
5,449	Liberty Global Ltd., Class C Shares*		66,260
278,106	Verizon Communications Inc.		13,296,248

	Total Diversified Telecommunication Services		28,156,879

Entertainment - 1.6%
9,717	Electronic Arts Inc.		1,960,113
829	Liberty Media Corp.-Liberty Formula One, Class A Shares*		69,619
8,115	Liberty Media Corp.-Liberty Formula One, Class C Shares*		736,761
15,586	Live Nation Entertainment Inc.*		2,624,838
699	Madison Square Garden Sports Corp., Class A Shares*		261,629
389,285	Netflix Inc.*		33,486,296
23,983	ROBLOX Corp., Class A Shares*		1,130,799
4,969	Roku Inc., Class A Shares*		646,865
5,950	Spotify Technology SA*		2,961,196
7,042	Take-Two Interactive Software Inc.*		1,578,535
2,635	TKO Group Holdings Inc., Class A Shares		540,649
167,688	Walt Disney Co. (The)		17,075,669
90,641	Warner Bros Discovery Inc.*		2,448,213

	Total Entertainment		65,521,182

Interactive Media & Services - 8.0%
364,381	Alphabet Inc., Class A Shares		138,588,669
229,819	Alphabet Inc., Class C Shares		86,510,766
2,964	IAC Inc.*		133,054
9,085	Match Group Inc.		328,241
147,407	Meta Platforms Inc., Class A Shares		93,236,402
22,533	Pinterest Inc., Class A Shares*		451,787
4,753	Reddit Inc., Class A Shares*		836,528
5,968	Trump Media & Technology Group Corp.*		55,562
11,413	ZoomInfo Technologies Inc., Class A Shares*		38,005

	Total Interactive Media & Services		320,179,014

Media - 0.3%
3,311	Charter Communications Inc., Class A Shares*		476,950
5,816	DoubleVerify Holdings Inc.*		56,415
119,020	Fox Corp., Class A Shares		7,607,758
5,560	Fox Corp., Class B Shares		319,088
524	Liberty Broadband Corp., Class A Shares*		17,701
4,429	Liberty Broadband Corp., Class C Shares*		149,523
6,214	New York Times Co. (The), Class A Shares		467,355
14,374	News Corp., Class A Shares		375,161
5,035	News Corp., Class B Shares		150,144
1,136	Nexstar Media Group Inc., Class A Shares		202,697
1,765	NIQ Global Intelligence PLC*		14,720
12,555	Omnicom Group Inc.		912,874
7,581	Sirius XM Holdings Inc.		223,791
17,125	Trade Desk Inc. (The), Class A Shares*		369,215
5,498	Versant Media Group Inc.		237,184

	Total Media		11,580,576

Wireless Telecommunication Services - 0.1%
3,776	Millicom International Cellular SA		322,319
18,632	T-Mobile US Inc.		3,494,059

	Total Wireless Telecommunication Services		3,816,378

	TOTAL COMMUNICATION SERVICES		429,254,029

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
CONSUMER DISCRETIONARY - 9.8%
Automobile Components - 0.1%
9,118	Aptiv PLC*	$	619,477
8,368	BorgWarner Inc.		600,990
8,494	Gentex Corp.		205,215
2,059	Lear Corp.		294,684
18,075	QuantumScape Corp., Class A Shares*		162,314
3,037	Versigent PLC*		133,992

	Total Automobile Components		2,016,672

Automobiles - 1.7%
151,347	Ford Motor Co.		2,639,492
127,466	General Motors Co.		10,610,270
3,988	Harley-Davidson Inc.		96,430
4,619	Lucid Group Inc.*(a)		30,254
30,750	Rivian Automotive Inc., Class A Shares*		501,225
121,338	Tesla Inc.*		52,877,887
1,951	Thor Industries Inc.		154,285

	Total Automobiles		66,909,843

Broadline Retail - 4.5%
658,896	Amazon.com Inc.*		178,323,614
49,887	Coupang Inc., Class A Shares*		828,124
100	Dillard’s Inc., Class A Shares		59,021
17,461	eBay Inc.		1,907,964
4,221	Etsy Inc.*		286,690
10,741	Macy’s Inc.		233,724
2,451	Ollie’s Bargain Outlet Holdings Inc.*		200,075

	Total Broadline Retail		181,839,212

Distributors - 0.0%@
5,418	Genuine Parts Co.		534,756
9,562	LKQ Corp.		259,321
1,389	Pool Corp.		251,965

	Total Distributors		1,046,042

Diversified Consumer Services - 0.0%@
19,038	ADT Inc.		127,745
2,102	Bright Horizons Family Solutions Inc.*		131,627
1,380	Duolingo Inc., Class A Shares*		153,677
1,048	Grand Canyon Education Inc.*		157,043
5,124	H&R Block Inc.		197,223
640	Liberty Live Holdings Inc., Class A Shares*		61,645
1,723	Liberty Live Holdings Inc., Class C Shares*		170,749
5,401	Service Corp. International		406,101

	Total Diversified Consumer Services		1,405,810

Hotels, Restaurants & Leisure - 1.6%
54,303	Airbnb Inc., Class A Shares*		7,239,133
9,785	Aramark		522,323
31,563	Booking Holdings Inc.		5,284,593
2,250	Boyd Gaming Corp.		186,030
7,508	Caesars Entertainment Inc.*		218,107
41,955	Carnival Corp., Ltd.		1,177,257
3,730	Cava Group Inc.*		289,672
143,115	Chipotle Mexican Grill Inc., Class A Shares*		4,559,644
1,080	Choice Hotels International Inc.		117,590
2,476	Churchill Downs Inc.		215,932
40,392	Darden Restaurants Inc.		8,236,333
2,737	Domino’s Pizza Inc.		850,058
13,930	DoorDash Inc., Class A Shares*		2,218,910
18,612	DraftKings Inc., Class A Shares*		455,808
4,391	Dutch Bros Inc., Class A Shares*		254,678

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
CONSUMER DISCRETIONARY - 9.8% - (continued)
Hotels, Restaurants & Leisure - 1.6% - (continued)
4,537	Expedia Group Inc.	$	1,024,409
6,541	Flutter Entertainment PLC*		634,346
16,750	Hilton Worldwide Holdings Inc.		5,488,305
1,498	Hyatt Hotels Corp., Class A Shares		271,677
12,850	Las Vegas Sands Corp.		649,825
8,685	Marriott International Inc., Class A Shares		3,262,086
27,731	McDonald’s Corp.		7,742,495
8,870	MGM Resorts International*		387,353
17,607	Norwegian Cruise Line Holdings Ltd.*		322,912
5,140	Penn Entertainment Inc.*		96,786
3,083	Planet Fitness Inc., Class A Shares*		164,971
12,534	Restaurant Brands International Inc.		936,290
9,834	Royal Caribbean Cruises Ltd.		2,799,052
44,185	Starbucks Corp.		4,381,385
2,606	Texas Roadhouse Inc., Class A Shares		470,696
2,267	Travel + Leisure Co.		154,156
1,412	Vail Resorts Inc.		188,643
7,473	Viking Holdings Ltd.*		688,338
6,820	Wendy’s Co. (The)(a)		52,514
1,095	Wingstop Inc.		171,871
2,710	Wyndham Hotels & Resorts Inc.		217,505
3,055	Wynn Resorts Ltd.		309,227
10,841	Yum! Brands Inc.		1,603,926

	Total Hotels, Restaurants & Leisure		63,844,836

Household Durables - 0.2%
10,227	DR Horton Inc.		1,504,290
6,263	Garmin Ltd.		1,465,041
8,520	Lennar Corp., Class A Shares		764,926
406	Lennar Corp., Class B Shares		35,761
2,054	Mohawk Industries Inc.*		220,641
14,294	Newell Brands Inc.		48,600
103	NVR Inc.*		628,794
7,591	PulteGroup Inc.		897,104
3,280	SharkNinja Inc.*		399,799
7,820	Somnigroup International Inc.		553,734
3,706	Toll Brothers Inc.		513,429
1,082	TopBuild Corp.*		451,713
1,910	Whirlpool Corp.(a)		82,932

	Total Household Durables		7,566,764

Leisure Products - 0.0%@
2,468	Brunswick Corp.		206,720
5,261	Hasbro Inc.		453,340
12,063	Mattel Inc.*		180,221
3,476	YETI Holdings Inc.*		166,744

	Total Leisure Products		1,007,025

Specialty Retail - 1.5%
1,065	AutoNation Inc.*		199,922
628	AutoZone Inc.*		1,843,299
7,914	Bath & Body Works Inc.		158,438
7,437	Best Buy Co., Inc.		579,714
2,409	Burlington Stores Inc.*		780,106
5,565	CarMax Inc.*		248,310
26,098	Carvana Co., Class A Shares*		1,905,154
8,382	Chewy Inc., Class A Shares*		188,930
2,486	Dick’s Sporting Goods Inc.		565,739
2,144	Five Below Inc.*		487,460
4,134	Floor & Decor Holdings Inc., Class A Shares*		212,488
15,273	GameStop Corp., Class A Shares*		323,482
8,569	Gap Inc. (The)		181,234
38,616	Home Depot Inc. (The)		12,246,678

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
CONSUMER DISCRETIONARY - 9.8% - (continued)
Specialty Retail - 1.5% - (continued)
968	Lithia Motors Inc., Class A Shares	$	281,582
59,638	Lowe’s Cos., Inc.		12,784,002
715	Murphy USA Inc.		361,811
51,956	O’Reilly Automotive Inc.*		4,513,937
746	Penske Automotive Group Inc.		124,858
615	RH*		91,321
12,353	Ross Stores Inc.		2,862,561
105,709	TJX Cos., Inc. (The)		16,358,468
42,133	Tractor Supply Co.		1,328,454
1,730	Ulta Beauty Inc.*		880,311
5,271	Valvoline Inc.*		177,896
3,820	Wayfair Inc., Class A Shares*		276,033
4,601	Williams-Sonoma Inc.		936,626

	Total Specialty Retail		60,898,814

Textiles, Apparel & Luxury Goods - 0.2%
5,561	Amer Sports Inc.*		197,860
1,904	Birkenstock Holding PLC*(a)		85,813
1,059	Columbia Sportswear Co.		70,085
2,074	Crocs Inc.*		246,122
5,718	Deckers Outdoor Corp.*		650,994
3,977	Lululemon Athletica Inc.*		521,703
44,975	NIKE Inc., Class B Shares		2,079,194
8,558	On Holding AG, Class A Shares*		349,338
2,110	PVH Corp.		196,821
1,473	Ralph Lauren Corp., Class A Shares		536,025
7,994	Tapestry Inc.		1,162,807
5,809	Under Armour Inc., Class A Shares*		34,099
7,348	Under Armour Inc., Class C Shares*		42,104
14,114	V.F. Corp.		242,478

	Total Textiles, Apparel & Luxury Goods		6,415,443

	TOTAL CONSUMER DISCRETIONARY		392,950,461

CONSUMER STAPLES - 3.6%
Beverages - 0.9%
309	Boston Beer Co., Inc. (The), Class A Shares*		54,780
1,615	Brown-Forman Corp., Class A Shares		43,169
6,477	Brown-Forman Corp., Class B Shares		166,588
6,499	Celsius Holdings Inc.*		216,222
150,785	Coca-Cola Co. (The)		11,913,523
2,188	Coca-Cola Consolidated Inc.		379,093
5,491	Constellation Brands Inc., Class A Shares		762,261
50,210	Keurig Dr Pepper Inc.		1,507,806
6,334	Molson Coors Beverage Co., Class B Shares		250,383
61,451	Monster Beverage Corp.*		5,412,604
106,997	PepsiCo Inc.		15,427,897
9,419	Primo Brands Corp., Class A Shares		233,591

	Total Beverages		36,367,917

Consumer Staples Distribution & Retail - 1.2%
15,231	Albertsons Cos., Inc., Class A Shares		237,756
5,055	BJ’s Wholesale Club Holdings Inc.*		431,090
1,427	Casey’s General Stores Inc.		1,094,709
19,320	Costco Wholesale Corp.		18,476,102
8,528	Dollar General Corp.		943,282
7,572	Dollar Tree Inc.*		881,684
23,508	Kroger Co. (The)		1,461,022
6,362	Maplebear Inc.*		253,208
5,861	Performance Food Group Co.*		575,492
3,943	Sprouts Farmers Market Inc.*		325,771
18,448	Sysco Corp.		1,398,543
17,571	Target Corp.		2,232,747
8,833	US Foods Holding Corp.*		722,981

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
CONSUMER STAPLES - 3.6% - (continued)
Consumer Staples Distribution & Retail - 1.2% - (continued)
168,682	Walmart Inc.	$	19,524,941

	Total Consumer Staples Distribution & Retail		48,559,328

Food Products - 0.5%
18,595	Archer-Daniels-Midland Co.		1,483,509
5,285	Bunge Global SA		651,641
7,169	Campbell’s Co. (The)(a)		151,338
18,884	Conagra Brands Inc.		250,780
6,084	Darling Ingredients Inc.*		359,564
6,752	Flowers Foods Inc.		51,585
1,765	Freshpet Inc.*		91,074
20,421	General Mills Inc.		690,434
5,601	Hershey Co. (The)		1,086,762
11,617	Hormel Foods Corp.		269,863
2,480	Ingredion Inc.		251,571
4,026	J.M. Smucker Co. (The)		415,483
33,322	Kraft Heinz Co. (The)		800,061
5,374	Lamb Weston Holdings Inc.		232,049
9,718	McCormick & Co., Inc., Class VTG Shares		460,342
165,070	Mondelez International Inc., Class A Shares		10,097,332
1,530	Pilgrim’s Pride Corp.		43,314
1,918	Post Holdings Inc.*		176,149
8	Seaboard Corp.		40,656
1,974	Smithfield Foods Inc.		50,988
10,998	Tyson Foods Inc., Class A Shares		671,098

	Total Food Products		18,325,593

Household Products - 0.6%
9,217	Church & Dwight Co., Inc.		881,422
4,762	Clorox Co. (The)		428,675
31,246	Colgate-Palmolive Co.		2,816,202
12,936	Kimberly-Clark Corp.		1,262,553
132,562	Procter & Gamble Co. (The)		19,030,601
1,628	Reynolds Consumer Products Inc.		35,279

	Total Household Products		24,454,732

Personal Care Products - 0.0%@
4,599	BellRing Brands Inc.*		38,448
14,644	Coty Inc., Class A Shares*		31,192
2,056	elf Beauty Inc.*		115,136
9,420	Estee Lauder Cos., Inc. (The), Class A Shares		837,909
73,030	Kenvue Inc.		1,261,958

	Total Personal Care Products		2,284,643

Tobacco - 0.4%
65,539	Altria Group Inc.		4,560,204
60,414	Philip Morris International Inc.		10,716,235

	Total Tobacco		15,276,439

	TOTAL CONSUMER STAPLES		145,268,652

ENERGY - 3.2%
Energy Equipment & Services - 0.4%
38,238	Baker Hughes Co., Class A Shares		2,442,643
32,888	Halliburton Co.		1,277,699
14,921	NOV Inc.		297,823
219,689	SLB Ltd.		11,984,035
15,437	TechnipFMC PLC		1,056,200
2,628	Weatherford International PLC		272,366

	Total Energy Equipment & Services		17,330,766

Oil, Gas & Consumable Fuels - 2.8%
12,546	Antero Midstream Corp.		262,964
11,429	Antero Resources Corp.*		408,587
13,726	APA Corp.		500,038
8,210	Cheniere Energy Inc.		1,846,101
72,643	Chevron Corp.		13,254,442

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
ENERGY - 3.2% - (continued)
Oil, Gas & Consumable Fuels - 2.8% - (continued)
2,341	Chord Energy Corp.	$	308,708
118,799	ConocoPhillips		13,540,710
44,297	Devon Energy Corp.		1,970,773
7,259	Diamondback Energy Inc.		1,389,953
3,863	DT Midstream Inc.		540,743
66,751	EOG Resources Inc.		8,903,248
24,258	EQT Corp.		1,332,492
45,585	Expand Energy Corp.		4,238,493
262,181	Exxon Mobil Corp.		38,084,412
5,944	HF Sinclair Corp.		415,426
74,992	Kinder Morgan Inc.		2,330,751
11,831	Marathon Petroleum Corp.		2,943,198
4,488	Matador Resources Co.		240,557
27,411	Occidental Petroleum Corp.		1,552,285
24,146	ONEOK Inc.		2,026,815
11,120	Ovintiv Inc.		623,165
27,113	Permian Resources Corp., Class A Shares		521,383
15,677	Phillips 66		2,757,271
9,295	Range Resources Corp.		362,040
8,225	Targa Resources Corp.		2,097,951
2,244	Texas Pacific Land Corp.		881,892
11,756	Valero Energy Corp.		2,878,104
6,306	Viper Energy Inc., Class A Shares		286,923
47,294	Williams Cos., Inc. (The)		3,376,319

	Total Oil, Gas & Consumable Fuels		109,875,744

	TOTAL ENERGY		127,206,510

FINANCIALS - 13.3%
Banks - 3.4%
487,419	Bank of America Corp.		25,150,820
3,746	Bank OZK		181,269
826	BOK Financial Corp.		105,761
68,807	Citigroup Inc.		8,662,801
16,552	Citizens Financial Group Inc.		1,030,528
11,714	Columbia Banking System Inc.		347,203
5,276	Commerce Bancshares Inc.		275,513
2,347	Cullen/Frost Bankers Inc.		318,065
5,372	East West Bancorp Inc.		658,285
34,865	Fifth Third Bancorp		1,740,809
353	First Citizens BancShares Inc., Class A Shares		702,650
4,401	First Hawaiian Inc.		118,739
19,088	First Horizon Corp.		462,502
13,319	FNB Corp.		232,816
77,326	Huntington Bancshares Inc.		1,265,053
183,416	JPMorgan Chase & Co.		54,898,243
36,424	KeyCorp		776,924
6,089	M&T Bank Corp.		1,315,894
128,984	NU Holdings Ltd., Class A Shares*		1,693,560
5,705	Pinnacle Financial Partners Inc.		557,607
15,308	PNC Financial Services Group Inc. (The)		3,384,905
2,587	Popular Inc.		384,247
3,688	Prosperity Bancshares Inc.		254,325
34,148	Regions Financial Corp.		956,144
3,922	SouthState Bank Corp.		371,610
1,535	TFS Financial Corp.		24,422
97,607	Truist Financial Corp.		4,705,634
60,558	US Bancorp		3,321,606
6,450	Webster Financial Corp.		469,044
240,765	Wells Fargo & Co.		18,668,918
4,102	Western Alliance Bancorp		326,724
2,514	Wintrust Financial Corp.		377,678

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 13.3% - (continued)
Banks - 3.4% - (continued)
5,249	Zions Bancorp NA	$	327,800

	Total Banks		134,068,099

Capital Markets - 4.3%
1,074	Affiliated Managers Group Inc.		325,261
3,614	Ameriprise Financial Inc.		1,610,796
7,346	Ares Management Corp., Class A Shares		943,961
26,803	Bank of New York Mellon Corp. (The)		3,737,142
16,303	Blackrock Inc.		17,067,285
44,495	Blackstone Inc.		5,204,580
24,283	Blue Owl Capital Inc., Class A Shares(a)		249,629
30,765	Brookfield Asset Management Ltd., Class A Shares		1,495,179
579,158	Brookfield Corp.		26,403,813
1,263	Bullish*		44,091
10,023	Carlyle Group Inc. (The)		455,345
8,159	Cboe Global Markets Inc.		2,721,516
182,003	Charles Schwab Corp. (The)		15,897,962
13,958	CME Group Inc., Class A Shares		3,818,071
8,608	Coinbase Global Inc., Class A Shares*		1,627,170
1,374	Evercore Inc., Class A Shares		468,342
1,396	FactSet Research Systems Inc.		342,676
11,504	Franklin Resources Inc.		356,854
632	Freedom Holding Corp./NV*		90,262
22,247	Goldman Sachs Group Inc. (The)		22,815,633
1,631	Hamilton Lane Inc., Class A Shares		142,109
2,147	Houlihan Lokey Inc., Class A Shares		304,144
16,693	Interactive Brokers Group Inc., Class A Shares		1,451,790
76,305	Intercontinental Exchange Inc.		11,281,694
14,506	Invesco Ltd.		412,841
4,857	Janus Henderson Group PLC		251,155
5,982	Jefferies Financial Group Inc.		315,371
118,488	KKR & Co., Inc., Class Miscella Shares		11,367,739
4,256	Lazard Inc., Class A Shares		201,437
3,047	LPL Financial Holdings Inc.		834,177
1,392	MarketAxess Holdings Inc.		181,016
15,906	Moody’s Corp.		7,209,395
44,650	Morgan Stanley(b)		9,287,200
964	Morningstar Inc.		175,467
2,831	MSCI Inc., Class A Shares		1,787,437
17,518	Nasdaq Inc.		1,620,765
7,218	Northern Trust Corp.		1,194,218
6,847	Raymond James Financial Inc.		981,928
28,742	Robinhood Markets Inc., Class A Shares*		2,710,371
18,431	S&P Global Inc.		7,814,744
3,910	SEI Investments Co.		343,611
39,053	State Street Corp.		6,078,209
5,644	Stifel Financial Corp.		395,927
8,203	T. Rowe Price Group Inc.		857,460
4,945	TPG Inc., Class A Shares		210,509
4,423	Tradeweb Markets Inc., Class A Shares		443,406
2,880	Virtu Financial Inc., Class A Shares		144,432
16,475	XP Inc., Class A Shares		274,638

	Total Capital Markets		173,948,758

Consumer Finance - 0.5%
10,306	Ally Financial Inc.		441,200
40,851	American Express Co.		12,928,116
24,369	Capital One Financial Corp.		4,579,666
232	Credit Acceptance Corp.*		133,084
1,325	Figure Technology Solutions Inc., Class A Shares*		46,839
4,457	OneMain Holdings Inc., Class A Shares		246,517
7,658	SLM Corp.		169,395

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 13.3% - (continued)
Consumer Finance - 0.5% - (continued)
47,476	SoFi Technologies Inc.*	$	865,013
14,406	Synchrony Financial		1,029,164

	Total Consumer Finance		20,438,994

Financial Services - 3.5%
10,672	Affirm Holdings Inc., Class A Shares*		785,993
16,083	Apollo Global Management Inc.		2,070,043
92,702	Berkshire Hathaway Inc., Class B Shares*		43,985,245
20,973	Block Inc., Class A Shares*		1,588,076
2,653	Corpay Inc.*		959,855
9,490	Equitable Holdings Inc.		392,412
1,583	Euronet Worldwide Inc.*		114,736
20,384	Fidelity National Information Services Inc.		876,308
21,024	Fiserv Inc.*		1,189,117
9,372	Global Payments Inc.		707,680
2,806	Jack Henry & Associates Inc.		382,514
67,035	MasterCard Inc., Class A Shares		33,113,949
9,490	MGIC Investment Corp.		239,338
36,691	PayPal Holdings Inc.		1,641,922
37,148	Rocket Cos., Inc., Class A Shares*		539,018
2,577	Shift4 Payments Inc., Class A Shares*		114,831
18,464	Toast Inc., Class A Shares*		480,618
7,169	UWM Holdings Corp.		21,937
150,880	Visa Inc., Class A Shares		49,241,197
3,710	Voya Financial Inc.		301,326
6,565	Western Union Co. (The)		53,373
1,317	WEX Inc.*		190,912

	Total Financial Services		138,990,400

Insurance - 1.6%
18,616	Aflac Inc.		2,092,811
10,203	Allstate Corp. (The)		2,102,736
2,610	American Financial Group Inc.		338,778
21,415	American International Group Inc.		1,589,635
8,151	Aon PLC, Class A Shares		2,576,205
13,859	Arch Capital Group Ltd.*		1,238,163
21,440	Arthur J. Gallagher & Co.		4,311,798
2,048	Assurant Inc.		509,686
1,733	Assured Guaranty Ltd.		128,606
2,773	Axis Capital Holdings Ltd.		263,241
2,310	Brighthouse Financial Inc.*		144,490
11,351	Brown & Brown Inc.		638,494
14,188	Chubb Ltd.		4,422,825
5,935	Cincinnati Financial Corp.		934,288
963	CNA Financial Corp.		40,504
1,615	Everest Group Ltd.		523,308
9,850	Fidelity National Financial Inc.		466,397
3,758	First American Financial Corp.		248,892
3,065	Globe Life Inc.		469,681
1,435	Hanover Insurance Group Inc. (The)		267,197
82,423	Hartford Insurance Group Inc. (The)		10,478,436
2,356	Kemper Corp.		58,122
908	Kinsale Capital Group Inc.		276,731
4,161	Lincoln National Corp.		146,842
6,523	Loews Corp.		675,457
467	Markel Group Inc.*		847,880
30,642	Marsh & McLennan Cos., Inc.		4,901,801
21,587	MetLife Inc.		1,785,029
8,946	Old Republic International Corp.		333,060
1,260	Primerica Inc.		340,162
8,472	Principal Financial Group Inc.		877,869
22,725	Progressive Corp. (The)		4,326,840

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 13.3% - (continued)
Insurance - 1.6% - (continued)
13,575	Prudential Financial Inc.	$	1,366,188
2,532	Reinsurance Group of America Inc., Class A Shares		508,274
1,869	RenaissanceRe Holdings Ltd.		523,974
3,072	RLI Corp.		153,723
3,969	Ryan Specialty Holdings Inc., Class A Shares		126,413
37,501	Travelers Cos., Inc. (The)		10,946,167
6,489	Unum Group		540,079
91	White Mountains Insurance Group Ltd.		187,899
3,739	Willis Towers Watson PLC		933,516
11,268	WR Berkley Corp.		715,969

	Total Insurance		64,358,166

Mortgage Real Estate Investment Trusts (REITs) - 0.0%@
40,828	AGNC Investment Corp.		425,020
49,077	Annaly Capital Management Inc.		1,072,332
21,225	Rithm Capital Corp.		197,817
12,912	Starwood Property Trust Inc.		220,537

	Total Mortgage Real Estate Investment Trusts (REITs)		1,915,706

	TOTAL FINANCIALS		533,720,123

HEALTH CARE - 8.4%
Biotechnology - 1.8%
96,491	AbbVie Inc.		21,008,021
8,976	Alnylam Pharmaceuticals Inc.*		2,710,572
36,424	Amgen Inc.		12,267,239
5,611	Biogen Inc.*		1,099,756
7,345	BioMarin Pharmaceutical Inc.*		420,795
848	Caris Life Sciences Inc.*		14,179
10,456	Exelixis Inc.*		527,819
120,117	Gilead Sciences Inc.		16,147,328
4,484	Halozyme Therapeutics Inc.*		298,365
6,195	Incyte Corp.*		599,304
8,145	Insmed Inc.*		870,782
12,128	Ionis Pharmaceuticals Inc.*		927,792
13,807	Moderna Inc.*		651,552
4,998	Natera Inc.*		1,116,403
3,922	Neurocrine Biosciences Inc.*		620,853
3,925	Regeneron Pharmaceuticals Inc.		2,413,012
6,667	Revolution Medicines Inc.*		1,049,919
19,157	Roivant Sciences Ltd.*		574,518
3,296	Sarepta Therapeutics Inc.*		58,900
4,355	Summit Therapeutics Inc.*		76,387
3,007	Ultragenyx Pharmaceutical Inc.*		71,988
1,649	United Therapeutics Corp.*		918,196
19,897	Vertex Pharmaceuticals Inc.*		8,904,703
4,089	Viking Therapeutics Inc.*		133,874

	Total Biotechnology		73,482,257

Health Care Equipment & Supplies - 1.6%
164,260	Abbott Laboratories		14,060,656
2,746	Align Technology Inc.*		480,413
19,813	Baxter International Inc.		372,088
38,952	Becton Dickinson & Co.		5,730,618
213,453	Boston Scientific Corp.*		10,311,914
7,737	Cooper Cos Inc. (The)*		473,582
7,963	DENTSPLY SIRONA Inc.		83,373
15,022	DexCom Inc.*		1,107,722
22,398	Edwards Lifesciences Corp.*		1,936,755
6,280	Envista Holdings Corp.*		147,894
17,746	GE HealthCare Technologies Inc.		1,106,286
4,297	Globus Medical Inc., Class A Shares*		351,838
5,438	IDEXX Laboratories Inc.*		3,064,476
1,075	Inspire Medical Systems Inc.*		44,462

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
HEALTH CARE - 8.4% - (continued)
Health Care Equipment & Supplies - 1.6% - (continued)
2,682	Insulet Corp.*	$	388,729
28,621	Intuitive Surgical Inc.*		12,153,621
1,772	Masimo Corp.*		316,213
49,725	Medtronic PLC		3,670,202
1,439	Penumbra Inc.*		458,034
5,657	ResMed Inc.		1,078,055
5,818	Solventum Corp.*		436,059
3,779	STERIS PLC		803,907
20,400	Stryker Corp.		6,223,836
1,643	Teleflex Inc.		211,356
7,690	Zimmer Biomet Holdings Inc.		633,118

	Total Health Care Equipment & Supplies		65,645,207

Health Care Providers & Services - 1.4%
3,457	Acadia Healthcare Co., Inc.*		80,202
9,222	Cardinal Health Inc.		1,814,890
29,188	Cencora Inc.		7,862,080
18,683	Centene Corp.*		1,113,507
538	Chemed Corp.		229,408
10,256	Cigna Group (The)		2,845,014
48,396	CVS Health Corp.		4,403,068
1,402	DaVita Inc.*		272,493
8,610	Elevance Health Inc.		3,385,366
3,892	Encompass Health Corp.		411,968
6,424	HCA Healthcare Inc.		2,431,741
4,492	Henry Schein Inc.*		343,997
4,635	Humana Inc.		1,415,622
3,204	Labcorp Holdings Inc.		833,232
4,886	McKesson Corp.		3,627,562
2,072	Molina Healthcare Inc.*		359,699
4,261	Quest Diagnostics Inc.		830,469
3,523	Tenet Healthcare Corp.*		617,652
58,218	UnitedHealth Group Inc.		22,140,888
2,137	Universal Health Services Inc., Class B Shares		312,237

	Total Health Care Providers & Services		55,331,095

Health Care Technology - 0.1%
4,868	Certara Inc.*		28,332
5,427	Doximity Inc., Class A Shares*		116,138
25,449	Veeva Systems Inc., Class A Shares*		4,436,778

	Total Health Care Technology		4,581,248

Life Sciences Tools & Services - 1.1%
11,044	Agilent Technologies Inc.		1,496,793
25,075	Avantor Inc.*		228,684
779	Bio-Rad Laboratories Inc., Class A Shares*		243,422
5,961	Bio-Techne Corp.		308,065
3,796	Bruker Corp.		223,547
1,846	Charles River Laboratories International Inc.*		333,591
85,259	Danaher Corp.		15,574,262
5,843	Illumina Inc.*		952,175
6,540	IQVIA Holdings Inc.*		1,191,653
920	Medpace Holdings Inc.*		411,341
816	Mettler-Toledo International Inc.*		963,353
7,855	QIAGEN NV		287,415
2,106	Repligen Corp.*		261,039
4,502	Revvity Inc.		470,684
7,677	Sotera Health Co.*		120,068
3,672	Tempus AI Inc., Class A Shares*		185,326
35,836	Thermo Fisher Scientific Inc.		17,649,588
3,813	Waters Corp.*		1,462,552
2,731	West Pharmaceutical Services Inc.		881,594

	Total Life Sciences Tools & Services		43,245,152

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
HEALTH CARE - 8.4% - (continued)
Pharmaceuticals - 2.4%
79,034	Bristol-Myers Squibb Co.	$	4,519,164
3,463	Corcept Therapeutics Inc.*		240,644
19,067	Elanco Animal Health Inc.*		454,748
31,060	Eli Lilly & Co.		34,321,300
2,233	Jazz Pharmaceuticals PLC*		528,082
93,296	Johnson & Johnson		21,022,388
188,830	Merck & Co., Inc.		22,417,898
9,133	Organon & Co.		121,834
4,817	Perrigo Co. PLC		53,228
220,252	Pfizer Inc.		5,766,197
43,086	Roche Holding AG, ADR		2,257,706
14,906	Royalty Pharma PLC, Class A Shares		831,158
44,392	Viatris Inc.		721,814
17,227	Zoetis Inc., Class A Shares		1,338,366

	Total Pharmaceuticals		94,594,527

	TOTAL HEALTH CARE		336,879,486

INDUSTRIALS - 10.1%
Aerospace & Defense - 3.1%
54,982	Airbus SE, ADR		2,862,913
5,222	ATI Inc.*		914,685
2,889	Axon Enterprise Inc.*		1,296,352
62,132	Boeing Co. (The)*		14,361,812
3,594	BWX Technologies Inc.		703,993
1,828	Carpenter Technology Corp.		857,295
1,442	Curtiss-Wright Corp.		1,078,054
3,965	FTAI Aviation Ltd.		1,032,248
9,769	General Dynamics Corp.		3,388,085
54,885	General Electric Co.		17,769,568
1,618	HEICO Corp.		563,355
25,315	HEICO Corp., Class A Shares		6,577,090
3,059	Hexcel Corp.		274,668
15,540	Howmet Aerospace Inc.		4,013,205
1,506	Huntington Ingalls Industries Inc.		464,104
1,924	Karman Holdings Inc.*		110,630
7,258	L3Harris Technologies Inc.		2,287,576
2,772	Leonardo DRS Inc.		135,163
1,549	Loar Holdings Inc.*		99,879
7,999	Lockheed Martin Corp.		4,243,070
5,261	Northrop Grumman Corp.		2,965,520
15,877	Rocket Lab Corp.*		2,278,032
143,970	RTX Corp.		25,865,650
7,451	StandardAero Inc.*		213,397
71,549	Textron Inc.		6,565,336
16,536	TransDigm Group Inc.		20,807,579
2,364	Woodward Inc.		827,471

	Total Aerospace & Defense		122,556,730

Air Freight & Logistics - 0.2%
4,552	CH Robinson Worldwide Inc.		813,215
5,244	Expeditors International of Washington Inc.		828,500
8,323	FedEx Corp.		3,426,995
4,239	GXO Logistics Inc.*		212,416
28,454	United Parcel Service Inc., Class B Shares		3,035,757

	Total Air Freight & Logistics		8,316,883

Building Products - 0.6%
2,661	AAON Inc.		373,072
2,808	Advanced Drainage Systems Inc.		390,761
3,417	Allegion PLC		444,449
4,499	AO Smith Corp.		255,183
1,615	Armstrong World Industries Inc.		255,009
4,168	Builders FirstSource Inc.*		317,852

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
INDUSTRIALS - 10.1% - (continued)
Building Products - 0.6% - (continued)
1,638	Carlisle Cos., Inc.	$	564,799
126,308	Carrier Global Corp.		8,067,292
4,884	Fortune Brands Innovations Inc.		190,183
7,386	Hayward Holdings Inc.*		104,216
25,597	Johnson Controls International PLC		3,431,534
1,244	Lennox International Inc.		624,687
7,962	Masco Corp.		559,330
38,029	Owens Corning		4,784,809
1,563	Simpson Manufacturing Co., Inc.		296,564
8,607	Trane Technologies PLC		3,884,339
4,414	Trex Co., Inc.*		182,740

	Total Building Products		24,726,819

Commercial Services & Supplies - 0.3%
13,384	Cintas Corp.		2,292,144
1,976	Clean Harbors Inc.*		555,315
34,315	Copart Inc.*		1,124,502
1,397	MSA Safety Inc.		231,623
7,131	RB Global Inc.		758,382
7,846	Republic Services Inc., Class A Shares		1,572,652
10,700	Rollins Inc.		509,320
10,334	Tetra Tech Inc.		284,082
9,231	Veralto Corp.		759,065
14,356	Waste Management Inc.		3,035,720

	Total Commercial Services & Supplies		11,122,805

Construction & Engineering - 0.5%
5,105	AECOM		354,134
14,340	API Group Corp.*		587,940
1,340	Comfort Systems USA Inc.		2,449,801
1,718	EMCOR Group Inc.		1,420,477
1,995	Everus Construction Group Inc.*		296,796
2,412	MasTec Inc.*		912,628
19,822	Quanta Services Inc.		14,107,912
767	Valmont Industries Inc.		398,694
6,413	WillScot Holdings Corp.		165,007

	Total Construction & Engineering		20,693,389

Electrical Equipment - 1.4%
1,169	Acuity Inc.		356,674
8,914	AMETEK Inc.		2,013,227
28,962	Eaton Corp. PLC		11,602,177
21,845	Emerson Electric Co.		3,141,748
17,558	GE Vernova Inc.		17,001,762
2,266	Generac Holdings Inc.*		629,744
2,066	Hubbell Inc., Class B Shares		978,478
6,139	nVent Electric PLC		1,025,152
2,593	Regal Rexnord Corp.		523,164
26,103	Rockwell Automation Inc.		11,774,019
5,620	Sensata Technologies Holding PLC		277,572
14,771	Vertiv Holdings Co., Class A Shares		4,663,352

	Total Electrical Equipment		53,987,069

Ground Transportation - 1.0%
546	Avis Budget Group Inc.*		96,009
294,868	CSX Corp.		13,345,726
3,000	JB Hunt Transport Services Inc.		829,290
6,113	Knight-Swift Transportation Holdings Inc., Class A Shares		462,326
1,263	Landstar System Inc.		261,315
15,199	Lyft Inc., Class A Shares*		214,458
8,802	Norfolk Southern Corp.		2,684,258
7,144	Old Dominion Freight Line Inc.		1,608,472
1,473	Ryder System Inc.		369,502
1,036	Saia Inc.*		489,375

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
INDUSTRIALS - 10.1% - (continued)
Ground Transportation - 1.0% - (continued)
1,968	Schneider National Inc., Class B Shares	$	69,549
169,173	Uber Technologies Inc.*		11,909,779
219	U-Haul Holding Co.*		12,678
3,821	U-Haul Holding Co.-Non Voting		198,768
23,181	Union Pacific Corp.		6,088,258
4,490	XPO Inc.*		961,982

	Total Ground Transportation		39,601,745

Industrial Conglomerates - 0.2%
20,664	3M Co.		3,164,278
24,647	Honeywell International Inc.		5,862,536

	Total Industrial Conglomerates		9,026,814

Machinery - 1.7%
2,371	AGCO Corp.		266,216
3,102	Allison Transmission Holdings Inc.		352,170
17,942	Caterpillar Inc.		15,714,860
34,021	CNH Industrial NV		347,354
1,934	Crane Co.		353,922
5,337	Cummins Inc.		3,451,064
9,472	Deere & Co.		5,135,529
4,501	Donaldson Co., Inc.		368,497
5,217	Dover Corp.		1,102,665
2,127	Esab Corp.		196,599
4,928	Flowserve Corp.		372,113
12,875	Fortive Corp.		750,870
10,080	Gates Industrial Corp. PLC*		261,274
6,412	Graco Inc.		483,785
6,132	IDEX Corp.		1,292,810
11,223	Illinois Tool Works Inc.		2,775,223
15,345	Ingersoll Rand Inc.		1,099,316
3,213	ITT Inc.		626,535
2,103	Lincoln Electric Holdings Inc.		543,604
1,886	Middleby Corp. (The)*		292,349
4,184	Mueller Industries Inc.		538,062
2,119	Nordson Corp.		608,852
2,411	Oshkosh Corp.		313,430
91,892	Otis Worldwide Corp.		6,509,629
19,880	PACCAR Inc.		2,194,156
19,751	Parker-Hannifin Corp.		16,682,287
6,309	Pentair PLC		446,930
1,208	RBC Bearings Inc.*		690,928
1,995	Snap-on Inc.		740,564
6,015	Stanley Black & Decker Inc.		477,711
2,424	Timken Co. (The)		310,224
3,896	Toro Co. (The)		350,173
6,577	Westinghouse Air Brake Technologies Corp.		1,717,649
9,335	Xylem Inc.		1,022,556

	Total Machinery		68,389,906

Marine Transportation - 0.0%@
2,101	Kirby Corp.*		295,380

Passenger Airlines - 0.4%
4,577	Alaska Air Group Inc.*		210,634
24,354	American Airlines Group Inc.*		356,543
147,963	Delta Air Lines Inc.		12,203,988
18,757	Southwest Airlines Co.		805,613
12,613	United Airlines Holdings Inc.*		1,447,972

	Total Passenger Airlines		15,024,750

Professional Services - 0.3%
6,235	Amentum Holdings Inc.*		144,839
15,723	Automatic Data Processing Inc.		3,487,990
4,600	Booz Allen Hamilton Holding Corp., Class A Shares		364,228

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
INDUSTRIALS - 10.1% - (continued)
Professional Services - 0.3% - (continued)
4,480	Broadridge Financial Solutions Inc.	$	688,666
847	CACI International Inc., Class A Shares*		434,943
13,281	Clarivate PLC*		33,601
1,878	Concentrix Corp.		53,129
9,487	Equifax Inc.		1,572,850
5,795	ExlService Holdings Inc.*		168,229
1,290	FTI Consulting Inc.*		197,602
6,228	Genpact Ltd.		205,213
4,659	Jacobs Solutions Inc.		558,428
4,836	KBR Inc.		169,018
4,963	Leidos Holdings Inc.		634,271
1,632	ManpowerGroup Inc.		51,620
2,055	Parsons Corp.*		121,451
12,535	Paychex Inc.		1,215,644
2,077	Paycom Software Inc.		290,095
1,710	Paylocity Holding Corp.*		196,530
3,614	Robert Half Inc.		106,396
1,747	Science Applications International Corp.		182,037
16,404	SS&C Technologies Holdings Inc.		1,107,598
7,691	TransUnion		550,368
5,392	Verisk Analytics Inc., Class A Shares		943,546

	Total Professional Services		13,478,292

Trading Companies & Distributors - 0.4%
1,482	Applied Industrial Technologies Inc.		450,246
7,570	Core & Main Inc., Class A Shares*		374,336
44,373	Fastenal Co.		1,961,287
7,444	Ferguson Enterprises Inc.		1,682,121
1,634	MSC Industrial Direct Co., Inc., Class A Shares		178,874
23,648	QXO Inc.*(a)		407,928
1,635	SiteOne Landscape Supply Inc.*		177,561
2,471	United Rentals Inc.		2,460,300
1,340	Watsco Inc.		491,914
1,859	WESCO International Inc.		671,415
6,153	WW Grainger Inc.		7,594,279

	Total Trading Companies & Distributors		16,450,261

	TOTAL INDUSTRIALS		403,670,843

INFORMATION TECHNOLOGY - 33.3%
Communications Equipment - 1.6%
75,714	Arista Networks Inc.*		12,074,112
5,474	Ciena Corp.*		3,176,179
310,866	Cisco Systems Inc.		37,434,484
2,221	F5 Inc.*		851,642
2,741	Lumentum Holdings Inc.*		2,343,445
22,502	Motorola Solutions Inc.		9,074,607
142	Ubiquiti Inc.		82,908

	Total Communications Equipment		65,037,377

Electronic Equipment, Instruments & Components - 0.8%
82,023	Amphenol Corp., Class A Shares		12,201,741
2,063	Arrow Electronics Inc.*		442,782
3,175	Avnet Inc.		276,003
5,188	CDW Corp.		650,835
6,666	Cognex Corp.		438,956
6,028	Coherent Corp.*		2,178,941
30,255	Corning Inc.		5,480,996
1,955	Crane NXT Co.		75,932
14,374	Flex Ltd.*		2,167,312
932	Ingram Micro Holding Corp.		26,329
1,039	IPG Photonics Corp.*		118,986
4,077	Jabil Inc.		1,486,311
6,674	Keysight Technologies Inc.*		2,258,014

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
INFORMATION TECHNOLOGY - 33.3% - (continued)
Electronic Equipment, Instruments & Components - 0.8% - (continued)
978	Littelfuse Inc.	$	456,599
4,280	Ralliant Corp.		264,804
2,887	TD SYNNEX Corp.		754,315
1,799	Teledyne Technologies Inc.*		1,115,074
5,484	Vontier Corp.		155,636
1,963	Zebra Technologies Corp., Class A Shares*		478,246

	Total Electronic Equipment, Instruments & Components		31,027,812

IT Services - 0.9%
24,271	Accenture PLC, Class A Shares		4,540,376
5,498	Akamai Technologies Inc.*		822,171
4,164	Amdocs Ltd.		262,207
12,092	Cloudflare Inc., Class A Shares*		2,924,087
18,621	Cognizant Technology Solutions Corp., Class A Shares		1,038,214
6,303	DXC Technology Co.*		62,463
2,058	EPAM Systems Inc.*		210,863
2,843	Gartner Inc.*		461,135
1,557	Globant SA*		62,840
5,141	GoDaddy Inc., Class A Shares*		441,252
60,643	International Business Machines Corp.		18,059,485
9,372	Kyndryl Holdings Inc.*		116,869
3,029	MongoDB Inc., Class A Shares*		1,016,381
6,420	Okta Inc., Class A Shares*		791,393
12,753	Snowflake Inc., Class A Shares*		3,259,029
5,589	Twilio Inc., Class A Shares*		1,065,487
3,233	VeriSign Inc.		922,634

	Total IT Services		36,056,886

Semiconductors & Semiconductor Equipment - 15.6%
62,429	Advanced Micro Devices Inc.*		32,219,607
4,884	Allegro MicroSystems Inc.*		233,797
4,613	Amkor Technology Inc.		320,880
19,227	Analog Devices Inc.		7,957,094
31,096	Applied Materials Inc.		13,995,066
3,190	ASML Holding NV, Class REG Shares, ADR		5,144,704
4,823	Astera Labs Inc.*		1,653,566
256,917	Broadcom Inc.		114,782,808
2,066	Cirrus Logic Inc.*		351,117
4,833	Enphase Energy Inc.*		330,384
5,827	Entegris Inc.		808,729
3,904	First Solar Inc.*		1,197,708
4,109	GLOBALFOUNDRIES Inc.*		328,597
171,087	Intel Corp.*		19,620,257
5,109	KLA Corp.		9,818,016
48,677	Lam Research Corp.		15,488,048
5,143	Lattice Semiconductor Corp.*		756,432
2,448	MACOM Technology Solutions Holdings Inc.*		892,639
33,546	Marvell Technology Inc.		6,876,930
20,430	Microchip Technology Inc.		1,933,699
72,617	Micron Technology Inc.		70,511,107
2,645	MKS Inc.		857,668
1,785	Monolithic Power Systems Inc.		2,795,685
1,252,074	NVIDIA Corp.		264,362,904
54,774	ON Semiconductor Corp.*		6,606,840
1,906	Onto Innovation Inc.*		492,205
40,309	Qnity Electronics Inc.		6,288,204
3,443	Qorvo Inc.*		356,557
41,884	QUALCOMM Inc.		10,513,722
5,962	Skyworks Solutions Inc.		464,142
15,024	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		6,286,793
6,096	Teradyne Inc.		2,281,794
48,781	Texas Instruments Inc.		14,911,376

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
INFORMATION TECHNOLOGY - 33.3% - (continued)
Semiconductors & Semiconductor Equipment - 15.6% - (continued)
1,696	Universal Display Corp.	$	156,236

	Total Semiconductors & Semiconductor Equipment		621,595,311

Software - 8.6%
16,219	Adobe Inc.*		4,204,127
870	Appfolio Inc., Class A Shares*		140,218
9,263	AppLovin Corp., Class A Shares*		5,679,053
6,334	Atlassian Corp., Class A Shares*		681,602
44,462	Aurora Innovation Inc., Class A Shares*		326,351
8,217	Autodesk Inc.*		1,900,674
5,860	Bentley Systems Inc., Class B Shares		191,270
3,738	BILL Holdings Inc.*		138,381
40,520	Cadence Design Systems Inc.*		15,192,164
20,430	CCC Intelligent Solutions Holdings Inc.*		96,021
1,729	Circle Internet Group Inc., Class A Shares*		195,377
1,544	Constellation Software Inc.		3,162,112
9,594	Crowdstrike Holdings Inc., Class A Shares*		7,013,214
21,359	Datadog Inc., Class A Shares*		5,283,149
7,648	Docusign Inc., Class A Shares*		401,673
2,300	Dolby Laboratories Inc., Class A Shares		128,363
8,365	Dropbox Inc., Class A Shares*		224,851
11,112	Dynatrace Inc.*		473,260
3,532	Elastic NV*		228,520
2,226	Fair Isaac Corp.*		2,783,813
24,558	Fortinet Inc.*		3,388,267
20,768	Gen Digital Inc.		535,607
5,533	Gitlab Inc., Class A Shares*		171,800
3,232	Guidewire Software Inc.*		493,429
1,943	HubSpot Inc.*		428,684
16,466	Intuit Inc.		5,458,973
2,270	Manhattan Associates Inc.*		340,614
442,225	Microsoft Corp.		199,107,384
3,979	nCino Inc.*		63,982
9,971	Nutanix Inc., Class A Shares*		519,190
107,482	Oracle Corp.		24,267,286
84,697	Palantir Technologies Inc., Class A Shares*		13,258,468
59,977	Palo Alto Networks Inc.*		16,894,921
3,404	Pegasystems Inc.		121,625
4,562	Procore Technologies Inc.*		225,773
9,018	PTC Inc.*		1,251,067
2,856	RingCentral Inc., Class A Shares		123,693
4,159	Roper Technologies Inc.		1,353,879
5,106	Rubrik Inc., Class A Shares*		401,485
2,669	SailPoint Inc.*		50,257
36,205	Salesforce Inc.		6,918,776
11,908	Samsara Inc., Class A Shares*		416,661
11,808	SentinelOne Inc., Class A Shares*		195,422
57,824	ServiceNow Inc.*		7,191,571
10,395	Strategy Inc., Class A Shares*		1,653,741
13,962	Synopsys Inc.*		6,640,606
3,899	Teradata Corp.*		132,761
9,191	Trimble Inc.*		518,464
1,655	Tyler Technologies Inc.*		518,263
16,384	UiPath Inc., Class A Shares*		192,021
12,518	Unity Software Inc.*		381,424
8,340	Workday Inc., Class A Shares*		1,219,225
10,444	Zoom Communications Inc., Class A Shares*		1,061,006
3,815	Zscaler Inc.*		533,070

	Total Software		344,473,588

Technology Hardware, Storage & Peripherals - 5.8%
624,609	Apple Inc.		194,915,485

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
INFORMATION TECHNOLOGY - 33.3% - (continued)
Technology Hardware, Storage & Peripherals - 5.8% - (continued)
12,349	Dell Technologies Inc., Class C Shares	$	5,197,818
12,109	Everpure Inc., Class A Shares*		962,787
51,111	Hewlett Packard Enterprise Co.		2,199,817
36,153	HP Inc.		977,577
7,865	NetApp Inc.		1,370,791
5,223	Sandisk Corp.*		8,852,880
12,588	Seagate Technology Holdings PLC		11,074,922
19,940	Super Micro Computer Inc.*		919,035
13,231	Western Digital Corp.		7,028,439

	Total Technology Hardware, Storage & Peripherals		233,499,551

	TOTAL INFORMATION TECHNOLOGY		1,331,690,525

MATERIALS - 2.5%
Chemicals - 1.3%
8,555	Air Products & Chemicals Inc.		2,383,594
4,563	Albemarle Corp.		805,004
1,640	Ashland Inc.		94,956
7,996	Axalta Coating Systems Ltd.*		246,037
4,427	Celanese Corp., Class A Shares		235,207
6,374	CF Industries Holdings Inc.		716,119
26,456	Corteva Inc.		2,070,976
27,256	Dow Inc.		919,890
80,629	DuPont de Nemours Inc.		3,904,056
4,550	Eastman Chemical Co.		345,208
9,682	Ecolab Inc.		2,478,592
8,583	Element Solutions Inc.		364,177
4,761	FMC Corp.		65,035
7,288	Huntsman Corp.		111,871
9,868	International Flavors & Fragrances Inc.		750,461
55,699	Linde PLC		27,720,835
9,567	LyondellBasell Industries NV, Class A Shares		637,641
11,860	Mosaic Co. (The)		283,454
236	NewMarket Corp.		182,565
4,617	Olin Corp.		119,442
8,698	PPG Industries Inc.		982,700
4,883	RPM International Inc.		517,451
1,843	Scotts Miracle-Gro Co. (The)		108,737
20,752	Sherwin-Williams Co. (The)		6,305,288
6,247	Solstice Advanced Materials Inc.		526,185
1,201	Westlake Corp.		104,283

	Total Chemicals		52,979,764

Construction Materials - 0.4%
26,235	CRH PLC		2,854,106
1,205	Eagle Materials Inc.		266,522
5,576	James Hardie Industries PLC*		129,809
16,929	Martin Marietta Materials Inc.		9,846,583
10,279	Vulcan Materials Co.		2,908,135

	Total Construction Materials		16,005,155

Containers & Packaging - 0.2%
17,575	Amcor PLC		682,261
2,485	AptarGroup Inc.		287,887
2,923	Avery Dennison Corp.		464,961
10,995	Ball Corp.		601,097
4,539	Crown Holdings Inc.		431,568
10,630	Graphic Packaging Holding Co.		119,694
20,429	International Paper Co.		683,759
3,453	Packaging Corp. of America		755,896
3,666	Silgan Holdings Inc.		137,695
20,058	Smurfit Westrock PLC		825,387
4,026	Sonoco Products Co.		195,986

	Total Containers & Packaging		5,186,191

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
MATERIALS - 2.5% - (continued)
Metals & Mining - 0.6%
9,954	Alcoa Corp.	$	772,829
19,307	Anglogold Ashanti PLC		1,869,690
21,037	Cleveland-Cliffs Inc.*		286,103
175,398	Freeport-McMoRan Inc.		11,525,403
4,913	MP Materials Corp.*		317,871
42,610	Newmont Corp.		4,679,004
8,909	Nucor Corp.		2,227,250
2,063	Reliance Inc.		785,528
3,152	Royal Gold Inc.		707,561
3,265	Southern Copper Corp.		624,594
5,337	Steel Dynamics Inc.		1,388,421

	Total Metals & Mining		25,184,254

Paper & Forest Products - 0.0%@
2,542	Louisiana-Pacific Corp.		194,158

	TOTAL MATERIALS		99,549,522

REAL ESTATE - 1.9%
Diversified REITs - 0.0%@
8,281	WP Carey Inc.		616,272

Health Care REITs - 0.2%
6,719	Alexandria Real Estate Equities Inc.		333,800
13,737	Healthcare Realty Trust Inc., Class A Shares		273,641
27,062	Healthpeak Properties Inc.		518,237
22,278	Medical Properties Trust Inc.		113,841
11,237	Omega Healthcare Investors Inc.		525,442
18,159	Ventas Inc.		1,532,983
26,668	Welltower Inc.		5,475,740

	Total Health Care REITs		8,773,684

Hotel & Resort REITs - 0.0%@
25,965	Host Hotels & Resorts Inc.		596,676
7,890	Park Hotels & Resorts Inc.		95,706

	Total Hotel & Resort REITs		692,382

Industrial REITs - 0.4%
10,137	Americold Realty Trust Inc.		159,050
2,120	EastGroup Properties Inc.		428,049
4,921	First Industrial Realty Trust Inc.		304,462
3,054	Lineage Inc.		135,628
82,111	Prologis Inc.		11,780,465
8,855	Rexford Industrial Realty Inc.		314,087
7,437	STAG Industrial Inc.		281,639

	Total Industrial REITs		13,403,380

Office REITs - 0.0%@
6,271	BXP Inc.		376,323
6,031	Cousins Properties Inc.		161,691
4,488	Highwoods Properties Inc.		117,137
4,292	Kilroy Realty Corp.		147,087
6,515	Vornado Realty Trust		219,881

	Total Office REITs		1,022,119

Real Estate Management & Development - 0.1%
11,498	CBRE Group Inc., Class A Shares*		1,437,710
16,065	CoStar Group Inc.*		517,293
1,134	Howard Hughes Holdings Inc.*		71,839
1,823	Jones Lang LaSalle Inc.*		514,651
1,804	Zillow Group Inc., Class A Shares*		63,789
6,417	Zillow Group Inc., Class C Shares*		224,595

	Total Real Estate Management & Development		2,829,877

Residential REITs - 0.2%
13,128	American Homes 4 Rent, Class A Shares		421,146
5,568	AvalonBay Communities Inc.		1,016,216
4,036	Camden Property Trust		430,076
51,750	Equity LifeStyle Properties Inc.		3,196,598

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
REAL ESTATE - 1.9% - (continued)
Residential REITs - 0.2% - (continued)
14,609	Equity Residential	$	956,159
2,512	Essex Property Trust Inc.		684,872
23,695	Invitation Homes Inc.		693,079
4,503	Mid-America Apartment Communities Inc.		581,202
4,787	Sun Communities Inc.		591,960
12,637	UDR Inc.		466,305

	Total Residential REITs		9,037,613

Retail REITs - 0.2%
4,490	Agree Realty Corp.		332,933
11,755	Brixmor Property Group Inc.		359,233
3,258	Federal Realty Investment Trust		389,755
26,176	Kimco Realty Corp.		630,318
7,136	NNN REIT Inc.		317,623
35,331	Realty Income Corp.		2,165,084
6,987	Regency Centers Corp.		540,444
12,601	Simon Property Group Inc.		2,582,071

	Total Retail REITs		7,317,461

Specialized REITs - 0.8%
46,651	American Tower Corp.		8,721,871
16,811	Crown Castle Inc.		1,538,206
8,798	CubeSmart		351,920
13,281	Digital Realty Trust Inc.		2,523,390
2,873	EPR Properties		163,905
3,796	Equinix Inc.		4,054,280
8,199	Extra Space Storage Inc.		1,183,198
2,597	Fermi Inc.*		18,127
21,553	Gaming & Leisure Properties Inc.		1,012,344
11,229	Iron Mountain Inc.		1,440,119
3,273	Lamar Advertising Co., Class A Shares		499,002
5,733	Millrose Properties Inc.		161,785
2,526	National Storage Affiliates Trust		107,734
24,523	Public Storage		7,447,390
11,495	Rayonier Inc.		240,131
4,195	SBA Communications Corp., Class A Shares		852,256
41,554	VICI Properties Inc., Class A Shares		1,172,654
28,152	Weyerhaeuser Co.		690,005

	Total Specialized REITs		32,178,317

	TOTAL REAL ESTATE		75,871,105

UTILITIES - 1.9%
Electric Utilities - 1.3%
10,023	Alliant Energy Corp.		717,747
20,801	American Electric Power Co., Inc.		2,634,863
22,608	Constellation Energy Corp.		6,505,452
90,151	Duke Energy Corp.		11,064,232
14,913	Edison International		1,043,015
17,289	Entergy Corp.		1,885,366
8,930	Evergy Inc.		732,617
14,505	Eversource Energy		990,256
39,098	Exelon Corp.		1,784,433
21,169	FirstEnergy Corp.		982,030
2,153	IDACORP Inc.		302,001
167,640	NextEra Energy Inc.		14,586,356
7,466	NRG Energy Inc.		1,001,041
7,685	OGE Energy Corp.		362,963
85,001	PG&E Corp.		1,388,916
4,674	Pinnacle West Capital Corp.		466,185
28,384	PPL Corp.		1,004,510
42,586	Southern Co. (The)		3,920,041
22,893	Xcel Energy Inc.		1,819,994

	Total Electric Utilities		53,192,018

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Shares/Units	Security	Value
UTILITIES - 1.9% - (continued)
Gas Utilities - 0.1%
6,251	Atmos Energy Corp.	$	1,057,232
7,789	MDU Resources Group Inc.		164,192
3,497	National Fuel Gas Co.		270,143
8,403	UGI Corp.		293,433

	Total Gas Utilities		1,785,000

Independent Power & Renewable Electricity Producers - 0.1%
27,040	AES Corp. (The)		396,677
5,487	Brookfield Renewable Corp.		219,370
4,506	Clearway Energy Inc., Class C Shares		185,467
1,722	Talen Energy Corp.*		666,070
13,063	Vistra Corp.		2,093,084

	Total Independent Power & Renewable Electricity Producers		3,560,668

Multi-Utilities - 0.4%
10,533	Ameren Corp.		1,137,248
25,006	CenterPoint Energy Inc.		1,056,754
11,867	CMS Energy Corp.		861,188
13,965	Consolidated Edison Inc.		1,475,123
33,119	Dominion Energy Inc.		2,216,986
8,081	DTE Energy Co.		1,154,532
18,257	NiSource Inc.		843,839
19,330	Public Service Enterprise Group Inc.		1,520,305
25,186	Sempra		2,244,828
12,627	WEC Energy Group Inc.		1,402,228

	Total Multi-Utilities		13,913,031

Water Utilities - 0.0%@
7,485	American Water Works Co., Inc.		922,676
11,069	Essential Utilities Inc.		408,335

	Total Water Utilities		1,331,011

	TOTAL UTILITIES		73,781,728

	TOTAL COMMON STOCKS (Cost - $1,995,240,812)		3,949,842,984

RIGHTS - 0.0%@
FINANCIALS - 0.0%@
Diversified Financial Services - 0.0%@
8,597	TPG Inc. CVR expires 12/31/27*#		86

HEALTH CARE - 0.0%@
Biotechnology - 0.0%@
4,409	Biogen Inc. CVR expires 12/31/31*#		132

	TOTAL RIGHTS (Cost - $0)		218

	TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost - $1,995,240,812)		3,949,843,202

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Large Cap Equity ETF


Face Amount†
	SHORT-TERM INVESTMENTS(c) - 1.3%
	MONEY MARKET FUND - 0.0%@
	$ 1,075,312		Invesco STIT - Government & Agency Portfolio, Institutional Class, 3.638%(d) (Cost - $1,075,312)	$	1,075,312

	TIME DEPOSITS - 1.3%
	38,082	^CAD	BBH - New York, 1.120% due 6/1/26		27,620
	21,640,115		Citibank - New York, 2.970% due 6/1/26		21,640,115
	14,587,212		JPMorgan Chase & Co. - New York, 2.970% due 6/1/26		14,587,212
	13,033,353		Skandinaviska Enskilda Banken AB - Stockholm, 2.970% due 6/1/26		13,033,353
	215		Sumitomo Mitsui Banking Corp. - Tokyo, 2.970% due 6/1/26		215

			TOTAL TIME DEPOSITS (Cost - $49,288,515)		49,288,515

			TOTAL SHORT-TERM INVESTMENTS (Cost - $50,363,827)		50,363,827

			TOTAL INVESTMENTS - 100.0% (Cost - $2,045,604,639)		4,000,207,029

			Liabilities in Excess of Other Assets - 0.0%@		(382,039	)

			TOTAL NET ASSETS - 100.0%	$	3,999,824,990

†	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)	Affiliated security. As of May 31, 2026, total cost and total value of affiliated security amounted to $2,574,225 and $9,287,200, respectively.

Underlying Security

Beginning
Value as of
August 31, 2025

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, 2026

Morgan Stanley

$ 6,187,286

$ 617,751

$ (18,066)

$ 15,958

$ 2,484,271

$ –

$ 129,556

$ 9,287,200

(c)	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 1.3%.

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

#	Security that used significant unobservable inputs to determine fair value. At May 31, 2026, the Fund held Level 3 securities with a value of $218, representing less than 0.05% of net assets.

At May 31, 2026, 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	$ 2,045,604,639	$ 2,002,974,544	$ (48,372,154)	$ 1,954,602,390


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

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
COMMON STOCKS - 98.2%
COMMUNICATION SERVICES - 2.1%
Diversified Telecommunication Services - 0.3%
354	Anterix Inc.*	$	22,663
8,790	AST SpaceMobile Inc., Class A Shares*		996,874
368	ATN International Inc.		10,363
941	Bandwidth Inc., Class A Shares*		61,137
1,861	Cogent Communications Holdings Inc.		33,052
1,954	Globalstar Inc.*		164,546
677	IDT Corp., Class B Shares		37,343
3,649	Iridium Communications Inc.		188,945
1,375	Liberty Capital Corp., Class C Shares*		30,759
6,634	Liberty Global Ltd., Class A Shares*		82,991
5,443	Liberty Global Ltd., Class C Shares*		66,187
1,917	Liberty Latin America Ltd., Class A Shares*		15,470
4,710	Liberty Latin America Ltd., Class C Shares*		38,622
37,103	Lumen Technologies Inc.*		407,762
1,761	Shenandoah Telecommunications Co.		28,088
5,967	Uniti Group Inc.*		66,950

	Total Diversified Telecommunication Services		2,251,752

Entertainment - 0.9%
16,540	AMC Entertainment Holdings Inc., Class A Shares*		28,614
381	Atlanta Braves Holdings Inc., Class A Shares*		20,422
1,886	Atlanta Braves Holdings Inc., Class C Shares*		93,546
4,190	Cinemark Holdings Inc.		117,320
76,496	IMAX Corp.*		3,035,361
143,617	Lionsgate Studios Corp.*		2,060,904
1,580	Madison Square Garden Entertainment Corp., Class A Shares*		111,437
651	Madison Square Garden Sports Corp., Class A Shares*		243,663
882	Marcus Corp. (The)		16,679
2,586	Playtika Holding Corp.		9,749
655	Reservoir Media Inc.*		6,759
5,104	Roku Inc., Class A Shares*		664,439
1,118	Sphere Entertainment Co.*		154,821
9,634	Starz Entertainment Corp.*		225,243

	Total Entertainment		6,788,957

Interactive Media & Services - 0.2%
1,401	Angi Inc., Class A Shares*		8,210
3,361	Bumble Inc., Class A Shares*		10,654
3,240	Cargurus Inc., Class A Shares*		96,746
2,359	Cars.com Inc.*		24,251
1,142	EverQuote Inc., Class A Shares*		21,972
1,144	fuboTV Inc., Class A Shares*		11,543
3,417	Getty Images Holdings Inc.*		3,554
1,156	Grindr Inc.*		14,450
2,665	IAC Inc.*		119,632
9,545	Match Group Inc.		344,861
1,174	MediaAlpha Inc., Class A Shares*		10,449
6,768	Nextdoor Holdings Inc.*		14,280
2,325	QuinStreet Inc.*		29,109
1,292	Reddit Inc., Class A Shares*		227,392
3,806	Rumble Inc.*(a)		34,977
891	Shutterstock Inc.		13,267
4,600	TripAdvisor Inc.*		51,428
6,711	Trump Media & Technology Group Corp.*		62,479
626	Webtoon Entertainment Inc.*		7,694
2,349	Yelp Inc., Class A Shares*		53,557
1,714	Ziff Davis Inc.*		77,250
2,513	ZipRecruiter Inc., Class A Shares*		8,142

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
COMMUNICATION SERVICES - 2.1% - (continued)
Interactive Media & Services - 0.2% - (continued)
11,228	ZoomInfo Technologies Inc., Class A Shares*	$	37,389

	Total Interactive Media & Services		1,283,286

Media - 0.6%
142	Advantage Solutions Inc.*		5,314
1,147	AMC Global Media Inc., Class A Shares*		11,149
820	Boston Omaha Corp., Class A Shares*		10,562
230	Cable One Inc.*		12,087
80,861	Criteo SA, ADR*		1,475,713
5,874	DoubleVerify Holdings Inc.*		56,978
5,355	EchoStar Corp., Class A Shares*		691,812
2,205	Entravision Communications Corp., Class A Shares		20,021
1,906	EW Scripps Co. (The), Class A Shares*		6,461
669	Gambling.com Group Ltd.*		1,592
3,347	Gray Media Inc.		13,421
695	Ibotta Inc., Class A Shares*		23,804
4,256	iHeartMedia Inc., Class A Shares*		18,343
1,617	John Wiley & Sons Inc., Class A Shares		68,043
699	Liberty Broadband Corp., Class A Shares*		23,612
4,518	Liberty Broadband Corp., Class C Shares*		152,528
5,506	Magnite Inc.*		78,901
2,425	National CineMedia Inc.		7,615
13,836	New York Times Co. (The), Class A Shares		1,040,606
14,992	News Corp., Class A Shares		391,291
5,082	News Corp., Class B Shares		151,545
1,212	Newsmax Inc., Class B Shares*		10,314
1,143	Nexstar Media Group Inc., Class A Shares		203,945
2,014	Nexxen International Ltd., ADR*		16,918
1,908	NIQ Global Intelligence PLC*		15,913
13,066	Optimum Communications Inc., Class A Shares*		8,600
1,511	PubMatic Inc., Class A Shares*		17,648
827	Scholastic Corp.		33,494
1,661	Sinclair Inc.		22,972
7,406	Sirius XM Holdings Inc.		218,625
4,695	Stagwell Inc., Class A Shares*		32,912
922	TechTarget Inc.*		4,232
5,626	USA TODAY Co., Inc.*		43,939

	Total Media		4,890,910

Wireless Telecommunication Services - 0.1%
2,801	Gogo Inc.*		12,800
4,029	Millicom International Cellular SA		343,915
574	Spok Holdings Inc.		6,079
3,853	Telephone & Data Systems Inc.		150,691

	Total Wireless Telecommunication Services		513,485

	TOTAL COMMUNICATION SERVICES		15,728,390

CONSUMER DISCRETIONARY - 7.9%
Automobile Components - 1.3%
3,549	Adient PLC*		81,130
43,639	BorgWarner Inc.		3,134,153
565	Cooper-Standard Holdings Inc.*		17,136
4,796	Dana Inc.		169,826
9,000	Dauch Corp.*		59,760
10,143	Dorman Products Inc.*		1,256,921
1,847	Fox Factory Holding Corp.*		33,320
6,306	Garrett Motion Inc.		206,585
8,892	Gentex Corp.		214,831
1,381	Gentherm Inc.*		47,907
10,392	Goodyear Tire & Rubber Co. (The)*		63,391
1,971	Holley Inc.*		5,381
990	LCI Industries		107,930
11,917	Lear Corp.		1,705,561

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
CONSUMER DISCRETIONARY - 7.9% - (continued)
Automobile Components - 1.3% - (continued)
1,285	Patrick Industries Inc.	$	116,318
1,505	Phinia Inc.		116,276
18,304	QuantumScape Corp., Class A Shares*		164,370
5,333	Solid Power Inc.*		17,652
794	Standard Motor Products Inc.		31,117
43,156	Versigent PLC*		1,904,043
1,084	Visteon Corp.		128,226
969	XPEL Inc.*		44,303

	Total Automobile Components		9,626,137

Automobiles - 0.2%
4,271	Harley-Davidson Inc.		103,273
4,809	Lucid Group Inc.*(a)		31,499
73,546	Rivian Automotive Inc., Class A Shares*		1,198,800
2,003	Thor Industries Inc.		158,397
1,013	Winnebago Industries Inc.		30,076

	Total Automobiles		1,522,045

Broadline Retail - 0.2%
126	Dillard’s Inc., Class A Shares		74,367
3,850	Etsy Inc.*		261,492
1,145	Groupon Inc., Class A Shares*		23,163
4,272	Kohl’s Corp.		61,346
10,695	Macy’s Inc.		232,723
2,411	Ollie’s Bargain Outlet Holdings Inc.*		196,810
32,022	Pattern Group Inc., Class A Shares*		601,693
1,000	Savers Value Village Inc.*		8,950

	Total Broadline Retail		1,460,544

Distributors - 0.1%
827	GigaCloud Technology Inc., Class A Shares*		29,805
624	Gold.com Inc.		26,401
10,287	LKQ Corp.		278,983
1,382	Pool Corp.		250,695
195	Weyco Group Inc.		6,882

	Total Distributors		592,766

Diversified Consumer Services - 0.8%
210,326	ADT Inc.		1,411,287
764	American Public Education Inc.*		37,795
2,228	Bright Horizons Family Solutions Inc.*		139,517
601	Carriage Services Inc., Class A Shares		24,755
8,473	Coursera Inc.*		45,669
1,387	Covista Inc.*		163,389
2,526	Driven Brands Holdings Inc.*		34,960
1,524	Duolingo Inc., Class A Shares*		169,713
24,665	Frontdoor Inc.*		1,530,956
127	Graham Holdings Co., Class B Shares		139,356
1,081	Grand Canyon Education Inc.*		161,988
5,091	H&R Block Inc.		195,953
990	KinderCare Learning Cos Inc.*		3,802
32,799	Laureate Education Inc., Class A Shares*		1,049,240
821	Liberty Live Holdings Inc., Class A Shares*		79,079
1,921	Liberty Live Holdings Inc., Class C Shares*		190,371
1,220	Lincoln Educational Services Corp.*		56,510
1,084	Matthews International Corp., Class A Shares		28,769
1,627	McGraw Hill Inc.*		19,589
10,706	Nerdy Inc.*		8,808
3,993	OneSpaWorld Holdings Ltd.		94,834
2,426	Perdoceo Education Corp.		78,554
5,445	Service Corp. International		409,409
891	Strategic Education Inc.		68,384
1,649	Stride Inc.*		152,335
1,958	Universal Technical Institute Inc.*		73,249

	Total Diversified Consumer Services		6,368,271

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
CONSUMER DISCRETIONARY - 7.9% - (continued)
Hotels, Restaurants & Leisure - 1.9%
2,350	Accel Entertainment Inc., Class A Shares*	$	27,942
10,457	Aramark		558,195
26	Biglari Holdings Inc., Class B Shares*		7,552
803	BJ’s Restaurants Inc.*		37,781
408	Black Rock Coffee Bar Inc., Class A Shares*		3,395
3,681	Bloomin’ Brands Inc.		31,068
2,159	Boyd Gaming Corp.		178,506
159,312	Brightstar Lottery PLC		1,789,074
1,719	Brinker International Inc.*		244,751
8,065	Caesars Entertainment Inc.*		234,288
3,935	Cava Group Inc.*		305,592
1,796	Cheesecake Factory Inc. (The)		118,608
1,091	Choice Hotels International Inc.		118,788
2,643	Churchill Downs Inc.		230,496
943	Cracker Barrel Old Country Store Inc.(a)		31,892
1,144	Dave & Buster’s Entertainment Inc.*		15,295
649	Dine Brands Global Inc.		20,366
32,613	Dutch Bros Inc., Class A Shares*		1,891,554
906	El Pollo Loco Holdings Inc.*		13,472
1,975	First Watch Restaurant Group Inc.*		22,969
8,737	Genius Sports Ltd.*		51,199
4,562	Global Business Travel Group I*		42,609
2,345	Hilton Grand Vacations Inc.*		121,987
7,761	Hyatt Hotels Corp., Class A Shares		1,407,535
729	Inspired Entertainment Inc.*		5,613
694	Jack in the Box Inc.*		8,640
2,990	Krispy Kreme Inc.*		10,525
344	Kura Sushi USA Inc., Class A Shares*		19,329
92,852	Life Time Group Holdings Inc.*		3,071,544
1,304	Lindblad Expeditions Holdings Inc.*		29,927
1,091	Marriott Vacations Worldwide Corp.		92,604
8,256	MGM Resorts International*		360,540
537	Monarch Casino & Resort Inc.		64,580
79	Nathan’s Famous Inc.		7,971
2,099	Navan Inc., Class A Shares*		44,856
18,017	Norwegian Cruise Line Holdings Ltd.*		330,432
1,240	Papa John’s International Inc.		42,420
5,751	Penn Entertainment Inc.*		108,291
3,375	Planet Fitness Inc., Class A Shares*		180,596
2,041	Portillo’s Inc., Class A Shares*		8,756
722	Pursuit Attractions & Hospitality Inc.*		32,324
304	RCI Hospitality Holdings Inc.		7,712
1,937	Red Rock Resorts Inc., Class A Shares		113,082
3,508	Rush Street Interactive Inc., Class A Shares*		88,893
11,994	Sabre Corp.*		21,109
2,325	Serve Robotics Inc.*		21,739
1,492	Shake Shack Inc., Class A Shares*		95,951
3,576	Six Flags Entertainment Corp.*		75,132
6,618	Super Group SGHC Ltd.		82,394
4,155	Sweetgreen Inc., Class A Shares*		41,384
1,300	Target Hospitality Corp.*		22,568
2,631	Texas Roadhouse Inc., Class A Shares		475,211
2,452	Travel + Leisure Co.		166,736
13,599	United Parks & Resorts Inc.*		545,728
1,397	Vail Resorts Inc.		186,639
6,105	Wendy’s Co. (The)(a)		47,008
1,093	Wingstop Inc.		171,557
2,910	Wyndham Hotels & Resorts Inc.		233,557

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
CONSUMER DISCRETIONARY - 7.9% - (continued)
Hotels, Restaurants & Leisure - 1.9% - (continued)
3,010	Wynn Resorts Ltd.	$	304,672
859	Xponential Fitness Inc., Class A Shares*		4,716

	Total Hotels, Restaurants & Leisure		14,629,650

Household Durables - 0.9%
1,385	Beazer Homes USA Inc.*		35,165
311	Cavco Industries Inc.*		166,858
1,287	Century Communities Inc.		67,979
2,225	Champion Homes Inc.*		163,827
1,621	Cricut Inc., Class A Shares		6,727
1,308	Dream Finders Homes Inc., Class A Shares*		20,222
1,049	Ethan Allen Interiors Inc.		21,630
200	Flexsteel Industries Inc.		11,524
1,260	Green Brick Partners Inc.*		84,748
389	Hamilton Beach Brands Holding Co., Class A Shares		7,897
850	Helen of Troy Ltd.*		23,069
175	Hovnanian Enterprises Inc., Class A Shares*		19,313
909	Installed Building Products Inc.		190,872
2,500	KB Home		122,150
1,723	La-Z-Boy Inc.		64,750
354	Legacy Housing Corp.*		8,500
5,056	Leggett & Platt Inc.		51,925
921	LGI Homes Inc.*		44,033
523	Lovesac Co. (The)*		8,044
1,052	M/I Homes Inc.*		138,464
2,686	Meritage Homes Corp.		175,235
2,002	Mohawk Industries Inc.*		215,055
17,045	Newell Brands Inc.		57,953
3,333	SharkNinja Inc.*		406,259
28,040	Somnigroup International Inc.		1,985,512
4,864	Sonos Inc.*		76,754
19,152	Taylor Morrison Home Corp., Class A Shares*		1,120,392
3,802	Toll Brothers Inc.		526,729
1,125	TopBuild Corp.*		469,665
252	Traeger Inc.*		17,529
17,779	Whirlpool Corp.(a)		771,964

	Total Household Durables		7,080,744

Leisure Products - 0.6%
1,036	Acushnet Holdings Corp.		91,976
14,099	Brunswick Corp.		1,180,932
5,249	Callaway Golf Co.*		80,835
914	Clarus Corp.		2,801
417	Escalade Inc.		7,827
1,094	Funko Inc., Class A Shares*		6,214
24,763	Hasbro Inc.		2,133,828
257	JAKKS Pacific Inc.		5,677
168	Johnson Outdoors Inc., Class A Shares		7,520
1,650	Latham Group Inc.*		8,712
710	Malibu Boats Inc., Class A Shares*		19,497
649	MasterCraft Boat Holdings Inc.*		15,115
12,410	Mattel Inc.*		185,405
16,495	Peloton Interactive Inc., Class A Shares*		105,568
2,097	Polaris Inc.		147,985
1,710	Smith & Wesson Brands Inc.		26,026
716	Sturm Ruger & Co., Inc.		27,989
3,274	YETI Holdings Inc.*		157,054

	Total Leisure Products		4,210,961

Specialty Retail - 1.0%
890	1-800-Flowers.com Inc., Class A Shares*		4,067
1,837	Abercrombie & Fitch Co., Class A Shares*		141,853
2,599	Academy Sports & Outdoors Inc.		137,227

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
CONSUMER DISCRETIONARY - 7.9% - (continued)
Specialty Retail - 1.0% - (continued)
2,347	Advance Auto Parts Inc.	$	141,383
6,329	American Eagle Outfitters Inc.		99,998
356	America’s Car-Mart Inc.*		4,375
1,773	Arhaus Inc., Class A Shares		12,003
2,705	Arko Corp.		20,991
765	Asbury Automotive Group Inc.*		143,598
1,092	AutoNation Inc.*		204,990
277	BARK Inc.*		2,795
62,743	Bath & Body Works Inc.		1,256,115
3,192	Bed Bath & Beyond Inc.*		19,567
1,195	Boot Barn Holdings Inc.*		202,995
1,174	Buckle Inc. (The)		53,851
473	Build-A-Bear Workshop Inc.		17,600
28,891	Caleres Inc.		420,653
2,792	Camping World Holdings Inc., Class A Shares		20,465
5,896	CarMax Inc.*		263,080
16,776	Chewy Inc., Class A Shares*		378,131
293	Citi Trends Inc.*		13,481
1,746	Designer Brands Inc., Class A Shares		13,479
2,516	Dick’s Sporting Goods Inc.		572,566
6,261	EVgo Inc., Class A Shares*		13,899
2,127	Five Below Inc.*		483,595
4,193	Floor & Decor Holdings Inc., Class A Shares*		215,520
16,133	GameStop Corp., Class A Shares*		341,697
9,061	Gap Inc. (The)		191,640
381	Genesco Inc.*		14,619
484	Group 1 Automotive Inc.		153,109
532	Haverty Furniture Cos., Inc.		12,337
250	J Jill Inc.		3,168
589	Lands’ End Inc.*		6,921
931	Lithia Motors Inc., Class A Shares		270,819
766	MarineMax Inc.*		26,381
1,048	Monro Inc.		17,240
676	Murphy USA Inc.		342,076
3,079	National Vision Holdings Inc.*		51,573
324	OneWater Marine Inc., Class A Shares*		3,567
4,293	Outdoor Holding Co.*		8,844
713	Penske Automotive Group Inc.		119,335
3,101	Petco Health & Wellness Co., Inc., Class A Shares*		9,334
3,687	RealReal Inc. (The)*		35,543
1,431	Revolve Group Inc., Class A Shares*		28,048
634	RH*		94,143
3,925	Sally Beauty Holdings Inc.*		52,124
673	Shoe Carnival Inc.		11,912
1,559	Signet Jewelers Ltd.		136,241
758	Sleep Number Corp.*		902
633	Sonic Automotive Inc., Class A Shares		52,299
3,436	Stitch Fix Inc., Class A Shares*		12,232
4,448	ThredUp Inc., Class A Shares*		20,683
2,345	Upbound Group Inc.		45,047
2,399	Urban Outfitters Inc.*		174,287
4,943	Valvoline Inc.*		166,826
2,714	Victoria’s Secret & Co.*		149,270
3,798	Warby Parker Inc., Class A Shares*		93,127
3,918	Wayfair Inc., Class A Shares*		283,115
125	Winmark Corp.		47,321
633	Zumiez Inc.*		15,591

	Total Specialty Retail		7,849,648

Textiles, Apparel & Luxury Goods - 0.9%
5,917	Amer Sports Inc.*		210,527

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
CONSUMER DISCRETIONARY - 7.9% - (continued)
Textiles, Apparel & Luxury Goods - 0.9% - (continued)
55,838	Birkenstock Holding PLC*(a)	$	2,516,619
4,592	Capri Holdings Ltd.*		84,998
1,510	Carter’s Inc.		58,271
1,018	Columbia Sportswear Co.		67,371
2,075	Crocs Inc.*		246,240
2,417	Ermenegildo Zegna NV		35,530
3,656	Figs Inc., Class A Shares*		42,995
1,397	G-III Apparel Group Ltd.		45,165
2,132	Kontoor Brands Inc.		153,014
527	Movado Group Inc.		20,174
704	Oxford Industries Inc.		31,412
1,868	PVH Corp.		174,247
1,517	Ralph Lauren Corp., Class A Shares		552,036
265	Rocky Brands Inc.		10,245
2,760	Steven Madden Ltd.		119,894
453	Superior Group of Cos., Inc.		5,794
8,212	Tapestry Inc.		1,194,517
8,061	Under Armour Inc., Class A Shares*		47,318
94,809	Under Armour Inc., Class C Shares*		543,256
13,885	V.F. Corp.		238,544
3,274	Wolverine World Wide Inc.		57,459

	Total Textiles, Apparel & Luxury Goods		6,455,626

	TOTAL CONSUMER DISCRETIONARY		59,796,392

CONSUMER STAPLES - 3.3%
Beverages - 0.9%
3,039	Boston Beer Co., Inc. (The), Class A Shares*		538,754
70,888	Celsius Holdings Inc.*		2,358,444
2,270	Coca-Cola Consolidated Inc.		393,300
502	MGP Ingredients Inc.		8,860
15,273	Molson Coors Beverage Co., Class B Shares		603,742
937	National Beverage Corp.*		34,660
10,032	Primo Brands Corp., Class A Shares		248,793
33,171	Vita Coco Co., Inc. (The)*		2,492,137

	Total Beverages		6,678,690

Consumer Staples Distribution & Retail - 1.6%
20,661	Albertsons Cos., Inc., Class A Shares		322,518
1,247	Andersons Inc. (The)		88,026
20,499	BJ’s Wholesale Club Holdings Inc.*		1,748,155
1,463	Casey’s General Stores Inc.		1,122,326
1,505	Chefs’ Warehouse Inc. (The)*		115,193
13,771	Dollar Tree Inc.*		1,603,495
3,887	Grocery Outlet Holding Corp.*		33,078
1,340	HF Foods Group Inc.*		2,613
620	Ingles Markets Inc., Class A Shares		54,845
6,945	Maplebear Inc.*		276,411
637	Natural Grocers by Vitamin Cottage Inc.		18,702
6,089	Performance Food Group Co.*		597,879
997	PriceSmart Inc.		169,480
35,863	Sprouts Farmers Market Inc.*		2,963,001
2,347	United Natural Foods Inc.*		120,519
31,335	US Foods Holding Corp.*		2,564,770
320	Village Super Market Inc., Class A Shares		14,867
1,432	Weis Markets Inc.		104,493

	Total Consumer Staples Distribution & Retail		11,920,371

Food Products - 0.6%
270	Alico Inc.		10,976
2,714	B&G Foods Inc.		11,100
10,151	Beyond Meat Inc.*(a)		8,004
1,724	Cal-Maine Foods Inc.		128,817
17,250	Campbell’s Co. (The)(a)		364,148

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
CONSUMER STAPLES - 3.3% - (continued)
Food Products - 0.6% - (continued)
6,154	Darling Ingredients Inc.*	$	363,701
3,193	Dole PLC		44,670
7,747	Flowers Foods Inc.		59,187
1,231	Fresh Del Monte Produce Inc.		39,564
1,904	Freshpet Inc.*		98,246
57,395	Hain Celestial Group Inc. (The)*		45,497
2,027	Hormel Foods Corp.		47,087
2,558	Ingredion Inc.		259,484
607	J&J Snack Foods Corp.		46,205
9,240	J.M. Smucker Co. (The)		953,568
290	John B Sanfilippo & Son Inc.		21,724
5,271	Lamb Weston Holdings Inc.		227,602
149	Lifeway Foods Inc.*		3,551
602	Limoneira Co.		7,658
76,393	Magnum Ice Cream Co. NV (The)*		1,237,567
1,143	Mama’s Creations Inc.*		15,773
816	Marzetti Co. (The)		91,343
2,081	Mission Produce Inc.*		23,182
1,548	Pilgrim’s Pride Corp.		43,824
1,904	Post Holdings Inc.*		174,863
10	Seaboard Corp.		50,819
399	Seneca Foods Corp., Class A Shares*		57,372
7,869	Simply Good Foods Co. (The)*		90,651
1,906	Smithfield Foods Inc.		49,232
703	Tootsie Roll Industries Inc.		26,510
2,776	Utz Brands Inc.		20,320
1,313	Vital Farms Inc.*		13,143
1,249	Westrock Coffee Co.*		10,030

	Total Food Products		4,645,418

Household Products - 0.2%
420	Central Garden & Pet Co.*		16,162
2,116	Central Garden & Pet Co., Class A Shares*		72,219
2,602	Energizer Holdings Inc.		47,408
382	Oil-Dri Corp. of America		29,284
2,325	Reynolds Consumer Products Inc.		50,383
994	Spectrum Brands Holdings Inc.		78,218
4,474	WD-40 Co.		894,666

	Total Household Products		1,188,340

Personal Care Products - 0.0%@
4,927	BellRing Brands Inc.*		41,190
15,191	Coty Inc., Class A Shares*		32,357
1,973	Edgewell Personal Care Co.		34,567
2,157	elf Beauty Inc.*		120,792
3,790	Herbalife Ltd.*		45,328
2,955	Honest Co., Inc. (The)*		10,342
728	Interparfums Inc.		68,701
384	Medifast Inc.*		4,812
434	Nature’s Sunshine Products Inc.*		9,236
1,951	Niagen Bioscience Inc.*		7,531
1,714	Nu Skin Enterprises Inc., Class A Shares		9,924
4,908	Olaplex Holdings Inc.*		10,012
2,888	SkinHealth Systems Inc.*		2,235
388	USANA Health Sciences Inc.*		7,100

	Total Personal Care Products		404,127

Tobacco - 0.0%@
2,804	Ispire Technology Inc.*		5,075
646	Turning Point Brands Inc.		54,865
2,180	Universal Corp.		113,077

	Total Tobacco		173,017

	TOTAL CONSUMER STAPLES		25,009,963

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
ENERGY - 4.0%
Energy Equipment & Services - 1.7%
6,771	Archrock Inc.	$	226,761
2,797	Atlas Energy Solutions Inc., Class A Shares		46,682
10,342	Borr Drilling Ltd.*		51,813
1,134	Bristow Group Inc.		47,220
2,689	Cactus Inc., Class A Shares		156,070
1,654	Core Laboratories Inc.		22,610
657	DMC Global Inc.*		4,474
4,139	Expro Group Holdings NV*		61,133
725	Flowco Holdings Inc., Class A Shares		16,958
288	Forum Energy Technologies Inc.*		14,463
6,064	Helix Energy Solutions Group Inc.*		56,698
3,789	Helmerich & Payne Inc.		144,550
18,003	Innovex International Inc.*		480,860
6,678	ION Geophysical Corp.*(b)#		–
3,364	Kodiak Gas Services Inc.		224,883
6,350	Liberty Energy Inc., Class A Shares		185,801
678	Nabors Industries Ltd.*		62,803
2,501	National Energy Services Reunited Corp.*		60,899
381	Natural Gas Services Group Inc.		14,973
4,906	Noble Corp. PLC		228,031
14,343	NOV Inc.		286,286
3,934	Oceaneering International Inc.*		150,397
2,365	Oil States International Inc.*		20,103
73,242	Patterson-UTI Energy Inc.		821,043
810	ProFrac Holding Corp., Class A Shares*		4,949
3,101	ProPetro Holding Corp.*		47,321
557	Ranger Energy Services Inc., Class A Shares		8,611
3,253	RPC Inc.		21,535
727	SEACOR Marine Holdings Inc.*		5,489
2,614	Seadrill Ltd.*		123,302
3,533	Select Water Solutions Inc., Class A Shares		63,347
1,721	Solaris Energy Infrastructure Inc., Class A Shares		119,678
94,330	TechnipFMC PLC		6,454,059
208,064	TETRA Technologies Inc.*		2,128,495
1,926	Tidewater Inc.*		141,542
38,893	Transocean Ltd.*		240,748
2,501	Valaris Ltd.*		231,668
2,837	Weatherford International PLC		294,027

	Total Energy Equipment & Services		13,270,282

Oil, Gas & Consumable Fuels - 2.3%
13,249	Antero Midstream Corp.		277,699
11,461	Antero Resources Corp.*		409,731
31,657	APA Corp.		1,153,265
1,552	Ardmore Shipping Corp.		24,956
865	BKV Corp.*		22,957
2,837	California Resources Corp.		168,206
2,572	Calumet Inc.*		91,229
672	Centrus Energy Corp., Class A Shares*		122,620
2,238	Chord Energy Corp.		295,125
6,083	Clean Energy Fuels Corp.*		12,409
43,774	CNX Resources Corp.*		1,474,746
2,848	Comstock Resources Inc.*		37,964
2,030	Core Natural Resources Inc.		179,533
9,819	Crescent Energy Co., Class A Shares		113,508
1,309	CVR Energy Inc.		43,485
2,247	Delek US Holdings Inc.		100,014
34,311	Devon Energy Corp.		1,526,496
5,359	DHT Holdings Inc.		87,459
2,306	Diversified Energy Co.		33,552
1,599	Dorian LPG Ltd.		64,312

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
ENERGY - 4.0% - (continued)
Oil, Gas & Consumable Fuels - 2.3% - (continued)
4,058	DT Midstream Inc.	$	568,039
6,771	Encore Energy Corp.*		10,834
9,323	Energy Fuels Inc.*		169,865
1,010	Evolution Petroleum Corp.		4,282
888	Excelerate Energy Inc., Class A Shares		29,251
1,152	FLEX LNG Ltd.		34,295
949	FutureFuel Corp.		3,929
12,935	Gevo Inc.*		24,059
3,886	Golar LNG Ltd.		193,328
1,851	Granite Ridge Resources Inc.		8,996
2,835	Green Plains Inc.*		44,424
625	Gulfport Energy Corp.*		105,369
6,297	HF Sinclair Corp.		440,097
501	Infinity Natural Resources Inc., Class A Shares*		6,789
1,642	International Seaways Inc.		126,746
1,747	Kinetik Holdings Inc., Class A Shares		80,275
20,428	Kosmos Energy Ltd.*		57,198
842	Lightbridge Corp.*		9,666
50,019	Magnolia Oil & Gas Corp., Class A Shares		1,368,520
27,880	Matador Resources Co.		1,494,368
5,350	Murphy Oil Corp.		193,616
101	NACCO Industries Inc., Class A Shares		5,111
1,655	Navigator Holdings Ltd.		35,914
8,350	New Fortress Energy Inc., Class A Shares*(a)		4,683
5,995	NextDecade Corp.*		47,420
7,788	Nordic American Tankers Ltd.		40,108
3,957	Northern Oil & Gas Inc.		86,144
11,301	Ovintiv Inc.		633,308
2,002	Par Pacific Holdings Inc.*		112,432
3,279	PBF Energy Inc., Class A Shares		133,455
4,772	Peabody Energy Corp.		129,083
113,731	Permian Resources Corp., Class A Shares		2,187,047
9,302	Range Resources Corp.		362,313
1,144	REX American Resources Corp.*		53,493
394	Riley Exploration Permian Inc.		13,104
3,013	Sable Offshore Corp.*		44,140
1,441	SandRidge Energy Inc.		21,139
1,797	Scorpio Tankers Inc.		133,894
5,347	SFL Corp., Ltd., Class B Shares		59,031
9,720	SM Energy Co.		298,501
5,207	Talos Energy Inc.*		76,387
1,915	Teekay Corp., Ltd.		21,965
871	Teekay Tankers Ltd., Class A Shares		61,275
62,456	Uranium Energy Corp.*		860,019
3,857	VAALCO Energy Inc.		20,134
7,408	Viper Energy Inc., Class A Shares		337,064
1,164	Vitesse Energy Inc.		20,114
3,342	W&T Offshore Inc.		12,299
2,017	World Kinect Corp.		58,110

	Total Oil, Gas & Consumable Fuels		17,080,899

	TOTAL ENERGY		30,351,181

FINANCIALS - 11.6%
Banks - 5.2%
810	1st Source Corp.		59,794
371	ACNB Corp.		20,142
908	Amalgamated Financial Corp.		37,664
1,428	Amerant Bancorp Inc., Class A Shares		32,444
2,707	Ameris Bancorp		228,227
312	Ames National Corp.		8,967
635	Arrow Financial Corp.		23,305

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 11.6% - (continued)
Banks - 5.2% - (continued)
6,729	Associated Banc-Corp.	$	187,134
5,644	Atlantic Union Bankshares Corp.		212,327
2,119	Axos Financial Inc.*		184,162
73,275	Banc of California Inc.		1,408,346
856	BancFirst Corp.		94,408
1,652	Bancorp Inc. (The)*		91,124
354	Bank First Corp.		49,213
1,459	Bank of Hawaii Corp.		111,759
622	Bank of Marin Bancorp		16,072
1,582	Bank of NT Butterfield & Son Ltd. (The)		89,320
4,191	Bank OZK		202,803
180	Bank7 Corp.		7,967
3,016	BankUnited Inc.		139,912
313	Bankwell Financial Group Inc.		16,376
1,399	Banner Corp.		90,935
714	Bar Harbor Bankshares		24,947
399	Baycom Corp.		12,289
756	BCB Bancorp Inc.		7,893
3,201	Beacon Financial Corp.		93,117
942	BOK Financial Corp.		120,614
793	Bridgewater Bancshares Inc.*		14,956
625	Burke & Herbert Financial Services Corp.		39,750
1,191	Business First Bancshares Inc.		33,920
1,280	Byline Bancorp Inc.		42,355
811	California BanCorp		15,393
739	Camden National Corp.		36,972
364	Capital Bancorp Inc.		11,619
590	Capital City Bank Group Inc.		26,928
5,675	Capitol Federal Financial Inc.		44,095
909	Carter Bankshares Inc.		24,816
2,817	Cathay General Bancorp		162,428
728	Central Pacific Financial Corp.		25,014
140	Chemung Financial Corp.		9,615
854	ChoiceOne Financial Services Inc.		26,816
607	Citizens & Northern Corp.		12,783
163	Citizens Financial Services Inc.		10,600
521	City Holding Co.		64,766
637	Civista Bancshares Inc.		16,498
1,163	CNB Financial Corp.		35,669
507	Coastal Financial Corp.*		36,088
689	Colony Bankcorp Inc.		13,642
11,718	Columbia Banking System Inc.		347,322
965	Columbia Financial Inc.*		19,425
5,071	Commerce Bancshares Inc.		264,808
2,122	Community Financial System Inc.		135,044
689	Community Trust Bancorp Inc.		46,067
701	Community West Bancshares		16,831
1,873	ConnectOne Bancorp Inc.		56,321
2,541	Cullen/Frost Bankers Inc.		344,356
1,208	Customers Bancorp Inc.*		90,769
7,399	CVB Financial Corp.		150,644
1,778	Dime Community Bancshares Inc.		66,533
1,205	Eagle Bancorp Inc.		32,884
21,878	East West Bancorp Inc.		2,680,930
8,876	Eastern Bankshares Inc.		175,123
1,451	Enterprise Financial Services Corp.		87,945
696	Equity Bancshares Inc., Class A Shares		32,086
272	Esquire Financial Holdings Inc.		29,890
497	Farmers & Merchants Bancorp Inc.		13,881
2,237	Farmers National Banc Corp.		31,721

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 11.6% - (continued)
Banks - 5.2% - (continued)
1,691	FB Financial Corp.	$	89,099
172	Fidelity D&D Bancorp Inc.		8,034
769	Financial Institutions Inc.		27,861
47,822	First Bancorp		1,204,099
1,160	First Bank		18,142
3,630	First Busey Corp.		99,353
280	First Business Financial Services Inc.		16,106
798	First Citizens BancShares Inc., Class A Shares		1,588,427
4,533	First Commonwealth Financial Corp.		85,855
571	First Community Bankshares Inc.		24,616
3,822	First Financial Bancorp		117,565
5,208	First Financial Bankshares Inc.		170,197
585	First Financial Corp.		40,470
4,796	First Hawaiian Inc.		129,396
20,002	First Horizon Corp.		484,648
296	First Internet Bancorp		7,151
3,603	First Interstate BancSystem Inc., Class A Shares		128,267
2,297	First Merchants Corp.		92,569
973	First Mid Bancshares Inc.		42,861
306	First Western Financial Inc.*		8,926
796	Firstsun Capital Bancorp*		28,218
700	Five Star Bancorp		29,561
97,609	Flagstar Bank N.A.		1,372,383
982	Flushing Financial Corp.		15,683
14,589	FNB Corp.		255,016
266	FS Bancorp Inc.		10,829
7,921	Fulton Financial Corp.		171,807
644	FVCBankcorp Inc.		10,162
379	GBank Financial Holdings Inc.*		11,290
1,505	German American Bancorp Inc.		65,799
17,188	Glacier Bancorp Inc.		817,289
337	Great Southern Bancorp Inc.		24,180
252	Greene County Bancorp Inc.		6,612
3,523	Hancock Whitney Corp.		239,987
1,245	Hanmi Financial Corp.		37,499
616	HBT Financial Inc.		17,636
1,273	Heritage Financial Corp.		34,689
2,219	Hilltop Holdings Inc.		83,701
65	Hingham Institution For Savings The		18,810
281	Home Bancorp Inc.		18,091
7,748	Home BancShares Inc.		207,336
788	HomeTrust Bancshares Inc.		36,618
4,980	Hope Bancorp Inc.		62,449
3,139	Horizon Bancorp Inc.		58,228
148,785	Huntington Bancshares Inc.		2,434,123
14,607	Independent Bank Corp.		1,116,225
2,139	International Bancshares Corp.		154,350
405	Investar Holding Corp.		11,445
559	John Marshall Bancorp Inc.		11,890
2,243	Kearny Financial Corp.		18,482
1,018	Lakeland Financial Corp.		61,721
536	LCNB Corp.		9,133
1,583	Live Oak Bancshares Inc.		60,202
1,570	Mechanics Bancorp, Class A Shares		23,110
788	Mercantile Bank Corp.		41,756
776	Metrocity Bankshares Inc.		25,344
381	Metropolitan Bank Holding Corp.		34,107
765	Mid Penn Bancorp Inc.		24,977
677	Midland States Bancorp Inc.		18,821
402	MVB Financial Corp.		10,754

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 11.6% - (continued)
Banks - 5.2% - (continued)
1,509	National Bank Holdings Corp., Class A Shares	$	63,121
259	National Bankshares Inc.		9,114
1,559	NB Bancorp Inc.		31,227
2,112	NBT Bancorp Inc.		97,659
690	Nicolet Bankshares Inc.		96,786
260	Northeast Bank		32,692
505	Northeast Community Bancorp Inc.		12,241
1,476	Northfield Bancorp Inc.		20,930
515	Northpointe Bancshares Inc.		8,796
878	Northrim BanCorp Inc.		21,695
5,689	Northwest Bancshares Inc.		80,499
283	Norwood Financial Corp.		8,555
222	Oak Valley Bancorp		7,306
2,455	OceanFirst Financial Corp.		46,129
1,722	OFG Bancorp		78,454
13,678	Old National Bancorp		328,409
2,371	Old Second Bancorp Inc.		50,550
505	Orange County Bancorp Inc.		17,231
1,257	Origin Bancorp Inc.		59,909
728	Orrstown Financial Services Inc.		27,031
584	Park National Corp.		100,191
1,003	Pathward Financial Inc.		82,487
512	PCB Bancorp		12,580
632	Peapack Gladstone Financial Corp.		27,334
1,430	Peoples Bancorp Inc.		49,735
208	Peoples Bancorp of North Carolina Inc.		8,757
372	Peoples Financial Services Corp.		22,101
5,903	Pinnacle Financial Partners Inc.		576,959
517	Pioneer Bancorp Inc.*		7,719
224	Plumas Bancorp		11,789
636	Ponce Financial Group Inc.*		12,008
2,630	Popular Inc.		390,634
372	Preferred Bank		35,645
894	Primis Financial Corp.		12,900
195	Princeton Bancorp Inc.		7,028
3,582	Prosperity Bancshares Inc.		247,015
4,369	Provident Financial Services Inc.		96,948
627	QCR Holdings Inc.		57,778
720	RBB Bancorp		17,222
168	Red River Bancshares Inc.		15,275
3,642	Renasant Corp.		148,302
351	Republic Bancorp Inc., Class A Shares		28,413
1,561	S&T Bancorp Inc.		70,386
3,551	Seacoast Banking Corp. of Florida		107,631
2,035	ServisFirst Bancshares Inc.		158,710
1,872	Shore Bancshares Inc.		38,676
536	Sierra Bancorp		20,357
5,930	Simmons First National Corp., Class A Shares		127,199
629	SmartFinancial Inc.		26,229
496	South Plains Financial Inc.		20,133
299	Southern First Bancshares Inc.*		17,273
370	Southern Missouri Bancorp Inc.		25,552
1,156	Southside Bancshares Inc.		37,871
4,202	SouthState Bank Corp.		398,140
1,887	Stellar Bancorp Inc.		70,461
1,036	Sterling Bancorp Inc.*#		–
1,065	Stock Yards Bancorp Inc.		76,403
36,898	Texas Capital Bancshares Inc.*		3,670,982
2,110	TFS Financial Corp.		33,570
430	Third Coast Bancshares Inc.*		16,452

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 11.6% - (continued)
Banks - 5.2% - (continued)
303	Timberland Bancorp Inc.	$	12,296
642	Tompkins Financial Corp.		55,308
2,817	Towne Bank		95,975
1,405	TriCo Bancshares		71,374
916	Triumph Financial Inc.*		65,265
760	TrustCo. Bank Corp. NY		39,376
2,289	Trustmark Corp.		101,082
15,845	UMB Financial Corp.		2,079,815
5,664	United Bankshares Inc.		245,874
4,841	United Community Banks Inc.		159,511
303	Unity Bancorp Inc.		16,926
1,204	Univest Financial Corp.		47,486
454	USCB Financial Holdings Inc.		8,417
19,078	Valley National Bancorp		262,704
184	Virginia National Bankshares Corp.		7,984
46,677	WaFd Inc.		1,659,834
809	Washington Trust Bancorp Inc.		26,349
6,645	Webster Financial Corp.		483,224
3,698	WesBanco Inc.		128,136
719	West BanCorp Inc.		17,213
862	Westamerica BanCorp		47,832
4,285	Western Alliance Bancorp		341,300
23,416	Wintrust Financial Corp.		3,517,786
2,157	WSFS Financial Corp.		154,118
5,862	Zions Bancorp NA		366,082

	Total Banks		38,966,965

Capital Markets - 2.1%
1,080	Acadian Asset Management Inc.		78,095
1,143	Affiliated Managers Group Inc.		346,157
1,243	AlTi Global Inc.*		4,102
2,414	Artisan Partners Asset Management Inc., Class A Shares		90,380
14,406	BGC Group Inc., Class A Shares		150,543
1,283	Bullish*		44,789
10,383	Carlyle Group Inc. (The)		471,700
1,330	Chaince Digital Holdings Inc., ADR*		10,946
1,059	Cohen & Steers Inc.		73,918
6,744	DigitalBridge Group Inc.		105,476
1,003	Donnelley Financial Solutions Inc.*		39,809
1,457	Evercore Inc., Class A Shares		496,633
1,487	FactSet Research Systems Inc.		365,014
12,243	Franklin Resources Inc.		379,778
688	Freedom Holding Corp.*		98,260
2,170	GCM Grosvenor Inc., Class A Shares		23,067
1,636	Hamilton Lane Inc., Class A Shares		142,545
12,479	Houlihan Lokey Inc., Class A Shares		1,767,775
64,571	Invesco Ltd.		1,837,691
5,097	Janus Henderson Group PLC		263,566
6,182	Jefferies Financial Group Inc.		325,915
3,659	Lazard Inc., Class A Shares		173,180
2,067	Marex Group PLC		109,427
1,421	MarketAxess Holdings Inc.		184,787
32,672	Miami International Holdings Inc.*		1,543,752
2,209	Moelis & Co., Class A Shares		148,644
895	Morningstar Inc.		162,908
3,492	Open Lending Corp.*		7,962
2,648	Patria Investments Ltd., Class A Shares		30,690
2,812	Perella Weinberg Partners, Class A Shares		48,254
2,802	Piper Sandler Cos		219,705
930	PJT Partners Inc., Class A Shares		142,197
1,849	Ridgepost Capital Inc., Class A Shares		15,310

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 11.6% - (continued)
Capital Markets - 2.1% - (continued)
4,020	SEI Investments Co.	$	353,277
547	Silvercrest Asset Management Group Inc., Class A Shares		6,197
50,994	StepStone Group Inc., Class A Shares		2,514,514
21,973	Stifel Financial Corp.		1,541,406
2,894	StoneX Group Inc.*		328,035
5,289	TPG Inc., Class A Shares		225,153
1,775	Victory Capital Holdings Inc., Class A Shares		150,076
3,111	Virtu Financial Inc., Class A Shares		156,017
291	Virtus Investment Partners Inc.		41,622
11,437	Webull Corp.*		73,197
5,153	WisdomTree Inc.		98,165
15,947	XP Inc., Class A Shares		265,836

	Total Capital Markets		15,656,470

Consumer Finance - 1.1%
10,959	Ally Financial Inc.		469,155
196	Atlanticus Holdings Corp.*		16,899
10,679	Bread Financial Holdings Inc.		951,178
412	Consumer Portfolio Services Inc.*		4,062
172	Credit Acceptance Corp.*		98,666
412	Dave Inc.*		116,415
940	Encore Capital Group Inc.*		75,134
945	Enova International Inc.*		152,627
1,446	Figure Technology Solutions Inc., Class A Shares*		51,116
12,778	FirstCash Holdings Inc.		2,810,010
2,364	Green Dot Corp., Class A Shares*		30,425
62,272	LendingClub Corp.*		1,111,555
525	LendingTree Inc.*		20,055
888	Medallion Financial Corp.		8,640
3,030	Navient Corp.		25,937
427	Nelnet Inc., Class A Shares		55,753
1,903	NerdWallet Inc., Class A Shares*		16,366
4,726	OneMain Holdings Inc., Class A Shares		261,395
675	OppFi Inc.*		5,731
1,447	PRA Group Inc.*		22,081
1,477	PROG Holdings Inc.		54,309
337	Regional Management Corp.		12,388
8,323	SLM Corp.		184,105
88,550	SoFi Technologies Inc.*		1,613,381
3,306	Upstart Holdings Inc.*		111,710
118	World Acceptance Corp.*		19,481

	Total Consumer Finance		8,298,574

Financial Services - 1.0%
1,254	Acacia Research Corp.*		5,831
10,932	Affirm Holdings Inc., Class A Shares*		805,142
833	Alerus Financial Corp.		23,807
1,247	Banco Latinoamericano de Comercio Exterior SA, Class E Shares		69,633
8,256	Burford Capital Ltd.		38,308
2,486	Cannae Holdings Inc.		36,867
545	Cass Information Systems Inc.		25,086
2,833	Compass Diversified Holdings*		32,155
1,383	Enact Holdings Inc.		57,796
10,644	Equitable Holdings Inc.		440,129
3,753	Essent Group Ltd.		217,261
1,656	Euronet Worldwide Inc.*		120,027
2,652	EVERTEC Inc.		64,894
364	Federal Agricultural Mortgage Corp., Class C Shares		64,716
4,656	Flywire Corp.*		74,682
48,658	HA Sustainable Infrastructure Capital Inc.		1,994,978
1,136	International Money Express Inc.*		17,006
2,882	Jack Henry & Associates Inc.		392,874

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 11.6% - (continued)
Financial Services - 1.0% - (continued)
2,417	Jackson Financial Inc., Class A Shares	$	249,217
15,126	Marqeta Inc., Class A Shares*		61,412
1,013	Merchants Bancorp		47,753
8,815	MGIC Investment Corp.		222,314
2,846	NCR Atleos Corp.*		126,932
1,667	NewtekOne Inc.		23,138
3,127	NMI Holdings Inc., Class A Shares*		112,259
200	Onity Group Inc.*		6,908
6,815	Pagseguro Digital Ltd., Class A Shares		63,720
11,241	Payoneer Global Inc.*		58,453
1,182	Paysafe Ltd.*		9,137
1,661	Paysign Inc.*		12,076
1,141	PennyMac Financial Services Inc.		95,696
1,689	Priority Technology Holdings Inc.*		10,793
5,300	Radian Group Inc.		180,995
6,865	Remitly Global Inc.*		137,437
3,282	Repay Holdings Corp., Class A Shares*		12,734
11,719	Rocket Cos., Inc., Class A Shares*		170,043
636	Sezzle Inc.*		75,143
2,677	Shift4 Payments Inc., Class A Shares*		119,287
9,756	StoneCo Ltd., Class A Shares		111,706
6,355	UWM Holdings Corp.		19,446
328	Velocity Financial Inc.*		5,740
3,799	Voya Financial Inc.		308,555
15,928	Walker & Dunlop Inc.		799,426
671	Waterstone Financial Inc.		12,420
12,234	Western Union Co. (The)		99,462
1,333	WEX Inc.*		193,232

	Total Financial Services		7,826,626

Insurance - 1.9%
1,002	Abacus Global Management Inc.		8,998
888	American Coastal Insurance Corp.		9,280
2,638	American Financial Group Inc.		342,412
830	AMERISAFE Inc.		25,440
2,016	Assurant Inc.		501,722
1,910	Assured Guaranty Ltd.		141,741
3,127	Axis Capital Holdings Ltd.		296,846
2,713	Baldwin Insurance Group Inc. (The), Class A Shares*		52,686
591	Bowhead Specialty Holdings Inc.*		15,732
2,299	Brighthouse Financial Inc.*		143,802
4,192	CNO Financial Group Inc.		192,706
1,803	Crawford & Co., Class A Shares		18,841
764	Donegal Group Inc., Class A Shares		12,965
2,175	Employers Holdings Inc.		94,613
856	Erie Indemnity Co., Class A Shares		182,388
6,709	Everest Group Ltd.		2,173,917
1,442	F&G Annuities & Life Inc.		39,972
3,889	First American Financial Corp.		257,568
16,456	Genworth Financial Inc., Class A Shares*		140,863
3,301	Globe Life Inc.		505,845
1,873	Goosehead Insurance Inc., Class A Shares*		64,412
668	Greenlight Capital Re Ltd., Class A Shares*		10,468
1,930	Hamilton Insurance Group Ltd., Class B Shares		57,147
11,825	Hanover Insurance Group Inc. (The)		2,201,815
410	HCI Group Inc.		63,169
904	Heritage Insurance Holdings Inc.*		19,599
712	Hippo Holdings Inc.*		18,419
1,700	Horace Mann Educators Corp.		77,741
61	Investors Title Co.		14,320
1,450	James River Group Holdings Inc.		5,670

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 11.6% - (continued)
Insurance - 1.9% - (continued)
2,475	Kemper Corp.	$	61,058
639	Kingsway Corp.*		6,384
878	Kinsale Capital Group Inc.		267,588
2,426	Lemonade Inc.*		140,708
5,902	Lincoln National Corp.		208,282
1,567	MBIA Inc.*		9,198
1,125	Mercury General Corp.		110,284
366	NI Holdings Inc.*		5,117
1,649	Octave Specialty Group Inc.*		9,037
9,335	Old Republic International Corp.		347,542
7,591	Oscar Health Inc., Class A Shares*		168,748
19,039	Palomar Holdings Inc.*		2,037,935
2,451	Pelagos Insurance Capital Ltd.		52,893
1,374	Primerica Inc.		370,939
1,925	ProAssurance Corp.*		46,181
2,620	Reinsurance Group of America Inc., Class A Shares		525,939
1,826	RenaissanceRe Holdings Ltd.		511,919
3,348	RLI Corp.		167,534
474	Root Inc., Class A Shares*		24,676
4,162	Ryan Specialty Holdings Inc., Class A Shares		132,560
635	Safety Insurance Group Inc.		44,558
2,400	Selective Insurance Group Inc.		207,696
9,159	Selectquote Inc.*		9,159
2,581	SiriusPoint Ltd.*		55,104
1,511	Skyward Specialty Insurance Group Inc.*		66,665
1,463	Slide Insurance Holdings Inc.*		26,378
1,136	Stewart Information Services Corp.		73,817
960	Tiptree Inc.		17,510
1,684	Trupanion Inc.*		36,745
748	United Fire Group Inc.		33,159
1,207	Universal Insurance Holdings Inc.		44,683
6,930	Unum Group		576,784
107	White Mountains Insurance Group Ltd.		220,936

	Total Insurance		14,308,813

Mortgage Real Estate Investment Trusts (REITs) - 0.3%
3,890	Adamas Trust Inc.		35,788
42,637	AGNC Investment Corp.		443,851
532	Angel Oak Mortgage REIT Inc.		4,378
27,170	Annaly Capital Management Inc.		593,664
5,926	Apollo Commercial Real Estate Finance Inc.		64,949
5,604	Arbor Realty Trust Inc.		32,223
1,897	Ares Commercial Real Estate Corp.		9,371
4,209	ARMOUR Residential REIT Inc.		72,184
6,567	Blackstone Mortgage Trust Inc., Class A Shares		120,045
5,380	BrightSpire Capital Inc., Class A Shares		31,043
591	Chicago Atlantic Real Estate Finance Inc.		6,720
3,412	Chimera Investment Corp.		46,471
3,002	Claros Mortgage Trust Inc.*		7,295
6,706	Dynex Capital Inc.		87,782
4,087	Ellington Financial Inc.		55,461
3,346	Franklin BSP Realty Trust Inc.		29,010
3,700	Invesco Mortgage Capital Inc.		29,119
1,961	KKR Real Estate Finance Trust Inc.		13,080
4,867	Ladder Capital Corp., Class A Shares		49,741
4,386	MFA Financial Inc.		42,106
273	Nexpoint Real Estate Finance Inc.		4,261
6,284	Orchid Island Capital Inc.		42,605
3,671	PennyMac Mortgage Investment Trust		38,399
6,037	Ready Capital Corp.		10,746
5,805	Redwood Trust Inc.		31,463

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
FINANCIALS - 11.6% - (continued)
Mortgage Real Estate Investment Trusts (REITs) - 0.3% - (continued)
22,175	Rithm Capital Corp.	$	206,671
1,088	Seven Hills Realty Trust		9,281
13,896	Starwood Property Trust Inc.		237,344
902	TPG Mortgage Investment Trust Inc.		6,963
3,121	TPG RE Finance Trust Inc.		26,216
4,654	Two Harbors Investment Corp.		57,384

	Total Mortgage Real Estate Investment Trusts (REITs)		2,445,614

	TOTAL FINANCIALS		87,503,062

HEALTH CARE - 12.0%
Biotechnology - 5.6%
1,751	4D Molecular Therapeutics Inc.*		17,352
17,043	Abivax SA, ADR*		2,260,413
7,981	Absci Corp.*		53,872
4,762	ACADIA Pharmaceuticals Inc.*		103,145
2,526	ADC Therapeutics SA*		8,588
9,059	ADMA Biologics Inc.*		72,291
2,328	Agios Pharmaceuticals Inc.*		68,443
11,769	Akebia Therapeutics Inc.*		12,004
2,085	Aldeyra Therapeutics Inc.*		3,649
2,341	Alector Inc.*		5,057
6,307	Alkermes PLC*		266,092
4,797	Allogene Therapeutics Inc.*		10,409
2,514	Altimmune Inc.*		7,668
856	AnaptysBio Inc.*		47,654
3,505	Anavex Life Sciences Corp.*		10,620
502	Anika Therapeutics Inc.*		7,294
3,773	Annexon Inc.*		20,450
1,535	Apogee Therapeutics Inc.*		126,085
5,309	Arbutus Biopharma Corp.*		24,209
730	Arcturus Therapeutics Holdings Inc.*		5,782
2,897	Arcus Biosciences Inc.*		73,410
4,427	Arcutis Biotherapeutics Inc.*		95,003
9,712	Ardelyx Inc.*		58,660
1,051	ArriVent Biopharma Inc.*		31,814
5,214	Arrowhead Pharmaceuticals Inc.*		406,223
2,575	ARS Pharmaceuticals Inc.*		23,355
29,581	Ascendis Pharma AS, ADR*		6,629,398
453	Atrium Therapeutics Inc.*		5,889
4,536	aTyr Pharma Inc.*		2,461
1,795	Aura Biosciences Inc.*		13,409
4,871	Aurinia Pharmaceuticals Inc.*		74,672
3,453	Avita Medical Inc.*		14,951
3,768	Beam Therapeutics Inc.*		124,080
1,579	Bicara Therapeutics Inc.*		34,343
9,529	BioCryst Pharmaceuticals Inc.*		84,903
3,543	Biohaven Ltd.*		39,008
6,286	Bridgebio Pharma Inc.*		416,510
136	Bright Minds Biosciences Inc.*		11,978
2,322	Candel Therapeutics Inc.*		19,273
1,350	Capricor Therapeutics Inc.*		40,446
1,563	Cardiff Oncology Inc.*		2,970
2,162	CareDx Inc.*		49,337
1,114	Caris Life Sciences Inc.*		18,626
4,613	Catalyst Pharmaceuticals Inc.*		144,064
12,963	Celcuity Inc.*		1,722,523
2,668	Celldex Therapeutics Inc.*		83,855
2,328	CG oncology Inc.*		145,011
5,488	Cogent Biosciences Inc.*		191,860
4,536	Coherus Oncology Inc.*		7,212
4,596	Compass Therapeutics Inc.*		10,938

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
HEALTH CARE - 12.0% - (continued)
Biotechnology - 5.6% - (continued)
1,515	Corvus Pharmaceuticals Inc.*	$	18,801
3,509	CRISPR Therapeutics AG*		197,136
1,794	Cullinan Therapeutics Inc.*		29,493
4,582	Cytokinetics Inc.*		351,714
5,427	Denali Therapeutics Inc.*		114,184
1,150	Design Therapeutics Inc.*		12,052
869	Dianthus Therapeutics Inc.*		80,826
915	Discount Medicine Inc., Class A Shares*		63,657
4,701	Dyne Therapeutics Inc.*		90,870
2,922	Editas Medicine Inc.*		10,110
2,138	Emergent BioSolutions Inc.*		19,499
1,314	Enanta Pharmaceuticals Inc.*		17,292
888	Entrada Therapeutics Inc.*		6,278
6,020	Erasca Inc.*		77,297
10,543	Exelixis Inc.*		532,211
4,268	Fate Therapeutics Inc.*		12,121
601	Fennec Pharmaceuticals Inc.*		5,968
856	First Tracks Biotherapeutics Inc.*		13,662
742	Foghorn Therapeutics Inc.*		3,176
23,306	Geron Corp.*		29,132
7,222	Gossamer Bio Inc.*(a)		1,668
1,399	GRAIL Inc.*		100,280
392	Greenwich Lifesciences Inc.*(a)		10,261
4,554	Halozyme Therapeutics Inc.*		303,023
4,190	Heron Therapeutics Inc.*		3,646
3,350	Humacyte Inc.*		4,355
3,303	Ideaya Biosciences Inc.*		97,339
11,550	ImmunityBio Inc.*		86,856
3,920	Immunome Inc.*		85,574
2,816	Immunovant Inc.*		93,773
363	Inhibrx Biosciences Inc.*		37,756
8,326	Insmed Inc.*		890,133
4,295	Intellia Therapeutics Inc.*		60,431
6,255	Ionis Pharmaceuticals Inc.*		478,507
12,045	Iovance Biotherapeutics Inc.*		49,384
7,151	Ironwood Pharmaceuticals Inc., Class A Shares*		25,529
3,435	Jade Biosciences Inc.*		72,272
1,827	Janux Therapeutics Inc.*		26,656
1,301	KalVista Pharmaceuticals Inc.*		34,958
1,190	Keros Therapeutics Inc.*		13,388
1,291	Kodiak Sciences Inc.*		47,393
972	Krystal Biotech Inc.*		300,377
2,660	Kura Oncology Inc.*		27,132
2,239	Kymera Therapeutics Inc.*		182,299
1,788	Larimar Therapeutics Inc.*		6,222
60,964	Legend Biotech Corp., ADR*		1,655,782
2,041	Lexeo Therapeutics Inc.*		10,491
3,320	Madrigal Pharmaceuticals Inc.*		1,650,936
12,000	MannKind Corp.*		45,240
1,432	MeiraGTx Holdings PLC*		15,251
5,139	MiMedx Group Inc.*		18,912
1,918	Mineralys Therapeutics Inc.*		60,417
1,589	Mirum Pharmaceuticals Inc.*		161,283
1,804	Monte Rosa Therapeutics Inc.*		35,557
3,176	Myriad Genetics Inc.*		12,609
3,864	Neurocrine Biosciences Inc.*		611,671
372	Neurogene Inc.*		10,542
19,307	Newamsterdam Pharma Co. NV*		650,260
1,985	Nkarta Inc.*		6,451
6,647	Novavax Inc.*		72,918

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
HEALTH CARE - 12.0% - (continued)
Biotechnology - 5.6% - (continued)
4,239	Nurix Therapeutics Inc.*	$	75,285
18,485	Nuvalent Inc., Class A Shares*		2,040,559
2,374	Olema Pharmaceuticals Inc.*		31,313
2,642	Organogenesis Holdings Inc., Class A Shares*		6,790
2,346	ORIC Pharmaceuticals Inc.*		19,824
14,532	Oruka Therapeutics Inc.*		850,558
232	Palvella Therapeutics Inc.*		27,483
2,136	Perspective Therapeutics Inc.*		8,416
949	Praxis Precision Medicines Inc.*		332,122
6,924	Precigen Inc.*		30,050
4,528	Prime Medicine Inc.*		16,074
2,278	Protagonist Therapeutics Inc.*		226,798
1,421	Prothena Corp. PLC*		14,466
35,034	PTC Therapeutics Inc.*		2,587,261
2,071	Puma Biotechnology Inc.*		14,849
14,969	Recursion Pharmaceuticals Inc., Class A Shares*(a)		53,739
1,627	REGENXBIO Inc.*		11,405
99,866	Relay Therapeutics Inc.*		1,403,117
2,680	Replimune Group Inc.*		23,289
6,897	Revolution Medicines Inc.*		1,086,140
2,499	Rezolute Inc.*		8,247
30,730	Rhythm Pharmaceuticals Inc.*		2,714,074
677	Rigel Pharmaceuticals Inc.*		20,642
3,150	Rocket Pharmaceuticals Inc.*		9,670
15,621	Roivant Sciences Ltd.*		468,474
6,567	Sana Biotechnology Inc.*		21,671
3,703	Sarepta Therapeutics Inc.*		66,173
9,739	Savara Inc.*		50,643
3,203	Scholar Rock Holding Corp.*		157,908
3,554	SELLAS Life Sciences Group Inc.*(a)		33,088
633	Sionna Therapeutics Inc.*		27,105
2,366	Solid Biosciences Inc.*		17,366
2,863	Spyre Therapeutics Inc.*		210,431
1,903	Stoke Therapeutics Inc.*		58,822
4,699	Summit Therapeutics Inc.*		82,420
3,522	Syndax Pharmaceuticals Inc.*		68,996
3,996	Tango Therapeutics Inc.*		87,832
8,504	Taysha Gene Therapies Inc.*		49,918
5,653	TG Therapeutics Inc.*		214,475
3,488	Travere Therapeutics Inc., Class Preferred Shares*		164,564
2,384	Twist Bioscience Corp.*		159,418
1,002	Tyra Biosciences Inc.*		33,477
3,648	Ultragenyx Pharmaceutical Inc.*		87,333
1,682	United Therapeutics Corp.*		936,571
1,388	Upstream Bio Inc.*		11,604
1,318	UroGen Pharma Ltd.*		37,075
2,091	Vanda Pharmaceuticals Inc.*		13,487
38,275	Vaxcyte Inc.*		1,967,335
2,262	Vera Therapeutics Inc., Class A Shares*		80,346
3,092	Veracyte Inc.*		143,283
2,411	Verastem Inc.*		10,440
2,012	Vericel Corp.*		67,060
4,353	Viking Therapeutics Inc.*		142,517
4,363	Vir Biotechnology Inc.*		41,623
3,310	Viridian Therapeutics Inc.*		58,322
1,855	Voyager Therapeutics Inc.*		7,179
2,434	Xencor Inc.*		28,916
26,381	Xenon Pharmaceuticals Inc.*		1,443,832
308	XOMA Royalty Corp.*		12,847
595	Zenas Biopharma Inc.*		10,948

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
HEALTH CARE - 12.0% - (continued)
Biotechnology - 5.6% - (continued)
1,925	Zymeworks Inc.*	$	48,375

	Total Biotechnology		42,184,315

Health Care Equipment & Supplies - 2.2%
143,098	Accuray Inc.*		54,148
4,614	Alphatec Holdings Inc.*		35,759
1,426	AngioDynamics Inc.*		16,370
1,773	Artivion Inc.*		39,343
23,181	AtriCure Inc.*		641,418
1,544	Avanos Medical Inc.*		38,291
1,795	AxoGen Inc.*		70,867
1,545	Beta Bionics Inc.*		18,725
1,304	Bioventus Inc., Class A Shares*		11,097
8,156	Butterfly Network Inc., Class A Shares*		37,110
1,306	Ceribell Inc.*		24,096
5,978	Cerus Corp.*		18,173
1,119	ClearPoint Neuro Inc.*		14,178
8,476	CONMED Corp.		302,593
577	CVRx Inc.*		3,220
21,766	CytoSorbents Corp.*		10,685
1,638	Delcath Systems Inc.*		17,658
77,314	DENTSPLY SIRONA Inc.		809,478
2,112	Embecta Corp.		7,139
2,311	Enovis Corp.*		52,413
74,833	Envista Holdings Corp.*		1,762,317
9,859	Glaukos Corp.*		1,018,928
26,195	Globus Medical Inc., Class A Shares*		2,144,847
35,814	Haemonetics Corp.*		2,428,547
950	ICU Medical Inc.*		128,621
934	Inogen Inc.*		6,062
1,139	Inspire Medical Systems Inc.*		47,109
10,806	Integer Holdings Corp.*		965,840
55,369	Integra LifeSciences Holdings Corp.*		888,119
356	iRadimed Corp.		32,275
1,256	IRhythm Holdings Inc.*		143,058
1,007	Kestra Medical Technologies Ltd.*		21,409
2,668	Lantheus Holdings Inc.*		264,932
811	LeMaitre Vascular Inc.		76,761
2,184	LivaNova PLC*		161,179
1,805	Masimo Corp.*		322,102
2,296	Merit Medical Systems Inc.*		144,786
78,024	Neogen Corp.*		699,875
698	NeuroPace Inc.*		11,545
3,902	Novocure Ltd.*		66,490
1,793	Omnicell Inc.*		79,143
90,352	OraSure Technologies Inc.*		388,514
1,242	Orthofix Medical Inc.*		11,513
640	OrthoPediatrics Corp.*		10,989
952	Outset Medical Inc.*		4,655
1,500	Penumbra Inc.*		477,450
2,058	Procept Biorobotics Corp.*		54,187
804	Pulse Biosciences Inc.*		20,100
78,305	QuidelOrtho Corp.*		1,019,531
1,740	RxSight Inc.*		9,274
129	Sanara Medtech Inc.*		2,940
1,878	SI-BONE Inc.*		26,480
1,548	Sight Sciences Inc.*		7,523
2,157	STAAR Surgical Co.*		64,473
1,846	Stereotaxis Inc.*		3,655
367	Strive Inc., Class B Shares*		6,485
864	Tactile Systems Technology Inc.*		21,263

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
HEALTH CARE - 12.0% - (continued)
Health Care Equipment & Supplies - 2.2% - (continued)
2,689	Tandem Diabetes Care Inc.*	$	46,251
1,750	Teleflex Inc.		225,120
1,301	TransMedics Group Inc.*		87,427
1,632	Treace Medical Concepts Inc.*		5,647
294	UFP Technologies Inc.*		64,709
72	Utah Medical Products Inc.		4,784
49,665	Varex Imaging Corp.*		508,073

	Total Health Care Equipment & Supplies		16,707,749

Health Care Providers & Services - 2.2%
55,330	Acadia Healthcare Co., Inc.*		1,283,656
2,779	Accendra Health Inc.*		7,892
4,190	AdaptHealth Corp., Class A Shares*		42,445
715	Addus HomeCare Corp.*		65,551
492	agilon health Inc.*		45,402
6,906	Alignment Healthcare Inc.*		105,800
1,682	AMN Healthcare Services Inc.*		48,728
998	Ardent Health Inc.*		9,212
1,741	Astrana Health Inc.*		65,496
2,866	Aveanna Healthcare Holdings Inc.*		20,549
17,813	BrightSpring Health Services Inc.*		1,098,706
9,165	Brookdale Senior Living Inc.*		117,954
1,162	Castle Biosciences Inc.*		24,495
556	Chemed Corp.		237,084
16,957	Clover Health Investments Corp., Class A Shares*		67,489
5,006	Community Health Systems Inc.*		13,616
4,758	Concentra Group Holdings Parent Inc.		118,332
1,096	CorVel Corp.*		67,678
1,226	Cross Country Healthcare Inc.*		16,048
1,481	DaVita Inc.*		287,847
3,490	DocGo Inc.*		2,296
14,737	Encompass Health Corp.		1,559,912
2,229	Ensign Group Inc. (The)		373,692
684	Fulgent Genetics Inc.*		12,408
742	GeneDx Holdings Corp., Class A Shares*		38,577
25,119	Guardant Health Inc.*		3,257,683
818	Guardian Pharmacy Services Inc., Class A Shares*		31,689
22,698	HealthEquity Inc.*		1,997,197
4,152	Henry Schein Inc.*		317,960
8,165	Hims & Hers Health Inc.*		213,515
1,173	Innovage Holding Corp.*		8,903
396	Joint Corp. (The)*		3,524
6,869	LifeStance Health Group Inc.*		52,960
1,907	Nano-X Imaging Ltd.*		3,661
522	National HealthCare Corp.		96,267
5,219	NeoGenomics Inc.*		54,904
468	NRC Health		9,140
127	Nutex Health Inc.*		16,397
23,187	OPKO Health Inc.*		33,853
6,469	Option Care Health Inc.*		135,008
1,726	PACS Group Inc.*		63,258
3,519	Pediatrix Medical Group Inc.*		75,799
1,404	Pennant Group Inc. (The)*		48,087
4,622	Privia Health Group Inc.*		99,419
2,834	Progyny Inc.*		72,437
29,742	RadNet Inc.*		1,651,573
4,299	Select Medical Holdings Corp.		70,934
169	Sonida Senior Living Inc.*		5,974
2,449	Strata Critical Medical Inc.*		15,453
3,070	Surgery Partners Inc.*		41,015
6,470	Talkspace Inc.*		33,644

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
HEALTH CARE - 12.0% - (continued)
Health Care Providers & Services - 2.2% - (continued)
13,950	Tenet Healthcare Corp.*	$	2,445,714
2,134	Universal Health Services Inc., Class B Shares		311,799
629	US Physical Therapy Inc.		40,420
1,066	Viemed Healthcare Inc.*		10,489

	Total Health Care Providers & Services		16,949,541

Health Care Technology - 0.1%
4,809	Certara Inc.*		27,988
381	Claritev Corp., Class A Shares*		9,571
2,036	Definitive Healthcare Corp., Class A Shares*		1,895
5,217	Doximity Inc., Class A Shares*		111,644
4,707	Evolent Health Inc., Class A Shares*		18,593
1,903	Health Catalyst Inc.*		2,626
1,050	HealthStream Inc.		26,219
1,029	HeartFlow Inc.*		31,878
1,245	LifeMD Inc.*		5,329
723	OptimizeRx Corp.*		3,752
2,224	Phreesia Inc.*		21,929
2,241	Schrodinger Inc.*		34,063
721	Simulations Plus Inc.*		12,336
6,863	Teladoc Health Inc.*		52,228
4,210	Waystar Holding Corp.*		83,821

	Total Health Care Technology		443,872

Life Sciences Tools & Services - 1.1%
4,549	10X Genomics Inc., Class A Shares*		128,759
74,955	Adaptive Biotechnologies Corp.*		1,135,568
26,060	Avantor Inc.*		237,667
26,819	Azenta Inc.*		613,619
1,615	BioLife Solutions Inc.*		40,246
746	Bio-Rad Laboratories Inc., Class A Shares*		233,110
31,887	Bio-Techne Corp.		1,647,920
4,103	Bruker Corp.		241,626
6,079	Charles River Laboratories International Inc.*		1,098,536
2,554	Codexis Inc.*		7,074
1,459	CryoPort Inc.*		22,892
4,282	Cytek Biosciences Inc.*		17,942
3,696	Fortrea Holdings Inc.*		56,881
2,081	Ginkgo Bioworks Holdings Inc.*		19,499
8,772	ICON PLC, ADR*		1,193,606
747	Lifecore Biomedical Inc.*		3,750
4,176	Maravai LifeSciences Holdings Inc., Class A Shares*		20,045
3,837	MaxCyte Inc.*		4,643
889	Medpace Holdings Inc.*		397,481
194	Mesa Laboratories Inc.		19,792
2,802	OmniAb Inc.*		7,565
234	OmniAb Inc., Class CR3 Shares*(c)		–
234	OmniAb Inc., Class CR4 Shares*(c)		–
9,612	Pacific Biosciences of California Inc.*		14,322
2,098	Personalis Inc.*		23,917
8,001	QIAGEN NV		292,757
1,291	Quanterix Corp.*		3,950
4,310	Quantum-Si Inc.*		5,129
2,092	Repligen Corp.*		259,303
8,640	Sotera Health Co.*		135,130
141,511	Standard BioTools Inc.*		162,738
3,894	Tempus AI Inc., Class A Shares*		196,530

	Total Life Sciences Tools & Services		8,241,997

Pharmaceuticals - 0.8%
1,965	Alumis Inc.*		42,444
94,445	Amneal Pharmaceuticals Inc.*		1,243,841
1,372	Amphastar Pharmaceuticals Inc.*		25,862

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
HEALTH CARE - 12.0% - (continued)
Pharmaceuticals - 0.8% - (continued)
3,710	Amylyx Pharmaceuticals Inc.*	$	53,238
738	ANI Pharmaceuticals Inc.*		57,940
4,028	Aquestive Therapeutics Inc.*		16,193
2,283	Arvinas Inc.*		20,501
3,052	Atea Pharmaceuticals Inc.*		14,253
1,625	Axsome Therapeutics Inc.*		381,030
1,242	Collegium Pharmaceutical Inc.*		41,744
3,696	Corcept Therapeutics Inc.*		256,835
2,648	CorMedix Inc.*		22,349
3,773	Crinetics Pharmaceuticals Inc.*		134,130
3,505	Definium Therapeutics Inc.*		84,786
2,733	Edgewise Therapeutics Inc.*		93,359
19,411	Elanco Animal Health Inc.*		462,952
1,649	Enliven Therapeutics Inc.*		65,251
8,762	Esperion Therapeutics Inc.*		27,425
974	Eton Pharmaceuticals Inc.*		29,658
1,980	Evolus Inc.*		12,989
2,895	EyePoint Inc.*		39,314
2,209	Fulcrum Therapeutics Inc.*		15,286
1,736	Harmony Biosciences Holdings Inc.*		54,840
1,223	Harrow Inc.*		43,062
4,729	Indivior Pharmaceuticals Inc.*		170,339
4,721	Innoviva Inc.*		101,124
2,294	Jazz Pharmaceuticals PLC*		542,508
512	LB Pharmaceuticals Inc.*		14,321
688	LENZ Therapeutics Inc.*		5,353
763	Ligand Pharmaceuticals Inc.*		176,985
2,648	Liquidia Corp.*		163,805
887	Maze Therapeutics Inc.*		23,470
1,397	MBX Biosciences Inc.*		43,964
414	MediWound Ltd.*		5,933
10,097	Nuvation Bio Inc.*		48,264
7,543	Ocular Therapeutix Inc.*		67,962
2,641	Omeros Corp.*		29,157
9,749	Organon & Co.		130,052
1,904	Pacira BioSciences Inc.*		44,211
5,636	Perrigo Co. PLC		62,278
1,333	Phathom Pharmaceuticals Inc.*		12,783
747	Phibro Animal Health Corp., Class A Shares		23,000
1,897	Prestige Consumer Healthcare Inc.*		90,164
1,037	Rapport Therapeutics Inc.*		40,962
4,240	Royalty Pharma PLC, Class A Shares		236,422
675	Septerna Inc.*		20,385
1,809	SIGA Technologies Inc.		8,466
2,148	Supernus Pharmaceuticals Inc.*		99,195
1,590	Tarsus Pharmaceuticals Inc.*		94,446
1,342	Theravance Biopharma Inc.*		21,553
866	Third Harmonic Bio Inc.*(c)		4,659
3,851	Trevi Therapeutics Inc.*		54,453
46,227	Viatris Inc.		751,651
4,467	WaVe Life Sciences Ltd.*		29,393
6,603	Xeris Biopharma Holdings Inc.*		40,674
1,968	Zevra Therapeutics Inc.*		22,809

	Total Pharmaceuticals		6,420,023

	TOTAL HEALTH CARE		90,947,497

INDUSTRIALS - 23.4%
Aerospace & Defense - 2.9%
1,635	AAR Corp.*		184,134
1,501	Aerovironment Inc.*		311,067
1,086	AerSale Corp.*		7,157

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INDUSTRIALS - 23.4% - (continued)
Aerospace & Defense - 2.9% - (continued)
25,571	Archer Aviation Inc., Class A Shares*	$	174,138
1,263	Astronics Corp.*		109,881
5,354	ATI Inc.*		937,807
3,632	BWX Technologies Inc.		711,436
651	Byrna Technologies Inc.*		4,062
1,111	Cadre Holdings Inc.		34,596
1,911	Carpenter Technology Corp.		896,221
1,498	Curtiss-Wright Corp.		1,119,920
585	Ducommun Inc.*		89,049
3,805	Eve Holding Inc.*		13,127
659	Firefly Aerospace Inc.*		30,637
29,196	FTAI Aviation Ltd.		7,600,887
3,162	Hexcel Corp.		283,916
1,558	Huntington Ingalls Industries Inc.		480,129
4,407	Intuitive Machines Inc., Class A Shares*		193,159
2,040	Karman Holdings Inc.*		117,300
7,061	Kratos Defense & Security Solutions Inc.*		452,822
3,072	Leonardo DRS Inc.		149,791
1,650	Loar Holdings Inc.*		106,392
24,087	Mercury Systems Inc.*		2,690,518
1,115	Moog Inc., Class A Shares		401,367
169	National Presto Industries Inc.		21,390
767	Park Aerospace Corp.		24,444
3,773	Red Cat Holdings Inc.*		54,708
2,481	Redwire Corp.*		60,958
16,501	Rocket Lab Corp.*		2,367,563
7,627	StandardAero Inc.*		218,437
6,984	Textron Inc.		640,852
830	V2X Inc.*		68,998
381	Voyager Technologies Inc., Class A Shares*		18,871
965	VSE Corp.		178,670
2,391	Woodward Inc.		836,922

	Total Aerospace & Defense		21,591,326

Air Freight & Logistics - 0.6%
14,539	CH Robinson Worldwide Inc.		2,597,392
889	Forward Air Corp.*		9,406
31,776	GXO Logistics Inc.*		1,592,295
2,458	Hub Group Inc., Class A Shares		102,105
1,397	Radiant Logistics Inc.*		11,861

	Total Air Freight & Logistics		4,313,059

Building Products - 1.2%
2,638	AAON Inc.		369,848
2,837	Advanced Drainage Systems Inc.		394,797
3,424	Allegion PLC		445,360
4,504	AO Smith Corp.		255,467
933	Apogee Enterprises Inc.		35,837
1,726	Armstrong World Industries Inc.		272,535
1,141	AZZ Inc.		154,617
635	CSW Industrials Inc.		175,876
4,753	Fortune Brands Innovations Inc.		185,082
27,169	Gibraltar Industries Inc.*		1,050,082
1,499	Griffon Corp.		131,882
8,026	Hayward Holdings Inc.*		113,247
860	Insteel Industries Inc.		23,641
5,288	Janus International Group Inc.*		28,238
3,220	JELD-WEN Holding Inc.*		6,955
7,786	Masterbrand Inc.*		67,582
2,047	Modine Manufacturing Co.*		570,929
3,337	Owens Corning		419,861
1,649	Quanex Building Products Corp.		30,688

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INDUSTRIALS - 23.4% - (continued)
Building Products - 1.2% - (continued)
108,132	Resideo Technologies Inc.*	$	3,381,288
1,652	Simpson Manufacturing Co., Inc.		313,450
981	Tecnoglass Inc.		42,271
4,186	Trex Co., Inc.*		173,300
2,322	UFP Industries Inc.		188,082
5,938	Zurn Elkay Water Solutions Corp.		279,086

	Total Building Products		9,110,001

Commercial Services & Supplies - 1.6%
2,386	ABM Industries Inc.		93,197
3,374	ACCO Brands Corp.		13,361
6,510	ACV Auctions Inc., Class A Shares*		42,771
2,668	BrightView Holdings Inc.*		32,976
1,641	Brink’s Co. (The)		170,697
23,823	Casella Waste Systems Inc., Class A Shares*		1,957,536
635	Cimpress PLC*		62,586
5,890	Clean Harbors Inc.*		1,655,267
4,200	CoreCivic Inc.*		88,536
1,679	Deluxe Corp.		40,783
887	Ennis Inc.		18,148
153,718	Enviri Corp.*		3,189,649
5,281	GEO Group Inc. (The)*		119,720
2,842	Healthcare Services Group Inc.*		58,545
2,758	HNI Corp.		86,022
2,395	Interface Inc., Class A Shares		70,892
950	Liquidity Services Inc.*		34,400
2,921	MillerKnoll Inc.		47,262
1,483	MSA Safety Inc.		245,881
1,142	Onterris Inc.*		18,283
91,011	OPENLANE Inc.*		3,467,519
656	Perma-Fix Environmental Services Inc.*		6,442
4,052	Pitney Bowes Inc.		65,237
1,121	Quad/Graphics Inc.		8,351
10,546	Tetra Tech Inc.		289,910
567	UniFirst Corp.		150,493
5,190	Vestis Corp.*		67,055
1,743	Virco Mfg. Corp.		10,510

	Total Commercial Services & Supplies		12,112,029

Construction & Engineering - 4.2%
5,253	AECOM		364,401
1,144	Ameresco Inc., Class A Shares*		41,161
64,499	API Group Corp.*		2,644,459
20,552	Arcosa Inc.		2,604,966
516	Argan Inc.		344,182
459	Bowman Consulting Group Ltd.*		14,472
7,378	Cardinal Infrastructure Group Inc., Class A Shares*		382,844
24,214	Centuri Holdings Inc.*		744,338
5,350	Comfort Systems USA Inc.		9,780,924
792	Concrete Pumping Holdings Inc.*		6,193
1,830	Construction Partners Inc., Class A Shares*		213,140
1,100	Dycom Industries Inc.*		561,000
1,760	EMCOR Group Inc.		1,455,203
13,521	Everus Construction Group Inc.*		2,011,519
6,349	Fluor Corp.*		290,530
1,706	Granite Construction Inc.		233,449
368	IES Holdings Inc.*		249,633
27,790	Legence Corp., Class A Shares*		2,327,135
441	Limbach Holdings Inc.*		34,156
2,457	MasTec Inc.*		929,655
910	Matrix Service Co.*		11,948
611	MYR Group Inc.*		284,152

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INDUSTRIALS - 23.4% - (continued)
Construction & Engineering - 4.2% - (continued)
331	NWPX Infrastructure Inc.*	$	39,045
1,971	Orion Group Holdings Inc.*		27,121
21,805	Primoris Services Corp.		2,742,633
1,187	Sterling Infrastructure Inc.*		1,021,817
1,710	Tutor Perini Corp.		122,248
786	Valmont Industries Inc.		408,571
74,269	WillScot Holdings Corp.		1,910,941

	Total Construction & Engineering		31,801,836

Electrical Equipment - 3.8%
1,221	Acuity Inc.		372,539
524	Allient Inc.		41,480
1,795	American Superconductor Corp.*		91,437
4,119	Amprius Technologies Inc.*		83,533
5,634	Array Technologies Inc.*		51,157
1,312	Atkore Inc.		108,647
70,947	Babcock & Wilcox Enterprises Inc.*		1,308,972
32,716	Bloom Energy Corp., Class A Shares*		9,324,060
1,517	EnerSys		345,831
7,041	Enovix Corp.*		56,187
12,475	Eos Energy Enterprises Inc.*		105,164
2,988	Fluence Energy Inc., Class A Shares*		56,413
38,030	Forgent Power Solutions Inc., Class A Shares*		2,078,720
2,300	Generac Holdings Inc.*		639,193
5,348	Hyliion Holdings Corp.*		37,383
1,002	LSI Industries Inc.		24,279
1,577	NANO Nuclear Energy Inc.*		45,544
36,265	Nextpower Inc., Class A Shares*		5,671,846
4,917	NuScale Power Corp.*		62,298
6,426	nVent Electric PLC		1,073,078
42,795	Plug Power Inc.*		169,040
1,143	Powell Industries Inc.		325,092
318	Power Solutions International Inc.*		13,254
90	Preformed Line Products Co.		33,284
19,087	Regal Rexnord Corp.		3,850,993
43,458	Sensata Technologies Holding PLC		2,146,391
7,023	Shoals Technologies Group Inc., Class A Shares*		87,436
9,126	Sunrun Inc.*		152,587
1,252	Thermon Group Holdings Inc.*		76,547
941	Vicor Corp.*		315,084

	Total Electrical Equipment		28,747,469

Ground Transportation - 1.2%
9,872	ArcBest Corp.		1,349,404
647	Avis Budget Group Inc.*		113,769
389	Covenant Logistics Group Inc., Class A Shares		15,443
3,612	FTAI Infrastructure Inc.		16,110
1,235	Heartland Express Inc.		18,513
4,115	Hertz Global Holdings Inc.*		22,221
31,392	Knight-Swift Transportation Holdings Inc., Class A Shares		2,374,177
1,367	Landstar System Inc.		282,832
15,651	Lyft Inc., Class A Shares*		220,836
2,464	Marten Transport Ltd.		42,479
483	Proficient Auto Logistics Inc.*		2,642
6,695	RXO Inc.*		171,258
1,564	Ryder System Inc.		392,329
4,870	Saia Inc.*		2,300,442
2,045	Schneider National Inc., Class B Shares		72,270
4,104	U-Haul Holding Co.		213,490
228	U-Haul Holding Co.*		13,199
247	Universal Logistics Holdings Inc.		3,930
2,442	Werner Enterprises Inc.		101,367

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INDUSTRIALS - 23.4% - (continued)
Ground Transportation - 1.2% - (continued)
4,577	XPO Inc.*	$	980,622

	Total Ground Transportation		8,707,333

Industrial Conglomerates - 0.0%@
985	Brookfield Business Corp., Class A Shares		32,338

Machinery - 3.7%
4,557	3D Systems Corp.*		16,268
1,292	Aebi Schmidt Holding AG		16,124
2,436	AGCO Corp.		273,514
382	Alamo Group Inc.		57,571
8,577	Albany International Corp., Class A Shares		554,846
1,755	Alliance Laundry Holdings Inc.*		44,314
3,309	Allison Transmission Holdings Inc.		375,671
999	Astec Industries Inc.		50,310
3,249	Atmus Filtration Technologies Inc.		151,988
1,180	Blue Bird Corp.*		79,969
1,210	CECO Environmental Corp.*		90,447
1,765	Chart Industries Inc.*		366,802
88,034	CNH Industrial NV		898,827
1,020	Columbus McKinnon Corp.		16,279
1,933	Crane Co.		353,739
4,633	Donaldson Co., Inc.		379,304
1,076	Douglas Dynamics Inc.		47,936
259	Eastern Co. (The)		5,576
1,896	Energy Recovery Inc.*		15,490
2,097	Enerpac Tool Group Corp., Class A Shares		70,229
840	Enpro Inc.		257,872
2,236	Esab Corp.		206,673
1,005	ESCO Technologies Inc.		293,360
2,341	Federal Signal Corp.		249,785
5,122	Flowserve Corp.		386,762
1,502	Franklin Electric Co., Inc.		147,767
10,017	Gates Industrial Corp. PLC*		259,641
383	Gencor Industries Inc.*		5,404
875	Gorman-Rupp Co. (The)		65,581
6,557	Graco Inc.		494,726
393	Graham Corp.*		39,355
1,175	Greenbrier Cos., Inc. (The)		55,354
16,373	Helios Technologies Inc.		1,360,433
72,186	Hillman Solutions Corp.*		538,508
607	Hyster-Yale Inc.		22,046
17,749	ITT Inc.		3,461,055
12,352	JBT Marel Corp.		1,659,985
447	Kadant Inc.		142,673
3,000	Kennametal Inc.		98,400
313	LB Foster Co., Class A Shares*		12,877
2,136	Lincoln Electric Holdings Inc.		552,135
425	Lindsay Corp.		46,448
1,115	Luxfer Holdings PLC, ADR		18,988
1,096	Manitowoc Co., Inc. (The)*		12,966
528	Mayville Engineering Co., Inc.*		14,177
7,061	Microvast Holdings Inc.*		10,945
1,902	Middleby Corp. (The)*		294,829
392	Miller Industries Inc.		18,781
4,324	Mueller Industries Inc.		556,066
5,972	Mueller Water Products Inc., Class A Shares		150,554
2,113	Nordson Corp.		607,128
108	Omega Flex Inc.		3,265
13,986	Oshkosh Corp.		1,818,180
319	Park-Ohio Holdings Corp.		10,387
17,484	Pentair PLC		1,238,567

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INDUSTRIALS - 23.4% - (continued)
Machinery - 3.7% - (continued)
926	Proto Labs Inc.*	$	70,154
1,239	RBC Bearings Inc.*		708,658
7,879	Richtech Robotics Inc., Class B Shares*		23,795
2,036	Snap-on Inc.		755,784
5,952	SPX Technologies Inc.*		1,289,560
475	Standex International Corp.		131,580
6,194	Stanley Black & Decker Inc.		491,927
121,883	Stratasys Ltd.*		1,284,647
15,703	Tennant Co.		1,352,185
27,420	Terex Corp.		1,595,296
2,477	Timken Co. (The)		317,006
1,850	Titan International Inc.*		13,357
3,930	Toro Co. (The)		353,228
3,126	Trinity Industries Inc.		101,407
1,696	Wabash National Corp.		13,449
1,097	Watts Water Technologies Inc., Class A Shares		338,951
1,278	Worthington Enterprises Inc.		72,552

	Total Machinery		27,890,413

Marine Transportation - 0.3%
314	Costamare Bulkers Holdings Ltd.*		5,068
1,560	Costamare Inc.		23,993
1,379	Genco Shipping & Trading Ltd.		33,179
1,003	Himalaya Shipping Ltd.*		14,794
12,633	Kirby Corp.*		1,776,074
1,261	Matson Inc.		228,619
981	Pangaea Logistics Solutions Ltd.		7,426
2,012	Safe Bulkers Inc.		12,575

	Total Marine Transportation		2,101,728

Passenger Airlines - 0.1%
4,544	Alaska Air Group Inc.*		209,115
1,002	Allegiant Travel Co.*		91,793
25,904	American Airlines Group Inc.*		379,234
2,552	Frontier Group Holdings Inc.*		15,440
13,336	JetBlue Airways Corp.*		72,948
19,448	Joby Aviation Inc.*		231,431
1,603	SkyWest Inc.*		137,297

	Total Passenger Airlines		1,137,258

Professional Services - 2.1%
183,205	Alight Inc., Class A Shares		172,634
6,296	Amentum Holdings Inc.*		146,256
930	Asure Software Inc.*		8,603
1,058	Barrett Business Services Inc.		34,427
1,458	BlackSky Technology Inc., Class A Shares*		70,669
3,600	CACI International Inc., Class A Shares*		1,848,636
1,887	CBIZ Inc.*		62,648
14,295	Clarivate PLC*		36,166
1,682	Concentrix Corp.		47,584
292,716	Conduent Inc.*		506,399
236	CRA International Inc.		32,745
6,229	ExlService Holdings Inc.*		180,828
2,034	Exponent Inc.		118,623
97,576	First Advantage Corp.*		1,561,216
378	Franklin Covey Co.*		8,966
1,219	FTI Consulting Inc.*		186,727
6,307	Genpact Ltd.		207,816
811	HireQuest Inc.		10,665
656	Huron Consulting Group Inc.*		70,448
354	IBEX Holdings Ltd.*		11,201
13,873	ICF International Inc.		955,017
1,167	Innodata Inc.*		122,512

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INDUSTRIALS - 23.4% - (continued)
Professional Services - 2.1% - (continued)
3,267	Insperity Inc.	$	112,614
99,773	KBR Inc.		3,487,066
1,168	Kelly Services Inc., Class A Shares		13,572
781	Kforce Inc.		36,699
2,114	Korn Ferry		147,938
4,890	Legalzoom.com Inc.*		30,758
1,728	ManpowerGroup Inc.		54,657
2,176	Maximus Inc.		134,760
735	Mistras Group Inc.*		12,921
2,067	Parsons Corp.*		122,160
1,738	Paylocity Holding Corp.*		199,748
65,234	Planet Labs PBC*		3,336,067
138	Resolute Holdings Management Inc.*		16,419
1,081	Resources Connection Inc.		4,886
49,730	Robert Half Inc.		1,464,051
1,832	Science Applications International Corp.		190,894
751	Spire Global Inc., Class A Shares*		17,153
7,819	TIC Solutions Inc.*		63,881
2,066	TriNet Group Inc.		94,375
878	TrueBlue Inc.*		5,452
932	TTEC Holdings Inc.*		2,535
4,715	Upwork Inc.*		41,586
6,158	Verra Mobility Corp., Class A Shares*		27,773
548	Willdan Group Inc.*		49,780

	Total Professional Services		16,068,531

Trading Companies & Distributors - 1.7%
21,526	AerCap Holdings NV		3,000,509
990	Alta Equipment Group Inc.*		6,098
9,329	Applied Industrial Technologies Inc.		2,834,243
302	BlueLinx Holdings Inc.*		15,701
16,568	Boise Cascade Co.		1,155,121
30,537	Core & Main Inc., Class A Shares*		1,510,055
1,734	Custom Truck One Source Inc.*		16,612
406	Distribution Solutions Group Inc.*		10,962
7,161	DNOW Inc.*		91,589
536	DXP Enterprises Inc.*		77,752
247	EVI Industries Inc.		4,313
9,394	GATX Corp.		1,588,338
431	Global Industrial Co.		13,102
1,268	Herc Holdings Inc.		168,644
1,559	Hudson Technologies Inc.*		8,294
210	Karat Packaging Inc.		5,695
985	McGrath RentCorp.		107,355
1,789	MSC Industrial Direct Co., Inc., Class A Shares		195,842
3,165	NPK International Inc.*		45,956
24,374	QXO Inc.*(a)		420,452
2,336	Rush Enterprises Inc., Class A Shares		161,955
382	Rush Enterprises Inc., Class B Shares		24,792
1,742	SiteOne Landscape Supply Inc.*		189,181
709	Titan Machinery Inc.*		15,470
392	Transcat Inc.*		33,132
1,394	Watsco Inc.		511,737
1,923	WESCO International Inc.		694,530
114	Willis Lease Finance Corp.		20,179
1,711	Xometry Inc., Class A Shares*		163,041

	Total Trading Companies & Distributors		13,090,650

Transportation Infrastructure - 0.0%@
401	Sky Harbour Group Corp., Class A Shares*		3,766

	TOTAL INDUSTRIALS		176,707,737

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INFORMATION TECHNOLOGY - 22.2%
Communications Equipment - 3.3%
3,016	ADTRAN Holdings Inc.*	$	49,915
9,659	Applied Optoelectronics Inc.*		1,530,082
430	Aviat Networks Inc.*		7,641
65,299	Calix Inc.*		2,595,635
12,207	Ciena Corp.*		7,082,868
398	Clearfield Inc.*		18,794
1,500	Digi International Inc.*		100,200
5,520	Extreme Networks Inc.*		146,335
8,595	F5 Inc.*		3,295,753
4,836	Harmonic Inc.*		73,072
2,811	Lumentum Holdings Inc.*		2,403,293
971	NETGEAR Inc.*		25,236
2,757	NetScout Systems Inc.*		114,746
342,976	Ribbon Communications Inc.*		1,056,366
73,436	ViaSat Inc.*		5,920,410
8,633	Viavi Solutions Inc.*		419,218
8,337	Vistance Networks Inc.*		104,046

	Total Communications Equipment		24,943,610

Electronic Equipment, Instruments & Components - 5.2%
1,700	908 Devices Inc.*		14,297
1,485	Advanced Energy Industries Inc.		448,737
1,450	Aeva Technologies Inc.*		40,861
4,101	Arlo Technologies Inc.*		54,707
2,083	Arrow Electronics Inc.*		447,074
27,030	Avnet Inc.		2,349,718
1,185	Badger Meter Inc.		146,822
83	Bel Fuse Inc., Class A Shares		20,330
399	Bel Fuse Inc., Class B Shares		109,534
1,549	Belden Inc.		162,769
1,489	Benchmark Electronics Inc.		125,761
634	Climb Global Solutions Inc.		13,726
6,612	Cognex Corp.		435,400
11,156	Coherent Corp.*		4,032,559
33,707	Crane NXT Co.		1,309,180
1,233	CTS Corp.		79,171
1,456	Daktronics Inc.*		30,110
1,046	ePlus Inc.		85,866
5,809	Evolv Technologies Holdings Inc.*		37,468
6,043	Fabrinet*		3,953,089
14,688	Flex Ltd.*		2,214,657
165	Frequency Electronics Inc.*		12,520
1,086	Ingram Micro Holding Corp.		30,680
72,342	Innoviz Technologies Ltd.*		55,204
1,160	Insight Enterprises Inc.*		123,401
22,878	IPG Photonics Corp.*		2,619,989
14,102	Itron Inc.*		1,163,133
4,192	Jabil Inc.		1,528,236
833	Kimball Electronics Inc.*		21,600
3,631	Knowles Corp.*		135,836
972	Littelfuse Inc.		453,798
1,365	Methode Electronics Inc.		15,752
8,385	MicroVision Inc.*		5,087
9,567	Mirion Technologies Inc., Class A Shares*		174,885
1,353	Napco Security Technologies Inc.		50,778
22,320	nLight Inc.*		1,654,358
1,404	Novanta Inc.*		223,699
8,314	OSI Systems Inc.*		1,802,060
2,176	Ouster Inc.*		100,205
382	PC Connection Inc.		26,583
16,338	Plexus Corp.*		4,384,466

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INFORMATION TECHNOLOGY - 22.2% - (continued)
Electronic Equipment, Instruments & Components - 5.2% - (continued)
4,925	Powerfleet Inc.*	$	19,257
381	Richardson Electronics Ltd.		6,469
6,819	Rogers Corp.*		965,025
2,036	Sanmina Corp.*		528,810
898	ScanSource Inc.*		41,550
11,869	TD SYNNEX Corp.		3,101,132
2,590	Teledyne Technologies Inc.*		1,605,360
4,129	TTM Technologies Inc.*		717,290
4,967	Vishay Intertechnology Inc.		258,532
408	Vishay Precision Group Inc.*		51,126
5,702	Vontier Corp.		161,823
4,369	Zebra Technologies Corp., Class A Shares*		1,064,419

	Total Electronic Equipment, Instruments & Components		39,214,899

IT Services - 0.8%
4,267	Amdocs Ltd.		268,693
38,531	Applied Digital Corp.*		1,821,746
1,395	Backblaze Inc., Class A Shares*		11,551
18,248	BigBear.ai Holdings Inc.*		91,970
2,560	Commerce.com Inc.*		8,013
2,667	DigitalOcean Holdings Inc.*		415,919
7,491	DXC Technology Co.*		74,236
2,160	EPAM Systems Inc.*		221,314
1,632	Everforth Inc.*		37,014
5,270	Fastly Inc., Class A Shares*		93,621
18,984	Globant SA*		766,194
2,754	Grid Dynamics Holdings Inc.*		19,829
903	Hackett Group Inc. (The)		10,411
1,670	Information Services Group Inc.		7,532
96,156	Kyndryl Holdings Inc.*		1,199,065
2,830	Rackspace Technology Inc.*		14,631
837	TSS Inc.*		13,794
328	Tucows Inc., Class A Shares*		4,972
116,443	Unisys Corp.*		534,473
3,110	VTEX, Class A Shares*		11,725
5,969	Wix.com Ltd.*		334,622

	Total IT Services		5,961,325

Semiconductors & Semiconductor Equipment - 5.9%
1,925	ACM Research Inc., Class A Shares*		166,628
1,105	Aehr Test Systems*		102,025
5,009	Allegro MicroSystems Inc.*		239,781
847	Alpha & Omega Semiconductor Ltd.*		38,411
1,597	Ambarella Inc.*		115,271
4,507	Amkor Technology Inc.		313,507
5,019	Astera Labs Inc.*		1,720,764
1,250	Axcelis Technologies Inc.*		188,013
27,084	CEVA Inc.*		1,082,818
2,056	Cirrus Logic Inc.*		349,417
1,724	Cohu Inc.*		90,941
25,719	Credo Technology Group Holding Ltd.*		6,070,456
1,860	Diodes Inc.*		195,895
4,969	Enphase Energy Inc.*		339,681
13,373	FormFactor Inc.*		1,666,142
1,166	Ichor Holdings Ltd.*		83,392
1,094	Impinj Inc.*		165,194
162,964	indie Semiconductor Inc., Class A Shares*(a)		813,190
5,316	Kopin Corp.*		30,354
2,164	Kulicke & Soffa Industries Inc.		220,490
15,706	Lattice Semiconductor Corp.*		2,310,039
7,134	MACOM Technology Solutions Holdings Inc.*		2,601,342
3,486	MaxLinear Inc., Class A Shares*		323,954

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INFORMATION TECHNOLOGY - 22.2% - (continued)
Semiconductors & Semiconductor Equipment - 5.9% - (continued)
9,691	MKS Inc.	$	3,142,404
6,407	Navitas Semiconductor Corp., Class A Shares*		170,426
151	NVE Corp.		14,789
11,224	ON Semiconductor Corp.*		1,353,839
1,953	Onto Innovation Inc.*		504,343
1,114	PDF Solutions Inc.*		54,397
2,268	Penguin Solutions Inc.*		126,622
2,261	Photronics Inc.*		73,143
2,120	Power Integrations Inc.		178,080
3,323	Qorvo Inc.*		344,130
32,469	Rambus Inc.*		4,722,941
12,458	Rigetti Computing Inc.*		318,177
27,907	Semtech Corp.*		4,256,934
1,290	Silicon Laboratories Inc.*		280,704
3,024	Silicon Motion Technology Corp., ADR		837,255
865	SiTime Corp.*		614,323
1,281	SkyWater Technology Inc.*		49,933
5,844	Skyworks Solutions Inc.		454,955
7,877	Synaptics Inc.*		1,081,355
5,136	T1 Energy Inc.*		54,236
1,923	Ultra Clean Holdings Inc.*		164,551
15,741	Universal Display Corp.		1,450,061
87,181	Veeco Instruments Inc.*		5,025,113

	Total Semiconductors & Semiconductor Equipment		44,500,416

Software - 4.8%
4,485	8x8 Inc.*		9,284
2,872	A10 Networks Inc.		86,562
32,673	ACI Worldwide Inc.*		1,426,830
74,516	Adeia Inc.		1,991,068
1,009	Agilysys Inc.*		87,339
1,868	Alarm.com Holdings Inc.*		84,265
2,739	Alkami Technology Inc.*		49,768
3,529	Amplitude Inc., Class A Shares*		27,597
891	Appfolio Inc., Class A Shares*		143,602
1,469	Appian Corp., Class A Shares*		34,375
940	Arteris Inc.*		33,793
3,442	Asana Inc., Class A Shares*		26,503
1,166	AudioEye Inc.*		8,955
47,738	Aurora Innovation Inc., Class A Shares*		350,397
6,674	AvePoint Inc.*		72,813
6,452	Bentley Systems Inc., Class B Shares		210,593
3,338	BILL Holdings Inc.*		123,573
14,097	Bit Digital Inc.*		28,476
3,796	Bitdeer Technologies Group, Class A Shares*		66,392
1,495	Blackbaud Inc.*		45,882
2,037	BlackLine Inc.*		59,888
9,890	Blend Labs Inc., Class A Shares*		17,703
5,628	Box Inc., Class A Shares*		151,731
76,326	Braze Inc., Class A Shares*		1,956,235
4,763	C3.ai Inc., Class A Shares*		51,298
22,959	CCC Intelligent Solutions Holdings Inc.*		107,907
1,564	Cerence Inc.*		20,113
12,969	Cipher Digital Inc.*		306,717
11,125	Cleanspark Inc.*		203,476
3,467	Clear Secure Inc., Class A Shares		192,245
11,047	Clearwater Analytics Holdings Inc., Class A Shares*		268,884
129,506	Cognyte Software Ltd.*		1,498,384
1,721	Commvault Systems Inc.*		204,369
708	Consensus Cloud Solutions Inc.*		24,320
11,590	Core Scientific Inc.*		311,191

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INFORMATION TECHNOLOGY - 22.2% - (continued)
Software - 4.8% - (continued)
888	CS Disco Inc.*	$	3,543
51	Daily Journal Corp.*		26,373
10,316	Descartes Systems Group Inc. (The)*		761,011
593	Digimarc Corp.*		8,717
3,426	Digital Turbine Inc.*		30,080
2,447	Dolby Laboratories Inc., Class A Shares		136,567
1,235	Domo Inc., Class B Shares*		5,150
7,127	Dropbox Inc., Class A Shares*		191,574
13,105	D-Wave Quantum Inc.*		394,985
70,343	Dynatrace Inc.*		2,995,908
774	eGain Corp.*		5,751
3,748	Elastic NV*		242,496
859	EverCommerce Inc.*		9,664
3,181	Five9 Inc.*		77,457
8,127	Freshworks Inc., Class A Shares*		78,913
21,941	Gen Digital Inc.		565,858
66,112	Gitlab Inc., Class A Shares*		2,052,778
16,947	Guidewire Software Inc.*		2,587,298
3,836	Hut 8 Corp.*		478,848
783	I3 Verticals Inc., Class A Shares*		15,942
2,242	Intapp Inc.*		51,768
1,030	InterDigital Inc.		259,653
3,909	Kaltura Inc.*		5,981
813	Life360 Inc.*		34,544
34,417	LiveRamp Holdings Inc.*		1,292,703
2,412	Manhattan Associates Inc.*		361,921
14,479	MARA Holdings Inc.*		208,208
1,609	Mitek Systems Inc.*		27,643
10,924	Monday.com Ltd.*		913,465
2,521	N-able Inc.*		9,328
4,386	nCino Inc.*		70,527
130,216	NCR Voyix Corp.*		936,253
3,422	NextNav Inc.*		70,562
7,166	Nice Ltd., ADR*		664,002
10,286	Nutanix Inc., Class A Shares*		535,592
37,607	OneSpan Inc.		543,045
856	Ooma Inc.*		15,108
1,894	Pagaya Technologies Ltd., Class A Shares*		28,637
3,233	PagerDuty Inc.*		32,168
1,589	PAR Technology Corp.*		24,534
3,424	Pegasystems Inc.		122,340
2,912	Porch Group Inc.*		30,343
30,808	Procore Technologies Inc.*		1,524,688
1,587	Progress Software Corp.*		52,101
2,408	Q2 Holdings Inc.*		114,019
1,397	Qualys Inc.*		152,678
38,242	Radware Ltd.*		1,160,262
2,566	Rapid7 Inc.*		21,503
401	Red Violet Inc.*		22,793
412	ReposiTrak Inc.		4,256
6,861	Rezolve AI PLC*(a)		20,446
1,679	Rimini Street Inc.*		6,565
3,319	RingCentral Inc., Class A Shares		143,746
13,634	Riot Platforms Inc.*		369,618
5,349	Rubrik Inc., Class A Shares*		420,592
2,609	SailPoint Inc.*		49,127
11,608	SentinelOne Inc., Class A Shares*		192,112
14,337	SoundHound AI Inc., Class A Shares*		129,033
4,198	Sprinklr Inc., Class A Shares*		23,425
1,984	Sprout Social Inc., Class A Shares*		14,840

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
INFORMATION TECHNOLOGY - 22.2% - (continued)
Software - 4.8% - (continued)
1,468	SPS Commerce Inc.*	$	83,309
1,914	Telos Corp.*		9,168
5,030	Tenable Holdings Inc.*		141,997
3,864	Teradata Corp.*		131,569
12,286	Terawulf Inc.*		314,030
1,540	Thryv Holdings Inc.*		5,975
89,090	UiPath Inc., Class A Shares*		1,044,135
12,810	Unity Software Inc.*		390,321
62,890	Varonis Systems Inc., Class B Shares*		2,147,693
2,750	Vertex Inc., Class A Shares*		36,712
581	Viant Technology Inc., Class A Shares*		7,390
3,379	Weave Communications Inc.*		20,342
1,963	Workiva Inc., Class A Shares*		97,718
57,991	Xperi Inc.*		461,028
3,859	Yext Inc.*		16,131
7,491	Zeta Global Holdings Corp., Class A Shares*		171,469

	Total Software		36,690,557

Technology Hardware, Storage & Peripherals - 2.2%
1,659	Corsair Gaming Inc.*		20,140
222	CPI Card Group Inc.*		3,767
1,093	Diebold Nixdorf Inc.*		88,686
2,531	Eastman Kodak Co.*		25,108
12,346	Everpure Inc., Class A Shares*		981,631
2,240	GPGI Inc., Class A Shares		27,238
1,108	Immersion Corp.		7,180
51,799	IonQ Inc.*(a)		3,733,154
7,915	Quantum Computing Inc.*(a)		94,663
6,673	Sandisk Corp.*		11,310,602
705	Turtle Beach Corp.*		9,193
5,507	Xerox Holdings Corp.		17,843

	Total Technology Hardware, Storage & Peripherals		16,319,205

	TOTAL INFORMATION TECHNOLOGY		167,630,012

MATERIALS - 4.1%
Chemicals - 1.7%
913	AdvanSix Inc.		20,488
4,687	Albemarle Corp.		826,881
1,089	American Vanguard Corp.*		2,810
1,141	Arq Inc.*		3,149
1,848	Ashland Inc.		106,999
3,522	ASP Isotopes Inc.*		27,401
2,687	Aspen Aerogels Inc.*		17,197
83,963	Avient Corp.		2,973,969
8,530	Axalta Coating Systems Ltd.*		262,468
1,267	Balchem Corp.		198,577
2,116	Cabot Corp.		185,171
4,377	Celanese Corp., Class A Shares		232,550
6,112	Chemours Co. (The)		135,442
296	Core Molding Technologies Inc.*		7,012
4,620	Eastman Chemical Co.		350,519
4,306	Ecovyst Inc.*		56,796
40,643	Element Solutions Inc.		1,724,483
5,051	FMC Corp.		68,997
751	Hawkins Inc.		116,232
21,199	HB Fuller Co.		1,358,432
6,648	Huntsman Corp.		102,047
1,504	Ingevity Corp.*		102,001
954	Innospec Inc.		79,125
388	Intrepid Potash Inc.*		15,159
719	Koppers Holdings Inc.		29,335
730	Kronos Worldwide Inc.		5,249

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
MATERIALS - 4.1% - (continued)
Chemicals - 1.7% - (continued)
1,843	LSB Industries Inc.*	$	23,111
1,983	Mativ Holdings Inc.		17,609
1,221	Minerals Technologies Inc.		94,041
12,689	Mosaic Co. (The)		303,267
230	NewMarket Corp.		177,923
4,554	Olin Corp.		117,812
2,035	Orion SA		15,547
5,547	Perimeter Solutions Inc.*		179,057
5,574	PureCycle Technologies Inc.*		69,062
559	Quaker Chemical Corp.		80,233
2,339	Rayonier Advanced Materials Inc.*		21,402
18,882	RPM International Inc.		2,000,926
1,706	Scotts Miracle-Gro Co. (The)		100,654
1,649	Sensient Technologies Corp.		187,739
888	Stepan Co.		46,931
4,249	Tronox Holdings PLC		33,780
437	Valhi Inc.		6,288

	Total Chemicals		12,483,871

Construction Materials - 0.2%
6,372	Eagle Materials Inc.		1,409,359
6,082	James Hardie Industries PLC*		141,589
2,225	Knife River Corp.*		174,685
150	Smith-Midland Corp.*		4,807
1,015	Titan America SA*		16,514
444	United States Lime & Minerals Inc.		50,612

	Total Construction Materials		1,797,566

Containers & Packaging - 0.8%
2,620	AptarGroup Inc.		303,527
5,070	Ardagh Metal Packaging SA		20,432
16,083	Avery Dennison Corp.		2,558,323
4,598	Crown Holdings Inc.		437,178
11,813	Graphic Packaging Holding Co.		133,014
1,040	Greif Inc., Class A Shares		65,863
183	Greif Inc., Class B Shares		14,695
1,288	Myers Industries Inc.		29,367
119,327	O-I Glass Inc.*		1,044,111
3,496	Packaging Corp. of America		765,309
1,720	Ranpak Holdings Corp., Class A Shares*		11,868
3,595	Silgan Holdings Inc.		135,028
3,935	Sonoco Products Co.		191,556
1,452	TriMas Corp.		59,430

	Total Containers & Packaging		5,769,701

Metals & Mining - 1.4%
10,323	Alcoa Corp.		801,478
445	Alpha Metallurgical Resources Inc.*		88,542
5,205	American Battery Technology Co.*		18,790
639	Caledonia Mining Corp. PLC		15,183
2,039	Century Aluminum Co.*		134,513
135,151	Cleveland-Cliffs Inc.*		1,838,054
61,263	Coeur Mining Inc.		1,183,601
4,442	Commercial Metals Co.		337,814
1,607	Compass Minerals International Inc.*		51,295
5,579	Constellium SE, Class A Shares*		191,136
463	Contango Silver & Gold Inc.*		9,311
1,823	Critical Metals Corp.*(a)		20,418
2,666	Dakota Gold Corp.*		15,356
5,451	Ferroglobe PLC		23,603
25,157	Hecla Mining Co.		447,040
472	Idaho Strategic Resources Inc.*		18,460
4,701	Ivanhoe Electric Inc.*		63,275

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
MATERIALS - 4.1% - (continued)
Metals & Mining - 1.4% - (continued)
622	Kaiser Aluminum Corp.	$	113,229
1,164	Lifezone Metals Ltd.*		6,111
844	Materion Corp.		185,714
1,533	Metallus Inc.*		30,123
5,150	MP Materials Corp.*		333,205
4,250	NioCorp Developments Ltd.*		24,522
11,948	Novagold Resources Inc.*		102,394
3,504	Perpetua Resources Corp.*		94,853
1,683	Ramaco Resources Inc., Class A Shares*		26,272
7,958	Reliance Inc.		3,030,168
3,247	Royal Gold Inc.		728,887
1,674	Ryerson Holding Corp.		47,876
8,000	SSR Mining Inc.*		249,760
3,699	SunCoke Energy Inc.		33,328
1,060	Tredegar Corp.*		8,279
4,954	United States Antimony Corp.*		44,487
3,487	USA Rare Earth Inc.*		97,671
2,037	Warrior Met Coal Inc.		192,578
1,444	Worthington Steel Inc.		60,922

	Total Metals & Mining		10,668,248

Paper & Forest Products - 0.0%@
602	Clearwater Paper Corp.*		9,813
2,483	Louisiana-Pacific Corp.		189,652
1,641	Magnera Corp.*		18,658
1,287	Sylvamo Corp.		50,540

	Total Paper & Forest Products		268,663

	TOTAL MATERIALS		30,988,049

REAL ESTATE - 3.8%
Diversified REITs - 0.2%
2,724	AH Realty Trust Inc.		18,550
361	Alpine Income Property Trust Inc.		6,956
2,236	American Assets Trust Inc.		52,099
44,421	Broadstone Net Lease Inc., Class A Shares		898,637
1,282	CTO Realty Growth Inc.		26,345
7,562	Essential Properties Realty Trust Inc.		231,246
1,902	Gladstone Commercial Corp.		23,984
7,845	Global Net Lease Inc.		73,508
1,117	NexPoint Diversified Real Estate Trust		5,965

	Total Diversified REITs		1,337,290

Health Care REITs - 0.4%
19,399	American Healthcare REIT Inc.		948,417
8,790	CareTrust REIT Inc.		358,808
494	Chiron Real Estate Inc.		17,804
1,247	Community Healthcare Trust Inc.		21,473
9,169	Diversified Healthcare Trust		76,286
13,112	Healthcare Realty Trust Inc., Class A Shares		261,191
1,773	LTC Properties Inc.		66,328
19,985	Medical Properties Trust Inc.		102,123
1,852	National Health Investors Inc.		135,733
11,748	Omega Healthcare Investors Inc.		549,337
9,522	Sabra Health Care REIT Inc.		189,393
2,340	Sila Realty Trust Inc.		70,762
559	Strawberry Fields REIT Inc.		7,334
427	Universal Health Realty Income Trust		17,699

	Total Health Care REITs		2,822,688

Hotel & Resort REITs - 0.4%
9,327	Apple Hospitality REIT Inc.		137,014
2,919	Braemar Hotels & Resorts Inc.		7,181
1,650	Chatham Lodging Trust		17,903
11,301	DiamondRock Hospitality Co.		124,198

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
REAL ESTATE - 3.8% - (continued)
Hotel & Resort REITs - 0.4% - (continued)
62,603	Host Hotels & Resorts Inc.	$	1,438,617
8,710	Park Hotels & Resorts Inc.		105,652
4,975	Pebblebrook Hotel Trust		75,869
6,665	RLJ Lodging Trust		64,850
9,319	Ryman Hospitality Properties Inc.		1,072,897
5,975	Service Properties Trust		10,695
3,839	Summit Hotel Properties Inc.		22,151
8,110	Sunstone Hotel Investors Inc.		87,750
3,939	Xenia Hotels & Resorts Inc.		68,420

	Total Hotel & Resort REITs		3,233,197

Industrial REITs - 0.4%
11,155	Americold Realty Trust Inc.		175,022
2,097	EastGroup Properties Inc.		423,405
5,058	First Industrial Realty Trust Inc.		312,938
2,166	Industrial Logistics Properties Trust		19,429
1,138	Innovative Industrial Properties Inc., Class A Shares		65,993
2,395	LXP Industrial Trust		123,678
612	One Liberty Properties Inc.		14,412
9,323	Rexford Industrial Realty Inc.		330,687
36,495	STAG Industrial Inc.		1,382,066
3,955	Terreno Realty Corp.		259,804

	Total Industrial REITs		3,107,434

Office REITs - 0.4%
7,959	Brandywine Realty Trust		24,673
6,335	BXP Inc.		380,163
47,182	COPT Defense Properties		1,512,655
6,741	Cousins Properties Inc.		180,726
5,343	Douglas Emmett Inc.		62,193
1,617	Easterly Government Properties Inc., Class A Shares		38,776
5,522	Empire State Realty Trust Inc., Class A Shares		31,641
4,054	Franklin Street Properties Corp.		2,138
4,310	Highwoods Properties Inc.		112,491
2,295	Hudson Pacific Properties Inc.*		27,494
2,490	JBG SMITH Properties		36,528
4,616	Kilroy Realty Corp.		158,190
5,303	Piedmont Realty Trust Inc., Class A Shares*		44,068
863	Postal Realty Trust Inc., Class A Shares		19,884
2,816	SL Green Realty Corp.		127,846
6,994	Vornado Realty Trust		236,047

	Total Office REITs		2,995,513

Real Estate Management & Development - 0.4%
25,425	Compass Inc., Class A Shares*		209,248
5,689	Cushman & Wakefield Ltd.*		70,771
3,681	eXp World Holdings Inc.		18,111
637	Forestar Group Inc.*		17,498
478	FRP Holdings Inc.*		11,047
1,233	Howard Hughes Holdings Inc.*		78,111
7,298	Jones Lang LaSalle Inc.*		2,060,298
10,252	Kennedy-Wilson Holdings Inc.		112,874
1,232	Marcus & Millichap Inc.		34,792
398	Maui Land & Pineapple Co., Inc.*		6,738
6,017	Newmark Group Inc., Class A Shares		84,057
595	RE/MAX Holdings Inc., Class A Shares*		5,676
5,180	Real Brokerage Inc. (The)*		9,324
576	RMR Group Inc. (The), Class A Shares		11,491
235	Seaport Entertainment Group Inc.*		5,934
1,514	St Joe Co. (The)		96,336
284	Stratus Properties Inc.*		8,121
716	Tejon Ranch Co.*		13,840
1,896	Zillow Group Inc., Class A Shares*		67,043

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
REAL ESTATE - 3.8% - (continued)
Real Estate Management & Development - 0.4% - (continued)
6,622	Zillow Group Inc., Class C Shares*	$	231,770

	Total Real Estate Management & Development		3,153,080

Residential REITs - 0.4%
13,637	American Homes 4 Rent, Class A Shares		437,475
446	BRT Apartments Corp.		6,462
4,176	Camden Property Trust		444,995
635	Centerspace		42,850
7,576	Equity LifeStyle Properties Inc.		467,969
77,732	Independence Realty Trust Inc.		1,261,590
962	NexPoint Residential Trust Inc.		27,956
3,335	UMH Properties Inc.		50,092

	Total Residential REITs		2,739,389

Retail REITs - 0.8%
5,481	Acadia Realty Trust		120,692
4,522	Agree Realty Corp.		335,306
89	Alexander’s Inc.		21,904
40,455	Brixmor Property Group Inc.		1,236,305
902	CBL & Associates Properties Inc.		43,377
3,998	Curbline Properties Corp.		116,462
3,429	Federal Realty Investment Trust		410,211
530	FrontView REIT Inc.		9,402
2,016	Getty Realty Corp.		65,580
3,203	InvenTrust Properties Corp.		106,115
58,806	Kimco Realty Corp.		1,416,049
8,846	Kite Realty Group Trust		242,557
10,284	Macerich Co. (The)		231,596
3,750	NETSTREIT Corp.		75,975
7,424	NNN REIT Inc.		330,442
4,864	Phillips Edison & Co., Inc.		195,290
7,138	Regency Centers Corp.		552,124
393	Saul Centers Inc.		13,621
2,274	SITE Centers Corp.		11,484
4,313	Tanger Inc.		155,570
5,470	Urban Edge Properties		122,747
1,834	Whitestone REIT, Class B Shares		34,993

	Total Retail REITs		5,847,802

Specialized REITs - 0.4%
24,746	CubeSmart		989,840
2,919	EPR Properties		166,529
1,454	Farmland Partners Inc.		14,933
4,031	Four Corners Property Trust Inc.		100,372
10,732	Gaming & Leisure Properties Inc.		504,082
1,121	Gladstone Land Corp.		10,627
3,427	Lamar Advertising Co., Class A Shares		522,480
6,082	Millrose Properties Inc.		171,634
2,910	National Storage Affiliates Trust		124,111
5,862	Outfront Media Inc.		188,991
12,153	Rayonier Inc.		253,876
2,314	Safehold Inc.		34,641
1,429	Smartstop Self Storage REIT Inc.		44,656
640	VICI Properties Inc., Class A Shares		18,061

	Total Specialized REITs		3,144,833

	TOTAL REAL ESTATE		28,381,226

UTILITIES - 3.8%
Electric Utilities - 0.8%
953	Genie Energy Ltd., Class B Shares		13,228
14,833	Hawaiian Electric Industries Inc.*		197,279
15,644	IDACORP Inc.		2,194,384
1,499	MGE Energy Inc.		113,174
7,973	OGE Energy Corp.		376,565

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units	Security	Value
UTILITIES - 3.8% - (continued)
Electric Utilities - 0.8% - (continued)
4,322	Oklo Inc., Class A Shares*	$	289,055
1,525	Otter Tail Corp.		132,156
4,855	Pinnacle West Capital Corp.		484,238
45,307	Portland General Electric Co.		2,270,787
3,967	TXNM Energy Inc.		234,886

	Total Electric Utilities		6,305,752

Gas Utilities - 1.1%
10,830	Atmos Energy Corp.		1,831,678
4,774	Brookfield Infrastructure Corp., Class A Shares		198,264
8,965	Chesapeake Utilities Corp.		1,105,564
8,089	MDU Resources Group Inc.		170,516
3,532	National Fuel Gas Co.		272,847
40,300	New Jersey Resources Corp.		2,226,575
3,564	Northwest Natural Holding Co.		172,818
17,288	ONE Gas Inc.		1,343,969
267	RGC Resources Inc.		6,154
2,541	Southwest Gas Holdings Inc.		219,060
2,270	Spire Inc.		186,730
8,507	UGI Corp.		297,065

	Total Gas Utilities		8,031,240

Independent Power & Renewable Electricity Producers - 1.0%
28,483	AES Corp. (The)		417,846
5,348	Brookfield Renewable Corp.		213,813
4,547	Clearway Energy Inc., Class C Shares		187,154
12,024	Fervo Energy Co., Class A Shares*		440,800
968	Hallador Energy Co.*		18,644
2,492	Montauk Renewables Inc.*		4,336
34,757	Ormat Technologies Inc.		4,769,703
1,810	Talen Energy Corp.*		700,108
6,513	Vistra Corp.		1,043,578

	Total Independent Power & Renewable Electricity Producers		7,795,982

Multi-Utilities - 0.7%
7,105	Avista Corp.		294,644
2,830	Black Hills Corp.		206,080
40,549	NiSource Inc.		1,874,175
36,847	Northwestern Energy Group Inc.		2,601,767
659	Unitil Corp.		32,970

	Total Multi-Utilities		5,009,636

Water Utilities - 0.2%
3,317	American States Water Co.		256,305
1,389	Cadiz Inc.*		6,778
5,232	California Water Service Group		235,963
485	Consolidated Water Co., Ltd.		14,637
22,434	Essential Utilities Inc.		827,590
379	Global Water Resources Inc.		2,763
2,951	H2O America		170,657
690	Middlesex Water Co.		36,246
692	Pure Cycle Corp.*		7,162
615	York Water Co. (The)		18,389

	Total Water Utilities		1,576,490

	TOTAL UTILITIES		28,719,100

	TOTAL COMMON STOCKS (Cost - $494,134,981)		741,762,609

RIGHTS - 0.0%@
CONSUMER STAPLES - 0.0%@
Food Products - 0.0%@
29,632	TreeHouse Foods Inc. CVR*(b)#		51,856

Schedules of Investments

(unaudited) (continued)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Shares/Units			Security	Value
	HEALTH CARE - 0.0%@
	Biotechnology - 0.0%@
	870		Aduro Biotech Holdings Europe BV CVR expires 12/31/40*#	$	444
	3,155		Akero Therapeutics Inc. CVR expires 6/30/31*#		2,082
	4,448		Biogen Inc. CVR expires 12/31/31*#		133
	1,253		Contra Inhibrx Inc. CVR expires 12/31/40*#		2,093
	1,378		Gilead Sciences Inc. CVR expires 12/31/29*#		–
	19		Oncternal Therapeutics Inc. CVR expires 6/30/34*#		–

			Total Biotechnology		4,752

	Pharmaceuticals, Biotechnology & Life Sciences - 0.0%@
	1,045		AstraZeneca PLC CVR expires 12/31/40*#		324
	2,089		Novartis AG CVR expires 12/31/40*#		355

			Total Pharmaceuticals, Biotechnology & Life Sciences		679

			TOTAL HEALTH CARE		5,431

	MATERIALS - 0.0%@
	Paper & Forest Products - 0.0%@
	1,860		Resolute Forest Products Inc. CVR expires 12/31/40*#		1,265

			TOTAL RIGHTS (Cost - $7)		58,552

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost - $494,134,988)		741,821,161


Face Amount†
	SHORT-TERM INVESTMENTS(d) - 3.1%
	MONEY MARKET FUND - 1.1%
	$ 8,823,383		Invesco STIT - Government & Agency Portfolio, Institutional Class, 3.638%(e) (Cost - $8,823,383)		8,823,383

	TIME DEPOSITS - 2.0%
	30,025	^CAD	BBH - New York, 1.120% due 6/1/26		21,776
	5,882,782		Citibank - New York, 2.970% due 6/1/26		5,882,782
	270,230		Royal Bank of Canada - Toronto, 2.970% due 6/1/26		270,230
	8,772,160		Skandinaviska Enskilda Banken AB - Stockholm, 2.970% due 6/1/26		8,772,160

			TOTAL TIME DEPOSITS (Cost - $14,946,948)		14,946,948

			TOTAL SHORT-TERM INVESTMENTS (Cost - $23,770,331)		23,770,331

			TOTAL INVESTMENTS - 101.3% (Cost - $517,905,319)		765,591,492

			Liabilities in Excess of Other Assets - (1.3)%		(9,933,187	)

			TOTAL NET ASSETS - 100.0%	$	755,658,305

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

(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 2.0%.

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

#	Security that used significant unobservable inputs to determine fair value. At May 31, 2026, the Fund held Level 3 securities with a value of $58,552, representing less than 0.05% of net assets.

At May 31, 2026, 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	$ 517,905,319	$ 287,253,161	$ (39,566,988)	$ 247,686,173

Abbreviations used in this schedule:



ADR	—	American Depositary Receipt
CVR	—	Contingent Value Right
PLC	—	Public Limited Company
REIT	—	Real Estate Investment Trust


Summary of Investments by Security Sector^
Industrials	23.3	%
Information Technology	22.2
Health Care	12.0
Financials	11.6
Consumer Discretionary	7.9
Materials	4.1
Energy	4.0
Utilities	3.8
Real Estate	3.7
Consumer Staples	3.3
Communication Services	2.1
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.

Currency abbreviation used in this schedule:


CAD		—		Canadian Dollar

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
COMMON STOCKS - 96.5%
Australia - 3.3%
22,746	Ansell Ltd.	$	454,688
75,952	ANZ Group Holdings Ltd.		1,918,914
34,523	APA Group		250,045
14,230	Aristocrat Leisure Ltd.		512,929
5,252	ASX Ltd.		174,578
57,944	Bendigo & Adelaide Bank Ltd.		430,864
127,959	BHP Group Ltd.		5,692,884
33,193	Brambles Ltd.		394,823
8,699	CAR Group Ltd.		155,511
37,198	Charter Hall Group, REIT		545,430
13,264	Cochlear Ltd.		959,077
34,281	Coles Group Ltd.		534,261
42,181	Commonwealth Bank of Australia		4,996,258
12,807	Computershare Ltd.		318,554
12,156	CSL Ltd.		844,628
49,822	Evolution Mining Ltd.		442,254
42,573	Fortescue Ltd.		683,563
51,354	Goodman Group, REIT		1,170,539
59,645	Insurance Australia Group Ltd.		327,145
55,569	Lottery Corp., Ltd. (The)		216,534
23,102	Lynas Rare Earths Ltd.*		315,077
9,097	Macquarie Group Ltd.		1,561,485
64,917	Magellan Financial Group Ltd.		393,378
63,348	Medibank Pvt Ltd.		218,387
77,642	National Australia Bank Ltd.		2,079,842
34,558	Northern Star Resources Ltd.		474,374
44,137	Orica Ltd.		726,797
43,497	Origin Energy Ltd.		339,916
51,368	Paladin Energy Ltd.*		418,913
1,559	Pro Medicus Ltd.		148,420
18,779	Qantas Airways Ltd.		127,078
38,602	QBE Insurance Group Ltd.		626,705
406,465	Ramelius Resources Ltd.		959,411
1,212	REA Group Ltd.		129,948
30,723	Rio Tinto Ltd.		4,083,898
66,409	Sandfire Resources Ltd.*		937,047
82,542	Santos Ltd.		463,744
129,294	Scentre Group, REIT		355,503
5,249	SGH Ltd.		155,656
139,377	Sigma Healthcare Ltd.		294,650
12,023	Sonic Healthcare Ltd.		168,327
114,500	South32 Ltd.		395,869
60,967	Stockland, REIT		179,778
27,269	Suncorp Group Ltd.		340,090
98,741	Telstra Group Ltd.		370,288
78,510	Transurban Group		845,857
136,565	Ventia Services Group Pty Ltd.		608,568
107,842	Vicinity Ltd., REIT		195,692
8,595	Washington H Soul Pattinson & Co., Ltd.		268,843
28,383	Wesfarmers Ltd.		1,625,742
86,663	Westpac Banking Corp.		2,239,558
55,718	Whitehaven Coal Ltd.		349,173
5,248	WiseTech Global Ltd.		136,655
47,906	Woodside Energy Group Ltd.		1,050,373
30,780	Woolworths Group Ltd.		778,623

	Total Australia		45,387,144

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Austria - 0.3%
1,965	BAWAG Group AG(a)	$	352,585
1,386	DO & CO AG		312,907
27,276	Erste Group Bank AG		3,274,017
3,984	OMV AG		286,886
3,213	Raiffeisen Bank International AG		185,192
1,579	Verbund AG		106,002

	Total Austria		4,517,589

Belgium - 1.0%
3,973	Ageas SA/NV		308,478
59,008	Anheuser-Busch InBev SA/NV		4,725,170
7,659	Colruyt Group NV		296,371
587	D’ieteren Group		117,346
1,017	Elia Group SA/NV, Class B Shares		158,140
518	Financiere de Tubize SA		135,816
2,159	Groupe Bruxelles Lambert NV		203,645
5,804	KBC Group NV		768,474
9	Lotus Bakeries NV		115,423
403	Sofina SA		104,769
40,840	Syensqo SA		3,198,458
8,712	UCB SA		2,557,592
44,064	Umicore SA		1,294,070

	Total Belgium		13,983,752

Canada - 1.9%
56,435	Alimentation Couche-Tard Inc.		3,188,078
7,713	Aritzia Inc.*		865,950
12,991	Atco Ltd., Class I Shares		640,882
15,545	Bird Construction Inc.		651,542
9,393	Boardwalk Real Estate Investment Trust, Class Trust Un Shares		436,610
36,952	Canadian Pacific Kansas City Ltd.		3,299,094
48,876	CES Energy Solutions Corp.		613,963
2,466	Colliers International Group Inc.		232,703
45,645	DPM Metals Inc.		1,532,756
35,492	Enerflex Ltd.		887,557
15,301	Extendicare Inc.		359,886
16,203	Finning International Inc.		1,223,686
6,393	Gildan Activewear Inc., Class A Shares		389,988
86,592	Headwater Exploration Inc.		787,543
42,940	Hudbay Minerals Inc.		1,255,375
17,415	IMAX Corp.*		691,027
3,381	Kinaxis Inc.*		384,715
21,012	Maple Leaf Foods Inc.		456,266
14,082	Methanex Corp.		832,991
21,482	Northland Power Inc.		366,447
23,154	Nutrien Ltd.		1,585,414
45,959	OceanaGold Corp.		1,387,970
15,729	Quebecor Inc., Class B Shares		763,178
15,559	Toronto-Dominion Bank (The)		1,780,122
48,272	Vermilion Energy Inc.		532,505
95,472	Whitecap Resources Inc., Class Common S Shares		1,096,806

	Total Canada		26,243,054

Chile - 0.1%
26,449	Antofagasta PLC		1,457,609

China - 0.8%
21,000	Contemporary Amperex Technology Co., Ltd., Class A Shares		1,316,423
151,691	Tencent Holdings Ltd.		8,259,025
76,389	Tencent Music Entertainment Group, ADR		704,307
68,000	Yangzijiang Shipbuilding Holdings Ltd.		194,123

	Total China		10,473,878

Czech Republic - 0.0%@
4,998	CSG NV*		104,791

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Denmark - 1.6%
60	AP Moller - Maersk AS, Class A Shares	$	145,334
108	AP Moller - Maersk AS, Class B Shares		266,490
2,383	Carlsberg AS, Class B Shares		317,927
32,071	Coloplast AS, Class B Shares		1,968,993
16,827	Danske Bank AS		886,461
2,175	Demant AS*		85,597
5,119	DSV AS		1,275,095
7,333	FLSmidth & Co. AS		576,627
1,580	Genmab AS*		415,762
13,994	ISS AS		576,308
4,870	Jyske Bank AS, Class Registered Shares		698,042
7,350	Netcompany Group AS*(a)		393,480
217,282	Novo Nordisk AS, Class B Shares		9,909,836
8,948	Novonesis (Novozymes) B, Class B Shares		519,847
13,420	Orsted AS*(a)		343,753
9,238	Pandora AS		865,417
2,599	Rockwool AS, Class B Shares		80,614
5,540	Royal Unibrew AS		361,038
8,725	Tryg AS		205,354
89,184	Vestas Wind Systems AS		2,506,138

	Total Denmark		22,398,113

Finland - 0.8%
3,799	Elisa OYJ		182,102
11,628	Fortum OYJ		271,960
6,943	Kesko OYJ, Class B Shares		168,237
44,258	Kone OYJ, Class B Shares		2,639,947
26,700	Konecranes OYJ		881,936
16,742	Metso OYJ		319,558
10,312	Neste OYJ		338,721
132,547	Nokia OYJ		1,953,788
77,958	Nordea Bank Abp		1,491,924
7,990	Orion OYJ, Class B Shares		667,044
61,717	Sampo OYJ, Class A Shares		651,363
15,420	Stora Enso OYJ, Class R Shares		180,545
13,060	UPM-Kymmene OYJ		381,270
12,324	Wartsila OYJ Abp		501,633

	Total Finland		10,630,028

France - 10.5%
5,012	Accor SA		273,228
880	Aeroports de Paris SA		118,039
31,284	Air Liquide SA		6,497,896
430,822	Alstom SA*		8,605,610
1,496	Amundi SA(a)		146,401
42,830	AXA SA		1,978,719
41,499	Ayvens SA(a)		558,318
1,043	BioMerieux		90,504
86,691	BNP Paribas SA		9,349,687
18,376	Bollore SE		116,411
4,662	Bouygues SA		274,262
8,044	Bureau Veritas SA		243,250
15,470	Capgemini SE*		1,838,853
14,302	Carrefour SA		264,662
93,525	Cie de Saint-Gobain SA		8,611,253
17,036	Cie Generale des Etablissements Michelin SCA		622,779
9,912	Covivio SA, REIT		636,409
27,212	Credit Agricole SA		524,820
16,158	Danone SA		1,147,229
518	Dassault Aviation SA		184,152
80,673	Dassault Systemes SE		1,768,839
6,653	Eiffage SA		964,134
21,424	Elis SA		677,354

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
France - 10.5% - (continued)
45,716	Engie SA	$	1,410,859
7,540	EssilorLuxottica SA		1,533,223
4,978	Exosens SAS		395,272
1,165	Gecina SA, REIT		99,552
7,155	Getlink SE		156,329
2,338	Hermes International SCA		4,393,839
4,454	Ipsen SA		813,325
46,169	Kering SA		13,792,926
24,263	Klepierre SA, REIT		989,348
24,541	Legrand SA		4,180,378
13,424	L’Oréal SA		6,002,261
25,181	LVMH Moët Hennessy Louis Vuitton SE		13,954,252
46,474	Orange SA		972,738
4,982	Pernod Ricard SA		367,898
5,852	Publicis Groupe SA		571,399
5,190	Renault SA		179,006
5,213	Rexel SA		222,691
17,127	Safran SA		6,099,907
72,297	Sanofi SA		6,327,702
679	Sartorius Stedim Biotech		140,443
33,525	Schneider Electric SE		10,535,116
9,926	SCOR SE		355,348
78,560	Societe Generale SA		6,519,572
2,362	Sodexo SA		130,035
2,342	Sopra Steria Group		406,911
14,071	SPIE SA		802,089
2,330	Thales SA		650,386
126,078	TotalEnergies SE		11,084,530
3,092	Unibail-Rodamco-Westfield, REIT		358,059
13,778	Vallourec SACA*		384,996
15,838	Veolia Environnement SA		639,536
12,517	Vinci SA		1,818,411
883	Virbac SACA		369,098
1,406,818	Worldline SA*(a)(b)		587,117

	Total France		142,737,361

Germany - 9.1%
12,222	adidas AG		2,375,173
16,484	Allianz SE, Class Registered Shares		7,333,331
22,483	BASF SE		1,334,637
47,834	Bayer AG, Class Registered Shares		2,038,052
25,802	Bayerische Motoren Werke AG		2,250,078
7,412	Bechtle AG*		288,920
24,923	Beiersdorf AG		2,011,043
4,301	Bilfinger SE		439,245
3,381	Brenntag SE		223,014
18,380	Commerzbank AG		793,935
2,844	Continental AG		236,732
5,495	CTS Eventim AG & Co. KGaA		398,365
60,104	Daimler Truck Holding AG		2,954,605
4,942	Delivery Hero SE, Class A Shares*(a)		213,177
188,059	Deutsche Bank AG, Class Registered Shares		6,111,630
4,742	Deutsche Boerse AG		1,369,688
357,127	Deutsche Lufthansa AG, Class Registered Shares		3,562,727
23,649	Deutsche Post AG		1,413,755
285,592	Deutsche Telekom AG, Class Registered Shares		9,609,781
32,640	Deutz AG		398,643
92,971	E.ON SE		1,973,333
5,862	Evonik Industries AG*		115,059
11,091	Freenet AG		326,923
5,634	Fresenius Medical Care AG		244,428
10,708	Fresenius SE & Co. KGaA		453,029

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Germany - 9.1% - (continued)
11,428	GEA Group AG	$	739,127
1,559	Hannover Rueck SE		422,272
3,367	Heidelberg Materials AG		749,380
2,844	Henkel AG & Co. KGaA		206,399
1,629	Hensoldt AG		168,033
378	Hochtief AG		214,556
207,411	Infineon Technologies AG		19,624,256
1,895	Knorr-Bremse AG		229,206
85,495	Lanxess AG		1,647,709
2,013	LEG Immobilien SE		130,603
18,322	Mercedes-Benz Group AG		1,115,408
20,347	Merck KGaA		3,104,187
1,364	MTU Aero Engines AG		498,098
3,289	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class Registered Shares		1,734,548
1,293	Nemetschek SE		93,210
16,083	Nordex SE*		776,874
615	Rational AG		472,750
2,158	Rheinmetall AG		3,253,708
15,868	RWE AG		1,009,720
99,279	SAP SE		17,961,607
8,779	Scout24 SE(a)		739,550
41,218	Siemens AG, Class Registered Shares		12,972,073
19,540	Siemens Energy AG		3,713,126
8,318	Siemens Healthineers AG(a)		338,847
6,614	SUSS MicroTec SE		710,354
3,381	Symrise AG, Class A Shares		311,934
36,359	TAG Immobilien AG		600,977
1,652	Talanx AG		198,479
44,822	TUI AG		369,154
19,323	Vonovia SE		482,789
25,533	Zalando SE*(a)		693,040

	Total Germany		123,751,277

Greece - 0.2%
353,373	Eurobank SA		1,643,562
25,025	National Bank of Greece SA		432,436

	Total Greece		2,075,998

Hong Kong - 2.1%
1,107,000	AIA Group Ltd.		11,632,593
346,000	BOC Hong Kong Holdings Ltd.		2,117,917
49,500	CK Asset Holdings Ltd.		300,033
69,500	CK Hutchison Holdings Ltd.		627,240
15,500	CK Infrastructure Holdings Ltd.		117,487
44,000	CLP Holdings Ltd.		429,273
1,471	Futu Holdings Ltd., ADR		153,087
50,000	Galaxy Entertainment Group Ltd.		200,342
38,894	Henderson Land Development Co., Ltd.		153,743
96,000	HKT Trust & HKT Ltd., Class Miscella Shares		148,252
300,380	Hong Kong & China Gas Co., Ltd.		275,265
27,899	Hong Kong Exchanges & Clearing Ltd.		1,427,854
39,100	Jardine Matheson Holdings Ltd.		2,593,327
65,780	Link REIT		339,081
42,500	MTR Corp., Ltd.		171,468
36,000	Power Assets Holdings Ltd.		276,522
281,660	Prudential PLC		4,062,056
86,646	Sino Land Co., Ltd.		130,921
35,000	SITC International Holdings Co., Ltd.		155,073
35,500	Sun Hung Kai Properties Ltd.		599,322
10,000	Swire Pacific Ltd., Class A Shares		104,399
116,000	Techtronic Industries Co., Ltd.		1,728,631
214,500	WH Group Ltd.(a)		249,721
27,000	Wharf Holdings Ltd. (The)		76,248

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Hong Kong - 2.1% - (continued)
47,000	Wharf Real Estate Investment Co., Ltd.	$	144,704

	Total Hong Kong		28,214,559

Hungary - 0.1%
70,949	Wizz Air Holdings PLC*(a)		987,521

India - 0.1%
30,315	HDFC Bank Ltd., ADR		720,891

Indonesia - 0.1%
1,560,800	Bank Central Asia Tbk PT		498,047
2,738,300	Bank Mandiri Persero Tbk PT		624,484

	Total Indonesia		1,122,531

Ireland - 0.9%
4,251	AerCap Holdings NV		592,547
51,237	AIB Group PLC		600,780
23,083	Bank of Ireland Group PLC		469,053
201,016	Cairn Homes PLC		552,002
83,528	Experian PLC		2,898,185
12,817	Glanbia PLC		311,729
3,875	Kerry Group PLC, Class A Shares		330,691
26,408	Kingspan Group PLC		2,419,067
20,816	Ryanair Holdings PLC		609,416
90,443	Smurfit Westrock PLC		3,721,729

	Total Ireland		12,505,199

Israel - 0.7%
1,115	Azrieli Group Ltd.		185,200
31,284	Bank Hapoalim BM		804,706
37,202	Bank Leumi Le-Israel BM		943,865
2,120	Check Point Software Technologies Ltd.*		286,306
1,279	CyberArk Software Ltd.*#		57,555
692	Elbit Systems Ltd.		623,369
20,044	ICL Group Ltd.		132,220
30,324	Israel Discount Bank Ltd., Class A Shares		336,780
3,935	Mizrahi Tefahot Bank Ltd.		302,528
1,112	Monday.com Ltd.*		92,985
1,440	Nice Ltd.*		132,924
756	Nova Ltd.*		395,246
5,874	Phoenix Financial Ltd.		390,431
99,172	Teva Pharmaceutical Industries Ltd., ADR*		3,502,755
2,889	Tower Semiconductor Ltd.*		825,163

	Total Israel		9,012,033

Italy - 3.1%
15,755	Azimut Holding SpA		637,937
6,936	Banca Generali SpA		440,881
6,222	Banca Mediolanum SpA		143,192
201,735	Banca Monte dei Paschi di Siena SpA(b)		2,168,968
29,602	Banco BPM SpA		463,637
38,090	BPER Banca SpA		513,542
16,454	Buzzi SpA		888,464
13,455	Davide Campari-Milano NV		87,420
10,838	De’Longhi SpA		450,627
404,307	Enel SpA		4,524,904
51,822	Eni SpA		1,349,539
10,658	Ferrari NV		3,660,359
106,995	FinecoBank Banca Fineco SpA		2,605,556
57,304	Generali		2,580,760
648,156	Intesa Sanpaolo SpA		4,370,223
157,899	Iren SpA		492,453
19,860	Italgas SpA		232,663
10,176	Leonardo SpA		644,505
20,313	Lottomatica Group SpA		600,695
25,929	Maire SpA		442,192
5,777	Moncler SpA		374,930

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Italy - 3.1% - (continued)
11,721	Poste Italiane SpA	$	345,874
7,042	Prysmian SpA		1,196,734
31,016	Recordati Industria Chimica e Farmaceutica SpA		1,862,226
3,182	Reply SpA		381,670
50,399	Snam SpA		368,066
448,851	Telecom Italia SpA*		381,730
35,921	Terna - Rete Elettrica Nazionale		412,275
105,835	UniCredit SpA		9,108,833
9,279	Unipol Assicurazioni SpA		228,901

	Total Italy		41,959,756

Japan - 19.6%
22,600	Advantest Corp.		3,684,413
55,500	Aeon Co., Ltd.		484,729
4,500	AGC Inc.		196,006
12,600	Aisin Corp.		190,569
23,000	Ajinomoto Co., Inc.		744,126
3,600	ANA Holdings Inc.		67,558
27,600	Anritsu Corp.		786,661
37,400	Asahi Group Holdings Ltd.		358,080
108,300	Asahi Intecc Co., Ltd.		2,558,811
32,800	Asahi Kasei Corp.		367,662
18,100	Asics Corp.		549,674
45,700	Astellas Pharma Inc.		650,880
37,900	Azbil Corp.		395,656
14,400	Bandai Namco Holdings Inc.		328,572
13,700	BIPROGY Inc.		395,346
28,800	Bridgestone Corp.		622,068
21,800	Canon Inc.		578,533
90,200	Capcom Co., Ltd.		1,708,860
19,700	Central Japan Railway Co.		430,343
13,100	Chiba Bank Ltd. (The)		191,021
17,500	Chubu Electric Power Co., Inc.		321,430
16,700	Chugai Pharmaceutical Co., Ltd.		820,556
16,100	CKD Corp.		661,536
25,100	Credit Saison Co., Ltd.		645,455
39,900	CyberAgent Inc.		323,982
9,200	Dai Nippon Printing Co., Ltd.		159,862
8,300	Daifuku Co., Ltd.		380,364
87,900	Daiichi Life Group Inc.		903,314
46,400	Daiichi Sankyo Co., Ltd.		785,630
37,600	Daikin Industries Ltd.		5,435,714
7,500	Daito Trust Construction Co., Ltd.		149,208
13,800	Daiwa House Industry Co., Ltd.		375,261
33,800	Daiwa Securities Group Inc.		317,989
44,200	Denso Corp.		529,469
2,300	Disco Corp.		944,033
24,300	East Japan Railway Co.		520,513
11,800	Ebara Corp.		420,135
6,200	Eisai Co., Ltd.		154,740
66,050	ENEOS Holdings Inc.		540,515
95,700	FANUC Corp.		4,758,306
9,900	Fast Retailing Co., Ltd.		5,112,340
8,400	Food & Life Cos., Ltd.		573,632
18,300	Fuji Corp.		910,368
3,700	Fuji Electric Co., Ltd.		357,935
89,600	FUJIFILM Holdings Corp.		1,869,298
38,400	Fujikura Ltd.		1,147,468
43,700	Fujitsu Ltd.		932,659
20,500	GS Yuasa Corp.		843,073
5,900	Hankyu Hanshin Holdings Inc.		173,453
400	Hikari Tsushin Inc.		91,809

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Japan - 19.6% - (continued)
199,900	Hitachi Ltd.	$	6,474,876
95,400	Honda Motor Co., Ltd.		859,287
3,900	Horiba Ltd.		646,627
39,800	Hoya Corp.		6,758,372
12,100	Hulic Co., Ltd.		128,935
15,200	Ibiden Co., Ltd.		2,189,229
20,685	Idemitsu Kosan Co., Ltd.		181,168
26,300	IHI Corp.		457,036
44,500	INFRONEER Holdings Inc.		685,195
21,400	Inpex Corp.		484,940
14,200	Isuzu Motors Ltd.		209,136
323,400	ITOCHU Corp.		3,930,168
3,700	Japan Airlines Co., Ltd.		63,728
178,100	Japan Exchange Group Inc.		2,183,167
711	Japan Hotel REIT Investment Corp., Class A Shares		341,985
45,000	Japan Post Bank Co., Ltd.		865,724
43,600	Japan Post Holdings Co., Ltd.		565,998
14,700	Japan Post Insurance Co., Ltd.		131,958
29,800	Japan Tobacco Inc.		1,153,519
14,800	JFE Holdings Inc.		158,039
14,100	JX Advanced Metals Corp.		346,929
10,400	Kajima Corp.		385,842
21,600	Kandenko Co., Ltd.		887,185
8,000	Kaneka Corp.		277,351
23,500	Kansai Electric Power Co., Inc. (The)		344,132
11,200	Kao Corp.		429,936
19,500	Kawasaki Heavy Industries Ltd.		383,471
9,900	Kawasaki Kisen Kaisha Ltd.		156,639
432,200	KDDI Corp.		7,440,920
16,500	Keyence Corp.		8,289,510
18,400	Kikkoman Corp.		160,775
12,200	Kinden Corp.		549,196
4,900	Kioxia Holdings Corp.*		2,019,940
19,800	Kirin Holdings Co., Ltd.		335,300
23,800	Komatsu Ltd.		981,128
2,500	Konami Group Corp.		296,864
25,400	Kubota Corp.		452,485
33,200	Kyocera Corp.		725,016
5,300	Kyowa Kirin Co., Ltd.		83,370
38,800	Kyushu Electric Power Co., Inc.		398,655
2,100	Lasertec Corp.		528,112
30,800	Lion Corp.		313,163
73,800	LY Corp.		192,960
12,700	M3 Inc.		113,578
6,000	Makita Corp.		207,304
35,100	Marubeni Corp.		1,145,293
8,400	MatsukiyoCocokara & Co.		119,755
126,500	Mebuki Financial Group Inc.		1,054,051
8,000	Meidensha Corp.		504,787
8,500	MINEBEA MITSUMI Inc.		243,082
30,700	Mitsubishi Chemical Group Corp.		220,725
81,100	Mitsubishi Corp.		2,578,909
121,600	Mitsubishi Electric Corp.		4,998,870
85,500	Mitsubishi Estate Co., Ltd.		2,169,480
22,400	Mitsubishi HC Capital Inc.		183,074
80,200	Mitsubishi Heavy Industries Ltd.		1,916,730
284,900	Mitsubishi UFJ Financial Group Inc.		5,357,614
62,300	Mitsui & Co., Ltd.		2,069,167
12,100	Mitsui E&S Co., Ltd.		338,715
66,000	Mitsui Fudosan Co., Ltd.		632,497
4,900	Mitsui Kinzoku Co., Ltd.		1,584,422

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Japan - 19.6% - (continued)
8,800	Mitsui OSK Lines Ltd.	$	300,604
62,790	Mizuho Financial Group Inc.		2,831,751
109,900	MonotaRO Co., Ltd.(b)		1,297,809
13,700	Morinaga Milk Industry Co., Ltd.		418,202
146,000	MS&AD Insurance Group Holdings Inc.		3,930,074
42,500	Murata Manufacturing Co., Ltd.		2,563,210
33,400	NEC Corp.		861,733
9,600	Nexon Co., Ltd.		134,882
16,100	Nextage Co., Ltd.		358,421
30,900	NHK Spring Co., Ltd.		695,099
21,900	Nidec Corp.		384,055
28,000	Nintendo Co., Ltd.		1,254,402
202	Nippon Building Fund Inc., REIT		161,362
13,200	Nippon Electric Glass Co., Ltd.		540,544
25,700	Nippon Paint Holdings Co., Ltd.		170,355
4,200	Nippon Sanso Holdings Corp.		162,906
10,100	Nippon Shinyaku Co., Ltd.		266,427
118,700	Nippon Steel Corp.		422,051
10,300	Nippon Yusen KK		343,571
12,500	Nissan Chemical Corp.		588,901
53,200	Nissan Motor Co., Ltd.*		132,564
66,600	Nissui Corp.		554,205
10,900	Nitori Holdings Co., Ltd.		179,704
7,000	Nitto Boseki Co., Ltd.		994,003
16,700	Nitto Denko Corp.		313,133
75,600	Nomura Holdings Inc.		607,553
63,480	Nomura Research Institute Ltd.		2,016,962
746,200	NTT Inc.		701,484
15,800	Obayashi Corp.		322,021
87,100	Obic Co., Ltd.		2,187,177
28,500	Olympus Corp.		315,272
6,300	Open House Group Co., Ltd.		341,735
1,000	Oracle Corp. Japan		54,228
27,900	Oriental Land Co., Ltd.		402,169
28,900	ORIX Corp.		1,122,100
9,100	Osaka Gas Co., Ltd.		305,821
5,900	Otsuka Corp.		107,265
11,100	Otsuka Holdings Co., Ltd.		816,529
48,600	Pan Pacific International Holdings Corp.		267,573
59,800	Panasonic Holdings Corp.		1,387,047
39,200	Rakuten Group Inc.*		183,247
91,200	Recruit Holdings Co., Ltd.		6,127,976
448,500	Renesas Electronics Corp.		12,643,510
53,100	Resona Holdings Inc.		678,775
31,600	Resorttrust Inc.		336,465
13,300	Ryohin Keikaku Co., Ltd.		324,293
5,800	Sankyu Inc.		327,035
20,500	Sanrio Co., Ltd.		110,400
32,300	Santen Pharmaceutical Co., Ltd.		386,945
23,400	Sanwa Holdings Corp.		535,587
26,000	Sawai Group Holdings Co., Ltd.		285,544
14,200	SBI Holdings Inc.		259,747
4,000	SCREEN Holdings Co., Ltd.		278,684
10,100	Secom Co., Ltd.		402,549
5,500	Seibu Holdings Inc.		97,456
8,700	Sekisui Chemical Co., Ltd.		125,138
14,900	Sekisui House Ltd.		313,421
14,300	Seria Co., Ltd.		340,771
52,000	Seven & i Holdings Co., Ltd.		607,389
6,500	Shimadzu Corp.		153,918
10,300	Shimano Inc.		1,065,885

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Japan - 19.6% - (continued)
13,900	Shimizu Corp.	$	233,669
128,300	Shin-Etsu Chemical Co., Ltd.		6,241,612
18,900	Shionogi & Co., Ltd.		355,541
10,000	Shiseido Co., Ltd.		174,889
22,500	SMC Corp.		9,746,730
711,500	Softbank Corp.		961,833
142,800	SoftBank Group Corp.		6,770,291
152,200	Sompo Holdings Inc.		5,660,679
158,400	Sony Financial Group Inc.		139,297
285,400	Sony Group Corp.		6,154,799
14,600	Subaru Corp.		222,258
6,900	Sugi Holdings Co., Ltd.		119,357
10,500	Sumitomo Bakelite Co., Ltd.		454,196
27,800	Sumitomo Corp.		1,239,210
17,900	Sumitomo Electric Industries Ltd.		1,410,703
6,400	Sumitomo Metal Mining Co., Ltd.		364,618
284,800	Sumitomo Mitsui Financial Group Inc.		10,404,226
15,500	Sumitomo Mitsui Trust Group Inc.		532,038
15,000	Sumitomo Realty & Development Co., Ltd.		349,207
3,400	Suntory Beverage & Food Ltd.		92,425
39,900	Suzuki Motor Corp.		493,615
7,300	SWCC Corp.		678,609
13,100	Sysmex Corp.		114,546
11,900	T&D Holdings Inc.		313,522
11,800	Taiheiyo Cement Corp.		335,298
3,700	Taisei Corp.		325,626
8,200	Taiyo Yuden Co., Ltd.		761,225
39,454	Takeda Pharmaceutical Co., Ltd.		1,263,888
48,800	TDK Corp.		1,256,712
273,200	Terumo Corp.		4,119,657
5,400	TIS Inc.		114,992
14,000	Toho Co., Ltd.		108,034
46,500	Tokio Marine Holdings Inc.		2,053,724
11,300	Tokyo Electron Ltd.		3,806,959
7,800	Tokyo Gas Co., Ltd.		312,005
17,400	Tokyo Ohka Kogyo Co., Ltd.		1,200,069
7,400	Tokyo Seimitsu Co., Ltd.		805,853
21,000	Tokyo Tatemono Co., Ltd.		429,489
11,200	Tokyu Corp.		112,310
60,300	Tokyu Fudosan Holdings Corp.		498,440
6,300	TOPPAN Holdings Inc.		180,496
34,200	Toray Industries Inc.		255,740
6,700	Toyo Suisan Kaisha Ltd.		469,451
14,100	Toyo Tire Corp.		334,289
19,000	Toyoda Gosei Co., Ltd.		575,937
840	Toyota Industries Corp.*		107,859
359,800	Toyota Motor Corp.		6,813,317
17,600	Toyota Tsusho Corp.		766,003
14,300	Tsumura & Co.		341,600
6,800	Tsuruha Holdings Inc.		84,137
32,200	UACJ Corp.		670,081
30,400	Unicharm Corp.		181,000
10,500	West Japan Railway Co.		173,258
43,500	Yamaguchi Financial Group Inc.		747,371
22,100	Yamaha Motor Co., Ltd.		181,926
5,700	Yokogawa Electric Corp.		179,715
26,100	Yokohama Financial Group Inc.		266,294
2,700	Zensho Holdings Co., Ltd.		136,462
10,300	ZOZO Inc.		64,052

	Total Japan		265,996,412

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Luxembourg - 0.2%
31,897	ArcelorMittal SA	$	2,218,490
4,657	CVC Capital Partners PLC(a)		74,610
3,068	Eurofins Scientific SE		222,919
5,818	Millicom International Cellular SA		496,624
9,490	Tenaris SA		288,852

	Total Luxembourg		3,301,495

Macau - 0.0%@
58,400	Sands China Ltd.		114,324

Mexico - 0.0%@
5,517	Fresnillo PLC		243,819

Netherlands - 5.6%
14,837	ABN AMRO Bank NV, Dutch Certificate, GDR		590,030
635	Adyen NV*(a)		696,148
33,555	Aegon Ltd.		286,093
14,984	Airbus SE		3,138,099
4,312	Akzo Nobel NV		328,218
1,577	Argenx SE*		1,317,807
3,077	ASM International NV		3,221,764
18,526	ASML Holding NV		29,884,115
12,623	ASR Nederland NV		946,525
5,049	BE Semiconductor Industries NV		1,674,093
6,568	Euronext NV(a)		1,069,375
2,422	EXOR NV		189,040
12,989	Ferrovial NV		888,797
3,257	Heineken Holding NV		235,082
96,936	Heineken NV		7,567,734
204,137	ING Groep NV		6,319,753
22,490	Koninklijke Ahold Delhaize NV		948,815
4,252	Koninklijke Heijmans NV		527,346
99,869	Koninklijke KPN NV		520,240
249,479	Koninklijke Philips NV*		6,597,668
12,733	Magnum Ice Cream Co. NV (The)*		206,336
5,473	Nebius Group NV, Class A Shares*		1,264,755
6,818	NN Group NV		571,161
32,766	Prosus NV*		1,490,112
5,285	QIAGEN NV		195,078
2,403	Randstad NV		73,784
12,149	SBM Offshore NV		462,415
50,939	Stellantis NV*		405,849
121,457	Universal Music Group NV		2,762,021
23,653	Wolters Kluwer NV		1,683,506

	Total Netherlands		76,061,759

New Zealand - 0.1%
42,182	Auckland International Airport Ltd.		208,878
20,347	Contact Energy Ltd.(c)		116,288
14,634	Fisher & Paykel Healthcare Corp., Ltd.		326,974
25,258	Infratil Ltd.		238,601
33,439	Meridian Energy Ltd.		117,514
4,157	Xero Ltd.*		225,780

	Total New Zealand		1,234,035

Norway - 0.6%
8,439	Aker BP ASA		302,155
118,901	DNB Bank ASA		3,697,853
19,773	Equinor ASA		712,930
5,021	Gjensidige Forsikring ASA		138,698
42,340	Kitron ASA		523,555
11,135	Kongsberg Gruppen ASA		400,655
11,654	Mowi ASA		256,551
110,332	Norsk Hydro ASA		1,348,424
17,739	Orkla ASA		187,145
1,787	Salmar ASA		111,061

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Norway - 0.6% - (continued)
33,572	Scatec ASA*(a)	$	375,137
16,084	Telenor ASA		262,540
3,984	Yara International ASA		216,653

	Total Norway		8,533,357

Poland - 0.0%@
5,745	InPost SA*		102,926

Portugal - 0.2%
194,443	Banco Comercial Portugues SA, Class R Shares		219,522
79,373	EDP SA		403,405
10,887	Galp Energia SGPS SA		237,257
71,055	Jeronimo Martins SGPS SA		1,505,034

	Total Portugal		2,365,218

Singapore - 1.4%
14,600	ASMPT Ltd.		363,002
1,103,907	CapitaLand Ascendas REIT		2,163,447
155,828	CapitaLand Integrated Commercial Trust, REIT		276,954
57,700	CapitaLand Investment Ltd.		114,908
53,240	DBS Group Holdings Ltd.		2,622,168
60,033	Grab Holdings Ltd., Class A Shares*		212,517
59,300	iFAST Corp., Ltd.(b)		424,358
238,000	Keppel DC REIT		430,938
36,900	Keppel Ltd.		310,674
4,100	Keppel REIT		2,780
84,700	Oversea-Chinese Banking Corp., Ltd.		1,553,826
124,900	SATS Ltd.		377,044
18,303	Sea Ltd., ADR*		1,656,971
22,300	Sembcorp Industries Ltd.		111,585
160,100	Sheng Siong Group Ltd.		382,698
40,250	Singapore Airlines Ltd.		213,646
22,100	Singapore Exchange Ltd.		378,511
39,900	Singapore Technologies Engineering Ltd.		356,103
591,400	Singapore Telecommunications Ltd.		2,006,693
124,203	United Overseas Bank Ltd.		3,661,738
74,000	UOL Group Ltd.		588,729
51,900	Wilmar International Ltd.		146,086

	Total Singapore		18,355,376

South Africa - 0.0%@
53,144	Investec PLC		466,999

South Korea - 1.3%
13,467	Classys Inc.		399,240
2,857	Daewoong Pharmaceutical Co., Ltd.		246,786
6,625	DL E&C Co., Ltd.		336,309
15,035	Han Kuk Carbon Co., Ltd.*		321,610
5,629	Hanwha Corp.		499,303
8,371	HD-Hyundai Marine Engine*		394,851
5,352	Iljin Electric Co., Ltd.		330,158
9,380	IsuPetasys Co., Ltd.		802,229
25,424	JB Financial Group Co., Ltd.		402,694
2,106	KIWOOM Securities Co., Ltd.		518,012
3,473	KT&G Corp.		425,340
11,220	LEENO Industrial Inc.		725,443
2,012	LG Innotek Co., Ltd.		1,942,702
11,986	Netmarble Corp.(a)		337,515
7,805	Poongsan Corp.		414,915
23,037	Samsung E&A Co., Ltd.		808,577
28,337	Samsung Electronics Co., Ltd.		5,964,748
1,938	Samsung Fire & Marine Insurance Co., Ltd.		730,731
2,687	Sanil Electric Co., Ltd.		440,503
15,180	Silicon2 Co., Ltd.		364,144
6,133	WONIK IPS Co., Ltd.		430,064
6,321	Youngone Corp.		333,087

	Total South Korea		17,168,961

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Spain - 3.1%
624	Acciona SA	$	178,703
4,343	ACS Actividades de Construccion y Servicios SA		626,114
19,353	Aena SME SA(a)		560,334
43,875	Amadeus IT Group SA		2,802,117
46,726	Atalaya Mining Copper SA		550,059
283,161	Banco Bilbao Vizcaya Argentaria SA		6,627,066
129,584	Banco de Sabadell SA		436,253
370,593	Banco Santander SA		4,644,071
180,922	Bankinter SA		3,039,197
98,172	CaixaBank SA		1,322,119
12,378	Cellnex Telecom SA(a)		414,995
8,575	EDP Renewables SA		141,721
8,226	Endesa SA		343,281
7,354	Grifols SA		79,325
297,295	Iberdrola SA		6,748,182
19,493	Indra Sistemas SA		1,292,832
132,716	Industria de Diseno Textil SA		8,244,467
9,715	Logista Integral SA		379,117
180,068	Mapfre SA		842,076
29,117	Melia Hotels International SA		380,491
45,578	Merlin Properties Socimi SA, REIT		801,058
6,680	Naturgy Energy Group SA		222,381
6,811	Redeia Corp. SA		116,997
28,797	Repsol SA		742,735
91,870	Telefonica SA		421,854

	Total Spain		41,957,545

Sweden - 2.6%
6,790	AddTech AB, Class B Shares		242,104
7,389	Alfa Laval AB		415,467
29,442	Asmodee Group AB, Class B Shares*		472,576
25,093	Assa Abloy AB, Class B Shares		901,144
67,061	Atlas Copco AB, Class A Shares		1,278,139
191,147	Atlas Copco AB, Class B Shares		3,248,033
17,649	Avanza Bank Holding AB		661,715
9,559	Beijer Ref AB, Class B Shares		133,182
7,460	Boliden AB		464,750
34,873	Bravida Holding AB(a)		429,280
404,407	Electrolux AB, Class B Shares*(b)		1,273,776
16,786	Epiroc AB, Class A Shares		495,451
9,605	Epiroc AB, Class B Shares		245,777
12,148	EQT AB		418,996
14,647	Essity AB, Class B Shares		411,157
3,313	Evolution AB*(a)		248,578
16,569	Fastighets AB Balder, Class B Shares*		94,899
12,640	H & M Hennes & Mauritz AB, Class B Shares		224,159
485,343	Hexagon AB, Class B Shares(b)		4,487,803
1,925	Holmen AB, Class B Shares		64,039
2,855	Industrivarden AB, Class A Shares		162,255
4,321	Industrivarden AB, Class C Shares		236,778
6,911	Indutrade AB		144,767
4,075	Investment AB Latour, Class B Shares		88,026
45,568	Investor AB, Class B Shares		1,878,142
1,894	L E Lundbergforetagen AB, Class B Shares		111,748
5,384	Lifco AB, Class B Shares		173,328
17,806	NCC AB, Class B Shares		377,242
39,898	Nibe Industrier AB, Class B Shares		156,483
1,274	Norion Bank AB*		8,004
8,253	Saab AB, Class B Shares		511,020
5,522	Sagax AB, Class B Shares		99,603

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Sweden - 2.6% - (continued)
26,888	Sandvik AB	$	1,096,451
12,816	Securitas AB, Class B Shares		213,470
38,193	Skandinaviska Enskilda Banken AB, Class A Shares		762,693
8,756	Skanska AB, Class B Shares		238,085
7,901	SKF AB, Class B Shares		207,737
7,828	Spotify Technology SA*		3,895,839
283,460	Storskogen Group AB, Class B Shares		283,993
15,391	Svenska Cellulosa AB SCA, Class B Shares		169,301
135,679	Svenska Handelsbanken AB, Class A Shares		2,000,886
21,303	Swedbank AB, Class A Shares		786,134
5,124	Swedish Orphan Biovitrum AB*		245,421
13,907	Tele2 AB, Class B Shares		261,059
70,155	Telefonaktiebolaget LM Ericsson, Class B Shares		912,375
60,530	Telia Co. AB		324,361
5,318	Trelleborg AB, Class B Shares		232,227
84,757	Volvo AB, Class B Shares		2,986,186
41,083	Wihlborgs Fastigheter AB		377,832

	Total Sweden		35,152,471

Switzerland - 7.7%
58,076	ABB Ltd., Class Registered Shares		6,185,873
8,209	Accelleron Industries AG		816,690
79,553	Alcon AG		5,308,454
9,861	Avolta AG*		624,847
808	Banque Cantonale Vaudoise, Class Registered Shares		121,660
96	Barry Callebaut AG, Class Registered Shares		147,489
251	Belimo Holding AG, Class Registered Shares		265,399
539	BKW AG		102,211
178	Chocoladefabriken Lindt & Spruengli AG		2,122,197
3	Chocoladefabriken Lindt & Spruengli AG, Class Registered Shares		367,076
29,164	Cie Financiere Richemont SA, Class Registered Shares		6,285,262
5,597	Coca-Cola HBC AG*		319,962
5,419	DKSH Holding AG		429,242
4,340	DSM-Firmenich AG		365,205
15,175	EFG International AG*		315,928
177	EMS-Chemie Holding AG, Class Registered Shares		161,767
4,615	Galderma Group AG*		981,717
5,308	Galenica AG(a)		566,345
852	Geberit AG, Class Registered Shares		560,178
231	Givaudan SA, Class Registered Shares		861,515
251,158	Glencore PLC*		1,912,166
1,986	Helvetia Baloise Holding AG		516,418
13,080	Holcim AG*		1,296,237
24,304	Julius Baer Group Ltd.		1,993,526
1,236	Kuehne + Nagel International AG, Class Registered Shares		285,613
3,741	Logitech International SA, Class Registered Shares		454,870
9,884	Lonza Group AG, Class Registered Shares		6,313,963
65,140	Nestlé SA, Class Registered Shares		6,610,011
47,821	Novartis AG, Class Registered Shares		7,188,021
575	Partners Group Holding AG		607,285
4,192	PSP Swiss Property AG, Class Registered Shares		798,506
53,533	Roche Holding AG		22,546,138
10,476	Sandoz Group AG		880,071
1,030	Schindler Holding AG		347,490
582	Schindler Holding AG, Class Registered Shares		190,773
30,558	SGS SA, Class Registered Shares		3,468,289
3,166	Siegfried Holding AG, Class Registered Shares*		331,812
23,670	SIG Group AG*		366,173
11,236	Sika AG, Class Registered Shares		2,205,232
1,285	Sonova Holding AG, Class Registered Shares		339,845
17,202	STMicroelectronics NV		1,190,813
14,444	Straumann Holding AG, Class Registered Shares		1,744,617

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
Switzerland - 7.7% - (continued)
3,824	Sulzer AG, Class Registered Shares	$	726,088
759	Swatch Group AG (The)		209,836
716	Swiss Life Holding AG, Class Registered Shares		778,151
1,983	Swiss Prime Site AG, Class Registered Shares		332,551
7,479	Swiss Re AG		1,120,845
664	Swisscom AG, Class Registered Shares		568,100
18,190	Swissquote Group Holding SA		922,898
6,736	Temenos AG, Class Registered Shares		582,793
79,624	UBS Group AG, Class Registered Shares		3,776,127
4,315	VAT Group AG(a)		3,373,966
1,186	Ypsomed Holding AG, Class Registered Shares		532,462
3,709	Zurich Insurance Group AG		2,635,035

	Total Switzerland		104,055,738

Taiwan - 0.7%
125,000	Hon Hai Precision Industry Co., Ltd.		1,152,837
34,000	Taiwan Semiconductor Manufacturing Co., Ltd.		2,552,544
15,460	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		6,469,237

	Total Taiwan		10,174,618

United Kingdom - 16.1%
24,849	3i Group PLC		761,315
46,618	Admiral Group PLC		2,065,339
23,454	Airtel Africa PLC(a)		111,328
27,973	Anglo American PLC		1,491,353
5,009	ARM Holdings PLC, ADR*		1,769,630
8,234	Associated British Foods PLC		202,047
104,918	AstraZeneca PLC		19,513,229
19,851	Autotrader Group PLC(a)		118,034
76,530	Aviva PLC		631,744
46,797	Babcock International Group PLC		690,714
186,292	BAE Systems PLC		5,074,688
73,705	Balfour Beatty PLC		790,627
1,750,222	Barclays PLC		10,714,825
31,184	Barratt Redrow PLC		110,338
45,556	Berkeley Group Holdings PLC*		2,112,527
518,664	BP PLC		3,623,211
90,383	British American Tobacco PLC		5,578,046
80,804	British Land Co. PLC (The), REIT		440,617
147,109	BT Group PLC		413,683
41,427	Bunzl PLC		1,310,747
119,036	Centrica PLC		300,619
5,308	Coca-Cola Europacific Partners PLC		481,383
191,476	Compass Group PLC		6,159,580
11,299	Computacenter PLC		676,670
140,016	ConvaTec Group PLC(a)		381,272
6,884	Cranswick PLC		508,981
330,382	Currys PLC		668,936
398,550	Diageo PLC		8,224,462
50,881	Drax Group PLC		540,800
67,495	easyJet PLC		361,361
23,041	Endeavour Mining PLC		1,438,355
55,164	Entain PLC		396,299
1,912	Games Workshop Group PLC		510,128
9,428	Genus PLC		294,373
192,840	GSK PLC		4,883,676
827,774	Haleon PLC		3,744,812
47,527	Halma PLC		2,995,950
161,122	Harbour Energy PLC		571,334
108,882	Helios Towers PLC*		343,904
37,288	Howden Joinery Group PLC		385,482
636,733	HSBC Holdings PLC		11,879,376
12,755	IMI PLC		477,609

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units	Security	Value
United Kingdom - 16.1% - (continued)
19,218	Imperial Brands PLC	$	699,885
41,956	Inchcape PLC		478,140
31,796	Informa PLC		347,149
3,691	InterContinental Hotels Group PLC		568,444
29,935	International Consolidated Airlines Group SA		171,887
3,969	Intertek Group PLC		284,357
41,478	J Sainsbury PLC		165,044
64,950	JD Sports Fashion PLC		73,658
322,184	Kingfisher PLC		1,239,606
8,816	Kiniksa Pharmaceuticals International PLC, Class A Shares*		426,518
55,715	Lancashire Holdings Ltd.		453,449
17,456	Land Securities Group PLC, REIT		147,776
142,713	Legal & General Group PLC		518,938
2,480,127	Lloyds Banking Group PLC		3,370,658
33,433	London Stock Exchange Group PLC		4,053,031
189,105	LondonMetric Property PLC, REIT		482,929
55,333	M&G PLC		235,344
13,092	Marex Group PLC		693,090
52,387	Marks & Spencer Group PLC		251,091
568,836	Melrose Industries PLC		3,602,044
152,774	Mitie Group PLC		367,298
675,416	National Grid PLC(b)		10,931,298
747,977	NatWest Group PLC		5,977,699
2,958	Next PLC		526,447
59,187	OSB Group PLC		411,531
14,892	Pearson PLC		222,171
157,660	Reckitt Benckiser Group PLC		9,710,252
281,042	RELX PLC		9,274,178
62,483	Rentokil Initial PLC		376,631
28,060	Rio Tinto PLC		3,009,099
684,467	Rolls-Royce Holdings PLC		12,314,117
294,779	Sage Group PLC (The)		3,343,205
19,654	Schroders PLC		154,584
348,380	Segro PLC, REIT		3,387,385
100,838	Serco Group PLC		358,449
6,902	Severn Trent PLC		274,626
258,599	Shell PLC		10,880,033
195,914	Smith & Nephew PLC		2,915,498
78,536	Smiths Group PLC		2,604,556
18,648	Softcat PLC		436,151
1,963	Spirax Group PLC		184,123
83,497	SSE PLC		2,621,224
35,910	St. James’s Place PLC		584,718
168,819	Standard Chartered PLC		4,529,130
18,397	Standard Life PLC		192,149
288,913	Tesco PLC		1,668,842
109,736	TP ICAP Group PLC		450,695
101,946	Trainline PLC*(a)		301,617
194,574	Tritax Big Box REIT PLC		394,696
64,163	Unilever PLC		3,622,916
17,187	United Utilities Group PLC		311,172
9,447	Verisure PLC*		125,878
481,332	Vodafone Group PLC		721,982
60,096	Watches of Switzerland Group PLC*(a)		583,930
245,602	WH Smith PLC		1,626,192
23,911	Whitbread PLC		755,723
15,902	Wise Group PLC, Class A Shares*(c)		199,602

	Total United Kingdom		218,362,239

United States - 0.6%
225,403	Carnival Corp., Ltd.		6,324,808
4,712	Liberty Media Corp.-Liberty Formula One, Class C Shares*		427,802

Schedules of Investments

(unaudited) (continued)

International Equity Fund


Shares/Units			Security	Value
	United States - 0.6% - (continued)
	580,000		Nexteer Automotive Group Ltd.	$	362,958
	48,533		Octave Intelligence PLC*(c)		827,463
	10,564		Sunbelt Rentals Holdings Inc.		830,069

			Total United States		8,773,100

	Uruguay - 0.0%@
	269		MercadoLibre Inc.*		456,130

			TOTAL COMMON STOCKS (Cost - $838,163,336)		1,311,159,606

	OPEN END MUTUAL FUND SECURITY - 0.1%
	United States - 0.1%
	22,814		Vanguard FTSE Developed Markets ETF, Common Class Shares (Cost - $1,138,089)		1,637,361

	PREFERRED STOCKS - 0.1%
	Germany - 0.1%
	1,209		Bayerische Motoren Werke AG, Class Preferred Shares		105,276
	3,123		Dr ING hc F Porsche AG, Class Preferred Shares*		170,857
	3,864		Henkel AG & Co. KGaA, Class Preferred Shares		300,082
	3,530		Porsche Automobil Holding SE, Class Preferred Shares*		134,560
	699		Sartorius AG, Class Preferred Shares		199,848
	5,197		Volkswagen AG, Class Preferred Shares*		556,627

			TOTAL PREFERRED STOCKS (Cost - $1,540,714)		1,467,250

	RIGHT - 0.1%
	Sweden - 0.1%
	787,920		Electrolux AB expires 12/31/49*(c) (Cost - $1,265,628)		1,054,036

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost - $842,107,767)		1,315,318,253


Face Amount†
	SHORT-TERM INVESTMENTS(d) - 3.4%
	MONEY MARKET FUND - 0.9%
	$ 12,730,105		Invesco STIT - Government & Agency Portfolio, Institutional Class, 3.638%(e) (Cost - $12,730,105)		12,730,105

	TIME DEPOSITS - 2.5%
	463,610	^HKD	ANZ National Bank - Hong Kong, 0.810% due 6/1/26		59,157
			BBH - New York:
	12,525	^NZD	0.760% due 6/2/26		7,503
	19,157	^CAD	1.120% due 6/1/26		13,894
	95,872	^AUD	2.930% due 6/1/26		68,903
	1,325,736	^NOK	2.970% due 6/1/26		143,401
	422,152	^CHF	BNP Paribas - Paris, (0.460)% due 6/1/26		540,908
			Citibank - London:
	2,763,333	^EUR	0.860% due 6/1/26		3,223,151
	632,498	^GBP	2.670% due 6/1/26		851,848
	20,920,843		Citibank - New York, 2.970% due 6/1/26		20,920,843
	130,480	^SGD	HSBC Bank - Singapore, 0.300% due 6/2/26		102,241
	6,909,651		JPMorgan Chase & Co. - New York, 2.970% due 6/1/26		6,909,651
			Skandinaviska Enskilda Banken AB - Stockholm:
	866,541	^SEK	0.590% due 6/1/26		93,863
	533,364	^DKK	0.630% due 6/1/26		83,240
			Sumitomo Mitsui Banking Corp. - Tokyo:
	39,636,259	^JPY	0.190% due 6/1/26		248,870
	4,434		2.970% due 6/1/26		4,434

			TOTAL TIME DEPOSITS (Cost - $33,271,907)		33,271,907

			TOTAL SHORT-TERM INVESTMENTS (Cost - $46,002,012)		46,002,012

			TOTAL INVESTMENTS - 100.2% (Cost - $888,109,779)		1,361,320,265

			Liabilities in Excess of Other Assets - (0.2)%		(2,749,888	)

			TOTAL NET ASSETS - 100.0%	$	1,358,570,377

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

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)

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, 2026, amounts to $15,245,974 and represents 1.1% of net assets.

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

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

(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 2.5%.

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

#	Security that used significant unobservable inputs to determine fair value. At May 31, 2026, the Fund held a Level 3 security with a value of $57,555, representing less than 0.05% of net assets.

At May 31, 2026, 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	$ 888,109,779	$ 531,126,934	$ (57,916,448)	$ 473,210,486


Abbreviations used in this schedule:

ADR	—	American Depositary Receipt
ETF	—	Exchange-Traded Fund
GDR	—	Global Depositary Receipt
PLC	—	Public Limited Company
REIT	—	Real Estate Investment Trust


Summary of Investments by Security Sector^
Financials	19.9	%
Industrials	19.7
Information Technology	13.1
Health Care	11.0
Consumer Discretionary	9.9
Consumer Staples	6.1
Materials	5.7
Communication Services	4.4
Utilities	3.0
Energy	2.9
Real Estate	1.8
Short-Term Investments	2.5

Total Investments	100.0	%+

^	As a percentage of total investments.

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

Currency abbreviations used in this schedule:



AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
SEK	—	Swedish Krona
SGD	—	Singapore Dollar

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
COMMON STOCKS - 96.1%
Australia - 0.0%@
128,000	MMG Ltd.*	$	144,823

Brazil - 4.4%
150,710	Ambev SA		487,709
41,934	Axia Energia SA		435,958
9,981	Axia Energia SA*		99,649
8,862	Axia Energia SA, Class Preferred Shares		100,039
170,450	B3 SA - Brasil Bolsa Balcao		557,672
54,657	Banco Bradesco SA		167,987
37,589	Banco BTG Pactual SA		400,624
453,738	Banco do Brasil SA		1,826,414
304,082	BB Seguridade Participacoes SA		2,134,480
25,408	Caixa Seguridade Participacoes SA		89,225
78,636	Cia de Saneamento Basico do Estado de Sao Paulo SABESP		435,814
57,687	Cia Paranaense de Energia - Copel		166,547
7,096	CPFL Energia SA		61,052
177,000	Direcional Engenharia SA		470,301
24,812	Embraer SA		361,025
9,640	Energisa SA		91,752
30,868	Eneva SA*		156,876
149,668	Engie Brasil Energia SA		982,325
38,815	Equatorial SA		296,703
132,723	Inter & Co., Inc., Class A Shares		818,901
30,973	Klabin SA		102,379
365,967	Localiza Rent a Car SA		3,044,469
22,948	MBRF Global Foods Co. SA		72,851
383,616	Motiva Infraestrutura de Mobilidade SA		1,073,302
108,000	Multiplan Empreendimentos Imobiliarios SA		637,958
390,721	NU Holdings Ltd., Class A Shares*		5,130,167
122,134	Petroleo Brasileiro SA - Petrobras		1,131,698
88,012	Petroleo Brasileiro SA - Petrobras, ADR		1,651,985
6,183	Porto Seguro SA		59,229
276,160	PRIO SA*		3,408,774
656,076	Raia Drogasil SA		2,431,429
360,607	Rede D’Or Sao Luiz SA(a)		2,432,577
40,743	Rumo SA		110,842
177,864	Smartfit Escola de Ginastica e Danca SA		653,524
8,382	StoneCo Ltd., Class A Shares		95,974
114,615	Suzano SA		952,483
23,500	TIM SA		102,049
18,187	TOTVS SA		119,260
21,149	Ultrapar Participações SA		108,489
119,022	Vale SA		1,954,612
110,105	Vale SA, Class B Shares, ADR		1,789,206
373,777	Vibra Energia SA		2,204,945
388,161	WEG SA		3,394,287
15,447	XP Inc., Class A Shares		257,502

	Total Brazil		43,061,044

Canada - 0.0%@
8,200	China Gold International Resources Corp., Ltd.		159,345

Chile - 0.6%
88,975	Antofagasta PLC		4,903,428
1,448,861	Banco de Chile		273,001
2,814	Banco de Credito e Inversiones SA		189,912
2,179,086	Banco Santander Chile		171,427
39,500	Cencosud SA		93,179
32,401	Empresas CMPC SA		38,817
13,356	Empresas COPEC SA		94,915

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
Chile - 0.6% - (continued)
917,604	Enel Chile SA	$	79,715
22,320	Falabella SA		142,981
10,066,078	Latam Airlines Group SA		272,637
24,430	Plaza SA		106,528

	Total Chile		6,366,540

China - 15.6%
9,300	360 Security Technology Inc., Class A Shares		13,888
3,900	37 Interactive Entertainment Network Technology Group Co., Ltd., Class A Shares		11,072
56,500	3SBio Inc.*(a)		133,184
24,000	AAC Technologies Holdings Inc.		139,455
3,200	Accelink Technologies Co., Ltd., Class A Shares		96,507
2,196	Advanced Micro-Fabrication Equipment Inc., Class A Shares		96,938
3,000	AECC Aviation Power Co., Ltd., Class A Shares		18,415
163,100	Agricultural Bank of China Ltd., Class A Shares		152,402
933,000	Agricultural Bank of China Ltd., Class H Shares(b)		687,176
11,877	Aier Eye Hospital Group Co., Ltd., Class A Shares		16,015
13,600	Air China Ltd., Class A Shares*		13,695
21,000	Akeso Inc.*(a)		316,077
31,400	Aluminum Corp. of China Ltd., Class A Shares		52,944
434,000	Aluminum Corp. of China Ltd., Class H Shares(b)		605,363
351	Amlogic Shanghai Co., Ltd., Class A Shares		5,496
2,500	Angel Yeast Co., Ltd., Class A Shares		13,526
6,100	Anhui Conch Cement Co., Ltd., Class A Shares		18,174
198,189	Anhui Conch Cement Co., Ltd., Class H Shares(b)		482,116
1,000	Anhui Gujing Distillery Co., Ltd., Class A Shares		13,759
3,500	Anhui Jianghuai Automobile Group Corp., Ltd., Class A Shares*		19,158
1,900	Anker Innovations Technology Co., Ltd., Class A Shares		35,316
223,400	ANTA Sports Products Ltd.		2,165,016
3,600	Avary Holding Shenzhen Co., Ltd., Class A Shares		55,907
44,000	AviChina Industry & Technology Co., Ltd., Class H Shares(b)		17,581
16,800	BAIC BluePark New Energy Technology Co., Ltd., Class A Shares*		15,175
73,418	Baidu Inc., Class A Shares*		1,241,801
47,000	Bank of Beijing Co., Ltd., Class A Shares		35,361
4,000	Bank of Chengdu Co., Ltd., Class A Shares		10,998
98,730	Bank of China Ltd., Class A Shares		85,521
2,323,000	Bank of China Ltd., Class H Shares(b)		1,544,866
106,500	Bank of Communications Co., Ltd., Class A Shares		104,833
279,000	Bank of Communications Co., Ltd., Class H Shares(b)		259,941
14,800	Bank of Hangzhou Co., Ltd., Class A Shares		35,028
35,590	Bank of Jiangsu Co., Ltd., Class A Shares		59,384
16,600	Bank of Nanjing Co., Ltd., Class A Shares		26,449
14,790	Bank of Ningbo Co., Ltd., Class A Shares		67,845
29,640	Bank of Shanghai Co., Ltd., Class A Shares		39,566
30,184	Baoshan Iron & Steel Co., Ltd., Class A Shares		26,906
1,300	Beijing Compass Technology Development Co., Ltd., Class A Shares		17,626
9,900	Beijing Enlight Media Co., Ltd., Class A Shares		18,640
1,276	Beijing Kingsoft Office Software Inc., Class A Shares		45,004
2,000	Beijing New Building Materials PLC, Class A Shares		6,771
760	Beijing Roborock Technology Co., Ltd., Class A Shares		11,521
2,600	Beijing Tong Ren Tang Co., Ltd., Class A Shares		9,860
718	Beijing Wantai Biological Pharmacy Enterprise Co., Ltd., Class A Shares*		3,676
79,200	Beijing-Shanghai High Speed Railway Co., Ltd., Class A Shares		58,775
1,400	Bestechnic Shanghai Co., Ltd., Class A Shares		34,509
9,107	Bilibili Inc., Class Z Shares*		158,490
1,919	Biwin Storage Technology Co., Ltd., Class A Shares*		93,555
13,300	Bluefocus Intelligent Communications Group Co., Ltd., Class A Shares*		32,846
68,500	BOE Technology Group Co., Ltd., Class A Shares		51,663
11,000	BYD Co., Ltd., Class A Shares		156,393
404,974	BYD Co., Ltd., Class H Shares(b)		4,697,425
31,500	BYD Electronic International Co., Ltd.		117,395
1,345	Cambricon Technologies Corp., Ltd., Class A Shares		261,263

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
China - 15.6% - (continued)
318,000	CGN Power Co., Ltd., Class H Shares(a)(b)	$	125,937
300	Changchun High-Tech Industry Group Co., Ltd., Class A Shares		3,263
3,900	Chaozhou Three-Circle Group Co., Ltd., Class A Shares		74,249
6,800	Chifeng Jilong Gold Mining Group Ltd., Class A Shares		33,971
31,500	China CITIC Bank Corp., Ltd., Class A Shares		34,546
270,000	China CITIC Bank Corp., Ltd., Class H Shares(b)		251,213
450,000	China CITIC Financial Asset Management Co., Ltd., Class H Shares*(a)(b)		37,913
61,000	China Coal Energy Co., Ltd., Class H Shares(b)		98,488
47,500	China Construction Bank Corp., Class A Shares		69,929
5,615,224	China Construction Bank Corp., Class H Shares(b)		6,092,369
16,600	China CSSC Holdings Ltd., Class A Shares		91,734
27,298	China Eastern Airlines Corp., Ltd., Class A Shares*		17,722
47,400	China Energy Engineering Corp., Ltd., Class A Shares		20,253
91,612	China Everbright Bank Co., Ltd., Class A Shares		41,980
127,000	China Feihe Ltd.(a)		49,601
12,000	China Galaxy Securities Co., Ltd., Class A Shares		21,762
129,500	China Galaxy Securities Co., Ltd., Class H Shares(b)		128,315
10,800	China Greatwall Technology Group Co., Ltd., Class A Shares*		28,549
91,000	China Hongqiao Group Ltd.		326,352
20,900	China International Capital Corp., Ltd., Class A Shares		104,439
58,800	China International Capital Corp., Ltd., Class H Shares(a)(b)		147,312
7,200	China Jushi Co., Ltd., Class A Shares		44,826
5,300	China Life Insurance Co., Ltd., Class A Shares		26,507
248,000	China Life Insurance Co., Ltd., Class H Shares(b)		918,518
10,200	China Literature Ltd.*(a)		30,146
99,000	China Longyuan Power Group Corp., Ltd., Class H Shares(b)		85,515
102,000	China Mengniu Dairy Co., Ltd.		220,846
40,800	China Merchants Bank Co., Ltd., Class A Shares		229,143
1,213,998	China Merchants Bank Co., Ltd., Class H Shares(b)		7,303,051
17,000	China Merchants Energy Shipping Co., Ltd., Class A Shares		39,862
13,200	China Merchants Expressway Network & Technology Holdings Co., Ltd., Class A Shares		19,588
9,230	China Merchants Securities Co., Ltd., Class A Shares		23,160
6,520	China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A Shares		8,501
55,920	China Minsheng Banking Corp., Ltd., Class A Shares		29,344
236,700	China Minsheng Banking Corp., Ltd., Class H Shares(b)		101,489
102,000	China National Building Material Co., Ltd., Class H Shares(b)		69,485
19,300	China National Chemical Engineering Co., Ltd., Class A Shares		22,028
34,000	China National Nuclear Power Co., Ltd., Class A Shares		45,429
2,470	China National Software & Service Co., Ltd., Class A Shares*		13,219
44,000	China Nonferrous Mining Corp., Ltd.		76,602
5,200	China Northern Rare Earth Group High-Tech Co., Ltd., Class A Shares		37,387
44,000	China Oilfield Services Ltd., Class H Shares(b)		44,332
12,500	China Pacific Insurance Group Co., Ltd., Class A Shares		59,469
84,000	China Pacific Insurance Group Co., Ltd., Class H Shares(b)		336,974
85,000	China Petroleum & Chemical Corp., Class A Shares		61,046
726,000	China Petroleum & Chemical Corp., Class H Shares(b)		400,283
27,800	China Railway Group Ltd., Class A Shares		19,607
138,000	China Railway Group Ltd., Class H Shares(b)		61,842
22,980	China Railway Signal & Communication Corp., Ltd., Class A Shares		16,306
4,498	China Resources Microelectronics Ltd., Class A Shares		42,627
148,300	China Resources Mixc Lifestyle Services Ltd.(a)		789,568
4,836	China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A Shares		17,479
13,299	China Shenhua Energy Co., Ltd., Class A Shares		92,334
107,500	China Shenhua Energy Co., Ltd., Class H Shares(b)		618,528
20,400	China Southern Airlines Co., Ltd., Class A Shares*		16,560
90,040	China State Construction Engineering Corp., Ltd., Class A Shares		64,285
41,600	China Three Gorges Renewables Group Co., Ltd., Class A Shares		25,639
4,435	China Tourism Group Duty Free Corp., Ltd., Class A Shares		39,066
141,100	China Tower Corp., Ltd., Class H Shares(a)(b)		178,775
4,900	China Tungsten And Hightech Materials Co., Ltd., Class A Shares		49,157
74,800	China United Network Communications Ltd., Class A Shares		48,099

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
China - 15.6% - (continued)
15,600	China Vanke Co., Ltd., Class A Shares*	$	8,187
18,800	China XD Electric Co., Ltd., Class A Shares		45,980
50,900	China Yangtze Power Co., Ltd., Class A Shares		208,769
52,390	China Zheshang Bank Co., Ltd., Class A Shares		23,233
16,182	Chongqing Changan Automobile Co., Ltd., Class A Shares		18,947
28,000	Chongqing Rural Commercial Bank Co., Ltd., Class A Shares		27,484
70,000	Chongqing Rural Commercial Bank Co., Ltd., Class H Shares(b)		56,878
3,000	Chongqing Zhifei Biological Products Co., Ltd., Class A Shares*		6,021
143,000	CITIC Ltd.		240,340
22,565	CITIC Securities Co., Ltd., Class A Shares		86,903
49,925	CITIC Securities Co., Ltd., Class H Shares(b)		166,011
40,200	CMOC Group Ltd., Class A Shares		109,795
123,000	CMOC Group Ltd., Class H Shares(b)		288,201
1,820	CNGR Advanced Material Co., Ltd., Class A Shares		14,066
16,100	CNPC Capital Co., Ltd., Class A Shares		18,573
113,771	Contemporary Amperex Technology Co., Ltd., Class A Shares		7,131,944
3,300	Contemporary Amperex Technology Co., Ltd., Class H Shares(b)		314,517
5,300	COSCO Shipping Energy Transportation Co., Ltd., Class A Shares		15,265
20,320	COSCO SHIPPING Holdings Co., Ltd., Class A Shares		42,474
82,250	COSCO SHIPPING Holdings Co., Ltd., Class H Shares(b)		148,674
51,400	CRRC Corp., Ltd., Class A Shares		43,844
151,000	CRRC Corp., Ltd., Class H Shares(b)		100,029
8,700	CSC Financial Co., Ltd., Class A Shares		31,339
2,880	CSPC Innovation Pharmaceutical Co., Ltd., Class A Shares*		11,375
257,120	CSPC Pharmaceutical Group Ltd.		245,789
49,700	Daqin Railway Co., Ltd., Class A Shares		38,128
366,600	DaShenLin Pharmaceutical Group Co., Ltd., Class A Shares		893,305
9,600	Dongfang Electric Corp., Ltd., Class A Shares		50,014
27,025	East Money Information Co., Ltd., Class A Shares		76,553
78,364	Eastroc Beverage Group Co., Ltd., Class A Shares		1,649,170
13,815	Eastroc Beverage Group Co., Ltd., Class H Shares(b)		233,220
900	Ecovacs Robotics Co., Ltd., Class A Shares		7,813
1,300	Empyrean Technology Co., Ltd., Class A Shares*		22,007
25,200	ENN Energy Holdings Ltd.		176,736
557,643	ENN Natural Gas Co., Ltd., Class A Shares		1,614,775
2,300	Eoptolink Technology Inc. Ltd., Class A Shares*		240,307
5,681	Eve Energy Co., Ltd., Class A Shares		53,484
7,300	Everbright Securities Co., Ltd., Class A Shares		15,387
4,600	Fiberhome Telecommunication Technologies Co., Ltd., Class A Shares		35,296
20,800	Focus Media Information Technology Co., Ltd., Class A Shares		17,143
9,186	Foshan Haitian Flavouring & Food Co., Ltd., Class A Shares		48,774
17,700	Founder Securities Co., Ltd., Class A Shares		18,029
26,400	Foxconn Industrial Internet Co., Ltd., Class A Shares		286,555
120,000	Full Truck Alliance Co., Ltd., ADR		1,058,400
4,100	Fuyao Glass Industry Group Co., Ltd., Class A Shares		31,919
20,800	Fuyao Glass Industry Group Co., Ltd., Class H Shares(a)(b)		147,919
3,220	Ganfeng Lithium Group Co., Ltd., Class A Shares		34,028
15,000	Ganfeng Lithium Group Co., Ltd., Class H Shares(a)(b)		122,426
21,800	GD Power Development Co., Ltd., Class A Shares		16,585
38,700	GDS Holdings Ltd., Class A Shares*		170,012
15,100	GEM Co., Ltd., Class A Shares		17,418
48,000	Genscript Biotech Corp.*		84,094
26,000	GF Securities Co., Ltd., Class A Shares		72,611
27,200	GF Securities Co., Ltd., Class H Shares(b)		56,230
10,400	Giant Biogene Holding Co., Ltd.(a)		39,993
4,700	Giant Network Group Co., Ltd., Class A Shares		18,104
1,824	Gigadevice Semiconductor Inc., Class A Shares		126,563
4,300	GoerTek Inc., Class A Shares		17,058
9,900	Goldwind Science & Technology Co., Ltd., Class A Shares		34,283
2,233	Goneo Group Co., Ltd., Class A Shares		13,716
8,900	Gotion High-tech Co., Ltd., Class A Shares		43,355

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
China - 15.6% - (continued)
68,500	Great Wall Motor Co., Ltd., Class H Shares(b)	$	91,129
8,500	Gree Electric Appliances Inc. of Zhuhai, Class A Shares		49,222
2,200	Guangdong Haid Group Co., Ltd., Class A Shares		15,231
9,000	Guangdong HEC Technology Holding Co., Ltd., Class A Shares*		47,407
15,100	Guangzhou Automobile Group Co., Ltd., Class A Shares		13,551
3,220	Guangzhou Tinci Materials Technology Co., Ltd., Class A Shares		24,766
25,000	Guolian Minsheng Securities Co., Ltd., Class A Shares		32,116
9,400	Guosen Securities Co., Ltd., Class A Shares		14,047
32,378	Guotai Haitong Securities Co., Ltd., Class A Shares		73,619
60,864	Guotai Haitong Securities Co., Ltd., Class H Shares(a)(b)		101,474
5,900	Guoyuan Securities Co., Ltd., Class A Shares		6,213
17,924	H World Group Ltd., ADR		804,608
60,000	Haidilao International Holding Ltd.(a)		97,624
13,300	Haier Smart Home Co., Ltd., Class A Shares		41,014
77,400	Haier Smart Home Co., Ltd., Class H Shares(b)		195,045
70,600	Hainan Airlines Holding Co., Ltd., Class A Shares*		15,317
29,200	Hainan Airport Infrastructure Co., Ltd., Class A Shares		13,857
16,000	Haitian International Holdings Ltd.		40,373
2,000	Hangzhou Chang Chuan Technology Co., Ltd., Class A Shares		62,345
4,939	Hangzhou First Applied Material Co., Ltd., Class A Shares		13,070
2,700	Hangzhou Silan Microelectronics Co., Ltd., Class A Shares		13,814
48,000	Hansoh Pharmaceutical Group Co., Ltd.(a)		192,850
400,386	Harbin Electric Co., Ltd., Class H Shares(b)		1,001,872
5,900	Hebei Changshan Biochemical Pharmaceutical Co., Ltd., Class A Shares*		35,980
1,600	Henan Shenhuo Coal Industry & Electricity Power Co., Ltd., Class A Shares		6,869
9,400	Henan Shuanghui Investment & Development Co., Ltd., Class A Shares		34,764
150,000	Hengan International Group Co., Ltd.		465,714
10,778	Hengli Petrochemical Co., Ltd., Class A Shares		27,389
8,200	Hengtong Optic-electric Co., Ltd., Class A Shares		93,524
3,820	Hesai Group, Class B Shares*		73,387
3,600	Hgtech Co., Ltd., Class A Shares		80,869
2,238	Hithink RoyalFlush Information Network Co., Ltd., Class A Shares		75,367
157,800	Horizon Robotics, Class B Shares*		106,626
900	Hoshine Silicon Industry Co., Ltd., Class A Shares		5,067
2,200	Hua Hong Semiconductor Ltd., Class A Shares*		77,008
24,000	Hua Hong Semiconductor Ltd., Class H Shares*(a)		494,888
18,400	Huadian Power International Corp., Ltd., Class A Shares		15,123
1,694	Huadong Medicine Co., Ltd., Class A Shares		7,262
15,100	Huafon Chemical Co., Ltd., Class A Shares		22,557
22,500	Huaneng Power International Inc., Class A Shares		29,486
160,000	Huaneng Power International Inc., Class H Shares(b)		148,338
2,600	Huaqin Co., Ltd., Class A Shares		40,905
16,000	Huatai Securities Co., Ltd., Class A Shares		43,004
49,600	Huatai Securities Co., Ltd., Class H Shares(a)(b)		100,553
30,500	Huaxia Bank Co., Ltd., Class A Shares		30,245
255,299	Huayu Automotive Systems Co., Ltd., Class A Shares		630,498
1,000	Huizhou Desay Sv Automotive Co., Ltd., Class A Shares		15,018
3,785	Hundsun Technologies Inc., Class A Shares		13,582
1,337	Hwatsing Technology Co., Ltd., Class A Shares		51,657
4,534	Hygon Information Technology Co., Ltd., Class A Shares		197,872
1,600	IEIT Systems Co., Ltd., Class A Shares		15,290
5,400	Iflytek Co., Ltd., Class A Shares		38,244
560	Imeik Technology Development Co., Ltd., Class A Shares		8,655
142,500	Industrial & Commercial Bank of China Ltd., Class A Shares		152,077
2,124,000	Industrial & Commercial Bank of China Ltd., Class H Shares(b)		1,801,915
39,200	Industrial Bank Co., Ltd., Class A Shares		107,201
19,760	Industrial Securities Co., Ltd., Class A Shares		16,797
800	Ingenic Semiconductor Co., Ltd., Class A Shares		18,630
62,900	Inner Mongolia BaoTou Steel Union Co., Ltd., Class A Shares		21,915
7,700	Inner Mongolia Dian Tou Energy Corp., Ltd., Class A Shares		35,233
16,300	Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd., Class A Shares		12,334

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
China - 15.6% - (continued)
5,400	Inner Mongolia Xingye Silver&Tin Mining Co., Ltd., Class A Shares	$	31,616
13,600	Inner Mongolia Yili Industrial Group Co., Ltd., Class A Shares		54,099
41,700	Inner Mongolia Yitai Coal Co., Ltd., Class B Shares		115,968
50,000	Innovent Biologics Inc.*(a)		533,356
2,200	Isoftstone Information Technology Group Co., Ltd., Class A Shares		10,747
66,200	J&T Global Express Ltd.*		76,396
4,116	JA Solar Technology Co., Ltd., Class A Shares*		5,545
4,000	JCET Group Co., Ltd., Class A Shares		48,537
35,900	JD Health International Inc.*(a)		176,576
77,000	JD Logistics Inc.*(a)		126,758
37,461	JD.com Inc., ADR		1,080,001
106,956	JD.com Inc., Class A Shares		1,543,729
7,400	Jiangsu Eastern Shenghong Co., Ltd., Class A Shares*		13,175
46,000	Jiangsu Expressway Co., Ltd., Class H Shares(b)		61,697
1,948	Jiangsu Hengli Hydraulic Co., Ltd., Class A Shares		31,359
13,501	Jiangsu Hengrui Pharmaceuticals Co., Ltd., Class A Shares		100,178
3,000	Jiangsu King’s Luck Brewery JSC Ltd., Class A Shares		13,443
6,200	Jiangsu Yanghe Distillery Co., Ltd., Class A Shares		41,619
3,200	Jiangsu Yuyue Medical Equipment & Supply Co., Ltd., Class A Shares		12,491
6,200	Jiangsu Zhongtian Technology Co., Ltd., Class A Shares		38,682
3,300	Jiangxi Copper Co., Ltd., Class A Shares		21,230
35,000	Jiangxi Copper Co., Ltd., Class H Shares(b)		158,097
13,200	Jinduicheng Molybdenum Co., Ltd., Class A Shares		47,181
9,597	Jinko Solar Co., Ltd., Class A Shares*		8,315
1,204	Kangmei Pharmaceutical Co., Ltd., Class A Shares*(c)#		2
10,693	Kanzhun Ltd., ADR		145,104
51,000	KE Holdings Inc., ADR(d)		846,600
69,804	KE Holdings Inc., Class A Shares		383,838
89,000	Kingdee International Software Group Co., Ltd.*		82,655
36,000	Kingsoft Corp., Ltd.		97,383
135,600	Kuaishou Technology, Class B Shares(a)		789,012
3,200	Kuang-Chi Technologies Co., Ltd., Class A Shares*		18,995
2,800	Kunlun Tech Co., Ltd., Class A Shares*		18,186
2,588	Kweichow Moutai Co., Ltd., Class A Shares		507,348
900	Laopu Gold Co., Ltd., Class H Shares(b)		58,100
6,600	LB Group Co., Ltd., Class A Shares		13,956
1,826,000	Lenovo Group Ltd.		5,629,815
9,000	Lens Technology Co., Ltd., Class A Shares		53,797
39,806	Li Auto Inc., Class A Shares*		297,691
80,500	Li Ning Co., Ltd.		187,470
14,500	Lingyi iTech Guangdong Co., Class A Shares		31,132
51,500	Longfor Group Holdings Ltd.(a)		51,798
9,072	LONGi Green Energy Technology Co., Ltd., Class A Shares*		18,628
1,012	Loongson Technology Corp., Ltd., Class A Shares*		21,896
16,138	Luxshare Precision Industry Co., Ltd., Class A Shares		174,500
3,800	Luzhou Laojiao Co., Ltd., Class A Shares		51,117
3,400	Mango Excellent Media Co., Ltd., Class A Shares		8,757
864	Maxscend Microelectronics Co., Ltd., Class A Shares*		13,810
105,500	Meitu Inc.*(a)		58,776
161,483	Meituan, Class B Shares*(a)		1,568,677
36,900	Metallurgical Corp. of China Ltd., Class A Shares		15,437
171,600	Midea Group Co., Ltd., Class A Shares		2,049,733
14,600	Midea Group Co., Ltd., Class H Shares(b)		160,038
19,516	MINISO Group Holding Ltd.		63,719
1,749	Montage Technology Co., Ltd., Class A Shares		65,857
10,086	Muyuan Foods Group Co., Ltd., Class A Shares		56,726
16,595	NARI Technology Co., Ltd., Class A Shares		61,086
5,493	National Silicon Industry Group Co., Ltd., Class A Shares*		22,547
1,680	NAURA Technology Group Co., Ltd., Class A Shares		156,152
186,775	NetEase Inc.		4,599,447
6,700	New China Life Insurance Co., Ltd., Class A Shares		59,136

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
China - 15.6% - (continued)
27,700	New China Life Insurance Co., Ltd., Class H Shares(b)	$	171,956
6,400	New Hope Liuhe Co., Ltd., Class A Shares		7,459
45,910	New Oriental Education & Technology Group Inc.		211,899
3,763	Ningbo Deye Technology Corp., Class A Shares		64,305
2,520	Ningbo Orient Wires & Cables Co., Ltd., Class A Shares		16,653
4,500	Ningbo Sanxing Medical Electric Co., Ltd., Class A Shares		10,876
4,160	Ningbo Tuopu Group Co., Ltd., Class A Shares		38,381
10,200	Ningxia Baofeng Energy Group Co., Ltd., Class A Shares		36,303
60,793	NIO Inc., Class A Shares*		339,138
64,200	Nongfu Spring Co., Ltd., Class H Shares(a)(b)		351,893
9,000	OFILM Group Co., Ltd., Class A Shares*		11,905
1,720	OmniVision Integrated Circuits Group Inc.		24,160
14,464	Orient Securities Co., Ltd., Class A Shares(e)		19,887
24,800	People’s Insurance Co. Group of China Ltd. (The), Class A Shares		25,078
278,000	People’s Insurance Co. Group of China Ltd. (The), Class H Shares(b)		183,856
21,700	PetroChina Co., Ltd., Class A Shares		34,971
672,000	PetroChina Co., Ltd., Class H Shares(b)		933,179
2,025	Pharmaron Beijing Co., Ltd., Class A Shares		7,514
242,000	PICC Property & Casualty Co., Ltd., Class H Shares(b)		450,539
47,200	Ping An Bank Co., Ltd., Class A Shares		76,260
21,600	Ping An Insurance Group Co. of China Ltd., Class A Shares		170,845
952,468	Ping An Insurance Group Co. of China Ltd., Class H Shares(b)		7,327,595
850	Piotech Inc., Class A Shares		78,940
18,000	Poly Developments & Holdings Group Co., Ltd., Class A Shares		15,354
5,900	Pony AI Inc., Class A Shares*		59,379
17,200	Pop Mart International Group Ltd.(a)		380,936
45,300	Postal Savings Bank of China Co., Ltd., Class A Shares		33,347
285,000	Postal Savings Bank of China Co., Ltd., Class H Shares(a)(b)		182,628
22,300	Power Construction Corp. of China Ltd., Class A Shares		17,605
8,300	Qinghai Salt Lake Industry Co., Ltd., Class A Shares*		37,683
4,000	Range Intelligent Computing Technology Group Co., Ltd., Class A Shares		49,765
6,000	Remegen Co., Ltd., Class H Shares*(a)(b)		63,192
1,100	Rockchip Electronics Co., Ltd., Class A Shares		28,571
11,850	Rongsheng Petrochemical Co., Ltd., Class A Shares*		19,728
11,800	SAIC Motor Corp., Ltd., Class A Shares		21,491
9,500	Sailun Group Co., Ltd., Class A Shares		17,740
6,100	Sanan Optoelectronics Co., Ltd., Class A Shares		14,108
1,800	Sangfor Technologies Inc., Class A Shares		28,463
18,900	Sany Heavy Industry Co., Ltd., Class A Shares		50,132
7,247	Satellite Chemical Co., Ltd., Class A Shares		24,982
20,600	SDIC Capital Co., Ltd., Class A Shares		19,612
14,700	SDIC Power Holdings Co., Ltd., Class A Shares		31,073
893,000	SenseTime Group Inc., Class B Shares*(a)		189,350
5,600	Seres Group Co., Ltd., Class A Shares		67,366
7,700	SF Holding Co., Ltd., Class A Shares		39,783
1,267	SG Micro Corp., Class A Shares		22,065
16,700	Shaanxi Coal Industry Co., Ltd., Class A Shares		63,521
5,500	Shandong Gold Mining Co., Ltd., Class A Shares		23,800
28,500	Shandong Gold Mining Co., Ltd., Class H Shares(a)(b)		87,898
4,350	Shandong Himile Mechanical Science & Technology Co., Ltd., Class A Shares		33,642
2,250	Shandong Hualu Hengsheng Chemical Co., Ltd., Class A Shares		9,803
14,900	Shandong Nanshan Aluminum Co., Ltd., Class A Shares		11,457
6,800	Shandong Sun Paper Industry JSC Ltd., Class A Shares		13,883
62,400	Shandong Weigao Group Medical Polymer Co., Ltd., Class H Shares(b)		26,772
1,987	Shanghai Baosight Software Co., Ltd., Class A Shares		5,928
891	Shanghai BOCHU Electronic Technology Corp., Ltd., Class A Shares		21,451
23,700	Shanghai Electric Group Co., Ltd., Class A Shares*		28,241
4,000	Shanghai Fosun Pharmaceutical Group Co., Ltd., Class A Shares		13,750
2,000	Shanghai International Airport Co., Ltd., Class A Shares		7,412
56,200	Shanghai Pudong Development Bank Co., Ltd., Class A Shares		77,821
5,102	Shanghai Putailai New Energy Technology Group Co., Ltd., Class A Shares		23,105

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
China - 15.6% - (continued)
15,800	Shanghai RAAS Blood Products Co., Ltd., Class A Shares	$	12,395
19,600	Shanghai Rural Commercial Bank Co., Ltd., Class A Shares		24,625
1,498	Shanghai United Imaging Healthcare Co., Ltd., Class A Shares		26,642
7,100	Shanjin International Gold Co., Ltd., Class A Shares		23,536
1,900	Shannon Semiconductor Technology Co., Ltd., Class A Shares		50,893
7,400	Shanxi Lu’an Environmental Energy Development Co., Ltd., Class A Shares		17,524
2,140	Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A Shares		40,605
1,820	Sharetronic Data Technology Co., Ltd., Class A Shares		64,509
18,000	Shenergy Co., Ltd., Class A Shares		27,440
2,115	Shengyi Electronics Co., Ltd., Class A Shares		43,060
4,400	Shengyi Technology Co., Ltd., Class A Shares		91,505
1,638	Shennan Circuits Co., Ltd., Class A Shares		99,659
48,700	Shenwan Hongyuan Group Co., Ltd., Class A Shares		31,750
2,000	Shenzhen Envicool Technology Co., Ltd., Class A Shares*		26,915
337,524	Shenzhen Inovance Technology Co., Ltd., Class A Shares		3,685,278
2,900	Shenzhen Kinwong Electronic Co., Ltd., Class A Shares		33,957
800	Shenzhen Longsys Electronics Co., Ltd., Class A Shares*		65,606
2,200	Shenzhen Megmeet Electrical Co., Ltd., Class A Shares		41,010
2,100	Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A Shares		47,099
1,900	Shenzhen New Industries Biomedical Engineering Co., Ltd., Class A Shares		13,128
3,900	Shenzhen Salubris Pharmaceuticals Co., Ltd., Class A Shares		19,272
3,500	Shenzhen Sunway Communication Co., Ltd., Class A Shares		50,948
1,359	Shenzhen Transsion Holdings Co., Ltd., Class A Shares		12,095
24,500	Shenzhou International Group Holdings Ltd.		145,515
12,000	Sichuan Chuantou Energy Co., Ltd., Class A Shares		27,494
4,400	Sichuan Kelun Pharmaceutical Co., Ltd., Class A Shares		23,605
1,500	Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd., Class H Shares*(b)		88,595
17,860	Sichuan Road & Bridge Group Co., Ltd., Class A Shares		23,122
183,406	Sieyuan Electric Co., Ltd., Class A Shares		5,480,208
6,600	Sinoma Science & Technology Co., Ltd., Class A Shares		69,243
729,372	Sinopharm Group Co., Ltd., Class H Shares(b)		1,576,643
25,000	Sinotruk Hong Kong Ltd.		118,981
55,000	Smoore International Holdings Ltd.(a)		64,104
2,000	Spring Airlines Co., Ltd., Class A Shares		14,491
5,340	Sungrow Power Supply Co., Ltd., Class A Shares		140,489
24,100	Sunny Optical Technology Group Co., Ltd.		258,484
2,800	Sunwoda Electronic Co., Ltd., Class A Shares		9,434
1,653	SUPCON Technology Co., Ltd., Class A Shares*		20,972
4,400	Suzhou Dongshan Precision Manufacturing Co., Ltd., Class A Shares*		138,649
1,160	Suzhou TFC Optical Communication Co., Ltd., Class A Shares		78,102
45,700	TAL Education Group, ADR*		443,747
8,060	TBEA Co., Ltd., Class A Shares		30,208
20,020	TCL Technology Group Corp., Class A Shares		12,646
4,875	TCL Zhonghuan Renewable Energy Technology Co., Ltd., Class A Shares*		7,028
574,692	Tencent Holdings Ltd.		31,289,895
18,267	Tencent Music Entertainment Group, ADR		168,422
4,300	Tianqi Lithium Corp., Class A Shares*		39,892
13,100	Tianshan Aluminum Group Co., Ltd., Class A Shares		28,885
804,000	Tingyi Cayman Islands Holding Corp.		1,227,455
41,200	Tongcheng Travel Holdings Ltd.		74,473
5,900	TongFu Microelectronics Co., Ltd., Class A Shares		57,869
31,900	Tongling Nonferrous Metals Group Co., Ltd., Class A Shares		32,552
10,300	Tongwei Co., Ltd., Class A Shares*		22,492
6,575	Trina Solar Co., Ltd., Class A Shares*		14,990
4,000	Tsingtao Brewery Co., Ltd., Class A Shares		36,141
18,000	Tsingtao Brewery Co., Ltd., Class H Shares*(b)		114,273
5,600	UBTech Robotics Corp., Ltd., Class H Shares*(b)		73,125
979	Unigroup Guoxin Microelectronics Co., Ltd., Class A Shares		11,479
8,160	Unisplendour Corp., Ltd., Class A Shares		34,636
7,100	Universal Scientific Industrial Shanghai Co., Ltd., Class A Shares		46,917
1,418	Verisilicon Microelectronics Shanghai Co., Ltd., Class A Shares*		51,774

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
China - 15.6% - (continued)
1,500	Victory Giant Technology Huizhou Co., Ltd., Class A Shares	$	81,747
9,018	Vipshop Holdings Ltd., ADR		128,236
4,700	Wanhua Chemical Group Co., Ltd., Class A Shares		50,982
15,600	Wanxiang Qianchao Co., Ltd., Class A Shares		34,091
12,400	Weichai Power Co., Ltd., Class A Shares		64,822
110,200	Weichai Power Co., Ltd., Class H Shares(b)		586,495
7,640	Wens Foodstuff Group Co., Ltd., Class A Shares		15,442
8,300	Western Mining Co., Ltd., Class A Shares		37,477
11,400	Western Securities Co., Ltd., Class A Shares		11,096
2,442	Western Superconducting Technologies Co., Ltd., Class A Shares		24,342
1,600	Wingtech Technology Co., Ltd., Class A Shares*(c)(e)		4,890
4,880	Wolong Electric Group Co., Ltd., Class A Shares		28,470
2,038	Wuhan Guide Infrared Co., Ltd., Class A Shares*		3,878
7,400	Wuliangye Yibin Co., Ltd., Class A Shares		92,895
2,960	WUS Printed Circuit Kunshan Co., Ltd., Class A Shares		57,798
3,964	WuXi AppTec Co., Ltd., Class A Shares		59,545
13,548	WuXi AppTec Co., Ltd., Class H Shares(a)(b)		225,763
310,000	Wuxi Biologics Cayman Inc.*(a)		1,322,997
11,500	WuXi XDC Cayman Inc.*		80,796
22,000	XCMG Construction Machinery Co., Ltd., Class A Shares		31,657
4,800	Xiamen Tungsten Co., Ltd., Class A Shares		38,466
766,200	Xiaomi Corp., Class B Shares*(a)		2,735,950
2,778	Xinjiang Daqo New Energy Co., Ltd., Class A Shares*		7,996
112,000	Xinyi Solar Holdings Ltd.		38,269
39,822	XPeng Inc., Class A Shares*		326,452
46,000	XtalPi Holdings Ltd.*		48,414
42,000	Yadea Group Holdings Ltd.(a)		60,364
13,000	Yangtze Optical Fibre & Cable Joint Stock Co., Ltd., Class H Shares(a)(b)		377,843
10,660	Yankuang Energy Group Co., Ltd., Class A Shares		34,434
114,700	Yankuang Energy Group Co., Ltd., Class H Shares(b)		213,309
1,000	Yantai Jereh Oilfield Services Group Co., Ltd., Class A Shares		20,762
1,470	Yealink Network Technology Corp., Ltd., Class A Shares		7,856
5,330	Yonyou Network Technology Co., Ltd., Class A Shares*		8,172
8,200	YTO Express Group Co., Ltd., Class A Shares		22,729
308	Yuanjie Semiconductor Technology Co., Ltd., Class A Shares		51,602
21,434	Yum China Holdings Inc.		924,477
7,900	Yunnan Aluminium Co., Ltd., Class A Shares		33,255
5,000	Yunnan Baiyao Group Co., Ltd., Class A Shares		36,895
4,000	Yunnan Energy New Material Group Co., Ltd., Class A Shares*		41,675
7,400	Yunnan Yuntianhua Co., Ltd., Class A Shares		33,499
6,100	Yutong Bus Co., Ltd., Class A Shares		29,124
4,000	Zangge Mining Co., Ltd., Class A Shares		45,580
1,600	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd., Class A Shares		30,370
56,000	Zhaojin Mining Industry Co., Ltd., Class H Shares(b)		155,978
18,300	Zhejiang Century Huatong Group Co., Ltd., Class A Shares		39,448
10,200	Zhejiang China Commodities City Group Co., Ltd., Class A Shares		19,317
2,100	Zhejiang Chint Electrics Co., Ltd., Class A Shares		9,047
6,400	Zhejiang Dahua Technology Co., Ltd., Class A Shares		15,771
5,258	Zhejiang Huayou Cobalt Co., Ltd., Class A Shares		42,613
1,900	Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., Class A Shares		14,277
5,900	Zhejiang Juhua Co., Ltd., Class A Shares		28,803
14,782	Zhejiang Leapmotor Technology Co., Ltd., Class H Shares*(a)(b)		74,072
7,200	Zhejiang NHU Co., Ltd., Class A Shares		31,256
5,500	Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A Shares		37,684
7,000	Zhejiang Wanfeng Auto Wheel Co., Ltd., Class A Shares		12,243
23,800	Zhejiang Zheneng Electric Power Co., Ltd., Class A Shares		22,759
7,900	Zheshang Securities Co., Ltd., Class A Shares		11,015
2,320	Zhongji Innolight Co., Ltd., Class A Shares		397,003
11,600	Zhongjin Gold Corp., Ltd., Class A Shares		39,024
2,300	Zhongtai Securities Co., Ltd., Class A Shares		1,850
6,301	Zhuzhou CRRC Times Electric Co., Ltd., Class A Shares		56,825

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
China - 15.6% - (continued)
11,200	Zhuzhou CRRC Times Electric Co., Ltd., Class H Shares(b)	$	57,910
39,700	Zijin Mining Group Co., Ltd., Class A Shares		180,638
448,000	Zijin Mining Group Co., Ltd., Class H Shares(b)		1,882,747
13,200	Zoomlion Heavy Industry Science & Technology Co., Ltd., Class A Shares		14,071
3,100	ZTE Corp., Class A Shares*		16,831
18,000	ZTE Corp., Class H Shares*(b)		61,558
13,355	ZTO Express Cayman Inc.		295,060

	Total China		153,254,578

Colombia - 0.0%@
8,572	Grupo Cibest SA		177,018
17,211	Interconexion Electrica SA ESP		141,233

	Total Colombia		318,251

Czech Republic - 0.1%
4,940	CEZ AS		298,036
2,894	Komercni Banka AS		137,381
9,659	Moneta Money Bank AS(a)		86,111

	Total Czech Republic		521,528

Egypt - 0.3%
80,748	Commercial International Bank - Egypt (CIB)		205,659
901,503	Commercial International Bank - Egypt (CIB), Class Registered Shares, GDR		2,195,086
30,598	Eastern Co. SAE		22,283
23,594	Talaat Moustafa Group		43,367

	Total Egypt		2,466,395

France - 0.1%
5,643	Gaztransport Et Technigaz SA		1,303,904

Greece - 0.6%
70,549	Alpha Bank SA		321,514
258,232	Eurobank SA		1,201,054
1,594	FF Group*(c)#		–
5,468	Hellenic Telecommunications Organization SA		115,990
3,520	JUMBO SA		95,554
128,362	National Bank of Greece SA		2,218,118
142,867	Piraeus Bank SA*		1,518,673
5,371	Public Power Corp. SA		135,017

	Total Greece		5,605,920

Hong Kong - 3.0%
338,110	AIA Group Ltd.		3,552,932
840,710	Alibaba Group Holding Ltd.		13,055,871
59,002	Alibaba Group Holding Ltd., ADR		7,329,228
164,000	Alibaba Health Information Technology Ltd.*		76,220
20,000	Beijing Enterprises Holdings Ltd.		78,669
2,290,000	Bosideng International Holdings Ltd.		1,243,764
28,000	C&D International Investment Group Ltd.		56,394
102,000	China Gas Holdings Ltd.		90,211
455,000	China Medical System Holdings Ltd.		615,031
47,538	China Merchants Port Holdings Co., Ltd.		93,542
110,500	China Overseas Land & Investment Ltd.		220,401
131,000	China Power International Development Ltd.		62,251
53,000	China Resources Beer Holdings Co., Ltd.		163,732
27,600	China Resources Gas Group Ltd.		64,821
102,000	China Resources Land Ltd.		461,322
66,000	China Resources Power Holdings Co., Ltd.		179,108
364,000	China Ruyi Holdings Ltd.*		63,273
32,000	China State Construction International Holdings Ltd.		35,717
52,400	China Taiping Insurance Holdings Co., Ltd.		132,601
71,800	Chow Tai Fook Jewellery Group Ltd.		100,745
87,000	Far East Horizon Ltd.		85,406
707,000	GCL Technology Holdings Ltd.*		74,943
214,000	Geely Automobile Holdings Ltd.		514,160
96,000	Guangdong Investment Ltd.		102,291
116,000	Kunlun Energy Co., Ltd.		106,012

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
Hong Kong - 3.0% - (continued)
2,700	NetEase Cloud Music Inc.*(a)	$	41,054
5,500	Orient Overseas International Ltd.		95,687
328,750	Sino Biopharmaceutical Ltd.		209,778
1,640,000	Want Want China Holdings Ltd.		870,768
6,800	Zijin Gold International Co., Ltd.*		114,116

	Total Hong Kong		29,890,048

Hungary - 0.7%
155,916	MOL Hungarian Oil & Gas PLC		1,980,139
32,577	OTP Bank Nyrt		4,462,630
4,665	Richter Gedeon Nyrt		197,449

	Total Hungary		6,640,218

India - 10.3%
1,569	ABB India Ltd.		119,592
4,372	Adani Enterprises Ltd.		134,450
17,212	Adani Ports & Special Economic Zone Ltd.		328,011
102,534	Adani Power Ltd.*		262,350
358,016	Aditya Birla Capital Ltd.*		1,372,423
1,698	Alkem Laboratories Ltd.		98,952
18,959	Ambuja Cements Ltd.		89,267
6,386	APL Apollo Tubes Ltd.		122,564
58,706	Apollo Hospitals Enterprise Ltd.		5,083,203
96,288	Ashok Leyland Ltd.		158,252
13,692	Asian Paints Ltd.		385,915
3,407	Astral Ltd.		56,712
13,713	AU Small Finance Bank Ltd.(a)		142,894
7,814	Aurobindo Pharma Ltd.		116,752
5,325	Avenue Supermarts Ltd.*(a)		226,734
158,836	Axis Bank Ltd.		2,141,674
2,180	Bajaj Auto Ltd.		240,564
93,009	Bajaj Finance Ltd.*		885,829
12,229	Bajaj Finserv Ltd.		231,116
806	Bajaj Holdings & Investment Ltd.		88,400
2,232	Balkrishna Industries Ltd.		52,267
38,177	Bank of Baroda		107,874
116,491	Bharat Electronics Ltd.		504,594
8,872	Bharat Forge Ltd.		181,919
37,800	Bharat Heavy Electricals Ltd.		165,388
50,202	Bharat Petroleum Corp., Ltd.		157,295
83,594	Bharti Airtel Ltd.		1,605,159
281	Bosch Ltd.		109,033
3,537	Britannia Industries Ltd.		194,229
3,360	BSE Ltd.*		147,175
67,755	Canara Bank		93,494
23,637	CG Power & Industrial Solutions Ltd.		228,199
73,409	Cholamandalam Investment & Finance Co., Ltd.		1,191,239
18,022	Cipla Ltd.		265,062
59,756	Coal India Ltd.		288,094
4,494	Colgate-Palmolive India Ltd.		97,666
4,273	Coromandel International Ltd.		79,723
4,476	Cummins India Ltd.		278,099
16,912	Dabur India Ltd.		79,840
171,000	Delhivery Ltd.*		815,812
3,808	Divi’s Laboratories Ltd.		267,327
1,299	Dixon Technologies India Ltd.		156,662
25,246	DLF Ltd.		158,741
19,843	Dr Reddy’s Laboratories Ltd.		275,386
4,371	Eicher Motors Ltd.		331,975
76,918	Eternal Ltd.*		202,956
15,641	Fortis Healthcare Ltd.		153,336
35,213	FSN E-Commerce Ventures Ltd.*		97,272
77,993	GAIL India Ltd.		135,611

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
India - 10.3% - (continued)
4,080	GE Vernova T&D India Ltd.	$	213,861
101,074	GMR Airports Ltd.*		107,054
12,040	Godrej Consumer Products Ltd.		129,903
6,648	Godrej Properties Ltd.*		124,025
8,676	Grasim Industries Ltd.		285,891
7,939	Havells India Ltd.		98,787
30,272	HCL Technologies Ltd.		375,990
4,988	HDFC Asset Management Co., Ltd.(a)		139,968
466,129	HDFC Bank Ltd.		3,649,796
277,052	HDFC Bank Ltd., ADR		6,588,297
30,924	HDFC Life Insurance Co., Ltd.(a)		194,224
4,066	Hero MotoCorp Ltd.		211,110
44,102	Hindalco Industries Ltd.		526,454
6,395	Hindustan Aeronautics Ltd.		291,518
32,273	Hindustan Petroleum Corp., Ltd.		133,104
26,211	Hindustan Unilever Ltd.		593,957
412	Hitachi Energy India Ltd.		165,722
5,884	Hyundai Motor India Ltd.		122,797
173,115	ICICI Bank Ltd.		2,286,551
208,935	ICICI Bank Ltd., ADR		5,480,365
8,886	ICICI Lombard General Insurance Co., Ltd.(a)		167,140
10,058	ICICI Prudential Life Insurance Co., Ltd.(a)		53,810
127,471	IDFC First Bank Ltd.		95,582
27,863	Indian Hotels Co., Ltd. (The), Class A Shares		193,412
91,396	Indian Oil Corp., Ltd.		134,941
476,206	Indus Towers Ltd.*		2,230,888
16,128	IndusInd Bank Ltd.*		154,401
12,029	Info Edge India Ltd.		126,463
105,930	Infosys Ltd.		1,299,316
133,840	Infosys Ltd., ADR(d)		1,693,076
6,274	InterGlobe Aviation Ltd.(a)		292,516
107,197	ITC Ltd.		324,122
12,688	Jindal Stainless Ltd.		92,054
12,948	Jindal Steel Ltd.		165,660
422,531	Jio Financial Services Ltd.		1,062,432
12,171	JSW Energy Ltd.		76,672
19,785	JSW Steel Ltd.		267,013
11,798	Jubilant Foodworks Ltd.		53,211
11,490	Kalyan Jewellers India Ltd.		43,444
17,400	KEI Industries Ltd.		964,587
858,320	Kotak Mahindra Bank Ltd.		3,466,183
24,822	L&T Finance Ltd.		74,601
36,483	Larsen & Toubro Ltd.		1,562,123
515,000	Lemon Tree Hotels Ltd.*(a)		617,334
10,651	Lodha Developers Ltd.(a)		106,005
2,283	LTM Ltd.(a)		96,763
7,557	Lupin Ltd.		180,670
131,594	Mahindra & Mahindra Ltd.		4,223,777
13,168	MakeMyTrip Ltd.*		615,472
45,562	Malco Energy Ltd.*#		58,040
3,608	Mankind Pharma Ltd.		91,373
18,994	Marico Ltd.		164,269
4,008	Maruti Suzuki India Ltd.		554,650
24,904	Max Healthcare Institute Ltd.		252,516
4,606	Mphasis Ltd.		109,839
71	MRF Ltd.		91,771
4,164	Muthoot Finance Ltd.		144,587
21,511	Nestle India Ltd.		326,798
113,758	NHPC Ltd.		93,952
111,037	NMDC Ltd.		103,030
147,853	NTPC Ltd.		604,969

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
India - 10.3% - (continued)
71,426	Oberoi Realty Ltd.	$	1,275,721
100,242	Oil & Natural Gas Corp., Ltd.		280,672
20,395	Oil India Ltd.		102,952
12,775	One 97 Communications Ltd.*		150,757
1,056	Oracle Financial Services Software Ltd.		111,234
185	Page Industries Ltd.		74,208
10,980	PB Fintech Ltd.*		197,832
3,717	Persistent Systems Ltd.		203,033
36,305	Petronet LNG Ltd.		103,258
75,085	Phoenix Mills Ltd. (The)		1,395,312
2,152	PI Industries Ltd.		64,368
10,872	Pidilite Industries Ltd.		170,294
49,000	PN Gadgil Jewellers Ltd.*		280,365
1,776	Polycab India Ltd.		176,669
49,366	Power Finance Corp., Ltd.		223,133
159,475	Power Grid Corp. of India Ltd.		483,125
6,639	Prestige Estates Projects Ltd.		96,189
80,292	Punjab National Bank		89,344
21,176	Rail Vikas Nigam Ltd.		55,461
46,201	REC Ltd.		163,702
687,407	Reliance Industries Ltd.		9,537,971
137,242	Samvardhana Motherson International Ltd.		216,776
11,234	SBI Cards & Payment Services Ltd.		73,933
14,380	SBI Life Insurance Co., Ltd.(a)		277,551
275	Shree Cement Ltd.		72,998
44,965	Shriram Finance Ltd.		452,333
3,178	Siemens Energy India Ltd.		128,022
2,571	Siemens Ltd.*		103,964
790	Solar Industries India Ltd.		150,948
4,915	SRF Ltd.		139,694
157,926	State Bank of India		1,597,632
30,589	Sun Pharmaceutical Industries Ltd		579,875
2,112	Sundaram Finance Ltd.		92,750
1,866	Supreme Industries Ltd.		69,689
352,181	Suzlon Energy Ltd.*		214,211
45,140	Swiggy Ltd.*		122,098
45,562	Talwandi Sabo Power Ltd.*#		58,040
4,373	Tata Communications Ltd.		89,838
86,556	Tata Consultancy Services Ltd.		2,048,677
22,256	Tata Consumer Products Ltd.		274,529
67,613	Tata Motors Ltd.*		270,854
63,244	Tata Motors Passenger Vehicles Ltd.		261,598
49,496	Tata Power Co., Ltd. (The)		219,539
238,729	Tata Steel Ltd.		528,462
17,172	Tech Mahindra Ltd.		266,710
126,357	Titan Co., Ltd.		5,445,758
4,385	Torrent Pharmaceuticals Ltd.		203,954
5,829	Torrent Power Ltd.		86,389
5,863	Trent Ltd.		260,109
3,306	Tube Investments of India Ltd.		109,521
7,604	TVS Motor Co., Ltd.		266,996
25,304	UltraTech Cement Ltd.		3,064,790
52,190	Union Bank of India Ltd.		92,018
9,798	United Spirits Ltd.		131,112
160,951	UPL Ltd.		1,107,743
43,227	Varun Beverages Ltd.		241,400
45,562	Vedanta Aluminium Metal Ltd.*#		58,040
45,562	Vedanta Iron & Steel Ltd.*#		58,040
45,562	Vedanta Ltd.		168,872
64,656	Vishal Mega Mart Ltd.*		82,596
963,317	Vodafone Idea Ltd.*		142,560

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
India - 10.3% - (continued)
7,606	Voltas Ltd.	$	100,363
2,657	WAAREE Energies Ltd.		87,224
99,512	Wipro Ltd.		213,697
512,972	Yes Bank Ltd.*		124,909
8,154	Zydus Lifesciences Ltd.		92,907

	Total India		101,141,236

Indonesia - 0.9%
3,760,500	Alamtri Resources Indonesia Tbk PT		483,733
462,300	Amman Mineral Internasional PT*		85,224
4,701,100	Astra International Tbk PT		1,313,272
6,815,574	Bank Central Asia Tbk PT		2,174,829
6,776,348	Bank Mandiri Persero Tbk PT		1,545,384
494,700	Bank Negara Indonesia Persero Tbk PT		102,510
2,173,724	Bank Rakyat Indonesia Persero Tbk PT		358,483
560,447	Barito Pacific Tbk PT*		59,649
255,800	Barito Renewables Energy Tbk PT*		47,184
1,807,600	Bumi Resources Minerals Tbk PT*		60,077
266,300	Chandra Asri Pacific Tbk PT		26,627
243,100	Charoen Pokphand Indonesia Tbk PT		58,212
797,500	Dian Swastatika Sentosa Tbk PT*		22,042
27,884,300	GoTo Gojek Tokopedia Tbk PT, Class A Shares*		77,975
716,600	Petrindo Jaya Kreasi Tbk PT*		25,216
564,000	Sumber Alfaria Trijaya Tbk PT		36,478
1,578,687	Telkom Indonesia Persero Tbk PT		263,672
89,798	Telkom Indonesia Persero Tbk PT, ADR		1,474,483
538,605	United Tractors Tbk PT		690,828

	Total Indonesia		8,905,878

Ireland - 0.2%
27,699	PDD Holdings Inc., ADR*		2,338,904

Kazakhstan - 0.1%
15,500	Kaspi.KZ JSC, ADR		1,401,200

Kuwait - 0.2%
49,192	Boubyan Bank KSCP		105,108
85,375	Gulf Bank KSCP		97,379
394,183	Kuwait Finance House KSCP		1,003,100
18,863	Mabanee Co., KPSC		60,846
62,567	Mobile Telecommunications Co., KSCP		121,824
277,959	National Bank of Kuwait SAKP		772,256
75,269	Warba Bank KSCP		68,273

	Total Kuwait		2,228,786

Luxembourg - 0.2%
18,808	Globant SA*		759,091
21,284	Ternium SA, ADR		1,026,953
13,978	Zabka Group SA*		98,692

	Total Luxembourg		1,884,736

Malaysia - 0.4%
87,800	AMMB Holdings Bhd		143,558
114,300	Axiata Group Bhd		57,681
114,300	CELCOMDIGI BHD		87,959
257,507	CIMB Group Holdings Bhd		485,433
164,600	Gamuda Bhd		174,241
22,200	Hong Leong Bank Bhd		116,964
80,400	IHH Healthcare Bhd		182,544
110,800	IOI Corp. Bhd		111,471
17,300	Kuala Lumpur Kepong Bhd		88,684
204,809	Malayan Banking Bhd		549,838
57,900	Maxis Bhd		54,189
48,400	MISC Bhd		99,495
103,300	MR DIY Group M Bhd(a)		41,119
1,900	Nestle Malaysia Bhd		43,621
72,100	Petronas Chemicals Group Bhd		94,535

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
Malaysia - 0.4% - (continued)
8,600	Petronas Dagangan Bhd	$	38,449
23,900	Petronas Gas Bhd		103,152
118,200	Press Metal Aluminium Holdings Bhd		268,257
464,000	Public Bank Bhd		551,457
47,250	QL Resources Bhd		42,912
55,600	RHB Bank Bhd		115,164
56,800	SD Guthrie Bhd		83,224
81,500	Sunway Bhd		110,946
31,400	Telekom Malaysia Bhd		58,527
83,600	Tenaga Nasional Bhd		301,175
99,360	YTL Corp. Bhd		51,420
113,460	YTL Power International Bhd		119,112

	Total Malaysia		4,175,127

Mexico - 2.2%
75,038	America Movil SAB de CV, ADR		1,904,464
630,403	America Movil SAB de CV, Series B		802,776
15,950	Arca Continental SAB de CV		206,967
30,500	BBB Foods Inc., Class A Shares*		1,153,510
14,849	Coca-Cola Femsa SAB de CV		160,214
224,000	Corp. Inmobiliaria Vesta SAB de CV		784,435
76,327	Fibra Uno Administracion SA de CV, REIT		131,842
54,798	Fomento Economico Mexicano SAB de CV		653,002
5,872	Gruma SAB de CV, Class B Shares		98,682
10,352	Grupo Aeroportuario del Centro Norte SAB de CV, Class B Shares		130,017
6,343	Grupo Aeroportuario del Pacifico SAB de CV, ADR		1,498,851
12,320	Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares		289,431
6,154	Grupo Aeroportuario del Sureste SAB de CV, Class B Shares		182,402
44,684	Grupo Bimbo SAB de CV, Series A		153,826
18,121	Grupo Carso SAB de CV, Series A1		142,531
10,056	Grupo Comercial Chedraui SA de CV		56,837
626,683	Grupo Financiero Banorte SAB de CV, Class O Shares		6,528,524
54,226	Grupo Financiero Inbursa SAB de CV, Class O Shares		135,104
99,252	Grupo México SAB de CV, Series B		1,226,644
6,334	Industrias Peñoles SAB de CV		368,958
472,552	Kimberly-Clark de México SAB de CV, Class A Shares		1,046,545
37,023	Prologis Property Mexico SA de CV, REIT		177,610
5,386	Promotora y Operadora de Infraestructura SAB de CV		86,712
109,459	Sigma Foods SAB de CV, Class A Shares		104,542
11,539	Vista Energy SAB de CV, ADR*		856,194
801,126	Wal-Mart de Mexico SAB de CV		2,424,777

	Total Mexico		21,305,397

Netherlands - 0.0%@
4,382	JBS NV		53,003
13,259	JBS NV, Class A Shares		165,340
20,772	NEPI Rockcastle NV*		181,394
3,377	X5 Retail Group NV, Class Registered Shares, GDR*(c)#		–

	Total Netherlands		399,737

Peru - 0.3%
7,417	Credicorp Ltd.		2,541,287

Philippines - 0.4%
7,250	Ayala Corp.		51,390
301,060	Ayala Land Inc.		71,242
64,946	Bank of the Philippine Islands		99,113
80,230	BDO Unibank Inc.		148,790
259,400	International Container Terminal Services Inc.		3,172,852
14,290	Jollibee Foods Corp.		29,472
9,080	Manila Electric Co.		84,163
55,726	Metropolitan Bank & Trust Co.		57,513
2,295	PLDT Inc.		42,853
7,820	SM Investments Corp.		72,940
340,100	SM Prime Holdings Inc.		101,627

	Total Philippines		3,931,955

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
Poland - 1.0%
27,899	Allegro.eu SA*(a)	$	265,790
1,640	Asseco Poland SA		89,089
18,675	Bank Millennium SA*		102,233
5,942	Bank Polska Kasa Opieki SA*		396,530
520	Budimex SA		100,318
2,179	CD Projekt SA		139,741
158,951	Dino Polska SA*(a)		1,343,429
1,303	Erste Bank Polska SA		220,548
52,466	InPost SA*		939,965
4,938	KGHM Polska Miedz SA*		466,150
37	LPP SA		230,348
507	mBank SA*		179,014
19,553	ORLEN SA		763,759
36,591	PGE Polska Grupa Energetyczna SA*		106,737
151,787	Powszechna Kasa Oszczednosci Bank Polski SA		4,310,399
19,534	Powszechny Zaklad Ubezpieczen SA		346,840

	Total Poland		10,000,890

Qatar - 0.2%
185,855	Al Rayan Bank		110,901
113,208	Commercial Bank PSQC (The)		130,664
50,646	Dukhan Bank		48,295
55,919	Industries Qatar QSC		189,260
113,710	Mesaieed Petrochemical Holding Co.		38,526
14,392	Nebras Energy		57,621
27,407	Ooredoo QPSC		101,065
16,292	Qatar Fuel QSC		62,720
112,489	Qatar Gas Transport Co., Ltd.		134,580
37,060	Qatar International Islamic Bank QSC		111,970
56,485	Qatar Islamic Bank QPSC		351,801
147,195	Qatar National Bank QPSC		716,990

	Total Qatar		2,054,393

Russia - 0.0%@
64,081	Alrosa PJSC*(c)#		641
24,130	Mobile TeleSystems PJSC*(c)#		241
39,065	Moscow Exchange MICEX-RTS PJSC*(c)#		391
1,593	Ozon Holdings PLC, ADR*(c)#		–
19	PhosAgro PJSC, Class Registered Shares, GDR*(c)#		–
8,690	Polyus PJSC*(c)#		87
28,885	Rosneft Oil Co. PJSC*(c)#		289
891,342	Sberbank of Russia PJSC, (Cost - $1,699,436, acquired 8/10/15)*(c)(f)#		8,914
5,523	Severstal PAO*(c)#		55
2,925	T-Tekhnologii MKPAO, Class Registered Shares, GDR*(c)#		–
88,972	United Co. RUSAL International PJSC*(c)#		13
2,330	VK IPJSC, GDR*(c)#		–
12,017	VTB Bank PJSC*(c)#		2

	Total Russia		10,633

Saudi Arabia - 2.0%
4,886	ACWA Power Co.*		241,895
8,788	Ades Holding Co.		46,150
343,638	Al Rajhi Bank		6,104,046
48,313	Alinma Bank		309,163
15,945	Almarai Co. JSC		197,352
30,028	Arab National Bank		169,793
773	Arabian Internet & Communications Services Co.		44,423
23,426	Bank AlBilad		152,277
18,653	Bank Al-Jazira		56,927
39,044	Banque Saudi Fransi		199,371
3,168	Bupa Arabia for Cooperative Insurance Co.		145,303
16,323	Co. for Cooperative Insurance (The)*		602,989

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
Saudi Arabia - 2.0% - (continued)
15,526	Dar Al Arkan Real Estate Development Co.*	$	70,173
40,443	Dr Sulaiman Al Habib Medical Services Group Co.		2,355,266
765	Elm Co.		143,023
120,926	Etihad Etisalat Co.		2,053,230
17,803	Jabal Omar Development Co.*		72,744
15,972	Jarir Marketing Co.		67,153
3,017	Makkah Construction & Development Co.*		72,187
3,443	Mouwasat Medical Services Co.		60,985
62,470	Riyad Bank		336,416
7,435	SABIC Agri-Nutrients Co.		275,270
1,528	SAL Saudi Logistics Services		69,801
45,421	Saudi Arabian Mining Co.*		763,640
199,144	Saudi Arabian Oil Co.(a)		1,471,225
32,091	Saudi Awwal Bank		291,756
28,685	Saudi Basic Industries Corp.		437,066
25,347	Saudi Energy Co.		113,987
18,780	Saudi Investment Bank (The)		67,243
159,828	Saudi National Bank (The)		1,684,931
1,501	Saudi Tadawul Group Holding Co.		55,554
66,885	Saudi Telecom Co.		785,948
8,700	Yanbu National Petrochemical Co.		78,337

	Total Saudi Arabia		19,595,624

Singapore - 0.5%
8,500	BOC Aviation Ltd.(a)		83,245
170,000	Grab Holdings Ltd., Class A Shares*		601,800
10,000	Sea Ltd., ADR*		905,300
20,514	Trip.com Group Ltd.*		968,528
49,995	Trip.com Group Ltd., ADR*		2,371,263

	Total Singapore		4,930,136

South Africa - 3.2%
28,406	Absa Group Ltd.		414,513
10,738	Bid Corp., Ltd.		269,334
132,590	Bidvest Group Ltd.		1,915,819
23,268	Capitec Bank Holdings Ltd.		6,385,883
100,164	Clicks Group Ltd.		1,447,884
18,414	Discovery Ltd.		315,774
324,550	FirstRand Ltd.		1,844,237
118,534	Gold Fields Ltd.		4,654,889
18,267	Harmony Gold Mining Co., Ltd.		331,122
28,825	Impala Platinum Holdings Ltd.		408,052
28,060	Kumba Iron Ore Ltd.		559,498
948,240	Life Healthcare Group Holdings Ltd.		625,471
58,441	MTN Group Ltd.		780,982
25,745	Naspers Ltd., Class N Shares		1,341,752
121,064	Nedbank Group Ltd.		1,934,978
11,477	Northam Platinum Holdings Ltd.		221,515
32,157	OUTsurance Group Ltd.		140,235
381,835	Pepkor Holdings Ltd.(a)		510,023
17,630	Remgro Ltd.		206,689
298,625	Sanlam Ltd.		1,578,885
17,899	Sasol Ltd.*		222,839
15,078	Shoprite Holdings Ltd.		264,954
90,218	Sibanye Stillwater Ltd.		269,347
122,904	Standard Bank Group Ltd.		2,377,388
8,898	Valterra Platinum Ltd.		734,768
179,957	Vodacom Group Ltd.		1,686,368

	Total South Africa		31,443,199

South Korea - 21.2%
1,279	Alteogen Inc.		312,678
963	Amorepacific Corp.		73,447
793	APR Corp.		207,770

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
South Korea - 21.2% - (continued)
5,084	Celltrion Inc.*	$	650,605
5,848	Coway Co., Ltd.		348,724
1,381	DB Insurance Co., Ltd.		130,969
229	Doosan Co., Ltd.		298,915
23,792	Doosan Enerbility Co., Ltd.*		1,667,628
1,673	Ecopro BM Co., Ltd.		241,024
3,134	Ecopro Co., Ltd.*		289,304
9,359	Hana Financial Group Inc.		714,462
699	Hanjin Kal Corp.		51,070
2,739	Hankook Tire & Technology Co., Ltd.		121,352
1,394	Hanmi Semiconductor Co., Ltd.		260,126
1,106	Hanwha Aerospace Co., Ltd.		860,276
4,395	Hanwha Ocean Co., Ltd.*		359,562
2,327	Hanwha Systems Co., Ltd.		161,909
1,385	HD Hyundai Co., Ltd.		254,702
8,685	HD Hyundai Electric Co., Ltd.		6,055,713
1,272	HD Hyundai Heavy Industries Co., Ltd.		587,369
500	HD Hyundai Marine Solution Co., Ltd.		74,332
1,362	HD Korea Shipbuilding & Offshore Engineering Co., Ltd.		382,267
3,423	HLB Inc.*		115,220
8,366	HMM Co., Ltd.		108,495
752	HYBE Co., Ltd.		109,579
191	Hyosung Heavy Industries Corp.		465,997
2,541	Hyundai Engineering & Construction Co., Ltd.		247,983
1,125	Hyundai Glovis Co., Ltd.		181,032
4,139	Hyundai Mobis Co., Ltd.		2,109,227
4,348	Hyundai Motor Co.		2,087,001
2,435	Hyundai Rotem Co., Ltd.		323,698
9,580	Industrial Bank of Korea		128,233
10,950	Kakao Corp.		304,775
5,216	KakaoBank Corp.		77,508
32,356	KB Financial Group Inc.		3,234,004
5,000	KB Financial Group Inc., ADR		507,200
23,522	Kia Corp.		2,640,759
2,330	Korea Aerospace Industries Ltd.		260,130
8,184	Korea Electric Power Corp.		211,259
1,397	Korea Investment Holdings Co., Ltd.		219,600
6,819	Korean Air Lines Co., Ltd.		120,988
952	Krafton Inc.*		162,585
22,275	KT Corp.		779,981
18,065	KT&G Corp.		2,212,427
1,575	LG Chem Ltd.		383,599
3,153	LG Corp.		306,331
12,064	LG Display Co., Ltd.*		128,385
3,304	LG Electronics Inc.		642,346
1,492	LG Energy Solution Ltd.*		452,790
5,863	LG Uplus Corp.		62,691
407	LIG Defense&Aerospace Co., Ltd.		215,942
2,475	LS Electric Co., Ltd.		395,810
2,795	Meritz Financial Group Inc.*		190,756
6,652	Mirae Asset Securities Co., Ltd.		270,398
4,499	NAVER Corp.		698,472
5,554	NH Investment & Securities Co., Ltd.		111,102
1,199	POSCO Future M Co., Ltd.		195,314
2,322	POSCO Holdings Inc.		652,671
2,038	Posco International Corp.		86,229
889	Samsung Biologics Co., Ltd.*(a)		803,818
2,709	Samsung C&T Corp.		775,908
1,786	Samsung Electro-Mechanics Co., Ltd.		2,535,763
330,452	Samsung Electronics Co., Ltd.		69,557,925
255	Samsung Episholdings Co., Ltd.*		81,744

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
South Korea - 21.2% - (continued)
953	Samsung Fire & Marine Insurance Co., Ltd.	$	359,333
162,628	Samsung Heavy Industries Co., Ltd.*		3,016,499
2,656	Samsung Life Insurance Co., Ltd.		683,370
1,983	Samsung SDI Co., Ltd.*		903,754
1,283	Samsung SDS Co., Ltd.		254,178
128	Samyang Foods Co., Ltd.		102,301
161,947	Shinhan Financial Group Co., Ltd.		10,045,265
946	SK Biopharmaceuticals Co., Ltd.*		56,290
48,991	SK hynix Inc.		76,363,933
1,234	SK Inc.		552,187
2,022	SK Innovation Co., Ltd.*		159,429
8,012	SK Square Co., Ltd.*		6,536,947
3,355	SK Telecom Co., Ltd.		223,518
1,576	S-Oil Corp.		112,026
21,057	Woori Financial Group Inc.		414,441
1,615	Yuhan Corp.		90,969

	Total South Korea		209,134,319

Switzerland - 0.1%
60,725	Allwyn AG		890,397

Taiwan - 24.5%
53,443	Accton Technology Corp.		4,142,152
16,753	Advantech Co., Ltd.		264,148
4,139	Airtac International Group		184,095
3,000	Alchip Technologies Ltd.		416,261
222,498	ASE Technology Holding Co., Ltd.		4,264,849
78,000	Asia Cement Corp.		84,376
11,000	Asia Vital Components Co., Ltd.		935,076
1,000	ASPEED Technology Inc.		601,334
23,000	Asustek Computer Inc.		556,375
6,000	Bizlink Holding Inc.		399,038
31,000	Caliway Biopharmaceuticals Co., Ltd.*		99,331
15,000	Catcher Technology Co., Ltd.		97,316
303,550	Cathay Financial Holding Co., Ltd.		825,930
47,988	Chailease Holding Co., Ltd.		164,308
237,361	Chang Hwa Commercial Bank Ltd.		152,775
71,000	China Airlines Ltd.		43,020
459,000	China Steel Corp.		278,814
77,000	Chroma ATE Inc.		6,190,843
122,000	Chunghwa Telecom Co., Ltd.		531,988
117,000	Compal Electronics Inc.		137,139
531,880	CTBC Financial Holding Co., Ltd.		1,021,132
227,423	Delta Electronics Inc.		17,448,016
32,000	E Ink Holdings Inc.		224,467
464,228	E.Sun Financial Holding Co., Ltd.		457,551
31,224	Elite Material Co., Ltd.		5,100,326
2,000	eMemory Technology Inc.		214,290
80,000	Eva Airways Corp.		91,437
34,791	Evergreen Marine Corp. Taiwan Ltd.		235,954
89,000	Far Eastern New Century Corp.		72,705
53,000	Far EasTone Telecommunications Co., Ltd.		159,658
366,674	First Financial Holding Co., Ltd.		320,065
116,000	Formosa Chemicals & Fibre Corp.		184,196
130,000	Formosa Plastics Corp.		196,344
5,830	Fortune Electric Co., Ltd.		162,459
268,100	Fubon Financial Holding Co., Ltd.		937,303
15,000	Gigabyte Technology Co., Ltd.		177,032
3,000	Global Unichip Corp.		449,091
10,000	Globalwafers Co., Ltd.		319,614
11,000	Gold Circuit Electronics Ltd.		463,156
409,480	Hon Hai Precision Industry Co., Ltd.		3,776,508
3,000	Hon Precision Inc.		779,053

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
Taiwan - 24.5% - (continued)
9,140	Hotai Motor Co., Ltd.	$	140,361
287,872	Hua Nan Financial Holdings Co., Ltd.		278,890
245,164	Innolux Corp.*		394,680
8,000	International Games System Co., Ltd.		191,573
72,000	Inventec Corp.		159,608
3,000	Jentech Precision Industrial Co., Ltd.		335,364
509,033	KGI Financial Holding Co., Ltd.		362,969
2,000	King Slide Works Co., Ltd.		324,169
37,000	King Yuan Electronics Co., Ltd.		382,648
3,541	Largan Precision Co., Ltd.		396,613
58,264	Lite-On Technology Corp., ADR		430,421
3,000	Lotes Co., Ltd.		253,532
137,384	MediaTek Inc.		18,617,022
377,889	Mega Financial Holding Co., Ltd.		480,826
376,434	Minth Group Ltd.		1,815,668
164,000	Nan Ya Plastics Corp.		506,470
122,000	Novatek Microelectronics Corp.		1,843,739
59,000	Pegatron Corp.		166,505
10,768	PharmaEssentia Corp.		317,657
20,539	President Chain Store Corp.		139,848
620,558	Quanta Computer Inc.		6,686,050
90,000	Realtek Semiconductor Corp.		1,656,017
114,598	Shanghai Commercial & Savings Bank Ltd. (The)		144,934
392,538	SinoPac Financial Holdings Co., Ltd.		374,022
258,560	Taiwan Business Bank		133,551
350,274	Taiwan Cooperative Financial Holding Co., Ltd.		254,635
56,000	Taiwan High Speed Rail Corp.		44,287
56,000	Taiwan Mobile Co., Ltd.		198,794
1,685,658	Taiwan Semiconductor Manufacturing Co., Ltd.		126,550,498
27,491	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		11,503,609
243,668	TCC Group Holdings Co., Ltd.		188,634
38,000	Teco Electric and Machinery Co., Ltd.		90,033
673,455	TS Financial Holding Co., Ltd.		499,437
60,834	Unimicron Technology Corp.		2,010,821
176,000	Uni-President Enterprises Corp.		402,059
360,000	United Microelectronics Corp.		1,600,262
32,013	Vanguard International Semiconductor Corp.		169,155
19,630	Wan Hai Lines Ltd.		51,258
92,000	Wistron Corp.		463,434
30,000	Wiwynn Corp.		5,186,834
52,580	Yageo Corp.		1,220,969
69,000	Yang Ming Marine Transport Corp.		115,787
340,292	Yuanta Financial Holding Co., Ltd.		643,074
23,000	Zhen Ding Technology Holding Ltd.		379,190

	Total Taiwan		241,265,432

Thailand - 0.6%
35,100	Advanced Info Service PCL, NVDR		380,227
133,500	Airports of Thailand PCL, NVDR		225,940
400,300	Bangkok Dusit Medical Services PCL, NVDR		224,003
20,900	Bumrungrad Hospital PCL, NVDR		114,992
60,900	Central Pattana PCL, NVDR		120,425
118,200	Charoen Pokphand Foods PCL, NVDR		68,900
180,200	CP ALL PCL, NVDR		261,843
99,400	Delta Electronics Thailand PCL, NVDR		1,073,969
129,100	Gulf Development PCL, NVDR		245,363
168,200	Kasikornbank PCL		1,038,974
24,800	Kasikornbank PCL, NVDR		153,161
134,400	Krung Thai Bank PCL, NVDR		143,314
91,300	Minor International PCL, NVDR		63,191
74,800	PTT Exploration & Production PCL		325,267
59,600	PTT Exploration & Production PCL, NVDR		259,278

100

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
Thailand - 0.6% - (continued)
370,300	PTT PCL, NVDR	$	412,500
40,200	SCB X PCL, NVDR		166,010
23,000	Siam Cement PCL (The), NVDR		160,030
643,500	TMBThanachart Bank PCL, NVDR		45,040
362,821	True Corp. PCL, NVDR		153,555

	Total Thailand		5,635,982

Turkey - 0.4%
96,369	Akbank TAS		133,055
44,753	Aselsan Elektronik Sanayi Ve Ticaret AS		370,821
179,504	BIM Birlesik Magazalar AS		1,450,840
69,832	Eregli Demir ve Celik Fabrikalari TAS		59,912
17,990	Ford Otomotiv Sanayi AS		32,765
25,546	Haci Ömer Sabanci Holding AS		50,782
19,638	KOC Holding AS		80,387
103,000	MLP Saglik Hizmetleri AS, Class B Shares*(a)		1,010,400
13,822	Turk Hava Yollari AO		89,395
31,232	Turkcell Iletisim Hizmetleri AS.		68,334
204,992	Turkiye Is Bankasi AS, Class C Shares		58,170
26,836	Turkiye Petrol Rafinerileri AS		134,648
81,036	Yapi ve Kredi Bankasi AS*		57,960

	Total Turkey		3,597,469

United Arab Emirates - 0.6%
246,177	Abu Dhabi Commercial Bank PJSC		921,949
46,577	Abu Dhabi Islamic Bank PJSC		260,181
124,060	Abu Dhabi National Oil Co. for Distribution PJSC		132,907
596,553	ADNOC Drilling Co. PJSC		969,469
191,588	Adnoc Gas PLC		179,191
58,953	ADNOC Logistics & Services		96,271
79,167	Air Arabia PJSC		105,536
124,455	Aldar Properties PJSC		265,415
379,000	Channel Vas Investments Ltd.*		406,985
238,437	Dubai Electricity & Water Authority PJSC		169,832
99,099	Dubai Islamic Bank PJSC		200,270
28,338	Emaar Development PJSC		110,270
211,287	Emaar Properties PJSC		683,574
64,725	Emirates NBD Bank PJSC		488,726
117,688	Emirates Telecommunications Group Co. PJSC		578,798
148,034	First Abu Dhabi Bank PJSC		678,878
57,729	Salik Co. PJSC		83,663

	Total United Arab Emirates		6,331,915

United Kingdom - 0.4%
436,000	Helios Towers PLC*		1,377,108
10,000	Lion Finance Group PLC		1,496,171
13,977	Unilever PLC		791,811

	Total United Kingdom		3,665,090

United States - 0.6%
16,443	Anglogold Ashanti PLC		1,571,045
3,100	BeOne Medicines Ltd., ADR*		892,552
28,962	BeOne Medicines Ltd., Class H Shares*		639,851
8,296	EPAM Systems Inc.*		850,008
2,342	Legend Biotech Corp., ADR*		63,609
17,669	SLB Ltd.		963,844
3,376	Southern Copper Corp.		645,829

	Total United States		5,626,738

Uruguay - 0.2%
80,299	Arcos Dorados Holdings Inc., Class A Shares		698,601
949	MercadoLibre Inc.*		1,609,172

	Total Uruguay		2,307,773

Uzbekistan - 0.0%@
5,500	National Investment Fund of the Republic of Uzbekistan JSC, GDR*(a)(e)		163,350

	TOTAL COMMON STOCKS (Cost - $543,579,897)		946,640,177

101

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund


Shares/Units	Security	Value
PREFERRED STOCKS - 2.0%
Brazil - 0.6%
168,548	Banco Bradesco SA, Class Preferred Shares	$	591,555
48,798	Cia Energetica de Minas Gerais, Class Preferred Shares		104,115
46,429	Gerdau SA, Class Preferred Shares		209,629
335,342	Itau Unibanco Holding SA, Class Preferred Shares		2,662,442
188,484	Itausa SA, Class Preferred Shares		482,875
153,315	Petroleo Brasileiro SA - Petrobras, Class Preferred Shares		1,276,827
26,031	Telefonica Brasil SA, Class Preferred Shares		174,567

	Total Brazil		5,502,010

Chile - 0.0%@
4,731	Sociedad Quimica y Minera de Chile SA, Class Preferred B Shares		405,150

Colombia - 0.0%@
14,341	Grupo Cibest SA		241,598

Mexico - 0.1%
483,029	Cemex SAB de CV, Class Preferred Shares		634,327

South Korea - 1.3%
1,142	Hyundai Motor Co., Class Preferred 2nd Shares		205,493
797	Hyundai Motor Co., Class Preferred Shares		144,451
89,768	Samsung Electronics Co., Ltd., Class Preferred Shares		12,016,965

	Total South Korea		12,366,909

	TOTAL PREFERRED STOCKS (Cost - $8,515,382)		19,149,994

	TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost - $552,095,279)		965,790,171


Face Amount†
	SHORT-TERM INVESTMENTS(g) - 2.3%
	MONEY MARKET FUND - 0.3%
	$ 2,499,107		Invesco STIT - Government & Agency Portfolio, Institutional Class, 3.638%(h) (Cost - $2,499,107)		2,499,107

	TIME DEPOSITS - 2.0%
	159,333	^HKD	ANZ National Bank - Hong Kong, 0.810% due 6/1/26		20,331
	464,314		ANZ National Bank - London, 2.970% due 6/1/26		464,314
			Citibank - London:
	72,328	^EUR	0.860% due 6/1/26		84,364
	241	^GBP	2.670% due 6/1/26		324
	7,088,579		Citibank - New York, 2.970% due 6/1/26		7,088,579
	29	^EUR	Deutsche Bank AG - Frankfurt, 0.860% due 6/1/26		34
	3,307,649		JPMorgan Chase & Co. - New York, 2.970% due 6/1/26		3,307,649
	1,757,686		Skandinaviska Enskilda Banken AB - Stockholm, 2.970% due 6/1/26		1,757,686
	3,320,534	^ZAR	Standard Chartered Bank - Johannesburg, 4.020% due 6/1/26		204,696
	7,193,776		Sumitomo Mitsui Banking Corp. - Tokyo, 2.970% due 6/1/26		7,193,776

			TOTAL TIME DEPOSITS (Cost - $20,121,753)		20,121,753

			TOTAL SHORT-TERM INVESTMENTS (Cost - $22,620,860)		22,620,860

			TOTAL INVESTMENTS - 100.4% (Cost - $574,716,139)		988,411,031

			Liabilities in Excess of Other Assets - (0.4)%		(3,644,246	)

			TOTAL NET ASSETS - 100.0%	$	984,766,785

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

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)

(b)	Security trades on the Hong Kong exchange.

(c)	Illiquid security.

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

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

(f)	The aggregate value of restricted securities (excluding 144A holdings) at May 31, 2026, amounts to $8,914 and represents less than 0.05% of net assets.

(g)	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%.

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

#	Security that used significant unobservable inputs to determine fair value. At May 31, 2026, the Fund held Level 3 securities with a value of $242,795, representing less than 0.05% of net assets.

At May 31, 2026, 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

$ 574,716,139

$ 468,035,354

$ (54,340,462)

$ 413,694,892


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^
Information Technology
Semiconductors & Semiconductor Equipment	25.2	%
Technology Hardware, Storage & Peripherals	10.7
Electronic Equipment, Instruments & Components	4.6
Other	1.5
Financials	18.2
Consumer Discretionary	8.5
Industrials	7.9
Communication Services	6.1
Materials	4.3
Energy	3.3
Consumer Staples	3.0
Health Care	2.6
Utilities	1.1
Real Estate	1.0
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.

102

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3%
	Advertising - 0.0%@
	$ 235,000	B	Clear Channel Outdoor Holdings Inc., Senior Secured Notes, 7.125% due 2/15/31(a)	$	243,129
			Lamar Media Corp., Company Guaranteed Notes:
	190,000	BB	4.000% due 2/15/30		182,573
	20,000	BB	5.375% due 11/1/33(a)		19,715
	165,000	BB+	Outfront Media Capital LLC/Outfront Media Capital Corp., Senior Secured Notes, 7.375% due 2/15/31(a)		172,713
	150,000	BB-	Stagwell Global LLC, Company Guaranteed Notes, 5.625% due 8/15/29(a)		146,067

			Total Advertising		764,197

	Aerospace/Defense - 0.3%
	150,000	BB	ATI Inc., Senior Unsecured Notes, 5.875% due 12/1/27		150,706
			Boeing Co. (The), Senior Unsecured Notes:
	50,000	BBB-	6.298% due 5/1/29		52,286
	100,000	BBB-	5.150% due 5/1/30		101,598
	50,000	BBB-	3.625% due 2/1/31		47,679
	100,000	BBB-	3.600% due 5/1/34		90,243
	50,000	BBB-	6.528% due 5/1/34		54,580
	25,000	BBB-	3.500% due 3/1/39		20,332
	100,000	BBB-	5.805% due 5/1/50		98,917
	100,000	BBB-	3.950% due 8/1/59		71,618
	101,000	BBB-	5.930% due 5/1/60		99,781
			General Dynamics Corp., Company Guaranteed Notes:
	25,000	A	2.850% due 6/1/41		18,586
	25,000	A	4.250% due 4/1/50		21,075
	50,000	A-	General Electric Co., Senior Unsecured Notes, 5.875% due 1/14/38		53,241
			Honeywell Aerospace Inc., Company Guaranteed Notes:
	50,000	BBB+	4.000% due 3/16/29(a)		49,404
	320,000	BBB+	4.300% due 3/16/31(a)		315,228
	720,000	BBB+	4.950% due 3/16/36(a)		711,974
	85,000	BBB+	5.732% due 3/16/56(a)		84,968
	200,000	BBB+	Howmet Aerospace Inc., Senior Unsecured Notes, 4.750% due 4/15/36		194,854
			L3Harris Technologies Inc., Senior Unsecured Notes:
	261,000	BBB	4.400% due 6/15/28		260,634
	50,000	BBB	5.600% due 7/31/53		48,937
			Lockheed Martin Corp., Senior Unsecured Notes:
	50,000	A-	5.000% due 8/15/35		50,338
	50,000	A-	4.070% due 12/15/42		42,383
	50,000	A-	3.800% due 3/1/45		39,762
	50,000	A-	4.700% due 5/15/46		44,441
	25,000	A-	2.800% due 6/15/50		15,832
	50,000	A-	4.090% due 9/15/52		39,307
	24,000	A-	4.150% due 6/15/53		19,037
	25,000	A-	5.700% due 11/15/54		25,124
	50,000	A-	5.200% due 2/15/55		46,825
			Northrop Grumman Corp., Senior Unsecured Notes:
	600,000	BBB+	3.250% due 1/15/28		590,316
	334,000	BBB+	4.700% due 3/15/33		332,271
	64,000	BBB+	4.750% due 6/1/43		58,446
	51,000	BBB+	4.030% due 10/15/47		40,547
	280,000	BBB+	5.250% due 5/1/50		262,311
			RTX Corp., Senior Unsecured Notes:
	100,000	BBB+	4.125% due 11/16/28		99,332

104

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Aerospace/Defense - 0.3% - (continued)
	$ 140,000	BBB+	5.750% due 1/15/29	$	144,697
	116,000	BBB+	2.375% due 3/15/32		102,481
	164,000	BBB+	6.100% due 3/15/34		176,189
	25,000	BBB+	6.125% due 7/15/38		26,956
	25,000	BBB+	4.450% due 11/16/38		23,174
	430,000	BBB+	4.500% due 6/1/42		384,108
	76,000	BBB+	3.750% due 11/1/46		58,219
	177,000	BBB+	2.820% due 9/1/51		109,629
	100,000	BBB+	5.375% due 2/27/53		95,021
			TransDigm Inc., Senior Secured Notes:
	355,000	BB-	7.125% due 12/1/31(a)		369,046
	10,000	BB-	6.625% due 3/1/32(a)		10,293

			Total Aerospace/Defense		5,752,726

	Agriculture - 0.4%
			Altria Group Inc., Company Guaranteed Notes:
	210,000	BBB+	6.200% due 11/1/28		217,978
	300,000	BBB+	4.800% due 2/14/29		301,925
	1,290,000	BBB+	2.450% due 2/4/32		1,136,073
	669,000	BBB+	6.875% due 11/1/33		744,004
	50,000	BBB+	5.800% due 2/14/39		50,612
	320,000	BBB+	5.950% due 2/14/49		315,031
	25,000	A	Archer-Daniels-Midland Co., Senior Unsecured Notes, 3.250% due 3/27/30		23,906
			BAT Capital Corp., Company Guaranteed Notes:
	224,000	BBB+	3.557% due 8/15/27		222,011
	148,000	BBB+	2.259% due 3/25/28		142,417
	105,000	BBB+	5.834% due 2/20/31		109,640
	90,000	BBB+	6.000% due 2/20/34		95,139
	50,000	BBB+	4.390% due 8/15/37		45,710
	430,000	BBB+	4.540% due 8/15/47		354,092
	368,000	BBB+	4.758% due 9/6/49		309,930
	183,000	BBB+	7.081% due 8/2/53		206,416
			BAT International Finance PLC, Company Guaranteed Notes:
	110,000	BBB+	4.448% due 3/16/28		110,064
	50,000	BBB+	5.931% due 2/2/29		51,726
	700,000	A-	Bunge Ltd. Finance Corp., Company Guaranteed Notes, 3.200% due 4/21/31		653,871
	150,000	BB+	Darling Ingredients Inc., Company Guaranteed Notes, 5.250% due 4/15/27(a)		150,021
	690,000	BBB	Imperial Brands Finance PLC, Company Guaranteed Notes, 5.875% due 7/1/34(a)		712,130
			Philip Morris International Inc., Senior Unsecured Notes:
	234,000	A-	5.125% due 11/17/27		236,739
	180,000	A-	4.875% due 2/13/29		181,916
	210,000	A-	2.100% due 5/1/30		191,651
	40,000	A-	5.125% due 2/13/31		40,875
	50,000	A-	5.375% due 2/15/33		51,504
	25,000	A-	5.625% due 9/7/33		26,104
	690,000	A-	5.250% due 2/13/34		702,523
	25,000	A-	6.375% due 5/16/38		27,404
	25,000	A-	3.875% due 8/21/42		20,405
	25,000	A-	4.125% due 3/4/43		21,016
	25,000	A-	4.250% due 11/10/44		20,970
			Reynolds American Inc., Company Guaranteed Notes:
	25,000	BBB+	5.700% due 8/15/35		25,778
	89,000	BBB+	5.850% due 8/15/45		87,552

			Total Agriculture		7,587,133

105

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Airlines - 0.3%
	$ 576,680	A-	American Airlines Class A Pass-Through Trust, Pass-Thru Certificates, 3.375% due 5/1/27	$	568,885
	470,000	Ba1(b)	American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes, 5.750% due 4/20/29(a)		469,965
	1,400,021	AA	British Airways Class AA Pass Through Trust, Pass-Thru Certificates, 3.300% due 12/15/32(a)		1,329,984
	335,567	AA	Delta Air Lines Class AA Pass Through Trust, Pass-Thru Certificates, 2.000% due 6/10/28		325,016
	2,079,167	A3(b)	Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes, 4.750% due 10/20/28(a)		2,081,150
	105,000	B+	JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes, 9.875% due 9/20/31(a)		96,719
			United Airlines Class AA Pass-Through Trust, Pass-Thru Certificates:
	39,737	Aa2(b)	4.150% due 8/25/31		38,714
	46,987	AA	5.450% due 2/15/37		48,237
	195,000	BBB-	United Airlines Inc., Senior Secured Notes, 4.625% due 4/15/29(a)		191,961

			Total Airlines		5,150,631

	Apparel - 0.0%@
	425,000	BBB-	Gildan Activewear Inc., Company Guaranteed Notes, 5.400% due 10/7/35(a)		417,403
			NIKE Inc., Senior Unsecured Notes:
	25,000	A+	3.250% due 3/27/40		19,897
	25,000	A+	3.875% due 11/1/45		19,896
	50,000	A+	3.375% due 3/27/50		35,403

			Total Apparel		492,599

	Auto Manufacturers - 0.7%
	200,000	Ba2(b)	Allison Transmission Inc., Company Guaranteed Notes, 5.875% due 6/1/29(a)		202,064
			American Honda Finance Corp., Senior Unsecured Notes:
	100,000	BBB+	4.800% due 3/5/30		99,991
	50,000	BBB+	4.450% due 1/8/31		49,118
	50,000	BBB+	5.100% due 1/8/36		49,243
			Cummins Inc., Senior Unsecured Notes:
	50,000	A	5.300% due 5/9/35		51,088
	25,000	A	2.600% due 9/1/50		15,127
			Ford Motor Co., Senior Unsecured Notes:
	50,000	BBB-	4.750% due 1/15/43		39,831
	50,000	BBB-	5.291% due 12/8/46		41,859
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	890,000	BBB-	5.125% due 11/5/26		892,378
	460,000	BBB-	2.900% due 2/16/28		444,700
	200,000	BBB-	6.800% due 5/12/28		206,197
	220,000	BBB-	2.900% due 2/10/29		207,659
	200,000	BBB-	5.800% due 3/8/29		202,915
	200,000	BBB-	5.875% due 11/7/29		203,050
	1,210,000	BBB-	4.000% due 11/13/30		1,142,970
	200,000	BBB-	5.420% due 4/9/31		199,190
	648,000	BBB-	5.753% due 4/6/33		646,274
	230,000	BBB-	7.122% due 11/7/33		246,735
	620,000	BBB-	6.467% due 5/22/36		635,463
			General Motors Co., Senior Unsecured Notes:
	50,000	BBB	5.600% due 10/15/32		51,429
	50,000	BBB	6.600% due 4/1/36		53,769
	50,000	BBB	5.150% due 4/1/38		47,634
	260,000	BBB	6.250% due 10/2/43		262,089
	25,000	BBB	5.200% due 4/1/45		22,226
	25,000	BBB	6.750% due 4/1/46		26,455
	25,000	BBB	5.400% due 4/1/48		22,484
			General Motors Financial Co., Inc., Senior Unsecured Notes:
	250,000	BBB	5.800% due 6/23/28		255,559
	100,000	BBB	4.750% due 4/6/29		100,220

106

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Auto Manufacturers - 0.7% - (continued)
	$ 100,000		BBB	5.350% due 1/7/30	$	101,936
	100,000		BBB	3.600% due 6/21/30		95,598
	50,000		BBB	5.950% due 4/4/34		51,902
	50,000		BBB	5.900% due 1/7/35		51,604
	50,000		BBB	6.150% due 7/15/35		52,240
				Honda Motor Co., Ltd., Senior Unsecured Notes:
	100,000		BBB+	4.688% due 7/8/30		99,524
	50,000		BBB+	5.337% due 7/8/35		50,187
				Hyundai Capital America, Senior Unsecured Notes:
	700,000		A-	5.650% due 6/26/26(a)(c)		700,700
	305,000		A-	5.300% due 3/19/27(a)		307,347
	965,000		A-	5.800% due 4/1/30(a)		995,768
	965,000		A-	4.500% due 9/18/30(a)		950,523
	740,000		A-	5.400% due 6/23/32(a)		755,038
	50,000		A+	PACCAR Financial Corp., Senior Unsecured Notes, 4.600% due 1/31/29		50,639
	500,000	^EUR	BBB-	RCI Banque SA, Senior Unsecured Notes, (Cost - $575,755, acquired 1/13/26), 3.625% due 11/3/32(d)		572,769
				Stellantis Financial Services US Corp., Senior Unsecured Notes:
	210,000		BBB-	5.400% due 6/15/29(a)		210,488
	200,000		BBB-	5.800% due 6/15/31(a)		200,333
				Toyota Motor Credit Corp., Senior Unsecured Notes:
	150,000		A+	3.750% due 1/12/28		149,156
	150,000		A+	2.150% due 2/13/30		138,133
	100,000		A+	5.550% due 11/20/30		104,038
	100,000		A+	5.350% due 1/9/35		102,595
				Volkswagen Group of America Finance LLC, Company Guaranteed Notes:
	260,000		BBB+	4.750% due 11/13/28(a)		259,805
	580,000		BBB+	5.350% due 3/27/30(a)		588,223

				Total Auto Manufacturers		13,006,263

	Auto Parts & Equipment - 0.1%
				Adient Global Holdings Ltd.:
	430,000		BB	Company Guaranteed Notes, 7.500% due 2/15/33(a)		446,222
	215,000		BBB-	Senior Secured Notes, 7.000% due 4/15/28(a)		218,762
				Aptiv Swiss Holdings Ltd., Company Guaranteed Notes:
	25,000		BBB	3.100% due 12/1/51		15,397
	25,000		BBB	4.150% due 5/1/52		18,588
	120,000		BB-	Clarios Global LP/Clarios US Finance Co., Senior Secured Notes, 6.750% due 2/15/30(a)		124,115
	155,000		B-	Cooper-Standard Automotive Inc., Senior Secured Notes, 9.250% due 3/1/31(a)		156,861
	250,000		B+	Goodyear Tire & Rubber Co. (The), Company Guaranteed Notes, 5.000% due 7/15/29		238,910
				Qnity Electronics Inc.:
	70,000		BB	Company Guaranteed Notes, 6.250% due 8/15/33(a)		71,470
	190,000		BB+	Senior Secured Notes, 5.750% due 8/15/32(a)		191,477

				Total Auto Parts & Equipment		1,481,802

	Banks - 7.6%
	600,000	^EUR	Ba1u(b)	ABN AMRO Bank NV, Junior Subordinated Notes, (Cost - $619,344, acquired 3/7/24), 4.750% (5-Year EUR Swap Rate + 3.898%)(d)(e)(f)		704,670
	800,000		A+	Banco Bilbao Vizcaya Argentaria SA, Senior Preferred Notes, 5.381% due 3/13/29		818,450
	1,000,000		BB-	Banco Mercantil del Norte SA, Junior Subordinated Notes, 5.875% (5-Year CMT Index + 4.643%)(a)(e)(f)		992,585
	720,000		Ba1(b)	Banco Nacional de Comercio Exterior SNC, Subordinated Notes, 2.720% (5-Year CMT Index + 2.000%) due 8/11/31(a)(e)		717,576
				Banco Santander SA:
				Senior Non-Preferred Notes:
	400,000		A-	4.551% due 11/6/30		393,832
	200,000		A-	5.127% due 11/6/35		196,186
				Senior Preferred Notes:
	800,000		A+	5.588% due 8/8/28		817,428

107

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Banks - 7.6% - (continued)
	$ 800,000	A+	5.439% due 7/15/31	$	822,164
	200,000	A+	6.938% due 11/7/33		224,296
			Bank of America Corp.:
			Junior Subordinated Notes:
	420,000	BBB-	6.250% (5-Year CMT Index + 2.351%)(e)(f)		426,812
	976,000	BBB-	6.625% (5-Year CMT Index + 2.684%)(e)(f)		1,009,426
			Senior Unsecured Notes:
	130,000	A-	4.376% (SOFR + 1.580%) due 4/27/28(e)		129,954
	150,000	A-	3.593% (3-Month Term SOFR + 1.632%) due 7/21/28(e)		148,701
	100,000	A-	4.948% (SOFR + 2.040%) due 7/22/28(e)		100,629
	100,000	A-	6.204% (SOFR + 1.990%) due 11/10/28(e)		102,473
	535,000	A-	3.419% (3-Month Term SOFR + 1.302%) due 12/20/28(e)		526,646
	3,850,000	A-	3.970% (3-Month Term SOFR + 1.332%) due 3/5/29(e)		3,814,892
	200,000	A-	5.202% (SOFR + 1.630%) due 4/25/29(e)		202,491
	100,000	A-	2.087% (SOFR + 1.060%) due 6/14/29(e)		95,231
	100,000	A-	4.271% (3-Month Term SOFR + 1.572%) due 7/23/29(e)		99,392
	141,000	A-	5.819% (SOFR + 1.570%) due 9/15/29(e)		144,766
	659,000	A-	3.974% (3-Month Term SOFR + 1.472%) due 2/7/30(e)		648,312
	583,000	A-	2.592% (SOFR + 2.150%) due 4/29/31(e)		539,170
	705,000	A-	1.922% (SOFR + 1.370%) due 10/24/31(e)		625,557
	790,000	A-	2.687% (SOFR + 1.320%) due 4/22/32(e)		717,121
	1,380,000	A-	4.695% (SOFR + 1.040%) due 4/23/32(e)		1,372,127
	600,000	A-	2.572% (SOFR + 1.210%) due 10/20/32(e)		534,695
	752,000	A-	2.972% (SOFR + 1.330%) due 2/4/33(e)		679,897
	1,490,000	A-	4.571% (SOFR + 1.830%) due 4/27/33(e)		1,463,556
	411,000	A-	5.872% (SOFR + 1.840%) due 9/15/34(e)		430,642
	655,000	A-	5.468% (SOFR + 1.650%) due 1/23/35(e)		669,453
	200,000	A-	5.511% (SOFR + 1.310%) due 1/24/36(e)		204,767
	250,000	A-	4.244% (3-Month Term SOFR + 2.076%) due 4/24/38(e)		228,892
	350,000	A-	2.676% (SOFR + 1.930%) due 6/19/41(e)		253,637
	360,000	A-	4.330% (3-Month Term SOFR + 1.782%) due 3/15/50(e)		297,613
	360,000	A-	4.083% (3-Month Term SOFR + 3.412%) due 3/20/51(e)		284,163
	50,000	A-	2.831% (SOFR + 1.880%) due 10/24/51(e)		31,346
			Subordinated Notes:
	20,000	BBB+	4.250% due 10/22/26		20,012
	100,000	BBB+	4.183% due 11/25/27		99,718
	675,000	BBB+	5.425% (SOFR + 1.913%) due 8/15/35(e)		677,709
	1,475,000	BBB+	5.518% (SOFR + 1.738%) due 10/25/35(e)		1,485,325
	930,000	BBB+	2.482% (5-Year CMT Index + 1.200%) due 9/21/36(e)		811,322
	680,000	BBB+	3.846% (5-Year CMT Index + 2.000%) due 3/8/37(e)		633,229
	720,000	BBB+	5.489% (SOFR + 1.572%) due 4/23/37(e)		716,338
	940,000	A2(b)	Bank of Ireland Group PLC, Senior Unsecured Notes, 4.997% (SOFR + 1.160%) due 11/12/32(a)(e)		939,390
			Bank of Montreal, Senior Unsecured Notes:
	100,000	A-	4.439% (SOFR + 0.970%) due 1/14/32(e)		98,521
	380,000	A-	4.879% (SOFR + 0.959%) due 6/2/32(e)		380,455
	1,140,000	A-	5.298% (SOFR + 1.208%) due 6/2/37(e)		1,141,850
			Bank of New York Mellon Corp. (The):
			Senior Unsecured Notes:
	250,000	AA-	4.729% (SOFR + 1.135%) due 4/20/29(e)		251,878
	390,000	A	4.289% (SOFR + 1.418%) due 6/13/33(e)		378,241
	50,000	A	4.967% (SOFR + 1.606%) due 4/26/34(e)		50,055
	100,000	A	5.188% (SOFR + 1.418%) due 3/14/35(e)		101,407
	200,000	A-	Subordinated Notes, 3.000% due 10/30/28		193,568

108

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Banks - 7.6% - (continued)
				Bank of Nova Scotia (The):
	$ 100,000		A-	Senior Unsecured Notes, 5.650% due 2/1/34	$	104,377
	180,000		BBB+	Subordinated Notes, 4.588% (5-Year CMT Index + 2.050%) due 5/4/37(e)		173,005
	1,500,000		A+	Banque Federative du Credit Mutuel SA, Senior Preferred Notes, 5.194% due 2/16/28(a)		1,518,340
				Barclays PLC, Senior Unsecured Notes:
	2,050,000		BBB+	4.972% (3-Month USD-LIBOR + 1.902%) due 5/16/29(e)		2,062,285
	200,000		BBB+	6.490% (SOFR + 2.220%) due 9/13/29(e)		207,601
	200,000		BBB+	5.690% (SOFR + 1.740%) due 3/12/30(e)		204,843
	400,000		BBB+	4.521% (SOFR + 1.135%) due 2/24/32(e)		391,972
	200,000		BBB+	2.894% (1-Year CMT Index + 1.300%) due 11/24/32(e)		179,166
	200,000		BBB+	6.224% (SOFR + 2.980%) due 5/9/34(e)		210,952
	825,000		BBB+	5.207% (SOFR + 1.506%) due 2/24/37(e)		802,664
	200,000		BBB+	5.860% (SOFR + 1.830%) due 8/11/46(e)		199,469
	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%)(d)(e)(f)		740,657
	745,000		Baa1(b)	BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico, Senior Unsecured Notes, 5.400% due 6/3/31(a)		747,235
				BNP Paribas SA:
				Junior Subordinated Notes:
	1,370,000		BBB-	6.875% (5-Year CMT Index + 2.853%)(a)(e)(f)		1,361,994
	665,000		BBB-	7.750% (5-Year CMT Index + 4.899%)(a)(e)(f)		697,742
				Senior Non-Preferred Notes:
	950,000		A-	4.400% due 8/14/28(a)		946,507
	200,000		A-	2.871% (3-Month Term SOFR + 1.387%) due 4/19/32(a)(e)		181,787
	600,000		A+	Senior Preferred Notes, 5.894% (SOFR + 1.866%) due 12/5/34(a)(e)		628,607
	200,000		BBB+	Subordinated Notes, 4.375% (5-Year USD Swap Rate + 1.483%) due 3/1/33(a)(e)		198,037
	1,120,000		BBB+	BPCE SA, Senior Non-Preferred Notes, 6.714% (SOFR + 2.270%) due 10/19/29(a)(e)		1,169,680
				CaixaBank SA:
	200,000		BBB+	Senior Non-Preferred Notes, 5.581% (SOFR + 1.790%) due 7/3/36(a)(e)		202,167
	500,000	^EUR	BBB	Subordinated Notes, (Cost - $576,013, acquired 3/7/24), 6.250% (5-Year EUR Swap Rate + 3.550%) due 2/23/33(d)(e)		608,314
	1,665,000		A-	Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 4.283% (SOFR + 0.790%) due 1/29/30(e)		1,649,736
				Citigroup Inc.:
				Junior Subordinated Notes:
	1,135,000		BB+	6.625% (5-Year CMT Index + 3.001%)(e)(f)		1,153,067
	210,000		BB+	6.950% (5-Year CMT Index + 2.726%)(e)(f)		214,640
	700,000		BB+	7.125% (5-Year CMT Index + 2.693%)(e)(f)		715,300
				Senior Unsecured Notes:
	70,000		BBB+	4.658% (SOFR + 1.887%) due 5/24/28(e)		70,187
	2,540,000		BBB+	3.520% (3-Month Term SOFR + 1.413%) due 10/27/28(e)		2,509,693
	100,000		BBB+	3.980% (3-Month Term SOFR + 1.600%) due 3/20/30(e)		98,258
	550,000		BBB+	4.412% (SOFR + 3.914%) due 3/31/31(e)		543,851
	70,000		BBB+	2.572% (SOFR + 2.107%) due 6/3/31(e)		64,383
	70,000		BBB+	4.503% (SOFR + 1.171%) due 9/11/31(e)		69,239
	690,000		BBB+	2.561% (SOFR + 1.167%) due 5/1/32(e)		620,689
	160,000		BBB+	2.520% (SOFR + 1.177%) due 11/3/32(e)		142,064
	250,000		BBB+	3.785% (SOFR + 1.939%) due 3/17/33(e)		235,615
	220,000		BBB+	4.910% (SOFR + 2.086%) due 5/24/33(e)		219,070
	1,305,000		BBB+	5.174% (SOFR + 1.488%) due 9/11/36(e)		1,297,476
				Subordinated Notes:
	890,000		BBB	4.300% due 11/20/26		890,765
	30,000		BBB	6.625% due 6/15/32		32,594
	100,000		BBB	6.675% due 9/13/43		108,893
	286,000		BBB	5.300% due 5/6/44		268,752
	1,945,000		A-	Commonwealth Bank of Australia, Subordinated Notes, 5.929% (1-Year CMT Index + 1.320%) due 3/14/46(a)(e)		1,959,848
	270,000		A-	Cooperatieve Rabobank UA, Senior Non-Preferred Notes, 3.758% (1-Year CMT Index + 1.420%) due 4/6/33(a)(e)		253,970

109

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Banks - 7.6% - (continued)
				Credit Agricole SA:
	600,000	^EUR	BBB-	Junior Subordinated Notes, (Cost - $688,624, acquired 3/6/24), 7.250% (5-Year EURIBOR ICE Swap + 4.441%)(d)(e)(f)	$	742,457
				Senior Non-Preferred Notes:
	$ 1,105,000		A-	5.222% (SOFR + 1.460%) due 5/27/31(a)(e)		1,117,379
	1,075,000		A-	4.818% (SOFR + 1.360%) due 9/25/33(a)(e)		1,051,901
	490,000		A-	5.862% (SOFR + 1.740%) due 1/9/36(a)(e)		504,659
				Danske Bank AS, Senior Non-Preferred Notes:
	1,800,000		A-	4.298% (1-Year CMT Index + 1.750%) due 4/1/28(a)(e)		1,799,148
	1,250,000		A-	5.705% (1-Year CMT Index + 1.400%) due 3/1/30(a)(e)		1,281,799
	310,000		A-	4.613% (1-Year CMT Index + 1.100%) due 10/2/30(a)(e)		308,325
	770,000		AA+	Depository Trust Co. (The), Senior Unsecured Notes, 4.550% due 3/27/31(a)		767,416
				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(d)(e)		244,304
	150,000		BBB	5.297% (SOFR + 1.720%) due 5/9/31(e)		151,392
	150,000		BBB	4.950% (SOFR + 1.300%) due 8/4/31(e)		149,581
	150,000		BBB	4.725% (SOFR + 1.135%) due 2/6/32(e)		147,656
	1,895,000		A	Senior Preferred Notes, 4.469% (SOFR + 1.100%) due 12/10/31(e)		1,864,193
				Subordinated Notes:
	400,000		BBB-	3.742% (SOFR + 2.257%) due 1/7/33(e)		366,254
	310,000		BBB-	7.079% (SOFR + 3.650%) due 2/10/34(e)		332,348
				DNB Bank ASA:
	2,375,000		A	Senior Non-Preferred Notes, 4.832% (SOFR + 1.130%) due 3/30/32(a)(e)		2,366,300
	300,000		AA-	Senior Preferred Notes, 4.853% (SOFR + 1.050%) due 11/5/30(a)(e)		302,361
				Fifth Third Bancorp, Senior Unsecured Notes:
	100,000		BBB+	6.339% (SOFR + 2.340%) due 7/27/29(e)		103,524
	175,000		BBB+	4.566% (SOFR + 0.950%) due 4/29/32(e)		172,151
				Goldman Sachs Group Inc. (The):
	590,000		BB+	Junior Subordinated Notes, 7.500% (5-Year CMT Index + 2.809%)(e)(f)		619,233
				Senior Unsecured Notes:
	70,000		BBB+	3.615% (SOFR + 1.846%) due 3/15/28(e)		69,560
	791,000		BBB+	3.814% (3-Month Term SOFR + 1.420%) due 4/23/29(e)		779,869
	2,394,000		BBB+	4.223% (3-Month Term SOFR + 1.563%) due 5/1/29(e)		2,376,803
	174,000		BBB+	6.484% (SOFR + 1.770%) due 10/24/29(e)		181,170
	1,150,000		BBB+	4.594% (SOFR + 0.990%) due 4/20/30(e)		1,145,908
	400,000		BBB+	5.218% (SOFR + 1.580%) due 4/23/31(e)		405,766
	1,950,000		BBB+	4.369% (SOFR + 1.060%) due 10/21/31(e)		1,911,657
	2,735,000		BBB+	4.516% (SOFR + 0.960%) due 1/21/32(e)		2,692,543
	57,000		BBB+	1.992% (SOFR + 1.090%) due 1/27/32(e)		50,168
	984,000		BBB+	2.615% (SOFR + 1.281%) due 4/22/32(e)		885,728
	670,000		BBB+	4.972% (SOFR + 1.030%) due 6/3/32(e)		671,416
	2,075,000		BBB+	2.383% (SOFR + 1.248%) due 7/21/32(e)		1,835,078
	288,000		BBB+	2.650% (SOFR + 1.264%) due 10/21/32(e)		256,335
	284,000		BBB+	6.561% (SOFR + 1.950%) due 10/24/34(e)		308,680
	340,000		BBB+	5.330% (SOFR + 1.550%) due 7/23/35(e)		341,975
	430,000		BBB+	4.939% (SOFR + 1.330%) due 10/21/36(e)		417,383
	682,000		BBB+	5.065% (SOFR + 1.190%) due 1/21/37(e)		666,909
	455,000		BBB+	5.425% (SOFR + 1.310%) due 6/3/37(e)		457,346
	50,000		BBB+	4.017% (3-Month Term SOFR + 1.635%) due 10/31/38(e)		43,883
	50,000		BBB+	4.411% (3-Month Term SOFR + 1.692%) due 4/23/39(e)		45,098
	210,000		BBB+	6.250% due 2/1/41		223,249
	330,000		BBB+	3.210% (SOFR + 1.513%) due 4/22/42(e)		248,956
	10,000		BBB+	2.908% (SOFR + 1.472%) due 7/21/42(e)		7,216

110

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Banks - 7.6% - (continued)
	$ 300,000		BBB+	3.436% (SOFR + 1.632%) due 2/24/43(e)	$	230,558
	100,000		BBB+	5.734% (SOFR + 1.696%) due 1/28/56(e)		98,609
				Subordinated Notes:
	150,000		BBB	6.750% due 10/1/37		163,916
	290,000		BBB	5.150% due 5/22/45		264,855
				HSBC Holdings PLC:
				Senior Unsecured Notes:
	200,000		A-	6.161% (SOFR + 1.970%) due 3/9/29(e)		205,241
	200,000		A-	4.583% (3-Month Term SOFR + 1.796%) due 6/19/29(e)		199,762
	900,000		A-	5.286% (SOFR + 1.290%) due 11/19/30(e)		912,718
	2,430,000		A-	5.240% (SOFR + 1.570%) due 5/13/31(e)		2,460,370
	495,000		A-	4.619% (SOFR + 1.190%) due 11/6/31(e)		488,864
	1,030,000		A-	2.804% (SOFR + 1.187%) due 5/24/32(e)		931,399
	400,000		A-	5.402% (SOFR + 2.870%) due 8/11/33(e)		405,963
	200,000		A-	6.254% (SOFR + 2.390%) due 3/9/34(e)		212,777
	625,000		A-	5.279% (SOFR + 1.550%) due 3/10/37(e)		617,944
	200,000		A-	6.332% (SOFR + 2.650%) due 3/9/44(e)		213,797
				Subordinated Notes:
	220,000		BBB+	4.762% (SOFR + 2.530%) due 3/29/33(e)		214,902
	200,000		BBB+	6.547% (SOFR + 2.980%) due 6/20/34(e)		212,815
	100,000		BBB+	6.500% due 9/15/37		106,537
	350,000		BBB-	Intesa Sanpaolo SpA, Subordinated Notes, 4.950% (1-Year CMT Index + 2.750%) due 6/1/42(a)(e)		301,580
				JPMorgan Chase & Co.:
				Senior Unsecured Notes:
	300,000		A	4.005% (3-Month Term SOFR + 1.382%) due 4/23/29(e)		297,336
	53,000		A	5.299% (SOFR + 1.450%) due 7/24/29(e)		53,783
	782,000		A	5.012% (SOFR + 1.310%) due 1/23/30(e)		789,395
	46,000		A	4.565% (SOFR + 1.750%) due 6/14/30(e)		45,932
	1,330,000		A	2.739% (3-Month Term SOFR + 1.510%) due 10/15/30(e)		1,251,575
	200,000		A	5.103% (SOFR + 1.435%) due 4/22/31(e)		203,284
	595,000		A	4.347% (SOFR + 0.840%) due 1/22/32(e)		584,739
	872,000		A	5.350% (SOFR + 1.845%) due 6/1/34(e)		889,187
	100,000		A	5.502% (SOFR + 1.315%) due 1/24/36(e)		102,264
	400,000		A	5.572% (SOFR + 1.680%) due 4/22/36(e)		411,270
	100,000		A	4.898% (SOFR + 1.070%) due 1/22/37(e)		97,380
	3,960,000		A	5.148% (SOFR + 1.260%) due 4/23/37(e)		3,933,037
	50,000		A	3.882% (3-Month Term SOFR + 1.622%) due 7/24/38(e)		44,152
	150,000		A	3.109% (SOFR + 2.440%) due 4/22/51(e)		100,076
	200,000		A	3.328% (SOFR + 1.580%) due 4/22/52(e)		138,176
	400,000		A-	Subordinated Notes, 5.576% (SOFR + 1.635%) due 7/23/36(e)		406,265
	600,000	^EUR	BBB-	KBC Group NV, Junior Subordinated Notes, (Cost - $705,003, acquired 3/8/24), 8.000% (5-Year EURIBOR ICE Swap + 4.928%)(d)(e)(f)		755,407
				Kreditanstalt fuer Wiederaufbau, Government Guaranteed Notes:
	200,000		AAA	3.750% due 2/15/28		199,320
	200,000		AAA	4.625% due 3/18/30		203,796
	200,000		AAA	3.750% due 3/14/31		196,580
				Lloyds Banking Group PLC:
	665,000		BBB-	Junior Subordinated Notes, 6.750% (5-Year CMT Index + 4.815%)(e)(f)		668,907
				Senior Unsecured Notes:
	200,000		A-	4.375% due 3/22/28		199,854
	200,000		A-	3.574% (3-Month USD-LIBOR + 1.205%) due 11/7/28(e)		197,524
	200,000		A-	4.425% (1-Year CMT Index + 0.820%) due 11/4/31(e)		196,681
	200,000		A-	5.679% (1-Year CMT Index + 1.750%) due 1/5/35(e)		205,598
	244,000		BBB+	M&T Bank Corp., Senior Unsecured Notes, 5.385% (SOFR + 1.610%) due 1/16/36(e)		243,506

111

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Banks - 7.6% - (continued)
	$ 460,000		A-	Mitsubishi UFJ Financial Group Inc., Senior Unsecured Notes, 4.847% (1-Year CMT Index + 0.920%) due 4/21/32(e)	$	459,414
				Mizuho Financial Group Inc., Senior Unsecured Notes:
	200,000		A-	2.201% (3-Month Term SOFR + 1.772%) due 7/10/31(e)		180,750
	200,000		A-	5.748% (1-Year CMT Index + 1.900%) due 7/6/34(e)		207,971
	200,000		A-	5.422% (1-Year CMT Index + 0.980%) due 5/13/36(e)		202,382
	1,815,000		A-	National Australia Bank Ltd., Subordinated Notes, 3.347% (5-Year CMT Index + 1.700%) due 1/12/37(a)(e)		1,643,094
				NatWest Group PLC, Senior Unsecured Notes:
	400,000		A-	5.076% (3-Month USD-LIBOR + 1.905%) due 1/27/30(e)		403,585
	715,000		A-	5.115% (1-Year CMT Index + 1.050%) due 5/23/31(e)		721,754
				NatWest Markets PLC, Senior Unsecured Notes:
	500,000		A	1.600% due 9/29/26(a)		496,103
	1,570,000		A	4.654% due 3/27/29(a)		1,572,852
	1,255,000		A	4.893% due 3/27/31(a)		1,257,318
	150,000		AA+	Oesterreichische Kontrollbank AG, Government Guaranteed Notes, 4.000% due 5/28/28		149,900
	415,000		BBB-	Pinnacle Financial Partners Inc., Senior Unsecured Notes, 5.596% (SOFR + 1.700%) due 5/19/32(e)		416,984
				PNC Financial Services Group Inc. (The):
				Senior Unsecured Notes:
	420,000		A-	5.582% (SOFR + 1.841%) due 6/12/29(e)		429,471
	50,000		A-	2.550% due 1/22/30		46,642
	100,000		A-	5.222% (SOFR + 1.072%) due 1/29/31(e)		101,851
	50,000		A-	6.037% (SOFR + 2.140%) due 10/28/33(e)		52,768
	50,000		A-	5.068% (SOFR + 1.933%) due 1/24/34(e)		50,126
	200,000		A-	6.875% (SOFR + 2.284%) due 10/20/34(e)		221,128
	50,000		A-	5.676% (SOFR + 1.902%) due 1/22/35(e)		51,604
	25,000		A-	5.401% (SOFR + 1.599%) due 7/23/35(e)		25,354
	160,000		A-	5.373% (SOFR + 1.417%) due 7/21/36(e)		161,440
	320,000		BBB+	Subordinated Notes, 5.423% (5-Year CMT Index + 1.170%) due 1/25/41(e)		314,259
	500,000	^EUR	Baa2(b)	Raiffeisen Bank International AG, Subordinated Notes, (Cost - $568,130, acquired 5/30/24), 7.375% (5-Year EURIBOR ICE Swap + 5.200%) due 12/20/32(d)(e)		610,695
				Royal Bank of Canada, Senior Unsecured Notes:
	100,000		A	4.950% due 2/1/29		101,649
	750,000		A	4.400% (SOFR + 0.840%) due 4/17/30(e)		745,750
	200,000		A	5.153% (SOFR + 1.030%) due 2/4/31(e)		203,016
	100,000		A	5.150% due 2/1/34		102,168
	89,000		BBB+	Santander Holdings USA Inc., Senior Unsecured Notes, 6.174% (SOFR + 2.500%) due 1/9/30(e)		91,728
	950,000		BBB	Santander UK Group Holdings PLC, Senior Unsecured Notes, 4.858% (SOFR + 1.554%) due 9/11/30(e)		950,481
				Societe Generale SA, Senior Non-Preferred Notes:
	1,080,000		BBB	5.512% (SOFR + 1.650%) due 5/22/31(a)(e)		1,099,899
	540,000		BBB	6.066% (1-Year CMT Index + 2.100%) due 1/19/35(a)(e)		559,987
	410,000		BBB	5.400% (SOFR + 1.601%) due 4/10/37(a)(e)		401,590
				State Street Corp.:
	62,000		BBB	Junior Subordinated Notes, 6.700% (5-Year CMT Index + 2.613%)(e)(f)		63,784
				Senior Unsecured Notes:
	100,000		A	4.530% (SOFR + 1.018%) due 2/20/29(e)		100,295
	100,000		A	5.684% (SOFR + 1.484%) due 11/21/29(e)		102,966
	50,000		A	4.164% (SOFR + 1.726%) due 8/4/33(e)		48,200
				Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes:
	200,000		A-	2.130% due 7/8/30		180,708
	200,000		A-	5.808% due 9/14/33		209,648
	200,000		A-	5.570% (SOFR + 1.360%) due 1/15/47(e)		196,508
				Toronto-Dominion Bank (The), Senior Unsecured Notes:
	200,000		A-	4.861% due 1/31/28		201,440
	100,000		A-	2.000% due 9/10/31		88,558
	100,000		A-	5.298% due 1/30/32		102,355

112

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Banks - 7.6% - (continued)
	$ 300,000	A-	4.456% due 6/8/32	$	295,454
	400,000	A-	4.866% due 4/22/33		397,198
			Truist Financial Corp., Senior Unsecured Notes:
	50,000	A-	5.122% (SOFR + 1.852%) due 1/26/34(e)		50,007
	25,000	A-	5.867% (SOFR + 2.361%) due 6/8/34(e)		26,050
	800,000	A-	5.711% (SOFR + 1.922%) due 1/24/35(e)		824,069
			UBS Group AG:
			Junior Subordinated Notes:
	250,000	BBB-	4.875% (5-Year CMT Index + 3.404%)(a)(e)(f)		249,936
	960,000	BBB-	6.850% (5-Year USD SOFR ICE Swap Rate + 3.630%)(a)(e)(f)		984,508
			Senior Unsecured Notes:
	500,000	A-	4.703% (1-Year CMT Index + 2.050%) due 8/5/27(a)(e)		500,114
	1,500,000	A-	1.494% (1-Year CMT Index + 0.850%) due 8/10/27(a)(e)		1,491,193
	500,000	A-	4.751% (1-Year CMT Index + 1.750%) due 5/12/28(a)(e)		501,624
	1,710,000	A-	3.091% (SOFR + 1.730%) due 5/14/32(a)(e)		1,569,398
	200,000	A-	5.010% (SOFR + 1.340%) due 3/23/37(a)(e)		194,811
			US Bancorp, Senior Unsecured Notes:
	200,000	A	4.548% (SOFR + 1.660%) due 7/22/28(e)		200,318
	100,000	A	5.046% (SOFR + 1.061%) due 2/12/31(e)		101,283
	155,000	A	5.083% (SOFR + 1.296%) due 5/15/31(e)		157,128
	50,000	A	5.850% (SOFR + 2.090%) due 10/21/33(e)		52,284
	50,000	A	4.839% (SOFR + 1.600%) due 2/1/34(e)		49,365
	50,000	A	5.836% (SOFR + 2.260%) due 6/12/34(e)		52,151
	50,000	A	5.678% (SOFR + 1.860%) due 1/23/35(e)		51,618
			Wells Fargo & Co.:
	150,000	BB+	Junior Subordinated Notes, 6.850% (5-Year CMT Index + 2.767%)(e)(f)		155,584
			Senior Unsecured Notes:
	500,000	BBB+	3.000% due 10/23/26		498,024
	510,000	BBB+	2.393% (SOFR + 2.100%) due 6/2/28(e)		500,190
	490,000	BBB+	4.150% due 1/24/29		486,577
	200,000	BBB+	4.970% (SOFR + 1.370%) due 4/23/29(e)		201,497
	510,000	BBB+	5.574% (SOFR + 1.740%) due 7/25/29(e)		519,955
	111,000	BBB+	6.303% (SOFR + 1.790%) due 10/23/29(e)		115,243
	103,000	BBB+	2.572% (3-Month Term SOFR + 1.262%) due 2/11/31(e)		95,510
	100,000	BBB+	4.478% (3-Month Term SOFR + 4.032%) due 4/4/31(e)		99,162
	733,000	BBB+	5.150% (SOFR + 1.500%) due 4/23/31(e)		743,739
	1,730,000	BBB+	3.350% (SOFR + 1.500%) due 3/2/33(e)		1,592,549
	425,000	BBB+	5.389% (SOFR + 2.020%) due 4/24/34(e)		432,505
	863,000	BBB+	5.557% (SOFR + 1.990%) due 7/25/34(e)		887,309
	140,000	BBB+	6.491% (SOFR + 2.060%) due 10/23/34(e)		151,653
	50,000	BBB+	5.605% (SOFR + 1.740%) due 4/23/36(e)		51,267
	731,000	BBB+	4.960% (SOFR + 1.100%) due 1/23/37(e)		713,448
	200,000	BBB+	3.068% (SOFR + 2.530%) due 4/30/41(e)		151,998
	50,000	BBB+	3.900% due 5/1/45		39,695
	1,340,000	BBB+	5.013% (3-Month Term SOFR + 4.502%) due 4/4/51(e)		1,201,971
	200,000	BBB+	4.611% (SOFR + 2.130%) due 4/25/53(e)		168,480
			Westpac Banking Corp.:
	50,000	AA-	Senior Unsecured Notes, 2.150% due 6/3/31		44,867
	100,000	A-	Subordinated Notes, 2.668% (5-Year CMT Index + 1.750%) due 11/15/35(e)		90,321

			Total Banks		139,194,993

	Beverages - 0.2%
			Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
	125,000	A-	4.700% due 2/1/36		121,623

113

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Beverages - 0.2% - (continued)
	$ 100,000	A-	4.900% due 2/1/46	$	91,411
	50,000	A-	Anheuser-Busch InBev Finance Inc., Company Guaranteed Notes, 4.900% due 2/1/46		45,416
			Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
	260,000	A-	3.500% due 6/1/30		251,246
	50,000	A-	4.375% due 4/15/38		46,899
	50,000	A-	5.450% due 1/23/39		50,988
	25,000	A-	4.950% due 1/15/42		23,593
	50,000	A-	4.439% due 10/6/48		42,363
	210,000	A-	5.550% due 1/23/49		206,845
	50,000	A-	4.750% due 4/15/58		43,273
	50,000	A-	5.800% due 1/23/59		50,867
	1,195,000	BBB-	Becle SAB de CV, Senior Unsecured Notes, 2.500% due 10/14/31(a)		1,024,966
			Coca-Cola Co. (The), Senior Unsecured Notes:
	50,000	A+	5.000% due 5/13/34		51,427
	50,000	A+	2.500% due 6/1/40		36,721
	25,000	A+	2.600% due 6/1/50		15,345
	25,000	A+	3.000% due 3/5/51		16,588
	50,000	A+	2.500% due 3/15/51		29,739
	50,000	A+	5.300% due 5/13/54		48,303
	25,000	A+	5.400% due 5/13/64		24,077
			Constellation Brands Inc.:
			Company Guaranteed Notes:
	100,000	BBB	3.600% due 2/15/28		98,646
	25,000	BBB	5.250% due 11/15/48		22,978
	30,000	BBB	Senior Unsecured Notes, 2.250% due 8/1/31		26,524
			Keurig Dr Pepper Inc., Company Guaranteed Notes:
	100,000	BBB-	5.200% due 3/15/31		101,329
	25,000	BBB-	3.800% due 5/1/50		17,850
	25,000	BBB-	3.350% due 3/15/51		16,318
			Maple Parent Holdings Corp., Company Guaranteed Notes:
	1,108,000	(P)BBB-	5.700% due 3/26/36(a)		1,119,067
	83,000	(P)BBB-	6.625% due 3/26/56(a)		86,528
	50,000	BBB	Molson Coors Beverage Co., Company Guaranteed Notes, 4.200% due 7/15/46		40,019
			PepsiCo Inc., Senior Unsecured Notes:
	100,000	A+	3.000% due 10/15/27		98,740
	100,000	A+	4.100% due 1/15/29		99,771
	50,000	A+	4.800% due 7/17/34		50,217
	25,000	A+	2.625% due 10/21/41		17,937
	25,000	A+	4.450% due 4/14/46		21,748
	25,000	A+	2.875% due 10/15/49		16,271
	25,000	A+	3.625% due 3/19/50		18,568
	50,000	A+	2.750% due 10/21/51		31,008
	25,000	A+	4.200% due 7/18/52		20,330
	25,000	A+	3.875% due 3/19/60		18,583

			Total Beverages		4,144,122

	Biotechnology - 0.2%
			Amgen Inc., Senior Unsecured Notes:
	171,000	BBB+	5.150% due 3/2/28		173,151
	180,000	BBB+	4.050% due 8/18/29		177,856
	221,000	BBB+	2.450% due 2/21/30		205,160
	426,000	BBB+	4.850% due 2/19/36		417,280
	25,000	BBB+	6.375% due 6/1/37		27,322
	100,000	BBB+	3.150% due 2/21/40		77,825

114

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Biotechnology - 0.2% - (continued)
	$ 43,000	BBB+	3.375% due 2/21/50	$	30,316
	50,000	BBB+	4.663% due 6/15/51		42,401
	69,000	BBB+	4.200% due 2/22/52		54,035
	550,000	BBB+	4.875% due 3/1/53		479,939
	50,000	BBB+	5.650% due 3/2/53		48,561
	50,000	BBB+	2.770% due 9/1/53		29,799
	38,000	BBB+	4.400% due 2/22/62		29,761
	67,000	BBB+	5.750% due 3/2/63		64,953
			Biogen Inc., Senior Unsecured Notes:
	50,000	BBB+	3.150% due 5/1/50		32,356
	154,000	BBB+	3.250% due 2/15/51		100,667
	197,000	BBB+	6.450% due 5/15/55		209,379
			Gilead Sciences Inc., Senior Unsecured Notes:
	474,000	A-	1.650% due 10/1/30		420,805
	90,000	A-	4.000% due 9/1/36		82,709
	100,000	A-	2.600% due 10/1/40		72,784
	142,000	A-	4.800% due 4/1/44		129,546
	99,000	A-	4.500% due 2/1/45		86,312
	70,000	A-	4.750% due 3/1/46		63,005
	100,000	BBB-	Royalty Pharma PLC, Company Guaranteed Notes, 5.400% due 9/2/34		101,240

			Total Biotechnology		3,157,162

	Building Materials - 0.2%
	365,000	BB-	Builders FirstSource Inc., Company Guaranteed Notes, 4.250% due 2/1/32(a)		336,157
			Carrier Global Corp., Senior Unsecured Notes:
	50,000	BBB+	3.377% due 4/5/40		40,180
	50,000	BBB+	3.577% due 4/5/50		36,475
	25,000	BBB+	CRH America Finance Inc., Company Guaranteed Notes, 5.000% due 2/9/36		24,545
	575,000	BB-	EMRLD Borrower LP/Emerald Co.-Issuer Inc., Senior Secured Notes, 6.625% due 12/15/30(a)		588,714
	155,000	B+	Griffon Corp., Company Guaranteed Notes, 5.750% due 3/1/28		155,262
	135,000	B+	Knife River Corp., Company Guaranteed Notes, 7.750% due 5/1/31(a)		140,286
			Martin Marietta Materials Inc., Senior Unsecured Notes:
	25,000	BBB+	4.250% due 12/15/47		20,396
	25,000	BBB+	3.200% due 7/15/51		16,552
	115,000	BB	Masterbrand Inc., Company Guaranteed Notes, 7.000% due 7/15/32(a)		114,850
	205,000	BB-	Miter Brands Acquisition Holdco Inc./MIWD Borrower LLC, Senior Secured Notes, 6.750% due 4/1/32(a)		201,679
			Owens Corning, Senior Unsecured Notes:
	25,000	BBB	4.400% due 1/30/48		20,550
	50,000	BBB	5.950% due 6/15/54		50,196
	350,000	BB	Quikrete Holdings Inc., Senior Secured Notes, 6.375% due 3/1/32(a)		356,615
	225,000	B+	Smyrna Ready Mix Concrete LLC, Senior Secured Notes, 6.000% due 11/1/28(a)		225,730
	30,000	BB+	Standard Building Solutions Inc., Senior Unsecured Notes, 6.250% due 8/1/33(a)		30,068
			Standard Industries Inc., Senior Unsecured Notes:
	120,000	BB+	4.750% due 1/15/28(a)		119,522
	365,000	BB+	4.375% due 7/15/30(a)		347,929

			Total Building Materials		2,825,706

	Chemicals - 0.2%
			Air Products & Chemicals Inc., Senior Unsecured Notes:
	25,000	A	4.850% due 2/8/34		25,032
	25,000	A	2.700% due 5/15/40		18,522
	50,000	A	2.800% due 5/15/50		31,385
	190,000	BB+	Axalta Coating Systems LLC, Company Guaranteed Notes, 3.375% due 2/15/29(a)		181,454
	200,000	CCC-	Braskem Netherlands Finance BV, Company Guaranteed Notes, 4.500% due 1/31/30(a)		124,118
	25,000	BBB	Cabot Corp., Senior Unsecured Notes, 5.000% due 6/30/32		25,034

115

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Chemicals - 0.2% - (continued)
				Celanese US Holdings LLC, Company Guaranteed Notes:
	$ 145,000		BB	7.000% due 2/15/31	$	150,407
	326,000		BB	7.375% due 2/15/34(c)		340,824
	25,000		BBB	CF Industries Inc., Company Guaranteed Notes, 5.375% due 3/15/44		23,735
				Chemours Co. (The), Company Guaranteed Notes:
	65,000		BB-	5.750% due 11/15/28(a)		64,923
	455,000		BB-	8.000% due 1/15/33(a)		465,048
				Dow Chemical Co. (The), Senior Unsecured Notes:
	50,000		BBB-	4.800% due 1/15/31		49,519
	25,000		BBB-	5.150% due 2/15/34		24,679
	25,000		BBB-	5.250% due 11/15/41		22,648
	25,000		BBB-	4.625% due 10/1/44		20,422
	25,000		BBB-	4.800% due 5/15/49		20,031
	25,000		BBB-	6.900% due 5/15/53(c)		26,231
	25,000		BBB-	5.600% due 2/15/54		22,271
				DuPont de Nemours Inc., Senior Unsecured Notes:
	32,000		BBB+	5.319% due 11/15/38		31,618
	11,000		BBB+	5.419% due 11/15/48		10,398
				Eastman Chemical Co., Senior Unsecured Notes:
	176,000		BBB	4.500% due 12/1/28		175,640
	25,000		BBB	5.625% due 2/20/34		25,463
				Ecolab Inc., Senior Unsecured Notes:
	25,000		A-	3.950% due 12/1/47		19,920
	25,000		A-	2.125% due 8/15/50		13,642
	25,000		A-	2.700% due 12/15/51		15,251
	25,000		A-	2.750% due 8/18/55		14,960
	25,000		A-	EIDP Inc., Senior Unsecured Notes, 4.800% due 5/15/33		24,677
	65,000		BB+	Element Solutions Inc., Company Guaranteed Notes, 3.875% due 9/1/28(a)		63,410
				INEOS Finance PLC, Senior Secured Notes:
	334,000	^EUR	B+	(Cost - $374,492, acquired 3/20/26), 6.625% due 5/15/28(d)		394,859
	200,000		B+	7.500% due 4/15/29(a)		199,190
	25,000		BBB-	International Flavors & Fragrances Inc., Senior Unsecured Notes, 4.375% due 6/1/47		20,218
	25,000		A	Linde Inc., Company Guaranteed Notes, 3.550% due 11/7/42		20,066
	25,000		BBB-	LYB International Finance BV, Company Guaranteed Notes, 4.875% due 3/15/44		21,229
				LYB International Finance III LLC, Company Guaranteed Notes:
	443,000		BBB-	5.875% due 1/15/36		448,968
	25,000		BBB-	4.200% due 10/15/49		18,301
	50,000		BBB-	4.200% due 5/1/50		36,526
	25,000		BBB-	3.800% due 10/1/60		15,983
	25,000		BBB	Mosaic Co. (The), Senior Unsecured Notes, 5.625% due 11/15/43		23,719
				NOVA Chemicals Corp.:
	150,000		BBB-	Senior Secured Notes, 8.500% due 11/15/28(a)		155,819
	180,000		BBB-	Senior Unsecured Notes, 9.000% due 2/15/30(a)		189,822
				Nutrien Ltd., Senior Unsecured Notes:
	25,000		BBB	4.900% due 6/1/43		22,563
	25,000		BBB	5.000% due 4/1/49		22,402
	25,000		BBB	3.950% due 5/13/50		18,853
	200,000		BBB-	OCP SA, Senior Unsecured Notes, 5.125% due 6/23/51(a)		160,155
				Sherwin-Williams Co. (The), Senior Unsecured Notes:
	50,000		BBB	4.500% due 8/15/30		49,787
	25,000		BBB	3.800% due 8/15/49		18,821
	25,000		BBB	3.300% due 5/15/50		16,899
	25,000		BBB	2.900% due 3/15/52		15,402

116

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Chemicals - 0.2% - (continued)
	$ 170,000		BB+	Solstice Advanced Materials Inc., Senior Unsecured Notes, 5.625% due 9/30/33(a)	$	168,186
				Westlake Corp., Senior Unsecured Notes:
	50,000		BBB	3.125% due 8/15/51		30,832
	25,000		BBB	3.375% due 8/15/61		15,164
	90,000		B-	WR Grace Holdings LLC, Senior Secured Notes, 6.625% due 8/15/32(a)		89,365

				Total Chemicals		4,204,391

	Commercial Services - 0.6%
	185,000		BB	ADT Security Corp. (The), Senior Secured Notes, 4.875% due 7/15/32(a)		175,289
	213,000		B	Avis Budget Car Rental LLC/Avis Budget Finance Inc., Company Guaranteed Notes, 5.750% due 7/15/27(a)		213,146
				Block Inc., Senior Unsecured Notes:
	320,000		BB+	6.500% due 5/15/32		326,361
	500,000		BB+	6.000% due 8/15/33(a)		500,519
	25,000		BBB	Equifax Inc., Senior Unsecured Notes, 5.100% due 6/1/28		25,244
				GEO Group Inc. (The):
	270,000		BB-	Company Guaranteed Notes, 10.250% due 4/15/31		292,932
	400,000		BB+	Senior Secured Notes, 8.625% due 4/15/29		417,410
				Global Payments Inc., Senior Unsecured Notes:
	176,000		BBB-	4.450% due 6/1/28		174,901
	44,000		BBB-	3.200% due 8/15/29		41,636
	2,380,000		BBB-	4.875% due 11/15/30		2,343,654
	100,000	^EUR	BBB-	4.875% due 3/17/31		120,690
	97,000		BBB-	2.900% due 11/15/31		85,717
	1,360,000		BBB-	5.200% due 11/15/32		1,334,368
	140,000		BBB-	5.550% due 11/15/35		136,503
	780,000		BBB-	5.950% due 8/15/52(c)		739,373
	133,000		BB-	Herc Holdings Inc., Company Guaranteed Notes, 7.000% due 6/15/30(a)		138,268
	675,000		Baa3(b)	Mobility Global Inc., Senior Unsecured Notes, 5.450% due 6/15/31(a)		682,376
				Moody’s Corp., Senior Unsecured Notes:
	245,000		A-	4.250% due 2/1/29		244,236
	42,000		A-	2.000% due 8/19/31		36,991
				PayPal Holdings Inc., Senior Unsecured Notes:
	50,000		A-	2.850% due 10/1/29		47,257
	50,000		A-	2.300% due 6/1/30		45,740
	25,000		A-	5.150% due 6/1/34		24,872
	25,000		A-	3.250% due 6/1/50		16,347
	25,000		A-	5.050% due 6/1/52		21,576
	160,000		BB	Prime Security Services Borrower LLC/Prime Finance Inc., Senior Secured Notes, 3.375% due 8/31/27(a)		156,964
	285,000		BBB	Quanta Services Inc., Senior Unsecured Notes, 4.500% due 1/15/31		282,268
	118,000		A-	RELX Capital Inc., Company Guaranteed Notes, 4.000% due 3/18/29		116,457
				S&P Global Inc., Company Guaranteed Notes:
	230,000		A3(b)	3.250% due 12/1/49		158,865
	25,000		A3(b)	3.700% due 3/1/52		18,569
	25,000		A3(b)	2.300% due 8/15/60		12,377
	25,000		A3(b)	3.900% due 3/1/62		18,183
	240,000		BB	Service Corp. International, Senior Unsecured Notes, 5.125% due 6/1/29		239,955
	275,000		BB-	Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Company Guaranteed Notes, 6.750% due 8/15/32(a)		274,973
	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(d)		240,973
				United Rentals North America Inc., Company Guaranteed Notes:
	60,000		BB+	3.875% due 2/15/31		56,774
	145,000		BB+	3.750% due 1/15/32		134,167
	350,000		BB+	6.125% due 3/15/34(a)		359,325
	670,000		B	Upbound Group Inc., Company Guaranteed Notes, 6.375% due 2/15/29(a)		663,402

117

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Commercial Services - 0.6% - (continued)
				Verisk Analytics Inc., Senior Unsecured Notes:
	$ 25,000		BBB	4.125% due 3/15/29	$	24,707
	50,000		BBB	4.450% due 3/15/31		49,170
	200,000		B	Wand NewCo 3 Inc., Senior Secured Notes, 7.625% due 1/30/32(a)		206,929
	150,000		BB-	Williams Scotsman Inc., Senior Secured Notes, 7.375% due 10/1/31(a)		156,759

				Total Commercial Services		11,356,223

	Computers - 0.3%
	100,000		AA-	Accenture Capital Inc., Company Guaranteed Notes, 4.250% due 10/4/31		98,465
	405,000	^EUR	BB-	Almaviva-The Italian Innovation Co. SpA, Senior Secured Notes, 5.000% due 10/30/30(a)		461,129
				Apple Inc., Senior Unsecured Notes:
	100,000		AA+	4.000% due 5/12/28		99,935
	50,000		AA+	2.200% due 9/11/29		47,149
	200,000		AA+	1.650% due 2/8/31		178,182
	100,000		AA+	4.300% due 5/10/33		100,023
	100,000		AA+	4.750% due 5/12/35		100,952
	25,000		AA+	4.500% due 2/23/36		24,826
	50,000		AA+	2.375% due 2/8/41		35,589
	50,000		AA+	3.850% due 5/4/43		41,667
	100,000		AA+	3.450% due 2/9/45		76,854
	50,000		AA+	4.375% due 5/13/45		43,890
	25,000		AA+	3.750% due 9/12/47		19,499
	50,000		AA+	2.650% due 5/11/50		30,929
	100,000		AA+	2.650% due 2/8/51		61,264
	50,000		AA+	2.700% due 8/5/51		30,881
	50,000		AA+	3.950% due 8/8/52		39,092
	50,000		AA+	2.800% due 2/8/61		28,857
	25,000		AA+	2.850% due 8/5/61		14,632
	50,000		AA+	4.100% due 8/8/62		38,644
	250,000		BBB-	Booz Allen Hamilton Inc., Company Guaranteed Notes, 5.950% due 8/4/33		255,582
				Dell International LLC/EMC Corp.:
				Company Guaranteed Notes:
	100,000		BBB	5.300% due 4/1/32		102,125
	100,000		BBB	4.750% due 10/6/32		99,288
	100,000		BBB	5.100% due 2/15/36		99,016
	50,000		BBB	3.450% due 12/15/51		35,047
	23,000		BBB	Senior Unsecured Notes, 8.350% due 7/15/46		29,078
	88,000		BBB-	DXC Technology Co., Senior Unsecured Notes, 2.375% due 9/15/28		82,545
				Hewlett Packard Enterprise Co., Senior Unsecured Notes:
	248,000		BBB	5.250% due 7/1/28		251,478
	100,000		BBB	4.850% due 10/15/31		99,769
	25,000		BBB	5.000% due 10/15/34		24,510
	815,000		BBB	5.600% due 10/15/54		751,552
				HP Inc., Senior Unsecured Notes:
	25,000		BBB	4.750% due 1/15/28		25,122
	25,000		BBB	6.000% due 9/15/41		25,629
	100,000		A-	IBM International Capital Pte Ltd., Company Guaranteed Notes, 4.900% due 2/5/34		99,200
	120,000		BB+	Insight Enterprises Inc., Company Guaranteed Notes, 6.625% due 5/15/32(a)		121,983
				International Business Machines Corp., Senior Unsecured Notes:
	100,000		A-	4.150% due 5/15/39		87,526
	100,000		A-	4.000% due 6/20/42		82,263
	100,000		A-	4.250% due 5/15/49		78,757
	25,000		BBB-	Kyndryl Holdings Inc., Senior Unsecured Notes, 2.700% due 10/15/28		23,503
	25,000		BBB	Leidos Inc., Company Guaranteed Notes, 2.300% due 2/15/31		22,331
	190,000		B+	NCR Atleos Corp., Senior Secured Notes, 9.500% due 4/1/29(a)		203,156

118

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Computers - 0.3% - (continued)
	$ 270,000	B+	NCR Voyix Corp., Company Guaranteed Notes, 5.000% due 10/1/28(a)	$	265,515
	50,000	BB-	Science Applications International Corp., Company Guaranteed Notes, 5.875% due 11/1/33(a)		49,398
			Seagate Data Storage Technology Pte Ltd., Company Guaranteed Notes:
	120,000	BB+	3.125% due 7/15/29(a)		110,309
	220,000	BB+	8.250% due 12/15/29(a)		229,452

			Total Computers		4,826,593

	Cosmetics/Personal Care - 0.1%
	140,000	BB-	Edgewell Personal Care Co., Company Guaranteed Notes, 5.500% due 6/1/28(a)		139,652
			Estee Lauder Cos Inc. (The), Senior Unsecured Notes:
	25,000	A-	4.150% due 3/15/47		19,976
	25,000	A-	3.125% due 12/1/49		16,604
	25,000	A-	5.150% due 5/15/53		22,618
			Kenvue Inc.:
			Company Guaranteed Notes:
	540,000	A	4.900% due 3/22/33		543,387
	25,000	A	5.200% due 3/22/63		22,628
	50,000	A	Senior Unsecured Notes, 5.050% due 3/22/53		45,585
			Procter & Gamble Co. (The), Senior Unsecured Notes:
	100,000	AA-	3.950% due 1/26/28		99,944
	100,000	AA-	4.050% due 5/1/30		99,565
	25,000	AA-	3.600% due 3/25/50		19,246

			Total Cosmetics/Personal Care		1,029,205

	Distribution/Wholesale - 0.0%@
	120,000	BBB-	American Builders & Contractors Supply Co., Inc., Senior Secured Notes, 4.000% due 1/15/28(a)		117,750
	190,000	BB-	RB Global Holdings Inc., Company Guaranteed Notes, 7.750% due 3/15/31(a)		197,790
	110,000	BB	Resideo Funding Inc., Company Guaranteed Notes, 6.500% due 7/15/32(a)		110,720

			Total Distribution/Wholesale		426,260

	Diversified Financial Services - 1.3%
			AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes:
	1,800,000	BBB+	2.450% due 10/29/26		1,787,626
	340,000	BBB+	3.000% due 10/29/28		327,530
	150,000	BBB+	4.375% due 11/15/30		147,350
	150,000	BBB+	3.400% due 10/29/33		133,458
	790,000	BBB-	6.950% (5-Year CMT Index + 2.720%) due 3/10/55(e)		818,656
	745,000	BBB	Aircastle Ltd., Company Guaranteed Notes, 5.950% due 2/15/29(a)		764,161
			Ally Financial Inc.:
	25,000	BBB-	Senior Unsecured Notes, 6.184% (SOFR + 2.290%) due 7/26/35(e)		25,489
	105,000	BB+	Subordinated Notes, 6.700% due 2/14/33		108,313
			American Express Co., Senior Unsecured Notes:
	220,000	A-	4.050% due 5/3/29		218,914
	100,000	A-	5.085% (SOFR + 1.020%) due 1/30/31(e)		101,515
	345,000	A-	5.016% (SOFR + 1.440%) due 4/25/31(e)		349,314
	120,000	A-	4.918% (SOFR + 1.220%) due 7/20/33(e)		120,109
	100,000	A-	5.043% (SOFR + 1.835%) due 5/1/34(e)		100,356
	100,000	A-	5.442% (SOFR + 1.320%) due 1/30/36(e)		102,014
	110,000	A-	5.667% (SOFR + 1.790%) due 4/25/36(e)		113,994
	100,000	A-	4.050% due 12/3/42		84,102
	920,000	BBB+	Ares Finance Co. II LLC, Company Guaranteed Notes, 3.250% due 6/15/30(a)		860,792
			Avolon Holdings Funding Ltd.:
			Company Guaranteed Notes:
	419,000	BBB	2.528% due 11/18/27(a)		406,527
	500,000	BBB	5.750% due 3/1/29(a)		511,025
	2,960,000	BBB	5.150% due 1/15/30(a)		2,975,282

119

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Diversified Financial Services - 1.3% - (continued)
	$ 500,000	BBB	Senior Unsecured Notes, 2.750% due 2/21/28(a)	$	483,793
			Brookfield Asset Management Ltd., Senior Unsecured Notes:
	340,000	A-	5.298% due 1/15/36		333,481
	400,000	A-	6.077% due 9/15/55		404,350
			Capital One Financial Corp.:
			Senior Unsecured Notes:
	100,000	BBB	7.624% (SOFR + 3.070%) due 10/30/31(e)		110,153
	50,000	BBB	5.817% (SOFR + 2.600%) due 2/1/34(e)		51,417
	50,000	BBB	6.377% (SOFR + 2.860%) due 6/8/34(e)		53,007
	100,000	BBB	5.197% (SOFR + 1.630%) due 9/11/36(e)		97,335
	2,040,000	BBB	5.399% (SOFR + 1.508%) due 1/30/37(e)		2,012,460
			Subordinated Notes:
	27,000	BBB-	2.359% (SOFR + 1.337%) due 7/29/32(e)		23,333
	110,000	BBB-	6.183% (SOFR + 2.036%) due 1/30/36(e)		112,598
			Charles Schwab Corp. (The), Senior Unsecured Notes:
	50,000	A-	2.000% due 3/20/28		48,086
	25,000	A-	4.000% due 2/1/29		24,811
	50,000	A-	5.643% (SOFR + 2.210%) due 5/19/29(e)		51,144
	50,000	A-	6.196% (SOFR + 1.878%) due 11/17/29(e)		51,971
	25,000	A-	2.900% due 3/3/32		22,694
	50,000	A-	6.136% (SOFR + 2.010%) due 8/24/34(e)		53,220
	390,000	A-	4.914% (SOFR + 1.230%) due 11/14/36(e)		379,216
			Citadel Finance LLC, Company Guaranteed Notes:
	1,210,000	BBB-	5.900% due 2/10/30(a)		1,221,803
	730,000	BBB-	5.150% due 2/14/31(a)		714,043
	1,995,000	A+	Equitable America Global Funding, Secured Notes, 4.950% due 6/9/30(a)		1,999,590
	700,000	BBB	Gabx Leasing LLC, Company Guaranteed Notes, 4.625% due 4/15/31(a)		690,767
			Intercontinental Exchange Inc., Senior Unsecured Notes:
	50,000	A-	4.000% due 9/15/27		49,827
	50,000	A-	4.350% due 6/15/29		49,786
	13,000	A-	2.100% due 6/15/30		11,833
	50,000	A-	4.600% due 3/15/33		49,563
	25,000	A-	2.650% due 9/15/40		18,144
	25,000	A-	4.250% due 9/21/48		20,636
	50,000	A-	3.000% due 6/15/50		32,918
	50,000	A-	4.950% due 6/15/52		45,276
	50,000	A-	3.000% due 9/15/60		29,569
			Jefferies Financial Group Inc., Senior Unsecured Notes:
	50,000	BBB	5.875% due 7/21/28		51,169
	50,000	BBB	4.150% due 1/23/30		48,501
	50,000	BBB	6.200% due 4/14/34		51,677
	650,000	NR	Lehman Brothers Holdings Inc., Subordinated Notes, 6.750% due 12/28/17*(g)(h)#		–
	100,000	BBB-	LPL Holdings Inc., Company Guaranteed Notes, 5.200% due 3/15/30		100,796
	705,000	A	Lseg US Finance Corp., Company Guaranteed Notes, 5.250% due 3/23/36(a)		702,629
			Mastercard Inc., Senior Unsecured Notes:
	100,000	A+	4.875% due 5/9/34		100,630
	25,000	A+	3.650% due 6/1/49		18,788
	50,000	A+	3.850% due 3/26/50		38,770
	25,000	A+	2.950% due 3/15/51		16,234
	232,000	BBB+	Nasdaq Inc., Senior Unsecured Notes, 5.550% due 2/15/34		239,461
	200,000	BBB+	Nomura Holdings Inc., Senior Unsecured Notes, 6.070% due 7/12/28		205,826
	305,000	BB	OneMain Finance Corp., Company Guaranteed Notes, 6.625% due 5/15/29		310,108
	90,000	BB	PRA Group Inc., Company Guaranteed Notes, 5.000% due 10/1/29(a)		85,257

120

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Diversified Financial Services - 1.3% - (continued)
	$ 100,000	A-	Raymond James Financial Inc., Senior Unsecured Notes, 5.650% due 9/11/55	$	96,820
			Rocket Cos Inc., Company Guaranteed Notes:
	20,000	BB	6.125% due 8/1/30(a)		20,324
	90,000	BB	7.125% due 2/1/32(a)		93,280
	335,000	BB	Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer Inc., Company Guaranteed Notes, 3.625% due 3/1/29(a)		322,408
			Sumisho Air Lease Corp., Senior Unsecured Notes:
	25,000	BBB	5.850% due 12/15/27		25,460
	50,000	BBB	5.300% due 2/1/28		50,492
	50,000	BBB	2.100% due 9/1/28		47,234
	25,000	BBB	3.000% due 2/1/30		23,394
	25,000	BBB	3.125% due 12/1/30		23,129
	420,000	BBB+	TPG Operating Group II LP, Company Guaranteed Notes, 5.875% due 3/5/34		429,587
	559,000	A+	UBS Americas Inc., Company Guaranteed Notes, 7.125% due 7/15/32		624,516
	95,000	Ba3(b)	United Wholesale Mortgage LLC, Senior Unsecured Notes, 5.500% due 4/15/29(a)		90,804
			Visa Inc., Senior Unsecured Notes:
	100,000	AA-	2.050% due 4/15/30		92,099
	25,000	AA-	2.700% due 4/15/40		18,974
	25,000	AA-	3.650% due 9/15/47		19,249
	50,000	AA-	2.000% due 8/15/50(c)		26,742
	840,000	BBB	Western Union Co. (The), Senior Unsecured Notes, 4.750% due 6/15/29		834,012

			Total Diversified Financial Services		24,111,721

	Electric - 2.4%
			AEP Texas Inc., Senior Unsecured Notes:
	43,000	BBB+	5.400% due 6/1/33		43,836
	82,000	BBB+	3.450% due 1/15/50		56,070
	41,000	BBB+	3.450% due 5/15/51		27,663
			AEP Transmission Co. LLC, Senior Unsecured Notes:
	600,000	BBB+	5.250% due 6/1/36		603,641
	70,000	BBB+	3.750% due 12/1/47		52,946
	59,000	BBB+	3.150% due 9/15/49		39,380
	45,000	BBB+	2.750% due 8/15/51		27,499
	40,000	BBB+	4.500% due 6/15/52		33,347
			Alabama Power Co., Senior Unsecured Notes:
	64,000	A	3.700% due 12/1/47		47,959
	60,000	A	3.450% due 10/1/49		42,691
	116,000	A	3.125% due 7/15/51		76,158
	111,000	A	3.000% due 3/15/52		71,010
			Ameren Illinois Co., 1st Mortgage Notes:
	43,000	A	3.250% due 3/15/50		29,312
	95,000	A	2.900% due 6/15/51		59,669
	170,000	A	5.550% due 7/1/54		165,097
	150,000	A	American Transmission Systems Inc., Senior Unsecured Notes, 2.650% due 1/15/32(a)		134,045
			Arizona Public Service Co., Senior Unsecured Notes:
	25,000	BBB+	5.550% due 8/1/33		25,755
	25,000	BBB+	3.350% due 5/15/50		17,002
			Baltimore Gas & Electric Co., Senior Unsecured Notes:
	6,000	A-	3.500% due 8/15/46		4,376
	50,000	A-	3.750% due 8/15/47		37,851
	80,000	A-	3.200% due 9/15/49		53,600
	67,000	A-	2.900% due 6/15/50		42,208
	54,000	A-	4.550% due 6/1/52		44,878
	65,000	A-	5.400% due 6/1/53		61,682
	1,050,000	A	Basin Electric Power Cooperative, 1st Mortgage Notes, 5.850% due 10/15/55(a)		1,038,492

121

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Electric - 2.4% - (continued)
				Berkshire Hathaway Energy Co., Senior Unsecured Notes:
	$ 25,000		A-	6.125% due 4/1/36	$	26,732
	50,000		A-	4.500% due 2/1/45		43,045
				CenterPoint Energy Houston Electric LLC:
	118,000		A	1st Mortgage Notes, 3.600% due 3/1/52		85,110
	129,000		A	General Refinance Mortgage, 4.450% due 10/1/32		127,001
				Comision Federal de Electricidad, Company Guaranteed Notes:
	1,815,000		BBB	3.348% due 2/9/31(a)		1,633,267
	850,000		BBB	3.875% due 7/26/33(a)		738,103
	25,000		A	Commonwealth Edison Co., 1st Mortgage Notes, 5.900% due 3/15/36		26,440
				Consolidated Edison Co. of New York Inc., Senior Unsecured Notes:
	40,000		A-	3.950% due 4/1/50		31,239
	134,000		A-	5.900% due 11/15/53		135,562
	100,000		A-	5.700% due 5/15/54		98,977
	25,000		A-	4.625% due 12/1/54		20,871
				Constellation Energy Generation LLC, Senior Unsecured Notes:
	350,000		BBB+	4.625% due 2/1/29(a)		348,188
	121,000		BBB+	5.600% due 6/15/42		119,596
	50,000		BBB+	5.875% due 1/15/66		48,668
				Consumers Energy Co., 1st Mortgage Notes:
	56,000		A	3.500% due 8/1/51		40,043
	53,000		A	2.650% due 8/15/52		31,894
	113,000		A	4.200% due 9/1/52		90,028
				Dominion Energy Inc.:
				Junior Subordinated Notes:
	1,490,000		BBB-	6.625% (5-Year CMT Index + 2.207%) due 5/15/55(e)		1,527,226
	308,000		BBB-	6.000% (5-Year CMT Index + 2.262%) due 2/15/56(e)		310,024
				Senior Unsecured Notes:
	100,000		BBB	4.250% due 6/1/28		99,677
	50,000		BBB	5.000% due 6/15/30		50,665
				Dominion Energy South Carolina Inc., 1st Mortgage Notes:
	50,000		A	5.300% due 1/15/35		51,050
	83,000		A	6.250% due 10/15/53		89,195
				DTE Electric Co., General Refinance Mortgage:
	350,000		A	5.200% due 3/1/34		358,065
	180,000		A	3.250% due 4/1/51		121,493
	100,000		BBB	DTE Energy Co., Senior Unsecured Notes, 5.050% due 10/1/35		98,348
				Duke Energy Carolinas LLC, 1st Mortgage Notes:
	104,000		A	3.950% due 11/15/28		103,113
	100,000		A	4.950% due 1/15/33		101,489
	25,000		A	6.050% due 4/15/38		26,717
	500,000		A	4.250% due 12/15/41		435,979
	105,000		A	3.200% due 8/15/49		70,833
	80,000		A	3.550% due 3/15/52		56,872
	202,000		A	5.350% due 1/15/53		190,703
	350,000	^EUR	BBB	Duke Energy Corp., Senior Unsecured Notes, 3.100% due 6/15/28		408,086
				Duke Energy Florida LLC, 1st Mortgage Notes:
	145,000		A	2.500% due 12/1/29		135,856
	133,000		A	1.750% due 6/15/30		119,563
	25,000		A	6.400% due 6/15/38		27,312
	24,000		A	4.200% due 7/15/48		19,265
	26,000		A	5.950% due 11/15/52		26,629
	350,000		A	6.200% due 11/15/53		370,736

122

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Electric - 2.4% - (continued)
			Duke Energy Indiana LLC, 1st Mortgage Notes:
	$ 380,000	A	2.750% due 4/1/50	$	234,117
	500,000	A	5.400% due 4/1/53		473,331
			Duke Energy Ohio Inc., 1st Mortgage Notes:
	529,000	A	3.650% due 2/1/29		519,703
	20,000	A	5.650% due 4/1/53		19,472
			Duke Energy Progress LLC, 1st Mortgage Notes:
	130,000	A	3.450% due 3/15/29		126,989
	43,000	A	5.250% due 3/15/33		44,045
	81,000	A	4.150% due 12/1/44		66,586
	67,000	A	2.900% due 8/15/51		41,878
	180,000	BB+	Edison International, Senior Unsecured Notes, 6.950% due 11/15/29		188,923
	781,000	BB+	Emera Inc., Junior Subordinated Notes, 6.750% (3-Month USD-LIBOR + 5.440%) due 6/15/76(e)		781,667
	770,000	BBB-	Emera US Finance LP, Company Guaranteed Notes, 2.639% due 6/15/31		691,134
			ENEL Finance International NV, Company Guaranteed Notes:
	450,000	BBB	5.000% due 9/30/35(a)		438,722
	310,000	BBB	5.750% due 9/30/55(a)		293,677
	87,000	A	Entergy Arkansas LLC, 1st Mortgage Notes, 3.350% due 6/15/52		58,921
			Entergy Corp., Junior Subordinated Notes:
	486,000	BBB-	7.125% (5-Year CMT Index + 2.670%) due 12/1/54(e)		504,363
	30,000	BBB-	5.875% (5-Year CMT Index + 2.179%) due 6/15/56(e)		30,142
			Entergy Louisiana LLC:
			1st Mortgage Notes:
	25,000	A	5.150% due 9/15/34		25,248
	25,000	A	2.900% due 3/15/51		15,692
	615,000	A	5.650% due 4/15/56		600,681
	25,000	A	Collateral Trust, 4.200% due 9/1/48		20,062
			Entergy Mississippi LLC, 1st Mortgage Notes:
	370,000	A	5.000% due 9/1/33		371,474
	525,000	A	5.800% due 4/15/55		522,667
			Entergy Texas Inc., 1st Mortgage Notes:
	50,000	A	5.250% due 4/15/35		50,370
	565,000	A	5.550% due 9/15/54		540,434
	855,000	BB+	EUSHI Finance Inc., Company Guaranteed Notes, 7.625% (5-Year CMT Index + 3.136%) due 12/15/54(e)		891,403
			Eversource Energy, Senior Unsecured Notes:
	128,000	BBB	5.450% due 3/1/28		129,875
	100,000	BBB	4.450% due 12/15/30		98,421
			FirstEnergy Corp., Senior Unsecured Notes:
	470,000	BBB	3.900% due 7/15/27		467,100
	240,000	BBB	4.850% due 7/15/47		208,342
			Florida Power & Light Co., 1st Mortgage Notes:
	25,000	A+	5.650% due 2/1/37		26,314
	251,000	A+	3.950% due 3/1/48		197,817
	122,000	A+	2.875% due 12/4/51		76,384
	200,000	BBB-	Generadora de Gatun SA, Senior Secured Notes, 6.874% due 9/30/44(a)		205,249
			Georgia Power Co., Senior Unsecured Notes:
	278,000	A	4.950% due 5/17/33		280,082
	430,000	A	5.250% due 3/15/34		438,065
	100,000	A-	Interstate Power & Light Co., Senior Unsecured Notes, 2.300% due 6/1/30		91,629
	1,365,000	BBB+	ITC Holdings Corp., Senior Unsecured Notes, 5.650% due 5/9/34(a)(c)		1,401,465
	75,000	BBB+	Jersey Central Power & Light Co., Senior Unsecured Notes, 5.150% due 1/15/36(a)		74,732
	50,000	A	Kentucky Utilities Co., 1st Mortgage Notes, 5.850% due 8/15/55		50,328
	50,000	A	Louisville Gas & Electric Co., 1st Mortgage Notes, 5.450% due 4/15/33		51,541

123

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Electric - 2.4% - (continued)
			MidAmerican Energy Co., 1st Mortgage Notes:
	$ 141,000	A	5.850% due 9/15/54	$	142,958
	167,000	A	5.300% due 2/1/55		156,655
	100,000	A-	National Rural Utilities Cooperative Finance Corp., Senior Unsecured Notes, 4.850% due 2/7/29		100,965
			NextEra Energy Capital Holdings Inc., Company Guaranteed Notes:
	150,000	BBB+	4.900% due 2/28/28		151,147
	200,000	BBB+	2.750% due 11/1/29		189,464
	50,000	BBB+	2.250% due 6/1/30		45,633
	50,000	BBB+	5.050% due 2/28/33		50,449
	50,000	BBB+	5.250% due 3/15/34		50,717
	160,000	BBB	6.500% (5-Year CMT Index + 1.979%) due 8/15/55(e)		165,823
	1,835,000	BBB+	Niagara Mohawk Power Corp., Senior Unsecured Notes, 5.996% due 7/3/55(a)		1,821,884
			Northern States Power Co., 1st Mortgage Notes:
	211,000	A	2.900% due 3/1/50		138,367
	136,000	A	2.600% due 6/1/51		82,855
	62,000	A	5.100% due 5/15/53		56,879
			NRG Energy Inc.:
			Company Guaranteed Notes:
	210,000	BB	5.750% due 1/15/28		210,355
	415,000	BB	5.250% due 6/15/29(a)		413,037
			Senior Secured Notes:
	80,000	BBB-	4.734% due 10/15/30(a)		78,911
	247,000	BBB-	5.407% due 10/15/35(a)		242,772
	90,000	BB	Senior Unsecured Notes, 5.750% due 1/15/34(a)		89,063
			Ohio Power Co., Senior Unsecured Notes:
	113,000	BBB+	2.600% due 4/1/30		105,089
	89,000	BBB+	5.000% due 6/1/33		88,918
	66,000	BBB+	4.000% due 6/1/49		49,866
	438,000	BBB+	2.900% due 10/1/51		267,771
			Oncor Electric Delivery Co. LLC:
	25,000	A	1st Mortgage Notes, 2.700% due 11/15/51		14,834
			Senior Secured Notes:
	50,000	A	4.550% due 9/15/32		49,332
	50,000	A	5.650% due 11/15/33		52,378
	50,000	A	4.950% due 9/15/52		44,484
			Pacific Gas & Electric Co., 1st Mortgage Notes:
	500,000	BBB+	5.450% due 6/15/27		504,864
	124,000	BBB+	5.000% due 6/4/28		124,860
	100,000	BBB+	6.100% due 1/15/29		103,173
	89,000	BBB+	2.500% due 2/1/31		79,915
	1,020,000	BBB+	5.050% due 10/15/32		1,014,389
	136,000	BBB+	6.150% due 1/15/33		142,780
	179,000	BBB+	6.400% due 6/15/33		190,350
	111,000	BBB+	6.950% due 3/15/34		121,611
	100,000	BBB+	4.500% due 7/1/40		86,277
	50,000	BBB+	3.300% due 8/1/40		37,544
	50,000	BBB+	4.950% due 7/1/50		41,883
	90,000	BBB+	3.500% due 8/1/50		60,052
	28,000	BBB+	6.750% due 1/15/53		29,400
	55,000	BBB+	6.700% due 4/1/53		57,480
			PacifiCorp, 1st Mortgage Notes:
	945,000	BBB+	5.450% due 4/15/33		962,339
	50,000	BBB+	5.450% due 2/15/34		50,641

124

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Electric - 2.4% - (continued)
	$ 25,000	BBB+	5.750% due 4/1/37	$	25,326
	890,000	BBB+	5.800% due 1/15/55		848,743
			PECO Energy Co., 1st Mortgage Notes:
	46,000	A	3.050% due 3/15/51		30,024
	74,000	A	4.600% due 5/15/52		62,559
	91,000	A	4.375% due 8/15/52		74,104
			PG&E Corp.:
			Junior Subordinated Notes:
	1,195,000	B+	7.375% (5-Year CMT Index + 3.883%) due 3/15/55(e)		1,216,875
	49,000	B+	6.850% (5-Year CMT Index + 3.225%) due 9/15/56(e)		48,847
			Senior Secured Notes:
	145,000	BB+	5.000% due 7/1/28		144,400
	90,000	BB+	5.250% due 7/1/30		89,068
	100,000	AAA	PG&E Recovery Funding LLC, Senior Secured Notes, 5.231% due 6/1/42		99,515
			PPL Electric Utilities Corp., 1st Mortgage Notes:
	25,000	A+	5.000% due 5/15/33		25,263
	25,000	A+	4.850% due 2/15/34		24,931
	25,000	A+	5.250% due 5/15/53		23,435
	270,000	A	Public Service Co. of Colorado, 1st Mortgage Notes, 2.700% due 1/15/51		160,509
	102,000	A	Public Service Co. of New Hampshire, 1st Mortgage Notes, 5.150% due 1/15/53		94,109
			Public Service Electric & Gas Co., 1st Mortgage Notes:
	199,000	A	3.200% due 5/15/29		193,025
	185,000	A	4.900% due 12/15/32		186,451
	350,000	A-	Puget Sound Energy Inc., Senior Secured Notes, 5.685% due 6/15/54		344,900
	200,000	Ba2(b)	Saavi Energia Sarl, Senior Unsecured Notes, 8.875% due 2/10/35		217,426
			San Diego Gas & Electric Co., 1st Mortgage Notes:
	210,000	A	5.200% due 3/15/36		210,133
	370,000	A	3.320% due 4/15/50		249,858
	120,000	A	5.350% due 4/1/53		112,238
	740,000	A	5.950% due 3/15/56		749,861
			Sempra:
			Junior Subordinated Notes:
	1,095,000	BBB-	6.625% (5-Year CMT Index + 2.354%) due 4/1/55(e)		1,106,792
	61,000	BBB-	6.375% (5-Year CMT Index + 2.632%) due 4/1/56(e)		61,706
			Senior Unsecured Notes:
	50,000	BBB	5.250% due 3/15/36		49,441
	25,000	BBB	3.800% due 2/1/38		21,198
			Southern California Edison Co.:
			1st Mortgage Notes:
	310,000	BBB+	5.300% due 3/1/28		313,264
	208,000	BBB+	5.650% due 10/1/28		212,459
	199,000	BBB+	5.950% due 11/1/32		207,592
	530,000	BBB+	5.200% due 6/1/34		524,256
	752,000	BBB+	5.450% due 3/1/35		750,824
	60,000	BBB+	3.650% due 6/1/51		41,168
	30,000	BBB+	5.875% due 12/1/53		28,531
	850,000	BBB+	5.750% due 4/15/54		788,265
	25,000	BBB+	1st Refinanced Mortgage Notes, 5.950% due 2/1/38		25,321
	50,000	BBB+	System Energy Resources Inc., 1st Refinanced Mortgage Notes, 5.300% due 12/15/34		50,005
	115,000	B+	Talen Energy Supply LLC, Company Guaranteed Notes, 6.250% due 2/1/34(a)		114,636
			Union Electric Co., 1st Mortgage Notes:
	350,000	A	5.200% due 4/1/34		356,060
	51,000	A	5.450% due 3/15/53		48,857

125

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Electric - 2.4% - (continued)
			Virginia Electric & Power Co., Senior Unsecured Notes:
	$ 25,000	BBB+	6.000% due 5/15/37	$	26,459
	52,000	BBB+	2.950% due 11/15/51		32,591
	126,000	BBB+	5.700% due 8/15/53		124,778
	15,000	BBB+	5.350% due 1/15/54		14,123
	50,000	BBB+	5.600% due 9/15/55		48,513
			Vistra Operations Co. LLC, Company Guaranteed Notes:
	1,390,000	BBB-	5.000% due 7/31/27(a)		1,389,684
	451,000	BBB-	4.300% due 10/15/28(a)		447,210
	26,000	BBB-	4.600% due 10/15/30(a)		25,511
	210,000	BBB-	4.700% due 1/31/31(a)		206,484
	130,000	BBB-	7.750% due 10/15/31(a)		136,354
	710,000	BBB-	6.000% due 4/15/34(a)		732,240
	150,000	BBB-	5.350% due 1/31/36(a)		146,876
	105,000	B+	VoltaGrid LLC, Secured Notes, 7.375% due 11/1/30(a)		109,376
			Wisconsin Power & Light Co., Senior Unsecured Notes:
	25,000	A-	5.375% due 3/30/34		25,466
	25,000	A-	3.650% due 4/1/50		17,932

			Total Electric		44,512,608

	Electrical Components & Equipment - 0.0%@
			Emerson Electric Co., Senior Unsecured Notes:
	25,000	A	2.750% due 10/15/50		15,729
	25,000	A	2.800% due 12/21/51		15,585
	135,000	B	Energizer Holdings Inc., Company Guaranteed Notes, 4.750% due 6/15/28(a)		133,429
	85,000	BB+	EnerSys, Company Guaranteed Notes, 6.625% due 1/15/32(a)		87,529
	360,000	BB	WESCO Distribution Inc., Company Guaranteed Notes, 6.625% due 3/15/32(a)		371,845

			Total Electrical Components & Equipment		624,117

	Electronics - 0.1%
			Amphenol Corp., Senior Unsecured Notes:
	100,000	A-	2.200% due 9/15/31		88,374
	50,000	A-	4.625% due 2/15/36		48,263
	185,000	BB-	Coherent Corp., Company Guaranteed Notes, 5.000% due 12/15/29(a)		183,221
	965,000	BBB-	Flex Ltd., Senior Unsecured Notes, 5.375% due 11/13/35		950,594
			Honeywell International Inc., Senior Unsecured Notes:
	50,000	A	5.000% due 3/1/35		50,322
	25,000	A	3.812% due 11/21/47		19,324
	50,000	A	2.800% due 6/1/50		32,028
	230,000	BB	Ingram Micro Inc., Senior Secured Notes, 4.750% due 5/15/29(a)		226,175
			Sensata Technologies Inc., Company Guaranteed Notes:
	225,000	BB+	4.375% due 2/15/30(a)		219,035
	90,000	BB+	3.750% due 2/15/31(a)		84,455

			Total Electronics		1,901,791

	Energy - Alternate Sources - 0.0%@
	200,000	Ba3(b)	FS Luxembourg Sarl, Company Guaranteed Notes, 8.625% due 6/25/33(a)		200,000
	85,000	BB-	TerraForm Power Operating LLC, Company Guaranteed Notes, 4.750% due 1/15/30(a)		82,111

			Total Energy - Alternate Sources		282,111

	Engineering & Construction - 0.2%
	115,000	BB	AECOM, Company Guaranteed Notes, 6.000% due 8/1/33(a)		115,235
	560,000	BBB-	CIMIC Finance Ltd., Company Guaranteed Notes, 6.000% due 4/22/36(a)		554,218
	250,000	BBB-	CIMIC Finance USA Pty Ltd., Company Guaranteed Notes, 7.000% due 3/25/34(a)		267,350
	120,000	BB-	Dycom Industries Inc., Company Guaranteed Notes, 4.500% due 4/15/29(a)		117,955
	220,000	BB	Global Infrastructure Solutions Inc., Company Guaranteed Notes, 5.625% due 6/1/29(a)		220,637

126

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Engineering & Construction - 0.2% - (continued)
				Jacobs Solutions Inc., Company Guaranteed Notes:
	$ 1,400,000		BBB-	4.750% due 3/3/31	$	1,384,493
	595,000		BBB-	5.375% due 3/3/36		582,027
	23,000		BB+	TopBuild Corp., Company Guaranteed Notes, 5.625% due 1/31/34(a)		23,234

				Total Engineering & Construction		3,265,149

	Entertainment - 0.1%
				Caesars Entertainment Inc., Senior Secured Notes:
	110,000		BB-	7.000% due 2/15/30(a)		111,384
	300,000		BB-	6.500% due 2/15/32(a)		292,856
	75,000		B+	Churchill Downs Inc., Company Guaranteed Notes, 6.750% due 5/1/31(a)		76,671
	75,000		BB	Cinemark USA Inc., Company Guaranteed Notes, 5.250% due 7/15/28(a)		74,645
	360,000		BB-	Live Nation Entertainment Inc., Company Guaranteed Notes, 4.750% due 10/15/27(a)		358,802
	70,000		B+	Rivers Enterprise Borrower LLC, Senior Secured Notes, 6.250% due 10/15/30(a)		70,734
	55,000		B	Six Flags Entertainment Corp., Company Guaranteed Notes, 7.250% due 5/15/31(a)		54,868
	325,000		B	Six Flags Entertainment Corp./Canada’s Wonderland Co./Magnum Management Corp., Company Guaranteed Notes, 5.250% due 7/15/29		315,165
	200,000	^EUR	BBB+	Universal Music Group NV, Senior Unsecured Notes, (Cost - $223,127, acquired 12/3/24), 4.000% due 6/13/31(d)		238,723
	195,000		BB-	Vail Resorts Inc., Company Guaranteed Notes, 6.500% due 5/15/32(a)		198,803
				Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Company Guaranteed Notes:
	370,000		BB-	7.125% due 2/15/31(a)		390,962
	140,000		BB-	6.250% due 3/15/33(a)		140,560

				Total Entertainment		2,324,173

	Environmental Control - 0.1%
	320,000		BB	GFL Environmental Inc., Company Guaranteed Notes, 6.750% due 1/15/31(a)		330,803
				Republic Services Inc., Senior Unsecured Notes:
	66,000		A-	3.375% due 11/15/27		65,293
	260,000		A-	4.875% due 4/1/29		263,347
				Waste Connections Inc., Senior Unsecured Notes:
	25,000		BBB+	3.050% due 4/1/50		16,672
	25,000		BBB+	2.950% due 1/15/52		15,979
				Waste Management Inc., Company Guaranteed Notes:
	100,000		A-	3.875% due 1/15/29		98,849
	100,000		A-	4.950% due 3/15/35		100,042
	50,000		A-	2.950% due 6/1/41		37,756
	345,000		BB	Wrangler Holdco Corp., Company Guaranteed Notes, 6.625% due 4/1/32(a)		354,561

				Total Environmental Control		1,283,302

	Food - 0.4%
				Albertsons Cos Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Company Guaranteed Notes:
	36,000		BB+	5.500% due 3/31/31(a)		35,495
	285,000		BB+	5.625% due 3/31/32(a)		278,433
	35,000		BB+	5.750% due 3/31/34(a)		33,762
	25,000		BBB	General Mills Inc., Senior Unsecured Notes, 3.000% due 2/1/51		15,676
	200,000		Baa3(b)	Grupo Nutresa SA, Company Guaranteed Notes, 9.000% due 5/12/35(a)		219,506
	597,000	^GBP	B	Iceland Bondsco PLC, Senior Secured Notes, (Cost - $794,419, acquired 5/29/24), 10.875% due 12/15/27(d)		837,751
				J.M. Smucker Co. (The), Senior Unsecured Notes:
	25,000		BBB	4.250% due 3/15/35		23,300
	25,000		BBB	6.500% due 11/15/53		27,006
				JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings, Senior Unsecured Notes:
	370,000		BBB-	3.625% due 1/15/32		342,054
	750,000		BBB-	5.500% due 1/15/36		748,955
	55,000		BBB-	5.625% due 3/10/37(a)		54,869
	50,000		BBB-	4.375% due 2/2/52		37,830
	225,000		BBB-	6.500% due 12/1/52		227,767
	80,000		BBB-	6.375% due 4/15/66		78,330

127

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Food - 0.4% - (continued)
				Kraft Heinz Foods Co., Company Guaranteed Notes:
	$ 25,000		BBB	6.875% due 1/26/39	$	27,416
	25,000		BBB	6.500% due 2/9/40		26,475
	50,000		BBB	5.200% due 7/15/45		44,368
	16,000		BBB	4.375% due 6/1/46		12,838
	50,000		BBB	4.875% due 10/1/49		41,756
				Kroger Co. (The), Senior Unsecured Notes:
	50,000		BBB	5.000% due 9/15/34		49,477
	25,000		BBB	3.875% due 10/15/46		19,163
	25,000		BBB	4.450% due 2/1/47		20,672
	25,000		BBB	5.400% due 1/15/49		23,517
	25,000		BBB	3.950% due 1/15/50		18,854
	25,000		BBB	5.500% due 9/15/54		23,472
	80,000		BB+	Lamb Weston Holdings Inc., Company Guaranteed Notes, 4.125% due 1/31/30(a)		76,474
				Mars Inc.:
	230,000		A	Company Guaranteed Notes, 3.200% due 4/1/30(a)		219,278
				Senior Unsecured Notes:
	70,000		A	5.000% due 3/1/32(a)		70,718
	955,000		A	5.200% due 3/1/35(a)		960,845
	1,845,000		A	5.700% due 5/1/55(a)		1,817,899
	255,000		BB	Post Holdings Inc., Senior Secured Notes, 6.250% due 2/15/32(a)		259,387
				Sysco Corp., Company Guaranteed Notes:
	25,000		BBB	5.950% due 4/1/30		25,976
	100,000		BBB	6.000% due 1/17/34		105,548
	25,000		BBB	4.450% due 3/15/48		20,443
	25,000		BBB	3.150% due 12/14/51		15,945
	25,000		BBB	Tyson Foods Inc., Senior Unsecured Notes, 5.100% due 9/28/48		22,969

				Total Food		6,864,224

	Forest Products & Paper - 0.0%@
				International Paper Co., Senior Unsecured Notes:
	25,000		BBB	6.000% due 11/15/41		25,445
	25,000		BBB	4.800% due 6/15/44		21,744
	25,000		BBB	4.350% due 8/15/48		19,877
	50,000		BBB-	Suzano Austria GmbH, Company Guaranteed Notes, 3.750% due 1/15/31		46,790

				Total Forest Products & Paper		113,856

	Gas - 0.2%
	550,000	^EUR	BBB	APA Infrastructure Ltd., Company Guaranteed Notes, (Cost - $554,627, acquired 5/31/24), 2.000% due 7/15/30(d)		608,858
	92,000		A-	Atmos Energy Corp., Senior Unsecured Notes, 4.125% due 10/15/44		77,121
	955,000		BBB+	Brooklyn Union Gas Co. (The), Senior Unsecured Notes, 6.388% due 9/15/33(a)		1,018,003
				CenterPoint Energy Resources Corp., Senior Unsecured Notes:
	108,000		BBB+	5.250% due 3/1/28		109,763
	52,000		BBB+	1.750% due 10/1/30		46,226
	25,000		BBB-	National Fuel Gas Co., Senior Unsecured Notes, 5.500% due 3/15/30		25,562
				NiSource Inc.:
	115,000		BBB-	Junior Subordinated Notes, 6.950% (5-Year CMT Index + 2.451%) due 11/30/54(e)		119,496
				Senior Unsecured Notes:
	61,000		BBB+	5.250% due 3/30/28		61,848
	153,000		BBB+	3.600% due 5/1/30		147,281
	50,000		BBB+	5.350% due 7/15/35		50,513
	25,000		BBB+	5.850% due 4/1/55		24,727
				Piedmont Natural Gas Co., Inc., Senior Unsecured Notes:
	90,000		BBB+	3.500% due 6/1/29		87,436
	96,000		BBB+	2.500% due 3/15/31		86,992
	109,000		BBB+	3.350% due 6/1/50		74,262

128

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Gas - 0.2% - (continued)
	$ 50,000	A	Southern California Gas Co., 1st Mortgage Notes, 5.450% due 6/15/35	$	51,291
			Southern Co. Gas Capital Corp., Company Guaranteed Notes:
	490,000	A-	5.750% due 9/15/33		510,649
	156,000	BBB	6.050% (5-Year CMT Index + 1.822%) due 9/15/56(e)		156,799
	55,000	BBB+	Southwest Gas Corp., Senior Unsecured Notes, 5.450% due 3/23/28		55,850
	75,000	A	Spire Missouri Inc., 1st Mortgage Notes, 4.800% due 2/15/33		74,971

			Total Gas		3,387,648

	Healthcare - Products - 0.5%
			Abbott Laboratories, Senior Unsecured Notes:
	100,000	A+	4.000% due 3/15/31		97,829
	1,990,000	A+	4.650% due 3/15/36		1,933,672
	50,000	A+	4.750% due 11/30/36		48,825
	75,000	A+	4.900% due 11/30/46		68,709
	1,485,000	A+	5.500% due 3/15/56		1,448,042
	60,000	BBB+	Agilent Technologies Inc., Senior Unsecured Notes, 2.300% due 3/12/31		53,792
	175,000	BB	Avantor Funding Inc., Company Guaranteed Notes, 4.625% due 7/15/28(a)		173,299
	22,000	B	Bausch + Lomb Corp., Senior Secured Notes, 8.375% due 10/1/28(a)		22,742
			Baxter International Inc., Senior Unsecured Notes:
	100,000	BBB-	2.272% due 12/1/28		94,052
	25,000	BBB-	3.132% due 12/1/51		14,771
	25,000	A-	Boston Scientific Corp., Senior Unsecured Notes, 4.700% due 3/1/49		22,267
			Danaher Corp., Senior Unsecured Notes:
	25,000	A-	2.600% due 10/1/50		15,124
	25,000	A-	2.800% due 12/10/51		15,551
	25,000	A-	DH Europe Finance II Sarl, Company Guaranteed Notes, 3.400% due 11/15/49		17,775
	200,000	BBB	GE HealthCare Technologies Inc., Senior Unsecured Notes, 4.150% due 12/15/28		198,511
	1,505,000	BBB-	Medline Borrower LP, Senior Secured Notes, 3.875% due 4/1/29(a)		1,465,277
	409,000	BBB-	Medline Borrower LP/Medline Co.-Issuer Inc., Senior Secured Notes, 6.250% due 4/1/29(a)		420,302
			Medtronic Inc., Company Guaranteed Notes:
	50,000	A	4.375% due 3/15/35		48,156
	50,000	A	4.625% due 3/15/45		44,869
			Solventum Corp., Senior Unsecured Notes:
	430,000	BBB	5.450% due 3/13/31		441,519
	590,000	BBB	5.600% due 3/23/34		604,843
	465,000	BBB	5.900% due 4/30/54		459,715
			Stryker Corp., Senior Unsecured Notes:
	25,000	BBB+	4.625% due 3/15/46		21,848
	25,000	BBB+	2.900% due 6/15/50		16,145
			Thermo Fisher Scientific Inc., Senior Unsecured Notes:
	164,000	A-	2.000% due 10/15/31		144,533
	200,000	A-	5.086% due 8/10/33		203,073
	340,000	Baa2(b)	VSP Optical Group Inc., Company Guaranteed Notes, 5.400% due 6/1/33(a)		340,551

			Total Healthcare - Products		8,435,792

	Healthcare - Services - 0.6%
			Aetna Inc., Senior Unsecured Notes:
	25,000	BBB	6.625% due 6/15/36		27,221
	25,000	BBB	4.750% due 3/15/44		21,433
	120,000	BB	Charles River Laboratories International Inc., Company Guaranteed Notes, 3.750% due 3/15/29(a)		115,054
			Cigna Group (The):
			Company Guaranteed Notes:
	930,000	A-	4.375% due 10/15/28		928,748
	50,000	A-	4.800% due 8/15/38		47,356
	50,000	A-	4.800% due 7/15/46		43,932

129

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Healthcare - Services - 0.6% - (continued)
	$ 25,000	A-	3.875% due 10/15/47	$	19,104
	25,000	A-	4.900% due 12/15/48		21,940
			Senior Unsecured Notes:
	100,000	A-	5.250% due 1/15/36		100,298
	50,000	A-	3.400% due 3/15/50		34,600
	50,000	A-	3.400% due 3/15/51		34,252
	25,000	A-	5.600% due 2/15/54		24,026
	100,000	A-	City of Hope, Senior Secured Notes, 5.623% due 11/15/43		97,082
			CommonSpirit Health, Senior Secured Notes:
	50,000	AA	3.817% due 10/1/49		36,538
	95,000	A-	3.910% due 10/1/50		70,493
	100,000	AA	Corewell Health Obligated Group, Senior Unsecured Notes, 3.487% due 7/15/49		70,265
			DaVita Inc., Company Guaranteed Notes:
	270,000	BB-	4.625% due 6/1/30(a)		262,610
	425,000	BB-	6.750% due 7/15/33(a)		439,592
	50,000	AA-	Duke University Health System Inc., Senior Unsecured Notes, 3.920% due 6/1/47		39,739
			Elevance Health Inc., Senior Unsecured Notes:
	97,000	A-	4.550% due 3/1/48		81,600
	25,000	A-	3.125% due 5/15/50		16,297
	25,000	A-	3.600% due 3/15/51		17,650
	25,000	A-	4.550% due 5/15/52		20,576
	66,000	A-	6.100% due 10/15/52		67,440
	50,000	A-	5.700% due 9/15/55		48,548
	220,000	BB-	Encompass Health Corp., Company Guaranteed Notes, 4.750% due 2/1/30		216,567
	140,000	A	Franciscan Missionaries of Our Lady Health System Inc., Secured Notes, 3.914% due 7/1/49		105,021
			HCA Inc., Company Guaranteed Notes:
	300,000	BBB-	5.200% due 6/1/28		303,968
	90,000	BBB-	5.875% due 2/1/29		92,376
	104,000	BBB-	4.125% due 6/15/29		102,509
	805,000	BBB-	3.500% due 9/1/30		764,735
	100,000	BBB-	3.625% due 3/15/32		93,086
	286,000	BBB-	4.600% due 11/15/32		279,042
	170,000	BBB-	5.300% due 5/15/36		168,172
	25,000	BBB-	5.125% due 6/15/39		23,706
	60,000	BBB-	5.250% due 6/15/49		53,554
	178,000	BBB-	3.500% due 7/15/51		119,402
	650,000	BBB-	6.000% due 4/1/54		635,382
	64,000	BBB-	5.950% due 9/15/54		62,158
	50,000	BBB-	6.200% due 3/1/55		50,185
	41,000	AA	Hoag Memorial Hospital Presbyterian, Unsecured Notes, 3.803% due 7/15/52		30,981
			Humana Inc., Senior Unsecured Notes:
	25,000	BBB	5.875% due 3/1/33		25,755
	25,000	BBB	5.950% due 3/15/34		25,878
	25,000	BBB	3.950% due 8/15/49		18,005
	25,000	BBB	5.500% due 3/15/53		22,368
			IQVIA Inc., Company Guaranteed Notes:
	200,000	BB	5.000% due 10/15/26(a)		199,992
	355,000	BB	6.250% due 6/1/32(a)		363,215
	100,000	AA-	Kaiser Foundation Hospitals, Company Guaranteed Notes, 4.875% due 4/1/42		94,077
	88,000	A+	Mount Nittany Medical Center Obligated Group, Unsecured Notes, 3.799% due 11/15/52		65,042
	90,000	Aa2(b)	Nationwide Children’s Hospital Inc., Unsecured Notes, 4.556% due 11/1/52		76,427
	90,000	A+	Presbyterian Healthcare Services, Unsecured Notes, 4.875% due 8/1/52		79,231
	110,000	AA-	Queen’s Health Systems (The), Secured Notes, 4.810% due 7/1/52		96,842

130

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Healthcare - Services - 0.6% - (continued)
	$ 240,000	AA	Roche Holdings Inc., Company Guaranteed Notes, 2.607% due 12/13/51(a)	$	145,811
	65,000	Aa2(b)	Seattle Children’s Hospital, Unsecured Notes, 2.719% due 10/1/50		39,491
			Tenet Healthcare Corp., Senior Secured Notes:
	650,000	BB	4.625% due 6/15/28		646,280
	485,000	BB	6.125% due 6/15/30		490,125
			UnitedHealth Group Inc., Senior Unsecured Notes:
	50,000	A+	2.950% due 10/15/27		49,211
	100,000	A+	3.850% due 6/15/28		99,223
	100,000	A+	4.250% due 1/15/29		99,683
	100,000	A+	2.300% due 5/15/31		89,652
	50,000	A+	4.500% due 4/15/33		48,888
	100,000	A+	5.150% due 7/15/34		101,112
	25,000	A+	5.800% due 3/15/36		26,286
	50,000	A+	3.500% due 8/15/39		41,071
	25,000	A+	2.750% due 5/15/40		18,445
	153,000	A+	3.750% due 10/15/47		115,596
	25,000	A+	4.250% due 6/15/48		20,226
	375,000	A+	3.700% due 8/15/49		275,670
	224,000	A+	3.250% due 5/15/51		150,397
	160,000	A+	4.750% due 5/15/52		137,326
	885,000	A+	5.050% due 4/15/53		790,983
	950,000	A+	5.625% due 7/15/54		921,501
	120,000	A+	3.875% due 8/15/59		85,712
	50,000	A+	3.125% due 5/15/60		30,382
	65,000	A+	4.950% due 5/15/62		55,931
	53,000	A+	5.200% due 4/15/63		47,109

			Total Healthcare - Services		11,380,181

	Home Builders - 0.1%
	1,485,000	BB	Century Communities Inc., Company Guaranteed Notes, 6.625% due 9/15/33(a)		1,476,991
	10,000	BBB	Lennar Corp., Company Guaranteed Notes, 4.750% due 11/29/27		10,024
	60,000	B	LGI Homes Inc., Company Guaranteed Notes, 8.750% due 12/15/28(a)		62,243
	25,000	BBB	Sekisui House US Inc., Company Guaranteed Notes, 6.000% due 1/15/43		22,866

			Total Home Builders		1,572,124

	Home Furnishings - 0.0%@
	265,000	BB	Somnigroup International Inc., Company Guaranteed Notes, 4.000% due 4/15/29(a)		254,660

	Household Products/Wares - 0.0%@
	165,000	B	ACCO Brands Corp., Company Guaranteed Notes, 4.250% due 3/15/29(a)		151,985
	25,000	A	Kimberly-Clark Corp., Senior Unsecured Notes, 3.200% due 7/30/46		17,794

			Total Household Products/Wares		169,779

	Housewares - 0.0%@
	115,000	BB	Central Garden & Pet Co., Company Guaranteed Notes, 4.125% due 10/15/30		108,828
			Newell Brands Inc., Senior Unsecured Notes:
	410,000	B+	6.625% due 9/15/29		410,936
	105,000	B+	6.375% due 5/15/30(c)		103,712
	275,000	B-	Scotts Miracle-Gro Co. (The), Company Guaranteed Notes, 4.500% due 10/15/29		268,317

			Total Housewares		891,793

	Insurance - 1.7%
			Aflac Inc., Senior Unsecured Notes:
	25,000	A-	3.600% due 4/1/30		24,215
	25,000	A-	4.750% due 1/15/49		21,705
			Allianz SE, Subordinated Notes:
	1,210,000	A+	6.350% (5-Year CMT Index + 3.232%) due 9/6/53(a)(e)		1,261,611
	850,000	A+	5.600% (5-Year CMT Index + 2.771%) due 9/3/54(a)(e)		845,740

131

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Insurance - 1.7% - (continued)
			Allstate Corp. (The), Senior Unsecured Notes:
	$ 25,000	BBB+	1.450% due 12/15/30	$	21,767
	25,000	BBB+	5.250% due 3/30/33		25,481
	25,000	BBB+	4.200% due 12/15/46		20,212
	25,000	BBB+	3.850% due 8/10/49		18,914
			American International Group Inc., Senior Unsecured Notes:
	50,000	A-	5.125% due 3/27/33		50,539
	83,000	A-	4.750% due 4/1/48		73,002
			Aon Corp., Company Guaranteed Notes:
	22,000	A-	4.500% due 12/15/28		21,996
	49,000	A-	3.750% due 5/2/29		47,942
	38,000	A-	2.800% due 5/15/30		35,415
	50,000	A-	Aon Corp./Aon Global Holdings PLC, Company Guaranteed Notes, 5.350% due 2/28/33		51,082
			Aon North America Inc., Company Guaranteed Notes:
	50,000	A-	5.450% due 3/1/34		51,061
	50,000	A-	5.750% due 3/1/54		48,962
	25,000	A-	Arch Capital Group Ltd., Senior Unsecured Notes, 3.635% due 6/30/50		18,322
			Arthur J. Gallagher & Co., Senior Unsecured Notes:
	25,000	BBB+	5.450% due 7/15/34		25,387
	25,000	BBB+	3.500% due 5/20/51		17,248
	25,000	BBB+	5.750% due 3/2/53		24,283
	25,000	BBB+	5.750% due 7/15/54		24,322
	970,000	BBB	Aspen Insurance Holdings Ltd., Senior Unsecured Notes, 5.750% due 7/1/30		1,000,412
	25,000	A	Assured Guaranty US Holdings Inc., Company Guaranteed Notes, 3.150% due 6/15/31		23,220
	1,080,000	BB-	Asurion LLC/ Asurion Co.-Issuer Inc., Senior Secured Notes, 8.000% due 12/31/32(a)		1,126,688
			Athene Global Funding, Senior Secured Notes:
	1,285,000	A+	5.033% due 7/17/30(a)		1,274,368
	1,065,000	A+	5.543% due 8/22/35(a)		1,050,513
			Athene Holding Ltd., Senior Unsecured Notes:
	25,000	A-	6.150% due 4/3/30		25,966
	25,000	A-	3.500% due 1/15/31		23,479
	25,000	A-	5.875% due 1/15/34		25,480
	50,000	A-	6.250% due 4/1/54		47,175
			Berkshire Hathaway Finance Corp., Company Guaranteed Notes:
	25,000	AA	1.450% due 10/15/30		22,257
	50,000	AA	2.875% due 3/15/32		46,343
	25,000	AA	5.750% due 1/15/40		26,859
	25,000	AA	4.400% due 5/15/42		22,448
	50,000	AA	4.200% due 8/15/48		41,125
	460,000	AA	4.250% due 1/15/49		379,880
	50,000	AA	2.850% due 10/15/50		31,779
	25,000	AA	2.500% due 1/15/51		14,795
	75,000	AA	3.850% due 3/15/52		57,061
	25,000	AA	Berkshire Hathaway Inc., Senior Unsecured Notes, 4.500% due 2/11/43		22,749
	25,000	BBB	Brighthouse Financial Inc., Senior Unsecured Notes, 5.625% due 5/15/30(c)		25,250
			Brown & Brown Inc., Senior Unsecured Notes:
	25,000	BBB-	4.500% due 3/15/29		24,887
	25,000	BBB-	2.375% due 3/15/31		22,190
	50,000	BBB-	6.250% due 6/23/55		50,154
			Chubb INA Holdings LLC, Company Guaranteed Notes:
	25,000	A	1.375% due 9/15/30		21,925
	1,200,000	A	5.300% due 5/20/36		1,215,649
	25,000	A	4.150% due 3/13/43		21,262

132

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Insurance - 1.7% - (continued)
	$ 50,000	A	3.050% due 12/15/61	$	30,607
	795,000	BBB+	Cincinnati Financial Corp., Senior Unsecured Notes, 6.125% due 11/1/34		839,908
	25,000	A-	CNA Financial Corp., Senior Unsecured Notes, 5.500% due 6/15/33		25,472
			Corebridge Financial Inc.:
	25,000	BBB-	Junior Subordinated Notes, 6.875% (5-Year CMT Index + 3.846%) due 12/15/52(e)		25,441
			Senior Unsecured Notes:
	50,000	BBB+	3.850% due 4/5/29		48,868
	25,000	BBB+	6.050% due 9/15/33		26,260
	25,000	BBB+	5.750% due 1/15/34		25,701
	25,000	BBB+	4.350% due 4/5/42		21,125
	25,000	BBB+	4.400% due 4/5/52		20,141
			Corebridge Global Funding, Senior Secured Notes:
	1,305,000	A+	4.550% due 1/9/31(a)		1,285,695
	106,000	A+	4.900% due 8/21/32(a)		104,984
			Equitable Holdings Inc., Senior Unsecured Notes:
	17,000	A-	4.350% due 4/20/28		16,934
	25,000	A-	5.594% due 1/11/33		25,566
	17,000	A-	5.000% due 4/20/48		14,884
			Everest Reinsurance Holdings Inc., Senior Unsecured Notes:
	25,000	BBB+	3.500% due 10/15/50		17,083
	25,000	BBB+	3.125% due 10/15/52		15,610
			Fairfax Financial Holdings Ltd., Senior Unsecured Notes:
	25,000	A-	6.000% due 12/7/33		26,252
	25,000	A-	6.350% due 3/22/54		25,906
	25,000	BBB	Fidelity National Financial Inc., Senior Unsecured Notes, 3.400% due 6/15/30		23,566
			Global Atlantic Finance Co., Company Guaranteed Notes:
	750,000	BBB	7.950% due 6/15/33(a)		833,037
	710,000	BB+	7.250% (5-Year CMT Index + 3.550%) due 3/1/56(a)(e)		706,749
	615,000	AA-	Guardian Life Insurance Co. of America (The), Subordinated Notes, 4.850% due 1/24/77(a)		503,782
			Hartford Insurance Group Inc. (The), Senior Unsecured Notes:
	98,000	A-	5.950% due 10/15/36		103,745
	4,000	A-	4.300% due 4/15/43		3,378
	135,000	B+	HUB International Ltd., Senior Secured Notes, 7.250% due 6/15/30(a)		138,628
	25,000	BBB	Jackson Financial Inc., Senior Unsecured Notes, 3.125% due 11/23/31		22,501
	25,000	BBB-	Kemper Corp., Senior Unsecured Notes, 3.800% due 2/23/32		22,583
	520,000	A+	Lincoln Financial Global Funding, Secured Notes, 4.950% due 5/21/31(a)		518,917
			Lincoln National Corp., Senior Unsecured Notes:
	25,000	BBB+	3.800% due 3/1/28		24,697
	25,000	BBB+	3.050% due 1/15/30		23,446
			Loews Corp., Senior Unsecured Notes:
	25,000	A	3.200% due 5/15/30		23,772
	1,030,000	A	4.940% due 4/1/36		1,004,399
	25,000	A	Manulife Financial Corp., Senior Unsecured Notes, 5.375% due 3/4/46		24,211
			Markel Group Inc., Senior Unsecured Notes:
	25,000	BBB	3.350% due 9/17/29		24,097
	25,000	BBB	5.000% due 4/5/46		22,329
			Marsh & McLennan Cos., Inc., Senior Unsecured Notes:
	290,000	A-	2.250% due 11/15/30		262,817
	25,000	A-	5.450% due 3/15/53		23,902
	25,000	A-	5.700% due 9/15/53		24,715
			MetLife Inc.:
	540,000	BBB	Junior Subordinated Notes, 6.400% due 12/15/36		553,748

133

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Insurance - 1.7% - (continued)
			Senior Unsecured Notes:
	$ 50,000	A-	5.375% due 7/15/33	$	51,767
	25,000	A-	6.375% due 6/15/34		27,247
	25,000	A-	5.700% due 6/15/35		26,156
	25,000	A-	4.125% due 8/13/42		21,067
	25,000	A-	4.875% due 11/13/43		22,992
	25,000	A-	4.050% due 3/1/45		20,482
	25,000	A-	5.000% due 7/15/52		22,635
	25,000	A-	5.250% due 1/15/54		23,537
	1,073,000	BBB	Subordinated Notes, 5.850% (5-Year CMT Index + 1.817%) due 3/15/56(e)		1,064,220
			New York Life Insurance Co., Subordinated Notes:
	1,185,000	AA-	5.875% due 5/15/33(a)		1,237,680
	510,000	AA-	3.750% due 5/15/50(a)		377,294
	925,000	A	Nippon Life Insurance Co., Senior Unsecured Notes, 4.748% due 4/2/31(a)		925,785
			Northwestern Mutual Life Insurance Co. (The), Subordinated Notes:
	1,590,000	AA-	3.450% due 3/30/51(a)		1,102,827
	510,000	AA-	6.170% due 5/29/55(a)		529,274
	210,000	AA-	6.050% due 6/30/56(a)		214,676
	25,000	BBB+	Old Republic International Corp., Senior Unsecured Notes, 3.850% due 6/11/51		17,934
	735,000	BBB	PartnerRe Finance B LLC, Company Guaranteed Notes, 4.500% (5-Year CMT Index + 3.815%) due 10/1/50(e)		711,366
			Principal Financial Group Inc., Company Guaranteed Notes:
	25,000	A-	3.700% due 5/15/29		24,439
	25,000	A-	2.125% due 6/15/30		22,668
	25,000	A-	5.375% due 3/15/33		25,651
	25,000	A-	5.500% due 3/15/53		24,018
			Progressive Corp. (The), Senior Unsecured Notes:
	25,000	A	3.200% due 3/26/30		23,897
	50,000	A	3.000% due 3/15/32		45,747
	25,000	A	4.950% due 6/15/33		25,275
	25,000	A	4.200% due 3/15/48		20,455
	25,000	A	3.950% due 3/26/50		19,332
	25,000	A	3.700% due 3/15/52		18,404
			Protective Life Corp., Senior Unsecured Notes:
	910,000	A-	4.700% due 1/15/31(a)		898,806
	630,000	A-	5.350% due 12/15/35(a)		622,801
			Prudential Financial Inc.:
	1,055,000	BBB+	Junior Subordinated Notes, 3.700% (5-Year CMT Index + 3.035%) due 10/1/50(e)		973,670
			Senior Unsecured Notes:
	25,000	A	3.878% due 3/27/28		24,823
	25,000	A	2.100% due 3/10/30(c)		23,029
	50,000	A	5.750% due 7/15/33		53,110
	25,000	A	5.700% due 12/14/36		25,980
	25,000	A	3.000% due 3/10/40		19,137
	50,000	A	3.905% due 12/7/47		38,343
	25,000	A	3.935% due 12/7/49		19,018
	50,000	A	4.350% due 2/25/50		40,638
	50,000	A	3.700% due 3/13/51		36,412
	25,000	A	Reinsurance Group of America Inc., Senior Unsecured Notes, 6.000% due 9/15/33		26,143
	720,000	BBB+	RenaissanceRe Holdings Ltd., Senior Unsecured Notes, 5.750% due 6/5/33		739,411
			RGA Global Funding, Secured Notes:
	1,250,000	AA-	4.600% due 11/25/30(a)		1,237,912
	1,195,000	AA-	5.050% due 12/6/31(a)		1,197,115
	935,000	BBB+	Sompo Holdings Inc., Senior Unsecured Notes, 5.411% (1-Year CMT Index + 2.130%) due 4/22/37(a)(e)		921,335
	475,000	AA	Transatlantic Holdings Inc., Senior Unsecured Notes, 8.000% due 11/30/39		577,452

134

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Insurance - 1.7% - (continued)
				Unum Group, Senior Unsecured Notes:
	$ 500,000		BBB	4.046% due 8/15/41(a)	$	405,428
	25,000		BBB	4.125% due 6/15/51		18,866
				Willis North America Inc., Company Guaranteed Notes:
	25,000		BBB+	4.500% due 9/15/28		24,974
	25,000		BBB+	2.950% due 9/15/29		23,735
	25,000		BBB+	5.900% due 3/5/54		24,794
	25,000		A-	WR Berkley Corp., Senior Unsecured Notes, 3.550% due 3/30/52		17,472

				Total Insurance		31,495,805

	Internet - 1.0%
	200,000		A+	Alibaba Group Holding Ltd., Senior Unsecured Notes, 5.250% due 5/26/35(c)		207,727
				Alphabet Inc., Senior Unsecured Notes:
	100,000		AA+	3.700% due 2/15/29		98,676
	100,000		AA+	4.100% due 11/15/30		98,927
	100,000		AA+	4.100% due 2/15/31		98,635
	50,000		AA+	4.700% due 11/15/35		49,126
	460,000		AA+	4.800% due 2/15/36		454,509
	50,000		AA+	5.350% due 11/15/45		48,785
	50,000		AA+	5.500% due 2/15/46		49,492
	50,000		AA+	2.050% due 8/15/50		26,845
	50,000		AA+	5.450% due 11/15/55		48,236
	580,000		AA+	5.650% due 2/15/56		576,071
	50,000		AA+	2.250% due 8/15/60(c)		25,252
	50,000		AA+	5.700% due 11/15/75		48,825
				Amazon.com Inc., Senior Unsecured Notes:
	50,000		AA	4.100% due 11/20/30		49,310
	1,360,000		AA	4.250% due 3/13/31		1,344,773
	100,000		AA	2.100% due 5/12/31		89,468
	100,000		AA	3.600% due 4/13/32		95,219
	200,000		AA	4.550% due 3/13/33		197,913
	50,000		AA	4.650% due 11/20/35		48,863
	1,507,000		AA	4.875% due 3/13/36(c)		1,487,616
	50,000		AA	3.875% due 8/22/37		45,026
	50,000		AA	2.875% due 5/12/41		37,191
	50,000		AA	4.950% due 12/5/44		46,985
	170,000		AA	5.650% due 3/13/46		169,749
	75,000		AA	3.100% due 5/12/51		49,302
	75,000		AA	3.950% due 4/13/52		57,747
	50,000		AA	5.450% due 11/20/55		47,738
	2,331,000		AA	5.800% due 3/13/56		2,329,376
	50,000		AA	2.700% due 6/3/60		27,669
	50,000		AA	3.250% due 5/12/61		31,206
	25,000		AA	4.100% due 4/13/62		18,698
	50,000		AA	5.550% due 11/20/65		47,410
	309,000		A+	Beignet Investor LLC, Senior Secured Notes, 6.581% due 5/30/49(a)		318,200
	300,000	^EUR	A-	Booking Holdings Inc., Senior Unsecured Notes, 4.125% due 5/12/33		358,806
	25,000		BBB+	eBay Inc., Senior Unsecured Notes, 3.650% due 5/10/51		18,267
				Meta Platforms Inc., Senior Unsecured Notes:
	100,000		AA-	4.200% due 11/15/30		98,679
	1,280,000		AA-	4.550% due 5/15/31		1,275,925
	100,000		AA-	4.600% due 11/15/32		98,746
	450,000		AA-	4.750% due 8/15/34		442,989
	263,000		AA-	4.875% due 11/15/35		256,767

135

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Internet - 1.0% - (continued)
	$ 900,000	AA-	5.250% due 5/15/36	$	898,389
	485,000	AA-	5.500% due 11/15/45		454,672
	225,000	AA-	4.450% due 8/15/52		176,242
	383,000	AA-	5.400% due 8/15/54		342,539
	3,260,000	AA-	5.625% due 11/15/55		3,002,097
	970,000	AA-	6.300% due 5/15/56		977,788
	115,000	AA-	4.650% due 8/15/62		88,729
	25,000	A	Netflix Inc., Senior Unsecured Notes, 4.900% due 8/15/34		25,112
			Uber Technologies Inc., Senior Unsecured Notes:
	50,000	BBB+	4.150% due 1/15/31		48,938
	650,000	BBB+	4.800% due 9/15/34		636,684
	640,000	BBB+	4.800% due 9/15/35		623,726
			Wayfair LLC, Senior Secured Notes:
	120,000	BB-	7.250% due 10/31/29(a)		123,573
	215,000	BB-	6.750% due 11/15/32(a)		218,484

			Total Internet		18,537,717

	Investment Companies - 0.2%
			Ares Capital Corp., Senior Unsecured Notes:
	50,000	BBB	2.875% due 6/15/28		47,837
	320,000	BBB	5.875% due 3/1/29		323,380
	845,000	BBB	5.500% due 9/1/30		836,739
	560,000	BBB	5.100% due 1/15/31		544,726
	25,000	BBB	5.800% due 3/8/32		24,897
			Ares Strategic Income Fund, Senior Unsecured Notes:
	865,000	BBB-	5.700% due 3/15/28		865,819
	50,000	BBB-	5.800% due 9/9/30(a)		49,327
	50,000	BBB-	6.200% due 3/21/32		49,731
			Blackstone Private Credit Fund, Senior Unsecured Notes:
	25,000	BBB-	6.250% due 1/25/31		25,034
	50,000	BBB-	6.000% due 11/22/34		48,023
	25,000	Baa2(b)	Blackstone Secured Lending Fund, Senior Unsecured Notes, 2.850% due 9/30/28		23,600
	1,045,000	BBB-	Blue Owl Capital Corp., Senior Unsecured Notes, 5.950% due 3/15/29		1,045,398
			Blue Owl Credit Income Corp., Senior Unsecured Notes:
	25,000	BBB-	7.750% due 9/16/27		25,529
	25,000	BBB-	7.750% due 1/15/29		25,844
	200,000	Aa3(b)	Gaci First Investment Co., Company Guaranteed Notes, (Cost - $204,022, acquired 3/14/23), 5.250% due 10/13/32(d)		201,312
	25,000	BBB-	Golub Capital BDC Inc., Senior Unsecured Notes, 6.000% due 7/15/29		25,082
	80,000	BB-	Icahn Enterprises LP/Icahn Enterprises Finance Corp., Senior Secured Notes, 5.250% due 5/15/27		79,264

			Total Investment Companies		4,241,542

	Iron/Steel - 0.0%@
	25,000	BBB	ArcelorMittal SA, Senior Unsecured Notes, 6.750% due 3/1/41		27,248
	60,000	BBB-	Big River Steel LLC/BRS Finance Corp., Senior Secured Notes, 6.625% due 1/31/29(a)		60,032
			Cleveland-Cliffs Inc., Company Guaranteed Notes:
	160,000	B2(b)	6.875% due 11/1/29(a)		163,733
	65,000	B+	6.750% due 4/15/30(a)		65,392
	135,000	B2(b)	4.875% due 3/1/31(a)		125,660
	80,000	BB+	Commercial Metals Co., Senior Unsecured Notes, 5.750% due 11/15/33(a)		80,130
			Nucor Corp., Senior Unsecured Notes:
	25,000	A-	6.400% due 12/1/37		27,876
	25,000	A-	3.850% due 4/1/52		19,014
	25,000	A-	2.979% due 12/15/55		15,603
	25,000	BBB+	Reliance Inc., Senior Unsecured Notes, 2.150% due 8/15/30		22,572
	25,000	BBB	Steel Dynamics Inc., Senior Unsecured Notes, 3.250% due 10/15/50		16,675

136

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Iron/Steel - 0.0% - (continued)
	$ 60,000	BB+	United States Steel Corp., Senior Unsecured Notes, 6.875% due 3/1/29	$	60,234
			Vale Overseas Ltd., Company Guaranteed Notes:
	25,000	BBB	6.875% due 11/21/36		28,063
	13,000	BBB	6.875% due 11/10/39		14,498
	50,000	BBB	6.400% due 6/28/54		51,113
	25,000	BBB	Vale SA, Senior Unsecured Notes, 5.625% due 9/11/42		24,890

			Total Iron/Steel		802,733

	Leisure Time - 0.3%
	20,000	BB	Acushnet Co., Company Guaranteed Notes, 5.625% due 12/1/33(a)		19,893
	120,000	B	Boyne USA Inc., Senior Unsecured Notes, 4.750% due 5/15/29(a)		118,260
	2,715,000	BB+	Carnival Corp., Ltd., Company Guaranteed Notes, 6.125% due 2/15/33(a)		2,751,169
	40,000	B+	NCL Corp., Ltd., Senior Unsecured Notes, 5.875% due 1/15/31(a)		38,689
			Royal Caribbean Cruises Ltd., Senior Unsecured Notes:
	130,000	BBB	5.625% due 9/30/31(a)		131,061
	320,000	BBB	6.250% due 3/15/32(a)		326,809
	1,950,000	BBB	6.000% due 2/1/33(a)		1,977,049
	540,000	BBB	5.250% due 2/27/38		522,570
	230,000	BB+	Viking Cruises Ltd., Company Guaranteed Notes, 5.875% due 10/15/33(a)		230,609

			Total Leisure Time		6,116,109

	Lodging - 0.1%
			Hilton Domestic Operating Co., Inc., Company Guaranteed Notes:
	295,000	BB+	3.625% due 2/15/32(a)		271,053
	270,000	BB+	5.875% due 3/15/33(a)		273,212
	105,000	BB+	5.750% due 9/15/33(a)		105,984
	50,000	BBB-	Las Vegas Sands Corp., Senior Unsecured Notes, 6.200% due 8/15/34		51,687
	155,000	BBB	Marriott International Inc., Senior Unsecured Notes, 5.300% due 5/15/34		156,992
	335,000	BB-	MGM Resorts International, Company Guaranteed Notes, 6.125% due 9/15/29		340,112
	175,000	B	Station Casinos LLC, Company Guaranteed Notes, 4.500% due 2/15/28(a)		172,608

			Total Lodging		1,371,648

	Machinery - Construction & Mining - 0.0%@
	45,000	BB-	BWX Technologies Inc., Company Guaranteed Notes, 4.125% due 6/30/28(a)		44,347
	250,000	A	Caterpillar Financial Services Corp., Senior Unsecured Notes, 3.700% due 1/10/28		248,706
			Caterpillar Inc., Senior Unsecured Notes:
	50,000	A	3.803% due 8/15/42		41,685
	25,000	A	3.250% due 9/19/49		17,716
	50,000	A	3.250% due 4/9/50		35,191
	185,000	BB	Terex Corp., Company Guaranteed Notes, 5.000% due 5/15/29(a)		183,875

			Total Machinery - Construction & Mining		571,520

	Machinery - Diversified - 0.1%
	220,000	BB-	Chart Industries Inc., Senior Secured Notes, 7.500% due 1/1/30(a)		227,971
	185,000	BBB	CNH Industrial Capital LLC, Company Guaranteed Notes, 4.550% due 4/10/28		184,936
			Deere & Co., Senior Unsecured Notes:
	75,000	A	5.450% due 1/16/35		77,818
	50,000	A	3.900% due 6/9/42		42,581
	25,000	A	3.750% due 4/15/50		19,320
	90,000	BB+	Esab Corp., Company Guaranteed Notes, 6.250% due 4/15/29(a)		91,740
			John Deere Capital Corp., Senior Unsecured Notes:
	100,000	A	4.550% due 6/5/30		100,406
	150,000	A	2.000% due 6/17/31		133,140
			Otis Worldwide Corp., Senior Unsecured Notes:
	29,000	BBB	5.250% due 8/16/28		29,489
	210,000	BBB	2.565% due 2/15/30		195,420

			Total Machinery - Diversified		1,102,821

137

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Media - 1.0%
			CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
	$ 665,000	BB-	4.500% due 8/15/30(a)	$	619,389
	165,000	BB-	4.750% due 2/1/32(a)		147,221
	840,000	BB-	4.500% due 5/1/32		737,650
	415,000	BB-	4.500% due 6/1/33(a)		355,171
	2,375,000	BB-	4.250% due 1/15/34(a)(c)		1,985,476
			Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes:
	175,000	BBB-	4.200% due 3/15/28		173,153
	1,365,000	BBB-	2.800% due 4/1/31		1,219,628
	280,000	BBB-	6.550% due 6/1/34		287,183
	25,000	BBB-	6.384% due 10/23/35		25,106
	50,000	BBB-	5.850% due 12/1/35		48,655
	50,000	BBB-	3.500% due 3/1/42		34,469
	92,000	BBB-	5.750% due 4/1/48		77,354
	315,000	BBB-	4.800% due 3/1/50		233,368
	451,000	BBB-	3.900% due 6/1/52		286,196
	718,000	BBB-	3.850% due 4/1/61		417,039
	101,000	BBB-	3.950% due 6/30/62		59,315
			Comcast Corp., Company Guaranteed Notes:
	45,000	A-	1.950% due 1/15/31		39,933
	188,000	A-	1.500% due 2/15/31		163,107
	182,000	A-	4.800% due 5/15/33		180,827
	25,000	A-	3.200% due 7/15/36		20,998
	365,000	A-	3.900% due 3/1/38		313,748
	20,000	A-	3.250% due 11/1/39		15,460
	27,000	A-	4.750% due 3/1/44		23,280
	153,000	A-	3.969% due 11/1/47		113,484
	20,000	A-	4.000% due 3/1/48		14,859
	43,000	A-	3.999% due 11/1/49		31,423
	60,000	A-	3.450% due 2/1/50		39,748
	1,051,000	A-	4.049% due 11/1/52		756,782
	853,000	A-	2.937% due 11/1/56		477,751
	79,000	A-	2.650% due 8/15/62		39,142
	400,000	A-	2.987% due 11/1/63		214,245
	765,000	A-	5.500% due 5/15/64		676,235
			Discovery Global Holdings Inc., Company Guaranteed Notes:
	270,000	BB	4.279% due 3/15/32		236,163
	70,000	BB+(i)	5.050% due 3/15/42		53,049
	105,000	CCC+	DISH DBS Corp., Senior Secured Notes, 5.250% due 12/1/26(a)		104,691
	205,000	B	DISH Network Corp., Senior Secured Notes, 11.750% due 11/15/27(a)		211,342
	80,000	B	EchoStar Corp., Senior Secured Notes, 10.750% due 11/30/29		86,991
	321,000	Baa3(b)	FactSet Research Systems Inc., Senior Unsecured Notes, 3.450% due 3/1/32		291,025
			Gray Media Inc., Senior Secured Notes:
	100,000	B+	10.500% due 7/15/29(a)		105,915
	125,000	B+	7.250% due 8/15/33(a)		124,083
			iHeartCommunications Inc., Senior Secured Notes:
	70,000	CCC+	9.125% due 5/1/29(a)		67,908
	75,000	CCC+	7.750% due 8/15/30(a)		69,310
			News Corp.:
	405,000	BBB-	Company Guaranteed Notes, 5.125% due 2/15/32(a)		397,228
	1,982,000	BBB-	Senior Unsecured Notes, 3.875% due 5/15/29(a)		1,921,352
			Nexstar Media Inc.:
	127,000	BB-	Company Guaranteed Notes, 7.250% due 4/15/34(a)		127,880

138

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES—31.3% - (continued)
	Media - 1.0% - (continued)
	$ 254,000		BBB-	Senior Secured Notes, 6.500% due 9/15/33(a)	$	256,214
				Sinclair Television Group Inc., Senior Secured Notes:
	43,000		B-	4.375% due 12/31/32(a)		34,041
	70,000		B+	8.125% due 2/15/33(a)		72,012
				Sirius XM Radio LLC, Company Guaranteed Notes:
	415,000		BB+	4.000% due 7/15/28(a)		404,483
	410,000		BB+	4.125% due 7/1/30(a)		386,661
	50,000		BBB-	Time Warner Cable Enterprises LLC, Senior Secured Notes, 8.375% due 7/15/33		56,207
				Time Warner Cable LLC, Senior Secured Notes:
	25,000		BBB-	6.550% due 5/1/37		24,964
	25,000		BBB-	7.300% due 7/1/38		26,080
	25,000		BBB-	6.750% due 6/15/39		24,805
	2,202,000		BBB-	5.500% due 9/1/41		1,898,736
	110,000		B	Univision Communications Inc., Senior Secured Notes, 7.375% due 6/30/30(a)		109,655
	115,000		B+	Virgin Media Secured Finance PLC, Senior Secured Notes, 4.500% due 8/15/30(a)		100,145
				Walt Disney Co. (The), Company Guaranteed Notes:
	100,000		A	2.200% due 1/13/28		97,235
	100,000		A	2.650% due 1/13/31		92,690
	50,000		A	6.200% due 12/15/34		54,816
	25,000		A	6.400% due 12/15/35		27,711
	50,000		A	3.500% due 5/13/40		41,029
	50,000		A	2.750% due 9/1/49		31,259
	100,000		A	3.600% due 1/13/51		73,301
	1,590,000	^EUR	B+	Ziggo BV, Senior Secured Notes, (Cost - $1,778,830, acquired 12/3/25), 2.875% due 1/15/30(d)		1,761,996

				Total Media		19,198,372

	Mining - 0.2%
	380,000		BBB	Anglo American Capital PLC, Company Guaranteed Notes, 2.625% due 9/10/30(a)		349,434
				Barrick North America Finance LLC, Company Guaranteed Notes:
	25,000		BBB+	5.700% due 5/30/41		25,445
	25,000		BBB+	5.750% due 5/1/43		25,354
				BHP Billsiton Finance USA Ltd., Company Guaranteed Notes:
	25,000		A1(b)	5.250% due 9/8/30		25,638
	50,000		A1(b)	5.250% due 9/8/33		51,184
	25,000		A1(b)	4.125% due 2/24/42		21,531
	25,000		A1(b)	5.000% due 9/30/43		23,615
	25,000		A1(b)	5.500% due 9/8/53		24,631
	50,000		A1(b)	5.750% due 9/5/55		50,809
				Freeport-McMoRan Inc., Company Guaranteed Notes:
	25,000		BBB-	4.125% due 3/1/28		24,834
	290,000		BBB-	4.625% due 8/1/30		288,989
	25,000		BBB-	5.450% due 3/15/43		24,275
				Glencore Funding LLC, Company Guaranteed Notes:
	1,055,000		BBB+	5.634% due 4/4/34(a)		1,085,851
	300,000		BBB+	5.508% due 4/1/36(a)		302,821
	25,000		BBB-	Kinross Gold Corp., Senior Unsecured Notes, 6.250% due 7/15/33		26,690
				Newmont Corp., Company Guaranteed Notes:
	61,000		BBB+	2.600% due 7/15/32		55,018
	108,000		BBB+	5.875% due 4/1/35		114,837
	25,000		A	Rio Tinto Finance USA Ltd., Company Guaranteed Notes, 2.750% due 11/2/51		15,369
				Rio Tinto Finance USA PLC, Company Guaranteed Notes:
	100,000		A	4.875% due 3/14/30		101,288
	50,000		A	5.000% due 3/9/33		50,607
	25,000		A	4.750% due 3/22/42		23,131

139

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Mining - 0.2% - (continued)
	$ 25,000		A	4.125% due 8/21/42	$	21,328
	25,000		A	5.125% due 3/9/53		23,161
				Southern Copper Corp., Senior Unsecured Notes:
	25,000		BBB+	6.750% due 4/16/40		27,780
	25,000		BBB+	5.250% due 11/8/42		23,860
	25,000		BBB-	Yamana Gold Inc., Company Guaranteed Notes, 2.630% due 8/15/31		22,319

				Total Mining		2,829,799

	Miscellaneous Manufacturers - 0.1%
				3M Co., Senior Unsecured Notes:
	25,000		BBB+	4.000% due 9/14/48		19,716
	50,000		BBB+	3.250% due 8/26/49		34,462
	25,000		BBB+	3.700% due 4/15/50		18,565
	125,000		BB-	Avient Corp., Senior Unsecured Notes, 7.125% due 8/1/30(a)		127,309
	95,000		BB+	Axon Enterprise Inc., Senior Unsecured Notes, 6.125% due 3/15/30(a)		97,061
				Eaton Corp., Company Guaranteed Notes:
	285,000		A-	4.800% due 3/6/36		280,221
	115,000		A-	4.150% due 11/2/42		99,550
	25,000		A-	4.700% due 8/23/52		22,276
				Parker-Hannifin Corp., Senior Unsecured Notes:
	100,000		BBB+	4.250% due 9/15/27		99,994
	25,000		BBB+	4.000% due 6/14/49		19,933
	218,000		BBB	Textron Inc., Senior Unsecured Notes, 3.900% due 9/17/29		212,948
	120,000		BB+	Trinity Industries Inc., Company Guaranteed Notes, 7.750% due 7/15/28(a)		123,080

				Total Miscellaneous Manufacturers		1,155,115

	Multi-National - 0.4%
	200,000		AAA	African Development Bank, Senior Unsecured Notes, 4.125% due 1/22/36		194,401
	1,505,000		Baa2(b)	African Export-Import Bank (The), Senior Unsecured Notes, 3.798% due 5/17/31(a)		1,367,071
				Asian Development Bank, Senior Unsecured Notes:
	200,000		AAA	2.500% due 11/2/27		195,900
	100,000		AAA	4.375% due 1/14/28		100,563
	200,000		AAA	3.750% due 4/25/28		199,014
	200,000		AAA	3.625% due 8/28/29		197,214
	200,000		AAA	3.875% due 9/28/32		195,789
	100,000		AAA	4.375% due 3/22/35		99,901
	200,000		AAA	4.250% due 1/14/36		197,142
	200,000		AAA	Asian Infrastructure Investment Bank (The), Senior Unsecured Notes, 4.500% due 1/16/30		202,562
				Banque Ouest Africaine de Developpement, Senior Unsecured Notes:
	500,000		Baa1(b)	5.000% due 7/27/27(a)(c)		498,022
	1,330,000		Baa1(b)	4.700% due 10/22/31(a)		1,225,297
	550,000	^EUR	Baa1(b)	(Cost - $498,227, acquired 5/30/24), 2.750% due 1/22/33(d)		546,999
	100,000		AAA(i)	European Bank for Reconstruction & Development, Senior Unsecured Notes, 4.250% due 3/13/34		99,176
				European Investment Bank, Senior Unsecured Notes:
	400,000		AAA	3.750% due 11/15/29		395,615
	200,000		AAA	4.500% due 3/14/30		202,694
	200,000		AAA	3.750% due 3/13/31		196,539
	300,000		AAA	4.125% due 2/13/34		295,862
	100,000		AAA	4.625% due 2/12/35		101,703
	200,000		AAA	4.250% due 2/8/36		197,172
				Inter-American Development Bank, Senior Unsecured Notes:
	200,000		AAA	1.125% due 1/13/31		174,842
	400,000		AAA	4.375% due 7/17/34		400,097
	200,000		AAA	4.125% due 1/23/36		194,866
	100,000		AAA	International Finance Corp., Senior Unsecured Notes, 3.875% due 7/2/30		99,101

				Total Multi-National		7,577,542

140

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Office/Business Equipment - 0.0%@
	$ 25,000		BBB-	CDW LLC/CDW Finance Corp., Company Guaranteed Notes, 3.250% due 2/15/29	$	23,848

	Oil & Gas - 1.5%
				Aker BP ASA, Senior Unsecured Notes:
	330,000	^EUR	BBB	(Cost - $336,776, acquired 3/7/24), 1.125% due 5/12/29(d)		362,041
	655,000		BBB	5.800% due 10/1/54(a)		616,993
				APA Corp., Senior Unsecured Notes:
	159,000		BBB-	4.250% due 1/15/30		156,922
	720,000		BBB-	5.350% due 7/1/49		632,930
	105,000		BB-	Ascent Resources Utica Holdings LLC/ARU Finance Corp., Senior Unsecured Notes, 6.625% due 10/15/32(a)		107,801
	106,220		B+	Borr IHC Ltd./Borr Finance LLC, Senior Secured Notes, 10.000% due 11/15/28(a)		111,591
				BP Capital Markets America Inc., Company Guaranteed Notes:
	110,000		A-	3.633% due 4/6/30		106,846
	50,000		A-	4.812% due 2/13/33		49,944
	93,000		A-	4.989% due 4/10/34		93,460
	50,000		A-	2.772% due 11/10/50		30,886
	100,000		A-	2.939% due 6/4/51		63,599
	50,000		A-	3.001% due 3/17/52		31,992
	50,000		A-	3.379% due 2/8/61		32,461
				BP Capital Markets PLC, Company Guaranteed Notes:
	2,420,000		BBB	4.875% (5-Year CMT Index + 4.398%)(e)(f)		2,385,293
	850,000		BBB	6.450% (5-Year CMT Index + 2.153%)(e)(f)		893,642
	50,000		Baa1(b)	Canadian Natural Resources Ltd., Senior Unsecured Notes, 4.950% due 6/1/47		44,644
				Chevron USA Inc., Company Guaranteed Notes:
	10,000		AA-	3.850% due 1/15/28		9,959
	100,000		AA-	4.687% due 4/15/30		100,969
	100,000		AA-	4.300% due 10/15/30		99,880
	25,000		AA-	2.343% due 8/12/50		14,482
				Chord Energy Corp., Company Guaranteed Notes:
	70,000		BB	6.000% due 10/1/30(a)		70,857
	75,000		BB	6.750% due 3/15/33(a)		77,035
	25,000		A+	CNOOC Petroleum North America ULC, Company Guaranteed Notes, 6.400% due 5/15/37		28,690
	60,000		BB	CNX Resources Corp., Company Guaranteed Notes, 5.875% due 3/1/34(a)		59,089
	165,000		B	Comstock Resources Inc., Company Guaranteed Notes, 6.750% due 3/1/29(a)		162,582
				ConocoPhillips Co., Company Guaranteed Notes:
	25,000		A-	5.050% due 9/15/33		25,410
	25,000		A-	6.500% due 2/1/39		27,693
	25,000		A-	3.800% due 3/15/52		18,451
	50,000		A-	5.300% due 5/15/53		46,792
	25,000		A-	5.550% due 3/15/54		24,267
	50,000		A-	4.025% due 3/15/62		36,593
	25,000		A-	5.700% due 9/15/63		24,357
	340,000		A-	5.650% due 1/15/65		328,529
				Continental Resources Inc., Company Guaranteed Notes:
	180,000		BBB-	2.268% due 11/15/26(a)		178,235
	580,000		BBB-	4.375% due 1/15/28		577,003
	80,000		BBB-	5.750% due 1/15/31(a)		81,674
				Coterra Energy Inc., Senior Unsecured Notes:
	950,000		BBB+	3.900% due 5/15/27		946,873
	150,000		BBB+	4.375% due 3/15/29		149,373
	295,000		BBB+	5.400% due 2/15/35		298,755
	140,000		BB-	Crescent Energy Finance LLC, Company Guaranteed Notes, 7.875% due 4/15/32(a)		143,586

141

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Oil & Gas - 1.5% - (continued)
			Devon Energy Corp., Senior Unsecured Notes:
	$ 92,000	BBB+	5.875% due 6/15/28	$	92,008
	129,000	BBB+	4.500% due 1/15/30		128,481
	25,000	BBB+	5.200% due 9/15/34		25,161
	485,000	BBB+	5.600% due 7/15/41		479,126
	10,000	BBB+	4.750% due 5/15/42		8,940
	640,000	BBB+	5.000% due 6/15/45		575,185
	85,000	BB+	Diamond Foreign Asset Co./Diamond Finance LLC, Secured Notes, 8.500% due 10/1/30(a)		89,684
			Diamondback Energy Inc., Company Guaranteed Notes:
	694,000	BBB	3.500% due 12/1/29(c)		672,412
	200,000	BBB	3.125% due 3/24/31		187,340
	2,000,000	NR	Diversified Gas & Oil Corp., Senior Secured Notes, 9.750% due 4/9/29(a)		2,029,359
	100,000	BB-	Ecopetrol SA, Senior Unsecured Notes, 8.375% due 1/19/36		102,546
			Eni SpA, Senior Unsecured Notes:
	750,000	A-	5.250% due 5/18/36(a)		742,643
	220,000	A-	5.950% due 5/15/54(a)		219,288
	380,000	A-	6.000% due 5/18/56(a)		378,647
			EOG Resources Inc., Senior Unsecured Notes:
	190,000	A-	4.375% due 4/15/30		189,110
	50,000	A-	5.350% due 1/15/36		50,787
			EQT Corp., Senior Unsecured Notes:
	113,000	BBB-	3.900% due 10/1/27		112,296
	52,000	BBB-	5.700% due 4/1/28		53,079
	150,000	BBB-	5.000% due 1/15/29		151,265
	79,000	BBB-	4.750% due 1/15/31		78,538
	200,000	BBB-	3.625% due 5/15/31(a)		188,319
	128,000	BBB-	5.750% due 2/1/34		132,208
			Equinor ASA, Company Guaranteed Notes:
	50,000	AA-	3.625% due 9/10/28		49,452
	50,000	AA-	3.250% due 11/18/49		34,754
	25,000	AA-	3.700% due 4/6/50		18,833
			Expand Energy Corp., Company Guaranteed Notes:
	10,000	BBB-	5.375% due 2/1/29		9,978
	1,340,000	BBB-	5.375% due 3/15/30		1,351,983
	1,515,000	BBB-	4.750% due 2/1/32		1,486,203
			Exxon Mobil Corp., Senior Unsecured Notes:
	180,000	AA-	3.482% due 3/19/30		174,644
	460,000	AA-	4.227% due 3/19/40		416,444
	75,000	AA-	4.114% due 3/1/46		62,483
	185,000	AA-	4.327% due 3/19/50		154,949
	200,000	AA-	3.452% due 4/15/51		143,328
	125,000	BB-	Gulfport Energy Operating Corp., Company Guaranteed Notes, 6.750% due 9/1/29(a)		128,453
	1,755,000	BBB-	Harbour Energy PLC, Senior Unsecured Notes, 6.327% due 4/1/35(a)		1,806,714
	75,000	AA-	Hess Corp., Senior Unsecured Notes, 5.800% due 4/1/47		76,927
	230,000	BB+	Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes, 5.750% due 2/1/29(a)		229,595
			Marathon Petroleum Corp., Senior Unsecured Notes:
	25,000	BBB	5.150% due 3/1/30		25,433
	25,000	BBB	6.500% due 3/1/41		26,939
	285,000	BB-	Matador Resources Co., Company Guaranteed Notes, 6.500% due 4/15/32(a)		288,886
	70,000	BB-	Noble Finance II LLC, Company Guaranteed Notes, 8.000% due 4/15/30(a)		72,820
			Occidental Petroleum Corp., Senior Unsecured Notes:
	50,000	BB+	5.550% due 10/1/34		51,517
	50,000	BB+	6.450% due 9/15/36		54,354

142

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Oil & Gas - 1.5% - (continued)
	$ 25,000	BB+	6.200% due 3/15/40	$	26,355
	50,000	BB+	6.600% due 3/15/46		53,669
	177,000	BBB-	Ovintiv Inc., Company Guaranteed Notes, 6.250% due 7/15/33		187,638
			Permian Resources Operating LLC, Company Guaranteed Notes:
	205,000	BBB-	5.875% due 7/1/29(a)		205,296
	170,000	BBB-	6.250% due 2/1/33(a)		174,713
			Petroleos Mexicanos, Company Guaranteed Notes:
	300,000	BBB	6.840% due 1/23/30		308,612
	150,000	BBB	6.700% due 2/16/32		151,308
	100,000	BBB	10.000% due 2/7/33		117,545
	530,000	BBB	7.690% due 1/23/50		486,996
	100,000	BBB+	Phillips 66, Company Guaranteed Notes, 4.650% due 11/15/34		97,332
	50,000	BBB+	Phillips 66 Co., Company Guaranteed Notes, 5.500% due 3/15/55		46,604
			Pioneer Natural Resources Co., Senior Unsecured Notes:
	50,000	AA-	1.900% due 8/15/30		45,137
	330,000	AA-	2.150% due 1/15/31		297,200
	570,000	BBB-	Santos Finance Ltd., Company Guaranteed Notes, 5.750% due 11/13/35(a)		576,480
			Shell Finance US Inc., Company Guaranteed Notes:
	220,000	A+	3.875% due 11/13/28(a)		218,359
	25,000	A+	4.125% due 5/11/35		23,701
	90,000	A+	4.550% due 8/12/43		79,819
	140,000	A+	4.375% due 5/11/45		119,859
	340,000	A+	4.000% due 5/10/46		272,750
	480,000	A+	3.250% due 4/6/50		332,577
	50,000	A+	3.000% due 11/26/51(a)		32,522
			SM Energy Co., Company Guaranteed Notes:
	235,000	BB	6.625% due 1/15/27		235,444
	305,000	BB	8.750% due 7/1/31(a)		319,419
			Sunoco LP, Company Guaranteed Notes:
	110,000	BB+	7.000% due 5/1/29(a)		113,613
	176,000	BB+	5.625% due 3/15/31(a)		176,293
	135,000	BB+	7.250% due 5/1/32(a)		141,381
	95,000	BB+	5.875% due 3/15/34(a)		94,473
	50,000	A+	TotalEnergies Capital International SA, Company Guaranteed Notes, 3.127% due 5/29/50		33,642
			TotalEnergies Capital SA, Company Guaranteed Notes:
	50,000	A+	5.150% due 4/5/34		50,962
	100,000	A+	4.724% due 9/10/34		99,173
	25,000	A+	5.425% due 9/10/64		23,538
	25,000	BBB	Valero Energy Corp., Senior Unsecured Notes, 6.625% due 6/15/37		27,595

			Total Oil & Gas		27,773,295

	Oil & Gas Services - 0.3%
	45,000	BB-	Archrock Services LP/Archrock Partners Finance Corp., Company Guaranteed Notes, 6.000% due 2/1/34(a)		45,039
			Baker Hughes Holdings LLC/Baker Hughes Co.-Obligor Inc.:
			Company Guaranteed Notes:
	3,535,000	A	5.000% due 6/15/36		3,477,034
	120,000	A	5.850% due 6/15/56		119,694
	50,000	A	Senior Unsecured Notes, 4.486% due 5/1/30		49,945
	100,000	BBB+	Halliburton Co., Senior Unsecured Notes, 5.000% due 11/15/45		90,666
	55,000	BB-	Kodiak Gas Services LLC, Company Guaranteed Notes, 6.500% due 10/1/33(a)		55,982
			Schlumberger Holdings Corp.:
	910,000	A	Company Guaranteed Notes, 4.850% due 5/15/33(a)(c)		909,398
	171,000	A	Senior Unsecured Notes, 3.900% due 5/17/28(a)		169,563

			Total Oil & Gas Services		4,917,321

143

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Packaging & Containers - 0.1%
			Amcor Flexibles North America Inc. North America Inc., Company Guaranteed Notes:
	$ 570,000	BBB	5.100% due 3/17/30	$	577,216
	94,000	BBB	2.690% due 5/25/31		85,144
			Ball Corp., Company Guaranteed Notes:
	140,000	BB+	6.000% due 6/15/29		142,510
	60,000	BB+	5.500% due 9/15/33		60,420
	25,000	BBB	Berry Global Inc., Senior Secured Notes, 5.650% due 1/15/34		25,543
	95,000	B+	Clydesdale Acquisition Holdings Inc., Senior Secured Notes, 6.750% due 4/15/32(a)		91,104
	200,000	BB-	Graphic Packaging International LLC, Company Guaranteed Notes, 6.375% due 7/15/32(a)(c)		201,906
	175,000	B	Mauser Packaging Solutions Holding Co., Senior Secured Notes, 7.875% due 4/15/30(a)		176,525
			Packaging Corp. of America, Senior Unsecured Notes:
	25,000	BBB	5.700% due 12/1/33		25,993
	25,000	BBB	3.050% due 10/1/51		16,108
	239,000	BBB-	Sonoco Products Co., Senior Unsecured Notes, 3.125% due 5/1/30		225,072
	100,000	B	TriMas Corp., Company Guaranteed Notes, 4.125% due 4/15/29(a)		96,123
	331,000	B	Trivium Packaging Finance BV, Senior Secured Notes, 8.250% due 7/15/30(a)		349,483
			WRKCo Inc., Company Guaranteed Notes:
	50,000	BBB	3.900% due 6/1/28		49,448
	25,000	BBB	4.900% due 3/15/29		25,178

			Total Packaging & Containers		2,147,773

	Pharmaceuticals - 0.8%
	255,000	B	1261229 BC Ltd., Senior Secured Notes, 10.000% due 4/15/32(a)		261,438
			AbbVie Inc., Senior Unsecured Notes:
	400,000	A-	4.800% due 3/15/29		404,465
	1,530,000	A-	3.200% due 11/21/29		1,468,800
	100,000	A-	4.875% due 3/15/30		101,460
	180,000	A-	4.950% due 3/15/31		183,166
	200,000	A-	4.550% due 3/15/35		194,197
	200,000	A-	4.500% due 5/14/35		193,086
	145,000	A-	4.750% due 3/15/36		142,017
	10,000	A-	4.875% due 11/14/48		8,994
	840,000	A-	4.250% due 11/21/49		686,922
	75,000	A-	5.400% due 3/15/54		72,160
	55,000	BB-	AdaptHealth LLC, Company Guaranteed Notes, 4.625% due 8/1/29(a)		53,122
			Astrazeneca Finance LLC, Company Guaranteed Notes:
	100,000	A+	4.900% due 3/3/30		101,671
	50,000	A+	5.000% due 2/26/34		50,644
			AstraZeneca PLC, Senior Unsecured Notes:
	25,000	A+	4.000% due 9/18/42		21,260
	25,000	A+	4.375% due 11/16/45		21,882
	25,000	A+	4.375% due 8/17/48		21,546
	25,000	A+	2.125% due 8/6/50		13,925
	25,000	A+	3.000% due 5/28/51		16,699
	243,000	BBB	Becton Dickinson & Co., Senior Unsecured Notes, 4.693% due 2/13/28		244,259
			Bristol-Myers Squibb Co., Senior Unsecured Notes:
	273,000	A	5.100% due 2/22/31		279,522
	98,000	A	4.125% due 6/15/39		87,678
	50,000	A	3.550% due 3/15/42		39,755
	50,000	A	4.350% due 11/15/47		41,647
	50,000	A	4.550% due 2/20/48		42,893
	50,000	A	4.250% due 10/26/49		40,570
	50,000	A	2.550% due 11/13/50		29,487
	50,000	A	3.700% due 3/15/52		36,532

144

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Pharmaceuticals - 0.8% - (continued)
	$ 898,000	A	5.550% due 2/22/54	$	874,031
	50,000	A	3.900% due 3/15/62		35,828
			Cencora Inc., Senior Unsecured Notes:
	235,000	BBB+	4.600% due 2/13/33		230,574
	122,000	BBB+	4.900% due 2/13/36		118,959
			CVS Health Corp., Senior Unsecured Notes:
	150,000	BBB	4.300% due 3/25/28		149,529
	150,000	BBB	5.000% due 1/30/29		151,716
	394,000	BBB	2.125% due 9/15/31		344,139
	100,000	BBB	4.780% due 3/25/38		93,315
	100,000	BBB	5.125% due 7/20/45		89,885
	200,000	BBB	5.050% due 3/25/48		175,350
			Eli Lilly & Co., Senior Unsecured Notes:
	595,000	AA-	4.700% due 2/9/34		592,705
	200,000	AA-	4.600% due 8/14/34		197,535
	100,000	AA-	4.900% due 10/15/35		100,092
	25,000	AA-	3.950% due 3/15/49		19,927
	25,000	AA-	4.875% due 2/27/53		22,614
	50,000	AA-	5.000% due 2/9/54		46,076
	100,000	AA-	5.550% due 10/15/55		99,923
	25,000	AA-	4.150% due 3/15/59		19,568
	25,000	AA-	4.950% due 2/27/63		22,223
	475,000	AA-	5.100% due 2/9/64		433,234
	800,000	AA-	5.650% due 10/15/65		797,229
	1,290,000	A	EMD Finance LLC, Company Guaranteed Notes, 4.375% due 10/15/30(a)		1,273,841
	50,000	A	GlaxoSmithKline Capital Inc., Company Guaranteed Notes, 6.375% due 5/15/38		55,215
			Johnson & Johnson, Senior Unsecured Notes:
	100,000	AAA	4.550% due 3/1/28		100,829
	50,000	AAA	4.950% due 6/1/34		51,527
	50,000	AAA	5.000% due 3/1/35		51,367
	50,000	AAA	3.625% due 3/3/37		44,817
	50,000	AAA	3.700% due 3/1/46		40,004
	50,000	AAA	5.250% due 6/1/54		49,890
	25,000	AAA	2.450% due 9/1/60		13,606
			Merck & Co., Inc.:
			Company Guaranteed Notes:
	100,000	A+	3.850% due 9/15/27		99,768
	100,000	A+	4.150% due 9/15/30		99,105
	100,000	A+	4.950% due 9/15/35		100,052
			Senior Unsecured Notes:
	25,000	A+	3.900% due 3/7/39		22,073
	25,000	A+	3.600% due 9/15/42		20,032
	50,000	A+	4.150% due 5/18/43		42,456
	50,000	A+	3.700% due 2/10/45		39,155
	50,000	A+	4.000% due 3/7/49		39,732
	50,000	A+	2.450% due 6/24/50		29,332
	390,000	A+	2.750% due 12/10/51		238,250
	440,000	A+	5.550% due 12/4/55		432,066
	50,000	A+	2.900% due 12/10/61		28,888
			Novartis Capital Corp., Company Guaranteed Notes:
	100,000	AA-	3.800% due 9/18/29		98,300
	100,000	AA-	4.100% due 11/5/30		98,416
	100,000	AA-	4.300% due 11/5/32		98,041

145

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Pharmaceuticals - 0.8% - (continued)
	$ 75,000	AA-	4.900% due 3/18/36	$	74,654
	255,000	BB	Organon & Co./Organon Foreign Debt Co.-Issuer BV, Senior Secured Notes, 4.125% due 4/30/28(a)		252,021
			Pfizer Inc., Senior Unsecured Notes:
	160,000	A	2.625% due 4/1/30		149,812
	140,000	A	1.700% due 5/28/30		125,983
	25,000	A	4.000% due 12/15/36		23,010
	25,000	A	3.900% due 3/15/39		21,785
	100,000	A	7.200% due 3/15/39		116,897
			Pfizer Investment Enterprises Pte Ltd., Company Guaranteed Notes:
	200,000	A	4.750% due 5/19/33		198,768
	200,000	A	5.300% due 5/19/53		187,469
	158,000	A	5.340% due 5/19/63		145,563
	256,000	BBB+	Takeda Pharmaceutical Co., Ltd., Senior Unsecured Notes, 2.050% due 3/31/30		232,929
	200,000	BBB+	Takeda US Financing Inc., Company Guaranteed Notes, 5.200% due 7/7/35		200,309
	25,000	BB+	Utah Acquisition Sub Inc., Company Guaranteed Notes, 5.250% due 6/15/46		20,981
	50,000	BB+	Viatris Inc., Company Guaranteed Notes, 4.000% due 6/22/50		34,156
	50,000	A	Wyeth LLC, Company Guaranteed Notes, 5.950% due 4/1/37		53,171
			Zoetis Inc., Senior Unsecured Notes:
	25,000	BBB+	4.700% due 2/1/43		22,299
	25,000	BBB+	3.950% due 9/12/47		19,512

			Total Pharmaceuticals		14,520,330

	Pipelines - 1.5%
			Antero Midstream Partners LP/Antero Midstream Finance Corp., Company Guaranteed Notes:
	255,000	BB+	5.750% due 1/15/28(a)		255,233
	45,000	BB+	5.750% due 10/15/33(a)		44,617
	170,000	B+	Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Unsecured Notes, 7.250% due 7/15/32(a)		177,322
			Buckeye Partners LP, Senior Unsecured Notes:
	145,000	BB	4.125% due 12/1/27		143,003
	150,000	BB	6.875% due 7/1/29(a)		154,744
			Cheniere Corpus Christi Holdings LLC, Senior Secured Notes:
	72,000	BBB+	5.125% due 6/30/27		72,307
	199,000	BBB+	3.700% due 11/15/29		193,222
	260,000	BBB	Cheniere Energy Inc., Senior Unsecured Notes, 4.625% due 10/15/28		259,809
			Cheniere Energy Partners LP, Company Guaranteed Notes:
	72,000	BBB+	4.500% due 10/1/29		71,650
	308,000	BBB+	4.000% due 3/1/31		297,079
	436,000	BBB+	3.250% due 1/31/32		400,193
	105,000	BBB+	5.950% due 6/30/33		110,116
	600,000	Baa1(b)	Columbia Pipelines Operating Co. LLC, Senior Unsecured Notes, 6.036% due 11/15/33(a)		634,252
			DT Midstream Inc., Company Guaranteed Notes:
	100,000	BBB-	4.125% due 6/15/29(a)		98,057
	65,000	BBB-	4.375% due 6/15/31(a)		62,928
	50,000	A-	Eastern Energy Gas Holdings LLC, Senior Unsecured Notes, 6.200% due 1/15/55		51,270
			Enbridge Inc.:
			Company Guaranteed Notes:
	100,000	BBB+	5.700% due 3/8/33		103,910
	50,000	BBB+	2.500% due 8/1/33		42,717
	25,000	BBB+	5.625% due 4/5/34		25,883
	50,000	BBB+	3.400% due 8/1/51		34,269
	50,000	BBB+	6.700% due 11/15/53		55,190
			Subordinated Notes:
	875,000	BBB-	5.750% (5-Year CMT Index + 5.314%) due 7/15/80(e)		883,639
	435,000	BBB-	8.250% (5-Year CMT Index + 3.785%) due 1/15/84(e)		460,126

146

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Pipelines - 1.5% - (continued)
			Energy Transfer LP:
			Company Guaranteed Notes:
	$ 340,000	BBB	5.250% due 4/15/29	$	345,874
	25,000	BBB	5.800% due 6/15/38		25,507
			Junior Subordinated Notes:
	405,000	BB+	8.000% (5-Year CMT Index + 4.020%) due 5/15/54(e)		431,756
	380,000	BB+	6.500% (5-Year CMT Index + 2.676%) due 2/15/56(e)		383,453
			Senior Unsecured Notes:
	49,000	BBB	5.500% due 6/1/27		49,438
	76,000	BBB	5.550% due 2/15/28		77,302
	30,000	BBB	4.950% due 6/15/28		30,245
	800,000	BBB	3.750% due 5/15/30		772,714
	280,000	BBB	5.550% due 5/15/34		286,099
	50,000	BBB	5.350% due 1/15/36		49,930
	340,000	BBB	5.300% due 4/1/44		310,961
	18,000	BBB	5.300% due 4/15/47		16,180
	750,000	BBB	6.250% due 4/15/49		751,239
	147,000	BBB	5.000% due 5/15/50		125,102
	1,860,000	BBB	5.950% due 5/15/54		1,793,706
	675,000	BBB	6.200% due 4/1/55		671,900
			Enterprise Products Operating LLC, Company Guaranteed Notes:
	660,000	A-	4.150% due 10/16/28		658,300
	50,000	A-	4.850% due 1/31/34		49,901
	150,000	A-	6.650% due 10/15/34		166,317
	50,000	A-	4.950% due 2/15/35		49,924
	110,000	A-	5.200% due 1/15/36		110,681
	250,000	A-	4.850% due 3/15/44		228,967
	25,000	A-	5.100% due 2/15/45		23,500
	25,000	A-	4.250% due 2/15/48		20,531
	50,000	A-	4.800% due 2/1/49		44,267
	50,000	A-	4.200% due 1/31/50		40,359
	130,000	A-	3.700% due 1/31/51		95,593
	25,000	A-	3.200% due 2/15/52		16,584
	25,000	A-	3.300% due 2/15/53		16,757
	180,000	A-	5.550% due 2/16/55		174,317
	180,000	A-	3.950% due 1/31/60		132,251
	60,000	BBB	5.375% (3-Month Term SOFR + 2.832%) due 2/15/78(e)		59,921
			Harvest Midstream I LP, Senior Unsecured Notes:
	110,000	BB-	7.500% due 5/15/32(a)		114,366
	1,100,000	BB-	6.750% due 5/15/34(a)		1,129,318
			Hess Midstream Operations LP, Company Guaranteed Notes:
	160,000	BBB-	5.875% due 3/1/28(a)		161,968
	5,000	BBB-	5.125% due 6/15/28(a)		4,994
			Howard Midstream Energy Partners LLC, Senior Unsecured Notes:
	75,000	BB-	7.375% due 7/15/32(a)		77,563
	45,000	BB-	6.625% due 1/15/34(a)		45,531
	25,000	BBB+	Kinder Morgan Energy Partners LP, Company Guaranteed Notes, 6.950% due 1/15/38		28,068
			Kinder Morgan Inc., Company Guaranteed Notes:
	110,000	BBB+	5.000% due 2/1/29		111,442
	170,000	BBB+	5.150% due 6/1/30		173,594
	50,000	BBB+	5.550% due 6/1/45		48,471
	25,000	BBB+	5.200% due 3/1/48		22,986
	55,000	BBB+	3.250% due 8/1/50		36,788

147

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Pipelines - 1.5% - (continued)
	$ 82,000	BBB+	3.600% due 2/15/51	$	58,066
	25,000	BBB+	5.450% due 8/1/52		23,504
	725,000	BB+	Kinetik Holdings LP, Company Guaranteed Notes, 5.875% due 6/15/30(a)		730,588
			MPLX LP, Senior Unsecured Notes:
	850,000	BBB	4.800% due 2/15/29		854,986
	180,000	BBB	4.800% due 2/15/31		179,863
	100,000	BBB	5.400% due 9/15/35		100,096
	755,000	BBB	5.300% due 4/1/36		746,250
	130,000	BBB	4.500% due 4/15/38		117,981
	140,000	BBB	4.700% due 4/15/48		116,371
	50,000	BBB	5.500% due 2/15/49		46,069
	50,000	BBB	4.950% due 3/14/52		42,465
	110,000	B+	NGL Energy Operating LLC/NGL Energy Finance Corp., Senior Secured Notes, 8.125% due 2/15/29(a)		114,378
	100,000	BB-	Northriver Midstream Finance LP, Senior Secured Notes, 6.750% due 7/15/32(a)		101,778
	105,000	Ba1(b)	NuStar Logistics LP, Company Guaranteed Notes, 6.375% due 10/1/30		109,079
			ONEOK Inc., Company Guaranteed Notes:
	200,000	BBB	5.800% due 11/1/30		207,531
	165,000	BBB	6.050% due 9/1/33		173,614
	25,000	BBB	5.050% due 11/1/34		24,595
	25,000	BBB	5.150% due 10/15/43		22,604
	100,000	BBB	5.200% due 7/15/48		88,970
	25,000	BBB	4.850% due 2/1/49		21,037
	50,000	BBB	3.950% due 3/1/50		36,373
	105,000	BBB	6.625% due 9/1/53		110,119
	25,000	BBB	ONEOK Partners LP, Company Guaranteed Notes, 6.650% due 10/1/36		27,230
	133,360	B2(b)	Peru LNG Srl, Senior Unsecured Notes, 5.375% due 3/22/30(a)		130,251
	100,000	BBB	Plains All American Pipeline LP/PAA Finance Corp., Senior Unsecured Notes, 5.600% due 1/15/36		100,801
	500,000	B-	Prairie Acquiror LP, Senior Secured Notes, 9.000% due 8/1/29(a)		521,625
	220,000	BB	Rockies Express Pipeline LLC, Senior Unsecured Notes, 4.950% due 7/15/29(a)		218,101
			Sabine Pass Liquefaction LLC, Senior Secured Notes:
	40,000	BBB+	4.200% due 3/15/28		39,857
	126,492	BBB+	5.900% due 9/15/37		131,983
	1,355,000	BBB-	South Bow USA Infrastructure Holdings LLC, Company Guaranteed Notes, 5.026% due 10/1/29		1,362,864
	25,000	BBB+	Spectra Energy Partners LP, Company Guaranteed Notes, 4.500% due 3/15/45		21,353
			Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Company Guaranteed Notes:
	120,000	B+	5.500% due 1/15/28(a)		120,030
	890,000	B+	6.000% due 12/31/30(a)		898,790
			Targa Resources Corp., Company Guaranteed Notes:
	72,000	BBB	6.150% due 3/1/29		74,903
	130,000	BBB	4.200% due 2/1/33		123,747
	50,000	BBB	6.500% due 2/15/53		52,683
			Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company Guaranteed Notes:
	100,000	BBB	5.000% due 1/15/28		100,012
	113,000	BBB	5.500% due 3/1/30		114,422
	489,000	BBB	4.875% due 2/1/31		488,401
	40,000	BBB	4.000% due 1/15/32		38,124
			TransCanada PipeLines Ltd.:
			Junior Subordinated Notes:
	29,000	BBB-	6.125% (5-Year CMT Index + 2.250%) due 10/17/56(e)		29,240
	32,000	BBB-	6.375% (5-Year CMT Index + 2.117%) due 10/17/56(e)		32,329
			Senior Unsecured Notes:
	50,000	BBB+	7.625% due 1/15/39		59,193
	25,000	BBB+	5.100% due 3/15/49		23,389

148

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Pipelines - 1.5% - (continued)
	$ 420,000		BBB-	Transcanada Trust, Company Guaranteed Notes, 5.500% (3-Month Term SOFR + 4.416%) due 9/15/79(e)	$	419,246
				Transcontinental Gas Pipe Line Co. LLC, Senior Unsecured Notes:
	137,000		BBB+	4.000% due 3/15/28		135,959
	138,000		BBB+	4.600% due 3/15/48		117,589
				Venture Global Calcasieu Pass LLC, Senior Secured Notes:
	240,000		BBB-	3.875% due 8/15/29(a)		229,842
	135,000		BBB-	3.875% due 11/1/33(a)		120,464
				Venture Global LNG Inc.:
	225,000		B-	Junior Subordinated Notes, 9.000% (5-Year CMT Index + 5.440%)(a)(e)(f)		222,525
				Senior Secured Notes:
	205,000		BB	8.125% due 6/1/28(a)		209,619
	725,000		BB	9.500% due 2/1/29(a)		789,593
	340,000		BB	7.000% due 1/15/30(a)		349,041
				Venture Global Plaquemines LNG LLC, Senior Secured Notes:
	105,000		BB+	6.500% due 1/15/34(a)		109,857
	130,000		BB+	6.500% due 6/15/34(a)		135,738
				Western Midstream Operating LP, Senior Unsecured Notes:
	630,000		BBB-	4.050% due 2/1/30		612,659
	100,000		BBB-	4.800% due 3/1/31		99,294
	115,000		BBB-	5.250% due 2/1/50		100,372
				Williams Cos., Inc. (The), Senior Unsecured Notes:
	50,000		BBB+	6.000% due 3/15/55		50,281
	100,000		BBB+	5.950% due 3/15/56		99,442

				Total Pipelines		27,133,367

	Private Equity - 0.1%
				Brookfield Finance Inc., Company Guaranteed Notes:
	50,000		A-	3.900% due 1/25/28		49,500
	25,000		A-	4.850% due 3/29/29		25,098
	865,000		A-	5.330% due 1/15/36		853,628
	50,000		A-	5.968% due 3/4/54		49,604
	25,000		A-	Brookfield Finance LLC/Brookfield Finance Inc., Company Guaranteed Notes, 3.450% due 4/15/50		17,048

				Total Private Equity		994,878

	Real Estate - 0.2%
	600,000	^EUR	BBB	Aroundtown SA, Senior Unsecured Notes, (Cost - $699,240, acquired 10/20/25), 3.500% due 5/13/30(d)		687,363
	490,000	^EUR	Ba1(b)	Castellum AB, Junior Subordinated Notes, (Cost - $494,519, acquired 12/4/24), 3.125% (3.454% - 5-Year EUR Swap Rate)(d)(f)(j)		566,273
				CBRE Services Inc., Company Guaranteed Notes:
	815,000		BBB+	4.900% due 1/15/33		804,512
	740,000		BBB+	5.500% due 6/15/35		748,294

				Total Real Estate		2,806,442

	Real Estate Investment Trusts (REITs) - 0.9%
				Alexandria Real Estate Equities Inc., Company Guaranteed Notes:
	25,000		BBB+	3.950% due 1/15/28		24,770
	25,000		BBB+	4.500% due 7/30/29		24,751
	25,000		BBB+	1.875% due 2/1/33		20,341
	25,000		BBB+	4.750% due 4/15/35		23,727
	655,000		BBB+	5.250% due 3/15/36		642,633
	25,000		BBB+	3.550% due 3/15/52		17,215
	370,000		BBB+	5.150% due 4/15/53		325,425
	25,000		BBB+	5.625% due 5/15/54		23,506
				American Homes 4 Rent LP, Senior Unsecured Notes:
	25,000		BBB	4.250% due 2/15/28		24,856
	25,000		BBB	3.625% due 4/15/32		23,287
	25,000		BBB	5.500% due 2/1/34		25,374

149

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Real Estate Investment Trusts (REITs) - 0.9% - (continued)
			American Tower Corp., Senior Unsecured Notes:
	$ 100,000	BBB+	5.800% due 11/15/28	$	102,810
	86,000	BBB+	3.800% due 8/15/29		84,051
	100,000	BBB+	2.100% due 6/15/30		90,567
	112,000	BBB+	1.875% due 10/15/30		99,557
	106,000	BBB+	2.700% due 4/15/31		96,529
	47,000	BBB+	2.300% due 9/15/31		41,604
	1,865,000	NR	Arbor Realty SR Inc., Company Guaranteed Notes, 5.000% due 12/30/28(a)(c)		1,709,999
			AvalonBay Communities Inc., Senior Unsecured Notes:
	25,000	A-	3.300% due 6/1/29		24,165
	25,000	A-	2.300% due 3/1/30		23,109
	50,000	A-	2.050% due 1/15/32		43,781
	25,000	A-	5.000% due 2/15/33		25,327
	25,000	A-	5.300% due 12/7/33		25,777
			Boston Properties LP, Senior Unsecured Notes:
	25,000	BBB	4.500% due 12/1/28		24,929
	25,000	BBB	3.400% due 6/21/29		24,048
	25,000	BBB	3.250% due 1/30/31		23,221
	25,000	BBB	2.450% due 10/1/33		20,633
	25,000	BBB	6.500% due 1/15/34		26,497
	25,000	BBB	Brixmor Operating Partnership LP, Senior Unsecured Notes, 5.500% due 2/15/34		25,513
	25,000	A-	Camden Property Trust, Senior Unsecured Notes, 4.900% due 1/15/34		24,941
			Crown Castle Inc., Senior Unsecured Notes:
	109,000	BBB	5.000% due 1/11/28		109,865
	113,000	BBB	3.800% due 2/15/28		111,636
	69,000	BBB	3.100% due 11/15/29		65,482
	83,000	BBB	2.250% due 1/15/31		73,933
	66,000	BBB	2.100% due 4/1/31		58,026
	310,000	BBB	2.500% due 7/15/31		276,018
	25,000	BBB	CubeSmart LP, Company Guaranteed Notes, 2.500% due 2/15/32		22,065
	25,000	BBB+	Digital Realty Trust LP, Company Guaranteed Notes, 5.550% due 1/15/28		25,426
	25,000	BBB-	EPR Properties, Senior Unsecured Notes, 3.750% due 8/15/29		24,117
	1,330,000	BBB+	Equinix Asia Financing Corp. Pte Ltd., Company Guaranteed Notes, 4.400% due 3/15/31		1,306,275
			Equinix Inc., Senior Unsecured Notes:
	130,000	BBB+	1.550% due 3/15/28		123,619
	183,000	BBB+	2.000% due 5/15/28		174,723
	183,000	BBB+	3.200% due 11/18/29		174,670
	170,000	BBB+	2.500% due 5/15/31		152,530
			ERP Operating LP, Senior Unsecured Notes:
	25,000	A-	3.500% due 3/1/28		24,625
	25,000	A-	4.150% due 12/1/28		24,865
	25,000	A-	3.000% due 7/1/29		23,955
	25,000	A-	2.500% due 2/15/30		23,259
	25,000	A-	1.850% due 8/1/31		21,940
	1,606,000	BBB	Essential Properties LP, Company Guaranteed Notes, 2.950% due 7/15/31		1,451,942
			Essex Portfolio LP, Company Guaranteed Notes:
	25,000	BBB+	4.000% due 3/1/29		24,643
	170,000	BBB+	5.500% due 4/1/34		173,361
			Extra Space Storage LP, Company Guaranteed Notes:
	106,000	BBB+	5.700% due 4/1/28		108,150
	50,000	BBB+	5.500% due 7/1/30		51,272
			GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes:
	87,000	BBB-	5.300% due 1/15/29		87,593

150

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Real Estate Investment Trusts (REITs) - 0.9% - (continued)
	$ 267,000	BBB-	4.000% due 1/15/30	$	257,165
	65,000	BBB-	4.000% due 1/15/31		61,524
	86,000	BBB-	3.250% due 1/15/32		77,474
			Healthpeak OP LLC, Company Guaranteed Notes:
	50,000	BBB+	3.000% due 1/15/30		47,204
	25,000	BBB+	2.875% due 1/15/31		22,991
	25,000	BBB-	Host Hotels & Resorts LP, Senior Unsecured Notes, 2.900% due 12/15/31		22,332
	146,000	BBB	Invitation Homes Operating Partnership LP, Company Guaranteed Notes, 2.300% due 11/15/28		138,298
	510,000	BB-	Iron Mountain Inc., Company Guaranteed Notes, 4.875% due 9/15/27(a)		509,132
	1,530,000	BB-	Iron Mountain Information Management Services Inc., Company Guaranteed Notes, 5.000% due 7/15/32(a)		1,475,649
			Kilroy Realty LP, Company Guaranteed Notes:
	25,000	BBB-	4.250% due 8/15/29		24,231
	25,000	BBB-	2.650% due 11/15/33		20,110
			Kimco Realty OP LLC, Company Guaranteed Notes:
	50,000	A-	2.250% due 12/1/31		44,264
	25,000	A-	3.200% due 4/1/32		23,088
	25,000	A-	4.600% due 2/1/33		24,660
	65,000	BB+	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Company Guaranteed Notes, 7.000% due 7/15/31(a)		67,372
	25,000	A-	Mid-America Apartments LP, Senior Unsecured Notes, 5.000% due 3/15/34		24,975
			NNN REIT Inc., Senior Unsecured Notes:
	124,000	BBB+	3.100% due 4/15/50		80,232
	238,000	BBB+	3.500% due 4/15/51		166,142
			Omega Healthcare Investors Inc., Company Guaranteed Notes:
	25,000	BBB-	4.750% due 1/15/28		25,046
	25,000	BBB-	3.625% due 10/1/29		24,019
			Piedmont Operating Partnership LP, Company Guaranteed Notes:
	153,000	BBB-	9.250% due 7/20/28		166,778
	925,000	BBB-	2.750% due 4/1/32		784,930
			Prologis LP, Senior Unsecured Notes:
	25,000	A	4.875% due 6/15/28		25,266
	147,000	A	2.250% due 4/15/30		135,281
	25,000	A	4.625% due 1/15/33		24,786
	25,000	A	5.125% due 1/15/34		25,259
	25,000	A	5.000% due 3/15/34		25,004
	140,000	A	2.125% due 10/15/50		75,530
	25,000	A	5.250% due 6/15/53		23,649
			Public Storage Operating Co., Company Guaranteed Notes:
	25,000	A	1.850% due 5/1/28		23,904
	25,000	A	3.385% due 5/1/29		24,355
	25,000	A	2.250% due 11/9/31		22,206
	25,000	A	5.100% due 8/1/33		25,454
			Realty Income Corp., Senior Unsecured Notes:
	57,000	A-	3.100% due 12/15/29		54,252
	74,000	A-	3.250% due 1/15/31		69,626
	134,000	A-	5.125% due 2/15/34		135,024
	25,000	A-	Regency Centers LP, Company Guaranteed Notes, 5.250% due 1/15/34		25,326
	280,000	BB	RHP Hotel Properties LP/RHP Finance Corp., Company Guaranteed Notes, 6.500% due 4/1/32(a)		287,247
	185,000	BB+	SBA Communications Corp., Senior Unsecured Notes, 3.125% due 2/1/29		177,607
			Simon Property Group LP, Senior Unsecured Notes:
	50,000	A	3.375% due 6/15/27		49,617
	50,000	A	3.375% due 12/1/27		49,397
	50,000	A	2.450% due 9/13/29		46,859
	50,000	A	2.650% due 7/15/30		46,499

151

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Real Estate Investment Trusts (REITs) - 0.9% - (continued)
	$ 25,000	A	2.200% due 2/1/31	$	22,484
	25,000	A	2.250% due 1/15/32		21,892
	25,000	A	2.650% due 2/1/32		22,339
	25,000	A	5.500% due 3/8/33		25,915
	25,000	A	6.250% due 1/15/34		26,938
	50,000	A	3.250% due 9/13/49		34,384
	25,000	A	3.800% due 7/15/50		18,811
	135,000	BB-	Starwood Property Trust Inc., Senior Unsecured Notes, 7.250% due 4/1/29(a)		140,213
			UDR Inc., Company Guaranteed Notes:
	25,000	BBB+	3.000% due 8/15/31		22,982
	255,000	BBB+	2.100% due 8/1/32		217,059
	170,000	BBB+	5.125% due 9/1/34		169,653
			Ventas Realty LP, Company Guaranteed Notes:
	25,000	BBB+	4.000% due 3/1/28		24,797
	25,000	BBB+	4.400% due 1/15/29		24,887
	25,000	BBB+	3.000% due 1/15/30		23,588
	25,000	BBB+	4.875% due 4/15/49		21,909
	312,000	BBB-	VICI Properties LP, Senior Unsecured Notes, 4.750% due 2/15/28		312,467
	605,000	BBB-	Vornado Realty LP, Senior Unsecured Notes, 5.750% due 2/1/33		602,999
			Welltower OP LLC, Company Guaranteed Notes:
	25,000	A-	2.050% due 1/15/29		23,535
	25,000	A-	4.125% due 3/15/29		24,807
	25,000	A-	3.100% due 1/15/30		23,759
	25,000	A-	2.750% due 1/15/31		23,038
	25,000	A-	2.750% due 1/15/32		22,603
			Weyerhaeuser Co., Senior Unsecured Notes:
	25,000	BBB	4.000% due 11/15/29		24,489
	25,000	BBB	4.000% due 3/9/52		18,757

			Total Real Estate Investment Trusts (REITs)		15,781,002

	Retail - 0.3%
	120,000	BB	Asbury Automotive Group Inc., Company Guaranteed Notes, 4.625% due 11/15/29(a)		116,602
	50,000	BBB	AutoZone Inc., Senior Unsecured Notes, 5.400% due 7/15/34		50,758
	355,000	BB+	Bath & Body Works Inc., Company Guaranteed Notes, 7.500% due 6/15/29		360,653
	100,000	AA	Costco Wholesale Corp., Senior Unsecured Notes, 1.600% due 4/20/30		90,634
	25,000	BBB	Dick’s Sporting Goods Inc., Senior Unsecured Notes, 4.100% due 1/15/52		18,046
	25,000	BBB	Dollar General Corp., Senior Unsecured Notes, 4.125% due 4/3/50		19,365
	145,000	BB+	Gap Inc. (The), Company Guaranteed Notes, 3.625% due 10/1/29(a)		135,815
	60,000	BB+	Group 1 Automotive Inc., Company Guaranteed Notes, 4.000% due 8/15/28(a)		58,390
			Home Depot Inc. (The), Senior Unsecured Notes:
	50,000	A	3.750% due 9/15/28		49,570
	100,000	A	2.950% due 6/15/29		96,185
	50,000	A	4.950% due 6/25/34		50,208
	50,000	A	5.875% due 12/16/36		53,094
	70,000	A	3.300% due 4/15/40		56,192
	25,000	A	4.200% due 4/1/43		21,304
	25,000	A	4.875% due 2/15/44		22,969
	25,000	A	4.400% due 3/15/45		21,355
	50,000	A	4.250% due 4/1/46		41,689
	50,000	A	4.500% due 12/6/48		42,361
	50,000	A	3.125% due 12/15/49		33,470
	50,000	A	2.375% due 3/15/51		28,267
	50,000	A	2.750% due 9/15/51		30,444
	50,000	A	3.625% due 4/15/52		35,949

152

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Retail - 0.3% - (continued)
	$ 25,000	A	4.950% due 9/15/52	$	22,442
	25,000	A	3.500% due 9/15/56		17,259
			Lithia Motors Inc.:
	70,000	BB+	Company Guaranteed Notes, 5.500% due 10/1/30(a)		69,445
	115,000	BB+	Senior Unsecured Notes, 3.875% due 6/1/29(a)		110,289
			Lowe’s Cos., Inc., Senior Unsecured Notes:
	405,000	BBB+	3.650% due 4/5/29		396,060
	284,000	BBB+	1.700% due 10/15/30		251,100
	91,000	BBB+	2.625% due 4/1/31		83,034
	50,000	BBB+	4.050% due 5/3/47		39,057
	50,000	BBB+	3.000% due 10/15/50		31,493
	25,000	BBB+	4.250% due 4/1/52		19,531
	50,000	BBB+	5.625% due 4/15/53		48,005
	25,000	BBB+	4.450% due 4/1/62		19,372
			Macy’s Retail Holdings LLC, Company Guaranteed Notes:
	360,000	BB+	5.875% due 3/15/30(a)		358,939
	95,000	BB+	6.125% due 3/15/32(a)		95,109
			McDonald’s Corp., Senior Unsecured Notes:
	100,000	BBB+	4.600% due 5/15/30		100,630
	25,000	BBB+	4.700% due 12/9/35		24,489
	25,000	BBB+	6.300% due 3/1/38		27,328
	25,000	BBB+	4.450% due 9/1/48		20,937
	50,000	BBB+	3.625% due 9/1/49		36,330
	425,000	BBB+	4.200% due 4/1/50		338,956
	25,000	BBB+	5.150% due 9/9/52		22,876
	25,000	BBB+	5.450% due 8/14/53		23,862
	135,000	BB+	Nordstrom Inc., Senior Secured Notes, 4.375% due 4/1/30		129,088
	50,000	BBB	O’Reilly Automotive Inc., Senior Unsecured Notes, 5.100% due 3/12/36		49,435
	115,000	BB-	Penske Automotive Group Inc., Company Guaranteed Notes, 3.750% due 6/15/29		110,279
	925,000	BB-	PetSmart LLC/PetSmart Finance Corp., Senior Secured Notes, 7.500% due 9/15/32(a)		932,793
	180,000	BB-	Sonic Automotive Inc., Company Guaranteed Notes, 4.625% due 11/15/29(a)		176,405
			Starbucks Corp., Senior Unsecured Notes:
	25,000	BBB+	3.750% due 12/1/47		18,668
	25,000	BBB+	4.450% due 8/15/49		20,582
	25,000	BBB+	3.350% due 3/12/50		17,073
	25,000	BBB+	3.500% due 11/15/50		17,469
	80,000	BB-	Superior Plus LP/Superior General Partner Inc., Company Guaranteed Notes, 4.500% due 3/15/29(a)		77,488
			Target Corp., Senior Unsecured Notes:
	50,000	A	4.350% due 6/15/28		50,129
	50,000	A	4.500% due 9/15/32		50,081
	25,000	A	4.000% due 7/1/42		20,950
	25,000	A	3.625% due 4/15/46		18,933
	50,000	A	2.950% due 1/15/52		31,780
			Walmart Inc., Senior Unsecured Notes:
	100,000	AA	1.800% due 9/22/31		88,483
	100,000	AA	4.100% due 4/15/33		97,807
	25,000	AA	6.200% due 4/15/38		27,883
	25,000	AA	3.950% due 6/28/38		23,071
	25,000	AA	5.625% due 4/15/41		26,498
	25,000	AA	2.500% due 9/22/41		17,991
	25,000	AA	3.625% due 12/15/47		19,548
	50,000	AA	4.050% due 6/29/48		41,339
	25,000	AA	2.950% due 9/24/49		16,925

153

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Retail - 0.3% - (continued)
	$ 50,000	AA	2.650% due 9/22/51	$	31,073

			Total Retail		5,701,634

	Semiconductors - 0.5%
	130,000	BB	Amkor Technology Inc., Company Guaranteed Notes, 5.875% due 10/1/33(a)		130,754
			Analog Devices Inc., Senior Unsecured Notes:
	25,000	A	2.800% due 10/1/41		18,187
	25,000	A	2.950% due 10/1/51		16,150
			Applied Materials Inc., Senior Unsecured Notes:
	25,000	A	5.850% due 6/15/41		26,379
	25,000	A	4.350% due 4/1/47		21,405
			Broadcom Inc.:
			Company Guaranteed Notes:
	296,000	A-	4.150% due 11/15/30		290,843
	50,000	A-	3.500% due 2/15/41		39,953
	100,000	A-	3.750% due 2/15/51		74,846
			Senior Unsecured Notes:
	170,000	A-	4.150% due 4/15/32(a)		164,208
	230,000	A-	4.900% due 7/15/32		231,273
	100,000	A-	3.469% due 4/15/34		90,005
	26,000	A-	5.200% due 7/15/35		26,116
	1,054,000	A-	3.137% due 11/15/35(a)		896,661
			Entegris Inc.:
	260,000	BB-	Company Guaranteed Notes, 5.950% due 6/15/30(a)		262,744
	1,100,000	BB	Senior Secured Notes, 4.750% due 4/15/29(a)		1,093,921
			Foundry JV Holdco LLC, Senior Secured Notes:
	320,000	BBB	5.875% due 1/25/34(a)		324,400
	200,000	BBB	6.100% due 1/25/36(a)		210,366
	1,320,000	BBB	6.200% due 1/25/37(a)		1,392,362
			Intel Corp., Senior Unsecured Notes:
	100,000	BBB	4.875% due 2/10/28		100,676
	100,000	BBB	2.450% due 11/15/29		93,139
	100,000	BBB	4.150% due 8/5/32		96,079
	710,000	BBB	5.300% due 5/15/36		708,796
	735,000	BBB	3.250% due 11/15/49		482,556
	100,000	BBB	4.750% due 3/25/50		83,151
	100,000	BBB	4.900% due 8/5/52		84,601
	50,000	BBB	5.700% due 2/10/53		47,445
	25,000	BBB	5.600% due 2/21/54		23,541
	64,000	BBB	5.900% due 2/10/63		61,667
	200,000	BBB-	Kioxia Holdings Corp., Company Guaranteed Notes, 6.250% due 7/24/30(a)		206,064
			KLA Corp., Senior Unsecured Notes:
	258,000	A-	4.100% due 3/15/29		256,194
	50,000	A-	5.250% due 7/15/62		46,459
			Lam Research Corp., Senior Unsecured Notes:
	25,000	A-	4.875% due 3/15/49		22,794
	25,000	A-	3.125% due 6/15/60		15,456
			Marvell Technology Inc.:
			Company Guaranteed Notes:
	55,000	BBB	4.750% due 7/15/30		55,163
	50,000	BBB	2.950% due 4/15/31		46,063
	126,000	BBB	5.300% due 4/15/36		126,096
			Senior Unsecured Notes:
	25,000	BBB	5.750% due 2/15/29		25,715

154

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Semiconductors - 0.5% - (continued)
	$ 100,000	BBB	5.450% due 7/15/35	$	102,250
			NVIDIA Corp., Senior Unsecured Notes:
	25,000	AA-	3.500% due 4/1/40		20,902
	50,000	AA-	3.500% due 4/1/50		37,308
	296,000	BBB+	NXP BV/NXP Funding LLC/NXP USA Inc., Company Guaranteed Notes, 2.500% due 5/11/31		266,015
	70,000	BB	ON Semiconductor Corp., Company Guaranteed Notes, 3.875% due 9/1/28(a)		68,346
			QUALCOMM Inc., Senior Unsecured Notes:
	25,000	A	2.150% due 5/20/30		22,916
	25,000	A	4.800% due 5/20/45		22,535
	25,000	A	3.250% due 5/20/50		17,113
	25,000	A	4.500% due 5/20/52		20,936
	25,000	A	6.000% due 5/20/53		25,881
	105,000	BB-	Synaptics Inc., Company Guaranteed Notes, 4.000% due 6/15/29(a)		100,545
			Texas Instruments Inc., Senior Unsecured Notes:
	25,000	A+	3.875% due 3/15/39		22,017
	50,000	A+	4.150% due 5/15/48		41,446
	62,000	A+	5.050% due 5/18/63		55,780

			Total Semiconductors		8,716,218

	Shipbuilding - 0.0%@
	137,000	BBB-	Huntington Ingalls Industries Inc., Company Guaranteed Notes, 2.043% due 8/16/28		129,793

	Software - 0.8%
	50,000	A+	Adobe Inc., Senior Unsecured Notes, 2.300% due 2/1/30		46,312
	500,000	CCC	AthenaHealth Group Inc., Senior Unsecured Notes, 6.500% due 2/15/30(a)		482,356
	90,000	BBB+	Autodesk Inc., Senior Unsecured Notes, 2.850% due 1/15/30		84,639
	750,000	B	Cloud Software Group Inc., Senior Secured Notes, 8.250% due 6/30/32(a)		735,988
	25,000	BBB-	Concentrix Corp., Senior Unsecured Notes, 6.600% due 8/2/28(c)		24,895
	115,000	BB	Elastic NV, Senior Unsecured Notes, 4.125% due 7/15/29(a)		110,173
	25,000	BB+	Fair Isaac Corp., Senior Unsecured Notes, 6.000% due 5/15/33(a)		24,774
			Fidelity National Information Services Inc., Senior Unsecured Notes:
	25,000	BBB	1.650% due 3/1/28		23,761
	1,195,000	BBB	4.550% due 3/10/29		1,188,527
	100,000	BBB	4.800% due 3/10/31		99,250
	25,000	BBB	3.100% due 3/1/41		18,223
			Fiserv Inc., Senior Unsecured Notes:
	25,000	BBB	5.450% due 3/2/28		25,316
	25,000	BBB	5.375% due 8/21/28		25,335
	25,000	BBB	4.200% due 10/1/28		24,741
	100,000	BBB	3.500% due 7/1/29		96,178
	25,000	BBB	2.650% due 6/1/30		22,912
	50,000	BBB	4.400% due 7/1/49		38,329
			Intuit Inc., Senior Unsecured Notes:
	25,000	A	1.350% due 7/15/27		24,244
	25,000	A	5.125% due 9/15/28		25,387
	25,000	A	1.650% due 7/15/30		22,221
			Microsoft Corp., Senior Unsecured Notes:
	50,000	AAA	3.450% due 8/8/36		44,883
	150,000	AAA	2.525% due 6/1/50		90,288
	50,000	AAA	2.500% due 9/15/50		29,846
	75,000	AAA	2.921% due 3/17/52		48,373
	50,000	AAA	4.500% due 2/6/57		42,903
	50,000	AAA	3.041% due 3/17/62		30,655
	125,000	(P)BB	OAK-Eagle Acquireco Inc., Senior Secured Notes, 7.250% due 7/1/33(a)		130,264

155

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Software - 0.8% - (continued)
			Oracle Corp., Senior Unsecured Notes:
	$ 250,000	BBB	2.300% due 3/25/28	$	239,304
	525,000	BBB	4.550% due 2/4/29		519,639
	100,000	BBB	2.950% due 4/1/30		92,307
	950,000	BBB	4.450% due 9/26/30		920,918
	600,000	BBB	2.875% due 3/25/31		537,323
	46,000	BBB	6.250% due 11/9/32		47,599
	238,000	BBB	4.300% due 7/8/34		215,323
	100,000	BBB	5.200% due 9/26/35		95,044
	2,332,000	BBB	5.700% due 2/4/36		2,289,249
	37,000	BBB	3.850% due 7/15/36		31,032
	200,000	BBB	3.800% due 11/15/37		162,285
	88,000	BBB	5.375% due 7/15/40		79,159
	500,000	BBB	3.650% due 3/25/41		365,861
	330,000	BBB	6.550% due 2/4/46		317,799
	111,000	BBB	4.000% due 7/15/46		77,157
	91,000	BBB	4.000% due 11/15/47		62,433
	280,000	BBB	3.600% due 4/1/50		174,768
	60,000	BBB	3.950% due 3/25/51		39,371
	317,000	BBB	5.375% due 9/27/54		253,970
	232,000	BBB	4.375% due 5/15/55		158,933
	25,000	BBB	6.000% due 8/3/55		21,895
	1,040,000	BBB	5.950% due 9/26/55		908,905
	955,000	BBB	6.700% due 2/4/56(c)		917,560
	600,000	BBB	3.850% due 4/1/60		361,993
	475,000	BBB	6.850% due 2/4/66		455,998
	135,000	BB	RingCentral Inc., Senior Unsecured Notes, 8.500% due 8/15/30(a)		141,578
			Roper Technologies Inc., Senior Unsecured Notes:
	25,000	BBB+	2.950% due 9/15/29		23,696
	80,000	BBB+	4.450% due 9/15/30		78,812
	25,000	BBB+	1.750% due 2/15/31		21,679
	25,000	BBB+	4.900% due 10/15/34		24,137
			Salesforce Inc., Senior Unsecured Notes:
	100,000	A+	4.650% due 3/15/29		100,169
	100,000	A+	1.950% due 7/15/31		87,404
	100,000	A+	4.900% due 9/15/31		100,039
	150,000	A+	5.550% due 3/15/36		150,973
	140,000	A+	2.700% due 7/15/41		96,402
	50,000	A+	2.900% due 7/15/51		29,573
	25,000	A+	3.050% due 7/15/61		14,293
	220,000	B+	SS&C Technologies Inc., Company Guaranteed Notes, 5.500% due 9/30/27(a)		220,117
			Synopsys Inc., Senior Unsecured Notes:
	210,000	BBB	4.850% due 4/1/30		211,187
	130,000	BBB	5.000% due 4/1/32		130,793
	182,000	BBB	5.700% due 4/1/55		177,163
	25,000	BBB+	Workday Inc., Senior Unsecured Notes, 3.700% due 4/1/29		24,362

			Total Software		14,538,975

	Telecommunications - 1.5%
	75,000	Ba3(b)	APLD ComputeCo 2 LLC, Senior Secured Notes, 6.750% due 3/15/31(a)(c)		75,627
			AT&T Inc., Senior Unsecured Notes:
	100,000	BBB	2.300% due 6/1/27		98,125
	150,000	BBB	1.650% due 2/1/28		143,532
	255,000	BBB	4.350% due 3/1/29		254,386
	117,000	BBB	2.750% due 6/1/31		106,745

156

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Telecommunications - 1.5% - (continued)
	$ 83,000		BBB	5.400% due 2/15/34	$	84,781
	325,000		BBB	4.900% due 11/1/35		316,920
	250,000		BBB	5.125% due 4/30/36		246,660
	1,250,000		BBB	5.250% due 10/30/36		1,236,615
	25,000		BBB	5.250% due 3/1/37		24,793
	25,000		BBB	4.900% due 8/15/37		24,069
	25,000		BBB	4.850% due 3/1/39		23,362
	80,000		BBB	5.550% due 8/15/41		78,217
	73,000		BBB	4.350% due 6/15/45		59,521
	132,000		BBB	4.750% due 5/15/46		112,075
	238,000		BBB	4.500% due 3/9/48		192,520
	270,000		BBB	3.500% due 9/15/53		178,280
	1,470,000		BBB	5.700% due 11/1/54		1,386,079
	2,677,000		BBB	3.550% due 9/15/55		1,750,905
	250,000		BBB	6.000% due 4/30/56		244,885
	190,000		BBB	6.050% due 8/15/56		187,518
	940,000		BBB	6.200% due 10/30/56		945,846
	52,000		BBB	3.800% due 12/1/57		35,319
	432,000		BBB	3.650% due 9/15/59		281,652
	18,000		BBB	3.850% due 6/1/60		12,190
	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(d)(e)		712,357
	495,000	^EUR	BBB	Chorus Ltd., Company Guaranteed Notes, (Cost - $574,186, acquired 1/13/26), 3.529% due 11/26/32(d)		571,514
	110,000		Ba3(b)	Cipher Compute LLC, Senior Secured Notes, 7.125% due 11/15/30(a)		114,766
				Cisco Systems Inc., Senior Unsecured Notes:
	100,000		AA-	4.950% due 2/26/31		102,091
	50,000		AA-	5.900% due 2/15/39		53,213
	50,000		AA-	5.500% due 1/15/40		51,140
	25,000		AA-	5.350% due 2/26/64		23,482
				Corning Inc., Senior Unsecured Notes:
	25,000		BBB+	5.350% due 11/15/48		23,836
	25,000		BBB+	4.375% due 11/15/57		20,073
	200,000		B	Digicel International Finance Ltd./Difl US LLC, Senior Secured Notes, 8.625% due 8/1/32(a)		207,547
	45,000		BB+	Edged Compute LLC, Senior Secured Notes, 7.500% due 4/30/31(a)		45,196
	370,000	^EUR	BB+	Fibercop SpA, Senior Secured Notes, 1.625% due 1/18/29		409,554
	75,000		Ba3(b)	Flash Compute LLC, Senior Secured Notes, 7.250% due 12/31/30(a)		77,444
	625,000		(P)BBB-	HUT 8 DC LLC, Senior Secured Notes, 6.192% due 11/15/42(a)		631,893
	63,000		BBB	Juniper Networks Inc., Senior Unsecured Notes, 2.000% due 12/10/30		55,497
				Level 3 Financing Inc., Senior Secured Notes:
	65,000		B+	6.875% due 6/30/33(a)		67,020
	1,070,000		B+	7.000% due 3/31/34(a)		1,110,807
	220,000		(P)BB-	Meridian Arc Holdco LLC, Senior Secured Notes, 6.250% due 4/30/31(a)		221,290
				Motorola Solutions Inc., Senior Unsecured Notes:
	83,000		BBB	4.600% due 5/23/29		83,096
	37,000		BBB	2.750% due 5/24/31		33,642
	26,000		BBB	5.600% due 6/1/32		26,895
	300,000		BBB-	Nokia OYJ, Senior Unsecured Notes, 6.625% due 5/15/39		318,794
	165,000		(P)BB	PR RNO Property Owner 1 LLC, Senior Secured Notes, 6.500% due 5/1/31(a)		165,322
	711,000		Baa3(b)	RD Michigan Property Owner I LLC, Senior Secured Notes, 7.500% due 3/30/45(a)		712,005
				Rogers Communications Inc.:
	240,000		BBB-	Company Guaranteed Notes, 5.300% due 2/15/34		238,604
	840,000		BB	Junior Subordinated Notes, 6.875% (5-Year CMT Index + 2.840%) due 7/31/56(e)		855,824
	950,000		BB	Subordinated Notes, 7.125% (5-Year CMT Index + 2.620%) due 4/15/55(e)		984,069
	715,000	^EUR	Ba3(b)	SES SA, Company Guaranteed Notes, (Cost - $811,640, acquired 6/11/25), 5.500% (5-Year EURIBOR ICE Swap + 3.232%) due 9/12/54(d)(e)		846,485

157

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Telecommunications - 1.5% - (continued)
	$ 600,000		Aa2(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)	$	602,489
	1,300,000		(P)BB+	SV RNO Property Owner 1 LLC, Senior Secured Notes, 5.875% due 3/1/31(a)		1,284,089
	150,000		BBB-	Telefonica Emisiones SA, Company Guaranteed Notes, 5.213% due 3/8/47		133,054
	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%)(d)(e)(f)		496,262
				TELUS Corp., Junior Subordinated Notes:
	650,000		BB	7.000% (5-Year CMT Index + 2.709%) due 10/15/55(e)		669,515
	710,000		BB	6.625% (5-Year CMT Index + 2.515%) due 6/9/56(e)		708,182
				T-Mobile USA Inc., Company Guaranteed Notes:
	100,000		BBB+	4.950% due 3/15/28		100,978
	110,000		BBB+	2.625% due 2/15/29		104,814
	400,000		BBB+	3.375% due 4/15/29		388,130
	80,000		BBB+	2.875% due 2/15/31		73,766
	100,000		BBB+	3.500% due 4/15/31		94,714
	290,000		BBB+	2.250% due 11/15/31		255,503
	330,000		BBB+	2.700% due 3/15/32		294,088
	199,000		BBB+	5.050% due 7/15/33		200,185
	50,000		BBB+	5.300% due 5/15/35		50,600
	100,000		BBB+	4.375% due 4/15/40		88,698
	100,000		BBB+	3.300% due 2/15/51		66,136
	100,000		BBB+	3.400% due 10/15/52		66,494
	250,000		BBB+	5.500% due 1/15/55		233,306
	50,000		BBB+	5.875% due 11/15/55		49,155
	100,000		BBB+	5.700% due 1/15/56		95,941
				Verizon Communications Inc.:
				Junior Subordinated Notes:
	621,000		BBB-	6.200% (5-Year CMT Index + 2.042%) due 5/14/56(e)		630,630
	250,000		BBB-	6.050% (5-Year CMT Index + 1.813%) due 5/14/58(e)		253,290
				Senior Unsecured Notes:
	37,000		BBB+	4.016% due 12/3/29		36,462
	10,000		BBB+	3.150% due 3/22/30		9,531
	138,000		BBB+	1.680% due 10/30/30		122,165
	145,000		BBB+	1.750% due 1/20/31		127,958
	115,000		BBB+	2.550% due 3/21/31		104,844
	100,000		BBB+	2.355% due 3/15/32		87,822
	64,000		BBB+	5.050% due 5/9/33		64,773
	101,000		BBB+	5.850% due 9/15/35		106,137
	21,000		BBB+	4.272% due 1/15/36		19,500
	1,695,000		BBB+	5.000% due 1/15/36		1,663,441
	100,000		BBB+	5.401% due 7/2/37		100,386
	143,000		BBB+	2.650% due 11/20/40		101,973
	100,000		BBB+	4.000% due 3/22/50		76,831
	50,000		BBB+	2.875% due 11/20/50		30,890
	150,000		BBB+	3.550% due 3/22/51		105,586
	100,000		BBB+	5.875% due 11/30/55		98,316
	69,000		BBB+	2.987% due 10/30/56		40,950
	100,000		BBB+	3.000% due 11/20/60		58,222
	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(d)		545,732
				Vodafone Group PLC, Senior Unsecured Notes:
	9,000		BBB	6.150% due 2/27/37		9,670
	25,000		BBB	4.875% due 6/19/49		21,512
	25,000		BBB	4.250% due 9/17/50		19,432
	50,000		BBB	5.750% due 6/28/54		47,827
	25,000		BBB	5.875% due 6/28/64		24,038

158

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Telecommunications - 1.5% - (continued)
	$ 695,000	BB	WULF Compute LLC, Senior Secured Notes, 7.750% due 10/15/30(a)	$	731,929

			Total Telecommunications		28,160,024

	Toys/Games/Hobbies - 0.1%
			Mattel Inc.:
	765,000	BBB	Company Guaranteed Notes, 5.875% due 12/15/27(a)		765,030
	595,000	BBB	Senior Unsecured Notes, 5.450% due 11/1/41		547,717

			Total Toys/Games/Hobbies		1,312,747

	Transportation - 0.2%
			Burlington Northern Santa Fe LLC, Senior Unsecured Notes:
	201,000	AA-	4.150% due 12/15/48		162,657
	52,000	AA-	3.050% due 2/15/51		34,032
	134,000	AA-	2.875% due 6/15/52		83,386
	500,000	AA-	5.500% due 3/15/55		485,724
			Canadian National Railway Co., Senior Unsecured Notes:
	25,000	A-	3.200% due 8/2/46		17,831
	25,000	A-	3.650% due 2/3/48		18,864
	25,000	A-	4.450% due 1/20/49		21,311
			Canadian Pacific Railway Co., Company Guaranteed Notes:
	50,000	BBB+	3.000% due 12/2/41		36,970
	25,000	BBB+	4.300% due 5/15/43		21,596
	25,000	BBB+	4.700% due 5/1/48		21,982
	25,000	BBB+	3.500% due 5/1/50		17,841
	270,000	BBB+	3.100% due 12/2/51		176,151
			CSX Corp., Senior Unsecured Notes:
	25,000	BBB+	4.100% due 11/15/32		24,248
	25,000	BBB+	4.750% due 5/30/42		22,990
	25,000	BBB+	3.800% due 11/1/46		19,509
	25,000	BBB+	4.750% due 11/15/48		22,139
	25,000	BBB+	3.350% due 9/15/49		17,521
	25,000	BBB+	3.800% due 4/15/50		18,924
	25,000	BBB+	3.950% due 5/1/50		19,406
	25,000	BBB+	4.500% due 11/15/52		21,052
	25,000	BBB+	4.500% due 8/1/54		20,931
	25,000	BBB+	4.250% due 11/1/66		19,115
	25,000	BBB	FedEx Corp., Company Guaranteed Notes, 4.750% due 11/15/45		21,539
	145,000	BB	Genesee & Wyoming Inc., Senior Secured Notes, 6.250% due 4/15/32(a)		147,910
			Norfolk Southern Corp., Senior Unsecured Notes:
	46,000	BBB+	2.550% due 11/1/29		43,246
	166,000	BBB+	2.300% due 5/15/31		149,067
	138,000	BBB+	3.942% due 11/1/47		107,585
	52,000	BBB+	3.155% due 5/15/55		33,410
			Union Pacific Corp., Senior Unsecured Notes:
	153,000	A-	2.800% due 2/14/32		139,519
	44,000	A-	2.891% due 4/6/36		37,090
	35,000	A-	4.300% due 3/1/49		28,929
	138,000	A-	3.250% due 2/5/50		94,916
	45,000	A-	2.950% due 3/10/52		28,705
	144,000	A-	3.500% due 2/14/53		101,671
			United Parcel Service Inc., Senior Unsecured Notes:
	50,000	A	4.875% due 3/3/33		50,741
	50,000	A	5.150% due 5/22/34		51,205
	25,000	A	6.200% due 1/15/38		27,172
	25,000	A	4.250% due 3/15/49		20,281

159

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	CORPORATE BONDS & NOTES - 31.3% - (continued)
	Transportation - 0.2% - (continued)
	$ 25,000		A	3.400% due 9/1/49	$	17,686
	25,000		A	5.300% due 4/1/50		23,697
	100,000		A	6.050% due 5/14/65		102,141
	175,000		B+	XPO Inc., Company Guaranteed Notes, 7.125% due 6/1/31(a)		180,736
	223,981		Ba1(b)	Yinson Bergenia Production BV, Senior Secured Notes, 8.498% due 1/31/45(a)		238,504

				Total Transportation		2,949,930

	Trucking & Leasing - 0.2%
	335,000		BBB	Avolon Holdings Funding Ltd., Company Guaranteed Notes, 4.900% due 10/10/30(a)		333,188
	1,890,000		BB	FTAI Aviation Investors LLC, Company Guaranteed Notes, 7.000% due 6/15/32(a)		1,954,358
				GATX Corp., Senior Unsecured Notes:
	25,000		BBB	4.700% due 4/1/29		25,080
	25,000		BBB	4.000% due 6/30/30		24,380
	25,000		BBB	3.500% due 6/1/32		23,171
	25,000		BBB	5.450% due 9/15/33		25,372
	25,000		BBB	6.900% due 5/1/34		27,637
	715,000		A-	SMBC Aviation Capital Finance DAC, Company Guaranteed Notes, 5.250% due 11/26/35(a)		702,477

				Total Trucking & Leasing		3,115,663

	Water - 0.0%@
				American Water Capital Corp., Senior Unsecured Notes:
	100,000		A	5.250% due 3/1/35		101,545
	50,000		A	5.450% due 3/1/54		47,850
	351,000	^EUR	BB+	Holding d’Infrastructures des Metiers de l’Environnement SAS, Senior Unsecured Notes, (Cost - $377,179, acquired 12/5/24), 4.875% due 10/24/29(d)		419,485

				Total Water		568,880

				TOTAL CORPORATE BONDS & NOTES (Cost - $547,864,748)		573,067,878

	MORTGAGE-BACKED SECURITIES - 25.4%
	FHLMC - 6.8%
				Federal Home Loan Mortgage Corp. (FHLMC):
	1,978,195			4.500% due 4/1/29 - 3/1/56		1,918,676
	26,634,554			5.500% due 1/1/30 - 11/1/55		26,893,893
	21,906,192			3.000% due 3/1/31 - 6/1/52		19,372,448
	3,105,987			1.500% due 5/1/31 - 12/1/50		2,508,856
	19,571,336			2.500% due 11/1/31 - 5/1/52		16,595,884
	7,843,023			3.500% due 11/1/33 - 4/1/52		7,323,291
	11,618,827			5.000% due 12/1/34 - 5/1/56		11,472,882
	17,674,274			2.000% due 3/1/36 - 8/1/52		14,412,281
	11,442,216			4.000% due 4/1/38 - 5/1/54		10,914,210
	8,488,217			6.000% due 5/1/38 - 8/1/55		8,713,316
	4,318,606			6.500% due 7/1/53 - 7/1/55		4,514,741

				Total FHLMC		124,640,478

	FNMA - 11.3%
				Federal National Mortgage Association (FNMA):
	31,877,813			2.500% due 11/1/27 - 7/1/61		27,135,922
	31,281,954			3.000% due 12/1/27 - 9/1/61		27,741,217
	9,788,209			5.500% due 12/1/27 - 1/1/56		9,888,273
	8,680,273			4.500% due 3/1/29 - 5/1/53		8,420,000
	9,715,474			5.000% due 3/1/29 - 5/1/56		9,641,132
	6,597,539			3.500% due 7/1/29 - 2/1/52		6,128,104
	1,757,000			4.690% due 5/1/30		1,773,272
	4,155,000			4.330% due 6/1/30		4,153,979
	6,281,194			2.590% due 9/1/30		5,898,185
	3,063,591			1.500% due 6/1/31 - 8/1/51		2,663,635
	8,000,000			3.670% due 7/1/33		7,606,720

160

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Security	Value
	MORTGAGE-BACKED SECURITIES - 25.4% - (continued)
	FNMA - 11.3% - (continued)
	$ 1,989,789	4.635% due 10/1/33	$	1,980,324
	3,000,000	2.060% due 1/1/34		2,527,226
	37,394	5.777% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.527%) due 3/1/34(e)		38,037
	4,000,000	2.440% due 4/1/35		3,364,556
	2,199,000	1.890% due 5/1/35		1,758,347
	4,000,000	4.290% due 5/1/35		3,903,226
	1,097,000	5.180% due 5/1/35		1,136,422
	32,916,153	2.000% due 6/1/36 - 12/1/53		26,917,009
	6,202	7.000% due 4/1/37		6,235
	32,598	5.390% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.265%) due 5/1/37(e)		33,101
	6,297,515	4.000% due 11/1/39 - 2/1/55		5,977,690
	4,457,305	6.500% due 5/1/40 - 6/1/55		4,642,846
	11,893,890	6.000% due 11/1/52 - 11/1/55		12,174,595
	7,100,000	3.000% due 6/1/56(k)		6,206,162
	15,000,000	5.000% due 6/1/56(k)		14,760,394
	10,180,000	5.500% due 6/1/56 - 7/1/56(k)		10,223,875
	305,000	6.500% due 6/1/56(k)		317,018

		Total FNMA		207,017,502

	GNMA - 7.3%
		Government National Mortgage Association (GNMA):
	9,317	6.000% due 12/15/33 - 6/15/37		9,603
	219,004	5.000% due 10/15/34 - 9/15/40		222,252
	13,835	5.500% due 5/15/37 - 6/15/38		14,388
	22,086	6.500% due 1/15/38 - 10/15/38		23,440
	30,903	4.500% due 3/15/41		30,535
	280,481	4.000% due 6/15/41 - 11/15/45		271,010
		Government National Mortgage Association II (GNMA):
	14,071,817	6.000% due 11/20/38 - 5/20/56		14,489,331
	3,523,981	4.000% due 11/20/40 - 3/20/55		3,328,556
	22,253,094	5.000% due 11/20/40 - 12/20/55		22,043,427
	5,437,311	4.500% due 6/20/41 - 5/20/53		5,284,876
	11,192,609	3.000% due 1/20/43 - 1/20/54		9,992,290
	8,572,416	3.500% due 6/20/43 - 10/20/52		7,833,820
	43,107,291	2.500% due 9/20/50 - 5/20/55		37,018,513
	6,913,331	2.000% due 10/20/50 - 1/20/52		5,682,469
	21,601,748	5.500% due 4/20/53 - 2/20/56		21,823,684
	127,133	6.500% due 6/20/54 - 8/20/55		132,950
	989,764	7.500% due 4/20/55		1,056,775
	3,010,000	5.000% due 6/20/56(k)		2,973,263
	1,070,000	5.500% due 6/20/56(k)		1,077,636

		Total GNMA		133,308,818

		TOTAL MORTGAGE-BACKED SECURITIES (Cost - $478,976,849)		464,966,798

	U.S. GOVERNMENT AGENCIES & OBLIGATIONS - 20.5%
	U.S. GOVERNMENT AGENCIES - 0.0%@
	150,000	Federal Farm Credit Banks Funding Corp., 1.650% due 7/23/35		116,823
	300,000	Federal Home Loan Mortgage Corp., 1.500% due 10/29/32		252,265

		Total U.S. GOVERNMENT AGENCIES		369,088

	U.S. GOVERNMENT OBLIGATIONS - 20.5%
		U.S. Treasury Bonds:
	1,520,000	5.000% due 5/15/37		1,593,506
	105,000	4.375% due 2/15/38		103,868
	1,180,000	1.125% due 8/15/40		732,891

161

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Security	Value
	U.S. GOVERNMENT AGENCIES & OBLIGATIONS - 20.5% - (continued)
	U.S. GOVERNMENT OBLIGATIONS - 20.5% - (continued)
	$ 2,480,000	1.375% due 11/15/40	$	1,590,784
	1,687,000	1.875% due 2/15/41		1,162,218
	580,000	2.250% due 5/15/41		420,104
	1,940,000	1.750% due 8/15/41		1,290,630
	920,000	3.125% due 11/15/41		746,817
	1,435,000	2.375% due 2/15/42		1,039,758
	1,252,000	3.250% due 5/15/42		1,025,075
	1,115,000	3.375% due 8/15/42		925,363
	3,671,000	4.000% due 11/15/42		3,297,160
	100,000	3.125% due 2/15/43		79,437
	1,625,000	3.875% due 2/15/43		1,432,158
	215,000	3.875% due 5/15/43		188,982
	502,500	3.625% due 8/15/43		425,535
	540,000	4.375% due 8/15/43		504,974
	10,310,000	3.750% due 11/15/43		8,859,754
	2,493,700	4.750% due 11/15/43		2,439,199
	1,125,000	3.625% due 2/15/44		947,461
	385,000	4.500% due 2/15/44		364,577
	16,155,000	4.625% due 5/15/44		15,517,950
	415,000	3.125% due 8/15/44		322,484
	1,248,000	4.125% due 8/15/44		1,121,567
	1,375,000	3.000% due 11/15/44		1,043,926
	838,000	4.625% due 11/15/44		802,712
	1,248,000	4.750% due 2/15/45		1,213,656
	5,352,000	5.000% due 5/15/45		5,366,216
	245,000	2.875% due 8/15/45		180,353
	3,915,000	4.875% due 8/15/45		3,861,016
	1,192,500	3.000% due 11/15/45		893,537
	23,747,000	4.625% due 11/15/45		22,659,833
	370,000	2.500% due 2/15/46		252,908
	10,914,000	4.625% due 2/15/46		10,408,375
	370,000	5.000% due 5/15/46		370,491
	1,110,000	2.875% due 11/15/46		803,970
	3,342,000	3.000% due 2/15/47		2,467,336
	335,000	3.000% due 5/15/47		246,690
	680,000	2.750% due 8/15/47		476,637
	260,000	3.000% due 2/15/48		189,820
	2,126,300	3.000% due 8/15/48		1,544,142
	2,878,000	3.375% due 11/15/48		2,232,586
	2,000,000	2.000% due 2/15/50		1,152,266
	1,026,000	1.250% due 5/15/50		482,020
	885,000	1.375% due 8/15/50		428,499
	1,245,000	1.625% due 11/15/50		642,829
	2,003,000	1.875% due 2/15/51		1,099,968
	5,375,000	2.375% due 5/15/51		3,324,626
	96,000	1.875% due 11/15/51		52,138
	2,989,000	2.250% due 2/15/52		1,779,331
	280,000	2.875% due 5/15/52		191,745
	1,240,000	3.000% due 8/15/52		870,228
	904,000	4.000% due 11/15/52		766,528
	4,096,000	3.625% due 2/15/53		3,244,000
	1,097,000	3.625% due 5/15/53		867,894
	904,000	4.125% due 8/15/53		782,719

162

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Security	Value
	U.S. GOVERNMENT AGENCIES & OBLIGATIONS - 20.5% - (continued)
	U.S. GOVERNMENT OBLIGATIONS - 20.5% - (continued)
	$ 1,049,900	4.750% due 11/15/53	$	1,007,309
	1,022,000	4.250% due 2/15/54		903,632
	1,810,000	4.625% due 5/15/54		1,703,521
	2,961,000	4.250% due 8/15/54		2,618,287
	4,314,000	4.500% due 11/15/54		3,977,811
	1,055,000	4.625% due 2/15/55		993,287
	940,000	4.750% due 5/15/55		903,098
	900,000	4.750% due 8/15/55		865,020
	4,137,000	4.625% due 11/15/55		3,897,830
	1,183,000	4.750% due 2/15/56		1,138,268
	460,000	5.000% due 5/15/56		460,539
	1,936,953	U.S. Treasury Inflation Indexed Notes, 1.875% due 1/15/36		1,906,826
		U.S. Treasury Notes:
	1,000,000	4.375% due 7/15/27		1,004,883
	765,000	2.750% due 7/31/27		754,750
	4,725,000	3.750% due 8/15/27		4,714,295
	2,160,000	3.125% due 8/31/27		2,138,695
	862,000	3.625% due 8/31/27		858,650
	860,000	3.375% due 9/15/27		853,920
	1,945,000	3.500% due 9/30/27		1,933,642
	2,000,000	3.875% due 10/15/27		1,997,695
	270,000	3.500% due 10/31/27		268,239
	1,343,000	4.125% due 10/31/27		1,345,807
	1,090,000	4.125% due 11/15/27		1,092,108
	1,020,000	3.375% due 11/30/27		1,011,115
	2,500,000	3.875% due 11/30/27		2,495,947
	1,086,000	4.000% due 12/15/27		1,086,255
	1,950,000	3.375% due 12/31/27		1,931,566
	2,000,000	3.875% due 12/31/27		1,996,328
	2,287,000	4.250% due 1/15/28		2,295,621
	1,836,000	0.750% due 1/31/28		1,740,578
	19,000,000	3.500% due 1/31/28		18,847,109
	2,286,000	4.250% due 2/15/28		2,295,019
	1,867,000	1.125% due 2/29/28		1,777,005
	1,746,000	3.875% due 3/15/28		1,742,078
	1,723,000	3.750% due 4/15/28		1,714,822
	5,826,000	3.750% due 5/15/28		5,796,870
	3,120,000	3.875% due 6/15/28		3,110,981
	3,700,000	3.875% due 7/15/28		3,688,004
	1,930,000	3.625% due 8/15/28		1,913,489
	2,250,000	3.375% due 9/15/28		2,217,480
	1,410,000	3.500% due 11/15/28		1,391,962
	1,746,000	3.500% due 12/15/28		1,722,947
	1,285,000	3.750% due 12/31/28		1,275,513
	2,774,000	4.000% due 1/31/29		2,769,666
	955,000	4.250% due 2/28/29		959,588
	2,730,000	3.500% due 3/15/29		2,690,223
	415,000	2.375% due 3/31/29		396,438
	6,000,000	4.125% due 3/31/29		6,009,727
	1,130,000	4.625% due 4/30/29		1,147,082
	1,075,000	3.875% due 5/15/29		1,069,499
	2,000,000	4.500% due 5/31/29		2,023,828
	4,000,000	4.250% due 6/30/29		4,019,922

163

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Security	Value
	U.S. GOVERNMENT AGENCIES & OBLIGATIONS - 20.5% - (continued)
	U.S. GOVERNMENT OBLIGATIONS - 20.5% - (continued)
	$ 1,000,000	4.000% due 7/31/29	$	997,695
	930,000	3.125% due 8/31/29		903,117
	4,800,000	3.625% due 8/31/29		4,733,063
	2,000,000	3.500% due 9/30/29		1,963,672
	285,000	3.875% due 9/30/29		283,152
	930,000	4.000% due 10/31/29		927,366
	2,000,000	4.125% due 10/31/29		2,001,875
	2,597,000	3.875% due 11/30/29		2,578,638
	706,000	4.125% due 11/30/29		706,676
	1,617,000	4.375% due 12/31/29		1,631,717
	614,000	4.250% due 1/31/30		616,962
	1,553,000	4.000% due 2/28/30		1,547,328
	2,951,000	3.625% due 3/31/30		2,900,798
	2,533,000	4.000% due 3/31/30		2,523,402
	1,000,000	3.875% due 4/30/30		991,445
	1,556,000	3.750% due 5/31/30		1,535,243
	1,847,000	4.000% due 5/31/30		1,839,100
	1,919,000	3.875% due 6/30/30		1,901,347
	1,613,000	3.875% due 7/31/30		1,597,815
	9,886,000	3.625% due 8/31/30		9,692,528
	1,480,000	3.625% due 9/30/30		1,450,573
	1,350,000	3.625% due 10/31/30		1,322,420
	555,000	4.875% due 10/31/30		571,390
	1,470,000	3.500% due 11/30/30		1,431,872
	1,512,000	4.375% due 11/30/30		1,526,500
	2,370,000	3.625% due 12/31/30		2,319,360
	1,000,000	3.750% due 12/31/30		983,730
	762,000	3.750% due 1/31/31		749,409
	1,668,000	4.000% due 1/31/31		1,657,705
	1,560,000	1.125% due 2/15/31		1,361,252
	2,035,000	3.500% due 2/28/31		1,979,435
	1,345,000	4.250% due 2/28/31		1,350,832
	640,000	4.125% due 3/31/31		639,225
	1,949,000	3.875% due 4/30/31		1,925,703
	2,912,000	1.625% due 5/15/31		2,584,457
	11,289,000	4.125% due 5/31/31		11,277,094
	1,000,000	4.625% due 5/31/31		1,020,625
	800,000	4.250% due 6/30/31		803,172
	1,000,000	4.125% due 7/31/31		998,066
	800,000	3.625% due 9/30/31		778,969
	1,000,000	4.125% due 10/31/31		997,012
	1,000,000	4.125% due 11/30/31		996,836
	255,000	4.375% due 1/31/32		257,162
	340,000	4.000% due 4/30/32		336,109
	1,178,000	2.875% due 5/15/32		1,094,643
	65,000	4.000% due 6/30/32		64,187
	121,000	4.000% due 7/31/32		119,424
	3,570,000	2.750% due 8/15/32		3,280,007
	103,000	3.875% due 8/31/32		100,900
	253,000	3.875% due 9/30/32		247,723
	467,000	3.750% due 10/31/32		453,683
	1,473,000	4.125% due 11/15/32		1,462,039
	160,000	3.875% due 12/31/32		156,406

164

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	U.S. GOVERNMENT AGENCIES & OBLIGATIONS - 20.5% - (continued)
	U.S. GOVERNMENT OBLIGATIONS - 20.5% - (continued)
	$ 853,000		4.000% due 1/31/33	$	839,439
	1,470,000		3.375% due 5/15/33		1,389,150
	1,447,000		3.875% due 8/15/33		1,408,677
	2,694,000		4.500% due 11/15/33		2,724,518
	4,097,000		4.000% due 2/15/34		4,006,898
	2,193,000		4.375% due 5/15/34		2,196,726
	2,233,000		3.875% due 8/15/34		2,157,680
	18,313,500		4.250% due 11/15/34		18,141,811
	2,202,000		4.625% due 2/15/35		2,238,170
	1,960,000		4.250% due 5/15/35		1,936,687
	1,779,000		4.250% due 8/15/35		1,755,755
	1,656,000		4.000% due 11/15/35		1,600,369
	4,242,000		4.125% due 2/15/36		4,135,287
	7,252,000		4.375% due 5/15/36		7,207,242

			Total U.S. GOVERNMENT OBLIGATIONS		375,215,289

			TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost - $393,624,274)		375,584,377

	COLLATERALIZED MORTGAGE OBLIGATIONS - 12.7%
	Asset-Backed Securities - 5.9%
	1,400,000	NR	AMSR Trust, Series 2025-SFR1, Class E2, 3.655% due 6/17/42(a)		1,267,395
	1,906,834	NR	Angel Oak Mortgage Trust, Series 2025-HB2, Class A1, 5.212% (30-Day Average SOFR + 1.600%) due 12/25/55(a)(e)		1,915,580
	863,571	NR	Aqua Finance Issuer Trust, Series 2025-A, Class C, 5.810% due 12/19/50(a)		869,198
	1,155,231	A3(b)	Aqua Finance Trust, Series 2020-AA, Class C, 3.970% due 7/17/46(a)		1,112,529
	340,000	AAA(i)	BRAVO Residential Funding Trust, Series 2026-CES1, Class A1A, step bond to yield, 5.254% due 4/25/56(a)(l)		339,842
			Business Jet Securities LLC:
	426,411	BB	Series 2024-1A, Class C, 9.132% due 5/15/39(a)		433,627
	1,786,602	BB	Series 2024-2A, Class C, 7.974% due 9/15/39(a)		1,775,987
	3,755,000	NR	Cajun Global LLC, Series 2025-2A, Class A2, 5.912% due 11/20/55(a)		3,719,127
	1,000,000	NR	Cascade MH Asset Trust, Series 2019-MH1, Class M, 5.985% due 11/25/44(a)(e)		964,506
	3,545,000	NR	CCAS LLC, Series 2024-1A, Class A, 7.124% due 6/16/31(a)		3,577,558
	750,000	NR	Cherry Securitization Trust, Series 2025-1A, Class A, 6.130% due 11/15/32(a)		758,715
	1,066,667	NR	Crockett Partners Equipment Co. IIA LLC, Series 2024-1C, Class A, 6.050% due 1/20/31(a)		1,081,177
			DataBank Issuer:
	3,810,000	NR	Series 2024-1A, Class A2, 5.300% due 1/26/54(a)		3,751,929
	520,000	A3(b)	Series 2026-1A, Class A2, 5.811% due 2/25/56(a)		519,767
	1,388,071	NR	Deephaven Residential Mortgage Trust, Series 2026-CES1, Class A1A, step bond to yield, 5.312% due 3/25/61(a)		1,391,304
			FirstKey Homes Trust:
	805,000	NR	Series 2021-SFR1, Class E1, 2.389% due 8/17/38(a)		799,473
	2,000,000	NR	Series 2021-SFR1, Class E2, 2.489% due 8/17/38(a)		1,986,199
	2,500,000	NR	Series 2021-SFR1, Class F1, 3.238% due 8/17/38(a)		2,485,431
	2,004,475	BBB-	Five Guys Holdings Inc., Series 2023-1A, Class A2, 7.549% due 1/26/54(a)		2,045,656
	2,130,736	AAA(i)	GS Mortgage-Backed Securities Trust, Series 2025-SL1, Class A1, 5.847% due 11/25/67(a)(e)		2,143,441
	476,248	BB-(i)	Hilton Grand Vacations Trust, Series 2025-3EXT, Class D, 7.380% due 10/25/44(a)		478,493
	776,649	Ba2(b)	HINNT LLC, Series 2024-A, Class D, 7.000% due 3/15/43(a)		775,576
	2,383,378	Aaa(b)	Home Partners of America Trust, Series 2022-1, Class D, 4.730% due 4/17/39(a)		2,361,293
	3,025,000	A	Iskandar Enterprise LLC, Series 2026-1A, Class A23, 5.538% due 4/17/56(a)		3,021,852
	4,216,375	BBB-	Jack in the Box Funding LLC, Series 2019-1A, Class A23, 4.970% due 8/25/49(a)		3,926,942
	1,130,000	NR	JBHP ABS I LLC, Series 2026-1A, Class A1, 5.386% due 12/15/41(a)(l)		1,122,096
	822,111	NR	Lafayette Federal Credit Union Asset Trust 2026-HI1A, Series 2026-HI1A, Class A2, 5.375% due 1/25/46(a)		817,899
			Lendmark Funding Trust:
	1,250,000	BB-	Series 2024-2A, Class E, 8.470% due 2/21/34(a)		1,273,927
	1,395,000	BB	Series 2025-1A, Class E, 8.910% due 9/20/34(a)		1,443,063
	1,210,000	BBB	Series 2025-3A, Class D, 5.640% due 5/21/35(a)		1,190,966

165

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS - 12.7% - (continued)
	Asset-Backed Securities - 5.9% - (continued)
	$ 1,750,000	BB-	Mariner Finance Issuance Trust, Series 2025-AA, Class E, 8.640% due 5/20/38(a)	$	1,790,933
	1,135,000	A-(i)	Marlette Funding Trust, Series 2025-1A, Class C, 5.260% due 7/16/35(a)		1,136,195
	698,740	BBB(i)	MVW LLC, Series 2025-1A, Class C, 5.750% due 9/22/42(a)		699,843
	2,311,650	NR	NBC Funding LLC, Series 2024-1A, Class A2, 6.750% due 7/30/54(a)		2,345,020
	1,090,000	BBB+	New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.410% due 10/20/61(a)		679,887
	1,887,638	AA	NMABS Issuer I LLC, Series 2025-1A, Class B, 5.330% due 11/22/55(a)		1,838,738
	1,675,000	BBB-	Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class B1, 5.110% due 11/20/50(a)		996,997
			Oportun Issuance Trust:
	416,835	NR	Series 2021-C, Class A, 2.180% due 10/8/31(a)		411,504
	1,400,000	NR	Series 2024-2, Class D, 10.470% due 2/9/32(a)		1,429,753
	1,000,000	AA-(i)	Series 2025-B, Class B, 5.280% due 5/9/33(a)		1,001,210
	3,000,000	AA-(i)	Series 2025-C, Class B, 4.930% due 7/8/33(a)		2,990,328
	785,686	NR	PowerPay Issuance Trust, Series 2025-1A, Class A, 5.230% due 11/18/41(a)		782,979
			Progress Residential Trust:
	1,750,000	NR	Series 2021-SFR9, Class F, 4.053% due 11/17/40(a)		1,687,288
	2,500,000	NR	Series 2022-SFR1, Class F, 4.880% due 2/17/41(a)		2,414,555
	2,081,000	NR	Series 2022-SFR2, Class E2, 4.800% due 4/17/27(a)		2,050,107
	1,781,000	NR	Series 2023-SFR2, Class E1, 4.750% due 10/17/40(a)		1,737,017
	560,000	Baa2(b)	Series 2026-SFR2, Class D, 4.320% due 5/17/43(a)		527,116
	860,416	AAA(i)	RCKT Mortgage Trust, Series 2024-CES9, Class A1A, step bond to yield, 5.582% due 12/25/44(a)		864,263
	1,900,000	A	Sabey Data Center Issuer LLC, Series 2026-1, Class A2, 5.482% due 1/20/51(a)		1,870,470
			Saluda Grade Alternative Mortgage Trust:
	993,105	NR	Series 2023-FIG3, Class A, 7.067% due 8/25/53(a)(e)		1,020,437
	2,408,255	NR	Series 2023-FIG4, Class A, 6.718% due 11/25/53(a)(e)		2,471,733
	2,233,022	NR	Series 2024-CES1, Class A1, 6.306% due 3/25/54(a)(e)		2,257,012
	830,000	Aaa(b)	SCF Equipment Leasing LLC, Series 2025-1A, Class A3, 5.110% due 11/21/33(a)		840,506
	2,892,603	NR	Service Experts Issuer LLC, Series 2024-1A, Class A, 6.390% due 11/20/35(a)		2,949,686
	1,295,188	BBB-	SERVPRO Master Issuer LLC, Series 2024-1A, Class A2, 6.174% due 1/25/54(a)		1,326,740
			Sierra Timeshare Receivables Funding LLC:
	875,761	Ba2(b)	Series 2023-1A, Class D, 9.800% due 1/20/40(a)		914,975
	749,276	BB-	Series 2025-2A, Class D, 6.790% due 4/20/44(a)		747,240
	861,557	BB(i)	Series 2026-1A, Class D, 7.100% due 12/22/42(a)		856,922
	345,000	NR	Sotheby’s Artfi Master Trust, Series 2026-1A, Class B, 4.900% due 6/20/33(a)		343,649
	3,500,000	A-	Stack Infrastructure Issuer LLC, Series 2024-1A, Class A2, 5.900% due 3/25/49(a)		3,524,250
			Stream Innovations Issuer Trust:
	1,381,224	NR	Series 2024-2A, Class C, 9.050% due 2/15/45(a)		1,451,172
	908,156	NR	Series 2025-1A, Class D, 8.400% due 9/15/45(a)		927,903
	847,896	AAA(i)	Towd Point Mortgage Trust, Series 2026-CES1, Class A1, step bond to yield, 4.961% due 1/25/66(a)		842,183
	742,583	A2(b)	Upstart Securitization Trust, Series 2025-1, Class A, 5.450% due 4/20/35(a)		746,671
	2,942,625	NR	Vital Care Issuer LLC, Series 2025-1A, Class A2, 6.737% due 1/30/56(a)		2,952,720
	2,938,463	NR	Zaxbys Funding LLC, Series 2021-1A, Class A2, 3.238% due 7/30/51(a)		2,801,658
	3,400,000	A3(b)	Zayo Issuer LLC, Series 2025-2A, Class A2, 5.953% due 6/20/55(a)		3,446,290

			Total Asset-Backed Securities		107,026,498

	Mortgage Securities - 6.8%
	1,456,542	AAA	A&D Mortgage Trust, Series 2024-NQM4, Class A1, 5.464% due 8/25/69(a)		1,459,670
			ABL:
	1,750,000	NR	Series 2024-RTL1, Class A1, step bond to yield, 6.075% due 9/25/29(a)		1,755,474
	800,000	NR	Series 2025-RTL1, Class A1, step bond to yield, 6.040% due 6/25/30(a)		806,617
			BAMLL Re-REMIC Trust:
	2,000,000	NR	Series 2024-FRR2, Class C, 1.206% due 7/27/50(a)(e)		1,908,677
	2,400,000	NR	Series 2024-FRR3, Class C, 0.617% due 1/27/50(a)(e)		2,319,431
	10,698	AA+	Banc of America Mortgage Trust, Series 2004-F, Class 1A1, 5.781% due 7/25/34(e)		10,369

166

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS - 12.7% - (continued)
	Mortgage Securities - 6.8% - (continued)
			BBCMS Mortgage Trust:
	$ 280,000	AAA	Series 2022-C16, Class A5, 4.600% due 6/15/55(e)	$	272,701
	590,000	AAA	Series 2023-C19, Class A2B, 5.753% due 4/15/56		595,960
	250,000	AAA	Series 2024-C28, Class A5, 5.403% due 9/15/57		256,013
			BMD2 Re-Remic Trust:
	1,650,000	NR	Series 2019-FRR1, Class 4A, zero coupon due 5/25/52(a)(m)		1,432,737
	2,000,000	NR	Series 2019-FRR1, Class 5A1, 3.404% due 5/25/52(a)(e)		1,879,834
	1,750,000	NR	Series 2019-FRR1, Class 6B10, 2.340% due 5/25/52(a)(e)		1,528,402
			BMO Mortgage Trust:
	280,000	AAA	Series 2022-C1, Class A5, 3.374% due 2/15/55(e)		258,261
	100,000	A-(i)	Series 2024-5C6, Class C, 5.885% due 9/15/57(e)		98,546
			Brean Asset Backed Securities Trust:
	583,163	NR	Series 2025-RM11, Class A1, 4.750% due 5/25/65(a)(e)		575,022
	1,270,000	NR	Series 2026-RM16, Class A1, 4.250% due 5/25/66(a)(l)		1,269,978
	1,215,000	BBB(i)	BX Mortgage Trust, Series 2021-PAC, Class D, 5.040% (1-Month Term SOFR + 1.413%) due 10/15/36(a)(e)		1,211,586
			BX Trust:
	685,684	Aaa(b)	Series 2022-VAMF, Class A, 4.477% (1-Month Term SOFR + 0.850%) due 1/15/39(a)(e)		685,567
	969,000	A3(b)	Series 2024-BIO, Class C, 6.267% (1-Month Term SOFR + 2.640%) due 2/15/41(a)(e)		965,120
	1,200,000	NR	CAFL Issuer LP, Series 2025-RRTL1, Class A1, step bond to yield, 5.684% due 5/28/40(a)		1,204,419
			CIM Trust:
	316,996	NR	Series 2020-R6, Class A1A, 2.250% due 12/25/60(a)(e)		290,080
	1,100,157	NR	Series 2021-R1, Class A2, 2.400% due 8/25/56(a)(e)		1,008,344
	531,557	NR	Series 2021-R3, Class A1A, 1.951% due 6/25/57(a)(e)		494,783
	710,297	NR	Series 2021-R4, Class A1A, 2.000% due 5/1/61(a)(e)		658,022
	1,518,179	NR	Series 2021-R5, Class A1, 2.000% due 8/25/61(a)(e)		1,318,330
			Citigroup Commercial Mortgage Trust:
	285,000	Aa3(b)	Series 2016-C2, Class B, 3.176% due 8/10/49		283,693
	446,055	Aaa(b)	Series 2016-C3, Class A3, 2.896% due 11/15/49		444,006
	22,355	Aaa(b)	Series 2017-P7, Class AAB, 3.509% due 4/14/50		22,308
	611,069	AAA(i)	COLT Mortgage Loan Trust, Series 2021-2, Class A1, 0.924% due 8/25/66(a)(e)		520,388
	46	PIF(i)	Commercial Mortgage Trust, Series 2014-CR21, Class C, 4.697% due 12/10/47(e)(l)		45
	541,206	Aa2(b)	Connecticut Avenue Securities Trust, Series 2025-R03, Class 2A1, 5.062% (30-Day Average SOFR + 1.450%) due 3/25/45(a)(e)		544,262
	310,000	Aaa(b)	CSAIL Commercial Mortgage Trust, Series 2018-CX12, Class A4, 4.224% due 8/15/51(e)		306,971
	100,000	B+	CSMC OA LLC, Series 2014-USA, Class D, 4.373% due 9/15/37(a)		84,369
	1,695,000	BB-(i)	CSTL Commercial Mortgage Trust, Series 2025-GATE2, Class E, 6.355% due 11/10/42(a)(e)		1,669,080
	2,025,000	NR	DBSG Mortgage Trust, Series 2024-ALTA, Class A, 5.946% due 6/10/37(a)(e)		2,039,732
	1,750,000	AAA(i)	DOLP Trust, Series 2021-NYC, Class A, 2.956% due 5/10/41(a)		1,559,829
	1,192,660	AAA(i)	EFMT, Series 2025-NQM3, Class A1, step bond to yield, 5.494% due 8/25/70(a)		1,196,296
	6,351,676	NR	Federal Home Loan Mortgage Corp. (FHLMC), REMICS, Series 4995, Class QE, 1.250% due 7/25/50		4,914,535
	1,067,670	A-	Federal Home Loan Mortgage Corp. (FHLMC), Structured Agency Credit Risk, Series 2021-DNA6, Class M2, 5.112% (30-Day Average SOFR + 1.500%) due 10/25/41(a)(e)		1,069,618
			Federal National Mortgage Association (FNMA), ACES:
	245,000	NR	Series 2021-M2S, Class A2, 1.807% due 10/25/31(e)		216,087
	253,488	NR	Series 2022-M10, Class A2, 1.927% due 1/25/32(e)		222,934
	2,035,000	NR	Series 2023-M2, Class 3A2, 1.941% due 4/25/32(e)		1,768,543
			Federal National Mortgage Association (FNMA), REMICS:
	3,847,540	NR	Series 2020-57, Class NI, 2.500% due 8/25/50(n)		648,992
	536,148	NR	Series 2020-73, Class KI, 3.000% due 10/25/50(n)		92,259
	459,590	NR	Series 2021-61, Class KI, 2.500% due 4/25/49(n)		67,199
			FHLMC Multifamily Structured Pass-Through Certificates:
	2,700,000	AA+(i)	Series K104, Class XAM, 1.379% due 1/25/30(e)(n)		125,970
	440,000	AAA(i)	Series K144, Class A2, 2.450% due 4/25/32		394,349
	500,000	Aaa(b)	Series K146, Class A2, 2.920% due 6/25/32		458,925
	736,000	Aaa(b)	Series K148, Class A2, 3.500% due 7/25/32(e)		696,608
	250,000	NR	Series K154, Class A2, 3.424% due 4/25/32		242,943

167

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS - 12.7% - (continued)
	Mortgage Securities - 6.8% - (continued)
	$ 1,000,000	NR	Series K541, Class A2, 4.348% due 2/25/30(a)(e)	$	997,849
			Freddie Mac Multifamily Structured Credit Risk:
	1,500,000	NR	Series 2021-MN1, Class B1, 11.362% (30-Day Average SOFR + 7.750%) due 1/25/51(a)(e)		1,654,775
	2,500,000	NR	Series 2021-MN1, Class M2, 7.362% (30-Day Average SOFR + 3.750%) due 1/25/51(a)(e)		2,594,165
	2,000,000	NR	Series 2021-MN3, Class M2, 7.612% (30-Day Average SOFR + 4.000%) due 11/25/51(a)(e)		2,071,008
	1,250,000	NR	Series 2025-MN11, Class M2, 6.262% (30-Day Average SOFR + 2.650%) due 7/25/45(a)(e)		1,244,739
	1,200,000	BB-(i)	Series 2025-MN12, Class M2, 6.362% (30-Day Average SOFR + 2.750%) due 11/25/45(a)(e)		1,198,327
	1,250,000	NR	Series 2026-MN13, Class M2, 6.562% (30-Day Average SOFR + 2.950%) due 3/25/46(a)(e)		1,253,989
	725,000	NR	FS Trust, Series 2026-HULA, Class B, 5.277% (1-Month Term SOFR + 1.650%) due 3/15/41(a)(e)		727,135
			GAM RE-REMIC Trust:
	2,352,000	NR	Series 2021-FRR1, Class 2C, zero coupon due 11/29/50(a)(m)		2,129,461
	799,000	NR	Series 2021-FRR2, Class CK78, zero coupon due 9/27/51(a)(m)		647,100
	2,000,000	NR	Series 2022-FRR3, Class BK61, zero coupon due 11/27/49(a)(m)		1,937,927
	2,000,000	NR	Series 2022-FRR3, Class CK89, zero coupon due 1/27/52(a)(m)		1,644,763
	1,843,139	Aaa(b)	GCAT Trust, Series 2026-NQM2, Class A1, 5.449% due 2/25/71(a)(e)		1,848,086
			Government National Mortgage Association (GNMA):
	60,815	NR	Series 2018-124, Class NW, 3.500% due 9/20/48		56,107
	3,075,788	NR	Series 2021-119, Class JG, 1.500% due 6/20/51		2,627,262
	1,089,265	NR	Series 2023-53, Class SL, 5.250% (12.500% - 30-Day Average SOFR) due 4/20/53(j)		1,014,063
	5,913,051	NR	Series 2024-51, Class GC, 3.500% due 7/20/48		5,729,108
	33,969	WR(b)	Harborview Mortgage Loan Trust, Series 2004-5, Class 2A6, 4.493% due 6/19/34(e)		32,681
	1,000,000	NR	ICAP Trust, Series 2025-RTL1, Class A1, step bond to yield, 6.472% due 7/25/30(a)		1,011,116
			JPMDB Commercial Mortgage Securities Trust:
	190,000	Aaa(b)	Series 2017-C7, Class A5, 3.409% due 10/15/50		187,209
	130,000	AA-	Series 2018-C8, Class B, 4.522% due 6/15/51		124,347
	1,353,930	Aaa(b)	JPMorgan Mortgage Trust, Series 2021-13, Class A3, 2.500% due 4/25/52(a)(e)		1,121,616
	1,200,000	NR	KREST Commercial Mortgage Securities Trust, Series 2021-CHIP, Class B, 2.861% due 11/5/44(a)		912,873
	510,000	NR	Lhome Mortgage Trust, Series 2025-RTL2, Class A1, 5.612% due 4/25/40(a)(e)		512,913
	1,700,000	NR	LHOME Mortgage Trust, Series 2025-RTL1, Class A1, step bond to yield, 5.652% due 1/25/40(a)		1,708,625
	500,000	NR	LOANDEPOT GMSR Master Trust, Series 2025-GT2, Class A, 6.775% (1-Month Term SOFR + 3.150%) due 7/16/30(a)(e)		502,106
	672,290	Aaa(b)	MCR Mortgage Trust, Series 2024-HF1, Class A, 5.420% (1-Month Term SOFR + 1.793%) due 12/15/41(a)(e)		674,072
	2,000,000	NR	MFA Trust, Series 2024-RTL3, Class A1, step bond to yield, 5.913% due 11/25/39(a)		2,007,282
			MOO Securitization Trust:
	250,000	NR	Series 2026-RM2, Class A1B, 4.750% due 6/25/66(a)(e)(l)		236,062
	500,000	NR	Series 2026-RM2, Class M1, 4.750% due 6/25/66(a)(e)(l)		461,544
	2,000,000	NR	MRCD Mortgage Trust, Series 2019-PARK, Class E, 2.718% due 12/15/36(a)		1,384,000
			Multifamily Connecticut Avenue Securities Trust:
	2,523,629	NR	Series 2019-01, Class M10, 6.977% (30-Day Average SOFR + 3.364%) due 10/25/49(a)(e)		2,552,133
	1,537,572	NR	Series 2020-01, Class M10, 7.477% (30-Day Average SOFR + 3.864%) due 3/25/50(a)(e)		1,563,676
	1,500,000	NR	Series 2023-01, Class M10, 10.112% (30-Day Average SOFR + 6.500%) due 11/25/53(a)(e)		1,718,639
	2,176,875	NR	Neighborly Issuer, Series 2023-1A, Class A2, 7.308% due 1/30/53(a)		2,183,391
	2,007,577	NR	NRM FHT1 Excess Owner LLC, Series 2025-FHT1, Class A, step bond to yield, 6.545% due 3/25/32(a)		2,011,154
	2,006,152	AAA(i)	OBX Trust, Series 2021-NQM4, Class A1, 1.957% due 10/25/61(a)(e)		1,715,217
	2,000,000	Aaa(b)	One Bryant Park Trust, Series 2019-OBP, Class A, 2.516% due 9/15/54(a)		1,849,302
	3,052,600	A-	One New York Plaza Trust, Series 2020-1NYP, Class A, 4.692% (1-Month Term SOFR + 1.064%) due 1/15/36(a)(e)		2,974,663
	352,189	AAA	PRKCM Trust, Series 2023-AFC1, Class A1, step bond to yield, 6.598% due 2/25/58(a)		351,771
	340,000	NR	PRM7 Trust, Series 2025-PRM7, Class E, 6.618% due 11/10/42(a)(e)		339,497
	627,784	AAA(i)	PRPM LLC, Series 2022-NQM1, Class A1, step bond to yield, 5.500% due 8/25/67(a)		626,615
	2,547,468	NR	RFM Reremic Trust, Series 2022-FRR1, Class BK64, 1.638% due 3/1/50(a)(e)		2,450,334
			ROCK Trust:
	210,000	Aaa(b)	Series 2024-CNTR, Class A, 5.388% due 11/13/41(a)		213,016
	1,900,000	Aa3(b)	Series 2024-CNTR, Class B, 5.930% due 11/13/41(a)		1,938,614
	1,925,000	AA-	SDAL Trust, Series 2025-DAL, Class B, 6.568% (1-Month Term SOFR + 2.941%) due 4/15/42(a)(e)		1,932,015

168

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS - 12.7% - (continued)
	Mortgage Securities - 6.8% - (continued)
				Seasoned Loans Structured Transaction Trust:
	$ 4,828,889		NR	Series 2025-1, Class A1, 3.000% due 5/25/35	$	4,464,180
	1,685,890		NR	Series 2025-2, Class A1, 3.000% due 10/25/35		1,563,253
	3,715,000		Aaa(b)	SHR Trust, Series 2024-LXRY, Class A, 5.577% (1-Month Term SOFR + 1.950%) due 10/15/41(a)(e)		3,722,771
	910,000		AAA(i)	SLG Office Trust, Series 2021-OVA, Class A, 2.585% due 7/15/41(a)		811,631
	19,184		WR(b)	Structured Asset Mortgage Investments II Trust, Series 2005-AR5, Class A3, 4.227% (1-Month Term SOFR + 0.614%) due 7/19/35(e)		18,603
	2,000,000		NR	Toorak Mortgage Trust, Series 2025-RRTL1, Class A1, step bond to yield, 5.524% due 2/25/40(a)		2,005,912
	469,979		Aaa(b)	UBS Commercial Mortgage Trust, Series 2019-C17, Class A3, 2.669% due 10/15/52		443,288
	502,102		NR	Velocity Commercial Capital Loan Trust, Series 2019-1, Class A, 3.760% due 3/25/49(a)(e)		483,945
				Verus Securitization Trust:
	533,551		AAA	Series 2021-5, Class A1, 1.013% due 9/25/66(a)(e)		459,418
	1,977,825		AAA	Series 2021-7, Class A1, step bond to yield, 2.829% due 10/25/66(a)		1,807,242
	378,465		A+	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR19, Class A1B3, 4.399% (1-Month Term SOFR + 0.814%) due 12/25/45(e)		382,418
	238,178		Aaa(b)	Wells Fargo Commercial Mortgage Trust, Series 2018-C44, Class A4, 3.948% due 5/15/51		235,125

				Total Mortgage Securities		124,924,017

				TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $231,915,012)		231,950,515

	SOVEREIGN BONDS - 3.7%
	Angola - 0.0%@
				Angolan Government International Bonds:
	200,000		B-	9.875% due 10/15/35(a)		213,993
	200,000		B-	9.875% due 3/31/37(a)		210,084

				Total Angola		424,077

	Argentina - 0.1%
				Argentine Republic Government International Bonds:
	720,000		CCC+	step bond to yield, 4.125% due 7/9/35		555,840
	200,000		CCC+	step bond to yield, 3.500% due 7/9/41		143,600
	825,000		B-	Ciudad Autonoma de Buenos Aires/Government Bonds, 7.800% due 11/26/33(a)(c)		853,693
	980,000		B3(b)	Province of Santa Fe, 8.100% due 12/11/34(a)		967,750

				Total Argentina		2,520,883

	Australia - 0.3%
				Australia Government Bonds:
	2,860,000	^AUD	Aaau(b)	(Cost - $1,920,547, acquired 1/27/26), 2.250% due 5/21/28(d)		1,968,494
	4,650,000	^AUD	AAAu(i)	1.500% due 6/21/31		2,891,092

				Total Australia		4,859,586

	Belgium - 0.1%
	1,600,000	^EUR	NR	Kingdom of Belgium Government Bonds, (Cost - $1,925,858, acquired 2/27/26), 3.400% due 6/22/36(a)(d)		1,859,547

	Benin - 0.0%@
	200,000		BB-	Benin Government International Bonds, 7.960% due 2/13/38(a)		211,181

	Bolivia - 0.0%@
	200,000		CCC+	Bolivian Government International Bonds, 9.450% due 5/14/31(a)(l)		195,316

	Bosnia-Herze. - 0.0%@
	100,000	^EUR	B	Republic of Srpska International Government Bonds, 6.375% due 5/8/33(a)(l)		116,431

	Brazil - 0.2%
	22,000,000	^BRL	BB(i)	Brazil Notas do Tesouro Nacional Serie F, 10.000% due 1/1/31		3,993,697
	200,000		BB	Brazilian Government International Bonds, 7.125% due 5/13/54		200,850

				Total Brazil		4,194,547

	Canada - 0.1%
				Province of British Columbia Canada:
	50,000		A	4.200% due 7/6/33		49,204
	300,000		A	4.750% due 6/12/34		304,042
				Province of Ontario Canada:
	50,000		AA-	5.050% due 4/24/34		51,867

169

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	SOVEREIGN BONDS - 3.7% - (continued)
	Canada - 0.1% - (continued)
	$ 200,000		Aa3(b)	4.450% due 11/20/35	$	197,193
	200,000		A+	Province of Quebec Canada, 4.625% due 8/28/35		199,491

				Total Canada		801,797

	Chile - 0.1%
	840,000,000	^CLP	NR	Bonos de la Tesoreria de la Republica en pesos, (Cost - $996,449, acquired 2/11/26), 4.700% due 9/1/30(a)(d)		939,737
				Chile Government International Bonds:
	200,000		A	3.240% due 2/6/28		196,575
	200,000		A	4.350% due 4/13/31		197,010
	45,000		A	2.550% due 1/27/32		40,140
	200,000		A	3.500% due 1/25/50		145,100

				Total Chile		1,518,562

	Colombia - 0.2%
	200,000		BB-	Colombia Government International Bonds, 7.750% due 11/7/36(c)		209,000
	14,500,000,000	^COP	BB	Colombian TES, 5.750% due 11/3/27		3,542,731

				Total Colombia		3,751,731

	Congo - 0.0%@
	200,000		CCC+	Congolese International Bonds, 9.500% due 5/26/36		200,671

	Czech Republic - 0.1%
	37,630,000	^CZK	AA-(i)	Czech Republic Government Bonds, 5.000% due 9/30/30		1,866,531

	Democratic Republic of the Congo - 0.0%@
				DRC International Bonds:
	200,000		B-	8.750% due 4/16/32(a)		202,489
	200,000		B-	9.500% due 4/16/37(a)		204,185

				Total Democratic Republic of the Congo		406,674

	Dominican Republic - 0.0%@
	300,000		BB	Dominican Republic International Bonds, 6.950% due 3/15/37(a)		315,315

	Ecuador - 0.1%
				Ecuador Government International Bonds:
	412,624		B-	step bond to yield, 6.900% due 7/31/35(a)		380,336
	400,000		B-	9.250% due 1/29/39(a)		412,400
	85,734		B-	step bond to yield, 5.000% due 7/31/40(a)		72,017

				Total Ecuador		864,753

	Egypt - 0.1%
				Egypt Government International Bonds:
	200,000		B	7.600% due 3/1/29		207,846
	200,000		B	7.625% due 5/29/32		205,146
	216,000		B	7.625% due 5/20/34(a)		217,385
	200,000		B	8.875% due 5/29/50		195,917

				Total Egypt		826,294

	El Salvador - 0.0%@
	150,000		B-	El Salvador Government International Bonds, 9.650% due 11/21/54(a)		169,102

	France - 0.2%
				French Republic Government Bonds OAT:
	1,625,000	^EUR	A+u(i)	(Cost - $1,886,994, acquired 6/12/25), 2.700% due 2/25/31(a)(d)		1,875,393
	1,859,263	^EUR	A+u(i)	(Cost - $1,931,547, acquired 5/6/26), 0.100% due 7/25/36(a)(d)		1,898,140

				Total France		3,773,533

	Germany - 0.2%
	1,635,000	^EUR	AAAu(i)	Bundesobligation, (Cost - $1,873,759, acquired 3/25/26), 2.500% due 4/16/31(d)		1,895,793
	815,000	^EUR	AAAu(i)	Bundesschatzanweisungen, (Cost - $950,491, acquired 5/29/26), 2.500% due 6/14/28(d)		950,192

				Total Germany		2,845,985

	Honduras - 0.0%@
	150,000		BB-	Honduras Government International Bonds, 8.625% due 11/27/34(a)(c)		170,812

170

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	SOVEREIGN BONDS - 3.7% - (continued)
	Indonesia - 0.1%
				Indonesia Government International Bonds:
	$ 80,000		BBB	4.100% due 4/24/28	$	79,869
	445,000		BBB	2.850% due 2/14/30		417,635
	120,000		BBB	2.150% due 7/28/31		105,590
	200,000		BBB	3.050% due 3/12/51		128,574

				Total Indonesia		731,668

	Israel - 0.2%
				Israel Government International Bonds:
	200,000		A	5.375% due 2/19/30		204,023
	200,000		A	2.750% due 7/3/30		184,737
	1,480,000		A	4.500% due 1/13/31		1,454,988
	1,735,000		A	5.750% due 3/12/54		1,658,730
	725,000		A	5.875% due 1/13/56		703,614

				Total Israel		4,206,092

	Italy - 0.1%
	1,635,000	^EUR	NR	Italy Buoni Poliennali Del Tesoro, (Cost - $1,871,794, acquired 3/25/26), 2.200% due 2/28/28(d)		1,892,561
	200,000		Baa2u(b)	Republic of Italy Government International Bonds, 3.875% due 5/6/51		146,086

				Total Italy		2,038,647

	Ivory Coast - 0.1%
				Ivory Coast Government International Bonds:
	400,000		BB	8.075% due 4/1/36(a)		436,102
	715,000		BB	8.250% due 1/30/37(a)		789,525
	200,000		BB	6.750% due 2/25/41(a)		191,669

				Total Ivory Coast		1,417,296

	Japan - 0.0%@
	200,000		A+	Japan Bank for International Cooperation, 3.875% due 7/3/28		198,783

	Jordan - 0.0%@
				Jordan Government International Bonds:
	283,000		BB-	5.750% due 11/12/32(a)		278,778
	200,000		BB-	7.375% due 10/10/47		196,205

				Total Jordan		474,983

	Kenya - 0.0%@
				Kenya Government International Bonds:
	200,000		B	7.875% due 10/9/33(a)		198,200
	200,000		B	8.800% due 10/9/38(a)		199,657

				Total Kenya		397,857

	Mexico - 0.4%
	34,675,000	^MXN	Baa3(b)	Mexican Bonos, 8.500% due 2/28/30		2,008,855
				Mexico Government International Bonds:
	272,000		BBB	4.500% due 4/22/29		269,280
	200,000		BBB	3.250% due 4/16/30		187,275
	245,000		BBB	2.659% due 5/24/31		217,193
	1,445,000		BBB	6.350% due 2/9/35		1,475,273
	705,000		BBB	5.625% due 9/22/35		683,850
	1,050,000		BBB	6.125% due 2/9/38		1,030,838
	100,000		BBB	4.750% due 3/8/44		80,750
	200,000		BBB	4.600% due 1/23/46		154,940
	225,000		BBB	4.600% due 2/10/48		170,381
	200,000		BBB	6.338% due 5/4/53		187,850
	1,275,000		BBB	3.771% due 5/24/61		769,462

				Total Mexico		7,235,947

	Nigeria - 0.0%@
	260,000		B	Nigeria Government International Bonds, 7.143% due 2/23/30(a)		268,911

171

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	SOVEREIGN BONDS - 3.7% - (continued)
	Oman - 0.0%@
	$ 200,000		Baa3(b)	Oman Government International Bonds, (Cost - $210,132, acquired 12/6/21), 5.625% due 1/17/28(d)	$	203,015

	Pakistan - 0.0%@
				Pakistan Government International Bonds:
	200,000		Caa1(b)	7.375% due 4/8/31(a)		197,064
	200,000		Caa1(b)	8.875% due 4/8/51(a)		194,603

				Total Pakistan		391,667

	Panama - 0.1%
				Panama Government International Bonds:
	210,000		BBB-	3.875% due 3/17/28		207,532
	300,000		BBB-	3.160% due 1/23/30		284,400
	1,075,000		BBB-	2.252% due 9/29/32		906,763
	350,000		BBB-	3.298% due 1/19/33		312,379
	10,000		BBB-	4.500% due 4/1/56		7,797

				Total Panama		1,718,871

	Paraguay - 0.0%@
	200,000		BBB-	Paraguay Government International Bonds, 5.400% due 3/30/50		182,260

	Peru - 0.1%
	285,000		Baa1(b)	Fondo MIVIVIENDA SA, 5.400% due 3/31/31(a)		286,157
				Peruvian Government International Bonds:
	550,000		BBB-	2.783% due 1/23/31		508,613
	100,000		BBB-	3.000% due 1/15/34		86,640
	50,000		BBB-	5.625% due 11/18/50		48,437

				Total Peru		929,847

	Philippines - 0.1%
				Philippine Government International Bonds:
	360,000		BBB+	1.648% due 6/10/31		313,200
	550,000		BBB+	1.950% due 1/6/32		476,931
	200,000		BBB+	5.000% due 1/27/36		195,770

				Total Philippines		985,901

	Poland - 0.0%@
				Republic of Poland Government International Bonds:
	50,000		A-	5.500% due 11/16/27		50,920
	100,000		A-	4.875% due 10/4/33		100,151
	50,000		A-	5.500% due 4/4/53		46,562
	100,000		A-	5.500% due 3/18/54		92,845

				Total Poland		290,478

	Romania - 0.0%@
	198,000	^EUR	BBB-	Romanian Government International Bonds, 6.000% due 9/24/44(a)		223,109

	South Africa - 0.1%
	200,000		BB	Republic of South Africa Government International Bonds, 7.100% due 11/19/36(a)		213,878
	29,800,000	^ZAR	BB+	South Africa Government Bonds, 8.000% due 1/31/30		1,849,048

				Total South Africa		2,062,926

	South Korea - 0.0%@
				Export-Import Bank of Korea:
	200,000		AA	3.875% due 1/13/31		196,511
	200,000		AA	5.250% due 1/14/35		208,647
	200,000		AA	Korea Development Bank (The), 3.750% due 9/16/30		196,101

				Total South Korea		601,259

	Spain - 0.2%
	3,350,000	^EUR	NR	Spain Government Bonds, 2.600% due 5/31/31		3,867,271

	Supranational - 0.1%
				International Bank for Reconstruction & Development:
	100,000		AAA	3.125% due 6/15/27		99,173

172

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	SOVEREIGN BONDS - 3.7% - (continued)
	Supranational - 0.1% - (continued)
	$ 100,000		Aaa(b)	2.500% due 11/22/27	$	97,844
	200,000		AAA	1.375% due 4/20/28		190,476
	150,000		AAA	3.500% due 7/12/28		148,380
	100,000		AAA	3.625% due 9/21/29		98,552
	100,000		AAA	4.000% due 7/25/30		99,527
	100,000		AAA	4.000% due 1/10/31		99,397
	100,000		AAA	4.500% due 4/10/31		101,510
	300,000		AAA	4.625% due 1/15/32		306,059
	250,000		AAA	3.875% due 8/28/34		241,446
	200,000		AAA	4.375% due 8/27/35		199,193

				Total Supranational		1,681,557

	Suriname - 0.0%@
				Suriname Government International Bonds:
	200,000		CCC+	7.700% due 11/6/30(a)		206,250
	208,000		CCC+	8.500% due 11/6/35(a)(c)		223,945

				Total Suriname		430,195

	Trinidad - 0.0%@
	685,000		BBB-	Trinidad & Tobago Government International Bonds, 6.500% due 1/28/36(a)		707,660

	Turkey - 0.0%@
	200,000		Ba3(b)	Istanbul Metropolitan Municipality, 10.500% due 12/6/28(a)		215,201

	United Kingdom - 0.3%
				United Kingdom Gilt:
	700,000	^GBP	AA-u(i)	(Cost - $945,379, acquired 5/29/26), 4.375% due 3/7/28(d)		945,587
	1,423,000	^GBP	AA-u(i)	(Cost - $1,964,655, acquired 1/23/26), 4.375% due 3/7/30(d)		1,922,580
	1,390,000	^GBP	Aa3u(b)	(Cost - $1,874,868, acquired 3/9/26), 4.750% due 10/22/35(d)		1,864,124

				Total United Kingdom		4,732,291

	Uruguay - 0.0%@
				Uruguay Government International Bonds:
	100,000		BBB+	5.750% due 10/28/34		105,100
	50,000		BBB+	5.442% due 2/14/37		51,401
	100,000		BBB+	5.100% due 6/18/50		92,975
	50,000		BBB+	4.975% due 4/20/55		45,062

				Total Uruguay		294,538

				TOTAL SOVEREIGN BONDS (Cost - $67,963,506)		68,381,558

	ASSET-BACKED SECURITIES - 2.3%
	Automobiles - 2.0%
	1,235,000		A	American Credit Acceptance Receivables Trust, Series 2025-2, Class D, 5.500% due 8/12/31(a)		1,250,689
	759,000		BBB(i)	AutoNation Finance Trust, Series 2025-1A, Class D, 5.630% due 9/10/32(a)		766,047
				Avis Budget Rental Car Funding AESOP LLC:
	4,000,000		Aaa(b)	Series 2024-3A, Class A, 5.230% due 12/20/30(a)		4,056,456
	440,000		Baa3(b)	Series 2024-3A, Class C, 6.110% due 12/20/30(a)		443,880
	1,600,000		Baa3(b)	Series 2025-1A, Class C, 5.870% due 8/20/29(a)		1,612,350
				Bridgecrest Lending Auto Securitization Trust:
	1,500,000		BB	Series 2024-3, Class E, 7.700% due 4/15/31(a)		1,539,173
	950,000		BB	Series 2024-4, Class E, 7.470% due 8/15/31(a)		971,920
	1,000,000		BB	Series 2025-1, Class E, 7.460% due 2/17/32(a)		1,018,116
	1,080,000		BBB	Series 2025-2, Class D, 5.620% due 3/17/31		1,093,381
	662,000		BB	Series 2026-1, Class E, 6.630% due 2/15/33(a)		655,688
	1,626,042		NR	Camber Credit Auto Trust, Series 2026-1A, Class A, 5.625% due 12/15/31(a)(l)		1,626,042
				Carmax Auto Owner Trust:
	870,000		AAA	Series 2025-2, Class A4, 4.650% due 11/15/30		874,857
	570,000		AA-	Series 2025-2, Class C, 5.160% due 1/15/31		576,415

173

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	ASSET-BACKED SECURITIES - 2.3% - (continued)
	Automobiles - 2.0% - (continued)
	$ 1,850,000	BBB	Consumer Portfolio Services Auto Trust, Series 2025-B, Class D, 5.560% due 7/15/31(a)	$	1,868,051
			Credit Acceptance Auto Loan Trust:
	1,500,000	A	Series 2025-2A, Class C, 5.380% due 3/17/36(a)		1,501,308
	725,000	A	Series 2026-1A, Class C, 5.280% due 8/15/36(a)		723,476
	1,000,000	Baa1(b)	Drive Auto Receivables Trust, Series 2025-1, Class D, 5.410% due 9/15/32		1,007,244
	1,440,000	AAA	Enterprise Fleet Financing LLC, Series 2025-2, Class A4, 4.580% due 12/22/31(a)		1,445,914
			Exeter Select Automobile Receivables Trust:
	1,500,000	AA	Series 2025-1, Class B, 4.870% due 8/15/31		1,503,596
	1,200,000	A	Series 2025-1, Class C, 5.400% due 8/15/31		1,210,701
	583,000	AAA	Ford Credit Floorplan Master Owner Trust A, Series 2018-4, Class A, 4.060% due 11/15/30		578,764
			GLS Auto Receivables Issuer Trust:
	1,800,000	BBB	Series 2025-2A, Class D, 5.590% due 1/15/31(a)		1,820,097
	1,500,000	BBB	Series 2025-4A, Class D, 5.130% due 8/15/31(a)		1,493,886
	270,000	Aaa(b)	Hertz Vehicle Financing III LLC, Series 2023-4A, Class A, 6.150% due 3/25/30(a)		278,662
	178,735	AAA	Hyundai Auto Receivables Trust, Series 2023-C, Class A3, 5.540% due 10/16/28		179,950
	933,000	AAA	Octane Receivables Trust, Series 2024-1A, Class B, 5.660% due 5/20/30(a)		942,068
	1,030,000	NR	Research-Driven Pagaya Motor Asset Trust, Series 2026-3A, Class A4, 5.883% due 3/26/35(a)		1,034,704
			Santander Drive Auto Receivables Trust:
	2,000,000	A2(b)	Series 2024-2, Class D, 6.280% due 8/15/31		2,050,257
	1,200,000	Baa3(b)	Series 2025-3, Class D, 5.110% due 9/15/31		1,201,372
	365,000	Baa3(b)	Series 2025-4, Class D, 4.950% due 1/15/32		363,168
	1,000,000	Baa2(b)	Series 2026-1, Class D, 4.750% due 4/15/32		986,281
	480,217	A+	Westlake Automobile Receivables Trust, Series 2023-2A, Class D, 7.010% due 11/15/28(a)		485,762

			Total Automobiles		37,160,275

	Credit Cards - 0.2%
			American Express Credit Account Master Trust:
	275,000	AAA	Series 2023-2, Class A, 4.800% due 5/15/30		277,959
	300,000	AAA	Series 2024-3, Class A, 4.650% due 7/15/29		302,051
			Perimeter Master Notes Business Trust:
	1,100,000	NR	Series 2025-1A, Class A, 5.580% due 12/16/30(a)		1,094,406
	999,000	NR	Series 2025-1A, Class B, 6.120% due 12/16/30(a)		992,442

			Total Credit Cards		2,666,858

	Student Loans - 0.1%
	764,607	Aa1(b)	ECMC Group Student Loan Trust, Series 2017-2A, Class A, 4.777% (30-Day Average SOFR + 1.164%) due 5/25/67(a)(e)		765,849
	818,334	AA+	Navient Student Loan Trust, Series 2017-3A, Class A3, 4.777% (30-Day Average SOFR + 1.164%) due 7/26/66(a)(e)		821,996

			Total Student Loans		1,587,845

			TOTAL ASSET-BACKED SECURITIES (Cost - $41,306,811)		41,414,978


Shares/Units
	OPEN END MUTUAL FUND SECURITIES - 1.2%
	FINANCIALS - 1.2%
	Capital Markets - 1.2%
	151,867		iShares Broad USD High Yield Corporate Bond ETF		5,644,896
	7,300		State Street SPDR Portfolio High Yield Bond ETF		171,769
	121,196		Vanguard Intermediate-Term Corporate Bond ETF		10,041,089
	72,462		Vanguard Short-Term Corporate Bond ETF		5,738,266

			TOTAL OPEN END MUTUAL FUND SECURITIES (Cost - $21,463,537)		21,596,020


Face Amount/Units†
	MUNICIPAL BONDS - 0.1%
	California - 0.1%
	$ 310,000	AA-	California Health Facilities Financing Authority, Revenue Bonds, 3.000% due 8/15/51		231,260
	100,000	AA-	California State University, Revenue Bonds, Series B, 5.183% due 11/1/53		93,325

174

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	MUNICIPAL BONDS - 0.1% - (continued)
	California - 0.1% - (continued)
	$ 205,000	A	Los Angeles Department of Water & Power, Revenue Bonds, 6.574% due 7/1/45	$	217,892
			State of California, GO:
	150,000	AA-	5.875% due 10/1/41		155,252
	100,000	AA-	4.600% due 4/1/38		100,998
			University of California, Revenue Bonds:
	25,000	AA	Series AD, 4.858% due 5/15/12		20,611
	266,000	AA	Series AQ, 4.767% due 5/15/15		215,166

			Total California		1,034,504

	Connecticut - 0.0%@
	200,000	AA-	State of Connecticut, GO, 5.850% due 3/15/32		211,352

	Florida - 0.0%@
	50,000	AA	State Board of Administration Finance Corp., Series A, Revenue Bonds, 5.526% due 7/1/34		52,152

	Illinois - 0.0%@
	150,000	A+	Chicago O’Hare International Airport, Revenue Bonds, Series C, 4.472% due 1/1/49		129,324
	218,137	A-	State of Illinois, GO, 5.100% due 6/1/33		220,929

			Total Illinois		350,253

	Minnesota - 0.0%@
	260,000	AA	University of Minnesota, Revenue Bonds, 4.048% due 4/1/52		207,736

	New Jersey - 0.0%@
	110,000	Aa3(b)	Jersey City Municipal Utilities Authority, Revenue Bonds, Series B, 5.470% due 5/15/27		111,481
	85,000	A	New Jersey Transportation Trust Fund Authority, Revenue Bonds, Series B, 6.561% due 12/15/40		93,502

			Total New Jersey		204,983

	New York - 0.0%@
	100,000	AA	City of New York, GO, 5.263% due 10/1/52		93,492
	150,000	AA-	Port Authority of New York & New Jersey, Revenue Bonds, Series 239, 5.072% due 7/15/53		140,366

			Total New York		233,858

	Texas - 0.0%@
	40,000	AA-	Dallas Fort Worth International Airport, Series A, Revenue Bonds, 3.144% due 11/1/45		30,214

			TOTAL MUNICIPAL BONDS (Cost - $2,577,907)		2,325,052

	SENIOR LOANS - 0.1%
	Airlines - 0.0%@
	49,001	NR	VistaJet Malta Finance PLC, 7.442% (3-Month CME Term SOFR + 3.750%) due 4/1/31(e)		48,715

	Healthcare-Services - 0.0%@
	336,854	NR	ModivCare Buyer LLC, 8.701% (3-Month CME Term SOFR + 5.000%) due 12/29/30(e)		288,852

	Software - 0.1%
	367,540	NR	Rocket Software Inc., 7.370% (1-Month CME Term SOFR + 3.750%) due 11/28/28(e)		358,563

			TOTAL SENIOR LOANS (Cost - $754,937)		696,130


Shares/Units
	COMMON STOCK - 0.0%@
	Healthcare - Services - 0.0%@
	45,243		ModivCare Topco LLC*(h)(l)
			(Cost - $150,537)		254,492

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost - $1,786,598,118)		1,780,237,798

175

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund


Face Amount/Units†			Security	Value
	SHORT-TERM INVESTMENTS(o) - 5.2%
	MONEY MARKET FUND - 0.6%
	$ 10,992,859		Invesco STIT - Government & Agency Portfolio, Institutional Class, 3.638%(p)
			(Cost - $10,992,859)	$	10,992,859

	TIME DEPOSITS - 3.4%
	5,097	^EUR	Citibank - London, 0.860% due 6/1/26		5,945
	5,147,290		Citibank - New York, 2.970% due 6/1/26		5,147,290
	6	^SGD	HSBC Bank - Singapore, 0.300% due 6/2/26		5
	48,628,742		JPMorgan Chase & Co. - New York, 2.970% due 6/1/26		48,628,742
	9,683,796		Skandinaviska Enskilda Banken AB - Stockholm, 2.970% due 6/1/26		9,683,796
	924		Sumitomo Mitsui Banking Corp. - Tokyo, 2.970% due 6/1/26		924

			TOTAL TIME DEPOSITS (Cost - $63,466,702)		63,466,702

	U.S. GOVERNMENT OBLIGATION - 1.2%
	21,475,000		U.S. Treasury Bills, 3.639% due 6/30/26(q)
			(Cost - $21,412,411)		21,412,411

			TOTAL SHORT-TERM INVESTMENTS (Cost - $95,871,972)		95,871,972

			TOTAL INVESTMENTS - 102.5% (Cost - $1,882,470,090)		1,876,109,770

			Liabilities in Excess of Other Assets - (2.5)%		(45,780,554	)

			TOTAL NET ASSETS - 100.0%	$	1,830,329,216

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

(d)	The aggregate value of restricted securities (excluding 144A holdings) at May 31, 2026, amounts to $33,233,419 and represents 1.8% of net assets.

(e)	Variable rate security. Interest rate disclosed is that which was in effect at May 31, 2026.

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

(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, 2026.

(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)	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 4.6%.

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

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

#	Security that used significant unobservable inputs to determine fair value. At May 31, 2026, the Fund held a Level 3 security with a value of $0, representing 0.0% of net assets.

At May 31, 2026, 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	$ 1,882,470,090	$ 43,943,759	$ (48,909,531)	$ (4,965,772)


Abbreviations used in this schedule:

ABS	—	Asset-Backed Security
ACES	—	Alternative Credit Enhancement Securities
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
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^
Corporate Bonds & Notes	30.7	%
Mortgage-Backed Securities	24.9
U.S. Government Agencies & Obligations	20.2
Collateralized Mortgage Obligations	12.4
Sovereign Bonds	3.7
Asset-Backed Securities	2.2
Open End Mutual Fund Securities	1.2
Municipal Bonds	0.1
Senior Loans	0.0	*
Common Stock	0.0	*
Short-Term Investments	4.6

Total Investments	100.0	%+

^	As a percentage of total investments.

*	Position represents less than 0.05%.

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

176

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund

At May 31, 2026, 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		966		9/26	$	199,302,241	$	199,539,375	$	237,134
U.S. Treasury 5-Year Note Futures		308		9/26		32,860,527		33,020,969		160,442
U.S. Treasury 10-Year Note Futures		722		9/26		78,972,433		79,295,906		323,473
U.S. Treasury Long Bond Futures		129		9/26		14,206,125		14,476,219		270,094
U.S. Treasury Ultra Long Bond Futures		260		9/26		29,445,902		29,745,625		299,723

										1,290,866

Contracts to Sell:
Euro-Bund Futures		38		9/26		5,592,258		5,611,317		(19,059	)
U.S. Ultra Long Bond Futures		150		9/26		16,761,184		16,811,719		(50,535	)

										(69,594)

Net Unrealized Appreciation on Open Exchange-Traded Futures Contracts									$	1,221,272

At May 31, 2026, Core Fixed Income Fund had deposited cash of $2,175,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

177

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund

At May 31, 2026, 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		309,000	USD	219,339		BNY	$	221,859	7/20/26	$	2,520
Euro		97,961	USD	114,078		HSBC		114,401	6/30/26		323
Mexican Peso		32,790,000	USD	1,891,216		SSB		1,886,638	6/30/26		(4,578	)
Swedish Krona		8,620,000	USD	931,899		BNY		934,491	6/18/26		2,592
Swedish Krona		9,000,000	USD	973,031		BNY		975,687	6/18/26		2,656

											3,513

Contracts to Sell:
Australian Dollar		7,070,000	USD	5,118,312		SSB		5,076,185	7/20/26		42,127
Brazilian Real		14,690,000	USD	2,911,159		SSB		2,866,023	8/7/26		45,136
British Pound		710,000	USD	952,432		BNY		956,059	8/18/26		(3,627	)
British Pound		3,965,000	USD	5,358,012		BNY		5,339,119	8/18/26		18,893
Chilean Peso		865,000,000	USD	970,623		SSB		972,399	7/13/26		(1,776	)
Colombian Peso		14,148,000,000	USD	3,795,645		GSC		3,837,251	6/9/26		(41,606	)
Czech Koruna		36,100,000	USD	1,697,672		GSC		1,734,472	6/30/26		(36,800	)
Euro		301,861	USD	351,243		BNP		352,522	6/30/26		(1,279	)
Euro		795,000	USD	925,609		BNY		927,666	6/11/26		(2,057	)
Euro		196,000	USD	227,759		BNY		228,708	6/11/26		(949	)
Euro		24,190,000	USD	28,505,305		BNY		28,226,733	6/11/26		278,572
Euro		97,961	USD	114,604		HSBC		114,402	6/30/26		202
Mexican Peso		68,435,000	USD	3,759,648		BNY		3,937,544	6/30/26		(177,896	)
South African Rand		30,700,000	USD	1,865,908		GSC		1,890,026	6/18/26		(24,118	)
Swedish Krona		17,620,000	USD	1,879,948		BNY		1,910,178	6/18/26		(30,230	)

											64,592

Net Unrealized Appreciation on Open Forward Foreign Currency Contracts										$	68,105

178

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund

At May 31, 2026, Core Fixed Income Fund held the following Centrally Cleared Credit Default Swap Contract:

Centrally Cleared - Credit Default Swap on Index - Sell Protection (1)

Reference Obligation & Rating

Fixed Deal
Receive Rate

Maturity
Date

Payment
Frequency

Implied Credit
Spread at
5/31/26 (2)

Notional
Amount (3)

Value

Upfront
Payment
Paid

Unrealized
Appreciation

Markit CDX North America High Yield Series 46 5-Year Index, NR

5.000%

6/20/31

3-Month

3.019%

USD 3,494,700

324,928

219,757

105,171

(1)

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.

(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.

At May 31, 2026, Core Fixed Income Fund had cash collateral from brokers in the amount of $230,000 for open centrally cleared swap contracts.

179

Schedules of Investments

(unaudited) (continued)

High Yield Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 94.0%
	Advertising - 0.8%
			Neptune Bidco U.S. Inc., Senior Secured Notes:
	$ 690,000	B-	9.290% due 4/15/29(a)	$	706,245
	587,000	B-	9.500% due 2/15/33(a)		601,165

			Total Advertising		1,307,410

	Aerospace/Defense - 0.7%
			ATI Inc., Senior Unsecured Notes:
	484,000	BB	4.875% due 10/1/29		478,775
	210,000	BB	5.125% due 10/1/31		208,313
	465,000	BB	Moog Inc., Company Guaranteed Notes, 5.500% due 10/15/34(a)		461,719

			Total Aerospace/Defense		1,148,807

	Airlines - 0.5%
	405,000	BBB-	Air Canada, Senior Secured Notes, 3.875% due 8/15/26(a)		404,991
	316,000	BB+	United Airlines Holdings Inc., Company Guaranteed Notes, 5.375% due 3/1/31		313,513

			Total Airlines		718,504

	Auto Manufacturers - 0.5%
			Nissan Motor Co., Ltd., Senior Unsecured Notes:
	260,000	BB-	4.810% due 9/17/30(a)		243,470
	490,000	BB-	8.125% due 7/17/35(a)		520,822

			Total Auto Manufacturers		764,292

	Auto Parts & Equipment - 1.7%
			American Axle & Manufacturing Inc.:
	360,000	B+	Company Guaranteed Notes, 7.750% due 10/15/33(a)		361,323
	420,000	BB	Senior Secured Notes, 6.375% due 10/15/32(a)		421,873
			Cyprium Corp./Cyprium Holdings Luxembourg Sarl, Company Guaranteed Notes:
	411,000	BB-	6.125% due 4/15/31(a)		412,176
	193,000	BB-	6.375% due 4/15/34(a)		193,056
	525,000	Ba2(b)	IHO Verwaltungs GmbH, Senior Secured Notes, 7.375% (7.375% cash and 8.125% PIK) due 5/15/33(a)(c)		540,435
	730,000	BB-	ZF North America Capital Inc., Company Guaranteed Notes, 6.875% due 4/23/32(a)		718,305

			Total Auto Parts & Equipment		2,647,168

	Banks - 0.6%
	880,000	BB	Walker & Dunlop Inc., Company Guaranteed Notes, 6.625% due 4/1/33(a)		891,668

	Biotechnology - 0.5%
	745,000	BB	BioMarin Pharmaceutical Inc., Company Guaranteed Notes, 5.500% due 2/15/34(a)		736,361

	Chemicals - 1.8%
	535,000	B2(b)	Bonds U.S. Bidco 1 Inc./Bidco 2/Bidco 3/German Bidco 1 GmbH/German Bidco 2, Senior Secured Notes, 7.125% due 6/15/33(a)		539,391
			FMC Corp.:
	280,000	BBB-	Senior Secured Notes, 8.000% due 6/1/31(a)		292,816
	984,000	B+	Subordinated Notes, 8.450% (5-Year CMT Index + 4.366%) due 11/1/55(d)		734,269
	710,000	BB	Methanex U.S. Operations Inc., Company Guaranteed Notes, 6.250% due 3/15/32(a)		731,442
	557,000	BB-	Minerals Technologies Inc., Company Guaranteed Notes, 5.000% due 7/1/28(a)		554,730

			Total Chemicals		2,852,648

	Coal - 0.1%
	152,000	BB+	Warrior Met Coal Inc., Senior Secured Notes, 7.875% due 12/1/28(a)		153,511

	Commercial Services - 3.9%
	909,000	B-	Champions Financing Inc., Senior Secured Notes, 8.750% due 2/15/29(a)(e)		879,301
			EquipmentShare.com Inc., Secured Notes:
	395,000	B	8.625% due 5/15/32(a)		415,070
	701,000	B	8.000% due 3/15/33(a)		729,435
			Herc Holdings Inc., Company Guaranteed Notes:
	219,000	BB-	7.000% due 6/15/30(a)		227,674

181

Schedules of Investments

(unaudited) (continued)

High Yield Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 94.0% - (continued)
	Commercial Services - 3.9% - (continued)
	$ 455,000	BB-	7.250% due 6/15/33(a)	$	475,101
	486,000	B-	Hertz Corp. (The), Senior Secured Notes, 12.625% due 7/15/29(a)		443,068
	890,000	B	Mobius Merger Sub Inc., Senior Secured Notes, 9.000% due 6/1/30(a)		597,040
	702,000	BB-	Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Company Guaranteed Notes, 6.750% due 8/15/32(a)		701,931
	775,000	B+	Veritiv Operating Co., Senior Secured Notes, 10.500% due 11/30/30(a)		796,235
	874,000	B	WEX Inc., Company Guaranteed Notes, 6.500% due 3/15/33(a)		870,692

			Total Commercial Services		6,135,547

	Computers - 0.7%
	530,000	BB-	CACI International Inc., Company Guaranteed Notes, 6.375% due 6/15/33(a)		542,201
	590,000	B	Fortress Intermediate 3 Inc., Senior Secured Notes, 7.500% due 6/1/31(a)		597,094

			Total Computers		1,139,295

	Cosmetics/Personal Care - 1.0%
	913,000	BB-	Edgewell Personal Care Co., Company Guaranteed Notes, 4.125% due 4/1/29(a)		873,088
	800,000	B+	Perrigo Finance Unlimited Co., Company Guaranteed Notes, 6.125% due 9/30/32		764,257

			Total Cosmetics/Personal Care		1,637,345

	Diversified Financial Services - 6.0%
	735,000	BB+	Aircastle Ltd., Junior Subordinated Notes, 5.250% (5-Year CMT Index + 4.410%)(a)(d)(f)		736,508
			Ally Financial Inc., Subordinated Notes:
	442,000	BB+	6.700% due 2/14/33		455,944
	300,000	BB+	6.646% (5-Year CMT Index + 2.450%) due 1/17/40(d)		297,092
			Credit Acceptance Corp., Company Guaranteed Notes:
	437,000	BB	9.250% due 12/15/28(a)		457,036
	285,000	BB	6.625% due 3/15/30(a)		287,529
	715,000	B	Focus Financial Partners LLC, Senior Secured Notes, 6.750% due 9/15/31(a)		719,183
			goeasy Ltd.:
			Company Guaranteed Notes:
	788,000	B-	6.875% due 5/15/30(a)		707,728
	599,000	B-	6.875% due 2/15/31(a)(e)		530,468
	297,000	B-	Senior Unsecured Notes, 7.625% due 7/1/29(a)		279,650
			Jane Street Group/JSG Finance Inc., Senior Secured Notes:
	405,000	BB	7.125% due 4/30/31(a)		420,099
	440,000	BB	6.125% due 11/1/32(a)		441,321
	123,000	BB	6.750% due 5/1/33(a)		126,597
	700,000	B2(b)	Phoenix Aviation Capital Ltd., Senior Unsecured Notes, 9.250% due 7/15/30(a)		722,096
	560,000	B-	Planet Financial Group LLC, Company Guaranteed Notes, 10.500% due 12/15/29(a)		561,308
	735,000	B1(b)	Rfna LP, Senior Unsecured Notes, 7.875% due 2/15/30(a)		721,664
	535,000	BB+	SLM Corp., Senior Unsecured Notes, 6.495% (SOFR + 2.710%) due 5/15/32(d)		536,129
			Sumisho Air Lease Corp., Junior Subordinated Notes:
	325,000	BB+	4.125% (5-Year CMT Index + 3.149%)(d)(f)		320,421
	414,000	BB+	4.650% (5-Year CMT Index + 4.076%)(d)(f)		413,744
	710,000	B+	VFH Parent LLC/Valor Co.-Issuer Inc., Senior Secured Notes, 7.500% due 6/15/31(a)		743,268

			Total Diversified Financial Services		9,477,785

	Electric - 4.1%
	795,000	BB	Clearway Energy Operating LLC, Company Guaranteed Notes, 3.750% due 1/15/32(a)		729,529
			NRG Energy Inc.:
			Company Guaranteed Notes:
	174,000	BB	5.750% due 1/15/28		174,294
	195,000	BB	5.250% due 6/15/29(a)		194,077
	597,000	BB	3.625% due 2/15/31(a)		554,011
	430,000	BB	5.875% due 5/15/34(a)		427,260
	345,000	BB	6.250% due 11/1/34(a)		348,417
			Senior Unsecured Notes:
	125,000	BB	5.750% due 1/15/34(a)		123,698

182

Schedules of Investments

(unaudited) (continued)

High Yield Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 94.0% - (continued)
	Electric - 4.1% - (continued)
	$ 100,000	BB	6.000% due 1/15/36(a)	$	99,402
	910,000	Ba3(b)	Pattern Energy Operations LP/Pattern Energy Operations Inc., Company Guaranteed Notes, 4.500% due 8/15/28(a)		896,689
			Talen Energy Supply LLC, Company Guaranteed Notes:
	295,000	B+	6.375% due 5/1/33(a)		294,305
	375,000	B+	6.250% due 2/1/34(a)		373,814
	375,000	B+	6.500% due 2/1/36(a)		377,406
			XPLR Infrastructure Operating Partners LP:
			Company Guaranteed Notes:
	445,000	BB	4.500% due 9/15/27(a)		442,271
	127,000	BB	8.375% due 1/15/31(a)		136,230
	331,000	BB	7.750% due 4/15/34(a)		349,753
	838,000	BB	Senior Unsecured Notes, 7.250% due 1/15/29(a)		873,323

			Total Electric		6,394,479

	Electrical Components & Equipment - 0.3%
			EnerSys, Company Guaranteed Notes:
	485,000	BB+	4.375% due 12/15/27(a)		482,023
	29,000	BB+	6.625% due 1/15/32(a)		29,863

			Total Electrical Components & Equipment		511,886

	Electronics - 0.9%
	700,000	BB	Ingram Micro Inc., Senior Secured Notes, 4.750% due 5/15/29(a)		688,359
	730,000	B+	TTM Technologies Inc., Company Guaranteed Notes, 4.000% due 3/1/29(a)		707,387

			Total Electronics		1,395,746

	Entertainment - 3.0%
	755,000	B+	Banijay Entertainment SAS, Senior Secured Notes, 8.125% due 5/1/29(a)		777,350
	875,000	BBB-	Flutter Treasury DAC, Senior Secured Notes, 5.875% due 6/4/31(a)		865,532
	720,000	BB-	Light & Wonder International Inc., Company Guaranteed Notes, 6.250% due 10/1/33(a)		714,078
	795,000	B-	Ontario Gaming GTA LP/OTG Co.-Issuer Inc., Senior Secured Notes, 8.000% due 8/1/30(a)		771,256
	543,000	B+	SeaWorld Parks & Entertainment Inc., Company Guaranteed Notes, 5.250% due 8/15/29(a)		528,905
	938,000	B	Voyager Parent LLC, Senior Secured Notes, 9.250% due 7/1/32(a)		995,424

			Total Entertainment		4,652,545

	Environmental Control - 0.7%
	715,000	BB+	Clean Harbors Inc., Company Guaranteed Notes, 5.750% due 10/15/33(a)		719,094
	445,000	BB	GFL Environmental Holdings U.S. Inc., Company Guaranteed Notes, 5.500% due 2/1/34(a)		436,091

			Total Environmental Control		1,155,185

	Food - 3.3%
			Albertsons Cos Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Company Guaranteed Notes:
	76,000	BB+	5.500% due 3/31/31(a)		74,933
	355,000	BB+	6.250% due 3/15/33(a)		355,854
	1,446,000	BB+	5.750% due 3/31/34(a)		1,394,834
	745,000	B	Industrial F&B Investments III Inc., Senior Secured Notes, 7.750% due 2/11/33(a)		761,414
	536,000	BB	Land O’Lakes Capital Trust I, Limited Guaranteed Notes, 7.450% due 3/15/28(a)(e)		550,070
			Performance Food Group Inc., Company Guaranteed Notes:
	70,000	BB	4.250% due 8/1/29(a)		67,862
	539,000	BB	5.625% due 3/1/34(a)		527,190
	965,000	B+	Post Holdings Inc., Company Guaranteed Notes, 6.250% due 10/15/34(a)		957,407
	585,000	BB+	US Foods Inc., Company Guaranteed Notes, 5.750% due 4/15/33(a)		584,500

			Total Food		5,274,064

	Healthcare - Products - 0.9%
	760,000	BB	Avantor Funding Inc., Company Guaranteed Notes, 3.875% due 11/1/29(a)		722,201
	713,000	B+	Insulet Corp., Senior Unsecured Notes, 6.500% due 4/1/33(a)		726,310

			Total Healthcare - Products		1,448,511

	Healthcare - Services - 3.5%
	810,000	BB	Charles River Laboratories International Inc., Company Guaranteed Notes, 4.000% due 3/15/31(a)		759,234

183

Schedules of Investments

(unaudited) (continued)

High Yield Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 94.0% - (continued)
	Healthcare - Services - 3.5% - (continued)
	$ 778,000	B	Concentra Health Services Inc., Company Guaranteed Notes, 6.875% due 7/15/32(a)	$	806,634
	765,000	BB-	Molina Healthcare Inc., Senior Unsecured Notes, 6.250% due 1/15/33(a)		764,906
	709,000	BB-	Sotera Health Holdings LLC, Senior Secured Notes, 7.375% due 6/1/31(a)		738,464
	910,000	B	Star Parent Inc., Senior Secured Notes, 9.000% due 10/1/30(a)		956,497
			Tenet Healthcare Corp.:
	1,016,000	BB	Senior Secured Notes, 5.500% due 11/15/32(a)		1,012,731
	405,000	B	Senior Unsecured Notes, 6.000% due 11/15/33(a)		409,282

			Total Healthcare - Services		5,447,748

	Home Builders - 1.1%
	695,000	BB-	Ashton Woods USA LLC/Ashton Woods Finance Co., Senior Unsecured Notes, 6.875% due 8/1/33(a)		682,080
			Mattamy Group Corp., Senior Unsecured Notes:
	521,000	BB+	4.625% due 3/1/30(a)		499,986
	600,000	BB+	6.000% due 12/15/33(a)		573,135

			Total Home Builders		1,755,201

	Insurance - 2.8%
	666,000	B	Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes, 6.750% due 7/1/32(a)		643,933
	590,000	B+	Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, Senior Secured Notes, 6.500% due 10/1/31(a)		592,113
			Asurion LLC/ Asurion Co.-Issuer Inc.:
	995,000	B	Secured Notes, 8.375% due 2/1/34(a)		971,046
	920,000	BB-	Senior Secured Notes, 8.000% due 12/31/32(a)		959,771
	488,000	B	Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, Senior Secured Notes, 7.125% due 5/15/31(a)		490,512
	785,000	B	CRC Insurance Group LLC, Senior Secured Notes, 7.125% due 6/1/31(a)		787,772

			Total Insurance		4,445,147

	Internet - 2.6%
			Gen Digital Inc., Company Guaranteed Notes:
	101,000	BB-	6.750% due 9/30/27(a)		101,640
	198,000	BB-	7.125% due 9/30/30(a)		201,969
	469,000	BB-	6.250% due 4/1/33(a)		467,550
	824,385	CCC+	GrubHub Holdings Inc., Senior Secured Notes, 13.000% (7.000% cash and 6.000% PIK until 3/31/26 then 5.500% until 9/30/26) due 7/31/30(a)(c)(e)		676,936
			ION Platform Finance U.S. Inc./ION Platform Finance Sarl, Senior Secured Notes:
	250,000	B+	4.625% due 5/1/28(a)		234,607
	490,000	B+	5.750% due 5/15/28(a)		468,208
			Match Group Holdings II LLC, Senior Unsecured Notes:
	434,000	BB	4.125% due 8/1/30(a)		408,763
	149,000	BB	3.625% due 10/1/31(a)		133,615
	265,000	BB	6.125% due 9/15/33(a)		260,261
			Wayfair LLC, Senior Secured Notes:
	715,000	BB-	6.750% due 11/15/32(a)		726,585
	420,000	BB-	7.125% due 5/31/34(a)		428,500

			Total Internet		4,108,634

	Investment Companies - 0.9%
			HA Sustainable Infrastructure Capital Inc., Company Guaranteed Notes:
	233,000	BBB-	6.750% due 7/15/35		243,076
	435,000	BB	8.000% (5-Year CMT Index + 4.301%) due 6/1/56(d)		464,490
	369,000	BB	7.125% (5-Year CMT Index + 3.478%) due 11/15/56(d)		373,100
	390,000	BBB-	HAT Holdings I LLC/HAT Holdings II LLC, Company Guaranteed Notes, 3.750% due 9/15/30(a)		363,526

			Total Investment Companies		1,444,192

	Iron/Steel - 1.8%
			Cleveland-Cliffs Inc., Company Guaranteed Notes:
	330,000	B+	7.000% due 3/15/32(a)		333,749
	640,000	B2(b)	7.375% due 5/1/33(a)(e)		655,808
	665,000	BB+	Commercial Metals Co., Senior Unsecured Notes, 3.875% due 2/15/31		621,404

184

Schedules of Investments

(unaudited) (continued)

High Yield Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 94.0% - (continued)
	Iron/Steel - 1.8% - (continued)
			Mineral Resources Ltd., Senior Unsecured Notes:
	$ 48,000	Ba3(b)	9.250% due 10/1/28(a)	$	49,830
	639,000	Ba3(b)	8.500% due 5/1/30(a)		660,345
	220,000	Ba3(b)	6.000% due 5/1/32(a)		219,236
	220,000	Ba3(b)	6.250% due 5/1/34(a)		219,764

			Total Iron/Steel		2,760,136

	Leisure Time - 2.1%
			Carnival Corp., Ltd., Company Guaranteed Notes:
	595,000	BB+	5.750% due 8/1/32(a)		601,779
	595,000	BB+	6.125% due 2/15/33(a)		602,926
			NCL Corp., Ltd., Senior Unsecured Notes:
	350,000	B+	6.250% due 3/1/30(a)		346,258
	595,000	B+	6.750% due 2/1/32(a)		590,359
	585,000	B+	6.250% due 9/15/33(a)		561,410
	585,000	BBB	Royal Caribbean Cruises Ltd., Senior Unsecured Notes, 6.000% due 2/1/33(a)		593,115

			Total Leisure Time		3,295,847

	Lodging - 2.6%
	1,136,000	B	Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower Inc., Company Guaranteed Notes, 4.875% due 7/1/31(a)		1,060,187
	565,000	BB-	Melco Resorts Finance Ltd., Senior Unsecured Notes, 5.375% due 12/4/29(a)		551,895
	535,000	B+	MGM China Holdings Ltd., Senior Unsecured Notes, 6.250% due 5/15/33(a)		536,317
	802,000	B	Station Casinos LLC, Company Guaranteed Notes, 6.625% due 3/15/32(a)		813,678
			Travel + Leisure Co., Senior Secured Notes:
	520,000	BB-	6.250% due 6/1/31(a)		523,363
	590,000	BB-	6.125% due 9/1/33(a)		580,159

			Total Lodging		4,065,599

	Machinery - Construction & Mining - 0.5%
	760,000	BB-	Solaris Energy Infrastructure LLC, Company Guaranteed Notes, 6.375% due 5/15/31(a)		772,258

	Machinery - Diversified - 0.4%
	615,000	BB+	Esab Corp., Company Guaranteed Notes, 5.625% due 4/1/31(a)		619,467

	Media - 6.4%
	192,000	BB+	Belo Corp., Company Guaranteed Notes, 7.750% due 6/1/27		196,577
	834,000	B	Cable One Inc., Company Guaranteed Notes, 4.000% due 11/15/30(a)(e)		533,803
			CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
	509,000	BB-	6.375% due 9/1/29(a)		511,645
	680,000	BB-	4.500% due 5/1/32		597,145
	660,000	BB-	7.000% due 2/1/33(a)(e)		645,660
	290,000	BB-	4.250% due 1/15/34(a)(e)		242,437
			CSC Holdings LLC, Company Guaranteed Notes:
	890,000	CCC+	(Cost - $710,945, acquired 11/2/22), 6.500% due 2/1/29(a)(g)		524,747
	415,000	CCC+	(Cost - $312,146, acquired 5/13/25), 4.125% due 12/1/30(a)(e)(g)		236,909
	200,000	CCC+	(Cost - $174,153, acquired 7/14/22), 4.500% due 11/15/31(a)(e)(g)		112,169
	798,000	B+	Directv Financing LLC/Directv Financing Co.-Obligor Inc., Senior Secured Notes, 9.250% due 6/1/32(a)		819,833
	715,000	BB+(h)	Discovery Global Holdings Inc., Company Guaranteed Notes, 5.050% due 3/15/42		541,860
	1,284,000	BB-	Nexstar Media Inc., Company Guaranteed Notes, 7.250% due 4/15/34(a)		1,292,893
			Paramount Global, Company Guaranteed Notes:
	619,000	B+	6.250% (3-Month USD-LIBOR + 3.899%) due 2/28/57(d)		495,200
	222,000	B+	6.375% (5-Year CMT Index + 3.999%) due 3/30/62(d)		188,839
			Sirius XM Radio LLC, Company Guaranteed Notes:
	560,000	BB+	4.000% due 7/15/28(a)		545,808
	656,000	BB+	3.875% due 9/1/31(a)		598,011
	547,000	BB-	Sunrise FinCo I BV, Senior Secured Notes, 4.875% due 7/15/31(a)		519,757
			Univision Communications Inc., Senior Secured Notes:
	112,000	B	7.375% due 6/30/30(a)		111,649
	715,000	B	8.500% due 7/31/31(a)		720,138

185

Schedules of Investments

(unaudited) (continued)

High Yield Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 94.0% - (continued)
	Media - 6.4% - (continued)
	$ 705,000	B	9.375% due 8/1/32(a)	$	722,561

			Total Media		10,157,641

	Metal Fabricate/Hardware - 0.3%
	455,000	BB-	Advanced Drainage Systems Inc., Company Guaranteed Notes, 5.375% due 3/1/34(a)		445,476

	Mining - 1.4%
	967,000	BB-	Capstone Copper Corp., Company Guaranteed Notes, 6.750% due 3/31/33(a)		986,798
	482,000	BB-	Hudbay Minerals Inc., Company Guaranteed Notes, 6.125% due 4/1/29(a)		485,648
	714,000	BB	Novelis Corp., Company Guaranteed Notes, 6.375% due 8/15/33(a)		721,496

			Total Mining		2,193,942

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

	Oil & Gas - 4.9%
	63,000	B	Comstock Resources Inc., Company Guaranteed Notes, 5.875% due 1/15/30(a)		59,587
			Crescent Energy Finance LLC, Company Guaranteed Notes:
	387,000	BB-	7.625% due 4/1/32(a)		397,267
	230,000	BB-	7.875% due 4/15/32(a)		235,891
	345,000	BB-	7.375% due 1/15/33(a)		350,685
	710,000	BB-	DBR Land Holdings LLC, Company Guaranteed Notes, 6.250% due 12/1/30(a)		721,388
			Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes:
	460,000	BB+	6.250% due 4/15/32(a)		453,238
	150,000	BB+	8.375% due 11/1/33(a)		159,657
	355,000	BB+	7.250% due 2/15/35(a)		360,407
	745,000	BB	Murphy Oil Corp., Senior Unsecured Notes, 6.500% due 2/15/34		746,684
	740,000	B+	Northern Oil & Gas Inc., Senior Unsecured Notes, 7.875% due 10/15/33(a)		751,545
			SM Energy Co., Company Guaranteed Notes:
	397,000	BB	8.625% due 11/1/30(a)		419,629
	285,000	BB	6.625% due 4/15/34(a)		286,671
			Sunoco LP, Company Guaranteed Notes:
	95,000	BB+	5.625% due 3/15/31(a)		95,158
	255,000	BB+	7.250% due 5/1/32(a)		267,053
	845,000	BB+	5.875% due 3/15/34(a)		840,311
	489,000	B+	Talos Production Inc., Secured Notes, 9.375% due 2/1/31(a)		519,195
	566,000	BB	Valaris Ltd., Secured Notes, 8.375% due 4/30/30(a)		589,741
	517,000	B+	Wildfire Intermediate Holdings LLC, Senior Unsecured Notes, 7.500% due 10/15/29(a)		531,289

			Total Oil & Gas		7,785,396

	Oil & Gas Services - 1.5%
	375,000	BB-	Archrock Partners LP/Archrock Partners Finance Corp., Company Guaranteed Notes, 6.625% due 9/1/32(a)		384,148
	360,000	BB-	Archrock Services LP/Archrock Partners Finance Corp., Company Guaranteed Notes, 6.000% due 2/1/34(a)		360,315
			Kodiak Gas Services LLC, Company Guaranteed Notes:
	612,000	BB-	5.875% due 4/1/31(a)		616,031
	142,000	BB-	6.500% due 10/1/33(a)		144,534
	148,000	BB-	6.750% due 10/1/35(a)		152,212
			WBI Operating LLC:
	405,000	BB-	Company Guaranteed Notes, 6.250% due 10/15/30(a)		408,694
	285,000	BB-	Senior Unsecured Notes, 6.500% due 10/15/33(a)		288,779

			Total Oil & Gas Services		2,354,713

	Packaging & Containers - 2.1%
	805,000	B+	Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Senior Secured Notes, 6.250% due 1/30/31(a)		811,730
			Clydesdale Acquisition Holdings Inc.:
	708,000	B-	Company Guaranteed Notes, 8.750% due 4/15/30(a)		680,774
	105,000	B+	Senior Secured Notes, 6.750% due 4/15/32(a)		100,694
			Crown Americas LLC, Company Guaranteed Notes:
	204,000	BB+	5.250% due 4/1/30		205,147

186

Schedules of Investments

(unaudited) (continued)

High Yield Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 94.0% - (continued)
	Packaging & Containers - 2.1% - (continued)
	$ 245,000	BB+	5.875% due 6/1/33	$	246,542
	479,000	BB-	Silgan Holdings Inc., Company Guaranteed Notes, 4.125% due 2/1/28		473,172
	781,000	B+	Sword Purchaser LLC, Senior Secured Notes, 8.250% due 4/15/33(a)		805,846

			Total Packaging & Containers		3,323,905

	Pharmaceuticals - 0.7%
			HLF Financing Sarl LLC/Herbalife International Inc.:
	585,000	BB-	Company Guaranteed Notes, 4.875% due 6/1/29(a)		549,750
	599,000	BB	Senior Secured Notes, 7.750% due 5/1/33(a)		605,540

			Total Pharmaceuticals		1,155,290

	Pipelines - 7.0%
	405,000	BB+	Antero Midstream Partners LP/Antero Midstream Finance Corp., Company Guaranteed Notes, 5.750% due 1/15/28(a)		405,370
			Delek Logistics Partners LP/Delek Logistics Finance Corp., Company Guaranteed Notes:
	183,000	BB-	8.625% due 3/15/29(a)		190,703
	689,000	BB-	7.375% due 6/30/33(a)		711,802
	300,000	BB-	6.875% due 6/1/34(a)		304,589
	655,000	BB+	Excelerate Energy LP, Company Guaranteed Notes, 8.000% due 5/15/30(a)		693,939
			Genesis Energy LP/Genesis Energy Finance Corp., Company Guaranteed Notes:
	349,000	B+	8.250% due 1/15/29		362,326
	510,000	B+	8.875% due 4/15/30		534,080
	85,000	B+	7.875% due 5/15/32		88,427
	110,000	B+	8.000% due 5/15/33		115,458
	240,000	B+	6.750% due 3/15/34		241,115
			Harvest Midstream I LP, Senior Unsecured Notes:
	510,000	BB-	7.500% due 5/15/32(a)		530,243
	600,000	BB-	6.750% due 5/15/34(a)		615,992
			Howard Midstream Energy Partners LLC, Senior Unsecured Notes:
	680,000	BB-	7.375% due 7/15/32(a)		703,241
	35,000	BB-	6.625% due 1/15/34(a)		35,413
	1,155,000	B-	ITT Holdings LLC, Senior Unsecured Notes, 6.500% due 8/1/29(a)		1,151,274
			NGL Energy Operating LLC/NGL Energy Finance Corp., Senior Secured Notes:
	392,000	B+	8.125% due 2/15/29(a)		407,602
	459,000	B+	8.375% due 2/15/32(a)		482,215
	238,000	Ba1(b)	NuStar Logistics LP, Company Guaranteed Notes, 6.375% due 10/1/30		247,245
	615,000	BBB-	Venture Global Calcasieu Pass LLC, Senior Secured Notes, 6.000% due 5/1/36(a)		622,212
	1,517,000	BB	Venture Global LNG Inc., Senior Secured Notes, 8.375% due 6/1/31(a)		1,579,349
			Venture Global Plaquemines LNG LLC, Senior Secured Notes:
	45,000	BB+	6.125% due 12/15/30(a)		46,214
	97,000	BB+	7.500% due 5/1/33(a)		107,103
	225,000	BB+	6.500% due 6/15/34(a)		234,932
	558,000	BB+	7.750% due 5/1/35(a)		626,696

			Total Pipelines		11,037,540

	Real Estate - 1.3%
			Cushman & Wakefield U.S. Borrower LLC, Senior Secured Notes:
	286,000	BB-	6.750% due 5/15/28(a)		286,439
	380,000	BB-	8.875% due 9/1/31(a)		401,094
	495,000	BB	Greystar Real Estate Partners LLC, Senior Secured Notes, 7.750% due 9/1/30(a)		514,463
	788,000	B	Kennedy-Wilson Inc., Company Guaranteed Notes, 4.750% due 3/1/29		790,050

			Total Real Estate		1,992,046

	Real Estate Investment Trusts (REITs) - 2.3%
	890,000	Ba3(b)	Arbor Realty SR Inc., Company Guaranteed Notes, 7.875% due 7/15/30(a)(e)		835,841
	646,000	B+	Blackstone Mortgage Trust Inc., Senior Secured Notes, 7.750% due 12/1/29(a)		670,613
			Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Company Guaranteed Notes:
	158,000	BB+	4.250% due 2/1/27(a)		156,795

187

Schedules of Investments

(unaudited) (continued)

High Yield Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 94.0% - (continued)
	Real Estate Investment Trusts (REITs) - 2.3% - (continued)
	$ 110,000	BB+	4.750% due 6/15/29(a)	$	107,803
	447,000	BB+	7.000% due 7/15/31(a)		463,309
	610,000	BB	RHP Hotel Properties LP/RHP Finance Corp., Company Guaranteed Notes, 5.750% due 3/15/34(a)		605,486
			Starwood Property Trust Inc., Senior Unsecured Notes:
	680,000	BB-	6.500% due 7/1/30(a)		696,242
	36,000	BB-	6.125% due 6/1/31(a)		36,415

			Total Real Estate Investment Trusts (REITs)		3,572,504

	Retail - 3.9%
	535,000	BB+	Academy Ltd., Senior Secured Notes, 5.875% due 5/15/31(a)		538,770
	455,000	BB+	Brinker International Inc., Company Guaranteed Notes, 8.250% due 7/15/30(a)		475,671
			FirstCash Inc., Company Guaranteed Notes:
	432,000	BB	4.625% due 9/1/28(a)		426,095
	187,000	BB	5.625% due 1/1/30(a)		186,824
	77,000	BB	6.875% due 3/1/32(a)		79,241
	495,000	BB	6.125% due 5/1/34(a)		495,308
	375,000	B-	LBM Acquisition LLC, Senior Secured Notes, 9.500% due 6/15/31(a)		315,928
			Murphy Oil USA Inc., Company Guaranteed Notes:
	280,000	BB+	4.750% due 9/15/29		275,491
	635,000	BB+	5.875% due 6/1/34(a)		638,082
			Park River Holdings Inc.:
	283,329	CCC	Secured Notes, 8.750% due 12/31/30(a)		275,885
	644,000	B-	Senior Secured Notes, 8.000% due 3/15/31(a)		652,525
	490,000	B	Petco Health & Wellness Co., Inc., Senior Secured Notes, 8.250% due 2/1/31(a)		490,927
			PetSmart LLC/PetSmart Finance Corp.:
	450,000	B-	Company Guaranteed Notes, 10.000% due 9/15/33(a)		454,132
	250,000	BB-	Senior Secured Notes, 7.500% due 9/15/32(a)		252,106
	552,000	BB	QXO Building Products Inc., Senior Secured Notes, 6.750% due 4/30/32(a)		562,781

			Total Retail		6,119,766

	Semiconductors - 0.8%
	605,000	BB	Amkor Technology Inc., Company Guaranteed Notes, 5.875% due 10/1/33(a)		608,510
	590,000	BB-	Entegris Inc., Company Guaranteed Notes, 5.950% due 6/15/30(a)		596,226

			Total Semiconductors		1,204,736

	Software - 2.5%
			Cloud Software Group Inc., Senior Secured Notes:
	355,000	B	6.500% due 3/31/29(a)		352,533
	370,000	B	8.250% due 6/30/32(a)		363,088
	642,000	B	CoreWeave Inc., Company Guaranteed Notes, 9.750% due 10/1/31(a)		662,817
			OAK-Eagle Acquireco Inc.:
	80,000	(P)BB	Senior Secured Notes, 7.250% due 7/1/33(a)		83,369
	691,000	(P)B	Senior Unsecured Notes, 8.750% due 7/1/34(a)		730,699
	1,394,656	CCC+	Rackspace Finance LLC, Senior Secured Notes, 3.500% due 5/15/28(a)(e)		1,185,355
	499,000	B	UKG Inc., Senior Secured Notes, 6.875% due 2/1/31(a)		490,760

			Total Software		3,868,621

	Telecommunications - 7.8%
	1,235,000	CCC	Altice Financing SA, Senior Secured Notes, (Cost - $1,036,750, acquired 2/12/25), 5.000% due 1/15/28(a)(g)		903,759
	760,000	Ba3(b)	APLD ComputeCo 2 LLC, Senior Secured Notes, 6.750% due 3/15/31(a)(e)		766,356
			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(d)		450,690
	330,000	BB+	7.000% (5-Year CMT Index + 2.363%) due 9/15/55(d)		341,062
	815,000	Ba2(b)	Black Pearl Compute LLC, Senior Secured Notes, 6.125% due 2/15/31(a)		830,052
	610,000	B+	C&W Senior Finance Ltd., Company Guaranteed Notes, 9.000% due 1/15/33(a)		623,492
	460,000	B	Connect Finco Sarl/Connect U.S. Finco LLC, Senior Secured Notes, 9.000% due 9/15/29(a)		486,252
	895,000	BB	Core Scientific Finance I LLC, Senior Secured Notes, 7.750% due 5/15/31(a)		914,856

188

Schedules of Investments

(unaudited) (continued)

High Yield Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 94.0% - (continued)
	Telecommunications - 7.8% - (continued)
	$ 735,000	Ba3(b)	Flash Compute LLC, Senior Secured Notes, 7.250% due 12/31/30(a)	$	758,952
			Iliad Holding SAS, Senior Secured Notes:
	133,000	B+	7.000% due 10/15/28(a)		134,065
	200,000	B+	8.500% due 4/15/31(a)		211,962
	985,000	B+	7.000% due 4/15/32(a)		1,003,169
	915,000	(P)BB-	Meridian Arc Holdco LLC, Senior Secured Notes, 6.250% due 4/30/31(a)		920,363
	925,000	(P)BB	PR RNO Property Owner 1 LLC, Senior Secured Notes, 6.500% due 5/1/31(a)		926,805
			Rogers Communications Inc., Subordinated Notes:
	341,000	BB	7.000% (5-Year CMT Index + 2.653%) due 4/15/55(d)		349,052
	404,000	BB	7.125% (5-Year CMT Index + 2.620%) due 4/15/55(d)		418,488
	535,000	BB-	Sable International Finance Ltd., Senior Secured Notes, 7.125% due 10/15/32(a)		530,131
	564,000	CCC+	Viasat Inc., Senior Unsecured Notes, 7.500% due 5/30/31(a)		570,064
	1,152,675	CCC	Zayo Group Holdings Inc., Senior Secured Notes, 13.750% (7.125% cash and 1.875% PIK until 3/30/27 then 5.375% until 3/30/28) due 9/9/30(a)(c)		1,146,981

			Total Telecommunications		12,286,551

	Transportation - 0.8%
	545,000	B2(b)	Star Leasing Co. LLC, Secured Notes, 7.625% due 2/15/30(a)		529,014
	663,000	BB	Stonepeak Nile Parent LLC, Senior Secured Notes, 7.250% due 3/15/32(a)		691,412

			Total Transportation		1,220,426

			TOTAL CORPORATE BONDS & NOTES (Cost - $147,537,247)		147,875,539

	SENIOR LOAN - 0.0%@
	Mining - 0.0%@
	382,557	NR	Arctic Canadian Diamond Company Ltd., 4.314% (3-Month USD-LIBOR + 2.000%) due 12/17/33(d)(j)
			(Cost - $372,199)		–

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost - $147,909,446)		147,875,539

	SHORT-TERM INVESTMENTS(k) - 9.5%
	MONEY MARKET FUND - 4.5%
	7,091,754		Invesco STIT - Government & Agency Portfolio, Institutional Class, 3.638%(l)
			(Cost - $7,091,754)		7,091,754

	TIME DEPOSITS - 5.0%
	3,513,655		Citibank - New York, 2.970% due 6/1/26		3,513,655
	157,250		Skandinaviska Enskilda Banken AB - Stockholm, 2.970% due 6/1/26		157,250
	4,250,873		Sumitomo Mitsui Banking Corp. - Tokyo, 2.970% due 6/1/26		4,250,873

			TOTAL TIME DEPOSITS (Cost - $7,921,778)		7,921,778

			TOTAL SHORT-TERM INVESTMENTS (Cost - $15,013,532)		15,013,532

			TOTAL INVESTMENTS - 103.5% (Cost - $162,922,978)		162,889,071

			Liabilities in Excess of Other Assets - (3.5)%		(5,466,713	)
			TOTAL NET ASSETS - 100.0%	$	157,422,358

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

(d)	Variable rate security. Interest rate disclosed is that which was in effect at May 31, 2026.

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

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

(g)	The aggregate value of restricted securities (excluding 144A holdings) at May 31, 2026, amounts to $1,777,584 and represents 1.1% of net assets.

(h)	Rating by Fitch Ratings Service.

(i)	Security is currently in default.

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

(k)	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 5.0%.

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

#	Security that used significant unobservable inputs to determine fair value. At May 31, 2026, the Fund held a Level 3 security with a value of $0, representing 0.0% of net assets.

At May 31, 2026, 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	$ 162,922,978	$ 2,586,838	$ (2,620,745)	$ (33,907)

Abbreviations used in this schedule:


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	94.9	%
Senior Loan	0.0	*
Short-Term Investments	5.1

Total Investments	100.0	%+

^	As a percentage of total investments.

*	Position represents less than 0.05%.

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


Currency abbreviation used in this schedule:

USD	—	United States Dollar

See pages 257-259 for definitions of ratings

189

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	SOVEREIGN BONDS - 45.7%
	Australia - 2.4%
			Australia Government Bonds:
	100,000	^AUD	2.500% due 5/21/30	$	66,759
	50,000	^AUD	1.750% due 6/21/51		18,250
			New South Wales Treasury Corp.:
	1,000,000	^AUD	2.000% due 3/8/33		593,524
	1,200,000	^AUD	1.750% due 3/20/34		673,108
	500,000	^AUD	3.500% due 11/20/37		296,252
	300,000	^AUD	Northern Territory Treasury Corp., 6.000% due 4/21/39		217,538
			Queensland Treasury Corp.:
	600,000	^AUD	2.000% due 8/22/33		349,775
	200,000	^AUD	1.750% due 7/20/34(a)		110,441
	1,000,000	^AUD	5.250% due 7/21/36(a)		705,936
			Treasury Corp. of Victoria:
	400,000	^AUD	4.250% due 12/20/32		274,604
	1,000,000	^AUD	2.250% due 9/15/33		591,792
	400,000	^AUD	2.000% due 9/17/35		215,800
	400,000	^AUD	4.750% due 9/15/36		270,565
	400,000	^AUD	2.000% due 11/20/37		199,163

			Total Australia		4,583,507

	Brazil - 2.4%
			Brazil Letras do Tesouro Nacional:
	7,500,000	^BRL	zero coupon due 10/1/26		1,422,212
	14,700,000	^BRL	zero coupon due 4/1/27		2,618,996
	500,000	^EUR	Brazilian Government International Bonds, 4.000% due 4/23/30		584,597

			Total Brazil		4,625,805

	Bulgaria - 0.3%
			Bulgaria Government International Bonds:
	300,000	^EUR	3.375% due 7/18/35		341,074
	200,000	^EUR	4.125% due 7/18/45		224,183

			Total Bulgaria		565,257

	Canada - 0.9%
	2,100,000	^CAD	Canadian Government Bonds, 3.000% due 6/1/34		1,488,995
	27,900,000	^INR	Export Development Canada, 7.130% due 3/11/29(a)		288,685

			Total Canada		1,777,680

	Chile - 0.1%
	$ 200,000		Chile Government International Bonds, 4.850% due 1/22/29		202,100

	China - 4.4%
			China Development Bank:
	7,600,000	^CNY	2.820% due 5/22/33		1,206,430
	22,220,000	^CNY	2.630% due 1/8/34		3,499,504
			China Government Bonds:
	5,600,000	^CNY	1.650% due 5/15/35		825,399
	4,090,000	^CNY	3.190% due 4/15/53		717,921
	12,700,000	^CNY	2.190% due 9/25/54		1,850,297
	2,300,000	^CNY	1.920% due 1/15/55		315,782

			Total China		8,415,333

	Colombia - 1.1%
			Colombian TES:
	2,158,400,000	^COP	11.000% due 8/22/29		537,470
	1,884,100,000	^COP	13.250% due 2/9/33		495,746

190

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	SOVEREIGN BONDS - 45.7% - (continued)
	Colombia - 1.1% - (continued)
	2,053,500,000	^COP	11.750% due 1/24/35	$	502,609
	2,176,300,000	^COP	12.750% due 11/28/40		571,963

			Total Colombia		2,107,788

	France - 3.7%
	6,000,000	^EUR	French Republic Government Bonds OAT, 2.750% due 2/25/30(a)		6,978,472

	Israel - 1.0%
			Israel Government International Bonds:
	$ 300,000		5.375% due 3/12/29		305,377
	900,000		5.375% due 2/19/30		918,102
	300,000		5.500% due 3/12/34		306,017
	300,000		5.750% due 3/12/54		286,812

			Total Israel		1,816,308

	Italy - 0.3%
	400,000	^GBP	Republic of Italy Government International Bonds, 6.000% due 8/4/28		551,982

	Japan - 6.5%
	50,000,000	^JPY	Japan Government Five Year Bonds, 0.400% due 6/20/29		303,245
	120,000,000	^JPY	Japan Government Forty Year Bonds, 2.200% due 3/20/64		506,797
			Japan Government Thirty Year Bonds:
	210,000,000	^JPY	1.700% due 9/20/44		1,007,529
	240,000,000	^JPY	1.400% due 9/20/45		1,063,488
	152,000,000	^JPY	0.500% due 9/20/46		533,501
	98,000,000	^JPY	0.700% due 12/20/48		334,159
	38,700,000	^JPY	0.500% due 3/20/49		123,415
	60,000,000	^JPY	0.700% due 12/20/50		190,012
	60,000,000	^JPY	0.700% due 3/20/51		188,179
	125,000,000	^JPY	0.700% due 6/20/51		388,413
	180,000,000	^JPY	0.700% due 12/20/51		549,889
	69,400,000	^JPY	1.800% due 3/20/54		281,177
	202,000,000	^JPY	2.200% due 6/20/54		902,630
	60,000,000	^JPY	3.200% due 9/20/55		331,915
			Japan Government Twenty Year Bonds:
	131,000,000	^JPY	1.200% due 9/20/35		730,644
	200,000,000	^JPY	1.000% due 12/20/35		1,087,414
	20,000,000	^JPY	0.400% due 3/20/36		101,558
	100,000,000	^JPY	0.400% due 6/20/40		434,622
	130,000,000	^JPY	1.800% due 9/20/44		633,952
	180,000,000	^JPY	2.000% due 12/20/44		904,385
	74,000,000	^JPY	2.400% due 3/20/45		395,139
			Japanese Government CPI Linked Bonds:
	167,259,540	^JPY	0.100% due 3/10/28		1,064,755
	53,108,590	^JPY	0.100% due 3/10/29		337,140

			Total Japan		12,393,958

	Kuwait - 0.6%
			Kuwait International Government Bonds:
	400,000		4.016% due 10/9/28(a)		395,685
	200,000		4.136% due 10/9/30(a)		197,032
	500,000		4.804% due 4/20/33(a)		499,635

			Total Kuwait		1,092,352

	Luxembourg - 0.5%
	1,000,000		Eagle Funding Luxco Sarl, 5.500% due 8/17/30(a)		1,006,980

	Malaysia - 1.9%
			Malaysia Government Bonds:
	12,523,000	^MYR	3.519% due 4/20/28		3,177,820

191

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	SOVEREIGN BONDS - 45.7% - (continued)
	Malaysia - 1.9% - (continued)
	900,000	^MYR	2.632% due 4/15/31	$	219,012
	160,000	^MYR	3.582% due 7/15/32		40,555
	860,000	^MYR	Malaysia Government Investment Issues, 4.193% due 10/7/32		225,015

			Total Malaysia		3,662,402

	Peru - 1.8%
			Peru Government Bonds:
	1,300,000	^PEN	7.300% due 8/12/33(a)		421,568
	4,240,000	^PEN	6.850% due 8/12/35(a)		1,299,231
	1,660,000	^PEN	7.600% due 8/12/39(a)		514,489
			Peruvian Government International Bonds:
	2,321,000	^PEN	6.950% due 8/12/31		753,399
	1,400,000	^PEN	5.400% due 8/12/34		397,795

			Total Peru		3,386,482

	Poland - 0.2%
			Poland Government International Bonds:
	$ 100,000		4.875% due 2/12/30		101,937
	100,000		5.125% due 9/18/34		100,744
	100,000		5.375% due 2/12/35		101,663

			Total Poland		304,344

	Qatar - 0.2%
	400,000		Qatar Government International Bonds, 4.800% due 4/8/33(a)		404,759

	Romania - 0.5%
			Romanian Government International Bonds:
	600,000	^EUR	6.625% due 9/27/29		759,861
	200,000	^EUR	1.750% due 7/13/30(a)		212,842

			Total Romania		972,703

	Saudi Arabia - 0.8%
			Saudi Government International Bonds:
	400,000		5.125% due 1/13/28(a)		404,213
	400,000		4.750% due 1/18/28(a)		401,797
	500,000	^EUR	3.375% due 3/5/32(a)		576,399
	200,000		4.875% due 7/18/33(a)		200,452

			Total Saudi Arabia		1,582,861

	Serbia - 0.1%
			Serbia International Bonds:
	100,000	^EUR	1.000% due 9/23/28(a)		109,870
	100,000	^EUR	1.650% due 3/3/33(a)		98,056

			Total Serbia		207,926

	South Africa - 2.1%
			South Africa Government Bonds:
	8,800,000	^ZAR	8.000% due 1/31/30		546,027
	44,300,000	^ZAR	8.875% due 2/28/35		2,814,644
	2,000,000	^ZAR	6.250% due 3/31/36		104,822
	2,900,000	^ZAR	8.500% due 1/31/37		176,200
	6,200,000	^ZAR	9.000% due 1/31/40		383,879

			Total South Africa		4,025,572

	South Korea - 0.2%
	400,000		Korea National Oil Corp., 4.250% due 9/30/29(a)		398,121

	Spain - 7.0%
	100,000	^EUR	Autonomous Community of Catalonia, 4.220% due 4/26/35		120,669
			Spain Government Bonds:
	400,000	^EUR	1.450% due 10/31/27(a)		459,652
	2,200,000	^EUR	2.400% due 5/31/28		2,557,990

192

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	SOVEREIGN BONDS - 45.7% - (continued)
	Spain - 7.0% - (continued)
	36,000	^EUR	1.450% due 4/30/29(a)	$	40,647
	240,000	^EUR	3.500% due 5/31/29		286,846
	5,180,000	^EUR	3.450% due 10/31/34(a)		6,154,710
	2,560,000	^EUR	3.150% due 4/30/35(a)		2,965,739
	500,000	^EUR	1.900% due 10/31/52(a)		384,236
	200,000	^EUR	4.000% due 10/31/54(a)		231,267

			Total Spain		13,201,756

	Supranational - 0.6%
	1,000,000	^EUR	European Union, 3.750% due 10/12/45		1,146,886

	Thailand - 0.6%
			Thailand Government Bonds:
	29,800,000	^THB	2.700% due 6/17/40		907,358
	8,456,000	^THB	2.980% due 6/17/45		256,409

			Total Thailand		1,163,767

	United Arab Emirates - 0.3%
	$ 500,000		Abu Dhabi Government International Bonds, 4.625% due 4/20/33(a)		500,792

	United Kingdom - 5.2%
			United Kingdom Gilts:
	4,200,000	^GBP	4.375% due 3/7/30		5,674,517
	1,350,000	^GBP	3.250% due 1/22/44		1,378,544
	700,000	^GBP	3.500% due 1/22/45		733,184
	500,000	^GBP	1.750% due 1/22/49		349,603
	1,400,000	^GBP	0.625% due 10/22/50		662,156
	1,300,000	^GBP	1.250% due 7/31/51		738,482
	100,000	^GBP	4.375% due 7/31/54		112,626
	500,000	^GBP	1.125% due 10/22/73		198,594

			Total United Kingdom		9,847,706

			TOTAL SOVEREIGN BONDS (Cost - $95,917,283)		86,923,599

	MORTGAGE-BACKED SECURITIES - 36.6%
	FHLMC - 0.0%@
	21,613		Federal Home Loan Mortgage Corp. (FHLMC), 3.500% due 10/1/39		20,563

	FNMA - 29.7%
			Federal National Mortgage Association (FNMA):
	241,618		3.500% due 10/1/34 - 6/1/50		224,393
	7,072		6.226% (1-Year CMT Index + 2.360%) due 11/1/34(b)		7,379
	67,528		4.000% due 6/1/50		64,009
	697,508		4.500% due 5/1/52 - 6/1/52		673,499
	474,519		5.500% due 9/1/53		478,169
	27,000		3.500% due 6/1/56(c)		24,562
	48,428,000		5.000% due 6/1/56 - 7/1/56(c)		47,588,993
	2,540,000		5.500% due 6/1/56 - 7/1/56(c)		2,552,133
	344,000		4.000% due 7/1/56(c)		322,005
	4,763,000		4.500% due 7/1/56(c)		4,571,721

			Total FNMA		56,506,863

	GNMA - 6.9%
	1,800,000		Government National Mortgage Association (GNMA), 6.500% due 7/20/56(c)		1,871,697
			Government National Mortgage Association II (GNMA):
	531		6.000% due 9/20/38		540
	4,926,448		3.000% due 11/20/51 - 6/20/52		4,389,618
	7,246,896		3.500% due 12/20/52 - 8/20/55		6,542,851
	300,000		2.500% due 6/20/56(c)		257,007

			Total GNMA		13,061,713

			TOTAL MORTGAGE-BACKED SECURITIES (Cost - $68,875,115)		69,589,139

193

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	CORPORATE BONDS & NOTES - 14.2%
	Australia - 1.1%
	2,800,000	^AUD	Project Cashmere, 4.543% due 12/30/57(a)(d)(m)	$	2,005,729

	Belgium - 0.1%
	$ 200,000		KBC Group NV, Senior Unsecured Notes, 5.796% (1-Year CMT Index + 2.100%) due 1/19/29(a)(b)		203,973

	Canada - 1.3%
	800,000		Canadian Imperial Bank of Commerce, Covered Notes, 4.876% due 1/14/30(a)		816,006
	100,000	^EUR	Fairfax Financial Holdings Ltd., Senior Unsecured Notes, 2.750% due 3/29/28		115,478
			Royal Bank of Canada, Senior Unsecured Notes:
	400,000		4.969% (SOFR + 1.100%) due 8/2/30(b)		403,992
	400,000		4.696% (SOFR + 1.060%) due 8/6/31(b)		399,289
	700,000		Toronto-Dominion Bank (The), Covered Notes, 4.814% due 7/16/27(a)		705,536

			Total Canada		2,440,301

	Cayman Islands - 0.4%
	400,000		Foxconn Far East Ltd., Company Guaranteed Notes, 1.875% due 8/25/28		369,503
	200,000		QNB Finance Ltd., Company Guaranteed Notes, 4.677% (SOFR + 1.050%) due 4/27/29(a)(b)		201,566
	200,000		Sands China Ltd., Senior Unsecured Notes, 5.400% due 8/8/28		202,507

			Total Cayman Islands		773,576

	Denmark - 0.0%@
			Jyske Realkredit AS, Covered Notes:
	31,572	^DKK	1.000% due 10/1/50		3,721
	440,114	^DKK	1.500% due 10/1/53		55,395
			Nordea Kredit Realkreditaktieselskab, Covered Notes:
	15	^DKK	1.000% due 10/1/50		2
	175,377	^DKK	1.500% due 10/1/53		22,467

			Total Denmark		81,585

	France - 0.6%
	400,000		BPCE SA, Senior Non-Preferred Notes, 6.612% (SOFR + 1.980%) due 10/19/27(a)(b)		403,207
	800,000		Credit Agricole SA, Senior Non-Preferred Notes, 5.862% (SOFR + 1.740%) due 1/9/36(a)(b)		823,934

			Total France		1,227,141

	Germany - 0.2%
	400,000		Deutsche Bank AG, Senior Non-Preferred Notes, 2.552% (SOFR + 1.318%) due 1/7/28(b)		395,502

	Italy - 0.1%
	100,000	^EUR	Banca Monte dei Paschi di Siena SpA, Covered Notes, 0.875% due 10/8/26		115,962

	Japan - 0.5%
	200,000		Nomura Holdings Inc., Senior Unsecured Notes, 2.329% due 1/22/27		197,660
	500,000		Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes, 5.246% (SOFR + 1.500%) due 7/8/36(b)		504,029
	200,000		Sumitomo Mitsui Trust Bank Ltd., Senior Unsecured Notes, 5.200% due 3/7/29(a)		203,606

			Total Japan		905,295

	Qatar - 0.1%
	200,000		QatarEnergy, Senior Unsecured Notes, 2.250% due 7/12/31(a)(d)		179,396

	Switzerland - 0.4%
			UBS Group AG, Senior Unsecured Notes:
	250,000		4.282% due 1/9/28(a)		249,311
	250,000		3.869% (3-Month USD-LIBOR + 1.410%) due 1/12/29(a)(b)		247,190
	300,000		4.194% (SOFR + 3.730%) due 4/1/31(a)(b)		292,994

			Total Switzerland		789,495

	United Arab Emirates - 0.4%
			Abu Dhabi Developmental Holding Co. PJSC, Senior Unsecured Notes:
	200,000		4.500% due 5/6/30(a)		199,436
	500,000		4.375% due 10/2/31(a)		489,824

			Total United Arab Emirates		689,260

194

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	CORPORATE BONDS & NOTES - 14.2% - (continued)
	United Kingdom - 2.1%
			Barclays PLC, Senior Unsecured Notes:
	$ 800,000		6.496% (SOFR + 1.880%) due 9/13/27(b)	$	804,493
	400,000	^EUR	4.918% (EUR Swap Rate + 1.750%) due 8/8/30(b)		488,248
	200,000		HSBC Holdings PLC, Senior Unsecured Notes, 4.041% (3-Month Term SOFR + 1.808%) due 3/13/28(b)		199,501
	300,000		Lloyds Banking Group PLC, Senior Unsecured Notes, 5.721% (1-Year CMT Index + 1.070%) due 6/5/30(b)		308,714
	300,000		Nationwide Building Society, Senior Non-Preferred Notes, 2.972% (SOFR + 1.290%) due 2/16/28(a)(b)		296,806
	500,000		Santander UK Group Holdings PLC, Senior Unsecured Notes, 6.534% (SOFR + 2.600%) due 1/10/29(b)		514,675
	900,000		Standard Chartered PLC, Senior Unsecured Notes, 6.750% (1-Year CMT Index + 1.850%) due 2/8/28(a)(b)		913,437
	500,000	^EUR	Vmed O2 UK Financing I PLC, Senior Secured Notes, 5.625% due 4/15/32(a)		545,732

			Total United Kingdom		4,071,606

	United States - 6.9%
			Athene Global Funding:
	500,000		Secured Notes, 4.381% (SOFR + 0.750%) due 7/16/26(a)(b)		500,198
	300,000		Senior Secured Notes, 5.516% due 3/25/27(a)		302,553
			Bank of America Corp., Senior Unsecured Notes:
	500,000		5.202% (SOFR + 1.630%) due 4/25/29(b)		506,226
	700,000		1.898% (SOFR + 1.530%) due 7/23/31(b)		625,298
	600,000		5.511% (SOFR + 1.310%) due 1/24/36(b)		614,300
	300,000		5.045% (SOFR + 1.130%) due 2/6/37(b)		295,540
	1,800,000		Beignet Investor LLC, Senior Secured Notes, 6.581% due 5/30/49(a)		1,853,593
	150,000		GA Global Funding Trust, Secured Notes, 2.250% due 1/6/27(a)		148,087
	600,000		Goldman Sachs Bank USA, Senior Unsecured Notes, 4.656% (SOFR + 0.720%) due 6/3/29(b)		600,809
			Goldman Sachs Group Inc. (The), Senior Unsecured Notes:
	400,000		6.484% (SOFR + 1.770%) due 10/24/29(b)		416,483
	600,000		5.727% (SOFR + 1.265%) due 4/25/30(b)		616,331
	900,000		5.094% (SOFR + 1.340%) due 4/20/34(b)		897,646
	500,000		5.851% (SOFR + 1.552%) due 4/25/35(b)		520,281
	400,000		5.330% (SOFR + 1.550%) due 7/23/35(b)		402,323
			JPMorgan Chase & Co., Senior Unsecured Notes:
	600,000		4.603% (SOFR + 1.040%) due 10/22/30(b)		598,923
	400,000		5.502% (SOFR + 1.315%) due 1/24/36(b)		409,056
	1,300,000		Lehman Brothers Holdings Inc., Senior Unsecured Notes, 0.000% due 5/25/49*(d)(e)		455
	600,000		Lincoln Financial Global Funding, Secured Notes, 5.300% due 1/13/30(a)		608,271
	200,000		PacifiCorp, 1st Mortgage Notes, 5.300% due 2/15/31		203,568
			Philip Morris International Inc., Senior Unsecured Notes:
	200,000		4.875% due 2/13/29		202,129
	300,000	^EUR	3.250% due 6/6/32		345,434
	900,000		RD Michigan Property Owner I LLC, Senior Secured Notes, 7.500% due 3/30/45(a)		901,273
	100,000	^EUR	Southern Co. (The), Junior Subordinated Notes, 1.875% (2.108% - 5-Year EUR Swap Rate) due 9/15/81(f)		114,041
			Wells Fargo & Co., Senior Unsecured Notes:
	600,000		4.808% (SOFR + 1.980%) due 7/25/28(b)		601,833
	500,000	^EUR	3.900% (3-Month EURIBOR + 1.220%) due 7/22/32(b)		593,936
	300,000		4.892% (SOFR + 1.340%) due 9/15/36(b)		292,897

			Total United States		13,171,484

			TOTAL CORPORATE BONDS & NOTES (Cost - $26,770,819)		27,050,305

	COLLATERALIZED MORTGAGE OBLIGATIONS - 8.1%
	Asset-Backed Securities - 1.2%
	224,780		ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE5, Class M4, 4.599% (1-Month Term SOFR + 1.014%) due 8/25/35(b)		222,042
	278,609		Argent Mortgage Loan Trust, Series 2005-W1, Class A1, 4.179% (1-Month Term SOFR + 0.594%) due 5/25/35(b)		258,999
	112,391		Bayview Financial Asset Trust, Series 2007-SR1A, Class A, 4.149% (1-Month Term SOFR + 0.564%) due 3/25/37(a)(b)		113,958

195

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS - 8.1% - (continued)
	Asset-Backed Securities - 1.2% - (continued)
			Countrywide Asset-Backed Certificates:
	$ 173,231		Series 2007-9, Class 2A4, 3.949% (1-Month Term SOFR + 0.364%) due 2/25/36(b)	$	166,158
	27,381		Series 2007-12, Class 1A1, 4.439% (1-Month Term SOFR + 0.854%) due 8/25/47(b)		26,883
	197,985		Series 2007-13, Class 1A, 4.539% (1-Month Term SOFR + 0.954%) due 10/25/47(b)		193,389
	119,148		CSAB Mortgage-Backed Trust, Series 2006-4, Class A6A, step bond to yield, 6.184% due 12/25/36		15,089
	228,181		Ellington Loan Acquisition Trust, Series 2007-2, Class A1, 4.749% (1-Month Term SOFR + 2.214%) due 5/25/37(a)(b)		224,587
	388,492		NovaStar Mortgage Funding Trust, Series 2006-1, Class A2D, 4.239% (1-Month Term SOFR + 0.654%) due 5/25/36(b)		380,537
	43,761		Option One Mortgage Loan Trust, Series 2007-CP1, Class 1A1, 3.839% (1-Month Term SOFR + 0.254%) due 3/25/37(b)		39,681
	735,362		Soundview Home Loan Trust, Series 2006-3, Class A4, 4.199% (1-Month Term SOFR + 0.614%) due 11/25/36(b)		706,573

			Total Asset-Backed Securities		2,347,896

	Mortgage Securities - 6.9%
	145,356	^GBP	ALBA PLC, Series 2007-1, Class A3, 4.036% (Sterling Overnight Index Average + 0.289%) due 3/17/39(b)		192,945
	3,891		Banc of America Funding Trust, Series 2006-A, Class 1A1, 5.677% due 2/20/36(b)		3,742
			Bear Stearns Adjustable Rate Mortgage Trust:
	781		Series 2003-5, Class 1A2, 4.590% due 8/25/33(b)		761
	1,087		Series 2003-7, Class 6A, 5.490% due 10/25/33(b)		1,062
	4,132		Series 2004-2, Class 22A, 6.243% due 5/25/34(b)		4,071
	1,415		Series 2004-2, Class 23A, 4.000% due 5/25/34(b)		1,315
	24,320		Bear Stearns Structured Products Inc. Trust, Series 2007-R6, Class 1A1, 5.085% due 1/26/36(b)		17,208
	552,871		Chase Home Lending Mortgage Trust, Series 2025-RPL1, Class A1A, 3.375% due 4/25/65(a)(b)		493,879
			Countrywide Alternative Loan Trust:
	2,608		Series 2005-21CB, Class A3, 5.250% due 6/25/35		1,898
	16,428		Series 2007-16CB, Class 5A1, 6.250% due 8/25/37		7,190
	32,787		Series 2007-11T1, Class A12, 4.049% (1-Month Term SOFR + 0.464%) due 5/25/37(b)		10,193
	24,609		Series 2007-7T2, Class A9, 6.000% due 4/25/37		9,511
			Countrywide Home Loan Mortgage Pass-Through Trust:
	32,558		Series 2005-2, Class 1A1, 4.339% (1-Month Term SOFR + 0.754%) due 3/25/35(b)		30,485
	374		Series 2005-3, Class 2A1, 4.279% (1-Month Term SOFR + 0.694%) due 4/25/35(b)		368
	30,154		Series 2005-9, Class 1A3, 4.159% (1-Month Term SOFR + 0.574%) due 5/25/35(b)		26,819
	10,564		Series 2005-11, Class 3A1, 3.551% due 4/25/35(b)		6,807
	3,853		Series 2005-HYB9, Class 3A2A, 6.224% (1-Year Term SOFR + 2.465%) due 2/20/36(b)		3,433
	485,277		Series 2007-4, Class 1A47, 6.000% due 5/25/37		198,267
	90,663		Series 2007-19, Class 2A1, 6.500% due 11/25/47		39,840
			Credit Suisse Commercial Mortgage Capital Trust:
	34,401		Series 2007-5R, Class A5, 6.500% due 7/26/36		7,004
	65,096		Series 2021-INV1, Class A3, 2.500% due 7/25/56(a)(b)		54,090
	320,796		Deutsche Alternative-A Securities Mortgage Loan Trust, Series 2007-3, Class 2A1, 5.199% (1-Month Term SOFR + 1.614%) due 10/25/47(b)		253,741
	6,302	^GBP	Eurohome UK Mortgages PLC, Series 2007-1, Class A, 4.016% (Sterling Overnight Index Average + 0.269%) due 6/15/44(b)		8,489
	63,790	^GBP	Eurosail-UK PLC, Series 2007-4X, Class A3, 4.816% (Sterling Overnight Index Average + 1.069%) due 6/13/45(b)		85,738
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	1,304		Series 2391, Class FJ, 4.257% (30-Day Average SOFR + 0.614%) due 4/15/28(b)		1,304
	11,518		Series 2614, Class SJ, 9.330% (19.348% - 2.750% x 30-Day Average SOFR) due 5/15/33(f)		12,801
	39,935		Series 4579, Class FD, 4.118% (30-Day Average SOFR + 0.464%) due 1/15/38(b)		39,447
	39,935		Series 4579, Class SD, 2.030% due 1/15/38(b)(g)		1,841
	591,749		Series 5513, Class MF, 4.552% (30-Day Average SOFR + 0.940%) due 11/25/54(b)		595,987
			Federal Home Loan Mortgage Corp. (FHLMC), Structured Pass-Through Certificates:
	3,769		Series T-35, Class A, 4.007% (30-Day Average SOFR + 0.394%) due 9/25/31(b)		3,755
	11,962		Series T-62, Class 1A1, 4.966% (1-Year Treasury Average Rate + 1.200%) due 10/25/44(b)		11,103
	2,903		Federal National Mortgage Association (FNMA), Grantor Trust, Series 2004-T3, Class 1A1, 6.000% due 2/25/44		2,889
	16,834		Federal National Mortgage Association (FNMA), REMIC Trust, Series 2004-W12, Class 1A1, 6.000% due 7/25/44		17,284
			Federal National Mortgage Association (FNMA), REMICS:
	2,855		Series 2003-34, Class A1, 6.000% due 4/25/43		2,880
	3,022		Series 2006-48, Class TF, 4.127% (30-Day Average SOFR + 0.514%) due 6/25/36(b)		2,998

196

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS - 8.1% - (continued)
	Mortgage Securities - 6.9% - (continued)
	$ 34,577		Series 2009-104, Class FA, 4.527% (30-Day Average SOFR + 0.914%) due 12/25/39(b)	$	34,751
	520,134		Series 2024-90, Class FA, 5.112% (30-Day Average SOFR + 1.500%) due 12/25/54(b)		526,643
	282,613		Series 2025-6, Class GF, 5.012% (30-Day Average SOFR + 1.400%) due 2/25/55(b)		285,899
	719,198		GCAT Trust, Series 2023-NQM4, Class A1, 4.250% due 5/25/67(a)(b)		677,215
	5,967		GMACM Mortgage Loan Trust, Series 2005-AR6, Class 3A1, 3.707% due 11/19/35(b)		5,350
			Government National Mortgage Association (GNMA):
	42,013		Series 2016-H15, Class FA, 4.575% (1-Month Term SOFR + 0.914%) due 7/20/66(b)		42,203
	1,746		Series 2017-121, Class PE, 3.000% due 7/20/46		1,724
	456,967		Series 2024-H07, Class JF, 4.415% (30-Day Average SOFR + 0.790%) due 4/20/74(b)		460,107
	686,853		GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ4, Class A4, 2.500% due 9/25/52(a)(b)		570,731
			GS Mortgage-Backed Securities Trust:
	70,039		Series 2021-GR3, Class A2, 2.500% due 4/25/52(a)(b)		58,198
	71,027		Series 2021-INV1, Class A2, 2.500% due 12/25/51(a)(b)		59,019
			GSR Mortgage Loan Trust:
	1,194		Series 2003-1, Class A2, 5.270% (1-Year CMT Index + 1.750%) due 3/25/33(b)		1,204
	25,223		Series 2005-AR7, Class 2A1, 4.597% due 11/25/35(b)		24,598
			Harborview Mortgage Loan Trust:
	7,727		Series 2005-2, Class 2A1A, 4.167% (1-Month Term SOFR + 0.554%) due 5/19/35(b)		7,541
	8,223		Series 2005-3, Class 2A1A, 4.207% (1-Month Term SOFR + 0.594%) due 6/19/35(b)		8,173
	35,122		Series 2006-SB1, Class A1A, 4.616% (1-Year Treasury Average Rate + 0.850%) due 12/19/36(b)		33,081
	49,715		Series 2007-1, Class 2A1A, 3.987% (1-Month Term SOFR + 0.374%) due 3/19/37(b)		46,739
	300,000	^GBP	Harvest Funding PLC, Series A, Class 1A (Sterling Overnight Index Average + 0.900%) due 11/15/69(a)(b)		403,964
			JP Morgan Mortgage Trust:
	514		Series 2003-A2, Class 3A1, 5.330% due 11/25/33(b)		503
	302		Series 2005-A1, Class 6T1, 5.121% due 2/25/35(b)		297
	287,647		Series 2021-10, Class A3, 2.500% due 12/25/51(a)(b)		239,325
	833,272		Series 2021-INV4, Class A2, 3.000% due 1/25/52(a)(b)		722,336
	682,837		Series 2021-INV8, Class A2, 3.000% due 5/25/52(a)(b)		592,610
	528,956		Series 2022-INV1, Class A3, 3.000% due 3/25/52(a)(b)		456,581
	675,439		Series 2022-LTV2, Class A3, 3.500% due 9/25/52(a)(b)		604,102
	207,806	^GBP	Ludgate Funding PLC, Series 2007-1, Class A2A, 4.026% (Sterling Overnight Index Average + 0.279%) due 1/1/61(b)		275,324
	300,000		Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.130% due 9/10/39(a)		290,344
	733		Merrill Lynch Mortgage Investors Trust, Series 2003-A2, Class 1A1, 5.901% due 2/25/33(b)		687
			MFA Trust:
	35,716		Series 2020-NQM2, Class A1, 1.381% due 4/25/65(a)(b)		35,202
	256,682		Series 2023-NQM4, Class A1, step bond to yield, 6.105% due 12/25/68(a)		257,650
			New Residential Mortgage Loan Trust:
	96,618		Series 2019-RPL3, Class A1, 2.750% due 7/25/59(a)(b)		93,577
	105,860		Series 2020-RPL1, Class A1, 2.750% due 11/25/59(a)(b)		101,777
	208,681	^GBP	Newgate Funding PLC, Series 2007-1X, Class A3, 4.026% (Sterling Overnight Index Average + 0.279%) due 12/1/50(b)		277,414
	400,000		NYO Commercial Mortgage Trust, Series 2021-1290, Class A, 4.837% (1-Month Term SOFR + 1.209%) due 11/15/38(a)(b)		399,980
	723,293		OBX Trust, Series 2024-HYB1, Class A1, 3.650% due 3/25/53(a)(b)		726,344
	283,173		One New York Plaza Trust, Series 2020-1NYP, Class A, 4.692% (1-Month Term SOFR + 1.064%) due 1/15/36(a)(b)		275,943
	231,293		PRKCM Trust, Series 2023-AFC4, Class A1, step bond to yield, 7.225% due 11/25/58(a)		232,435
	275,621		PRPM Trust, Series 2023-NQM3, Class A1, step bond to yield, 6.221% due 11/25/68(a)		276,876
			RALI Trust:
	58,680		Series 2006-QS6, Class 1A1, 6.000% due 6/25/36		48,902
	40,184		Series 2007-QO2, Class A1, 3.849% (1-Month Term SOFR + 0.264%) due 2/25/47(b)		12,005
			Residential Asset Securitization Trust:
	13,453		Series 2005-A15, Class 5A1, 5.750% due 2/25/36		4,394
	36,616		Series 2006-R1, Class A2, 4.099% (1-Month Term SOFR + 0.514%) due 1/25/46(b)		9,746
	102,969	^GBP	ResLoC UK PLC, Series 2007-1X, Class A3B, 4.026% (Sterling Overnight Index Average + 0.279%) due 12/15/43(b)		136,581

197

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS - 8.1% - (continued)
	Mortgage Securities - 6.9% - (continued)
			RMAC Securities No 1 PLC:
	100,492	^GBP	Series 2006-NS1X, Class A2A, 4.016% (Sterling Overnight Index Average + 0.269%) due 6/12/44(b)	$	134,309
	199,348	^GBP	Series 2006-NS3X, Class A2A, 4.016% (Sterling Overnight Index Average + 0.269%) due 6/12/44(b)		265,088
			Structured Adjustable Rate Mortgage Loan Trust:
	$ 1,173		Series 2004-1, Class 4A1, 5.935% due 2/25/34(b)		1,142
	400		Series 2004-4, Class 3A2, 5.592% due 4/25/34(b)		400
	16,997		Series 2004-19, Class 2A1, 5.166% (1-Year Treasury Average Rate + 1.400%) due 1/25/35(b)		15,937
			Structured Asset Mortgage Investments II Trust:
	13,595		Series 2005-AR2, Class 2A1, 4.159% (1-Month Term SOFR + 0.574%) due 5/25/45(b)		13,191
	17,516		Series 2005-AR8, Class A1A, 4.259% (1-Month Term SOFR + 0.674%) due 2/25/36(b)		15,067
	15,369		Series 2006-AR5, Class 1A1, 4.119% (1-Month Term SOFR + 0.534%) due 5/25/36(b)		9,821
	79,401		Series 2007-AR4, Class A3, 4.139% (1-Month Term SOFR + 0.554%) due 9/25/47(b)		72,349
	43,906		Series 2007-AR6, Class A1, 5.266% (1-Year Treasury Average Rate + 1.500%) due 8/25/47(b)		38,219
	38,341		Structured Asset Securities Corp., Series 2006-RF1, Class 1A, 3.979% (1-Month Term SOFR + 0.394%) due 1/25/36(a)(b)		32,577
	291,719	^GBP	Towd Point Mortgage Funding Granite 6 PLC, Series 2024-GR6A, Class A1, 4.672% (Sterling Overnight Index Average + 0.925%) due 7/20/53(a)(b)		393,318
			Towd Point Mortgage Trust:
	338,077		Series 2019-4, Class A1, 2.900% due 10/25/59(a)(b)		324,547
	75,870		Series 2020-1, Class A1, 2.710% due 1/25/60(a)(b)		73,354
	75,287		UWM Mortgage Trust, Series 2021-INV5, Class A12, 3.000% due 1/25/52(a)(b)		64,888
			WaMu Mortgage Pass-Through Certificates Trust:
	2,043		Series 2002-AR9, Class 1A, 5.166% (1-Year Treasury Average Rate + 1.400%) due 8/25/42(b)		2,007
	685		Series 2003-AR5, Class A7, 5.566% due 6/25/33(b)		685
	26,704		Series 2003-AR9, Class 2A, 5.679% due 9/25/33(b)		26,297
	69,592		Series 2004-AR1, Class A, 5.596% due 3/25/34(b)		70,886
	8,729		Series 2005-AR13, Class A1A1, 4.279% (1-Month Term SOFR + 0.694%) due 10/25/45(b)		8,528
	17,398		Series 2006-AR10, Class 2A1, 4.058% due 9/25/36(b)		15,028
	27,454		Series 2006-AR13, Class 2A, 5.266% (1-Year Treasury Average Rate + 1.500%) due 10/25/46(b)		26,506
	13,514		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2006-AR5, Class 3A, 4.706% (1-Year Treasury Average Rate + 0.940%) due 7/25/46(b)		8,437
	31,153		Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2002-AR3, Class 1A7, 5.571% due 12/25/32(b)		31,087

			Total Mortgage Securities		13,112,888

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $16,612,334)		15,460,784

	U.S. GOVERNMENT OBLIGATIONS - 7.5%
			U.S. Treasury Bonds:
	200,000		1.375% due 11/15/40		128,289
	1,100,000		1.875% due 2/15/41		757,818
	975,000		4.125% due 8/15/44		876,224
	300,000		3.000% due 2/15/48(h)		219,023
	175,000		3.000% due 8/15/48		127,087
	800,000		3.375% due 11/15/48		620,594
	400,000		2.250% due 8/15/49(h)		246,273
	350,000		2.375% due 11/15/49		220,719
	3,900,000		4.500% due 11/15/54		3,596,074
	1,900,000		4.625% due 2/15/55		1,788,857
	200,000		4.625% due 11/15/55		188,438
	100,000		4.750% due 2/15/56(i)		96,219
			U.S. Treasury Inflation Indexed Notes:
	1,338,710		0.500% due 1/15/28(j)		1,320,627
	1,108,836		0.125% due 7/15/31		1,032,050
	833,861		0.125% due 1/15/32		765,452
	113,652		0.625% due 7/15/32		106,867
	1,551,984		1.125% due 1/15/33		1,490,006
			U.S. Treasury Notes:
	200,000		4.000% due 2/29/28(i)		199,988

198

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	U.S. GOVERNMENT OBLIGATIONS - 7.5% - (continued)
	$ 400,000		4.375% due 5/15/34(h)(i)	$	400,680
	180,000		4.125% due 2/15/36		175,472

			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost - $15,466,775)		14,356,757

	COLLATERALIZED LOAN OBLIGATIONS - 6.0%
	Commercial MBS - 0.0%@
	111,403		Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL1, Class A, 5.093% (30-Day Average SOFR + 1.450%) due 1/15/37(a)(b)		111,472

	Other ABS - 6.0%
	27,417		BlueMountain CLO Ltd., Series 2016-3A, Class A1R2, 4.851% (3-Month Term SOFR + 1.200%) due 11/15/30(a)(b)		27,433
	266,976	^EUR	BNPP AM Euro CLO DAC, Series 2019-1A, Class AR, 3.014% (3-Month EURIBOR + 0.820%) due 7/22/32(a)(b)		311,437
	79,483	^EUR	Cairn CLO VII DAC, Series 2016-7A, Class A1R, 2.820% (3-Month EURIBOR + 0.670%) due 1/31/30(a)(b)		92,748
	500,000	^EUR	Capital Four CLO IV DAC, Series ARR, Class 4A, 3.394% (3-Month EURIBOR + 1.190%) due 4/15/38(a)(b)		583,547
	600,000		Carlyle Global Market Strategies CLO Ltd., Series 2016-3A, Class ARRR, 4.765% (3-Month Term SOFR + 1.090%) due 7/20/34(a)(b)		600,342
	180,483		CarVal CLO I Ltd., Series 2018-1A, Class AR, 4.910% (3-Month Term SOFR + 1.230%) due 7/16/31(a)(b)		180,625
	339,502	^EUR	CVC Cordatus Opportunity Loan Fund DAC, Series 1A, Class AR, 3.123% (3-Month EURIBOR + 0.840%) due 8/15/33(a)(b)		395,100
	92,608	^EUR	Dryden 27 Euro CLO DAC, Series 2017-27A, Class AR, 2.864% (3-Month EURIBOR + 0.660%) due 4/15/33(a)(b)		107,960
	600,000		Dryden 43 Senior Loan Fund, Series 2016-43A, Class AR3, 4.745% (3-Month Term SOFR + 1.070%) due 4/20/34(a)(b)		600,514
	42,478		Dryden 55 CLO Ltd., Series 2018-55A, Class A1, 4.955% (3-Month Term SOFR + 1.282%) due 4/15/31(a)(b)		42,532
	500,000		Elevation CLO Ltd., Series 2018-3A, Class A1R2, 4.967% (3-Month Term SOFR + 1.300%) due 1/25/35(a)(b)		500,291
	500,000	^EUR	Fair Oaks Loan Funding V DAC, 3.439% (3-Month EURIBOR + 1.235%) due 10/15/36(a)(b)		583,637
	133,924		Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 5.025% (3-Month Term SOFR + 1.352%) due 7/15/31(a)(b)		134,113
	500,000	^EUR	Grosvenor Place CLO DAC, Series 2024-2A, Class A, 3.444% (3-Month EURIBOR + 1.240%) due 1/15/39(a)(b)		583,864
	900,000	^EUR	Hayfin Emerald CLO XIV DAC, Series 14-A, Class A, 3.404% (3-Month EURIBOR + 1.210%) due 1/22/39(a)(b)		1,050,651
	500,000	^EUR	ICG Euro CLO DAC, Series 2023-2A, Class A1R, 3.455% (3-Month EURIBOR + 1.290%) due 1/26/38(a)(b)		582,985
	500,000		ICG U.S. CLO Ltd., Series 2021-3A, Class AR, 4.825% (3-Month Term SOFR + 1.150%) due 10/20/34(a)(b)		499,666
	700,000		Jamestown CLO XVI Ltd., Series 2021-16A, Class AR, 4.787% (3-Month Term SOFR + 1.120%) due 7/25/34(a)(b)		700,327
	1,200,000		Madison Park Funding LXIX Ltd., Series 2024-69A, Class A1R, 4.837% (3-Month Term SOFR + 1.200%) due 7/25/37(a)(b)(k)(m)		1,200,306
	133,323		Northwoods Capital XII-B Ltd., Series 2018-12BA, Class AR, 4.864% (3-Month Term SOFR + 1.190%) due 6/15/31(a)(b)		133,366
	462,827	^EUR	Palmer Square European Loan Funding DAC, Series 2025-3A, Class A, 3.134% (3-Month EURIBOR + 0.930%) due 7/15/35(a)(b)		539,442
	500,000	^EUR	Providus CLO II DAC, Series 2A, Class ARR, 3.364% (3-Month EURIBOR + 1.160%) due 10/15/38(a)(b)		584,039
	500,000	^EUR	Providus CLO VII DAC, Series ARR, Class 7A, 3.374% (3-Month EURIBOR + 1.170%) due 7/15/38(a)(b)		583,552
	300,000	^EUR	Rockford Tower Europe CLO DAC, Series 2018-1A, Class A1RR, 3.489% (3-Month EURIBOR + 1.260%) due 8/29/36(a)(b)		349,908
	324,862	^EUR	St Pauls CLO, Series 11A, Class AR, 3.090% (3-Month EURIBOR + 0.850%) due 1/17/32(a)(b)		379,173

			Total Other ABS		11,347,558

			TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost - $11,238,060)		11,459,030

	MUNICIPAL BOND - 0.1%
	Arizona - 0.1%
	200,000		Maricopa County Industrial Development Authorities, Revenue Bonds, 7.375% due 10/1/29(a)
			(Cost - $200,000)		209,231

	ASSET-BACKED SECURITIES - 0.1%
	Student Loans - 0.1%
	12,532		Massachusetts Educational Financing Authority, Series 2008-1, Class A1, 4.880% (90-Day Average SOFR + 1.212%) due 4/25/38(b)		12,502
	176,021		SMB Private Education Loan Trust, Series 2022-B, Class A1B, 5.093% (30-Day Average SOFR + 1.450%) due 2/16/55(a)(b)		177,776

			TOTAL ASSET-BACKED SECURITIES (Cost - $188,552)		190,278

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost - $235,268,938)		225,239,123

	SHORT-TERM INVESTMENTS - 10.8%
	COMMERCIAL PAPERS - 1.9%
	300,000		Alimentation Couche-Tard Inc., 4.023% due 6/9/26(a)(l)		299,732
	250,000		Boston Scientific Corp., 4.012% due 6/11/26(a)(l)		249,722
	250,000		Constellation Brands Inc., 4.039% due 6/8/26(a)(l)		249,804

199

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund


Face Amount/Units†			Security	Value
	SHORT-TERM INVESTMENTS - 10.8% - (continued)
	COMMERCIAL PAPERS - 1.9% - (continued)
	$ 300,000		Enbridge US Inc., 4.010% due 6/4/26(a)(l)	$	299,900
	250,000		Fidelity National Information Services Inc., 4.069% due 6/8/26(a)(l)		249,802
	250,000		Glencore Funding LLC, 4.183% due 6/1/26(a)(l)		250,000
	250,000		Haleon UK Capital PLC, 4.120% due 6/29/26(a)(l)		249,203
	300,000		Marsh & McLennan Cos Inc., 4.022% due 6/9/26(a)(l)		299,733
			Phillips 66:
	300,000		4.292% due 6/10/26(a)(l)		299,680
	550,000		4.333% due 6/8/26(a)(l)		549,539
			Sempra:
	250,000		4.089% due 6/8/26(a)(d)(l)		249,802
	300,000		4.130% due 6/26/26(a)(d)(l)		299,144

			TOTAL COMMERCIAL PAPERS (Cost - $3,546,061)		3,546,061

	REPURCHASE AGREEMENT - 6.9%
	13,200,000		Citigroup Global Markets Inc. repurchase agreement dated 5/29/26, 3.680% due 6/1/26, Proceeds at maturity - $13,201,331; (Fully collateralized by U.S. Treasury Notes, 4.000% due 7/31/20; Valued - $13,484,065)
			(Cost - $13,200,000)		13,200,000

	TIME DEPOSITS - 2.0%
	2,706	^HKD	ANZ National Bank - Hong Kong, 0.810% due 6/1/26		345
			BBH - New York:
	82,282	^NZD	0.760% due 6/2/26		49,278
	112,201	^CAD	1.120% due 6/1/26		81,376
	309,705	^AUD	2.930% due 6/1/26		222,585
	87,858	^NOK	2.970% due 6/1/26		9,503
	36,551	^CHF	BNP Paribas - Paris, (0.460)% due 6/1/26		46,834
			Citibank - London:
	290,996	^EUR	0.860% due 6/1/26		339,418
	229,724	^GBP	2.670% due 6/1/26		309,393
	90,844	^SGD	HSBC Bank - Singapore, 0.300% due 6/2/26		71,183
	1,566,747		JPMorgan Chase & Co. - New York, 2.970% due 6/1/26		1,566,747
			Skandinaviska Enskilda Banken AB - Stockholm:
	431,515	^SEK	0.590% due 6/1/26		46,741
	29,173	^DKK	0.630% due 6/1/26		4,553
	108,617	^ZAR	Standard Chartered Bank - Johannesburg, 4.020% due 6/1/26		6,696
			Sumitomo Mitsui Banking Corp. - Tokyo:
	51,440,646	^JPY	0.190% due 6/1/26		322,988
	665,489		2.970% due 6/1/26		665,489

			TOTAL TIME DEPOSITS (Cost - $3,743,129)		3,743,129

			TOTAL SHORT-TERM INVESTMENTS (Cost - $20,489,190)		20,489,190

			TOTAL INVESTMENTS IN SECURITIES (Cost - $255,758,128)		245,728,313

			TOTAL INVESTMENTS IN PURCHASED OPTIONS - 0.0%@ (Cost - $23,821)		6,549

			TOTAL INVESTMENTS - 129.1% (Cost - $255,781,949)		245,734,862

			Liabilities in Excess of Other Assets - (29.1)%		(55,339,850	)

			TOTAL NET ASSETS - 100.0%	$	190,395,012

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

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)

(b)	Variable rate security. Interest rate disclosed is that which was in effect at May 31, 2026.

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

(d)	Illiquid security.

(e)	Security is currently in default.

(f)	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, 2026.

(g)	Interest only security.

(h)	All or a portion of this security is held at the broker as collateral for open securities purchased on a forward commitment basis.

(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 contracts.

(k)	When-issued security.

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

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

At May 31, 2026, 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

$ 255,781,949

$ 11,010,321

$ (22,731,965)

$ (11,721,644)


Abbreviations used in this schedule:

ABS	—	Asset-Backed Security
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
MBS	—	Mortgage-Backed Security
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^
Sovereign Bonds	35.4	%
Mortgage-Backed Securities	28.3
Corporate Bonds & Notes	11.0
Collateralized Mortgage Obligations	6.3
U.S. Government Obligations	5.8
Collateralized Loan Obligations	4.7
Municipal Bond	0.1
Asset-Backed Securities	0.1
Purchased Options	0.0	*
Short-Term Investments	8.3

Total Investments	100.0	%

^	As a percentage of total investments.

*	Position represents less than 0.05%.

200

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At May 31, 2026, International Fixed Income Fund held the following Options Contracts Purchased:

Currency Options


Number of Contracts		Notional Amount†			Security Name	Counterparty	Expiration Date	Strike Price		Value
	372,000		9,033,815	^CZK	OTC Euro vs Czech Koruna, Put	BNP	8/13/26	CZK	24.04	$	114
	103,000	$	103,000		OTC U.S. Dollar vs Hong Kong Dollar, Call	GSC	8/14/26	HKD	7.80		306
	198,000		198,000		OTC U.S. Dollar vs Hong Kong Dollar, Call	HSBC	8/24/26	HKD	7.80		557
	422,000		422,000		OTC U.S. Dollar vs Hong Kong Dollar, Call	BOA	8/14/26	HKD	7.80		1,254
	379,000		379,000		OTC U.S. Dollar vs Hong Kong Dollar, Call	HSBC	8/14/26	HKD	7.80		1,126
	661,000		661,000		OTC U.S. Dollar vs Hong Kong Dollar, Call	BOA	8/24/26	HKD	7.80		1,860
	83,583		126,078,269	^KRW	OTC U.S. Dollar vs Korean Won, Put	BOA	7/13/26	KRW	1,400.00		38
	717,000		475	^KRW	OTC U.S. Dollar vs Korean Won, Put	HSBC	7/9/26	KRW	1,400.00		273
	717,000		1,081,537,140	^KRW	OTC U.S. Dollar vs Korean Won, Put	HSBC	7/10/26	KRW	1,400.00		288
	375,417		566,286,511	^KRW	OTC U.S. Dollar vs Korean Won, Put	BOA	7/9/26	KRW	1,400.00		143
	462,000		462,000		OTC U.S. Dollar vs Singapore Dollar, Call	BOA	11/5/26	SGD	1.32		590

					TOTAL OPTIONS CONTRACTS PURCHASED (Cost — $23,821)					$	6,549

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

201

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At May 31, 2026, International Fixed Income Fund held the following Options Contracts Written:

Currency Options


Number of Contracts		Notional Amount†			Security Name	Counterparty	Expiration Date	Strike Price		Value
	570,000		201,721,530	^HUF	OTC Euro vs Hungarian Forint, Call	BOA	10/16/26	HUF	390.74	$	2,643
	192,000		67,948,305	^HUF	OTC Euro vs Hungarian Forint, Call	BOA	10/20/26	HUF	387.25		1,082
	20,000		7,077,948	^HUF	OTC Euro vs Hungarian Forint, Call	UBS	10/21/26	HUF	389.72		102
	740,000		261,884,092	^HUF	OTC Euro vs Hungarian Forint, Call	UBS	11/10/26	HUF	375.00		8,773
	103,000		807,201	^HKD	OTC U.S. Dollar vs Hong Kong Dollar, Call	GSC	8/14/26	HKD	7.85		22
	198,000		1,551,706	^HKD	OTC U.S. Dollar vs Hong Kong Dollar, Call	HSBC	8/24/26	HKD	7.85		48
	422,000		3,307,172	^HKD	OTC U.S. Dollar vs Hong Kong Dollar, Call	BOA	8/14/26	HKD	7.85		92
	379,000		2,970,185	^HKD	OTC U.S. Dollar vs Hong Kong Dollar, Call	HSBC	8/14/26	HKD	7.85		82
	661,000		5,180,191	^HKD	OTC U.S. Dollar vs Hong Kong Dollar, Call	BOA	8/24/26	HKD	7.85		161
	83,583	$	83,583		OTC U.S. Dollar vs Korean Won, Put	BOA	7/13/26	KRW	1,350.00		6
	717,000		717,000		OTC U.S. Dollar vs Korean Won, Put	HSBC	7/9/26	KRW	1,350.00		40
	717,000		717,000		OTC U.S. Dollar vs Korean Won, Put	HSBC	7/10/26	KRW	1,350.00		42
	375,417		375,417		OTC U.S. Dollar vs Korean Won, Put	BOA	7/9/26	KRW	1,350.00		21
	462,000		462,000		OTC U.S. Dollar vs Singapore Dollar, Put	BOA	11/5/26	SGD	1.24		1,868

					TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received — $31,722)					$	14,982

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

202

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At May 31, 2026, 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:
3-Month Euro-Euribor Futures		55		12/26	$	15,642,882	$	15,618,606	$	(24,276)
Australian Government 3-Year Bond Futures		54		6/26		4,038,286		4,044,867		6,581
Canada Government 10-Year Bond Futures		82		9/26		7,133,304		7,150,319		17,015
Euro-BTP Futures		214		6/26		30,103,174		29,706,038		(397,136)
Euro-Buxl 30-Year Bond Futures		8		6/26		1,041,175		1,027,365		(13,810)
Euro-OAT Futures		24		6/26		3,414,659		3,382,186		(32,473)
Euro-Schatz Note Futures		20		6/26		2,480,309		2,473,118		(7,191)
Euro-Schatz Note Futures		70		9/26		8,645,742		8,650,606		4,864
U.S. Treasury 5-Year Note Futures		26		9/26		2,784,329		2,787,485		3,156
U.S. Treasury 10-Year Note Futures		21		9/26		2,288,470		2,306,390		17,920
U.S. Ultra Long Bond Futures		126		9/26		13,976,083		14,121,844		145,761
United Kingdom Treasury 10-Year Gilt Futures		87		9/26		10,263,397		10,397,808		134,411

										(145,178)

Contracts to Sell:
Australian Government 10-Year Bond Futures		82		6/26		6,385,296		6,425,367		(40,071)
Euro-Bobl Futures		14		6/26		1,914,646		1,896,030		18,616
Euro-Bobl Futures		15		9/26		2,010,699		2,015,015		(4,316)
Euro-Bund Futures		32		6/26		4,706,902		4,721,214		(14,312)
Euro-Bund Futures		20		9/26		2,936,914		2,953,325		(16,411)
Japan Government 10-Year Bond Futures		15		6/26		12,395,288		12,139,202		256,086
U.S. Treasury 2-Year Note Futures		35		9/26		7,225,028		7,229,688		(4,660)
U.S. Treasury Long Bond Futures		4		9/26		442,250		448,875		(6,625)
U.S. Treasury Ultra Long Bond Futures		9		9/26		1,013,131		1,029,656		(16,525)

										171,782

Net Unrealized Appreciation on Open Exchange-Traded Futures Contracts									$	26,604

At May 31, 2026, International Fixed Income Fund had deposited cash of $1,687,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

204

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At May 31, 2026, 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		267,000	USD	190,513		JPM	$	191,893	6/2/26	$	1,380
Australian Dollar		3,037,844	USD	2,170,540		JPM		2,183,299	6/2/26		12,759
Australian Dollar		2,813,852	USD	2,003,575		JPM		2,022,315	6/2/26		18,740
Brazilian Real		600,000	USD	121,019		BNP		118,104	7/2/26		(2,915	)
Brazilian Real		400,000	USD	80,634		BNP		78,736	7/2/26		(1,898	)
Brazilian Real		400,000	USD	80,499		BNP		78,736	7/2/26		(1,763	)
Brazilian Real		600,000	USD	119,050		BNP		118,104	7/2/26		(946	)
Brazilian Real		543,500	USD	106,713		BNP		106,117	8/4/26		(596	)
Brazilian Real		500,000	USD	98,649		BNP		98,421	7/2/26		(228	)
Brazilian Real		1,150,857	USD	227,581		BNP		228,202	6/2/26		621
Brazilian Real		7,244,318	USD	1,348,513		BNP		1,425,977	7/2/26		77,464
Brazilian Real		82,336	USD	15,523		BOA		16,326	6/2/26		803
Brazilian Real		9,900,000	USD	1,958,922		GSC		1,948,723	7/2/26		(10,199	)
Brazilian Real		9,127,700	USD	1,788,465		GSC		1,782,167	8/4/26		(6,298	)
Brazilian Real		900,000	USD	180,650		GSC		177,156	7/2/26		(3,494	)
Brazilian Real		1,413,483	USD	280,153		GSC		278,231	7/2/26		(1,922	)
Brazilian Real		1,189,304	USD	231,054		GSC		230,532	9/2/26		(522	)
Brazilian Real		886,749	USD	173,522		GSC		173,136	8/4/26		(386	)
Brazilian Real		498,766	USD	99,000		GSC		98,900	6/2/26		(100	)
Brazilian Real		82,649	USD	15,491		GSC		16,388	6/2/26		897
Brazilian Real		164,482	USD	30,952		GSC		32,615	6/2/26		1,663
Brazilian Real		226,133	USD	42,079		GSC		44,512	7/2/26		2,433
Brazilian Real		11,816,848	USD	2,194,462		GSC		2,343,148	6/2/26		148,686
Brazilian Real		476,327	USD	92,113		JPM		92,330	9/2/26		217
Brazilian Real		465,863	USD	92,124		JPM		92,375	6/2/26		251
Brazilian Real		300,000	USD	58,501		JPM		59,052	7/2/26		551
Brazilian Real		300,000	USD	58,501		JPM		59,052	7/2/26		551
British Pound		276,000	USD	371,007		BNP		371,717	6/2/26		710
British Pound		155,000	USD	207,928		JPM		208,743	7/2/26		815
British Pound		177,000	USD	240,855		UBS		238,383	6/2/26		(2,472	)
British Pound		8,315,189	USD	11,182,266		WFB		11,198,892	6/2/26		16,626
Canadian Dollar		270,000	USD	197,644		HSBC		195,822	6/2/26		(1,822	)
Canadian Dollar		4,670,867	USD	3,379,054		SOG		3,387,632	6/2/26		8,578
Chinese Offshore Renminbi		203,000	USD	29,940		BNP		30,005	6/2/26		65
Chinese Offshore Renminbi		3,113,000	USD	459,947		BNP		460,139	6/2/26		192
Chinese Offshore Renminbi		22,087,944	USD	3,257,205		BNP		3,264,863	6/2/26		7,658
Chinese Offshore Renminbi		36,099,264	USD	5,325,161		SOG		5,335,905	6/2/26		10,744
Chinese Offshore Renminbi		796,000	USD	117,156		UBS		117,658	6/2/26		502
Chinese Offshore Renminbi		21,975,133	USD	3,241,170		WFB		3,248,189	6/2/26		7,019
Chinese Onshore Renminbi		452,637	USD	66,292		BNP		66,972	6/18/26		680
Chinese Onshore Renminbi		2,452,541	USD	360,763		BNP		363,183	6/30/26		2,420
Chinese Onshore Renminbi		2,841,634	USD	414,918		BNP		420,626	6/24/26		5,708
Chinese Onshore Renminbi		887,975	USD	128,916		BOA		131,265	6/5/26		2,349
Chinese Onshore Renminbi		4,803,947	USD	696,729		BOA		710,039	6/3/26		13,310
Chinese Onshore Renminbi		112,241	USD	16,396		DUB		16,599	6/11/26		203
Chinese Onshore Renminbi		3,119,839	USD	452,256		DUB		461,089	6/1/26		8,833
Chinese Onshore Renminbi		94,925	USD	13,940		HSBC		14,039	6/12/26		99
Chinese Onshore Renminbi		468,295	USD	68,066		JPM		69,284	6/17/26		1,218
Chinese Onshore Renminbi		339,063	USD	49,748		SCB		50,133	6/8/26		385
Chinese Onshore Renminbi		732,961	USD	107,350		SCB		108,435	6/16/26		1,085

205

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)
Chinese Onshore Renminbi		2,576,217	USD	376,701	SCB		$ 381,392	6/26/26		$ 4,691
Colombian Peso		5,310,406,880	USD	1,417,621	UBS		1,437,218	6/17/26		19,597
Czech Koruna		6,745,025	USD	326,595	BNP		323,990	6/10/26		(2,605	)
Danish Krone		426,240	USD	66,260	SOG		66,521	6/2/26		261
Egyptian Pound		1,158,465	USD	23,100	GSC		21,475	8/10/26		(1,625	)
Egyptian Pound		305,321	USD	5,692	HSBC		5,807	6/17/26		115
Egyptian Pound		457,519	USD	8,538	HSBC		8,702	6/17/26		164
Egyptian Pound		2,812,850	USD	55,700	SCB		52,336	8/3/26		(3,364	)
Egyptian Pound		2,082,660	USD	41,200	SOG		38,750	8/3/26		(2,450	)
Egyptian Pound		2,024,800	USD	40,000	SOG		37,927	7/20/26		(2,073	)
Egyptian Pound		189,331	USD	3,529	SOG		3,601	6/17/26		72
Egyptian Pound		341,643	USD	6,368	SOG		6,498	6/17/26		130
Egyptian Pound		588,069	USD	10,860	SOG		11,185	6/17/26		325
Euro		97,000	USD	112,984	BNP		113,141	6/2/26		157
Euro		318,000	USD	370,470	BNP		370,915	6/2/26		445
Euro		380,000	USD	443,030	BNP		443,814	7/2/26		784
Euro		116,000	USD	135,904	BOA		135,302	6/2/26		(602	)
Euro		380,000	USD	442,525	JPM		443,232	6/2/26		707
Euro		32,824,994	USD	38,241,118	SOG		38,287,065	6/2/26		45,947
Hungarian Forint		3,466,000	USD	11,393	BNP		11,418	6/10/26		25
Hungarian Forint		4,395,000	USD	14,546	BOA		14,478	6/10/26		(68	)
Hungarian Forint		265,256,552	USD	876,296	DUB		873,543	6/16/26		(2,753	)
Indian Rupee		71,363,602	USD	750,118	BNP		745,188	8/18/26		(4,930	)
Indian Rupee		4,042,819	USD	42,937	BNP		42,455	6/24/26		(482	)
Indian Rupee		3,042,559	USD	32,304	BNP		31,976	6/17/26		(328	)
Indian Rupee		3,043,812	USD	32,304	BNP		31,989	6/17/26		(315	)
Indian Rupee		18,201,706	USD	188,971	BNP		190,604	7/20/26		1,633
Indian Rupee		25,471,935	USD	261,941	BNP		267,290	7/1/26		5,349
Indian Rupee		20,725,384	USD	214,863	DUB		217,031	7/20/26		2,168
Indian Rupee		2,592,974	USD	27,586	GSC		27,251	6/17/26		(335	)
Indian Rupee		2,594,077	USD	27,586	GSC		27,262	6/17/26		(324	)
Indian Rupee		4,367,759	USD	46,065	GSC		45,903	6/17/26		(162	)
Indian Rupee		9,831,741	USD	101,911	HSBC		102,956	7/20/26		1,045
Indian Rupee		14,700,617	USD	152,481	HSBC		153,941	7/20/26		1,460
Indian Rupee		23,506,484	USD	243,971	HSBC		246,154	7/20/26		2,183
Indian Rupee		5,758,484	USD	61,654	JPM		60,472	6/24/26		(1,182	)
Indian Rupee		9,542,612	USD	101,777	SCB		100,211	6/24/26		(1,566	)
Indian Rupee		5,947,394	USD	63,680	SCB		62,456	6/24/26		(1,224	)
Indian Rupee		6,367,138	USD	67,851	SCB		66,864	6/24/26		(987	)
Indian Rupee		4,987,630	USD	52,936	SCB		52,377	6/24/26		(559	)
Indian Rupee		40,849,385	USD	426,171	SCB		428,092	7/13/26		1,921
Indonesian Rupiah		371,831,387	USD	21,632	BCLY		20,792	6/10/26		(840	)
Indonesian Rupiah		2,747,443,483	USD	161,234	BNP		153,632	6/10/26		(7,602	)
Indonesian Rupiah		3,478,521,194	USD	199,106	BNP		193,015	9/16/26		(6,091	)
Indonesian Rupiah		3,452,977,854	USD	197,233	BNP		191,597	9/16/26		(5,636	)
Indonesian Rupiah		1,489,130,884	USD	88,371	BNP		83,269	6/10/26		(5,102	)
Indonesian Rupiah		2,079,115,377	USD	121,047	BNP		116,260	6/10/26		(4,787	)
Indonesian Rupiah		1,004,790,000	USD	59,731	BNP		56,186	6/10/26		(3,545	)
Indonesian Rupiah		907,069,734	USD	53,981	BNP		50,722	6/10/26		(3,259	)
Indonesian Rupiah		652,999,183	USD	38,727	BNP		36,514	6/10/26		(2,213	)
Indonesian Rupiah		2,822,067,488	USD	156,525	BNP		156,590	9/16/26		65
Indonesian Rupiah		2,511,570,375	USD	145,725	DUB		140,442	6/10/26		(5,283	)
Indonesian Rupiah		2,064,751,157	USD	120,327	DUB		115,457	6/10/26		(4,870	)
Indonesian Rupiah		1,414,107,103	USD	83,831	GSC		79,074	6/10/26		(4,757	)
Indonesian Rupiah		1,715,047,710	USD	100,140	GSC		95,902	6/10/26		(4,238	)
Indonesian Rupiah		1,005,253,488	USD	59,111	GSC		56,212	6/10/26		(2,899	)
Indonesian Rupiah		998,075,364	USD	58,260	GSC		55,810	6/10/26		(2,450	)
Indonesian Rupiah		1,580,046,368	USD	88,672	GSC		87,673	9/16/26		(999	)
Indonesian Rupiah		1,580,117,220	USD	88,671	GSC		87,677	9/16/26		(994	)
Indonesian Rupiah		4,168,072,470	USD	242,133	JPM		233,071	6/10/26		(9,062	)
Indonesian Rupiah		1,701,002,136	USD	99,152	JPM		95,117	6/10/26		(4,035	)
Indonesian Rupiah		2,270,540,581	USD	130,611	JPM		126,986	6/8/26		(3,625	)
Indonesian Rupiah		794,507,175	USD	46,585	JPM		44,427	6/10/26		(2,158	)

206

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)
Indonesian Rupiah		3,635,975,327	USD	215,694	SCB	$	203,317	6/10/26	$	(12,377	)
Indonesian Rupiah		2,064,853,874	USD	120,109	SCB		115,463	6/10/26		(4,646	)
Indonesian Rupiah		1,698,496,874	USD	98,931	SCB		94,977	6/10/26		(3,954	)
Indonesian Rupiah		1,999,289,389	USD	112,249	SCB		110,936	9/16/26		(1,313	)
Indonesian Rupiah		338,057,455	USD	20,022	SCB		18,904	6/10/26		(1,118	)
Israeli New Shekel		32,000	USD	10,247	BOA		11,352	6/10/26		1,105
Israeli New Shekel		100,000	USD	32,070	BOA		35,474	6/10/26		3,404
Israeli New Shekel		310,000	USD	102,794	BOA		109,972	6/10/26		7,178
Israeli New Shekel		117,000	USD	37,408	GSC		41,506	6/10/26		4,098
Israeli New Shekel		347,000	USD	122,533	JPM		123,119	7/7/26		586
Japanese Yen		258,344,568	USD	1,620,774	BNP		1,622,105	6/2/26		1,331
Japanese Yen		76,431,410	USD	479,314	BOA		479,901	6/2/26		587
Japanese Yen		318,177,207	USD	1,998,224	HSBC		1,997,785	6/2/26		(439	)
Japanese Yen		241,997,757	USD	1,516,942	HSBC		1,519,466	6/2/26		2,524
Japanese Yen		1,022,318,129	USD	6,419,177	SOG		6,418,975	6/2/26		(202	)
Kazakhstan Tenge		5,337,000	USD	10,000	DUB		10,759	7/29/26		759
Kazakhstan Tenge		6,950,450	USD	13,000	DUB		14,011	7/29/26		1,011
Kazakhstan Tenge		7,038,850	USD	13,000	DUB		14,237	7/20/26		1,237
Kazakhstan Tenge		55,465,500	USD	103,000	DUB		112,350	7/16/26		9,350
Korean Won		58,995,164	USD	40,709	BNP		39,123	6/17/26		(1,586	)
Korean Won		44,068,017	USD	30,096	BNP		29,225	6/17/26		(871	)
Korean Won		13,551,708	USD	9,000	BNP		8,990	6/29/26		(10	)
Korean Won		29,943,800	USD	20,000	BOA		19,864	6/30/26		(136	)
Korean Won		44,056,800	USD	30,000	GSC		29,211	6/8/26		(789	)
Korean Won		44,662,050	USD	30,000	GSC		29,617	6/15/26		(383	)
Mexican Peso		12,170,000	USD	702,876	BOA		700,993	6/17/26		(1,883	)
Mexican Peso		1,995,000	USD	114,946	BOA		114,912	6/17/26		(34	)
Mexican Peso		2,539,000	USD	144,785	BOA		146,246	6/17/26		1,461
Mexican Peso		220,782	USD	12,713	DUB		12,717	6/17/26		4
Mexican Peso		331,181	USD	19,070	DUB		19,076	6/17/26		6
Mexican Peso		7,243,045	USD	415,169	GSC		417,200	6/17/26		2,031
Mexican Peso		8,812,000	USD	494,516	GSC		507,573	6/17/26		13,057
Mexican Peso		3,478,000	USD	200,837	HSBC		200,333	6/17/26		(504	)
Mexican Peso		2,006,000	USD	114,929	HSBC		115,546	6/17/26		617
Mexican Peso		41,170,304	USD	2,369,691	JPM		2,352,806	9/17/26		(16,885	)
Mexican Peso		560,390	USD	31,942	JPM		32,025	9/17/26		83
Mexican Peso		19,808,360	USD	1,138,333	JPM		1,140,964	6/17/26		2,631
Mexican Peso		6,126,431	USD	351,010	UBS		352,883	6/17/26		1,873
Mexican Peso		111,769	USD	6,376	WFB		6,387	9/17/26		11
Mexican Peso		111,839	USD	6,376	WFB		6,391	9/17/26		15
Mexican Peso		223,639	USD	12,752	WFB		12,781	9/17/26		29
Mexican Peso		671,685	USD	38,322	WFB		38,386	9/17/26		64
Mexican Peso		672,128	USD	38,323	WFB		38,411	9/17/26		88
Mexican Peso		930,811	USD	52,713	WFB		53,194	9/17/26		481
Mexican Peso		5,424,089	USD	311,337	WFB		312,428	6/17/26		1,091
New Taiwan Dollar		112,268,800	USD	3,580,000	BCLY		3,625,402	2/3/27		45,402
New Taiwan Dollar		5,293,211	USD	168,012	BNP		168,626	6/17/26		614
New Taiwan Dollar		947,839	USD	29,535	BNP		30,195	6/17/26		660
New Taiwan Dollar		27,511,656	USD	876,000	BNP		887,671	1/20/27		11,671
New Taiwan Dollar		58,340,637	USD	1,845,230	BNP		1,859,229	6/24/26		13,999
New Taiwan Dollar		43,252,014	USD	1,361,376	BNP		1,378,377	6/24/26		17,001
New Taiwan Dollar		41,047,642	USD	1,307,000	BNP		1,324,807	1/25/27		17,807
New Taiwan Dollar		88,959,073	USD	2,800,802	BNP		2,835,285	6/26/26		34,483
New Taiwan Dollar		73,115,136	USD	2,322,000	BNP		2,359,360	1/22/27		37,360
New Taiwan Dollar		69,525,850	USD	2,202,834	JPM		2,215,914	6/26/26		13,080
New Zealand Dollar		2,776,799	USD	1,640,533	BCLY		1,663,081	6/3/26		22,548
Nigerian Naira		89,411,000	USD	53,000	DUB		61,367	10/21/26		8,367
Nigerian Naira		53,011,200	USD	35,200	SCB		34,990	2/8/27		(210	)
Norwegian Krone		167,971	USD	18,078	DUB		18,160	7/2/26		82
Norwegian Krone		399,187	USD	43,051	HSBC		43,158	7/2/26		107
Norwegian Krone		1,170,000	USD	125,913	HSBC		126,556	6/2/26		643
Norwegian Krone		1,450,000	USD	156,035	JPM		156,766	7/2/26		731
Peruvian Sol		1,169,786	USD	341,939	BNP		343,857	6/18/26		1,918

207

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)
Peruvian Sol		397,563	USD	115,712		DUB	$	116,868	6/17/26	$	1,156
Peruvian Sol		734,777	USD	214,753		DUB		216,076	6/8/26		1,323
Peruvian Sol		8,432,531	USD	2,446,339		DUB		2,478,834	6/17/26		32,495
Polish Zloty		51,000	USD	14,008		BNP		14,062	6/24/26		54
Polish Zloty		307,957	USD	84,475		BNP		84,914	6/10/26		439
Polish Zloty		1,991,192	USD	553,709		BOA		549,037	6/10/26		(4,672	)
Polish Zloty		354,629	USD	97,825		BOA		97,780	6/24/26		(45	)
Polish Zloty		76,000	USD	20,909		BOA		20,955	6/24/26		46
Polish Zloty		182,000	USD	49,931		BOA		50,182	6/24/26		251
Polish Zloty		183,000	USD	49,837		BOA		50,458	6/24/26		621
Polish Zloty		336,533	USD	92,108		GSC		92,793	6/10/26		685
Polish Zloty		581,401	USD	160,129		JPM		160,307	6/24/26		178
Polish Zloty		607,520	USD	167,712		WFB		167,509	6/24/26		(203	)
Singapore Dollar		3,760,768	USD	2,941,936		WFB		2,946,848	6/2/26		4,912
Swedish Krona		10,423,891	USD	1,122,287		HSBC		1,130,871	7/2/26		8,584
Swedish Krona		10,450,958	USD	1,131,046		SOG		1,132,043	6/2/26		997
Swiss Franc		905,163	USD	1,152,089		HSBC		1,159,797	6/2/26		7,708
Thai Baht		647,520	USD	20,000		BNP		19,923	6/15/26		(77	)
Thai Baht		455,022	USD	13,921		BNP		14,001	6/17/26		80
Thai Baht		2,348,243	USD	72,730		DUB		72,256	6/17/26		(474	)
Thai Baht		14,252,320	USD	441,180		GSC		438,549	6/17/26		(2,631	)
Thai Baht		11,820,620	USD	365,737		GSC		363,725	6/17/26		(2,012	)
Thai Baht		1,302,152	USD	40,444		GSC		40,068	6/17/26		(376	)
Thai Baht		1,302,152	USD	40,000		GSC		40,048	6/8/26		48
Thai Baht		7,158,202	USD	219,779		GSC		220,261	6/17/26		482
Thai Baht		12,723,708	USD	393,740		JPM		391,513	6/17/26		(2,227	)
Thai Baht		1,919,048	USD	59,780		JPM		59,050	6/17/26		(730	)
Thai Baht		4,816,650	USD	147,818		JPM		148,210	6/17/26		392
Thai Baht		12,047,676	USD	371,874		SCB		370,711	6/17/26		(1,163	)
Thai Baht		5,751	USD	176		UBS		177	6/17/26		1
Turkish Lira		3,496,223	USD	74,585		BCLY		75,152	6/17/26		567
Turkish Lira		17,629,532	USD	383,497		BCLY		384,165	6/1/26		668
Turkish Lira		23,174,227	USD	479,986		BCLY		481,034	7/21/26		1,048
Turkish Lira		19,971,978	USD	415,244		BCLY		416,785	7/16/26		1,541
Turkish Lira		6,715,016	USD	143,852		BCLY		145,471	6/9/26		1,619
Turkish Lira		14,031,163	USD	300,936		BCLY		303,370	6/11/26		2,434
Turkish Lira		10,603,836	USD	227,621		BCLY		230,681	6/4/26		3,060
Turkish Lira		20,703,352	USD	444,059		BCLY		450,013	6/5/26		5,954

											596,097

Contracts to Sell:
Australian Dollar		1,376,260	USD	985,099		HSBC		988,529	7/2/26		(3,430	)
Australian Dollar		2,813,852	USD	2,002,396		JPM		2,021,111	7/2/26		(18,715	)
Australian Dollar		3,037,844	USD	2,169,264		JPM		2,181,999	7/2/26		(12,735	)
Australian Dollar		7,494,956	USD	5,382,443		SOG		5,386,626	6/2/26		(4,183	)
Brazilian Real		1,500,000	USD	275,490		BNP		288,822	10/2/26		(13,332	)
Brazilian Real		1,100,000	USD	198,996		BNP		211,802	10/2/26		(12,806	)
Brazilian Real		1,100,000	USD	201,178		BNP		211,803	10/2/26		(10,625	)
Brazilian Real		900,000	USD	167,542		BNP		177,157	7/2/26		(9,615	)
Brazilian Real		900,000	USD	163,881		BNP		173,293	10/2/26		(9,412	)
Brazilian Real		700,000	USD	129,108		BNP		137,788	7/2/26		(8,680	)
Brazilian Real		20,817	USD	4,135		BNP		4,128	6/2/26		7
Brazilian Real		500,000	USD	96,443		BNP		96,274	10/2/26		169
Brazilian Real		535,379	USD	106,713		BNP		106,160	6/2/26		553
Brazilian Real		700,000	USD	130,541		BNP		129,577	4/2/27		964
Brazilian Real		400,000	USD	75,657		BNP		74,044	4/2/27		1,613
Brazilian Real		400,000	USD	75,796		BNP		74,044	4/2/27		1,752
Brazilian Real		594,661	USD	120,000		BNP		117,915	6/2/26		2,085
Brazilian Real		700,000	USD	132,777		BNP		129,578	4/2/27		3,199
Brazilian Real		500,000	USD	91,491		BOA		96,273	10/2/26		(4,782	)
Brazilian Real		82,336	USD	16,282		BOA		16,326	6/2/26		(44	)
Brazilian Real		5,000,000	USD	931,532		GSC		984,203	7/2/26		(52,671	)
Brazilian Real		2,500,000	USD	464,510		GSC		492,102	7/2/26		(27,592	)

208

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		1,900,000	USD	349,566	GSC	$	373,997	7/2/26	$	(24,431	)
Brazilian Real		1,533,951	USD	303,338	GSC		304,165	6/2/26		(827	)
Brazilian Real		101,952	USD	20,000	GSC		20,068	7/2/26		(68	)
Brazilian Real		650	USD	129	GSC		129	6/2/26		–
Brazilian Real		873,510	USD	173,522	GSC		173,207	6/2/26		315
Brazilian Real		1,163,126	USD	231,054	GSC		230,635	6/2/26		419
Brazilian Real		1,000,000	USD	188,637	GSC		185,111	4/2/27		3,526
Brazilian Real		8,991,509	USD	1,788,465	GSC		1,782,915	6/2/26		5,550
Brazilian Real		10,900,000	USD	2,026,625	GSC		2,017,707	4/2/27		8,918
Brazilian Real		2,000,000	USD	370,466	JPM		393,681	7/2/26		(23,215	)
Brazilian Real		1,900,000	USD	345,961	JPM		365,841	10/2/26		(19,880	)
Brazilian Real		900,000	USD	165,639	JPM		177,157	7/2/26		(11,518	)
Brazilian Real		300,000	USD	54,951	JPM		55,533	4/2/27		(582	)
Brazilian Real		300,000	USD	54,951	JPM		55,533	4/2/27		(582	)
Brazilian Real		465,863	USD	92,113	JPM		92,375	6/2/26		(262	)
British Pound		169,000	USD	230,508	JPM		227,610	6/2/26		2,898
British Pound		8,599,189	USD	11,621,451	SOG		11,581,383	6/2/26		40,068
British Pound		8,315,189	USD	11,181,734	WFB		11,198,289	7/2/26		(16,555	)
Canadian Dollar		158,000	USD	114,700	BNP		114,592	6/2/26		108
Canadian Dollar		4,893,543	USD	3,579,731	HSBC		3,549,131	6/2/26		30,600
Canadian Dollar		48,000	USD	35,044	SCB		34,813	6/2/26		231
Canadian Dollar		4,664,913	USD	3,379,054	SOG		3,387,763	7/2/26		(8,709	)
Chinese Offshore Renminbi		22,041,529	USD	3,257,205	BNP		3,265,073	7/2/26		(7,868	)
Chinese Offshore Renminbi		681,000	USD	100,091	BNP		100,659	6/2/26		(568	)
Chinese Offshore Renminbi		82,000	USD	12,095	BNP		12,120	6/2/26		(25	)
Chinese Offshore Renminbi		1,474,011	USD	218,000	BNP		217,876	6/2/26		124
Chinese Offshore Renminbi		135,000	USD	19,907	BOA		19,955	6/2/26		(48	)
Chinese Offshore Renminbi		54,465,763	USD	7,982,548	DUB		8,050,694	6/2/26		(68,146	)
Chinese Offshore Renminbi		24,946,837	USD	3,655,616	DUB		3,687,442	6/2/26		(31,826	)
Chinese Offshore Renminbi		855,000	USD	125,619	JPM		126,380	6/2/26		(761	)
Chinese Offshore Renminbi		36,023,460	USD	5,325,161	SOG		5,336,256	7/2/26		(11,095	)
Chinese Offshore Renminbi		21,928,103	USD	3,241,170	WFB		3,248,271	7/2/26		(7,101	)
Chinese Onshore Renminbi		3,119,839	USD	457,186	DUB		461,088	6/1/26		(3,902	)
Colombian Peso		706,172,758	USD	187,461	BNP		191,120	6/17/26		(3,659	)
Colombian Peso		812,967,981	USD	212,735	BOA		215,021	9/16/26		(2,286	)
Colombian Peso		427,528,468	USD	114,713	DUB		115,707	6/17/26		(994	)
Colombian Peso		1,426,993,727	USD	375,115	GSC		382,989	7/21/26		(7,874	)
Colombian Peso		347,610,154	USD	90,994	GSC		94,078	6/17/26		(3,084	)
Colombian Peso		455,667,363	USD	119,815	GSC		122,520	7/13/26		(2,705	)
Colombian Peso		347,549,370	USD	93,000	GSC		94,061	6/17/26		(1,061	)
Colombian Peso		309,026,127	USD	81,697	HSBC		82,939	7/21/26		(1,242	)
Colombian Peso		231,008,592	USD	60,859	HSBC		62,000	7/21/26		(1,141	)
Colombian Peso		372,428,519	USD	96,678	SCB		99,910	7/23/26		(3,232	)
Colombian Peso		227,615,171	USD	59,551	SCB		61,602	6/17/26		(2,051	)
Colombian Peso		379,487,235	USD	101,035	SCB		102,705	6/17/26		(1,670	)
Colombian Peso		5,532,122,747	USD	1,417,621	UBS		1,429,761	12/16/26		(12,140	)
Colombian Peso		990,335,397	USD	262,490	UBS		268,026	6/17/26		(5,536	)
Colombian Peso		919,139,564	USD	244,374	UBS		248,757	6/17/26		(4,383	)
Colombian Peso		701,568,001	USD	187,250	UBS		189,874	6/17/26		(2,624	)
Colombian Peso		236,536,848	USD	61,830	UBS		64,017	6/17/26		(2,187	)
Czech Koruna		6,807,600	EUR	279,000	JPM		327,251	8/12/26		(828	)
Danish Krone		226,679	USD	35,382	HSBC		35,434	7/2/26		(52	)
Danish Krone		653,446	USD	102,475	NWM		101,981	6/2/26		494
Danish Krone		425,549	USD	66,260	SOG		66,521	7/2/26		(261	)
Euro		380,000	USD	442,446	BNP		443,232	6/2/26		(786	)
Euro		669,000	USD	788,206	BNP		780,321	6/2/26		7,885
Euro		559,000	USD	654,591	BOA		652,017	6/2/26		2,574
Euro		32,824,994	USD	38,291,669	SOG		38,337,327	7/2/26		(45,658	)
Euro		32,127,994	USD	37,689,222	SOG		37,474,085	6/2/26		215,137
Hong Kong Dollar		2,272,526	USD	290,521	BNP		290,193	6/23/26		328
Hong Kong Dollar		4,165,987	USD	532,630	SCB		531,981	6/23/26		649
Hong Kong Dollar		451,722	USD	57,750	WFB		57,683	6/23/26		67
Hungarian Forint		3,471,035	USD	11,485	BNP		11,434	6/10/26		51

209

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)
Hungarian Forint		12,734,323	EUR	34,560	BOA	$	41,740	10/22/26	$	(1,196	)
Hungarian Forint		4,389,189	USD	14,494	GSC		14,459	6/10/26		35
Hungarian Forint		4,869,377	USD	16,055	JPM		16,041	6/10/26		14
Hungarian Forint		36,721,156	EUR	101,890	UBS		120,289	11/12/26		(659	)
Hungarian Forint		24,629,171	EUR	68,310	UBS		80,679	11/12/26		(476	)
Hungarian Forint		1,375,290	EUR	3,700	UBS		4,507	10/26/26		(166	)
Indian Rupee		29,056,528	USD	300,000	BNP		305,202	6/22/26		(5,202	)
Indian Rupee		19,225,099	USD	198,178	BNP		201,935	6/22/26		(3,757	)
Indian Rupee		31,747,257	USD	330,000	BNP		333,140	7/1/26		(3,140	)
Indian Rupee		8,608,804	USD	89,622	BNP		90,346	6/30/26		(724	)
Indian Rupee		1,922,900	USD	20,000	GSC		20,213	6/15/26		(213	)
Indian Rupee		2,867,850	USD	30,000	GSC		30,168	6/8/26		(168	)
Indian Rupee		70,489,565	USD	752,451	JPM		736,062	8/18/26		16,389
Indonesian Rupiah		2,802,235,770	USD	156,525	BNP		156,696	6/10/26		(171	)
Indonesian Rupiah		1,358,006,958	USD	76,000	BNP		75,815	7/2/26		185
Indonesian Rupiah		5,366,376,150	USD	300,000	BNP		299,597	7/2/26		403
Indonesian Rupiah		2,629,547,509	USD	148,000	BNP		146,911	6/22/26		1,089
Indonesian Rupiah		3,891,269,030	USD	220,000	BNP		217,402	6/22/26		2,598
Indonesian Rupiah		1,429,011,031	USD	84,111	BNP		79,908	6/10/26		4,203
Indonesian Rupiah		3,434,911,312	USD	197,233	BNP		192,074	6/10/26		5,159
Indonesian Rupiah		3,460,999,866	USD	199,106	BNP		193,532	6/10/26		5,574
Indonesian Rupiah		700,740,000	USD	40,000	BOA		39,161	6/18/26		839
Indonesian Rupiah		2,265,055,000	USD	130,000	BOA		126,679	6/8/26		3,321
Indonesian Rupiah		1,571,250,120	USD	88,671	GSC		87,861	6/10/26		810
Indonesian Rupiah		1,570,203,776	USD	88,672	GSC		87,803	6/10/26		869
Indonesian Rupiah		1,343,457,226	USD	79,685	GSC		75,124	6/10/26		4,561
Indonesian Rupiah		2,270,605,886	USD	130,611	JPM		126,968	6/10/26		3,643
Indonesian Rupiah		1,987,166,497	USD	112,249	SCB		111,119	6/10/26		1,130
Indonesian Rupiah		2,415,468,763	USD	138,837	SCB		135,069	6/10/26		3,768
Israeli New Shekel		436,101	USD	147,344	BCLY		154,759	7/21/26		(7,415	)
Israeli New Shekel		249,000	USD	79,440	BNP		88,332	6/10/26		(8,892	)
Israeli New Shekel		555,549	USD	188,502	BNP		197,148	7/21/26		(8,646	)
Israeli New Shekel		155,000	USD	50,078	BNP		54,986	6/10/26		(4,908	)
Israeli New Shekel		298,332	USD	95,574	BOA		105,836	6/17/26		(10,262	)
Israeli New Shekel		284,070	USD	92,211	BOA		100,773	6/10/26		(8,562	)
Israeli New Shekel		271,484	USD	88,608	BOA		96,311	6/17/26		(7,703	)
Israeli New Shekel		620,522	USD	213,758	BOA		220,166	7/7/26		(6,408	)
Israeli New Shekel		12,977	USD	4,211	HSBC		4,604	6/10/26		(393	)
Israeli New Shekel		566,903	USD	190,102	JPM		201,142	7/7/26		(11,040	)
Israeli New Shekel		247,000	USD	78,915	JPM		87,622	6/10/26		(8,707	)
Israeli New Shekel		378,002	USD	126,354	JPM		134,118	7/7/26		(7,764	)
Israeli New Shekel		376,005	USD	126,010	JPM		133,410	7/7/26		(7,400	)
Israeli New Shekel		321,486	USD	103,866	SOG		114,050	6/17/26		(10,184	)
Israeli New Shekel		132,483	USD	43,322	SOG		47,000	6/17/26		(3,678	)
Israeli New Shekel		303,751	USD	97,328	UBS		107,755	6/10/26		(10,427	)
Israeli New Shekel		289,562	USD	94,340	UBS		102,725	6/17/26		(8,385	)
Israeli New Shekel		127,640	USD	41,642	UBS		45,280	6/10/26		(3,638	)
Israeli New Shekel		313,314	USD	101,341	WFB		111,147	6/10/26		(9,806	)
Israeli New Shekel		294,474	USD	95,820	WFB		104,464	6/10/26		(8,644	)
Japanese Yen		257,705,173	USD	1,620,774	BNP		1,622,107	7/2/26		(1,333	)
Japanese Yen		8,900,000	USD	56,085	BNP		55,882	6/2/26		203
Japanese Yen		76,241,122	USD	479,314	BOA		479,894	7/2/26		(580	)
Japanese Yen		10,059,849	USD	63,204	BOA		63,165	6/2/26		39
Japanese Yen		241,395,076	USD	1,516,942	HSBC		1,519,445	7/2/26		(2,503	)
Japanese Yen		14,308,816	USD	89,741	HSBC		89,843	6/2/26		(102	)
Japanese Yen		317,390,706	USD	1,998,224	HSBC		1,997,794	7/2/26		430
Japanese Yen		7,200,000	USD	45,670	HSBC		45,207	6/2/26		463
Japanese Yen		281,100,000	USD	1,807,911	JPM		1,764,983	6/2/26		42,928
Japanese Yen		215,981,752	USD	1,356,746	SCB		1,356,116	6/2/26		630
Japanese Yen		1,019,797,960	USD	6,419,177	SOG		6,419,048	7/2/26		129
Japanese Yen		810,834,941	USD	5,102,874	SOG		5,091,106	6/2/26		11,768
Japanese Yen		271,136,004	USD	1,701,553	WFB		1,702,421	6/2/26		(868	)
Japanese Yen		31,698,603	USD	199,484	WFB		199,525	7/2/26		(41	)

210

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		329,523,453	USD	2,075,635	WFB		$ 2,069,026	6/2/26	$	6,609
Kazakhstan Tenge		13,294,784	USD	24,800	DUB		27,358	6/4/26		(2,558	)
Kazakhstan Tenge		7,560,000	USD	14,000	DUB		15,563	6/3/26		(1,563	)
Kazakhstan Tenge		2,845,305	USD	5,300	DUB		5,855	6/4/26		(555	)
Kazakhstan Tenge		2,313,000	USD	4,500	DUB		4,749	6/10/26		(249	)
Kazakhstan Tenge		6,393,240	USD	12,900	DUB		12,424	11/9/26		476
Kazakhstan Tenge		32,740,500	USD	69,000	DUB		67,016	6/18/26		1,984
Kazakhstan Tenge		3,340,750	USD	7,000	SOG		6,828	6/22/26		172
Korean Won		75,361,638	USD	50,000	BNP		49,983	6/22/26		17
Korean Won		44,077,661	USD	30,096	BNP		29,225	6/8/26		871
Korean Won		460,291,852	USD	316,626	DUB		305,249	6/17/26		11,377
Malaysian Ringgit		14,856,528	USD	3,745,028	GSC		3,749,260	6/24/26		(4,232	)
Mexican Peso		19,342,000	USD	1,080,227	BOA		1,114,102	6/17/26		(33,875	)
Mexican Peso		1,485,000	USD	82,915	BOA		85,537	6/17/26		(2,622	)
Mexican Peso		1,442,000	USD	80,502	BOA		83,059	6/17/26		(2,557	)
Mexican Peso		1,178,000	USD	65,916	BOA		67,853	6/17/26		(1,937	)
Mexican Peso		801,000	USD	44,507	BOA		46,137	6/17/26		(1,630	)
Mexican Peso		709,000	USD	39,526	BOA		40,838	6/17/26		(1,312	)
Mexican Peso		1,213,000	USD	69,548	BOA		69,869	6/17/26		(321	)
Mexican Peso		383,407	USD	21,905	BOA		22,084	6/17/26		(179	)
Mexican Peso		1,606,000	USD	89,356	HSBC		92,506	6/17/26		(3,150	)
Mexican Peso		891,000	USD	49,706	JPM		51,321	6/17/26		(1,615	)
Mexican Peso		416,593	USD	23,828	JPM		23,995	6/17/26		(167	)
Mexican Peso		40,845,182	USD	2,369,691	JPM		2,352,688	6/17/26		17,003
New Taiwan Dollar		89,199,942	USD	2,800,802	BNP		2,853,439	8/28/26		(52,637	)
New Taiwan Dollar		73,670,367	USD	2,311,082	BNP		2,347,765	6/24/26		(36,683	)
New Taiwan Dollar		43,362,830	USD	1,361,376	BNP		1,386,819	8/24/26		(25,443	)
New Taiwan Dollar		58,466,113	USD	1,845,230	BNP		1,869,849	8/24/26		(24,619	)
New Taiwan Dollar		41,502,042	USD	1,298,765	BNP		1,322,744	6/26/26		(23,979	)
New Taiwan Dollar		27,774,166	USD	869,410	BNP		885,121	6/24/26		(15,711	)
New Taiwan Dollar		117,075,400	USD	3,700,000	JPM		3,731,403	6/26/26		(31,403	)
New Taiwan Dollar		69,675,643	USD	2,202,834	JPM		2,228,872	8/28/26		(26,038	)
New Zealand Dollar		2,776,799	USD	1,642,143	BCLY		1,664,707	7/2/26		(22,564	)
New Zealand Dollar		1,455,000	USD	865,805	HSBC		871,429	6/3/26		(5,624	)
New Zealand Dollar		67,000	USD	39,723	HSBC		40,127	6/3/26		(404	)
New Zealand Dollar		85,000	USD	50,887	HSBC		50,909	6/3/26		(22	)
New Zealand Dollar		1,169,799	USD	689,229	WFB		700,616	6/3/26		(11,387	)
Norwegian Krone		167,892	USD	18,078	DUB		18,160	6/2/26		(82	)
Norwegian Krone		398,999	USD	43,051	HSBC		43,159	6/2/26		(108	)
Norwegian Krone		535,546	USD	57,571	JPM		57,928	6/2/26		(357	)
Peruvian Sol		1,169,786	USD	340,349	BNP		342,258	9/16/26		(1,909	)
Peruvian Sol		8,493,200	USD	2,446,339	DUB		2,477,612	11/12/26		(31,273	)
Peruvian Sol		734,669	USD	214,621	DUB		216,045	6/8/26		(1,424	)
Peruvian Sol		738,857	USD	214,753	DUB		216,177	9/16/26		(1,424	)
Peruvian Sol		401,613	USD	115,712	DUB		116,962	12/16/26		(1,250	)
Peruvian Sol		605,614	USD	173,047	JPM		178,026	6/17/26		(4,979	)
Peruvian Sol		424,447	USD	123,659	JPM		124,771	6/17/26		(1,112	)
Peruvian Sol		362,885	USD	104,391	SCB		106,674	6/17/26		(2,283	)
Peruvian Sol		6,722,279	USD	1,995,215	SOG		1,976,087	6/17/26		19,128
Peruvian Sol		1,169,786	USD	340,549	UBS		343,857	6/18/26		(3,308	)
Peruvian Sol		495,684	USD	143,311	WFB		145,043	9/14/26		(1,732	)
Peruvian Sol		713,620	USD	208,478	WFB		209,776	6/17/26		(1,298	)
Peruvian Sol		358,338	USD	103,848	WFB		104,854	9/14/26		(1,006	)
Peruvian Sol		224,030	USD	66,189	WFB		65,547	9/16/26		642
Singapore Dollar		3,763,325	USD	2,962,979	BNP		2,948,851	6/2/26		14,128
Singapore Dollar		3,753,237	USD	2,941,936	WFB		2,947,289	7/2/26		(5,353	)
South African Rand		11,225,155	USD	672,304	BCLY		690,728	6/24/26		(18,424	)
South African Rand		17,769,772	USD	1,080,519	BCLY		1,093,444	6/24/26		(12,925	)
South African Rand		11,418,533	USD	690,163	BCLY		702,627	6/24/26		(12,464	)
Swedish Krona		10,440,220	USD	1,122,287	HSBC		1,130,879	6/2/26		(8,592	)
Swiss Franc		118,000	USD	149,432	BOA		151,195	6/2/26		(1,763	)
Swiss Franc		58,000	USD	73,814	BOA		74,316	6/2/26		(502	)
Swiss Franc		48,000	USD	61,905	BOA		61,503	6/2/26		402

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 Sell: (continued)
Swiss Franc		902,266	USD	1,152,089	HSBC		$ 1,159,817	7/2/26	$	(7,728	)
Swiss Franc		563,081	USD	716,012	JPM		721,483	6/2/26		(5,471	)
Swiss Franc		167,000	USD	212,268	JPM		214,670	7/2/26		(2,402	)
Swiss Franc		176,000	USD	224,071	JPM		225,511	6/2/26		(1,440	)
Swiss Franc		57,758	USD	73,893	JPM		74,245	7/2/26		(352	)
Thai Baht		2,279,726	USD	70,000	BNP		70,190	6/30/26		(190	)
Thai Baht		455,022	USD	13,956	BNP		14,055	9/16/26		(99	)
Thai Baht		587,387	USD	18,000	BNP		18,084	6/29/26		(84	)
Thai Baht		2,600,320	USD	80,000	BNP		80,031	6/22/26		(31	)
Thai Baht		1,292,084	USD	40,215	BNP		39,911	9/16/26		304
Thai Baht		9,141,660	USD	286,034	BNP		281,292	6/17/26		4,742
Thai Baht		1,695,720	USD	52,000	BOA		52,190	6/22/26		(190	)
Thai Baht		3,653,366	USD	112,085	DUB		112,415	6/17/26		(330	)
Thai Baht		1,945,660	USD	59,694	DUB		59,869	6/17/26		(175	)
Thai Baht		4,820,475	USD	150,117	DUB		148,328	6/17/26		1,789
Thai Baht		3,597,840	USD	109,851	GSC		110,707	6/17/26		(856	)
Thai Baht		7,138,092	USD	219,779	GSC		220,483	9/16/26		(704	)
Thai Baht		609,754	USD	18,598	GSC		18,762	6/17/26		(164	)
Thai Baht		1,302,152	USD	40,432	GSC		40,048	6/8/26		384
Thai Baht		2,304,095	USD	71,855	GSC		70,898	6/17/26		957
Thai Baht		11,782,217	USD	365,737	GSC		363,932	9/16/26		1,805
Thai Baht		14,208,793	USD	441,180	GSC		438,885	9/16/26		2,295
Thai Baht		87,025	USD	2,718	HSBC		2,677	6/17/26		41
Thai Baht		13,745,148	USD	419,111	JPM		422,944	6/17/26		(3,833	)
Thai Baht		4,803,198	USD	147,818	JPM		148,363	9/16/26		(545	)
Thai Baht		2,438,297	USD	74,689	JPM		75,027	6/17/26		(338	)
Thai Baht		2,069,208	USD	64,554	JPM		63,670	6/17/26		884
Thai Baht		8,528,520	USD	263,600	JPM		262,426	6/17/26		1,174
Thai Baht		4,757,306	USD	148,115	JPM		146,384	6/17/26		1,731
Thai Baht		12,682,365	USD	393,740	JPM		391,736	9/16/26		2,004
Thai Baht		12,007,700	USD	371,874	SCB		370,897	9/16/26		977
Thai Baht		11,151,038	USD	348,841	SCB		343,122	6/17/26		5,719
Turkish Lira		698,033	USD	14,813	BCLY		15,078	6/12/26		(265	)
Turkish Lira		699,246	USD	14,815	BCLY		15,060	6/15/26		(245	)
Turkish Lira		734,321	USD	15,571	BCLY		15,815	6/15/26		(244	)
Turkish Lira		898,671	USD	19,332	BCLY		19,469	6/9/26		(137	)
Turkish Lira		730,532	USD	15,718	BCLY		15,826	6/9/26		(108	)
Turkish Lira		3,561,757	USD	74,366	BCLY		74,328	7/16/26		38
Turkish Lira		713,854	USD	15,397	BNP		15,464	6/9/26		(67	)
Turkish Lira		1,813,424	USD	39,036	GSC		39,517	6/1/26		(481	)

										(642,172	)

Net Unrealized Depreciation on Open Forward Foreign Currency Contracts									$	(46,075	)

212

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At May 31, 2026, 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		Market Value			Upfront Payment (Received)			Unrealized Appreciation
Pay	China 7-Day Reverse Repo Index		1.500%	3/17/32	3-Month	BOA	CNY	67,000,000	$	(22,104	)	$	(84,889	)	$	62,785
Pay	China 7-Day Reverse Repo Index		1.500%	3/17/32	3-Month	BNP	CNY	63,700,000		(21,014	)		(80,508	)		59,494
Pay	China 7-Day Reverse Repo Index		1.500%	3/17/32	3-Month	SCB	CNY	9,000,000		(2,969	)		(11,376	)		8,407
Pay	China 7-Day Reverse Repo Index		1.500%	3/17/32	3-Month	JPM	CNY	8,100,000		(2,672	)		(8,549	)		5,877

									$	(48,759	)	$	(185,322	)	$	136,563

214

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At May 31, 2026, 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)
Receive	3-Month EURIBOR	2.350%	12/15/28	PAM		EUR	4,000,000	$	10,868		$	(2,565	)	$	13,433
Pay	3-Month FRA New Zealand Bank Bill	3.750%	6/17/28	6-Month		NZD	4,300,000		10,195			9,440			755
Pay	3-Month FRA New Zealand Bank Bill	4.000%	6/17/31	6-Month		NZD	1,400,000		4,875			2,898			1,977
Pay	3-Month Johannesburg Interbank Average Rate	7.740%	4/15/36	3-Month		ZAR	1,200,000		(908	)		—			(908	)
Pay	3-Month Johannesburg Interbank Average Rate	7.830%	4/16/36	3-Month		ZAR	4,000,000		(1,488	)		—			(1,488	)
Pay	3-Month Johannesburg Interbank Average Rate	7.860%	4/17/36	3-Month		ZAR	1,100,000		(267	)		—			(267	)
Pay	3-Month Johannesburg Interbank Average Rate	7.910%	4/22/36	3-Month		ZAR	1,100,000		(43	)		—			(43	)
Pay	3-Month Stockholm Interbank Offered Rate	2.474%	2/3/30	12-Month		SEK	4,400,000		2,788			—			2,788
Pay	3-Month Stockholm Interbank Offered Rate	2.500%	3/18/31	12-Month		SEK	34,500,000		(5,626	)		(12,808	)		7,182
Pay	3-Month Stockholm Interbank Offered Rate	2.750%	9/16/31	12-Month		SEK	8,200,000		5,335			1,711			3,624
Pay	6-Month Australian Bank Bill	3.500%	3/18/31	6-Month		AUD	23,800,000		(946,484	)		(353,882	)		(592,602	)
Pay	6-Month Australian Bank Bill	4.250%	3/19/35	6-Month		AUD	1,200,000		(40,451	)		(545	)		(39,906	)
Pay	6-Month Australian Bank Bill	4.250%	9/17/35	6-Month		AUD	1,000,000		(35,958	)		750			(36,708	)
Pay	6-Month Australian Bank Bill	4.500%	6/18/35	6-Month		AUD	500,000		(9,793	)		2,896			(12,689	)
Pay	6-Month Australian Bank Bill	4.500%	9/17/35	6-Month		AUD	1,600,000		(35,268	)		26,446			(61,714	)
Pay	6-Month Australian Bank Bill	5.000%	9/16/36	6-Month		AUD	3,500,000		9,527			(10,793	)		20,320
Receive	6-Month Australian Bank Bill	3.750%	3/18/31	6-Month		AUD	6,100,000		193,362			169,984			23,378
Receive	6-Month Australian Bank Bill	4.500%	9/16/31	6-Month		AUD	6,300,000		49,723			68,962			(19,239	)
Receive	6-Month Australian Bank Bill	5.000%	9/16/56	6-Month		AUD	50,000		151			419			(268	)
Pay	6-Month EURIBOR	0.451%	5/27/50	12-Month		EUR	150,000		(81,165	)		—			(81,165	)
Pay	6-Month EURIBOR	0.650%	4/12/27	12-Month		EUR	500,000		(11,264	)		—			(11,264	)
Pay	6-Month EURIBOR	0.650%	5/11/27	12-Month		EUR	300,000		(6,964	)		—			(6,964	)
Pay	6-Month EURIBOR	0.700%	4/11/27	12-Month		EUR	200,000		(4,391	)		—			(4,391	)
Pay	6-Month EURIBOR	1.000%	5/13/27	12-Month		EUR	500,000		(9,509	)		—			(9,509	)
Pay	6-Month EURIBOR	2.250%	9/16/28	12-Month		EUR	21,900,000		(239,482	)		(201,774	)		(37,708	)
Pay	6-Month EURIBOR	2.250%	9/21/42	12-Month		EUR	2,310,000		(285,703	)		176,898			(462,601	)
Pay	6-Month EURIBOR	2.500%	9/16/31	12-Month		EUR	9,400,000		(141,972	)		(231,765	)		89,793
Pay	6-Month EURIBOR	3.000%	3/19/27	12-Month		EUR	7,050,000		36,780			47,415			(10,635	)
Pay	6-Month EURIBOR	3.000%	9/16/56	12-Month		EUR	5,280,000		(167,095	)		(144,980	)		(22,115	)
Receive	6-Month EURIBOR	2.750%	9/16/36	12-Month		EUR	40,000		976			1,129			(153	)
Receive	6-Month EURIBOR	2.825%	9/19/55	12-Month		EUR	5,500,000		48,373			77,761			(29,388	)
Pay	6-Month Norway Interbank Offer Rate	3.750%	3/18/31	12-Month		NOK	13,400,000		(53,236	)		(42,437	)		(10,799	)
Pay	6-Month Norway Interbank Offer Rate	4.500%	9/16/31	12-Month		NOK	900,000		(148	)		(25	)		(123	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate	1.250%	9/17/35	12-Month		JPY	719,400,000		(408,902	)		(37,856	)		(371,046	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate	1.500%	12/17/35	12-Month		JPY	60,000,000		(27,947	)		(368	)		(27,579	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate	1.500%	3/18/36	12-Month		JPY	240,000,000		(120,750	)		(58,365	)		(62,385	)
Receive	Bank of Japan Uncollateralized Overnight Call Rate	1.500%	9/16/28	12-Month		JPY	3,821,000,000		6,144			26,864			(20,720	)
Receive	Bank of Japan Uncollateralized Overnight Call Rate	1.750%	9/16/31	12-Month		JPY	1,040,000,000		69,999			26,767			43,232
Receive	Bank of Japan Uncollateralized Overnight Call Rate	2.250%	9/17/55	12-Month		JPY	18,800,000		22,995			4,000			18,995
Pay	Bank of Japan Uncollateralized Overnight Call Rate	0.000%	3/17/31	6-Month		JPY	70,100,000		(39,147	)		(2,508	)		(36,639	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate	0.050%	12/15/31	12-Month		JPY	490,000,000		(315,437	)		(164,853	)		(150,584	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate	0.750%	3/19/27	12-Month		JPY	570,000,000		(8,180	)		628			(8,808	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate	0.850%	9/20/33	12-Month		JPY	68,100,000		(37,349	)		(4,740	)		(32,609	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate	1.000%	3/19/32	12-Month		JPY	860,000,000		(286,508	)		(15,354	)		(271,154	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate	1.000%	9/18/34	12-Month		JPY	90,000,000		(53,253	)		(2,958	)		(50,295	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate	1.000%	3/19/35	12-Month		JPY	800,000,000		(530,498	)		(65,211	)		(465,287	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate	1.000%	6/19/44	12-Month		JPY	230,000,000		(412,422	)		(92,912	)		(319,510	)
Receive	Bank of Japan Uncollateralized Overnight Call Rate	0.400%	6/19/39	6-Month		JPY	80,000,000		133,699			(20,457	)		154,156
Pay	Canadian Overnight Repo Rate Average	1.713%	10/2/29	6-Month		CAD	400,000		(10,398	)		(29,897	)		19,499
Pay	Canadian Overnight Repo Rate Average	2.850%	9/1/29	6-Month		CAD	1,000,000		1,955			(2,988	)		4,943
Pay	Canadian Overnight Repo Rate Average	3.250%	6/21/53	6-Month		CAD	200,000		(6,553	)		(10,586	)		4,033
Pay	Canadian Overnight Repo Rate Average	3.898%	6/19/26	PAM		CAD	2,500,000		26,345			(3,864	)		30,209
Pay	Canadian Overnight Repo Rate Average	3.925%	6/19/26	PAM		CAD	4,300,000		46,177			(371	)		46,548
Receive	Canadian Overnight Repo Rate Average	2.750%	6/17/31	6-Month		CAD	1,700,000		8,701			8,490			211
Receive	Canadian Overnight Repo Rate Average	2.850%	6/1/33	6-Month		CAD	300,000		1,747			2,521			(774	)
Receive	Canadian Overnight Repo Rate Average	2.880%	9/1/33	6-Month		CAD	400,000		2,488			–			2,488
Receive	Canadian Overnight Repo Rate Average	3.000%	5/25/31	6-Month		CAD	1,500,000		(5,576	)		(523	)		(5,053	)
Receive	Canadian Overnight Repo Rate Average	3.000%	6/1/33	6-Month		CAD	200,000		(351	)		723			(1,074	)
Receive	Canadian Overnight Repo Rate Average	3.000%	6/1/34	6-Month		CAD	700,000		1,182			98			1,084
Receive	Canadian Overnight Repo Rate Average	3.180%	6/1/33	6-Month		CAD	1,500,000		(15,984	)		(1,311	)		(14,673	)
Receive	Canadian Overnight Repo Rate Average	3.250%	12/20/33	6-Month		CAD	2,500,000		(31,775	)		144,403			(176,178	)
Receive	Canadian Overnight Repo Rate Average	3.250%	12/18/34	6-Month		CAD	200,000		(2,077	)		(4,815	)		2,738
Receive	Canadian Overnight Repo Rate Average	3.750%	12/20/33	6-Month		CAD	500,000		(19,396	)		(2,465	)		(16,931	)
Pay	China 7-Day Reverse Repo Index	1.500%	6/17/31	3-Month		CNY	8,400,000		(430	)		(3,469	)		3,039
Pay	Euro Short-Term Rate Market Index	1.795%	10/11/29	12-Month		EUR	2,700,000		(68,612	)		–			(68,612	)
Pay	Euro Short-Term Rate Market Index	1.923%	10/11/29	12-Month		EUR	1,800,000		(35,373	)		–			(35,373	)
Pay	Euro Short-Term Rate Market Index	2.170%	12/15/28	PAM		EUR	3,900,000		(10,727	)		2,298			(13,025	)
Receive	Financial Benchmarks India Overnight Mumbai Interbank Outright Rate	5.750%	3/18/31	6-Month		INR	27,730,000		9,395			(36	)		9,431
Receive	Singapore Overnight Rate Average	1.750%	9/16/31	6-Month		SGD	8,235,000		59,013			1,724			57,289
Receive	Singapore Overnight Rate Average	2.000%	9/16/31	6-Month		SGD	5,000,000		(10,709	)		(11,026	)		317

215

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	SOFR	3.460%	6/30/27	12-Month		USD	7,100,000	$	(50,657	)	$	—		$	(50,657	)
Pay	SOFR	3.574%	8/31/30	12-Month		USD	400,000		(4,198	)		—			(4,198	)
Pay	SOFR	3.583%	8/31/30	12-Month		USD	500,000		(5,087	)		—			(5,087	)
Pay	SOFR	3.587%	8/31/30	12-Month		USD	300,000		(3,002	)		—			(3,002	)
Pay	SOFR	3.599%	8/31/30	12-Month		USD	200,000		(1,915	)		—			(1,915	)
Pay	SOFR	3.643%	8/31/30	12-Month		USD	700,000		(5,516	)		—			(5,516	)
Pay	SOFR	3.646%	8/31/30	12-Month		USD	500,000		(3,877	)		—			(3,877	)
Pay	SOFR	3.750%	9/17/27	12-Month		USD	9,500,000		(19,724	)		53,202			(72,926	)
Pay	SOFR	3.750%	12/17/55	12-Month		USD	200,000		(17,027	)		(10,847	)		(6,180	)
Pay	SOFR	3.981%	11/30/27	12-Month		USD	3,700,000		11,248			—			11,248
Receive	SOFR	1.000%	12/15/26	12-Month		USD	1,000,000		27,335			3,719			23,616
Receive	SOFR	2.965%	11/30/26	12-Month		USD	6,600,000		50,678			(3,696	)		54,374
Receive	SOFR	3.000%	3/19/27	12-Month		USD	12,760,000		96,604			261,813			(165,209	)
Receive	SOFR	3.000%	6/17/28	12-Month		USD	8,900,000		147,478			116,770			30,708
Receive	SOFR	3.250%	6/18/27	12-Month		USD	2,200,000		29,329			16,095			13,234
Receive	SOFR	3.250%	6/17/31	12-Month		USD	2,100,000		58,332			73,166			(14,834	)
Receive	SOFR	3.250%	12/20/53	12-Month		USD	100,000		16,798			11,616			5,182
Receive	SOFR	3.250%	3/19/55	12-Month		USD	400,000		67,639			47,355			20,284
Receive	SOFR	3.325%	8/31/30	12-Month		USD	12,317,800		246,238			40,417			205,821
Receive	SOFR	3.369%	8/31/30	12-Month		USD	500,000		9,156			—			9,156
Receive	SOFR	3.500%	3/18/28	12-Month		USD	7,120,000		47,354			(34,830	)		82,184
Receive	SOFR	3.500%	3/18/31	12-Month		USD	13,260,000		211,531			1,579			209,952
Receive	SOFR	3.500%	6/17/33	12-Month		USD	300,000		7,838			4,719			3,119
Receive	SOFR	3.500%	12/20/38	12-Month		USD	3,200,000		200,443			50,178			150,265
Receive	SOFR	3.595%	8/19/34	12-Month		USD	400,000		11,535			—			11,535
Receive	SOFR	3.613%	8/22/34	12-Month		USD	300,000		8,213			—			8,213
Receive	SOFR	3.631%	11/15/35	12-Month		USD	1,000,000		29,932			—			29,932
Receive	SOFR	3.640%	8/15/35	12-Month		USD	200,000		5,593			400			5,193
Receive	SOFR	3.645%	8/7/34	12-Month		USD	700,000		17,512			—			17,512
Receive	SOFR	3.679%	2/15/36	12-Month		USD	200,000		5,533			—			5,533
Receive	SOFR	3.692%	1/31/33	12-Month		USD	300,000		3,841			—			3,841
Receive	SOFR	3.698%	1/31/33	12-Month		USD	200,000		2,496			—			2,496
Receive	SOFR	3.700%	8/15/35	12-Month		USD	200,000		4,648			(176	)		4,824
Receive	SOFR	3.700%	1/31/33	12-Month		USD	300,000		3,710			—			3,710
Receive	SOFR	3.712%	11/15/35	12-Month		USD	100,000		2,363			—			2,363
Receive	SOFR	3.714%	1/31/33	12-Month		USD	200,000		2,314			—			2,314
Receive	SOFR	3.715%	8/15/35	12-Month		USD	282,000		6,222			747			5,475
Receive	SOFR	3.735%	1/31/33	12-Month		USD	300,000		3,113			—			3,113
Receive	SOFR	3.750%	12/17/30	12-Month		USD	100,000		409			(2,019	)		2,428
Receive	SOFR	3.750%	5/15/32	12-Month		USD	1,503,000		11,063			(1,427	)		12,490
Receive	SOFR	3.750%	12/17/35	12-Month		USD	8,160,000		171,595			(55,002	)		226,597
Receive	SOFR	3.750%	6/17/36	12-Month		USD	2,210,000		52,330			50,169			2,161
Receive	SOFR	3.753%	1/31/33	12-Month		USD	300,000		2,800			—			2,800
Receive	SOFR	3.771%	2/15/55	12-Month		USD	100,000		8,146			—			8,146
Receive	SOFR	3.773%	3/4/55	12-Month		USD	400,000		32,517			—			32,517
Receive	SOFR	3.775%	3/3/36	12-Month		USD	500,000		9,992			—			9,992
Receive	SOFR	3.806%	2/15/55	12-Month		USD	200,000		15,125			—			15,125
Receive	SOFR	3.836%	5/15/34	12-Month		USD	500,000		4,151			—			4,151
Receive	SOFR	3.847%	5/15/34	12-Month		USD	300,000		2,269			—			2,269
Receive	SOFR	3.851%	2/28/29	12-Month		USD	1,100,000		(497	)		—			(497	)
Receive	SOFR	3.862%	2/28/29	12-Month		USD	1,600,000		(1,212	)		—			(1,212	)
Receive	SOFR	3.884%	3/25/35	12-Month		USD	500,000		3,755			—			3,755
Receive	SOFR	3.905%	8/15/26	PAM		USD	1,800,000		(328	)		—			(328	)
Receive	SOFR	3.905%	3/12/35	12-Month		USD	200,000		1,142			—			1,142
Receive	SOFR	3.908%	3/4/35	12-Month		USD	400,000		2,169			—			2,169
Receive	SOFR	3.930%	3/24/35	12-Month		USD	300,000		1,201			—			1,201
Receive	SOFR	3.930%	6/25/55	12-Month		USD	345,000		19,344			1,280			18,064
Receive	SOFR	3.954%	11/15/54	12-Month		USD	200,000		10,073			—			10,073
Receive	SOFR	3.959%	11/15/54	12-Month		USD	400,000		19,830			—			19,830
Receive	SOFR	3.960%	6/27/55	12-Month		USD	405,000		20,556			(236	)		20,792
Receive	SOFR	3.964%	11/15/54	12-Month		USD	300,000		14,616			—			14,616
Receive	SOFR	3.988%	11/15/53	12-Month		USD	200,000		9,255			—			9,255
Receive	SOFR	3.998%	11/15/54	12-Month		USD	400,000		17,182			—			17,182
Receive	SOFR	4.000%	6/20/26	12-Month		USD	3,600,000		27			(10,341	)		10,368
Receive	SOFR	4.000%	3/18/36	12-Month		USD	8,970,000		13,594			(140,729	)		154,323
Receive	SOFR	4.000%	6/17/56	12-Month		USD	400,000		17,208			11,866			5,342
Receive	SOFR	4.005%	9/29/55	12-Month		USD	124,000		5,151			(1,392	)		6,543
Receive	SOFR	4.059%	2/15/56	12-Month		USD	100,000		3,227			—			3,227
Receive	SOFR	4.065%	6/26/55	12-Month		USD	213,000		6,874			(3,715	)		10,589
Receive	SOFR	4.083%	11/15/53	12-Month		USD	200,000		6,191			—			6,191
Receive	SOFR	4.111%	11/15/54	12-Month		USD	640,000		15,142			—			15,142
Receive	SOFR	4.130%	11/15/54	12-Month		USD	560,000		11,484			—			11,484
Receive	SOFR	4.222%	11/15/52	12-Month		USD	200,000		1,593			—			1,593
Receive	SOFR	4.224%	11/15/52	12-Month		USD	100,000		758			—			758
Receive	SOFR	4.225%	11/15/52	12-Month		USD	200,000		1,492			—			1,492
Receive	SOFR	4.227%	11/15/52	12-Month		USD	100,000		714			—			714
Receive	SOFR	4.228%	11/15/52	12-Month		USD	100,000		706			—			706
Receive	SOFR	4.232%	11/15/52	12-Month		USD	100,000		632			—			632
Receive	SOFR	4.233%	11/15/52	12-Month		USD	100,000		614			—			614
Receive	SOFR	4.245%	11/15/52	12-Month		USD	300,000		1,277			—			1,277
Receive	SOFR	4.248%	11/15/52	12-Month		USD	500,000		1,889			—			1,889

216

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	South Korean Won Certificate of Deposit		2.750%		3/18/36		3-Month		KRW	29,660,000	$	(1,976	)	$	210		$	(2,186	)
Pay	Sterling Overnight Index Average		3.000%		6/17/27		12-Month		GBP	5,100,000		(135,425	)		(11,885	)		(123,540	)
Pay	Sterling Overnight Index Average		3.500%		9/16/28		12-Month		GBP	7,660,000		(117,737	)		(94,236	)		(23,501	)
Pay	Sterling Overnight Index Average		3.500%		3/18/31		12-Month		GBP	200,000		(7,251	)		(6,342	)		(909	)
Pay	Sterling Overnight Index Average		3.500%		9/16/31		12-Month		GBP	7,480,000		(288,736	)		(275,515	)		(13,221	)
Receive	Sterling Overnight Index Average		3.500%		3/18/28		12-Month		GBP	2,630,000		37,177			29,589			7,588
Receive	Sterling Overnight Index Average		4.000%		3/18/36		12-Month		GBP	1,350,000		53,019			9,860			43,159
Receive	Sterling Overnight Index Average		4.000%		9/16/36		12-Month		GBP	2,850,000		128,763			154,447			(25,684	)
Receive	Sterling Overnight Index Average		4.500%		3/18/56		12-Month		GBP	550,000		34,835			11,214			23,621
Receive	Sterling Overnight Index Average		4.500%		9/16/56		12-Month		GBP	720,000		48,940			35,471			13,469
Pay	Swiss Average Rate Overnight Index		0.000%		3/18/28		12-Month		CHF	6,200,000		(15,173	)		(25,383	)		10,210
Pay	Swiss Average Rate Overnight Index		0.250%		3/18/31		12-Month		CHF	300,000		(1,100	)		(2,178	)		1,078
Pay	Swiss Average Rate Overnight Index		0.250%		9/16/31		12-Month		CHF	1,800,000		(14,846	)		(29,802	)		14,956
Pay	Swiss Average Rate Overnight Index		0.300%		2/15/27		12-Month		CHF	200,000		834			—			834

											$	(2,311,373	)	$	(457,151	)	$	(1,854,222	)

217

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At May 31, 2026, International Fixed Income Fund held the following OTC and Centrally Cleared Credit Default Swap Contracts:

OTC Credit Default Swaps on Corporate and Sovereign Issues - Buy Protection (1)


Reference Obligation & Ratings†	Fixed Deal (Pay) Rate	Maturity Date	Payment Frequency	Counterparty	Implied Credit Spread at 5/31/26 (2)	Notional Amount (3)		Value			Upfront Payment (Received)			Unrealized Appreciation
Indonesia Government International Bonds, BBB	(1.000)%	6/20/26	3-Month	JPM	0.271%	USD	3,600,000	$	(8,886	)	$	(15,331	)	$	6,445
South Korea Government Bonds, AA	(1.000)%	12/20/30	3-Month	GSC	0.196%	USD	600,000		(21,488	)		(21,671	)		183

								$	(30,374	)	$	(37,002	)	$	6,628

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

OTC Credit Default Swaps on Indexes and Corporate Issue - Sell Protection (4)


Reference Obligation & Ratings	Fixed Deal Receive Rate	Maturity Date	Payment Frequency	Counterparty	Implied Credit Spread at 5/31/26 (2)	Notional Amount (3)		Value		Upfront Payment Paid		Unrealized Appreciation
Markit iTraxx Europe Crossover Series 44 5-Year Index, NR	5.000%	12/20/30	3-Month	BNP	0.536%	EUR	400,000	$	91,629	$	84,679	$	6,950
Markit iTraxx Europe Crossover Series 44 5-Year Index, NR	5.000%	12/20/30	3-Month	JPM	0.536%	EUR	1,100,000		251,980		236,282		15,698
Markit iTraxx Europe Crossover Series 44 5-Year Index, NR	5.000%	12/20/30	3-Month	GSC	0.536%	EUR	100,000		22,907		20,347		2,560
Petroleos Mexicanos, NR	4.750%	7/6/26	1-Month	DUB	N/A(a)	USD	82,320		420		—		420

								$	366,936	$	341,308	$	25,628

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

218

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 5/31/26 (2)	Notional Amount (3)		Market Value			Upfront Payment Paid/ (Received)			Unrealized Depreciation
Markit CDX North America Investment Grade Series 45 10-Year Index, NR	(1.000)%		12/20/35	3-Month	0.883%		USD 1,086,000	$	(11,814	)	$	(9,362	)	$	(2,452	)
Markit CDX North America Investment Grade Series 46 10-Year Index, NR	(1.000)%		6/20/36	3-Month	0.904%		USD 4,500,000		(42,897	)		4,415			(47,312	)
Markit iTraxx Europe Crossover Series 45 5-Year Index, NR	(1.000)%		6/20/31	3-Month	0.527%		EUR 7,300,000		(206,918	)		(112,783	)		(94,135	)

								$	(261,629	)	$	(117,730	)	$	(143,899	)

Centrally Cleared - Credit Default Swaps on Index and Financial Institution - Sell Protection (4)


Reference Obligation & Ratings†	Fixed Deal Receive Rate		Maturity Date		Payment Frequency	Implied Credit Spread at 5/31/26 (2)		Notional Amount (3)		Value		Upfront Payment Paid/ (Received)			Unrealized Appreciation
Deutsche Bank AG, BBB		1.000%		12/20/32	3-Month		0.996%		EUR 400,000	$	1,033	$	(3,105	)	$	4,138
Markit CDX North America Investment Grade Series 46 5-Year Index, NR		1.000%		6/20/31	3-Month		0.507%		USD 6,100,000		149,073		107,161			41,912

										$	150,106	$	104,056		$	46,050

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

219

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At May 31, 2026, 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 Appreciation/ (Depreciation)
Floating rate equal to Sterling Overnight Index Average minus 0.301% based on the notional amount of currency delivered	Floating rate equal to SOFR based on the notional amount of currency received		10/15/45	GSC		GBP 1,344,000	USD	1,787,520	$	(18,577	)	$	(6,317	)	$	(12,260	)
Floating rate equal to Bank of Japan Uncollateralized Overnight Call Rate minus 0.425% based on the notional amount of currency delivered	Floating rate equal to SOFR based on the notional amount of currency received		9/16/31	GSC		JPY 550,000,000	USD	3,741,497		307,112			3,687			303,425

									$	288,535		$	(2,630	)	$	291,165

(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)

(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)

(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, 2026, International Fixed Income Fund deposited cash collateral with brokers in the amount of $2,255,000 for open centrally cleared swap contracts.

At May 31, 2026, International Fixed Income Fund had cash collateral from brokers in the amount of $720,000 for open OTC swap contracts.

220

Schedules of Investments

(unaudited) (continued)

Municipal Bond Fund


Face Amount†		Rating††	Security	Value
	MUNICIPAL BONDS - 95.8%
	Alabama - 6.2%
	$ 400,000	AAA	Alabama Federal Aid Highway Finance Authority, Revenue Bonds, Series A, 5.000% due 9/1/36	$	456,291
			Black Belt Energy Gas District, Revenue Bonds:
	265,000	A3(a)	Series A, 5.000% due 12/1/34		280,111
	220,000	A1(a)	Series A, 5.250% due 5/1/55(b)		228,762
	120,000	A2(a)	Series E, 5.000% due 7/1/29		124,968
	215,000	A2(a)	Energy Southeast A Cooperative District, Revenue Bonds, Series A, 5.000% due 11/1/35		228,062
	1,000,000	Aa3(a)	Southeast Alabama Gas Supply District (The), Revenue Bonds, Series A, 5.000% due 8/1/54(b)		1,059,659
			Southeast Energy Authority A Cooperative District, Revenue Bonds:
	965,000	A1(a)	Series A, 5.250% due 1/1/54(b)		1,013,918
	500,000	A2(a)	Series B1, 5.000% due 5/1/53(b)		516,612
	1,400,000	Aa1(a)	Series C, 5.000% due 2/1/30		1,478,109

			Total Alabama		5,386,492

	Alaska - 0.1%
			Northern Tobacco Securitization Corp., Revenue Bonds:
	105,000	BBB+	Series A, 4.000% due 6/1/50		89,374
	30,000	BBB-	Series B1, 4.000% due 6/1/50		29,276

			Total Alaska		118,650

	Arizona - 1.8%
	1,000,000	A+	City of Mesa, Utility System Revenue, Revenue Bonds, 5.000% due 7/1/40		1,095,001
	430,000	Aa1(a)	Maricopa County & Phoenix Industrial Development Authorities, Revenue Bonds, Series A, 6.500% due 3/1/55		476,972

			Total Arizona		1,571,973

	California - 8.0%
	650,000	NR	California Infrastructure & Economic Development Bank, Revenue Bonds, AMT, Series B, 12.000% due 1/1/65(b)(c)(d)		364,000
			California School Finance Authority, Revenue Bonds:
	640,000	BBB-	Aspire Public School Obligation Group, 5.000% due 8/1/32(c)		653,214
	250,000	NR	iLead Lancaster Holdings LLC, Series A, 4.000% due 6/1/31(c)		244,002
	1,000,000	A+	California State Public Works Board, Revenue Bonds, Series D, 5.000% due 11/1/46		1,052,692
			East Bay Municipal Utility District Water System Revenue, Revenue Bonds:
	750,000	AAA	Series A, 5.000% due 6/1/43		842,520
	755,000	AAA	Series A, 5.000% due 6/1/44		840,852
	500,000	AA	Las Virgenes Unified School District, GO, Series B, 5.250% due 8/1/51		537,639
	1,000,000	AA-	Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds, 5.000% due 5/15/47		1,053,816
	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)		1,061,406
	250,000	BBB+	Tobacco Securitization Authority of Southern California, Revenue Bonds, San Diego County Tobacco Asset Securitization, 5.000% due 6/1/48		252,014

			Total California		6,902,155

	Colorado - 2.8%
	100,000	AA	Colorado Bridge & Tunnel Enterprise, Revenue Bonds, Series A, 5.000% due 12/1/36		112,836
	500,000	AA	Colorado Health Facilities Authority, Revenue Bonds, Adventhealth Obligated, Series A, 3.000% due 11/15/51		361,767
	1,000,000	AA+	Denver City & County School District No 1, GO, Series C, 5.500% due 12/1/47		1,106,419
	500,000	AA	Mesa County Valley School District No 51 Grand Junction, GO, 5.250% due 12/1/43		556,968
	240,000	Aa1(a)	University of Colorado, Revenue Bonds, Series A, 5.000% due 6/1/36		275,270

			Total Colorado		2,413,260

	Connecticut - 0.6%
	500,000	AA	State of Connecticut Special Tax Revenue, Revenue Bonds, Series A-2, 5.000% due 7/1/44		543,763

	District of Columbia - 3.1%
	1,000,000	AA+	District of Columbia, GO, Series B, 5.000% due 8/1/36		1,131,522
			District of Columbia Income Tax Revenue, Revenue Bonds:
	500,000	AAA	Series A, 5.000% due 6/1/33		567,320
	500,000	AAA	Series A, 5.000% due 6/1/43		551,080
	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		384,493

			Total District of Columbia		2,634,415

	Florida - 6.1%
	435,000	NR	Boggy Creek Improvement District, Special Assessment, Series 2013, 5.125% due 5/1/43		435,088
	1,000,000	A	Brevard County Health Facilities Authority, Revenue Bonds, Health First Obligated Group, Series A, 5.000% due 4/1/47		1,017,598
	2,500,000	NR	Capital Trust Agency, Inc., Revenue Bonds, Wonderful Foundations Charter, Series B, zero coupon due 1/1/60		228,341
	500,000	AA+	City of Fort Lauderdale, Water & Sewer Revenue, Revenue Bonds, Series A, 5.000% due 9/1/41		555,052
	800,000	A+	County of Miami-Dade Aviation Revenue, Revenue Bonds, AMT, Series A, 5.250% due 10/1/50(d)		828,709

222

Schedules of Investments

(unaudited) (continued)

Municipal Bond Fund


Face Amount†		Rating††	Security	Value
	MUNICIPAL BONDS - 95.8% (continued)
	Florida - 6.1% - (continued)
	$ 100,000	AA+	JEA Water & Sewer System Revenue, Revenue Bonds, Series A, 5.250% due 10/1/49	$	106,205
	210,000	NR	Lakewood Ranch Stewardship District, Special Assessment, Isles Lakewood Ranch Project, 3.875% due 5/1/29		211,072
	750,000	A-	Miami-Dade County Educational Facilities Authority, Revenue Bonds, 5.000% due 4/1/33		841,458
	1,000,000	A+	Orange County Health Facilities Authority, Revenue Bonds, Orlando Health Obligated Group, Series A, 5.000% due 10/1/53		1,016,677

			Total Florida		5,240,200

	Georgia - 4.5%
	500,000	AA	City of Atlanta, Department of Aviation, Revenue Bonds, AMT, Series B1, 5.250% due 7/1/41(d)		549,348
			Main Street Natural Gas Inc., Revenue Bonds:
	2,500,000	Aa1(a)	Series A, 4.000% due 7/1/52(b)		2,531,395
	435,000	A3(a)	Series A, 5.000% due 6/1/53(b)		456,333
	315,000	A3(a)	Series C, 4.000% due 12/1/26		316,141

			Total Georgia		3,853,217

	Idaho - 1.1%
	900,000	A	Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System, Series A, 5.000% due 3/1/42		966,298

	Illinois - 3.1%
	1,000,000	A	Chicago Midway International Airport, Revenue Bonds, AMT, Series C, 5.000% due 1/1/38(d)		1,067,137
	300,000	Aa1(a)	Cook County Community Consolidated School District No. 64 Park Ridge-Niles, GO, 5.000% due 12/1/41		327,337
	250,000	AA	Cook County Township High School District No. 201 J Sterling Morton, GO, 5.000% due 6/1/27		255,508
	500,000	AAA	Illinois Finance Authority, Revenue Bonds, Series A, 5.000% due 7/1/43		549,840
			State of Illinois, GO:
	275,000	A-	Series B, 5.250% due 5/1/44		291,696
	150,000	A-	Series C, 5.000% due 12/1/46		153,591

			Total Illinois		2,645,109

	Indiana - 3.3%
	650,000	AA	Indiana Municipal Power Agency, Revenue Bonds, Series A, 5.000% due 1/1/43		705,285
			Indianapolis Local Public Improvement Bond Bank, Revenue Bonds:
	1,000,000	A1(a)	Indianapolis Airport Authority, AMT, 5.000% due 1/1/31(d)		1,080,057
	500,000	AA+	Series D, 6.000% due 2/1/48		552,766
	500,000	Aa2(a)	IPS Multi-School Building Corp., Revenue Bonds, 5.000% due 7/15/44		531,680

			Total Indiana		2,869,788

	Iowa - 0.2%
	145,000	Aa3(a)	PEFA, Inc., Revenue Bonds, Series A, 5.000% due 4/1/35		154,595

	Kansas - 0.9%
			Kansas Development Finance Authority, Revenue Bonds:
	500,000	Aa2(a)	Kansas Athletics Inc., Series C-1, 5.000% due 9/1/44		529,241
	250,000	Aaa(a)	Series R, 5.000% due 5/1/41		273,514

			Total Kansas		802,755

	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)		230,797
	1,020,000	Aa3(a)	Kentucky State Property & Building Commission, Revenue Bonds, Series A, 5.000% due 4/1/41		1,126,463

			Total Kentucky		1,357,260

	Maryland - 1.1%
	135,000	NR	City of Baltimore, Tax Allocation, Harbor Point Project, Series A, 2.850% due 6/1/26(c)		135,000
	500,000	AAA	County of Prince George’s, GO, Series A, 5.000% due 8/1/40		551,092
	250,000	AAA	Washington Suburban Sanitary Commission, Revenue Bonds, 5.000% due 6/1/43		276,550

			Total Maryland		962,642

	Massachusetts - 4.4%
			City of Boston, GO:
	1,000,000	AAA	Series A, 5.000% due 11/1/37		1,110,168
	500,000	AAA	Series A, 5.000% due 6/1/43		560,660
			Commonwealth of Massachusetts, GO:
	550,000	AA+	Series C, 5.000% due 10/1/48		577,517
	500,000	AA+	Series E, 5.000% due 11/1/47		524,569
	270,000	AA+	Series I, 5.000% due 12/1/47		286,892
	690,000	AA+	Massachusetts Water Resources Authority, Revenue Bonds, Series C, 5.000% due 8/1/39		772,296

			Total Massachusetts		3,832,102

	Michigan - 3.5%
	845,000	A+	Central Michigan University, Revenue Bonds, Series A, 5.000% due 10/1/37		941,019
	500,000	AA-	Great Lakes Water Authority Sewage Disposal System Revenue, Revenue Bonds, Series C, 5.250% due 7/1/53		525,224
	1,000,000	AA-	Lansing Board of Water & Light, Revenue Bonds, Series A, 5.250% due 7/1/54		1,046,959
	500,000	AA+	Michigan State Housing Development Authority, Revenue Bonds, Series D, 5.100% due 12/1/37		529,964

			Total Michigan		3,043,166

223

Schedules of Investments

(unaudited) (continued)

Municipal Bond Fund


Face Amount†		Rating††	Security	Value
	MUNICIPAL BONDS - 95.8% (continued)
	Nebraska - 1.2%
$	1,000,000	AA	Omaha Public Power District, Revenue Bonds, Series A, 5.250% due 2/1/48	$	1,064,833

	New Jersey - 2.7%
	100,000	BBB	Camden County Improvement Authority (The), Revenue Bonds, KIPP Cooper Norcross High School, 6.000% due 6/15/62		102,770
			New Jersey Transportation Trust Fund Authority, Revenue Bonds:
	240,000	A	Series AA, 5.000% due 6/15/42		261,073
	810,000	A	Series AA, 5.000% due 6/15/43		882,579
	500,000	AA-	New Jersey Turnpike Authority, Revenue Bonds, Series A, 5.000% due 1/1/43		549,150
	500,000	A-	Tobacco Settlement Financing Corp., Revenue Bonds, Series A, 5.000% due 6/1/35		515,739

			Total New Jersey		2,311,311

	New York - 3.9%
	500,000	AAA	New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Series F1, 5.250% due 2/1/53		522,503
	500,000	Aa1(a)	New York State Dormitory Authority, Revenue Bonds, Series C, 5.000% due 3/15/44		542,275
	500,000	AA-	Port Authority of New York & New Jersey, Revenue Bonds, Series 241, 5.000% due 7/15/41		551,485
	660,000	AA+	Triborough Bridge & Tunnel Authority, Revenue Bonds, Series C, 5.250% due 5/15/52		690,429
	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		1,090,902

			Total New York		3,397,594

	North Carolina - 0.7%
	500,000	AA+	County of Johnston, Revenue Bonds, 5.000% due 4/1/41		555,785

	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		456,965

	Ohio - 4.6%
			Buckeye Tobacco Settlement Financing Authority, Revenue Bonds:
	85,000	BBB+	Series A2, 3.000% due 6/1/48		60,492
	100,000	NR	Series B2, 5.000% due 6/1/55		79,960
	1,000,000	Aa2(a)	North Ridgeville City School District, GO, 5.000% due 12/1/44		1,025,938
	1,000,000	AAA	Ohio Water Development Authority, Revenue Bonds, Series A, 5.000% due 12/1/41		1,108,389
	1,000,000	AAA	Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds, Series D, 5.000% due 12/1/43		1,097,357
	500,000	AAA	State of Ohio, GO, Series A, 5.000% due 6/15/34		574,522

			Total Ohio		3,946,658

	Oklahoma - 1.3%
	1,000,000	AAA	Oklahoma Water Resources Board, Revenue Bonds, Clean Water Program, 5.000% due 4/1/44		1,076,718

	Oregon - 1.6%
	1,000,000	AA-	Port of Portland Airport Revenue, Revenue Bonds, Green Bond, AMT, Series 29, 5.000% due 7/1/38(d)		1,078,233
	250,000	AA+	State of Oregon, GO, Series F, 5.000% due 8/1/48		261,337

			Total Oregon		1,339,570

	Pennsylvania - 2.8%
	1,000,000	A+	Commonwealth of Pennsylvania, GO, 5.000% due 4/1/29		1,063,647
	250,000	AA-	Geisinger Authority, Revenue Bonds, Geisinger Health System, 4.000% due 4/1/50		220,494
	1,000,000	A	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Series B1, 5.250% due 11/1/37		1,111,373

			Total Pennsylvania		2,395,514

	Puerto Rico - 1.0%
			Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds:
	664,000	NR	Series A1, 4.750% due 7/1/53		639,677
	125,000	NR	Series A1, zero coupon due 7/1/46		45,627
	216,000	NR	Series A2, 4.784% due 7/1/58		208,084

			Total Puerto Rico		893,388

	Tennessee - 2.4%
	1,000,000	AA-	Metropolitan Nashville Airport Authority (The), Revenue Bonds, AMT, Series B, 5.000% due 7/1/46(d)		1,043,254
	245,000	Baa1(a)	Tennergy Corp., Revenue Bonds, Gas Supply, Series A, 5.500% due 10/1/53(b)		260,346
	600,000	Aa3(a)	Tennessee Energy Acquisition Corp., Revenue Bonds, Series A, 5.000% due 12/1/35		637,492
	95,000	AA+	Tennessee Housing Development Agency, Revenue Bonds, Series 2A, 6.000% due 1/1/55		104,237

			Total Tennessee		2,045,329

	Texas - 16.1%
	415,000	Aa1(a)	Bexar Management And Development Corp., Revenue Bonds, 4.610% due 7/1/44		421,495
			City of Austin, Airport System Revenue, Revenue Bonds:
	500,000	A+	AMT, 5.000% due 11/15/41(d)		542,361
	1,000,000	A+	AMT, Series B, 5.000% due 11/15/37(d)		1,106,572
			City of Austin, Water & Wastewater System Revenue, Revenue Bonds:
	315,000	AA	5.000% due 11/15/41		347,175
	1,000,000	AA	5.000% due 11/15/44		1,094,526

224

Schedules of Investments

(unaudited) (continued)

Municipal Bond Fund


Face Amount†		Rating††	Security	Value
	MUNICIPAL BONDS - 95.8% (continued)
	Texas - 16.1% - (continued)
	$ 500,000	Aa3(a)	City of Houston, GO, Series A, 5.250% due 3/1/40	$	549,822
	250,000	Aa1(a)	City of Midland, GO, Series B, 5.000% due 3/1/47		259,737
	500,000	Aaa(a)	County of Harris, GO, Series A, 5.000% due 9/15/38		566,476
	1,000,000	AA-	Dallas Fort Worth International Airport, Revenue Bonds, AMT, Series A1, 5.250% due 11/1/45(d)		1,059,280
			Fort Bend Independent School District, GO:
	500,000	AAA	Series A, Permanent School Fund Guaranteed, 5.000% due 8/15/36		565,043
	1,000,000	AAA	Series A, Permanent School Fund Guaranteed, 5.000% due 8/15/44		1,071,747
	475,000	AA	Harris County Cultural Education Facilities Finance Corp., Revenue Bonds, Series A, 5.000% due 12/1/29		509,071
	500,000	AA	Leander Independent School District, GO, Series B, 5.000% due 8/15/34		568,712
	315,000	Aaa(a)	New Caney Independent School District, GO, Permanent School Fund Guaranteed, 5.000% due 2/15/41		343,413
	500,000	AA-	North Texas Municipal Water District, Revenue Bonds, Panther Creek Regional Wastewater System, 5.250% due 6/1/43		542,644
	1,000,000	AAA	Plano Independent School District, GO, Permanent School Fund Guaranteed, 5.000% due 2/15/41		1,095,830
			Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds:
	1,000,000	AA	Cook Children’s Medical Center, 5.250% due 12/1/49		1,054,189
	1,050,000	AA	Series C-2, 5.000% due 11/15/51(b)		1,171,799
			Texas Water Development Board, Revenue Bonds:
	500,000	AAA	5.000% due 10/15/47		521,848
	500,000	AAA	State Revolving Fund, 5.000% due 8/1/44		543,824

			Total Texas		13,935,564

	Virginia - 2.4%
	500,000	AA+	Albemarle County Economic Development Authority, Revenue Bonds, Series A, 5.000% due 6/1/38		551,875
	75,000	AA	City of Richmond, Public Utility Revenue, Revenue Bonds, Series B, 5.000% due 1/15/33		84,915
	225,000	AAA	Prince William County Service Authority, Revenue Bonds, 5.000% due 7/15/31		250,275
	80,000	AA+	Virginia Housing Development Authority, Revenue Bonds, Series G, 5.150% due 11/1/52		81,779
	1,000,000	AA+	Virginia Public Building Authority, Revenue Bonds, Series A, 5.000% due 8/1/42		1,106,148

			Total Virginia		2,074,992

	Washington - 2.0%
			Pierce County School District No 10 Tacoma, GO, School Bond Guaranty Program:
	1,000,000	AA+	5.000% due 12/1/48		1,051,562
	370,000	AA+	5.000% due 12/1/44		400,799
	285,000	Ba1(a)	Washington State Housing Finance Commission, Revenue Bonds, Spokane Int Acad Project, Series A, 4.000% due 7/1/26(c)		284,791

			Total Washington		1,737,152

	Wisconsin - 0.2%
	180,000	Aa1(a)	Public Finance Authority, Revenue Bonds, 3.625% due 6/15/63(b)		179,919

			TOTAL MUNICIPAL BONDS (Cost - $81,772,603)		82,709,132

	COLLATERALIZED MORTGAGE OBLIGATIONS - 0.6%
	Kansas - 0.2%
	197,604	Aa1(a)	Kansas City Industrial Development Authority, 4.390% due 9/1/42		200,835

	New Hampshire - 0.4%
	364,778	AA-	New Hampshire Business Finance Authority, Series 2026-1, 4.250% due 7/20/41		356,231

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $540,432)		557,066


Shares/Units
	WARRANT - 0.0%@
	Nevada - 0.0%@
	5,400		Brightline West, (Cost - $0, acquired 11/28/25) expires 11/26/35 *(f)(g)(h)
			(Cost - $0)		10,800

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost - $82,313,035)		83,276,998


Face Amount†
	SHORT-TERM INVESTMENTS - 3.6%
	TIME DEPOSITS - 3.6%
	$ 1,655,503		ANZ National Bank - London, 2.970% due 6/1/26		1,655,503
	1,420,754		Citibank - New York, 2.970% due 6/1/26		1,420,754

			TOTAL SHORT-TERM INVESTMENTS (Cost - $3,076,257)		3,076,257

			TOTAL INVESTMENTS - 100.0% (Cost - $85,389,292)		86,353,255

			Liabilities in Excess of Other Assets - (0.0)%@		(11,973	)

			TOTAL NET ASSETS - 100.0%	$	86,341,282

†	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)	Rating by Moody’s Investors Service.

(b)	Variable rate security. Interest rate disclosed is that which was in effect at May 31, 2026.

(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)	The aggregate value of restricted securities (excluding 144A holdings) at May 31, 2026, amounts to $10,800 and represents less than 0.05% of net assets.

(g)	Illiquid security.

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

At May 31, 2026, 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 Appreciation
Municipal Bond Fund	$ 85,389,292	$ 1,593,774	$ (629,811)	$ 963,963


Abbreviations used in this schedule:

AMT	—	Alternative Minimum Tax
GO	—	General Obligation


Summary of Investments by Industry^
General Obligation	33.3	%
Water and Sewer	13.1
Airport	10.3
School District	10.3
Health Care Providers & Services	9.8
Utilities	3.4
Education	2.7
Single Family Housing	2.5
Higher Education	2.0
Bond Bank	1.9
Tobacco Settlement	1.6
Development	1.5
Multifamily Housing	1.4
Transportation	1.4
Power	1.2
Short-Term Investments	3.6

Total Investments	100.0	%

^	As a percentage of total investments.

See pages 257-259 for definitions of ratings.

225

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund


Face Amount/Units†		Security	Value
	U.S. GOVERNMENT OBLIGATIONS - 112.4%
		U.S. Treasury Inflation Indexed Bonds:
	$ 2,201,979	1.750% due 1/15/28	$	2,215,958
	3,044,070	3.625% due 4/15/28		3,168,666
	1,679,518	2.500% due 1/15/29		1,726,676
	2,504,824	3.875% due 4/15/29		2,673,213
	44,648	3.375% due 4/15/32		48,858
	886,112	2.125% due 2/15/40		867,651
	980,122	2.125% due 2/15/41		949,881
	2,045,918	0.750% due 2/15/42		1,581,353
	1,852,775	0.625% due 2/15/43		1,369,896
	2,366,156	1.375% due 2/15/44		1,959,861
	2,692,397	0.750% due 2/15/45		1,937,821
	1,240,331	1.000% due 2/15/46		921,660
	1,491,066	0.875% due 2/15/47		1,060,586
	1,231,954	1.000% due 2/15/48		886,898
	656,135	1.000% due 2/15/49		465,431
	1,233,024	0.250% due 2/15/50		700,663
	1,522,008	0.125% due 2/15/51		811,537
	1,067,598	0.125% due 2/15/52		557,395
	2,221,760	1.500% due 2/15/53		1,702,567
	1,829,115	2.125% due 2/15/54		1,611,362
	2,092,940	2.375% due 2/15/55(g)		1,943,680
	407,560	2.375% due 2/15/56		378,644
		U.S. Treasury Inflation Indexed Notes:
	4,005,339	0.375% due 1/15/27		3,991,661
	2,923,825	0.125% due 4/15/27		2,894,609
	4,063,229	0.375% due 7/15/27		4,039,422
	6,688,320	1.625% due 10/15/27(g)		6,742,740
	5,459,259	0.500% due 1/15/28(a)		5,385,515
	1,100,900	1.250% due 4/15/28		1,097,911
	4,748,955	0.750% due 7/15/28		4,705,112
	6,037,304	2.375% due 10/15/28(g)		6,195,237
	3,256,322	0.875% due 1/15/29		3,212,198
	1,174,349	2.125% due 4/15/29		1,195,220
	3,055,631	0.250% due 7/15/29		2,954,096
	3,043,376	1.625% due 10/15/29		3,067,546
	2,489,912	0.125% due 1/15/30		2,371,385
	2,489,592	1.625% due 4/15/30		2,496,516
	2,794,808	0.125% due 7/15/30		2,648,291
	3,572,975	1.125% due 10/15/30		3,520,785
	2,549,705	0.125% due 1/15/31		2,388,659
	6,049,316	0.125% due 7/15/31(g)		5,630,404
	4,526,674	0.125% due 1/15/32		4,155,312
	7,387,380	0.625% due 7/15/32(g)		6,946,369
	11,196,456	1.125% due 1/15/33(g)		10,749,326
	7,284,709	1.375% due 7/15/33(g)		7,095,108
	2,363,328	1.750% due 1/15/34		2,342,829
	6,103,688	1.875% due 7/15/34(g)		6,103,927
	4,708,575	2.125% due 1/15/35		4,765,196
	4,216,399	1.875% due 7/15/35(g)		4,180,963
	4,064,960	1.875% due 1/15/36(a)(g)		4,001,733
	80,000	U.S. Treasury Notes, 4.125% due 2/15/36		77,988

		TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost - $149,313,149)		144,496,315

226

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	MORTGAGE-BACKED SECURITIES - 16.0%
	FHLMC - 2.9%
			Federal Home Loan Mortgage Corp. (FHLMC):
	$ 79,910		3.000% due 7/1/52	$	69,945
	256,352		6.500% due 10/1/53		266,858
	2,754,230		6.000% due 3/1/54		2,815,854
	291,554		5.000% due 7/1/54		287,653
	299,001		4.000% due 5/1/56		280,285

			Total FHLMC		3,720,595

	FNMA - 10.2%
			Federal National Mortgage Association (FNMA):
	29,138		4.000% due 3/1/50		27,689
	156,382		3.000% due 5/1/52		137,012
	74,157		4.500% due 10/1/52		71,652
	1,434,230		5.500% due 5/1/54		1,443,282
	2,000,000		6.500% due 6/1/56(b)		2,078,808
	2,000,000		4.000% due 7/1/56(b)		1,872,121
	7,800,000		4.500% due 7/1/56(b)		7,486,758

			Total FNMA		13,117,322

	GNMA - 2.9%
	4,113,881		Government National Mortgage Association II (GNMA), 3.500% due 11/20/52 - 10/20/54		3,715,668

			TOTAL MORTGAGE-BACKED SECURITIES (Cost - $20,517,362)		20,553,585

	COLLATERALIZED MORTGAGE OBLIGATIONS - 8.8%
	Asset-Backed Securities - 2.0%
	56,702	CCC	Bear Stearns Asset-Backed Securities Trust, Series 2004-1, Class M1, 4.674% (1-Month Term SOFR + 1.089%) due 6/25/34(c)		69,700
			Credit-Based Asset Servicing & Securitization LLC:
	107,797	CC(d)	Series 2005-CB3, Class M4, 3.678% (1-Month Term SOFR + 1.164%) due 6/25/35(c)		104,833
	585,929	Caa2(e)	Series 2007-CB6, Class A3, 3.989% (1-Month Term SOFR + 0.334%) due 7/25/37(c)(f)		392,339
			CWABS Asset-Backed Certificates Trust:
	149,011	Caa1(e)	Series 2004-7, Class MV5, 5.424% (1-Month Term SOFR + 1.839%) due 11/25/34(c)		136,387
	194,382	CC	Series 2007-1, Class 1A, 3.979% (1-Month Term SOFR + 0.394%) due 7/25/37(c)		179,619
	41,833	Caa1(e)	Series 2007-6, Class 1A, 4.099% (1-Month Term SOFR + 0.514%) due 9/25/37(c)		38,696
	210,274	CCC	Series 2007-8, Class 1A1, 3.889% (1-Month Term SOFR + 0.304%) due 11/25/37(c)		200,918
	323,997	BB	Ellington Loan Acquisition Trust, Series 2007-1, Class A1, 4.799% (1-Month Term SOFR + 1.214%) due 5/25/37(c)(f)		317,094
	16,391	Caa1(e)	GSAA Trust, Series 2006-7, Class AF4A, step bond to yield, 6.720% due 3/25/46		8,351
	139,381	Caa2(e)	Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A2, 3.939% (1-Month Term SOFR + 0.354%) due 8/25/36(c)		55,741
			Option One Mortgage Loan Trust:
	74,877	Caa1(e)	Series 2007-1, Class 1A1, 3.979% (1-Month Term SOFR + 0.394%) due 1/25/37(c)		48,946
	67,727	Caa1(e)	Series 2007-2, Class 1A1, 3.979% (1-Month Term SOFR + 0.394%) due 3/25/37(c)		44,855
	12,368	AA-	RASC Trust, Series 2006-KS3, Class M1, 4.194% (1-Month Term SOFR + 0.444%) due 4/25/36(c)		12,357
	700,000	Aaa(e)	Romark Credit Funding Ltd., Series 2025-4A, Class A, 5.423% due 7/29/43(f)		703,959
	84,823	Caa3(e)	Securitized Asset-Backed Receivables LLC Trust, Series 2006-HE2, Class A2C, 3.999% (1-Month Term SOFR + 0.414%) due 7/25/36(c)		31,959
			Soundview Home Loan Trust:
	171,592	Caa1(e)	Series 2007-OPT1, Class 1A1, 3.899% (1-Month Term SOFR + 0.314%) due 6/25/37(c)		121,973
	38,783	CCC	Series 2007-OPT2, Class 2A3, 3.879% (1-Month Term SOFR + 0.294%) due 7/25/37(c)		35,279

			Total Asset-Backed Securities		2,503,006

	Mortgage Securities - 6.8%
			Alternative Loan Trust:
	129,512	Caa1(e)	Series 2006-HY11, Class A1, 3.939% (1-Month Term SOFR + 0.354%) due 6/25/36(c)		126,064
	22,685	WR(e)	Series 2007-4CB, Class 1A35, 6.000% due 4/25/37		19,126
	322,915	Caa1(e)	Alternative Loan Trust Resecuritization, Series 2008-2R, Class 1A1, 6.000% due 8/25/37(c)		262,591
	7,632	WR(e)	Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-3, Class 3A2, 6.000% due 5/25/33(c)		7,290
	12,782	WR(e)	Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-A, Class A1, 4.059% (1-Month Term SOFR + 0.474%) due 3/25/35(c)(f)		12,873
			CHL Mortgage Pass-Through Trust:
	365,441	WR(e)	Series 2005-HYB6, Class 2A1, 4.588% due 10/20/35(c)		354,414
	32,081	WR(e)	Series 2005-HYB9, Class 2A1, 6.449% (1-Year Term SOFR + 2.465%) due 2/20/36(c)		30,514
	77,744	WR(e)	Series 2006-6, Class A4, 6.000% due 4/25/36		36,353
	115,903	WD(d)	Series 2007-1, Class A1, 6.000% due 3/25/37		47,014

227

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS - 8.8% - (continued)
	Mortgage Securities - 6.8% - (continued)
				Citigroup Mortgage Loan Trust:
	$ 2,450		WR(e)	Series 2004-HYB2, Class 2A, 6.030% due 3/25/34(c)	$	2,299
	92,474		WR(e)	Series 2007-AR4, Class 1A1A, 4.451% due 3/25/37(c)		80,871
	11,404		B(d)	Citigroup Mortgage Loan Trust Inc., Series 2004-NCM2, Class 1CB1, 5.500% due 8/25/34		11,293
	596,941		NR	Federal National Mortgage Association (FNMA), REMICS, Series 2025-47, Class FJ, 4.642% (30-Day Average SOFR + 1.030%) due 6/25/55(c)		603,216
				Government National Mortgage Association (GNMA):
	195,530		NR	Series 2018-H15, Class FG, 4.927% (1-Year Term SOFR + 0.865%) due 8/20/68(c)		196,290
	465,669		NR	Series 2023-H11, Class FC, 4.725% (30-Day Average SOFR + 1.100%) due 5/20/73(c)		475,633
	2,461,582		NR	Series 2023-H19, Class FA, 4.525% (30-Day Average SOFR + 0.900%) due 8/20/73(c)		2,491,633
	1,376,191		NR	Series 2025-H22, Class F, 4.405% (30-Day Average SOFR + 0.780%) due 10/20/75(c)		1,385,047
	1,241,959		NR	Government National Mortgage Association II (GNMA), Series 2025-159, Class FJ, 4.795% (30-Day Average SOFR + 1.170%) due 9/20/55(c)		1,250,297
	2,399		AA-	HarborView Mortgage Loan Trust, Series 2005-9, Class 2A1A, 4.397% (1-Month Term SOFR + 0.794%) due 6/20/35(c)		2,253
	30,191		CCC	IndyMac INDX Mortgage Loan Trust, Series 2005-16IP, Class A1, 4.339% (1-Month Term SOFR + 0.754%) due 7/25/45(c)		22,667
	80,414		CCC	JP Morgan Alternative Loan Trust, Series 2006-A1, Class 1A1, 4.159% (1-Month Term SOFR + 0.574%) due 3/25/36(c)		77,080
	55,130		BBB-	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-FL12, Class A, 5.125% (1-Month Term SOFR + 1.497%) due 12/15/31(c)(f)		55,109
	145,978		WD(d)	Lehman XS Trust, Series 2007-20N, Class A1, 5.999% (1-Month Term SOFR + 2.414%) due 12/25/37(c)		151,055
	600,000		Aaa(e)	LUX Trust LION, Class A, 6.318% (1-Month Term SOFR + 2.690%) due 8/15/40(c)(f)		604,237
	1,999		WR(e)	MRFC Mortgage Pass-Through Trust, Series 2000-TBC2, Class A1, 4.222% (1-Month Term SOFR + 0.594%) due 6/15/30(c)		1,972
				New Residential Mortgage Loan Trust:
	22,555		NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(c)(f)		21,880
	96,618		Aaa(e)	Series 2019-RPL3, Class A1, 2.750% due 7/25/59(c)(f)		93,577
	490,487		WD(d)	Residential Asset Securitization Trust, Series 2006-A10, Class A5, 6.500% due 9/25/36		135,200
	395,300		Caa3(e)	Securitized Asset-Backed Receivables LLC Trust, Series 2006-FR3, Class A3, 4.199% (1-Month Term SOFR + 0.614%) due 5/25/36(c)		211,581
	17,619		WR(e)	Sequoia Mortgage Trust, Series 6, Class A, 4.367% (1-Month Term SOFR + 0.754%) due 4/19/27(c)		17,517
				WaMu Mortgage Pass-Through Certificates Trust:
	2,824		BB(d)	Series 2002-AR2, Class A, 3.976% (11th District Cost of Funds Index + 1.250%) due 2/27/34(c)		2,768
	1,581		WR(e)	Series 2002-AR17, Class 1A, 4.966% (1-Year Treasury Average Rate + 1.200%) due 11/25/42(c)		1,540

				Total Mortgage Securities		8,791,254

				TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $12,127,263)		11,294,260

	SOVEREIGN BONDS - 8.6%
	Brazil - 0.1%
	100,000	^EUR	BB	Brazilian Government International Bonds, 4.000% due 4/23/30		116,919

	Canada - 0.4%
				Canadian Government Real Return Bonds:
	571,815	^CAD	AAA	4.250% due 12/1/26		423,599
	64,401	^CAD	AAA	0.500% due 12/1/50		35,082

				Total Canada		458,681

	Costa Rica - 0.1%
	100,000	^EUR	NR	Costa Rica Government International Bonds, 5.950% due 4/27/33(f)		124,076

	France - 0.8%
				French Republic Government Bonds OAT:
	248,876	^EUR	A+u(d)	0.100% due 7/25/31(f)		280,544
	641,125	^EUR	A+u(d)	0.100% due 7/25/36(f)		654,531
	122,181	^EUR	A+u(d)	0.100% due 7/25/38(f)		119,185

				Total France		1,054,260

	Italy - 2.2%
				Italy Buoni Poliennali Del Tesoro:
	378,516	^EUR	Baa2u(e)	0.400% due 5/15/30(f)		435,668
	1,211,880	^EUR	Baa2u(e)	0.100% due 5/15/33(f)		1,308,394
	949,221	^EUR	Baa2u(e)	1.800% due 5/15/36(f)		1,124,056

				Total Italy		2,868,118

	Japan - 2.4%
	110,000,000	^JPY	A1(e)	Japan Government Thirty Year Bonds, 3.400% due 12/20/55		632,760

228

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	SOVEREIGN BONDS - 8.6% - (continued)
	Japan - 2.4% - (continued)
				Japanese Government CPI Linked Bonds:
	67,131,380	^JPY	A1(e)	0.100% due 3/10/28	$	427,350
	155,935,860	^JPY	A1(e)	0.100% due 3/10/29		989,902
	63,214,200	^JPY	A1(e)	0.005% due 3/10/34		385,678
	102,281,000	^JPY	A1(e)	0.005% due 3/10/35		619,728

				Total Japan		3,055,418

	Kuwait - 0.1%
	$ 200,000		NR	Kuwait International Government Bonds, 4.804% due 4/20/33(f)		199,854

	United Arab Emirates - 0.3%
				Abu Dhabi Government International Bonds:
	200,000		AA	4.875% due 4/30/29(f)		202,507
	200,000		AA	5.000% due 4/30/34(f)		204,667

				Total United Arab Emirates		407,174

	United Kingdom - 2.2%
	2,100,000	^GBP	Aa3u(e)	United Kingdom Gilt, 4.000% due 10/22/31		2,777,065

				TOTAL SOVEREIGN BONDS (Cost - $11,986,228)		11,061,565

	COLLATERALIZED LOAN OBLIGATIONS - 5.0%
	Other ABS - 5.0%
	300,000	^EUR	AAA	Arbour CLO VI DAC, Series 6A, Class AR, 3.433% (3-Month EURIBOR + 1.150%) due 11/15/37(c)(f)		350,681
				BlueMountain CLO Ltd.:
	13,709		AAA	Series 2016-3A, Class A1R2, 4.851% (3-Month Term SOFR + 1.200%) due 11/15/30(c)(f)		13,717
	700,000		AAA	Series 2022-34A, Class AR, 4.825% (3-Month Term SOFR + 1.150%) due 4/20/35(c)(f)		700,260
	500,000		AAA	Canyon CLO Ltd., Series 2020-1A, Class AR2, 4.753% (3-Month Term SOFR + 1.080%) due 7/15/34(c)(f)		500,259
	428,246	^EUR	AAA	Dryden 44 Euro CLO, Series 2015-44A, Class A1RR, 3.084% (3-Month EURIBOR + 0.880%) due 4/15/34(c)(f)		500,108
	700,000	^EUR	AAA	Dunedin Park CLO DAC, Series 1A, Class AR, 3.199% (3-Month EURIBOR + 0.980%) due 11/20/34(c)(f)		816,888
	700,000		Aaa(e)	Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class A1R2, 4.785% (3-Month Term SOFR + 1.110%) due 4/20/35(c)(f)		699,732
	700,000	^EUR	AAA	Hayfin Emerald CLO VI DAC, Series 6A, Class AR, 3.454% (3-Month EURIBOR + 1.250%) due 10/15/38(c)(f)		816,409
	21,492	^EUR	Aaa(e)	Man GLG Euro CLO V DAC, Series 5A, Class A1R, 2.840% (3-Month EURIBOR + 0.690%) due 12/15/31(c)(f)		25,069
	700,000		Aaa(e)	Northwoods Capital 25 Ltd., Series 2021-25A, Class AR, 4.795% (3-Month Term SOFR + 1.120%) due 7/20/34(c)(f)		699,659
	129,273	^EUR	Aaa(e)	Palmer Square European Loan Funding DAC, Series 2023-3A, Class AR, 3.253% (3-Month EURIBOR + 0.970%) due 5/15/33(c)(f)		150,972
	336,318	^EUR	Aaa(e)	St Paul’s CLO IV DAC, Series 4A, Class ARR1, 2.995% (3-Month EURIBOR + 0.830%) due 4/25/30(c)(f)		392,230
	700,000		Aaa(e)	Symphony CLO XXIX Ltd., Series 2021-29A, Class AR, 4.823% (3-Month Term SOFR + 1.150%) due 10/15/35(c)(f)		699,760

				TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost - $6,157,569)		6,365,744

	CORPORATE BONDS & NOTES - 0.8%
	Banks - 0.4%
	200,000		AA-	First Abu Dhabi Bank PJSC, 4.796% (SOFR + 1.150%) due 6/3/31(c)(f)(h)		198,000
	100,000	^GBP	BBB+	HSBC Holdings PLC, Subordinated Notes, 6.000% due 3/29/40		132,030
	200,000		A+	QNB Finance Ltd., Company Guaranteed Notes, 4.677% (SOFR + 1.050%) due 4/27/29(c)(f)		201,566

				Total Banks		531,596

	Diversified Financial Services - 0.0%@
	98,472	^DKK	AAA	Jyske Realkredit AS, Covered Notes, 1.500% due 10/1/53		11,896
	100,000	^DKK	AAA	Nordea Kredit Realkreditaktieselskab, Covered Notes, 1.500% due 10/1/53		10,623
	166,132	^DKK	AAA	Realkredit Danmark AS, Covered Notes, 1.500% due 10/1/53		20,951

				Total Diversified Financial Services		43,470

	Telecommunications - 0.4%
	500,000		Baa3(e)	RD Michigan Property Owner I LLC, Senior Secured Notes, 7.500% due 3/30/45(f)		500,707

				TOTAL CORPORATE BONDS & NOTES (Cost - $1,116,671)		1,075,773

				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost - $201,218,242)		194,847,242

229

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund


Face Amount/Units†			Security	Value
	SHORT-TERM INVESTMENTS - 1.7%
	TIME DEPOSITS - 1.7%
	148,462	^AUD	ANZ National Bank - Hong Kong, 2.930% due 6/1/26	$	106,699
	119,939	^CAD	BBH - New York, 1.120% due 6/1/26		86,988
			BNP Paribas - Paris:
	332	^CHF	(0.460)% due 6/1/26		426
	53,185	^NZD	0.760% due 6/2/26		31,853
	$ 1,029,729		Citibank - New York, 2.970% due 6/1/26		1,029,729
	458,465	^SEK	DNB - Oslo, 0.590% due 6/1/26		49,661
	71,553	^SGD	HSBC Bank - Singapore, 0.300% due 6/2/26		56,067
			Skandinaviska Enskilda Banken AB - Stockholm:
	44,414	^DKK	0.630% due 6/1/26		6,931
	68,657	^GBP	2.670% due 6/1/26		92,467
	3,918	^NOK	2.970% due 6/1/26		424
	546,371		2.970% due 6/1/26		546,371
	416	^ZAR	Standard Chartered Bank - Johannesburg, 4.020% due 6/1/26		25
			Sumitomo Mitsui Banking Corp. - Tokyo:
	19,721,158	^JPY	0.190% due 6/1/26		123,826
	39,399	^EUR	0.860% due 6/1/26		45,955

			TOTAL SHORT-TERM INVESTMENTS (Cost - $2,177,422)		2,177,422

			TOTAL INVESTMENTS - 153.3% (Cost - $203,395,664)		197,024,664

			Liabilities in Excess of Other Assets - (53.3)%		(68,478,649	)

			TOTAL NET ASSETS - 100.0%	$	128,546,015

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

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

(c)	Variable rate security. Interest rate disclosed is that which was in effect at May 31, 2026.

(d)	Rating by Fitch Ratings Service.

(e)	Rating by Moody’s Investors Service.

(f)

(g)	All or a portion of this security was purchased in a sale-buyback transaction. The value of these securities totals $59,589,487 which represents 46.36% of net assets.

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

At May 31, 2026, 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	$ 203,395,664	$ 6,115,226	$ (11,364,924)	$ (5,249,698)


Abbreviations used in this schedule:

ABS	—	Asset-Backed Security
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
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^
U.S. Government Obligations	73.4	%
Mortgage-Backed Securities	10.4
Collateralized Mortgage Obligations	5.7
Sovereign Bonds	5.6
Collateralized Loan Obligations	3.2
Corporate Bonds & Notes	0.6
Short-Term Investments	1.1

Total Investments	100.0	%

^	As a percentage of total investments.

230

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

At May 31, 2026, 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:
Australian Government 10-Year Bond Futures	24	6/26	$	1,870,177	$	1,880,595	$	10,418
Euro-BTP Futures	27	6/26		3,740,295		3,747,958		7,663
Euro-Bund Futures	33	6/26		4,892,675		4,868,752		(23,923)
Euro-Schatz Note Futures	7	6/26		862,734		865,592		2,858
Euro-Schatz Note Futures	26	9/26		3,211,227		3,213,082		1,855
U.S. Treasury 5-Year Note Futures	122	9/26		13,026,393		13,079,734		53,341
U.S. Treasury Long Bond Futures	24	9/26		2,636,121		2,693,250		57,129
U.S. Ultra Long Bond Futures	74	9/26		8,232,687		8,293,782		61,095

								170,436

Contracts to Sell:
Euro-Bobl Futures	14	6/26		1,883,293		1,896,030		(12,737)
Euro-Bobl Futures	15	9/26		2,010,699		2,015,015		(4,316)
Euro-Buxl 30-Year Bond Futures	9	6/26		1,171,276		1,155,786		15,490
Euro-OAT Futures	22	6/26		3,126,267		3,100,338		25,929
Euro-OAT Futures	16	9/26		2,234,076		2,238,555		(4,479)
Japan Government 10-Year Bond Futures	4	6/26		3,306,559		3,237,121		69,438
U.S. Treasury 2-Year Note Futures	118	9/26		24,361,107		24,374,375		(13,268)
U.S. Treasury 10-Year Note Futures	165	9/26		18,064,913		18,121,641		(56,728)
U.S. Treasury Ultra Long Bond Futures	6	9/26		687,813		686,437		1,376

								20,705

Net Unrealized Appreciation on Open Exchange-Traded Futures Contracts							$	191,141

At May 31, 2026, Inflation-Linked Fixed Income Fund had deposited cash of $327,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

233

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

At May 31, 2026, 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		203,420	USD	145,344		JPM	$	146,198		6/2/26	$	854
Australian Dollar		188,422	USD	134,164		JPM		135,419		6/2/26		1,255
Australian Dollar		255,000	USD	181,950		JPM		183,268		6/2/26		1,318
Brazilian Real		523,235	USD	102,734		BNP		102,161		8/4/26		(573	)
Brazilian Real		525,822	USD	103,981		BNP		104,265		6/2/26		284
Brazilian Real		9,164,667	USD	1,833,227		MLP		1,817,251		6/2/26		(15,976	)
Brazilian Real		8,800,769	USD	1,722,787		MLP		1,718,335		8/4/26		(4,452	)
British Pound		133,000	USD	178,782		BNP		179,124		6/2/26		342
British Pound		1,573,498	USD	2,108,956		BNP		2,119,186		6/2/26		10,230
Canadian Dollar		2,166,637	USD	1,564,924		BNP		1,571,393		6/2/26		6,469
Chinese Offshore Renminbi		136,000	USD	20,059		BNP		20,103		6/2/26		44
Chinese Offshore Renminbi		860,223	USD	126,853		BNP		127,151		6/2/26		298
Chinese Offshore Renminbi		136,000	USD	19,981		HSBC		20,103		6/2/26		122
Colombian Peso		1,045,916,912	USD	276,186		MLP		283,069		6/17/26		6,883
Colombian Peso		1,073,117,621	USD	276,698		SCB		283,828		9/16/26		7,130
Euro		6,316,121	USD	7,348,681		BNP		7,367,123		6/2/26		18,442
Euro		72,000	USD	83,850		HSBC		83,981		6/2/26		131
Euro		126,000	USD	147,709		MLP		146,967		6/2/26		(742	)
Euro		95,000	USD	110,381		SCB		110,809		6/2/26		428
Indian Rupee		9,997,308	USD	106,177		BNP		104,986		6/24/26		(1,191	)
Indian Rupee		7,523,702	USD	79,882		BNP		79,070		6/17/26		(812	)
Indian Rupee		7,526,802	USD	79,882		BNP		79,102		6/17/26		(780	)
Indian Rupee		1,463,102	USD	15,190		BNP		15,321		7/20/26		131
Indian Rupee		14,150,241	USD	145,514		BNP		148,485		7/1/26		2,971
Indian Rupee		1,665,840	USD	17,270		DUB		17,444		7/20/26		174
Indian Rupee		1,181,595	USD	12,256		HSBC		12,373		7/20/26		117
Indian Rupee		1,889,317	USD	19,609		HSBC		19,784		7/20/26		175
Indian Rupee		14,239,857	USD	152,461		JPM		149,539		6/24/26		(2,922	)
Indian Rupee		23,597,142	USD	251,676		SCB		247,804		6/24/26		(3,872	)
Indian Rupee		14,707,004	USD	157,471		SCB		154,445		6/24/26		(3,026	)
Indian Rupee		15,744,851	USD	167,784		SCB		165,344		6/24/26		(2,440	)
Indian Rupee		12,333,681	USD	130,903		SCB		129,522		6/24/26		(1,381	)
Indian Rupee		3,283,318	USD	34,254		SCB		34,408		7/13/26		154
Indonesian Rupiah		1,019,704,555	USD	59,542		BCLY		57,020		6/10/26		(2,522	)
Indonesian Rupiah		509,941,133	USD	29,766		BCLY		28,514		6/10/26		(1,252	)
Indonesian Rupiah		201,005,312	USD	11,694		BCLY		11,240		6/10/26		(454	)
Indonesian Rupiah		1,623,478,487	USD	95,274		BNP		90,782		6/10/26		(4,492	)
Indonesian Rupiah		1,913,426,005	USD	109,522		BNP		106,171		9/16/26		(3,351	)
Indonesian Rupiah		1,899,362,786	USD	108,491		BNP		105,391		9/16/26		(3,100	)
Indonesian Rupiah		827,345,488	USD	49,098		BNP		46,264		6/10/26		(2,834	)
Indonesian Rupiah		1,229,688,527	USD	71,593		BNP		68,762		6/10/26		(2,831	)
Indonesian Rupiah		670,084,000	USD	39,834		BNP		37,470		6/10/26		(2,364	)
Indonesian Rupiah		507,111,000	USD	29,873		BNP		28,356		6/10/26		(1,517	)
Indonesian Rupiah		1,855,343,727	USD	102,906		BNP		102,949		9/16/26		43
Indonesian Rupiah		1,221,190,137	USD	71,167		DUB		68,287		6/10/26		(2,880	)
Indonesian Rupiah		1,339,779,960	USD	77,736		DUB		74,918		6/10/26		(2,818	)
Indonesian Rupiah		2,465,193,185	USD	143,209		JPM		137,849		6/10/26		(5,360	)
Indonesian Rupiah		843,768,027	USD	50,058		JPM		47,182		6/10/26		(2,876	)
Indonesian Rupiah		919,449,023	USD	53,595		JPM		51,414		6/10/26		(2,181	)
Indonesian Rupiah		1,222,016,450	USD	70,295		JPM		68,344		6/8/26		(1,951	)
Indonesian Rupiah		472,406,445	USD	27,699		JPM		26,416		6/10/26		(1,283	)
Indonesian Rupiah		2,181,578,454	USD	129,416		SCB		121,990		6/10/26		(7,426	)
Indonesian Rupiah		1,221,249,777	USD	71,038		SCB		68,290		6/10/26		(2,748	)
Indonesian Rupiah		918,102,706	USD	53,476		SCB		51,339		6/10/26		(2,137	)
Indonesian Rupiah		1,314,413,126	USD	73,797		SCB		72,934		9/16/26		(863	)
Indonesian Rupiah		169,045,612	USD	10,012		SCB		9,453		6/10/26		(559	)
Israeli New Shekel		298,000	USD	94,377		BCLY		105,714		6/10/26		11,337
Israeli New Shekel		71,000	USD	22,699		DUB		25,187		6/10/26		2,488
Israeli New Shekel		31,000	USD	9,927		MLP		10,998		6/10/26		1,071
Japanese Yen		120,196,228	USD	754,074		BNP		754,693		6/2/26		619
Japanese Yen		147,986,769	USD	929,390		HSBC		929,186		6/2/26		(204	)
Japanese Yen		112,590,690	USD	705,765		HSBC		706,939		6/2/26		1,174
Japanese Yen		23,200,000	USD	146,008		JPM		145,669		6/2/26		(339	)
Japanese Yen		35,560,217	USD	223,004		MLP		223,277		6/2/26		273

234

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)
Korean Won		14,687,600	USD	10,000		BCLY	$	9,738		6/8/26	$	(262	)
Korean Won		14,888,800	USD	10,000		BCLY		9,873		6/15/26		(127	)
Korean Won		29,548,910	USD	20,389		BNP		19,596		6/17/26		(793	)
Korean Won		14,691,340	USD	10,033		BNP		9,743		6/17/26		(290	)
Korean Won		9,034,472	USD	6,000		BNP		5,993		6/29/26		(7	)
Korean Won		14,972,600	USD	10,000		JPM		9,932		6/30/26		(68	)
Mexican Peso		3,355,000	USD	192,570		BNP		193,249		6/17/26		679
Mexican Peso		9,974,607	USD	572,963		BNP		574,538		6/17/26		1,575
Mexican Peso		5,299,000	USD	297,383		BNP		305,223		6/17/26		7,840
Mexican Peso		3,158,169	USD	180,702		DUB		181,911		6/17/26		1,209
Mexican Peso		1,913,000	USD	110,466		HSBC		110,189		6/17/26		(277	)
Mexican Peso		24,858,055	USD	1,430,787		JPM		1,420,592		9/17/26		(10,195	)
Mexican Peso		2,001,000	USD	115,546		JPM		115,257		6/17/26		(289	)
Mexican Peso		6,084,399	USD	349,654		JPM		350,462		6/17/26		808
Mexican Peso		3,737,000	USD	215,799		MLP		215,251		6/17/26		(548	)
New Taiwan Dollar		331,429	USD	10,520		BNP		10,558		6/17/26		38
New Zealand Dollar		1,563,480	USD	923,704		BCLY		936,400		6/3/26		12,696
Norwegian Krone		155,109	USD	16,728		HSBC		16,770		7/2/26		42
Norwegian Krone		795,000	USD	85,556		HSBC		85,993		6/2/26		437
Norwegian Krone		835,000	USD	89,854		JPM		90,275		7/2/26		421
Polish Zloty		29,000	USD	7,965		BNP		7,996		6/24/26		31
Polish Zloty		1,073,221	USD	294,391		BNP		295,922		6/10/26		1,531
Polish Zloty		968,212	USD	266,664		JPM		266,960		6/24/26		296
Polish Zloty		590,560	USD	162,907		MLP		162,832		6/24/26		(75	)
Polish Zloty		36,000	USD	9,904		MLP		9,926		6/24/26		22
Polish Zloty		110,000	USD	30,178		MLP		30,330		6/24/26		152
Polish Zloty		110,000	USD	29,957		MLP		30,330		6/24/26		373
Singapore Dollar		102,810	USD	80,492		DUB		80,559		6/2/26		67
Singapore Dollar		1,680,071	USD	1,312,863		MLP		1,316,464		6/2/26		3,601
South African Rand		1,266,463	USD	76,548		BCLY		77,930		6/24/26		1,382
South African Rand		1,970,905	USD	119,844		BCLY		121,278		6/24/26		1,434
South African Rand		1,245,032	USD	74,568		BCLY		76,611		6/24/26		2,043
Swiss Franc		508,662	USD	647,424		HSBC		651,756		6/2/26		4,332
Thai Baht		651,261	USD	20,220		BCLY		20,039		6/17/26		(181	)
Thai Baht		2,876	USD	88		BNP		88		6/17/26		–
Thai Baht		4,968,474	USD	152,004		BNP		152,882		6/17/26		878
Thai Baht		1,434,357	USD	44,425		DUB		44,135		6/17/26		(290	)
Thai Baht		2,680,659	USD	82,954		JPM		82,485		6/17/26		(469	)
Thai Baht		323,792	USD	10,000		JPM		9,962		6/15/26		(38	)
Thai Baht		651,261	USD	20,000		JPM		20,030		6/8/26		30
Thai Baht		3,143,410	USD	96,468		JPM		96,724		6/17/26		256
Thai Baht		2,538,223	USD	78,347		SCB		78,102		6/17/26		(245	)
Turkish Lira		1,102,880	USD	24,011		BCLY		24,033		6/2/26		22
Turkish Lira		1,890,261	USD	41,119		BCLY		41,191		6/1/26		72
Turkish Lira		2,482,478	USD	51,417		BCLY		51,529		7/21/26		112
Turkish Lira		1,943,190	USD	41,404		BCLY		41,567		6/22/26		163
Turkish Lira		3,226,278	USD	68,827		BCLY		69,282		6/18/26		455
Turkish Lira		3,254,189	USD	68,862		BCLY		69,342		6/26/26		480
Turkish Lira		3,214,297	USD	68,158		BCLY		69,226		6/15/26		1,068
Turkish Lira		4,275,192	USD	91,863		BCLY		93,083		6/3/26		1,220

												10,059

Contracts to Sell:
Australian Dollar		739,000	USD	528,711		DUB		531,119		6/2/26		(2,408	)
Australian Dollar		92,158	USD	65,965		HSBC		66,195		7/2/26		(230	)
Australian Dollar		188,422	USD	134,085		JPM		135,338		7/2/26		(1,253	)
Australian Dollar		203,420	USD	145,258		JPM		146,111		7/2/26		(853	)
Brazilian Real		50,975	USD	10,000		BNP		10,034		7/2/26		(34	)
Brazilian Real		10,406	USD	2,067		BNP		2,063		6/2/26		4
Brazilian Real		515,416	USD	102,734		BNP		102,201		6/2/26		533
Brazilian Real		26,116	USD	5,124		JPM		5,141		7/2/26		(17	)
Brazilian Real		495,604	USD	98,006		MLP		98,273		6/2/26		(267	)
Brazilian Real		8,669,062	USD	1,722,787		MLP		1,718,978		6/2/26		3,809
British Pound		1,573,498	USD	2,108,848		BNP		2,119,073		7/2/26		(10,225	)
British Pound		34,000	USD	45,854		BNP		45,791		6/2/26		63
British Pound		1,672,498	USD	2,259,465		JPM		2,252,520		6/2/26		6,945
Canadian Dollar		2,163,869	USD	1,564,924		BNP		1,571,450		7/2/26		(6,526	)
Canadian Dollar		2,168,828	USD	1,586,544		HSBC		1,572,982		6/2/26		13,562
Chinese Offshore Renminbi		858,415	USD	126,853		BNP		127,159		7/2/26		(306	)
Chinese Offshore Renminbi		341,000	USD	50,119		BNP		50,404		6/2/26		(285	)
Chinese Offshore Renminbi		40,000	USD	5,900		BNP		5,912		6/2/26		(12	)
Chinese Offshore Renminbi		1,501,234	USD	220,022		DUB		221,900		6/2/26		(1,878	)
Chinese Offshore Renminbi		687,605	USD	100,759		DUB		101,636		6/2/26		(877	)
Chinese Offshore Renminbi		68,000	USD	10,027		MLP		10,051		6/2/26		(24	)
Chinese Offshore Renminbi		1,501,871	USD	222,451		SCB		222,476		7/2/26		(25	)
Colombian Peso		1,032,080,000	USD	266,000		BNP		279,324		6/17/26		(13,324	)
Colombian Peso		1,067,210,864	USD	276,186		MLP		282,265		9/16/26		(6,079	)

235

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)
Danish Krone		315,297	USD	49,214		HSBC	$	49,286		7/2/26	$	(72	)
Danish Krone		316,032	USD	49,566		JPM		49,322		6/2/26		244
Euro		6,316,121	USD	7,358,369		BNP		7,376,793		7/2/26		(18,424	)
Euro		325,000	USD	382,910		BNP		379,080		6/2/26		3,830
Euro		338,000	USD	398,227		BNP		394,243		6/2/26		3,984
Euro		95,000	USD	110,589		HSBC		110,808		6/2/26		(219	)
Euro		741,000	USD	872,790		JPM		864,302		6/2/26		8,488
Euro		5,110,121	USD	5,986,946		MLP		5,960,444		6/2/26		26,502
Euro		95,000	USD	110,526		SCB		110,954		7/2/26		(428	)
Indian Rupee		17,300,934	USD	180,000		BCLY		181,547		7/1/26		(1,547	)
Indian Rupee		10,766,087	USD	110,980		BNP		113,084		6/22/26		(2,104	)
Indian Rupee		4,714,372	USD	49,079		BNP		49,476		6/30/26		(397	)
Indian Rupee		16,459,757	USD	170,000		JPM		172,889		6/22/26		(2,889	)
Indian Rupee		1,911,690	USD	20,000		JPM		20,110		6/8/26		(110	)
Indian Rupee		961,618	USD	10,000		SCB		10,108		6/15/26		(108	)
Indonesian Rupiah		3,040,671,000	USD	170,000		BCLY		169,756		7/2/26		244
Indonesian Rupiah		2,122,032,000	USD	120,000		BCLY		118,556		6/22/26		1,444
Indonesian Rupiah		1,219,064,000	USD	70,000		BCLY		68,179		6/8/26		1,821
Indonesian Rupiah		1,842,305,537	USD	102,906		BNP		103,018		6/10/26		(112	)
Indonesian Rupiah		750,477,529	USD	42,000		BNP		41,898		7/2/26		102
Indonesian Rupiah		1,492,445,884	USD	84,000		BNP		83,382		6/22/26		618
Indonesian Rupiah		278,132,092	USD	16,495		BNP		15,553		6/10/26		942
Indonesian Rupiah		386,329,269	USD	22,991		BNP		21,603		6/10/26		1,388
Indonesian Rupiah		1,889,425,011	USD	108,491		BNP		105,653		6/10/26		2,838
Indonesian Rupiah		1,903,788,069	USD	109,522		BNP		106,456		6/10/26		3,066
Indonesian Rupiah		350,302,000	USD	20,000		JPM		19,577		6/18/26		423
Indonesian Rupiah		1,222,051,598	USD	70,295		JPM		68,334		6/10/26		1,961
Indonesian Rupiah		849,250,000	USD	50,377		JPM		47,489		6/10/26		2,888
Indonesian Rupiah		1,306,443,050	USD	73,797		SCB		73,054		6/10/26		743
Indonesian Rupiah		1,379,993,599	USD	79,320		SCB		77,167		6/10/26		2,153
Israeli New Shekel		1,040,876	USD	338,258		BCLY		369,247		6/10/26		(30,989	)
Israeli New Shekel		254,439	USD	85,966		BCLY		90,292		7/21/26		(4,326	)
Israeli New Shekel		155,000	USD	49,462		BNP		54,986		6/10/26		(5,524	)
Israeli New Shekel		170,668	USD	57,909		BNP		60,565		7/21/26		(2,656	)
Israeli New Shekel		132,000	USD	42,176		JPM		46,826		6/10/26		(4,650	)
Israeli New Shekel		220,541	USD	73,720		JPM		78,250		7/7/26		(4,530	)
Israeli New Shekel		219,378	USD	73,520		JPM		77,837		7/7/26		(4,317	)
Israeli New Shekel		174,158	USD	58,401		JPM		61,793		7/7/26		(3,392	)
Israeli New Shekel		93,000	USD	30,050		JPM		32,992		6/10/26		(2,942	)
Israeli New Shekel		190,624	USD	65,668		JPM		67,635		7/7/26		(1,967	)
Israeli New Shekel		398,558	USD	130,083		MLP		141,392		6/17/26		(11,309	)
Israeli New Shekel		329,152	USD	106,845		MLP		116,766		6/10/26		(9,921	)
Israeli New Shekel		220,735	USD	70,715		MLP		78,308		6/17/26		(7,593	)
Japanese Yen		119,898,746	USD	754,074		BNP		754,694		7/2/26		(620	)
Japanese Yen		112,310,290	USD	705,765		HSBC		706,929		7/2/26		(1,164	)
Japanese Yen		152,751,691	USD	958,017		HSBC		959,104		6/2/26		(1,087	)
Japanese Yen		147,620,961	USD	929,390		HSBC		929,190		7/2/26		200
Japanese Yen		35,471,685	USD	223,004		MLP		223,274		7/2/26		(270	)
Japanese Yen		107,391,928	USD	674,717		MLP		674,297		6/2/26		420
Japanese Yen		14,747,119	USD	92,811		SCB		92,825		7/2/26		(14	)
Japanese Yen		194,174,177	USD	1,219,756		SCB		1,219,189		6/2/26		567
Korean Won		45,216,983	USD	30,000		BNP		29,990		6/22/26		10
Korean Won		14,694,555	USD	10,033		BNP		9,743		6/8/26		290
Korean Won		174,369,760	USD	119,946		DUB		115,636		6/17/26		4,310
Mexican Peso		4,738,000	USD	264,532		BCLY		272,910		6/17/26		(8,378	)
Mexican Peso		937,000	USD	52,127		BNP		53,971		6/17/26		(1,844	)
Mexican Peso		532,000	USD	29,651		BNP		30,643		6/17/26		(992	)
Mexican Peso		445,000	USD	24,651		JPM		25,633		6/17/26		(982	)
Mexican Peso		535,000	USD	29,846		JPM		30,816		6/17/26		(970	)
Mexican Peso		24,661,752	USD	1,430,787		JPM		1,420,521		6/17/26		10,266
Mexican Peso		1,478,000	USD	81,234		MLP		85,133		6/17/26		(3,899	)
Mexican Peso		849,000	USD	47,404		MLP		48,903		6/17/26		(1,499	)
Mexican Peso		749,000	USD	41,911		MLP		43,143		6/17/26		(1,232	)
Mexican Peso		693,000	USD	39,733		MLP		39,916		6/17/26		(183	)
New Zealand Dollar		1,563,480	USD	924,611		BCLY		937,316		7/2/26		(12,705	)
New Zealand Dollar		1,530,480	USD	901,912		BNP		916,634		6/3/26		(14,722	)
New Zealand Dollar		33,000	USD	19,565		HSBC		19,764		6/3/26		(199	)
Norwegian Krone		155,036	USD	16,728		HSBC		16,770		6/2/26		(42	)
Norwegian Krone		548,476	USD	58,961		JPM		59,327		6/2/26		(366	)
Polish Zloty		143,082	USD	39,788		MLP		39,452		6/10/26		336
Singapore Dollar		113,633	USD	89,108		BCLY		89,232		7/2/26		(124	)
Singapore Dollar		2,032,818	USD	1,600,499		BNP		1,592,868		6/2/26		7,631
Singapore Dollar		135,793	USD	106,373		DUB		106,634		7/2/26		(261	)
Singapore Dollar		102,594	USD	80,492		DUB		80,564		7/2/26		(72	)
Singapore Dollar		1,676,605	USD	1,312,863		MLP		1,316,581		7/2/26		(3,718	)
Swiss Franc		507,034	USD	647,424		HSBC		651,767		7/2/26		(4,343	)
Swiss Franc		316,616	USD	402,608		JPM		405,684		6/2/26		(3,076	)

236

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)
Swiss Franc		94,000	USD	119,480		JPM	$	120,832		7/2/26	$	(1,352	)
Swiss Franc		94,000	USD	119,674		JPM		120,443		6/2/26		(769	)
Swiss Franc		23,888	USD	30,561		JPM		30,706		7/2/26		(145	)
Swiss Franc		66,000	USD	83,581		MLP		84,567		6/2/26		(986	)
Swiss Franc		24,000	USD	30,544		MLP		30,752		6/2/26		(208	)
Swiss Franc		32,000	USD	41,270		MLP		41,002		6/2/26		268
Thai Baht		651,261	USD	20,213		BCLY		20,029		6/8/26		184
Thai Baht		4,968,474	USD	152,387		BNP		153,468		9/16/26		(1,081	)
Thai Baht		1,302,580	USD	40,000		BNP		40,105		6/30/26		(105	)
Thai Baht		326,326	USD	10,000		BNP		10,047		6/29/26		(47	)
Thai Baht		1,312,884	USD	40,891		BNP		40,398		6/17/26		493
Thai Baht		2,201,944	USD	68,897		BNP		67,755		6/17/26		1,142
Thai Baht		2,088,271	USD	64,068		DUB		64,257		6/17/26		(189	)
Thai Baht		972,830	USD	29,847		DUB		29,934		6/17/26		(87	)
Thai Baht		1,161,103	USD	36,159		DUB		35,728		6/17/26		431
Thai Baht		3,717,726	USD	113,880		JPM		114,396		6/17/26		(516	)
Thai Baht		3,134,631	USD	96,468		JPM		96,823		9/16/26		(355	)
Thai Baht		913,667	USD	28,000		JPM		28,120		6/22/26		(120	)
Thai Baht		1,300,512	USD	40,000		JPM		40,026		6/22/26		(26	)
Thai Baht		132,670	USD	4,144		JPM		4,083		6/17/26		61
Thai Baht		1,145,888	USD	35,676		JPM		35,259		6/17/26		417
Thai Baht		2,671,948	USD	82,954		JPM		82,532		9/16/26		422
Thai Baht		2,529,801	USD	78,347		SCB		78,141		9/16/26		206
Thai Baht		2,685,942	USD	84,025		SCB		82,647		6/17/26		1,378
Turkish Lira		1,857,687	USD	39,569		BCLY		40,009		6/15/26		(440	)
Turkish Lira		788,333	USD	16,974		BCLY		17,179		6/1/26		(205	)

												(116,915	)

Net Unrealized Depreciation on Open Forward Foreign Currency Contracts											$	(106,856	)

237

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

At May 31, 2026, 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	2.750%	9/16/36	12-Month		EUR	4,920,000	$	(120,077	)	$	(128,403	)	$	8,326
Receive	6-Month EURIBOR	0.197%	11/8/52	12-Month		EUR	1,100,000		689,805			—			689,805
Receive	6-Month EURIBOR	3.000%	9/16/56	12-Month		EUR	1,650,000		52,218			27,182			25,036
Receive	6-Month EURIBOR	3.050%	1/13/56	12-Month		EUR	600,000		9,136			28,019			(18,883	)
Receive	Bank of Japan Uncollateralized Overnight Call Rate	0.300%	9/20/27	12-Month		JPY	5,590,000		456			509			(53	)
Receive	Bank of Japan Uncollateralized Overnight Call Rate	0.500%	12/15/31	12-Month		JPY	75,000,000		36,202			30,813			5,389
Receive	Bank of Japan Uncollateralized Overnight Call Rate	0.550%	9/14/28	12-Month		JPY	90,000,000		11,516			11,189			327
Pay	SOFR	2.340%	11/21/28	6-Month		USD	4,130,000		(176,744	)		—			(176,744	)
Receive	SOFR	2.237%	11/21/53	6-Month		USD	810,000		303,757			—			303,757
Receive	SOFR	2.865%	2/13/54	12-Month		USD	1,400,000		323,864			27,102			296,762
Receive	SOFR	3.250%	6/18/34	12-Month		USD	2,600,000		146,913			115,634			31,279
Receive	SOFR	3.250%	3/19/55	12-Month		USD	3,100,000		524,198			405,813			118,385
Receive	SOFR	3.325%	8/31/30	12-Month		USD	3,034,800		60,667			9,980			50,687
Receive	SOFR	3.369%	8/31/30	12-Month		USD	200,000		3,662			—			3,662
Receive	SOFR	3.500%	6/20/54	12-Month		USD	700,000		92,903			18,675			74,228
Receive	SOFR	3.640%	8/15/35	12-Month		USD	200,000		5,593			400			5,193
Receive	SOFR	3.700%	8/15/35	12-Month		USD	300,000		6,973			(264	)		7,237
Receive	SOFR	3.715%	8/15/35	12-Month		USD	427,000		9,420			1,050			8,370
Receive	SOFR	3.768%	8/15/35	12-Month		USD	1,600,000		28,580			—			28,580
Receive	SOFR	3.777%	8/15/35	12-Month		USD	1,700,000		29,183			—			29,183
Receive	SOFR	3.801%	8/15/35	12-Month		USD	1,900,000		29,057			(2,077	)		31,134
Receive	SOFR	3.998%	11/15/53	12-Month		USD	100,000		4,468			—			4,468
Receive	SOFR	4.010%	11/15/53	12-Month		USD	500,000		20,948			6,985			13,963
Receive	SOFR	4.075%	11/15/53	12-Month		USD	507,800		15,872			3,774			12,098
Pay	Sterling Overnight Index Average	3.500%	3/18/28	6-Month		GBP	2,800,000		(39,580	)		(58,902	)		19,322
Pay	Sterling Overnight Index Average	3.500%	3/18/31	6-Month		GBP	800,000		(29,002	)		(25,366	)		(3,636	)

								$	2,039,988		$	472,113		$	1,567,875

238

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

At May 31, 2026, 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	1.636%	6/15/27		EUR	2,100,000	$	48,944		$	—		$	48,944
Pay	2-Year EUR Inflation Linked	2.000%	2/15/27		EUR	300,000		5,111			(30	)		5,141
Pay	5-Year EUR Inflation Linked	3.000%	5/15/27		EUR	200,000		8,323			100			8,223
Receive	10-Year EUR Inflation Linked	1.380%	3/15/31		EUR	740,000		(179,781	)		(8,957	)		(170,824	)
Pay	10-Year EUR Inflation Linked	2.034%	9/15/34		EUR	500,000		8,406			(2,239	)		10,645
Receive	30-Year EUR Inflation Linked	2.421%	5/15/52		EUR	30,000		(904	)		—			(904	)
Receive	30-Year EUR Inflation Linked	2.590%	3/15/52		EUR	200,000		1,793			(2,478	)		4,271
Receive	30-Year EUR Inflation Linked	2.590%	12/15/52		EUR	100,000		7,089			—			7,089
Receive	30-Year EUR Inflation Linked	2.700%	4/15/53		EUR	200,000		23,175			1,337			21,838
Receive	30-Year EUR Inflation Linked	2.736%	10/15/53		EUR	100,000		12,853			1,308			11,545
Receive	30-Year EUR Inflation Linked	2.763%	9/15/53		EUR	100,000		13,813			(974	)		14,787
Pay	2-Year GBP Inflation Linked	3.365%	9/15/27		GBP	900,000		8,227			504			7,723
Receive	10-Year GBP Inflation Linked	3.466%	9/15/34		GBP	300,000		(529	)		—			(529	)
Receive	10-Year GBP Inflation Linked	3.500%	8/15/34		GBP	600,000		3,030			3,390			(360	)
Receive	1-Year USD Inflation Linked	3.434%	8/27/26		USD	1,400,000		(9,267	)		—			(9,267	)
Receive	1-Year USD Inflation Linked	3.435%	8/1/26		USD	100,000		(856	)		—			(856	)
Pay	7-Year USD Inflation Linked	1.798%	8/25/27		USD	600,000		114,172			5,868			108,304
Pay	7-Year USD Inflation Linked	1.890%	8/27/27		USD	700,000		128,168			1,693			126,475
Pay	7-Year USD Inflation Linked	2.573%	8/26/28		USD	100,000		9,498			—			9,498
Pay	7-Year USD Inflation Linked	2.645%	9/10/28		USD	100,000		8,649			—			8,649
Receive	10-Year USD Inflation Linked	1.280%	5/19/30		USD	800,000		(193,936	)		(50,027	)		(143,909	)
Receive	10-Year USD Inflation Linked	1.760%	11/4/29		USD	1,200,000		(232,412	)		(8,764	)		(223,648	)
Receive	10-Year USD Inflation Linked	1.883%	11/20/29		USD	1,500,000		(271,824	)		9,233			(281,057	)
Pay	10-Year USD Inflation Linked	2.311%	2/24/31		USD	2,300,000		326,369			1,035			325,334
Receive	10-Year USD Inflation Linked	2.335%	2/5/28		USD	960,000		(124,661	)		59,292			(183,953	)
Receive	10-Year USD Inflation Linked	2.353%	5/9/28		USD	360,000		(45,147	)		24,122			(69,269	)
Receive	10-Year USD Inflation Linked	2.360%	5/9/28		USD	540,000		(67,257	)		36,670			(103,927	)
Receive	10-Year USD Inflation Linked	2.364%	5/10/28		USD	550,000		(68,299	)		37,569			(105,868	)

							$	(467,253	)	$	108,652		$	(575,905	)

239

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

At May 31, 2026, Inflation-Linked Fixed Income Fund deposited cash collateral with brokers in the amount of $1,066,000 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
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 257-259 for definitions of ratings.

At May 31, 2026, Inflation-Linked Fixed Income Fund was involved in the following sale-buyback transactions:


Counterparty	Borrowing Date	Maturity Date	Borrowing Rate	Amount Borrowed
BNP Paribas SA	5/19/26	6/3/26	3.716%	$	1,493,051
BNP Paribas SA	5/27/26	6/4/26	3.799%		2,864,257
BNP Paribas SA	5/27/26	6/4/26	3.799%		6,959,638
BNP Paribas SA	5/27/26	6/4/26	3.799%		6,756,381
BNP Paribas SA	5/27/26	6/4/26	3.799%		10,789,442
BNP Paribas SA	5/27/26	6/4/26	3.799%		7,126,818
BNP Paribas SA	5/27/26	6/4/26	3.799%		6,209,993
BNP Paribas SA	5/27/26	6/4/26	3.799%		6,141,047
BNP Paribas SA	5/27/26	6/4/26	3.799%		4,206,655
BNP Paribas SA	5/27/26	6/4/26	3.799%		1,509,421
BNP Paribas SA	5/27/26	6/4/26	3.799%		1,954,484

				$	56,011,187

240

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 57.1%
	Aerospace/Defense - 0.1%
$	300,000	BBB-	Spirit AeroSystems Inc., Company Guaranteed Notes, 4.600% due 6/15/28	$	300,467

	Agriculture - 0.4%
	400,000	BBB+	BAT Capital Corp., Company Guaranteed Notes, 3.557% due 8/15/27		396,449
			Imperial Brands Finance PLC, Company Guaranteed Notes:
	361,000	BBB	3.500% due 7/26/26		360,472
	300,000	BBB	3.500% due 7/26/26(a)		299,562

			Total Agriculture		1,056,483

	Airlines - 0.1%
	292,711	BBB+	American Airlines Class A Pass Through Trust, Pass-Thru Certificates, 3.700% due 10/1/26		291,787

	Auto Manufacturers - 7.7%
			American Honda Finance Corp., Senior Unsecured Notes:
	200,000	BBB+	4.500% (SOFR + 0.870%) due 7/9/27(b)		200,609
	2,900,000	BBB+	4.355% (SOFR + 0.730%) due 8/13/27(b)		2,904,015
	400,000	BBB+	4.277% (SOFR + 0.650%) due 11/19/27(b)		399,815
			BMW U.S. Capital LLC, Company Guaranteed Notes:
	850,000	A	4.415% (SOFR + 0.780%) due 3/19/27(a)(b)		852,864
	92,000	A	4.545% (SOFR + 0.920%) due 8/13/27(b)		92,476
	2,200,000	A	4.554% (SOFR + 0.920%) due 3/21/28(a)(b)		2,211,040
	300,000	A-	Daimler Truck Finance North America LLC, Company Guaranteed Notes, 4.470% (SOFR + 0.840%) due 1/13/28(a)(b)		300,313
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	400,000	BBB-	4.542% due 8/1/26		399,957
	800,000	BBB-	5.125% due 11/5/26		802,138
	2,000,000	BBB-	4.271% due 1/9/27		1,994,003
	200,000	BBB-	5.800% due 3/5/27		201,604
	200,000	BBB-	4.950% due 5/28/27		200,476
			General Motors Financial Co., Inc.:
	200,000	BBB	Company Guaranteed Notes, 3.850% due 1/5/28		198,207
			Senior Unsecured Notes:
	500,000	BBB	4.673% (SOFR + 1.040%) due 2/26/27(b)		501,251
	500,000	BBB	5.000% due 4/9/27		502,789
	1,300,000	BBB	4.974% (SOFR + 1.350%) due 5/8/27(b)		1,306,123
	300,000	BBB	5.400% due 5/8/27		303,012
	600,000	BBB	4.681% (SOFR + 1.050%) due 7/15/27(b)		601,204
			Hyundai Capital America, Senior Unsecured Notes:
	500,000	A-	4.624% (SOFR + 0.990%) due 3/25/27(a)(b)		501,286
	1,500,000	A-	4.675% (SOFR + 1.040%) due 6/24/27(b)		1,505,389
	1,100,000	A-	4.550% (SOFR + 0.920%) due 1/7/28(b)		1,102,150
	300,000	A-	4.550% (SOFR + 0.920%) due 1/7/28(a)(b)		300,586
	300,000	BB-	Nissan Motor Acceptance Co. LLC, Senior Unsecured Notes, 1.850% due 9/16/26(a)		297,304
			Stellantis Finance U.S. Inc., Company Guaranteed Notes:
	400,000	BBB-	1.711% due 1/29/27		392,358
	1,100,000	BBB-	1.711% due 1/29/27(a)		1,078,984
	200,000	BBB-	5.625% due 1/12/28(a)(c)		202,192
	200,000	BBB-	5.350% due 3/17/28(a)		201,117
	200,000	A+	Toyota Motor Credit Corp., Senior Unsecured Notes, 4.080% (SOFR + 0.450%) due 1/12/28(b)		200,236
	2,500,000	BBB+	Volkswagen Group of America Finance LLC, Company Guaranteed Notes, 5.700% due 9/12/26(a)		2,510,168

			Total Auto Manufacturers		22,263,666

	Banks - 20.0%
			ABN AMRO Bank NV, Senior Non-Preferred Notes:
	800,000	BBB	5.416% (SOFR + 1.780%) due 9/18/27(a)(b)		803,273

241

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 57.1% - (continued)
	Banks - 20.0% - (continued)
	$ 700,000	BBB	5.416% (SOFR + 1.780%) due 9/18/27(b)	$	702,864
	200,000	A-	Banco Santander SA, Senior Non-Preferred Notes, 4.620% (SOFR + 0.990%) due 4/15/29(b)		200,541
	300,000	BBB+	Bank Leumi Le-Israel BM, Senior Unsecured Notes, 5.125% due 7/27/27(a)		300,887
	2,400,000	A-	Bank of America Corp., Senior Unsecured Notes, 4.376% (SOFR + 1.580%) due 4/27/28(b)		2,399,160
			Bank of Montreal, Senior Unsecured Notes:
	319,000	A-	4.401% (SOFR + 0.760%) due 6/4/27(b)		320,203
	500,000	A-	4.519% (SOFR + 0.880%) due 9/10/27(b)		500,694
			Barclays PLC, Senior Unsecured Notes:
	940,000	BBB+	5.517% (SOFR + 1.880%) due 9/13/27(b)		943,471
	1,300,000	BBB+	2.279% (1-Year CMT Index + 1.050%) due 11/24/27(b)		1,287,154
	1,400,000	A-	BNP Paribas SA, Senior Non-Preferred Notes, 1.675% (SOFR + 0.912%) due 6/30/27(a)(b)		1,396,849
	1,400,000	BBB+	BPCE SA, Senior Non-Preferred Notes, 2.045% (SOFR + 1.087%) due 10/19/27(a)(b)		1,387,398
			Canadian Imperial Bank of Commerce, Senior Unsecured Notes:
	1,300,000	A-	4.574% (SOFR + 0.940%) due 6/28/27(b)		1,308,365
	200,000	A-	4.243% (SOFR + 0.600%) due 9/8/28(b)		199,534
	1,200,000	A-	4.439% (SOFR + 0.800%) due 9/8/28(b)		1,203,669
			Citigroup Inc., Senior Unsecured Notes:
	1,065,000	BBB+	4.409% (SOFR + 0.770%) due 6/9/27(b)		1,065,303
	1,500,000	BBB+	4.658% (SOFR + 1.887%) due 5/24/28(b)		1,504,003
	500,000	A-	Cooperatieve Rabobank UA, Senior Non-Preferred Notes, 1.980% (1-Year CMT Index + 0.730%) due 12/15/27(a)(b)		493,689
	625,000	A+	Credit Agricole SA, Senior Preferred Notes, 4.922% (SOFR + 1.290%) due 7/5/26(a)(b)		625,553
			Deutsche Bank AG, Senior Non-Preferred Notes:
	2,000,000	BBB	7.146% (SOFR + 2.520%) due 7/13/27(b)		2,005,993
	400,000	BBB	2.311% (SOFR + 1.219%) due 11/16/27(b)		396,030
	935,000	BBB	4.845% (SOFR + 1.219%) due 11/16/27(b)		936,681
	300,000	BBB	2.552% (SOFR + 1.318%) due 1/7/28(b)		296,626
	300,000	BBB	5.706% (SOFR + 1.594%) due 2/8/28(b)		302,519
			Goldman Sachs Group Inc. (The), Senior Unsecured Notes:
	1,000,000	BBB+	1.948% (SOFR + 0.913%) due 10/21/27(b)		990,757
	700,000	BBB+	4.937% (SOFR + 1.319%) due 4/23/28(b)		702,951
	1,900,000	BBB+	4.339% (SOFR + 0.710%) due 1/21/29(b)		1,900,639
	400,000	A-	HSBC Holdings PLC, Senior Unsecured Notes, 4.041% (3-Month Term SOFR + 1.808%) due 3/13/28(b)		399,002
			HSBC USA Inc., Senior Unsecured Notes:
	1,000,000	A-	4.601% (SOFR + 0.960%) due 3/4/27(b)		1,004,713
	130,000	A-	4.614% (SOFR + 0.970%) due 6/3/28(b)		130,818
	629,000	A-	ING Groep NV, Senior Unsecured Notes, 5.198% (SOFR + 1.560%) due 9/11/27(b)		630,932
			JPMorgan Chase & Co., Senior Unsecured Notes:
	339,000	A	4.812% (SOFR + 1.180%) due 2/24/28(b)		340,793
	1,000,000	A	4.548% (SOFR + 0.920%) due 4/22/28(b)		1,003,843
	2,100,000	A	4.323% (SOFR + 1.560%) due 4/26/28(b)		2,098,878
	800,000	A	4.488% (SOFR + 0.860%) due 10/22/28(b)		803,549
			Lloyds Banking Group PLC, Senior Unsecured Notes:
	300,000	A-	5.185% (SOFR + 1.560%) due 8/7/27(b)		300,658
	1,275,000	A-	5.212% (SOFR + 1.580%) due 1/5/28(b)		1,282,983
	300,000	A-	3.574% (3-Month USD-LIBOR + 1.205%) due 11/7/28(b)		296,286
	1,200,000	A-	4.689% (SOFR + 1.060%) due 11/26/28(b)		1,206,149
	2,700,000	A-	Mizuho Financial Group Inc., Senior Unsecured Notes, 4.704% (SOFR + 1.080%) due 5/13/31(b)		2,718,789
	2,400,000	A-	National Bank of Canada, Company Guaranteed Notes, 4.663% (SOFR + 1.030%) due 7/2/27(b)		2,401,345
	1,510,000	A-	NatWest Group PLC, Senior Unsecured Notes, 4.884% (SOFR + 1.250%) due 3/1/28(b)(c)		1,517,823
	750,000	A	NatWest Markets PLC, Senior Unsecured Notes, 4.526% (SOFR + 0.900%) due 5/17/27(a)(b)		753,528
	1,200,000	AA-	Nordea Bank Abp, Senior Preferred Notes, 4.111% (SOFR + 0.480%) due 5/22/28(a)(b)		1,202,676
	500,000	A	PNC Bank NA, Senior Unsecured Notes, 4.359% (SOFR + 0.730%) due 7/21/28(b)		500,497
	900,000	A+	QNB Finance Ltd., Company Guaranteed Notes, 4.677% (SOFR + 1.050%) due 4/27/29(a)(b)		907,047

242

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 57.1% - (continued)
	Banks - 20.0% - (continued)
			Royal Bank of Canada, Senior Unsecured Notes:
	$ 2,565,000	A	4.454% (SOFR + 0.820%) due 3/27/28(b)	$	2,566,377
	1,700,000	A	4.489% (SOFR + 0.860%) due 10/18/28(b)		1,705,302
	300,000	BBB+	Santander Holdings USA Inc., Senior Unsecured Notes, 3.244% due 10/5/26		299,109
			Santander UK Group Holdings PLC, Senior Unsecured Notes:
	2,400,000	BBB	1.673% (SOFR + 0.989%) due 6/14/27(b)		2,397,419
	300,000	BBB	2.469% (SOFR + 1.220%) due 1/11/28(b)		296,192
			Societe Generale SA, Senior Non-Preferred Notes:
	200,000	BBB	5.250% due 2/19/27(a)		201,309
	600,000	BBB	1.792% (1-Year CMT Index + 1.000%) due 6/9/27(a)(b)		599,691
	200,000	BBB	2.797% (1-Year CMT Index + 1.300%) due 1/19/28(b)		197,815
	200,000	BBB	5.289% (SOFR + 1.660%) due 1/19/28(a)(b)		201,295
			Standard Chartered PLC, Senior Unsecured Notes:
	1,000,000	BBB+	5.560% (SOFR + 1.930%) due 7/6/27(b)		1,001,318
	200,000	BBB+	5.654% (SOFR + 2.030%) due 2/8/28(a)(b)		201,924
	300,000	BBB+	4.795% (SOFR + 1.170%) due 5/14/28(a)(b)		301,397
	200,000	BBB+	5.688% (1-Year CMT Index + 1.050%) due 5/14/28(b)		202,167
	181,000	A-	Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes, 4.680% (SOFR + 1.050%) due 4/15/30(b)		182,191
	1,000,000	A	Swedbank AB, Senior Non-Preferred Notes, 5.337% due 9/20/27		1,013,253
			Wells Fargo & Co., Senior Unsecured Notes:
	1,500,000	BBB+	4.408% (SOFR + 0.780%) due 1/24/28(b)		1,502,539
	1,500,000	BBB+	4.698% (SOFR + 1.070%) due 4/22/28(b)		1,506,432

			Total Banks		58,050,845

	Beverages - 1.6%
	500,000	BBB-	JDE Peet’s NV, Company Guaranteed Notes, 1.375% due 1/15/27(a)		490,633
			Keurig Dr Pepper Inc., Company Guaranteed Notes:
	200,000	BBB-	2.550% due 9/15/26		199,025
	200,000	BBB-	4.206% (SOFR + 0.580%) due 11/15/26(b)		200,055
	1,296,000	BBB-	4.517% (SOFR + 0.880%) due 3/15/27(b)		1,298,103
	2,500,000	BBB	Molson Coors Beverage Co., Company Guaranteed Notes, 3.000% due 7/15/26		2,496,214

			Total Beverages		4,684,030

	Biotechnology - 0.1%
	300,000	BBB	Illumina Inc., Senior Unsecured Notes, 4.650% due 9/9/26		300,213

	Chemicals - 0.3%
	1,000,000	NR	Hanwha Solutions Corp., Company Guaranteed Notes, 4.729% (SOFR + 1.100%) due 10/13/28(b)		1,015,015

	Commercial Services - 0.2%
	600,000	BBB-	Global Payments Inc., Senior Unsecured Notes, 2.150% due 1/15/27		591,792

	Computers - 1.6%
	1,592,000	BBB	Dell International LLC/EMC Corp., Senior Unsecured Notes, 4.900% due 10/1/26		1,594,204
	900,000	BBB	Hewlett Packard Enterprise Co., Senior Unsecured Notes, 4.614% (SOFR + 0.980%) due 3/23/28(b)		904,487
	2,100,000	BBB-	Kyndryl Holdings Inc., Senior Unsecured Notes, 2.050% due 10/15/26		2,080,872

			Total Computers		4,579,563

	Diversified Financial Services - 4.8%
	2,800,000	BBB+	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes, 2.450% due 10/29/26		2,780,751
			American Express Co., Senior Unsecured Notes:
	2,080,000	A-	4.597% (SOFR + 0.970%) due 7/28/27(b)		2,081,986
	511,000	A-	4.557% (SOFR + 0.930%) due 7/26/28(b)		513,016
	2,420,000	BBB-	Aviation Capital Group LLC, Senior Unsecured Notes, 1.950% due 9/20/26(a)		2,401,710
			Avolon Holdings Funding Ltd., Company Guaranteed Notes:
	400,000	BBB	3.250% due 2/15/27(a)		396,483
	600,000	BBB	6.375% due 5/4/28(a)		617,063
	1,300,000	A+	Equitable America Global Funding, Secured Notes, 4.347% (SOFR + 0.710%) due 9/15/27(a)(b)		1,298,451
	300,000	BBB+	Nomura Holdings Inc., Senior Unsecured Notes, 4.884% (SOFR + 1.250%) due 7/2/27(b)		302,038

243

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 57.1% - (continued)
	Diversified Financial Services - 4.8% - (continued)
			Sumisho Air Lease Corp., Senior Unsecured Notes:
	$ 1,100,000	BBB	5.300% due 6/25/26	$	1,100,690
	2,039,000	BBB	1.875% due 8/15/26		2,027,706
	300,000	BBB	2.200% due 1/15/27		296,027

			Total Diversified Financial Services		13,815,921

	Electric - 5.0%
	1,336,000	BBB-	Algonquin Power & Utilities Corp., Senior Unsecured Notes, step bond to yield, 5.365% due 6/15/26		1,336,230
	2,000,000	BBB	CenterPoint Energy Inc., Senior Unsecured Notes, 1.450% due 6/1/26		2,000,000
			Duke Energy Corp., Senior Unsecured Notes:
	304,000	BBB	2.650% due 9/1/26		302,905
	400,000	BBB	4.850% due 1/5/27		401,670
			ENEL Finance International NV, Company Guaranteed Notes:
	600,000	BBB	3.625% due 5/25/27(a)		596,441
	200,000	BBB	3.500% due 4/6/28(a)		196,290
	1,500,000	BBB	Eversource Energy, Senior Unsecured Notes, 1.400% due 8/15/26		1,490,756
	500,000	BBB	FirstEnergy Corp., Senior Unsecured Notes, 3.900% due 7/15/27		496,914
	600,000	BBB+	Fortis Inc., Senior Unsecured Notes, 3.055% due 10/4/26		597,754
	1,600,000	BBB+	Israel Electric Corp., Ltd., Senior Secured Notes, 4.250% due 8/14/28(a)		1,577,730
	800,000	A2(d)	National Rural Utilities Cooperative Finance Corp., Senior Unsecured Notes, 4.187% (SOFR + 0.550%) due 12/3/27(b)		801,513
			Pacific Gas & Electric Co., 1st Mortgage Notes:
	500,000	BBB+	3.300% due 3/15/27		496,040
	600,000	BBB+	2.100% due 8/1/27		583,448
	300,000	BBB+	5.000% due 6/4/28		302,080
			Southern California Edison Co., 1st Mortgage Notes:
	800,000	BBB+	4.400% due 9/6/26		800,137
	600,000	BBB+	5.300% due 3/1/28		606,318
	300,000	BBB+	Southwestern Electric Power Co., Senior Unsecured Notes, 2.750% due 10/1/26		298,632
			Vistra Operations Co. LLC, Company Guaranteed Notes:
	800,000	BBB-	5.050% due 12/30/26(a)		803,593
	800,000	BBB-	3.700% due 1/30/27(a)		796,992

			Total Electric		14,485,443

	Food - 0.6%
	700,000	BBB-	Campbell’s Co. (The), Senior Unsecured Notes, 5.200% due 3/19/27		705,010
	1,000,000	BBB-	Conagra Brands Inc., Senior Unsecured Notes, 7.125% due 10/1/26		1,007,980
	200,000	BBB-	Smithfield Foods Inc., Company Guaranteed Notes, 4.250% due 2/1/27(a)		199,512

			Total Food		1,912,502

	Gas - 0.3%
	600,000	BBB-	National Fuel Gas Co., Senior Unsecured Notes, 5.500% due 10/1/26		602,173
	200,000	A3(d)	SGSP Australia Assets Pty Ltd., Company Guaranteed Notes, 3.500% due 7/7/27		197,980

			Total Gas		800,153

	Healthcare - Services - 1.1%
			Fresenius Medical Care U.S. Finance III Inc., Company Guaranteed Notes:
	550,000	BBB-	1.875% due 12/1/26		542,067
	400,000	BBB-	1.875% due 12/1/26(a)		394,230
	1,675,000	BBB-	HCA Inc., Company Guaranteed Notes, 4.500% due 2/15/27		1,674,544
	600,000	BBB-	Universal Health Services Inc., Senior Secured Notes, 1.650% due 9/1/26		595,904

			Total Healthcare - Services		3,206,745

	Insurance - 4.8%
			Athene Global Funding:
			Secured Notes:
	2,000,000	A+	4.502% (SOFR + 0.830%) due 1/7/27(a)(b)		2,001,852
	1,200,000	A+	4.844% (SOFR + 1.210%) due 3/25/27(a)(b)		1,204,340
	300,000	A+	Senior Secured Notes, 4.950% due 1/7/27(a)		300,855

244

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 57.1% - (continued)
	Insurance - 4.8% - (continued)
$	1,000,000	A	Brighthouse Financial Global Funding, Secured Notes, 5.550% due 4/9/27(a)	$	1,006,355
			Corebridge Global Funding, Secured Notes:
	1,000,000	A+	4.380% (SOFR + 0.750%) due 1/7/28(a)(b)		997,246
	200,000	A+	4.497% (SOFR + 0.860%) due 12/15/28(a)(b)		199,506
	3,000,000	A-	F&G Global Funding, Secured Notes, 1.750% due 6/30/26(a)		2,993,133
			GA Global Funding Trust, Secured Notes:
	300,000	A	2.250% due 1/6/27(a)		296,175
	1,300,000	A	4.400% due 9/23/27(a)		1,296,077
			Jackson National Life Global Funding, Secured Notes:
	200,000	A	4.529% (SOFR + 0.890%) due 6/9/27(a)(b)		200,376
	300,000	A	4.601% (SOFR + 0.970%) due 1/14/28(a)(b)		299,642
	2,000,000	A	4.587% (SOFR + 0.950%) due 9/12/28(a)(b)		1,993,299
	200,000	A+	Reliance Standard Life Global Funding II, Secured Notes, 2.750% due 1/21/27(a)		198,158
	900,000	A+	Sammons Financial Group Global Funding, Senior Secured Notes, 4.494% (SOFR + 0.850%) due 9/2/27(a)(b)		899,733

			Total Insurance		13,886,747

	Internet - 0.8%
	2,300,000	BBB+	Uber Technologies Inc., Company Guaranteed Notes, 4.500% due 8/15/29(a)		2,283,470

	Leisure Time - 0.8%
			Royal Caribbean Cruises Ltd., Senior Unsecured Notes:
	1,400,000	BBB	5.375% due 7/15/27(a)		1,405,292
	200,000	BBB	7.500% due 10/15/27		207,675
	600,000	BBB	5.500% due 4/1/28(a)		606,673

			Total Leisure Time		2,219,640

	Lodging - 0.3%
	200,000	BBB-	Hyatt Hotels Corp., Senior Unsecured Notes, 5.750% due 1/30/27		201,664
	600,000	BBB-	Las Vegas Sands Corp., Senior Unsecured Notes, 3.500% due 8/18/26		600,740

			Total Lodging		802,404

	Machinery - Diversified - 0.2%
	500,000	BBB	Westinghouse Air Brake Technologies Corp., Company Guaranteed Notes, 3.450% due 11/15/26		498,051

	Media - 0.2%
	220,000	BBB	Cox Communications Inc., Senior Unsecured Notes, 3.350% due 9/15/26(a)		219,346
	500,000	Baa3(d)	FactSet Research Systems Inc., Senior Unsecured Notes, 2.900% due 3/1/27		494,414

			Total Media		713,760

	Mining - 0.5%
	1,500,000	BBB+	Glencore Funding LLC, Company Guaranteed Notes, 5.338% due 4/4/27(a)		1,513,816

	Miscellaneous Manufacturers - 0.1%
	200,000	BBB	Textron Inc., Senior Unsecured Notes, 3.650% due 3/15/27		199,200

	Office/Business Equipment - 0.1%
	400,000	BBB-	CDW LLC/CDW Finance Corp., Company Guaranteed Notes, 2.670% due 12/1/26		396,538

	Oil & Gas - 1.1%
	400,000	Baa3(d)	Occidental Petroleum Corp., Senior Unsecured Notes, 3.000% due 2/15/27		397,527
	183,150	AA-	Qatarenergy LNG S3, Senior Secured Notes, 6.332% due 9/30/27(a)(m)		183,999
	200,000	BBB+	Repsol E&P Capital Markets U.S. LLC, Company Guaranteed Notes, 4.805% due 9/16/28(a)		200,497
	100,000	BBB-	Tengizchevroil Finance Co. International Ltd., Senior Secured Notes, 4.000% due 8/15/26		100,036
	400,000	BBB	Variable Energi ASA, Senior Unsecured Notes, 5.000% due 5/18/27(a)		401,919
	2,000,000	BBB+	Woodside Finance Ltd., Company Guaranteed Notes, 3.700% due 9/15/26(a)		1,995,648

			Total Oil & Gas		3,279,626

	Pharmaceuticals - 0.5%
	700,000	BBB	Bayer U.S. Finance LLC, Company Guaranteed Notes, 6.125% due 11/21/26(a)(m)		704,628
	641,000	BBB+	Shire Acquisitions Investments Ireland DAC, Company Guaranteed Notes, 3.200% due 9/23/26		638,932

			Total Pharmaceuticals		1,343,560

245

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES - 57.1% - (continued)
	Pipelines - 1.0% - (continued)
			Energy Transfer LP, Senior Unsecured Notes:
	$ 200,000	BBB	3.900% due 7/15/26	$	199,914
	200,000	BBB	5.500% due 6/1/27		201,786
	400,000	BBB	MPLX LP, Senior Unsecured Notes, 4.125% due 3/1/27		399,577
	1,000,000	BBB	Plains All American Pipeline LP/PAA Finance Corp., Senior Unsecured Notes, 4.500% due 12/15/26		1,000,761
	200,000	BBB+	Sabine Pass Liquefaction LLC, Senior Secured Notes, 5.000% due 3/15/27		200,344
	800,000	BBB+	Spectra Energy Partners LP, Company Guaranteed Notes, 3.375% due 10/15/26		797,610

			Total Pipelines		2,799,992

	Retail - 0.8%
	2,300,000	BBB+	Starbucks Corp., Senior Unsecured Notes, 2.000% due 3/12/27		2,263,678

	Savings & Loans - 0.1%
			Nationwide Building Society, Senior Non-Preferred Notes:
	200,000	BBB+	4.916% (SOFR + 1.290%) due 2/16/28(a)(b)		200,984
	200,000	BBB+	4.916% (SOFR + 1.290%) due 2/16/28(b)		200,985

			Total Savings & Loans		401,969

	Semiconductors - 0.2%
	300,000	BBB+	SK hynix Inc., Senior Unsecured Notes, 5.500% due 1/16/27(a)		302,677
	200,000	BBB-	Skyworks Solutions Inc., Senior Unsecured Notes, 1.800% due 6/1/26		200,000

			Total Semiconductors		502,677

	Software - 0.9%
	700,000	BBB	Fidelity National Information Services Inc., Senior Unsecured Notes, 4.849% (SOFR + 1.210%) due 3/10/29(b)		702,376
	300,000	BBB	Fiserv Inc., Senior Unsecured Notes, 5.150% due 3/15/27		301,649
			Oracle Corp., Senior Unsecured Notes:
	300,000	BBB	2.650% due 7/15/26		299,439
	1,300,000	BBB	2.800% due 4/1/27		1,282,828

			Total Software		2,586,292

	Telecommunications - 0.7%
	900,000	BBB-	Rogers Communications Inc., Company Guaranteed Notes, 3.200% due 3/15/27		892,204
	1,300,000	BBB-	Telefonica Emisiones SA, Company Guaranteed Notes, 4.103% due 3/8/27		1,298,526

			Total Telecommunications		2,190,730

	Trucking & Leasing - 0.1%
	300,000	BBB	GATX Corp., Senior Unsecured Notes, 5.400% due 3/15/27		302,171

			TOTAL CORPORATE BONDS & NOTES
			(Cost - $165,222,838)		165,538,946

	COLLATERALIZED MORTGAGE OBLIGATIONS - 22.9%
	Asset-Backed Securities - 2.2%
	75,771	BBB-	Bear Stearns Asset Backed Securities I Trust, Series 2005-CL1, Class A2, 2.200% (1-Month Term SOFR + 0.614%) due 9/25/34(b)		75,548
	285,750	AAA	CCG Receivables Trust, Series 2025-1, Class A2, 4.480% due 10/14/32(a)		286,631
	191,846	Aaa(d)	Dell Equipment Finance Trust, Series 2024-2, Class A2, 4.690% due 8/22/30(a)		191,952
	476,463	Aaa(d)	DLLAA LLC, Series 2025-1A, Class A2, 4.700% due 10/20/27(a)		477,528
	120,475	Aaa(d)	DLLAD LLC, Series 2024-1A, Class A2, 5.500% due 8/20/27(a)		120,687
	111,888	CCC	Finance America Mortgage Loan Trust, Series 2004-2, Class M1, 4.524% (1-Month Term SOFR + 0.939%) due 8/25/34(b)		108,839
	3,145	A	Fremont Home Loan Trust, Series 2005-A, Class M3, 4.434% (1-Month Term SOFR + 0.849%) due 1/25/35(b)		3,142
			JPMorgan Mortgage Trust:
	653,864	AAA	Series 2026-ACES1, Class A1, 4.894% due 4/25/66(a)(b)		648,007
	653,864	AAA	Series 2026-ACES1, Class A1F, 4.812% (30-Day Average SOFR + 1.200%) due 4/25/66(a)(b)		653,590
	1,565,357	AAA	M&T Equipment 2025-LEAF1 Notes, Series 2025-1A, Class A2, 4.700% due 12/16/27(a)		1,569,681
	116,779	BBB+	MASTR Asset Backed Securities Trust, Series 2004-OPT2, Class A1, 4.399% (1-Month Term SOFR + 0.814%) due 9/25/34(b)		107,000
	97,654	Aaa(d)	MMAF Equipment Finance LLC, Series 2024-A, Class A2, 5.200% due 9/13/27(a)		97,743
	306,627	B-	Morgan Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1, 4.599% (1-Month Term SOFR + 1.014%) due 5/25/34(b)(e)		329,357
	362,679	NR	Pagaya AI Debt Grantor Trust, Series 2025-6, Class A2, 4.497% due 4/15/33(a)		361,707
	77,630	NR	Stonepeak ABS, Series 2021-1A, Class AA, 2.301% due 2/28/33(a)		76,249
			Towd Point Mortgage Trust:
	143,022	AAA(f)	Series 2024-CES1, Class A1A, 5.848% due 1/25/64(a)(b)		143,477

246

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS - 22.9% - (continued)
	Asset-Backed Securities - 2.2% - (continued)
	$ 153,960	AAA(f)	Series 2025-CES2, Class A1, step bond to yield, 5.348% due 7/25/65(a)	$	154,058
	823,292	AAA(f)	Series 2025-CES3, Class A1A, step bond to yield, 5.278% due 8/25/65(a)		823,816
	219,379	A-(f)	UPXL Issuer Trust, Series 2025-1, Class A, 5.160% due 1/25/47(a)		218,315

			Total Asset-Backed Securities		6,447,327

	Mortgage Securities - 20.7%
	385,531	AAA(f)	Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A1, step bond to yield, 5.903% due 1/25/64(a)		387,042
	1,600,000	NR	BWAY Mortgage Trust, Series 2021-1450, Class A, 4.992% (1-Month Term SOFR + 1.364%) due 9/15/36(a)(b)		1,583,674
			Chase Home Lending Mortgage Trust:
	280,228	AAA(f)	Series 2024-9, Class A11, 4.862% (30-Day Average SOFR + 1.250%) due 9/25/55(a)(b)		280,094
	300,000	AAA(EXP)(f)	Series 2026-JINV1, Class A11, 4.866% (30-Day Average SOFR + 1.250%) due 6/25/54(a)(b)		300,748
	1,287,657	Aaa(d)	Citigroup Mortgage Loan Trust, Series 2021-INV3, Class A11, 4.462% (30-Day Average SOFR + 0.850%) due 5/25/51(a)(b)		1,203,692
			Credit Suisse Commercial Mortgage Capital Trust:
	195,287	AAA	Series 2021-INV1, Class A11, 4.412% (30-Day Average SOFR + 0.800%) due 7/25/56(a)(b)		182,955
	541,004	NR	Series 2021-RPL4, Class A1, 4.152% due 12/27/60(a)(b)		539,652
	134,913	AAA(f)	Series 2022-RPL4, Class A1, 3.904% due 4/25/62(a)(b)		128,797
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	286,503	NR	Series 4344, Class FA, 4.218% (30-Day Average SOFR + 0.564%) due 12/15/37(b)		280,122
	343,290	NR	Series 4351, Class FA, 4.218% (30-Day Average SOFR + 0.564%) due 5/15/38(b)		336,739
	741,818	NR	Series 4906, Class WF, 4.168% (30-Day Average SOFR + 0.514%) due 12/15/38(b)		733,127
	619,178	NR	Series 5481, Class FJ, 4.762% (30-Day Average SOFR + 1.150%) due 12/25/54(b)		625,590
	53,703	NR	Series 5484, Class FA, 4.812% (30-Day Average SOFR + 1.200%) due 12/25/54(b)		54,361
	206,979	NR	Series 5491, Class FL, 4.812% (30-Day Average SOFR + 1.200%) due 1/25/55(b)		209,577
	698,110	NR	Series 5495, Class AF, 4.762% (30-Day Average SOFR + 1.150%) due 1/25/55(b)		705,840
	805,794	NR	Series 5496, Class AF, 4.712% (30-Day Average SOFR + 1.100%) due 1/25/55(b)		813,520
	193,471	NR	Series 5500, Class GF, 4.562% (30-Day Average SOFR + 0.950%) due 10/25/54(b)		194,936
	744,856	NR	Series 5508, Class QF, 4.562% (30-Day Average SOFR + 0.950%) due 2/25/55(b)		748,700
	212,343	NR	Series 5511, Class FG, 4.762% (30-Day Average SOFR + 1.150%) due 3/25/55(b)		214,645
	2,498,498	NR	Series 5513, Class MF, 4.552% (30-Day Average SOFR + 0.940%) due 11/25/54(b)(g)		2,516,392
	1,647,423	NR	Series 5532, Class FA, 4.562% (30-Day Average SOFR + 0.950%) due 4/25/55(b)		1,659,647
	1,310,763	NR	Series 5548, Class AF, 4.612% (30-Day Average SOFR + 1.000%) due 6/25/55(b)		1,323,321
	968,772	NR	Series 5565, Class FB, 4.562% (30-Day Average SOFR + 0.950%) due 8/25/55(b)		975,649
	668,516	NR	Series 5567, Class FB, 4.612% (30-Day Average SOFR + 1.000%) due 8/25/55(b)		674,921
	1,804,000	NR	Series 5584, Class DF, 4.512% (30-Day Average SOFR + 0.900%) due 10/25/55(b)		1,814,432
	362,845	NR	Series 5593, Class FB, 4.512% (30-Day Average SOFR + 0.900%) due 11/25/55(b)		365,154
	402,712	NR	Series 5607, Class FA, 4.512% (30-Day Average SOFR + 0.900%) due 12/25/55(b)		404,764
	900,000	NR	Series 5667, Class FC, 5.121% (30-Day Average SOFR + 1.500%) due 6/25/56(b)		910,625
			Federal National Mortgage Association (FNMA), REMICS:
	595,718	NR	Series 2017-108, Class AF, 4.027% (30-Day Average SOFR + 0.414%) due 1/25/48(b)		586,570
	179,899	NR	Series 2019-9, Class FA, 4.168% (30-Day Average SOFR + 0.514%) due 3/25/49(b)		178,361
	605,971	NR	Series 2024-90, Class FB, 4.862% (30-Day Average SOFR + 1.250%) due 11/25/53(b)		614,462
	773,516	NR	Series 2024-101, Class FB, 4.712% (30-Day Average SOFR + 1.100%) due 1/25/55(b)		781,022
	342,769	NR	Series 2024-103, Class FC, 4.762% (30-Day Average SOFR + 1.150%) due 1/25/55(b)		346,565
	493,522	NR	Series 2024-103, Class FJ, 4.812% (30-Day Average SOFR + 1.200%) due 1/25/55(b)		499,706
	203,885	NR	Series 2025-4, Class FB, 4.812% (30-Day Average SOFR + 1.200%) due 12/25/53(b)		206,387
	169,568	NR	Series 2025-6, Class FA, 4.862% (30-Day Average SOFR + 1.250%) due 2/25/55(b)		171,889
	321,770	NR	Series 2025-16, Class FA, 4.762% (30-Day Average SOFR + 1.150%) due 3/25/55(b)		324,289
	369,031	NR	Series 2025-19, Class FC, 4.772% (30-Day Average SOFR + 1.160%) due 3/25/55(b)		373,326
	1,089,330	NR	Series 2025-40, Class FP, 4.612% (30-Day Average SOFR + 1.000%) due 10/25/54(b)		1,099,724
	668,301	NR	Series 2025-88, Class FM, 4.512% (30-Day Average SOFR + 0.900%) due 8/25/55(b)		672,381
	7,383,567	NR	Series 2025-88, Class KF, 4.662% (30-Day Average SOFR + 1.050%) due 9/25/55(b)(g)		7,450,506
	2,154,933	NR	Series 2025-95, Class F, 4.512% (30-Day Average SOFR + 0.900%) due 12/25/53(b)(g)		2,166,471
	1,172,831	NR	Series 2025-99, Class KF, 4.612% (30-Day Average SOFR + 1.000%) due 11/25/55(b)		1,181,440

247

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS - 22.9% - (continued)
	Mortgage Securities - 20.7% - (continued)
			GCAT Trust:
	$ 490,547	AAA	Series 2021-NQM3, Class A1, 1.091% due 5/25/66(a)(b)	$	430,977
	612,377	AAA(f)	Series 2022-HX1, Class A1, 2.885% due 12/27/66(a)(b)		564,729
			Government National Mortgage Association (GNMA):
	236,724	NR	Series 2016-H06, Class FD, 4.695% (1-Month Term SOFR + 1.034%) due 7/20/65(b)		238,362
	382,970	NR	Series 2017-H15, Class FE, 5.581% (1-Year Term SOFR + 1.515%) due 7/20/67(b)		387,591
	58,003	NR	Series 2020-17, Class EU, 2.500% due 10/20/49		51,234
	40,783	NR	Series 2020-21, Class AC, 2.500% due 1/20/49		36,189
	2,610,184	NR	Series 2021-122, Class FA, 3.000% (30-Day Average SOFR + 0.400%) due 7/20/51(b)		2,287,429
	186,268	NR	Series 2023-H11, Class FC, 4.725% (30-Day Average SOFR + 1.100%) due 5/20/73(b)		190,253
	349,062	NR	Series 2023-H24, Class FA, 4.575% (30-Day Average SOFR + 0.950%) due 10/20/73(b)		354,305
	171,860	NR	Series 2023-H27, Class FD, 4.725% (30-Day Average SOFR + 1.100%) due 11/20/73(b)		175,778
	722,682	NR	Series 2024-H01, Class FB, 4.525% (30-Day Average SOFR + 0.900%) due 1/20/74(b)		732,019
	7,455,423	NR	Series 2025-135, Class FE, 4.775% (30-Day Average SOFR + 1.150%) due 8/20/55(b)(g)		7,556,931
	345,743	NR	Series 2025-H20, Class FA, 4.395% (30-Day Average SOFR + 0.770%) due 9/20/75(b)		348,127
	344,048	NR	Series 2025-H22, Class F, 4.405% (30-Day Average SOFR + 0.780%) due 10/20/75(b)		346,262
	804,593	AAA(f)	GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.750% due 12/25/60(a)(b)		759,466
			GS Mortgage-Backed Securities Trust:
	618,268	Aaa(d)	Series 2021-GR2, Class A9, 4.495% (30-Day Average SOFR + 0.850%) due 2/25/52(a)(b)		578,033
	213,081	Aaa(d)	Series 2021-INV1, Class A9, 4.495% (30-Day Average SOFR + 0.850%) due 12/25/51(a)(b)		199,236
	336,332	Aaa(d)	Series 2024-PJ7, Class A25, 4.958% (30-Day Average SOFR + 1.350%) due 11/25/54(a)(b)		336,690
	137,825	BBB-	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-FL12, Class A, 5.125% (1-Month Term SOFR + 1.497%) due 12/15/31(a)(b)		137,772
			JPMorgan Mortgage Trust:
	120,414	Aaa(d)	Series 2019-INV3, Class A3, 3.500% due 5/25/50(a)(b)		108,802
	266,222	Aaa(d)	Series 2021-12, Class A11, 4.495% (30-Day Average SOFR + 0.850%) due 2/25/52(a)(b)		248,825
	139,696	AAA(f)	Series 2025-NQM1, Class A1, step bond to yield, 5.591% due 6/25/65(a)		140,459
	216,206	NR	Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, step bond to yield, 6.250% due 7/25/67(a)		216,572
			MFA Trust:
	69,211	AAA	Series 2020-NQM1, Class A1, 2.479% due 3/25/65(a)(b)		67,704
	56,126	AAA	Series 2020-NQM2, Class A1, 1.381% due 4/25/65(a)(b)		55,317
			Mill City Mortgage Loan Trust:
	237,494	Aaa(d)	Series 2019-GS2, Class A1, 2.750% due 8/25/59(a)(b)		232,081
	165,684	AAA(f)	Series 2021-NMR1, Class A1, 1.125% due 11/25/60(a)(b)		160,582
	1,485,076	Aa1(d)	Natixis Commercial Mortgage Securities Trust, Series 2021-APPL, Class A, 4.842% (1-Month Term SOFR + 1.214%) due 8/15/38(a)(b)		1,462,525
			New Residential Mortgage Loan Trust:
	112,776	NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(a)(b)		109,400
	32,876	AAA(f)	Series 2018-RPL1, Class A1, 3.500% due 12/25/57(a)(b)		31,926
	1,800,000	AAA(f)	NYO Commercial Mortgage Trust, Series 2021-1290, Class A, 4.837% (1-Month Term SOFR + 1.209%) due 11/15/38(a)(b)		1,799,908
			OBX Trust:
	187,488	AAA	Series 2024-NQM5, Class A1, step bond to yield, 5.988% due 1/25/64(a)		188,522
	356,192	AAA	Series 2024-NQM6, Class A1, step bond to yield, 6.447% due 2/25/64(a)		359,397
	282,036	Aaa(d)	Oceanview Mortgage Trust, Series 2025-3, Class AF1, 4.558% (30-Day Average SOFR + 0.950%) due 5/25/55(a)(b)		282,775
	173,850	AAA(f)	PRPM LLC, Series 2025-RCF6, Class A1, step bond to yield, 4.942% due 12/25/55(a)		172,202
	138,604	AAA(f)	PRPM Trust, Series 2024-NQM4, Class A1, step bond to yield, 5.674% due 12/26/69(a)		139,214
	473,556	AAA(f)	Sequoia Mortgage Trust, Series 2024-HYB1, Class A1A, 4.470% due 11/25/63(a)(b)		473,563
			Towd Point Mortgage Trust:
	173,217	AAA(f)	Series 2018-3, Class A1, 3.750% due 5/25/58(a)(b)		170,531
	81,759	Aaa(d)	Series 2019-HY2, Class A1, 4.699% (1-Month Term SOFR + 1.114%) due 5/25/58(a)(b)		83,214
	87,947	Aaa(d)	Series 2019-HY3, Class A1A, 4.699% (1-Month Term SOFR + 1.114%) due 10/25/59(a)(b)		88,086
	303,478	AAA(f)	Series 2020-1, Class A1, 2.710% due 1/25/60(a)(b)		293,417
	382,226	AAA(f)	Series 2021-SJ2, Class A1A, 2.250% due 12/25/61(a)(b)		374,929
	107,648	AAA(f)	Verus Securitization Trust, Series 2023-5, Class A1, step bond to yield, 6.476% due 6/25/68(a)		107,425
	204,258	AA	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR13, Class A1A1, 4.279% (1-Month Term SOFR + 0.694%) due 10/25/45(b)		199,561

			Total Mortgage Securities		60,100,135

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $66,962,587)		66,547,462

248

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	COLLATERALIZED LOAN OBLIGATIONS - 9.7%
	Other ABS - 9.7%
$	2,000,000	Aaa(d)	Anchorage Credit Funding 19 Ltd., Series 2025-19A, Class A, 5.036% due 10/25/40(a)	$	1,968,422
	1,551,109	AAA	Atlas Senior Loan Fund XVI Ltd., Series 2021-16A, Class AR, 4.775% (3-Month Term SOFR + 1.100%) due 1/20/34(a)(b)		1,551,830
	1,000,000	AAA	Atlas Senior Loan Fund XVIII Ltd., Series 2021-18A, Class A1R, 4.785% (3-Month Term SOFR + 1.110%) due 1/18/35(a)(b)		1,000,331
	2,500,000	Aaa(d)	Bain Capital Credit CLO Ltd., Series 2022-2A, Class A1R, 4.814% (3-Month Term SOFR + 1.150%) due 4/22/35(a)(b)		2,502,640
	87,317	AAA	BlueMountain CLO Ltd., Series 2018-3A, Class A1R, 4.857% (3-Month Term SOFR + 1.190%) due 10/25/30(a)(b)		87,523
	400,000	Aaa(d)	Dryden 95 CLO Ltd., Series 2021-95A, Class AR, 4.682% (3-Month Term SOFR + 1.040%) due 8/20/34(a)(b)		400,265
	160,709	Aaa(d)	Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 5.025% (3-Month Term SOFR + 1.352%) due 7/15/31(a)(b)		160,936
	1,300,000	Aaa(d)	Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class A1R2, 4.785% (3-Month Term SOFR + 1.110%) due 4/20/35(a)(b)		1,299,502
	673,274	AAA	Greywolf CLO III Ltd., Series 2020-3RA, Class A1R2, 4.894% (3-Month Term SOFR + 1.230%) due 4/22/33(a)(b)		674,205
	400,000	AAA	KKR CLO 16 Ltd., Series 16, Class A1R3, 4.815% (3-Month Term SOFR + 1.140%) due 10/20/34(a)(b)		400,111
	2,000,000	AAA	KKR CLO 36 Ltd., Series 36A, Class AR, 4.823% (3-Month Term SOFR + 1.150%) due 10/15/34(a)(b)		2,000,530
	1,000,000	AAA	LCM 31 Ltd., Series 31A, Class AR, 4.955% (3-Month Term SOFR + 1.280%) due 7/20/34(a)(b)		1,000,685
	1,200,000	Aaa(d)	Marble Point CLO XXIV Ltd., Series 2022-1A, Class A1R, 4.765% (3-Month Term SOFR + 1.090%) due 4/20/35(a)(b)		1,199,400
	400,000	AAA	Neuberger Berman Loan Advisers CLO 43 Ltd., Series 2021-43A, Class AR, 4.730% (3-Month Term SOFR + 1.050%) due 7/17/36(a)(b)		400,117
	400,000	AAA	Neuberger Berman Loan Advisers CLO 45 Ltd., Series 2021-45A, Class AR, 4.729% (3-Month Term SOFR + 1.060%) due 10/14/36(a)(b)		400,349
	1,600,000	Aaa(d)	PPM CLO 5 Ltd., Series 2021-5A, Class AR, 4.855% (3-Month Term SOFR + 1.180%) due 10/18/34(a)(b)		1,600,592
	2,000,000	Aaa(d)	Rockford Tower CLO Ltd., Series 2021-2A, Class A1R, 4.805% (3-Month Term SOFR + 1.130%) due 7/20/34(a)(b)		2,002,404
	307,781	AAA	Sound Point CLO XXVIII Ltd., Series 2020-3A, Class A1R, 4.947% (3-Month Term SOFR + 1.280%) due 1/25/32(a)(b)		308,303
	2,000,000	AAA(f)	Symphony CLO XXIV Ltd., Series 2020-24A, Class A1R, 4.796% (3-Month Term SOFR + 1.130%) due 10/23/35(a)(b)		2,000,540
	800,000	Aaa(d)	Symphony CLO XXIX Ltd., Series 2021-29A, Class AR, 4.823% (3-Month Term SOFR + 1.150%) due 10/15/35(a)(b)		799,726
	1,600,000	Aaa(d)	Symphony CLO XXV Ltd., Series 2021-25A, Class AR, 4.725% (3-Month Term SOFR + 1.050%) due 4/19/34(a)(b)		1,601,166
	900,000	Aaa(d)	Symphony CLO XXXII Ltd., Series 2022-32A, Class AR, 4.816% (3-Month Term SOFR + 1.150%) due 10/23/35(a)(b)		899,726
	1,000,000	AAA	Tralee CLO V Ltd., Series 2018-5A, Class A1RR, 4.755% (3-Month Term SOFR + 1.080%) due 10/20/34(a)(b)		999,712
	276,362	Aaa(d)	Venture 36 CLO Ltd., Series 2019-36A, Class A1AR, 5.067% (3-Month Term SOFR + 1.392%) due 4/20/32(a)(b)		276,619
	561,316	AAA(f)	Verdelite Static CLO Ltd., Series 2024-1A, Class A, 4.805% (3-Month Term SOFR + 1.130%) due 7/20/32(a)(b)		561,655
	2,000,000	AAA	Wellfleet CLO Ltd., Series 2021-1A, Class A1R, 4.855% (3-Month Term SOFR + 1.180%) due 4/20/34(a)(b)		2,001,212

			TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost - $28,117,763)		28,098,501

	ASSET-BACKED SECURITIES - 9.0%
	Automobiles - 4.3%
	692,963	AAA	American Heritage Auto Receivables Issuer Trust, Series 2025-1A, Class A2, 4.480% due 8/15/28(a)		693,723
	579,784	AAA	ARI Fleet Lease Trust, Series 2024-B, Class A2, 5.540% due 4/15/33(a)		582,515
	502,953	Aaa(d)	Bank of America Auto Trust, Series 2023-1A, Class A3, 5.530% due 2/15/28(a)		505,346
			Carvana Auto Receivables Trust:
	2,303,569	AAA	Series 2023-P1, Class A4, 5.940% due 1/10/29(a)		2,325,011
	168,795	AAA	Series 2023-P2, Class A3, 5.420% due 4/10/28(a)		168,912
	594,172	AAA	Series 2023-P4, Class A3, 6.160% due 10/10/28(a)		597,627
	1,111,636	AAA	Series 2024-P1, Class A3, 5.050% due 4/10/29(a)		1,114,675
	600,000	(P)AAA	Series 2026-P1, Class A2, 4.100% due 6/11/29		599,527
	1,485,397	Aaa(d)	Chase Auto Owner Trust, Series 2024-3A, Class A3, 5.220% due 7/25/29(a)		1,496,346
	232,569	Aaa(d)	Chesapeake Funding II LLC, Series 2024-1A, Class A1, 5.520% due 5/15/36(a)		234,611
	166,667	Aaa(d)	Hertz Vehicle Financing III LLC, Series 2023-1A, Class A, 5.490% due 6/25/27(a)		166,840
	1,559,044	AAA	LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.520% due 3/15/29(a)		1,562,186
	59,010	Aaa(d)	Oscar U.S. Funding XV LLC, Series 2023-1A, Class A3, 5.810% due 12/10/27(a)		59,244
	200,000	AAA	PenFed Auto Receivables Owner Trust, Series 2025-A, Class A3, 4.030% due 7/15/30(a)		199,216
	490,331	Aaa(d)	SBNA Auto Lease Trust, Series 2024-B, Class A3, 5.560% due 11/22/27(a)		491,173
	200,865	AAA	SCCU Auto Receivables Trust, Series 2023-1A, Class A3, 5.700% due 10/16/28(a)		201,705
	200,000	AAA	SFS Auto Receivables Securitization Trust, Series 2026-1A, Class A2A, 3.910% due 8/20/29(a)		199,583
	500,000	AAA	Stellantis Financial Underwritten Enhanced Lease Trust, Series 2026-AA, Class A2B, 4.125% (30-Day Average SOFR + 0.500%) due 1/22/29(a)(b)		500,188

249

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†		Rating††	Security	Value
	ASSET-BACKED SECURITIES - 9.0% - (continued)
	Automobiles - 4.3% - (continued)
$	865,900	AAA	Toyota Auto Receivables Owner Trust, Series 2025-B, Class A2A, 4.460% due 3/15/28	$	867,141

			Total Automobiles		12,565,569

	Credit Cards - 1.7%
	1,100,000	Aaa(d)	Golden Credit Card Trust, Series 2022-1A, Class A, 1.970% due 1/15/29(a)		1,085,702
			Trillium Credit Card Trust II:
	1,800,000	Aaa(d)	Series 2025-1A, Class A, 4.193% (SOFR + 0.590%) due 9/26/30(a)(b)		1,804,510
	2,100,000	Aaa(d)	Series 2026-1A, Class A, 4.203% (SOFR + 0.600%) due 3/26/31(a)(b)		2,104,691

			Total Credit Cards		4,994,903

	Student Loans - 3.0%
			ECMC Group Student Loan Trust:
	392,106	Aa1(d)	Series 2017-2A, Class A, 4.777% (30-Day Average SOFR + 1.164%) due 5/25/67(a)(b)		392,743
	275,504	Aa1(d)	Series 2018-1A, Class A, 4.477% (30-Day Average SOFR + 0.864%) due 2/27/68(a)(b)		273,713
	415,502	Aa1(d)	Series 2019-1A, Class A1B, 4.727% (30-Day Average SOFR + 1.114%) due 7/25/69(a)(b)		416,293
	1,123,441	AAA	ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.530% due 12/26/46(a)		1,010,591
	100,000	(P)AAA	Navient Education Loan Trust, Series 2026-A, Class A, 4.860% due 9/15/56(a)		99,935
			Navient Private Education Loan Trust:
	184,831	AAA	Series 2015-BA, Class A3, 5.192% (1-Month Term SOFR + 1.564%) due 7/16/40(a)(b)		185,086
	137,680	AAA	Series 2020-A, Class A2B, 4.642% (1-Month Term SOFR + 1.014%) due 11/15/68(a)(b)		137,469
			Navient Private Education Refinance Loan Trust:
	87,928	AAA	Series 2020-GA, Class A, 1.170% due 9/16/69(a)		82,532
	137,491	AAA	Series 2020-IA, Class A1A, 1.330% due 4/15/69(a)		126,039
	745,137	Aaa(d)	Navient Refinance Loan Trust, Series 2025-C, Class A, 4.800% due 10/15/55(a)		739,187
			Nelnet Student Loan Trust:
	410,389	AA+	Series 2017-3A, Class A, 4.577% (30-Day Average SOFR + 0.964%) due 2/25/66(a)(b)		410,213
	394,486	AA+	Series 2019-2A, Class A, 4.627% (30-Day Average SOFR + 1.014%) due 6/27/67(a)(b)		393,889
	313,157	AA+	Series 2019-3A, Class A, 4.499% (1-Month Term SOFR + 0.914%) due 8/25/67(a)(b)		313,084
	197,436	Aaa(d)	Series 2021-DA, Class AFL, 4.407% (1-Month Term SOFR + 0.804%) due 4/20/62(a)(b)		196,780
	627,749	Aaa(d)	Series 2025-DA, Class A1A, 4.650% due 8/20/54(a)		618,004
	551,251	Aaa(d)	Series 2026-A, Class A1A, 4.610% due 2/21/61(a)		541,989
	183,750	Aaa(d)	Series 2026-A, Class A1B, 4.925% (30-Day Average SOFR + 1.300%) due 2/21/61(a)(b)		183,653
			SMB Private Education Loan Trust:
	126,417	AAA	Series 2020-PTA, Class A2A, 1.600% due 9/15/54(a)		119,686
	101,655	AAA	Series 2021-D, Class A1A, 1.340% due 3/17/53(a)		96,673
	880,103	Aaa(d)	Series 2022-B, Class A1B, 5.093% (30-Day Average SOFR + 1.450%) due 2/16/55(a)(b)		888,880
	117,501	Aaa(d)	Series 2023-B, Class A1B, 5.443% (30-Day Average SOFR + 1.800%) due 10/16/56(a)(b)		119,674
	328,933	Aaa(d)	Series 2023-C, Class A1B, 5.192% (30-Day Average SOFR + 1.550%) due 11/15/52(a)(b)		332,499
	285,325	Aaa(d)	Series 2024-A, Class A1A, 5.240% due 3/15/56(a)		287,568
	142,662	Aaa(d)	Series 2024-A, Class A1B, 5.093% (30-Day Average SOFR + 1.450%) due 3/15/56(a)(b)		143,776
	386,873	Aaa(d)	Series 2026-B, Class A1B, 4.893% (30-Day Average SOFR + 1.250%) due 3/15/56(a)(b)		390,583
	137,794	Aaa(d)	Towd Point Asset Trust, Series 2021-SL1, Class A2, 4.417% (1-Month Term SOFR + 0.814%) due 11/20/61(a)(b)		137,597

			Total Student Loans		8,638,136

			TOTAL ASSET-BACKED SECURITIES (Cost - $26,363,904)		26,198,608

	MORTGAGE-BACKED SECURITIES - 3.0%
	FHLMC - 0.2%
	626,993		Federal Home Loan Mortgage Corp. (FHLMC), 4.000% due 6/1/49 - 9/1/49		594,907

	FNMA - 2.8%
	8,000,000		Federal National Mortgage Association (FNMA), 5.500% due 7/1/56(h)		8,026,613

			TOTAL MORTGAGE-BACKED SECURITIES (Cost - $8,598,380)		8,621,520

	SOVEREIGN BONDS - 1.4%
	Chile - 0.3%
	800,000	A	Chile Government International Bonds, 2.750% due 1/31/27		792,928

250

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Face Amount/Units†			Rating††	Security	Value
	SOVEREIGN BONDS - 1.4% - (continued)
	Panama - 0.2%
				Panama Government International Bonds:
	$ 300,000		BBB-	8.875% due 9/30/27	$	316,563
	200,000		BBB-	3.875% due 3/17/28		197,650

				Total Panama		514,213

	Saudi Arabia - 0.9%
	2,700,000		Aa3(d)	Saudi Government International Bonds, 5.125% due 1/13/28		2,728,439

				TOTAL SOVEREIGN BONDS (Cost - $4,064,703)		4,035,580

	SENIOR LOAN - 0.4%
	Entertainment - 0.4%
	1,100,000		NR	Discovery Global Holdings Inc., due 6/4/33(i)
				(Cost - $1,097,250)		1,103,267

	U.S. GOVERNMENT OBLIGATION - 0.3%
	971,507			U.S. Treasury Inflation Indexed Notes, 2.125% due 4/15/29(g)
				(Cost - $972,478)		988,773

				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost - $301,399,903)		301,132,657

	SHORT-TERM INVESTMENTS(j) - 26.9%
	CERTIFICATE OF DEPOSIT - 0.3%
	1,000,000			Itau Chile New York Branch, 4.290% due 12/1/26
				(Cost - $1,000,000)		1,000,000

	COMMERCIAL PAPERS - 4.6%
				Boston Scientific Corp.:
	1,600,000			4.012% due 6/11/26(a)(k)		1,598,222
	1,200,000			4.012% due 6/12/26(a)(k)		1,198,533
	1,500,000			Edison International, 4.264% due 6/11/26(a)(k)		1,498,229
	2,100,000			Fidelity National Information Services Inc., 4.080% due 6/5/26(a)(k)		2,099,051
				HCA Inc.:
	1,300,000			4.343% due 8/17/26(a)(k)		1,288,044
	1,400,000			4.344% due 8/18/26(a)(k)		1,386,957
				Sempra:
	900,000			4.130% due 6/26/26(a)(k)(m)		897,431
	600,000			4.132% due 6/29/26(a)(k)(m)		598,082
	1,300,000			4.132% due 6/30/26(a)(k)(m)		1,295,696
	1,400,000			Southern California Edison Co., 4.320% due 6/22/26(a)(k)		1,396,488

				TOTAL COMMERCIAL PAPERS (Cost - $13,256,733)		13,256,733

	MONEY MARKET FUND - 0.3%
	889,578			Invesco STIT - Government & Agency Portfolio, Institutional Class, 3.638%(l)
				(Cost - $889,578)		889,578

	TIME DEPOSITS - 1.2%
				BBH - New York:
	18	^CAD		1.120% due 6/1/26		13
	21	^NZD		0.760% due 6/2/26		13
	3,513,098			Citibank - New York, 2.970% due 6/1/26		3,513,098

				TOTAL TIME DEPOSITS (Cost - $3,513,124)		3,513,124

	U.S. GOVERNMENT OBLIGATION - 20.5%
	60,000,000			U.S. Treasury Bills, 3.658% due 9/22/26(k)
				(Cost - $59,330,801)		59,330,801

				TOTAL SHORT-TERM INVESTMENTS (Cost - $77,990,236)		77,990,236

				TOTAL INVESTMENTS - 130.7% (Cost - $379,390,139)		379,122,893

				Liabilities in Excess of Other Assets - (30.7)%		(89,049,814	)

				TOTAL NET ASSETS - 100.0%	$	290,073,079

251

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund

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

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

(a)

(b)	Variable rate security. Interest rate disclosed is that which was in effect at May 31, 2026.

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

(d)	Rating by Moody’s Investors Service.

(e)	Affiliated security. As of May 31, 2026, total cost and total value of affiliated security amounted to $306,503 and $329,357, respectively.


Underlying Security	Beginning Value as of August 31, 2025	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, 2026
Morgan Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1, 4.599% (1-Month Term SOFR + 1.014%) due 5/25/34	$ 350,552	$ —	$ (25,140)	$ 20	$ 3,741	$ 184	$ 11,403	$ 329,357

(f)	Rating by Fitch Ratings Service.

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

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

(i)	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.

(j)	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 26.6%

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

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

(m)	Illiquid security.

At May 31, 2026, 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	$ 379,390,139	$ 1,326,613	$ (1,747,067)	$ (420,454)


Abbreviations used in this schedule:

ABS	—	Asset-Backed Security
CLO	—	Collateralized Loan Obligation
CMT	—	Constant Maturity Treasury Rate
DAC	—	Designated Activity Company
LIBOR	—	London Interbank Offered 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	43.8	%
Collateralized Mortgage Obligations	17.6
Collateralized Loan Obligations	7.4
Asset-Backed Securities	6.9
Mortgage-Backed Securities	2.3
Sovereign Bonds	1.1
Senior Loan	0.3
U.S. Government Obligation	0.2
Short-Term Investments	20.4

Total Investments	100.0	%+

^	As a percentage of total investments.

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

252

Schedules of Investments

(unaudited) (continued)

Alternative Strategies Fund


Units		Security	Value
	OPEN END MUTUAL FUND SECURITIES - 99.1%
	United States - 99.1%
	667,616	AB Select U.S. Long/Short Portfolio, Class I	$	10,134,405
	1,613,899	Abbey Capital Futures Strategy Fund, Class I		19,027,873
	1,526,812	BlackRock Event Driven Equity Fund, Institutional Class		16,168,941
	688,844	BlackRock Global Equity Market Neutral Fund, Institutional Class		11,131,712
	1,926,948	BlackRock Systematic Multi-Strategy Fund, Institutional Class		19,924,645
	504,812	BlackRock Tactical Opportunities Fund, Institutional Class*		8,753,441
	824,602	BNY Mellon Global Real Return Fund, Class Y		14,595,462
	761,374	Calamos Market Neutral Income Fund, Class I		12,273,354
	72,019	Cohen & Steers Global Realty Shares Inc., Class I		4,264,232
	1,897,795	John Hancock Diversified Macro Fund, Class I		17,326,869
	221,589	JPMorgan Hedged Equity Fund, Class I		7,691,352
	694,416	Neuberger Long Short Fund, Institutional Class		14,332,740
	281,930	PIMCO CommodityRealReturn Strategy Fund, Institutional Class		5,114,212
	1,425,682	PIMCO Credit Opportunities Bond Fund, Institutional Class		13,857,629
	2,162,923	PIMCO Mortgage Opportunities and Bond Fund, Class I2		20,158,445
	1,174,782	Touchstone Flexible Income Fund, Institutional Class		12,100,258

		TOTAL INVESTMENTS - 99.1% (Cost - $191,613,582)		206,855,570

		Other Assets in Excess of Liabilities - 0.9%		1,799,228

		TOTAL NET ASSETS - 100.0%	$	208,654,798

*	Non-income producing security.

At May 31, 2026, 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

$ 191,613,582

$ 16,432,484

$ (1,190,496)

$ 15,241,988


Summary of Investments by Security Type^
Open End Mutual Fund Securities	100.0	%

^	As a percentage of total investments.

256

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.

EXP — Expected.

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.

257

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.

258

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.

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 Markets 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 from 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.

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.

260

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 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.

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.

(iv) Inflation-Capped Options. Certain Funds may write or purchase inflation-capped options to enhance returns or for hedging opportunities. 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.

(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.

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.

Certain Funds may write swaption contracts to manage exposure to fluctuations in interest rates and to enhance portfolio yield.

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

261

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 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.

(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. 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.

Entering into credit default swaps involves, to varying degrees, elements of credit and market risk. 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. The primary risk associated with interest rate swaps is that unfavorable changes in interest rates could adversely impact a Fund.

(x) Cross-Currency Swaps. Certain Funds may enter into cross-currency swaps to gain or mitigate exposure to currency risk.

(xi) Inflation Rate Swaps. The Fund may enter into inflation rate swap contracts to attempt to hedge against inflation. Inflation rate swap contracts are subject to movements in interest rates.

(xii) 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.

262

(a) Lending of Portfolio Securities. At May 31, 2026, the aggregate market value of the loaned securities and the value of the collateral each Fund received were as follows:


Fund	Securities on Loan (a)	Financial Instrument	Collateral Received (b)(c)	Net Amount (Not Less than $0)
Morgan Stanley Pathway Large Cap Equity ETF	$ 1,047,536	$ —	$ (1,047,536)	$ 0
Morgan Stanley Pathway Small-Mid Cap Equity ETF	8,691,680	—	(8,691,680)	0
International Equity Fund	12,033,806	—	(12,033,806)	0
Emerging Markets Equity Fund	2,447,015	—	(2,447,015)	0
Core Fixed Income Fund	10,656,348	—	(10,656,348)	0
High Yield Fund	6,849,497	—	(6,849,497)	0
Ultra-Short Term Fixed Income Fund	866,593	—	(866,593)	0

(a)	Represents market value of securities on loan at period end.

(b)

The Funds received cash collateral of $1,075,312, $8,823,383, $12,730,105, $2,499,107, $10,992,859, $7,091,754 and $889,578, 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, $0, $0, $0, $0 and $0, 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.

(b) 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.

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.”

(c) 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.

(d) 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.

(e) 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.

263

(f) 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.

(g) 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, the treat or actual imposition of 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 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.

2. Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, 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 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.

264

The following table summarizes the valuation of each Fund’s assets and liabilities using the fair value hierarchy:


	Total Fair Value at May 31, 2026			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	$	3,949,842,984		$	3,949,842,984	^(a)	$	—		$	—
Rights:
Financials		86			—			—			86
Health Care		132			—			—			132
Short-Term Investments:
Money Market Fund		1,075,312			1,075,312			—			—
Time Deposits		49,288,515			—			49,288,515			—

Total Investments, at Value	$	4,000,207,029		$	3,950,918,296		$	49,288,515		$	218	^(b)

Securities Lending Transactions - Liabilities	$	(1,075,312	)	$	—		$	(1,075,312	)	$	—

265


	Total Fair Value at May 31, 2026			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	$	15,728,390		$	15,728,390	$	—		$	—
Consumer Discretionary		59,796,392			59,796,392		—			—
Consumer Staples		25,009,963			25,009,963		—			—
Energy		30,351,181	^(c)		30,351,181		—			—	^(c)
Financials		87,503,062	^(c)		87,503,062		—			—	^(c)
Health Care		90,947,497			90,947,497		—			—
Industrials		176,707,737			176,707,737		—			—
Information Technology		167,630,012			167,630,012		—			—
Materials		30,988,049			30,988,049		—			—
Real Estate		28,381,226			28,381,226		—			—
Utilities		28,719,100			28,719,100		—			—
Rights:
Consumer Staples		51,856			—		—			51,856
Health Care		5,431	^(c)		—		—			5,431	^(c)
Materials		1,265			—		—			1,265
Short-Term Investments:
Money Market Fund		8,823,383			8,823,383		—			—
Time Deposits		14,946,948			—		14,946,948			—

Total Investments, at Value	$	765,591,492	^(c)	$	750,585,992	$	14,946,948		$	58,552	^(b)(c)

Securities Lending Transactions - Liabilities	$	(8,823,383	)	$	—	$	(8,823,383	)	$	—

266


	Total Fair Value at May 31, 2026			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	$	142,737,361	^(d)	$	—	$	142,737,361	^(d)	$	—
Germany		123,751,277	^(d)		—		123,751,277	^(d)		—
Japan		265,996,412	^(d)		—		265,996,412	^(d)		—
Netherlands		76,061,759	^(d)		1,264,755		74,797,004	^(d)		—
Switzerland		104,055,738	^(d)		—		104,055,738	^(d)		—
United Kingdom		218,362,239	^(d)		4,504,756		213,857,483	^(d)		—
Other Countries^(e)		380,194,820	^(d)		55,957,589		324,179,676	^(d)		57,555
Open End Mutual Fund Security:
United States		1,637,361			1,637,361		—			—
Preferred Stocks:
Germany		1,467,250	^(d)		—		1,467,250	^(d)		—
Right:
Sweden		1,054,036	^(d)		—		1,054,036	^(d)		—
Short-Term Investments:
Money Market Fund		12,730,105			12,730,105		—			—
Time Deposits		33,271,907			—		33,271,907			—

Total Investments, at Value	$	1,361,320,265		$	76,094,566	$	1,285,168,144		$	57,555	^(b)

Security Lending Transactions - Liabilities	$	(12,730,105	)	$	—	$	(12,730,105	)	$	—

267


	Total Fair Value at May 31, 2026			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	$	153,254,578	^(d)	$	11,799,868	$	141,454,708	^(d)	$	2
India		101,141,236	^(d)		14,377,210		86,531,866	^(d)		232,160
South Korea		209,134,319	^(d)		507,200		208,627,119	^(d)		—
Taiwan		241,265,432	^(d)		13,319,277		227,946,155	^(d)		—
Other Countries^(e)		241,844,612	^(c)(d)		93,280,091		148,553,888	^(d)		10,633	^(c)
Preferred Stocks:
Brazil		5,502,010			5,502,010		—			—
Chile		405,150			405,150		—			—
Colombia		241,598			241,598		—			—
Mexico		634,327			634,327		—			—
South Korea		12,366,909	^(d)		—		12,366,909	^(d)		—
Short-Term Investments:
Money Market Fund		2,499,107			2,499,107		—			—
Time Deposits		20,121,753			—		20,121,753			—

Total Investments, at Value	$	988,411,031	^(c)	$	142,565,838	$	845,602,398		$	242,795	^(b)(c)

Security Lending Transactions - Liabilities	$	(2,499,107	)	$	—	$	(2,499,107	)	$	—

Other Financial Instruments - Liabilities^(f)
Forward Foreign Currency Contract	$	—	^†	$	—	$	—	^†	$	—

Total Other Financial Instruments - Liabilities	$	—	^†	$	—	$	—	^†	$	—

268


	Total Fair Value at May 31, 2026			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	$	573,067,878	^(c)	$	—		$	573,067,878		$	—	^(c)
Mortgage-Backed Securities		464,966,798			—			464,966,798			—
U.S. Government Agencies & Obligations		375,584,377			—			375,584,377			—
Collateralized Mortgage Obligations		231,950,515			—			231,950,515			—
Sovereign Bonds:
Other Countries^(e)		68,381,558			—			68,381,558			—
Asset-Backed Securities		41,414,978			—			41,414,978			—
Open End Mutual Fund Securities:
Financials		21,596,020			21,596,020			—			—
Municipal Bonds		2,325,052			—			2,325,052			—
Senior Loans		696,130			—			696,130			—
Common Stock:
Healthcare		254,492			—			254,492			—
Short-Term Investments:
Money Market Fund		10,992,859			10,992,859			—			—
Time Deposits		63,466,702			—			63,466,702			—
U.S. Government Obligation		21,412,411			—			21,412,411			—

Total Investments, at Value	$	1,876,109,770	^(c)	$	32,588,879		$	1,843,520,891		$	—	^(b)(c)

Securities Lending Transactions - Liabilities	$	(10,992,859	)	$	—		$	(10,992,859	)	$	—

Other Financial Instruments - Assets^(f)
Futures Contracts	$	1,290,866		$	1,290,866		$	—		$	—
Forward Foreign Currency Contracts		393,021			—			393,021			—
Centrally Cleared Credit Default Swap		105,171			—			105,171			—

Total Other Financial Instruments - Assets	$	1,789,058		$	1,290,866		$	498,192		$	—

Other Financial Instruments - Liabilities^(f)
Futures Contracts	$	(69,594	)	$	(69,594	)	$	—		$	—
Forward Foreign Currency Contracts		(324,916	)		—			(324,916	)		—

Total Other Financial Instruments - Liabilities	$	(394,510	)	$	(69,594	)	$	(324,916	)	$	—

269


	Total Fair Value at May 31, 2026			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
Sovereign Bonds:
Japan	$	12,393,958		$	—		$	12,393,958		$	—
Spain		13,201,756			—			13,201,756			—
United Kingdom		9,847,706			—			9,847,706			—
Other Countries^(e)		51,480,179			—			51,480,179			—
Mortgage-Backed Securities		69,589,139			—			69,589,139			—
Corporate Bonds & Notes		27,050,305			—			27,050,305			—
Collateralized Mortgage Obligations		15,460,784			—			15,460,784			—
U.S. Government Obligations		14,356,757			—			14,356,757			—
Collateralized Loan Obligations		11,459,030			—			11,459,030			—
Municipal Bond		209,231			—			209,231			—
Asset-Backed Securities		190,278			—			190,278			—
Purchased Options		6,549			—			6,549			—
Short-Term Investments:
Commercial Papers		3,546,061			—			3,546,061			—
Repurchase Agreement		13,200,000			—			13,200,000			—
Time Deposits		3,743,129			—			3,743,129			—

Total Investments, at Value	$	245,734,862		$	—		$	245,734,862		$	—

Other Financial Instruments - Assets^(f)
Futures Contracts	$	604,410		$	604,410		$	—		$	—
Forward Foreign Currency Contracts		1,345,104			—			1,345,104			—
OTC Interest Rate Swaps		136,563			—			136,563			—
Centrally Cleared Interest Rate Swaps		2,271,213			—			2,271,213			—
OTC Credit Default Swaps		32,256			—			32,256			—
Centrally Cleared Credit Default Swaps		46,050			—			46,050			—
OTC Cross Currency Swap		303,425			—			303,425			—

Total Other Financial Instruments - Assets	$	4,739,021		$	604,410		$	4,134,611		$	—

Other Financial Instruments - Liabilities^(f)
Options Contracts Written	$	(14,982	)	$	—		$	(14,982	)	$	—
Forward Sale Commitments		(21,703,894	)		—			(21,703,894	)		—
Futures Contracts		(577,806	)		(577,806	)		—			—
Forward Foreign Currency Contracts		(1,391,179	)		—			(1,391,179	)		—
OTC Total Return Swap		(152,815	)		—			(152,815	)		—
Centrally Cleared Interest Rate Swaps		(4,125,435	)		—			(4,125,435	)		—
Centrally Cleared Credit Default Swaps		(143,899	)		—			(143,899	)		—
OTC Cross Currency Swap		(12,260	)		—			(12,260	)		—

Total Other Financial Instruments - Liabilities	$	(28,122,270	)	$	(577,806	)	$	(27,544,464	)	$	—

271


	Total Fair Value at May 31, 2026			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	$	144,496,315		$	—		$	144,496,315		$	—
Mortgage-Backed Securities		20,553,585			—			20,553,585			—
Collateralized Mortgage Obligations		11,294,260			—			11,294,260			—
Sovereign Bonds:
Other Countries^(e)		11,061,565			—			11,061,565			—
Collateralized Loan Obligations		6,365,744			—			6,365,744			—
Corporate Bonds & Notes		1,075,773			—			1,075,773			—
Short-Term Investments:
Time Deposits		2,177,422			—			2,177,422			—

Total Investments, at Value	$	197,024,664		$	—		$	197,024,664		$	—

Other Financial Instruments - Assets^(f)
Futures Contracts	$	306,592		$	306,592		$	—		$	—
Forward Foreign Currency Contracts		238,349			—			238,349			—
Centrally Cleared Interest Rate Swaps		1,767,191			—			1,767,191			—
Centrally Cleared Inflation Rate Swaps		718,466			—			718,466			—

Total Other Financial Instruments - Assets	$	3,030,598		$	306,592		$	2,724,006		$	—

Other Financial Instruments - Liabilities^(f)
Options Contracts Written	$	(77,920	)	$	—		$	(77,920	)	$	—
Reverse Repurchase Agreement		(1,139,750	)		—			(1,139,750	)		—
Futures Contracts		(115,451	)		(115,451	)		—			—
Forward Foreign Currency Contracts		(345,205	)		—			(345,205	)		—
Centrally Cleared Interest Rate Swaps		(199,316	)		—			(199,316	)		—
Centrally Cleared Inflation Rate Swaps		(1,294,371	)		—			(1,294,371	)		—

Total Other Financial Instruments - Liabilities	$	(3,172,013	)	$	(115,451	)	$	(3,056,562	)	$	—

273


	Total Fair Value at May 31, 2026			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	$	165,538,946		$	—		$	165,538,946		$	—
Collateralized Mortgage Obligations		66,547,462			—			66,547,462			—
Collateralized Loan Obligations		28,098,501			—			28,098,501			—
Asset-Backed Securities		26,198,608			—			26,198,608			—
Mortgage-Backed Securities		8,621,520			—			8,621,520			—
Sovereign Bonds:
Other Countries^(e)		4,035,580			—			4,035,580			—
Senior Loan		1,103,267			—			1,103,267			—
U.S. Government Obligation		988,773			—			988,773			—
Short-Term Investments:
Certificate of Deposit		1,000,000			—			1,000,000			—
Commercial Papers		13,256,733			—			13,256,733			—
Money Market Fund		889,578			889,578			—			—
Time Deposits		3,513,124			—			3,513,124			—
U.S. Government Obligation		59,330,801			—			59,330,801			—

Total Investments, at Value	$	379,122,893		$	889,578		$	378,233,315		$	—

Securities Lending Transactions - Liabilities	$	(889,578	)	$	—		$	(889,578	)	$	—

Other Financial Instruments - Assets^(f)
Futures Contract	$	112,804		$	112,804		$	—		$	—

Total Other Financial Instruments - Assets	$	112,804		$	112,804		$	—		$	—

Other Financial Instruments - Liabilities^(f)
Reverse Repurchase Agreements	$	(19,204,650	)	$	—		$	(19,204,650	)	$	—
Futures Contracts		(266,012	)		(266,012	)		—			—

Total Other Financial Instruments - Liabilities	$	(19,470,662	)	$	(266,012	)	$	(19,204,650	)	$	—

274


	Total Fair Value at May 31, 2026		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	$	206,855,570	$	206,855,570	$	—	$	—

Total Investments, at Value	$	206,855,570	$	206,855,570	$	—	$	—

^(a)	The level classification by major category of investments is the same as the category presentation in the Schedule of Investments.

^(b)	None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

^(c)	Includes securities that are fair valued using significant unobservable inputs at $0.

^(d)	Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

^(e)	Other countries represents countries that are individually less than 5% of Net Assets.

^(f)	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.

^†	The value is less than $0.50.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant for any of the Funds and accordingly, no reconciliations of Level 3 assets for the fiscal year to date ended May 31, 2026 are presented.

There were no significant transfers in or out of Level 3 for the period ended May 31, 2026 for any of the Funds.

For information on each Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Funds’ most recent financial statements included in the semi-annual or annual report to shareholders.

275


Counterparty abbreviation used in this schedule:

BBH	—	Brown Brothers Harriman & Co.


Counterparty abbreviations used in this schedule:

BNP	—	BNP Paribas SA
BNY	—	Bank of New York Mellon
GSC	—	Goldman Sachs & Co.
HSBC	—	HSBC Bank USA
SSB	—	State Street Bank & Trust Co.