UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06318

MORGAN STANLEY PATHWAY FUNDS

(Exact name of registrant as specified in charter)

2000 Westchester Avenue

Purchase, NY 10577

(Address of principal executive offices) (Zip code)

CT Corp

155 Federal Street, Suite 700

Boston, MA 02110

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1 (800) 869-3326

Date of fiscal year end:

August 31

Date of reporting period:

August 31, 2026

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under clearance requirements of 44 U.S.C. § 3507.

Item 1. Report to Stockholders.

Morgan Stanley Pathway Funds - Morgan Stanley Pathway Large Cap Equity ETF

MSLC | NYSE Arca

Annual Shareholder Report August 31, 2026

This annual shareholder report contains important information about Morgan Stanley Pathway Large Cap Equity ETF for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Table Summary
Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Morgan Stanley Pathway Large Cap Equity ETF	$40	0.37%

How did the fund perform last year?

Key contributors to and detractors from performance relative to the Russell 1000^® Index:

Contributors:
- Positioning within the consumer discretionary sector contributed positively to relative performance during the period. Holdings in consumer services were the largest source of the sector’s contribution, as favorable security selection and exposure to stronger-performing companies helped the fund outperform the benchmark within this segment.
- Underweight consumer staples also benefited relative performance, as the sector lagged the broader market during a period when investors favored higher-growth areas. The fund’s lower exposure reduced the effect of the sector’s relative weakness and provided an additional contribution to results.
Detractors:
- The underweight allocation to information technology detracted from relative performance during the period. In particular, lower exposure to semiconductors and technology hardware was a key headwind, as both industries were among the strongest-performing areas of the market.
- Positioning within the health care sector also weighed on relative performance during the period. Holdings in pharmaceuticals, biotechnology and health care equipment underperformed their benchmark counterparts, reflecting unfavorable security selection across these industries.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

A line chart as described in the following paragraph.

Table Summary
	Morgan Stanley Pathway Large Cap Equity ETF - NAV (Without Annual Advisory Program Fee)	Morgan Stanley Pathway Large Cap Equity ETF - NAV (With Annual Advisory Program Fee^{Footnote Reference2})	Russell 1000^® Index
8/16	$10,000	$10,000	$10,000
8/17	$11,386	$11,106	$11,616
8/18	$13,537	$12,886	$13,918
8/19	$13,716	$12,800	$14,265
8/20	$16,301	$14,941	$17,474
8/21	$21,483	$19,309	$23,110
8/22	$18,166	$15,999	$20,114
8/23	$20,839	$17,992	$23,212
8/24	$25,958	$21,967	$29,386
8/25	$29,772	$24,696	$34,157
8/26	$34,772	$28,273	$40,911

Average Annual Total Returns (%)^{Footnote Reference1}

Table Summary
	1 Year	5 Years	10 Years
Morgan Stanley Pathway Large Cap Equity ETF - NAV (Without Annual Advisory Program Fee)	16.80%	10.11%	13.27%
Morgan Stanley Pathway Large Cap Equity ETF - NAV (With Annual Advisory Program Fee)^{Footnote Reference2}	14.48%	7.93%	10.75%
Russell 1000^® Index	19.77%	12.10%	15.13%

Footnote	Description
Footnote¹	Performance prior to December 9, 2024 is that of Large Cap Equity Fund (the Predecessor Fund). The Fund acquired the performance history of the Predecessor Fund as part of a reorganization that took place on December 9, 2024.
Footnote²	The Morgan Stanley Annual Advisory Program Fees are only applicable to shareholders who own shares of the Fund through a Morgan Stanley-sponsored investment advisory program. These programs charge an annual fee, which may be up to 2.00%.

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. For more performance information, visit www.morganstanley.com/wealth-investmentsolutions/cgcm.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary
Total Net Assets	$4,071,442,629
# of Portfolio Holdings	793
Portfolio Turnover Rate	18%
Advisory Fees Paid	$11,125,834

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of Investments)

A graphical representation of Investments made.

Table Summary
Value	Value
Short-Term Investments	0.8%
Real Estate	1.7%
Utilities	1.8%
Materials	2.1%
Consumer Staples	3.5%
Energy	3.6%
Health Care	8.9%
Consumer Discretionary	9.0%
Communication Services	9.9%
Industrials	10.3%
Financials	14.5%
Information Technology	33.9%

Top Ten Holdings (% of Investments)^{Footnote Referencea}

Table Summary
NVIDIA Corp.	7.0%
Microsoft Corp.	5.7%
Apple Inc.	5.5%
Amazon.com Inc.	4.1%
Alphabet Inc., Class A Shares	3.2%
Broadcom Inc.	2.5%
Meta Platforms Inc., Class A Shares	2.0%
Alphabet Inc., Class C Shares	1.9%
JPMorgan Chase & Co.	1.6%
Micron Technology Inc.	1.6%
Total	35.1%

Footnote	Description
Footnote^a	Excludes cash equivalents.

Material Fund Changes

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by January 1, 2027 at www.morganstanley.com/wealth-investmentsolutions/cgcm or upon request by contacting us at 1-800-869-3326.

Effective March 23, 2026, Blackrock Financial Management, Inc. is no longer an investment sub-adviser of the Fund and O’Shaughnessy Asset Management, LLC commenced as a new investment sub-adviser of the Fund. Effective August 19, 2026, ClearBridge Investments, LLC is no longer an investment sub-adviser of the Fund and Westfield Capital Management Company, L.P. commenced as a new investment sub-adviser of the Fund. Consulting Group Advisory Services, LLC continues to serve as the adviser of the Fund.

Additional Information

For additional information about the Fund, including its prospectus, statement of additional information, financial statements, holdings and proxy information, please scan the QR code or visit www.morganstanley.com/wealth-investmentsolutions/cgcm.

Householding

To reduce expenses, the Fund may mail only one copy of the prospectus, statement of additional information and each annual & semi-annual tailored shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-800-869-3326. You will begin receiving copies thirty days after your request is received.

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Annual Shareholder Report August 31, 2026

MSLC-TSR-AR

Morgan Stanley Pathway Funds - Morgan Stanley Pathway Small-Mid Cap Equity ETF

MSSM | NYSE Arca

Annual Shareholder Report August 31, 2026

This annual shareholder report contains important information about Morgan Stanley Pathway Small-Mid Cap Equity ETF for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Table Summary
Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Morgan Stanley Pathway Small-Mid Cap Equity ETF	$69	0.62%

How did the fund perform last year?

Key contributors to and detractors from performance relative to the Russell 2500^® Index:

Contributors:
- The fund’s underweight allocation to real estate contributed positively to relative performance during the period, as the sector lagged the broader benchmark. Positioning within the sector provided an additional benefit, with the fund’s individual real estate holdings outperforming their benchmark counterparts. Together, the lower allocation and favorable security selection made real estate a meaningful contributor to relative returns.
- Positioning within the industrials sector also contributed positively to relative performance during the period. Electrical equipment was the primary driver, as favorable stock selection and exposure to stronger-performing companies within this subsector added to the fund’s performance.
Detractors:
- Positioning within the health care sector detracted from relative performance during the period, primarily due to stock selection within biotechnology. Although the biotechnology industry generated strong absolute gains, the fund’s holdings did not keep pace with the strongest-performing benchmark constituents. As a result, the portfolio captured less of the industry’s advance, creating a headwind to relative returns.
- Positioning within the information technology sector also weighed on relative performance during the period. Although the fund’s overweight allocation to the sector contributed positively, that benefit was more than offset by unfavorable stock selection, particularly within communications equipment. Holdings in that subsector lagged their benchmark counterparts, limiting participation in stronger-performing technology names and creating a net headwind to relative returns.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

Table Summary
	Morgan Stanley Pathway Small-Mid Cap Equity ETF - NAV (Without Annual Advisory Program Fee)	Morgan Stanley Pathway Small-Mid Cap Equity ETF - NAV (With Annual Advisory Program Fee^{Footnote Reference2})	Russell 3000^® Index	Russell 2500^® Index
8/16	$10,000	$10,000	$10,000	$10,000
8/17	$11,449	$11,166	$11,606	$11,322
8/18	$13,987	$13,309	$13,956	$13,964
8/19	$13,113	$12,231	$14,139	$12,966
8/20	$14,264	$13,066	$17,171	$13,847
8/21	$20,132	$18,086	$22,845	$20,198
8/22	$16,932	$14,905	$19,810	$17,058
8/23	$18,028	$15,557	$22,734	$18,191
8/24	$20,766	$17,564	$28,677	$21,351
8/25	$22,360	$18,537	$33,220	$23,494
8/26	$27,540	$22,380	$39,898	$29,495

Average Annual Total Returns (%)^{Footnote Reference1}

Table Summary
	1 Year	5 Years	10 Years
Morgan Stanley Pathway Small-Mid Cap Equity ETF - NAV (Without Annual Advisory Program Fee)	23.17%	6.47%	10.66%
Morgan Stanley Pathway Small-Mid Cap Equity ETF - NAV (With Annual Advisory Program Fee)^{Footnote Reference2}	20.73%	4.36%	8.20%
Russell 3000^® Index	20.10%	11.80%	14.84%
Russell 2500^® Index	25.54%	7.87%	11.42%

Footnote	Description
Footnote¹	Performance prior to December 9, 2024 is that of Small-Mid Cap Equity Fund (the Predecessor Fund). The Fund acquired the performance history of the Predecessor Fund as part of a reorganization that took place on December 9, 2024.
Footnote²	The Morgan Stanley Annual Advisory Program Fees are only applicable to shareholders who own shares of the Fund through a Morgan Stanley-sponsored investment advisory program. These programs charge an annual fee, which may be up to 2.00%.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary
Total Net Assets	$712,749,276
# of Portfolio Holdings	1,839
Portfolio Turnover Rate	53%
Advisory Fees Paid	$3,486,857

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of Investments)

Table Summary
Value	Value
Short-Term Investments	2.0%
Communication Services	2.7%
Utilities	3.9%
Consumer Staples	3.9%
Energy	4.0%
Materials	4.2%
Real Estate	4.5%
Consumer Discretionary	9.2%
Financials	14.2%
Health Care	15.8%
Information Technology	17.6%
Industrials	18.0%

Top Ten Holdings (% of Investments)^{Footnote Referencea}

Table Summary
Ascendis Pharma AS, ADR	0.9%
Dynatrace Inc.	0.8%
TechnipFMC PLC	0.7%
ViaSat Inc.	0.6%
KBR Inc.	0.6%
Regal Rexnord Corp.	0.6%
Avient Corp.	0.5%
IMAX Corp.	0.5%
Sprouts Farmers Market Inc.	0.5%
Veeco Instruments Inc.	0.5%
Total	6.2%

Footnote	Description
Footnote^a	Excludes cash equivalents.

Material Fund Changes

Additional Information

Householding

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Annual Shareholder Report August 31, 2026

MSSM-TSR-AR

Morgan Stanley Pathway Funds - International Equity Fund

TIEUX

Annual Shareholder Report August 31, 2026

This annual shareholder report contains important information about Morgan Stanley Pathway Funds - International Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Table Summary
Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
International Equity Fund	$66	0.60%

How did the fund perform last year?

Key contributors to and detractors from performance relative to MSCI EAFE^® Index (Net):

Contributors:
- The fund’s overweight allocation to information technology contributed positively to relative performance during the period, as the sector was among the strongest-performing areas of the market. Favorable stock selection within technology hardware provided an additional benefit, with the fund’s holdings outperforming their benchmark counterparts.
- Positioning within the industrials sector provided an additional positive contribution to relative performance during the period. Capital goods were the primary driver, as the fund’s holdings outperformed both their benchmark counterparts within the subsector and the broader industrials sector.
Detractors:
- The fund’s overweight allocation to consumer discretionary detracted from relative performance during the period, as the sector underperformed the broader benchmark. Unfavorable stock selection compounded the allocation effect, particularly within consumer services and consumer durables & apparel, where the fund’s holdings lagged their benchmark counterparts. Together, the larger sector exposure and weaker security selection detracted from relative returns.
- The fund’s overweight allocation to health care detracted from relative performance during the period, as the sector lagged the broader benchmark. Unfavorable stock selection within biotechnology and pharmaceuticals created an additional headwind, with the fund’s holdings in these industries underperforming their benchmark counterparts. Together, the larger sector exposure and weaker security selection negatively impacted relative returns.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

Table Summary
	International Equity Fund (Without Annual Advisory Program Fee)	International Equity Fund (With Annual Advisory Program Fee^{Footnote Reference1})	MSCI EAFE^® Index (Net)
8/16	$10,000	$10,000	$10,000
8/17	$11,714	$11,428	$11,764
8/18	$12,200	$11,615	$12,280
8/19	$11,427	$10,662	$11,880
8/20	$12,414	$11,377	$12,609
8/21	$16,006	$14,384	$15,903
8/22	$12,586	$11,081	$12,754
8/23	$15,320	$13,225	$15,039
8/24	$18,132	$15,342	$17,957
8/25	$20,224	$16,773	$20,448
8/26	$24,322	$19,773	$24,869

Average Annual Total Returns (%)

Table Summary
	1 Year	5 Years	10 Years
International Equity Fund (Without Annual Advisory Program Fee)	20.27%	8.73%	9.29%
International Equity Fund (With Annual Advisory Program Fee)^{Footnote Reference1}	17.88%	6.57%	6.86%
MSCI EAFE^® Index (Net)	21.62%	9.35%	9.54%

Footnote	Description
Footnote¹	The Funds are available only to investors participating in Morgan Stanley approved advisory programs. These programs charge an annual fee, which may be up to 2.00%.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary
Total Net Assets	$1,377,853,026
# of Portfolio Holdings	955
Portfolio Turnover Rate	40%
Advisory Fees Paid	$6,028,567

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Country Allocation (% of Investments)

Table Summary
Value	Value
Short-Term Investments	2.1%
Other Countries	16.4%
Sweden	2.7%
Italy	3.0%
Spain	3.2%
Australia	3.6%
Netherlands	5.3%
Switzerland	7.6%
France	9.6%
Germany	9.7%
United Kingdom	17.2%
Japan	19.6%

Top Ten Holdings (% of Investments)^{Footnote Referencea}

Table Summary
ASML Holding NV	2.1%
SAP SE	1.7%
Roche Holding AG	1.6%
AstraZeneca PLC	1.5%
Siemens AG, Class Registered Shares	1.4%
Rolls-Royce Holdings PLC	1.1%
Kering SA	1.1%
Sumitomo Mitsui Financial Group Inc.	1.0%
LVMH Moët Hennessy Louis Vuitton SE	0.9%
Reckitt Benckiser Group PLC	0.9%
Total	13.3%

Footnote	Description
Footnote^a	Excludes cash equivalents.

Material Fund Changes

Effective May 7, 2026, Blackrock Financial Management, Inc. is no longer an investment sub-adviser of the Fund and O’Shaughnessy Asset Management, LLC commenced as a new investment sub-adviser of the Fund. Effective August 19, 2026, Walter Scott & Partners Limited is no longer an investment sub-adviser of the Fund. Consulting Group Advisory Services, LLC continues to serve as the adviser of the Fund.

Additional Information

Householding

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Annual Shareholder Report August 31, 2026

TIEUX-TSR-AR

Morgan Stanley Pathway Funds - Emerging Markets Equity Fund

TEMUX

Annual Shareholder Report August 31, 2026

This annual shareholder report contains important information about Morgan Stanley Pathway Funds - Emerging Markets Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Table Summary
Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Emerging Markets Equity Fund	$90	0.75%

How did the fund perform last year?

Key contributors to and detractors from performance relative to MSCI Emerging Markets Index (Net):

Contributors:
- The fund’s positioning within information technology contributed positively to relative performance during the period. Security selection was particularly favorable within semiconductors and technology hardware, where portfolio holdings participated in the strong appreciation across both subsectors. In addition, the fund’s slight overweight allocation to information technology enhanced relative returns, as the sector ranked among the strongest-performing areas of the market.
- The underweight allocation to communication services contributed positively to relative performance, as the sector underperformed the broader benchmark during the period. Within the sector, an underweight allocation to media and entertainment also generated a positive allocation effect, reflecting the subsector’s relative underperformance.
Detractors:
- The overweight allocation to consumer discretionary detracted from relative performance, as the sector underperformed the broader benchmark during the period. Within the sector, unfavorable security selection in broadline retail generated an additional negative selection effect, as the fund’s holdings underperformed their benchmark counterparts.
- Positioning within the materials sector detracted from relative performance during the period. Despite the sector’s strong absolute return, unfavorable security selection within the chemicals subsector and construction materials generated a negative selection effect, as the fund’s holdings underperformed their benchmark counterparts.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

Table Summary
	Emerging Markets Equity Fund (Without Annual Advisory Program Fee)	Emerging Markets Equity Fund (With Annual Advisory Program Fee^{Footnote Reference1})	MSCI Emerging Markets Index (Net)
8/16	$10,000	$10,000	$10,000
8/17	$12,548	$12,249	$12,453
8/18	$11,845	$11,281	$12,368
8/19	$11,797	$11,014	$11,829
8/20	$12,598	$11,548	$13,542
8/21	$15,280	$13,732	$16,403
8/22	$11,317	$9,964	$12,826
8/23	$11,842	$10,220	$12,987
8/24	$13,413	$11,346	$14,944
8/25	$15,503	$12,854	$17,455
8/26	$21,650	$17,595	$24,306

Average Annual Total Returns (%)

Table Summary
	1 Year	5 Years	10 Years
Emerging Markets Equity Fund (Without Annual Advisory Program Fee)	39.65%	7.22%	8.03%
Emerging Markets Equity Fund (With Annual Advisory Program Fee)^{Footnote Reference1}	36.89%	5.09%	5.63%
MSCI Emerging Markets Index (Net)	39.25%	8.18%	9.29%

Footnote	Description
Footnote¹	The Funds are available only to investors participating in Morgan Stanley approved advisory programs. These programs charge an annual fee, which may be up to 2.00%.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary
Total Net Assets	$826,403,208
# of Portfolio Holdings	1,075
Portfolio Turnover Rate	31%
Advisory Fees Paid	$4,249,985

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Country Allocation (% of Investments)

Table Summary
Value	Value
Short-Term Investments	1.4%
Other Countries	9.6%
Poland	1.0%
Saudi Arabia	2.1%
Mexico	2.3%
Hong Kong	3.0%
South Africa	3.2%
Brazil	5.1%
India	10.6%
China	16.2%
South Korea	20.1%
Taiwan	25.4%

Top Ten Holdings (% of Investments)^{Footnote Referencea}

Table Summary
Taiwan Semiconductor Manufacturing Co., Ltd.	13.4%
Samsung Electronics Co., Ltd.	6.4%
SK hynix Inc.	5.9%
Tencent Holdings Ltd.	3.4%
MediaTek Inc.	1.8%
Delta Electronics Inc.	1.4%
Alibaba Group Holding Ltd.	1.3%
Samsung Electronics Co., Ltd., Class Preferred Shares	1.3%
Shinhan Financial Group Co., Ltd.	1.2%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR	1.1%
Total	37.2%

Footnote	Description
Footnote^a	Excludes cash equivalents.

Material Fund Changes

Effective May 7, 2026, Blackrock Financial Management, Inc. is no longer an investment sub-adviser of the Fund and O’Shaughnessy Asset Management, LLC commenced as a new investment sub-adviser of the Fund. Effective September 21, 2026, Van Eck Associates Corporation is no longer an investment sub-adviser of the Fund and PanAgora Asset Management, Inc. commenced as a new investment sub-adviser of the Fund. Consulting Group Advisory Services, LLC continues to serve as the adviser of the Fund.

Additional Information

Householding

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Annual Shareholder Report August 31, 2026

TEMUX-TSR-AR

Morgan Stanley Pathway Funds - Core Fixed Income Fund

TIIUX

Annual Shareholder Report August 31, 2026

This annual shareholder report contains important information about Morgan Stanley Pathway Funds - Core Fixed Income Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Table Summary
Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Core Fixed Income Fund	$45	0.45%

How did the fund perform last year?

Key contributors to and detractors from performance relative to the Bloomberg U.S. Aggregate Bond™ Index:

Contributors:
- Credit-quality allocation enhanced relative performance by emphasizing segments of the market that generated stronger returns than the benchmark during the period.
- Exposure to premium mortgage-backed securities further supported relative performance, as these higher-coupon holdings delivered favorable income and return characteristics relative to the benchmark.
Detractors:
- The portfolio’s slightly longer duration relative to the benchmark detracted from performance, as rising interest rates placed greater downward pressure on the value of its interest-rate-sensitive holdings.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

Table Summary
	Core Fixed Income Fund (Without Annual Advisory Program Fee)	Core Fixed Income Fund (With Annual Advisory Program Fee^{Footnote Reference1})	Bloomberg U.S. Aggregate Bond™ Index
8/16	$10,000	$10,000	$10,000
8/17	$10,107	$9,857	$10,049
8/18	$9,971	$9,482	$9,944
8/19	$11,006	$10,260	$10,955
8/20	$11,827	$10,831	$11,664
8/21	$11,896	$10,678	$11,654
8/22	$10,367	$9,119	$10,312
8/23	$10,201	$8,795	$10,189
8/24	$10,912	$9,221	$10,933
8/25	$11,242	$9,312	$11,276
8/26	$11,457	$9,302	$11,489

Average Annual Total Returns (%)

Table Summary
	1 Year	5 Years	10 Years
Core Fixed Income Fund (Without Annual Advisory Program Fee)	1.91%	-0.75%	1.37%
Core Fixed Income Fund (With Annual Advisory Program Fee)^{Footnote Reference1}	-0.10%	-2.71%	-0.89%
Bloomberg U.S. Aggregate Bond™ Index	1.89%	-0.29%	1.40%

Footnote	Description
Footnote¹	The Funds are available only to investors participating in Morgan Stanley approved advisory programs. These programs charge an annual fee, which may be up to 2.00%.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary
Total Net Assets	$2,018,369,502
# of Portfolio Holdings	3,729
Portfolio Turnover Rate	92%
Advisory Fees Paid	$5,802,359

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Asset Allocation (% of Investments)

Table Summary
Value	Value
Short-Term Investments	6.5%
Common Stock	0.0%^{Footnote Referencea}
Senior Loans	0.0%^{Footnote Referencea}
Municipal Bonds	0.1%
Collateralized Loan Obligation	0.2%
Open End Mutual Fund Securities	1.3%
Asset-Backed Securities	2.3%
Sovereign Bonds	3.7%
Collateralized Mortgage Obligations	12.4%
U.S. Government Agencies & Obligations	19.2%
Mortgage-Backed Securities	24.4%
Corporate Bonds & Notes	29.9%

Footnote	Description
Footnote^a	Less than 0.05%.

Credit Quality Allocation (% of net assets)^{Footnote Reference*}

Table Summary
Value	Value
Cash & Short-Term Investments	7.8%
Not Rated	9.8%
CCC or Lower	0.1%
B	1.3%
BB	5.6%
BBB	17.4%
A	10.7%
AA	47.5%
AAA	3.3%

Footnote	Description
Footnote^*	Security ratings disclosed with the exception for those labeled "not rated" is an aggregation of the highest security level rating amongst Standard & Poor's Ratings Service ("S&P"), Moody's Investors Services ("Moody's") and Fitch Ratings Service ("Fitch"), each a Nationally Recognized Statistical Ratings Organization ("NRSRO"). These rating agencies are independent, nationally recognized statistical rating organizations and are widely used.

Footnote

Description

Footnote^*

Security ratings disclosed with the exception for those labeled "not rated" is an aggregation of the highest security level rating amongst Standard & Poor's Ratings Service ("S&P"), Moody's Investors Services ("Moody's") and Fitch Ratings Service ("Fitch"), each a Nationally Recognized Statistical Ratings Organization ("NRSRO"). These rating agencies are independent, nationally recognized statistical rating organizations and are widely used.

Material Fund Changes

There were no material changes to the Fund.

Additional Information

Householding

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Annual Shareholder Report August 31, 2026

TIIUX-TSR-AR

Morgan Stanley Pathway Funds - High Yield Fund

THYUX

Annual Shareholder Report August 31, 2026

This annual shareholder report contains important information about Morgan Stanley Pathway Funds - High Yield Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Table Summary
Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
High Yield Fund	$76	0.75%

How did the fund perform last year?

Key contributors to and detractors from performance relative to the Bloomberg U.S. Corporate High Yield Bond Index:

Contributors:
- Security selection within the basic industry, consumer cyclical and technology sectors contributed positively to relative performance.
- Sector allocation also enhanced relative performance, with the overweight position in energy and underweight allocation to capital goods both contributing favorably.
Detractors:
- Security selection within the communications and REIT sectors detracted from relative performance during the period.
- The underweight allocation to the consumer non-cyclicals sector also weighed on relative performance during the period.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

Table Summary
	High Yield Fund (Without Annual Advisory Program Fee)	High Yield Fund (With Annual Advisory Program Fee^{Footnote Reference1})	Bloomberg U.S. Universal Bond™ Index	Bloomberg U.S. Corporate High Yield Bond Index
8/16	$10,000	$10,000	$10,000	$10,000
8/17	$10,838	$10,572	$10,134	$10,863
8/18	$11,214	$10,670	$10,040	$11,232
8/19	$11,840	$11,044	$11,052	$11,969
8/20	$11,856	$10,855	$11,761	$12,532
8/21	$12,876	$11,557	$11,865	$13,804
8/22	$11,476	$10,094	$10,458	$12,341
8/23	$12,245	$10,559	$10,417	$13,225
8/24	$13,588	$11,484	$11,243	$14,885
8/25	$14,655	$12,141	$11,661	$16,115
8/26	$15,204	$12,346	$11,922	$16,902

Average Annual Total Returns (%)

Table Summary
	1 Year	5 Years	10 Years
High Yield Fund (Without Annual Advisory Program Fee)	3.74%	3.38%	4.28%
High Yield Fund (With Annual Advisory Program Fee)^{Footnote Reference1}	1.69%	1.33%	1.96%
Bloomberg U.S. Universal Bond™ Index	2.23%	0.10%	1.77%
Bloomberg U.S. Corporate High Yield Bond Index	4.88%	4.13%	5.39%

Footnote	Description
Footnote¹	The Funds are available only to investors participating in Morgan Stanley approved advisory programs. These programs charge an annual fee, which may be up to 2.00%.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary
Total Net Assets	$166,663,262
# of Portfolio Holdings	290
Portfolio Turnover Rate	58%
Advisory Fees Paid	$764,452

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Asset Allocation (% of Investments)

Table Summary
Value	Value
Short-Term Investments	3.1%
Senior Loan	0.0%^{Footnote Referencea}
Corporate Bonds & Notes	96.9%

Footnote	Description
Footnote^a	Less than 0.05%.

Credit Quality Allocation (% of net assets)^{Footnote Reference*}

Table Summary
Value	Value
Cash & Short-Term Investments	9.8%
Not Rated	0.0%
CCC or Lower	4.3%
B	37.7%
BB	51.7%
BBB	2.2%

Footnote	Description
Footnote^*	Security ratings disclosed with the exception for those labeled "not rated" is an aggregation of the highest security level rating amongst Standard & Poor's Ratings Service ("S&P"), Moody's Investors Services ("Moody's") and Fitch Ratings Service ("Fitch"), each a Nationally Recognized Statistical Ratings Organization ("NRSRO"). These rating agencies are independent, nationally recognized statistical rating organizations and are widely used.

Footnote

Description

Footnote^*

Material Fund Changes

There were no material changes to the Fund.

Additional Information

Householding

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Annual Shareholder Report August 31, 2026

THYUX-TSR-AR

Morgan Stanley Pathway Funds - International Fixed Income Fund

TIFUX

Annual Shareholder Report August 31, 2026

This annual shareholder report contains important information about Morgan Stanley Pathway Funds - International Fixed Income Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Table Summary
Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
International Fixed Income Fund	$106	1.06%

How did the fund perform last year?

Key contributors to and detractors from performance relative to the FTSE Non-U.S. WGBI (USD) - Hedged:

Contributors:
- Positioning across select emerging-market interest-rate markets, including South Africa, Singapore, and South Korea, contributed positively to relative performance.
- Allocations to agency and non-agency mortgage-backed securities, along with collateralized loan obligations, also supported relative performance.
- Emerging-market currency positions, particularly long exposure to the Brazilian real and Mexican peso, provided an additional contribution to relative returns.
Detractors:
- Interest-rate positioning across the U.S., euro bloc and U.K. detracted from relative performance.
- Long exposure to the Japanese yen also weighed on relative performance during the period.
- Short exposure to the euro and select dollar-bloc currencies, including the Australian dollar, further detracted from relative returns.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

Table Summary
	International Fixed Income Fund (Without Annual Advisory Program Fee)	International Fixed Income Fund (With Annual Advisory Program Fee^{Footnote Reference1})	FTSE Non-U.S. WGBI (USD) - Hedged
8/16	$10,000	$10,000	$10,000
8/17	$10,098	$9,849	$9,921
8/18	$10,326	$9,822	$10,115
8/19	$11,359	$10,538	$11,415
8/20	$11,445	$10,355	$11,447
8/21	$11,657	$10,287	$11,545
8/22	$10,312	$8,920	$10,303
8/23	$10,296	$8,730	$10,267
8/24	$11,001	$9,143	$10,937
8/25	$11,413	$9,298	$11,192
8/26	$11,432	$9,129	$11,332

Average Annual Total Returns (%)

Table Summary
	1 Year	5 Years	10 Years
International Fixed Income Fund (Without Annual Advisory Program Fee)	0.16%	-0.39%	1.35%
International Fixed Income Fund (With Annual Advisory Program Fee)^{Footnote Reference1}	-1.82%	-2.36%	-0.91%
FTSE Non-U.S. WGBI (USD) - Hedged	1.25%	-0.37%	1.26%

Footnote	Description
Footnote¹	The Funds are available only to investors participating in Morgan Stanley approved advisory programs. These programs charge an annual fee, which may be up to 2.00%.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary
Total Net Assets	$203,845,785
# of Portfolio Holdings	404
Portfolio Turnover Rate	310%
Advisory Fees Paid	$853,413

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Asset Allocation (% of Investments)

Table Summary
Value	Value
Short-Term Investments	11.7%
Purchased Option	0.0%^{Footnote Referencea}
Asset-Backed Securities	0.1%
Municipal Bond	0.1%
Collateralized Loan Obligations	5.5%
U.S. Government Obligations	5.8%
Collateralized Mortgage Obligations	7.1%
Corporate Bonds & Notes	9.8%
Mortgage-Backed Securities	27.4%
Sovereign Bonds	32.5%

Footnote	Description
Footnote^a	Less than 0.05%.

Credit Quality Allocation (% of net assets)^{Footnote Reference*}

Table Summary
Value	Value
Cash & Short-Term Investments	15.0%
Not Rated	15.6%
CCC or Lower	1.1%
B	0.5%
BB	5.7%
BBB	8.3%
A	14.5%
AA	55.4%
AAA	11.6%

Footnote

Description

Footnote^*

Material Fund Changes

The net expense ratio decreased from the prior fiscal year primarily due to a decrease in expenses related to financing activities.

Additional Information

Householding

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Annual Shareholder Report August 31, 2026

TIFUX-TSR-AR

Morgan Stanley Pathway Funds - Municipal Bond Fund

TMUUX

Annual Shareholder Report August 31, 2026

This annual shareholder report contains important information about Morgan Stanley Pathway Funds - Municipal Bond Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Table Summary
Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Municipal Bond Fund	$74	0.73%

How did the fund perform last year?

Key contributors to and detractors from performance relative to the Bloomberg U.S. Municipal Bond™ Index:

Contributors:
- The overweight allocation to 15- to 25-year maturities contributed positively to relative performance.
- The portfolio’s longer-duration stance provided additional support to relative performance during the period.
- The overweight position in the utilities sector further enhanced relative returns.
Detractors:
- The underweight allocation to maturities beyond 25 years detracted from relative performance during the period.
- The underweight position in BBB-rated credits also weighed on relative returns during the period.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

Table Summary
	Municipal Bond Fund (Without Annual Advisory Program Fee)	Municipal Bond Fund (With Annual Advisory Program Fee^{Footnote Reference1})	Bloomberg U.S. Municipal Bond™ Index
8/16	$10,000	$10,000	$10,000
8/17	$9,978	$9,731	$10,088
8/18	$9,956	$9,469	$10,137
8/19	$10,790	$10,059	$11,021
8/20	$11,005	$10,074	$11,378
8/21	$11,343	$10,178	$11,764
8/22	$10,332	$9,086	$10,749
8/23	$10,472	$9,026	$10,932
8/24	$11,102	$9,379	$11,597
8/25	$10,997	$9,107	$11,606
8/26	$11,443	$9,289	$12,084

Average Annual Total Returns (%)

Table Summary
	1 Year	5 Years	10 Years
Municipal Bond Fund (Without Annual Advisory Program Fee)	4.05%	0.18%	1.36%
Municipal Bond Fund (With Annual Advisory Program Fee)^{Footnote Reference1}	1.99%	-1.81%	-0.90%
Bloomberg U.S. Municipal Bond™ Index	4.12%	0.54%	1.91%

Footnote	Description
Footnote¹	The Funds are available only to investors participating in Morgan Stanley approved advisory programs. These programs charge an annual fee, which may be up to 2.00%.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary
Total Net Assets	$93,646,702
# of Portfolio Holdings	167
Portfolio Turnover Rate	12%
Advisory Fees Paid	$345,945

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Asset Allocation (% of Investments)

Table Summary
Value	Value
Short-Term Investments	4.9%
Warrant	0.0%^{Footnote Referencea}
Collateralized Mortgage Obligations	0.7%
Municipal Bonds	94.4%

Footnote	Description
Footnote^a	Less than 0.05%.

Credit Quality Allocation (% of net assets)^{Footnote Reference*}

Table Summary
Value	Value
Cash & Short-Term Investments	4.9%
Not Rated	3.1%
BBB	1.4%
A	21.4%
AA	48.3%
AAA	20.6%

Footnote

Description

Footnote^*

Material Fund Changes

There were no material changes to the Fund.

Additional Information

Householding

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Annual Shareholder Report August 31, 2026

TMUUX-TSR-AR

Morgan Stanley Pathway Funds - Inflation-Linked Fixed Income Fund

TILUX

Annual Shareholder Report August 31, 2026

This annual shareholder report contains important information about Morgan Stanley Pathway Funds - Inflation-Linked Fixed Income Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Table Summary
Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Inflation-Linked Fixed Income Fund	$228	2.27%

How did the fund perform last year?

Key contributors to and detractors from performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index:

Contributors:
- Breakeven inflation strategies in Europe and Japan contributed positively to relative performance.
- Exposure to agency and non-agency mortgage-backed securities, as well as collateralized loan obligations, provided additional support to relative performance.
- Active currency strategies, particularly long exposure to the Brazilian real and Mexican peso, also enhanced relative returns during the period.
Detractors:
- Interest-rate strategies across the U.S., Europe and U.K. detracted from relative performance during the period.
- Short exposure to dollar-bloc currencies also weighed on relative returns during the period.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

Table Summary
	Inflation-Linked Fixed Income Fund (Without Annual Advisory Program Fee)	Inflation-Linked Fixed Income Fund (With Annual Advisory Program Fee^{Footnote Reference1})	Bloomberg U.S. Aggregate Bond™ Index	Bloomberg U.S. TIPS Index
8/16	$10,000	$10,000	$10,000	$10,000
8/17	$10,105	$9,856	$10,049	$10,046
8/18	$10,160	$9,664	$9,944	$10,129
8/19	$10,813	$10,081	$10,955	$10,885
8/20	$11,935	$10,920	$11,665	$11,863
8/21	$12,636	$11,333	$11,655	$12,522
8/22	$11,831	$10,400	$10,313	$11,773
8/23	$11,297	$9,733	$10,189	$11,341
8/24	$12,025	$10,154	$10,933	$12,041
8/25	$12,661	$10,480	$11,276	$12,630
8/26	$12,768	$10,359	$11,489	$12,766

Average Annual Total Returns (%)

Table Summary
	1 Year	5 Years	10 Years
Inflation-Linked Fixed Income Fund (Without Annual Advisory Program Fee)	0.84%	0.21%	2.47%
Inflation-Linked Fixed Income Fund (With Annual Advisory Program Fee)^{Footnote Reference1}	-1.16%	-1.78%	0.19%
Bloomberg U.S. Aggregate Bond™ Index	1.89%	-0.29%	1.40%
Bloomberg U.S. TIPS Index	1.08%	0.39%	2.47%

Footnote	Description
Footnote¹	The Funds are available only to investors participating in Morgan Stanley approved advisory programs. These programs charge an annual fee, which may be up to 2.00%.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary
Total Net Assets	$128,498,022
# of Portfolio Holdings	165
Portfolio Turnover Rate	97%
Advisory Fees Paid	$608,699

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Asset Allocation (% of Investments)

Table Summary
Value	Value
Short-Term Investments	1.4%
Corporate Bonds & Notes	0.6%
Collateralized Loan Obligations	3.1%
Sovereign Bonds	4.2%
Collateralized Mortgage Obligations	6.3%
Mortgage-Backed Securities	9.6%
U.S. Government Obligations	74.8%

Credit Quality Allocation (% of net assets)^{Footnote Reference*}

Table Summary
Value	Value
Cash & Short-Term Investments	2.3%
Not Rated	6.9%
CCC or Lower	1.6%
B	0.0%^{Footnote Reference**}
BB	0.2%
BBB	2.9%
A	3.4%
AA	127.4%
AAA	6.2%

Footnote	Description
Footnote^*	Security ratings disclosed with the exception for those labeled "not rated" is an aggregation of the highest security level rating amongst Standard & Poor's Ratings Service ("S&P"), Moody's Investors Services ("Moody's") and Fitch Ratings Service ("Fitch"), each a Nationally Recognized Statistical Ratings Organization ("NRSRO"). These rating agencies are independent, nationally recognized statistical rating organizations and are widely used.
Footnote^**	Less than 0.05%.

Material Fund Changes

There were no material changes to the Fund.

Additional Information

Householding

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Annual Shareholder Report August 31, 2026

TILUX-TSR-AR

Morgan Stanley Pathway Funds - Ultra-Short Term Fixed Income Fund

TSDUX

Annual Shareholder Report August 31, 2026

This annual shareholder report contains important information about Morgan Stanley Pathway Funds - Ultra-Short Term Fixed Income Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Table Summary
Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Ultra-Short Term Fixed Income Fund	$70	0.68%

How did the fund perform last year?

Key contributors to and detractors from performance relative to the FTSE 3-Month U.S. Treasury Bill Index:

Contributors:
- Holdings of investment-grade credit, particularly within the financial sector, contributed positively to relative performance.
- Select securitized credit holdings, including agency mortgage-backed securities, asset-backed securities and collateralized loan obligations, provided additional support to relative performance.
Detractors:
- The fund’s overweight exposure to U.S. duration detracted from relative performance during the period. Interest rates increased as inflation concerns prompted a repricing of the market’s monetary-policy expectations, placing downward pressure on interest-rate-sensitive securities. As a result, the portfolio’s greater duration exposure generated a negative duration effect relative to the shorter-duration benchmark.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

Table Summary
	Ultra-Short Term Fixed Income Fund (Without Annual Advisory Program Fee)	Ultra-Short Term Fixed Income Fund (With Annual Advisory Program Fee^{Footnote Reference1})	Bloomberg U.S. Aggregate Bond™ Index	FTSE 3-Month U.S. Treasury Bill Index
8/16	$10,000	$10,000	$10,000	$10,000
8/17	$10,214	$9,962	$10,049	$10,058
8/18	$10,427	$9,919	$9,944	$10,208
8/19	$10,643	$9,924	$10,955	$10,448
8/20	$10,895	$9,982	$11,665	$10,572
8/21	$10,961	$9,844	$11,655	$10,579
8/22	$10,860	$9,559	$10,313	$10,625
8/23	$11,397	$9,834	$10,189	$11,097
8/24	$12,113	$10,244	$10,933	$11,724
8/25	$12,747	$10,567	$11,276	$12,274
8/26	$13,323	$10,826	$11,489	$12,759

Average Annual Total Returns (%)

Table Summary
	1 Year	5 Years	10 Years
Ultra-Short Term Fixed Income Fund (Without Annual Advisory Program Fee)	4.52%	3.98%	2.91%
Ultra-Short Term Fixed Income Fund (With Annual Advisory Program Fee)^{Footnote Reference1}	2.45%	1.92%	0.62%
Bloomberg U.S. Aggregate Bond™ Index	1.89%	-0.29%	1.40%
FTSE 3-Month U.S. Treasury Bill Index	3.95%	3.82%	2.47%

Footnote	Description
Footnote¹	The Funds are available only to investors participating in Morgan Stanley approved advisory programs. These programs charge an annual fee, which may be up to 2.00%.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary
Total Net Assets	$255,464,027
# of Portfolio Holdings	391
Portfolio Turnover Rate	97%
Advisory Fees Paid	$1,091,417

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Asset Allocation (% of Investments)

Table Summary
Value	Value
Short-Term Investments	19.6%
Senior Loan	0.3%
Sovereign Bonds	1.4%
Mortgage-Backed Securities	2.5%
Collateralized Loan Obligations	7.8%
Asset-Backed Securities	8.2%
Collateralized Mortgage Obligations	18.0%
Corporate Bonds & Notes	42.2%

Credit Quality Allocation (% of net assets)^{Footnote Reference*}

Table Summary
Value	Value
Cash & Short-Term Investments	27.3%
Not Rated	18.9%
CCC or Lower	0.0%^{Footnote Reference**}
B	0.1%
BB	0.3%
BBB	35.7%
A	21.1%
AA	6.5%
AAA	26.5%

Footnote	Description
Footnote^*	Security ratings disclosed with the exception for those labeled "not rated" is an aggregation of the highest security level rating amongst Standard & Poor's Ratings Service ("S&P"), Moody's Investors Services ("Moody's") and Fitch Ratings Service ("Fitch"), each a Nationally Recognized Statistical Ratings Organization ("NRSRO"). These rating agencies are independent, nationally recognized statistical rating organizations and are widely used.
Footnote^**	Less than 0.05%.

Material Fund Changes

The net expense ratio increased from the prior fiscal year primarily due to an increase in expenses related to financing activities.

Additional Information

Householding

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Annual Shareholder Report August 31, 2026

TSDUX-TSR-AR

Morgan Stanley Pathway Funds - Alternative Strategies Fund

TALTX

Annual Shareholder Report August 31, 2026

This annual shareholder report contains important information about Morgan Stanley Pathway Funds - Alternative Strategies Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Table Summary
Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Alternative Strategies Fund	$42	0.40%

How did the fund perform last year?

Key contributors to and detractors from performance relative to the HFRX Global Hedge Fund Index:

Contributors:
- Positioning within absolute return strategies contributed positively to relative performance during the period as the fund saw strong performance in its market neutral holdings.
- Positioning within equity hedged strategies provided additional support to relative performance during the period as the fund’s managed futures and global macro strategies outperformed the benchmark.
Detractors:
- Positioning within equity return strategies detracted from relative performance during the period as the fund’s holdings in long-short equity generated subpar returns versus the benchmark.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

Table Summary
	Alternative Strategies Fund (Without Annual Advisory Program Fee)	Alternative Strategies Fund (With Annual Advisory Program Fee^{Footnote Reference1})	Bloomberg U.S. Universal Bond™ Index	HFRX Global Hedge Fund Index
2/18	$10,000	$10,000	$10,000	$10,000
8/18	$9,880	$9,748	$10,099	$9,810
8/19	$10,167	$9,833	$11,116	$9,700
8/20	$10,432	$9,905	$11,829	$10,173
8/21	$11,516	$10,719	$11,934	$11,099
8/22	$11,268	$10,292	$10,519	$10,663
8/23	$11,509	$10,304	$10,478	$10,734
8/24	$12,505	$10,973	$11,308	$11,351
8/25	$12,918	$11,112	$11,729	$11,953
8/26	$13,963	$11,772	$11,991	$12,839

Average Annual Total Returns (%)

Table Summary
	1 Year	5 Years	Since Inception
Alternative Strategies Fund (Inception: February 16, 2018) (Without Annual Advisory Program Fee)	8.08%	3.93%	3.99%
Alternative Strategies Fund (Inception: February 16, 2018) (With Annual Advisory Program Fee)^{Footnote Reference1}	5.94%	1.87%	1.72%
Bloomberg U.S. Universal Bond™ Index	2.23%	0.10%	2.02%
HFRX Global Hedge Fund Index	7.41%	2.96%	2.99%

Footnote	Description
Footnote¹	The Funds are available only to investors participating in Morgan Stanley approved advisory programs. These programs charge an annual fee, which may be up to 2.00%.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary
Total Net Assets	$216,223,972
# of Portfolio Holdings	16
Portfolio Turnover Rate	4%
Advisory Fees Paid	$404,573

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Asset Allocation (% of Investments)

Table Summary
Value	Value
Open End Mutual Fund Securities	100.0%

Top Ten Holdings (% of Investments)^{Footnote Referencea}

Table Summary
BlackRock Systematic Multi-Strategy Fund, Institutional Class	9.8%
PIMCO Mortgage Opportunities and Bond Fund, Class I2	9.8%
Abbey Capital Futures Strategy Fund, Class I	9.0%
John Hancock Diversified Macro Fund, Class I	8.3%
BlackRock Event Driven Equity Fund, Institutional Class	7.9%
BNY Mellon Global Real Return Fund, Class Y	7.0%
Neuberger Long Short Fund, Institutional Class	6.9%
PIMCO Credit Opportunities Bond Fund, Institutional Class	6.5%
Calamos Market Neutral Income Fund, Class I	6.0%
Touchstone Flexible Income Fund, Institutional Class	5.8%
Total	77.0%

Footnote	Description
Footnote^a	Excludes cash equivalents.

Material Fund Changes

There were no material changes to the Fund.

Additional Information

Householding

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Annual Shareholder Report August 31, 2026

TALTX-TSR-AR

Item 2. Code of Ethics.

As of the period ended August 31, 2026 (“Reporting Period”), the Registrant has adopted a code of ethics (“Code”) that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party. The Registrant has not amended any provision in its Code that relates to an element of the Code’s definitions enumerated in paragraph (b) of Item 2 of this Form N-CSR. A copy of this Code is filed as an Exhibit to this Form N-CSR pursuant to Item 19(a)(1).

The Registrant has not granted any waiver, including any implicit waiver, from a provision of its Code to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the Registrant has determined that Teresa S. Westbrook possesses the attributes identified in Instruction (b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert,” and has designated Ms. Westbrook as the Registrant’s audit committee financial expert. Ms. Westbrook is an “independent” Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Item 4. Principal Accountant Fees and Services.

AUDIT FEES –

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years ended August 31, 2026 and August 31, 2025, for professional services rendered by the Registrant’s principal accountant (“Auditor”) for the audit of the Registrant’s annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for each of the last two fiscal years, were $722,700 in 2026 and $709,800 in 2025.

(b) Audit-Related Fees. The aggregate fees billed for each of the last two fiscal years ended August 31, 2026 and August 31, 2025, for assurance and related services by the Auditor that were reasonably related to the performance of the audit of the Registrant’s financial statements and were not reported under paragraph (a) of this Item 4, were $0 in 2026 and $0 in 2025.

(c) Tax Fees. The aggregate fees billed for each of the last two fiscal years ended August 31, 2026 and August 31, 2025, for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $0 in 2026 and $0 in 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years ended August 31, 2026 and August 31, 2025, for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item 4, were $0 for 2026 and $0 for 2025.

(e)(1) The Charter for the Audit Committee (“Committee”) of the Morgan Stanley Pathway Funds provides that the Committee may delegate its responsibility to approve any such audit and permissible non-audit services to a sub-committee consisting of the Chairperson of the Committee (“Chairperson”) and at least one other member of the Committee as the Chairperson, from time to time, may determine and appoint, and such sub-committee shall report to the Committee, at its next meeting after the sub-committee’s meeting, its decision(s). From year to year, and at such other times as the Committee deems appropriate, the Committee shall report to the Board whether this system of approval has been effective and efficient or whether this Charter should be amended to allow for pre-approval pursuant to such policies and procedures as the Committee shall approve, including the delegation of some or all of the Committee’s pre-approval responsibilities to other persons (other than the Adviser or the Trust’s officers).

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(c) of Rule 2-01 of Regulation S-X, with respect to: Audit-Related Fees were 0% for 2026 and 0% for 2025; Tax Fees were 0% for 2026 and 0% for 2025; and Other Fees were 0% for 2026 and 0% for 2025.

(f) Not Applicable.

(g) The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant and the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management as is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant of each of the last two fiscal years of the Registrant (“Service Affiliates”) were $0 for 2026 and $0 in 2025.

(h) The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the Auditor’s independence.

(i) Not Applicable.

(j) Not Applicable.

Item 5. Audit Committee of Listed Registrants.

(a)

The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the Audit Committee are Teresa S. Westbrook, Adela Cepeda, Mark J. Reed, Daniela O’Leary-Gill, and Eric T. McKissack, each a Trustee of the Registrant.

(b)	Not Applicable.

Item 6. Investments.

(a)	A Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period is included as part of the report to shareholders filed under Item 7 of this Form N-CSR.

(b)	Not Applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

LOGO

Morgan Stanley

Pathway Funds

Annual Financial Statements and Additional Information

August 31, 2026

•

Morgan Stanley Pathway Large Cap Equity ETF (MSLC)

•

Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM)

•

International Equity Fund (TIEUX)

•

Emerging Markets Equity Fund (TEMUX)

•

Core Fixed Income Fund (TIIUX)

•

High Yield Fund (THYUX)

•

International Fixed Income Fund (TIFUX)

•

Municipal Bond Fund (TMUUX)

•

Inflation-Linked Fixed Income Fund (TILUX)

•

Ultra-Short Term Fixed Income Fund (TSDUX)

•

Alternative Strategies Fund (TALTX)

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Table of Contents



ITEMS 6 AND 7 OF FORM N-CSR:

SCHEDULES OF INVESTMENTS

MORGAN STANLEY PATHWAY LARGE CAP EQUITY ETF			1

MORGAN STANLEY PATHWAY SMALL-MID CAP EQUITY ETF			21

INTERNATIONAL EQUITY FUND			60

EMERGING MARKETS EQUITY FUND			81

CORE FIXED INCOME FUND			104

HIGH YIELD FUND			186

INTERNATIONAL FIXED INCOME FUND			197

MUNICIPAL BOND FUND			227

INFLATION-LINKED FIXED INCOME FUND			235

ULTRA-SHORT TERM FIXED INCOME FUND			249

ALTERNATIVE STRATEGIES FUND			264

STATEMENTS OF ASSETS AND LIABILITIES			267

STATEMENTS OF OPERATIONS			269

STATEMENTS OF CHANGES IN NET ASSETS			271

STATEMENT OF CASH FLOWS			275

FINANCIAL HIGHLIGHTS			276

NOTES TO FINANCIAL STATEMENTS			287

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			325

IMPORTANT TAX INFORMATION			326

ITEM 11 OF FORM N-CSR:

BOARD APPROVAL OF MANAGEMENT AGREEMENT AND INVESTMENT ADVISORY AGREEMENTS			327

ITEMS 8 AND 9 OF FORM N-CSR ARE NOT APPLICABLE. FOR ITEM 10 OF FORM N-CSR, SEE ITEM 7.



Schedules of Investments


August 31, 2026


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	COMMON STOCKS — 99.0%

	COMMUNICATION SERVICES — 9.9%

	Diversified Telecommunication Services — 0.8%
	15,546	AST SpaceMobile Inc., Class A Shares*(a)	$	918,769
	266,978	AT&T Inc.		6,912,060
	139,618	Comcast Corp., Class A Shares		3,716,631
	580	Liberty Capital Corp., Class C Shares*		15,097
	1,358	Liberty Global Ltd., Class A Shares*		14,599
	1,458	Liberty Global Ltd., Class C Shares*		15,294
	44,824	Space Exploration Technologies Corp., Class A Shares*(a)		6,440,761
	277,071	Verizon Communications Inc.		13,859,091

		Total Diversified Telecommunication Services		31,892,302


	Entertainment — 1.4%
	1,718	Liberty Live Holdings Inc., Class C Shares*		177,847
	824	Liberty Media Corp.-Liberty Formula One, Class A Shares*		75,857
	8,085	Liberty Media Corp.-Liberty Formula One, Class C Shares*		808,096
	17,029	Live Nation Entertainment Inc.*		3,063,347
	336	Madison Square Garden Sports Corp., Class A Shares*		129,269
	247,790	Netflix Inc.*		20,083,380
	23,893	ROBLOX Corp., Class A Shares*		986,542
	9,831	Roku Inc., Class A Shares*		1,542,779
	14,780	Spotify Technology SA*		8,034,704
	7,017	Take-Two Interactive Software Inc.*		1,541,635
	5,020	TKO Group Holdings Inc., Class A Shares		916,702
	167,068	Walt Disney Co. (The)		17,968,163
	137,633	Warner Bros Discovery Inc.*		3,926,670

		Total Entertainment		59,254,991


	Interactive Media & Services — 7.2%
	384,801	Alphabet Inc., Class A Shares		130,582,219
	234,384	Alphabet Inc., Class C Shares		78,614,738
	9,050	Match Group Inc.		367,883
	143,586	Meta Platforms Inc., Class A Shares		82,180,011
	1,205	People Inc.*		46,127
	4,733	Reddit Inc., Class A Shares*		699,585

		Total Interactive Media & Services		292,490,563


	Media — 0.4%
	12,486	AppLovin Corp., Class A Shares*		3,896,381
	1,164	Charter Communications Inc., Class A Shares*		177,440
	9,580	EchoStar Corp., Class A Shares*		828,095
	118,580	Fox Corp., Class A Shares		7,986,363
	5,540	Fox Corp., Class B Shares		333,619
	6,189	New York Times Co. (The), Class A Shares		416,334
	14,319	News Corp., Class A Shares		439,737
	5,015	News Corp., Class B Shares		172,566
	1,131	Nexstar Media Group Inc., Class A Shares		205,989
	12,510	Omnicom Group Inc.		1,095,000
	5,478	Versant Media Group Inc.		225,256

		Total Media		15,776,780


	Wireless Telecommunication Services — 0.1%
	18,562	T-Mobile US Inc.		3,349,327

		TOTAL COMMUNICATION SERVICES		402,763,963

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 9.0%

	Automobile Components — 0.1%
	9,083	Aptiv PLC*	$	406,555
	16,659	BorgWarner Inc.		1,068,841
	8,464	Gentex Corp.		189,340
	2,049	Lear Corp.		256,105

		Total Automobile Components		1,920,841


	Automobiles — 1.3%
	150,787	Ford Motor Co.		2,101,971
	126,991	General Motors Co.		10,961,863
	108,990	Tesla Inc.*		40,102,870
	1,946	Thor Industries Inc.		147,896

		Total Automobiles		53,314,600


	Broadline Retail — 4.1%
	637,021	Amazon.com Inc.*		165,478,945
	17,396	eBay Inc.		1,801,530
	4,206	Etsy Inc.*		342,074
	10,701	Macy’s Inc.		234,994

		Total Broadline Retail		167,857,543


	Distributors — 0.0%@
	5,398	Genuine Parts Co.		732,346
	1,384	Pool Corp.		258,144

		Total Distributors		990,490


	Diversified Consumer Services — 0.0%@
	1,043	Grand Canyon Education Inc.*		154,499
	5,104	H&R Block Inc.		263,622
	5,381	Service Corp. International		439,305

		Total Diversified Consumer Services		857,426


	Hotels, Restaurants & Leisure — 1.7%
	28,883	Airbnb Inc., Class A Shares*		5,291,943
	9,750	Aramark		549,023
	31,448	Booking Holdings Inc.		6,260,982
	41,800	Carnival Corp., Ltd.		998,602
	100,747	Chipotle Mexican Grill Inc., Class A Shares*		3,831,408
	40,242	Darden Restaurants Inc.		8,622,251
	54,243	DoorDash Inc., Class A Shares*		12,570,273
	4,376	Dutch Bros Inc., Class A Shares*		213,811
	4,522	Expedia Group Inc.		1,434,017
	16,073	Hilton Worldwide Holdings Inc.		5,083,569
	1,493	Hyatt Hotels Corp., Class A Shares		249,286
	23,683	Las Vegas Sands Corp.		1,037,552
	15,930	Marriott International Inc., Class A Shares		5,444,237
	27,626	McDonald’s Corp.		7,280,556
	8,835	MGM Resorts International*		365,416
	9,799	Royal Caribbean Cruises Ltd.		2,633,383
	44,020	Starbucks Corp.		4,677,125
	2,596	Texas Roadhouse Inc., Class A Shares		507,778
	978	Travel + Leisure Co.		67,247
	6,326	Viking Holdings Ltd.*		544,922
	2,700	Wyndham Hotels & Resorts Inc.		198,882
	3,043	Wynn Resorts Ltd.		277,765
	10,801	Yum! Brands Inc.		1,655,901

		Total Hotels, Restaurants & Leisure		69,795,929

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 9.0% — (continued)

	Household Durables — 0.2%
	10,187	DR Horton Inc.	$	1,472,633
	6,238	Garmin Ltd.		1,772,278
	15,893	Lennar Corp., Class A Shares		1,336,760
	406	Lennar Corp., Class B Shares		33,398
	3,686	Newell Brands Inc.		23,037
	103	NVR Inc.*		650,469
	7,561	PulteGroup Inc.		955,106
	3,270	SharkNinja Inc.*		629,442
	7,790	Somnigroup International Inc.		504,402
	3,691	Toll Brothers Inc.		529,474

		Total Household Durables		7,906,999


	Leisure Products — 0.0%@
	2,458	Brunswick Corp.		186,562
	10,774	Hasbro Inc.		1,013,834

		Total Leisure Products		1,200,396


	Specialty Retail — 1.4%
	1,060	AutoNation Inc.*		213,325
	1,290	AutoZone Inc.*		3,858,700
	8,618	Best Buy Co., Inc.		690,733
	2,399	Burlington Stores Inc.*		623,164
	26,003	Carvana Co., Class A Shares*		1,910,180
	2,476	Dick’s Sporting Goods Inc.		334,508
	2,134	Five Below Inc.*		526,757
	38,471	Home Depot Inc. (The)		12,611,948
	59,418	Lowe’s Cos., Inc.		12,162,865
	710	Murphy USA Inc.		365,927
	48,095	O’Reilly Automotive Inc.*		4,270,836
	615	RH*		91,727
	12,308	Ross Stores Inc.		2,812,870
	105,319	TJX Cos., Inc. (The)		14,103,267
	3,448	Ulta Beauty Inc.*		1,851,921
	5,251	Valvoline Inc.*		168,347
	3,805	Wayfair Inc., Class A Shares*		377,722
	4,586	Williams-Sonoma Inc.		1,046,754

		Total Specialty Retail		58,021,551


	Textiles, Apparel & Luxury Goods — 0.2%
	2,064	Crocs Inc.*		248,464
	5,698	Deckers Outdoor Corp.*		496,182
	90,820	NIKE Inc., Class B Shares		3,547,429
	1,468	Ralph Lauren Corp., Class A Shares		509,249
	7,964	Tapestry Inc.		982,678

		Total Textiles, Apparel & Luxury Goods		5,784,002

		TOTAL CONSUMER DISCRETIONARY		367,649,777


	CONSUMER STAPLES — 3.5%

	Beverages — 1.0%
	1,610	Brown-Forman Corp., Class A Shares		43,856
	6,452	Brown-Forman Corp., Class B Shares		171,430
	289,213	Coca-Cola Co. (The)		25,644,517
	2,178	Coca-Cola Consolidated Inc.		425,951
	10,923	Constellation Brands Inc., Class A Shares		1,426,762
	50,025	Keurig Dr Pepper Inc.		1,593,797

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	CONSUMER STAPLES — 3.5% — (continued)

	Beverages — 1.0% — (continued)
	53,644	Monster Beverage Corp.*	$	2,463,333
	52,921	PepsiCo Inc.		7,426,933

		Total Beverages		39,196,579


	Consumer Staples Distribution & Retail — 1.1%
	10,117	BJ’s Wholesale Club Holdings Inc.*		917,106
	1,422	Casey’s General Stores Inc.		1,069,643
	18,588	Costco Wholesale Corp.		17,545,027
	8,498	Dollar General Corp.		1,077,122
	7,542	Dollar Tree Inc.*		954,742
	23,423	Kroger Co. (The)		1,347,759
	6,337	Maplebear Inc.*		320,145
	5,841	Performance Food Group Co.*		579,252
	18,378	Sysco Corp.		1,490,088
	17,506	Target Corp.		2,816,365
	8,798	US Foods Holding Corp.*		922,382
	168,057	Walmart Inc.		17,624,138

		Total Consumer Staples Distribution & Retail		46,663,769


	Food Products — 0.4%
	18,525	Archer-Daniels-Midland Co.		1,505,897
	5,265	Bunge Global SA		611,846
	5,581	Hershey Co. (The)		983,428
	164,460	Mondelez International Inc., Class A Shares		10,208,032
	1,913	Post Holdings Inc.*		159,468
	8	Seaboard Corp.		31,282
	20,760	Tyson Foods Inc., Class A Shares		1,144,706

		Total Food Products		14,644,659


	Household Products — 0.6%
	9,182	Church & Dwight Co., Inc.		916,180
	31,131	Colgate-Palmolive Co.		2,796,186
	12,886	Kimberly-Clark Corp.		1,391,044
	132,067	Procter & Gamble Co. (The)		19,165,563
	888	Reynolds Consumer Products Inc.		20,557

		Total Household Products		24,289,530


	Personal Care Products — 0.0%@
	1,498	BellRing Brands Inc.*		16,133
	72,760	Kenvue Inc.		1,373,709

		Total Personal Care Products		1,389,842


	Tobacco — 0.4%
	65,294	Altria Group Inc.		4,471,333
	60,189	Philip Morris International Inc.		11,273,400

		Total Tobacco		15,744,733

		TOTAL CONSUMER STAPLES		141,929,112


	ENERGY — 3.6%

	Energy Equipment & Services — 0.5%
	38,098	Baker Hughes Co., Class A Shares		2,421,128
	64,879	Halliburton Co.		2,390,791
	14,866	NOV Inc.		316,497
	218,874	SLB Ltd.		13,154,327
	31,410	TechnipFMC PLC		2,454,692

		Total Energy Equipment & Services		20,737,435

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	ENERGY — 3.6% — (continued)

	Oil, Gas & Consumable Fuels — 3.1%
	12,501	Antero Midstream Corp.	$	280,272
	11,389	Antero Resources Corp.*		438,249
	26,862	APA Corp.		1,159,095
	8,180	Cheniere Energy Inc.		2,386,024
	72,373	Chevron Corp.		14,918,970
	118,359	ConocoPhillips		15,681,384
	44,132	Devon Energy Corp.		2,140,843
	7,234	Diamondback Energy Inc.		1,450,272
	3,848	DT Midstream Inc.		504,165
	66,501	EOG Resources Inc.		9,639,985
	24,168	EQT Corp.		1,309,422
	54,020	Expand Energy Corp.		5,302,603
	261,206	ExxonMobil Holdings Corp.		42,041,106
	5,924	HF Sinclair Corp.		601,938
	74,712	Kinder Morgan Inc.		2,408,715
	11,786	Marathon Petroleum Corp.		4,399,950
	24,056	ONEOK Inc.		2,309,617
	11,080	Ovintiv Inc.		727,402
	52,573	Permian Resources Corp., Class A Shares		1,224,425
	15,617	Phillips 66		3,850,840
	9,260	Range Resources Corp.		382,623
	8,195	Targa Resources Corp.		2,406,462
	2,234	Texas Pacific Land Corp.		836,276
	11,711	Valero Energy Corp.		4,203,312
	1,648	Viper Energy Inc., Class A Shares		73,814
	47,119	Williams Cos., Inc. (The)		3,536,281

		Total Oil, Gas & Consumable Fuels		124,214,045

		TOTAL ENERGY		144,951,480


	FINANCIALS — 14.4%

	Banks — 3.9%
	25,502	Banco Santander SA, ADR		371,309
	485,614	Bank of America Corp.		30,078,931
	3,731	Bank OZK		183,118
	99,085	Citigroup Inc.		13,041,568
	33,230	Citizens Financial Group Inc.		2,288,550
	11,669	Columbia Banking System Inc.		345,869
	5,256	Commerce Bancshares Inc.		303,324
	2,337	Cullen/Frost Bankers Inc.		375,953
	5,352	East West Bancorp Inc.		678,955
	34,735	Fifth Third Bancorp		1,867,701
	353	First Citizens BancShares Inc., Class A Shares		764,033
	37,209	First Horizon Corp.		904,923
	13,269	FNB Corp.		241,894
	155,132	Huntington Bancshares Inc.		2,588,377
	182,736	JPMorgan Chase & Co.		65,057,671
	71,308	KeyCorp		1,540,966
	6,064	M&T Bank Corp.		1,418,612
	32,990	NU Holdings Ltd., Class A Shares*		480,005
	5,685	Pinnacle Financial Partners Inc.		568,330
	15,253	PNC Financial Services Group Inc. (The)		3,655,076
	2,577	Popular Inc.		433,426
	3,673	Prosperity Bancshares Inc.		262,840
	67,165	Regions Financial Corp.		2,006,890
	3,907	SouthState Bank Corp.		409,805

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	FINANCIALS — 14.4% — (continued)

	Banks — 3.9% — (continued)
	97,247	Truist Financial Corp.	$	4,821,506
	60,333	US Bancorp		3,715,306
	239,875	Wells Fargo & Co.		20,722,801
	4,087	Western Alliance Bancorp		319,317
	2,504	Wintrust Financial Corp.		376,501
	11,207	Zions Bancorp NA		747,395

		Total Banks		160,570,952


	Capital Markets — 4.7%
	1,069	Affiliated Managers Group Inc.		393,595
	3,599	Ameriprise Financial Inc.		1,990,643
	7,321	Ares Management Corp., Class A Shares		1,048,148
	26,703	Bank of New York Mellon Corp. (The)		4,306,660
	16,243	Blackrock Inc.		18,770,573
	28,689	Blackstone Inc.		4,109,412
	3,739	Brookfield Asset Management Ltd., Class A Shares		192,559
	668,320	Brookfield Corp.		27,548,150
	9,988	Carlyle Group Inc. (The)		483,319
	8,129	Cboe Global Markets Inc.		2,440,326
	183,151	Charles Schwab Corp. (The)		20,113,643
	13,908	CME Group Inc., Class A Shares		3,970,734
	16,769	Coinbase Global Inc., Class A Shares*		3,154,584
	1,369	Evercore Inc., Class A Shares		392,123
	11,459	Franklin Templeton Inc.		391,325
	22,167	Goldman Sachs Group Inc. (The)		22,741,125
	2,137	Houlihan Lokey Inc., Class A Shares		284,841
	16,633	Interactive Brokers Group Inc., Class A Shares		1,618,225
	76,583	Intercontinental Exchange Inc.		12,306,888
	14,451	Invesco Ltd.		473,704
	5,962	Jefferies Financial Group Inc.		313,840
	125,875	KKR & Co., Inc., Class Miscella Shares		13,811,005
	4,241	Lazard Inc., Class A Shares		183,338
	3,037	LPL Financial Holdings Inc.		1,124,100
	16,428	Moody’s Corp.		8,290,226
	44,485	Morgan Stanley(b)		9,489,540
	2,821	MSCI Inc., Class A Shares		1,609,775
	17,453	Nasdaq Inc.		1,721,040
	7,193	Northern Trust Corp.		1,334,733
	6,822	Raymond James Financial Inc.		1,215,476
	44,048	Robinhood Markets Inc., Class A Shares*		4,616,671
	20,023	S&P Global Inc.		8,726,824
	3,895	SEI Investments Co.		432,267
	38,908	State Street Corp.		7,446,213
	5,624	Stifel Financial Corp.		454,307
	16,600	T. Rowe Price Group Inc.		1,847,248
	1,358	TPG Inc., Class A Shares		73,495
	4,408	Tradeweb Markets Inc., Class A Shares		474,742
	8,110	XP Inc., Class A Shares		147,845

		Total Capital Markets		190,043,262


	Consumer Finance — 0.6%
	21,225	Ally Financial Inc.		895,907
	40,696	American Express Co.		13,436,599
	24,279	Capital One Financial Corp.		5,208,088
	4,442	OneMain Holdings Inc., Class A Shares		277,447
	7,628	SLM Corp.		198,099

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	FINANCIALS — 14.4% — (continued)

	Consumer Finance — 0.6% — (continued)
	91,383	SoFi Technologies Inc.*	$	1,633,928
	14,351	Synchrony Financial		1,106,175

		Total Consumer Finance		22,756,243


	Financial Services — 3.6%
	10,632	Affirm Holdings Inc., Class A Shares*		791,552
	16,023	Apollo Global Management Inc.		2,188,421
	92,357	Berkshire Hathaway Inc., Class B Shares*		46,550,699
	20,893	Block Inc., Class A Shares*		1,713,644
	2,643	Corpay Inc.*		1,068,565
	21,822	Equitable Holdings Inc.		1,093,937
	9,337	Global Payments Inc.		850,134
	2,796	Jack Henry & Associates Inc.		469,476
	62,146	MasterCard Inc., Class A Shares		36,623,259
	70,631	PayPal Holdings Inc.		3,719,782
	72,232	Rocket Cos., Inc., Class A Shares*		968,631
	34,641	Toast Inc., Class A Shares*		1,180,912
	132,074	Visa Inc., Class A Shares		50,104,913
	3,695	Voya Financial Inc.		374,378
	1,312	WEX Inc.*		250,041

		Total Financial Services		147,948,344


	Insurance — 1.6%
	18,546	Aflac Inc.		2,148,554
	10,163	Allstate Corp. (The)		2,620,021
	2,600	American Financial Group Inc.		370,630
	21,335	American International Group Inc.		1,629,141
	8,121	Aon PLC, Class A Shares		2,611,064
	13,809	Arch Capital Group Ltd.*		1,354,249
	10,627	Arthur J. Gallagher & Co.		2,785,868
	2,038	Assurant Inc.		574,431
	11,311	Brown & Brown Inc.		816,315
	14,133	Chubb Ltd.		4,785,434
	5,915	Cincinnati Financial Corp.		1,004,958
	1,610	Everest Group Ltd.		603,186
	9,808	Fidelity National Financial Inc.		455,582
	3,743	First American Financial Corp.		276,683
	3,055	Globe Life Inc.		527,507
	1,430	Hanover Insurance Group Inc. (The)		323,337
	82,118	Hartford Insurance Group Inc. (The)		11,281,371
	4,146	Lincoln National Corp.		176,578
	6,498	Loews Corp.		703,668
	467	Markel Group Inc.*		841,959
	19,143	Marsh & McLennan Cos., Inc.		3,633,341
	21,507	MetLife Inc.		2,046,821
	8,911	Old Republic International Corp.		371,856
	1,255	Primerica Inc.		361,001
	8,442	Principal Financial Group Inc.		929,971
	22,640	Progressive Corp. (The)		4,937,331
	13,525	Prudential Financial Inc.		1,590,540
	2,522	Reinsurance Group of America Inc., Class A Shares		620,513
	540	RenaissanceRe Holdings Ltd.		176,926
	37,366	Travelers Cos., Inc. (The)		13,673,340
	6,464	Unum Group		602,574
	20	White Mountains Insurance Group Ltd.		42,040
	3,724	Willis Towers Watson PLC		1,260,760

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	FINANCIALS — 14.4% — (continued)

	Insurance — 1.6% — (continued)
	11,228	WR Berkley Corp.	$	758,564

		Total Insurance		66,896,114

		TOTAL FINANCIALS		588,214,915


	HEALTH CARE — 8.9%

	Biotechnology — 2.3%
	110,581	AbbVie Inc.		28,355,180
	4,898	Alnylam Pharmaceuticals Inc.*		1,178,900
	36,289	Amgen Inc.		15,599,915
	38,118	Ascendis Pharma AS, ADR*		10,026,559
	10,416	Exelixis Inc.*		569,130
	143,890	Gilead Sciences Inc.		21,056,863
	4,469	Halozyme Therapeutics Inc.*		475,904
	6,170	Incyte Corp.*		760,267
	12,083	Ionis Pharmaceuticals Inc.*		729,330
	13,757	Moderna Inc.*		1,930,657
	4,978	Natera Inc.*		1,602,717
	3,907	Neurocrine Biosciences Inc.*		601,795
	3,910	Regeneron Pharmaceuticals Inc.		3,124,403
	6,642	Revolution Medicines Inc.*		1,365,396
	1,068	Summit Therapeutics Inc.*		14,546
	1,644	United Therapeutics Corp.*		839,065
	9,923	Vertex Pharmaceuticals Inc.*		5,403,272

		Total Biotechnology		93,633,899


	Health Care Equipment & Supplies — 1.3%
	163,650	Abbott Laboratories		18,060,414
	2,736	Align Technology Inc.*		437,185
	38,807	Becton Dickinson & Co.		7,299,985
	57,007	Boston Scientific Corp.*		2,753,438
	14,803	Cooper Cos Inc. (The)*		1,037,542
	7,933	DENTSPLY SIRONA Inc.		88,612
	14,967	DexCom Inc.*		1,362,895
	22,313	Edwards Lifesciences Corp.*		2,024,905
	4,282	Globus Medical Inc., Class A Shares*		348,426
	3,083	IDEXX Laboratories Inc.*		1,716,275
	510	Inspire Medical Systems Inc.*		32,125
	2,672	Insulet Corp.*		397,220
	19,519	Intuitive Surgical Inc.*		7,355,930
	49,540	Medtronic PLC		4,490,801
	1,434	Penumbra Inc.*		463,325
	5,637	ResMed Inc.		1,353,444
	3,764	STERIS PLC		875,657
	13,299	Stryker Corp.		4,306,216

		Total Health Care Equipment & Supplies		54,404,395


	Health Care Providers & Services — 1.5%
	9,187	Cardinal Health Inc.		2,155,454
	29,083	Cencora Inc.		9,411,259
	18,613	Centene Corp.*		1,197,560
	538	Chemed Corp.		279,066
	10,216	Cigna Group (The)		2,820,433
	48,216	CVS Health Corp.		4,527,965
	1,397	DaVita Inc.*		245,886
	8,580	Elevance Health Inc.		3,367,993

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	HEALTH CARE — 8.9% — (continued)

	Health Care Providers & Services — 1.5% — (continued)
	3,877	Encompass Health Corp.	$	466,054
	6,399	HCA Healthcare Inc.		2,652,065
	4,477	Henry Schein Inc.*		402,035
	15,482	Hims & Hers Health Inc.*		457,958
	4,620	Humana Inc.		1,770,523
	3,194	Labcorp Holdings Inc.		1,062,516
	4,866	McKesson Corp.		4,307,967
	2,062	Molina Healthcare Inc.*		409,864
	4,246	Quest Diagnostics Inc.		1,020,314
	3,508	Tenet Healthcare Corp.*		932,812
	58,003	UnitedHealth Group Inc.		22,586,948
	2,127	Universal Health Services Inc., Class B Shares		362,292

		Total Health Care Providers & Services		60,436,964


	Health Care Technology — 0.2%
	2,386	Certara Inc.*		19,780
	2,887	Doximity Inc., Class A Shares*		77,112
	24,340	Veeva Systems Inc., Class A Shares*		6,953,694

		Total Health Care Technology		7,050,586


	Life Sciences Tools & Services — 0.9%
	11,004	Agilent Technologies Inc.		1,689,774
	774	Bio-Rad Laboratories Inc., Class A Shares*		298,857
	5,941	Bio-Techne Corp.		429,594
	3,781	Bruker Corp.		219,336
	1,841	Charles River Laboratories International Inc.*		530,650
	24,323	Danaher Corp.		5,194,420
	5,823	Illumina Inc.*		1,243,967
	6,515	IQVIA Holdings Inc.*		1,701,653
	915	Medpace Holdings Inc.*		543,501
	811	Mettler-Toledo International Inc.*		1,139,569
	7,825	QIAGEN NV		338,744
	2,096	Repligen Corp.*		379,334
	4,487	Revvity Inc.		577,342
	2,355	Sotera Health Co.*		44,509
	28,776	Thermo Fisher Scientific Inc.		17,757,670
	3,798	Waters Corp.*		1,574,765
	2,721	West Pharmaceutical Services Inc.		928,160

		Total Life Sciences Tools & Services		34,591,845


	Pharmaceuticals — 2.7%
	78,739	Bristol-Myers Squibb Co.		5,260,552
	18,997	Elanco Animal Health Inc.*		454,408
	38,220	Eli Lilly & Co.		44,210,221
	778	Jazz Pharmaceuticals PLC*		195,029
	92,951	Johnson & Johnson		24,711,023
	188,130	Merck & Co., Inc.		27,798,089
	219,437	Pfizer Inc.		6,245,177
	14,851	Royalty Pharma PLC, Class A Shares		912,000
	44,227	Viatris Inc.		730,188

		Total Pharmaceuticals		110,516,687

		TOTAL HEALTH CARE		360,634,376

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	INDUSTRIALS — 10.3%

	Aerospace & Defense — 3.4%
	5,202	ATI Inc.*	$	1,062,248
	18,462	Axon Enterprise Inc.*		10,459,831
	61,897	Boeing Co. (The)*		12,860,959
	3,579	BWX Technologies Inc.		545,046
	1,823	Carpenter Technology Corp.		868,514
	1,437	Curtiss-Wright Corp.		837,095
	13,017	FTAI Aviation Ltd.		2,474,532
	9,734	General Dynamics Corp.		3,614,721
	53,901	General Electric Co.		18,095,105
	1,613	HEICO Corp.		534,145
	33,139	HEICO Corp., Class A Shares		8,091,549
	12,278	Honeywell Aerospace Inc.*		1,941,274
	46,383	Howmet Aerospace Inc.		11,361,516
	1,501	Huntington Ingalls Industries Inc.		437,091
	7,233	L3Harris Technologies Inc.		1,925,786
	1,364	Leonardo DRS Inc.		51,832
	7,969	Lockheed Martin Corp.		4,472,442
	5,241	Northrop Grumman Corp.		2,828,568
	20,339	Rocket Lab Corp.*		1,300,069
	125,467	RTX Corp.		26,063,260
	2,836	StandardAero Inc.*		69,454
	71,284	Textron Inc.		5,742,639
	17,532	TransDigm Group Inc.		20,542,946
	2,354	Woodward Inc.		799,936

		Total Aerospace & Defense		136,980,558


	Air Freight & Logistics — 0.2%
	4,537	CH Robinson Worldwide Inc.		679,007
	5,224	Expeditors International of Washington Inc.		990,732
	8,293	FedEx Corp.		2,715,128
	4,224	GXO Logistics Inc.*		201,612
	28,349	United Parcel Service Inc., Class B Shares		2,954,816

		Total Air Freight & Logistics		7,541,295


	Building Products — 0.5%
	2,651	AAON Inc.		201,397
	2,798	Advanced Drainage Systems Inc.		379,773
	3,402	Allegion PLC		528,161
	4,484	AO Smith Corp.		265,139
	1,610	Armstrong World Industries Inc.		277,854
	4,153	Builders FirstSource Inc.*		275,759
	1,633	Carlisle Cos., Inc.		565,965
	125,838	Carrier Global Corp.		7,326,288
	4,864	Fortune Brands Innovations Inc.		215,621
	1,869	Hayward Holdings Inc.*		26,259
	25,502	Johnson Controls International PLC		3,525,397
	1,239	Lennox International Inc.		474,091
	2,532	Louisiana-Pacific Corp.		178,531
	7,932	Masco Corp.		572,373
	23,216	Owens Corning		3,207,290
	1,558	Simpson Manufacturing Co., Inc.		284,506
	8,577	Trane Technologies PLC		3,811,619

		Total Building Products		22,116,023

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	INDUSTRIALS — 10.3% — (continued)

	Commercial Services & Supplies — 0.5%
	13,334	Cintas Corp.	$	2,690,668
	1,971	Clean Harbors Inc.*		621,358
	66,491	Copart Inc.*		2,193,538
	1,392	MSA Safety Inc.		259,984
	6,906	RB Global Inc.		584,109
	7,816	Republic Services Inc., Class A Shares		1,726,711
	22,638	Rollins Inc.		816,552
	9,196	Veralto Corp.		906,450
	53,802	Waste Management Inc.		11,778,334

		Total Commercial Services & Supplies		21,577,704


	Construction & Engineering — 0.4%
	5,085	AECOM		342,881
	14,285	API Group Corp.*		560,686
	1,336	Comfort Systems USA Inc.		2,064,948
	1,713	EMCOR Group Inc.		1,258,267
	989	Everus Construction Group Inc.*		113,864
	2,402	MasTec Inc.*		575,952
	16,798	Quanta Services Inc.		10,197,898
	762	Valmont Industries Inc.		357,881

		Total Construction & Engineering		15,472,377


	Electrical Equipment — 1.3%
	1,164	Acuity Inc.		386,204
	22,179	AMETEK Inc.		5,215,835
	4,663	Bloom Energy Corp., Class A Shares*		961,977
	15,130	Eaton Corp. PLC		6,080,444
	21,765	Emerson Electric Co.		3,317,857
	15,599	GE Vernova Inc.		14,016,170
	2,256	Generac Holdings Inc.*		418,217
	2,056	Hubbell Inc., Class B Shares		931,368
	1,948	nVent Electric PLC		293,661
	2,583	Regal Rexnord Corp.		409,276
	26,008	Rockwell Automation Inc.		11,038,576
	5,600	Sensata Technologies Holding PLC		229,768
	32,696	Vertiv Holdings Co., Class A Shares		8,459,109

		Total Electrical Equipment		51,758,462


	Ground Transportation — 1.1%
	293,773	CSX Corp.		14,838,474
	4,146	Fedex Freight Holding Co., Inc.*		554,486
	2,990	JB Hunt Transport Services Inc.		793,755
	12,220	Knight-Swift Transportation Holdings Inc., Class A Shares		837,192
	1,258	Landstar System Inc.		227,233
	8,767	Norfolk Southern Corp.		3,005,240
	7,119	Old Dominion Freight Line Inc.		1,423,515
	1,468	Ryder System Inc.		358,867
	1,031	Saia Inc.*		366,139
	167,321	Uber Technologies Inc.*		12,657,834
	219	U-Haul Holding Co.*		14,750
	3,806	U-Haul Holding Co.-Non Voting		227,104
	23,096	Union Pacific Corp.		6,944,275
	4,475	XPO Inc.*		868,105

		Total Ground Transportation		43,116,969

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	INDUSTRIALS — 10.3% — (continued)

	Industrial Conglomerates — 0.2%
	20,589	3M Co.	$	3,537,808
	26,764	DuPont de Nemours Inc.		3,602,167
	12,278	Honeywell International Inc.		2,621,721

		Total Industrial Conglomerates		9,761,696


	Machinery — 1.8%
	2,361	AGCO Corp.		279,330
	3,092	Allison Transmission Holdings Inc.		388,695
	22,130	Caterpillar Inc.		17,648,011
	1,929	Crane Co.		395,580
	5,317	Cummins Inc.		3,000,915
	9,437	Deere & Co.		6,180,386
	4,486	Donaldson Co., Inc.		407,733
	5,197	Dover Corp.		1,009,413
	2,117	Esab Corp.		159,579
	4,908	Flowserve Corp.		388,174
	24,457	Fortive Corp.		1,439,050
	3,831	Gates Industrial Corp., Ltd.*		97,997
	12,838	Graco Inc.		994,046
	6,107	IDEX Corp.		1,396,304
	11,183	Illinois Tool Works Inc.		3,079,463
	15,290	Ingersoll Rand Inc.		1,178,095
	3,203	ITT Inc.		641,529
	2,093	Lincoln Electric Holdings Inc.		588,614
	1,881	Middleby Corp. (The)*		208,490
	1,881	Midera Food Processing Inc.*		88,181
	8,338	Mueller Industries Inc.		520,375
	2,109	Nordson Corp.		678,507
	2,401	Oshkosh Corp.		370,018
	29,844	Otis Worldwide Corp.		2,122,804
	19,805	PACCAR Inc.		2,458,395
	19,676	Parker-Hannifin Corp.		19,271,461
	12,639	Pentair PLC		764,154
	1,203	RBC Bearings Inc.*		594,595
	1,990	Snap-on Inc.		768,757
	5,995	Stanley Black & Decker Inc.		577,738
	2,414	Timken Co. (The)		290,766
	3,881	Toro Co. (The)		379,601
	6,552	Westinghouse Air Brake Technologies Corp.		1,873,413
	9,300	Xylem Inc.		1,024,023

		Total Machinery		71,264,192


	Marine Transportation — 0.0%@
	2,091	Kirby Corp.*		296,629


	Passenger Airlines — 0.3%
	147,413	Delta Air Lines Inc.		11,498,214
	18,687	Southwest Airlines Co.		720,010
	12,568	United Airlines Holdings Inc.*		1,357,218

		Total Passenger Airlines		13,575,442


	Professional Services — 0.3%
	1,936	Amentum Holdings Inc.*		38,701
	15,663	Automatic Data Processing Inc.		4,482,124
	4,585	Booz Allen Hamilton Holding Corp., Class A Shares		346,855
	4,465	Broadridge Financial Solutions Inc.		814,327

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	INDUSTRIALS — 10.3% — (continued)

	Professional Services — 0.3% — (continued)
	842	CACI International Inc., Class A Shares*	$	524,574
	5,892	Clarivate PLC*		12,079
	1,285	FTI Consulting Inc.*		193,482
	4,644	Jacobs Solutions Inc.		692,188
	4,943	Leidos Holdings Inc.		693,058
	11,808	Mobility Global Inc.		239,702
	12,490	Paychex Inc.		1,590,477
	1,742	Science Applications International Corp.		223,359
	16,344	SS&C Technologies Holdings Inc.		1,356,062
	7,661	TransUnion		650,496
	5,372	Verisk Analytics Inc., Class A Shares		1,040,986

		Total Professional Services		12,898,470


	Trading Companies & Distributors — 0.3%
	1,477	Applied Industrial Technologies Inc.		478,518
	7,540	Core & Main Inc., Class A Shares*		323,918
	44,208	Fastenal Co.		2,179,896
	7,414	Ferguson Enterprises Inc.		1,664,517
	1,629	MSC Industrial Direct Co., Inc., Class A Shares		193,656
	21,965	QXO Inc.*		291,695
	2,461	United Rentals Inc.		2,554,518
	1,335	Watsco Inc.		413,610
	1,854	WESCO International Inc.		631,102
	1,685	WW Grainger Inc.		2,206,491

		Total Trading Companies & Distributors		10,937,921

		TOTAL INDUSTRIALS		417,297,738


	INFORMATION TECHNOLOGY — 33.9%

	Communications Equipment — 1.5%
	5,214	Applied Optoelectronics Inc.*		561,496
	55,477	Arista Networks Inc.*		10,856,294
	5,458	Ciena Corp.*		2,089,322
	279,861	Cisco Systems Inc.		30,921,842
	2,211	F5 Inc.*		900,165
	5,690	Lumentum Holdings Inc.*		5,204,984
	22,417	Motorola Solutions Inc.		10,878,970
	62	Ubiquiti Inc.		36,581

		Total Communications Equipment		61,449,654


	Electronic Equipment, Instruments & Components — 0.9%
	94,209	Amphenol Corp., Class A Shares		14,936,837
	2,053	Arrow Electronics Inc.*		419,695
	3,165	Avnet Inc.		283,457
	5,168	CDW Corp.		783,365
	9,607	Celestica Inc.*		2,876,336
	6,641	Cognex Corp.		404,835
	6,008	Coherent Corp.*		1,669,203
	38,811	Corning Inc.		5,772,360
	652	Crane NXT Co.		31,883
	14,319	Flex Ltd.*		1,564,351
	4,062	Jabil Inc.		1,239,966
	6,649	Keysight Technologies Inc.*		2,145,632
	973	Littelfuse Inc.		401,051
	4,265	Ralliant Corp.		263,279
	2,877	TD SYNNEX Corp.		727,450

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 33.9% — (continued)

	Electronic Equipment, Instruments & Components — 0.9% — (continued)
	1,794	Teledyne Technologies Inc.*	$	1,099,632
	5,464	Vontier Corp.		175,995
	1,958	Zebra Technologies Corp., Class A Shares*		692,251

		Total Electronic Equipment, Instruments & Components		35,487,578


	IT Services — 1.0%
	24,181	Accenture PLC, Class A Shares		4,588,587
	5,478	Akamai Technologies Inc.*		595,020
	18,974	Applied Digital Corp.*		482,129
	12,047	Cloudflare Inc., Class A Shares*		3,675,660
	20,262	CoreWeave Inc., Class A Shares*		1,720,041
	5,121	GoDaddy Inc., Class A Shares*		501,244
	60,418	International Business Machines Corp.		14,129,958
	3,019	MongoDB Inc., Class A Shares*		1,368,724
	6,395	Okta Inc., Class A Shares*		1,106,591
	31,922	Snowflake Inc., Class A Shares*		10,579,908
	5,569	Twilio Inc., Class A Shares*		1,312,224
	3,223	VeriSign Inc.		929,126

		Total IT Services		40,989,212


	Semiconductors & Semiconductor Equipment — 14.8%
	69,184	Advanced Micro Devices Inc.*		32,566,292
	3,356	Allegro MicroSystems Inc.*		121,655
	10,274	Amkor Technology Inc.		485,960
	25,622	Analog Devices Inc.		9,278,751
	34,714	Applied Materials Inc.		15,912,550
	4,803	Astera Labs Inc.*		1,426,395
	272,975	Broadcom Inc.		101,093,562
	2,648	Cerebras Systems Inc., Class A Shares*(a)		487,868
	2,056	Cirrus Logic Inc.*		225,153
	3,771	Credo Technology Group Holding Ltd.*		852,962
	5,807	Entegris Inc.		785,629
	3,889	First Solar Inc.*		785,189
	9,986	GLOBALFOUNDRIES Inc.		446,274
	170,452	Intel Corp.*		15,257,159
	11,383	IonQ Inc.*		447,466
	50,910	KLA Corp.		8,932,159
	54,942	Lam Research Corp.		16,564,464
	5,123	Lattice Semiconductor Corp.*		590,887
	2,438	MACOM Technology Solutions Holdings Inc.*		643,218
	48,953	Marvell Technology Inc.		10,361,392
	34,402	Microchip Technology Inc.		2,526,827
	66,307	Micron Technology Inc.		63,570,510
	15,975	MKS Inc.		4,093,434
	1,780	Monolithic Power Systems Inc.		2,256,631
	1,288,697	NVIDIA Corp.		284,518,524
	15,835	ON Semiconductor Corp.*		1,173,215
	1,901	Onto Innovation Inc.*		507,966
	40,159	Qnity Electronics Inc.		4,796,189
	3,428	Qorvo Inc.*		329,362
	41,729	QUALCOMM Inc.		7,113,960
	2,502	Silicon Laboratories Inc.*		548,063
	7,839	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		3,255,693
	6,071	Teradyne Inc.		2,123,818
	35,103	Texas Instruments Inc.		9,158,724

		Total Semiconductors & Semiconductor Equipment		603,237,901

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 33.9% — (continued)

	Software — 9.1%
	16,159	Adobe Inc.*	$	4,731,194
	8,187	Autodesk Inc.*		2,116,585
	39,601	BitMine Immersion Technologies Inc.		1,002,697
	40,715	Cadence Design Systems Inc.*		13,793,428
	1,882	Constellation Software Inc.		4,189,332
	38,236	Crowdstrike Holdings Inc., Class A Shares*		8,832,516
	12,052	Datadog Inc., Class A Shares*		2,856,806
	8,335	Dropbox Inc., Class A Shares*		293,309
	11,072	Dynatrace Inc.*		604,420
	916	Fair Isaac Corp.*		1,050,844
	24,468	Fortinet Inc.*		4,182,315
	20,693	Gen Digital Inc.		641,483
	3,222	Guidewire Software Inc.*		659,705
	10,557	Intuit Inc.		3,793,130
	28,861	IREN Ltd.*(a)		1,071,176
	2,260	Manhattan Associates Inc.*		504,409
	457,802	Microsoft Corp.		232,238,377
	9,936	Nutanix Inc., Class A Shares*		681,312
	65,012	Oracle Corp.		9,694,589
	104,327	Palantir Technologies Inc., Class A Shares*		19,444,466
	44,953	Palo Alto Networks Inc.*		17,177,890
	893	Pegasystems Inc.		32,871
	8,983	PTC Inc.*		1,399,012
	28,685	Riot Platforms Inc.*		544,872
	4,144	Roper Technologies Inc.		1,759,708
	53,523	Salesforce Inc.		13,784,313
	90,998	ServiceNow Inc.*		13,466,794
	16,274	Synopsys Inc.*		7,153,888
	1,888	Teradata Corp.*		54,752
	27,874	Terawulf Inc.*		421,734
	17,953	Trimble Inc.*		1,076,103
	1,650	Tyler Technologies Inc.*		614,163
	12,473	Unity Software Inc.*		525,113
	7,464	Zscaler Inc.*		1,406,106

		Total Software		371,799,412


	Technology Hardware, Storage & Peripherals — 6.6%
	705,624	Apple Inc.		223,576,965
	12,304	Dell Technologies Inc., Class C Shares		5,610,747
	12,064	Everpure Inc., Class A Shares*		1,121,349
	50,921	Hewlett Packard Enterprise Co.		2,660,113
	69,416	HP Inc.		2,083,868
	7,835	NetApp Inc.		1,451,747
	8,084	Sandisk Corp.*		12,665,203
	14,532	Seagate Technology Holdings PLC		12,038,018
	13,181	Western Digital Corp.		5,938,700

		Total Technology Hardware, Storage & Peripherals		267,146,710

		TOTAL INFORMATION TECHNOLOGY		1,380,110,467


	MATERIALS — 2.1%

	Chemicals — 1.0%
	8,525	Air Products & Chemicals Inc.		2,638,146
	8,993	Albemarle Corp.		1,213,785
	1,635	Ashland Inc.		119,895
	7,966	Axalta Coating Systems Ltd.*		290,122

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	MATERIALS — 2.1% — (continued)

	Chemicals — 1.0% — (continued)
	6,349	CF Industries Holdings Inc.	$	825,560
	26,356	Corteva Inc.		2,230,508
	9,647	Ecolab Inc.		2,732,030
	8,553	Element Solutions Inc.		303,974
	2,156	FMC Corp.		24,859
	7,263	Huntsman Corp.		69,579
	47,463	Linde PLC		23,236,936
	118	NewMarket Corp.		105,929
	8,668	PPG Industries Inc.		972,290
	4,863	RPM International Inc.		506,238
	738	Scotts Miracle-Gro Co. (The)		44,132
	8,897	Sherwin-Williams Co. (The)		3,014,393
	6,222	Solstice Advanced Materials Inc.		394,413

		Total Chemicals		38,722,789


	Construction Materials — 0.3%
	26,140	CRH PLC		2,464,740
	1,200	Eagle Materials Inc.		233,112
	16,864	Martin Marietta Materials Inc.		8,747,357
	10,239	Vulcan Materials Co.		2,760,230

		Total Construction Materials		14,205,439


	Containers & Packaging — 0.1%
	17,510	Amcor PLC		803,534
	2,475	AptarGroup Inc.		325,759
	2,913	Avery Dennison Corp.		507,182
	10,955	Ball Corp.		689,836
	4,524	Crown Holdings Inc.		526,548
	3,438	Packaging Corp. of America		804,286
	1,064	Silgan Holdings Inc.		44,199
	19,983	Smurfit Westrock PLC		937,203
	4,011	Sonoco Products Co.		221,207

		Total Containers & Packaging		4,859,754


	Metals & Mining — 0.7%
	21,984	Alcoa Corp.		1,098,101
	19,237	Anglogold Ashanti PLC		2,160,700
	174,748	Freeport-McMoRan Inc.		13,235,413
	48,708	Hecla Mining Co.		967,828
	1,399	MP Materials Corp.*		76,595
	42,450	Newmont Corp.		5,351,247
	8,874	Nucor Corp.		2,215,305
	2,053	Reliance Inc.		788,455
	3,142	Royal Gold Inc.		821,539
	787	Southern Copper Corp.		164,381
	5,317	Steel Dynamics Inc.		1,236,840

		Total Metals & Mining		28,116,404

		TOTAL MATERIALS		85,904,386


	REAL ESTATE — 1.7%

	Diversified REITs — 0.0%@
	8,251	WP Carey Inc.		577,240


	Health Care REITs — 0.2%
	11,197	Omega Healthcare Investors Inc.		511,927
	18,094	Ventas Inc.		1,649,630

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	REAL ESTATE — 1.7% — (continued)

	Health Care REITs — 0.2% — (continued)
	26,568	Welltower Inc.	$	6,276,424

		Total Health Care REITs		8,437,981


	Hotel & Resort REITs — 0.0%@
	55,528	Host Hotels & Resorts Inc.		1,217,729


	Industrial REITs — 0.3%
	2,110	EastGroup Properties Inc.		420,945
	4,901	First Industrial Realty Trust Inc.		303,274
	81,806	Prologis Inc.		11,446,295
	7,407	STAG Industrial Inc.		275,911

		Total Industrial REITs		12,446,425


	Real Estate Management & Development — 0.1%
	11,453	CBRE Group Inc., Class A Shares*		1,669,962
	490	Howard Hughes Holdings Inc.*		31,424
	1,818	Jones Lang LaSalle Inc.*		665,152
	1,799	Zillow Group Inc., Class A Shares*		64,386
	6,392	Zillow Group Inc., Class C Shares*		223,464

		Total Real Estate Management & Development		2,654,388


	Residential REITs — 0.3%
	13,078	American Homes 4 Rent, Class A Shares		435,497
	4,021	Camden Property Trust		425,422
	51,560	Equity LifeStyle Properties Inc.		3,271,482
	2,502	Essex Property Trust Inc.		707,966
	46,834	Invitation Homes Inc.		1,364,743
	4,488	Mid-America Apartment Communities Inc.		578,279
	4,767	Sun Communities Inc.		578,809
	25,269	UDR Inc.		933,690
	30,049	Vivmark Residential		1,957,392

		Total Residential REITs		10,253,280


	Retail REITs — 0.2%
	4,475	Agree Realty Corp.		323,319
	11,710	Brixmor Property Group Inc.		338,302
	6,630	Federal Realty Investment Trust		769,279
	51,524	Kimco Realty Corp.		1,221,634
	7,111	NNN REIT Inc.		321,417
	35,201	Realty Income Corp.		2,157,117
	13,921	Regency Centers Corp.		1,040,873
	12,556	Simon Property Group Inc.		2,665,890

		Total Retail REITs		8,837,831


	Specialized REITs — 0.6%
	18,055	American Tower Corp.		3,172,264
	16,751	Crown Castle Inc.		1,275,421
	8,763	CubeSmart		348,066
	13,231	Digital Realty Trust Inc.		2,455,541
	3,781	Equinix Inc.		3,957,648
	8,169	Extra Space Storage Inc.		1,152,646
	21,473	Gaming & Leisure Properties Inc.		903,369
	11,189	Iron Mountain Inc.		1,290,651
	3,263	Lamar Advertising Co., Class A Shares		486,220
	2,817	Millrose Properties Inc.		85,693
	24,428	Public Storage		7,499,152
	4,180	SBA Communications Corp., Class A Shares		792,779

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	REAL ESTATE — 1.7% — (continued)

	Specialized REITs — 0.6% — (continued)
	82,940	VICI Properties Inc., Class A Shares	$	2,127,411

		Total Specialized REITs		25,546,861

		TOTAL REAL ESTATE		69,971,735


	UTILITIES — 1.8%

	Electric Utilities — 1.3%
	19,868	Alliant Energy Corp.		1,350,627
	20,726	American Electric Power Co., Inc.		2,537,484
	28,669	Constellation Energy Corp.		7,877,381
	89,816	Duke Energy Corp.		10,769,837
	14,858	Edison International		802,035
	17,224	Entergy Corp.		1,831,083
	8,895	Evergy Inc.		720,673
	14,450	Eversource Energy		1,013,523
	38,953	Exelon Corp.		1,703,025
	21,089	FirstEnergy Corp.		967,142
	2,143	IDACORP Inc.		291,791
	167,020	NextEra Energy Inc.		13,752,427
	7,436	NRG Energy Inc.		818,852
	7,655	OGE Energy Corp.		349,298
	84,686	PG&E Corp.		1,123,783
	4,659	Pinnacle West Capital Corp.		454,905
	57,148	PPL Corp.		1,950,461
	42,426	Southern Co. (The)		3,733,488
	22,808	Xcel Energy Inc.		1,726,337

		Total Electric Utilities		53,774,152


	Gas Utilities — 0.0%@
	6,226	Atmos Energy Corp.		1,034,325
	7,759	MDU Resources Group Inc.		154,559
	3,482	National Fuel Gas Co.		289,215
	8,373	UGI Corp.		321,942

		Total Gas Utilities		1,800,041


	Independent Power & Renewable Electricity Producers — 0.1%
	54,758	AES Corp. (The)		807,133
	1,358	Brookfield Renewable Corp.		43,659
	1,717	Talen Energy Corp.*		507,820
	13,013	Vistra Corp.		1,787,596

		Total Independent Power & Renewable Electricity Producers		3,146,208


	Multi-Utilities — 0.4%
	10,493	Ameren Corp.		1,112,363
	50,219	CenterPoint Energy Inc.		1,988,672
	23,261	CMS Energy Corp.		1,583,144
	13,915	Consolidated Edison Inc.		1,489,183
	32,994	Dominion Energy Inc.		2,177,934
	8,051	DTE Energy Co.		1,091,957
	18,187	NiSource Inc.		744,212
	19,260	Public Service Enterprise Group Inc.		1,412,336
	25,091	Sempra		2,049,935
	12,582	WEC Energy Group Inc.		1,335,831

		Total Multi-Utilities		14,985,567


	Water Utilities — 0.0%@
	7,455	American Water Works Co., Inc.		1,030,505

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units			Security	Value

	UTILITIES — 1.8% — (continued)

	Water Utilities — 0.0%@ — (continued)
	11,029		Essential Utilities Inc.	$	454,064

			Total Water Utilities		1,484,569

			TOTAL UTILITIES		75,190,537

			TOTAL COMMON STOCKS (Cost — $2,102,146,515)		4,034,618,486


	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*#		133

			TOTAL RIGHTS (Cost — $1)		219

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $2,102,146,516)		4,034,618,705


Face Amount†

	SHORT-TERM INVESTMENTS(c) — 1.0%

	MONEY MARKET FUND — 0.2%
$	8,817,433		Invesco STIT — Government & Agency Portfolio, Institutional Class, 3.761%(d) (Cost — $8,817,433)		8,817,433


	TIME DEPOSITS — 0.8%
	2,577,275		Citibank — New York, 2.980% due 9/1/26		2,577,275
	13,668,218		JPMorgan Chase & Co. — New York, 2.980% due 9/1/26		13,668,218
	38,189	^CAD	Royal Bank of Canada — Toronto, 1.100% due 9/1/26		27,554
	3,023,200		Skandinaviska Enskilda Banken AB — Stockholm, 2.980% due 9/1/26		3,023,200
	14,207,031		Sumitomo Mitsui Banking Corp. — Tokyo, 2.980% due 9/1/26		14,207,031

			TOTAL TIME DEPOSITS (Cost — $33,503,278)		33,503,278

			TOTAL SHORT-TERM INVESTMENTS (Cost — $42,320,711)		42,320,711

			TOTAL INVESTMENTS — 100.1% (Cost — $2,144,467,227)		4,076,939,416

			Liabilities in Excess of Other Assets — (0.1)%		(5,496,787	)

			TOTAL NET ASSETS — 100.0%	$	4,071,442,629

†	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 (see Note 2). As of August 31, 2026, total cost and total value of affiliated security amounted to $2,653,658 and $9,489,540, respectively.

(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 0.8%.

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

#	Security that used significant unobservable inputs to determine fair value. At August 31, 2026, the Fund held Level 3 securities with a value of $219, representing less than 0.05% of net assets.

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

At August 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	$	2,163,397,149	$	1,956,750,106	$	(43,208,776)	$	1,913,541,330


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^
Information Technology	33.9	%
Financials	14.5
Industrials	10.3
Communication Services	9.9
Consumer Discretionary	9.0
Health Care	8.9
Energy	3.6
Consumer Staples	3.5
Materials	2.1
Utilities	1.8
Real Estate	1.7
Short-Term Investments	0.8

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

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

COMMON STOCKS — 98.0%

COMMUNICATION SERVICES — 2.7%

Diversified Telecommunication Services — 0.2%
	339	Anterix Inc.*	$	30,812
	9,624	AST SpaceMobile Inc., Class A Shares*(a)		568,778
	1,758	Bandwidth Inc., Class A Shares*		85,140
	2,231	Globalstar Inc.*		181,938
	632	IDT Corp., Class B Shares		43,115
	5,378	Iridium Communications Inc.		252,659
	6,399	Liberty Global Ltd., Class A Shares*		68,789
	5,253	Liberty Global Ltd., Class C Shares*		55,104
	1,797	Liberty Latin America Ltd., Class A Shares*		15,472
	4,425	Liberty Latin America Ltd., Class C Shares*		37,834
	41,281	Lumen Technologies Inc.*		258,006
	5,616	Uniti Group Inc.*		55,711

		Total Diversified Telecommunication Services		1,653,358


	Entertainment — 1.2%
	358	Atlanta Braves Holdings Inc., Class A Shares*		19,694
	1,781	Atlanta Braves Holdings Inc., Class C Shares*		88,302
	3,943	Cinemark Holdings Inc.		140,410
	71,998	IMAX Corp.*		3,686,298
	776	Liberty Live Holdings Inc., Class A Shares*		77,196
	1,801	Liberty Live Holdings Inc., Class C Shares*		186,440
	138,081	Lionsgate Studios Corp.*		1,564,458
	1,490	Madison Square Garden Entertainment Corp., Class A Shares*		115,758
	706	Madison Square Garden Sports Corp., Class A Shares*		271,619
	836	Marcus Corp. (The)		23,768
	610	Reservoir Media Inc.*		5,893
	6,126	Roku Inc., Class A Shares*		961,353
	1,058	Sphere Entertainment Co.*		144,205
	9,064	Starz Entertainment Corp.*		239,969
	11,822	Stubhub Holdings Inc., Class A Shares*		75,424
	2,854	TKO Group Holdings Inc., Class A Shares		521,169

		Total Entertainment		8,121,956


	Interactive Media & Services — 0.4%
	8,021	Cargurus Inc., Class A Shares*		286,029
	6,572	Cars.com Inc.*		76,892
	3,234	EverQuote Inc., Class A Shares*		82,273
	1,081	Grindr Inc.*		16,734
	14,668	Match Group Inc.		596,254
	8,589	People Inc.*		328,787
	2,190	QuinStreet Inc.*		42,573
	5,583	Reddit Inc., Class A Shares*		825,223
	61,703	Snap Inc., Class A Shares*		342,452
	13,769	TripAdvisor Inc.*		131,081
	596	Webtoon Entertainment Inc.*		6,282
	2,214	Yelp Inc., Class A Shares*		49,483
	3,738	Ziff Davis Inc.*		206,151

		Total Interactive Media & Services		2,990,214


Media — 0.8%
	3,545	Charter Communications Inc., Class A Shares*		540,400
	14,244	Clear Channel Outdoor Holdings Inc., Class A Shares*		33,758
	76,091	Criteo SA, ADR*		1,343,006
	5,835	EchoStar Corp., Class A Shares*		504,377

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

COMMUNICATION SERVICES — 2.7% — (continued)

Media — 0.8% — (continued)
	2,070	Entravision Communications Corp., Class A Shares	$	16,539
	1,527	John Wiley & Sons Inc., Class A Shares		80,000
	9,008	Magnite Inc.*		211,598
	5,647	New York Times Co. (The), Class A Shares		379,874
	12,699	News Corp., Class A Shares		389,986
	3,576	News Corp., Class B Shares		123,050
	4,883	Newsmax Inc., Class B Shares*		52,541
	1,610	Nexstar Media Group Inc., Class A Shares		293,229
	26,947	Paramount Skydance Corp., Class B Shares(a)		293,992
	782	Scholastic Corp.		30,029
	4,934	Sinclair Inc.		69,569
	8,713	Sirius XM Holdings Inc.		245,445
	4,419	Stagwell Inc., Class A Shares*		38,357
	53,226	Trade Desk Inc. (The), Class A Shares*		730,261
	5,296	USA TODAY Co., Inc.*		33,312
	6,812	Versant Media Group Inc.		280,110

		Total Media		5,689,433


	Wireless Telecommunication Services — 0.1%
	3,789	Millicom International Cellular SA		355,257
	4,480	Telephone & Data Systems Inc.		150,886

		Total Wireless Telecommunication Services		506,143

		TOTAL COMMUNICATION SERVICES		18,961,104


CONSUMER DISCRETIONARY — 9.2%

Automobile Components — 1.0%
	39,269	BorgWarner Inc.		2,519,499
	1,716	Cooper-Standard Holdings Inc.*		45,954
	4,511	Dana Inc.		135,240
	8,475	Dauch Corp.*		53,053
	1,023	Dorman Products Inc.*		131,814
	5,931	Garrett Motion Inc.		159,840
	7,103	Gentex Corp.		158,894
	6,413	Kodiak AI Inc.*(a)		24,241
	930	LCI Industries		93,586
	11,212	Lear Corp.		1,401,388
	1,210	Patrick Industries Inc.		98,881
	1,415	Phinia Inc.		96,843
	12,518	QuantumScape Corp., Class A Shares*		69,976
	749	Standard Motor Products Inc.		28,252
	40,290	Versigent PLC*		1,909,746
	1,024	Visteon Corp.		104,264
	909	XPEL Inc.*		44,777

		Total Automobile Components		7,076,248


	Automobiles — 0.1%
	2,201	Harley-Davidson Inc.		60,748
	39,989	Rivian Automotive Inc., Class A Shares*		642,223
	1,458	Thor Industries Inc.		110,808
	3,045	Winnebago Industries Inc.		91,624

		Total Automobiles		905,403


Broadline Retail — 0.3%
	180	Dillard’s Inc., Class A Shares		112,675
	5,452	Etsy Inc.*		443,411

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 9.2% — (continued)

Broadline Retail — 0.3% — (continued)
	2,356	Groupon Inc., Class A Shares*	$	45,188
	6,748	Kohl’s Corp.		120,249
	12,570	Macy’s Inc.		276,037
	1,845	Ollie’s Bargain Outlet Holdings Inc.*		139,150
	34,818	Pattern Group Inc., Class A Shares*		721,777

		Total Broadline Retail		1,858,487


	Distributors — 0.2%
	782	GigaCloud Technology Inc., Class A Shares*		37,950
	1,505	Gold.com Inc.		67,680
	6,038	Pool Corp.		1,126,208
	180	Weyco Group Inc.		8,059

		Total Distributors		1,239,897


	Diversified Consumer Services — 0.8%
	222,059	ADT Inc.		1,641,016
	719	American Public Education Inc.*		32,822
	1,538	Bright Horizons Family Solutions Inc.*		114,089
	1,817	Carriage Services Inc., Class A Shares		61,142
	1,312	Covista Inc.*		173,617
	874	Duolingo Inc., Class A Shares*		129,667
	24,244	Frontdoor Inc.*		1,960,612
	119	Graham Holdings Co., Class B Shares		134,338
	1,021	Grand Canyon Education Inc.*		151,241
	6,330	H&R Block Inc.		326,944
	4,854	Laureate Education Inc., Class A Shares*		182,171
	1,145	Lincoln Educational Services Corp.*		28,808
	3,753	OneSpaWorld Holdings Ltd.		93,187
	2,276	Perdoceo Education Corp.		75,654
	6,934	Service Corp. International		566,092
	837	Strategic Education Inc.		69,337
	1,553	Stride Inc.*		134,630
	1,838	Universal Technical Institute Inc.*		38,837

		Total Diversified Consumer Services		5,914,204


Hotels, Restaurants & Leisure — 3.0%
	2,717	Accel Entertainment Inc., Class A Shares*		31,626
	9,842	Aramark		554,203
	26	Biglari Holdings Inc., Class B Shares*		10,100
	758	BJ’s Restaurants Inc.*		48,201
	2,419	Boyd Gaming Corp.		187,690
	180,926	Brightstar Lottery PLC		2,039,036
	15,736	Brinker International Inc.*		3,595,676
	14,066	Caesars Entertainment Inc.*		417,760
	3,294	Cava Group Inc.*		216,581
	4,001	Cheesecake Factory Inc. (The)		438,070
	1,031	Choice Hotels International Inc.		106,564
	1,956	Churchill Downs Inc.		171,111
	1,820	Dine Brands Global Inc.		60,206
	1,491	Domino’s Pizza Inc.		510,011
	32,193	Dutch Bros Inc., Class A Shares*		1,572,950
	846	El Pollo Loco Holdings Inc.*		12,918
	4,292	Global Business Travel Group I*		40,602
	3,600	Hilton Grand Vacations Inc.*		152,676
	5,099	Hyatt Hotels Corp., Class A Shares		851,380
	329	Kura Sushi USA Inc., Class A Shares*		15,022

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 9.2% — (continued)

Hotels, Restaurants & Leisure — 3.0% — (continued)
	82,435	Life Time Group Holdings Inc.*	$	3,463,919
	2,869	Lindblad Expeditions Holdings Inc.*		76,201
	2,091	Marriott Vacations Worldwide Corp.		218,008
	11,950	MGM Resorts International*		494,252
	507	Monarch Casino & Resort Inc.		61,068
	79	Nathan’s Famous Inc.		7,731
	1,979	Navan Inc., Class A Shares*		57,510
	67,897	Norwegian Cruise Line Holdings Ltd.*		1,095,858
	9,083	Penn Entertainment Inc.*		151,777
	2,075	Planet Fitness Inc., Class A Shares*		107,070
	2,790	Pursuit Attractions & Hospitality Inc.*		133,920
	2,951	Red Rock Resorts Inc., Class A Shares		165,728
	4,348	Rush Street Interactive Inc., Class A Shares*		112,004
	1,402	Shake Shack Inc., Class A Shares*		96,584
	6,228	Super Group SGHC Ltd.		84,327
	82,275	Target Hospitality Corp.*		1,523,733
	2,481	Texas Roadhouse Inc., Class A Shares		485,284
	2,987	Travel + Leisure Co.		205,386
	15,247	United Parks & Resorts Inc.*		610,032
	1,074	Vail Resorts Inc.		147,041
	1,033	Wingstop Inc.		113,093
	3,120	Wyndham Hotels & Resorts Inc.		229,819
	3,499	Wynn Resorts Ltd.		319,389

		Total Hotels, Restaurants & Leisure		20,992,117


	Household Durables — 1.0%
	2,733	Beazer Homes USA Inc.*		90,681
	296	Cavco Industries Inc.*		165,502
	3,312	Century Communities Inc.		223,726
	2,090	Champion Homes Inc.*		186,574
	1,531	Cricut Inc., Class A Shares		9,033
	3,007	Ethan Allen Interiors Inc.		71,116
	185	Flexsteel Industries Inc.		14,715
	15,134	Green Brick Partners Inc.*		1,092,977
	359	Hamilton Beach Brands Holding Co., Class A Shares		11,276
	484	Hovnanian Enterprises Inc., Class A Shares*		60,079
	1,437	Installed Building Products Inc.		348,947
	4,737	KB Home		252,482
	1,618	La-Z-Boy Inc.		51,194
	339	Legacy Housing Corp.*		9,536
	2,477	LGI Homes Inc.*		138,563
	1,911	M/I Homes Inc.*		284,376
	4,218	Meritage Homes Corp.		292,856
	2,622	Mohawk Industries Inc.*		336,272
	3,621	SharkNinja Inc.*		697,006
	28,247	Somnigroup International Inc.		1,828,993
	4,579	Sonos Inc.*		71,432
	4,040	Toll Brothers Inc.		579,538
	237	Traeger Inc.*		13,284
	14,745	Whirlpool Corp.		602,186

		Total Household Durables		7,432,344


Leisure Products — 0.6%
	1,263	Acushnet Holdings Corp.		109,110
	16,694	Brunswick Corp.		1,267,075

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 9.2% — (continued)

Leisure Products — 0.6% — (continued)
	10,018	Callaway Golf Co.*	$	157,383
	387	Escalade Inc.		7,802
	22,832	Hasbro Inc.		2,148,491
	242	JAKKS Pacific Inc.		6,077
	153	Johnson Outdoors Inc., Class A Shares		6,885
	2,424	Malibu Boats Inc., Class A Shares*		65,351
	604	MasterCraft Boat Holdings Inc.*		14,061
	21,823	Mattel Inc.*		326,254
	7,513	Peloton Interactive Inc., Class A Shares*		40,270
	1,443	Polaris Inc.		93,131
	4,777	Smith & Wesson Brands Inc.		60,763
	4,015	YETI Holdings Inc.*		164,816

		Total Leisure Products		4,467,469


Specialty Retail — 1.6%
	1,732	Abercrombie & Fitch Co., Class A Shares*		247,815
	4,406	Academy Sports & Outdoors Inc.		189,282
	2,936	Advance Auto Parts Inc.		123,840
	5,954	American Eagle Outfitters Inc.		99,015
	7,169	Arko Corp.		32,691
	931	Asbury Automotive Group Inc.*		196,813
	1,427	AutoNation Inc.*		287,184
	52,042	Bath & Body Works Inc.		1,001,809
	7,848	Best Buy Co., Inc.		629,017
	1,120	Boot Barn Holdings Inc.*		168,706
	1,099	Buckle Inc. (The)		46,817
	1,574	Build-A-Bear Workshop Inc.		47,645
	2,679	Burlington Stores Inc.*		695,897
	30,251	Caleres Inc.		368,457
	3,487	CarMax Inc.*		213,858
	4,700	Chewy Inc., Class A Shares*		111,860
	278	Citi Trends Inc.*		18,922
	2,804	Dick’s Sporting Goods Inc.		378,820
	2,284	Five Below Inc.*		563,783
	2,537	Floor & Decor Holdings Inc., Class A Shares*		127,535
	18,369	GameStop Corp., Class A Shares*		337,622
	6,682	Gap Inc. (The)		149,075
	358	Genesco Inc.*		11,982
	721	Group 1 Automotive Inc.		194,338
	502	Haverty Furniture Cos., Inc.		13,690
	1,173	Lithia Motors Inc., Class A Shares		430,866
	2,260	MarineMax Inc.*		117,927
	865	Murphy USA Inc.		445,812
	668	Penske Automotive Group Inc.		144,682
	6,867	RealReal Inc. (The)*		70,318
	41,170	Reformation Inc.*(a)		589,143
	885	RH*		131,998
	8,710	Sally Beauty Holdings Inc.*		142,670
	1,469	Signet Jewelers Ltd.		120,869
	597	Sonic Automotive Inc., Class A Shares		46,954
	4,184	ThredUp Inc., Class A Shares*		11,255
	40,015	Tractor Supply Co		1,396,524
	6,838	Upbound Group Inc.		125,135
	3,100	Urban Outfitters Inc.*		250,139
	4,658	Valvoline Inc.*		149,335

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 9.2% — (continued)

Specialty Retail — 1.6% — (continued)
	2,943	Victoria’s Secret & Co.*	$	251,362
	5,090	Warby Parker Inc., Class A Shares*		125,214
	4,595	Wayfair Inc., Class A Shares*		456,146
	257	Winmark Corp.		85,509

		Total Specialty Retail		11,348,331


Textiles, Apparel & Luxury Goods — 0.6%
	1,928	Amer Sports Inc.*		58,900
	33,100	Birkenstock Holding PLC*(a)		1,155,521
	2,745	Columbia Sportswear Co		157,563
	2,220	Crocs Inc.*		267,244
	2,268	Ermenegildo Zegna NV		30,799
	10,355	Figs Inc., Class A Shares*		158,846
	3,261	G-III Apparel Group Ltd.		106,276
	2,764	Kontoor Brands Inc.		208,433
	2,634	Levi Strauss & Co., Class A Shares		54,682
	1,995	Movado Group Inc.		67,291
	2,730	PVH Corp.		202,457
	1,595	Ralph Lauren Corp., Class A Shares		553,306
	250	Rocky Brands Inc.		11,302
	3,693	Steven Madden Ltd.		159,464
	4,846	Tapestry Inc.		597,948
	81,372	Under Armour Inc., Class C Shares*		401,164
	20,966	V.F. Corp.		281,783

		Total Textiles, Apparel & Luxury Goods		4,472,979

		TOTAL CONSUMER DISCRETIONARY		65,707,479


CONSUMER STAPLES — 3.9%

Beverages — 0.8%
	3,165	Boston Beer Co., Inc. (The), Class A Shares*		562,769
	8,822	Brown-Forman Corp., Class B Shares		234,400
	64,595	Celsius Holdings Inc.*		2,031,513
	2,451	Coca-Cola Consolidated Inc.		479,342
	3,568	Molson Coors Beverage Co., Class B Shares		141,864
	877	National Beverage Corp.		27,739
	4,480	Primo Brands Corp., Class A Shares		102,234
	42,168	Vita Coco Co., Inc. (The)*		2,475,894

		Total Beverages		6,055,755


Consumer Staples Distribution & Retail — 2.1%
	761	Albertsons Cos., Inc., Class A Shares		9,398
	1,172	Andersons Inc. (The)		76,028
	18,428	BJ’s Wholesale Club Holdings Inc.*		1,670,498
	933	Casey’s General Stores Inc.		701,812
	22,864	Chefs’ Warehouse Inc. (The)*		2,571,514
	11,891	Dollar Tree Inc.*		1,505,282
	590	Ingles Markets Inc., Class A Shares		48,262
	9,612	Maplebear Inc.*		485,598
	6,326	Performance Food Group Co.*		627,350
	1,323	PriceSmart Inc.		224,923
	44,874	Sprouts Farmers Market Inc.*		3,681,463
	2,913	United Natural Foods Inc.*		127,764
	28,229	US Foods Holding Corp.*		2,959,528
	305	Village Super Market Inc., Class A Shares		13,201
	1,342	Weis Markets Inc.		95,349

		Total Consumer Staples Distribution & Retail		14,797,970

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

CONSUMER STAPLES — 3.9% — (continued)

Food Products — 0.8%
	255	Alico Inc.	$	10,131
	1,985	Cal-Maine Foods Inc.		156,656
	16,230	Campbell’s Co. (The)(a)		384,327
	25,292	Conagra Brands Inc.		405,178
	5,794	Darling Ingredients Inc.*		383,968
	1,156	Del Monte Corp.		36,622
	2,998	Dole PLC		41,522
	1,792	Freshpet Inc.*		125,189
	51,049	Hain Celestial Group Inc. (The)*		38,052
	16,483	Hormel Foods Corp.		360,154
	2,011	Ingredion Inc.		208,058
	7,975	J.M. Smucker Co. (The)		1,046,001
	275	John B Sanfilippo & Son Inc.		20,265
	3,034	Lamb Weston Holdings Inc.		165,444
	134	Lifeway Foods Inc.*		3,488
	80,139	Magnum Ice Cream Co. NV (The)*		1,636,438
	2,818	Mama’s Creations Inc.*		45,736
	423	Marzetti Co. (The)		47,651
	1,458	Pilgrim’s Pride Corp.*		45,752
	1,440	Post Holdings Inc.*		120,038
	10	Seaboard Corp.		39,103
	369	Seneca Foods Corp., Class A Shares*		73,169
	1,792	Smithfield Foods Inc.		39,263
	658	Tootsie Roll Industries Inc.		26,886

		Total Food Products		5,459,091


	Household Products — 0.2%
	390	Central Garden & Pet Co.*		16,762
	2,813	Central Garden & Pet Co., Class A Shares*		104,672
	358	Oil-Dri Corp. of America.		32,213
	934	Spectrum Brands Holdings Inc.		80,613
	4,331	WD-40 Co.		927,484

		Total Household Products		1,161,744


	Personal Care Products — 0.0%@
	2,469	elf Beauty Inc.*		269,244
	2,775	Honest Co., Inc. (The)*		15,873
	683	Interparfums Inc.		80,205
	404	Nature’s Sunshine Products Inc.*		5,717

		Total Personal Care Products		371,039


	Tobacco — 0.0%@
	601	Turning Point Brands Inc.		48,663
	699	Universal Corp.		31,804

		Total Tobacco		80,467

		TOTAL CONSUMER STAPLES		27,926,066


ENERGY — 4.0%

Energy Equipment & Services — 1.6%
	6,366	Archrock Inc.		200,656
	1,074	Bristow Group Inc.		48,749
	2,524	Cactus Inc., Class A Shares		177,488
	3,899	Expro Ltd.*		70,650
	273	Forum Energy Technologies Inc.*		22,378
	5,704	Helix Energy Solutions Group Inc.*		58,751

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

ENERGY — 4.0% — (continued)

Energy Equipment & Services — 1.6% — (continued)
	3,564	Helmerich & Payne Inc.	$	155,319
	16,947	Innovex International Inc.*		519,764
	6,678	ION Geophysical Corp.*(b)#		—
	16,911	Kodiak Gas Services Inc.		993,859
	5,975	Liberty Energy Inc., Class A Shares		117,767
	2,351	National Energy Services Reunited Corp.*		82,544
	358	Natural Gas Services Group Inc.		12,602
	3,355	Noble Corp. PLC		153,760
	13,502	NOV Inc.		287,458
	3,703	Oceaneering International Inc.*		191,667
	74,239	Patterson-UTI Energy Inc.		938,381
	2,921	ProPetro Holding Corp.*		33,183
	527	Ranger Energy Services Inc., Class A Shares		8,801
	11,495	RPC Inc.		75,062
	1,444	Seadrill Ltd.*		70,352
	3,323	Select Water Solutions Inc., Class A Shares		64,798
	1,616	Solaris Energy Infrastructure Inc., Class A Shares		82,044
	60,665	TechnipFMC PLC		4,740,970
	198,941	TETRA Technologies Inc.*		1,372,693
	1,806	Tidewater Inc.*		168,175
	1,917	Valaris Ltd.*		165,571
	2,672	Weatherford International PLC		261,241

		Total Energy Equipment & Services		11,074,683


Oil, Gas & Consumable Fuels — 2.4%
	12,469	Antero Midstream Corp.		279,555
	8,810	Antero Resources Corp.*		339,009
	12,958	APA Corp.		559,138
	1,462	Ardmore Shipping Corp.		25,424
	820	BKV Corp.*		19,811
	2,672	California Resources Corp.		141,696
	2,422	Calumet Inc.*		120,446
	627	Centrus Energy Corp., Class A Shares*(a)		107,468
	1,528	Chord Energy Corp.		224,784
	41,194	CNX Resources Corp.*		1,498,638
	7,587	Comstock Inc.*		25,113
	2,683	Comstock Resources Inc.*		38,716
	1,910	Core Natural Resources Inc.		195,393
	1,234	CVR Energy Inc.		51,655
	2,112	Delek US Holdings Inc.		157,006
	32,286	Devon Energy Corp.		1,566,194
	5,044	DHT Holdings Inc.		98,862
	2,171	Diversified Energy Co.		32,326
	1,509	Dorian LPG Ltd.		75,510
	3,818	DT Midstream Inc.		500,234
	8,768	Energy Fuels Inc.*		129,328
	836	Excelerate Energy Inc., Class A Shares		33,122
	3,661	Golar LNG Ltd.		188,505
	2,670	Green Plains Inc.*		38,582
	355	Gulfport Energy Corp.*		63,705
	5,922	HF Sinclair Corp.		601,734
	1,552	International Seaways Inc.		153,089
	1,642	Kinetik Holdings Inc., Class A Shares		90,031
	47,064	Magnolia Oil & Gas Corp., Class A Shares		1,263,668
	30,916	Matador Resources Co.		1,793,437

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

ENERGY — 4.0% — (continued)

Oil, Gas & Consumable Fuels — 2.4% — (continued)
	7,568	Murphy Oil Corp.	$	275,627
	101	NACCO Industries Inc., Class A Shares		4,322
	1,551	Navigator Holdings Ltd.		34,293
	5,409	New Era Energy & Digital Inc.*		25,666
	1,400	NextDecade Corp.*		10,556
	7,323	Nordic American Tankers Ltd.		50,016
	10,634	Ovintiv Inc.		698,122
	1,882	Par Pacific Holdings Inc.*		150,409
	3,084	PBF Energy Inc., Class A Shares		225,101
	4,487	Peabody Energy Corp.		133,219
	98,833	Permian Resources Corp., Class A Shares		2,301,821
	7,900	Range Resources Corp.		326,428
	1,075	REX American Resources Corp.*		44,161
	364	Riley Exploration Permian Inc.		14,207
	29,112	Ring Energy Inc.*		42,795
	1,351	SandRidge Energy Inc.		19,076
	1,692	Scorpio Tankers Inc.		133,431
	5,032	SFL Corp., Ltd., Class B Shares		62,648
	4,643	SM Energy Co.		172,627
	4,899	Talos Energy Inc.*		84,557
	1,795	Teekay Corp., Ltd.		23,622
	826	Teekay Tankers Ltd., Class A Shares		74,043
	93,958	Uranium Energy Corp.*		1,150,046
	27,497	Venture Global Inc., Class A Shares		402,556
	4,897	Viper Energy Inc., Class A Shares		219,337
	1,089	Vitesse Energy Inc.		19,047
	3,147	W&T Offshore Inc.		11,675
	1,897	World Kinect Corp.		67,818

		Total Oil, Gas & Consumable Fuels		17,189,405

		TOTAL ENERGY		28,264,088


FINANCIALS — 14.2%

Banks — 5.9%
	765	1st Source Corp.		65,507
	356	ACNB Corp.		23,136
	848	Amalgamated Financial Corp.		40,763
	3,529	Amerant Bancorp Inc., Class A Shares		101,318
	2,542	Ameris Bancorp		214,164
	297	Ames National Corp.		9,353
	597	Arrow Financial Corp.		22,531
	6,333	Associated Banc-Corp.		193,853
	5,314	Atlantic Union Bankshares Corp.		214,314
	2,321	Axos Financial Inc.*		224,650
	67,352	Banc of California Inc.		1,254,094
	811	BancFirst Corp.		88,577
	12,852	Banco Santander SA, ADR		187,125
	2,524	Bancorp Inc. (The)*		164,060
	697	Bank First Corp.		105,010
	1,369	Bank of Hawaii Corp.		103,948
	592	Bank of Marin Bancorp		15,735
	1,492	Bank of NT Butterfield & Son Ltd. (The)		87,849
	5,366	Bank OZK		263,363
	165	Bank7 Corp.		8,474
	2,836	BankUnited Inc.		129,322
	298	Bankwell Financial Group Inc.		19,591

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

FINANCIALS — 14.2% — (continued)

Banks — 5.9% — (continued)
	1,315	Banner Corp.	$	92,234
	2,122	Bar Harbor Bankshares		83,246
	369	Baycom Corp.		11,007
	3,006	Beacon Financial Corp.		93,336
	882	BOK Financial Corp.		120,023
	748	Bridgewater Bancshares Inc.*		15,760
	2,099	Burke & Herbert Financial Services Corp.		149,680
	3,224	Business First Bancshares Inc.		100,008
	1,205	Byline Bancorp Inc.		45,694
	766	California BanCorp		16,300
	694	Camden National Corp.		39,197
	1,479	Capital Bancorp Inc.		53,451
	1,200	Capital City Bank Group Inc.		60,576
	5,345	Capitol Federal Financial Inc.		46,020
	849	Carter Bankshares Inc.		26,523
	2,652	Cathay General Bancorp		162,329
	31,181	Central BanCo Inc., Class A Shares		1,001,066
	683	Central Pacific Financial Corp.		25,421
	125	Chemung Financial Corp.		10,134
	809	ChoiceOne Financial Services Inc.		26,867
	577	Citizens & Northern Corp.		14,621
	491	City Holding Co.		70,188
	2,629	Civista Bancshares Inc.		70,930
	1,088	CNB Financial Corp.		36,796
	1,666	Coastal Financial Corp.*		78,485
	644	Colony Bankcorp Inc.		13,621
	11,028	Columbia Banking System Inc.		326,870
	2,847	Columbia Financial Inc.		33,082
	3,896	Commerce Bancshares Inc.		224,838
	2,002	Community Financial System Inc.		125,625
	1,083	Community Trust Bancorp Inc.		82,449
	2,955	Community West Bancshares		76,623
	3,159	ConnectOne Bancorp Inc.		99,319
	2,391	Cullen/Frost Bankers Inc.		384,640
	1,538	Customers Bancorp Inc.*		120,241
	6,964	CVB Financial Corp.		154,392
	1,673	Dime Commercial Bancshares Inc.		67,589
	16,231	East West Bancorp Inc.		2,059,065
	8,351	Eastern Bankshares Inc.		183,388
	1,361	Enterprise Financial Services Corp.		86,056
	2,216	Equity Bancshares Inc., Class A Shares		109,382
	590	Esquire Financial Holdings Inc.		65,915
	7,156	Farmers National Banc Corp.		111,705
	1,586	FB Financial Corp.		90,339
	157	Fidelity D&D Bancorp Inc.		8,410
	724	Financial Institutions Inc.		29,336
	64,380	First Bancorp		1,850,159
	1,085	First Bank		19,313
	3,420	First Busey Corp.		102,942
	265	First Business Financial Services Inc.		18,516
	806	First Citizens BancShares Inc., Class A Shares		1,744,506
	4,263	First Commonwealth Financial Corp.		88,244
	541	First Community Bankshares Inc.		26,233
	3,597	First Financial Bancorp		117,370
	3,973	First Financial Bankshares Inc.		132,023

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

FINANCIALS — 14.2% — (continued)

Banks — 5.9% — (continued)
	555	First Financial Corp.	$	43,445
	4,511	First Hawaiian Inc.		115,527
	18,817	First Horizon Corp.		457,629
	281	First Internet Bancorp		7,683
	3,393	First Interstate BancSystem Inc., Class A Shares		124,896
	2,162	First Merchants Corp.		89,658
	913	First Mid Bancshares Inc.		45,431
	291	First Western Financial Inc.*		9,012
	655	Five Star Bancorp		30,012
	95,760	Flagstar Bank N.A.		1,274,566
	13,734	FNB Corp.		250,371
	251	FS Bancorp Inc.		10,617
	7,456	Fulton Financial Corp.		174,918
	599	FVCBankcorp Inc.		10,938
	1,415	German American Bancorp Inc.		69,788
	16,183	Glacier Bancorp Inc.		749,435
	1,091	Great Southern Bancorp Inc.		85,393
	237	Greene County Bancorp Inc.		8,150
	3,313	Hancock Whitney Corp.		246,785
	2,813	Hanmi Financial Corp.		87,203
	586	HBT Financial Inc.		20,791
	1,198	Heritage Financial Corp.		34,227
	2,084	Hilltop Holdings Inc.		79,296
	213	Hingham Institution For Savings The		61,402
	886	Home Bancorp Inc.		60,682
	6,174	Home BancShares Inc.		181,886
	743	HomeTrust Bancshares Inc.		34,505
	4,680	Hope Bancorp Inc.		64,537
	2,959	Horizon Bancorp Inc.		57,464
	139,995	Huntington Bancshares Inc.		2,335,817
	13,494	Independent Bank Corp.		1,000,119
	2,019	International Bancshares Corp.		141,653
	375	Investar Holding Corp.		11,299
	36,702	KeyCorp.		793,130
	2,483	Lakeland Financial Corp.		146,720
	506	LCNB Corp.		9,781
	1,493	Live Oak Bancshares Inc.		58,809
	1,480	Mechanics Bancorp, Class A Shares		23,295
	743	Mercantile Bank Corp.		44,402
	731	Metrocity Bankshares Inc.		25,453
	1,005	Metropolitan Bank Holding Corp.		91,234
	720	Mid Penn Bancorp Inc.		26,215
	1,664	Midland States Bancorp Inc.		54,563
	372	MVB Financial Corp.		11,260
	1,419	National Bank Holdings Corp., Class A Shares		58,591
	244	National Bankshares Inc.		10,053
	1,469	NB Bancorp Inc.		32,803
	1,992	NBT Bancorp Inc.		102,429
	645	Nicolet Bankshares Inc.		109,224
	484	Northeast Bank		61,057
	475	Northeast Community Bancorp Inc.		12,516
	485	Northpointe Bancshares Inc.		8,240
	833	Northrim BanCorp Inc.		21,300
	5,359	Northwest Bancshares Inc.		81,939
	268	Norwood Financial Corp.		9,155

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

FINANCIALS — 14.2% — (continued)

Banks — 5.9% — (continued)
	207	Oak Valley Bancorp	$	6,953
	5,994	OceanFirst Financial Corp.		112,927
	1,617	OFG Bancorp		84,165
	12,868	Old National Bancorp		329,163
	2,236	Old Second Bancorp Inc.		56,079
	475	Orange County Bancorp Inc.		18,026
	1,182	Origin Bancorp Inc.		62,800
	2,402	Orrstown Financial Services Inc.		100,163
	554	Park National Corp.		108,191
	943	Pathward Financial Inc.		76,817
	482	PCB Bancorp		13,173
	2,056	Peapack Gladstone Financial Corp.		91,780
	1,340	Peoples Bancorp Inc.		52,756
	193	Peoples Bancorp of North Carolina Inc.		8,434
	357	Peoples Financial Services Corp.		24,515
	5,187	Pinnacle Financial Partners Inc.		518,544
	487	Pioneer Bancorp Inc.*		8,503
	209	Plumas Bancorp		12,797
	597	Ponce Financial Group Inc.*		12,107
	2,480	Popular Inc.		417,111
	357	Preferred Bank		36,568
	835	Primis Financial Corp.		13,277
	180	Princeton Bancorp Inc.		7,600
	4,047	Prosperity Bancshares Inc.		289,603
	4,114	Provident Financial Services Inc.		96,268
	597	QCR Holdings Inc.		59,384
	675	RBB Bancorp		17,516
	153	Red River Bancshares Inc.		15,306
	3,432	Renasant Corp.		140,403
	1,072	Republic Bancorp Inc., Class A Shares		100,243
	1,471	S&T Bancorp Inc.		72,785
	3,341	Seacoast Banking Corp. of Florida		113,444
	3,830	ServisFirst Bancshares Inc.		164,843
	1,767	Shore Bancshares Inc.		40,570
	506	Sierra Bancorp		20,048
	4,181	Simmons First National Corp., Class A Shares		94,407
	598	SmartFinancial Inc.		30,229
	466	South Plains Financial Inc.		20,318
	284	Southern First Bancshares Inc.*		17,423
	1,259	Southern Missouri Bancorp Inc.		92,650
	1,081	Southside Bancshares Inc.		34,116
	6,610	SouthState Bank Corp.		693,323
	1,036	Sterling Bancorp Inc.*#		—
	1,970	Stock Yards Bancorp Inc.		156,044
	34,723	Texas Capital Bancshares Inc.		3,374,381
	1,990	TFS Financial Corp.		34,765
	1,678	Third Coast Bancshares Inc.*		74,839
	288	Timberland Bancorp Inc.		13,130
	597	Tompkins Financial Corp.		57,981
	4,772	Towne Bank		176,755
	1,315	TriCo.Bancshares		70,195
	1,614	Triumph Financial Inc.*		114,998
	715	TrustCo. Bank Corp. NY		40,555
	2,154	Trustmark Corp.		98,912
	15,833	UMB Financial Corp.		2,242,428

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

FINANCIALS — 14.2% — (continued)

Banks — 5.9% — (continued)
	5,334	United Bankshares Inc.	$	251,391
	3,654	United Community Banks Inc.		127,305
	939	Unity Bancorp Inc.		54,490
	1,129	Univest Financial Corp.		46,876
	424	USCB Financial Holdings Inc.		9,430
	17,953	Valley National Bancorp		244,879
	169	Virginia National Bankshares Corp.		7,825
	44,071	WaFd Inc.		1,575,979
	764	Washington Trust Bancorp Inc.		29,895
	3,473	WesBanco Inc.		138,955
	674	West BanCorp Inc.		19,040
	817	Westamerica BanCorp		47,427
	4,030	Western Alliance Bancorp		314,864
	20,826	Wintrust Financial Corp.		3,131,397
	2,031	WSFS Financial Corp.		157,301
	5,517	Zions Bancorp NA		367,929

		Total Banks		41,571,418


Capital Markets — 2.8%
	1,020	Acadian Asset Management Inc.		96,084
	1,075	Affiliated Managers Group Inc.		395,804
	29,672	Ares Capital Corp.(a)		595,517
	1,342	Artisan Partners Asset Management Inc., Class A Shares		57,129
	13,551	BGC Group Inc., Class A Shares		162,748
	9,224	BlackRock TCP Capital Corp.		38,372
	39,434	Blue Owl Capital Corp.		454,674
	4,019	Capital Southwest Corp.		102,766
	14,507	Carlyle Group Inc. (The)		701,994
	6,327	CION Investment Corp.		47,516
	999	Cohen & Steers Inc.		80,589
	3,221	Crescent Capital BDC Inc.		34,207
	9,715	DigitalBridge Group Inc.		154,566
	3,197	Donnelley Financial Solutions Inc.*		154,415
	1,857	Evercore Inc., Class A Shares		531,900
	949	FactSet Research Systems Inc.		297,559
	1,546	Federated Hermes Inc., Class B Shares		98,403
	4,886	Fidus Investment Corp.		96,743
	11,523	Franklin Templeton Inc.		393,510
	419	Freedom Holding Corp.*		73,329
	20,342	FS KKR Capital Corp.		252,444
	2,035	GCM Grosvenor Inc., Class A Shares		28,063
	7,459	Gemini Space Station Inc., Class A Shares*		33,565
	6,930	Goldman Sachs BDC Inc.(a)		70,894
	22,223	Golub Capital BDC Inc.		292,455
	919	Hamilton Lane Inc., Class A Shares		100,006
	1,582	Houlihan Lokey Inc., Class A Shares		210,865
	60,761	Invesco Ltd.		1,991,746
	5,822	Jefferies Financial Group Inc.		306,470
	3,449	Lazard Inc., Class A Shares		149,100
	4,852	Main Street Capital Corp.(a)		285,880
	27,462	Marex Group Ltd.		1,990,446
	19,544	Miami International Holdings Inc.*		837,851
	2,820	Moelis & Co., Class A Shares		191,957
	2,335	Morningstar Inc.		511,225
	2,680	MSC Income Fund Inc.		34,545

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

FINANCIALS — 14.2% — (continued)

Capital Markets — 2.8% — (continued)
	12,113	New Mountain Finance Corp.	$	92,422
	648	Perella Weinberg Partners, Class A Shares		10,776
	2,637	Piper Sandler Cos		197,933
	9,069	PJT Partners Inc., Class A Shares		1,635,957
	65,475	Prospect Capital Corp.		149,283
	3,780	SEI Investments Co.		419,504
	9,262	Sharplink Inc.*		79,931
	12,241	Sixth Street Specialty Lending Inc.		230,865
	39,093	StepStone Group Inc., Class A Shares		2,043,000
	20,217	Stifel Financial Corp.		1,633,129
	4,093	StoneX Group Inc.*		280,289
	3,002	TPG Inc., Class A Shares		162,468
	4,738	Tradeweb Markets Inc., Class A Shares		510,283
	1,670	Victory Capital Holdings Inc., Class A Shares		197,077
	2,931	Virtu Financial Inc., Class A Shares		192,391
	810	Virtus Investment Partners Inc.		134,055
	4,853	WisdomTree Inc.		116,763

		Total Capital Markets		19,941,463


Consumer Finance —1.3%
	13,894	Ally Financial Inc.		586,466
	687	Atlanticus Holdings Corp.*		62,153
	10,913	Bread Financial Holdings Inc.		1,140,081
	332	Credit Acceptance Corp.*		199,114
	461	Dave Inc.*		165,739
	1,661	Encore Capital Group Inc.*		161,133
	1,121	Enova International Inc.*		254,153
	1,020	EZCORP Inc., Class A Shares*		32,966
	14,626	FirstCash Holdings Inc.		3,136,838
	78,141	Happen Inc.*		1,373,719
	836	Medallion Financial Corp.		9,881
	2,850	Navient Corp.		27,103
	1,138	Nelnet Inc., Class A Shares		142,557
	7,682	OneMain Holdings Inc., Class A Shares		479,818
	630	OppFi Inc.*		4,366
	2,374	PROG Holdings Inc.		90,521
	322	Regional Management Corp.		10,333
	10,207	SLM Corp.		265,076
	60,205	SoFi Technologies Inc.*		1,076,465
	1,854	Upstart Holdings Inc.*		53,173
	307	World Acceptance Corp.*		56,430

		Total Consumer Finance		9,328,085


Financial Services —1.5%
	1,179	Acacia Research Corp.*		5,235
	12,695	Affirm Holdings Inc., Class A Shares*		945,143
	788	Alerus Financial Corp.		25,925
	1,172	Bladex Inc.		63,194
	3,437	Cannae Holdings Inc.		53,617
	1,482	Cass Information Systems Inc.		83,155
	10,181	Chime Financial Inc., Class A Shares*		337,093
	12,246	Corebridge Financial Inc.		398,485
	1,308	Enact Holdings Inc.		63,046
	13,411	Equitable Holdings Inc.		672,293
	3,528	Essent Group Ltd.		238,352

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

FINANCIALS — 14.2% — (continued)

Financial Services — 1.5% — (continued)
	4,335	Euronet Worldwide Inc.*	$	301,326
	8,102	EVERTEC Inc.		240,062
	349	Federal Agricultural Mortgage Corp., Class C Shares		76,745
	30,102	Federal Home Loan Mortgage Corp.*		167,668
	41,420	HA Sustainable Infrastructure Capital Inc.		1,638,161
	3,260	International Money Express Inc.*		47,172
	996	Jack Henry & Associates Inc.		167,238
	2,268	Jackson Financial Inc., Class A Shares		302,619
	25,155	Klarna Group PLC*(a)		369,527
	3,556	Marqeta Inc., Class A Shares*		58,390
	953	Merchants Bancorp		50,166
	8,290	MGIC Investment Corp.		254,089
	2,681	NCR Atleos Corp.*		123,112
	1,562	NewtekOne Inc.		18,416
	2,947	NMI Holdings Inc., Class A Shares*		130,700
	185	Onity Group Inc.*		6,334
	10,844	Payoneer Global Inc.*		77,101
	1,556	Paysign Inc.*		19,388
	1,075	PennyMac Financial Services Inc.		78,593
	4,985	Radian Group Inc.		178,762
	6,460	Remitly Global Inc.*		172,740
	45,048	Rocket Cos., Inc., Class A Shares*		604,094
	597	Sezzle Inc.*		71,968
	708	Shift4 Payments Inc., Class A Shares*		29,934
	6,285	StoneCo Ltd., Class A Shares		60,965
	313	Velocity Financial Inc.*		5,618
	15,897	Voya Financial Inc.		1,610,684
	17,574	Walker & Dunlop Inc.		712,274
	626	Waterstone Financial Inc.		13,121
	1,947	WEX Inc.*		371,059

		Total Financial Services		10,843,564


Insurance — 2.5%
	3,808	Abacus Global Management Inc.		36,557
	836	American Coastal Insurance Corp.		7,917
	2,488	American Financial Group Inc.		354,664
	1,896	Assurant Inc.		534,407
	1,791	Assured Guaranty Ltd.		133,788
	16,689	Axis Capital Holdings Ltd.		1,648,539
	2,548	Baldwin Insurance Group Inc. (The), Class A Shares*		78,606
	2,164	Brighthouse Financial Inc.*		114,735
	3,943	CNO Financial Group Inc.		216,037
	1,698	Crawford & Co., Class A Shares		22,278
	719	Donegal Group Inc., Class A Shares		13,747
	2,040	Employers Holdings Inc.		100,144
	1,315	Erie Indemnity Co., Class A Shares		336,061
	6,445	Everest Group Ltd.		2,414,619
	9,809	Fidelity National Financial Inc.		455,628
	5,700	First American Financial Corp.		421,344
	15,481	Genworth Financial Inc., Class A Shares*		153,881
	3,106	Globe Life Inc.		536,313
	623	Greenlight Capital Re Ltd., Class A Shares*		9,445
	1,810	Hamilton Insurance Group Ltd., Class B Shares		63,640
	10,535	Hanover Insurance Group Inc. (The)		2,382,069
	380	HCI Group Inc.		70,577

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

FINANCIALS — 14.2% — (continued)

Insurance — 2.5% — (continued)
	844	Heritage Insurance Holdings Inc.*	$	28,375
	1,830	Hippo Holdings Inc.*		60,152
	1,595	Horace Mann Educators Corp.		81,170
	61	Investors Title Co.		17,958
	1,180	Kemper Corp.		33,252
	595	Kingsway Corp.*		6,134
	681	Kinsale Capital Group Inc.		254,626
	3,077	Lemonade Inc.*		160,712
	5,743	Loews Corp.		621,910
	1,065	Mercury General Corp.		108,587
	8,780	Old Republic International Corp.		366,389
	8,856	Oscar Health Inc., Class A Shares*		265,326
	15,876	Palomar Holdings Inc.		2,104,681
	2,301	Pelagos Insurance Capital Ltd.		56,167
	2,747	Porch Group Inc.*		46,672
	1,299	Primerica Inc.		373,657
	2,029	Reinsurance Group of America Inc., Class A Shares		499,215
	1,631	RenaissanceRe Holdings Ltd.		534,381
	2,529	RLI Corp.		160,516
	15,917	Ryan Specialty Holdings Inc., Class A Shares		671,379
	597	Safety Insurance Group Inc.		61,933
	2,265	Selective Insurance Group Inc.		206,772
	2,431	SiriusPoint Ltd.*		58,806
	1,421	Skyward Specialty Insurance Group Inc.*		81,580
	1,373	Slide Insurance Holdings Inc.		31,922
	1,075	Stewart Information Services Corp.		73,799
	900	Tiptree Inc.		16,668
	703	United Fire Group Inc.		37,871
	1,132	Universal Insurance Holdings Inc.		48,653
	6,876	Unum Group		640,981
	107	White Mountains Insurance Group Ltd.		224,915

		Total Insurance		18,040,155


Mortgage Real Estate Investment Trusts (REITs) — 0.2%
	11,037	Adamas Trust Inc.		107,500
	36,891	AGNC Investment Corp.		395,840
	16,669	Annaly Capital Management Inc.		382,053
	5,581	Apollo Commercial Real Estate Finance Inc.		38,565
	2,631	Blackstone Mortgage Trust Inc., Class A Shares		36,571
	5,065	BrightSpire Capital Inc., Class A Shares		24,059
	3,868	Dynex Capital Inc.		49,858
	9,773	Ellington Financial Inc.		130,763
	1,009	Ladder Capital Corp., Class A Shares		9,888
	10,146	PennyMac Mortgage Investment Trust		94,561
	7,395	Rithm Capital Corp.		74,172
	3,190	Starwood Property Trust Inc.		50,083
	842	TPG Mortgage Investment Trust Inc.		5,667
	8,819	TPG RE Finance Trust Inc.		68,171

		Total Mortgage Real Estate Investment Trusts (REITs)		1,467,751

		TOTAL FINANCIALS		101,192,436


HEALTH CARE — 15.8%

Biotechnology — 7.1%
	16,586	Abivax SA, ADR*		1,853,154
	10,335	Absci Corp.*		93,428

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

HEALTH CARE — 15.8% — (continued)

Biotechnology — 7.1% — (continued)
	5,749	ACADIA Pharmaceuticals Inc.*	$	166,204
	4,841	ADMA Biologics Inc.*		45,457
	1,336	Agios Pharmaceuticals Inc.*		44,996
	5,932	Alkermes PLC*		278,745
	1,293	AnaptysBio Inc.*		73,740
	8,941	Annexon Inc.*		44,169
	1,891	Apogee Therapeutics Inc.*		255,436
	11,648	Arbutus Biopharma Corp.*		59,172
	3,986	Arcus Biosciences Inc.*		116,710
	4,172	Arcutis Biotherapeutics Inc.*		100,003
	9,142	Ardelyx Inc.*		34,557
	2,121	ArriVent Biopharma Inc.*		63,736
	5,878	Arrowhead Pharmaceuticals Inc.*		484,288
	24,013	Ascendis Pharma AS, ADR*		6,316,380
	4,586	Aurinia Pharmaceuticals Inc.*		73,880
	1,692	Avalo Therapeutics Inc.*		32,723
	6,560	Beam Therapeutics Inc.*		193,061
	2,412	Benitec Biopharma Inc.*		29,354
	2,562	Bicara Therapeutics Inc.*		59,233
	8,960	BioCryst Pharmaceuticals Inc.*		86,912
	3,333	Biohaven Ltd.*		50,895
	6,923	Bridgebio Pharma Inc.*		530,233
	5,299	Candel Therapeutics Inc.*		69,258
	1,275	Capricor Therapeutics Inc.*(a)		12,635
	2,033	CareDx Inc.*		101,874
	5,527	Caris Life Sciences Inc.*		140,883
	1,945	Celcuity Inc.*		173,222
	3,898	Celldex Therapeutics Inc.*		154,478
	13,227	Century Therapeutics Inc.*		27,115
	2,727	CG oncology Inc.*		204,961
	6,535	Cogent Biosciences Inc.*		228,725
	4,033	Corvus Pharmaceuticals Inc.*		56,623
	3,299	CRISPR Therapeutics AG*		187,977
	5,279	Cytokinetics Inc.*		374,334
	9,722	CytomX Therapeutics Inc.*		32,666
	2,501	Damora Therapeutics Inc.*		70,478
	6,500	Denali Therapeutics Inc.*		154,440
	11,765	Dianthus Therapeutics Inc.*		1,242,502
	855	Discount Medicine Inc., Class A Shares*		67,246
	2,974	Dyne Therapeutics Inc.*		75,629
	3,876	Eikon Therapeutics Inc.*		40,543
	7,790	Eledon Pharmaceuticals Inc.*		23,214
	2,018	Emergent BioSolutions Inc.*		12,310
	8,784	Erasca Inc.*		157,058
	9,919	Exelixis Inc.*		541,974
	571	Fennec Pharmaceuticals Inc.*		7,052
	1,779	GRAIL Inc.*		141,199
	362	Greenwich Lifesciences Inc.*(a)		5,412
	4,284	Halozyme Therapeutics Inc.*		456,203
	2,457	Hemab Therapeutics Holdings Inc.*		112,359
	6,438	Hyperliquid Strategies Inc.*		78,865
	4,078	Ideaya Biosciences Inc.*		163,528
	14,696	ImmunityBio Inc.*(a)		116,833
	3,695	Immunome Inc.*		101,280
	3,474	Immunovant Inc.*		141,809

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

HEALTH CARE — 15.8% — (continued)

Biotechnology — 7.1% — (continued)
	6,128	Incyte Corp.*	$	755,092
	11,002	Indaptus Therapeutics Inc.*		12,597
	674	Inhibrx Biosciences Inc.*		85,396
	3,501	Insmed Inc.*		426,492
	7,110	Intellia Therapeutics Inc.*		90,510
	29,552	Ionis Pharmaceuticals Inc.*		1,783,759
	3,226	Jade Biosciences Inc.*		68,907
	4,713	Kailera Therapeutics Inc.*		72,580
	2,058	Kodiak Sciences Inc.*		76,866
	5,516	Krystal Biotech Inc.*		1,982,230
	5,377	Kura Oncology Inc.*		68,019
	2,614	Kymera Therapeutics Inc.*		310,569
	75,207	Legend Biotech Corp., ADR*		1,562,801
	1,182	MacroGenics Inc.*		4,716
	3,317	Madrigal Pharmaceuticals Inc.*		1,791,279
	11,295	MannKind Corp.*		45,293
	1,798	Mineralys Therapeutics Inc.*		46,155
	1,499	Mirum Pharmaceuticals Inc.*		146,977
	17,532	Moderna Inc.*		2,460,441
	3,442	Monte Rosa Therapeutics Inc.*		47,981
	2,651	Neurocrine Biosciences Inc.*		408,334
	3,984	Nurix Therapeutics Inc.*		102,708
	3,353	Odyssey Therapeutics Inc.*		82,216
	2,239	Olema Pharmaceuticals Inc.*		23,353
	2,211	ORIC Pharmaceuticals Inc.*		28,721
	22,834	Oruka Therapeutics Inc.*		2,114,885
	10,156	Ovid therapeutics Inc.*		27,117
	439	Palvella Therapeutics Inc.*		66,987
	6,296	Praxis Precision Medicines Inc.*		2,205,489
	12,398	Precigen Inc.*		85,918
	2,497	Protagonist Therapeutics Inc.*		368,932
	35,068	PTC Therapeutics Inc.*		2,438,629
	1,951	Puma Biotechnology Inc.*		17,774
	4,734	REGENXBIO Inc.*		44,973
	101,831	Relay Therapeutics Inc.*		1,871,654
	1,096	Revolution Medicines Inc.*		225,305
	30,824	Rhythm Pharmaceuticals Inc.*		3,271,351
	632	Rigel Pharmaceuticals Inc.*		29,186
	7,520	Roivant Sciences Ltd.*		260,493
	4,014	Savara Inc.*		21,635
	3,669	Scholar Rock Holding Corp.*		208,399
	7,651	SELLAS Life Sciences Group Inc.*(a)		102,064
	4,640	Shattuck Labs Inc.*		32,526
	1,342	Sionna Therapeutics Inc.*		8,092
	6,812	Solid Biosciences Inc.*		65,259
	14,295	Spyre Therapeutics Inc.*		1,276,972
	2,760	Stoke Therapeutics Inc.*		86,112
	4,528	Summit Therapeutics Inc.*		61,671
	3,312	Syndax Pharmaceuticals Inc.*		63,888
	5,682	Tango Therapeutics Inc.*		129,777
	8,003	Taysha Gene Therapies Inc.*		45,537
	6,270	TG Therapeutics Inc.*		340,461
	3,278	Travere Therapeutics Inc., Class Preferred Shares*		217,266
	3,049	Twist Bioscience Corp.*		423,811
	942	Tyra Biosciences Inc.*		23,578

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

HEALTH CARE — 15.8% — (continued)

Biotechnology — 7.1% — (continued)
	1,551	Ultragenyx Pharmaceutical Inc.*	$	39,101
	1,095	United Therapeutics Corp.*		558,866
	1,243	UroGen Pharma Ltd.*		53,561
	43,916	Vaxcyte Inc.*		2,667,458
	2,127	Vera Therapeutics Inc., Class A Shares*		72,488
	3,678	Veracyte Inc.*		158,853
	1,892	Vericel Corp.*		75,491
	4,925	Viking Therapeutics Inc.*		161,441
	3,115	Viridian Therapeutics Inc.*		72,143
	1,889	Vor BioPharma Inc.*		42,465
	7,074	X4 Pharmaceuticals Inc.*		28,579
	23,955	Xenon Pharmaceuticals Inc.*		1,442,570
	565	Zenas Biopharma Inc.*		18,261
	6,741	Zentalis Pharmaceuticals Inc.*		25,346
	3,438	Zymeworks Inc.*		101,112

		Total Biotechnology		50,698,619


Health Care Equipment & Supplies — 3.2%
	122,675	Accuray Inc.*		32,264
	766	Alphatec Holdings Inc.*		7,177
	4,434	AngioDynamics Inc.*		71,520
	1,668	Artivion Inc.*		45,019
	21,802	AtriCure Inc.*		1,054,127
	3,186	AxoGen Inc.*		161,721
	1,229	Bioventus Inc., Class A Shares*		16,776
	13,520	Butterfly Network Inc., Class A Shares*		106,673
	6,790	CONMED Corp.		338,482
	20,476	CytoSorbents Corp.*		6,982
	78,983	DENTSPLY SIRONA Inc.		882,240
	65,632	Envista Holdings Corp.*		1,781,252
	564	Establishment Labs Holdings Inc.*		39,102
	9,821	Glaukos Corp.*		1,763,459
	26,089	Globus Medical Inc., Class A Shares*		2,122,862
	34,111	Haemonetics Corp.*		3,515,821
	890	ICU Medical Inc.*		153,926
	2,964	Insulet Corp.*		440,628
	1,277	Integer Holdings Corp.*		159,944
	49,548	Integra LifeSciences Holdings Corp.*		838,352
	341	iRadimed Corp.		29,456
	18,400	IRhythm Holdings Inc.*		2,188,496
	3,302	Lantheus Holdings Inc.*		333,370
	766	LeMaitre Vascular Inc.		61,495
	2,049	LivaNova PLC*		163,531
	16,609	Medline Inc., Class A Shares*		581,813
	1,707	Merit Medical Systems Inc.*		154,757
	2,893	Mobia Medical Inc.*		32,286
	65,271	Neogen Corp.*		754,533
	2,456	Omnicell Inc.*		86,353
	82,564	OraSure Technologies Inc.*		296,405
	1,600	Penumbra Inc.*		516,960
	759	Pulse Biosciences Inc.*		38,200
	76,216	QuidelOrtho Corp.*		1,099,797
	1,773	SI-BONE Inc.*		33,722
	6,189	Solventum Corp.*		563,570
	2,031	STAAR Surgical Co.*		45,880

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

HEALTH CARE — 15.8% — (continued)

Health Care Equipment & Supplies — 3.2% — (continued)
	4,811	STERIS PLC	$	1,119,231
	352	Strive Inc., Class B Shares*		8,525
	819	Tactile Systems Technology Inc.*		18,821
	98	Teleflex Inc.		13,921
	1,687	TransMedics Group Inc.*		143,176
	279	UFP Technologies Inc.*		83,128
	72	Utah Medical Products Inc.		5,121
	52,104	Varex Imaging Corp.*		963,403

		Total Health Care Equipment & Supplies		22,874,277


Health Care Providers & Services — 2.6%
	50,620	Acadia Healthcare Co., Inc.*		1,395,087
	357	Addus HomeCare Corp.*		40,937
	9,282	Alignment Healthcare Inc.*		124,379
	2,559	AMN Healthcare Services Inc.*		87,723
	2,926	Astrana Health Inc.*		111,510
	893	Billiontoone Inc., Class A Shares*		80,968
	52,541	BrightSpring Health Services Inc.*		3,068,394
	8,625	Brookdale Senior Living Inc.*		101,689
	392	Chemed Corp.		203,334
	25,513	Clover Health Investments Corp., Class A Shares*		105,879
	4,473	Concentra Group Holdings Parent Inc.		150,919
	2,031	CorVel Corp.*		139,895
	1,391	DaVita Inc.*		244,830
	13,131	Encompass Health Corp.		1,578,478
	1,899	Ensign Group Inc. (The)		327,122
	1,158	GeneDx Holdings Corp., Class A Shares*		98,210
	4,431	GMR Solutions Inc., Class A Shares*		53,837
	5,252	Guardant Health Inc.*		835,173
	773	Guardian Pharmacy Services Inc., Class A Shares*		28,671
	22,473	HealthEquity Inc.*		2,169,543
	4,775	Henry Schein Inc.*		428,795
	9,032	Hims & Hers Health Inc.*		267,167
	1,377	Hinge Health Inc., Class A Shares*		127,455
	1,098	Innovage Holding Corp.*		11,858
	3,508	LifeStance Health Group Inc.*		43,359
	492	National HealthCare Corp.		106,533
	10,086	NeoGenomics Inc.*		180,640
	438	NRC Health		9,172
	119	Nutex Health Inc.*		22,462
	2,510	Omada Health Inc.*		61,620
	4,089	Option Care Health Inc.*		95,887
	1,621	PACS Group Inc.*		68,585
	2,075	Pediatrix Medical Group Inc.*		54,427
	1,314	Pennant Group Inc. (The)*		48,303
	6,475	Privia Health Group Inc.*		132,673
	1,579	Progyny Inc.*		40,407
	29,916	RadNet Inc.*		2,268,231
	154	Sonida Senior Living Inc.*		5,775
	5,862	Starling Oncology Inc.*		34,644
	11,768	Tenet Healthcare Corp.*		3,129,229
	1,786	Universal Health Services Inc., Class B Shares		304,209
	1,353	US Physical Therapy Inc.		105,182
	1,006	Viemed Healthcare Inc.*		8,893

		Total Health Care Providers & Services		18,502,084

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

HEALTH CARE — 15.8% — (continued)

Health Care Technology — 0.0%@
	4,560	GoodRx Holdings Inc., Class A Shares*	$	15,914
	990	HealthStream Inc.		28,760

		Total Health Care Technology		44,674


Life Sciences Tools & Services — 1.5%
	2,489	10X Genomics Inc., Class A Shares*		155,438
	61,165	Adaptive Biotechnologies Corp.*		1,524,232
	2,409	Alamar Biosciences Inc.*		73,571
	39,522	Avantor Inc.*		574,650
	27,492	Azenta Inc.*		897,614
	3,602	BioLife Solutions Inc.*		133,526
	4,465	Bio-Rad Laboratories Inc., Class A Shares*		1,724,026
	7,982	Bio-Techne Corp.		577,178
	3,863	Bruker Corp.		224,093
	6,430	Charles River Laboratories International Inc.*		1,853,383
	1,961	Ginkgo Bioworks Holdings Inc.*		13,354
	8,247	ICON PLC, ADR*		1,360,672
	995	Medpace Holdings Inc.*		591,020
	234	OmniAb Inc., Class CR3 Shares*#		–
	234	OmniAb Inc., Class CR4 Shares*#		–
	4,350	Personalis Inc.*		72,993
	5,069	QIAGEN NV		219,437
	2,568	Repligen Corp.*		464,757
	15,055	Sotera Health Co.*		284,539
	123,265	Standard BioTools Inc.*		81,195
	4,237	Tempus AI Inc., Class A Shares*		267,143

		Total Life Sciences Tools & Services		11,092,821


Pharmaceuticals — 1.4%
	1,213	Alto Neuroscience Inc.*		42,916
	3,018	Alumis Inc.*		65,823
	88,865	Amneal Pharmaceuticals Inc.*		1,552,472
	2,853	Amphastar Pharmaceuticals Inc.*		64,278
	3,485	Amylyx Pharmaceuticals Inc.*		117,619
	1,073	ANI Pharmaceuticals Inc.*		78,597
	11,637	Aquestive Therapeutics Inc.*		59,465
	20,013	AtaiBeckley Inc.*		146,895
	1,763	Axsome Therapeutics Inc.*		349,991
	423	Belite Bio Inc., ADR*		65,865
	1,316	BioAge Labs Inc.*		12,502
	1,167	Collegium Pharmaceutical Inc.*		28,720
	3,882	Corcept Therapeutics Inc.*		440,025
	2,668	Crinetics Pharmaceuticals Inc.*		226,647
	4,566	Definium Therapeutics Inc.*		181,361
	2,568	Edgewise Therapeutics Inc.*		107,265
	20,704	Elanco Animal Health Inc.*		495,240
	1,553	Enliven Therapeutics Inc.*		89,903
	914	Eton Pharmaceuticals Inc.*		55,242
	2,730	EyePoint Inc.*		12,285
	1,631	Harmony Biosciences Holdings Inc.*		64,229
	1,148	Harrow Inc.*		42,373
	52,313	Indivior Pharmaceuticals Inc.*		1,827,293
	4,436	Innoviva Inc.*		92,136
	1,393	Jazz Pharmaceuticals PLC*		349,197
	482	LB Pharmaceuticals Inc.*		22,779

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

HEALTH CARE — 15.8% — (continued)

Pharmaceuticals — 1.4% — (continued)
	14,755	Lexicon Pharmaceuticals Inc.*	$	33,199
	718	Ligand Pharmaceuticals Inc.*		203,984
	2,896	Liquidia Corp.*		197,420
	1,314	MBX Biosciences Inc.*		80,942
	1,219	Nektar Therapeutics*		87,012
	9,497	Nuvation Bio Inc.*		63,250
	7,093	Ocular Therapeutix Inc.*		74,406
	2,491	Omeros Corp.*(a)		46,806
	3,059	Organon & Co.		42,092
	702	Phibro Animal Health Corp., Class A Shares		26,493
	1,123	Prestige Consumer Healthcare Inc.*		58,149
	977	Rapport Therapeutics Inc.*		47,551
	4,728	Relmada Therapeutics Inc.*		20,614
	15,333	Royalty Pharma PLC, Class A Shares		941,599
	630	Septerna Inc.*		24,034
	2,258	Structure Therapeutics Inc., ADR*		103,665
	2,028	Supernus Pharmaceuticals Inc.*		89,658
	1,500	Tarsus Pharmaceuticals Inc.*		111,360
	1,267	Theravance Biopharma Inc.*		21,590
	866	Third Harmonic Bio Inc.*#		–
	3,626	Trevi Therapeutics Inc.*		60,192
	320	VeraDermics Inc.*		31,491
	43,497	Viatris Inc.		718,135
	10,486	Xeris Biopharma Holdings Inc.*		88,502
	4,070	Zevra Therapeutics Inc.*		47,782

		Total Pharmaceuticals		9,811,044

		TOTAL HEALTH CARE		113,023,519


INDUSTRIALS — 18.0%

Aerospace & Defense — 1.6%
	1,545	AAR Corp.*		199,753
	1,075	Aerovironment Inc.*		159,476
	9,907	Archer Aviation Inc., Class A Shares*		57,262
	718	Arxis Inc., Class A Shares*		37,171
	1,188	Astronics Corp.*		87,520
	237	Astronics Corp., Class B Shares*		17,273
	2,396	ATI Inc.*		489,263
	4,017	BWX Technologies Inc.		611,749
	686	Carpenter Technology Corp.		326,824
	1,206	Curtiss-Wright Corp.		702,531
	555	Ducommun Inc.*		95,138
	8,270	FTAI Aviation Ltd.		1,572,127
	20,484	Hexcel Corp.		1,898,252
	1,636	Huntington Ingalls Industries Inc.		476,403
	4,152	Intuitive Machines Inc., Class A Shares*		63,775
	1,138	Karman Holdings Inc.*		47,170
	6,018	Kratos Defense & Security Solutions Inc.*		306,798
	2,964	Leonardo DRS Inc.		112,632
	1,553	Loar Holdings Inc.*		109,005
	19,367	Mercury Systems Inc.*		1,691,320
	1,055	Moog Inc., Class A Shares .		391,932
	669	National Presto Industries Inc.		101,494
	1,558	Park Aerospace Corp.		50,697
	6,548	Red Cat Holdings Inc.*		56,247
	6,185	Redwire Corp.*		66,180

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INDUSTRIALS — 18.0% — (continued)

Aerospace & Defense — 1.6% — (continued)
	1,980	Rocket Lab Corp.*	$	126,562
	5,448	Satellogic Inc., Class A Shares*		26,532
	5,251	StandardAero Inc.*		128,597
	5,739	Textron Inc.		462,334
	785	V2X Inc.*		60,571
	905	VSE Corp.		188,855
	1,875	Woodward Inc.		637,163

		Total Aerospace & Defense		11,358,606


Air Freight & Logistics — 0.5%
	13,421	CH Robinson Worldwide Inc.		2,008,587
	30,502	GXO Logistics Inc.*		1,455,860
	5,183	Hub Group Inc., Class A Shares .		206,646
	1,314	Radiant Logistics Inc.*		11,222

		Total Air Freight & Logistics		3,682,315


Building Products — 1.2%
	2,488	AAON Inc.		189,013
	2,672	Advanced Drainage Systems Inc.		362,671
	2,993	Allegion PLC		464,663
	3,599	AO Smith Corp.		212,809
	873	Apogee Enterprises Inc.		34,099
	1,621	Armstrong World Industries Inc.		279,752
	1,075	AZZ Inc.		147,447
	5,238	Builders FirstSource Inc.*		347,803
	469	CSW Industrials Inc.		144,898
	17,544	Fortune Brands Innovations Inc.		777,726
	31,092	Gibraltar Industries Inc.*		1,398,829
	1,409	Griffon Corp.		137,223
	7,738	Hayward Holdings Inc.*		108,719
	815	Insteel Industries Inc.		24,531
	1,928	Louisiana-Pacific Corp.		135,943
	21,720	Masterbrand Inc.*		179,190
	1,927	Modine Manufacturing Co.*		343,835
	2,658	Owens Corning		367,203
	1,553	Quanex Building Products Corp.		29,849
	101,748	Resideo Technologies Inc.*		1,969,841
	1,553	Simpson Manufacturing Co., Inc.		283,593
	7,180	Trex Co., Inc.*		327,264
	1,828	UFP Industries Inc.		154,503
	5,593	Zurn Elkay Water Solutions Corp.		267,345

		Total Building Products		8,688,749


Commercial Services & Supplies — 1.5%
	2,251	ABM Industries Inc.		104,964
	751	Brady Corp., Class A Shares		68,078
	2,509	BrightView Holdings Inc.*		27,875
	2,752	Brink’s Co. (The)		299,775
	23,310	Casella Waste Systems Inc., Class A Shares*		2,150,348
	597	Cimpress PLC*		53,199
	5,545	Clean Harbors Inc.*		1,748,061
	3,945	CoreCivic Inc.*		131,053
	836	Ennis Inc.		17,840
	48,208	Enviri Corp.*		1,074,074
	4,966	GEO Group Inc. (The)*		157,968
	2,677	Healthcare Services Group Inc.*		58,867

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INDUSTRIALS — 18.0% — (continued)

Commercial Services & Supplies — 1.5% — (continued)
	1,802	HNI Corp.	$	87,271
	2,260	Interface Inc., Class A Shares		85,699
	1,747	Liquidity Services Inc.*		72,815
	1,393	MSA Safety Inc.		260,171
	85,632	OPENLANE Inc.*		3,048,499
	611	Perma-Fix Environmental Services Inc.*		11,090
	12,604	Pitney Bowes Inc.		215,907
	1,061	Quad/Graphics Inc.		10,674
	8,588	Rollins Inc.		309,769
	8,832	Tetra Tech Inc.		319,189
	537	UniFirst Corp.		148,534
	2,628	Vestis Corp.*		32,876

		Total Commercial Services & Supplies		10,494,596


Construction & Engineering — 1.9%
	3,408	AECOM		229,801
	1,075	Ameresco Inc., Class A Shares*		23,779
	60,689	API Group Corp.*		2,382,043
	19,338	Arcosa Inc.		2,809,811
	486	Argan Inc.		206,545
	10,212	Cardinal Infrastructure Group Inc., Class A Shares*		377,640
	44,818	Centuri Holdings Inc.*		914,735
	747	Concrete Pumping Holdings Inc.*		6,745
	1,725	Construction Partners Inc., Class A Shares*		183,195
	1,040	Dycom Industries Inc.*		302,858
	1,116	EMCOR Group Inc.		819,747
	1,939	Everus Construction Group Inc.*		223,237
	5,974	Fluor Corp.*		325,643
	1,601	Granite Construction Inc.		193,017
	706	IES Holdings Inc.*		213,918
	2,010	Legence Corp., Class A Shares*		107,676
	411	Limbach Holdings Inc.*		16,941
	1,115	MasTec Inc.*		267,355
	850	Matrix Service Co.*		9,189
	581	MYR Group Inc.*		169,315
	316	NWPX Infrastructure Inc.*		34,735
	1,851	Orion Group Holdings Inc.*		17,399
	26,854	Primoris Services Corp.		1,936,442
	4,511	Terrestrial Energy Inc.*		23,367
	1,605	Tutor Perini Corp.		142,075
	741	Valmont Industries Inc.		348,018
	64,440	WillScot Holdings Corp.		1,333,908

		Total Construction & Engineering		13,619,134


Electrical Equipment — 1.7%
	1,146	Acuity Inc.		380,231
	494	Allient Inc.		46,441
	1,690	American Superconductor Corp.*		48,520
	6,215	Amprius Technologies Inc.*		61,404
	1,237	Atkore Inc.		115,894
	70,379	Babcock & Wilcox Enterprises Inc.*		530,658
	4,164	Bloom Energy Corp., Class A Shares*		859,033
	13,824	Energy Vault Holdings Inc.*		47,002
	1,427	EnerSys		262,368
	11,740	Eos Energy Enterprises Inc.*		37,803

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INDUSTRIALS — 18.0% — (continued)

Electrical Equipment — 1.7% — (continued)
	2,808	Fluence Energy Inc., Class A Shares*	$	30,354
	55,561	Forgent Power Solutions Inc., Class A Shares*		1,696,833
	2,857	FuelCell Energy Inc.*		49,226
	2,165	Generac Holdings Inc.*		401,348
	942	LSI Industries Inc.		18,454
	28,198	Nextpower Inc., Class A Shares*		2,313,082
	4,077	nVent Electric PLC		614,608
	86,060	Plug Power Inc.*		185,889
	1,075	Powell Industries Inc.		193,210
	90	Preformed Line Products Co.		36,076
	23,844	Regal Rexnord Corp.		3,778,082
	5,463	Sensata Technologies Holding PLC		224,147
	10,916	Sunrun Inc.*		93,550
	1,044	Vicor Corp.*		195,938
	2,384	X-Energy Inc., Class A Shares*(a)		43,985

		Total Electrical Equipment		12,264,136


Ground Transportation — 0.7%
	1,164	ArcBest Corp.		160,597
	843	Avis Budget Group Inc.*		124,334
	359	Covenant Logistics Group Inc., Class A Shares		12,691
	3,402	FTAI Infrastructure Inc.		11,839
	4,663	Heartland Express Inc.		57,635
	7,704	Knight-Swift Transportation Holdings Inc., Class A Shares		527,801
	1,611	Landstar System Inc.		290,995
	17,113	Lyft Inc., Class A Shares*		289,210
	2,314	Marten Transport Ltd.		33,368
	8,824	RXO Inc.*		187,510
	1,474	Ryder System Inc.		360,334
	5,336	Saia Inc.*		1,894,974
	3,207	Schneider National Inc., Class B Shares		110,673
	8,094	U-Haul Holding Co.		482,969
	213	U-Haul Holding Co.*		14,345
	4,898	Werner Enterprises Inc.		191,904
	1,674	XPO Inc.*		324,739

		Total Ground Transportation		5,075,918


Industrial Conglomerates — 0.0%@
	925	Brookfield Business Corp., Class A Shares		25,336


Machinery — 4.0%
	2,286	AGCO Corp.		270,457
	358	Alamo Group Inc.		58,920
	10,982	Albany International Corp., Class A Shares		608,732
	1,650	Alliance Laundry Holdings Inc.*		37,802
	3,114	Allison Transmission Holdings Inc.		391,461
	939	Astec Industries Inc.		39,954
	3,054	Atmus Filtration Technologies Inc.		144,240
	1,105	Blue Bird Corp.*		64,256
	1,946	CECO Environmental Corp.*		138,555
	134,603	CNH Industrial NV		1,592,353
	960	Columbus McKinnon Corp.		16,954
	1,813	Crane Co.		371,792
	4,363	Donaldson Co., Inc.		396,553
	1,016	Douglas Dynamics Inc.		41,727
	244	Eastern Co. (The)		6,647

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INDUSTRIALS — 18.0% — (continued)

Machinery — 4.0% — (continued)
	1,977	Enerpac Tool Group Corp., Class A Shares .	$	73,782
	5,156	Enpro Inc.		1,527,310
	1,724	Esab Corp.		129,955
	945	ESCO Technologies Inc.		258,013
	2,206	Federal Signal Corp.		258,102
	4,822	Flowserve Corp.		381,372
	1,412	Franklin Electric Co., Inc.		141,327
	9,665	Gates Industrial Corp., Ltd.*		247,231
	359	Gencor Industries Inc.*		6,663
	830	Gorman-Rupp Co. (The)		62,582
	5,024	Graco Inc.		389,008
	363	Graham Corp.*		31,657
	1,100	Greenbrier Cos., Inc. (The)		49,577
	15,413	Helios Technologies Inc.		1,125,457
	91,348	Hillman Solutions Corp.*		703,380
	16,699	ITT Inc.		3,344,643
	12,590	JBT Marel Corp.		1,471,393
	417	Kadant Inc.		124,741
	2,820	Kennametal Inc.		82,739
	298	LB Foster Co., Class A Shares*		11,178
	2,400	Lincoln Electric Holdings Inc.		674,952
	395	Lindsay Corp.		45,389
	1,055	Luxfer Holdings PLC, ADR		18,125
	1,036	Manitowoc Co., Inc. (The)*		20,119
	498	Mayville Engineering Co., Inc.*		9,641
	2,240	Middleby Corp. (The)*		248,282
	2,240	Midera Food Processing Inc.*		105,011
	362	Miller Industries Inc.		20,279
	8,138	Mueller Industries Inc.		507,893
	5,618	Mueller Water Products Inc., Class A Shares		135,619
	1,993	Nordson Corp.		641,188
	13,161	Oshkosh Corp.		2,028,242
	1,273	Park-Ohio Holdings Corp.		57,451
	20,591	Pentair PLC		1,244,932
	866	Proto Labs Inc.*		69,332
	1,164	RBC Bearings Inc.*		575,319
	1,575	Snap-on Inc.		608,438
	5,867	SPX Technologies Inc.*		1,154,332
	445	Standex International Corp.		128,899
	2,684	Stanley Black & Decker Inc.		258,657
	156,383	Stratasys Ltd.*		1,211,968
	5,396	Symbotic Inc., Class A Shares*		214,059
	16,174	Tennant Co.		1,125,710
	25,800	Terex Corp.		1,638,558
	2,327	Timken Co. (The)		280,287
	3,704	Toro Co. (The)		362,288
	2,946	Trinity Industries Inc.		84,904
	1,869	Velo3D Inc.*		22,260
	1,591	Wabash National Corp.		21,463
	1,037	Watts Water Technologies Inc., Class A Shares		379,283
	1,203	Worthington Enterprises Inc.		69,100

		Total Machinery		28,562,493

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INDUSTRIALS — 18.0% — (continued)

Marine Transportation — 0.3%
	299	Costamare Bulkers Holdings Ltd.*	$	6,120
	1,470	Costamare Inc.		22,462
	1,304	Genco Shipping & Trading Ltd.		34,204
	943	Himalaya Shipping Ltd.*		15,786
	11,883	Kirby Corp.*		1,685,722
	1,186	Matson Inc.		266,625
	921	Pangaea Logistics Solutions Ltd.		7,478
	1,892	Safe Bulkers Inc.		16,328

		Total Marine Transportation		2,054,725


Passenger Airlines — 0.3%
	30,164	Alaska Air Group Inc.*		1,246,678
	942	Allegiant Travel Co.*		71,639
	24,374	American Airlines Group Inc.*		327,343
	2,402	Frontier Group Holdings Inc.*		13,691
	27,628	Joby Aviation Inc.*		188,976
	1,496	Republic Airways Holdings Inc.*		26,045
	1,191	SkyWest Inc.*		112,740

		Total Passenger Airlines		1,987,112


Professional Services — 2.5%
	7,731	Alight Inc., Class A Shares		110,631
	4,459	Amentum Holdings Inc.*		89,135
	3,096	Barrett Business Services Inc.		106,502
	2,499	BlackSky Technology Inc., Class A Shares*		57,727
	4,983	Booz Allen Hamilton Holding Corp., Class A Shares		376,964
	2,859	CACI International Inc., Class A Shares*		1,781,185
	6,018	CBIZ Inc.*		327,921
	267,046	Conduent Inc.*		459,319
	221	CRA International Inc.		38,564
	4,670	ExlService Holdings Inc.*		177,834
	1,290	Exponent Inc.		91,603
	785	Falcon’s Beyond Global Inc., Class A Shares*		7,018
	84,177	First Advantage Corp.*		1,769,400
	357	Franklin Covey Co.*		7,265
	1,898	FTI Consulting Inc.*		285,782
	611	Huron Consulting Group Inc.*		97,693
	339	IBEX Holdings Ltd.*		13,038
	17,566	ICF International Inc.		1,565,131
	1,092	Innodata Inc.*		61,611
	4,423	Insperity Inc.		235,967
	118,844	KBR Inc.		4,456,650
	736	Kforce Inc.		42,379
	4,153	Korn Ferry		355,289
	4,980	Maximus Inc.		287,695
	690	Mistras Group Inc.*		12,944
	1,295	Parsons Corp.*		62,989
	2,846	Paycom Software Inc.		680,479
	914	Paylocity Holding Corp.*		146,441
	13,462	Planet Labs PBC*		267,221
	37,151	Robert Half Inc.(a)		1,684,426
	2,632	Science Applications International Corp.		337,475
	2,432	Spire Global Inc., Class A Shares*		32,273
	11,675	SS&C Technologies Holdings Inc.		968,675
	2,432	TriNet Group Inc.		170,945

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INDUSTRIALS — 18.0% — (continued)

Professional Services — 2.5% — (continued)
	2,679	UL Solutions Inc., Class A Shares	$	199,639
	518	Willdan Group Inc.*		45,558

		Total Professional Services		17,411,368


Trading Companies & Distributors — 1.8%
	20,251	AerCap Holdings NV		2,955,431
	8,774	Applied Industrial Technologies Inc.		2,842,601
	999	BlueLinx Holdings Inc.*		79,550
	15,587	Boise Cascade Co.		1,215,942
	27,905	Core & Main Inc., Class A Shares*		1,198,799
	1,629	Custom Truck One Source Inc.*		15,003
	376	Distribution Solutions Group Inc.*		13,081
	6,741	DNOW Inc.*		108,058
	506	DXP Enterprises Inc.*		94,991
	8,841	GATX Corp.		1,546,556
	401	Global Industrial Co.		15,679
	1,193	Herc Holdings Inc.		181,742
	195	Karat Packaging Inc.		9,290
	925	McGrath RentCorp.		104,007
	1,684	MSC Industrial Direct Co., Inc., Class A Shares		200,194
	2,985	NPK International Inc.*		39,641
	49,521	QXO Inc.*		657,639
	2,201	Rush Enterprises Inc., Class A Shares		169,103
	358	Rush Enterprises Inc., Class B Shares		27,831
	1,276	SiteOne Landscape Supply Inc.*		125,724
	664	Titan Machinery Inc.*		13,659
	362	Transcat Inc.*		31,309
	954	Watsco Inc.		295,568
	2,124	WESCO International Inc.		723,010
	341	Willis Lease Finance Corp.		18,458
	1,606	Xometry Inc., Class A Shares*		148,860

		Total Trading Companies & Distributors		12,831,726


Transportation Infrastructure — 0.0%@
	371	Sky Harbour Group Corp., Class A Shares*		3,910

		TOTAL INDUSTRIALS		128,060,124


INFORMATION TECHNOLOGY — 17.6%

Communications Equipment — 2.0%
	8,106	Applied Optoelectronics Inc.*		872,935
	78,371	Calix Inc.*		2,987,503
	2,944	Ciena Corp.*		1,126,963
	368	Clearfield Inc.*		10,676
	1,410	Digi International Inc.*		105,665
	5,190	Extreme Networks Inc.*		116,723
	6,719	F5 Inc.*		2,735,506
	4,551	Harmonic Inc.*		54,521
	174	Lumentum Holdings Inc.*		159,168
	911	NETGEAR Inc.*		19,277
	2,592	NetScout Systems Inc.*		100,647
	24,058	Ondas Inc.*(a)		184,164
	319,736	Ribbon Communications Inc.*		636,275
	66,565	ViaSat Inc.*		4,477,828
	8,123	Viavi Solutions Inc.*		294,784
	10,372	Vistance Networks Inc.*		65,447

		Total Communications Equipment		13,948,082

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 17.6% — (continued)

Electronic Equipment, Instruments & Components — 3.5% — (continued)
	50,874	ADI Global Distribution Inc.*	$	1,112,614
	1,395	Advanced Energy Industries Inc.		386,220
	6,167	Arlo Technologies Inc.*		81,096
	1,963	Arrow Electronics Inc.*		401,296
	3,001	Avnet Inc.		268,770
	868	Badger Meter Inc.		117,588
	83	Bel Fuse Inc., Class A Shares		16,996
	369	Bel Fuse Inc., Class B Shares		91,983
	1,459	Belden Inc.		166,997
	1,399	Benchmark Electronics Inc.		98,322
	597	Climb Global Solutions Inc.		17,032
	6,686	Cognex Corp.		407,579
	4,867	Coherent Corp.*		1,352,199
	31,768	Crane NXT Co.		1,553,455
	1,158	CTS Corp.		65,392
	1,366	Daktronics Inc.*		26,678
	986	ePlus Inc.		86,738
	12,848	Evolv Technologies Holdings Inc.*		66,938
	482	Fabrinet*		199,032
	2,309	Flex Ltd.*		252,258
	7,413	Forward Industries Inc.*		46,998
	150	Frequency Electronics Inc.*		9,038
	1,026	Ingram Micro Holding Corp.		28,902
	250,506	Innoviz Technologies Ltd.*		86,550
	1,983	Insight Enterprises Inc.*		311,371
	20,955	IPG Photonics Corp.*		1,594,256
	13,262	Itron Inc.*		1,286,547
	1,809	Jabil Inc.		552,215
	788	Kimball Electronics Inc.*		18,613
	3,421	Knowles Corp.*		116,930
	2,057	LightPath Technologies Inc., Class A Shares*		20,693
	7,023	Lightwave Logic Inc.*		38,135
	912	Littelfuse Inc.		375,908
	7,204	Mirion Technologies Inc., Class A Shares*		108,564
	1,278	Napco Security Technologies Inc.		46,315
	10,576	Netlist Inc.*		72,128
	21,000	nLight Inc.*		887,670
	1,362	Novanta Inc.*		199,152
	7,969	OSI Systems Inc.*		1,656,835
	2,929	Ouster Inc.*		100,875
	358	PC Connection Inc.		28,593
	14,896	Plexus Corp.*		3,567,145
	4,523	Ralliant Corp.		279,205
	358	Richardson Electronics Ltd.		6,201
	6,414	Rogers Corp.*		805,406
	1,916	Sanmina Corp.*		376,916
	838	ScanSource Inc.*		47,841
	9,653	TD SYNNEX Corp.		2,440,761
	2,440	Teledyne Technologies Inc.*		1,495,598
	3,889	TTM Technologies Inc.*		462,480
	1,633	Unusual Machines Inc.*		38,653
	4,667	Vishay Intertechnology Inc.		142,017
	378	Vishay Precision Group Inc.*		23,364
	297	Vontier Corp.		9,566
	3,229	Zebra Technologies Corp., Class A Shares*		1,141,613

		Total Electronic Equipment, Instruments & Components		25,192,237

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 17.6% — (continued)

IT Services — 0.8%
	9,916	Amdocs Ltd.	$	625,303
	39,237	Applied Digital Corp.*		997,012
	1,314	Backblaze Inc., Class A Shares*		18,567
	25,917	BigBear.ai Holdings Inc.*		81,120
	2,709	Boost Run Inc., Class A Shares*		47,218
	3,426	DigitalOcean Holdings Inc.*		379,224
	7,137	Fastly Inc., Class A Shares*		162,652
	4,636	Gartner Inc.*		918,438
	6,973	GoDaddy Inc., Class A Shares*		682,517
	87,860	Kyndryl Holdings Inc.*		1,181,717
	400	SharonAI Holdings Inc., Class A Shares*		21,944
	107,337	Unisys Corp.*		289,810
	5,616	Wix.com Ltd.*		495,612

		Total IT Services		5,901,134


Semiconductors & Semiconductor Equipment — 3.6%
	2,171	ACM Research Inc., Class A Shares*		158,092
	1,483	Aehr Test Systems*		117,557
	4,829	Allegro MicroSystems Inc.*		175,051
	802	Alpha & Omega Semiconductor Ltd.*		19,777
	1,507	Ambarella Inc.*		104,556
	567	Ambiq Micro Inc.*		33,062
	4,237	Amkor Technology Inc.		200,410
	1,923	Amtech Systems Inc.*		28,114
	187	Astera Labs Inc.*		55,535
	1,175	Axcelis Technologies Inc.*		135,513
	2,479	AXT Inc.*		150,252
	1,161	Cerebras Systems Inc., Class A Shares*(a)		213,903
	25,494	CEVA Inc.*		689,613
	1,936	Cirrus Logic Inc.*		212,011
	1,619	Cohu Inc.*		74,636
	327	Credo Technology Group Holding Ltd.*		73,964
	1,755	Diodes Inc.*		159,354
	5,776	Enphase Energy Inc.*		210,362
	10,589	FormFactor Inc.*		1,065,359
	3,959	GLOBALFOUNDRIES Inc.		176,928
	1,402	Ichor Holdings Ltd.*		75,105
	1,034	Impinj Inc.*		180,247
	146,608	indie Semiconductor Inc., Class A Shares*		544,649
	16,044	IonQ Inc.*		630,690
	14,844	Kopin Corp.*		65,907
	2,030	Kulicke & Soffa Industries Inc.		162,522
	6,190	Lattice Semiconductor Corp.*		713,955
	5,644	MACOM Technology Solutions Holdings Inc.*		1,489,057
	4,022	MaxLinear Inc., Class A Shares*		240,958
	8,172	MKS Inc.		2,093,993
	9,792	Navitas Semiconductor Corp., Class A Shares*		113,489
	136	NVE Corp.		13,616
	9,028	Onto Innovation Inc.*		2,412,372
	1,054	PDF Solutions Inc.*		46,882
	2,133	Penguin Solutions Inc.*		104,688
	2,126	Photronics Inc.*		59,826
	2,397	Power Integrations Inc.		123,158
	2,608	Qorvo Inc.*		250,577
	34,380	Rambus Inc.*		2,980,402
	15,141	Rigetti Computing Inc.*		237,108

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 17.6% — (continued)

Semiconductors & Semiconductor Equipment — 3.6% — (continued)
	8,272	Semtech Corp.*	$	1,099,845
	1,357	Silicon Laboratories Inc.*		297,251
	3,544	Silicon Motion Technology Corp., ADR		874,801
	820	SiTime Corp.*		463,644
	3,501	Skyworks Solutions Inc.		234,602
	10,840	Synaptics Inc.*		1,048,445
	9,736	T1 Energy Inc.*		43,325
	1,803	Ultra Clean Holdings Inc.*		122,297
	14,221	Universal Display Corp.		1,182,761
	82,036	Veeco Instruments Inc.*		3,634,195
	1,413	Wolfspeed Inc.*		38,716

		Total Semiconductors & Semiconductor Equipment		25,633,132


Software — 7.3%
	2,707	A10 Networks Inc.		68,731
	33,862	ACI Worldwide Inc.*		1,804,167
	71,623	Adeia Inc.		1,807,048
	949	Agilysys Inc.*		110,473
	3,825	Alarm.com Holdings Inc.*		220,167
	597	Appfolio Inc., Class A Shares*		139,823
	880	Arteris Inc.*		19,254
	52,312	Aurora Innovation Inc., Class A Shares*		294,517
	6,284	AvePoint Inc.*		87,473
	722	Bentley Systems Inc., Class B Shares		26,533
	3,571	Bitdeer Technologies Group, Class A Shares*		38,745
	23,218	BitMine Immersion Technologies Inc.		587,880
	9,815	Box Inc., Class A Shares*		351,181
	72,819	Braze Inc., Class A Shares*		2,478,759
	4,258	Cerence Inc.*		35,937
	15,653	Cipher Digital Inc.*		242,621
	4,832	Circle Internet Group Inc., Class A Shares*		461,698
	12,801	Cleanspark Inc.*		148,748
	4,024	Clear Secure Inc., Class A Shares		177,660
	121,856	Cognyte Software Ltd.*		1,079,644
	11,687	Commvault Systems Inc.*		1,607,196
	12,230	Core Scientific Inc.*		199,349
	51	Daily Journal Corp.*		31,770
	13,081	Descartes Systems Group Inc. (The)*		1,054,852
	7,261	Digi Power X Inc.*		26,140
	6,427	Digital Turbine Inc.*		69,154
	10,220	Docusign Inc., Class A Shares*		677,279
	1,599	Dolby Laboratories Inc., Class A Shares		98,434
	9,781	Dropbox Inc., Class A Shares*		344,193
	52,944	D-Wave Quantum Inc.*		910,637
	107,657	Dynatrace Inc.*		5,876,996
	23,054	Figma Inc., Class A Shares*		633,754
	9,687	Five9 Inc.*		334,783
	26,118	Freshworks Inc., Class A Shares*		363,563
	24,055	Gen Digital Inc.		745,705
	62,549	Gitlab Inc., Class A Shares*		2,911,030
	15,289	Guidewire Software Inc.*		3,130,423
	24,201	Hive Digital Technologies Ltd.*		67,279
	3,521	HubSpot Inc.*		920,248
	4,648	Hut 8 Corp.*		365,519
	970	InterDigital Inc.		324,979
	16,845	JFrog Ltd.*		1,685,679

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 17.6% — (continued)

Software — 7.3% — (continued)
	30,619	Keel Infrastructure Corp.*	$	96,450
	195	Life360 Inc.*		8,358
	3,913	LiveRamp Holdings Inc.*		147,598
	1,877	Manhattan Associates Inc.*		418,928
	19,714	MARA Holdings Inc.*		212,320
	1,519	Mitek Systems Inc.*		28,041
	10,279	Monday.com Ltd.*		1,039,618
	167,442	NCR Voyix Corp.*		1,403,164
	7,036	Netskope Inc., Class A Shares*		107,721
	3,226	NextNav Inc.*		51,197
	6,746	Nice Ltd., ADR*		736,528
	4,002	Nutanix Inc., Class A Shares*		274,417
	16,499	Octave Intelligence PLC, Class B Shares*		329,980
	38,852	OneSpan Inc.		641,835
	3,243	Ooma Inc.*		73,421
	4,844	Pagaya Technologies Ltd., Class A Shares*		105,309
	5,235	Pegasystems Inc.		192,700
	26,392	Procore Technologies Inc.*		1,655,306
	2,337	Progress Software Corp.*		108,133
	2,272	Q2 Holdings Inc.*		147,771
	2,533	Qualys Inc.*		471,493
	35,977	Radware Ltd.*		1,039,016
	371	Red Violet Inc.*		27,142
	1,120	RingCentral Inc., Class A Shares		77,974
	16,614	Riot Platforms Inc.*		315,583
	5,905	Rubrik Inc., Class A Shares*		549,401
	13,508	Samsara Inc., Class A Shares*		551,802
	3,830	SentinelOne Inc., Class A Shares*		84,643
	4,696	ServiceTitan Inc., Class A Shares*		460,396
	18,434	SoundHound AI Inc., Class A Shares*(a)		131,987
	842	SPS Commerce Inc.*		71,907
	1,794	Telos Corp.*		8,647
	46,424	Tenable Holdings Inc.*		1,771,076
	3,728	Teradata Corp.*		108,112
	15,797	Terawulf Inc.*		239,009
	76,507	UiPath Inc., Class A Shares*		1,428,386
	17,449	Unity Software Inc.*		734,603
	70,241	Varonis Systems Inc., Class B Shares*		3,074,449
	1,033	Workiva Inc., Class A Shares*		82,640
	53,007	Xperi Inc.*		314,862
	4,013	Z Squared Inc.*		11,838
	9,124	Zeta Global Holdings Corp., Class A Shares*		282,570

		Total Software		52,176,352


	Technology Hardware, Storage & Peripherals — 0.4%
	1,409	Diebold Nixdorf Inc.*		95,587
	2,381	Eastman Kodak Co.*		21,381
	2,662	Everpure Inc., Class A Shares*		247,433
	8,016	GPGI Inc., Class A Shares		105,971
	7,017	Infleqtion Inc.*		91,712
	10,768	Quantum Computing Inc.*(a)		88,621
	72,187	Quantum Corp.*		1,756,310

		Total Technology Hardware, Storage & Peripherals		2,407,015

		TOTAL INFORMATION TECHNOLOGY		125,257,952

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

MATERIALS — 4.2%

Chemicals — 1.7%
	3,431	AdvanSix Inc.	$	57,675
	5,225	Albemarle Corp.		705,218
	6,737	Alto Ingredients Inc.*		26,678
	2,230	Ashland Inc.		163,526
	83,916	Avient Corp.		3,697,339
	8,020	Axalta Coating Systems Ltd.*		292,088
	1,004	Balchem Corp.		176,594
	1,996	Cabot Corp.		165,089
	5,806	Celanese Corp., Class A Shares		264,057
	5,752	Chemours Co. (The)		89,501
	281	Core Molding Technologies Inc.*		7,039
	333	Eastman Chemical Co.		24,122
	4,051	Ecovyst Inc.*		41,199
	28,303	Element Solutions Inc.		1,005,889
	929	Hawkins Inc.		111,731
	29,440	HB Fuller Co.		1,617,728
	6,258	Huntsman Corp.		59,952
	1,414	Ingevity Corp.*		97,976
	894	Innospec Inc.		83,911
	358	Intrepid Potash Inc.*		13,844
	674	Koppers Holdings Inc.		30,916
	1,146	Minerals Technologies Inc.		81,274
	2,359	Mosaic Co. (The)		56,899
	221	NewMarket Corp.		198,392
	4,284	Olin Corp.		74,542
	6,117	Perimeter Solutions Inc.*		186,568
	940	Quaker Chemical Corp.		155,852
	6,367	Rayonier Advanced Materials Inc.*		54,692
	17,677	RPM International Inc.		1,840,176
	2,530	Scotts Miracle-Gro Co. (The)		151,294
	1,553	Sensient Technologies Corp.		209,562
	6,131	Solstice Advanced Materials Inc.		388,644
	3,065	Westlake Corp.		230,090

		Total Chemicals		12,360,057


Construction Materials — 0.2%
	5,997	Eagle Materials Inc.		1,164,977
	2,090	Knife River Corp.*		131,043
	955	Titan America SA*		14,249
	414	United States Lime & Minerals Inc.		48,906

		Total Construction Materials		1,359,175


Containers & Packaging — 0.8%
	2,012	AptarGroup Inc.		264,819
	14,314	Avery Dennison Corp.		2,492,211
	4,659	Crown Holdings Inc.		542,261
	7,021	Graphic Packaging Holding Co.		78,635
	980	Greif Inc., Class A Shares		81,095
	168	Greif Inc., Class B Shares		17,748
	1,213	Myers Industries Inc.		38,925
	106,323	O-I Glass Inc.*		772,968
	2,716	Packaging Corp. of America		635,381
	2,762	Silgan Holdings Inc.		114,734
	4,520	Sonoco Products Co.		249,278
	1,362	TriMas Corp.		52,818

		Total Containers & Packaging		5,340,873

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

MATERIALS — 4.2% — (continued)

Metals & Mining — 1.5%
	11,179	Alcoa Corp.	$	558,391
	11,319	Almonty Industries Inc.*		201,478
	629	Alpha Metallurgical Resources Inc.*		148,255
	595	Caledonia Mining Corp. PLC		15,060
	1,919	Century Aluminum Co.*		87,833
	122,483	Cleveland-Cliffs Inc.*		1,414,679
	43,979	Coeur Mining Inc.		913,884
	4,181	Commercial Metals Co.		282,092
	5,249	Constellium SE, Class A Shares*		138,731
	2,428	Contango Silver & Gold Inc.*		47,346
	2,509	Dakota Gold Corp.*		15,255
	28,842	Hecla Mining Co.		573,091
	3,057	Hycroft Mining Holding Corp., Class A Shares*		71,626
	44,009	i-80 Gold Corp.*		80,096
	1,499	IperionX Ltd., ADR*		32,783
	7,816	Kaiser Aluminum Corp.		1,241,025
	799	Materion Corp.		188,628
	4,718	Metallus Inc.*		92,095
	6,433	MP Materials Corp.*		352,207
	3,294	Perpetua Resources Corp.*		82,152
	6,308	Reliance Inc.		2,422,587
	3,490	Royal Gold Inc.		912,530
	1,569	Ryerson Holding Corp.		39,319
	8,649	SSR Mining Inc.		325,289
	3,474	SunCoke Energy Inc.		35,886
	4,660	United States Antimony Corp.*		22,694
	8,309	USA Rare Earth Inc.*		148,066
	1,917	Warrior Met Coal Inc.		207,496
	1,354	Worthington Steel Inc.		46,645

		Total Metals & Mining		10,697,219


	Paper & Forest Products — 0.0%@
	1,212	Sylvamo Corp.		43,535

		TOTAL MATERIALS		29,800,859


REAL ESTATE — 4.5%

	Diversified REITs — 0.2%
	346	Alpine Income Property Trust Inc.		6,733
	2,101	American Assets Trust Inc.		47,189
	40,071	Broadstone Net Lease Inc., Class A Shares		835,881
	1,207	CTO Realty Growth Inc.		25,757
	5,422	Essential Properties Realty Trust Inc.		162,660
	3,812	Global Net Lease Inc.		34,994
	9,247	WP Carey Inc.		646,920

		Total Diversified REITs		1,760,134


Health Care REITs — 0.4%
	9,553	Alexandria Real Estate Equities Inc.		489,973
	22,829	American Healthcare REIT Inc.		1,260,389
	8,265	CareTrust REIT Inc.		321,922
	8,629	Diversified Healthcare Trust		65,321
	5,052	Healthcare Realty Trust Inc., Class A Shares		96,190
	1,668	LTC Properties Inc.		67,254
	8,347	Medical Properties Trust Inc.		33,138
	1,747	National Health Investors Inc.		124,229
	11,058	Omega Healthcare Investors Inc.		505,572

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

REAL ESTATE — 4.5% — (continued)

Health Care REITs — 0.4% — (continued)
	8,961	Sabra Health Care REIT Inc.	$	182,715
	529	Strawberry Fields REIT Inc.		7,136

		Total Health Care REITs		3,153,839


Hotel & Resort REITs — 0.8%
	12,600	Apple Hospitality REIT Inc.		200,970
	1,553	Chatham Lodging Trust		20,236
	10,634	DiamondRock Hospitality Co.		130,904
	58,906	Host Hotels & Resorts Inc.		1,291,809
	17,239	Park Hotels & Resorts Inc.		263,757
	4,675	Pebblebrook Hotel Trust		84,711
	3,558	RLJ Lodging Trust		39,280
	25,075	Ryman Hospitality Properties Inc.		3,178,507
	13,763	Summit Hotel Properties Inc.		80,513
	7,630	Sunstone Hotel Investors Inc.		85,227
	3,705	Xenia Hotels & Resorts Inc.		69,469

		Total Hotel & Resort REITs		5,445,383


Industrial REITs — 0.4%
	2,572	EastGroup Properties Inc.		513,114
	6,042	First Industrial Realty Trust Inc.		373,879
	7,054	Industrial Logistics Properties Trust		58,231
	3,998	Lineage Inc.		156,922
	2,260	LXP Industrial Trust		137,205
	582	One Liberty Properties Inc.		13,927
	4,827	Rexford Industrial Realty Inc.		178,792
	34,350	STAG Industrial Inc.		1,279,537
	3,715	Terreno Realty Corp.		245,970

		Total Industrial REITs		2,957,577


Office REITs — 0.4%
	9,163	BXP Inc.		622,992
	44,392	COPT Defense Properties		1,598,112
	9,059	Cousins Properties Inc.		262,620
	5,058	Highwoods Properties Inc.		154,775
	1,695	Kilroy Realty Corp.		61,529
	818	Postal Realty Trust Inc., Class A Shares		19,182
	5,248	SL Green Realty Corp.		293,783
	5,146	Vornado Realty Trust		192,358

		Total Office REITs		3,205,351


Real Estate Management & Development — 0.6%
	31,400	Compass Inc., Class A Shares*		331,584
	2,018	Forestar Group Inc.*		57,049
	448	FRP Holdings Inc.*		9,919
	526	Howard Hughes Holdings Inc.*		33,732
	7,012	Jones Lang LaSalle Inc.*		2,565,480
	1,157	Marcus & Millichap Inc.		36,631
	368	Maui Land & Pineapple Co., Inc.*		5,829
	7,744	Newmark Group Inc., Class A Shares		117,941
	50,575	Opendoor Technologies Inc.*		161,840
	220	Seaport Entertainment Group Inc.*		5,784
	3,382	St Joe Co. (The)		223,550
	2,689	Tejon Ranch Co.*		43,239
	5,574	Zillow Group Inc., Class A Shares*		199,494
	4,834	Zillow Group Inc., Class C Shares*		168,997

		Total Real Estate Management & Development		3,961,069

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

REAL ESTATE — 4.5% — (continued)

Residential REITs — 0.4%
	9,014	American Homes 4 Rent, Class A Shares	$	300,166
	13,714	Apartment Investment & Management Co., Class A Shares		34,422
	416	BRT Apartments Corp.		5,957
	3,600	Camden Property Trust		380,880
	5,903	Equity LifeStyle Properties Inc.		374,545
	68,546	Independence Realty Trust Inc.		1,109,074
	12,184	UDR Inc.		450,199
	919	UMH Properties Inc.		15,118

		Total Residential REITs		2,670,361


Retail REITs — 0.8%
	8,762	Acadia Realty Trust		179,358
	4,252	Agree Realty Corp.		307,207
	287	Alexander’s Inc.		77,966
	38,064	Brixmor Property Group Inc.		1,099,669
	1,701	CBL & Associates Properties Inc.		93,028
	3,758	Curbline Properties Corp.		112,101
	3,704	Federal Realty Investment Trust		429,775
	500	FrontView REIT Inc.		9,650
	1,896	Getty Realty Corp.		61,468
	3,910	InvenTrust Properties Corp.		126,332
	55,326	Kimco Realty Corp.		1,311,780
	8,321	Kite Realty Group Trust		214,682
	12,356	Macerich Co. (The)		291,849
	3,525	NETSTREIT Corp.		71,769
	10,694	NNN REIT Inc.		483,369
	4,579	Phillips Edison & Co., Inc.		176,978
	6,718	Regency Centers Corp.		502,305
	363	Saul Centers Inc.		11,838
	4,058	Tanger Inc.		153,027
	5,140	Urban Edge Properties		108,762

		Total Retail REITs		5,822,913


	Specialized REITs — 0.5%
	34,616	CubeSmart		1,374,948
	3,737	EPR Properties		219,399
	1,364	Farmland Partners Inc.		14,036
	2,507	Four Corners Property Trust Inc.		62,374
	8,483	Gaming & Leisure Properties Inc.		356,880
	3,485	Lamar Advertising Co., Class A Shares		519,300
	5,865	Millrose Properties Inc.		178,413
	7,498	Outfront Media Inc.		220,291
	752	Public Storage		230,856
	9,161	Rayonier Inc.		187,801

		Total Specialized REITs		3,364,298

		TOTAL REAL ESTATE		32,340,925


UTILITIES — 3.9%

	Electric Utilities — 1.0%
	11,549	Alliant Energy Corp.		785,101
	8,709	Evergy Inc.		705,603
	10,196	Hawaiian Electric Industries Inc.*		114,399
	14,729	IDACORP Inc.		2,005,501
	1,020	MGE Energy Inc.		79,244
	7,508	OGE Energy Corp.		342,590
	5,549	Oklo Inc., Class A Shares*		225,123

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

UTILITIES — 3.9% — (continued)

	Electric Utilities — 1.0% — (continued)
	1,435	Otter Tail Corp.	$	129,824
	5,922	Pinnacle West Capital Corp.		578,224
	42,622	Portland General Electric Co.		2,082,511
	3,727	TXNM Energy Inc.		214,712

		Total Electric Utilities		7,262,832


	Gas Utilities — 1.3%
	10,185	Atmos Energy Corp.		1,692,034
	3,065	Brookfield Infrastructure Corp., Class A Shares		117,144
	12,104	Chesapeake Utilities Corp.		1,616,368
	7,609	MDU Resources Group Inc.		151,571
	3,322	National Fuel Gas Co.		275,925
	37,930	New Jersey Resources Corp.		2,023,186
	5,128	Northwest Natural Holding Co.		251,631
	19,523	ONE Gas Inc.		1,547,588
	252	RGC Resources Inc.		5,396
	2,391	Southwest Gas Holdings Inc.		211,197
	2,135	Spire Inc.		174,729
	30,451	UGI Corp.		1,170,841

		Total Gas Utilities		9,237,610


	Independent Power & Renewable Electricity Producers — 0.8%
	29,014	AES Corp. (The)		427,666
	5,158	Brookfield Renewable Corp.		165,830
	4,277	Clearway Energy Inc., Class C Shares		135,795
	29,278	Fervo Energy Co., Class A Shares*		450,296
	908	Hallador Energy Co.*		15,055
	32,708	Ormat Technologies Inc.		3,336,216
	2,003	Talen Energy Corp.*		592,407
	6,123	Vistra Corp.		841,116

		Total Independent Power & Renewable Electricity Producers		5,964,381


	Multi-Utilities — 0.5%
	2,935	Avista Corp.		109,065
	2,665	Black Hills Corp.		191,027
	17,354	NiSource Inc.		710,126
	31,681	Northwestern Energy Group Inc.		2,191,058
	2,321	Unitil Corp.		124,266

		Total Multi-Utilities		3,325,542


	Water Utilities — 0.3%
	3,503	American States Water Co.		312,783
	6,667	California Water Service Group		333,150
	455	Consolidated Water Co., Ltd.		13,545
	20,278	Essential Utilities Inc.		834,845
	4,275	H2O America		270,907
	2,343	Middlesex Water Co.		135,894
	647	Pure Cycle Corp.*		7,179

		Total Water Utilities		1,908,303

		TOTAL UTILITIES		27,698,668

		TOTAL COMMON STOCKS
		(Cost — $517,633,072)		698,233,220


RIGHTS — 0.0%@

	CONSUMER STAPLES — 0.0%@

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

See Notes to Financial Statements.



Schedules of Investments


(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*#		2,051
	4,448		Biogen Inc. CVR expires 12/31/31*#		133
	8,278		Esperion Therapeutics Inc. CVR expires 12/31/30*#		165
	1,378		Gilead Sciences Inc. CVR expires 12/31/29*#		—
	1,253		Inhibrx Inc. CVR expires 12/31/40*#		2,406
	19		Oncternal Therapeutics Inc. CVR expires 6/30/34*#		—
	294		Xoma Royalty Corp. CVR*#		344

			Total Biotechnology		5,543


	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		6,222


MATERIALS — 0.0%@

	Paper & Forest Products — 0.0%@
	1,860		Resolute Forest Products Inc. CVR expires 12/31/40*#		1,283

			TOTAL RIGHTS
			(Cost — $7)		59,361


PREFERRED STOCK — 0.0%@

COMMUNICATION SERVICES — 0.0%@

	Diversified Telecommunication Services — 0.0%@
	619		Liberty Latin America Ltd., Class Preferred Shares, 9%*(c) (Cost — $15,891)		13,086

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $517,648,970)		698,305,667


Face Amount†

	SHORT-TERM INVESTMENTS(d) — 2.8%

	MONEY MARKET FUND — 0.8%
$	5,778,055		Invesco STIT — Government & Agency Portfolio, Institutional Class, 3.761%(e) (Cost — $5,778,055)		5,778,055


	TIME DEPOSITS — 2.0%
	3,137,630		BBH — New York, 2.980% due 9/1/26		3,137,630
	2,707,886		Citibank — New York, 2.980% due 9/1/26		2,707,886
	6,854,868		JPMorgan Chase & Co. — New York, 2.980% due 9/1/26		6,854,868
	31,026	^CAD	Royal Bank of Canada — Toronto, 1.100% due 9/1/26		22,386
	33		Skandinaviska Enskilda Banken AB — Stockholm, 2.980% due 9/1/26		33
	1,727,976		Sumitomo Mitsui Banking Corp. — Tokyo, 2.980% due 9/1/26		1,727,976

			TOTAL TIME DEPOSITS (Cost — $14,450,779)		14,450,779

			TOTAL SHORT-TERM INVESTMENTS (Cost — $20,228,834)		20,228,834

			TOTAL INVESTMENTS — 100.8% (Cost — $537,877,804)		718,534,501

			Liabilities in Excess of Other Assets — (0.8)%		(5,785,225	)

			TOTAL NET ASSETS — 100.0%	$	712,749,276

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

†	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 perpetual in nature and has no stated maturity date.

(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 August 31, 2026, the Fund held Level 3 securities with a value of $59,361, representing less than 0.05% of net assets.

At August 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	$	545,706,507	$	212,270,013	$	(39,442,811)	$	172,827,202


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	18.0	%
Information Technology	17.6
Health Care	15.8
Financials	14.2
Consumer Discretionary	9.2
Real Estate	4.5
Materials	4.2
Energy	4.0
Consumer Staples	3.9
Utilities	3.9
Communication Services	2.7
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

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

COMMON STOCKS — 97.0%

	Australia — 3.6%
	12,407	ALS Ltd.	$	197,008
	3,419	Ampol Ltd.		105,542
	22,746	Ansell Ltd.		665,192
	79,945	ANZ Group Holdings Ltd.		2,132,369
	48,630	APA Group		379,422
	14,230	Aristocrat Leisure Ltd.		620,718
	5,252	ASX Ltd.		210,416
	2,402	Atlas Arteria Ltd.		7,899
	57,944	Bendigo & Adelaide Bank Ltd.		445,153
	137,136	BHP Group Ltd.		6,437,068
	10,327	BlueScope Steel Ltd.		229,202
	33,193	Brambles Ltd.		465,203
	5,366	CAR Group Ltd.		106,272
	37,198	Charter Hall Group, REIT		514,301
	34,281	Coles Group Ltd.		590,618
	46,008	Commonwealth Bank of Australia(a)		5,242,701
	12,807	Computershare Ltd.		364,634
	12,440	CSL Ltd.		1,527,149
	68,796	Dyno Nobel Ltd.		186,175
	80,393	Endeavour Group Ltd.		180,889
	49,822	Evolution Mining Ltd.		527,800
	32,708	Fortescue Ltd.		414,321
	21,920	Genesis Minerals Ltd.*		128,385
	51,354	Goodman Group		1,019,183
	61,415	GPT Group (The), REIT		206,541
	12,906	Greatland Resources Ltd.*		108,930
	59,645	Insurance Australia Group Ltd.		335,540
	55,569	Lottery Corp., Ltd. (The)		198,664
	23,102	Lynas Rare Earths Ltd.*		260,699
	9,097	Macquarie Group Ltd.		1,632,082
	64,917	Magellan Financial Group Ltd.		417,195
	63,348	Medibank Pvt Ltd.		219,815
	3,803	Mineral Resources Ltd.*		175,568
	142,550	Mirvac Group, REIT		185,790
	82,284	National Australia Bank Ltd.		2,271,839
	34,558	Northern Star Resources Ltd.		577,581
	61,763	Orica Ltd.		982,948
	43,497	Origin Energy Ltd.		362,060
	51,368	Paladin Energy Ltd.*		425,220
	21,352	Perseus Mining Ltd.		98,591
	80,654	PLS Group Ltd.*		311,494
	2,193	Pro Medicus Ltd.		281,552
	18,779	Qantas Airways Ltd.		126,684
	42,633	QBE Insurance Group Ltd.		680,532
	383,817	Ramelius Resources Ltd.		1,047,825
	4,082	Ramsay Health Care Ltd.		149,987
	2,643	REA Group Ltd.		335,574
	10,451	Rio Tinto Ltd.		1,304,822
	79,478	Sandfire Resources Ltd.*		1,291,791
	249,550	Santos Ltd.		1,459,526
	129,294	Scentre Group, REIT		332,471
	5,249	SGH Ltd.		148,563
	139,377	Sigma Healthcare Ltd.		268,597
	3,773	Sonic Healthcare Ltd.		52,947
	114,500	South32 Ltd.		422,428

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	Australia — 3.6% — (continued)
	43,331	Stockland, REIT	$	135,357
	27,269	Suncorp Group Ltd.		368,411
	175,837	Superloop Ltd.*		362,732
	98,741	Telstra Group Ltd.		330,240
	56,121	TPG Telecom Ltd.		151,573
	91,505	Transurban Group		936,835
	136,565	Ventia Services Group Ltd.		533,249
	181,765	Vicinity Ltd., REIT		324,213
	8,595	Washington H Soul Pattinson & Co., Ltd.		273,914
	29,606	Wesfarmers Ltd.		1,687,339
	79,132	Westpac Banking Corp.		1,954,711
	82,449	Whitehaven Coal Ltd.		505,248
	5,248	WiseTech Global Ltd.		151,730
	52,151	Woodside Energy Group Ltd.		1,214,576
	33,721	Woolworths Group Ltd.		974,204

		Total Australia		49,275,808


	Austria — 0.5%
	1,965	BAWAG Group AG(b)		410,301
	1,386	DO & CO AG		326,660
	32,791	Erste Group Bank AG		4,618,421
	4,782	OMV AG		380,482
	3,213	Raiffeisen Bank International AG		237,958
	3,081	Verbund AG		212,273

		Total Austria		6,186,095


	Belgium — 1.1%
	3,973	Ageas SA/NV		348,398
	50,937	Anheuser-Busch InBev SA/NV		4,039,980
	1,744	Argenx SE*		1,786,378
	7,659	Colruyt Group NV		345,268
	1,017	Elia Group SA/NV, Class B Shares		151,555
	2,159	Groupe Bruxelles Lambert NV		185,183
	5,804	KBC Group NV		882,829
	9	Lotus Bakeries NV		133,424
	38,907	Syensqo SA		3,669,295
	7,790	UCB SA		1,949,318
	44,064	Umicore SA		1,210,131

		Total Belgium		14,701,759


	Bermuda — 0.1%
	13,092	Marex Group Ltd.		948,908


	Canada — 1.9%
	26,148	Air Canada*		514,866
	44,135	Alimentation Couche-Tard Inc.		2,658,067
	7,713	Aritzia Inc.*		734,988
	12,991	Atco Ltd., Class I Shares		697,378
	11,808	Bird Construction Inc.		576,790
	9,393	Boardwalk Real Estate Investment Trust, Class Trust Un Shares		424,056
	36,952	Canadian Pacific Kansas City Ltd.		3,423,116
	48,876	CES Energy Solutions Corp.		654,877
	45,645	DPM Metals Inc.		2,065,955
	35,492	Enerflex Ltd.		723,694
	15,301	Extendicare Inc.		337,606
	16,203	Finning International Inc.		1,063,053
	6,393	Gildan Activewear Inc., Class A Shares		333,454

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	Canada — 1.9% — (continued)
	86,592	Headwater Exploration Inc.	$	903,438
	42,940	Hudbay Minerals Inc.		1,229,070
	12,066	IMAX Corp.*		617,779
	3,381	Kinaxis Inc.*		432,008
	24,061	Maple Leaf Foods Inc.		461,099
	14,082	Methanex Corp.		828,694
	25,040	Northland Power Inc.		374,710
	29,643	Nutrien Ltd.		2,235,924
	45,959	OceanaGold Corp.		1,351,960
	14,455	Quebecor Inc., Class B Shares		640,277
	9,679	Toronto-Dominion Bank (The)		1,170,950
	48,272	Vermilion Energy Inc.		618,921
	86,071	Whitecap Resources Inc., Class Common S Shares		1,115,361

		Total Canada		26,188,091


	Chile — 0.0%@
	11,007	Antofagasta PLC		597,416


	China — 0.8%
	30,500	Contemporary Amperex Technology Co., Ltd., Class A Shares		1,648,503
	147,891	Tencent Holdings Ltd.		8,495,803
	98,034	Tencent Music Entertainment Group, ADR		810,741
	68,000	Yangzijiang Shipbuilding Holdings Ltd.		258,443

		Total China		11,213,490


	Denmark — 1.7%
	60	AP Moller — Maersk AS, Class A Shares		194,125
	108	AP Moller — Maersk AS, Class B Shares		361,930
	1,127	Ascendis Pharma AS, ADR*		296,446
	4,506	Carlsberg AS, Class B Shares		617,507
	16,827	Danske Bank AS		974,000
	12,080	Demant AS*(a)		541,337
	4,540	DSV AS		957,634
	7,333	FLSmidth & Co. AS		671,781
	1,580	Genmab AS*		522,447
	13,994	ISS AS		626,751
	6,337	Jyske Bank AS, Class Registered Shares		1,078,092
	1,842	Netcompany Group AS*(b)		89,259
	1,306	NKT AS*		185,588
	227,519	Novo Nordisk AS, Class B Shares		10,330,241
	11,516	Novonesis (Novozymes) B, Class B Shares		826,712
	13,420	Orsted AS*(b)		283,673
	6,237	Pandora AS		818,659
	5,540	Royal Unibrew AS		368,580
	126,362	Vestas Wind Systems AS		4,194,205

		Total Denmark		23,938,967


	Finland — 0.8%
	37,490	Amer Sports Inc.*		1,145,320
	11,628	Fortum OYJ		279,842
	5,918	Hiab OYJ, Class B Shares		432,952
	16,293	Kesko OYJ, Class B Shares		424,735
	29,036	Kone OYJ, Class B Shares		1,780,129
	26,700	Konecranes OYJ		917,576
	16,742	Metso OYJ		346,114
	10,312	Neste OYJ		384,732
	138,876	Nokia OYJ		1,412,226

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	Finland — 0.8% — (continued)
	81,412	Nordea Bank Abp	$	1,664,891
	10,317	Orion OYJ, Class B Shares		948,228
	61,717	Sampo OYJ, Class A Shares		697,268
	22,318	Stora Enso OYJ, Class R Shares		262,337
	13,060	UPM-Kymmene OYJ		364,956
	14,189	Wartsila OYJ Abp		459,344

		Total Finland		11,520,650


	France — 9.5%
	5,012	Accor SA		269,898
	30,012	Air Liquide SA		5,897,129
	467,100	Alstom SA*		8,847,041
	1,496	Amundi SA(b)		163,672
	42,830	AXA SA		2,144,315
	32,867	Ayvens SA(b)		435,084
	70,895	BNP Paribas SA		8,460,445
	4,662	Bouygues SA		239,426
	8,044	Bureau Veritas SA		254,565
	2,523	Capgemini SE		315,008
	14,302	Carrefour SA		260,120
	97,273	Cie de Saint-Gobain SA		8,797,379
	17,036	Cie Generale des Etablissements Michelin SCA		691,440
	8,552	Covivio SA, REIT		497,999
	27,212	Credit Agricole SA		583,074
	14,516	Danone SA		1,082,490
	518	Dassault Aviation SA		170,748
	60,660	Dassault Systemes SE		1,608,049
	6,653	Eiffage SA		842,206
	21,424	Elis SA		596,563
	45,716	Engie SA		1,306,300
	6,868	EssilorLuxottica SA		1,273,973
	4,978	Exosens SAS		336,196
	566	Gaztransport Et Technigaz SA		138,401
	7,155	Getlink SE		156,405
	579	Hermes International SCA		1,062,846
	4,454	Ipsen SA		844,072
	9,513	JCDecaux SE		260,303
	48,583	Kering SA		14,303,296
	24,263	Klepierre SA, REIT		1,055,831
	28,316	Legrand SA		4,488,442
	6,388	L’Oréal SA		2,854,516
	24,487	LVMH Moët Hennessy Louis Vuitton SE		12,848,258
	2,082	Nexans SA		337,110
	52,055	Orange SA		929,967
	5,297	Pernod Ricard SA		395,625
	5,852	Publicis Groupe SA		687,979
	5,213	Rexel SA		217,541
	20,417	Safran SA		7,986,508
	59,065	Sanofi SA		5,250,781
	679	Sartorius Stedim Biotech		154,545
	28,789	Schneider Electric SE		9,842,715
	9,926	SCOR SE		389,466
	94,449	Societe Generale SA		7,970,168
	2,342	Sopra Steria Group		486,133
	17,062	SPIE SA		862,520
	2,330	Thales SA		659,533

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	France — 9.5% — (continued)
	89,579	TotalEnergies SE	$	7,904,378
	3,092	Unibail-Rodamco-Westfield, REIT		349,165
	20,424	Vallourec SACA		441,990
	15,838	Veolia Environnement SA		599,239
	12,517	Vinci SA		1,641,362
	883	Virbac SACA		330,736
	35,170	Worldline SA*(a)(b)		561,528

		Total France		131,084,479


	Germany — 9.4%
	15,548	adidas AG		2,733,067
	18,874	Allianz SE, Class Registered Shares		9,883,535
	18,267	BASF SE		1,124,544
	76,215	Bayer AG, Class Registered Shares		4,341,868
	34,632	Bayerische Motoren Werke AG		2,493,596
	9,559	Bechtle AG		414,355
	28,586	Beiersdorf AG		2,627,172
	4,301	Bilfinger SE		418,684
	7,065	BioNTech SE, ADR*		717,875
	18,380	Commerzbank AG		857,961
	2,844	Continental AG		235,692
	3,668	Covestro AG*(b)		255,633
	60,104	Daimler Truck Holding AG		3,266,343
	180,644	Deutsche Bank AG, Class Registered Shares		7,274,177
	4,742	Deutsche Boerse AG		1,586,581
	409,354	Deutsche Lufthansa AG, Class Registered Shares		3,737,661
	23,649	Deutsche Post AG		1,542,261
	324,441	Deutsche Telekom AG, Class Registered Shares		10,696,028
	32,640	Deutz AG		483,059
	59,514	E.ON SE		1,230,589
	11,091	Freenet AG		313,782
	2,525	Fresenius Medical Care AG		115,058
	39,678	Fresenius SE & Co. KGaA		2,085,453
	11,428	GEA Group AG		892,116
	1,559	Hannover Rueck SE		467,560
	3,367	Heidelberg Materials AG		644,395
	2,844	Henkel AG & Co. KGaA		233,058
	378	Hochtief AG		183,724
	129,086	Infineon Technologies AG		8,444,757
	1,895	Knorr-Bremse AG		232,494
	50,381	Lanxess AG		874,228
	18,178	Mercedes-Benz Group AG		996,946
	10,383	Merck KGaA		1,676,233
	1,364	MTU Aero Engines AG		557,441
	3,024	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class Registered Shares		1,822,463
	16,083	Nordex SE*		705,099
	477	Rational AG		349,319
	1,513	Rheinmetall AG		1,952,265
	15,868	RWE AG		1,081,189
	101,667	SAP SE		22,541,310
	6,860	Scout24 SE(b)		635,815
	58,924	Siemens AG, Class Registered Shares		19,550,402
	22,099	Siemens Energy AG		3,650,435
	3,561	Siemens Healthineers AG(b)		161,866
	6,614	SUSS MicroTec SE		536,631
	3,381	Symrise AG, Class A Shares		362,117

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	Germany — 9.4% — (continued)
	45,030	TAG Immobilien AG	$	661,688
	1,652	Talanx AG		240,262
	44,822	TUI AG		365,928
	11,338	Uniper SE		593,866
	19,310	Vonovia SE		431,628
	13,225	Zalando SE*(b)		379,250

		Total Germany		129,659,459


	Greece — 0.2%
	353,373	Eurobank SA		1,880,901
	25,025	National Bank of Greece SA		490,849

		Total Greece		2,371,750


	Hong Kong — 1.7%
	615,600	AIA Group Ltd.		5,976,545
	418,500	BOC Hong Kong Holdings Ltd.		2,811,699
	81,500	CK Asset Holdings Ltd.		468,994
	69,500	CK Hutchison Holdings Ltd.		625,287
	15,500	CK Infrastructure Holdings Ltd.		128,825
	44,000	CLP Holdings Ltd.		441,260
	10,000	Easy Smart Group Holdings Ltd., Class H Shares*		130,369
	3,108	Futu Holdings Ltd., ADR		379,611
	50,000	Galaxy Entertainment Group Ltd.		217,246
	38,894	Henderson Land Development Co., Ltd.		133,250
	96,000	HKT Trust & HKT Ltd., Class Miscella Shares		149,515
	300,380	Hong Kong & China Gas Co., Ltd.		276,219
	36,199	Hong Kong Exchanges & Clearing Ltd.		1,963,885
	40,100	Hongkong Land Holdings Ltd.		326,800
	8,500	Jardine Matheson Holdings Ltd.		500,276
	58,680	Link REIT		289,778
	42,500	MTR Corp., Ltd.		174,991
	36,000	Power Assets Holdings Ltd.		276,550
	342,705	Prudential PLC		4,680,798
	86,646	Sino Land Co., Ltd.		114,268
	35,000	SITC International Holdings Co., Ltd.		213,074
	35,500	Sun Hung Kai Properties Ltd.		523,587
	10,000	Swire Pacific Ltd., Class A Shares		135,354
	139,500	Techtronic Industries Co., Ltd.		2,403,894
	68,000	Time Interconnect Technology Ltd.		154,206
	214,500	WH Group Ltd.(b)		202,671
	46,000	Wharf Real Estate Investment Co., Ltd.		180,542

		Total Hong Kong		23,879,494


	Hungary — 0.1%
	75,195	Wizz Air Holdings PLC*(b)		1,116,518


	India — 0.1%
	55,342	HDFC Bank Ltd., ADR		1,256,263


	Indonesia — 0.2%
	3,169,400	Bank Central Asia Tbk PT		1,158,152
	5,051,900	Bank Mandiri Persero Tbk PT		1,206,372

		Total Indonesia		2,364,524


	Ireland — 1.0%
	4,251	AerCap Holdings NV		620,391
	56,167	AIB Group PLC		712,697
	23,083	Bank of Ireland Group PLC		508,807

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	Ireland — 1.0% — (continued)
	201,016	Cairn Homes PLC	$	589,361
	74,340	Experian PLC		3,048,710
	22,227	Glanbia PLC		571,758
	1,747	ICON PLC, ADR*		288,238
	1,497	Jazz Pharmaceuticals PLC*		375,268
	2,094	Kerry Group PLC, Class A Shares		204,296
	26,532	Kingspan Group PLC		3,154,005
	11,245	Ryanair Holdings PLC		300,795
	75,280	Smurfit Westrock PLC		3,530,632

		Total Ireland		13,904,958


	Israel — 0.7%
	1,115	Azrieli Group Ltd.		147,600
	34,844	Bank Hapoalim BM		900,104
	40,154	Bank Leumi Le-Israel BM		1,024,072
	2,120	Check Point Software Technologies Ltd.*		294,489
	1,279	CyberArk Software Ltd.*#		57,555
	692	Elbit Systems Ltd.		487,767
	30,324	Israel Discount Bank Ltd., Class A Shares		346,932
	3,935	Mizrahi Tefahot Bank Ltd.		305,150
	756	Nova Ltd.*		263,966
	6,930	Phoenix Financial Ltd.		434,730
	123,866	Teva Pharmaceutical Industries Ltd., ADR*		4,465,369
	2,889	Tower Semiconductor Ltd.*		589,494

		Total Israel		9,317,228


	Italy — 3.0%
	15,755	Azimut Holding SpA		707,938
	9,323	Banca Generali SpA		715,118
	6,222	Banca Mediolanum SpA		173,806
	78,277	Banca Monte dei Paschi di Siena SpA		1,052,777
	29,602	Banco BPM SpA		552,374
	43,514	BPER Banca SpA		720,347
	14,566	Buzzi SpA		694,507
	10,838	De’Longhi SpA		532,712
	404,307	Enel SpA		4,430,746
	51,822	Eni SpA		1,416,573
	6,482	Ferrari NV		2,743,479
	132,874	FinecoBank Banca Fineco SpA		3,660,673
	21,481	Generali		1,111,349
	754,339	Intesa Sanpaolo SpA		5,941,317
	157,899	Iren SpA		452,483
	10,176	Leonardo SpA		611,965
	20,313	Lottomatica Group SpA		599,779
	25,929	Maire SpA		375,776
	18,401	Mediobanca Banca di Credito Finanziario SpA		599,676
	2,924	Moncler SpA		159,231
	16,418	Pirelli & C SpA(b)		126,825
	11,721	Poste Italiane SpA		378,335
	8,052	Prysmian SpA		1,123,417
	3,041	Recordati Industria Chimica e Farmaceutica SpA		185,643
	3,182	Reply SpA		451,689
	50,399	Snam SpA		339,141
	44,885	Telecom Italia SpA*		408,388
	35,921	Terna — Rete Elettrica Nazionale		406,383
	107,022	UniCredit SpA		10,442,188

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	Italy — 3.0% — (continued)
	9,279	Unipol Assicurazioni SpA	$	303,839

		Total Italy		41,418,474


	Japan — 19.5%
	34,300	Advantest Corp.		7,158,128
	55,500	Aeon Co., Ltd.		471,481
	4,500	AGC Inc.		160,807
	12,600	Aisin Corp.		177,206
	23,000	Ajinomoto Co., Inc.		773,587
	10,500	Amada Co., Ltd.		168,522
	27,600	Anritsu Corp.		586,541
	20,300	Aozora Bank Ltd.		432,653
	35,700	Asahi Group Holdings Ltd.		374,852
	73,500	Asahi Intecc Co., Ltd.		1,739,502
	32,800	Asahi Kasei Corp.		336,443
	18,100	Asics Corp.		509,173
	50,500	Astellas Pharma Inc.		748,543
	37,900	Azbil Corp.		361,424
	14,400	Bandai Namco Holdings Inc.		514,956
	14,900	BayCurrent Inc.		763,269
	13,700	BIPROGY Inc.		408,634
	28,800	Bridgestone Corp.		746,817
	4,000	Brother Industries Ltd.		122,465
	12,300	Canon Inc.		358,490
	29,700	Capcom Co., Ltd.		790,641
	23,700	Central Japan Railway Co.		590,072
	13,100	Chiba Bank Ltd. (The)		230,622
	26,600	Chubu Electric Power Co., Inc.		478,035
	16,700	Chugai Pharmaceutical Co., Ltd.		723,715
	14,100	CKD Corp.		486,590
	28,100	Credit Saison Co., Ltd.		820,556
	55,100	CyberAgent Inc.		467,526
	9,200	Dai Nippon Printing Co., Ltd.		178,329
	8,300	Daifuku Co., Ltd.		299,237
	87,900	Daiichi Life Group Inc.		1,006,834
	42,100	Daiichi Sankyo Co., Ltd.		747,973
	27,300	Daikin Industries Ltd.		3,532,566
	7,500	Daito Trust Construction Co., Ltd.		156,320
	20,800	Daiwa House Industry Co., Ltd.		607,474
	33,800	Daiwa Securities Group Inc.		389,775
	27,200	Denso Corp.		328,370
	2,300	Disco Corp.		826,888
	24,900	East Japan Railway Co.		558,625
	11,800	Ebara Corp.		341,791
	8,000	Eisai Co., Ltd.		236,736
	4,300	Electric Power Development Co., Ltd.		110,080
	66,050	ENEOS Holdings Inc.		552,589
	23,300	FANUC Corp.		873,743
	9,100	Fast Retailing Co., Ltd.		4,126,628
	22,400	Food & Life Cos., Ltd.		825,144
	17,200	Fuji Corp.		759,733
	3,700	Fuji Electric Co., Ltd.		316,326
	25,900	FUJIFILM Holdings Corp.		548,046
	38,400	Fujikura Ltd.		1,318,844
	43,700	Fujitsu Ltd.		1,051,185

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	Japan — 19.5% — (continued)
	5,000	Fukuoka Financial Group Inc.	$	246,297
	19,500	Furukawa Electric Co., Ltd.		483,229
	526	GLP J-REIT		440,893
	16,400	GS Yuasa Corp.		545,388
	9,500	Gunma Bank Ltd. (The)		168,341
	26,100	H2O Retailing Corp.		497,399
	8,800	Hachijuni Nagano Bank Ltd.		148,881
	8,600	Hankyu Hanshin Holdings Inc.		253,220
	900	Hikari Tsushin Inc.		227,793
	2,700	Hitachi Construction Machinery Co., Ltd.		96,705
	224,200	Hitachi Ltd.		7,622,821
	75,800	Honda Motor Co., Ltd.		808,353
	3,900	Horiba Ltd.		567,195
	5,800	Hoshizaki Corp.		206,519
	22,100	Hoya Corp.		3,388,791
	23,800	Hulic Co., Ltd.		265,424
	6,100	Ibiden Co., Ltd.		767,702
	20,685	Idemitsu Kosan Co., Ltd.		184,132
	26,300	IHI Corp.		439,447
	62,700	INFRONEER Holdings Inc.		1,118,536
	21,400	Inpex Corp.		532,812
	14,200	Isuzu Motors Ltd.		202,254
	375,300	ITOCHU Corp.		4,961,218
	7,700	Iyogin Holdings Inc.		193,000
	7,700	Japan Airlines Co., Ltd.		144,535
	215,600	Japan Exchange Group Inc.		3,013,542
	50,200	Japan Post Bank Co., Ltd.		1,064,584
	43,600	Japan Post Holdings Co., Ltd.		676,601
	14,700	Japan Post Insurance Co., Ltd.		155,860
	288	Japan Real Estate Investment Corp., REIT		212,148
	29,800	Japan Tobacco Inc.		1,289,495
	23,200	JFE Holdings Inc.		267,691
	22,800	JX Advanced Metals Corp.		531,927
	10,400	Kajima Corp.		313,489
	17,500	Kandenko Co., Ltd.		599,199
	12,100	Kaneka Corp.		471,263
	23,500	Kansai Electric Power Co., Inc. (The)		413,257
	24,000	Kao Corp.		548,509
	19,500	Kawasaki Heavy Industries Ltd.		310,247
	9,900	Kawasaki Kisen Kaisha Ltd.		206,468
	485,900	KDDI Corp.		9,014,746
	9,900	Keyence Corp.		5,155,106
	18,400	Kikkoman Corp.		211,382
	12,200	Kinden Corp.		533,483
	9,100	Kintetsu Group Holdings Co., Ltd.		198,909
	9,200	Kioxia Holdings Corp.*		2,874,051
	27,100	Kirin Holdings Co., Ltd.		518,298
	10,000	Kobe Steel Ltd.		126,361
	700	Kokusai Electric Corp.		37,908
	23,800	Komatsu Ltd.		1,100,917
	2,500	Konami Group Corp.		344,863
	25,400	Kubota Corp.		464,154
	33,200	Kyocera Corp.		755,131
	5,500	Kyoto Financial Group Inc.		171,031
	12,200	Kyowa Kirin Co., Ltd.		201,379

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	Japan — 19.5% — (continued)
	55,400	Kyushu Electric Power Co., Inc.	$	703,059
	2,100	Lasertec Corp.		438,423
	73,800	LY Corp.		257,464
	12,700	M3 Inc.		145,845
	6,000	Makita Corp.		196,631
	37,800	Marubeni Corp.		1,159,285
	2,800	Maruwa Co., Ltd.		922,219
	6,800	MatsukiyoCocokara & Co.		111,100
	20,100	Mazda Motor Corp.		154,859
	148,800	Mebuki Financial Group Inc.		1,585,360
	8,000	Meidensha Corp.		590,009
	11,700	MEIJI Holdings Co., Ltd.		329,163
	8,500	MINEBEA MITSUMI Inc.		178,455
	30,700	Mitsubishi Chemical Group Corp.		230,949
	81,100	Mitsubishi Corp.		2,435,852
	146,400	Mitsubishi Electric Corp.		5,079,758
	79,900	Mitsubishi Estate Co., Ltd.		1,892,573
	34,300	Mitsubishi HC Capital Inc.		299,192
	87,300	Mitsubishi Heavy Industries Ltd.		2,121,621
	284,900	Mitsubishi UFJ Financial Group Inc.		6,497,469
	62,300	Mitsui & Co., Ltd.		1,948,658
	12,100	Mitsui E&S Co., Ltd.		332,507
	66,000	Mitsui Fudosan Co., Ltd.		627,268
	3,500	Mitsui Kinzoku Co., Ltd.		634,291
	8,800	Mitsui OSK Lines Ltd.		385,960
	62,790	Mizuho Financial Group Inc.		3,325,821
	54,800	Morinaga Milk Industry Co., Ltd.		392,738
	176,100	MS&AD Insurance Group Holdings Inc.		5,610,865
	42,500	Murata Manufacturing Co., Ltd.		1,900,748
	12,700	Nabtesco Corp.		363,059
	33,400	NEC Corp.		1,025,297
	9,600	Nexon Co., Ltd.		189,311
	22,600	Nextage Co., Ltd.		476,371
	9,400	NGK Corp.		310,106
	35,300	NHK Spring Co., Ltd.		752,009
	21,900	Nidec Corp.		351,943
	20,500	Nintendo Co., Ltd.		1,150,763
	30	Nippon Building Fund Inc., REIT		23,715
	13,200	Nippon Electric Glass Co., Ltd.		398,237
	4,700	Nippon Express Holdings Inc.		169,733
	25,700	Nippon Paint Holdings Co., Ltd.		194,086
	6,100	Nippon Sanso Holdings Corp.		216,285
	12,600	Nippon Shinyaku Co., Ltd.		279,366
	110,100	Nippon Steel Corp.		461,298
	10,300	Nippon Yusen KK		453,795
	12,500	Nissan Chemical Corp.		641,356
	71,500	Nissan Motor Co., Ltd.*		146,888
	66,600	Nissui Corp.		530,149
	8,100	Nitori Holdings Co., Ltd.		154,322
	20,000	Nitto Boseki Co., Ltd.		395,674
	16,700	Nitto Denko Corp.		366,200
	10,800	NOF Corp.		183,125
	75,600	Nomura Holdings Inc.		773,011
	8,780	Nomura Research Institute Ltd.		287,832
	507,500	NTT Inc.		548,597

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	Japan — 19.5% — (continued)
	19,800	Obayashi Corp.	$	370,064
	20,800	Obic Co., Ltd.		662,099
	16,900	Odakyu Electric Railway Co., Ltd.		188,608
	28,500	Olympus Corp.		376,873
	3,800	Omron Corp.		157,043
	21,500	Ono Pharmaceutical Co., Ltd.		329,436
	7,400	Open House Group Co., Ltd.		367,441
	20,100	Oriental Land Co., Ltd.		380,772
	30,700	ORIX Corp.		1,204,640
	11,400	Osaka Gas Co., Ltd.		411,427
	5,900	Otsuka Corp.		133,368
	12,400	Otsuka Holdings Co., Ltd.		951,109
	48,600	Pan Pacific International Holdings Corp.		245,742
	59,800	Panasonic Holdings Corp.		1,673,596
	39,200	Rakuten Group Inc.*		188,738
	106,800	Recruit Holdings Co., Ltd.		12,052,500
	413,000	Renesas Electronics Corp.		8,718,775
	53,100	Resona Holdings Inc.		836,757
	4,300	Resonac Holdings Corp.		420,268
	31,600	Resorttrust Inc.		373,341
	15,700	Rorze Corp.		393,597
	9,900	Ryohin Keikaku Co., Ltd.		269,984
	17,200	Sanrio Co., Ltd.		138,559
	32,300	Santen Pharmaceutical Co., Ltd.		380,361
	13,400	Sapporo Breweries Ltd.		158,480
	19,500	SBI Holdings Inc.		403,821
	4,000	SCREEN Holdings Co., Ltd.		335,591
	10,100	Secom Co., Ltd.		409,595
	17,000	Seino Holdings Co., Ltd.		295,683
	8,700	Sekisui Chemical Co., Ltd.		144,379
	14,900	Sekisui House Ltd.		320,658
	20,500	Seria Co., Ltd.		566,485
	44,500	Seven & i Holdings Co., Ltd.		564,491
	24,900	SG Holdings Co., Ltd.		235,486
	10,200	Shimadzu Corp.		261,122
	12,300	Shimano Inc.		1,529,692
	18,400	Shimizu Corp.		274,293
	57,000	Shin-Etsu Chemical Co., Ltd.		2,135,154
	25,900	Shionogi & Co., Ltd.		470,353
	10,000	Shiseido Co., Ltd.		233,195
	16,700	Shizuoka Financial Group Inc.		383,928
	11,200	Skylark Holdings Co., Ltd.		235,845
	16,500	SMC Corp.		7,248,058
	711,500	Softbank Corp.		1,056,046
	170,200	SoftBank Group Corp.		5,506,451
	10,200	Sojitz Corp.		356,812
	125,700	Sompo Holdings Inc.		5,376,950
	292,000	Sony Group Corp.		7,207,660
	9,600	Subaru Corp.		159,409
	9,100	SUMCO Corp.		190,242
	10,500	Sumitomo Bakelite Co., Ltd.		489,066
	59,600	Sumitomo Chemical Co., Ltd.		212,732
	111,200	Sumitomo Corp.		1,245,166
	77,800	Sumitomo Electric Industries Ltd.		1,064,564
	22,800	Sumitomo Forestry Co., Ltd.		191,192

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	Japan — 19.5% — (continued)
	4,800	Sumitomo Heavy Industries Ltd.	$	172,137
	6,400	Sumitomo Metal Mining Co., Ltd.		441,570
	313,600	Sumitomo Mitsui Financial Group Inc.		13,467,956
	62,000	Sumitomo Mitsui Trust Group Inc.		690,950
	15,000	Sumitomo Realty & Development Co., Ltd.		312,322
	39,900	Suzuki Motor Corp.		553,977
	5,800	SWCC Corp.		536,362
	11,900	T&D Holdings Inc.		362,904
	14,700	Taiheiyo Cement Corp.		389,741
	5,500	Taisei Corp.		431,800
	6,500	Taiyo Yuden Co., Ltd.		367,877
	16,100	Takasago Thermal Engineering Co., Ltd.		434,323
	14,000	Takashimaya Co., Ltd.		204,851
	46,654	Takeda Pharmaceutical Co., Ltd.		1,683,492
	48,800	TDK Corp.		932,450
	218,500	Terumo Corp.		3,403,807
	2,200	THK Co., Ltd.		90,470
	5,400	TISI Inc.		134,265
	26,000	Toho Co., Ltd.		257,760
	46,500	Tokio Marine Holdings Inc.		2,232,762
	61,800	Tokyo Electric Power Co. Holdings Inc.*		208,012
	11,300	Tokyo Electron Ltd.		3,951,783
	9,700	Tokyo Gas Co., Ltd.		375,684
	15,900	Tokyo Ohka Kogyo Co., Ltd.		846,341
	7,400	Tokyo Seimitsu Co., Ltd.		812,604
	25,700	Tokyo Tatemono Co., Ltd.		552,931
	79,000	Tokyu Fudosan Holdings Corp.		655,738
	6,300	TOPPAN Holdings Inc.		199,968
	34,200	Toray Industries Inc.		274,910
	5,700	Tosoh Corp.		94,710
	4,400	Toyo Suisan Kaisha Ltd.		289,096
	19,000	Toyoda Gosei Co., Ltd.		651,342
	375,300	Toyota Motor Corp.		7,371,769
	19,200	Toyota Tsusho Corp.		897,578
	17,000	Tsumura & Co.		402,667
	32,200	UACJ Corp.		469,485
	8,900	Unicharm Corp.		55,555
	14,200	West Japan Railway Co.		268,003
	11,100	Yakult Honsha Co., Ltd.		196,987
	49,200	Yamaguchi Financial Group Inc.		994,119
	22,100	Yamaha Motor Co., Ltd.		263,913
	5,700	Yokogawa Electric Corp.		181,475
	26,100	Yokohama Financial Group Inc.		318,368
	12,400	Yokohama Rubber Co., Ltd. (The)		575,758
	2,700	Zensho Holdings Co., Ltd.		198,986
	24,900	Zeon Corp.		390,736

		Total Japan		267,906,031


	Luxembourg — 0.1%
	11,890	ArcelorMittal SA		885,788
	3,068	Eurofins Scientific SE		257,806
	2,324	Millicom International Cellular SA		217,898
	9,490	Tenaris SA		264,783

		Total Luxembourg		1,626,275

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	Macau — 0.0%@
	64,800	Sands China Ltd.	$	115,745


	Mexico — 0.0%@
	5,517	Fresnillo PLC		234,684


	Netherlands — 5.3%
	14,837	ABN AMRO Bank NV, Dutch Certificate, GDR		718,459
	686	Adyen NV*(b)		833,854
	33,555	Aegon Ltd.		308,773
	15,789	Airbus SE		3,596,520
	4,055	Akzo Nobel NV		290,997
	7,894	Arcadis NV		408,896
	3,613	ASM International NV		3,385,112
	16,978	ASML Holding NV		28,586,731
	12,623	ASR Nederland NV		1,063,279
	5,049	BE Semiconductor Industries NV		1,145,333
	6,568	Euronext NV(b)		1,245,149
	2,422	EXOR NV		205,850
	12,989	Ferrovial NV		760,212
	2,834	Heineken Holding NV		224,913
	113,551	Heineken NV		9,574,798
	204,437	ING Groep NV		7,236,869
	22,490	Koninklijke Ahold Delhaize NV		800,825
	4,252	Koninklijke Heijmans NV		436,536
	99,869	Koninklijke KPN NV		480,899
	257,490	Koninklijke Philips NV*		6,848,210
	12,733	Magnum Ice Cream Co. NV (The)*		261,499
	5,473	Nebius Group NV, Class A Shares*		1,129,189
	6,818	NN Group NV		616,108
	29,891	Prosus NV*		1,330,306
	5,285	QIAGEN NV		228,596
	12,149	SBM Offshore NV		496,606
	44,977	Stellantis NV*		248,278
	4,209	Wolters Kluwer NV		347,507

		Total Netherlands		72,810,304


	New Zealand — 0.1%
	26,143	a2 Milk Co., Ltd. (The)		126,682
	42,182	Auckland International Airport Ltd.		220,802
	23,697	Contact Energy Ltd.		122,674
	14,634	Fisher & Paykel Healthcare Corp., Ltd.		384,613
	25,258	Infratil Ltd.		215,482
	33,439	Meridian Energy Ltd.		109,404

		Total New Zealand		1,179,657


	Norway — 0.7%
	8,439	Aker BP ASA		324,047
	145,984	DNB Bank ASA		4,977,290
	19,773	Equinor ASA		846,333
	5,021	Gjensidige Forsikring ASA		152,381
	49,289	Kitron ASA		485,325
	11,135	Kongsberg Gruppen ASA		378,475
	11,654	Mowi ASA		255,708
	126,830	Norsk Hydro ASA		1,274,039
	17,739	Orkla ASA		180,971
	33,572	Scatec ASA*(b)		346,746

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	Norway — 0.7% — (continued)
	16,084	Telenor ASA	$	236,171
	3,984	Yara International ASA		194,800

		Total Norway		9,652,286


	Portugal — 0.2%
	259,558	Banco Comercial Portugues SA, Class R Shares		337,253
	79,373	EDP SA		431,305
	13,421	Galp Energia SGPS SA		335,083
	100,226	Jeronimo Martins SGPS SA		2,095,788

		Total Portugal		3,199,429


	Singapore — 1.8%
	19,900	ASMPT Ltd.		411,885
	65,007	CapitaLand Ascendas REIT		125,245
	155,828	CapitaLand Integrated Commercial Trust, REIT		290,358
	53,240	DBS Group Holdings Ltd.		3,239,996
	59,030	Grab Holdings Ltd., Class A Shares*		208,966
	59,300	iFAST Corp., Ltd.		414,059
	238,000	Keppel DC REIT		411,950
	36,900	Keppel Ltd.		336,229
	84,700	Oversea-Chinese Banking Corp., Ltd.		2,097,956
	124,900	SATS Ltd.		384,729
	66,733	Sea Ltd., ADR*		7,572,861
	45,900	Sembcorp Industries Ltd.		213,344
	160,100	Sheng Siong Group Ltd.		405,471
	40,250	Singapore Airlines Ltd.		214,820
	22,100	Singapore Exchange Ltd.		442,892
	39,900	Singapore Technologies Engineering Ltd.		338,148
	706,000	Singapore Telecommunications Ltd.		2,518,677
	16,173	Trip.com Group Ltd., ADR*		722,124
	97,703	United Overseas Bank Ltd.		3,191,562
	74,000	UOL Group Ltd.		527,828
	51,900	Wilmar International Ltd.		156,656

		Total Singapore		24,225,756


	South Africa — 0.0%@
	53,144	Investec PLC		472,400


	South Korea — 1.1%
	2,857	Daewoong Pharmaceutical Co., Ltd.		265,143
	6,625	DL E&C Co., Ltd.		348,503
	15,035	Han Kuk Carbon Co., Ltd.*		265,072
	4,257	Hanwha Corp.(c)		421,463
	6,857	Hanwha Machinery & Service Holdings Co., Ltd.*		36,710
	8,371	HD-Hyundai Marine Engine*		318,565
	9,380	IsuPetasys Co., Ltd.		779,728
	25,424	JB Financial Group Co., Ltd.		526,247
	11,930	KB Financial Group Inc.		1,510,981
	2,106	KIWOOM Securities Co., Ltd.		425,203
	6,862	Kolmar Korea Co., Ltd.*		802,751
	9,728	LEENO Industrial Inc.		471,381
	915	LG Innotek Co., Ltd.		430,340
	2,794	NC Corp.		457,495
	1,272	PharmaResearch Co., Ltd.		395,477
	7,805	Poongsan Corp.		467,318
	20,987	Samsung E&A Co., Ltd.		718,931
	25,758	Samsung Electronics Co., Ltd.		4,855,150

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	South Korea — 1.1% — (continued)
	2,687	Sanil Electric Co., Ltd.	$	384,650
	1,260	Shinsegae Inc.		380,333
	7,150	WONIK IPS Co., Ltd.		582,195
	6,321	Youngone Corp.		334,014

		Total South Korea		15,177,650


	Spain — 3.1%
	896	Acciona SA		218,069
	4,405	ACS Actividades de Construccion y Servicios SA		521,541
	19,353	Aena SME SA(b)		593,806
	16,083	Amadeus IT Group SA		1,087,484
	46,726	Atalaya Mining Copper SA		697,218
	317,860	Banco Bilbao Vizcaya Argentaria SA		9,221,325
	129,584	Banco de Sabadell SA		546,714
	378,297	Banco Santander SA		5,562,318
	206,330	Bankinter SA		3,985,206
	98,172	CaixaBank SA		1,499,517
	11,903	Cellnex Telecom SA(b)		365,913
	1,670	Corp. ACCIONA Energias Renovables SA		41,571
	8,226	Endesa SA		402,279
	342,323	Iberdrola SA		7,984,372
	14,618	Indra Sistemas SA		1,038,808
	85,040	Industria de Diseno Textil SA		5,719,505
	9,715	Logista Integral SA		407,354
	159,205	Mapfre SA		826,586
	29,117	Melia Hotels International SA		338,219
	41,010	Merlin Properties Socimi SA, REIT		638,921
	6,680	Naturgy Energy Group SA		228,501
	28,797	Repsol SA		915,099
	90,187	Telefonica SA		382,149

		Total Spain		43,222,475


	Sweden — 2.7%
	6,790	AddTech AB, Class B Shares		239,687
	7,389	Alfa Laval AB		443,331
	33,401	Asmodee Group AB, Class B Shares*		537,999
	25,093	Assa Abloy AB, Class B Shares		935,451
	67,061	Atlas Copco AB, Class A Shares		1,441,748
	151,362	Atlas Copco AB, Class B Shares		2,817,812
	17,649	Avanza Bank Holding AB		741,540
	5,504	Boliden AB		324,143
	34,873	Bravida Holding AB(b)		508,700
	1,154,211	Electrolux AB, Class B Shares*		3,371,324
	16,786	Epiroc AB, Class A Shares		463,498
	9,605	Epiroc AB, Class B Shares		225,542
	8,584	EQT AB		298,598
	14,647	Essity AB, Class B Shares		429,269
	3,313	Evolution AB*(b)		287,177
	12,640	H & M Hennes & Mauritz AB, Class B Shares		231,598
	539,723	Hexagon AB, Class B Shares		5,633,924
	2,855	Industrivarden AB, Class A Shares		161,994
	4,321	Industrivarden AB, Class C Shares		242,673
	45,568	Investor AB, Class B Shares		1,965,089
	1,894	L E Lundbergforetagen AB, Class B Shares		116,363
	5,384	Lifco AB, Class B Shares		178,379
	7,853	Loomis AB, Class B Shares		444,273

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	Sweden — 2.7% — (continued)
	8,253	Saab AB, Class B Shares	$	545,281
	26,888	Sandvik AB		1,078,467
	12,816	Securitas AB, Class B Shares		203,393
	38,193	Skandinaviska Enskilda Banken AB, Class A Shares		894,840
	8,756	Skanska AB, Class B Shares		248,976
	7,901	SKF AB, Class B Shares		229,218
	8,507	Spotify Technology SA*		4,624,575
	23,873	SSAB AB, Class A Shares		257,253
	160,012	Svenska Handelsbanken AB, Class A Shares		2,472,576
	21,303	Swedbank AB, Class A Shares		836,651
	5,124	Swedish Orphan Biovitrum AB*		240,624
	13,907	Tele2 AB, Class B Shares		246,830
	70,155	Telefonaktiebolaget LM Ericsson, Class B Shares		710,047
	60,530	Telia Co. AB		275,769
	5,318	Trelleborg AB, Class B Shares		249,827
	42,837	Volvo AB, Class B Shares		1,547,095
	63,087	Wihlborgs Fastigheter AB		506,976

		Total Sweden		37,208,510


	Switzerland — 7.5%
	54,076	ABB Ltd., Class Registered Shares		5,281,407
	9,284	Accelleron Industries AG		835,050
	47,778	Alcon AG		3,464,192
	9,861	Avolta AG*		554,102
	808	Banque Cantonale Vaudoise, Class Registered Shares		129,603
	25	Belimo Holding AG, Class Registered Shares		26,418
	286	Chocoladefabriken Lindt & Spruengli AG		3,098,401
	2	Chocoladefabriken Lindt & Spruengli AG, Class Registered Shares		223,208
	36,360	Cie Financiere Richemont SA, Class Registered Shares		8,639,442
	5,597	Coca-Cola HBC AG*		346,546
	5,419	DKSH Holding AG		441,750
	19,885	DSM-Firmenich AG		2,211,047
	15,175	EFG International AG*		300,133
	177	EMS-Chemie Holding AG, Class Registered Shares		172,871
	4,615	Galderma Group AG*		956,847
	5,308	Galenica AG(b)		545,355
	852	Geberit AG, Class Registered Shares		600,928
	231	Givaudan SA, Class Registered Shares		938,508
	262,678	Glencore PLC		2,103,571
	1,986	Helvetia Baloise Holding AG		526,759
	11,638	Holcim AG*		1,019,462
	29,761	Julius Baer Group Ltd.		2,766,705
	1,236	Kuehne + Nagel International AG, Class Registered Shares		329,991
	3,741	Logitech International SA, Class Registered Shares		367,299
	4,742	Lonza Group AG, Class Registered Shares		3,382,508
	68,438	Nestlé SA, Class Registered Shares		6,652,598
	47,821	Novartis AG, Class Registered Shares		7,278,483
	373	Partners Group Holding AG		338,095
	4,192	PSP Swiss Property AG, Class Registered Shares		753,763
	52,147	Roche Holding AG		22,779,606
	10,476	Sandoz Group AG		880,046
	1,030	Schindler Holding AG		334,868
	582	Schindler Holding AG, Class Registered Shares		184,891
	16,777	SGS SA, Class Registered Shares		1,926,456
	3,166	Siegfried Holding AG, Class Registered Shares*		283,348
	27,687	SIG Group AG*		467,130

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	Switzerland — 7.5% — (continued)
	18,685	Sika AG, Class Registered Shares	$	4,427,498
	1,285	Sonova Holding AG, Class Registered Shares		368,435
	17,202	STMicroelectronics NV		861,437
	16,551	Straumann Holding AG, Class Registered Shares		1,920,383
	3,824	Sulzer AG, Class Registered Shares		759,144
	759	Swatch Group AG (The)		176,115
	716	Swiss Life Holding AG, Class Registered Shares		813,380
	1,983	Swiss Prime Site AG, Class Registered Shares		306,269
	7,479	Swiss Re AG		1,301,048
	664	Swisscom AG, Class Registered Shares		514,348
	15,621	Swissquote Group Holding SA		808,587
	6,736	Temenos AG, Class Registered Shares		616,462
	79,624	UBS Group AG, Class Registered Shares		4,358,853
	2,850	VAT Group AG(b)		2,111,026
	1,186	Ypsomed Holding AG, Class Registered Shares		583,690
	3,420	Zurich Insurance Group AG		2,504,976

		Total Switzerland		103,573,038


	Taiwan — 0.6%
	166,000	Hon Hai Precision Industry Co., Ltd.		1,304,049
	40,000	Taiwan Semiconductor Manufacturing Co., Ltd.		3,023,045
	10,670	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		4,431,464

		Total Taiwan		8,758,558


	United Kingdom — 17.1%
	75,141	3i Group PLC		2,867,999
	49,355	Admiral Group PLC		2,685,760
	27,973	Anglo American PLC		1,607,351
	5,512	ARM Holdings PLC, ADR*		1,333,408
	3,738	Associated British Foods PLC		103,700
	130,756	AstraZeneca PLC		21,110,132
	82,919	Aviva PLC		818,440
	46,797	Babcock International Group PLC		668,961
	217,634	BAE Systems PLC		5,938,136
	73,705	Balfour Beatty PLC		876,736
	1,447,400	Barclays PLC		9,690,932
	14,478	Beazley PLC		254,411
	45,556	Berkeley Group Holdings PLC (The)*		2,189,582
	421,877	BP PLC		3,005,938
	125,658	British American Tobacco PLC		6,987,423
	80,804	British Land Co. PLC (The), REIT		464,779
	147,109	BT Group PLC		408,240
	8,343	Bunzl PLC		315,115
	119,036	Centrica PLC		250,685
	5,308	Coca-Cola Europacific Partners PLC		573,370
	95,244	Compass Group PLC		2,909,610
	11,299	Computacenter PLC		865,398
	140,016	ConvaTec Group PLC(b)		430,599
	6,884	Cranswick PLC		501,832
	330,382	Currys PLC		679,256
	400,250	Diageo PLC		9,276,040
	3,522	Diploma PLC		348,952
	45,298	Drax Group PLC		474,478
	20,802	Endeavour Mining PLC		1,291,446
	1,912	Games Workshop Group PLC		476,238
	9,428	Genus PLC		298,817

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	United Kingdom — 17.1% — (continued)
	257,637	GSK PLC	$	6,474,215
	1,016,922	Haleon PLC		5,067,934
	27,671	Halma PLC		1,357,042
	161,122	Harbour Energy PLC		549,493
	164,891	Helios Towers PLC		451,319
	37,288	Howden Joinery Group PLC		400,124
	734,464	HSBC Holdings PLC		15,132,598
	16,079	IMI PLC		676,081
	21,341	Imperial Brands PLC		729,129
	41,956	Inchcape PLC		480,062
	31,796	Informa PLC		387,606
	3,691	InterContinental Hotels Group PLC		592,375
	29,935	International Consolidated Airlines Group SA		174,110
	3,969	Intertek Group PLC		314,305
	41,478	J Sainsbury PLC		187,126
	370,054	Kingfisher PLC		1,575,915
	8,816	Kiniksa Pharmaceuticals International PLC, Class A Shares*		693,202
	55,715	Lancashire Holdings Ltd.		464,630
	142,713	Legal & General Group PLC		565,480
	2,872,376	Lloyds Banking Group PLC		4,266,973
	39,548	London Stock Exchange Group PLC		4,805,810
	153,144	LondonMetric Property PLC, REIT		390,974
	55,333	M&G PLC		262,892
	52,387	Marks & Spencer Group PLC		279,792
	702,099	Melrose Industries PLC		4,883,641
	530,424	National Grid PLC		8,397,464
	759,737	NatWest Group PLC		6,974,407
	2,958	Next PLC		620,411
	3,855	nVent Electric PLC		581,141
	34,677	OSB Group PLC		239,581
	14,892	Pearson PLC		248,191
	176,559	Reckitt Benckiser Group PLC		12,240,697
	260,637	RELX PLC		9,446,350
	34,443	Rentokil Initial PLC		163,356
	58,473	Rio Tinto PLC		6,004,962
	701,795	Rolls-Royce Holdings PLC		14,478,045
	158,632	Sage Group PLC (The)		2,343,670
	19,654	Schroders PLC		155,498
	32,686	Segro PLC, REIT		424,356
	119,344	Serco Group PLC		417,786
	6,902	Severn Trent PLC		292,625
	296,920	Shell PLC		13,577,562
	287,413	Smith & Nephew PLC		4,122,858
	78,536	Smiths Group PLC		2,772,789
	18,648	Softcat PLC		525,107
	119,032	SSE PLC		3,943,249
	52,927	St. James’s Place PLC		848,796
	90,054	Standard Chartered PLC		2,647,564
	18,397	Standard Life PLC		233,676
	569,090	Tesco PLC		3,514,389
	109,736	TP ICAP Group PLC		512,481
	101,946	Trainline PLC*(b)		274,368
	194,574	Tritax Big Box REIT PLC		414,251
	71,031	Unilever PLC		4,602,448
	17,187	United Utilities Group PLC		331,480

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units			Security	Value

	United Kingdom — 17.1% — (continued)
	531,775		Vodafone Group PLC	$	853,924
	60,096		Watches of Switzerland Group PLC*(b)		583,500
	4,395		Weir PLC		168,974
	314,244		WH Smith PLC		1,751,935
	15,902		Wise Group PLC, Class A Shares*		209,103

			Total United Kingdom		235,783,586


	United States — 0.7%
	2,274		BeOne Medicines Ltd., ADR*		817,685
	4,184		Booking Holdings Inc.		832,992
	222,098		Carnival Corp., Ltd.		5,305,921
	4,281		Liberty Media Corp.-Liberty Formula One, Class C Shares*		427,886
	580,000		Nexteer Automotive Group Ltd.		374,862
	5,235		Octave Intelligence PLC*		104,359
	10,950		Roivant Sciences Ltd.*		379,308
	77,687		Sinch AB*(b)		377,703
	8,050		Sunbelt Rentals Holdings Inc.		574,147

			Total United States		9,194,863


	Uruguay — 0.1%
	475		MercadoLibre Inc.*		919,695

			TOTAL COMMON STOCKS (Cost — $845,167,571)		1,336,205,273


	PREFERRED STOCKS — 0.2%

	Germany — 0.2%
	658		Dr ING hc F Porsche AG, Class Preferred Shares		34,721
	3,864		Henkel AG & Co. KGaA, Class Preferred Shares		341,345
	9,828		Porsche Automobil Holding SE, Class Preferred Shares		325,703
	1,357		Sartorius AG, Class Preferred Shares		392,682
	14,474		Volkswagen AG, Class Preferred Shares		1,305,471

			TOTAL PREFERRED STOCKS (Cost — $2,186,508)		2,399,922


	OPEN END MUTUAL FUND SECURITY — 0.1%

	United States — 0.1%
	19,287		Vanguard FTSE Developed Markets ETF, Common Class Shares (Cost — $887,216)		1,406,408

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $848,241,295)		1,340,011,603


Face Amount†

SHORT-TERM INVESTMENTS(d) — 2.5%

MONEY MARKET FUND — 0.4%
$	5,659,427		Invesco STIT — Government & Agency Portfolio, Institutional Class, 3.761%(e) (Cost — $5,659,427)		5,659,427


TIME DEPOSITS — 2.1%
	190,730	^AUD	ANZ National Bank — Hong Kong, 2.850% due 9/1/26		136,677
	442,249		ANZ National Bank — London, 2.980% due 9/1/26		442,249
			BBH — New York:
	12,557	^NZD	1.100% due 9/1/26		7,429
	1,269,403	^NOK	2.970% due 9/1/26		135,871

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Face Amount†			Security	Value

SHORT-TERM INVESTMENTS(d) — 2.5% — (continued)

TIME DEPOSITS — 2.1% — (continued)
			Citibank — London:
	2,567,445	^EUR	1.130% due 9/1/26	$	2,982,473
	718,380	^GBP	2.670% due 9/1/26		973,406
$	9,207,625		Citibank — New York, 2.980% due 9/1/26		9,207,625
	300,687	^HKD	HSBC Bank — Hong Kong, 1.860% due 9/1/26		38,361
	288,225	^SGD	HSBC Bank — Singapore, 0.440% due 9/1/26		226,761
	12,491,214		JPMorgan Chase & Co. — New York, 2.980% due 9/1/26		12,491,214
			Royal Bank of Canada — Toronto:
	2,374	^CAD	1.100% due 9/1/26		1,713
	26,007		2.980% due 9/1/26		26,007
			Skandinaviska Enskilda Banken AB — Stockholm:
	411,960	^CHF	(0.380)% due 9/1/26		509,694
	868,041	^SEK	0.660% due 9/1/26		90,645
	724,236	^DKK	0.730% due 9/1/26		112,548
	174,361,196	^JPY	Sumitomo Mitsui Banking Corp. — Tokyo, 0.320% due 9/1/26		1,091,531

			TOTAL TIME DEPOSITS (Cost — $28,474,204)		28,474,204

			TOTAL SHORT-TERM INVESTMENTS (Cost — $34,133,631)		34,133,631

			TOTAL INVESTMENTS — 99.8% (Cost — $882,374,926)		1,374,145,234

			Other Assets in Excess of Liabilities — 0.2%		3,707,792

			TOTAL NET ASSETS — 100.0%	$	1,377,853,026

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

*	Non-income producing security.

@	The amount is less than 0.05%.

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

(b)

Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2026, amounts to $13,325,991 and represents 1.0% of net assets.

(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 2.1%.

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

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

At August 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	$	930,939,802	$	527,129,538	$	(83,479,120)	$	443,650,418

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund


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
Banks	14.2	%
Insurance	4.3
Capital Markets	3.2
Other	0.6
Industrials	19.9
Information Technology	10.9
Health Care	10.9
Consumer Discretionary	9.9
Consumer Staples	6.7
Materials	5.7
Communication Services	4.3
Utilities	3.0
Energy	2.9
Real Estate	1.4
Short-Term Investments	2.1

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

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	COMMON STOCKS — 96.6%

	Australia — 0.0%@
	192,000	MMG Ltd.*	$	224,427


	Brazil — 4.5%
	165,242	Ambev SA		479,471
	33,698	Axia Energia SA		345,577
	9,360	Axia Energia SA*		96,024
	194,816	B3 SA — Brasil Bolsa Balcao		610,040
	20,814	Banco Bradesco SA		60,957
	46,552	Banco BTG Pactual SA		491,686
	381,138	Banco do Brasil SA		1,526,068
	251,582	BB Seguridade Participacoes SA		1,962,202
	178,000	Bradsaude SA		476,628
	36,533	Caixa Seguridade Participacoes SA		136,403
	78,636	Cia de Saneamento Basico do Estado de Sao Paulo SABESP		383,779
	91,236	Cia Paranaense de Energia — Copel		263,324
	7,096	CPFL Energia SA		61,016
	265,000	Direcional Engenharia SA		568,897
	24,812	Embraer SA		447,826
	9,640	Energisa SA		89,331
	52,251	Eneva SA*		264,390
	132,668	Engie Brasil Energia SA		752,490
	38,815	Equatorial SA		274,785
	103,371	Inter & Co., Inc., Class A Shares		559,237
	30,534	Itau Unibanco Holding SA		253,829
	276,908	Localiza Rent a Car SA		1,873,354
	347,170	Motiva Infraestrutura de Mobilidade SA		1,036,178
	93,000	Multiplan Empreendimentos Imobiliarios SA		501,281
	297,924	NU Holdings Ltd., Class A Shares*		4,334,794
	98,760	Petroleo Brasileiro SA — Petrobras		958,839
	71,856	Petroleo Brasileiro SA — Petrobras, ADR		1,390,414
	11,697	Porto Seguro SA		110,831
	320,833	PRIO SA*		3,882,316
	489,935	Raia Drogasil SA		1,853,862
	249,308	Rede D’Or Sao Luiz SA(a)		1,693,226
	152,864	Smartfit Escola de Ginastica e Danca SA		496,085
	84,754	Suzano SA		741,210
	23,500	TIM SA		84,430
	18,187	TOTVS SA		124,469
	106,866	Vale SA		1,606,131
	89,885	Vale SA, Class B Shares, ADR		1,356,365
	264,077	Vibra Energia SA		1,754,786
	293,278	WEG SA		2,839,443
	8,945	XP Inc., Class A Shares		163,067

		Total Brazil		36,905,041


	Canada — 0.0%@
	8,200	China Gold International Resources Corp., Ltd.		267,041


	Chile — 0.7%
	69,296	Antofagasta PLC		3,761,110
	1,804,894	Banco de Chile		371,974
	2,814	Banco de Credito e Inversiones SA		194,318
	10,000	Banco Itau Chile SA		236,604
	2,860,159	Banco Santander Chile		246,530
	39,500	Cencosud SA		82,717
	32,401	Empresas CMPC SA		34,862

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Chile — 0.7% — (continued)
	917,604	Enel Chile SA	$	78,591
	41,075	Falabella SA		271,767
	10,066,078	Latam Airlines Group SA		259,937
	24,430	Plaza SA		102,815

		Total Chile		5,641,225


	China — 16.2%
	9,300	360 Security Technology Inc., Class A Shares		12,763
	3,900	37 Interactive Entertainment Network Technology Group Co., Ltd., Class A Shares		10,705
	24,000	AAC Technologies Holdings Inc.		136,124
	3,200	Accelink Technologies Co., Ltd., Class A Shares*		85,666
	2,196	Advanced Micro-Fabrication Equipment Inc., Class A Shares		117,578
	3,000	AECC Aviation Power Co., Ltd., Class A Shares		17,238
	278,700	Agricultural Bank of China Ltd., Class A Shares		287,566
	933,000	Agricultural Bank of China Ltd., Class H Shares(b)		755,353
	11,877	Aier Eye Hospital Group Co., Ltd., Class A Shares		14,520
	21,000	Akeso Inc.*(a)		241,547
	31,400	Aluminum Corp. of China Ltd., Class A Shares		45,428
	998,000	Aluminum Corp. of China Ltd., Class H Shares(b)		1,086,035
	351	Amlogic Shanghai Co., Ltd., Class A Shares		5,080
	6,100	Anhui Conch Cement Co., Ltd., Class A Shares		16,013
	141,689	Anhui Conch Cement Co., Ltd., Class H Shares(b)		305,229
	1,000	Anhui Gujing Distillery Co., Ltd., Class A Shares		13,659
	3,500	Anhui Jianghuai Automobile Group Corp., Ltd., Class A Shares*		10,908
	1,900	Anker Innovations Technology Co., Ltd., Class A Shares		35,551
	241,400	ANTA Sports Products Ltd.		2,386,215
	3,600	Avary Holding Shenzhen Co., Ltd., Class A Shares		49,577
	44,000	AviChina Industry & Technology Co., Ltd., Class H Shares(b)		16,327
	16,800	BAIC BluePark New Energy Technology Co., Ltd., Class A Shares*		12,639
	59,918	Baidu Inc., Class A Shares*		718,387
	4,000	Bank of Chengdu Co., Ltd., Class A Shares		11,345
	98,730	Bank of China Ltd., Class A Shares		95,782
	2,224,000	Bank of China Ltd., Class H Shares(b)		1,671,838
	199,100	Bank of Communications Co., Ltd., Class A Shares		214,686
	375,000	Bank of Communications Co., Ltd., Class H Shares(b)		373,046
	14,800	Bank of Hangzhou Co., Ltd., Class A Shares		36,861
	35,590	Bank of Jiangsu Co., Ltd., Class A Shares		64,057
	16,600	Bank of Nanjing Co., Ltd., Class A Shares		28,833
	14,790	Bank of Ningbo Co., Ltd., Class A Shares		75,154
	29,640	Bank of Shanghai Co., Ltd., Class A Shares		41,854
	30,184	Baoshan Iron & Steel Co., Ltd., Class A Shares		26,138
	1,276	Beijing Kingsoft Office Software Inc., Class A Shares		47,443
	2,000	Beijing New Building Materials PLC, Class A Shares		5,018
	2,600	Beijing Tong Ren Tang Co., Ltd., Class A Shares		9,245
	718	Beijing Wantai Biological Pharmacy Enterprise Co., Ltd., Class A Shares*		3,098
	182,900	Beijing-Shanghai High Speed Railway Co., Ltd., Class A Shares		133,144
	9,107	Bilibili Inc., Class Z Shares*		148,020
	1,919	Biwin Storage Technology Co., Ltd., Class A Shares		66,524
	131,000	BOE Technology Group Co., Ltd., Class A Shares		116,513
	11,000	BYD Co., Ltd., Class A Shares		143,467
	328,726	BYD Co., Ltd., Class H Shares(b)		3,650,496
	31,500	BYD Electronic International Co., Ltd.		108,116
	2,945	Cambricon Technologies Corp., Ltd., Class A Shares		484,725
	579,000	CGN Power Co., Ltd., Class H Shares(a)(b)		223,712
	300	Changchun High-Tech Industry Group Co., Ltd., Class A Shares		3,274
	3,900	Chaozhou Three-Circle Group Co., Ltd., Class A Shares		66,036
	6,800	Chifeng Jilong Gold Mining Group Ltd., Class A Shares		47,164

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 16.2% — (continued)
	31,500	China CITIC Bank Corp., Ltd., Class A Shares	$	41,520
	410,000	China CITIC Bank Corp., Ltd., Class H Shares(b)		437,129
	61,000	China Coal Energy Co., Ltd., Class H Shares(b)		94,513
	47,500	China Construction Bank Corp., Class A Shares		77,779
	4,635,224	China Construction Bank Corp., Class H Shares(b)		5,606,942
	16,600	China CSSC Holdings Ltd., Class A Shares		84,114
	27,298	China Eastern Airlines Corp., Ltd., Class A Shares*		14,102
	91,612	China Everbright Bank Co., Ltd., Class A Shares		40,503
	12,000	China Galaxy Securities Co., Ltd., Class A Shares		22,068
	216,500	China Galaxy Securities Co., Ltd., Class H Shares(b)		217,325
	10,800	China Greatwall Technology Group Co., Ltd., Class A Shares*		23,334
	121,000	China Hongqiao Group Ltd.		350,689
	20,900	China International Capital Corp., Ltd., Class A Shares		107,890
	94,000	China International Capital Corp., Ltd., Class H Shares(a)(b)		269,995
	7,200	China Jushi Co., Ltd., Class A Shares		46,746
	5,300	China Life Insurance Co., Ltd., Class A Shares		30,368
	212,000	China Life Insurance Co., Ltd., Class H Shares(b)		818,329
	10,200	China Literature Ltd.*(a)		27,872
	99,000	China Longyuan Power Group Corp., Ltd., Class H Shares(b)		68,426
	155,000	China Mengniu Dairy Co., Ltd.		357,663
	40,800	China Merchants Bank Co., Ltd., Class A Shares		243,720
	952,372	China Merchants Bank Co., Ltd., Class H Shares(b)		6,184,733
	17,000	China Merchants Energy Shipping Co., Ltd., Class A Shares		47,179
	9,230	China Merchants Securities Co., Ltd., Class A Shares		25,649
	6,520	China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A Shares		6,337
	55,920	China Minsheng Banking Corp., Ltd., Class A Shares		29,382
	415,700	China Minsheng Banking Corp., Ltd., Class H Shares(b)		184,550
	102,000	China National Building Material Co., Ltd., Class H Shares(b)		46,763
	19,300	China National Chemical Engineering Co., Ltd., Class A Shares		21,352
	34,000	China National Nuclear Power Co., Ltd., Class A Shares		45,013
	2,470	China National Software & Service Co., Ltd., Class A Shares*		12,453
	44,000	China Nonferrous Mining Corp., Ltd.		92,171
	5,200	China Northern Rare Earth Group High-Tech Co., Ltd., Class A Shares		31,397
	44,000	China Oilfield Services Ltd., Class H Shares(b)		41,471
	12,500	China Pacific Insurance Group Co., Ltd., Class A Shares		59,527
	104,000	China Pacific Insurance Group Co., Ltd., Class H Shares(b)		400,870
	85,000	China Petroleum & Chemical Corp., Class A Shares		69,176
	358,000	China Petroleum & Chemical Corp., Class H Shares(b)		218,463
	22,980	China Railway Signal & Communication Corp., Ltd., Class A Shares		16,962
	4,498	China Resources Microelectronics Ltd., Class A Shares		40,846
	152,300	China Resources Mixc Lifestyle Services Ltd.(a)		757,168
	4,836	China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A Shares		17,635
	13,299	China Shenhua Energy Co., Ltd., Class A Shares		96,678
	107,500	China Shenhua Energy Co., Ltd., Class H Shares(b)		635,947
	90,040	China State Construction Engineering Corp., Ltd., Class A Shares		58,032
	4,435	China Tourism Group Duty Free Corp., Ltd., Class A Shares		34,657
	21,600	China Tower Corp., Ltd., Class H Shares(a)(b)		25,072
	4,900	China Tungsten And Hightech Materials Co., Ltd., Class A Shares		47,704
	74,800	China United Network Communications Ltd., Class A Shares		47,876
	15,600	China Vanke Co., Ltd., Class A Shares*		7,288
	18,800	China XD Electric Co., Ltd., Class A Shares		35,345
	50,900	China Yangtze Power Co., Ltd., Class A Shares		212,874
	52,390	China Zheshang Bank Co., Ltd., Class A Shares		22,620
	16,182	Chongqing Changan Automobile Co., Ltd., Class A Shares		17,026
	28,000	Chongqing Rural Commercial Bank Co., Ltd., Class A Shares		28,353
	3,000	Chongqing Zhifei Biological Products Co., Ltd., Class A Shares*		6,096

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 16.2% — (continued)
	254,000	CITIC Ltd.	$	424,948
	22,565	CITIC Securities Co., Ltd., Class A Shares		93,335
	88,925	CITIC Securities Co., Ltd., Class H Shares(b)		310,595
	40,200	CMOC Group Ltd., Class A Shares		113,037
	123,000	CMOC Group Ltd., Class H Shares(b)		261,321
	1,820	CNGR Advanced Material Co., Ltd., Class A Shares		10,811
	16,100	CNPC Capital Co., Ltd., Class A Shares		17,501
	98,414	Contemporary Amperex Technology Co., Ltd., Class A Shares		5,319,204
	5,300	Contemporary Amperex Technology Co., Ltd., Class H Shares(b)		404,682
	5,300	COSCO Shipping Energy Transportation Co., Ltd., Class A Shares		15,153
	20,320	COSCO SHIPPING Holdings Co., Ltd., Class A Shares		51,410
	82,250	COSCO SHIPPING Holdings Co., Ltd., Class H Shares(b)		180,518
	51,400	CRRC Corp., Ltd., Class A Shares		47,574
	151,000	CRRC Corp., Ltd., Class H Shares(b)		102,840
	8,700	CSC Financial Co., Ltd., Class A Shares		33,135
	2,880	CSPC Innovation Pharmaceutical Co., Ltd., Class A Shares*		18,985
	347,120	CSPC Pharmaceutical Group Ltd.		410,168
	298,600	DaShenLin Pharmaceutical Group Co., Ltd., Class A Shares		820,442
	9,600	Dongfang Electric Corp., Ltd., Class A Shares		36,698
	57,925	East Money Information Co., Ltd., Class A Shares		167,105
	58,304	Eastroc Beverage Group Co., Ltd., Class A Shares		1,043,969
	13,815	Eastroc Beverage Group Co., Ltd., Class H Shares(b)		192,112
	900	Ecovacs Robotics Co., Ltd., Class A Shares		7,048
	448,843	ENN Natural Gas Co., Ltd., Class A Shares		1,216,726
	3,220	Eoptolink Technology Inc. Ltd., Class A Shares		191,243
	5,681	Eve Energy Co., Ltd., Class A Shares		44,563
	4,600	Fiberhome Telecommunication Technologies Co., Ltd., Class A Shares		28,909
	9,186	Foshan Haitian Flavouring & Food Co., Ltd., Class A Shares		46,017
	17,700	Founder Securities Co., Ltd., Class A Shares		18,110
	26,400	Foxconn Industrial Internet Co., Ltd., Class A Shares		254,567
	112,108	Full Truck Alliance Co., Ltd., ADR		949,555
	4,100	Fuyao Glass Industry Group Co., Ltd., Class A Shares		34,555
	36,000	Fuyao Glass Industry Group Co., Ltd., Class H Shares(a)(b)		251,745
	3,220	Ganfeng Lithium Group Co., Ltd., Class A Shares		25,728
	21,800	GD Power Development Co., Ltd., Class A Shares		16,807
	55,700	GDS Holdings Ltd., Class A Shares*		222,460
	48,000	Genscript Biotech Corp.*		208,439
	26,000	GF Securities Co., Ltd., Class A Shares		84,326
	62,000	GF Securities Co., Ltd., Class H Shares(b)		146,748
	1,824	Gigadevice Semiconductor Inc., Class A Shares		109,076
	4,300	GoerTek Inc., Class A Shares		15,507
	9,900	Goldwind Science & Technology Co., Ltd., Class A Shares		27,006
	8,900	Gotion High-tech Co., Ltd., Class A Shares		35,358
	143,000	Great Wall Motor Co., Ltd., Class H Shares(b)		143,599
	8,500	Gree Electric Appliances Inc. of Zhuhai, Class A Shares		49,253
	2,200	Guangdong Haid Group Co., Ltd., Class A Shares		15,136
	9,000	Guangdong HEC Technology Holding Co., Ltd., Class A Shares*		44,216
	15,100	Guangzhou Automobile Group Co., Ltd., Class A Shares*		11,717
	3,220	Guangzhou Tinci Materials Technology Co., Ltd., Class A Shares		17,418
	25,000	Guolian Minsheng Securities Co., Ltd., Class A Shares		33,032
	53,178	Guotai Haitong Securities Co., Ltd., Class A Shares		141,973
	105,064	Guotai Haitong Securities Co., Ltd., Class H Shares(a)(b)		203,697
	5,900	Guoyuan Securities Co., Ltd., Class A Shares		6,763
	7,752	H World Group Ltd., ADR		366,825
	13,300	Haier Smart Home Co., Ltd., Class A Shares		41,774
	8,600	Haier Smart Home Co., Ltd., Class H Shares(b)		23,577

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 16.2% — (continued)
	29,200	Hainan Airport Infrastructure Co., Ltd., Class A Shares	$	11,991
	39,000	Haitian International Holdings Ltd.		89,908
	2,000	Hangzhou Chang Chuan Technology Co., Ltd., Class A Shares		82,423
	4,939	Hangzhou First Applied Material Co., Ltd., Class A Shares		11,198
	2,700	Hangzhou Silan Microelectronics Co., Ltd., Class A Shares		13,646
	48,000	Hansoh Pharmaceutical Group Co., Ltd.(a)		216,325
	311,840	Harbin Electric Co., Ltd., Class H Shares(b)		668,373
	5,900	Hebei Changshan Biochemical Pharmaceutical Co., Ltd., Class A Shares*		20,759
	1,600	Henan Shenhuo Coal Industry & Electricity Power Co., Ltd., Class A Shares		6,517
	9,400	Henan Shuanghui Investment & Development Co., Ltd., Class A Shares		33,716
	131,000	Hengan International Group Co., Ltd.		369,219
	10,778	Hengli Petrochemical Co., Ltd., Class A Shares		30,986
	8,200	Hengtong Optic-electric Co., Ltd., Class A Shares		81,712
	30,560	Hesai Group, Class B Shares*		62,534
	3,600	Hgtech Co., Ltd., Class A Shares		55,786
	2,238	Hithink RoyalFlush Information Network Co., Ltd., Class A Shares		76,279
	900	Hoshine Silicon Industry Co., Ltd., Class A Shares*		4,642
	19,000	Hua Hong Grace Semiconductor Ltd.*(a)		294,908
	2,200	Hua Hong Grace Semiconductor Ltd., Class A Shares*		83,718
	18,400	Huadian Power International Corp., Ltd., Class A Shares		12,568
	1,694	Huadong Medicine Co., Ltd., Class A Shares		6,875
	15,100	Huafon Chemical Co., Ltd., Class A Shares		26,638
	22,500	Huaneng Power International Inc., Class A Shares		22,327
	258,000	Huaneng Power International Inc., Class H Shares(b)		181,582
	3,640	Huaqin Co., Ltd., Class A Shares		44,193
	16,000	Huatai Securities Co., Ltd., Class A Shares		46,227
	80,000	Huatai Securities Co., Ltd., Class H Shares(a)(b)		180,067
	30,500	Huaxia Bank Co., Ltd., Class A Shares		28,299
	248,599	Huayu Automotive Systems Co., Ltd., Class A Shares		571,560
	3,785	Hundsun Technologies Inc., Class A Shares		12,386
	1,871	Hwatsing Technology Co., Ltd., Class A Shares		72,125
	4,534	Hygon Information Technology Co., Ltd., Class A Shares		170,384
	1,600	IEIT Systems Co., Ltd., Class A Shares		20,163
	5,400	Iflytek Co., Ltd., Class A Shares		32,360
	560	Imeik Technology Development Co., Ltd., Class A Shares		7,747
	142,500	Industrial & Commercial Bank of China Ltd., Class A Shares		171,414
	1,893,000	Industrial & Commercial Bank of China Ltd., Class H Shares(b)		1,824,807
	39,200	Industrial Bank Co., Ltd., Class A Shares		102,354
	19,760	Industrial Securities Co., Ltd., Class A Shares		17,396
	800	Ingenic Semiconductor Co., Ltd., Class A Shares		16,501
	62,900	Inner Mongolia BaoTou Steel Union Co., Ltd., Class A Shares*		21,034
	7,700	Inner Mongolia Dian Tou Energy Corp., Ltd., Class A Shares		33,519
	16,300	Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd., Class A Shares		11,612
	13,600	Inner Mongolia Yili Industrial Group Co., Ltd., Class A Shares		53,619
	41,700	Inner Mongolia Yitai Coal Co., Ltd., Class B Shares		138,894
	50,000	Innovent Biologics Inc.*(a)		658,949
	2,200	Isoftstone Information Technology Group Co., Ltd., Class A Shares		12,375
	66,200	J&T Global Express Ltd.*		81,939
	4,116	JA Solar Technology Co., Ltd., Class A Shares*		4,270
	4,000	JCET Group Co., Ltd., Class A Shares		45,045
	77,000	JD Logistics Inc.*(a)		107,858
	25,918	JD.com Inc., ADR		731,924
	92,006	JD.com Inc., Class A Shares		1,298,163
	1,948	Jiangsu Hengli Hydraulic Co., Ltd., Class A Shares		29,686
	13,501	Jiangsu Hengrui Pharmaceuticals Co., Ltd., Class A Shares		92,641
	3,000	Jiangsu King’s Luck Brewery JSC Ltd., Class A Shares		12,651

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 16.2% — (continued)
	6,200	Jiangsu Zhongtian Technology Co., Ltd., Class A Shares	$	32,258
	3,300	Jiangxi Copper Co., Ltd., Class A Shares		23,597
	35,000	Jiangxi Copper Co., Ltd., Class H Shares(b)		166,000
	13,200	Jinduicheng Molybdenum Co., Ltd., Class A Shares		44,137
	9,597	Jinko Solar Co., Ltd., Class A Shares*		5,870
	1,204	Kangmei Pharmaceutical Co., Ltd., Class A Shares*#		2
	3,779	Kanzhun Ltd., ADR		65,603
	43,500	KE Holdings Inc., ADR		747,765
	69,804	KE Holdings Inc., Class A Shares		400,367
	171,000	Kingdee International Software Group Co., Ltd.*		188,134
	58,200	Kingsoft Corp., Ltd.		184,322
	50,000	Kuaishou Technology, Class B Shares(a)		213,654
	2,800	Kunlun Tech Co., Ltd., Class A Shares*		18,300
	2,588	Kweichow Moutai Co., Ltd., Class A Shares		500,799
	1,128,000	Lenovo Group Ltd.		4,303,159
	9,000	Lens Technology Co., Ltd., Class A Shares		52,106
	7,706	Li Auto Inc., Class A Shares*		46,690
	14,500	Lingyi iTech Guangdong Co., Class A Shares		27,505
	9,072	LONGi Green Energy Technology Co., Ltd., Class A Shares*		16,290
	16,138	Luxshare Precision Industry Co., Ltd., Class A Shares		137,739
	3,800	Luzhou Laojiao Co., Ltd., Class A Shares		43,583
	3,400	Mango Excellent Media Co., Ltd., Class A Shares		8,589
	864	Maxscend Microelectronics Co., Ltd., Class A Shares*		10,105
	108,283	Meituan, Class B Shares*(a)		1,083,866
	161,300	Midea Group Co., Ltd., Class A Shares		2,106,887
	14,600	Midea Group Co., Ltd., Class H Shares(b)		188,556
	19,516	MINISO Group Holding Ltd.		45,900
	1,749	Montage Technology Co., Ltd., Class A Shares		52,744
	19,886	Muyuan Foods Group Co., Ltd., Class A Shares		125,440
	16,595	NARI Technology Co., Ltd., Class A Shares		56,492
	5,493	National Silicon Industry Group Co., Ltd., Class A Shares*		20,058
	9,380	NAURA Technology Group Co., Ltd., Class A Shares		970,778
	170,875	NetEase Inc.		4,162,369
	6,700	New China Life Insurance Co., Ltd., Class A Shares		59,944
	51,700	New China Life Insurance Co., Ltd., Class H Shares(b)		305,777
	6,400	New Hope Liuhe Co., Ltd., Class A Shares*		6,764
	45,910	New Oriental Education & Technology Group Inc.		265,874
	3,763	Ningbo Deye Technology Corp., Class A Shares		49,263
	2,520	Ningbo Orient Wires & Cables Co., Ltd., Class A Shares		12,703
	4,500	Ningbo Sanxing Medical Electric Co., Ltd., Class A Shares		9,492
	4,160	Ningbo Tuopu Group Co., Ltd., Class A Shares		28,960
	10,200	Ningxia Baofeng Energy Group Co., Ltd., Class A Shares		37,587
	37,233	NIO Inc., Class A Shares*		158,131
	34,000	Nongfu Spring Co., Ltd., Class H Shares(a)(b)		186,087
	1,720	OmniVision Integrated Circuits Group Inc.		21,233
	14,464	Orient Securities Co., Ltd., Class A Shares		19,779
	24,800	People’s Insurance Co. Group of China Ltd. (The), Class A Shares		27,499
	506,000	People’s Insurance Co. Group of China Ltd. (The), Class H Shares(b)		368,977
	21,700	PetroChina Co., Ltd., Class A Shares		37,042
	672,000	PetroChina Co., Ltd., Class H Shares(b)		874,720
	2,025	Pharmaron Beijing Co., Ltd., Class A Shares		13,045
	242,000	PICC Property & Casualty Co., Ltd., Class H Shares(b)		525,732
	47,200	Ping An Bank Co., Ltd., Class A Shares		82,344
	21,600	Ping An Insurance Group Co. of China Ltd., Class A Shares		179,481
	776,186	Ping An Insurance Group Co. of China Ltd., Class H Shares(b)		5,588,283
	850	Piotech Inc., Class A Shares		85,153

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 16.2% — (continued)
	18,000	Poly Developments & Holdings Group Co., Ltd., Class A Shares	$	13,317
	17,200	Pop Mart International Group Ltd.(a)(c)		342,465
	516,000	Postal Savings Bank of China Co., Ltd., Class H Shares(a)(b)		348,259
	22,300	Power Construction Corp. of China Ltd., Class A Shares		15,297
	8,300	Qinghai Salt Lake Industry Co., Ltd., Class A Shares*		34,810
	4,000	Range Intelligent Computing Technology Group Co., Ltd., Class A Shares		39,220
	6,000	Remegen Co., Ltd., Class H Shares*(a)(b)		61,789
	1,100	Rockchip Electronics Co., Ltd., Class A Shares		31,819
	11,850	Rongsheng Petrochemical Co., Ltd., Class A Shares		26,209
	11,800	SAIC Motor Corp., Ltd., Class A Shares		18,247
	9,500	Sailun Group Co., Ltd., Class A Shares		21,441
	6,100	Sanan Optoelectronics Co., Ltd., Class A Shares*		11,831
	1,800	Sangfor Technologies Inc., Class A Shares		36,007
	18,900	Sany Heavy Industry Co., Ltd., Class A Shares		56,215
	7,247	Satellite Chemical Co., Ltd., Class A Shares		30,800
	20,600	SDIC Capital Co., Ltd., Class A Shares		19,986
	14,700	SDIC Power Holdings Co., Ltd., Class A Shares		29,997
	5,600	Seres Group Co., Ltd., Class A Shares		41,333
	7,700	SF Holding Co., Ltd., Class A Shares		36,415
	1,267	SG Micro Corp., Class A Shares		21,412
	16,700	Shaanxi Coal Industry Co., Ltd., Class A Shares		68,776
	5,500	Shandong Gold Mining Co., Ltd., Class A Shares		30,874
	57,000	Shandong Gold Mining Co., Ltd., Class H Shares(a)(b)		197,150
	4,350	Shandong Himile Mechanical Science & Technology Co., Ltd., Class A Shares		28,365
	2,925	Shandong Hualu Hengsheng Chemical Co., Ltd., Class A Shares		9,342
	14,900	Shandong Nanshan Aluminum Co., Ltd., Class A Shares		10,692
	6,800	Shandong Sun Paper Industry JSC Ltd., Class A Shares		15,093
	1,987	Shanghai Baosight Software Co., Ltd., Class A Shares		5,215
	1,247	Shanghai BOCHU Electronic Technology Corp., Ltd., Class A Shares		18,343
	23,700	Shanghai Electric Group Co., Ltd., Class A Shares		23,394
	4,000	Shanghai Fosun Pharmaceutical Group Co., Ltd., Class A Shares		13,309
	2,000	Shanghai International Airport Co., Ltd., Class A Shares		6,941
	56,200	Shanghai Pudong Development Bank Co., Ltd., Class A Shares		76,647
	5,102	Shanghai Putailai New Energy Technology Group Co., Ltd., Class A Shares		17,828
	15,800	Shanghai RAAS Blood Products Co., Ltd., Class A Shares		11,454
	19,600	Shanghai Rural Commercial Bank Co., Ltd., Class A Shares		25,983
	7,100	Shanjin International Gold Co., Ltd., Class A Shares		27,636
	1,900	Shannon Semiconductor Technology Co., Ltd., Class A Shares		49,814
	7,400	Shanxi Lu’an Environmental Energy Development Co., Ltd., Class A Shares		19,789
	2,140	Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A Shares		37,208
	1,820	Sharetronic Data Technology Co., Ltd., Class A Shares		70,844
	18,000	Shenergy Co., Ltd., Class A Shares		23,032
	2,115	Shengyi Electronics Co., Ltd., Class A Shares		40,269
	4,400	Shengyi Technology Co., Ltd., Class A Shares		99,506
	1,638	Shennan Circuits Co., Ltd., Class A Shares		89,257
	48,700	Shenwan Hongyuan Group Co., Ltd., Class A Shares		33,119
	2,600	Shenzhen Envicool Technology Co., Ltd., Class A Shares		26,281
	269,485	Shenzhen Inovance Technology Co., Ltd., Class A Shares		2,477,540
	2,900	Shenzhen Kinwong Electronic Co., Ltd., Class A Shares		41,336
	800	Shenzhen Longsys Electronics Co., Ltd., Class A Shares		45,388
	2,200	Shenzhen Megmeet Electrical Co., Ltd., Class A Shares		42,435
	900	Shenzhen Sunway Communication Co., Ltd., Class A Shares		8,199
	24,500	Shenzhou International Group Holdings Ltd.		109,398
	12,000	Sichuan Chuantou Energy Co., Ltd., Class A Shares		27,777
	4,400	Sichuan Kelun Pharmaceutical Co., Ltd., Class A Shares		26,603
	2,400	Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd., Class H Shares*(b)		152,883

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 16.2% — (continued)
	17,860	Sichuan Road & Bridge Group Co., Ltd., Class A Shares	$	24,081
	142,846	Sieyuan Electric Co., Ltd., Class A Shares		2,979,307
	6,600	Sinoma Science & Technology Co., Ltd., Class A Shares		52,012
	554,572	Sinopharm Group Co., Ltd., Class H Shares(b)		1,094,620
	25,000	Sinotruk Hong Kong Ltd.		128,172
	2,000	Spring Airlines Co., Ltd., Class A Shares		12,925
	5,340	Sungrow Power Supply Co., Ltd., Class A Shares		72,591
	33,100	Sunny Optical Technology Group Co., Ltd.		299,170
	2,800	Sunwoda Electronic Co., Ltd., Class A Shares		7,253
	1,653	SUPCON Technology Co., Ltd., Class A Shares		23,996
	4,400	Suzhou Dongshan Precision Manufacturing Co., Ltd., Class A Shares*		128,643
	1,624	Suzhou TFC Optical Communication Co., Ltd., Class A Shares		63,017
	16,622	TAL Education Group, ADR*		195,142
	8,060	TBEA Co., Ltd., Class A Shares		22,933
	20,020	TCL Technology Group Corp., Class A Shares		15,097
	4,875	TCL Zhonghuan Renewable Energy Technology Co., Ltd., Class A Shares*		6,883
	482,563	Tencent Holdings Ltd.		27,721,500
	6,112	Tencent Music Entertainment Group, ADR		50,546
	4,300	Tianqi Lithium Corp., Class A Shares*		31,909
	592,000	Tingyi Cayman Islands Holding Corp.		961,562
	78,000	Tongcheng Travel Holdings Ltd.(a)		119,473
	5,900	TongFu Microelectronics Co., Ltd., Class A Shares		56,238
	31,900	Tongling Nonferrous Metals Group Co., Ltd., Class A Shares		31,465
	38,000	Tsingtao Brewery Co., Ltd., Class H Shares(b)		197,721
	5,600	UBTech Robotics Corp., Ltd., Class H Shares*(b)		60,427
	979	Unigroup Guoxin Microelectronics Co., Ltd., Class A Shares		9,303
	8,160	Unisplendour Corp., Ltd., Class A Shares		46,996
	1,418	Verisilicon Microelectronics Shanghai Co., Ltd., Class A Shares*		41,959
	1,500	Victory Giant Technology Huizhou Co., Ltd., Class A Shares		53,814
	16,830	Vipshop Holdings Ltd., ADR		220,473
	4,700	Wanhua Chemical Group Co., Ltd., Class A Shares		53,382
	12,400	Weichai Power Co., Ltd., Class A Shares		49,860
	60,000	Weichai Power Co., Ltd., Class H Shares(b)		242,282
	7,640	Wens Foodstuff Group Co., Ltd., Class A Shares		16,248
	8,300	Western Mining Co., Ltd., Class A Shares		48,273
	2,442	Western Superconducting Technologies Co., Ltd., Class A Shares		18,132
	1,600	Wingtech Technology Co., Ltd., Class A Shares*		4,548
	4,880	Wolong Electric Group Co., Ltd., Class A Shares		21,358
	2,038	Wuhan Guide Infrared Co., Ltd., Class A Shares*		3,918
	6,260	WUS Printed Circuit Kunshan Co., Ltd., Class A Shares		115,488
	3,964	WuXi AppTec Co., Ltd., Class A Shares		91,252
	13,548	WuXi AppTec Co., Ltd., Class H Shares(a)(b)		326,009
	283,000	Wuxi Biologics Cayman Inc.*(a)		1,757,490
	11,500	WuXi XDC Cayman Inc.*		102,207
	22,000	XCMG Construction Machinery Co., Ltd., Class A Shares		25,793
	615,200	Xiaomi Corp., Class B Shares*(a)		2,153,931
	2,778	Xinjiang Daqo New Energy Co., Ltd., Class A Shares*		6,900
	16,822	XPeng Inc., Class A Shares*		95,534
	46,000	XtalPi Holdings Ltd.*		43,831
	13,000	Yangtze Optical Fibre & Cable Joint Stock Co., Ltd., Class H Shares(a)(b)		273,606
	10,660	Yankuang Energy Group Co., Ltd., Class A Shares		37,528
	114,700	Yankuang Energy Group Co., Ltd., Class H Shares(b)		204,384
	1,000	Yantai Jereh Oilfield Services Group Co., Ltd., Class A Shares		19,290
	1,470	Yealink Network Technology Corp., Ltd., Class A Shares		9,055
	5,330	Yonyou Network Technology Co., Ltd., Class A Shares*		8,099
	8,200	YTO Express Group Co., Ltd., Class A Shares		20,600

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 16.2% — (continued)
	308	Yuanjie Semiconductor Technology Co., Ltd., Class A Shares	$	69,711
	11,784	Yum China Holdings Inc.		527,601
	7,900	Yunnan Aluminium Co., Ltd., Class A Shares		31,714
	5,000	Yunnan Baiyao Group Co., Ltd., Class A Shares		37,526
	7,400	Yunnan Yuntianhua Co., Ltd., Class A Shares		34,626
	6,100	Yutong Bus Co., Ltd., Class A Shares		27,069
	4,000	Zangge Mining Co., Ltd., Class A Shares		46,414
	1,600	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd., Class A Shares		29,105
	84,000	Zhaojin Mining Industry Co., Ltd., Class H Shares(b)		247,169
	2,100	Zhejiang Chint Electrics Co., Ltd., Class A Shares		8,017
	6,400	Zhejiang Dahua Technology Co., Ltd., Class A Shares		15,631
	5,258	Zhejiang Huayou Cobalt Co., Ltd., Class A Shares		30,886
	1,900	Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., Class A Shares		12,158
	5,900	Zhejiang Juhua Co., Ltd., Class A Shares		35,483
	30,782	Zhejiang Leapmotor Technology Co., Ltd., Class H Shares*(a)(b)		143,517
	7,200	Zhejiang NHU Co., Ltd., Class A Shares		28,957
	5,500	Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A Shares		29,681
	23,800	Zhejiang Zheneng Electric Power Co., Ltd., Class A Shares		17,259
	7,900	Zheshang Securities Co., Ltd., Class A Shares		11,033
	15,959	Zhongji Innolight Co., Ltd., Class A Shares		2,009,121
	11,600	Zhongjin Gold Corp., Ltd., Class A Shares		43,948
	2,300	Zhongtai Securities Co., Ltd., Class A Shares		1,947
	6,301	Zhuzhou CRRC Times Electric Co., Ltd., Class A Shares		44,043
	26,300	Zhuzhou CRRC Times Electric Co., Ltd., Class H Shares(b)		105,663
	71,600	Zijin Mining Group Co., Ltd., Class A Shares		356,073
	390,000	Zijin Mining Group Co., Ltd., Class H Shares(b)		1,831,304
	13,200	Zoomlion Heavy Industry Science & Technology Co., Ltd., Class A Shares		13,132
	3,100	ZTE Corp., Class A Shares		15,746
	46,600	ZTE Corp., Class H Shares(b)(c)		140,840
	16,155	ZTO Express Cayman Inc.		343,801

		Total China		134,112,721


	Colombia — 0.1%
	8,572	Grupo Cibest SA		226,476
	17,211	Interconexion Electrica SA ESP		152,680

		Total Colombia		379,156


	Czech Republic — 0.2%
	4,940	CEZ AS		327,680
	39,934	CSG NV*(c)		840,960
	9,659	Moneta Money Bank AS(a)		90,574

		Total Czech Republic		1,259,214


	Egypt — 0.3%
	104,056	Commercial International Bank — Egypt (CIB)		279,080
	755,145	Commercial International Bank — Egypt (CIB), Class Registered Shares, GDR		2,012,715
	30,598	Eastern Co. SAE		21,551
	23,594	Talaat Moustafa Group		45,034

		Total Egypt		2,358,380


	France — 0.1%
	4,460	Gaztransport Et Technigaz SA		1,090,579


	Greece — 0.6%
	70,549	Alpha Bank SA		374,716
	82,232	Eurobank SA		437,697
	1,594	FF Group*(d)#		—
	2,949	GEK TERNA SA		159,664

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Greece — 0.6% — (continued)
	5,468	Hellenic Telecommunications Organization SA	$	125,537
	6,231	JUMBO SA		188,147
	109,837	National Bank of Greece SA		2,154,380
	126,867	Piraeus Bank SA*		1,516,584
	9,008	Public Power Corp. SA		250,814

		Total Greece		5,207,539


	Hong Kong — 3.0%
	263,338	AIA Group Ltd.		2,556,614
	778,310	Alibaba Group Holding Ltd.		11,105,482
	44,056	Alibaba Group Holding Ltd., ADR		5,023,265
	164,000	Alibaba Health Information Technology Ltd.*		64,326
	20,000	Beijing Enterprises Holdings Ltd.		82,388
	2,008,000	Bosideng International Holdings Ltd.		1,091,906
	28,000	C&D International Investment Group Ltd.		46,138
	539,000	China Medical System Holdings Ltd.		768,281
	47,538	China Merchants Port Holdings Co., Ltd.		97,218
	28,000	China Overseas Land & Investment Ltd.		44,579
	131,000	China Power International Development Ltd.(c)		47,876
	103,000	China Resources Beer Holdings Co., Ltd.		253,262
	123,500	China Resources Land Ltd.		471,937
	110,000	China Resources Power Holdings Co., Ltd.		262,539
	80,600	China Taiping Insurance Holdings Co., Ltd.		216,807
	71,800	Chow Tai Fook Jewellery Group Ltd.		118,225
	87,000	Far East Horizon Ltd.		78,461
	286,000	Geely Automobile Holdings Ltd.		640,065
	96,000	Guangdong Investment Ltd.		108,381
	25,000	Kingboard Laminates Holdings Ltd.		145,891
	116,000	Kunlun Energy Co., Ltd.		114,362
	5,500	Orient Overseas International Ltd.		109,655
	616,750	Sino Biopharmaceutical Ltd.		426,881
	1,261,000	Want Want China Holdings Ltd.		493,982
	11,300	Zijin Gold International Co., Ltd.		218,066

		Total Hong Kong		24,586,587


	Hungary — 0.7%
	102,351	MOL Hungarian Oil & Gas PLC*		1,644,733
	28,565	OTP Bank Nyrt		4,099,562
	4,665	Richter Gedeon Nyrt		194,459

		Total Hungary		5,938,754


	India — 10.6%
	1,569	ABB India Ltd.		125,876
	4,372	Adani Enterprises Ltd.		131,283
	17,212	Adani Ports & Special Economic Zone Ltd.		287,987
	102,534	Adani Power Ltd.*		213,152
	311,016	Aditya Birla Capital Ltd.*		1,337,727
	18,959	Ambuja Cements Ltd.		79,808
	10,989	APL Apollo Tubes Ltd.*		256,542
	47,469	Apollo Hospitals Enterprise Ltd.		4,438,671
	96,288	Ashok Leyland Ltd.		177,444
	9,821	Asian Paints Ltd.		273,161
	13,713	AU Small Finance Bank Ltd.(a)		156,480
	11,227	Aurobindo Pharma Ltd.*		202,456
	7,321	Avenue Supermarts Ltd.*(a)		299,909
	126,230	Axis Bank Ltd.		1,723,885
	2,180	Bajaj Auto Ltd.		277,605

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	India — 10.6% — (continued)
	93,009	Bajaj Finance Ltd.	$	1,033,071
	19,350	Bajaj Finserv Ltd.		410,923
	806	Bajaj Holdings & Investment Ltd.		98,545
	61,866	Bank of Baroda		155,024
	151,155	Bharat Electronics Ltd.		656,918
	8,872	Bharat Forge Ltd.		196,021
	37,800	Bharat Heavy Electricals Ltd.		175,402
	50,202	Bharat Petroleum Corp., Ltd.		170,230
	70,361	Bharti Airtel Ltd.		1,336,208
	281	Bosch Ltd.		147,560
	6,692	Britannia Industries Ltd.		368,296
	6,983	BSE Ltd.		240,773
	67,755	Canara Bank		90,315
	23,637	CG Power & Industrial Solutions Ltd.		227,338
	64,909	Cholamandalam Investment & Finance Co., Ltd.		1,266,371
	10,585	Cipla Ltd.		156,473
	32,854	Coal India Ltd.		138,721
	7,384	Colgate-Palmolive India Ltd.		147,204
	4,476	Cummins India Ltd.		239,546
	16,912	Dabur India Ltd.		67,878
	147,000	Delhivery Ltd.*		702,542
	4,598	Divi’s Laboratories Ltd.		457,762
	541	Dixon Technologies India Ltd.		84,346
	37,051	DLF Ltd.		269,016
	10,737	Dr Reddy’s Laboratories Ltd.		130,474
	4,371	Eicher Motors Ltd.		365,038
	98,138	Eternal Ltd.*		337,602
	68,103	Federal Bank Ltd.		255,276
	4,199	Fortis Healthcare Ltd.		39,995
	35,213	FSN E-Commerce Ventures Ltd.*		128,874
	77,993	GAIL India Ltd.		145,555
	4,080	GE Vernova T&D India Ltd.		190,313
	101,074	GMR Airports Ltd.*		99,382
	21,632	Godrej Consumer Products Ltd.		205,637
	1,611	Godrej Properties Ltd.		34,098
	16,697	Grasim Industries Ltd.		581,533
	12,490	Havells India Ltd.		162,792
	20,643	HCL Technologies Ltd.		284,121
	4,988	HDFC Asset Management Co., Ltd.(a)		137,426
	280,144	HDFC Bank Ltd.		2,084,911
	207,629	HDFC Bank Ltd., ADR		4,713,178
	2,017	Hero MotoCorp Ltd.		115,419
	44,102	Hindalco Industries Ltd.		469,246
	8,894	Hindustan Aeronautics Ltd.		448,548
	32,273	Hindustan Petroleum Corp., Ltd.		123,445
	17,150	Hindustan Unilever Ltd.		353,998
	412	Hitachi Energy India Ltd.		146,047
	609	Hyundai Motor India Ltd.		14,099
	173,115	ICICI Bank Ltd.		2,639,631
	162,731	ICICI Bank Ltd., ADR		4,940,513
	2,656	ICICI Lombard General Insurance Co., Ltd.(a)		43,638
	4,143	IDFC First Bank Ltd.		3,741
	7,850	Indian Bank		74,105
	37,389	Indian Hotels Co., Ltd. (The), Class A Shares		289,515
	17,413	Indian Oil Corp., Ltd.		25,360
	389,485	Indus Towers Ltd.		1,590,374

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	India — 10.6% — (continued)
	5,724	IndusInd Bank Ltd.	$	61,136
	20,339	Info Edge India Ltd.		280,092
	71,019	Infosys Ltd.		848,142
	109,014	Infosys Ltd., ADR(c)		1,314,709
	7,869	InterGlobe Aviation Ltd.*(a)		431,586
	36,248	ITC Ltd.		97,463
	19,510	Jindal Steel Ltd.		244,193
	122,146	Jio Financial Services Ltd.		309,719
	31,954	JSW Steel Ltd.		438,574
	11,798	Jubilant Foodworks Ltd.		61,506
	14,900	KEI Industries Ltd.		896,117
	569,931	Kotak Mahindra Bank Ltd.		2,504,958
	46,122	L&T Finance Ltd.		155,525
	28,276	Larsen & Toubro Ltd.		1,201,137
	10,651	Lodha Developers Ltd.(a)		134,083
	2,283	LTM Ltd.(a)		108,726
	7,557	Lupin Ltd.		173,559
	104,257	Mahindra & Mahindra Ltd.		3,589,299
	10,256	MakeMyTrip Ltd.*		597,515
	3,608	Mankind Pharma Ltd.*		91,676
	18,994	Marico Ltd.		163,673
	3,243	Maruti Suzuki India Ltd.		460,859
	24,904	Max Healthcare Institute Ltd.		272,609
	118	Mphasis Ltd.		3,004
	143	MRF Ltd.		201,834
	5,789	Multi Commodity Exchange of India Ltd.		206,145
	6,573	Muthoot Finance Ltd.		205,589
	42,639	National Aluminium Co., Ltd.		170,360
	32,695	Nestle India Ltd.		515,207
	111,037	NMDC Ltd.		102,807
	95,292	NTPC Ltd.		327,545
	61,426	Oberoi Realty Ltd.		1,205,894
	56,312	Oil & Natural Gas Corp., Ltd.		137,388
	12,775	One 97 Communications Ltd.*		230,347
	1,056	Oracle Financial Services Software Ltd.		139,098
	18,237	PB Fintech Ltd.*		358,274
	3,717	Persistent Systems Ltd.		218,296
	36,305	Petronet LNG Ltd.		114,659
	65,085	Phoenix Mills Ltd. (The)		1,300,216
	2,152	PI Industries Ltd.		53,543
	16,862	Pidilite Industries Ltd.		298,355
	70,000	PN Gadgil Jewellers Ltd.*		428,255
	1,776	Polycab India Ltd.		176,202
	49,366	Power Finance Corp., Ltd.		174,442
	123,124	Power Grid Corp. of India Ltd.		340,797
	274	Prestige Estates Projects Ltd.		4,680
	46,201	REC Ltd.		156,494
	522,529	Reliance Industries Ltd.		6,992,169
	137,242	Samvardhana Motherson International Ltd.		245,790
	21,336	SBI Life Insurance Co., Ltd.(a)		390,256
	511	Shree Cement Ltd.		127,213
	50,311	Shriram Finance Ltd.		586,686
	3,178	Siemens Energy India Ltd.		107,384
	2,571	Siemens Ltd.		108,688
	790	Solar Industries India Ltd.		166,798
	8,331	SRF Ltd.		223,875

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	India — 10.6% — (continued)
	129,243	State Bank of India	$	1,435,321
	32,532	Sun Pharmaceutical Industries Ltd.		678,228
	155,092	Suzlon Energy Ltd.*		77,391
	66,714	Tata Consultancy Services Ltd.		1,677,109
	12,792	Tata Consumer Products Ltd.		139,396
	67,613	Tata Motors Ltd.		333,818
	7,007	Tata Motors Passenger Vehicles Ltd.		22,711
	90,855	Tata Power Co., Ltd. (The)		330,795
	286,117	Tata Steel Ltd.		553,034
	21,410	Tech Mahindra Ltd.		365,936
	102,773	Titan Co., Ltd.		5,508,874
	4,385	Torrent Pharmaceuticals Ltd.		233,285
	5,829	Torrent Power Ltd.		73,986
	8,794	Trent Ltd.		265,160
	10,234	TVS Motor Co., Ltd.		466,548
	19,655	UltraTech Cement Ltd.		2,359,696
	52,190	Union Bank of India Ltd.		103,430
	17,799	United Spirits Ltd.		279,075
	157,117	UPL Ltd.		928,093
	58,797	Varun Beverages Ltd.		246,711
	183,359	Vedanta Aluminium Metal Ltd.		841,215
	45,562	Vedanta Ltd.		133,095
	45,562	Vedanta Oil & Gas Ltd.*		18,527
	45,562	Vedanta Power Ltd.*		16,917
	161,655	Vodafone Idea Ltd.*		24,319
	40,842	Wipro Ltd.		78,984
	56,609	Yes Bank Ltd.*		13,569
	8,154	Zydus Lifesciences Ltd.		99,454

		Total India		87,752,176


	Indonesia — 0.8%
	4,314,600	Alamtri Resources Indonesia Tbk PT		691,338
	3,279,900	Astra International Tbk PT		884,138
	5,107,341	Bank Central Asia Tbk PT		1,866,307
	5,794,202	Bank Mandiri Persero Tbk PT		1,383,631
	932,690	Bank Rakyat Indonesia Persero Tbk PT		171,141
	560,447	Barito Pacific Tbk PT		56,358
	266,300	Chandra Asri Pacific Tbk PT		29,193
	27,516,000	GoTo Gojek Tokopedia Tbk PT, Class A Shares*		77,680
	73,156	Telkom Indonesia Persero Tbk PT, ADR		1,066,615
	493,005	United Tractors Tbk PT		673,429

		Total Indonesia		6,899,830


	Ireland — 0.2%
	17,596	PDD Holdings Inc., ADR*		1,478,064


	Kazakhstan — 0.2%
	13,000	Kaspi.KZ JSC, ADR		1,366,820


	Luxembourg — 0.2%
	14,649	Globant SA*		596,361
	4,131	Reinet Investments SCA		111,752
	19,867	Ternium SA, ADR		1,089,109
	13,978	Zabka Group SA		118,519

		Total Luxembourg		1,915,741

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Malaysia — 0.5%
	87,800	AMMB Holdings Bhd	$	150,308
	200,407	CIMB Group Holdings Bhd		396,151
	234,200	Gamuda Bhd		262,111
	40,000	Hong Leong Bank Bhd		233,330
	80,400	IHH Healthcare Bhd		164,788
	17,300	Kuala Lumpur Kepong Bhd		94,494
	157,509	Malayan Banking Bhd		417,317
	81,900	MISC Bhd		160,708
	103,300	MR DIY Group M Bhd(a)		35,379
	72,100	Petronas Chemicals Group Bhd		76,632
	23,900	Petronas Gas Bhd		105,023
	118,200	Press Metal Aluminium Holdings Bhd		234,917
	575,900	Public Bank Bhd		706,754
	47,250	QL Resources Bhd		45,071
	115,800	RHB Bank Bhd		249,453
	56,800	SD Guthrie Bhd		89,450
	81,500	Sunway Bhd		103,621
	69,900	Telekom Malaysia Bhd		134,009
	83,600	Tenaga Nasional Bhd		294,228
	99,360	YTL Corp. Bhd		61,021
	113,460	YTL Power International Bhd		161,840

		Total Malaysia		4,176,605


	Mexico — 2.2%
	61,131	America Movil SAB de CV, ADR		1,408,458
	485,361	America Movil SAB de CV, Series B		559,980
	15,950	Arca Continental SAB de CV		182,980
	26,000	BBB Foods Inc., Class A Shares*		1,262,820
	14,849	Coca-Cola Femsa SAB de CV		165,090
	192,000	Corp. Inmobiliaria Vesta SAB de CV		661,730
	120,718	Fibra Uno Administracion SA de CV, REIT		207,673
	54,798	Fomento Economico Mexicano SAB de CV		660,275
	10,352	Grupo Aeroportuario del Centro Norte SAB de CV, Class B Shares		128,327
	5,176	Grupo Aeroportuario del Pacifico SAB de CV, ADR*		1,066,463
	12,320	Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares*		254,418
	6,154	Grupo Aeroportuario del Sureste SAB de CV, Class B Shares		158,161
	44,684	Grupo Bimbo SAB de CV, Series A		155,765
	27,778	Grupo Carso SAB de CV, Series A1		227,854
	518,721	Grupo Financiero Banorte SAB de CV, Class O Shares		5,881,233
	54,226	Grupo Financiero Inbursa SAB de CV, Class O Shares		141,237
	88,925	Grupo México SAB de CV, Series B		1,216,873
	6,334	Industrias Peñoles SAB de CV		334,571
	414,352	Kimberly-Clark de México SAB de CV, Class A Shares		972,198
	37,023	Prologis Property Mexico SA de CV, REIT		169,291
	5,386	Promotora y Operadora de Infraestructura SAB de CV		82,928
	109,459	Sigma Foods SAB de CV, Class A Shares		120,298
	14,827	Vista Energy SAB de CV, ADR*		1,059,538
	369,510	Wal-Mart de Mexico SAB de CV		1,027,643

		Total Mexico		18,105,804


	Netherlands — 0.0%@
	36,968	NEPI Rockcastle NV*		349,072
	3,377	X5 Retail Group NV, Class Registered Shares, GDR*(d)#		1

		Total Netherlands		349,073


	Peru — 0.4%
	8,248	Credicorp Ltd.		3,021,902

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Philippines — 0.4%
	301,060	Ayala Land Inc.	$	74,944
	26,690	BDO Unibank Inc.		49,557
	223,720	International Container Terminal Services Inc.		3,163,249
	14,290	Jollibee Foods Corp.		34,340
	9,080	Manila Electric Co.		66,880
	55,726	Metropolitan Bank & Trust Co.		59,569

		Total Philippines		3,448,539


	Poland — 1.1%
	18,729	Allegro.eu SA*(a)		229,129
	3,173	Asseco Poland SA		203,967
	18,675	Bank Millennium SA*		101,638
	5,942	Bank Polska Kasa Opieki SA		412,879
	3,322	CD Projekt Red SA*		209,076
	127,306	Dino Polska SA*(a)		1,229,428
	1,303	Erste Bank Polska SA		251,762
	4,938	KGHM Polska Miedz SA		472,214
	37	LPP SA		207,012
	507	mBank SA*		185,463
	19,553	ORLEN SA		808,752
	36,591	PGE Polska Grupa Energetyczna SA*		108,971
	124,721	Powszechna Kasa Oszczednosci Bank Polski SA		3,811,689
	19,534	Powszechny Zaklad Ubezpieczen SA		388,829

		Total Poland		8,620,809


	Qatar — 0.2%
	19,597	Industries Qatar QSC		53,666
	27,407	Ooredoo QPSC		95,093
	163,267	Qatar Gas Transport Co., Ltd.		193,709
	61,181	Qatar International Islamic Bank QSC		184,507
	38,422	Qatar Islamic Bank QPSC		228,603
	123,381	Qatar National Bank QPSC		564,639

		Total Qatar		1,320,217


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

		Total Russia		10,630


	Saudi Arabia — 2.1%
	2,759	ACWA Power Co.		141,002
	281,418	Al Rajhi Bank		5,053,538
	61,006	Alinma Bank		417,893
	7,083	Almarai Co. JSC		92,431
	51,186	Arab National Bank		304,238
	37,020	Bank AlBilad		257,578

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Saudi Arabia — 2.1% — (continued)
	18,653	Bank Al-Jazira	$	59,613
	61,693	Banque Saudi Fransi		360,030
	3,168	Bupa Arabia for Cooperative Insurance Co.		131,386
	14,323	Co. for Cooperative Insurance (The)		520,663
	33,137	Dar Al Arkan Real Estate Development Co.*		183,808
	33,158	Dr Sulaiman Al Habib Medical Services Group Co.		2,056,224
	1,129	Elm Co.		191,193
	101,100	Etihad Etisalat Co.		1,800,811
	37,440	Jarir Marketing Co.		171,295
	16,000	Rasan Information Technology Co.*		582,522
	80,246	Riyad Bank		446,588
	11,463	SABIC Agri-Nutrients Co.		398,636
	1,528	SAL Saudi Logistics Services		66,885
	39,064	Saudi Arabian Mining Co.*		686,852
	148,350	Saudi Arabian Oil Co.(a)		1,030,157
	19,790	Saudi Awwal Bank		179,736
	4,308	Saudi Basic Industries Corp.		56,723
	18,780	Saudi Investment Bank (The)		73,351
	131,665	Saudi National Bank (The)		1,517,948
	66,809	Saudi Telecom Co.		795,719

		Total Saudi Arabia		17,576,820


	Singapore — 0.5%
	27,500	ASMPT Ltd.		569,188
	8,500	BOC Aviation Ltd.(a)		81,392
	8,500	Sea Ltd., ADR*		964,580
	15,764	Trip.com Group Ltd.*		709,222
	38,939	Trip.com Group Ltd., ADR*		1,738,626

		Total Singapore		4,063,008


	South Africa — 3.2%
	20,117	Absa Group Ltd.		285,964
	13,868	Bid Corp., Ltd.		387,730
	109,802	Bidvest Group Ltd.		1,593,801
	18,611	Capitec Ltd.		5,371,547
	71,811	Clicks Group Ltd.		885,143
	18,414	Discovery Ltd.		295,503
	304,550	FirstRand Ltd.		1,805,166
	96,928	Gold Fields Ltd.		4,484,822
	18,267	Harmony Gold Mining Co., Ltd.		358,212
	28,825	Impala Platinum Holdings Ltd.		403,634
	22,900	Kumba Iron Ore Ltd.(c)		340,774
	773,730	Life Healthcare Group Holdings Ltd.		571,146
	58,441	MTN Group Ltd.		685,324
	21,703	Naspers Ltd., Class N Shares		1,063,558
	101,625	Nedbank Group Ltd.		1,856,953
	3,503	Northam Platinum Holdings Ltd.		63,726
	32,157	OUTsurance Group Ltd.		174,501
	288,237	Pepkor Holdings Ltd.(a)		352,634
	8,058	Remgro Ltd.		97,167
	234,264	Sanlam Ltd.		1,259,899
	15,078	Shoprite Holdings Ltd.		288,465
	38,167	Sibanye Stillwater Ltd.		112,997
	102,563	Standard Bank Group Ltd.		2,027,782
	7,227	Valterra Platinum Ltd.		621,795
	138,762	Vodacom Group Ltd.		1,287,333

		Total South Africa		26,675,576

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	South Korea — 18.8%
	1,662	Alteogen Inc.	$	372,642
	963	Amorepacific Corp.		103,531
	793	APR Corp.		269,150
	4,451	Celltrion Inc.*		614,350
	5,739	Coway Co., Ltd.		406,546
	1,381	DB Insurance Co., Ltd.		182,656
	229	Doosan Co., Ltd.		210,897
	23,258	Doosan Enerbility Co., Ltd.*		1,400,681
	244	Ecopro BM Co., Ltd.		21,530
	1,176	Ecopro Co., Ltd.*		78,374
	9,359	Hana Financial Group Inc.		932,933
	699	Hanjin Kal Corp.		67,902
	269	Hanmi Semiconductor Co., Ltd.		43,295
	931	Hanwha Aerospace Co., Ltd.		749,871
	2,597	Hanwha Ocean Co., Ltd.*		166,854
	2,327	Hanwha Systems Co., Ltd.		124,375
	1,385	HD Hyundai Co., Ltd.		221,594
	7,416	HD Hyundai Electric Co., Ltd.		4,225,839
	780	HD Hyundai Heavy Industries Co., Ltd.		256,147
	500	HD Hyundai Marine Solution Co., Ltd.		75,794
	1,362	HD Korea Shipbuilding & Offshore Engineering Co., Ltd.		346,886
	3,423	HLB Co., Ltd.*		89,080
	752	HYBE Co., Ltd.		98,585
	191	Hyosung Heavy Industries Corp.		411,400
	1,125	Hyundai Glovis Co., Ltd.		170,163
	3,911	Hyundai Mobis Co., Ltd.		1,294,766
	3,951	Hyundai Motor Co.		1,163,811
	2,435	Hyundai Rotem Co., Ltd.		242,404
	14,730	Industrial Bank of Korea		222,941
	6,329	Kakao Corp.		169,039
	5,216	KakaoBank Corp.		83,301
	28,077	KB Financial Group Inc.		3,556,061
	5,500	KB Financial Group Inc., ADR		686,345
	22,338	Kia Corp.		2,137,238
	2,983	Korea Aerospace Industries Ltd.		285,530
	3,260	Korea Electric Power Corp.		75,942
	2,475	Korea Investment Holdings Co., Ltd.		347,151
	6,819	Korean Air Lines Co., Ltd.		139,955
	310	Krafton Inc.*		51,414
	18,147	KT Corp.		708,523
	15,273	KT&G Corp.		1,991,888
	428	LG Chem Ltd.		87,473
	3,153	LG Corp.		274,495
	12,064	LG Display Co., Ltd.*		82,679
	3,304	LG Electronics Inc.		520,463
	628	LG Energy Solution Ltd.*		173,401
	5,863	LG Uplus Corp.		64,283
	561	LIG Defense&Aerospace Co., Ltd.		284,899
	2,475	LS Electric Co., Ltd.		374,605
	2,795	Meritz Financial Group Inc.*		249,511
	9,035	Mirae Asset Securities Co., Ltd.		228,359
	3,804	NAVER Corp.		603,184
	5,554	NH Investment & Securities Co., Ltd.		107,730
	1,906	POSCO Future M Co., Ltd.		278,760
	2,685	POSCO Holdings Inc.		663,991
	2,038	Posco International Corp.		80,018

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	South Korea — 18.8% — (continued)
	369	Samsung Biologics Co., Ltd.*(a)	$	410,477
	2,709	Samsung C&T Corp.		740,786
	1,652	Samsung Electro-Mechanics Co., Ltd.		1,757,860
	280,557	Samsung Electronics Co., Ltd.		52,882,454
	255	Samsung Episholdings Co., Ltd.*		72,098
	953	Samsung Fire & Marine Insurance Co., Ltd.		463,121
	131,833	Samsung Heavy Industries Co., Ltd.*		2,016,361
	2,656	Samsung Life Insurance Co., Ltd.		591,343
	1,983	Samsung SDI Co., Ltd.*		837,379
	1,283	Samsung SDS Co., Ltd.		224,901
	128	Samyang Foods Co., Ltd.		143,282
	129,083	Shinhan Financial Group Co., Ltd.		10,280,885
	40,196	SK hynix Inc.		49,090,244
	1,234	SK Inc.		487,904
	667	SK Innovation Co., Ltd.*		61,057
	7,255	SK Square Co., Ltd.*		5,443,471
	4,506	SK Telecom Co., Ltd.		309,341
	1,659	S-Oil Corp.		182,304
	23,364	Woori Financial Group Inc.		577,192
	1,615	Yuhan Corp.		98,734

		Total South Korea		155,542,429


	Switzerland — 0.1%
	49,558	Allwyn AG		776,686


	Taiwan — 25.4%
	45,384	Accton Technology Corp.		2,923,142
	16,753	Advantech Co., Ltd.		356,150
	4,139	Airtac International Group		185,593
	2,000	Alchip Technologies Ltd.		255,576
	181,498	ASE Technology Holding Co., Ltd.		3,344,605
	11,000	Asia Vital Components Co., Ltd.		1,184,179
	1,100	ASPEED Technology Inc.		554,610
	23,000	Asustek Computer Inc.		722,419
	6,000	Bizlink Holding Inc.		408,196
	15,000	Catcher Technology Co., Ltd.		98,425
	303,550	Cathay Financial Holding Co., Ltd.		1,056,534
	75,007	Chailease Holding Co., Ltd.		276,493
	440,095	Chang Hwa Commercial Bank Ltd.		348,818
	143,000	China Steel Corp.		85,455
	62,000	Chroma ATE Inc.		3,819,899
	169,000	Chunghwa Telecom Co., Ltd.		724,820
	117,000	Compal Electronics Inc.		149,336
	531,880	CTBC Financial Holding Co., Ltd.		1,083,676
	197,274	Delta Electronics Inc.		11,374,496
	32,000	E Ink Holdings Inc.		157,441
	582,228	E.Sun Financial Holding Co., Ltd.		729,427
	26,530	Elite Material Co., Ltd.		4,563,173
	80,000	Eva Airways Corp.		105,831
	34,791	Evergreen Marine Corp. Taiwan Ltd.		256,019
	53,000	Far EasTone Telecommunications Co., Ltd.		168,894
	497,674	First Financial Holding Co., Ltd.		553,702
	57,000	Formosa Chemicals & Fibre Corp.		122,504
	67,000	Formosa Plastics Corp.		139,601
	6,413	Fortune Electric Co., Ltd.		146,984
	268,100	Fubon Financial Holding Co., Ltd.		1,215,453
	15,000	Gigabyte Technology Co., Ltd.		169,822

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Taiwan — 25.4% — (continued)
	2,000	Global Unichip Corp.	$	382,696
	3,000	Globalwafers Co., Ltd.		86,715
	11,000	Gold Circuit Electronics Ltd.		401,869
	385,480	Hon Hai Precision Industry Co., Ltd.		3,028,222
	2,000	Hon Precision Inc.		370,851
	9,140	Hotai Motor Co., Ltd.		147,708
	348,320	Hua Nan Financial Holdings Co., Ltd.		453,734
	245,164	Innolux Corp.		382,763
	3,000	International Games System Co., Ltd.		69,005
	72,000	Inventec Corp.		151,017
	2,000	Jentech Precision Industrial Co., Ltd.		376,121
	509,033	KGI Financial Holding Co., Ltd.		542,372
	2,000	King Slide Works Co., Ltd.		892,270
	25,000	King Yuan Electronics Co., Ltd.		202,281
	3,541	Largan Precision Co., Ltd.		857,655
	69,264	Lite-On Technology Corp., ADR		664,860
	3,000	Lotes Co., Ltd.		159,282
	121,694	MediaTek Inc.		14,974,661
	454,889	Mega Financial Holding Co., Ltd.		696,033
	293,186	Minth Group Ltd.		969,519
	2,000	MPI Corp.		324,899
	164,000	Nan Ya Plastics Corp.		1,247,114
	96,000	Novatek Microelectronics Corp.		1,631,653
	87,000	Pegatron Corp.		249,533
	11,944	PharmaEssentia Corp.		524,766
	31,539	President Chain Store Corp.		215,283
	546,235	Quanta Computer Inc.		5,810,468
	70,000	Realtek Semiconductor Corp.		1,588,651
	115,744	Shanghai Commercial & Savings Bank Ltd. (The)		156,499
	3,632	Silicon Motion Technology Corp., ADR		896,523
	400,388	SinoPac Financial Holdings Co., Ltd.		518,320
	444,649	Taiwan Business Bank		237,552
	652,180	Taiwan Cooperative Financial Holding Co., Ltd.		525,233
	56,000	Taiwan High Speed Rail Corp.		45,902
	94,000	Taiwan Mobile Co., Ltd.		344,007
	1,466,141	Taiwan Semiconductor Manufacturing Co., Ltd.		110,805,237
	21,412	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		8,892,832
	49,668	TCC Group Holdings Co., Ltd.*		38,191
	680,189	TS Financial Holding Co., Ltd.		825,833
	62,834	Unimicron Technology Corp.		1,965,647
	202,000	Uni-President Enterprises Corp.		485,204
	310,000	United Microelectronics Corp.		1,227,862
	19,630	Wan Hai Lines Ltd.		70,486
	102,000	Wistron Corp.		570,023
	26,000	Wiwynn Corp.		5,788,257
	47,580	Yageo Corp.		821,306
	69,000	Yang Ming Marine Transport Corp.		129,341
	353,903	Yuanta Financial Holding Co., Ltd.		728,831
	23,000	Zhen Ding Technology Holding Ltd.		360,413

		Total Taiwan		210,116,773


	Thailand — 0.6%
	35,100	Advanced Info Service PCL, NVDR		375,475
	133,500	Airports of Thailand PCL, NVDR		254,718
	400,300	Bangkok Dusit Medical Services PCL, NVDR		236,381
	60,900	Central Pattana PCL, NVDR		123,141
	180,200	CP ALL PCL, NVDR		251,191

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Thailand — 0.6% — (continued)
	99,400	Delta Electronics Thailand PCL, NVDR	$	743,478
	129,100	Gulf Development PCL, NVDR		245,358
	137,300	Kasikornbank PCL		1,027,161
	24,800	Kasikornbank PCL, NVDR		185,505
	134,400	Krung Thai Bank PCL, NVDR		175,103
	59,600	PTT Exploration & Production PCL, NVDR		267,040
	370,300	PTT PCL, NVDR		455,915
	40,200	SCB X PCL, NVDR		183,088
	23,000	Siam Cement PCL (The), NVDR		180,791
	362,821	True Corp. PCL, NVDR		143,271

		Total Thailand		4,847,616


	Turkey — 0.5%
	96,369	Akbank TAS		143,456
	44,753	Aselsan Elektronik Sanayi Ve Ticaret AS		358,093
	80,000	Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS*		539,618
	159,645	BIM Birlesik Magazalar AS		1,341,310
	153,650	Eregli Demir ve Celik Fabrikalari TAS		123,360
	71,582	Haci Ömer Sabanci Holding AS		138,226
	88,000	MLP Saglik Hizmetleri AS, Class B Shares*(a)		767,557
	30,696	Turk Hava Yollari AO		192,231
	31,232	Turkcell Iletisim Hizmetleri AS		61,508
	204,992	Turkiye Is Bankasi AS, Class C Shares		53,685
	48,546	Turkiye Petrol Rafinerileri AS		402,845
	81,036	Yapi ve Kredi Bankasi AS*		61,314

		Total Turkey		4,183,203


	United Arab Emirates — 0.8%
	241,479	Abu Dhabi Commercial Bank PJSC		995,244
	46,577	Abu Dhabi Islamic Bank PJSC		290,158
	124,060	Abu Dhabi National Oil Co. for Distribution PJSC		135,059
	564,276	ADNOC Drilling Co. PJSC		890,921
	191,588	Adnoc Gas PLC		169,490
	58,953	ADNOC Logistics & Services		110,726
	130,937	Air Arabia PJSC		176,945
	124,455	Aldar Properties PJSC		259,934
	89,931	Dubai Electricity & Water Authority PJSC		66,094
	159,028	Dubai Islamic Bank PJSC		311,533
	46,755	Emaar Development PJSC		162,260
	175,795	Emaar Properties PJSC		516,252
	64,725	Emirates NBD Bank PJSC		533,257
	130,520	Emirates Telecommunications Group Co. PJSC		760,156
	148,034	First Abu Dhabi Bank PJSC		795,756
	57,729	Salik Co. PJSC		84,821

		Total United Arab Emirates		6,258,606


	United Kingdom — 0.4%
	374,000	Helios Towers PLC		1,023,666
	7,500	Lion Finance Group PLC		1,359,472
	19,622	Unilever PLC		1,276,806

		Total United Kingdom		3,659,944


	United States — 0.8%
	19,075	Anglogold Ashanti PLC		2,144,808
	1,956	Aura Minerals Inc.		163,482
	2,700	BeOne Medicines Ltd., ADR*		970,866
	27,462	BeOne Medicines Ltd., Class H Shares*		760,363

See Notes to Financial Statements.

100



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	United States — 0.8% — (continued)
	6,461	EPAM Systems Inc.*	$	761,300
	18,308	SLB Ltd.		1,100,311
	3,416	Southern Copper Corp.		713,500

		Total United States		6,614,630


	Uruguay — 0.2%
	12,618	Arcos Dorados Holdings Inc., Class A Shares		99,934
	739	MercadoLibre Inc.*		1,430,852

		Total Uruguay		1,530,786


	Uzbekistan — 0.0%@
	5,500	National Investment Fund of the Republic of Uzbekistan JSC, GDR*(a)(f)		200,750

		TOTAL COMMON STOCKS (Cost — $437,589,072)		798,483,701


	PREFERRED STOCKS — 2.1%

	Brazil — 0.6%
	120,145	Banco Bradesco SA, Class Preferred Shares		398,717
	74,991	Cia Energetica de Minas Gerais, Class Preferred Shares		154,909
	46,429	Gerdau SA, Class Preferred Shares		212,791
	329,004	Itau Unibanco Holding SA, Class Preferred Shares		2,510,157
	230,791	Itausa SA, Class Preferred Shares		583,677
	127,478	Petroleo Brasileiro SA — Petrobras, Class Preferred Shares		1,107,959
	33,744	Telefonica Brasil SA, Class Preferred Shares		194,457

		Total Brazil		5,162,667


	Chile — 0.1%
	5,854	Sociedad Quimica y Minera de Chile SA, Class Preferred B Shares		476,317


	Colombia — 0.0%@
	14,341	Grupo Cibest SA		327,099


	Mexico — 0.1%
	483,029	Cemex SAB de CV, Class Preferred Shares		520,630


	South Korea — 1.3%
	1,142	Hyundai Motor Co., Class Preferred 2nd Shares		158,254
	797	Hyundai Motor Co., Class Preferred Shares		109,911
	78,373	Samsung Electronics Co., Ltd., Class Preferred Shares		10,671,289

		Total South Korea		10,939,454

		TOTAL PREFERRED STOCKS (Cost — $7,509,347)		17,426,167


	RIGHT — 0.0%@

	Brazil — 0.0%@
	8,064	Banco Bradesco SA expires 9/10/26* (Cost — $0)		18

		TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $445,098,419)		815,909,886


Face Amount†

	SHORT-TERM INVESTMENTS(g) — 1.8%

	MONEY MARKET FUND — 0.4%
$	3,150,800	Invesco STIT — Government & Agency Portfolio, Institutional Class, 3.761%(h) (Cost — $3,150,800)		3,150,800

See Notes to Financial Statements.

101



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Face Amount†			Security	Value

SHORT-TERM INVESTMENTS(g) — 1.8% — (continued)

	TIME DEPOSITS — 1.4%
	564,608	^HKD	ANZ National Bank — Hong Kong, 1.860% due 9/1/26	$	72,032
	28,498	^HKD	BNP Paribas — Paris, 1.860% due 9/1/26		3,636
	72,515	^EUR	Citibank — London, 1.130% due 9/1/26		84,237
$	7,046,287		Citibank — New York, 2.980% due 9/1/26		7,046,287
	102,695	^HKD	HSBC Bank — Hong Kong, 1.860% due 9/1/26		13,102
	240	^GBP	HSBC Bank — London, 2.670% due 9/1/26		325
	2,947,220		JPMorgan Chase & Co. — New York, 2.980% due 9/1/26		2,947,220
	42,202		Royal Bank of Canada — Toronto, 2.980% due 9/1/26		42,202
			Skandinaviska Enskilda Banken AB — Stockholm:
	30	^EUR	1.130% due 9/1/26.		35
	852,453		2.980% due 9/1/26		852,453
	4,255,714	^ZAR	Standard Chartered Bank — Johannesburg, 4.060% due 9/1/26		264,262
	356		Sumitomo Mitsui Banking Corp. — Tokyo, 2.980% due 9/1/26		356

			TOTAL TIME DEPOSITS (Cost — $11,326,147)		11,326,147

			TOTAL SHORT-TERM INVESTMENTS (Cost — $14,476,947)		14,476,947

			TOTAL INVESTMENTS — 100.5% (Cost — $459,575,366)		830,386,833

			Liabilities in Excess of Other Assets — (0.5)%		(3,983,625	)

			TOTAL NET ASSETS — 100.0%	$	826,403,208

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

(d)	Illiquid security.

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

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

(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 1.4%.

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

#	Security that used significant unobservable inputs to determine fair value. At August 31, 2026, the Fund held Level 3 securities with a value of $10,633, representing less than 0.05% of net assets.

At August 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	$	479,253,914	$	407,911,086	$	(62,300,350)	$	345,610,736

See Notes to Financial Statements.

102



Schedules of Investments


(continued)


Emerging Markets Equity Fund


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	24.0	%
Technology Hardware, Storage & Peripherals	10.5
Electronic Equipment, Instruments & Components	4.1
Other	1.6
Financials
Banks	15.8
Insurance	2.6
Consumer Finance	0.6
Other	1.3
Consumer Discretionary	8.1
Industrials	7.4
Communication Services	6.1
Materials	4.9
Energy	3.5
Consumer Staples	3.0
Health Care	2.9
Utilities	1.1
Real Estate	1.1
Short-Term Investments	1.4

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:
EUR		— Euro
GBP		— British Pound
HKD		— Hong Kong Dollar
ZAR		— South African Rand

See Notes to Financial Statements.

103



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	CORPORATE BONDS & NOTES — 30.6%

	Advertising — 0.1%
$	360,000	B	Clear Channel Outdoor Holdings Inc., Senior Secured Notes, 7.125% due 2/15/31(a)	$	371,430
			Lamar Media Corp., Company Guaranteed Notes:
	240,000	BB	4.000% due 2/15/30		229,110
	25,000	BB	5.375% due 11/1/33(a)		24,313
	100,000	BBB+	Omnicom Group Inc., Senior Unsecured Notes, 2.400% due 3/1/31		89,046
	205,000	BB+	Outfront Media Capital LLC/Outfront Media Capital Corp., Senior Secured Notes, 7.375% due 2/15/31(a)		212,894
	190,000	BB-	Stagwell Global LLC, Company Guaranteed Notes, 5.625% due 8/15/29(a)		185,199

			Total Advertising		1,111,992


	Aerospace/Defense — 0.3%
			Boeing Co. (The), Senior Unsecured Notes:
	250,000	BBB-	6.298% due 5/1/29		258,288
	100,000	BBB-	5.150% due 5/1/30		100,279
	50,000	BBB-	3.625% due 2/1/31		47,024
	100,000	BBB-	6.388% due 5/1/31		104,995
	100,000	BBB-	3.600% due 5/1/34		88,374
	50,000	BBB-	6.528% due 5/1/34		53,339
	50,000	BBB-	3.250% due 2/1/35		42,510
	25,000	BBB-	3.500% due 3/1/39		19,848
	100,000	BBB-	5.805% due 5/1/50		94,337
	100,000	BBB-	3.950% due 8/1/59		67,159
	101,000	BBB-	5.930% due 5/1/60		94,282
	50,000	BBB	Embraer Netherlands Finance BV, Company Guaranteed Notes, 5.980% due 2/11/35		51,083
			General Dynamics Corp., Company Guaranteed Notes:
	25,000	A	2.850% due 6/1/41		17,942
	25,000	A	4.250% due 4/1/50		20,042
			General Electric Co., Senior Unsecured Notes:
	25,000	A-	6.750% due 3/15/32		27,119
	50,000	A-	5.875% due 1/14/38		51,894
			Honeywell Aerospace Inc., Senior Unsecured Notes:
	50,000	BBB+	4.000% due 3/16/29		49,084
	420,000	BBB+	4.300% due 3/16/31		408,284
	720,000	BBB+	4.950% due 3/16/36		691,481
	85,000	BBB+	5.732% due 3/16/56		80,695
	200,000	BBB+	Howmet Aerospace Inc., Senior Unsecured Notes, 4.750% due 4/15/36		190,406
			L3Harris Technologies Inc., Senior Unsecured Notes:
	261,000	BBB	4.400% due 6/15/28		259,599
	100,000	BBB	5.250% due 6/1/31		100,735
	50,000	BBB	5.600% due 7/31/53		46,858
			Lockheed Martin Corp., Senior Unsecured Notes:
	50,000	A-	5.000% due 8/15/35		49,117
	50,000	A-	4.070% due 12/15/42		40,938
	50,000	A-	3.800% due 3/1/45		38,275
	50,000	A-	4.700% due 5/15/46		42,935
	25,000	A-	2.800% due 6/15/50		15,028
	50,000	A-	4.090% due 9/15/52		37,611
	24,000	A-	4.150% due 6/15/53		18,274
	25,000	A-	5.700% due 11/15/54		24,049
	50,000	A-	5.200% due 2/15/55		44,768
			Northrop Grumman Corp., Senior Unsecured Notes:
	100,000	BBB+	4.400% due 5/1/30		98,495
	334,000	BBB+	4.700% due 3/15/33		325,678
	64,000	BBB+	4.750% due 6/1/43		56,323
	51,000	BBB+	4.030% due 10/15/47		38,859

See Notes to Financial Statements.

104



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Aerospace/Defense — 0.3% — (continued)
			RTX Corp., Senior Unsecured Notes:
$	100,000	BBB+	4.125% due 11/16/28	$	98,792
	140,000	BBB+	5.750% due 1/15/29		143,233
	116,000	BBB+	2.375% due 3/15/32		101,160
	164,000	BBB+	6.100% due 3/15/34		172,342
	25,000	BBB+	6.125% due 7/15/38		26,133
	25,000	BBB+	4.450% due 11/16/38		22,531
	430,000	BBB+	4.500% due 6/1/42		371,910
	76,000	BBB+	3.750% due 11/1/46		56,366
	177,000	BBB+	2.820% due 9/1/51		104,665
	100,000	BBB+	5.375% due 2/27/53		91,463
			TransDigm Inc., Senior Secured Notes:
	445,000	BB-	7.125% due 12/1/31(a)		460,316
	10,000	BB-	6.625% due 3/1/32(a)		10,225

			Total Aerospace/Defense		5,455,143


	Agriculture — 0.4%
			Altria Group Inc., Company Guaranteed Notes:
	210,000	BBB+	6.200% due 11/1/28		216,022
	300,000	BBB+	4.800% due 2/14/29		299,980
	1,290,000	BBB+	2.450% due 2/4/32		1,122,152
	669,000	BBB+	6.875% due 11/1/33		726,546
	50,000	BBB+	5.800% due 2/14/39		49,210
	320,000	BBB+	5.950% due 2/14/49		302,611
	25,000	A	Archer-Daniels-Midland Co., Senior Unsecured Notes, 3.250% due 3/27/30		23,668
			BAT Capital Corp., Company Guaranteed Notes:
	174,000	BBB+	3.557% due 8/15/27		172,598
	148,000	BBB+	2.259% due 3/25/28		142,588
	105,000	BBB+	5.834% due 2/20/31		107,910
	50,000	BBB+	5.350% due 8/15/32		50,239
	105,000	BBB+	5.300% due 8/5/33		104,421
	90,000	BBB+	6.000% due 2/20/34		93,036
	105,000	BBB+	5.550% due 8/5/36		103,978
	50,000	BBB+	4.390% due 8/15/37		44,405
	430,000	BBB+	4.540% due 8/15/47		340,102
	368,000	BBB+	4.758% due 9/6/49		295,686
	183,000	BBB+	7.081% due 8/2/53		198,039
			BAT International Finance PLC, Company Guaranteed Notes:
	110,000	BBB+	4.448% due 3/16/28		109,601
	50,000	BBB+	5.931% due 2/2/29		51,258
			Bunge Ltd. Finance Corp., Company Guaranteed Notes:
	700,000	A-	3.200% due 4/21/31		646,531
	75,000	A-	5.000% due 8/19/31		74,523
	150,000	BB+	Darling Ingredients Inc., Company Guaranteed Notes, 5.250% due 4/15/27(a)		150,122
	690,000	BBB	Imperial Brands Finance PLC, Company Guaranteed Notes, 5.875% due 7/1/34(a)		699,146
			Philip Morris International Inc., Senior Unsecured Notes:
	234,000	A-	5.125% due 11/17/27		235,548
	180,000	A-	4.875% due 2/13/29		180,583
	210,000	A-	2.100% due 5/1/30		190,304
	40,000	A-	5.125% due 2/13/31		40,157
	50,000	A-	5.375% due 2/15/33		50,454
	25,000	A-	5.625% due 9/7/33		25,520
	690,000	A-	5.250% due 2/13/34		687,174
	100,000	A-	4.875% due 4/29/36		95,613
	25,000	A-	6.375% due 5/16/38		26,515

See Notes to Financial Statements.

105



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Agriculture — 0.4% — (continued)
$	25,000	A-	3.875% due 8/21/42	$	19,707
	25,000	A-	4.125% due 3/4/43		20,267
	25,000	A-	4.250% due 11/10/44		20,289
			Reynolds American Inc., Company Guaranteed Notes:
	25,000	BBB+	5.700% due 8/15/35		25,243
	89,000	BBB+	5.850% due 8/15/45		84,483

			Total Agriculture		7,826,229


	Airlines — 0.3%
	621,558	A-	American Airlines Class A Pass-Through Trust, Pass-Thru Certificates, 3.375% due 5/1/27		616,051
	650,833	Ba2(b)	American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes, 5.750% due 4/20/29(a)		650,719
	1,473,997	AA	British Airways Class AA Pass Through Trust, Pass-Thru Certificates, 3.300% due 12/15/32(a)		1,380,261
	343,061	AA	Delta Air Lines Class AA Pass Through Trust, Pass-Thru Certificates, 2.000% due 6/10/28		331,698
	2,013,750	A3(b)	Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes, 4.750% due 10/20/28(a)		2,009,733
	105,000	B	JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes, 9.875% due 9/20/31(a)		89,862
			United Airlines Class AA Pass-Through Trust, Pass-Thru Certificates:
	38,234	Aa2(b)	4.150% due 8/25/31		36,888
	45,698	AA	5.450% due 2/15/37		45,836
	195,000	BBB-	United Airlines Inc., Senior Secured Notes, 4.625% due 4/15/29(a)		192,147

			Total Airlines		5,353,195


	Apparel — 0.0%@
	455,000	BBB-	Gildan Activewear Inc., Company Guaranteed Notes, 5.400% due 10/7/35(a)		436,276
			NIKE Inc., Senior Unsecured Notes:
	25,000	A+	3.250% due 3/27/40		19,253
	25,000	A+	3.875% due 11/1/45		19,179
	50,000	A+	3.375% due 3/27/50		33,637

			Total Apparel		508,345


	Auto Manufacturers — 0.7%
	205,000	Ba2(b)	Allison Transmission Inc., Company Guaranteed Notes, 5.875% due 6/1/29(a)		205,942
			American Honda Finance Corp., Senior Unsecured Notes:
	100,000	BBB+	4.800% due 3/5/30		99,117
	50,000	BBB+	4.450% due 1/8/31		48,636
	50,000	BBB+	5.100% due 1/8/36		48,191
			Cummins Inc., Senior Unsecured Notes:
	50,000	A	5.300% due 5/9/35		49,773
	25,000	A	2.600% due 9/1/50		14,346
			Ford Motor Co., Senior Unsecured Notes:
	50,000	BBB-	4.750% due 1/15/43		38,613
	50,000	BBB-	5.291% due 12/8/46		40,379
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	890,000	BBB-	5.125% due 11/5/26		890,881
	460,000	BBB-	2.900% due 2/16/28		445,896
	200,000	BBB-	6.800% due 5/12/28		205,086
	220,000	BBB-	2.900% due 2/10/29		207,458
	200,000	BBB-	5.800% due 3/8/29		201,618
	200,000	BBB-	5.113% due 5/3/29		198,142
	200,000	BBB-	5.875% due 11/7/29		201,886
	1,300,000	BBB-	4.000% due 11/13/30		1,216,637
	200,000	BBB-	5.420% due 4/9/31		197,292
	1,948,000	BBB-	5.753% due 4/6/33		1,917,881
	1,125,000	BBB-	6.107% due 8/15/33		1,123,564
	230,000	BBB-	7.122% due 11/7/33		242,046
	620,000	BBB-	6.467% due 5/22/36		622,581

See Notes to Financial Statements.

106



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Auto Manufacturers — 0.7% — (continued)
				General Motors Co., Senior Unsecured Notes:
$	50,000		BBB	5.600% due 10/15/32	$	50,589
	50,000		BBB	6.600% due 4/1/36		52,581
	50,000		BBB	5.150% due 4/1/38		46,344
	260,000		BBB	6.250% due 10/2/43		253,820
	25,000		BBB	5.200% due 4/1/45		21,451
	25,000		BBB	6.750% due 4/1/46		25,601
	25,000		BBB	5.400% due 4/1/48		21,694
				General Motors Financial Co., Inc., Senior Unsecured Notes:
	250,000		BBB	5.800% due 6/23/28		253,749
	100,000		BBB	4.750% due 4/6/29		99,420
	100,000		BBB	5.350% due 1/7/30		100,622
	100,000		BBB	3.600% due 6/21/30		94,627
	470,000		BBB	5.100% due 9/15/31		465,241
	50,000		BBB	5.950% due 4/4/34		50,823
	50,000		BBB	5.900% due 1/7/35		50,371
	50,000		BBB	6.150% due 7/15/35		50,963
				Honda Motor Co., Ltd., Senior Unsecured Notes:
	100,000		BBB+	4.688% due 7/8/30		98,672
	50,000		BBB+	5.337% due 7/8/35		49,085
				Hyundai Capital America, Senior Unsecured Notes:
	305,000		A-	5.300% due 3/19/27(a)		306,438
	1,040,000		A-	5.800% due 4/1/30(a)		1,059,179
	1,040,000		A-	4.500% due 9/18/30(a)(c)		1,012,537
	50,000		A+	PACCAR Financial Corp., Senior Unsecured Notes, 4.600% due 1/31/29		50,026
	500,000	^EUR	BBB-	RCI Banque SA, Senior Unsecured Notes, (Cost — $576,018, acquired 1/13/26), 3.625% due 11/3/32(d)		556,818
				Stellantis Financial Services US Corp., Senior Unsecured Notes:
	210,000		BBB-	5.400% due 6/15/29(a)		207,555
	200,000		BBB-	5.800% due 6/15/31(a)		194,888
				Toyota Motor Credit Corp., Senior Unsecured Notes:
	150,000		A+	3.750% due 1/12/28		148,599
	150,000		A+	2.150% due 2/13/30		137,071
	100,000		A+	5.550% due 11/20/30		102,470
	100,000		A+	5.350% due 1/9/35		100,051
				Volkswagen Group of America Finance LLC, Company Guaranteed Notes:
	260,000		BBB+	4.750% due 11/13/28(a)		258,241
	580,000		BBB+	5.350% due 3/27/30(a)		580,202

				Total Auto Manufacturers		14,715,693


	Auto Parts & Equipment — 0.1%
	545,000		BB	Adient Global Holdings Ltd., Company Guaranteed Notes, 7.500% due 2/15/33(a)(c)		565,241
				Aptiv Swiss Holdings Ltd., Company Guaranteed Notes:
	25,000		BBB	3.100% due 12/1/51		14,702
	25,000		BBB	4.150% due 5/1/52		17,799
	155,000		BB-	Clarios Global LP/Clarios US Finance Co., Senior Secured Notes, 6.750% due 2/15/30(a)		159,436
	195,000		B-	Cooper-Standard Automotive Inc., Senior Secured Notes, 9.250% due 3/1/31(a)		197,420
	250,000		B+	Goodyear Tire & Rubber Co. (The), Company Guaranteed Notes, 5.000% due 7/15/29		239,291

				Total Auto Parts & Equipment		1,193,889


	Banks — 7.5%
	600,000	^EUR	Ba1u(b)	ABN AMRO Bank NV, Junior Subordinated Notes, (Cost — $619,350, acquired 3/7/24), 4.750% (5-Year EUR Swap Rate + 3.898%)(d)(e)(f)		701,679
	800,000		A+	Banco Bilbao Vizcaya Argentaria SA, Senior Preferred Notes, 5.381% due 3/13/29		809,236
	1,000,000		BB-	Banco Mercantil del Norte SA, Junior Subordinated Notes, 5.875% (5-Year CMT Index + 4.643%)(a)(e)(f)		998,298

See Notes to Financial Statements.

107



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Banks — 7.5% — (continued)
			Banco Santander SA:
$	400,000	A-	Senior Non-Preferred Notes, 4.551% due 11/6/30	$	390,286
			Senior Preferred Notes:
	800,000	A+	5.588% due 8/8/28		811,853
	860,000	A+	5.439% due 7/15/31		870,146
	200,000	A+	6.938% due 11/7/33		218,979
			Bank of America Corp.:
			Junior Subordinated Notes:
	420,000	BBB-	6.250% (5-Year CMT Index + 2.351%)(e)(f)		420,704
	1,036,000	BBB-	6.625% (5-Year CMT Index + 2.684%)(e)(f)		1,063,186
			Senior Unsecured Notes:
	130,000	A-	4.376% (SOFR + 1.580%) due 4/27/28(e)		129,837
	50,000	A-	3.593% (3-Month Term SOFR + 1.632%) due 7/21/28(e)		49,570
	100,000	A-	6.204% (SOFR + 1.990%) due 11/10/28(e)		101,767
	535,000	A-	3.419% (3-Month Term SOFR + 1.302%) due 12/20/28(e)		526,552
	3,850,000	A-	3.970% (3-Month Term SOFR + 1.332%) due 3/5/29(e)		3,804,986
	200,000	A-	5.202% (SOFR + 1.630%) due 4/25/29(e)		201,341
	100,000	A-	2.087% (SOFR + 1.060%) due 6/14/29(e)		95,405
	100,000	A-	4.271% (3-Month Term SOFR + 1.572%) due 7/23/29(e)		99,064
	141,000	A-	5.819% (SOFR + 1.570%) due 9/15/29(e)		143,622
	159,000	A-	3.974% (3-Month Term SOFR + 1.472%) due 2/7/30(e)		155,675
	583,000	A-	2.592% (SOFR + 2.150%) due 4/29/31(e)		535,301
	760,000	A-	1.922% (SOFR + 1.370%) due 10/24/31(e)		669,035
	2,258,000	A-	4.456% (SOFR + 0.870%) due 2/6/32(e)		2,193,850
	790,000	A-	2.687% (SOFR + 1.320%) due 4/22/32(e)		708,319
	1,380,000	A-	4.695% (SOFR + 1.040%) due 4/23/32(e)		1,351,740
	600,000	A-	2.572% (SOFR + 1.210%) due 10/20/32(e)		529,089
	752,000	A-	2.972% (SOFR + 1.330%) due 2/4/33(e)		669,961
	1,490,000	A-	4.571% (SOFR + 1.830%) due 4/27/33(e)		1,439,675
	411,000	A-	5.872% (SOFR + 1.840%) due 9/15/34(e)		422,473
	655,000	A-	5.468% (SOFR + 1.650%) due 1/23/35(e)		656,326
	200,000	A-	5.511% (SOFR + 1.310%) due 1/24/36(e)		199,708
	250,000	A-	4.244% (3-Month Term SOFR + 2.076%) due 4/24/38(e)		221,930
	350,000	A-	2.676% (SOFR + 1.930%) due 6/19/41(e)		244,731
	360,000	A-	4.330% (3-Month Term SOFR + 1.782%) due 3/15/50(e)		283,154
	360,000	A-	4.083% (3-Month Term SOFR + 3.412%) due 3/20/51(e)		272,086
	50,000	A-	2.831% (SOFR + 1.880%) due 10/24/51(e)		29,780
			Subordinated Notes:
	20,000	BBB+	4.250% due 10/22/26		20,000
	100,000	BBB+	4.183% due 11/25/27		99,549
	725,000	BBB+	5.425% (SOFR + 1.913%) due 8/15/35(e)		712,171
	1,590,000	BBB+	5.518% (SOFR + 1.738%) due 10/25/35(e)		1,572,088
	1,000,000	BBB+	2.482% (5-Year CMT Index + 1.200%) due 9/21/36(e)		863,832
	680,000	BBB+	3.846% (5-Year CMT Index + 2.000%) due 3/8/37(e)		624,871
	775,000	BBB+	5.489% (SOFR + 1.572%) due 4/23/37(e)		752,531
	1,010,000	A2(b)	Bank of Ireland Group PLC, Senior Unsecured Notes, 4.997% (SOFR + 1.160%) due 11/12/32(a)(e)		993,020
			Bank of Montreal, Senior Unsecured Notes:
	200,000	A-	4.350% (SOFR + 1.080%) due 9/22/31(e)		194,848
	100,000	A-	4.439% (SOFR + 0.970%) due 1/14/32(e)		97,069
	540,000	A-	4.879% (SOFR + 0.959%) due 6/2/32(e)		532,405
	1,225,000	A-	5.298% (SOFR + 1.208%) due 6/2/37(e)		1,196,496
			Bank of New York Mellon Corp. (The):
			Senior Unsecured Notes:
	250,000	AA-	4.729% (SOFR + 1.135%) due 4/20/29(e)		250,342

See Notes to Financial Statements.

108



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Banks — 7.5% — (continued)
$	390,000		A	4.289% (SOFR + 1.418%) due 6/13/33(e)	$	371,732
	50,000		A	4.967% (SOFR + 1.606%) due 4/26/34(e)		49,044
	100,000		A	5.188% (SOFR + 1.418%) due 3/14/35(e)		99,003
	200,000		A-	Subordinated Notes, 3.000% due 10/30/28		193,077
	100,000		A-	Bank of Nova Scotia (The), Senior Unsecured Notes, 5.650% due 2/1/34		101,714
				Banque Federative du Credit Mutuel SA:
	1,230,000		A-	Senior Non-Preferred Notes, 5.152% (SOFR + 1.200%) due 7/9/32(a)(e)		1,210,998
	1,615,000		A+	Senior Preferred Notes, 5.194% due 2/16/28(a)		1,625,928
				Barclays PLC, Senior Unsecured Notes:
	2,050,000		BBB+	4.972% (3-Month USD-LIBOR + 1.902%) due 5/16/29(e)		2,050,926
	200,000		BBB+	6.490% (SOFR + 2.220%) due 9/13/29(e)		205,505
	200,000		BBB+	5.690% (SOFR + 1.740%) due 3/12/30(e)		202,825
	400,000		BBB+	4.521% (SOFR + 1.135%) due 2/24/32(e)		386,314
	200,000		BBB+	2.894% (1-Year CMT Index + 1.300%) due 11/24/32(e)		177,001
	200,000		BBB+	6.224% (SOFR + 2.980%) due 5/9/34(e)		206,490
	870,000		BBB+	5.207% (SOFR + 1.506%) due 2/24/37(e)		824,745
	200,000		BBB+	5.860% (SOFR + 1.830%) due 8/11/46(e)		191,452
	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)		738,089
	800,000		Baa1(b)	BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico, Senior Unsecured Notes, 5.400% due 6/3/31(a)		793,400
				BNP Paribas SA:
				Junior Subordinated Notes:
	1,475,000		BBB-	6.875% (5-Year CMT Index + 2.853%)(a)(e)(f)		1,448,887
	715,000		BBB-	7.750% (5-Year CMT Index + 4.899%)(a)(e)(f)		747,878
				Senior Non-Preferred Notes:
	950,000		A-	4.400% due 8/14/28(a)		941,855
	200,000		A-	2.871% (3-Month Term SOFR + 1.387%) due 4/19/32(a)(e)		179,635
	600,000		A+	Senior Preferred Notes, 5.894% (SOFR + 1.866%) due 12/5/34(a)(e)		614,874
	200,000		BBB+	Subordinated Notes, 4.375% (5-Year USD Swap Rate + 1.483%) due 3/1/33(a)(e)		197,215
				BPCE SA, Senior Non-Preferred Notes:
	1,120,000		BBB+	6.714% (SOFR + 2.270%) due 10/19/29(a)(c)(e)		1,157,207
	500,000		BBB+	5.184% (SOFR + 1.218%) due 6/2/32(a)(e)		492,156
				CaixaBank SA:
	200,000		BBB+	Senior Non-Preferred Notes, 5.581% (SOFR + 1.790%) due 7/3/36(a)(e)		197,203
	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)		598,956
	1,790,000		A-	Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 4.283% (SOFR + 0.790%) due 1/29/30(e)		1,762,863
	805,000		A+	Citibank NA, Senior Unsecured Notes, 4.846% (SOFR + 0.910%) due 6/18/32(e)		793,521
				Citigroup Inc.:
				Junior Subordinated Notes:
	1,135,000		BB+	6.625% (5-Year CMT Index + 3.001%)(e)(f)		1,151,791
	210,000		BB+	6.950% (5-Year CMT Index + 2.726%)(e)(f)		212,608
	700,000		BB+	7.125% (5-Year CMT Index + 2.693%)(e)(f)		716,352
				Senior Unsecured Notes:
	70,000		BBB+	4.658% (SOFR + 1.887%) due 5/24/28(e)		69,995
	2,540,000		BBB+	3.520% (3-Month Term SOFR + 1.413%) due 10/27/28(e)		2,507,671
	100,000		BBB+	3.980% (3-Month Term SOFR + 1.600%) due 3/20/30(e)		97,666
	550,000		BBB+	4.412% (SOFR + 3.914%) due 3/31/31(e)		537,668
	70,000		BBB+	2.572% (SOFR + 2.107%) due 6/3/31(e)		63,906
	70,000		BBB+	4.503% (SOFR + 1.171%) due 9/11/31(e)		68,323
	690,000		BBB+	2.561% (SOFR + 1.167%) due 5/1/32(e)		613,281
	160,000		BBB+	2.520% (SOFR + 1.177%) due 11/3/32(e)		140,010
	250,000		BBB+	3.785% (SOFR + 1.939%) due 3/17/33(e)		231,808

See Notes to Financial Statements.

109



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Banks — 7.5% — (continued)
$	220,000		BBB+	4.910% (SOFR + 2.086%) due 5/24/33(e)	$	215,542
	2,305,000		BBB+	5.174% (SOFR + 1.488%) due 9/11/36(e)		2,239,023
				Subordinated Notes:
	890,000		BBB	4.300% due 11/20/26		889,851
	30,000		BBB	6.625% due 6/15/32		31,945
	100,000		BBB	6.675% due 9/13/43		106,316
	286,000		BBB	5.300% due 5/6/44		259,203
	100,000		BBB+	Citizens Financial Group Inc., Senior Unsecured Notes, 5.253% (SOFR + 1.259%) due 3/5/31(e)		100,057
	2,095,000		A-	Commonwealth Bank of Australia, Subordinated Notes, 5.929% (1-Year CMT Index + 1.320%) due 3/14/46(a)(e)		2,038,960
				Cooperatieve Rabobank UA:
	270,000		A-	Senior Non-Preferred Notes, 3.758% (1-Year CMT Index + 1.420%) due 4/6/33(a)(e)		249,993
	250,000		A+	Senior Preferred Notes, 4.160% due 1/14/31		243,614
				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)		733,797
				Senior Non-Preferred Notes:
	1,190,000		A-	5.222% (SOFR + 1.460%) due 5/27/31(a)(e)		1,187,287
	1,155,000		A-	4.818% (SOFR + 1.360%) due 9/25/33(a)(e)		1,109,387
	490,000		A-	5.862% (SOFR + 1.740%) due 1/9/36(a)(e)		493,109
				Danske Bank AS, Senior Non-Preferred Notes:
	1,940,000		A-	4.298% (1-Year CMT Index + 1.750%) due 4/1/28(a)(e)		1,937,153
	1,345,000		A-	5.705% (1-Year CMT Index + 1.400%) due 3/1/30(a)(e)		1,366,114
	310,000		A-	4.613% (1-Year CMT Index + 1.100%) due 10/2/30(a)(e)		305,961
				Deutsche Bank AG:
				Senior Non-Preferred Notes:
	150,000		BBB	5.297% (SOFR + 1.720%) due 5/9/31(e)		149,759
	150,000		BBB	4.950% (SOFR + 1.300%) due 8/4/31(e)		147,748
	150,000		BBB	4.725% (SOFR + 1.135%) due 2/6/32(e)		145,690
	2,025,000		A	Senior Preferred Notes, 4.469% (SOFR + 1.100%) due 12/10/31(e)		1,971,602
				Subordinated Notes:
	400,000		BBB-	3.742% (SOFR + 2.257%) due 1/7/33(e)		362,841
	310,000		BBB-	7.079% (SOFR + 3.650%) due 2/10/34(e)		327,207
				DNB Bank ASA:
	2,560,000		A	Senior Non-Preferred Notes, 4.832% (SOFR + 1.130%) due 3/30/32(a)(e)		2,523,706
	300,000		AA-	Senior Preferred Notes, 4.853% (SOFR + 1.050%) due 11/5/30(a)(e)		299,108
				Fifth Third Bancorp, Senior Unsecured Notes:
	100,000		BBB+	6.339% (SOFR + 2.340%) due 7/27/29(e)		102,775
	175,000		BBB+	4.566% (SOFR + 0.950%) due 4/29/32(e)		169,590
				Goldman Sachs Group Inc. (The):
	590,000		BB+	Junior Subordinated Notes, 7.500% (5-Year CMT Index + 2.809%)(e)(f)		611,684
				Senior Unsecured Notes:
	70,000		BBB+	3.615% (SOFR + 1.846%) due 3/15/28(e)		69,659
	791,000		BBB+	3.814% (3-Month Term SOFR + 1.420%) due 4/23/29(e)		778,618
	2,394,000		BBB+	4.223% (3-Month Term SOFR + 1.563%) due 5/1/29(e)		2,370,834
	174,000		BBB+	6.484% (SOFR + 1.770%) due 10/24/29(e)		179,336
	1,235,000		BBB+	4.594% (SOFR + 0.990%) due 4/20/30(e)		1,221,613
	400,000		BBB+	5.218% (SOFR + 1.580%) due 4/23/31(e)		400,605
	1,950,000		BBB+	4.369% (SOFR + 1.060%) due 10/21/31(e)		1,885,157
	4,603,000		BBB+	4.516% (SOFR + 0.960%) due 1/21/32(e)		4,458,399
	57,000		BBB+	1.992% (SOFR + 1.090%) due 1/27/32(e)		49,653
	984,000		BBB+	2.615% (SOFR + 1.281%) due 4/22/32(e)		872,940
	2,090,000		BBB+	4.972% (SOFR + 1.030%) due 6/3/32(e)		2,057,870
	2,195,000		BBB+	2.383% (SOFR + 1.248%) due 7/21/32(e)		1,916,164

See Notes to Financial Statements.

110



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Banks — 7.5% — (continued)
$	288,000	BBB+	2.650% (SOFR + 1.264%) due 10/21/32(e)	$	252,736
	284,000	BBB+	6.561% (SOFR + 1.950%) due 10/24/34(e)		301,082
	340,000	BBB+	5.330% (SOFR + 1.550%) due 7/23/35(e)		333,768
	430,000	BBB+	4.939% (SOFR + 1.330%) due 10/21/36(e)		406,264
	682,000	BBB+	5.065% (SOFR + 1.190%) due 1/21/37(e)		647,443
	490,000	BBB+	5.425% (SOFR + 1.310%) due 6/3/37(e)		477,018
	50,000	BBB+	4.017% (3-Month Term SOFR + 1.635%) due 10/31/38(e)		42,411
	50,000	BBB+	4.411% (3-Month Term SOFR + 1.692%) due 4/23/39(e)		43,633
	210,000	BBB+	6.250% due 2/1/41		215,878
	330,000	BBB+	3.210% (SOFR + 1.513%) due 4/22/42(e)		238,326
	10,000	BBB+	2.908% (SOFR + 1.472%) due 7/21/42(e)		6,899
	200,000	BBB+	3.436% (SOFR + 1.632%) due 2/24/43(e)		146,604
	100,000	BBB+	5.734% (SOFR + 1.696%) due 1/28/56(e)		92,570
	845,000	BBB+	6.215% (SOFR + 1.820%) due 7/21/57(e)		835,271
			Subordinated Notes:
	150,000	BBB	6.750% due 10/1/37		158,235
	290,000	BBB	5.150% due 5/22/45		253,884
			HSBC Holdings PLC:
			Senior Unsecured Notes:
	200,000	A-	6.161% (SOFR + 1.970%) due 3/9/29(e)		203,933
	200,000	A-	4.583% (3-Month Term SOFR + 1.796%) due 6/19/29(e)		199,198
	200,000	A-	4.711% (SOFR + 0.940%) due 5/12/30(e)		197,986
	900,000	A-	5.286% (SOFR + 1.290%) due 11/19/30(e)		903,200
	1,735,000	A-	5.240% (SOFR + 1.570%) due 5/13/31(e)		1,737,618
	495,000	A-	4.619% (SOFR + 1.190%) due 11/6/31(e)		483,569
	1,030,000	A-	2.804% (SOFR + 1.187%) due 5/24/32(e)		921,233
	200,000	A-	5.243% (SOFR + 1.160%) due 8/14/32(e)		198,669
	400,000	A-	5.402% (SOFR + 2.870%) due 8/11/33(e)		398,923
	200,000	A-	6.254% (SOFR + 2.390%) due 3/9/34(e)		207,888
	1,604,000	A-	5.279% (SOFR + 1.550%) due 3/10/37(e)		1,542,269
	345,000	A-	5.729% (SOFR + 1.470%) due 8/14/37(e)		341,776
	200,000	A-	6.332% (SOFR + 2.650%) due 3/9/44(e)		204,827
			Subordinated Notes:
	220,000	BBB+	4.762% (SOFR + 2.530%) due 3/29/33(e)		211,049
	200,000	BBB+	6.547% (SOFR + 2.980%) due 6/20/34(e)		208,008
	100,000	BBB+	6.500% due 9/15/37		103,324
	200,000	A-	ING Groep NV, Senior Unsecured Notes, 4.803% (SOFR + 1.260%) due 3/23/32(e)		196,229
	350,000	BBB-	Intesa Sanpaolo SpA, Subordinated Notes, 4.950% (1-Year CMT Index + 2.750%) due 6/1/42(a)(e)		294,402
			JPMorgan Chase & Co.:
			Senior Unsecured Notes:
	300,000	A	4.005% (3-Month Term SOFR + 1.382%) due 4/23/29(e)		296,596
	53,000	A	5.299% (SOFR + 1.450%) due 7/24/29(e)		53,512
	782,000	A	5.012% (SOFR + 1.310%) due 1/23/30(e)		784,087
	46,000	A	4.565% (SOFR + 1.750%) due 6/14/30(e)		45,571
	970,000	A	4.864% (SOFR + 0.845%) due 7/23/30(e)		966,702
	1,330,000	A	2.739% (3-Month Term SOFR + 1.510%) due 10/15/30(e)		1,244,403
	200,000	A	5.103% (SOFR + 1.435%) due 4/22/31(e)		200,164
	872,000	A	5.350% (SOFR + 1.845%) due 6/1/34(e)		872,478
	100,000	A	5.502% (SOFR + 1.315%) due 1/24/36(e)		99,878
	400,000	A	5.572% (SOFR + 1.680%) due 4/22/36(e)		401,373
	250,000	A	4.898% (SOFR + 1.070%) due 1/22/37(e)		237,631
	4,265,000	A	5.148% (SOFR + 1.260%) due 4/23/37(e)		4,125,658
	50,000	A	3.882% (3-Month Term SOFR + 1.622%) due 7/24/38(e)		42,935
	50,000	A	5.534% (SOFR + 1.550%) due 11/29/45(e)		47,623

See Notes to Financial Statements.

111



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Banks — 7.5% — (continued)
$	150,000		A	3.109% (SOFR + 2.440%) due 4/22/51(e)	$	95,393
	200,000		A	3.328% (SOFR + 1.580%) due 4/22/52(e)		131,688
	400,000		A-	Subordinated Notes, 5.576% (SOFR + 1.635%) due 7/23/36(e)		398,100
	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)		745,802
	250,000		BBB	KeyCorp, Senior Unsecured Notes, 5.121% (SOFR + 1.227%) due 4/4/31(e)		249,590
				Kreditanstalt fuer Wiederaufbau, Government Guaranteed Notes:
	200,000		AAA	3.750% due 2/15/28		198,337
	200,000		AAA	4.625% due 3/18/30		201,055
	200,000		AAA	3.750% due 3/14/31		194,060
				Lloyds Banking Group PLC, Senior Unsecured Notes:
	200,000		A-	4.375% due 3/22/28		199,216
	200,000		A-	3.574% (3-Month USD-LIBOR + 1.205%) due 11/7/28(e)		197,529
	200,000		A-	4.425% (1-Year CMT Index + 0.820%) due 11/4/31(e)		194,177
	1,580,000		A-	5.203% (1-Year CMT Index + 0.800%) due 8/17/32(e)		1,574,384
	200,000		A-	5.679% (1-Year CMT Index + 1.750%) due 1/5/35(e)		201,702
	200,000	^EUR	Baa2(b)	Luminor Bank AS, Senior Non-Preferred Notes, (Cost — $232,982, acquired 8/5/26), 4.266% (3-Month EURIBOR + 1.280%) due 5/27/31(d)(e)		232,807
	100,000		BBB+	M&T Bank Corp., Senior Unsecured Notes, 5.179% (SOFR + 1.400%) due 7/8/31(e)		99,860
	690,000		A-	Mitsubishi UFJ Financial Group Inc., Senior Unsecured Notes, 5.190% (1-Year CMT Index + 0.820%) due 7/23/32(e)		686,366
				Mizuho Financial Group Inc., Senior Unsecured Notes:
	200,000		A-	2.201% (3-Month Term SOFR + 1.772%) due 7/10/31(e)		179,475
	200,000		A-	5.748% (1-Year CMT Index + 1.900%) due 7/6/34(e)		203,281
	200,000		A-	5.422% (1-Year CMT Index + 0.980%) due 5/13/36(e)		197,471
	1,955,000		A-	National Australia Bank Ltd., Subordinated Notes, 3.347% (5-Year CMT Index + 1.700%) due 1/12/37(a)(e)		1,747,437
				NatWest Group PLC, Senior Unsecured Notes:
	400,000		A-	5.076% (3-Month USD-LIBOR + 1.905%) due 1/27/30(e)		401,268
	915,000		A-	5.115% (1-Year CMT Index + 1.050%) due 5/23/31(e)		912,945
	1,690,000		A	NatWest Markets PLC, Senior Unsecured Notes, 4.654% due 3/27/29(a)		1,679,331
	150,000		AA+	Oesterreichische Kontrollbank AG, Government Guaranteed Notes, 4.000% due 5/28/28		149,052
	415,000		BBB-	Pinnacle Financial Partners Inc., Senior Unsecured Notes, 5.596% (SOFR + 1.700%) due 5/19/32(e)		410,441
				PNC Financial Services Group Inc. (The):
				Senior Unsecured Notes:
	420,000		A-	5.582% (SOFR + 1.841%) due 6/12/29(e)		426,145
	50,000		A-	2.550% due 1/22/30		46,245
	100,000		A-	5.222% (SOFR + 1.072%) due 1/29/31(e)		100,626
	769,000		A-	4.812% (SOFR + 1.259%) due 10/21/32(e)		754,962
	50,000		A-	6.037% (SOFR + 2.140%) due 10/28/33(e)		51,750
	50,000		A-	5.068% (SOFR + 1.933%) due 1/24/34(e)		49,102
	200,000		A-	6.875% (SOFR + 2.284%) due 10/20/34(e)		216,470
	50,000		A-	5.676% (SOFR + 1.902%) due 1/22/35(e)		50,513
	25,000		A-	5.401% (SOFR + 1.599%) due 7/23/35(e)		24,772
	160,000		A-	5.373% (SOFR + 1.417%) due 7/21/36(e)		157,705
	320,000		BBB+	Subordinated Notes, 5.423% (5-Year CMT Index + 1.170%) due 1/25/41(e)		306,060
	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)		601,216
				Royal Bank of Canada, Senior Unsecured Notes:
	100,000		A	4.950% due 2/1/29		100,611
	200,000		A	5.153% (SOFR + 1.030%) due 2/4/31(e)		200,456
	100,000		A	5.150% due 2/1/34		100,040
	89,000		BBB+	Santander Holdings USA Inc., Senior Unsecured Notes, 6.174% (SOFR + 2.500%) due 1/9/30(e)		90,833

See Notes to Financial Statements.

112



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Banks — 7.5% — (continued)
$	950,000	BBB	Santander UK Group Holdings PLC, Senior Unsecured Notes, 4.858% (SOFR + 1.554%) due 9/11/30(e)	$	940,512
			Societe Generale SA, Senior Non-Preferred Notes:
	1,080,000	BBB	5.512% (SOFR + 1.650%) due 5/22/31(a)(e)		1,084,047
	703,000	BBB	6.100% (1-Year CMT Index + 1.600%) due 4/13/33(a)(e)		718,629
	410,000	BBB	5.400% (SOFR + 1.512%) due 8/8/34(a)(e)		398,504
	540,000	BBB	6.066% (1-Year CMT Index + 2.100%) due 1/19/35(a)(e)		546,568
			State Street Corp.:
	62,000	BBB	Junior Subordinated Notes, 6.700% (5-Year CMT Index + 2.613%)(e)(f)		63,481
			Senior Unsecured Notes:
	100,000	A	4.530% (SOFR + 1.018%) due 2/20/29(e)		99,894
	100,000	A	5.684% (SOFR + 1.484%) due 11/21/29(e)		102,004
	50,000	A	4.164% (SOFR + 1.726%) due 8/4/33(e)		47,373
			Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes:
	200,000	A-	2.130% due 7/8/30		179,508
	200,000	A-	5.808% due 9/14/33		204,876
	565,000	A-	5.296% (SOFR + 1.290%) due 7/7/37(e)		547,928
	200,000	A-	5.570% (SOFR + 1.360%) due 1/15/47(e)		188,625
			Toronto-Dominion Bank (The), Senior Unsecured Notes:
	200,000	A-	4.861% due 1/31/28		200,548
	100,000	A-	2.000% due 9/10/31		87,394
	100,000	A-	5.298% due 1/30/32		100,718
	300,000	A-	4.456% due 6/8/32		290,005
	400,000	A-	4.866% due 4/22/33		389,599
			Truist Financial Corp., Senior Unsecured Notes:
	200,000	A-	5.071% (SOFR + 1.309%) due 5/20/31(e)		199,452
	50,000	A-	5.122% (SOFR + 1.852%) due 1/26/34(e)		49,052
	25,000	A-	5.867% (SOFR + 2.361%) due 6/8/34(e)		25,436
	100,000	A-	5.711% (SOFR + 1.922%) due 1/24/35(e)		100,689
			UBS Group AG:
			Junior Subordinated Notes:
	250,000	BBB-	4.875% (5-Year CMT Index + 3.404%)(a)(e)(f)		250,109
	1,035,000	BBB-	6.850% (5-Year USD SOFR ICE Swap Rate + 3.630%)(a)(e)(f)		1,059,853
	200,000	BBB-	9.250% (5-Year CMT Index + 4.758%)(a)(e)(f)		228,507
			Senior Unsecured Notes:
	500,000	A-	4.751% (1-Year CMT Index + 1.750%) due 5/12/28(a)(e)		500,359
	1,840,000	A-	3.091% (SOFR + 1.730%) due 5/14/32(a)(e)		1,670,093
	200,000	A-	5.010% (SOFR + 1.340%) due 3/23/37(a)(e)		189,724
	1,000,000	A-	5.199% (SOFR + 1.340%) due 8/10/37(a)(e)		957,218
			US Bancorp, Senior Unsecured Notes:
	100,000	A	5.046% (SOFR + 1.061%) due 2/12/31(e)		99,916
	155,000	A	5.083% (SOFR + 1.296%) due 5/15/31(e)		154,930
	100,000	A	4.481% (SOFR + 0.867%) due 1/26/32(e)		97,322
	50,000	A	5.850% (SOFR + 2.090%) due 10/21/33(e)		51,231
	50,000	A	4.839% (SOFR + 1.600%) due 2/1/34(e)		48,458
	50,000	A	5.836% (SOFR + 2.260%) due 6/12/34(e)		51,105
	50,000	A	5.678% (SOFR + 1.860%) due 1/23/35(e)		50,511
			Wells Fargo & Co.:
	150,000	BB+	Junior Subordinated Notes, 6.850% (5-Year CMT Index + 2.767%)(e)(f)		154,886
			Senior Unsecured Notes:
	500,000	BBB+	3.000% due 10/23/26		499,162
	510,000	BBB+	2.393% (SOFR + 2.100%) due 6/2/28(e)		501,691
	490,000	BBB+	4.150% due 1/24/29		483,530
	200,000	BBB+	4.970% (SOFR + 1.370%) due 4/23/29(e)		200,747
	510,000	BBB+	5.574% (SOFR + 1.740%) due 7/25/29(e)		516,975

See Notes to Financial Statements.

113



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Banks — 7.5% — (continued)
$	111,000	BBB+	6.303% (SOFR + 1.790%) due 10/23/29(e)	$	114,223
	103,000	BBB+	2.572% (3-Month Term SOFR + 1.262%) due 2/11/31(e)		94,888
	100,000	BBB+	4.478% (3-Month Term SOFR + 4.032%) due 4/4/31(e)		98,088
	733,000	BBB+	5.150% (SOFR + 1.500%) due 4/23/31(e)		734,341
	1,653,000	BBB+	4.844% (SOFR + 0.970%) due 5/20/32(e)		1,626,836
	1,730,000	BBB+	3.350% (SOFR + 1.500%) due 3/2/33(e)		1,569,677
	425,000	BBB+	5.389% (SOFR + 2.020%) due 4/24/34(e)		424,476
	863,000	BBB+	5.557% (SOFR + 1.990%) due 7/25/34(e)		869,282
	140,000	BBB+	6.491% (SOFR + 2.060%) due 10/23/34(e)		148,421
	50,000	BBB+	5.605% (SOFR + 1.740%) due 4/23/36(e)		50,174
	1,831,000	BBB+	4.960% (SOFR + 1.100%) due 1/23/37(e)		1,743,341
	200,000	BBB+	3.068% (SOFR + 2.530%) due 4/30/41(e)		147,095
	50,000	BBB+	3.900% due 5/1/45		38,084
	1,415,000	BBB+	5.013% (3-Month Term SOFR + 4.502%) due 4/4/51(e)		1,213,740
	200,000	BBB+	4.611% (SOFR + 2.130%) due 4/25/53(e)		160,330
			Westpac Banking Corp.:
	50,000	AA-	Senior Unsecured Notes, 2.150% due 6/3/31		44,369
	100,000	A-	Subordinated Notes, 2.668% (5-Year CMT Index + 1.750%) due 11/15/35(e)		89,479

			Total Banks		152,161,028


	Beverages — 0.1%
			Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
	125,000	A-	4.700% due 2/1/36		118,381
	100,000	A-	4.900% due 2/1/46		87,502
	50,000	A-	Anheuser-Busch InBev Finance Inc., Company Guaranteed Notes, 4.900% due 2/1/46		43,597
			Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
	50,000	A-	4.375% due 4/15/38		45,260
	50,000	A-	5.450% due 1/23/39		49,258
	25,000	A-	4.950% due 1/15/42		22,828
	50,000	A-	4.439% due 10/6/48		40,512
	50,000	A-	5.550% due 1/23/49		47,121
	50,000	A-	4.750% due 4/15/58		41,447
	50,000	A-	5.800% due 1/23/59		48,488
	1,285,000	BBB-	Becle SAB de CV, Senior Unsecured Notes, 2.500% due 10/14/31(a)		1,100,625
			Coca-Cola Co. (The), Senior Unsecured Notes:
	50,000	A+	5.000% due 5/13/34		50,283
	50,000	A+	2.500% due 6/1/40		35,594
	25,000	A+	2.600% due 6/1/50		14,695
	25,000	A+	3.000% due 3/5/51		15,871
	50,000	A+	2.500% due 3/15/51		28,329
	50,000	A+	5.300% due 5/13/54		46,191
	25,000	A+	5.400% due 5/13/64		22,932
			Constellation Brands Inc.:
			Company Guaranteed Notes:
	100,000	BBB	3.600% due 2/15/28		98,499
	25,000	BBB	5.250% due 11/15/48		22,242
	55,000	BBB	Senior Unsecured Notes, 2.250% due 8/1/31		48,025
			Keurig Dr Pepper Inc., Company Guaranteed Notes:
	100,000	BBB-	5.200% due 3/15/31		99,750
	25,000	BBB-	3.800% due 5/1/50		17,182
	25,000	BBB-	3.350% due 3/15/51		15,772
			Maple Parent Holdings Corp., Company Guaranteed Notes:
	178,000	(P)BBB-	5.700% due 3/26/36(a)		175,303
	83,000	(P)BBB-	6.625% due 3/26/56(a)		83,234
	50,000	BBB	Molson Coors Beverage Co., Company Guaranteed Notes, 4.200% due 7/15/46		38,294

See Notes to Financial Statements.

114



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Beverages — 0.1% — (continued)
			PepsiCo Inc., Senior Unsecured Notes:
$	100,000	A+	3.000% due 10/15/27	$	98,586
	100,000	A+	4.100% due 1/15/29		99,149
	50,000	A+	4.800% due 7/17/34		49,144
	25,000	A+	2.625% due 10/21/41		17,288
	25,000	A+	4.450% due 4/14/46		20,952
	25,000	A+	2.875% due 10/15/49		15,511
	25,000	A+	3.625% due 3/19/50		17,757
	50,000	A+	2.750% due 10/21/51		29,673
	25,000	A+	4.200% due 7/18/52		19,414
	25,000	A+	3.875% due 3/19/60		17,891

			Total Beverages		2,842,580


	Biotechnology — 0.2%
			Amgen Inc., Senior Unsecured Notes:
	171,000	BBB+	5.150% due 3/2/28		172,064
	180,000	BBB+	4.050% due 8/18/29		176,428
	221,000	BBB+	2.450% due 2/21/30		203,533
	50,000	BBB+	3.350% due 2/22/32		45,808
	426,000	BBB+	4.850% due 2/19/36		406,561
	25,000	BBB+	6.375% due 6/1/37		26,565
	100,000	BBB+	3.150% due 2/21/40		75,469
	43,000	BBB+	3.375% due 2/21/50		29,054
	50,000	BBB+	4.663% due 6/15/51		40,629
	69,000	BBB+	4.200% due 2/22/52		51,671
	1,148,000	BBB+	4.875% due 3/1/53		954,310
	50,000	BBB+	5.650% due 3/2/53		46,558
	50,000	BBB+	2.770% due 9/1/53		28,242
	38,000	BBB+	4.400% due 2/22/62		28,265
	67,000	BBB+	5.750% due 3/2/63		61,933
			Biogen Inc., Senior Unsecured Notes:
	164,000	BBB+	5.200% due 9/15/45		146,787
	140,000	BBB+	3.150% due 5/1/50		87,158
	154,000	BBB+	3.250% due 2/15/51		97,244
	322,000	BBB+	6.450% due 5/15/55		330,341
			Gilead Sciences Inc., Senior Unsecured Notes:
	474,000	A-	1.650% due 10/1/30		417,498
	90,000	A-	4.000% due 9/1/36		80,636
	100,000	A-	2.600% due 10/1/40		70,404
	142,000	A-	4.800% due 4/1/44		124,892
	99,000	A-	4.500% due 2/1/45		83,400
	70,000	A-	4.750% due 3/1/46		60,348
			Royalty Pharma PLC, Company Guaranteed Notes:
	50,000	BBB	5.150% due 9/2/29		50,273
	100,000	BBB	5.400% due 9/2/34		99,070

			Total Biotechnology		3,995,141


	Building Materials — 0.3%
	460,000	BB-	Builders FirstSource Inc., Company Guaranteed Notes, 4.250% due 2/1/32(a)		423,392
			Carrier Global Corp., Senior Unsecured Notes:
	200,000	BBB+	2.722% due 2/15/30		186,003
	50,000	BBB+	3.377% due 4/5/40		38,916
	50,000	BBB+	3.577% due 4/5/50		34,827
			CRH America Finance Inc., Company Guaranteed Notes:
	100,000	BBB+	4.400% due 2/9/31		97,225
	25,000	BBB+	5.000% due 2/9/36		23,916

See Notes to Financial Statements.

115



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Building Materials — 0.3% — (continued)
$	675,000	BB-	EMRLD Borrower LP/Emerald Co.-Issuer Inc., Senior Secured Notes, 6.625% due 12/15/30(a)	$	688,473
	155,000	B+	Griffon Corp., Company Guaranteed Notes, 5.750% due 3/1/28		155,260
	135,000	B+	Knife River Corp., Company Guaranteed Notes, 7.750% due 5/1/31(a)		139,296
			Martin Marietta Materials Inc., Senior Unsecured Notes:
	1,425,000	BBB+	5.625% due 8/15/36		1,426,099
	25,000	BBB+	4.250% due 12/15/47		19,299
	25,000	BBB+	3.200% due 7/15/51		15,708
	115,000	BB	Masterbrand Inc., Company Guaranteed Notes, 7.000% due 7/15/32(a)(c)		115,024
	255,000	B+	Miter Brands Acquisition Holdco Inc./MIWD Borrower LLC, Senior Secured Notes, 6.750% due 4/1/32(a)		252,863
			Owens Corning, Senior Unsecured Notes:
	25,000	BBB	4.400% due 1/30/48		19,933
	50,000	BBB	5.950% due 6/15/54		48,548
	440,000	BB	Quikrete Holdings Inc., Senior Secured Notes, 6.375% due 3/1/32(a)		445,685
	280,000	B+	Smyrna Ready Mix Concrete LLC, Senior Secured Notes, 6.000% due 11/1/28(a)		280,459
			Standard Building Solutions Inc., Senior Unsecured Notes:
	315,000	BB+	6.500% due 8/15/32(a)		316,418
	35,000	BB+	6.250% due 8/1/33(a)		34,749
			Standard Industries Inc., Senior Unsecured Notes:
	155,000	BB+	4.750% due 1/15/28(a)		154,510
	225,000	BB+	4.375% due 7/15/30(a)		214,046

			Total Building Materials		5,130,649


	Chemicals — 0.3%
			Air Products & Chemicals Inc., Senior Unsecured Notes:
	25,000	A	4.850% due 2/8/34		24,416
	25,000	A	2.700% due 5/15/40		17,943
	50,000	A	2.800% due 5/15/50		30,062
	190,000	BB+	Axalta Coating Systems LLC, Company Guaranteed Notes, 3.375% due 2/15/29(a)		182,272
	200,000	D	Braskem Netherlands Finance BV, Company Guaranteed Notes, 4.500% due 1/31/30*(a)(g)		110,162
	25,000	BBB	Cabot Corp., Senior Unsecured Notes, 5.000% due 6/30/32		24,725
			Celanese US Holdings LLC, Company Guaranteed Notes:
	185,000	BB	7.000% due 2/15/31		190,260
	895,000	BB	7.700% due 11/15/33		956,030
	476,000	BB	7.375% due 2/15/34(c)		493,402
	25,000	BBB	CF Industries Inc., Company Guaranteed Notes, 5.375% due 3/15/44		23,034
			Chemours Co. (The), Company Guaranteed Notes:
	80,000	BB-	5.750% due 11/15/28(a)		79,503
	455,000	BB-	8.000% due 1/15/33(a)		449,414
			Dow Chemical Co. (The), Senior Unsecured Notes:
	50,000	BBB-	4.800% due 1/15/31		49,048
	25,000	BBB-	5.150% due 2/15/34		24,314
	50,000	BBB-	5.650% due 3/15/36		49,072
	25,000	BBB-	5.250% due 11/15/41		22,299
	25,000	BBB-	4.625% due 10/1/44		20,000
	25,000	BBB-	4.800% due 5/15/49		19,785
	25,000	BBB-	6.900% due 5/15/53(c)		26,085
	25,000	BBB-	5.600% due 2/15/54		21,848
			Eastman Chemical Co., Senior Unsecured Notes:
	176,000	BBB	4.500% due 12/1/28		174,640
	25,000	BBB	5.625% due 2/20/34		25,024
			Ecolab Inc., Senior Unsecured Notes:
	25,000	A-	3.950% due 12/1/47		19,240
	25,000	A-	2.125% due 8/15/50		12,878
	25,000	A-	2.700% due 12/15/51		14,502

See Notes to Financial Statements.

116



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Chemicals — 0.3% — (continued)
$	25,000		A-	2.750% due 8/18/55(c)	$	14,236
	25,000		A-	EIDP Inc., Senior Unsecured Notes, 4.800% due 5/15/33		23,898
	65,000		BB+	Element Solutions Inc., Company Guaranteed Notes, 3.875% due 9/1/28(a)		63,505
				INEOS Finance PLC, Senior Secured Notes:
	334,000	^EUR	B+	(Cost — $375,828, acquired 3/20/26), 6.625% due 5/15/28(d)		392,052
	200,000		B+	7.500% due 4/15/29(a)		199,045
	25,000		BBB	International Flavors & Fragrances Inc., Senior Unsecured Notes, 4.375% due 6/1/47		19,803
	25,000		A	Linde Inc., Company Guaranteed Notes, 3.550% due 11/7/42		19,256
	25,000		BBB-	LYB International Finance BV, Company Guaranteed Notes, 4.875% due 3/15/44		20,548
				LYB International Finance III LLC, Company Guaranteed Notes:
	494,000		BBB-	5.875% due 1/15/36(c)		490,025
	25,000		BBB-	4.200% due 10/15/49		17,783
	50,000		BBB-	4.200% due 5/1/50		35,550
	25,000		BBB-	3.800% due 10/1/60		15,429
	25,000		BBB	Mosaic Co. (The), Senior Unsecured Notes, 5.625% due 11/15/43		23,038
	150,000		BBB-	NOVA Chemicals Corp., Senior Secured Notes, 8.500% due 11/15/28(a)		154,362
				Nutrien Ltd., Senior Unsecured Notes:
	25,000		BBB	4.900% due 6/1/43		21,871
	25,000		BBB	5.000% due 4/1/49		21,385
	25,000		BBB	3.950% due 5/13/50		18,195
	200,000		BBB-	OCP SA, Senior Unsecured Notes, 5.125% due 6/23/51(a)		155,643
				Qnity Electronics Inc.:
	85,000		BB	Company Guaranteed Notes, 6.250% due 8/15/33(a)		85,658
	240,000		BB+	Senior Secured Notes, 5.750% due 8/15/32(a)		238,719
				Sherwin-Williams Co. (The), Senior Unsecured Notes:
	50,000		BBB	4.500% due 8/15/30		49,138
	25,000		BBB	3.800% due 8/15/49		18,094
	25,000		BBB	3.300% due 5/15/50		16,223
	25,000		BBB	2.900% due 3/15/52		14,792
	215,000		BB+	Solstice Advanced Materials Inc., Senior Unsecured Notes, 5.625% due 9/30/33(a)		211,249
				Westlake Corp., Senior Unsecured Notes:
	50,000		BBB	3.125% due 8/15/51		29,853
	25,000		BBB	3.375% due 8/15/61		14,245
	115,000		B	WR Grace Holdings LLC, Senior Secured Notes, 6.625% due 8/15/32(a)		110,869

				Total Chemicals		5,554,422


	Commercial Services — 0.6%
	185,000		BB	ADT Security Corp. (The), Senior Secured Notes, 4.875% due 7/15/32(a)		174,425
	115,000		B	Avis Budget Car Rental LLC/Avis Budget Finance Inc., Company Guaranteed Notes, 5.750% due 7/15/27(a)		115,356
				Block Inc., Senior Unsecured Notes:
	405,000		BB+	6.500% due 5/15/32		411,930
	500,000		BB+	6.000% due 8/15/33(a)		499,386
	115,000		BB	Brink’s Co. (The), Company Guaranteed Notes, 6.750% due 6/15/32(a)		116,782
	25,000		BBB	Equifax Inc., Senior Unsecured Notes, 5.100% due 6/1/28		25,112
				GEO Group Inc. (The):
	270,000		BB-	Company Guaranteed Notes, 10.250% due 4/15/31		290,614
	400,000		BB+	Senior Secured Notes, 8.625% due 4/15/29		416,196
				Global Payments Inc., Senior Unsecured Notes:
	176,000		BBB-	4.450% due 6/1/28		174,449
	44,000		BBB-	3.200% due 8/15/29		41,575
	2,515,000		BBB-	4.875% due 11/15/30		2,448,032
	100,000	^EUR	BBB-	4.875% due 3/17/31		118,698
	97,000		BBB-	2.900% due 11/15/31		84,814
	1,465,000		BBB-	5.200% due 11/15/32		1,413,592

See Notes to Financial Statements.

117



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Commercial Services — 0.6% — (continued)
$	140,000		BBB-	5.550% due 11/15/35	$	133,634
	840,000		BBB-	5.950% due 8/15/52(c)		767,246
	168,000		BB-	Herc Holdings Inc., Company Guaranteed Notes, 7.000% due 6/15/30(a)		173,922
	725,000		Baa3(b)	Mobility Global Inc., Senior Unsecured Notes, 5.450% due 6/15/31(a)		722,151
				Moody’s Corp., Senior Unsecured Notes:
	245,000		A-	4.250% due 2/1/29		242,551
	42,000		A-	2.000% due 8/19/31		36,644
				PayPal Holdings Inc., Senior Unsecured Notes:
	50,000		A-	2.850% due 10/1/29		47,123
	50,000		A-	2.300% due 6/1/30		45,694
	150,000		A-	4.950% due 6/1/31		147,848
	25,000		A-	5.150% due 6/1/34		24,380
	25,000		A-	3.250% due 6/1/50		16,312
	25,000		A-	5.050% due 6/1/52		21,607
	195,000		BB	Prime Security Services Borrower LLC/Prime Finance Inc., Senior Secured Notes, 3.375% due 8/31/27(a)		191,450
	285,000		BBB	Quanta Services Inc., Senior Unsecured Notes, 4.500% due 1/15/31		277,503
	118,000		A-	RELX Capital Inc., Company Guaranteed Notes, 4.000% due 3/18/29		115,771
				S&P Global Inc., Company Guaranteed Notes:
	100,000		A3(b)	(Cost — $97,473, acquired 7/2/26), 4.800% due 12/4/35(d)		95,298
	230,000		A3(b)	3.250% due 12/1/49		152,041
	25,000		A3(b)	3.700% due 3/1/52		17,691
	25,000		A3(b)	2.300% due 8/15/60		11,589
	25,000		A3(b)	3.900% due 3/1/62		17,228
	300,000		BB	Service Corp. International, Senior Unsecured Notes, 5.125% due 6/1/29		298,533
	350,000		B+	Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Company Guaranteed Notes, 6.750% due 8/15/32(a)(c)		345,877
	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)		235,504
				United Rentals North America Inc., Company Guaranteed Notes:
	75,000		BB+	3.875% due 2/15/31		70,350
	185,000		BB+	3.750% due 1/15/32		169,810
	90,000		BB+	5.375% due 11/15/33(a)		87,674
	440,000		BB+	6.125% due 3/15/34(a)		447,057
	670,000		B	Upbound Group Inc., Company Guaranteed Notes, 6.375% due 2/15/29(a)		667,375
				Verisk Analytics Inc., Senior Unsecured Notes:
	25,000		BBB	4.125% due 3/15/29		24,602
	50,000		BBB	4.450% due 3/15/31		48,409
	250,000		B	Wand NewCo 3 Inc., Senior Secured Notes, 7.625% due 1/30/32(a)		254,495
	190,000		BB-	Williams Scotsman Inc., Senior Secured Notes, 7.375% due 10/1/31(a)		196,683

				Total Commercial Services		12,435,013


	Computers — 0.3%
	100,000		AA-	Accenture Capital Inc., Company Guaranteed Notes, 4.250% due 10/4/31		96,208
	405,000	^EUR	BB-	Almaviva-The Italian Innovation Co. SpA, Senior Secured Notes, 5.000% due 10/30/30(a)		466,179
				Apple Inc., Senior Unsecured Notes:
	100,000		AA+	4.000% due 5/12/28		99,367
	50,000		AA+	2.200% due 9/11/29		46,870
	200,000		AA+	1.650% due 2/8/31		176,267
	100,000		AA+	4.300% due 5/10/33		97,634
	100,000		AA+	4.750% due 5/12/35		98,591
	25,000		AA+	4.500% due 2/23/36		24,182
	50,000		AA+	2.375% due 2/8/41		34,397
	50,000		AA+	3.850% due 5/4/43		39,871
	100,000		AA+	3.450% due 2/9/45		73,087
	50,000		AA+	4.375% due 5/13/45		41,706

See Notes to Financial Statements.

118



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Computers — 0.3% — (continued)
$	25,000	AA+	3.750% due 9/12/47	$	18,533
	50,000	AA+	2.650% due 5/11/50		29,183
	100,000	AA+	2.650% due 2/8/51		57,601
	50,000	AA+	2.700% due 8/5/51		29,011
	50,000	AA+	3.950% due 8/8/52		36,897
	50,000	AA+	2.800% due 2/8/61		26,928
	25,000	AA+	2.850% due 8/5/61		13,555
	50,000	AA+	4.100% due 8/8/62		36,255
			Booz Allen Hamilton Inc., Company Guaranteed Notes:
	250,000	BBB-	5.950% due 8/4/33		251,264
	765,000	BBB-	5.900% due 1/30/34		752,922
			Dell International LLC/EMC Corp.:
			Company Guaranteed Notes:
	150,000	BBB+	4.750% due 7/15/31		146,945
	100,000	BBB+	5.300% due 4/1/32		100,139
	100,000	BBB+	4.750% due 10/6/32		97,067
	100,000	BBB+	5.100% due 2/15/36		96,098
	50,000	BBB+	3.450% due 12/15/51		33,203
	23,000	BBB+	Senior Unsecured Notes, 8.350% due 7/15/46		27,883
	88,000	BBB-	DXC Technology Co., Senior Unsecured Notes, 2.375% due 9/15/28		83,211
			Hewlett Packard Enterprise Co., Senior Unsecured Notes:
	248,000	BBB	5.250% due 7/1/28		249,873
	100,000	BBB	4.850% due 10/15/31		98,338
	100,000	BBB	5.250% due 4/1/33		98,896
	25,000	BBB	5.000% due 10/15/34		23,970
	875,000	BBB	5.600% due 10/15/54		770,818
			HP Inc., Senior Unsecured Notes:
	25,000	BBB	4.750% due 1/15/28		25,011
	50,000	BBB	2.650% due 6/17/31		44,330
	25,000	BBB	6.000% due 9/15/41(c)		24,525
	100,000	A-	IBM International Capital Pte Ltd., Company Guaranteed Notes, 4.900% due 2/5/34		96,435
	120,000	BB+	Insight Enterprises Inc., Company Guaranteed Notes, 6.625% due 5/15/32(a)		121,861
			International Business Machines Corp., Senior Unsecured Notes:
	150,000	A-	4.950% due 2/3/36		141,792
	100,000	A-	4.150% due 5/15/39		83,646
	100,000	A-	4.000% due 6/20/42		77,760
	100,000	A-	4.250% due 5/15/49		73,100
	25,000	BBB-	Kyndryl Holdings Inc., Senior Unsecured Notes, 2.700% due 10/15/28		23,514
	25,000	BBB	Leidos Inc., Company Guaranteed Notes, 2.300% due 2/15/31		22,075
	190,000	B+	NCR Atleos Corp., Senior Secured Notes, 9.500% due 4/1/29(a)		201,550
	340,000	B+	NCR Voyix Corp., Company Guaranteed Notes, 5.000% due 10/1/28(a)		334,198
	50,000	BB-	Science Applications International Corp., Company Guaranteed Notes, 5.875% due 11/1/33(a)		49,561
	120,000	BBB-	Seagate Data Storage Technology Pte Ltd., Company Guaranteed Notes, 3.125% due 7/15/29		111,064

			Total Computers		5,803,371


	Cosmetics/Personal Care — 0.1%
	175,000	BB-	Edgewell Personal Care Co., Company Guaranteed Notes, 5.500% due 6/1/28(a)		175,267
			Estee Lauder Cos., Inc. (The), Senior Unsecured Notes:
	25,000	A-	4.150% due 3/15/47		19,497
	25,000	A-	3.125% due 12/1/49		15,958
	25,000	A-	5.150% due 5/15/53		21,793
	550,000	BBB+	Haleon US Capital LLC, Company Guaranteed Notes, 5.375% due 8/21/36		546,569
			Kenvue Inc.:
	25,000	A	Company Guaranteed Notes, 5.200% due 3/22/63		21,660
	50,000	A	Senior Unsecured Notes, 5.050% due 3/22/53		43,453

See Notes to Financial Statements.

119



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Cosmetics/Personal Care — 0.1% — (continued)
			Procter & Gamble Co. (The), Senior Unsecured Notes:
$	100,000	AA-	3.950% due 1/26/28	$	99,508
	100,000	AA-	4.050% due 5/1/30		98,094
	150,000	AA-	4.350% due 11/3/35		141,912
	25,000	AA-	3.600% due 3/25/50		18,555

			Total Cosmetics/Personal Care		1,202,266


	Distribution/Wholesale — 0.0%@
	150,000	BBB-	American Builders & Contractors Supply Co., Inc., Senior Secured Notes, 4.000% due 1/15/28(a)		148,251
	235,000	BB-	RB Global Holdings Inc., Company Guaranteed Notes, 7.750% due 3/15/31(a)		243,027
	110,000	BB	Resideo Funding II LLC, Company Guaranteed Notes, 6.500% due 7/15/32(a)		109,038

			Total Distribution/Wholesale		500,316


	Diversified Financial Services — 1.4%
			AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes:
	1,800,000	BBB+	2.450% due 10/29/26		1,794,781
	340,000	BBB+	3.000% due 10/29/28		326,740
	150,000	BBB+	4.375% due 11/15/30		145,753
	1,807,000	BBB+	3.300% due 1/30/32		1,630,999
	150,000	BBB+	3.400% due 10/29/33		130,963
	850,000	BBB-	6.950% (5-Year CMT Index + 2.720%) due 3/10/55(e)		872,638
	800,000	BBB	Aircastle Ltd., Company Guaranteed Notes, 5.950% due 2/15/29(a)		815,747
	150,000	BBB	Aircastle Ltd./Aircastle Ireland DAC, Company Guaranteed Notes, 5.000% due 5/15/31(a)		147,519
			Ally Financial Inc.:
	150,000	BBB-	Company Guaranteed Notes, 8.000% due 11/1/31		164,898
			Senior Unsecured Notes:
	50,000	BBB-	5.737% (SOFR + 1.960%) due 5/15/29(e)		50,477
	25,000	BBB-	6.184% (SOFR + 2.290%) due 7/26/35(e)		25,049
	130,000	BB+	Subordinated Notes, 6.700% due 2/14/33		132,335
			American Express Co.:
	270,000	BBB-	Junior Subordinated Notes, 6.450% (5-Year CMT Index + 2.119%)(e)(f)		272,192
			Senior Unsecured Notes:
	220,000	A-	4.050% due 5/3/29		217,093
	100,000	A-	5.085% (SOFR + 1.020%) due 1/30/31(e)		100,282
	345,000	A-	5.016% (SOFR + 1.440%) due 4/25/31(e)		345,391
	100,000	A-	5.043% (SOFR + 1.835%) due 5/1/34(e)		98,560
	100,000	A-	5.442% (SOFR + 1.320%) due 1/30/36(e)		99,677
	110,000	A-	5.667% (SOFR + 1.790%) due 4/25/36(e)		111,151
	100,000	A-	4.050% due 12/3/42		81,718
	990,000	BBB+	Ares Finance Co. II LLC, Company Guaranteed Notes, 3.250% due 6/15/30(a)		919,140
			Avolon Holdings Funding Ltd.:
			Company Guaranteed Notes:
	419,000	BBB	2.528% due 11/18/27(a)		407,679
	535,000	BBB	5.750% due 3/1/29(a)		542,332
	130,000	BBB	5.750% due 11/15/29(a)		131,895
	2,960,000	BBB	5.150% due 1/15/30(a)		2,947,278
	535,000	BBB	Senior Unsecured Notes, 2.750% due 2/21/28(a)		518,519
			Brookfield Asset Management Ltd., Senior Unsecured Notes:
	340,000	A-	5.298% due 1/15/36		325,718
	430,000	A-	6.077% due 9/15/55		417,456
			Capital One Financial Corp.:
			Senior Unsecured Notes:
	100,000	BBB	7.624% (SOFR + 3.070%) due 10/30/31(e)		108,405
	50,000	BBB	5.817% (SOFR + 2.600%) due 2/1/34(e)		50,546
	50,000	BBB	6.377% (SOFR + 2.860%) due 6/8/34(e)		51,939
	100,000	BBB	5.197% (SOFR + 1.630%) due 9/11/36(e)		95,411
	2,195,000	BBB	5.399% (SOFR + 1.508%) due 1/30/37(e).....		2,115,269

See Notes to Financial Statements.

120



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Diversified Financial Services — 1.4% — (continued)
			Subordinated Notes:
$	27,000	BBB-	2.359% (SOFR + 1.337%) due 7/29/32(e)	$	23,215
	110,000	BBB-	6.183% (SOFR + 2.036%) due 1/30/36(e)		110,084
			Charles Schwab Corp. (The), Senior Unsecured Notes:
	50,000	A-	2.000% due 3/20/28		48,085
	25,000	A-	4.000% due 2/1/29		24,673
	50,000	A-	5.643% (SOFR + 2.210%) due 5/19/29(e)		50,793
	50,000	A-	6.196% (SOFR + 1.878%) due 11/17/29(e)		51,483
	25,000	A-	2.900% due 3/3/32		22,389
	50,000	A-	6.136% (SOFR + 2.010%) due 8/24/34(e)		52,067
	390,000	A-	4.914% (SOFR + 1.230%) due 11/14/36(e)		371,240
	145,000	A-	5.655% (SOFR + 1.320%) due 8/12/37(e)		144,533
			Citadel Finance LLC, Company Guaranteed Notes:
	1,300,000	BBB-	5.900% due 2/10/30(a)		1,305,313
	785,000	BBB-	5.150% due 2/14/31(a)		761,658
	2,150,000	A+	Equitable America Global Funding, Secured Notes, 4.950% due 6/9/30(a)		2,128,678
	1,005,000	A	Franklin Templeton Inc., Senior Unsecured Notes, 5.500% due 8/10/36		984,933
			Intercontinental Exchange Inc., Senior Unsecured Notes:
	50,000	A-	4.000% due 9/15/27		49,781
	50,000	A-	4.350% due 6/15/29		49,408
	13,000	A-	2.100% due 6/15/30		11,745
	705,000	A-	4.900% due 9/1/31		702,375
	50,000	A-	4.600% due 3/15/33		48,347
	525,000	A-	5.400% due 9/1/36		521,124
	25,000	A-	2.650% due 9/15/40		17,558
	25,000	A-	4.250% due 9/21/48		19,551
	50,000	A-	3.000% due 6/15/50		31,255
	50,000	A-	4.950% due 6/15/52		43,072
	50,000	A-	3.000% due 9/15/60		27,790
			Jefferies Financial Group Inc., Senior Unsecured Notes:
	50,000	BBB	5.875% due 7/21/28		50,845
	50,000	BBB	4.150% due 1/23/30		48,009
	150,000	Baa2(b)	5.125% due 4/28/31		146,724
	50,000	BBB	6.200% due 4/14/34		50,695
	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		99,798
	760,000	A	Lseg US Finance Corp., Company Guaranteed Notes, 5.250% due 3/23/36(a)		738,811
			Mastercard Inc., Senior Unsecured Notes:
	100,000	A+	4.875% due 5/9/34		98,410
	25,000	A+	3.650% due 6/1/49		17,940
	50,000	A+	3.850% due 3/26/50		37,100
	25,000	A+	2.950% due 3/15/51		15,455
	232,000	BBB+	Nasdaq Inc., Senior Unsecured Notes, 5.550% due 2/15/34		234,388
			Nomura Holdings Inc., Senior Unsecured Notes:
	200,000	BBB+	6.070% due 7/12/28		204,360
	200,000	BBB+	4.996% due 6/29/29		199,550
	200,000	BBB+	3.103% due 1/16/30		186,932
	520,000	BB	OneMain Finance Corp., Company Guaranteed Notes, 6.625% due 5/15/29		528,174
	90,000	BB	PRA Group Inc., Company Guaranteed Notes, 5.000% due 10/1/29(a)		86,457
	100,000	A-	Raymond James Financial Inc., Senior Unsecured Notes, 5.650% due 9/11/55		92,625
			Rocket Cos., Inc., Company Guaranteed Notes:
	25,000	BB+	6.125% due 8/1/30(a)		25,348
	170,000	BB+	7.125% due 2/1/32(a)		175,665
	410,000	BB+	Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer Inc., Company Guaranteed Notes, 3.625% due 3/1/29(a)		395,412

See Notes to Financial Statements.

121



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Diversified Financial Services — 1.4% — (continued)
			Sumisho Air Lease Corp., Senior Unsecured Notes:
$	25,000	BBB	5.850% due 12/15/27	$	25,329
	50,000	BBB	5.300% due 2/1/28		50,289
	50,000	BBB	2.100% due 9/1/28		47,336
	25,000	BBB	3.000% due 2/1/30		23,286
	25,000	BBB	3.125% due 12/1/30		22,982
			Synchrony Financial, Senior Unsecured Notes:
	50,000	BBB-	5.450% (SOFR + 1.680%) due 3/6/31(e)		49,866
	50,000	BBB-	4.947% (SOFR + 1.530%) due 2/25/32(e)		48,457
	420,000	BBB+	TPG Operating Group II LP, Company Guaranteed Notes, 5.875% due 3/5/34		422,290
	309,000	A+	UBS Americas Inc., Company Guaranteed Notes, 7.125% due 7/15/32		339,127
	95,000	Ba3(b)	United Wholesale Mortgage LLC, Senior Unsecured Notes, 5.500% due 4/15/29(a)		89,574
			Visa Inc., Senior Unsecured Notes:
	100,000	AA-	2.050% due 4/15/30		91,228
	100,000	AA-	4.700% due 2/12/36		96,478
	25,000	AA-	2.700% due 4/15/40		18,354
	25,000	AA-	3.650% due 9/15/47		18,447
	50,000	AA-	2.000% due 8/15/50		25,646

			Total Diversified Financial Services		28,598,087


	Electric — 2.4%
			AEP Texas Inc., Senior Unsecured Notes:
	43,000	BBB+	5.400% due 6/1/33		42,790
	82,000	BBB+	3.450% due 1/15/50		53,775
	41,000	BBB+	3.450% due 5/15/51		26,472
			AEP Transmission Co. LLC, Senior Unsecured Notes:
	70,000	BBB+	3.750% due 12/1/47		50,748
	59,000	BBB+	3.150% due 9/15/49		37,720
	45,000	BBB+	2.750% due 8/15/51		26,227
	40,000	BBB+	4.500% due 6/15/52		31,940
	50,000	BBB-	AES Corp. (The), Senior Unsecured Notes, 5.200% due 7/15/29		50,016
			Alabama Power Co., Senior Unsecured Notes:
	64,000	A	3.700% due 12/1/47		46,331
	60,000	A	3.450% due 10/1/49		40,730
	246,000	A	3.125% due 7/15/51		154,211
	111,000	A	3.000% due 3/15/52		67,538
			Ameren Illinois Co., 1st Mortgage Notes:
	43,000	A	3.250% due 3/15/50		28,446
	95,000	A	2.900% due 6/15/51		57,641
	170,000	A	5.550% due 7/1/54		158,486
	150,000	A	American Transmission Systems Inc., Senior Unsecured Notes, 2.650% due 1/15/32(a)		132,388
			Arizona Public Service Co., Senior Unsecured Notes:
	25,000	BBB+	5.550% due 8/1/33		25,214
	75,000	BBB+	5.100% due 3/15/36		72,114
	25,000	BBB+	3.350% due 5/15/50		16,236
			Baltimore Gas & Electric Co., Senior Unsecured Notes:
	6,000	A-	3.500% due 8/15/46		4,225
	50,000	A-	3.750% due 8/15/47		36,279
	80,000	A-	3.200% due 9/15/49		51,152
	67,000	A-	2.900% due 6/15/50		40,320
	54,000	A-	4.550% due 6/1/52		42,992
	65,000	A-	5.400% due 6/1/53		58,525
	1,130,000	A	Basin Electric Power Cooperative, 1st Mortgage Notes, 5.850% due 10/15/55		1,055,154
			Berkshire Hathaway Energy Co., Senior Unsecured Notes:
	25,000	A-	6.125% due 4/1/36		26,007
	50,000	A-	4.500% due 2/1/45		41,011

See Notes to Financial Statements.

122



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Electric — 2.4% — (continued)
				CenterPoint Energy Houston Electric LLC:
$	118,000		A	1st Mortgage Notes, 3.600% due 3/1/52	$	81,891
	129,000		A	General Refinance Mortgage, 4.450% due 10/1/32		124,228
	1,955,000		BBB	Comision Federal de Electricidad, Company Guaranteed Notes, 3.348% due 2/9/31(a)		1,770,104
	25,000		A	Commonwealth Edison Co., 1st Mortgage Notes, 5.900% due 3/15/36		25,754
				Consolidated Edison Co. of New York Inc., Senior Unsecured Notes:
	40,000		A-	3.950% due 4/1/50		29,487
	134,000		A-	5.900% due 11/15/53		128,594
	100,000		A-	5.700% due 5/15/54		93,721
	25,000		A-	4.625% due 12/1/54		19,843
				Constellation Energy Generation LLC, Senior Unsecured Notes:
	350,000		BBB+	4.625% due 2/1/29		346,430
	50,000		BBB+	5.875% due 1/15/66		46,691
				Consumers Energy Co., 1st Mortgage Notes:
	56,000		A	3.500% due 8/1/51		38,364
	53,000		A	2.650% due 8/15/52		30,145
	113,000		A	4.200% due 9/1/52		86,297
				Dominion Energy Inc.:
				Junior Subordinated Notes:
	1,540,000		BBB-	6.625% (5-Year CMT Index + 2.207%) due 5/15/55(e)		1,550,557
	446,000		BBB-	6.000% (5-Year CMT Index + 2.262%) due 2/15/56(e)		442,371
				Senior Unsecured Notes:
	100,000		BBB	4.250% due 6/1/28		99,227
	50,000		BBB	5.000% due 6/15/30		49,920
	50,000		BBB	2.250% due 8/15/31		43,695
	100,000		BBB	5.350% due 6/15/36		97,075
				Dominion Energy South Carolina Inc., 1st Mortgage Notes:
	50,000		A	5.300% due 1/15/35		49,671
	83,000		A	6.250% due 10/15/53		84,891
				DTE Electric Co., General Refinance Mortgage:
	350,000		A	5.200% due 3/1/34		349,586
	180,000		A	3.250% due 4/1/51		117,271
	100,000		BBB	DTE Energy Co., Senior Unsecured Notes, 5.050% due 10/1/35		96,105
				Duke Energy Carolinas LLC, 1st Mortgage Notes:
	104,000		A	3.950% due 11/15/28		102,475
	150,000		A	4.650% due 6/15/31		147,956
	100,000		A	4.950% due 1/15/33		98,948
	25,000		A	6.050% due 4/15/38		25,952
	535,000		A	4.250% due 12/15/41		448,650
	105,000		A	3.200% due 8/15/49		68,151
	80,000		A	3.550% due 3/15/52		54,280
	202,000		A	5.350% due 1/15/53		182,022
				Duke Energy Corp., Senior Unsecured Notes:
	350,000	^EUR	BBB	3.100% due 6/15/28		404,812
	50,000		BBB	2.550% due 6/15/31		44,647
	150,000		BBB	4.950% due 9/15/35		143,469
				Duke Energy Florida LLC, 1st Mortgage Notes:
	145,000		A	2.500% due 12/1/29		134,866
	133,000		A	1.750% due 6/15/30		118,688
	25,000		A	6.400% due 6/15/38		26,490
	24,000		A	4.200% due 7/15/48		18,559
	26,000		A	5.950% due 11/15/52		25,488
	350,000		A	6.200% due 11/15/53		356,439
				Duke Energy Indiana LLC, 1st Mortgage Notes:
	380,000		A	2.750% due 4/1/50		223,012
	535,000		A	5.400% due 4/1/53		482,231

See Notes to Financial Statements.

123



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Electric — 2.4% — (continued)
			Duke Energy Ohio Inc., 1st Mortgage Notes:
$	529,000	A	3.650% due 2/1/29	$	516,385
	20,000	A	5.650% due 4/1/53		18,707
			Duke Energy Progress LLC, 1st Mortgage Notes:
	130,000	A	3.450% due 3/15/29		126,183
	43,000	A	5.250% due 3/15/33		43,212
	81,000	A	4.150% due 12/1/44		64,487
	67,000	A	2.900% due 8/15/51		39,945
	180,000	BB+	Edison International, Senior Unsecured Notes, 6.950% due 11/15/29		185,925
	250,000	BBB+	Electricite de France SA, Senior Unsecured Notes, 6.125% due 4/22/56(a)		235,017
	770,000	BBB-	Emera US Finance LP, Company Guaranteed Notes, 2.639% due 6/15/31		686,303
	245,000	B-	Empresa Distribuidora Y Comercializadora Norte, Senior Unsecured Notes, 9.500% due 4/28/33(a)		241,662
			ENEL Finance International NV, Company Guaranteed Notes:
	450,000	BBB	5.000% due 9/30/35(a)		427,583
	310,000	BBB	5.750% due 9/30/55(a)		281,547
	87,000	A	Entergy Arkansas LLC, 1st Mortgage Notes, 3.350% due 6/15/52		56,143
			Entergy Corp., Junior Subordinated Notes:
	486,000	BBB-	7.125% (5-Year CMT Index + 2.670%) due 12/1/54(e)		499,978
	158,000	BBB-	5.875% (5-Year CMT Index + 2.179%) due 6/15/56(e)		155,682
	508,000	BBB-	6.500% (5-Year CMT Index + 1.878%) due 12/15/56(e)		506,975
			Entergy Louisiana LLC:
			1st Mortgage Notes:
	25,000	A	5.150% due 9/15/34		24,653
	25,000	A	2.900% due 3/15/51		14,884
	710,000	A	5.650% due 4/15/56		660,426
	25,000	A	Collateral Trust, 4.200% due 9/1/48		19,163
			Entergy Mississippi LLC, 1st Mortgage Notes:
	370,000	A	5.000% due 9/1/33		362,933
	560,000	A	5.800% due 4/15/55		531,384
	50,000	A	Entergy Texas Inc., 1st Mortgage Notes, 5.250% due 4/15/35		49,176
	855,000	BB+	EUSHI Finance Inc., Company Guaranteed Notes, 7.625% (5-Year CMT Index + 3.136%) due 12/15/54(e)		885,785
	125,000	A	Evergy Kansas Central Inc., 1st Mortgage Notes, 5.300% due 7/1/36		122,545
			Eversource Energy, Senior Unsecured Notes:
	128,000	BBB	5.450% due 3/1/28		129,224
	100,000	BBB	4.450% due 12/15/30		97,343
	50,000	BBB+	Exelon Corp., Senior Unsecured Notes, 4.950% due 3/15/36		47,345
			FirstEnergy Corp., Senior Unsecured Notes:
	470,000	BBB	3.900% due 7/15/27		467,649
	240,000	BBB	4.850% due 7/15/47		198,388
			Florida Power & Light Co., 1st Mortgage Notes:
	150,000	A+	5.125% due 6/1/36		146,593
	25,000	A+	5.650% due 2/1/37		25,406
	251,000	A+	3.950% due 3/1/48		189,217
	122,000	A+	2.875% due 12/4/51		72,645
	100,000	A+	5.750% due 6/1/56		95,877
	200,000	BBB-	Generadora de Gatun SA, Senior Secured Notes, 6.874% due 9/30/44(a)		202,150
			Georgia Power Co., Senior Unsecured Notes:
	25,000	A	4.700% due 5/15/32		24,546
	278,000	A	4.950% due 5/17/33		274,304
	430,000	A	5.250% due 3/15/34		428,239
	100,000	A-	Interstate Power & Light Co., Senior Unsecured Notes, 2.300% due 6/1/30		90,823
	1,365,000	BBB+	ITC Holdings Corp., Senior Unsecured Notes, 5.650% due 5/9/34(a)(c)		1,370,649
	75,000	BBB+	Jersey Central Power & Light Co., Senior Unsecured Notes, 5.150% due 1/15/36		72,889

See Notes to Financial Statements.

124



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Electric — 2.4% — (continued)
$	50,000	A	Kentucky Utilities Co., 1st Mortgage Notes, 5.850% due 8/15/55	$	48,040
	50,000	A	Louisville Gas & Electric Co., 1st Mortgage Notes, 5.450% due 4/15/33		50,419
			MidAmerican Energy Co., 1st Mortgage Notes:
	141,000	A	5.850% due 9/15/54		136,085
	167,000	A	5.300% due 2/1/55		149,413
	100,000	A-	National Rural Utilities Cooperative Finance Corp., Senior Unsecured Notes, 4.850% due 2/7/29		100,268
			NextEra Energy Capital Holdings Inc., Company Guaranteed Notes:
	150,000	BBB+	4.900% due 2/28/28		150,522
	200,000	BBB+	2.750% due 11/1/29		187,879
	50,000	BBB+	2.250% due 6/1/30		45,338
	100,000	BBB+	5.300% due 3/15/32		100,271
	50,000	BBB+	5.050% due 2/28/33		49,227
	50,000	BBB+	5.250% due 3/15/34		49,373
	265,000	BBB	6.375% (5-Year CMT Index + 2.053%) due 8/15/55(e)		266,498
	160,000	BBB	6.500% (5-Year CMT Index + 1.979%) due 8/15/55(e)		160,899
	1,975,000	BBB+	Niagara Mohawk Power Corp., Senior Unsecured Notes, 5.996% due 7/3/55(a)		1,882,965
			Northern States Power Co., 1st Mortgage Notes:
	211,000	A	2.900% due 3/1/50		132,107
	136,000	A	2.600% due 6/1/51		79,103
	62,000	A	5.100% due 5/15/53		54,075
			NRG Energy Inc.:
			Company Guaranteed Notes:
	210,000	BB	5.750% due 1/15/28		210,101
	640,000	BB	5.250% due 6/15/29(a)		635,648
			Senior Secured Notes:
	80,000	BBB-	4.734% due 10/15/30(a)		78,092
	247,000	BBB-	5.407% due 10/15/35(a)		235,993
	115,000	BB	Senior Unsecured Notes, 5.750% due 1/15/34(a)		111,995
			Ohio Power Co., Senior Unsecured Notes:
	113,000	BBB+	2.600% due 4/1/30		104,774
	89,000	BBB+	5.000% due 6/1/33		87,021
	66,000	BBB+	4.000% due 6/1/49		48,401
	438,000	BBB+	2.900% due 10/1/51		255,501
			Oncor Electric Delivery Co. LLC:
	25,000	A	1st Mortgage Notes, 2.700% due 11/15/51		14,100
			Senior Secured Notes:
	50,000	A	4.550% due 9/15/32		48,438
	50,000	A	5.650% due 11/15/33		51,021
	75,000	A	5.350% due 4/1/35		74,730
	50,000	A	4.950% due 9/15/52		42,350
	25,000	A	5.900% due 3/15/56(a)		24,140
			Pacific Gas & Electric Co., 1st Mortgage Notes:
	124,000	BBB+	5.000% due 6/4/28		124,366
	100,000	BBB+	6.100% due 1/15/29		102,306
	89,000	BBB+	2.500% due 2/1/31		79,283
	50,000	BBB+	5.050% due 11/15/31		49,277
	1,020,000	BBB+	5.050% due 10/15/32		995,992
	136,000	BBB+	6.150% due 1/15/33		139,718
	1,399,000	BBB+	6.400% due 6/15/33		1,453,486
	111,000	BBB+	6.950% due 3/15/34		118,749
	100,000	BBB+	4.500% due 7/1/40		82,946
	50,000	BBB+	3.300% due 8/1/40		36,077
	50,000	BBB+	4.950% due 7/1/50		39,857
	90,000	BBB+	3.500% due 8/1/50		57,278

See Notes to Financial Statements.

125



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Electric — 2.4% — (continued)
$	28,000	BBB+	6.750% due 1/15/53	$	27,961
	55,000	BBB+	6.700% due 4/1/53		54,668
	250,000	BBB+	5.900% due 10/1/54		225,167
	890,000	BBB+	6.100% due 10/15/55		816,630
			PacifiCorp, 1st Mortgage Notes:
	50,000	BBB+	5.450% due 2/15/34		49,548
	125,000	BBB+	5.800% due 4/15/36		124,797
	25,000	BBB+	5.750% due 4/1/37		24,473
	955,000	BBB+	5.800% due 1/15/55		866,576
			PECO Energy Co., 1st Mortgage Notes:
	46,000	A	3.050% due 3/15/51		28,534
	74,000	A	4.600% due 5/15/52		59,475
	91,000	A	4.375% due 8/15/52		70,725
			PG&E Corp.:
	899,000	B+	Junior Subordinated Notes, 7.375% (5-Year CMT Index + 3.883%) due 3/15/55(e)		904,301
			Senior Secured Notes:
	180,000	BB+	5.000% due 7/1/28		177,404
	110,000	BB+	5.250% due 7/1/30		107,115
	100,000	AAA	PG&E Recovery Funding LLC, Senior Secured Notes, 5.231% due 6/1/42		97,627
			PPL Electric Utilities Corp., 1st Mortgage Notes:
	25,000	A+	5.000% due 5/15/33		24,718
	25,000	A+	4.850% due 2/15/34		24,353
	25,000	A+	5.250% due 5/15/53		22,380
			Public Service Co. of Colorado, 1st Mortgage Notes:
	270,000	A	2.700% due 1/15/51		154,999
	105,000	A	6.200% due 8/15/56		104,945
	102,000	A	Public Service Co. of New Hampshire, 1st Mortgage Notes, 5.150% due 1/15/53		90,637
	510,000	BBB+	Public Service Co. of Oklahoma, Senior Unsecured Notes, 5.400% due 2/15/34		508,233
			Public Service Electric & Gas Co.:
			1st Mortgage Notes:
	199,000	A	3.200% due 5/15/29		191,843
	185,000	A	4.900% due 12/15/32		182,739
			Secured Notes:
	100,000	A	4.200% due 1/1/31		96,968
	50,000	A	5.050% due 3/1/35		48,924
	50,000	A	5.625% due 1/1/56		47,060
	350,000	A-	Puget Sound Energy Inc., Senior Secured Notes, 5.685% due 6/15/54		329,576
	200,000	Ba2(b)	Saavi Energia Sarl, Senior Unsecured Notes, 8.875% due 2/10/35		220,230
			San Diego Gas & Electric Co., 1st Mortgage Notes:
	210,000	A	5.200% due 3/15/36		203,291
	370,000	A	3.320% due 4/15/50		239,725
	120,000	A	5.350% due 4/1/53		105,979
	795,000	A	5.950% due 3/15/56		769,218
			Sempra:
			Junior Subordinated Notes:
	1,180,000	BBB-	6.625% (5-Year CMT Index + 2.354%) due 4/1/55(e)		1,183,979
	61,000	BBB-	6.375% (5-Year CMT Index + 2.632%) due 4/1/56(e)		61,349
			Senior Unsecured Notes:
	50,000	BBB	5.250% due 3/15/36		48,089
	25,000	BBB	3.800% due 2/1/38		20,555
			Southern California Edison Co.:
			1st Mortgage Notes:
	310,000	BBB+	5.300% due 3/1/28		312,080
	208,000	BBB+	5.650% due 10/1/28		211,051
	199,000	BBB+	5.950% due 11/1/32		203,365

See Notes to Financial Statements.

126



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Electric — 2.4% — (continued)
$	530,000	BBB+	5.200% due 6/1/34	$	512,707
	752,000	BBB+	5.450% due 3/1/35		733,009
	60,000	BBB+	3.650% due 6/1/51		39,324
	30,000	BBB+	5.875% due 12/1/53		26,927
	915,000	BBB+	5.750% due 4/15/54		809,299
	25,000	BBB+	1st Refinanced Mortgage Notes, 5.950% due 2/1/38		24,639
	100,000	BBB+	Southern Power Co., Senior Unsecured Notes, 4.800% due 6/15/31		98,539
	150,000	A-	Southwestern Public Service Co., 1st Mortgage Notes, 5.875% due 8/15/56		143,540
	50,000	BBB+	System Energy Resources Inc., 1st Refinanced Mortgage Notes, 5.300% due 12/15/34		48,917
			Talen Energy Supply LLC, Company Guaranteed Notes:
	60,000	B+	6.125% due 5/1/31(a)		59,878
	60,000	B+	6.375% due 5/1/33(a)		59,306
	145,000	B+	6.250% due 2/1/34(a)		142,463
	200,000	BB+	Trinidad Generation UnLtd, Senior Unsecured Notes, 7.750% due 6/16/33(a)		209,666
			Union Electric Co., 1st Mortgage Notes:
	350,000	A	5.200% due 4/1/34		347,739
	51,000	A	5.450% due 3/15/53		46,908
			Virginia Electric & Power Co., Senior Unsecured Notes:
	705,000	BBB+	5.650% due 8/15/36		707,190
	25,000	BBB+	6.000% due 5/15/37		25,541
	52,000	BBB+	2.950% due 11/15/51		30,839
	126,000	BBB+	5.700% due 8/15/53		117,647
	15,000	BBB+	5.350% due 1/15/54		13,350
	50,000	BBB+	5.600% due 9/15/55		46,138
	715,000	BBB+	6.300% due 8/15/56		721,799
			Vistra Operations Co. LLC, Company Guaranteed Notes:
	1,460,000	BBB-	5.000% due 7/31/27(a)		1,459,395
	451,000	BBB-	4.300% due 10/15/28(a)		444,121
	26,000	BBB-	4.600% due 10/15/30(a)		25,304
	210,000	BBB-	4.700% due 1/31/31(a)		203,965
	130,000	BBB-	7.750% due 10/15/31(a)		135,452
	710,000	BBB-	6.000% due 4/15/34(a)		713,276
	150,000	BBB-	5.350% due 1/31/36(a)		143,330
	105,000	B+	VoltaGrid LLC, Secured Notes, 7.375% due 11/1/30(a)		105,687
	100,000	A-	Wisconsin Electric Power Co., Senior Unsecured Notes, 4.650% due 6/15/31		98,477
			Wisconsin Power & Light Co., Senior Unsecured Notes:
	25,000	A-	5.375% due 3/30/34		24,883
	25,000	A-	3.650% due 4/1/50		17,240
	50,000	A-	Wisconsin Public Service Corp., Senior Unsecured Notes, 4.250% due 1/15/31		48,522

			Total Electric		48,444,137


	Electrical Components & Equipment — 0.0%@
	95,000	B	Energizer Holdings Inc., Company Guaranteed Notes, 4.750% due 6/15/28(a)		94,234
	85,000	BB+	EnerSys, Company Guaranteed Notes, 6.625% due 1/15/32(a)		86,485
	455,000	BB	WESCO Distribution Inc., Company Guaranteed Notes, 6.625% due 3/15/32(a)		465,996

			Total Electrical Components & Equipment		646,715


	Electronics — 0.1%
			Amphenol Corp., Senior Unsecured Notes:
	100,000	A-	2.200% due 9/15/31		87,718
	50,000	A-	4.625% due 2/15/36(c)		46,971
	185,000	BB-	Coherent Corp., Company Guaranteed Notes, 5.000% due 12/15/29(a)		183,071
			Emerson Electric Co., Senior Unsecured Notes:
	25,000	A	2.750% due 10/15/50		15,094
	25,000	A	2.800% due 12/21/51		14,942
	1,040,000	BBB-	Flex Ltd., Senior Unsecured Notes, 5.375% due 11/13/35		983,347

See Notes to Financial Statements.

127



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Electronics — 0.1% — (continued)
				Honeywell International Inc., Senior Unsecured Notes:
$	50,000		A	5.000% due 3/1/35	$	48,930
	25,000		A	3.812% due 11/21/47		18,641
	50,000		A	2.800% due 6/1/50		30,564
	285,000		BB	Ingram Micro Inc., Senior Secured Notes, 4.750% due 5/15/29(a)		279,032
	50,000		BBB-	Jabil Inc., Senior Unsecured Notes, 3.000% due 1/15/31		45,426
				Sensata Technologies Inc., Company Guaranteed Notes:
	280,000		BB+	4.375% due 2/15/30(a)		271,117
	115,000		BB+	3.750% due 2/15/31(a)		107,290

				Total Electronics		2,132,143


	Energy — Alternate Sources — 0.0%@
	200,000		B1(b)	FS Luxembourg Sarl, Company Guaranteed Notes, 8.625% due 6/25/33(a)		186,102
	85,000		BB-	TerraForm Power Operating LLC, Company Guaranteed Notes, 4.750% due 1/15/30(a)		81,754

				Total Energy — Alternate Sources		267,856


	Engineering & Construction — 0.2%
	145,000		BB	AECOM, Company Guaranteed Notes, 6.000% due 8/1/33(a)		144,555
	600,000		BBB	CIMIC Finance Ltd., Company Guaranteed Notes, 6.000% due 4/22/36(a)		586,786
	250,000		BBB	CIMIC Finance USA Pty Ltd., Company Guaranteed Notes, 7.000% due 3/25/34(a)		262,536
	120,000		BB-	Dycom Industries Inc., Company Guaranteed Notes, 4.500% due 4/15/29(a)		117,099
				Global Infrastructure Solutions Inc.:
	220,000		BB	Company Guaranteed Notes, 5.625% due 6/1/29(a)		220,484
	45,000		BB	Senior Unsecured Notes, 6.375% due 7/15/34(a)		45,328
	30,000		BB	Granite Construction Inc., Company Guaranteed Notes, 6.375% due 6/15/34(a)		30,303
				Jacobs Solutions Inc., Company Guaranteed Notes:
	560,000		BBB-	4.750% due 3/3/31		546,832
	450,000		BBB-	5.375% due 3/3/36		430,899
	750,000		Baa2(b)	WSP Global Inc., Company Guaranteed Notes, 5.714% due 9/18/36(a)		723,220

				Total Engineering & Construction		3,108,042


	Entertainment — 0.1%
				Caesars Entertainment Inc., Senior Secured Notes:
	115,000		BB-	7.000% due 2/15/30(a)		115,751
	300,000		BB-	6.500% due 2/15/32(a)		290,297
	90,000		B+	Churchill Downs Inc., Company Guaranteed Notes, 6.750% due 5/1/31(a)		91,449
	90,000		BB	Cinemark USA Inc., Company Guaranteed Notes, 5.250% due 7/15/28(a)		89,865
	370,000		BB-	Live Nation Entertainment Inc., Company Guaranteed Notes, 4.750% due 10/15/27(a)		368,922
	25,000		B	Pioneer Opco LLC, Senior Secured Notes, 7.000% due 5/15/33(a)		25,457
	85,000		B+	Rivers Enterprise Borrower LLC, Senior Secured Notes, 6.250% due 10/15/30(a)		86,190
	65,000		B	Six Flags Entertainment Corp., Company Guaranteed Notes, 7.250% due 5/15/31(a)		64,269
	410,000		B	Six Flags Entertainment Corp./Canada’s Wonderland Co./Magnum Management Corp., Company Guaranteed Notes, 5.250% due 7/15/29(c)		398,091
	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)		234,260
	245,000		BB-	Vail Resorts Inc., Company Guaranteed Notes, 6.500% due 5/15/32(a)		248,623
				Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Company Guaranteed Notes:
	465,000		BB-	7.125% due 2/15/31(a)		488,483
	175,000		BB-	6.250% due 3/15/33(a)		175,109

				Total Entertainment		2,676,766


	Environmental Control — 0.1%
	360,000		BB	GFL Environmental Inc., Company Guaranteed Notes, 6.750% due 1/15/31(a)		366,087
				Republic Services Inc., Senior Unsecured Notes:
	66,000		A-	3.375% due 11/15/27		65,138
	260,000		A-	4.875% due 4/1/29		260,833

See Notes to Financial Statements.

128



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Environmental Control — 0.1% — (continued)
			Waste Connections Inc., Senior Unsecured Notes:
$	25,000	BBB+	3.050% due 4/1/50	$	15,928
	25,000	BBB+	2.950% due 1/15/52		15,396
			Waste Management Inc., Company Guaranteed Notes:
	100,000	A-	3.875% due 1/15/29		98,235
	100,000	A-	4.950% due 3/15/35		97,731
	50,000	A-	2.950% due 6/1/41		36,433
	435,000	BB	Wrangler Holdco Corp., Company Guaranteed Notes, 6.625% due 4/1/32(a)		438,921

			Total Environmental Control		1,394,702


	Food — 0.3%
			Albertsons Cos Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Company Guaranteed Notes:
	46,000	BB+	5.500% due 3/31/31(a)		44,618
	360,000	BB+	5.625% due 3/31/32(a)		346,661
	45,000	BB+	5.750% due 3/31/34(a)		42,300
	50,000	BBB-	Campbell’s Company (The), Senior Unsecured Notes, 4.550% due 3/21/31		48,279
	50,000	BBB-	Conagra Brands Inc., Senior Unsecured Notes, 5.400% due 8/1/31		49,832
	25,000	BBB	General Mills Inc., Senior Unsecured Notes, 3.000% due 2/1/51		15,403
	200,000	Baa3(b)	Grupo Nutresa SA, Company Guaranteed Notes, 9.000% due 5/12/35(a)		223,138
			J.M. Smucker Co. (The), Senior Unsecured Notes:
	25,000	BBB	4.250% due 3/15/35		22,870
	25,000	BBB	6.500% due 11/15/53(c)		26,320
			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		340,300
	100,000	BBB-	3.000% due 5/15/32		88,129
	750,000	BBB-	5.500% due 1/15/36		730,713
	205,000	BBB-	5.625% due 3/10/37(a)		199,189
	50,000	BBB-	4.375% due 2/2/52		36,274
	225,000	BBB-	6.500% due 12/1/52		218,213
	80,000	BBB-	6.375% due 4/15/66		75,105
			Kraft Heinz Foods Co., Company Guaranteed Notes:
	25,000	BBB	6.875% due 1/26/39		26,707
	25,000	BBB	6.500% due 2/9/40		25,698
	50,000	BBB	5.200% due 7/15/45		43,373
	16,000	BBB	4.375% due 6/1/46		12,444
	50,000	BBB	4.875% due 10/1/49		40,672
			Kroger Co. (The), Senior Unsecured Notes:
	100,000	BBB	1.700% due 1/15/31		87,082
	50,000	BBB	5.000% due 9/15/34		48,307
	25,000	BBB	3.875% due 10/15/46		18,476
	25,000	BBB	4.450% due 2/1/47		19,871
	25,000	BBB	5.400% due 1/15/49		22,611
	25,000	BBB	3.950% due 1/15/50		18,088
	25,000	BBB	5.500% due 9/15/54		22,420
	100,000	BB+	Lamb Weston Holdings Inc., Company Guaranteed Notes, 4.125% due 1/31/30(a)		95,952
			Mars Inc.:
	230,000	A	Company Guaranteed Notes, 3.200% due 4/1/30(a)		217,197
			Senior Unsecured Notes:
	70,000	A	5.000% due 3/1/32(a)		69,478
	955,000	A	5.200% due 3/1/35(a)		941,513
	1,925,000	A	5.700% due 5/1/55(a)		1,817,459
			Mondelez International Inc., Senior Unsecured Notes:
	50,000	BBB	4.500% due 5/6/30		49,193
	50,000	BBB	3.000% due 3/17/32		45,004

See Notes to Financial Statements.

129



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Food — 0.3% — (continued)
$	320,000		BB	Post Holdings Inc., Senior Secured Notes, 6.250% due 2/15/32(a)	$	323,209
				Sysco Corp., Company Guaranteed Notes:
	25,000		BBB	5.950% due 4/1/30		25,626
	50,000		BBB	4.400% due 7/25/31		48,185
	100,000		BBB	6.000% due 1/17/34		102,798
	50,000		BBB	5.400% due 3/23/35		49,041
	25,000		BBB	4.450% due 3/15/48		19,564
	25,000		BBB	3.150% due 12/14/51		15,214
	25,000		BBB	Tyson Foods Inc., Senior Unsecured Notes, 5.100% due 9/28/48		21,773

				Total Food		6,734,299


	Forest Products & Paper — 0.0%@
				International Paper Co., Senior Unsecured Notes:
	25,000		BBB	6.000% due 11/15/41		24,824
	25,000		BBB	4.800% due 6/15/44		21,105
	25,000		BBB	4.350% due 8/15/48		19,214
	50,000		BBB-	Suzano Austria GmbH, Company Guaranteed Notes, 4.000% due 1/15/31		46,902

				Total Forest Products & Paper		112,045


	Gas — 0.2%
	60,000		B1(b)	AmeriGas Partners LP/AmeriGas Finance Corp., Senior Unsecured Notes, 6.875% due 6/1/31(a)		59,994
	550,000	^EUR	BBB	APA Infrastructure Ltd., Company Guaranteed Notes, (Cost — $557,192, acquired 5/31/24), 2.000% due 7/15/30(d)		598,543
	92,000		A-	Atmos Energy Corp., Senior Unsecured Notes, 4.125% due 10/15/44		74,206
	1,025,000		BBB+	Brooklyn Union Gas Co. (The), Senior Unsecured Notes, 6.388% due 9/15/33(a)		1,070,690
				CenterPoint Energy Resources Corp., Senior Unsecured Notes:
	108,000		BBB+	5.250% due 3/1/28		108,971
	52,000		BBB+	1.750% due 10/1/30		45,916
	25,000		BBB-	National Fuel Gas Co., Senior Unsecured Notes, 5.500% due 3/15/30		25,223
				NiSource Inc.:
	115,000		BBB-	Junior Subordinated Notes, 6.950% (5-Year CMT Index + 2.451%) due 11/30/54(e)		118,241
				Senior Unsecured Notes:
	61,000		BBB+	5.250% due 3/30/28		61,507
	153,000		BBB+	3.600% due 5/1/30		146,122
	50,000		BBB+	5.350% due 7/15/35		49,131
	50,000		BBB+	5.300% due 5/18/36		48,680
	25,000		BBB+	5.850% due 4/1/55		23,493
				Piedmont Natural Gas Co., Inc., Senior Unsecured Notes:
	90,000		BBB+	3.500% due 6/1/29		86,973
	96,000		BBB+	2.500% due 3/15/31		86,109
	109,000		BBB+	3.350% due 6/1/50		71,379
				Southern California Gas Co., 1st Mortgage Notes:
	50,000		A	5.450% due 6/15/35		49,781
	50,000		A	5.900% due 6/1/56		47,566
				Southern Co. Gas Capital Corp., Company Guaranteed Notes:
	490,000		A-	5.750% due 9/15/33		500,336
	169,000		BBB	6.050% (5-Year CMT Index + 1.822%) due 9/15/56(e)		167,984
	55,000		BBB+	Southwest Gas Corp., Senior Unsecured Notes, 5.450% due 3/23/28		55,464
	75,000		A	Spire Missouri Inc., 1st Mortgage Notes, 4.800% due 2/15/33		73,486

				Total Gas		3,569,795


	Healthcare — Products — 0.4%
				Abbott Laboratories, Senior Unsecured Notes:
	100,000		A+	4.000% due 3/15/31		96,431
	2,085,000		A+	4.650% due 3/15/36		1,975,428

See Notes to Financial Statements.

130



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Healthcare — Products — 0.4% — (continued)
$	50,000	A+	4.750% due 11/30/36	$	47,712
	150,000	A+	4.750% due 3/15/38		140,736
	75,000	A+	4.900% due 11/30/46		66,562
	1,650,000	A+	5.500% due 3/15/56		1,543,040
	60,000	BBB+	Agilent Technologies Inc., Senior Unsecured Notes, 2.300% due 3/12/31		53,391
	215,000	BB	Avantor Funding Inc., Company Guaranteed Notes, 4.625% due 7/15/28(a)		213,330
	22,000	B	Bausch + Lomb Corp., Senior Secured Notes, 8.375% due 10/1/28(a)		22,565
			Baxter International Inc., Senior Unsecured Notes:
	100,000	BBB-	2.272% due 12/1/28		94,264
	18,000	BBB-	2.539% due 2/1/32		15,463
	25,000	A-	Boston Scientific Corp., Senior Unsecured Notes, 4.700% due 3/1/49		21,301
			Danaher Corp., Senior Unsecured Notes:
	25,000	A-	2.600% due 10/1/50		14,292
	25,000	A-	2.800% due 12/10/51		14,793
	25,000	A-	DH Europe Finance II Sarl, Company Guaranteed Notes, 3.400% due 11/15/49		16,978
	200,000	BBB	GE HealthCare Technologies Inc., Senior Unsecured Notes, 4.150% due 12/15/28		197,315
	1,620,000	BBB-	Medline Borrower LP, Senior Secured Notes, 3.875% due 4/1/29(a)		1,569,772
	409,000	BBB-	Medline Borrower LP/Medline Co.-Issuer Inc., Senior Secured Notes, 6.250% due 4/1/29(a)		415,988
			Medtronic Inc., Company Guaranteed Notes:
	50,000	A	4.375% due 3/15/35		47,021
	50,000	A	4.625% due 3/15/45		43,272
			Solventum Corp., Senior Unsecured Notes:
	430,000	BBB	5.450% due 3/13/31		434,860
	465,000	BBB	5.900% due 4/30/54		437,461
			Stryker Corp., Senior Unsecured Notes:
	75,000	BBB+	4.850% due 2/10/30		74,884
	25,000	BBB+	4.625% due 3/15/46		21,143
	25,000	BBB+	2.900% due 6/15/50		15,569
			Thermo Fisher Scientific Inc., Senior Unsecured Notes:
	164,000	A-	2.000% due 10/15/31		142,621
	200,000	A-	5.086% due 8/10/33		199,099
	340,000	Baa2(b)	VSP Optical Group Inc., Company Guaranteed Notes, 5.400% due 6/1/33(a)		336,462

			Total Healthcare — Products		8,271,753


	Healthcare — Services — 0.6%
			Aetna Inc., Senior Unsecured Notes:
	25,000	BBB	6.625% due 6/15/36		26,556
	25,000	BBB	4.750% due 3/15/44		20,921
	150,000	BB	Charles River Laboratories International Inc., Company Guaranteed Notes, 3.750% due 3/15/29(a)		144,822
			Cigna Group (The):
			Company Guaranteed Notes:
	930,000	A-	4.375% due 10/15/28		923,046
	50,000	A-	4.800% due 8/15/38		45,992
	50,000	A-	4.800% due 7/15/46		42,176
	25,000	A-	3.875% due 10/15/47		18,365
	25,000	A-	4.900% due 12/15/48		21,091
			Senior Unsecured Notes:
	100,000	A-	4.500% due 9/15/30		98,240
	100,000	A-	5.250% due 1/15/36		97,689
	50,000	A-	3.400% due 3/15/50		32,985
	50,000	A-	3.400% due 3/15/51		32,789
	25,000	A-	5.600% due 2/15/54		23,019
	100,000	A-	City of Hope, Senior Secured Notes, 5.623% due 11/15/43		94,509
			CommonSpirit Health, Senior Secured Notes:
	50,000	AA	3.817% due 10/1/49		35,871
	95,000	A-	3.910% due 10/1/50		68,021

See Notes to Financial Statements.

131



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Healthcare — Services — 0.6% — (continued)
$	100,000	AA	Corewell Health Obligated Group, Senior Unsecured Notes, 3.487% due 7/15/49	$	68,827
			DaVita Inc., Company Guaranteed Notes:
	330,000	BB-	4.625% due 6/1/30(a)		319,042
	425,000	BB-	6.750% due 7/15/33(a)		434,996
	50,000	AA-	Duke University Health System Inc., Senior Unsecured Notes, 3.920% due 6/1/47		38,562
			Elevance Health Inc., Senior Unsecured Notes:
	100,000	A-	2.550% due 3/15/31		89,817
	97,000	A-	4.550% due 3/1/48		77,734
	25,000	A-	3.125% due 5/15/50		15,465
	25,000	A-	3.600% due 3/15/51		16,852
	25,000	A-	4.550% due 5/15/52		19,679
	66,000	A-	6.100% due 10/15/52		64,495
	50,000	A-	5.700% due 9/15/55		46,478
	270,000	BB-	Encompass Health Corp., Company Guaranteed Notes, 4.750% due 2/1/30		266,110
	140,000	A	Franciscan Missionaries of Our Lady Health System Inc., Secured Notes, 3.914% due 7/1/49		101,188
			HCA Inc., Company Guaranteed Notes:
	300,000	BBB	5.200% due 6/1/28		302,136
	90,000	BBB	5.875% due 2/1/29		91,690
	104,000	BBB	4.125% due 6/15/29		102,008
	805,000	BBB	3.500% due 9/1/30		759,049
	100,000	BBB	3.625% due 3/15/32		91,967
	1,628,000	BBB	4.600% due 11/15/32		1,562,364
	50,000	BBB	5.000% due 5/15/33		48,721
	25,000	BBB	5.125% due 6/15/39		23,143
	60,000	BBB	5.250% due 6/15/49		51,509
	178,000	BBB	3.500% due 7/15/51		114,323
	650,000	BBB	6.000% due 4/1/54		611,375
	150,000	BBB	6.200% due 3/1/55		145,009
	41,000	AA	Hoag Memorial Hospital Presbyterian, Unsecured Notes, 3.803% due 7/15/52		29,566
			Humana Inc., Senior Unsecured Notes:
	50,000	BBB	5.375% due 4/15/31		50,090
	25,000	BBB	5.875% due 3/1/33		25,396
	25,000	BBB	5.950% due 3/15/34		25,400
	100,000	BBB	5.550% due 5/1/35		97,989
	25,000	BBB	3.950% due 8/15/49		17,451
	25,000	BBB	5.500% due 3/15/53		21,640
			IQVIA Inc., Company Guaranteed Notes:
	200,000	BB	5.000% due 10/15/26(a)		200,088
	445,000	BB	6.250% due 6/1/32(a)		453,508
	100,000	AA-	Kaiser Foundation Hospitals, Company Guaranteed Notes, 4.875% due 4/1/42		90,019
	88,000	A+	Mount Nittany Medical Center Obligated Group, Unsecured Notes, 3.799% due 11/15/52		62,580
	90,000	Aa2(b)	Nationwide Children’s Hospital Inc., Unsecured Notes, 4.556% due 11/1/52		74,239
	90,000	A+	Presbyterian Healthcare Services, Unsecured Notes, 4.875% due 8/1/52		75,825
	110,000	AA-	Queen’s Health Systems (The), Secured Notes, 4.810% due 7/1/52		93,210
	50,000	BBB+	Quest Diagnostics Inc, Senior Unsecured Notes, 4.625% due 12/15/29		49,653
	65,000	Aa2(b)	Seattle Children’s Hospital, Unsecured Notes, 2.719% due 10/1/50		39,435
			Tenet Healthcare Corp., Senior Secured Notes:
	650,000	BB+	4.625% due 6/15/28		646,408
	610,000	BB+	6.125% due 6/15/30		615,011
			UnitedHealth Group Inc., Senior Unsecured Notes:
	50,000	A+	2.950% due 10/15/27		49,215
	100,000	A+	3.850% due 6/15/28		98,796
	100,000	A+	4.250% due 1/15/29		98,950
	100,000	A+	2.300% due 5/15/31		88,727
	50,000	A+	4.500% due 4/15/33		47,990

See Notes to Financial Statements.

132



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Healthcare — Services — 0.6% — (continued)
$	100,000	A+	5.150% due 7/15/34	$	98,717
	25,000	A+	5.800% due 3/15/36		25,638
	50,000	A+	3.500% due 8/15/39		39,955
	25,000	A+	2.750% due 5/15/40		17,975
	153,000	A+	3.750% due 10/15/47		110,815
	25,000	A+	4.250% due 6/15/48		19,506
	375,000	A+	3.700% due 8/15/49		263,671
	224,000	A+	3.250% due 5/15/51		143,420
	160,000	A+	4.750% due 5/15/52		131,183
	950,000	A+	5.050% due 4/15/53		813,080
	1,015,000	A+	5.625% due 7/15/54		941,264
	120,000	A+	3.875% due 8/15/59		81,578
	50,000	A+	3.125% due 5/15/60		28,605
	65,000	A+	4.950% due 5/15/62		53,051
	53,000	A+	5.200% due 4/15/63		44,874

			Total Healthcare — Services		13,053,149


	Home Builders — 0.1%
	1,485,000	BB-	Century Communities Inc., Company Guaranteed Notes, 6.625% due 9/15/33(a)		1,503,589
	25,000	BBB	Sekisui House US Inc., Company Guaranteed Notes, 6.000% due 1/15/43		22,436

			Total Home Builders		1,526,025


	Home Furnishings — 0.0%@
	335,000	BB+	Somnigroup International Inc., Company Guaranteed Notes, 4.000% due 4/15/29(a)		322,666


	Household Products/Wares — 0.0%@
	165,000	B	ACCO Brands Corp., Company Guaranteed Notes, 4.250% due 3/15/29(a)		155,438
	50,000	BBB	Clorox Co. (The), Senior Unsecured Notes, 4.700% due 5/15/31		49,033
	25,000	A	Kimberly-Clark Corp., Senior Unsecured Notes, 3.200% due 7/30/46		17,164

			Total Household Products/Wares		221,635


	Housewares — 0.1%
	145,000	BB	Central Garden & Pet Co., Company Guaranteed Notes, 4.125% due 10/15/30		137,562
			Newell Brands Inc., Senior Unsecured Notes:
	515,000	B+	6.625% due 9/15/29		525,667
	105,000	B+	6.375% due 5/15/30(c)		106,666
	335,000	B+	Scotts Miracle-Gro Co. (The), Company Guaranteed Notes, 4.500% due 10/15/29		329,538

			Total Housewares		1,099,433


	Insurance — 1.5%
			Aflac Inc., Senior Unsecured Notes:
	25,000	A-	3.600% due 4/1/30		23,879
	25,000	A-	4.750% due 1/15/49		21,242
			Allianz SE, Subordinated Notes:
	1,300,000	A+	6.350% (5-Year CMT Index + 3.232%) due 9/6/53(a)(e)		1,335,422
	915,000	A+	5.600% (5-Year CMT Index + 2.771%) due 9/3/54(a)(e)		898,146
			Allstate Corp. (The), Senior Unsecured Notes:
	25,000	BBB+	1.450% due 12/15/30		21,553
	25,000	BBB+	5.250% due 3/30/33		25,016
	25,000	BBB+	4.200% due 12/15/46		19,457
	25,000	BBB+	3.850% due 8/10/49		18,100
			American International Group Inc., Senior Unsecured Notes:
	50,000	A-	5.125% due 3/27/33		49,499
	83,000	A-	4.750% due 4/1/48		70,069
			Aon Corp., Company Guaranteed Notes:
	22,000	A-	4.500% due 12/15/28		21,833
	49,000	A-	3.750% due 5/2/29		47,550
	38,000	A-	2.800% due 5/15/30		35,106

See Notes to Financial Statements.

133



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Insurance — 1.5% — (continued)
$	50,000	A-	Aon Corp./Aon Global Holdings PLC, Company Guaranteed Notes, 5.350% due 2/28/33	$	49,898
			Aon North America Inc., Company Guaranteed Notes:
	50,000	A-	5.450% due 3/1/34		49,697
	50,000	A-	5.750% due 3/1/54		46,066
	25,000	A-	Arch Capital Group Ltd., Senior Unsecured Notes, 3.635% due 6/30/50		17,328
			Arthur J. Gallagher & Co., Senior Unsecured Notes:
	50,000	BBB+	4.850% due 12/15/29		49,898
	25,000	BBB+	5.450% due 7/15/34		24,825
	25,000	BBB+	3.500% due 5/20/51		16,489
	25,000	BBB+	5.750% due 3/2/53		23,165
	25,000	BBB+	5.750% due 7/15/54		23,269
	920,000	BBB	Aspen Insurance Holdings Ltd., Company Guaranteed Notes, 5.750% due 7/1/30		935,301
	25,000	A	Assured Guaranty US Holdings Inc., Company Guaranteed Notes, 3.150% due 6/15/31		22,956
	1,250,000	BB-	Asurion LLC/Asurion Co.-Issuer Inc., Senior Secured Notes, 8.000% due 12/31/32(a)		1,244,515
			Athene Global Funding, Senior Secured Notes:
	1,385,000	A+	5.033% due 7/17/30(a)		1,362,304
	1,145,000	A+	5.543% due 8/22/35(a)(c)		1,101,066
			Athene Holding Ltd., Senior Unsecured Notes:
	25,000	A-	6.150% due 4/3/30		25,651
	25,000	A-	3.500% due 1/15/31		23,100
	25,000	A-	5.875% due 1/15/34		24,831
	50,000	A-	6.250% due 4/1/54		44,837
			Berkshire Hathaway Finance Corp., Company Guaranteed Notes:
	25,000	AA	1.450% due 10/15/30		22,000
	50,000	AA	2.875% due 3/15/32		45,570
	25,000	AA	5.750% due 1/15/40		25,759
	25,000	AA	4.400% due 5/15/42		21,526
	50,000	AA	4.200% due 8/15/48		39,043
	50,000	AA	2.850% due 10/15/50		30,053
	25,000	AA	2.500% due 1/15/51		13,941
	75,000	AA	3.850% due 3/15/52		53,949
	25,000	AA	Berkshire Hathaway Inc., Senior Unsecured Notes, 4.500% due 2/11/43(c)		21,680
	25,000	BBB	Brighthouse Financial Inc., Senior Unsecured Notes, 5.625% due 5/15/30(c)		25,004
			Brown & Brown Inc., Senior Unsecured Notes:
	25,000	BBB-	4.500% due 3/15/29		24,685
	25,000	BBB-	2.375% due 3/15/31		22,043
	50,000	BBB-	6.250% due 6/23/55		48,019
			Chubb INA Holdings LLC, Company Guaranteed Notes:
	25,000	A	1.375% due 9/15/30		21,765
	100,000	A	5.300% due 5/20/36		98,524
	25,000	A	4.150% due 3/13/43		20,594
	50,000	A	3.050% due 12/15/61		28,554
	855,000	BBB+	Cincinnati Financial Corp., Senior Unsecured Notes, 6.125% due 11/1/34		873,039
	25,000	A-	CNA Financial Corp., Senior Unsecured Notes, 5.500% due 6/15/33		24,963
			Corebridge Financial Inc.:
	25,000	BBB-	Junior Subordinated Notes, 6.875% (5-Year CMT Index + 3.846%) due 12/15/52(e)		25,455
			Senior Unsecured Notes:
	50,000	BBB+	3.850% due 4/5/29		48,614
	25,000	BBB+	6.050% due 9/15/33		25,674
	25,000	BBB+	5.750% due 1/15/34		25,219
	25,000	BBB+	4.350% due 4/5/42		20,570
	25,000	BBB+	4.400% due 4/5/52		19,118
			Corebridge Global Funding, Senior Secured Notes:
	1,405,000	A+	4.550% due 1/9/31(a)		1,366,676
	106,000	A+	4.900% due 8/21/32(a)		103,092

See Notes to Financial Statements.

134



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Insurance — 1.5% — (continued)
			Equitable Holdings Inc., Senior Unsecured Notes:
$	17,000	A-	4.350% due 4/20/28	$	16,867
	25,000	A-	5.594% due 1/11/33		25,200
	17,000	A-	5.000% due 4/20/48		14,223
			Everest Reinsurance Holdings Inc., Senior Unsecured Notes:
	25,000	BBB+	3.500% due 10/15/50		16,402
	25,000	BBB+	3.125% due 10/15/52		14,836
			Fairfax Financial Holdings Ltd., Senior Unsecured Notes:
	25,000	A-	6.000% due 12/7/33		25,566
	25,000	A-	6.350% due 3/22/54		24,415
	25,000	BBB	Fidelity National Financial Inc., Senior Unsecured Notes, 3.400% due 6/15/30		23,348
	710,000	BB+	Global Atlantic Finance Co., Company Guaranteed Notes, 7.250% (5-Year CMT Index + 3.550%) due 3/1/56(a)(e)		685,688
	660,000	AA-	Guardian Life Insurance Co. of America (The), Subordinated Notes, 4.850% due 1/24/77(a)		520,146
			Hartford Insurance Group Inc. (The), Senior Unsecured Notes:
	98,000	A-	5.950% due 10/15/36		100,885
	4,000	A-	4.300% due 4/15/43		3,289
	170,000	B+	HUB International Ltd., Senior Secured Notes, 7.250% due 6/15/30(a)		175,095
			Jackson Financial Inc., Senior Unsecured Notes:
	25,000	BBB	3.125% due 11/23/31		22,155
	635,000	BBB	6.150% due 1/15/37		620,852
	25,000	BBB-	Kemper Corp., Senior Unsecured Notes, 3.800% due 2/23/32		22,272
			Lincoln Financial Global Funding, Secured Notes:
	560,000	A+	4.950% due 5/21/31(a)		551,733
	945,000	A+	5.250% due 8/13/31(a)		937,895
			Lincoln National Corp., Senior Unsecured Notes:
	25,000	BBB+	3.800% due 3/1/28		24,632
	25,000	BBB+	3.050% due 1/15/30		23,388
	25,000	A	Loews Corp., Senior Unsecured Notes, 3.200% due 5/15/30		23,540
	25,000	A	Manulife Financial Corp., Senior Unsecured Notes, 5.375% due 3/4/46		23,154
			Markel Group Inc., Senior Unsecured Notes:
	25,000	BBB+	3.350% due 9/17/29		23,855
	25,000	BBB+	5.000% due 4/5/46		21,704
			Marsh & McLennan Cos., Inc., Senior Unsecured Notes:
	290,000	A-	2.250% due 11/15/30		260,050
	100,000	A-	4.850% due 11/15/31		98,733
	100,000	A-	4.950% due 3/15/36		95,692
	25,000	A-	5.450% due 3/15/53		22,710
	25,000	A-	5.700% due 9/15/53		23,511
			MetLife Inc.:
	540,000	BBB	Junior Subordinated Notes, 6.400% due 12/15/36		544,370
			Senior Unsecured Notes:
	50,000	A-	5.375% due 7/15/33		50,606
	25,000	A-	6.375% due 6/15/34		26,490
	25,000	A-	5.700% due 6/15/35		25,447
	25,000	A-	4.125% due 8/13/42		20,413
	25,000	A-	4.875% due 11/13/43		22,212
	25,000	A-	4.050% due 3/1/45		19,660
	25,000	A-	5.000% due 7/15/52		21,487
	25,000	A-	5.250% due 1/15/54		22,256
	1,148,000	BBB	Subordinated Notes, 5.850% (5-Year CMT Index + 1.817%) due 3/15/56(e)		1,112,668
			New York Life Insurance Co., Subordinated Notes:
	1,275,000	AA-	5.875% due 5/15/33(a)		1,301,920
	550,000	AA-	3.750% due 5/15/50(a)		388,771
			Northwestern Mutual Life Insurance Co. (The), Subordinated Notes:
	1,710,000	AA-	3.450% due 3/30/51(a)		1,126,161
	550,000	AA-	6.170% due 5/29/55(a)		541,999

See Notes to Financial Statements.

135



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Insurance — 1.5% — (continued)
$	25,000	BBB+	Old Republic International Corp., Senior Unsecured Notes, 3.850% due 6/11/51	$	17,196
			Principal Financial Group Inc., Company Guaranteed Notes:
	25,000	A-	3.700% due 5/15/29		24,219
	25,000	A-	2.125% due 6/15/30		22,490
	25,000	A-	5.375% due 3/15/33		25,089
	25,000	A-	5.500% due 3/15/53		22,917
			Progressive Corp. (The), Senior Unsecured Notes:
	25,000	A	3.200% due 3/26/30		23,643
	50,000	A	3.000% due 3/15/32		45,063
	25,000	A	4.950% due 6/15/33		24,790
	25,000	A	4.200% due 3/15/48		19,720
	25,000	A	3.950% due 3/26/50		18,650
	25,000	A	3.700% due 3/15/52		17,557
			Protective Life Corp., Senior Unsecured Notes:
	980,000	A-	4.700% due 1/15/31(a)		956,169
	675,000	A-	5.350% due 12/15/35(a)		648,242
			Prudential Financial Inc.:
	1,135,000	BBB+	Junior Subordinated Notes, 3.700% (5-Year CMT Index + 3.035%) due 10/1/50(e)		1,046,339
			Senior Unsecured Notes:
	25,000	A	3.878% due 3/27/28		24,751
	25,000	A	2.100% due 3/10/30		22,832
	50,000	A	5.750% due 7/15/33		51,685
	25,000	A	5.700% due 12/14/36		25,354
	25,000	A	3.000% due 3/10/40		18,701
	50,000	A	3.905% due 12/7/47		36,944
	25,000	A	3.935% due 12/7/49		18,153
	50,000	A	4.350% due 2/25/50		39,142
	50,000	A	3.700% due 3/13/51		34,787
	25,000	A	Reinsurance Group of America Inc., Senior Unsecured Notes, 6.000% due 9/15/33		25,573
	770,000	BBB+	RenaissanceRe Holdings Ltd., Senior Unsecured Notes, 5.750% due 6/5/33		774,164
			RGA Global Funding, Secured Notes:
	1,345,000	AA-	4.600% due 11/25/30(a)		1,314,068
	1,285,000	AA-	5.050% due 12/6/31(a)		1,269,449
	1,005,000	BBB+	Sompo Holdings Inc., Senior Unsecured Notes, 5.411% (1-Year CMT Index + 2.130%) due 4/22/37(a)(e)		959,783
	395,000	AA-	Teachers Insurance & Annuity Association of America, Subordinated Notes, 6.050% due 6/15/56(a)		380,299
	510,000	AA	Transatlantic Holdings Inc., Senior Unsecured Notes, 8.000% due 11/30/39		606,728
			Unum Group, Senior Unsecured Notes:
	535,000	BBB	4.046% due 8/15/41(a)		422,732
	25,000	BBB	4.125% due 6/15/51		17,956
			Willis North America Inc., Company Guaranteed Notes:
	25,000	BBB+	4.500% due 9/15/28		24,828
	25,000	BBB+	2.950% due 9/15/29		23,542
	25,000	BBB+	5.900% due 3/5/54		23,623
	25,000	A-	WR Berkley Corp., Senior Unsecured Notes, 3.550% due 3/30/52		16,887

			Total Insurance		29,477,558


	Internet — 0.8%
	200,000	A+	Alibaba Group Holding Ltd., Senior Unsecured Notes, 5.250% due 5/26/35(c)		198,789
			Alphabet Inc., Senior Unsecured Notes:
	100,000	AA+	3.700% due 2/15/29		97,938
	100,000	AA+	4.100% due 11/15/30		96,985
	100,000	AA+	4.100% due 2/15/31		96,678
	50,000	AA+	4.400% due 2/15/33		47,925

See Notes to Financial Statements.

136



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Internet — 0.8% — (continued)
$	50,000		AA+	4.700% due 11/15/35	$	47,354
	100,000		AA+	4.800% due 2/15/36		95,190
	1,035,000		AA+	5.450% due 8/15/36		1,027,862
	50,000		AA+	5.350% due 11/15/45		45,654
	50,000		AA+	5.500% due 2/15/46		46,406
	75,000		AA+	6.250% due 8/15/46		75,318
	50,000		AA+	2.050% due 8/15/50(c)		25,011
	50,000		AA+	5.450% due 11/15/55		44,264
	50,000		AA+	5.650% due 2/15/56		45,724
	625,000		AA+	6.375% due 8/15/56		628,373
	50,000		AA+	2.250% due 8/15/60		23,036
	50,000		AA+	5.700% due 11/15/75		43,891
				Amazon.com Inc., Senior Unsecured Notes:
	200,000		AA	4.600% due 7/9/29		199,092
	50,000		AA	4.100% due 11/20/30		48,427
	200,000		AA	4.250% due 3/13/31		193,971
	100,000		AA	2.100% due 5/12/31		88,000
	100,000		AA	4.800% due 7/9/31		99,070
	100,000		AA	3.600% due 4/13/32		93,142
	200,000		AA	4.550% due 3/13/33		192,579
	50,000		AA	5.100% due 7/9/33		49,469
	50,000		AA	4.650% due 11/20/35		47,112
	632,000		AA	4.875% due 3/13/36		600,547
	1,584,000		AA	5.300% due 7/9/36		1,550,911
	50,000		AA	3.875% due 8/22/37		43,376
	50,000		AA	2.875% due 5/12/41		35,640
	50,000		AA	4.950% due 12/5/44		44,500
	220,000		AA	5.650% due 3/13/46		206,067
	100,000		AA	6.000% due 7/9/46		97,320
	75,000		AA	3.100% due 5/12/51		45,478
	75,000		AA	3.950% due 4/13/52		53,099
	50,000		AA	5.450% due 11/20/55		44,111
	1,721,000		AA	5.800% due 3/13/56		1,585,955
	128,000		AA	6.100% due 7/9/56		123,421
	50,000		AA	2.700% due 6/3/60		25,419
	50,000		AA	3.250% due 5/12/61		28,501
	25,000		AA	4.100% due 4/13/62		17,185
	50,000		AA	5.550% due 11/20/65		43,299
	85,000		B	Arches Buyer Inc., Senior Secured Notes, 9.000% due 8/15/31(a)		88,789
	1,049,000		A+	Beignet Investor LLC, Senior Secured Notes, 6.581% due 5/30/49(a)		1,007,525
	300,000	^EUR	A-	Booking Holdings Inc., Senior Unsecured Notes, 4.125% due 5/12/33		350,529
				eBay Inc., Senior Unsecured Notes:
	50,000		BBB+	4.250% due 3/6/29		49,324
	25,000		BBB+	3.650% due 5/10/51		17,277
				Meta Platforms Inc., Senior Unsecured Notes:
	100,000		AA-	4.200% due 11/15/30		96,954
	100,000		AA-	4.600% due 11/15/32		96,014
	450,000		AA-	4.875% due 5/15/33		434,866
	100,000		AA-	4.875% due 11/15/35		93,599
	1,120,000		AA-	5.250% due 5/15/36(c)		1,077,067
	485,000		AA-	5.500% due 11/15/45		420,505
	100,000		AA-	6.200% due 5/15/46		93,830
	225,000		AA-	4.450% due 8/15/52		161,295
	3,799,000		AA-	5.625% due 11/15/55		3,172,858
	50,000		AA-	6.300% due 5/15/56		46,008

See Notes to Financial Statements.

137



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Internet — 0.8% — (continued)
$	115,000	AA-	4.650% due 8/15/62	$	80,125
	100,000	AA-	5.750% due 11/15/65		82,214
	25,000	AA-	6.450% due 5/15/66		22,818
	25,000	A	Netflix Inc., Senior Unsecured Notes, 4.900% due 8/15/34		24,478
			Uber Technologies Inc., Senior Unsecured Notes:
	50,000	BBB+	4.150% due 1/15/31		48,267
	650,000	BBB+	4.800% due 9/15/34		621,799
	96,000	BBB+	4.800% due 9/15/35		90,941
			Wayfair LLC, Senior Secured Notes:
	150,000	BB+	7.250% due 10/31/29(a)		155,420
	230,000	BB+	6.750% due 11/15/32(a)		236,842

			Total Internet		16,811,433


	Investment Companies — 0.3%
	50,000	BBB-	Apollo Debt Solutions BDC, Senior Unsecured Notes, 5.700% due 1/23/31(a)		48,660
			Ares Capital Corp., Senior Unsecured Notes:
	50,000	BBB	2.875% due 6/15/28		48,035
	320,000	BBB	5.875% due 3/1/29		321,990
	910,000	BBB	5.500% due 9/1/30		894,659
	600,000	BBB	5.100% due 1/15/31		577,672
	100,000	BBB	5.250% due 4/12/31		96,807
	25,000	BBB	5.800% due 3/8/32		24,640
			Ares Strategic Income Fund, Senior Unsecured Notes:
	930,000	BBB-	5.700% due 3/15/28		932,845
	50,000	BBB-	5.800% due 9/9/30		49,082
	50,000	BBB-	6.200% due 3/21/32		49,295
			Blackstone Private Credit Fund, Senior Unsecured Notes:
	25,000	BBB-	6.250% due 1/25/31		24,908
	75,000	BBB-	5.950% due 5/15/31		73,608
	50,000	BBB-	6.200% due 11/15/31		49,434
	50,000	BBB-	6.000% due 11/22/34		47,666
			Blackstone Secured Lending Fund, Senior Unsecured Notes:
	25,000	Baa2(b)	2.850% due 9/30/28		23,682
	25,000	BBB-	5.900% due 5/21/31		24,474
	1,125,000	BBB-	Blue Owl Capital Corp., Senior Unsecured Notes, 5.950% due 3/15/29		1,123,951
			Blue Owl Credit Income Corp., Senior Unsecured Notes:
	25,000	BBB-	7.750% due 9/16/27		25,546
	25,000	BBB-	7.750% due 1/15/29		25,789
	50,000	BBB-	5.800% due 3/15/30		48,776
	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)		198,604
			Goldman Sachs Private Credit Corp., Senior Unsecured Notes:
	25,000	Baa3(b)	5.875% due 1/31/31		24,576
	50,000	BBB-	6.150% due 6/16/31(a)		49,503
	25,000	BBB-	Golub Capital BDC Inc., Senior Unsecured Notes, 6.000% due 7/15/29		25,087
	770,000	BBB-	HA Sustainable Infrastructure Capital Inc., Company Guaranteed Notes, 5.950% due 7/15/33(a)		760,739
	80,000	B+	Icahn Enterprises LP/Icahn Enterprises Finance Corp., Senior Secured Notes, 5.250% due 5/15/27		79,296

			Total Investment Companies		5,649,324


	Iron/Steel — 0.0%@
	25,000	BBB	ArcelorMittal SA, Senior Unsecured Notes, 6.750% due 3/1/41		26,464
			Cleveland-Cliffs Inc., Company Guaranteed Notes:
	200,000	B2(b)	6.875% due 11/1/29(a)		202,977
	80,000	B+	6.750% due 4/15/30(a)		80,637
	135,000	B2(b)	4.875% due 3/1/31(a)		125,228

See Notes to Financial Statements.

138



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Iron/Steel — 0.0%@ — (continued)
$	100,000	BB+	Commercial Metals Co., Senior Unsecured Notes, 5.750% due 11/15/33(a)	$	98,483
			Nucor Corp., Senior Unsecured Notes:
	25,000	A-	6.400% due 12/1/37		26,755
	25,000	A-	3.850% due 4/1/52		18,281
	25,000	A-	2.979% due 12/15/55		14,930
	25,000	BBB+	Reliance Inc., Senior Unsecured Notes, 2.150% due 8/15/30		22,366
	25,000	BBB	Steel Dynamics Inc., Senior Unsecured Notes, 3.250% due 10/15/50		16,177
			Vale Overseas Ltd., Company Guaranteed Notes:
	25,000	BBB	6.875% due 11/21/36		27,280
	13,000	BBB	6.875% due 11/10/39		14,089
	50,000	BBB	6.400% due 6/28/54		49,644
	25,000	BBB	Vale SA, Senior Unsecured Notes, 5.625% due 9/11/42		24,031

			Total Iron/Steel		747,342


	Leisure Time — 0.3%
	20,000	BB	Acushnet Co., Company Guaranteed Notes, 5.625% due 12/1/33(a)		19,714
	120,000	B	Boyne USA Inc., Senior Unsecured Notes, 4.750% due 5/15/29(a)		118,195
	3,035,000	BBB-	Carnival Corp., Ltd., Company Guaranteed Notes, 6.125% due 2/15/33(a)		3,043,938
	50,000	B+	NCL Corp., Ltd., Senior Unsecured Notes, 5.875% due 1/15/31(a)		47,985
			Royal Caribbean Cruises Ltd., Senior Unsecured Notes:
	130,000	BBB	5.625% due 9/30/31(a)		130,195
	320,000	BBB	6.250% due 3/15/32(a)		324,487
	2,075,000	BBB	6.000% due 2/1/33(a)		2,087,412
	580,000	BBB	5.250% due 2/27/38		545,238
	355,000	BB+	Viking Cruises Ltd., Company Guaranteed Notes, 5.875% due 10/15/33(a)		351,503

			Total Leisure Time		6,668,667


	Lodging — 0.1%
			Hilton Domestic Operating Co., Inc., Company Guaranteed Notes:
	370,000	BB+	3.625% due 2/15/32(a)		336,118
	340,000	BB+	5.875% due 3/15/33(a)		341,159
	135,000	BB+	5.750% due 9/15/33(a)		134,881
	50,000	BBB-	Las Vegas Sands Corp., Senior Unsecured Notes, 6.200% due 8/15/34		50,549
			Marriott International Inc., Senior Unsecured Notes:
	75,000	BBB	4.875% due 5/15/29		75,011
	155,000	BBB	5.300% due 5/15/34		153,277
	345,000	BB-	MGM Resorts International, Company Guaranteed Notes, 6.125% due 9/15/29		349,659
	220,000	B	Station Casinos LLC, Company Guaranteed Notes, 4.500% due 2/15/28(a)		217,923

			Total Lodging		1,658,577


	Machinery — Construction & Mining — 0.0%@
	45,000	BB+	BWX Technologies Inc., Company Guaranteed Notes, 4.125% due 6/30/28(a)		44,300
	250,000	A	Caterpillar Financial Services Corp., Senior Unsecured Notes, 3.700% due 1/10/28		247,554
			Caterpillar Inc., Senior Unsecured Notes:
	50,000	A	3.803% due 8/15/42		40,184
	25,000	A	3.250% due 9/19/49		16,826
	50,000	A	3.250% due 4/9/50		33,807
	90,000	BB-	Solaris Energy Infrastructure LLC, Company Guaranteed Notes, 6.375% due 5/15/31(a)		89,363
			Terex Corp., Company Guaranteed Notes:
	230,000	BB	5.000% due 5/15/29(a)		228,178
	60,000	BB	6.250% due 10/15/32(a)		60,584

			Total Machinery — Construction & Mining		760,796


	Machinery — Diversified — 0.0%@
			CNH Industrial Capital LLC, Company Guaranteed Notes:
	185,000	BBB	4.550% due 4/10/28		184,186
	200,000	BBB	4.950% due 6/25/31		197,420

See Notes to Financial Statements.

139



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Machinery — Diversified — 0.0%@ — (continued)
			Deere & Co., Senior Unsecured Notes:
$	75,000	A	5.450% due 1/16/35	$	76,106
	50,000	A	3.900% due 6/9/42		40,923
	25,000	A	3.750% due 4/15/50		18,361
	115,000	BB+	Esab Corp., Company Guaranteed Notes, 6.250% due 4/15/29(a)		116,469
			John Deere Capital Corp., Senior Unsecured Notes:
	100,000	A	4.550% due 6/5/30		99,128
	150,000	A	2.000% due 6/17/31		131,542
			Otis Worldwide Corp., Senior Unsecured Notes:
	29,000	BBB	5.250% due 8/16/28		29,274
	210,000	BBB	2.565% due 2/15/30		193,872

			Total Machinery — Diversified		1,087,281


	Media — 1.2%
			CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
	815,000	BB-	4.500% due 8/15/30(a)		758,893
	820,000	BB-	4.750% due 2/1/32(a)(c)		735,909
	860,000	BB-	4.500% due 5/1/32		756,896
	2,415,000	BB-	4.250% due 1/15/34(a)(c)		2,015,725
			Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes:
	175,000	BBB-	4.200% due 3/15/28		172,443
	75,000	BBB-	6.100% due 6/1/29		76,271
	1,570,000	BBB-	2.800% due 4/1/31		1,376,491
	565,000	BBB-	6.650% due 2/1/34		568,863
	280,000	BBB-	6.550% due 6/1/34		279,529
	25,000	BBB-	6.384% due 10/23/35		24,369
	41,000	BBB-	5.850% due 12/1/35		38,524
	25,000	BBB-	6.484% due 10/23/45		22,236
	92,000	BBB-	5.750% due 4/1/48		74,502
	315,000	BBB-	4.800% due 3/1/50		224,444
	305,000	BBB-	3.900% due 6/1/52		186,423
	763,000	BBB-	3.850% due 4/1/61		426,537
	101,000	BBB-	3.950% due 6/30/62		57,438
			Comcast Corp., Company Guaranteed Notes:
	45,000	A-	1.950% due 1/15/31		39,387
	188,000	A-	1.500% due 2/15/31		161,011
	182,000	A-	4.800% due 5/15/33		175,859
	25,000	A-	3.200% due 7/15/36		20,279
	365,000	A-	3.900% due 3/1/38		298,677
	20,000	A-	3.250% due 11/1/39		14,594
	27,000	A-	4.750% due 3/1/44		21,965
	153,000	A-	3.969% due 11/1/47		104,953
	20,000	A-	4.000% due 3/1/48		13,800
	43,000	A-	3.999% due 11/1/49		28,998
	60,000	A-	3.450% due 2/1/50		36,834
	1,051,000	A-	4.049% due 11/1/52		701,615
	888,000	A-	2.937% due 11/1/56		453,519
	79,000	A-	2.650% due 8/15/62		35,983
	400,000	A-	2.987% due 11/1/63		194,398
	820,000	A-	5.500% due 5/15/64		666,258
			Discovery Global Holdings Inc., Company Guaranteed Notes:
	395,000	BB	4.279% due 3/15/32		361,644
	70,000	BB	5.050% due 3/15/42		51,187
	28,636	D	DISH DBS Corp., Senior Secured Notes, 5.250% due 12/1/26*(a)(g)		28,556

See Notes to Financial Statements.

140



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Media — 1.2% — (continued)
$	80,000		B	EchoStar Corp., Senior Secured Notes, 10.750% due 11/30/29	$	86,505
	321,000		Baa3(b)	FactSet Research Systems Inc., Senior Unsecured Notes, 3.450% due 3/1/32		289,306
	100,000		BBB	Fox Corp., Senior Unsecured Notes, 6.500% due 10/13/33		105,318
				Gray Media Inc., Senior Secured Notes:
	34,000		B+	10.500% due 7/15/29(a)		35,891
	160,000		B+	7.250% due 8/15/33(a)(c)		160,072
				iHeartCommunications Inc., Senior Secured Notes:
	85,000		CCC+	9.125% due 5/1/29(a)		76,226
	90,000		CCC+	7.750% due 8/15/30(a)		75,219
				News Corp.:
	405,000		BBB	Company Guaranteed Notes, 5.125% due 2/15/32(a)		393,279
	1,882,000		BBB	Senior Unsecured Notes, 3.875% due 5/15/29(a)		1,818,975
				Nexstar Media Inc.:
	162,000		BB-	Company Guaranteed Notes, 7.250% due 4/15/34(a)		164,184
	504,000		BBB-	Senior Secured Notes, 6.500% due 9/15/33(a)		506,511
				Sinclair Television Group Inc., Senior Secured Notes:
	43,000		B-	4.375% due 12/31/32(a)		32,250
	155,000		B+	8.125% due 2/15/33(a)		161,073
				Sirius XM Radio LLC, Company Guaranteed Notes:
	680,000		BB+	4.000% due 7/15/28(a)		663,517
	515,000		BB+	4.125% due 7/1/30(a)		485,026
				Space Exploration Technologies Corp., Senior Unsecured Notes:
	595,000		BBB	5.350% due 7/15/31(a)		581,669
	595,000		BBB	5.650% due 7/15/33(a)		572,528
	1,716,000		BBB	5.875% due 7/15/36(a)(c)		1,613,433
	50,000		BBB	6.600% due 7/15/46(a)		45,389
	25,000		BBB	6.650% due 7/15/56(a)		22,236
	50,000		BBB-	Time Warner Cable Enterprises LLC, Senior Secured Notes, 8.375% due 7/15/33		54,585
				Time Warner Cable LLC, Senior Secured Notes:
	34,000		BBB-	6.550% due 5/1/37		32,735
	25,000		BBB-	7.300% due 7/1/38		25,101
	25,000		BBB-	6.750% due 6/15/39		23,784
	2,277,000		BBB-	5.500% due 9/1/41		1,897,395
	140,000		B	Univision Communications Inc., Senior Secured Notes, 7.375% due 6/30/30(a)		140,659
				Walt Disney Co. (The), Company Guaranteed Notes:
	100,000		A	2.200% due 1/13/28		97,228
	100,000		A	2.650% due 1/13/31		91,562
	50,000		A	6.200% due 12/15/34		53,317
	25,000		A	6.400% due 12/15/35		27,099
	150,000		A	4.625% due 3/14/36		142,397
	50,000		A	3.500% due 5/13/40		39,818
	50,000		A	2.750% due 9/1/49		29,857
	100,000		A	3.600% due 1/13/51		69,774
	1,590,000	^EUR	B+	Ziggo BV, Senior Secured Notes, (Cost — $1,783,963, acquired 12/3/25), 2.875% due 1/15/30(d)		1,727,515

				Total Media		23,546,443


	Mining — 0.2%
				Anglo American Capital PLC, Company Guaranteed Notes:
	250,000		BBB	5.000% due 3/21/33(a)		243,968
	959,000		BBB	5.250% due 3/19/36(a)		926,872
				Barrick North America Finance LLC, Company Guaranteed Notes:
	25,000		BBB+	5.700% due 5/30/41		24,371
	25,000		BBB+	5.750% due 5/1/43		24,186

See Notes to Financial Statements.

141



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Mining — 0.2% — (continued)
			BHP Billsiton Finance USA Ltd., Company Guaranteed Notes:
$	25,000	A1(b)	5.250% due 9/8/30	$	25,299
	50,000	A1(b)	5.250% due 9/8/33		50,118
	25,000	A1(b)	4.125% due 2/24/42		20,892
	25,000	A1(b)	5.000% due 9/30/43		22,772
	25,000	A1(b)	5.500% due 9/8/53		23,674
	50,000	A1(b)	5.750% due 9/5/55		48,490
			Freeport-McMoRan Inc., Company Guaranteed Notes:
	25,000	BBB-	4.125% due 3/1/28		24,752
	290,000	BBB-	4.625% due 8/1/30		285,167
	25,000	BBB-	5.450% due 3/15/43		23,500
			Glencore Funding LLC, Company Guaranteed Notes:
	1,055,000	BBB+	5.634% due 4/4/34(a)		1,059,920
	776,000	BBB+	5.508% due 4/1/36(a)		763,045
	25,000	BBB	Kinross Gold Corp., Senior Unsecured Notes, 6.250% due 7/15/33		26,110
			Newmont Corp., Company Guaranteed Notes:
	61,000	BBB+	2.600% due 7/15/32		53,851
	108,000	BBB+	5.875% due 4/1/35		112,016
	25,000	A	Rio Tinto Finance USA Ltd., Company Guaranteed Notes, 2.750% due 11/2/51		14,723
			Rio Tinto Finance USA PLC, Company Guaranteed Notes:
	100,000	A	4.875% due 3/14/30		100,040
	50,000	A	5.000% due 3/9/33		49,709
	25,000	A	4.750% due 3/22/42		22,493
	25,000	A	4.125% due 8/21/42		20,722
	25,000	A	5.125% due 3/9/53		22,202
			Southern Copper Corp., Senior Unsecured Notes:
	25,000	BBB+	6.750% due 4/16/40		26,927
	25,000	BBB+	5.250% due 11/8/42		23,075
	25,000	BBB-	Yamana Gold Inc., Company Guaranteed Notes, 2.630% due 8/15/31		21,871

			Total Mining		4,060,765


	Miscellaneous Manufacturers — 0.1%
			3M Co., Senior Unsecured Notes:
	25,000	BBB+	4.000% due 9/14/48		18,761
	50,000	BBB+	3.250% due 8/26/49		32,889
	25,000	BBB+	3.700% due 4/15/50		17,569
	160,000	BB-	Avient Corp., Senior Unsecured Notes, 7.125% due 8/1/30(a)		162,742
	120,000	BB+	Axon Enterprise Inc., Senior Unsecured Notes, 6.125% due 3/15/30(a)		122,222
			DuPont de Nemours Inc., Senior Unsecured Notes:
	32,000	BBB+	5.319% due 11/15/38		30,800
	11,000	BBB+	5.419% due 11/15/48		10,081
			Eaton Corp., Company Guaranteed Notes:
	200,000	A-	4.200% due 3/6/31		193,624
	285,000	A-	4.800% due 3/6/36		272,265
	115,000	A-	4.150% due 11/2/42		95,306
	25,000	A-	4.700% due 8/23/52		21,213
			Parker-Hannifin Corp., Senior Unsecured Notes:
	100,000	BBB+	4.250% due 9/15/27		99,828
	25,000	BBB+	4.000% due 6/14/49		18,905
	218,000	BBB	Textron Inc., Senior Unsecured Notes, 3.900% due 9/17/29		211,415
	120,000	BB+	Trinity Industries Inc., Company Guaranteed Notes, 7.750% due 7/15/28(a)		122,716

			Total Miscellaneous Manufacturers		1,430,336


	Multi-National — 0.4%
	200,000	AAA	African Development Bank, Senior Unsecured Notes, 4.125% due 1/22/36		190,204
	1,620,000	Baa2(b)	African Export-Import Bank (The), Senior Unsecured Notes, 3.798% due 5/17/31(a)(c)		1,470,914

See Notes to Financial Statements.

142



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Multi-National — 0.4% — (continued)
				Asian Development Bank, Senior Unsecured Notes:
$	200,000		AAA	2.500% due 11/2/27	$	195,899
	100,000		AAA	4.375% due 1/14/28		100,056
	200,000		AAA	3.750% due 4/25/28		198,091
	200,000		AAA	3.625% due 8/28/29		195,531
	200,000		AAA	3.875% due 9/28/32		192,433
	100,000		AAA	4.375% due 3/22/35		97,694
	200,000		AAA	4.250% due 1/14/36		192,612
	200,000		AAA	Asian Infrastructure Investment Bank (The), Senior Unsecured Notes, 4.500% due 1/16/30		200,259
				Banque Ouest Africaine de Developpement, Senior Unsecured Notes:
	535,000		Baa1(b)	5.000% due 7/27/27(a)		534,424
	1,430,000		Baa1(b)	4.700% due 10/22/31(a)		1,309,648
	550,000	^EUR	Baa1(b)	(Cost — $501,550, acquired 5/30/24), 2.750% due 1/22/33(d)		539,922
	100,000		AAA	European Bank for Reconstruction & Development, Senior Unsecured Notes, 4.250% due 3/13/34		97,240
				European Investment Bank, Senior Unsecured Notes:
	400,000		AAA	3.750% due 11/15/29		391,792
	200,000		AAA	4.500% due 3/14/30		200,246
	200,000		AAA	3.750% due 3/13/31		193,926
	300,000		AAA	4.125% due 2/13/34		289,874
	100,000		AAA	4.625% due 2/12/35		99,466
	200,000		AAA	4.250% due 2/8/36		192,494
				Inter-American Development Bank, Senior Unsecured Notes:
	200,000		AAA	1.125% due 1/13/31		173,517
	200,000		AAA	4.375% due 7/17/34		195,809
	200,000		AAA	4.125% due 1/23/36		190,445
	100,000		AAA	International Finance Corp., Senior Unsecured Notes, 3.875% due 7/2/30		97,893

				Total Multi-National		7,540,389


	Office/Business Equipment — 0.0%@
	25,000		BBB-	CDW LLC/CDW Finance Corp., Company Guaranteed Notes, 3.250% due 2/15/29		23,819


	Oil & Gas — 1.4%
				Aker BP ASA, Senior Unsecured Notes:
	330,000	^EUR	BBB	(Cost — $338,914, acquired 3/7/24), 1.125% due 5/12/29(d)		359,191
	705,000		BBB	5.800% due 10/1/54(a)		640,227
				APA Corp., Senior Unsecured Notes:
	159,000		BBB-	4.250% due 1/15/30		155,308
	720,000		BBB-	5.350% due 7/1/49		619,501
	195,000		BB-	Ascent Resources Utica Holdings LLC/ARU Finance Corp., Senior Unsecured Notes, 6.625% due 10/15/32(a)		197,431
				BP Capital Markets America Inc., Company Guaranteed Notes:
	110,000		A-	3.633% due 4/6/30		105,738
	50,000		A-	4.812% due 2/13/33		48,972
	93,000		A-	4.989% due 4/10/34		91,342
	50,000		A-	2.772% due 11/10/50		29,645
	100,000		A-	2.939% due 6/4/51		60,788
	50,000		A-	3.001% due 3/17/52		30,635
	50,000		A-	3.379% due 2/8/61		30,982
				BP Capital Markets PLC, Company Guaranteed Notes:
	2,605,000		BBB	4.875% (5-Year CMT Index + 4.398%)(e)(f)		2,549,025
	915,000		BBB	6.450% (5-Year CMT Index + 2.153%)(e)(f)		939,934
	50,000		Baa1(b)	Canadian Natural Resources Ltd., Senior Unsecured Notes, 4.950% due 6/1/47		43,080
				Chevron USA Inc., Company Guaranteed Notes:
	100,000		AA-	4.687% due 4/15/30		99,931
	100,000		AA-	4.300% due 10/15/30		98,559
	25,000		AA-	2.343% due 8/12/50		13,644

See Notes to Financial Statements.

143



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Oil & Gas — 1.4% — (continued)
			Chord Energy Corp., Company Guaranteed Notes:
$	85,000	BB	6.000% due 10/1/30(a)	$	86,046
	90,000	BB	6.750% due 3/15/33(a)		92,068
	25,000	A+	CNOOC Petroleum North America ULC, Company Guaranteed Notes, 6.400% due 5/15/37		27,968
	140,000	BB	CNX Resources Corp., Company Guaranteed Notes, 5.875% due 3/1/34(a)		136,571
	170,000	B	Comstock Resources Inc., Company Guaranteed Notes, 6.750% due 3/1/29(a)		168,684
			ConocoPhillips Co., Company Guaranteed Notes:
	25,000	A-	5.050% due 9/15/33		24,941
	25,000	A-	6.500% due 2/1/39		27,095
	25,000	A-	3.800% due 3/15/52		17,702
	50,000	A-	5.300% due 5/15/53		44,683
	25,000	A-	5.550% due 3/15/54		23,156
	50,000	A-	4.025% due 3/15/62		34,882
	25,000	A-	5.700% due 9/15/63		23,243
			Continental Resources Inc., Company Guaranteed Notes:
	180,000	BBB-	2.268% due 11/15/26(a)		179,178
	580,000	BBB-	4.375% due 1/15/28		575,772
	80,000	BBB-	5.750% due 1/15/31(a)		81,018
			Crescent Energy Finance LLC, Company Guaranteed Notes:
	240,000	BB-	7.875% due 4/15/32(a)		248,064
	55,000	BB-	7.375% due 1/15/33(a)		56,194
	55,000	BB-	8.375% due 1/15/34(a)		58,072
			Devon Energy Corp., Senior Unsecured Notes:
	92,000	BBB+	5.875% due 6/15/28		91,895
	250,000	BBB+	4.375% due 3/15/29(a)		246,987
	129,000	BBB+	4.500% due 1/15/30		127,019
	100,000	BBB+	5.600% due 3/15/34(a)		101,405
	25,000	BBB+	5.200% due 9/15/34		24,641
	295,000	BBB+	5.400% due 2/15/35(a)		292,965
	485,000	BBB+	5.600% due 7/15/41		464,459
	10,000	BBB+	4.750% due 5/15/42		8,696
	640,000	BBB+	5.000% due 6/15/45		558,279
			Diamondback Energy Inc., Company Guaranteed Notes:
	694,000	BBB	3.500% due 12/1/29		665,036
	200,000	BBB	3.125% due 3/24/31		184,578
	2,000,000	NR	Diversified Gas & Oil Corp., Senior Secured Notes, 9.750% due 4/9/29(a)		2,055,973
	100,000	BB-	Ecopetrol SA, Senior Unsecured Notes, 8.375% due 1/19/36		105,835
			Eni SpA, Senior Unsecured Notes:
	805,000	A-	5.250% due 5/18/36(a)		777,623
	220,000	A-	5.950% due 5/15/54(a)		209,918
	380,000	A-	6.000% due 5/18/56(a)		362,567
			EOG Resources Inc., Senior Unsecured Notes:
	190,000	A-	4.375% due 4/15/30		186,949
	50,000	A-	5.350% due 1/15/36		49,463
			EQT Corp., Senior Unsecured Notes:
	113,000	BBB-	3.900% due 10/1/27		112,049
	52,000	BBB-	5.700% due 4/1/28		52,713
	150,000	BBB-	5.000% due 1/15/29		150,168
	79,000	BBB-	4.750% due 1/15/31		77,663
	200,000	BBB-	3.625% due 5/15/31(a)		186,292
	128,000	BBB-	5.750% due 2/1/34		129,063
			Equinor ASA, Company Guaranteed Notes:
	50,000	AA-	3.625% due 9/10/28		49,151
	50,000	AA-	3.250% due 11/18/49		33,368
	25,000	AA-	3.700% due 4/6/50		18,226

See Notes to Financial Statements.

144



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Oil & Gas — 1.4% — (continued)
			Expand Energy Corp., Company Guaranteed Notes:
$	10,000	BBB-	5.375% due 2/1/29	$	10,002
	1,340,000	BBB-	5.375% due 3/15/30		1,345,162
	1,290,000	BBB-	4.750% due 2/1/32		1,249,646
			Exxon Mobil Corp., Company Guaranteed Notes:
	180,000	AA-	3.482% due 3/19/30		173,275
	460,000	AA-	4.227% due 3/19/40		403,678
	75,000	AA-	4.114% due 3/1/46		59,971
	185,000	AA-	4.327% due 3/19/50		147,914
	200,000	AA-	3.452% due 4/15/51		137,065
	125,000	BB-	Gulfport Energy Operating Corp., Company Guaranteed Notes, 6.750% due 9/1/29(a)		127,465
			Harbour Energy Finance 2 PLC, Company Guaranteed Notes:
	630,000	BBB-	5.929% due 8/19/33(a)		627,298
	1,890,000	BBB-	6.327% due 4/1/35(a)		1,904,588
	75,000	AA-	Hess Corp., Senior Unsecured Notes, 5.800% due 4/1/47		73,783
	290,000	BB+	Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes, 5.750% due 2/1/29(a)		291,110
			Marathon Petroleum Corp., Senior Unsecured Notes:
	25,000	BBB	5.150% due 3/1/30		25,172
	25,000	BBB	6.500% due 3/1/41		26,135
	360,000	BB-	Matador Resources Co., Company Guaranteed Notes, 6.500% due 4/15/32(a)		363,877
			Noble Finance II LLC, Company Guaranteed Notes:
	71,000	BB-	8.000% due 4/15/30(a)		73,476
	60,000	BB-	6.250% due 6/15/34(a)		58,918
			Occidental Petroleum Corp., Senior Unsecured Notes:
	75,000	BB+	7.500% due 5/1/31		82,037
	50,000	BB+	5.375% due 1/1/32		50,475
	50,000	BB+	5.550% due 10/1/34		50,459
	50,000	BB+	6.450% due 9/15/36		52,778
	25,000	BB+	6.200% due 3/15/40		25,400
	50,000	BB+	6.600% due 3/15/46		51,859
	177,000	BBB-	Ovintiv Inc., Company Guaranteed Notes, 6.250% due 7/15/33		184,979
			Permian Resources Operating LLC, Company Guaranteed Notes:
	205,000	BBB-	5.875% due 7/1/29(a)		205,601
	170,000	BBB-	6.250% due 2/1/33(a)		172,795
			Petroleos Mexicanos, Company Guaranteed Notes:
	250,000	BBB	6.700% due 2/16/32		251,489
	100,000	BBB	10.000% due 2/7/33		116,870
	70,000	BBB	6.375% due 1/23/45		58,529
	1,130,000	BBB	7.690% due 1/23/50		1,030,622
	100,000	BBB+	Phillips 66, Company Guaranteed Notes, 4.650% due 11/15/34		95,421
			Phillips 66 Co., Company Guaranteed Notes:
	75,000	BBB+	5.250% due 6/15/31		76,171
	50,000	BBB+	5.500% due 3/15/55		45,345
			Pioneer Natural Resources Co., Senior Unsecured Notes:
	50,000	AA-	1.900% due 8/15/30		44,651
	330,000	AA-	2.150% due 1/15/31		293,963
	610,000	BBB-	Santos Finance Ltd., Company Guaranteed Notes, 5.750% due 11/13/35(a)		601,755
			Shell Finance US Inc., Company Guaranteed Notes:
	25,000	A+	4.125% due 5/11/35		23,144
	90,000	A+	4.550% due 8/12/43		76,842
	140,000	A+	4.375% due 5/11/45		115,083
	340,000	A+	4.000% due 5/10/46		263,357
	480,000	A+	3.250% due 4/6/50		317,605
	50,000	A+	3.000% due 11/26/51		30,921

See Notes to Financial Statements.

145



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Oil & Gas — 1.4% — (continued)
			SM Energy Co.:
			Company Guaranteed Notes:
$	235,000	BB	6.625% due 1/15/27	$	235,655
	375,000	BB	8.750% due 7/1/31(a)		392,514
	115,000	BB	Senior Unsecured Notes, 7.000% due 8/1/32(a)		117,669
			Sunoco LP, Company Guaranteed Notes:
	140,000	BB+	7.000% due 5/1/29(a)		143,685
	281,000	BB+	5.625% due 3/15/31(a)		279,239
	170,000	BB+	7.250% due 5/1/32(a)		175,924
	120,000	BB+	5.875% due 3/15/34(a)		118,328
	50,000	A+	TotalEnergies Capital International SA, Company Guaranteed Notes, 3.127% due 5/29/50		32,151
			TotalEnergies Capital SA, Company Guaranteed Notes:
	50,000	A+	5.150% due 4/5/34		49,911
	100,000	A+	4.724% due 9/10/34		97,095
	25,000	A+	5.425% due 9/10/64		22,402
			TotalEnergies Capital USA LLC, Company Guaranteed Notes:
	50,000	A+	4.248% due 1/13/31		48,651
	150,000	A+	4.857% due 1/13/36		144,255
	80,000	BB	Valaris Ltd., Secured Notes, 8.375% due 4/30/30(a)		83,223
			Valero Energy Corp., Senior Unsecured Notes:
	100,000	BBB	5.150% due 3/10/36		96,714
	25,000	BBB	6.625% due 6/15/37		26,944

			Total Oil & Gas		28,823,297


	Oil & Gas Services — 0.3%
	115,000	BB-	Archrock Partners LP/Archrock Partners Finance Corp., Company Guaranteed Notes, 6.625% due 9/1/32(a)		117,196
	55,000	BB-	Archrock Services LP/Archrock Partners Finance Corp., Company Guaranteed Notes, 6.000% due 2/1/34(a)		54,247
			Baker Hughes Holdings LLC/Baker Hughes Co.-Obligor Inc.:
			Company Guaranteed Notes:
	100,000	A-	4.350% due 6/15/31		97,004
	3,855,000	A-	5.000% due 6/15/36		3,703,793
	120,000	A-	5.850% due 6/15/56		114,556
	50,000	A-	Senior Unsecured Notes, 4.486% due 5/1/30		49,251
	100,000	BBB+	Halliburton Co., Senior Unsecured Notes, 5.000% due 11/15/45		87,167
	135,000	BB-	Kodiak Gas Services LLC, Company Guaranteed Notes, 6.500% due 10/1/33(a)		136,391
			Schlumberger Holdings Corp.:
	980,000	A	Company Guaranteed Notes, 4.850% due 5/15/33(a)(c)		962,004
	171,000	A	Senior Unsecured Notes, 3.900% due 5/17/28(a)		168,928

			Total Oil & Gas Services		5,490,537


	Packaging & Containers — 0.1%
			Amcor Flexibles North America Inc. North America Inc., Company Guaranteed Notes:
	570,000	BBB	5.100% due 3/17/30		571,301
	94,000	BBB	2.690% due 5/25/31(c)		84,410
			Ball Corp., Company Guaranteed Notes:
	140,000	BB+	6.000% due 6/15/29		141,738
	75,000	BB+	5.500% due 9/15/33		74,446
			Berry Global Inc., Senior Secured Notes:
	100,000	BBB	5.800% due 6/15/31		102,618
	25,000	BBB	5.650% due 1/15/34		25,160
	120,000	B+	Clydesdale Acquisition Holdings Inc., Senior Secured Notes, 6.750% due 4/15/32(a)		117,144
	250,000	BB-	Graphic Packaging International LLC, Company Guaranteed Notes, 6.375% due 7/15/32(a)(c)		252,996
	220,000	B	Mauser Packaging Solutions Holding Co., Senior Secured Notes, 7.875% due 4/15/30(a)		224,408

See Notes to Financial Statements.

146



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Packaging & Containers — 0.1% — (continued)
			Packaging Corp. of America, Senior Unsecured Notes:
$	25,000	BBB	5.700% due 12/1/33	$	25,517
	25,000	BBB	3.050% due 10/1/51		15,504
	239,000	BBB-	Sonoco Products Co., Senior Unsecured Notes, 3.125% due 5/1/30		222,726
	100,000	B	TriMas Corp., Company Guaranteed Notes, 4.125% due 4/15/29(a)		96,174
	331,000	B	Trivium Packaging Finance BV, Senior Secured Notes, 8.250% due 7/15/30(a)		350,734
			WRKCo Inc., Company Guaranteed Notes:
	50,000	BBB	3.900% due 6/1/28		49,220
	25,000	BBB	4.900% due 3/15/29		25,001

			Total Packaging & Containers		2,379,097


	Pharmaceuticals — 0.8%
	255,000	B	1261229 BC Ltd., Senior Secured Notes, 10.000% due 4/15/32(a)		265,270
			AbbVie Inc., Senior Unsecured Notes:
	400,000	A-	4.800% due 3/15/29		400,515
	100,000	A-	3.200% due 11/21/29		95,287
	100,000	A-	4.875% due 3/15/30		100,038
	100,000	A-	4.125% due 3/15/31		96,668
	180,000	A-	4.950% due 3/15/31		180,116
	100,000	A-	4.400% due 3/15/33		95,928
	200,000	A-	4.550% due 3/15/35		189,415
	200,000	A-	4.500% due 5/14/35		188,150
	245,000	A-	4.750% due 3/15/36		233,392
	431,000	A-	5.300% due 9/15/36		426,120
	10,000	A-	4.875% due 11/14/48		8,608
	840,000	A-	4.250% due 11/21/49		654,071
	75,000	A-	5.400% due 3/15/54		68,612
	25,000	A-	5.550% due 3/15/56		23,340
	817,000	A-	6.000% due 9/15/56		811,343
	70,000	B+	AdaptHealth LLC, Company Guaranteed Notes, 4.625% due 8/1/29(a)		66,171
			Astrazeneca Finance LLC, Company Guaranteed Notes:
	100,000	A+	4.900% due 3/3/30		100,251
	50,000	A+	5.000% due 2/26/34		49,425
			AstraZeneca PLC, Senior Unsecured Notes:
	25,000	A+	4.000% due 9/18/42		20,423
	25,000	A+	4.375% due 11/16/45		20,834
	25,000	A+	4.375% due 8/17/48		20,527
	25,000	A+	2.125% due 8/6/50		13,117
	25,000	A+	3.000% due 5/28/51		15,728
			Bayer US Finance LLC, Company Guaranteed Notes:
	400,000	BBB	5.125% due 7/20/31(a)		396,652
	595,000	BBB	5.625% due 7/20/36(a)		583,403
	243,000	BBB	Becton Dickinson & Co., Senior Unsecured Notes, 4.693% due 2/13/28		242,901
			Bristol-Myers Squibb Co., Senior Unsecured Notes:
	273,000	A	5.100% due 2/22/31		274,734
	98,000	A	4.125% due 6/15/39		84,775
	50,000	A	3.550% due 3/15/42		38,384
	50,000	A	4.350% due 11/15/47		39,964
	50,000	A	4.550% due 2/20/48		41,009
	50,000	A	4.250% due 10/26/49		38,819
	50,000	A	2.550% due 11/13/50		27,972
	50,000	A	3.700% due 3/15/52		34,842
	898,000	A	5.550% due 2/22/54		837,506
	50,000	A	3.900% due 3/15/62		34,161

See Notes to Financial Statements.

147



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Pharmaceuticals — 0.8% — (continued)
			Cencora Inc., Senior Unsecured Notes:
$	75,000	BBB+	4.250% due 11/15/30	$	72,764
	235,000	BBB+	4.600% due 2/13/33		226,775
	122,000	BBB+	4.900% due 2/13/36		116,338
			CVS Health Corp., Senior Unsecured Notes:
	150,000	BBB	4.300% due 3/25/28		149,030
	150,000	BBB	5.000% due 1/30/29		150,667
	50,000	BBB	1.875% due 2/28/31		43,490
	394,000	BBB	2.125% due 9/15/31		340,823
	100,000	BBB	5.250% due 2/21/33		99,637
	100,000	BBB	4.780% due 3/25/38		90,816
	100,000	BBB	5.125% due 7/20/45		86,736
	200,000	BBB	5.050% due 3/25/48		169,193
			Eli Lilly & Co., Senior Unsecured Notes:
	595,000	AA-	4.700% due 2/9/34		580,517
	200,000	AA-	4.600% due 8/14/34		193,125
	100,000	AA-	4.900% due 10/15/35		97,575
	100,000	AA-	4.850% due 5/20/36		96,486
	25,000	AA-	3.950% due 3/15/49		19,046
	25,000	AA-	4.875% due 2/27/53		21,493
	50,000	AA-	5.000% due 2/9/54		43,802
	100,000	AA-	5.550% due 10/15/55		94,926
	25,000	AA-	4.150% due 3/15/59		18,625
	25,000	AA-	4.950% due 2/27/63		21,132
	475,000	AA-	5.100% due 2/9/64		410,070
	860,000	AA-	5.650% due 10/15/65		812,613
	25,000	AA-	5.700% due 5/20/66		23,807
	1,005,000	A	EMD Finance LLC, Company Guaranteed Notes, 4.625% due 10/15/32(a)		972,980
	50,000	A	GlaxoSmithKline Capital Inc., Company Guaranteed Notes, 6.375% due 5/15/38		53,292
			Johnson & Johnson, Senior Unsecured Notes:
	100,000	AAA	4.550% due 3/1/28		100,294
	50,000	AAA	4.950% due 6/1/34		50,473
	50,000	AAA	5.000% due 3/1/35		50,039
	50,000	AAA	3.625% due 3/3/37		43,754
	50,000	AAA	3.700% due 3/1/46		38,441
	50,000	AAA	5.250% due 6/1/54		47,667
	25,000	AAA	2.450% due 9/1/60		12,857
			Merck & Co., Inc.:
			Company Guaranteed Notes:
	100,000	A+	3.850% due 9/15/27		99,654
	100,000	A+	4.150% due 9/15/30		97,588
	100,000	A+	4.950% due 9/15/35		97,478
			Senior Unsecured Notes:
	100,000	A+	5.200% due 5/22/36		98,714
	25,000	A+	3.900% due 3/7/39		21,263
	25,000	A+	3.600% due 9/15/42		19,338
	50,000	A+	4.150% due 5/18/43		41,063
	50,000	A+	3.700% due 2/10/45		37,743
	50,000	A+	4.000% due 3/7/49		37,746
	50,000	A+	2.450% due 6/24/50		27,804
	390,000	A+	2.750% due 12/10/51		226,732
	440,000	A+	5.550% due 12/4/55		411,088
	50,000	A+	5.850% due 5/22/56		48,739
	50,000	A+	2.900% due 12/10/61		27,266

See Notes to Financial Statements.

148



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Pharmaceuticals — 0.8% — (continued)
			Novartis Capital Corp., Company Guaranteed Notes:
$	100,000	AA-	3.800% due 9/18/29	$	97,679
	100,000	AA-	4.100% due 11/5/30		97,182
	100,000	AA-	4.300% due 11/5/32		96,481
	150,000	AA-	4.600% due 3/18/33		146,109
	75,000	AA-	4.900% due 3/18/36		72,645
	25,000	AA-	5.700% due 3/18/56		24,219
	255,000	BB	Organon & Co./Organon Foreign Debt Co.-Issuer BV, Senior Secured Notes, 4.125% due 4/30/28(a)		252,570
			Pfizer Inc., Senior Unsecured Notes:
	160,000	A	2.625% due 4/1/30		148,371
	140,000	A	1.700% due 5/28/30		124,901
	25,000	A	4.000% due 12/15/36		22,392
	25,000	A	3.900% due 3/15/39		21,172
	100,000	A	7.200% due 3/15/39		113,574
			Pfizer Investment Enterprises Pte Ltd., Company Guaranteed Notes:
	200,000	A	4.750% due 5/19/33		195,044
	200,000	A	5.300% due 5/19/53		178,992
	158,000	A	5.340% due 5/19/63		138,058
	256,000	BBB+	Takeda Pharmaceutical Co., Ltd., Senior Unsecured Notes, 2.050% due 3/31/30		231,177
	200,000	BBB+	Takeda US Financing Inc., Company Guaranteed Notes, 5.200% due 7/7/35		195,226
	25,000	BB+	Utah Acquisition Sub Inc., Company Guaranteed Notes, 5.250% due 6/15/46		20,549
	50,000	BB+	Viatris Inc., Company Guaranteed Notes, 4.000% due 6/22/50		33,493
	50,000	A	Wyeth LLC, Company Guaranteed Notes, 5.950% due 4/1/37		51,568
			Zoetis Inc., Senior Unsecured Notes:
	25,000	BBB+	4.700% due 2/1/43		21,622
	25,000	BBB+	3.950% due 9/12/47		18,822

			Total Pharmaceuticals		15,761,816


	Pipelines — 1.4%
	55,000	BB+	Antero Midstream Partners LP/Antero Midstream Finance Corp., Company Guaranteed Notes, 5.750% due 10/15/33(a)		54,332
	215,000	B+	Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Unsecured Notes, 7.250% due 7/15/32(a)		222,376
			Buckeye Partners LP, Senior Unsecured Notes:
	150,000	BB	4.125% due 12/1/27		147,820
	190,000	BB	6.875% due 7/1/29(a)		194,766
	199,000	BBB+	Cheniere Corpus Christi Holdings LLC, Senior Secured Notes, 3.700% due 11/15/29		191,941
	260,000	BBB	Cheniere Energy Inc., Senior Unsecured Notes, 4.625% due 10/15/28		258,658
			Cheniere Energy Partners LP, Company Guaranteed Notes:
	72,000	BBB+	4.500% due 10/1/29		71,153
	308,000	BBB+	4.000% due 3/1/31		293,829
	436,000	BBB+	3.250% due 1/31/32		395,155
	105,000	BBB+	5.950% due 6/30/33		108,018
	1,098,000	BBB+	5.750% due 8/15/34		1,112,887
	600,000	Baa1(b)	Columbia Pipelines Operating Co. LLC, Senior Unsecured Notes, 6.036% due 11/15/33(a)		619,968
	65,000	BBB-	DT Midstream Inc., Company Guaranteed Notes, 4.375% due 6/15/31(a)		62,135
	50,000	A-	Eastern Energy Gas Holdings LLC, Senior Unsecured Notes, 6.200% due 1/15/55		49,263
			Enbridge Inc.:
			Company Guaranteed Notes:
	150,000	BBB+	4.850% due 3/27/31		148,237
	100,000	BBB+	5.700% due 3/8/33		101,804
	50,000	BBB+	2.500% due 8/1/33		41,974
	25,000	BBB+	5.625% due 4/5/34		25,295
	50,000	BBB+	3.400% due 8/1/51		32,415
	50,000	BBB+	6.700% due 11/15/53		52,629

See Notes to Financial Statements.

149



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Pipelines — 1.4% — (continued)
			Subordinated Notes:
$	940,000	BBB-	5.750% (5-Year CMT Index + 5.314%) due 7/15/80(e)	$	937,764
	435,000	BBB-	8.250% (5-Year CMT Index + 3.785%) due 1/15/84(e)		458,615
	240,000	BBB-	8.500% (5-Year CMT Index + 4.431%) due 1/15/84(e)		270,821
			Energy Transfer LP:
			Company Guaranteed Notes:
	340,000	BBB	5.250% due 4/15/29		342,997
	25,000	BBB	5.800% due 6/15/38		24,866
			Junior Subordinated Notes:
	405,000	BB+	8.000% (5-Year CMT Index + 4.020%) due 5/15/54(e)		425,045
	784,000	BB+	6.500% (5-Year CMT Index + 2.676%) due 2/15/56(e)		787,975
			Senior Unsecured Notes:
	76,000	BBB	5.550% due 2/15/28		76,833
	30,000	BBB	4.950% due 6/15/28		30,092
	800,000	BBB	3.750% due 5/15/30		764,500
	280,000	BBB	5.550% due 5/15/34		279,868
	50,000	BBB	5.350% due 1/15/36		48,780
	340,000	BBB	5.300% due 4/1/44		301,687
	18,000	BBB	5.300% due 4/15/47		15,695
	750,000	BBB	6.250% due 4/15/49		725,977
	147,000	BBB	5.000% due 5/15/50		120,529
	800,000	BBB	5.950% due 5/15/54		742,623
			Enterprise Products Operating LLC, Company Guaranteed Notes:
	660,000	A-	4.150% due 10/16/28		653,514
	50,000	A-	4.850% due 1/31/34		48,770
	150,000	A-	6.650% due 10/15/34		162,834
	50,000	A-	4.950% due 2/15/35		48,801
	110,000	A-	5.200% due 1/15/36		107,963
	250,000	A-	4.850% due 3/15/44		219,817
	25,000	A-	5.100% due 2/15/45		22,517
	25,000	A-	4.250% due 2/15/48		19,631
	50,000	A-	4.800% due 2/1/49		42,327
	50,000	A-	4.200% due 1/31/50		38,523
	130,000	A-	3.700% due 1/31/51		91,578
	25,000	A-	3.200% due 2/15/52		15,817
	25,000	A-	3.300% due 2/15/53		16,063
	180,000	A-	5.550% due 2/16/55		167,846
	180,000	A-	3.950% due 1/31/60		126,337
			Harvest Midstream I LP, Senior Unsecured Notes:
	140,000	BB-	7.500% due 5/15/32(a)		145,214
	1,100,000	BB-	6.750% due 5/15/34(a)		1,116,620
			Hess Midstream Operations LP, Company Guaranteed Notes:
	200,000	BBB-	5.875% due 3/1/28(a)		202,295
	5,000	BBB-	5.125% due 6/15/28(a)		4,990
			Howard Midstream Energy Partners LLC, Senior Unsecured Notes:
	190,000	BB-	7.375% due 7/15/32(a)		196,256
	55,000	BB-	6.625% due 1/15/34(a)		55,496
	30,000	BB-	6.625% due 1/15/35(a)		30,124
	25,000	BBB+	Kinder Morgan Energy Partners LP, Company Guaranteed Notes, 6.950% due 1/15/38		27,272
			Kinder Morgan Inc., Company Guaranteed Notes:
	110,000	BBB+	5.000% due 2/1/29		110,579
	170,000	BBB+	5.150% due 6/1/30		171,454
	155,000	BBB+	5.550% due 8/1/36		153,727
	50,000	BBB+	5.550% due 6/1/45		46,277
	25,000	BBB+	5.200% due 3/1/48		21,848

See Notes to Financial Statements.

150



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Pipelines — 1.4% — (continued)
$	55,000	BBB+	3.250% due 8/1/50	$	34,687
	82,000	BBB+	3.600% due 2/15/51		55,045
	25,000	BBB+	5.450% due 8/1/52		22,297
	780,000	BB+	Kinetik Holdings LP, Company Guaranteed Notes, 5.875% due 6/15/30(a)		784,210
			MPLX LP, Senior Unsecured Notes:
	850,000	BBB	4.800% due 2/15/29		849,158
	255,000	BBB	4.800% due 2/15/31		251,081
	105,000	BBB	5.000% due 5/1/32		103,400
	100,000	BBB	5.400% due 9/15/35		97,951
	810,000	BBB	5.300% due 4/1/36		783,342
	105,000	BBB	5.500% due 11/1/36		102,561
	130,000	BBB	4.500% due 4/15/38		115,120
	140,000	BBB	4.700% due 4/15/48		112,831
	50,000	BBB	5.500% due 2/15/49		44,486
	50,000	BBB	4.950% due 3/14/52		40,967
	140,000	B+	NGL Energy Operating LLC/NGL Energy Finance Corp., Senior Secured Notes, 8.125% due 2/15/29(a)		144,465
	100,000	BB-	Northriver Midstream Finance LP, Senior Secured Notes, 6.750% due 7/15/32(a)		101,956
	130,000	Ba1(b)	NuStar Logistics LP, Company Guaranteed Notes, 6.375% due 10/1/30		133,331
			ONEOK Inc., Company Guaranteed Notes:
	200,000	BBB	5.800% due 11/1/30		204,888
	150,000	BBB	4.750% due 10/15/31		146,756
	165,000	BBB	6.050% due 9/1/33		170,032
	25,000	BBB	5.050% due 11/1/34		24,125
	25,000	BBB	5.150% due 10/15/43		22,148
	100,000	BBB	5.200% due 7/15/48		85,987
	25,000	BBB	4.850% due 2/1/49		20,503
	50,000	BBB	3.950% due 3/1/50		35,119
	105,000	BBB	6.625% due 9/1/53		107,064
	25,000	BBB	ONEOK Partners LP, Company Guaranteed Notes, 6.650% due 10/1/36		26,658
	133,360	B2(b)	Peru LNG Srl, Senior Unsecured Notes, 5.375% due 3/22/30(a)		130,802
	100,000	BBB	Plains All American Pipeline LP/PAA Finance Corp., Senior Unsecured Notes, 5.600% due 1/15/36		98,509
	500,000	B-	Prairie Acquiror LP, Senior Secured Notes, 9.000% due 8/1/29(a)		518,879
	275,000	BB	Rockies Express Pipeline LLC, Senior Unsecured Notes, 4.950% due 7/15/29(a)		272,032
			Sabine Pass Liquefaction LLC, Senior Secured Notes:
	40,000	BBB+	4.200% due 3/15/28		39,746
	126,492	BBB+	5.900% due 9/15/37		130,226
	25,000	BBB+	Spectra Energy Partners LP, Company Guaranteed Notes, 4.500% due 3/15/45		20,339
			Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Company Guaranteed Notes:
	150,000	B+	5.500% due 1/15/28(a)		150,051
	1,005,000	B+	6.000% due 12/31/30(a)		1,008,066
			Targa Resources Corp., Company Guaranteed Notes:
	72,000	BBB	6.150% due 3/1/29		74,040
	100,000	BBB	4.350% due 4/15/31		96,821
	130,000	BBB	4.200% due 2/1/33		121,551
	50,000	BBB	6.500% due 2/15/53		50,586
	20,000	BBB	6.050% due 5/15/56		19,040
			Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company Guaranteed Notes:
	100,000	BBB	5.000% due 1/15/28		99,953
	113,000	BBB	5.500% due 3/1/30		113,665
	489,000	BBB	4.875% due 2/1/31		482,449
	40,000	BBB	4.000% due 1/15/32		37,631

See Notes to Financial Statements.

151



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Pipelines — 1.4% — (continued)
				TransCanada PipeLines Ltd.:
				Junior Subordinated Notes:
$	374,000		BBB-	6.125% (5-Year CMT Index + 2.250%) due 10/17/56(e)	$	374,236
	32,000		BBB-	6.375% (5-Year CMT Index + 2.117%) due 10/17/56(e)		31,938
				Senior Unsecured Notes:
	50,000		BBB+	6.200% due 10/15/37		51,608
	50,000		BBB+	7.625% due 1/15/39		56,992
	25,000		BBB+	5.100% due 3/15/49		22,651
	420,000		BBB-	Transcanada Trust, Company Guaranteed Notes, 5.500% (3-Month Term SOFR + 4.416%) due 9/15/79(e)		415,133
				Transcontinental Gas Pipe Line Co. LLC, Senior Unsecured Notes:
	137,000		BBB+	4.000% due 3/15/28		135,800
	138,000		BBB+	4.600% due 3/15/48		112,747
				Venture Global Calcasieu Pass LLC, Senior Secured Notes:
	300,000		BBB-	3.875% due 8/15/29(a)		287,579
	170,000		BBB-	3.875% due 11/1/33(a)		151,015
				Venture Global LNG Inc.:
	225,000		B-	Junior Subordinated Notes, 9.000% (5-Year CMT Index + 5.440%)(a)(e)(f)		227,846
				Senior Secured Notes:
	725,000		BB	9.500% due 2/1/29(a)		780,052
	430,000		BB	7.000% due 1/15/30(a)		441,803
	70,000		BB	9.875% due 2/1/32(a)		74,630
				Venture Global Plaquemines LNG LLC, Senior Secured Notes:
	270,000		BB+	6.500% due 1/15/34(a)		279,222
	165,000		BB+	6.500% due 6/15/34(a)		170,684
	50,000		BB+	6.750% due 1/15/36(a)		52,652
				Western Midstream Operating LP, Senior Unsecured Notes:
	630,000		BBB-	4.050% due 2/1/30		607,988
	100,000		BBB-	4.800% due 3/1/31		98,163
	115,000		BBB-	5.250% due 2/1/50		96,927
				Williams Cos., Inc. (The), Senior Unsecured Notes:
	75,000		BBB+	2.600% due 3/15/31		67,228
	50,000		BBB+	4.650% due 8/15/32		48,493
	50,000		BBB+	6.000% due 3/15/55		48,122
	100,000		BBB+	5.950% due 3/15/56		94,737

				Total Pipelines		27,416,612


	Private Equity — 0.0%@
				Brookfield Finance Inc., Company Guaranteed Notes:
	50,000		A-	3.900% due 1/25/28		49,497
	25,000		A-	4.850% due 3/29/29		24,951
	920,000		A-	5.330% due 1/15/36		888,338
	50,000		A-	5.968% due 3/4/54		47,549
	25,000		A-	Brookfield Finance LLC/Brookfield Finance Inc., Company Guaranteed Notes, 3.450% due 4/15/50		16,345

				Total Private Equity		1,026,680


	Real Estate — 0.1%
	600,000	^EUR	BBB	Aroundtown SA, Senior Unsecured Notes, (Cost — $699,240, acquired 10/20/25), 3.500% due 5/13/30(d)		677,407
	490,000	^EUR	Ba1(b)	Castellum AB, Junior Subordinated Notes, (Cost — $494,521, acquired 12/4/24), 3.125% (3.454% — 5-Year EUR Swap Rate)(d)(f)(i)		566,289

				Total Real Estate		1,243,696


	Real Estate Investment Trusts (REITs) — 0.7%
				Alexandria Real Estate Equities Inc., Company Guaranteed Notes:
	25,000		BBB+	3.950% due 1/15/28		24,703

See Notes to Financial Statements.

152



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Real Estate Investment Trusts (REITs) — 0.7% — (continued)
$	25,000	BBB+	4.500% due 7/30/29	$	24,589
	150,000	BBB+	3.375% due 8/15/31		136,703
	50,000	BBB+	2.000% due 5/18/32		41,531
	25,000	BBB+	1.875% due 2/1/33		20,031
	25,000	BBB+	4.750% due 4/15/35		23,249
	705,000	BBB+	5.250% due 3/15/36		672,337
	25,000	BBB+	3.550% due 3/15/52		16,590
	25,000	BBB+	5.625% due 5/15/54		22,577
			American Homes 4 Rent LP, Senior Unsecured Notes:
	25,000	BBB	4.250% due 2/15/28		24,799
	25,000	BBB	3.625% due 4/15/32		22,861
	25,000	BBB	5.500% due 2/1/34		24,808
			American Tower Corp., Senior Unsecured Notes:
	100,000	BBB+	5.800% due 11/15/28		101,920
	86,000	BBB+	3.800% due 8/15/29		83,471
	100,000	BBB+	2.100% due 6/15/30		89,676
	112,000	BBB+	1.875% due 10/15/30		98,712
	106,000	BBB+	2.700% due 4/15/31		95,328
	47,000	BBB+	2.300% due 9/15/31		41,004
	1,865,000	NR	Arbor Realty SR Inc., Company Guaranteed Notes, 5.000% due 12/30/28(a)(c)		1,729,787
			Boston Properties LP, Senior Unsecured Notes:
	25,000	BBB	4.500% due 12/1/28		24,804
	25,000	BBB	3.400% due 6/21/29		23,979
	25,000	BBB	3.250% due 1/30/31		23,044
	25,000	BBB	2.450% due 10/1/33		20,358
	25,000	BBB	6.500% due 1/15/34		26,033
	25,000	BBB	Brixmor Operating Partnership LP, Senior Unsecured Notes, 5.500% due 2/15/34		24,995
	25,000	A-	Camden Property Trust, Senior Unsecured Notes, 4.900% due 1/15/34		24,356
			Crown Castle Inc., Senior Unsecured Notes:
	109,000	BBB	5.000% due 1/11/28		109,336
	113,000	BBB	3.800% due 2/15/28		111,326
	69,000	BBB	3.100% due 11/15/29		64,994
	83,000	BBB	2.250% due 1/15/31		73,149
	66,000	BBB	2.100% due 4/1/31		57,446
	310,000	BBB	2.500% due 7/15/31		272,667
	25,000	BBB	CubeSmart LP, Company Guaranteed Notes, 2.500% due 2/15/32		21,712
	25,000	BBB+	Digital Realty Trust LP, Company Guaranteed Notes, 5.550% due 1/15/28		25,247
	25,000	BBB-	EPR Properties, Senior Unsecured Notes, 3.750% due 8/15/29		24,016
			Equinix Inc., Senior Unsecured Notes:
	130,000	BBB+	1.550% due 3/15/28		123,868
	183,000	BBB+	2.000% due 5/15/28		174,835
	183,000	BBB+	3.200% due 11/18/29		173,183
	170,000	BBB+	2.500% due 5/15/31		150,429
			ERP Operating LP, Senior Unsecured Notes:
	25,000	A	3.500% due 3/1/28		24,605
	25,000	A	4.150% due 12/1/28		24,696
	25,000	A	3.300% due 6/1/29		24,070
	25,000	A	3.000% due 7/1/29		23,802
	25,000	A	2.500% due 2/15/30		23,077
	25,000	A	2.300% due 3/1/30		22,917
	25,000	A	1.850% due 8/1/31		21,627
	50,000	A	2.050% due 1/15/32		43,143
	25,000	A	5.000% due 2/15/33		24,763
	25,000	A	5.300% due 12/7/33		25,102
	1,731,000	BBB	Essential Properties LP, Company Guaranteed Notes, 2.950% due 7/15/31		1,553,031

See Notes to Financial Statements.

153



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Real Estate Investment Trusts (REITs) — 0.7% — (continued)
			Essex Portfolio LP, Company Guaranteed Notes:
$	25,000	BBB+	4.000% due 3/1/29	$	24,487
	170,000	BBB+	5.500% due 4/1/34		169,514
			Extra Space Storage LP, Company Guaranteed Notes:
	106,000	BBB+	5.700% due 4/1/28		107,424
	50,000	BBB+	5.500% due 7/1/30		50,550
			GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes:
	87,000	BBB-	5.300% due 1/15/29		87,295
	267,000	BBB-	4.000% due 1/15/30		255,340
	65,000	BBB-	4.000% due 1/15/31		60,849
	86,000	BBB-	3.250% due 1/15/32		75,973
			Healthpeak OP LLC, Company Guaranteed Notes:
	50,000	BBB+	3.000% due 1/15/30		46,846
	25,000	BBB+	2.875% due 1/15/31		22,745
	25,000	BBB-	Host Hotels & Resorts LP, Senior Unsecured Notes, 2.900% due 12/15/31		22,093
	146,000	BBB	Invitation Homes Operating Partnership LP, Company Guaranteed Notes, 2.300% due 11/15/28		138,232
	510,000	BB-	Iron Mountain Inc., Company Guaranteed Notes, 4.875% due 9/15/27(a)		508,829
	1,530,000	BB-	Iron Mountain Information Management Services Inc., Company Guaranteed Notes, 5.000% due 7/15/32(a)		1,460,446
			Kilroy Realty LP, Company Guaranteed Notes:
	25,000	BBB-	4.250% due 8/15/29		24,239
	25,000	BBB-	2.650% due 11/15/33		19,998
			Kimco Realty OP LLC, Company Guaranteed Notes:
	50,000	A-	2.250% due 12/1/31		43,581
	25,000	A-	3.200% due 4/1/32		22,690
	25,000	A-	4.600% due 2/1/33		24,112
	65,000	BB+	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Company Guaranteed Notes, 7.000% due 7/15/31(a)		67,180
	25,000	A-	Mid-America Apartments LP, Senior Unsecured Notes, 5.000% due 3/15/34		24,349
	55,000	BB	Millrose Properties Inc., Company Guaranteed Notes, 6.375% due 8/1/30(a)		55,811
			NNN REIT Inc., Senior Unsecured Notes:
	124,000	BBB+	3.100% due 4/15/50		78,110
	238,000	BBB+	3.500% due 4/15/51		160,754
			Omega Healthcare Investors Inc., Company Guaranteed Notes:
	25,000	BBB-	4.750% due 1/15/28		24,933
	25,000	BBB-	3.625% due 10/1/29		23,883
			Piedmont Operating Partnership LP, Company Guaranteed Notes:
	153,000	BBB-	9.250% due 7/20/28		163,456
	995,000	BBB-	2.750% due 4/1/32		850,263
			Prologis LP, Senior Unsecured Notes:
	25,000	A	4.875% due 6/15/28		25,134
	147,000	A	2.250% due 4/15/30		134,096
	25,000	A	4.625% due 1/15/33		24,301
	25,000	A	5.125% due 1/15/34		24,704
	25,000	A	5.000% due 3/15/34		24,512
	140,000	A	2.125% due 10/15/50		71,704
	25,000	A	5.250% due 6/15/53		22,654
	760,000	A-	Prologis Targeted US Logistics Fund LP, Company Guaranteed Notes, 4.625% due 3/15/33(a)		726,158
			Public Storage Operating Co., Company Guaranteed Notes:
	25,000	A	1.850% due 5/1/28		23,925
	25,000	A	3.385% due 5/1/29		24,161
	25,000	A	2.250% due 11/9/31		21,869
	25,000	A	5.100% due 8/1/33		24,834

See Notes to Financial Statements.

154



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Real Estate Investment Trusts (REITs) — 0.7% — (continued)
			Realty Income Corp., Senior Unsecured Notes:
$	57,000	A-	3.100% due 12/15/29	$	53,985
	74,000	A-	3.250% due 1/15/31		68,841
	134,000	A-	5.125% due 2/15/34		131,647
	25,000	A-	Regency Centers LP, Company Guaranteed Notes, 5.250% due 1/15/34		24,761
	355,000	BB	RHP Hotel Properties LP/RHP Finance Corp., Company Guaranteed Notes, 6.500% due 4/1/32(a)		361,678
			Simon Property Group LP, Senior Unsecured Notes:
	50,000	A	3.375% due 12/1/27		49,339
	50,000	A	2.450% due 9/13/29		46,717
	50,000	A	2.650% due 7/15/30		46,024
	25,000	A	2.200% due 2/1/31		22,267
	25,000	A	2.250% due 1/15/32		21,649
	25,000	A	2.650% due 2/1/32		22,056
	25,000	A	5.500% due 3/8/33		25,317
	25,000	A	6.250% due 1/15/34		26,313
	50,000	A	3.250% due 9/13/49		32,699
	25,000	A	3.800% due 7/15/50		17,980
	170,000	BB-	Starwood Property Trust Inc., Senior Unsecured Notes, 7.250% due 4/1/29(a)		175,435
			UDR Inc., Company Guaranteed Notes:
	25,000	BBB+	3.000% due 8/15/31		22,608
	255,000	BBB+	2.100% due 8/1/32		213,867
	170,000	BBB+	5.125% due 9/1/34		165,934
			Ventas Realty LP, Company Guaranteed Notes:
	25,000	BBB+	4.000% due 3/1/28		24,726
	25,000	BBB+	4.400% due 1/15/29		24,764
	25,000	BBB+	3.000% due 1/15/30		23,430
	25,000	BBB+	4.875% due 4/15/49		20,972
			VICI Properties LP, Senior Unsecured Notes:
	312,000	BBB-	4.750% due 2/15/28		311,438
	50,000	BBB-	5.400% due 10/15/31		49,635
	605,000	BBB-	Vornado Realty LP, Senior Unsecured Notes, 5.750% due 2/1/33		603,504
			Welltower OP LLC, Company Guaranteed Notes:
	25,000	A-	2.050% due 1/15/29		23,511
	25,000	A-	4.125% due 3/15/29		24,619
	25,000	A-	3.100% due 1/15/30		23,590
	25,000	A-	2.750% due 1/15/31		22,816
	25,000	A-	2.750% due 1/15/32		22,287
			Weyerhaeuser Co., Senior Unsecured Notes:
	25,000	BBB	4.000% due 11/15/29		24,278
	25,000	BBB	4.000% due 3/9/52		18,045

			Total Real Estate Investment Trusts (REITs)		15,164,052


	Retail — 0.4%
	150,000	BB	Asbury Automotive Group Inc., Company Guaranteed Notes, 4.625% due 11/15/29(a)		146,057
			AutoZone Inc., Senior Unsecured Notes:
	75,000	BBB	5.100% due 7/15/29		75,497
	50,000	BBB	5.400% due 7/15/34		49,777
	171,000	BB+	Bath & Body Works Inc., Company Guaranteed Notes, 7.500% due 6/15/29		173,337
	100,000	AA	Costco Wholesale Corp., Senior Unsecured Notes, 1.600% due 4/20/30		89,838
	25,000	BBB	Dick’s Sporting Goods Inc., Senior Unsecured Notes, 4.100% due 1/15/52		17,048
	25,000	BBB	Dollar General Corp., Senior Unsecured Notes, 4.125% due 4/3/50		18,549
	185,000	BB+	Gap Inc. (The), Company Guaranteed Notes, 3.625% due 10/1/29(a)		175,099
	75,000	BB+	Group 1 Automotive Inc., Company Guaranteed Notes, 4.000% due 8/15/28(a)		73,196
			Home Depot Inc. (The), Senior Unsecured Notes:
	50,000	A	3.750% due 9/15/28		49,255
	100,000	A	2.950% due 6/15/29		95,665

See Notes to Financial Statements.

155



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Retail — 0.4% — (continued)
$	50,000	A	4.950% due 6/25/34	$	49,158
	50,000	A	5.875% due 12/16/36		51,746
	70,000	A	3.300% due 4/15/40		54,491
	25,000	A	4.200% due 4/1/43		20,637
	25,000	A	4.875% due 2/15/44		22,195
	25,000	A	4.400% due 3/15/45		20,635
	50,000	A	4.250% due 4/1/46		40,168
	50,000	A	4.500% due 12/6/48		40,884
	50,000	A	3.125% due 12/15/49		32,159
	50,000	A	2.375% due 3/15/51		26,878
	50,000	A	2.750% due 9/15/51		29,034
	50,000	A	3.625% due 4/15/52		34,493
	25,000	A	4.950% due 9/15/52		21,515
	25,000	A	3.500% due 9/15/56		16,445
			Lithia Motors Inc.:
	85,000	BB+	Company Guaranteed Notes, 5.500% due 10/1/30(a)		84,190
	145,000	BB+	Senior Unsecured Notes, 3.875% due 6/1/29(a)		139,309
			Lowe’s Cos., Inc., Senior Unsecured Notes:
	405,000	BBB+	3.650% due 4/5/29		393,648
	284,000	BBB+	1.700% due 10/15/30		249,425
	91,000	BBB+	2.625% due 4/1/31		82,125
	50,000	BBB+	4.050% due 5/3/47		37,540
	50,000	BBB+	3.000% due 10/15/50		30,029
	25,000	BBB+	4.250% due 4/1/52		18,625
	50,000	BBB+	5.625% due 4/15/53(c)		45,907
	25,000	BBB+	4.450% due 4/1/62		18,337
			Macy’s Retail Holdings LLC, Company Guaranteed Notes:
	360,000	BB+	5.875% due 3/15/30(a)		360,418
	95,000	BB+	6.125% due 3/15/32(a)		95,346
			McDonald’s Corp., Senior Unsecured Notes:
	100,000	BBB+	4.600% due 5/15/30		99,346
	25,000	BBB+	4.700% due 12/9/35		23,856
	25,000	BBB+	6.300% due 3/1/38		26,471
	25,000	BBB+	4.450% due 9/1/48		20,136
	50,000	BBB+	3.625% due 9/1/49		34,768
	425,000	BBB+	4.200% due 4/1/50		326,416
	25,000	BBB+	5.150% due 9/9/52		21,859
	25,000	BBB+	5.450% due 8/14/53		22,959
	135,000	BB+	Nordstrom Inc., Senior Secured Notes, 4.375% due 4/1/30		128,731
			O’Reilly Automotive Inc., Senior Unsecured Notes:
	100,000	BBB	4.800% due 8/14/29		99,740
	50,000	BBB	5.100% due 3/12/36		48,190
	115,000	BB-	Penske Automotive Group Inc., Company Guaranteed Notes, 3.750% due 6/15/29		110,334
	45,000	B	Petco Health & Wellness Co., Inc., Senior Secured Notes, 8.250% due 2/1/31(a)		45,761
	925,000	BB-	PetSmart LLC/PetSmart Finance Corp., Senior Secured Notes, 7.500% due 9/15/32(a)		934,499
			QXO Building Products Inc.:
	1,235,000	BB-	Company Guaranteed Notes, 6.875% due 7/15/34(a)		1,250,270
	195,000	BB+	Senior Secured Notes, 6.750% due 4/30/32(a)		199,604
	225,000	BB-	Sonic Automotive Inc., Company Guaranteed Notes, 4.625% due 11/15/29(a)		220,446
			Starbucks Corp., Senior Unsecured Notes:
	100,000	BBB+	4.900% due 2/15/31		99,968
	25,000	BBB+	3.750% due 12/1/47		18,062
	25,000	BBB+	4.450% due 8/15/49		19,817
	25,000	BBB+	3.350% due 3/12/50		16,322
	25,000	BBB+	3.500% due 11/15/50		16,718

See Notes to Financial Statements.

156



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Retail — 0.4% — (continued)
$	80,000	BB-	Superior Plus LP/Superior General Partner Inc., Company Guaranteed Notes, 4.500% due 3/15/29(a)	$	77,645
			Target Corp., Senior Unsecured Notes:
	50,000	A	4.350% due 6/15/28		49,863
	50,000	A	4.500% due 9/15/32(c)		49,170
	25,000	A	4.000% due 7/1/42		20,312
	25,000	A	3.625% due 4/15/46		18,235
	50,000	A	2.950% due 1/15/52		30,562
			Walmart Inc., Senior Unsecured Notes:
	100,000	AA	1.800% due 9/22/31		87,212
	100,000	AA	4.100% due 4/15/33		95,722
	25,000	AA	6.200% due 4/15/38		27,012
	25,000	AA	3.950% due 6/28/38		22,376
	25,000	AA	5.625% due 4/15/41		25,647
	25,000	AA	2.500% due 9/22/41		17,331
	25,000	AA	3.625% due 12/15/47		18,933
	50,000	AA	4.050% due 6/29/48		39,628
	25,000	AA	2.950% due 9/24/49		16,051
	50,000	AA	2.650% due 9/22/51		29,408

			Total Retail		7,388,035


	Savings & Loans — 0.0%@
	1,045,000	BBB+	Nationwide Building Society, Senior Non-Preferred Notes, 5.519% (SOFR + 1.418%) due 7/14/37(a)(e)		1,018,560


	Semiconductors — 0.5%
	130,000	BB	Amkor Technology Inc., Company Guaranteed Notes, 5.875% due 10/1/33(a)		127,994
			Analog Devices Inc., Senior Unsecured Notes:
	25,000	A	2.800% due 10/1/41		17,458
	25,000	A	2.950% due 10/1/51		15,198
			Applied Materials Inc., Senior Unsecured Notes:
	25,000	A	5.850% due 6/15/41		25,234
	25,000	A	4.350% due 4/1/47		20,478
			Broadcom Inc.:
			Company Guaranteed Notes:
	296,000	A-	4.150% due 11/15/30		284,233
	50,000	A-	3.500% due 2/15/41		37,127
	100,000	A-	3.750% due 2/15/51		67,250
			Senior Unsecured Notes:
	170,000	A-	4.150% due 4/15/32		159,149
	230,000	A-	4.900% due 7/15/32		223,176
	100,000	A-	3.469% due 4/15/34		85,819
	184,000	A-	3.137% due 11/15/35		147,987
			Entegris Inc.:
	325,000	BB-	Company Guaranteed Notes, 5.950% due 6/15/30(a)		327,795
	1,185,000	BB	Senior Secured Notes, 4.750% due 4/15/29(a)		1,172,181
			Foundry JV Holdco LLC, Senior Secured Notes:
	320,000	BBB	5.875% due 1/25/34(a)		317,409
	200,000	BBB	6.100% due 1/25/36(a)		204,143
	1,895,000	BBB	6.200% due 1/25/37(a)		1,944,165
			Intel Corp., Senior Unsecured Notes:
	100,000	BBB	4.875% due 2/10/28		100,188
	100,000	BBB	2.450% due 11/15/29		92,474
	50,000	BBB	4.650% due 6/1/31		48,772
	100,000	BBB	4.150% due 8/5/32		93,947
	50,000	BBB	5.200% due 2/10/33		49,434

See Notes to Financial Statements.

157



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Semiconductors — 0.5% — (continued)
$	765,000	BBB	5.300% due 5/15/36	$	737,434
	785,000	BBB	3.250% due 11/15/49		483,373
	100,000	BBB	4.750% due 3/25/50		78,668
	100,000	BBB	4.900% due 8/5/52		79,475
	50,000	BBB	5.700% due 2/10/53		44,606
	25,000	BBB	5.600% due 2/21/54		21,927
	64,000	BBB	5.900% due 2/10/63		57,354
	200,000	BBB-	Kioxia Holdings Corp., Company Guaranteed Notes, 6.250% due 7/24/30(a)		204,519
			KLA Corp., Senior Unsecured Notes:
	258,000	A-	4.100% due 3/15/29		254,041
	50,000	A-	5.250% due 7/15/62		43,835
			Lam Research Corp., Senior Unsecured Notes:
	25,000	A-	4.875% due 3/15/49		21,761
	25,000	A-	3.125% due 6/15/60		14,620
			Marvell Technology Inc.:
			Company Guaranteed Notes:
	50,000	BBB	2.950% due 4/15/31		45,297
	126,000	BBB	5.300% due 4/15/36		121,447
			Senior Unsecured Notes:
	25,000	BBB	5.750% due 2/15/29		25,469
	100,000	BBB	5.450% due 7/15/35		98,390
			NVIDIA Corp., Senior Unsecured Notes:
	50,000	AA	2.000% due 6/15/31		43,857
	150,000	AA	4.950% due 6/15/36		142,741
	25,000	AA	3.500% due 4/1/40		19,737
	50,000	AA	3.500% due 4/1/50		33,618
	50,000	AA	5.625% due 6/15/56		44,930
	296,000	BBB+	NXP BV/NXP Funding LLC/NXP USA Inc., Company Guaranteed Notes, 2.500% due 5/11/31		262,364
	70,000	BB	ON Semiconductor Corp., Company Guaranteed Notes, 3.875% due 9/1/28(a)		68,368
			QUALCOMM Inc., Senior Unsecured Notes:
	25,000	A	2.150% due 5/20/30		22,690
	150,000	A	1.650% due 5/20/32		125,364
	25,000	A	4.800% due 5/20/45		21,376
	25,000	A	3.250% due 5/20/50		16,059
	25,000	A	4.500% due 5/20/52		19,545
	25,000	A	6.000% due 5/20/53		24,326
	750,000	BBB-	Skyworks Solutions Inc., Senior Unsecured Notes, 5.000% due 8/10/28		749,794
	105,000	BB-	Synaptics Inc., Company Guaranteed Notes, 4.000% due 6/15/29(a)		103,599
			Texas Instruments Inc., Senior Unsecured Notes:
	25,000	A+	3.875% due 3/15/39		21,124
	50,000	A+	4.150% due 5/15/48		38,982
	62,000	A+	5.050% due 5/18/63		52,113

			Total Semiconductors		9,704,414


	Shipbuilding — 0.0%@
	137,000	BBB-	Huntington Ingalls Industries Inc., Company Guaranteed Notes, 2.043% due 8/16/28		129,819


	Software — 0.7%
	50,000	A+	Adobe Inc., Senior Unsecured Notes, 2.300% due 2/1/30		45,949
			AthenaHealth Group Inc.:
	145,000	B	Senior Secured Notes, 7.500% due 2/15/32(a)		149,054
	500,000	CCC	Senior Unsecured Notes, 6.500% due 2/15/30(a)		489,054
	90,000	BBB+	Autodesk Inc., Senior Unsecured Notes, 2.850% due 1/15/30		84,098
	750,000	B	Cloud Software Group LLC, Senior Secured Notes, 8.250% due 6/30/32(a)		735,070
	25,000	BBB-	Concentrix Corp., Senior Unsecured Notes, 6.600% due 8/2/28		25,260
	115,000	BB	Elastic NV, Senior Unsecured Notes, 4.125% due 7/15/29(a)		110,611

See Notes to Financial Statements.

158



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Software — 0.7% — (continued)
$	30,000	BB+	Fair Isaac Corp., Senior Unsecured Notes, 6.000% due 5/15/33(a)	$	29,536
			Fidelity National Information Services Inc., Senior Unsecured Notes:
	25,000	BBB	1.650% due 3/1/28		23,871
	100,000	BBB	4.800% due 3/10/31		97,958
	25,000	BBB	3.100% due 3/1/41		17,585
			Fiserv Inc., Senior Unsecured Notes:
	25,000	BBB	5.450% due 3/2/28		25,186
	25,000	BBB	5.375% due 8/21/28		25,203
	25,000	BBB	4.200% due 10/1/28		24,630
	100,000	BBB	3.500% due 7/1/29		95,827
	25,000	BBB	2.650% due 6/1/30		22,780
	100,000	BBB	5.350% due 3/15/31		99,694
	100,000	BBB	5.250% due 8/11/35(c)		95,376
			Intuit Inc., Senior Unsecured Notes:
	25,000	A	5.125% due 9/15/28		25,200
	25,000	A	1.650% due 7/15/30		22,056
			Microsoft Corp., Senior Unsecured Notes:
	50,000	AAA	3.450% due 8/8/36		43,580
	250,000	AAA	4.100% due 2/6/37		228,743
	50,000	AAA	2.525% due 6/1/50		28,133
	50,000	AAA	2.500% due 9/15/50		27,996
	75,000	AAA	2.921% due 3/17/52		45,071
	50,000	AAA	4.500% due 2/6/57		40,033
	50,000	AAA	3.041% due 3/17/62		28,198
	160,000	BB	OAK-Eagle Acquireco Inc., Senior Secured Notes, 7.250% due 7/1/33(a)		166,519
			Oracle Corp., Senior Unsecured Notes:
	250,000	BBB-	2.300% due 3/25/28		239,285
	715,000	BBB-	4.550% due 2/4/29		698,779
	100,000	BBB-	2.950% due 4/1/30		90,608
	100,000	BBB-	4.450% due 9/26/30		94,668
	1,005,000	BBB-	4.950% due 2/4/31		962,381
	600,000	BBB-	2.875% due 3/25/31		525,731
	100,000	BBB-	5.250% due 2/3/32		96,011
	46,000	BBB-	6.250% due 11/9/32		45,841
	238,000	BBB-	4.300% due 7/8/34		205,650
	100,000	BBB-	5.200% due 9/26/35		89,683
	2,471,000	BBB-	5.700% due 2/4/36(c)		2,284,002
	37,000	BBB-	3.850% due 7/15/36		29,352
	200,000	BBB-	3.800% due 11/15/37		152,127
	88,000	BBB-	5.375% due 7/15/40		73,206
	500,000	BBB-	3.650% due 3/25/41		337,889
	330,000	BBB-	6.550% due 2/4/46		294,541
	131,000	BBB-	4.000% due 7/15/46		83,871
	91,000	BBB-	4.000% due 11/15/47		57,081
	280,000	BBB-	3.600% due 4/1/50		162,381
	60,000	BBB-	3.950% due 3/25/51		36,425
	317,000	BBB-	5.375% due 9/27/54		231,598
	232,000	BBB-	4.375% due 5/15/55		146,383
	25,000	BBB-	6.000% due 8/3/55		20,041
	1,110,000	BBB-	5.950% due 9/26/55		880,414
	696,000	BBB-	6.700% due 2/4/56		612,487
	635,000	BBB-	3.850% due 4/1/60		357,345
	725,000	BBB-	6.850% due 2/4/66		635,978
	107,000	BB	RingCentral Inc., Senior Unsecured Notes, 8.500% due 8/15/30(a)		110,563

See Notes to Financial Statements.

159



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Software — 0.7% — (continued)
				Roper Technologies Inc., Senior Unsecured Notes:
$	25,000		BBB+	2.950% due 9/15/29	$	23,616
	80,000		BBB+	4.450% due 9/15/30		78,137
	25,000		BBB+	1.750% due 2/15/31		21,560
	25,000		BBB+	4.900% due 10/15/34		23,726
				Salesforce Inc., Senior Unsecured Notes:
	100,000		A+	4.650% due 3/15/29		99,568
	100,000		A+	1.950% due 7/15/31		86,402
	200,000		A+	4.900% due 9/15/31		197,404
	100,000		A+	5.200% due 3/15/33		98,765
	150,000		A+	5.550% due 3/15/36		147,214
	140,000		A+	2.700% due 7/15/41		92,965
	50,000		A+	2.900% due 7/15/51		28,221
	50,000		A+	6.550% due 3/15/56		48,748
	25,000		A+	3.050% due 7/15/61		13,350
	270,000		B+	SS&C Technologies Inc., Company Guaranteed Notes, 5.500% due 9/30/27(a)		270,238
				Synopsys Inc., Senior Unsecured Notes:
	210,000		BBB	4.850% due 4/1/30		208,749
	130,000		BBB	5.000% due 4/1/32		128,332
	182,000		BBB	5.700% due 4/1/55		168,276
	25,000		BBB+	Workday Inc., Senior Unsecured Notes, 3.700% due 4/1/29		24,223

				Total Software		14,166,086


	Telecommunications — 1.7%
	830,000		Ba3(b)	APLD ComputeCo 2 LLC, Senior Secured Notes, 6.750% due 3/15/31(a)		796,407
				AT&T Inc., Senior Unsecured Notes:
	150,000		BBB	1.650% due 2/1/28		143,895
	255,000		BBB	4.350% due 3/1/29		252,221
	50,000		BBB	4.300% due 2/15/30		48,967
	100,000		BBB	4.400% due 4/30/31		97,251
	117,000		BBB	2.750% due 6/1/31		105,525
	100,000		BBB	2.250% due 2/1/32		86,032
	83,000		BBB	5.400% due 2/15/34		82,428
	325,000		BBB	4.900% due 11/1/35		306,589
	250,000		BBB	5.125% due 4/30/36		238,043
	1,365,000		BBB	5.250% due 10/30/36		1,305,511
	25,000		BBB	5.250% due 3/1/37		23,813
	25,000		BBB	4.900% due 8/15/37		23,137
	25,000		BBB	4.850% due 3/1/39		22,390
	80,000		BBB	5.550% due 8/15/41		74,970
	73,000		BBB	4.350% due 6/15/45		55,813
	132,000		BBB	4.750% due 5/15/46		105,955
	238,000		BBB	4.500% due 3/9/48		181,738
	270,000		BBB	3.500% due 9/15/53		164,751
	1,555,000		BBB	5.700% due 11/1/54		1,359,105
	3,182,000		BBB	3.550% due 9/15/55		1,927,583
	250,000		BBB	6.000% due 4/30/56		227,744
	190,000		BBB	6.050% due 8/15/56		174,391
	1,385,000		BBB	6.200% due 10/30/56		1,299,202
	52,000		BBB	3.800% due 12/1/57		32,623
	432,000		BBB	3.650% due 9/15/59		260,022
	18,000		BBB	3.850% due 6/1/60		11,263
	930,000		Baa2(b)	Beacon Point DC LLC, Senior Secured Notes, 6.129% due 11/30/42(a)		883,006
				British Telecommunications Ltd.:
	500,000	^GBP	BB+	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)		713,103
	100,000		BBB	Senior Unsecured Notes, 9.625% due 12/15/30		116,683

See Notes to Financial Statements.

160



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Telecommunications — 1.7% — (continued)
	495,000	^EUR	BBB	Chorus Ltd., Company Guaranteed Notes, (Cost — $574,278, acquired 1/13/26), 3.529% due 11/26/32(d)	$	558,061
$	170,000		Ba3(b)	Cipher Compute LLC, Senior Secured Notes, 7.125% due 11/15/30(a)		172,770
				Cisco Systems Inc., Senior Unsecured Notes:
	100,000		AA-	4.950% due 2/26/31		100,317
	100,000		AA-	5.100% due 2/24/35		98,538
	50,000		AA-	5.900% due 2/15/39		51,296
	50,000		AA-	5.500% due 1/15/40		49,203
	25,000		AA-	5.350% due 2/26/64		22,111
				Corning Inc., Senior Unsecured Notes:
	25,000		BBB+	5.350% due 11/15/48		22,596
	25,000		BBB+	4.375% due 11/15/57		18,772
	200,000		B	Digicel International Finance Ltd./Difl US LLC, Senior Secured Notes, 8.625% due 8/1/32(a)		208,536
	55,000		BB+	Edged Compute LLC, Senior Secured Notes, 7.500% due 4/30/31(a)		52,091
	370,000	^EUR	BB+	Fibercop SpA, Senior Secured Notes, 1.625% due 1/18/29		413,886
	90,000		Ba3(b)	Flash Compute LLC, Senior Secured Notes, 7.250% due 12/31/30(a)		90,557
	80,000		BB-	Galaxy Helios Data Centers II LLC, Senior Secured Notes, 9.875% due 8/1/31(a)		79,287
	670,000		(P)BBB-	HUT 8 DC LLC, Senior Secured Notes, 6.192% due 11/15/42(a)		651,307
	63,000		BBB	Juniper Networks Inc., Senior Unsecured Notes, 2.000% due 12/10/30		55,150
				Level 3 Financing Inc., Senior Secured Notes:
	225,000		B+	6.875% due 6/30/33(a)		228,881
	1,090,000		B+	7.000% due 3/31/34(a)		1,115,680
	350,000		BB-	Meridian Arc Holdco LLC, Senior Secured Notes, 6.250% due 4/30/31(a)		332,925
				Motorola Solutions Inc., Senior Unsecured Notes:
	83,000		BBB	4.600% due 5/23/29		82,441
	37,000		BBB	2.750% due 5/24/31		33,264
	26,000		BBB	5.600% due 6/1/32		26,405
	100,000		BBB	5.200% due 8/15/32		99,580
	300,000		BBB-	Nokia OYJ, Senior Unsecured Notes, 6.625% due 5/15/39		306,903
	270,000		(P)BB	PR RNO Property Owner 1 LLC, Senior Secured Notes, 6.500% due 5/1/31(a)		250,078
	711,000		Baa3(b)	RD Michigan Property Owner I LLC, Senior Secured Notes, 7.500% due 3/30/45(a)		678,265
				Rogers Communications Inc.:
	240,000		BBB-	Company Guaranteed Notes, 5.300% due 2/15/34		232,536
	840,000		BB	Junior Subordinated Notes, 6.875% (5-Year CMT Index + 2.840%) due 7/31/56(e)		843,537
	950,000		BB	Subordinated Notes, 7.125% (5-Year CMT Index + 2.620%) due 4/15/55(e)		956,293
	715,000	^EUR	Ba3(b)	SES SA, Company Guaranteed Notes, (Cost — $812,438, acquired 6/11/25), 5.500% (5-Year EURIBOR ICE Swap + 3.232%) due 9/12/54(d)(e)		828,443
	770,000		A+	Sopaipilla Investor LLC, Senior Secured Notes, 7.534% due 11/30/48(a)		788,164
	75,000		BBB+	Sprint Capital Corp., Company Guaranteed Notes, 8.750% due 3/15/32		86,948
	525,000		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)		525,226
	90,000		Ba2(b)	Stingray Compute LLC, Senior Secured Notes, 6.000% due 6/15/31(a)		87,713
	1,300,000		(P)BB+	SV RNO Property Owner 1 LLC, Senior Secured Notes, 5.875% due 3/1/31(a)		1,194,399
	150,000		BBB-	Telefonica Emisiones SA, Company Guaranteed Notes, 5.213% due 3/8/47		127,938
	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)		486,194
				TELUS Corp., Junior Subordinated Notes:
	650,000		BB	7.000% (5-Year CMT Index + 2.709%) due 10/15/55(e)		645,632
	710,000		BB	6.625% (5-Year CMT Index + 2.515%) due 6/9/56(e)		684,732
				T-Mobile USA Inc., Company Guaranteed Notes:
	100,000		BBB+	4.950% due 3/15/28		100,427
	110,000		BBB+	2.625% due 2/15/29		104,396
	400,000		BBB+	3.375% due 4/15/29		385,700
	150,000		BBB+	3.875% due 4/15/30		144,227
	80,000		BBB+	2.875% due 2/15/31		72,764

See Notes to Financial Statements.

161



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Telecommunications — 1.7% — (continued)
$	100,000		BBB+	3.500% due 4/15/31	$	93,213
	290,000		BBB+	2.250% due 11/15/31		251,233
	330,000		BBB+	2.700% due 3/15/32		289,687
	199,000		BBB+	5.050% due 7/15/33		194,768
	50,000		BBB+	5.300% due 5/15/35		48,929
	100,000		BBB+	4.375% due 4/15/40		84,436
	100,000		BBB+	3.300% due 2/15/51		61,596
	100,000		BBB+	3.400% due 10/15/52		61,597
	250,000		BBB+	5.500% due 1/15/55		217,514
	50,000		BBB+	5.875% due 11/15/55		45,701
	100,000		BBB+	5.700% due 1/15/56		89,509
				Verizon Communications Inc.:
				Junior Subordinated Notes:
	656,000		BBB-	6.200% (5-Year CMT Index + 2.042%) due 5/14/56(e)		634,977
	855,000		BBB-	6.750% (5-Year CMT Index + 2.297%) due 2/15/57(e)		852,882
	690,000		BBB-	6.050% (5-Year CMT Index + 1.813%) due 5/14/58(e)		673,911
	220,000		BBB-	6.600% (5-Year CMT Index + 2.048%) due 2/15/59(e)		220,237
				Senior Unsecured Notes:
	37,000		BBB+	4.016% due 12/3/29		36,055
	10,000		BBB+	3.150% due 3/22/30		9,419
	138,000		BBB+	1.680% due 10/30/30		121,060
	145,000		BBB+	1.750% due 1/20/31		126,609
	115,000		BBB+	2.550% due 3/21/31		103,408
	100,000		BBB+	2.355% due 3/15/32		86,452
	64,000		BBB+	5.050% due 5/9/33		63,226
	101,000		BBB+	5.850% due 9/15/35		102,663
	21,000		BBB+	4.272% due 1/15/36		18,776
	1,825,000		BBB+	5.000% due 1/15/36		1,731,309
	200,000		BBB+	5.401% due 7/2/37		193,310
	143,000		BBB+	2.650% due 11/20/40		97,924
	100,000		BBB+	4.000% due 3/22/50		72,649
	50,000		BBB+	2.875% due 11/20/50		28,894
	150,000		BBB+	3.550% due 3/22/51		98,811
	100,000		BBB+	5.875% due 11/30/55		92,072
	69,000		BBB+	2.987% due 10/30/56		38,195
	100,000		BBB+	3.000% due 11/20/60		54,646
	100,000		BBB+	6.000% due 11/30/65		91,889
	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)		496,944
				Vodafone Group PLC, Senior Unsecured Notes:
	75,000		BBB	4.800% due 6/18/31		73,657
	50,000		BBB	5.350% due 6/18/36		48,472
	9,000		BBB	6.150% due 2/27/37		9,280
	25,000		BBB	4.875% due 6/19/49		20,526
	25,000		BBB	4.250% due 9/17/50		18,440
	50,000		BBB	5.750% due 6/28/54		45,501
	25,000		BBB	5.875% due 6/28/64		22,603
	745,000		BB	WULF Compute LLC, Senior Secured Notes, 7.750% due 10/15/30(a)		774,481

				Total Telecommunications		33,711,791


	Toys/Games/Hobbies — 0.1%
				Mattel Inc.:
	820,000		BBB	Company Guaranteed Notes, 5.875% due 12/15/27(a)		820,040
	640,000		BBB	Senior Unsecured Notes, 5.450% due 11/1/41		569,475

				Total Toys/Games/Hobbies		1,389,515

See Notes to Financial Statements.

162



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Transportation — 0.1%
			Burlington Northern Santa Fe LLC, Senior Unsecured Notes:
$	201,000	AA-	4.150% due 12/15/48	$	157,014
	52,000	AA-	3.050% due 2/15/51		32,548
	134,000	AA-	2.875% due 6/15/52		79,571
	500,000	AA-	5.500% due 3/15/55		465,819
			Canadian National Railway Co., Senior Unsecured Notes:
	25,000	A-	3.200% due 8/2/46		17,299
	25,000	A-	3.650% due 2/3/48		18,050
	25,000	A-	4.450% due 1/20/49		20,480
			Canadian Pacific Railway Co., Company Guaranteed Notes:
	50,000	BBB+	3.000% due 12/2/41		35,686
	25,000	BBB+	4.300% due 5/15/43		20,917
	25,000	BBB+	4.700% due 5/1/48		21,111
	25,000	BBB+	3.500% due 5/1/50		17,023
	270,000	BBB+	3.100% due 12/2/51		168,371
			CSX Corp., Senior Unsecured Notes:
	25,000	BBB+	4.100% due 11/15/32		23,822
	25,000	BBB+	4.750% due 5/30/42		22,321
	25,000	BBB+	3.800% due 11/1/46		18,640
	25,000	BBB+	4.750% due 11/15/48		21,158
	25,000	BBB+	3.350% due 9/15/49		16,738
	25,000	BBB+	3.800% due 4/15/50		18,305
	25,000	BBB+	3.950% due 5/1/50		18,673
	25,000	BBB+	4.500% due 11/15/52		20,039
	25,000	BBB+	4.500% due 8/1/54		20,080
	25,000	BBB+	4.250% due 11/1/66		18,344
	145,000	BB	Genesee & Wyoming Inc., Senior Secured Notes, 6.250% due 4/15/32(a)		146,263
			Norfolk Southern Corp., Senior Unsecured Notes:
	46,000	BBB+	2.550% due 11/1/29		43,014
	166,000	BBB+	2.300% due 5/15/31		147,411
	138,000	BBB+	3.942% due 11/1/47		104,194
	52,000	BBB+	3.155% due 5/15/55		31,797
			Union Pacific Corp., Senior Unsecured Notes:
	153,000	A-	2.800% due 2/14/32		137,341
	44,000	A-	2.891% due 4/6/36		36,302
	35,000	A-	4.300% due 3/1/49		27,835
	138,000	A-	3.250% due 2/5/50		90,516
	45,000	A-	2.950% due 3/10/52		27,205
	144,000	A-	3.500% due 2/14/53		96,509
			United Parcel Service Inc., Senior Unsecured Notes:
	50,000	A	4.875% due 3/3/33(c)		49,844
	50,000	A	5.150% due 5/22/34		50,046
	25,000	A	6.200% due 1/15/38		26,454
	25,000	A	4.250% due 3/15/49		19,599
	25,000	A	3.400% due 9/1/49		16,896
	25,000	A	5.300% due 4/1/50		22,717
	100,000	A	6.050% due 5/14/65		98,029
	220,000	BB	XPO Inc., Company Guaranteed Notes, 7.125% due 6/1/31(a)		226,744
	221,513	Ba1(b)	Yinson Bergenia Production BV, Senior Secured Notes, 8.498% due 1/31/45(a)		237,486

			Total Transportation		2,888,211


	Trucking & Leasing — 0.1%
	335,000	BBB	Avolon Holdings Funding Ltd., Company Guaranteed Notes, 4.900% due 10/10/30(a)		329,099
	1,890,000	BB	FTAI Aviation Investors LLC, Company Guaranteed Notes, 7.000% due 6/15/32(a)		1,942,718

See Notes to Financial Statements.

163



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Trucking & Leasing — 0.1% — (continued)
				GATX Corp., Senior Unsecured Notes:
$	25,000		BBB	4.700% due 4/1/29	$	24,847
	25,000		BBB	4.000% due 6/30/30		24,133
	25,000		BBB	3.500% due 6/1/32		22,851
	25,000		BBB	5.450% due 9/15/33		25,116
	25,000		BBB	6.900% due 5/1/34		27,001
	200,000		A-	SMBC Aviation Capital Finance DAC, Company Guaranteed Notes, 5.200% due 7/23/31(a)		198,750

				Total Trucking & Leasing		2,594,515


	Water — 0.0%@
				American Water Capital Corp., Senior Unsecured Notes:
	100,000		A	5.250% due 3/1/35		99,052
	50,000		A	5.450% due 3/1/54		45,737
	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)		417,956

				Total Water		562,745

				TOTAL CORPORATE BONDS & NOTES (Cost — $626,736,787)		618,290,728


	MORTGAGE-BACKED SECURITIES — 25.0%

	FHLMC — 6.5%
				Federal Home Loan Mortgage Corp. (FHLMC):
	2,057,914			4.500% due 4/1/29 — 3/1/56		1,953,292
	26,284,714			5.500% due 1/1/30 — 11/1/55		26,125,170
	21,080,271			3.000% due 3/1/31 — 6/1/52		18,236,318
	3,004,562			1.500% due 5/1/31 — 12/1/50		2,369,783
	22,462,511			2.500% due 11/1/31 — 5/1/52		18,579,999
	7,609,985			3.500% due 11/1/33 — 4/1/52		6,947,685
	22,194,843			5.000% due 12/1/34 — 7/1/56		21,455,957
	17,275,297			2.000% due 3/1/36 — 8/1/52		13,757,086
	10,984,086			4.000% due 4/1/38 — 5/1/54		10,265,126
	8,037,367			6.000% due 5/1/38 — 8/1/55		8,159,744
	3,970,792			6.500% due 7/1/53 — 7/1/55		4,117,952

				Total FHLMC		131,968,112


	FNMA — 11.6%
				Federal National Mortgage Association (FNMA):
	33,188,846			2.500% due 11/1/27 — 7/1/61		27,507,495
	33,260,113			3.000% due 12/1/27 — 9/1/61		28,758,421
	9,875,305			5.500% due 12/1/27 — 1/1/56		9,821,890
	9,236,431			4.500% due 3/1/29 — 5/1/53		8,767,785
	14,762,662			5.000% due 3/1/29 — 7/1/56		14,322,785
	6,404,067			3.500% due 7/1/29 — 2/1/52		5,813,509
	1,757,000			4.690% due 5/1/30		1,751,470
	4,155,000			4.330% due 6/1/30		4,103,726
	6,199,904			2.590% due 9/1/30		5,770,682
	2,935,586			1.500% due 6/1/31 — 8/1/51		2,507,353
	1,352,521			1.600% due 9/1/31		1,177,962
	7,990,656			3.670% due 7/1/33		7,484,286
	1,985,110			4.635% due 10/1/33		1,938,435
	3,000,000			2.060% due 1/1/34		2,487,178
	36,429			5.777% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.527%) due 3/1/34(e)		36,998
	4,000,000			2.440% due 4/1/35		3,299,517
	2,199,000			1.890% due 5/1/35		1,741,152

See Notes to Financial Statements.

164



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Security	Value

	FNMA — 11.6% — (continued)
$	4,000,000	4.290% due 5/1/35	$	3,822,066
	1,097,000	5.180% due 5/1/35		1,111,320
	33,290,806	2.000% due 6/1/36 — 12/1/53		26,699,244
	6,110	7.000% due 4/1/37		6,071
	32,077	5.390% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.265%) due 5/1/37(e)		32,528
	8,986,701	4.000% due 11/1/39 — 2/1/55		8,314,925
	4,227,947	6.500% due 5/1/40 — 8/1/55		4,369,365
	12,914,943	6.000% due 11/1/52 — 5/1/56		13,085,630
	7,100,000	3.000% due 9/1/56(j)		6,051,381
	12,400,000	5.000% due 9/1/56(j)		11,961,619
	20,850,000	5.500% due 9/1/56(j)		20,636,386
	9,660,000	6.000% due 9/1/56(j)		9,767,076

		Total FNMA		233,148,255


	GNMA — 6.9%
		Government National Mortgage Association (GNMA):
	9,089	6.000% due 12/15/33 — 6/15/37		9,318
	214,454	5.000% due 10/15/34 — 9/15/40		213,811
	13,417	5.500% due 5/15/37 — 6/15/38		13,750
	21,646	6.500% due 1/15/38 — 10/15/38		22,741
	29,778	4.500% due 3/15/41		28,686
	276,026	4.000% due 6/15/41 — 11/15/45		259,261
		Government National Mortgage Association II (GNMA):
	13,816,886	6.000% due 11/20/38 — 8/20/56		14,127,684
	3,421,864	4.000% due 11/20/40 — 3/20/55		3,159,733
	27,587,423	5.000% due 11/20/40 — 6/20/56		26,830,604
	6,075,707	4.500% due 6/20/41 — 2/20/55		5,744,969
	10,869,802	3.000% due 1/20/43 — 1/20/54		9,512,131
	9,504,459	3.500% due 6/20/43 — 10/20/52		8,471,579
	41,733,296	2.500% due 9/20/50 — 5/20/55		34,970,122
	6,745,318	2.000% due 10/20/50 — 1/20/52		5,425,968
	20,887,916	5.500% due 4/20/53 — 2/20/56		20,841,247
	110,401	6.500% due 6/20/54 — 8/20/55		114,354
	987,461	7.500% due 4/20/55		1,057,255
	3,395,000	4.500% due 9/20/56(j)		3,177,679
	3,095,000	5.500% due 9/20/56(j)		3,075,033
	1,995,000	6.000% due 9/20/56(j)		2,023,055

		Total GNMA		139,078,980

		TOTAL MORTGAGE-BACKED SECURITIES (Cost — $527,133,241)		504,195,347


	U.S. GOVERNMENT AGENCIES & OBLIGATIONS — 19.6%

	U.S. GOVERNMENT AGENCIES — 0.0%@
	150,000	Federal Farm Credit Banks Funding Corp., 1.650% due 7/23/35		114,183
	300,000	Federal Home Loan Mortgage Corp., 1.500% due 10/29/32		249,226

		Total U.S. GOVERNMENT AGENCIES		363,409


	U.S. GOVERNMENT OBLIGATIONS — 19.6%
		U.S. Treasury Bonds:
	1,520,000	5.000% due 5/15/37		1,556,041
	105,000	4.375% due 2/15/38		101,567
	1,180,000	1.125% due 8/15/40		718,071
	2,740,000	1.375% due 11/15/40		1,719,778
	1,687,000	1.875% due 2/15/41		1,135,628

See Notes to Financial Statements.

165



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Security	Value

	U.S. GOVERNMENT OBLIGATIONS — 19.6% — (continued)
$	580,000	2.250% due 5/15/41	$	409,976
	1,740,000	1.750% due 8/15/41		1,130,082
	920,000	3.125% due 11/15/41		728,166
	1,435,000	2.375% due 2/15/42		1,012,712
	1,252,000	3.250% due 5/15/42		997,394
	1,115,000	3.375% due 8/15/42		899,513
	9,216,000	4.000% due 11/15/42		8,041,500
	100,000	3.125% due 2/15/43		77,246
	1,625,000	3.875% due 2/15/43		1,390,962
	1,085,000	3.875% due 5/15/43		925,980
	5,372,500	3.625% due 8/15/43		4,418,881
	1,205,000	4.375% due 8/15/43		1,094,149
	11,760,000	3.750% due 11/15/43		9,813,628
	4,903,700	4.750% due 11/15/43		4,656,216
	1,095,000	3.625% due 2/15/44		895,248
	1,338,000	4.500% due 2/15/44		1,229,444
	17,094,000	4.625% due 5/15/44		15,930,139
	415,000	3.125% due 8/15/44		312,985
	1,248,000	4.125% due 8/15/44		1,087,856
	1,375,000	3.000% due 11/15/44		1,012,666
	838,000	4.625% due 11/15/44		778,554
	1,248,000	4.750% due 2/15/45		1,176,752
	5,492,000	5.000% due 5/15/45		5,336,250
	245,000	2.875% due 8/15/45		174,725
	5,040,000	4.875% due 8/15/45		4,817,728
	1,192,500	3.000% due 11/15/45		865,820
	16,402,000	4.625% due 11/15/45		15,167,365
	370,000	2.500% due 2/15/46		244,995
	23,474,000	4.625% due 2/15/46		21,687,775
	360,000	2.500% due 5/15/46		237,445
	620,000	5.000% due 5/15/46		601,061
	160,000	2.250% due 8/15/46		100,075
	300,000	5.125% due 8/15/46		295,477
	1,110,000	2.875% due 11/15/46		777,867
	3,817,000	3.000% due 2/15/47		2,726,769
	335,000	3.000% due 5/15/47		238,596
	680,000	2.750% due 8/15/47		460,992
	260,000	3.000% due 2/15/48		183,432
	2,421,300	3.000% due 8/15/48		1,698,788
	3,198,000	3.375% due 11/15/48		2,396,002
	2,170,000	2.000% due 2/15/50		1,205,961
	1,026,000	1.250% due 5/15/50		464,726
	885,000	1.375% due 8/15/50		412,614
	1,245,000	1.625% due 11/15/50		619,144
	2,183,000	1.875% due 2/15/51		1,154,688
	5,950,000	2.375% due 5/15/51		3,545,479
	1,718,000	2.000% due 8/15/51		930,539
	96,000	1.875% due 11/15/51		50,128
	3,384,000	2.250% due 2/15/52		1,938,530
	280,000	2.875% due 5/15/52		184,609
	1,240,000	3.000% due 8/15/52		837,557
	904,000	4.000% due 11/15/52		738,314
	4,561,000	3.625% due 2/15/53		3,478,475
	877,000	3.625% due 5/15/53		668,216
	899,000	4.125% due 8/15/53		749,313

See Notes to Financial Statements.

166



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Security	Value

	U.S. GOVERNMENT OBLIGATIONS — 19.6% — (continued)
$	985,000	4.750% due 11/15/53	$	909,721
	1,022,000	4.250% due 2/15/54		869,558
	1,925,000	4.625% due 5/15/54		1,743,591
	3,431,000	4.250% due 8/15/54		2,918,494
	4,919,000	4.500% due 11/15/54		4,363,115
	1,055,000	4.625% due 2/15/55		955,373
	1,001,000	4.750% due 5/15/55		925,026
	2,199,000	4.750% due 8/15/55		2,031,928
	1,120,000	4.625% due 11/15/55		1,014,300
	3,371,000	4.750% due 2/15/56		3,117,385
	1,057,000	5.000% due 5/15/56		1,017,445
	556,000	5.125% due 8/15/56		545,705
		U.S. Treasury Notes:
	490,000	3.375% due 9/15/27		485,974
	1,945,000	3.500% due 9/30/27		1,930,033
	2,000,000	3.875% due 10/15/27		1,991,836
	270,000	3.500% due 10/31/27		267,659
	1,343,000	4.125% due 10/31/27		1,340,849
	1,090,000	4.125% due 11/15/27		1,088,020
	1,900,000	0.625% due 11/30/27		1,816,578
	1,020,000	3.375% due 11/30/27		1,008,804
	2,500,000	3.875% due 11/30/27		2,487,695
	1,086,000	4.000% due 12/15/27		1,082,140
	1,950,000	3.375% due 12/31/27		1,926,920
	2,000,000	3.875% due 12/31/27		1,989,062
	2,287,000	4.250% due 1/15/28		2,285,258
	1,836,000	0.750% due 1/31/28		1,747,356
	4,810,000	3.500% due 1/31/28		4,757,203
	2,286,000	4.250% due 2/15/28		2,283,946
	1,867,000	1.125% due 2/29/28		1,781,636
	1,746,000	3.875% due 3/15/28		1,734,712
	1,723,000	3.750% due 4/15/28		1,707,453
	5,826,000	3.750% due 5/15/28		5,770,926
	3,120,000	3.875% due 6/15/28		3,095,137
	1,480,000	4.125% due 6/30/28		1,474,421
	3,700,000	3.875% due 7/15/28		3,668,926
	1,906,000	1.000% due 7/31/28		1,790,076
	1,500,000	4.125% due 7/31/28		1,494,082
	1,930,000	3.625% due 8/15/28		1,904,066
	1,500,000	1.125% due 8/31/28		1,408,271
	1,000,000	4.375% due 8/31/28		1,000,508
	2,250,000	3.375% due 9/15/28		2,207,329
	1,310,000	3.500% due 10/15/28		1,287,203
	1,410,000	3.500% due 11/15/28		1,384,416
	1,746,000	3.500% due 12/15/28		1,713,024
	1,285,000	3.750% due 12/31/28		1,267,231
	2,774,000	4.000% due 1/31/29		2,749,565
	955,000	4.250% due 2/28/29		952,109
	2,930,000	3.500% due 3/15/29		2,868,596
	415,000	2.375% due 3/31/29		394,744
	4,640,000	4.125% due 3/31/29		4,610,456
	1,130,000	4.625% due 4/30/29		1,136,511
	1,532,000	3.875% due 5/15/29		1,511,773
	2,000,000	4.500% due 5/31/29		2,004,883
	1,850,000	4.125% due 6/15/29		1,836,486

See Notes to Financial Statements.

167



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Security	Value

	U.S. GOVERNMENT OBLIGATIONS — 19.6% — (continued)
$	1,740,000	4.250% due 6/30/29	$	1,732,659
	925,000	4.125% due 7/15/29		917,954
	1,000,000	4.000% due 7/31/29		988,770
	930,000	3.125% due 8/31/29		896,651
	4,800,000	3.625% due 8/31/29		4,693,687
	2,000,000	3.500% due 9/30/29		1,947,344
	285,000	3.875% due 9/30/29		280,558
	930,000	4.000% due 10/31/29		918,266
	2,000,000	4.125% due 10/31/29		1,981,992
	2,097,000	3.875% due 11/30/29		2,061,818
	706,000	4.125% due 11/30/29		699,423
	1,617,000	4.375% due 12/31/29		1,613,842
	614,000	4.250% due 1/31/30		610,186
	1,553,000	4.000% due 2/28/30		1,530,979
	2,951,000	3.625% due 3/31/30		2,870,712
	2,533,000	4.000% due 3/31/30		2,495,549
	1,000,000	3.875% due 4/30/30		980,645
	1,556,000	3.750% due 5/31/30		1,518,164
	1,847,000	4.000% due 5/31/30		1,817,852
	1,919,000	3.875% due 6/30/30		1,879,458
	1,613,000	3.875% due 7/31/30		1,579,007
	9,886,000	3.625% due 8/31/30		9,580,924
	1,480,000	3.625% due 9/30/30		1,433,548
	1,350,000	3.625% due 10/31/30		1,306,521
	555,000	4.875% due 10/31/30		563,292
	1,470,000	3.500% due 11/30/30		1,414,301
	1,512,000	4.375% due 11/30/30		1,505,621
	2,370,000	3.625% due 12/31/30		2,290,198
	1,000,000	3.750% due 12/31/30		971,055
	762,000	3.750% due 1/31/31		739,616
	1,668,000	4.000% due 1/31/31		1,635,357
	1,560,000	1.125% due 2/15/31		1,351,563
	1,660,000	3.500% due 2/28/31		1,593,924
	1,345,000	4.250% due 2/28/31		1,331,918
	1,537,000	3.875% due 3/31/31		1,498,005
	640,000	4.125% due 3/31/31		630,212
	1,949,000	3.875% due 4/30/31		1,898,638
	2,912,000	1.625% due 5/15/31		2,560,285
	1,200,000	4.125% due 5/31/31		1,180,875
	1,000,000	4.625% due 5/31/31		1,004,922
	2,045,000	4.125% due 6/30/31		2,011,769
	800,000	4.250% due 6/30/31		791,094
	1,000,000	4.125% due 7/31/31		983,047
	872,000	4.375% due 7/31/31		867,027
	800,000	3.625% due 9/30/31		767,797
	1,000,000	4.125% due 10/31/31		981,719
	1,209,000	1.375% due 11/15/31		1,033,341
	1,000,000	4.125% due 11/30/31		981,191
	255,000	4.375% due 1/31/32		252,978
	340,000	4.000% due 4/30/32		330,743
	1,178,000	2.875% due 5/15/32		1,079,066
	65,000	4.000% due 6/30/32		63,155
	121,000	4.000% due 7/31/32		117,476
	3,570,000	2.750% due 8/15/32		3,233,709
	103,000	3.875% due 8/31/32		99,276

See Notes to Financial Statements.

168



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	U.S. GOVERNMENT OBLIGATIONS — 19.6% — (continued)
$	253,000		3.875% due 9/30/32	$	243,671
	467,000		3.750% due 10/31/32		446,259
	1,473,000		4.125% due 11/15/32		1,436,837
	160,000		3.875% due 12/31/32		153,766
	853,000		4.000% due 1/31/33		824,944
	1,956,000		3.500% due 2/15/33		1,836,653
	1,470,000		3.375% due 5/15/33		1,365,808
	772,000		4.250% due 6/30/33		755,595
	790,000		4.375% due 7/31/33		778,520
	1,447,000		3.875% due 8/15/33		1,382,620
	2,694,000		4.500% due 11/15/33		2,671,112
	4,097,000		4.000% due 2/15/34		3,929,039
	2,193,000		4.375% due 5/15/34		2,152,567
	2,233,000		3.875% due 8/15/34		2,114,721
	11,008,500		4.250% due 11/15/34		10,679,535
	2,202,000		4.625% due 2/15/35		2,190,560
	1,960,000		4.250% due 5/15/35		1,895,764
	1,779,000		4.250% due 8/15/35		1,718,055
	5,666,000		4.000% due 11/15/35		5,358,354
	2,375,000		4.125% due 2/15/36		2,264,414
	24,178,000		4.375% due 5/15/36		23,477,216
	5,600,000		4.625% due 8/15/36		5,541,813

			Total U.S. GOVERNMENT OBLIGATIONS		395,213,605

			TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost — $420,861,086)		395,577,014


	COLLATERALIZED MORTGAGE OBLIGATIONS — 12.7%

	Asset-Backed Securities — 5.7%
	676,000	NR	ACHD Trust, Series 2026-DS1, Class B, 8.245% due 7/10/34(a)		679,207
	2,010,000	A-	Aligned Data Centers Issuer LLC, Series 2026-1A, Class A2I, 5.909% due 6/15/56(a)		1,997,133
	1,400,000	NR	AMSR Trust, Series 2025-SFR1, Class E2, 3.655% due 6/17/42(a)		1,282,790
	1,759,146	NR	Angel Oak Mortgage Trust, Series 2025-HB2, Class A1, 5.243% (30-Day Average SOFR + 1.600%) due 12/25/55(a)(e)		1,765,924
	811,265	NR	Aqua Finance Issuer Trust, Series 2025-A, Class C, 5.810% due 12/19/50(a)		810,417
	1,061,561	A3(b)	Aqua Finance Trust, Series 2020-AA, Class C, 3.970% due 7/17/46(a)		1,019,769
	318,576	AAA(k)	BRAVO Residential Funding Trust, Series 2026-CES1, Class A1A, step bond to yield, 5.254% due 4/25/56(a)		315,878
			Business Jet Securities LLC:
	384,968	BB	Series 2024-1A, Class C, 9.132% due 5/15/39(a)		389,948
	1,595,893	BB	Series 2024-2A, Class C, 7.974% due 9/15/39(a)		1,596,370
	973,333	BBB+	Series 2026-1A, Class B, 6.099% due 6/15/41(a)		970,943
	3,755,000	NR	Cajun Global LLC, Series 2025-2A, Class A2, 5.912% due 11/20/55(a)		3,731,884
	1,000,000	NR	Cascade MH Asset Trust, Series 2019-MH1, Class M, 5.985% due 11/25/44(a)(e)		960,604
	3,545,000	NR	CCAS LLC, Series 2024-1A, Class A, 7.124% due 6/16/31(a)		3,565,440
			Cherry Securitization Trust:
	750,000	NR	Series 2025-1A, Class A, 6.130% due 11/15/32(a)		754,920
	552,000	NR	Series 2026-1A, Class A, 5.430% due 1/17/34(a)		550,824
	993,939	NR	Crockett Partners Equipment Co. IIA LLC, Series 2024-1C, Class A, 6.050% due 1/20/31(a)		996,933
			DataBank Issuer:
	3,810,000	NR	Series 2024-1A, Class A2, 5.300% due 1/26/54(a)		3,761,717
	520,000	A3(b)	Series 2026-1A, Class A2, 5.811% due 2/25/56(a)		514,721
	1,304,614	NR	Deephaven Residential Mortgage Trust, Series 2026-CES1, Class A1A, step bond to yield, 5.312% due 3/25/61(a)		1,293,922
	382,003	NR	Fig Six Trust, Series 2026-PF1, Class A, 5.755% due 8/25/56(a)(e)		380,871
	2,015,373	NR	FIGRE Trust, Series 2026-EXP1, Class A, 5.757% due 6/25/56(a)(e)		2,009,135

See Notes to Financial Statements.

169



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Asset-Backed Securities — 5.7% — (continued)
$	2,004,475	BBB-	Five Guys Holdings Inc., Series 2023-1A, Class A2, 7.549% due 1/26/54(a)	$	2,021,413
	1,910,000	BB-(k)	GGAM Master Trust International Ltd., Series 2026-1A, Class Y, 9.317% due 9/30/60(a)		1,905,055
	1,971,879	AAA(k)	GS Mortgage-Backed Securities Trust, Series 2025-SL1, Class A1, 5.847% due 11/25/67(a)(e)		1,973,102
	411,187	BB-(k)	Hilton Grand Vacations Trust, Series 2025-3EXT, Class D, 7.380% due 10/25/44(a)		413,668
	679,983	Ba2(b)	HINNT LLC, Series 2024-A, Class D, 7.000% due 3/15/43(a)		678,050
	2,375,502	Aaa(b)	Home Partners of America Trust, Series 2022-1, Class D, 4.730% due 4/17/39(a)		2,354,466
	3,025,000	A	Iskandar Enterprise LLC, Series 2026-1A, Class A23, 5.538% due 4/17/56(a)		2,961,906
	4,205,250	BBB-	Jack in the Box Funding LLC, Series 2019-1A, Class A23, 4.970% due 8/25/49(a)		3,911,697
	1,120,124	NR	JBHP ABS I LLC, Series 2026-1A, Class A1, 5.386% due 12/15/41(a)		1,108,178
	796,566	NR	Lafayette Federal Credit Union Asset Trust, Series 2026-HI1A, Class A2, 5.375% due 1/25/46(a)		782,094
			Lendmark Funding Trust:
	1,250,000	BB-	Series 2024-2A, Class E, 8.470% due 2/21/34(a)		1,266,423
	1,395,000	BB	Series 2025-1A, Class E, 8.910% due 9/20/34(a)		1,430,523
	1,210,000	BBB	Series 2025-3A, Class D, 5.640% due 5/21/35(a)		1,178,976
	1,750,000	BB-	Mariner Finance Issuance Trust, Series 2025-AA, Class E, 8.640% due 5/20/38(a)		1,786,397
	1,135,000	A(k)	Marlette Funding Trust, Series 2025-1A, Class C, 5.260% due 7/16/35(a)		1,132,303
	617,544	BBB(k)	MVW LLC, Series 2025-1A, Class C, 5.750% due 9/22/42(a)		617,439
	2,305,813	NR	NBC Funding LLC, Series 2024-1A, Class A2, 6.750% due 7/30/54(a)		2,329,490
	1,090,000	BBB+	New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.410% due 10/20/61(a)		649,776
	1,886,456	AA	NMABS Issuer I LLC, Series 2025-1A, Class B, 5.330% due 11/22/55(a)		1,856,939
	1,675,000	BBB-	Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class B1, 5.110% due 11/20/50(a)		1,058,475
	1,248,000	BBB	OneMain Financial Issuance Trust, Series 2026-2A, Class D, 5.910% due 1/14/38(a)		1,246,521
			Oportun Issuance Trust:
	295,685	NR	Series 2021-C, Class A, 2.180% due 10/8/31(a)		291,964
	1,400,000	NR	Series 2024-2, Class D, 10.470% due 2/9/32(a)		1,426,386
	1,000,000	AA-(k)	Series 2025-B, Class B, 5.280% due 5/9/33(a)		999,028
	3,000,000	AA-(k)	Series 2025-C, Class B, 4.930% due 7/8/33(a)		2,984,399
	718,446	NR	PowerPay Issuance Trust, Series 2025-1A, Class A, 5.230% due 11/18/41(a)		713,913
			Progress Residential Trust:
	1,750,000	NR	Series 2021-SFR9, Class F, 4.053% due 11/17/40(a)		1,681,475
	2,500,000	NR	Series 2022-SFR1, Class F, 4.880% due 2/17/41(a)		2,403,122
	2,081,000	NR	Series 2022-SFR2, Class E2, 4.800% due 4/17/27(a)		2,056,567
	1,781,000	NR	Series 2023-SFR2, Class E1, 4.750% due 10/17/40(a)		1,729,638
	560,000	Baa2(b)	Series 2026-SFR2, Class D, 4.320% due 5/17/43(a)		519,525
	652,000	BBB-(k)	Series 2026-SFR3, Class D, 4.250% due 7/17/43(a)		599,875
	777,289	AAA(k)	RCKT Mortgage Trust, Series 2024-CES9, Class A1A, step bond to yield, 5.582% due 12/25/44(a)		777,246
	800,000	NR	Reprise Financial Receivables Trust, Series 2026-1, Class C, 8.260% due 4/18/33(a)		802,652
	1,900,000	A	Sabey Data Center Issuer LLC, Series 2026-1, Class A2, 5.482% due 1/20/51(a)		1,840,525
			Saluda Grade Alternative Mortgage Trust:
	927,571	NR	Series 2023-FIG3, Class A, 7.067% due 8/25/53(a)(e)		943,001
	2,277,264	NR	Series 2023-FIG4, Class A, 6.718% due 11/25/53(a)(e)		2,303,773
	1,995,973	NR	Series 2024-CES1, Class A1, 6.306% due 3/25/54(a)(e)		2,006,186
	830,000	Aaa(b)	SCF Equipment Leasing LLC, Series 2025-1A, Class A3, 5.110% due 11/21/33(a)		834,528
	2,639,987	NR	Service Experts Issuer LLC, Series 2024-1A, Class A, 6.390% due 11/20/35(a)		2,675,131
	1,291,875	BBB-	SERVPRO Master Issuer LLC, Series 2024-1A, Class A2, 6.174% due 1/25/54(a)		1,304,377
			Sierra Timeshare Receivables Funding LLC:
	781,534	Ba2(b)	Series 2023-1A, Class D, 9.800% due 1/20/40(a)		812,268
	646,794	BB-	Series 2025-2A, Class D, 6.790% due 4/20/44(a)		641,167
	718,759	BB(k)	Series 2026-1A, Class D, 7.100% due 12/22/42(a)		714,854
	570,057	BB-(k)	Series 2026-2A, Class D, 7.190% due 5/20/43(a)		570,143
	345,000	NR	Sotheby’s Artfi Master Trust, Series 2026-1A, Class B, 4.900% due 6/20/33(a)		342,324
	3,500,000	A-	Stack Infrastructure Issuer LLC, Series 2024-1A, Class A2, 5.900% due 3/25/49(a)		3,505,644

See Notes to Financial Statements.

170



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Asset-Backed Securities — 5.7% — (continued)
			Stream Innovations Issuer Trust:
$	1,313,615	NR	Series 2024-2A, Class C, 9.050% due 2/15/45(a)	$	1,372,799
	859,103	NR	Series 2025-1A, Class D, 8.400% due 9/15/45(a)		878,610
			Towd Point Mortgage Trust:
	803,651	AAA(k)	Series 2026-CES1, Class A1, step bond to yield, 4.961% due 1/25/66(a)		793,282
	971,272	AAA(k)	Series 2026-CES3, Class A1, step bond to yield, 5.302% due 6/20/66(a)		966,614
			Upstart Securitization Trust:
	547,555	A2(b)	Series 2025-1, Class A, 5.450% due 4/20/35(a)		548,834
	1,000,000	NR	Series 2025-2, Class D, 8.000% due 6/20/35(a)		1,024,444
	1,250,000	NR	Series 2025-4, Class D, 7.670% due 11/20/35(a)		1,273,800
	1,000,000	NR	Series 2026-1, Class C, 5.540% due 3/20/36(a)		993,574
	2,935,250	NR	Vital Care Issuer LLC, Series 2025-1A, Class A2, 6.737% due 1/30/56(a)		2,934,811
	2,930,750	NR	Zaxbys Funding LLC, Series 2021-1A, Class A2, 3.238% due 7/30/51(a)		2,801,356
	3,400,000	A3(b)	Zayo Issuer LLC, Series 2025-2A, Class A2, 5.953% due 6/20/55(a)		3,424,797

			Total Asset-Backed Securities		114,504,873


	Mortgage Securities — 7.0%
	1,359,906	AAA	A&D Mortgage Trust, Series 2024-NQM4, Class A1, 5.464% due 8/25/69(a)		1,356,250
			ABL:
	1,750,000	NR	Series 2024-RTL1, Class A1, step bond to yield, 6.075% due 9/25/29(a)		1,752,051
	800,000	NR	Series 2025-RTL1, Class A1, step bond to yield, 6.040% due 6/25/30(a)		801,769
	1,111,278	AAA(k)	Angel Oak Mortgage Trust, Series 2022-5, Class A2, step bond to yield, 5.500% due 5/25/67(a)		1,110,005
			BAMLL Re-REMIC Trust:
	2,000,000	NR	Series 2024-FRR2, Class C, 1.200% due 7/27/50(a)(e)		1,927,919
	2,400,000	NR	Series 2024-FRR3, Class C, 0.612% due 1/27/50(a)(e)		2,348,427
	8,271	AA+	Banc of America Mortgage Trust, Series 2004-F, Class 1A1, 5.319% due 7/25/34(e)		7,848
	622,605	AAA(k)	Bayview Opportunity Master Fund VII Trust, Series 2026-1, Class A1A, step bond to yield, 5.521% due 7/25/56(a)		619,415
			BBCMS Mortgage Trust:
	280,000	AAA	Series 2022-C16, Class A5, 4.600% due 6/15/55(e)		268,544
	590,000	AAA	Series 2023-C19, Class A2B, 5.753% due 4/15/56		592,039
	250,000	AAA	Series 2024-C28, Class A5, 5.403% due 9/15/57		250,818
	1,000,000	Aaa(b)	Benchmark Mortgage Trust, Series 2026-V21, Class A3, 5.127% due 3/15/59		997,805
			BMD2 Re-Remic Trust:
	1,650,000	NR	Series 2019-FRR1, Class 4A, zero coupon due 5/25/52(a)(l)		1,443,061
	2,000,000	NR	Series 2019-FRR1, Class 5A1, 3.394% due 5/25/52(a)(e)		1,873,066
	1,750,000	NR	Series 2019-FRR1, Class 6B10, 2.333% due 5/25/52(a)(e)		1,530,698
			BMO Mortgage Trust:
	280,000	AAA	Series 2022-C1, Class A5, 3.374% due 2/15/55(e)		254,597
	100,000	A-(k)	Series 2024-5C6, Class C, 5.885% due 9/15/57(e)		97,635
			Brean Asset Backed Securities Trust:
	514,815	NR	Series 2025-RM11, Class A1, 4.750% due 5/25/65(a)(e)		503,368
	1,270,000	NR	Series 2026-RM16, Class A1, 4.250% due 5/25/66(a)		1,209,460
	969,000	A3(b)	BX Trust, Series 2024-BIO, Class C, 6.279% (1-Month Term SOFR + 2.640%) due 2/15/41(a)(e)		964,979
	1,200,000	NR	CAFL Issuer LP, Series 2025-RRTL1, Class A1, step bond to yield, 5.684% due 5/28/40(a)		1,201,469
			CIM Trust:
	296,785	NR	Series 2020-R6, Class A1A, 2.250% due 12/25/60(a)(e)		269,438
	1,032,154	NR	Series 2021-R1, Class A2, 2.400% due 8/25/56(a)(e)		938,768
	495,417	NR	Series 2021-R3, Class A1A, 1.951% due 6/25/57(a)(e)		459,068
	675,226	NR	Series 2021-R4, Class A1A, 2.000% due 5/1/61(a)(e)		620,099
	1,471,081	NR	Series 2021-R5, Class A1, 2.000% due 8/25/61(a)(e)		1,254,691
	254,325	Aa3(b)	Citigroup Commercial Mortgage Trust, Series 2016-C2, Class B, 3.176% due 8/10/49		253,256
	586,995	AAA(k)	COLT Mortgage Loan Trust, Series 2021-2, Class A1, 0.924% due 8/25/66(a)(e)		498,896
	46	PIF(k)	Commercial Mortgage Trust, Series 2014-CR21, Class C, 4.697% due 12/10/47(e)(m)		45

See Notes to Financial Statements.

171



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Mortgage Securities — 7.0% — (continued)
$	461,108	Aa1(b)	Connecticut Avenue Securities Trust, Series 2025-R03, Class 2A1, 5.093% (30-Day Average SOFR + 1.450%) due 3/25/45(a)(e)	$	462,134
	100,000	B+	CSMC OA LLC, Series 2014-USA, Class D, 4.373% due 9/15/37(a)		83,870
	1,695,000	BB-(k)	CSTL Commercial Mortgage Trust, Series 2025-GATE2, Class E, 6.567% due 11/10/42(a)(e)		1,663,799
	2,025,000	NR	DBSG Mortgage Trust, Series 2024-ALTA, Class A, 6.144% due 6/10/37(a)(e)		2,030,622
	1,750,000	AAA(k)	DOLP Trust, Series 2021-NYC, Class A, 2.956% due 5/10/41(a)		1,546,582
	1,092,321	AAA(k)	EFMT, Series 2025-NQM3, Class A1, step bond to yield, 5.494% due 8/25/70(a)		1,088,411
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	6,215,725	NR	Series 4995, Class QE, 1.250% due 7/25/50		4,733,829
	984,741	NR	Series 5678, Class DS, 4.065% (12.263% — 30-Day Average SOFR) due 7/25/56(i)		812,096
	1,283,206	NR	Series 5687, Class AS, 4.374% (8.746% — 30-Day Average SOFR) due 8/25/56(i)		1,103,425
	629,129	NR	Series 5690, Class SC, 4.148% (8.338% — 30-Day Average SOFR) due 8/25/56(i)		533,815
	972,256	A-	Federal Home Loan Mortgage Corp. (FHLMC), Structured Agency Credit Risk, Series 2021-DNA6, Class M2, 5.143% (30-Day Average SOFR + 1.500%) due 10/25/41(a)(e)		972,632
			Federal National Mortgage Association (FNMA), ACES:
	245,000	NR	Series 2021-M2S, Class A2, 1.868% due 10/25/31(e)		213,807
	253,369	NR	Series 2022-M10, Class A2, 1.991% due 1/25/32(e)		220,326
	2,035,000	NR	Series 2023-M2, Class 3A2, 2.005% due 4/25/32(e)		1,748,900
			Federal National Mortgage Association (FNMA), REMICS:
	3,790,268	NR	Series 2020-57, Class NI, 2.500% due 8/25/50(n)		641,094
	527,449	NR	Series 2020-73, Class KI, 3.000% due 10/25/50(n)		90,122
	444,798	NR	Series 2021-61, Class KI, 2.500% due 4/25/49(n)		63,950
	2,246,537	NR	Series 2021-79, Class EL, 1.500% due 11/25/51		1,853,813
	995,696	NR	Series 2026-55, Class HB, 4.777% (13.885% — 30-Day Average SOFR) due 7/25/56(i)		872,469
			FHLMC Multifamily Structured Pass-Through Certificates:
	2,700,000	AA+(k)	Series K104, Class XAM, 1.501% due 1/25/30(e)(n)		116,085
	440,000	AAA(k)	Series K144, Class A2, 2.450% due 4/25/32		389,202
	500,000	Aaa(b)	Series K146, Class A2, 2.920% due 6/25/32		452,377
	250,000	NR	Series K154, Class A2, 3.424% due 4/25/32		241,163
	1,000,000	NR	Series K541, Class A2, 4.348% due 2/25/30(a)(e)		987,233
			Freddie Mac Multifamily Structured Credit Risk:
	2,383,000	NR	Series 2021-MN1, Class B1, 11.393% (30-Day Average SOFR + 7.750%) due 1/25/51(a)(e)		2,636,091
	2,500,000	NR	Series 2021-MN1, Class M2, 7.393% (30-Day Average SOFR + 3.750%) due 1/25/51(a)(e)		2,546,944
	2,000,000	NR	Series 2021-MN3, Class M2, 7.643% (30-Day Average SOFR + 4.000%) due 11/25/51(a)(e)		2,048,957
	1,200,000	NR	Series 2025-MN10, Class M2, 6.493% (30-Day Average SOFR + 2.850%) due 2/25/45(a)(e)		1,209,929
	1,250,000	NR	Series 2025-MN11, Class M2, 6.293% (30-Day Average SOFR + 2.650%) due 7/25/45(a)(e)		1,243,636
	1,200,000	BB-(k)	Series 2025-MN12, Class M2, 6.393% (30-Day Average SOFR + 2.750%) due 11/25/45(a)(e)		1,200,835
	1,250,000	NR	Series 2026-MN13, Class M2, 6.593% (30-Day Average SOFR + 2.950%) due 3/25/46(a)(e)		1,261,377
	526,000	BB-(k)	Series 2026-MN14, Class M2, 6.343% (30-Day Average SOFR + 2.700%) due 6/25/46(a)(e)		528,420
	1,000,000	NR	Freddie Mac Multifamily Structured Pass Through Certificates, Series K533, Class A2, 4.230% due 12/25/29(e)		984,696
	1,900,000	NR	FS Commercial Mortgage Trust, Series 2026-PALM, Class A, 5.039% (1-Month Term SOFR + 1.400%) due 7/15/41(a)(e)		1,905,163
	725,000	NR	FS Trust, Series 2026-HULA, Class B, 5.289% (1-Month Term SOFR + 1.650%) due 3/15/41(a)(e)		727,730
			GAM RE-REMIC Trust:
	2,352,000	NR	Series 2021-FRR1, Class 2C, zero coupon due 11/29/50(a)(l)		2,155,389
	799,000	NR	Series 2021-FRR2, Class CK78, zero coupon due 9/27/51(a)(l)		658,192
	2,000,000	NR	Series 2022-FRR3, Class BK61, zero coupon due 11/27/49(a)(l)		1,964,062
	2,000,000	NR	Series 2022-FRR3, Class CK89, zero coupon due 1/27/52(a)(l)		1,658,664
	1,800,909	Aaa(b)	GCAT Trust, Series 2026-NQM2, Class A1, 5.449% due 2/25/71(a)(e)		1,789,939
			Government National Mortgage Association (GNMA):
	59,240	NR	Series 2018-124, Class NW, 3.500% due 9/20/48		53,837
	2,999,714	NR	Series 2021-119, Class JG, 1.500% due 6/20/51		2,537,239

See Notes to Financial Statements.

172



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Mortgage Securities — 7.0% — (continued)
$	1,042,653	NR	Series 2023-53, Class SL, 5.222% (12.500% — 30-Day Average SOFR) due 4/20/53(i)	$	935,334
	5,653,177	NR	Series 2024-51, Class GC, 3.500% due 7/20/48		5,418,937
	33,305	WR(b)	Harborview Mortgage Loan Trust, Series 2004-5, Class 2A6, 4.373% due 6/19/34(e)		31,935
	1,000,000	NR	ICAP Trust, Series 2025-RTL1, Class A1, step bond to yield, 6.472% due 7/25/30(a)		1,005,633
			JPMDB Commercial Mortgage Securities Trust:
	190,000	Aaa(b)	Series 2017-C7, Class A5, 3.409% due 10/15/50		186,944
	130,000	AA-	Series 2018-C8, Class B, 4.522% due 6/15/51		122,692
	1,328,688	Aaa(b)	JPMorgan Mortgage Trust, Series 2021-13, Class A3, 2.500% due 4/25/52(a)(e)		1,074,002
	1,200,000	NR	KREST Commercial Mortgage Securities Trust, Series 2021-CHIP, Class B, 2.861% due 11/5/44(a)		930,140
	510,000	NR	Lhome Mortgage Trust, Series 2025-RTL2, Class A1, 5.612% due 4/25/40(a)(e)		510,448
	1,700,000	NR	LHOME Mortgage Trust, Series 2025-RTL1, Class A1, step bond to yield, 5.652% due 1/25/40(a)		1,703,935
	500,000	NR	LOANDEPOT GMSR Master Trust, Series 2025-GT2, Class A, 6.789% (1-Month Term SOFR + 3.150%) due 7/16/30(a)(e)		501,986
	672,290	Aaa(b)	MCR Mortgage Trust, Series 2024-HF1, Class A, 5.432% (1-Month Term SOFR + 1.793%) due 12/15/41(a)(e)		674,002
	2,000,000	NR	MFA Trust, Series 2024-RTL3, Class A1, step bond to yield, 5.913% due 11/25/39(a)		2,003,399
	1,655,000	A-	MLTI Trust, Series 2026-MLTI, Class C10, 5.439% (1-Month Term SOFR + 1.800%) due 6/15/39(a)(e)		1,660,920
			MOO Securitization Trust:
	250,000	NR	Series 2026-RM2, Class A1B, 4.750% due 6/25/66(a)(e)		234,942
	500,000	NR	Series 2026-RM2, Class M1, 4.750% due 6/25/66(a)(e)		459,896
	2,000,000	NR	MRCD Mortgage Trust, Series 2019-PARK, Class E, 2.718% due 12/15/36(a)		1,430,000
	1,000,000	BBB-(k)	MTN Commercial Mortgage Trust, Series 2026-LPFX, Class E, 6.560% due 5/15/43(a)(e)		1,000,454
			Multifamily Connecticut Avenue Securities Trust:
	2,468,849	NR	Series 2019-01, Class M10, 7.008% (30-Day Average SOFR + 3.364%) due 10/25/49(a)(e)		2,493,324
	1,514,248	NR	Series 2020-01, Class M10, 7.508% (30-Day Average SOFR + 3.864%) due 3/25/50(a)(e)		1,537,723
	1,500,000	NR	Series 2023-01, Class M10, 10.143% (30-Day Average SOFR + 6.500%) due 11/25/53(a)(e)		1,713,067
	2,171,250	NR	Neighborly Issuer, Series 2023-1A, Class A2, 7.308% due 1/30/53(a)		2,177,601
	2,463,326	AAA(k)	New Residential Mortgage Loan Trust, Series 2026-RPL1, Class A1A, step bond to yield, 4.000% due 12/25/65(a)		2,334,350
	1,923,084	NR	NRM FHT1 Excess Owner LLC, Series 2025-FHT1, Class A, step bond to yield, 6.545% due 3/25/32(a)		1,910,756
	1,941,599	AAA(k)	OBX Trust, Series 2021-NQM4, Class A1, 1.957% due 10/25/61(a)(e)		1,636,015
	2,000,000	Aaa(b)	One Bryant Park Trust, Series 2019-OBP, Class A, 2.516% due 9/15/54(a)		1,842,834
	3,052,600	A-	One New York Plaza Trust, Series 2020-1NYP, Class A, 4.704% (1-Month Term SOFR + 1.064%) due 1/15/36(a)(e)		2,970,943
	760,000	Aa3(b)	PFDR Trust, Series 2026-DLVR, Class B, 5.739% (1-Month Term SOFR + 2.100%) due 6/15/43(a)(e)		762,807
	1,205,047	Aaa(b)	PRET Trust, Series 2026-RPL3, Class A1, step bond to yield, 4.400% due 6/25/70(a)		1,167,930
	319,669	AAA	PRKCM Trust, Series 2023-AFC1, Class A1, step bond to yield, 6.598% due 2/25/58(a)		319,021
	340,000	NR	PRM7 Trust, Series 2025-PRM7, Class E, 6.839% due 11/10/42(a)(e)		336,437
	1,019,000	Aa3(b)	PSA Trust, Series 2026-STOR, Class B, 5.856% due 8/15/31(a)(e)		1,020,508
	2,547,468	NR	RFM Reremic Trust, Series 2022-FRR1, Class BK64, 1.630% due 3/1/50(a)(e)		2,473,220
			ROCK Trust:
	210,000	Aaa(b)	Series 2024-CNTR, Class A, 5.388% due 11/13/41(a)		210,800
	1,900,000	Aa3(b)	Series 2024-CNTR, Class B, 5.930% due 11/13/41(a)		1,923,164
	1,925,000	AA-	SDAL Trust, Series 2025-DAL, Class B, 6.580% (1-Month Term SOFR + 2.941%) due 4/15/42(a)(e)		1,931,675
			Seasoned Loans Structured Transaction Trust:
	4,613,384	NR	Series 2025-1, Class A1, 3.000% due 5/25/35		4,239,258
	1,626,651	NR	Series 2025-2, Class A1, 3.000% due 10/25/35		1,487,759
	910,000	AAA(k)	SLG Office Trust, Series 2021-OVA, Class A, 2.585% due 7/15/41(a)		804,155

See Notes to Financial Statements.

173



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Mortgage Securities — 7.0% — (continued)
$	18,640		WR(b)	Structured Asset Mortgage Investments II Trust, Series 2005-AR5, Class A3, 4.262% (1-Month Term SOFR + 0.614%) due 7/19/35(e)	$	17,936
	2,000,000		NR	Toorak Mortgage Trust, Series 2025-RRTL1, Class A1, step bond to yield, 5.524% due 2/25/40(a)		2,000,970
	973,000		NR	Towd Point Mortgage Trust, Series 2026-MF1, Class AS, 5.395% due 9/25/66(a)(e)(m)		999,564
	469,979		Aaa(b)	UBS Commercial Mortgage Trust, Series 2019-C17, Class A3, 2.669% due 10/15/52		441,414
	499,696		NR	Velocity Commercial Capital Loan Trust, Series 2019-1, Class A, 3.760% due 3/25/49(a)(e)		480,526
				Verus Securitization Trust:
	512,353		AAA	Series 2021-5, Class A1, 1.013% due 9/25/66(a)(e)		437,979
	1,897,427		AAA	Series 2021-7, Class A1, step bond to yield, 2.829% due 10/25/66(a)		1,695,439
	4,028,971		AAA	Visio Trust, Series 2026-1, Class A1, 5.602% due 8/25/61(a)(e)		4,015,573
	348,549		A+	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR19, Class A1B3, 4.482% (1-Month Term SOFR + 0.814%) due 12/25/45(e)		348,971
	238,178		Aaa(b)	Wells Fargo Commercial Mortgage Trust, Series 2018-C44, Class A4, 3.948% due 5/15/51		234,329

				Total Mortgage Securities		141,289,987

				TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $257,256,281)		255,794,860


	SOVEREIGN BONDS — 3.7%

	Angola — 0.0%@
				Angolan Government International Bonds:
	200,000		B-	9.875% due 10/15/35(a)		211,085
	200,000		B-	9.875% due 3/31/37(a)		207,459

				Total Angola		418,544


	Argentina — 0.1%
				Argentine Republic Government International Bonds:
	920,000		B-	step bond to yield, 4.125% due 7/9/35		696,900
	500,000		B-	step bond to yield, 3.500% due 7/9/41		353,150
	590,000		B-	Ciudad Autonoma de Buenos Aires/Government Bonds, 7.800% due 11/26/33(a)(c)		609,075
	980,000		B2(b)	Province of Santa Fe, 8.100% due 12/11/34(a)		980,000

				Total Argentina		2,639,125


	Australia — 0.3%
	7,825,000	^AUD	Aaau(b)	Australia Government Bonds, (Cost — $5,303,620, acquired 1/27/26), 2.250% due 5/21/28(d)		5,384,388


	Belgium — 0.1%
	1,810,000	^EUR	NR	Kingdom of Belgium Government Bonds, (Cost — $2,163,927, acquired 2/27/26), 3.400% due 6/22/36(a)(d)		2,025,329


	Benin — 0.0%@
	200,000		BB-	Benin Government International Bonds, 7.960% due 2/13/38(a)		211,892


	Bolivia — 0.0%@
	200,000		CCC+	Bolivian Government International Bonds, 9.450% due 5/14/31(a)		199,250


	Bosnia-Herze. — 0.0%@
	100,000	^EUR	B	Republic of Srpska International Government Bonds, 6.375% due 5/8/33(a)		114,488


	Brazil — 0.3%
				Brazil Notas do Tesouro Nacional Serie F:
	12,000,000	^BRL	BB	10.000% due 1/1/29		2,186,834
	25,000,000	^BRL	BB(k)	10.000% due 1/1/31		4,262,062
	200,000		BB	Brazilian Government International Bonds, 7.125% due 5/13/54		192,650

				Total Brazil		6,641,546

See Notes to Financial Statements.

174



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Canada — 0.0%@
				Province of British Columbia Canada:
$	50,000		A	4.200% due 7/6/33	$	48,230
	300,000		A	4.750% due 6/12/34		297,021
				Province of Ontario Canada:
	50,000		AA-	5.050% due 4/24/34		50,672
	200,000		Aa3(b)	4.450% due 11/20/35		192,790
	200,000		A+	Province of Quebec Canada, 4.625% due 8/28/35		194,964

				Total Canada		783,677


	Chile — 0.0%@
				Chile Government International Bonds:
	200,000		A	3.240% due 2/6/28		195,685
	200,000		A	4.350% due 4/13/31		194,690
	45,000		A	2.550% due 1/27/32		39,623
	200,000		A	3.500% due 1/25/50		138,250

				Total Chile		568,248


	Colombia — 0.2%
	200,000		Baa3(b)	Barranquilla Distrito Especial Industrial y Portuario, 7.350% due 7/23/31(a)		205,450
	200,000		BB-	Colombia Government International Bonds, 7.750% due 11/7/36		213,350
	14,500,000,000	^COP	BB	Colombian TES, 5.750% due 11/3/27		4,208,926

				Total Colombia		4,627,726


	Congo — 0.0%@
	200,000		CCC+	Congolese International Bonds, 9.500% due 5/26/36		193,996


	Democratic Republic of the Congo — 0.0%@
				DRC International Bonds:
	200,000		B-	8.750% due 4/16/32(a)		206,923
	200,000		B-	9.500% due 4/16/37(a)(c)		209,484

				Total Democratic Republic of the Congo		416,407


	Dominican Republic — 0.0%@
				Dominican Republic International Bonds:
	150,000		BB	6.950% due 3/15/37(a)		155,850
	150,000		BB	6.150% due 5/17/38(a)		145,950

				Total Dominican Republic		301,800


	Ecuador — 0.1%
				Ecuador Government International Bonds:
	200,000		B	8.750% due 1/29/34(a)		200,000
	412,624		B	step bond to yield, 6.900% due 7/31/35(a)		378,376
	400,000		B	9.250% due 1/29/39(a)		404,400
	85,734		B	step bond to yield, 5.500% due 7/31/40(a)		70,302

				Total Ecuador		1,053,078


	Egypt — 0.1%
				Egypt Government International Bonds:
	200,000		B	7.600% due 3/1/29		206,298
	200,000		B	7.625% due 5/29/32		205,317
	216,000		B	7.625% due 5/20/34(a)		216,255
	200,000		B	8.700% due 3/1/49		194,345
	200,000		B	8.875% due 5/29/50		196,860

				Total Egypt		1,019,075


	El Salvador — 0.0%@
	150,000		B-	El Salvador Government International Bonds, 9.650% due 11/21/54(a)		171,003

See Notes to Financial Statements.

175



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	France — 0.3%
				French Republic Government Bonds OAT:
	2,685,000	^EUR	A+u(k)	(Cost — $3,087,875, acquired 6/17/26), 2.400% due 9/24/28(a)(d)	$	3,075,657
	1,815,000	^EUR	A+u(k)	(Cost — $2,101,075, acquired 6/12/25), 2.700% due 2/25/31(a)(d)		2,045,900

				Total France		5,121,557


	Germany — 0.3%
	1,795,000	^EUR	AAAu(k)	Bundesobligation, (Cost — $2,056,029, acquired 3/25/26), 2.500% due 4/16/31(d)		2,038,149
				Bundesschatzanweisungen:
	902,000	^EUR	AAAu(k)	(Cost — $1,049,683, acquired 5/29/26), 2.500% due 6/14/28(d)		1,040,413
	1,750,000	^EUR	NR	(Cost — $2,034,993, acquired 8/26/26), 2.700% due 9/13/28(d)		2,024,056

				Total Germany		5,102,618


	Honduras — 0.0%@
$	150,000		BB-	Honduras Government International Bonds, 8.625% due 11/27/34(a)		172,835


	Indonesia — 0.0%@
				Indonesia Government International Bonds:
	80,000		BBB	4.100% due 4/24/28		79,737
	445,000		BBB	2.850% due 2/14/30		415,925
	120,000		BBB	2.150% due 7/28/31		104,841
	200,000		BBB	3.050% due 3/12/51		121,614

				Total Indonesia		722,117


	Israel — 0.2%
				Israel Government International Bonds:
	200,000		A	5.375% due 2/19/30		202,177
	200,000		A	2.750% due 7/3/30		183,238
	1,595,000		A	4.500% due 1/13/31		1,554,035
	1,650,000		A	5.750% due 3/12/54		1,514,950
	780,000		A	5.875% due 1/13/56		728,582

				Total Israel		4,182,982


	Italy — 0.1%
	1,810,000	^EUR	NR	Italy Buoni Poliennali Del Tesoro, (Cost — $2,072,558, acquired 3/25/26), 2.200% due 2/28/28(d)		2,077,190
	200,000		Baa2u(b)	Republic of Italy Government International Bonds, 3.875% due 5/6/51		141,276

				Total Italy		2,218,466


	Ivory Coast — 0.1%
				Ivory Coast Government International Bonds:
	400,000		BB	8.075% due 4/1/36(a)		432,359
	715,000		BB	8.250% due 1/30/37(a)		778,835
	200,000		BB	6.750% due 2/25/41(a)		189,537

				Total Ivory Coast		1,400,731


	Japan — 0.0%@
	200,000		A+	Japan Bank for International Cooperation, 3.875% due 7/3/28		197,963


	Jordan — 0.0%@
	200,000		BB-	Jordan Government International Bonds, 7.375% due 10/10/47		194,694


	Kenya — 0.0%@
				Kenya Government International Bonds:
	200,000		B	7.875% due 10/9/33(a)(c)		201,069
	200,000		B	8.800% due 10/9/38(a)		199,564

				Total Kenya		400,633

See Notes to Financial Statements.

176



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Mexico — 0.4%
	34,675,000	^MXN	Baa3(b)	Mexican Bonos, 8.500% due 2/28/30	$	2,054,678
				Mexico Government International Bonds:
$	272,000		BBB	4.500% due 4/22/29		269,851
	200,000		BBB	3.250% due 4/16/30		187,685
	245,000		BBB	2.659% due 5/24/31		216,029
	200,000		BBB	5.625% due 2/9/34		194,260
	1,355,000		BBB	6.350% due 2/9/35		1,372,615
	760,000		BBB	5.625% due 9/22/35		729,220
	200,000		BBB	6.000% due 5/7/36		195,630
	570,000		BBB	6.250% due 8/27/37		560,025
	1,115,000		BBB	6.125% due 2/9/38		1,075,696
	100,000		BBB	4.750% due 3/8/44		78,200
	200,000		BBB	4.600% due 1/23/46		149,650
	225,000		BBB	4.600% due 2/10/48		164,925
	200,000		BBB	6.338% due 5/4/53		180,550
	1,370,000		BBB	3.771% due 5/24/61		789,120

				Total Mexico		8,218,134


	Norway — 0.1%
	20,000,000	^NOK	Aaa(b)	Norway Government Bonds, (Cost — $2,058,066, acquired 8/19/26), 2.000% due 4/26/28(a)(d)		2,053,575


	Pakistan — 0.0%@
				Pakistan Government International Bonds:
	200,000		B3(b)	7.375% due 4/8/31(a)		201,382
	200,000		B3(b)	8.875% due 4/8/51(a)		202,151

				Total Pakistan		403,533


	Panama — 0.1%
				Panama Government International Bonds:
	210,000		BBB-	3.875% due 3/17/28		206,797
	300,000		BBB-	3.160% due 1/23/30		281,550
	1,155,000		BBB-	2.252% due 9/29/32		959,805
	350,000		BBB-	3.298% due 1/19/33		307,300
	200,000		BBB-	5.662% due 2/23/38		195,000
	10,000		BBB-	4.500% due 4/1/56		7,428

				Total Panama		1,957,880


	Paraguay — 0.0%@
	200,000		BBB-	Paraguay Government International Bonds, 5.400% due 3/30/50		175,604


	Peru — 0.1%
	285,000		Baa1(b)	Fondo MIVIVIENDA SA, 5.400% due 3/31/31(a)		285,564
				Peruvian Government International Bonds:
	550,000		BBB-	2.783% due 1/23/31		504,267
	100,000		BBB-	3.000% due 1/15/34		85,150
	50,000		BBB-	5.625% due 11/18/50		46,630

				Total Peru		921,611


	Philippines — 0.1%
				Philippine Government International Bonds:
	360,000		BBB+	1.648% due 6/10/31		309,902
	550,000		BBB+	1.950% due 1/6/32		472,283
	200,000		BBB+	5.000% due 1/27/36		192,517

				Total Philippines		974,702

See Notes to Financial Statements.

177



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Poland — 0.0%@
				Republic of Poland Government International Bonds:
$	50,000		A-	5.500% due 11/16/27	$	50,595
	100,000		A-	4.875% due 10/4/33		97,942
	50,000		A-	5.500% due 4/4/53		44,739
	100,000		A-	5.500% due 3/18/54		89,302

				Total Poland		282,578


	Romania — 0.0%@
	198,000	^EUR	BBB-	Romanian Government International Bonds, 6.000% due 9/24/44(a)		214,717


	South Africa — 0.1%
	31,900,000	^ZAR	BB+	Republic of South Africa Government Bonds, 10.500% due 12/21/27		2,052,430
				Republic of South Africa Government International Bonds:
	200,000		BB	7.100% due 11/19/36(a)		213,145
	200,000		BB	7.250% due 12/11/55(a)		194,956

				Total South Africa		2,460,531


	South Korea — 0.1%
				Export-Import Bank of Korea:
	200,000		AA	3.875% due 1/13/31		193,903
	200,000		AA	5.250% due 1/14/35		203,773
	200,000		AA	Korea Development Bank (The), 3.750% due 9/16/30		192,872
	850,000,000	^KRW	NR	Korea Treasury Bonds, 2.750% due 9/10/45		483,419

				Total South Korea		1,073,967


	Supranational — 0.1%
				International Bank for Reconstruction & Development:
	100,000		Aaa(b)	2.500% due 11/22/27		97,827
	200,000		AAA	1.375% due 4/20/28		190,697
	150,000		AAA	3.500% due 7/12/28		147,708
	100,000		AAA	3.625% due 9/21/29		97,714
	100,000		AAA	4.000% due 7/25/30		98,298
	100,000		AAA	4.000% due 1/10/31		98,044
	100,000		AAA	4.500% due 4/10/31		99,952
	300,000		AAA	4.625% due 1/15/32		300,920
	250,000		AAA	3.875% due 8/28/34		236,394
	200,000		AAA	4.375% due 8/27/35		194,808

				Total Supranational		1,562,362


	Suriname — 0.0%@
				Suriname Government International Bonds:
	200,000		CCC+	7.700% due 11/6/30(a)		205,990
	208,000		CCC+	8.500% due 11/6/35(a)(c)		224,694

				Total Suriname		430,684


	Sweden — 0.1%
	20,000,000	^SEK	NR	Sweden Government Bonds, (Cost — $1,997,899, acquired 7/16/26), 2.500% due 10/15/36(d)		1,982,547


	Trinidad — 0.0%@
	685,000		BBB-	Trinidad & Tobago Government International Bonds, 6.500% due 1/28/36(a)		696,357


	Turkey — 0.0%@
	200,000		Ba3(b)	Istanbul Metropolitan Municipality, 10.500% due 12/6/28(a)		214,561


	United Kingdom — 0.3%
				United Kingdom Gilt:
	2,260,000	^GBP	AA-u(k)	(Cost — $3,050,255, acquired 5/29/26), 4.375% due 3/7/28(d)		3,061,465
	1,523,000	^GBP	AA-u(k)	(Cost — $2,098,121, acquired 1/23/26), 4.375% due 3/7/30(d)		2,051,532

				Total United Kingdom		5,112,997

See Notes to Financial Statements.

178



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Uruguay — 0.0%@
			Uruguay Government International Bonds:
$	100,000	BBB+	5.750% due 10/28/34	$	102,680
	50,000	BBB+	5.442% due 2/14/37		49,925
	100,000	BBB+	5.100% due 6/18/50		89,075
	50,000	BBB+	4.975% due 4/20/55		42,813

			Total Uruguay		284,493

			TOTAL SOVEREIGN BONDS (Cost — $75,282,712)		75,505,001


	ASSET-BACKED SECURITIES — 2.4%

	Automobiles — 2.1%
	1,235,000	A	American Credit Acceptance Receivables Trust, Series 2025-2, Class D, 5.500% due 8/12/31(a)		1,241,958
	759,000	BBB(k)	AutoNation Finance Trust, Series 2025-1A, Class D, 5.630% due 9/10/32(a)		761,515
			Avis Budget Rental Car Funding AESOP LLC:
	4,000,000	Aaa(b)	Series 2024-3A, Class A, 5.230% due 12/20/30(a)		4,021,066
	440,000	Baa3(b)	Series 2024-3A, Class C, 6.110% due 12/20/30(a)		444,512
	1,600,000	Baa3(b)	Series 2025-1A, Class C, 5.870% due 8/20/29(a)		1,609,974
			Bridgecrest Lending Auto Securitization Trust:
	1,500,000	BB	Series 2024-3, Class E, 7.700% due 4/15/31(a)		1,531,919
	950,000	BB	Series 2024-4, Class E, 7.470% due 8/15/31(a)		967,709
	1,000,000	BB	Series 2025-1, Class E, 7.460% due 2/17/32(a)		1,010,252
	1,080,000	BBB	Series 2025-2, Class D, 5.620% due 3/17/31		1,087,126
	662,000	BB	Series 2026-1, Class E, 6.630% due 2/15/33(a)		653,406
	1,418,087	NR	Camber Credit Auto Trust, Series 2026-1A, Class A, 5.625% due 12/15/31(a)		1,408,442
			Carmax Auto Owner Trust:
	870,000	AAA	Series 2025-2, Class A4, 4.650% due 11/15/30		869,142
	570,000	AA-	Series 2025-2, Class C, 5.160% due 1/15/31		572,387
	648,000	BBB+	CarMax Select Receivables Trust, Series 2026-B, Class D, 5.800% due 10/15/32		652,506
	1,850,000	BBB	Consumer Portfolio Services Auto Trust, Series 2025-B, Class D, 5.560% due 7/15/31(a)		1,854,938
	2,000,000	BBB	CPS Auto Receivables Trust, Series 2026-C, Class D, 5.720% due 10/15/32(a)		1,997,268
			Credit Acceptance Auto Loan Trust:
	1,500,000	A	Series 2025-2A, Class C, 5.380% due 3/17/36(a)		1,501,393
	725,000	A	Series 2026-1A, Class C, 5.280% due 8/15/36(a)		719,549
	1,500,000	A	Series 2026-2A, Class C, 5.510% due 12/15/36(a)		1,497,328
	1,000,000	A1(b)	Drive Auto Receivables Trust, Series 2025-1, Class D, 5.410% due 9/15/32		1,003,151
	1,440,000	AAA	Enterprise Fleet Financing LLC, Series 2025-2, Class A4, 4.580% due 12/22/31(a)		1,434,387
	375,000	BBB	Exeter Automobile Receivables Trust, Series 2026-3A, Class D, 5.440% due 10/15/32		373,018
			Exeter Select Automobile Receivables Trust:
	1,500,000	AA	Series 2025-1, Class B, 4.870% due 8/15/31		1,501,410
	1,200,000	A	Series 2025-1, Class C, 5.400% due 8/15/31		1,208,932
	583,000	AAA	Ford Credit Floorplan Master Owner Trust A, Series 2018-4, Class A, 4.060% due 11/15/30		575,039
			GLS Auto Receivables Issuer Trust:
	1,800,000	BBB	Series 2025-2A, Class D, 5.590% due 1/15/31(a)		1,805,515
	1,500,000	BBB	Series 2025-4A, Class D, 5.130% due 8/15/31(a)		1,484,612
	270,000	Aaa(b)	Hertz Vehicle Financing III LLC, Series 2023-4A, Class A, 6.150% due 3/25/30(a)		273,358
	500,000	AAA	Honda Auto Receivables Owner Trust, Series 2026-3, Class A3, 4.520% due 2/18/31		499,158
	126,992	AAA	Hyundai Auto Receivables Trust, Series 2023-C, Class A3, 5.540% due 10/16/28		127,569
	933,000	AAA	Octane Receivables Trust, Series 2024-1A, Class B, 5.660% due 5/20/30(a)		938,528
	1,030,000	NR	Research-Driven Pagaya Motor Asset Trust, Series 2026-3A, Class A4, 5.883% due 3/26/35(a)		1,033,777
	950,000	B3(b)	Santander Bank Auto Credit-Linked Notes, Series 2025-A, Class F, 7.343% due 1/16/34(a)		944,805
			Santander Drive Auto Receivables Trust:
	2,000,000	Aa3(b)	Series 2024-2, Class D, 6.280% due 8/15/31		2,039,766
	1,200,000	Baa2(b)	Series 2025-3, Class D, 5.110% due 9/15/31		1,197,834

See Notes to Financial Statements.

179



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Automobiles — 2.1% — (continued)
$	365,000	Baa3(b)	Series 2025-4, Class D, 4.950% due 1/15/32	$	361,565
	1,000,000	Baa2(b)	Series 2026-1, Class D, 4.750% due 4/15/32		982,458
	499,000	BBB	Veros Auto Receivables Trust, Series 2026-2, Class D, 6.010% due 1/12/32(a)		499,964
	348,944	AAA	Westlake Automobile Receivables Trust, Series 2023-2A, Class D, 7.010% due 11/15/28(a)		351,872

			Total Automobiles		43,039,108


	Credit Cards — 0.2%
	275,000	AAA	American Express Credit Account Master Trust, Series 2023-2, Class A, 4.800% due 5/15/30		276,404
			Perimeter Master Notes Business Trust:
	1,100,000	NR	Series 2025-1A, Class A, 5.580% due 12/16/30(a)		1,097,021
	999,000	NR	Series 2025-1A, Class B, 6.120% due 12/16/30(a)		996,869
	405,000	NR	Prosper Credit Card Issuer LLC, Series 2026-1A, Class A, 5.340% due 7/15/36(a)(m)		404,414

			Total Credit Cards		2,774,708


	Student Loans — 0.1%
	746,126	Aa1(b)	ECMC Group Student Loan Trust, Series 2017-2A, Class A, 4.808% (30-Day Average SOFR + 1.164%) due 5/25/67(a)(e)		752,900
	794,476	AA+	Navient Student Loan Trust, Series 2017-3A, Class A3, 4.808% (30-Day Average SOFR + 1.164%) due 7/26/66(a)(e)		801,499

			Total Student Loans		1,554,399

			TOTAL ASSET-BACKED SECURITIES (Cost — $47,443,181)		47,368,215


Shares/Units

	OPEN END MUTUAL FUND SECURITIES — 1.3%

	FINANCIALS — 1.3%

	Capital Markets — 1.3%
	151,867		iShares Broad USD High Yield Corporate Bond ETF(c)		5,606,930
	234,009		State Street SPDR Portfolio High Yield Bond ETF		5,464,110
	112,696		Vanguard Intermediate-Term Corporate Bond ETF		9,138,518
	79,462		Vanguard Short-Term Corporate Bond ETF		6,240,151

			TOTAL OPEN END MUTUAL FUND SECURITIES (Cost — $26,597,336)		26,449,709


Face Amount/Units†

	COLLATERALIZED LOAN OBLIGATION — 0.2%

	Commercial MBS — 0.2%
	3,245,000	AAA(k)	INCREF LLC, Series 2026-FL3, Class AS, 5.297% (1-Month Term SOFR + 1.650%) due 1/19/44(a)(e) (Cost — $3,251,084)		3,249,048


	MUNICIPAL BONDS — 0.1%

	California — 0.1%
	310,000	AA-	California Health Facilities Financing Authority, Revenue Bonds, 3.000% due 8/15/51		219,760
	100,000	AA-	California State University, Revenue Bonds, Series B, 5.183% due 11/1/53		91,641
	205,000	A	Los Angeles Department of Water & Power, Revenue Bonds, 6.574% due 7/1/45		211,912
			State of California, GO:
	150,000	AA-	5.875% due 10/1/41		153,547
	100,000	AA-	4.600% due 4/1/38		100,325
			University of California, Revenue Bonds:
	25,000	AA	Series AD, 4.858% due 5/15/12		19,728
	266,000	AA	Series AQ, 4.767% due 5/15/15		205,942

			Total California		1,002,855

See Notes to Financial Statements.

180



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Connecticut — 0.0%@
$	200,000	AA-	State of Connecticut, GO, 5.850% due 3/15/32	$	207,800


	Florida — 0.0%@
	50,000	AA	State Board of Administration Finance Corp., Series A, Revenue Bonds, 5.526% due 7/1/34		51,151


	Illinois — 0.0%@
	150,000	A+	Chicago O’Hare International Airport, Revenue Bonds, Series C, 4.472% due 1/1/49		124,830
	199,346	A-	State of Illinois, GO, 5.100% due 6/1/33		199,271

			Total Illinois		324,101


	Minnesota — 0.0%@
	260,000	AA	University of Minnesota, Revenue Bonds, 4.048% due 4/1/52		199,984


	New Jersey — 0.0%@
	110,000	Aa3(b)	Jersey City Municipal Utilities Authority, Revenue Bonds, Series B, 5.470% due 5/15/27		110,881
	85,000	A	New Jersey Transportation Trust Fund Authority, Revenue Bonds, Series B, 6.561% due 12/15/40		91,245

			Total New Jersey		202,126


	New York — 0.0%@
	100,000	AA	City of New York, GO, 5.263% due 10/1/52		90,521
	150,000	AA-	Port Authority of New York & New Jersey, Revenue Bonds, Series 239, 5.072% due 7/15/53		136,814

			Total New York		227,335


	Texas — 0.0%@
	40,000	AA-	Dallas Fort Worth International Airport, Series A, Revenue Bonds, 3.144% due 11/1/45		29,656

			TOTAL MUNICIPAL BONDS (Cost — $2,560,372)		2,245,008


	SENIOR LOANS — 0.0%@

	Airlines — 0.0%@
	49,001	NR	VistaJet Malta Finance PLC, 7.475% (3-Month CME Term SOFR + 3.750%) due 4/1/31(e)		49,272


	Healthcare-Services — 0.0%@
	339,030	NR	ModivCare Buyer LLC, 8.732% (3-Month CME Term SOFR + 5.000%) due 12/29/30(e)		291,002


	Software — 0.0%@
	366,614	NR	Rocket Software Inc., 7.436% (1-Month CME Term SOFR + 3.750%) due 11/28/28(e)		363,897

			TOTAL SENIOR LOANS (Cost — $756,198)		704,171


Shares/Units

	COMMON STOCK — 0.0%@

	HEALTH CARE — 0.0%@

	Healthcare — Services — 0.0%@
	45,243		ModivCare Topco LLC*(h)(m) (Cost — $150,537)		214,904

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $1,988,028,815)		1,929,594,005


Face Amount/Units†

	SHORT-TERM INVESTMENTS(o) — 7.8%

	CORPORATE BOND — 0.0%@
	950,000		Devon Energy Corp., 3.900% due 5/15/27(a) (Cost — $947,303)		947,303

See Notes to Financial Statements.

181



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Security	Value

SHORT-TERM INVESTMENTS(o) — 7.8% — (continued)

	MONEY MARKET FUND — 1.1%
$	22,184,443		Invesco STIT — Government & Agency Portfolio, Institutional Class, 3.761%(p) (Cost — $22,184,443)	$	22,184,443


	TIME DEPOSITS — 2.8%
			Citibank — London:
	5,121	^EUR	1.130% due 9/1/26		5,948
	629,831	^GBP	2.670% due 9/1/26		853,421
	20,940,914		Citibank — New York, 2.980% due 9/1/26		20,940,914
	6	^SGD	HSBC Bank — Singapore, 0.440% due 9/1/26		5
	23,761,557		JPMorgan Chase & Co. — New York, 2.980% due 9/1/26		23,761,557
	10,878,496		Skandinaviska Enskilda Banken AB — Stockholm, 2.980% due 9/1/26		10,878,496
	924		Sumitomo Mitsui Banking Corp. — Tokyo, 2.980% due 9/1/26		924

			TOTAL TIME DEPOSITS (Cost — $56,441,265)		56,441,265


	U.S. GOVERNMENT OBLIGATIONS — 3.9%
			U.S. Treasury Bills:
	30,000,000		3.639% due 9/1/26(q)		30,000,000
	18,000,000		3.648% due 9/24/26(q)		17,958,221
	30,000,000		3.722% due 10/29/26(q)		29,821,698

			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $77,779,919)		77,779,919

			TOTAL SHORT-TERM INVESTMENTS (Cost — $157,352,930)		157,352,930

			TOTAL INVESTMENTS — 103.4% (Cost — $2,145,381,745)		2,086,946,935

			Liabilities in Excess of Other Assets — (3.4)%		(68,577,433	)

			TOTAL NET ASSETS — 100.0%	$	2,018,369,502

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

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

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)

(b)	Rating by Moody’s Investors Service. All ratings are unaudited.

(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 August 31, 2026, amounts to $42,894,651 and represents 2.1% of net assets.

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

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

(g)	Security is currently in default.

(h)	Illiquid security.

(i)	Inverse Floating Rate Security — interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate as of August 31, 2026.

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

(k)	Rating by Fitch Ratings Service. All ratings are unaudited.

(l)	Principal only security.

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

(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 6.7%.

See Notes to Financial Statements.

182



Schedules of Investments


(continued)


Core Fixed Income Fund

(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 August 31, 2026, the Fund held a Level 3 security with a value of $0, representing 0.0% of net assets.

At August 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	$	2,154,419,884	$	16,579,865	$	(85,573,226)	$	(68,993,361)


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
ETF		— Exchange-Traded Fund
EURIBOR		— Euro Interbank Offered Rate
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	29.9	%
Mortgage-Backed Securities	24.4
U.S. Government Agencies & Obligations	19.2
Collateralized Mortgage Obligations	12.4
Sovereign Bonds	3.7
Asset-Backed Securities	2.3
Open End Mutual Fund Securities	1.3
Collateralized Loan Obligation	0.2
Municipal Bonds	0.1
Senior Loans	0.0	*
Common Stock	0.0	*
Short-Term Investments	6.5

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.

See Notes to Financial Statements.

183



Schedules of Investments


(continued)


Core Fixed Income Fund

At August 31, 2026, Core Fixed Income Fund had open exchange-traded futures contracts as described below.

The unrealized appreciation (depreciation) on the open contracts reflected in the accompanying financial statements 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		601		12/26	$	123,676,188	$	123,345,860	$	(330,328	)
U.S. Treasury 5-Year Note Futures		445		12/26		47,287,977		47,037,891		(250,086	)
U.S. Treasury 10-Year Note Futures		458		12/26		49,658,153		49,306,563		(351,590	)
U.S. Treasury Long Bond Futures		40		12/26		4,354,563		4,345,001		(9,562	)
U.S. Treasury Ultra Long Bond Futures		488		12/26		54,024,119		53,695,250		(328,869	)
U.S. Ultra Long Bond Futures		25		12/26		2,750,195		2,735,547		(14,648	)

										(1,285,083	)

Contracts to Sell:
Euro-Bund Futures		38		9/26		5,569,484		5,441,029		128,455
U.S. Ultra Long Bond Futures		319		12/26		35,239,394		34,905,578		333,816

										462,271

Net Unrealized Depreciation on Open Exchange-Traded Futures Contracts									$	(822,812	)

At August 31, 2026, Core Fixed Income Fund had deposited cash of $2,378,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

At August 31, 2026, Core Fixed Income Fund had open forward foreign currency contracts as described below.

The unrealized appreciation (depreciation) on the open contracts reflected in the accompanying financial statements were as follows:


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Brazilian Real		23,610,000		USD	4,528,280		SSB	$	4,556,451		9/4/26	$	28,171
Chilean Peso		865,000,000		USD	941,702		SSB		926,301		10/8/26		(15,401)
Colombian Peso		14,148,000,000		USD	4,596,656		GSC		4,397,613		9/2/26		(199,043)
South African Rand		15,600,000		USD	955,391		BNY		967,526		9/18/26		12,135

													(174,138	)

Contracts to Sell:
Australian Dollar		7,455,000		USD	5,208,436		BNY		5,338,101		10/20/26		(129,665	)
Brazilian Real		23,610,000		USD	4,474,557		SSB		4,498,871		11/3/26		(24,314	)
Brazilian Real		23,610,000		USD	4,623,429		SSB		4,556,452		9/4/26		66,977
British Pound		4,979,000		USD	6,708,461		BNY		6,746,595		9/16/26		(38,134	)
Chilean Peso		865,000,000		USD	933,228		SSB		926,300		10/8/26		6,928
Colombian Peso		14,148,000,000		USD	4,034,045		GSC		4,397,613		9/2/26		(363,568	)
Colombian Peso		14,148,000,000		USD	4,519,998		GSC		4,322,952		11/23/26		197,046
Euro		301,861		USD	353,521		BNP		351,038		9/30/26		2,483
Euro		25,495,000		USD	29,467,401		BNY		29,654,314		10/5/26		(186,913	)
Mexican Peso		35,645,000		USD	2,026,679		BNY		2,092,589		9/30/26		(65,910	)
Norwegian Krone		9,660,000		USD	1,032,678		SSB		1,032,766		11/23/26		(88	)
South African Rand		15,600,000		USD	956,751		BNY		967,526		9/18/26		(10,775	)
South African Rand		2,090,000		USD	126,813		BNY		129,623		9/18/26		(2,810	)
Swedish Krona		19,630,000		USD	2,052,784		BNY		2,055,442		10/20/26		(2,658	)

													(551,401	)

Net Unrealized Depreciation on Open Forward Foreign Currency Contracts												$	(725,539	)

See Notes to Financial Statements.

184



Schedules of Investments


(continued)


Core Fixed Income Fund


Currency abbreviations used in this schedule:		Counterparty abbreviations used in this schedule:
AUD	— Australian Dollar	BNP	— BNP Paribas SA
BRL	— Brazilian Real	BNY	— Bank of New York Mellon
COP	— Colombian Peso	GSC	— Goldman Sachs & Co.
EUR	— Euro	SSB	— State Street Bank & Trust Co.
GBP	— British Pound
KRW	— Korean Won
MXN	— Mexican Peso
NOK	— Norwegian Krone
SEK	— Swedish Krona
SGD	— Singapore Dollar
USD	— United States Dollar
ZAR	— South African Rand

See pages 265-266 for definitions of ratings.

See Notes to Financial Statements.

185



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	CORPORATE BONDS & NOTES — 95.9%

	Advertising — 0.9%
			Neptune Bidco U.S. Inc., Senior Secured Notes:
$	598,000	B	9.290% due 4/15/29(a)	$	612,661
	810,000	B	9.500% due 2/15/33(a)		832,737

			Total Advertising		1,445,398


	Aerospace/Defense — 0.3%
			ATI Inc., Senior Unsecured Notes:
	284,000	BB	4.875% due 10/1/29		281,859
	210,000	BB	5.125% due 10/1/31		207,000

			Total Aerospace/Defense		488,859


	Airlines — 0.5%
	850,486	B1(b)	WestJet An Alberta Partnership, Senior Secured Notes, 8.000% due 2/14/31(a)(c)		819,109


	Auto Manufacturers — 0.6%
			Nissan Motor Co., Ltd., Senior Unsecured Notes:
	460,000	BB-	4.810% due 9/17/30(a)		428,570
	490,000	BB-	8.125% due 7/17/35(a)		520,465

			Total Auto Manufacturers		949,035


	Auto Parts & Equipment — 1.8%
			American Axle & Manufacturing Inc.:
	535,000	B+	Company Guaranteed Notes, 7.750% due 10/15/33(a)(c)		537,826
	420,000	BB	Senior Secured Notes, 6.375% due 10/15/32(a)		420,632
			Cyprium Corp./Cyprium Holdings Luxembourg Sarl, Company Guaranteed Notes:
	411,000	BB-	6.125% due 4/15/31(a)		410,883
	328,000	BB-	6.375% due 4/15/34(a)		324,792
	525,000	BB-	IHO Verwaltungs GmbH, Senior Secured Notes, 7.375% (7.375% cash and 8.125% PIK) due 5/15/33(a)(d)		547,070
	730,000	BB-	ZF North America Capital Inc., Company Guaranteed Notes, 6.875% due 4/23/32(a)		732,202

			Total Auto Parts & Equipment		2,973,405


	Banks — 0.6%
	980,000	BB	Walker & Dunlop Inc., Company Guaranteed Notes, 6.625% due 4/1/33(a)		974,547


	Biotechnology — 0.4%
	745,000	BB	BioMarin Pharmaceutical Inc., Company Guaranteed Notes, 5.500% due 2/15/34(a)		728,532


	Chemicals — 1.6%
	735,000	(P)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)		747,331
			FMC Corp.:
	280,000	BBB-	Senior Secured Notes, 8.000% due 6/1/31(a)		289,969
	1,365,000	B+	Subordinated Notes, 8.450% (5-Year CMT Index + 4.366%) due 11/1/55(e)		1,008,107
	557,000	BB	Methanex U.S. Operations Inc., Company Guaranteed Notes, 6.250% due 3/15/32(a)		564,601

			Total Chemicals		2,610,008


	Commercial Services — 3.6%
			EquipmentShare.com Inc., Secured Notes:
	395,000	B	8.625% due 5/15/32(a)		411,049
	701,000	B	8.000% due 3/15/33(a)(c)		719,750
	405,000	B	7.125% due 7/1/34(a)		399,089
			Herc Holdings Inc., Company Guaranteed Notes:
	219,000	BB-	7.000% due 6/15/30(a)		226,719
	605,000	BB-	7.250% due 6/15/33(a)		625,829
	829,000	CCC+	Hertz Corp. (The), Senior Secured Notes, 12.625% due 7/15/29(a)(c)		557,393
	827,000	B	Mobius Merger Sub Inc., Senior Secured Notes, 9.000% due 6/1/30(a)		602,516

See Notes to Financial Statements.

186



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Commercial Services — 3.6% — (continued)
$	375,000	B	NES Fircroft Bondsco AS, Senior Secured Notes, 10.000% due 8/13/31(a)	$	380,974
	752,000	B+	Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Company Guaranteed Notes, 6.750% due 8/15/32(a)(c)		743,140
	429,000	B+	Valvoline Inc., Company Guaranteed Notes, 6.125% due 8/15/34(a)		428,780
	874,000	B	WEX Inc., Company Guaranteed Notes, 6.500% due 3/15/33(a)		879,307

			Total Commercial Services		5,974,546


	Computers — 0.7%
	530,000	BB-	CACI International Inc., Company Guaranteed Notes, 6.375% due 6/15/33(a)		537,359
	590,000	B	Fortress Intermediate 3 Inc., Senior Secured Notes, 7.500% due 6/1/31(a)		603,815

			Total Computers		1,141,174


	Cosmetics/Personal Care — 1.4%
	913,000	BB-	Edgewell Personal Care Co., Company Guaranteed Notes, 4.125% due 4/1/29(a)		885,272
	800,000	B+	Perrigo Finance Unlimited Co., Company Guaranteed Notes, 6.125% due 9/30/32(c)		785,299
	603,000	BB-	Prestige Brands Inc., Company Guaranteed Notes, 6.250% due 7/15/34(a)		605,855

			Total Cosmetics/Personal Care		2,276,426


	Distribution/Wholesale — 1.3%
	476,000	B	ADI Global Distribution Funding LLC, Company Guaranteed Notes, 7.125% due 7/15/34(a)		493,429
	836,000	CCC	Dealer Tire Financial LLC, Senior Unsecured Notes, 10.375% due 10/1/31(a)		832,585
	775,000	B+	Veritiv Operating Co., Senior Secured Notes, 10.500% due 11/30/30(a)		810,355

			Total Distribution/Wholesale		2,136,369


	Diversified Financial Services — 6.7%
			Ally Financial Inc., Subordinated Notes:
	367,000	BB+	6.700% due 2/14/33		373,592
	380,000	BB+	6.646% (5-Year CMT Index + 2.450%) due 1/17/40(e)		372,396
	909,000	B-	Champions Financing Inc., Senior Secured Notes, 8.750% due 2/15/29(a)(c)		927,125
			Credit Acceptance Corp., Company Guaranteed Notes:
	437,000	BB	9.250% due 12/15/28(a)		452,661
	285,000	BB	6.625% due 3/15/30(a)		286,358
	900,000	B+	Figure Technology Solutions Inc., Company Guaranteed Notes, 8.500% due 7/31/31(a)		910,008
	750,000	B	Focus Financial Partners LLC, Senior Secured Notes, 6.750% due 9/15/31(a)		746,610
			goeasy Ltd.:
			Company Guaranteed Notes:
	788,000	B-	6.875% due 5/15/30(a)		716,052
	599,000	B-	6.875% due 2/15/31(a)		535,781
	472,000	B-	Senior Unsecured Notes, 7.625% due 7/1/29(a)		451,877
	1,035,000	B2(b)	Phoenix Aviation Capital Ltd., Senior Unsecured Notes, 9.250% due 7/15/30(a)		1,084,201
	670,000	B-	Planet Financial Group LLC, Company Guaranteed Notes, 10.500% due 12/15/29(a)		660,312
	960,000	B1(b)	Rfna LP, Senior Unsecured Notes, 7.875% due 2/15/30(a)		972,763
			Rocket Cos Inc., Company Guaranteed Notes:
	383,000	BB+	6.125% due 8/1/31(a)		388,503
	99,000	BB+	6.500% due 6/15/34(a)		100,748
	535,000	BB+	SLM Corp., Senior Unsecured Notes, 6.495% (SOFR + 2.710%) due 5/15/32(e)		537,127
			Sumisho Air Lease Corp., Junior Subordinated Notes:
	325,000	BB+	4.125% (5-Year CMT Index + 3.149%)(e)(f)		322,643
	654,000	BB+	8.256% (5-Year CMT Index + 4.076%)(e)(f)		658,110
	630,000	B+	VFH Parent LLC/Valor Co.-Issuer Inc., Senior Secured Notes, 7.500% due 6/15/31(a)		652,308

			Total Diversified Financial Services		11,149,175

See Notes to Financial Statements.

187



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Electric — 3.3%
$	795,000	BB	Clearway Energy Operating LLC, Company Guaranteed Notes, 3.750% due 1/15/32(a)	$	718,344
			NRG Energy Inc.:
			Company Guaranteed Notes:
	597,000	BB	3.625% due 2/15/31(a)		550,584
	430,000	BB	5.875% due 5/15/34(a)		419,447
	345,000	BB	6.250% due 11/1/34(a)		344,752
			Senior Unsecured Notes:
	125,000	BB	5.750% due 1/15/34(a)		121,733
	100,000	BB	6.000% due 1/15/36(a)		97,302
	910,000	Ba3(b)	Pattern Energy Operations LP/Pattern Energy Operations Inc., Company Guaranteed Notes, 4.500% due 8/15/28(a)		896,127
			Talen Energy Supply LLC, Company Guaranteed Notes:
	495,000	B+	6.375% due 5/1/33(a)		489,276
	375,000	B+	6.250% due 2/1/34(a)		368,439
	375,000	B+	6.500% due 2/1/36(a)		367,693
			XPLR Infrastructure Operating Partners LP:
			Company Guaranteed Notes:
	127,000	BB	8.375% due 1/15/31(a)		135,342
	331,000	BB	7.750% due 4/15/34(a)		350,791
	558,000	BB	Senior Unsecured Notes, 7.250% due 1/15/29(a)		577,093

			Total Electric		5,436,923


	Electrical Components & Equipment — 0.3%
			EnerSys, Company Guaranteed Notes:
	485,000	BB+	4.375% due 12/15/27(a)		481,917
	29,000	BB+	6.625% due 1/15/32(a)		29,507

			Total Electrical Components & Equipment		511,424


	Electronics — 0.9%
	700,000	BB	Ingram Micro Inc., Senior Secured Notes, 4.750% due 5/15/29(a)		685,343
	845,000	B+	TTM Technologies Inc., Company Guaranteed Notes, 4.000% due 3/1/29(a)		814,576

			Total Electronics		1,499,919


	Entertainment — 3.4%
	755,000	B+	Banijay Entertainment SAS, Senior Secured Notes, 8.125% due 5/1/29(a)		775,657
	517,000	B+	Cavalier Acquisition Corp., Senior Secured Notes, 8.250% due 8/15/33(a)		529,967
	875,000	BBB-	Flutter Treasury DAC, Senior Secured Notes, 5.875% due 6/4/31(a)		860,464
	895,000	BB-	Light & Wonder International Inc., Company Guaranteed Notes, 6.250% due 10/1/33(a)(c)		892,046
	1,020,000	B-	Ontario Gaming GTA LP/OTG Co.-Issuer Inc., Senior Secured Notes, 8.000% due 8/1/30(a)		1,026,155
	543,000	B+	SeaWorld Parks & Entertainment Inc., Company Guaranteed Notes, 5.250% due 8/15/29(a)		530,465
	938,000	B	Voyager Parent LLC, Senior Secured Notes, 9.250% due 7/1/32(a)		1,004,947

			Total Entertainment		5,619,701


	Environmental Control — 0.4%
	715,000	BB+	Clean Harbors Inc., Company Guaranteed Notes, 5.750% due 10/15/33(a)		715,460


	Food — 2.9%
			Albertsons Cos Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Company Guaranteed Notes:
	76,000	BB+	5.500% due 3/31/31(a)		73,717
	505,000	BB+	6.250% due 3/15/33(a)		496,723
	701,000	BB+	5.750% due 3/31/34(a)		658,941
	536,000	BB	Land O’Lakes Capital Trust I, Limited Guaranteed Notes, 7.450% due 3/15/28(a)		552,268
			Performance Food Group Inc., Company Guaranteed Notes:
	70,000	BB	4.250% due 8/1/29(a)		68,124
	539,000	BB	5.625% due 3/1/34(a)		523,871
	1,095,000	B+	Post Holdings Inc., Company Guaranteed Notes, 6.250% due 10/15/34(a)		1,057,978

See Notes to Financial Statements.

188



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Food — 2.9% — (continued)
$	900,000	B	TreeHouse Foods Inc., Senior Secured Notes, 7.750% due 2/11/33(a)	$	911,048
	585,000	BB+	US Foods Inc., Company Guaranteed Notes, 5.750% due 4/15/33(a)		582,343

			Total Food		4,925,013


	Healthcare — Products — 0.8%
	760,000	BB	Avantor Funding Inc., Company Guaranteed Notes, 3.875% due 11/1/29(a)		731,493
	615,000	BB	Teleflex Inc., Company Guaranteed Notes, 5.875% due 1/15/32(a)		615,606

			Total Healthcare — Products		1,347,099


	Healthcare — Services — 3.7%
	810,000	BB	Charles River Laboratories International Inc., Company Guaranteed Notes, 4.000% due 3/15/31(a)		763,154
	778,000	B+	Concentra Health Services Inc., Company Guaranteed Notes, 6.875% due 7/15/32(a)		806,597
	865,000	B	LifePoint Health Inc., Senior Secured Notes, 7.000% due 5/1/34(a)		813,827
	765,000	BB-	Molina Healthcare Inc., Senior Unsecured Notes, 6.250% due 1/15/33(a)		761,119
	709,000	BB-	Sotera Health Holdings LLC, Senior Secured Notes, 7.375% due 6/1/31(a)		738,375
	910,000	B	Star Parent Inc., Senior Secured Notes, 9.000% due 10/1/30(a)		956,246
			Tenet Healthcare Corp.:
	1,016,000	BB+	Senior Secured Notes, 5.500% due 11/15/32(a)		1,002,882
	405,000	B+	Senior Unsecured Notes, 6.000% due 11/15/33(a)		406,432

			Total Healthcare — Services		6,248,632


	Home Builders — 1.2%
	895,000	BB-	Ashton Woods USA LLC/Ashton Woods Finance Co., Senior Unsecured Notes, 6.875% due 8/1/33(a)(c)		899,518
			Mattamy Group Corp., Senior Unsecured Notes:
	521,000	BB+	4.625% due 3/1/30(a)		502,756
	600,000	BB+	6.000% due 12/15/33(a)		581,757

			Total Home Builders		1,984,031


	Insurance — 3.0%
			Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes:
	335,000	B	7.500% due 11/6/30(a)		308,063
	666,000	B	6.750% due 7/1/32(a)		569,122
	760,000	B+	Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, Senior Secured Notes, 6.500% due 10/1/31(a)		764,324
			Asurion LLC/Asurion Co.-Issuer Inc.:
	1,170,000	B	Secured Notes, 8.375% due 2/1/34(a)		1,056,783
	920,000	BB-	Senior Secured Notes, 8.000% due 12/31/32(a)		915,963
	608,000	B	Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, Senior Secured Notes, 7.125% due 5/15/31(a)		619,712
	785,000	B	CRC Insurance Group LLC, Senior Secured Notes, 7.125% due 6/1/31(a)		785,716

			Total Insurance		5,019,683


	Internet — 2.6%
	552,000	B	Arches Buyer Inc., Senior Secured Notes, 9.000% due 8/15/31(a)		576,607
			Gen Digital Inc., Company Guaranteed Notes:
	101,000	BB-	6.750% due 9/30/27(a)		101,399
	198,000	BB-	7.125% due 9/30/30(a)		201,612
	469,000	BB-	6.250% due 4/1/33(a)		469,195
	1,074,385	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)(d)		931,174
			Match Group Holdings II LLC, Senior Unsecured Notes:
	434,000	BB	4.125% due 8/1/30(a)		408,711
	149,000	BB	3.625% due 10/1/31(a)		134,531
	415,000	BB	6.125% due 9/15/33(a)		408,946

See Notes to Financial Statements.

189



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Internet — 2.6% — (continued)
			Wayfair LLC, Senior Secured Notes:
$	715,000	BB+	6.750% due 11/15/32(a)	$	736,268
	420,000	BB+	7.125% due 5/31/34(a)		435,661

			Total Internet		4,404,104


	Investment Companies — 0.7%
			HA Sustainable Infrastructure Capital Inc., Company Guaranteed Notes:
	218,000	BBB-	6.750% due 7/15/35		223,384
	435,000	BB	8.000% (5-Year CMT Index + 4.301%) due 6/1/56(e)		458,363
	534,000	BB	7.125% (5-Year CMT Index + 3.478%) due 11/15/56(e)		538,646

			Total Investment Companies		1,220,393


	Iron/Steel — 1.9%
			Cleveland-Cliffs Inc., Company Guaranteed Notes:
	330,000	B+	7.000% due 3/15/32(a)		333,291
	840,000	B2(b)	7.375% due 5/1/33(a)		857,170
	275,000	B2(b)	7.625% due 1/15/34(a)		280,731
	665,000	BB+	Commercial Metals Co., Senior Unsecured Notes, 3.875% due 2/15/31		626,246
			Mineral Resources Ltd., Senior Unsecured Notes:
	48,000	Ba3(b)	9.250% due 10/1/28(a)		49,417
	639,000	Ba3(b)	8.500% due 5/1/30(a)		659,770
	220,000	Ba3(b)	6.000% due 5/1/32(a)		217,314
	220,000	Ba3(b)	6.250% due 5/1/34(a)		215,514

			Total Iron/Steel		3,239,453


	Leisure Time — 2.1%
			Carnival Corp., Ltd., Company Guaranteed Notes:
	595,000	BBB-	5.750% due 8/1/32(a)		589,325
	595,000	BBB-	6.125% due 2/15/33(a)		596,752
			NCL Corp., Ltd., Senior Unsecured Notes:
	350,000	B+	6.250% due 3/1/30(a)		349,958
	795,000	B+	6.750% due 2/1/32(a)		773,803
	585,000	B+	6.250% due 9/15/33(a)		547,541
	585,000	BBB	Royal Caribbean Cruises Ltd., Senior Unsecured Notes, 6.000% due 2/1/33(a)		588,499

			Total Leisure Time		3,445,878


	Lodging — 2.5%
	886,000	B	Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower Inc., Company Guaranteed Notes, 4.875% due 7/1/31(a)		820,554
			Melco Resorts Finance Ltd., Senior Unsecured Notes:
	565,000	BB-	5.375% due 12/4/29(a)		549,192
	200,000	BB-	6.500% due 9/24/33(a)		194,246
	845,000	B+	MGM China Holdings Ltd., Senior Unsecured Notes, 6.250% due 5/15/33(a)		819,687
	927,000	B	Station Casinos LLC, Company Guaranteed Notes, 6.625% due 3/15/32(a)		939,342
			Travel + Leisure Co., Senior Secured Notes:
	405,000	BB-	6.250% due 6/1/31(a)		408,224
	410,000	BB-	6.125% due 9/1/33(a)		404,625

			Total Lodging		4,135,870


	Machinery — Construction & Mining — 0.3%
	572,000	BB-	Solaris Energy Infrastructure LLC, Company Guaranteed Notes, 6.375% due 5/15/31(a)		567,949


	Machinery — Diversified — 0.4%
	615,000	BB+	Esab Corp., Company Guaranteed Notes, 5.625% due 4/1/31(a)		610,974

See Notes to Financial Statements.

190



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Media — 6.3%
$	834,000	B	Cable One Inc., Company Guaranteed Notes, 4.000% due 11/15/30(a)(c)	$	339,838
			CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
	319,000	BB-	6.375% due 9/1/29(a)		319,865
	680,000	BB-	4.500% due 5/1/32		598,476
	660,000	BB-	7.000% due 2/1/33(a)(c)		644,723
			CSC Holdings LLC, Company Guaranteed Notes:
	1,106,000	CCC	(Cost — $638,544, acquired 8/10/26), 11.250% due 5/15/28(a)(g)		617,004
	199,000	CCC	(Cost — $151,179, acquired 10/27/25), 6.500% due 2/1/29(a)(g)		105,712
	200,000	CCC	(Cost — $175,133, acquired 7/14/22), 4.500% due 11/15/31(a)(c)(g)		105,000
	1,063,000	B+	Directv Financing LLC/Directv Financing Co.-Obligor Inc., Senior Secured Notes, 9.250% due 6/1/32(a)		1,110,171
	1,115,000	BB	Discovery Global Holdings Inc., Company Guaranteed Notes, 5.050% due 3/15/42		815,344
	572,000	B+	Gray Media Inc., Senior Secured Notes, 7.500% due 9/15/34(a)		571,726
	1,459,000	BB-	Nexstar Media Inc., Company Guaranteed Notes, 7.250% due 4/15/34(a)		1,478,670
			Paramount Global, Company Guaranteed Notes:
	475,000	BB+	4.200% due 5/19/32		414,010
	779,000	B+	6.250% (3-Month USD-LIBOR + 3.899%) due 2/28/57(e)		605,363
	222,000	B+	6.375% (5-Year CMT Index + 3.999%) due 3/30/62(e)		182,298
			Sirius XM Radio LLC, Company Guaranteed Notes:
	560,000	BB+	4.000% due 7/15/28(a)		546,426
	546,000	BB+	3.875% due 9/1/31(a)		497,900
			Univision Communications Inc., Senior Secured Notes:
	112,000	B	7.375% due 6/30/30(a)		112,527
	715,000	B	8.500% due 7/31/31(a)		720,837
	705,000	B	9.375% due 8/1/32(a)		719,865

			Total Media		10,505,755


	Metal Fabricate/Hardware — 0.3%
	455,000	BB-	Advanced Drainage Systems Inc., Company Guaranteed Notes, 5.375% due 3/1/34(a)		441,899


	Mining — 1.7%
	967,000	BB-	Capstone Copper Corp., Company Guaranteed Notes, 6.750% due 3/31/33(a)		984,013
	580,000	B	First Quantum Minerals Ltd., Company Guaranteed Notes, 6.375% due 2/15/36(a)		565,885
	482,000	BB-	Hudbay Minerals Inc., Company Guaranteed Notes, 6.125% due 4/1/29(a)		486,085
	864,000	BB	Novelis Corp., Company Guaranteed Notes, 6.375% due 8/15/33(a)		865,489

			Total Mining		2,901,472


	Oil & Gas — 5.7%
	810,000	BB-	California Resources Corp., Company Guaranteed Notes, 7.250% due 1/15/35(a)		812,409
			Crescent Energy Finance LLC, Company Guaranteed Notes:
	387,000	BB-	7.625% due 4/1/32(a)(c)		398,079
	230,000	BB-	7.875% due 4/15/32(a)		237,728
	345,000	BB-	7.375% due 1/15/33(a)		352,487
	710,000	BB-	DBR Land Holdings LLC, Company Guaranteed Notes, 6.250% due 12/1/30(a)		722,272
			Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes:
	460,000	BB+	6.250% due 4/15/32(a)		450,480
	300,000	BB+	8.375% due 11/1/33(a)		318,309
	355,000	BB+	7.250% due 2/15/35(a)		357,511
	895,000	BB	Murphy Oil Corp., Senior Unsecured Notes, 6.500% due 2/15/34		892,482
			Northern Oil & Gas Inc., Senior Unsecured Notes:
	740,000	B+	7.875% due 10/15/33(a)		761,624
	420,000	B+	7.500% due 9/1/34(a)		423,564
			SM Energy Co., Company Guaranteed Notes:
	397,000	BB	8.625% due 11/1/30(a)		417,233
	285,000	BB	6.625% due 4/15/34(a)		286,957
	985,000	BB+	Sunoco LP, Company Guaranteed Notes, 5.875% due 3/15/34(a)		971,276

See Notes to Financial Statements.

191



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Oil & Gas — 5.7% — (continued)
			Talos Production Inc., Secured Notes:
$	489,000	B+	9.375% due 2/1/31(a)(c)	$	518,695
	478,000	B+	8.000% due 7/15/34(a)		494,074
	566,000	BB	Valaris Ltd., Secured Notes, 8.375% due 4/30/30(a)		588,801
	517,000	B+	Wildfire Intermediate Holdings LLC, Senior Unsecured Notes, 7.500% due 10/15/29(a)		536,065

			Total Oil & Gas		9,540,046


	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)		382,162
	360,000	BB-	Archrock Services LP/Archrock Partners Finance Corp., Company Guaranteed Notes, 6.000% due 2/1/34(a)		355,068
			Kodiak Gas Services LLC, Company Guaranteed Notes:
	612,000	BB-	5.875% due 4/1/31(a)		610,418
	142,000	BB-	6.500% due 10/1/33(a)		143,463
	148,000	BB-	6.750% due 10/1/35(a)		150,954
			WBI Operating LLC:
	405,000	BB-	Company Guaranteed Notes, 6.250% due 10/15/30(a)		407,314
	495,000	BB-	Senior Unsecured Notes, 6.500% due 10/15/33(a)		496,898

			Total Oil & Gas Services		2,546,277


	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)		808,749
			Clydesdale Acquisition Holdings Inc.:
	708,000	B-	Company Guaranteed Notes, 8.750% due 4/15/30(a)		701,339
	255,000	B+	Senior Secured Notes, 6.750% due 4/15/32(a)		248,931
			Crown Americas LLC, Company Guaranteed Notes:
	204,000	BB+	5.250% due 4/1/30		203,546
	245,000	BB+	5.875% due 6/1/33		245,591
	479,000	BB-	Silgan Holdings Inc., Company Guaranteed Notes, 4.125% due 2/1/28		473,379
	781,000	B+	Sword Purchaser LLC, Senior Secured Notes, 8.250% due 4/15/33(a)		808,757

			Total Packaging & Containers		3,490,292


	Pharmaceuticals — 1.1%
	464,000	B	Gainwell Acquisition Corp., Senior Secured Notes, 9.000% due 9/1/31(a)		483,539
			HLF Financing Sarl LLC/Herbalife International Inc.:
	760,000	BB-	Company Guaranteed Notes, 4.875% due 6/1/29(a)		715,812
	599,000	BB	Senior Secured Notes, 7.750% due 5/1/33(a)		605,546

			Total Pharmaceuticals		1,804,897


	Pipelines — 6.0%
			Delek Logistics Partners LP/Delek Logistics Finance Corp., Company Guaranteed Notes:
	53,000	BB-	8.625% due 3/15/29(a)		55,005
	689,000	BB-	7.375% due 6/30/33(a)		709,414
	300,000	BB-	6.875% due 6/1/34(a)		302,744
	775,000	BB+	Excelerate Energy LP, Company Guaranteed Notes, 8.000% due 5/15/30(a)		815,836
			Genesis Energy LP/Genesis Energy Finance Corp., Company Guaranteed Notes:
	74,000	B+	8.250% due 1/15/29		76,246
	510,000	B+	8.875% due 4/15/30		533,058
	85,000	B+	7.875% due 5/15/32		88,259
	110,000	B+	8.000% due 5/15/33		115,305
	240,000	B+	6.750% due 3/15/34		241,728
			Harvest Midstream I LP, Senior Unsecured Notes:
	290,000	BB-	7.500% due 5/15/32(a)		300,801
	750,000	BB-	6.750% due 5/15/34(a)		761,332

See Notes to Financial Statements.

192



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Pipelines — 6.0% — (continued)
			Howard Midstream Energy Partners LLC, Senior Unsecured Notes:
$	680,000	BB-	7.375% due 7/15/32(a)	$	702,390
	35,000	BB-	6.625% due 1/15/34(a)		35,316
	242,000	BB-	6.625% due 1/15/35(a)		242,997
	1,255,000	B-	ITT Holdings LLC, Senior Unsecured Notes, 6.500% due 8/1/29(a)		1,251,928
			NGL Energy Operating LLC/NGL Energy Finance Corp., Senior Secured Notes:
	392,000	B+	8.125% due 2/15/29(a)		404,503
	459,000	B+	8.375% due 2/15/32(a)		481,341
	490,000	BBB-	Venture Global Calcasieu Pass LLC, Senior Secured Notes, 6.000% due 5/1/36(a)		488,093
			Venture Global LNG Inc., Senior Secured Notes:
	792,000	BB	8.375% due 6/1/31(a)		823,876
	460,000	BB	6.375% due 12/15/34(a)		456,307
	360,000	BB	6.625% due 6/15/36(a)		361,617
			Venture Global Plaquemines LNG LLC, Senior Secured Notes:
	185,000	BB+	6.500% due 6/15/34(a)		191,372
	558,000	BB+	7.750% due 5/1/35(a)		620,872

			Total Pipelines		10,060,340


	Real Estate — 0.6%
			Cushman & Wakefield U.S. Borrower LLC, Senior Secured Notes:
	78,000	BB-	6.750% due 5/15/28(a)		78,159
	380,000	BB-	8.875% due 9/1/31(a)		398,323
	495,000	BB	Greystar Real Estate Partners LLC, Senior Secured Notes, 7.750% due 9/1/30(a)		515,852

			Total Real Estate		992,334


	Real Estate Investment Trusts (REITs) — 2.7%
	1,090,000	Ba3(b)	Arbor Realty SR Inc., Company Guaranteed Notes, 7.875% due 7/15/30(a)(c)		1,024,974
	716,000	B+	Blackstone Mortgage Trust Inc., Senior Secured Notes, 7.750% due 12/1/29(a)		742,250
	595,000	BB-	Iron Mountain Inc., Company Guaranteed Notes, 6.250% due 1/15/35(a)		588,295
	447,000	BB+	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Company Guaranteed Notes, 7.000% due 7/15/31(a)		461,989
			RHP Hotel Properties LP/RHP Finance Corp., Company Guaranteed Notes:
	610,000	BB	5.750% due 3/15/34(a)		601,421
	260,000	BB	6.250% due 2/15/35(a)		261,667
			Starwood Property Trust Inc., Senior Unsecured Notes:
	206,000	Ba3(b)	5.875% due 8/15/29(a)		206,938
	586,000	BB-	6.500% due 7/1/30(a)		597,493
	36,000	BB-	6.125% due 6/1/31(a)		36,093

			Total Real Estate Investment Trusts (REITs)		4,521,120


	Retail — 4.1%
	535,000	BB+	Academy Ltd., Senior Secured Notes, 5.875% due 5/15/31(a)		532,873
			FirstCash Inc., Company Guaranteed Notes:
	187,000	BB	5.625% due 1/1/30(a)		185,468
	77,000	BB	6.875% due 3/1/32(a)		78,592
	720,000	BB	6.125% due 5/1/34(a)		712,088
	940,000	B-	LBM Acquisition LLC, Senior Secured Notes, (Cost — $864,891, acquired 8/1/25), 9.500% due 6/15/31(a)(c)(g)		777,770
			Murphy Oil USA Inc., Company Guaranteed Notes:
	280,000	BB+	4.750% due 9/15/29		275,628
	635,000	BB+	5.875% due 6/1/34(a)		630,177
			Park River Holdings Inc.:
	458,329	CCC	Secured Notes, 8.750% due 12/31/30(a)(c)		436,586
	644,000	B-	Senior Secured Notes, 8.000% due 3/15/31(a)		647,934
	690,000	B	Petco Health & Wellness Co., Inc., Senior Secured Notes, 8.250% due 2/1/31(a)		701,667

See Notes to Financial Statements.

193



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Retail — 4.1% — (continued)
			PetSmart LLC/PetSmart Finance Corp.:
$	450,000	B-	Company Guaranteed Notes, 10.000% due 9/15/33(a)	$	449,690
	500,000	BB-	Senior Secured Notes, 7.500% due 9/15/32(a)		505,135
			QXO Building Products Inc.:
	325,000	BB-	Company Guaranteed Notes, 6.875% due 7/15/34(a)		329,018
	552,000	BB+	Senior Secured Notes, 6.750% due 4/30/32(a)		565,034

			Total Retail		6,827,660


	Semiconductors — 0.7%
	605,000	BB	Amkor Technology Inc., Company Guaranteed Notes, 5.875% due 10/1/33(a)		595,663
	590,000	BB-	Entegris Inc., Company Guaranteed Notes, 5.950% due 6/15/30(a)		595,074

			Total Semiconductors		1,190,737


	Software — 2.8%
			AthenaHealth Group Inc.:
	125,000	B	Senior Secured Notes, 7.500% due 2/15/32(a)		128,495
	542,000	CCC	Senior Unsecured Notes, 6.500% due 2/15/30(a)		530,135
			CoreWeave Inc., Company Guaranteed Notes:
	817,000	B	9.750% due 10/1/31(a)		730,960
	350,000	B	9.625% due 7/15/32(a)		309,043
	993,000	B	OAK-Eagle Acquireco Inc., Senior Unsecured Notes, 8.750% due 7/1/34(a)		1,054,520
	1,190,824	CCC+	Rackspace Finance LLC, Senior Secured Notes, 3.500% due 5/15/28(a)		1,000,292
	965,000	B	UKG Inc., Senior Secured Notes, 6.875% due 2/1/31(a)		952,146

			Total Software		4,705,591


	Telecommunications — 8.6%
	910,000	Ba3(b)	APLD ComputeCo 2 LLC, Senior Secured Notes, 6.750% due 3/15/31(a)		873,169
	216,000	BB-	APLD ComputeCo 3 LLC, Senior Secured Notes, 7.000% due 6/15/31(a)		207,636
			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(e)		444,110
	445,000	BB+	7.000% (5-Year CMT Index + 2.363%) due 9/15/55(e)		449,928
	815,000	Ba2(b)	Black Pearl Compute LLC, Senior Secured Notes, 6.125% due 2/15/31(a)		816,469
	610,000	B+	C&W Senior Finance Ltd., Company Guaranteed Notes, 9.000% due 1/15/33(a)		618,592
	460,000	B	Connect Finco Sarl/Connect U.S. Finco LLC, Senior Secured Notes, 9.000% due 9/15/29(a)		481,605
	895,000	BB	Core Scientific Finance I LLC, Senior Secured Notes, 7.750% due 5/15/31(a)		868,960
	790,000	BB-	ELK Grove Village Property LLC, Senior Secured Notes, 7.500% due 6/15/31(a)		759,482
	735,000	Ba3(b)	Flash Compute LLC, Senior Secured Notes, 7.250% due 12/31/30(a)		739,549
	1,030,000	BB-	Galaxy Helios Data Centers II LLC, Senior Secured Notes, 9.875% due 8/1/31(a)		1,020,814
	1,185,000	BB-	Iliad Holding SAS, Senior Secured Notes, 7.000% due 4/15/32(a)		1,196,035
	1,065,000	BB-	Meridian Arc Holdco LLC, Senior Secured Notes, 6.250% due 4/30/31(a)		1,013,044
	1,045,000	(P)BB	PR RNO Property Owner 1 LLC, Senior Secured Notes, 6.500% due 5/1/31(a)		967,895
			Rogers Communications Inc., Subordinated Notes:
	341,000	BB	7.000% (5-Year CMT Index + 2.653%) due 4/15/55(e)		343,800
	404,000	BB	7.125% (5-Year CMT Index + 2.620%) due 4/15/55(e)		406,676
	735,000	BB-	Sable International Finance Ltd., Senior Secured Notes, 7.125% due 10/15/32(a)		726,134
	275,000	Ba2(b)	Stingray Compute LLC, Senior Secured Notes, 6.000% due 6/15/31(a)		268,013
	734,000	CCC+	Viasat Inc., Senior Unsecured Notes, 7.500% due 5/30/31(a)		737,189
	1,327,675	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)(d)		1,320,386

			Total Telecommunications		14,259,486


	Transportation — 0.9%
	585,000	B2(b)	Star Leasing Co. LLC, Secured Notes, 7.625% due 2/15/30(a)		579,582
	838,000	BB	Stonepeak Nile Parent LLC, Senior Secured Notes, 7.250% due 3/15/32(a)		862,668

			Total Transportation		1,442,250

			TOTAL CORPORATE BONDS & NOTES (Cost — $160,275,058)		159,829,245

See Notes to Financial Statements.

194



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	SENIOR LOAN — 0.0%@

	Mining — 0.0%@
$	386,672	NR	Arctic Canadian Diamond Company Ltd., 4.286% (3-Month USD-LIBOR + 2.000%) due 12/17/33(e)# (Cost — $377,963)	$	—

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $160,653,021)		159,829,245


	SHORT-TERM INVESTMENTS(h) — 9.8%

	MONEY MARKET FUND — 6.7%
	11,083,939		Invesco STIT — Government & Agency Portfolio, Institutional Class, 3.761%(i) (Cost — $11,083,939)		11,083,939


	TIME DEPOSITS — 3.1%
	1,238,214		JPMorgan Chase & Co. — New York, 2.980% due 9/1/26		1,238,214
	3,950,188		Skandinaviska Enskilda Banken AB — Stockholm, 2.980% due 9/1/26		3,950,188

			TOTAL TIME DEPOSITS (Cost — $5,188,402)		5,188,402

			TOTAL SHORT-TERM INVESTMENTS (Cost — $16,272,341)		16,272,341

			TOTAL INVESTMENTS — 105.7% (Cost — $176,925,362)		176,101,586

			Liabilities in Excess of Other Assets — (5.7)%		(9,438,324	)

			TOTAL NET ASSETS — 100.0%	$	166,663,262

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

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

@	The amount is less than 0.05%.

(a)

(b)	Rating by Moody’s Investors Service. All ratings are unaudited.

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

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

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

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

(g)	The aggregate value of restricted securities (excluding 144A holdings) at August 31, 2026, amounts to $1,605,486 and represents 1.0% of net assets.

(h)	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 3.1%.

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

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

At August 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	$	177,427,458	$	2,312,297	$	(3,638,169)	$	(1,325,872)

See Notes to Financial Statements.

195



Schedules of Investments


(continued)


High Yield Fund


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	96.9	%
Senior Loan	0.0	*
Short-Term Investments	3.1

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.

See pages 265-266 for definitions of ratings


Currency abbreviation used in this schedule:
USD		— United States Dollar

See Notes to Financial Statements.

196



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

SOVEREIGN BONDS — 41.6%

	Australia — 2.4%
			Australia Government Bonds:
	100,000	^AUD	2.500% due 5/21/30	$	66,431
	50,000	^AUD	1.750% due 6/21/51		17,442
			New South Wales Treasury Corp.:
	1,000,000	^AUD	2.000% due 3/8/33		589,404
	1,200,000	^AUD	1.750% due 3/20/34		667,736
	400,000	^AUD	4.750% due 2/20/37		265,179
	500,000	^AUD	3.500% due 11/20/37		291,011
	180,000	^AUD	5.250% due 2/24/38		122,966
	300,000	^AUD	Northern Territory Treasury Corp., 6.000% due 4/21/39		213,636
			Queensland Treasury Corp.:
	600,000	^AUD	2.000% due 8/22/33		347,498
	200,000	^AUD	1.750% due 7/20/34(a)		109,663
	800,000	^AUD	5.000% due 7/21/37(a)		538,040
			Treasury Corp. of Victoria:
	400,000	^AUD	4.250% due 12/20/32		271,749
	1,600,000	^AUD	2.250% due 9/15/33		940,087
	400,000	^AUD	2.000% due 9/17/35		213,908
	400,000	^AUD	2.000% due 11/20/37		196,320

			Total Australia		4,851,070


	Brazil — 2.3%
	22,700,000	^BRL	Brazil Letras do Tesouro Nacional, zero coupon due 4/1/27		4,079,783
	500,000	^EUR	Brazilian Government International Bonds, 4.000% due 4/23/30		575,137

			Total Brazil		4,654,920


	Bulgaria — 0.3%
			Bulgaria Government International Bonds:
	300,000	^EUR	3.375% due 7/18/35		332,003
	200,000	^EUR	4.125% due 7/18/45		213,199

			Total Bulgaria		545,202


	Canada — 0.1%
	27,900,000	^INR	Export Development Canada, 7.130% due 3/11/29(a)		289,324


	Chile — 0.1%
$	200,000		Chile Government International Bonds, 4.850% due 1/22/29		200,320


	China — 2.8%
			China Government Bonds:
	5,600,000	^CNY	1.650% due 5/15/35		836,940
	13,300,000	^CNY	2.200% due 4/25/46		1,998,034
	4,090,000	^CNY	3.190% due 4/15/53		734,479
	12,700,000	^CNY	2.190% due 9/25/54		1,896,701
	2,300,000	^CNY	1.920% due 1/15/55		324,589

			Total China		5,790,743


	Colombia — 1.2%
			Colombian TES:
	2,158,400,000	^COP	11.000% due 8/22/29		645,960
	1,884,100,000	^COP	13.250% due 2/9/33		601,298
	2,053,500,000	^COP	11.750% due 1/24/35		610,598
	2,176,300,000	^COP	12.750% due 11/28/40		675,728

			Total Colombia		2,533,584


	France — 3.4%
	6,000,000	^EUR	French Republic Government Bonds OAT, 2.750% due 2/25/30(a)		6,847,983

See Notes to Financial Statements.

197



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	SOVEREIGN BONDS — 41.6% — (continued)

	Israel — 0.9%
			Israel Government International Bonds:
$	300,000		5.375% due 3/12/29	$	303,144
	900,000		5.375% due 2/19/30		909,796
	300,000		5.500% due 3/12/34		301,382
	300,000		5.750% due 3/12/54		275,446

			Total Israel		1,789,768


	Italy — 0.3%
	400,000	^GBP	Republic of Italy Government International Bonds, 6.000% due 8/4/28		551,540


	Japan — 6.8%
	50,000,000	^JPY	Japan Government Five Year Bonds, 0.400% due 6/20/29		300,692
	120,000,000	^JPY	Japan Government Forty Year Bonds, 2.200% due 3/20/64		477,461
			Japan Government Thirty Year Bonds:
	210,000,000	^JPY	1.700% due 9/20/44		968,894
	240,000,000	^JPY	1.400% due 9/20/45		1,022,246
	152,000,000	^JPY	0.500% due 9/20/46		511,808
	98,000,000	^JPY	0.700% due 12/20/48		319,114
	38,700,000	^JPY	0.500% due 3/20/49		117,952
	60,000,000	^JPY	0.700% due 12/20/50		181,752
	60,000,000	^JPY	0.700% due 3/20/51		180,041
	125,000,000	^JPY	0.700% due 6/20/51		371,396
	180,000,000	^JPY	0.700% due 12/20/51		524,467
	69,400,000	^JPY	1.800% due 3/20/54		267,028
	202,000,000	^JPY	2.200% due 6/20/54		858,234
	60,000,000	^JPY	3.200% due 9/20/55		316,465
	93,100,000	^JPY	3.700% due 3/20/56		541,372
	218,100,000	^JPY	4.000% due 6/20/56		1,341,027
			Japan Government Twenty Year Bonds:
	131,000,000	^JPY	1.200% due 9/20/35		715,256
	200,000,000	^JPY	1.000% due 12/20/35		1,064,843
	20,000,000	^JPY	0.400% due 3/20/36		99,468
	100,000,000	^JPY	0.400% due 6/20/40		420,499
	130,000,000	^JPY	1.800% due 9/20/44		610,086
	180,000,000	^JPY	2.000% due 12/20/44		869,891
	74,000,000	^JPY	2.400% due 3/20/45		380,504
			Japanese Government CPI Linked Bonds:
	168,751,590	^JPY	0.100% due 3/10/28		1,059,905
	53,582,350	^JPY	0.100% due 3/10/29		335,176

			Total Japan		13,855,577


	Kuwait — 0.5%
			Kuwait International Government Bonds:
	400,000		4.016% due 10/9/28(a)		392,640
	200,000		4.136% due 10/9/30(a)		193,605
	500,000		(Cost — $500,000, acquired 4/13/26), 4.804% due 4/20/33(b)		486,429

			Total Kuwait		1,072,674


	Luxembourg — 0.5%
	1,000,000		Eagle Funding Luxco Sarl, 5.500% due 8/17/30(a)		999,750


	Malaysia — 1.8%
			Malaysia Government Bonds:
	12,523,000	^MYR	3.519% due 4/20/28		3,123,117
	900,000	^MYR	2.632% due 4/15/31		214,423
	160,000	^MYR	3.582% due 7/15/32		39,388
	860,000	^MYR	Malaysia Government Investment Issues, 4.193% due 10/7/32		218,953

			Total Malaysia		3,595,881

See Notes to Financial Statements.

198



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	SOVEREIGN BONDS — 41.6% — (continued)

	Peru — 1.7%
			Peru Government Bonds:
	1,300,000	^PEN	7.300% due 8/12/33(a)	$	427,256
	4,240,000	^PEN	6.850% due 8/12/35(a)		1,307,996
	1,660,000	^PEN	7.600% due 8/12/39(a)		524,661
			Peruvian Government International Bonds:
	2,321,000	^PEN	6.950% due 8/12/31		784,096
	1,400,000	^PEN	5.400% due 8/12/34		401,547

			Total Peru		3,445,556


	Poland — 0.1%
			Poland Government International Bonds:
$	100,000		4.875% due 2/12/30		100,704
	100,000		5.125% due 9/18/34		98,506
	100,000		5.375% due 2/12/35		99,396

			Total Poland		298,606


	Romania — 0.5%
			Romanian Government International Bonds:
	600,000	^EUR	6.625% due 9/27/29		747,700
	200,000	^EUR	1.750% due 7/13/30(a)		210,719

			Total Romania		958,419


	Saudi Arabia — 0.8%
			Saudi Government International Bonds:
	400,000		5.125% due 1/13/28(a)		401,908
	400,000		4.750% due 1/18/28(a)		400,130
	500,000	^EUR	3.375% due 3/5/32(a)		566,200
	200,000		4.875% due 7/18/33(a)		196,667

			Total Saudi Arabia		1,564,905


	Serbia — 0.1%
			Serbia International Bonds:
	100,000	^EUR	1.000% due 9/23/28(a)		109,365
	100,000	^EUR	1.650% due 3/3/33(a)		96,291

			Total Serbia		205,656


	South Africa — 2.0%
			South Africa Government Bonds:
	8,800,000	^ZAR	8.000% due 1/31/30		548,068
	44,300,000	^ZAR	8.875% due 2/28/35		2,802,004
	2,000,000	^ZAR	6.250% due 3/31/36		104,448
	2,900,000	^ZAR	8.500% due 1/31/37		175,863
	6,200,000	^ZAR	9.000% due 1/31/40		378,908

			Total South Africa		4,009,291


	South Korea — 0.7%
	400,000		Korea National Oil Corp., 4.250% due 9/30/29(a)		394,591
	1,847,800,000	^KRW	Korea Treasury Bonds, 3.500% due 3/10/56		1,125,059

			Total South Korea		1,519,650


	Spain — 6.3%
	100,000	^EUR	Autonomous Community of Catalonia, 4.220% due 4/26/35		117,066
			Spain Government Bonds:
	400,000	^EUR	1.450% due 10/31/27(a)		457,416
	2,200,000	^EUR	2.400% due 5/31/28		2,532,874
	36,000	^EUR	1.450% due 4/30/29(a)		40,177

See Notes to Financial Statements.

199



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	SOVEREIGN BONDS — 41.6% — (continued)

	Spain — 6.3% — (continued)
	240,000	^EUR	3.500% due 5/31/29	$	282,046
	5,180,000	^EUR	3.450% due 10/31/34(a)		5,964,555
	2,560,000	^EUR	3.150% due 4/30/35(a)		2,871,443
	500,000	^EUR	1.900% due 10/31/52(a)		360,003
	200,000	^EUR	4.000% due 10/31/54(a)		217,647

			Total Spain		12,843,227


	Supranational — 0.7%
			European Union:
	400,000	^EUR	3.250% due 12/12/36		446,646
	1,000,000	^EUR	3.750% due 10/12/45		1,091,245

			Total Supranational		1,537,891


	Thailand — 0.3%
	18,088,000	^THB	Thailand Government Bonds, 2.700% due 6/17/40		553,167


	United Arab Emirates — 0.2%
$	500,000		Abu Dhabi Government International Bonds, 4.625% due 4/20/33		489,762


	United Kingdom — 4.8%
			United Kingdom Gilts:
	4,200,000	^GBP	4.375% due 3/7/30		5,657,541
	1,350,000	^GBP	3.250% due 1/22/44		1,345,648
	700,000	^GBP	3.500% due 1/22/45		714,567
	500,000	^GBP	1.750% due 1/22/49		337,415
	1,400,000	^GBP	0.625% due 10/22/50		633,700
	1,300,000	^GBP	1.250% due 7/31/51		708,416
	100,000	^GBP	4.375% due 7/31/54		108,948
	500,000	^GBP	1.125% due 10/22/73		187,295

			Total United Kingdom		9,693,530

			TOTAL SOVEREIGN BONDS
			(Cost — $94,881,231)		84,697,996


	MORTGAGE-BACKED SECURITIES — 35.0%

	FHLMC — 0.0%@
	21,098		Federal Home Loan Mortgage Corp. (FHLMC), 3.500% due 10/1/39		19,868


	FNMA — 28.8%
			Federal National Mortgage Association (FNMA):
	237,874		3.500% due 10/1/34 — 6/1/50		216,175
	6,548		6.160% (1-Year CMT Index + 2.360%) due 11/1/34(c)		6,810
	65,394		4.000% due 6/1/50		60,447
	662,537		4.500% due 5/1/52 — 6/1/52		626,979
	451,757		5.500% due 9/1/53		449,625
	51,628,000		5.000% due 9/1/56 — 10/1/56(d)		49,743,111
	2,540,000		5.500% due 9/1/56(d)		2,513,977
	344,000		4.000% due 10/1/56(d)		313,789
	5,163,000		4.500% due 10/1/56(d)		4,840,474

			Total FNMA		58,771,387


	GNMA — 6.2%
			Government National Mortgage Association II (GNMA):
	524		6.000% due 9/20/38		530
	4,787,759		3.000% due 11/20/51 — 6/20/52		4,180,837
	7,151,522		3.500% due 12/20/52 — 8/20/55		6,266,965
	300,000		2.500% due 9/20/56(d)		250,722
	1,800,000		6.500% due 9/20/56(d)		1,855,406

			Total GNMA		12,554,460

			TOTAL MORTGAGE-BACKED SECURITIES (Cost — $72,043,801)		71,345,715

See Notes to Financial Statements.

200



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

CORPORATE BONDS & NOTES — 12.6%

Belgium — 0.3%
$	200,000		KBC Group NV, Senior Unsecured Notes, 5.796% (1-Year CMT Index + 2.100%) due 1/19/29(a)(c)	$	202,691
	400,000	^EUR	Warehouses de Pauw CVA, Senior Unsecured Notes, 3.125% due 1/15/31		449,506

			Total Belgium		652,197


	Canada — 1.2%
	800,000		Canadian Imperial Bank of Commerce, Covered Notes, 4.876% due 1/14/30(a)		807,436
	100,000	^EUR	Fairfax Financial Holdings Ltd., Senior Unsecured Notes, 2.750% due 3/29/28		114,422
			Royal Bank of Canada, Senior Unsecured Notes:
	400,000		4.969% (SOFR + 1.100%) due 8/2/30(c)		400,267
	400,000		4.696% (SOFR + 1.060%) due 8/6/31(c)		394,450
	700,000		Toronto-Dominion Bank (The), Covered Notes, 4.814% due 7/16/27(a)		702,310

			Total Canada		2,418,885


	Cayman Islands — 0.4%
	400,000		Foxconn Far East Ltd., Company Guaranteed Notes, 1.875% due 8/25/28		372,568
	200,000		QNB Finance Ltd., Company Guaranteed Notes, 4.711% (SOFR + 1.050%) due 4/27/29(a)(c)		200,510
	200,000		Sands China Ltd., Senior Unsecured Notes, 5.400% due 8/8/28		201,429

			Total Cayman Islands		774,507


	Denmark — 0.0%@
			Jyske Realkredit AS, Covered Notes:
	31,533	^DKK	1.000% due 10/1/50		3,606
	436,540	^DKK	1.500% due 10/1/53		53,573
			Nordea Kredit Realkreditaktieselskab, Covered Notes:
	15	^DKK	1.000% due 10/1/50		2
	173,945	^DKK	1.500% due 10/1/53		21,656

			Total Denmark		78,837


	France — 0.6%
	400,000		BPCE SA, Senior Non-Preferred Notes, 6.612% (SOFR + 1.980%) due 10/19/27(a)(c)		401,061
	800,000		Credit Agricole SA, Senior Non-Preferred Notes, 5.862% (SOFR + 1.740%) due 1/9/36(a)(c)		805,077

			Total France		1,206,138


	Germany — 0.2%
	400,000		Deutsche Bank AG, Senior Non-Preferred Notes, 2.552% (SOFR + 1.318%) due 1/7/28(c)		397,023


	Italy — 0.1%
	100,000	^EUR	Banca Monte dei Paschi di Siena SpA, Covered Notes, 0.875% due 10/8/26		116,025


	Japan — 0.4%
	200,000		Nomura Holdings Inc., Senior Unsecured Notes, 2.329% due 1/22/27		198,472
	500,000		Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes, 5.246% (SOFR + 1.500%) due 7/8/36(c)		487,881
	200,000		Sumitomo Mitsui Trust Bank Ltd., Senior Unsecured Notes, 5.200% due 3/7/29(a)		201,866

			Total Japan		888,219


	Qatar — 0.4%
			QatarEnergy, Senior Unsecured Notes:
	600,000		4.625% due 6/23/29(a)		593,814
	200,000		2.250% due 7/12/31(a)		176,242

			Total Qatar		770,056


	Switzerland — 0.4%
			UBS Group AG, Senior Unsecured Notes:
	250,000		4.282% due 1/9/28(a)		249,012
	250,000		3.869% (3-Month USD-LIBOR + 1.410%) due 1/12/29(a)(c)		247,177
	300,000		4.194% (SOFR + 3.730%) due 4/1/31(a)(c)		291,008

			Total Switzerland		787,197

See Notes to Financial Statements.

201



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	CORPORATE BONDS & NOTES — 12.6% — (continued)

	United Arab Emirates — 0.4%
			Abu Dhabi Developmental Holding Co. PJSC, Senior Unsecured Notes:
$	200,000		4.500% due 5/6/30(a)	$	196,787
	500,000		4.375% due 10/2/31(a)		482,712
	200,000		Emirates NBD Bank PJSC, Senior Unsecured Notes, 5.125% due 6/29/31(a)		198,355

			Total United Arab Emirates		877,854


	United Kingdom — 1.9%
			Barclays PLC, Senior Unsecured Notes:
	800,000		6.496% (SOFR + 1.880%) due 9/13/27(c)		800,536
	400,000	^EUR	4.918% (EUR Swap Rate + 1.750%) due 8/8/30(c)		479,658
	300,000		Lloyds Banking Group PLC, Senior Unsecured Notes, 5.721% (1-Year CMT Index + 1.070%) due 6/5/30(c)		305,059
	300,000		Nationwide Building Society, Senior Non-Preferred Notes, 2.972% (SOFR + 1.290%) due 2/16/28(a)(c)		297,786
	500,000		Santander UK Group Holdings PLC, Senior Unsecured Notes, 6.534% (SOFR + 2.600%) due 1/10/29(c)		510,405
	900,000		Standard Chartered PLC, Senior Unsecured Notes, 6.750% (1-Year CMT Index + 1.850%) due 2/8/28(a)(c)		907,870
	500,000	^EUR	Vmed O2 UK Financing I PLC, Senior Secured Notes, 5.625% due 4/15/32(a)		496,944

			Total United Kingdom		3,798,258


	United States — 6.3%
	300,000		Athene Global Funding, Senior Secured Notes, 5.516% due 3/25/27(a)		301,510
			Bank of America Corp., Senior Unsecured Notes:
	500,000		5.202% (SOFR + 1.630%) due 4/25/29(c)		503,353
	700,000		1.898% (SOFR + 1.530%) due 7/23/31(c)		620,817
	600,000		5.511% (SOFR + 1.310%) due 1/24/36(c)		599,123
	300,000		5.045% (SOFR + 1.130%) due 2/6/37(c)		287,972
	1,800,000		Beignet Investor LLC, Senior Secured Notes, 6.581% due 5/30/49(a)		1,728,833
	150,000		GA Global Funding Trust, Secured Notes, 2.250% due 1/6/27(a)		148,827
	600,000		Goldman Sachs Bank USA, Senior Unsecured Notes, 4.656% (SOFR + 0.720%) due 6/3/29(c)		598,216
			Goldman Sachs Group Inc. (The), Senior Unsecured Notes:
	400,000		6.484% (SOFR + 1.770%) due 10/24/29(c)		412,266
	600,000		5.727% (SOFR + 1.265%) due 4/25/30(c)		609,843
	900,000		5.094% (SOFR + 1.340%) due 4/20/34(c)		877,567
	500,000		5.851% (SOFR + 1.552%) due 4/25/35(c)		506,954
	400,000		5.330% (SOFR + 1.550%) due 7/23/35(c)		392,669
			JPMorgan Chase & Co., Senior Unsecured Notes:
	600,000		4.603% (SOFR + 1.040%) due 10/22/30(c)		593,360
	400,000		5.502% (SOFR + 1.315%) due 1/24/36(c)		399,511
	1,300,000		Lehman Brothers Holdings Inc., Senior Unsecured Notes, 0.000% due 5/25/49*(e)(f)		455
	600,000		Lincoln Financial Global Funding, Secured Notes, 5.300% due 1/13/30(a)		603,752
	200,000		PacifiCorp, 1st Mortgage Notes, 5.300% due 2/15/31		200,618
			Philip Morris International Inc., Senior Unsecured Notes:
	200,000		4.875% due 2/13/29		200,647
	300,000	^EUR	3.250% due 6/6/32		337,195
	900,000		RD Michigan Property Owner I LLC, Senior Secured Notes, 7.500% due 3/30/45(a)		858,564
	500,000		Sempra, Senior Unsecured Notes, 4.326% (SOFR + 0.670%) due 1/7/28(c)		501,418
	100,000	^EUR	Southern Co. (The), Junior Subordinated Notes, 1.875% (2.108% — 5-Year EUR Swap Rate) due 9/15/81(g)		114,188
			Wells Fargo & Co., Senior Unsecured Notes:
	600,000		4.808% (SOFR + 1.980%) due 7/25/28(c)		601,013
	500,000	^EUR	3.900% (3-Month EURIBOR + 1.220%) due 7/22/32(c)		581,275
	300,000		4.892% (SOFR + 1.340%) due 9/15/36(c)		286,076

			Total United States		12,866,022

			TOTAL CORPORATE BONDS & NOTES (Cost — $25,932,171)		25,631,218

See Notes to Financial Statements.

202



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 9.0%

Asset-Backed Securities — 1.6%
$	206,110		ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE5, Class M4, 4.682% (1-Month Term SOFR + 1.014%) due 8/25/35(c)	$	202,011
	269,090		Argent Mortgage Loan Trust, Series 2005-W1, Class A1, 4.262% (1-Month Term SOFR + 0.594%) due 5/25/35(c)		248,286
	110,591		Bayview Financial Asset Trust, Series 2007-SR1A, Class A, 4.232% (1-Month Term SOFR + 0.564%) due 3/25/37(a)(c)		112,211
			Countrywide Asset-Backed Certificates:
	163,461		Series 2007-9, Class 2A4, 4.032% (1-Month Term SOFR + 0.364%) due 2/25/36(c)		155,251
	26,352		Series 2007-12, Class 1A1, 4.522% (1-Month Term SOFR + 0.854%) due 8/25/47(c)		25,656
	178,436		Series 2007-13, Class 1A, 4.622% (1-Month Term SOFR + 0.954%) due 10/25/47(c)		173,804
	118,888		CSAB Mortgage-Backed Trust, Series 2006-4, Class A6A, step bond to yield, 6.184% due 12/25/36		14,691
	202,465		Ellington Loan Acquisition Trust, Series 2007-2, Class A1, 4.832% (1-Month Term SOFR + 2.214%) due 5/25/37(a)(c)		198,988
	385,024		NovaStar Mortgage Funding Trust, Series 2006-1, Class A2D, 4.322% (1-Month Term SOFR + 0.654%) due 5/25/36(c)		376,140
	42,504		Option One Mortgage Loan Trust, Series 2007-CP1, Class 1A1, 3.922% (1-Month Term SOFR + 0.254%) due 3/25/37(c)		38,084
	721,425		Soundview Home Loan Trust, Series 2006-3, Class A4, 4.282% (1-Month Term SOFR + 0.614%) due 11/25/36(c)		688,073
	800,000	^GBP	Together Asset Backed Securitisation 16 PLC, Series 2026-1ST2A, Class A, (Sterling Overnight Index Average + 0.900%) due 12/12/67(a)(l)		1,086,109

			Total Asset-Backed Securities		3,319,304


Mortgage Securities — 7.4%
	138,900	^GBP	ALBA PLC, Series 2007-1, Class A3, 4.037% (Sterling Overnight Index Average + 0.289%) due 3/17/39(c)		185,925
	3,717		Banc of America Funding Trust, Series 2006-A, Class 1A1, 5.581% due 2/20/36(c)		3,556
			Bear Stearns Adjustable Rate Mortgage Trust:
	753		Series 2003-5, Class 1A2, 3.796% due 8/25/33(c)		728
	1,032		Series 2003-7, Class 6A, 5.438% due 10/25/33(c)		1,004
	4,028		Series 2004-2, Class 22A, 6.243% due 5/25/34(c)		3,959
	1,408		Series 2004-2, Class 23A, 4.000% due 5/25/34(c)		1,180
	23,052		Bear Stearns Structured Products Inc. Trust, Series 2007-R6, Class 1A1, 4.663% due 1/26/36(c)		15,891
	2,548,000	^AUD	Cashmere Funding Trust, Series 2026-1, Class A11, 5.398% (1-Month Australian Bank Bill + 1.000%) due 2/13/63(a)(c)		1,827,102
	538,172		Chase Home Lending Mortgage Trust, Series 2025-RPL1, Class A1A, 3.375% due 4/25/65(a)(c)		472,434
			Countrywide Alternative Loan Trust:
	2,545		Series 2005-21CB, Class A3, 5.250% due 6/25/35		1,809
	16,437		Series 2007-16CB, Class 5A1, 6.250% due 8/25/37		6,991
	32,802		Series 2007-11T1, Class A12, 4.132% (1-Month Term SOFR + 0.464%) due 5/25/37(c)		10,026
	24,633		Series 2007-7T2, Class A9, 6.000% due 4/25/37		9,455
			Countrywide Home Loan Mortgage Pass-Through Trust:
	32,065		Series 2005-2, Class 1A1, 4.422% (1-Month Term SOFR + 0.754%) due 3/25/35(c)		30,070
	354		Series 2005-3, Class 2A1, 4.362% (1-Month Term SOFR + 0.694%) due 4/25/35(c)		347
	29,095		Series 2005-9, Class 1A3, 4.242% (1-Month Term SOFR + 0.574%) due 5/25/35(c)		25,451
	10,390		Series 2005-11, Class 3A1, 3.544% due 4/25/35(c)		6,297
	3,668		Series 2005-HYB9, Class 3A2A, 6.224% (1-Year Term SOFR + 2.465%) due 2/20/36(c)		3,229
	483,753		Series 2007-4, Class 1A47, 6.000% due 5/25/37		191,925
	90,663		Series 2007-19, Class 2A1, 6.500% due 11/25/47		39,127
			Credit Suisse Commercial Mortgage Capital Trust:
	34,433		Series 2007-5R, Class A5, 6.500% due 7/26/36		6,660
	63,701		Series 2021-INV1, Class A3, 2.500% due 7/25/56(a)(c)		51,274

See Notes to Financial Statements.

203



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 9.0% — (continued)

Mortgage Securities — 7.4% — (continued)
	657,989	^GBP	Curzon Mortgages NO 2 PLC, Series 2, Class A, 4.598% (Sterling Overnight Index Average + 0.850%) due 7/28/49(c)	$	890,798
$	311,203		Deutsche Alternative-A Securities Mortgage Loan Trust, Series 2007-3, Class 2A1, 5.282% (1-Month Term SOFR + 1.614%) due 10/25/47(c)		242,218
	2,301	^GBP	Eurohome UK Mortgages PLC, Series 2007-1, Class A, 4.017% (Sterling Overnight Index Average + 0.269%) due 6/15/44(c)		3,118
	48,560	^GBP	Eurosail-UK PLC, Series 2007-4X, Class A3, 4.817% (Sterling Overnight Index Average + 1.069%) due 6/13/45(c)		65,656
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	910		Series 2391, Class FJ, 4.251% (30-Day Average SOFR + 0.614%) due 4/15/28(c)		910
	10,938		Series 2614, Class SJ, 9.347% (19.348% — 2.750% x 30-Day Average SOFR) due 5/15/33(g)		11,796
	38,096		Series 4579, Class FD, 4.097% (30-Day Average SOFR + 0.464%) due 1/15/38(c)		37,635
	38,096		Series 4579, Class SD, 1.919% due 1/15/38(c)(h)		1,543
	559,145		Series 5513, Class MF, 4.583% (30-Day Average SOFR + 0.940%) due 11/25/54(c)		563,099
			Federal Home Loan Mortgage Corp. (FHLMC), Structured Pass-Through Certificates:
	3,158		Series T-35, Class A, 4.038% (30-Day Average SOFR + 0.394%) due 9/25/31(c)		3,150
	11,546		Series T-62, Class 1A1, 4.907% (1-Year Treasury Average Rate + 1.200%) due 10/25/44(c)		10,738
	2,809		Federal National Mortgage Association (FNMA), Grantor Trust, Series 2004-T3, Class 1A1, 6.000% due 2/25/44		2,778
	16,178		Federal National Mortgage Association (FNMA), REMIC Trust, Series 2004-W12, Class 1A1, 6.000% due 7/25/44		16,450
			Federal National Mortgage Association (FNMA), REMICS:
	2,782		Series 2003-34, Class A1, 6.000% due 4/25/43		2,795
	2,927		Series 2006-48, Class TF, 4.158% (30-Day Average SOFR + 0.514%) due 6/25/36(c)		2,908
	33,184		Series 2009-104, Class FA, 4.558% (30-Day Average SOFR + 0.914%) due 12/25/39(c)		33,400
	475,896		Series 2024-90, Class FA, 5.143% (30-Day Average SOFR + 1.500%) due 12/25/54(c)		480,317
	262,388		Series 2025-6, Class GF, 5.043% (30-Day Average SOFR + 1.400%) due 2/25/55(c)		264,300
	706,944		GCAT Trust, Series 2023-NQM4, Class A1, 4.250% due 5/25/67(a)(c)		654,725
	5,790		GMACM Mortgage Loan Trust, Series 2005-AR6, Class 3A1, 3.705% due 11/19/35(c)		5,183
			Government National Mortgage Association (GNMA):
	32,267		Series 2016-H15, Class FA, 4.582% (1-Month Term SOFR + 0.914%) due 7/20/66(c)		32,417
	1,551		Series 2017-121, Class PE, 3.000% due 7/20/46		1,528
	447,563		Series 2024-H07, Class JF, 4.429% (30-Day Average SOFR + 0.790%) due 4/20/74(c)		451,998
	674,315		GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ4, Class A4, 2.500% due 9/25/52(a)(c)		544,639
			GS Mortgage-Backed Securities Trust:
	67,701		Series 2021-GR3, Class A2, 2.500% due 4/25/52(a)(c)		54,766
	69,982		Series 2021-INV1, Class A2, 2.500% due 12/25/51(a)(c)		56,505
			GSR Mortgage Loan Trust:
	1,156		Series 2003-1, Class A2, 5.270% (1-Year CMT Index + 1.750%) due 3/25/33(c)		1,158
	24,783		Series 2005-AR7, Class 2A1, 4.592% due 11/25/35(c)		24,008
			Harborview Mortgage Loan Trust:
	7,657		Series 2005-2, Class 2A1A, 4.202% (1-Month Term SOFR + 0.554%) due 5/19/35(c)		7,378
	7,636		Series 2005-3, Class 2A1A, 4.242% (1-Month Term SOFR + 0.594%) due 6/19/35(c)		7,513
	34,697		Series 2006-SB1, Class A1A, 4.557% (1-Year Treasury Average Rate + 0.850%) due 12/19/36(c)		32,198
	48,819		Series 2007-1, Class 2A1A, 4.022% (1-Month Term SOFR + 0.374%) due 3/19/37(c)		45,274
	263,841	^GBP	Harvest Funding PLC, Series 1A, Class A, 4.647% (Sterling Overnight Index Average + 0.900%) due 11/15/69(a)(c)		357,420
			JP Morgan Mortgage Trust:
	486		Series 2003-A2, Class 3A1, 5.318% due 11/25/33(c)		475
	300		Series 2005-A1, Class 6T1, 6.176% due 2/25/35(c)		306
	283,236		Series 2021-10, Class A3, 2.500% due 12/25/51(a)(c)		228,945
	815,765		Series 2021-INV4, Class A2, 3.000% due 1/25/52(a)(c)		683,003
	663,308		Series 2021-INV8, Class A2, 3.000% due 5/25/52(a)(c)		555,357
	519,224		Series 2022-INV1, Class A3, 3.000% due 3/25/52(a)(c)		434,722
	652,621		Series 2022-LTV2, Class A3, 3.500% due 9/25/52(a)(c)		569,060

See Notes to Financial Statements.

204



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 9.0% — (continued)

Mortgage Securities — 7.4% — (continued)
	191,973	^GBP	Ludgate Funding PLC, Series 2007-1, Class A2A, 4.027% (Sterling Overnight Index Average + 0.279%) due 1/1/61(c)	$	257,620
$	300,000		Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.130% due 9/10/39(a)		291,295
	693		Merrill Lynch Mortgage Investors Trust, Series 2003-A2, Class 1A1, 5.719% due 2/25/33(c)		645
			MFA Trust:
	28,246		Series 2020-NQM2, Class A1, 1.381% due 4/25/65(a)(c)		27,886
	234,118		Series 2023-NQM4, Class A1, step bond to yield, 6.105% due 12/25/68(a)		234,527
			New Residential Mortgage Loan Trust:
	89,056		Series 2019-RPL3, Class A1, 2.750% due 7/25/59(a)(c)		85,839
	98,414		Series 2020-RPL1, Class A1, 2.750% due 11/25/59(a)(c)		94,458
	192,086	^GBP	Newgate Funding PLC, Series 2007-1X, Class A3, 4.027% (Sterling Overnight Index Average + 0.279%) due 12/1/50(c)		257,339
	400,000		NYO Commercial Mortgage Trust, Series 2021-1290, Class A, 4.849% (1-Month Term SOFR + 1.209%) due 11/15/38(a)(c)		400,073
	683,444		OBX Trust, Series 2024-HYB1, Class A1, 3.688% due 3/25/53(a)(c)		678,725
	283,173		One New York Plaza Trust, Series 2020-1NYP, Class A, 4.704% (1-Month Term SOFR + 1.064%) due 1/15/36(a)(c)		275,598
	209,585		PRKCM Trust, Series 2023-AFC4, Class A1, step bond to yield, 7.225% due 11/25/58(a)		209,313
	256,381		PRPM Trust, Series 2023-NQM3, Class A1, step bond to yield, 6.221% due 11/25/68(a)		256,507
			RALI Trust:
	56,912		Series 2006-QS6, Class 1A1, 6.000% due 6/25/36		46,762
	40,184		Series 2007-QO2, Class A1, 3.932% (1-Month Term SOFR + 0.264%) due 2/25/47(c)		11,420
			Residential Asset Securitization Trust:
	13,453		Series 2005-A15, Class 5A1, 5.750% due 2/25/36		4,319
	36,541		Series 2006-R1, Class A2, 4.182% (1-Month Term SOFR + 0.514%) due 1/25/46(c)		9,498
	99,628	^GBP	ResLoC UK PLC, Series 2007-1X, Class A3B, 4.027% (Sterling Overnight Index Average + 0.279%) due 12/15/43(c)		133,426
			RMAC Securities No 1 PLC:
	95,169	^GBP	Series 2006-NS1X, Class A2A, 4.017% (Sterling Overnight Index Average + 0.269%) due 6/12/44(c)		128,128
	190,834	^GBP	Series 2006-NS3X, Class A2A, 4.017% (Sterling Overnight Index Average + 0.269%) due 6/12/44(c)		256,587
			Structured Adjustable Rate Mortgage Loan Trust:
	1,139		Series 2004-1, Class 4A1, 5.862% due 2/25/34(c)		1,106
	389		Series 2004-4, Class 3A2, 5.567% due 4/25/34(c)		387
	16,744		Series 2004-19, Class 2A1, 5.107% (1-Year Treasury Average Rate + 1.400%) due 1/25/35(c)		15,537
			Structured Asset Mortgage Investments II Trust:
	12,530		Series 2005-AR2, Class 2A1, 4.242% (1-Month Term SOFR + 0.574%) due 5/25/45(c)		12,007
	17,319		Series 2005-AR8, Class A1A, 4.342% (1-Month Term SOFR + 0.674%) due 2/25/36(c)		14,646
	15,369		Series 2006-AR5, Class 1A1, 4.202% (1-Month Term SOFR + 0.534%) due 5/25/36(c)		9,576
	77,401		Series 2007-AR4, Class A3, 4.222% (1-Month Term SOFR + 0.554%) due 9/25/47(c)		69,197
	43,153		Series 2007-AR6, Class A1, 5.207% (1-Year Treasury Average Rate + 1.500%) due 8/25/47(c)		37,032
	37,605		Structured Asset Securities Corp., Series 2006-RF1, Class 1A, 4.062% (1-Month Term SOFR + 0.394%) due 1/25/36(a)(c)		31,655
	270,592	^GBP	Towd Point Mortgage Funding Granite 6 PLC, Series 2024-GR6A, Class A1, 4.673% (Sterling Overnight Index Average + 0.925%) due 7/20/53(a)(c)		366,923
			Towd Point Mortgage Trust:
	317,742		Series 2019-4, Class A1, 2.900% due 10/25/59(a)(c)		303,666
	69,781		Series 2020-1, Class A1, 2.710% due 1/25/60(a)(c)		67,260
	74,022		UWM Mortgage Trust, Series 2021-INV5, Class A12, 3.000% due 1/25/52(a)(c)		62,041
			WaMu Mortgage Pass-Through Certificates Trust:
	1,816		Series 2002-AR9, Class 1A, 5.107% (1-Year Treasury Average Rate + 1.400%) due 8/25/42(c)		1,772
	601		Series 2003-AR5, Class A7, 5.355% due 6/25/33(c)		600
	21,476		Series 2003-AR9, Class 2A, 5.467% due 9/25/33(c)		20,951
	67,834		Series 2004-AR1, Class A, 5.591% due 3/25/34(c)		68,456
	8,346		Series 2005-AR13, Class A1A1, 4.362% (1-Month Term SOFR + 0.694%) due 10/25/45(c)		7,974
	17,253		Series 2006-AR10, Class 2A1, 3.997% due 9/25/36(c)		14,938
	27,312		Series 2006-AR13, Class 2A, 5.207% (1-Year Treasury Average Rate + 1.500%) due 10/25/46(c)		25,963

See Notes to Financial Statements.

205



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 9.0% — (continued)

Mortgage Securities — 7.4% — (continued)
$	13,339		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2006-AR5, Class 3A, 4.647% (1-Year Treasury Average Rate + 0.940%) due 7/25/46(c)	$	8,174
	29,623		Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2002-AR3, Class 1A7, 5.559% due 12/25/32(c)		29,459

			Total Mortgage Securities		15,105,912

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $19,653,669)		18,425,216


	U.S. GOVERNMENT OBLIGATIONS — 7.4%
			U.S. Treasury Bonds:
	200,000		1.375% due 11/15/40		125,531
	1,100,000		1.875% due 2/15/41(i)		740,481
	975,000		4.125% due 8/15/44		849,888
	300,000		3.000% due 2/15/48		211,652
	175,000		3.000% due 8/15/48(i)		122,780
	800,000		3.375% due 11/15/48(i)		599,375
	400,000		2.250% due 8/15/49		237,531
	350,000		2.375% due 11/15/49		212,912
	3,900,000		4.500% due 11/15/54		3,459,270
	1,900,000		4.625% due 2/15/55		1,720,576
	200,000		4.625% due 11/15/55		181,125
	100,000		4.750% due 2/15/56(i)		92,477
	400,000		5.000% due 5/15/56		385,031
			U.S. Treasury Inflation Indexed Notes:
	1,353,860		0.500% due 1/15/28(j)		1,320,906
	130,251		0.125% due 7/15/30		121,120
	922,050		1.250% due 4/15/31		885,089
	843,304		0.125% due 1/15/32		756,696
	114,939		0.625% due 7/15/32		105,443
	1,569,554		1.125% due 1/15/33		1,468,208
			U.S. Treasury Notes:
	200,000		4.000% due 2/29/28(i)		199,105
	400,000		4.375% due 5/15/34(i)		392,625
	180,000		4.125% due 2/15/36		171,619
	800,000		4.375% due 5/15/36(i)		776,813

			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $16,619,966)		15,136,253


COLLATERALIZED LOAN OBLIGATIONS — 7.0%

	Commercial MBS — 0.0%@
	87,609		Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL1, Class A, 5.087% (30-Day Average SOFR + 1.450%) due 1/15/37(a)(c)		87,755


Other ABS — 7.0%
	202,815	^EUR	BNPP AM Euro CLO DAC, Series 2019-1A, Class AR, 3.313% (3-Month EURIBOR + 0.820%) due 7/22/32(a)(c)		235,666
	500,000	^EUR	Capital Four CLO IV DAC, Series 4A, Class ARR, 3.621% (3-Month EURIBOR + 1.190%) due 4/15/38(a)(c)		581,375
	600,000		Carlyle Global Market Strategies CLO Ltd., Series 2016-3A, Class ARRR, 4.819% (3-Month Term SOFR + 1.090%) due 7/20/34(a)(c)		600,878
	77,474		CarVal CLO I Ltd., Series 2018-1A, Class AR, 5.023% (3-Month Term SOFR + 1.230%) due 7/16/31(a)(c)		77,506
	283,686	^EUR	CVC Cordatus Opportunity Loan Fund DAC, Series 1A, Class AR, 3.351% (3-Month EURIBOR + 0.840%) due 8/15/33(a)(c)		329,668

See Notes to Financial Statements.

206



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	COLLATERALIZED LOAN OBLIGATIONS — 7.0% — (continued)

Other ABS — 7.0% — (continued)
	26,973	^EUR	Dryden 27 Euro CLO DAC, Series 2017-27A, Class AR, 3.091% (3-Month EURIBOR + 0.660%) due 4/15/33(a)(c)	$	31,354
$	573,948		Dryden 43 Senior Loan Fund, Series 2016-43A, Class AR3, 4.799% (3-Month Term SOFR + 1.070%) due 4/20/34(a)(c)		574,434
	7,423		Dryden 55 CLO Ltd., Series 2018-55A, Class A1, 5.035% (3-Month Term SOFR + 1.282%) due 4/15/31(a)(c)		7,427
	500,000	^EUR	Fair Oaks Loan Funding V DAC, Series 5A, Class AR, 3.666% (3-Month EURIBOR + 1.235%) due 10/15/36(a)(c)		582,403
	86,371		Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 5.105% (3-Month Term SOFR + 1.352%) due 7/15/31(a)(c)		86,457
	500,000	^EUR	Grosvenor Place CLO DAC, Series 2024-2A, Class A, 3.671% (3-Month EURIBOR + 1.240%) due 1/15/39(a)(c)		581,971
	1,000,000		HalseyPoint CLO 4 Ltd., Series 2021-4A, Class A1R, zero coupon (3-Month Term SOFR + 1.270%) due 7/20/37(a)(c)		1,001,925
	900,000	^EUR	Hayfin Emerald CLO XIV DAC, Series 14-A, Class A, 3.703% (3-Month EURIBOR + 1.210%) due 1/22/39(a)(c)		1,047,074
	500,000	^EUR	ICG Euro CLO DAC, Series 2023-2A, Class A1R, 3.762% (3-Month EURIBOR + 1.290%) due 1/26/38(a)(c)		581,100
	500,000		ICG U.S. CLO Ltd, Series 2021-3A, Class AR, 4.879% (3-Month Term SOFR + 1.150%) due 10/20/34(a)(c)		500,457
	700,000		Jamestown CLO XVI Ltd., Series 2021-16A, Class AR, 4.930% (3-Month Term SOFR + 1.120%) due 7/25/34(a)(c)		700,500
	1,200,000		Madison Park Funding LXIX Ltd., Series 2024-69A, Class A1R, 5.010% (3-Month Term SOFR + 1.200%) due 7/25/37(a)(c)		1,201,253
	900,000	^EUR	Margay CLO I DAC, Series 1A, Class ARR, 3.615% (3-Month EURIBOR + 1.230%) due 1/15/38(a)(c)		1,046,509
	55,845		Northwoods Capital XII-B Ltd., Series 2018-12BA, Class AR, 4.854% (3-Month Term SOFR + 1.190%) due 6/15/31(a)(c)		55,873
	1,000,000		Orion CLO Ltd., Series 2026-8A, Class A1, 5.027% (3-Month Term SOFR + 1.200%) due 10/20/39(a)(c)		1,001,342
	431,376	^EUR	Palmer Square European Loan Funding DAC, Series 2025-3A, Class A, 3.361% (3-Month EURIBOR + 0.930%) due 7/15/35(a)(c)		500,996
	500,000	^EUR	Providus CLO II DAC, Series 2A, Class ARR, 3.591% (3-Month EURIBOR + 1.160%) due 10/15/38(a)(c)		581,304
	500,000	^EUR	Providus CLO VII DAC, Series 7A, Class ARR, 3.601% (3-Month EURIBOR + 1.170%) due 7/15/38(a)(c)		581,294
			Rockford Tower Europe CLO DAC:
	300,000	^EUR	Series 2018-1A, Class A1RR, 3.814% (3-Month EURIBOR + 1.260%) due 8/29/36(a)(c)		348,942
	900,000	^EUR	Series 2024-1A, Class AR, 3.626% (3-Month EURIBOR + 1.220%) due 7/15/38(a)(c)		1,046,518
	252,044	^EUR	St Pauls CLO, Series 11A, Class AR, 3.340% (3-Month EURIBOR + 0.850%) due 1/17/32(a)(c)		293,000

			Total Other ABS		14,177,226

			TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost — $14,027,689)		14,264,981


	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)		207,204


	ASSET-BACKED SECURITIES — 0.1%

	Student Loans — 0.1%
	11,205		Massachusetts Educational Financing Authority, Series 2008-1, Class A1, 4.838% (90-Day Average SOFR + 1.212%) due 4/25/38(c)		11,216
	166,279		SMB Private Education Loan Trust, Series 2022-B, Class A1B, 5.087% (30-Day Average SOFR + 1.450%) due 2/16/55(a)(c)		166,842

			TOTAL ASSET-BACKED SECURITIES (Cost — $177,484)		178,058

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $243,536,011)		229,886,641

See Notes to Financial Statements.

207



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

SHORT-TERM INVESTMENTS — 14.9%

COMMERCIAL PAPERS — 2.5%
$	500,000		Banco de Credito e Inversiones SA, 4.234% due 10/27/26(a)(k)	$	496,749
	300,000		Banco Itau Chile, 4.115% due 10/6/26(k)		298,816
	300,000		Boston Properties LP, 4.049% due 9/23/26(a)(k)		299,263
			Brookfield BRP Holdings Canada Inc.:
	300,000		4.075% due 10/21/26(k)		298,312
	400,000		4.177% due 9/10/26(k)		399,585
	250,000		4.177% due 9/14/26(k)		249,625
	500,000		EIDP Inc., 4.185% due 9/4/26(a)(k)		499,826
			HCA Inc.:
	300,000		4.132% due 11/6/26(a)(k)		297,745
	300,000		4.194% due 10/21/26(a)(k)		298,271
	300,000		4.244% due 10/5/26(a)(k)		298,810
	300,000		Intesa Sanpaolo Funding LLC, 4.091% due 10/6/26(k)		298,819
	500,000		JTI Financial Services North America LLC, 4.064% due 9/25/26(a)(k)		498,650
	300,000		National Bank of Kuwait, 4.112% due 10/8/26(a)(k)		298,745
	300,000		Penske Truck Leasing Co. LP, 4.035% due 9/3/26(k)		299,933
	350,000		Safehold GL Holdings LLC, 4.162% due 9/1/26(a)(k)		350,000

			TOTAL COMMERCIAL PAPERS (Cost — $5,183,149)		5,183,149


REPURCHASE AGREEMENT — 6.8%
	13,800,000		Citigroup Global Markets Inc. repurchase agreement dated 8/31/26, 3.690% due 9/1/26, Proceeds at maturity — $13,801,395; (Fully collateralized by U.S. Treasury Bills, zero coupon due 2/4/27; Valued — $14,086,156) (Cost — $13,800,000)		13,800,000


SOVEREIGN BOND — 3.6%

	Japan — 3.6%
	1,155,600,000	^JPY	Japan Treasury Discount Bills, 0.987% due 10/26/26(k) (Cost — $7,047,253)		7,223,526


TIME DEPOSITS — 2.0%
	89,730	^AUD	ANZ National Bank — Hong Kong, 2.850% due 9/1/26		64,301
			BBH — New York:
	39,355	^NZD	1.100% due 9/1/26		23,284
	236,587	^NOK	2.970% due 9/1/26		25,323
			Citibank — London:
	24,177	^EUR	1.130% due 9/1/26		28,086
	112,826	^GBP	2.670% due 9/1/26		152,879
	130,344	^HKD	HSBC Bank — Hong Kong, 1.860% due 9/1/26		16,629
	230,694	^SGD	HSBC Bank — Singapore, 0.440% due 9/1/26		181,499
	20,557	^CAD	Royal Bank of Canada — Toronto, 1.100% due 9/1/26		14,832
			Skandinaviska Enskilda Banken AB — Stockholm:
	8,722	^CHF	(0.380)% due 9/1/26		10,791
	470,609	^SEK	0.660% due 9/1/26		49,143
	35,507	^DKK	0.730% due 9/1/26		5,518
	698,490		2.980% due 9/1/26		698,490
	77,189	^ZAR	Standard Chartered Bank — Johannesburg, 4.060% due 9/1/26		4,793

See Notes to Financial Statements.

208



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

SHORT-TERM INVESTMENTS — 14.9% — (continued)

TIME DEPOSITS — 2.0% — (continued)
			Sumitomo Mitsui Banking Corp. — Tokyo:
	24,919,660	^JPY	0.320% due 9/1/26	$	156,001
$	2,684,377		2.980% due 9/1/26		2,684,377

			TOTAL TIME DEPOSITS (Cost — $4,115,946)		4,115,946

			TOTAL SHORT-TERM INVESTMENTS (Cost — $30,146,348)		30,322,621

			TOTAL INVESTMENTS IN SECURITIES (Cost — $273,682,359)		260,209,262

			TOTAL INVESTMENTS IN PURCHASED OPTIONS — 0.0%@ (Cost — $3,299)		94

			TOTAL INVESTMENTS — 127.7% (Cost — $273,685,658)		260,209,356

			Liabilities in Excess of Other Assets — (27.7)%		(56,363,571	)

			TOTAL NET ASSETS — 100.0%	$	203,845,785

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

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)

(b)	The aggregate value of restricted securities (excluding 144A holdings) at August 31, 2026, amounts to $486,429 and represents 0.2% of net assets.

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

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

(e)	Illiquid security.

(f)	Security is currently in default.

(g)	Inverse Floating Rate Security — interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate as of August 31, 2026.

(h)	Interest only security.

(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)	Rate shown represents yield-to-maturity.

(l)	When-issued, variable rate security whose interest rate will be determined after August 31, 2026.

At August 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	$	274,115,175	$	14,400,492	$	(30,898,982)	$	(16,498,490)

See Notes to Financial Statements.

209



Schedules of Investments


(continued)


International Fixed Income Fund


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	32.5	%
Mortgage-Backed Securities	27.4
Corporate Bonds & Notes	9.8
Collateralized Mortgage Obligations	7.1
U.S. Government Obligations	5.8
Collateralized Loan Obligations	5.5
Municipal Bond	0.1
Asset-Backed Securities	0.1
Purchased Option	0.0	*
Short-Term Investments	11.7

Total Investments	100.0	%

^	As a percentage of total investments.

*	Position represents less than 0.05%.

At August 31, 2026, International Fixed Income Fund held the following Option Contract Purchased:

Currency Option

Number of
Contracts

Notional
Amount†

Security Name

Counterparty

Expiration
Date

Strike Price

Value

462,000

OTC U.S. Dollar vs Singapore Dollar, Call
(Cost — $3,299)

BOA

11/5/26

SGD

1.32

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

See Notes to Financial Statements.

210



Schedules of Investments


(continued)


International Fixed Income Fund

At August 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		208,243,187	^HUF	OTC Euro vs Hungarian Forint, Call	BOA		10/16/26		HUF	390.74	$	608
	192,000		70,145,073	^HUF	OTC Euro vs Hungarian Forint, Call	BOA		10/20/26		HUF	387.25		320
	20,000		7,306,778	^HUF	OTC Euro vs Hungarian Forint, Call	UBS		10/21/26		HUF	389.72		27
	740,000		270,350,804	^HUF	OTC Euro vs Hungarian Forint, Call	UBS		11/10/26		HUF	375.00		6,182
	1,108,000	$	1,108,000		OTC U.S. Dollar vs Korean Won, Put	GSC		11/27/26		KRW	1,350.00		14,833
	462,000		462,000		OTC U.S. Dollar vs Singapore Dollar, Put	BOA		11/5/26		SGD	1.24		360

					TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received — $36,504)							$	22,330

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

At August 31, 2026, International Fixed Income Fund held the following Forward Sale Commitments:



Face Amount†		Security	Value
		Federal National Mortgage Association (FNMA):
$	2,100,000	2.000% due 9/1/41(a)	$	1,895,841
	17,550,000	2.000% due 9/1/56(a)		13,678,690
	400,000	2.500% due 9/1/56(a)		326,359
	1,500,000	3.000% due 9/1/56(a)		1,278,461
	1,473,000	3.500% due 9/1/56(a)		1,306,828
	2,665,000	6.000% due 10/1/56(a)		2,690,168

		TOTAL FORWARD SALE COMMITMENTS (Proceeds — $21,314,756)	$	21,176,347

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

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

At August 31, 2026, International Fixed Income Fund had open exchange-traded futures contracts as described below.

The unrealized appreciation (depreciation) on the open contracts reflected in the accompanying financial statements 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		127		12/26	$	35,963,493	$	35,844,148	$	(119,345	)
Australian Government 3-Year Bond Futures		54		9/26		4,025,779		4,013,262		(12,517	)
Canada Government 10-Year Bond Futures		73		12/26		6,206,198		6,173,094		(33,104	)
Euro-BTP Futures		197		9/26		27,099,087		26,351,507		(747,580	)
Euro-BTP Futures		23		12/26		3,059,472		3,055,999		(3,473	)
Euro-Buxl 30-Year Bond Futures		8		9/26		1,012,471		963,333		(49,138	)
Euro-OAT Futures		29		9/26		4,028,823		3,899,032		(129,791	)
Euro-Schatz Note Futures		90		9/26		11,069,340		11,008,435		(60,905	)
U.S. Treasury 5-Year Note Futures		87		12/26		9,225,613		9,196,172		(29,441	)
U.S. Treasury 10-Year Note Futures		21		12/26		2,268,472		2,260,781		(7,691	)
U.S. Ultra Long Bond Futures		105		12/26		11,581,992		11,489,297		(92,695	)
United Kingdom Treasury 10-Year Gilt Futures		47		12/26		5,488,102		5,485,826		(2,276	)

										(1,287,956	)

See Notes to Financial Statements.

211



Schedules of Investments


(continued)


International Fixed Income Fund


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Contracts to Sell:
Canada Government 5-Year Bond Futures		9		12/26	$	727,818	$	725,285	$	2,533
Euro-Bobl Futures		26		9/26		3,468,896		3,421,989		46,907
Euro-Bund Futures		34		9/26		4,980,691		4,868,290		112,401
Euro-Bund Futures		4		12/26		573,251		568,837		4,414
Japan Government 10-Year Bond Futures		16		9/26		12,765,850		12,617,504		148,346
U.S. Treasury 2-Year Note Futures		35		12/26		7,198,516		7,183,203		15,313
U.S. Treasury Long Bond Futures		4		12/26		437,750		434,500		3,250
U.S. Treasury Ultra Long Bond Futures		5		12/26		556,562		550,156		6,406

										339,570

Net Unrealized Depreciation on Open Exchange-Traded Futures Contracts									$	(948,386	)

At August 31, 2026, International Fixed Income Fund had deposited cash of $1,619,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

At August 31, 2026, International Fixed Income Fund had open forward foreign currency contracts as described below.

The unrealized appreciation (depreciation) on the open contracts reflected in the accompanying financial statements were as follows:


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Dollar		2,429,903		USD	1,748,534		BNP	$	1,741,268		9/2/26		$ (7,266	)
Australian Dollar		881,000		USD	623,343		JPM		631,325		9/2/26		7,982
Australian Dollar		2,553,466		USD	1,837,705		WFB		1,829,814		9/2/26		(7,891	)
Australian Dollar		3,129,110		USD	2,247,577		WFB		2,242,320		9/2/26		(5,257	)
Brazilian Real		12,341,566		USD	2,382,151		BNP		2,366,234		10/2/26		(15,917	)
Brazilian Real		1,098,815		USD	212,061		BNP		212,133		9/2/26		72
Brazilian Real		1,668,872		USD	322,077		BOA		322,186		9/2/26		109
Brazilian Real		1,700,921		USD	320,813		BOA		322,255		12/2/26		1,442
Brazilian Real		1,189,304		USD	231,054		GSC		229,602		9/2/26		(1,452	)
Brazilian Real		1,103,875		USD	214,116		GSC		213,109		9/2/26		(1,007	)
Brazilian Real		7,500,000		USD	1,429,851		GSC		1,437,966		10/2/26		8,115
Brazilian Real		476,327		USD	92,113		JPM		91,957		9/2/26		(156	)
Brazilian Real		9,554,884		USD	1,816,760		JPM		1,831,947		10/2/26		15,187
British Pound		10,504,189		USD	14,327,714		SOG		14,233,184		9/2/26		(94,530	)
Canadian Dollar		1,849,000		USD	1,337,167		BNP		1,334,103		9/2/26		(3,064	)
Canadian Dollar		316,000		USD	228,129		BNP		228,002		9/2/26		(127	)
Canadian Dollar		2,886,759		USD	2,082,048		SOG		2,082,874		9/2/26		826
Chilean Peso		129,562,704		USD	141,444		BNP		138,719		9/16/26		(2,725	)
Chilean Peso		56,148,975		USD	61,365		GSC		60,117		9/16/26		(1,248	)
Chilean Peso		186,582,354		USD	201,375		UBS		199,952		12/16/26		(1,423	)
Chilean Peso		2,748		USD	3		WFB		3		9/16/26		—
Chinese Offshore Renminbi		9,240,237		USD	1,374,933		BNP		1,375,404		9/2/26		471
Chinese Offshore Renminbi		11,184,662		USD	1,664,508		BOA		1,664,830		9/2/26		322
Chinese Offshore Renminbi		11,248,412		USD	1,674,419		DUB		1,674,319		9/2/26		(100	)
Chinese Offshore Renminbi		2,048,000		USD	304,883		HSBC		304,844		9/2/26		(39	)
Chinese Offshore Renminbi		2,017,000		USD	300,206		HSBC		300,229		9/2/26		23
Chinese Offshore Renminbi		270,000		USD	40,067		HSBC		40,190		9/2/26		123
Chinese Offshore Renminbi		17,529,000		USD	2,602,336		HSBC		2,609,181		9/2/26		6,845
Chinese Offshore Renminbi		6,090,173		USD	906,208		SCB		906,518		9/2/26		310
Chinese Offshore Renminbi		11,929,432		USD	1,776,006		SOG		1,775,689		9/2/26		(317	)

See Notes to Financial Statements.

212



Schedules of Investments


(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		2,462,010		USD	364,931		BNP	$	367,593		10/16/26	$	2,662
Chinese Onshore Renminbi		2,452,339		USD	363,831		WFB		365,095		9/8/26		1,264
Colombian Peso		304,818,840		USD	99,614		BNP		94,487		9/16/26		(5,127	)
Colombian Peso		315,476,286		USD	103,198		BOA		97,790		9/16/26		(5,408	)
Colombian Peso		768,973		USD	218		BOA		236		10/26/26		18
Colombian Peso		1,898,991,461		USD	557,052		UBS		588,641		9/16/26		31,589
Czech Koruna		3,328,393		USD	156,871		DUB		160,041		9/9/26		3,170
Czech Koruna		3,412,685		USD	161,576		JPM		164,107		9/18/26		2,531
Danish Krone		649,359		USD	101,370		SOG		100,913		9/2/26		(457	)
Euro		133,000		USD	153,592		BCLY		154,500		9/2/26		908
Euro		34,988,994		USD	40,842,198		BNP		40,644,988		9/2/26		(197,210	)
Euro		100,000		USD	115,607		BOA		116,165		9/2/26		558
Euro		440,000		USD	507,492		BOA		511,127		9/2/26		3,635
Euro		29,810		USD	34,019		SCB		34,629		9/2/26		610
Euro		797,000		USD	918,161		SCB		925,835		9/2/26		7,674
Euro		23,967		USD	27,353		SOG		27,841		9/2/26		488
Euro		48,840		USD	56,036		SOG		56,735		9/2/26		699
Euro		133,151		USD	153,659		SOG		154,675		9/2/26		1,016
Euro		47,232		USD	54,297		WFB		54,867		9/2/26		570
Hungarian Forint		12,011,646		USD	37,950		BNP		38,179		9/10/26		229
Hungarian Forint		29,148,551		USD	92,049		BOA		92,650		9/10/26		601
Hungarian Forint		573,663,947		USD	1,818,154		BOA		1,822,288		9/25/26		4,134
Hungarian Forint		83,196,502		USD	265,549		DUB		264,443		9/10/26		(1,106	)
Indian Rupee		1,104,383		USD	11,523		BCLY		11,592		9/16/26		69
Indian Rupee		3,057,775		USD	32,188		BNP		32,098		9/16/26		(90	)
Indian Rupee		1,584,608		USD	16,454		BNP		16,634		9/16/26		180
Indian Rupee		8,943,810		USD	94,062		DUB		93,789		9/30/26		(273	)
Indian Rupee		2,214,674		USD	23,305		DUB		23,224		9/30/26		(81	)
Indian Rupee		8,874,012		USD	92,446		DUB		93,057		9/30/26		611
Indian Rupee		25,377,142		USD	265,000		DUB		266,383		9/16/26		1,383
Indian Rupee		14,448,390		USD	148,819		DUB		151,512		9/30/26		2,693
Indian Rupee		2,438,762		USD	25,585		GSC		25,600		9/16/26		15
Indian Rupee		11,715,348		USD	121,497		GSC		122,125		12/16/26		628
Indian Rupee		6,224,070		USD	64,555		GSC		65,334		9/16/26		779
Indian Rupee		10,510,712		USD	108,739		GSC		109,567		12/16/26		828
Indian Rupee		11,202,676		USD	117,831		HSBC		117,476		9/30/26		(355	)
Indian Rupee		4,663,009		USD	48,960		HSBC		48,898		9/30/26		(62	)
Indian Rupee		7,257,138		USD	75,391		HSBC		76,178		9/16/26		787
Indian Rupee		16,198,812		USD	169,210		HSBC		170,039		9/16/26		829
Indian Rupee		9,452,252		USD	98,345		HSBC		99,220		9/16/26		875
Indian Rupee		11,873,518		USD	122,892		HSBC		123,774		12/16/26		882
Indian Rupee		27,029,908		USD	282,016		HSBC		283,733		9/16/26		1,717
Indian Rupee		4,722,787		USD	49,516		JPM		49,525		9/30/26		9
Indian Rupee		9,324,373		USD	97,139		JPM		97,201		12/16/26		62
Indian Rupee		11,413,771		USD	117,405		JPM		119,570		10/14/26		2,165
Indian Rupee		14,213,543		USD	146,910		JPM		149,199		9/16/26		2,289
Indian Rupee		21,827,602		USD	225,336		JPM		228,894		9/30/26		3,558
Indian Rupee		44,281,992		USD	460,781		JPM		464,360		9/30/26		3,579
Indian Rupee		8,784,784		USD	92,103		SCB		92,121		9/30/26		18
Indian Rupee		30,945,345		USD	319,113		SCB		324,181		10/14/26		5,068
Indian Rupee		32,361,071		USD	333,871		SCB		339,694		9/16/26		5,823
Indian Rupee		1,085,270		USD	11,325		WFB		11,392		9/16/26		67
Indonesian Rupiah		3,478,521,194		USD	199,106		BNP		196,103		9/16/26		(3,003	)
Indonesian Rupiah		3,452,977,854		USD	197,233		BNP		194,663		9/16/26		(2,570	)
Indonesian Rupiah		886,395,000		USD	50,000		BNP		49,924		9/28/26		(76	)
Indonesian Rupiah		888,500,000		USD	50,000		BNP		50,042		9/28/26		42
Indonesian Rupiah		535,744,188		USD	30,000		BNP		30,208		9/14/26		208

See Notes to Financial Statements.

213



Schedules of Investments


(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		1,715,980,832		USD	94,251		BNP	$	96,046		12/16/26	$	1,795
Indonesian Rupiah		2,822,067,488		USD	156,525		BNP		159,095		9/16/26		2,570
Indonesian Rupiah		2,537,870,712		USD	139,655		BNP		143,073		9/16/26		3,418
Indonesian Rupiah		4,446,753,192		USD	244,009		BOA		248,891		12/16/26		4,882
Indonesian Rupiah		3,192,032,271		USD	176,151		DUB		178,663		12/16/26		2,512
Indonesian Rupiah		2,095,901,974		USD	115,419		DUB		118,157		9/16/26		2,738
Indonesian Rupiah		1,580,046,368		USD	88,672		GSC		89,076		9/16/26		404
Indonesian Rupiah		1,580,117,220		USD	88,671		GSC		89,080		9/16/26		409
Indonesian Rupiah		3,139,897,683		USD	174,837		GSC		177,013		9/16/26		2,176
Indonesian Rupiah		2,419,349,572		USD	133,019		GSC		136,392		9/16/26		3,373
Indonesian Rupiah		1,999,289,389		USD	112,249		SCB		112,711		9/16/26		462
Indonesian Rupiah		2,668,015,626		USD	147,493		SCB		150,410		9/16/26		2,917
Israeli New Shekel		1,428,524		USD	479,761		WFB		477,817		9/8/26		(1,944	)
Japanese Yen		40,100,000		USD	252,142		BNP		251,033		9/2/26		(1,109	)
Japanese Yen		603,136,880		USD	3,784,507		HSBC		3,775,741		9/2/26		(8,766	)
Japanese Yen		6,484,461		USD	40,607		HSBC		40,594		9/2/26		(13	)
Japanese Yen		44,830,542		USD	281,175		SCB		280,647		9/2/26		(528	)
Japanese Yen		637,874,390		USD	4,013,596		SOG		3,993,204		9/2/26		(20,392	)
Japanese Yen		712,604,872		USD	4,475,599		SOG		4,461,030		9/2/26		(14,569	)
Japanese Yen		28,854,349		USD	181,126		WFB		180,633		9/2/26		(493	)
Kazakhstan Tenge		12,516,012		USD	26,151		BOA		26,972		9/16/26		821
Kazakhstan Tenge		58,387,450		USD	116,600		DUB		120,452		1/19/27		3,852
Mexican Peso		2,091,000		USD	119,421		BNP		122,881		9/17/26		3,460
Mexican Peso		2,622,000		USD	148,470		BOA		154,085		9/17/26		5,615
Mexican Peso		1,939,462		USD	114,180		GSC		113,975		9/17/26		(205	)
Mexican Peso		4,143,000		USD	237,515		GSC		243,469		9/17/26		5,954
Mexican Peso		46,935,257		USD	2,698,561		GSC		2,738,317		12/16/26		39,756
Mexican Peso		3,633,203		USD	206,679		HSBC		213,510		9/17/26		6,831
Mexican Peso		560,390		USD	31,942		JPM		32,932		9/17/26		990
Mexican Peso		8,036,310		USD	454,599		JPM		468,858		12/16/26		14,259
Mexican Peso		41,170,304		USD	2,369,691		JPM		2,419,423		9/17/26		49,732
Mexican Peso		111,769		USD	6,376		WFB		6,568		9/17/26		192
Mexican Peso		111,839		USD	6,376		WFB		6,572		9/17/26		196
Mexican Peso		223,639		USD	12,752		WFB		13,142		9/17/26		390
Mexican Peso		671,685		USD	38,322		WFB		39,472		9/17/26		1,150
Mexican Peso		672,128		USD	38,323		WFB		39,498		9/17/26		1,175
Mexican Peso		930,811		USD	52,713		WFB		54,700		9/17/26		1,987
New Taiwan Dollar		112,268,800		USD	3,580,000		BCLY		3,575,538		2/3/27		(4,462	)
New Taiwan Dollar		27,511,656		USD	876,000		BNP		875,424		1/20/27		(576	)
New Taiwan Dollar		41,047,642		USD	1,307,000		BNP		1,306,549		1/25/27		(451	)
New Taiwan Dollar		6,228,189		USD	193,789		BNP		196,628		9/16/26		2,839
New Taiwan Dollar		73,115,136		USD	2,322,000		BNP		2,326,823		1/22/27		4,823
New Zealand Dollar		1,108,315		USD	659,337		BOA		655,735		9/2/26		(3,602	)
New Zealand Dollar		439,000		USD	257,599		HSBC		259,734		9/2/26		2,135
New Zealand Dollar		818,484		USD	486,208		JPM		484,256		9/2/26		(1,952	)
New Zealand Dollar		443,000		USD	263,255		WFB		262,101		9/2/26		(1,154	)
Nigerian Naira		16,614,000		USD	11,700		DUB		12,217		10/9/26		517
Nigerian Naira		89,411,000		USD	53,000		DUB		65,399		10/21/26		12,399
Nigerian Naira		22,894,200		USD	16,100		SCB		16,798		10/14/26		698
Nigerian Naira		24,885,000		USD	17,500		SCB		18,299		10/9/26		799
Nigerian Naira		28,359,838		USD	20,014		SCB		20,891		10/5/26		877
Nigerian Naira		37,141,390		USD	25,973		SCB		27,263		10/13/26		1,290
Nigerian Naira		53,011,200		USD	35,200		SCB		37,128		2/8/27		1,928
Norwegian Krone		219,558		USD	23,491		HSBC		23,490		10/2/26		(1	)
Norwegian Krone		219,622		USD	22,672		UBS		23,507		9/2/26		835

See Notes to Financial Statements.

214



Schedules of Investments


(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		257,171		USD	76,882		DUB	$	76,388		9/16/26	$	(494	)
Peruvian Sol		4,336		USD	1,291		DUB		1,284		12/16/26		(7	)
Peruvian Sol		549,514		USD	163,230		DUB		163,234		9/14/26		4
Peruvian Sol		2,501,779		USD	744,466		SCB		743,110		9/16/26		(1,356	)
Polish Zloty		350,870		USD	93,043		BNP		94,161		10/23/26		1,118
Polish Zloty		363,146		USD	95,764		BNP		97,456		10/23/26		1,692
Polish Zloty		2,637,807		USD	704,213		BNP		707,887		9/4/26		3,674
Polish Zloty		334,412		USD	87,838		DUB		89,745		10/23/26		1,907
Polish Zloty		75,000		USD	19,758		HSBC		20,127		10/23/26		369
Polish Zloty		376,614		USD	99,359		SOG		101,070		10/23/26		1,711
Polish Zloty		2,639,831		USD	714,872		WFB		708,551		12/16/26		(6,321	)
Polish Zloty		371,775		USD	98,099		WFB		99,772		10/23/26		1,673
Polish Zloty		384,474		USD	101,146		WFB		103,180		10/23/26		2,034
Singapore Dollar		4,106,740		USD	3,231,109		SOG		3,230,982		9/2/26		(127	)
South African Rand		1,997,000		USD	123,366		GSC		123,828		9/21/26		462
Swedish Krona		7,865,685		USD	830,269		BCLY		822,752		10/2/26		(7,517	)
Swedish Krona		3,028		USD	319		BNP		317		10/2/26		(2	)
Swedish Krona		2,862,931		USD	300,870		HSBC		299,463		10/2/26		(1,407	)
Swedish Krona		2,261,178		USD	234,647		HSBC		236,122		9/2/26		1,475
Swedish Krona		183,916		USD	19,344		SOG		19,238		10/2/26		(106	)
Swedish Krona		8,672,581		USD	896,394		SOG		905,630		9/2/26		9,236
Swiss Franc		105,000		USD	128,538		JPM		129,910		9/2/26		1,372
Swiss Franc		1,577,414		USD	1,967,341		SOG		1,951,641		9/2/26		(15,700	)
Thai Baht		647,520		USD	19,759		BNP		19,537		9/16/26		(222	)
Thai Baht		328,220		USD	10,000		BNP		9,903		9/16/26		(97	)
Thai Baht		995,646		USD	30,000		BNP		30,042		9/16/26		42
Thai Baht		6,123,635		USD	184,508		BNP		184,769		9/16/26		261
Thai Baht		489,938		USD	15,000		BOA		14,783		9/16/26		(217	)
Thai Baht		105		USD	3		BOA		3		9/16/26		—
Thai Baht		16,138,308		USD	482,315		DUB		486,942		9/16/26		4,627
Thai Baht		7,251,816		USD	220,000		GSC		218,809		9/16/26		(1,191	)
Thai Baht		2,684		USD	81		GSC		81		9/16/26		—
Thai Baht		4,013,064		USD	120,000		GSC		121,086		9/16/26		1,086
Thai Baht		5,492,898		USD	167,794		JPM		165,738		9/16/26		(2,056	)
Thai Baht		2,044,932		USD	63,086		JPM		61,702		9/16/26		(1,384	)
Thai Baht		787,650		USD	24,310		JPM		23,766		9/16/26		(544	)
Thai Baht		409,313		USD	12,633		JPM		12,350		9/16/26		(283	)
Thai Baht		2,069,694		USD	62,340		JPM		62,449		9/16/26		109
Thai Baht		2,177,736		USD	65,486		JPM		65,709		9/16/26		223
Thai Baht		5,338,294		USD	160,591		JPM		161,072		9/16/26		481
Thai Baht		809,121		USD	24,740		SCB		24,414		9/16/26		(326	)
Thai Baht		3,907,466		USD	116,398		SCB		117,901		9/16/26		1,503
Turkish Lira		672,682		USD	13,715		BCLY		13,787		9/16/26		72
Turkish Lira		3,816,028		USD	76,934		BCLY		77,035		10/5/26		101
Turkish Lira		3,994,317		USD	81,148		BCLY		81,479		9/22/26		331
Turkish Lira		15,368,381		USD	310,560		BCLY		311,045		10/2/26		485
Turkish Lira		25,176,232		USD	509,419		BCLY		509,949		10/1/26		530
Turkish Lira		3,711,730		USD	76,311		BCLY		76,913		9/1/26		602
Turkish Lira		22,758,837		USD	462,765		BCLY		464,619		9/21/26		1,854

													(86,374	)

Contracts to Sell:
Australian Dollar		8,012,956		USD	5,632,627		BCLY		5,742,083		9/2/26		(109,456	)
Australian Dollar		1,515,556		USD	1,084,206		BCLY		1,085,574		10/2/26		(1,368	)
Australian Dollar		1,952,079		USD	1,365,665		BNP		1,398,860		9/2/26		(33,195	)
Australian Dollar		2,429,903		USD	1,747,737		BNP		1,740,510		10/2/26		7,227

See Notes to Financial Statements.

215



Schedules of Investments


(continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
Australian Dollar		544,000		USD	379,028		JPM	$	389,831		9/2/26	$	(10,803	)
Australian Dollar		3,129,110		USD	2,246,554		WFB		2,241,343		10/2/26		5,211
Australian Dollar		2,553,466		USD	1,836,854		WFB		1,829,016		10/2/26		7,838
Brazilian Real		1,500,000		USD	275,490		BNP		287,594		10/2/26		(12,104	)
Brazilian Real		1,100,000		USD	198,996		BNP		210,902		10/2/26		(11,906	)
Brazilian Real		1,100,000		USD	201,178		BNP		210,902		10/2/26		(9,724	)
Brazilian Real		900,000		USD	163,881		BNP		172,556		10/2/26		(8,675	)
Brazilian Real		500,000		USD	96,443		BNP		95,864		10/2/26		579
Brazilian Real		1,098,815		USD	212,953		BNP		212,133		9/2/26		820
Brazilian Real		700,000		USD	130,541		BNP		129,484		4/2/27		1,057
Brazilian Real		400,000		USD	75,657		BNP		73,990		4/2/27		1,667
Brazilian Real		400,000		USD	75,796		BNP		73,990		4/2/27		1,806
Brazilian Real		700,000		USD	132,777		BNP		129,484		4/2/27		3,293
Brazilian Real		500,000		USD	91,491		BOA		95,864		10/2/26		(4,373	)
Brazilian Real		1,668,872		USD	320,813		BOA		322,185		9/2/26		(1,372	)
Brazilian Real		8,000,000		USD	1,468,833		GSC		1,479,815		4/2/27		(10,982	)
Brazilian Real		2,293,179		USD	442,562		GSC		442,712		9/2/26		(150	)
Brazilian Real		1,124,944		USD	214,116		GSC		213,131		12/2/26		985
Brazilian Real		1,000,000		USD	188,637		GSC		184,977		4/2/27		3,660
Brazilian Real		10,900,000		USD	2,026,625		GSC		2,016,248		4/2/27		10,377
Brazilian Real		1,900,000		USD	345,961		JPM		364,285		10/2/26		(18,324	)
Brazilian Real		300,000		USD	54,951		JPM		55,493		4/2/27		(542	)
Brazilian Real		300,000		USD	54,951		JPM		55,493		4/2/27		(542	)
Brazilian Real		476,327		USD	91,927		JPM		91,958		9/2/26		(31	)
British Pound		158,000		USD	213,588		BNP		214,090		9/2/26		(502	)
British Pound		1,819,513		USD	2,432,607		SOG		2,465,441		9/2/26		(32,834	)
British Pound		1,668,824		USD	2,246,177		SOG		2,261,258		9/2/26		(15,081	)
British Pound		10,504,189		USD	14,327,672		SOG		14,233,647		10/2/26		94,025
British Pound		90,117		USD	120,981		UBS		122,109		9/2/26		(1,128	)
British Pound		1,722,750		USD	2,290,145		WFB		2,334,328		9/2/26		(44,183	)
British Pound		1,722,750		USD	2,292,712		WFB		2,334,328		9/2/26		(41,616	)
British Pound		1,654,715		USD	2,217,410		WFB		2,242,140		9/2/26		(24,730	)
British Pound		1,667,520		USD	2,240,918		WFB		2,259,490		9/2/26		(18,572	)
Canadian Dollar		2,142,449		USD	1,528,707		HSBC		1,545,834		9/2/26		(17,127	)
Canadian Dollar		2,907,853		USD	2,065,160		SOG		2,098,093		9/2/26		(32,933	)
Canadian Dollar		2,882,924		USD	2,082,048		SOG		2,082,901		10/2/26		(853	)
Chilean Peso		186,765,605		USD	201,375		UBS		199,964		9/16/26		1,411
Chinese Offshore Renminbi		18,639,864		USD	2,761,227		BNP		2,774,533		9/2/26		(13,306	)
Chinese Offshore Renminbi		9,222,569		USD	1,374,933		BNP		1,375,922		9/30/26		(989	)
Chinese Offshore Renminbi		11,163,439		USD	1,664,508		BOA		1,665,481		9/30/26		(973	)
Chinese Offshore Renminbi		27,920,785		USD	4,145,828		DUB		4,155,992		9/2/26		(10,164	)
Chinese Offshore Renminbi		11,227,055		USD	1,674,419		DUB		1,674,972		9/30/26		(553	)
Chinese Offshore Renminbi		1,484,000		USD	220,152		HSBC		220,892		9/2/26		(740	)
Chinese Offshore Renminbi		23,513,172		USD	3,489,093		SCB		3,499,921		9/2/26		(10,828	)
Chinese Offshore Renminbi		6,078,755		USD	906,208		SCB		906,893		9/30/26		(685	)
Chinese Offshore Renminbi		11,906,699		USD	1,776,006		SOG		1,776,369		9/30/26		(363	)
Chinese Onshore Renminbi		2,473,688		USD	364,931		BNP		368,272		9/8/26		(3,341	)
Colombian Peso		345,424,620		USD	94,000		BNP		107,073		9/16/26		(13,073	)
Colombian Peso		812,967,981		USD	212,735		BOA		252,000		9/16/26		(39,265	)
Colombian Peso		333,900,480		USD	96,000		BOA		103,501		9/16/26		(7,501	)
Colombian Peso		1,416,666,976		USD	397,996		GSC		432,866		11/23/26		(34,870	)
Colombian Peso		387,901,055		USD	108,070		GSC		118,687		11/17/26		(10,617	)
Colombian Peso		372,428,519		USD	106,695		GSC		115,444		9/16/26		(8,749	)
Colombian Peso		203,981,450		USD	56,082		GSC		62,413		11/17/26		(6,331	)
Colombian Peso		203,689,824		USD	56,082		GSC		62,323		11/17/26		(6,241	)

See Notes to Financial Statements.

216



Schedules of Investments


(continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
Colombian Peso		203,689,824		USD	56,082		GSC	$	62,323		11/17/26	$	(6,241	)
Colombian Peso		5,532,122,747		USD	1,417,621		UBS		1,681,799		12/16/26		(264,178	)
Colombian Peso		1,935,394,832		USD	557,052		UBS		589,517		12/7/26		(32,465	)
Czech Koruna		6,772,000		USD	322,179		BOA		325,647		9/18/26		(3,468	)
Danish Krone		426,515		USD	65,533		HSBC		66,281		9/2/26		(748	)
Danish Krone		222,645		USD	34,003		HSBC		34,600		9/2/26		(597	)
Danish Krone		648,408		USD	101,370		SOG		100,914		10/2/26		456
Euro		36,015,994		USD	40,999,059		BNP		41,838,003		9/2/26		(838,944	)
Euro		34,988,994		USD	40,889,748		BNP		40,692,353		10/2/26		197,395
Euro		726,000		USD	838,667		BOA		843,359		9/2/26		(4,692	)
Euro		654,000		USD	759,084		BOA		760,605		10/2/26		(1,521	)
Hong Kong Dollar		8,010,453		USD	1,025,305		DUB		1,026,144		1/19/27		(839	)
Hungarian Forint		12,734,323		EUR	34,560		BOA		40,411		10/22/26		(186	)
Hungarian Forint		317,087,007		USD	1,008,194		DUB		1,007,872		9/10/26		322
Hungarian Forint		83,305,377		USD	265,549		DUB		264,447		10/13/26		1,102
Hungarian Forint		1,375,290		EUR	3,700		UBS		4,364		10/26/26		(57	)
Hungarian Forint		24,629,171		EUR	68,310		UBS		78,102		11/12/26		1,472
Hungarian Forint		36,721,156		EUR	101,890		UBS		116,446		11/12/26		2,244
Indian Rupee		4,096,097		USD	43,076		BOA		42,996		9/16/26		80
Indian Rupee		6,178,674		USD	65,012		BOA		64,858		9/16/26		154
Indian Rupee		1,144,240		USD	11,909		DUB		12,011		9/16/26		(102	)
Indian Rupee		10,424,808		USD	108,739		GSC		109,429		9/16/26		(690	)
Indian Rupee		11,621,188		USD	121,497		GSC		121,987		9/16/26		(490	)
Indian Rupee		11,777,170		USD	122,892		HSBC		123,625		9/16/26		(733	)
Indian Rupee		42,162,600		USD	441,955		JPM		442,581		9/16/26		(626	)
Indian Rupee		9,251,033		USD	97,139		JPM		97,108		9/16/26		31
Indonesian Rupiah		1,354,673,770		USD	74,945		BCLY		76,370		9/16/26		(1,425	)
Indonesian Rupiah		939,482,087		USD	52,062		BCLY		52,964		9/16/26		(902	)
Indonesian Rupiah		1,704,387,959		USD	94,251		BNP		96,086		9/16/26		(1,835	)
Indonesian Rupiah		4,416,227,622		USD	244,009		BOA		248,966		9/16/26		(4,957	)
Indonesian Rupiah		4,297,968,481		USD	238,531		DUB		242,300		9/16/26		(3,769	)
Indonesian Rupiah		3,170,718,000		USD	176,151		DUB		178,750		9/16/26		(2,599	)
Indonesian Rupiah		2,161,839,440		USD	118,652		DUB		121,001		12/16/26		(2,349	)
Indonesian Rupiah		4,368,113,070		USD	242,202		GSC		246,254		9/16/26		(4,052	)
Indonesian Rupiah		1,456,037,690		USD	80,734		GSC		82,085		9/16/26		(1,351	)
Indonesian Rupiah		711,213,724		USD	38,887		HSBC		40,095		9/16/26		(1,208	)
Indonesian Rupiah		6,973,396,578		USD	384,591		JPM		390,312		12/16/26		(5,721	)
Indonesian Rupiah		3,143,321,324		USD	174,179		SCB		177,206		9/16/26		(3,027	)
Indonesian Rupiah		2,241,094,930		USD	124,126		SCB		126,343		9/16/26		(2,217	)
Israeli New Shekel		165,414		USD	55,391		BNP		55,402		10/20/26		(11	)
Israeli New Shekel		6,952		USD	2,328		BNP		2,329		10/20/26		(1	)
Israeli New Shekel		1,795		USD	599		BOA		601		9/8/26		(2	)
Israeli New Shekel		2,590,875		USD	858,304		DUB		867,613		10/15/26		(9,309	)
Israeli New Shekel		583,882		USD	196,643		DUB		195,481		10/8/26		1,162
Israeli New Shekel		1,425,638		USD	463,351		JPM		476,851		9/8/26		(13,500	)
Israeli New Shekel		1,006,850		USD	337,025		JPM		337,088		10/8/26		(63	)
Israeli New Shekel		154,589		USD	52,476		JPM		51,776		10/20/26		700
Israeli New Shekel		171,184		USD	57,429		WFB		57,334		10/20/26		95
Israeli New Shekel		1,425,737		USD	479,761		WFB		477,856		11/9/26		1,905
Japanese Yen		1,155,600,000		USD	7,107,815		BCLY		7,265,484		10/26/26		(157,669	)
Japanese Yen		301,425,477		USD	1,846,515		BNP		1,886,976		9/2/26		(40,461	)

See Notes to Financial Statements.

217



Schedules of Investments


(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		64,033,421		USD	400,410		BNP	$	400,860		9/2/26	$	(450	)
Japanese Yen		93,089,852		USD	572,471		HSBC		582,759		9/2/26		(10,288	)
Japanese Yen		6,469,156		USD	40,607		HSBC		40,595		10/2/26		12
Japanese Yen		601,703,687		USD	3,784,507		HSBC		3,775,772		10/2/26		8,735
Japanese Yen		81,700,000		USD	521,599		HSBC		511,456		9/2/26		10,143
Japanese Yen		97,400,000		USD	609,641		JPM		609,741		9/2/26		(100	)
Japanese Yen		18,200,000		USD	115,512		JPM		113,935		9/2/26		1,577
Japanese Yen		354,158,896		USD	2,167,081		SCB		2,217,096		9/2/26		(50,015	)
Japanese Yen		44,724,679		USD	281,175		SCB		280,653		10/2/26		522
Japanese Yen		885,574,070		USD	5,419,461		SOG		5,543,847		9/2/26		(124,386	)
Japanese Yen		710,909,515		USD	4,475,599		SOG		4,461,054		10/2/26		14,545
Japanese Yen		636,365,278		USD	4,013,596		SOG		3,993,279		10/2/26		20,317
Japanese Yen		178,295,251		USD	1,092,120		WFB		1,116,159		9/2/26		(24,039	)
Japanese Yen		28,786,065		USD	181,126		WFB		180,636		10/2/26		490
Kazakhstan Tenge		6,393,240		USD	12,900		DUB		13,510		11/9/26		(610	)
Kazakhstan Tenge		33,715,626		USD	66,554		SOG		72,658		9/16/26		(6,104	)
Korean Won		36,003,126		USD	25,451		BOA		26,337		9/16/26		(886	)
Korean Won		860,286,166		USD	604,159		SCB		629,308		9/16/26		(25,149	)
Korean Won		664,592,128		USD	468,468		SCB		486,156		9/16/26		(17,688	)
Malaysian Ringgit		13,975,434		USD	3,420,405		BCLY		3,473,569		9/23/26		(53,164	)
Malaysian Ringgit		370,606		USD	90,788		HSBC		92,113		9/23/26		(1,325	)
Malaysian Ringgit		426,038		USD	105,000		WFB		105,891		9/23/26		(891	)
Mexican Peso		527,000		USD	29,673		BNP		30,969		9/17/26		(1,296	)
Mexican Peso		159,000		USD	9,180		BNP		9,344		9/17/26		(164	)
Mexican Peso		1,767,000		USD	104,269		BNP		103,840		9/17/26		429
Mexican Peso		46,596,048		USD	2,698,561		GSC		2,738,274		9/17/26		(39,713	)
Mexican Peso		1,049,000		USD	59,501		GSC		61,646		9/17/26		(2,145	)
Mexican Peso		1,968,018		USD	114,180		GSC		113,992		3/17/27		188
Mexican Peso		281,000		USD	15,847		HSBC		16,514		9/17/26		(667	)
Mexican Peso		7,979,349		USD	454,599		JPM		468,916		9/17/26		(14,317	)
Mexican Peso		522,000		USD	29,718		JPM		30,676		9/17/26		(958	)
New Taiwan Dollar		71,175,688		USD	2,228,000		BNP		2,265,102		1/22/27		(37,102	)
New Taiwan Dollar		15,990,662		USD	494,975		BNP		508,984		1/25/27		(14,009	)
New Taiwan Dollar		21,586,776		USD	676,000		BNP		687,496		2/3/27		(11,496	)
New Taiwan Dollar		5,719,945		USD	179,000		BNP		182,009		1/20/27		(3,009	)
New Taiwan Dollar		2,376,009		USD	73,547		BNP		75,629		1/25/27		(2,082	)
New Taiwan Dollar		4,164,504		USD	130,446		BNP		131,476		9/16/26		(1,030	)
New Taiwan Dollar		5,442,039		USD	170,972		BNP		171,945		9/29/26		(973	)
New Taiwan Dollar		5,076,771		USD	159,554		BNP		160,404		9/29/26		(850	)
New Taiwan Dollar		4,629,514		USD	145,445		BNP		146,273		9/29/26		(828	)
New Taiwan Dollar		4,106,961		USD	129,028		BNP		129,763		9/29/26		(735	)
New Taiwan Dollar		2,329,128		USD	72,956		BNP		73,532		9/16/26		(576	)
New Taiwan Dollar		90,068,875		USD	2,795,000		DUB		2,868,515		2/3/27		(73,515	)
New Taiwan Dollar		613,149		USD	19,232		DUB		19,527		2/3/27		(295	)
New Taiwan Dollar		7,039,634		USD	216,851		GSC		224,002		1/20/27		(7,151	)
New Taiwan Dollar		10,008,930		USD	309,874		HSBC		318,585		1/25/27		(8,711	)
New Taiwan Dollar		7,302,390		USD	224,765		HSBC		232,363		1/20/27		(7,598	)
New Taiwan Dollar		7,297,445		USD	224,765		HSBC		232,205		1/20/27		(7,440	)
New Taiwan Dollar		1,939,448		USD	60,786		JPM		61,721		1/22/27		(935	)
New Taiwan Dollar		12,609,557		USD	388,094		SCB		401,363		1/25/27		(13,269	)
New Zealand Dollar		1,108,315		USD	659,824		BOA		656,266		10/2/26		3,558

See Notes to Financial Statements.

218



Schedules of Investments


(continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
New Zealand Dollar		2,808,799		USD	1,653,077		HSBC	$	1,661,827		9/2/26	$	(8,750	)
New Zealand Dollar		818,484		USD	486,580		JPM		484,649		10/2/26		1,931
Norwegian Krone		219,468		USD	23,491		HSBC		23,491		9/2/26		—
Peruvian Sol		1,169,786		USD	340,349		BNP		347,465		9/16/26		(7,116	)
Peruvian Sol		8,493,200		USD	2,446,339		DUB		2,517,871		11/12/26		(71,532	)
Peruvian Sol		738,857		USD	214,753		DUB		219,465		9/16/26		(4,712	)
Peruvian Sol		401,613		USD	115,712		DUB		118,913		12/16/26		(3,201	)
Peruvian Sol		364,788		USD	106,000		DUB		108,354		9/16/26		(2,354	)
Peruvian Sol		552,566		USD	163,230		DUB		163,276		2/16/27		(46	)
Peruvian Sol		4,320		USD	1,291		DUB		1,284		9/16/26		7
Peruvian Sol		2,519,423		USD	744,466		SCB		743,742		3/17/27		724
Peruvian Sol		495,684		USD	143,311		WFB		147,244		9/14/26		(3,933	)
Peruvian Sol		358,338		USD	103,848		WFB		106,445		9/14/26		(2,597	)
Peruvian Sol		224,030		USD	66,189		WFB		66,544		9/16/26		(355	)
Polish Zloty		148,000		USD	39,793		BOA		39,718		10/23/26		75
Polish Zloty		147,000		USD	39,884		HSBC		39,450		10/23/26		434
Polish Zloty		2,640,188		USD	714,872		WFB		708,526		9/4/26		6,346
Singapore Dollar		4,102,539		USD	3,182,829		SOG		3,227,677		9/2/26		(44,848	)
Singapore Dollar		4,098,358		USD	3,231,109		SOG		3,230,910		10/2/26		199
South African Rand		14,537,030		USD	892,478		BCLY		901,395		9/21/26		(8,917	)
South African Rand		445,000		USD	27,567		BCLY		27,593		9/21/26		(26	)
South African Rand		1,002,214		USD	61,937		JPM		62,144		9/21/26		(207	)
South African Rand		14,212,947		USD	877,023		SOG		881,300		9/21/26		(4,277	)
South African Rand		13,022,808		USD	800,891		WFB		807,503		9/21/26		(6,612	)
Swedish Krona		7,878,827		USD	830,269		BCLY		822,742		9/2/26		7,527
Swedish Krona		3,033		USD	319		BNP		317		9/2/26		2
Swedish Krona		2,867,707		USD	300,870		HSBC		299,459		9/2/26		1,411
Swedish Krona		184,221		USD	19,344		SOG		19,237		9/2/26		107
Swiss Franc		40,000		USD	49,940		BCLY		49,655		10/2/26		285
Swiss Franc		81,000		USD	99,904		BNP		100,217		9/2/26		(313	)
Swiss Franc		78,000		USD	96,652		BOA		96,504		9/2/26		148
Swiss Franc		97,000		USD	120,211		JPM		120,012		9/2/26		199
Swiss Franc		1,572,236		USD	1,967,341		SOG		1,951,743		10/2/26		15,598
Swiss Franc		1,427,398		USD	1,746,936		WFB		1,766,035		9/2/26		(19,099	)
Thai Baht		4,013,040		USD	120,000		BNP		121,086		9/16/26		(1,086	)
Thai Baht		360		USD	11		BNP		11		9/16/26		—
Thai Baht		455,022		USD	13,956		BNP		13,730		9/16/26		226
Thai Baht		1,292,084		USD	40,215		BNP		38,986		9/16/26		1,229
Thai Baht		4,088,178		USD	126,063		BNP		123,353		9/16/26		2,710
Thai Baht		2,656,800		USD	80,000		BOA		80,164		9/16/26		(164	)
Thai Baht		994,806		USD	30,000		BOA		30,016		9/16/26		(16	)
Thai Baht		200		USD	6		BOA		6		9/16/26		—
Thai Baht		17,045		USD	520		BOA		514		9/16/26		6
Thai Baht		16,056,797		USD	482,315		DUB		486,668		12/16/26		(4,353	)
Thai Baht		3,566,009		USD	108,000		DUB		107,597		9/16/26		403
Thai Baht		3,442		USD	103		GSC		104		9/16/26		(1	)
Thai Baht		2,848		USD	86		GSC		86		9/16/26		—
Thai Baht		90		USD	3		GSC		3		9/16/26		—
Thai Baht		7,138,092		USD	219,779		GSC		215,378		9/16/26		4,401
Thai Baht		11,782,217		USD	365,737		GSC		355,506		9/16/26		10,231
Thai Baht		14,208,793		USD	441,180		GSC		428,723		9/16/26		12,457

See Notes to Financial Statements.

219



Schedules of Investments


(continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
Thai Baht		171,368		USD	5,153		HSBC	$	5,171		9/16/26	$	(18	)
Thai Baht		800		USD	24		HSBC		24		9/16/26		—
Thai Baht		207,862		USD	6,404		HSBC		6,272		9/16/26		132
Thai Baht		3,083,703		USD	92,451		JPM		93,045		9/16/26		(594	)
Thai Baht		2,279,726		USD	68,452		JPM		68,786		9/16/26		(334	)
Thai Baht		1,428,806		USD	43,396		JPM		43,111		9/16/26		285
Thai Baht		4,803,198		USD	147,818		JPM		144,927		9/16/26		2,891
Thai Baht		12,682,365		USD	393,740		JPM		382,666		9/16/26		11,074
Thai Baht		818,905		USD	24,570		SCB		24,709		9/16/26		(139	)
Thai Baht		12,007,700		USD	371,874		SCB		362,309		9/16/26		9,565
Thai Baht		570,342		USD	17,382		UBS		17,209		9/16/26		173
Turkish Lira		3,714,630		USD	76,934		BCLY		76,973		9/1/26		(39	)

													(2,307,932)

Net Unrealized Depreciation on Open Forward Foreign Currency Contracts												$	(2,394,306)

At August 31, 2026, International Fixed Income Fund held the following OTC Total Return Swap Contract:

Fund Pay
Floating Rate Index

Fund Receive
Floating Rate Index

Financing
Rate

Payment
Frequency

Maturity
Date

Counterparty

Notional
Amount

Value

Upfront
Payment
Paid

Unrealized
Depreciation

iBoxx Investment Grade Index

SOFR

3.392%

PAM

9/21/26

BNP

USD

7,800,000

52,535

64,741

(12,206)

At August 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			Value		Upfront Payment Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Pay	China 7-Day Reverse Repo Index	1.500%		3/17/32		3-Month		BOA		CNY	67,000,000	$	(979)	$	(84,889)	$	83,910
Pay	China 7-Day Reverse Repo Index	1.500%		3/17/32		3-Month		BNP		CNY	63,700,000		(931)		(80,508)		79,577
Pay	China 7-Day Reverse Repo Index	1.500%		3/17/32		3-Month		SCB		CNY	9,000,000		(131)		(11,376)		11,245
Pay	China 7-Day Reverse Repo Index	1.500%		3/17/32		3-Month		JPM		CNY	8,100,000		(118)		(8,549)		8,431
Pay	China 7-Day Reverse Repo Index	1.500%		3/17/32		3-Month		BOA		CNY	5,500,000		(80)		1,119		(1,199)
Pay	China 7-Day Reverse Repo Index	1.500%		3/17/32		3-Month		BOA		CNY	20,500,000		(300)		2,001		(2,301)

												$	(2,539)	$	(182,202)	$	179,663

See Notes to Financial Statements.

220



Schedules of Investments


(continued)


International Fixed Income Fund

At August 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	$	34,441		$	(2,565)		$	37,006
Pay	3-Month FRA New Zealand Bank Bill		3.750%		12/16/28	6-Month		NZD	5,200,000		(6,869	)		(29,671	)		22,802
Pay	3-Month FRA New Zealand Bank Bill		3.750%		9/15/29	6-Month		NZD	12,600,000		(44,792	)		(37,143	)		(7,649	)
Pay	3-Month FRA New Zealand Bank Bill		4.000%		12/16/31	6-Month		NZD	1,100,000		(4,505	)		(10,106	)		5,601
Receive	3-Month Hong Kong Dollar Interbank Offered Rate		3.750%		3/17/32	3-Month		HKD	36,400,000		4,539			(9,753	)		14,292
Pay	3-Month Johannesburg Interbank Average Rate		8.300%		6/8/36	3-Month		ZAR	7,300,000		5,132			4,830			302
Pay	3-Month Stockholm Interbank Offered Rate		2.474%		2/3/30	12-Month		SEK	4,400,000		(272	)		—			(272	)
Pay	3-Month Stockholm Interbank Offered Rate		2.500%		3/18/31	12-Month		SEK	34,500,000		(42,530	)		(12,808	)		(29,722	)
Pay	3-Month Stockholm Interbank Offered Rate		2.750%		9/16/31	12-Month		SEK	8,200,000		(9,560	)		1,711			(11,271	)
Pay	6-Month Australian Bank Bill		3.500%		3/18/31	6-Month		AUD	2,300,000		(103,611	)		(66,649	)		(36,962	)
Pay	6-Month Australian Bank Bill		4.500%		9/16/31	6-Month		AUD	1,400,000		(19,114	)		(13,519	)		(5,595	)
Pay	6-Month Australian Bank Bill		4.500%		9/15/32	6-Month		AUD	8,500,000		(121,913	)		(113,958	)		(7,955	)
Pay	6-Month Australian Bank Bill		4.750%		9/15/32	6-Month		AUD	1,300,000		(8,819	)		(4,039	)		(4,780	)
Receive	6-Month Australian Bank Bill		4.500%		9/17/35	6-Month		AUD	1,300,000		41,746			22,674			19,072
Receive	6-Month Australian Bank Bill		5.000%		9/16/56	6-Month		AUD	50,000		1,355			419			936
Pay	6-Month EURIBOR		0.650%		4/12/27	12-Month		EUR	500,000		(11,763	)		—			(11,763	)
Pay	6-Month EURIBOR		0.650%		5/11/27	12-Month		EUR	300,000		(7,326	)		—			(7,326	)
Pay	6-Month EURIBOR		0.700%		4/11/27	12-Month		EUR	200,000		(4,591	)		—			(4,591	)
Pay	6-Month EURIBOR		1.000%		5/13/27	12-Month		EUR	500,000		(10,126	)		—			(10,126	)
Pay	6-Month EURIBOR		2.250%		9/21/42	12-Month		EUR	2,310,000		(383,538	)		176,898			(560,436	)
Pay	6-Month EURIBOR		3.000%		3/19/27	12-Month		EUR	7,050,000		30,391			47,415			(17,024	)
Pay	6-Month EURIBOR		3.000%		3/17/29	12-Month		EUR	25,400,000		(135,736	)		(82,276	)		(53,460	)
Pay	6-Month EURIBOR		3.000%		3/17/32	12-Month		EUR	11,400,000		(153,978	)		(105,219	)		(48,759	)
Pay	6-Month EURIBOR		3.250%		3/17/57	12-Month		EUR	5,330,000		(215,542	)		(121,531	)		(94,011	)
Receive	6-Month EURIBOR		2.825%		9/19/55	12-Month		EUR	5,500,000		110,827			77,761			33,066
Receive	6-Month EURIBOR		3.250%		3/17/37	12-Month		EUR	2,520,000		35,603			27,702			7,901
Pay	6-Month Norway Interbank Offer Rate		3.750%		3/18/31	12-Month		NOK	10,700,000		(49,114	)		(63,168	)		14,054
Pay	6-Month Norway Interbank Offer Rate		4.500%		9/16/31	12-Month		NOK	900,000		(779	)		(25	)		(754	)
Receive	Bank of Japan Uncollateralized Overnight Call Rate		2.000%		12/16/28	12-Month		JPY	1,610,000,000		(10,122	)		(17,635	)		7,513
Pay	Bank of Japan Uncollateralized Overnight Call Rate		0.750%		3/19/27	12-Month		JPY	570,000,000		(12,364	)		628			(12,992	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		0.850%		9/20/33	12-Month		JPY	68,100,000		(45,073	)		(4,740	)		(40,333	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		1.000%		3/19/32	12-Month		JPY	860,000,000		(367,230	)		(15,354	)		(351,876	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		1.000%		6/19/44	12-Month		JPY	230,000,000		(462,285	)		(92,913	)		(369,372	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		1.250%		9/17/35	12-Month		JPY	475,050,000		(336,686	)		(61,169	)		(275,517	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		1.750%		9/16/31	12-Month		JPY	943,860,000		(146,481	)		(81,296	)		(65,185	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		2.000%		9/16/31	12-Month		JPY	233,300,000		(19,035	)		(3,186	)		(15,849	)

See Notes to Financial Statements.

221



Schedules of Investments


(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	Bank of Japan Uncollateralized Overnight Call Rate		2.500%		9/16/36	12-Month		JPY	50,000	$	(9	)	$	(5	)	$	(4	)
Receive	Bank of Japan Uncollateralized Overnight Call Rate		0.400%		6/19/39	6-Month		JPY	80,000,000		145,720			(20,457	)		166,177
Receive	Bank of Japan Uncollateralized Overnight Call Rate		1.000%		9/18/34	12-Month		JPY	100,000		72			66			6
Receive	Bank of Japan Uncollateralized Overnight Call Rate		1.500%		9/16/28	12-Month		JPY	1,330,950,000		51,549			32,695			18,854
Receive	Bank of Japan Uncollateralized Overnight Call Rate		2.250%		9/17/55	12-Month		JPY	18,800,000		27,765			4,000			23,765
Pay	Canadian Overnight Repo Rate Average		1.713%		10/2/29	6-Month		CAD	400,000		(12,180	)		(29,897	)		17,717
Pay	Canadian Overnight Repo Rate Average		2.850%		9/1/29	6-Month		CAD	1,000,000		(2,405	)		(2,988	)		583
Pay	Canadian Overnight Repo Rate Average		3.250%		12/1/34	6-Month		CAD	2,300,000		(21,060	)		(22,041	)		981
Pay	Canadian Overnight Repo Rate Average		3.250%		6/21/53	6-Month		CAD	200,000		(15,057	)		(10,586	)		(4,471	)
Receive	Canadian Overnight Repo Rate Average		2.750%		6/17/31	6-Month		CAD	3,900,000		53,105			22,456			30,649
Receive	Canadian Overnight Repo Rate Average		2.750%		9/16/31	6-Month		CAD	600,000		9,371			3,579			5,792
Receive	Canadian Overnight Repo Rate Average		2.850%		6/1/33	6-Month		CAD	300,000		5,893			2,521			3,372
Receive	Canadian Overnight Repo Rate Average		3.000%		5/25/31	6-Month		CAD	1,500,000		7,102			(523	)		7,625
Receive	Canadian Overnight Repo Rate Average		3.000%		6/1/33	6-Month		CAD	200,000		2,532			723			1,809
Receive	Canadian Overnight Repo Rate Average		3.000%		6/1/34	6-Month		CAD	700,000		12,359			98			12,261
Receive	Canadian Overnight Repo Rate Average		3.000%		9/16/36	6-Month		CAD	300,000		9,672			4,093			5,579
Receive	Canadian Overnight Repo Rate Average		3.250%		12/20/33	6-Month		CAD	2,500,000		8,895			144,403			(135,508	)
Receive	Canadian Overnight Repo Rate Average		3.250%		12/18/34	6-Month		CAD	200,000		1,485			(4,815	)		6,300
Receive	Canadian Overnight Repo Rate Average		3.750%		12/20/33	6-Month		CAD	500,000		(10,252	)		(2,465	)		(7,787	)
Pay	China 7-Day Reverse Repo Index		1.500%		6/17/31	3-Month		CNY	8,400,000		1,378			(3,469	)		4,847
Pay	Euro Short-Term Rate Market Index		1.795%		10/11/29	12-Month		EUR	2,700,000		(104,604	)		—			(104,604	)
Pay	Euro Short-Term Rate Market Index		1.923%		10/11/29	12-Month		EUR	1,800,000		(59,424	)		—			(59,424	)
Pay	Euro Short-Term Rate Market Index		2.170%		12/15/28	PAM		EUR	3,900,000		(32,440	)		2,298			(34,738	)
Receive	Financial Benchmarks India Overnight Mumbai Interbank Outright Rate		5.750%		3/18/31	6-Month		INR	27,730,000		7,383			(36	)		7,419
Receive	Singapore Overnight Rate Average		1.750%		9/16/31	6-Month		SGD	6,035,000		80,194			(24,329	)		104,523
Receive	Singapore Overnight Rate Average		2.000%		9/16/31	6-Month		SGD	5,000,000		19,794			(11,026	)		30,820
Pay	SOFR		3.460%		6/30/27	12-Month		USD	7,100,000		(40,082	)		—			(40,082	)
Pay	SOFR		3.750%		9/17/27	12-Month		USD	9,500,000		(45,603	)		53,202			(98,805	)
Pay	SOFR		3.981%		11/30/27	12-Month		USD	3,700,000		(1,552	)		—			(1,552	)
Receive	SOFR		1.000%		12/15/26	12-Month		USD	1,000,000		27,764			3,719			24,045
Receive	SOFR		2.965%		11/30/26	12-Month		USD	6,600,000		52,491			(3,697	)		56,188
Receive	SOFR		3.000%		3/19/27	12-Month		USD	12,760,000		109,831			261,813			(151,982	)
Receive	SOFR		3.000%		6/17/28	12-Month		USD	13,900,000		309,321			214,124			95,197
Receive	SOFR		3.000%		9/16/28	12-Month		USD	3,200,000		74,409			67,455			6,954
Receive	SOFR		3.250%		6/18/27	12-Month		USD	2,200,000		16,521			16,095			426
Receive	SOFR		3.250%		6/17/31	12-Month		USD	3,230,000		138,465			111,166			27,299
Receive	SOFR		3.250%		9/16/31	12-Month		USD	5,100,000		223,839			175,989			47,850
Receive	SOFR		3.250%		12/20/53	12-Month		USD	100,000		21,051			11,616			9,435
Receive	SOFR		3.250%		3/19/55	12-Month		USD	400,000		84,917			47,355			37,562
Receive	SOFR		3.500%		3/18/28	12-Month		USD	7,120,000		80,596			(34,830	)		115,426
Receive	SOFR		3.500%		3/18/31	12-Month		USD	13,260,000		403,276			1,579			401,697
Receive	SOFR		3.500%		6/17/33	12-Month		USD	300,000		13,662			4,719			8,943
Receive	SOFR		3.500%		12/20/38	12-Month		USD	3,200,000		291,033			50,178			240,855
Receive	SOFR		3.595%		8/19/34	12-Month		USD	400,000		19,038			—			19,038
Receive	SOFR		3.613%		8/22/34	12-Month		USD	300,000		13,914			—			13,914
Receive	SOFR		3.645%		8/7/34	12-Month		USD	700,000		30,786			—			30,786
Receive	SOFR		3.679%		2/15/36	12-Month		USD	200,000		10,369			—			10,369
Receive	SOFR		3.750%		12/17/30	12-Month		USD	100,000		1,788			(2,019	)		3,807

See Notes to Financial Statements.

222



Schedules of Investments


(continued)


International Fixed Income Fund


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency	Notional Amount			Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Receive	SOFR		3.750%		5/15/32	12-Month		USD	1,503,000	$	36,930		$	(1,427	)	$	38,357
Receive	SOFR		3.750%		12/17/35	12-Month		USD	8,160,000		367,041			(55,002	)		422,043
Receive	SOFR		3.750%		6/17/36	12-Month		USD	3,960,000		191,795			104,242			87,553
Receive	SOFR		3.750%		9/16/36	12-Month		USD	200,000		10,043			5,142			4,901
Receive	SOFR		3.771%		2/15/55	12-Month		USD	100,000		12,676			—			12,676
Receive	SOFR		3.773%		3/4/55	12-Month		USD	400,000		50,651			—			50,651
Receive	SOFR		3.775%		3/3/36	12-Month		USD	500,000		22,149			—			22,149
Receive	SOFR		3.806%		2/15/55	12-Month		USD	200,000		24,213			—			24,213
Receive	SOFR		3.836%		5/15/34	12-Month		USD	500,000		14,762			—			14,762
Receive	SOFR		3.847%		5/15/34	12-Month		USD	300,000		8,637			—			8,637
Receive	SOFR		3.851%		2/28/29	12-Month		USD	1,100,000		8,403			—			8,403
Receive	SOFR		3.862%		2/28/29	12-Month		USD	1,600,000		11,732			—			11,732
Receive	SOFR		3.884%		3/25/35	12-Month		USD	500,000		15,150			—			15,150
Receive	SOFR		3.905%		3/12/35	12-Month		USD	200,000		5,689			—			5,689
Receive	SOFR		3.908%		3/4/35	12-Month		USD	400,000		11,248			—			11,248
Receive	SOFR		3.930%		3/24/35	12-Month		USD	300,000		8,043			—			8,043
Receive	SOFR		3.930%		6/25/55	12-Month		USD	345,000		35,066			1,280			33,786
Receive	SOFR		3.954%		11/15/54	12-Month		USD	200,000		19,246			—			19,246
Receive	SOFR		3.959%		11/15/54	12-Month		USD	400,000		38,185			—			38,185
Receive	SOFR		3.960%		6/27/55	12-Month		USD	405,000		39,209			(236	)		39,445
Receive	SOFR		3.964%		11/15/54	12-Month		USD	300,000		28,388			—			28,388
Receive	SOFR		3.998%		11/15/54	12-Month		USD	400,000		35,599			—			35,599
Receive	SOFR		4.000%		11/30/30	12-Month		USD	10,020,000		84,142			4,703			79,439
Receive	SOFR		4.000%		5/31/33	12-Month		USD	1,600,000		24,962			1,832			23,130
Receive	SOFR		4.000%		2/15/36	12-Month		USD	1,780,000		48,023			1,794			46,229
Receive	SOFR		4.000%		3/18/36	12-Month		USD	6,570,000		170,916			(111,989	)		282,905
Receive	SOFR		4.000%		6/17/56	12-Month		USD	400,000		36,088			11,866			24,222
Receive	SOFR		4.000%		9/16/56	12-Month		USD	1,400,000		127,318			74,613			52,705
Receive	SOFR		4.005%		9/29/55	12-Month		USD	124,000		10,941			(1,392	)		12,333
Receive	SOFR		4.059%		2/15/56	12-Month		USD	100,000		7,950			—			7,950
Receive	SOFR		4.065%		6/26/55	12-Month		USD	213,000		16,998			(3,715	)		20,713
Receive	SOFR		4.111%		11/15/54	12-Month		USD	440,000		30,871			—			30,871
Receive	SOFR		4.130%		11/15/54	12-Month		USD	560,000		37,567			—			37,567
Receive	SOFR		4.250%		11/15/52	12-Month		USD	2,100,000		108,937			57,075			51,862
Pay	South Korean Won Certificate of Deposit		3.750%		9/16/36	3-Month		KRW	1,800,000,000		(37,054	)		(41,309	)		4,255
Pay	Sterling Overnight Index Average		3.000%		6/17/27	12-Month		GBP	5,100,000		(71,458	)		(11,885	)		(59,573	)
Pay	Sterling Overnight Index Average		3.500%		9/16/28	12-Month		GBP	25,960,000		(559,017	)		(361,212	)		(197,805	)
Pay	Sterling Overnight Index Average		4.250%		9/16/31	12-Month		GBP	200,000		(2,117	)		(1,777	)		(340	)
Pay	Sterling Overnight Index Average		4.250%		3/17/32	12-Month		GBP	9,200,000		(130,056	)		(113,438	)		(16,618	)
Receive	Sterling Overnight Index Average		4.250%		9/16/28	12-Month		GBP	2,080,000		5,019			(84	)		5,103
Receive	Sterling Overnight Index Average		4.250%		3/17/29	12-Month		GBP	4,000,000		19,579			8,015			11,564
Receive	Sterling Overnight Index Average		4.500%		9/16/36	12-Month		GBP	1,280,000		24,278			15,330			8,948
Receive	Sterling Overnight Index Average		4.500%		3/17/37	12-Month		GBP	250,000		6,414			5,915			499
Receive	Sterling Overnight Index Average		5.000%		9/16/56	12-Month		GBP	520,000		9,306			6,989			2,317
Receive	Sterling Overnight Index Average		5.000%		3/17/57	12-Month		GBP	898,390		21,510			15,761			5,749
Pay	Swiss Average Rate Overnight Index		0.250%		9/16/28	12-Month		CHF	2,600,000		1,897			4,041			(2,144	)
Pay	Swiss Average Rate Overnight Index		0.250%		9/16/31	12-Month		CHF	1,800,000		(22,057	)		(15,447	)		(6,610	)
Pay	Swiss Average Rate Overnight Index		0.300%		2/15/27	12-Month		CHF	200,000		855			—			855
Pay	Swiss Average Rate Overnight Index		0.300%		8/17/28	PAM		CHF	600,000		(496	)		—			(496	)
Pay	Thai Overnight Repurchase Rate		1.750%		9/16/31	3-Month		THB	18,384,000		1,540			(3,004	)		4,544
Pay	Thai Overnight Repurchase Rate		2.000%		9/16/31	3-Month		THB	5,800,000		2,573			1,084			1,489

										$	523,236		$	71,839		$	451,397

See Notes to Financial Statements.

223



Schedules of Investments


(continued)


International Fixed Income Fund

At August 31, 2026, International Fixed Income Fund held the following OTC and Centrally Cleared Credit Default Swap Contracts:

OTC Credit Default Swap on Sovereign Issue – Buy Protection (1)

Reference Obligation & Rating†

Fixed Deal
(Pay) Rate

Maturity
Date

Payment
Frequency

Counterparty

Implied Credit
Spread at
8/31/26 (2)

Notional
Amount (3)

Value

Upfront
Payment
(Received)

Unrealized
Appreciation

South Korea Government Bonds, AA

(1.000)%

12/20/30

3-Month

GSC

0.190%

USD

600,000

(20,458)

(21,671)

1,213

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

OTC Credit Default Swaps on Indexes – Sell Protection (4)


Reference Obligation & Ratings	Fixed Deal Receive Rate	Maturity Date		Payment Frequency		Counterparty		Implied Credit Spread at 8/31/26 (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		JPM	0.448%		EUR	1,100,000	$	241,279	$	236,282	$	4,997
Markit iTraxx Europe Crossover Series 44 5-Year Index, NR	5.000%		12/20/30		3-Month		BNP	0.448%		EUR	400,000		87,738		84,679		3,059
Markit iTraxx Europe Crossover Series 44 5-Year Index, NR	5.000%		12/20/30		3-Month		GSC	0.448%		EUR	100,000		21,935		20,348		1,587

												$	350,952	$	341,309	$	9,643

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 8/31/26 (2)	Notional Amount (3)			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	0.887%		USD	586,000	$	(6,005	)	$	(5,127)	$	(878	)
Markit CDX North America Investment Grade Series 46 10-Year Index, NR	(1.000)%		6/20/36		3-Month	0.908%		USD	5,000,000		(44,771	)		2,144		(46,915	)
Markit iTraxx Europe Crossover Series 45 5-Year Index, NR	(1.000)%		6/20/31		3-Month	0.510%		EUR	7,300,000		(201,824	)		(112,783)		(89,041	)

										$	(252,600)		$	(115,766)	$	(136,834)

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 8/31/26 (2)		Notional Amount (3)			Value		Upfront Payment Paid/ (Received)			Unrealized Appreciation
Deutsche Bank AG, BBB		1.000%		12/20/32		3-Month		0.876%		EUR	400,000	$	4,165	$	(3,105	)	$	7,270
Markit CDX North America Investment Grade Series 46 5-Year Index, NR		1.000%		6/20/31		3-Month		0.503%		USD	3,200,000		74,924		56,148			18,776

												$	79,089	$	53,043		$	26,046

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

See Notes to Financial Statements.

224



Schedules of Investments


(continued)


International Fixed Income Fund

At August 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

Unrealized
Appreciation

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

323,277

3,687

319,590

(1)

If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising the referenced index.

(2)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as ‘‘Defaulted’’ indicates a credit event has occurred for the referenced entity or obligation.

(3)	The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(5)	At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered.

(6)	The notional amounts to be received or delivered may be determined and exchanged at a future date, based on the effective date of the cross-currency swap.

At August 31, 2026, International Fixed Income Fund deposited cash collateral with brokers in the amount of $2,327,000 for open centrally cleared swap contracts.

See Notes to Financial Statements.

225



Schedules of Investments


(continued)


International Fixed Income Fund

At August 31, 2026, International Fixed Income Fund had cash collateral from brokers in the amount of $280,000 for open OTC swap contracts.


Currency abbreviations used in this schedule:		Counterparty abbreviations used in this schedule:
AUD	— Australian Dollar	BCLY	— Barclays Bank PLC
BRL	— Brazilian Real	BNP	— BNP Paribas SA
CAD	— Canadian Dollar	BOA	— Bank of America
CHF	— Swiss Franc	DUB	— Deutsche Bank AG
CNY	— China Yuan Renminbi	GSC	— Goldman Sachs & Co.
COP	— Colombian Peso	HSBC	— HSBC Bank USA
DKK	— Danish Krone	JPM	— JPMorgan Chase & Co.
EUR	— Euro	SCB	— Standard Chartered Bank
GBP	— British Pound	SOG	— Societe Generale SA
HKD	— Hong Kong Dollar	UBS	— UBS Securities LLC
HUF	— Hungarian Forint	WFB	— Wells Fargo Bank
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— Korean Won
MYR	— Malaysian Ringgit
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PEN	— Peruvian Sol
SEK	— Swedish Krona
SGD	— Singapore Dollar
THB	— Thai Baht
USD	— United States Dollar
ZAR	— South African Rand

See Notes to Financial Statements.

226



Schedules of Investments


(continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value
	MUNICIPAL BONDS — 94.1%

	Alabama — 5.6%
$	400,000	AAA	Alabama Federal Aid Highway Finance Authority, Revenue Bonds, Series A, 5.000% due 9/1/36	$	442,779
			Black Belt Energy Gas District, Revenue Bonds:
	220,000	A1(a)	Series A, 5.250% due 5/1/55(b)		226,400
	120,000	A2(a)	Series E, 5.000% due 7/1/29		123,797
	220,000	A2(a)	Series H1, 5.000% due 1/1/34		228,568
	215,000	A2(a)	Energy Southeast A Cooperative District, Revenue Bonds, Series A, 5.000% due 11/1/35		222,856
	1,000,000	Aa3(a)	Southeast Alabama Gas Supply District (The), Revenue Bonds, Series A, 5.000% due 8/1/54(b)		1,041,121
			Southeast Energy Authority A Cooperative District, Revenue Bonds:
	965,000	A1(a)	Series A, 5.250% due 1/1/54(b)		1,000,533
	500,000	A2(a)	Series B1, 5.000% due 5/1/53(b)		514,012
	1,400,000	Aa1(a)	Series C, 5.000% due 2/1/30		1,466,699

			Total Alabama		5,266,765


	Alaska — 0.1%
			Northern Tobacco Securitization Corp., Revenue Bonds:
	105,000	BBB+	Series A, 4.000% due 6/1/50		88,174
	20,000	BBB-	Series B1, 4.000% due 6/1/50		19,227

			Total Alaska		107,401


	Arizona — 1.6%
	1,000,000	A+	City of Mesa, Utility System Revenue, Revenue Bonds, 5.000% due 7/1/40		1,054,355
	430,000	Aa1(a)	Maricopa County & Phoenix Industrial Development Authorities, Revenue Bonds, Series A, 6.500% due 3/1/55		473,725

			Total Arizona		1,528,080


	California — 7.2%
	40,000	A+	California Health Facilities Financing Authority, Revenue Bonds, Series A, 5.000% due 11/15/36		45,303
	650,000	NR	California Infrastructure & Economic Development Bank, Revenue Bonds, AMT, Series B, 12.000% due 1/1/65(b)(c)(d)		412,750
			California School Finance Authority, Revenue Bonds:
	565,000	BBB-	Aspire Public School Obligation Group, 5.000% due 8/1/32(c)		572,675
	235,000	NR	iLead Lancaster Holdings LLC, Series A, 4.000% due 6/1/31(c)		228,293
	1,000,000	A+	California State Public Works Board, Revenue Bonds, Series D, 5.000% due 11/1/46		1,038,342
			East Bay Municipal Utility District Water System Revenue, Revenue Bonds:
	750,000	AAA	Series A, 5.000% due 6/1/43		810,047
	755,000	AAA	Series A, 5.000% due 6/1/44		813,027
	500,000	AA	Las Virgenes Unified School District, GO, Series B, 5.250% due 8/1/51		526,189
	1,000,000	AA-	Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds, 5.000% due 5/15/47		1,037,682
	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)		1,043,453
	250,000	BBB+	Tobacco Securitization Authority of Southern California, Revenue Bonds, San Diego County Tobacco Asset Securitization, 5.000% due 6/1/48		251,115

			Total California		6,778,876


	Colorado — 2.7%
	100,000	AA	Colorado Bridge & Tunnel Enterprise, Revenue Bonds, Series A, 5.000% due 12/1/36		109,747
			Colorado Health Facilities Authority, Revenue Bonds:
	500,000	AA	Adventhealth Obligated, Series A, 3.000% due 11/15/51		341,839
	90,000	AA+	Series A, 5.000% due 11/15/32		98,030
	70,000	AA+	Series A, 5.000% due 11/15/34		77,086
	40,000	AA	Series D, 5.000% due 11/15/36		44,125

See Notes to Financial Statements.

227



Schedules of Investments


(continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value
Colorado — 2.7% — (continued)
$	1,000,000	AA+	Denver City & County School District No 1, GO, Series C, 5.500% due 12/1/47	$	1,078,053
	500,000	AA	Mesa County Valley School District No 51 Grand Junction, GO, 5.250% due 12/1/43		538,149
	240,000	Aa1(a)	University of Colorado, Revenue Bonds, Series A, 5.000% due 6/1/36		267,510

			Total Colorado		2,554,539


	Connecticut — 1.5%
			Aquarion Water Authority, Revenue Bonds:
	20,000	A-	Series A, 5.000% due 8/1/35		22,136
	20,000	A-	Series A, 5.250% due 8/1/37		22,429
	35,000	A-	Series A, 5.250% due 8/1/38		38,877
	40,000	A-	Series A, 5.250% due 8/1/39		43,958
	110,000	A-	Series B, 5.250% due 2/1/31		119,679
	100,000	A-	Series B, 5.250% due 2/1/33		111,061
	500,000	AA-	State of Connecticut, GO, Series B, 5.000% due 9/15/34		560,594
	500,000	AA	State of Connecticut Special Tax Revenue, Revenue Bonds, Series A-2, 5.000% due 7/1/44		527,231

			Total Connecticut		1,445,965


	District of Columbia — 2.7%
	1,000,000	AA+	District of Columbia, GO, Series B, 5.000% due 8/1/36		1,100,513
			District of Columbia Income Tax Revenue, Revenue Bonds:
	500,000	AAA	Series A, 5.000% due 6/1/33		555,951
	500,000	AAA	Series A, 5.000% due 6/1/43		527,884
	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		385,287

			Total District of Columbia		2,569,635


	Florida — 5.5%
	435,000	NR	Boggy Creek Improvement District, Special Assessment, Series 2013, 5.125% due 5/1/43		429,365
	1,000,000	A	Brevard County Health Facilities Authority, Revenue Bonds, Health First Obligated Group, Series A, 5.000% due 4/1/47		1,005,692
	2,500,000	NR	Capital Trust Agency, Inc., Revenue Bonds, Wonderful Foundations Charter, Series B, zero coupon due 1/1/60		240,301
	500,000	AA+	City of Fort Lauderdale, Water & Sewer Revenue, Revenue Bonds, Series A, 5.000% due 9/1/41		532,924
	800,000	A+	County of Miami-Dade Aviation Revenue, Revenue Bonds, AMT, Series A, 5.250% due 10/1/50(d)		812,664
	100,000	AA+	JEA Water & Sewer System Revenue, Revenue Bonds, Series A, 5.250% due 10/1/49		102,935
	210,000	NR	Lakewood Ranch Stewardship District, Special Assessment, Isles Lakewood Ranch Project, 3.875% due 5/1/29		210,618
	750,000	A-	Miami-Dade County Educational Facilities Authority, Revenue Bonds, 5.000% due 4/1/33		820,056
	1,000,000	A+	Orange County Health Facilities Authority, Revenue Bonds, Orlando Health Obligated Group, Series A, 5.000% due 10/1/53		1,003,104

			Total Florida		5,157,659


	Georgia — 5.0%
	500,000	AA	City of Atlanta, Department of Aviation, Revenue Bonds, AMT, Series B1, 5.250% due 7/1/41(d)		527,234
			Main Street Natural Gas Inc., Revenue Bonds:
	2,500,000	Aa1(a)	Series A, 4.000% due 7/1/52(b)		2,522,698
	435,000	A3(a)	Series A, 5.000% due 6/1/53(b)		451,231
	315,000	A3(a)	Series C, 4.000% due 12/1/26		315,457
	100,000	NR	Newnan Housing Authority, Revenue Bonds, Series A, 6.000% due 8/1/44(b)		99,531
	750,000	AAA	State of Georgia, GO, Series C, 4.000% due 12/1/33		792,343

			Total Georgia		4,708,494

See Notes to Financial Statements.

228



Schedules of Investments


(continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

	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	$	932,272
	100,000	NR	Idaho Housing & Finance Association, Revenue Bonds, Series A, 5.750% due 8/1/45(b)(c)		99,669

			Total Idaho		1,031,941


	Illinois — 2.8%
	1,000,000	A	Chicago Midway International Airport, Revenue Bonds, AMT, Series C, 5.000% due 1/1/38(d)		1,045,431
	300,000	Aa1(a)	Cook County Community Consolidated School District No. 64 Park Ridge-Niles, GO, 5.000% due 12/1/41		314,470
	250,000	AA	Cook County Township High School District No. 201 J Sterling Morton, GO, 5.000% due 6/1/27		254,194
	500,000	AAA	Illinois Finance Authority, Revenue Bonds, Series A, 5.000% due 7/1/43		528,705
			State of Illinois, GO:
	275,000	A-	Series B, 5.250% due 5/1/44		283,958
	150,000	A-	Series C, 5.000% due 12/1/46		151,139

			Total Illinois		2,577,897


	Indiana — 2.3%
			Indianapolis Local Public Improvement Bond Bank, Revenue Bonds:
	1,000,000	A1(a)	Indianapolis Airport Authority, AMT, 5.000% due 1/1/31(d)		1,067,063
	500,000	AA+	Series D, 6.000% due 2/1/48		542,593
	500,000	Aa2(a)	IPS Multi-School Building Corp., Revenue Bonds, 5.000% due 7/15/44		516,819

			Total Indiana		2,126,475


	Iowa — 0.2%
	145,000	Aa3(a)	PEFA, Inc., Revenue Bonds, Series A, 5.000% due 4/1/35		151,770


	Kansas — 0.8%
			Kansas Development Finance Authority, Revenue Bonds:
	500,000	Aa2(a)	Kansas Athletics Inc., Series C-1, 5.000% due 9/1/44		518,675
	250,000	Aaa(a)	Series R, 5.000% due 5/1/41		263,609

			Total Kansas		782,284


	Kentucky — 2.0%
	230,000	NR	City of Henderson, Revenue Bonds, Pratt Paper LLC Project, AMT, Series A, 4.450% due 1/1/42(c)(d)		223,060
			Kentucky State Property & Building Commission, Revenue Bonds:
	500,000	Aa3(a)	Series A, 5.000% due 4/1/37		548,301
	1,020,000	Aa3(a)	Series A, 5.000% due 4/1/41		1,076,843

			Total Kentucky		1,848,204


	Maryland — 0.9%
	500,000	AAA	County of Prince George’s, GO, Series A, 5.000% due 8/1/40		531,561
	250,000	AAA	Washington Suburban Sanitary Commission, Revenue Bonds, 5.000% due 6/1/43		265,555

			Total Maryland		797,116


	Massachusetts — 4.6%
			City of Boston, GO:
	1,000,000	AAA	Series A, 5.000% due 11/1/37		1,086,519
	500,000	AAA	Series A, 5.000% due 6/1/43		537,331
			Commonwealth of Massachusetts, GO:
	550,000	AA+	Series C, 5.000% due 10/1/48		564,888
	500,000	AA+	Series E, 5.000% due 11/1/47		514,840
	270,000	AA+	Series I, 5.000% due 12/1/47		279,702
	545,000	AAA	Massachusetts Clean Water Trust (The), Revenue Bonds, 5.000% due 2/1/35		603,199
	690,000	AA+	Massachusetts Water Resources Authority, Revenue Bonds, Series C, 5.000% due 8/1/39		749,605

			Total Massachusetts		4,336,084

See Notes to Financial Statements.

229



Schedules of Investments


(continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

	Michigan — 3.9%
$	845,000	A+	Central Michigan University, Revenue Bonds, Series A, 5.000% due 10/1/37	$	912,462
	500,000	AA-	Great Lakes Water Authority Sewage Disposal System Revenue, Revenue Bonds, Series C, 5.250% due 7/1/53		512,806
	1,000,000	AA-	Lansing Board of Water & Light, Revenue Bonds, Series A, 5.250% due 7/1/54		1,023,523
			Michigan State Hospital Finance Authority, Revenue Bonds:
	580,000	A2(a)	Series A1, 5.000% due 11/15/32		627,297
	65,000	A2(a)	Series A1, 5.000% due 11/15/36		70,924
	500,000	AA+	Michigan State Housing Development Authority, Revenue Bonds, Series D, 5.100% due 12/1/37		517,796

			Total Michigan		3,664,808


	Missouri — 0.5%
			Health & Educational Facilities Authority of the State of Missouri, Revenue Bonds:
	255,000	A+	Series A, 5.000% due 6/1/33		278,445
	160,000	A+	Series A, 5.000% due 6/1/36		175,708

			Total Missouri		454,153


	Nebraska — 1.7%
			Omaha Public Power District, Revenue Bonds:
	500,000	AA	Series A, 5.000% due 2/1/34		557,173
	1,000,000	AA	Series A, 5.250% due 2/1/48		1,039,966

			Total Nebraska		1,597,139


	New Jersey — 2.4%
	100,000	BBB	Camden County Improvement Authority (The), Revenue Bonds, KIPP Cooper Norcross High School, 6.000% due 6/15/62		102,293
			New Jersey Transportation Trust Fund Authority, Revenue Bonds:
	240,000	A	Series AA, 5.000% due 6/15/42		251,675
	810,000	A	Series AA, 5.000% due 6/15/43		847,050
	500,000	AA-	New Jersey Turnpike Authority, Revenue Bonds, Series A, 5.000% due 1/1/43		527,121
	500,000	A-	Tobacco Settlement Financing Corp., Revenue Bonds, Series A, 5.000% due 6/1/35		510,614

			Total New Jersey		2,238,753


	New York — 4.1%
	500,000	AAA	New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Series F1, 5.250% due 2/1/53		511,867
	500,000	Aa1(a)	New York State Dormitory Authority, Revenue Bonds, Series C, 5.000% due 3/15/44		522,649
	500,000	AA+	New York State Thruway Authority, Revenue Bonds, Series A, 5.000% due 9/15/49		512,436
	500,000	AA-	Port Authority of New York & New Jersey, Revenue Bonds, Series 241, 5.000% due 7/15/41		532,506
	660,000	AA+	Triborough Bridge & Tunnel Authority, Revenue Bonds, Series C, 5.250% due 5/15/52		677,701
	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		1,051,874

			Total New York		3,809,033


	North Carolina — 2.0%
	500,000	AAA	City of Charlotte, Water & Sewer System Revenue, Revenue Bonds, 5.000% due 7/1/37		562,857
	720,000	AAA	City of Durham, Water & Sewer Utility System Revenue, Revenue Bonds, 5.000% due 8/1/35		814,506
	500,000	AA+	County of Johnston, Revenue Bonds, 5.000% due 4/1/41		531,566

			Total North Carolina		1,908,929


	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		434,526

See Notes to Financial Statements.

230



Schedules of Investments


(continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

	Ohio — 4.1%
			Buckeye Tobacco Settlement Financing Authority, Revenue Bonds:
$	85,000	BBB+	Series A2, 3.000% due 6/1/48	$	60,159
	100,000	NR	Series B2, 5.000% due 6/1/55		76,471
	1,000,000	Aa2(a)	North Ridgeville City School District, GO, 5.000% due 12/1/44		1,013,937
	1,000,000	AAA	Ohio Water Development Authority, Revenue Bonds, Series A, 5.000% due 12/1/41		1,062,523
	1,000,000	AAA	Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds, Series D, 5.000% due 12/1/43		1,058,802
	500,000	AAA	State of Ohio, GO, Series A, 5.000% due 6/15/34		561,062

			Total Ohio		3,832,954


	Oklahoma — 1.1%
	1,000,000	AAA	Oklahoma Water Resources Board, Revenue Bonds, Clean Water Program, 5.000% due 4/1/44		1,045,033


	Oregon — 1.4%
	1,000,000	AA-	Port of Portland Airport Revenue, Revenue Bonds, Green Bond, AMT, Series 29, 5.000% due 7/1/38(d)		1,048,121
	250,000	AA+	State of Oregon, GO, Series F, 5.000% due 8/1/48		255,976

			Total Oregon		1,304,097


	Pennsylvania — 2.5%
	1,000,000	A+	Commonwealth of Pennsylvania, GO, 5.000% due 4/1/29		1,057,814
	250,000	AA-	Geisinger Authority, Revenue Bonds, Geisinger Health System, 4.000% due 4/1/50		211,741
	1,000,000	A	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Series B1, 5.250% due 11/1/37		1,069,598

			Total Pennsylvania		2,339,153


	Puerto Rico — 0.5%
			Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds:
	306,000	NR	Series A1, 4.750% due 7/1/53		289,563
	216,000	NR	Series A2, 4.784% due 7/1/58		203,955

			Total Puerto Rico		493,518


	Tennessee — 3.0%
	500,000	AA+	County of Shelby, GO, Series A, 5.000% due 4/1/37		546,185
	300,000	AA+	Metropolitan Government of Nashville & Davidson County, GO, Series C, 3.000% due 1/1/34		285,693
	1,000,000	AA-	Metropolitan Nashville Airport Authority (The), Revenue Bonds, AMT, Series B, 5.000% due 7/1/46(d)		1,012,867
	245,000	Baa1(a)	Tennergy Corp., Revenue Bonds, Gas Supply, Series A, 5.500% due 10/1/53(b)		256,885
	600,000	Aa3(a)	Tennessee Energy Acquisition Corp., Revenue Bonds, Series A, 5.000% due 12/1/35		625,221
	90,000	AA+	Tennessee Housing Development Agency, Revenue Bonds, Series 2A, 6.000% due 1/1/55		97,903

			Total Tennessee		2,824,754


	Texas — 15.0%
	415,000	Aa1(a)	Bexar Management And Development Corp., Revenue Bonds, 4.610% due 7/1/44		398,993
			City of Austin, Airport System Revenue, Revenue Bonds:
	500,000	A+	AMT, 5.000% due 11/15/41(d)		514,126
	1,000,000	A+	AMT, Series B, 5.000% due 11/15/37(d)		1,060,837
			City of Austin, Water & Wastewater System Revenue, Revenue Bonds:
	315,000	AA	5.000% due 11/15/41		331,163
	1,000,000	AA	5.000% due 11/15/44		1,049,304
	500,000	Aa2(a)	City of Houston, GO, Series A, 5.250% due 3/1/40		530,995
	250,000	Aa1(a)	City of Midland, GO, Series B, 5.000% due 3/1/47		255,431
	500,000	Aaa(a)	County of Harris, GO, Series A, 5.000% due 9/15/38		543,159
	1,000,000	AA-	Dallas Fort Worth International Airport, Revenue Bonds, AMT, Series A1, 5.250% due 11/1/45(d)		1,030,689
			Fort Bend Independent School District, GO:
	500,000	AAA	Series A, Permanent School Fund Guaranteed, 5.000% due 8/15/36		551,434
	1,000,000	AAA	Series A, Permanent School Fund Guaranteed, 5.000% due 8/15/44		1,044,446

See Notes to Financial Statements.

231



Schedules of Investments


(continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value
Texas — 15.0% — (continued)
$	475,000	AA	Harris County Cultural Education Facilities Finance Corp., Revenue Bonds, Series A, 5.000% due 12/1/29	$	504,061
	500,000	AA	Leander Independent School District, GO, Series B, 5.000% due 8/15/34		553,368
	315,000	Aaa(a)	New Caney Independent School District, GO, Permanent School Fund Guaranteed, 5.000% due 2/15/41		331,180
	500,000	AA-	North Texas Municipal Water District, Revenue Bonds, Panther Creek Regional Wastewater System, 5.250% due 6/1/43		522,094
	500,000	AAA	Permanent University Fund — Texas A&M University System, Revenue Bonds, Series A, 5.000% due 7/1/34		559,362
	1,000,000	AAA	Plano Independent School District, GO, Permanent School Fund Guaranteed, 5.000% due 2/15/41		1,056,611
			Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds:
	1,000,000	AA	Cook Children’s Medical Center, 5.250% due 12/1/49		1,026,228
	1,050,000	AA	Series C-2, 5.000% due 11/15/51(b)		1,147,657
			Texas Water Development Board, Revenue Bonds:
	500,000	AAA	5.000% due 10/15/47		514,226
	500,000	AAA	State Revolving Fund, 5.000% due 8/1/44		524,647

			Total Texas		14,050,011


	Virginia — 2.8%
	500,000	AA+	Albemarle County Economic Development Authority, Revenue Bonds, Series A, 5.000% due 6/1/38		535,416
	75,000	AA	City of Richmond, Public Utility Revenue, Revenue Bonds, Series B, 5.000% due 1/15/33		83,371
	225,000	AAA	Prince William County Service Authority, Revenue Bonds, 5.000% due 7/15/31		246,697
	80,000	AA+	Virginia Housing Development Authority, Revenue Bonds, Series G, 5.150% due 11/1/52		80,604
	1,000,000	AA+	Virginia Public Building Authority, Revenue Bonds, Series A, 5.000% due 8/1/42		1,067,012
	500,000	AAA	Virginia Resources Authority, Revenue Bonds, Series B, 5.000% due 11/1/37		556,854

			Total Virginia		2,569,954


	Washington — 1.8%
			Pierce County School District No 10 Tacoma, GO, School Bond Guaranty Program:
	1,000,000	AA+	5.000% due 12/1/48		1,027,808
	370,000	AA+	5.000% due 12/1/44		386,806
	250,000	AA+	State of Washington, GO, Series E, 5.000% due 8/1/44		263,642

			Total Washington		1,678,256


	Wisconsin — 0.2%
	180,000	Aa1(a)	Public Finance Authority, Revenue Bonds, 3.625% due 6/15/63(b)		177,606

			TOTAL MUNICIPAL BONDS
			(Cost — $89,284,884)		88,191,862


	COLLATERALIZED MORTGAGE OBLIGATIONS — 0.7%

	California — 0.1%
	115,000	AA-	California Municipal Finance Authority, Series A1, 4.500% due 3/20/48(b)		115,533


	Kansas — 0.2%
	197,253	Aa1(a)	Kansas City Industrial Development Authority, 4.390% due 9/1/42		183,313


	New Hampshire — 0.4%
	364,164	AA-	New Hampshire Business Finance Authority, Series 2026-1, 4.250% due 7/20/41		341,374

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
			(Cost — $656,621)		640,220

See Notes to Financial Statements.

232



Schedules of Investments


(continued)


Municipal Bond Fund

Shares/Units		Security	Value

	WARRANT — 0.0%@

	Nevada — 0.0%@
$	5,400	Brightline West, (Cost — $0, acquired 11/28/25) expires 11/26/35*(f)(g)# (Cost — $0)	$	2,700

		TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $89,941,505)		88,834,782


Face Amount†

	SHORT-TERM INVESTMENTS — 4.9%

	TIME DEPOSITS — 4.9%
	1,656,345	JPMorgan Chase & Co. — New York, 2.980% due 9/1/26		1,656,345
	2,916,350	Sumitomo Mitsui Banking Corp. — Tokyo, 2.980% due 9/1/26		2,916,350

		TOTAL SHORT-TERM INVESTMENTS
		(Cost — $4,572,695)		4,572,695

		TOTAL INVESTMENTS — 99.7%
		(Cost — $94,514,200)		93,407,477

		Other Assets in Excess of Liabilities — 0.3%		239,225

		TOTAL NET ASSETS — 100.0%	$	93,646,702

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

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

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)	Rating by Moody’s Investors Service. All ratings are unaudited.

(b)	Variable rate security. Interest rate disclosed is that which was in effect at August 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. All ratings are unaudited.

(f)	The aggregate value of restricted securities (excluding 144A holdings) at August 31, 2026, amounts to $2,700 and represents less than 0.05% of net assets.

(g)	Illiquid security.

#	Security that used significant unobservable inputs to determine fair value. At August 31, 2026, the Fund held a Level 3 security with a value of $2,700, representing less than 0.05% of net assets.

At August 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

(Depreciation)

Municipal Bond Fund

94,514,200

404,348

(1,511,071)

$ (1,106,723)


Abbreviations used in this schedule:
AMT		— Federal National Mortgage Association
GO		— Government National Mortgage Association

See Notes to Financial Statements.

233



Schedules of Investments


(continued)


Municipal Bond Fund


Summary of Investments by Industry^
General Obligation	33.2	%
Water and Sewer	14.2
Health Care Providers & Services	10.4
School District	9.3
Airport	9.2
Utilities	2.9
Education	2.7
Single Family Housing	2.2
Higher Education	1.8
Power	1.7
Bond Bank	1.7
Multifamily Housing	1.6
Tobacco Settlement	1.5
Development	1.4
Transportation	1.3
Short-Term Investments	4.9

Total Investments	100.0	%

^	As a percentage of total investments.

See pages 265-266 for definitions of ratings.

See Notes to Financial Statements.

234



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†		Security	Value

	U.S. GOVERNMENT OBLIGATIONS — 112.7%
$	3,100,000	U.S. Treasury Bonds, 3.625% due 2/15/44(a)	$	2,534,492
		U.S. Treasury Inflation Indexed Bonds:
	2,226,916	1.750% due 1/15/28		2,209,643
	3,078,542	3.625% due 4/15/28		3,140,903
	1,698,540	2.500% due 1/15/29		1,712,051
	2,533,181	3.875% due 4/15/29		2,641,333
	45,154	3.375% due 4/15/32		47,957
	896,146	2.125% due 2/15/40		842,039
	991,224	2.125% due 2/15/41		921,437
	2,069,088	0.750% due 2/15/42		1,532,475
	1,873,764	0.625% due 2/15/43		1,321,752
	2,392,960	1.375% due 2/15/44		1,888,293
	1,730,167	0.750% due 2/15/45		1,187,766
	1,254,375	1.000% due 2/15/46		887,967
	1,507,950	0.875% due 2/15/47		1,020,542
	1,245,901	1.000% due 2/15/48		851,974
	663,565	1.000% due 2/15/49		446,985
	1,246,982	0.250% due 2/15/50		669,498
	1,539,240	0.125% due 2/15/51		771,532
	719,790	0.125% due 2/15/52		352,179
	2,808,650	1.500% due 2/15/53		2,033,833
	2,067,447	2.125% due 2/15/54		1,720,901
	2,116,640	2.375% due 2/15/55		1,855,740
	824,352	2.375% due 2/15/56(b)		722,561
		U.S. Treasury Inflation Indexed Notes:
	4,109,252	0.375% due 7/15/27		4,050,329
	6,764,100	1.625% due 10/15/27(a)		6,730,529
	7,687,217	0.500% due 1/15/28(a)		7,500,104
	1,113,360	1.250% due 4/15/28		1,094,275
	6,399,224	0.750% due 7/15/28(a)		6,254,710
	6,105,680	2.375% due 10/15/28		6,150,911
	3,293,199	0.875% due 1/15/29		3,197,191
	1,187,648	2.125% due 4/15/29		1,185,988
	3,090,237	0.250% due 7/15/29		2,942,272
	3,077,857	1.625% due 10/15/29		3,041,451
	2,518,101	0.125% due 1/15/30		2,357,084
	2,517,792	1.625% due 4/15/30		2,471,350
	2,826,447	0.125% due 7/15/30		2,628,310
	3,613,435	1.125% due 10/15/30		3,483,562
	1,937,134	0.125% due 1/15/31		1,777,855
	6,351,900	1.250% due 4/15/31		6,097,277
	510,856	0.125% due 7/15/31		465,382
	4,577,936	0.125% due 1/15/32		4,107,780
	7,471,035	0.625% due 7/15/32(a)		6,853,812
	11,323,211	1.125% due 1/15/33(a)		10,592,072
	5,937,732	1.375% due 7/15/33		5,624,045
	2,390,102	1.750% due 1/15/34		2,303,171
	6,172,824	1.875% due 7/15/34(a)		5,993,928
	4,761,855	2.125% due 1/15/35		4,677,157
	4,264,123	1.875% due 7/15/35(a)		4,098,205
	5,652,625	1.875% due 1/15/36(a)		5,388,952
	2,399,880	2.375% due 7/15/36		2,386,497
	80,000	U.S. Treasury Notes, 4.125% due 2/15/36		76,275

		TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $152,913,017)		144,844,327

See Notes to Financial Statements.

235



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	MORTGAGE-BACKED SECURITIES — 14.4%

	FHLMC — 2.7%
			Federal Home Loan Mortgage Corp. (FHLMC):
$	78,201		3.000% due 7/1/52	$	66,806
	208,948		6.500% due 10/1/53		215,562
	2,593,522		6.000% due 3/1/54		2,624,576
	290,525		5.000% due 7/1/54		281,080
	293,770		4.000% due 5/1/56		268,368

			Total FHLMC		3,456,392


	FNMA — 8.9%
			Federal National Mortgage Association (FNMA):
	28,914		4.000% due 3/1/50		26,795
	152,982		3.000% due 5/1/52		130,785
	71,983		4.500% due 10/1/52		68,224
	1,383,701		5.500% due 5/1/54		1,371,274
	2,000,000		4.000% due 10/1/56(c)		1,824,353
	7,800,000		4.500% due 10/1/56(c)		7,312,744
	800,000		5.000% due 10/1/56(c)		770,655

			Total FNMA		11,504,830


	GNMA — 2.8%
	4,057,010		Government National Mortgage Association II (GNMA), 3.500% due 11/20/52 — 10/20/54		3,557,696

			TOTAL MORTGAGE-BACKED SECURITIES (Cost — $18,761,829)		18,518,918


	COLLATERALIZED MORTGAGE OBLIGATIONS — 9.5%

	Asset-Backed Securities — 1.9%
	51,418	CCC	Bear Stearns Asset-Backed Securities Trust, Series 2004-1, Class M1, 4.757% (1-Month Term SOFR + 1.089%) due 6/25/34(d)		64,849
			Credit-Based Asset Servicing & Securitization LLC:
	103,861	CC(e)	Series 2005-CB3, Class M4, 3.616% (1-Month Term SOFR + 1.164%) due 6/25/35(d)		100,517
	580,301	Caa2(f)	Series 2007-CB6, Class A3, 4.002% (1-Month Term SOFR + 0.334%) due 7/25/37(d)(g)		383,136
			CWABS Asset-Backed Certificates Trust:
	148,039	Caa1(f)	Series 2004-7, Class MV5, 5.507% (1-Month Term SOFR + 1.839%) due 11/25/34(d)		133,894
	187,051	CC	Series 2007-1, Class 1A, 4.062% (1-Month Term SOFR + 0.394%) due 7/25/37(d)		170,243
	41,438	Caa1(f)	Series 2007-6, Class 1A, 4.182% (1-Month Term SOFR + 0.514%) due 9/25/37(d)		37,892
	203,918	CCC	Series 2007-8, Class 1A1, 3.972% (1-Month Term SOFR + 0.304%) due 11/25/37(d)		192,404
	293,743	BBB-	Ellington Loan Acquisition Trust, Series 2007-1, Class A1, 4.882% (1-Month Term SOFR + 1.214%) due 5/25/37(d)(g)		285,628
	16,025	Caa1(f)	GSAA Trust, Series 2006-7, Class AF4A, step bond to yield, 6.720% due 3/25/46		7,989
	138,055	Caa2(f)	Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A2, 4.022% (1-Month Term SOFR + 0.354%) due 8/25/36(d)		54,119
			Option One Mortgage Loan Trust:
	73,334	Caa1(f)	Series 2007-1, Class 1A1, 4.062% (1-Month Term SOFR + 0.394%) due 1/25/37(d)		47,201
	66,792	Caa1(f)	Series 2007-2, Class 1A1, 4.062% (1-Month Term SOFR + 0.394%) due 3/25/37(d)		43,597
	700,000	Aaa(f)	Romark Credit Funding Ltd., Series 2025-4A, Class A, 5.423% due 7/29/43(g)		701,018
	84,087	Caa3(f)	Securitized Asset-Backed Receivables LLC Trust, Series 2006-HE2, Class A2C, 4.082% (1-Month Term SOFR + 0.414%) due 7/25/36(d)		31,015
			Soundview Home Loan Trust:
	168,378	Caa1(f)	Series 2007-OPT1, Class 1A1, 3.982% (1-Month Term SOFR + 0.314%) due 6/25/37(d)		118,386
	37,555	CCC	Series 2007-OPT2, Class 2A3, 3.962% (1-Month Term SOFR + 0.294%) due 7/25/37(d)		33,614

			Total Asset-Backed Securities		2,405,502

See Notes to Financial Statements.

236



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 9.5% — (continued)

	Mortgage Securities — 7.6%
			Alternative Loan Trust:
$	127,721	Caa1(f)	Series 2006-HY11, Class A1, 4.022% (1-Month Term SOFR + 0.354%) due 6/25/36(d)	$	122,845
	22,304	WR(f)	Series 2007-4CB, Class 1A35, 6.000% due 4/25/37		18,465
	316,618	Caa2(f)	Alternative Loan Trust Resecuritization, Series 2008-2R, Class 1A1, 6.000% due 8/25/37(d)		252,633
	7,401	WR(f)	Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-3, Class 3A2, 6.000% due 5/25/33(d)		7,068
	12,398	WR(f)	Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-A, Class A1, 4.142% (1-Month Term SOFR + 0.474%) due 3/25/35(d)(g)		12,423
			CHL Mortgage Pass-Through Trust:
	359,999	WR(f)	Series 2005-HYB6, Class 2A1, 4.533% due 10/20/35(d)		348,523
	31,613	WR(f)	Series 2005-HYB9, Class 2A1, 6.587% (1-Year Term SOFR + 2.465%) due 2/20/36(d)		29,696
	77,745	WR(f)	Series 2006-6, Class A4, 6.000% due 4/25/36(f)		35,700
	115,903	WD(e)	Series 2007-1, Class A1, 6.000% due 3/25/37		45,680
			Citigroup Mortgage Loan Trust:
	2,392	WR(f)	Series 2004-HYB2, Class 2A, 6.025% due 3/25/34(d)		2,303
	88,436	WR(f)	Series 2007-AR4, Class 1A1A, 4.379% due 3/25/37(d)(f)		76,515
	11,053	B(e)	Citigroup Mortgage Loan Trust Inc., Series 2004-NCM2, Class 1CB1, 5.500% due 8/25/34		10,861
			Federal National Mortgage Association (FNMA), REMICS:
	576,536	NR	Series 2025-47, Class FJ, 4.673% (30-Day Average SOFR + 1.030%) due 6/25/55(d)		582,761
	1,286,883	NR	Series 2026-61, Class FD, 4.693% (30-Day Average SOFR + 1.050%) due 8/25/56(d)		1,283,897
			Government National Mortgage Association (GNMA):
	192,234	NR	Series 2018-H15, Class FG, 4.927% (1-Year Term SOFR + 0.865%) due 8/20/68(d)		193,188
	462,211	NR	Series 2023-H11, Class FC, 4.739% (30-Day Average SOFR + 1.100%) due 5/20/73(d)		473,231
	2,417,757	NR	Series 2023-H19, Class FA, 4.539% (30-Day Average SOFR + 0.900%) due 8/20/73(d)		2,453,869
	1,362,274	NR	Series 2025-H22, Class F, 4.419% (30-Day Average SOFR + 0.780%) due 10/20/75(d)		1,375,100
	1,184,600	NR	Government National Mortgage Association II (GNMA), Series 2025-159, Class FJ, 4.809% (30-Day Average SOFR + 1.170%) due 9/20/55(d)		1,188,440
	2,331	AA-	HarborView Mortgage Loan Trust, Series 2005-9, Class 2A1A, 4.447% (1-Month Term SOFR + 0.794%) due 6/20/35(d)		2,158
	29,352	CCC	IndyMac INDX Mortgage Loan Trust, Series 2005-16IP, Class A1, 4.422% (1-Month Term SOFR + 0.754%) due 7/25/45(d)		21,342
	78,231	CCC	JP Morgan Alternative Loan Trust, Series 2006-A1, Class 1A1, 4.242% (1-Month Term SOFR + 0.574%) due 3/25/36(d)		74,034
	143,941	WD(e)	Lehman XS Trust, Series 2007-20N, Class A1, 6.082% (1-Month Term SOFR + 2.414%) due 12/25/37(d)		148,279
	600,000	Aaa(f)	LUX Trust LION, Class A, 6.330% (1-Month Term SOFR + 2.690%) due 8/15/40(d)(g)		601,758
	1,867	WR(f)	MRFC Mortgage Pass-Through Trust, Series 2000-TBC2, Class A1, 4.234% (1-Month Term SOFR + 0.594%) due 6/15/30(d)		1,838
			New Residential Mortgage Loan Trust:
	21,713	NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(d)(g)		21,005
	89,056	Aaa(f)	Series 2019-RPL3, Class A1, 2.750% due 7/25/59(d)(g)		85,839
	492,788	WD(e)	Residential Asset Securitization Trust, Series 2006-A10, Class A5, 6.500% due 9/25/36		129,208
	391,493	Caa3(f)	Securitized Asset-Backed Receivables LLC Trust, Series 2006-FR3, Class A3, 4.282% (1-Month Term SOFR + 0.614%) due 5/25/36(d)		206,663
	13,543	WR(f)	Sequoia Mortgage Trust, Series 6, Class A, 4.402% (1-Month Term SOFR + 0.754%) due 4/19/27(d)		13,477
			WaMu Mortgage Pass-Through Certificates Trust:
	2,694	BB(e)	Series 2002-AR2, Class A, 3.990% (11th District Cost of Funds Index + 1.250%) due 2/27/34(d)		2,629
	1,526	WR(f)	Series 2002-AR17, Class 1A, 4.907% (1-Year Treasury Average Rate + 1.200%) due 11/25/42(d)		1,474

			Total Mortgage Securities		9,822,902

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $13,113,288)		12,228,404

See Notes to Financial Statements.

237



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	SOVEREIGN BONDS — 6.3%

	Brazil — 0.1%
	100,000	^EUR	BB	Brazilian Government International Bonds, 4.000% due 4/23/30	$	115,027


	Canada — 0.4%
				Canadian Government Real Return Bonds:
	577,281	^CAD	AAA	4.250% due 12/1/26		419,481
	65,017	^CAD	AAA	0.500% due 12/1/50		33,878

				Total Canada		453,359


	Costa Rica — 0.1%
	100,000	^EUR	BB(e)	Costa Rica Government International Bonds, 5.950% due 4/27/33(g)		121,887


	France — 0.8%
				French Republic Government Bonds OAT:
	251,366	^EUR	A+u(e)	0.100% due 7/25/31(g)		277,825
	647,540	^EUR	A+u(e)	0.100% due 7/25/36(g)		633,544
	123,403	^EUR	A+u(e)	0.100% due 7/25/38(g)		114,221

				Total France		1,025,590


	Italy — 2.2%
				Italy Buoni Poliennali Del Tesoro:
	382,302	^EUR	Baa2u(f)	0.400% due 5/15/30(g)		433,621
	1,224,000	^EUR	Baa2u(f)	0.100% due 5/15/33(g)		1,290,760
	958,716	^EUR	Baa2u(f)	1.800% due 5/15/36(g)		1,097,111

				Total Italy		2,821,492


	Japan — 2.3%
	110,000,000	^JPY	A1(f)	Japan Government Thirty Year Bonds, 3.400% due 12/20/55		603,571
				Japanese Government CPI Linked Bonds:
	67,730,230	^JPY	A1(f)	0.100% due 3/10/28		425,404
	157,326,900	^JPY	A1(f)	0.100% due 3/10/29		984,133
	63,778,200	^JPY	A1(f)	0.005% due 3/10/34		379,240
	103,193,000	^JPY	A1(f)	0.005% due 3/10/35		603,609

				Total Japan		2,995,957


	Kuwait — 0.1%
$	200,000		NR	Kuwait International Government Bonds, (Cost — $200,000, acquired 4/13/26), 4.804% due 4/20/33(h)		194,572


	United Arab Emirates — 0.3%
				Abu Dhabi Government International Bonds:
	200,000		AA	4.875% due 4/30/29(g)		200,890
	200,000		AA	5.000% due 4/30/34(g).		199,715

				Total United Arab Emirates		400,605

				TOTAL SOVEREIGN BONDS
				(Cost — $9,209,032)		8,128,489


	COLLATERALIZED LOAN OBLIGATIONS — 4.8%

	Other ABS — 4.8%
	300,000	^EUR	AAA	Arbour CLO VI DAC, Series 6A, Class AR, 3.661% (3-Month EURIBOR + 1.150%) due 11/15/37(d)(g)		349,337
	700,000		AAA	BlueMountain CLO Ltd., Series 2022-34A, Class AR, 4.879% (3-Month Term SOFR + 1.150%) due 4/20/35(d)(g)		700,639
	500,000		AAA	Canyon CLO Ltd., Series 2020-1A, Class AR2, 4.833% (3-Month Term SOFR + 1.080%) due 7/15/34(d)(g)		500,533
	386,728	^EUR	AAA	Dryden 44 Euro CLO, Series 2015-44A, Class A1RR, 3.311% (3-Month EURIBOR + 0.880%) due 4/15/34(d)(g)		449,658

See Notes to Financial Statements.

238



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Other ABS — 4.8% — (continued)
	590,152	^EUR	AAA	Dunedin Park CLO DAC, Series 1A, Class AR, 3.480% (3-Month EURIBOR + 0.980%) due 11/20/34(d)(g)	$	686,547
	700,000		Aaa(f)	Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class A1R2, 4.839% (3-Month Term SOFR + 1.110%) due 4/20/35(d)(g)		700,175
	700,000	^EUR	AAA	Harvest CLO XXXII DAC, Series 32A, Class AR, 3.375% (3-Month EURIBOR + 1.210%) due 7/25/37(d)(g)		813,963
	700,000	^EUR	AAA	Hayfin Emerald CLO VI DAC, Series 6A, Class AR, 3.681% (3-Month EURIBOR + 1.250%) due 10/15/38(d)(g)		813,990
	327,065	^EUR	Aaa(f)	St Paul’s CLO IV DAC, Series 4A, Class ARR1, 3.302% (3-Month EURIBOR + 0.830%) due 4/25/30(d)(g)		380,115
$	700,000		Aaa(f)	Symphony CLO XXIX Ltd., Series 2021-29A, Class AR, 4.903% (3-Month Term SOFR + 1.150%) due 10/15/35(d)(g)		700,753

				TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost — $5,909,973)		6,095,710


	CORPORATE BONDS & NOTES — 1.0%

	Banks — 0.4%
	200,000		A+(e)	Emirates NBD Bank PJSC, Senior Unsecured Notes, 5.125% due 6/29/31(g)		198,355
	100,000	^GBP	BBB+	HSBC Holdings PLC, Subordinated Notes, 6.000% due 3/29/40		128,404
	200,000		A+	QNB Finance Ltd., Company Guaranteed Notes, 4.711% (SOFR + 1.050%) due 4/27/29(d)(g)		200,510

				Total Banks		527,269


	Diversified Financial Services — 0.2%
	98,410	^DKK	AAA	Jyske Realkredit AS, Covered Notes, 1.500% due 10/1/53		11,565
	100,000	^DKK	AAA	Nordea Kredit Realkreditaktieselskab, Covered Notes, 1.500% due 10/1/53		10,292
	164,778	^DKK	AAA	Realkredit Danmark AS, Covered Notes, 1.500% due 10/1/53		20,182
	200,000		NR	VFS 2026 I SCSp, Senior Secured Notes, 6.832% due 9/7/51(g)(i)		199,202

				Total Diversified Financial Services		241,241


	Telecommunications — 0.4%
	500,000		Baa3(f)	RD Michigan Property Owner I LLC, Senior Secured Notes, 7.500% due 3/30/45(g)		476,980

				TOTAL CORPORATE BONDS & NOTES (Cost — $1,296,596)		1,245,490

				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $201,203,735)		191,061,338


	SHORT-TERM INVESTMENTS(j) — 2.2%

	MONEY MARKET FUND — 0.1%
	184,388			Invesco STIT — Government & Agency Portfolio, Institutional Class, 3.761%(k) (Cost — $184,388)		184,388


	TIME DEPOSITS — 2.1%
				ANZ National Bank — Hong Kong:
	50,729	^NZD		1.100% due 9/1/26		30,014
	107,952	^AUD		2.850% due 9/1/26		77,358
	20,372	^CAD		BBH — New York, 1.100% due 9/1/26		14,699
	13,491	^GBP		Citibank — London, 2.670% due 9/1/26		18,280
	821,435			Citibank — New York, 2.980% due 9/1/26		821,435
				DNB — Oslo:
	54,073	^EUR		1.130% due 9/1/26		62,814
	1,134	^NOK		2.970% due 9/1/26		121
	54	^SGD		HSBC Bank — Singapore, 0.440% due 9/1/26		43
	1,438,916			Royal Bank of Canada — Toronto, 2.980% due 9/1/26		1,438,916

See Notes to Financial Statements.

239



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Security	Value

	SHORT-TERM INVESTMENTS(j) — 2.2% — (continued)

	TIME DEPOSITS — 2.1% — (continued)
			Skandinaviska Enskilda Banken AB — Stockholm:
	459,224	^SEK	0.660% due 9/1/26	$	47,954
	46,598	^DKK	0.730% due 9/1/26		7,242
	754	^CHF	Societe Generale SA — Paris, (0.380)% due 9/1/26		933
	862,751	^ZAR	Standard Chartered Bank — Johannesburg, 4.060% due 9/1/26		53,573
	17,327,953	^JPY	Sumitomo Mitsui Banking Corp. — Tokyo, 0.320% due 9/1/26		108,476

			TOTAL TIME DEPOSITS (Cost — $2,681,858)		2,681,858

			TOTAL SHORT-TERM INVESTMENTS (Cost — $2,866,246)		2,866,246

			TOTAL INVESTMENTS — 150.9% (Cost — $204,069,981)		193,927,584

			Liabilities in Excess of Other Assets — (50.9)%		(65,429,562	)

			TOTAL NET ASSETS — 100.0%	$	128,498,022

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

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

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

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

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

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

(e)	Rating by Fitch Ratings Service. All ratings are unaudited.

(f)	Rating by Moody’s Investors Service. All ratings are unaudited.

(g)

(h)	The aggregate value of restricted securities (excluding 144A holdings) at August 31, 2026, amounts to $194,572 and represents 0.2% of net assets.

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

(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 2.1%.

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

At August 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

206,250,957

5,916,375

(17,124,737)

$ (11,208,362)

See Notes to Financial Statements.

240



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund


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	74.8	%
Mortgage-Backed Securities	9.6
Collateralized Mortgage Obligations	6.3
Sovereign Bonds	4.2
Collateralized Loan Obligations	3.1
Corporate Bonds & Notes	0.6
Short-Term Investments	1.4

Total Investments	100.0	%+

^	As a percentage of total investments.

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

At August 31, 2026, Inflation-Linked Fixed Income Fund held the following Options Contracts Written:

Interest Rate Swaptions

Number of

Contracts

Notional

Amount†

Security Name

Counterparty

Expiration

Date

Exercise

Rate

Value

6,900,000

178,917^EUR

OTC 2-Year Swaption, 3-Month EURIBOR, Call

BCLY

1/25/27

2.440

2,206

6,900,000

178,917^EUR

OTC 2-Year Swaption, 3-Month EURIBOR, Put

BCLY

1/25/27

2.440

123,805

TOTAL OPTIONS CONTRACTS WRITTEN
(Premiums received — $122,966)

126,011

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

At August 31, 2026, Inflation-Linked Fixed Income Fund held the following Reverse Repurchase Agreements:



Face Amount†		Security	Value
$	1,485,000	BNP Paribas Finance Inc., 3.720% due 9/3/26	$	1,485,000
	54,881,943	Nomura Securities International, Inc., 3.740% due 9/10/26		54,881,943

		TOTAL REVERSE REPURCHASE AGREEMENTS (Proceeds — $56,366,943)	$	56,366,943

For the year ended August 31, 2026, the daily average borrowing and weighted average interest rate under the reverse repurchase agreements were $38,088,860 and 3.864%, respectively.

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

See Notes to Financial Statements.

241



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

At August 31, 2026, Inflation-Linked Fixed Income Fund had open exchange-traded futures contracts as described below.

The unrealized appreciation (depreciation) on the open contracts reflected in the accompanying financial statements were as follows:


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
3-Month SOFR Futures		53		3/27	$	12,717,333	$	12,708,738	$	(8,595	)
Australian Government 10-Year Bond Futures		24		9/26		1,861,548		1,840,617		(20,931	)
Euro-BTP Futures		26		9/26		3,573,828		3,477,864		(95,964	)
Euro-Bund Futures		20		9/26		2,928,752		2,863,700		(65,052	)
U.S. Treasury 5-Year Note Futures		103		12/26		10,922,277		10,887,422		(34,855	)
U.S. Ultra Long Bond Futures		34		12/26		3,750,359		3,720,343		(30,016	)

										(255,413	)

Contracts to Sell:
Euro-Bobl Futures		19		9/26		2,533,930		2,500,684		33,246
Euro-Buxl 30-Year Bond Futures		9		9/26		1,138,440		1,083,750		54,690
Euro-OAT Futures		38		9/26		5,276,667		5,109,076		167,591
Euro-Schatz Note Futures		30		9/26		3,674,357		3,669,478		4,879
Euro-Schatz Note Futures		4		12/26		488,660		488,706		(46	)
Japan Government 10-Year Bond Futures		4		9/26		3,191,249		3,154,376		36,873
U.S. Treasury 2-Year Note Futures		126		12/26		25,914,656		25,859,531		55,125
U.S. Treasury 10-Year Note Futures		165		12/26		17,857,234		17,763,281		93,953
U.S. Treasury Ultra Long Bond Futures		7		12/26		770,024		770,219		(195	)

										446,116

Net Unrealized Appreciation on Open Exchange-Traded Futures Contracts									$	190,703

At August 31, 2026, Inflation-Linked Fixed Income Fund had deposited cash of $438,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

At August 31, 2026, Inflation-Linked Fixed Income Fund had open forward foreign currency contracts as described below.

The unrealized appreciation (depreciation) on the open contracts reflected in the accompanying financial statements were as follows:


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Dollar		29,537		USD	21,255		BNP	$	21,167		9/2/26	$	(88	)
Brazilian Real		9,324,983		USD	1,799,894		BNP		1,787,868		10/2/26		(12,026	)
British Pound		144,502		USD	193,884		HSBC		195,801		9/2/26		1,917
Canadian Dollar		2,159,311		USD	1,555,699		HSBC		1,558,000		9/2/26		2,301
Chilean Peso		116,275,200		USD	128,000		MLP		124,492		9/16/26		(3,508	)
Chinese Offshore Renminbi		1,041,000		USD	154,972		BNP		154,952		9/2/26		(20	)
Chinese Offshore Renminbi		1,076,000		USD	160,152		BNP		160,162		9/2/26		10
Chinese Offshore Renminbi		1,113,244		USD	165,649		BNP		165,706		9/2/26		57
Chinese Offshore Renminbi		135,000		USD	20,033		BNP		20,095		9/2/26		62
Chinese Offshore Renminbi		1,851,258		USD	275,575		DUB		275,559		9/2/26		(16	)
Chinese Offshore Renminbi		1,432,671		USD	213,211		MLP		213,252		9/2/26		41
Colombian Peso		400,704,000		USD	128,000		MLP		124,209		9/16/26		(3,791	)

See Notes to Financial Statements.

242



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy: (continued)
Colombian Peso		1,073,117,621		USD	276,698		SCB	$	332,641		9/16/26	$	55,943
Danish Krone		313,941		USD	48,889		HSBC		48,787		9/2/26		(102	)
Euro		6,908,121		USD	8,063,760		BNP		8,024,823		9/2/26		(38,937	)
Euro		128,000		USD	149,835		HSBC		148,691		9/2/26		(1,144	)
Euro		154,000		USD	177,629		MLP		178,895		9/2/26		1,266
Indian Rupee		13,330,862		USD	140,328		BNP		139,934		9/16/26		(394	)
Indian Rupee		718,837		USD	7,560		DUB		7,538		9/30/26		(22	)
Indian Rupee		177,991		USD	1,873		DUB		1,866		9/30/26		(7	)
Indian Rupee		12,241,920		USD	127,416		DUB		128,503		9/16/26		1,087
Indian Rupee		7,912,202		USD	81,496		DUB		82,971		9/30/26		1,475
Indian Rupee		20,329,710		USD	213,455		HSBC		213,186		9/30/26		(269	)
Indian Rupee		900,352		USD	9,470		HSBC		9,441		9/30/26		(29	)
Indian Rupee		1,154,815		USD	12,063		HSBC		12,122		9/16/26		59
Indian Rupee		1,926,970		USD	20,105		HSBC		20,227		9/16/26		122
Indian Rupee		8,028,431		USD	83,095		HSBC		83,691		12/16/26		596
Indian Rupee		19,129,272		USD	199,029		HSBC		200,800		9/16/26		1,771
Indian Rupee		17,945,848		USD	186,431		HSBC		188,377		9/16/26		1,946
Indian Rupee		20,590,514		USD	215,881		JPM		215,921		9/30/26		40
Indian Rupee		7,526,384		USD	78,408		JPM		78,458		12/16/26		50
Indian Rupee		3,156,907		USD	32,850		JPM		33,105		9/30/26		255
Indian Rupee		6,250,382		USD	64,293		JPM		65,478		10/14/26		1,185
Indian Rupee		7,783,634		USD	80,451		JPM		81,705		9/16/26		1,254
Indian Rupee		11,871,152		USD	122,551		JPM		124,486		9/30/26		1,935
Indian Rupee		706,098		USD	7,403		SCB		7,404		9/30/26		1
Indian Rupee		15,475,242		USD	159,583		SCB		162,117		10/14/26		2,534
Indian Rupee		18,084,128		USD	186,575		SCB		189,829		9/16/26		3,254
Indonesian Rupiah		1,913,426,005		USD	109,522		BNP		107,870		9/16/26		(1,652	)
Indonesian Rupiah		1,899,362,786		USD	108,491		BNP		107,077		9/16/26		(1,414	)
Indonesian Rupiah		443,197,500		USD	25,000		BNP		24,962		9/28/26		(38	)
Indonesian Rupiah		533,100,000		USD	30,000		BNP		30,025		9/28/26		25
Indonesian Rupiah		178,581,396		USD	10,000		BNP		10,069		9/14/26		69
Indonesian Rupiah		1,206,708,614		USD	66,279		BNP		67,541		12/16/26		1,262
Indonesian Rupiah		1,855,343,727		USD	102,906		BNP		104,596		9/16/26		1,690
Indonesian Rupiah		1,915,010,673		USD	105,380		BNP		107,959		9/16/26		2,579
Indonesian Rupiah		1,185,475,820		USD	65,420		DUB		66,353		12/16/26		933
Indonesian Rupiah		1,188,037,500		USD	65,000		DUB		66,496		12/16/26		1,496
Indonesian Rupiah		3,406,421,751		USD	187,589		DUB		192,039		9/16/26		4,450
Indonesian Rupiah		1,651,482,538		USD	90,623		MLP		92,436		12/16/26		1,813
Indonesian Rupiah		1,314,413,126		USD	73,797		SCB		74,101		9/16/26		304
Indonesian Rupiah		2,013,208,295		USD	111,294		SCB		113,495		9/16/26		2,201
Japanese Yen		113,471,918		USD	712,003		HSBC		710,354		9/2/26		(1,649	)
Japanese Yen		118,784,210		USD	743,843		HSBC		743,610		9/2/26		(233	)
Japanese Yen		21,400,000		USD	135,936		JPM		133,967		9/2/26		(1,969	)
Japanese Yen		150,527,622		USD	944,102		SCB		942,329		9/2/26		(1,773	)
Korean Won		15,240,430		USD	10,703		SCB		11,149		9/16/26		446
Mexican Peso		2,445,000		USD	139,638		BNP		143,683		9/17/26		4,045
Mexican Peso		2,244,000		USD	128,654		HSBC		131,871		9/17/26		3,217
Mexican Peso		1,446,210		USD	84,896		JPM		84,988		9/17/26		92
Mexican Peso		4,149,050		USD	234,704		JPM		242,066		12/16/26		7,362
Mexican Peso		24,244,832		USD	1,393,237		JPM		1,414,503		12/16/26		21,266
Mexican Peso		24,858,055		USD	1,430,787		JPM		1,460,815		9/17/26		30,028
New Zealand Dollar		252,000		USD	150,091		BNP		149,096		9/2/26		(995	)

See Notes to Financial Statements.

243



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy: (continued)
New Zealand Dollar		375,595		USD	223,117		JPM	$	222,221		9/2/26	$	(896	)
New Zealand Dollar		711,885		USD	423,500		MLP		421,186		9/2/26		(2,314	)
Norwegian Krone		115,659		USD	12,375		HSBC		12,375		10/2/26		—
Norwegian Krone		115,692		USD	12,083		HSBC		12,383		9/2/26		300
Polish Zloty		277,025		USD	73,461		BNP		74,344		10/23/26		883
Polish Zloty		930,529		USD	248,422		BNP		249,718		9/4/26		1,296
Polish Zloty		993,614		USD	262,022		BNP		266,652		10/23/26		4,630
Polish Zloty		930,979		USD	250,290		DUB		249,882		12/16/26		(408	)
Polish Zloty		451,989		USD	118,721		DUB		121,298		10/23/26		2,577
Polish Zloty		36,000		USD	9,484		JPM		9,662		10/23/26		178
Singapore Dollar		550,572		USD	433,624		DUB		433,163		9/2/26		(461	)
Singapore Dollar		757,242		USD	596,160		SCB		595,761		9/2/26		(399	)
Singapore Dollar		746,381		USD	587,609		SCB		587,216		9/2/26		(393	)
South African Rand		1,517,443		USD	93,161		BCLY		94,092		9/21/26		931
South African Rand		2,131,613		USD	131,734		JPM		132,175		9/21/26		441
Swiss Franc		770,429		USD	956,650		BNP		953,206		9/2/26		(3,444)
Swiss Franc		53,000		USD	65,690		JPM		65,574		9/2/26		(116	)
Thai Baht		323,792		USD	9,882		BNP		9,769		9/16/26		(113	)
Thai Baht		328,220		USD	10,000		BNP		9,903		9/16/26		(97	)
Thai Baht		163,480		USD	5,000		BNP		4,933		9/16/26		(67	)
Thai Baht		663,764		USD	20,000		BNP		20,028		9/16/26		28
Thai Baht		2,005,848		USD	60,000		BNP		60,523		9/16/26		523
Thai Baht		3,629,450		USD	110,000		JPM		109,512		9/16/26		(488	)
Thai Baht		880		USD	27		JPM		27		9/16/26		—
Thai Baht		2,984,916		USD	90,004		JPM		90,064		9/16/26		60
Turkish Lira		3,491,601		USD	70,706		BCLY		70,778		9/30/26		72
Turkish Lira		5,616,824		USD	113,651		BCLY		113,769		10/1/26		118
Turkish Lira		2,604,182		USD	52,952		BCLY		53,164		9/21/26		212
Turkish Lira		1,450,023		USD	29,777		BCLY		30,046		9/2/26		269
Turkish Lira		5,872,294		USD	119,652		BCLY		120,452		9/15/26		800

													96,485

Contracts to Sell:
Australian Dollar		79,000		USD	55,532		BCLY		56,611		9/2/26		(1,079	)
Australian Dollar		49,463		USD	35,385		BCLY		35,430		10/2/26		(45	)
Australian Dollar		29,537		USD	21,245		BNP		21,157		10/2/26		88
British Pound		31,000		USD	41,743		BNP		42,006		9/2/26		(263	)
British Pound		61,000		USD	82,461		BNP		82,655		9/2/26		(194	)
British Pound		60,000		USD	80,775		JPM		81,300		9/2/26		(525	)
British Pound		7,524		USD	10,188		JPM		10,196		10/2/26		(8	)
Canadian Dollar		2,156,199		USD	1,538,518		HSBC		1,555,755		9/2/26		(17,237	)
Canadian Dollar		2,156,441		USD	1,555,699		HSBC		1,558,019		10/2/26		(2,320	)
Chinese Offshore Renminbi		1,400,177		USD	207,416		BNP		208,415		9/2/26		(999	)
Chinese Offshore Renminbi		606,000		USD	89,966		BNP		90,202		9/2/26		(236	)
Chinese Offshore Renminbi		1,111,116		USD	165,649		BNP		165,768		9/30/26		(119	)
Chinese Offshore Renminbi		2,097,343		USD	311,425		DUB		312,188		9/2/26		(763	)
Chinese Offshore Renminbi		1,847,743		USD	275,575		DUB		275,666		9/30/26		(91	)
Chinese Offshore Renminbi		742,000		USD	110,076		JPM		110,446		9/2/26		(370	)
Chinese Offshore Renminbi		1,429,953		USD	213,211		MLP		213,336		9/30/26		(125	)
Chinese Offshore Renminbi		1,766,244		USD	262,091		SCB		262,904		9/2/26		(813	)
Colombian Peso		1,067,210,864		USD	276,186		MLP		330,810		9/16/26		(54,624	)
Danish Krone		206,188		USD	31,680		HSBC		32,042		9/2/26		(362	)

See Notes to Financial Statements.

244



Schedules of Investments


(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		107,626		USD	16,437		HSBC	$	16,725	9/2/26	$	(288	)
Danish Krone		313,486		USD	48,889		HSBC		48,789	10/2/26		100
Euro		7,082,121		USD	8,061,982		BNP		8,226,951	9/2/26		(164,969	)
Euro		6,908,121		USD	8,073,148		BNP		8,034,175	10/2/26		38,973
Euro		108,000		USD	125,359		HSBC		125,458	9/2/26		(99	)
Indian Rupee		4,737,465		USD	49,853		BNP		49,729	9/16/26		124
Indian Rupee		7,963,285		USD	83,095		HSBC		83,590	9/16/26		(495	)
Indian Rupee		27,306,790		USD	286,234		JPM		286,639	9/16/26		(405	)
Indian Rupee		7,467,186		USD	78,408		JPM		78,383	9/16/26		25
Indian Rupee		3,175,655		USD	33,399		MLP		33,334	9/16/26		65
Indonesian Rupiah		355,517,602		USD	19,440		BCLY		20,043	9/16/26		(603	)
Indonesian Rupiah		1,198,556,297		USD	66,279		BNP		67,569	9/16/26		(1,290	)
Indonesian Rupiah		2,382,353,997		USD	132,217		DUB		134,306	9/16/26		(2,089	)
Indonesian Rupiah		1,261,079,080		USD	69,214		DUB		70,584	12/16/26		(1,370	)
Indonesian Rupiah		1,177,560,000		USD	65,420		DUB		66,385	9/16/26		(965	)
Indonesian Rupiah		3,812,763,286		USD	211,288		JPM		214,946	9/16/26		(3,658	)
Indonesian Rupiah		3,906,616,824		USD	215,454		JPM		218,659	12/16/26		(3,205	)
Indonesian Rupiah		758,634,276		USD	41,970		JPM		42,769	9/16/26		(799	)
Indonesian Rupiah		1,640,145,627		USD	90,623		MLP		92,464	9/16/26		(1,841	)
Indonesian Rupiah		1,760,255,610		USD	97,540		SCB		99,235	9/16/26		(1,695	)
Indonesian Rupiah		1,242,238,165		USD	68,803		SCB		70,032	9/16/26		(1,229	)
Israeli New Shekel		70,909		USD	23,745		BNP		23,750	10/20/26		(5	)
Israeli New Shekel		4,690		USD	1,570		BNP		1,571	10/20/26		(1	)
Israeli New Shekel		20,000		USD	6,714		BNP		6,699	10/20/26		15
Israeli New Shekel		1,056,374		USD	349,955		DUB		353,750	10/15/26		(3,795	)
Israeli New Shekel		197,271		USD	66,438		DUB		66,045	10/8/26		393
Israeli New Shekel		1,348,982		USD	438,437		JPM		451,211	9/8/26		(12,774	)
Israeli New Shekel		340,181		USD	113,870		JPM		113,891	10/8/26		(21	)
Israeli New Shekel		129,994		USD	44,127		JPM		43,539	10/20/26		588
Japanese Yen		122,900,445		USD	752,881		BNP		769,378	9/2/26		(16,497	)
Japanese Yen		55,729,339		USD	348,483		BNP		348,875	9/2/26		(392	)
Japanese Yen		81,020,894		USD	498,251		HSBC		507,205	9/2/26		(8,954	)
Japanese Yen		118,503,856		USD	743,843		HSBC		743,628	10/2/26		215
Japanese Yen		113,202,282		USD	712,003		HSBC		710,360	10/2/26		1,643
Japanese Yen		144,376,866		USD	883,435		SCB		903,824	9/2/26		(20,389	)
Japanese Yen		150,172,168		USD	944,102		SCB		942,351	10/2/26		1,751
Mexican Peso		141,000		USD	7,952		BCLY		8,286	9/17/26		(334	)
Mexican Peso		699,000		USD	39,649		BNP		41,077	9/17/26		(1,428	)
Mexican Peso		176,000		USD	9,910		BNP		10,343	9/17/26		(433	)
Mexican Peso		95,000		USD	5,485		BNP		5,583	9/17/26		(98	)
Mexican Peso		24,069,562		USD	1,393,237		JPM		1,414,477	9/17/26		(21,240	)
Mexican Peso		4,119,642		USD	234,704		JPM		242,096	9/17/26		(7,392	)
Mexican Peso		348,000		USD	19,812		JPM		20,450	9/17/26		(638	)
Mexican Peso		1,467,112		USD	84,896		JPM		84,978	3/17/27		(82	)
Mexican Peso		1,344,000		USD	78,830		SCB		78,981	9/17/26		(151	)
New Taiwan Dollar		2,902,419		USD	91,185		BNP		91,704	9/29/26		(519	)
New Taiwan Dollar		2,579,972		USD	81,084		BNP		81,516	9/29/26		(432	)
New Taiwan Dollar		2,352,714		USD	73,915		BNP		74,336	9/29/26		(421	)
New Taiwan Dollar		2,190,381		USD	68,815		BNP		69,207	9/29/26		(392	)
New Zealand Dollar		1,339,480		USD	788,331		HSBC		792,504	9/2/26		(4,173	)
New Zealand Dollar		375,595		USD	223,287		JPM		222,401	10/2/26		886

See Notes to Financial Statements.

245



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date	Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
New Zealand Dollar		711,885		USD	423,813		MLP	$	421,528	10/2/26	$	2,285
Norwegian Krone		115,611		USD	12,375		HSBC		12,375	9/2/26		—
Polish Zloty		74,000		USD	19,899		BNP		19,859	10/23/26		40
Polish Zloty		74,000		USD	20,079		BNP		19,859	10/23/26		220
Polish Zloty		931,079		USD	250,290		DUB		249,866	9/4/26		424
Singapore Dollar		639,976		USD	497,325		DUB		503,502	9/2/26		(6,177	)
Singapore Dollar		549,450		USD	433,624		DUB		433,155	10/2/26		469
Singapore Dollar		1,414,337		USD	1,105,468		SCB		1,112,731	9/2/26		(7,263	)
Singapore Dollar		744,885		USD	587,609		SCB		587,225	10/2/26		384
Singapore Dollar		755,694		USD	596,160		SCB		595,745	10/2/26		415
Swiss Franc		41,000		USD	50,569		BNP		50,727	9/2/26		(158	)
Swiss Franc		767,896		USD	956,650		BNP		953,251	10/2/26		3,399
Swiss Franc		48,000		USD	59,486		JPM		59,388	9/2/26		98
Swiss Franc		694,581		USD	857,409		MLP		859,365	9/2/26		(1,956	)
Swiss Franc		40,000		USD	49,565		MLP		49,489	9/2/26		76
Thai Baht		2,340,940		USD	70,000		BNP		70,633	9/16/26		(633	)
Thai Baht		240		USD	7		BNP		7	9/16/26		—
Thai Baht		145		USD	4		BNP		4	9/16/26		—
Thai Baht		440		USD	13		BNP		13	9/16/26		—
Thai Baht		220		USD	7		BNP		7	9/16/26		—
Thai Baht		2,107,046		USD	64,973		BNP		63,576	9/16/26		1,397
Thai Baht		4,968,474		USD	152,387		BNP		149,914	9/16/26		2,473
Thai Baht		102,841		USD	3,092		HSBC		3,103	9/16/26		(11	)
Thai Baht		107,133		USD	3,301		HSBC		3,233	9/16/26		68
Thai Baht		1,850,202		USD	55,470		JPM		55,826	9/16/26		(356	)
Thai Baht		1,302,580		USD	39,112		JPM		39,303	9/16/26		(191	)
Thai Baht		1,460,901		USD	44,000		JPM		44,080	9/16/26		(80	)
Thai Baht		662,991		USD	20,000		JPM		20,004	9/16/26		(4	)
Thai Baht		1,673		USD	50		JPM		50	9/16/26		—
Thai Baht		1,029		USD	31		JPM		31	9/16/26		—
Thai Baht		200		USD	6		JPM		6	9/16/26		—
Thai Baht		3,134,631		USD	96,468		JPM		94,581	9/16/26		1,887
Thai Baht		2,671,948		USD	82,954		JPM		80,621	9/16/26		2,333
Thai Baht		326,326		USD	9,955		MLP		9,847	9/16/26		108
Thai Baht		2,529,801		USD	78,347		SCB		76,332	9/16/26		2,015

												(319,606	)

Net Unrealized Depreciation on Open Forward Foreign Currency Contracts											$	(223,121	)

At August 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		3.000%		3/17/32	12-Month		EUR	2,500,000	$	(33,767	)	$	(23,074	)	$	(10,693	)
Pay	6-Month EURIBOR		3.250%		3/17/37	12-Month		EUR	3,484,000		(49,221	)		(36,059	)		(13,162	)
Receive	6-Month EURIBOR		0.197%		11/8/52	12-Month		EUR	1,100,000		733,178			—			733,178
Receive	6-Month EURIBOR		3.050%		1/13/56	12-Month		EUR	600,000		38,780			28,019			10,761
Receive	6-Month EURIBOR		3.250%		3/17/57	12-Month		EUR	1,030,000		41,652			23,484			18,168

See Notes to Financial Statements.

246



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency		Notional Amount			Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Receive	Bank of Japan Uncollateralized Overnight Call Rate		0.300%		9/20/27		6-Month		JPY	5,590,000	$	549		$	509		$	40
Receive	Bank of Japan Uncollateralized Overnight Call Rate		0.500%		12/15/31		12-Month		JPY	75,000,000		42,831			30,813			12,018
Receive	Bank of Japan Uncollateralized Overnight Call Rate		0.550%		9/14/28		12-Month		JPY	90,000,000		14,820			11,189			3,631
Pay	SOFR		2.340%		11/21/28		6-Month		USD	4,130,000		(165,380	)		—			(165,380	)
Pay	SOFR		3.997%		11/30/30		12-Month		USD	1,400,000		(11,920	)		—			(11,920	)
Pay	SOFR		4.020%		11/30/30		12-Month		USD	1,620,000		(12,391	)		—			(12,391	)
Receive	SOFR		2.237%		11/21/53		6-Month		USD	810,000		325,847			—			325,847
Receive	SOFR		2.865%		2/13/54		12-Month		USD	1,400,000		381,388			27,102			354,286
Receive	SOFR		3.250%		3/19/55		12-Month		USD	3,100,000		658,105			405,813			252,292
Receive	SOFR		3.500%		6/20/54		12-Month		USD	700,000		120,668			18,675			101,993
Receive	SOFR		4.000%		11/30/30		12-Month		USD	2,990,000		25,080			1,358			23,722
Receive	SOFR		4.000%		11/30/30		12-Month		USD	200,000		1,701			17			1,684
Receive	SOFR		4.000%		2/15/36		12-Month		USD	4,700,000		126,800			(17,820	)		144,620
Receive	SOFR		4.250%		11/15/52		12-Month		USD	1,110,000		57,581			32,822			24,759
Pay	Sterling Overnight Index Average		4.250%		9/16/28		12-Month		GBP	2,210,000		(5,333	)		88			(5,421	)
Pay	Sterling Overnight Index Average		4.250%		9/16/31		12-Month		GBP	700,000		(7,410	)		(6,220	)		(1,190	)
Pay	Sterling Overnight Index Average		4.250%		3/17/32		12-Month		GBP	2,310,000		(32,656	)		(29,490	)		(3,166	)

											$	2,250,902		$	467,226		$	1,783,676

At August 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)
Receive	10-Year EUR Inflation Linked		1.380%		3/15/31		EUR	740,000	$	(185,443	)	$	(8,957	)	$	(176,486	)
Pay	10-Year EUR Inflation Linked		2.034%		9/15/34		EUR	500,000		12,738			(2,239	)		14,977
Receive	30-Year EUR Inflation Linked		2.421%		5/15/52		EUR	30,000		(1,098	)		—			(1,098	)
Receive	30-Year EUR Inflation Linked		2.590%		12/15/52		EUR	100,000		5,893			—			5,893
Receive	30-Year EUR Inflation Linked		2.590%		3/15/52		EUR	200,000		26			(2,478	)		2,504
Receive	30-Year EUR Inflation Linked		2.700%		4/15/53		EUR	200,000		20,192			1,337			18,855
Receive	30-Year EUR Inflation Linked		2.736%		10/15/53		EUR	100,000		11,292			1,308			9,984
Receive	30-Year EUR Inflation Linked		2.763%		9/15/53		EUR	100,000		12,200			(974	)		13,174
Pay	2-Year GBP Inflation Linked		3.365%		9/15/27		GBP	900,000		3,988			504			3,484
Receive	10-Year GBP Inflation Linked		3.466%		9/15/34		GBP	300,000		(1,472	)		—			(1,472	)
Receive	10-Year GBP Inflation Linked		3.500%		8/15/34		GBP	600,000		616			3,390			(2,774	)
Pay	7-Year USD Inflation Linked		1.798%		8/25/27		USD	600,000		111,763			5,868			105,895
Pay	7-Year USD Inflation Linked		1.890%		8/27/27		USD	700,000		125,342			1,693			123,649
Pay	7-Year USD Inflation Linked		2.573%		8/26/28		USD	100,000		8,924			—			8,924
Pay	7-Year USD Inflation Linked		2.645%		9/10/28		USD	100,000		8,074			—			8,074
Receive	10-Year USD Inflation Linked		1.280%		5/19/30		USD	800,000		(188,842	)		(50,027	)		(138,815	)
Receive	10-Year USD Inflation Linked		1.760%		11/4/29		USD	1,200,000		(225,373	)		(8,764	)		(216,609	)
Receive	10-Year USD Inflation Linked		1.883%		11/20/29		USD	1,500,000		(262,995	)		9,233			(272,228	)
Pay	10-Year USD Inflation Linked		2.311%		2/24/31		USD	2,300,000		311,675			1,035			310,640
Receive	10-Year USD Inflation Linked		2.335%		2/5/28		USD	960,000		(119,428	)		59,292			(178,720	)
Receive	10-Year USD Inflation Linked		2.353%		5/9/28		USD	360,000		(43,059	)		24,122			(67,181	)
Receive	10-Year USD Inflation Linked		2.360%		5/9/28		USD	540,000		(64,123	)		36,670			(100,793	)
Receive	10-Year USD Inflation Linked		2.364%		5/10/28		USD	550,000		(65,103	)		37,569			(102,672	)

									$	(524,213)		$	108,582		$	(632,795	)

See Notes to Financial Statements.

247



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

At August 31, 2026, Inflation-Linked Fixed Income Fund deposited cash collateral with brokers in the amount of $872,000 for open centrally cleared swap contracts.


Currency abbreviations used in this schedule:		Counterparty abbreviations used in this schedule:
AUD	— Australian Dollar	BCLY	— Barclays Bank PLC
CAD	— Canadian Dollar	BNP	— BNP Paribas SA
CHF	— Swiss Franc	DUB	— Deutsche Bank AG
DKK	— Danish Krone	HSBC	— HSBC Bank USA
EUR	— Euro	JPM	— JPMorgan Chase & Co.
GBP	— British Pound	MLP	— Merrill Lynch, Pierce, Fenner & Smith Inc.
JPY	— Japanese Yen	SCB	— Standard Chartered Bank
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
SEK	— Swedish Krona
SGD	— Singapore Dollar
USD	— United States Dollar
ZAR	— South African Rand

See pages 265-266 for definitions of ratings.

See Notes to Financial Statements.

248



Schedules of Investments


(continued)

Ultra-Short Term Fixed Income Fund



Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES — 57.2%

	Aerospace/Defense — 0.2%
$	300,000	BBB-	Boeing Co. (The), Senior Unsecured Notes, 5.040% due 5/1/27	$	300,736
	300,000	BBB-	Spirit AeroSystems Inc., Company Guaranteed Notes, 4.600% due 6/15/28		299,105

			Total Aerospace/Defense		599,841


	Agriculture — 0.7%
			BAT Capital Corp., Company Guaranteed Notes:
	1,000,000	BBB+	3.557% due 8/15/27		991,943
	200,000	BBB+	2.259% due 3/25/28		192,686
	500,000	BBB	Imperial Brands Finance PLC, Company Guaranteed Notes, 6.125% due 7/27/27(a)		506,106

			Total Agriculture		1,690,735


	Auto Manufacturers — 8.0%
			American Honda Finance Corp., Senior Unsecured Notes:
	200,000	BBB+	4.522% (SOFR + 0.870%) due 7/9/27(b)		200,651
	2,500,000	BBB+	4.394% (SOFR + 0.730%) due 8/13/27(b)		2,502,219
	400,000	BBB+	4.316% (SOFR + 0.650%) due 11/19/27(b)		400,481
			BMW U.S. Capital LLC, Company Guaranteed Notes:
	92,000	A	4.584% (SOFR + 0.920%) due 8/13/27(b)		92,508
	1,800,000	A	4.750% due 3/21/28(a)(c)		1,801,040
	300,000	A-	Daimler Truck Finance North America LLC, Company Guaranteed Notes, 4.493% (SOFR + 0.840%) due 1/13/28(a)(b)		300,986
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	600,000	BBB-	4.271% due 1/9/27		599,075
	200,000	BBB-	5.800% due 3/5/27		200,995
	2,000,000	BBB-	4.950% due 5/28/27		2,001,245
	500,000	BBB-	2.900% due 2/16/28		484,669
			General Motors Financial Co., Inc.:
	200,000	BBB	Company Guaranteed Notes, 3.850% due 1/5/28		197,580
			Senior Unsecured Notes:
	500,000	BBB	4.707% (SOFR + 1.040%) due 2/26/27(b)		501,383
	500,000	BBB	5.000% due 4/9/27		501,503
	1,300,000	BBB	5.013% (SOFR + 1.350%) due 5/8/27(b)		1,306,299
	600,000	BBB	4.708% (SOFR + 1.050%) due 7/15/27(b)		601,849
			Hyundai Capital America, Senior Unsecured Notes:
	1,500,000	A-	4.690% (SOFR + 1.040%) due 6/24/27(b)		1,505,635
	1,100,000	A-	4.573% (SOFR + 0.920%) due 1/7/28(b)		1,102,737
	300,000	A-	4.573% (SOFR + 0.920%) due 1/7/28(a)(b)		300,747
	1,300,000	A	Mercedes-Benz Finance North America LLC, Company Guaranteed Notes, 4.750% due 8/4/28(a)		1,297,687
	300,000	BB-	Nissan Motor Acceptance Co. LLC, Senior Unsecured Notes, 1.850% due 9/16/26(a)		299,706
			Stellantis Finance U.S. Inc., Company Guaranteed Notes:
	400,000	BBB-	1.711% due 1/29/27		394,882
	1,100,000	BBB-	1.711% due 1/29/27(a)		1,085,925
	200,000	BBB-	5.625% due 1/12/28(a)(d)		200,942
	200,000	BBB-	5.350% due 3/17/28(a)		200,219
	200,000	A+	Toyota Motor Credit Corp., Senior Unsecured Notes, 4.103% (SOFR + 0.450%) due 1/12/28(b)		200,082
			Volkswagen Group of America Finance LLC, Company Guaranteed Notes:
	500,000	BBB+	4.350% due 6/8/27(a)		498,693
	1,700,000	BBB+	1.625% due 11/24/27(a)		1,634,632

			Total Auto Manufacturers		20,414,370


	Banks — 22.0%
	600,000	A-	Banco Bilbao Vizcaya Argentaria SA, Senior Non-Preferred Notes, 4.556% (SOFR + 0.890%) due 9/3/29(b)		600,330

See Notes to Financial Statements.

249



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Banks — 22.0% — (continued)
			Banco Santander SA:
$	200,000	A-	Senior Non-Preferred Notes, 4.642% (SOFR + 0.990%) due 4/15/29(b)	$	201,016
	2,600,000	A+	Senior Preferred Notes, 5.365% (1-Year CMT Index + 0.950%) due 7/15/28(b)		2,615,550
	800,000	BBB+	Bank Hapoalim BM, Senior Unsecured Notes, 4.722% due 7/14/29(a)		786,238
	600,000	BBB+	Bank Leumi Le-Israel BM, Senior Unsecured Notes, 5.125% due 7/27/27(a)		600,922
	2,400,000	A-	Bank of America Corp., Senior Unsecured Notes, 4.376% (SOFR + 1.580%) due 4/27/28(b)		2,396,989
	600,000	A+	Banque Federative du Credit Mutuel SA, Senior Preferred Notes, 4.591% due 10/16/28(a)		596,724
			Barclays PLC, Senior Unsecured Notes:
	940,000	BBB+	5.527% (SOFR + 1.880%) due 9/13/27(b)		940,475
	1,300,000	BBB+	2.279% (1-Year CMT Index + 1.050%) due 11/24/27(b)		1,293,405
	500,000	BBB+	5.501% (1-Year CMT Index + 2.650%) due 8/9/28(b)		503,528
			BNP Paribas SA, Senior Non-Preferred Notes:
	1,000,000	A-	4.400% due 8/14/28(a)		991,426
	700,000	A-	4.400% due 8/14/28(c)		693,998
	1,400,000	BBB+	BPCE SA, Senior Non-Preferred Notes, 2.045% (SOFR + 1.087%) due 10/19/27(a)(b)		1,395,210
			Canadian Imperial Bank of Commerce, Senior Unsecured Notes:
	1,700,000	A-	4.309% (SOFR + 0.660%) due 6/26/28(b)		1,704,049
	200,000	A-	4.243% (SOFR + 0.600%) due 9/8/28(b)		199,224
	1,200,000	A-	4.445% (SOFR + 0.800%) due 9/8/28(b)		1,202,880
			Citigroup Inc., Senior Unsecured Notes:
	300,000	BBB+	3.070% (SOFR + 1.280%) due 2/24/28(b)		297,920
	1,500,000	BBB+	4.658% (SOFR + 1.887%) due 5/24/28(b)		1,499,890
	2,300,000	BBB+	3.668% (3-Month Term SOFR + 1.652%) due 7/24/28(b)		2,279,898
	2,200,000	A-	Cooperatieve Rabobank UA, Senior Non-Preferred Notes, 1.980% (1-Year CMT Index + 0.730%) due 12/15/27(a)(b)		2,183,622
			Deutsche Bank AG, Senior Non-Preferred Notes:
	700,000	BBB	2.311% (SOFR + 1.219%) due 11/16/27(b)		696,569
	935,000	BBB	4.884% (SOFR + 1.219%) due 11/16/27(b)		936,463
	300,000	BBB	2.552% (SOFR + 1.318%) due 1/7/28(b)		297,767
	300,000	BBB	5.706% (SOFR + 1.594%) due 2/8/28(b)		301,353
	500,000	BBB	4.863% (SOFR + 1.210%) due 1/10/29(b)		503,192
			Goldman Sachs Group Inc. (The), Senior Unsecured Notes:
	1,000,000	BBB+	1.948% (SOFR + 0.913%) due 10/21/27(b)		996,546
	700,000	BBB+	4.937% (SOFR + 1.319%) due 4/23/28(b)		701,514
	1,900,000	BBB+	4.370% (SOFR + 0.710%) due 1/21/29(b)		1,901,685
			HSBC Holdings PLC, Senior Unsecured Notes:
	298,000	A-	5.597% (SOFR + 1.060%) due 5/17/28(b)		299,918
	1,100,000	A-	4.755% (SOFR + 2.110%) due 6/9/28(b)		1,100,470
	500,000	A-	5.210% (SOFR + 2.610%) due 8/11/28(b)		502,471
	130,000	A-	HSBC USA Inc., Senior Unsecured Notes, 4.615% (SOFR + 0.970%) due 6/3/28(b)		130,966
	200,000	BBB	ICICI Bank Ltd., Senior Unsecured Notes, 3.800% due 12/14/27		197,055
			JPMorgan Chase & Co., Senior Unsecured Notes:
	339,000	A	4.846% (SOFR + 1.180%) due 2/24/28(b)		340,142
	2,100,000	A	4.323% (SOFR + 1.560%) due 4/26/28(b)		2,096,242
	800,000	A	4.521% (SOFR + 0.860%) due 10/22/28(b)		803,863
			Lloyds Banking Group PLC, Senior Unsecured Notes:
	1,275,000	A-	5.232% (SOFR + 1.580%) due 1/5/28(b)		1,279,897
	300,000	A-	3.574% (3-Month USD-LIBOR + 1.205%) due 11/7/28(b)		296,294
	1,200,000	A-	4.726% (SOFR + 1.060%) due 11/26/28(b)		1,206,095
	2,700,000	A-	Mizuho Financial Group Inc., Senior Unsecured Notes, 4.743% (SOFR + 1.080%) due 5/13/31(b)		2,713,474
	1,510,000	A-	NatWest Group PLC, Senior Unsecured Notes, 4.916% (SOFR + 1.250%) due 3/1/28(b)		1,515,524
			NatWest Markets PLC, Senior Unsecured Notes:
	750,000	A	4.565% (SOFR + 0.900%) due 5/17/27(a)(b)		752,769

See Notes to Financial Statements.

250



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Banks — 22.0% — (continued)
$	700,000	A	4.789% due 3/21/28(a)	$	701,585
	500,000	A	PNC Bank NA, Senior Unsecured Notes, 4.390% (SOFR + 0.730%) due 7/21/28(b)		500,638
	900,000	A+	QNB Finance Ltd., Company Guaranteed Notes, 4.711% (SOFR + 1.050%) due 4/27/29(a)(b)		902,295
	1,700,000	A	Royal Bank of Canada, Senior Unsecured Notes, 4.519% (SOFR + 0.860%) due 10/18/28(b)		1,705,558
	300,000	BBB	Santander UK Group Holdings PLC, Senior Unsecured Notes, 2.469% (SOFR + 1.220%) due 1/11/28(b)		297,596
			Societe Generale SA:
	1,100,000	BBB	Company Guaranteed Notes, 2.797% (1-Year CMT Index + 1.300%) due 1/19/28(a)(b)		1,091,815
			Senior Non-Preferred Notes:
	200,000	BBB	2.797% (1-Year CMT Index + 1.300%) due 1/19/28(b)		198,512
	200,000	BBB	5.319% (SOFR + 1.660%) due 1/19/28(a)(b)		200,822
			Standard Chartered PLC, Senior Unsecured Notes:
	200,000	BBB+	5.693% (SOFR + 2.030%) due 2/8/28(a)(b)		201,267
	300,000	BBB+	4.835% (SOFR + 1.170%) due 5/14/28(a)(b)		301,115
	200,000	BBB+	5.688% (1-Year CMT Index + 1.050%) due 5/14/28(b)		201,296
	300,000	BBB+	7.767% (1-Year CMT Index + 3.450%) due 11/16/28(b)		310,317
	181,000	A-	Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes, 4.702% (SOFR + 1.050%) due 4/15/30(b)		181,822
	500,000	A	Sumitomo Mitsui Trust Bank Ltd., Senior Unsecured Notes, 4.377% (SOFR + 0.710%) due 9/4/29(a)(b)		500,278
	200,000	BBB	Synchrony Bank, Senior Unsecured Notes, 5.625% due 8/23/27		202,006
	300,000	A+	UBS AG, Senior Unsecured Notes, 4.459% (SOFR + 0.810%) due 3/16/29(b)		301,130
	1,200,000	A-	UBS Group AG, Senior Unsecured Notes, 4.253% due 3/23/28		1,192,784
			Wells Fargo & Co., Senior Unsecured Notes:
	1,500,000	BBB+	4.443% (SOFR + 0.780%) due 1/24/28(b)		1,502,769
	1,500,000	BBB+	4.731% (SOFR + 1.070%) due 4/22/28(b)		1,505,580
	600,000	BBB+	5.707% (SOFR + 1.070%) due 4/22/28(b)		604,182
	1,000,000	BBB+	4.808% (SOFR + 1.980%) due 7/25/28(b)		1,001,689

			Total Banks		56,158,619


	Beverages — 0.9%
	900,000	BBB-	JDE Peet’s NV, Company Guaranteed Notes, 1.375% due 1/15/27(a)		888,892
			Keurig Dr Pepper Inc., Company Guaranteed Notes:
	200,000	BBB-	2.550% due 9/15/26		199,880
	1,296,000	BBB-	4.528% (SOFR + 0.880%) due 3/15/27(b)		1,299,303

			Total Beverages		2,388,075


	Biotechnology — 0.1%
	300,000	BBB	Illumina Inc., Senior Unsecured Notes, 4.650% due 9/9/26		300,018


	Chemicals — 0.4%
	1,000,000	NR	Hanwha Solutions Corp., Company Guaranteed Notes, 4.752% (SOFR + 1.100%) due 10/13/28(b)		1,014,545


	Commercial Services — 0.4%
			Global Payments Inc., Senior Unsecured Notes:
	600,000	BBB-	2.150% due 1/15/27		594,765
	500,000	BBB-	4.950% due 8/15/27		501,618

			Total Commercial Services		1,096,383


	Computers — 1.8%
	1,592,000	BBB+	Dell International LLC/EMC Corp., Senior Unsecured Notes, 4.900% due 10/1/26		1,592,302
	900,000	BBB	Hewlett Packard Enterprise Co., Senior Unsecured Notes, 4.630% (SOFR + 0.980%) due 3/23/28(b)		904,930
	2,100,000	BBB-	Kyndryl Holdings Inc., Senior Unsecured Notes, 2.050% due 10/15/26		2,089,874

			Total Computers		4,587,106

See Notes to Financial Statements.

251



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Diversified Financial Services — 2.7%
			Aircastle Ltd., Company Guaranteed Notes:
$	300,000	BBB	2.850% due 1/26/28(a)	$	291,650
	300,000	BBB	6.500% due 7/18/28(a)		307,892
	511,000	A-	American Express Co., Senior Unsecured Notes, 4.593% (SOFR + 0.930%) due 7/26/28(b)		512,957
	2,420,000	BBB-	Aviation Capital Group LLC, Senior Unsecured Notes, 1.950% due 9/20/26(a)		2,416,893
			Avolon Holdings Funding Ltd., Company Guaranteed Notes:
	400,000	BBB	3.250% due 2/15/27(a)		397,764
	200,000	BBB	4.950% due 1/15/28(a)		200,332
	600,000	BBB	6.375% due 5/4/28(a)		612,984
	400,000	BBB-	Cantor Fitzgerald LP, Senior Unsecured Notes, 4.500% due 4/14/27(a)		399,788
	1,300,000	A+	Equitable America Global Funding, Secured Notes, 4.358% (SOFR + 0.710%) due 9/15/27(a)(b)		1,302,156
	300,000	BBB+	Nomura Holdings Inc., Senior Unsecured Notes, 4.901% (SOFR + 1.250%) due 7/2/27(b)		301,951
	300,000	BBB	Sumisho Air Lease Corp., Senior Unsecured Notes, 2.200% due 1/15/27		297,477

			Total Diversified Financial Services		7,041,844


	Electric — 3.5%
	304,000	BBB	Duke Energy Corp., Senior Unsecured Notes, 2.650% due 9/1/26		304,000
			ENEL Finance International NV, Company Guaranteed Notes:
	600,000	BBB	3.625% due 5/25/27(a)		595,640
	200,000	BBB	3.500% due 4/6/28(a)		196,135
	300,000	BBB	4.125% due 9/30/28(a)		296,135
	500,000	BBB	FirstEnergy Corp., Senior Unsecured Notes, 3.900% due 7/15/27		497,499
	1,600,000	BBB+	Israel Electric Corp., Ltd., Senior Secured Notes, 4.250% due 8/14/28(a)		1,572,975
	200,000	A	Mid-Atlantic Interstate Transmission LLC, Senior Unsecured Notes, 4.100% due 5/15/28(a)		197,995
	300,000	BBB+	NextEra Energy Capital Holdings Inc., Company Guaranteed Notes, 4.685% due 9/1/27		300,779
			Pacific Gas & Electric Co., 1st Mortgage Notes:
	500,000	BBB+	3.300% due 3/15/27		496,508
	491,000	BBB+	2.100% due 8/1/27		479,538
	300,000	BBB+	5.000% due 6/4/28		300,886
			Southern California Edison Co., 1st Mortgage Notes:
	800,000	BBB+	4.400% due 9/6/26		800,026
	600,000	BBB+	5.300% due 3/1/28		604,027
	300,000	BBB+	Southern Co. (The), Junior Subordinated Notes, 5.113% due 8/1/27		301,505
	300,000	BBB+	Southwestern Electric Power Co., Senior Unsecured Notes, 2.750% due 10/1/26		299,662
			Vistra Operations Co. LLC, Company Guaranteed Notes:
	800,000	BBB-	5.050% due 12/30/26(a)		802,498
	800,000	BBB-	3.700% due 1/30/27(a)		797,088

			Total Electric		8,842,896


	Food — 0.5%
	1,000,000	BBB-	Conagra Brands Inc., Senior Unsecured Notes, 7.125% due 10/1/26		1,001,224
	200,000	BBB-	Smithfield Foods Inc., Company Guaranteed Notes, 4.250% due 2/1/27(a)		199,578

			Total Food		1,200,802


	Gas — 0.1%
	200,000	A3(e)	SGSP Australia Assets Pty Ltd., Company Guaranteed Notes, 3.500% due 7/7/27		197,929


	Healthcare — Services — 1.3%
			Fresenius Medical Care U.S. Finance III Inc., Company Guaranteed Notes:
	550,000	BBB-	1.875% due 12/1/26		545,939
	400,000	BBB-	1.875% due 12/1/26(a)		397,046
	1,675,000	BBB	HCA Inc., Company Guaranteed Notes, 4.500% due 2/15/27		1,675,162
	600,000	BBB-	Universal Health Services Inc., Senior Secured Notes, 1.650% due 9/1/26		600,000

			Total Healthcare — Services		3,218,147

See Notes to Financial Statements.

252



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Insurance — 4.3%
			Athene Global Funding, Secured Notes:
$	2,000,000	A+	4.483% (SOFR + 0.830%) due 1/7/27(a)(b)	$	2,000,735
	1,200,000	A+	4.860% (SOFR + 1.210%) due 3/25/27(a)(b)		1,202,867
	1,000,000	A	Brighthouse Financial Global Funding, Secured Notes, 5.550% due 4/9/27(a)		1,002,693
			Corebridge Global Funding, Secured Notes:
	1,000,000	A+	4.403% (SOFR + 0.750%) due 1/7/28(a)(b)		998,877
	200,000	A+	4.508% (SOFR + 0.860%) due 12/15/28(a)(b)		199,458
	300,000	A-	F&G Global Funding, Secured Notes, 5.875% due 6/10/27(a)		302,556
			GA Global Funding Trust, Secured Notes:
	300,000	A	2.250% due 1/6/27(a)		297,653
	1,300,000	A	4.400% due 9/23/27(a)		1,296,044
			Jackson National Life Global Funding, Secured Notes:
	200,000	A	4.535% (SOFR + 0.890%) due 6/9/27(a)(b)		200,541
	300,000	A	4.625% (SOFR + 0.970%) due 1/14/28(a)(b)		299,408
	2,000,000	A	4.597% (SOFR + 0.950%) due 9/12/28(a)(b)		2,006,994
	200,000	A+	Reliance Standard Life Global Funding II, Secured Notes, 2.750% due 1/21/27(a)		198,697
	900,000	A+	Sammons Financial Group Global Funding, Senior Secured Notes, 4.495% (SOFR + 0.850%) due 9/2/27(a)(b)		899,996

			Total Insurance		10,906,519


	Internet — 0.9%
	2,300,000	BBB+	Uber Technologies Inc., Company Guaranteed Notes, 4.500% due 8/15/29(a)		2,268,997


	Leisure Time — 0.7%
			Royal Caribbean Cruises Ltd., Senior Unsecured Notes:
	1,050,000	BBB	5.375% due 7/15/27(a)		1,051,266
	200,000	BBB	7.500% due 10/15/27		205,946
	600,000	BBB	5.500% due 4/1/28(a)		604,711

			Total Leisure Time		1,861,923


	Lodging — 0.6%
	200,000	BBB-	Hyatt Hotels Corp., Senior Unsecured Notes, 5.750% due 1/30/27		200,787
	1,243,000	BBB-	Las Vegas Sands Corp., Senior Unsecured Notes, 5.900% due 6/1/27		1,253,060

			Total Lodging		1,453,847


	Machinery — Diversified — 0.2%
	500,000	BBB	Westinghouse Air Brake Technologies Corp., Company Guaranteed Notes, 3.450% due 11/15/26		498,877


	Media — 0.3%
	220,000	BBB-	Cox Communications Inc., Senior Unsecured Notes, 3.350% due 9/15/26(a)		219,910
	500,000	Baa3(e)	FactSet Research Systems Inc., Senior Unsecured Notes, 2.900% due 3/1/27		495,626

			Total Media		715,536


	Mining — 0.6%
	1,500,000	BBB+	Glencore Funding LLC, Company Guaranteed Notes, 5.338% due 4/4/27(a)		1,507,178


	Miscellaneous Manufacturers — 0.1%
	200,000	BBB	Textron Inc., Senior Unsecured Notes, 3.650% due 3/15/27		199,092


	Office/Business Equipment — 0.1%
	400,000	BBB-	CDW LLC/CDW Finance Corp., Company Guaranteed Notes, 2.670% due 12/1/26		398,167


	Oil & Gas — 1.6%
	300,000	Baa3(e)	BPRL International Singapore Pte Ltd., Company Guaranteed Notes, 4.375% due 1/18/27		299,327
	200,000	A-	Eni USA Inc., Company Guaranteed Notes, 7.300% due 11/15/27		206,013
	400,000	WR(e)	Occidental Petroleum Corp., Senior Unsecured Notes, 3.000% due 2/15/27		396,958
	500,000	AA	QatarEnergy, Senior Unsecured Notes, 4.625% due 6/23/29(a)		494,845
	183,150	AA-	QatarEnergy LNG S3, Senior Secured Notes, 6.332% due 9/30/27(a)		183,200

See Notes to Financial Statements.

253



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Oil & Gas — 1.6% — (continued)
$	200,000	BBB+	Repsol E&P Capital Markets U.S. LLC, Company Guaranteed Notes, 4.805% due 9/16/28(a)	$	199,480
	400,000	BBB	Variable Energi ASA, Senior Unsecured Notes, 5.000% due 5/18/27(a)		400,844
	2,000,000	BBB+	Woodside Finance Ltd., Company Guaranteed Notes, 3.700% due 9/15/26(a)		1,999,346

			Total Oil & Gas		4,180,013


	Pharmaceuticals — 0.4%
	700,000	BBB	Bayer U.S. Finance LLC, Company Guaranteed Notes, 6.125% due 11/21/26(a)		701,418
	400,000	BB+	Viatris Inc., Company Guaranteed Notes, 2.300% due 6/22/27		392,224

			Total Pharmaceuticals		1,093,642


	Pipelines — 0.4%
	200,000	Baa2(e)	Columbia Pipelines Holding Co. LLC, Senior Unsecured Notes, 6.042% due 8/15/28(a)		204,186
	200,000	BBB	Energy Transfer LP, Senior Unsecured Notes, 5.500% due 6/1/27		201,052
	690,000	BBB	ONEOK Inc., Company Guaranteed Notes, 4.250% due 9/24/27		688,325

			Total Pipelines		1,093,563


	Retail — 0.1%
	200,000	A-	7-Eleven Inc., Senior Unsecured Notes, 1.300% due 2/10/28(a)		190,380


	Savings & Loans — 0.2%
			Nationwide Building Society, Senior Non-Preferred Notes:
	200,000	BBB+	4.955% (SOFR + 1.290%) due 2/16/28(a)(b)		200,688
	200,000	BBB+	4.955% (SOFR + 1.290%) due 2/16/28(b)		200,688

			Total Savings & Loans		401,376


	Semiconductors — 0.2%
	300,000	A-	SK Hynix Inc., Senior Unsecured Notes, 5.500% due 1/16/27(a)		301,068
	200,000	BBB-	Skyworks Solutions Inc., Senior Unsecured Notes, 5.000% due 8/10/28		199,945

			Total Semiconductors		501,013


	Software — 1.0%
	700,000	BBB	Fidelity National Information Services Inc., Senior Unsecured Notes, 4.450% due 3/10/28		695,944
	2,000,000	BBB-	Oracle Corp., Senior Unsecured Notes, 2.800% due 4/1/27		1,980,209

			Total Software		2,676,153


	Telecommunications — 2.7%
	1,900,000	Baa2(e)	AT&T Inc., Senior Unsecured Notes, 4.313% (SOFR + 0.650%) due 8/10/28(b)		1,907,190
			NTT Finance Corp.:
	800,000	BBB+	Company Guaranteed Notes, 1.591% due 4/3/28(a)		760,986
	2,100,000	BBB+	Senior Unsecured Notes, 4.620% due 7/16/28(a)		2,091,037
	900,000	BBB-	Rogers Communications Inc., Company Guaranteed Notes, 3.200% due 3/15/27		894,231
	1,300,000	BBB-	Telefonica Emisiones SA, Company Guaranteed Notes, 4.103% due 3/8/27		1,296,666

			Total Telecommunications		6,950,110


	Transportation — 0.1%
	200,000	BBB	Indian Railway Finance Corp., Ltd., Senior Unsecured Notes, 3.835% due 12/13/27		197,040


	Trucking & Leasing — 0.1%
	300,000	BBB	GATX Corp., Senior Unsecured Notes, 5.400% due 3/15/27		301,264

			TOTAL CORPORATE BONDS & NOTES (Cost — $145,997,333)		146,146,000


	COLLATERALIZED MORTGAGE OBLIGATIONS — 24.4%

	Asset-Backed Securities — 1.9%
	50,338	BBB-	Bear Stearns Asset Backed Securities I Trust, Series 2005-CL1, Class A2, 2.145% (1-Month Term SOFR + 0.614%) due 9/25/34(b)		50,554
	247,541	AAA	CCG Receivables Trust, Series 2025-1, Class A2, 4.480% due 10/14/32(a)		247,643
	273,920	Aaa(e)	DLLAA LLC, Series 2025-1A, Class A2, 4.700% due 10/20/27(a)		274,203

See Notes to Financial Statements.

254



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Asset-Backed Securities — 1.9% — (continued)
$	107,500	CCC	Finance America Mortgage Loan Trust, Series 2004-2, Class M1, 4.607% (1-Month Term SOFR + 0.939%) due 8/25/34(b)	$	103,814
			JPMorgan Mortgage Trust:
	604,501	AAA	Series 2026-ACES1, Class A1, 4.894% due 4/25/66(a)(b)		593,852
	604,501	AAA	Series 2026-ACES1, Class A1F, 4.843% (30-Day Average SOFR + 1.200%) due 4/25/66(a)(b)		604,331
	1,211,180	AAA	M&T Equipment 2025-LEAF1 Notes, Series 2025-1A, Class A2, 4.700% due 12/16/27(a)		1,213,019
	114,645	BBB+	MASTR Asset Backed Securities Trust, Series 2004-OPT2, Class A1, 4.482% (1-Month Term SOFR + 0.814%) due 9/25/34(b)		103,978
	294,617	B-	Morgan Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1, 4.682% (1-Month Term SOFR + 1.014%) due 5/25/34(b)(g)		313,937
	237,409	NR	Pagaya AI Debt Grantor Trust, Series 2025-6, Class A2, 4.497% due 4/15/33(a)		236,369
	50,085	NR	Stonepeak ABS, Series 2021-1A, Class AA, 2.301% due 2/28/33(a)		49,325
			Towd Point Mortgage Trust:
	126,077	AAA(h)	Series 2024-CES1, Class A1A, 5.848% due 1/25/64(a)(b)		126,080
	140,095	AAA(h)	Series 2025-CES2, Class A1, step bond to yield, 5.348% due 7/25/65(a)		139,577
	757,295	AAA(h)	Series 2025-CES3, Class A1A, step bond to yield, 5.278% due 8/25/65(a)		754,216
	199,786	A-(h)	UPXL Issuer Trust, Series 2025-1, Class A, 5.160% due 1/25/47(a)		198,196

			Total Asset-Backed Securities		5,009,094


	Mortgage Securities — 22.5%
	349,740	AAA(h)	Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A1, step bond to yield, 5.903% due 1/25/64(a)		349,795
	1,600,000	NR	BWAY Mortgage Trust, Series 2021-1450, Class A, 5.004% (1-Month Term SOFR + 1.364%) due 9/15/36(a)(b)(f)		1,597,688
			Chase Home Lending Mortgage Trust:
	257,991	AAA(h)	Series 2024-9, Class A11, 4.893% (30-Day Average SOFR + 1.250%) due 9/25/55(a)(b)		257,839
	198,773	AAA(h)	Series 2026-8, Class A11, 4.893% (30-Day Average SOFR + 1.250%) due 6/25/57(a)(b)		198,899
	289,955	AAA(h)	Series 2026-JINV1, Class A11, 4.893% (30-Day Average SOFR + 1.250%) due 6/25/54(a)(b)		290,129
	1,269,260	Aaa(e)	Citigroup Mortgage Loan Trust, Series 2021-INV3, Class A11, 4.493% (30-Day Average SOFR + 0.850%) due 5/25/51(a)(b)		1,186,679
			Credit Suisse Commercial Mortgage Capital Trust:
	191,102	AAA	Series 2021-INV1, Class A11, 4.443% (30-Day Average SOFR + 0.800%) due 7/25/56(a)(b)		179,028
	525,125	NR	Series 2021-RPL4, Class A1, 4.145% due 12/27/60(a)(b)		522,925
	129,633	AAA(h)	Series 2022-RPL4, Class A1, 3.904% due 4/25/62(a)(b)		122,032
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	277,697	NR	Series 4344, Class FA, 4.197% (30-Day Average SOFR + 0.564%) due 12/15/37(b)		271,806
	281,925	NR	Series 4351, Class FA, 4.197% (30-Day Average SOFR + 0.564%) due 5/15/38(b)		276,763
	696,301	NR	Series 4906, Class WF, 4.147% (30-Day Average SOFR + 0.514%) due 12/15/38(b)		688,163
	584,438	NR	Series 5481, Class FJ, 4.793% (30-Day Average SOFR + 1.150%) due 12/25/54(b)		588,462
	49,505	NR	Series 5484, Class FA, 4.843% (30-Day Average SOFR + 1.200%) due 12/25/54(b)		49,926
	196,322	NR	Series 5491, Class FL, 4.843% (30-Day Average SOFR + 1.200%) due 1/25/55(b)		198,164
	660,287	NR	Series 5495, Class AF, 4.793% (30-Day Average SOFR + 1.150%) due 1/25/55(b)		665,303
	770,498	NR	Series 5496, Class AF, 4.743% (30-Day Average SOFR + 1.100%) due 1/25/55(b)		774,919
	182,517	NR	Series 5500, Class GF, 4.593% (30-Day Average SOFR + 0.950%) due 10/25/54(b)		183,880
	712,114	NR	Series 5508, Class QF, 4.593% (30-Day Average SOFR + 0.950%) due 2/25/55(b)		713,845
	194,945	NR	Series 5511, Class FG, 4.793% (30-Day Average SOFR + 1.150%) due 3/25/55(b)		196,301
	2,360,834	NR	Series 5513, Class MF, 4.583% (30-Day Average SOFR + 0.940%) due 11/25/54(b)(d)		2,377,527
	1,551,877	NR	Series 5532, Class FA, 4.593% (30-Day Average SOFR + 0.950%) due 4/25/55(b)(d)		1,563,451
	1,249,254	NR	Series 5548, Class AF, 4.643% (30-Day Average SOFR + 1.000%) due 6/25/55(b)		1,261,207
	957,741	NR	Series 5565, Class FB, 4.593% (30-Day Average SOFR + 0.950%) due 8/25/55(b)		970,614
	637,146	NR	Series 5567, Class FB, 4.643% (30-Day Average SOFR + 1.000%) due 8/25/55(b)		643,242
	1,713,216	NR	Series 5584, Class DF, 4.543% (30-Day Average SOFR + 0.900%) due 10/25/55(b)(d)		1,722,557

See Notes to Financial Statements.

255



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Mortgage Securities — 22.5% — (continued)
$	351,677	NR	Series 5593, Class FB, 4.543% (30-Day Average SOFR + 0.900%) due 11/25/55(b)	$	353,553
	367,382	NR	Series 5607, Class FA, 4.543% (30-Day Average SOFR + 0.900%) due 12/25/55(b)		367,270
	859,019	NR	Series 5667, Class FC, 5.143% (30-Day Average SOFR + 1.500%) due 6/25/56(b)		860,183
			Federal National Mortgage Association (FNMA), REMICS:
	573,567	NR	Series 2017-108, Class AF, 4.058% (30-Day Average SOFR + 0.414%) due 1/25/48(b)		565,588
	171,738	NR	Series 2019-9, Class FA, 4.147% (30-Day Average SOFR + 0.514%) due 3/25/49(b)		170,430
	573,484	NR	Series 2024-90, Class FB, 4.893% (30-Day Average SOFR + 1.250%) due 11/25/53(b)(d)		579,891
	735,205	NR	Series 2024-101, Class FB, 4.743% (30-Day Average SOFR + 1.100%) due 1/25/55(b)		739,444
	325,102	NR	Series 2024-103, Class FC, 4.793% (30-Day Average SOFR + 1.150%) due 1/25/55(b)		327,571
	465,045	NR	Series 2024-103, Class FJ, 4.843% (30-Day Average SOFR + 1.200%) due 1/25/55(b)		469,402
	185,721	NR	Series 2025-4, Class FB, 4.843% (30-Day Average SOFR + 1.200%) due 12/25/53(b)		186,361
	157,433	NR	Series 2025-6, Class FA, 4.893% (30-Day Average SOFR + 1.250%) due 2/25/55(b)		159,015
	303,705	NR	Series 2025-16, Class FA, 4.793% (30-Day Average SOFR + 1.150%) due 3/25/55(b)		304,325
	350,638	NR	Series 2025-19, Class FC, 4.803% (30-Day Average SOFR + 1.160%) due 3/25/55(b)		353,440
	1,057,415	NR	Series 2025-40, Class FP, 4.643% (30-Day Average SOFR + 1.000%) due 10/25/54(b)		1,067,516
	654,189	NR	Series 2025-88, Class FM, 4.543% (30-Day Average SOFR + 0.900%) due 8/25/55(b)		657,719
	7,265,576	NR	Series 2025-88, Class KF, 4.693% (30-Day Average SOFR + 1.050%) due 9/25/55(b)(d)		7,295,352
	1,962,893	NR	Series 2025-95, Class F, 4.543% (30-Day Average SOFR + 0.900%) due 12/25/53(b)(d)		1,969,660
	1,156,049	NR	Series 2025-99, Class KF, 4.643% (30-Day Average SOFR + 1.000%) due 11/25/55(b)		1,158,411
			GCAT Trust:
	475,095	AAA	Series 2021-NQM3, Class A1, 1.091% due 5/25/66(a)(b)		414,536
	591,903	AAA(h)	Series 2022-HX1, Class A1, 2.885% due 12/27/66(a)(b)		534,667
			Government National Mortgage Association (GNMA):
	203,957	NR	Series 2016-H06, Class FD, 4.702% (1-Month Term SOFR + 1.034%) due 7/20/65(b)		205,301
	312,187	NR	Series 2017-H15, Class FE, 5.341% (1-Year Term SOFR + 1.515%) due 7/20/67(b)		315,240
	54,317	NR	Series 2020-17, Class EU, 2.500% due 10/20/49		47,704
	39,543	NR	Series 2020-21, Class AC, 2.500% due 1/20/49		34,821
	2,544,971	NR	Series 2021-122, Class FA, 3.000% (30-Day Average SOFR + 0.400%) due 7/20/51(b)(d)		2,196,172
	184,884	NR	Series 2023-H11, Class FC, 4.739% (30-Day Average SOFR + 1.100%) due 5/20/73(b)		189,293
	342,538	NR	Series 2023-H24, Class FA, 4.589% (30-Day Average SOFR + 0.950%) due 10/20/73(b)		348,499
	170,701	NR	Series 2023-H27, Class FD, 4.739% (30-Day Average SOFR + 1.100%) due 11/20/73(b)		174,930
	707,777	NR	Series 2024-H01, Class FB, 4.539% (30-Day Average SOFR + 0.900%) due 1/20/74(b)		718,471
	7,243,477	NR	Series 2025-135, Class FE, 4.789% (30-Day Average SOFR + 1.150%) due 8/20/55(b)(d)		7,309,058
	341,462	NR	Series 2025-H20, Class FA, 4.409% (30-Day Average SOFR + 0.770%) due 9/20/75(b)		343,908
	340,569	NR	Series 2025-H22, Class F, 4.419% (30-Day Average SOFR + 0.780%) due 10/20/75(b)		343,775
	758,947	AAA(h)	GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.750% due 12/25/60(a)(b)		714,017
			GS Mortgage-Backed Securities Trust:
	605,038	Aaa(e)	Series 2021-GR2, Class A9, 4.466% (30-Day Average SOFR + 0.850%) due 2/25/52(a)(b)		565,756
	209,947	Aaa(e)	Series 2021-INV1, Class A9, 4.466% (30-Day Average SOFR + 0.850%) due 12/25/51(a)(b)		196,341
	301,367	Aaa(e)	Series 2024-PJ7, Class A25, 4.995% (30-Day Average SOFR + 1.350%) due 11/25/54(a)(b)		301,492
			JPMorgan Mortgage Trust:
	116,956	Aaa(e)	Series 2019-INV3, Class A3, 3.500% due 5/25/50(a)(b)		103,697
	260,213	Aaa(e)	Series 2021-12, Class A11, 4.466% (30-Day Average SOFR + 0.850%) due 2/25/52(a)(b)		243,254
	127,120	AAA(h)	Series 2025-NQM1, Class A1, step bond to yield, 5.591% due 6/25/65(a)		126,930
	191,108	NR	Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, step bond to yield, 6.250% due 7/25/67(a)		191,374
			MFA Trust:
	61,360	AAA	Series 2020-NQM1, Class A1, 2.479% due 3/25/65(a)(b)		59,984
	44,386	AAA	Series 2020-NQM2, Class A1, 1.381% due 4/25/65(a)(b)		43,821
			Mill City Mortgage Loan Trust:
	213,221	Aaa(e)	Series 2019-GS2, Class A1, 2.750% due 8/25/59(a)(b)		208,077
	151,915	AAA(h)	Series 2021-NMR1, Class A1, 1.125% due 11/25/60(a)(b)		147,224

See Notes to Financial Statements.

256



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Mortgage Securities — 22.5% — (continued)
$	1,485,076	Aa1(e)	Natixis Commercial Mortgage Securities Trust, Series 2021-APPL, Class A, 4.854% (1-Month Term SOFR + 1.214%) due 8/15/38(a)(b)(f)	$	1,484,846
			New Residential Mortgage Loan Trust:
	108,564	NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(a)(b)		105,027
	30,791	AAA(h)	Series 2018-RPL1, Class A1, 3.500% due 12/25/57(a)(b)		29,759
	1,800,000	AAA(h)	NYO Commercial Mortgage Trust, Series 2021-1290, Class A, 4.849% (1-Month Term SOFR + 1.209%) due 11/15/38(a)(b)		1,800,330
			OBX Trust:
	169,601	AAA	Series 2024-NQM5, Class A1, step bond to yield, 5.988% due 1/25/64(a)		169,880
	329,991	AAA	Series 2024-NQM6, Class A1, step bond to yield, 6.447% due 2/25/64(a)		331,352
	212,478	Aaa(e)	Oceanview Mortgage Trust, Series 2025-3, Class AF1, 4.595% (30-Day Average SOFR + 0.950%) due 5/25/55(a)(b)		212,594
	161,406	AAA(h)	PRPM LLC, Series 2025-RCF6, Class A1, step bond to yield, 4.942% due 12/25/55(a)		158,936
	127,147	AAA(h)	PRPM Trust, Series 2024-NQM4, Class A1, step bond to yield, 5.674% due 12/26/69(a)		127,026
	436,786	AAA(h)	Sequoia Mortgage Trust, Series 2024-HYB1, Class A1A, 4.558% due 11/25/63(a)(b)		433,832
			Towd Point Mortgage Trust:
	160,769	AAA(h)	Series 2018-3, Class A1, 3.750% due 5/25/58(a)(b)		157,627
	73,061	Aaa(e)	Series 2019-HY2, Class A1, 4.782% (1-Month Term SOFR + 1.114%) due 5/25/58(a)(b)		73,958
	77,469	Aaa(e)	Series 2019-HY3, Class A1A, 4.782% (1-Month Term SOFR + 1.114%) due 10/25/59(a)(b)		77,557
	279,123	AAA(h)	Series 2020-1, Class A1, 2.710% due 1/25/60(a)(b)		269,038
	315,963	AAA(h)	Series 2021-SJ2, Class A1A, 2.250% due 12/25/61(a)(b)		310,472
	195,292	AA	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR13, Class A1A1, 4.362% (1-Month Term SOFR + 0.694%) due 10/25/45(b)		186,584

			Total Mortgage Securities		57,443,435

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $63,011,487)		62,452,529


	ASSET-BACKED SECURITIES — 11.1%

	Automobiles — 5.9%
	454,857	AAA	American Heritage Auto Receivables Issuer Trust, Series 2025-1A, Class A2, 4.480% due 8/15/28(a)		455,110
	361,417	AAA	ARI Fleet Lease Trust, Series 2024-B, Class A2, 5.540% due 4/15/33(a)		362,512
	2,400,000	AAA(h)	AutoNation Finance Trust, Series 2025-1A, Class A3, 4.620% due 11/13/29(a)		2,403,198
	1,200,000	AAA	Carmax Auto Owner Trust, Series 2026-3, Class A2, 4.360% due 10/15/29		1,200,066
			Carvana Auto Receivables Trust:
	1,770,158	AAA	Series 2023-P1, Class A4, 5.940% due 1/10/29(a)		1,782,120
	327,142	AAA	Series 2023-P4, Class A3, 6.160% due 10/10/28(a)		328,078
	824,349	AAA	Series 2024-P1, Class A3, 5.050% due 4/10/29(a)		826,695
	526,632	(P)AAA	Series 2026-P1, Class A2, 4.100% due 6/11/29		525,985
	1,200,000	AAA	Series 2026-P3, Class A2, 4.530% due 11/12/29		1,198,800
	191,849	Aaa(e)	Chesapeake Funding II LLC, Series 2024-1A, Class A1, 5.520% due 5/15/36(a)		192,503
	1,200,000	AAA	GM Financial Automobile Leasing Trust, Series 2026-3, Class A2B, zero coupon (30-Day Average SOFR + 0.350%) due 10/20/28(b)		1,200,518
	1,200,000	AAA	Honda Auto Receivables Owner Trust, Series 2026-3, Class A2B, zero coupon (30-Day Average SOFR + 0.320%) due 4/18/29(b)		1,201,195
	25,346	Aaa(e)	Oscar U.S. Funding XV LLC, Series 2023-1A, Class A3, 5.810% due 12/10/27(a)		25,404
	104,903	Aaa(e)	SBNA Auto Lease Trust, Series 2024-B, Class A3, 5.560% due 11/22/27(a)		104,973
	92,956	AAA	SCCU Auto Receivables Trust, Series 2023-1A, Class A3, 5.700% due 10/16/28(a)		93,132
	192,852	AAA	SFS Auto Receivables Securitization Trust, Series 2026-1A, Class A2A, 3.910% due 8/20/29(a)		192,385
	500,000	AAA	Stellantis Financial Underwritten Enhanced Lease Trust, Series 2026-AA, Class A2B, 4.139% (30-Day Average SOFR + 0.500%) due 1/22/29(a)(b)		500,613
	2,500,000	AAA	Westlake Automobile Receivables Trust, Series 2025-P1, Class A3, 4.580% due 6/15/29(a)		2,502,905

			Total Automobiles		15,096,192

See Notes to Financial Statements.

257



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Credit Cards — 1.5%
			Trillium Credit Card Trust II:
$	1,800,000	Aaa(e)	Series 2025-1A, Class A, 4.244% (SOFR + 0.590%) due 9/26/30(a)(b)	$	1,805,401
	2,100,000	Aaa(e)	Series 2026-1A, Class A, 4.254% (SOFR + 0.600%) due 3/26/31(a)(b)		2,108,453

			Total Credit Cards		3,913,854


	Student Loans — 3.7%
			ECMC Group Student Loan Trust:
	382,629	Aa1(e)	Series 2017-2A, Class A, 4.808% (30-Day Average SOFR + 1.164%) due 5/25/67(a)(b)		386,102
	265,700	Aa1(e)	Series 2018-1A, Class A, 4.508% (30-Day Average SOFR + 0.864%) due 2/27/68(a)(b)		265,274
	407,344	Aa1(e)	Series 2019-1A, Class A1B, 4.758% (30-Day Average SOFR + 1.114%) due 7/25/69(a)(b)		410,355
	1,071,378	AAA	ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.530% due 12/26/46(a)		951,918
	93,163	(P)AAA	Navient Education Loan Trust, Series 2026-A, Class A, 4.860% due 9/15/56(a)		91,788
			Navient Private Education Loan Trust:
	141,690	AAA	Series 2015-BA, Class A3, 5.204% (1-Month Term SOFR + 1.564%) due 7/16/40(a)(b)		141,989
	124,040	AAA	Series 2020-A, Class A2B, 4.654% (1-Month Term SOFR + 1.014%) due 11/15/68(a)(b)		123,874
			Navient Private Education Refinance Loan Trust:
	80,780	AAA	Series 2020-GA, Class A, 1.170% due 9/16/69(a)		75,692
	128,547	AAA	Series 2020-IA, Class A1A, 1.330% due 4/15/69(a)		117,213
	669,241	Aaa(e)	Navient Refinance Loan Trust, Series 2025-C, Class A, 4.800% due 10/15/55(a)		663,639
			Nelnet Student Loan Trust:
	399,765	AA+	Series 2017-3A, Class A, 4.608% (30-Day Average SOFR + 0.964%) due 2/25/66(a)(b)		399,647
	381,082	AA+	Series 2019-2A, Class A, 4.658% (30-Day Average SOFR + 1.014%) due 6/27/67(a)(b)		381,558
	301,940	AA+	Series 2019-3A, Class A, 4.582% (1-Month Term SOFR + 0.914%) due 8/25/67(a)(b)		302,198
	176,810	Aaa(e)	Series 2021-DA, Class AFL, 4.457% (1-Month Term SOFR + 0.804%) due 4/20/62(a)(b)		176,265
	709,170	Aaa(e)	Series 2025-BA, Class A1B, 4.987% (30-Day Average SOFR + 1.350%) due 5/17/55(a)(b)		714,781
	584,818	Aaa(e)	Series 2025-DA, Class A1A, 4.650% due 8/20/54(a)		570,038
	517,795	Aaa(e)	Series 2026-A, Class A1A, 4.610% due 2/21/61(a)		504,228
	172,598	Aaa(e)	Series 2026-A, Class A1B, 4.939% (30-Day Average SOFR + 1.300%) due 2/21/61(a)(b)		172,847
			SMB Private Education Loan Trust:
	115,194	AAA	Series 2020-PTA, Class A2A, 1.600% due 9/15/54(a)		108,958
	91,713	AAA	Series 2021-D, Class A1A, 1.340% due 3/17/53(a)		86,573
	831,395	Aaa(e)	Series 2022-B, Class A1B, 5.087% (30-Day Average SOFR + 1.450%) due 2/16/55(a)(b)		834,212
	111,451	Aaa(e)	Series 2023-B, Class A1B, 5.437% (30-Day Average SOFR + 1.800%) due 10/16/56(a)(b)		113,523
	309,373	Aaa(e)	Series 2023-C, Class A1B, 5.186% (30-Day Average SOFR + 1.550%) due 11/15/52(a)(b)		312,115
	269,405	Aaa(e)	Series 2024-A, Class A1A, 5.240% due 3/15/56(a)		268,617
	134,702	Aaa(e)	Series 2024-A, Class A1B, 5.087% (30-Day Average SOFR + 1.450%) due 3/15/56(a)(b)		136,520
	506,826	Aaa(e)	Series 2025-B, Class A1B, 4.837% (30-Day Average SOFR + 1.200%) due 3/17/53(a)(b)		507,932
	371,187	Aaa(e)	Series 2026-B, Class A1B, 4.887% (30-Day Average SOFR + 1.250%) due 3/15/56(a)(b)		372,593
	110,785	Aaa(e)	Towd Point Asset Trust, Series 2021-SL1, Class A2, 4.467% (1-Month Term SOFR + 0.814%) due 11/20/61(a)(b)		110,684

			Total Student Loans		9,301,133

			TOTAL ASSET-BACKED SECURITIES (Cost — $28,491,033)		28,311,179


	COLLATERALIZED LOAN OBLIGATIONS — 10.6%

	Other ABS — 10.6%
	2,000,000	Aaa(e)	Anchorage Credit Funding 19 Ltd., Series 2025-19A, Class A, 5.036% due 10/25/40(a)		1,960,397
	1,431,704	AAA	Atlas Senior Loan Fund XVI Ltd., Series 2021-16A, Class AR, 4.829% (3-Month Term SOFR + 1.100%) due 1/20/34(a)(b)		1,432,523
	1,000,000	AAA	Atlas Senior Loan Fund XVIII Ltd., Series 2021-18A, Class A1R, 4.839% (3-Month Term SOFR + 1.110%) due 1/18/35(a)(b)		1,000,866
	2,500,000	Aaa(e)	Bain Capital Credit CLO Ltd., Series 2022-2A, Class A1R, 4.883% (3-Month Term SOFR + 1.150%) due 4/22/35(a)(b)		2,502,505
	12,433	AAA	BlueMountain CLO Ltd., Series 2018-3A, Class A1R, 5.000% (3-Month Term SOFR + 1.190%) due 10/25/30(a)(b)		12,448

See Notes to Financial Statements.

258



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Other ABS — 10.6% — (continued)
$	400,000	Aaa(e)	Dryden 95 CLO Ltd., Series 2021-95A, Class AR, 4.773% (3-Month Term SOFR + 1.040%) due 8/20/34(a)(b)	$	400,232
	103,645	Aaa(e)	Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 5.105% (3-Month Term SOFR + 1.352%) due 7/15/31(a)(b)		103,749
	1,300,000	Aaa(e)	Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class A1R2, 4.839% (3-Month Term SOFR + 1.110%) due 4/20/35(a)(b)		1,300,325
	505,656	AAA	Greywolf CLO III Ltd., Series 2020-3RA, Class A1R2, 4.963% (3-Month Term SOFR + 1.230%) due 4/22/33(a)(b)		506,145
	400,000	AAA	KKR CLO 16 Ltd., Series 16, Class A1R3, 4.869% (3-Month Term SOFR + 1.140%) due 10/20/34(a)(b)		400,537
	2,000,000	AAA	KKR CLO 36 Ltd., Series 36A, Class AR, 4.903% (3-Month Term SOFR + 1.150%) due 10/15/34(a)(b)		2,002,604
	1,000,000	AAA	LCM 31 Ltd., Series 31A, Class AR, 5.009% (3-Month Term SOFR + 1.280%) due 7/20/34(a)(b)		1,000,618
	1,200,000	Aaa(e)	Marble Point CLO XXIV Ltd., Series 2022-1A, Class A1R, 4.819% (3-Month Term SOFR + 1.090%) due 4/20/35(a)(b)		1,200,301
	400,000	AAA	Neuberger Berman Loan Advisers CLO 43 Ltd., Series 2021-43A, Class AR, 4.800% (3-Month Term SOFR + 1.050%) due 7/17/36(a)(b)		400,391
	400,000	AAA	Neuberger Berman Loan Advisers CLO 45 Ltd., Series 2021-45A, Class AR, 4.801% (3-Month Term SOFR + 1.060%) due 10/14/36(a)(b)		400,340
	1,600,000	Aaa(e)	PPM CLO 5 Ltd., Series 2021-5A, Class AR, 4.909% (3-Month Term SOFR + 1.180%) due 10/18/34(a)(b)		1,600,586
	2,000,000	Aaa(e)	Rockford Tower CLO Ltd., Series 2021-2A, Class A1R, 4.859% (3-Month Term SOFR + 1.130%) due 7/20/34(a)(b)		2,001,188
	229,970	AAA	Sound Point CLO XXVIII Ltd., Series 2020-3A, Class A1R, 5.090% (3-Month Term SOFR + 1.280%) due 1/25/32(a)(b)		230,323
	2,000,000	AAA(h)	Symphony CLO XXIV Ltd., Series 2020-24A, Class A1R, 4.882% (3-Month Term SOFR + 1.130%) due 10/23/35(a)(b)		2,002,198
	800,000	Aaa(e)	Symphony CLO XXIX Ltd., Series 2021-29A, Class AR, 4.903% (3-Month Term SOFR + 1.150%) due 10/15/35(a)(b)		800,861
	1,418,103	Aaa(e)	Symphony CLO XXV Ltd., Series 2021-25A, Class AR, 4.779% (3-Month Term SOFR + 1.050%) due 4/19/34(a)(b)		1,419,055
	900,000	Aaa(e)	Symphony CLO XXXII Ltd., Series 2022-32A, Class AR, 4.902% (3-Month Term SOFR + 1.150%) due 10/23/35(a)(b)		900,958
	1,000,000	AAA	Tralee CLO V Ltd., Series 2018-5A, Class A1RR, 4.809% (3-Month Term SOFR + 1.080%) due 10/20/34(a)(b)		1,001,069
	201,115	Aaa(e)	Venture 36 CLO Ltd., Series 2019-36A, Class A1AR, 5.121% (3-Month Term SOFR + 1.392%) due 4/20/32(a)(b)		201,280
	492,646	AAA(h)	Verdelite Static CLO Ltd., Series 2024-1A, Class A, 4.859% (3-Month Term SOFR + 1.130%) due 7/20/32(a)(b)		492,897
	1,805,742	AAA	Wellfleet CLO Ltd., Series 2021-1A, Class A1R, 4.909% (3-Month Term SOFR + 1.180%) due 4/20/34(a)(b)		1,807,056

			TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost — $27,100,949)		27,081,452


	MORTGAGE-BACKED SECURITIES — 3.3%
	FHLMC — 0.2%
	604,483		Federal Home Loan Mortgage Corp. (FHLMC), 4.000% due 6/1/49 – 9/1/49		559,349


	FNMA — 3.1%
	8,000,000		Federal National Mortgage Association (FNMA), 5.500% due 9/1/56(i)		7,918,038

			TOTAL MORTGAGE-BACKED SECURITIES (Cost — $8,581,953)		8,477,387

	SOVEREIGN BONDS — 1.9%
	Chile — 0.3%
	800,000	A	Chile Government International Bonds, 2.750% due 1/31/27		793,800

See Notes to Financial Statements.

259



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Kuwait — 0.3%
$	800,000	AA-	Kuwait International Government Bonds, 5.039% due 7/29/29(a)	$	801,435


	Panama — 0.2%
			Panama Government International Bonds:
	300,000	BBB-	8.875% due 9/30/27		312,705
	200,000	BBB-	3.875% due 3/17/28		196,950

			Total Panama		509,655


	Saudi Arabia — 1.1%
	2,700,000	Aa3(e)	Saudi Government International Bonds, 5.125% due 1/13/28		2,712,882

			TOTAL SOVEREIGN BONDS (Cost — $4,867,364)		4,817,772

	SENIOR LOAN — 0.4%
	Entertainment — 0.4%
	1,078,846	NR	Discovery Global Holdings Inc., 6.186% (1-Month CME Term SOFR + 2.500%) due 6/3/33(b) (Cost — $1,076,149)		1,082,385

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $279,126,268)		278,368,704


	SHORT-TERM INVESTMENTS(j) — 27.3%
	COMMERCIAL PAPERS — 1.9%
			Banco Itau Chile:
	300,000		4.508% due 3/1/27(k)		293,408
	300,000		4.516% due 3/15/27(k)		292,899
			HCA Inc.:
	1,400,000		4.244% due 10/5/26(a)(k)		1,394,447
	500,000		4.193% due 10/13/26(a)(k)		497,579
	300,000		4.194% due 10/21/26(a)(k)		298,271
	2,000,000		TELUS Corp., 4.321% due 10/7/26(a)(k)		1,991,480

			TOTAL COMMERCIAL PAPERS (Cost — $4,768,084)		4,768,084


	CORPORATE BOND — 0.4%
	1,000,000		Toyota Motor Credit Corp., 4.025%(SOFR + 0.340%) due 8/13/27(b) (Cost — $1,000,000)		1,000,000


	MONEY MARKET FUND — 0.7%
	1,906,275		Invesco STIT — Government & Agency Portfolio, Institutional Class, 3.761%(l) (Cost — $1,906,275)		1,906,275


	TIME DEPOSITS — 1.3%
	21	NZD	BBH — New York, 1.100% due 9/1/26		13
	14	EUR	Citibank — London, 1.130% due 9/1/26		16
	796,123		Citibank — New York, 2.980% due 9/1/26		796,123
	19	CAD	Royal Bank of Canada — Toronto, 1.100% due 9/1/26		13
	2,515,046		Skandinaviska Enskilda Banken AB — Stockholm, 2.980% due 9/1/26		2,515,046

			TOTAL TIME DEPOSITS (Cost — $3,311,211)		3,311,211

See Notes to Financial Statements.

260



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Security	Value

	SHORT-TERM INVESTMENTS(j) — 27.3% — (continued)

	U.S. GOVERNMENT OBLIGATION — 23.0%
$	59,000,000	U.S. Treasury Bills, 3.709% due 10/20/26(k) (Cost — $58,709,641)	$	58,709,641

		TOTAL SHORT-TERM INVESTMENTS (Cost — $69,695,211)		69,695,211

		TOTAL INVESTMENTS — 136.2% (Cost — $348,821,479)		348,063,915

		Liabilities in Excess of Other Assets — (36.2)%		(92,599,888	)

		TOTAL NET ASSETS — 100.0%	$	255,464,027

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

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

(a)

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

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

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

(e)	Rating by Moody’s Investors Service. All ratings are unaudited.

(f)	Illiquid security.

(g)	Affiliated security (see Note 2). As of August 31, 2026, total cost and total value of affiliated security amounted to $294,541 and $313,937, respectively.

(h)	Rating by Fitch Ratings Service. All ratings are unaudited.

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

(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.

At August 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

Appreciation

Ultra-Short Term Fixed Income Fund

347,461,286

2,478,728

(1,752,139)

726,589


Abbreviations used in this schedule:
ABS		— Asset-Backed Security
CLO		— Collateralized Loan Obligation
CMT		— Constant Maturity Treasury Rate
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

See Notes to Financial Statements.

261



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund


Summary of Investments by Security Type^
Corporate Bonds & Notes	42.2	%
Collateralized Mortgage Obligations	18.0
Asset-Backed Securities	8.2
Collateralized Loan Obligations	7.8
Mortgage-Backed Securities	2.5
Sovereign Bonds	1.4
Senior Loan	0.3
Short-Term Investments	19.6

Total Investments	100.0	%+

^	As a percentage of total investments.

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

See Notes to Financial Statements.

262



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

At August 31, 2026, Ultra-Short Term Fixed Income Fund held the following Reverse Repurchase Agreements:



Face Amount†		Security	Value
$	12,821,212	Bank of America, 3.780% due 9/8/26	$	12,821,212
		Citigroup Global Markets Inc.:
	6,940,909	3.760% due 9/3/26		6,940,909
	551,680	3.790% due 9/3/26		551,680
	3,479,028	3.800% due 9/10/26		3,479,028
	192,329	0.500% due 9/18/26		192,329

		TOTAL REVERSE REPURCHASE AGREEMENTS (Proceeds — $23,985,158)	$	23,985,158

For the year ended August 31, 2026, the daily average borrowing and weighted average interest rate under the reverse repurchase agreements were $11,739,134 and 3.851%, respectively.

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

At August 31, 2026, Ultra-Short Term Fixed Income Fund had open exchange-traded futures contracts as described below.

The unrealized appreciation (depreciation) on the open contracts reflected in the accompanying financial statements 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 5-Year Note Futures		216		12/26	$	22,904,969	$	22,831,875	$	(73,094	)

Contracts to Sell:
U.S. Treasury 2-Year Note Futures		64		12/26		13,163,000		13,135,000		28,000
U.S. Treasury 10-Year Note Futures		56		12/26		6,060,656		6,028,750		31,906
U.S. Treasury Ultra Long Bond Futures		19		12/26		2,114,726		2,090,594		24,132
U.S. Ultra Long Bond Futures		128		12/26		14,119,015		14,006,000		113,015

										197,053

Net Unrealized Appreciation on Open Exchange-Traded Futures Contracts									$	123,959

At August 31, 2026, Ultra-Short Term Fixed Income Fund had deposited cash of $626,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.


Currency abbreviations used in this schedule:
CAD		— Canadian Dollar
EUR		— Euro
NZD		— New Zealand Dollar
USD		— United States Dollar

See pages 265-266 for definitions of ratings.

See Notes to Financial Statements.

263



Schedules of Investments


(continued)


Alternative Strategies Fund



Units		Security	Value

OPEN END MUTUAL FUND SECURITIES — 98.8%

United States — 98.8%
	690,921	AB Select U.S. Long/Short Portfolio, Class I	$	10,626,360
	1,613,899	Abbey Capital Futures Strategy Fund, Class I		19,156,985
	1,592,771	BlackRock Event Driven Equity Fund, Institutional Class		16,787,802
	741,269	BlackRock Global Equity Market Neutral Fund, Institutional Class		11,460,017
	2,027,800	BlackRock Systematic Multi-Strategy Fund, Institutional Class		20,987,729
	504,812	BlackRock Tactical Opportunities Fund, Institutional Class*		8,955,366
	824,602	BNY Mellon Global Real Return Fund, Class Y		14,950,041
	780,720	Calamos Market Neutral Income Fund, Class I		12,725,739
	73,063	Cohen & Steers Global Realty Shares Inc., Class I		4,253,010
	1,897,795	John Hancock Diversified Macro Fund, Class I		17,820,296
	241,235	JPMorgan Hedged Equity Fund, Class I		8,592,791
	719,259	Neuberger Long Short Fund, Institutional Class		14,809,547
	303,912	PIMCO Commodity and Real Return Bond Alpha Fund, Institutional Class		5,348,847
	1,439,330	PIMCO Credit Opportunities Bond Fund, Institutional Class		13,817,565
	2,278,980	PIMCO Mortgage Opportunities and Bond Fund, Class I2		20,875,456
	1,236,014	Touchstone Flexible Income Fund, Institutional Class		12,471,381

		TOTAL INVESTMENTS — 98.8% (Cost — $198,263,353)		213,638,932

		Other Assets in Excess of Liabilities — 1.2%		2,585,040

		TOTAL NET ASSETS — 100.0%	$	216,223,972

*	Non-income producing security.

At August 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

198,553,687

17,395,625

(2,310,379)

15,085,246


Summary of Investments by Security Type^
Open End Mutual Fund Securities	100.0	%

^	As a percentage of total investments.

See Notes to Financial Statements.

264



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.

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.

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.

265



Ratings


(continued)


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 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.

Short-Term Security Ratings


SP-1		— Standard & Poor’s highest rating indicating very strong or strong capacity to pay principal and interest; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign.

A-1		— Standard & Poor’s highest commercial paper and variable-rate demand obligation (VRDO) rating indicating that the degree of safety regarding timely payment is either overwhelming or very strong; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign.

VMIG 1		— Moody’s highest rating for issues having a demand feature — VRDO.

MIG1		— Moody’s highest rating for short-term municipal obligations.

P-1		— Moody’s highest rating for commercial paper and for VRDO prior to the advent of the VMIG 1 rating.

F-1		— Fitch’s highest rating indicating the strongest capacity for timely payment of financial commitments; those issues determined to possess overwhelming strong credit feature are denoted with a plus (+) sign.

F-2		— Fitch’s rating indicating a good capacity for timely payment of financial commitments.

266



Statements of Assets and Liabilities


August 31, 2026


	Morgan Stanley Pathway Large Cap Equity ETF		Morgan Stanley Pathway Small-Mid Cap Equity ETF		International Equity Fund
ASSETS:
Unaffiliated investments, at value^1,3	$	4,067,449,876	$	718,534,501	$	1,374,145,234
Affiliated investments, at value²		9,489,540		—		—
Foreign currency, at value⁴		26		21		124,691
Cash		129,426		37,503		—
Receivable for securities sold		2,402,647		300,548		2,126,317
Receivable for TBA securities sold		—		—		—
Dividends and interest receivable from unaffiliated investments		3,171,487		524,279		10,857,579
Dividends and interest receivable from affiliated investments		—		—		—
Receivable for Fund shares sold		3,032,335		—		579,604
Unrealized appreciation on open forward foreign currency contracts (Note 1)		—		—		—
Variation margin on open futures contracts (Note 1)		—		—		—
Variation margin on open centrally cleared swap contracts (Note 1)		—		—		—
Unrealized appreciation on open OTC swap contracts		—		—		—
Upfront payment paid on open OTC swap contracts		—		—		—
Deposits for collateral with counterparty		—		—		—
Prepaid expenses		34,131		—		11,535

Total Assets		4,085,709,468		719,396,852		1,387,844,960

LIABILITIES:
Reverse repurchase agreements, at value⁷		—		—		—
Payable for collateral received from securities on loan		8,817,433		5,778,055		5,659,427
Payable for Fund shares repurchased		—		—		595,534
Payable for securities purchased		3,893,493		312,742		2,574,824
Payable for TBA securities purchased		—		—		—
Investment management fee payable		975,682		285,040		501,902
Transfer agent fees payable		—		—		39,916
Interest expense payable		—		—		—
Custody and administration fee payable		258,368		90,238		220,927
Variation margin on open futures contracts (Note 1)		—		—		—
Due to custodian⁴		—		—		201,955
Forward sale commitments, at value⁵ (Note 1)		—		—		—
Options contracts written, at value⁶ (Note 1)		—		—		—
Unrealized depreciation on open OTC swap contracts		—		—		—
Upfront payment received on open OTC swap contracts		—		—		—
Unrealized depreciation on open forward foreign currency contracts (Note 1)		—		—		—
Deposits for collateral from counterparty		—		—		—
Foreign capital gains tax payable		—		—		—
Audit fees payable		122,691		121,380		128,251
Miscellaneous expense payable		—		—		—
Accrued expenses		199,172		60,121		69,198

Total Liabilities		14,266,839		6,647,576		9,991,934

Total Net Assets	$	4,071,442,629	$	712,749,276	$	1,377,853,026

NET ASSETS:
Paid-in-capital (Note 5)	$	2,059,266,494	$	469,209,803	$	833,206,006
Total distributable earnings (losses)		2,012,176,135		243,539,473		544,647,020

Total Net Assets	$	4,071,442,629	$	712,749,276	$	1,377,853,026

Shares Outstanding		67,132,167		11,948,475		78,615,260

Net Asset Value	$	60.65	$	59.65	$	17.53

¹ Unaffiliated investments, at cost	$	2,141,813,569	$	537,877,804	$	882,374,926

² Affiliated investments, at cost	$	2,653,658	$	—	$	—

³ Includes securities on loan	$	8,807,887	$	5,646,867	$	5,438,671

⁴ Foreign currency/Due to custodian, at cost	$	1,116	$	815	$	117,246

⁵ Proceeds received	$	—	$	—	$	—

⁶ Premiums received	$	—	$	—	$	—

⁷ Proceeds of reverse repurchase agreements	$	—	$	—	$	—

See Notes to Financial Statements.

267


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			Alternative Strategies Fund

$	830,386,833	$	2,086,946,935		$	176,101,586		$	260,209,356		$	93,407,477		$	193,927,584		$	347,749,978		$	213,638,932
	—		—			—			—			—			—			313,937			—
	1,275,967		953			—			340,444			—			62,758			—			—
	6,831		127,754			—			—			—			3,306			—			3,005,919
	1,061,224		5,305,213			12,101			7,055,208			—			96			23,584			—
	—		5,400,421			—			72,770,343			—			9,957,445			—			—
	1,074,904		15,834,728			3,041,218			1,755,272			1,121,371			557,230			1,645,021			86,876
	—		—			—			—			—			—			268			—
	375,500		1,224,746			103,374			143,557			66,508			45,346			234,138			163,800
	—		313,740			—			869,903			—			238,714			—			—
	—		2,950,939			—			—			—			101,557			125,751			—
	—		480			—			72,411			—			130,678			—			—
	—		—			—			513,609			—			—			—			—
	—		—			—			412,857			—			—			—			—
	—		3,418,000			—			3,946,000			—			1,310,000			626,000			—
	10,338		22,895			2,615			2,541			1,971			2,192			3,898			2,531

	834,191,597		2,121,546,804			179,260,894			348,091,501			94,597,327			206,336,906			350,722,575			216,898,058


	—		—			—			—			—			56,366,943			23,985,158			—
	3,150,800		22,184,443			11,083,939			—			—			184,388			1,906,275			—
	374,222		7,722,589			863,991			84,534			304,627			90,607			784,039			327,513
	30,324		8,698,321			375,006			7,350,137			453,483			361,058			60,314,977			86,876
	—		62,294,012			—			111,250,168			—			19,930,421			7,947,812			—
	336,190		516,084			66,185			72,751			29,519			46,140			69,776			34,264
	26,964		56,037			4,731			5,777			2,672			3,949			8,925			6,306
	—		—			—			—			—			30,350			7,087			—
	288,153		328,309			41,172			174,293			31,517			90,543			52,822			33,662
	—		—			—			146,267			—			—			—			—
	—		—			—			—			—			—			—			—
	—		—			—			21,176,347			—			—			—			—
	—		—			—			22,330			—			126,011			—			—
	—		—			—			15,706			—			—			—			—
	—		—			—			206,993			—			—			—			—
	—		1,039,279			—			3,264,209			—			461,835			—			—
	—		—			—			280,000			—			—			—			—
	3,389,998		—			—			—			—			—			—			—
	130,452		175,873			111,966			168,707			118,654			141,265			147,465			124,724
	—		—			—			—			—			—			—			48,639
	61,286		162,355			50,642			27,497			10,153			5,374			34,212			12,102

	7,788,389		103,177,302			12,597,632			144,245,716			950,625			77,838,884			95,258,548			674,086

$	826,403,208	$	2,018,369,502		$	166,663,262		$	203,845,785		$	93,646,702		$	128,498,022		$	255,464,027		$	216,223,972


$	468,070,354	$	2,332,030,950		$	192,643,492		$	230,045,330		$	102,141,026		$	147,456,958		$	267,879,701		$	201,944,970
	358,332,854		(313,661,448	)		(25,980,230	)		(26,199,545	)		(8,494,324	)		(18,958,936	)		(12,415,674	)		14,279,002

$	826,403,208	$	2,018,369,502		$	166,663,262		$	203,845,785		$	93,646,702		$	128,498,022		$	255,464,027		$	216,223,972

	38,157,264		304,076,067			52,206,826			30,434,680			11,205,029			15,878,944			26,120,544			19,225,203

$	21.66	$	6.64		$	3.19		$	6.70		$	8.36		$	8.09		$	9.78		$	11.25

$	459,575,366	$	2,145,381,745		$	176,925,362		$	273,685,658		$	94,514,200		$	204,069,981		$	348,526,938		$	198,263,353

$	—	$	—		$	—		$	—		$	—		$	—		$	294,541		$	—

$	2,986,097	$	21,548,194		$	10,649,640		$	—		$	—		$	173,551		$	1,830,600		$	—

$	1,264,427	$	204		$	—		$	336,755		$	—		$	63,478		$	—		$	—

$	—	$	—		$	—		$	21,314,756		$	—		$	—		$	—		$	—

$	—	$	—		$	—		$	36,504		$	—		$	122,966		$	—		$	—

$	—	$	—		$	—		$	—		$	—		$	56,366,943		$	23,985,158		$	—

See Notes to Financial Statements.

268



Statements of Operations


For the Year Ended August 31, 2026


	Morgan Stanley Pathway Large Cap Equity ETF			Morgan Stanley Pathway Small-Mid Cap Equity ETF			International Equity Fund
INVESTMENT INCOME:

Dividends from unaffiliated investments	$	42,024,198		$	7,721,413		$	34,061,450
Dividends from affiliated investments		180,790			—			—
Interest from unaffiliated investments		1,454,890			549,159			750,720
Interest from affiliated investments		—			—			—
Income from non-cash dividends		—			1,102,900			—
Income from securities lending, net		58,708			132,708			55,354
Less: Foreign taxes withheld (Note 1r)		(73,979	)		(11,827	)		(3,134,417	)
Miscellaneous income		30,892			14,010			1,484

Total Investment Income		43,675,499			9,508,363			31,734,591


EXPENSES:

Investment management fee (Note 2)		20,104,445			5,308,695			9,031,900
Transfer agent fees		17,025			18,926			237,809
Custody and administration fees		952,857			336,339			701,132
Trustees’ fees		512,461			108,813			195,566
Shareholder reports		344,231			236,210			142,910
Insurance		122,964			24,183			54,451
Audit and tax		131,620			114,540			116,708
Legal fees		189,154			38,865			60,057
Registration fees		777			542			56,461
Other expense		215,401			53,778			100,780
Interest expense		—			—			—

Total Expenses		22,590,935			6,240,891			10,697,774
Less: Fee waivers and/or expense reimbursement (Note 2)		(8,978,611	)		(1,821,838	)		(3,003,333	)

Net Expenses		13,612,324			4,419,053			7,694,441

Net Investment Income	$	30,063,175		$	5,089,310		$	24,040,150


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, IN-KIND TRANSACTIONS, FUTURES CONTRACTS, OPTIONS CONTRACTS WRITTEN, FORWARD SALE COMMITMENTS, SHORT SALES, SWAP CONTRACTS, FORWARD FOREIGN CURRENCY CONTRACTS, FOREIGN CURRENCY TRANSACTIONS AND CAPITAL GAIN DISTRIBUTIONS RECEIVED (NOTES 1 AND 3):

Net Realized Gain (Loss) from:

Unaffiliated investments	$	85,903,233		$	74,423,463		$	99,106,513
Affiliated investments		129,955			—			—
Unaffiliated in-kind transactions		45,171,361			41,917,041			—
Futures contracts		700,421			806,424			276,387
Options contracts written		—			—			—
Forward sale commitments		—			—			—
Short sales		—			—			—
Swap contracts		—			—			—
Forward foreign currency contracts		—			—			—
Foreign currency transactions		—			—			(457,872	)
Capital gain distributions received		—			—			—

Net Realized Gain (Loss):		131,904,970			117,146,928			98,925,028

Change in Net Unrealized Appreciation (Depreciation) from:

Unaffiliated investments		421,059,058			23,165,951			113,339,600
Affiliated investments		2,607,178			—			—
Futures contracts		(669,989	)		(446,275	)		(38,614	)
Options contracts written		—			—			—
Forward sale commitments		—			—			—
Swap contracts		—			—			—
Forward foreign currency contracts		—			—			—
Foreign currency translations		(229	)		(195	)		(136,735	)

Change in Net Unrealized Appreciation (Depreciation):		422,996,018			22,719,481			113,164,251

Net Gain (Loss) on Investments, In-Kind Transactions, Futures Contracts, Options Contracts Written, Forward Sale Commitments, Short Sales, Swap Contracts, Forward Foreign Currency Contracts, Foreign Currency Transactions and Capital Gain Distributions Received		554,900,988			139,866,409			212,089,279

Total Increase (Decrease) in Net Assets from Operations	$	584,964,163		$	144,955,719		$	236,129,429

(a)	Includes net decrease in accrued foreign capital gains taxes of $(22,492) for Emerging Markets Equity Fund.

See Notes to Financial Statements.

269


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			Alternative Strategies Fund


$	18,379,634		$	574,681		$	—		$	—		$	—	$	—		$	—		$	7,218,447
	—			—			—			—			—		—			—			—
	481,581			93,694,912			10,824,125			8,421,108			3,378,446		9,634,673			14,812,431			—
	—			—			—			—			—		—			15,230			—
	—			—			—			—			—		—			—			—
	113,653			53,595			120,770			—			—		91			4,251			—
	(2,172,913	)		(4,488	)		—			—			—		(61	)		—			—
	2,804			166,153			—			54,541			9,052		90,279			631			—

	16,804,759			94,484,853			10,944,895			8,475,649			3,387,498		9,724,982			14,832,543			7,218,447




	7,216,358			7,392,373			1,082,641			955,341			345,945		681,291			1,564,951			2,427,439
	156,939			343,335			29,489			35,909			16,270		25,491			62,810			39,133
	978,321			1,309,750			159,707			664,148			124,980		331,176			216,576			124,331
	112,908			276,566			21,845			28,285			18,224		20,468			51,105			29,186
	157,832			177,488			79,909			81,888			4,768		—			46,704			22,128
	25,989			82,733			5,690			7,161			3,946		4,087			13,194			6,989
	158,932			170,031			49,327			170,453			74,756		90,148			97,778			100,645
	64,194			93,813			4,964			8,435			3,839		5,378			13,490			11,264
	57,296			66,798			36,474			34,883			42,842		20,791			52,132			40,744
	37,166			124,093			7,442			17,247			—		18,457			25,013			36,951
	—			—			—			130,032			—		1,962,636			457,824			—

	8,965,935			10,036,980			1,477,488			2,133,782			635,570		3,159,923			2,601,577			2,838,810
	(2,966,373	)		(1,590,014	)		(318,189	)		(101,928	)		—		(72,592	)		(473,534	)		(2,022,866	)

	5,999,562			8,446,966			1,159,299			2,031,854			635,570		3,087,331			2,128,043			815,944

$	10,805,197		$	86,037,887		$	9,785,596		$	6,443,795		$	2,751,928	$	6,637,651		$	12,704,500		$	6,402,503






$	62,322,575		$	(1,858,643	)	$	(1,020,111	)	$	(2,124,132	)	$	37,782	$	(3,555,990	)	$	624,838		$	(224,030	)
	—			—			—			—			—		—			24			—
	—			—			—			—			—		—			—			—
	360,029			(7,018,242	)		—			(430,332	)		—		456,443			931,281			—
	—			—			—			164,530			—		69,424			—			—
	—			—			—			(64,785	)		—		—			—			—
	—			—			—			—			—		698,612			(17,648	)		—
	—			157,343			—			(1,850,262	)		—		326,425			—			—
	5,100			(1,021,264	)		—			2,422,997			—		1,029,460			—			—
	(192,044	)		(318,543	)		—			(1,323,509	)		—		(83,045	)		—			—
	—			—			—			—			—		—			—			343,534

	62,495,660			(10,059,349	)		(1,020,111	)		(3,205,493	)		37,782		(1,058,671	)		1,538,495			119,504



	193,140,636	^(a)		(44,738,430	)		(2,941,967	)		(3,153,380	)		224,449		(4,680,147	)		(711,137	)		8,955,223
	—			—			—			—			—		—			283			—
	(5,965	)		(1,342,877	)		—			(1,051,304	)		—		12,957			64,184			—
	—			—			—			(10,408	)		—		(91,622	)		—			—
	—			—			—			323,496			—		—			—			—
	—			(35,282	)		—			2,251,719			—		361,808			—			—
	—			(104,466	)		—			(1,608,765	)		—		(205,176	)		—			—
	16,063			9,197			—			(78,919	)		—		(24,570	)		—			—

	193,150,734			(46,211,858	)		(2,941,967	)		(3,327,561	)		224,449		(4,626,750	)		(646,670	)		8,955,223


	255,646,394			(56,271,207	)		(3,962,078	)		(6,533,054	)		262,231		(5,685,421	)		891,825			9,074,727

$	266,451,591		$	29,766,680		$	5,823,518		$	(89,259	)	$	3,014,159	$	952,230		$	13,596,325		$	15,477,230

See Notes to Financial Statements.

270



Statements of Changes in Net Assets


For the Years Ended August 31, 2026 and August 31, 2025


	Morgan Stanley Pathway Large Cap Equity ETF*						Morgan Stanley Pathway Small-Mid Cap Equity ETF*
	2026			2025			2026			2025
OPERATIONS:

Net investment income (loss)	$	30,063,175		$	27,489,908		$	5,089,310		$	4,509,545
Net realized gain (loss)		131,904,970			40,943,292			117,146,928			13,611,396
Change in unrealized appreciation (depreciation)		422,996,018			355,532,878			22,719,481			37,122,742

Increase (Decrease) in Net Assets from Operations		584,964,163			423,966,078			144,955,719			55,243,683

DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 1):

Distributable earnings		(73,862,759	)		(106,305,264	)		(21,045,510	)		(56,973,556	)

Decrease in Net Assets from Distributions to Shareholders		(73,862,759	)		(106,305,264	)		(21,045,510	)		(56,973,556	)

FUND SHARE TRANSACTIONS (NOTES 4 AND 5):

Net proceeds from sale of shares		—			251,201,108			—			132,179,898
Net proceeds from sale of shares in-kind		342,924,080			282,582,620			22,851,155			99,238,145
Reinvestment of distributions		—			106,305,161			—			56,973,373
Cost of shares repurchased		—			(270,722,391	)		—			(65,944,111	)
Cost of shares repurchased in-kind		(75,368,565	)		(41,479,235	)		(107,942,590	)		(25,330,845	)

Increase (Decrease) in Net Assets from Fund Share Transactions		267,555,515			327,887,263			(85,091,435	)		197,116,460

Increase (Decrease) in Net Assets		778,656,919			645,548,077			38,818,774			195,386,587
NET ASSETS:

Beginning of year		3,292,785,710			2,647,237,633			673,930,502			478,543,915

End of year	$	4,071,442,629		$	3,292,785,710		$	712,749,276		$	673,930,502

The Morgan Stanley Pathway Large Cap Equity ETF acquired all the assets and liabilities of the Large Cap Equity Fund (“Predecessor Fund”) and the Morgan Stanley Pathway Small-Mid Cap Equity ETF acquired all the assets and liabilities of Small-Mid Cap Equity Fund (“Predecessor Fund”) in reorganizations that occurred on December 9, 2024 (the “Reorganizations”). Each of the Predecessor Funds ceased operations immediately following the Reorganizations. As a result, all financial information prior to the Reorganizations reflects that of each of the Predecessor Funds. See Note 1 of the Notes to Financial Statements for additional information on the Funds’ Reorganizations.

See Notes to Financial Statements.

271


International Equity Fund						Emerging Markets Equity Fund						Core Fixed Income Fund						High Yield Fund
2026			2025			2026			2025			2026			2025			2026			2025


$	24,040,150		$	24,280,984		$	10,805,197		$	9,961,202		$	86,037,887		$	81,713,158		$	9,785,596		$	9,091,841
	98,925,028			46,408,704			62,495,660			(8,691,212	)		(10,059,349	)		(55,577,684	)		(1,020,111	)		(2,899,402	)
	113,164,251			46,365,227			193,150,734			84,466,901			(46,211,858	)		20,810,885			(2,941,967	)		4,300,561

	236,129,429			117,054,915			266,451,591			85,736,891			29,766,680			46,946,359			5,823,518			10,493,000



	(95,600,834	)		(68,490,693	)		(16,650,132	)		(10,763,392	)		(82,205,696	)		(78,791,626	)		(10,008,332	)		(9,121,687	)

	(95,600,834	)		(68,490,693	)		(16,650,132	)		(10,763,392	)		(82,205,696	)		(78,791,626	)		(10,008,332	)		(9,121,687	)



	258,704,995			275,883,914			207,907,058			190,340,954			690,280,678			412,256,698			48,345,554			32,179,260
	—			—			—			—			—			—			—			—
	95,600,834			68,490,205			16,650,131			10,763,328			82,205,683			78,791,125			10,008,328			9,121,666
	(311,383,036	)		(508,569,027	)		(303,776,310	)		(119,108,366	)		(357,962,134	)		(668,139,804	)		(29,227,632	)		(34,165,443	)
	—			—			—			—			—			—			—			—

	42,922,793			(164,194,908	)		(79,219,121	)		81,995,916			414,524,227			(177,091,981	)		29,126,250			7,135,483

	183,451,388			(115,630,686	)		170,582,338			156,969,415			362,085,211			(208,937,248	)		24,941,436			8,506,796


	1,194,401,638			1,310,032,324			655,820,870			498,851,455			1,656,284,291			1,865,221,539			141,721,826			133,215,030

$	1,377,853,026		$	1,194,401,638		$	826,403,208		$	655,820,870		$	2,018,369,502		$	1,656,284,291		$	166,663,262		$	141,721,826

See Notes to Financial Statements.

272



Statements of Changes in Net Assets


For the Years Ended August 31, 2026 and August 31, 2025


	International Fixed Income Fund						Municipal Bond Fund
	2026			2025			2026			2025
OPERATIONS:

Net investment income (loss)	$	6,443,795		$	6,215,103		$	2,751,928		$	2,713,604
Net realized gain (loss)		(3,205,493	)		(2,787,311	)		37,782			(1,249,932	)
Change in unrealized appreciation (depreciation)		(3,327,561	)		3,017,430			224,449			(2,635,680	)

Increase (Decrease) in Net Assets from Operations		(89,259	)		6,445,222			3,014,159			(1,172,008	)

DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 1):

Distributable earnings		(4,894,424	)		(4,195,976	)		(2,743,583	)		(2,704,016	)

Decrease in Net Assets from Distributions to Shareholders		(4,894,424	)		(4,195,976	)		(2,743,583	)		(2,704,016	)

FUND SHARE TRANSACTIONS (NOTES 4 AND 5):

Net proceeds from sale of shares		66,622,630			45,882,165			30,271,646			24,958,565
Net proceeds from sale of shares in-kind		—			—			—			—
Reinvestment of distributions		4,894,424			4,195,905			2,743,583			2,704,016
Cost of shares repurchased		(43,036,551	)		(51,293,519	)		(16,544,658	)		(37,212,491	)
Cost of shares repurchased in-kind		—			—			—			—

Increase (Decrease) in Net Assets from Fund Share Transactions		28,480,503			(1,215,449	)		16,470,571			(9,549,910	)

Increase (Decrease) in Net Assets		23,496,820			1,033,797			16,741,147			(13,425,934	)
NET ASSETS:

Beginning of year		180,348,965			179,315,168			76,905,555			90,331,489

End of year	$	203,845,785		$	180,348,965		$	93,646,702		$	76,905,555

See Notes to Financial Statements.

273


Inflation-Linked Fixed Income Fund						Ultra-Short Term Fixed Income Fund						Alternative Strategies Fund
2026			2025			2026			2025			2026			2025


$	6,637,651		$	5,595,113		$	12,704,500		$	15,093,042		$	6,402,503		$	6,100,419
	(1,058,671	)		(2,591,899	)		1,538,495			1,722,435			119,504			(2,139,126	)
	(4,626,750	)		4,261,243			(646,670	)		755,052			8,955,223			1,808,770

	952,230			7,264,457			13,596,325			17,570,529			15,477,230			5,770,063



	(6,328,731	)		(4,939,562	)		(13,303,185	)		(15,193,979	)		(8,367,007	)		(4,281,510	)

	(6,328,731	)		(4,939,562	)		(13,303,185	)		(15,193,979	)		(8,367,007	)		(4,281,510	)



	26,645,775			22,603,685			73,242,308			280,580,343			59,776,103			61,957,457
	—			—			—			—			—			—
	6,328,731			4,939,529			13,303,179			15,193,557			8,367,007			4,281,510
	(37,587,127	)		(38,685,060	)		(241,231,036	)		(203,675,270	)		(45,060,606	)		(44,795,660	)
	—			—			—			—			—			—

	(4,612,621	)		(11,141,846	)		(154,685,549	)		92,098,630			23,082,504			21,443,307

	(9,989,122	)		(8,816,951	)		(154,392,409	)		94,475,180			30,192,727			22,931,860


	138,487,144			147,304,095			409,856,436			315,381,256			186,031,245			163,099,385

$	128,498,022		$	138,487,144		$	255,464,027		$	409,856,436		$	216,223,972		$	186,031,245

See Notes to Financial Statements.

274



Statement of Cash Flows


For the Year Ended August 31, 2026


	Inflation-Linked Fixed Income Fund
Cash Flows Provided by/(Used in) Operating Activities:
Net increase in net assets resulting from operations	$	952,230
Adjustments to reconcile net increase/decrease in net assets from operations to net cash and foreign currency provided by/(used in) operating activities:
Purchases of long-term investments		(192,892,156	)
Proceeds from the sale, paydown and maturity of long-term investments		195,012,175
(Payments on) short-term investments, net		(1,656,949	)
Decrease to the principal amount of inflation-indexed bonds		(4,278,848	)
Change in net unrealized depreciation from unaffiliated investments		4,680,147
Change in net unrealized depreciation from options contracts written		91,622
Change in net unrealized depreciation on open forward foreign currency contracts		205,176
Decrease in variation margin on open centrally cleared swap contracts		13,040
Net amortization (accretion) of premiums (discounts) of investments		(955,504	)
Net realized gain from unaffiliated investments		3,555,990
(Decrease) in premium received on options contracts written		(69,424	)
(Increase) in variation margin on open futures contracts		(50,266	)
Decrease in receivable for securities sold		839,453
(Increase) in receivable for TBA securities sold		(422,320	)
(Increase) in dividends and interest receivable from unaffiliated investments		(97,043	)
(Increase) in deposits for collateral with counterparty		(291,000	)
Decrease in prepaid trustee expenses		1,727
(Increase) in prepaid expenses		(833	)
Increase in payable for collateral received from securities on loan		184,388
(Decrease) in payable for securities purchased		(829,349	)
Increase in payable for TBA securities purchased		959,905
(Decrease) in investment management fee payable		(6,410	)
Increase in interest expense payable		4,994
Increase in custody and administration fee payable		12,471
Increase in transfer agent fees payable		1,035
(Decrease) in accrued expenses		(157,716	)

Net cash and foreign currency provided by operating activities		4,806,535


Cash Flows Provided by/(Used in) Financing Activities:
Proceeds from sale-buyback transactions		755,953,522
Payments on sale-buyback transactions		(774,595,283	)
Net proceeds from reverse repurchase agreements		23,773,692
Proceeds from sale of shares		26,623,569
Cost of shares repurchased		(38,052,851	)
Distributions to shareholders, net of reinvestments		—

Net cash and foreign currency (used in) financing activities		(6,297,351	)

Net (decrease) in cash and foreign currency^(a)		(1,490,816	)


Cash and foreign currency:
Cash and foreign currency at the beginning of the year		1,556,880

Cash and foreign currency at end of the year		66,064


Non-Cash Financing Activities:
Reinvestment of distributions		(6,328,731	)
Cash paid for interest and fees on borrowings		1,957,642

(a)	Includes net change in unrealized depreciation on foreign currency of $(2,285) for Inflation-Linked Fixed Income Fund.

See Notes to Financial Statements.

275



Financial Highlights

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Morgan Stanley Pathway Large Cap Equity ETF
	2026			2025⁽¹⁾			2024⁽¹⁾			2023⁽¹⁾			2022⁽¹⁾
Net Asset Value, Beginning of Year	$	53.04		$	48.03		$	40.96		$	39.05		$	51.52

Income (Loss) from Operations:
Net investment income⁽²⁾		0.46			0.47			0.46			0.42			0.36
Net realized and unrealized gain (loss)		8.32			6.46			9.06			4.83			(7.39	)

Total Income (Loss) from Operations		8.78			6.93			9.52			5.25			(7.03	)

Less Distributions from:
Net investment income		(0.48	)		(0.41	)		(0.40	)		(0.34	)		(0.38	)
Net realized gain		(0.69	)		(1.51	)		(2.05	)		(3.00	)		(5.06	)

Total Distributions		(1.17	)		(1.92	)		(2.45	)		(3.34	)		(5.44	)

Net Asset Value, End of Year	$	60.65			$53.04		$	48.03		$	40.96		$	39.05

Total Return†⁽³⁾		16.80	%		14.69	%⁽⁴⁾		24.57	%⁽⁴⁾		14.71	%⁽⁴⁾		(15.44	)%⁽⁴⁾
Net Assets, End of Year (millions)	$	4,071			$ 3,293		$	2,647		$	1,815		$	1,685
Ratios to Average Net Assets:
Gross expenses		0.62	%		0.64	%		0.69	%		0.70	%		0.69	%
Net expenses⁽⁵⁾		0.37			0.39			0.41			0.47			0.48
Net investment income		0.82			0.96			1.07			1.12			0.82
Portfolio Turnover Rate		18	%⁽⁶⁾		13	%⁽⁶⁾		25	%		34	%		20	%

(1)

The Morgan Stanley Pathway Large Cap Equity ETF (the “Fund”) acquired all the assets and liabilities of the Large Cap Equity Fund (the “Predecessor Fund”) in a reorganization that occurred on December 9, 2024 (the “Reorganization”). The Predecessor Fund ceased operations immediately following the Reorganization. As a result, all financial information prior to the Reorganization reflects that of the Predecessor Fund and has been retroactively adjusted to reflect the Reorganization. See Note 1 of the Notes to Financial Statements for additional information on the Fund’s Reorganization.

(2)	Per share amounts have been calculated using the average shares method.

(3)

Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Performance data does not reflect the deduction of annual advisory program fees, which are applicable only to shareholders who invest in the Fund through a Morgan Stanley-approved investment advisory program. Such fees may be up to 2.00% annually and would reduce the total returns shown. Past performance is no guarantee of future results.

(4)	The Predecessor Fund was designated as the accounting survivor in the Reorganization. As a result, the Fund assumed the Predecessor Fund’s historical performance and the performance information reflects that of the Predecessor Fund.

(5)	Reflects fee waivers and/or expense reimbursements.

(6)	In-kind transactions are not included in portfolio turnover rate calculations.

†	Calculated based on the net asset value as of the last business day of the period.

See Notes to Financial Statements.

276



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Morgan Stanley Pathway Small-Mid Cap Equity ETF
	2026			2025⁽¹⁾			2024⁽¹⁾			2023⁽¹⁾			2022⁽¹⁾
Net Asset Value, Beginning of Year	$	49.93		$	51.10		$	44.79		$	46.75		$	68.74

Income (Loss) from Operations:
Net investment income⁽²⁾		0.39			0.37			0.40			0.44			0.34
Net realized and unrealized gain (loss)		10.92			3.61			6.35			2.25			(9.18	)

Total Income (Loss) from Operations		11.31			3.98			6.75			2.69			(8.84	)

Less Distributions from:
Net investment income		(0.32	)		(0.35	)		(0.44	)		(0.30	)		(0.22	)
Net realized gain		(1.27	)		(4.80	)		—			(4.35	)		(12.93	)

Total Distributions		(1.59	)		(5.15	)		(0.44	)		(4.65	)		(13.15	)

Net Asset Value, End of Year	$	59.65		$	49.93		$	51.10		$	44.79		$	46.75

Total Return†⁽³⁾		23.17	%		7.67	%⁽⁴⁾		15.19	%⁽⁴⁾		6.47	%⁽⁴⁾		(15.89	)%⁽⁴⁾
Net Assets, End of Year (millions)	$	713		$	674		$	479		$	490		$	542
Ratios to Average Net Assets:
Gross expenses		0.88	%		0.90	%		0.95	%		0.94	%		0.93	%
Net expenses⁽⁵⁾		0.62			0.62			0.60			0.60			0.59
Net investment income		0.72			0.79			0.86			0.99			0.63
Portfolio Turnover Rate		53	%⁽⁶⁾		45	%⁽⁶⁾		56	%		23	%		41	%

(1)

The Morgan Stanley Pathway Small-Mid Cap Equity ETF (the “Fund”) acquired all the assets and liabilities of the Small-Mid Cap Equity Fund (the “Predecessor Fund”) in a reorganization that occurred on December 9, 2024 (the “Reorganization”). The Predecessor Fund ceased operations immediately following the Reorganization. As a result, all financial information prior to the Reorganization reflects that of the Predecessor Fund and has been retroactively adjusted to reflect the Reorganization. See Note 1 of the Notes to Financial Statements for additional information on the Fund’s Reorganization.

(2)	Per share amounts have been calculated using the average shares method.

(3)

(4)	The Predecessor Fund was designated as the accounting survivor in the Reorganization. As a result, the Fund assumed the Predecessor Fund’s historical performance and the performance information reflects that of the Predecessor Fund.

(5)	Reflects fee waivers and/or expense reimbursements.

(6)	In-kind transactions are not included in portfolio turnover rate calculations.

†	Calculated based on the net asset value as of the last business day of the period.

See Notes to Financial Statements.

277



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



International Equity Fund
	2026			2025			2024			2023			2022
Net Asset Value, Beginning of Year	$	15.77		$	15.04		$	12.98		$	11.19		$	15.54

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.31			0.29			0.29			0.25			0.27
Net realized and unrealized gain (loss)		2.71			1.30			2.05			2.11			(3.34	)

Total Income (Loss) from Operations		3.02			1.59			2.34			2.36			(3.07	)

Less Distributions from:
Net investment income		(0.46	)		(0.36	)		(0.28	)		(0.21	)		(0.33	)
Net realized gain		(0.80	)		(0.50	)		—			(0.36	)		(0.95	)

Total Distributions		(1.26	)		(0.86	)		(0.28	)		(0.57	)		(1.28	)

Net Asset Value, End of Year	$	17.53		$	15.77		$	15.04		$	12.98		$	11.19

Total Return†⁽²⁾		20.27	%		11.53	%		18.36	%		21.72	%		(21.37	)%
Net Assets, End of Year (millions)	$	1,378		$	1,194		$	1,310		$	1,176		$	1,148
Ratios to Average Net Assets:
Gross expenses		0.83	%		0.83	%		0.83	%		0.86	%		0.85	%
Net expenses⁽³⁾		0.60			0.60			0.61			0.68			0.67
Net investment income		1.86			2.04			2.12			2.01			2.01
Portfolio Turnover Rate		40	%		29	%		26	%		33	%		38	%

(1)	Per share amounts have been calculated using the average shares method.

(2)

Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The Fund is available only to investors participating in a Morgan Stanley-approved investment advisory program. These programs charge an advisory program fee of up to 2.00% annually, which is not reflected in the performance data. If reflected, total returns would be lower. Past performance is no guarantee of future results.

(3)	Reflects fee waivers and/or expense reimbursements.

†	Calculated based on the net asset value as of the last business day of the period.

See Notes to Financial Statements.

278



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Emerging Markets Equity Fund
	2026			2025			2024			2023			2022
Net Asset Value, Beginning of Year	$	15.89		$	14.03		$	12.70		$	12.39		$	17.44

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.26			0.25			0.26			0.23			0.30
Net realized and unrealized gain (loss)		5.93			1.89			1.38			0.31			(4.65	)

Total Income (Loss) from Operations		6.19			2.14			1.64			0.54			(4.35	)

Less Distributions from:
Net investment income		(0.42	)		(0.28	)		(0.31	)		(0.23	)		(0.29	)
Net realized gain		—			—			—			—			(0.41	)

Total Distributions		(0.42	)		(0.28	)		(0.31	)		(0.23	)		(0.70	)

Net Asset Value, End of Year	$	21.66		$	15.89		$	14.03		$	12.70		$	12.39

Total Return†⁽²⁾		39.65	%		15.58	%		13.27	%		4.64	%		(25.82	)%
Net Assets, End of Year (millions)	$	826		$	656		$	499		$	491		$	481
Ratios to Average Net Assets:
Gross expenses		1.12	%		1.11	%		1.10	%		1.15	%		1.15	%
Net expenses⁽³⁾		0.75			0.75			0.76			0.82			0.81
Net investment income		1.35			1.75			2.03			1.87			2.10
Portfolio Turnover Rate		31	%		20	%		26	%		12	%		14	%

(1)	Per share amounts have been calculated using the average shares method.

(2)

Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The Fund is available only to investors participating in a Morgan Stanley-approved investment advisory program. These programs charge an advisory program fee of up to 2.00% annually, which is not reflected in the performance data. If reflected, total returns would be lower. Past performance is no guarantee of future results.

(3)	Reflects fee waivers and/or expense reimbursements.

†	Calculated based on the net asset value as of the last business day of the period.

See Notes to Financial Statements.

279



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Core Fixed Income Fund
	2026			2025			2024			2023			2022
Net Asset Value, Beginning of Year	$	6.81		$	6.92		$	6.75		$	7.12		$	8.39

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.32			0.31			0.27			0.25			0.14
Net realized and unrealized gain (loss)		(0.19	)		(0.12	)		0.20			(0.36	)		(1.20	)

Total Income (Loss) from Operations		0.13			0.19			0.47			(0.11	)		(1.06	)

Less Distributions from:
Net investment income		(0.30	)		(0.30	)		(0.30	)		(0.25	)		(0.16	)
Tax return of capital		—			—			(0.00	)⁽²⁾		(0.01	)		—
Net realized gain		—			—			—			—			(0.05	)

Total Distributions		(0.30	)		(0.30	)		(0.30	)		(0.26	)		(0.21	)

Net Asset Value, End of Year	$	6.64		$	6.81		$	6.92		$	6.75		$	7.12

Total Return†⁽³⁾		1.91	%		3.03	%		6.97	%		(1.60	)%		(12.86	)%
Net Assets, End of Year (millions)	$	2,018		$	1,656		$	1,865		$	1,796		$	1,352
Ratios to Average Net Assets:
Gross expenses		0.54	%		0.56	%		0.53	%		0.55	%		0.56	%
Net expenses⁽⁴⁾		0.45			0.47			0.48			0.52			0.53
Net investment income		4.66			4.58			4.00			3.65			1.85
Portfolio Turnover Rate		92	%		136	%		229	%		254	%		238	%

(1)	Per share amounts have been calculated using the average shares method.

(2)	Amount is less than $0.005 per share.

(3)

Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The Fund is available only to investors participating in a Morgan Stanley-approved investment advisory program. These programs charge an advisory program fee of up to 2.00% annually, which is not reflected in the performance data. If reflected, total returns would be lower. Past performance is no guarantee of future results.

(4)	Reflects fee waivers and/or expense reimbursements.

†	Calculated based on the net asset value as of the last business day of the period.

See Notes to Financial Statements.

280



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



High Yield Fund
	2026			2025			2024			2023			2022
Net Asset Value, Beginning of Year	$	3.28		$	3.25		$	3.14		$	3.14		$	3.72

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.20			0.21			0.22			0.20			0.17
Net realized and unrealized gain (loss)		(0.08	)		0.04			0.11			—			(0.56	)

Total Income (Loss) from Operations		0.12			0.25			0.33			0.20			(0.39	)

Less Distributions from:
Net investment income		(0.21	)		(0.22	)		(0.22	)		(0.20	)		(0.19	)

Total Distributions		(0.21	)		(0.22	)		(0.22	)		(0.20	)		(0.19	)

Net Asset Value, End of Year	$	3.19		$	3.28		$	3.25		$	3.14		$	3.14

Total Return†⁽²⁾		3.74	%		7.86	%		10.96	%		6.71	%		(10.88	)%
Net Assets, End of Year (millions)	$	167		$	142		$	133		$	128		$	113
Ratios to Average Net Assets:
Gross expenses		0.96	%		1.02	%		1.05	%		1.17	%		1.07	%
Net expenses⁽³⁾		0.75			0.82			0.85			0.97			0.87
Net investment income		6.33			6.63			6.80			6.30			4.88
Portfolio Turnover Rate		58	%		76	%		44	%		25	%		46	%

(1)	Per share amounts have been calculated using the average shares method.

(2)

Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The Fund is available only to investors participating in a Morgan Stanley-approved investment advisory program. These programs charge an advisory program fee of up to 2.00% annually, which is not reflected in the performance data. If reflected, total returns would be lower. Past performance is no guarantee of future results.

(3)	Reflects fee waivers and/or expense reimbursements.

†	Calculated based on the net asset value as of the last business day of the period.

See Notes to Financial Statements.

281



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



International Fixed Income Fund
	2026			2025			2024			2023			2022
Net Asset Value, Beginning of Year	$	6.87		$	6.78		$	6.40		$	7.00		$	8.12

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.23			0.24			0.19			0.12			0.07
Net realized and unrealized gain (loss)		(0.22	)		0.01			0.25			(0.13	)		(0.98	)

Total Income (Loss) from Operations		0.01			0.25			0.44			(0.01	)		(0.91	)

Less Distributions from:
Net investment income		(0.18	)		(0.16	)		(0.03	)		(0.59	)		(0.12	)
Net realized gain		—			—			(0.03	)		—			(0.09	)

Total Distributions		(0.18	)		(0.16	)		(0.06	)		(0.59	)		(0.21	)

Net Asset Value, End of Year	$	6.70		$	6.87		$	6.78		$	6.40		$	7.00

Total Return†⁽²⁾		0.16	%		3.75	%		6.85	%		(0.15	)%		(11.54	)%
Net Assets, End of Year (millions)	$	204		$	180		$	179		$	182		$	171
Ratios to Average Net Assets:
Gross expenses⁽³⁾		1.11	%		1.23	%		0.97	%		0.95	%		0.93	%
Net expenses⁽³⁾⁽⁴⁾		1.06			1.18			0.92			0.90			0.88
Net investment income		3.37			3.46			2.90			1.86			0.95
Portfolio Turnover Rate		310	%		280	%		328	%		381	%		312	%

(1)	Per share amounts have been calculated using the average shares method.

(2)

Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The Fund is available only to investors participating in a Morgan Stanley-approved investment advisory program. These programs charge an advisory program fee of up to 2.00% annually, which is not reflected in the performance data. If reflected, total returns would be lower. Past performance is no guarantee of future results.

(3)	Ratio includes interest expense on reverse repurchase agreements and/or sale-buyback transactions which represents 0.07%, 0.23%, 0.01%, 0.00% and 0.00%, respectively.

(4)	Reflects fee waivers and/or expense reimbursements.

†	Calculated based on the net asset value as of the last business day of the period.

See Notes to Financial Statements.

282



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Municipal Bond Fund
	2026			2025			2024			2023			2022
Net Asset Value, Beginning of Year	$	8.29		$	8.64		$	8.44		$	8.55		$	9.60

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.27			0.27			0.26			0.23			0.18
Net realized and unrealized gain (loss)		0.07			(0.35	)		0.24			(0.12	)		(1.03	)

Total Income (Loss) from Operations		0.34			(0.08	)		0.50			0.11			(0.85	)

Less Distributions from:
Net investment income		(0.27	)		(0.27	)		(0.26	)		(0.22	)		(0.18	)
Tax return of capital		—			—			(0.00	)⁽²⁾		—			—
Net realized gain		—			—			(0.04	)		—			(0.02	)

Total Distributions		(0.27	)		(0.27	)		(0.30	)		(0.22	)		(0.20	)

Net Asset Value, End of Year	$	8.36		$	8.29		$	8.64		$	8.44		$	8.55

Total Return†⁽³⁾		4.05	%		(0.94	)%		6.02	%		1.35	%		(8.91	)%
Net Assets, End of Year (millions)	$	94		$	77		$	90		$	99		$	87
Ratios to Average Net Assets:
Gross expenses		0.73	%		0.70	%		0.69	%		0.76	%		0.71	%
Net expenses		0.73			0.70			0.69			0.76			0.71
Net investment income		3.16			3.16			3.01			2.66			1.99
Portfolio Turnover Rate		12	%		68	%		40	%		28	%		48	%

(1)	Per share amounts have been calculated using the average shares method.

(2)	Amount is less than $0.005 per share.

(3)

Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The Fund is available only to investors participating in a Morgan Stanley-approved investment advisory program. These programs charge an advisory program fee of up to 2.00% annually, which is not reflected in the performance data. If reflected, total returns would be lower. Past performance is no guarantee of future results.

†	Calculated based on the net asset value as of the last business day of the period.

See Notes to Financial Statements.

283



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Inflation-Linked Fixed Income Fund
	2026			2025			2024			2023			2022
Net Asset Value, Beginning of Year	$	8.42		$	8.27		$	8.12		$	9.17		$	11.16

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.41			0.32			0.31			0.25			0.87
Net realized and unrealized gain (loss)		(0.35	)		0.12			0.20			(0.65	)		(1.54	)

Total Income (Loss) from Operations		0.06			0.44			0.51			(0.40	)		(0.67	)

Less Distributions from:
Net investment income		(0.39	)		(0.29	)		(0.30	)		(0.37	)		(0.93	)
Net realized gain		—			—			(0.06	)		(0.28	)		(0.39	)

Total Distributions		(0.39	)		(0.29	)		(0.36	)		(0.65	)		(1.32	)

Net Asset Value, End of Year	$	8.09		$	8.42		$	8.27		$	8.12		$	9.17

Total Return†⁽²⁾		0.84	%		5.29	%		6.44	%		(4.51	)%		(6.55	)%
Net Assets, End of Year (millions)	$	128		$	138		$	147		$	127		$	102
Ratios to Average Net Assets:
Gross expenses⁽³⁾		2.32	%		2.32	%		2.54	%		2.35	%		1.08	%
Net expenses⁽³⁾⁽⁴⁾		2.27			2.27			2.49			2.30			1.03
Net investment income		4.87			3.92			3.82			2.96			8.43
Portfolio Turnover Rate		97	%		112	%		121	%		56	%		57	%

(1)	Per share amounts have been calculated using the average shares method.

(2)

Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The Fund is available only to investors participating in a Morgan Stanley-approved investment advisory program. These programs charge an advisory program fee of up to 2.00% annually, which is not reflected in the performance data. If reflected, total returns would be lower. Past performance is no guarantee of future results.

(3)	Ratio includes interest expense on reverse repurchase agreements and/or sale-buyback transactions which represents 1.44%, 1.51%, 1.67%, 1.32% and 0.17%, respectively.

(4)	Reflects fee waivers and/or expense reimbursements.

†	Calculated based on the net asset value as of the last business day of the period.

See Notes to Financial Statements.

284



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Ultra-Short Term Fixed Income Fund
	2026			2025			2024			2023			2022
Net Asset Value, Beginning of Year	$	9.78		$	9.73		$	9.61		$	9.69		$	9.89

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.40			0.45			0.48			0.32			0.08
Net realized and unrealized gain (loss)		0.02			0.06			0.11			0.14			(0.17	)

Total Income (Loss) from Operations		0.42			0.51			0.59			0.46			(0.09	)

Less Distributions from:
Net investment income		(0.42	)		(0.46	)		(0.33	)		(0.54	)		(0.11	)
Tax return of capital		—			—			(0.14	)		—			—

Total Distributions		(0.42	)		(0.46	)		(0.47	)		(0.54	)		(0.11	)

Net Asset Value, End of Year	$	9.78		$	9.78		$	9.73		$	9.61		$	9.69

Total Return†⁽²⁾		4.52	%		5.23	%		6.28	%		4.95	%		(0.92	)%
Net Assets, End of Year (millions)	$	255		$	410		$	315		$	309		$	506
Ratios to Average Net Assets:
Gross expenses⁽³⁾		0.83	%		0.68	%		0.69	%		0.81	%		0.67	%
Net expenses⁽³⁾⁽⁴⁾		0.68			0.53			0.54			0.76			0.62
Net investment income		4.06			4.65			4.98			3.34			0.79
Portfolio Turnover Rate		97	%		123	%		87	%		42	%		86	%

(1)	Per share amounts have been calculated using the average shares method.

(2)

Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The Fund is available only to investors participating in a Morgan Stanley-approved investment advisory program. These programs charge an advisory program fee of up to 2.00% annually, which is not reflected in the performance data. If reflected, total returns would be lower. Past performance is no guarantee of future results.

(3)	Ratio includes interest expense on reverse repurchase agreements and/or sale-buyback transactions which represents 0.15%, 0.04%, 0.01%, 0.14% and 0.02%, respectively.

(4)	Reflects fee waivers and/or expense reimbursements.

†	Calculated based on the net asset value as of the last business day of the period.

See Notes to Financial Statements.

285



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Alternative Strategies Fund
	2026			2025			2024			2023			2022
Net Asset Value, Beginning of Year	$	10.86		$	10.77		$	10.24		$	10.69		$	10.99

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.35			0.37			0.34			0.38			0.20
Net realized and unrealized gain (loss)		0.50			(0.02	)		0.52			(0.17	)		(0.42	)

Total Income (Loss) from Operations		0.85			0.35			0.86			0.21			(0.22	)

Less Distributions from:
Net investment income		(0.46	)		(0.26	)		(0.33	)		(0.64	)		(0.07	)
Net realized gain		—			—			—			(0.02	)		(0.01	)

Total Distributions		(0.46	)		(0.26	)		(0.33	)		(0.66	)		(0.08	)

Net Asset Value, End of Year	$	11.25		$	10.86		$	10.77		$	10.24		$	10.69

Total Return†⁽²⁾		8.08	%		3.31	%		8.65	%		2.14	%		(2.06	)%
Net Assets, End of Year (millions)	$	216		$	186		$	163		$	157		$	147
Ratios to Average Net Assets:
Gross expenses		1.40	%		1.38	%		1.39	%		1.50	%		1.59	%
Net expenses⁽³⁾⁽⁴⁾		0.40			0.38			0.39			0.50			0.59
Net investment income		3.17			3.43			3.22			3.70			1.83
Portfolio Turnover Rate		4	%		29	%		13	%		27	%		18	%

(1)	Per share amounts have been calculated using the average shares method.

(2)

Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The Fund is available only to investors participating in a Morgan Stanley-approved investment advisory program. These programs charge an advisory program fee of up to 2.00% annually, which is not reflected in the performance data. If reflected, total returns would be lower. Past performance is no guarantee of future results.

(3)	Does not reflect the Fund’s proportionate share of income and expenses from the Underlying Fund.

(4)	Reflects fee waivers and/or expense reimbursements.

†	Calculated based on the net asset value as of the last business day of the period.

See Notes to Financial Statements.

286



Notes to Financial Statements

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.

The Board of Trustees (the “Board”) of the Trust approved an Agreement and Plan of Reorganization providing for the reorganizations (each, a “Reorganization”) of the Large Cap Equity Fund and the Small-Mid Cap Equity Fund (each, a “Predecessor Fund”) into Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF (each, an “Acquiring Fund”), respectively. On December 9, 2024, pursuant to the Agreement and Plan of Reorganization, each Predecessor Fund was converted into the corresponding Acquiring Fund, each of which is managed using the same investment objectives, principal investment strategies and policies, and sub-advisers as its Predecessor Fund. The Acquiring Funds were newly-formed “shell” funds that had not commenced operations prior to the Reorganizations and therefore did not have performance history prior to the Reorganizations. Each Predecessor Fund was designated as the accounting survivor in the Reorganizations. As a result, each Acquiring Fund assumed its Predecessor Fund’s accounting and financial history. Predecessor Fund shareholders became shareholders in the corresponding Acquiring Fund and received Acquiring Fund shares with an aggregate value equal to the aggregate value of the Predecessor Fund shares held immediately prior to the Reorganizations, less any cash received. Predecessor Fund shareholders received cash in lieu of any fractional shares of the Acquiring Funds because the Acquiring Funds do not issue fractional shares.

287



Notes to Financial Statements


(continued)

The assets and liabilities of each Predecessor Fund were transferred to the Acquiring Fund in exchange for the corresponding Acquiring Fund shares, less any amount of cash distributed in lieu of fractional shares, in a tax-free exchange as follows:


Portfolio	Shares outstanding before the Reorganization		Shares outstanding immediately after the Reorganization		Conversion Ratio		Aggregate net assets before the Reorganization			Aggregate net assets immediately after the Reorganization
Large Cap Equity Fund*		106,157,339		—			$	2,841,616,713	+	$	—
Morgan Stanley Pathway Large Cap Equity ETF		—		56,832,167		0.5354	$	—		$	2,822,983,660
Small-Mid Cap Equity Fund*		33,162,494		—			$	587,425,218	+	$	—
Morgan Stanley Pathway Small-Mid Cap Equity ETF		—		11,748,475		0.3543	$	—		$	584,509,961

*	Represents the accounting survivor.

Includes unrealized appreciation (depreciation) on investments of $1,356,036,739 with a fair value of $2,743,103,710 and identified cost of $1,387,066,971 for Large Cap Equity Fund and unrealized appreciation (depreciation) on investments of $158,567,870 with a fair value of $549,159,717 and identified cost of $390,591,847 for Small-Mid Cap Equity Fund.

For financial reporting purposes, assets received and shares issued by the Acquiring Funds were recorded at fair value and the cost basis of the investments received from the Predecessor Funds was carried forward to each corresponding Acquiring Fund to align ongoing reporting of the Acquiring Funds’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The following is a summary of significant accounting policies consistently followed by the Funds which are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Estimates and assumptions are required to be made by management regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. The Funds are investment companies and follow the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 — Investment Companies.

(a) Investment Valuation. Equity securities for each Fund for which market quotations are readily available and are traded on an exchange are valued at the closing sale price or official closing price on the exchange on which such security is principally traded. In the event there are no sales that day, such securities are valued at the mean between the bid and ask prices. For securities that are primarily traded on foreign exchanges, these values are converted to U.S. dollars using the current exchange rates as of the close of the New York Stock Exchange (“NYSE”).

Exchange-traded purchased and written options and futures contracts are valued at the last sale price (closing price) in the market where such contracts are principally traded or, if no sales are reported, the bid price. Swaps for which quotations are available on an automated basis from approved third-party pricing services are valued using those automated third-party pricing service quotations. Forward foreign currency contracts are valued using the official closing price for such contracts on the NYSE.

Portfolio securities traded in the over-the-counter market for which market quotations are readily available are valued at the last sales price that day. In the event there are no sales that day, such securities are valued at the mean between the bid and ask prices. Investments in registered open-end management investment companies are valued at reported net asset value per share.

Debt obligations that will mature in 60 days or less are valued at amortized cost, which approximates market value. Debt obligations that will mature in more than 60 days are valued using valuations furnished by an approved third-party pricing service; such valuations are determined by the third-party pricing service based upon its analysis of a variety of factors, including transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and its analysis of various relationships between securities, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, and as well as industry and economic events.

Overnight repurchase agreements and repurchase agreements maturing in seven days or less are valued at cost. Term repurchase agreements maturing in more than seven days are valued at the average of the bid quotations obtained daily from at least two recognized purchasers of such term repurchase agreements selected by Consulting Group Advisory Services, LLC (“CGAS”) (the “Manager”).

288



Notes to Financial Statements


(continued)

The Board of Trustees (the “Board”) has ultimate responsibility for ensuring the Funds’ investments are valued appropriately. The Board has delegated primary responsibility for determining or causing to be determined the value of the Funds’ investments (including any fair valuation) to the Manager pursuant to valuation policies and procedures approved by the Board. When market quotations are not readily available or are determined to be unreliable, investments are valued at fair value as determined in good faith by the valuation committee established by the Manager in accordance with such procedures under the oversight of the Board. Circumstances that may indicate that market quotations are not readily available or are unreliable include, but are not limited to, such instances when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, and before the applicable Fund calculates its Net Asset Value (“NAV”).

Each business day, Emerging Markets Equity Fund and International Equity Fund use a Board-approved third-party pricing service to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE.

The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities that segregates fair value measurements into levels (Level 1, 2 and 3). The three levels of the fair value hierarchy are as follows:

Level 1 – unadjusted quoted prices in active markets for identical securities.

Level 2 – significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – significant unobservable inputs (including assumptions made by the Manager or persons acting at their direction that are used in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Funds generally use to evaluate how to classify each major category of assets and liabilities in accordance with GAAP.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign bonds, senior loans, convertible preferred securities and non-U.S. bonds are normally valued by third-party pricing service providers that use broker quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by third-party pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities and the related forward sales commitments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

Common stocks, preferred stocks, rights, warrants, exchange-traded funds and financial derivative instruments, such as futures contracts or options contracts that are traded on a national securities exchange, are categorized as Level 1 of the fair value hierarchy, to the extent these securities are actively traded and valuation adjustments are not applied.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE close. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

289



Notes to Financial Statements


(continued)

Investments in registered open-end investment management companies are valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy.

Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are categorized as Level 2 of the fair value hierarchy.

Over-the-counter financial derivative instruments, such as foreign currency contracts, forward foreign currency contracts, options contracts, or swap contracts, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer quotations or by third-party pricing service providers. Depending on the product and the terms of the transaction, the value of financial derivatives can be estimated by a third-party pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, dividends and exchange rates. Financial derivatives that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange. For centrally cleared credit default swaps the clearing facility requires its members to provide actionable levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates including the overnight index swap rate and Secured Overnight Financing Rate (“SOFR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

The Funds’ policy is to recognize transfers between levels at the end of the reporting period. In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The following table summarizes the valuation of each Fund’s assets and liabilities using the fair value hierarchy:


	Total Fair Value at August 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	$	4,034,618,486		$	4,034,618,486	^(a)	$	—		$	—
Rights:
Financials		86			—			—			86
Health Care		133			—			—			133
Short-Term Investments:
Money Market Fund		8,817,433			8,817,433			—			—
Time Deposits		33,503,278			—			33,503,278			—

Total Investments, at Value	$	4,076,939,416		$	4,043,435,919		$	33,503,278		$	219	^(b)

Securities Lending Transactions — Liabilities	$	(8,817,433	)	$	—		$	(8,817,433	)	$	—

290



Notes to Financial Statements


(continued)


	Total Fair Value at August 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	$	18,961,104		$	18,961,104	$	—		$	—
Consumer Discretionary		65,707,479			65,707,479		—			—
Consumer Staples		27,926,066			27,926,066		—			—
Energy		28,264,088	^(c)		28,264,088		—			—	^(c)
Financials		101,192,436	^(c)		101,192,436		—			—	^(c)
Health Care		113,023,519	^(c)		113,023,519		—			—	^(c)
Industrials		128,060,124			128,060,124		—			—
Information Technology		125,257,952			125,257,952		—			—
Materials		29,800,859			29,800,859		—			—
Real Estate		32,340,925			32,340,925		—			—
Utilities		27,698,668			27,698,668		—			—
Rights:
Consumer Staples		51,856			—		—			51,856
Health Care		6,222	^(c)		—		—			6,222	^(c)
Materials		1,283			—		—			1,283
Preferred Stock:
Communication Services		13,086			13,086		—			—
Short-Term Investments:
Money Market Fund		5,778,055			5,778,055		—			—
Time Deposits		14,450,779			—		14,450,779			—

Total Investments, at Value	$	718,534,501	^(c)	$	704,024,361	$	14,450,779		$	59,361	^(b)(c)

Securities Lending Transactions — Liabilities	$	(5,778,055	)	$	—	$	(5,778,055	)	$	—

International Equity Fund
Investments, at Value
Common Stocks:
France	$	131,084,479	^(d)	$	—	$	131,084,479	^(d)	$	—
Germany		129,659,459	^(d)		717,875		128,941,584	^(d)		—
Japan		267,906,031	^(d)		—		267,906,031	^(d)		—
Netherlands		72,810,304	^(d)		1,129,189		71,681,115	^(d)		—
Switzerland		103,573,038	^(d)		—		103,573,038	^(d)		—
United Kingdom		235,783,586	^(d)		4,162,174		231,621,412	^(d)		—
Other Countries^(e)		395,388,376	^(d)		67,061,142		328,269,679	^(d)		57,555
Preferred Stocks:
Germany		2,399,922	^(d)		—		2,399,922	^(d)		—
Open End Mutual Fund Security:
United States		1,406,408			1,406,408		—			—
Short-Term Investments:
Money Market Fund		5,659,427			5,659,427		—			—
Time Deposits		28,474,204			—		28,474,204			—

Total Investments, at Value	$	1,374,145,234		$	80,136,215	$	1,293,951,464		$	57,555	^(b)

Securities Lending Transactions — Liabilities	$	(5,659,427	)	$	—	$	(5,659,427	)	$	—

291



Notes to Financial Statements


(continued)


	Total Fair Value at August 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	$	134,112,721	^(d)	$	7,167,625	$	126,945,094	^(d)	$	2
India		87,752,176	^(d)		11,565,915		76,186,261	^(d)		—
South Korea		155,542,429	^(d)		686,345		154,856,084	^(d)		—
Taiwan		210,116,773	^(d)		10,758,874		199,357,899	^(d)		—
Other Countries^(e)		210,959,602	^(c)(d)		80,466,077		130,482,894	^(d)		10,631	^(c)
Preferred Stocks:
Brazil		5,162,667			5,162,667		—			—
Chile		476,317			476,317		—			—
Colombia		327,099			327,099		—			—
Mexico		520,630			520,630		—			—
South Korea		10,939,454	^(d)		—		10,939,454	^(d)		—
Right:
Brazil		18			18		—			—
Short-Term Investments:
Money Market Fund		3,150,800			3,150,800		—			—
Time Deposits		11,326,147			—		11,326,147			—

Total Investments, at Value	$	830,386,833	^(c)	$	120,282,367	$	710,093,833		$	10,633	^(b)(c)

Securities Lending Transactions — Liabilities	$	(3,150,800	)	$	—	$	(3,150,800	)	$	—

Core Fixed Income Fund
Investments, at Value
Corporate Bonds & Notes	$	618,290,728	^(c)	$	—	$	618,290,728		$	—	^(c)
Mortgage-Backed Securities		504,195,347			—		504,195,347			—
U.S. Government Agencies & Obligations		395,577,014			—		395,577,014			—
Collateralized Mortgage Obligations		255,794,860			—		255,794,860			—
Sovereign Bonds:
Other Countries^(e)		75,505,001			—		75,505,001			—
Asset-Backed Securities		47,368,215			—		47,368,215			—
Open End Mutual Fund Securities:
Financials		26,449,709			26,449,709		—			—
Collateralized Loan Obligation		3,249,048			—		3,249,048			—
Municipal Bonds		2,245,008			—		2,245,008			—
Senior Loans		704,171			—		704,171			—
Common Stock:
Healthcare		214,904			—		214,904			—
Short-Term Investments:
Corporate Bond		947,303			—		947,303			—
Money Market Fund		22,184,443			22,184,443		—			—
Time Deposits		56,441,265			—		56,441,265			—
U.S. Government Obligations		77,779,919			—		77,779,919			—

Total Investments, at Value	$	2,086,946,935	^(c)	$	48,634,152	$	2,038,312,783		$	—	^(b)(c)

Securities Lending Transactions — Liabilities	$	(22,184,443	)	$	—	$	(22,184,443	)	$	—

292



Notes to Financial Statements


(continued)


	Total Fair Value at August 31, 2026			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Other Financial Instruments — Assets^(f)
Futures Contracts	$	462,271		$	462,271		$	—		$	—
Forward Foreign Currency Contracts		313,740			—			313,740			—

Total Other Financial Instruments — Assets	$	776,011		$	462,271		$	313,740		$	—

Other Financial Instruments — Liabilities^(f)
Futures Contracts	$	(1,285,083	)	$	(1,285,083	)	$	—		$	—
Forward Foreign Currency Contracts		(1,039,279	)		—			(1,039,279	)		—

Total Other Financial Instruments — Liabilities	$	(2,324,362	)	$	(1,285,083	)	$	(1,039,279	)	$	—

High Yield Fund
Investments, at Value
Corporate Bonds & Notes	$	159,829,245		$	—		$	159,829,245		$	—
Senior Loan		—	^(c)		—			—			—	^(c)
Short-Term Investments:
Money Market Fund		11,083,939			11,083,939			—			—
Time Deposits		5,188,402			—			5,188,402			—

Total Investments, at Value	$	176,101,586	^(c)	$	11,083,939		$	165,017,647		$	—	^(b)(c)

Securities Lending Transactions — Liabilities	$	(11,083,939	)	$	—		$	(11,083,939	)	$	—

International Fixed Income Fund
Investments, at Value
Sovereign Bonds:
Japan	$	13,855,577		$	—		$	13,855,577		$	—
Spain		12,843,227			—			12,843,227			—
Other Countries^(e)		57,999,192			—			57,999,192			—
Mortgage-Backed Securities		71,345,715			—			71,345,715			—
Corporate Bonds & Notes		25,631,218			—			25,631,218			—
Collateralized Mortgage Obligations		18,425,216			—			18,425,216			—
U.S. Government Obligations		15,136,253			—			15,136,253			—
Collateralized Loan Obligations		14,264,981			—			14,264,981			—
Municipal Bond		207,204			—			207,204			—
Asset-Backed Securities		178,058			—			178,058			—
Purchased Option		94			—			94			—
Short-Term Investments:
Commercial Papers		5,183,149			—			5,183,149			—
Repurchase Agreement		13,800,000			—			13,800,000			—
Sovereign Bond:
Other Countries^(e)		7,223,526			—			7,223,526			—
Time Deposits		4,115,946			—			4,115,946			—

Total Investments, at Value	$	260,209,356		$	—		$	260,209,356		$	—

Other Financial Instruments — Assets^(f)
Futures Contracts	$	339,570		$	339,570		$	—		$	—
Forward Foreign Currency Contracts		869,903			—			869,903			—
OTC Interest Rate Swaps		183,163			—			183,163			—
Centrally Cleared Interest Rate Swaps		3,417,520			—			3,417,520			—
OTC Credit Default Swaps		10,856			—			10,856			—

293



Notes to Financial Statements


(continued)


	Total Fair Value at August 31, 2026			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Centrally Cleared Credit Default Swaps	$	26,046		$	—		$	26,046		$	—
OTC Cross Currency Swap		319,590			—			319,590			—

Total Other Financial Instruments — Assets	$	5,166,648		$	339,570		$	4,827,078		$	—

Other Financial Instruments — Liabilities^(f)
Options Contracts Written	$	(22,330	)	$	—		$	(22,330	)	$	—
Forward Sale Commitments		(21,176,347	)		—			(21,176,347	)		—
Futures Contracts		(1,287,956	)		(1,287,956	)		—			—
Forward Foreign Currency Contracts		(3,264,209	)		—			(3,264,209	)		—
OTC Total Return Swap		(12,206	)		—			(12,206	)		—
OTC Interest Rate Swaps		(3,500	)		—			(3,500	)		—
Centrally Cleared Interest Rate Swaps		(2,966,123	)		—			(2,966,123	)		—
Centrally Cleared Credit Default Swaps		(136,834	)		—			(136,834	)		—

Total Other Financial Instruments — Liabilities	$	(28,869,505	)	$	(1,287,956	)	$	(27,581,549	)	$	—

Municipal Bond Fund
Investments, at Value
Municipal Bonds	$	88,191,862		$	—		$	88,191,862		$	—
Collateralized Mortgage Obligations		640,220			—			640,220			—
Warrant:
Industrials		2,700			—			—			2,700
Short-Term Investments:
Time Deposits		4,572,695			—			4,572,695			—

Total Investments, at Value	$	93,407,477		$	—		$	93,404,777		$	2,700	^(b)

Inflation-Linked Fixed Income Fund
Investments, at Value
U.S. Government Obligations	$	144,844,327		$	—		$	144,844,327		$	—
Mortgage-Backed Securities		18,518,918			—			18,518,918			—
Collateralized Mortgage Obligations		12,228,404			—			12,228,404			—
Sovereign Bonds:
Other Countries^(e)		8,128,489			—			8,128,489			—
Collateralized Loan Obligations		6,095,710			—			6,095,710			—
Corporate Bonds & Notes		1,245,490			—			1,245,490			—
Short-Term Investments:
Money Market Fund		184,388			184,388			—			—
Time Deposits		2,681,858			—			2,681,858			—

Total Investments, at Value	$	193,927,584		$	184,388		$	193,743,196		$	—

Security Lending Transactions — Liabilities	$	(184,388	)	$	—		$	(184,388	)	$	—

Other Financial Instruments — Assets^(f)
Futures Contracts	$	446,357		$	446,357		$	—		$	—
Forward Foreign Currency Contracts		238,714			—			238,714			—
Centrally Cleared Interest Rate Swaps		2,006,999			—			2,006,999			—
Centrally Cleared Inflation Rate Swaps		626,053			—			626,053			—

Total Other Financial Instruments — Assets	$	3,318,123		$	446,357		$	2,871,766		$	—

294



Notes to Financial Statements


(continued)


	Total Fair Value at August 31, 2026			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Other Financial Instruments — Liabilities^(f)
Options Contracts Written	$	(126,011	)	$	—		$	(126,011	)	$	—
Reverse Repurchase Agreements		(56,366,943	)		—			(56,366,943	)		—
Futures Contracts		(255,654	)		(255,654	)		—			—
Forward Foreign Currency Contracts		(461,835	)		—			(461,835	)		—
Centrally Cleared Interest Rate Swaps		(223,323	)		—			(223,323	)		—
Centrally Cleared Inflation Rate Swaps		(1,258,848	)		—			(1,258,848	)		—

Total Other Financial Instruments — Liabilities	$	(58,692,614	)	$	(255,654	)	$	(58,436,960	)	$	—

Ultra-Short Term Fixed Income Fund
Investments, at Value
Corporate Bonds & Notes	$	146,146,000		$	—		$	146,146,000		$	—
Collateralized Mortgage Obligations		62,452,529			—			62,452,529			—
Asset-Backed Securities		28,311,179			—			28,311,179			—
Collateralized Loan Obligations		27,081,452			—			27,081,452			—
Mortgage-Backed Securities		8,477,387			—			8,477,387			—
Sovereign Bonds:
Other Countries^(e)		4,817,772			—			4,817,772			—
Senior Loan		1,082,385			—			1,082,385			—
Short-Term Investments:
Commercial Papers		4,768,084			—			4,768,084			—
Corporate Bond		1,000,000			—			1,000,000			—
Money Market Fund		1,906,275			1,906,275			—			—
Time Deposits		3,311,211			—			3,311,211			—
U.S. Government Obligation		58,709,641			—			58,709,641			—

Total Investments, at Value	$	348,063,915		$	1,906,275		$	346,157,640		$	—

Securities Lending Transactions — Liabilities	$	(1,906,275	)	$	—		$	(1,906,275	)	$	—

Other Financial Instruments — Assets^(f)
Futures Contracts	$	197,053		$	197,053		$	—		$	—

Total Other Financial Instruments — Assets	$	197,053		$	197,053		$	—		$	—

Other Financial Instruments — Liabilities^(f)
Reverse Repurchase Agreements	$	(23,985,158	)	$	—		$	(23,985,158	)	$	—
Futures Contract		(73,094	)		(73,094	)		—			—

Total Other Financial Instruments — Liabilities	$	(24,058,252	)	$	(73,094	)	$	(23,985,158	)	$	—

Alternative Strategies Fund
Investments, at Value
Open End Mutual Fund Securities:
United States	$	213,638,932		$	213,638,932		$	—		$	—

Total Investments, at Value	$	213,638,932		$	213,638,932		$	—		$	—

(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.

295



Notes to Financial Statements


(continued)

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 year ended August 31, 2026 are presented.

There were no significant transfers in or out of Level 3 for the year ended August 31, 2026 for any of the Funds.

(b) Accounting for Derivative Instruments. Derivative instruments require enhanced disclosures regarding a Fund’s credit derivatives holdings, including credit default swaps, credit spread options and hybrid financial instruments containing embedded credit derivatives.

All open derivative positions at the year-end for each Fund are disclosed in the Fund’s Schedule of Investments.

Certain Funds may use derivative instruments including futures, options, forward foreign currency contracts, swaptions and swap contracts as part of their investment strategies. Following is a description of these derivative instruments, including the primary underlying risk exposures related to each instrument type:

(i) Futures Contracts. Certain Funds may enter into futures contracts, to the extent permitted by their investment policies and objectives, for bonafide hedging and other permissible risk management purposes including protecting against anticipated changes in the value of securities a Fund intends to purchase. Upon entering into a futures contract, a Fund is required to deposit cash or securities as initial margin, which is included in deposits for collateral with counterparty on the Statements of Assets and Liabilities. Additional securities are also segregated as collateral up to the current market value of the futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund, depending on the fluctuation in the value of the underlying financial instruments and are reported on the Statements of Assets and Liabilities. The Fund recognizes an unrealized gain or loss equal to the variation margin. When futures contracts are closed, a realized gain or loss is recognized which is equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contracts.

The risks associated with entering into futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, investing in futures contracts involves the risk that the Fund could lose more than the original margin deposit due to subsequent payments that may be required for a futures transaction.

(ii) Options Written. Certain Funds may write options to manage exposure to certain changes in the market. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the Fund realizes a gain from investments equal to the amount of the premium received. When a written call option is exercised, the premium received is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. When a written put option is exercised, the amount of the premium received reduces the cost of the security purchased by the Fund.

When writing a covered call option, a Fund may forego the opportunity of profit if the market price of the underlying security increases more than the premium received and the option is exercised. When writing a put option, a Fund may incur a loss if the market price of the underlying security decreases more than the premium received and the option is exercised. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

(iii) Purchased Options. Certain Funds may purchase options to manage exposure to certain changes in the market. A Fund will normally purchase call options in anticipation of an increase in the market value of securities of the type in which they may invest, an amount equal to the value is recorded as an asset. The purchase of a call option will entitle a Fund, in return for the premium paid, to purchase specified securities at a specified price during the option period. A Fund will ordinarily realize a gain if, during the option period, the value of such securities exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise, the Fund will realize a loss equal to the amount of the premium paid on the purchase of the call option.

A Fund will normally purchase put options in anticipation of a decline in the market value of securities in its portfolio (“protective puts”) or in securities in which it may invest. The purchase of a put option will entitle the Fund, in exchange for the premium paid, to sell specified securities at a specified price during the option period. The purchase of protective puts is designed to offset or hedge against a decline in the market value of the Fund’s securities. Put options may also be purchased by a Fund for the purpose of affirmatively benefiting from a decline in the price of securities which it does not own. The Fund

296



Notes to Financial Statements


(continued)

will ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to more than cover the premium and transaction costs; otherwise the Fund will realize a loss equal to the amount of the premium paid on the purchase of the put option. Gains and losses on the purchase of protective put options would tend to be offset by countervailing changes in the value of the underlying portfolio securities.

(iv) Inflation-Capped Options. Certain Funds may write or purchase inflation-capped options to enhance returns or for hedging opportunities. When a Fund writes an inflation-capped option, an amount equal to the premium received is recorded as a liability on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option written. When a Fund purchases an inflation-capped option, the Fund pays a premium which is recorded as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. The purpose of purchasing inflation-capped options is to protect a Fund from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products.

(v) Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts to hedge against foreign currency exchange rate risk on their non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated portfolio transactions. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through either delivery or offset by entering into another forward foreign currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

(vi) Swaptions. Swaptions contracts entered into by the Funds typically represent an option that gives the purchaser the right, but not the obligation, to enter into a swap contract on a future date. Certain Funds may purchase swaptions to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Changes in the value of purchased swaptions are reported as net change in unrealized appreciation or depreciation on the Statements of Operations and Changes in Net Assets. Gain or loss is recognized when the swaptions contract expires or is closed as net realized gain or loss on the Statements of Operations and Changes in Net Assets. Details of purchased swaptions contracts held at year-end are included on the Fund’s Schedule of Investments under the caption “Purchased Options”.

Certain Funds may write swaption contracts to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Swaption contracts written by a Fund represent an option that obligates the writer upon exercise by the purchaser, to enter into a previously agreed upon swap contract on a future date. If a written call swaption is exercised, the writer will enter into a swap and is obligated to pay the fixed rate and receive a floating rate in exchange. If a written put swaption is exercised, the writer will enter a swap and is obligated to pay the floating rate and receive a fixed rate in exchange.

When a Fund writes a swaption, the premium received is recorded as a liability in the Statements of Assets and Liabilities and is subsequently adjusted to the current market value of the swaption. Changes in the value of the swaption are reported as unrealized gains or losses in the Statements of Operations. A gain or loss is recognized when the swaption contract expires or is closed. Premiums received from writing swaptions that expire or are exercised are treated by the Fund as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction is also treated as a realized gain or, if the premium received is less than the amount paid for the closing purchase, as a realized loss.

Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk, associated with both option contracts and swap contracts. To reduce credit risk from potential counterparty default, a Fund only enters into swaption contracts with counterparties that meet certain standards of creditworthiness. A Fund bears the market risk arising from any change in index values or interest rates.

(vii) Swap Contracts. Swaps involve the exchange by a Fund with another party of the respective amounts payable with respect to a notional principal amount related to one or more indices. Certain Funds may enter into these transactions to

297



Notes to Financial Statements


(continued)

preserve a return or spread on a particular investment or portion of its assets, as a duration management technique or to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. Certain Funds may also use these transactions for speculative purposes, such as to obtain the price performance of a security without actually purchasing the security in circumstances where, for example, the subject security is illiquid, is unavailable for direct investment or available only on less attractive terms.

Swaps are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as change in unrealized appreciation or depreciation in the Statements of Operations. Net receipts or payments of interest are recorded as realized gains or losses, respectively. Gains and losses are realized upon termination of a swap contract. An upfront payment received by the Fund, is recorded as a liability on the Fund’s books. An upfront payment made by the Fund is recorded as an asset on the Fund’s books. Any upfront payments paid or received upon entering a swap contract to compensate for differences between stated terms of the agreement and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded as a realized gain or loss at the termination of the swap.

Swaps have risks associated with them, including possible default by the counterparty to the transaction, illiquidity and, where swaps are used as hedges, the risk that the use of a swap could result in losses greater than if the swap had not been employed. This risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Such amounts are reported on the Statements of Assets and Liabilities as deposits with counterparties.

(viii) Credit Default Swaps. Certain Funds may enter into credit default swap contracts for investment purposes, to manage their credit risk or to add leverage. As a seller in a credit default swap contract, a Fund is required to pay the notional or other agreed-upon value to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund keeps the stream of payments and has no payment obligations. Such periodic payments are accrued daily and accounted for as realized gains.

Certain Funds may also purchase credit default swap contracts in order to hedge against the risk of default by debt securities held in their portfolios. In these cases, a Fund functions as the counterparty referenced in the preceding paragraph. As a purchaser of a credit default swap contract, the Fund receives the notional or other agreed upon value from the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund makes periodic payments to the counterparty over the term of the contract provided no event of default has occurred. Such periodic payments are accrued daily and accounted for as realized losses.

For a credit default swap sold by a Fund, payment of the agreed upon amount made by the Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation received. For a credit default swap purchased by a Fund, the agreed upon amount received by the Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Fund.

Entering into credit default swaps involves, to varying degrees, elements of credit and market risk in excess of the related amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there will be unfavorable changes in net interest rates. As privately negotiated transactions, swaps may involve risk, which is the risk that the swap contracts fail to contemplate a particular outcome or that the parties disagree about the proper interpretation of a transaction term.

(ix) Interest Rate Swaps. Certain Funds may enter into interest rate swaps for investment purposes to manage exposure to fluctuations in interest rates or to add leverage. Interest rate swaps represent an agreement between two counterparties to exchange cash flows based on the difference in the fixed interest rate and the floating interest rate, applied to the notional principal amount for a specified period. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Once the payments are settled in cash, the net amount is recorded as realized gain or loss from swap contracts on the Statements of Operations. The Funds settle accrued net receivable or payable under the swap contracts on a periodic basis.

298



Notes to Financial Statements


(continued)

The primary risk associated with interest rate swaps is that unfavorable changes in interest rates could adversely impact a Fund.

(x) Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit and interest derivatives. In a centrally cleared derivative transaction, a Fund typically enters into the transaction with financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of the original counterparty. The Fund typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse. The margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin receivable or payable on swap contracts for the change in value as appropriate on the Statements of Assets and Liabilities. Only a limited number of derivative transactions are currently eligible for clearing by clearinghouses.

(xi) Cross-Currency Swaps. Certain Funds may enter into cross-currency swaps to gain or mitigate exposure to currency risk. Cross-currency swaps involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specific exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.

(xii) Inflation Rate Swaps. The Fund may enter into inflation rate swap contracts to attempt to hedge against inflation. Pursuant to the inflation rate swap agreement, the Fund negotiates with a counterparty to exchange a periodic stream of payments, based on a benchmark inflation index. One cash flow stream will typically be a floating rate payment linked to the specified inflation index while the other is typically a fixed interest rate.

Inflation rate swaps are normally issued on a zero coupon basis where all payments compound during the life of the contract and are netted upon the termination or maturity of the contract. Final payments received or paid by the Fund are recorded as realized gains or losses in the Statements of Operations. Inflation rate swap contracts are subject to movements in interest rates.

(xiii) Total Return Swaps. The Fund may enter into total return swap contracts to gain exposure and benefit from a reference asset (single asset, or a basket of assets) without actually having to own it. Total return swap contracts are agreements where the total return of a reference asset is paid in exchange for periodic cash flows. The deal is structured such that the total return (asset income plus capital appreciation/depreciation) is exchanged, in the cash flows. Periodic payments received or made by the Fund are recorded as realized gains or losses in the Statements of Operations.

The following is a summary of the fair valuations of the Funds’ derivative instruments categorized by risk exposure at August 31, 2026:


Morgan Stanley Pathway Large Cap Equity ETF Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2026:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	700,421		$	700,421

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	(669,989	)	$	(669,989	)

299



Notes to Financial Statements


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2026:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	806,424		$	806,424

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	(446,275	)	$	(446,275	)


International Equity Fund Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2026:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	276,387		$	276,387

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	(38,614	)	$	(38,614	)


Emerging Markets Equity Fund Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2026:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	360,029		$	360,029
Forward foreign currency contracts		—		5,100		—		—			5,100

	$	—	$	5,100	$	—	$	360,029		$	365,129

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	(5,965	)	$	(5,965	)


Core Fixed Income Fund Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2026:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	462,271	$	—	$	—	$	—	$	462,271
Unrealized appreciation on forward foreign currency contracts (c)		—		313,740		—		—		313,740

	$	462,271	$	313,740	$	—	$	—	$	776,011

Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	1,285,083	$	—	$	—	$	—	$	1,285,083
Unrealized depreciation on forward foreign currency contracts (a)		—		1,039,279		—		—		1,039,279

	$	1,285,083	$	1,039,279	$	—	$	—	$	2,324,362

300



Notes to Financial Statements


(continued)


Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2026:

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	(7,018,242	)	$	—		$	—		$	—	$	(7,018,242	)
Swaps contracts		—			—			157,343			—		157,343
Forward foreign currency contracts		—			(1,021,264	)		—			—		(1,021,264	)

	$	(7,018,242	)	$	(1,021,264	)	$	157,343		$	—	$	(7,882,163	)

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	(1,342,877	)	$	—		$	—		$	—	$	(1,342,877	)
Swaps contracts		—			—			(35,282	)		—		(35,282	)
Forward foreign currency contracts		—			(104,466	)		—			—		(104,466	)

	$	(1,342,877	)	$	(104,466	)	$	(35,282	)	$	—	$	(1,482,625	)


International Fixed Income Fund Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2026:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Purchased options (c)	$	—	$	94	$	—	$	—	$	94
Unrealized appreciation on open futures contracts (b)		339,570		—		—		—		339,570
Unrealized appreciation on forward foreign currency contracts (c)		—		869,903		—		—		869,903
Unrealized appreciation on centrally cleared swaps (f)		3,417,520		—		26,046		—		3,443,566
Unrealized appreciation on OTC swaps contracts (c)		183,163		319,590		10,856		—		513,609

	$	3,940,253	$	1,189,587	$	36,902	$	—	$	5,166,742

Liability derivatives
Options contracts written outstanding (a)	$	—	$	22,330	$	—	$	—	$	22,330
Unrealized depreciation on open futures contracts (b)		1,287,956		—		—		—		1,287,956
Unrealized depreciation on forward foreign currency contracts (a)		—		3,264,209		—		—		3,264,209
Unrealized depreciation on centrally cleared swaps (f)		2,966,123		—		136,834		—		3,102,957
Unrealized depreciation on OTC swaps contracts (a)		15,706		—		—		—		15,706

	$	4,269,785	$	3,286,539	$	136,834	$	—	$	7,693,158


Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2026:

Location	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Purchased options	$	—		$	(49,040	)	$	—	$	—	$	(49,040	)
Futures contracts		(430,332	)		—			—		—		(430,332	)
Options contracts written		99,491			65,039			—		—		164,530
Swaps contracts		(3,406,702	)		1,371,310			185,130		—		(1,850,262	)
Forward foreign currency contracts		—			2,422,997			—		—		2,422,997

	$	(3,737,543	)	$	3,810,306		$	185,130	$	—	$	257,893

301



Notes to Financial Statements


(continued)


Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
Change in unrealized appreciation (depreciation) on derivatives (e)
Purchased options	$	—		$	14,782		$	—		$	—	$	14,782
Futures contracts		(1,051,304	)		—			—			—		(1,051,304	)
Options contracts written		(17,544	)		7,136			—			—		(10,408	)
Swaps contracts		2,465,885			78,310			(292,476	)		—		2,251,719
Forward foreign currency contracts		—			(1,608,765	)		—			—		(1,608,765	)

	$	1,397,037		$	(1,508,537	)	$	(292,476	)	$	—	$	(403,976	)


Inflation-Linked Fixed Income Fund Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2026:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	446,357	$	—	$	—	$	—	$	446,357
Unrealized appreciation on forward foreign currency contracts (c)		—		238,714		—		—		238,714
Unrealized appreciation on centrally cleared swaps (f)		2,633,052		—		—		—		2,633,052

	$	3,079,409	$	238,714	$	—	$	—	$	3,318,123

Liability derivatives
Options contracts written outstanding (a)	$	126,011	$	—	$	—	$	—	$	126,011
Unrealized depreciation on open futures contracts (b)		255,654		—		—		—		255,654
Unrealized depreciation on forward foreign currency contracts (a)		—		461,835		—		—		461,835
Unrealized depreciation on centrally cleared swaps (f)		1,482,171		—		—		—		1,482,171

	$	1,863,836	$	461,835	$	—	$	—	$	2,325,671


Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2026:

Location	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	456,443		$	—		$	—	$	—	$	456,443
Options contracts written		69,424			—			—		—		69,424
Swaps contracts		326,425			—			—		—		326,425
Forward foreign currency contracts		—			1,029,460			—		—		1,029,460

	$	852,292		$	1,029,460		$	—	$	—	$	1,881,752

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	12,957		$	—		$	—	$	—	$	12,957
Options contracts written		(91,622	)		—			—		—		(91,622	)
Swaps contracts		361,808			—			—		—		361,808
Forward foreign currency contracts		—			(205,176	)		—		—		(205,176	)

	$	283,143		$	(205,176	)	$	—	$	—	$	77,967

302



Notes to Financial Statements


(continued)


Ultra-Short Term Fixed Income Fund
Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2026:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	197,053	$	—	$	—	$	—	$	197,053

Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	73,094	$	—	$	—	$	—	$	73,094


Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2026:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	931,281	$	—	$	—	$	—	$	931,281

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	64,184	$	—	$	—	$	—	$	64,184

(a)	Statements of Assets and Liabilities location: Unrealized depreciation on open forward foreign currency contracts, unrealized depreciation on OTC swap contracts or options contracts written, at value.

(b)	Only variation margin, if any, is reported within the Statements of Assets and Liabilities. Cumulative appreciation (depreciation) on futures contracts is reported in the open exchanged-traded futures contracts table in the Fund’s Schedule of Investments.

(c)	Statements of Assets and Liabilities location: Investments, at value or unrealized appreciation on open forward foreign currency contracts or unrealized appreciation on OTC swap contracts.

(d)	Statements of Operations location: Net realized gain (loss) from unaffiliated investments, futures contracts, options contracts written, swap contracts or forward foreign currency contracts.

(e)	Statements of Operations location: Change in net unrealized appreciation (depreciation) from unaffiliated investments, futures contracts, options contracts written, swap contracts or forward foreign currency contracts.

(f)	Only variation margin, if any, is reported within the Statements of Assets and Liabilities. Cumulative appreciation (depreciation) on centrally cleared swaps is reported in the open swap contracts table in the Fund’s Schedule of Investments.

The average monthly notional amounts of futures contracts, swaps contracts and forward foreign currency contracts, and the monthly average market value of options contracts written and purchased options outstanding during the year ended August 31, 2026 were as follows:


Morgan Stanley Pathway Large Cap Equity ETF

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	11,095,686
Morgan Stanley Pathway Small-Mid Cap Equity ETF

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	4,016,505
International Equity Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	2,180,412

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Emerging Markets Equity Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	730,053
Forward foreign currency contracts		—		34,047		—		—
Core Fixed Income Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	333,825,172	$	—	$	—	$	—
Swap contracts		—		—		2,892,577		—
Forward foreign currency contracts		—		71,025,825		—		—
International Fixed Income Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Purchased options	$	—	$	23,440	$	—	$	—
Futures contracts		134,499,334		—		—		—
Option contracts written		3,755		15,123		—		—
Swap contracts		366,680,864		17,210,241		21,692,849		—
Forward foreign currency contracts		—		315,080,626		—		—
Inflation-Linked Fixed Income Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	79,580,571	$	—	$	—	$	—
Option contracts written		84,520		—		—		—
Swap contracts		60,212,367		—		—		—
Forward foreign currency contracts		—		54,202,926		—		—
Ultra-Short Term Fixed Income Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	213,149,358	$	—	$	—	$	—

(c) Repurchase Agreements. When entering into repurchase agreements, it is the Funds’ policy that their custodian or a third party custodian takes possession of the underlying collateral securities, the market value of which at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market daily to ensure the adequacy of the collateral. If the seller defaults and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited.

(d) Stripped Securities. Certain Funds may invest in “Stripped Securities”, a term used collectively for stripped fixed income securities. Stripped Securities can be principal-only securities (“PO”), which are debt obligations that have been stripped of interest coupons, or interest-only securities (“IO”), which are interest coupons that have been stripped from debt obligations. As is the case with all securities, the market value of Stripped Securities will fluctuate in response to changes in economic conditions, interest rates and the market’s perception of the securities. However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation increases with a

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longer period of maturity. The yield-to-maturity on an IO is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in the IO.

(e) Time Deposits. Certain Funds may purchase overnight time deposits issued by offshore branches of U.S. banks that meet credit and risk standards established by the custodian and approved by the Board.

(f) Lending of Portfolio Securities. Mitsubishi UFJ Financial Group (MUFG) acts as securities lending agent for the Funds. As agent, MUFG may lend securities owned by the Funds to brokers, dealers and other financial organizations that have been approved as borrowers by the Funds. Loans of securities by a Fund are collateralized by cash, U.S. government securities or irrevocable performance letters of credit issued by banks approved by the Funds. All non-cash collateral is received, held and administered by the custodian in an applicable custody account or other account established for the purpose of holding collateral for each Fund. Cash collateral received by the Funds as a result of securities lending activities is invested in an unaffiliated registered money market fund, and is recorded as Payable for collateral received from securities on loan within the Statements of Assets and Liabilities. Income from securities lending, net, on the Statements of Operations, represents the income earned on investing cash collateral plus any premium payments that may be received on the loan of certain types of securities, less fees and expenses associated with the loan. Each Fund maintains the risk of any market loss on its securities on loan as well as the potential loss on investments purchased with cash collateral received from its securities lending. The custodian has the right under its agreement with the borrowers to recover any loaned securities from the borrower on demand. Additionally, the Funds are exposed to risks that a borrower may not provide additional collateral when required or return loaned securities when due. If the borrower fails to return the securities, the custodian will use the collateral to purchase replacement securities. The custodian is responsible for any shortfall in collateral value under certain circumstances.

The following table presents securities on loan that are subject to enforceable netting arrangements as of August 31, 2026:


Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Gross Asset Amount Presented in the Statements of Assets and Liabilities (a)		Financial Instrument		Collateral Received (b)(c)			Net Amount (Not Less than $0)
Morgan Stanley Pathway Large Cap Equity ETF	$	8,807,887	$	—	$	(8,807,887	)	$	0
Morgan Stanley Pathway Small-Mid Cap Equity ETF		5,646,867		—		(5,646,867	)		0
International Equity Fund		5,438,671		—		(5,438,671	)		0
Emerging Markets Equity Fund		2,986,097		—		(2,986,097	)		0
Core Fixed Income Fund		21,548,194		—		(21,548,194	)		0
High Yield Fund		10,649,640		—		(10,649,640	)		0
Inflation-Linked Fixed Income Fund		173,551		—		(173,551	)		0
Ultra-Short Term Fixed Income Fund		1,830,600		—		(1,830,600	)		0

(a)	Represents market value of securities on loan at year end.

(b)

The Funds received cash collateral of $8,817,433, $5,778,055, $5,659,427, $3,150,800, $22,184,443, $11,083,939, $184,388 and $1,906,275, 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, $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.

FASB ASC 860, “Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”, is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowings.

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The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2026:


	Remaining Contractual Maturity of the Agreements As of August 31, 2026
	Overnight and Continuous		< 30 days		Between 30 & 90 days		> 90 days		Total
Morgan Stanley Pathway Large Cap Equity ETF
Securities Lending Transactions
Common Stocks	$	8,817,433	$	—	$	—	$	—	$	8,817,433

Total Borrowings	$	8,817,433	$	—	$	—	$	—	$	8,817,433

Gross amount of recognized liabilities for securities lending transactions									$	8,817,433


Morgan Stanley Pathway Small-Mid Cap Equity ETF
Securities Lending Transactions
Common Stocks	$	5,778,055	$	—	$	—	$	—	$	5,778,055

Total Borrowings	$	5,778,055	$	—	$	—	$	—	$	5,778,055

Gross amount of recognized liabilities for securities lending transactions									$	5,778,055


International Equity Fund
Securities Lending Transactions
Common Stocks	$	5,659,427	$	—	$	—	$	—	$	5,659,427

Total Borrowings	$	5,659,427	$	—	$	—	$	—	$	5,659,427

Gross amount of recognized liabilities for securities lending transactions									$	5,659,427


Emerging Markets Equity Fund
Securities Lending Transactions
Common Stocks	$	3,150,800	$	—	$	—	$	—	$	3,150,800

Total Borrowings	$	3,150,800	$	—	$	—	$	—	$	3,150,800

Gross amount of recognized liabilities for securities lending transactions									$	3,150,800


Core Fixed Income Fund
Securities Lending Transactions
Corporate Bonds	$	16,186,599	$	—	$	—	$	—	$	16,186,599
Sovereign Bonds		324,019		—		—		—		324,019
Open End Mutual Fund Securities		5,673,825		—		—		—		5,673,825

Total Borrowings	$	22,184,443	$	—	$	—	$	—	$	22,184,443

Gross amount of recognized liabilities for securities lending transactions									$	22,184,443


High Yield Fund
Securities Lending Transactions
Corporate Bonds	$	11,083,939	$	—	$	—	$	—	$	11,083,939

Total Borrowings	$	11,083,939	$	—	$	—	$	—	$	11,083,939

Gross amount of recognized liabilities for securities lending transactions									$	11,083,939

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	Remaining Contractual Maturity of the Agreements As of August 31, 2026
	Overnight and Continuous		< 30 days		Between 30 & 90 days		> 90 days		Total
Inflation-Linked Fixed Income Fund
Securities Lending Transactions
U.S. Government Obligations	$	184,388	$	—	$	—	$	—	$	184,388

Reverse Repurchase Agreements Transactions
U.S. Government Obligations	$	—	$	56,366,943	$	—	$	—	$	56,366,943

Total Borrowings	$	184,388	$	56,366,943	$	—	$	—	$	56,551,331

Gross amount of recognized liabilities for securities lending transactions									$	184,388

Gross amount of recognized liabilities for reverse repurchase agreements transactions									$	56,366,943


Ultra-Short Term Fixed Income Fund
Securities Lending Transactions
Corporate Bonds	$	1,906,275	$	—	$	—	$	—	$	1,906,275

Reverse Repurchase Agreements Transactions
U.S. Government Obligations	$	—	$	23,985,158	$	—	$	—	$	23,985,158

Total Borrowings	$	1,906,275	$	23,985,158	$	—	$	—	$	25,891,433

Gross amount of recognized liabilities for securities lending transactions									$	1,906,275

Gross amount of recognized liabilities for reverse repurchase agreements transactions									$	23,985,158

(g) To-Be-Announced Purchase and Sale Commitments. Certain Funds may trade securities on a to-be-announced (“TBA”) basis. In a TBA transaction, a Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information is not known, such as the face amount and maturity date and the underlying pool of investments in U.S. government agency mortgage pass-through transactions. Securities purchased on a TBA basis are not settled until they are delivered to the Fund, normally 15 to 45 days later. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are marked-to-market on a daily basis and are subject to market fluctuations. Realized gains or losses on TBA purchase commitments are included in Net realized gain (loss) on investments on the Statements of Operations. Any fluctuation in the value of the purchased TBA commitments is included in Net change in unrealized appreciation (depreciation) on investments on the Statements of Operations.

Additionally, when a Fund sells TBA securities without already owning or having the right to obtain the deliverable securities (an uncovered forward commitment to sell), it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold them. A Fund may be unable to purchase the deliverable securities if the corresponding market is illiquid.

TBA securities subject to a forward commitment to sell at year end are included at the end of the Fund’s Schedule of Investments under the caption “Schedule of Forward Sale Commitments.” The proceeds and value of these commitments are recorded as Forward Sale Commitments, at value in the Statements of Assets and Liabilities.

(h) Short Sales of Securities. A short sale is a transaction in which a Fund sells securities it does not own in anticipation of a decline in the market price of the securities. To complete a short sale, the Fund may arrange through a broker to borrow the securities to be delivered to the buyer. The proceeds received by the Fund for the short sale are retained by the broker until the Fund replaces the borrowed securities. In borrowing the securities to be delivered to the buyer, the Fund becomes obligated to replace the securities borrowed at their market price at the time of replacement, whatever that price may be.

The risk of engaging in short sale transactions is that selling short magnifies the potential for loss to a Fund. The larger the Fund’s short position, the greater the potential loss. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the security, the Fund also may be required to pay a premium, which could decrease the proceeds of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased,

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by the amount of the premium, dividends, interest or expenses the Fund may be required to pay in connection with the short sale. In addition, because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is unlimited.

(i) Mortgage Dollar Rolls. Certain Funds may sell mortgage-backed securities for delivery in the current month and simultaneously contract to repurchase substantially similar (same type, coupon and maturity) securities to settle on a specific future date at an agreed upon price. Pools of mortgage securities are used to collateralize mortgage dollar roll transactions and may have different prepayment histories than those sold. During the period between the sale and the repurchase, a Fund forgoes principal and interest paid on the securities sold. Proceeds of the sale will be invested in short-term instruments and the income from these investments, together with any additional fee income received on a sale, is intended to generate income for a Fund. A Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions. If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sale price and the future purchase price is recorded as an adjustment to interest income.

Mortgage dollar roll transactions involve the risk that the market value of the securities a Fund is obligated to repurchase under the agreement may decline below the repurchase price of those securities. If investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities sold as part of the dollar roll, the use of this technique will adversely impact the investment performance of a Fund. In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, the Fund’s use of proceeds of the dollar roll may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities.

(j) Credit and Market Risk. Certain Funds invest in high yield instruments that are subject to certain credit and market risks. The yields of high yield obligations reflect, among other things, perceived credit and market risks. Each Fund’s investment in securities rated below investment grade typically involve risks not associated with higher rated securities, including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading.

(k) Foreign Investment and Currency Risks. Certain Funds’ investments in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies and may require settlement in foreign currencies and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of a Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

(l) Emerging Markets Risk. In addition to foreign investment and currency risks, which tend to be amplified in emerging markets, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. The economies of emerging market countries may grow at slower rates than expected or suffer a downturn or recession. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries.

(m) Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

(n) Market Risk. The value of an investment in the Fund is based on the values of the Fund’s investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund’s portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, 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

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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.

(o) Security Transactions and Investment Income. Security transactions are accounted for on a trade date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as practical after a Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as income from non-cash dividends at fair value. Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt, if any, and is included in interest and dividend income, respectively. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults on an expected interest payment, the Trust’s policy is to generally halt any additional “interest income accruals and accretion” and consider the Fund’s ability to realize interest accrued up to the date of default.

(p) Foreign Currency Translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments in the Statements of Operations.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities, at the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

(q) Distributions to Shareholders. Distributions from net investment income for Morgan Stanley Pathway Large Cap Equity ETF, Morgan Stanley Pathway Small-Mid Cap Equity ETF, International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Alternative Strategies Fund, if any, are declared and paid on an annual basis. Distributions from net investment income for Core Fixed Income Fund, High Yield Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund, if any, are declared and paid on a monthly basis.

The Funds intend to satisfy conditions that will enable interest from municipal securities, which are exempt from regular federal income tax and from designated state income taxes, to retain such tax-exempt status when distributed to the shareholders of the Funds. Distributions of net realized gains to shareholders of the Funds, if any, are taxable and are declared at least annually. Distributions to shareholders of the Funds are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(r) Federal and Other Taxes. It is the Trust’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, each Fund intends to distribute

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substantially all of its income and net realized gains on investments, if any, to shareholders each year. Therefore, no federal income tax provision is required in the Funds’ financial statements. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years or expected to be taken in 2026 tax returns. Each Fund’s federal tax returns for the prior four fiscal years remain subject to examination by the Internal Revenue Service.

During this reporting period, the Funds adopted FASB Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid. The adoption of ASU 2023-09 did not result in any changes to the Funds’ financial statement presentation or disclosure.

(s) Reclassification. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share.


Fund	Distributable earnings/ (losses)			Paid-in-capital
Morgan Stanley Pathway Large Cap Equity ETF. . . . . . . . . . .	$	(44,221,373	)	$	44,221,373
Morgan Stanley Pathway Small-Mid Cap Equity ETF. . . . . . .		(40,060,018	)		40,060,018
International Equity Fund. . . . . . . . .		—			—
Emerging Markets Equity Fund. . . . . . . . . .		3			(3	)
Core Fixed Income Fund. . . . . . . . .		—			—
High Yield Fund. . . . . . . . . . .		—			—
International Fixed Income Fund. . .		—			—
Municipal Bond Fund. . . . . . . . . . . . . .		—			—
Inflation-Linked Fixed Income Fund. . .		381			(381	)
Ultra-Short Term Fixed Income Fund. . .		—			—
Alternative Strategies Fund . . . . . . . .		—			—

(t) Restricted Securities. All Funds may invest in non-publicly traded securities, commonly called restricted securities. Restricted securities may be less liquid than publicly-traded securities. Although certain restricted securities may be resold in privately negotiated transactions, the values realized from these sales could be less than originally paid by a Fund. Certain restricted securities may be deemed liquid by the Manager and/or Sub-adviser pursuant to the procedures approved by the Board. The value of restricted securities is determined as described in Note 1(a).

(u) Reverse Repurchase Agreements. Certain Funds may each enter into reverse repurchase agreements with the financial institutions with which it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities to a financial institution and agrees to repurchase them at a mutually agreed upon date, price and rate of interest. During the period between the sale and repurchase, the Fund would not be entitled to principal and interest paid on the securities sold by the Fund. The Fund, however, would seek to achieve gains derived from the difference between the current sale price and the forward price for the future purchase as well as the interest earned on the proceeds on the initial sale. Reverse repurchase agreements involve the risk that the market value of the securities purchased with the proceeds from the sale of the securities received by the Fund may decline below the price of the securities the Fund is obligated to repurchase. Reverse repurchase agreements also involve credit risk with the counterparty to the extent that the value of securities subject to repurchase exceed the Fund’s liability under the reverse repurchase agreement. Reverse repurchase agreements will be viewed as borrowings by a Fund for the purpose of calculating the Fund’s indebtedness and will have the effect of leveraging the Fund’s assets.

(v) Indemnification. The Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds’ that have not yet occurred.

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Notes to Financial Statements


(continued)

(w) Senior Floating-Rate Loans. Interests in senior floating-rate loans (“Senior Loans”) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Funds based on information available to such managers. The portfolio managers of other Funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Funds. At times, the fair value of a Senior Loan determined by the portfolio managers of other Funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Funds. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

In connection with bank loan interests, the Funds may enter into unfunded bank loan interests (“commitments”). Unfunded loan commitments may be partially or wholly unfunded. The Funds are obligated to fund those commitments at the borrower’s discretion. In connection with these commitments, the Funds earns a commitment fee, which is included in interest income in the Statements of Operations and recognized respectively over the commitment period.

There were no fully/partially unfunded loan positions as of August 31, 2026.

(x) Sale-Buyback and Buy-Saleback Transactions. A sale-buyback financing transaction consists of a sale of a security by a Fund to a counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Fund will segregate assets determined to be liquid by the Sub-adviser or will otherwise cover its obligations under sale-buyback transactions.

During the year ended August 31, 2026, the International Fixed Income Fund, Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund participated in sale-buyback transactions. The payable for investments purchased related to sale-buyback transactions at August 31, 2026, and the average amount of borrowings, incurred interest expense and a weighted average interest rate related to sale-buyback transactions outstanding during the year ended August 31, 2026, were as follows:


	International Fixed Income Fund			Inflation-Linked Fixed Income Fund			Ultra-Short Term Fixed Income Fund
Payable for sale-buyback transactions	$	—		$	—		$	—
Average amount borrowed		21,431			17,258,651			432,206
Interest expense		815			683,269			16,576
Weighted average interest rate		3.80	%		3.96	%		3.83	%

A buy-saleback lending transaction consists of a purchase of a security by a Fund from a counterparty, with a simultaneous agreement to sell the same or substantially the same security at an agreed-upon price and date. The party who sold the security is not entitled to receive principal and interest payments, if any, made on the security during the term of the agreement. The Fund will segregate assets determined to be liquid by the Sub-adviser or will otherwise cover its obligations under buy-saleback transactions.

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Notes to Financial Statements


(continued)

During the year ended August 31, 2026, the Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund participated in buy-saleback transactions. No buy-saleback transactions were outstanding as of August 31, 2026.

Sale-buyback and buy-saleback transactions are governed by Master Securities Forward Transaction Agreements (“Master Forward Agreements”), which are agreements between each Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of any pending sale-buyback and buy-saleback transactions as of year end is disclosed in each Fund’s Schedule of Investments.

(y) Disclosure about Offsetting Assets and Liabilities. In order to better define contractual rights under derivative contracts and to secure rights that will help the Funds mitigate their counterparty risk, a Sub-adviser may, on behalf of the Funds, enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The ISDA Master Agreement gives a Fund the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. Absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statements of Assets and Liabilities across the transactions between the Funds and the applicable counterparty. The right to offset and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Funds’ credit risk to such counterparty equal to any amounts payable by the Funds under the applicable transactions, if any. The enforceability of the right to offset may vary by jurisdiction.

Cash collateral that has been received or pledged to cover obligations under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits with counterparties and, in the case of cash pledged by counterparty for the benefit of the Fund, a corresponding liability in the Statements of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Schedules of Investments. The carrying amount of such deposits due to brokers at August 31, 2026 approximated their fair value. If measured at fair value, such deposits would have been considered as Level 2 in the fair value hierarchy (see Note 1(a)).

Repurchase agreements and reverse repurchase agreements may be entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit a Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. The Fund’s repurchase agreements as of August 31, 2026 are shown on a gross basis and the required offsetting disclosures are shown in the Schedules of Investments. The value of the related collateral exceeded the value of the repurchase agreements as of August 31, 2026.

For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements or similar agreements on the Statements of Assets and Liabilities.

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Notes to Financial Statements


(continued)

The following table presents the Funds’ gross and net amounts of assets and liabilities, by derivative type, available for offset under a master netting agreement, or similar agreement as of August 31, 2026:


	Assets			Liabilities
Derivative Instruments (a)	Gross Amounts of Recognized Assets Presented in the Statements of Assets and Liabilities			Gross Amounts of Recognized Liabilities Presented in the Statements of Assets and Liabilities
Core Fixed Income Fund:
Forward foreign currency contracts	$	313,740		$	(1,039,279	)

Total derivative instruments, subject to master netting arrangement or similar arrangement	$	313,740		$	(1,039,279	)

International Fixed Income Fund:
Forward foreign currency contracts	$	869,903		$	(3,264,209	)
Option contracts		94	(b)		(22,330	)
Swap contracts		513,609			(15,706	)

Total derivative instruments, subject to master netting arrangement or similar arrangement	$	1,383,606		$	(3,302,245	)

Inflation-Linked Fixed Income Fund:
Forward foreign currency contracts	$	238,714		$	(461,835	)
Option contracts		—			(126,011	)

Total derivative instruments, subject to master netting arrangement or similar arrangement	$	238,714		$	(587,846	)

(a)	Excludes exchange-traded derivatives.

(b)	Amounts are included in Unaffiliated Investments in the Statements of Assets and Liabilities.

The following table presents the Funds’ derivative assets and liabilities by counterparty net of amounts available for offset under master netting or similar agreements, and net of related collateral received or pledged as of August 31, 2026:


Counterparty	Gross Amounts of Recognized Assets Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (a)			Collateral Received		Net Amount (b) (Not Less than $0)
Core Fixed Income Fund
Over-the-counter
Bank of New York Mellon	$	12,135	$	(12,135	)	$	—	$	0
BNP Paribas SA		2,483		—			—		2,483
Goldman Sachs & Co.		197,046		(197,046	)		—		0
State Street Bank & Trust Co.		102,076		(39,803	)		—		62,273

Total over-the-counter derivative instruments	$	313,740	$	(248,984	)	$	—	$	64,756

313



Notes to Financial Statements


(continued)


Counterparty	Gross Amounts of Recognized Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (c)			Collateral Pledged		Net Amount (d) (Not Less than $0)
Core Fixed Income Fund
Over-the-counter
Bank of New York Mellon	$	436,865	$	(12,135	)	$	—	$	424,730
Goldman Sachs & Co.		562,611		(197,046	)		—		365,565
State Street Bank & Trust Co.		39,803		(39,803	)		—		0

Total over-the-counter derivative instruments	$	1,039,279	$	(248,984	)	$	—	$	790,295


Counterparty	Gross Amounts of Recognized Assets Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (a)			Collateral Received (e)			Net Amount (b) (Not Less than $0)
International Fixed Income Fund
Over-the-counter
Bank of America	$	110,162	$	(83,391	)	$	—		$	26,771
Barclays Bank PLC		12,764		(12,764	)		—			0
BNP Paribas SA		330,632		(330,632	)		—			0
Deutsche Bank AG		39,409		(39,409	)		—			0
Goldman Sachs & Co.		428,674		(159,710	)		—			268,964
HSBC Bank USA		43,758		(43,758	)		—			0
JPMorgan Chase & Co.		136,644		(73,972	)		(62,672	)		0
Societe Generale SA		159,223		(159,223	)		—			0
Standard Chartered Bank		52,033		(52,033	)		—			0
UBS Securities LLC		37,724		(37,724	)		—			0
Wells Fargo Bank		32,583		(32,583	)		—			0

Total over-the-counter derivative instruments	$	1,383,606	$	(1,025,199	)	$	(62,672	)	$	295,735


Counterparty	Gross Amounts of Recognized Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (c)			Collateral Pledged		Net Amount (d) (Not Less than $0)
International Fixed Income Fund
Over-the-counter
Bank of America	$	83,391	$	(83,391	)	$	—	$	0
Barclays Bank PLC		344,945		(12,764	)		—		332,181
BNP Paribas SA		1,323,020		(330,632	)		—		992,388
Deutsche Bank AG		192,363		(39,409	)		—		152,954
Goldman Sachs & Co.		159,710		(159,710	)		—		0
HSBC Bank USA		76,593		(43,758	)		—		32,835
JPMorgan Chase & Co.		73,972		(73,972	)		—		0
Societe Generale SA		407,877		(159,223	)		—		248,654

314



Notes to Financial Statements


(continued)


Counterparty	Gross Amounts of Recognized Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (c)			Collateral Pledged		Net Amount (d) (Not Less than $0)
Standard Chartered Bank	$	125,227	$	(52,033	)	$	—	$	73,194
UBS Securities LLC		305,460		(37,724	)		—		267,736
Wells Fargo Bank		209,687		(32,583	)		—		177,104

Total over-the-counter derivative instruments	$	3,302,245	$	(1,025,199	)	$	—	$	2,277,046


Counterparty	Gross Amounts of Recognized Assets Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (a)			Collateral Received		Net Amount (b) (Not Less than $0)
Inflation-Linked Fixed Income Fund
Over-the-counter
Barclays Bank PLC	$	2,402	$	(2,402	)	$	—	$	0
BNP Paribas SA		63,888		(63,888	)		—		0
Deutsche Bank AG		13,304		(13,304	)		—		0
HSBC Bank USA		14,255		(14,255	)		—		0
JPMorgan Chase & Co.		69,963		(55,217	)		—		14,746
Merrill Lynch, Pierce, Fenner & Smith Inc.		5,654		(5,654	)		—		0
Standard Chartered Bank		69,248		(34,105	)		—		35,143

Total over-the-counter derivative instruments	$	238,714	$	(188,825	)	$	—	$	49,889


Counterparty	Gross Amounts of Recognized Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (c)			Collateral Pledged		Net Amount (d) (Not Less than $0)
Inflation-Linked Fixed Income Fund
Over-the-counter
Barclays Bank PLC	$	128,072	$	(2,402	)	$	—	$	125,670
BNP Paribas SA		248,764		(63,888	)		—		184,876
Deutsche Bank AG		16,164		(13,304	)		—		2,860
HSBC Bank USA		37,365		(14,255	)		—		23,110
JPMorgan Chase & Co.		55,217		(55,217	)		—		0
Merrill Lynch, Pierce, Fenner & Smith Inc.		68,159		(5,654	)		—		62,505
Standard Chartered Bank		34,105		(34,105	)		—		0

Total over-the-counter derivative instruments	$	587,846	$	(188,825	)	$	—	$	399,021

(a)	Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar agreements that are not offset on the Statements of Assets and Liabilities.

(b)	Net amount represents the net amount receivable from the counterparty in the event of default.

(c)	Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar agreements that are not offset on the Statements of Assets and Liabilities.

(d)	Net amount represents the net amount payable to the counterparty in the event of default.

(e)	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

315



Notes to Financial Statements


(continued)

(z) When-Issued and Delayed Delivery Securities and Forward Commitments. Each Fund may purchase securities, including U.S. government securities, on a when-issued basis or may purchase or sell securities for delayed delivery. In such transactions, delivery of the securities occurs beyond the normal settlement period, but no payment or delivery is made by a Fund prior to the actual delivery or payment by the other party to the transaction. The purchase of securities on a when-issued or delayed delivery basis involves the risk that the value of the securities purchased will decline prior to the settlement date. The sale of securities for delayed delivery involves the risk that the prices available in the market on the delivery date may be greater than those obtained in the sale transaction. Each Fund will make securities available for collateral in an amount equal in value to commitments to purchase securities on a when-issued, delayed delivery or forward commitment basis.

(aa) Segment Reporting. Each Fund operates as a single reportable segment, an investment company whose investment objectives are included in Note 1. The Trust’s Chief Operating Officer acts as the Trust’s Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of each Fund’s single segment and deciding how to allocate the segment’s resources. To perform this function, the CODM reviews the information in each Fund’s financial statements.

(bb) Recently Issued Accounting Pronouncements. In September 2026, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2026-03, Fair Value Measurement (Topic 820): Investment Companies with Equity Securities Subject to Contractual Sale Restrictions. ASU 2026-03 requires investment companies to consider the effects of certain contractual sale restrictions when measuring the fair value of equity securities and to provide related disclosures. ASU 2026-03 is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of adopting ASU 2026-03; however, it does not currently expect the implementation of the standard to have a material effect on the Funds’ financial statements.

2. Investment Management Agreement and Other Transactions with Affiliates

CGAS, a business of Morgan Stanley Wealth Management, serves as the investment manager to the Funds. The Manager selects and oversees professional money managers who are responsible for investing the assets of the Funds (each a “Sub-adviser,” and collectively the “Sub-advisers”). Each Fund pays the Manager an investment management fee calculated daily at an annual rate based on each Fund’s average daily net assets and paid monthly in arrears. The Manager pays each Sub-adviser on a monthly basis, a sub-advisory fee from its investment management fees.

CGAS has contractually agreed to waive fees and reimburse expenses in order to keep the Funds’ management fees from exceeding the total amount of sub-advisory fees paid by CGAS plus 0.20% based on average net assets. This contractual waiver will only apply if the Funds’ total management fees exceed the total amount of sub-advisory fees paid by CGAS plus 0.20%, and will not affect the Funds’ total management fees if they are less than such amount. Because the Alternative Strategies Fund does not currently have sub-advisers, CGAS will contractually waive 1.00% of its management fees. These fee waivers and/or reimbursements will continue for at least one year from the date of the Funds’ prospectus or until such time as the Board of Trustees acts to discontinue all or a portion of such waiver and/or reimbursement when it deems such action is appropriate.

In addition, CGAS and its affiliates have also separately agreed to waive fees and reimburse expenses in order to keep the Alternative Strategies Fund’s total annual operating expenses, (exclusive of interest from borrowing, brokerage commissions, taxes, acquired fund fees and expenses and other extraordinary expenses not incurred in the ordinary course of the Alternative Strategies Fund’s business), from exceeding 0.70%.

This contractual arrangement shall remain in effect for at least one year from the date of the Fund’s prospectus or until such time as the Board acts to discontinue all or a portion of such waiver and/or reimbursement when it deems such action is appropriate.

The maximum allowable investment management fees represents the total amount that could be charged to each Fund. The aggregate fees paid by the Manager to each Fund’s Sub-advisers and the fees retained by the Manager for the year ended August 31, 2026 are indicated below:


Fund	Sub-advisory Fee			Consulting Group Advisory Services LLC Fee			Maximum Allowable Annual Management Fee
Morgan Stanley Pathway Large Cap Equity ETF		0.10	%		0.20	%		0.55	%
Morgan Stanley Pathway Small-Mid Cap Equity ETF		0.29	%		0.20	%		0.75	%

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Notes to Financial Statements


(continued)


Fund	Sub-advisory Fee			Consulting Group Advisory Services LLC Fee			Maximum Allowable Annual Management Fee
International Equity Fund		0.27	%		0.20	%		0.70	%
Emerging Markets Equity Fund		0.33	%		0.20	%		0.90	%
Core Fixed Income Fund		0.11	%		0.20	%		0.40	%
High Yield Fund		0.29	%		0.20	%		0.70	%
International Fixed Income Fund		0.25	%		0.20	%		0.50	%
Municipal Bond Fund		0.20	%		0.20	%		0.40	%
Inflation-Linked Fixed Income Fund		0.25	%		0.20	%		0.50	%
Ultra-Short Term Fixed Income Fund		0.15	%		0.20	%		0.50	%
Alternative Strategies Fund		N/A			0.20	%		1.20	%

The Manager has agreed to waive and/or reimburse a portion of its fee. For the year ended August 31, 2026, the amounts waived and/or reimbursed by the Manager were as follows:


Fund	Amounts Waived and/or Reimbursed
Morgan Stanley Pathway Large Cap Equity ETF	$	8,978,611
Morgan Stanley Pathway Small-Mid Cap Equity ETF		1,821,838
International Equity Fund		3,003,333
Emerging Markets Equity Fund		2,966,373
Core Fixed Income Fund		1,590,014
High Yield Fund		318,189
International Fixed Income Fund		101,928
Municipal Bond Fund		—
Inflation-Linked Fixed Income Fund		72,592
Ultra-Short Term Fixed Income Fund		473,534
Alternative Strategies Fund		2,022,866

Brown Brothers Harriman & Co. (“BBH”) serves as the Trust’s administrator. For its administrative services, BBH receives an annual asset based fee of 0.0250% of the Trust’s assets up to $5 billion, 0.02% on assets between $5 billion and $8 billion and 0.0175% on assets in excess of $8 billion, plus out-of-pocket expenses. The fee is calculated and allocated daily based on the relative assets of each Fund.

For the year ended August 31, 2026, Morgan Stanley & Co. Incorporated (“MS&Co.”), and its affiliates, including Morgan Stanley Smith Barney LLC, the Trust’s distributor, received brokerage commissions of:


Fund	Commission Dollars to MS&Co.
Morgan Stanley Pathway Large Cap Equity ETF	$	339
Morgan Stanley Pathway Small-Mid Cap Equity ETF		10,317
International Equity Fund		3,540
Emerging Markets Equity Fund		6,731
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		—
Alternative Strategies Fund		—

Officers of the Trust do not receive compensation directly from the Trust. The Funds may bear a portion of the annual compensation of the Trust’s Chief Compliance Officer.

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Notes to Financial Statements


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For the year ended August 31, 2026, the Funds assume the following to be affiliated issuers:

Morgan Stanley Pathway Large Cap Equity ETF


Underlying Security	Beginning Value as of August 31, 2025		Purchases at Cost		Proceeds from Sales		Net Realized Gain on Sales		Change in Unrealized Appreciation		Dividend/ Interest Income		Ending Value as of August 31, 2026
Morgan Stanley	$	6,187,286	$	710,092	$	(144,971)	$	129,955	$	2,607,178	$	180,790	$	9,489,540

Ultra-Short Term Fixed Income Fund


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 August 31, 2026
Morgan Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1, 4.682% (1-Month Term SOFR + 1.014%) due 5/25/34	$	350,552	$	—	$	(37,148)	$	24	$	283	$	226	$	15,004	$	313,937

3. Investments

During the year ended August 31, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments and in-kind transactions) for each Fund were as follows:


	Other Investments				U.S. Government Securities
Fund	Purchases		Sales		Purchases		Sales
Morgan Stanley Pathway Large Cap Equity ETF . . .	$	759,204,257	$	644,032,853	$	—	$	—
Morgan Stanley Pathway Small-Mid Cap Equity ETF . . .		362,724,506		363,677,045		—		—
International Equity Fund . . .		503,094,541		541,255,338		—		—
Emerging Markets Equity Fund . . .		242,914,283		327,584,284		—		—
Core Fixed Income Fund . . .		697,128,214		452,170,086		1,320,777,069		1,177,488,710
High Yield Fund . . .		110,727,795		83,814,989		—		—
International Fixed Income Fund . . .		55,201,442		34,030,518		645,860,346		641,239,265
Municipal Bond Fund . . .		27,452,842		9,945,789		—		—
Inflation-Linked Fixed Income Fund . . .		17,131,634		10,225,785		170,701,248		180,276,523
Ultra-Short Term Fixed Income Fund . . .		179,931,659		246,425,671		88,844,050		89,217,210
Alternative Strategies Fund . . .		29,164,803		8,319,936		—		—

During the year ended August 31, 2026, purchases and sales related to in-kind transactions were as follows:


	Other Investments				U.S. Government Securities
Fund	Purchases		Sales		Purchases		Sales
Morgan Stanley Pathway Large Cap Equity ETF . . .	$	199,521,771	$	65,275,084	$	—	$	—
Morgan Stanley Pathway Small-Mid Cap Equity ETF . . .		13,535,417		93,316,422		—		—

The cost of investments for federal income tax purposes and gross unrealized appreciation and unrealized depreciation at August 31, 2026 have been disclosed under the respective Schedule of Investments.

4. Issuance and Redemption of ETF Shares

The Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF (together, the “Morgan Stanley Pathway ETFs”) each issues or redeems its shares at NAV per share only in Creation Units. The number of shares of the Morgan Stanley Pathway ETFs that constitute a Creation Unit is 50,000. Shares of each Fund are listed for trading on a

318



Notes to Financial Statements


(continued)

national securities exchange and trade on the secondary market during the trading day. Shares can be bought and sold throughout the trading day like shares of other publicly traded companies. There is no minimum investment. When buying or selling Fund shares through a broker, the investor will incur customary brokerage commissions and charges, and may pay some or all of the spread between the bid and offered price in the secondary market on each purchase and sale transaction. Fund shares are traded on NYSE Arca under the trading symbol MSLC for the Morgan Stanley Pathway Large Cap Equity ETF and MSSM for the Morgan Stanley Pathway Small-Mid Cap Equity ETF. Share prices are reported in dollars and cents per share. Authorized Participants (“APs”) may acquire Fund shares directly from each Fund, and APs may tender their Fund shares for redemption directly to a Fund, at NAV per share, only in Creation Units and in accordance with the procedures described in the Funds’ Statement of Additional Information.

Foreside Fund Services, LLC (“Foreside”) serves as the distributor and principal underwriter for the Morgan Stanley Pathway ETFs pursuant to a written agreement, which was approved by the Trustees of the Trust, including a majority of the Independent Trustees. Foreside or its agent distributes Creation Units for the Morgan Stanley Pathway ETFs on an agency basis. Foreside, as agent, reviews and approves orders by APs to create and redeem Morgan Stanley Pathway ETF shares in Creation Units.

5. Shares of Beneficial Interest

At August 31, 2026, the Trust had an unlimited number of units of beneficial interest (shares) authorized with a par value of $0.001 per share. At August 31, 2026, Trustees and executive officers of the Trust as a group owned of record less than 1% of the outstanding shares of the Trust.

Transactions in shares of each Fund were as follows:


	Year Ended August 31, 2026			Year Ended August 31, 2025
Morgan Stanley Pathway Large Cap Equity ETF*
Shares sold		—			5,045,737
Shares sold in-kind		6,350,000			6,100,000
Shares issued on reinvestment		—			2,137,098
Shares repurchased		—			(5,464,916	)
Shares repurchased in-kind		(1,300,000	)		(850,000	)

Net Increase		5,050,000			6,967,919


Morgan Stanley Pathway Small-Mid Cap Equity ETF*
Shares sold		—			2,547,698
Shares sold in-kind		450,000			2,300,000
Shares issued on reinvestment		—			1,126,334
Shares repurchased		—			(1,290,707	)
Shares repurchased in-kind		(2,000,000	)		(550,000	)

Net Increase (Decrease)		(1,550,000	)		4,133,325


International Equity Fund
Shares sold		16,044,827			19,616,361
Shares issued on reinvestment		6,191,764			5,103,592
Shares repurchased		(19,371,093	)		(36,048,971	)

Net Increase (Decrease)		2,865,498			(11,329,018	)


Emerging Markets Equity Fund
Shares sold		11,220,874			13,359,969
Shares issued on reinvestment		959,662			792,004
Shares repurchased		(15,304,269	)		(8,429,815	)

Net Increase (Decrease)		(3,123,733	)		5,722,158

319



Notes to Financial Statements


(continued)


	Year Ended August 31, 2026			Year Ended August 31, 2025

Core Fixed Income Fund
Shares sold		101,290,809			60,733,231
Shares issued on reinvestment		12,099,265			11,622,542
Shares repurchased		(52,557,616	)		(98,831,635	)

Net Increase (Decrease)		60,832,458			(26,475,862	)


High Yield Fund
Shares sold		14,949,462			9,939,364
Shares issued on reinvestment		3,108,835			2,828,348
Shares repurchased		(9,047,720	)		(10,578,784	)

Net Increase		9,010,577			2,188,928


International Fixed Income Fund
Shares sold		9,779,296			6,750,599
Shares issued on reinvestment		728,337			619,779
Shares repurchased		(6,331,956	)		(7,546,767	)

Net Increase (Decrease)		4,175,677			(176,389	)


Municipal Bond Fund
Shares sold		3,536,787			2,921,882
Shares issued on reinvestment		321,942			319,664
Shares repurchased		(1,935,780	)		(4,409,699	)

Net Increase (Decrease)		1,922,949			(1,168,153	)


Inflation-Linked Fixed Income Fund
Shares sold		3,194,041			2,743,362
Shares issued on reinvestment		763,043			596,777
Shares repurchased		(4,527,748	)		(4,692,508	)

Net Decrease		(570,664	)		(1,352,369	)


Ultra-Short Term Fixed Income Fund
Shares sold		7,484,874			28,782,446
Shares issued on reinvestment		1,361,944			1,558,082
Shares repurchased		(24,652,963	)		(20,838,642	)

Net Increase (Decrease)		(15,806,145	)		9,501,886


Alternative Strategies Fund
Shares sold		5,439,666			5,772,487
Shares issued on reinvestment		782,694			405,063
Shares repurchased		(4,121,490	)		(4,192,627	)

Net Increase		2,100,870			1,984,923

The Morgan Stanley Pathway Large Cap Equity ETF acquired all the assets and liabilities of the Large Cap Equity Fund (“Predecessor Fund”) and the Morgan Stanley Pathway Small-Mid Cap Equity ETF acquired all the assets and liabilities of Small-Mid Cap Equity Fund (“Predecessor Fund”) in reorganizations that occurred on December 9, 2024 (the “Reorganizations”). Each of the Predecessor Funds ceased operations immediately following the Reorganizations. As a result, all financial information prior to the Reorganizations has been retroactively adjusted to reflect the Reorganizations. See Note 1 of the Notes to Financial Statements for additional information on the Funds’ Reorganizations.

320



Notes to Financial Statements


(continued)

6. Dividend and Tax Components of Capital

The tax character of distributions paid during the fiscal year ended August 31, 2026, was as follows:


	Morgan Stanley Pathway Large Cap Equity ETF		Morgan Stanley Pathway Small-Mid Cap Equity ETF		International Equity Fund		Emerging Markets Equity Fund
Distributions paid from:
Tax Exempt	$	—	$	—	$	—	$	—
Tax Return of Capital		—		—		—		—
Ordinary Income		39,785,110		6,735,380		46,245,403		16,650,132
Net Long-term Capital Gains		34,077,649		14,310,130		49,355,431		—

Total Distributions Paid	$	73,862,759	$	21,045,510	$	95,600,834	$	16,650,132


	Core Fixed Income Fund		High Yield Fund		International Fixed Income Fund		Municipal Bond Fund
Distributions paid from:
Tax Exempt	$	—	$	—	$	—	$	2,656,235
Tax Return of Capital		—		—		—		—
Ordinary Income		82,205,696		10,008,332		4,894,424		87,348
Net Long-term Capital Gains		—		—		—		—

Total Distributions Paid . . .	$	82,205,696	$	10,008,332	$	4,894,424	$	2,743,583


			Inflation-Linked Fixed Income Fund		Ultra-Short Term Fixed Income Fund		Alternative Strategies Fund
Distributions paid from:
Tax Exempt			$	—	$	—	$	—
Tax Return of Capital				—		—		—
Ordinary Income				6,328,731		13,303,185		8,367,007
Net Long-term Capital Gains				—		—		—

Total Distributions Paid			$	6,328,731	$	13,303,185	$	8,367,007

The tax character of distributions paid during the fiscal year ended August 31, 2025, was as follows:


	Morgan Stanley Pathway Large Cap Equity ETF		Morgan Stanley Pathway Small-Mid Cap Equity ETF		International Equity Fund		Emerging Markets Equity Fund
Distributions paid from:
Tax Exempt . . . . . . . . . . . . .	$	—	$	—	$	—	$	—
Tax Return of Capital . . . . . . . .		—		—		—		—
Ordinary Income . . . . . . . . .		39,477,461		4,925,829		36,549,477		10,763,392
Net Long-term Capital Gains		66,827,803		52,047,727		31,941,216		—

Total Distributions Paid . . .	$	106,305,264	$	56,973,556	$	68,490,693	$	10,763,392

321



Notes to Financial Statements


(continued)


	Core Fixed Income Fund		High Yield Fund		International Fixed Income Fund		Municipal Bond Fund
Distributions paid from:
Tax Exempt . . . . . . . . . . . . .	$	—	$	—	$	—	$	2,494,791
Tax Return of Capital . . . . . . . .		—		—		—		—
Ordinary Income . . . . . . . . .		78,791,626		9,121,687		4,195,976		209,225
Net Long-term Capital Gains		—		—		—		—

Total Distributions Paid . . .	$	78,791,626	$	9,121,687	$	4,195,976	$	2,704,016


			Inflation-Linked Fixed Income Fund		Ultra-Short Term Fixed Income Fund		Alternative Strategies Fund
Distributions paid from:
Tax Exempt . . . . . . . . . . . . .			$	—	$	—	$	—
Tax Return of Capital . . . . . . . .				—		—		—
Ordinary Income . . . . . . . . .				4,939,562		15,193,979		4,281,510
Net Long-term Capital Gains				—		—		—

Total Distributions Paid . . .			$	4,939,562	$	15,193,979	$	4,281,510

As of August 31, 2026, the components of distributable earnings/(losses) — net on a tax basis were as follows:


	Morgan Stanley Pathway Large Cap Equity ETF			Morgan Stanley Pathway Small-Mid Cap Equity ETF			International Equity Fund			Emerging Markets Equity Fund
Undistributed ordinary income — net	$	25,356,205		$	22,853,853		$	29,460,784		$	14,988,315
Undistributed long-term capital gains — net		73,278,600			47,858,416			71,536,724			—
Undistributed tax-exempt income — net		—			—			—			—

Total undistributed earnings		98,634,805			70,712,269			100,997,508			14,988,315
Capital loss carryforward		—			—			—			(2,267,115	)
Other book/tax temporary differences		—			2			(906	)		918
Unrealized appreciation/(depreciation)^(a)		1,913,541,330			172,827,202			443,650,418			345,610,736

Total distributable earnings/(losses) — net	$	2,012,176,135		$	243,539,473		$	544,647,020		$	358,332,854


	Core Fixed Income Fund			High Yield Fund			International Fixed Income Fund			Municipal Bond Fund
Undistributed ordinary income — net	$	3,607,302		$	1,574,505		$	2,719,835		$	—
Undistributed long-term capital gains — net		—			—			—			—
Undistributed tax-exempt income — net		—			—			—			17,933

Total undistributed earnings		3,607,302			1,574,505			2,719,835			17,933
Capital loss carryforward		(248,275,390	)		(26,228,864	)		(12,420,891	)		(7,405,534	)
Other book/tax temporary differences		1			1			1			—
Unrealized appreciation/(depreciation)^(a)		(68,993,361	)		(1,325,872	)		(16,498,490	)		(1,106,723	)

Total distributable earnings/(losses) — net	$	(313,661,448)		$	(25,980,230)		$	(26,199,545)		$	(8,494,324)

322



Notes to Financial Statements


(continued)


	Inflation-Linked Fixed Income Fund			Ultra-Short Term Fixed Income Fund			Alternative Strategies Fund
Undistributed ordinary income — net	$	1,273,702		$	213,373		$	1,323,211
Undistributed long-term capital gains — net		—			—			—
Undistributed tax-exempt income — net		—			—			—

Total undistributed earnings		1,273,702			213,373			1,323,211
Capital loss carryforward		(9,024,272	)		(13,355,634	)		(2,129,454	)
Other book/tax temporary differences		(4	)		(2	)		(1	)
Unrealized appreciation/(depreciation)^(a)		(11,208,362	)		726,589			15,085,246

Total distributable earnings/(losses) — net	$	(18,958,936)		$	(12,415,674)		$	14,279,002

(a)

The differences between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales, tax cost adjustments related to partnerships, forwards, futures, options, swaps, Return of Capital (ROC) dividends received, real estate investments, interest accrual on defaulted bonds, the difference between book and tax amortization methods for premiums on fixed income securities, and/or the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

7. Capital Loss Carry Forward

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010, for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this, pre-enactment capital loss carryforwards may be more likely to expire unused.

As of August 31, 2026, the Funds had the following net capital loss carryforwards remaining:


	Emerging Markets Equity Fund		Core Fixed Income Fund		High Yield Fund		International Fixed Income Fund
Short Term	$	—	$	62,155,999	$	3,602,415	$	5,061,406
Long Term		2,267,115		186,119,391		22,626,449		7,359,485

Total	$	2,267,115	$	248,275,390	$	26,228,864	$	12,420,891


	Municipal Bond Fund		Inflation-Linked Fixed Income Fund		Ultra-Short Term Fixed Income Fund		Alternative Strategies Fund
Short Term	$	3,149,075	$	2,399,792	$	13,355,634	$	470,545
Long Term		4,256,459		6,624,480		—		1,658,909

Total	$	7,405,534	$	9,024,272	$	13,355,634	$	2,129,454

During the year ended August 31, 2026, the following Funds utilized capital loss carryforwards:


	Emerging Markets Equity Fund		Municipal Bond Fund		Ultra-Short Term Fixed Income Fund		Alternative Strategies Fund
Short Term	$	7,114,205	$	—	$	823,592	$	60,795
Long Term		50,289,680		38,007		—		723,209

Total	$	57,403,885	$	38,007	$	823,592	$	784,004

Qualified late year losses are capital losses and specified ordinary losses, including currency losses, incurred after October 31 but within the taxable year that, if elected, are deemed to arise on the first day of the Funds’ next taxable year. For the year ended August 31, 2026, the Funds did not have any late year losses to defer to September 1, 2026, for U.S. federal income tax purposes.

323



Notes to Financial Statements


(continued)

8. Subsequent Events

Management has evaluated subsequent events after the balance sheet date through the date that the financial statements were issued and has not identified any events or transactions that would require recognition or disclosure in the financial statements other than the information below.

Subsequent to August 31, 2026, the Funds made the following distributions per share:


Record Date — Payable Date	Core Fixed Income Fund		High Yield Fund		Municipal Bond Fund		Inflation-Linked Fixed Income Fund		Ultra-Short Term Fixed Income Fund
9/1/26 - 9/30/26	$	0.025093	$	0.018183	$	0.022987	$	0.007091	$	0.035212

The Board of Trustees of the Trust approved the termination of the investment sub-advisory agreement with Van Eck Associates Corporation with respect to the Emerging Markets Equity Fund and approved a new investment sub-advisory agreement with PanAgora Asset Management, Inc. to serve as a sub-adviser to the Fund. Consulting Group Advisory Services LLC will continue to serve as the Fund’s investment adviser. These changes became effective on September 21, 2026. For additional information, please refer to the Fund’s prospectus.

324



Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Trustees of

Morgan Stanley Pathway Funds:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Morgan Stanley Pathway Funds (the “Funds”) comprising 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, including the schedules of investments, as of August 31, 2026, the related statements of operations for the year then ended, statement of cash flows for Inflation-Linked Fixed Income Fund for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting the Morgan Stanley Pathway Funds as of August 31, 2026, and the results of their operations for the year then ended, the cash flows for Inflation-Linked Fixed Income Fund for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2026, by correspondence with the custodian, brokers, transfer agents, and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

October 23, 2026

We have served as the auditor of one or more Morgan Stanley Pathway Funds investment companies since 2009.

325



Important Tax Information


(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended August 31, 2026:


	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
Record Date		12/10/2025			12/10/2025			12/09/2025			12/09/2025			Monthly
Payable Date		12/16/2025			12/16/2025			12/10/2025			12/10/2025			Monthly
Ordinary Income:
Qualified Dividend Income for Individuals		87.67	%		89.02	%		58.25	%		48.53	%		0.00	%
Dividends Qualifying for the Dividends Received:
Deduction for Corporations		84.42	%		77.05	%		0.00	%		0.00	%		0.00	%
Foreign Source Income		—			—			99.84	%*		99.90	%*		—
Foreign Tax Paid par Share		—			—			0.035191			0.045885			—
Long-term Capital Gain Dividend		0.538929			1.084226			0.652914			—			—

	High Yield Fund			International Fixed Income Fund			Municipal Bond Fund			Inflation-Linked Fixed Income Fund			Ultra-Short Term Fixed Income Fund
Record Date		Monthly			12/09/2025			Monthly			Monthly			Monthly
Payable Date		Monthly			12/10/2025			Monthly			Monthly			Monthly
Ordinary Income:
Qualified Dividend Income for Individuals		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Dividends Qualifying for the Dividends Received:
Deduction for Corporations		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Foreign Source Income		—			—			—			—			—
Foreign Tax Paid par Share		—			—			—			—			—
Long-term Capital Gain Dividend		—			—			—			—			—

	Alternative Strategies Fund
Record Date		12/30/2025
Payable Date		12/31/2025
Ordinary Income:
Qualified Dividend Income for Individuals		0.00	%
Dividends Qualifying for the Dividends Received:
Deduction for Corporations		0.00	%
Foreign Source Income		—
Foreign Tax Paid par Share		—
Long-term Capital Gain Dividend		—

*	Expressed as a percentage of the cash distribution grossed-up for foreign taxes.

The law varies in each state as to whether and what percentage of dividend income attributable to Federal obligations is exempt from state income tax. We recommend that you consult with your tax adviser to determine if any portion of the dividends you received is exempt from state income taxes.

The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax adviser regarding the appropriate treatment of foreign taxes paid.

Please retain this information for your records.

326



Board Approval of Management Agreement and Investment Advisory Agreements


(unaudited)

Approval of Advisory Agreements

The Morgan Stanley Pathway Funds (the “Trust,” and each series thereof, a “Fund,” and collectively, the “Funds”) and Consulting Group Advisory Services LLC (“Manager”), a business of Morgan Stanley LLC, have entered into an investment management agreement with respect to each Fund, except the Alternative Strategies Fund, dated as of October 28, 2009 (the “Management Agreement”), and an investment advisory agreement with respect to the Alternative Strategies Fund, dated as of December 20, 2017 (the “IM Agreement”). Pursuant to the Management Agreement, other than with respect to the Alternative Strategies Fund, the Manager serves as “manager of managers” for the Trust and selects and oversees professional money managers (each, a “Sub-adviser,” and collectively, the “Sub-advisers”) who are responsible for investing the portion of assets of the Funds allocated to them by the Manager pursuant to investment advisory agreements (the “Subadvisory Agreements” and, together with the Management Agreement and IM Agreement, the “Agreements”) between the Manager and each of the Sub-advisers. Pursuant to the IM Agreement, the Manager serves as the investment adviser for the Alternative Strategies Fund.

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the Agreements be approved initially for a two year term, as well as annually thereafter, by the Trust’s Board of Trustees (“Board”) and by a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Agreements (“Independent Trustees”), by vote cast in person at a meeting called for the purpose of voting on such approval. In connection with their consideration of the approval of the Agreements, the Independent Trustees must request and evaluate such information as may reasonably be necessary to make a reasonable business judgment with respect to the approval of the Agreements, and the Manager and Sub-advisers are required to provide such information.

****

At an in-person meeting held on May 27 and May 28, 2026 (the “Meeting”), the Board, including a majority of the Independent Trustees, approved the continuance of the Agreements for an additional year. In connection with the Meeting and at other meetings during the course of the year, the Independent Trustees requested and received information from the Manager and the Sub-advisers that they deemed reasonably necessary for their review of the Agreements and the performance of the Manager and Sub-advisers under the Agreements. The information received and considered by the Independent Trustees both in conjunction with the Meeting and throughout the year was both written and oral. The Independent Trustees were assisted in their reviews by Fund counsel and independent legal counsel (“Independent Counsel”) and met with Independent Counsel in executive sessions separate from representatives of the Manager and the Sub-advisers. In addition to the Management Agreement and the IM Agreement, the Board approved at the Meeting the Subadvisory Agreements with the following Sub-advisers on behalf of the indicated Fund to continue for another year:


Sub-adviser Name		Fund(s) Serviced

AllianceBernstein L.P.		¨ Morgan Stanley Pathway Small-Mid Cap Equity ETF

Allspring Global Investments		¨ Core Fixed Income Fund

BlackRock Financial Management, Inc.		¨ Core Fixed Income Fund ¨ Municipal Bond Fund

Causeway Capital Management LLC		¨ International Equity Fund

Great Lakes Advisors, LLC		¨ Morgan Stanley Pathway Large Cap Equity ETF

J.P. Morgan Investment Management		¨ Core Fixed Income

Lazard Asset Management LLC		¨ Emerging Markets Equity Fund

ClearBridge Investment Management Limited (FKA Martin Currie Inc.)		¨ Emerging Markets Equity Fund

Neuberger Berman Investment Advisers LLC		¨ Morgan Stanley Pathway Small-Mid Cap Equity ETF

327



Board Approval of Management Agreement and Investment Advisory Agreements


(unaudited) (continued)


Sub-adviser Name		Fund(s) Serviced

O’Shaughnessy Asset Management LLC		¨ Morgan Stanley Pathway Large Cap Equity ETF ¨ Morgan Stanley Pathway Small-Mid Cap Equity ETF ¨ International Equity Fund ¨ Emerging Markets Equity Fund

Pacific Investment Management Company LLC		¨ International Fixed Income Fund ¨ Inflation-Linked Fixed Income Fund ¨ Ultra-Short Term Fixed Income Fund

PineBridge Investments LLC		¨ High Yield Fund

Principal Asset Management		¨ Morgan Stanley Pathway Large Cap Equity ETF

Schroders Investment Management North America Inc.		¨ International Equity Fund

Victory Capital Management, Inc		¨ International Equity Fund

Westfield Capital Management Company, L.P		¨ Morgan Stanley Pathway Large Cap Equity ETF ¨ Morgan Stanley Pathway Small-Mid Cap Equity ETF

In voting to approve the Agreements at the Meeting, the Independent Trustees considered whether the approval of the Agreements would be in the best interests of the respective Fund and its shareholders, an evaluation based on several factors including those discussed below.

Nature, Extent and Quality of the Services Provided Under the Agreements

The Board received and considered information regarding the nature, extent and quality of services provided to the Funds by the Manager and the Sub-advisers under the respective Agreements during the Meeting and during the past year. The Independent Trustees considered information regarding the process by which the Manager selected and recommended the Sub-advisers for Board approval and the Manager’s supervisory activities over the Sub-advisers. The Independent Trustees noted that the Manager monitors and evaluates the performance of each Fund’s Sub-advisers, including the Sub-advisers’ compliance with the investment objective, policies, and restrictions of the relevant Fund. The Board also received a description of the administrative and other services rendered to the Trust and its shareholders during the past year. The Board noted information received at regular meetings throughout the year related to the services rendered by the Manager about the management of the Trust’s affairs and its role in coordinating the activities of the Sub-advisers and the Trust’s other service providers. The Board considered each Sub-adviser’s specific responsibilities in all aspects of the day-to-day management of the portion of the respective Fund’s assets allocated to it, as well as the qualifications, experience and responsibilities of the persons serving as the portfolio managers for the segment of the Fund’s assets managed by the respective Sub-adviser, and other key personnel at the Sub-adviser. The Board considered each Sub-adviser’s investment process and capabilities, evaluating, if applicable, how the Sub-adviser complemented each of the other Sub-advisers, if any, to the respective Fund. With respect to the Alternative Strategies Fund, the Independent Trustees considered the Manager’s investment process and capabilities managing assets and the Manager’s specific responsibilities in all aspects of day-to-day management of the Fund’s assets, as well as the qualification, experience and responsibilities of the person who serves as the portfolio manager for the Alternative Strategies Fund.

The Independent Trustees also discussed the acceptability of the terms of the Management Agreement, IM Agreement and Sub-Advisory Agreements. The Independent Trustees considered the Manager’s favorable assessment of the nature and quality of the sub-advisory services provided to the Funds by the Sub-advisers. The Board also reviewed information received from the Manager and the Trust’s Chief Compliance Officer regarding the Trust’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act, including those specific to the Manager providing day-to-day management of the Alternative Strategies Fund’s assets, and those of each Sub-adviser.

During the course of the year and at the Meeting, the Board reviewed the qualifications, backgrounds and responsibilities of the Manager’s senior personnel and the portfolio management team primarily responsible for the management of the Funds and the selection and evaluation of Sub-Advisers. The Board also considered the Manager’s and the Sub-advisers’ brokerage policies and practices, transaction execution standards, policies and practices regarding soft dollars, and quality controls applicable to brokerage

328



Board Approval of Management Agreement and Investment Advisory Agreements


(unaudited) (continued)

allocation procedures. The Board also considered the risks associated with the Trust borne by the Manager and its affiliates (such as entrepreneurial, operational and regulatory risk), as well as the Manager’s risk management processes.

The Board concluded that, overall, the nature, extent and quality of services provided (and expected to be provided) under the Management Agreement, IM Agreement and Subadvisory Agreements were adequate and appropriate.

Fund Performance

As to each Fund, the Board received and considered performance information for the Fund and for all retail and institutional funds, regardless of asset size or primary channel of distribution, in the Fund’s Lipper category (the “Performance Universe”) selected by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper. As to each Fund, the Board was provided with a description of the methodology Broadridge used to determine the similarity of the Fund with the funds included in the Fund’s Performance Universe. As to each Fund, the Board received and considered performance information provided by Morningstar for the Fund and funds in the Fund’s Morningstar category. It was noted that, while the Board has found the Broadridge and Morningstar data generally useful, the Trustees recognized the limitations of such data, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group category and its composition over time. The Board also noted that it had received and discussed with advisory personnel of the Trust at periodic intervals throughout the year information on the investment performance of each Fund in comparison to similar mutual funds and ETFs, if applicable, and benchmark performance indices. As to each Sub-adviser, the Board received and considered performance information provided by the Manager for the Sub-adviser managing the portion of the respective Fund’s assets allocated to it. In addition, the Board considered the Funds’ performance in light of overall financial market conditions.

The Board received information from management regarding the Sub-advisers’ historical performance returns managing the Funds (in the case of renewals), with such performance compared to a relevant index. The Board discussed with representatives of the Adviser the investment strategy employed by each Sub-adviser in the management of the applicable Funds’ assets. The Board discussed the reputation and experience of the Sub-advisers, their portfolio managers’ experience, and the Adviser’s reputation in selecting, evaluating, and overseeing investment managers, including the process and diligence undertaken by the Adviser in evaluating Sub-Adviser performance. The Board determined that these factors supported a decision to renew the Management Agreement, IM Agreement and Sub-Advisory Agreements.

The Trustees determined to continue to evaluate the Funds’ performance and that of their respective Sub-advisers, as applicable, and to continue to periodically review Fund performance with the Manager.

Management Fees and Expense Ratios

As to each Fund, the Board reviewed and considered the contractual management fee rate (“Contractual Management Fee”) payable by the Fund to the Manager in light of the nature, extent and quality of the management and sub-advisory services provided by the Manager and the Sub-advisers, respectively. The Board also reviewed and considered the actual management fee rate (“Actual Management Fee”) paid by each Fund over the Fund’s last fiscal year which included reductions for fee waiver and/or expense reimbursement arrangements that were in effect for the Fund, which reduced the management fee paid to the Manager. The Board noted that the Manager has contractually agreed to waive fees and reimburse expenses in order to keep each Fund’s management fees from exceeding the total amount of sub-advisory fees, if any, paid by the Manager plus 0.20% based on average net assets of the Fund. The Board also noted that the compensation paid to the Sub-advisers is paid by the Manager, not the applicable Funds.. The Board also reviewed with management the scope of services provided to the Funds by the Manager, noting that the Funds are provided with regulatory compliance services, office facilities and Trust officers (including the Trust’s chief financial, chief legal and chief compliance officers), and that the Manager coordinates and oversees the provision of services to each Fund by other fund service providers, including the Sub-advisers. The Board considered the amount of the management fee retained by the Manager after payment of sub-advisory fees to the Sub-advisers, in each case in light of the services rendered for those amounts. The Board also considered and discussed information about the Sub-advisers’ fees and comparable information for other sub-advised funds and accounts managed by the Sub-advisers.

329



Board Approval of Management Agreement and Investment Advisory Agreements


(unaudited) (continued)

Additionally, the Board received and considered information comparing each Fund’s Contractual Management Fee and Actual Management Fee and the Fund’s actual total expenses with those of a group of funds selected by Broadridge as comparable to the particular Fund (the “Expense Group”) and a broader group of retail no-load funds or ETFs, as applicable, selected by Broadridge (the “Expense Universe”). The Trustees also received and considered information comparing the sub-advisory fees payable by the respective Fund, as applicable, with those payable by a group of funds selected by Broadridge as comparable to the particular Fund and a broader group of retail no-load funds selected by Broadridge. The Trustees also reviewed comparative expense information provided by Broadridge with respect to transfer agent and custodian fees, and other non-management expenses, in addition to the management fee. The Independent Trustees also considered the total expenses of the comparison group, excluding Rule 12b-1 and non-12b-1 service fees. As to each Fund, the Board also received and considered net expense ratio and management fee information provided by Morningstar for the Fund and funds in the Fund’s Morningstar category. It was noted that while the Board found the Broadridge and Morningstar data generally useful they recognized its limitations, including that the data may vary depending on the selection of the peer group and category and the fiscal year ends of the peer group funds.

The Board determined that, as to each Fund, the management fee paid by the Fund to the Manager and the sub-advisory fees paid by the Manager to the Sub-advisers, as applicable, were reasonable in light of comparative performance and expense information and the nature, extent and quality of the services provided to the Fund under the Agreements.

Manager Profitability

The Board received and considered a profitability analysis of the Manager and its affiliates in providing services to the Funds. In addition, the Board received information with respect to the Manager’s allocation methodologies used in preparing this profitability data. To the extent available, the Board also reviewed information provided by the Sub-advisers with respect to the relevant Sub-adviser’s profitability in providing sub-advisory services to the Funds. The Board also noted the profitability percentage ranges determined by appropriate court cases to be reasonable given the services rendered to investment companies. As to each Fund, the Board determined that the Manager’s profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.

Economies of Scale

As to each Fund, the Board considered information regarding whether there have been economies of scale with respect to the management of the Fund, whether the Fund has appropriately benefited from any economies of scale and whether there is potential for realization of any further economies of scale. The Board considered the various ways economies of scale could be realized and shared with Fund investors, and whether economies of scale in the provision of services to the Fund were being passed along to the shareholders. As to each Fund, the Board also noted that to the extent the Fund’s assets increase over time, the Fund and its shareholders should realize economies of scale as certain expenses, such as fixed fund fees, become a smaller percentage of overall assets. The Board noted that it appeared that the benefits of any economies of scale also would be appropriately shared with shareholders through increased investment in fund management resources.

Other Benefits to the Manager and the Sub-advisers

As to each Fund, the Board considered other benefits received by the Manager, the Sub-advisers and their affiliates as a result of their relationship with the Funds, including soft dollar arrangements, receipt of brokerage and the opportunity to offer additional products and services to Fund shareholders.

In light of the Manager’s costs of providing investment management and other services to the Funds and the Manager’s ongoing commitment to the Funds and each Sub-adviser’s day-to-day management of the portion of the respective Fund’s assets allocated to it, the profits and ancillary benefits that the Manager, the Sub-advisers and their affiliates received were considered reasonable.

Based on their discussions and considerations, including those described above, the Board approved the Management Agreement, the IM Agreement and the Subadvisory Agreements to continue for another year. No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the Agreements.

*******

330



Board Approval of Management Agreement and Investment Advisory Agreements


(unaudited) (continued)

Trustees and Officers of the Trust

The Board is responsible for overseeing the Trust’s management and operations. The Board approves all significant agreements between the Trust and the companies that furnish services to the Funds, including agreements with the Trust’s distributors, Sub-advisers, custodian, transfer agent and administrator. The Board elects officers who are responsible for the day-to-day operations of the Trust and the Funds and who execute policies authorized by the Board.

In addition to investment management services, the Manager monitors and supervises the services provided to the Trust by its administrator. The Manager also is responsible for conducting all operations of the Trust, except those operations contracted to the Sub-advisers, the custodian, the transfer agent and the administrator.

331

MORGAN STANLEY SMITH BARNEY LLC

Distributor of Morgan Stanley Pathway Mutual Funds

FORESIDE FUND SERVICES, LLC

Distributor and Principal Underwriter of Morgan Stanley Pathway ETFs

CONSULTING GROUP ADVISORY SERVICES LLC

Investment Adviser

This report is submitted for the general information of the shareholders of Morgan Stanley Pathway Funds. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Prospectus for the Trust which contains information concerning the Trust’s Investment policies, charges and expenses as well as other pertinent information.

Morgan Stanley Pathway Funds

2000 Westchester Avenue

Purchase, NY 10577

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

There were no changes in and/or disagreements with accountants on accounting and financial disclosure during the period covered by the report.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

There were no matters submitted to a vote of shareholders during the period covered by the report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The remuneration paid by the company during the period covered by the report to the Trustees on the company’s Board of Trustees is disclosed as part of the financial statements included above in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The disclosure regarding the Approval of Advisory Agreement, if applicable, is included as part of the financial statements included above in Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s board of directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 16. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c)) were effective, as of a date within 90 days of the filing date of this report, based on his evaluation of these disclosure controls and procedures as required by Rule 30a-3(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(b)), and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(d)), that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not Applicable.

Item 19. Exhibits.

(a)(1) Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)) are attached hereto.

(b) Certifications pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Morgan Stanley Pathway Funds

By:		/s/ Paul Ricciardelli
		Paul Ricciardelli
		Chief Executive Officer
		Morgan Stanley Pathway Funds

Date:		October 28, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Morgan Stanley Pathway Funds

By:		/s/ Paul Ricciardelli
		Paul Ricciardelli
		Chief Executive Officer
		Morgan Stanley Pathway Funds

Date:		October 28, 2026


Morgan Stanley Pathway Funds

By:		/s/ James F. Kirchner
		James F. Kirchner
		Chief Financial Officer
		Morgan Stanley Pathway Funds

Date:		October 28, 2026

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Morgan Stanley Pathway Funds - Morgan Stanley Pathway Large Cap Equity ETF

What were the Fund costs for the last year?

How did the fund perform last year?

Fund Performance

Average Annual Total Returns (%)Footnote Reference1

Key Fund Statistics

What did the Fund invest in?

Sector Allocation (% of Investments)

Top Ten Holdings (% of Investments)Footnote Referencea

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Householding

Morgan Stanley Pathway Funds - Morgan Stanley Pathway Small-Mid Cap Equity ETF

What were the Fund costs for the last year?

How did the fund perform last year?

Fund Performance

Average Annual Total Returns (%)Footnote Reference1

Key Fund Statistics

What did the Fund invest in?

Sector Allocation (% of Investments)

Top Ten Holdings (% of Investments)Footnote Referencea

Material Fund Changes

Additional Information

Householding

Morgan Stanley Pathway Funds - International Equity Fund

What were the Fund costs for the last year?

How did the fund perform last year?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Country Allocation (% of Investments)

Top Ten Holdings (% of Investments)Footnote Referencea

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Morgan Stanley Pathway Funds - Emerging Markets Equity Fund

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How did the fund perform last year?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Country Allocation (% of Investments)

Top Ten Holdings (% of Investments)Footnote Referencea

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Householding

Morgan Stanley Pathway Funds - Core Fixed Income Fund

What were the Fund costs for the last year?

How did the fund perform last year?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Asset Allocation (% of Investments)

Credit Quality Allocation (% of net assets)Footnote Reference*

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Householding

Morgan Stanley Pathway Funds - High Yield Fund

What were the Fund costs for the last year?

How did the fund perform last year?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Asset Allocation (% of Investments)

Credit Quality Allocation (% of net assets)Footnote Reference*

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Householding

Morgan Stanley Pathway Funds - International Fixed Income Fund

What were the Fund costs for the last year?

How did the fund perform last year?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Asset Allocation (% of Investments)

Average Annual Total Returns (%)^{Footnote Reference1}

Top Ten Holdings (% of Investments)^{Footnote Referencea}

Average Annual Total Returns (%)^{Footnote Reference1}

Top Ten Holdings (% of Investments)^{Footnote Referencea}

Top Ten Holdings (% of Investments)^{Footnote Referencea}

Top Ten Holdings (% of Investments)^{Footnote Referencea}

Credit Quality Allocation (% of net assets)^{Footnote Reference*}

Credit Quality Allocation (% of net assets)^{Footnote Reference*}

Credit Quality Allocation (% of net assets)^{Footnote Reference*}

Credit Quality Allocation (% of net assets)^{Footnote Reference*}

Credit Quality Allocation (% of net assets)^{Footnote Reference*}

Credit Quality Allocation (% of net assets)^{Footnote Reference*}

Top Ten Holdings (% of Investments)^{Footnote Referencea}