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N-CSRS 1 d293522dncsrs.htm N-CSRS N-CSRS

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:

February 28, 2022

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 rules.

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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under clearance requirements of 44 U.S.C. § 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

(a)	The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

LOGO

Morgan Stanley

Pathway Funds

Semi-Annual Report

February 28, 2022

•

Large Cap Equity Fund

•

Small-Mid Cap Equity Fund

•

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

•

Alternative Strategies Fund

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

Table of Contents



SHAREHOLDER LETTER			I

FUND EXPENSES			1

SCHEDULES OF INVESTMENTS

LARGE CAP EQUITY FUND			3

SMALL-MID CAP EQUITY FUND			28

INTERNATIONAL EQUITY FUND			82

EMERGING MARKETS EQUITY FUND			105

CORE FIXED INCOME FUND			134

HIGH YIELD FUND			193

INTERNATIONAL FIXED INCOME FUND			211

MUNICIPAL BOND FUND			238

INFLATION-LINKED FIXED INCOME FUND			246

ULTRA-SHORT TERM FIXED INCOME FUND			258

ALTERNATIVE STRATEGIES FUND			274

STATEMENTS OF ASSETS AND LIABILITIES			278

STATEMENTS OF OPERATIONS			280

STATEMENTS OF CHANGES IN NET ASSETS			282

STATEMENTS OF CASH FLOWS			286

FINANCIAL HIGHLIGHTS			287

NOTES TO FINANCIAL STATEMENTS			298

BOARD APPROVAL OF MANAGEMENT AGREEMENT AND INVESTMENT ADVISORY AGREEMENTS			336

ADDITIONAL INFORMATION			337

Morgan Stanley Pathway Fund

DEAR SHAREHOLDER,

The Large Cap Equity Fund declined 5.49% during the six-month period ending February 28, 2022. This compares to the Russell 1000^® Index ⁱ which declined 3.88% and the Lipper Large-Cap Core Funds Average ^xii investment category which declined 3.96% during the same period. Both sector positioning and stock selection detracted from relative to the benchmark. Top contributors included Consumer Discretionary, Industrials, Real Estate while the top detractors included Information Technology, Energy and Communication Services.

The Small-Mid Cap Equity Fund declined 6.45% during the six-month period ending February 28, 2022. This compares to the Russell 2500^® Index ⁱⁱ which declined 6.77% and the Lipper Small-Cap Core Funds Average ^xiii investment category which declined 2.35% during the same period. Sector positioning detracted while stock selection added to performance relative to the benchmark. The top contributors were Health Care, Industrials, and Consumer Discretionary while the top detractors included Energy, Materials and Financials.

The International Equity Fund declined 7.52% during the six-month period ending February 28, 2022. This compares to the MSCI EAFE^® Index (Net) ⁱⁱⁱ which declined 6.78% and the Lipper International Large-Cap Core Funds Average ^xiv investment category which declined 6.65% during the same period. Sector positioning detracted while stock selection added to performance relative to the benchmark. Top contributors included Energy, Information Technology, and Consumer Discretionary while the top detractors included Materials, Industrials and Financials.

The Emerging Markets Equity Fund declined 13.30% during the six-month period ending February 28, 2022. This compares to the MSCI Emerging Markets Index (Net) ^iv which declined 9.81% and the Lipper Emerging Markets Funds Average ^xv investment category which declined 13.04% during the same period. Sector positioning added while stock selection detracted from performance relative to the benchmark. Top contributors included Consumer Discretionary, Energy, and Health Care while the top detractors included Financials, Information Technology and Communication Services.

The Core Fixed Income Fund declined 4.77% during the six-month period ending February 28, 2022. This compares to the Bloomberg U.S. Aggregate Bond^TM Index ^vi which declined 4.07% and the Lipper Core Bond Funds Average ^xvii investment category which declined 4.27% during the same period.

The High Yield Fund declined 2.78% during the six-month period ending February 28, 2022. This compares to the Bloomberg U.S. Corporate High Yield Bond Index ^viii which declined 3.06% and the Lipper High Yield Funds Average ^xix investment category which declined 2.74% during the same period.

The International Fixed Income Fund declined 4.47% during the six-month period ending February 28, 2022. This compares to the FTSE Non-USD World Government Bond Index (USD) Hedged ^x which declined 3.88% and the Lipper International Income Funds Average ^xxi investment category which declined 5.76% during the same period.

The Municipal Bond Fund declined 3.12% during the six-month period ending February 28, 2022. This compares to the Bloomberg U.S. Municipal Bond Index ^vii which declined 3.09% and the Lipper General & Insured Municipal Debt Funds Average ^xviii investment category which declined 3.40% during the same period.

The Inflation-Linked Fixed Income Fund declined 0.47% during the six-month period ending February 28, 2022. This compares to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index ^ix which gained 0.43% and the Lipper Inflation Protected Bond Funds Average ^xx investment category which gained 0.38% during the same period.

The Ultra-Short Term Fixed Income Fund declined 0.42% during the six-month period ending February 28, 2022. This compares to the FTSE 3-Month U.S. Treasury Bill Index ^v which gained 0.03% and the Lipper Ultra-Short Obligations Funds Average ^xvi investment category which declined 0.51% during the same period.

The Alternative Strategies Fund declined 1.24% during the six-month period ending February 28, 2022. This compares to the HFRX Global Hedge Fund Index^xi which declined 2.13% and the Lipper Alternative Multi-Strategy Funds Average ^xxii investment category which declined 2.03% during the same period.

We thank you for your continued confidence in Morgan Stanley Wealth Management and support as shareholders of the Morgan Stanley Pathway Funds.

Sincerely,

LOGO

Paul Ricciardelli

Chief Executive Officer

Although the statements of fact and data contained herein have been obtained from, and are based upon, sources the firm believes reliable, we do not guarantee their accuracy, and any such information may be incomplete or condensed. All opinions included in this report constitute the firm’s judgment as of the date herein, and are subject to change without notice. This material is for informational purposes only, and is not intended as an offer or solicitation with respect to the purchase or sale of any security. This report may contain forward-looking statements, and there can be no guarantee that they will come to pass. The index returns shown are preliminary and subject to change. Past performance is not a guarantee of future results.

Index Definitions

i.	The Russell 1000^® Index measures the performance of the 1,000 largest U.S. companies based on the market capitalization. Please note that an investor cannot invest directly in an index.

ii.	The Russell 2500^® Index measures the performance of the 2,500 smallest companies in the Russell 3000^® Index. Please note that an investor cannot invest directly in an index.

iii.

The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE^®) Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE^® Index (Net) consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Because the index is not a managed portfolio, there are no advisory fees or internal management expenses reflected in the index’s performance. Please note that an investor cannot invest directly in an index.

iv.

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index (Net) consists of the following 21 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Because the index is not a managed portfolio, there are no advisory fees or internal management expenses reflected in the index’s performance. Please note that an investor cannot invest directly in an index.

The FTSE 3-Month U.S. Treasury Bill Index – Equal dollar amounts of three-month Treasury bills are purchased at the beginning of each of three consecutive months. As each bill matures, all proceeds are rolled over or reinvested in a new three-month bill. The income used to calculate the monthly return is derived by subtracting the original amount invested from the maturity value. The yield curve average is the basis for calculating the return on the index. The index is rebalanced monthly by market capitalization. Please note that an investor cannot invest directly in an index.

vi.

The Bloomberg U.S. Aggregate Bond^TM Index is a broad-based index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related, and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS. Because the index is not a managed portfolio, there are no advisory fees or internal management expenses reflected in the index’s performance. Please note that an investor cannot invest directly in an index.

vii.

The Bloomberg U.S. Municipal Bond Index covers the U.S. dollar-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. Because the index is not a managed portfolio, there are no advisory fees or internal management expenses reflected in the index’s performance. Please note that an investor cannot invest directly in an index.

viii.

The Bloomberg U.S. Corporate High Yield Bond Index measures the market of U.S. dollar-denominated, non-investment grade, fixed rate, taxable corporate bonds. Because the index is not a managed portfolio, there are no advisory fees or internal management expenses reflected in the index’s performance. Please note that an investor cannot invest directly in an index.

ix.

The Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index is an unmanaged market index comprised of all U.S. Treasury Inflation Protected Securities rated investment grade (Baa3 / BBB- or better), have at least one year to final maturity, and at least $250 million par amount outstanding. Please note that an investor cannot invest directly in an index.

The FTSE Non-USD World Government Bond Index (USD) Hedged and Unhedged are each sub-indices of the FTSE World Government Bond Index (WGBI), which is comprised of the global sovereign debt of over 20 countries representative in the Americas, EMEA, EMU, Asia Pacific, and Japan regions. The Non-U.S. Dollar WGBI includes all WGBI markets except the United States and is stated in U.S. dollar hedged or unhedged base currency terms. Because the index is not a managed portfolio, there are no advisory fees or internal management expenses reflected in the index’s performance. Please note that an investor cannot invest directly in an index.

xi.

The HFRX Global Hedge Fund Index — is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, even driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry.

xii.

The Lipper Large-Cap Core Funds Average — Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite^® 1500 Index. Large-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index. The total return of the Lipper Funds Average does not include the effect of sales charges. Please note that an investor cannot invest directly in a mutual funds classification average or an index.

xiii.

The Lipper Small-Cap Core Funds Average — Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite^® 1500 Index. Small-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P Small Cap 600 Index. The total return of the Lipper Funds Average does not include the effect of sales charges. Please note that an investor cannot invest directly in a mutual funds classification average or an index.

xiv.

The Lipper International Large-Cap Core Funds Average is an equally weighted average of all active funds available within the investment category. The classification includes funds that, by portfolio practice, invest at least 75% of their equity assets in companies outside of the U.S. with market capitalizations (on a three-year weighted basis) above Lipper’s international large-cap floor. International large-cap core funds typically have average characteristics compared to their large-cap-specific subset of the MSCI EAFE^® Index (Net). The total return of the Lipper Funds Average does not include the effect of sales charges. Please note that an investor cannot invest directly in a mutual funds classification average or an index.

xv.

The Lipper Emerging Markets Funds Average is an equally weighted average of all active funds available within the investment category. The classification includes funds that seek long-term capital appreciation by investing at least 65% of total assets in emerging market equity securities, where “emerging market” is defined by a country’s GNP per capita or other economic measures. The total return of the Lipper Funds Average does not include the effect of sales charges. Please note that an investor cannot invest directly in a mutual funds classification average or an index.

xvi.

The Lipper Ultra-Short Obligations Funds Average — These are equally weighted total returns using all the active funds available within the category. Lipper analytical averages are an average of all funds in the specified investment objective’s universe. Averages include all funds in the group in existence for the period. The number of component funds always changes. Ultra-short obligations funds invest primarily in investment-grade debt issues or better and maintain a portfolio dollar-weighted average maturity between 91 days and 365 days.

xvii.

The Lipper Core Bond Funds Average is an equally weighted average of all active funds available within the investment category. The classification includes funds that invest at least 85% of their assets in domestic investment-grade debt issues (rated in top four grades) with any remaining in investment in non-benchmark sectors such as high-yield, global, and emerging market debt. These funds maintain dollar-weighted average maturities of five to ten years. The total return of the Lipper Funds Average does not include the effect of sales charges. Please note that an investor cannot invest directly in a mutual funds classification average or an index.

xviii.

The Lipper General & Insured Municipal Debt Funds Average is an equally weighted average of all active funds available within the investment category. The classification includes funds that either invest primarily in municipal debt issues rated in the top four credit ratings or invest primarily in municipal debt issues insured as to timely payment. The total return of the Lipper Funds Average does not include the effect of sales charges. Please note that an investor cannot invest directly in a mutual funds classification average or an index.

III

xix.

The Lipper High Yield Funds Average is an equally weighted average of all active funds available within the investment category. The classification includes funds that aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower grade debt issues. The total return of the Lipper Funds Average does not include the effect of sales charges. Please note that an investor cannot invest directly in a mutual funds classification average or an index.

xx.

Lipper Inflation Protected Bond Funds Average — These are equally weighted total returns using all the active funds available within the category Lipper analytical averages are an average of all funds in the specified investment objective’s universe. Averages include all funds in the group in existence for the period. The number of component funds always changes. Inflation protected bond funds invest primarily in inflation-indexed fixed income securities issued in the United States. Inflation-indexed bonds are fixed income securities that are structured to provide protection against inflation.

xxi.

The Lipper International Income Funds Average is an equally weighted average of all active funds available within the investment category. The classification includes funds that state in their prospectus that they invest primarily in U.S. dollar and non-U.S. dollar debt securities of issuers located in at least three countries, excluding the United States, except in periods of market weakness. The total return of the Lipper Funds Average does not include the effect of sales charges. Please note that an investor cannot invest directly in a mutual funds classification average or an index.

xxii.

The Lipper Alternative Multi-Strategy Funds Average is an equally weighted average of all active funds available within the investment category. The classification includes funds who by their prospectus language seek total return through the management of several different hedge-like strategies. These funds are typically quantitatively driven to measure the existing relationship between instruments, and in some cases to identify positions in which the risk-adjusted spread between these instruments represents an opportunity for the investment manager.

Risk Considerations

Equity securities may fluctuate in response to news on companies, industries, market conditions, and general economic environment.

Investing in foreign markets entails risks not typically associated with domestic markets, such as currency fluctuations and controls, restrictions on foreign investments, less governmental supervision and regulation, and the potential for political instability. These risks may be magnified in countries with emerging markets and frontier markets, since these countries may have relatively unstable governments and less established markets and economies.

Investing in small- to medium-sized companies entails special risks, such as limited product lines, markets, and financial resources, and greater volatility than securities of larger, more established companies.

The value of fixed income securities will fluctuate and, upon a sale, may be worth more or less than their original cost or maturity value. Bonds are subject to interest rate risk, call risk, reinvestment risk, liquidity risk, and credit risk of the issuer.

High yield bonds (bonds rated below investment grade) may have speculative characteristics and present significant risks beyond those of other securities, including greater credit risk, price volatility, and limited liquidity in the secondary market. High yield bonds should comprise only a limited portion of a balanced portfolio.

Yields are subject to change with economic conditions. Yield is only one factor that should be considered when making an investment decision.

Asset allocation and diversification do not assure a profit or protect against loss in declining financial markets.

The indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment.

Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies.

Growth investing does not guarantee a profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations.

Value investing does not guarantee a profit or eliminate risk. Not all companies whose stocks are considered to be value stocks are able to turn their business around or successfully employ corrective strategies which would result in stock prices that do not rise as initially expected.


Performance of the Morgan Staley Pathway Funds *For the Six Months Ended February 28, 2022† (unaudited)**

Large Cap Equity Fund	-5.49	%
Russell 1000^® Index ⁽¹⁾	-3.88

Small-Mid Cap Equity Fund	-6.45
Russell 2500^® Index ⁽²⁾	-6.77

International Equity Fund	-7.52
MSCI EAFE^® Index (Net) ⁽³⁾	-6.78

Emerging Markets Equity Fund	-13.30
MSCI Emerging Markets Index (Net) ⁽⁴⁾	-9.81

Core Fixed Income Fund	-4.77
Bloomberg U.S. Aggregate Bond^TM Index ⁽⁵⁾	-4.07

High Yield Fund	-2.78
Bloomberg U.S. Corporate High Yield Bond Index ⁽⁶⁾	-3.06

International Fixed Income Fund	-4.47
FTSE Non-USD World Government Bond Index (USD) Hedged ⁽⁷⁾	-3.88

Municipal Bond Fund	-3.12
Bloomberg U.S. Municipal Bond Index ⁽⁸⁾	-3.09

Inflation-Linked Fixed Income Fund	-0.47
Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index ⁽⁹⁾	0.43

Ultra-Short Term Fixed Income Fund	-0.42
FTSE 3-Month U.S. Treasury Bill Index ⁽¹⁰⁾	0.03

Alternative Strategies Fund	-1.24
HFRX Global Hedge Fund Index ⁽¹¹⁾	-2.13

See pages VII through VIII for all footnotes.

FOOTNOTES

†

All figures represent past performance and are not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemptions of fund shares. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. To obtain performance data current to the most recent month-end, please visit our website at https://www.morganstanley.com/wealth-investmentsolutions/cgcm/.

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 Russell 1000^®Index measures the performance of the 1,000 largest U.S. companies based on the market capitalization. Please note that an investor cannot invest directly in an index.

The Russell 2500^®Index includes the smallest 2,500 U.S. companies out of the Russell 3000^®Index universe. Because the index is not a managed portfolio, there are no advisory fees or internal management expenses reflected in the index’s performance. Please note that an investor cannot invest directly in an index.

The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE^®) Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE^®Index (Net) consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Because the index is not a managed portfolio, there are no advisory fees or internal management expenses reflected in the index’s performance. Please note that an investor cannot invest directly in an index.

The MSCI Emerging Markets Value Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index (Net) consists of the following 26 emerging market country indexes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Emirates. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to nonresident institutional investors who do not benefit from double taxation treaties. Because the index is not a managed portfolio, there are no advisory fees or internal management expenses reflected in the index’s performance. Please note that an investor cannot invest directly in an index.

The Bloomberg U.S. Aggregate Bond^TMIndex is a broad-based index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related, and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS. Because the index is not a managed portfolio, there are no advisory fees or internal management expenses reflected in the index’s performance. Please note that an investor cannot invest directly in an index.

The FTSE Non-USD World Government Bond Index (USD) Hedged and Unhedged are each sub-indices of the FTSE World Government Bond Index

VII

(WGBI), which is comprised of the global sovereign debt of over 20 countries representative in the Americas, EMEA, EMU, Asia Pacific, and Japan regions. The Non-USD WGBI includes all WGBI markets except the United States and is stated in U.S. dollar hedged or unhedged base currency terms. Because the index is not a managed portfolio, there are no advisory fees or internal management expenses reflected in the index’s performance. Please note that an investor cannot invest directly in an index.

The Bloomberg U.S. Municipal Bond Index covers the U.S. dollar- denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. Because the index is not a managed portfolio, there are no advisory fees or internal management expenses reflected in the index’s performance. Please note that an investor cannot invest directly in an index.

The Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index is an unmanaged market index comprised of all U.S. Treasury Inflation Protected Securities rated investment grade (Baa3/BBB- or better), have at least one year to final maturity, and at least $250 million par amount outstanding. Please note that an investor cannot invest directly in an index.

10.

The FTSE 3-Month U.S. Treasury Bill Index — Equal dollar amounts of three- month Treasury bills are purchased at the beginning of each of three consecutive months. As each bill matures, all proceeds are rolled over or reinvested in a new three-month bill. The income used to calculate the monthly return is derived by subtracting the original amount invested from the maturity value. The yield curve average is the basis for calculating the return on the index. The index is rebalanced monthly by market capitalization. Please note that an investor cannot invest directly in an index.

11.

The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

VIII



Fund Expenses


(unaudited)

Example

As a shareholder of a Fund, you may incur two types of costs: (1) annual advisory program fees, which may be up to 2.00%; and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. This example is based on an investment of $1,000 invested on September 1, 2021 and held for the six months ended February 28, 2022.

Actual Expenses

The table below titled “Based on Actual Total Return” provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account during this period, divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expense Paid During the Period”.


Based on Actual Total Return⁽¹⁾

Fund	Total Return Without Annual Advisory Program Fees⁽²⁾			Beginning Account Value			Ending Account Value			Annualized Expense Ratios			Expense Paid During the Period⁽³⁾
Large Cap Equity Fund		-5.49	%		$	1,000.00		$	945.10		0.47	%		$	2.27
Small-Mid Cap Equity Fund		-6.45	%			1,000.00			935.50		0.59	%			2.83
International Equity Fund		-7.52	%			1,000.00			924.80		0.66	%			3.15
Emerging Markets Equity Fund		-13.30	%			1,000.00			867.00		0.78	%			3.61
Core Fixed Income Fund		-4.77	%			1,000.00			952.30		0.52	%			2.52
High Yield Fund		-2.78	%			1,000.00			972.20		0.80	%			3.91
International Fixed Income Fund		-4.47	%			1,000.00			955.30		0.82	%			3.98
Municipal Bond Fund		-3.12	%			1,000.00			968.80		0.67	%			3.27
Inflation-Linked Fixed Income Fund		-0.47	%			1,000.00			995.30		1.16	%			5.74
Ultra-Short Term Fixed Income Fund		-0.42	%			1,000.00			995.80		0.57	%			2.82
Alternative Strategies Fund		-1.24	%			1,000.00			987.60		0.43	%			2.12

(1)	For the six months ended February 28, 2022.

(2)

Assumes reinvestment of all distributions, including returns of capital, if any, at net asset value and does not reflect the deduction of the applicable advisory program charge, which may be up to 2.00% depending on the particular program through which you invest. Total return is not annualized as it may not be representative of the total return for the year. Performance figure may reflect fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower.

(3)

Expenses (net of fee waivers and/or expense reimbursements) are equal to each Fund’s respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, then divided by 365 (to reflect the one-half year period).



Fund Expenses


(unaudited) (continued)

Hypothetical Example for Comparison Purposes

The table below titled “Based on Hypothetical Total Return” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5.00% per year/period before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in each Fund and other funds. To do so, compare the 5.00% hypothetical example relating to a Fund with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any advisory program annual fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these advisory program annual fees were included, your costs would have been higher.


Based on Hypothetical Total Return⁽¹⁾

Fund	Hypothetical Annualized Total Return			Beginning Account Value			Ending Account Value			Annualized Expense Ratios			Expense Paid During the Period⁽²⁾
Large Cap Equity Fund		5.00	%		$	1,000.00		$	1,022.46		0.47	%		$	2.36
Small-Mid Cap Equity Fund		5.00	%			1,000.00			1,021.87		0.59	%			2.96
International Equity Fund		5.00	%			1,000.00			1,021.52		0.66	%			3.31
Emerging Markets Equity Fund		5.00	%			1,000.00			1,020.93		0.78	%			3.91
Core Fixed Income Fund		5.00	%			1,000.00			1,022.22		0.52	%			2.61
High Yield Fund		5.00	%			1,000.00			1,020.83		0.80	%			4.01
International Fixed Income Fund		5.00	%			1,000.00			1,020.73		0.82	%			4.11
Municipal Bond Fund		5.00	%			1,000.00			1,021.47		0.67	%			3.36
Inflation-Linked Fixed Income Fund		5.00	%			1,000.00			1,019.04		1.16	%			5.81
Ultra-Short Term Fixed Income Fund		5.00	%			1,000.00			1,021.97		0.57	%			2.86
Alternative Strategies Fund		5.00	%			1,000.00			1,022.66		0.43	%			2.16

(1)	For the six months ended February 28, 2022.

(2)



Schedules of Investments


February 28, 2022 (unaudited)


Large Cap Equity Fund

Shares/Units		Security	Value

	COMMON STOCKS — 95.7%

	COMMUNICATION SERVICES — 7.9%

	Diversified Telecommunication Services — 1.0%
	177,701	AT&T Inc.	$	4,209,737
	188,967	Liberty Global PLC, Class C Shares*		4,888,576
	24,252	Lumen Technologies Inc.(a)		251,251
	173,890	Verizon Communications Inc.		9,332,676

		Total Diversified Telecommunication Services		18,682,240


	Entertainment — 1.7%
	19,303	Activision Blizzard Inc.		1,573,194
	24,532	Electronic Arts Inc.		3,191,368
	736	Liberty Media Corp-Liberty Formula One, Class A Shares*		41,334
	4,958	Liberty Media Corp-Liberty Formula One, Class C Shares*		301,099
	3,295	Live Nation Entertainment Inc.*		398,102
	429	Madison Square Garden Sports Corp., Class A Shares*		74,217
	22,644	Netflix Inc.*		8,933,511
	2,011	Playtika Holding Corp.*		41,427
	2,905	Roku Inc., Class A Shares*		405,335
	16,570	Sea Ltd., ADR*		2,412,592
	7,758	Skillz Inc., Class A Shares*(a)		24,127
	3,346	Spotify Technology SA*		522,612
	2,773	Take-Two Interactive Software Inc.*		449,226
	94,675	Walt Disney Co. (The)*		14,055,450
	1,290	World Wrestling Entertainment Inc., Class A Shares(a)		76,445
	24,273	Zynga Inc., Class A Shares*		220,399

		Total Entertainment		32,720,438


	Interactive Media & Services — 4.3%
	13,127	Alphabet Inc., Class A Shares*		35,457,865
	6,981	Alphabet Inc., Class C Shares*		18,833,481
	1,967	IAC/InterActiveCorp*		225,733
	66,808	Match Group Inc.*		7,448,424
	101,090	Meta Platforms Inc., Class A Shares*		21,333,023
	13,295	Pinterest Inc., Class A Shares*		355,641
	2,723	TripAdvisor Inc.*		69,273
	19,263	Twitter Inc.*		684,800
	3,250	Vimeo Inc.*		42,217

		Total Interactive Media & Services		84,450,457


	Media — 0.8%
	5,645	Altice USA Inc., Class A Shares*		65,256
	138	Cable One Inc.		197,733
	3,122	Charter Communications Inc., Class A Shares*		1,878,757
	186,573	Comcast Corp., Class A Shares		8,724,153
	4,435	Discovery Inc., Class A Shares*(a)		124,402
	7,610	Discovery Inc., Class C Shares*(a)		212,852
	6,529	DISH Network Corp., Class A Shares*		208,667
	7,930	Fox Corp., Class A Shares		331,712
	3,779	Fox Corp., Class B Shares		144,585
	9,666	Interpublic Group of Cos., Inc. (The)		355,709
	713	Liberty Broadband Corp., Class A Shares*		103,250
	3,540	Liberty Broadband Corp., Class C Shares*		519,318
	2,302	Liberty Media Corp-Liberty SiriusXM, Class A Shares		115,929
	3,632	Liberty Media Corp-Liberty SiriusXM, Class C Shares*		182,762
	10,507	Loyalty Ventures Inc.*		252,168
	4,194	New York Times Co. (The), Class A Shares		184,494

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	COMMUNICATION SERVICES — 7.9% — (continued)

	Media — 0.8% — (continued)
	10,183	News Corp., Class A Shares	$	227,285
	3,724	News Corp., Class B Shares		83,529
	1,006	Nexstar Media Group Inc., Class A Shares		186,160
	5,225	Omnicom Group Inc.		438,325
	181	Paramount Global, Class A Shares		6,163
	14,111	Paramount Global, Class B Shares(a)		431,938
	23,578	Sirius XM Holdings Inc.(a)		145,240

		Total Media		15,120,387


	Wireless Telecommunication Services — 0.1%
	14,693	T-Mobile US Inc.*		1,810,325

		TOTAL COMMUNICATION SERVICES		152,783,847


	CONSUMER DISCRETIONARY — 12.4%

	Auto Components — 0.3%
	39,898	Adient PLC*		1,785,435
	30,718	Aptiv PLC*		3,976,138
	6,062	BorgWarner Inc.		248,603
	6,204	Gentex Corp.		187,795
	1,503	Lear Corp.		236,482
	6,198	QuantumScape Corp., Class A Shares*(a)		100,036

		Total Auto Components		6,534,489


	Automobiles — 1.1%
	97,388	Ford Motor Co.		1,710,133
	34,280	General Motors Co.*		1,601,562
	3,718	Harley-Davidson Inc.(a)		153,553
	3,392	Rivian Automotive Inc., Class A Shares*(a)		229,164
	20,120	Tesla Inc.*		17,513,052
	1,411	Thor Industries Inc.(a)		127,695

		Total Automobiles		21,335,159


	Distributors — 0.5%
	3,488	Genuine Parts Co.		426,094
	186,712	LKQ Corp.		8,766,128
	996	Pool Corp.		456,746

		Total Distributors		9,648,968


	Diversified Consumer Services — 0.0%
	1,593	Bright Horizons Family Solutions Inc.*		208,110
	3,971	Chegg Inc.*(a)		124,173
	2,576	Frontdoor Inc.*		77,409
	1,049	Grand Canyon Education Inc.*		91,085
	4,105	H&R Block Inc.		101,845
	1,825	Mister Car Wash Inc.*(a)		29,236
	4,171	Service Corp. International		253,805
	3,154	Terminix Global Holdings Inc.*		134,234

		Total Diversified Consumer Services		1,019,897


	Hotels, Restaurants & Leisure — 1.5%
	5,817	Aramark		214,996
	4,997	Booking Holdings Inc.*		10,854,733
	2,199	Boyd Gaming Corp.*		155,997
	4,929	Caesars Entertainment Inc.*		414,973
	20,794	Carnival Corp.*		422,742
	707	Chipotle Mexican Grill Inc., Class A Shares*		1,077,008

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 12.4% — (continued)

	Hotels, Restaurants & Leisure — 1.5% — (continued)
	780	Choice Hotels International Inc.	$	112,593
	967	Churchill Downs Inc.		232,921
	3,122	Darden Restaurants Inc.		453,377
	900	Domino’s Pizza Inc.		388,989
	7,921	DraftKings Inc., Class A Shares*		187,569
	3,669	Expedia Group Inc.*		719,528
	6,718	Hilton Worldwide Holdings Inc.*		1,000,041
	1,062	Hyatt Hotels Corp., Class A Shares*		103,131
	8,256	Las Vegas Sands Corp.*		353,852
	6,762	Marriott International Inc., Class A Shares*		1,150,487
	1,109	Marriott Vacations Worldwide Corp.		178,183
	18,579	McDonald’s Corp.		4,547,582
	9,694	MGM Resorts International		429,347
	9,800	Norwegian Cruise Line Holdings Ltd.*(a)		191,002
	4,170	Penn National Gaming Inc.*		214,130
	1,865	Planet Fitness Inc., Class A Shares*		157,835
	5,344	Royal Caribbean Cruises Ltd.*		431,368
	2,251	Six Flags Entertainment Corp.*		98,279
	29,313	Starbucks Corp.		2,690,640
	2,115	Travel + Leisure Co.		118,546
	993	Vail Resorts Inc.		258,726
	3,860	Wendy’s Co. (The)		87,776
	2,249	Wyndham Hotels & Resorts Inc.		194,336
	2,740	Wynn Resorts Ltd.*		237,065
	10,746	Yum China Holdings Inc.		559,007
	7,203	Yum! Brands Inc.		882,944

		Total Hotels, Restaurants & Leisure		29,119,703


	Household Durables — 0.5%
	8,238	DR Horton Inc.		703,525
	3,624	Garmin Ltd.		400,235
	3,196	Leggett & Platt Inc.		118,508
	6,773	Lennar Corp., Class A Shares		608,757
	460	Lennar Corp., Class B Shares		34,730
	1,267	Mohawk Industries Inc.*		178,368
	9,907	Newell Brands Inc.		235,291
	78	NVR Inc.*		386,758
	6,379	PulteGroup Inc.		316,781
	4,371	Tempur Sealy International Inc.		144,287
	2,773	Toll Brothers Inc.		150,463
	855	TopBuild Corp.*		183,552
	27,096	Whirlpool Corp.		5,453,612

		Total Household Durables		8,914,867


	Internet & Direct Marketing Retail — 3.8%
	16,960	Alibaba Group Holding Ltd., ADR*		1,784,022
	19,541	Amazon.com Inc.*		60,015,492
	48,617	Chewy Inc., Class A Shares*(a)		2,291,805
	3,641	DoorDash Inc., Class A Shares*		382,123
	122,290	eBay Inc.		6,675,811
	3,150	Etsy Inc.*		487,904
	183,921	Qurate Retail Inc., Class A Shares		1,013,405
	1,839	Wayfair Inc., Class A Shares*(a)		259,060

		Total Internet & Direct Marketing Retail		72,909,622

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 12.4% — (continued)

	Leisure Products — 0.1%
	2,010	Brunswick Corp.	$	191,995
	3,199	Hasbro Inc.		310,463
	1,316	Hayward Holdings Inc.*(a)		23,543
	9,066	Mattel Inc.*		226,469
	6,621	Peloton Interactive Inc., Class A Shares*		192,407
	1,420	Polaris Inc.(a)		172,544
	2,270	YETI Holdings Inc.*		139,741

		Total Leisure Products		1,257,162


	Multiline Retail — 1.2%
	23,933	Dollar General Corp.		4,746,871
	112,811	Dollar Tree Inc.*		16,028,187
	3,812	Kohl’s Corp.		212,023
	3,084	Nordstrom Inc.*(a)		63,962
	1,929	Ollie’s Bargain Outlet Holdings Inc.*		83,294
	12,132	Target Corp.		2,423,610

		Total Multiline Retail		23,557,947


	Specialty Retail — 2.4%
	16,930	Advance Auto Parts Inc.		3,461,846
	983	AutoNation Inc.*		112,711
	515	AutoZone Inc.*		959,646
	5,887	Bath & Body Works Inc.		314,189
	5,936	Best Buy Co., Inc.		573,655
	1,598	Burlington Stores Inc.*		360,972
	4,166	CarMax Inc.*		455,469
	1,857	Carvana Co., Class A Shares*		279,423
	1,527	Dick’s Sporting Goods Inc.(a)		160,335
	1,399	Five Below Inc.*		228,890
	2,531	Floor & Decor Holdings Inc., Class A Shares*		242,014
	2,365	Foot Locker Inc.		74,781
	1,711	GameStop Corp., Class A Shares*(a)		211,035
	4,190	Gap Inc. (The)(a)		60,964
	28,045	Home Depot Inc. (The)		8,857,452
	3,962	Leslie’s Inc.*(a)		84,430
	11,259	Lithia Motors Inc., Class A Shares(a)		3,837,292
	42,776	Lowe’s Cos., Inc.		9,456,063
	1,641	O’Reilly Automotive Inc.*		1,065,403
	869	Penske Automotive Group Inc.		85,414
	1,115	Petco Health & Wellness Co., Inc., Class A Shares*		19,535
	439	RH*		176,421
	8,614	Ross Stores Inc.		787,233
	85,197	TJX Cos., Inc. (The)		5,631,522
	19,496	Tractor Supply Co.		3,973,090
	8,337	Ulta Beauty Inc.*		3,122,207
	1,614	Victoria’s Secret & Co.*		86,559
	3,509	Vroom Inc.*		21,335
	65,128	Warby Parker Inc., Class A Shares*(a)		1,949,281
	1,871	Williams-Sonoma Inc.		271,033

		Total Specialty Retail		46,920,200


	Textiles, Apparel & Luxury Goods — 1.0%
	3,801	Capri Holdings Ltd.*		257,480
	977	Carter’s Inc.		94,456
	874	Columbia Sportswear Co.		81,037

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 12.4% — (continued)

	Textiles, Apparel & Luxury Goods — 1.0% — (continued)
	697	Deckers Outdoor Corp.*	$	201,182
	164,666	Hanesbrands Inc.		2,544,090
	2,886	lululemon athletica Inc.*		923,347
	107,018	NIKE Inc., Class B Shares		14,613,308
	1,682	PVH Corp.		164,651
	1,066	Ralph Lauren Corp., Class A Shares		140,755
	3,281	Skechers USA Inc., Class A Shares*		150,860
	7,044	Tapestry Inc.		288,100
	4,131	Under Armour Inc., Class A Shares*		73,904
	5,721	Under Armour Inc., Class C Shares*		89,419
	8,179	V.F. Corp.		474,545

		Total Textiles, Apparel & Luxury Goods		20,097,134

		TOTAL CONSUMER DISCRETIONARY		241,315,148


	CONSUMER STAPLES — 5.1%

	Beverages — 0.9%
	205	Boston Beer Co., Inc. (The), Class A Shares*		78,609
	1,332	Brown-Forman Corp., Class A Shares		81,305
	4,577	Brown-Forman Corp., Class B Shares		298,558
	96,588	Coca-Cola Co. (The)		6,011,637
	3,833	Constellation Brands Inc., Class A Shares		826,471
	17,722	Keurig Dr Pepper Inc.		685,310
	4,432	Molson Coors Beverage Co., Class B Shares		231,262
	49,549	Monster Beverage Corp.*		4,181,936
	34,371	PepsiCo Inc.		5,627,907

		Total Beverages		18,022,995


	Food & Staples Retailing — 1.8%
	4,214	Albertsons Cos., Inc., Class A Shares		122,838
	930	Casey’s General Stores Inc.		174,914
	21,967	Costco Wholesale Corp.		11,406,365
	1,887	Grocery Outlet Holding Corp.*(a)		52,478
	18,482	Kroger Co. (The)		864,958
	192,713	Sysco Corp.		16,785,302
	5,836	US Foods Holding Corp.*		228,129
	17,688	Walgreens Boots Alliance Inc.		815,240
	35,687	Walmart Inc.		4,823,455

		Total Food & Staples Retailing		35,273,679


	Food Products — 1.0%
	75,042	Archer-Daniels-Midland Co.		5,887,045
	1,385	Beyond Meat Inc.*(a)		64,790
	3,471	Bunge Ltd.		362,893
	5,093	Campbell Soup Co.		229,032
	133,650	Conagra Brands Inc.		4,673,740
	4,107	Darling Ingredients Inc.*		297,675
	4,999	Flowers Foods Inc.		137,023
	1,114	Freshpet Inc.*		106,086
	15,122	General Mills Inc.		1,019,676
	2,542	Hain Celestial Group Inc. (The)*		92,427
	3,648	Hershey Co. (The)		737,844
	7,020	Hormel Foods Corp.		334,433
	1,567	Ingredion Inc.		139,056
	2,689	J.M. Smucker Co. (The)		362,343
	6,130	Kellogg Co.		391,952

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	CONSUMER STAPLES — 5.1% — (continued)

	Food Products — 1.0% — (continued)
	17,630	Kraft Heinz Co. (The)	$	691,449
	3,817	Lamb Weston Holdings Inc.		253,563
	6,245	McCormick & Co., Inc.		594,337
	34,687	Mondelez International Inc., Class A Shares		2,271,305
	1,597	Pilgrim’s Pride Corp.*		37,657
	1,321	Post Holdings Inc.*		138,890
	8	Seaboard Corp.		30,876
	7,289	Tyson Foods Inc., Class A Shares		675,399

		Total Food Products		19,529,491


	Household Products — 0.7%
	6,137	Church & Dwight Co., Inc.		600,505
	3,125	Clorox Co. (The)		455,594
	20,903	Colgate-Palmolive Co.		1,608,486
	8,341	Kimberly-Clark Corp.		1,085,581
	59,871	Procter & Gamble Co. (The)		9,333,290
	1,441	Reynolds Consumer Products Inc.		42,899
	1,164	Spectrum Brands Holdings Inc.		107,996

		Total Household Products		13,234,351


	Personal Products — 0.4%
	8,462	Coty Inc., Class A Shares*		77,597
	21,639	Estee Lauder Cos., Inc. (The), Class A Shares		6,412,285
	2,299	Herbalife Nutrition Ltd.*		81,798
	1,919	Olaplex Holdings Inc.*		32,201

		Total Personal Products		6,603,881


	Tobacco — 0.3%
	46,105	Altria Group Inc.		2,364,725
	38,737	Philip Morris International Inc.		3,915,149

		Total Tobacco		6,279,874

		TOTAL CONSUMER STAPLES		98,944,271


	ENERGY — 2.4%

	Energy Equipment & Services — 0.1%
	17,803	Baker Hughes Co., Class A Shares		523,052
	22,254	Halliburton Co.		746,177
	9,006	NOV Inc.		154,453
	34,604	Schlumberger NV		1,357,861

		Total Energy Equipment & Services		2,781,543


	Oil, Gas & Consumable Fuels — 2.3%
	8,284	Antero Midstream Corp.		83,171
	9,369	APA Corp.		333,817
	5,835	Cheniere Energy Inc.		775,472
	48,128	Chevron Corp.		6,930,432
	86,851	ConocoPhillips		8,238,686
	1,596	Continental Resources Inc.(a)		88,466
	19,379	Coterra Energy Inc.		452,112
	16,785	Devon Energy Corp.		999,547
	4,590	Diamondback Energy Inc.		633,879
	2,530	DT Midstream Inc.		134,343
	14,428	EOG Resources Inc.		1,658,066
	7,773	EQT Corp.		179,867
	105,353	Exxon Mobil Corp.		8,261,782
	6,966	Hess Corp.		703,984
	3,742	HollyFrontier Corp.*		113,944
	48,912	Kinder Morgan Inc.		851,069

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	ENERGY — 2.4% — (continued)

	Oil, Gas & Consumable Fuels — 2.3% — (continued)
	19,609	Marathon Oil Corp.	$	442,379
	15,154	Marathon Petroleum Corp.		1,180,042
	807	New Fortress Energy Inc., Class A Shares		22,265
	21,005	Occidental Petroleum Corp.		918,549
	11,240	ONEOK Inc.		733,972
	10,853	Phillips 66		914,257
	5,314	Pioneer Natural Resources Co.		1,273,234
	173,430	Suncor Energy Inc.		5,294,818
	5,632	Targa Resources Corp.		368,164
	132	Texas Pacific Land Corp.		156,912
	10,148	Valero Energy Corp.		847,460
	30,430	Williams Cos., Inc. (The)		951,850

		Total Oil, Gas & Consumable Fuels		43,542,539

		TOTAL ENERGY		46,324,082


	FINANCIALS — 10.0%

	Banks — 2.6%
	179,168	Bank of America Corp.		7,919,226
	1,182	Bank of Hawaii Corp.		101,865
	3,100	Bank OZK		145,762
	900	BOK Financial Corp.		92,430
	49,356	Citigroup Inc.		2,923,356
	10,781	Citizens Financial Group Inc.		565,140
	3,333	Comerica Inc.		318,268
	2,786	Commerce Bancshares Inc.		199,979
	1,425	Cullen/Frost Bankers Inc.		200,540
	3,532	East West Bancorp Inc.		309,262
	17,034	Fifth Third Bancorp		814,907
	321	First Citizens BancShares Inc., Class A Shares		253,093
	3,053	First Hawaiian Inc.		88,751
	12,255	First Horizon Corp.		287,747
	4,424	First Republic Bank		766,502
	7,759	FNB Corp.		104,203
	35,573	Huntington Bancshares Inc.		552,093
	73,046	JPMorgan Chase & Co.		10,357,923
	23,284	KeyCorp		583,730
	3,265	M&T Bank Corp.		594,981
	2,555	PacWest Bancorp		126,268
	10,351	People’s United Financial Inc.		218,199
	1,867	Pinnacle Financial Partners Inc.		188,716
	10,479	PNC Financial Services Group Inc. (The)		2,087,941
	1,990	Popular Inc.		182,782
	2,130	Prosperity Bancshares Inc.		158,600
	24,307	Regions Financial Corp.		587,986
	1,452	Signature Bank		500,780
	1,393	SVB Financial Group*		844,158
	3,866	Synovus Financial Corp.		203,545
	102,179	Truist Financial Corp.		6,357,577
	4,955	Umpqua Holdings Corp.		105,789
	105,360	US Bancorp		5,957,054
	4,305	Webster Financial Corp.		259,204
	99,506	Wells Fargo & Co.		5,310,635
	2,553	Western Alliance Bancorp		239,318
	1,269	Wintrust Financial Corp.		126,088
	3,575	Zions Bancorp NA		253,432

		Total Banks		50,887,830

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	FINANCIALS — 10.0% — (continued)

	Capital Markets — 3.8%
	20,886	Affiliated Managers Group Inc.	$	2,889,787
	34,225	Ameriprise Financial Inc.		10,260,313
	3,485	Ares Management Corp., Class A Shares		282,599
	18,655	Bank of New York Mellon Corp. (The)		991,513
	3,555	BlackRock Inc., Class A Shares		2,644,529
	16,936	Blackstone Inc.		2,158,832
	4,227	Carlyle Group Inc. (The)		198,120
	2,635	Cboe Global Markets Inc.		309,059
	37,415	Charles Schwab Corp. (The)		3,160,071
	8,916	CME Group Inc., Class A Shares		2,108,901
	867	Evercore Inc., Class A Shares		110,118
	917	FactSet Research Systems Inc.		372,385
	7,398	Franklin Resources Inc.		219,943
	8,153	Goldman Sachs Group Inc. (The)		2,782,537
	2,163	Interactive Brokers Group Inc., Class A Shares		143,147
	86,740	Intercontinental Exchange Inc.		11,113,129
	8,618	Invesco Ltd.		183,046
	4,494	Janus Henderson Group PLC		150,864
	5,708	Jefferies Financial Group Inc.		202,862
	13,653	KKR & Co., Inc.		820,818
	2,461	Lazard Ltd., Class A Shares		85,101
	1,984	LPL Financial Holdings Inc.		359,005
	917	MarketAxess Holdings Inc.		349,771
	3,981	Moody’s Corp.		1,282,001
	33,308	Morgan Stanley(b)		3,022,368
	621	Morningstar Inc.		174,284
	13,932	MSCI Inc., Class A Shares		6,989,545
	2,938	Nasdaq Inc.		502,839
	5,141	Northern Trust Corp.		585,560
	4,459	Raymond James Financial Inc.		488,929
	45,555	S&P Global Inc.		17,115,014
	2,400	SEI Investments Co.		140,592
	9,019	State Street Corp.		769,591
	2,688	Stifel Financial Corp.		197,568
	5,534	T. Rowe Price Group Inc.		799,995
	2,680	Tradeweb Markets Inc., Class A Shares		226,406
	2,738	Virtu Financial Inc., Class A Shares		96,049

		Total Capital Markets		74,287,191


	Consumer Finance — 0.6%
	8,724	Ally Financial Inc.		435,328
	15,632	American Express Co.		3,041,049
	10,385	Capital One Financial Corp.		1,591,709
	201	Credit Acceptance Corp.*(a)		110,574
	41,996	Discover Financial Services		5,183,986
	3,074	OneMain Holdings Inc., Class A Shares		156,713
	6,566	SLM Corp.		129,350
	13,539	Synchrony Financial		579,198
	1,225	Upstart Holdings Inc.*(a)		193,538

		Total Consumer Finance		11,421,445


	Diversified Financial Services — 0.8%
	8,934	Apollo Global Management Inc.		583,033
	45,631	Berkshire Hathaway Inc., Class B Shares*		14,668,085
	9,190	Equitable Holdings Inc.		300,145

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	FINANCIALS — 10.0% — (continued)

	Diversified Financial Services — 0.8% — (continued)
	2,504	Voya Financial Inc.	$	168,645

		Total Diversified Financial Services		15,719,908


	Insurance — 2.1%
	16,036	Aflac Inc.		979,639
	349	Alleghany Corp.*		231,010
	7,067	Allstate Corp. (The)		864,718
	1,744	American Financial Group Inc.		236,120
	91,683	American International Group Inc.		5,614,667
	5,478	Aon PLC, Class A Shares		1,600,343
	9,295	Arch Capital Group Ltd.*		437,888
	5,061	Arthur J. Gallagher & Co.		800,600
	25,349	Assurant Inc.		4,301,979
	1,909	Assured Guaranty Ltd.		118,301
	1,644	Axis Capital Holdings Ltd.		89,795
	1,952	Brighthouse Financial Inc.*		102,012
	5,715	Brown & Brown Inc.		386,391
	10,706	Chubb Ltd.		2,180,170
	3,626	Cincinnati Financial Corp.		445,237
	826	CNA Financial Corp.		37,748
	562	Erie Indemnity Co., Class A Shares		98,406
	999	Everest Re Group Ltd.		297,922
	6,794	Fidelity National Financial Inc.		323,666
	2,597	First American Financial Corp.		174,103
	2,582	Globe Life Inc.		260,679
	830	Hanover Insurance Group Inc. (The)		115,793
	8,232	Hartford Financial Services Group Inc. (The)		571,959
	1,386	Kemper Corp.		74,068
	1,349	Lemonade Inc.*(a)		34,332
	90,095	Lincoln National Corp.		6,074,205
	5,377	Loews Corp.		329,825
	329	Markel Corp.*		408,917
	12,708	Marsh & McLennan Cos., Inc.		1,974,950
	827	Mercury General Corp.		45,485
	79,068	MetLife Inc.		5,341,043
	6,738	Old Republic International Corp.		177,546
	1,067	Primerica Inc.		138,593
	6,371	Principal Financial Group Inc.		450,047
	14,612	Progressive Corp. (The)		1,547,849
	9,422	Prudential Financial Inc.		1,052,061
	1,634	Reinsurance Group of America Inc.		181,145
	1,044	RenaissanceRe Holdings Ltd.		157,414
	6,132	Travelers Cos., Inc. (The)		1,053,662
	4,465	Unum Group		124,663
	55	White Mountains Insurance Group Ltd.		57,761
	3,053	Willis Towers Watson PLC		678,682
	3,473	WR Berkley Corp.		313,612

		Total Insurance		40,485,006


	Mortgage Real Estate Investment Trusts (REITs) — 0.1%
	13,787	AGNC Investment Corp.		177,990
	35,148	Annaly Capital Management Inc.		244,630
	9,809	New Residential Investment Corp.		101,817
	6,684	Starwood Property Trust Inc.		159,347

		Total Mortgage Real Estate Investment Trusts (REITs)		683,784

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	FINANCIALS — 10.0% — (continued)

	Thrifts & Mortgage Finance — 0.0%
	7,432	MGIC Investment Corp.	$	112,818
	11,184	New York Community Bancorp Inc.		129,063
	2,586	Rocket Cos., Inc., Class A Shares(a)		33,385
	1,501	TFS Financial Corp.		25,772
	3,552	UWM Holdings Corp.		15,416

		Total Thrifts & Mortgage Finance		316,454

		TOTAL FINANCIALS		193,801,618


	HEALTH CARE — 13.0%

	Biotechnology — 1.6%
	43,951	AbbVie Inc.		6,494,639
	3,045	Alnylam Pharmaceuticals Inc.*		480,653
	14,130	Amgen Inc.		3,200,162
	3,667	Biogen Inc.*		773,774
	78,185	BioMarin Pharmaceutical Inc.*		6,107,812
	1,399	CureVac NV*(a)		23,531
	55,876	Exact Sciences Corp.*		4,361,681
	7,868	Exelixis Inc.*		161,530
	31,336	Gilead Sciences Inc.		1,892,694
	5,537	Horizon Therapeutics PLC*		504,808
	4,582	Incyte Corp.*		312,951
	3,074	Ionis Pharmaceuticals Inc.*		102,610
	4,564	Iovance Biotherapeutics Inc.*		71,518
	1,034	Mirati Therapeutics Inc.*		91,292
	8,481	Moderna Inc.*		1,302,682
	2,093	Natera Inc.*		137,615
	2,471	Neurocrine Biosciences Inc.*		222,069
	1,839	Novavax Inc.*(a)		153,317
	2,509	Regeneron Pharmaceuticals Inc.*		1,551,465
	1,478	Sage Therapeutics Inc.*		53,755
	27,295	Sarepta Therapeutics Inc.*		2,091,070
	3,204	Seagen Inc.*		412,900
	1,726	Ultragenyx Pharmaceutical Inc.*		116,194
	1,085	United Therapeutics Corp.*		180,327
	6,329	Vertex Pharmaceuticals Inc.*		1,455,797

		Total Biotechnology		32,256,846


	Health Care Equipment & Supplies — 3.4%
	43,210	Abbott Laboratories		5,211,990
	1,085	ABIOMED Inc.*		337,153
	42,170	Alcon Inc.		3,246,668
	9,680	Align Technology Inc.*		4,950,933
	60,200	Baxter International Inc.		5,115,194
	7,138	Becton Dickinson and Co.		1,936,397
	35,471	Boston Scientific Corp.*		1,566,754
	1,164	Cooper Cos., Inc. (The)		476,099
	5,453	DENTSPLY SIRONA Inc.		295,225
	8,163	DexCom Inc.*		3,378,747
	51,259	Edwards Lifesciences Corp.*		5,759,974
	3,882	Envista Holdings Corp.*		186,336
	2,348	Figs Inc., Class A Shares*(a)		38,578
	1,727	Globus Medical Inc., Class A Shares*		121,443
	6,035	Hologic Inc.*		429,511
	565	ICU Medical Inc.*		133,752
	2,077	IDEXX Laboratories Inc.*		1,105,691

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	HEALTH CARE — 13.0% — (continued)

	Health Care Equipment & Supplies — 3.4% — (continued)
	17,505	Insulet Corp.*	$	4,633,398
	1,619	Integra LifeSciences Holdings Corp.*		108,570
	20,243	Intuitive Surgical Inc.*		5,877,150
	1,232	Masimo Corp.*		193,978
	149,220	Medtronic PLC		15,666,608
	2,667	Novocure Ltd.*		218,321
	882	Penumbra Inc.*		195,575
	823	Quidel Corp.*		87,065
	3,542	ResMed Inc.		873,989
	2,190	STERIS PLC		525,600
	8,672	Stryker Corp.		2,283,771
	1,410	Tandem Diabetes Care Inc.*		158,808
	1,147	Teleflex Inc.		385,748
	5,284	Zimmer Biomet Holdings Inc.		672,072

		Total Health Care Equipment & Supplies		66,171,098


	Health Care Providers & Services — 3.4%
	1,970	Acadia Healthcare Co., Inc.*		111,719
	3,968	agilon health Inc.*(a)		80,233
	837	Amedisys Inc.*		134,121
	3,579	AmerisourceBergen Corp., Class A Shares		510,115
	6,093	Anthem Inc.		2,753,122
	7,127	Cardinal Health Inc.		384,929
	101,527	Centene Corp.*		8,388,161
	344	Chemed Corp.		164,532
	50,135	Cigna Corp.		11,921,100
	77,843	CVS Health Corp.		8,068,427
	1,548	DaVita Inc.*		174,568
	2,468	Encompass Health Corp.		162,937
	2,256	Guardant Health Inc.*		149,505
	34,237	HCA Healthcare Inc.		8,569,864
	3,572	Henry Schein Inc.*		308,549
	3,248	Humana Inc.		1,410,671
	2,397	Laboratory Corp. of America Holdings*		650,210
	3,803	McKesson Corp.		1,045,673
	1,412	Molina Healthcare Inc.*		433,300
	2,407	Oak Street Health Inc.*(a)		42,147
	3,161	Premier Inc., Class A Shares		113,606
	2,921	Quest Diagnostics Inc.		383,440
	2,556	Signify Health Inc., Class A Shares*		35,912
	40,694	UnitedHealth Group Inc.		19,365,054
	1,629	Universal Health Services Inc., Class B Shares		234,462

		Total Health Care Providers & Services		65,596,357


	Health Care Technology — 0.1%
	7,382	Cerner Corp.		688,371
	2,170	Certara Inc.*		54,988
	6,925	Change Healthcare Inc.*		148,334
	3,728	Teladoc Health Inc.*(a)		282,992
	3,379	Veeva Systems Inc., Class A Shares*		773,960

		Total Health Care Technology		1,948,645


	Life Sciences Tools & Services — 1.6%
	2,102	10X Genomics Inc., Class A Shares*		171,250
	2,867	Adaptive Biotechnologies Corp.*(a)		41,371

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	HEALTH CARE — 13.0% — (continued)

	Life Sciences Tools & Services — 1.6% — (continued)
	7,683	Agilent Technologies Inc.	$	1,001,556
	14,610	Avantor Inc.*		506,821
	518	Bio-Rad Laboratories Inc., Class A Shares*		324,247
	935	Bio-Techne Corp.		392,148
	2,671	Bruker Corp.		187,958
	1,205	Charles River Laboratories International Inc.*		350,848
	15,773	Danaher Corp.		4,328,269
	15,068	Illumina Inc.*		4,921,209
	4,794	IQVIA Holdings Inc.*		1,103,195
	2,546	Maravai LifeSciences Holdings Inc., Class A Shares*		99,472
	566	Mettler-Toledo International Inc.*		797,347
	3,173	PerkinElmer Inc.		569,902
	5,675	QIAGEN NV*		281,991
	1,349	Repligen Corp.*		265,348
	113,064	Sotera Health Co.*(a)		2,472,710
	2,593	Syneos Health Inc., Class A Shares*		205,366
	21,144	Thermo Fisher Scientific Inc.		11,502,336
	1,461	Waters Corp.*		462,743
	1,816	West Pharmaceutical Services Inc.		702,937

		Total Life Sciences Tools & Services		30,689,024


	Pharmaceuticals — 2.9%
	55,571	Bristol-Myers Squibb Co.		3,816,060
	4,148	Catalent Inc.*		423,262
	11,102	Elanco Animal Health Inc.*		315,408
	33,485	Eli Lilly & Co.		8,369,575
	1,545	Jazz Pharmaceuticals PLC*		212,314
	89,047	Johnson & Johnson		14,654,465
	115,624	Merck & Co., Inc.		8,854,486
	4,745	Nektar Therapeutics, Class A Shares*		48,589
	6,745	Organon & Co.		251,791
	3,617	Perrigo Co. PLC(a)		128,476
	138,879	Pfizer Inc.		6,518,980
	8,096	Royalty Pharma PLC, Class A Shares		317,849
	312,900	Viatris Inc.		3,445,029
	42,580	Zoetis Inc., Class A Shares		8,245,617

		Total Pharmaceuticals		55,601,901

		TOTAL HEALTH CARE		252,263,871


	INDUSTRIALS — 10.0%

	Aerospace & Defense — 1.6%
	1,667	Axon Enterprise Inc.*		233,797
	13,322	Boeing Co. (The)*		2,735,539
	2,242	BWX Technologies Inc.		119,768
	911	Curtiss-Wright Corp.		134,391
	6,258	General Dynamics Corp.		1,467,188
	1,077	HEICO Corp.		158,868
	2,012	HEICO Corp., Class A Shares		247,315
	1,987	Hexcel Corp.		115,047
	9,715	Howmet Aerospace Inc.		348,963
	1,012	Huntington Ingalls Industries Inc.		206,853
	4,811	L3Harris Technologies Inc.		1,213,863
	6,161	Lockheed Martin Corp.		2,672,642
	1,621	Mercury Systems Inc.*		97,617
	14,833	Northrop Grumman Corp.		6,558,263

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	INDUSTRIALS — 10.0% — (continued)

	Aerospace & Defense — 1.6% — (continued)
	126,954	Raytheon Technologies Corp.	$	13,038,176
	3,012	Spirit AeroSystems Holdings Inc., Class A Shares		150,600
	5,484	Textron Inc.		401,045
	1,279	TransDigm Group Inc.*		852,568
	3,784	Virgin Galactic Holdings Inc.*(a)		36,629
	1,377	Woodward Inc.		171,615

		Total Aerospace & Defense		30,960,747


	Air Freight & Logistics — 0.6%
	3,276	CH Robinson Worldwide Inc.(a)		316,724
	4,284	Expeditors International of Washington Inc.		442,794
	6,140	FedEx Corp.		1,364,738
	2,423	GXO Logistics Inc.*		203,362
	45,514	United Parcel Service Inc., Class B Shares		9,577,056

		Total Air Freight & Logistics		11,904,674


	Airlines — 0.1%
	3,059	Alaska Air Group Inc.*		171,732
	16,138	American Airlines Group Inc.*(a)		278,380
	868	Copa Holdings SA, Class A Shares*(a)		73,641
	16,205	Delta Air Lines Inc.*		646,904
	7,862	JetBlue Airways Corp.*		120,053
	14,987	Southwest Airlines Co.*		656,431
	8,038	United Airlines Holdings Inc.*		356,887

		Total Airlines		2,304,028


	Building Products — 0.8%
	1,500	Advanced Drainage Systems Inc.		175,080
	2,251	Allegion PLC		257,785
	3,343	AO Smith Corp.		229,263
	46,875	Armstrong World Industries Inc.		4,143,750
	2,837	AZEK Co., Inc. (The), Class A Shares*		83,663
	4,505	Builders FirstSource Inc.*		335,262
	1,286	Carlisle Cos., Inc.		305,296
	21,395	Carrier Global Corp.		960,208
	3,432	Fortune Brands Home & Security Inc.		298,241
	17,614	Johnson Controls International PLC		1,144,205
	847	Lennox International Inc.		226,090
	6,074	Masco Corp.		340,387
	2,285	Owens Corning		212,939
	39,313	Trane Technologies PLC		6,051,450
	2,819	Trex Co., Inc.*		258,897

		Total Building Products		15,022,516


	Commercial Services & Supplies — 0.7%
	2,507	ADT Inc.		18,326
	2,149	Cintas Corp.		806,563
	1,107	Clean Harbors Inc.*		105,641
	5,187	Copart Inc.*		637,378
	1,107	Driven Brands Holdings Inc.*		32,512
	3,347	IAA Inc.*		122,969
	852	MSA Safety Inc.		118,513
	5,267	Republic Services Inc., Class A Shares		633,515
	5,746	Rollins Inc.		187,492
	2,263	Stericycle Inc.*		132,069
	72,909	Waste Management Inc.		10,528,060

		Total Commercial Services & Supplies		13,323,038

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	INDUSTRIALS — 10.0% — (continued)

	Construction & Engineering — 0.2%
	3,363	AECOM	$	244,356
	1,519	MasTec Inc.*		119,636
	5,185	MDU Resources Group Inc.		138,802
	35,154	Quanta Services Inc.		3,829,677
	457	Valmont Industries Inc.		98,918

		Total Construction & Engineering		4,431,389


	Electrical Equipment — 0.6%
	861	Acuity Brands Inc.		157,020
	5,704	AMETEK Inc.		740,322
	96,289	Bloom Energy Corp., Class A Shares*(a)		2,137,616
	5,322	ChargePoint Holdings Inc.*(a)		77,275
	34,116	Eaton Corp. PLC		5,263,758
	14,904	Emerson Electric Co.		1,384,880
	1,020	Fluence Energy Inc., Class A Shares*		13,801
	1,466	Generac Holdings Inc.*		462,479
	1,363	Hubbell Inc., Class B Shares		242,955
	4,449	nVent Electric PLC		150,955
	12,478	Plug Power Inc.*(a)		315,569
	1,700	Regal Rexnord Corp.		272,595
	2,852	Rockwell Automation Inc.		760,286
	4,027	Sensata Technologies Holding PLC*		233,204
	2,140	Shoals Technologies Group Inc., Class A Shares*		33,833
	5,341	Sunrun Inc.*		145,702
	7,564	Vertiv Holdings Co., Class A Shares		98,483

		Total Electrical Equipment		12,490,733


	Industrial Conglomerates — 0.7%
	14,388	3M Co.(a)		2,138,776
	27,166	General Electric Co.		2,594,625
	37,430	Honeywell International Inc.		7,102,342
	2,587	Roper Technologies Inc.		1,159,545

		Total Industrial Conglomerates		12,995,288


	Machinery — 1.5%
	1,618	AGCO Corp.		194,419
	2,505	Allison Transmission Holdings Inc.		100,050
	13,461	Caterpillar Inc.		2,525,014
	2,847	Colfax Corp.*		114,478
	1,381	Crane Co.		139,591
	3,561	Cummins Inc.		726,871
	6,937	Deere & Co.		2,497,459
	3,181	Donaldson Co., Inc.		172,633
	27,336	Dover Corp.		4,287,925
	3,094	Flowserve Corp.		93,965
	8,205	Fortive Corp.		531,274
	3,527	Gates Industrial Corp. PLC*		55,868
	4,177	Graco Inc.		301,120
	1,834	IDEX Corp.		351,945
	7,750	Illinois Tool Works Inc.		1,676,635
	10,192	Ingersoll Rand Inc.		514,900
	2,242	ITT Inc.		197,004
	1,386	Lincoln Electric Holdings Inc.		176,660
	1,398	Middleby Corp. (The)*		248,313
	1,418	Nordson Corp.		321,163
	1,655	Oshkosh Corp.		183,771

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	INDUSTRIALS — 10.0% — (continued)

	Machinery — 1.5% — (continued)
	110,633	Otis Worldwide Corp.	$	8,665,883
	8,476	PACCAR Inc.		778,182
	3,160	Parker-Hannifin Corp.		936,592
	4,162	Pentair PLC		241,021
	1,341	Snap-on Inc.		281,851
	3,982	Stanley Black & Decker Inc.		647,871
	1,488	Timken Co. (The)		97,553
	2,723	Toro Co. (The)		255,445
	4,425	Westinghouse Air Brake Technologies Corp.		410,728
	4,580	Xylem Inc.		407,391

		Total Machinery		28,133,575


	Marine — 0.0%
	1,720	Kirby Corp.*		112,058


	Professional Services — 0.7%
	3,353	Booz Allen Hamilton Holding Corp., Class A Shares		270,554
	590	CACI International Inc., Class A Shares*		165,076
	10,980	Clarivate PLC*(a)		164,480
	80,889	CoStar Group Inc.*		4,935,038
	4,477	Dun & Bradstreet Holdings Inc.*		83,093
	2,991	Equifax Inc.		653,055
	879	FTI Consulting Inc.*		128,334
	3,116	Jacobs Engineering Group Inc.		383,268
	3,536	Leidos Holdings Inc.		360,106
	1,479	ManpowerGroup Inc.		157,188
	8,991	Nielsen Holdings PLC		156,623
	2,760	Robert Half International Inc.		332,000
	1,327	Science Applications International Corp.		116,365
	4,868	TransUnion		441,820
	26,078	Verisk Analytics Inc., Class A Shares		4,624,673

		Total Professional Services		12,971,673


	Road & Rail — 1.3%
	200	AMERCO		115,522
	55,127	CSX Corp.		1,869,357
	2,042	JB Hunt Transport Services Inc.		414,383
	4,113	Knight-Swift Transportation Holdings Inc., Class A Shares		224,076
	898	Landstar System Inc.		138,660
	7,195	Lyft Inc., Class A Shares*		280,173
	6,069	Norfolk Southern Corp.		1,556,820
	2,521	Old Dominion Freight Line Inc.		791,670
	1,127	Ryder System Inc.		88,853
	1,685	Schneider National Inc., Class B Shares		44,012
	3,152	TuSimple Holdings Inc., Class A Shares*(a)		54,908
	440,535	Uber Technologies Inc.*		15,872,476
	15,993	Union Pacific Corp.		3,933,478
	2,383	XPO Logistics Inc.*		173,196

		Total Road & Rail		25,557,584


	Trading Companies & Distributors — 1.2%
	72,795	AerCap Holdings NV*		3,962,232
	59,180	Air Lease Corp., Class A Shares		2,471,357
	1,168	Core & Main Inc., Class A Shares*		26,257
	14,147	Fastenal Co.		728,004
	993	MSC Industrial Direct Co., Inc., Class A Shares		76,938

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	INDUSTRIALS — 10.0% — (continued)

	Trading Companies & Distributors — 1.2% — (continued)
	1,121	SiteOne Landscape Supply Inc.*	$	193,294
	26,448	United Rentals Inc.*		8,506,206
	85,515	Univar Solutions Inc.*		2,626,166
	832	Watsco Inc.		227,186
	10,027	WW Grainger Inc.		4,783,480

		Total Trading Companies & Distributors		23,601,120

		TOTAL INDUSTRIALS		193,808,423


	INFORMATION TECHNOLOGY — 28.0%

	Communications Equipment — 0.9%
	5,949	Arista Networks Inc.*		730,121
	3,747	Ciena Corp.*		256,370
	172,530	Cisco Systems Inc.		9,621,998
	77,712	CommScope Holding Co., Inc.*		741,373
	1,488	F5 Inc.*		298,865
	8,193	Juniper Networks Inc.		276,841
	1,694	Lumentum Holdings Inc.*		167,469
	20,100	Motorola Solutions Inc.		4,430,643
	142	Ubiquiti Inc.		36,052
	1,717	ViaSat Inc.*		78,364

		Total Communications Equipment		16,638,096


	Electronic Equipment, Instruments & Components — 0.8%
	14,681	Amphenol Corp., Class A Shares		1,115,903
	35,872	Arrow Electronics Inc.*		4,372,079
	2,133	Avnet Inc.		89,735
	3,423	CDW Corp.		590,331
	4,251	Cognex Corp.		287,197
	573	Coherent Inc.*		151,455
	18,959	Corning Inc.		765,944
	204,810	Flex Ltd.*		3,377,317
	810	IPG Photonics Corp.*		105,583
	3,673	Jabil Inc.		212,336
	4,564	Keysight Technologies Inc.*		718,237
	536	Littelfuse Inc.		138,401
	3,209	National Instruments Corp.		128,841
	23,556	TD SYNNEX Corp.		2,398,707
	1,102	Teledyne Technologies Inc.*		473,177
	5,981	Trimble Inc.*		417,175
	4,539	Vontier Corp.		110,298
	1,320	Zebra Technologies Corp., Class A Shares*		545,609

		Total Electronic Equipment, Instruments & Components		15,998,325


	IT Services — 5.8%
	15,821	Accenture PLC, Class A Shares		4,999,752
	3,873	Akamai Technologies Inc.*		419,291
	26,924	Alliance Data Systems Corp.		1,816,024
	3,328	Amdocs Ltd.		261,914
	10,589	Automatic Data Processing Inc.		2,164,815
	33,983	Block Inc., Class A Shares*		4,332,832
	2,766	Broadridge Financial Solutions Inc.		404,417
	6,372	Cloudflare Inc., Class A Shares*		741,828
	63,714	Cognizant Technology Solutions Corp., Class A Shares		5,487,687
	1,007	Concentrix Corp.		201,289
	6,435	DXC Technology Co.*		218,983

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 28.0% — (continued)

	IT Services — 5.8% — (continued)
	1,327	EPAM Systems Inc.*	$	275,684
	1,209	Euronet Worldwide Inc.*		155,030
	2,825	Fastly Inc., Class A Shares*(a)		52,545
	68,985	Fidelity National Information Services Inc.		6,569,442
	159,067	Fiserv Inc.*		15,536,074
	1,972	FleetCor Technologies Inc.*		461,842
	1,932	Gartner Inc.*		541,771
	4,386	Genpact Ltd.(a)		183,510
	7,228	Global Payments Inc.		964,071
	935	Globant SA*		256,190
	4,190	GoDaddy Inc., Class A Shares*		349,488
	22,231	International Business Machines Corp.		2,723,520
	1,852	Jack Henry & Associates Inc.		327,434
	6,350	Kyndryl Holdings Inc.*		100,711
	74,223	LiveRamp Holdings Inc.*		3,203,465
	21,768	MasterCard Inc., Class A Shares		7,854,330
	1,537	MongoDB Inc., Class A Shares*		587,119
	3,093	Okta Inc., Class A Shares*		565,524
	7,905	Paychex Inc.		941,169
	91,569	PayPal Holdings Inc.*		10,249,318
	16,566	Paysafe Ltd.*(a)		52,846
	7,975	Sabre Corp.*		87,167
	1,131	Shift4 Payments Inc., Class A Shares*		59,547
	4,983	Snowflake Inc., Class A Shares*		1,323,784
	647	SolarWinds Corp.		8,767
	5,826	StoneCo Ltd., Class A Shares*		65,484
	2,536	Switch Inc., Class A Shares		65,987
	1,113	Thoughtworks Holding Inc.*		25,443
	4,076	Twilio Inc., Class A Shares*		712,485
	20,153	VeriSign Inc.*		4,307,099
	144,849	Visa Inc., Class A Shares		31,304,766
	9,069	Western Union Co. (The)		164,874
	1,093	WEX Inc.*		184,181
	1,194	Wix.com Ltd.*		109,347

		Total IT Services		111,418,846


	Semiconductors & Semiconductor Equipment — 6.1%
	40,773	Advanced Micro Devices Inc.*		5,028,942
	1,049	Allegro MicroSystems Inc.*		30,075
	88,803	Analog Devices Inc.		14,234,233
	22,407	Applied Materials Inc.		3,007,019
	4,270	ASML Holding NV, ADR		2,845,998
	1,639	Azenta Inc.		143,445
	31,091	Broadcom Inc.		18,264,097
	1,290	Cirrus Logic Inc.*		112,062
	31,479	Enphase Energy Inc.*		5,247,549
	3,233	Entegris Inc.		421,842
	2,672	First Solar Inc.*		201,175
	1,245	GLOBALFOUNDRIES Inc.*		75,671
	100,554	Intel Corp.		4,796,426
	3,800	KLA Corp.		1,324,300
	3,498	Lam Research Corp.		1,963,602
	20,460	Marvell Technology Inc.		1,398,032
	13,552	Microchip Technology Inc.		953,112
	27,870	Micron Technology Inc.		2,476,528

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 28.0% — (continued)

	Semiconductors & Semiconductor Equipment — 6.1% — (continued)
	1,398	MKS Instruments Inc.	$	210,539
	1,148	Monolithic Power Systems Inc.		526,588
	126,522	NVIDIA Corp.		30,852,390
	17,768	NXP Semiconductors NV		3,378,052
	10,541	ON Semiconductor Corp.*		659,972
	2,688	Qorvo Inc.*		367,665
	28,063	QUALCOMM Inc.		4,826,555
	76,240	Skyworks Solutions Inc.		10,534,081
	3,982	Teradyne Inc.		469,557
	22,978	Texas Instruments Inc.		3,906,030
	1,127	Universal Display Corp.		174,584
	2,877	Wolfspeed Inc.*		295,525

		Total Semiconductors & Semiconductor Equipment		118,725,646


	Software — 10.1%
	38,629	Adobe Inc.*		18,066,011
	1,521	Alteryx Inc., Class A Shares*		94,758
	3,770	Anaplan Inc.*		178,585
	2,149	ANSYS Inc.*		696,684
	1,734	Aspen Technology Inc.*		264,279
	16,989	Atlassian Corp. PLC, Class A Shares*		5,193,877
	5,529	Autodesk Inc.*		1,217,652
	2,143	Avalara Inc.*		222,679
	3,615	Bentley Systems Inc., Class B Shares		138,780
	2,358	Bill.com Holdings Inc.*		560,921
	3,810	Black Knight Inc.*		214,084
	1,410	C3.ai Inc., Class A Shares*(a)		31,612
	6,748	Cadence Design Systems Inc.*		1,021,850
	2,882	CDK Global Inc.		130,670
	3,196	Ceridian HCM Holding Inc.*		233,020
	3,149	Citrix Systems Inc.		322,773
	1,843	Coupa Software Inc.*		223,021
	22,305	Crowdstrike Holdings Inc., Class A Shares*		4,354,159
	6,231	Datadog Inc., Class A Shares*		1,003,876
	1,270	Datto Holding Corp.*		29,794
	30,038	DocuSign Inc., Class A Shares*		3,557,400
	1,598	Dolby Laboratories Inc., Class A Shares		120,010
	1,793	DoubleVerify Holdings Inc.*		49,576
	6,820	Dropbox Inc., Class A Shares*		154,746
	1,889	Duck Creek Technologies Inc.*		44,354
	4,808	Dynatrace Inc.*		213,571
	1,680	Elastic NV*		145,572
	768	Everbridge Inc.*		30,351
	680	Fair Isaac Corp.*		320,409
	1,738	Five9 Inc.*		191,180
	3,387	Fortinet Inc.*		1,166,889
	2,143	Guidewire Software Inc.*		188,905
	1,106	HubSpot Inc.*		580,650
	854	Informatica Inc., Class A Shares*		17,217
	19,299	Intuit Inc.		9,154,867
	1,516	Jamf Holding Corp.*		51,862
	5,842	Mandiant Inc.*		115,672
	1,592	Manhattan Associates Inc.*		212,819
	2,316	McAfee Corp., Class A Shares		60,193
	230,089	Microsoft Corp.		68,748,292

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 28.0% — (continued)

	Software — 10.1% — (continued)
	646	N-able Inc.*	$	7,474
	1,158	nCino Inc.*		53,187
	2,949	NCR Corp.*		119,494
	1,155	New Relic Inc.*		76,507
	238,987	NortonLifeLock Inc.		6,925,843
	6,947	Nuance Communications Inc.*		385,697
	5,294	Nutanix Inc., Class A Shares*		141,350
	90,555	Oracle Corp.		6,879,463
	40,240	Palantir Technologies Inc., Class A Shares*		476,844
	15,528	Palo Alto Networks Inc.*		9,227,514
	1,213	Paycom Software Inc.*		411,462
	1,077	Paycor HCM Inc.*		30,231
	976	Paylocity Holding Corp.*		207,341
	936	Pegasystems Inc.		81,544
	1,414	Procore Technologies Inc.*		92,179
	2,632	PTC Inc.*		292,889
	31,686	RingCentral Inc., Class A Shares*		4,145,796
	78,352	salesforce.com Inc.*		16,495,447
	17,049	ServiceNow Inc.*		9,887,056
	3,129	Smartsheet Inc., Class A Shares*		166,369
	27,546	Splunk Inc.*		3,253,183
	5,416	SS&C Technologies Holdings Inc.		406,038
	3,819	Synopsys Inc.*		1,193,017
	2,455	Teradata Corp.*		122,726
	10,983	Trade Desk Inc. (The), Class A Shares*		937,070
	1,033	Tyler Technologies Inc.*		442,393
	34,880	UiPath Inc., Class A Shares*(a)		1,210,685
	22,181	Unity Software Inc.*		2,361,167
	43,884	VMware Inc., Class A Shares		5,148,471
	18,739	Workday Inc., Class A Shares*		4,292,168
	2,976	Zendesk Inc.*		347,210
	5,461	Zoom Video Communications Inc., Class A Shares*		724,129
	1,947	Zscaler Inc.*		465,625

		Total Software		196,331,189


	Technology Hardware, Storage & Peripherals — 4.3%
	437,786	Apple Inc.		72,287,224
	92,964	Dell Technologies Inc., Class C Shares*		4,737,445
	33,139	Hewlett Packard Enterprise Co.		527,573
	28,367	HP Inc.		974,690
	5,343	NetApp Inc.		418,784
	6,852	Pure Storage Inc., Class A Shares*		177,741
	88,389	Western Digital Corp.*		4,502,536
	4,050	Xerox Holdings Corp.		79,826

		Total Technology Hardware, Storage & Peripherals		83,705,819

		TOTAL INFORMATION TECHNOLOGY		542,817,921


	MATERIALS — 2.4%

	Chemicals — 0.9%
	5,524	Air Products & Chemicals Inc.		1,305,321
	2,904	Albemarle Corp.		568,865
	1,389	Ashland Global Holdings Inc.		128,177
	5,396	Axalta Coating Systems Ltd.*		145,908
	2,692	Celanese Corp., Class A Shares		374,942
	5,247	CF Industries Holdings Inc.		426,004

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	MATERIALS — 2.4% — (continued)

	Chemicals — 0.9% — (continued)
	3,899	Chemours Co. (The)	$	107,612
	18,192	Corteva Inc.		946,530
	1,845	Diversey Holdings Ltd.*		17,657
	18,420	Dow Inc.		1,086,043
	68,235	DuPont de Nemours Inc.		5,279,342
	3,320	Eastman Chemical Co.		393,320
	6,276	Ecolab Inc.		1,106,208
	5,164	Element Solutions Inc.		126,931
	3,186	FMC Corp.		373,558
	4,720	Huntsman Corp.		190,877
	6,369	International Flavors & Fragrances Inc.		847,077
	6,561	LyondellBasell Industries NV, Class A Shares		637,926
	9,025	Mosaic Co. (The)		473,181
	213	NewMarket Corp.		67,683
	3,785	Olin Corp.		194,965
	5,817	PPG Industries Inc.		776,279
	3,195	RPM International Inc.		270,201
	1,067	Scotts Miracle-Gro Co. (The)		149,444
	6,000	Sherwin-Williams Co. (The)		1,578,780
	4,290	Valvoline Inc.		138,696
	979	Westlake Corp.		107,993

		Total Chemicals		17,819,520


	Construction Materials — 0.4%
	976	Eagle Materials Inc.		133,546
	1,538	Martin Marietta Materials Inc.		583,517
	39,882	Vulcan Materials Co.		7,236,589

		Total Construction Materials		7,953,652


	Containers & Packaging — 0.8%
	37,179	Amcor PLC		432,392
	1,603	AptarGroup Inc.		195,374
	532	Ardagh Group SA, Class A Shares(c)(f)		9,712
	3,432	Ardagh Metal Packaging SA*		28,520
	2,004	Avery Dennison Corp.		353,105
	7,972	Ball Corp.		715,407
	68,782	Berry Global Group Inc.*		4,171,628
	55,198	Crown Holdings Inc.		6,771,139
	6,320	Graphic Packaging Holding Co.		130,065
	9,896	International Paper Co.(a)		430,773
	2,442	Packaging Corp. of America		359,438
	3,839	Sealed Air Corp.		257,712
	2,228	Silgan Holdings Inc.		93,309
	2,591	Sonoco Products Co.		152,143
	6,626	WestRock Co.		299,959

		Total Containers & Packaging		14,400,676


	Metals & Mining — 0.3%
	4,799	Alcoa Corp.		361,557
	11,722	Cleveland-Cliffs Inc.*		262,104
	36,637	Freeport-McMoRan Inc.		1,720,107
	20,187	Newmont Corp.		1,336,379
	7,116	Nucor Corp.		936,608
	1,620	Reliance Steel & Aluminum Co.		309,209
	1,575	Royal Gold Inc.		190,984

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	MATERIALS — 2.4% — (continued)

	Metals & Mining — 0.3% — (continued)
	1,885	Southern Copper Corp.	$	130,800
	4,884	Steel Dynamics Inc.		344,713
	7,131	United States Steel Corp.(a)		194,035

		Total Metals & Mining		5,786,496


	Paper & Forest Products — 0.0%
	2,125	Louisiana-Pacific Corp.		152,894
	943	Sylvamo Corp.*		32,911

		Total Paper & Forest Products		185,805

		TOTAL MATERIALS		46,146,149


	REAL ESTATE — 2.8%

	Equity Real Estate Investment Trusts (REITs) — 2.8%
	3,812	Alexandria Real Estate Equities Inc.		721,993
	3,252	American Campus Communities Inc.		174,990
	7,092	American Homes 4 Rent, Class A Shares		269,567
	11,227	American Tower Corp.		2,547,070
	6,628	Americold Realty Trust		177,100
	4,088	Apartment Income REIT Corp.		210,982
	3,446	AvalonBay Communities Inc.		822,181
	3,769	Boston Properties Inc.		460,986
	7,025	Brixmor Property Group Inc.		176,468
	2,535	Camden Property Trust		418,554
	3,533	Cousins Properties Inc.		136,480
	77,181	Crown Castle International Corp.		12,857,583
	5,431	CubeSmart		261,829
	3,050	CyrusOne Inc.		275,568
	6,889	Digital Realty Trust Inc.		929,464
	3,724	Douglas Emmett Inc.		118,051
	9,434	Duke Realty Corp.		500,002
	1,544	EPR Properties		76,891
	6,664	Equinix Inc.		4,729,641
	4,335	Equity LifeStyle Properties Inc.		323,478
	56,257	Equity Residential		4,798,722
	1,637	Essex Property Trust Inc.		519,207
	3,263	Extra Space Storage Inc.		613,933
	1,880	Federal Realty Investment Trust		221,050
	3,375	First Industrial Realty Trust Inc.		194,333
	5,619	Gaming and Leisure Properties Inc.		255,159
	5,203	Healthcare Trust of America Inc., Class A Shares		152,916
	12,990	Healthpeak Properties Inc.		403,469
	2,392	Highwoods Properties Inc.		104,291
	17,770	Host Hotels & Resorts Inc.*		324,658
	3,404	Hudson Pacific Properties Inc.		89,866
	14,426	Invitation Homes Inc.		545,303
	7,072	Iron Mountain Inc.		347,801
	2,708	JBG SMITH Properties		72,249
	2,816	Kilroy Realty Corp.		201,682
	13,705	Kimco Realty Corp.		322,479
	2,186	Lamar Advertising Co., Class A Shares		238,405
	1,963	Life Storage Inc.		248,496
	14,677	Medical Properties Trust Inc.		298,530
	2,887	Mid-America Apartment Communities Inc.		590,709
	4,215	National Retail Properties Inc.		179,601
	5,343	Omega Healthcare Investors Inc.		150,512

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	REAL ESTATE — 2.8% — (continued)

	Equity Real Estate Investment Trusts (REITs) — 2.8% — (continued)
	1,400	Orion Office REIT Inc.*	$	23,842
	5,285	Park Hotels & Resorts Inc.*		99,569
	18,335	Prologis Inc.		2,674,160
	17,259	Public Storage		6,127,290
	3,142	Rayonier Inc.		124,737
	14,015	Realty Income Corp.		926,251
	4,218	Regency Centers Corp.		277,924
	3,606	Rexford Industrial Realty Inc.		252,889
	2,659	SBA Communications Corp., Class A Shares		806,714
	8,213	Simon Property Group Inc.		1,129,780
	1,494	SL Green Realty Corp.(a)		118,803
	3,039	Spirit Realty Capital Inc.		140,918
	6,392	STORE Capital Corp.		196,362
	2,891	Sun Communities Inc.		523,271
	7,704	UDR Inc.		422,719
	10,064	Ventas Inc.		543,456
	15,364	VICI Properties Inc.		429,577
	4,250	Vornado Realty Trust		183,940
	11,013	Welltower Inc.		917,273
	18,637	Weyerhaeuser Co.		724,607
	4,487	WP Carey Inc.		347,294

		Total Equity Real Estate Investment Trusts (REITs)		54,053,625


	Real Estate Management & Development — 0.0%
	8,237	CBRE Group Inc., Class A Shares*		797,754
	1,189	Howard Hughes Corp. (The)*		113,645
	1,255	Jones Lang LaSalle Inc.*		309,006
	11,366	Opendoor Technologies Inc.*		94,906
	1,727	Zillow Group Inc., Class A Shares*		98,905
	4,322	Zillow Group Inc., Class C Shares*(a)		248,601

		Total Real Estate Management & Development		1,662,817

		TOTAL REAL ESTATE		55,716,442


	UTILITIES — 1.7%

	Electric Utilities — 1.2%
	6,154	Alliant Energy Corp.		359,394
	12,638	American Electric Power Co., Inc.		1,145,635
	1,691	Avangrid Inc.(a)		75,875
	7,996	Constellation Energy Corp.		367,656
	19,194	Duke Energy Corp.		1,927,269
	75,938	Edison International		4,815,988
	5,066	Entergy Corp.		532,994
	5,586	Evergy Inc.		348,622
	8,516	Eversource Energy		696,609
	23,990	Exelon Corp.		1,021,014
	13,722	FirstEnergy Corp.		574,266
	2,283	Hawaiian Electric Industries Inc.		93,557
	1,127	IDACORP Inc.		117,152
	48,783	NextEra Energy Inc.		3,818,245
	105,936	NRG Energy Inc.		4,008,618
	4,805	OGE Energy Corp.		180,428
	36,387	PG&E Corp.*		413,720
	2,902	Pinnacle West Capital Corp.		205,549
	18,561	PPL Corp.		485,741
	26,323	Southern Co. (The)		1,704,941

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

	UTILITIES — 1.7% — (continued)

	Electric Utilities — 1.2% — (continued)
	13,276	Xcel Energy Inc.	$	893,873

		Total Electric Utilities		23,787,146


	Gas Utilities — 0.0%
	3,216	Atmos Energy Corp.		353,149
	1,954	National Fuel Gas Co.		121,617
	5,306	UGI Corp.		203,963

		Total Gas Utilities		678,729


	Independent Power & Renewable Electricity Producers — 0.0%
	16,112	AES Corp. (The)		342,058
	3,424	Brookfield Renewable Corp., Class A Shares		127,955
	12,235	Vistra Corp.		279,202

		Total Independent Power & Renewable Electricity Producers		749,215


	Multi-Utilities — 0.4%
	6,420	Ameren Corp.		551,799
	14,412	CenterPoint Energy Inc.		394,168
	7,078	CMS Energy Corp.		453,063
	8,828	Consolidated Edison Inc.		757,178
	20,044	Dominion Energy Inc.		1,594,099
	4,855	DTE Energy Co.		590,319
	9,960	NiSource Inc.		288,143
	12,483	Public Service Enterprise Group Inc.		809,273
	7,848	Sempra Energy		1,131,839
	7,840	WEC Energy Group Inc.		712,499

		Total Multi-Utilities		7,282,380


	Water Utilities — 0.1%
	4,491	American Water Works Co., Inc.		678,545
	5,632	Essential Utilities Inc.		265,324

		Total Water Utilities		943,869

		TOTAL UTILITIES		33,441,339

		TOTAL COMMON STOCKS (Cost — $1,025,339,841)		1,857,363,111


	CLOSED END MUTUAL FUND SECURITY — 1.1%

	FINANCIALS — 1.1%

	Capital Markets — 1.1%
	278,711	iShares^® Core S&P U.S. Value ETF, Common Class Shares(a) (Cost — $15,841,906)		20,627,401

		TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $1,041,181,747)		1,877,990,512

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Face Amount†			Security	Value

	SHORT-TERM INVESTMENTS (d) — 3.8%

	MONEY MARKET FUND — 0.7%
$	14,551,315		Invesco STIT — Government & Agency Portfolio, 0.026%, Institutional Class(e) (Cost — $14,551,315)	$	14,551,315


	TIME DEPOSITS — 3.1%
	4,105,737		Barclays Bank PLC — London, 0.005% due 3/1/22		4,105,737
	32,625,820		BNP Paribas — Paris, 0.005% due 3/1/22		32,625,820
	3,815		Citibank — New York, 0.005% due 3/1/22		3,815
	12,974,472		DNB — Oslo, 0.005% due 3/1/22		12,974,472
	29,803	^CAD	Royal Bank of Canada — Toronto, 0.005% due 3/1/22		23,510
	1,670		Skandinaviska Enskilda Banken AB — Stockholm, 0.005% due 3/1/22		1,670
	9,831,439		Sumitomo Mitsui Banking Corp. — Tokyo, 0.005% due 3/1/22		9,831,439

			TOTAL TIME DEPOSITS (Cost — $59,566,463)		59,566,463

			TOTAL SHORT-TERM INVESTMENTS (Cost — $74,117,778)		74,117,778

			TOTAL INVESTMENTS — 100.6% (Cost — $1,115,299,525)		1,952,108,290

			Liabilities in Excess of Other Assets — (0.6)%		(12,511,790	)

			TOTAL NET ASSETS — 100.0%	$	1,939,596,500

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

*	Non-income producing security.

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

(b)	Affiliated security (See Note 2). As at February 28, 2022, total cost and total market value of affiliated securities amounted to $1,000,801 and $3,022,368, respectively.

(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 3.1%.

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

(f)	Illiquid security.

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

At February 28, 2022, for Large Cap Equity Fund the aggregate cost of investments, 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
Large Cap Equity Fund	$	1,115,299,525	$	883,287,271	$	(47,283,315)	$	836,003,956


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


Summary of Investments by Security Sector^
Information Technology	28.0	%
Health Care	13.0
Consumer Discretionary	12.4
Financials	11.1
Industrials	10.0
Communication Services	7.9
Consumer Staples	5.1
Real Estate	2.9
Energy	2.4
Materials	2.4
Utilities	1.7
Short-Term Investments	3.1

	100.0	%+

^	As a percentage of total investments.

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

At February 28, 2022, Large Cap Equity Fund had open exchange-traded futures contracts as described below.

The unrealized 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		Market Value		Unrealized Depreciation
Contracts to Buy:
S&P 500 E-mini Index March Futures		55		3/22	$	12,776,680	$	12,012,000	$	(764,680	)
S&P MidCap 400 E-mini Index March Futures		4		3/22		1,103,329		1,063,200		(40,129	)

									$	(804,809	)

At February 28, 2022, Large Cap Equity Fund had deposited cash of $639,984 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.


Currency Abbreviation used in this schedule:
CAD		— Canadian Dollar

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	COMMON STOCKS — 95.0%

	COMMUNICATION SERVICES — 2.4%

	Diversified Telecommunication Services — 0.1%
	541	Anterix Inc.*	$	28,825
	382	ATN International Inc.		12,732
	868	Bandwidth Inc., Class A Shares*		26,517
	1,743	Cogent Communications Holdings Inc.		110,506
	2,589	Consolidated Communications Holdings Inc.*		18,434
	1,657	EchoStar Corp., Class A Shares*		40,331
	19,744	Globalstar Inc.*(a)		23,298
	870	IDT Corp., Class B Shares*		31,372
	4,647	Iridium Communications Inc.*		183,975
	2,029	Liberty Latin America Ltd., Class A Shares*		20,391
	6,205	Liberty Latin America Ltd., Class C Shares*		62,608
	694	Ooma Inc.*		11,604
	2,657	Radius Global Infrastructure Inc., Class A Shares*		34,169
	557	Telesat Corp.*		11,547

		Total Diversified Telecommunication Services		616,309


	Entertainment — 1.0%
	20,571	AMC Entertainment Holdings Inc., Class A Shares*(a)		387,969
	260	Chicken Soup For The Soul Entertainment Inc., Class A Shares*		2,522
	4,546	Cinemark Holdings Inc.*(a)		79,737
	1,058	CuriosityStream Inc.*		3,872
	33,290	Endeavor Group Holdings Inc., Class A Shares*(a)		1,003,028
	633	Eros STX Global Corp.*		2,007
	2,014	IMAX Corp.*		41,649
	409	Liberty Media Corp-Liberty Braves, Class A Shares*		10,483
	1,458	Liberty Media Corp-Liberty Braves, Class C Shares*		36,012
	861	Liberty Media Corp-Liberty Formula One, Class A Shares*		48,354
	8,108	Liberty Media Corp-Liberty Formula One, Class C Shares*		492,399
	2,537	Lions Gate Entertainment Corp., Class A Shares*		38,968
	99,692	Lions Gate Entertainment Corp., Class B Shares*		1,420,611
	2,144	LiveOne Inc.*		1,834
	8,083	Madison Square Garden Entertainment Corp.*		633,384
	767	Madison Square Garden Sports Corp., Class A Shares*		132,691
	809	Marcus Corp. (The)*		14,708
	4,341	Playtika Holding Corp.*		89,424
	13,206	Skillz Inc., Class A Shares*(a)		41,071
	14,169	World Wrestling Entertainment Inc., Class A Shares(a)		839,655
	87,155	Zynga Inc., Class A Shares*		791,367

		Total Entertainment		6,111,745


	Interactive Media & Services — 0.1%
	3,760	Cargurus Inc., Class A Shares*		182,172
	2,700	Cars.com Inc.*		43,686
	2,993	Eventbrite Inc., Class A Shares*		45,224
	770	EverQuote Inc., Class A Shares*		11,458
	5,744	fuboTV Inc.*(a)		49,111
	3,362	Liberty TripAdvisor Holdings Inc., Class A Shares*		7,127
	847	MediaAlpha Inc., Class A Shares*		12,163
	297	Outbrain Inc.*		3,873
	1,999	QuinStreet Inc.*		22,489
	3,979	TripAdvisor Inc.*		101,226
	2,771	TrueCar Inc.*		9,255
	5,844	Vimeo Inc.*		75,913
	3,054	Yelp Inc., Class A Shares*		103,500

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	COMMUNICATION SERVICES — 2.4% — (continued)

	Interactive Media & Services — 0.1% — (continued)
	1,763	Ziff Davis Inc.*	$	177,358

		Total Interactive Media & Services		844,555


	Media — 1.2%
	2,665	Advantage Solutions Inc.*		20,974
	1,217	AMC Networks Inc., Class A Shares*		50,445
	4,856	Audacy Inc., Class A Shares*		15,054
	862	Boston Omaha Corp., Class A Shares*		24,127
	1,585	Cable One Inc.		2,271,067
	1,317	Cardlytics Inc.*		76,386
	13,890	Clear Channel Outdoor Holdings Inc., Class A Shares*		51,949
	2,881	comScore Inc.*		7,548
	58,295	Criteo SA, ADR*		1,938,892
	41	Daily Journal Corp.*		13,258
	930	Emerald Holding Inc.*		3,329
	2,331	Entravision Communications Corp., Class A Shares		14,918
	2,467	EW Scripps Co. (The), Class A Shares*		54,915
	2,051	Fluent Inc.*		2,912
	4,982	Gannett Co., Inc.*		24,711
	3,257	Gray Television Inc.		76,312
	634	Hemisphere Media Group Inc., Class A Shares*		3,392
	4,541	iHeartMedia Inc., Class A Shares*		97,405
	598	Integral Ad Science Holding Corp.*		11,189
	15,744	Interpublic Group of Cos., Inc. (The)		579,379
	1,798	John Wiley & Sons Inc., Class A Shares		90,457
	3,088	Loyalty Ventures Inc.*		74,112
	5,368	Magnite Inc.*		78,266
	2,403	National CineMedia Inc.		7,137
	6,485	New York Times Co. (The), Class A Shares		285,275
	15,813	News Corp., Class A Shares		352,946
	4,751	News Corp., Class B Shares		106,565
	1,578	Nexstar Media Group Inc., Class A Shares		292,009
	1,241	Scholastic Corp.		52,221
	1,931	Sinclair Broadcast Group Inc., Class A Shares		57,930
	2,112	Stagwell Inc.*		16,009
	1,066	TechTarget Inc.*		83,553
	8,909	TEGNA Inc.		204,194
	240	Thryv Holdings Inc.*		7,296
	2,259	WideOpenWest Inc.*		38,380

		Total Media		7,084,512


	Wireless Telecommunication Services — 0.0%
	2,724	Gogo Inc.*(a)		38,790
	2,230	Shenandoah Telecommunications Co.		49,841
	4,252	Telephone & Data Systems Inc.		73,772
	522	United States Cellular Corp.*		14,360

		Total Wireless Telecommunication Services		176,763

		TOTAL COMMUNICATION SERVICES		14,833,884


	CONSUMER DISCRETIONARY — 8.1%

	Auto Components — 0.4%
	3,677	Adient PLC*		164,546
	4,445	American Axle & Manufacturing Holdings Inc.*		41,161
	9,566	BorgWarner Inc.		392,302
	613	Cooper-Standard Holdings Inc.*		7,797

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 8.1% — (continued)

	Auto Components — 0.4% — (continued)
	5,678	Dana Inc.	$	105,724
	1,051	Dorman Products Inc.*		98,184
	1,699	Fox Factory Holding Corp.*		200,516
	9,445	Gentex Corp.		285,900
	1,308	Gentherm Inc.*		110,971
	11,039	Goodyear Tire & Rubber Co. (The)*		170,994
	964	LCI Industries		120,037
	2,403	Lear Corp.(a)		378,088
	1,949	Modine Manufacturing Co.*		19,685
	670	Motorcar Parts of America Inc.*		10,820
	847	Patrick Industries Inc.		60,425
	10,087	QuantumScape Corp., Class A Shares*(a)		162,804
	928	Standard Motor Products Inc.		40,563
	864	Stoneridge Inc.*		14,265
	2,902	Tenneco Inc., Class A Shares*		55,951
	1,115	Visteon Corp.*		133,990
	1,550	XL Fleet Corp.*		3,022
	746	XPEL Inc.*		54,160

		Total Auto Components		2,631,905


	Automobiles — 0.1%
	1,123	Arcimoto Inc.*(a)		6,603
	5,022	Canoo Inc.*(a)		28,826
	6,576	Fisker Inc.*(a)		80,227
	6,176	Harley-Davidson Inc.(a)		255,069
	5,872	Lordstown Motors Corp., Class A Shares*(a)		15,091
	2,148	Thor Industries Inc.(a)		194,394
	1,302	Winnebago Industries Inc.		83,419
	3,949	Workhorse Group Inc.*(a)		12,361

		Total Automobiles		675,990


	Distributors — 0.1%
	911	Funko Inc., Class A Shares*		15,906
	421	Greenlane Holdings Inc., Class A Shares*		227
	1,562	Pool Corp.		716,302

		Total Distributors		732,435


	Diversified Consumer Services — 0.5%
	2,764	2U Inc.*		29,022
	1,913	Adtalem Global Education Inc.*		39,752
	753	American Public Education Inc.*		15,030
	6,693	Bright Horizons Family Solutions Inc.*		874,373
	552	Carriage Services Inc., Class A Shares		27,164
	5,611	Chegg Inc.*(a)		175,456
	2,745	Coursera Inc.*		55,806
	563	European Wax Center Inc., Class A Shares*		14,002
	3,349	Frontdoor Inc.*		100,637
	142	Graham Holdings Co., Class B Shares		85,360
	1,556	Grand Canyon Education Inc.*		135,107
	7,091	H&R Block Inc.		175,928
	5,128	Houghton Mifflin Harcourt Co.*		107,432
	4,261	Laureate Education Inc., Class A Shares		46,189
	2,966	Mister Car Wash Inc.*(a)		47,515
	1,861	OneSpaWorld Holdings Ltd.*		19,243
	2,793	Perdoceo Education Corp.*		29,243

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 8.1% — (continued)

	Diversified Consumer Services — 0.5% — (continued)
	1,998	PowerSchool Holdings Inc., Class A Shares*	$	31,468
	888	Regis Corp.*		1,607
	6,456	Service Corp. International		392,848
	1,195	StoneMor Inc.*		3,107
	954	Strategic Education Inc.		56,305
	1,598	Stride Inc.*		53,661
	4,919	Terminix Global Holdings Inc.*		209,353
	666	Udemy Inc.*		8,785
	4,269	Vivint Smart Home Inc.*		30,694
	2,394	WW International Inc.*		24,395

		Total Diversified Consumer Services		2,789,482


	Hotels, Restaurants & Leisure — 2.0%
	2,156	Accel Entertainment Inc., Class A Shares*		28,222
	8,966	Aramark		331,383
	1,402	Bally’s Corp.*		50,500
	43	Biglari Holdings Inc., Class B Shares*		5,909
	912	BJ’s Restaurants Inc.*		29,248
	3,722	Bloomin’ Brands Inc.*		91,598
	318	Bluegreen Vacations Holding Corp., Class A Shares*		9,012
	3,207	Boyd Gaming Corp.*		227,505
	1,727	Brinker International Inc.*		73,467
	1,399	Carrols Restaurant Group Inc.		3,693
	1,124	Century Casinos Inc.*		13,825
	1,940	Cheesecake Factory Inc. (The)*		83,013
	1,392	Choice Hotels International Inc.		200,935
	7,086	Churchill Downs Inc.		1,706,805
	673	Chuy’s Holdings Inc.*		21,940
	976	Cracker Barrel Old Country Store Inc.		131,048
	1,619	Dave & Buster’s Entertainment Inc.*		70,167
	1,076	Del Taco Restaurants Inc.		13,428
	2,494	Denny’s Corp.*		39,455
	796	Dine Brands Global Inc.		66,737
	3,295	Drive Shack Inc.*		4,382
	756	El Pollo Loco Holdings Inc.*		10,032
	388	Esports Technologies Inc.*		3,209
	3,558	Everi Holdings Inc.*		83,257
	586	F45 Training Holdings Inc.*		9,013
	689	Fiesta Restaurant Group Inc.*		6,938
	668	First Watch Restaurant Group Inc.*		9,693
	1,323	Full House Resorts Inc.*		11,642
	1,648	GAN Ltd.*		10,992
	700	Golden Entertainment Inc.*		39,851
	1,525	Golden Nugget Online Gaming Inc.*		13,115
	2,191	Hall of Fame Resort & Entertainment Co.*		2,322
	3,320	Hilton Grand Vacations Inc.*		172,175
	1,952	Hyatt Hotels Corp., Class A Shares*		189,559
	65,672	International Game Technology PLC		2,010,877
	846	Jack in the Box Inc.		72,984
	697	Krispy Kreme Inc.(a)		10,392
	164	Kura Sushi USA Inc., Class A Shares*		8,643
	1,798	Life Time Group Holdings Inc.*		27,959
	1,085	Lindblad Expeditions Holdings Inc.*		19,237
	1,697	Marriott Vacations Worldwide Corp.		272,657
	624	Monarch Casino & Resort Inc.*		48,610

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 8.1% — (continued)

	Hotels, Restaurants & Leisure — 2.0% — (continued)
	142	Nathan’s Famous Inc.	$	8,257
	496	NEOGAMES SA*		11,210
	1,393	Noodles & Co., Class A Shares*		9,528
	15,082	Norwegian Cruise Line Holdings Ltd.*(a)		293,948
	786	ONE Group Hospitality Inc.(The)*		9,228
	1,336	Papa John’s International Inc.		142,712
	6,656	Penn National Gaming Inc.*		341,786
	3,364	Planet Fitness Inc., Class A Shares*		284,695
	121,980	Playa Hotels & Resorts NV*		1,152,711
	1,121	PlayAGS Inc.*		9,383
	1,099	Portillo’s Inc., Class A Shares*(a)		27,541
	392	RCI Hospitality Holdings Inc.		25,449
	612	Red Robin Gourmet Burgers Inc.*		10,741
	2,361	Red Rock Resorts Inc., Class A Shares		118,711
	2,470	Rush Street Interactive Inc.*		25,515
	1,213	Ruth’s Hospitality Group Inc.		30,095
	3,740	Scientific Games Corp., Class A Shares*		235,321
	11,664	SeaWorld Entertainment Inc.*		809,365
	1,523	Shake Shack Inc., Class A Shares*		113,799
	3,076	Six Flags Entertainment Corp.*		134,298
	1,394	Target Hospitality Corp.*		4,391
	2,717	Texas Roadhouse Inc., Class A Shares		257,870
	3,286	Travel + Leisure Co.		184,180
	1,605	Vail Resorts Inc.		418,183
	6,927	Wendy’s Co. (The)		157,520
	5,635	Wingstop Inc.		819,047
	3,719	Wyndham Hotels & Resorts Inc.		321,359
	430	Xponential Fitness Inc., Class A Shares*		9,004

		Total Hotels, Restaurants & Leisure		12,201,276


	Household Durables — 1.2%
	803	Aterian Inc.*(a)		2,401
	372	Bassett Furniture Industries Inc.		6,529
	971	Beazer Homes USA Inc.*		15,895
	381	Cavco Industries Inc.*		103,872
	1,256	Century Communities Inc.		80,032
	778	Ethan Allen Interiors Inc.		20,275
	263	Flexsteel Industries Inc.		5,678
	4,982	GoPro Inc., Class A Shares*		42,845
	1,247	Green Brick Partners Inc.*		28,918
	302	Hamilton Beach Brands Holding Co., Class A Shares		4,560
	971	Helen of Troy Ltd.*		199,706
	469	Hooker Furnishings Corp.		9,849
	170	Hovnanian Enterprises Inc., Class A Shares*		16,340
	942	Installed Building Products Inc.		91,091
	1,038	iRobot Corp.*		64,522
	13,657	KB Home		527,297
	1,696	La-Z-Boy Inc.		49,489
	368	Legacy Housing Corp.*		9,373
	5,373	Leggett & Platt Inc.		199,231
	864	LGI Homes Inc.*		108,976
	500	Lifetime Brands Inc.		6,550
	483	Lovesac Co. (The)*		20,523
	1,105	M/I Homes Inc.*		54,465
	2,399	MDC Holdings Inc.		106,372

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 8.1% — (continued)

	Household Durables — 1.2% — (continued)
	1,424	Meritage Homes Corp.*	$	140,378
	2,219	Mohawk Industries Inc.*		312,391
	47,816	Newell Brands Inc.		1,135,630
	10,109	PulteGroup Inc.		502,013
	2,062	Purple Innovation Inc., Class A Shares*		12,413
	2,059	Skyline Champion Corp.*		138,447
	410	Snap One Holdings Corp.*		8,052
	4,720	Sonos Inc.*		129,281
	4,662	Taylor Morrison Home Corp., Class A Shares*		137,529
	33,469	Tempur Sealy International Inc.		1,104,812
	4,514	Toll Brothers Inc.		244,930
	6,479	TopBuild Corp.*		1,390,912
	783	Traeger Inc.*(a)		7,728
	4,578	Tri Pointe Homes Inc.*		102,410
	1,934	Tupperware Brands Corp.*		35,257
	475	Universal Electronics Inc.*		15,784
	659	VOXX International Corp., Class A Shares*		7,071
	2,174	Vuzix Corp.*(a)		12,305
	552	Weber Inc., Class A Shares(a)		6,304

		Total Household Durables		7,218,436


	Internet & Direct Marketing Retail — 0.3%
	24,867	1-800-Flowers.com Inc., Class A Shares*		384,941
	331	1stdibs.com Inc.*		3,624
	1,761	CarParts.com Inc.*		14,740
	9,127	Chewy Inc., Class A Shares*(a)		430,247
	362	Duluth Holdings Inc., Class B Shares*		5,043
	780	Groupon Inc., Class A Shares*		16,942
	617	Lands’ End Inc.*		10,464
	937	Liquidity Services Inc.*		16,144
	1,751	Overstock.com Inc.*		99,632
	700	PetMed Express Inc.		18,865
	3,057	Porch Group Inc.*		24,762
	1,904	Quotient Technology Inc.*		12,643
	14,475	Qurate Retail Inc., Class A Shares		79,757
	3,636	RealReal Inc. (The)*		32,397
	1,486	Revolve Group Inc., Class A Shares*		70,481
	942	Shutterstock Inc.		85,279
	3,079	Stitch Fix Inc., Class A Shares*(a)		38,641
	5,301	Wayfair Inc., Class A Shares*(a)		746,752
	283	Xometry Inc., Class A Shares*(a)		13,841

		Total Internet & Direct Marketing Retail		2,105,195


	Leisure Products — 0.4%
	1,289	Acushnet Holdings Corp.		56,458
	597	American Outdoor Brands Inc.*		9,331
	2,979	AMMO Inc.*(a)		14,031
	11,820	BRP Inc.		845,957
	3,094	Brunswick Corp.		295,539
	4,547	Callaway Golf Co.*		112,493
	970	Clarus Corp.		22,087
	425	Escalade Inc.		5,631
	11,385	Genius Brands International Inc.*		10,109
	2,214	Hayward Holdings Inc.*(a)		39,609

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 8.1% — (continued)

	Leisure Products — 0.4% — (continued)
	182	Johnson Outdoors Inc., Class A Shares	$	15,010
	1,172	Latham Group Inc.*		20,498
	812	Malibu Boats Inc., Class A Shares*		56,572
	338	Marine Products Corp.		4,086
	691	MasterCraft Boat Holdings Inc.*		19,790
	13,941	Mattel Inc.*		348,246
	1,281	Nautilus Inc.*		6,239
	2,292	Polaris Inc.(a)		278,501
	2,040	Smith & Wesson Brands Inc.		35,965
	740	Solo Brands Inc., Class A Shares*		7,814
	721	Sturm Ruger & Co., Inc.		52,208
	2,319	Vista Outdoor Inc.*		84,528
	3,484	YETI Holdings Inc.*		214,475

		Total Leisure Products		2,555,177


	Multiline Retail — 0.2%
	1,366	Big Lots Inc.		47,482
	284	Dillard’s Inc., Class A Shares		71,202
	1,092	Franchise Group Inc.		46,028
	5,999	Kohl’s Corp.		333,664
	12,558	Macy’s Inc.(a)		325,503
	4,448	Nordstrom Inc.*(a)		92,252
	2,641	Ollie’s Bargain Outlet Holdings Inc.*		114,038

		Total Multiline Retail		1,030,169


	Specialty Retail — 2.0%
	1,426	Aaron’s Co., Inc. (The)		29,932
	2,195	Abercrombie & Fitch Co., Class A Shares*		83,586
	3,052	Academy Sports & Outdoors Inc.*(a)		98,793
	6,265	American Eagle Outfitters Inc.(a)		132,066
	216	America’s Car-Mart Inc.*		20,775
	4,577	Arko Corp.*		38,218
	896	Asbury Automotive Group Inc.*		173,923
	1,604	AutoNation Inc.*		183,915
	1,564	Barnes & Noble Education Inc.*		8,571
	4,771	Bed Bath & Beyond Inc.*		80,582
	720	Big 5 Sporting Goods Corp.(a)		11,923
	1,157	Boot Barn Holdings Inc.*		100,682
	1,189	Buckle Inc. (The)		42,804
	16,361	Caleres Inc.		339,654
	1,611	Camping World Holdings Inc., Class A Shares(a)		49,474
	2,993	CarLotz Inc.*(a)		6,046
	12,357	CarMax Inc.*(a)		1,350,991
	597	Cato Corp. (The), Class A Shares		10,507
	41,926	Chico’s FAS Inc.*		197,052
	7,510	Children’s Place Inc. (The)*		472,830
	297	Citi Trends Inc.*		11,081
	707	Conn’s Inc.*		12,966
	1,274	Container Store Group Inc. (The)*		11,249
	36,062	Designer Brands Inc., Class A Shares*		470,609
	2,526	Dick’s Sporting Goods Inc.(a)		265,230
	7,290	Five Below Inc.*		1,192,717
	4,105	Floor & Decor Holdings Inc., Class A Shares*		392,520
	3,505	Foot Locker Inc.		110,828
	2,589	GameStop Corp., Class A Shares*(a)		319,327

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 8.1% — (continued)

	Specialty Retail — 2.0% — (continued)
	8,352	Gap Inc. (The)(a)	$	121,522
	663	Genesco Inc.*		42,531
	710	Group 1 Automotive Inc.		129,170
	2,023	GrowGeneration Corp.*		17,013
	1,817	Guess? Inc.		39,792
	560	Haverty Furniture Cos., Inc.		15,910
	602	Hibbett Inc.		27,138
	452	JOANN Inc.		5,144
	569	Kirkland’s Inc.*(a)		7,875
	289	Lazydays Holdings Inc.*		5,268
	5,239	Leslie’s Inc.*(a)		111,643
	1,184	Lithia Motors Inc., Class A Shares		403,531
	960	LL Flooring Holdings Inc.*		15,418
	884	MarineMax Inc.*		40,452
	18,932	Monro Inc.		883,746
	958	Murphy USA Inc.		173,149
	29,942	National Vision Holdings Inc.*		1,097,973
	23,929	ODP Corp. (The)*		1,052,876
	334	OneWater Marine Inc., Class A Shares		16,971
	3,799	Party City Holdco Inc.*		16,450
	1,240	Penske Automotive Group Inc.		121,880
	2,359	Petco Health & Wellness Co., Inc., Class A Shares*		41,330
	2,586	Rent-A-Center Inc.		73,468
	709	RH*		284,926
	4,197	Sally Beauty Holdings Inc.*		72,524
	2,516	Shift Technologies Inc.*(a)		5,082
	641	Shoe Carnival Inc.		18,692
	2,050	Signet Jewelers Ltd.		144,525
	910	Sleep Number Corp.*		59,787
	963	Sonic Automotive Inc., Class A Shares		51,723
	1,503	Sportsman’s Warehouse Holdings Inc.*		17,149
	885	Tilly’s Inc., Class A Shares		11,239
	416	Torrid Holdings Inc.*(a)		3,640
	452	TravelCenters of America Inc.*		19,088
	2,577	Urban Outfitters Inc.*		70,893
	5,154	Vroom Inc.*		31,336
	2,971	Williams-Sonoma Inc.		430,379
	131	Winmark Corp.		29,635
	957	Zumiez Inc.*		42,577

		Total Specialty Retail		11,972,296


	Textiles, Apparel & Luxury Goods — 0.9%
	5,947	Capri Holdings Ltd.*		402,850
	14,702	Carter’s Inc.		1,421,389
	1,531	Columbia Sportswear Co.		141,954
	2,333	Crocs Inc.*		195,342
	1,105	Deckers Outdoor Corp.*		318,947
	1,694	Fossil Group Inc.*		22,903
	2,026	G-III Apparel Group Ltd.*		56,201
	13,463	Hanesbrands Inc.		208,003
	2,080	Kontoor Brands Inc.		103,043
	752	Movado Group Inc.		29,644
	617	Oxford Industries Inc.		54,537
	1,080	PLBY Group Inc.*		17,194
	2,775	PVH Corp.		271,645

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 8.1% — (continued)

	Textiles, Apparel & Luxury Goods — 0.9% — (continued)
	1,933	Ralph Lauren Corp., Class A Shares	$	255,233
	279	Rocky Brands Inc.		10,753
	5,336	Skechers USA Inc., Class A Shares*		245,349
	3,187	Steven Madden Ltd.		135,958
	468	Superior Group of Cos., Inc.		9,594
	11,240	Tapestry Inc.		459,716
	7,747	Under Armour Inc., Class A Shares*		138,594
	8,058	Under Armour Inc., Class C Shares*		125,947
	548	Unifi Inc.*		10,286
	1,143	Vera Bradley Inc.*		8,641
	37,304	Wolverine World Wide Inc.(a)		859,111

		Total Textiles, Apparel & Luxury Goods		5,502,834

		TOTAL CONSUMER DISCRETIONARY		49,415,195


	CONSUMER STAPLES — 4.4%

	Beverages — 0.1%
	367	Boston Beer Co., Inc. (The), Class A Shares*		140,730
	2,142	Celsius Holdings Inc.*		136,852
	184	Coca-Cola Consolidated Inc.		91,435
	1,312	Duckhorn Portfolio Inc.(The)*		25,741
	615	MGP Ingredients Inc.		48,960
	827	National Beverage Corp.		36,396
	6,352	Primo Water Corp.		92,358
	414	Zevia PBC, Class A Shares*		2,588

		Total Beverages		575,060


	Food & Staples Retailing — 0.3%
	6,297	Albertsons Cos., Inc., Class A Shares		183,558
	1,365	Andersons Inc. (The)		62,244
	5,507	BJ’s Wholesale Club Holdings Inc.*		346,225
	1,444	Casey’s General Stores Inc.		271,588
	1,203	Chefs’ Warehouse Inc. (The)*		39,519
	3,561	Grocery Outlet Holding Corp.*(a)		99,031
	1,410	HF Foods Group Inc.*		8,812
	533	Ingles Markets Inc., Class A Shares		43,823
	450	MedAvail Holdings Inc.*		540
	321	Natural Grocers by Vitamin Cottage Inc.		5,447
	5,970	Performance Food Group Co.*		334,559
	893	PriceSmart Inc.		64,939
	2,441	Rite Aid Corp.*		22,360
	1,409	SpartanNash Co.		39,649
	4,426	Sprouts Farmers Market Inc.*		126,052
	2,233	United Natural Foods Inc.*		89,834
	8,734	US Foods Holding Corp.*		341,412
	334	Village Super Market Inc., Class A Shares		7,609
	635	Weis Markets Inc.		39,160

		Total Food & Staples Retailing		2,126,361


	Food Products — 2.0%
	2,617	AppHarvest Inc.*(a)		9,997
	2,646	B&G Foods Inc.(a)		78,322
	2,265	Beyond Meat Inc.*(a)		105,957
	5,485	Bunge Ltd.		573,457
	13,871	Calavo Growers Inc.		592,153
	73,047	Cal-Maine Foods Inc.		3,233,791

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	CONSUMER STAPLES — 4.4% — (continued)

	Food Products — 2.0% — (continued)
	6,501	Darling Ingredients Inc.*	$	471,193
	7,398	Flowers Foods Inc.		202,779
	1,363	Fresh Del Monte Produce Inc.		35,275
	1,613	Freshpet Inc.*		153,606
	22,586	Hain Celestial Group Inc. (The)*		821,227
	5,680	Hostess Brands Inc., Class A Shares*		122,347
	2,691	Ingredion Inc.		238,799
	2,375	J&J Snack Foods Corp.		388,835
	366	John B Sanfilippo & Son Inc.		29,104
	247	Laird Superfood Inc.*		1,519
	5,884	Lamb Weston Holdings Inc.		390,874
	780	Lancaster Colony Corp.		131,204
	954	Landec Corp.*		10,990
	584	Limoneira Co.		8,526
	19,465	Mission Produce Inc.*		252,656
	2,066	Pilgrim’s Pride Corp.*		48,716
	2,367	Post Holdings Inc.*(a)		248,866
	12,558	Sanderson Farms Inc.		2,242,733
	9	Seaboard Corp.		34,735
	203	Seneca Foods Corp., Class A Shares*		10,099
	3,334	Simply Good Foods Co. (The)*		132,126
	853	Sovos Brands Inc.*		10,355
	1,831	Tattooed Chef Inc.*(a)		22,228
	525	Tootsie Roll Industries Inc.		17,719
	33,599	TreeHouse Foods Inc.*		1,318,761
	2,369	Utz Brands Inc.		36,127
	679	Vita Coco Co., Inc.(The)*(a)		7,870
	846	Vital Farms Inc.*		12,056
	1,493	Whole Earth Brands Inc.*		14,169

		Total Food Products		12,009,171


	Household Products — 1.0%
	362	Central Garden & Pet Co.*		17,137
	1,692	Central Garden & Pet Co., Class A Shares*		74,516
	5,167	Clorox Co. (The)		753,297
	2,789	Energizer Holdings Inc.		93,125
	64,789	Henkel AG & Co. KGaA, ADR		1,241,357
	25,883	Kimberly-Clark Corp.		3,368,673
	205	Oil-Dri Corp. of America		6,330
	2,230	Reynolds Consumer Products Inc.		66,387
	1,644	Spectrum Brands Holdings Inc.		152,530
	537	WD-40 Co.		113,785

		Total Household Products		5,887,137


	Personal Products — 1.0%
	3,762	Beauty Health Co.*		72,908
	180,271	Beiersdorf AG, ADR		3,634,624
	1,603	BellRing Brands Inc., Class A Shares*		40,989
	13,437	Coty Inc., Class A Shares*		123,217
	2,159	Edgewell Personal Care Co.		77,033
	1,851	elf Beauty Inc.*		48,922
	26,232	Herbalife Nutrition Ltd.*		933,334
	3,957	Honest Co., Inc.(The)*		22,871
	741	Inter Parfums Inc.		68,824
	464	Medifast Inc.		86,304

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	CONSUMER STAPLES — 4.4% — (continued)

	Personal Products — 1.0% — (continued)
	462	Nature’s Sunshine Products Inc.	$	8,099
	5,343	NewAge Inc.*		3,616
	17,438	Nu Skin Enterprises Inc., Class A Shares		808,949
	325	Revlon Inc., Class A Shares*		3,149
	570	USANA Health Sciences Inc.*		50,166
	2,601	Veru Inc.*		14,540

		Total Personal Products		5,997,545


	Tobacco — 0.0%
	6,185	22nd Century Group Inc.*		14,473
	514	Turning Point Brands Inc.		17,229
	1,152	Universal Corp.		62,335
	5,948	Vector Group Ltd.		66,677

		Total Tobacco		160,714

		TOTAL CONSUMER STAPLES		26,755,988


	ENERGY — 3.4%

	Energy Equipment & Services — 0.6%
	5,992	Archrock Inc.		50,033
	999	Bristow Group Inc.*		33,107
	2,086	Cactus Inc., Class A Shares		105,677
	7,906	ChampionX Corp.*		169,267
	699	DMC Global Inc.*		20,551
	14,449	Dril-Quip Inc.*		416,709
	1,776	Expro Group Holdings NV*		28,576
	354	FTS International Inc., Class A Shares*		9,370
	5,030	Helix Energy Solutions Group Inc.*		20,371
	4,186	Helmerich & Payne Inc.		151,659
	6,678	ION Geophysical Corp.*		3,880
	3,846	Liberty Oilfield Services Inc., Class A Shares*		47,998
	311	Nabors Industries Ltd.*		39,043
	1,206	National Energy Services Reunited Corp.*		10,745
	3,902	Newpark Resources Inc.*		14,711
	92,010	NexTier Oilfield Solutions Inc.*		732,400
	15,738	NOV Inc.		269,907
	32,531	Oceaneering International Inc.*		476,254
	44,673	Oil States International Inc.*(a)		233,640
	23,544	Patterson-UTI Energy Inc.		339,740
	3,315	ProPetro Holding Corp.*		42,333
	2,530	RPC Inc.*		22,188
	2,057	Select Energy Services Inc., Class A Shares*		17,032
	1,342	Solaris Oilfield Infrastructure Inc., Class A Shares		13,957
	54,750	TechnipFMC PLC*(a)		375,037
	33,597	TETRA Technologies Inc.*		107,510
	1,640	Tidewater Inc.*		24,288
	3,332	US Silica Holdings Inc.*		48,181

		Total Energy Equipment & Services		3,824,164


	Oil, Gas & Consumable Fuels — 2.8%
	979	Aemetis Inc.*		12,551
	2,981	Alto Ingredients Inc.*		17,379
	13,134	Antero Midstream Corp.		131,865
	11,447	Antero Resources Corp.*		262,480
	14,527	APA Corp.		517,597
	714	Arch Resources Inc.		85,230

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	ENERGY — 3.4% — (continued)

	Oil, Gas & Consumable Fuels — 2.8% — (continued)
	2,217	Berry Corp.	$	22,170
	1,778	Brigham Minerals Inc., Class A Shares		40,503
	3,149	California Resources Corp.		129,833
	1,899	Callon Petroleum Co.*		107,028
	8,457	Centennial Resource Development Inc., Class A Shares*		74,252
	387	Centrus Energy Corp., Class A Shares*		17,520
	4,080	Chesapeake Energy Corp.		315,180
	1,732	Civitas Resources Inc.		87,414
	6,683	Clean Energy Fuels Corp.*		48,585
	34,991	CNX Resources Corp.*		571,753
	3,898	Comstock Resources Inc.*		32,353
	1,384	CONSOL Energy Inc.*		42,544
	2,564	Continental Resources Inc.(a)		142,123
	31,869	Coterra Energy Inc.		743,504
	1,205	Crescent Energy Inc., Class A Shares*		18,256
	1,109	CVR Energy Inc.		19,286
	2,938	Delek US Holdings Inc.		50,622
	1,964	Denbury Inc.*		142,704
	59,976	Devon Energy Corp.		3,571,571
	6,091	DHT Holdings Inc.		38,312
	14,367	Diamondback Energy Inc.		1,984,083
	1,250	Dorian LPG Ltd.		17,225
	988	Earthstone Energy Inc., Class A Shares*		12,844
	6,121	Energy Fuels Inc.*		50,009
	12,246	EQT Corp.		283,372
	16,811	Equitrans Midstream Corp.		107,759
	1,579	Falcon Minerals Corp.		9,063
	4,918	Frontline Ltd.*(a)		46,278
	6,841	Gevo Inc.*(a)		24,286
	4,168	Golar LNG Ltd.*		72,523
	1,457	Green Plains Inc.*		47,702
	287	HighPeak Energy Inc.		6,067
	5,970	HollyFrontier Corp.*		181,787
	2,060	International Seaways Inc.		37,677
	133	Kinetik Holdings Inc.(a)		9,044
	18,268	Kosmos Energy Ltd.*		88,783
	518	Laredo Petroleum Inc.*		39,658
	5,686	Magnolia Oil & Gas Corp., Class A Shares		127,082
	30,928	Marathon Oil Corp.		697,736
	4,444	Matador Resources Co.		220,422
	5,678	Murphy Oil Corp.		196,856
	1,257	New Fortress Energy Inc., Class A Shares		34,681
	6,391	Nordic American Tankers Ltd.		15,466
	2,194	Northern Oil & Gas Inc.		55,026
	792	Oasis Petroleum Inc.		104,948
	10,419	Ovintiv Inc.		477,711
	1,679	Par Pacific Holdings Inc.*		22,834
	3,978	PBF Energy Inc., Class A Shares*		66,114
	21,799	PDC Energy Inc.		1,406,472
	3,924	Peabody Energy Corp.*		68,042
	51,411	Range Resources Corp.*		1,179,882
	871	Ranger Oil Corp., Class A Shares*		29,405
	1,738	Renewable Energy Group Inc.*		106,887
	206	REX American Resources Corp.*		19,459

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	ENERGY — 3.4% — (continued)

	Oil, Gas & Consumable Fuels — 2.8% — (continued)
	112	Riley Exploration Permian Inc.	$	3,752
	1,758	Scorpio Tankers Inc.		30,572
	4,714	SFL Corp., Ltd.		46,904
	4,871	SM Energy Co.		172,969
	41,054	Southwestern Energy Co.*		204,859
	1,504	Talos Energy Inc.*		23,628
	9,031	Targa Resources Corp.		590,357
	2,758	Teekay Corp.*		9,294
	971	Teekay Tankers Ltd., Class A Shares*		13,876
	15,196	Tellurian Inc.*		57,897
	237	Texas Pacific Land Corp.		281,729
	9,961	Uranium Energy Corp.*		39,744
	7,355	Ur-Energy Inc.*		10,885
	3,524	W&T Offshore Inc.*		17,127
	1,559	Whiting Petroleum Corp.		115,132
	2,661	World Fuel Services Corp.		75,413

		Total Oil, Gas & Consumable Fuels		16,783,936

		TOTAL ENERGY		20,608,100


	FINANCIALS — 12.9%

	Banks — 5.8%
	874	1st Source Corp.		42,205
	631	Allegiance Bancshares Inc.		27,038
	634	Amalgamated Financial Corp.		10,886
	1,278	Amerant Bancorp Inc., Class A Shares		41,471
	611	American National Bankshares Inc.		23,585
	2,204	Ameris Bancorp		109,098
	881	Arrow Financial Corp.		30,262
	6,584	Associated Banc-Corp.		160,584
	922	Atlantic Capital Bancshares Inc.*		29,817
	3,231	Atlantic Union Bankshares Corp.		131,276
	2,010	Banc of California Inc.		39,496
	717	BancFirst Corp.		56,019
	1,521	Bancorp Inc. (The)*		44,565
	358	Bank First Corp.		25,214
	1,784	Bank of Hawaii Corp.		153,745
	722	Bank of Marin Bancorp		25,501
	1,993	Bank of NT Butterfield & Son Ltd. (The)		76,531
	4,963	Bank OZK		233,360
	70,592	BankUnited Inc.		3,120,166
	6,875	Banner Corp.		423,569
	951	Bar Harbor Bankshares		27,341
	21,596	Berkshire Hills Bancorp Inc.(a)		671,636
	659	Blue Ridge Bankshares Inc.		10,577
	1,281	BOK Financial Corp.		131,559
	2,157	Brookline Bancorp Inc.		36,971
	1,185	Business First Bancshares Inc.		31,035
	1,141	Byline Bancorp Inc.		31,115
	5,319	Cadence Bank		168,187
	308	Cambridge Bancorp		27,150
	653	Camden National Corp.		31,050
	297	Capital Bancorp Inc.		7,369
	831	Capital City Bank Group Inc.		23,326
	779	Capstar Financial Holdings Inc.		16,671

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	FINANCIALS — 12.9% — (continued)

	Banks — 5.8% — (continued)
	946	Carter Bankshares Inc.*	$	15,760
	3,237	Cathay General Bancorp		152,236
	1,106	CBTX Inc.		33,246
	770	Central Pacific Financial Corp.		22,476
	1,066	Citizens & Northern Corp.		26,405
	423	City Holding Co.		33,700
	563	Civista Bancshares Inc.		13,732
	817	CNB Financial Corp.		21,365
	367	Coastal Financial Corp.*		17,469
	2,276	Columbia Banking System Inc.		83,370
	19,717	Comerica Inc.		1,882,776
	4,717	Commerce Bancshares Inc.		338,586
	1,556	Community Bank System Inc.		113,495
	784	Community Trust Bancorp Inc.		33,147
	1,640	ConnectOne Bancorp Inc.		54,120
	2,603	CrossFirst Bankshares Inc.*		40,945
	2,376	Cullen/Frost Bankers Inc.		334,374
	1,161	Customers Bancorp Inc.*		71,460
	5,019	CVB Financial Corp.		118,348
	1,448	Dime Community Bancshares Inc.		49,218
	919	Eagle Bancorp Inc.		55,066
	15,344	East West Bancorp Inc.		1,343,521
	7,015	Eastern Bankshares Inc.		153,348
	327	Enterprise Bancorp Inc.		13,175
	1,508	Enterprise Financial Services Corp.		74,556
	673	Equity Bancshares Inc., Class A Shares		21,166
	1,431	Farmers National Banc Corp.		24,656
	1,412	FB Financial Corp.		62,749
	171	Fidelity D&D Bancorp Inc.(a)		8,439
	794	Financial Institutions Inc.		25,360
	6,950	First Bancorp		131,232
	384	First Bancorp Inc. (The)		11,443
	1,279	First Bancshares Inc. (The)		45,161
	727	First Bank		10,592
	2,279	First Busey Corp.		62,559
	491	First Citizens BancShares Inc., Class A Shares		387,129
	2,751	First Commonwealth Financial Corp.		44,429
	805	First Community Bancshares Inc.		23,611
	2,751	First Financial Bancorp		67,620
	5,287	First Financial Bankshares Inc.		253,353
	634	First Financial Corp.		29,487
	1,734	First Foundation Inc.		46,246
	5,689	First Hawaiian Inc.		165,379
	22,246	First Horizon Corp.		522,336
	357	First Internet Bancorp		17,450
	3,637	First Interstate BancSystem Inc., Class A Shares		147,662
	2,771	First Merchants Corp.		121,204
	780	First Mid Bancshares Inc.		31,255
	1,106	First of Long Island Corp. (The)		24,078
	489	Five Star Bancorp		14,870
	1,288	Flushing Financial Corp.		30,255
	15,840	FNB Corp.		212,731
	7,197	Fulton Financial Corp.		129,690
	1,077	German American Bancorp Inc.		42,843

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	FINANCIALS — 12.9% — (continued)

	Banks — 5.8% — (continued)
	4,459	Glacier Bancorp Inc.	$	247,029
	537	Great Southern Bancorp Inc.		32,983
	344	Guaranty Bancshares Inc.		12,030
	3,568	Hancock Whitney Corp.		198,666
	722	Hanmi Financial Corp.		18,859
	2,232	HarborOne Bancorp Inc.		33,011
	538	HBT Financial Inc.		10,297
	1,969	Heartland Financial USA Inc.		97,702
	2,685	Heritage Commerce Corp.		31,925
	843	Heritage Financial Corp.		22,103
	2,654	Hilltop Holdings Inc.		82,062
	6,418	Home BancShares Inc.		150,245
	519	HomeStreet Inc.		26,708
	769	HomeTrust Bancshares Inc.		23,132
	3,457	Hope Bancorp Inc.		58,631
	1,825	Horizon Bancorp Inc.		36,646
	122,577	Huntington Bancshares Inc.		1,902,395
	4,748	Independent Bank Corp.		343,864
	1,461	Independent Bank Group Inc.		112,716
	2,482	International Bancshares Corp.		106,751
	8,883	Investors Bancorp Inc.		148,701
	3,000	Lakeland Bancorp Inc.		54,120
	710	Lakeland Financial Corp.		56,949
	1,309	Live Oak Bancshares Inc.		83,711
	1,098	Macatawa Bank Corp.		10,080
	721	Mercantile Bank Corp.		26,583
	914	Meta Financial Group Inc.		50,626
	678	Metrocity Bankshares Inc.		16,482
	384	Metropolitan Bank Holding Corp.*		39,264
	560	Mid Penn Bancorp Inc.		15,674
	1,276	Midland States Bancorp Inc.		37,463
	706	MidWestOne Financial Group Inc.		21,314
	396	MVB Financial Corp.		15,254
	30,909	National Bank Holdings Corp., Class A Shares		1,371,741
	1,226	NBT Bancorp Inc.		47,042
	623	Nicolet Bankshares Inc.*		59,347
	512	Northrim BanCorp Inc.		22,932
	3,558	Northwest Bancshares Inc.		50,097
	2,392	OceanFirst Financial Corp.		53,533
	1,444	OFG Bancorp		40,692
	11,741	Old National Bancorp		214,625
	1,982	Old Second Bancorp Inc.		28,204
	970	Origin Bancorp Inc.		44,795
	454	Orrstown Financial Services Inc.		11,087
	23,685	Pacific Premier Bancorp Inc.		916,846
	26,527	PacWest Bancorp		1,310,964
	559	Park National Corp.		74,940
	847	Peapack Gladstone Financial Corp.		31,949
	1,230	Peoples Bancorp Inc.		38,474
	249	Peoples Financial Services Corp.		11,900
	17,393	People’s United Financial Inc.		366,644
	3,054	Pinnacle Financial Partners Inc.		308,698
	3,271	Popular Inc.		300,441
	386	Preferred Bank		30,293

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	FINANCIALS — 12.9% — (continued)

	Banks — 5.8% — (continued)
	1,513	Premier Financial Corp.	$	46,404
	950	Primis Financial Corp.		13,585
	3,769	Prosperity Bancshares Inc.		280,640
	667	QCR Holdings Inc.		37,259
	1,000	RBB Bancorp		24,120
	294	Red River Bancshares Inc.		15,053
	1,606	Renasant Corp.		58,635
	486	Republic Bancorp Inc., Class A Shares		22,298
	1,597	Republic First Bancorp Inc.*		8,288
	1,066	S&T Bancorp Inc.		33,142
	2,335	Sandy Spring Bancorp Inc.		109,955
	2,022	Seacoast Banking Corp. of Florida		74,106
	2,022	ServisFirst Bancshares Inc.		176,682
	527	Sierra Bancorp		14,145
	6,182	Signature Bank		2,132,110
	4,627	Silvergate Capital Corp., Class A Shares*		592,626
	3,047	Simmons First National Corp., Class A Shares		86,900
	995	SmartFinancial Inc.		25,960
	359	South Plains Financial Inc.		9,934
	300	Southern First Bancshares Inc.*		17,118
	906	Southside Bancshares Inc.		37,771
	2,862	SouthState Corp.		257,580
	916	Spirit of Texas Bancshares Inc.		26,133
	980	Stock Yards Bancorp Inc.		52,401
	395	Summit Financial Group Inc.		10,772
	6,086	Synovus Financial Corp.		320,428
	30,502	Texas Capital Bancshares Inc.*		2,031,433
	338	Third Coast Bancshares Inc.*		7,865
	620	Tompkins Financial Corp.		49,042
	14,931	Towne Bank		465,549
	1,213	TriCo Bancshares		52,644
	1,298	TriState Capital Holdings Inc.*		43,094
	863	Triumph Bancorp Inc.*		86,576
	1,807	Trustmark Corp.		56,902
	7,993	UMB Financial Corp.		814,167
	9,043	Umpqua Holdings Corp.		193,068
	5,437	United Bankshares Inc.		199,103
	17,067	United Community Banks Inc.		659,810
	1,298	Univest Financial Corp.		37,616
	61,411	Valley National Bancorp		857,912
	1,383	Veritex Holdings Inc.		56,191
	784	Washington Trust Bancorp Inc.		42,548
	7,376	Webster Financial Corp.		444,109
	2,716	WesBanco Inc.		99,243
	1,024	West BanCorp Inc.		29,594
	757	Westamerica BanCorp		44,905
	4,074	Western Alliance Bancorp		381,897
	2,335	Wintrust Financial Corp.		232,006
	6,320	Zions Bancorp NA		448,025

		Total Banks		35,105,818


	Capital Markets — 2.2%
	1,616	Affiliated Managers Group Inc.		223,590
	5,692	Ares Management Corp., Class A Shares		461,564
	2,349	Artisan Partners Asset Management Inc., Class A Shares		89,520

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	FINANCIALS — 12.9% — (continued)

	Capital Markets — 2.2% — (continued)
	1,195	Assetmark Financial Holdings Inc.*	$	28,071
	56	Associated Capital Group Inc., Class A Shares		2,191
	774	B. Riley Financial Inc.		46,092
	13,491	BGC Partners Inc., Class A Shares		61,789
	2,006	Blucora Inc.*		39,919
	2,607	Brightsphere Investment Group Inc.		62,229
	6,533	Carlyle Group Inc. (The)		306,202
	4,293	Cboe Global Markets Inc.		503,526
	15,100	Cohen & Steers Inc.		1,227,026
	1,081	Cowen Inc., Class A Shares		32,052
	116	Diamond Hill Investment Group Inc.		22,490
	1,166	Donnelley Financial Solutions Inc.*		37,429
	1,560	Evercore Inc., Class A Shares		198,136
	1,526	FactSet Research Systems Inc.		619,693
	3,684	Federated Hermes Inc., Class B Shares		120,356
	2,401	Focus Financial Partners Inc., Class A Shares*		120,146
	205	GAMCO Investors Inc., Class A Shares		4,412
	2,300	GCM Grosvenor Inc., Class A Shares		22,977
	461	Greenhill & Co., Inc.		8,151
	1,391	Hamilton Lane Inc., Class A Shares		108,637
	2,054	Houlihan Lokey Inc., Class A Shares		211,274
	13,467	Invesco Ltd.		286,039
	6,849	Janus Henderson Group PLC		229,921
	8,795	Jefferies Financial Group Inc.		312,574
	4,103	Lazard Ltd., Class A Shares		141,882
	3,199	LPL Financial Holdings Inc.		578,859
	2,416	Moelis & Co., Class A Shares		116,475
	4,440	Moody’s Corp.		1,429,813
	922	Morningstar Inc.		258,759
	6,013	Nasdaq Inc.		1,029,125
	17,470	Northern Trust Corp.		1,989,833
	4,245	Open Lending Corp., Class A Shares*		88,423
	474	Oppenheimer Holdings Inc., Class A Shares		20,472
	717	Piper Sandler Cos.		106,123
	914	PJT Partners Inc., Class A Shares		58,332
	805	Pzena Investment Management Inc., Class A Shares		7,430
	1,125	Sculptor Capital Management Inc., Class A Shares		14,411
	4,383	SEI Investments Co.		256,756
	42,170	SLR Investment Corp.		763,277
	19,598	StepStone Group Inc., Class A Shares		676,719
	4,013	Stifel Financial Corp.		294,956
	822	StoneX Group Inc.*		62,020
	3,602	Virtu Financial Inc., Class A Shares		126,358
	318	Virtus Investment Partners Inc.		76,517
	4,940	WisdomTree Investments Inc.		27,812

		Total Capital Markets		13,510,358


	Consumer Finance — 0.3%
	163	Atlanticus Holdings Corp.*		8,683
	332	Credit Acceptance Corp.*(a)		182,640
	679	Curo Group Holdings Corp.		9,078
	1,134	Encore Capital Group Inc.*		74,833
	1,409	Enova International Inc.*		57,445
	1,735	EZCORP Inc., Class A Shares*		10,393
	1,566	FirstCash Holdings Inc.(a)		112,815

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	FINANCIALS — 12.9% — (continued)

	Consumer Finance — 0.3% — (continued)
	1,554	Green Dot Corp., Class A Shares*	$	44,522
	4,013	LendingClub Corp.*		74,561
	456	LendingTree Inc.*		55,181
	6,181	Navient Corp.		108,847
	694	Nelnet Inc., Class A Shares		55,902
	4,534	OneMain Holdings Inc., Class A Shares		231,143
	788	Oportun Financial Corp.*		12,876
	1,668	PRA Group Inc.*		74,443
	2,609	PROG Holdings Inc.*		79,940
	276	Regional Management Corp.		14,167
	11,793	SLM Corp.		232,322
	1,863	Upstart Holdings Inc.*(a)		294,335
	166	World Acceptance Corp.*		32,614

		Total Consumer Finance		1,766,740


	Diversified Financial Services — 0.2%
	766	Alerus Financial Corp.		22,023
	313	A-Mark Precious Metals Inc.		22,442
	1,063	Banco Latinoamericano de Comercio Exterior SA, Class E Shares		16,423
	3,474	Cannae Holdings Inc.*		93,277
	14,219	Voya Financial Inc.		957,650

		Total Diversified Financial Services		1,111,815


	Insurance — 3.7%
	2,329	Alleghany Corp.*		1,541,612
	2,318	Ambac Financial Group Inc.*		29,740
	3,212	American Equity Investment Life Holding Co.		121,060
	2,756	American Financial Group Inc.		373,135
	322	American National Group Inc.		60,868
	843	AMERISAFE Inc.		39,705
	1,257	Argo Group International Holdings Ltd.		53,008
	2,252	Assurant Inc.		382,187
	2,746	Assured Guaranty Ltd.		170,170
	3,060	Axis Capital Holdings Ltd.		167,137
	1,571	Bright Health Group Inc.*		5,216
	3,187	Brighthouse Financial Inc.*		166,553
	9,464	Brown & Brown Inc.		639,861
	52,060	BRP Group Inc., Class A Shares*		1,445,706
	1,866	Chubb Ltd.		379,992
	1,762	Citizens Inc., Class A Shares*		7,489
	5,179	CNO Financial Group Inc.		125,176
	698	Crawford & Co., Class A Shares		5,382
	558	Donegal Group Inc., Class A Shares		7,622
	21,745	eHealth Inc.*		337,917
	812	Employers Holdings Inc.		31,554
	499	Enstar Group Ltd.*		142,230
	993	Erie Indemnity Co., Class A Shares		173,874
	8,999	Everest Re Group Ltd.		2,683,682
	4,306	First American Financial Corp.		288,674
	14,737	Genworth Financial Inc., Class A Shares*		59,832
	4,072	Globe Life Inc.		411,109
	1,888	GoHealth Inc., Class A Shares*		4,210
	745	Goosehead Insurance Inc., Class A Shares		64,800
	1,274	Greenlight Capital Re Ltd., Class A Shares*		9,160
	1,474	Hanover Insurance Group Inc. (The)		205,638

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	FINANCIALS — 12.9% — (continued)

	Insurance — 3.7% — (continued)
	10,609	Hartford Financial Services Group Inc. (The)	$	737,113
	251	HCI Group Inc.		15,627
	931	Heritage Insurance Holdings Inc.		5,195
	1,213	Horace Mann Educators Corp.		50,449
	51	Investors Title Co.		9,769
	977	James River Group Holdings Ltd.		25,988
	2,524	Kemper Corp.		134,883
	880	Kinsale Capital Group Inc.		184,589
	1,681	Lemonade Inc.*(a)		42,781
	2,760	Maiden Holdings Ltd.*		6,734
	1,734	Markel Corp.*		2,155,206
	2,151	MBIA Inc.*		32,803
	1,086	Mercury General Corp.		59,730
	4,620	MetroMile Inc.*		5,914
	98	National Western Life Group Inc., Class A Shares		20,908
	380	NI Holdings Inc.*		6,813
	11,280	Old Republic International Corp.		297,228
	12,898	Palomar Holdings Inc.*		831,018
	1,611	Primerica Inc.		209,253
	1,532	ProAssurance Corp.		36,921
	9,534	Reinsurance Group of America Inc.		1,056,939
	1,850	RenaissanceRe Holdings Ltd.		278,943
	1,595	RLI Corp.		161,893
	412	Safety Insurance Group Inc.		34,377
	2,344	Selective Insurance Group Inc.		194,997
	6,025	Selectquote Inc.*		18,738
	3,624	SiriusPoint Ltd.*		26,781
	812	State Auto Financial Corp.		42,232
	776	Stewart Information Services Corp.		52,675
	845	Tiptree Inc.		10,808
	21,794	Travelers Cos., Inc. (The)		3,744,863
	758	Trean Insurance Group Inc.*		5,382
	1,483	Trupanion Inc.*(a)		132,921
	697	United Fire Group Inc.		19,244
	904	United Insurance Holdings Corp.		3,309
	1,053	Universal Insurance Holdings Inc.		12,173
	8,408	Unum Group		234,751
	119	White Mountains Insurance Group Ltd.		124,974
	11,799	WR Berkley Corp.		1,065,450

		Total Insurance		22,224,671


	Mortgage Real Estate Investment Trusts (REITs) — 0.3%
	302	AFC Gamma Inc.		5,965
	21,215	AGNC Investment Corp.		273,886
	286	Angel Oak Mortgage Inc.		4,645
	6,342	Apollo Commercial Real Estate Finance Inc.		82,763
	5,435	Arbor Realty Trust Inc.		97,830
	1,519	Ares Commercial Real Estate Corp.		22,253
	3,265	ARMOUR Residential REIT Inc.(a)		26,544
	6,324	Blackstone Mortgage Trust Inc., Class A Shares		200,977
	3,434	BrightSpire Capital Inc., Class A Shares		30,425
	6,063	Broadmark Realty Capital Inc.		52,506
	8,769	Chimera Investment Corp.		106,719
	1,234	Dynex Capital Inc.		18,967
	2,275	Ellington Financial Inc.		40,199

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	FINANCIALS — 12.9% — (continued)

	Mortgage Real Estate Investment Trusts (REITs) — 0.3% — (continued)
	1,156	Franklin BSP Realty Trust Inc.	$	15,259
	1,891	Granite Point Mortgage Trust Inc.		21,217
	885	Great Ajax Corp.		10,080
	3,066	Hannon Armstrong Sustainable Infrastructure Capital Inc.		145,144
	12,192	Invesco Mortgage Capital Inc.		26,579
	1,507	KKR Real Estate Finance Trust Inc.		32,355
	4,624	Ladder Capital Corp., Class A Shares		52,991
	16,758	MFA Financial Inc.		68,037
	16,757	New Residential Investment Corp.		173,938
	14,742	New York Mortgage Trust Inc.		51,744
	4,625	Orchid Island Capital Inc., Class A Shares		15,216
	3,805	PennyMac Mortgage Investment Trust		59,358
	2,356	Ready Capital Corp.		34,987
	4,454	Redwood Trust Inc.		46,277
	11,764	Starwood Property Trust Inc.		280,454
	3,150	TPG RE Finance Trust Inc.		37,296
	12,622	Two Harbors Investment Corp.		63,867

		Total Mortgage Real Estate Investment Trusts (REITs)		2,098,478


	Thrifts & Mortgage Finance — 0.4%
	2,274	Axos Financial Inc.*		124,479
	936	Blue Foundry Bancorp*		13,001
	835	Bridgewater Bancshares Inc.*		14,053
	4,308	Capitol Federal Financial Inc.		47,043
	1,741	Columbia Financial Inc.*		36,979
	4,492	Essent Group Ltd.		198,457
	443	Federal Agricultural Mortgage Corp., Class C Shares		54,799
	613	Finance Of America Cos Inc., Class A Shares*		1,986
	1,515	Flagstar Bancorp Inc.		69,054
	237	FS Bancorp Inc.		7,589
	78	Hingham Institution for Savings		28,067
	500	Home Bancorp Inc.		19,605
	437	Home Point Capital Inc.		1,442
	3,076	Kearny Financial Corp.		40,634
	760	Luther Burbank Corp.		9,834
	586	Merchants Bancorp		16,965
	13,018	MGIC Investment Corp.		197,613
	2,468	Mr Cooper Group Inc.*		125,448
	18,610	New York Community Bancorp Inc.		214,759
	3,498	NMI Holdings Inc., Class A Shares*		80,944
	1,560	Northfield Bancorp Inc.		24,492
	321	Ocwen Financial Corp.*		9,190
	584	PCSB Financial Corp.		10,880
	1,340	PennyMac Financial Services Inc.		77,385
	545	Pioneer Bancorp Inc.*		5,755
	1,137	Provident Bancorp Inc.		18,601
	2,206	Provident Financial Services Inc.		52,348
	7,574	Radian Group Inc.		181,019
	453	Southern Missouri Bancorp Inc.		24,272
	2,510	TFS Financial Corp.		43,097
	651	TrustCo Bank Corp. NY		22,245
	4,620	UWM Holdings Corp.		20,051
	342	Velocity Financial Inc.*		4,374
	1,225	Walker & Dunlop Inc.		169,479
	3,122	Washington Federal Inc.		111,081

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	FINANCIALS — 12.9% — (continued)

	Thrifts & Mortgage Finance — 0.4% — (continued)
	1,083	Waterstone Financial Inc.	$	21,162
	10,352	WSFS Financial Corp.		526,192

		Total Thrifts & Mortgage Finance		2,624,374

		TOTAL FINANCIALS		78,442,254


	HEALTH CARE — 14.7%

	Biotechnology — 2.5%
	731	2seventy bio Inc.*		10,848
	1,083	4D Molecular Therapeutics Inc.*		14,837
	438	89bio Inc.*		2,028
	4,782	ACADIA Pharmaceuticals Inc.*		121,511
	326	Acumen Pharmaceuticals Inc.*		1,910
	521	Adagio Therapeutics Inc.*(a)		3,485
	825	Adicet Bio Inc.*		10,791
	870	Aduro Biotech*(b)(c)		2,610
	3,265	Adverum Biotechnologies Inc.*		4,375
	1,772	Aeglea BioTherapeutics Inc.*		4,908
	321	Aerovate Therapeutics Inc.*(a)		3,139
	4,001	Affimed NV*		17,644
	10,159	Agenus Inc.*		27,429
	2,288	Agios Pharmaceuticals Inc.*		71,225
	6,518	Akebia Therapeutics Inc.*		14,079
	918	Akero Therapeutics Inc.*		16,276
	989	Akouos Inc.*		5,281
	9,102	Alaunos Therapeutics Inc.*		8,974
	670	Albireo Pharma Inc.*		22,338
	1,618	Aldeyra Therapeutics Inc.*		6,537
	2,467	Alector Inc.*		39,077
	769	Aligos Therapeutics Inc.*		1,861
	6,308	Alkermes PLC*		156,817
	1,151	Allakos Inc.*		6,434
	2,436	Allogene Therapeutics Inc.*		22,289
	1,036	Allovir Inc.*		9,324
	460	Alpine Immune Sciences Inc.*		3,790
	1,330	Altimmune Inc.*		9,855
	636	ALX Oncology Holdings Inc.*		11,524
	10,632	Amicus Therapeutics Inc.*		86,544
	934	AnaptysBio Inc.*		28,552
	2,611	Anavex Life Sciences Corp.*		28,617
	530	Anika Therapeutics Inc.*		17,225
	1,157	Annexon Inc.*		5,617
	2,820	Apellis Pharmaceuticals Inc.*		119,935
	866	Applied Molecular Transport Inc.*		5,690
	730	Applied Therapeutics Inc.*		1,372
	2,125	AquaBounty Technologies Inc.*		3,379
	3,139	Arbutus Biopharma Corp.*		10,045
	998	Arcturus Therapeutics Holdings Inc.*		23,922
	1,922	Arcus Biosciences Inc.*		71,498
	977	Arcutis Biotherapeutics Inc.*		17,391
	3,557	Ardelyx Inc.*		2,739
	2,495	Arena Pharmaceuticals Inc.*		236,950
	3,991	Arrowhead Pharmaceuticals Inc.*		175,604
	9,190	Ascendis Pharma AS, ADR*		1,032,864
	3,264	Atara Biotherapeutics Inc.*		41,942

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	HEALTH CARE — 14.7% — (continued)

	Biotechnology — 2.5% — (continued)
	3,372	Athenex Inc.*	$	2,713
	8,338	Athersys Inc.*		7,480
	4,796	Atossa Therapeutics Inc.*		5,851
	1,027	Atreca Inc., Class A Shares*		1,849
	423	Aura Biosciences Inc.*		7,572
	2,121	Avalo Therapeutics Inc.*		1,549
	2,270	Avid Bioservices Inc.*		46,490
	1,468	Avidity Biosciences Inc.*		24,897
	975	Avita Medical Inc.*		8,970
	1,397	Avrobio Inc.*		2,026
	2,024	Beam Therapeutics Inc.*(a)		158,580
	777	Beyondspring Inc.*(a)		1,873
	587	BioAtla Inc.*		3,804
	7,141	BioCryst Pharmaceuticals Inc.*		118,612
	2,235	Biohaven Pharmaceutical Holding Co., Ltd.*		265,317
	336	Biomea Fusion Inc.*		2,154
	654	Bioxcel Therapeutics Inc.*		11,975
	922	Black Diamond Therapeutics Inc.*		2,895
	2,213	Bluebird Bio Inc.*		13,367
	15,625	Blueprint Medicines Corp.*		946,094
	795	Bolt Biotherapeutics Inc.*(a)		2,775
	3,912	Bridgebio Pharma Inc.*(a)		30,514
	971	Brooklyn ImmunoTherapeutics Inc.*		2,194
	1,683	C4 Therapeutics Inc.*		37,750
	1,472	Cardiff Oncology Inc.*		3,960
	2,063	CareDx Inc.*		79,178
	685	Caribou Biosciences Inc.*		6,836
	4,462	Catalyst Pharmaceuticals Inc.*		34,804
	320	Celcuity Inc.*		3,232
	1,948	Celldex Therapeutics Inc.*		58,245
	1,447	CEL-SCI Corp.*		8,364
	401	Century Therapeutics Inc.*(a)		5,654
	1,672	Cerevel Therapeutics Holdings Inc.*		44,258
	2,278	ChemoCentryx Inc.*		69,115
	2,677	Chimerix Inc.*		15,098
	1,565	Chinook Therapeutics Inc.*		19,969
	900	Clene Inc.*		2,781
	4,071	Clovis Oncology Inc.*(a)		8,386
	637	Codiak Biosciences Inc.*		3,007
	1,507	Cogent Biosciences Inc.*(a)		8,937
	48,153	Coherus Biosciences Inc.*		567,724
	742	Cortexyme Inc.*		3,228
	1,810	Crinetics Pharmaceuticals Inc.*		36,236
	1,143	Cue Biopharma Inc.*		6,629
	940	Cullinan Oncology Inc.*		13,480
	2,955	Curis Inc.*		9,899
	253	Cyteir Therapeutics Inc.*(a)		1,467
	3,147	Cytokinetics Inc.*		111,152
	2,146	CytomX Therapeutics Inc.*		8,219
	367	Day One Biopharmaceuticals Inc.*(a)		5,013
	1,442	Deciphera Pharmaceuticals Inc.*		11,118
	3,590	Denali Therapeutics Inc.*		116,890
	890	DermTech Inc.*		11,383
	1,005	Design Therapeutics Inc.*		13,638

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	HEALTH CARE — 14.7% — (continued)

	Biotechnology — 2.5% — (continued)
	4,153	Dynavax Technologies Corp.*	$	50,916
	1,194	Dyne Therapeutics Inc.*		10,233
	633	Eagle Pharmaceuticals Inc.*		29,998
	2,953	Editas Medicine Inc., Class A Shares*		50,555
	1,397	Eiger BioPharmaceuticals Inc.*		5,588
	226	Eliem Therapeutics Inc.*		2,036
	13,401	Emergent BioSolutions Inc.*		554,533
	753	Enanta Pharmaceuticals Inc.*		53,026
	3,809	Epizyme Inc.*		5,675
	724	Erasca Inc.*		8,978
	1,296	Evelo Biosciences Inc.*		4,050
	487	Exagen Inc.*		3,701
	12,223	Exelixis Inc.*		250,938
	19,352	Fate Therapeutics Inc.*		668,612
	3,368	FibroGen Inc.*		47,388
	290	Finch Therapeutics Group Inc.*		2,427
	784	Foghorn Therapeutics Inc.*		7,534
	1,285	Forma Therapeutics Holdings Inc.*		12,670
	457	Forte Biosciences Inc.*		576
	3,102	Fortress Biotech Inc.*		4,994
	1,265	Frequency Therapeutics Inc.*		3,593
	1,555	G1 Therapeutics Inc.*		16,499
	875	Gemini Therapeutics Inc., Class A Shares*		1,190
	1,906	Generation Bio Co.*		9,759
	10,181	Geron Corp.*		11,097
	2,308	Global Blood Therapeutics Inc.*		69,702
	2,265	Gossamer Bio Inc.*		20,453
	552	Graphite Bio Inc.*(a)		5,078
	162	Greenwich Lifesciences Inc.*		3,157
	1,577	Gritstone bio Inc.*		8,043
	972	GT Biopharma Inc.*		3,091
	5,432	Halozyme Therapeutics Inc.*		192,673
	764	Harpoon Therapeutics Inc.*		3,132
	4,418	Heron Therapeutics Inc.*(a)		31,368
	1,849	Homology Medicines Inc.*		6,453
	627	Hookipa Pharma Inc.*		1,505
	1,841	Humanigen Inc.*		3,737
	9,151	iBio Inc.*		2,928
	476	Icosavax Inc.*(a)		8,292
	1,337	Ideaya Biosciences Inc.*		17,648
	297	IGM Biosciences Inc.*		4,954
	325	Imago Biosciences Inc.*		7,654
	267	Immuneering Corp., Class A Shares*(a)		1,994
	621	Immunic Inc.*		7,235
	2,277	ImmunityBio Inc.*(a)		15,575
	8,241	ImmunoGen Inc.*		46,479
	1,336	Immunovant Inc.*		7,455
	339	Impel Neuropharma Inc.*(a)		2,448
	3,573	Infinity Pharmaceuticals Inc.*		3,930
	1,030	Inhibrx Inc.*		22,145
	8,887	Inovio Pharmaceuticals Inc.*		28,794
	606	Inozyme Pharma Inc.*		3,497
	4,912	Insmed Inc.*		117,397
	2,375	Instil Bio Inc.*		25,484

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	HEALTH CARE — 14.7% — (continued)

	Biotechnology — 2.5% — (continued)
	2,807	Intellia Therapeutics Inc.*	$	277,472
	974	Intercept Pharmaceuticals Inc.*		13,889
	5,638	Ionis Pharmaceuticals Inc.*		188,196
	6,209	Iovance Biotherapeutics Inc.*		97,295
	92,968	Ironwood Pharmaceuticals Inc., Class A Shares*		1,000,336
	720	iTeos Therapeutics Inc.*		26,014
	4,790	IVERIC bio Inc.*		76,832
	458	Janux Therapeutics Inc.*(a)		7,914
	1,329	Jounce Therapeutics Inc.*		9,914
	871	KalVista Pharmaceuticals Inc.*		13,980
	891	Karuna Therapeutics Inc.*		93,555
	2,788	Karyopharm Therapeutics Inc.*		28,800
	583	Keros Therapeutics Inc.*		31,307
	1,310	Kezar Life Sciences Inc.*		19,454
	1,073	Kiniksa Pharmaceuticals Ltd., Class A Shares*		10,988
	890	Kinnate Biopharma Inc.*		6,924
	1,361	Kodiak Sciences Inc.*		11,759
	1,382	Kronos Bio Inc.*		10,406
	704	Krystal Biotech Inc.*		44,739
	2,874	Kura Oncology Inc.*		45,610
	1,443	Kymera Therapeutics Inc.*		57,374
	2,519	Lexicon Pharmaceuticals Inc.*		5,214
	619	Ligand Pharmaceuticals Inc.*		62,655
	4,915	Lineage Cell Therapeutics Inc.*		6,930
	785	Lyell Immunopharma Inc.*		5,683
	2,240	MacroGenics Inc.*		20,944
	455	Madrigal Pharmaceuticals Inc.*		42,247
	1,217	Magenta Therapeutics Inc.*		3,834
	10,408	MannKind Corp.*		27,269
	4,472	MEI Pharma Inc.*		9,660
	1,109	MeiraGTx Holdings PLC*		15,892
	2,852	Mersana Therapeutics Inc.*		12,520
	4,371	MiMedx Group Inc.*		22,074
	1,663	Mirati Therapeutics Inc.*		146,826
	194	Mirum Pharmaceuticals Inc.*		4,598
	1,501	Molecular Templates Inc.*		3,527
	398	Monte Rosa Therapeutics Inc.*		5,707
	901	Morphic Holding Inc.*		35,914
	2,796	Mustang Bio Inc.*		2,431
	3,295	Myriad Genetics Inc.*		80,332
	3,339	Natera Inc.*		219,539
	1,619	Neoleukin Therapeutics Inc.*		4,177
	3,797	Neurocrine Biosciences Inc.*		341,236
	626	NexImmune Inc.*		1,552
	594	Nkarta Inc.*		5,382
	3,050	Novavax Inc.*(a)		254,279
	1,452	Nurix Therapeutics Inc.*		23,479
	377	Nuvalent Inc., Class A Shares*(a)		5,636
	6,773	Ocugen Inc.*(a)		23,841
	910	Olema Pharmaceuticals Inc.*		4,259
	233	Omega Therapeutics Inc.*		2,766
	1,653	Oncocyte Corp.*		2,413
	829	Oncorus Inc.*		1,749
	1,785	Oncternal Therapeutics Inc.*		3,267

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	HEALTH CARE — 14.7% — (continued)

	Biotechnology — 2.5% — (continued)
	19	Oncternal Therapeutics Inc.*(b)	$	19
	17,392	OPKO Health Inc.*		54,437
	1,569	Organogenesis Holdings Inc., Class A Shares*		11,673
	1,097	ORIC Pharmaceuticals Inc.*		8,513
	3,559	Outlook Therapeutics Inc.*(a)		5,801
	452	Oyster Point Pharma Inc.*(a)		4,502
	1,516	Passage Bio Inc.*		5,033
	898	PMV Pharmaceuticals Inc.*		14,224
	144	Portage Biotech Inc.*		1,145
	1,232	Poseida Therapeutics Inc.*		4,497
	1,097	Praxis Precision Medicines Inc.*		14,371
	3,243	Precigen Inc.*		7,297
	1,683	Precision BioSciences Inc.*		7,153
	477	Prelude Therapeutics Inc.*		4,212
	1,189	Prometheus Biosciences Inc.*		51,769
	1,740	Protagonist Therapeutics Inc.*		42,247
	1,574	Prothena Corp. PLC*		54,460
	2,840	PTC Therapeutics Inc.*		99,741
	1,278	Puma Biotechnology Inc.*		2,939
	2,313	Radius Health Inc.*		19,244
	392	Rallybio Corp.*		4,308
	823	RAPT Therapeutics Inc.*		16,460
	4,908	Recursion Pharmaceuticals Inc., Class A Shares*		53,743
	1,728	REGENXBIO Inc.*		45,291
	2,929	Relay Therapeutics Inc.*		70,618
	303	Reneo Pharmaceuticals Inc.*		1,460
	1,004	Replimune Group Inc.*		16,104
	2,268	REVOLUTION Medicines Inc.*		42,911
	1,498	Rhythm Pharmaceuticals Inc.*		11,415
	5,956	Rigel Pharmaceuticals Inc.*		14,950
	20,045	Rocket Pharmaceuticals Inc.*		357,001
	1,608	Rubius Therapeutics Inc.*		8,024
	2,127	Sage Therapeutics Inc.*		77,359
	3,358	Sana Biotechnology Inc.*(a)		21,693
	4,061	Sangamo Therapeutics Inc.*		23,757
	3,398	Sarepta Therapeutics Inc.*		260,321
	1,356	Scholar Rock Holding Corp.*		23,594
	3,649	Selecta Biosciences Inc.*		6,751
	891	Sensei Biotherapeutics Inc.*(a)		3,217
	2,747	Seres Therapeutics Inc.*		21,976
	7,036	Sesen Bio Inc.*		4,463
	1,091	Shattuck Labs Inc.*		5,455
	312	Sigilon Therapeutics Inc.*		452
	837	Silverback Therapeutics Inc.*(a)		3,599
	2,460	Solid Biosciences Inc.*		2,004
	11,099	Sorrento Therapeutics Inc.*(a)		28,080
	6,187	Spectrum Pharmaceuticals Inc.*		4,207
	983	Spero Therapeutics Inc.*		9,437
	1,211	SpringWorks Therapeutics Inc.*		68,531
	396	Spruce Biosciences Inc.*		899
	931	SQZ Biotechnologies Co.*		4,906
	672	Stoke Therapeutics Inc.*		13,104
	888	Summit Therapeutics Inc.*		2,433
	1,332	Surface Oncology Inc.*		4,795

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	HEALTH CARE — 14.7% — (continued)

	Biotechnology — 2.5% — (continued)
	1,348	Sutro Biopharma Inc.*	$	12,024
	1,725	Syndax Pharmaceuticals Inc.*		26,893
	2,249	Syros Pharmaceuticals Inc.*		2,901
	849	Talaris Therapeutics Inc.*		5,952
	910	Taysha Gene Therapies Inc.*		5,797
	1,204	TCR2 Therapeutics Inc.*		3,263
	476	Tenaya Therapeutics Inc.*(a)		5,550
	5,487	TG Therapeutics Inc.*		54,157
	13,159	Tonix Pharmaceuticals Holding Corp.*		2,433
	2,478	Travere Therapeutics Inc., Class Preferre Shares*		67,550
	6,599	Trevena Inc.*		3,020
	22,426	Turning Point Therapeutics Inc.*		710,007
	1,927	Twist Bioscience Corp.*		107,796
	599	Tyra Biosciences Inc.*(a)		7,098
	2,608	Ultragenyx Pharmaceutical Inc.*		175,571
	1,774	United Therapeutics Corp.*		294,839
	820	UroGen Pharma Ltd.*(a)		4,920
	2,203	Vanda Pharmaceuticals Inc.*		25,026
	4,917	Vaxart Inc.*(a)		24,978
	1,593	Vaxcyte Inc.*		36,910
	6,877	VBI Vaccines Inc.*		10,247
	223	Vera Therapeutics Inc., Class A Shares*		5,176
	2,792	Veracyte Inc.*		77,618
	6,291	Verastem Inc.*		7,549
	1,945	Vericel Corp.*		80,153
	719	Verve Therapeutics Inc.*		23,475
	2,765	Viking Therapeutics Inc.*		9,263
	539	Vincerx Pharma Inc.*		2,733
	2,418	Vir Biotechnology Inc.*		60,909
	1,466	Viracta Therapeutics Inc.*		4,002
	7,834	VistaGen Therapeutics Inc.*		10,968
	545	Vor BioPharma Inc.*		4,921
	1,012	Werewolf Therapeutics Inc.*		7,246
	528	XBiotech Inc.		5,206
	2,109	Xencor Inc.*		66,033
	235	XOMA Corp.*(a)		5,154
	1,137	Y-mAbs Therapeutics Inc.*		10,358
	1,462	Zentalis Pharmaceuticals Inc.*		72,939

		Total Biotechnology		15,192,970


	Health Care Equipment & Supplies — 4.9%
	1,322	Accelerate Diagnostics Inc.*(a)		3,754
	103,616	Accuray Inc.*		359,548
	687	Acutus Medical Inc.*		1,120
	2,648	Alphatec Holdings Inc.*		29,181
	1,712	AngioDynamics Inc.*		40,283
	1,692	Apyx Medical Corp.*		17,123
	1,762	Artivion Inc.*		34,447
	9,551	Asensus Surgical Inc.*		7,354
	3,198	Aspira Women’s Health Inc.*		3,486
	11,190	AtriCure Inc.*		777,145
	49	Atrion Corp.		35,058
	15,917	Avanos Medical Inc.*		563,303
	1,288	AxoGen Inc.*		12,030
	1,896	Axonics Inc.*		107,617

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	HEALTH CARE — 14.7% — (continued)

	Health Care Equipment & Supplies — 4.9% — (continued)
	41,290	Baxter International Inc.	$	3,508,411
	344	BioLife Solutions Inc.*		8,084
	12,080	Bioventus Inc., Class A Shares*		157,040
	5,328	Butterfly Network Inc.*		27,439
	14,636	Cardiovascular Systems Inc.*		308,234
	6,314	Cerus Corp.*		37,063
	766	ClearPoint Neuro Inc.*		6,703
	1,135	CONMED Corp.		165,892
	1,690	CryoPort Inc.*		58,018
	875	Cue Health Inc.*(a)		7,236
	795	Cutera Inc.*		30,496
	317	CVRx Inc.*		2,783
	26,079	CytoSorbents Corp.*		100,926
	543	DarioHealth Corp.*		3,964
	12,593	DENTSPLY SIRONA Inc.		681,785
	792	Eargo Inc.*		3,810
	6,505	Envista Holdings Corp.*		312,240
	4,007	Figs Inc., Class A Shares*(a)		65,835
	1,834	Glaukos Corp.*		101,439
	3,055	Globus Medical Inc., Class A Shares*		214,828
	35,341	Haemonetics Corp.*		2,039,529
	369	Heska Corp.*		52,398
	6,008	ICU Medical Inc.*		1,422,274
	1,143	IDEXX Laboratories Inc.*		608,476
	1,364	Inari Medical Inc.*		120,005
	747	Inogen Inc.*		26,063
	1,356	Integer Holdings Corp.*		113,728
	2,932	Integra LifeSciences Holdings Corp.*		196,620
	8,188	Intersect ENT Inc.*		222,714
	3,465	Intuitive Surgical Inc.*		1,005,993
	1,367	Invacare Corp.*		2,802
	236	iRadimed Corp.		11,729
	1,152	iRhythm Technologies Inc.*		148,919
	2,794	Lantheus Holdings Inc.*		133,609
	763	LeMaitre Vascular Inc.		36,220
	2,093	LivaNova PLC*		164,970
	4,060	Masimo Corp.*		639,247
	1,768	Meridian Bioscience Inc.*		44,730
	28,056	Merit Medical Systems Inc.*		1,824,482
	188	Mesa Laboratories Inc.		48,002
	1,116	Natus Medical Inc.*		31,047
	4,221	Neogen Corp.*		150,690
	1,019	Neuronetics Inc.*		3,403
	271	NeuroPace Inc.*		2,114
	1,372	Nevro Corp.*		98,372
	5,730	NuVasive Inc.*		310,108
	42,914	OraSure Technologies Inc.*		334,729
	4,827	Ortho Clinical Diagnostics Holdings PLC*		85,390
	686	Orthofix Medical Inc.*		23,310
	567	OrthoPediatrics Corp.*		31,780
	1,748	Outset Medical Inc.*		76,860
	2,936	PAVmed Inc.*		4,492
	1,396	Penumbra Inc.*		309,549
	436	PROCEPT BioRobotics Corp.*		10,891

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	HEALTH CARE — 14.7% — (continued)

	Health Care Equipment & Supplies — 4.9% — (continued)
	1,017	Pulmonx Corp.*	$	26,706
	553	Pulse Biosciences Inc.*		2,809
	5,071	Quidel Corp.*		536,461
	3,288	Quotient Ltd.*		4,603
	776	Retractable Technologies Inc.*		3,678
	385	RxSight Inc.*		5,167
	1,101	SeaSpine Holdings Corp.*		13,950
	15,853	Senseonics Holdings Inc.*(a)		28,535
	1,370	Shockwave Medical Inc.*		242,805
	1,183	SI-BONE Inc.*		26,097
	2,343	Sientra Inc.*		6,631
	349	Sight Sciences Inc.*		6,076
	1,321	Silk Road Medical Inc.*		49,049
	97,781	Smith & Nephew PLC, ADR(a)		3,484,915
	1,864	STAAR Surgical Co.*		147,852
	2,068	Stereotaxis Inc.*		9,554
	496	Surmodics Inc.*		22,260
	664	Tactile Systems Technology Inc.*		13,519
	529	Talis Biomedical Corp.*		1,106
	11,791	Tandem Diabetes Care Inc.*		1,328,020
	5,732	Teleflex Inc.		1,927,729
	907	TransMedics Group Inc.*		16,798
	1,146	Treace Medical Concepts Inc.*		24,685
	120	Utah Medical Products Inc.		10,801
	809	Vapotherm Inc.*		12,289
	18,710	Varex Imaging Corp.*		442,304
	4,811	ViewRay Inc.*		20,014
	25,992	Zimmer Biomet Holdings Inc.		3,305,922
	810	Zynex Inc.(a)		5,095

		Total Health Care Equipment & Supplies		29,854,350


	Health Care Providers & Services — 3.1%
	4,318	1Life Healthcare Inc.*		46,678
	49,652	Acadia Healthcare Co., Inc.*		2,815,765
	2,331	Accolade Inc.*		41,911
	3,134	AdaptHealth Corp., Class A Shares*		54,626
	599	Addus HomeCare Corp.*		50,939
	892	Agiliti Inc.*		16,065
	6,595	agilon health Inc.*(a)		133,351
	3,178	Alignment Healthcare Inc.*		26,822
	9,527	Amedisys Inc.*		1,526,606
	1,898	AMN Healthcare Services Inc.*		201,454
	1,526	Apollo Medical Holdings Inc.*		73,431
	780	Apria Inc.*		29,125
	1,522	Aveanna Healthcare Holdings Inc.*		7,990
	480	Biodesix Inc.*		1,142
	7,766	Brookdale Senior Living Inc.*		53,430
	919	Castle Biosciences Inc.*		39,784
	3,033	Chemed Corp.		1,450,654
	5,286	Community Health Systems Inc.*		55,556
	331	CorVel Corp.*		52,649
	4,282	Covetrus Inc.*		75,877
	1,562	Cross Country Healthcare Inc.*		34,879
	15,479	Encompass Health Corp.		1,021,924
	2,037	Ensign Group Inc. (The)		171,189

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	HEALTH CARE — 14.7% — (continued)

	Health Care Providers & Services — 3.1% — (continued)
	885	Fulgent Genetics Inc.*	$	55,135
	3,571	Guardant Health Inc.*		236,650
	1,356	Hanger Inc.*		24,571
	15,181	HealthEquity Inc.*		815,372
	5,568	Henry Schein Inc.*		480,964
	783	InfuSystem Holdings Inc.*		8,997
	722	Innovage Holding Corp.*		3,559
	8,433	Invitae Corp.*(a)		90,992
	633	Joint Corp. (The)*		25,953
	1,200	LHC Group Inc.*		163,404
	1,621	LifeStance Health Group Inc.*(a)		15,286
	20,744	MEDNAX Inc.*		486,862
	461	ModivCare Inc.*		54,398
	5,729	Molina Healthcare Inc.*		1,758,058
	449	National HealthCare Corp.		29,194
	498	National Research Corp.		19,810
	379	Ontrak Inc.*		1,016
	69,847	Option Care Health Inc.*		1,795,068
	3,007	Owens & Minor Inc.		132,759
	17,946	Patterson Cos., Inc.		536,585
	916	Pennant Group Inc. (The)*		14,885
	18,364	PetIQ Inc., Class A Shares*(a)		364,342
	4,900	Premier Inc., Class A Shares		176,106
	633	Privia Health Group Inc.*		16,293
	2,558	Progyny Inc.*		100,683
	4,729	R1 RCM Inc.*		128,582
	1,688	RadNet Inc.*		41,643
	4,382	Select Medical Holdings Corp.		101,443
	501	Sharps Compliance Corp.*		3,086
	2,773	Signify Health Inc., Class A Shares*		38,961
	1,615	SOC Telemed Inc., Class A Shares*(a)		4,748
	1,409	Surgery Partners Inc.*		73,648
	4,227	Tenet Healthcare Corp.*		363,480
	2,085	Tivity Health Inc.*		56,879
	17,449	Universal Health Services Inc., Class B Shares		2,511,435
	612	US Physical Therapy Inc.		56,286
	1,562	Viemed Healthcare Inc.*		5,998

		Total Health Care Providers & Services		18,774,978


	Health Care Technology — 0.5%
	4,718	Allscripts Healthcare Solutions Inc.*		91,812
	8,103	American Well Corp., Class A Shares*		34,276
	4,164	Certara Inc.*		105,516
	10,207	Change Healthcare Inc.*		218,634
	536	Computer Programs & Systems Inc.*		16,498
	549	Convey Health Solutions Holdings Inc.*		3,179
	548	Definitive Healthcare Corp., Class A Shares*		12,670
	3,284	Evolent Health Inc., Class A Shares*		87,518
	728	Forian Inc.*(a)		5,060
	2,001	Health Catalyst Inc.*		54,267
	1,189	HealthStream Inc.*		24,363
	954	iCAD Inc.*		4,608
	3,563	Inspire Medical Systems Inc.*		869,586
	16,188	Multiplan Corp.*(a)		60,867
	1,523	NantHealth Inc.*		1,264

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	HEALTH CARE — 14.7% — (continued)

	Health Care Technology — 0.5% — (continued)
	2,266	NextGen Healthcare Inc.*	$	44,255
	1,758	Omnicell Inc.*		227,274
	765	OptimizeRx Corp.*		34,647
	2,138	Phreesia Inc.*		65,829
	1,712	Schrodinger Inc.*		59,509
	532	Simulations Plus Inc.		20,955
	825	Tabula Rasa HealthCare Inc.*		4,702
	5,597	Veeva Systems Inc., Class A Shares*		1,281,993

		Total Health Care Technology		3,329,282


	Life Sciences Tools & Services — 2.2%
	3,424	10X Genomics Inc., Class A Shares*		278,953
	429	Absci Corp.*		4,020
	4,636	Adaptive Biotechnologies Corp.*(a)		66,897
	291	Akoya Biosciences Inc.*		3,224
	216	Alpha Teknova Inc.*		3,672
	24,151	Avantor Inc.*		837,798
	1,816	Berkeley Lights Inc.*		13,929
	10,701	Bionano Genomics Inc.*(a)		22,900
	1,388	Bio-Rad Laboratories Inc., Class A Shares*		868,832
	6,051	Bio-Techne Corp.		2,537,850
	4,132	Bruker Corp.		290,769
	9,394	Charles River Laboratories International Inc.*		2,735,157
	2,085	ChromaDex Corp.*		5,692
	392	Codex DNA Inc.*		3,998
	2,245	Codexis Inc.*		44,743
	547	Cytek Biosciences Inc.*		7,461
	86,214	Fluidigm Corp.*(a)(c)		317,268
	1,622	Harvard Bioscience Inc.*		8,759
	6,710	Illumina Inc.*		2,191,486
	614	Inotiv Inc.*		16,228
	4,333	Maravai LifeSciences Holdings Inc., Class A Shares*		169,290
	4,487	MaxCyte Inc.*		31,230
	1,145	Medpace Holdings Inc.*		175,151
	1,698	NanoString Technologies Inc.*		60,211
	4,675	NeoGenomics Inc.*		100,092
	7,836	Pacific Biosciences of California Inc.*		93,405
	5,063	PerkinElmer Inc.		909,365
	1,262	Personalis Inc.*		13,251
	9,133	QIAGEN NV*		453,819
	1,361	Quanterix Corp.*		45,920
	239	Rapid Micro Biosystems Inc., Class A Shares*		1,671
	2,203	Repligen Corp.*		433,330
	1,843	Seer Inc., Class A Shares*(a)		28,235
	359	Singular Genomics Systems Inc.*		2,955
	4,474	Sotera Health Co.*		97,846
	4,110	Syneos Health Inc., Class A Shares*		325,512

		Total Life Sciences Tools & Services		13,200,919


	Pharmaceuticals — 1.5%
	8,548	9 Meters Biopharma Inc.*(a)		4,665
	5,051	Achillion Pharmaceuticals Inc.*(b)		2,323
	1,785	Aclaris Therapeutics Inc.*		26,596
	1,485	Aerie Pharmaceuticals Inc.*		12,325
	71,099	Amneal Pharmaceuticals Inc.*		322,078

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	HEALTH CARE — 14.7% — (continued)

	Pharmaceuticals — 1.5% — (continued)
	1,650	Amphastar Pharmaceuticals Inc.*	$	45,721
	7,774	Ampio Pharmaceuticals Inc.*		3,886
	796	Angion Biomedica Corp.*		1,481
	356	ANI Pharmaceuticals Inc.*		13,332
	5,783	Antares Pharma Inc.*		20,240
	1,854	Arvinas Inc.*		120,158
	2,392	Atea Pharmaceuticals Inc.*		15,165
	1,072	Athira Pharma Inc.*		9,820
	1,299	Axsome Therapeutics Inc.*(a)		36,515
	3,954	BioDelivery Sciences International Inc.*		22,063
	1,882	Cara Therapeutics Inc.*		19,516
	1,485	Cassava Sciences Inc.*(a)		63,127
	20,363	Catalent Inc.*		2,077,841
	4,646	Citius Pharmaceuticals Inc.*(a)		7,155
	1,236	Collegium Pharmaceutical Inc.*		24,065
	3,955	Corcept Therapeutics Inc.*		88,157
	1,684	CorMedix Inc.*		8,218
	2,827	Cymabay Therapeutics Inc.*		8,990
	462	DICE Therapeutics Inc.*		8,542
	9,078	Durect Corp.*		6,021
	1,848	Edgewise Therapeutics Inc.*		21,788
	9,639	Endo International PLC*		29,977
	1,091	Esperion Therapeutics Inc.*(a)		4,462
	1,328	Evolus Inc.*		12,151
	826	EyePoint Pharmaceuticals Inc.*		8,219
	958	Fulcrum Therapeutics Inc.*		10,538
	866	Harmony Biosciences Holdings Inc.*		34,605
	1,022	Ikena Oncology Inc.*		6,244
	87,837	Innoviva Inc.*		1,687,349
	3,111	Intra-Cellular Therapies Inc.*		172,598
	2,420	Jazz Pharmaceuticals PLC*		332,556
	2,157	Kala Pharmaceuticals Inc.*		1,428
	854	Kaleido Biosciences Inc.*		1,272
	1,168	KemPharm Inc.*(a)		6,926
	246	Landos Biopharma Inc.*		524
	1,235	Marinus Pharmaceuticals Inc.*		9,658
	18,935	Mind Medicine MindMed Inc.*(a)		23,101
	7,453	Nektar Therapeutics, Class A Shares*		76,319
	1,102	NGM Biopharmaceuticals Inc.*		16,376
	6,179	Nuvation Bio Inc.*		31,266
	2,651	Ocular Therapeutix Inc.*		14,793
	2,181	Omeros Corp.*(a)		15,703
	1,092	Oramed Pharmaceuticals Inc.*		11,248
	10,226	Organon & Co.		381,737
	17,872	Pacira BioSciences Inc.*		1,191,884
	2,064	Paratek Pharmaceuticals Inc.*		7,265
	5,260	Perrigo Co. PLC(a)		186,835
	674	Phathom Pharmaceuticals Inc.*		12,220
	789	Phibro Animal Health Corp., Class A Shares		16,806
	746	Pliant Therapeutics Inc.*		6,692
	15,082	Prestige Consumer Healthcare Inc.*		897,831
	3,674	Progenics Pharmaceuticals Inc.*(b)		–
	1,913	Provention Bio Inc.*		11,995
	1,325	Rain Therapeutics Inc.*		7,924

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	HEALTH CARE — 14.7% — (continued)

	Pharmaceuticals — 1.5% — (continued)
	1,024	Reata Pharmaceuticals Inc., Class A Shares*	$	33,526
	604	Relmada Therapeutics Inc.*		12,388
	2,964	Revance Therapeutics Inc.*		40,221
	3,088	Seelos Therapeutics Inc.*		3,273
	1,907	SIGA Technologies Inc.*		11,442
	29,906	Supernus Pharmaceuticals Inc.*		955,497
	377	Tarsus Pharmaceuticals Inc.*		6,647
	378	Terns Pharmaceuticals Inc.*		1,255
	15,457	TherapeuticsMD Inc.*		3,697
	2,181	Theravance Biopharma Inc.*		21,963
	738	Theseus Pharmaceuticals Inc.*		7,454
	528	Ventyx Biosciences Inc.*		6,172
	471	Verrica Pharmaceuticals Inc.*		3,947
	1,508	WaVe Life Sciences Ltd.*		3,702
	2,285	Zogenix Inc.*		60,004

		Total Pharmaceuticals		9,389,478

		TOTAL HEALTH CARE		89,741,977


	INDUSTRIALS — 16.4%

	Aerospace & Defense — 2.1%
	1,325	AAR Corp.*		59,545
	32,389	Aerojet Rocketdyne Holdings Inc.		1,255,074
	877	Aerovironment Inc.*		62,311
	337	AerSale Corp.*		5,277
	1,028	Astronics Corp.*		15,122
	2,614	Axon Enterprise Inc.*		366,613
	3,767	BWX Technologies Inc.		201,233
	668	Byrna Technologies Inc.*		6,687
	341	Cadre Holdings Inc.		7,509
	1,582	Curtiss-Wright Corp.		233,377
	368	Ducommun Inc.*		18,588
	23,737	HEICO Corp., Class A Shares		2,917,752
	20,449	Hexcel Corp.		1,183,997
	15,540	Howmet Aerospace Inc.		558,197
	1,566	Huntington Ingalls Industries Inc.		320,090
	1,078	Kaman Corp.		46,796
	5,155	Kratos Defense & Security Solutions Inc.*		107,843
	2,946	Maxar Technologies Inc.		95,568
	15,002	Mercury Systems Inc.*		903,420
	1,217	Moog Inc., Class A Shares		101,145
	183	National Presto Industries Inc.		14,548
	863	Northrop Grumman Corp.		381,567
	809	Park Aerospace Corp.		11,221
	1,057	Parsons Corp.*		36,636
	13,600	Spirit AeroSystems Holdings Inc., Class A Shares		680,000
	8,838	Textron Inc.		646,323
	3,513	TransDigm Group Inc.*		2,341,731
	2,786	Triumph Group Inc.*		69,761
	392	Vectrus Inc.*		17,969
	7,434	Virgin Galactic Holdings Inc.*(a)		71,961
	2,325	Woodward Inc.		289,765

		Total Aerospace & Defense		13,027,626

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	INDUSTRIALS — 16.4% — (continued)

	Air Freight & Logistics — 0.1%
	2,209	Air Transport Services Group Inc.*	$	69,606
	1,171	Atlas Air Worldwide Holdings Inc.*		91,760
	1,090	Forward Air Corp.		112,466
	3,893	GXO Logistics Inc.*		326,739
	1,319	Hub Group Inc., Class A Shares*		111,324
	1,467	Radiant Logistics Inc.*		10,122

		Total Air Freight & Logistics		722,017


	Airlines — 0.2%
	4,922	Alaska Air Group Inc.*		276,321
	621	Allegiant Travel Co.*		108,110
	25,665	American Airlines Group Inc.*(a)		442,721
	1,176	Copa Holdings SA, Class A Shares*(a)		99,772
	1,711	Frontier Group Holdings Inc.*		22,038
	2,057	Hawaiian Holdings Inc.*		39,453
	12,868	JetBlue Airways Corp.*		196,494
	1,325	Mesa Air Group Inc.*		5,764
	1,945	SkyWest Inc.*		54,674
	3,811	Spirit Airlines Inc.*		95,580
	1,269	Sun Country Airlines Holdings Inc.*		34,326

		Total Airlines		1,375,253


	Building Products — 1.8%
	1,661	AAON Inc.		97,268
	14,682	Advanced Drainage Systems Inc.		1,713,683
	3,607	Allegion PLC		413,074
	792	American Woodmark Corp.*		42,435
	5,306	AO Smith Corp.		363,885
	1,101	Apogee Enterprises Inc.		49,622
	1,865	Armstrong World Industries Inc.		164,866
	4,433	AZEK Co., Inc. (The), Class A Shares*		130,729
	7,601	Builders FirstSource Inc.*		565,666
	897	Caesarstone Ltd.		10,755
	6,620	Carlisle Cos., Inc.		1,571,588
	2,220	Cornerstone Building Brands Inc.*		49,018
	625	CSW Industrials Inc.		75,206
	5,433	Fortune Brands Home & Security Inc.		472,128
	1,387	Gibraltar Industries Inc.*		67,020
	1,812	Griffon Corp.		41,767
	781	Insteel Industries Inc.		28,983
	3,835	JELD-WEN Holding Inc.*		88,512
	1,318	Lennox International Inc.		351,814
	958	Masonite International Corp.*		90,368
	4,025	Owens Corning		375,090
	2,839	PGT Innovations Inc.*		61,067
	1,220	Quanex Building Products Corp.		27,889
	73,257	Resideo Technologies Inc.*		1,885,635
	1,757	Simpson Manufacturing Co., Inc.		208,222
	15,832	Trex Co., Inc.*		1,454,011
	2,305	UFP Industries Inc.		197,654
	5,200	View Inc.*(a)		12,584
	4,969	Zurn Water Solutions Corp.		161,592

		Total Building Products		10,772,131

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	INDUSTRIALS — 16.4% — (continued)

	Commercial Services & Supplies — 1.7%
	2,736	ABM Industries Inc.	$	122,655
	4,687	ACCO Brands Corp.		40,308
	6,410	ADT Inc.		46,857
	933	Aris Water Solution Inc., Class A Shares		13,631
	1,957	Brady Corp., Class A Shares		90,179
	1,385	BrightView Holdings Inc.*		18,711
	1,877	Brink’s Co. (The)		131,503
	1,909	Casella Waste Systems Inc., Class A Shares*		143,939
	1,390	CECO Environmental Corp.*		7,478
	692	Cimpress PLC*		43,589
	9,171	Clean Harbors Inc.*		875,189
	4,868	CoreCivic Inc.*		44,347
	1,668	Deluxe Corp.		51,892
	2,007	Driven Brands Holdings Inc.*		58,946
	1,039	Ennis Inc.		19,512
	2,849	GEO Group Inc. (The)*		16,980
	124,969	Harsco Corp.*		1,488,381
	3,189	Healthcare Services Group Inc.		50,450
	534	Heritage-Crystal Clean Inc.*		14,973
	1,664	HNI Corp.		67,708
	5,449	IAA Inc.*		200,196
	2,175	Interface Inc., Class A Shares		28,384
	55,646	KAR Auction Services Inc.*		1,027,225
	1,285	Kimball International Inc., Class B Shares		11,912
	24,852	Matthews International Corp., Class A Shares		824,589
	2,966	MillerKnoll Inc.		115,318
	1,144	Montrose Environmental Group Inc.*		50,462
	1,431	MSA Safety Inc.		199,052
	157	NL Industries Inc.		1,002
	4,876	Pitney Bowes Inc.		24,283
	838	SP Plus Corp.*		25,014
	4,320	Steelcase Inc., Class A Shares		52,574
	20,119	Stericycle Inc.*		1,174,145
	1,220	Team Inc.*		1,152
	2,164	Tetra Tech Inc.		343,578
	631	UniFirst Corp.		114,369
	13,255	US Ecology Inc.*		628,817
	1,105	Viad Corp.*		38,609
	375	VSE Corp.		17,869
	17,352	Waste Connections Inc.		2,142,798

		Total Commercial Services & Supplies		10,368,576


	Construction & Engineering — 1.4%
	5,484	AECOM		398,467
	1,297	Ameresco Inc., Class A Shares*		83,332
	7,831	API Group Corp.*		168,915
	1,850	Arcosa Inc.		97,440
	520	Argan Inc.		20,223
	1,394	Comfort Systems USA Inc.		119,856
	1,176	Concrete Pumping Holdings Inc.*		8,749
	1,217	Construction Partners Inc., Class A Shares*		32,567
	19,474	Dycom Industries Inc.*		1,695,406
	2,131	EMCOR Group Inc.		246,216
	5,599	Fluor Corp.*		121,274
	1,784	Granite Construction Inc.		54,002

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	INDUSTRIALS — 16.4% — (continued)

	Construction & Engineering — 1.4% — (continued)
	2,542	Great Lakes Dredge & Dock Corp.*	$	35,868
	303	IES Holdings Inc.*		12,738
	797	Infrastructure & Energy Alternatives Inc.*		8,671
	2,212	INNOVATE Corp.*		7,366
	2,188	MasTec Inc.*		172,327
	1,079	Matrix Service Co.*		7,488
	8,197	MDU Resources Group Inc.		219,434
	625	MYR Group Inc.*		56,094
	394	Northwest Pipe Co.*		11,229
	495	NV5 Global Inc.*		53,089
	2,330	Primoris Services Corp.		61,442
	5,673	Quanta Services Inc.		618,017
	982	Sterling Construction Co., Inc.*		28,998
	1,364	Tutor Perini Corp.*		13,367
	2,869	Valmont Industries Inc.		620,995
	106,258	WillScot Mobile Mini Holdings Corp.*		3,775,347

		Total Construction & Engineering		8,748,917


	Electrical Equipment — 1.4%
	1,394	Acuity Brands Inc.		254,224
	667	Advent Technologies Holdings Inc.*		1,728
	459	Allied Motion Technologies Inc.		15,982
	979	American Superconductor Corp.*		8,312
	5,461	Array Technologies Inc.*		61,382
	19,502	Atkore Inc.*(a)		1,983,548
	12,839	AZZ Inc.		632,064
	117,925	Babcock & Wilcox Enterprises Inc.*		826,654
	360	Beam Global*(a)		5,224
	1,578	Blink Charging Co.*(a)		38,787
	21,877	Bloom Energy Corp., Class A Shares*		485,669
	8,856	ChargePoint Holdings Inc.*(a)		128,589
	10,400	Encore Wire Corp.		1,210,768
	1,745	EnerSys		126,914
	1,534	Eos Energy Enterprises Inc.*		4,449
	1,550	Fluence Energy Inc., Class A Shares*		20,972
	737	FTC Solar Inc.*		3,471
	15,488	FuelCell Energy Inc.*(a)		92,928
	8,080	GrafTech International Ltd.		81,446
	2,187	Hubbell Inc., Class B Shares		389,833
	6,598	nVent Electric PLC		223,870
	20,599	Plug Power Inc.*(a)		520,949
	332	Powell Industries Inc.		7,018
	128	Preformed Line Products Co.		7,136
	2,719	Regal Rexnord Corp.		435,992
	4,531	Romeo Power Inc.*(a)		8,292
	6,270	Sensata Technologies Holding PLC*		363,096
	4,082	Shoals Technologies Group Inc., Class A Shares*		64,536
	4,819	Stem Inc.*		45,877
	8,250	Sunrun Inc.*		225,060
	1,189	Thermon Group Holdings Inc.*		20,356
	1,329	TPI Composites Inc.*		17,968
	12,970	Vertiv Holdings Co., Class A Shares		168,869
	881	Vicor Corp.*		65,872

		Total Electrical Equipment		8,547,835

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	INDUSTRIALS — 16.4% — (continued)

	Machinery — 2.9%
	2,500	AGCO Corp.	$	300,400
	2,731	AgEagle Aerial Systems Inc.*(a)		3,195
	407	Alamo Group Inc.		56,618
	14,969	Albany International Corp., Class A Shares		1,314,578
	4,213	Allison Transmission Holdings Inc.		168,267
	22,785	Altra Industrial Motion Corp.(a)		967,679
	863	Astec Industries Inc.		42,977
	24,049	Barnes Group Inc.		1,117,076
	679	Blue Bird Corp.*		14,469
	1,418	Chart Industries Inc.*		204,759
	615	CIRCOR International Inc.*		16,568
	4,603	Colfax Corp.*		185,087
	1,267	Columbus McKinnon Corp.		57,826
	1,298	Commercial Vehicle Group Inc.*		10,371
	1,979	Crane Co.		200,037
	8,554	Desktop Metal Inc., Class A Shares*		35,585
	4,971	Donaldson Co., Inc.		269,776
	929	Douglas Dynamics Inc.		34,131
	1,704	Energy Recovery Inc.*		32,376
	20,408	Enerpac Tool Group Corp., Class A Shares		352,038
	870	EnPro Industries Inc.		96,083
	979	ESCO Technologies Inc.		68,109
	4,543	Evoqua Water Technologies Corp.*		193,804
	2,314	Federal Signal Corp.		83,559
	19,270	Flowserve Corp.		585,230
	1,853	Franklin Electric Co., Inc.		156,690
	3,975	Gates Industrial Corp. PLC*		62,964
	793	Gorman-Rupp Co. (The)		29,547
	6,717	Graco Inc.		484,229
	1,374	Greenbrier Cos., Inc. (The)		61,047
	1,312	Helios Technologies Inc.		102,874
	2,852	Hillenbrand Inc.		136,069
	1,372	Hydrofarm Holdings Group Inc.*		27,783
	4,856	Hyliion Holdings Corp.*(a)		20,978
	331	Hyster-Yale Materials Handling Inc.		12,671
	15,129	Ideanomics Inc.*		15,885
	4,567	IDEX Corp.		876,407
	15,589	ITT Inc.		1,369,805
	1,222	John Bean Technologies Corp.		138,538
	474	Kadant Inc.		93,544
	3,419	Kennametal Inc.		108,416
	10,224	Lincoln Electric Holdings Inc.		1,303,151
	1,690	Lindsay Corp.		221,745
	984	Luxfer Holdings PLC ,ADR		17,141
	1,593	Manitowoc Co., Inc. (The)*		26,332
	40,188	Markforged Holding Corp.*(a)		156,331
	396	Mayville Engineering Co., Inc.*		4,095
	2,570	Meritor Inc.*		91,518
	2,215	Middleby Corp. (The)*		393,428
	610	Miller Industries Inc.		18,898
	2,189	Mueller Industries Inc.		124,882
	92,298	Mueller Water Products Inc., Class A Shares		1,171,262
	9,276	Nikola Corp.*(a)		73,280
	1,713	NN Inc.*		4,437

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	INDUSTRIALS — 16.4% — (continued)

	Machinery — 2.9% — (continued)
	2,329	Nordson Corp.	$	527,495
	108	Omega Flex Inc.		15,687
	2,750	Oshkosh Corp.		305,360
	384	Park-Ohio Holdings Corp.		6,102
	6,650	Pentair PLC		385,102
	1,079	Proto Labs Inc.*		60,672
	1,133	RBC Bearings Inc.*		219,632
	953	REV Group Inc.		12,885
	1,310	Shyft Group Inc. (The)		52,937
	2,138	Snap-on Inc.		449,365
	1,839	SPX Corp.*		93,237
	1,715	SPX FLOW Inc.		147,301
	481	Standex International Corp.		50,952
	727	Tennant Co.		57,273
	2,709	Terex Corp.		111,828
	2,614	Timken Co. (The)		171,374
	2,468	Titan International Inc.*		27,642
	4,252	Toro Co. (The)		398,880
	3,145	Trinity Industries Inc.		90,765
	5,590	Twin Disc Inc.*		66,521
	2,346	Wabash National Corp.		39,976
	1,106	Watts Water Technologies Inc., Class A Shares		159,209
	5,117	Welbilt Inc.*		120,966
	2,954	Westinghouse Air Brake Technologies Corp.		274,190

		Total Machinery		17,559,896


	Marine — 0.1%
	1,879	Costamare Inc.		25,367
	341	Eagle Bulk Shipping Inc.		17,981
	1,556	Genco Shipping & Trading Ltd.		30,000
	2,349	Kirby Corp.*		153,037
	1,691	Matson Inc.		187,312
	2,124	Safe Bulkers Inc.*		8,878

		Total Marine		422,575


	Professional Services — 2.4%
	1,975	Acacia Research Corp.*		7,564
	17,464	ASGN Inc.*		1,934,837
	504	Atlas Technical Consultants Inc.*		5,786
	269	Barrett Business Services Inc.		16,180
	5,336	Booz Allen Hamilton Holding Corp., Class A Shares		430,562
	934	CACI International Inc., Class A Shares*		261,324
	1,854	CBIZ Inc.*		72,139
	20,715	CoStar Group Inc.*		1,263,822
	256	CRA International Inc.		22,741
	6,360	Dun & Bradstreet Holdings Inc.*		118,042
	2,028	Exponent Inc.		192,173
	2,063	First Advantage Corp.*		33,318
	386	Forrester Research Inc.*		20,045
	463	Franklin Covey Co.*		21,344
	13,639	FTI Consulting Inc.*		1,991,294
	975	Heidrick & Struggles International Inc.		41,681
	184	HireQuest Inc.		3,452
	1,087	HireRight Holdings Corp.*		14,207
	18,456	Huron Consulting Group Inc.*		910,435

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	INDUSTRIALS — 16.4% — (continued)

	Professional Services — 2.4% — (continued)
	712	ICF International Inc.	$	63,097
	1,405	Insperity Inc.		126,380
	5,162	Jacobs Engineering Group Inc.		634,926
	62,460	KBR Inc.		3,100,514
	1,238	Kelly Services Inc., Class A Shares		26,270
	788	Kforce Inc.		59,242
	2,182	Korn Ferry		144,579
	693	Legalzoom.com Inc.*		10,818
	2,173	ManpowerGroup Inc.		230,947
	1,121	ManTech International Corp., Class A Shares		93,458
	729	Mistras Group Inc.*		4,862
	14,010	Nielsen Holdings PLC		244,054
	1,137	Resources Connection Inc.		18,874
	4,337	Robert Half International Inc.		521,698
	2,329	Science Applications International Corp.		204,230
	550	Sterling Check Corp.*		11,583
	1,673	TriNet Group Inc.*(a)		146,070
	1,401	TrueBlue Inc.*		38,107
	4,637	Upwork Inc.*		117,223
	8,551	Verisk Analytics Inc., Class A Shares		1,516,434
	374	Willdan Group Inc.*		12,080

		Total Professional Services		14,686,392


	Road & Rail — 1.0%
	359	AMERCO		207,362
	1,015	ArcBest Corp.		94,070
	1,648	Avis Budget Group Inc.*		302,309
	479	Covenant Logistics Group Inc., Class A Shares*		10,782
	1,348	Daseke Inc.*		16,917
	1,655	Heartland Express Inc.		23,766
	721	HyreCar Inc.*		1,961
	19,442	Knight-Swift Transportation Holdings Inc., Class A Shares		1,059,200
	1,515	Landstar System Inc.		233,931
	3,059	Marten Transport Ltd.		52,768
	3,953	Old Dominion Freight Line Inc.		1,241,361
	117	PAM Transportation Services Inc.*		7,894
	2,137	Ryder System Inc.		168,481
	5,647	Saia Inc.*		1,621,988
	2,139	Schneider National Inc., Class B Shares		55,871
	5,253	TuSimple Holdings Inc., Class A Shares*(a)		91,507
	346	Universal Logistics Holdings Inc.		6,619
	948	US Xpress Enterprises Inc., Class A Shares*		4,304
	9,314	Werner Enterprises Inc.		404,787
	3,909	XPO Logistics Inc.*		284,106
	1,832	Yellow Corp.*		16,506

		Total Road & Rail		5,906,490


	Trading Companies & Distributors — 1.3%
	43,770	AerCap Holdings NV*		2,382,401
	4,229	Air Lease Corp., Class A Shares		176,603
	713	Alta Equipment Group Inc.*		8,991
	1,518	Applied Industrial Technologies Inc.		153,470
	2,201	Beacon Roofing Supply Inc.*		131,378
	325	BlueLinx Holdings Inc.*		29,048
	1,571	Boise Cascade Co.		125,586

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	INDUSTRIALS — 16.4% — (continued)

	Trading Companies & Distributors — 1.3% — (continued)
	2,572	Core & Main Inc., Class A Shares*	$	57,819
	1,680	Custom Truck One Source Inc.*(a)		13,205
	646	DXP Enterprises Inc.*		18,547
	210	EVI Industries Inc.*		4,339
	29,820	Fastenal Co.		1,534,537
	1,388	GATX Corp.		148,002
	459	Global Industrial Co.		14,587
	1,754	GMS Inc.*		95,154
	1,256	H&E Equipment Services Inc.		52,451
	1,019	Herc Holdings Inc.		162,143
	144	Karat Packaging Inc.*		2,340
	197	Lawson Products Inc.*		8,374
	908	McGrath RentCorp		73,802
	2,774	MRC Global Inc.*		28,017
	1,852	MSC Industrial Direct Co., Inc., Class A Shares		143,493
	4,684	NOW Inc.*		43,749
	1,663	Rush Enterprises Inc., Class A Shares		86,376
	288	Rush Enterprises Inc., Class B Shares		14,115
	5,718	SiteOne Landscape Supply Inc.*		985,955
	1,814	Textainer Group Holdings Ltd.		64,415
	701	Titan Machinery Inc.*		19,859
	281	Transcat Inc.*		22,047
	2,689	Triton International Ltd.		176,614
	6,860	Univar Solutions Inc.*		210,671
	554	Veritiv Corp.*		59,372
	1,309	Watsco Inc.		357,436
	1,791	WESCO International Inc.*		218,018
	120	Willis Lease Finance Corp.*		4,195

		Total Trading Companies & Distributors		7,627,109

		TOTAL INDUSTRIALS		99,764,817


	INFORMATION TECHNOLOGY — 18.0%

	Communications Equipment — 1.5%
	1,885	ADTRAN Inc.		38,812
	274	Aviat Networks Inc.*		7,754
	57,783	CalAmp Corp.*		407,948
	2,182	Calix Inc.*		118,570
	368	Cambium Networks Corp.*		10,234
	1,434	Casa Systems Inc.*		5,965
	45,284	Ciena Corp.*		3,098,331
	417	Clearfield Inc.*		26,734
	8,336	CommScope Holding Co., Inc.*		79,525
	1,241	Comtech Telecommunications Corp.		25,540
	1,182	Digi International Inc.*		23,735
	734	DZS Inc.*		10,636
	40,264	EMCORE Corp.*		156,224
	4,728	Extreme Networks Inc.*		54,325
	2,444	F5 Inc.*		490,877
	3,450	Harmonic Inc.*		32,120
	101,732	Infinera Corp.*(a)		938,986
	3,004	Inseego Corp.*		14,149
	13,146	Juniper Networks Inc.		444,203
	659	KVH Industries Inc.*		5,681
	2,857	Lumentum Holdings Inc.*		282,443

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 18.0% — (continued)

	Communications Equipment — 1.5% — (continued)
	983	NETGEAR Inc.*	$	26,158
	2,924	NetScout Systems Inc.*		91,024
	1,570	Plantronics Inc.*		44,227
	10,946	Radware Ltd.*		376,652
	70,462	Ribbon Communications Inc.*		214,205
	21,971	ViaSat Inc.*		1,002,756
	58,104	Viavi Solutions Inc.*		952,906

		Total Communications Equipment		8,980,720


	Electronic Equipment, Instruments & Components — 2.5%
	742	908 Devices Inc.*		12,339
	15,911	Advanced Energy Industries Inc.		1,365,959
	3,973	Aeva Technologies Inc.*		16,687
	1,778	Akoustis Technologies Inc.*		11,201
	4,821	Amphenol Corp., Class A Shares		366,444
	3,035	Arlo Technologies Inc.*		28,165
	2,729	Arrow Electronics Inc.*		332,611
	4,003	Avnet Inc.		168,406
	1,267	Badger Meter Inc.		125,952
	19,873	Belden Inc.		1,119,844
	1,432	Benchmark Electronics Inc.		37,432
	6,930	Cognex Corp.		468,191
	959	Coherent Inc.*		253,483
	1,466	CTS Corp.		55,620
	1,375	Daktronics Inc.*		6,339
	976	ePlus Inc.*		45,774
	1,506	Fabrinet*		150,796
	684	FARO Technologies Inc.*		37,442
	710	Identiv Inc.*		14,882
	10,955	II-VI Inc.*(a)		760,934
	29,256	Innoviz Technologies Ltd.*(a)		117,024
	1,376	Insight Enterprises Inc.*		143,104
	5,944	IPG Photonics Corp.*		774,800
	1,907	Iteris Inc.*		6,274
	32,413	Itron Inc.*		1,545,128
	5,885	Jabil Inc.		340,212
	906	Kimball Electronics Inc.*		15,619
	51,139	Knowles Corp.*		1,113,807
	951	Littelfuse Inc.		245,558
	1,326	Luna Innovations Inc.*		9,057
	1,444	Methode Electronics Inc.		65,904
	5,849	MicroVision Inc.*(a)		23,455
	1,072	Napco Security Technologies Inc.*		21,858
	5,269	National Instruments Corp.		211,550
	1,743	nLight Inc.*		28,411
	1,430	Novanta Inc.*		195,381
	6,556	OSI Systems Inc.*		528,873
	7,315	Ouster Inc.*		24,725
	974	PAR Technology Corp.*		40,850
	556	PC Connection Inc.		27,127
	1,152	Plexus Corp.*		93,853
	7,515	Rogers Corp.*		2,051,595
	2,558	Sanmina Corp.*		101,757
	977	ScanSource Inc.*		30,854
	1,623	TD SYNNEX Corp.		165,270

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 18.0% — (continued)

	Electronic Equipment, Instruments & Components — 2.5% — (continued)
	3,164	Teledyne Technologies Inc.*	$	1,358,558
	4,102	TTM Technologies Inc.*		51,562
	2,888	Velodyne Lidar Inc.*(a)		10,657
	5,333	Vishay Intertechnology Inc.		102,340
	436	Vishay Precision Group Inc.*		13,695
	6,809	Vontier Corp.		165,459

		Total Electronic Equipment, Instruments & Components		15,002,818


	IT Services — 2.7%
	7,640	Alliance Data Systems Corp.		515,318
	5,162	Amdocs Ltd.		406,249
	2,036	BigCommerce Holdings Inc.*		52,732
	1,407	Brightcove Inc.*		10,524
	2,077	Cantaloupe Inc.*		16,138
	515	Cass Information Systems Inc.		20,384
	1,685	Concentrix Corp.		336,815
	222,864	Conduent Inc.*		1,085,348
	1,386	CSG Systems International Inc.		85,544
	2,000	DigitalOcean Holdings Inc.*(a)		118,640
	10,153	DXC Technology Co.*		345,507
	9,478	Euronet Worldwide Inc.*		1,215,364
	2,372	EVERTEC Inc.		95,734
	2,201	Evo Payments Inc., Class A Shares*		53,066
	1,273	ExlService Holdings Inc.*		153,766
	4,207	Fastly Inc., Class A Shares*(a)		78,250
	19,356	Flywire Corp.*		523,773
	4,441	Gartner Inc.*		1,245,345
	7,393	Genpact Ltd.(a)		309,323
	1,624	Globant SA*		444,976
	714	GreenBox POS*(a)		2,428
	1,672	Grid Dynamics Holdings Inc.*		20,315
	894	Hackett Group Inc. (The)		18,524
	704	I3 Verticals Inc., Class A Shares*		18,586
	220	IBEX Holdings Ltd.*		3,469
	1,671	International Money Express Inc.*		26,836
	2,960	Jack Henry & Associates Inc.		523,328
	41,970	Kyndryl Holdings Inc.*		665,644
	4,565	Limelight Networks Inc.*		17,849
	2,642	LiveRamp Holdings Inc.*		114,029
	2,438	Maximus Inc.		192,261
	3,168	MoneyGram International Inc.*		34,024
	2,552	MongoDB Inc., Class A Shares*		974,838
	4,544	Okta Inc., Class A Shares*		830,825
	3,933	Paya Holdings Inc.*		25,368
	27,936	Paysafe Ltd.*(a)		89,116
	1,292	Perficient Inc.*		131,655
	482	Priority Technology Holdings Inc.*		2,535
	1,997	Rackspace Technology Inc.*		22,227
	736	Remitly Global Inc.*		8,059
	34,819	Repay Holdings Corp., Class A Shares*		601,324
	12,796	Sabre Corp.*		139,860
	13,068	Shift4 Payments Inc., Class A Shares*		688,030
	1,237	SolarWinds Corp.		16,761
	675	StarTek Inc.*		2,956
	4,557	Switch Inc., Class A Shares		118,573

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 18.0% — (continued)

	IT Services — 2.7% — (continued)
	1,694	Thoughtworks Holding Inc.*	$	38,725
	793	TTEC Holdings Inc.		63,044
	342	Tucows Inc., Class A Shares*		22,976
	3,102	Twilio Inc., Class A Shares*		542,230
	72,260	Unisys Corp.*		1,544,196
	5,452	Verra Mobility Corp., Class A Shares*		91,594
	15,949	Western Union Co. (The)		289,953
	1,746	WEX Inc.*		294,218
	13,986	WNS Holdings Ltd., ADR*		1,155,663

		Total IT Services		16,444,815


	Semiconductors & Semiconductor Equipment — 3.6%
	1,639	Allegro MicroSystems Inc.*		46,990
	906	Alpha & Omega Semiconductor Ltd.*		48,716
	1,431	Ambarella Inc.*		199,925
	4,065	Amkor Technology Inc.		92,154
	785	Atomera Inc.*		12,599
	1,358	Axcelis Technologies Inc.*		94,001
	1,631	AXT Inc.*		12,151
	33,179	Azenta Inc.		2,903,826
	1,064	CEVA Inc.*		43,379
	2,294	Cirrus Logic Inc.*		199,280
	5,185	CMC Materials Inc.		961,455
	2,014	Cohu Inc.*		62,796
	1,758	Diodes Inc.*		157,499
	5,295	Enphase Energy Inc.*		882,676
	5,384	Entegris Inc.		702,504
	4,255	First Solar Inc.*		320,359
	3,025	FormFactor Inc.*		122,482
	1,190	Ichor Holdings Ltd.*		41,924
	705	Impinj Inc.*		48,469
	3,194	Kopin Corp.*		8,432
	2,520	Kulicke & Soffa Industries Inc.		131,645
	5,416	Lattice Semiconductor Corp.*		339,150
	50,227	MACOM Technology Solutions Holdings Inc.*		3,018,643
	2,759	MaxLinear Inc., Class A Shares*		169,265
	7,427	Meta Materials Inc.*(a)		15,968
	8,951	MKS Instruments Inc.		1,348,021
	1,794	Monolithic Power Systems Inc.		822,908
	2,197	NeoPhotonics Corp.*		33,636
	172	NVE Corp.		9,838
	16,980	ON Semiconductor Corp.*		1,063,118
	1,948	Onto Innovation Inc.*		167,937
	1,170	PDF Solutions Inc.*		32,011
	2,228	Photronics Inc.*		41,040
	2,426	Power Integrations Inc.		218,340
	60,517	Rambus Inc.*		1,633,959
	11,190	Semtech Corp.*		776,362
	1,588	Silicon Laboratories Inc.*(a)		244,091
	9,413	Silicon Motion Technology Corp., ADR		682,819
	3,990	SiTime Corp.*		806,539
	316	SkyWater Technology Inc.*		3,650
	25,084	SMART Global Holdings Inc.*		688,556
	3,037	SunPower Corp., Class A Shares*		54,453
	1,567	Synaptics Inc.*		357,950

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 18.0% — (continued)

	Semiconductors & Semiconductor Equipment — 3.6% — (continued)
	1,789	Ultra Clean Holdings Inc.*	$	81,954
	1,696	Universal Display Corp.		262,727
	57,395	Veeco Instruments Inc.*		1,639,775
	4,636	Wolfspeed Inc.*		476,210

		Total Semiconductors & Semiconductor Equipment		22,082,182


	Software — 7.1%
	4,737	8x8 Inc.*		61,391
	2,659	A10 Networks Inc.		37,864
	37,436	ACI Worldwide Inc.*		1,254,855
	831	Agilysys Inc.*		34,927
	1,956	Alarm.com Holdings Inc.*		128,763
	943	Alkami Technology Inc.*		14,862
	1,853	Altair Engineering Inc., Class A Shares*(a)		123,076
	2,341	Alteryx Inc., Class A Shares*		145,844
	1,110	American Software Inc., Class A Shares		24,387
	5,754	Anaplan Inc.*		272,567
	7,264	ANSYS Inc.*		2,354,916
	765	Appfolio Inc., Class A Shares*		86,552
	1,587	Appian Corp., Class A Shares*		96,744
	476	Arteris Inc.*		7,107
	2,788	Asana Inc., Class A Shares*(a)		152,755
	9,634	Aspen Technology Inc.*		1,468,318
	2,185	Atlassian Corp. PLC, Class A Shares*		667,998
	3,475	Avalara Inc.*		361,087
	3,119	Avaya Holdings Corp.*		42,949
	839	AvidXchange Holdings Inc.*		8,080
	1,035	Benefitfocus Inc.*		10,433
	5,621	Bentley Systems Inc., Class B Shares		215,790
	3,694	Bill.com Holdings Inc.*		878,729
	40,775	Black Knight Inc.*		2,291,147
	1,877	Blackbaud Inc.*		117,294
	26,654	Blackline Inc.*		2,007,313
	27,280	Bottomline Technologies de Inc.*		1,545,139
	58,150	Box Inc., Class A Shares*(a)		1,489,221
	2,384	BTRS Holdings Inc., Class A Shares*		14,542
	2,530	C3.ai Inc., Class A Shares*(a)		56,723
	4,743	CDK Global Inc.		215,048
	1,540	Cerence Inc.*		55,609
	5,319	Ceridian HCM Holding Inc.*		387,808
	1,008	ChannelAdvisor Corp.*		18,094
	1,236	Cleanspark Inc.*(a)		13,102
	55,756	Cognyte Software Ltd.*		622,237
	1,816	CommVault Systems Inc.*		114,245
	637	Consensus Cloud Solutions Inc.*		35,455
	240	CoreCard Corp.*		7,733
	328	Couchbase Inc.*		6,911
	3,827	Coupa Software Inc.*		463,105
	3,877	Crowdstrike Holdings Inc., Class A Shares*		756,829
	254	CS Disco Inc.*		9,596
	806	Datto Holding Corp.*		18,909
	448	Digimarc Corp.*		13,498
	3,539	Digital Turbine Inc.*		171,571
	2,601	Dolby Laboratories Inc., Class A Shares		195,335
	1,089	Domo Inc., Class B Shares*		48,460

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 18.0% — (continued)

	Software — 7.1% — (continued)
	1,955	DoubleVerify Holdings Inc.*	$	54,056
	11,973	Dropbox Inc., Class A Shares*		271,667
	2,941	Duck Creek Technologies Inc.*		69,055
	7,976	Dynatrace Inc.*		354,294
	8,162	E2open Parent Holdings Inc.*		73,295
	923	Ebix Inc.		27,238
	816	eGain Corp.*		9,621
	2,988	Elastic NV*		258,910
	721	Enfusion Inc., Class A Shares*		11,961
	532	EngageSmart Inc.*		11,704
	1,579	Envestnet Inc.*		118,141
	1,595	Everbridge Inc.*		63,034
	559	EverCommerce Inc.*		6,697
	1,064	Fair Isaac Corp.*		501,346
	2,721	Five9 Inc.*		299,310
	1,408	GTY Technology Holdings Inc.*		6,252
	14,065	Guidewire Software Inc.*		1,239,830
	1,329	Informatica Inc., Class A Shares*		26,793
	405	Instructure Holdings Inc.*		9,076
	347	Intapp Inc.*		8,002
	1,330	InterDigital Inc.		85,679
	2,189	Jamf Holding Corp.*		74,886
	2,010	JFrog Ltd.*		49,788
	572	Kaltura Inc.*		1,281
	2,814	LivePerson Inc.*		57,068
	75,295	Mandiant Inc.*		1,490,841
	2,560	Manhattan Associates Inc.*		342,221
	3,502	Marathon Digital Holdings Inc.*(a)		88,776
	3,407	McAfee Corp., Class A Shares		88,548
	431	MeridianLink Inc.*		8,439
	352	MicroStrategy Inc., Class A Shares*(a)		155,936
	2,462	Mimecast Ltd.*		195,803
	1,693	Mitek Systems Inc.*		25,158
	1,388	Model N Inc.*		34,131
	5,318	Momentive Global Inc.*		83,599
	1,438	N-able Inc.*		16,638
	2,265	nCino Inc.*(a)		104,031
	49,360	NCR Corp.*		2,000,067
	8,709	New Relic Inc.*		576,884
	22,036	NortonLifeLock Inc.		638,603
	11,449	Nuance Communications Inc.*		635,648
	8,314	Nutanix Inc., Class A Shares*		221,984
	988	ON24 Inc.*		15,413
	29,262	OneSpan Inc.*		403,230
	3,291	PagerDuty Inc.*		111,302
	1,464	Paycor HCM Inc.*		41,094
	1,543	Paylocity Holding Corp.*		327,795
	1,625	Pegasystems Inc.		141,570
	25,744	Ping Identity Holding Corp.*		541,654
	2,367	Procore Technologies Inc.*		154,305
	1,987	Progress Software Corp.		87,587
	29,312	PROS Holdings Inc.*(a)		931,535
	4,244	PTC Inc.*		472,272
	2,307	Q2 Holdings Inc.*		150,070

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 18.0% — (continued)

	Software — 7.1% — (continued)
	1,383	Qualys Inc.*	$	173,304
	2,211	Rapid7 Inc.*		228,750
	1,289	Rekor Systems Inc.*(a)		6,097
	1,777	Rimini Street Inc.*		8,050
	3,264	Riot Blockchain Inc.*(a)		56,239
	3,623	SailPoint Technologies Holdings Inc.*		149,883
	40,380	Samsara Inc., Class A Shares*(a)		705,842
	1,437	Sapiens International Corp. NV		38,785
	323	SecureWorks Corp., Class A Shares*		4,964
	355	ShotSpotter Inc.*		9,116
	25,737	Smartsheet Inc., Class A Shares*		1,368,436
	1,796	Smith Micro Software Inc.*		7,471
	9,907	Sprout Social Inc., Class A Shares*		645,045
	1,407	SPS Commerce Inc.*		182,699
	3,484	Sumo Logic Inc.*		41,947
	1,334	Telos Corp.*		15,234
	3,610	Tenable Holdings Inc.*		199,850
	4,395	Teradata Corp.*		219,706
	1,813	Tyler Technologies Inc.*		776,435
	1,012	Upland Software Inc.*		19,086
	4,260	Varonis Systems Inc., Class B Shares*		185,736
	24,589	Verint Systems Inc.*		1,235,105
	1,052	Veritone Inc.*(a)		17,716
	490	Viant Technology Inc., Class A Shares*		4,033
	2,520	VirnetX Holding Corp.*		4,586
	9,421	Vonage Holdings Corp.*		191,435
	14,911	Workiva Inc., Class A Shares*		1,570,128
	95,777	Xperi Holding Corp.		1,658,858
	4,508	Yext Inc.*		33,449
	4,790	Zendesk Inc.*		558,849
	4,721	Zuora Inc., Class A Shares*		71,665

		Total Software		43,287,535


	Technology Hardware, Storage & Peripherals — 0.6%
	16,372	3D Systems Corp.*		291,749
	1,452	Avid Technology Inc.*		45,680
	1,081	Corsair Gaming Inc.*(a)		24,949
	45,631	Diebold Nixdorf Inc.*		396,990
	1,829	Eastman Kodak Co.*(a)		8,724
	47,188	Pure Storage Inc., Class A Shares*		1,224,057
	144,746	Quantum Corp.*(c)		376,340
	46,722	Stratasys Ltd.*		1,171,788
	1,650	Super Micro Computer Inc.*		64,828
	602	Turtle Beach Corp.*		14,310
	5,604	Xerox Holdings Corp.		110,455

		Total Technology Hardware, Storage & Peripherals		3,729,870

		TOTAL INFORMATION TECHNOLOGY		109,527,940


	MATERIALS — 5.4%

	Chemicals — 2.4%
	1,217	AdvanSix Inc.		48,753
	2,391	Albemarle Corp.		468,373
	1,145	American Vanguard Corp.		17,255
	7,597	Amyris Inc.*		34,642
	2,157	Ashland Global Holdings Inc.		199,048

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	MATERIALS — 5.4% — (continued)

	Chemicals — 2.4% — (continued)
	1,017	Aspen Aerogels Inc.*	$	30,103
	21,160	Avient Corp.		1,108,572
	33,975	Axalta Coating Systems Ltd.*		918,684
	1,258	Balchem Corp.		174,032
	2,242	Cabot Corp.		164,025
	8,578	CF Industries Holdings Inc.		696,448
	250	Chase Corp.		22,958
	6,294	Chemours Co. (The)		173,714
	3,418	Danimer Scientific Inc.*		13,604
	2,829	Diversey Holdings Ltd.*		27,074
	10,676	Ecolab Inc.		1,881,752
	1,714	Ecovyst Inc.		18,734
	9,352	Element Solutions Inc.		229,872
	3,419	Ferro Corp.*		74,295
	1,005	FutureFuel Corp.		7,397
	66,890	GCP Applied Technologies Inc.*		2,112,386
	670	Hawkins Inc.		30,324
	2,117	HB Fuller Co.		144,739
	8,294	Huntsman Corp.		335,409
	1,637	Ingevity Corp.*		111,693
	1,043	Innospec Inc.		99,607
	375	Intrepid Potash Inc.*		21,334
	733	Koppers Holdings Inc.*		20,986
	20,369	Kraton Corp.*		940,029
	772	Kronos Worldwide Inc.		11,372
	6,348	Livent Corp.*		149,495
	4,067	Marrone Bio Innovations Inc.*		2,803
	1,253	Minerals Technologies Inc.		87,698
	14,891	Mosaic Co. (The)		780,735
	247	NewMarket Corp.		78,487
	5,771	Olin Corp.		297,264
	2,810	Orion Engineered Carbons SA		43,667
	2,084	PureCycle Technologies Inc.*		14,505
	531	Quaker Chemical Corp.		98,559
	2,153	Rayonier Advanced Materials Inc.*		12,638
	5,114	RPM International Inc.		432,491
	1,656	Scotts Miracle-Gro Co. (The)		231,939
	1,659	Sensient Technologies Corp.		136,254
	955	Stepan Co.		98,957
	1,116	Tredegar Corp.		12,845
	1,590	Trinseo PLC		82,616
	58,458	Tronox Holdings PLC, Class A Shares		1,186,697
	115	Valhi Inc.		2,929
	7,005	Valvoline Inc.		226,472
	1,326	Westlake Corp.		146,271
	2,658	Zymergen Inc.*		10,180

		Total Chemicals		14,270,716


	Construction Materials — 0.3%
	1,624	Eagle Materials Inc.		222,212
	1,037	Forterra Inc.*		24,432
	4,675	Summit Materials Inc., Class A Shares*		145,953
	78	United States Lime & Minerals Inc.		9,167
	8,251	Vulcan Materials Co.		1,497,144

		Total Construction Materials		1,898,908

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	MATERIALS — 5.4% — (continued)

	Containers & Packaging — 1.6%
	15,705	AptarGroup Inc.	$	1,914,125
	765	Ardagh Group SA, Class A Shares(b)(c)		13,965
	3,568	Ardagh Metal Packaging SA*		29,650
	11,184	Avery Dennison Corp.		1,970,621
	5,412	Berry Global Group Inc.*		328,238
	21,804	Crown Holdings Inc.		2,674,697
	11,340	Graphic Packaging Holding Co.		233,377
	1,135	Greif Inc., Class A Shares		65,251
	197	Greif Inc., Class B Shares		11,213
	2,050	Myers Industries Inc.		34,071
	6,384	O-I Glass Inc.*		81,588
	3,751	Packaging Corp. of America		552,110
	1,500	Pactiv Evergreen Inc.		14,430
	32,397	Ranpak Holdings Corp., Class A Shares*		784,007
	5,921	Sealed Air Corp.		397,477
	11,751	Silgan Holdings Inc.		492,132
	3,871	Sonoco Products Co.		227,305
	1,669	TriMas Corp.		54,259
	247	UFP Technologies Inc.*		17,078

		Total Containers & Packaging		9,895,594


	Metals & Mining — 1.0%
	79,891	Alamos Gold Inc., Class A Shares		587,998
	7,462	Alcoa Corp.		562,187
	4,821	Allegheny Technologies Inc.*		124,093
	4,159	Arconic Corp.*		127,681
	1,867	Carpenter Technology Corp.		71,674
	2,421	Century Aluminum Co.*		57,184
	87,373	Cleveland-Cliffs Inc.*(a)		1,953,660
	10,858	Coeur Mining Inc.*		46,689
	4,858	Commercial Metals Co.		187,276
	1,419	Compass Minerals International Inc.		83,182
	4,986	Constellium SE, Class A Shares*		96,878
	3,346	Ferroglobe Representation & Warranty Insurance Trust*(b)		—
	1,572	Gatos Silver Inc.*		5,298
	429	Haynes International Inc.		15,684
	20,952	Hecla Mining Co.		120,684
	609	Kaiser Aluminum Corp.		58,768
	848	Materion Corp.		70,850
	2,946	MP Materials Corp.*(a)		134,397
	8,931	Novagold Resources Inc.*		62,338
	372	Olympic Steel Inc.		9,958
	1,075	Perpetua Resources Corp.*		3,870
	1,064	PolyMet Mining Corp.*		2,894
	2,434	Reliance Steel & Aluminum Co.		464,578
	2,624	Royal Gold Inc.		318,186
	863	Ryerson Holding Corp.		22,542
	1,119	Schnitzer Steel Industries Inc., Class A Shares		54,439
	7,575	Steel Dynamics Inc.		534,643
	2,856	SunCoke Energy Inc.		22,648
	1,565	TimkenSteel Corp.*		28,217
	10,852	United States Steel Corp.(a)		295,283
	2,453	Warrior Met Coal Inc.		77,270
	1,391	Worthington Industries Inc.		79,315

		Total Metals & Mining		6,280,364

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	MATERIALS — 5.4% — (continued)

	Paper & Forest Products — 0.1%
	787	Clearwater Paper Corp.*	$	22,689
	1,591	Glatfelter Corp.		21,860
	3,519	Louisiana-Pacific Corp.		253,192
	704	Neenah Inc.		27,421
	1,517	Schweitzer-Mauduit International Inc.		47,361
	1,225	Verso Corp., Class A Shares		32,475

		Total Paper & Forest Products		404,998

		TOTAL MATERIALS		32,750,580


	REAL ESTATE — 6.4%

	Equity Real Estate Investment Trusts (REITs) — 5.9%
	3,372	Acadia Realty Trust		72,296
	2,860	Agree Realty Corp.		183,469
	2,814	Alexander & Baldwin Inc.		63,118
	77	Alexander’s Inc.		19,513
	29,582	American Assets Trust Inc.		1,081,518
	5,597	American Campus Communities Inc.		301,175
	11,449	American Homes 4 Rent, Class A Shares		435,177
	10,768	Americold Realty Trust		287,721
	6,253	Apartment Income REIT Corp.		322,717
	6,404	Apartment Investment & Management Co., Class A Shares*		45,725
	8,715	Apple Hospitality REIT Inc.		154,168
	3,215	Armada Hoffler Properties Inc.		47,196
	779	Ashford Hospitality Trust Inc.*		6,707
	7,358	Boston Properties Inc.		899,957
	1,765	Braemar Hotels & Resorts Inc.*		10,519
	6,225	Brandywine Realty Trust		82,979
	11,972	Brixmor Property Group Inc.		300,737
	6,112	Broadstone Net Lease Inc., Class A Shares		132,386
	474	BRT Apartments Corp.		10,433
	3,988	Camden Property Trust		658,459
	3,748	CareTrust REIT Inc.		65,590
	1,948	CatchMark Timber Trust Inc., Class A Shares		14,922
	541	Centerspace		50,849
	22,099	Chatham Lodging Trust*		303,861
	1,956	City Office REIT Inc.		33,682
	586	Clipper Realty Inc.		5,579
	927	Community Healthcare Trust Inc.		38,656
	1,385	CorePoint Lodging Inc.*		22,118
	4,493	Corporate Office Properties Trust		117,762
	31,426	Cousins Properties Inc.		1,213,986
	241	CTO Realty Growth Inc.		15,108
	8,607	CubeSmart		414,943
	5,099	CyrusOne Inc.		460,695
	8,336	DiamondRock Hospitality Co.*		79,609
	19,077	DigitalBridge Group Inc.*		138,308
	10,606	Diversified Healthcare Trust		30,545
	6,728	Douglas Emmett Inc.		213,278
	3,177	Easterly Government Properties Inc., Class A Shares		66,145
	1,636	EastGroup Properties Inc.		312,083
	5,720	Empire State Realty Trust Inc., Class A Shares		54,111
	2,974	EPR Properties		148,105
	149,982	Equity Commonwealth*		3,985,022
	6,997	Equity LifeStyle Properties Inc.		522,116

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	REAL ESTATE — 6.4% — (continued)

	Equity Real Estate Investment Trusts (REITs) — 5.9% — (continued)
	4,914	Essential Properties Realty Trust Inc.	$	124,226
	1,041	Farmland Partners Inc.		12,148
	3,123	Federal Realty Investment Trust		367,202
	5,253	First Industrial Realty Trust Inc.		302,468
	2,834	Four Corners Property Trust Inc.		74,761
	3,441	Franklin Street Properties Corp.		19,889
	9,204	Gaming and Leisure Properties Inc.		417,954
	1,126	Getty Realty Corp.		31,021
	1,504	Gladstone Commercial Corp.		31,870
	1,163	Gladstone Land Corp.		34,762
	2,118	Global Medical REIT Inc.		33,253
	4,267	Global Net Lease Inc.		60,634
	99,877	Healthcare Realty Trust Inc.(a)		2,604,792
	8,781	Healthcare Trust of America Inc., Class A Shares		258,074
	1,330	Hersha Hospitality Trust, Class A Shares*		12,276
	4,001	Highwoods Properties Inc.		174,444
	28,547	Host Hotels & Resorts Inc.*		521,554
	6,193	Hudson Pacific Properties Inc.		163,495
	4,067	Independence Realty Trust Inc.		102,773
	182	Indus Realty Trust Inc.		13,857
	2,489	Industrial Logistics Properties Trust		55,679
	939	Innovative Industrial Properties Inc., Class A Shares		176,964
	11,471	Iron Mountain Inc.		564,144
	17,111	iStar Inc.(a)		429,828
	38,332	JBG SMITH Properties		1,022,698
	4,673	Kilroy Realty Corp.		334,680
	23,374	Kimco Realty Corp.		549,990
	8,526	Kite Realty Group Trust		186,975
	3,475	Lamar Advertising Co., Class A Shares		378,984
	3,272	Life Storage Inc.		414,202
	1,582	LTC Properties Inc.		53,519
	11,345	LXP Industrial Trust		175,394
	8,305	Macerich Co. (The)(a)		127,067
	23,684	Medical Properties Trust Inc.		481,733
	1,662	National Health Investors Inc.		88,601
	7,172	National Retail Properties Inc.		305,599
	3,263	National Storage Affiliates Trust		190,135
	4,774	Necessity Retail REIT Inc.(The)		33,609
	1,604	NETSTREIT Corp.		35,513
	861	NexPoint Residential Trust Inc.		73,159
	1,940	Office Properties Income Trust		48,597
	9,715	Omega Healthcare Investors Inc.		273,672
	539	One Liberty Properties Inc.		15,663
	5,760	Outfront Media Inc.		153,792
	7,152	Paramount Group Inc.		80,031
	9,510	Park Hotels & Resorts Inc.*		179,168
	5,302	Pebblebrook Hotel Trust		119,348
	664	Phillips Edison & Co., Inc.		21,460
	9,196	Physicians Realty Trust		149,527
	4,792	Piedmont Office Realty Trust Inc., Class A Shares		81,656
	1,414	Plymouth Industrial REIT Inc.		36,877
	483	Postal Realty Trust Inc., Class A Shares		8,428
	2,566	PotlatchDeltic Corp.		140,873
	1,823	Preferred Apartment Communities Inc.		46,049

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	REAL ESTATE — 6.4% — (continued)

	Equity Real Estate Investment Trusts (REITs) — 5.9% — (continued)
	7,806	PS Business Parks Inc.	$	1,243,418
	5,563	Rayonier Inc.		220,851
	6,824	Regency Centers Corp.		449,633
	4,720	Retail Opportunity Investments Corp.		85,715
	594	Retail Value Inc.		1,841
	6,152	Rexford Industrial Realty Inc.		431,440
	25,341	RLJ Lodging Trust		354,521
	3,540	RPT Realty		45,843
	2,124	Ryman Hospitality Properties Inc.*		187,146
	9,533	Sabra Health Care REIT Inc.		128,028
	876	Safehold Inc.		53,751
	421	Saul Centers Inc.		19,379
	7,449	SBA Communications Corp., Class A Shares		2,259,952
	1,238	Seritage Growth Properties, Class A Shares*		12,615
	6,541	Service Properties Trust		56,449
	6,676	SITE Centers Corp.		103,812
	2,706	SL Green Realty Corp.(a)		215,181
	29,655	Spirit Realty Capital Inc.		1,375,102
	13,508	STAG Industrial Inc.		526,272
	9,691	STORE Capital Corp.		297,708
	4,049	Summit Hotel Properties Inc.*		40,045
	30,056	Sunstone Hotel Investors Inc.*		317,992
	4,314	Tanger Factory Outlet Centers Inc.		71,958
	2,904	Terreno Realty Corp.		199,766
	1,498	UMH Properties Inc.		34,544
	7,956	Uniti Group Inc.		103,189
	455	Universal Health Realty Income Trust		25,985
	4,581	Urban Edge Properties		83,466
	1,056	Urstadt Biddle Properties Inc., Class A Shares		19,884
	3,399	Veris Residential Inc.*		57,443
	24,603	VICI Properties Inc.		687,900
	7,117	Vornado Realty Trust		308,024
	3,270	Washington Real Estate Investment Trust		76,387
	1,631	Whitestone REIT, Class B Shares		19,213
	4,180	Xenia Hotels & Resorts Inc.*		77,497

		Total Equity Real Estate Investment Trusts (REITs)		36,010,060


	Real Estate Management & Development — 0.5%
	15,668	CBRE Group Inc., Class A Shares*		1,517,446
	5,394	Cushman & Wakefield PLC*		118,237
	2,639	Douglas Elliman Inc.*		19,898
	2,591	eXp World Holdings Inc.(a)		69,283
	200	Fathom Holdings Inc.*		2,566
	669	Forestar Group Inc.*		12,249
	253	FRP Holdings Inc.*		14,656
	1,727	Howard Hughes Corp. (The)*		165,067
	2,029	Jones Lang LaSalle Inc.*		499,580
	4,739	Kennedy-Wilson Holdings Inc.		104,922
	951	Marcus & Millichap Inc.*		47,293
	5,984	Newmark Group Inc., Class A Shares		105,797
	17,941	Opendoor Technologies Inc.*		149,807
	435	Rafael Holdings Inc., Class B Shares*		1,370
	623	RE/MAX Holdings Inc., Class A Shares		18,466
	4,473	Realogy Holdings Corp.*		81,319
	4,159	Redfin Corp.*(a)		89,959

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	REAL ESTATE — 6.4% — (continued)

	Real Estate Management & Development — 0.5% — (continued)
	525	RMR Group Inc. (The), Class A Shares	$	15,299
	1,261	St Joe Co. (The)		68,132
	1,245	Tejon Ranch Co.*		21,140

		Total Real Estate Management & Development		3,122,486

		TOTAL REAL ESTATE		39,132,546


	UTILITIES — 2.9%

	Electric Utilities — 0.6%
	21,246	ALLETE Inc.		1,337,223
	4,257	Hawaiian Electric Industries Inc.		174,452
	3,826	IDACORP Inc.		397,713
	1,576	MGE Energy Inc.(a)		113,504
	9,756	NRG Energy Inc.		369,167
	8,017	OGE Energy Corp.		301,038
	1,769	Otter Tail Corp.		109,430
	4,540	Pinnacle West Capital Corp.		321,568
	3,373	PNM Resources Inc.		152,359
	3,420	Portland General Electric Co.		173,633
	502	Via Renewables Inc., Class A Shares		5,597

		Total Electric Utilities		3,455,684


	Gas Utilities — 0.3%
	2,410	Brookfield Infrastructure Corp., Class A Shares(a)		169,760
	501	Chesapeake Utilities Corp.		66,608
	3,395	National Fuel Gas Co.		211,305
	3,820	New Jersey Resources Corp.		166,629
	1,217	Northwest Natural Holding Co.		63,296
	2,125	ONE Gas Inc.		176,566
	4,175	South Jersey Industries Inc.		141,658
	2,464	Southwest Gas Holdings Inc.		174,796
	2,039	Spire Inc.		136,837
	8,333	UGI Corp.		320,321

		Total Gas Utilities		1,627,776


	Independent Power & Renewable Electricity Producers — 0.5%
	5,071	Brookfield Renewable Corp., Class A Shares		189,503
	1,443	Clearway Energy Inc., Class A Shares		44,141
	3,336	Clearway Energy Inc., Class C Shares		111,423
	19,174	Ormat Technologies Inc.(a)		1,368,065
	3,606	Sunnova Energy International Inc.*		72,661
	59,633	Vistra Corp.(a)		1,360,825

		Total Independent Power & Renewable Electricity Producers		3,146,618


	Multi-Utilities — 0.5%
	41,371	Avista Corp.		1,846,388
	2,610	Black Hills Corp.(a)		182,674
	15,596	NiSource Inc.		451,192
	10,072	NorthWestern Corp.		609,154
	551	Unitil Corp.		27,820

		Total Multi-Utilities		3,117,228


	Water Utilities — 1.0%
	1,545	American States Water Co.		130,027
	334	Artesian Resources Corp., Class A Shares		15,524
	827	Cadiz Inc.*		2,150

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

	UTILITIES — 2.9% — (continued)

	Water Utilities — 1.0% — (continued)
	9,200	California Water Service Group	$	523,756
	16,638	Essential Utilities Inc.		783,816
	619	Global Water Resources Inc.		9,440
	502	Middlesex Water Co.		50,195
	5,637	Pennon Group PLC, ADR		159,014
	734	Pure Cycle Corp.*		8,698
	32,284	SJW Group		2,105,563
	81,291	United Utilities Group PLC, ADR		2,323,297
	462	York Water Co. (The)		20,730

		Total Water Utilities		6,132,210

		TOTAL UTILITIES		17,479,516

		TOTAL COMMON STOCKS (Cost — $416,472,664)		578,452,797


	CONVERTIBLE PREFERRED STOCKS — 0.5%

	HEALTH CARE — 0.3%

	Health Care Equipment & Supplies — 0.3%
	28,209	Becton Dickinson & Co., 6.000% due 6/1/23		1,513,695


	UTILITIES — 0.2%

	Water Utilities — 0.2%
	24,948	Essential Utilities Inc., 6.000% due 4/30/22		1,407,317

		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost — $2,790,506)		2,921,012


	PREFERRED STOCKS — 0.3%

	FINANCIALS — 0.3%

	Banks — 0.2%
	60,447	US Bancorp, 3.500% (3-Month USD-LIBOR + 0.600%)(d)(e)		1,283,894


	Insurance — 0.1%
	13,662	MetLife Inc., 4.750%(e)		327,478
	14,300	MetLife Inc., 5.625%(a)(e)		371,085

		Total Insurance		698,563

		TOTAL FINANCIALS		1,982,457

		TOTAL PREFERRED STOCKS (Cost — $2,088,939)		1,982,457


	CLOSED END MUTUAL FUND SECURITIES — 0.2%

	FINANCIALS — 0.2%

	Capital Markets — 0.2%
	4,364	iShares^® Core S&P Small-Capital ETF(a)		470,046
	1,203	iShares^® Russell 2000 ETF, Common Class Shares(a)		244,594
	4,193	iShares^® Russell Mid-Capital ETF, Common Class Shares(a)		320,010

		TOTAL CLOSED END MUTUAL FUND SECURITIES (Cost — $528,276)		1,034,650

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Face Amount†			Rating††	Security	Value

	CORPORATE BONDS & NOTES — 0.2%

	COMMUNICATION SERVICES — 0.2%

	Diversified Telecommunication Services — 0.2%
$	702,000		NR	Infinera Corp., Senior Unsecured Notes, 2.500% due 3/1/27(c)(f)	$	1,009,827


	ENERGY — 0.0%

	Oil & Gas — 0.0%
	20,000		CCC	ION Geophysical Corp., Secured Notes, 8.000% due 12/15/25		12,560

				TOTAL CORPORATE BONDS & NOTES (Cost — $722,016)		1,022,387

				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $422,602,401)		585,413,303


	SHORT-TERM INVESTMENTS (g) — 8.0%

	MONEY MARKET FUND — 4.2%
	25,763,756			Invesco STIT — Government & Agency Portfolio, 0.026%, Institutional Class(h) (Cost — $25,763,756)		25,763,756


	TIME DEPOSITS — 3.8%
	784,045			ANZ National Bank — London, 0.005% due 3/1/22		784,045
	7,842,245			Barclays Bank PLC — London, 0.005% due 3/1/22		7,842,245
	20,372	^CAD		Royal Bank of Canada — Toronto, 0.005% due 3/1/22		16,070
	14,221,038			Skandinaviska Enskilda Banken AB — Stockholm, 0.005% due 3/1/22		14,221,039

				TOTAL TIME DEPOSITS (Cost — $22,863,399)		22,863,399

				TOTAL SHORT-TERM INVESTMENTS (Cost — $48,627,155)		48,627,155

				TOTAL INVESTMENTS — 104.2% (Cost — $471,229,556)		634,040,458

				Liabilities in Excess of Other Assets — (4.2)%		(25,439,441	)

				TOTAL NET ASSETS — 100.0%	$	608,601,017

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

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

*	Non-income producing security.

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

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

(c)	Illiquid security.

(d)	Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2022.

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

(f)

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 February 28, 2022, amounts to $1,009,827 and represents 0.2% of net assets.

(g)	Inclusive of all short-term holdings, including investments of collateral received from securities lending transactions. Excluding such collateral, the percentage of portfolio holdings would be 3.8%.

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

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

At February 28, 2022, for Small-Mid Cap Equity Fund the aggregate cost of investments, 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
Small-Mid Cap Equity Fund	$	471,229,556	$	186,549,514	$	(23,808,708)	$	162,740,806


Abbreviations used in this schedule:
ADR		— American Depositary Receipts
LIBOR		— London Interbank Offered Rate
PLC		— Public Limited Company
REIT		— Real Estate Investment Trust


Summary of Investments by Security Sector^
Information Technology	18.0	%
Industrials	16.4
Health Care	15.0
Financials	13.4
Consumer Discretionary	8.1
Real Estate	6.4
Materials	5.4
Consumer Staples	4.4
Energy	3.4
Utilities	3.1
Communication Services	2.6
Short-Term Investments	3.8	%

	100.0	%+

^	As a percentage of total investments.

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

At February 28, 2022, Small-Mid Cap Equity Fund had open exchange-traded futures contracts as described below.

The unrealized 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		Market Value		Unrealized Depreciation
Contracts to Buy:
E-mini Russell 2000 Index March Futures		14		3/22	$	1,444,793	$	1,431,150	$	(13,643	)
NASDAQ 100 E-mini Index March Futures		1		3/22		323,022		284,560		(38,462	)
S&P MidCap 400 E-mini Index March Futures		1		3/22		283,791		265,800		(17,991	)

									$	(70,096	)

At February 28, 2022, Small-Mid Cap Equity Fund had deposited cash of $99,996 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.


Currency Abbreviations used in this schedule:
CAD		— Canadian Dollar
USD		— United States Dollar

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	COMMON STOCKS — 95.8%

	Argentina — 0.1%
	876	MercadoLibre Inc.*	$	986,945


	Australia — 3.2%
	141,622	Allkem Ltd.*		959,753
	5,623	Ampol Ltd.		121,723
	26,273	APA Group		192,443
	13,185	Aristocrat Leisure Ltd.		364,079
	4,246	ASX Ltd.		257,095
	37,038	Aurizon Holdings Ltd.		94,731
	63,256	Australia & New Zealand Banking Group Ltd.		1,206,163
	98,086	Bank of Queensland Ltd.		574,676
	686,295	Beach Energy Ltd.		761,051
	111,301	BHP Group Ltd.		3,793,272
	11,494	BlueScope Steel Ltd.		169,816
	31,544	Brambles Ltd.		227,392
	91,303	Charter Hall Group, REIT		1,117,473
	16,244	Cochlear Ltd.		2,660,716
	29,185	Coles Group Ltd.		369,725
	37,422	Commonwealth Bank of Australia		2,549,683
	12,196	Computershare Ltd.		194,652
	7,899	Crown Resorts Ltd.*		71,412
	33,862	CSL Ltd.		6,495,144
	104,009	CSR Ltd.		437,768
	23,969	Dexus, REIT		191,114
	1,219	Domino’s Pizza Enterprises Ltd.		70,609
	78,989	Elders Ltd.		665,678
	31,092	Endeavour Group Ltd.		163,111
	36,877	Evolution Mining Ltd.		115,258
	37,050	Fortescue Metals Group Ltd.		490,690
	36,377	Goodman Group, REIT		590,735
	43,740	GPT Group (The), REIT		157,645
	139,459	Healius Ltd.		438,144
	4,200	IDP Education Ltd.		81,176
	65,978	Iluka Resources Ltd.		517,760
	212,558	Incitec Pivot Ltd.		486,694
	55,407	Insurance Australia Group Ltd.		185,743
	16,229	JB Hi-Fi Ltd.		583,096
	13,855	Lendlease Corp., Ltd.		107,403
	25,642	Macquarie Group Ltd.		3,386,876
	63,622	Medibank Pvt Ltd.		147,601
	3,727	Mineral Resources Ltd.		122,480
	88,127	Mirvac Group, REIT		166,462
	71,764	National Australia Bank Ltd.		1,515,557
	17,881	Newcrest Mining Ltd.		333,600
	25,327	Northern Star Resources Ltd.		191,267
	8,200	Orica Ltd.		87,923
	39,705	Origin Energy Ltd.		165,382
	35,953	OZ Minerals Ltd.		670,469
	105,443	Pendal Group Ltd.		356,032
	19,358	Qantas Airways Ltd.*		72,673
	31,728	QBE Insurance Group Ltd.		266,512
	4,055	Ramsay Health Care Ltd.		190,322
	1,063	REA Group Ltd.		103,241
	5,849	Reece Ltd.		83,509
	8,122	Rio Tinto Ltd.		700,587

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Australia — 3.2% — (continued)
	70,396	Santos Ltd.	$	378,674
	113,558	Scentre Group, REIT		254,693
	7,687	SEEK Ltd.		151,244
	34,263	Seven Group Holdings Ltd.		558,412
	275,308	Shopping Centres Australasia Property Group, REIT, Class Miscella Shares		586,728
	9,940	Sonic Healthcare Ltd.		255,562
	102,273	South32 Ltd.		363,246
	54,444	Stockland, REIT		167,177
	28,161	Suncorp Group Ltd.		222,371
	51,940	Super Retail Group Ltd.		419,255
	44,702	Tabcorp Holdings Ltd.		162,216
	67,444	Technology One Ltd.		491,581
	91,073	Telstra Corp., Ltd.		262,658
	66,724	Transurban Group		617,274
	16,916	Treasury Wine Estates Ltd.		143,943
	83,483	Vicinity Centres, REIT		109,846
	4,357	Washington H Soul Pattinson & Co., Ltd.		80,605
	24,807	Wesfarmers Ltd.		871,097
	80,264	Westpac Banking Corp.		1,341,531
	2,942	WiseTech Global Ltd.		94,611
	21,082	Woodside Petroleum Ltd.		444,823
	26,579	Woolworths Group Ltd.		689,559

		Total Australia		44,691,222


	Austria — 0.2%
	65,852	Erste Group Bank AG		2,355,284
	3,294	OMV AG		156,837
	3,607	Raiffeisen Bank International AG		58,403
	1,525	Verbund AG		184,613
	2,335	Voestalpine AG		76,068

		Total Austria		2,831,205


	Belgium — 0.5%
	3,830	Ageas SA NV		184,073
	19,048	Anheuser-Busch InBev SA/NV		1,171,413
	622	Elia Group SA/NV		88,889
	1,310	Etablissements Franz Colruyt NV		52,377
	2,478	Groupe Bruxelles Lambert SA		255,840
	5,486	KBC Group NV		395,999
	3,313	Proximus SADP		65,966
	349	Sofina SA		134,489
	1,656	Solvay SA		184,617
	30,127	UCB SA		3,300,717
	39,693	Umicore SA		1,627,519

		Total Belgium		7,461,899


	Brazil — 0.1%
	341,410	B3 SA — Brasil Bolsa Balcao		964,654


	Canada — 2.9%
	258,900	Air Canada*(a)		4,891,264
	146,535	Alimentation Couche-Tard Inc.		5,750,664
	111,605	ARC Resources Ltd.		1,379,546
	25,352	ATS Automation Tooling Systems Inc.*		982,922
	12,854	Ballard Power Systems Inc.*		147,025
	15,985	Boardwalk Real Estate Investment Trust(a)		711,803
	15,045	BRP Inc.(a)		1,078,085

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Canada — 2.9% — (continued)
	101,738	Canadian National Railway Co.	$	12,619,139
	24,948	Canadian Western Bank(a)		730,315
	21,084	Canfor Corp.*		477,163
	52,854	Celestica Inc.*		628,311
	32,320	CI Financial Corp.		529,021
	7,866	Descartes Systems Group Inc. (The)*		560,430
	96,328	Dundee Precious Metals Inc.(a)		569,898
	36,398	Finning International Inc.		1,058,893
	4,908	lululemon athletica Inc.*		1,570,265
	10,639	Methanex Corp.		553,812
	56,976	Parex Resources Inc.		1,256,196
	13,584	Stella-Jones Inc.		425,940
	24,598	Tilray Brands Inc., Class 2 Shares*(a)		149,408
	38,452	Toronto-Dominion Bank (The)		3,102,367
	70,441	Tricon Residential Inc.		1,046,863
	101,256	Yamana Gold Inc.		497,614

		Total Canada		40,716,944


	Chile — 0.1%
	94,092	Antofagasta PLC		1,887,663


	China — 0.3%
	60,640	Alibaba Group Holding Ltd., ADR*		800,783
	2,832,000	Beijing Capital International Airport Co., Ltd., Class H Shares*(b)		1,812,033
	1,004	JD.com Inc., Class A Shares*		36,144
	416,000	Kingdee International Software Group Co., Ltd.*		1,021,089
	21,100	Tencent Holdings Ltd.		1,146,743

		Total China		4,816,792


	Denmark — 2.5%
	3,371	Ambu AS, Class B Shares		61,555
	69	AP Moller — Maersk AS, Class A Shares		207,098
	127	AP Moller — Maersk AS, Class B Shares		402,673
	2,203	Carlsberg AS, Class B Shares		320,411
	60,365	Chr Hansen Holding AS		4,378,587
	33,207	Coloplast AS, Class B Shares		5,006,809
	15,135	Danske Bank AS		257,154
	2,549	Demant AS*		105,971
	4,476	DSV AS		815,439
	1,441	Genmab AS*		482,818
	2,808	GN Store Nord AS		148,908
	8,176	Jyske Bank AS, Class Registered Shares*		440,403
	120,251	Novo Nordisk AS, Class B Shares		12,382,138
	76,308	Novozymes AS, Class B Shares		4,961,961
	4,151	Orsted AS(c)		531,990
	2,151	Pandora AS		219,115
	172	ROCKWOOL International AS, Class B Shares		58,149
	4,120	Royal Unibrew AS		435,350
	8,016	Tryg AS		181,996
	111,553	Vestas Wind Systems AS		3,602,265

		Total Denmark		35,000,790


	Finland — 0.8%
	3,170	Elisa OYJ		175,147
	9,507	Fortum OYJ		198,695
	26,809	Kemira OYJ		352,409
	6,057	Kesko OYJ, Class B Shares		178,819

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Finland — 0.8% — (continued)
	84,658	Kone OYJ, Class B Shares	$	4,909,736
	59,867	Metso Outotec OYJ		501,253
	9,283	Neste OYJ		366,975
	118,310	Nokia OYJ*		638,666
	71,094	Nordea Bank Abp, Class A Shares		790,735
	2,135	Orion OYJ, Class B Shares		99,964
	10,944	Sampo OYJ, Class A Shares		514,568
	12,765	Stora Enso OYJ, Class R Shares		242,501
	19,991	TietoEVRY OYJ		554,993
	11,712	UPM-Kymmene OYJ		403,346
	31,032	Valmet OYJ		1,080,630
	10,885	Wartsila OYJ Abp		120,803

		Total Finland		11,129,240


	France — 10.0%
	3,425	Accor SA*		115,839
	612	Aeroports de Paris*		87,019
	46,804	Air Liquide SA		7,704,761
	12,936	Airbus SE*		1,631,862
	255,869	Alstom SA(c)		6,465,824
	18,208	Amundi SA(c)		1,254,377
	6,532	Arkema SA		858,269
	240,745	AXA SA		6,467,875
	967	BioMerieux		106,208
	24,682	BNP Paribas SA		1,430,098
	17,792	Bollore SA		89,185
	5,140	Bouygues SA		183,302
	6,491	Bureau Veritas SA		184,464
	3,518	Capgemini SE		740,475
	66,132	Carrefour SA		1,324,754
	11,102	Cie de Saint-Gobain		682,628
	3,718	Cie Générale des Établissements Michelin SCA		511,469
	3,694	CNP Assurances		90,148
	1,175	Covivio, REIT		95,985
	27,139	Credit Agricole SA		345,139
	14,342	Criteo SA, ADR*		477,015
	139,479	Danone SA		8,489,174
	610	Dassault Aviation SA		90,997
	123,588	Dassault Systemes SE		5,938,855
	13,866	Edenred		626,430
	12,579	Eiffage SA		1,274,562
	11,139	Electricite de France SA		101,531
	34,201	Elis SA*		545,178
	40,078	Engie SA		636,151
	17,531	EssilorLuxottica SA		3,017,016
	816	Eurazeo SE		62,568
	24,157	Faurecia SE		907,860
	1,062	Gecina SA, REIT		134,878
	10,010	Getlink SE		162,553
	695	Hermes International		950,515
	759	Ipsen SA		88,092
	1,646	Kering SA		1,154,946
	43,487	Klepierre SA, REIT		1,237,481
	17,640	Korian SA		358,645
	12,436	La Francaise des Jeux SAEM(c)		512,787
	22,650	Legrand SA		2,124,795

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	France — 10.0% — (continued)
	17,807	L’Oréal SA	$	7,080,172
	14,192	LVMH Moët Hennessy Louis Vuitton SE		10,294,436
	9,401	Nexans SA		897,565
	16,787	Nexity SA		659,782
	43,777	Orange SA		530,710
	1,040	Orpea SA		43,201
	18,916	Pernod Ricard SA		4,109,770
	11,180	Publicis Groupe SA		738,265
	458	Remy Cointreau SA		87,865
	4,433	Renault SA*		139,156
	38,910	Rexel SA		848,207
	7,500	Safran SA		944,522
	134,971	Sanofi		14,162,112
	607	Sartorius Stedim Biotech		230,925
	34,407	Schneider Electric SE		5,379,908
	557	SEB SA		81,524
	17,789	Societe Generale SA		502,795
	1,995	Sodexo SA		166,629
	5,512	SOITEC*		892,315
	4,676	Sopra Steria Group SACA		826,099
	1,289	Teleperformance		473,423
	2,369	Thales SA		271,139
	351,834	TotalEnergies SE		17,848,941
	1,865	Ubisoft Entertainment SA*		100,846
	2,787	Unibail-Rodamco-Westfield, REIT*(a)		210,463
	126,825	Valeo		2,763,855
	67,994	Vallourec SA*		669,443
	14,383	Veolia Environnement SA		496,553
	61,045	Vinci SA		6,398,036
	17,023	Vivendi SE		213,782
	575	Wendel SE		57,906
	5,231	Worldline SA*(c)		268,589

		Total France		137,650,644


	Germany — 7.7%
	22,478	adidas AG		5,342,916
	8,958	Allianz SE, Class Registered Shares		2,036,867
	7,188	Aurubis AG		846,196
	141,674	BASF SE		9,407,128
	98,763	Bayer AG, Class Registered Shares		5,704,461
	32,431	Bayerische Motoren Werke AG		3,147,417
	15,435	Bechtle AG		796,680
	2,212	Beiersdorf AG		224,248
	3,308	Brenntag SE		277,733
	900	Carl Zeiss Meditec AG		142,144
	22,632	Commerzbank AG*		191,145
	2,414	Continental AG*		207,317
	4,239	Covestro AG(c)		224,298
	52,958	Daimler Truck Holding AG*		1,612,367
	3,555	Delivery Hero SE*(c)		190,547
	5,952	Dermapharm Holding SE		435,139
	45,351	Deutsche Bank AG, Class Registered Shares*		573,076
	4,167	Deutsche Boerse AG		713,536
	12,027	Deutsche Lufthansa AG, Class Registered Shares*		91,582
	60,365	Deutsche Pfandbriefbank AG(c)		659,038
	21,751	Deutsche Post AG, Class Registered Shares		1,101,311

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Germany — 7.7% — (continued)
	71,082	Deutsche Telekom AG, Class Registered Shares	$	1,277,552
	15,061	DWS Group GmbH & Co. KGaA(c)		551,322
	49,265	E.ON SE		669,414
	4,809	Evonik Industries AG		145,016
	30,661	Freenet AG		821,613
	4,500	Fresenius Medical Care AG & Co. KGaA		288,188
	9,190	Fresenius SE & Co. KGaA		322,182
	18,270	GEA Group AG		800,516
	7,897	Gerresheimer AG		571,144
	1,323	Hannover Rueck SE		244,427
	3,274	HeidelbergCement AG		213,380
	3,624	HelloFresh SE*		198,680
	2,335	Henkel AG & Co. KGaA		179,553
	8,341	HUGO BOSS AG		512,502
	98,208	Infineon Technologies AG		3,385,263
	25,919	K+S AG, Class Registered Shares*		665,309
	1,626	KION Group AG		131,606
	18,944	Knorr-Bremse AG		1,670,413
	12,473	Lanxess AG		609,580
	1,602	LEG Immobilien SE		207,001
	47,250	Mercedes-Benz Group AG, Class Registered Shares		3,715,550
	36,572	Merck KGaA		7,281,134
	1,172	MTU Aero Engines AG		281,804
	3,074	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class Registered Shares		851,778
	1,312	Nemetschek SE		116,842
	46,715	ProSiebenSat.1 Media SE		642,363
	2,317	Puma SE		212,992
	103	Rational AG		76,001
	7,987	Rheinmetall AG		1,193,991
	225,737	RWE AG		10,501,945
	195,686	SAP SE		22,231,664
	2,028	Scout24 SE(c)		118,451
	42,028	Siemens AG, Class Registered Shares		5,969,092
	8,770	Siemens Energy AG		210,667
	6,188	Siemens Healthineers AG(c)		398,833
	2,614	Sixt SE*		392,198
	2,823	Symrise AG, Class A Shares		335,299
	31,756	TAG Immobilien AG		817,855
	22,816	Telefonica Deutschland Holding AG		62,549
	1,841	Uniper SE		58,832
	17,386	United Internet AG, Class Registered Shares		590,181
	717	Volkswagen AG		189,071
	16,189	Vonovia SE		861,541
	28,944	Zalando SE*(c)		1,934,017

		Total Germany		106,434,457


	Gibraltar — 0.0%
	121,464	888 Holdings PLC		389,549


	Hong Kong — 3.0%
	1,135,400	AIA Group Ltd.		11,805,327
	43,400	ASM Pacific Technology Ltd.		474,292
	818,500	BOC Hong Kong Holdings Ltd.		2,939,107
	41,200	Budweiser Brewing Co. APAC Ltd.(c)		127,637
	190,000	China Mengniu Dairy Co., Ltd.*		1,232,235
	43,000	Chow Tai Fook Jewellery Group Ltd.		89,359
	44,000	CK Asset Holdings Ltd.		277,868

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Hong Kong — 3.0% — (continued)
	60,000	CK Hutchison Holdings Ltd.	$	420,367
	14,500	CK Infrastructure Holdings Ltd.		89,969
	521,000	CLP Holdings Ltd.		5,302,951
	45,600	ESR Cayman Ltd.*(c)		140,546
	1,177	Futu Holdings Ltd., ADR*(a)		50,317
	48,000	Galaxy Entertainment Group Ltd.*		266,145
	1,901,000	Hang Lung Properties Ltd.		3,984,609
	16,500	Hang Seng Bank Ltd.		304,105
	33,894	Henderson Land Development Co., Ltd.		140,959
	58,000	HK Electric Investments & HK Electric Investments Ltd.		57,223
	89,000	HKT Trust & HKT Ltd., Class Miscella Shares		120,013
	238,380	Hong Kong & China Gas Co., Ltd.		360,643
	55,819	Hong Kong Exchanges & Clearing Ltd.		2,689,363
	26,700	Hongkong Land Holdings Ltd.		144,550
	142,000	Hysan Development Co., Ltd.		417,935
	75,300	Jardine Matheson Holdings Ltd.		4,484,741
	46,300	Link REIT		373,611
	282,500	LK Technology Holdings Ltd.		473,604
	4,837	Melco Resorts & Entertainment Ltd., ADR*		48,467
	34,500	MTR Corp., Ltd.		178,706
	35,669	New World Development Co., Ltd.		142,631
	1,231,000	Pacific Basin Shipping Ltd.		650,029
	31,000	Power Assets Holdings Ltd.		195,371
	82,646	Sino Land Co., Ltd.		104,236
	32,000	SITC International Holdings Co., Ltd.		131,389
	28,000	Sun Hung Kai Properties Ltd.		325,703
	10,000	Swire Pacific Ltd., Class A Shares		55,280
	25,600	Swire Properties Ltd.		66,857
	121,000	Techtronic Industries Co., Ltd.		2,015,577
	524,000	United Laboratories International Holdings Ltd. (The)		289,687
	197,500	WH Group Ltd.(c)		137,839
	38,000	Wharf Real Estate Investment Co., Ltd.		170,238
	38,000	Xinyi Glass Holdings Ltd.		100,908

		Total Hong Kong		41,380,394


	India — 0.1%
	99,517	HDFC Bank Ltd.		1,887,230


	Indonesia — 0.2%
	2,610,500	Bank Central Asia Tbk PT		1,476,274
	3,155,673	Bank Mandiri Persero Tbk PT		1,702,340

		Total Indonesia		3,178,614


	Ireland — 1.3%
	14,982	AerCap Holdings NV*		815,470
	136,063	Bank of Ireland Group PLC*		897,161
	17,043	CRH PLC		767,631
	113,077	Dalata Hotel Group PLC*		532,057
	2,215	DCC PLC		172,978
	159,271	Experian PLC		6,208,588
	3,645	Flutter Entertainment PLC*		522,603
	31,260	Glanbia PLC		436,093
	9,739	James Hardie Industries PLC, CDI		319,454
	3,482	Kerry Group PLC, Class A Shares		413,863
	3,371	Kingspan Group PLC		327,410
	57,064	Ryanair Holdings PLC, ADR*		5,689,851
	5,384	Smurfit Kappa Group PLC		268,260

		Total Ireland		17,371,419

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Israel — 0.5%
	854	Azrieli Group Ltd.	$	73,026
	24,926	Bank Hapoalim BM		264,478
	31,880	Bank Leumi Le-Israel BM		345,611
	2,331	Check Point Software Technologies Ltd.*		337,715
	909	CyberArk Software Ltd.*		154,657
	534	Elbit Systems Ltd.		109,642
	598	Fiverr International Ltd.*		47,188
	16,239	ICL Group Ltd.		185,533
	23,210	Inmode Ltd.*		990,835
	23,421	Israel Discount Bank Ltd., Class A Shares		154,546
	1,064	Kornit Digital Ltd.*		100,899
	3,343	Mizrahi Tefahot Bank Ltd.		130,862
	1,385	Nice Ltd.*		314,278
	6,888	Nice Ltd., ADR*		1,558,410
	32,012	Perion Network Ltd.*		732,115
	14,234	Radware Ltd.*		489,792
	24,254	Teva Pharmaceutical Industries Ltd., ADR*		197,185
	1,245	Wix.com Ltd.*		114,017

		Total Israel		6,300,789


	Italy — 2.9%
	2,869	Amplifon SpA		122,118
	24,285	Assicurazioni Generali SpA		478,472
	10,932	Atlantia SpA*		200,963
	63,156	Banca Mediolanum SpA		513,512
	26,671	Buzzi Unicem SpA		505,111
	11,803	Davide Campari-Milano NV		128,871
	12,236	De’Longhi SpA		389,577
	609	DiaSorin SpA		90,503
	1,622,429	Enel SpA		12,006,968
	55,382	Eni SpA		856,668
	2,766	Ferrari NV		589,112
	133,359	FinecoBank Banca Fineco SpA		2,224,424
	6,762	Infrastrutture Wireless Italiane SpA(c)		68,573
	7,177	Interpump Group SpA		384,576
	1,502,319	Intesa Sanpaolo SpA		3,851,493
	218,485	Iren SpA		609,789
	14,157	Mediobanca Banca di Credito Finanziario SpA		146,328
	4,504	Moncler SpA		269,538
	10,604	Nexi SpA*(c)		143,619
	11,974	Poste Italiane SpA(c)		137,622
	5,628	Prysmian SpA		186,016
	63,596	Recordati Industria Chimica e Farmaceutica SpA		3,101,349
	5,999	Reply SpA		977,931
	43,518	Snam SpA		242,298
	237,666	Telecom Italia SpA		99,784
	30,874	Terna — Rete Elettrica Nazionale		254,197
	898,574	UniCredit SpA		11,441,574

		Total Italy		40,020,986


	Japan — 16.6%
	4,400	Advantest Corp.		353,885
	14,300	Aeon Co., Ltd.(a)		323,948
	4,300	AGC Inc.		191,030
	3,000	Aisin Corp.		109,640
	10,200	Ajinomoto Co., Inc.		297,149

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Japan — 16.6% — (continued)
	3,400	ANA Holdings Inc.*	$	74,942
	10,000	Asahi Group Holdings Ltd.		405,430
	4,400	Asahi Intecc Co., Ltd.		94,410
	27,500	Asahi Kasei Corp.(a)		258,730
	30,000	ASKUL Corp.		435,538
	40,900	Astellas Pharma Inc.		685,583
	2,500	Azbil Corp.		95,509
	4,400	Bandai Namco Holdings Inc.		321,782
	3,700	BayCurrent Consulting Inc.		1,469,963
	1,700	Benefit One Inc.		39,205
	90,700	Bridgestone Corp.		3,745,802
	4,700	Brother Industries Ltd.		85,661
	22,000	Canon Inc.		518,017
	3,500	Capcom Co., Ltd.		84,810
	3,200	Central Japan Railway Co.		432,393
	11,200	Chiba Bank Ltd. (The)		71,530
	14,800	Chubu Electric Power Co., Inc.(a)		148,747
	14,700	Chugai Pharmaceutical Co., Ltd.		487,265
	30,100	CKD Corp.		530,555
	21,900	Concordia Financial Group Ltd.		90,388
	500	Cosmos Pharmaceutical Corp.		69,194
	9,300	CyberAgent Inc.		120,113
	4,500	Dai Nippon Printing Co., Ltd.		117,357
	21,600	Daifuku Co., Ltd.		1,550,666
	12,300	Daihen Corp.		466,163
	22,100	Dai-ichi Life Holdings Inc.		463,796
	38,500	Daiichi Sankyo Co., Ltd.		939,006
	45,000	Daikin Industries Ltd.		8,348,329
	1,500	Daito Trust Construction Co., Ltd.		166,436
	12,400	Daiwa House Industry Co., Ltd.		353,589
	51	Daiwa House REIT Investment Corp., Class A Shares(a)		138,566
	29,100	Daiwa Securities Group Inc.		173,053
	5,600	Denka Co., Ltd.		172,989
	9,500	Denso Corp.		668,131
	4,500	Dentsu Group Inc.		179,931
	10,500	Disco Corp.		2,975,649
	6,600	East Japan Railway Co.(a)		392,076
	33,100	Eiken Chemical Co., Ltd.		502,646
	5,200	Eisai Co., Ltd.		259,370
	67,350	ENEOS Holdings Inc.		266,056
	95,700	FANUC Corp.		17,709,556
	1,300	Fast Retailing Co., Ltd.		704,122
	16,400	Food & Life Cos., Ltd.		544,818
	31,100	Fuji Corp.		630,610
	2,600	Fuji Electric Co., Ltd.		133,491
	8,500	Fuji Soft Inc.		416,929
	7,900	FUJIFILM Holdings Corp.		501,328
	4,300	Fujitsu Ltd.		629,501
	20,900	FULLCAST Holdings Co., Ltd.		431,870
	97	GLP J-REIT		144,776
	900	GMO Payment Gateway Inc.		86,613
	24,500	GungHo Online Entertainment Inc.		540,001
	24,800	H.U. Group Holdings Inc.		654,436
	4,700	Hakuhodo DY Holdings Inc.		61,930
	3,100	Hamamatsu Photonics KK		156,936
	5,300	Hankyu Hanshin Holdings Inc.		158,774

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Japan — 16.6% — (continued)
	500	Hikari Tsushin Inc.	$	61,981
	5,200	Hino Motors Ltd.		48,985
	845	Hirose Electric Co., Ltd.		126,713
	2,300	Hitachi Construction Machinery Co., Ltd.		56,431
	21,200	Hitachi Ltd.		1,045,677
	4,300	Hitachi Metals Ltd.*		76,705
	35,800	Honda Motor Co., Ltd.		1,092,325
	1,100	Hoshizaki Corp.		76,675
	48,400	Hoya Corp.		6,376,277
	7,800	Hulic Co., Ltd.		71,238
	2,500	Ibiden Co., Ltd.		121,644
	4,237	Idemitsu Kosan Co., Ltd.		115,092
	3,600	Iida Group Holdings Co., Ltd.		66,441
	52,100	INFRONEER Holdings Inc.(a)		463,139
	22,800	Inpex Corp.		235,162
	32,700	Internet Initiative Japan Inc.		1,065,060
	1,128	Invincible Investment Corp., REIT		388,569
	13,200	Isuzu Motors Ltd.		179,602
	1,200	Ito En Ltd.		69,110
	26,100	ITOCHU Corp.		851,796
	2,000	Itochu Techno-Solutions Corp.		51,694
	2,800	Japan Airlines Co., Ltd.*		56,141
	11,100	Japan Exchange Group Inc.		209,456
	141	Japan Metropolitan Fund Invest, REIT(a)		114,169
	8,400	Japan Post Bank Co., Ltd.(a)		74,154
	53,700	Japan Post Holdings Co., Ltd.*		447,146
	4,200	Japan Post Insurance Co., Ltd.		72,188
	29	Japan Real Estate Investment Corp., REIT		155,270
	26,300	Japan Tobacco Inc.		486,013
	11,400	JFE Holdings Inc.		170,442
	4,600	JSR Corp.		144,386
	9,000	Kajima Corp.		121,187
	2,700	Kakaku.com Inc.		59,139
	16,100	Kanamoto Co., Ltd.		319,729
	15,200	Kaneka Corp.		498,084
	16,300	Kansai Electric Power Co., Inc. (The)		165,196
	3,600	Kansai Paint Co., Ltd.		72,188
	10,400	Kao Corp.		490,066
	93,000	KDDI Corp.		3,042,673
	2,100	Keio Corp.		86,048
	2,700	Keisei Electric Railway Co., Ltd.		75,846
	75	Kenedix Office Investment Corp., REIT, Class A Shares		445,745
	23,500	Keyence Corp.		11,173,497
	3,200	Kikkoman Corp.		238,831
	3,500	Kintetsu Group Holdings Co., Ltd.		105,390
	24,700	Kintetsu World Express Inc.		651,871
	18,100	Kirin Holdings Co., Ltd.		300,781
	1,100	Kobayashi Pharmaceutical Co., Ltd.		94,989
	2,800	Kobe Bussan Co., Ltd.		93,298
	1,400	Koei Tecmo Holdings Co., Ltd.		48,600
	2,100	Koito Manufacturing Co., Ltd.		108,571
	19,200	Komatsu Ltd.		442,842
	18,400	Komeri Co., Ltd.		453,089
	1,900	Konami Holdings Corp.		107,546
	800	Kose Corp.		91,788
	106,300	Kubota Corp.		1,913,776

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Japan — 16.6% — (continued)
	17,100	Kumagai Gumi Co., Ltd.	$	430,296
	2,000	Kurita Water Industries Ltd.		82,283
	7,000	Kyocera Corp.		402,084
	6,100	Kyowa Kirin Co., Ltd.		157,467
	1,700	Lasertec Corp.		314,294
	1,200	Lawson Inc.		50,233
	4,800	Lion Corp.		62,925
	6,200	Lixil Corp.		138,441
	9,700	M3 Inc.		362,761
	85,800	Makita Corp.		3,053,253
	34,300	Marubeni Corp.		360,390
	11,400	Mazda Motor Corp.*		85,199
	1,900	McDonald’s Holdings Co. Japan Ltd.		81,652
	3,900	Medipal Holdings Corp.		71,309
	2,500	MEIJI Holdings Co., Ltd.		150,517
	2,100	Mercari Inc.*		66,799
	8,000	MINEBEA MITSUMI Inc.		174,928
	139,200	MISUMI Group Inc.		4,464,510
	28,400	Mitsubishi Chemical Holdings Corp.		204,175
	27,700	Mitsubishi Corp.		934,661
	40,000	Mitsubishi Electric Corp.		482,139
	26,000	Mitsubishi Estate Co., Ltd.		397,281
	2,900	Mitsubishi Gas Chemical Co., Inc.		51,598
	13,900	Mitsubishi HC Capital Inc.		72,638
	7,300	Mitsubishi Heavy Industries Ltd.		216,120
	262,200	Mitsubishi UFJ Financial Group Inc.		1,629,732
	34,200	Mitsui & Co., Ltd.		854,456
	3,700	Mitsui Chemicals Inc.		94,817
	20,100	Mitsui Fudosan Co., Ltd.		447,895
	2,500	Mitsui OSK Lines Ltd.		203,123
	1,900	Miura Co., Ltd.		52,073
	52,890	Mizuho Financial Group Inc.		698,449
	5,000	MonotaRO Co., Ltd.		93,976
	9,000	Morinaga Milk Industry Co., Ltd.		451,874
	9,800	MS&AD Insurance Group Holdings Inc.		333,612
	202,500	Murata Manufacturing Co., Ltd.		13,965,459
	62,500	Nabtesco Corp.		1,727,494
	5,300	NEC Corp.		229,211
	41,400	NEC Networks & System Integration Corp.		637,191
	10,900	Nexon Co., Ltd.		236,596
	5,200	NGK Insulators Ltd.		80,866
	9,800	Nidec Corp.		846,377
	7,000	Nihon M&A Center Holdings Inc.		103,359
	2,400	Nintendo Co., Ltd.		1,213,444
	86	Nippon Accommodations Fund Inc., REIT, Class A Shares		452,721
	34	Nippon Building Fund Inc., REIT		195,518
	33,600	Nippon Electric Glass Co., Ltd.		809,524
	1,900	Nippon Express Holdings Inc.		115,367
	18,600	Nippon Paint Holdings Co., Ltd.		165,616
	48	Nippon Prologis REIT Inc.		140,909
	3,200	Nippon Sanso Holdings Corp.		62,808
	1,100	Nippon Shinyaku Co., Ltd.		72,141
	18,800	Nippon Steel Corp.		347,451
	98,200	Nippon Suisan Kaisha Ltd.		465,997
	26,200	Nippon Telegraph & Telephone Corp.		751,540
	3,600	Nippon Yusen KK		335,545

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Japan — 16.6% — (continued)
	2,800	Nissan Chemical Corp.	$	159,183
	50,900	Nissan Motor Co., Ltd.*		242,238
	4,100	Nisshin Seifun Group Inc.		58,549
	1,300	Nissin Foods Holdings Co., Ltd.		103,786
	1,800	Nitori Holdings Co., Ltd.		271,690
	3,200	Nitto Denko Corp.		233,496
	67,400	Nomura Holdings Inc.		308,091
	2,700	Nomura Real Estate Holdings Inc.		67,477
	99	Nomura Real Estate Master Fund Inc., REIT		131,363
	7,380	Nomura Research Institute Ltd.		257,751
	163,700	North Pacific Bank Ltd.		363,873
	13,800	NTT Data Corp.		262,301
	13,100	Obayashi Corp.		109,737
	1,500	Obic Co., Ltd.		240,143
	6,900	Odakyu Electric Railway Co., Ltd.		113,971
	16,300	Oji Holdings Corp.		83,214
	24,200	Olympus Corp.		491,332
	3,900	Omron Corp.		264,730
	8,200	Ono Pharmaceutical Co., Ltd.		202,945
	23,100	Open House Group Co., Ltd.		1,047,332
	800	Oracle Corp. Japan		56,928
	4,400	Oriental Land Co., Ltd.		819,383
	26,800	ORIX Corp.		533,907
	53	Orix JREIT Inc.		74,230
	8,700	Osaka Gas Co., Ltd.		159,996
	2,300	Otsuka Corp.		88,953
	8,600	Otsuka Holdings Co., Ltd.		297,279
	25,300	Outsourcing Inc.		315,786
	9,600	Pan Pacific International Holdings Corp.		156,929
	48,500	Panasonic Corp.		503,836
	3,600	Persol Holdings Co., Ltd.		80,402
	2,200	Pola Orbis Holdings Inc.		34,506
	19,500	Rakuten Group Inc.		165,706
	82,700	Recruit Holdings Co., Ltd.		3,489,998
	27,600	Renesas Electronics Corp.*		329,045
	83,300	Rengo Co., Ltd.		623,862
	46,400	Resona Holdings Inc.		209,335
	26,800	Resorttrust Inc.		453,825
	15,600	Ricoh Co., Ltd.		133,255
	800	Rinnai Corp.		65,919
	1,800	Rohm Co., Ltd.		143,679
	5,100	Ryohin Keikaku Co., Ltd.		75,205
	16,500	Saizeriya Co., Ltd.		421,850
	11,200	Sankyu Inc.		389,300
	7,300	Santen Pharmaceutical Co., Ltd.		83,924
	43,600	Sanwa Holdings Corp.		488,041
	11,800	Sawai Group Holdings Co., Ltd.		468,478
	5,600	SBI Holdings Inc.		146,667
	3,400	SCSK Corp.		58,195
	4,600	Secom Co., Ltd.		337,840
	5,600	Seiko Epson Corp.		86,226
	115,500	Sekisui Chemical Co., Ltd.		1,896,555
	13,500	Sekisui House Ltd.		276,238
	16,500	Seven & i Holdings Co., Ltd.(a)		804,665
	7,200	SG Holdings Co., Ltd.		152,811
	5,000	Sharp Corp.		47,264

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Japan — 16.6% — (continued)
	5,300	Shimadzu Corp.	$	190,135
	1,600	Shimano Inc.		374,071
	13,200	Shimizu Corp.		87,530
	40,400	Shin-Etsu Chemical Co., Ltd.		6,245,654
	45,400	Shinko Electric Industries Co., Ltd.		1,952,329
	5,800	Shionogi & Co., Ltd.		387,017
	16,100	Ship Healthcare Holdings Inc.(a)		319,672
	8,800	Shiseido Co., Ltd.		502,346
	9,400	Shizuoka Bank Ltd. (The)		70,026
	15,500	SMC Corp.		9,226,581
	63,000	Softbank Corp.		796,061
	26,500	SoftBank Group Corp.		1,189,360
	1,400	Sohgo Security Services Co., Ltd.		50,547
	7,000	Sompo Holdings Inc.		306,381
	76,200	Sony Group Corp.		7,802,364
	1,700	Square Enix Holdings Co., Ltd.		82,158
	2,700	Stanley Electric Co., Ltd.		64,345
	17,900	Starts Corp., Inc.		405,342
	13,500	Subaru Corp.		223,039
	7,700	SUMCO Corp.		129,153
	34,000	Sumitomo Chemical Co., Ltd.		163,159
	24,700	Sumitomo Corp.		403,640
	4,300	Sumitomo Dainippon Pharma Co., Ltd.		47,408
	16,700	Sumitomo Electric Industries Ltd.(a)		222,111
	33,400	Sumitomo Forestry Co., Ltd.		645,495
	5,500	Sumitomo Metal Mining Co., Ltd.		275,719
	186,690	Sumitomo Mitsui Financial Group Inc.		6,654,560
	7,400	Sumitomo Mitsui Trust Holdings Inc.		264,852
	6,900	Sumitomo Realty & Development Co., Ltd.		203,778
	2,800	Suntory Beverage & Food Ltd.		112,384
	4,000	Suzuken Co., Ltd.		129,690
	8,100	Suzuki Motor Corp.		323,530
	48,300	Sysmex Corp.		3,925,946
	11,100	T&D Holdings Inc.		162,900
	4,500	Taisei Corp.		150,302
	1,000	Taisho Pharmaceutical Holdings Co., Ltd.		49,836
	15,100	Taiyo Yuden Co., Ltd.		689,554
	317,954	Takeda Pharmaceutical Co., Ltd.		9,686,426
	21,600	Takeuchi Manufacturing Co., Ltd.		484,167
	8,500	TDK Corp.		348,333
	75,400	Terumo Corp.		2,445,684
	5,200	TIS Inc.		122,722
	3,800	Tobu Railway Co., Ltd.		93,564
	2,300	Toho Co., Ltd.		96,097
	57,500	Tokio Marine Holdings Inc.		3,296,840
	900	Tokyo Century Corp.		39,658
	30,700	Tokyo Electric Power Co. Holdings Inc.*		96,738
	3,200	Tokyo Electron Ltd.		1,580,360
	8,600	Tokyo Gas Co., Ltd.		176,581
	11,900	Tokyo Seimitsu Co., Ltd.		496,219
	9,000	Tokyotokeiba Co., Ltd.		319,672
	11,500	Tokyu Corp.		153,695
	5,300	Toppan Inc.		104,536
	31,100	Toray Industries Inc.		178,954
	8,500	Toshiba Corp.		339,283
	5,300	Tosoh Corp.		82,688

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Japan — 16.6% — (continued)
	3,300	TOTO Ltd.	$	139,463
	1,800	Toyo Suisan Kaisha Ltd.		75,949
	44,700	Toyo Tire Corp.		592,815
	3,300	Toyota Industries Corp.		251,966
	449,200	Toyota Motor Corp.		8,171,877
	4,800	Toyota Tsusho Corp.		200,053
	3,100	Trend Micro Inc.		173,390
	800	Tsuruha Holdings Inc.		64,071
	8,900	Unicharm Corp.		335,587
	22,700	Ushio Inc.		370,059
	5,200	USS Co., Ltd.		86,416
	21,100	Valor Holdings Co., Ltd.		409,534
	2,000	Welcia Holdings Co., Ltd.		53,435
	12,700	West Holdings Corp.(a)		482,037
	4,800	West Japan Railway Co.		207,250
	3,000	Yakult Honsha Co., Ltd.		162,804
	3,100	Yamaha Corp.		145,087
	6,800	Yamaha Motor Co., Ltd.		153,014
	6,700	Yamato Holdings Co., Ltd.		130,949
	35,900	Yaskawa Electric Corp.(a)		1,434,735
	4,600	Yokogawa Electric Corp.		74,210
	58,800	Z Holdings Corp.		292,210
	14,900	Zenkoku Hosho Co., Ltd.(a)		626,885
	28,600	Zeon Corp.		338,117
	2,600	ZOZO Inc.		74,441

		Total Japan		229,135,030


	Jordan — 0.0%
	18,394	Hikma Pharmaceuticals PLC		511,827


	Luxembourg — 0.3%
	99,432	ArcelorMittal SA		3,069,641
	20,103	Aroundtown SA		124,600
	2,930	Eurofins Scientific SE		296,535
	11,308	Tenaris SA		146,355

		Total Luxembourg		3,637,131


	Macau — 0.5%
	2,465,200	Sands China Ltd.*		6,424,078


	Malta — 0.0%
	36,222	Kindred Group PLC		400,909


	Mexico — 0.1%
	104,482	Grupo Financiero Banorte SAB de CV, Class O Shares		709,130


	Netherlands — 3.3%
	32,256	Aalberts NV		1,775,414
	9,827	ABN AMRO Group NV, Dutch Certificate, GDR(c)		130,340
	434	Adyen NV*(c)		889,177
	39,911	Aegon NV		196,622
	63,153	Akzo Nobel NV		6,000,496
	1,006	Argenx SE*		288,936
	1,028	ASM International NV		325,680
	26,554	ASML Holding NV		17,505,257
	19,701	ASR Nederland NV		848,777
	9,789	BE Semiconductor Industries NV		821,695
	8,070	Euronext NV(c)		730,352

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Netherlands — 3.3% — (continued)
	2,398	EXOR NV	$	178,908
	46,448	Fugro NV*		444,201
	2,528	Heineken Holding NV		206,040
	5,688	Heineken NV(a)		575,896
	1,250	IMCD NV		202,428
	305,011	ING Groep NV		3,562,497
	2,158	JDE Peet’s NV		70,768
	3,975	Just Eat Takeaway.com NV*(c)		160,263
	22,946	Koninklijke Ahold Delhaize NV		705,334
	3,835	Koninklijke DSM NV		713,647
	73,778	Koninklijke KPN NV		252,144
	82,627	Koninklijke Philips NV		2,811,280
	5,929	NN Group NV		283,176
	20,476	Prosus NV*		1,269,362
	5,246	QIAGEN NV*		263,227
	2,690	Randstad NV		182,769
	20,731	Signify NV(c)		1,053,678
	116,533	Stellantis NV		2,088,545
	15,915	Universal Music Group NV		358,581
	5,870	Wolters Kluwer NV		597,179

		Total Netherlands		45,492,669


	New Zealand — 0.1%
	25,187	Auckland International Airport Ltd.*		121,621
	12,619	Fisher & Paykel Healthcare Corp., Ltd.		237,005
	17,469	Mercury NZ Ltd.		67,965
	25,777	Meridian Energy Ltd.		87,771
	8,723	Ryman Healthcare Ltd.		59,068
	37,569	Spark New Zealand Ltd.		114,956
	2,925	Xero Ltd.*		202,636

		Total New Zealand		891,022


	Norway — 0.6%
	5,317	Adevinta ASA, Class B Shares*		57,468
	2,536	Aker BP ASA		79,493
	84,988	DNB Bank ASA		1,904,290
	120,166	Equinor ASA		3,791,466
	4,024	Gjensidige Forsikring ASA		99,587
	9,650	Mowi ASA		248,586
	29,510	Norsk Hydro ASA		279,388
	17,029	Orkla ASA		159,777
	1,593	Schibsted ASA, Class A Shares		46,028
	2,045	Schibsted ASA, Class B Shares(d)		53,068
	43,372	Sparebanken Vest		516,500
	15,354	Telenor ASA		227,271
	3,719	Yara International ASA		189,309

		Total Norway		7,652,231


	Peru — 0.1%
	7,498	Credicorp Ltd.		1,134,073


	Poland — 0.0%
	4,038	InPost SA*		24,934


	Portugal — 0.0%
	60,913	EDP — Energias de Portugal SA		295,492
	10,086	Galp Energia SGPS SA		111,714
	5,698	Jeronimo Martins SGPS SA		123,931

		Total Portugal		531,137

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Singapore — 0.8%
	2,190,258	Ascendas Real Estate Investment Trust, REIT	$	4,478,492
	110,650	CapitaLand Integrated Commercial Trust, REIT		172,845
	60,700	Capitaland Investment Ltd.*		165,351
	9,700	City Developments Ltd.		50,962
	39,700	DBS Group Holdings Ltd.		996,451
	620,500	Frasers Logistics & Commercial Trust, REIT		640,506
	124,700	Genting Singapore Ltd.		70,878
	23,805	Grab Holdings Ltd., Class A Shares*		137,117
	29,300	Keppel Corp., Ltd.		129,573
	45,500	Mapletree Commercial Trust, REIT		60,780
	62,729	Mapletree Logistics Trust, REIT		81,363
	74,300	Oversea-Chinese Banking Corp., Ltd.		640,213
	7,017	Sea Ltd., ADR*		1,021,675
	344,500	Sembcorp Industries Ltd.		640,589
	32,250	Singapore Airlines Ltd.*		121,188
	12,600	Singapore Exchange Ltd.		86,850
	31,400	Singapore Technologies Engineering Ltd.		88,533
	186,800	Singapore Telecommunications Ltd.		347,466
	25,803	United Overseas Bank Ltd.		569,849
	9,271	UOL Group Ltd.		47,839
	5,700	Venture Corp., Ltd.		73,782
	45,100	Wilmar International Ltd.		145,805

		Total Singapore		10,768,107


	South Korea — 2.0%
	6,311	AfreecaTV Co., Ltd.(a)		739,824
	3,809	Cosmax Inc.*(a)		275,403
	6,470	Coway Co., Ltd.(a)		388,213
	1,369	KCC Corp.		383,107
	3,546	LEENO Industrial Inc.		532,064
	2,314	LG Innotek Co., Ltd.(a)		631,397
	7,596	LOTTE Fine Chemical Co., Ltd.		502,128
	5,301	LX Semicon Co., Ltd.(a)		505,897
	4,907	Maeil Dairies Co., Ltd.(a)		278,127
	13,038	Osstem Implant Co., Ltd.(d)(e)		773,767
	53,407	Partron Co., Ltd.		513,206
	8,951	PharmaResearch Co., Ltd.(a)		656,409
	235,547	Samsung Electronics Co., Ltd.		14,212,682
	35,209	Samsung Engineering Co., Ltd.*		680,654
	4,544	Samsung SDI Co., Ltd.		2,075,543
	47,575	SK Hynix Inc.		4,922,201

		Total South Korea		28,070,622


	Spain — 3.9%
	4,802	Acciona SA		816,580
	55,563	Acerinox SA		699,633
	5,781	ACS Actividades de Construccion y Servicios SA		139,531
	43,187	Aena SME SA*(c)		6,992,881
	183,842	Amadeus IT Group SA*		12,187,319
	48,356	Applus Services SA		440,444
	922,650	Banco Bilbao Vizcaya Argentaria SA		5,445,596
	380,506	Banco Santander SA		1,267,851
	134,433	Bankinter SA		759,259
	2,220,032	CaixaBank SA		7,298,084
	35,401	Cellnex Telecom SA(c)		1,601,561
	27,431	Cia de Distribucion Integral Logista Holdings SA		496,064

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Spain — 3.9% — (continued)
	6,559	EDP Renovaveis SA	$	157,538
	3,916	Enagas SA		82,584
	7,211	Endesa SA		158,959
	10,977	Ferrovial SA		300,154
	7,012	Grifols SA		132,225
	502,454	Iberdrola SA		5,670,240
	217,510	Industria de Diseno Textil SA		5,720,815
	12,687	Laboratorios Farmaceuticos Rovi SA		1,026,647
	59,913	Merlin Properties Socimi SA, REIT		670,723
	4,506	Naturgy Energy Group SA		120,173
	6,811	Red Electrica Corp. SA		135,655
	32,327	Repsol SA		422,128
	5,571	Siemens Gamesa Renewable Energy SA*		128,973
	115,626	Telefonica SA		550,629
	6,251	Viscofan SA		385,162

		Total Spain		53,807,408


	Sweden — 1.6%
	6,903	Alfa Laval AB		222,970
	44,652	Arjo AB, Class B Shares		385,538
	21,993	Assa Abloy AB, Class B Shares		581,383
	14,735	Atlas Copco AB, Class A Shares		768,406
	8,563	Atlas Copco AB, Class B Shares		384,726
	6,002	Boliden AB		266,710
	18,030	Cibus Nordic Real Estate AB		450,025
	44,626	Dometic Group AB(c)		428,708
	5,344	Electrolux AB, Class B Shares		95,343
	12,276	Embracer Group AB, Class B Shares*		104,859
	14,461	Epiroc AB, Class A Shares		273,283
	8,759	Epiroc AB, Class B Shares		142,447
	6,604	EQT AB		222,649
	13,382	Essity AB, Class B Shares		345,173
	3,776	Evolution AB(c)		430,008
	2,384	Fastighets AB Balder, Class B Shares*		148,928
	16,665	Getinge AB, Class B Shares		643,480
	15,620	Hennes & Mauritz AB, Class B Shares		262,606
	43,230	Hexagon AB, Class B Shares		579,183
	9,628	Husqvarna AB, Class B Shares		114,866
	2,687	Industrivarden AB, Class A Shares		73,898
	3,835	Industrivarden AB, Class C Shares		103,802
	2,979	Investment AB Latour, Class B Shares		81,772
	10,943	Investor AB, Class A Shares		240,512
	39,979	Investor AB, Class B Shares		807,720
	5,428	Kinnevik AB, Class B Shares*		136,544
	1,529	L E Lundbergforetagen AB, Class B Shares		73,487
	5,371	Lifco AB, Class B Shares		120,479
	4,538	Lundin Energy AB		168,192
	31,298	Nibe Industrier AB, Class B Shares		274,557
	3,241	Sagax AB, Class B Shares		87,412
	89,316	Sandvik AB		1,925,858
	6,301	Securitas AB, Class B Shares		76,241
	12,043	Sinch AB*(c)		100,496
	35,713	Skandinaviska Enskilda Banken AB, Class A Shares		412,531
	7,599	Skanska AB, Class B Shares		171,716
	8,520	SKF AB, Class B Shares		157,296
	13,300	Svenska Cellulosa AB SCA, Class B Shares		216,570

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Sweden — 1.6% — (continued)
	188,694	Svenska Handelsbanken AB, Class A Shares	$	1,800,931
	289,433	Swedbank AB, Class A Shares		4,663,247
	33,999	Swedish Match AB		248,596
	11,445	Tele2 AB, Class B Shares		151,493
	64,047	Telefonaktiebolaget LM Ericsson, Class B Shares		594,053
	58,373	Telia Co. AB		217,031
	22,521	Trelleborg AB, Class B Shares		449,943
	4,029	Volvo AB, Class A Shares		78,077
	31,370	Volvo AB, Class B Shares		601,966
	31,062	Wihlborgs Fastigheter AB		615,522

		Total Sweden		21,501,233


	Switzerland — 10.2%
	36,042	ABB Ltd., Class Registered Shares		1,214,653
	12,981	Adecco Group AG, Class Registered Shares		609,437
	34,016	Alcon Inc.		2,637,202
	125	Bachem Holding AG, Class B Shares		74,286
	1,051	Baloise Holding AG, Class Registered Shares		175,631
	72	Barry Callebaut AG, Class Registered Shares		166,360
	1,498	Bossard Holding AG		418,400
	1,765	Bucher Industries AG, Class Registered Shares		776,570
	131	Chocoladefabriken Lindt & Spruengli AG		1,381,850
	2	Chocoladefabriken Lindt & Spruengli AG, Class Registered Shares		223,562
	33,915	Cie Financiere Richemont SA, Class Registered Shares		4,552,040
	4,341	Clariant AG, Class Registered Shares*		77,262
	22,920	Coca-Cola HBC AG*		578,510
	666,452	Credit Suisse Group AG, Class Registered Shares		5,569,162
	159	EMS-Chemie Holding AG, Class Registered Shares		155,460
	286	Forbo Holding AG, Class Registered Shares		490,459
	6,989	Galenica AG(c)		493,924
	787	Geberit AG, Class Registered Shares		510,412
	1,413	Givaudan SA, Class Registered Shares		5,872,045
	217,479	Glencore PLC		1,271,853
	11,488	Holcim Ltd., Class Registered Shares*		572,431
	17,546	Julius Baer Group Ltd.		1,016,759
	17,092	Kuehne + Nagel International AG, Class Registered Shares		4,613,819
	3,798	Logitech International SA, Class Registered Shares		284,564
	7,927	Lonza Group AG, Class Registered Shares		5,510,551
	3,896	Medmix AG*(c)		143,838
	164,780	Nestlé SA, Class Registered Shares		21,515,561
	250,116	Novartis AG, Class Registered Shares		21,842,525
	498	Partners Group Holding AG		667,029
	6,658	PSP Swiss Property AG, Class Registered Shares		858,440
	73,647	Roche Holding AG		28,122,822
	891	Schindler Holding AG		202,908
	408	Schindler Holding AG, Class Registered Shares		90,857
	1,342	SGS SA, Class Registered Shares		3,817,182
	6,922	Sika AG, Class Registered Shares		2,274,707
	1,198	Sonova Holding AG, Class Registered Shares		466,470
	14,985	STMicroelectronics NV		623,372
	227	Straumann Holding AG, Class Registered Shares		354,870
	5,482	Sulzer AG, Class Registered Shares		462,959
	646	Swatch Group AG (The)		199,394
	1,130	Swatch Group AG (The), Class Registered Shares		67,031
	694	Swiss Life Holding AG, Class Registered Shares		422,886
	1,725	Swiss Prime Site AG, Class Registered Shares		169,292

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Switzerland — 10.2% — (continued)
	6,618	Swiss Re AG	$	630,851
	568	Swisscom AG, Class Registered Shares		340,953
	3,645	Swissquote Group Holding SA		624,854
	1,927	Tecan Group AG, Class Registered Shares		836,061
	1,492	Temenos AG, Class Registered Shares		150,341
	77,180	UBS Group AG, Class Registered Shares		1,416,161
	11,292	VAT Group AG(c)		4,201,465
	1,087	Vifor Pharma AG		190,985
	11,254	Vontobel Holding AG, Class Registered Shares		889,833
	21,771	Zurich Insurance Group AG		9,949,100

		Total Switzerland		140,779,949


	Taiwan — 0.7%
	137,000	Taiwan Semiconductor Manufacturing Co., Ltd.		2,918,467
	57,900	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		6,195,879

		Total Taiwan		9,114,346


	United Kingdom — 18.3%
	21,292	3i Group PLC		376,689
	49,458	Abrdn PLC		136,689
	4,337	Admiral Group PLC		172,182
	225,607	Airtel Africa PLC(c)		426,018
	27,905	Anglo American PLC		1,425,106
	9,790	Ashtead Group PLC		631,538
	7,872	Associated British Foods PLC		201,017
	156,429	AstraZeneca PLC		18,975,949
	13,483	Atlantica Sustainable Infrastructure PLC		455,051
	21,225	Auto Trader Group PLC(c)		187,352
	2,424	AVEVA Group PLC		80,839
	82,527	Aviva PLC		459,995
	70,363	BAE Systems PLC		676,931
	342,376	Balfour Beatty PLC		1,090,117
	3,659,562	Barclays PLC		8,845,937
	22,405	Barratt Developments PLC		181,857
	2,589	Berkeley Group Holdings PLC		134,209
	3,131,857	BP PLC		15,272,782
	219,226	British American Tobacco PLC		9,616,302
	17,715	British Land Co. PLC (The), REIT		124,899
	195,300	BT Group PLC, Class A Shares		481,465
	57,494	Bunzl PLC		2,280,061
	95,388	Burberry Group PLC		2,468,467
	230,535	Capricorn Energy PLC*		688,808
	22,454	CNH Industrial NV		316,848
	4,501	Coca-Cola Europacific Partners PLC		230,496
	618,602	Compass Group PLC		13,896,724
	28,490	Computacenter PLC		1,042,054
	11,878	Cranswick PLC		558,334
	3,074	Croda International PLC		307,847
	17,501	CVS Group PLC		394,619
	228,705	Diageo PLC		11,350,989
	39,413	Electrocomponents PLC		518,775
	17,887	Endeavour Mining PLC(a)		472,396
	12,812	Entain PLC*		286,133
	4,864	Ferguson PLC		738,835
	31,128	Future PLC		1,093,705
	496,032	GlaxoSmithKline PLC		10,270,754

See Notes to Financial Statements.

100



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	United Kingdom — 18.3% — (continued)
	8,306	Halma PLC	$	268,053
	8,181	Hargreaves Lansdown PLC		124,141
	906,035	HSBC Holdings PLC		6,188,788
	52,767	IG Group Holdings PLC		549,315
	43,517	IMI PLC		850,667
	20,706	Imperial Brands PLC		455,133
	61,894	Inchcape PLC		615,478
	32,966	Informa PLC*		258,720
	4,009	InterContinental Hotels Group PLC*		278,520
	19,990	Intermediate Capital Group PLC		453,843
	3,477	Intertek Group PLC		249,549
	39,998	J Sainsbury PLC		147,472
	51,895	JD Sports Fashion PLC		103,967
	3,894	Johnson Matthey PLC		97,910
	617,361	Kingfisher PLC		2,511,713
	15,906	Land Securities Group PLC, REIT		168,519
	130,614	Legal & General Group PLC		480,989
	1,552,915	Lloyds Banking Group PLC		994,464
	7,404	London Stock Exchange Group PLC		648,203
	151,845	LondonMetric Property PLC, REIT		527,329
	58,696	M&G PLC		160,191
	262,483	Marks & Spencer Group PLC*		607,639
	96,813	Melrose Industries PLC		188,841
	90,339	Micro Focus International PLC		467,862
	10,623	Mondi PLC		221,004
	312,383	National Grid PLC		4,727,684
	126,019	NatWest Group PLC		383,670
	2,909	Next PLC		265,630
	37,181	Ocado Group PLC*		684,171
	108,125	OSB Group PLC		718,169
	17,423	Pearson PLC		151,254
	6,981	Persimmon PLC		224,257
	112,619	Pets at Home Group PLC		548,098
	15,373	Phoenix Group Holdings PLC		126,313
	1,014,470	Prudential PLC		15,259,444
	144,934	Reckitt Benckiser Group PLC		12,274,589
	91,791	Redrow PLC		705,762
	377,440	RELX PLC		11,519,751
	40,680	Rentokil Initial PLC		276,440
	24,572	Rio Tinto PLC		1,907,458
	11,230,306	Rolls-Royce Holdings PLC*		15,354,078
	128,593	Royal Mail PLC		671,126
	59,689	Safestore Holdings PLC, REIT		1,014,916
	23,054	Sage Group PLC (The)		217,174
	30,621	Savills PLC		521,892
	2,501	Schroders PLC		101,742
	26,260	Segro PLC, REIT		457,256
	334,497	Serco Group PLC		591,880
	5,509	Severn Trent PLC		211,888
	848,965	Shell PLC		22,502,723
	364,731	Smith & Nephew PLC		6,486,313
	8,863	Smiths Group PLC		179,811
	1,614	Spirax-Sarco Engineering PLC		256,943
	151,151	Spirent Communications PLC		489,954
	22,825	SSE PLC		519,429
	11,810	St. James’s Place PLC		220,007

See Notes to Financial Statements.

101



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units			Security	Value

	United Kingdom — 18.3% — (continued)
	57,584		Standard Chartered PLC	$	406,457
	53,966		Tate & Lyle PLC		541,159
	81,363		Taylor Wimpey PLC		162,532
	169,159		Tesco PLC		655,074
	26,270		Travis Perkins PLC		508,978
	148,249		Tritax Big Box REIT PLC		465,416
	296,800		Unilever PLC		14,945,203
	15,002		United Utilities Group PLC		215,461
	165,549		Virgin Money UK PLC		407,210
	44,324		Vistry Group PLC		589,277
	1,729,988		Vodafone Group PLC		3,057,574
	220,600		WH Smith PLC*(c)		4,727,873
	33,591		Whitbread PLC*		1,301,275
	26,091		WPP PLC		366,983

			Total United Kingdom		252,407,373


	United States — 0.3%
	1,069		Booking Holdings Inc.*		2,322,135
	20,169		International Game Technology PLC		617,575
	405,000		Nexteer Automotive Group Ltd.		406,153
	113,344		Reliance Worldwide Corp., Ltd.		382,080

			Total United States		3,727,943

			TOTAL COMMON STOCKS (Cost — $1,135,299,406)		1,321,822,588


	PREFERRED STOCKS — 0.7%

	Germany — 0.7%
	1,161		Bayerische Motoren Werke AG, Class Preferred Shares		94,887
	1,563		FUCHS PETROLUB SE, Class Preferred Shares		62,213
	3,909		Henkel AG & Co. KGaA, Class Preferred Shares		310,475
	3,360		Porsche Automobil Holding SE, Class Preferred Shares		341,457
	575		Sartorius AG, Class Preferred Shares		254,164
	40,042		Volkswagen AG, Class Preferred Shares		7,992,595

			Total Germany		9,055,791

			TOTAL PREFERRED STOCKS (Cost — $9,101,487)		9,055,791


	CLOSED END MUTUAL FUND SECURITY — 0.0%

	United States — 0.0%
	15,331		Vanguard FTSE Developed Markets ETF, Common Class (Cost — $615,969)		732,668

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $1,145,016,862)		1,331,611,047


Face Amount†

	SHORT-TERM INVESTMENTS (f) — 4.0%

	MONEY MARKET FUND — 0.9%
$	13,330,809		Invesco STIT — Government & Agency Portfolio, 0.026%, Institutional Class(g) (Cost — $13,330,809)		13,330,809


	TIME DEPOSITS — 3.1%
	52,831	^AUD	ANZ National Bank — Hongkong, (0.220)% due 3/1/22		38,369
	1,103,273		Barclays Bank PLC — London, 0.005% due 3/1/22		1,103,273

See Notes to Financial Statements.

102



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Face Amount†			Security	Value

	TIME DEPOSITS — 3.1% — (continued)
			BBH — Grand Cayman:
	38,941	^DKK	(0.740)% due 3/1/22	$	5,871
	57,881	^SEK	(0.300)% due 3/1/22		6,117
	1	^AUD	(0.220)% due 3/1/22		1
	332,897	^NOK	0.070% due 3/1/22		37,782
	7,192	^NZD	0.150% due 3/1/22		4,867
	1,184	^ZAR	3.700% due 3/1/22		77
			BNP Paribas — Paris:
	355,975	^CHF	(1.450)% due 3/1/22		388,195
$	13,563,039		0.005% due 3/1/22		13,563,039
	243,145	^GBP	0.090% due 3/1/22		326,227
	739,768	^EUR	Citibank — London, (0.780)% due 3/1/22		829,502
	325,555		Citibank — New York, 0.005% due 3/1/22		325,555
	191,845	^HKD	HSBC Bank — Hong Kong, 0.005% due 3/1/22		24,549
	19,895	^SGD	HSBC Bank — Singapore, 0.070% due 3/1/22		14,676
			Royal Bank of Canada — Toronto:
	2,340	^CAD	0.005% due 3/1/22		1,845
	3,309,006		0.005% due 3/1/22		3,309,006
	22,487,723		Skandinaviska Enskilda Banken AB — Stockholm, 0.005% due 3/1/22		22,487,723
	5,261,350	^JPY	Sumitomo Mitsui Banking Corp. — Tokyo, (0.340)% due 3/1/22		45,769

			TOTAL TIME DEPOSITS (Cost — $42,512,443)		42,512,443

			TOTAL SHORT-TERM INVESTMENTS (Cost — $55,843,252)		55,843,252

			TOTAL INVESTMENTS — 100.5% (Cost — $1,200,860,114)		1,387,454,299

			Liabilities in Excess of Other Assets — (0.5)%		(7,104,957	)

			TOTAL NET ASSETS — 100.0%	$	1,380,349,342

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

*	Non-income producing security.

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

(b)	Security trades on the Hong Kong exchange.

(c)

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

(e)	Illiquid security.

(f)	Inclusive of all short-term holdings, including investments of collateral received from securities lending transactions. Excluding such collateral, the percentage of portfolio holdings would be 3.1%.

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

At February 28, 2022, for International Equity Fund the aggregate cost of investments, 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	$	1,200,860,114	$	264,518,105	$	(77,966,128)	$	186,551,977

See Notes to Financial Statements.

103



Schedules of Investments


(unaudited) (continued)


International Equity Fund


Abbreviations used in this schedule:
ADR		— American Depositary Receipts
CDI		— Clearing House Electronics System (CHESS) Depositary Interest
GDR		— Global Depositary Receipt
PLC		— Public Limited Company
REIT		— Real Estate Investment Trust


Summary of Investments by Security Sector^
Industrials	19.3	%
Health Care	14.6
Financials	14.2
Information Technology	11.3
Consumer Discretionary	10.6
Consumer Staples	8.8
Materials	6.3
Energy	3.7
Utilities	3.5
Real Estate	2.4
Communication Services	2.2
Short-Term Investments	3.1

	100.0	%+

^	As a percentage of total investments.

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

At February 28, 2022, International Equity Fund had open exchange-traded futures contracts as described below.

The unrealized 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		Market Value		Unrealized Depreciation
Contracts to Buy:
Euro STOXX 50 March Futures		15		3/22	$	686,236	$	660,502	$	(25,734	)
FTSE 100 Index March Futures		4		3/22		399,729		398,995		(734	)
SPI 200 Index March Futures		1		3/22		131,333		127,511		(3,822	)
TOPIX Index March Futures		3		3/22		505,415		493,497		(11,918	)

									$	(42,208	)

At February 28, 2022, International Equity Fund had deposited cash of $114,592 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.


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
ZAR		— South African Rand

See Notes to Financial Statements.

104



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	COMMON STOCKS — 94.9%

	Argentina — 0.4%
	2,080	MercadoLibre Inc.*	$	2,343,432


	Australia — 0.0%
	52,000	MMG Ltd.*		18,766


	Brazil — 6.2%
	118,589	Ambev SA		349,322
	12,427	Americanas SA		73,452
	16,348	Atacadao SA		60,353
	830,877	B3 SA — Brasil Bolsa Balcao		2,347,642
	35,917	Banco Bradesco SA		118,745
	30,297	Banco BTG Pactual SA		150,835
	384,838	Banco do Brasil SA		2,625,921
	7,416	Banco Inter SA		29,016
	10,285	Banco Santander Brasil SA		61,668
	462,132	BB Seguridade Participacoes SA		2,063,413
	14,894	BRF SA*		48,231
	654,955	CCR SA		1,492,645
	7,810	Centrais Eletricas Brasileiras SA		52,625
	7,187	Cia de Saneamento Basico do Estado de Sao Paulo		57,675
	138,000	Clear Sale SA*		245,505
	19,970	Compania Siderurgica Nacional SA		97,138
	709,537	Cosan SA		2,902,692
	5,411	Energisa SA		46,233
	101,326	Engie Brasil Energia SA		782,897
	19,967	Equatorial Energia SA		98,942
	196,900	Fleury SA		685,314
	89,240	Hapvida Participacoes e Investimentos SA(a)		209,777
	8,769	Hypera SA		56,929
	145,900	Infracommerce CXAAS SA*		416,482
	17,317	JBS SA		120,444
	557,700	JSL SA		839,768
	16,319	Klabin SA		73,370
	14,241	Localiza Rent a Car SA		158,744
	256,900	Locaweb Servicos de Internet SA, (Restricted, cost — $340,433, acquired 4/17/20)*(a)(b)		497,356
	26,430	Lojas Renner SA		129,688
	86,120	Magazine Luiza SA		100,304
	344,800	Movida Participacoes SA		1,091,167
	24,749	Natura & Co. Holding SA*		111,032
	470,100	Odontoprev SA		1,046,762
	17,149	Petro Rio SA*		85,809
	90,933	Petroleo Brasileiro SA		640,918
	183,045	Petróleo Brasileiro SA, ADR		2,615,713
	24,959	Raia Drogasil SA		112,989
	106,586	Rede D’Or Sao Luiz SA, (Restricted, cost — $1,280,980, acquired 1/24/22)(a)(b)		1,053,436
	30,141	Rumo SA*		90,537
	18,853	Suzano SA		201,202
	18,442	TIM SA		48,641
	12,300	TOTVS SA		78,780
	16,567	Ultrapar Participações SA		47,548
	100,112	Vale SA		1,790,323
	76,425	Vale SA, Class B Shares, ADR		1,413,098
	669,700	Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		1,434,103
	49,547	Vasta Platform Ltd., Class A Shares*		297,282
	218,950	Vibra Energia SA		1,000,946
	374,925	WEG SA		2,136,139

See Notes to Financial Statements.

105



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Brazil — 6.2% — (continued)
	153,100	Westwing Comercio Varejista Ltda*	$	77,141

		Total Brazil		32,366,692


	Chile — 0.6%
	138,631	Antofagasta PLC		2,781,199
	1,214,320	Banco de Chile		128,816
	1,016	Banco de Credito e Inversiones SA		36,322
	1,951,337	Banco Santander Chile		95,711
	44,296	Cencosud SA		81,475
	2,598	Cia Cervecerias Unidas SA		20,597
	31,677	Empresas CMPC SA		52,335
	9,480	Empresas COPEC SA		73,544
	473,707	Enel Americas SA		55,420
	564,409	Enel Chile SA		18,503
	16,321	Falabella SA		53,709

		Total Chile		3,397,631


	China — 25.7%
	1,844	360 DigiTech Inc., ADR		34,575
	9,300	360 Security Technology Inc., Class A Shares*		15,417
	32,500	3SBio Inc.*(a)		25,852
	662	51job Inc., ADR*		34,292
	167,482	AAC Technologies Holdings Inc.		458,266
	794	Advanced Micro-Fabrication Equipment Inc. China, Class A Shares*		16,214
	3,000	AECC Aviation Power Co., Ltd., Class A Shares		24,099
	24,000	Agile Group Holdings Ltd.		10,954
	106,600	Agricultural Bank of China Ltd., Class A Shares		50,389
	679,000	Agricultural Bank of China Ltd., Class H Shares(c)		257,194
	6,577	Aier Eye Hospital Group Co., Ltd., Class A Shares		37,951
	74,000	Air China Ltd., Class H Shares*(c)		56,649
	3,139	Airtac International Group		103,465
	6,000	Akeso Inc.*(a)		15,741
	500,876	Alibaba Group Holding Ltd.*		6,614,326
	33,318	Alibaba Group Holding Ltd., ADR*		3,504,720
	1,111,000	A-Living Smart City Services Co., Ltd., (Restricted, cost — $2,991,274, acquired 10/8/18), Class H Shares(a)(b)		1,993,268
	31,400	Aluminum Corp. of China Ltd., Class A Shares*		32,444
	74,000	Aluminum Corp. of China Ltd., Class H Shares*(c)		51,931
	2,500	Angel Yeast Co., Ltd., Class A Shares		19,764
	6,100	Anhui Conch Cement Co., Ltd., Class A Shares		38,950
	313,837	Anhui Conch Cement Co., Ltd., Class H Shares(c)		1,679,989
	500	Anhui Gujing Distillery Co., Ltd., Class A Shares		17,547
	2,300	Anhui Gujing Distillery Co., Ltd., Class B Shares		33,724
	1,800	Anhui Kouzi Distillery Co., Ltd., Class A Shares		21,641
	600	Anjoy Foods Group Co., Ltd., Class A Shares		11,773
	26,800	ANTA Sports Products Ltd.		406,612
	500	Asymchem Laboratories Tianjin Co., Ltd., Class A Shares		27,062
	1,262	Autohome Inc., ADR*		38,605
	3,600	Avary Holding Shenzhen Co., Ltd., Class A Shares		19,884
	8,800	AVIC Electromechanical Systems Co., Ltd., Class A Shares		17,493
	34,799	AVIC Industry-Finance Holdings Co., Ltd., Class A Shares		21,508
	76,000	AviChina Industry & Technology Co., Ltd., Class H Shares(c)		47,071
	2,200	AVICOPTER PLC, Class A Shares		20,481
	6,796	Baidu Inc., ADR*		1,035,982
	19,200	Bank of Beijing Co., Ltd., Class A Shares		13,739
	12,800	Bank of Chengdu Co., Ltd., Class A Shares		29,257

See Notes to Financial Statements.

106



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 25.7% — (continued)
	58,930	Bank of China Ltd., Class A Shares	$	28,966
	1,974,000	Bank of China Ltd., Class H Shares(c)		767,556
	39,800	Bank of Communications Co., Ltd., Class A Shares		30,134
	226,000	Bank of Communications Co., Ltd., Class H Shares(c)		155,016
	4,600	Bank of Hangzhou Co., Ltd., Class A Shares		10,436
	19,890	Bank of Jiangsu Co., Ltd., Class A Shares		20,965
	16,600	Bank of Nanjing Co., Ltd., Class A Shares		25,667
	8,290	Bank of Ningbo Co., Ltd., Class A Shares		50,027
	29,640	Bank of Shanghai Co., Ltd., Class A Shares		32,812
	30,184	Baoshan Iron & Steel Co., Ltd., Class A Shares		34,552
	1,174	BeiGene Ltd., ADR*		247,150
	54,000	Beijing Capital International Airport Co., Ltd., Class H Shares*(c)		34,551
	14,900	Beijing Dabeinong Technology Group Co., Ltd., Class A Shares		19,623
	496	Beijing Kingsoft Office Software Inc., Class A Shares		16,844
	2,000	Beijing New Building Materials PLC, Class A Shares		9,457
	200	Beijing Roborock Technology Co., Ltd., Class A Shares		20,161
	4,000	Beijing Tiantan Biological Products Corp., Ltd., Class A Shares		17,341
	1,300	Beijing United Information Technology Co., Ltd., Class A Shares		24,368
	600	Beijing Wantai Biological Pharmacy Enterprise Co., Ltd., Class A Shares		23,949
	55,900	Beijing-Shanghai High Speed Railway Co., Ltd., Class A Shares		45,789
	200	Betta Pharmaceuticals Co., Ltd., Class A Shares		1,909
	1,000	BGI Genomics Co., Ltd., Class A Shares		13,548
	3,787	Bilibili Inc., ADR*(d)		119,707
	38,300	BOE Technology Group Co., Ltd., Class A Shares		28,554
	2,500	BYD Co., Ltd., Class A Shares		99,208
	19,500	BYD Co., Ltd., Class H Shares(c)		598,420
	14,500	BYD Electronic International Co., Ltd.		40,638
	5,800	By-health Co., Ltd., Class A Shares		22,850
	1,800	CanSino Biologics Inc., Class H Shares*(a)(c)		32,572
	227,000	CGN Power Co., Ltd., Class H Shares(a)(c)		64,121
	400	Changchun High & New Technology Industry Group Inc., Class A Shares		11,551
	1,100	Changjiang Securities Co., Ltd., Class A Shares		1,206
	3,900	Chaozhou Three-Circle Group Co., Ltd., Class A Shares		21,525
	2,300	Chengxin Lithium Group Co., Ltd., Class A Shares*		21,550
	57,500	China Bohai Bank Co., Ltd., Class H Shares(a)(c)		9,565
	255,000	China Cinda Asset Management Co., Ltd., Class H Shares(c)		45,959
	189,000	China CITIC Bank Corp., Ltd., Class H Shares(c)		88,761
	43,000	China Coal Energy Co., Ltd., Class H Shares(c)		26,721
	38,000	China Communications Services Corp., Ltd., Class H Shares(c)		20,850
	118,500	China Conch Venture Holdings Ltd.		570,016
	21,100	China Construction Bank Corp., Class A Shares		20,199
	7,045,224	China Construction Bank Corp., Class H Shares(c)		5,281,418
	6,200	China CSSC Holdings Ltd., Class A Shares		21,552
	27,298	China Eastern Airlines Corp., Ltd., Class A Shares*		23,380
	47,400	China Energy Engineering Corp., Ltd.*		20,261
	30,812	China Everbright Bank Co., Ltd., Class A Shares		16,299
	160,000	China Everbright Bank Co., Ltd., Class H Shares(c)		59,376
	47,000	China Evergrande Group(d)		9,623
	515,000	China Feihe Ltd., (Restricted, cost — $1,307,226, acquired 6/17/21)(a)(b)		612,622
	13,200	China Galaxy Securities Co., Ltd., Class A Shares		21,237
	50,500	China Galaxy Securities Co., Ltd., Class H Shares(c)		28,857
	1,500	China Greatwall Technology Group Co., Ltd., Class A Shares		3,172
	69,500	China Hongqiao Group Ltd.		96,347
	102,000	China Huishan Dairy Holdings Co., Ltd.*#(e)(f)		—
	3,100	China International Capital Corp., Ltd., Class A Shares		20,906
	34,000	China International Capital Corp., Ltd., Class H Shares(a)(c)		83,015

See Notes to Financial Statements.

107



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 25.7% — (continued)
	7,200	China Jushi Co., Ltd., Class A Shares	$	19,502
	22,000	China Lesso Group Holdings Ltd.		33,729
	4,800	China Life Insurance Co., Ltd., Class A Shares		21,957
	188,000	China Life Insurance Co., Ltd., Class H Shares(c)		311,542
	8,800	China Literature Ltd.*(a)		47,283
	80,000	China Longyuan Power Group Corp., Ltd., Class H Shares(c)		163,344
	146,000	China Medical System Holdings Ltd.		259,282
	14,000	China Meidong Auto Holdings., Ltd.		65,665
	30,200	China Merchants Bank Co., Ltd., Class A Shares		238,232
	591,391	China Merchants Bank Co., Ltd., Class H Shares(c)		4,990,532
	9,230	China Merchants Securities Co., Ltd., Class A Shares		23,159
	14,820	China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A Shares		31,800
	3,100	China Minmetals Rare Earth Co., Ltd., Class A Shares		18,577
	55,920	China Minsheng Banking Corp., Ltd., Class A Shares		34,624
	156,200	China Minsheng Banking Corp., Ltd., Class H Shares(c)(d)		60,860
	26,600	China Molybdenum Co., Ltd., Class A Shares		25,441
	96,000	China Molybdenum Co., Ltd., Class H Shares(c)		57,496
	104,000	China National Building Material Co., Ltd., Class H Shares(c)		133,354
	13,800	China National Chemical Engineering Co., Ltd., Class A Shares		22,879
	18,900	China National Nuclear Power Co., Ltd., Class A Shares		22,247
	5,200	China Northern Rare Earth Group High-Tech Co., Ltd., Class A Shares		40,768
	60,000	China Oilfield Services Ltd., Class H Shares(c)		67,772
	10,500	China Pacific Insurance Group Co., Ltd., Class A Shares		44,127
	62,000	China Pacific Insurance Group Co., Ltd., Class H Shares(c)		172,567
	38,900	China Petroleum & Chemical Corp., Class A Shares		26,760
	576,000	China Petroleum & Chemical Corp., Class H Shares(c)		285,437
	27,800	China Railway Group Ltd., Class A Shares		27,428
	77,000	China Railway Group Ltd., Class H Shares(c)		45,226
	12,200	China Resources Mixc Lifestyle Services Ltd.(a)		62,758
	6,299	China Shenhua Energy Co., Ltd., Class A Shares		25,265
	368,000	China Shenhua Energy Co., Ltd., Class H Shares(c)		1,009,915
	20,400	China Southern Airlines Co., Ltd., Class A Shares*		22,385
	44,000	China Southern Airlines Co., Ltd., Class H Shares*(c)		27,680
	57,440	China State Construction Engineering Corp., Ltd., Class A Shares		46,403
	39,000	China Suntien Green Energy Corp., Ltd., Class H Shares(c)		25,774
	41,600	China Three Gorges Renewables Group Co., Ltd., Class A Shares*		46,957
	2,735	China Tourism Group Duty Free Corp., Ltd., Class A Shares		88,336
	972,000	China Tower Corp., Ltd., Class H Shares(a)(c)		113,190
	40,000	China United Network Communications Ltd., Class A Shares		24,237
	15,600	China Vanke Co., Ltd., Class A Shares		47,433
	601,600	China Vanke Co., Ltd., Class H Shares(c)		1,425,767
	31,600	China Yangtze Power Co., Ltd., Class A Shares		116,366
	1,200	China Zhenhua Group Science & Technology Co., Ltd., Class A Shares		22,410
	40,300	China Zheshang Bank Co., Ltd., Class A Shares		21,889
	56,000	Chinasoft International Ltd.*		50,781
	1,760	Chindata Group Holdings Ltd., ADR*		9,662
	300	Chongqing Brewery Co., Ltd., Class A Shares*		6,401
	14,140	Chongqing Changan Automobile Co., Ltd., Class A Shares		29,252
	2,000	Chongqing Zhifei Biological Products Co., Ltd., Class A Shares		41,024
	16,000	CIFI Ever Sunshine Services Group Ltd.		29,157
	88,200	CIFI Holdings Group Co., Ltd.		61,397
	126,000	CITIC Ltd.		146,889
	17,365	CITIC Securities Co., Ltd., Class A Shares		64,546
	68,425	CITIC Securities Co., Ltd., Class H Shares(c)		165,542
	48,100	Contemporary Amperex Technology Co., Ltd., Class A Shares		4,114,705
	20,720	COSCO SHIPPING Holdings Co., Ltd., Class A Shares*		58,081

See Notes to Financial Statements.

108



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 25.7% — (continued)
	81,250	COSCO SHIPPING Holdings Co., Ltd., Class H Shares*(c)	$	164,047
	167,000	Country Garden Holdings Co., Ltd.		129,679
	41,000	Country Garden Services Holdings Co., Ltd.		245,027
	31,400	CRRC Corp., Ltd., Class A Shares		28,850
	85,000	CRRC Corp., Ltd., Class H Shares		37,744
	8,700	CSC Financial Co., Ltd., Class A Shares		35,637
	211,120	CSPC Pharmaceutical Group Ltd.		249,911
	1,263	Dada Nexus Ltd., ADR*		10,496
	59,000	Dali Foods Group Co., Ltd.(a)		30,997
	21,700	Daqin Railway Co., Ltd., Class A Shares		23,395
	1,342	Daqo New Energy Corp., ADR*(d)		64,362
	2,280	DaShenLin Pharmaceutical Group Co., Ltd., Class A Shares		12,951
	800	DHC Software Co., Ltd., Class A Shares		1,049
	6,506	DiDi Global Inc., ADR*(d)		26,675
	7,000	Dongfang Electric Corp., Ltd., Class A Shares		18,129
	62,000	Dongfeng Motor Group Co., Ltd., Class H Shares(c)		53,237
	31,000	Dongyue Group Ltd.		44,942
	13,032	East Money Information Co., Ltd., Class A Shares		55,680
	900	Ecovacs Robotics Co., Ltd., Class A Shares		19,379
	19,700	ENN Energy Holdings Ltd.		285,884
	148,300	ENN Natural Gas Co., Ltd., Class A Shares		421,474
	2,581	Eve Energy Co., Ltd., Class A Shares		37,019
	7,300	Everbright Securities Co., Ltd., Class A Shares		15,405
	11,000	Flat Glass Group Co., Ltd., Class H Shares(c)		45,328
	20,800	Focus Media Information Technology Co., Ltd., Class A Shares		25,304
	6,050	Foshan Haitian Flavouring & Food Co., Ltd., Class A Shares		94,889
	76,500	Fosun International Ltd.		82,917
	16,400	Founder Securities Co., Ltd., Class A Shares		18,737
	15,000	Foxconn Industrial Internet Co., Ltd., Class A Shares		26,589
	907,000	Fu Shou Yuan International Group Ltd.		671,094
	4,100	Fuyao Glass Industry Group Co., Ltd., Class A Shares(c)		28,583
	11,200	Fuyao Glass Industry Group Co., Ltd., Class H Shares(a)		54,582
	2,300	Ganfeng Lithium Co., Ltd., Class A Shares		55,592
	5,800	Ganfeng Lithium Co., Ltd., Class H Shares(a)(c)		97,338
	51,400	GD Power Development Co., Ltd., Class A Shares		23,036
	1,723	GDS Holdings Ltd., ADR*(d)		76,708
	143,000	GDS Holdings Ltd., Class A Shares*		794,962
	15,100	GEM Co., Ltd., Class A Shares		23,000
	9,300	Gemdale Corp., Class A Shares		18,680
	32,000	Genscript Biotech Corp.*		127,195
	8,200	GF Securities Co., Ltd., Class A Shares		24,345
	31,600	GF Securities Co., Ltd., Class H Shares(c)		47,392
	8,700	Giant Network Group Co., Ltd., Class A Shares		13,225
	924	Gigadevice Semiconductor Beijing Inc., Class A Shares		22,493
	600	Ginlong Technologies Co., Ltd., Class A Shares		24,230
	56,300	GoerTek Inc., Class A Shares		393,717
	294,000	GOME Retail Holdings Ltd.*		21,821
	2,000	Gotion High-tech Co., Ltd., Class A Shares*		13,749
	4,100	Great Wall Motor Co., Ltd., Class A Shares		23,785
	77,000	Great Wall Motor Co., Ltd., Class H Shares(c)		159,591
	203,900	Gree Electric Appliances Inc. of Zhuhai, Class A Shares		1,187,607
	22,995	Greenland Holdings Corp., Ltd., Class A Shares		15,736
	22,000	Greentown China Holdings Ltd.		32,995
	32,000	Greentown Service Group Co., Ltd.		32,064
	2,200	Guangdong Haid Group Co., Ltd., Class A Shares		23,044
	1,000	Guangdong Kinlong Hardware Products Co., Ltd., Class A Shares		16,797

See Notes to Financial Statements.

109



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 25.7% — (continued)
	7,700	Guanghui Energy Co., Ltd., Class A Shares*	$	8,722
	60,000	Guangzhou Automobile Group Co., Ltd., Class H Shares(c)		59,123
	2,600	Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class A Shares		12,285
	7,900	Guangzhou Haige Communications Group Inc. Co., Class A Shares		12,483
	1,100	Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A Shares		14,711
	38,000	Guangzhou R&F Properties Co., Ltd., Class H Shares(d)		16,145
	600	Guangzhou Shiyuan Electronic Technology Co., Ltd., Class A Shares		8,174
	1,610	Guangzhou Tinci Materials Technology Co., Ltd., Class A Shares		27,318
	9,400	Guosen Securities Co., Ltd., Class A Shares		15,474
	16,600	Guotai Junan Securities Co., Ltd., Class A Shares		44,124
	5,900	Guoyuan Securities Co., Ltd., Class A Shares		6,639
	34,000	Haidilao International Holding Ltd.(a)(d)		78,345
	7,300	Haier Smart Home Co., Ltd., Class A Shares		29,600
	54,400	Haier Smart Home Co., Ltd., Class H Shares(c)		189,706
	16,000	Haitian International Holdings Ltd.		42,689
	9,300	Haitong Securities Co., Ltd., Class A Shares		16,604
	62,400	Haitong Securities Co., Ltd., Class H Shares(c)		53,760
	1,800	Hangzhou First Applied Material Co., Ltd., Class A Shares		33,895
	2,700	Hangzhou Silan Microelectronics Co., Ltd., Class A Shares		24,666
	400	Hangzhou Tigermed Consulting Co., Ltd., Class A Shares		6,470
	3,700	Hangzhou Tigermed Consulting Co., Ltd., Class H Shares(a)(c)		41,567
	28,000	Hansoh Pharmaceutical Group Co., Ltd.(a)		59,771
	900	Hefei Meiya Optoelectronic Technology Inc., Class A Shares		5,167
	2,542	Hello Group Inc., ADR		24,225
	5,300	Henan Shuanghui Investment & Development Co., Ltd., Class A Shares		24,216
	275,000	Hengan International Group Co., Ltd.		1,457,287
	10,778	Hengli Petrochemical Co., Ltd., Class A Shares		42,731
	2,990	Hengyi Petrochemical Co., Ltd., Class A Shares		4,758
	43,300	Hesteel Co., Ltd., Class A Shares		17,620
	1,399	Hithink RoyalFlush Information Network Co., Ltd., Class A Shares		24,042
	2,000	Hongfa Technology Co., Ltd., Class A Shares		19,965
	900	Hoshine Silicon Industry Co., Ltd., Class A Shares		21,405
	12,000	Hua Hong Semiconductor Ltd.*(a)		62,082
	38,500	Huadian Power International Corp., Ltd., Class A Shares		26,243
	1,694	Huadong Medicine Co., Ltd., Class A Shares		10,171
	2,260	Hualan Biological Engineering Inc., Class A Shares		9,209
	108,000	Huaneng Power International Inc., Class H Shares(c)		63,162
	7,200	Huatai Securities Co., Ltd., Class A Shares		18,173
	48,200	Huatai Securities Co., Ltd., Class H Shares(a)(c)		78,827
	10,500	Huaxia Bank Co., Ltd., Class A Shares		9,361
	1,600	Huaxin Cement Co., Ltd., Class A Shares		5,207
	218,100	Huayu Automotive Systems Co., Ltd., Class A Shares		876,411
	4,702	Huazhu Group Ltd., ADR*(d)		194,475
	3,600	Hubei Xingfa Chemicals Group Co., Ltd., Class A Shares		23,555
	1,000	Huizhou Desay Sv Automotive Co., Ltd., Class A Shares		21,154
	7,400	Humanwell Healthcare Group Co., Ltd., Class A Shares		21,879
	2,912	Hundsun Technologies Inc., Class A Shares		24,107
	7,200	Hygeia Healthcare Holdings Co., Ltd.(a)		39,235
	3,900	Iflytek Co., Ltd., Class A Shares		30,449
	1,259	I-Mab, ADR*		31,122
	200	Imeik Technology Development Co., Ltd., Class A Shares		15,460
	82,200	Industrial & Commercial Bank of China Ltd., Class A Shares		60,771
	1,405,000	Industrial & Commercial Bank of China Ltd., Class H Shares(c)		840,135
	31,400	Industrial Bank Co., Ltd., Class A Shares		109,792
	15,200	Industrial Securities Co., Ltd., Class A Shares		19,743
	800	Ingenic Semiconductor Co., Ltd., Class A Shares		14,225

See Notes to Financial Statements.

110



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 25.7% — (continued)
	62,900	Inner Mongolia BaoTou Steel Union Co., Ltd., Class A Shares*	$	26,723
	16,300	Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd., Class A Shares		12,809
	8,700	Inner Mongolia Yili Industrial Group Co., Ltd., Class A Shares		54,635
	29,500	Innovent Biologics Inc.*(a)		133,351
	3,700	Inspur Electronic Information Industry Co., Ltd., Class A Shares		19,267
	6,066	iQIYI Inc., ADR*(d)		25,113
	2,100	JA Solar Technology Co., Ltd., Class A Shares		31,820
	1,500	Jafron Biomedical Co., Ltd., Class A Shares		10,894
	2,000	Jason Furniture Hangzhou Co., Ltd., Class A Shares		22,438
	4,000	JCET Group Co., Ltd., Class A Shares		17,817
	9,250	JD Health International Inc.*(a)		68,543
	39,258	JD.com Inc., ADR*(d)		2,812,051
	60,145	JD.com Inc., Class A Shares*		2,165,243
	7,400	Jiangsu Eastern Shenghong Co., Ltd., Class A Shares		22,442
	24,000	Jiangsu Expressway Co., Ltd., Class H Shares(c)		25,665
	1,948	Jiangsu Hengli Hydraulic Co., Ltd., Class A Shares		20,775
	10,301	Jiangsu Hengrui Medicine Co., Ltd., Class A Shares		65,395
	1,000	Jiangsu King’S Luck Brewery JSC Ltd., Class A Shares		8,289
	2,600	Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A Shares		68,136
	1,100	Jiangsu Yangnong Chemical Co., Ltd., Class A Shares		21,753
	6,200	Jiangsu Zhongtian Technology Co., Ltd., Class A Shares		18,595
	5,300	Jiangxi Copper Co., Ltd., Class A Shares(c)		18,615
	19,000	Jiangxi Copper Co., Ltd., Class H Shares		34,137
	7,800	Jiangxi Zhengbang Technology Co., Ltd., Class A Shares		8,499
	7,400	Jinke Properties Group Co., Ltd., Class A Shares		5,272
	44,000	Jinxin Fertility Group Ltd.*(a)		51,183
	800	JiuGui Liquor Co., Ltd., Class A Shares		21,645
	16,000	Jiumaojiu International Holdings Ltd.(a)		35,920
	6,800	Joincare Pharmaceutical Group Industry Co., Ltd., Class A Shares		13,230
	7,800	Jointown Pharmaceutical Group Co., Ltd., Class A Shares		16,479
	2,200	Jonjee Hi-Tech Industrial And Commercial Holding Co., Ltd., Class A Shares		12,022
	1,500	Juewei Food Co., Ltd., Class A Shares		12,560
	1,825	Kanzhun Ltd., ADR*		58,948
	7,759	KE Holdings Inc., ADR*		150,602
	66,000	Kingdee International Software Group Co., Ltd.*		162,000
	5,800	Kingfa Sci. & Tech. Co., Ltd., Class A Shares		9,853
	1,431	Kingsoft Cloud Holdings Ltd., ADR*(d)		9,645
	26,600	Kingsoft Corp., Ltd.		98,418
	12,000	Kuaishou Technology, Class B Shares*(a)		139,086
	6,300	Kuang-Chi Technologies Co., Ltd., Class A Shares*		20,317
	1,888	Kweichow Moutai Co., Ltd., Class A Shares		536,432
	20,500	KWG Group Holdings Ltd.		9,575
	4,200	LB Group Co., Ltd., Class A Shares		17,612
	1,534,000	Lenovo Group Ltd.		1,716,524
	9,000	Lens Technology Co., Ltd., Class A Shares		20,730
	4,500	Lepu Medical Technology Beijing Co., Ltd., Class A Shares		15,306
	13,526	Li Auto Inc., ADR*		411,867
	55,000	Li Ning Co., Ltd.		545,099
	14,500	Lingyi iTech Guangdong Co., Class A Shares*		13,773
	27,000	Logan Group Co., Ltd.		8,958
	42,000	Longfor Group Holdings Ltd.(a)		224,660
	7,480	LONGi Green Energy Technology Co., Ltd., Class A Shares		92,307
	14,726	Lufax Holding Ltd., ADR*		95,277
	11,038	Luxshare Precision Industry Co., Ltd., Class A Shares		76,678
	2,000	Luzhou Laojiao Co., Ltd., Class A Shares		68,943
	3,400	Mango Excellent Media Co., Ltd., Class A Shares		18,559

See Notes to Financial Statements.

111



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 25.7% — (continued)
	540	Maxscend Microelectronics Co., Ltd., Class A Shares	$	23,244
	9,480	Meinian Onehealth Healthcare Holdings Co., Ltd., Class A Shares*		10,819
	278,600	Meituan, (Restricted, cost — $6,873,411, acquired 3/24/21), Class B Shares*(a)(b)		6,109,143
	36,900	Metallurgical Corp. of China Ltd., Class A Shares		23,802
	15,000	Microport Scientific Corp.(d)		41,735
	4,300	Ming Yang Smart Energy Group Ltd., Class A Shares		17,654
	18,000	Ming Yuan Cloud Group Holdings Ltd.*		35,339
	454,000	Minth Group Ltd.		1,627,828
	2,041	Montage Technology Co., Ltd., Class A Shares		25,064
	6,986	Muyuan Foods Co., Ltd., Class A Shares		63,346
	3,600	Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd., Class A Shares		19,871
	7,600	Nanjing Securities Co., Ltd., Class A Shares		10,701
	7,080	NARI Technology Co., Ltd., Class A Shares		40,050
	4,906	National Silicon Industry Group Co., Ltd., Class A Shares*		19,005
	700	NAURA Technology Group Co., Ltd., Class A Shares		33,932
	9,700	NavInfo Co., Ltd., Class A Shares*		26,521
	100,625	NetEase Inc.		1,937,226
	2,400	New China Life Insurance Co., Ltd., Class A Shares		14,525
	28,800	New China Life Insurance Co., Ltd., Class H Shares(c)		82,371
	6,400	New Hope Liuhe Co., Ltd., Class A Shares*		15,623
	33,712	New Oriental Education & Technology Group Inc., ADR*		50,905
	2,600	Ningbo Tuopu Group Co., Ltd., Class A Shares		25,189
	10,200	Ningxia Baofeng Energy Group Co., Ltd., Class A Shares		28,460
	33,372	NIO Inc., ADR*		762,216
	834	Noah Holdings Ltd., ADR*		23,652
	40,800	Nongfu Spring Co., Ltd., Class H Shares(a)(c)		255,580
	9,000	OFILM Group Co., Ltd., Class A Shares*		11,383
	1,000	Oppein Home Group Inc., Class A Shares		20,042
	11,300	Orient Securities Co., Ltd., Class A Shares		22,009
	2,029	Ovctek China Inc., Class A Shares		13,180
	204,000	People’s Insurance Co. Group of China Ltd., Class H Shares(c)		65,523
	4,650	Perfect World Co., Ltd., Class A Shares		9,809
	21,700	PetroChina Co., Ltd., Class A Shares		19,958
	470,000	PetroChina Co., Ltd., Class H Shares(c)		250,406
	100,500	Pharmaron Beijing Co., Ltd., (Restricted, cost — $1,745,215, acquired 4/8/21), Class H Shares(a)(b)(c)		1,215,715
	900	Pharmaron Beijing Co., Ltd., Class A Shares		17,291
	170,000	PICC Property & Casualty Co., Ltd., Class H Shares(c)		179,192
	10,720	Pinduoduo Inc., ADR*		555,939
	1,131,680	Ping An Bank Co., Ltd., Class A Shares		2,822,941
	15,600	Ping An Healthcare & Technology Co., Ltd.*(a)(d)		48,534
	15,800	Ping An Insurance Group Co. of China Ltd., Class A Shares		127,605
	837,000	Ping An Insurance Group Co. of China Ltd., Class H Shares(c)		6,469,423
	18,000	Poly Developments & Holdings Group Co., Ltd., Class A Shares		45,106
	45,300	Postal Savings Bank of China Co., Ltd., Class A Shares		40,044
	166,000	Postal Savings Bank of China Co., Ltd., Class H Shares(a)(c)		136,165
	22,300	Power Construction Corp. of China Ltd., Class A Shares		27,252
	29,000	Powerlong Real Estate Holdings Ltd.		13,843
	148,971	Qingdao TGOOD Electric Co., Ltd., Class A Shares		501,807
	18,700	RiseSun Real Estate Development Co., Ltd., Class A Shares		11,674
	13,324	RLX Technology Inc., ADR*(d)		41,038
	11,550	Rongsheng Petrochemical Co., Ltd., Class A Shares		34,639
	11,800	SAIC Motor Corp., Ltd., Class A Shares		34,036
	10,100	Sailun Group Co., Ltd., Class A Shares		19,381
	800	Sangfor Technologies Inc., Class A Shares		18,504
	24,000	Sany Heavy Equipment International Holdings Co., Ltd.		24,816
	9,500	Sany Heavy Industry Co., Ltd., Class A Shares		29,637

See Notes to Financial Statements.

112



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 25.7% — (continued)
	3,700	Satellite Chemical Co., Ltd., Class A Shares	$	26,493
	13,224	SDIC Capital Co., Ltd., Class A Shares		15,527
	12,700	SDIC Power Holdings Co., Ltd., Class A Shares		20,152
	50,000	Seazen Group Ltd.*		26,360
	3,000	Seazen Holdings Co., Ltd., Class A Shares		14,341
	7,700	SF Holding Co., Ltd., Class A Shares		73,880
	500	SG Micro Corp., Class A Shares		27,839
	12,300	Shaanxi Coal Industry Co., Ltd., Class A Shares		27,749
	5,600	Shandong Gold Mining Co., Ltd., Class A Shares		18,365
	11,250	Shandong Gold Mining Co., Ltd., Class H Shares(a)(c)		21,288
	40,000	Shandong Head Group Co., Ltd., Class A Shares*		343,158
	5,850	Shandong Hualu Hengsheng Chemical Co., Ltd., Class A Shares		32,771
	3,100	Shandong Linglong Tyre Co., Ltd., Class A Shares		13,742
	14,900	Shandong Nanshan Aluminum Co., Ltd., Class A Shares		11,501
	6,800	Shandong Sun Paper Industry JSC Ltd., Class A Shares		13,197
	72,400	Shandong Weigao Group Medical Polymer Co., Ltd., Class H Shares(c)		100,290
	1,820	Shanghai Bairun Investment Holging Group Co., Ltd., Class A Shares		13,003
	194,961	Shanghai Baosight Software Co., Ltd., Class A Shares		1,661,541
	9,400	Shanghai Baosight Software Co., Ltd., Class B Shares		40,495
	39,300	Shanghai Electric Group Co., Ltd., Class A Shares		27,449
	4,000	Shanghai Fosun Pharmaceutical Group Co., Ltd., Class A Shares		26,777
	462,000	Shanghai Fosun Pharmaceutical Group Co., Ltd., Class H Shares(c)		1,846,203
	2,000	Shanghai International Airport Co., Ltd., Class A Shares*		16,614
	17,999	Shanghai International Port Group Co., Ltd., Class A Shares		16,294
	2,700	Shanghai Jinjiang International Hotels Co., Ltd., Class A Shares		24,098
	2,342	Shanghai Junshi Biosciences Co., Ltd., Class A Shares*		26,766
	32,520	Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd., Class B Shares		28,992
	2,200	Shanghai M&G Stationery Inc., Class A Shares		18,937
	8,700	Shanghai Pharmaceuticals Holding Co., Ltd., Class A Shares		25,775
	16,800	Shanghai Pharmaceuticals Holding Co., Ltd., Class H Shares(c)		30,260
	40,200	Shanghai Pudong Development Bank Co., Ltd., Class A Shares		53,504
	1,380	Shanghai Putailai New Energy Technology Co., Ltd., Class A Shares		32,002
	15,800	Shanghai RAAS Blood Products Co., Ltd., Class A Shares		16,716
	15,700	Shanghai Yuyuan Tourist Mart Group Co., Ltd., Class A Shares		26,071
	17,600	Shanxi Coking Coal Energy Group Co., Ltd., Class A Shares		29,504
	3,500	Shanxi Meijin Energy Co., Ltd., Class A Shares*		7,934
	9,600	Shanxi Securities Co., Ltd., Class A Shares		9,000
	1,540	Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A Shares		71,434
	4,400	Shengyi Technology Co., Ltd., Class A Shares		13,611
	1,260	Shennan Circuits Co., Ltd., Class A Shares		23,560
	48,700	Shenwan Hongyuan Group Co., Ltd., Class A Shares		35,346
	1,680	Shenzhen Energy Group Co., Ltd., Class A Shares		1,926
	700	Shenzhen Goodix Technology Co., Ltd., Class A Shares		10,130
	27,500	Shenzhen Inovance Technology Co., Ltd., Class A Shares		278,975
	1,400	Shenzhen Kangtai Biological Products Co., Ltd., Class A Shares		18,733
	2,000	Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A Shares		104,065
	15,200	Shenzhen Overseas Chinese Town Co., Ltd., Class A Shares		16,597
	3,000	Shenzhen Sunway Communication Co., Ltd., Class A Shares		10,163
	971	Shenzhen Transsion Holdings Co., Ltd., Class A Shares		20,823
	20,500	Shenzhou International Group Holdings Ltd.		344,069
	4,649	Shijiazhuang Yiling Pharmaceutical Co., Ltd., Class A Shares		17,775
	12,000	Shimao Services Holdings Ltd.(a)		8,796
	4,000	Sichuan Chuantou Energy Co., Ltd., Class A Shares		7,636
	12,400	Sichuan Road & Bridge Co., Ltd., Class A Shares		24,476
	1,200	Sichuan Swellfun Co., Ltd., Class A Shares		18,940
	5,100	Sichuan Yahua Industrial Group Co., Ltd., Class A Shares		29,569

See Notes to Financial Statements.

113



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 25.7% — (continued)
	2,000	Silergy Corp.	$	267,696
	3,700	Sinolink Securities Co., Ltd., Class A Shares		5,964
	4,000	Sinoma Science & Technology Co., Ltd., Class A Shares		18,992
	703,372	Sinopharm Group Co., Ltd., Class H Shares(c)		1,696,595
	24,000	Sinotruk Hong Kong Ltd.		35,670
	840	Skshu Paint Co., Ltd., Class A Shares		11,786
	42,000	Smoore International Holdings Ltd.(a)(d)		154,796
	1,120	Songcheng Performance Development Co., Ltd., Class A Shares		2,751
	400	StarPower Semiconductor Ltd., Class A Shares		23,149
	69,000	Sunac China Holdings Ltd.		56,514
	12,000	Sunac Services Holdings Ltd.(a)		10,182
	48,600	Sungrow Power Supply Co., Ltd., Class A Shares		941,434
	24,400	Suning.com Co., Ltd., Class A Shares*		13,857
	17,500	Sunny Optical Technology Group Co., Ltd.		417,485
	2,800	Sunwoda Electronic Co., Ltd., Class A Shares		16,463
	5,400	Suzhou Dongshan Precision Manufacturing Co., Ltd., Class A Shares		19,132
	200	Suzhou Maxwell Technologies Co., Ltd., Class A Shares		17,477
	1,400	Suzhou TA&A Ultra Clean Technology Co., Ltd., Class A Shares		20,050
	8,274	TAL Education Group, ADR*		23,498
	6,200	TBEA Co., Ltd., Class A Shares		19,941
	18,200	TCL Technology Group Corp., Class A Shares		16,084
	373,031	Tencent Holdings Ltd.		20,273,496
	14,526	Tencent Music Entertainment Group, ADR*		78,295
	1,200	Thunder Software Technology Co., Ltd., Class A Shares		26,752
	3,900	Tianjin Zhonghuan Semiconductor Co., Ltd., Class A Shares		29,875
	9,900	Tianma Microelectronics Co., Ltd., Class A Shares		18,388
	456,000	Tingyi Cayman Islands Holding Corp.		1,008,352
	24,000	Tongcheng Travel Holdings Ltd.*		44,427
	5,900	Tongkun Group Co., Ltd., Class A Shares		20,533
	5,400	Tongwei Co., Ltd., Class A Shares		36,903
	400	Topchoice Medical Corp., Class A Shares*		10,217
	761,000	Topsports International Holdings Ltd., (Restricted, cost — $814,158, acquired 3/24/20)(a)(b)		790,070
	3,700	Transfar Zhilian Co., Ltd., Class A Shares		4,521
	35,000	TravelSky Technology Ltd., Class H Shares(c)		65,928
	11,737	Trip.com Group Ltd., ADR*		303,049
	1,500	Tsingtao Brewery Co., Ltd., Class A Shares		22,299
	14,000	Tsingtao Brewery Co., Ltd., Class H Shares(c)		134,026
	700	Unigroup Guoxin Microelectronics Co., Ltd., Class A Shares		24,660
	37,000	Uni-President China Holdings Ltd.		38,298
	5,960	Unisplendour Corp., Ltd., Class A Shares		20,771
	2,600	Universal Scientific Industrial Shanghai Co., Ltd., Class A Shares		5,787
	4,500	Venus MedTech Hangzhou Inc., Class H Shares*(a)(c)(d)		12,444
	11,805	Vipshop Holdings Ltd., ADR*		102,349
	1,800	Walvax Biotechnology Co., Ltd., Class A Shares		13,445
	4,700	Wanhua Chemical Group Co., Ltd., Class A Shares		70,877
	125,000	Want Want China Holdings Ltd.		132,881
	1,280	Weibo Corp., ADR*		35,110
	5,300	Weichai Power Co., Ltd., Class A Shares		12,779
	607,200	Weichai Power Co., Ltd., Class H Shares(c)		1,027,152
	1,900	Weihai Guangwei Composites Co., Ltd., Class A Shares		22,100
	40,000	Weimob Inc.*(a)(d)		26,508
	14,040	Wens Foodstuffs Group Co., Ltd., Class A Shares		43,413
	11,400	Western Securities Co., Ltd., Class A Shares		13,776
	2,800	Westone Information Industry Inc., Class A Shares		20,261
	1,200	Will Semiconductor Co., Ltd., Class A Shares		46,752
	1,600	Wingtech Technology Co., Ltd., Class A Shares		29,754

See Notes to Financial Statements.

114



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 25.7% — (continued)
	8,200	Wuchan Zhongda Group Co., Ltd., Class A Shares	$	7,386
	1,120	Wuhan Guide Infrared Co., Ltd., Class A Shares		3,984
	3,900	Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd., Class A Shares		12,948
	5,500	Wuliangye Yibin Co., Ltd., Class A Shares		165,780
	7,260	WUS Printed Circuit Kunshan Co., Ltd., Class A Shares		19,463
	3,864	WuXi AppTec Co., Ltd., Class A Shares		63,840
	9,248	WuXi AppTec Co., Ltd., Class H Shares(a)(c)		131,818
	215,500	Wuxi Biologics Cayman Inc., (Restricted, cost — $1,405,248, acquired 11/26/19)*(a)(b)		1,788,608
	168,400	Wuxi Lead Intelligent Equipment Co., Ltd., Class A Shares		1,795,305
	25,700	Wuxi Shangji Automation Co., Ltd., Class A Shares		644,586
	700	Xiamen Faratronic Co., Ltd., Class A Shares		23,771
	5,000	Xiamen Tungsten Co., Ltd., Class A Shares		17,431
	350,800	Xiaomi Corp., Class B Shares*(a)		656,477
	2,700	Xinjiang Goldwind Science & Technology Co., Ltd., Class A Shares		6,426
	16,982	Xinjiang Goldwind Science & Technology Co., Ltd., Class H Shares(c)		27,687
	930,000	Xinyi Solar Holdings Ltd.		1,680,532
	9,513	XPeng Inc., Class A Shares, ADR*		345,988
	28,000	Yadea Group Holdings., Ltd.(a)		41,283
	6,100	Yankuang Energy Group Co., Ltd., Class A Shares		30,662
	38,000	Yankuang Energy Group Co., Ltd., Class H Shares(c)		92,930
	1,050	Yealink Network Technology Corp., Ltd., Class A Shares		12,729
	137,684	Yifeng Pharmacy Chain Co., Ltd., Class A Shares		1,083,084
	13,000	Yihai International Holding Ltd.*(d)		54,041
	1,800	Yihai Kerry Arawana Holdings Co., Ltd., Class A Shares		15,290
	12,500	Yonghui Superstores Co., Ltd., Class A Shares		7,233
	1,100	YongXing Special Materials Technology Co., Ltd., Class A Shares		26,086
	5,330	Yonyou Network Technology Co., Ltd., Class A Shares		26,522
	8,700	YTO Express Group Co., Ltd., Class A Shares		23,956
	30,755	Yum China Holdings Inc.		1,576,236
	4,160	Yunda Holding Co., Ltd., Class A Shares		12,815
	3,000	Yunnan Baiyao Group Co., Ltd., Class A Shares		42,876
	1,300	Yunnan Energy New Material Co., Ltd., Class A Shares		53,725
	16,955	Zai Lab Ltd.*		905,320
	2,037	Zai Lab Ltd., ADR*		111,424
	800	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd., Class A Shares		46,034
	14,520	Zhejiang Century Huatong Group Co., Ltd., Class A Shares*		14,981
	2,100	Zhejiang Chint Electrics Co., Ltd., Class A Shares		16,620
	6,400	Zhejiang Dahua Technology Co., Ltd., Class A Shares		19,038
	1,300	Zhejiang Dingli Machinery Co., Ltd., Class A Shares		11,875
	36,000	Zhejiang Expressway Co., Ltd., Class H Shares(c)		32,495
	1,241	Zhejiang HangKe Technology Inc. Co., Class A Shares		15,260
	4,400	Zhejiang Huahai Pharmaceutical Co., Ltd., Class A Shares		16,104
	22,660	Zhejiang Huayou Cobalt Co., Ltd., Class A Shares		445,249
	1,900	Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., Class A Shares		19,711
	2,900	Zhejiang Jiuzhou Pharmaceutical Co., Ltd., Class A Shares		22,072
	7,900	Zhejiang Longsheng Group Co., Ltd., Class A Shares		15,428
	6,000	Zhejiang NHU Co., Ltd., Class A Shares		32,300
	9,100	Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A Shares		29,132
	7,900	Zheshang Securities Co., Ltd., Class A Shares		14,511
	10,000	ZhongAn Online P&C Insurance Co., Ltd., Class H Shares*(a)(c)		32,626
	3,700	Zhongji Innolight Co., Ltd., Class A Shares		22,659
	13,000	Zhongsheng Group Holdings Ltd.		90,598
	15,300	Zhuzhou CRRC Times Electric Co., Ltd., Class H Shares		79,298
	8,000	Zhuzhou Kibing Group Co., Ltd., Class A Shares		19,909
	44,900	Zijin Mining Group Co., Ltd., Class A Shares(c)		80,159
	122,000	Zijin Mining Group Co., Ltd., Class H Shares		180,450

See Notes to Financial Statements.

115



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 25.7% — (continued)
	13,200	Zoomlion Heavy Industry Science & Technology Co., Ltd., Class A Shares	$	14,726
	29,200	Zoomlion Heavy Industry Science & Technology Co., Ltd., Class H Shares		19,357
	6,400	ZTE Corp., Class A Shares		29,506
	12,600	ZTE Corp., Class H Shares(c)		30,906
	10,005	ZTO Express Cayman Inc., ADR		294,547

		Total China		135,069,156


	Colombia — 0.1%
	7,109	Bancolombia SA		70,494
	101,878	Ecopetrol SA		84,437
	3,399	Grupo de Inversiones Suramericana SA		27,584
	12,667	Interconexion Electrica SA ESP		78,183

		Total Colombia		260,698


	Cyprus — 0.1%
	2,925	TCS Group Holding PLC, Class Registered Shares, GDR#(e)(f)		33,672
	26,694	TCS Group Holding PLC, GDR(b)		254,773

		Total Cyprus		288,445


	Czech Republic — 0.1%
	3,761	CEZ AS		143,294
	1,684	Komercni Banka AS		66,341
	9,582	Moneta Money Bank AS(a)		37,904

		Total Czech Republic		247,539


	Egypt — 0.6%
	2,009,004	Cleopatra Hospital*		603,596
	773,544	Commercial International Bank Egypt SAE, Class Registered Shares, GDR*		2,263,016
	60,271	Commercial International Bank Egypt SAE, GDR*		183,422
	22,745	Eastern Co. SAE		15,709
	325,047	Fawry for Banking & Payment Technology Services SAE*		200,077
	116,000	Juhayna Food Industries		45,911

		Total Egypt		3,311,731


	Georgia — 0.2%
	51,700	Bank of Georgia Group PLC		911,189
	32,700	Georgia Capital PLC*		245,873

		Total Georgia		1,157,062


	Germany — 0.4%
	36,363	Delivery Hero SE, (Restricted, cost — $2,958,159, acquired 2/26/19)*(a)(b)		1,949,048


	Greece — 0.3%
	48,512	Alpha Services & Holdings SA*		65,587
	53,636	Eurobank Ergasias Services & Holdings SA*		58,502
	1,594	FF Group*#(e)(f)		18
	6,324	Hellenic Telecommunications Organization SA		125,979
	2,114	JUMBO SA		30,215
	69,612	OPAP SA		1,007,043
	6,832	Public Power Corp. SA*		64,948

		Total Greece		1,352,292


	Hong Kong — 1.9%
	333,400	AIA Group Ltd.		3,466,528
	116,000	Alibaba Health Information Technology Ltd.*		80,759
	250,000	Alibaba Pictures Group Ltd.*		24,953
	107,500	ASM Pacific Technology Ltd.		1,174,801
	11,000	Beijing Enterprises Holdings Ltd.		37,514

See Notes to Financial Statements.

116



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Hong Kong — 1.9% — (continued)
	74,000	Beijing Enterprises Water Group Ltd.	$	29,142
	106,000	Bosideng International Holdings Ltd.		60,252
	862,000	Brilliance China Automotive Holdings Ltd.*(e)(f)		298,001
	1,751,000	China Education Group Holdings Ltd., (Restricted, cost — $2,502,774, acquired 1/27/22)(b)		1,488,099
	100,888	China Everbright Environment Group Ltd.		72,599
	78,000	China Gas Holdings Ltd.		123,231
	156,000	China Jinmao Holdings Group Ltd.		51,902
	78,000	China Mengniu Dairy Co., Ltd.*		505,865
	39,538	China Merchants Port Holdings Co., Ltd.		74,375
	88,000	China Overseas Land & Investment Ltd.		268,574
	20,000	China Overseas Property Holdings Ltd.		21,626
	130,000	China Power International Development Ltd.		73,367
	36,000	China Resources Beer Holdings Co., Ltd.		285,618
	54,000	China Resources Cement Holdings Ltd.		46,160
	20,000	China Resources Gas Group Ltd.		91,681
	74,000	China Resources Land Ltd.		359,842
	46,000	China Resources Power Holdings Co., Ltd.		103,113
	60,000	China Ruyi Holdings Ltd.*(d)		17,814
	56,000	China State Construction International Holdings Ltd.		78,572
	35,800	China Taiping Insurance Holdings Co., Ltd.		42,285
	72,000	China Traditional Chinese Medicine Holdings Co., Ltd.		41,114
	46,000	COSCO SHIPPING Ports Ltd.		37,805
	46,000	Far East Horizon Ltd.		39,179
	145,000	Geely Automobile Holdings Ltd.		267,588
	82,000	Guangdong Investment Ltd.		110,147
	14,630	Hopson Development Holdings Ltd.		29,991
	20,000	Huabao International Holdings Ltd.		11,468
	2,487	HUTCHMED China Ltd., ADR*		67,771
	2,356	Jinmao Property Services Co.*(e)		599
	18,000	Kingboard Holdings Ltd.		83,959
	20,500	Kingboard Laminates Holdings Ltd.		33,999
	110,000	Kunlun Energy Co., Ltd.		107,407
	44,000	Lee & Man Paper Manufacturing Ltd.		28,266
	38,000	Nine Dragons Paper Holdings Ltd.		36,325
	26,000	Shenzhen International Holdings Ltd.		26,825
	23,500	Shimao Group Holdings Ltd.		14,044
	259,750	Sino Biopharmaceutical Ltd.		165,565
	92,000	Sun Art Retail Group Ltd.		33,029
	13,000	Vinda International Holdings Ltd.		36,945
	28,000	Wharf Holdings Ltd.		101,041
	12,800	Yuexiu Property Co., Ltd.		12,809

		Total Hong Kong		10,162,549


	Hungary — 1.1%
	9,056	MOL Hungarian Oil & Gas PLC		70,671
	144,055	OTP Bank Nyrt*		5,546,878
	2,785	Richter Gedeon Nyrt		58,485

		Total Hungary		5,676,034


	India — 12.9%
	1,964	ACC Ltd.		54,498
	5,607	Adani Enterprises Ltd.		121,732
	8,561	Adani Green Energy Ltd.*		209,935
	12,475	Adani Ports & Special Economic Zone Ltd.		116,912
	6,720	Adani Total Gas Ltd.		141,941
	5,953	Adani Transmission Ltd.*		168,830

See Notes to Financial Statements.

117



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	India — 12.9% — (continued)
	17,967	Ambuja Cements Ltd.	$	75,068
	2,536	Apollo Hospitals Enterprise Ltd.		161,842
	80,395	Asian Paints Ltd.		3,391,776
	5,958	Aurobindo Pharma Ltd.		49,319
	4,163	Avenue Supermarts Ltd., Class A Shares*(a)		239,330
	149,615	Axis Bank Ltd.*		1,471,260
	17,728	Bajaj Auto Ltd.		832,236
	6,721	Bajaj Finance Ltd.		627,266
	905	Bajaj Finserv Ltd.		193,309
	2,275	Balkrishna Industries Ltd.		54,915
	13,938	Bandhan Bank Ltd.(a)		56,515
	7,050	Berger Paints India Ltd.		64,688
	34,819	Bharat Electronics Ltd.		97,391
	6,110	Bharat Forge Ltd.		55,308
	166,210	Bharat Petroleum Corp., Ltd.		770,032
	60,793	Bharti Airtel Ltd.*		556,137
	8,802	Biocon Ltd.*		40,765
	2,714	Britannia Industries Ltd.		122,848
	142,290	Cholamandalam Investment & Finance Co., Ltd.		1,308,221
	11,358	Cipla Ltd.		139,138
	382,782	Coal India Ltd.		857,850
	3,227	Colgate-Palmolive India Ltd.		61,494
	6,095	Container Corp. Of India Ltd.		48,394
	14,194	Dabur India Ltd.		106,126
	3,205	Divi’s Laboratories Ltd.		181,038
	17,785	DLF Ltd.		83,125
	2,884	Dr Reddy’s Laboratories Ltd.		155,765
	2,834	Eicher Motors Ltd.		97,584
	34,196	GAIL India Ltd.		65,589
	9,051	Godrej Consumer Products Ltd.*		91,940
	3,584	Godrej Properties Ltd.*		71,786
	6,440	Grasim Industries Ltd.		136,470
	6,619	Havells India Ltd.		103,946
	26,499	HCL Technologies Ltd.		395,520
	1,229	HDFC Asset Management Co., Ltd.(a)		34,101
	117,780	HDFC Bank Ltd.		2,233,568
	84,224	HDFC Bank Ltd., ADR		5,236,206
	24,078	HDFC Life Insurance Co., Ltd.(a)		167,282
	22,257	Hero MotoCorp Ltd.		747,414
	36,991	Hindalco Industries Ltd.		281,138
	18,466	Hindustan Petroleum Corp., Ltd.		66,829
	20,174	Hindustan Unilever Ltd.		580,305
	42,194	Housing Development Finance Corp., Ltd.		1,327,376
	125,339	ICICI Bank Ltd.		1,233,128
	229,619	ICICI Bank Ltd., ADR		4,470,682
	4,599	ICICI Lombard General Insurance Co., Ltd.(a)		77,240
	6,447	ICICI Prudential Life Insurance Co., Ltd.(a)		40,908
	49,507	Indian Oil Corp., Ltd.		75,407
	4,984	Indian Railway Catering & Tourism Corp., Ltd.		53,440
	5,863	Indraprastha Gas Ltd.		27,073
	456,176	Indus Towers Ltd.*		1,312,134
	2,093	Info Edge India Ltd.		124,324
	83,261	Infosys Ltd.		1,891,040
	2,555	InterGlobe Aviation Ltd.*(a)		63,718
	69,632	ITC Ltd.		199,866
	20,967	JSW Steel Ltd.		174,776

See Notes to Financial Statements.

118



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	India — 12.9% — (continued)
	2,043	Jubilant Foodworks Ltd.	$	79,282
	111,514	Kotak Mahindra Bank Ltd.		2,738,389
	1,143	Larsen & Toubro Infotech Ltd.(a)		88,570
	17,023	Larsen & Toubro Ltd.		411,701
	5,715	Lupin Ltd.		56,552
	22,413	Mahindra & Mahindra Ltd.		234,745
	12,963	Marico Ltd.		87,812
	31,508	Maruti Suzuki India Ltd.		3,469,485
	1,386	Mindtree Ltd.		71,819
	36,608	Motherson Sumi Systems Ltd.		72,973
	36,608	Motherson Sumi Wiring India Ltd.*(e)(f)		19,317
	2,290	Mphasis Ltd.		94,571
	50	MRF Ltd.		43,631
	3,147	Muthoot Finance Ltd.		56,877
	779	Nestle India Ltd.		181,995
	114,559	NTPC Ltd.		202,827
	55,740	Oberoi Realty Ltd.*		672,661
	52,779	Oil & Natural Gas Corp., Ltd.		112,864
	111	Page Industries Ltd.		61,998
	367,092	Petronet LNG Ltd.		1,048,551
	57,000	Phoenix Mills Ltd.		725,507
	1,764	PI Industries Ltd.		58,491
	3,794	Pidilite Industries Ltd.		121,233
	2,703	Piramal Enterprises Ltd.		74,480
	76,988	Power Grid Corp. of India Ltd.		212,360
	328,305	Reliance Industries Ltd.		10,260,041
	5,631	SBI Cards & Payment Services Ltd.*		58,884
	11,707	SBI Life Insurance Co., Ltd.(a)		164,482
	257	Shree Cement Ltd.		83,452
	5,206	Shriram Transport Finance Co., Ltd.		77,572
	2,065	Siemens Ltd.		64,394
	3,876	SRF Ltd.		122,380
	42,083	State Bank of India		270,649
	19,767	Sun Pharmaceutical Industries Ltd.		221,002
	22,583	Tata Consultancy Services Ltd.		1,063,075
	15,654	Tata Consumer Products Ltd.		149,741
	39,155	Tata Motors Ltd.*		237,152
	38,627	Tata Power Co., Ltd.(The)		114,139
	16,843	Tata Steel Ltd.		272,389
	15,635	Tech Mahindra Ltd.		291,983
	147,268	Titan Co., Ltd.		4,990,610
	1,507	Torrent Pharmaceuticals Ltd.		55,593
	4,476	Trent Ltd.		66,297
	28,046	UltraTech Cement Ltd.		2,441,951
	7,945	United Spirits Ltd.*		93,479
	145,067	UPL Ltd.		1,283,399
	29,214	Vedanta Ltd.		147,058
	34,605	Wipro Ltd.		254,348
	241,179	Yes Bank Ltd.*(f)		42,418
	31,987	Zomato Ltd.*		34,209

		Total India		67,855,182


	Indonesia — 2.6%
	299,900	Adaro Energy Tbk PT		51,633
	197,700	Aneka Tambang Tbk		30,613
	3,010,500	Astra International Tbk PT		1,216,500

See Notes to Financial Statements.

119



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Indonesia — 2.6% — (continued)
	6,320,000	Bank BTPN Syariah Tbk PT	$	1,578,447
	1,352,100	Bank Central Asia Tbk PT		764,631
	95,100	Bank Jago Tbk PT*		107,507
	4,349,524	Bank Mandiri Persero Tbk PT		2,346,368
	200,200	Bank Negara Indonesia Persero Tbk PT		111,601
	10,635,024	Bank Rakyat Indonesia Persero Tbk PT		3,394,624
	810,800	Barito Pacific Tbk PT		50,262
	174,600	Charoen Pokphand Indonesia Tbk PT		70,499
	14,300	Gudang Garam Tbk PT		31,269
	86,100	Indah Kiat Pulp & Paper Tbk PT		48,414
	34,200	Indocement Tunggal Prakarsa Tbk PT		26,207
	69,500	Indofood CBP Sukses Makmur Tbk PT		41,155
	90,400	Indofood Sukses Makmur Tbk PT		39,017
	492,600	Kalbe Farma Tbk PT		56,429
	310,500	Merdeka Copper Gold Tbk PT*		83,705
	505,900	Sarana Menara Nusantara Tbk PT		36,469
	69,600	Semen Indonesia Persero Tbk PT		34,936
	6,802,687	Telkom Indonesia Persero Tbk PT		2,050,923
	49,693	Telkom Indonesia Persero Tbk PT, ADR		1,476,379
	258,900	Tower Bersama Infrastructure Tbk PT		53,298
	188,500	Unilever Indonesia Tbk PT		48,337
	38,900	United Tractors Tbk PT		67,740

		Total Indonesia		13,816,963


	Kazakhstan — 0.2%
	12,470	Kaspi.KZ JSC, (Restricted, cost — $420,863, acquired 10/15/20), GDR(b)		736,506
	5,600	Kaspi.KZ JSC, GDR		336,000
	840	Kaspi.KZ JSC, GDR(a)(e)		50,400

		Total Kazakhstan		1,122,906


	Kuwait — 0.3%
	28,173	Agility Public Warehousing Co., KSC		94,952
	26,304	Boubyan Bank KSCP*		71,463
	44,000	Humansoft Holding Co. KSC		533,880
	113,728	Kuwait Finance House KSCP		354,638
	12,432	Mabanee Co., KPSC		34,806
	58,759	Mobile Telecommunications Co., KSCP		120,188
	166,223	National Bank of Kuwait SAKP		581,175

		Total Kuwait		1,791,102


	Luxembourg — 0.0%
	2,843	Reinet Investments SCA		58,675


	Malaysia — 0.5%
	46,100	AMMB Holdings Bhd*		36,967
	59,300	Axiata Group Bhd		55,498
	155,607	CIMB Group Holdings Bhd		211,865
	85,400	Dialog Group Bhd		57,563
	60,900	DiGi.Com Bhd		58,841
	3,000	Fraser & Neave Holdings Bhd		16,143
	65,800	Genting Bhd		72,852
	80,300	Genting Malaysia Bhd		57,434
	20,100	HAP Seng Consolidated Bhd		36,309
	39,400	Hartalega Holdings Bhd		43,327
	15,800	Hong Leong Bank Bhd		75,972
	2,900	Hong Leong Financial Group Bhd		13,381
	36,300	IHH Healthcare Bhd		56,878

See Notes to Financial Statements.

120



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Malaysia — 0.5% — (continued)
	77,400	Inari Amertron Bhd	$	59,745
	56,900	IOI Corp. Bhd		62,504
	11,700	Kuala Lumpur Kepong Bhd		72,441
	110,509	Malayan Banking Bhd		230,590
	25,900	Malaysia Airports Holdings Bhd*		38,015
	57,900	Maxis Bhd		55,521
	34,300	MISC Bhd		60,197
	1,600	Nestle Malaysia Bhd		51,064
	59,300	Petronas Chemicals Group Bhd		134,868
	8,600	Petronas Dagangan Bhd		44,100
	18,400	Petronas Gas Bhd		76,250
	12,800	PPB Group Bhd		54,740
	75,000	Press Metal Aluminium Holdings Bhd		122,006
	343,500	Public Bank Bhd		364,264
	31,500	QL Resources Bhd		37,135
	37,800	RHB Bank Bhd		53,244
	77,200	Sime Darby Bhd		41,844
	56,800	Sime Darby Plantation Bhd		66,454
	31,400	Telekom Malaysia Bhd		37,904
	67,600	Tenaga Nasional Bhd		147,761
	123,200	Top Glove Corp. Bhd		60,072
	13,800	Westports Holdings Bhd		12,873

		Total Malaysia		2,676,622


	Mexico — 2.3%
	70,338	Alfa SAB de CV, Class A Shares		52,070
	64,537	America Movil SAB de CV, Class L Shares, ADR		1,169,411
	746,095	America Movil SAB de CV, Series L		678,383
	11,362	Arca Continental SAB de CV		74,901
	15,467	Becle SAB de CV		38,716
	12,281	Coca-Cola Femsa SAB de CV		68,006
	76,190	Fibra Uno Administracion SA de CV, REIT		85,422
	48,381	Fomento Economico Mexicano SAB de CV		388,800
	5,527	Gruma SAB de CV, Class B Shares		74,855
	9,937	Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares*		145,553
	4,684	Grupo Aeroportuario del Sureste SAB de CV, Class B Shares		100,850
	41,220	Grupo Bimbo SAB de CV, Series A		127,614
	12,114	Grupo Carso SAB de CV, Series A1		36,711
	284,417	Grupo Financiero Banorte SAB de CV, Class O Shares		1,930,367
	48,261	Grupo Financiero Inbursa SAB de CV, Class O Shares*		78,878
	357,924	Grupo México SAB de CV, Series B		1,828,548
	65,431	Grupo Televisa SAB		139,977
	2,464	Industrias Peñoles SAB de CV		30,958
	528,165	Kimberly-Clark de México SAB de CV, Class A Shares		738,400
	7,978	Megacable Holdings SAB de CV		23,472
	512,457	Orbia Advance Corp. SAB de CV		1,309,260
	3,707	Promotora y Operadora de Infraestructura SAB de CV		29,142
	145,681	Qualitas Controladora SAB de CV		798,172
	284,100	Regional SAB de CV		1,687,379
	29,228	Telesites SAB de CV		32,598
	127,598	Wal-Mart de Mexico SAB de CV		486,003

		Total Mexico		12,154,446


	Netherlands — 0.8%
	65,682	Prosus NV*		4,071,803

See Notes to Financial Statements.

121



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Peru — 0.5%
	4,824	Cia de Minas Buenaventura SAA, ADR*	$	47,758
	14,965	Credicorp Ltd.		2,263,456
	2,223	Southern Copper Corp.		154,254

		Total Peru		2,465,468


	Philippines — 1.0%
	43,280	Aboitiz Equity Ventures Inc.		50,559
	154,500	AC Energy Corp.		25,684
	7,030	Ayala Corp.		116,752
	199,760	Ayala Land Inc.		152,069
	47,558	Bank of the Philippine Islands		93,276
	45,844	BDO Unibank Inc.		116,517
	4,366,900	Bloomberry Resorts Corp.*		642,771
	620	Globe Telecom Inc.		31,218
	2,800	GT Capital Holdings Inc.		31,650
	646,360	International Container Terminal Services Inc.		2,666,958
	67,856	JG Summit Holdings Inc.		79,986
	9,470	Jollibee Foods Corp.		44,659
	6,170	Manila Electric Co.		44,376
	109,500	Metro Pacific Investments Corp.		8,274
	31,956	Metropolitan Bank & Trust Co.		35,679
	146,800	Monde Nissin Corp.*(a)		47,439
	1,505	PLDT Inc.		52,909
	657,600	Robinsons Retail Holdings Inc.		792,614
	5,930	SM Investments Corp.		103,486
	251,800	SM Prime Holdings Inc.		196,781
	22,540	Universal Robina Corp.		52,919

		Total Philippines		5,386,576


	Poland — 0.3%
	9,581	Allegro.eu SA*(a)(d)		71,625
	4,852	Bank Polska Kasa Opieki SA		132,280
	1,614	CD Projekt SA		64,438
	6,856	Cyfrowy Polsat SA		44,343
	1,155	Dino Polska SA*(a)		80,935
	71,600	InPost SA*		442,124
	3,754	KGHM Polska Miedz SA		147,741
	30	LPP SA		61,390
	545	mBank SA*		52,940
	9,733	Orange Polska SA*		18,062
	25,504	PGE Polska Grupa Energetyczna SA*		49,084
	7,368	Polski Koncern Naftowy ORLEN SA		124,771
	38,865	Polskie Gornictwo Naftowe i Gazownictwo SA		51,197
	21,071	Powszechna Kasa Oszczednosci Bank Polski SA*		202,432
	13,963	Powszechny Zaklad Ubezpieczen SA		103,911
	938	Santander Bank Polska SA		70,317

		Total Poland		1,717,590


	Portugal — 0.4%
	182,639	Galp Energia SGPS SA		2,022,941


	Qatar — 0.3%
	58,133	Barwa Real Estate Co.		57,838
	44,136	Commercial Bank PSQC		83,424
	37,218	Industries Qatar QSC		186,667
	105,188	Masraf Al Rayan QSC		144,097
	85,967	Mesaieed Petrochemical Holding Co.		62,933

See Notes to Financial Statements.

122



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Qatar — 0.3% — (continued)
	26,290	Ooredoo QPSC	$	55,313
	12,424	Qatar Electricity & Water Co. QSC		61,161
	10,432	Qatar Fuel QSC		53,151
	50,244	Qatar Gas Transport Co., Ltd.		51,871
	16,205	Qatar International Islamic Bank QSC		45,535
	26,389	Qatar Islamic Bank SAQ		152,483
	113,178	Qatar National Bank QPSC		676,388

		Total Qatar		1,630,861


	Romania — 0.0%
	12,894	NEPI Rockcastle PLC		81,988


	Russia — 0.9%
	64,081	Alrosa PJSC#(e)(f)		18,659
	502,100	Detsky Mir PJSC, (Restricted, cost — $786,566, acquired 10/15/20)(b)		392,616
	179,000	Fix Price Group Ltd., (Restricted, cost — $1,614,764, acquired 3/5/21), GDR(b)		107,758
	267,363	Gazprom PJSC		565,595
	21,428	Gazprom PJSC#(e)(f)		17,267
	131,216	Gazprom PJSC, ADR		347,722
	885,983	Inter RAO UES PJSC#(e)(f)		8,550
	10,171	Lukoil PJSC#(e)(f)		177,473
	47,286	Lukoil PJSC, ADR		1,121,817
	8,651	Magnit PJSC, Class Registered Shares, GDR#(e)(f)		13,846
	1,550	MMC Norilsk Nickel PJSC#(e)(f)		104,961
	191,564	Mobile TeleSystems PJSC, ADR(e)		759,436
	39,065	Moscow Exchange MICEX-RTS PJSC#(e)(f)		13,144
	2,213	Novatek PJSC, Class Registered Shares, GDR#(e)(f)		84,891
	37,499	Novolipetsk Steel PJSC		61,838
	508	Novolipetsk Steel PJSC#(e)(f)		323
	1,593	Ozon Holdings PLC, ADR*#(e)(f)		5,841
	2,783	PhosAgro PJSC, Class Registered Shares, GDR#(e)(f)		16,949
	7,431	Polymetal International PLC#(e)(f)		22,529
	869	Polyus PJSC#(e)(f)		32,730
	28,885	Rosneft Oil Co. PJSC#(e)(f)		30,122
	657,286	Sberbank of Russia PJSC#(e)(f)		290,424
	58,514	Sberbank of Russia PJSC, ADR		73,142
	5,523	Severstal PAO#(e)(f)		26,367
	157,330	Surgutneftegas PJSC#(e)(f)		15
	32,571	Tatneft PJSC		107,175
	5,031	Tatneft PJSC#(e)(f)		6,386
	88,972	United Co. RUSAL International PJSC*#(e)(f)		18,768
	2,330	VK Co., Ltd., GDR*#(e)(f)		2,367
	60,086,472	VTB Bank PJSC#(e)(f)		11,176
	42,974	X5 Retail Group NV, GDR		113,843
	3,377	X5 Retail Group NV, GDR#(e)(f)		14,521
	17,600	Yandex NV, Class A Shares*(e)		231,845
	7,493	Yandex NV, Class A Shares*#(e)(f)		48,964

		Total Russia		4,849,060


	Saudi Arabia — 1.9%
	584	Abdullah Al Othaim Markets Co.		17,356
	2,938	Advanced Petrochemical Co.		58,810
	96,224	Al Rajhi Bank		4,120,613
	22,578	Alinma Bank		213,996
	6,060	Almarai Co. JSC		81,001
	14,805	Arab National Bank		110,556
	9,374	Bank AlBilad*		147,537

See Notes to Financial Statements.

123



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Saudi Arabia — 1.9% — (continued)
	12,023	Bank Al-Jazira	$	86,116
	14,887	Banque Saudi Fransi		210,710
	1,523	Bupa Arabia for Cooperative Insurance Co.		65,886
	1,797	Co. for Cooperative Insurance		37,558
	14,545	Dar Al Arkan Real Estate Development Co.*		42,472
	1,486	Dr Sulaiman Al Habib Medical Services Group Co.		67,805
	11,631	Emaar Economic City*		38,459
	8,287	Etihad Etisalat Co.		77,245
	1,138	Jarir Marketing Co.		63,384
	12,541	Mobile Telecommunications Co.*		44,913
	1,161	Mouwasat Medical Services Co.		64,188
	9,889	National Industrialization Co.*		59,605
	4,003	National Petrochemical Co.		48,109
	6,566	Rabigh Refining & Petrochemical Co.*		42,994
	33,014	Riyad Bank		312,914
	5,013	SABIC Agri-Nutrients Co.		213,043
	7,279	Sahara International Petrochemical Co.		90,748
	10,348	Saudi Arabian Mining Co.*		294,613
	53,718	Saudi Arabian Oil Co.(a)		595,322
	22,037	Saudi Basic Industries Corp.		732,703
	19,603	Saudi British Bank		202,552
	108	Saudi Cement Co.		1,602
	22,768	Saudi Electricity Co.		167,697
	7,049	Saudi Industrial Investment Group		66,418
	15,381	Saudi Kayan Petrochemical Co.*		83,526
	53,653	Saudi National Bank		975,434
	874	Saudi Research & Media Group*		58,240
	14,690	Saudi Telecom Co.		447,164
	5,902	Savola Group		53,344
	5,285	Yanbu National Petrochemical Co.		96,803

		Total Saudi Arabia		10,091,436


	Singapore — 0.3%
	6,800	BOC Aviation Ltd.(a)		58,957
	1,271	JOYY Inc., ADR(d)		58,835
	9,599	Sea Ltd., ADR*		1,397,614

		Total Singapore		1,515,406


	South Africa — 2.8%
	18,445	Absa Group Ltd.		211,966
	3,655	African Rainbow Minerals Ltd.		65,081
	1,405	Anglo American Platinum Ltd.		219,175
	10,772	AngloGold Ashanti Ltd.		252,394
	9,447	Aspen Pharmacare Holdings Ltd.		125,819
	8,357	Bid Corp., Ltd.		171,488
	92,678	Bidvest Group Ltd.		1,266,967
	2,090	Capitec Bank Holdings Ltd.		281,750
	5,665	Clicks Group Ltd.		110,268
	10,460	Discovery Ltd.*		107,282
	5,384	Exxaro Resources Ltd.		69,307
	124,887	FirstRand Ltd.		537,375
	22,560	Gold Fields Ltd.		316,944
	79,517	Growthpoint Properties Ltd., REIT		69,990
	12,491	Harmony Gold Mining Co., Ltd.		53,834
	19,247	Impala Platinum Holdings Ltd.		367,382
	2,089	Kumba Iron Ore Ltd.		82,277

See Notes to Financial Statements.

124



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	South Africa — 2.8% — (continued)
	686,436	Life Healthcare Group Holdings Ltd.	$	1,005,104
	5,962	Mr Price Group Ltd.		81,220
	41,834	MTN Group Ltd.*		529,920
	10,235	MultiChoice Group		84,542
	5,358	Naspers Ltd., Class N Shares		682,211
	152,978	Nedbank Group Ltd.		2,172,542
	8,806	Northam Platinum Holdings Ltd.*		142,325
	109,246	Old Mutual Ltd.		90,218
	24,251	Pepkor Holdings Ltd.(a)		34,656
	18,253	Rand Merchant Investment Holdings Ltd.		58,198
	13,978	Remgro Ltd.		127,044
	230,969	Sanlam Ltd.		983,458
	13,934	Sasol Ltd.*		319,667
	12,453	Shoprite Holdings Ltd.		185,356
	65,842	Sibanye Stillwater Ltd.		310,210
	3,447	SPAR Group Ltd.		36,767
	135,216	Standard Bank Group Ltd.		1,429,333
	4,420	Tiger Brands Ltd.		46,922
	377,173	Transaction Capital Ltd.		1,086,315
	90,938	Vodacom Group Ltd.		875,227
	20,440	Woolworths Holdings Ltd.		67,081

		Total South Africa		14,657,615


	South Korea — 12.9%
	804	Alteogen Inc.*		35,782
	875	Amorepacific Corp.		134,164
	638	AMOREPACIFIC Group		25,932
	233	BGF retail Co., Ltd.		32,878
	2,208	Celltrion Healthcare Co., Ltd.(d)		117,715
	2,430	Celltrion Inc.(d)		322,949
	425	Celltrion Pharm Inc.*		31,298
	1,194	Cheil Worldwide Inc.		22,369
	160	CJ CheilJedang Corp.		50,777
	570	CJ Corp.		39,917
	365	CJ ENM Co., Ltd.		39,897
	135	CJ Logistics Corp.*		13,936
	22,200	Coway Co., Ltd.(d)		1,332,045
	962	DB Insurance Co., Ltd.		49,501
	1,233	Doosan Bobcat Inc.		39,680
	16,460	Doosan Fuel Cell Co., Ltd.*		532,476
	8,295	Doosan Heavy Industries & Construction Co., Ltd.*(d)		143,833
	89	Douzone Bizon Co., Ltd.		3,583
	235	Ecopro BM Co., Ltd.		74,945
	446	E-MART Inc.		48,300
	103	F&F Co., Ltd.*		77,152
	127	Green Cross Corp.		19,324
	1,878	GS Engineering & Construction Corp.		67,040
	1,234	GS Holdings Corp.		41,282
	7,156	Hana Financial Group Inc.(d)		290,116
	1,886	Hankook Tire & Technology Co., Ltd.		55,310
	219	Hanmi Pharm Co., Ltd.*		48,314
	3,831	Hanon Systems		36,871
	3,192	Hanwha Solutions Corp.*		90,920
	1,826	HLB Inc.*		47,322
	6,717	HMM Co., Ltd.*(d)		161,578
	672	Hotel Shilla Co., Ltd.		45,436

See Notes to Financial Statements.

125



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	South Korea — 12.9% — (continued)
	391	HYBE Co., Ltd.*	$	95,554
	1,889	Hyundai Engineering & Construction Co., Ltd.		68,135
	434	Hyundai Glovis Co., Ltd.		63,634
	1,100	Hyundai Heavy Industries Holdings Co., Ltd.		47,371
	7,521	Hyundai Mobis Co., Ltd.		1,403,418
	3,499	Hyundai Motor Co.		510,292
	1,832	Hyundai Steel Co.		61,172
	481	Iljin Materials Co., Ltd.		36,646
	7,644	Industrial Bank of Korea		68,395
	7,623	Kakao Corp.		604,364
	629	Kakao Games Corp.*		38,566
	2,182	KakaoBank Corp.*(d)		88,101
	2,405	Kangwon Land Inc.*		53,297
	48,971	KB Financial Group Inc.		2,457,816
	6,477	Kia Corp.		398,178
	1,943	Korea Aerospace Industries Ltd.*		60,040
	5,040	Korea Electric Power Corp.		97,358
	955	Korea Investment Holdings Co., Ltd.*		62,996
	890	Korea Shipbuilding & Offshore Engineering Co., Ltd.*		65,377
	250	Korea Zinc Co., Ltd.		115,262
	4,494	Korean Air Lines Co., Ltd.*		110,793
	573	Krafton Inc.*(d)		142,642
	14,203	KT&G Corp.(d)		942,919
	408	Kumho Petrochemical Co., Ltd.*		55,436
	621	L&F Co., Ltd.		103,214
	12,677	LG Chem Ltd.		5,975,272
	2,245	LG Corp.(d)		140,667
	5,730	LG Display Co., Ltd.(d)		89,630
	2,536	LG Electronics Inc.		261,198
	1,602	LG Energy Solution*(d)		548,991
	1,760	LG Household & Health Care Ltd.		1,404,141
	336	LG Innotek Co., Ltd.		91,681
	4,603	LG Uplus Corp.		50,379
	449	Lotte Chemical Corp.		82,315
	312	Lotte Shopping Co., Ltd.		22,161
	1,025	Meritz Fire & Marine Insurance Co., Ltd.*		35,041
	4,055	Meritz Securities Co., Ltd.		19,778
	5,758	Mirae Asset Securities Co., Ltd.		42,156
	18,934	NAVER Corp.		5,064,431
	399	NCSoft Corp.(d)		148,061
	529	Netmarble Corp.(a)		45,170
	3,575	NH Investment & Securities Co., Ltd.*		34,535
	640	Orion Corp.		48,771
	6,901	Pan Ocean Co., Ltd.		37,788
	792	Pearl Abyss Corp.*		62,777
	1,831	POSCO		440,186
	790	POSCO Chemical Co., Ltd.(d)		75,675
	256	S-1 Corp.		14,854
	394	Samsung Biologics Co., Ltd.*(a)(d)		256,231
	1,935	Samsung C&T Corp.		177,333
	1,392	Samsung Electro-Mechanics Co., Ltd.(d)		192,726
	394,085	Samsung Electronics Co., Ltd.		23,778,714
	4,402	Samsung Engineering Co., Ltd.*		85,099
	804	Samsung Fire & Marine Insurance Co., Ltd.		128,498
	13,122	Samsung Heavy Industries Co., Ltd.*		64,123
	1,766	Samsung Life Insurance Co., Ltd.		87,914

See Notes to Financial Statements.

126



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	South Korea — 12.9% — (continued)
	6,900	Samsung SDI Co., Ltd.(d)	$	3,151,683
	896	Samsung SDS Co., Ltd.		104,485
	1,776	Samsung Securities Co., Ltd.		62,570
	1,206	SD Biosensor Inc.		54,634
	794	Seegene Inc.		33,829
	58,505	Shinhan Financial Group Co., Ltd.		1,902,079
	670	SK Biopharmaceuticals Co., Ltd.*		47,599
	491	SK Bioscience Co., Ltd.*		60,337
	300	SK Chemicals Co., Ltd.		31,519
	98,489	SK Hynix Inc.		10,189,862
	465	SK IE Technology Co., Ltd.*(a)		48,413
	971	SK Inc.		185,484
	1,267	SK Innovation Co., Ltd.*		214,432
	2,405	SK Square Co., Ltd.*		113,270
	596	SK Telecom Co., Ltd.		27,098
	436	SKC Co., Ltd.		50,702
	1,034	S-Oil Corp.		73,329
	11,081	Woori Financial Group Inc.		131,936
	984	Yuhan Corp.		47,865

		Total South Korea		67,861,040


	Taiwan — 13.2%
	12,000	Accton Technology Corp.		108,034
	72,000	Acer Inc.		74,882
	9,777	Advantech Co., Ltd.		128,372
	631,498	ASE Technology Holding Co., Ltd.		2,287,699
	46,000	Asia Cement Corp.		74,047
	1,000	ASMedia Technology Inc.		60,752
	17,000	Asustek Computer Inc.		225,512
	206,000	AU Optronics Corp.		154,141
	16,000	Catcher Technology Co., Ltd.		81,817
	193,738	Cathay Financial Holding Co., Ltd.		431,935
	33,392	Chailease Holding Co., Ltd.		300,047
	126,015	Chang Hwa Commercial Bank Ltd.		79,645
	31,000	Cheng Shin Rubber Industry Co., Ltd.		39,707
	350,112	China Development Financial Holding Corp.		239,368
	292,000	China Steel Corp.		375,690
	99,000	Chroma ATE Inc.		672,791
	90,000	Chunghwa Telecom Co., Ltd.		399,869
	97,000	Compal Electronics Inc.		88,324
	450,880	CTBC Financial Holding Co., Ltd.		440,616
	286,000	Delta Electronics Inc.		2,525,450
	21,000	E Ink Holdings Inc.		113,683
	291,477	E.Sun Financial Holding Co., Ltd.		308,258
	4,100	Eclat Textile Co., Ltd.		84,925
	2,000	eMemory Technology Inc.		135,423
	60,478	Evergreen Marine Corp. Taiwan Ltd.		311,530
	87,000	Far Eastern New Century Corp.		91,869
	35,000	Far EasTone Telecommunications Co., Ltd.		86,587
	10,920	Feng TAY Enterprise Co., Ltd.		80,963
	255,449	First Financial Holding Co., Ltd.		234,436
	84,000	Formosa Chemicals & Fibre Corp.		237,204
	28,000	Formosa Petrochemical Corp.		97,875
	96,000	Formosa Plastics Corp.		360,520
	22,230	Foxconn Technology Co., Ltd.		50,739
	185,336	Fubon Financial Holding Co., Ltd.		497,734

See Notes to Financial Statements.

127



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Taiwan — 13.2% — (continued)
	6,000	Giant Manufacturing Co., Ltd.	$	62,128
	186,000	Globalwafers Co., Ltd.		4,584,384
	6,554	Hiwin Technologies Corp.		62,077
	733,660	Hon Hai Precision Industry Co., Ltd.		2,703,597
	7,000	Hotai Motor Co., Ltd.		157,752
	222,487	Hua Nan Financial Holdings Co., Ltd.		175,594
	220,000	Innolux Corp.		134,027
	74,000	Inventec Corp.		68,383
	2,541	Largan Precision Co., Ltd.		184,235
	48,264	Lite-On Technology Corp., ADR		118,078
	128,000	MediaTek Inc.		5,076,626
	264,000	Mega Financial Holding Co., Ltd.		356,356
	17,000	Micro-Star International Co., Ltd.		94,667
	1,000	momo.com Inc.		35,845
	121,000	Nan Ya Plastics Corp.		379,431
	5,000	Nan Ya Printed Circuit Board Corp.		95,959
	29,000	Nanya Technology Corp.		80,186
	3,000	Nien Made Enterprise Co., Ltd.		38,767
	123,000	Novatek Microelectronics Corp.		2,014,799
	5,000	Oneness Biotech Co., Ltd.*		44,443
	43,000	Pegatron Corp.		106,166
	64,000	Pou Chen Corp.		73,837
	65,569	Poya International Co., Ltd.		948,100
	14,539	President Chain Store Corp.		135,837
	624,000	Quanta Computer Inc.		2,089,312
	11,000	Realtek Semiconductor Corp.		179,683
	24,852	Ruentex Development Co., Ltd.		64,244
	87,206	Shanghai Commercial & Savings Bank Ltd.		142,843
	317,693	Shin Kong Financial Holding Co., Ltd.		129,011
	263,846	SinoPac Financial Holdings Co., Ltd.		162,224
	35,700	Synnex Technology International Corp.		92,289
	273,068	Taishin Financial Holding Co., Ltd.		191,493
	123,980	Taiwan Cement Corp.		209,535
	219,267	Taiwan Cooperative Financial Holding Co., Ltd.		208,293
	36,000	Taiwan High Speed Rail Corp.		38,020
	36,000	Taiwan Mobile Co., Ltd.		133,095
	894,507	Taiwan Semiconductor Manufacturing Co., Ltd.		19,055,394
	121,144	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		12,963,619
	28,000	Unimicron Technology Corp.		256,061
	117,000	Uni-President Enterprises Corp.		280,631
	288,000	United Microelectronics Corp.		536,940
	23,000	Vanguard International Semiconductor Corp.		103,185
	2,000	Voltronic Power Technology Corp.		104,554
	16,200	Wan Hai Lines Ltd.		108,586
	8,000	Win Semiconductors Corp.		88,063
	80,000	Winbond Electronics Corp.		94,676
	54,000	Wiwynn Corp.		1,911,835
	43,760	WPG Holdings Ltd.		87,128
	10,188	Yageo Corp.		164,448
	42,000	Yang Ming Marine Transport Corp.*		174,090
	250,960	Yuanta Financial Holding Co., Ltd.		222,703
	21,000	Zhen Ding Technology Holding Ltd.		69,758

		Total Taiwan		69,073,431

See Notes to Financial Statements.

128



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Thailand — 1.1%
	27,900	Advanced Info Service PCL, NVDR	$	195,638
	103,900	Airports of Thailand PCL, NVDR*		204,973
	185,700	Asset World Corp. PCL, NVDR*		27,371
	20,800	B Grimm Power PCL, NVDR		21,942
	51,800	Bangkok Commercial Asset Mangement PCL, NVDR		34,805
	225,600	Bangkok Dusit Medical Services PCL, NVDR		163,480
	212,000	Bangkok Expressway & Metro PCL, NVDR		57,846
	34,400	Berli Jucker PCL, NVDR		35,327
	191,400	BTS Group Holdings PCL, NVDR		55,746
	9,500	Bumrungrad Hospital PCL, NVDR		44,731
	6,000	Carabao Group PCL,NVDR		19,540
	51,000	Central Pattana PCL, NVDR		86,686
	33,616	Central Retail Corp. PCL, NVDR		39,322
	86,300	Charoen Pokphand Foods PCL, NVDR		66,625
	144,800	CP ALL PCL, NVDR		302,184
	6,600	Delta Electronics Thailand PCL, NVDR		81,550
	4,600	Electricity Generating PCL, NVDR		25,245
	36,400	Energy Absolute PCL, NVDR		105,752
	17,400	Global Power Synergy PCL, NVDR		40,048
	64,600	Gulf Energy Development PCL, NVDR		100,062
	137,900	Home Product Center PCL, NVDR		64,385
	50,400	Indorama Ventures PCL, NVDR		69,665
	29,350	Intouch Holdings PCL, NVDR		68,258
	240,500	Kasikornbank PCL		1,198,876
	125,300	Krung Thai Bank PCL, NVDR		53,861
	22,200	Krungthai Card PCL, NVDR		43,003
	296,000	Land and Houses PCL, NVDR		86,877
	87,100	Minor International PCL, NVDR*		82,103
	19,800	Muangthai Capital PCL, NVDR		31,297
	22,800	Osotspa PCL, NVDR		24,647
	36,500	PTT Exploration & Production PCL, NVDR		152,469
	55,700	PTT Global Chemical PCL, NVDR		90,604
	60,000	PTT Oil & Retail Business PCL, NVDR		47,354
	236,600	PTT PCL, NVDR		287,150
	21,400	Ratch Group PCL, NVDR		30,097
	36,500	SCG Packaging PCL, NVDR		68,357
	80,100	Siam Cement PCL, Class Registered Shares		959,927
	19,900	Siam Cement PCL, NVDR		238,894
	20,000	Siam Commercial Bank PCL, NVDR		76,761
	21,600	Sri Trang Gloves Thailand PCL, NVDR(d)		17,016
	20,800	Srisawad Corp. PCL, NVDR		36,879
	24,300	Thai Oil PCL, NVDR		40,253
	51,000	Thai Union Group PCL, NVDR		31,809
	336,600	True Corp. PCL, NVDR		51,460

		Total Thailand		5,560,875


	Turkey — 0.4%
	123,590	Agesa Hayat ve Emeklilik AS		184,500
	61,436	Akbank TAS		31,121
	17,844	Aselsan Elektronik Sanayi Ve Ticaret AS		28,641
	11,261	BIM Birlesik Magazalar AS		59,402
	28,391	Eregli Demir ve Celik Fabrikalari TAS		63,705
	601	Ford Otomotiv Sanayi AS		11,695
	10,393	KOC Holding AS		23,723
	411,440	MLP Saglik Hizmetleri AS, (Restricted, cost — $828,538, acquired 4/15/20), Class B Shares*(a)(b)		879,138
	458,820	Sok Marketler Ticaret AS		374,286

See Notes to Financial Statements.

129



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Turkey — 0.4% — (continued)
	73,020	Tofas Turk Otomobil Fabrikasi AS	$	424,611
	25,061	Turkcell Iletisim Hizmetleri AS		37,019
	49,356	Turkiye Garanti Bankasi AS		39,467
	18,380	Turkiye Is Bankasi AS, Class C Shares		10,535
	3,542	Turkiye Petrol Rafinerileri AS*		49,288
	36,548	Turkiye Sise ve Cam Fabrikalari AS		32,664

		Total Turkey		2,249,795


	United Arab Emirates — 0.5%
	65,895	Abu Dhabi Commercial Bank PJSC		193,052
	32,951	Abu Dhabi Islamic Bank PJSC		79,467
	64,799	Abu Dhabi National Oil Co. for Distribution PJSC		72,782
	87,516	Aldar Properties PJSC		100,317
	68,441	Dubai Islamic Bank PJSC		113,619
	96,095	Emaar Properties PJSC		133,390
	66,191	Emirates NBD Bank PJSC		258,384
	85,049	Emirates Telecommunications Group Co. PJSC		810,669
	108,041	First Abu Dhabi Bank PJSC		608,361

		Total United Arab Emirates		2,370,041


	United Kingdom — 0.8%
	16,598	Anglo American PLC		847,658
	588,959	Helios Towers PLC*		1,140,163
	29,777	Mondi PLC		619,488
	27,973	Unilever PLC		1,407,000

		Total United Kingdom		4,014,309


	United States — 0.3%
	6,887	EPAM Systems Inc.*		1,430,774
	1,272	Legend Biotech Corp., ADR*		50,359
	2,000	Parade Technologies Ltd.		136,754

		Total United States		1,617,887

		TOTAL COMMON STOCKS (Cost — $435,649,595)		498,315,093


	PREFERRED STOCKS — 1.5%

	Brazil — 0.6%
	4,378	Alpargatas SA, Class Preferred Shares		21,830
	119,946	Banco Bradesco SA, Class Preferred Shares		473,029
	3,867	Braskem SA, Class Preferred A Shares		35,769
	7,258	Centrais Eletricas Brasileiras SA, Class Preferred B Shares		48,399
	23,342	Cia Energetica de Minas Gerais, Class Preferred Shares		57,901
	25,282	Gerdau SA, Class Preferred Shares		124,740
	119,462	Itau Unibanco Holding SA, Class Preferred Shares		589,653
	117,545	Itausa SA, Class Preferred Shares		228,250
	116,374	Petroleo Brasileiro SA, Class Preferred Shares		766,783
	475,000	Raizen SA, Class Preferred Shares		525,615
	13,217	Telefonica Brasil SA, Class Preferred Shares		128,503

		Total Brazil		3,000,472


	Chile — 0.1%
	3,301	Sociedad Quimica y Minera de Chile SA, Class Preferred B Shares		218,910


	Colombia — 0.0%
	10,030	Bancolombia SA, Class Preferred Shares		88,657


	Mexico — 0.0%
	356,879	Cemex SAB de CV, Class Preferred Shares*		183,332

See Notes to Financial Statements.

130



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units			Security	Value

	Russia — 0.0%
	83,580		Surgutneftegas PJSC, Class Preferred Shares	$	23,089
	125,636		Surgutneftegas PJSC, Class Preferred Shares#(e)(f)		13,485

			Total Russia		36,574


	South Korea — 0.8%
	715		Hyundai Motor Co., Class Preferred 2nd Shares		52,853
	565		Hyundai Motor Co., Class Preferred Shares		41,410
	283		LG Chem Ltd., Class Preferred Shares		63,786
	55		LG Household & Health Care Ltd., Class Preferred Shares		24,123
	71,792		Samsung Electronics Co., Ltd., Class Preferred Shares		3,954,436

			Total South Korea		4,136,608

			TOTAL PREFERRED STOCKS (Cost — $7,222,899)		7,664,553


	RIGHTS — 0.0%

	Brazil — 0.0%
	276		Americanas SA*(e)		334


	South Korea — 0.0%
	26		Samsung Biologics Co., Ltd.*(e)(f)		3,027

			TOTAL RIGHTS (Cost — $0)		3,361

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $442,872,494)		505,983,007


Face Amount†

	SHORT-TERM INVESTMENTS (g) — 4.5%

	MONEY MARKET FUND — 1.1%
$	5,969,908		Invesco STIT — Government & Agency Portfolio, 0.026%, Institutional Class(h) (Cost — $5,969,908)		5,969,908


	TIME DEPOSITS — 3.4%
			Barclays Bank PLC — London:
	8,771		0.005% due 3/1/22		8,771
	9	^GBP	0.090% due 3/1/22		12
			BBH — Grand Cayman:
	2	^HKD	0.005% due 3/1/22		0
	2	^SGD	0.070% due 3/1/22		1
	424,355	^ZAR	3.700% due 3/1/22		27,602
	12,868,719		BNP Paribas — Paris, 0.005% due 3/1/22		12,868,719
	48,834	^EUR	Citibank — London, (0.780)% due 3/1/22		54,758
	2,005,689		Citibank — New York, 0.005% due 3/1/22		2,005,689
	460,096	^HKD	ING Bank — Amsterdam, 0.005% due 3/1/22		58,875
			Sumitomo Mitsui Banking Corp. — Tokyo:
	56,206	^EUR	(0.780)% due 3/1/22		63,024
	2,919,267		0.005% due 3/1/22		2,919,267

			TOTAL TIME DEPOSITS (Cost — $18,006,718)		18,006,718

			TOTAL SHORT-TERM INVESTMENTS (Cost — $23,976,626)		23,976,626

			TOTAL INVESTMENTS — 100.9% (Cost — $466,849,120)		529,959,633

			Liabilities in Excess of Other Assets — (0.9)%		(4,829,081	)

			TOTAL NET ASSETS — 100.0%	$	525,130,552

See Notes to Financial Statements.

131



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

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

*	Non-income producing security.

(a)

(b)	The aggregate value of restricted securities (excluding 144A holdings) at February 28, 2022, amounts to $19,868,156 and represents 3.8% of net assets.

(c)	Security trades on the Hong Kong exchange.

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

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

(f)	Illiquid security.

(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 3.4%.

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

#	Security that used significant unobservable inputs to determine fair value.

At February 28, 2022, for Emerging Markets Equity Fund the aggregate cost of investments, 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	$	466,849,120	$	120,735,302		$ (57,700,321)	$	63,034,981


Abbreviations used in this schedule:
ADR		— American Depositary Receipts
GDR		— Global Depositary Receipt
NVDR		— Non Voting Depository Receipt
PCL		— Public Company Limited
PLC		— Public Limited Company
REIT		— Real Estate Investment Trust


Summary of Investments by Security Sector^
Information Technology
Semiconductors & Semiconductor Equipment	11.7	%
Technology Hardware, Storage & Peripherals	6.7
Electronic Equipment, Instruments & Components	2.5
Other	1.9
Financials
Banks	16.6
Insurance	3.3
Consumer Finance	0.9
Other	1.3
Consumer Discretionary	13.3
Communication Services	9.0
Materials	7.7
Industrials	5.9
Energy	5.7
Consumer Staples	3.8
Health Care	3.6
Real Estate	1.6
Utilities	1.1
Short-Term Investments	3.4

	100.0	%+

See Notes to Financial Statements.

132



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

^	As a percentage of total investments.

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

At February 28, 2022, Emerging Markets Equity Fund had open exchange-traded futures contracts as described below.

The unrealized 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		Market Value		Unrealized Depreciation
Contracts to Buy:
E-mini MSCI Emerging Markets Index March Futures		25		3/22	$	1,544,907	$	1,469,375	$	(75,532	)

At February 28, 2022, Emerging Markets Equity Fund had deposited cash of $80,994 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.


Currency Abbreviations used in this schedule:
EUR		— Euro
GBP		— British Pound
HKD		— Hong Kong Dollar
SGD		— Singapore Dollar
ZAR		— South African Rand

See Notes to Financial Statements.

133



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Security	Value

	U.S. GOVERNMENT AGENCIES & OBLIGATIONS — 31.5%

	U.S. GOVERNMENT AGENCIES — 0.9%
		Federal Home Loan Banks:
$	4,255,000	1.040% due 6/14/24	$	4,218,507
	2,190,000	1.610% due 9/4/24		2,187,198
	4,250,000	1.200% due 12/23/24		4,204,832
	345,000	4.000% due 9/1/28		386,542
		Federal National Mortgage Association (FNMA), Principal Strip:
	575,000	zero coupon due 1/15/30(a)		489,657
	595,000	zero coupon due 5/15/30(a)		500,936

		TOTAL U.S. GOVERNMENT AGENCIES		11,987,672


	U.S. GOVERNMENT OBLIGATIONS — 30.6%
		U.S. Treasury Bonds:
	2,835,000	4.375% due 2/15/38		3,755,821
	1,500,000	1.125% due 8/15/40		1,240,313
	620,000	1.375% due 11/15/40		534,992
	7,670,000	1.875% due 2/15/41		7,196,917
	5,483,000	2.250% due 5/15/41		5,454,942
	7,070,000	1.750% due 8/15/41		6,469,050
	22,204,000	2.000% due 11/15/41		21,211,759
	2,270,000	3.125% due 11/15/41		2,580,795
	595,000	2.375% due 2/15/42		606,110
	100,000	3.125% due 2/15/43		113,617
	502,500	3.625% due 8/15/43		614,640
	11,510,000	3.750% due 11/15/43		14,350,182
	1,095,000	3.625% due 2/15/44		1,342,359
	415,000	3.125% due 8/15/44		473,538
	1,375,000	3.000% due 11/15/44		1,539,946
	245,000	2.875% due 8/15/45		269,663
	1,412,500	3.000% due 11/15/45		1,589,614
	6,490,000	2.500% due 2/15/46		6,705,235
	1,110,000	2.875% due 11/15/46		1,228,718
	2,238,000	3.000% due 2/15/47		2,535,846
	500,000	2.750% due 8/15/47		546,113
	2,120,000	3.000% due 2/15/48		2,432,948
	595,000	3.375% due 11/15/48		733,082
	4,480,000	2.000% due 2/15/50		4,276,825
	10,870,000	1.250% due 5/15/50		8,645,896
	9,885,000	1.375% due 8/15/50		8,113,423
	4,905,000	1.625% due 11/15/50		4,283,445
	6,323,000	1.875% due 2/15/51		5,866,065
	3,579,000	2.375% due 5/15/51		3,720,902
	3,050,000	2.000% due 8/15/51		2,916,563
	16,495,000	1.875% due 11/15/51		15,342,927
	4,915,000	2.250% due 2/15/52		4,989,877
		U.S. Treasury Inflation Indexed Bonds:
	1,368,572	0.125% due 2/15/51		1,455,813
	762,164	0.125% due 2/15/52		815,417
	2,020,000	U.S. Treasury Strip Principal, zero coupon due 5/15/49(a)		1,110,947
		U.S. Treasury Notes:
	725,000	0.125% due 8/15/23		712,964
	1,820,000	0.125% due 10/15/23		1,784,311
	40,000	0.250% due 11/15/23		39,247
	2,315,000	0.125% due 12/15/23		2,263,274
	19,948,000	0.750% due 12/31/23		19,710,338

See Notes to Financial Statements.

134



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	U.S. GOVERNMENT OBLIGATIONS — 30.6% — (continued)
$	13,969,000		0.875% due 1/31/24	$	13,827,127
	5,940,000		0.125% due 2/15/24		5,790,920
	26,880,000		1.500% due 2/29/24		26,920,425
	4,100,000		0.250% due 3/15/24		4,000,383
	11,029,000		0.250% due 5/15/24		10,730,011
	15,616,000		1.125% due 1/15/25		15,406,160
	3,900,000		0.250% due 5/31/25		3,726,328
	3,060,000		0.250% due 6/30/25		2,919,431
	375,000		0.250% due 9/30/25		356,235
	2,840,000		0.250% due 10/31/25		2,694,228
	1,920,000		0.375% due 11/30/25		1,827,375
	620,000		0.375% due 12/31/25		589,557
	945,000		0.375% due 1/31/26		897,122
	4,214,000		0.500% due 2/28/26		4,015,810
	9,280,000		0.750% due 3/31/26		8,925,475
	20,346,000		0.750% due 4/30/26		19,551,234
	10,000		0.750% due 5/31/26		9,600
	20,000		0.875% due 6/30/26		19,288
	1,430,000		0.625% due 7/31/26		1,362,745
	5,892,000		0.750% due 8/31/26		5,642,741
	6,070,000		1.125% due 10/31/26		5,902,601
	30,000		1.250% due 11/30/26		29,348
	18,830,000		1.250% due 12/31/26		18,410,738
	19,798,000		1.500% due 1/31/27		19,583,006
	16,665,000		1.875% due 2/28/27		16,791,289
	7,910,000		0.750% due 1/31/28		7,450,849
	223,000		1.125% due 2/29/28		214,777
	3,640,000		1.250% due 4/30/28		3,524,402
	2,920,000		1.250% due 5/31/28		2,825,100
	1,590,000		1.250% due 6/30/28		1,537,021
	3,110,000		1.000% due 7/31/28		2,957,051
	1,145,000		1.125% due 8/31/28		1,096,449
	6,320,000		1.250% due 9/30/28		6,097,319
	585,000		1.500% due 11/30/28		573,140
	2,389,000		1.375% due 12/31/28		2,321,623
	195,000		1.750% due 1/31/29		194,162
	2,615,000		1.875% due 2/28/29		2,625,215
	1,660,000		1.625% due 5/15/31		1,631,534
	2,441,000		1.250% due 8/15/31		2,317,997
	1,500,000		1.375% due 11/15/31		1,439,180
	7,590,000		1.875% due 2/15/32		7,616,684

			TOTAL U.S. GOVERNMENT OBLIGATIONS		403,926,114

			TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost — $425,825,952)		415,913,786


	CORPORATE BONDS & NOTES — 31.0%

	Aerospace/Defense — 0.9%
			BAE Systems Holdings Inc., Company Guaranteed Notes:
	205,000	BBB	3.800% due 10/7/24(b)		212,826
	891,000	BBB	3.850% due 12/15/25(b)		933,716
			Boeing Co. (The), Senior Unsecured Notes:
	530,000	BBB-	1.433% due 2/4/24		521,956
	990,000	BBB-	4.875% due 5/1/25		1,053,707
	210,000	BBB-	2.196% due 2/4/26		204,369

See Notes to Financial Statements.

135



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Aerospace/Defense — 0.9% — (continued)
$	50,000	BBB-	3.100% due 5/1/26	$	50,450
	70,000	BBB-	2.700% due 2/1/27		68,771
	646,000	BBB-	2.800% due 3/1/27		636,232
	260,000	BBB-	3.200% due 3/1/29		257,261
	250,000	BBB-	5.150% due 5/1/30		276,003
	440,000	BBB-	3.250% due 2/1/35		412,332
	40,000	BBB-	3.550% due 3/1/38		36,999
	210,000	BBB-	5.705% due 5/1/40		244,388
	140,000	BBB-	3.750% due 2/1/50		127,215
	490,000	BBB-	5.805% due 5/1/50		582,419
	10,000	BBB-	5.930% due 5/1/60		11,871
			General Dynamics Corp., Company Guaranteed Notes:
	121,000	A-	3.500% due 4/1/27		127,706
	607,000	A-	3.750% due 5/15/28		643,290
	10,000	A-	4.250% due 4/1/40		11,164
	70,000	A-	4.250% due 4/1/50		80,352
	141,000	BBB	L3 Technologies Inc., Company Guaranteed Notes, 3.850% due 12/15/26		148,306
			L3Harris Technologies Inc., Senior Unsecured Notes:
	489,000	BBB	3.850% due 12/15/26		514,184
	934,000	BBB	4.400% due 6/15/28		1,009,681
	30,000	BBB	5.054% due 4/27/45		35,605
			Lockheed Martin Corp., Senior Unsecured Notes:
	30,000	A-	3.100% due 1/15/23		30,396
	170,000	A-	3.550% due 1/15/26		179,001
	40,000	A-	4.500% due 5/15/36		45,480
	60,000	A-	4.070% due 12/15/42		65,395
	246,000	A-	3.800% due 3/1/45		257,154
			Northrop Grumman Corp., Senior Unsecured Notes:
	160,000	BBB+	2.930% due 1/15/25		163,303
	340,000	BBB+	3.250% due 1/15/28		348,067
	29,000	BBB+	4.750% due 6/1/43		33,507
	194,000	BBB+	4.030% due 10/15/47		204,627
	352,000	BBB+	5.250% due 5/1/50		442,327
			Raytheon Co., Senior Unsecured Notes:
	40,000	A-	7.200% due 8/15/27		49,287
	24,000	A-	7.000% due 11/1/28		29,814
	55,000	A-	4.200% due 12/15/44		56,838
			Raytheon Technologies Corp., Senior Unsecured Notes:
	70,000	A-	3.150% due 12/15/24		71,670
	120,000	A-	3.950% due 8/16/25		126,618
	776,000	A-	4.125% due 11/16/28		840,284
	140,000	A-	2.250% due 7/1/30		132,669
	160,000	A-	4.500% due 6/1/42		178,749
	387,000	A-	3.750% due 11/1/46		390,993
	65,000	A-	2.820% due 9/1/51		56,180
	80,000	A-	3.030% due 3/15/52		71,638

			Total Aerospace/Defense		11,974,800


	Agriculture — 0.5%
			Altria Group Inc., Company Guaranteed Notes:
	40,000	BBB	2.350% due 5/6/25		39,927
	130,000	BBB	4.400% due 2/14/26		138,164
	600,000	BBB	2.450% due 2/4/32		535,654
	929,000	BBB	5.800% due 2/14/39		1,018,284
	80,000	BBB	3.875% due 9/16/46		68,743

See Notes to Financial Statements.

136



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Agriculture — 0.5% — (continued)
$	300,000	BBB	5.950% due 2/14/49	$	333,877
	82,000	BBB	6.200% due 2/14/59		91,722
			BAT Capital Corp., Company Guaranteed Notes:
	332,000	BBB+	3.215% due 9/6/26		332,166
	500,000	BBB+	3.557% due 8/15/27		505,170
	1,280,000	BBB+	4.540% due 8/15/47		1,173,049
	150,000	BBB+	3.984% due 9/25/50		129,097
	70,000	BBB+	BAT International Finance PLC, Company Guaranteed Notes, 3.950% due 6/15/25(b)		72,453
	150,000	A	Cargill Inc., Senior Unsecured Notes, 1.375% due 7/23/23(b)		149,473
			Imperial Brands Finance PLC, Company Guaranteed Notes:
	205,000	BBB	3.500% due 2/11/23(b)		206,880
	400,000	BBB	3.125% due 7/26/24(b)		405,007
	205,000	BBB	3.500% due 7/26/26(b)		208,057
			Philip Morris International Inc., Senior Unsecured Notes:
	110,000	A	2.500% due 11/2/22		110,849
	100,000	A	1.125% due 5/1/23		99,724
	100,000	A	2.100% due 5/1/30		94,046
	60,000	A	4.500% due 3/20/42		62,576
	961,000	BBB+	Reynolds American Inc., Company Guaranteed Notes, 5.850% due 8/15/45		1,039,605

			Total Agriculture		6,814,523


	Airlines — 0.3%
	45,965	A3(c)	Air Canada Class AA Pass-Through Trust, Pass-Thru Certificates, 3.300% due 1/15/30(b)		45,731
	37,713	A-	American Airlines Class AA Pass-Through Trust, Series 2015-2, Pass-Thru Certificates, 3.600% due 9/22/27		38,295
	295,250	A-	American Airlines Class AA Pass-Through Trust, Series 2016-1, Pass-Thru Certificates, 3.575% due 1/15/28		297,727
	42,812	A-	American Airlines Class AA Pass-Through Trust, Series 2016-2, Pass-Thru Certificates, 3.200% due 6/15/28		42,274
	89,532	A	American Airlines Class AA Pass-Through Trust, Series 2016-3, Pass-Thru Certificates, 3.000% due 10/15/28		88,937
	36,360	Baa1(c)	American Airlines Class AA Pass-Through Trust, Series 2017-1, Pass-Thru Certificates, 3.650% due 2/15/29		37,354
	107,599	B	American Airlines Class B Pass-Through Trust, Series 2015-2, Pass-Thru Certificates, 4.400% due 9/22/23		105,899
	70,398	B	American Airlines Class B Pass-Through Trust, Series 2016-1, Pass-Thru Certificates, 5.250% due 1/15/24		70,331
	55,000	B	American Airlines Class B Pass-Through Trust, Series 2016-2, Pass-Thru Certificates, 4.375% due 6/15/24(b)		53,646
	646	B	American Airlines Class B Pass-Through Trust, Series 2016-3, Pass-Thru Certificates, 3.750% due 10/15/25		617
	43,178	Ba2(c)	American Airlines Class B Pass-Through Trust, Series 2017-1, Pass-Thru Certificates, 4.950% due 2/15/25		42,456
			Delta Air Lines Inc.:
	970,000	BBB-	Senior Secured Notes, 7.000% due 5/1/25(b)		1,078,967
			Senior Unsecured Notes:
	50,000	B+	3.800% due 4/19/23		50,436
	200,000	B+	2.900% due 10/28/24		197,698
	210,000	B+	7.375% due 1/15/26		234,438
			Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes:
	230,000	Baa1(c)	4.500% due 10/20/25(b)		236,328
	120,000	Baa1(c)	4.750% due 10/20/28(b)		125,364
	170,000	Baa3(c)	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes, 6.500% due 6/20/27(b)		179,542

See Notes to Financial Statements.

137



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Airlines — 0.3% — (continued)
$	9,278	BB	Northwest Airlines Inc. Class A-1 Pass-Through Trust, Pass-Thru Certificates, 7.041% due 4/1/22	$	9,317
	95,743	Ba2(c)	Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes, 8.000% due 9/20/25(b)		104,168
			United Airlines Class AA Pass-Through Trust, Pass-Thru Certificates:
	30,831	A+	3.450% due 12/1/27		31,519
	3,813	A2(c)	3.100% due 7/7/28		3,871
	41,793	A3(c)	2.875% due 10/7/28		41,773
	17,174	A2(c)	3.500% due 3/1/30		17,469
	51,609	A2(c)	4.150% due 8/25/31		55,442
	79,524	A2(c)	2.700% due 5/1/32		77,135
			United Airlines Class B Pass-Through Trust, Pass-Thru Certificates:
	26,761	BB	4.750% due 4/11/22		26,868
	39,576	BB	4.625% due 9/3/22		40,048
	3,944	Ba1(c)	3.650% due 10/7/25		3,862
	80,216	Baa3(c)	3.500% due 5/1/28		76,853
	790,000	BB-	United AirLines Inc., Senior Secured Notes, 4.625% due 4/15/29(b)		770,799

			Total Airlines		4,185,164


	Apparel — 0.1%
	365,000	BB	Hanesbrands Inc., Company Guaranteed Notes, 4.875% due 5/15/26(b)		372,141
			NIKE Inc., Senior Unsecured Notes:
	40,000	AA-	2.400% due 3/27/25		40,569
	70,000	AA-	2.750% due 3/27/27		71,981
	140,000	AA-	2.850% due 3/27/30		142,444
	100,000	AA-	3.250% due 3/27/40		100,129
	220,000	AA-	3.375% due 3/27/50		224,483

			Total Apparel		951,747


	Auto Manufacturers — 0.6%
			BMW US Capital LLC, Company Guaranteed Notes:
	36,000	A	2.550% due 4/1/31(b)		35,094
	45,000	A	1.950% due 8/12/31(b)		41,860
	300,000	A-	Daimler Finance North America LLC, Company Guaranteed Notes, 3.500% due 8/3/25(b)		311,254
			Ford Motor Co., Senior Unsecured Notes:
	260,000	BB+	3.250% due 2/12/32		245,609
	30,000	BB+	4.750% due 1/15/43		29,054
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	1,250,000	BB+	1.383% (3-Month USD-LIBOR + 1.080%) due 8/3/22(d)		1,251,088
	460,000	BB+	2.900% due 2/16/28		436,400
	200,000	BB+	5.113% due 5/3/29		211,169
	200,000	BB+	4.000% due 11/13/30		198,736
			General Motors Co., Senior Unsecured Notes:
	70,000	BBB	5.400% due 10/2/23		73,615
	290,000	BBB	6.125% due 10/1/25		321,311
	250,000	BBB	6.250% due 10/2/43		303,601
	455,000	BBB	5.200% due 4/1/45		492,793
			General Motors Financial Co., Inc.:
			Company Guaranteed Notes:
	95,000	BBB	3.450% due 4/10/22		95,191
	64,000	BBB	4.000% due 1/15/25		66,334
	100,000	BBB	4.350% due 1/17/27		105,253
			Senior Unsecured Notes:
	646,000	BBB	2.750% due 6/20/25		646,608
	137,000	BBB	2.400% due 10/15/28		130,248

See Notes to Financial Statements.

138



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Auto Manufacturers — 0.6% — (continued)
$	412,000	BBB+	Hyundai Capital America, Senior Unsecured Notes, 2.375% due 2/10/23(b)	$	413,181
			Hyundai Capital Services Inc., Senior Unsecured Notes:
	200,000	BBB+	3.000% due 8/29/22(b)		201,039
	200,000	BBB+	3.750% due 3/5/23(b)		203,150
	54,000	BBB-	Nissan Motor Acceptance Co. LLC, Senior Unsecured Notes, 2.750% due 3/9/28(b)		51,737
			Nissan Motor Co., Ltd., Senior Unsecured Notes:
	250,000	BBB-	3.043% due 9/15/23(b)		252,583
	600,000	BBB-	3.522% due 9/17/25(b)		608,248
	300,000	BBB-	4.345% due 9/17/27(b)		309,357
	245,000	BBB-	4.810% due 9/17/30(b)		257,011
	3,000	A+	Toyota Motor Credit Corp., Senior Unsecured Notes, 3.450% due 9/20/23		3,083

			Total Auto Manufacturers		7,294,607


	Banks — 9.1%
	450,000	BBB	ABN AMRO Bank NV, Senior Unsecured Notes, 2.470% (1-Year CMT Index + 1.100%) due 12/13/29(b)(d)		431,224
	150,000	BBB	Banco Inbursa SA Institucion de Banca Multiple Grupo Financiero Inbursa, Senior Unsecured Notes, 4.125% due 6/6/24(b)		153,783
	200,000	BBB	Banco Nacional de Panama, Senior Unsecured Notes, 2.500% due 8/11/30(b)		176,500
			Banco Santander SA, Senior Unsecured Notes:
	200,000	A-	3.848% due 4/12/23		203,803
	400,000	A+	2.706% due 6/27/24		404,039
	600,000	A-	2.746% due 5/28/25		601,434
			Bank of America Corp.:
			Senior Unsecured Notes:
	855,000	A-	3.004% (3-Month USD-LIBOR + 0.790%) due 12/20/23(d)		863,613
	490,000	A-	4.125% due 1/22/24		510,028
	1,132,000	A-	3.550% (3-Month USD-LIBOR + 0.780%) due 3/5/24(d)		1,150,674
	280,000	A-	4.000% due 4/1/24		290,873
	210,000	A-	3.500% due 4/19/26		217,827
	2,272,000	A-	1.319% (SOFR + 1.150%) due 6/19/26(d)		2,173,716
	213,000	A-	1.197% (SOFR + 1.010%) due 10/24/26(d)		201,702
	740,000	A-	1.658% (SOFR + 0.910%) due 3/11/27(d)		709,704
	133,000	A-	1.734% (SOFR + 0.960%) due 7/22/27(d)		127,138
	802,000	A-	3.824% (3-Month USD-LIBOR + 1.575%) due 1/20/28(d)		836,476
	1,260,000	A-	2.551% (SOFR + 1.050%) due 2/4/28(d)		1,242,062
	50,000	A-	3.593% (3-Month USD-LIBOR + 1.370%) due 7/21/28(d)		51,732
	435,000	A-	3.419% (3-Month USD-LIBOR + 1.040%) due 12/20/28(d)		445,597
	934,000	A-	3.970% (3-Month USD-LIBOR + 1.070%) due 3/5/29(d)		978,331
	3,375,000	A-	2.087% (SOFR + 1.060%) due 6/14/29(d)		3,197,748
	1,302,000	A-	4.271% (3-Month USD-LIBOR + 1.310%) due 7/23/29(d)		1,389,898
	875,000	A-	3.974% (3-Month USD-LIBOR + 1.210%) due 2/7/30(d)		917,338
	488,000	A-	2.884% (3-Month USD-LIBOR + 1.190%) due 10/22/30(d)		478,861
	268,000	A-	2.496% (3-Month USD-LIBOR + 0.990%) due 2/13/31(d)		255,386
	1,268,000	A-	2.592% (SOFR + 2.150%) due 4/29/31(d)		1,212,950
	172,000	A-	1.898% (SOFR + 1.530%) due 7/23/31(d)		155,572
	106,000	A-	1.922% (SOFR + 1.370%) due 10/24/31(d)		96,051
	825,000	A-	2.687% (SOFR + 1.320%) due 4/22/32(d)		793,994
	690,000	A-	2.572% (SOFR + 1.210%) due 10/20/32(d)		654,242
	228,000	A-	2.972% (SOFR + 1.330%) due 2/4/33(d)		223,674
	575,000	A-	4.078% (3-Month USD-LIBOR + 1.320%) due 4/23/40(d)		601,351
	240,000	A-	5.000% due 1/21/44		280,684
	710,000	A-	4.330% (3-Month USD-LIBOR + 1.520%) due 3/15/50(d)		787,670
	310,000	A-	4.083% (3-Month USD-LIBOR + 3.150%) due 3/20/51(d)		332,429

See Notes to Financial Statements.

139



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Banks — 9.1% — (continued)
			Subordinated Notes:
$	600,000	BBB+	4.200% due 8/26/24	$	625,677
	1,284,000	BBB+	4.000% due 1/22/25		1,335,345
	383,000	BBB+	3.950% due 4/21/25		399,651
	30,000	BBB+	7.250% due 10/15/25		34,517
	80,000	BBB+	4.450% due 3/3/26		85,357
	20,000	BBB+	4.250% due 10/22/26		21,256
			Bank of Montreal:
	300,000	A-	Senior Unsecured Notes, 1.850% due 5/1/25		296,921
	50,000	BBB+	Subordinated Notes, 3.803% (5-Year USD Swap Rate + 1.432%) due 12/15/32(d)		51,399
			Bank of New York Mellon Corp. (The), Senior Unsecured Notes:
	90,000	A	1.600% due 4/24/25		88,738
	74,000	A	3.250% due 5/16/27		76,948
	24,000	A	3.400% due 1/29/28		25,207
	170,000	A-	Bank of Nova Scotia (The), Senior Unsecured Notes, 1.300% due 6/11/25		164,149
	200,000	A	Barclays Bank PLC, Senior Unsecured Notes, 1.700% due 5/12/22		200,184
			Barclays PLC:
			Senior Unsecured Notes:
	620,000	BBB	4.972% (3-Month USD-LIBOR + 1.902%) due 5/16/29(d)		672,754
	995,000	BBB	2.667% (1-Year CMT Index + 1.200%) due 3/10/32(d)		933,227
			Subordinated Notes:
	200,000	BB+	5.088% (3-Month USD-LIBOR + 3.054%) due 6/20/30(d)		213,589
	213,000	BB+	3.811% (1-Year CMT Index + 1.700%) due 3/10/42(d)		198,375
	372,000	A-	BNP Paribas SA, Senior Unsecured Notes, 2.591% (SOFR + 1.228%) due 1/20/28(b)(d)		362,601
			BNP Paribas SA:
			Senior Unsecured Notes:
	470,000	A-	4.705% (3-Month USD-LIBOR + 2.235%) due 1/10/25(b)(d)		488,882
	490,000	A-	2.819% (3-Month USD-LIBOR + 1.111%) due 11/19/25(b)(d)		490,710
	220,000	A-	2.219% (SOFR + 2.074%) due 6/9/26(b)(d)		215,809
	750,000	A-	4.400% due 8/14/28(b)		799,431
	200,000	A-	2.871% (SOFR + 1.387%) due 4/19/32(b)(d)		190,292
	200,000	BBB+	Subordinated Notes, 4.375% (5-Year USD Swap Rate + 1.483%) due 3/1/33(b)(d)		206,337
	434,000	A	BPCE SA, Senior Unsecured Notes, 2.700% due 10/1/29(b)		426,843
			Citigroup Inc.:
	220,000	BB+	Junior Subordinated Notes, 5.950% (3-Month USD-LIBOR + 3.905%)(d)(e)		228,525
			Senior Unsecured Notes:
	180,000	BBB+	1.678% (SOFR + 1.667%) due 5/15/24(d)		179,814
	120,000	BBB+	3.106% (SOFR + 2.842%) due 4/8/26(d)		121,719
	200,000	BBB+	3.070% (SOFR + 1.280%) due 2/24/28(d)		201,968
	100,000	BBB+	3.980% (3-Month USD-LIBOR + 1.338%) due 3/20/30(d)		105,305
	210,000	BBB+	4.412% (SOFR + 3.914%) due 3/31/31(d)		227,666
	70,000	BBB+	2.572% (SOFR + 2.107%) due 6/3/31(d)		66,900
	520,000	BBB+	2.561% (SOFR + 1.167%) due 5/1/32(d)		493,856
	160,000	BBB+	2.520% (SOFR + 1.177%) due 11/3/32(d)		150,784
	1,535,000	BBB+	3.057% (SOFR + 1.351%) due 1/25/33(d)		1,517,032
	314,000	BBB+	8.125% due 7/15/39		491,121
	196,000	BBB+	4.650% due 7/30/45		223,289
	70,000	BBB+	4.650% due 7/23/48		81,816
			Subordinated Notes:
	890,000	BBB	4.400% due 6/10/25		935,135
	250,000	BBB	5.500% due 9/13/25		272,927
	890,000	BBB	4.300% due 11/20/26		948,053
	30,000	BBB	6.625% due 6/15/32		37,707
	100,000	BBB	6.675% due 9/13/43		137,626
	286,000	BBB	5.300% due 5/6/44		337,240

See Notes to Financial Statements.

140



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Banks — 9.1% — (continued)
$	30,000	BBB	4.750% due 5/18/46	$	33,497
	142,000	BBB+	Citizens Financial Group Inc., Senior Unsecured Notes, 2.850% due 7/27/26		143,547
	58,000	AA-	Commonwealth Bank of Australia, Senior Unsecured Notes, 3.900% due 7/12/47(b)		63,354
	990,000	BBB+	Cooperatieve Rabobank UA, Company Guaranteed Notes, 4.375% due 8/4/25		1,039,063
	500,000	A-	Credit Agricole SA, Senior Unsecured Notes, 1.907% (SOFR + 1.676%) due 6/16/26(b)(d)		487,437
			Credit Suisse AG, Senior Unsecured Notes:
	250,000	A+	2.950% due 4/9/25		253,523
	1,025,000	A+	1.250% due 8/7/26		965,827
			Credit Suisse Group AG, Senior Unsecured Notes:
	340,000	BBB+	2.593% (SOFR + 1.560%) due 9/11/25(b)(d)		338,696
	320,000	BBB+	4.550% due 4/17/26		338,391
	835,000	BBB+	2.193% (SOFR + 2.044%) due 6/5/26(b)(d)		811,978
	900,000	BBB+	1.305% (SOFR + 0.980%) due 2/2/27(b)(d)		835,064
	65,000	BBB+	4.282% due 1/9/28(b)		67,710
	250,000	BBB+	4.194% (SOFR + 3.730%) due 4/1/31(b)(d)		259,873
	1,101,000	BBB+	3.091% (SOFR + 1.730%) due 5/14/32(b)(d)		1,044,441
			Danske Bank AS, Senior Unsecured Notes:
	200,000	BBB+	3.875% due 9/12/23(b)		204,956
	1,220,000	BBB+	5.375% due 1/12/24(b)		1,286,462
	240,000	BBB+	3.244% (3-Month USD-LIBOR + 1.591%) due 12/20/25(b)(d)		243,131
	315,000	A+	1.549% (1-Year CMT Index + 0.730%) due 9/10/27(b)(d)		297,336
			Deutsche Bank AG, Senior Unsecured Notes:
	474,000	BBB-	1.447% (SOFR + 1.131%) due 4/1/25(d)		463,184
	38,000	BBB-	4.100% due 1/13/26		39,706
	846,000	A-	1.686% due 3/19/26		817,592
	188,000	BBB-	2.129% (SOFR + 1.870%) due 11/24/26(d)		181,253
	1,201,000	BBB-	2.552% (SOFR + 1.318%) due 1/7/28(d)		1,158,703
	645,000	A	DNB Bank ASA, Senior Unsecured Notes, 1.127% (1-Year CMT Index + 0.850%) due 9/16/26(b)(d)		614,936
	11,000	BB+	Goldman Sachs Capital II, Limited Guaranteed Notes, 4.000% (3-Month USD-LIBOR + 0.768%)(d)(e)		9,515
			Goldman Sachs Group Inc. (The):
			Senior Unsecured Notes:
	565,000	BBB+	3.200% due 2/23/23		572,167
	1,120,000	BBB+	1.217% due 12/6/23		1,108,035
	88,000	BBB+	0.657% (SOFR + 0.505%) due 9/10/24(d)		85,990
	640,000	BBB+	0.925% (SOFR + 0.486%) due 10/21/24(d)		626,816
	263,000	BBB+	3.500% due 4/1/25		270,651
	437,000	BBB+	3.750% due 5/22/25		452,566
	145,000	BBB+	3.272% (3-Month USD-LIBOR + 1.201%) due 9/29/25(d)		147,674
	163,000	BBB+	0.855% (SOFR + 0.609%) due 2/12/26(d)		155,877
	150,000	BBB+	1.676% (3-Month USD-LIBOR + 1.170%) due 5/15/26(d)		151,999
	556,000	BBB+	3.500% due 11/16/26		570,237
	220,000	BBB+	1.093% (SOFR + 0.789%) due 12/9/26(d)		207,243
	685,000	BBB+	1.431% (SOFR + 0.798%) due 3/9/27(d)		647,935
	1,240,000	BBB+	1.542% (SOFR + 0.818%) due 9/10/27(d)		1,168,991
	795,000	BBB+	2.640% (SOFR + 1.114%) due 2/24/28(d)		785,396
	620,000	BBB+	3.814% (3-Month USD-LIBOR + 1.158%) due 4/23/29(d)		644,773
	1,330,000	BBB+	4.223% (3-Month USD-LIBOR + 1.301%) due 5/1/29(d)		1,412,810
	520,000	BBB+	2.615% (SOFR + 1.281%) due 4/22/32(d)		491,953
	1,455,000	BBB+	2.650% (SOFR + 1.264%) due 10/21/32(d)		1,380,590
	1,817,000	BBB+	3.102% (SOFR + 1.410%) due 2/24/33(d)		1,788,524
	95,000	BBB+	4.017% (3-Month USD-LIBOR + 1.373%) due 10/31/38(d)		100,309
	11,000	BBB+	4.411% (3-Month USD-LIBOR + 1.430%) due 4/23/39(d)		11,841
	630,000	BBB+	6.250% due 2/1/41		826,119

See Notes to Financial Statements.

141



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Banks — 9.1% — (continued)
$	110,000	BBB+	3.210% (SOFR + 1.513%) due 4/22/42(d)	$	102,528
	500,000	BBB+	2.908% (SOFR + 1.472%) due 7/21/42(d)		443,659
	100,000	BBB+	4.750% due 10/21/45		113,671
			Subordinated Notes:
	600,000	BBB	4.250% due 10/21/25		630,967
	460,000	BBB	6.750% due 10/1/37		604,452
	290,000	BBB	5.150% due 5/22/45		339,367
			HSBC Holdings PLC:
			Senior Unsecured Notes:
	200,000	A-	3.262% (3-Month USD-LIBOR + 1.055%) due 3/13/23(d)		200,109
	105,000	A-	4.292% (3-Month USD-LIBOR + 1.348%) due 9/12/26(d)		109,677
	715,000	A-	1.589% (SOFR + 1.290%) due 5/24/27(d)		675,016
	1,863,000	A-	2.251% (SOFR + 1.100%) due 11/22/27(d)		1,798,503
	438,000	A-	4.583% (3-Month USD-LIBOR + 1.535%) due 6/19/29(d)		468,064
	2,070,000	A-	2.206% (SOFR + 1.285%) due 8/17/29(d)		1,935,409
	420,000	A-	3.973% (3-Month USD-LIBOR + 1.610%) due 5/22/30(d)		433,451
	255,000	A-	2.804% (SOFR + 1.187%) due 5/24/32(d)		241,156
	190,000	BBB	Subordinated Notes, 6.500% due 9/15/37		242,321
	200,000	A-	ING Groep NV, Senior Unsecured Notes, 1.726% (SOFR + 1.005%) due 4/1/27(d)		191,377
			Intesa Sanpaolo SpA:
			Senior Unsecured Notes:
	200,000	BBB	3.125% due 7/14/22(b)		201,066
	200,000	BBB	3.375% due 1/12/23(b)		202,122
	200,000	BB+	Subordinated Notes, 5.017% due 6/26/24(b)		206,131
			JPMorgan Chase & Co.:
			Senior Unsecured Notes:
	460,000	A-	1.514% (SOFR + 1.455%) due 6/1/24(d)		458,564
	430,000	A-	4.023% (3-Month USD-LIBOR + 1.000%) due 12/5/24(d)		444,077
	435,000	A-	0.969% (3-month Term SOFR + 0.580%) due 6/23/25(d)		421,810
	1,080,000	A-	1.561% (SOFR + 0.605%) due 12/10/25(d)		1,054,415
	972,000	A-	2.005% (3-month Term SOFR + 1.585%) due 3/13/26(d)		956,994
	280,000	A-	2.083% (SOFR + 1.850%) due 4/22/26(d)		276,469
	644,000	A-	3.960% (3-Month USD-LIBOR + 1.245%) due 1/29/27(d)		674,616
	2,037,000	A-	1.578% (SOFR + 0.885%) due 4/22/27(d)		1,950,721
	360,000	A-	1.470% (SOFR + 0.765%) due 9/22/27(d)		340,243
	992,000	A-	3.782% (3-Month USD-LIBOR + 1.337%) due 2/1/28(d)		1,037,471
	798,000	A-	2.182% (SOFR + 1.890%) due 6/1/28(d)		771,169
	846,000	A-	4.005% (3-Month USD-LIBOR + 1.120%) due 4/23/29(d)		892,809
	40,000	A-	2.069% (SOFR + 1.015%) due 6/1/29(d)		37,953
	480,000	A-	4.203% (3-Month USD-LIBOR + 1.260%) due 7/23/29(d)		511,648
	697,000	A-	4.452% (3-Month USD-LIBOR + 1.330%) due 12/5/29(d)		754,577
	717,000	A-	3.702% (3-Month USD-LIBOR + 1.160%) due 5/6/30(d)		745,641
	194,000	A-	2.739% (SOFR + 1.510%) due 10/15/30(d)		189,929
	150,000	A-	2.522% (SOFR + 2.040%) due 4/22/31(d)		143,582
	615,000	A-	2.580% (SOFR + 1.250%) due 4/22/32(d)		587,086
	315,000	A-	2.545% (SOFR + 1.180%) due 11/8/32(d)		301,088
	1,377,000	A-	2.963% (SOFR + 1.260%) due 1/25/33(d)		1,362,747
	146,000	A-	5.600% due 7/15/41		184,605
	38,000	A-	4.260% (3-Month USD-LIBOR + 1.580%) due 2/22/48(d)		41,620
	199,000	A-	4.032% (3-Month USD-LIBOR + 1.460%) due 7/24/48(d)		210,334
	392,000	A-	3.964% (3-Month USD-LIBOR + 1.380%) due 11/15/48(d)		414,022
	49,000	A-	3.897% (3-Month USD-LIBOR + 1.220%) due 1/23/49(d)		51,000
	50,000	A-	3.109% (SOFR + 2.440%) due 4/22/51(d)		46,154

See Notes to Financial Statements.

142



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Banks — 9.1% — (continued)
			Subordinated Notes:
$	270,000	BBB+	3.875% due 9/10/24	$	280,634
	210,000	BBB+	4.250% due 10/1/27		224,988
	490,000	BBB+	4.950% due 6/1/45		575,284
	189,000	BBB+	KeyCorp, Senior Unsecured Notes, 2.250% due 4/6/27		186,383
			Lloyds Banking Group PLC:
			Senior Unsecured Notes:
	2,160,000	BBB+	2.907% (3-Month USD-LIBOR + 0.810%) due 11/7/23(d)		2,176,416
	400,000	BBB+	3.900% due 3/12/24		412,919
	273,000	BBB+	3.750% due 1/11/27		283,750
	350,000	BBB+	1.627% (1-Year CMT Index + 0.850%) due 5/11/27(d)		332,467
	468,000	BBB+	4.375% due 3/22/28		499,986
	200,000	BBB+	4.550% due 8/16/28		216,268
	245,000	BBB-	Subordinated Notes, 4.582% due 12/10/25		257,810
			Macquarie Group Ltd., Senior Unsecured Notes:
	540,000	BBB+	1.201% (SOFR + 0.694%) due 10/14/25(b)(d)		522,711
	540,000	BBB+	1.340% (SOFR + 1.069%) due 1/12/27(b)(d)		511,087
			Mizuho Financial Group Inc., Senior Unsecured Notes:
	738,000	A-	2.839% (SOFR + 1.242%) due 7/16/25(d)		745,612
	536,000	A-	2.226% (3-Month USD-LIBOR + 0.830%) due 5/25/26(d)		529,638
	200,000	A-	2.201% (SOFR + 1.772%) due 7/10/31(d)		185,336
	945,000	A-	1.979% (SOFR + 1.532%) due 9/8/31(d)		861,314
	200,000	A-	2.260% (1-Year CMT Index + 0.900%) due 7/9/32(d)		184,562
	250,000	AA+	National Securities Clearing Corp., Senior Unsecured Notes, 1.500% due 4/23/25(b)		245,217
			NatWest Group PLC, Senior Unsecured Notes:
	200,000	BBB	4.519% (3-Month USD-LIBOR + 1.550%) due 6/25/24(d)		206,214
	990,000	BBB	4.269% (3-Month USD-LIBOR + 1.762%) due 3/22/25(d)		1,024,692
	400,000	BBB	5.076% (3-Month USD-LIBOR + 1.905%) due 1/27/30(d)		441,324
	33,000	A+	Northern Trust Corp., Senior Unsecured Notes, 3.150% due 5/3/29		34,472
			Royal Bank of Canada, Senior Unsecured Notes:
	260,000	A	1.600% due 4/17/23		260,460
	160,000	A	1.150% due 6/10/25		154,134
	30,000	BBB+	Santander Holdings USA Inc., Senior Unsecured Notes, 4.500% due 7/17/25		31,535
			Santander UK Group Holdings PLC, Senior Unsecured Notes:
	180,000	BBB	4.796% (3-Month USD-LIBOR + 1.570%) due 11/15/24(d)		187,560
	760,000	BBB	1.089% (SOFR + 0.787%) due 3/15/25(d)		737,912
	666,000	BBB	1.532% (1-Year CMT Index + 1.250%) due 8/21/26(d)		635,902
	1,440,000	BBB	1.673% (SOFR + 0.989%) due 6/14/27(d)		1,362,975
	200,000	BBB	3.823% (3-Month USD-LIBOR + 1.400%) due 11/3/28(d)		205,560
	535,000	BBB-	Santander UK PLC, Subordinated Notes, 5.000% due 11/7/23(b)		558,104
			Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes:
	96,000	A-	3.544% due 1/17/28		99,914
	200,000	A-	3.040% due 7/16/29		199,560
	200,000	A-	2.750% due 1/15/30		196,264
	200,000	A+	Swedbank AB, Senior Unsecured Notes, 1.300% due 6/2/23(b)		199,160
	96,000	BBB-	Synovus Financial Corp., Senior Unsecured Notes, 3.125% due 11/1/22		96,612
			Toronto-Dominion Bank (The), Senior Unsecured Notes:
	310,000	A	0.750% due 6/12/23		306,980
	150,000	A	1.150% due 6/12/25		144,604
	290,000	A+	UBS AG, Senior Unsecured Notes, 1.750% due 4/21/22(b)		290,215
			UBS Group AG:
	1,070,000	BB	Junior Subordinated Notes, 7.000% (5-Year USD Swap Rate + 4.344%)(b)(d)(e)		1,113,544
			Senior Unsecured Notes:
	650,000	A-	3.491% due 5/23/23(b)		652,858
	200,000	A-	2.859% (3-Month USD-LIBOR + 0.954%) due 8/15/23(b)(d)		201,346

See Notes to Financial Statements.

143



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Banks — 9.1% — (continued)
$	759,000	A-	1.494% (1-Year CMT Index + 0.850%) due 8/10/27(b)(d)	$	716,884
			US Bancorp:
	350,000	A+	Senior Unsecured Notes, 1.450% due 5/12/25		342,708
	56,000	A	Subordinated Notes, 3.100% due 4/27/26		57,602
			Wells Fargo & Co.:
	50,000	BB+	Junior Subordinated Notes, 5.875% (3-Month USD-LIBOR + 3.990%)(d)(e)		52,580
			Senior Unsecured Notes:
	270,000	BBB+	3.750% due 1/24/24		278,660
	145,000	BBB+	2.406% (SOFR + 1.087%) due 10/30/25(d)		144,618
	300,000	BBB+	2.188% (SOFR + 2.000%) due 4/30/26(d)		296,357
	260,000	BBB+	3.000% due 10/23/26		264,147
	3,259,000	BBB+	3.584% (3-Month USD-LIBOR + 1.310%) due 5/22/28(d)		3,371,413
	916,000	BBB+	4.150% due 1/24/29		977,706
	832,000	BBB+	2.879% (SOFR + 1.432%) due 10/30/30(d)		818,146
	100,000	BBB+	4.478% (SOFR + 4.032%) due 4/4/31(d)		109,392
	1,259,000	BBB+	3.350% (SOFR + 1.500%) due 3/2/33(d)		1,275,773
	2,300,000	BBB+	5.013% (SOFR + 4.502%) due 4/4/51(d)		2,832,617
			Subordinated Notes:
	169,000	BBB	4.480% due 1/16/24		176,908
	230,000	BBB	5.375% due 11/2/43		275,789
	110,000	BBB	5.606% due 1/15/44		134,406
	280,000	BBB	4.650% due 11/4/44		307,457
	450,000	BBB	4.900% due 11/17/45		510,358
	40,000	BBB	4.400% due 6/14/46		42,839
	160,000	BBB	4.750% due 12/7/46		179,551

			Total Banks		119,859,041


	Beverages — 0.6%
			Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
	340,000	BBB+	3.650% due 2/1/26		355,595
	1,202,000	BBB+	4.700% due 2/1/36		1,340,698
	1,390,000	BBB+	4.900% due 2/1/46		1,577,541
			Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
	140,000	BBB+	4.000% due 4/13/28		149,400
	226,000	BBB+	4.750% due 1/23/29		252,109
	260,000	BBB+	3.500% due 6/1/30		271,921
	160,000	BBB+	4.350% due 6/1/40		170,394
	36,000	BBB+	4.600% due 4/15/48		39,459
	43,000	BBB+	4.439% due 10/6/48		45,792
	270,000	BBB+	5.550% due 1/23/49		332,336
	270,000	BBB+	4.500% due 6/1/50		297,373
	2,000	BBB+	4.750% due 4/15/58		2,210
			Bacardi Ltd., Company Guaranteed Notes:
	650,000	BBB-	4.450% due 5/15/25(b)		684,623
	140,000	BBB-	5.300% due 5/15/48(b)		166,103
			Coca-Cola Co. (The), Senior Unsecured Notes:
	110,000	A+	3.375% due 3/25/27		116,102
	160,000	A+	1.450% due 6/1/27		153,642
	74,000	A+	2.125% due 9/6/29		72,402
	69,000	A+	3.450% due 3/25/30		73,008
	10,000	A+	2.500% due 6/1/40		9,062
	60,000	A+	2.600% due 6/1/50		52,597
	1,060,000	BBB	Constellation Brands Inc., Company Guaranteed Notes, 3.200% due 2/15/23		1,072,165
	114,000	BBB	Keurig Dr Pepper Inc., Company Guaranteed Notes, 3.200% due 5/1/30		115,233

See Notes to Financial Statements.

144



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Beverages — 0.6% — (continued)
			PepsiCo Inc., Senior Unsecured Notes:
$	180,000	A+	0.750% due 5/1/23	$	178,665
	20,000	A+	2.625% due 3/19/27		20,248
	150,000	A+	1.625% due 5/1/30		139,994
	60,000	A+	2.875% due 10/15/49		56,782
	355,000	BBB	Suntory Holdings Ltd., Senior Unsecured Notes, 2.250% due 10/16/24(b)		354,940

			Total Beverages		8,100,394


	Biotechnology — 0.1%
			Amgen Inc., Senior Unsecured Notes:
	70,000	A-	3.625% due 5/22/24		72,373
	145,000	A-	3.350% due 2/22/32		147,872
	92,000	A-	2.800% due 8/15/41		81,100
	122,000	A-	4.400% due 5/1/45		129,343
	33,000	A-	4.663% due 6/15/51		36,931
	295,000	A-	4.200% due 2/22/52		307,727
	125,000	BBB+	Biogen Inc., Senior Unsecured Notes, 3.150% due 5/1/50		102,003
	65,000	A+	Celgene Corp., Senior Unsecured Notes, 3.900% due 2/20/28		70,370
			Gilead Sciences Inc., Senior Unsecured Notes:
	160,000	BBB+	3.700% due 4/1/24		165,264
	60,000	BBB+	3.650% due 3/1/26		62,648
	218,000	BBB+	4.800% due 4/1/44		247,525
	130,000	BBB+	4.750% due 3/1/46		147,243

			Total Biotechnology		1,570,399


	Chemicals — 0.3%
	80,000	A	Air Products & Chemicals Inc., Senior Unsecured Notes, 2.800% due 5/15/50		71,662
	58,000	BBB	Dow Chemical Co., Senior Unsecured Notes, 5.550% due 11/30/48		71,618
	479,000	BBB+	DuPont de Nemours Inc., Senior Unsecured Notes, 4.493% due 11/15/25		510,963
	4,000	BBB	Eastman Chemical Co., Senior Unsecured Notes, 4.500% due 12/1/28		4,341
	84,000	A-	Ecolab Inc., Senior Unsecured Notes, 2.750% due 8/18/55		72,586
	400,000	BBB	Equate Petrochemical BV, Company Guaranteed Notes, 4.250% due 11/3/26(b)		414,000
	841,000	BBB	International Flavors & Fragrances Inc., Senior Unsecured Notes, 2.300% due 11/1/30(b)		782,140
	87,000	BBB	LYB International Finance III LLC, Company Guaranteed Notes, 4.200% due 5/1/50		88,262
	200,000	BBB	MEGlobal Canada ULC, Company Guaranteed Notes, 5.875% due 5/18/30(b)		227,300
	30,000	BBB	Monsanto Co., Senior Unsecured Notes, 4.400% due 7/15/44		28,557
			OCP SA, Senior Unsecured Notes:
	200,000	BB+	4.500% due 10/22/25(b)		201,920
	200,000	BB+	3.750% due 6/23/31(b)		176,658
	200,000	BB+	5.125% due 6/23/51(b)		161,962
			Orbia Advance Corp. SAB de CV, Company Guaranteed Notes:
	270,000	BBB-	1.875% due 5/11/26(b)		253,263
	260,000	BBB-	2.875% due 5/11/31(b)		235,371
	34,000	BBB	Sherwin-Williams Co. (The), Senior Unsecured Notes, 4.500% due 6/1/47		37,285
	84,000	BBB	Westlake Corp., Senior Unsecured Notes, 3.375% due 8/15/61		69,821

			Total Chemicals		3,407,709


	Commercial Services — 0.3%
	110,000	A-	Cintas Corp. No 2, Company Guaranteed Notes, 3.700% due 4/1/27		116,353
			Global Payments Inc., Senior Unsecured Notes:
	522,000	BBB-	3.200% due 8/15/29		515,752
	127,000	BBB-	2.900% due 5/15/30		122,267
	223,000	B	HealthEquity Inc., Company Guaranteed Notes, 4.500% due 10/1/29(b)		212,541
			IHS Markit Ltd.:
			Company Guaranteed Notes:
	584,000	Ba1(c)	5.000% due 11/1/22(b)		594,888

See Notes to Financial Statements.

145



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Commercial Services — 0.3% — (continued)
$	112,000	Ba1(c)	4.750% due 2/15/25(b)	$	119,125
	28,000	Ba1(c)	4.000% due 3/1/26(b)		29,772
	450,000	Ba1(c)	Senior Unsecured Notes, 4.750% due 8/1/28		508,910
			Moody’s Corp., Senior Unsecured Notes:
	39,000	BBB+	3.250% due 1/15/28		40,470
	40,000	BBB+	3.750% due 2/25/52		39,797
			PayPal Holdings Inc., Senior Unsecured Notes:
	130,000	A-	1.350% due 6/1/23		129,689
	140,000	A-	1.650% due 6/1/25		137,354
	100,000	A-	2.300% due 6/1/30		95,258
			RELX Capital Inc., Company Guaranteed Notes:
	305,000	BBB+	3.500% due 3/16/23		310,271
	59,000	BBB+	4.000% due 3/18/29		62,891
	447,000	BBB+	3.000% due 5/22/30		447,663
	20,000	BBB-	United Rentals North America Inc., Secured Notes, 3.875% due 11/15/27		20,370

			Total Commercial Services		3,503,371


	Computers — 0.3%
			Apple Inc., Senior Unsecured Notes:
	300,000	AA+	2.400% due 5/3/23		303,964
	290,000	AA+	1.125% due 5/11/25		283,409
	280,000	AA+	2.450% due 8/4/26		284,676
	550,000	AA+	3.350% due 2/9/27		579,687
	360,000	AA+	2.900% due 9/12/27		372,088
	55,000	AA+	3.850% due 5/4/43		59,119
	38,000	AA+	3.750% due 11/13/47		40,592
	19,000	BBB	Dell International LLC/EMC Corp., Senior Unsecured Notes, 8.350% due 7/15/46		28,816
			International Business Machines Corp., Senior Unsecured Notes:
	680,000	A-	3.000% due 5/15/24		696,120
	101,000	A-	3.300% due 1/27/27		105,572
	100,000	A-	4.250% due 5/15/49		109,754
	118,000	A-	3.430% due 2/9/52		114,643
	800,000	BBB-	Leidos Inc., Company Guaranteed Notes, 4.375% due 5/15/30		845,384
	71,000	BB+	Seagate HDD Cayman, Company Guaranteed Notes, 4.091% due 6/1/29		68,464

			Total Computers		3,892,288


	Cosmetics/Personal Care — 0.0%
			Procter & Gamble Co. (The), Senior Unsecured Notes:
	30,000	AA-	2.800% due 3/25/27		30,923
	80,000	AA-	3.000% due 3/25/30		83,455

			Total Cosmetics/Personal Care		114,378


	Diversified Financial Services — 0.8%
			AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes:
	280,000	BBB	4.875% due 1/16/24		290,807
	190,000	BBB	3.150% due 2/15/24		191,702
	350,000	BBB	3.500% due 1/15/25		355,579
	150,000	BBB	4.450% due 4/3/26		156,913
	2,180,000	BBB	2.450% due 10/29/26		2,102,716
	190,000	BBB	3.000% due 10/29/28		183,757
	780,000	BBB	3.300% due 1/30/32		741,228
			Air Lease Corp., Senior Unsecured Notes:
	495,000	BBB	3.250% due 3/1/25		498,605
	200,000	BBB	3.375% due 7/1/25		202,577
	125,000	BBB	2.875% due 1/15/26		124,693

See Notes to Financial Statements.

146



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Diversified Financial Services — 0.8% — (continued)
			Avolon Holdings Funding Ltd., Company Guaranteed Notes:
$	285,000	BBB-	2.875% due 2/15/25(b)	$	282,789
	75,000	BBB-	3.250% due 2/15/27(b)		73,709
	878,000	BBB-	2.528% due 11/18/27(b)		823,602
	119,000	BBB	Capital One Financial Corp., Senior Unsecured Notes, 3.800% due 1/31/28		124,149
	100,000	AA-	CME Group Inc., Senior Unsecured Notes, 3.750% due 6/15/28		107,088
	255,000	BBB-	Discover Financial Services, Senior Unsecured Notes, 4.500% due 1/30/26		271,965
			Intercontinental Exchange Inc., Senior Unsecured Notes:
	298,000	A-	2.100% due 6/15/30		280,427
	480,000	A-	1.850% due 9/15/32		428,525
	30,000	A	KKR Group Finance Co. II LLC, Company Guaranteed Notes, 5.500% due 2/1/43(b)		35,400
	650,000	NR	Lehman Brothers Holdings Inc., Subordinated Notes, 6.750% due 12/18/17#(f)(g)(h)		—
	535,000	A	LSEGA Financing PLC, Company Guaranteed Notes, 2.000% due 4/6/28(b)		510,315
	30,000	A+	Mastercard Inc., Senior Unsecured Notes, 3.850% due 3/26/50		32,600
			Nomura Holdings Inc., Senior Unsecured Notes:
	230,000	BBB+	3.103% due 1/16/30		227,122
	200,000	BBB+	2.608% due 7/14/31		186,738
			Park Aerospace Holdings Ltd., Company Guaranteed Notes:
	9,000	BBB-	5.250% due 8/15/22(b)		9,113
	60,000	BBB-	5.500% due 2/15/24(b)		62,905
			Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes:
	110,000	BBB	2.700% due 11/1/24(b)		110,969
	97,000	BBB	3.950% due 3/10/25(b)		100,939
	164,000	BBB	4.000% due 7/15/25(b)		170,907
	51,000	BBB	1.700% due 6/15/26(b)		49,125
	220,000	BBB+	Raymond James Financial Inc., Senior Unsecured Notes, 4.950% due 7/15/46		253,029
			Synchrony Financial, Senior Unsecured Notes:
	6,000	BBB-	4.500% due 7/23/25		6,306
	265,000	BBB-	3.700% due 8/4/26		271,166
	150,000	AA	USAA Capital Corp., Senior Unsecured Notes, 2.125% due 5/1/30(b)		145,023
			Visa Inc., Senior Unsecured Notes:
	420,000	AA-	3.150% due 12/14/25		435,429
	110,000	AA-	2.050% due 4/15/30		106,655
	38,000	AA-	4.150% due 12/14/35		42,810
	310,000	AA-	4.300% due 12/14/45		358,897

			Total Diversified Financial Services		10,356,279


	Electric — 1.2%
			AEP Texas Inc., Senior Unsecured Notes:
	50,000	A-	2.400% due 10/1/22		50,283
	82,000	A-	3.450% due 1/15/50		75,336
	191,000	A-	3.450% due 5/15/51		173,540
			AEP Transmission Co. LLC, Senior Unsecured Notes:
	505,000	A-	3.750% due 12/1/47		510,308
	120,000	A-	2.750% due 8/15/51		102,381
			Alabama Power Co., Senior Unsecured Notes:
	17,000	A-	5.200% due 6/1/41		19,995
	64,000	A-	3.700% due 12/1/47		64,879
	60,000	A-	3.450% due 10/1/49		57,193
	161,000	A	Ameren Illinois Co., 1st Mortgage Notes, 3.250% due 3/15/50		152,851
	90,000	BBB	American Transmission Systems Inc., Senior Unsecured Notes, 2.650% due 1/15/32(b)		86,485
			Baltimore Gas & Electric Co., Senior Unsecured Notes:
	6,000	A	3.500% due 8/15/46		5,948
	150,000	A	3.750% due 8/15/47		155,327
	130,000	A	3.200% due 9/15/49		122,989
	67,000	A	2.900% due 6/15/50		60,364

See Notes to Financial Statements.

147



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Electric — 1.2% — (continued)
			CenterPoint Energy Houston Electric LLC:
$	146,000	A	1st Mortgage Notes, 3.350% due 4/1/51	$	140,619
	15,000	A	General Refiinance Mortgage, 3.950% due 3/1/48		15,866
			Consolidated Edison Co. of New York Inc., Senior Unsecured Notes:
	60,000	A-	3.350% due 4/1/30		61,685
	40,000	A-	3.950% due 4/1/50		41,145
			Consumers Energy Co., 1st Mortgage Notes:
	256,000	A	3.500% due 8/1/51		256,052
	91,000	A	2.650% due 8/15/52		77,978
			DTE Electric Co., General Refiinance Mortgage:
	30,000	A	4.050% due 5/15/48		32,707
	250,000	A	3.950% due 3/1/49		265,074
			Duke Energy Carolinas LLC, 1st Mortgage Notes:
	22,000	A	3.950% due 11/15/28		23,685
	500,000	A	4.250% due 12/15/41		537,543
	205,000	A	3.200% due 8/15/49		193,147
	500,000	BBB	Duke Energy Corp., Senior Unsecured Notes, 2.550% due 6/15/31		468,494
			Duke Energy Florida LLC, 1st Mortgage Notes:
	334,000	A	2.500% due 12/1/29		326,972
	504,000	A	1.750% due 6/15/30		464,514
	24,000	A	4.200% due 7/15/48		26,123
	335,000	A	Duke Energy Ohio Inc., 1st Mortgage Notes, 3.650% due 2/1/29		350,900
			Duke Energy Progress LLC, 1st Mortgage Notes:
	130,000	A	3.450% due 3/15/29		135,760
	162,000	A	4.100% due 5/15/42		170,018
	48,000	A	4.100% due 3/15/43		50,385
	67,000	A	2.900% due 8/15/51		59,823
			Edison International, Senior Unsecured Notes:
	91,000	BBB-	4.950% due 4/15/25		96,010
	72,000	BBB-	5.750% due 6/15/27		80,057
	87,000	A	Entergy Arkansas LLC, 1st Mortgage Notes, 3.350% due 6/15/52		82,380
			Entergy Louisiana LLC:
			1st Mortgage Notes:
	168,000	A	1.600% due 12/15/30		150,458
	50,000	A	2.350% due 6/15/32		47,417
	60,000	A	2.900% due 3/15/51		53,126
	47,000	A	Collateral Trust, 3.050% due 6/1/31		47,110
	125,000	A	Entergy Texas Inc., 1st Mortgage Notes, 3.450% due 12/1/27		127,948
			Exelon Corp., Senior Unsecured Notes:
	143,000	BBB	5.625% due 6/15/35		169,451
	143,000	BBB	4.700% due 4/15/50		162,047
			FirstEnergy Corp., Senior Unsecured Notes:
	60,000	BB+	1.600% due 1/15/26		56,498
	310,000	BB+	4.400% due 7/15/27		320,973
	550,000	BB+	7.375% due 11/15/31		688,237
			Florida Power & Light Co., 1st Mortgage Notes:
	453,000	A+	3.950% due 3/1/48		487,431
	540,000	A+	3.990% due 3/1/49		582,285
	30,000	A+	2.875% due 12/4/51		27,199
	400,000	BBB+	ITC Holdings Corp., Senior Unsecured Notes, 4.050% due 7/1/23		408,642
	700,000	BBB	Jersey Central Power & Light Co., Senior Unsecured Notes, 4.700% due 4/1/24(b)		728,658
	200,000	Baa3(c)	Kallpa Generacion SA, Company Guaranteed Notes, 4.125% due 8/16/27(b)		198,350
	185,000	BBB	Metropolitan Edison Co., Senior Unsecured Notes, 4.300% due 1/15/29(b)		199,387
			MidAmerican Energy Co., 1st Mortgage Notes:
	255,000	A+	3.100% due 5/1/27		263,180

See Notes to Financial Statements.

148



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Electric — 1.2% — (continued)
$	100,000	A+	3.650% due 4/15/29	$	106,668
	100,000	A+	3.150% due 4/15/50		94,258
			Northern States Power Co., 1st Mortgage Notes:
	114,000	A	2.900% due 3/1/50		103,307
	85,000	A	2.600% due 6/1/51		72,726
	50,000	A	3.200% due 4/1/52		47,526
			NRG Energy Inc., Senior Secured Notes:
	155,000	BBB-	2.450% due 12/2/27(b)		147,634
	122,000	BBB-	4.450% due 6/15/29(b)		127,653
			Ohio Power Co., Senior Unsecured Notes:
	29,000	A-	4.000% due 6/1/49		30,144
	118,000	A-	2.900% due 10/1/51		100,672
			Oncor Electric Delivery Co. LLC, Senior Secured Notes:
	168,000	A+	3.700% due 11/15/28		178,071
	98,000	A+	3.100% due 9/15/49		90,677
			Pacific Gas & Electric Co., 1st Mortgage Notes:
	14,000	BBB-	2.500% due 2/1/31		12,476
	171,000	BBB-	4.950% due 7/1/50		169,018
	148,000	A	PECO Energy Co., 1st Mortgage Notes, 3.050% due 3/15/51		138,226
	560,000	BBB	Pennsylvania Electric Co., Senior Unsecured Notes, 4.150% due 4/15/25(b)		580,083
	500,000	BBB	Public Service Co. of New Mexico, Senior Unsecured Notes, 3.850% due 8/1/25		512,791
			Public Service Electric & Gas Co., 1st Mortgage Notes:
	23,000	A	3.000% due 5/15/27		23,606
	199,000	A	3.200% due 5/15/29		204,517
			Southern California Edison Co., 1st Mortgage Notes:
	486,000	A-	3.700% due 8/1/25		504,948
	206,000	A-	1.200% due 2/1/26		196,133
	97,000	A-	4.200% due 3/1/29		103,111
	134,000	A	Southwestern Public Services Co., 1st Mortgage Notes, 3.150% due 5/1/50		124,778
	115,000	BBB+	Tampa Electric Co., Senior Unsecured Notes, 3.625% due 6/15/50		115,118
	800,000	A-	Tucson Electric Power Co., Senior Unsecured Notes, 3.850% due 3/15/23		811,550
			Virginia Electric & Power Co., Senior Unsecured Notes:
	33,000	BBB+	6.000% due 1/15/36		41,880
	68,000	BBB+	6.000% due 5/15/37		87,692
	55,000	BBB+	4.650% due 8/15/43		62,201
	94,000	BBB+	4.200% due 5/15/45		101,771
			Vistra Operations Co. LLC, Senior Secured Notes:
	92,000	BBB-	3.700% due 1/30/27(b)		91,560
	323,000	BBB-	4.300% due 7/15/29(b)		327,475

			Total Electric		15,621,483


	Electronics — 0.0%
	190,000	BBB+	Agilent Technologies Inc., Senior Unsecured Notes, 2.300% due 3/12/31		177,800
			Honeywell International Inc., Senior Unsecured Notes:
	110,000	A	1.350% due 6/1/25		107,703
	28,000	A	3.812% due 11/21/47		30,975

			Total Electronics		316,478


	Engineering & Construction — 0.0%
	182,000	B-	Artera Services LLC, Senior Secured Notes, 9.033% due 12/4/25(b)		182,842


	Environmental Control — 0.0%
			Republic Services Inc., Senior Unsecured Notes:
	130,000	BBB+	2.500% due 8/15/24		131,360
	219,000	BBB+	3.375% due 11/15/27		226,474
	98,000	A-	Waste Management Inc., Company Guaranteed Notes, 2.000% due 6/1/29		93,890

See Notes to Financial Statements.

149



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Environmental Control — 0.0% — (continued)
$	109,000	B-	Waste Pro USA Inc., Senior Unsecured Notes, 5.500% due 2/15/26(b)	$	102,896

			Total Environmental Control		554,620


	Food — 0.4%
	1,150,000	BB	Albertsons Cos Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Company Guaranteed Notes, 3.250% due 3/15/26(b)		1,108,600
	200,000	BBB	Grupo Bimbo SAB de CV, Company Guaranteed Notes, 4.000% due 9/6/49(b)		196,159
	50,000	A	Hershey Co. (The), Senior Unsecured Notes, 0.900% due 6/1/25		48,240
			JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.:
			Company Guaranteed Notes:
	420,000	BB+	3.000% due 2/2/29(b)		397,551
	165,000	BB+	3.000% due 5/15/32(b)		145,202
	275,000	BB+	Senior Unsecured Notes, 5.500% due 1/15/30(b)		284,423
			Kraft Heinz Foods Co., Company Guaranteed Notes:
	10,000	BB+	3.000% due 6/1/26		10,006
	40,000	BB+	4.250% due 3/1/31		42,525
	10,000	BB+	6.750% due 3/15/32		12,625
	40,000	BB+	5.000% due 7/15/35		45,150
	30,000	BB+	6.875% due 1/26/39		39,750
	10,000	BB+	7.125% due 8/1/39(b)		13,641
	10,000	BB+	4.625% due 10/1/39		10,725
	445,000	BB+	5.000% due 6/4/42		491,169
	150,000	BB+	5.200% due 7/15/45		169,999
	678,000	BB+	4.375% due 6/1/46		694,950
	80,000	BB+	5.500% due 6/1/50		96,200
			Mars Inc., Company Guaranteed Notes:
	110,000	A	2.700% due 4/1/25(b)		111,611
	350,000	A	3.200% due 4/1/30(b)		361,113
			Mondelez International Inc., Senior Unsecured Notes:
	330,000	BBB	1.500% due 5/4/25		321,713
	95,000	BBB	2.750% due 4/13/30		93,744
	325,000	B+	Post Holdings Inc., Senior Unsecured Notes, 4.500% due 9/15/31(b)		301,392
	285,000	BBB+	Tyson Foods Inc., Senior Unsecured Notes, 3.900% due 9/28/23		292,691

			Total Food		5,289,179


	Forest Products & Paper — 0.1%
	200,000	BBB-	Celulosa Arauco y Constitucion SA, Senior Unsecured Notes, 4.200% due 1/29/30(b)		202,080
	65,000	BBB-	Fibria Overseas Finance Ltd., Company Guaranteed Notes, 5.500% due 1/17/27		70,048
	45,000	A+	Georgia-Pacific LLC, Senior Unsecured Notes, 0.950% due 5/15/26(b)		42,272
	52,000	BBB	International Paper Co., Senior Unsecured Notes, 4.800% due 6/15/44		58,385
			Suzano Austria GmbH, Company Guaranteed Notes:
	453,000	BBB-	3.750% due 1/15/31		424,909
	370,000	BBB-	3.125% due 1/15/32		328,484

			Total Forest Products & Paper		1,126,178


	Gas — 0.1%
	82,000	A-	Atmos Energy Corp., Senior Unsecured Notes, 4.125% due 10/15/44		85,364
	244,000	BBB+	CenterPoint Energy Resources Corp., Senior Unsecured Notes, 1.750% due 10/1/30		220,473
	123,000	BBB+	Piedmont Natural Gas Co., Inc., Senior Unsecured Notes, 3.500% due 6/1/29		126,745
	250,000	BBB+	Southern Co. Gas Capital Corp., Company Guaranteed Notes, 4.400% due 5/30/47		263,805

			Total Gas		696,387


	Healthcare — Products — 0.1%
			Abbott Laboratories, Senior Unsecured Notes:
	164,000	A+	3.750% due 11/30/26		175,229
	70,000	A+	4.750% due 11/30/36		83,005

See Notes to Financial Statements.

150



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Healthcare — Products — 0.1% — (continued)
$	150,000	A+	4.900% due 11/30/46	$	185,103
	645,000	BBB	Alcon Finance Corp., Company Guaranteed Notes, 3.000% due 9/23/29(b)		639,409
	24,000	BBB	Boston Scientific Corp., Senior Unsecured Notes, 2.650% due 6/1/30		23,290
	170,000	BBB+	Danaher Corp., Senior Unsecured Notes, 2.800% due 12/10/51		150,239
	61,000	A	Medtronic Inc., Company Guaranteed Notes, 3.500% due 3/15/25		63,633
	13,000	WR(c)	St Jude Medical LLC, Senior Unsecured Notes, 4.750% due 4/15/43		14,803

			Total Healthcare — Products		1,334,711


	Healthcare — Services — 0.9%
			Aetna Inc., Senior Unsecured Notes:
	40,000	BBB	2.800% due 6/15/23		40,560
	48,000	BBB	6.625% due 6/15/36		63,784
			Anthem Inc., Senior Unsecured Notes:
	1,120,000	A	3.650% due 12/1/27		1,176,565
	248,000	A	4.550% due 3/1/48		278,983
	33,000	A	4.850% due 8/15/54		38,753
			Centene Corp., Senior Unsecured Notes:
	30,000	BBB-	4.625% due 12/15/29		30,950
	30,000	BBB-	3.375% due 2/15/30		28,830
	1,050,000	BBB-	3.000% due 10/15/30		1,002,483
	325,000	BBB-	2.500% due 3/1/31		300,705
			CommonSpirit Health:
	30,000	A-	Secured Notes, 4.350% due 11/1/42		31,629
			Senior Secured Notes:
	205,000	A-	3.347% due 10/1/29		207,172
	190,000	A-	2.782% due 10/1/30		185,549
	95,000	A-	3.910% due 10/1/50		96,197
	355,000	BBB	Fresenius Medical Care US Finance III Inc., Company Guaranteed Notes, 1.875% due 12/1/26(b)		340,430
			HCA Inc., Senior Secured Notes:
	193,000	BBB-	5.000% due 3/15/24		203,061
	1,059,000	BBB-	5.250% due 4/15/25		1,138,330
	152,000	BBB-	5.250% due 6/15/26		164,800
	76,000	BBB-	4.500% due 2/15/27		80,663
	1,429,000	BBB-	4.125% due 6/15/29		1,499,065
	565,000	BBB-	5.500% due 6/15/47		660,918
	390,000	BBB-	5.250% due 6/15/49		443,424
			Humana Inc., Senior Unsecured Notes:
	280,000	BBB+	3.150% due 12/1/22		282,686
	201,000	BBB+	4.500% due 4/1/25		213,612
	128,000	BBB+	1.350% due 2/3/27		120,881
	30,000	BBB+	3.950% due 3/15/27		31,743
	70,000	BBB+	4.625% due 12/1/42		78,073
	40,000	BBB+	4.950% due 10/1/44		46,481
	35,000	BBB+	3.950% due 8/15/49		35,532
	500,000	AA-	Kaiser Foundation Hospitals, Company Guaranteed Notes, 3.150% due 5/1/27		519,051
	564,000	BB-	Molina Healthcare Inc., Senior Unsecured Notes, 3.875% due 11/15/30(b)		554,624
	240,000	AA	Roche Holdings Inc., Company Guaranteed Notes, 2.607% due 12/13/51(b)		212,154
			UnitedHealth Group Inc., Senior Unsecured Notes:
	20,000	A+	2.375% due 10/15/22		20,158
	60,000	A+	3.500% due 6/15/23		61,526
	70,000	A+	3.750% due 7/15/25		73,502
	60,000	A+	1.250% due 1/15/26		58,115
	50,000	A+	3.875% due 12/15/28		53,923
	50,000	A+	2.000% due 5/15/30		47,238

See Notes to Financial Statements.

151



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Healthcare — Services — 0.9% — (continued)
$	271,000	A+	4.750% due 7/15/45	$	321,040
	223,000	A+	3.750% due 10/15/47		230,063
	40,000	A+	4.250% due 6/15/48		44,617
	30,000	A+	4.450% due 12/15/48		34,448
	100,000	A+	3.700% due 8/15/49		103,427
	20,000	A+	2.900% due 5/15/50		18,303
	310,000	A+	3.250% due 5/15/51		300,871
	120,000	A+	3.875% due 8/15/59		126,486
	20,000	A+	3.125% due 5/15/60		18,059

			Total Healthcare — Services		11,619,464


	Home Builders — 0.0%
			DR Horton Inc., Company Guaranteed Notes:
	69,000	BBB	2.600% due 10/15/25		69,226
	23,000	BBB	1.300% due 10/15/26		21,676
	130,000	BBB-	Lennar Corp., Company Guaranteed Notes, 4.750% due 11/29/27		141,626
	10,000	BBB-	MDC Holdings Inc., Company Guaranteed Notes, 6.000% due 1/15/43		10,819
	50,000	BB+	Toll Brothers Finance Corp., Company Guaranteed Notes, 4.375% due 4/15/23		50,904

			Total Home Builders		294,251


	Insurance — 0.5%
			American International Group Inc., Senior Unsecured Notes:
	90,000	BBB+	2.500% due 6/30/25		90,509
	281,000	BBB+	4.800% due 7/10/45		323,523
			Aon Corp., Company Guaranteed Notes:
	22,000	A-	4.500% due 12/15/28		24,143
	799,000	A-	2.800% due 5/15/30		786,540
	535,000	A+	Athene Global Funding, Senior Secured Notes, 0.750% (SOFR + 0.700%) due 5/24/24(b)(d)		535,720
	350,000	AA	Berkshire Hathaway Finance Corp., Company Guaranteed Notes, 4.250% due 1/15/49		390,190
	70,000	A	Chubb INA Holdings Inc., Company Guaranteed Notes, 3.350% due 5/3/26		72,802
	100,000	BBB+	Farmers Exchange Capital, Subordinated Notes, 7.200% due 7/15/48(b)		139,409
	900,000	BBB+	Farmers Exchange Capital II, Subordinated Notes, 6.151% (3-Month USD-LIBOR + 3.744%) due 11/1/53(b)(d)		1,097,696
	4,000	BBB+	Hartford Financial Services Group Inc. (The), Senior Unsecured Notes, 4.300% due 4/15/43		4,240
			Marsh & McLennan Cos., Inc., Senior Unsecured Notes:
	189,000	A-	4.375% due 3/15/29		206,340
	268,000	A-	2.250% due 11/15/30		251,458
	620,000	BBB	MetLife Inc., Junior Subordinated Notes, 6.400% due 12/15/36		698,244
	850,000	A-	Nationwide Mutual Insurance Co., Subordinated Notes, 2.493% (3-Month USD-LIBOR + 2.290%) due 12/15/24(b)(d)		850,400
			Teachers Insurance & Annuity Association of America, Subordinated Notes:
	24,000	AA-	6.850% due 12/16/39(b)		32,702
	348,000	AA-	4.900% due 9/15/44(b)		405,860
	85,000	AA-	4.270% due 5/15/47(b)		91,905
	595,000	AA-	3.300% due 5/15/50(b)		557,585
	67,000	BBB	Willis North America Inc., Company Guaranteed Notes, 2.950% due 9/15/29		65,695

			Total Insurance		6,624,961


	Internet — 0.4%
			Alphabet Inc., Senior Unsecured Notes:
	40,000	AA+	0.450% due 8/15/25		38,142
	70,000	AA+	0.800% due 8/15/27		65,267
	80,000	AA+	1.100% due 8/15/30		72,391
	140,000	AA+	2.050% due 8/15/50		112,959
			Amazon.com Inc., Senior Unsecured Notes:
	190,000	AA	0.800% due 6/3/25		183,485

See Notes to Financial Statements.

152



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Internet — 0.4% — (continued)
$	240,000	AA	1.200% due 6/3/27	$	228,511
	130,000	AA	3.150% due 8/22/27		136,087
	120,000	AA	1.500% due 6/3/30		111,199
	320,000	AA	2.100% due 5/12/31		308,035
	430,000	AA	3.875% due 8/22/37		471,355
	360,000	AA	2.875% due 5/12/41		345,067
	160,000	AA	4.950% due 12/5/44		198,370
	100,000	AA	4.050% due 8/22/47		112,233
	200,000	AA	2.500% due 6/3/50		172,606
	30,000	AA	3.100% due 5/12/51		29,011
	40,000	AA	4.250% due 8/22/57		46,386
			Prosus NV, Senior Unsecured Notes:
	200,000	BBB	3.680% due 1/21/30(b)		180,422
	940,000	BBB	3.061% due 7/13/31(b)		788,633
			Tencent Holdings Ltd., Senior Unsecured Notes:
	407,000	A+	2.985% due 1/19/23(b)		410,921
	165,000	A+	3.975% due 4/11/29(b)		171,770
	870,000	A+	3.680% due 4/22/41(b)		802,779
	350,000	A+	3.840% due 4/22/51(b)		319,050
	395,000	BB+	Twitter Inc., Senior Unsecured Notes, 3.875% due 12/15/27(b)		388,996

			Total Internet		5,693,675


	Investment Companies — 0.1%
			Ares Capital Corp., Senior Unsecured Notes:
	131,000	BBB-	4.250% due 3/1/25		134,193
	119,000	BBB-	3.250% due 7/15/25		118,002
	460,000	BBB-	2.150% due 7/15/26		434,545

			Total Investment Companies		686,740


	Iron/Steel — 0.0%
	30,000	BBB-	ArcelorMittal SA, Senior Unsecured Notes, 7.000% due 10/15/39		36,574
			Vale Overseas Ltd., Company Guaranteed Notes:
	72,000	BBB-	3.750% due 7/8/30		71,348
	125,000	BBB-	6.875% due 11/21/36		153,938
	55,000	BBB-	6.875% due 11/10/39		68,117

			Total Iron/Steel		329,977


	Leisure Time — 0.0%
	110,000	B	VOC Escrow Ltd., Senior Secured Notes, 5.000% due 2/15/28(b)		104,905


	Lodging — 0.1%
			Las Vegas Sands Corp., Senior Unsecured Notes:
	450,000	BB+	3.200% due 8/8/24		444,299
	50,000	BB+	2.900% due 6/25/25		48,393
	97,000	BBB-	Marriott International Inc., Senior Unsecured Notes, 4.625% due 6/15/30		104,810
			Sands China Ltd., Senior Unsecured Notes:
	400,000	BB+	5.125% due 8/8/25		397,920
	200,000	BB+	3.800% due 1/8/26		191,556
	350,000	BB+	2.300% due 3/8/27(b)		304,500
	200,000	BB+	2.850% due 3/8/29(b)		168,480

			Total Lodging		1,659,958


	Machinery — Diversified — 0.0%
			Deere & Co., Senior Unsecured Notes:
	40,000	A	3.100% due 4/15/30		41,402
	130,000	A	3.750% due 4/15/50		137,784
	80,000	BBB	Otis Worldwide Corp., Senior Unsecured Notes, 2.056% due 4/5/25		79,489

			Total Machinery — Diversified		258,675

See Notes to Financial Statements.

153



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Media — 1.1%
			CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
$	130,000	BB	5.125% due 5/1/27(b)	$	131,590
	100,000	BB	4.500% due 5/1/32		94,979
	700,000	BB	4.500% due 6/1/33(b)		657,283
			Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes:
	300,000	BBB-	4.908% due 7/23/25		318,496
	210,000	BBB-	3.750% due 2/15/28		215,219
	260,000	BBB-	4.200% due 3/15/28		272,547
	330,000	BBB-	2.300% due 2/1/32		292,720
	50,000	BBB-	3.500% due 3/1/42		43,074
	951,000	BBB-	6.484% due 10/23/45		1,135,950
	836,000	BBB-	5.750% due 4/1/48		925,238
	335,000	BBB-	5.125% due 7/1/49		341,878
	460,000	BBB-	4.800% due 3/1/50		450,382
	140,000	BBB-	4.400% due 12/1/61		124,687
	100,000	BBB-	3.950% due 6/30/62		83,608
	160,000	A-	Comcast Cable Communications Holdings Inc., Company Guaranteed Notes, 9.455% due 11/15/22		169,218
			Comcast Corp., Company Guaranteed Notes:
	30,000	A-	3.950% due 10/15/25		31,687
	80,000	A-	3.150% due 3/1/26		82,927
	41,000	A-	3.300% due 4/1/27		42,648
	780,000	A-	4.150% due 10/15/28		844,941
	342,000	A-	2.650% due 2/1/30		338,342
	90,000	A-	3.400% due 4/1/30		93,768
	200,000	A-	4.250% due 10/15/30		219,561
	56,000	A-	7.050% due 3/15/33		75,009
	7,000	A-	6.500% due 11/15/35		9,399
	50,000	A-	3.900% due 3/1/38		51,693
	20,000	A-	3.250% due 11/1/39		19,289
	20,000	A-	3.750% due 4/1/40		20,566
	27,000	A-	4.750% due 3/1/44		31,164
	111,000	A-	3.400% due 7/15/46		106,838
	82,000	A-	4.000% due 8/15/47		85,359
	272,000	A-	3.969% due 11/1/47		283,165
	20,000	A-	4.000% due 3/1/48		20,973
	23,000	A-	3.999% due 11/1/49		23,962
	520,000	A-	2.800% due 1/15/51		446,207
	109,000	A-	2.887% due 11/1/51(b)		94,458
	21,000	A-	4.049% due 11/1/52		22,090
	439,000	A-	2.937% due 11/1/56(b)		370,537
	22,000	A-	2.987% due 11/1/63(b)		18,328
			Cox Communications Inc., Senior Unsecured Notes:
	82,000	BBB	3.150% due 8/15/24(b)		83,758
	70,000	BBB	3.850% due 2/1/25(b)		72,715
	97,000	BBB	3.600% due 6/15/51(b)		89,796
			CSC Holdings LLC, Company Guaranteed Notes:
	250,000	BB	6.500% due 2/1/29(b)		253,519
	300,000	BB	4.125% due 12/1/30(b)		269,813
	125,000	BB	4.500% due 11/15/31(b)		113,925
	600,000	CC	Diamond Sports Group LLC/Diamond Sports Finance Co., Senior Secured Notes, 5.375% due 8/15/26(b)		247,032

See Notes to Financial Statements.

154



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Media — 1.1% — (continued)
			DISH DBS Corp.:
			Company Guaranteed Notes:
$	741,000	B-	5.875% due 7/15/22	$	748,284
	140,000	B-	7.750% due 7/1/26		141,938
	70,000	B-	5.125% due 6/1/29		59,188
	60,000	B+	Senior Secured Notes, 5.250% due 12/1/26(b)		58,931
	134,000	Baa3(c)	FactSet Research Systems Inc., Senior Unsecured Notes, 3.450% due 3/1/32		134,717
			Fox Corp., Senior Unsecured Notes:
	200,000	BBB	4.030% due 1/25/24		207,435
	240,000	BBB	5.476% due 1/25/39		279,721
			Paramount Global, Senior Unsecured Notes:
	10,000	BBB	3.875% due 4/1/24		10,414
	255,000	BBB	4.200% due 5/19/32		266,348
	141,000	BBB	4.375% due 3/15/43		140,648
	425,000	B+	Sinclair Television Group Inc., Senior Secured Notes, 4.125% due 12/1/30(b)		381,047
	390,000	BB	Sirius XM Radio Inc., Company Guaranteed Notes, 4.125% due 7/1/30(b)		369,242
			Time Warner Cable LLC, Senior Secured Notes:
	230,000	BBB-	7.300% due 7/1/38		287,818
	100,000	BBB-	5.875% due 11/15/40		111,857
	490,000	BBB-	5.500% due 9/1/41		522,137
	240,000	BBB-	Time Warner Entertainment Co. LP, Senior Secured Notes, 8.375% due 7/15/33		327,732
			Virgin Media Secured Finance PLC, Senior Secured Notes:
	225,000	BB-	5.500% due 5/15/29(b)		225,149
	525,000	BB-	4.500% due 8/15/30(b)		491,678
			Walt Disney Co. (The), Company Guaranteed Notes:
	25,000	BBB+	6.200% due 12/15/34		32,189
	30,000	BBB+	6.650% due 11/15/37		40,788

			Total Media		14,557,599


	Mining — 0.4%
			Anglo American Capital PLC, Company Guaranteed Notes:
	350,000	BBB	3.625% due 9/11/24(b)		359,872
	617,000	BBB	4.750% due 4/10/27(b)		663,989
	200,000	BBB	4.000% due 9/11/27(b)		210,187
	212,000	BBB	2.250% due 3/17/28(b)		202,225
	200,000	BBB	Antofagasta PLC, Senior Unsecured Notes, 2.375% due 10/14/30(b)		179,307
	40,000	BBB	Barrick Gold Corp., Senior Unsecured Notes, 5.250% due 4/1/42		46,838
			Barrick North America Finance LLC, Company Guaranteed Notes:
	70,000	BBB	5.700% due 5/30/41		87,095
	190,000	BBB	5.750% due 5/1/43		236,517
	150,000	A	BHP Billsiton Finance USA Ltd., Company Guaranteed Notes, 5.000% due 9/30/43		180,944
			Freeport-McMoRan Inc., Company Guaranteed Notes:
	10,000	BB+	3.875% due 3/15/23		10,182
	10,000	BB+	4.550% due 11/14/24		10,452
	70,000	BB+	5.450% due 3/15/43		80,542
			Glencore Funding LLC, Company Guaranteed Notes:
	820,000	BBB+	4.125% due 3/12/24(b)		848,771
	210,000	BBB+	4.625% due 4/29/24(b)		219,829
	25,000	BBB+	1.625% due 4/27/26(b)		23,812
	159,000	BBB+	4.000% due 3/27/27(b)		165,083
	308,000	BBB+	2.500% due 9/1/30(b)		283,575
	76,000	BBB+	2.850% due 4/27/31(b)		71,425
	51,000	BBB+	2.625% due 9/23/31(b)		46,883
			Indonesia Asahan Aluminium Persero PT, Senior Unsecured Notes:
	200,000	Baa2(c)	4.750% due 5/15/25		204,574
	200,000	Baa2(c)	6.530% due 11/15/28(b)		226,092

See Notes to Financial Statements.

155



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Mining — 0.4% — (continued)
$	860,000	BBB+	Southern Copper Corp., Senior Unsecured Notes, 5.250% due 11/8/42	$	987,736
			Teck Resources Ltd., Senior Unsecured Notes:
	200,000	BBB-	3.900% due 7/15/30		205,020
	10,000	BBB-	6.000% due 8/15/40		11,808
	90,000	BB+	Yamana Gold Inc., Company Guaranteed Notes, 4.625% due 12/15/27		95,601

			Total Mining		5,658,359


	Miscellaneous Manufacturers — 0.2%
			3M Co., Senior Unsecured Notes:
	150,000	A+	2.375% due 8/26/29		146,739
	30,000	A+	3.050% due 4/15/30		30,748
	190,000	A+	3.700% due 4/15/50		194,862
	160,000	A-	Eaton Corp., Company Guaranteed Notes, 4.150% due 11/2/42		171,762
	655,000	BBB+	GE Capital International Funding Co. Unlimited Co., Company Guaranteed Notes, 4.418% due 11/15/35		737,062
			General Electric Co., Senior Unsecured Notes:
	211,000	BBB+	6.750% due 3/15/32		272,559
	1,025,000	BBB+	0.986% (3-Month USD-LIBOR + 0.480%) due 8/15/36(d)		883,495
	156,000	BBB+	Parker-Hannifin Corp., Senior Unsecured Notes, 3.250% due 6/14/29		159,160
			Textron Inc., Senior Unsecured Notes:
	70,000	BBB	3.650% due 3/15/27		72,545
	218,000	BBB	3.900% due 9/17/29		230,049

			Total Miscellaneous Manufacturers		2,898,981


	Oil & Gas — 1.8%
			Apache Corp., Senior Unsecured Notes:
	150,000	BB+	4.375% due 10/15/28		152,129
	60,000	BB+	7.750% due 12/15/29		69,964
	20,000	BB+	5.250% due 2/1/42		19,731
	30,000	BB+	4.750% due 4/15/43		28,623
	60,000	BB+	4.250% due 1/15/44		53,657
	90,000	BB+	5.350% due 7/1/49		89,012
			BP Capital Markets America Inc., Company Guaranteed Notes:
	30,000	A-	3.790% due 2/6/24		30,993
	300,000	A-	3.410% due 2/11/26		311,251
	110,000	A-	3.633% due 4/6/30		114,673
	190,000	A-	3.001% due 3/17/52		161,148
			BP Capital Markets PLC, Company Guaranteed Notes:
	270,000	A-	3.814% due 2/10/24		280,252
	30,000	A-	3.535% due 11/4/24		31,158
	270,000	A-	3.506% due 3/17/25		280,305
	48,000	BBB-	Cenovus Energy Inc., Senior Unsecured Notes, 3.750% due 2/15/52		43,260
			Chevron Corp., Senior Unsecured Notes:
	190,000	AA-	1.554% due 5/11/25		187,369
	230,000	AA-	2.954% due 5/16/26		237,599
	70,000	AA-	1.995% due 5/11/27		69,097
	240,000	AA-	Chevron USA Inc., Company Guaranteed Notes, 3.850% due 1/15/28		258,767
			ConocoPhillips, Company Guaranteed Notes:
	80,000	A-	3.750% due 10/1/27(b)		85,483
	550,000	A-	4.300% due 8/15/28(b)		607,308
			Continental Resources Inc., Company Guaranteed Notes:
	20,000	BB+	4.500% due 4/15/23		20,458
	870,000	BB+	3.800% due 6/1/24		888,479
	80,000	BB+	2.268% due 11/15/26(b)		76,356
	120,000	BB+	5.750% due 1/15/31(b)		133,018
	60,000	BB+	4.900% due 6/1/44		60,205

See Notes to Financial Statements.

156



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Oil & Gas — 1.8% — (continued)
			Coterra Energy Inc., Senior Unsecured Notes:
$	470,000	BBB	3.900% due 5/15/27(b)	$	490,452
	150,000	BBB	4.375% due 3/15/29(b)		160,610
			Devon Energy Corp., Senior Unsecured Notes:
	708,000	BBB-	5.850% due 12/15/25		790,212
	32,000	BBB-	5.250% due 10/15/27		33,184
	2,000	BBB-	5.875% due 6/15/28		2,136
	20,000	BBB-	4.500% due 1/15/30		20,907
	460,000	BBB-	5.600% due 7/15/41		537,727
	71,000	BBB-	4.750% due 5/15/42		76,451
	314,000	BBB-	5.000% due 6/15/45		349,122
			Diamondback Energy Inc., Company Guaranteed Notes:
	1,152,000	BBB-	2.875% due 12/1/24		1,167,567
	76,000	BBB-	3.250% due 12/1/26		77,733
	484,000	BBB-	3.500% due 12/1/29		489,915
	606,000	BBB-	3.125% due 3/24/31		591,998
	64,000	BBB-	4.400% due 3/24/51		66,184
			Ecopetrol SA, Senior Unsecured Notes:
	95,000	BB+	4.125% due 1/16/25		95,084
	200,000	BB+	6.875% due 4/29/30		209,560
	760,000	BB+	5.875% due 5/28/45		663,222
	29,000	BB	Endeavor Energy Resources LP/EER Finance Inc., Senior Unsecured Notes, 5.750% due 1/30/28(b)		30,072
			EOG Resources Inc., Senior Unsecured Notes:
	14,000	A-	3.150% due 4/1/25		14,393
	10,000	A-	4.150% due 1/15/26		10,678
	210,000	A-	4.375% due 4/15/30		232,042
	260,000	A-	3.900% due 4/1/35		279,362
	170,000	A-	4.950% due 4/15/50		206,463
			EQT Corp., Senior Unsecured Notes:
	20,000	BB+	3.000% due 10/1/22		20,181
	10,000	BB+	6.625% due 2/1/25		10,814
	250,000	BB+	3.900% due 10/1/27		252,901
	60,000	BB+	5.000% due 1/15/29		63,399
	130,000	BB+	3.625% due 5/15/31(b)		126,623
			Exxon Mobil Corp., Senior Unsecured Notes:
	20,000	AA-	1.571% due 4/15/23		20,055
	430,000	AA-	2.992% due 3/19/25		442,013
	380,000	AA-	3.043% due 3/1/26		393,140
	180,000	AA-	3.482% due 3/19/30		190,389
	70,000	AA-	4.114% due 3/1/46		76,280
	110,000	AA-	4.327% due 3/19/50		124,319
	100,000	AA-	3.452% due 4/15/51		99,350
	200,000	Baa2(c)	KazMunayGas National Co. JSC, Senior Unsecured Notes, 5.375% due 4/24/30		212,750
	28,000	BBB	Marathon Petroleum Corp., Senior Unsecured Notes, 6.500% due 3/1/41		35,396
	30,000	BB-	MEG Energy Corp., Company Guaranteed Notes, 5.875% due 2/1/29(b)		30,369
			Occidental Petroleum Corp., Senior Unsecured Notes:
	200,000	BB+	6.950% due 7/1/24		217,248
	760,000	BB+	5.550% due 3/15/26		816,267
	90,000	BB+	3.400% due 4/15/26		90,118
	140,000	BB+	7.500% due 5/1/31		169,975
	75,000	BB+	7.875% due 9/15/31		92,881
	233,000	BB+	zero coupon due 10/10/36		125,537
	150,000	BB+	4.500% due 7/15/44		141,997

See Notes to Financial Statements.

157



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Oil & Gas — 1.8% — (continued)
$	90,000	BB+	4.625% due 6/15/45	$	86,794
	30,000	BB+	4.100% due 2/15/47		27,798
	560,000	BB+	4.200% due 3/15/48		524,521
			Pertamina Persero PT, Senior Unsecured Notes:
	200,000	Baa2(c)	3.100% due 1/21/30(b)		193,351
	200,000	Baa2(c)	3.100% due 8/27/30(b)		192,240
	860,000	BB-	Petrobras Global Finance BV, Company Guaranteed Notes, 5.750% due 2/1/29		891,455
			Petroleos Mexicanos, Company Guaranteed Notes:
	19,000	BBB	6.625% due 6/15/35		17,238
	1,170,000	BBB	6.750% due 9/21/47		971,919
	170,000	BBB	6.950% due 1/28/60		141,373
			Petronas Capital Ltd., Company Guaranteed Notes:
	200,000	A-	3.500% due 4/21/30(b)		205,170
	200,000	A-	2.480% due 1/28/32(b)		187,488
			Pioneer Natural Resources Co., Senior Unsecured Notes:
	30,000	BBB	1.125% due 1/15/26		28,513
	250,000	BBB	2.150% due 1/15/31		230,776
			Qatar Energy, Senior Unsecured Notes:
	390,000	AA-	2.250% due 7/12/31(b)		368,066
	240,000	AA-	3.125% due 7/12/41(b)		226,215
	450,000	AA-	3.300% due 7/12/51(b)		424,547
	200,000	BBB-	Raizen Fuels Finance SA, Company Guaranteed Notes, 5.300% due 1/20/27(b)		208,830
			Range Resources Corp., Company Guaranteed Notes:
	8,000	BB-	5.875% due 7/1/22		8,015
	105,000	B1(c)	5.000% due 3/15/23		106,420
	50,000	BB-	4.875% due 5/15/25		50,709
	450,000	BBB+	Reliance Industries Ltd., Senior Unsecured Notes, 3.625% due 1/12/52(b)		413,624
	200,000	A1(c)	Saudi Arabian Oil Co., Senior Unsecured Notes, 2.250% due 11/24/30(b)		186,325
			Shell International Finance BV, Company Guaranteed Notes:
	260,000	A+	2.875% due 5/10/26		267,737
	300,000	A+	3.875% due 11/13/28		321,718
	60,000	A+	2.750% due 4/6/30		59,845
	90,000	A+	4.550% due 8/12/43		102,627
	220,000	A+	4.375% due 5/11/45		243,628
	40,000	A+	4.000% due 5/10/46		42,389
	480,000	A+	3.250% due 4/6/50		459,565
	400,000	A+	Sinopec Group Overseas Development 2014 Ltd., Company Guaranteed Notes, 4.375% due 4/10/24(b)		419,217
			Southwestern Energy Co., Company Guaranteed Notes:
	10,000	BB+	5.375% due 2/1/29		10,300
	20,000	BB+	5.375% due 3/15/30		20,664
	50,000	BB+	4.750% due 2/1/32		49,798
			Suncor Energy Inc., Senior Unsecured Notes:
	58,000	BBB+	6.800% due 5/15/38		75,931
	51,000	BBB+	6.850% due 6/1/39		67,509
	425,000	BB-	Sunoco LP/Sunoco Finance Corp., Company Guaranteed Notes, 4.500% due 5/15/29		408,021
	78,105	B-	Transocean Pontus Ltd., Senior Secured Notes, 6.125% due 8/1/25(b)		77,109
	131,250	B-	Transocean Poseidon Ltd., Senior Secured Notes, 6.875% due 2/1/27(b)		128,410

			Total Oil & Gas		23,083,226


	Oil & Gas Services — 0.0%
			Halliburton Co., Senior Unsecured Notes:
	4,000	BBB+	3.800% due 11/15/25		4,192
	20,000	BBB+	4.850% due 11/15/35		22,058
	50,000	BBB+	5.000% due 11/15/45		55,579

See Notes to Financial Statements.

158



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Oil & Gas Services — 0.0% — (continued)
			Schlumberger Holdings Corp., Senior Unsecured Notes:
$	90,000	A	4.000% due 12/21/25(b)	$	94,117
	171,000	A	3.900% due 5/17/28(b)		178,289
	19,000	B-	Transocean Phoenix 2 Ltd., Senior Secured Notes, 7.750% due 10/15/24(b)		19,216
	62,500	B-	Transocean Proteus Ltd., Senior Secured Notes, 6.250% due 12/1/24(b)		62,116

			Total Oil & Gas Services		435,567


	Packaging & Containers — 0.2%
	236,000	BBB	Amcor Flexibles North America Inc., Company Guaranteed Notes, 2.690% due 5/25/31		227,348
			Ball Corp., Company Guaranteed Notes:
	130,000	BB+	4.000% due 11/15/23		132,912
	305,000	BB+	2.875% due 8/15/30		279,293
	110,000	BB+	3.125% due 9/15/31		100,971
			Berry Global Inc., Senior Secured Notes:
	530,000	BBB-	1.570% due 1/15/26		505,534
	510,000	BBB-	4.875% due 7/15/26(b)		517,632
	40,000	BBB	Packaging Corp. of America, Senior Unsecured Notes, 3.050% due 10/1/51		34,791
	400,000	BB+	Sealed Air Corp., Company Guaranteed Notes, 4.000% due 12/1/27(b)		396,666
	20,000	BBB	WestRock RKT LLC, Company Guaranteed Notes, 4.000% due 3/1/23		20,359

			Total Packaging & Containers		2,215,506


	Pharmaceuticals — 1.8%
			AbbVie Inc., Senior Unsecured Notes:
	680,000	BBB+	2.300% due 11/21/22		684,603
	30,000	BBB+	3.750% due 11/14/23		30,965
	730,000	BBB+	2.600% due 11/21/24		738,049
	260,000	BBB+	3.800% due 3/15/25		270,643
	100,000	BBB+	3.600% due 5/14/25		103,424
	150,000	BBB+	2.950% due 11/21/26		152,586
	880,000	BBB+	3.200% due 11/21/29		892,538
	171,000	BBB+	4.550% due 3/15/35		188,384
	185,000	BBB+	4.500% due 5/14/35		205,622
	546,000	BBB+	4.300% due 5/14/36		597,736
	175,000	BBB+	4.050% due 11/21/39		183,586
	7,000	BBB+	4.625% due 10/1/42		7,745
	489,000	BBB+	4.400% due 11/6/42		525,246
	150,000	BBB+	4.750% due 3/15/45		166,107
	230,000	BBB+	4.250% due 11/21/49		244,362
	255,000	WR(c)	Allergan Funding SCS, Company Guaranteed Notes, 4.550% due 3/15/35		260,966
	330,000	A-	AstraZeneca PLC, Senior Unsecured Notes, 1.375% due 8/6/30		298,092
			Bayer US Finance II LLC, Company Guaranteed Notes:
	280,000	BBB	4.250% due 12/15/25(b)		294,476
	625,000	BBB	4.375% due 12/15/28(b)		667,464
	285,000	BBB	4.625% due 6/25/38(b)		306,604
	140,000	BBB	4.400% due 7/15/44(b)		141,538
	670,000	BBB	4.875% due 6/25/48(b)		733,590
			Becton Dickinson & Co., Senior Unsecured Notes:
	377,000	BBB	3.363% due 6/6/24		386,764
	17,000	BBB	3.734% due 12/15/24		17,605
	865,000	BBB	2.823% due 5/20/30		850,324
	47,000	BBB	4.685% due 12/15/44		52,438
			Bristol-Myers Squibb Co., Senior Unsecured Notes:
	190,000	A+	2.600% due 5/16/22		190,739
	60,000	A+	3.550% due 8/15/22		60,684
	326,000	A+	2.900% due 7/26/24		334,053
	137,000	A+	3.875% due 8/15/25		144,757
	240,000	A+	3.200% due 6/15/26		250,338

See Notes to Financial Statements.

159



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Pharmaceuticals — 1.8% — (continued)
$	130,000	A+	3.400% due 7/26/29	$	137,272
	645,000	A+	2.950% due 3/15/32		654,641
	46,000	A+	5.000% due 8/15/45		56,294
			Cigna Corp.:
			Company Guaranteed Notes:
	216,000	A-	3.750% due 7/15/23		221,767
	65,000	A-	3.500% due 6/15/24		66,729
	624,000	A-	4.125% due 11/15/25		658,384
	244,000	A-	3.400% due 3/1/27		253,439
	720,000	A-	4.375% due 10/15/28		781,268
	300,000	A-	4.800% due 8/15/38		334,154
			Senior Unsecured Notes:
	210,000	A-	3.200% due 3/15/40		193,864
	420,000	A-	3.400% due 3/15/51		382,865
			CVS Health Corp., Senior Unsecured Notes:
	340,000	BBB	2.750% due 12/1/22		342,584
	116,000	BBB	3.875% due 7/20/25		121,428
	180,000	BBB	3.000% due 8/15/26		183,435
	207,000	BBB	3.625% due 4/1/27		217,237
	406,000	BBB	4.300% due 3/25/28		439,125
	620,000	BBB	3.750% due 4/1/30		649,733
	140,000	BBB	2.125% due 9/15/31		129,426
	500,000	BBB	4.875% due 7/20/35		575,985
	440,000	BBB	4.780% due 3/25/38		491,740
	50,000	BBB	4.125% due 4/1/40		51,508
	350,000	BBB	5.125% due 7/20/45		405,478
	1,500,000	BBB	5.050% due 3/25/48		1,746,210
	30,000	BBB	4.250% due 4/1/50		32,086
	127,177	BBB	CVS Pass-Through Trust, Senior Secured Notes, 6.036% due 12/10/28		139,307
	402,000	CCC-	Endo Dac/Endo Finance LLC/Endo Finco Inc., Company Guaranteed Notes, 6.000% due 6/30/28(b)		265,993
	88,000	A-	Evernorth Health Inc., Company Guaranteed Notes, 4.500% due 2/25/26		94,799
			Johnson & Johnson, Senior Unsecured Notes:
	100,000	AAA	0.550% due 9/1/25		95,391
	400,000	AAA	2.450% due 3/1/26		407,033
	210,000	AAA	0.950% due 9/1/27		198,618
	110,000	AAA	3.625% due 3/3/37		118,902
	380,000	A+	Merck & Co., Inc., Senior Unsecured Notes, 2.750% due 12/10/51		338,344
	215,000	B-	Option Care Health Inc., Company Guaranteed Notes, 4.375% due 10/31/29(b)		207,750
			Pfizer Inc., Senior Unsecured Notes:
	230,000	A+	0.800% due 5/28/25		223,224
	160,000	A+	2.625% due 4/1/30		160,275
	140,000	A+	1.700% due 5/28/30		130,745
	259,000	BBB+	Shire Acquisitions Investments Ireland DAC, Company Guaranteed Notes, 3.200% due 9/23/26		266,237
	407,000	BBB+	Takeda Pharmaceutical Co., Ltd., Senior Unsecured Notes, 2.050% due 3/31/30		378,462
	50,000	BB-	Teva Pharmaceutical Finance Co. BV, Company Guaranteed Notes, 2.950% due 12/18/22		49,942
			Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed Notes:
	300,000	BB-	2.800% due 7/21/23		294,210
	220,000	BB-	7.125% due 1/31/25		231,293
	540,000	BB-	3.150% due 10/1/26		490,725
	720,000	BB-	5.125% due 5/9/29		691,191
	130,000	A+	Wyeth LLC, Company Guaranteed Notes, 5.950% due 4/1/37		170,588

			Total Pharmaceuticals		24,061,709

See Notes to Financial Statements.

160



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Pipelines — 1.5%
			Cameron LNG LLC, Senior Secured Notes:
$	50,000	A	2.902% due 7/15/31(b)	$	49,316
	703,000	A	3.302% due 1/15/35(b)		693,602
	484,000	BBB-	Cheniere Corpus Christi Holdings LLC, Senior Secured Notes, 5.125% due 6/30/27		528,615
			Cheniere Energy Partners LP, Company Guaranteed Notes:
	1,000,000	BB+	4.000% due 3/1/31		986,515
	200,000	BB+	3.250% due 1/31/32(b)		188,344
	40,000	BB+	DCP Midstream Operating LP, Company Guaranteed Notes, 6.450% due 11/3/36(b)		48,437
	38,000	A	Eastern Gas Transmission & Storage Inc., Senior Unsecured Notes, 4.600% due 12/15/44(b)		41,040
			Energy Transfer LP:
	10,000	BBB-	Company Guaranteed Notes, 5.350% due 5/15/45		10,569
	170,000	BB	Junior Subordinated Notes, 6.750% (5-Year CMT Index + 5.134%)(d)(e)		162,987
			Senior Unsecured Notes:
	230,000	BBB-	5.875% due 1/15/24		243,456
	270,000	BBB-	4.500% due 4/15/24		281,067
	625,000	BBB-	5.500% due 6/1/27		690,124
	33,000	BBB-	4.950% due 6/15/28		35,560
	679,000	BBB-	5.250% due 4/15/29		745,892
	80,000	BBB-	8.250% due 11/15/29		103,120
	630,000	BBB-	3.750% due 5/15/30		637,196
	200,000	BBB-	5.300% due 4/1/44		206,423
	300,000	BBB-	5.400% due 10/1/47		321,028
	200,000	BBB-	6.000% due 6/15/48		224,426
	160,000	BBB-	6.250% due 4/15/49		184,765
	943,000	BBB-	5.000% due 5/15/50		980,637
			Enterprise Products Operating LLC, Company Guaranteed Notes:
	50,000	BBB+	3.900% due 2/15/24		51,795
	780,000	BBB+	4.150% due 10/16/28		842,166
	340,000	BBB+	2.800% due 1/31/30		335,262
	200,000	BBB+	4.850% due 3/15/44		218,043
	181,000	BBB+	4.200% due 1/31/50		181,786
	300,000	BBB+	3.700% due 1/31/51		279,498
	165,000	BBB+	3.300% due 2/15/53		144,461
	70,000	BBB+	3.950% due 1/31/60		65,681
	200,000	Aa2(c)	Galaxy Pipeline Assets Bidco Ltd., Senior Secured Notes, 2.160% due 3/31/34(b)		186,422
	42,000	BBB	Kinder Morgan Energy Partners LP, Company Guaranteed Notes, 6.950% due 1/15/38		53,351
			Kinder Morgan Inc., Company Guaranteed Notes:
	480,000	BBB	5.625% due 11/15/23(b)		503,431
	290,000	BBB	4.300% due 3/1/28		309,614
	240,000	BBB	5.550% due 6/1/45		274,518
	10,000	BBB	5.200% due 3/1/48		11,052
	35,000	BBB+	Magellan Midstream Partners LP, Senior Unsecured Notes, 4.200% due 10/3/47		34,473
			MPLX LP, Senior Unsecured Notes:
	180,000	BBB	4.875% due 6/1/25		191,903
	550,000	BBB	4.800% due 2/15/29		602,207
	150,000	BBB	4.500% due 4/15/38		154,317
	260,000	BBB	4.700% due 4/15/48		268,588
	150,000	BBB	5.500% due 2/15/49		171,072
			NGPL PipeCo LLC, Senior Unsecured Notes:
	190,000	BBB-	4.875% due 8/15/27(b)		205,513
	277,000	BBB-	3.250% due 7/15/31(b)		266,134
			Northern Natural Gas Co., Senior Unsecured Notes:
	94,000	A	4.300% due 1/15/49(b)		99,407
	50,000	A	3.400% due 10/16/51(b)		45,489
	426,000	BBB	Northwest Pipeline LLC, Senior Unsecured Notes, 4.000% due 4/1/27		449,473

See Notes to Financial Statements.

161



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Pipelines — 1.5% — (continued)
			Rockies Express Pipeline LLC, Senior Unsecured Notes:
$	300,000	BB+	4.950% due 7/15/29(b)	$	290,751
	280,000	BB+	6.875% due 4/15/40(b)		286,037
	287,879	CCC-	Ruby Pipeline LLC, Senior Unsecured Notes, 8.000% due 4/1/22(b)(g)		249,258
			Sabine Pass Liquefaction LLC, Senior Secured Notes:
	110,000	BBB-	5.625% due 3/1/25		118,830
	135,000	BBB-	5.000% due 3/15/27		146,696
	600,000	BBB-	4.200% due 3/15/28		632,131
	258,000	BBB+	Southern Natural Gas Co. LLC, Senior Unsecured Notes, 8.000% due 3/1/32		342,538
			Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company Guaranteed Notes:
	20,000	BBB-	5.875% due 4/15/26		20,672
	20,000	BBB-	5.375% due 2/1/27		20,576
	50,000	BBB-	6.500% due 7/15/27		53,066
	40,000	BBB-	5.000% due 1/15/28		41,352
	20,000	BBB-	6.875% due 1/15/29		21,797
	50,000	BBB-	5.500% due 3/1/30		53,099
	10,000	BBB-	4.875% due 2/1/31		10,316
	40,000	BBB-	4.000% due 1/15/32		39,561
	560,000	BBB	Tennessee Gas Pipeline Co. LLC, Company Guaranteed Notes, 2.900% due 3/1/30(b)		537,492
			Texas Eastern Transmission LP, Senior Unsecured Notes:
	30,000	BBB+	2.800% due 10/15/22(b)		30,182
	244,000	BBB+	3.500% due 1/15/28(b)		250,194
	221,000	BBB+	4.150% due 1/15/48(b)		227,099
			Transcontinental Gas Pipe Line Co. LLC, Senior Unsecured Notes:
	1,178,000	BBB	7.850% due 2/1/26		1,389,996
	650,000	BBB	4.000% due 3/15/28		687,238
			Western Midstream Operating LP, Senior Unsecured Notes:
	50,000	BBB-	1.844% (1.850% — 3-Month USD-LIBOR) due 1/13/23(i)		49,816
	140,000	BBB-	3.600% due 2/1/25		140,778
	40,000	BBB-	4.500% due 3/1/28		41,611
	430,000	BBB-	4.550% due 2/1/30		442,977
	90,000	BBB-	5.500% due 8/15/48		92,430
	90,000	BBB-	5.750% due 2/1/50		91,709
			Williams Cos., Inc. (The), Senior Unsecured Notes:
	50,000	BBB	7.500% due 1/15/31		64,358
	260,000	BBB	7.750% due 6/15/31		340,633
	116,000	BBB	8.750% due 3/15/32		162,771

			Total Pipelines		20,184,739


	Real Estate Investment Trusts (REITs) — 0.9%
	71,000	BBB+	Alexandria Real Estate Equities Inc., Company Guaranteed Notes, 2.950% due 3/15/34		69,434
	625,000	BBB	American Campus Communities Operating Partnership LP, Company Guaranteed Notes, 3.625% due 11/15/27		648,943
			American Tower Corp., Senior Unsecured Notes:
	31,000	BBB-	2.950% due 1/15/25		31,367
	197,000	BBB-	1.500% due 1/31/28		180,402
	111,000	BBB-	3.950% due 3/15/29		115,234
	134,000	BBB-	3.800% due 8/15/29		138,828
	208,000	BBB-	2.100% due 6/15/30		188,464
	101,000	BBB-	2.300% due 9/15/31		91,812
	271,000	BBB-	CC Holdings GS V LLC/Crown Castle GS III Corp., Senior Secured Notes, 3.849% due 4/15/23		276,961

See Notes to Financial Statements.

162



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Real Estate Investment Trusts (REITs) — 0.9% — (continued)
			Crown Castle International Corp., Senior Unsecured Notes:
$	116,000	BBB-	3.700% due 6/15/26	$	120,473
	267,000	BBB-	3.800% due 2/15/28		278,173
	150,000	BBB-	3.100% due 11/15/29		147,510
	255,000	BBB-	2.250% due 1/15/31		232,915
	144,000	BBB-	2.500% due 7/15/31		133,845
	74,000	BBB-	4.150% due 7/1/50		74,216
			CyrusOne LP/CyrusOne Finance Corp., Company Guaranteed Notes:
	610,000	BBB-	3.450% due 11/15/29		642,449
	45,000	BBB-	2.150% due 11/1/30		43,757
			Duke Realty LP, Senior Unsecured Notes:
	392,000	BBB+	2.875% due 11/15/29		390,639
	139,000	BBB+	1.750% due 7/1/30		126,803
			Equinix Inc., Senior Unsecured Notes:
	427,000	BBB	2.000% due 5/15/28		402,458
	118,000	BBB	3.200% due 11/18/29		116,552
			GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes:
	705,000	BBB-	5.250% due 6/1/25		743,683
	560,000	BBB-	5.375% due 4/15/26		599,911
	220,000	BBB-	5.300% due 1/15/29		239,537
	467,000	BBB-	4.000% due 1/15/30		467,788
	355,000	BBB-	3.250% due 1/15/32		333,748
	475,000	BBB	Healthcare Realty Trust Inc., Senior Unsecured Notes, 3.625% due 1/15/28		489,936
	350,000	BBB	Healthcare Trust of America Holdings LP, Company Guaranteed Notes, 3.100% due 2/15/30		347,096
	31,000	BBB+	Healthpeak Properties Inc., Senior Unsecured Notes, 3.400% due 2/1/25		31,982
	545,000	BBB-	Hudson Pacific Properties LP, Company Guaranteed Notes, 4.650% due 4/1/29		593,083
	70,000	BBB-	Invitation Homes Operating Partnership LP, Company Guaranteed Notes, 2.300% due 11/15/28		66,260
	350,000	BBB	Life Storage LP, Company Guaranteed Notes, 3.875% due 12/15/27		371,348
	160,000	BB-	MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer Inc., Company Guaranteed Notes, 4.500% due 1/15/28		166,106
			National Retail Properties Inc., Senior Unsecured Notes:
	314,000	BBB+	3.100% due 4/15/50		275,355
	150,000	BBB+	3.500% due 4/15/51		140,247
	67,000	A-	Prologis LP, Senior Unsecured Notes, 3.000% due 4/15/50		61,785
	144,000	A-	Realty Income Corp., Senior Unsecured Notes, 3.250% due 1/15/31		146,134
	485,000	BB-	SBA Communications Corp., Senior Unsecured Notes, 3.125% due 2/1/29		451,084
	800,000	BBB-	SL Green Operating Partnership LP, Company Guaranteed Notes, 3.250% due 10/15/22		807,812
	400,000	BBB+	Ventas Realty LP, Company Guaranteed Notes, 3.750% due 5/1/24		412,282
	690,000	BB	VICI Properties LP/VICI Notes Co., Inc., Company Guaranteed Notes, 3.750% due 2/15/27(b)		685,988

			Total Real Estate Investment Trusts (REITs)		11,882,400


	Retail — 0.3%
			Alimentation Couche-Tard Inc., Company Guaranteed Notes:
	250,000	BBB	3.550% due 7/26/27(b)		259,364
	76,000	BBB	3.439% due 5/13/41(b)		70,918
			Costco Wholesale Corp., Senior Unsecured Notes:
	260,000	A+	1.375% due 6/20/27		250,375
	160,000	A+	1.600% due 4/20/30		148,570
			Home Depot Inc. (The), Senior Unsecured Notes:
	210,000	A	2.500% due 4/15/27		212,398
	70,000	A	3.300% due 4/15/40		69,863
	37,000	A	4.250% due 4/1/46		40,776
	20,000	A	3.900% due 6/15/47		21,232
	210,000	A	3.350% due 4/15/50		205,292

See Notes to Financial Statements.

163



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Retail — 0.3% — (continued)
			Lowe’s Cos., Inc., Senior Unsecured Notes:
$	251,000	BBB+	3.650% due 4/5/29	$	263,251
	70,000	BBB+	4.500% due 4/15/30		77,294
	74,000	BBB+	2.800% due 9/15/41		65,320
			McDonald’s Corp., Senior Unsecured Notes:
	40,000	BBB+	3.300% due 7/1/25		41,204
	30,000	BBB+	1.450% due 9/1/25		29,311
	140,000	BBB+	3.700% due 1/30/26		147,585
	30,000	BBB+	3.500% due 3/1/27		31,384
	60,000	BBB+	3.500% due 7/1/27		62,973
	340,000	BBB+	3.800% due 4/1/28		361,096
	190,000	BBB+	2.125% due 3/1/30		180,083
	100,000	BBB+	3.600% due 7/1/30		105,017
	155,000	BBB+	4.875% due 12/9/45		175,683
	20,000	BBB+	3.625% due 9/1/49		19,628
	400,000	BBB+	4.200% due 4/1/50		427,462
	360,000	CCC+	Michaels Cos Inc. (The), Senior Unsecured Notes, 7.875% due 5/1/29(b)		315,671
	280,000	BBB+	Starbucks Corp., Senior Unsecured Notes, 2.250% due 3/12/30		264,682
	120,000	A	Target Corp., Senior Unsecured Notes, 2.250% due 4/15/25		120,872
			Walmart Inc., Senior Unsecured Notes:
	90,000	AA	1.500% due 9/22/28		85,832
	40,000	AA	1.800% due 9/22/31		37,601

			Total Retail		4,090,737


	Savings & Loans — 0.1%
			Nationwide Building Society, Senior Unsecured Notes:
	900,000	BBB+	3.766% (3-Month USD-LIBOR + 1.064%) due 3/8/24(b)(d)		915,040
	500,000	BBB+	4.363% (3-Month USD-LIBOR + 1.392%) due 8/1/24(b)(d)		514,666

			Total Savings & Loans		1,429,706


	Semiconductors — 0.6%
	32,000	A	Applied Materials Inc., Senior Unsecured Notes, 4.350% due 4/1/47		36,807
	245,000	BBB-	Broadcom Corp./Broadcom Cayman Finance Ltd., Company Guaranteed Notes, 3.875% due 1/15/27		255,476
			Broadcom Inc.:
			Company Guaranteed Notes:
	85,000	BBB-	3.625% due 10/15/24		87,418
	469,000	BBB-	4.750% due 4/15/29		510,083
	689,000	BBB-	5.000% due 4/15/30		761,515
	254,000	BBB-	4.150% due 11/15/30		266,663
	98,000	BBB-	2.450% due 2/15/31(b)		90,550
	120,000	BBB-	4.300% due 11/15/32		126,538
			Senior Unsecured Notes:
	200,000	BBB-	3.469% due 4/15/34(b)		193,174
	650,000	BBB-	3.137% due 11/15/35(b)		602,436
	10,000	BBB-	3.187% due 11/15/36(b)		9,293
			Intel Corp., Senior Unsecured Notes:
	70,000	A+	3.700% due 7/29/25		73,418
	90,000	A+	1.600% due 8/12/28		85,450
	54,000	A+	3.734% due 12/8/47		54,427
	110,000	A+	4.750% due 3/25/50		130,338
	569,000	A+	3.050% due 8/12/51		516,488
	220,000	A+	3.200% due 8/12/61		194,037
			KLA Corp., Senior Unsecured Notes:
	383,000	BBB+	4.100% due 3/15/29		413,504
	159,000	BBB+	3.300% due 3/1/50		150,157

See Notes to Financial Statements.

164



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Semiconductors — 0.6% — (continued)
			Lam Research Corp., Senior Unsecured Notes:
$	38,000	A-	3.750% due 3/15/26	$	40,255
	49,000	A-	4.875% due 3/15/49		59,192
	125,000	A-	2.875% due 6/15/50		111,456
			NVIDIA Corp., Senior Unsecured Notes:
	320,000	A-	1.550% due 6/15/28		302,220
	120,000	A-	3.500% due 4/1/40		123,199
	440,000	A-	3.500% due 4/1/50		453,003
	160,000	A-	3.700% due 4/1/60		167,036
			NXP BV/NXP Funding LLC/NXP USA Inc., Company Guaranteed Notes:
	90,000	BBB	2.700% due 5/1/25(b)		90,582
	859,000	BBB	4.300% due 6/18/29(b)		916,054
	300,000	BBB	3.400% due 5/1/30(b)		303,010
			QUALCOMM Inc., Senior Unsecured Notes:
	30,000	A	4.650% due 5/20/35		34,779
	137,000	A	4.300% due 5/20/47		154,675
	90,000	A+	Texas Instruments Inc., Senior Unsecured Notes, 1.750% due 5/4/30		84,501

			Total Semiconductors		7,397,734


	Shipbuilding — 0.0%
			Huntington Ingalls Industries Inc., Company Guaranteed Notes:
	185,000	BBB-	3.483% due 12/1/27		190,213
	223,000	BBB-	2.043% due 8/16/28(b)		210,367

			Total Shipbuilding		400,580


	Software — 0.9%
	144,000	A-	Activision Blizzard Inc., Senior Unsecured Notes, 2.500% due 9/15/50		121,008
			Autodesk Inc., Senior Unsecured Notes:
	59,000	BBB	4.375% due 6/15/25		62,474
	190,000	BBB	2.850% due 1/15/30		185,635
	232,000	BBB	Citrix Systems Inc., Senior Unsecured Notes, 3.300% due 3/1/30		233,760
	476,000	BBB+	Electronic Arts Inc., Senior Unsecured Notes, 1.850% due 2/15/31		434,749
	142,000	BBB	Fidelity National Information Services Inc., Senior Unsecured Notes, 3.100% due 3/1/41		127,976
	439,000	BBB	Fiserv Inc., Senior Unsecured Notes, 3.500% due 7/1/29		445,910
			Microsoft Corp., Senior Unsecured Notes:
	270,000	AAA	2.875% due 2/6/24		276,820
	70,000	AAA	2.700% due 2/12/25		72,129
	1,030,000	AAA	2.400% due 8/8/26		1,047,935
	670,000	AAA	3.300% due 2/6/27		709,232
	5,000	AAA	3.450% due 8/8/36		5,368
	7,000	AAA	2.525% due 6/1/50		6,279
	18,000	AAA	2.921% due 3/17/52		17,162
	8,000	AAA	2.675% due 6/1/60		7,036
	42,000	AAA	3.041% due 3/17/62		39,544
	1,471,000	BB+	MSCI Inc., Company Guaranteed Notes, 3.875% due 2/15/31(b)		1,466,587
			Oracle Corp., Senior Unsecured Notes:
	570,000	BBB+	1.650% due 3/25/26		546,818
	762,000	BBB+	2.800% due 4/1/27		758,834
	235,000	BBB+	3.250% due 11/15/27		238,128
	520,000	BBB+	2.300% due 3/25/28		496,320
	785,000	BBB+	2.875% due 3/25/31		750,104
	411,000	BBB+	4.300% due 7/8/34		424,814
	506,000	BBB+	3.900% due 5/15/35		496,331
	267,000	BBB+	3.850% due 7/15/36		256,871
	444,000	BBB+	3.800% due 11/15/37		422,445

See Notes to Financial Statements.

165



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Software — 0.9% — (continued)
$	214,000	BBB+	3.600% due 4/1/40	$	193,647
	532,000	BBB+	5.375% due 7/15/40		585,360
	570,000	BBB+	3.650% due 3/25/41		516,582
	95,000	BBB+	4.000% due 11/15/47		86,669
	122,000	BBB+	3.950% due 3/25/51		111,825
			salesforce.com Inc., Senior Unsecured Notes:
	130,000	A+	3.250% due 4/11/23		132,755
	450,000	A+	3.700% due 4/11/28		480,789
	50,000	A+	3.050% due 7/15/61		45,146
			VMware Inc., Senior Unsecured Notes:
	247,000	BBB-	1.800% due 8/15/28		228,841
	162,000	BBB-	4.700% due 5/15/30		177,996

			Total Software		12,209,879


	Telecommunications — 3.0%
			AT&T Inc., Senior Unsecured Notes:
	1,000,000	BBB	zero coupon due 11/27/22(b)		990,647
	20,000	BBB	4.250% due 3/1/27		21,573
	472,000	BBB	2.300% due 6/1/27		466,151
	170,000	BBB	1.650% due 2/1/28		160,579
	306,000	BBB	4.100% due 2/15/28		328,919
	184,000	BBB	4.350% due 3/1/29		200,180
	660,000	BBB	4.300% due 2/15/30		719,306
	1,660,000	BBB	2.550% due 12/1/33		1,540,493
	404,000	BBB	4.500% due 5/15/35		442,911
	47,000	BBB	5.250% due 3/1/37		55,201
	50,000	BBB	5.350% due 9/1/40		59,618
	80,000	BBB	5.550% due 8/15/41		96,851
	30,000	BBB	4.900% due 6/15/42		33,804
	70,000	BBB	3.100% due 2/1/43		62,444
	73,000	BBB	4.350% due 6/15/45		75,621
	820,000	BBB	4.750% due 5/15/46		909,050
	238,000	BBB	4.500% due 3/9/48		254,820
	422,000	BBB	5.150% due 2/15/50		491,055
	167,000	BBB	3.650% due 6/1/51		157,461
	40,000	BBB	3.300% due 2/1/52		35,490
	50,000	BBB	3.500% due 9/15/53		45,715
	503,000	BBB	3.550% due 9/15/55		454,850
	1,115,000	BBB	3.800% due 12/1/57		1,047,994
	246,000	BBB	3.650% due 9/15/59		222,886
	50,000	BBB	3.850% due 6/1/60		46,522
	305,000	BBB	3.500% due 2/1/61		268,524
	200,000	BBB-	Bharti Airtel Ltd., Senior Unsecured Notes, 3.250% due 6/3/31(b)		189,273
	340,000	B	CommScope Inc., Senior Secured Notes, 4.750% due 9/1/29(b)		317,602
	25,000	BBB+	Corning Inc., Senior Unsecured Notes, 4.375% due 11/15/57		26,118
	160,000	B+	Frontier Communications Holdings LLC, Senior Secured Notes, 5.000% due 5/1/28(b)		155,560
			Intelsat Jackson Holdings SA:
	974,000	B3(c)	Senior Secured Notes, 6.500% due 3/15/30(b)(f)(g)		991,045
			Senior Unsecured Notes:
	400,000	WR (c)	5.500% due 8/1/23(h)		—
	184,000	WR (c)	8.500% due 10/15/24(b)(h)		—
	605,000	WR (c)	9.750% due 7/15/25(b)(h)		—
			Level 3 Financing Inc.:
	880,000	BB	Company Guaranteed Notes, 3.625% due 1/15/29(b)		772,224

See Notes to Financial Statements.

166



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Telecommunications — 3.0% — (continued)
			Senior Secured Notes:
$	586,000	BBB-	3.400% due 3/1/27(b)	$	572,692
	1,185,000	BBB-	3.875% due 11/15/29(b)		1,133,796
	430,000	BB-	Lumen Technologies Inc., Senior Unsecured Notes, 5.375% due 6/15/29(b)		373,889
			Motorola Solutions Inc., Senior Unsecured Notes:
	186,000	BBB-	4.600% due 2/23/28		201,978
	341,000	BBB-	4.600% due 5/23/29		368,324
	253,000	BBB-	2.300% due 11/15/30		232,713
	172,000	BBB-	2.750% due 5/24/31		162,340
	150,000	BBB-	Qwest Corp., Senior Unsecured Notes, 7.250% due 9/15/25		165,935
	2,236,000	BB+	Sprint Communications Inc., Company Guaranteed Notes, 6.000% due 11/15/22		2,301,246
	573,000	BB+	Sprint Corp., Company Guaranteed Notes, 7.875% due 9/15/23		616,333
			Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Senior Secured Notes:
	1,141,563	A2(c)	4.738% due 3/20/25(b)		1,176,653
	1,140,000	A2(c)	5.152% due 3/20/28(b)		1,227,738
	330,000	BBB-	Telefonica Emisiones SA, Company Guaranteed Notes, 4.103% due 3/8/27		349,301
			T-Mobile USA Inc.:
			Company Guaranteed Notes:
	1,070,000	BB+	2.250% due 2/15/26		1,033,775
	192,000	BB+	4.750% due 2/1/28		198,427
	110,000	BB+	2.625% due 2/15/29		103,350
	80,000	BB+	2.875% due 2/15/31		75,182
	2,100,000	BB+	3.500% due 4/15/31		2,063,932
			Senior Secured Notes:
	360,000	BBB-	3.500% due 4/15/25		370,505
	1,910,000	BBB-	3.750% due 4/15/27		1,987,335
	555,000	BBB-	3.875% due 4/15/30		574,221
	900,000	BBB-	2.550% due 2/15/31		841,921
	290,000	BBB-	2.250% due 11/15/31		262,759
	330,000	BBB-	2.700% due 3/15/32(b)		310,503
	450,000	BBB-	4.375% due 4/15/40		465,233
	60,000	BBB-	3.000% due 2/15/41		51,960
	10,000	BBB-	3.300% due 2/15/51		8,626
			Verizon Communications Inc., Senior Unsecured Notes:
	220,000	BBB+	2.625% due 8/15/26		221,322
	223,000	BBB+	4.125% due 3/16/27		238,763
	129,000	BBB+	3.000% due 3/22/27		131,574
	360,000	BBB+	2.100% due 3/22/28		348,395
	986,000	BBB+	4.329% due 9/21/28		1,076,018
	362,000	BBB+	3.875% due 2/8/29		384,728
	234,000	BBB+	4.016% due 12/3/29		251,392
	1,495,000	BBB+	3.150% due 3/22/30		1,516,300
	177,000	BBB+	1.500% due 9/18/30		158,140
	138,000	BBB+	1.680% due 10/30/30		124,060
	140,000	BBB+	1.750% due 1/20/31		126,107
	1,225,000	BBB+	2.550% due 3/21/31		1,176,636
	1,025,000	BBB+	2.355% due 3/15/32(b)		957,565
	630,000	BBB+	4.500% due 8/10/33		700,758
	140,000	BBB+	4.400% due 11/1/34		154,510
	71,000	BBB+	5.850% due 9/15/35		89,072
	150,000	BBB+	5.250% due 3/16/37		180,685
	310,000	BBB+	2.650% due 11/20/40		268,701
	100,000	BBB+	4.125% due 8/15/46		104,273
	291,000	BBB+	4.862% due 8/21/46		347,895

See Notes to Financial Statements.

167



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Telecommunications — 3.0% — (continued)
$	20,000	BBB+	5.500% due 3/16/47	$	25,808
	50,000	BBB+	4.000% due 3/22/50		52,006
	430,000	BBB+	2.875% due 11/20/50		367,247
	37,000	BBB+	3.550% due 3/22/51		35,758
	114,000	BBB+	2.987% due 10/30/56		97,122
	184,000	BBB+	3.000% due 11/20/60		152,774
	450,000	BB-	Vmed O2 UK Financing I PLC, Senior Secured Notes, 4.250% due 1/31/31(b)		414,670
			Vodafone Group PLC, Senior Unsecured Notes:
	19,000	BBB	4.125% due 5/30/25		19,989
	190,000	BBB	4.375% due 5/30/28		205,951
	116,000	BBB	5.250% due 5/30/48		134,709
	1,035,000	BBB	4.875% due 6/19/49		1,148,766

			Total Telecommunications		40,082,848


	Transportation — 0.4%
			Burlington Northern Santa Fe LLC, Senior Unsecured Notes:
	351,000	AA-	4.150% due 12/15/48		386,755
	40,000	AA-	2.875% due 6/15/52		35,733
			Canadian Pacific Railway Co., Company Guaranteed Notes:
	20,000	BBB+	3.000% due 12/2/41		18,541
	220,000	BBB+	3.100% due 12/2/51		199,297
	600,000	BB	Cargo Aircraft Management Inc., Company Guaranteed Notes, 4.750% due 2/1/28(b)		589,248
			CSX Corp., Senior Unsecured Notes:
	82,000	BBB+	2.600% due 11/1/26		83,307
	114,000	BBB+	3.250% due 6/1/27		118,217
	56,000	BBB+	4.100% due 3/15/44		59,362
	31,000	BBB+	3.350% due 9/15/49		29,757
	60,000	BBB+	2.500% due 5/15/51		49,397
			FedEx Corp., Company Guaranteed Notes:
	352,000	BBB	4.250% due 5/15/30		382,192
	91,000	BBB	4.900% due 1/15/34		104,452
			Norfolk Southern Corp., Senior Unsecured Notes:
	282,000	BBB+	2.550% due 11/1/29		278,447
	33,000	BBB+	4.800% due 8/15/43		36,071
			Ryder System Inc., Senior Unsecured Notes:
	69,000	BBB	2.500% due 9/1/24		69,327
	410,000	BBB	4.625% due 6/1/25		436,004
	161,000	BBB	2.900% due 12/1/26		162,717
			Union Pacific Corp., Senior Unsecured Notes:
	64,000	A-	4.163% due 7/15/22		64,226
	50,000	A-	3.750% due 7/15/25		52,516
	60,000	A-	2.150% due 2/5/27		59,368
	651,000	A-	2.891% due 4/6/36		630,401
	35,000	A-	4.300% due 3/1/49		39,055
	234,000	A-	3.250% due 2/5/50		224,588
	300,000	A-	3.839% due 3/20/60		308,038
	160,000	A-	3.750% due 2/5/70		159,531

			Total Transportation		4,576,547

			TOTAL CORPORATE BONDS & NOTES (Cost — $413,953,730)		409,585,301

See Notes to Financial Statements.

168



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Security	Value

	MORTGAGE-BACKED SECURITIES — 22.8%

	FHLMC — 3.9%
		Federal Home Loan Mortgage Corp. (FHLMC):
$	454,701	4.500% due 4/1/29 — 12/1/48	$	481,621
	255,680	5.500% due 1/1/30 — 2/1/40		284,401
	4,358,794	3.000% due 3/1/31 — 1/1/52		4,467,805
	7,082,404	2.500% due 11/1/31 — 2/1/52		7,029,137
	13,165,715	3.500% due 4/1/33 — 5/1/50		13,782,247
	616,120	5.000% due 12/1/34 — 11/1/48		676,927
	15,338,018	2.000% due 3/1/36 — 2/1/52		14,834,900
	26,062	6.000% due 5/1/38 — 6/1/39		29,623
	7,619	7.000% due 3/1/39		8,803
	77,169	6.500% due 9/1/39		85,936
	6,425,174	4.000% due 9/1/40 — 3/1/50		6,868,497
	114,629	2.100% (5-Year CMT Index + 1.285%) due 3/1/47(d)		115,757
	232,719	2.873% (1-Year USD-LIBOR + 1.619%) due 11/1/47(d)		238,840
	649,994	3.013% (1-Year USD-LIBOR + 1.628%) due 11/1/48(d)		664,808
	156,784	3.092% (1-Year USD-LIBOR + 1.623%) due 2/1/50(d)		160,287
	1,612,953	1.500% due 11/1/50		1,496,389

		Total FHLMC		51,225,978


	FNMA — 15.4%
		Federal National Mortgage Association (FNMA):
	37,625,000	2.000% due 3/1/37 — 4/1/52(j)		36,199,076
	944,475	5.000% due 6/1/22 — 9/1/49		1,040,927
	844,305	5.500% due 3/1/23 — 9/1/56		945,859
	5,320,931	4.500% due 3/1/24 — 8/1/58		5,720,650
	6,140,088	4.000% due 4/1/24 — 6/1/57		6,513,478
	11,885,946	3.500% due 11/1/25 — 2/1/50		12,386,707
	24,666,076	2.500% due 11/1/27 — 3/1/52		24,491,087
	22,909,559	3.000% due 12/1/27 — 3/1/52		23,383,844
	1,142,981	3.640% due 3/1/28		1,241,541
	77,134	3.160% due 5/1/29		81,714
	400,000	2.790% due 8/1/29		416,875
	91,384	1.789% (1-Year USD-LIBOR + 1.539%) due 3/1/34(d)		91,948
	224,817	6.000% due 8/1/34 — 7/1/41		249,210
	308,992	3.360% due 7/1/35		327,023
	14,223	1.912% (1-Year Treasury Average Rate + 1.854%) due 10/1/35(d)		14,858
	4,436	1.876% (1-Year Treasury Average Rate + 1.789%) due 11/1/35(d)		4,624
	11,347	2.004% (1-Year Treasury Average Rate + 1.924%) due 11/1/35(d)		11,875
	4,248,582	1.500% due 12/1/35 — 8/1/51		4,091,101
	3,265,000	1.500% due 4/1/36 — 3/1/37(j)		3,175,513
	29,672,852	2.000% due 7/1/36 — 2/1/52		28,610,861
	20,376	7.000% due 4/1/37		22,585
	40,627	1.515% (1-Year USD-LIBOR + 1.265%) due 5/1/37(d)		40,745
	139,147	6.500% due 9/1/37 — 5/1/40		157,589
	39,450,000	2.500% due 3/1/52 — 4/1/52(j)		38,871,116
	14,750,000	3.000% due 3/1/52 — 4/1/52(j)		14,881,304
	600,000	3.500% due 3/1/52(j)		618,023

		Total FNMA		203,590,133


	GNMA — 3.5%
		Government National Mortgage Association (GNMA):
	15,954	6.000% due 12/15/33 — 6/15/37		17,524
	298,830	5.000% due 10/15/34 — 9/15/40		334,857
	24,782	5.500% due 5/15/37 — 6/15/38		27,969

See Notes to Financial Statements.

169



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	GNMA — 3.5% — (continued)
$	36,314		6.500% due 1/15/38 — 10/15/38	$	41,092
	55,850		4.500% due 3/15/41		61,969
	411,132		4.000% due 6/15/41 — 11/15/45		446,482
	210,743		3.000% due 9/15/42 — 10/15/42		218,342
	139,375		3.500% due 6/15/48 — 5/15/50		146,736
			Government National Mortgage Association II (GNMA):
	49,717		6.000% due 7/20/37 — 11/20/40		56,531
	2,380,751		4.500% due 1/20/40 — 12/20/50		2,532,755
	359,245		5.000% due 7/20/40 — 10/20/48		392,145
	3,350,223		4.000% due 11/20/40 — 4/20/50		3,542,681
	7,863,497		3.000% due 1/20/43 — 12/20/51		8,029,185
	6,689,382		3.500% due 6/20/43 — 2/20/51		6,979,271
	6,033,530		2.500% due 9/20/50 — 1/20/52		6,041,226
	5,725,000		2.500% due 3/20/52(j)		5,721,237
	6,457,373		2.000% due 12/20/50 — 12/20/51		6,333,518
	4,000,000		2.000% due 3/20/52(j)		3,912,214
	300,000		3.000% due 3/20/52(j)		304,947
	400,000		3.500% due 3/20/52(j)		412,766

			Total GNMA		45,553,447

			TOTAL MORTGAGE-BACKED SECURITIES (Cost — $304,143,810)		300,369,558


	COLLATERALIZED MORTGAGE OBLIGATIONS — 9.1%
	801,903	BB+	Accredited Mortgage Loan Trust, Series 2007-1, Class A4, 0.407% (1-Month USD-LIBOR + 0.220%) due 2/25/37(d)		796,454
	74,923	CC	AFC Home Equity Loan Trust, Series 1999-2, Class 2A, 0.837% (1-Month USD-LIBOR + 0.650%) due 6/25/29(d)		60,393
	1,100,000	Aaa(c)	AGL CLO 1 Ltd., Series 2019-1A, Class AR, 1.434% (3-Month USD-LIBOR + 1.180%) due 10/20/34(b)(d)		1,094,015
	1,000,000	AAA	Allegro CLO XI Ltd., Series 2019-2A, Class A1A, 1.638% (3-Month USD-LIBOR + 1.390%) due 1/19/33(b)(d)		1,000,516
	791,585	CCC	Alternative Loan Trust, Series 2005-56, Class 4A1, 0.807% (1-Month USD-LIBOR + 0.620%) due 11/25/35(d)		760,543
	673,200	BBB	Applebee’s Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I, 4.194% due 6/5/49(b)		674,141
	210,000	Baa2(c)	Aqua Finance Trust, Series 2020-AA, Class C, 3.970% due 7/17/46(b)		212,846
	890,000	Aaa(c)	Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, 1.541% (1-Month USD-LIBOR + 1.350%) due 11/15/36(b)(d)		887,082
			Asset-Backed Securities Corp. Home Equity Loan Trust:
	530,917	BB	Series 2007-HE1, Class A1B, 0.337% (1-Month USD-LIBOR + 0.150%) due 12/25/36(d)		517,929
	640,555	CCC	Series 2007-HE1, Class A4, 0.327% (1-Month USD-LIBOR + 0.140%) due 12/25/36(d)		629,625
	290,000	AAA	Bain Capital Credit CLO Ltd., Series 2021-4A, Class A1, 1.296% (3-Month USD-LIBOR + 1.170%) due 10/20/34(b)(d)		290,205
			BAMLL Commercial Mortgage Securities Trust:
	480,000	AA-	Series 2015-200P, Class B, 3.490% due 4/14/33(b)		481,672
	420,000	AAA(k)	Series 2018-PARK, Class A, 4.091% due 8/10/38(b)(d)		451,258
	820,000	AAA	Series 2019-BPR, Class AMP, 3.287% due 11/5/32(b)		818,291
	25,186	AA+	Banc of America Mortgage Trust, Series 2004-F, Class 1A1, 2.451% due 7/25/34(d)		25,627
	500,000	Aaa(c)	Barclays Commercial Mortgage Trust, Series 2019-C4, Class A5, 2.919% due 8/15/52		501,714
	393,358	AAA	Barings CLO Ltd., Series 2013-IA, Class AR, 1.054% (3-Month USD-LIBOR + 0.800%) due 1/20/28(b)(d)		393,245
	570,000	AAA	BBCMS Mortgage Trust, Series 2020-C6, Class A4, 2.639% due 2/15/53		560,959
	113,191	WD(k)	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 3.136% due 5/25/47(d)		111,880
	53,828	CCC	Bear Stearns ALT-A Trust, Series 2005-4, Class 23A2, 2.591% due 5/25/35(d)		54,136

See Notes to Financial Statements.

170



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 9.1% — (continued)
$	293,045	D	Bear Stearns Asset-Backed Securities I Trust, Series 2005-AC6, Class 1A3, 5.500% due 9/25/35(d)	$	291,962
			Benchmark Mortgage Trust:
	256,264	AAA	Series 2018-B1, Class A2, 3.571% due 1/15/51		258,310
	348,000	AAA	Series 2019-B13, Class A4, 2.952% due 8/15/57		349,458
	2,194,409	Aa1(c)	Series 2021-B28, Class XA, 1.290% due 8/15/54(d)(l)		200,239
	460,000	AAA	Series 2021-B31, Class A5, 2.669% due 12/15/54		450,950
	660,000	NR	Series 2022-B33, Class A5, 3.458% due 3/15/55		675,080
	1,333,000	AAA(k)	BFLD, Series 2019-DPLO, Class A, 1.281% (1-Month USD-LIBOR + 1.090%) due 10/15/34(b)(d)		1,320,873
	775,000	AAA	BlueMountain Fuji US CLO I Ltd., Series 2017-1A, Class A1R, 1.234% (3-Month USD-LIBOR + 0.980%) due 7/20/29(b)(d)		771,578
	500,000	AAA	Buttermilk Park CLO Ltd., Series 2018-1A, Class A1, 1.341% (3-Month USD-LIBOR + 1.100%) due 10/15/31(b)(d)		497,221
			BX Commercial Mortgage Trust:
	504,000	NR	Series 2018-IND, Class G, 2.241% (1-Month USD-LIBOR + 2.050%) due 11/15/35(b)(d)		500,936
	940,000	AAA	Series 2019-IMC, Class A, 1.191% (1-Month USD-LIBOR + 1.000%) due 4/15/34(b)(d)		930,175
	890,000	Aaa(c)	Series 2021-CIP, Class A, 1.112% (1-Month USD-LIBOR + 0.921%) due 12/15/38(b)(d)		875,693
	300,000	A3(c)	Series 2021-XL2, Class D, 1.588% (1-Month USD-LIBOR + 1.397%) due 10/15/38(b)(d)		293,463
	220,000	BBB-	BX Trust, Series 2021-ARIA, Class D, 2.086% (1-Month USD-LIBOR + 1.895%) due 10/15/36(b)(d)		214,230
	940,000	AAA	Cantor Commercial Real Estate Lending, Series 2019-CF3, Class A4, 3.006% due 1/15/53		945,998
	1,985,806	AA+	CD Mortgage Trust, Series 2017-CD4, Class XA, 1.271% due 5/10/50(d)(l)		90,491
	545,000	AA+	CGRBS Commercial Mortgage Trust, Series 2013-VN05, Class A, 3.369% due 3/13/35(b)		551,166
	43,306	BB	Chase Mortgage Finance Trust, Series 2007-A1, Class 5A1, 2.548% due 2/25/37(d)		44,006
			Chevy Chase Funding LLC Mortgage-Backed Certificates:
	273,736	BBB	Series 2004-2A, Class A1, 0.457% (1-Month USD-LIBOR + 0.270%) due 5/25/35(b)(d)		273,929
	1,174,218	CCC	Series 2004-2A, Class B1, 0.646% due 5/25/35(b)(d)		1,035,300
			CIM Trust:
	458,882	NR	Series 2018-R5, Class A1, 3.750% due 7/25/58(b)(d)		458,204
	479,850	NR	Series 2018-R6, Class A1, 1.182% (1-Month USD-LIBOR + 1.076%) due 9/25/58(b)(d)		474,930
	1,114,256	NR	Series 2019-R4, Class A1, 3.000% due 10/25/59(b)(d)		1,096,343
	614,930	NR	Series 2020-R6, Class A1A, 2.250% due 12/25/60(b)(d)		595,295
	1,265,664	NR	Series 2021-R1, Class A2, 2.400% due 8/25/56(b)(d)		1,226,290
	1,350,515	NR	Series 2021-R3, Class A1A, 1.951% due 6/25/57(b)(d)		1,327,831
	1,562,518	NR	Series 2021-R4, Class A1A, 2.000% due 5/1/61(b)(d)		1,534,628
			Citigroup Commercial Mortgage Trust:
	140,000	Aaa(c)	Series 2013-375P, Class A, 3.251% due 5/10/35(b)		141,252
	575,000	Aaa(c)	Series 2015-P1, Class A5, 3.717% due 9/15/48		594,602
	285,000	Aa3(c)	Series 2016-C2, Class B, 3.176% due 8/10/49		279,066
	740,000	Aaa(c)	Series 2016-C3, Class A3, 2.896% due 11/15/49		744,955
	917,963	Aaa(c)	Series 2016-GC37, Class A3, 3.050% due 4/10/49		917,049
	500,000	Aaa(c)	Series 2016-P5, Class A4, 2.941% due 10/10/49		505,425
	354,998	Aaa(c)	Series 2017-P7, Class AAB, 3.509% due 4/14/50		364,180
	1,651,640	CC	Citigroup Mortgage Loan Trust, Series 2006-AR6, Class 2A4, 0.627% (1-Month USD-LIBOR + 0.440%) due 9/25/36(d)		576,000
			Commercial Mortgage Trust:
	190,000	AA-(k)	Series 2013-300P, Class B, 4.394% due 8/10/30(b)(d)		192,864
	260,000	D	Series 2013-CR9, Class E, 4.279% due 7/10/45(b)(d)(g)		105,300
	534,841	Aaa(c)	Series 2013-CR11, Class A3, 3.983% due 8/10/50		545,717
	40,000	A2(c)	Series 2013-CR12, Class B, 4.762% due 10/10/46(d)		40,563
	20,000	Ba1(c)	Series 2013-CR12, Class C, 5.070% due 10/10/46(d)		19,455
	205,000	Baa3(c)	Series 2014-CR17, Class C, 4.784% due 5/10/47(d)		207,935
	140,000	AAA	Series 2014-CR18, Class A5, 3.828% due 7/15/47		144,250
	233,847	AAA	Series 2014-CR18, Class ASB, 3.452% due 7/15/47		236,923

See Notes to Financial Statements.

171



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 9.1% — (continued)
$	210,000	A-(k)	Series 2014-CR21, Class C, 4.421% due 12/10/47(d)	$	206,493
	345,000	Aaa(c)	Series 2014-LC17, Class A5, 3.917% due 10/10/47		357,076
	2,869,301	Aa1(c)	Series 2015-CR25, Class XA, 0.820% due 8/10/48(d)(l)		68,808
	175,000	Aaa(c)	Series 2015-CR26, Class A4, 3.630% due 10/10/48		181,335
	891,275	Aaa(c)	Series 2015-CR27, Class A3, 3.349% due 10/10/48		901,134
	465,000	Aaa(c)	Series 2018-COR3, Class A3, 4.228% due 5/10/51		499,843
			Countrywide Asset-Backed Certificates:
	60,248	CCC	Series 2006-SD3, Class A1, 0.847% (1-Month USD-LIBOR + 0.660%) due 7/25/36(b)(d)		58,936
	199,737	AA	Series 2007-13, Class 2A2, 0.987% (1-Month USD-LIBOR + 0.800%) due 10/25/47(d)		197,234
			Countrywide Home Loan Mortgage Pass-Through Trust:
	55,816	WR(c)	Series 2005-11, Class 3A3, 2.500% due 4/25/35(d)		46,122
	43,211	WR(c)	Series 2005-11, Class 6A1, 0.787% (1-Month USD-LIBOR + 0.600%) due 3/25/35(d)		34,321
			Credit Suisse Commercial Mortgage Capital Trust:
	1,260,000	CCC	Series 2014-USA, Class F, 4.373% due 9/15/37(b)		963,494
	81,636	NR	Series 2015-5R, Class 1A1, 1.003% due 9/27/46(b)(d)		81,676
	323,352	NR	Series 2021-2R, Class 1A1, 1.857% (1-Month USD-LIBOR + 1.750%) due 7/25/47(b)(d)		328,371
	197,872	AAA(k)	Series 2021-NQM7, Class A1, 1.756% due 10/25/66(b)(d)		192,479
	1,507,753	NR	Series 2021-RPL4, Class A1, 1.796% due 12/27/60(b)(d)		1,474,192
	35,059	WR(c)	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-6, Class 8A1, 4.500% due 7/25/20		33,904
			Credit Suisse Mortgage Capital Certificates:
	660,000	Aaa(c)	Series 2019-ICE4, Class A, 1.171% (1-Month USD-LIBOR + 0.980%) due 5/15/36(b)(d)		655,176
	950,000	Ba3(c)	Series 2019-ICE4, Class F, 2.841% (1-Month USD-LIBOR + 2.650%) due 5/15/36(b)(d)		936,184
			CSAIL Commercial Mortgage Trust:
	295,000	Aaa(c)	Series 2015-C1, Class A4, 3.505% due 4/15/50		301,797
	270,000	Aaa(c)	Series 2015-C3, Class A4, 3.718% due 8/15/48		278,310
	1,000,000	Aaa(c)	Series 2016-C5, Class A5, 3.757% due 11/15/48		1,034,993
	310,000	Aaa(c)	Series 2018-CX12, Class A4, 4.224% due 8/15/51(d)		332,105
	180,000	Aaa(c)	Series 2021-C20, Class A3, 2.805% due 3/15/54		177,239
	280,000	Aaa(c)	CSMC NET, Series 2020-NET, Class B, 2.816% due 8/15/37(b)		274,272
			CSMC Trust:
	678,856	AAA(k)	Series 2018-J1, Class A2, 3.500% due 2/25/48(b)(d)		679,249
	2,062,895	NR	Series 2020-RPL3, Class A1, 2.691% due 3/25/60(b)(d)		2,047,368
	612,595	CC	CWABS Revolving Home Equity Loan Trust, Series 2004-B, Class 2A, 0.411% (1-Month USD-LIBOR + 0.220%) due 2/15/29(d)		585,265
	350,000	AA-(k)	DBJPM Mortgage Trust, Series 2016-C1, Class B, 4.195% due 5/10/49(d)		354,812
	1,417,000	Aaa(c)	DBWF Mortgage Trust, Series 2018-AMXP, Class A, 3.747% due 5/5/35(b)(d)		1,415,212
	390,000	Aaa(c)	DC Office Trust, Series 2019-MTC, Class A, 2.965% due 9/15/45(b)		385,567
	29,979	CCC	Downey Savings & Loan Association Mortgage Loan Trust, Series 2004-AR2, Class A2B, 0.971% (1-Month USD-LIBOR + 0.800%) due 11/19/44(d)		28,958
	700,000	AAA	Dryden XXVIII Senior Loan Fund, Series 2013-28A, Class A1LR, 1.706% (3-Month USD-LIBOR + 1.200%) due 8/15/30(b)(d)		700,506
	184,287	B-	Equifirst Mortgage Loan Trust, Series 2003-2, Class M2, 2.737% (1-Month USD-LIBOR + 2.550%) due 9/25/33(d)		185,628
	824,923	Aaa(c)	Extended Stay America Trust, Series 2021-ESH, Class A, 1.272% (1-Month USD-LIBOR + 1.080%) due 7/15/38(b)(d)		818,093
			Federal Home Loan Mortgage Corp. (FHLMC), Interest Strips:
	53,165	NR	Series 334, Class S7, 5.909% (6.100% — 1-Month USD-LIBOR) due 8/15/44(i)(l)		9,150
	82,382	NR	Series 353, Class S1, 5.809% (6.000% — 1-Month USD-LIBOR) due 12/15/46(i)(l)		13,081
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	3,501	NR	Series 1865, Class DA, 30.312% (31.310% — 11th District Cost of Funds Index) due 2/15/24(i)(l)		442
	15,409	NR	Series 3451, Class SB, 5.839% (6.030% — 1-Month USD-LIBOR) due 5/15/38(i)(l)		1,685
	48,701	NR	Series 3621, Class SB, 6.039% (6.230% — 1-Month USD-LIBOR) due 1/15/40(i)(l)		7,918
	555,000	NR	Series 3743, Class PB, 4.500% due 10/15/40		599,771

See Notes to Financial Statements.

172



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 9.1% — (continued)
$	589,135	NR	Series 3866, Class SA, 5.759% (5.950% — 1-Month USD-LIBOR) due 5/15/41(i)(l)	$	78,619
	148,240	NR	Series 3947, Class SG, 5.759% (5.950% — 1-Month USD-LIBOR) due 10/15/41(i)(l)		21,849
	15,660	NR	Series 3973, Class SA, 6.299% (6.490% — 1-Month USD-LIBOR) due 12/15/41(i)(l)		2,849
	146,973	NR	Series 4203, Class PS, 6.059% (6.250% — 1-Month USD-LIBOR) due 9/15/42(i)(l)		18,933
	104,541	NR	Series 4210, Class Z, 3.000% due 5/15/43		105,900
	61,518	NR	Series 4239, Class IO, 3.500% due 6/15/27(l)		2,775
	342,483	NR	Series 4316, Class XZ, 4.500% due 3/15/44		377,662
	49,144	NR	Series 4335, Class SW, 5.809% (6.000% — 1-Month USD-LIBOR) due 5/15/44(i)(l)		7,725
	880,179	NR	Series 4639, Class HZ, step bond to yield, 3.250% due 4/15/53		931,210
	189,019	NR	Series 4879, Class BC, 3.000% due 4/15/49		189,653
	74,374	NR	Series 5010, Class IK, 2.500% due 9/25/50(l)		10,361
	262,143	NR	Series 5010, Class JI, 2.500% due 9/25/50(l)		42,491
	91,388	NR	Series 5013, Class IN, 2.500% due 9/25/50(l)		15,015
	182,433	NR	Series 5018, Class MI, 2.000% due 10/25/50(l)		24,529
	82,469	NR	Series 5040, Class IB, 2.500% due 11/25/50(l)		11,081
	390,749	NR	Series 5140, Class NI, 2.500% due 5/25/49(l)		57,346
	488,944	NR	Series 5148, Class BI, 2.500% due 1/25/49(l)		69,127
	195,688	NR	Series 5148, Class CI, 2.000% due 6/25/49(l)		21,848
	48,700	NR	Series R007, Class ZA, 6.000% due 5/15/36		55,002
	410,000	BB+	Federal Home Loan Mortgage Corp. (FHLMC), Structured Agency Credit Risk REMIC, Series 2021-DNA1, Class M2, 1.849% (30-Day SOFR + 1.800%) due 1/25/51(b)(d)		406,554
			Federal National Mortgage Association (FNMA), ACES:
	4,936,402	NR	Series 2013-M7, Class X2, 0.148% due 12/27/22(d)(l)		2,416
	3,589,311	NR	Series 2015-M7, Class X2, 0.470% due 12/25/24(d)(l)		38,083
	15,953,044	NR	Series 2015-M8, Class X2, 0.070% due 1/25/25(d)(l)		38,488
	97,398	NR	Series 2017-M8, Class A2, 3.061% due 5/25/27(d)		101,722
	199,041	NR	Series 2019-M19, Class A2, 2.560% due 9/25/29		204,240
	112,482	NR	Series 2019-M28, Class AV, 2.232% due 2/25/27		113,224
	589,735	NR	Series 2020-M36, Class X1, 1.460% due 9/25/34(d)(l)		56,376
	245,000	NR	Series 2021-M2S, Class A2, 1.807% due 10/25/31(d)		233,433
	425,000	NR	Series 2022-M5, Class A3, 2.419% due 1/1/34(d)		414,526
			Federal National Mortgage Association (FNMA), Connecticut Avenue Securities:
	631,969	BBB(k)	Series 2014-C02, Class 1M2, 2.708% (1-Month USD-LIBOR + 2.600%) due 5/25/24(d)		637,979
	711,788	A3(c)	Series 2017-C03, Class 1M2, 3.187% (1-Month USD-LIBOR + 3.000%) due 10/25/29(b)(d)		727,335
	851,945	BBB-(k)	Series 2017-C07, Class 1M2, 2.587% (1-Month USD-LIBOR + 2.400%) due 5/25/30(b)(d)		863,596
	706,331	BBB(k)	Series 2018-C01, Class 1M2, 2.437% (1-Month USD-LIBOR + 2.250%) due 7/25/30(b)(d)		713,504
	548,639	BB+(k)	Series 2018-C06, Class 1M2, 2.187% (1-Month USD-LIBOR + 2.000%) due 3/25/31(b)(d)		552,062
			Federal National Mortgage Association (FNMA), Grantor Trust:
	51,412	NR	Series 2000-T6, Class A3, 4.238% due 11/25/40(d)		51,693
	99,538	NR	Series 2017-T1, Class A, 2.898% due 6/25/27		102,987
			Federal National Mortgage Association (FNMA), Interest Strip:
	60,020	NR	Series 409, Class C13, 3.500% due 11/25/41(l)		6,085
	126,609	NR	Series 409, Class C18, 4.000% due 4/25/42(l)		18,639
	17,223	NR	Series 409, Class C22, 4.500% due 11/25/39(l)		2,604
			Federal National Mortgage Association (FNMA), REMICS:
	15,220	NR	Series 2004-38, Class FK, 0.537% (1-Month USD-LIBOR + 0.350%) due 5/25/34(d)		15,299
	24,144	NR	Series 2005-117, Class LC, 5.500% due 11/25/35		24,601
	281,555	NR	Series 2006-51, Class SP, 6.463% (6.650% — 1-Month USD-LIBOR) due 3/25/36(i)(l)		29,393
	148,751	NR	Series 2007-68, Class SC, 6.513% (6.700% — 1-Month USD-LIBOR) due 7/25/37(i)(l)		27,580
	435,435	NR	Series 2008-18, Class SM, 6.813% (7.000% — 1-Month USD-LIBOR) due 3/25/38(i)(l)		51,764
	369,967	NR	Series 2011-8, Class ZA, 4.000% due 2/25/41		388,856
	113,358	NR	Series 2011-87, Class SG, 6.363% (6.550% — 1-Month USD-LIBOR) due 4/25/40(i)(l)		6,550
	770,000	NR	Series 2011-131, Class PB, 4.500% due 12/25/41		843,994
	47,576	NR	Series 2012-35, Class SC, 6.313% (6.500% — 1-Month USD-LIBOR) due 4/25/42(i)(l)		8,282
	62,651	NR	Series 2012-46, Class BA, 6.000% due 5/25/42		71,077

See Notes to Financial Statements.

173



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 9.1% — (continued)
$	95,772	NR	Series 2012-51, Class B, 7.000% due 5/25/42	$	113,438
	590	NR	Series 2012-70, Class YS, 6.463% (6.650% — 1-Month USD-LIBOR) due 2/25/41(i)(l)		4
	79,339	NR	Series 2012-74, Class SA, 6.463% (6.650% — 1-Month USD-LIBOR) due 3/25/42(i)(l)		10,127
	13,223	NR	Series 2012-75, Class AO, zero coupon due 3/25/42(a)		12,339
	34,748	NR	Series 2012-101, Class BI, 4.000% due 9/25/27(l)		1,419
	57,754	NR	Series 2012-133, Class CS, 5.963% (6.150% — 1-Month USD-LIBOR) due 12/25/42(i)(l)		10,096
	236,279	NR	Series 2013-9, Class BC, 6.500% due 7/25/42		273,193
	193,303	NR	Series 2013-9, Class CB, 5.500% due 4/25/42		213,827
	48,644	NR	Series 2013-54, Class BS, 5.963% (6.150% — 1-Month USD-LIBOR) due 6/25/43(i)(l)		8,238
	41,192	NR	Series 2013-73, Class IA, 3.000% due 9/25/32(l)		2,616
	182,074	NR	Series 2018-55, Class PA, 3.500% due 1/25/47		184,931
	132,503	NR	Series 2018-57, Class QA, 3.500% due 5/25/46		134,609
	123,548	NR	Series 2018-94, Class KD, 3.500% due 12/25/48		125,117
	206,773	NR	Series 2020-47, Class GZ, 2.000% due 7/25/50		174,392
	171,523	NR	Series 2020-56, Class DI, 2.500% due 8/25/50(l)		27,453
	582,911	NR	Series 2021-61, Class KI, 2.500% due 4/25/49(l)		82,628
	395,018	NR	Series 2021-69, Class IJ, 2.500% due 1/25/49(l)		52,418
			FHLMC Multifamily Structured Pass-Through Certificates:
	2,500,000	AAA(k)	Series K104, Class XAM, 1.384% due 1/25/30(d)(l)		248,268
	1,024,823	AAA(k)	Series K736, Class X1, 1.306% due 7/25/26(d)(l)		47,110
	4,000,000	AAA(k)	Series K743, Class X1, 0.926% due 5/25/28(d)(l)		206,728
	1,928,963	NR	Series KF73, Class AL, 0.707% (1-Month USD-LIBOR + 0.600%) due 11/25/29(d)		1,939,660
	226,726	NR	Series KIR2, Class A1, 2.748% due 3/25/27		232,127
	230,049	BBB-(k)	FHLMC Structured Agency Credit Risk Debt Notes, Series 2017-HRP1, Class M2, 2.637% (1-Month USD-LIBOR + 2.450%) due 12/25/42(d)		230,787
			First Franklin Mortgage Loan Trust:
	1,102,990	CC	Series 2006-FF13, Class A2D, 0.667% (1-Month USD-LIBOR + 0.480%) due 10/25/36(d)		880,206
	627,459	CCC	Series 2006-FF15, Class A2, 0.307% (1-Month USD-LIBOR + 0.120%) due 11/25/36(d)		602,163
	1,100,000	Aaa(c)	Flatiron CLO 21 Ltd., Series 2021-1A, Class A1, 1.358% (3-Month USD-LIBOR + 1.110%) due 7/19/34(b)(d)		1,098,756
	373,996	NR	FREMF Mortgage Trust, Series 2019-KF58, Class B, 2.257% (1-Month USD-LIBOR + 2.150%) due 1/25/26(b)(d)		373,390
	159,477	NR	FRESB Mortgage Trust, Series 2019-SB60, Class A10H, 3.500% due 1/25/39(d)		162,226
	1,050,000	AA	GoldentTree Loan Management US CLO 1 Ltd., Series 2021-11A, Class B, 1.854% (3-Month USD-LIBOR + 1.600%) due 10/20/34(b)(d)		1,044,579
	320,000	A(k)	GoodLeap Sustainable Home Solutions Trust, Series 2022-1GS, Class A, 2.700% due 1/20/49(b)		319,517
			Government National Mortgage Association (GNMA):
	295,210	NR	Series 2007-51, Class SG, 6.418% (6.580% — 1-Month USD-LIBOR) due 8/20/37(i)(l)		32,372
	943,106	NR	Series 2008-51, Class GS, 6.104% (6.230% — 1-Month USD-LIBOR) due 6/16/38(i)(l)		154,672
	12,320	NR	Series 2010-85, Class HS, 6.488% (6.650% — 1-Month USD-LIBOR) due 1/20/40(i)(l)		502
	178,352	NR	Series 2012-H27, Class AI, 1.743% due 10/20/62(d)(l)		8,461
	109,833	NR	Series 2013-53, Class OI, 3.500% due 4/20/43(l)		10,854
	890,451	NR	Series 2013-85, Class IA, 0.272% due 3/16/47(d)(l)		8,732
	94,215	NR	Series 2013-107, Class AD, 2.766% due 11/16/47(d)		94,409
	93,954	NR	Series 2014-105, Class IO, 0.122% due 6/16/54(d)(l)		2,403
	1,180,342	NR	Series 2014-H20, Class FA, 0.531% (1-Month USD-LIBOR + 0.430%) due 10/20/64(d)		1,181,832
	54,856	NR	Series 2015-167, Class OI, 4.000% due 4/16/45(l)		9,099
	187,334	NR	Series 2015-167, Class SA, 6.088% (6.250% — 1-Month USD-LIBOR) due 11/20/45(i)(l)		35,128
	55,529	NR	Series 2016-84, Class IG, 4.500% due 11/16/45(l)		10,291
	55,104	NR	Series 2016-135, Class SB, 5.974% (6.100% — 1-Month USD-LIBOR) due 10/16/46(i)(l)		13,596
	80,550	NR	Series 2017-187, Class SJ, 6.038% (6.200% — 1-Month USD-LIBOR) due 12/20/47(i)(l)		14,947
	539,335	NR	Series 2017-H22, Class IC, 2.354% due 11/20/67(d)(l)		35,832
	107,318	NR	Series 2018-124, Class NW, 3.500% due 9/20/48		111,777
	7,378	NR	Series 2018-130, Class A, 3.250% due 5/16/59		7,419

See Notes to Financial Statements.

174



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 9.1% — (continued)
$	193,811	NR	Series 2019-12, Class QA, 3.500% due 9/20/48	$	197,627
	387,096	NR	Series 2019-86, Class C, 2.500% due 3/20/49		389,476
	117,894	NR	Series 2019-119, Class JE, 3.000% due 9/20/49		118,117
	321,652	NR	Series 2020-47, Class MI, 3.500% due 4/20/50(l)		45,642
	85,100	NR	Series 2020-47, Class NI, 3.500% due 4/20/50(l)		12,616
	90,871	NR	Series 2020-123, Class IL, 2.500% due 8/20/50(l)		12,513
	265,319	NR	Series 2020-123, Class NI, 2.500% due 8/20/50(l)		35,963
	87,961	NR	Series 2020-127, Class IN, 2.500% due 8/20/50(l)		12,198
	91,119	NR	Series 2020-129, Class IE, 2.500% due 9/20/50(l)		12,513
	92,274	NR	Series 2020-160, Class IH, 2.500% due 10/20/50(l)		12,907
	90,232	NR	Series 2020-160, Class VI, 2.500% due 10/20/50(l)		11,682
	364,523	NR	Series 2020-160, Class YI, 2.500% due 10/20/50(l)		47,315
	443,616	NR	Series 2020-181, Class WI, 2.000% due 12/20/50(l)		46,710
	234,423	NR	Series 2020-H09, Class FL, 1.312% (1-Month USD-LIBOR + 1.150%) due 5/20/70(d)		243,976
	64,726	NR	Series 2020-H12, Class F, 0.662% (1-Month USD-LIBOR + 0.500%) due 7/20/70(d)		65,076
	303,520	NR	Series 2020-H13, Class FA, 0.612% (1-Month USD-LIBOR + 0.450%) due 7/20/70(d)		304,777
	65,820	NR	Series 2020-H13, Class FC, 0.612% (1-Month USD-LIBOR + 0.450%) due 7/20/70(d)		66,074
	2,739,781	NR	Series 2021-133, Class IO, 0.881% due 7/16/63(d)(l)		214,165
	671,230	A-	GS Mortgage Securities Corp. II, Series 2018-SRP5, Class A, 1.741% (1-Month USD-LIBOR + 1.550%) due 9/15/31(b)(d)		606,120
	370,000	AAA	GS Mortgage Securities Corp. Trust, Series 2021-ROSS, Class A, 1.342% (1-Month USD-LIBOR + 1.150%) due 5/15/26(b)(d)		368,033
			Harborview Mortgage Loan Trust:
	60,213	AA+	Series 2004-5, Class 2A6, 2.369% due 6/19/34(d)		62,701
	36,532	WD(k)	Series 2006-2, Class 1A, 2.598% due 2/25/36(d)		15,729
	726,165	Caa2(c)	Series 2006-10, Class 1A1A, 0.303% (1-Month USD-LIBOR + 0.200%) due 11/19/36(d)		677,124
	400,000	Aa2(c)	Hildene Community Funding CDO Ltd., Series 2015-1A, Class ARR, 2.600% due 11/1/35(b)(f)		400,000
	780,000	CC	Home Equity Asset Trust, Series 2005-6, Class M5, 1.132% (1-Month USD-LIBOR + 0.945%) due 12/25/35(d)		769,225
	56,139	AA	Impac CMB Trust, Series 2007-A, Class A, 0.687% (1-Month USD-LIBOR + 0.500%) due 5/25/37(b)(d)		56,029
	710,000	AAA(k)	Independence Plaza Trust, Series 2018-INDP, Class A, 3.763% due 7/10/35(b)		719,155
			Indymac Index Mortgage Loan Trust:
	1,007,639	CCC	Series 2005-AR14, Class 2A1A, 0.787% (1-Month USD-LIBOR + 0.600%) due 7/25/35(d)		927,651
	27,989	Caa2(c)	Series 2005-AR15, Class A2, 2.910% due 9/25/35(d)		26,159
	322,723	NR	InStar Leasing III LLC, Series 2021-1A, Class A, 2.300% due 2/15/54(b)		313,054
	933,988	CC	IXIS Real Estate Capital Trust, Series 2006-HE2, Class A3, 0.507% (1-Month USD-LIBOR + 0.320%) due 8/25/36(d)		324,663
			JP Morgan Chase Commercial Mortgage Securities Trust:
	971,509	Aaa(c)	Series 2016-JP2, Class A3, 2.559% due 8/15/49		962,452
	1,710,000	Caa1(c)	Series 2018-PHH, Class F, 4.660% (1-Month USD-LIBOR + 3.160%) due 6/15/35(b)(d)(g)		368,078
	365,000	Aaa(c)	Series 2019-OSB, Class A, 3.397% due 6/5/39(b)		375,423
	250,000	Baa1(c)	Series 2021-MHC, Class D, 1.891% (1-Month USD-LIBOR + 1.700%) due 4/15/38(b)(d)		244,919
	786,945	CCC	JP Morgan Mortgage Acquisition Corp., Series 2006-FRE1, Class M1, 0.772% (1-Month USD-LIBOR + 0.585%) due 5/25/35(d)		784,981
	880,000	BB	JP Morgan Mortgage Acquisition Trust, Series 2007-CH2, Class MV2, 0.487% (1-Month USD-LIBOR + 0.300%) due 1/25/37(d)		861,923
			JP Morgan Mortgage Trust:
	192,787	AA+	Series 2018-3, Class A1, 3.500% due 9/25/48(b)(d)		194,098
	171,501	AA+	Series 2018-5, Class A1, 3.500% due 10/25/48(b)(d)		171,774
	48,949	AAA	Series 2019-1, Class A11, 1.137% (1-Month USD-LIBOR + 0.950%) due 5/25/49(b)(d)		49,090
	1,868,324	Aaa(c)	Series 2021-13, Class A3, 2.500% due 4/25/52(b)(d)		1,798,920

See Notes to Financial Statements.

175



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 9.1% — (continued)
			JPMBB Commercial Mortgage Securities Trust:
$	40,000	Aa3(c)	Series 2013-C17, Class B, 4.885% due 1/15/47(d)	$	41,144
	350,000	B(k)	Series 2014-C23, Class E, 3.364% due 9/15/47(b)(d)(g)		266,473
	990,187	Aaa(c)	Series 2015-C28, Class A3, 2.912% due 10/15/48		995,607
			JPMDB Commercial Mortgage Securities Trust:
	340,000	A(k)	Series 2017-C5, Class B, 4.009% due 3/15/50(d)		339,422
	190,000	Aaa(c)	Series 2017-C7, Class A5, 3.409% due 10/15/50		196,397
	130,000	AA-	Series 2018-C8, Class B, 4.522% due 6/15/51		137,187
	460,000	AA	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-HSBC, Class C, 4.021% due 7/5/32(b)		461,580
	80,620	Aaa(c)	JPMorgan Trust, Series 2015-5, Class A9, 2.320% due 5/25/45(b)(d)		81,616
	890,000	Aaa(c)	KREF Ltd., Series 2021-FL2, Class A, 1.190% (1-Month USD-LIBOR + 1.070%) due 2/15/39(b)(d)		889,176
			Legacy Mortgage Asset Trust:
	621,569	NR	Series 2019-GS5, Class A1, step bond to yield, 3.200% due 5/25/59(b)		622,620
	2,078,821	NR	Series 2020-GS2, Class A1, step bond to yield, 2.750% due 3/25/60(b)		2,084,501
	881,473	NR	Series 2021-GS2, Class A1, step bond to yield, 1.750% due 4/25/61(b)		862,450
	278,358	Baa2(c)	Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class B, 3.432% due 10/15/46(b)		269,549
	1,100,000	AAA	Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, 1.398% (3-Month USD-LIBOR + 1.150%) due 4/19/33(b)(d)		1,100,686
	280,000	AAA	Madison Park Funding XXVI Ltd., Series 2017-26A, Class AR, 1.499% (3-Month USD-LIBOR + 1.200%) due 7/29/30(b)(d)		279,669
	834,856	A	MAPS Trust, Series 2021-1A, Class A, 2.521% due 6/15/46(b)		810,227
	189,067	WD(k)	MASTR Seasoned Securitization Trust, Series 2005-1, Class 4A1, 2.375% due 10/25/32(d)		188,712
	226,115	CC	Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4, Class 2A4, 0.437% (1-Month USD-LIBOR + 0.250%) due 7/25/37(d)		143,596
	13,360	A+	Merrill Lynch Mortgage Investors Trust, Series 2004-A3, Class 4A3, 2.370% due 5/25/34(d)		13,326
	500,000	AAA(k)	MKT Mortgage Trust, Series 2020-525M, Class A, 2.694% due 2/12/40(b)		486,532
			ML-CFC Commercial Mortgage Trust:
	31,594	Ca(c)	Series 2007-5, Class AJ, 5.450% due 8/12/48(d)		15,536
	4,295	WD(k)	Series 2007-9, Class AJ, 6.193% due 9/12/49(d)		4,233
			Morgan Stanley Bank of America Merrill Lynch Trust:
	500,000	Aaa(c)	Series 2013-C13, Class A4, 4.039% due 11/15/46(m)		513,083
	536,473	Aaa(c)	Series 2016-C28, Class A3, 3.272% due 1/15/49(m)		543,373
	294,070	NR	Mosaic Solar Loan Trust, Series 2021-1A, Class D, 3.710% due 12/20/46(b)		288,842
			New Residential Mortgage Loan Trust:
	172,781	AAA	Series 2016-4A, Class A1, 3.750% due 11/25/56(b)(d)		179,064
	592,050	Aaa(c)	Series 2019-6A, Class A1B, 3.500% due 9/25/59(b)(d)		601,541
	500,000	Aaa(c)	Newark BSL CLO 1 Ltd., Series 2016-1A, Class A1R, 1.368% (3-Month USD-LIBOR + 1.100%) due 12/21/29(b)(d)		499,751
	361,934	AAA	Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A1, 1.850% due 11/20/50(b)		348,863
	1,000,000	AAA	Octagon Investment Partners 46 Ltd., Series 2020-2A, Class AR, 1.401% (3-Month USD-LIBOR + 1.160%) due 7/15/36(b)(d)		1,002,371
	500,000	Aaa(c)	One Bryant Park Trust, Series 2019-OBP, Class A, 2.516% due 9/15/54(b)		483,246
	246,771	BBB-	Option One Mortgage Loan Trust, Series 2004-3, Class M1, 0.967% (1-Month USD-LIBOR + 0.780%) due 11/25/34(d)		245,456
	800,000	AAA	Palmer Square CLO Ltd., Series 2014-1A, Class A1R2, 1.371% (3-Month USD-LIBOR + 1.130%) due 1/17/31(b)(d)		802,014
	1,656,296	CCC	Park Place Securities Inc. Asset-Backed Pass-Through Certificates, Series 2004-WWF1, Class M5, 1.987% (1-Month USD-LIBOR + 1.800%) due 12/25/34(d)		1,663,450
	237,068	Aaa(c)	PFP Ltd., Series 2019-5, Class A, 1.096% (1-Month USD-LIBOR + 0.970%) due 4/14/36(b)(d)		236,771

See Notes to Financial Statements.

176



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 9.1% — (continued)
			PFS Financing Corp.:
$	400,000	AAA	Series 2020-E, Class A, 1.000% due 10/15/25(b)	$	394,824
	190,000	AAA	Series 2021-A, Class A, 0.710% due 4/15/26(b)		184,863
			PMT Credit Risk Transfer Trust:
	347,715	NR	Series 2019-2R, Class A, 2.858% (1-Month USD-LIBOR + 2.750%) due 5/27/23(b)(d)		345,944
	217,146	NR	Series 2019-3R, Class A, 2.808% (1-Month USD-LIBOR + 2.700%) due 10/27/22(b)(d)		217,055
			Prime Mortgage Trust:
	9,468	WR(c)	Series 2006-DR1, Class 1A1, 5.500% due 5/25/35(b)		9,443
	603,390	WR(c)	Series 2006-DR1, Class 2A1, 5.500% due 5/25/35(b)		573,199
	1,535,000	AAA	RBS Commercial Funding Inc. Trust, Series 2013-GSP, Class A, 3.834% due 1/15/32(b)(d)		1,561,608
	1,109,883	Aaa(c)	Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class A, 1.387% (1-Month USD-LIBOR + 1.200%) due 11/25/36(b)(d)		1,101,906
	1,100,000	AA	Regata XII Funding Ltd., Series 2019-1A, Class BR, 1.841% (3-Month USD-LIBOR + 1.600%) due 10/15/32(b)(d)		1,091,995
	114,020	Caa2(c)	Residential Asset Securitization Trust, Series 2005-A15, Class 1A4, 5.750% due 2/25/36		115,406
	479,230	NR	SBA Small Business Investment Cos., Series 2018-10B, Class 1, 3.548% due 9/10/28		495,257
			Seasoned Credit Risk Transfer Trust:
	97,766	NR	Series 2018-2, Class MA, 3.500% due 11/25/57		100,581
	790,000	B(k)	Series 2019-1, Class M, 4.750% due 7/25/58(b)(d)		791,566
	305,754	NR	Series 2019-2, Class MA, 3.500% due 8/25/58		315,927
	210,000	B(k)	Series 2020-2, Class M, 4.250% due 11/25/59(b)(d)		210,308
	681,740	AA-	Sequoia Mortgage Trust, Series 2003-1, Class 1A, 0.922% (1-Month USD-LIBOR + 0.760%) due 4/20/33(d)		668,275
	310,000	NR	Soho Trust, Series 2021-SOHO, Class B, 2.697% due 8/10/38(b)(d)		277,036
	1,110,000	AAA	SREIT Trust, Series 2021-MFP, Class A, 0.922% (1-Month USD-LIBOR + 0.731%) due 11/15/38(b)(d)		1,089,199
	547,524	A	Structured Asset Investment Loan Trust, Series 2004-6, Class A3, 0.987% (1-Month USD-LIBOR + 0.800%) due 7/25/34(d)		542,012
	54,987	AA+	Structured Asset Mortgage Investments II Trust, Series 2005-AR5, Class A3, 0.662% (1-Month USD-LIBOR + 0.500%) due 7/19/35(d)		53,525
	394,964	NR	Sunrun Atlas Issuer LLC, Series 2019-2, Class A, 3.610% due 2/1/55(b)		401,184
			Tharaldson Hotel Portfolio Trust:
	81,008	AAA	Series 2018-THL, Class A, 1.162% (1-Month USD-LIBOR + 1.050%) due 11/11/34(b)(d)		80,271
	291,629	B+	Series 2018-THL, Class E, 3.592% (1-Month USD-LIBOR + 3.480%) due 11/11/34(b)(d)		282,933
			Towd Point Mortgage Trust:
	760,000	Ba2(c)	Series 2015-2, Class 1B3, 3.316% due 11/25/60(b)(d)		757,486
	770,000	Baa3(c)	Series 2016-5, Class B2, 3.601% due 10/25/56(b)(d)		783,087
	200,000	Aaa(c)	TPGI Trust, Series 2021-DGWD, Class A, 0.890% (1-Month USD-LIBOR + 0.700%) due 6/15/26(b)(d)		195,077
			UBS Commercial Mortgage Trust:
	340,000	AA-(k)	Series 2018-C11, Class B, 4.713% due 6/15/51(d)		353,598
	350,000	Aaa(c)	Series 2019-C17, Class A3, 2.669% due 10/15/52		343,482
	430,000	AA+	VNDO Mortgage Trust, Series 2012-6AVE, Class A, 2.996% due 11/15/30(b)		433,022
			WaMu Mortgage Pass-Through Certificates Trust:
	324,571	B-	Series 2005-AR1, Class A1B, 0.967% (1-Month USD-LIBOR + 0.780%) due 1/25/45(d)		319,571
	131,673	BB-	Series 2005-AR4, Class A5, 2.845% due 4/25/35(d)		132,486
	787,693	A-	Series 2005-AR19, Class A1B3, 0.887% (1-Month USD-LIBOR + 0.700%) due 12/25/45(d)		785,844
	564,372	CCC	Series 2006-AR3, Class A1A, 1.104% (1-Year Treasury Average Rate + 1.000%) due 2/25/46(d)		568,887
	302,683	Ca(c)	Washington Mutual Mortgage Pass-Through Certificates WMALT, Series 2007-OA2, Class 2A, 0.804% (1-Year Treasury Average Rate + 0.700%) due 1/25/47(d)		270,013
			Wells Fargo Commercial Mortgage Trust:
	120,000	Ba1(c)	Series 2013-LC12, Class B, 4.305% due 7/15/46(d)		117,413
	1,000,000	Aa2(c)	Series 2015-C28, Class AS, 3.872% due 5/15/48(d)		1,027,128
	150,000	Aaa(c)	Series 2015-LC20, Class A5, 3.184% due 4/15/50		152,400

See Notes to Financial Statements.

177



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 9.1% — (continued)
$	445,953		AAA	Series 2016-BNK1, Class ASB, 2.514% due 8/15/49	$	448,532
	459,928		Aaa(c)	Series 2016-C33, Class A3, 3.162% due 3/15/59		463,272
	11,440,798		Aaa(c)	Series 2018-C43, Class XA, 0.658% due 3/15/51(d)(l)		382,218
	250,000		Aaa(c)	Series 2018-C44, Class A4, 3.948% due 5/15/51		262,339
	3,470,111		Aaa(c)	Series 2019-C52, Class XA, 1.591% due 8/15/52(d)(l)		312,590
	180,000		AAA	Series 2019-C54, Class A4, 3.146% due 12/15/52		183,484
	137,169		Aaa(c)	Wells Fargo Mortgage-Backed Securities Trust, Series 2019-4, Class A2, 3.000% due 9/25/49(b)(d)		137,557
				WF-RBS Commercial Mortgage Trust:
	894,124		Aa2(c)	Series 2012-C7, Class XA, 1.179% due 6/15/45(b)(d)(l)		89
	118,891		Aaa(c)	Series 2013-C14, Class A4, 3.073% due 6/15/46		119,813

				TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $127,099,783)		120,090,867


	SOVEREIGN BONDS — 3.5%

	Argentina — 0.1%
				Argentine Republic Government International Bonds:
	64,372		CCC+	1.000% due 7/9/29		21,396
	1,852,700		CCC+	step bond to yield, 0.500% due 7/9/30		597,496

				Total Argentina		618,892


	Brazil — 0.3%
				Brazil Notas do Tesouro Nacional Serie B:
	642,000	^BRL	BB-	6.000% due 5/15/23		483,702
	656,000	^BRL	BB-	6.000% due 8/15/50		504,981
	1,224,000	^BRL	BB-	Brazil Notas do Tesouro Nacional Serie F, 10.000% due 1/1/27		230,382
				Brazilian Government International Bonds:
	200,000		BB-	2.875% due 6/6/25		199,332
	300,000		BB-	4.625% due 1/13/28		305,684
	200,000		BB-	3.875% due 6/12/30		187,262
	1,680,000		BB-	5.000% due 1/27/45		1,495,351

				Total Brazil		3,406,694


	Canada — 0.1%
				Province of Manitoba Canada:
	152,000		A+	3.050% due 5/14/24		156,648
	1,025,000		A+	1.500% due 10/25/28		985,157

				Total Canada		1,141,805


	Chile — 0.1%
				Chile Government International Bonds:
	100,000		A	3.240% due 2/6/28		101,622
	650,000		A	2.450% due 1/31/31		613,340
	200,000		A	2.550% due 1/27/32		188,750
	435,000		A	2.550% due 7/27/33		396,829

				Total Chile		1,300,541


	Colombia — 0.1%
				Colombia Government International Bonds:
	220,000		BB+	8.125% due 5/21/24		243,433
	280,000		BB+	3.875% due 4/25/27		270,007
	340,000		BB+	3.000% due 1/30/30		293,408
	315,000		BB+	3.125% due 4/15/31		267,552
	430,000		BB+	3.250% due 4/22/32		360,839
	230,000		BB+	4.125% due 2/22/42		179,961

				Total Colombia		1,615,200

See Notes to Financial Statements.

178



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Dominican Republic — 0.0%
$	200,000		BB-	Dominican Republic International Bonds, 4.500% due 1/30/30(b)	$	185,502


	Egypt — 0.0%
				Egypt Government International Bonds:
	230,000		B	5.577% due 2/21/23(b)		232,713
	200,000		B	5.250% due 10/6/25		191,259

				Total Egypt		423,972


	Hong Kong — 0.0%
	445,000		AA+	Airport Authority, 3.250% due 1/12/52(b)		417,493


	Hungary — 0.0%
				Hungary Government International Bonds:
	200,000		BBB	2.125% due 9/22/31		180,624
	44,000		BBB	7.625% due 3/29/41		64,356

				Total Hungary		244,980


	Indonesia — 0.5%
				Indonesia Government International Bonds:
	1,400,000		BBB	3.750% due 4/25/22		1,404,900
	290,000		Baa2(c)	3.500% due 1/11/28		299,804
	80,000		BBB	4.100% due 4/24/28		85,611
	445,000		BBB	2.850% due 2/14/30		442,187
	100,000		BBB	7.750% due 1/17/38(b)		139,007
	530,000		Baa2(c)	4.350% due 1/11/48		542,537
				Indonesia Treasury Bonds:
	33,727,000,000	^IDR	NR	6.500% due 2/15/31		2,353,580
	19,692,000,000	^IDR	NR	6.375% due 4/15/32		1,355,681

				Total Indonesia		6,623,307


	Israel — 0.0%
	200,000		AA-	Israel Government International Bonds, 2.750% due 7/3/30		203,596


	Kenya — 0.0%
	520,000		B	Kenya Government International Bonds, 6.300% due 1/23/34(b)		438,886


	Kuwait — 0.0%
	360,000		A+	Kuwait International Government Bonds, 3.500% due 3/20/27(b)		381,614


	Mexico — 1.2%
				Mexican Bonos:
	15,120,000	^MXN	BBB+	10.000% due 12/5/24		778,316
	22,540,000	^MXN	BBB+	8.500% due 5/31/29		1,140,581
	111,575,700	^MXN	BBB+	7.750% due 11/13/42		5,219,639
	84,090,000	^MXN	Baa1(c)	8.000% due 11/7/47		4,024,857
				Mexico Government International Bonds:
	200,000		BBB	4.150% due 3/28/27		213,377
	323,000		BBB	3.750% due 1/11/28		333,990
	572,000		BBB	4.500% due 4/22/29		609,309
	974,000		BBB	2.659% due 5/24/31		898,564
	700,000		BBB	4.750% due 4/27/32		747,950
	860,000		BBB	3.500% due 2/12/34		811,969
	210,000		BBB	4.750% due 3/8/44		208,388
	200,000		BBB	4.600% due 2/10/48		191,991

				Total Mexico		15,178,931


	Nigeria — 0.0%
	260,000		B-	Nigeria Government International Bonds, 7.143% due 2/23/30(b)		244,459

See Notes to Financial Statements.

179



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Oman — 0.0%
$	200,000		Ba3(c)	Oman Government International Bonds, 5.625% due 1/17/28	$	204,450


	Panama — 0.1%
				Panama Government International Bonds:
	210,000		BBB	3.875% due 3/17/28		216,825
	500,000		BBB	3.160% due 1/23/30		491,170
	640,000		BBB	2.252% due 9/29/32		566,035
	290,000		BBB	4.500% due 4/1/56		280,735

				Total Panama		1,554,765


	Paraguay — 0.0%
				Paraguay Government International Bonds:
	200,000		BB	4.700% due 3/27/27		208,452
	200,000		BB	2.739% due 1/29/33(b)		175,252

				Total Paraguay		383,704


	Peru — 0.1%
				Peruvian Government International Bonds:
	861,000		BBB+	4.125% due 8/25/27		908,975
	401,000		BBB+	2.783% due 1/23/31		380,345
	70,000		BBB+	6.550% due 3/14/37		88,676
	41,000		BBB+	3.300% due 3/11/41		36,677
	160,000		BBB+	5.625% due 11/18/50		200,477

				Total Peru		1,615,150


	Philippines — 0.1%
				Philippine Government International Bonds:
	400,000		BBB+	3.000% due 2/1/28		405,521
	200,000		BBB+	2.457% due 5/5/30		191,018
	560,000		BBB+	1.648% due 6/10/31		495,989

				Total Philippines		1,092,528


	Poland — 0.1%
	810,000		A-	Poland Government International Bonds, 4.000% due 1/22/24		837,608


	Qatar — 0.2%
				Qatar Government International Bonds:
	200,000		AA-	4.500% due 4/23/28		222,438
	250,000		AA-	4.000% due 3/14/29(b)		272,670
	200,000		AA-	3.750% due 4/16/30(b)		216,261
	1,020,000		AA-	4.817% due 3/14/49(b)		1,241,279

				Total Qatar		1,952,648


	Romania — 0.0%
				Romanian Government International Bonds:
	42,000		BBB-	3.000% due 2/14/31(b)		38,572
	38,000		BBB-	3.625% due 3/27/32(b)		35,892
	76,000		BBB-	4.000% due 2/14/51(b)		64,711

				Total Romania		139,175


	Russia — 0.2%
				Russian Federal Bonds — OFZ:
	6,950,000	^RUB	NR	7.750% due 9/16/26(g)		50,310
	205,378,000	^RUB	BBB-	7.050% due 1/19/28(g)		1,017,024
	170,520,000	^RUB	BBB(k)	6.900% due 5/23/29(g)		1,104,861
	49,650,000	^RUB	NR	7.700% due 3/16/39(g)		320,277
	200,000		BBB(k)	Russian Foreign Bonds — Eurobond, 5.100% due 3/28/35(b)		74,400

				Total Russia		2,566,872

See Notes to Financial Statements.

180



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Saudi Arabia — 0.1%
			Saudi Government International Bonds:
$	200,000	A1(c)	3.250% due 10/26/26	$	207,813
	200,000	A1(c)	3.625% due 3/4/28		211,359
	200,000	A1(c)	5.000% due 4/17/49(b)		232,925

			Total Saudi Arabia		652,097


	South Africa — 0.0%
	300,000	BB-	Republic of South Africa Government International Bonds, 4.850% due 9/30/29		293,430


	United Arab Emirates — 0.1%
			Abu Dhabi Government International Bonds:
	400,000	AA	2.500% due 10/11/22(b)		403,699
	200,000	AA	2.500% due 9/30/29		200,828
	790,000	AA	3.875% due 4/16/50(b)		848,447

			Total United Arab Emirates		1,452,974


	Uruguay — 0.1%
			Uruguay Government International Bonds:
	70,000	BBB	4.500% due 8/14/24		72,801
	355,000	BBB	4.375% due 10/27/27		384,820
	200,000	BBB	4.375% due 1/23/31		219,852
	27,290	BBB	5.100% due 6/18/50		32,685

			Total Uruguay		710,158

			TOTAL SOVEREIGN BONDS (Cost — $53,425,050)		45,881,431


	SENIOR LOANS — 1.6%
	235,988	NR	1011778 B.C. Unlimited Liability Company, (Restricted, cost — $232,058, acquired 8/12/20), 1.959% (1-Month USD-LIBOR + 1.750%) due 11/19/26(n)		231,947
	150,000	NR	Air Canada, (Restricted, cost — $149,115, acquired 7/27/21), 4.250% (3-Month USD-LIBOR + 3.500%) due 8/11/28(n)		149,545
	340,000	NR	Ali Group SRL, (Restricted, cost — $337,129, acquired 10/13/21), due 10/13/28(n)(o)		335,580
	418,244	NR	Allied Universal Holdco LLC, (Restricted, cost — $419,569, acquired 2/19/20), 4.250% (3-Month USD-LIBOR + 3.750%) due 5/12/28(n)		413,297
	155,570	NR	Alterra Mountain Co., (Restricted, cost — $155,394, acquired 3/27/19), 4.000% (1-Month USD-LIBOR + 3.500%) due 8/17/28(n)		154,403
	648,364	NR	AmWINS Group Inc., 3.000% (1-Month USD-LIBOR + 2.250%) due 2/19/28		638,992
	10	NR	Aramark Intermediate HoldCo Corp., (Restricted, cost — $10, acquired 12/13/19), 1.959% (1-Month USD-LIBOR + 1.750%) due 1/15/27(n)		10
	623,437	NR	Asplundh Tree Expert LLC, (Restricted, cost — $625,055, acquired 3/4/21), 1.959% (1-Month USD-LIBOR + 1.750%) due 9/7/27(n)		616,277
	119,100	NR	Asurion LLC, (Restricted, cost — $118,103, acquired 1/29/21), 3.459% (1-Month USD-LIBOR + 3.250%) due 7/31/27(n)		117,165
	175,162	NR	Asurion LLC, (Restricted, cost — $174,813, acquired 11/20/19), 3.209% (1-Month USD-LIBOR + 3.000%) due 11/3/24(n)		173,100
	383,282	NR	Asurion LLC, (Restricted, cost — $383,742, acquired 4/10/19), 3.459% (1-Month USD-LIBOR + 3.250%) due 12/23/26(n)		377,234
	48,733	NR	Asurion LLC, (Restricted, cost — $48,733, acquired 2/26/20), 3.334% (1-Month USD-LIBOR + 3.125%) due 11/3/23(n)		48,479
	513,043	NR	athenahealth Group Inc., (Restricted, cost — $510,500, acquired 1/27/22), 4.000% (3-Month USD-CME Term SOFR + 3.500%) due 2/15/29(n)		509,003
	559,350	NR	Avolon TLB Borrower 1 , (Restricted, cost — $559,361, acquired 3/4/21), 2.750% (1-Month USD-LIBOR + 2.250%) due 12/1/27(n)		556,704
	156,487	NR	Bausch Health Cos., Inc., (Restricted, cost — $154,861, acquired 6/23/20), 2.959% (1-Month USD-LIBOR + 2.750%) due 11/27/25(n)		154,530

See Notes to Financial Statements.

181



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	SENIOR LOANS — 1.6% — (continued)
$	53,460	NR	Bausch Health Cos., Inc., (Restricted, cost — $53,794, acquired 4/17/19), 3.209% (1-Month USD-LIBOR + 3.000%) due 6/2/25(n)	$	53,026
	226,082	NR	Berry Global Inc., (Restricted, cost — $226,647, acquired 2/12/21), 1.876% (1-Month USD-LIBOR + 1.750%) due 7/1/26(n)		222,532
	77,452	NR	Brookfield WEC Holdings Inc., (Restricted, cost — $77,450, acquired 11/15/19), 3.250% (1-Month USD-LIBOR + 2.750%) due 8/1/25(n)		76,421
	219,411	NR	Brown Group Holdings LLC, (Restricted, cost — $219,149, acquired 11/9/21), 3.000% (3-Month USD-LIBOR + 2.500%) due 6/7/28(n)		217,394
	217,250	NR	Caesars Resort Collection LLC, (Restricted, cost — $212,919, acquired 6/19/20), 3.709% (1-Month USD-LIBOR + 3.500%) due 7/21/25(n)		216,571
	95,920	NR	Caesars Resort Collection LLC, (Restricted, cost — $96,219, acquired 10/4/17), 2.959% (1-Month USD-LIBOR + 2.750%) due 12/23/24(n)		95,081
	237,677	NR	Change Healthcare Holdings LLC, (Restricted, cost — $237,469, acquired 2/18/20), 3.500% (1-Month USD-LIBOR + 2.500%) due 3/1/24(n)		236,718
	205,789	NR	Charter Communications Operating LLC, (Restricted, cost — $206,433, acquired 2/7/20), 1.960% (1-Month USD-LIBOR + 1.750%) due 2/1/27(n)		203,003
	343,415	NR	Charter Communications Operating LLC, (Restricted, cost — $344,346, acquired 10/24/19), 1.960% (1-Month USD-LIBOR + 1.750%) due 4/30/25(n)		342,531
	465,880	NR	Citadel Securities LP, (Restricted, cost — $465,080, acquired 4/15/21), 2.709% (1-Month USD-LIBOR + 2.500%) due 2/2/28(n)		462,136
	202,850	NR	Clarios Global LP, (Restricted, cost — $201,667, acquired 3/18/19), 3.459% (1-Month USD-LIBOR + 3.250%) due 4/30/26(n)		201,118
	130,000	NR	Cloudera Inc., (Restricted, cost — $128,799, acquired 8/10/21), 4.250% (1-Month USD-LIBOR + 3.750%) due 10/8/28(n)		129,079
	69,463	NR	CSC Holdings LLC, (Restricted, cost — $68,495, acquired 6/29/21), 2.441% (1-Month USD-LIBOR + 2.250%) due 1/15/26(n)		67,517
	422,920	NR	DCert Buyer Inc., (Restricted, cost — $423,284, acquired 8/8/19), 4.209% (1-Month USD-LIBOR + 4.000%) due 10/16/26(n)		421,745
	750,000	NR	Delos Finance Sarl, (Restricted, cost — $750,000, acquired 3/4/21), 1.974% (3-Month USD-LIBOR + 1.750%) due 10/6/23(n)		749,062
	173,611	NR	Edelman Financial Engines Center LLC, (Restricted, cost — $174,089, acquired 4/22/19), 4.250% (1-Month USD-LIBOR + 3.500%) due 4/7/28(n)		172,494
	249,372	NR	Endo Luxembourg Finance Company I Sarl, 5.750% (3-Month USD-LIBOR + 5.000%) due 3/27/28		241,777
	108,238	NR	EyeCare Partners LLC, (Restricted, cost — $108,173, acquired 2/18/20), 3.974% (3-Month USD-LIBOR + 3.750%) due 2/18/27(n)		107,342
	17,938	NR	FinCo I LLC, (Restricted, cost — $17,845, acquired 8/12/20), 2.709% (1-Month USD-LIBOR + 2.500%) due 6/27/25(n)		17,743
	56,680	NR	First Eagle Holdings Inc., (Restricted, cost — $56,822, acquired 4/5/19), 2.724% (3-Month USD-LIBOR + 2.500%) due 2/1/27(n)		55,843
	159,200	NR	FleetCor Technologies Operating Company LLC, (Restricted, cost — $158,148, acquired 4/22/21), 1.959% (1-Month USD-LIBOR + 1.750%) due 4/28/28(n)		156,680
	215,187	NR	Focus Financial Partners LLC, (Restricted, cost — $215,769, acquired 2/18/20), 2.209% (1-Month USD-LIBOR + 2.000%) due 7/3/24(n)		212,803
	20,000	NR	Formula One Management Ltd., (Restricted, cost — $19,749, acquired 8/12/20), 3.500% (1-Month USD-LIBOR + 2.500%) due 2/1/24(n)		19,857
	49,098	NR	Four Seasons Holdings Inc., (Restricted, cost — $49,279, acquired 11/21/19), 2.209% (1-Month USD-LIBOR + 2.000%) due 11/30/23(n)		48,830
	157,600	NR	Froneri International Ltd., (Restricted, cost — $157,908, acquired 2/18/20), 2.459% (1-Month USD-LIBOR + 2.250%) due 1/29/27(n)		154,687
	109,173	NR	Gainwell Acquisition Corp., (Restricted, cost — $107,842, acquired 2/12/21), 4.750% (3-Month USD-LIBOR + 4.000%) due 10/1/27(n)		108,809
	75,577	NR	Garda World Security Corp., (Restricted, cost — $74,569, acquired 10/24/19), 4.430% (1-Month USD-LIBOR + 4.250%) due 10/30/26(n)		74,955

See Notes to Financial Statements.

182



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	SENIOR LOANS — 1.6% — (continued)
$	465,288	NR	Harbor Freight Tools USA Inc., (Restricted, cost — $467,033, acquired 4/15/21), 3.250% (1-Month USD-LIBOR + 2.750%) due 10/19/27(n)	$	458,493
	431,964	NR	Hilton Worldwide Finance LLC, (Restricted, cost — $432,164, acquired 8/18/16), 1.937% (1-Month USD-LIBOR + 1.750%) due 6/22/26(n)		426,206
	530,000	NR	Hunter Douglas Inc., (Restricted, cost — $527,361, acquired 2/9/22), due 2/9/29(n)(o)		523,046
	290,386	NR	Icon Public Limited Company, (Restricted, cost — $289,076, acquired 6/16/21), 2.750% (3-Month USD-LIBOR + 2.250%) due 7/3/28(n)		287,508
	72,350	NR	Icon Public Limited Company, (Restricted, cost — $72,023, acquired 6/16/21), 2.750% (3-Month USD-LIBOR + 2.250%) due 7/3/28(n)		71,633
	162,988	NR	iHeartCommunications Inc., (Restricted, cost — $162,857, acquired 1/29/20), 3.209% (1-Month USD-LIBOR + 3.000%) due 5/1/26(n)		161,402
	280,000	NR	II-VI Inc., (Restricted, cost — $278,350, acquired 12/8/21), due 12/8/28(n)(o)		277,726
	139,300	NR	INEOS Styrolution Group GmbH, (Restricted, cost — $139,985, acquired 2/19/21), 3.250% (1-Month USD-LIBOR + 2.750%) due 1/29/26(n)		137,995
	184,815	NR	Jane Street Group LLC, (Restricted, cost — $184,620, acquired 1/21/21), 2.959% (1-Month USD-LIBOR + 2.750%) due 1/26/28(n)		182,793
	388,050	NR	Jazz Pharmaceuticals Public Limited Co., (Restricted, cost — $386,340, acquired 4/22/21), 4.000% (1-Month USD-LIBOR + 3.500%) due 5/5/28(n)		387,177
	382,876	NR	Level 3 Financing Inc., (Restricted, cost — $382,703, acquired 4/17/19), 1.959% (1-Month USD-LIBOR + 1.750%) due 3/1/27(n)		374,434
	214,384	NR	LifePoint Health Inc., (Restricted, cost — $213,049, acquired 8/16/19), 3.959% (1-Month USD-LIBOR + 3.750%) due 11/16/25(n)		212,402
	150,000	NR	Medline Borrower LP, (Restricted, cost — $150,188, acquired 9/30/21), 3.750% due 10/23/28(n)(o)		148,711
	390,000	NR	Medline Borrower LP, (Restricted, cost — $388,512, acquired 9/30/21), 3.750% (1-Month USD-LIBOR + 3.250%) due 10/23/28(n)		386,648
	89,425	NR	Michaels Companies Inc., (Restricted, cost — $88,642, acquired 4/8/21), 5.000% (3-Month USD-LIBOR + 4.250%) due 4/15/28(n)		83,451
	490,185	NR	Nexstar Media Inc., (Restricted, cost — $489,326, acquired 8/16/19), 2.606% (1-Month USD-LIBOR + 2.500%) due 9/18/26(n)		488,278
	129,055	NR	Numericable U.S. LLC, (Restricted, cost — $128,902, acquired 10/6/17), 3.927% (3-Month USD-LIBOR + 3.688%) due 1/31/26(n)		127,362
	113,265	NR	PCI Gaming Authority, (Restricted, cost — $113,431, acquired 5/15/19), 2.709% (1-Month USD-LIBOR + 2.500%) due 5/29/26(n)		112,345
	347,375	NR	Phoenix Guarantor Inc., (Restricted, cost — $347,375, acquired 2/23/21), 3.662% (1-Month USD-LIBOR + 3.500%) due 3/5/26(n)		344,162
	678,300	NR	Pilot Travel Centers LLC, (Restricted, cost — $675,180, acquired 7/29/21), 2.209% (1-Month USD-LIBOR + 2.000%) due 8/4/28(n)		668,763
	401,914	NR	Prime Security Services Borrower LLC, (Restricted, cost — $403,996, acquired 4/22/19), 3.500% (3-Month USD-LIBOR + 2.750%) due 9/23/26(n)		398,120
	170,000	NR	QUIKRETE Holdings Inc., (Restricted, cost — $168,851, acquired 6/11/21), due 6/11/28(n)(o)		168,685
	208,425	NR	Rackspace Technology Global Inc., (Restricted, cost — $208,982, acquired 2/19/21), 3.500% (1-Month USD-LIBOR + 2.750%/3-Month USD-LIBOR + 2.750%) due 2/15/28(n)		202,765
	339,150	NR	RealPage Inc., (Restricted, cost — $339,318, acquired 2/18/21), 3.750% (1-Month USD-LIBOR + 3.250%) due 4/24/28(n)		336,016
	396,500	NR	Reynolds Consumer Products LLC, (Restricted, cost — $397,956, acquired 2/18/20), 1.959% (1-Month USD-LIBOR + 1.750%) due 2/4/27(n)		391,516
	313,945	NR	Scientific Games International Inc., (Restricted, cost — $313,862, acquired 2/14/18), 2.959% (1-Month USD-LIBOR + 2.750%) due 8/14/24(n)		312,259
	1,650,000	NR	Setanta Aircraft Leasing DAC, (Restricted, cost — $1,649,668, acquired 11/30/21), 2.140% (6-Month USD-LIBOR + 2.000%) due 11/5/28(n)		1,642,525
	360,000	NR	Sotera Health Holdings LLC, (Restricted, cost — $362,813, acquired 1/20/21), 3.250% (3-Month USD-LIBOR + 2.750%) due 12/11/26(n)		356,026
	299,246	NR	Sunshine Luxembourg VII Sarl, 4.500% (3-Month USD-LIBOR + 3.750%) due 10/1/26		298,200
	566,129	NR	Trans Union LLC, due 12/1/28(o)		560,703

See Notes to Financial Statements.

183



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	SENIOR LOANS — 1.6% — (continued)
$	19,798	NR	TransDigm Inc., (Restricted, cost — $19,564, acquired 2/9/21), 2.459% (1-Month USD-LIBOR + 2.250%) due 12/9/25(n)	$	19,500
	404,962	NR	UFC Holdings LLC, (Restricted, cost — $407,999, acquired 4/30/19), 3.500% (3-Month USD-LIBOR + 2.750%) due 4/29/26(n)		400,352
	466,475	NR	United AirLines Inc., (Restricted, cost — $468,976, acquired 4/14/21), 4.500% (3-Month USD-LIBOR + 3.750%) due 4/21/28(n)		465,113
	150,000	NR	VFH Parent LLC, (Restricted, cost — $149,730, acquired 1/7/22), 3.500% (3-Month USD-CME Term SOFR + 3.000%) due 1/13/29(n)		149,039
	430,000	NR	Virgin Media Bristol LLC, (Restricted, cost — $427,781, acquired 4/30/19), 2.691% (1-Month USD-LIBOR + 2.500%) due 1/31/28(n)		423,657
	80,000	NR	Zayo Group Holdings Inc., (Restricted, cost — $80,088, acquired 2/19/21), 3.209% (1-Month USD-LIBOR + 3.000%) due 3/9/27(n)		78,361

			TOTAL SENIOR LOANS (Cost — $21,784,361)		21,605,392


	ASSET-BACKED SECURITIES — 1.1%

	Automobiles — 0.3%
			Credit Acceptance Auto Loan Trust:
	301,296	AAA	Series 2019-3A, Class A, 2.380% due 11/15/28(b)		302,437
	410,000	AAA	Series 2021-2A, Class A, 0.960% due 2/15/30(b)		402,526
	320,000	AAA	Series 2021-3A, Class A, 1.000% due 5/15/30(b)		312,600
	470,000	AAA	Series 2021-4, Class A, 1.260% due 10/15/30(b)		461,408
	920,000	Aaa(c)	Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.210% due 12/26/25(b)		895,205
	870,000	Aaa(c)	Honda Auto Receivables Owner Trust, Series 2021-4, Class A3, 0.880% due 1/21/26		856,409
	107,065	AAA	Nissan Auto Receivables Owner Trust, Series 2018-C, Class A3, 3.220% due 6/15/23		107,410

			Total Automobiles		3,337,995


	Credit Cards — 0.0%
	300,000	NR	Mercury Financial Credit Card Master Trust, Series 2022-1A, Class B, 3.200% due 9/21/26(b)(f)		299,752


	Student Loans — 0.8%
	146,741	AAA	College Ave Student Loans LLC, Series 2019-A, Class A2, 3.280% due 12/28/48(b)		148,653
			ECMC Group Student Loan Trust:
	168,821	Aaa(c)	Series 2016-1A, Class A, 1.537% (1-Month USD-LIBOR + 1.350%) due 7/26/66(b)(d)		171,699
	1,144,853	Aaa(c)	Series 2017-2A, Class A, 1.237% (1-Month USD-LIBOR + 1.050%) due 5/25/67(b)(d)		1,152,950
	73,214	AAA	Navient Private Education Loan Trust, Series 2014-AA, Class A2B, 1.441% (1-Month USD-LIBOR + 1.250%) due 2/15/29(b)(d)		73,338
	1,315,441	Aaa(c)	Navient Private Education Refi Loan Trust, Series 2021-FA, Class A, 1.110% due 2/18/70(b)		1,257,053
			Navient Student Loan Trust:
	1,112,267	AA+	Series 2017-2A, Class A, 1.237% (1-Month USD-LIBOR + 1.050%) due 12/27/66(b)(d)		1,111,847
	1,300,000	AA+	Series 2017-3A, Class A3, 1.237% (1-Month USD-LIBOR + 1.050%) due 7/26/66(b)(d)		1,300,586
	198,176	AAA	Series 2017-4A, Class A2, 0.687% (1-Month USD-LIBOR + 0.500%) due 9/27/66(b)(d)		198,335
	201,406	Aaa(c)	Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.360% due 4/20/62(b)		193,465
	388,167	AAA	SLM Private Education Loan Trust, Series 2010-C, Class A5, 4.941% (1-Month USD-LIBOR + 4.750%) due 10/15/41(b)(d)		430,780
			SLM Student Loan Trust:
	780,000	AA+	Series 2003-10A, Class A4, 0.873% (3-Month USD-LIBOR + 0.670%) due 12/17/68(b)(d)		776,506
	817,599	AAA	Series 2005-5, Class A4, 0.398% (3-Month USD-LIBOR + 0.140%) due 10/25/28(d)		814,283
			SMB Private Education Loan Trust:
	738	AAA	Series 2015-B, Class A2A, 2.980% due 7/15/27(b)		738
	545,000	AAA	Series 2015-C, Class A3, 2.141% (1-Month USD-LIBOR + 1.950%) due 8/16/32(b)(d)		550,570
	31,755	Aaa(c)	Series 2016-A, Class A2A, 2.700% due 5/15/31(b)		31,925
	107,380	AAA	Series 2017-B, Class A2A, 2.820% due 10/15/35(b)		107,421
	63,452	AAA	Series 2017-B, Class A2B, 0.941% (1-Month USD-LIBOR + 0.750%) due 10/15/35(b)(d)		63,296

See Notes to Financial Statements.

184



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Student Loans — 0.8% — (continued)
$	262,280	AAA	Series 2018-A, Class A2B, 0.991% (1-Month USD-LIBOR + 0.800%) due 2/15/36(b)(d)	$	261,399
	307,995	Aaa(c)	Series 2018-B, Class A2A, 3.600% due 1/15/37(b)		313,218
	375,833	AAA	Series 2018-C, Class A2B, 0.941% (1-Month USD-LIBOR + 0.750%) due 11/15/35(b)(d)		375,882
	87,742	AAA	Series 2020-A, Class A2B, 1.021% (1-Month USD-LIBOR + 0.830%) due 9/15/37(b)(d)		86,918
	701,449	AAA	Series 2020-PTB, Class A2A, 1.600% due 9/15/54(b)		689,350
	730,000	Aaa(c)	Series 2021-A, Class A2B, 1.590% due 1/15/53(b)		711,839
	240,000	Aa2(c)	Series 2021-A, Class B, 2.310% due 1/15/53(b)		231,611
	154,380	AAA	Sofi Professional Loan Program Trust, Series 2018-B, Class A2FX, 3.340% due 8/25/47(b)		155,836

			Total Student Loans		11,209,498

			TOTAL ASSET-BACKED SECURITIES (Cost — $15,053,693)		14,847,245


	MUNICIPAL BONDS — 0.3%

	California — 0.1%
	530,000	A+	Los Angeles Unified School District, GO, 5.750% due 7/1/34		666,966
			University of California, Revenue Bonds:
	25,000	AA	Series AD, 4.858% due 5/15/12		33,262
	266,000	AA	Series AQ, 4.767% due 5/15/15		346,004

			Total California		1,046,232


	New Jersey — 0.1%
	570,000	Aa3(c)	Jersey City Municipal Utilities Authority, Revenue Bonds, Series B, 5.470% due 5/15/27		620,450
	85,000	BBB	New Jersey Transportation Trust Fund Authority, Revenue Bonds, Series B, 6.561% due 12/15/40		116,864

			Total New Jersey		737,314


	New York — 0.1%
			City of New York:
	375,000	AA	GO, Series A, 3.000% due 8/1/34		382,596
	500,000	AA	Series G-1, 5.968% due 3/1/36		657,640
	80,000	AAA	New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Series A-1, 5.000% due 11/1/42		84,763
	350,000	AA+	New York State Dormitory Authority, Revenue Bonds, 5.289% due 3/15/33		408,699

			Total New York		1,533,698


	Texas — 0.0%
	350,000	A+	North Texas Tollway Authority, Revenue Bonds, Series A, 2.530% due 1/1/35		333,926
	70,000	AAA	State of Texas, GO, 2.754% due 10/1/41		68,165

			Total Texas		402,091


	Virginia — 0.0%
	122,340	AAA	Virginia Housing Development Authority, Revenue Bonds, Series C, 6.000% due 6/25/34		125,732

			TOTAL MUNICIPAL BONDS (Cost — $3,746,489)		3,845,067


Shares/Units

	COMMON STOCK — 0.0%

	Wireless Telecommunication Services — 0.0%
	11,265		Intelsat Emergence SA*(g) (Cost — $848,528)		383,714

See Notes to Financial Statements.

185



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Shares/Units			Rating††	Security	Value

	RIGHT — 0.0%

	Luxembourg — 0.0%
$	2,358			Intelsat Jackson Holdings SA*(g) (Cost — $0)	$	—

				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $1,365,881,396)		1,332,522,361


Face Amount†

	SHORT-TERM INVESTMENTS — 7.4%

	SOVEREIGN BOND — 0.4%
	485,000,000	^JPY	NR	Japan Treasury Discount Bills, (0.162)% due 3/7/22(p) (Cost — $4,265,182)		4,220,844


	TIME DEPOSITS — 3.5%
	188,991	^AUD		ANZ National Bank — London, (0.220)% due 3/1/22		137,255
				BNP Paribas — Paris:
	6,937,019			0.005% due 3/1/22		6,937,019
	247,719	^GBP		0.090% due 3/1/22		332,365
	381,963	^EUR		Citibank — London, (0.780)% due 3/1/22		428,295
	33,430,393			Skandinaviska Enskilda Banken AB — Stockholm, 0.005% due 3/1/22		33,430,393
				Sumitomo Mitsui Banking Corp. — Tokyo:
	29,819,984	^JPY		(0.340)% due 3/1/22		259,406
	5,302,404			0.005% due 3/1/22		5,302,404

				TOTAL TIME DEPOSITS (Cost — $46,827,137)		46,827,137


	U.S. GOVERNMENT OBLIGATIONS — 3.5%
				U.S. Treasury Bills:
	12,340,000			0.074% due 5/26/22(p)		12,337,826
	1,530,000			0.116% due 6/9/22(p)		1,529,507
	3,325,000			0.121% due 6/16/22(p)		3,323,804
	8,865,000			0.252% due 7/7/22(p)		8,857,059
	10,285,000			0.273% due 7/14/22(p)		10,274,471
	1,110,000			0.351% due 7/21/22(p)		1,108,468
	9,375,000			0.427% due 7/28/22(p)		9,358,470

				TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $46,789,605)		46,789,605

				TOTAL SHORT-TERM INVESTMENTS (Cost — $97,881,924)		97,837,586

				TOTAL INVESTMENTS IN SECURITIES (Cost — $1,463,763,320)		1,430,359,947

				TOTAL INVESTMENTS IN PURCHASED OPTIONS (Cost — $694,582)		866,533

				TOTAL INVESTMENTS — 108.4% (Cost — $1,464,457,902)		1,431,226,480

				Liabilities in Excess of Other Assets — (8.4)%		(111,234,067	)

				TOTAL NET ASSETS — 100.0%	$	1,319,992,413

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

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

*	Non-income producing security.

(a)	Principal only security.

See Notes to Financial Statements.

186



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

(b)

(c)	Rating by Moody’s Investors Service.

(d)	Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2022.

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

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

(g)	Illiquid security.

(h)	Security is currently in default.

(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 February 28, 2022.

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

(k)	Rating by Fitch Ratings Service.

(l)	Interest only security.

(m)	Affiliated security (See Note 2). As at February 28, 2022, total cost and total market value of affiliated securities amounted to $1,082,163 and $1,056,456, respectively.

(n)	The aggregate value of restricted securities (excluding 144A holdings) at February 28, 2022, amounts to $19,865,720 and represents 1.5% of net assets.

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

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

#	Security that used significant unobservable inputs to determine fair value.

At February 28, 2022, for Core Fixed Income Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized (Depreciation)
Core Fixed Income Fund	$	1,464,457,902	$	22,749,508	$	(57,125,451)	$	(34,375,942)


Abbreviations used in this schedule:
ACES		— Alternative Credit Enhancement Securities
CLO		— Collateralized Loan Obligation
CMT		— Constant Maturity Treasury Rate
GO		— General Obligation
LIBOR		— London Interbank Offered Rate
MASTR		— Mortgage Asset Securitization Transactions Incorporation
OFZ		— Federal Loan Obligations (Russian: Obligatsyi Federal’novo Zaima)
PLC		— Public Limited Company
REMICS		— Real Estate Mortgage Investment Conduits
SOFR		— Secured Overnight Financing Rate

See Notes to Financial Statements.

187



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund


Summary of Investments by Security Type^
U.S. Government Agencies & Obligations	29.1	%
Corporate Bonds & Notes	28.6
Mortgage-Backed Securities	21.0
Collateralized Mortgage Obligations	8.4
Sovereign Bonds	3.2
Senior Loans	1.5
Asset-Backed Securities	1.0
Municipal Bonds	0.3
Purchased Options	0.1
Common Stock	0.0	*
Rights	0.0
Short-Term Investments	6.8

	100.0	%

^	As a percentage of total investments.

*	Position represents less than 0.05%

At February 28, 2022, Core Fixed Income Fund held the following Options Contracts Purchased:

Interest Rate Cap Option


Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Exercise Rate			Value
	1,270,000	$	2,626,360	OTC, USD ICE Swap 3-30 Year, Put		BCLY		1/19/24		2.750	%	$	47,165

Options on Futures


Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Strike Price		Value
	191	$	46,752,025	1-Year Eurodollar Mid-Curve June Futures, Call		GSC		6/10/22	$	98.00	$	108,631
	255		62,388,938	1-Year Eurodollar Mid-Curve September Futures, Call		CITI		9/16/22	$	98.75		43,031
	175		42,995,313	3-Month Eurodollar December Futures, Call		GSC		12/19/22	$	98.00		234,062
	173		42,503,938	3-Month Eurodollar December Futures, Call		GSC		12/19/22	$	98.38		136,238
	191		46,752,025	3-Month Eurodollar June Futures, Call		GSC		6/19/23	$	98.50		108,631
	43		10,679,588	3-Month Eurodollar March Futures, Call		GSC		3/14/22	$	99.88		269
	53		13,163,213	3-Month Eurodollar March Futures, Put		GSC		3/14/22	$	99.50		22,194
	31		7,699,238	3-Month Eurodollar March Futures, Put		GSC		3/14/22	$	99.63		22,087
	121		29,649,538	3-Year Eurodollar Mid-Curve March Futures, Put		GSC		3/11/22	$	97.88		15,881
	111		14,145,563	U.S. Treasury 10-Year Note April Futures, Call		GSC		3/25/22	$	127.00		128,344

				Total Options on Futures							$	819,368

				TOTAL OPTIONS CONTRACTS PURCHASED (Cost — $694,582)							$	866,533

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

See Notes to Financial Statements.

188



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

At February 28, 2022, Core Fixed Income Fund held the following Options Contracts Written:

Options on Futures


Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Strike Price		Value
	191	$	46,752,025	1-Year Eurodollar Mid-Curve June Futures, Call		GSC		6/10/22	$	98.63	$	25,069
	255		62,388,938	1-Year Eurodollar Mid-Curve September Futures, Call		CITI		9/16/22	$	99.00		25,500
	383		93,705,738	1-Year Eurodollar Mid-Curve September Futures, Put		CITI		9/16/22	$	97.63		248,950
	120		29,397,000	2-Year Eurodollar Mid-Curve September Futures, Call		GSC		9/16/22	$	98.25		63,750
	120		29,397,000	2-Year Eurodollar Mid-Curve September Futures, Put		GSC		9/16/22	$	98.25		141,750
	175		42,995,313	3-Month Eurodollar December Futures, Call		GSC		12/19/22	$	98.25		166,250
	173		42,503,938	3-Month Eurodollar December Futures, Call		GSC		12/19/22	$	98.13		196,788
	175		42,995,313	3-Month Eurodollar December Futures, Put		GSC		12/19/22	$	97.25		50,313
	173		42,503,938	3-Month Eurodollar December Futures, Put		GSC		12/19/22	$	98.13		131,913
	191		46,752,025	3-Month Eurodollar June Futures, Call		GSC		6/19/23	$	98.00		207,713
	36		8,811,900	3-Month Eurodollar June Futures, Put		GSC		6/19/23	$	97.00		18,900
	43		10,679,588	3-Month Eurodollar March Futures, Call		GSC		3/14/22	$	99.75		269
	76		18,875,551	3-Month Eurodollar March Futures, Put		GSC		3/14/22	$	99.38		14,249
	121		29,649,538	3-Year Eurodollar Mid-Curve March Futures, Put		GSC		3/11/22	$	97.63		3,025
	43		10,679,588	3-Month Eurodollar March Futures, Put		GSC		3/14/22	$	99.75		43,537
	92		10,881,876	U.S. Treasury 5-Year Note April Futures, Call		GSC		3/25/22	$	117.75		81,217
	92		10,881,876	U.S. Treasury 5-Year Note April Futures, Call		GSC		3/25/22	$	118.00		67,563
	143		16,914,220	U.S. Treasury 5-Year Note April Futures, Call		GSC		3/25/22	$	118.75		54,743
	266		31,462,813	U.S. Treasury 5-Year Note April Futures, Call		GSC		3/25/22	$	120.25		24,937
	91		10,763,593	U.S. Treasury 5-Year Note April Futures, Put		GSC		3/25/22	$	117.25		18,485
	59		7,518,813	U.S. Treasury 10-Year Note April Futures, Call		GSC		3/25/22	$	128.50		30,421
	222		28,291,125	U.S. Treasury 10-Year Note May Futures, Call		GSC		4/22/22	$	129.00		138,750

				Total Options on Futures							$	1,754,092

				TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received — $1,504,347)							$	1,754,092

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

At February 28, 2022, 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		Market Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
90-Day Eurodollar December Futures		842		12/22	$	207,995,503	$	206,868,875	$	(1,126,628	)
90-Day Eurodollar December Futures		367		12/23		90,683,250		89,781,962		(901,288	)
90-Day Eurodollar June Futures		89		6/23		22,081,145		21,784,975		(296,170	)
Australian Government 10-Year Bond March Futures		35		3/22		3,544,260		3,419,590		(124,670	)
Euro-OAT March Futures		24		3/22		4,452,189		4,259,505		(192,684	)
U.S. Treasury 2-Year Note June Futures		87		6/22		18,681,074		18,724,711		43,637
U.S. Treasury 5-Year Note June Futures		1,645		6/22		193,554,633		194,572,656		1,018,023
U.S. Treasury 10-Year Note June Futures		9		6/22		1,136,302		1,146,937		10,635
U.S. Treasury Ultra Long Bond June Futures		64		6/22		11,749,914		11,900,000		150,086

										(1,419,059	)

See Notes to Financial Statements.

189



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation/ (Depreciation)
Contracts to Sell:
3-Month Euro-Euribor June Futures		76		6/22	$	21,408,504	$	21,400,571	$	7,933
Euro-Bund March Futures		65		3/22		12,693,071		12,174,627		518,444
Japan Government 10-Year Bond March Futures		5		3/22		6,610,848		6,546,040		64,808
U.S. Treasury 2-Year Note June Futures		5		6/22		1,073,672		1,076,133		(2,461	)
U.S. Treasury 5-Year Note June Futures		7		6/22		828,101		827,969		132
U.S. Treasury 10-Year Note June Futures		431		6/22		54,523,918		54,925,562		(401,644	)
U.S. Treasury Long Bond June Futures		89		6/22		13,786,959		13,945,188		(158,229	)
U.S. Treasury Ultra Long Bond June Futures		16		6/22		2,949,387		2,975,000		(25,613	)
U.S. Ultra Long Bond June Futures		69		6/22		9,660,198		9,751,640		(91,442	)

										(88,072	)

Net Unrealized Depreciation on Open Exchange-Traded Futures Contracts									$	(1,507,131	)

At February 28, 2022, Core Fixed Income Fund had deposited cash of $7,631,946 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.

At February 28, 2022, 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		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Dollar		6,473,202		USD	4,641,260		CITI	$	4,704,632		4/19/22	$	63,372
Brazilian Real		174,640		USD	30,241		CITI		33,396		4/19/22		3,155
British Pound		1,655,489		USD	2,244,264		CITI		2,221,683		4/19/22		(22,581	)
Canadian Dollar		17,102,103		USD	13,479,649		CITI		13,492,741		4/19/22		13,092
Euro		330,000		USD	374,996		CITI		370,752		4/19/22		(4,244	)
Euro		350,000		USD	402,162		CITI		393,222		4/19/22		(8,940	)
Indonesian Rupiah		23,436,280,400		USD	1,616,128		CITI		1,625,787		4/19/22		9,659
Japanese Yen		521,992,622		USD	4,511,511		CITI		4,545,817		4/19/22		34,306
Russian Ruble		392,836,970		USD	5,113,633		CITI		3,476,033		4/19/22		(1,637,600	)
South African Rand		8,680,000		USD	544,422		CITI		561,016		4/19/22		16,594

													(1,533,187	)

Contracts to Sell:
Chinese Offshore Renminbi		14,290,752		USD	2,245,707		CITI		2,254,267		4/19/22		(8,560	)
Euro		909,627		USD	1,029,480		CITI		1,021,957		4/19/22		7,523
Japanese Yen		485,000,000		USD	4,272,571		GSC		4,219,397		3/7/22		53,174
Mexican Peso		24,890,000		USD	1,187,443		CITI		1,204,887		4/19/22		(17,444	)
Mexican Peso		18,500,000		USD	889,051		CITI		895,557		4/19/22		(6,506	)
Mexican Peso		140,000		USD	6,728		CITI		6,777		4/19/22		(49	)
Mexican Peso		6,912,905		USD	332,053		CITI		334,643		4/19/22		(2,590	)
Russian Ruble		138,986,597		USD	1,799,668		CITI		1,229,828		4/19/22		569,840

													595,388

Net Unrealized Depreciation on Open Forward Foreign Currency Contracts												$	(937,799	)

See Notes to Financial Statements.

190



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

At February 28, 2022, Core Fixed Income Fund held the following OTC Interest Rate Swap Contracts:


Pay Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Counterparty		Notional Amount		Market Value			Upfront Payment Paid		Unrealized Depreciation
Pay	3-Month BRL-CDI-Compounded		7.024%		1/4/27		CITI	BRL	18,325,000	$	(272,692	)	$	7,443	$	(280,135	)

At February 28, 2022, Core Fixed Income Fund held the following Centrally Cleared Interest Rate Swap Contracts:


Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency		Notional Amount			Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Receive	3-Month USD-LIBOR		0.450%		5/15/27		6-Month		USD	3,581,000	$	243,199		$	(18,214	)	$	261,413
Receive	3-Month USD-LIBOR		1.250%		2/15/28		6-Month		USD	5,730,000		192,181			5,733			186,448
Receive	3-Month USD-LIBOR		1.350%		2/15/28		6-Month		USD	10,365,000		288,306			(37,165	)		325,471
Receive	3-Month USD-LIBOR		1.630%		2/15/47		6-Month		USD	263,000		18,849			(2,889	)		21,738
Receive	3-Month USD-LIBOR		1.671%		7/9/51		6-Month		USD	1,672,000		105,153			(7,118	)		112,271
Receive	3-Month USD-LIBOR		2.000%		6/3/51		6-Month		USD	85,000		(1,264	)		90			(1,354	)
Receive	Secured Overnight Financing Rate		1.130%		8/15/28		12-Month		USD	15,832,000		420,553			89,227			331,326
Receive	Secured Overnight Financing Rate		1.520%		2/15/47		12-Month		USD	5,749,000		221,178			25,203			195,975
Receive	Secured Overnight Financing Rate		1.630%		5/15/47		12-Month		USD	6,870,000		120,830			306,223			(185,393	)
Receive	Secured Overnight Financing Rate		1.729%		2/15/47		12-Month		USD	1,505,000		(6,428	)		—			(6,428	)
Receive	Secured Overnight Financing Rate		1.733%		10/20/31		12-Month		USD	4,090,000		(342	)		16,150			(16,492	)
Receive	U.S. Federal Funds Effective Rate Index		0.560%		7/20/45		12-Month		USD	730,000		161,299			—			161,299

											$	1,763,514		$	377,240		$	1,386,274

At February 28, 2022, Core 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			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	1-Year United States Consumer Price Index for All Urban Consumers		0.028%		10/20/31		USD	4,090,000	$	(154,519	)	$	3,529		$	(158,048	)
Receive	1-Year United States Consumer Price Index for All Urban Consumers		0.030%		10/20/26		USD	4,090,000		147,071			(2,141	)		149,212

									$	(7,448	)	$	1,388		$	(8,836	)

At February 28, 2022, Core Fixed Income Fund held the following Centrally Cleared Credit Default Swap Contract:

Centrally Cleared — Credit Default Swaps on Indexes — Buy Protection (1)


Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Payment Frequency		Implied Credit Spread at 2/28/22 (2)			Notional Amount (3)			Market Value			Upfront Payment (Received)			Unrealized Appreciation
Markit CDX North America High Yield Series 37 5-Year Index, NR		(5.000	)%		12/20/26		3-Month		3.636	%		USD	1,030,000	$	(68,628	)	$	(99,782	)	$	31,154

(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.

See Notes to Financial Statements.

191



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

(2)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as ‘‘Defaulted’’ indicates a credit event has occurred for the referenced entity or obligation.

(3)	The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

At February 28, 2022, Core Fixed Income Fund deposited cash collateral with brokers in the amount of $1,493,405 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
BRL	— Brazilian Real	CITI	— Citigroup Global Markets Inc.
EUR	— Euro	GSC	— Goldman Sachs & Co.
GBP	— British Pound
IDR	— Indonesian Rupiah
JPY	— Japanese Yen
MXN	— Mexican Peso
RUB	— Russian Ruble
USD	— United States Dollar

See pages 275-276 for definitions of ratings.

See Notes to Financial Statements.

192



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount†		Rating††	Security	Value

	CORPORATE BONDS & NOTES — 88.6%

	Advertising — 0.2%
$	300,000	CCC	Clear Channel Outdoor Holdings Inc., Company Guaranteed Notes, 7.500% due 6/1/29(a)	$	311,480


	Aerospace/Defense — 0.6%
	391,000	BB	Moog Inc., Company Guaranteed Notes, 4.250% due 12/15/27(a)		383,982
	495,000	B	Spirit AeroSystems Inc., Secured Notes, 7.500% due 4/15/25(a)		514,057
	280,000	B-	TransDigm Inc., Company Guaranteed Notes, 4.625% due 1/15/29		265,501

			Total Aerospace/Defense		1,163,540


	Agriculture — 0.0%
	50,000	B-	Vector Group Ltd., Company Guaranteed Notes, 10.500% due 11/1/26(a)		51,421


	Airlines — 2.7%
	170,000	BB-	Air Canada, Senior Secured Notes, 3.875% due 8/15/26(a)		165,560
	350,000	CCC	American Airlines Group Inc., Company Guaranteed Notes, 3.750% due 3/1/25(a)		326,375
	886,000	B	American Airlines Inc., Senior Secured Notes, 11.750% due 7/15/25(a)		1,076,756
			American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes:
	118,000	Ba2(b)	5.500% due 4/20/26(a)		120,950
	301,000	Ba2(b)	5.750% due 4/20/29(a)		308,299
	120,000	BBB-	Delta Air Lines Inc., Senior Secured Notes, 7.000% due 5/1/25(a)		133,480
	370,000	Baa1(b)	Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes, 4.750% due 10/20/28(a)		386,539
	269,000	Ba3(b)	Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., Senior Secured Notes, 5.750% due 1/20/26(a)		272,680
	490,000	Baa3(b)	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes, 6.500% due 6/20/27(a)		517,504
	370,000	NR	Spirit Airlines Inc., Senior Unsecured Notes, 1.000% due 5/15/26		344,470
	312,747	Ba2(b)	Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes, 8.000% due 9/20/25(a)		340,269
	181,440	BBB-	United Airlines Class B Pass Through Trust, Pass-Thru Certificates, 4.875% due 1/15/26		185,526
			United Airlines Inc., Senior Secured Notes:
	423,000	BB-	4.375% due 4/15/26(a)		423,745
	512,000	BB-	4.625% due 4/15/29(a)		499,556

			Total Airlines		5,101,709


	Auto Manufacturers — 2.0%
			Ford Motor Co., Senior Unsecured Notes:
	200,000	BB+	9.000% due 4/22/25		232,125
	190,000	BB+	3.250% due 2/12/32		179,484
	1,141,000	BB+	4.750% due 1/15/43		1,105,024
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	300,000	BB+	4.542% due 8/1/26		309,405
	300,000	BB+	2.900% due 2/16/28		284,609
	320,000	BB+	5.113% due 5/3/29		337,870
	550,000	BB+	4.000% due 11/13/30		546,524
	500,000	B+	JB Poindexter & Co., Inc., Senior Unsecured Notes, 7.125% due 4/15/26(a)		519,500
	295,000	B-	PM General Purchaser LLC, Senior Secured Notes, 9.500% due 10/1/28(a)		282,747

			Total Auto Manufacturers		3,797,288


	Auto Parts & Equipment — 1.0%
			American Axle & Manufacturing Inc., Company Guaranteed Notes:
	330,000	B+	6.500% due 4/1/27		337,755
	540,000	B+	5.000% due 10/1/29		513,130
	690,000	CCC	Dornoch Debt Merger Sub Inc., Senior Unsecured Notes, 6.625% due 10/15/29(a)		640,837
	302,000	B-	Titan International Inc., Senior Secured Notes, 7.000% due 4/30/28		312,570

			Total Auto Parts & Equipment		1,804,292

See Notes to Financial Statements.

193



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount†		Rating††	Security	Value

	Banks — 0.9%
$	230,000	B+	Barclays PLC, Junior Subordinated Notes, 8.000% (5-Year CMT Index + 5.672%)(c)(d)	$	245,812
	200,000	BBB-	Credit Agricole SA, Junior Subordinated Notes, 8.125% (5-Year USD Swap Rate + 6.185%)(a)(c)(d)		225,875
			Credit Suisse Group AG, Junior Subordinated Notes:
	230,000	BB-	6.375% (5-Year CMT Index + 4.822%)(a)(c)(d)		232,013
	200,000	BB-	7.500% (5-Year USD Swap Rate + 4.600%)(a)(c)(d)		204,010
	360,000	BB+	Intesa Sanpaolo SpA, Subordinated Notes, 4.198% (1-Year CMT Index + 2.600%) due 6/1/32(a)(c)		325,873
	520,000	BB+	UniCredit SpA, Subordinated Notes, 5.459% (5-Year CMT Index + 4.750%) due 6/30/35(a)(c)		518,494

			Total Banks		1,752,077


	Beverages — 0.1%
	268,000	CCC+	Triton Water Holdings Inc., Senior Unsecured Notes, 6.250% due 4/1/29(a)		247,415


	Biotechnology — 0.1%
	270,000	NR	Halozyme Therapeutics Inc., Senior Unsecured Notes, 0.250% due 3/1/27(a)		235,575


	Building Materials — 1.2%
	190,000	B-	Cornerstone Building Brands Inc., Company Guaranteed Notes, 6.125% due 1/15/29(a)		182,146
	194,000	CCC	CP Atlas Buyer Inc., Senior Unsecured Notes, 7.000% due 12/1/28(a)		175,153
	190,000	B	MIWD Holdco II LLC/MIWD Finance Corp., Company Guaranteed Notes, 5.500% due 2/1/30(a)		181,413
	570,000	B+	PGT Innovations Inc., Company Guaranteed Notes, 4.375% due 10/1/29(a)		536,347
	320,000	B+	SRM Escrow Issuer LLC, Senior Secured Notes, 6.000% due 11/1/28(a)		319,632
			Standard Industries Inc., Senior Unsecured Notes:
	252,000	BB	5.000% due 2/15/27(a)		253,886
	248,000	BB	4.375% due 7/15/30(a)		235,190
	380,000	BB	Summit Materials LLC/Summit Materials Finance Corp., Company Guaranteed Notes, 5.250% due 1/15/29(a)		381,921

			Total Building Materials		2,265,688


	Chemicals — 0.9%
	471,000	B+	Consolidated Energy Finance SA, Company Guaranteed Notes, 5.625% due 10/15/28(a)		435,934
	240,000	B-	LSF11 A5 HoldCo LLC, Senior Unsecured Notes, 6.625% due 10/15/29(a)		227,400
	451,000	BB	Methanex Corp., Senior Unsecured Notes, 5.125% due 10/15/27		458,633
	300,000	BB-	Minerals Technologies Inc., Company Guaranteed Notes, 5.000% due 7/1/28(a)		295,361
	290,000	BB+	Olin Corp., Senior Unsecured Notes, 5.000% due 2/1/30		292,684
	36,000	B	Trinseo Materials Operating SCA/Trinseo Materials Finance Inc., Company Guaranteed Notes, 5.125% due 4/1/29(a)		34,152

			Total Chemicals		1,744,164


	Coal — 0.5%
	516,000	BB	SunCoke Energy Inc., Senior Secured Notes, 4.875% due 6/30/29(a)		495,742
	375,000	BB	Warrior Met Coal Inc., Senior Secured Notes, 7.875% due 12/1/28(a)		392,370

			Total Coal		888,112


	Commercial Services — 7.8%
	290,000	BB-	ADT Security Corp. (The), Senior Secured Notes, 4.125% due 8/1/29(a)		273,921
	300,000	BB-	Adtalem Global Education Inc., Senior Secured Notes, 5.500% due 3/1/28(a)		268,907
	290,000	CCC-	Ahern Rentals Inc., Secured Notes, 7.375% due 5/15/23(a)		262,450
			Allied Universal Holdco LLC/Allied Universal Finance Corp.:
	170,000	B	Senior Secured Notes, 6.625% due 7/15/26(a)		174,301
	545,000	CCC+	Senior Unsecured Notes, 6.000% due 6/1/29(a)		507,526
			Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, Senior Secured Notes:
	640,000	B	4.625% due 6/1/28(a)		605,224

See Notes to Financial Statements.

194



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount†		Rating††	Security	Value

	Commercial Services — 7.8% — (continued)
$	288,000	B-	Alta Equipment Group Inc., Secured Notes, 5.625% due 4/15/26(a)	$	286,858
	505,000	CCC	APX Group Inc., Company Guaranteed Notes, 5.750% due 7/15/29(a)		453,533
	240,000	BB	Block Inc., Senior Unsecured Notes, 3.500% due 6/1/31(a)		225,739
	500,000	BB-	Brink’s Co. (The), Company Guaranteed Notes, 4.625% due 10/15/27(a)		488,845
	290,000	B+	Carriage Services Inc., Company Guaranteed Notes, 4.250% due 5/15/29(a)		274,043
	90,000	NR	Chegg Inc., Senior Unsecured Notes, zero coupon due 9/1/26		73,800
			CoreCivic Inc., Company Guaranteed Notes:
	80,000	BB-	4.625% due 5/1/23		80,119
	520,000	BB-	8.250% due 4/15/26		528,785
	455,000	B-	Deluxe Corp., Company Guaranteed Notes, 8.000% due 6/1/29(a)		466,989
			Garda World Security Corp.:
	318,000	B	Senior Secured Notes, 4.625% due 2/15/27(a)		308,568
	401,000	CCC+	Senior Unsecured Notes, 6.000% due 6/1/29(a)		364,379
	350,000	BB+	Gartner Inc., Company Guaranteed Notes, 3.625% due 6/15/29(a)		340,197
	464,000	B	Hertz Corp. (The), Company Guaranteed Notes, 5.000% due 12/1/29(a)		433,406
	355,000	BB	Korn Ferry, Company Guaranteed Notes, 4.625% due 12/15/27(a)		350,272
	349,000	B3(b)	Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer Inc., Senior Secured Notes, 5.000% due 2/1/26(a)		342,369
	505,000	CCC	Metis Merger Sub LLC, Senior Unsecured Notes, 6.500% due 5/15/29(a)		470,296
	465,000	B	MoneyGram International Inc., Senior Secured Notes, 5.375% due 8/1/26(a)		486,041
	1,166,000	B-	MPH Acquisition Holdings LLC, Company Guaranteed Notes, 5.750% due 11/1/28(a)		1,053,609
	396,000	BB	Nielsen Finance LLC/Nielsen Finance Co., Company Guaranteed Notes, 5.875% due 10/1/30(a)		380,916
	860,000	B	Paysafe Finance PLC/Paysafe Holdings US Corp., Senior Secured Notes, 4.000% due 6/15/29(a)		749,374
			Prime Security Services Borrower LLC/Prime Finance Inc.:
	840,000	B-	Secured Notes, 6.250% due 1/15/28(a)		811,604
	515,000	BB-	Senior Secured Notes, 3.375% due 8/31/27(a)		477,187
	469,000	BB-	PROG Holdings Inc., Company Guaranteed Notes, 6.000% due 11/15/29(a)		451,143
	562,000	B	Rent-A-Center Inc., Company Guaranteed Notes, 6.375% due 2/15/29(a)		538,820
	400,000	B+	Sotheby’s, Senior Secured Notes, 7.375% due 10/15/27(a)		417,000
	260,000	B+	Sotheby’s/Bidfair Holdings Inc., Senior Secured Notes, 5.875% due 6/1/29(a)		257,725
	342,000	CCC+	StoneMor Inc., Senior Secured Notes, 8.500% due 5/15/29(a)		345,237
	60,000	B+	Terminix Co. LLC (The), Senior Unsecured Notes, 7.450% due 8/15/27		70,423
	425,000	BB	TriNet Group Inc., Company Guaranteed Notes, 3.500% due 3/1/29(a)		400,475
	430,000	BB	United Rentals North America Inc., Company Guaranteed Notes, 5.250% due 1/15/30		447,959
	165,000	BB-	WW International Inc., Senior Secured Notes, 4.500% due 4/15/29(a)		138,901
	150,000	BB-	ZipRecruiter Inc., Senior Unsecured Notes, 5.000% due 1/15/30(a)		147,909

			Total Commercial Services		14,754,850


	Computers — 0.9%
	505,000	CCC+	Ahead DB Holdings LLC, Company Guaranteed Notes, 6.625% due 5/1/28(a)		475,263
	200,000	B1(b)	CA Magnum Holdings, Senior Secured Notes, 5.375% due 10/31/26(a)		200,750
	520,000	CCC+	Condor Merger Sub Inc., Senior Unsecured Notes, 7.375% due 2/15/30(a)		502,780
	200,000	B+	NCR Corp., Company Guaranteed Notes, 5.125% due 4/15/29(a)		197,021
	330,000	B-	Vericast Corp., Senior Secured Notes, 11.000% due 9/15/26(a)		337,425

			Total Computers		1,713,239


	Cosmetics/Personal Care — 0.3%
	665,000	BB	Edgewell Personal Care Co., Company Guaranteed Notes, 4.125% due 4/1/29(a)		625,609


	Distribution/Wholesale — 0.6%
	113,566	NR	American News Co. LLC, Secured Notes, 8.500% (8.500% cash or 10.000% PIK) due 9/1/26(a)(e)		131,430
	753,000	BB-	H&E Equipment Services Inc., Company Guaranteed Notes, 3.875% due 12/15/28(a)		705,625
	190,000	(P)BB	Ritchie Bros Holdings Inc., Company Guaranteed Notes, 4.750% due 12/15/31(a)		189,078

			Total Distribution/Wholesale		1,026,133

See Notes to Financial Statements.

195



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount†		Rating††	Security	Value

	Diversified Financial Services — 4.8%
$	300,000	NR	Accelerate360 Holdings LLC, Secured Notes, 8.000% due 3/1/28(a)	$	308,223
	160,000	BBB	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes, 3.300% due 1/30/32		152,047
	90,000	NR	Alliance Data Systems Corp., Company Guaranteed Notes, 4.750% due 12/15/24(a)		89,877
	500,000	CCC	Aretec Escrow Issuer Inc., Senior Unsecured Notes, 7.500% due 4/1/29(a)		496,038
	724,000	BB-	Burford Capital Global Finance LLC, Company Guaranteed Notes, 6.250% due 4/15/28(a)		751,139
	652,000	B-	Cobra AcquisitionCo LLC, Company Guaranteed Notes, 6.375% due 11/1/29(a)		598,233
	250,000	BB+	Coinbase Global Inc., Company Guaranteed Notes, 3.625% due 10/1/31(a)		220,625
	500,000	BB	Credit Acceptance Corp., Company Guaranteed Notes, 6.625% due 3/15/26(a)		516,267
	508,000	CCC+	Curo Group Holdings Corp., Senior Secured Notes, 7.500% due 8/1/28(a)		451,767
	348,000	Ba2(b)	Enact Holdings Inc., Senior Unsecured Notes, 6.500% due 8/15/25(a)		360,598
	400,000	B-	Enova International Inc., Company Guaranteed Notes, 8.500% due 9/15/25(a)		398,710
	1,078,721	B1(b)	Global Aircraft Leasing Co., Ltd., Senior Unsecured Notes, 6.500% (6.500% cash or 7.250% PIK) due 9/15/24(a)(e)		1,026,592
	256,000	BB-	goeasy Ltd., Company Guaranteed Notes, 4.375% due 5/1/26(a)		251,666
	150,000	BB-	Jane Street Group/JSG Finance Inc., Senior Secured Notes, 4.500% due 11/15/29(a)		146,530
			LD Holdings Group LLC, Company Guaranteed Notes:
	350,000	B+	6.500% due 11/1/25(a)		333,119
	270,000	B+	6.125% due 4/1/28(a)		241,294
	396,000	B1(b)	LFS Topco LLC, Company Guaranteed Notes, 5.875% due 10/15/26(a)		396,036
			Midcap Financial Issuer Trust, Senior Unsecured Notes:
	300,000	B+	6.500% due 5/1/28(a)		292,743
	210,000	B+	5.625% due 1/15/30(a)		192,012
	523,000	B	NFP Corp., Senior Secured Notes, 4.875% due 8/15/28(a)		500,069
			Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer Inc., Company Guaranteed Notes:
	375,000	BB+	3.625% due 3/1/29(a)		351,821
	660,000	BB+	3.875% due 3/1/31(a)		618,955
	127,000	BB-	StoneX Group Inc., Senior Secured Notes, 8.625% due 6/15/25(a)		133,194
	310,000	B-	VistaJet Malta Finance PLC/XO Management Holding Inc., Senior Unsecured Notes, 6.375% due 2/1/30(a)		295,591

			Total Diversified Financial Services		9,123,146


	Electric — 1.5%
	398,000	B+	Calpine Corp., Senior Unsecured Notes, 5.000% due 2/1/31(a)		369,065
	115,000	BB	Clearway Energy Operating LLC, Company Guaranteed Notes, 3.750% due 1/15/32(a)		107,689
	352,000	BB	NextEra Energy Operating Partners LP, Company Guaranteed Notes, 4.500% due 9/15/27(a)		354,335
			NRG Energy Inc., Company Guaranteed Notes:
	255,000	BB+	5.750% due 1/15/28		261,054
	230,000	BB+	3.625% due 2/15/31(a)		211,854
	520,000	BB-	Pattern Energy Operations LP/Pattern Energy Operations Inc., Company Guaranteed Notes, 4.500% due 8/15/28(a)		508,648
			Talen Energy Supply LLC, Senior Secured Notes:
	40,000	B	7.250% due 5/15/27(a)		35,673
	410,000	B	6.625% due 1/15/28(a)		356,358
	508,000	BBB-	Vistra Operations Co. LLC, Senior Secured Notes, 4.300% due 7/15/29(a)		515,039

			Total Electric		2,719,715


	Electrical Components & Equipment — 0.4%
	527,000	B	Energizer Holdings Inc., Company Guaranteed Notes, 4.375% due 3/31/29(a)		476,276
	360,000	BB+	EnerSys, Company Guaranteed Notes, 4.375% due 12/15/27(a)		357,748

			Total Electrical Components & Equipment		834,024


	Electronics — 0.6%
	481,000	BB-	Imola Merger Corp., Senior Secured Notes, 4.750% due 5/15/29(a)		467,272
	310,000	BB+	Sensata Technologies BV, Company Guaranteed Notes, 4.000% due 4/15/29(a)		298,144
	475,000	BB-	TTM Technologies Inc., Company Guaranteed Notes, 4.000% due 3/1/29(a)		438,993

			Total Electronics		1,204,409

See Notes to Financial Statements.

196



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount†		Rating††	Security	Value

	Energy — Alternate Sources — 0.2%
$	470,000	B-	Sunnova Energy Corp., Company Guaranteed Notes, 5.875% due 9/1/26(a)	$	430,959


	Engineering & Construction — 0.5%
	282,000	B	Brundage-Bone Concrete Pumping Holdings Inc., Secured Notes, 6.000% due 2/1/26(a)		279,197
	240,000	BB+	TopBuild Corp., Company Guaranteed Notes, 3.625% due 3/15/29(a)		225,497
	499,000	B-	VM Consolidated Inc., Company Guaranteed Notes, 5.500% due 4/15/29(a)		490,993

			Total Engineering & Construction		995,687


	Entertainment — 2.8%
	748,000	B-	Allen Media LLC/Allen Media Co.-Issuer Inc., Company Guaranteed Notes, 10.500% due 2/15/28(a)		744,410
	470,000	CCC-	AMC Entertainment Holdings Inc., Secured Notes, 10.000% due 6/15/26(a)		435,568
	400,000	B	Banijay Entertainment SASU, Senior Secured Notes, 5.375% due 3/1/25(a)		396,400
	234,000	B	Boyne USA Inc., Senior Unsecured Notes, 4.750% due 5/15/29(a)		231,919
			Caesars Entertainment Inc.:
	471,000	B	Senior Secured Notes, 6.250% due 7/1/25(a)		488,740
	310,000	CCC+	Senior Unsecured Notes, 4.625% due 10/15/29(a)		295,368
	265,000	B	Cinemark USA Inc., Company Guaranteed Notes, 5.875% due 3/15/26(a)		261,290
	250,000	NR	DraftKings Inc., Senior Unsecured Notes, zero coupon due 3/15/28(a)		189,625
			Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., Company Guaranteed Notes:
	282,000	CCC+	5.625% due 9/1/29(a)		256,187
	282,000	CCC+	5.875% due 9/1/31(a)		254,162
	475,000	B	Scientific Games Holdings LP/Scientific Games US FinCo Inc., Senior Unsecured Notes, 6.625% due 3/1/30(a)		471,590
			SeaWorld Parks & Entertainment Inc.:
	430,000	B-	Company Guaranteed Notes, 5.250% due 8/15/29(a)		418,841
	375,000	BB-	Senior Secured Notes, 8.750% due 5/1/25(a)		394,479
	167,000	BB-	Speedway Motorsports LLC/Speedway Funding II Inc., Senior Unsecured Notes, 4.875% due 11/1/27(a)		163,896
	238,000	B+	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Unsecured Notes, 7.750% due 4/15/25(a)		248,733

			Total Entertainment		5,251,208


	Environmental Control — 0.6%
			Covanta Holding Corp., Company Guaranteed Notes:
	379,000	B	4.875% due 12/1/29(a)		363,133
	253,000	B	5.000% due 9/1/30		243,436
	512,000	B+	Harsco Corp., Company Guaranteed Notes, 5.750% due 7/31/27(a)		504,942

			Total Environmental Control		1,111,511


	Food — 2.1%
	400,000	BB	Albertsons Cos Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Company Guaranteed Notes, 5.875% due 2/15/28(a)		414,052
	600,000	B	C&S Group Enterprises LLC, Company Guaranteed Notes, 5.000% due 12/15/28(a)		522,654
			Kraft Heinz Foods Co., Company Guaranteed Notes:
	40,000	BB+	5.000% due 6/4/42		44,150
	40,000	BB+	5.200% due 7/15/45		45,333
	619,000	BB+	4.375% due 6/1/46		634,475
	200,000	BB+	5.500% due 6/1/50		240,500
	425,000	BB	Land O’Lakes Capital Trust I, Limited Guaranteed Notes, 7.450% due 3/15/28(a)		478,401
	510,000	B+	Performance Food Group Inc., Company Guaranteed Notes, 5.500% due 10/15/27(a)		519,603
	373,000	B+	Post Holdings Inc., Company Guaranteed Notes, 4.625% due 4/15/30(a)		351,980
	847,000	B	Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed, Secured Notes, 4.625% due 3/1/29(a)		785,631

			Total Food		4,036,779

See Notes to Financial Statements.

197



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount†		Rating††	Security	Value

	Forest Products & Paper — 0.3%
$	355,000	BB	Glatfelter Corp., Company Guaranteed Notes, 4.750% due 11/15/29(a)	$	337,016
	245,000	BB	Sylvamo Corp., Company Guaranteed Notes, 7.000% due 9/1/29(a)		245,845

			Total Forest Products & Paper		582,861


	Healthcare — Products — 0.6%
			Mozart Debt Merger Sub Inc.:
	480,000	B+	Senior Secured Notes, 3.875% due 4/1/29(a)		453,703
	770,000	B-	Senior Unsecured Notes, 5.250% due 10/1/29(a)		736,428

			Total Healthcare — Products		1,190,131


	Healthcare — Services — 2.7%
	505,000	B	Acadia Healthcare Co., Inc., Company Guaranteed Notes, 5.000% due 4/15/29(a)		499,326
	150,000	B-	Akumin Inc., Senior Secured Notes, 7.000% due 11/1/25(a)		131,130
	190,000	CCC+	Cano Health LLC, Company Guaranteed Notes, 6.250% due 10/1/28(a)		168,894
	10,000	BBB-	Centene Corp., Senior Unsecured Notes, 3.375% due 2/15/30		9,610
			CHS/Community Health Systems Inc.:
			Secured Notes:
	208,000	CCC	6.875% due 4/15/29(a)		201,933
	442,000	CCC	6.125% due 4/1/30(a)		411,608
	450,000	B	Senior Secured Notes, 5.625% due 3/15/27(a)		451,604
	340,000	B+	DaVita Inc., Company Guaranteed Notes, 4.625% due 6/1/30(a)		326,959
			HCA Inc., Company Guaranteed Notes:
	675,000	BB-	3.500% due 9/1/30		669,263
	230,000	BB-	7.500% due 11/6/33		300,894
	110,000	BB-	7.500% due 11/15/95		138,050
	343,000	B	Legacy LifePoint Health LLC, Senior Secured Notes, 4.375% due 2/15/27(a)		325,440
	160,000	CCC	Radiology Partners Inc., Company Guaranteed Notes, 9.250% due 2/1/28(a)		159,874
	110,000	CCC+	RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., Company Guaranteed Notes, 9.750% due 12/1/26(a)		115,489
	56,000	B-	Select Medical Corp., Company Guaranteed Notes, 6.250% due 8/15/26(a)		56,266
			Tenet Healthcare Corp., Senior Secured Notes:
	342,000	B+	4.875% due 1/1/26(a)		343,313
	360,000	B+	4.625% due 6/15/28(a)		352,383
	320,000	CCC	US Renal Care Inc., Senior Unsecured Notes, 10.625% due 7/15/27(a)		318,923

			Total Healthcare — Services		4,980,959


	Home Builders — 0.7%
	282,000	B-	Empire Communities Corp., Senior Unsecured Notes, 7.000% due 12/15/25(a)		279,462
			Forestar Group Inc., Company Guaranteed Notes:
	180,000	BB-	3.850% due 5/15/26(a)		170,774
	180,000	BB-	5.000% due 3/1/28(a)		173,989
	225,000	B+	Installed Building Products Inc., Company Guaranteed Notes, 5.750% due 2/1/28(a)		225,869
	400,000	BB	Mattamy Group Corp., Senior Unsecured Notes, 5.250% due 12/15/27(a)		402,004

			Total Home Builders		1,252,098


	Insurance — 0.9%
	400,000	B-	AmWINS Group Inc., Senior Unsecured Notes, 4.875% due 6/30/29(a)		381,502
	448,006	BB+	Highlands Holdings Bonds Issuer Ltd./Highlands Holdings Bonds Co.-Issuer Inc., Senior Secured Notes, (7.625% cash or 8.375% PIK), due 10/15/25(a)(e)		463,744
	282,000	BB	NMI Holdings Inc., Senior Secured Notes, 7.375% due 6/1/25(a)		303,469
	516,000	BB-	Ryan Specialty Group LLC, Senior Secured Notes, 4.375% due 2/1/30(a)		497,414

			Total Insurance		1,646,129


	Internet — 1.1%
	310,000	B	Acuris Finance US Inc./Acuris Finance SARL, Senior Secured Notes, 5.000% due 5/1/28(a)		288,486
	120,000	B	Arches Buyer Inc., Senior Secured Notes, 4.250% due 6/1/28(a)		113,765

See Notes to Financial Statements.

198



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount†		Rating††	Security	Value

	Internet — 1.1% — (continued)
$	300,000	B	GrubHub Holdings Inc., Company Guaranteed Notes, 5.500% due 7/1/27(a)	$	268,226
	720,000	B	ION Trading Technologies Sarl, Senior Secured Notes, 5.750% due 5/15/28(a)		708,253
			Match Group Holdings II LLC, Senior Unsecured Notes:
	200,000	BB	4.625% due 6/1/28(a)		200,946
	210,000	BB	3.625% due 10/1/31(a)		196,144
	200,000	B-	Photo Holdings Merger Sub Inc., Senior Secured Notes, 8.500% due 10/1/26(a)		198,976
	50,000	NR	Twitter Inc., Senior Unsecured Notes, zero coupon due 3/15/26(a)		43,325

			Total Internet		2,018,121


	Investment Companies — 0.1%
	180,000	B+	Compass Group Diversified Holdings LLC, Company Guaranteed Notes, 5.250% due 4/15/29(a)		174,209


	Iron/Steel — 1.1%
			Allegheny Technologies Inc., Senior Unsecured Notes:
	177,000	B	4.875% due 10/1/29		171,468
	340,000	B	5.125% due 10/1/31		331,026
			Cleveland-Cliffs Inc.:
	238,000	Ba3(b)	Company Guaranteed Notes, 4.625% due 3/1/29(a)		230,061
	294,000	B-	Senior Unsecured Notes, 6.250% due 10/1/40		297,502
	500,000	BB+	Commercial Metals Co., Senior Unsecured Notes, 3.875% due 2/15/31		468,600
	475,000	Ba3(b)	Mineral Resources Ltd., Senior Unsecured Notes, 8.125% due 5/1/27(a)		500,828

			Total Iron/Steel		1,999,485


	Leisure Time — 3.4%
			Carnival Corp.:
	455,000	B	Company Guaranteed Notes, 6.000% due 5/1/29(a)		439,714
	830,000	B	Senior Unsecured Notes, 5.750% due 3/1/27(a)		808,250
	40,000	NR	Liberty TripAdvisor Holdings Inc., Senior Unsecured Notes, 0.500% due 6/30/51(a)		32,365
	271,000	B-	Lindblad Expeditions LLC, Senior Secured Notes, 6.750% due 2/15/27(a)		272,673
			NCL Corp., Ltd.:
			Company Guaranteed Notes:
	308,000	B-	5.875% due 3/15/26(a)		298,298
	50,000	NR	2.500% due 2/15/27(a)		46,425
	280,000	B+	Senior Secured Notes, 5.875% due 2/15/27(a)		280,175
			Senior Unsecured Notes:
	818,000	B-	3.625% due 12/15/24(a)		767,910
	482,000	B-	7.750% due 2/15/29(a)		497,058
			Royal Caribbean Cruises Ltd., Senior Unsecured Notes:
	500,000	B	4.250% due 7/1/26(a)		474,292
	472,000	B	5.500% due 4/1/28(a)		463,171
			Viking Cruises Ltd.:
	194,000	CCC	Company Guaranteed Notes, 5.875% due 9/15/27(a)		181,132
	429,000	CCC+	Senior Secured Notes, 13.000% due 5/15/25(a)		477,308
	709,000	CCC	Senior Unsecured Notes, 7.000% due 2/15/29(a)		671,076
	666,000	B	VOC Escrow Ltd., Senior Secured Notes, 5.000% due 2/15/28(a)		635,151

			Total Leisure Time		6,344,998


	Lodging — 2.1%
	350,000	B-	Full House Resorts Inc., Senior Secured Notes, 8.250% due 2/15/28(a)		351,447
			Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc:
	430,000	B-	Company Guaranteed Notes, 4.875% due 7/1/31(a)		408,924
	191,000	B-	Senior Unsecured Notes, 5.000% due 6/1/29(a)		187,468
	675,000	BB-	Melco Resorts Finance Ltd., Senior Unsecured Notes, 5.375% due 12/4/29(a)		586,980
			Sands China Ltd., Senior Unsecured Notes:
	200,000	BB+	3.800% due 1/8/26		191,556
	400,000	BB+	3.250% due 8/8/31(a)		326,000

See Notes to Financial Statements.

199



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount†		Rating††	Security	Value

	Lodging — 2.1% — (continued)
$	486,000	BB-	Travel + Leisure Co., Senior Secured Notes, 6.000% due 4/1/27	$	508,652
			Wynn Macau Ltd., Senior Unsecured Notes:
	645,000	B+	5.625% due 8/26/28(a)		562,634
	930,000	B+	5.125% due 12/15/29(a)		790,500

			Total Lodging		3,914,161


	Machinery — Construction & Mining — 0.2%
	340,000	BB-	Vertiv Group Corp., Senior Secured Notes, 4.125% due 11/15/28(a)		312,411


	Machinery — Diversified — 0.1%
	128,000	B+	ATS Automation Tooling Systems Inc., Company Guaranteed Notes, 4.125% due 12/15/28(a)		123,516


	Media — 6.4%
			Altice Financing SA, Senior Secured Notes:
	1,000,000	B	5.000% due 1/15/28(a)		902,190
	400,000	B	5.750% due 8/15/29(a)		364,996
	525,000	BB-	Block Communications Inc., Company Guaranteed Notes, 4.875% due 3/1/28(a)		511,316
			CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
	838,000	BB	4.750% due 3/1/30(a)		822,719
	240,000	BB	4.500% due 8/15/30(a)		230,206
	240,000	BB	4.750% due 2/1/32(a)		233,332
	570,000	BB	4.500% due 5/1/32		541,377
			CSC Holdings LLC:
			Company Guaranteed Notes:
	340,000	BB	5.375% due 2/1/28(a)		331,500
	340,000	BB	4.500% due 11/15/31(a)		309,876
			Senior Unsecured Notes:
	1,145,000	B+	5.750% due 1/15/30(a)		1,011,192
	265,000	B+	4.625% due 12/1/30(a)		221,139
	470,000	BB	Directv Financing LLC/Directv Financing Co.-Obligor Inc., Senior Secured Notes, 5.875% due 8/15/27(a)		470,747
			DISH DBS Corp.:
	1,320,000	B-	Company Guaranteed Notes, 7.750% due 7/1/26		1,338,275
	410,000	B+	Senior Secured Notes, 5.750% due 12/1/28(a)		393,221
	65,000	CCC	DISH Network Corp., Senior Unsecured Notes, 3.375% due 8/15/26		59,117
	280,000	B1(b)	Gannett Holdings LLC, Senior Secured Notes, 6.000% due 11/1/26(a)		278,376
	330,000	B	Gray Television Inc., Company Guaranteed Notes, 4.750% due 10/15/30(a)		309,819
	400,000	B+	iHeartCommunications Inc., Senior Secured Notes, 5.250% due 8/15/27(a)		398,920
	44,000	NR	Liberty Latin America Ltd., Senior Unsecured Notes, 2.000% due 7/15/24		40,920
			News Corp.:
	130,000	BB+	Company Guaranteed Notes, 5.125% due 2/15/32(a)		133,134
	265,000	BB+	Senior Unsecured Notes, 3.875% due 5/15/29(a)		254,201
	587,000	BB	TEGNA Inc., Company Guaranteed Notes, 5.000% due 9/15/29		586,519
	150,000	BBB-	Time Warner Cable LLC, Senior Secured Notes, 7.300% due 7/1/38		187,708
	50,000	BBB-	Time Warner Entertainment Co. LP, Senior Secured Notes, 8.375% due 7/15/33		68,277
			Univision Communications Inc., Senior Secured Notes:
	240,000	B+	9.500% due 5/1/25(a)		252,910
	570,000	B+	6.625% due 6/1/27(a)		592,031
	527,000	BB-	UPC Broadband Finco BV, Senior Secured Notes, 4.875% due 7/15/31(a)		504,081
	200,000	B	UPC Holding BV, Senior Secured Notes, 5.500% due 1/15/28(a)		199,231
	167,000	B-	Urban One Inc., Senior Secured Notes, 7.375% due 2/1/28(a)		166,368
	340,000	B	Virgin Media Vendor Financing Notes IV DAC, Senior Unsecured Notes, 5.000% due 7/15/28(a)		323,388

			Total Media		12,037,086


	Metal Fabricate/Hardware — 0.2%
	120,000	CCC+	Park-Ohio Industries Inc., Company Guaranteed Notes, 6.625% due 4/15/27		105,126

See Notes to Financial Statements.

200



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount†		Rating††	Security	Value

	Metal Fabricate/Hardware — 0.2% — (continued)
$	340,000	B+	Roller Bearing Co. of America Inc., Senior Unsecured Notes, 4.375% due 10/15/29(a)	$	328,525

			Total Metal Fabricate/Hardware		433,651


	Mining — 1.4%
			First Quantum Minerals Ltd., Company Guaranteed Notes:
	360,000	B+	7.500% due 4/1/25(a)		368,341
	480,000	B+	6.875% due 10/15/27(a)		509,357
	456,000	BB+	FMG Resources August 2006 Pty Ltd., Company Guaranteed Notes, 4.500% due 9/15/27(a)		456,766
	570,000	BB+	Freeport-McMoRan Inc., Company Guaranteed Notes, 5.450% due 3/15/43		655,842
			Hudbay Minerals Inc., Company Guaranteed Notes:
	120,000	B	4.500% due 4/1/26(a)		116,094
	585,000	B	6.125% due 4/1/29(a)		598,973

			Total Mining		2,705,373


	Miscellaneous Manufacturers — 0.0%
	10,402	B-(f)	Anagram International Inc./Anagram Holdings LLC, Secured Notes, (5.000% cash and 5.000% PIK or 10.000% cash), due 8/15/26(a)(e)		10,872


	Oil & Gas — 7.9%
	435,000	BB+	Antero Resources Corp., Company Guaranteed Notes, 5.375% due 3/1/30(a)		443,935
			Apache Corp., Senior Unsecured Notes:
	154,000	BB+	4.375% due 10/15/28		156,185
	60,000	BB+	7.750% due 12/15/29		69,964
	376,000	BB+	4.250% due 1/15/30		379,467
	620,000	B	Berry Petroleum Co. LLC, Company Guaranteed Notes, 7.000% due 2/15/26(a)		611,401
	625,000	BB-	California Resources Corp., Company Guaranteed Notes, 7.125% due 2/1/26(a)		650,725
	20,000	BB-	Chesapeake Energy Corp., Company Guaranteed Notes, 5.500% due 2/1/26(a)		20,577
	376,000	BB-	Civitas Resources Inc., Company Guaranteed Notes, 5.000% due 10/15/26(a)		371,018
	580,000	B	Colgate Energy Partners III LLC, Senior Unsecured Notes, 5.875% due 7/1/29(a)		598,102
			Comstock Resources Inc., Company Guaranteed Notes:
	4,000	B+	7.500% due 5/15/25(a)		4,096
	190,000	B+	5.875% due 1/15/30(a)		184,640
	489,000	B+	Crescent Energy Finance LLC, Company Guaranteed Notes, 7.250% due 5/1/26(a)		488,663
			Endeavor Energy Resources LP/EER Finance Inc., Senior Unsecured Notes:
	120,000	BB	6.625% due 7/15/25(a)		125,555
	388,000	BB	5.750% due 1/30/28(a)		402,344
			EQT Corp., Senior Unsecured Notes:
	230,000	BB+	5.000% due 1/15/29		243,031
	100,000	BB+	3.625% due 5/15/31(a)		97,402
	595,000	BB	Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes, 5.750% due 2/1/29(a)		599,013
	765,000	BB-	MEG Energy Corp., Company Guaranteed Notes, 7.125% due 2/1/27(a)		800,267
	500,000	BB	Murphy Oil Corp., Senior Unsecured Notes, 6.375% due 7/15/28		518,738
	328,000	B	Nabors Industries Inc., Company Guaranteed Notes, 7.375% due 5/15/27(a)		339,072
	385,000	CCC	Nabors Industries Ltd., Company Guaranteed Notes, 7.250% due 1/15/26(a)		376,004
	380,000	B+	Northern Oil & Gas Inc., Senior Unsecured Notes, 8.125% due 3/1/28(a)		399,950
	1,050,000	B+	Oasis Petroleum Inc., Company Guaranteed Notes, 6.375% due 6/1/26(a)		1,069,546
			Occidental Petroleum Corp., Senior Unsecured Notes:
	45,000	BB+	3.500% due 8/15/29		44,963
	714,000	BB+	8.875% due 7/15/30		919,914
	392,000	BB+	6.125% due 1/1/31		446,500
	108,000	BB+	4.625% due 6/15/45		104,152
	180,000	BB+	6.600% due 3/15/46		215,386
	50,000	BB+	4.100% due 2/15/47		46,330
	202,000	BB+	4.200% due 3/15/48		189,202
	161,000	BB+	4.400% due 8/15/49		153,182

See Notes to Financial Statements.

201



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount†		Rating††	Security	Value

	Oil & Gas — 7.9% — (continued)
			PBF Holding Co. LLC/PBF Finance Corp.:
$	681,000	B	Company Guaranteed Notes, 6.000% due 2/15/28	$	499,388
	90,000	BB-	Senior Secured Notes, 9.250% due 5/15/25(a)		91,175
	580,000	B	Penn Virginia Holdings LLC, Company Guaranteed Notes, 9.250% due 8/15/26(a)		592,325
			Petrobras Global Finance BV, Company Guaranteed Notes:
	40,000	BB-	7.375% due 1/17/27		44,919
	20,000	BB-	5.750% due 2/1/29		20,731
			Range Resources Corp., Company Guaranteed Notes:
	480,000	BB-	8.250% due 1/15/29		526,598
	210,000	BB-	4.750% due 2/15/30(a)		205,842
	346,000	B+	Rockcliff Energy II LLC, Senior Unsecured Notes, 5.500% due 10/15/29(a)		343,479
			Southwestern Energy Co., Company Guaranteed Notes:
	500,000	BB+	5.375% due 2/1/29		515,005
	385,000	BB+	4.750% due 2/1/32		383,445
	505,000	BB-	Strathcona Resources Ltd., Senior Unsecured Notes, 6.875% due 8/1/26(a)		489,557

			Total Oil & Gas		14,781,788


	Oil & Gas Services — 0.6%
	503,000	B+	Archrock Partners LP/Archrock Partners Finance Corp., Company Guaranteed Notes, 6.250% due 4/1/28(a)		503,584
	271,000	B+	USA Compression Partners LP/USA Compression Finance Corp., Company Guaranteed Notes, 6.875% due 4/1/26		272,522
	275,000	B+	Weatherford International Ltd., Senior Secured Notes, 6.500% due 9/15/28(a)		285,044

			Total Oil & Gas Services		1,061,150


	Packaging & Containers — 0.6%
	280,000	B-	ARD Finance SA, Senior Secured Notes, 6.500% (6.500% cash or 7.250% PIK) due 6/30/27(a)(e)		268,461
	390,000	B+	Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Senior Unsecured Notes, 4.000% due 9/1/29(a)		366,284
			LABL Inc.:
	398,000	B-	Senior Secured Notes, 5.875% due 11/1/28(a)		381,712
	72,000	CCC+	Senior Unsecured Notes, 8.250% due 11/1/29(a)		67,095

			Total Packaging & Containers		1,083,552


	Pharmaceuticals — 2.6%
			AdaptHealth LLC, Company Guaranteed Notes:
	30,000	B	4.625% due 8/1/29(a)		27,099
	550,000	B	5.125% due 3/1/30(a)		508,079
	730,000	B	Bausch Health Americas Inc., Company Guaranteed Notes, 8.500% due 1/31/27(a)		740,570
	170,000	BB	Bausch Health Cos Inc., Senior Secured Notes, 6.125% due 2/1/27(a)		171,623
	18,000	B	Bausch Health Cos., Inc., Company Guaranteed Notes, 6.125% due 4/15/25(a)		18,101
	475,000	B+	Embecta Corp., Senior Secured Notes, 5.000% due 2/15/30(a)		469,262
	190,000	CCC-	Endo Dac/Endo Finance LLC/Endo Finco Inc., Secured Notes, 9.500% due 7/31/27(a)		185,559
	210,000	B-	Endo Luxembourg Finance Co. I Sarl/Endo US Inc., Senior Secured Notes, 6.125% due 4/1/29(a)		197,178
	675,000	BB-	HLF Financing Sarl LLC/Herbalife International Inc., Company Guaranteed Notes, 4.875% due 6/1/29(a)		620,359
	260,000	B-	Option Care Health Inc., Company Guaranteed Notes, 4.375% due 10/31/29(a)		251,233
			Organon & Co./Organon Foreign Debt Co.-Issuer BV:
	400,000	BB	Senior Secured Notes, 4.125% due 4/30/28(a)		394,120
	459,000	BB-	Senior Unsecured Notes, 5.125% due 4/30/31(a)		456,012
	100,000	B-	Par Pharmaceutical Inc., Senior Secured Notes, 7.500% due 4/1/27(a)		100,115
			Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed Notes:
	200,000	BB-	7.125% due 1/31/25		210,266
	650,000	BB-	5.125% due 5/9/29		623,992

			Total Pharmaceuticals		4,973,568

See Notes to Financial Statements.

202



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount†		Rating††	Security	Value

	Pipelines — 6.0%
$	501,000	BB	Antero Midstream Partners LP/Antero Midstream Finance Corp., Company Guaranteed Notes, 5.750% due 1/15/28(a)	$	509,161
			Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Unsecured Notes:
	130,000	B+	7.625% due 12/15/25(a)		136,812
	210,000	B+	6.625% due 7/15/26(a)		217,017
	559,000	BB	Buckeye Partners LP, Senior Unsecured Notes, 4.500% due 3/1/28(a)		531,953
	230,000	BB+	Cheniere Energy Partners LP, Company Guaranteed Notes, 4.000% due 3/1/31		226,899
	380,000	BB	CNX Midstream Partners LP, Company Guaranteed Notes, 4.750% due 4/15/30(a)		367,855
			DCP Midstream Operating LP, Company Guaranteed Notes:
	475,000	BB+	5.625% due 7/15/27		510,950
	80,000	BB+	6.450% due 11/3/36(a)		96,875
	190,000	BB+	6.750% due 9/15/37(a)		232,342
	444,000	BB+	DT Midstream Inc., Company Guaranteed Notes, 4.375% due 6/15/31(a)		434,452
	90,000	BB	Energy Transfer LP, Junior Subordinated Notes, 6.500% (5-Year CMT Index + 5.694%)(c)(d)		89,204
			EQM Midstream Partners LP, Senior Unsecured Notes:
	50,000	BB-	6.500% due 7/1/27(a)		52,047
	230,000	BB-	5.500% due 7/15/28		226,736
	170,000	BB-	6.500% due 7/15/48		166,023
			Genesis Energy LP/Genesis Energy Finance Corp., Company Guaranteed Notes:
	900,000	B	6.500% due 10/1/25		878,423
	226,000	B	8.000% due 1/15/27		228,825
	675,000	BB-	Harvest Midstream I LP, Senior Unsecured Notes, 7.500% due 9/1/28(a)		682,212
	600,000	BB+	Holly Energy Partners LP/Holly Energy Finance Corp., Company Guaranteed Notes, 5.000% due 2/1/28(a)		573,963
	700,000	B	Howard Midstream Energy Partners LLC, Senior Unsecured Notes, 6.750% due 1/15/27(a)		695,688
	605,000	B	ITT Holdings LLC, Senior Unsecured Notes, 6.500% due 8/1/29(a)		568,083
	650,000	BB-	NGL Energy Operating LLC/NGL Energy Finance Corp., Senior Secured Notes, 7.500% due 2/1/26(a)		653,445
	325,000	CCC+	NGL Energy Partners LP/NGL Energy Finance Corp., Company Guaranteed Notes, 6.125% due 3/1/25		281,660
			NuStar Logistics LP, Company Guaranteed Notes:
	100,000	BB-	5.750% due 10/1/25		104,259
	350,000	BB-	6.375% due 10/1/30		355,185
	140,000	BB-	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., Secured Notes, 8.500% due 10/15/26(a)		139,262
	320,000	BB-	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Company Guaranteed Notes, 6.000% due 12/31/30(a)		306,494
			Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company Guaranteed Notes:
	423,000	BBB-	6.875% due 1/15/29(a)		460,998
	250,000	BBB-	4.875% due 2/1/31		257,910
	150,000	BBB-	4.000% due 1/15/32		148,355
			Venture Global Calcasieu Pass LLC, Senior Secured Notes:
	388,000	BB	3.875% due 8/15/29(a)		380,521
	250,000	BB	3.875% due 11/1/33(a)		241,126
			Western Midstream Operating LP, Senior Unsecured Notes:
	90,000	BBB-	3.600% due 2/1/25		90,500
	270,000	BBB-	5.500% due 8/15/48		277,290
	250,000	BBB-	5.750% due 2/1/50		254,746

			Total Pipelines		11,377,271


	Real Estate — 1.0%
	600,000	BB-	Cushman & Wakefield US Borrower LLC, Senior Secured Notes, 6.750% due 5/15/28(a)		627,714
	420,000	B	Five Point Operating Co. LP/Five Point Capital Corp., Company Guaranteed Notes, 7.875% due 11/15/25(a)		428,927

See Notes to Financial Statements.

203



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount†		Rating††	Security	Value

	Real Estate — 1.0% — (continued)
			Kennedy-Wilson Inc., Company Guaranteed Notes:
$	350,000	BB	4.750% due 3/1/29	$	342,562
	305,000	BB	4.750% due 2/1/30		292,230
	240,000	B+	Realogy Group LLC/Realogy Co.-Issuer Corp., Company Guaranteed Notes, 5.750% due 1/15/29(a)		238,428

			Total Real Estate		1,929,861


	Real Estate Investment Trusts (REITs) — 3.5%
	240,000	NR	AFC Gamma Inc., Senior Unsecured Notes, 5.750% due 5/1/27(a)		238,639
	677,000	B+	Apollo Commercial Real Estate Finance Inc., Senior Secured Notes, 4.625% due 6/15/29(a)		612,157
			Diversified Healthcare Trust:
			Company Guaranteed Notes:
	280,000	BB	9.750% due 6/15/25		296,122
	60,000	BB	4.375% due 3/1/31		51,627
	300,000	BB-	Senior Unsecured Notes, 4.750% due 2/15/28		271,700
			GEO Group Inc. (The), Company Guaranteed Notes:
	360,000	CCC	5.875% due 10/15/24		317,993
	523,000	CCC	6.000% due 4/15/26		432,335
	450,000	BB+	HAT Holdings I LLC/HAT Holdings II LLC, Company Guaranteed Notes, 6.000% due 4/15/25(a)		464,693
	390,000	NR	IIP Operating Partnership LP, Company Guaranteed Notes, 5.500% due 5/25/26		401,103
	225,000	BB-	Iron Mountain Information Management Services Inc., Company Guaranteed Notes, 5.000% due 7/15/32(a)		213,976
			Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Company Guaranteed Notes:
	737,000	BB-	4.250% due 2/1/27(a)		718,977
	130,000	BB-	4.750% due 6/15/29(a)		126,166
			MPT Operating Partnership LP/MPT Finance Corp., Company Guaranteed Notes:
	10,000	BBB-	4.625% due 8/1/29		10,055
	555,000	BBB-	3.500% due 3/15/31		523,776
	194,000	B+	Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer, Senior Secured Notes, 5.875% due 10/1/28(a)		197,144
			Service Properties Trust:
	201,000	BB	Company Guaranteed Notes, 5.500% due 12/15/27		196,980
			Senior Unsecured Notes:
	333,000	B+	3.950% due 1/15/28		289,330
	800,000	B+	4.375% due 2/15/30		699,416
			Starwood Property Trust Inc., Senior Unsecured Notes:
	180,000	B+	4.750% due 3/15/25		182,086
	200,000	B+	3.625% due 7/15/26(a)		189,594
	60,000	B+	4.375% due 1/15/27(a)		58,332

			Total Real Estate Investment Trusts (REITs)		6,492,201


	Retail — 5.2%
	110,000	BB-	Academy Ltd., Senior Secured Notes, 6.000% due 11/15/27(a)		114,678
	289,000	BB	Asbury Automotive Group Inc., Company Guaranteed Notes, 4.625% due 11/15/29(a)		282,311
			Bath & Body Works Inc., Company Guaranteed Notes:
	40,000	BB	9.375% due 7/1/25(a)		46,854
	460,000	BB	5.250% due 2/1/28		477,250
	330,000	BB	6.625% due 10/1/30(a)		357,644
	300,000	B+	Bed Bath & Beyond Inc., Senior Unsecured Notes, 5.165% due 8/1/44		216,513
	333,000	BB-	Brinker International Inc., Company Guaranteed Notes, 5.000% due 10/1/24(a)		341,472
	830,000	CCC	Carrols Restaurant Group Inc., Company Guaranteed Notes, 5.875% due 7/1/29(a)		715,373
	670,000	CCC+	Carvana Co., Company Guaranteed Notes, 5.875% due 10/1/28(a)		599,164
	670,000	B-	CEC Entertainment LLC, Senior Secured Notes, 6.750% due 5/1/26(a)		638,718
	394,000	B	Dave & Buster’s Inc., Senior Secured Notes, 7.625% due 11/1/25(a)		413,127

See Notes to Financial Statements.

204



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount†		Rating††	Security	Value

	Retail — 5.2% — (continued)
$	600,000	B-	eG Global Finance PLC, Senior Secured Notes, 6.750% due 2/7/25(a)	$	600,753
	122,000	B-	Ferrellgas LP/Ferrellgas Finance Corp., Senior Unsecured Notes, 5.375% due 4/1/26(a)		114,225
			Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.:
	110,000	CCC+	Company Guaranteed Notes, 6.750% due 1/15/30(a)		105,050
	90,000	B	Senior Secured Notes, 4.625% due 1/15/29(a)		86,625
			FirstCash Inc., Company Guaranteed Notes:
	718,000	BB	4.625% due 9/1/28(a)		678,761
	354,000	BB	5.625% due 1/1/30(a)		352,101
	134,000	CCC+	Foundation Building Materials Inc., Company Guaranteed Notes, 6.000% due 3/1/29(a)		124,955
			Gap Inc. (The), Company Guaranteed Notes:
	345,000	BB	3.625% due 10/1/29(a)		312,484
	425,000	BB	3.875% due 10/1/31(a)		379,313
	199,000	BB-	Ken Garff Automotive LLC, Senior Unsecured Notes, 4.875% due 9/15/28(a)		190,775
			Michaels Cos Inc. (The):
	40,000	B	Senior Secured Notes, 5.250% due 5/1/28(a)		37,565
	370,000	CCC+	Senior Unsecured Notes, 7.875% due 5/1/29(a)		324,440
	147,000	B-	NMG Holding Co., Inc./Neiman Marcus Group LLC, Senior Secured Notes, 7.125% due 4/1/26(a)		151,483
	320,000	BB+	Nordstrom Inc., Senior Unsecured Notes, 5.000% due 1/15/44		283,707
	538,000	CCC	Park River Holdings Inc., Senior Unsecured Notes, 6.750% due 8/1/29(a)		475,743
	302,000	B	Party City Holdings Inc., Senior Secured Notes, 8.750% due 2/15/26(a)		302,755
			PetSmart Inc./PetSmart Finance Corp.:
	250,000	CCC+	Company Guaranteed Notes, 7.750% due 2/15/29(a)		263,066
	250,000	BB-	Senior Secured Notes, 4.750% due 2/15/28(a)		249,732
	270,000	B3(b)	Sizzling Platter LLC/Sizzling Platter Finance Corp., Senior Secured Notes, 8.500% due 11/28/25(a)		259,863
	150,000	BB-	Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Unsecured Notes, 5.000% due 6/1/31(a)		142,678
	130,000	BB-	Superior Plus LP/Superior General Partner Inc., Company Guaranteed Notes, 4.500% due 3/15/29(a)		124,214

			Total Retail		9,763,392


	Software — 1.7%
	110,000	BB-	Black Knight InfoServ LLC, Company Guaranteed Notes, 3.625% due 9/1/28(a)		104,410
			Clarivate Science Holdings Corp.:
	534,000	CCC+	Company Guaranteed Notes, 4.875% due 7/1/29(a)		503,487
	100,000	B	Senior Secured Notes, 3.875% due 7/1/28(a)		94,648
	250,000	B+	Elastic NV, Senior Unsecured Notes, 4.125% due 7/15/29(a)		229,645
	380,000	B	Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl, Senior Secured Notes, 4.625% due 5/1/28(a)		357,667
	768,000	CCC	Minerva Merger Sub Inc., Senior Unsecured Notes, 6.500% due 2/15/30(a)		740,460
	230,000	B	Playtika Holding Corp., Company Guaranteed Notes, 4.250% due 3/15/29(a)		214,221
			Rackspace Technology Global Inc.:
	161,000	B-	Company Guaranteed Notes, 5.375% due 12/1/28(a)		144,666
	640,000	B+	Senior Secured Notes, 3.500% due 2/15/28(a)		581,491
	200,000	CCC	Rocket Software Inc., Senior Unsecured Notes, 6.500% due 2/15/29(a)		185,820

			Total Software		3,156,515


	Telecommunications — 4.1%
			Altice France SA, Senior Secured Notes:
	400,000	B	8.125% due 2/1/27(a)		421,500
	990,000	B	5.125% due 7/15/29(a)		897,173
	655,000	B	5.500% due 10/15/29(a)		601,070
			CommScope Inc.:
	90,000	CCC+	Company Guaranteed Notes, 8.250% due 3/1/27(a)		89,709
	260,000	B	Senior Secured Notes, 4.750% due 9/1/29(a)		242,872

See Notes to Financial Statements.

205



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount†		Rating††	Security	Value

	Telecommunications — 4.1% — (continued)
			CommScope Technologies LLC, Company Guaranteed Notes:
$	200,000	CCC+	6.000% due 6/15/25(a)	$	196,289
	20,000	CCC+	5.000% due 3/15/27(a)		17,726
	700,000	B+	Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes, 6.750% due 10/1/26(a)		709,450
			Frontier Communications Holdings LLC:
	150,000	CCC+	Secured Notes, 6.750% due 5/1/29(a)		145,875
	120,000	B+	Senior Secured Notes, 5.000% due 5/1/28(a)		116,670
	445,000	BB	Hughes Satellite Systems Corp., Company Guaranteed Notes, 6.625% due 8/1/26		464,046
	560,000	B+	Iliad Holding SASU, Senior Secured Notes, 7.000% due 10/15/28(a)		557,978
			Lumen Technologies Inc., Senior Unsecured Notes:
	210,000	BB-	5.125% due 12/15/26(a)		195,300
	400,000	BB-	5.375% due 6/15/29(a)		347,804
	600,000	BB+	Sprint Capital Corp., Company Guaranteed Notes, 8.750% due 3/15/32		833,376
			Switch Ltd., Company Guaranteed Notes:
	130,000	BB	3.750% due 9/15/28(a)		123,539
	130,000	BB	4.125% due 6/15/29(a)		124,666
			Telesat Canada/Telesat LLC:
	267,000	B	Company Guaranteed Notes, 6.500% due 10/15/27(a)		133,944
	375,000	BB-	Senior Secured Notes, 4.875% due 6/1/27(a)		266,942
			T-Mobile USA Inc., Company Guaranteed Notes:
	30,000	BB+	3.500% due 4/15/31		29,485
	390,000	BB+	3.500% due 4/15/31(a)		383,302
	120,000	BB+	Viavi Solutions Inc., Company Guaranteed Notes, 3.750% due 10/1/29(a)		113,944
	460,000	BB-	Vmed O2 UK Financing I PLC, Senior Secured Notes, 4.750% due 7/15/31(a)		441,646
	350,000	CCC+	Zayo Group Holdings Inc., Senior Unsecured Notes, 6.125% due 3/1/28(a)		325,906

			Total Telecommunications		7,780,212


	Transportation — 0.5%
	501,000	BB	Cargo Aircraft Management Inc., Company Guaranteed Notes, 4.750% due 2/1/28(a)		492,022
	320,000	CCC+	Carriage Purchaser Inc., Senior Unsecured Notes, 7.875% due 10/15/29(a)		304,880
	184,000	B+	XPO CNW Inc., Senior Unsecured Notes, 6.700% due 5/1/34		201,136

			Total Transportation		998,038


	Trucking & Leasing — 0.3%
	575,000	BB+	AerCap Global Aviation Trust, Company Guaranteed Notes, 6.500% (3-Month USD-LIBOR + 4.300%) due 6/15/45(a)(c)		606,645

			TOTAL CORPORATE BONDS & NOTES (Cost — $169,960,781)		166,920,284


	SENIOR LOANS — 3.1%
	58,950	NR	Acrisure LLC, (Restricted, cost — $58,846, acquired 1/31/20), 3.724% (3-Month USD-LIBOR + 3.500%) due 2/15/27(g)		58,134
	29,555	NR	AmeriLife Holdings LLC, (Restricted, cost — $29,508, acquired 2/6/20), 4.106% (1-Month USD-LIBOR + 4.000%) due 3/18/27(g)		29,345
	170,000	NR	Aramark Intermediate HoldCo Corp., (Restricted, cost — $163,528, acquired 5/21/20), 1.959% (1-Month USD-LIBOR + 1.750%) due 3/11/25(g)		167,096
	347,175	NR	Arctic Canadian Diamond Co., Ltd., (Restricted, cost — $347,175, acquired 2/2/21), 17.500% (3-Month USD-LIBOR + 7.500%) due 12/31/24(g)(h)		331,101
	245,922	NR	Asurion LLC, (Restricted, cost — $242,101, acquired 4/8/20), 3.459% (1-Month USD-LIBOR + 3.250%) due 12/23/26(g)		242,041
	48,980	NR	CMG Media Corp., (Restricted, cost — $48,812, acquired 12/12/19), 3.709% (1-Month USD-LIBOR + 3.500%) due 12/17/26(g)		48,429
	225,955	NR	CommScope Inc., (Restricted, cost — $219,717, acquired 4/17/20), 3.459% (1-Month USD-LIBOR + 3.250%) due 4/6/26(g)		221,118
	30,900	NR	CoreCivic Inc., (Restricted, cost — $30,035, acquired 12/12/19), 5.500% (1-Month USD-LIBOR + 4.500%) due 12/18/24(g)		30,797

See Notes to Financial Statements.

206



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount†		Rating††	Security	Value

	SENIOR LOANS — 3.1% — (continued)
$	590,000	NR	DCert Buyer Inc., (Restricted, cost — $588,712, acquired 6/12/21), 7.209% (1-Month USD-LIBOR + 7.000%) due 2/19/29(g)	$	590,148
	324,225	NR	DCert Buyer Inc., (Restricted, cost — $316,853, acquired 4/17/20), 4.209% (1-Month USD-LIBOR + 4.000%) due 10/16/26(g)		323,324
	80,000	NR	Deerfield Dakota Holding LLC, (Restricted, cost — $79,093, acquired 3/5/20), 7.500% (1-Month USD-LIBOR + 6.750%) due 4/7/28(g)		80,800
	265,950	NR	Equinox Holdings Inc., (Restricted, cost — $261,617, acquired 6/9/20), 10.000% (3-Month USD-LIBOR + 9.000%) due 3/8/24(g)		269,939
	59,039	NR	EyeCare Partners LLC, (Restricted, cost — $58,996, acquired 2/5/20), 3.974% (3-Month USD-LIBOR + 3.750%) due 2/18/27(g)		58,550
	480,000	NR	Garda World Security Corp., (Restricted, cost — $463,688, acquired 4/17/20), 4.430% (1-Month USD-LIBOR + 4.250%) due 10/30/26(g)		476,050
	77,825	NR	Global Tel*Link Corp., (Restricted, cost — $75,849, acquired 8/16/19), 4.459% (1-Month USD-LIBOR + 4.250%) due 11/29/25(g)		75,903
	237,605	NR	Great Outdoors Group LLC, (Restricted, cost — $237,605, acquired 11/24/21), 4.500% (3-Month USD-LIBOR + 1.750%) due 3/6/28(g)		236,773
	30,369	NR	LifePoint Health Inc., (Restricted, cost — $30,208, acquired 11/14/18), 3.959% (1-Month USD-LIBOR + 3.750%) due 11/16/25(g)		30,088
	320,000	NR	Mileage Plus Holdings LLC, (Restricted, cost — $315,114, acquired 6/25/20), 6.250% (3-Month USD-LIBOR + 5.250%) due 6/21/27(g)		335,101
	307,675	NR	Peraton Corp., (Restricted, cost — $306,357, acquired 2/23/21), 4.500% (1-Month USD-LIBOR + 3.750%) due 2/1/28(g)		306,394
	245,614	NR	Phoenix Guarantor Inc., (Restricted, cost — $233,871, acquired 4/8/20), 3.459% (1-Month USD-LIBOR + 3.250%) due 3/5/26(g)		242,697
	50,000	NR	Radiology Partners Inc., (Restricted, cost — $47,697, acquired 5/21/20), 4.400% (1-Month USD-LIBOR + 4.250%) due 7/9/25(g)		49,229
	379,050	NR	Redstone HoldCo 2 LP, (Restricted, cost — $376,650, acquired 4/16/21), 5.500% (3-Month USD-LIBOR + 4.750%) due 4/27/28(g)		355,361
	245,570	NR	Sedgwick Claims Management Services Inc., (Restricted, cost — $232,209, acquired 4/30/20), 3.459% (1-Month USD-LIBOR + 3.250%) due 12/31/25(g)		242,807
	72,288	NR	Spencer Spirit IH LLC, (Restricted, cost — $71,400, acquired 6/14/19), 6.209% (1-Month USD-LIBOR + 6.000%) due 6/19/26(g)		72,130
	248,125	NR	Truck Hero Inc., (Restricted, cost — $248,125, acquired 1/20/21), 4.000% (1-Month USD-LIBOR + 3.250%) due 1/31/28(g)		244,220
	306,098	NR	U.S. Renal Care Inc., (Restricted, cost — $305,690, acquired 1/7/21), 5.209% (1-Month USD-LIBOR + 5.000%) due 6/26/26(g)		294,811
	109,590	NR	Vericast Corp., (Restricted, cost — $98,409, acquired 3/5/21), 8.750% due 6/16/26(g)		98,385
	315,166	NR	Verscend Holding Corp., (Restricted, cost — $305,521, acquired 4/8/20), 4.209% (1-Month USD-LIBOR + 4.000%) due 8/27/25(g)		314,674

			TOTAL SENIOR LOANS (Cost — $5,793,383)		5,825,445


	COLLATERALIZED MORTGAGE OBLIGATIONS — 2.4%
	280,000	BBB-	ARES XLIV CLO Ltd., Series 2017-44A, Class CR, 3.641% (3-Month USD-LIBOR + 3.400%) due 4/15/34(a)(c)		276,996
	250,000	Baa3(b)	Battalion CLO XI Ltd., Series 2017-11A, Class DR, 3.909% (3-Month USD-LIBOR + 3.650%) due 4/24/34(a)(c)		250,968
	280,000	Ba3(b)	Canyon Capital CLO Ltd., Series 2021-1A, Class E, 6.651% (3-Month USD-LIBOR + 6.410%) due 4/15/34(a)(c)		271,229
	250,000	Baa3(b)	Dryden 49 Senior Loan Fund, Series 2017-49A, Class DR, 3.641% (3-Month USD-LIBOR + 3.400%) due 7/18/30(a)(c)		250,193
	360,000	BB-	Madison Park Funding XXXV Ltd., Series 2019-35A, Class ER, 6.354% (3-Month USD-LIBOR + 6.100%) due 4/20/32(a)(c)		349,109
	500,000	Ba1(b)	Marble Point CLO XIV Ltd., Series 2018-2A, Class D, 3.784% (3-Month USD-LIBOR + 3.530%) due 1/20/32(a)(c)		485,043

See Notes to Financial Statements.

207



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount†		Rating††	Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 2.4% — (continued)
$	280,000	Baa3(b)	Mountain View CLO IX Ltd., Series 2015-9A, Class CR, 3.361% (3-Month USD-LIBOR + 3.120%) due 7/15/31(a)(c)	$	270,941
	250,000	BB-	Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class DR2, 6.175% (3-Month USD-LIBOR + 5.920%) due 10/21/30(a)(c)		240,257
	210,000	BBB-	Ocean Trails CLO V, Series 2014-5A, Class DRR, 3.694% (3-Month USD-LIBOR + 3.450%) due 10/13/31(a)(c)		198,850
	310,000	A2(b)	Ocean Trails CLO VI, Series 2016-6A, Class DRR, 3.841% (3-Month USD-LIBOR + 3.600%) due 7/15/28(a)(c)		310,013
	250,000	BBB-	Octagon Investment Partners 33 Ltd., Series 2017-1A, Class C, 3.004% (3-Month USD-LIBOR + 2.750%) due 1/20/31(a)(c)		244,567
	300,000	BBB-	Pulsar Funding I LLC, Series 2019-1A, Class C, 5.054% (3-Month USD-LIBOR + 4.800%) due 1/20/33(a)(c)		299,218
	230,000	BB-	Sculptor CLO XXVI Ltd., Series 26A, Class E, 7.504% (3-Month USD-LIBOR + 7.250%) due 7/20/34(a)(c)		224,243
	250,000	Ba3(b)	Symphony CLO XX Ltd., Series 2018-20A, Class E, 6.531% (3-Month USD-LIBOR + 6.290%) due 1/16/32(a)(c)		249,156
	310,000	Ba3(b)	THL Credit Wind River Clo Ltd., Series 2017-3A, Class ER, 7.291% (3-Month USD-LIBOR + 7.050%) due 4/15/35(a)(c)		305,697
	350,000	BB-	Voya CLO Ltd., Series 2017-3A, Class DR, 7.204% (3-Month USD-LIBOR + 6.950%) due 4/20/34(a)(c)		342,533

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $4,604,466)		4,569,013


Shares/Units

	CONVERTIBLE PREFERRED STOCKS — 0.4%

	ENERGY — 0.4%

	Pipelines — 0.4%
	12,149		MPLX LP, (Restricted, cost — $394,842, acquired 12/16/20), 8.462%*(d)(g)(h)		407,088
	350		Targa Resources Corp., (Restricted, cost — $367,500, acquired 2/17/21), 9.500%(d)(g)		380,206

			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost — $762,342)		787,294


	COMMON STOCKS — 0.3%

	CONSUMER CYCLICAL — 0.0%

	Retail — 0.0%
	1,771		Party City Holdco Inc.*		7,668


	ENERGY — 0.3%

	Oil & Gas — 0.3%
	21,784		Berry Corp.		217,840
	1,531		Oasis Petroleum Inc.		202,873

			TOTAL COMMON STOCKS (Cost — $197,550)		428,381


	PREFERRED STOCKS — 0.3%

	Financials — 0.3%

	Diversified Financial Services — 0.3%
	6,200		B. Riley Financial Inc., 5.000% due 12/31/26		150,660
	4,950		B. Riley Financial Inc., 5.250% due 8/31/28		116,127
	12,150		B. Riley Financial Inc., 6.000% due 1/31/28		296,460

			TOTAL PREFERRED STOCKS (Cost — $582,500)		563,247

See Notes to Financial Statements.

208



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Shares/Units		Rating††	Security	Value

	SOVEREIGN BONDS — 0.0%

	Argentina — 0.0%
			Argentine Republic Government International Bonds:
$	9,647	CCC+	1.000% due 7/9/29	$	3,207
	51,375	CCC+	step bond to yield, 0.500% due 7/9/30		16,568
	94,124	CCC+	step bond to yield, 1.125% due 7/9/35		28,175

			TOTAL SOVEREIGN BONDS (Cost — $83,811)		47,950

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $181,984,833)		179,141,614


Face Amount†

	SHORT-TERM INVESTMENTS — 4.1%

	TIME DEPOSITS — 4.1%
	901,447		ANZ National Bank — London, 0.005% due 3/1/22		901,447
	6,918,832		Barclays Bank PLC — London, 0.005% due 3/1/22		6,918,832
	98		Skandinaviska Enskilda Banken AB — Stockholm, 0.005% due 3/1/22		98

			TOTAL SHORT-TERM INVESTMENTS (Cost — $7,820,377)		7,820,377

			TOTAL INVESTMENTS — 99.2% (Cost — $189,805,210)		186,961,991

			Other Assets in Excess of Liabilities — 0.8%		1,490,343

			TOTAL NET ASSETS — 100.0%	$	188,452,334

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

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

*	Non-income producing security.

(a)

(b)	Rating by Moody’s Investors Service.

(c)	Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2022.

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

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

(f)	Rating by Fitch Ratings Service.

(g)	The aggregate value of restricted securities (excluding 144A holdings) at February 28, 2022, amounts to $6,612,739 and represents 3.5% of net assets.

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

See Notes to Financial Statements.

209



Schedules of Investments


(unaudited) (continued)


High Yield Fund

At February 28, 2022, for High Yield Fund the aggregate cost of investments, 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	$	189,805,210	$	4,038,216	$	(6,881,435)	$	(2,843,219	)


Abbreviations used in this schedule:
CLO		— Collateralized Loan Obligation
CMT		— Constant Maturity Treasury Rate
LIBOR		— London Interbank Offered Rate
PLC		— Public Limited Company


Summary of Investments by Security Type^
Corporate Bonds & Notes	89.3	%
Senior Loans	3.1
Collateralized Mortgage Obligations	2.5
Convertible Preferred Stocks	0.4
Preferred Stocks	0.3
Common Stocks	0.2
Sovereign Bonds	0.0	*
Short-Term Investments	4.2

	100.0	%

^	As a percentage of total investments.

*	Position represents less than 0.05%


Currency Abbreviation used in this schedule:
USD		— United States Dollar

See pages 275-276 for definitions of ratings.

See Notes to Financial Statements.

210



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	SOVEREIGN BONDS — 46.9%

	Argentina — 0.0%
	360,000	^ARS	Argentine Bonos del Tesoro, 15.500% due 10/17/26(a)	$	1,560
	4,960,000	^ARS	Bonos del Tesoro Nacional en Pesos Badlar, 39.231% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days Index + 2.000%) due 4/3/22(a)(b)		49,533
	460,000	^ARS	Provincia de Buenos Aires, 41.627% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days Index + 3.750%) due 4/12/25(a)(b)(c)		4,333

			Total Argentina		55,426


	Australia — 0.5%
			Australia Government Bonds:
	100,000	^AUD	2.500% due 5/21/30		75,017
	200,000	^AUD	1.000% due 11/21/31		130,953
	500,000	^AUD	1.750% due 6/21/51		298,596
	300,000	^AUD	Northern Territory Treasury Corp., 2.000% due 4/21/31		206,259
	150,000	^AUD	Treasury Corp. of Victoria, 4.250% due 12/20/32		126,168

			Total Australia		836,993


	Canada — 1.8%
	600,000	^CAD	Canadian Government Bonds, 2.000% due 12/1/51		461,128
	3,100,000	^CAD	Province of Ontario Canada, 3.150% due 6/2/22		2,461,051

			Total Canada		2,922,179


	Chile — 0.2%
$	300,000		Chile Government International Bonds, 2.750% due 1/31/27		301,170


	China — 0.2%
	1,600,000	^CNY	China Government Bonds, 3.720% due 4/12/51		267,988


	France — 4.5%
			French Republic Government Bonds OAT:
	900,000	^EUR	3.250% due 5/25/45		1,461,518
	3,300,000	^EUR	2.000% due 5/25/48(c)		4,463,712
	1,150,000	^EUR	0.750% due 5/25/52		1,144,855
	500,000	^EUR	0.500% due 5/25/72(c)		387,899

			Total France		7,457,984


	Israel — 0.5%
	2,000,000	^ILS	Israel Government Bonds — Fixed, 1.000% due 3/31/30		593,655
	200,000		State of Israel, 3.800% due 5/13/60		208,465

			Total Israel		802,120


	Italy — 4.2%
			Italy Buoni Poliennali Del Tesoro:
	900,000	^EUR	0.350% due 2/1/25		1,008,292
	3,000,000	^EUR	1.850% due 7/1/25(c)		3,511,625
	950,000	^EUR	1.700% due 9/1/51(c)		917,941
	900,000	^EUR	2.150% due 3/1/72(c)		878,500
	400,000	^GBP	Republic of Italy Government International Bonds, 6.000% due 8/4/28		644,806

			Total Italy		6,961,164


	Japan — 19.1%
	1,200,000		Development Bank of Japan Inc., 2.500% due 10/18/22		1,210,759
	200,000		Japan Finance Organization for Municipalities, 2.625% due 4/20/22(c)		200,536
			Japan Government Ten Year Bonds:
	920,000,000	^JPY	0.100% due 6/20/31		7,962,158
	390,000,000	^JPY	0.100% due 9/20/31		3,369,534

See Notes to Financial Statements.

211



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	Japan — 19.1% — (continued)
			Japan Government Thirty Year Bonds:
	190,000,000	^JPY	1.700% due 9/20/44	$	1,991,821
	310,000,000	^JPY	1.400% due 9/20/45		3,080,964
	152,000,000	^JPY	0.500% due 9/20/46		1,243,318
	168,000,000	^JPY	0.700% due 12/20/48		1,416,881
	380,000,000	^JPY	0.500% due 3/20/49		3,037,699
	265,000,000	^JPY	0.700% due 6/20/51		2,206,909
			Japan Government Twenty Year Bonds:
	120,000,000	^JPY	1.300% due 6/20/35		1,171,847
	181,000,000	^JPY	1.200% due 9/20/35		1,746,559
	190,000,000	^JPY	1.000% due 12/20/35		1,789,791
	40,000,000	^JPY	0.400% due 3/20/36		348,158
	111,651,100	^JPY	Japanese Government CPI Linked Bonds, 0.100% due 3/10/28		1,010,984

			Total Japan		31,787,918


	Malaysia — 2.1%
			Malaysia Government Bonds:
	1,100,000	^MYR	3.906% due 7/15/26		268,837
	900,000	^MYR	3.900% due 11/30/26		219,966
	700,000	^MYR	3.502% due 5/31/27		167,372
	200,000	^MYR	4.232% due 6/30/31		49,390
	800,000	^MYR	3.828% due 7/5/34		187,186
	3,700,000	^MYR	4.254% due 5/31/35		898,609
	300,000	^MYR	3.757% due 5/22/40		67,273
	1,700,000	^MYR	4.065% due 6/15/50		383,056
			Malaysia Government Investment Issue:
	4,600,000	^MYR	4.369% due 10/31/28		1,144,441
	100,000	^MYR	4.130% due 7/9/29		24,580
	200,000	^MYR	4.724% due 6/15/33		51,034
	200,000	^MYR	4.119% due 11/30/34		48,100

			Total Malaysia		3,509,844


	Peru — 0.8%
			Peruvian Government International Bonds:
	2,600,000	^PEN	6.350% due 8/12/28(c)		709,824
	1,200,000	^PEN	5.940% due 2/12/29(c)		318,947
	700,000	^PEN	6.950% due 8/12/31(c)		195,259
	200,000	^PEN	5.350% due 8/12/40(c)		44,612

			Total Peru		1,268,642


	Qatar — 0.8%
			Qatar Government International Bonds:
$	1,000,000		3.875% due 4/23/23		1,027,537
	200,000		4.400% due 4/16/50(c)		231,254

			Total Qatar		1,258,791


	Romania — 0.3%
			Romanian Government International Bonds:
	200,000	^EUR	1.750% due 7/13/30(c)		187,927
	100,000	^EUR	2.000% due 4/14/33(c)		86,870
	50,000	^EUR	2.750% due 4/14/41(c)		41,523
	200,000	^EUR	2.875% due 4/13/42(c)		166,646

			Total Romania		482,966

See Notes to Financial Statements.

212



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	Serbia — 0.1%
			Serbia International Bonds:
	100,000	^EUR	1.000% due 9/23/28(c)	$	95,420
	100,000	^EUR	1.650% due 3/3/33(c)		86,963

			Total Serbia		182,383


	Singapore — 2.0%
			Singapore Government Bonds:
	1,800,000	^SGD	2.875% due 9/1/30		1,429,484
	1,600,000	^SGD	1.625% due 7/1/31		1,153,573
	200,000	^SGD	3.375% due 9/1/33		168,037
	600,000	^SGD	2.250% due 8/1/36		451,092
	100,000	^SGD	2.375% due 7/1/39		76,716
	200,000	^SGD	1.875% due 10/1/51		139,150

			Total Singapore		3,418,052


	Spain — 6.4%
	100,000	^EUR	Autonomous Community of Catalonia, 4.220% due 4/26/35		139,706
			Spain Government Bonds:
	300,000	^EUR	0.250% due 7/30/24(c)		338,816
	2,000,000	^EUR	1.450% due 10/31/27(c)		2,352,765
	1,500,000	^EUR	1.400% due 7/30/28(c)		1,761,960
	450,000	^EUR	1.450% due 4/30/29(c)		530,245
	2,700,000	^EUR	1.250% due 10/31/30(c)		3,113,322
	400,000	^EUR	1.850% due 7/30/35(c)		476,406
	300,000	^EUR	1.900% due 10/31/52(c)		336,003
	650,000	^EUR	3.450% due 7/30/66(c)		992,613
	800,000	^EUR	1.450% due 10/31/71(c)		692,367

			Total Spain		10,734,203


	United Arab Emirates — 0.1%
$	200,000		Abu Dhabi Government International Bonds, 3.875% due 4/16/50(c)		214,797


	United Kingdom — 3.3%
			United Kingdom Gilts:
	1,350,000	^GBP	3.250% due 1/22/44		2,341,685
	700,000	^GBP	3.500% due 1/22/45		1,269,935
	500,000	^GBP	1.750% due 1/22/49		691,013
	1,100,000	^GBP	0.625% due 10/22/50		1,151,675

			Total United Kingdom		5,454,308

			TOTAL SOVEREIGN BONDS (Cost — $80,707,728)		77,916,928


	COLLATERALIZED MORTGAGE OBLIGATIONS — 23.7%
	127,607		A10 Bridge Asset Financing LLC, Series 2020-C, Class A, 2.021% due 8/15/40(c)		127,727
	400,000		ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE5, Class M4, 1.087% (1-Month USD-LIBOR + 0.900%) due 8/25/35(b)		398,045
	298,488	^GBP	ALBA PLC, Series 2007-1, Class A3, 0.392% (3-Month GBP-LIBOR + 0.170%) due 3/17/39(b)		388,557
	400,000		Apidos CLO XXIV, Series 2016-24A, Class A1AL, 1.204% (3-Month USD-LIBOR + 0.950%) due 10/20/30(b)(c)		398,243
	400,000		Apidos CLO XXVI, Series 2017-26A, Class A1AR, 1.141% (3-Month USD-LIBOR + 0.900%) due 7/18/29(b)(c)		398,967
	400,000		Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL1, Class A, 1.500% (SOFR + 1.450%) due 1/15/37(b)(c)		400,688
	400,000		ARES L CLO Ltd., Series 2018-50A, Class AR, 1.291% (3-Month USD-LIBOR + 1.050%) due 1/15/32(b)(c)		398,827
	378,747		Ares XL CLO Ltd., Series 2016-40A, Class A1RR, 1.111% (3-Month USD-LIBOR + 0.870%) due 1/15/29(b)(c)		378,010

See Notes to Financial Statements.

213



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 23.7% — (continued)
$	437,982		Argent Mortgage Loan Trust, Series 2005-W1, Class A1, 0.667% (1-Month USD-LIBOR + 0.480%) due 5/25/35(b)	$	412,039
	248,405	^GBP	Avon Finance No 2 PLC, Series 2A, Class A, 1.197% (Sterling Overnight Index Average + 0.900%) due 9/20/48(b)(c)		333,983
	458,281		Babson CLO Ltd., Series 2013-IA, Class AR, 1.054% (3-Month USD-LIBOR + 0.800%) due 1/20/28(b)(c)		458,149
	8,719		Banc of America Funding Trust, Series 2006-A, Class 1A1, 2.606% due 2/20/36(b)		8,763
	179,741		Bayview Financial Asset Trust, Series 2007-SR1A, Class A, 0.637% (1-Month USD-LIBOR + 0.450%) due 3/25/37(b)(c)		177,857
	400,000		BDS Ltd., Series 2021-FL10, Class A, 1.487% (1-Month USD-LIBOR + 1.350%) due 12/16/36(b)(c)		399,140
			Bear Stearns Adjustable Rate Mortgage Trust:
	2,160		Series 2003-5, Class 1A2, 2.480% due 8/25/33(b)		2,244
	3,344		Series 2003-7, Class 6A, 2.324% due 10/25/33(b)		3,434
	8,687		Series 2004-2, Class 22A, 2.409% due 5/25/34(b)		8,629
	5,192		Series 2004-2, Class 23A, 2.966% due 5/25/34(b)		5,004
	48,735		Bear Stearns Structured Products Inc. Trust, Series 2007-R6, Class 1A1, 2.724% due 1/26/36(b)		40,633
	400,000		BIG Commercial Mortgage Trust, Series 2022-BIG, Class A, 1.392% (1-Month Term SOFR + 1.342%) due 2/15/39(b)(c)		398,874
	50,757	^EUR	Black Diamond CLO Designated Activity Co., Series 2015-1A, Class A1R, 0.650% (3-Month USD-LIBOR+ 0.650%) due 10/3/29 (b)(c)		56,931
	270,839	^EUR	BlueMountain Euro CLO, Series 2017-2A, Class AR, 0.650% (3-Month EURIBOR + 0.650%) due 7/15/30(b)(c)		302,208
	300,000	^EUR	BNPP AM Euro CLO BV, Series 2019-1A, Class AR, 0.820% (3-Month EURIBOR + 0.820%) due 7/22/32(b)(c)		335,003
	228,220	^EUR	Cairn CLO VII BV, Series 2016-7A, Class A1R, 0.670% (3-Month EURIBOR + 0.670%) due 1/31/30(b)(c)		254,695
	250,000	^EUR	Cairn CLO X DAC, Series 2018-10A, Class AR, 0.780% (3-Month EURIBOR + 0.780%) due 10/15/31(b)(c)		279,306
	400,000		CARLYLE US CLO Ltd., Series 2017-1A, Class A1R, 1.254% (3-Month USD-LIBOR + 1.000%) due 4/20/31(b)(c)		397,536
	300,000	^EUR	CVC Cordatus Loan Fund XI DAC, Series 11A, Class AR, 0.650% (3-Month EURIBOR + 0.650) due 10/15/31(b)(c)		336,015
			Countrywide Alternative Loan Trust:
	4,334		Series 2005-21CB, Class A3, 5.250% due 6/25/35		3,991
	19,693		Series 2007-16CB, Class 5A1, 6.250% due 8/25/37		14,130
	34,574		Series 2007-11T1, Class A12, 0.537% (1-Month USD-LIBOR + 0.350%) due 5/25/37(b)		10,408
	27,509		Series 2007-7T2, Class A9, 6.000% due 4/25/37		16,193
			Countrywide Asset-Backed Certificates:
	2,840		Series 2006-18, Class 2A2, 0.347% (1-Month USD-LIBOR + 0.160%) due 3/25/37(b)		2,841
	365,586		Series 2007-9, Class 2A4, 0.437% (1-Month USD-LIBOR + 0.250%) due 2/25/36(b)		359,121
	56,093		Series 2007-12, Class 1A1, 0.927% (1-Month USD-LIBOR + 0.740%) due 8/25/47(b)		55,113
	412,444		Series 2007-13, Class 1A, 1.027% (1-Month USD-LIBOR + 0.840%) due 10/25/47(b)		403,796
	144,734		Series 2007-SEA2, Class 1A1, 2.187% (1-Month USD-LIBOR + 1.000%) due 8/25/47(b)(c)		145,240
			Countrywide Home Loan Mortgage Pass-Through Trust:
	326		Series 2004-12, Class 11A1, 3.010% due 8/25/34(b)		330
	48,586		Series 2005-2, Class 1A1, 0.827% (1-Month USD-LIBOR + 0.640%) due 3/25/35(b)		43,047
	3,436		Series 2005-3, Class 2A1, 0.767% (1-Month USD-LIBOR + 0.580%) due 4/25/35(b)		3,331
	53,475		Series 2005-9, Class 1A3, 0.647% (1-Month USD-LIBOR + 0.460%) due 5/25/35(b)		47,215
	15,352		Series 2005-11, Class 3A1, 2.500% due 4/25/35(b)		13,442
	11,497		Series 2005-HYB9, Class 3A2A, 1.985% (1-Year USD-LIBOR + 1.750%) due 2/20/36(b)		10,126
	529,978		Series 2007-4, Class 1A47, 6.000% due 5/25/37		321,745
	92,350		Series 2007-19, Class 2A1, 6.500% due 11/25/47		62,195
	62,640		Credit Suisse Mortgage Capital Certificates, Series 2007-NC1, Class 2A1, 0.787% (1-Month USD-LIBOR + 0.600%) due 9/25/37(b)		62,574

See Notes to Financial Statements.

214



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 23.7% — (continued)
			Credit Suisse Mortgage Capital Trust:
$	34,317		Series 2007-5R, Class A5, 6.500% due 7/26/36	$	11,977
	92,702		Series 2021-INV1, Class A3, 2.500% due 7/25/56(b)(c)		89,259
	137,917		CSAB Mortgage-Backed Trust, Series 2006-4, Class A6A, step bond to yield, 6.184% due 12/25/36		41,443
	464,192		Deutsche Alternative-A Securities Mortgage Loan Trust, Series 2007-3, Class 2A1, 0.937% (1-Month USD-LIBOR + 0.750%) due 10/25/47(b)		433,322
	400,000		Dryden 55 CLO Ltd., Series 2018-55A, Class A1, 1.261% (3-Month USD-LIBOR + 1.020%) due 4/15/31(b)(c)		399,731
	300,000	^EUR	Dryden 27 R Euro CLO 2017 DAC, Series 2017-27A, Class AR, 0.660% (3-Month EURIBOR + 0.660%) due 4/15/33(b)(c)		333,115
	300,000		Dryden Senior Loan Fund, Series 2017-47A, Class A1R, 1.221% (3-Month USD-LIBOR + 0.980%) due 4/15/28(b)(c)		299,248
	400,000		Elevation CLO Ltd., Series 2017-8A, Class A1R2, 1.208% (3-Month USD-LIBOR + 0.950%) due 10/25/30(b)(c)		398,004
	428,936		Ellington Loan Acquisition Trust, Series 2007-2, Class A1, 1.237% (1-Month USD-LIBOR + 1.050%) due 5/25/37(b)(c)		428,533
	133,222	^GBP	Eurohome UK Mortgages PLC, Series 2007-1, Class A, 0.248% (3-Month GBP-LIBOR + 0.150%) due 6/15/44(b)		175,488
	306,910	^GBP	Eurosail-UK PLC, Series 2007-4X, Class A3, 1.045% (3-Month GBP-LIBOR + 0.950%) due 6/13/45(b)		411,410
	397,553		Extended Stay America Trust, Series 2021-ESH, Class A, 1.272% (1-Month USD-LIBOR + 1.080%) due 7/15/38(b)(c)		394,262
			Federal Home Loan Mortgage Corp. (FHLMC):
	16,837		Series T-35, Class A, 0.467% (1-Month USD-LIBOR + 0.280%) due 9/25/31(b)		16,730
	22,557		Series T-62, Class 1A1, 1.304% (1-Year Treasury Average Rate + 1.200%) due 10/25/44(b)		23,089
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	15,022		Series 2391, Class FJ, 0.691% (1-Month USD-LIBOR + 0.500%) due 4/15/28(b)		15,086
	27,932		Series 2614, Class SJ, 19.137% (19.663% – 2.750% x 1-Month USD-LIBOR) due 5/15/33(d)		35,215
	109,209		Series 4579, Class FD, 0.452% (1-Month USD-LIBOR + 0.350%) due 1/15/38(b)		109,252
	109,209		Series 4579, Class SD, 1.869% due 1/15/38(b)(e)		6,665
	4,690		Federal National Mortgage Association (FNMA), Grantor Trust, Series 2004-T3, Class 1A1, 6.000% due 2/25/44		5,176
			Federal National Mortgage Association (FNMA), REMICS:
	4,641		Series 2003-34, Class A1, 6.000% due 4/25/43		5,089
	6,921		Series 2006-48, Class TF, 0.587% (1-Month USD-LIBOR + 0.400%) due 6/25/36(b)		6,995
	64,079		Series 2009-104, Class FA, 0.987% (1-Month USD-LIBOR + 0.800%) due 12/25/39(b)		63,879
	31,703		Federal National Mortgage Association (FNMA), REMICS Trust, Series 2004-W12, Class 1A1, 6.000% due 7/25/44		35,292
	57,716		First Franklin Mortgage Loan Trust, Series 2005-FF9, Class A4, 0.907% (1-Month USD-LIBOR + 0.720%) due 10/25/35(b)		57,690
	400,000		FORT CRE Issuer LLC, Series 2022-FL3, Class A, 1.900% (SOFR + 1.850%) due 12/17/26(b)(c)		401,000
	400,000		Galaxy XV CLO Ltd., Series 2013-15A, Class ARR, 1.211% (3-Month USD-LIBOR + 0.970%) due 10/15/30(b)(c)		398,331
	500,000		Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 1.177% (3-Month USD-LIBOR + 1.090%) due 7/15/31(b)(c)		498,193
	19,784		GMACM Mortgage Loan Trust, Series 2005-AR6, Class 3A1, 2.855% due 11/19/35(b)		19,876
			Government National Mortgage Association (GNMA):
	297,057		Series 2016-H15, Class FA, 0.901% (1-Month USD-LIBOR + 0.800%) due 7/20/66(b)		299,794
	7,858		Series 2017-121, Class PE, 3.000% due 7/20/46		7,875
			GS Mortgage-Backed Securities Trust:
	189,049		Series 2021-GR2, Class A2, 2.500% due 2/25/52(b)(c)		182,026
	97,432		Series 2021-GR3, Class A2, 2.500% due 4/25/52(b)(c)		93,443
	379,186		Series 2021-HP1, Class A2, 2.500% due 1/25/52(b)(c)		365,100
	94,711		Series 2021-INV1, Class A2, 2.500% due 12/25/51(b)(c)		91,193
	294,855		Series 2022-MM1, Class A2, 2.500% due 7/25/52(b)(c)		282,476
	400,000		Series 2022-PJ2, Class A4, 2.500% due 6/25/52(c)		378,500

See Notes to Financial Statements.

215



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 23.7% — (continued)
			GSR Mortgage Loan Trust:
$	3,047		Series 2003-1, Class A2, 1.840% (1-Year CMT Index + 1.750%) due 3/25/33(b)	$	3,116
	66,076		Series 2005-AR7, Class 2A1, 2.837% due 11/25/35(b)		67,305
	400,000		HalseyPoint CLO 3 Ltd., Series 2020-3A, Class A1A, 1.749% (3-Month USD-LIBOR + 1.450%) due 11/30/32(b)(c)		400,447
			Harborview Mortgage Loan Trust:
	11,478		Series 2005-2, Class 2A1A, 0.611% (1-Month USD-LIBOR + 0.440%) due 5/19/35(b)		11,068
	24,579		Series 2005-3, Class 2A1A, 0.651% (1-Month USD-LIBOR + 0.480%) due 6/19/35(b)		24,630
	50,588		Series 2006-SB1, Class A1A, 0.954% (1-Year Treasury Average Rate + 0.850%) due 12/19/36(b)		48,600
	74,592		Series 2007-1, Class 2A1A, 0.431% (1-Month USD-LIBOR + 0.260%) due 3/19/37(b)		70,767
	299,755	^EUR	Harvest CLO XI DAC, Series 2011-A, Class ARR, 0.650% (3-Month EURIBOR + 0.650%) due 6/26/30(b)(c)		335,454
	341,082	^GBP	Hawksmoor Mortgages, Series 2019-1A, Class A, 1.240% (Sterling Overnight Index Average + 1.050%) due 5/25/53(b)(c)		458,891
	70,349		Homeward Opportunities Fund I Trust, Series 2020-2, Class A1, 1.657% due 5/25/65(b)(c)		70,215
			JP Morgan Mortgage Trust:
	2,287		Series 2003-A2, Class 3A1, 1.822% due 11/25/33(b)		2,317
	632		Series 2005-A1, Class 6T1, 2.290% due 2/25/35(b)		635
	380,058		Series 2021-INV5, Class A2, 3.000% due 12/25/51(b)(c)		374,401
	1,176,276		Series 2021-INV8, Class A2, 3.000% due 5/25/52(b)(c)		1,158,769
	281,366		Series 2021-1, Class A3, 2.500% due 6/25/51(b)(c)		270,914
	375,896		Series 2021-10, Class A3, 2.500% due 12/25/51(b)(c)		359,416
	1,133,873		Series 2021-INV4, Class A2, 3.000% due 1/25/52(b)(c)		1,116,998
	693,147		Series 2022-INV1, Class A3, 3.000% due 3/25/52(b)(c)		689,104
	7,303		JPMorgan Resecuritization Trust, Series 2009-7, Class 17A1, 6.009% due 7/27/37(b)(c)		7,319
	446,239		LCM XIII LP, Series 13A, Class AR3, 1.118% (3-Month USD-LIBOR + 0.870%) due 7/19/27(b)(c)		444,693
	437,823	^GBP	Ludgate Funding PLC, Series 2007-1, Class A2A, 0.638% (3-Month GBP-LIBOR + 0.160%) due 1/1/61(b)		566,379
	400,000		LUXE Trust, Series 2021-TRIP, Class A, 1.241% (1-Month USD-LIBOR + 1.050%) due 10/15/38(b)(c)		394,907
	300,000		Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.130% due 9/10/39(c)		288,699
	250,000		Marble Point CLO X Ltd., Series 2017-1A, Class AR, 1.281% (3-Month USD-LIBOR + 1.040%) due 10/15/30(b)(c)		248,984
	3,108		Merrill Lynch Mortgage Investors Trust, Series 2003-A2, Class 1A1, 1.799% due 2/25/33(b)		2,984
	181,846		MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, Class A, 1.035% (1-Month Term SOFR + 0.964%) due 7/15/36(b)(c)		180,469
	285,540		MFA Trust, Series 2020-NQM2, Class A1, 1.381% due 4/25/65(b)(c)		283,671
	393,812		MP CLO VII LTD, Series 2015-1A, Class AR3, 1.131% (3-Month USD-LIBOR + 0.890%) due 10/18/28(b)(c)		392,269
			New Residential Mortgage Loan Trust:
	250,610		Series 2019-RPL3, Class A1, 2.750% due 7/25/59(b)(c)		251,294
	251,635		Series 2020-RPL1, Class A1, 2.750% due 11/25/59(b)(c)		253,526
	523,177	^GBP	Newgate Funding PLC, Series 2007-1X, Class A3, 0.267% (3-Month GBP-LIBOR + 0.160%) due 12/1/50(b)		679,068
	400,000		NovaStar Mortgage Funding Trust, Series 2006-1, Class A2D, 0.727% (1-Month USD-LIBOR + 0.540%) due 5/25/36(b)		387,821
	400,000		NYO Commercial Mortgage Trust, Series 2021-1290, Class A, 1.287% (1-Month USD-LIBOR + 1.095%) due 11/15/38(b)(c)		393,246
	300,000		One New York Plaza Trust, Series 2020-1NYP, Class A, 1.141% (1-Month USD-LIBOR + 0.950%) due 1/15/36(b)(c)		296,595
	67,740		Option One Mortgage Loan Trust, Series 2007-CP1, Class 1A1, 0.327% (1-Month USD-LIBOR + 0.140%) due 3/25/37(b)		64,506
	500,000		OZLM IX Ltd., Series 2014-9A, Class A1A3, 1.354% (3-Month USD-LIBOR + 1.100%) due 10/20/31(b)(c)		498,275

See Notes to Financial Statements.

216



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 23.7% — (continued)
			Palmer Square Loan Funding Ltd.:
$	350,696		Series 2021-3A, Class A1, 1.054% (3-Month USD-LIBOR + 0.800%) due 7/20/29(b)(c)	$	350,058
	400,000		Series 2021-4A, Class A1, 0.928% (3-Month USD-LIBOR + 0.800%) due 10/15/29(b)(c)		399,305
	380,749		PRET LLC, Series 2021-RN3, Class A1, step bond to yield, 1.843% due 9/25/51(c)		370,949
			RALI Trust:
	91,811		Series 2006-QS6, Class 1A1, 6.000% due 6/25/36		89,164
	43,312		Series 2007-QO2, Class A1, 0.337% (1-Month USD-LIBOR + 0.150%) due 2/25/47(b)		20,555
	58,010	^CAD	Real Estate Asset Liquidity Trust, Series 2018-1A, Class A1, 3.072% due 8/12/53(c)		46,254
			Residential Asset Securitization Trust:
	13,662		Series 2005-A15, Class 5A1, 5.750% due 2/25/36		7,648
	38,512		Series 2006-R1, Class A2, 0.587% (1-Month USD-LIBOR + 0.400%) due 1/25/46(b)		13,695
	161,558	^GBP	Residential Mortgage Securities 32 PLC, Series 32A, Class A, 1.298% (Sterling Overnight Index Average + 1.250%) due 6/20/70(b)(c)		218,713
	198,019	^GBP	ResLoC UK PLC, Series 2007-1X, Class A3B, 0.258% (3-Month GBP-LIBOR + 0.160%) due 12/15/43(b)		259,338
	1,200,000	^GBP	Ripon Mortgages PLC, Series 1RA, Class A, zero coupon (Sterling Overnight Index Average + 0.700%) due 8/28/56(b)(c)		1,607,404
			RMAC Securities No 1 PLC:
	192,108	^GBP	Series 2006-NS1X, Class A2A, 0.245% (3-Month GBP-LIBOR + 0.150%) due 6/12/44(b)		252,673
	370,659	^GBP	Series 2006-NS3X, Class A2A, 0.245% (3-Month GBP-LIBOR + 0.150%) due 6/12/44(b)		480,920
	300,000		Sculptor CLO XXV Ltd., Series 25A, Class A1, 1.511% (3-Month USD-LIBOR + 1.270%) due 1/15/31(b)(c)		299,033
	225,820		Sound Point CLO XIV Ltd., Series 2016-3A, Class AR2, 1.249% (3-Month USD-LIBOR + 0.990%) due 1/23/29(b)(c)		225,496
	400,000		Sound Point CLO XVII, Series 2017-3A, Class A1R, 1.234% (3-Month USD-LIBOR + 0.980%) due 10/20/30(b)(c)		399,528
	1,213,385		Soundview Home Loan Trust, Series 2006-3, Class A4, 0.687% (1-Month USD-LIBOR + 0.500%) due 11/25/36(b)		1,185,312
	422,429	^GBP	Stratton Mortgage Funding, Series 2021-2A, Class A, 0.992% (Sterling Overnight Index Average + 0.900%) due 7/20/60(b)(c)		568,176
			Structured Adjustable Rate Mortgage Loan Trust:
	2,943		Series 2004-1, Class 4A1, 2.459% due 2/25/34(b)		2,941
	7,880		Series 2004-4, Class 3A2, 2.278% due 4/25/34(b)		7,999
	25,356		Series 2004-19, Class 2A1, 1.504% (1-Year Treasury Average Rate + 1.400%) due 1/25/35(b)		23,735
			Structured Asset Mortgage Investments II Trust:
	30,601		Series 2005-AR2, Class 2A1, 0.647% (1-Month USD-LIBOR + 0.460%) due 5/25/45(b)		29,591
	42,213		Series 2005-AR8, Class A1A, 0.747% (1-Month USD-LIBOR + 0.560%) due 2/25/36(b)		40,532
	19,229		Series 2006-AR5, Class 1A1, 0.607% (1-Month USD-LIBOR + 0.420%) due 5/25/36(b)		18,842
	121,162		Series 2007-AR4, Class A3, 0.407% (1-Month USD-LIBOR + 0.220%) due 9/25/47(b)		111,456
	65,601		Series 2007-AR6, Class A1, 1.604% (1-Year Treasury Average Rate + 1.500%) due 8/25/47(b)		64,229
	51,967		Structured Asset Securities Corp., Series 2006-RF1, Class 1A, 0.467% (1-Month USD-LIBOR + 0.280%) due 1/25/36(b)(c)		49,809
	82,763		Symphony CLO XIV Ltd., Series 2014-14A, Class AR, 1.188% (3-Month USD-LIBOR + 0.950%) due 7/14/26(b)(c)		82,744
	400,000		THL Credit Wind River CLO Ltd., Series 2019-3A, Class AR, 1.321% (3-Month USD-LIBOR + 1.080%) due 4/15/31(b)(c)		398,039
	467,286	^GBP	Towd Point Mortgage Funding, Series 2019-A13A, Class A1, 0.950% (Sterling Overnight Index Average + 0.900%) due 7/20/45(b)(c)		628,233
	261,606	^GBP	Towd Point Mortgage Funding 2020-Auburn 14 PLC, Series 2020-A14X, Class A, 0.174% (0.900% — Sterling Overnight Index Average) due 5/20/45(d)		351,865
			Towd Point Mortgage Trust:
	771,427		Series 2019-4, Class A1, 2.900% due 10/25/59(b)(c)		778,427
	211,423		Series 2020-1, Class A1, 2.710% due 1/25/60(b)(c)		212,502
	168,405	^GBP	Trinity Square 2021-1 PLC, Series 2021-1A, Class A, 0.936% (Sterling Overnight Index Average + 0.850%) due 7/15/59(b)(c)		226,684

See Notes to Financial Statements.

217



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 23.7% — (continued)
$	394,348		US Capital Funding II Ltd./US Capital Funding II Corp., 1.067% (3-Month USD-LIBOR + 0.750%) due 8/1/34(b)(c)	$	390,404
			UWM Mortgage Trust:
	490,342		Series 2021-INV3, Class A3, 2.500% due 11/25/51(b)(c)		471,323
	295,879		Series 2021-INV4, Class A3, 2.500% due 12/25/51(b)(c)		284,887
	98,981		Series 2021-INV5, Class A12, 3.000% due 1/25/52(b)(c)		97,962
	400,000		Venture 38 CLO Ltd., Series 2019-38A, Class A1R, 1.459% (3-Month USD-LIBOR + 1.160%) due 7/30/32(b)(c)		398,885
	74,326		Venture XVII CLO Ltd., Series 2014-17A, Class ARR, 1.121% (3-Month USD-LIBOR + 0.880%) due 4/15/27(b)(c)		74,312
	235,676		Vibrant CLO VI Ltd., Series 2017-6A, Class AR, 1.164% (3-Month USD-LIBOR + 0.950%) due 6/20/29(b)(c)		235,025
	300,000		Vibrant CLO VII Ltd., Series 2017-7A, Class A1R, 1.294% (3-Month USD-LIBOR + 1.040%) due 9/15/30(b)(c)		298,319
	400,000		Voya CLO Ltd., Series 2017-1A, Class A1R, 1.191% (3-Month USD-LIBOR + 0.950%) due 4/17/30(b)(c)		398,949
			WaMu Mortgage Pass-Through Certificates Trust:
	5,485		Series 2002-AR9, Class 1A, 1.504% (1-Year Treasury Average Rate + 1.400%) due 8/25/42(b)		5,431
	1,533		Series 2003-AR5, Class A7, 2.580% due 6/25/33(b)		1,557
	67,360		Series 2003-AR9, Class 2A, 2.373% due 9/25/33(b)		66,830
	142,924		Series 2004-AR1, Class A, 2.441% due 3/25/34(b)		147,214
	18,848		Series 2005-AR13, Class A1A1, 0.767% (1-Month USD-LIBOR + 0.580%) due 10/25/45(b)		18,840
	25,036		Series 2006-AR10, Class 2A1, 2.738% due 9/25/36(b)		24,149
	42,260		Series 2006-AR13, Class 2A, 1.723% (11th District Cost of Funds Index + 1.500%) due 10/25/46(b)		41,367
	16,701		Washington Mutual Mortgage Pass-Through Certificates WMALT, Series 2006-AR5, Class 3A, 1.044% (1-Year Treasury Average Rate + 0.940%) due 7/25/46(b)		11,374
	50,155		Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2002-AR3, Class 1A7, 2.082% due 12/25/32(b)		51,268

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $40,118,504)		39,425,799


	CORPORATE BONDS & NOTES — 17.9%

	Canada — 0.1%
	100,000	^EUR	Fairfax Financial Holdings Ltd., Senior Unsecured Notes, 2.750% due 3/29/28(c)		115,714


	Cayman Islands — 0.5%
	300,000		CK Hutchison International 17 Ltd., Company Guaranteed Notes, 2.875% due 4/5/22(c)		300,374
	200,000		KSA Sukuk Ltd., Senior Unsecured Notes, 2.894% due 4/20/22(c)		200,604
	200,000		Sands China Ltd., Senior Unsecured Notes, 5.400% due 8/8/28		196,918

			Total Cayman Islands		697,896


	Denmark — 3.7%
			Jyske Realkredit AS, Covered Notes:
	1	^DKK	1.500% due 10/1/37		—
	1	^DKK	3.000% due 10/1/47		—
	6,262,276	^DKK	1.000% due 10/1/50		836,435
	1	^DKK	1.500% due 10/1/50		—
	497,927	^DKK	1.500% due 10/1/53		68,809
			Nordea Kredit Realkreditaktieselskab, Covered Notes:
	1	^DKK	1.500% due 10/1/37		—
	1	^DKK	2.500% due 10/1/37		—
	1	^DKK	2.500% due 10/1/47		—
	9,808,798	^DKK	1.000% due 10/1/50		1,300,607
	1	^DKK	1.500% due 10/1/50		—
	1	^DKK	2.000% due 10/1/50		—
	399,204	^DKK	1.500% due 10/1/53		53,888

See Notes to Financial Statements.

218



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	Denmark — 3.7% — (continued)
			Nykredit Realkredit AS, Covered Notes:
	1	^DKK	2.500% due 10/1/36	$	—
	1	^DKK	1.500% due 10/1/37		—
	1	^DKK	2.500% due 10/1/47		—
	20,043,886	^DKK	1.000% due 10/1/50		2,659,273
	2	^DKK	1.500% due 10/1/50		—
	3,970,967	^DKK	1.000% due 10/1/53		524,675
	3,191,010	^DKK	1.500% due 10/1/53		434,062
			Realkredit Danmark AS, Covered Notes:
	1	^DKK	2.500% due 4/1/36		—
	1	^DKK	2.500% due 4/1/47		—
	1,289,544	^DKK	1.000% due 10/1/50		172,780
	799,264	^DKK	1.500% due 10/1/53		108,783

			Total Denmark		6,159,312


	France — 0.9%
			BNP Paribas SA, Senior Unsecured Notes:
$	200,000		3.132% (SOFR + 1.561%) due 1/20/33(b)(c)		193,588
	200,000		3.800% due 1/10/24(c)		205,996
	200,000		2.159% (SOFR + 1.218%) due 9/15/29(b)(c)		185,545
	300,000		5.198% (3-Month USD-LIBOR + 2.567%) due 1/10/30(b)(c)		333,450
			Societe Generale SA:
	200,000		Junior Subordinated Notes, 6.750% (5-Year USD Swap Rate + 3.929%)(b)(c)(g)		203,750
	400,000		Senior Unsecured Notes, 3.337% (1-Year CMT Index + 1.600%) due 1/21/33(b)(c)		385,061

			Total France		1,507,390


	Germany — 1.7%
			Deutsche Bank AG, Senior Unsecured Notes:
	200,000		3.300% due 11/16/22		202,205
	300,000		3.950% due 2/27/23		304,791
	100,000	^GBP	2.625% due 12/16/24		133,934
	100,000	^EUR	1.000% (1.600% – 3-Month EURIBOR) due 11/19/25(d)		111,226
	350,000		3.961% (SOFR + 2.581%) due 11/26/25(b)		358,395
	300,000	^EUR	2.625% due 2/12/26		349,688
	200,000	^EUR	1.625% due 1/20/27		221,927
	400,000		2.552% (SOFR + 1.318%) due 1/7/28(b)		385,913
	200,000	^EUR	1.750% (2.050% – 3-Month EURIBOR) due 11/19/30(d)		214,588
	200,000		Deutsche Bank AG, (Restricted, cost – $200,406, acquired 1/21/21), Subordinated Notes, 3.729% (SOFR + 2.757%) due 1/14/32(b)(h)		187,636
	300,000		IHO Verwaltungs GmbH, Senior Secured Notes, 6.000% (6.000% cash or 6.750% PIK) due 5/15/27(c)(i)		305,646

			Total Germany		2,775,949


	Ireland — 0.1%
	200,000		SMBC Aviation Capital Finance DAC, Company Guaranteed Notes, 3.000% due 7/15/22(c)		200,998


	Italy — 0.5%
	400,000	^EUR	Banca Carige SpA, Covered Notes, 0.971% (1.500% – 3-Month EURIBOR) due 5/25/22(d)		449,047
			Banca Monte dei Paschi di Siena SpA:
	100,000	^EUR	Senior Unsecured Notes, 2.625% due 4/28/25		106,059
	100,000	^EUR	Covered Notes, 0.875% due 10/8/26		112,530
	200,000	^EUR	UniCredit SpA, Junior Subordinated Notes, 9.250% (9.300% – 5-Year EUR Swap Rate)(d)(g)		228,596

			Total Italy		896,232


	Japan — 0.2%
	200,000		Nissan Motor Co., Ltd., Senior Unsecured Notes, 4.345% due 9/17/27(c)		206,238
	200,000		Nomura Holdings Inc., Senior Unsecured Notes, 2.329% due 1/22/27		193,467

			Total Japan		399,705

See Notes to Financial Statements.

219



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	Luxembourg — 0.1%
	100,000	^EUR	CPI Property Group SA, Senior Unsecured Notes, 1.500% due 1/27/31	$	96,598


	Netherlands — 0.3%
$	500,000		ING Groep NV, Junior Subordinated Notes, 3.875%(b)(g)		444,375
	52,525	^EUR	Stichting AK Rabobank Certificaten, Junior Subordinated Notes, step bond to yield, 6.500%(g)		71,174

			Total Netherlands		515,549


	Portugal — 0.0%
			Banco Espirito Santo SA, Senior Unsecured Notes:
	200,000	^EUR	4.750% due 1/15/18(a)(j)		39,245
	200,000	^EUR	4.000% due 1/21/19(a)(j)		39,246

			Total Portugal		78,491


	Qatar — 0.2%
			Qatar Energy, Senior Unsecured Notes:
	200,000		2.250% due 7/12/31(c)		188,751
	200,000		3.125% due 7/12/41(c)		188,513

			Total Qatar		377,264


	Singapore — 0.1%
	200,000		BOC Aviation Ltd., Senior Unsecured Notes, 2.750% due 9/18/22(c)		200,782


	Spain — 0.3%
	200,000	^EUR	Banco Bilbao Vizcaya Argentaria SA, Junior Subordinated Notes, 5.875% (5-Year EUR Swap Rate + 5.660%)(b)(g)		230,005
	200,000	^EUR	CaixaBank SA, Junior Subordinated Notes, 6.750% (5-Year EUR Swap Rate + 6.498%)(b)(g)		238,064

			Total Spain		468,069


	Supranational — 0.6%
			European Investment Bank, Senior Unsecured Notes:
	500,000	^AUD	0.500% due 6/21/23		360,829
	800,000	^AUD	0.500% due 8/10/23		575,877

			Total Supranational		936,706


	Sweden — 0.1%
	200,000		Swedbank AB, Junior Subordinated Notes, 4.000% (5-Year CMT Index + 2.864%)(b)(g)		179,200


	Switzerland — 1.4%
			Credit Suisse Group AG:
			Junior Subordinated Notes:
	200,000		6.250% (5-Year USD Swap Rate + 3.455%)(b)(c)(g)		205,294
	200,000		7.500% (5-Year USD Swap Rate + 4.598%)(b)(c)(g)		210,105
			Senior Unsecured Notes:
	300,000		2.997% (3-Month USD-LIBOR + 1.200%) due 12/14/23(b)(c)		302,703
	250,000		4.282% due 1/9/28(c)		260,422
	250,000		3.869% (3-Month USD-LIBOR + 1.410%) due 1/12/29(b)(c)		253,655
			UBS AG, Subordinated Notes:
	250,000		7.625% due 8/17/22		256,024
	400,000		5.125% due 5/15/24		416,499
	400,000		UBS Group AG, Senior Unsecured Notes, 1.456% (3-Month USD-LIBOR + 0.950%) due 8/15/23(b)(c)		401,329

			Total Switzerland		2,306,031


	United Kingdom — 3.7%
	600,000		Barclays Bank PLC, Subordinated Notes, 7.625% due 11/21/22		622,190
			Barclays PLC, Junior Subordinated Notes:
	600,000	^GBP	7.125% (5-Year UK Government Note Generic Bid Yield + 6.579%)(b)(g)		837,859
	200,000		7.875% (5-Year USD Swap Rate + 6.772%)(b)(g)		200,425

See Notes to Financial Statements.

220



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	United Kingdom — 3.7% — (continued)
$	100,000		British Telecommunications PLC, Senior Unsecured Notes, 9.625% due 12/15/30	$	141,094
			HSBC Holdings PLC:
	400,000		Junior Subordinated Notes, 6.500% (5-Year USD 1100 Run ICE Swap Rate + 3.606%)(b)(g)		415,750
			Senior Unsecured Notes:
	300,000		1.488% (3-Month USD-LIBOR + 1.000%) due 5/18/24(b)		302,332
	400,000		3.803% (3-Month USD-LIBOR + 1.211%) due 3/11/25(b)		410,081
	100,000	^GBP	1.750% (Sterling Overnight Index Average + 1.307%) due 7/24/27(b)		128,583
	200,000		4.041% (3-Month USD-LIBOR + 1.546%) due 3/13/28(b)		207,592
	100,000	^GBP	Subordinated Notes, 6.750% due 9/11/28		159,537
	100,000	^GBP	John Lewis PLC, Senior Unsecured Notes, 6.125% due 1/21/25		144,213
			Lloyds Banking Group PLC:
	200,000	^GBP	Junior Subordinated Notes, 5.125% (5-Year UK Government Note Generic Bid Yield + 4.607%)(b)(g)		263,224
	200,000		Senior Unsecured Notes, 3.900% due 3/12/24		206,460
	300,000		Subordinated Notes, 4.582% due 12/10/25		315,685
	200,000	^GBP	Marks & Spencer PLC, Senior Unsecured Notes, 4.250% due 12/8/23		272,960
	200,000		Nationwide Building Society, Senior Unsecured Notes, 3.766% (3-Month USD-LIBOR + 1.064%) due 3/8/24(b)(c)		203,342
			NatWest Group PLC, Junior Subordinated Notes:
	200,000	^GBP	5.125% (5-Year UK Government Note Generic Bid Yield + 4.985%)(b)(g)		262,302
	200,000		6.000% (5-Year CMT Index + 5.625%)(b)(g)		207,000
	100,000	^GBP	Rolls-Royce PLC, Company Guaranteed Notes, 5.750% due 10/15/27		140,962
	400,000		Santander UK Group Holdings PLC, Senior Unsecured Notes, 4.796% (3-Month USD-LIBOR + 1.570%) due 11/15/24(b)		416,801
	200,000		Standard Chartered PLC, Junior Subordinated Notes, 7.500% (5-Year USD Swap Rate + 6.301%)(b)(c)(g)		200,944
	94,869	^GBP	Tesco Property Finance 4 PLC, Senior Secured Notes, 5.801% due 10/13/40		154,386

			Total United Kingdom		6,213,722


	United States — 3.4%
	100,000	^EUR	AT&T Inc., Junior Subordinated Notes, 2.875% (3.140% - 5-Year EURIBOR ICE Swap Rate)(d)(g)		108,286
	200,000		Bank of America Corp., Junior Subordinated Notes, 5.875% (3-Month USD-LIBOR + 2.931%)(b)(g)		206,000
			Broadcom Inc.:
	190,000		Company Guaranteed Notes, 4.150% due 11/15/30		199,473
	10,000		Senior Unsecured Notes, 3.187% due 11/15/36(c)		9,293
	58,000		Campbell Soup Co., Senior Unsecured Notes, 3.650% due 3/15/23		59,112
	700,000		Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.464% due 7/23/22		705,205
	200,000		Dell International LLC/EMC Corp., Senior Unsecured Notes, 4.900% due 10/1/26		216,942
	400,000		Duke Energy Corp., Senior Unsecured Notes, 0.851% (3-Month USD-LIBOR + 0.650%) due 3/11/22(b)		400,033
			Fidelity National Information Services Inc.:
	100,000	^GBP	Senior Unsecured Notes, 1.700% due 6/30/22		134,245
	100,000	^EUR	Company Guaranteed Notes, 0.750% due 5/21/23		112,870
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	200,000		4.250% due 9/20/22		202,099
	200,000		3.550% due 10/7/22		201,370
	200,000		4.140% due 2/15/23		202,423
	100,000	^GBP	2.748% due 6/14/24		131,342
	100,000	^EUR	0.172% (0.700% - 3-Month EURIBOR) due 12/1/24(d)		108,406
	400,000		5.125% due 6/16/25		415,944
	200,000		4.000% due 11/13/30		198,736
	150,000		GA Global Funding Trust, Secured Notes, 2.250% due 1/6/27(c)		145,482
	600,000		Goldman Sachs Group Inc.(The), Senior Unsecured Notes, 3.102% (SOFR + 1.410%) due 2/24/33(b)		590,597

See Notes to Financial Statements.

221



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†		Security	Value

	United States — 3.4% — (continued)
$	100,000	Hyatt Hotels Corp., Senior Unsecured Notes, 1.300% due 10/1/23	$	98,507
	1,300,000	Lehman Brothers Holdings Inc., Senior Unsecured Notes, zero coupon due 12/28/17(a)		7,085
	300,000	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes, 6.500% due 6/20/27(c)		316,839
		Pacific Gas & Electric Co., 1st Mortgage Notes:
	100,000	3.450% due 7/1/25		101,094
	200,000	4.400% due 3/1/32		204,523
	100,000	Principal Life Global Funding II, Secured Notes, 1.375% due 1/10/25(c)		97,477
	100,000	Santander Holdings USA Inc., Senior Unsecured Notes, 3.400% due 1/18/23		101,518
	300,000	Zimmer Biomet Holdings Inc., Senior Unsecured Notes, 3.150% due 4/1/22		300,296

		Total United States		5,575,197

		TOTAL CORPORATE BONDS & NOTES (Cost — $31,522,542)		29,700,805


	MORTGAGE-BACKED SECURITIES — 10.4%

	FHLMC — 0.1%
		Federal Home Loan Mortgage Corp. (FHLMC):
	41,730	3.500% due 10/1/39		43,273
	100,000	2.000% due 3/1/52		96,033

		Total FHLMC		139,306


	FNMA — 10.3%
		Federal National Mortgage Association (FNMA):
	9,050,000	3.500% due 5/1/42(k)		9,279,785
	425,171	3.500% due 10/1/34 – 6/1/50		441,689
	19,400	2.423% (1-Year CMT Index + 2.360%) due 11/1/34(b)		20,344
	1,707	6.500% due 8/1/37		1,762
	481,157	3.000% due 10/1/49 – 5/1/51		488,421
	6,100,000	4.000% due 4/1/52(k)		6,363,539
	129,171	4.000% due 6/1/50		135,271
	500,000	2.000% due 3/1/52		480,159

		Total FNMA		17,210,970


	GNMA — 0.0%
	1,561	Government National Mortgage Association II (GNMA), 6.000% due 9/20/38		1,664

		TOTAL MORTGAGE-BACKED SECURITIES (Cost — $17,337,335)		17,351,940


	U.S. GOVERNMENT OBLIGATIONS — 2.8%
		U.S. Treasury Bonds:
	1,200,000	1.375% due 11/15/40		1,035,469
	1,300,000	1.875% due 2/15/41(l)		1,219,816
		U.S. Treasury Inflation Indexed Notes:
	1,130,280	0.500% due 1/15/28		1,243,121
	312,066	0.125% due 7/15/31		342,492
	800,000	U.S. Treasury Notes, 2.875% due 4/30/25		830,313

		TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $4,644,116)		4,671,211


	ASSET-BACKED SECURITIES — 0.3%

	Automobiles — 0.3%
	400,000	Toyota Auto Loan Extended Notes Trust, Series 2019-1A, Class A, 2.560% due 11/25/31(c)		406,106


	Student Loans — 0.0%
	49,667	Massachusetts Educational Financing Authority, Series 2008-1, Class A1, 1.208% (3-Month USD-LIBOR + 0.950%) due 4/25/38(b)		49,724

		TOTAL ASSET-BACKED SECURITIES (Cost — $449,608)		455,830

See Notes to Financial Statements.

222



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	MUNICIPAL BOND — 0.1%

	United States — 0.1%
$	100,000		New Jersey Transportation Trust Fund Authority, 4.131% due 6/15/42 (Cost — $116,695)	$	103,700

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $174,893,449)		169,626,213


	SHORT-TERM INVESTMENTS — 6.4%

	SOVEREIGN BONDS — 3.5%

	Israel — 1.1%
			Bank of Israel Bills — Makam:
	3,200,000	^ILS	0.000% due 11/2/22(m)		998,104
	2,900,000	^ILS	0.000% due 12/7/22(m)		904,607

			Total Israel		1,902,711


	Japan — 2.4%
			Japan Treasury Discount Bills:
	80,000,000	^JPY	(0.105)% due 4/11/22(m)		696,105
	130,000,000	^JPY	(0.092)% due 5/9/22(m)		1,131,158
	250,000,000	^JPY	(0.097)% due 5/16/22(m)		2,175,330

			Total Japan		4,002,593

			TOTAL SOVEREIGN BONDS (Cost — $5,930,707)		5,905,304


	TIME DEPOSITS — 2.2%
	73,248	^AUD	ANZ National Bank — London, (0.220)% due 3/1/22		53,196
			BBH — Grand Cayman:
	896	^DKK	(0.740)% due 3/1/22		135
	19,816	^SEK	(0.300)% due 3/1/22		2,094
	4,613	^NOK	0.070% due 3/1/22		524
	15,574	^NZD	0.150% due 3/1/22		10,539
	817,045	^ZAR	3.700% due 3/1/22		53,145
			BNP Paribas — Paris:
	37,881	^CHF	(1.450)% due 3/1/22		41,310
	135,579	^GBP	0.090% due 3/1/22		181,906
	260,937	^EUR	Citibank — London, (0.780)% due 3/1/22		292,589
	452	^HKD	HSBC Bank — Hong Kong, 0.005% due 3/1/22		58
	28,094	^SGD	HSBC Bank — Singapore, 0.070% due 3/1/22		20,723
	92,664	^CAD	Royal Bank of Canada — Toronto, 0.005% due 3/1/22		73,096
	2,866,476		Skandinaviska Enskilda Banken AB — Stockholm, 0.005% due 3/1/22		2,866,476
	5,714,705	^JPY	Sumitomo Mitsui Banking Corp. — Tokyo, (0.340)% due 3/1/22		49,713

			TOTAL TIME DEPOSITS (Cost — $3,645,504)		3,645,504


	U.S. GOVERNMENT OBLIGATION — 0.7%
	1,161,000		U.S. Treasury Bills, 0.043% due 3/24/22(m)(n)(o) (Cost — $1,160,968)		1,160,968

			TOTAL SHORT-TERM INVESTMENTS (Cost — $10,737,179)		10,711,776

			TOTAL INVESTMENTS IN SECURITIES (Cost — $185,633,707)		180,337,989

			TOTAL INVESTMENTS IN PURCHASED OPTIONS (Cost — $38,458)		61,246

			TOTAL INVESTMENTS — 108.5% (Cost — $185,672,165)		180,399,235

			Liabilities in Excess of Other Assets — (8.5)%		(14,163,842	)

			TOTAL NET ASSETS — 100.0%	$	166,235,393

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

See Notes to Financial Statements.

223



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

(a)	Illiquid security.

(b)	Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2022.

(c)

(d)	Inverse Floating Rate Security — interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate as of February 28, 2022.

(e)	Interest only security.

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

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

(h)	The aggregate value of restricted securities (excluding 144A holdings) at February 28, 2022, amounts to $187,636 and represents 0.1% of net assets.

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

(j)	Security is currently in default.

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

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

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

(n)	All or a portion of this security is held at the broker as collateral for open futures contracts.

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

At February 28, 2022, for International Fixed Income Fund the aggregate cost of investments, 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	$	185,672,165	$	8,047,218	$	(15,740,888)	$	(7,693,670)


Abbreviations used in this schedule:
CLO		— Collateralized Loan Obligation
CMT		— Constant Maturity Treasury Rate
CPI		— Consumer Price Index
EURIBOR		— Euro Interbank Offered Rate
ICE		— Intercontinental Exchange
LIBOR		— London Interbank Offered Rate
OTC		— Over the Counter
PLC		— Public Limited Company
REMICS		— Real Estate Mortgage Investment Conduit


Summary of Investments by Security Type^
Sovereign Bonds	43.2	%
Collateralized Mortgage Obligations	21.6
Corporate Bonds & Notes	16.7
Mortgage-Backed Securities	9.6
U.S. Government Obligations	2.6
Asset-Backed Securities	0.3
Municipal Bond	0.1
Purchased Options	0.0	*
Short-Term Investments	5.9

	100.0	%

^	As a percentage of total investments.

*	Position represents less than 0.05%.

See Notes to Financial Statements.

224



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

At February 28, 2022, International Fixed Income Fund held the following Options Contracts Purchased:

Currency Option

Number of
Contracts

Notional
Amount†

Security Name

Counterparty

Expiration
Date

Strike Price

Value

716,000

736,214

^CHF

OTC Euro versus Swiss Franc, Put

BNP

5/24/22

CHF

1.02

5,571

Interest Rate Swaption

Number of
Contracts

Notional
Amount†

Security Name

Counterparty

Expiration
Date

Exercise
Rate

Value

600,000

3,138

OTC 10-Year Swaption, 3-Month USD-LIBOR, Put

BOA

1/11/24

2.180%

16,452

Options on Futures



Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Strike Price		Value
	19		2,527,380	^EUR	Euro-Bobl April Futures, Call		SOG		3/25/22	EUR	139.50	$	106
	83		11,040,660	^EUR	Euro-Bobl June Futures, Call		SOG		5/20/22	EUR	150.00		465
	33		5,488,560	^EUR	Euro-Bund June Futures, Call		SOG		5/20/22	EUR	200.00		370
	166		18,573,740	^EUR	Euro-Schatz April Futures, Put		SOG		3/25/22	EUR	109.60		931
	200,000		19,400,000	^EUR	French Republic Government Bonds OAT Futures, Put(a)		BNP		5/23/25	EUR	97.00		37,351

					Total Options on Futures							$	39,223

					TOTAL OPTIONS CONTRACTS PURCHASED (Cost — $38,458)							$	61,246

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

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

At February 28, 2022, International Fixed Income Fund held the following Options Contracts Written:

Credit Default Swaptions



Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	200,000	$	211,659	OTC Markit CDX North America High Yield Series 37 5-Year Index, Put		BCLY		4/20/22		100.000%	$	701
	300,000		317,488	OTC Markit CDX North America High Yield Series 37 5-Year Index, Put		DUB		4/20/22		101.000%		1,363
	100,000		105,829	OTC Markit CDX North America High Yield Series 37 5-Year Index, Put		GSC		5/18/22		101.000%		793
	400,000		265,776	OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		BCLY		6/15/22		1.000%		759
	300,000		199,332	OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		BCLY		5/18/22		0.900%		556
	1,000,000		664,440	OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		BOA		4/20/22		0.900%		1,121
	500,000		332,220	OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		BOA		5/18/22		0.900%		926
	500,000		332,220	OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		DUB		6/15/22		1.100%		736
	300,000		199,332	OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		DUB		5/18/22		0.950%		468

See Notes to Financial Statements.

225



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund



Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	800,000	$	531,552		OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		GSC		4/20/22		0.900%	$	897
	300,000		199,332		OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		GSC		4/20/22		0.850%		420
	100,000		66,444		OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		GSC		5/18/22		1.050%		115
	500,000		332,220		OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		JPM		5/18/22		0.850%		1,085
	800,000		531,552		OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		JPM		4/20/22		0.900%		897
	500,000		332,220		OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		JPM		4/20/22		0.950%		442
	200,000		132,888		OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		JPM		6/15/22		1.000%		380
	800,000		531,552		OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		JPM		3/16/22		0.950%		75
	100,000		332,050	^EUR	OTC Markit iTraxx Europe Crossover Series 36 5-Year Index, Put		BCLY		5/18/22		4.500%		1,092
	300,000		996,150	^EUR	OTC Markit iTraxx Europe Crossover Series 36 5-Year Index, Put		BCLY		3/16/22		4.250%		661
	100,000		332,050	^EUR	OTC Markit iTraxx Europe Crossover Series 36 5-Year Index, Put		BNP		5/18/22		4.250%		1,304
	100,000		332,050	^EUR	OTC Markit iTraxx Europe Crossover Series 36 5-Year Index, Put		BNP		6/15/22		5.000%		1,075
	200,000		664,100	^EUR	OTC Markit iTraxx Europe Crossover Series 36 5-Year Index, Put		BOA		4/20/22		4.250%		1,764
	100,000		332,050	^EUR	OTC Markit iTraxx Europe Crossover Series 36 5-Year Index, Put		GSC		5/18/22		4.500%		1,092
	100,000		332,050	^EUR	OTC Markit iTraxx Europe Crossover Series 36 5-Year Index, Put		JPM		6/15/22		5.000%		1,076
	100,000		332,050	^EUR	OTC Markit iTraxx Europe Crossover Series 36 5-Year Index, Put		JPM		6/15/22		5.250%		935
	1,100,000		743,358	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		BCLY		6/15/22		1.000%		3,001
	800,000		540,624	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		BCLY		5/18/22		0.850%		2,552
	800,000		540,624	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		BCLY		5/18/22		1.000%		1,587
	400,000		270,312	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		BCLY		5/18/22		1.000%		794
	1,200,000		810,936	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		BCLY		3/16/22		0.900%		488
	200,000		135,156	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		BCLY		6/15/22		1.100%		422
	400,000		270,312	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		BCLY		3/16/22		0.950%		103
	1,300,000		878,514	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		BOA		6/15/22		1.100%		2,745
	700,000		473,046	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		BOA		4/20/22		0.850%		1,567
	300,000		202,734	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		BOA		6/15/22		1.000%		801
	400,000		270,312	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		BOA		6/15/22		1.200%		656
	800,000		540,624	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		BOA		3/16/22		0.900%		326
	600,000		405,468	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		GSC		5/18/22		0.950%		1,389
	400,000		270,312	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		GSC		6/15/22		0.950%		1,266
	1,200,000		810,936	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		JPM		3/16/22		0.900%		488

					Total Credit Default Swaptions							$	38,918

Currency Option

Number of
Contracts

Notional
Amount†

Security Name

Counterparty

Expiration
Date

Strike Price

Value

716,000

736,214

^CHF

OTC Euro versus Swiss Franc, Call

BNP

5/24/22

CHF

1.05

3,919

Interest Rate Swaptions



Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	1,500,000		12,807	^GBP	OTC 1-Year Swaption, 3-Month GBP-LIBOR, Call		JPM		12/16/24		0.820%	$	7,164
	15,900,000	$	83,157		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		GSC		11/2/22		0.870%		5,067

See Notes to Financial Statements.

226



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund



Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	5,400,000	$	28,242		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		BOA		1/11/24		2.310%	$	18,540
	15,900,000		83,157		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		GSC		11/2/22		1.270%		119,800
	200,000		1,056	^EUR	OTC 2-Year Swaption, 3-Month EURIBOR, Call		DUB		8/8/22		0.350%		1,136
	200,000		1,056	^EUR	OTC 2-Year Swaption, 3-Month EURIBOR, Put		DUB		8/8/22		0.550%		581
	300,000		1,584	^EUR	OTC 5-Year Swaption, 3-Month EURIBOR, Call		BCLY		5/9/22		0.450%		1,871
	200,000		1,056	^EUR	OTC 5-Year Swaption, 3-Month EURIBOR, Call		BNP		4/7/22		0.500%		1,298
	500,000		2,640	^EUR	OTC 5-Year Swaption, 3-Month EURIBOR, Call		GSC		5/11/22		0.500%		3,877
	500,000		2,640	^EUR	OTC 5-Year Swaption, 3-Month EURIBOR, Call		JPM		4/8/22		0.450%		2,549
	300,000		1,584	^EUR	OTC 5-Year Swaption, 3-Month EURIBOR, Put		BCLY		5/9/22		0.650%		1,660
	200,000		1,056	^EUR	OTC 25-Year Swaption, 3-Month EURIBOR, Put		BNP		5/23/25		0.451%		36,946
	200,000		1,056	^EUR	OTC 5-Year Swaption, 3-Month EURIBOR, Put		BNP		4/7/22		0.700%		577
	500,000		2,640	^EUR	OTC 5-Year Swaption, 3-Month EURIBOR, Put		GSC		5/11/22		1.000%		1,092
	500,000		2,640	^EUR	OTC 5-Year Swaption, 3-Month EURIBOR, Put		JPM		4/8/22		0.650%		1,791
	1,400,000		7,322		OTC 5-Year Swaption, 3-Month USD-LIBOR, Call		BOA		4/13/22		1.171%		1,284
	1,400,000		7,322		OTC 5-Year Swaption, 3-Month USD-LIBOR, Put		BOA		4/13/22		1.621%		8,995
	300,000		1,569		OTC 10-Year Swaption, 3-Month USD-LIBOR, Call		GSC		3/14/22		1.365%		144
	300,000		1,569		OTC 10-Year Swaption, 3-Month USD-LIBOR, Put		GSC		3/14/22		1.765%		988
	800,000		4,184		OTC 7-Year Swaption, 3-Month USD-LIBOR, Call		DUB		3/18/22		1.528%		2,993
	800,000		4,184		OTC 7-Year Swaption, 3-Month USD-LIBOR, Put		DUB		3/18/22		1.888%		942

					Total Interest Rate Swaptions							$	219,295

Options on Futures



Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Strike Price		Value
	8	$	1,963,600	SOFR Futures, Call		BNP		4/14/22	$	98.38	$	2,350
	8		1,963,600	SOFR Futures, Put		BNP		4/14/22	$	98.38		6,250
	200,000		199,093,750	OTC Federal National Mortgage Association (FNMA) 30-Year April Futures, Call		JPM		4/6/22	$	99.55		447
	100,000		100,128,000	OTC Federal National Mortgage Association (FNMA) 30-Year April Futures, Call		JPM		4/6/22	$	100.13		102
	100,000		98,390,625	OTC Federal National Mortgage Association (FNMA) 30-Year May Futures, Call		JPM		5/5/22	$	98.39		828
	100,000		98,468,750	OTC Federal National Mortgage Association (FNMA) 30-Year May Futures, Call		JPM		5/5/22	$	98.47		787
	200,000		197,234,200	OTC Federal National Mortgage Association (FNMA) 30-Year May Futures, Call		JPM		5/5/22	$	98.62		1,424
	200,000		197,656,250	OTC Federal National Mortgage Association (FNMA) 30-Year May Futures, Call		JPM		5/5/22	$	98.83		1,225
	200,000		198,546,000	OTC Federal National Mortgage Association (FNMA) 30-Year May Futures, Call		JPM		5/5/22	$	99.27		828

				Total Options on Futures							$	14,241

				TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received — $189,676)							$	276,373

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

At February 28, 2022 International Fixed Income Fund held the following Reverse Repurchase Agreement:



Face Amounts†		Security	Value
		JPMorgan Securities:
$	187,000	0.080% due 3/8/22 (Proceeds — $187,000)	$	187,000

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

See Notes to Financial Statements.

227



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

For the period ended February 28, 2022, the daily average borrowing and interest rate under the reverse repurchase agreement were $1,033 and 0.08%.

At February 28, 2022, International Fixed Income Fund held the following Forward Sale Commitments:



Face Amounts†		Security	Value
		Federal National Mortgage Association (FNMA):
$	100,000	3.500% due 3/1/37(a)	$	103,214
	2,400,000	3.000% due 4/1/52(a)		2,417,449
	15,650,000	2.000% due 4/1/52(a)		14,973,605
	10,800,000	2.500% due 3/1/52(a)		10,655,792
	2,100,000	2.000% due 4/1/37(a)		2,080,975

		TOTAL FORWARD SALE COMMITMENTS (Proceeds — $30,258,213)	$	30,231,035

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

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

At February 28, 2022, 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		Market Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Government 3-Year Bond March Futures		54		3/22	$	4,472,963	$	4,428,310	$	(44,653	)
Euro-BTP March Futures		112		3/22		18,759,046		17,726,407		(1,032,639	)
Euro-Buxl 30-Year Bond March Futures		9		3/22		2,172,451		1,995,936		(176,515	)
Euro-OAT March Futures		30		3/22		5,595,007		5,324,381		(270,626	)
Euro-Schatz Note March Futures		166		3/22		20,881,453		20,845,347		(36,106	)
U.S. Treasury 10-Year Note June Futures		15		6/22		1,886,015		1,911,562		25,547
U.S. Treasury Ultra Long Bond June Futures		2		6/22		368,880		371,875		2,995

										(1,531,997	)

Contracts to Sell:
Australian Government 10-Year Bond March Futures		7		3/22		708,505		683,918		24,587
Canada Government 10-Year Bond June Futures		11		6/22		1,176,004		1,185,904		(9,900	)
Euro-Bobl June Futures		81		6/22		11,951,701		11,982,581		(30,880	)
Euro-Bund June Futures		35		6/22		6,425,867		6,440,578		(14,711	)
Japan Government 10-Year Bond March Futures		3		3/22		3,963,986		3,927,624		36,362
U.S. Treasury 2-Year Note June Futures		107		6/22		22,964,875		23,029,242		(64,367	)
U.S. Treasury 5-Year Note June Futures		13		6/22		1,524,250		1,537,656		(13,406	)
U.S. Treasury Long Bond June Futures		11		6/22		1,701,219		1,723,563		(22,344	)
U.S. Ultra Long Bond June Futures		1		6/22		140,098		141,328		(1,230	)
United Kingdom Treasury 10-Year Gilt June Futures		33		6/22		5,448,550		5,449,503		(953	)

										(96,842	)

Net Unrealized Depreciation on Open Exchange-Traded Futures Contracts									$	(1,628,839	)

At February 28, 2022, International Fixed Income Fund had deposited cash of $161,000 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.

See Notes to Financial Statements.

228



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

At February 28, 2022, 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		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Dollar		278,000		USD	199,479		BNP	$	201,897		3/2/22	$	2,418
Australian Dollar		680,000		USD	489,352		BNP		493,850		3/2/22		4,498
Australian Dollar		1,093,000		USD	779,964		JPM		793,791		3/2/22		13,827
Brazilian Real		1,078,488		USD	207,000		BNP		208,951		3/3/22		1,951
Brazilian Real		1,088,053		USD	205,000		BNP		210,804		3/3/22		5,804
Brazilian Real		2,166,541		USD	421,555		GSC		419,755		3/3/22		(1,800	)
Brazilian Real		1,791,309		USD	344,874		GSC		343,820		4/4/22		(1,054	)
British Pound		455,000		USD	614,079		JPM		610,474		3/2/22		(3,605	)
Canadian Dollar		4,192,022		USD	3,275,017		BOA		3,306,793		3/2/22		31,776
Canadian Dollar		449,000		USD	354,269		GSC		354,185		3/2/22		(84	)
Canadian Dollar		506,000		USD	397,658		GSC		399,148		3/2/22		1,490
Canadian Dollar		960,000		USD	751,604		SCB		757,277		3/2/22		5,673
Chinese Offshore Renminbi		373,333		USD	58,560		BNP		59,046		3/16/22		486
Chinese Offshore Renminbi		861,691		USD	135,412		DUB		136,284		3/16/22		872
Chinese Offshore Renminbi		996,987		USD	156,248		DUB		157,681		3/16/22		1,433
Chinese Offshore Renminbi		426,218		USD	66,741		JPM		67,410		3/16/22		669
Chinese Offshore Renminbi		387,056		USD	60,707		JPM		61,216		3/16/22		509
Danish Krone		530,000		USD	83,249		BOA		80,003		4/1/22		(3,246	)
Danish Krone		750,000		USD	114,714		BOA		113,211		4/1/22		(1,503	)
Danish Krone		655,000		USD	99,705		BOA		98,871		4/1/22		(834	)
Danish Krone		860,000		USD	132,214		HSBC		129,816		4/1/22		(2,398	)
Danish Krone		800,000		USD	121,815		SCB		120,759		4/1/22		(1,056	)
Euro		179,000		USD	203,290		BCLY		200,713		3/2/22		(2,577	)
Euro		1,467,000		USD	1,668,110		BNP		1,644,947		3/2/22		(23,163	)
Euro		114,000		USD	128,976		BOA		127,828		3/2/22		(1,148	)
Euro		177,000		USD	202,485		SCB		198,470		3/2/22		(4,015	)
Euro		331,000		USD	373,203		UBS		371,151		3/2/22		(2,052	)
Indonesian Rupiah		3,422,958,000		USD	239,000		SCB		238,059		3/14/22		(941	)
Indonesian Rupiah		2,581,200,000		USD	180,000		SCB		179,517		3/14/22		(483	)
Indonesian Rupiah		4,974,788,450		USD	346,000		BNP		345,935		3/16/22		(65	)
Indonesian Rupiah		330,699,028		USD	23,000		BNP		22,996		3/16/22		(4	)
Indonesian Rupiah		330,211,000		USD	23,000		GSC		22,962		3/16/22		(38	)
Japanese Yen		35,200,000		USD	307,229		DUB		306,207		3/2/22		(1,022	)
Malaysian Ringgit		828,819		USD	197,899		HSBC		197,237		3/23/22		(662	)
Mexican Peso		7,076,806		USD	336,710		BOA		345,458		3/4/22		8,748
Mexican Peso		4,007,000		USD	192,907		GSC		192,916		5/18/22		9
Mexican Peso		1,426,837		USD	68,126		BOA		68,314		6/15/22		188
Mexican Peso		2,117,000		USD	101,461		GSC		101,358		6/15/22		(103	)
Mexican Peso		7,076,806		USD	338,321		BNP		337,750		7/1/22		(571	)
Norwegian Krone		6,858,421		USD	762,647		BOA		778,384		3/2/22		15,737
Norwegian Krone		3,825,000		USD	432,012		JPM		434,112		3/2/22		2,100
Peruvian Sol		4,745,999		USD	1,268,984		JPM		1,253,258		3/3/22		(15,726	)
Peruvian Sol		335,064		USD	82,081		BNP		86,580		10/5/22		4,499
Singapore Dollar		262,000		USD	194,838		HSBC		193,247		3/16/22		(1,591	)
South African Rand		2,813,000		USD	183,603		BOA		180,471		6/15/22		(3,132	)
South African Rand		1,936,295		USD	126,357		GSC		124,226		6/15/22		(2,131	)

See Notes to Financial Statements.

229



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy: (continued)
Swiss Franc		153,000		USD	166,503		DUB	$	166,849		3/2/22	$	346
Swiss Franc		353,903		USD	380,277		DUB		385,936		3/2/22		5,659
Swiss Franc		90,000		USD	97,312		SCB		98,306		4/4/22		994

													34,682

Contracts to Sell:
Australian Dollar		727,000		USD	516,669		BOA		527,984		3/2/22		(11,315	)
Brazilian Real		2,166,541		USD	421,555		BNP		419,755		3/3/22		1,800
Brazilian Real		375,232		USD	67,952		GSC		72,699		3/3/22		(4,747	)
Brazilian Real		1,791,309		USD	347,888		GSC		347,057		3/3/22		831
British Pound		1,201,000		USD	1,628,075		BNP		1,611,382		3/2/22		16,693
British Pound		95,000		USD	128,889		BNP		127,461		3/2/22		1,428
British Pound		30,000		USD	40,886		BOA		40,251		3/2/22		635
British Pound		11,778,189		USD	15,799,113		SCB		15,802,798		3/2/22		(3,685	)
British Pound		12,649,189		USD	16,976,632		SCB		16,976,385		4/4/22		247
Canadian Dollar		434,000		USD	340,627		BOA		342,352		3/2/22		(1,725	)
Canadian Dollar		4,416,751		USD	3,453,220		DUB		3,484,067		3/2/22		(30,847	)
Canadian Dollar		1,253,323		USD	989,651		HSBC		988,659		3/2/22		992
Canadian Dollar		4,192,022		USD	3,275,017		BOA		3,307,292		4/4/22		(32,275	)
Chinese Onshore Renminbi		658,594		USD	103,147		JPM		104,271		3/16/22		(1,124	)
Chinese Onshore Renminbi		651,421		USD	102,125		JPM		103,135		3/16/22		(1,010	)
Chinese Onshore Renminbi		519,223		USD	81,402		SCB		82,205		3/16/22		(803	)
Chinese Onshore Renminbi		701,218		USD	109,935		SCB		111,020		3/16/22		(1,085	)
Chinese Onshore Renminbi		519,101		USD	81,402		SCB		82,186		3/16/22		(784	)
Danish Krone		1,440,000		USD	222,714		BOA		217,366		4/1/22		5,348
Danish Krone		16,062,450		USD	2,537,111		BOA		2,424,600		4/1/22		112,511
Danish Krone		770,000		USD	117,400		GSC		116,231		4/1/22		1,169
Danish Krone		23,335,000		USD	3,644,910		GSC		3,522,380		4/1/22		122,530
Danish Krone		1,335,000		USD	208,279		HSBC		201,516		4/1/22		6,763
Danish Krone		1,925,000		USD	299,933		HSBC		290,575		4/1/22		9,358
Euro		270,000		USD	308,687		BCLY		302,751		3/2/22		5,936
Euro		623,000		USD	714,134		JPM		698,570		3/2/22		15,564
Euro		30,604,764		USD	34,326,924		SCB		34,317,122		3/2/22		9,802
Euro		29,229,764		USD	32,873,028		SCB		32,823,475		4/4/22		49,553
Israeli New Shekel		2,046,215		USD	640,538		DUB		638,512		3/16/22		2,026
Israeli New Shekel		2,599,740		USD	842,035		GSC		817,746		11/2/22		24,289
Israeli New Shekel		300,000		USD	96,923		GSC		94,365		11/2/22		2,558
Israeli New Shekel		300,000		USD	96,844		GSC		94,364		11/2/22		2,480
Israeli New Shekel		2,500,000		USD	789,540		DUB		787,467		12/7/22		2,073
Israeli New Shekel		400,080		USD	129,728		JPM		126,020		12/7/22		3,708
Japanese Yen		51,900,000		USD	451,637		BCLY		451,481		3/2/22		156
Japanese Yen		3,535,973,669		USD	30,693,657		BCLY		30,759,633		3/2/22		(65,976	)
Japanese Yen		3,538,234,787		USD	30,740,449		SCB		30,804,360		4/4/22		(63,911	)
Japanese Yen		80,000,000		USD	690,715		GSC		696,582		4/11/22		(5,867	)
Japanese Yen		130,000,000		USD	1,127,694		BCLY		1,132,619		5/9/22		(4,925	)
Japanese Yen		250,000,000		USD	2,178,232		HSBC		2,178,531		5/16/22		(299	)
Malaysian Ringgit		317,558		USD	74,945		BNP		75,570		3/23/22		(625	)
Malaysian Ringgit		3,177,270		USD	748,156		BNP		756,103		3/23/22		(7,947	)
Malaysian Ringgit		3,926,255		USD	926,047		BNP		934,341		3/23/22		(8,294	)
Malaysian Ringgit		4,399,804		USD	1,052,660		BOA		1,047,033		3/23/22		5,627
Malaysian Ringgit		1,593,358		USD	380,086		BOA		379,176		3/23/22		910
Malaysian Ringgit		1,754,669		USD	415,838		HSBC		417,563		3/23/22		(1,725	)

See Notes to Financial Statements.

230



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
Malaysian Ringgit		741,223		USD	175,098		HSBC	$	176,391		3/23/22	$	(1,293	)
Mexican Peso		7,076,806		USD	345,997		BNP		345,459		3/4/22		538
Mexican Peso		1,082,000		USD	52,104		BOA		52,685		3/18/22		(581	)
Mexican Peso		6,776,000		USD	320,768		JPM		329,935		3/18/22		(9,167	)
New Zealand Dollar		1,533,000		USD	1,013,870		HSBC		1,037,381		3/2/22		(23,511	)
Peruvian Sol		4,627,241		USD	1,168,053		BOA		1,221,898		3/3/22		(53,845	)
Peruvian Sol		118,757		USD	30,371		GSC		31,360		3/3/22		(989	)
Peruvian Sol		432,956		USD	107,125		BOA		112,733		7/26/22		(5,608	)
Peruvian Sol		4,745,999		USD	1,247,732		JPM		1,234,089		8/8/22		13,643
Polish Zloty		54,468		USD	13,764		DUB		12,961		3/16/22		803
Polish Zloty		31,989		USD	7,912		GSC		7,612		3/16/22		300
Singapore Dollar		1,651,000		USD	1,216,351		BCLY		1,217,752		3/16/22		(1,401	)
Singapore Dollar		218,662		USD	159,615		BOA		161,282		3/16/22		(1,667	)
Singapore Dollar		49,000		USD	35,728		HSBC		36,142		3/16/22		(414	)
Singapore Dollar		698,061		USD	509,613		HSBC		514,879		3/16/22		(5,266	)
Singapore Dollar		111,000		USD	82,018		HSBC		81,872		3/16/22		146
Singapore Dollar		898,907		USD	655,787		JPM		663,020		3/16/22		(7,233	)
Singapore Dollar		1,211,000		USD	899,901		SOG		893,216		3/16/22		6,685
Singapore Dollar		92,000		USD	67,185		UBS		67,858		3/16/22		(673	)
Swiss Franc		101,000		USD	109,359		BOA		110,142		3/2/22		(783	)
Swiss Franc		113,000		USD	122,224		UBS		123,228		3/2/22		(1,004	)
Swiss Franc		111,000		USD	119,812		UBS		121,047		3/2/22		(1,235	)
Swiss Franc		151,000		USD	164,182		UBS		164,667		3/2/22		(485	)
Swiss Franc		103,000		USD	112,044		GSC		112,505		4/4/22		(461	)

													62,517

Net Unrealized Appreciation on Open Forward Foreign Currency Contracts												$	97,199

At February 28, 2022, International Fixed Income Fund held the following OTC Total Return Swap Contracts:


Fund Pay Floating Rate Index	Fund Receive Floating Rate Index	Financing Rate		Payment Frequency			Maturity Date		Counterparty		Notional Amount		Market Value		Upfront Payment Paid		Unrealized Appreciation
iBoxx Investment Grade Index	3-Month USD-LIBOR		3.514%		PAM	*		9/20/22		BNP		USD 4,000,000	$	274,423	$	1,071	$	273,352
iBoxx Investment Grade Index	3-Month USD-LIBOR		3.503%		PAM	*		6/20/22		GSC		USD 4,500,000		291,727		1,296		290,431

													$	566,150	$	2,367	$	563,783

* PAM— paid at maturity.

See Notes to Financial Statements.

231



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

At February 28, 2022, 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			Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		(0.028)%		12/15/28		12-Month			JPY	450,000,000	$	(31,315	)	$	174		$	(31,489	)
Receive	Bank of Japan Uncollateralised Overnight Call Rate		0.000%		3/17/22		6-Month			JPY	580,000,000		851			10			841
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.000%		6/19/22		6-Month			JPY	30,000,000		(52	)		—			(52	)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.000%		6/19/22		6-Month			JPY	80,000,000		(138	)		—			(138	)
Receive	Bank of Japan Uncollateralised Overnight Call Rate		0.000%		6/19/22		6-Month			JPY	410,000,000		709			2			707
Receive	Bank of Japan Uncollateralised Overnight Call Rate		0.000%		3/16/24		12-Month			JPY	470,000,000		845			1,061			(216	)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.000%		3/17/31		6-Month			JPY	580,000,000		(111,119	)		(20,750	)		(90,369	)
Receive	Bank of Japan Uncollateralised Overnight Call Rate		0.050%		12/15/31		12-Month			JPY	260,000,000		34,343			1,731			32,612
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.200%		6/19/29		6-Month			JPY	410,000,000		3,472			55,540			(52,068	)
Receive	Bank of Japan Uncollateralised Overnight Call Rate		0.400%		6/19/39		6-Month			JPY	80,000,000		12,495			(20,457	)		32,952
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.400%		12/15/51		12-Month			JPY	95,000,000		(68,946	)		(29,319	)		(39,627	)
Receive	Bank of Japan Uncollateralised Overnight Call Rate		0.500%		6/19/49		6-Month			JPY	30,000,000		14,981			(5,128	)		20,109
Receive	China 7-Day Reverse Repo Index		2.500%		9/15/26		3-Month			CNY	15,400,000		(10,877	)		14,710			(25,587	)
Receive	China 7-Day Reverse Repo Index		2.750%		9/15/26		3-Month			CNY	13,500,000		(33,284	)		(10,868	)		(22,416	)
Pay	Financial Benchmarks India Overnight Mumbai Interbank Outright Rate		5.750%		3/15/24		PAM	*		INR	454,200,000		7,640			8,640			(1,000	)
Receive	Financial Benchmarks India Overnight Mumbai Interbank Outright Rate		5.750%		3/16/27		6-Month			INR	160,000,000		4,013			(821	)		4,834
Receive	Singapore Overnight Index Average		1.250%		3/16/24		6-Month			SGD	7,050,000		10,211			12,795			(2,584	)
Pay	Singapore Overnight Index Average		1.250%		9/15/31		6-Month			SGD	200,000		(6,367	)		(5,392	)		(975	)
Receive	Singapore Overnight Index Average		1.250%		9/15/31		6-Month			SGD	330,000		10,507			(3,020	)		13,527
Receive	SOFR		0.500%		6/15/24		12-Month			USD	5,000,000		108,781			48,375			60,406
Pay	SOFR		0.768%		12/31/23		PAM	*		USD	18,000,000		(194,802	)		(2,598	)		(192,204	)
Receive	SOFR		1.000%		12/15/26		12-Month			USD	1,000,000		24,355			3,719			20,636
Receive	SOFR		1.000%		6/15/27		12-Month			USD	1,300,000		40,077			47,413			(7,336	)
Pay	SOFR		1.228%		8/15/31		12-Month			USD	3,900,000		(145,184	)		(6,519	)		(138,665	)
Pay	SOFR		1.250%		12/15/28		12-Month			USD	3,000,000		(59,477	)		11,604			(71,081	)
Pay	SOFR		1.250%		6/15/32		12-Month			USD	600,000		(26,087	)		(5,289	)		(20,798	)
Pay	SOFR		1.250%		6/15/32		12-Month			USD	2,600,000		(106,864	)		(103,200	)		(3,664	)
Receive	SOFR		1.320%		12/21/23		PAM	*		USD	57,800,000		243,570			157,084			86,486
Pay	SOFR		1.500%		12/15/31		12-Month			USD	1,200,000		(14,883	)		17,690			(32,573	)
Pay	SOFR		1.500%		12/15/31		12-Month			USD	1,700,000		(17,330	)		54,738			(72,068	)
Pay	Sterling Overnight Index Average		0.010%		2/7/23		PAM	*		GBP	4,800,000		(78,859	)		—			(78,859	)
Pay	Sterling Overnight Index Average		0.250%		3/16/24		12-Month			GBP	1,100,000		(40,414	)		(5,513	)		(34,901	)
Pay	Sterling Overnight Index Average		0.500%		9/21/24		12-Month			GBP	9,600,000		(326,036	)		(352,576	)		26,540
Pay	Sterling Overnight Index Average		0.500%		3/16/27		12-Month			GBP	900,000		(61,047	)		(6,005	)		(55,042	)
Pay	Sterling Overnight Index Average		0.750%		3/16/32		12-Month			GBP	1,700,000		(146,824	)		(38,030	)		(108,794	)
Receive	Sterling Overnight Index Average		0.750%		3/16/52		12-Month			GBP	100,000		18,198			(1,757	)		19,955
Pay	Swiss Average Rate Overnight Index		(0.500)%		9/15/26		12-Month			CHF	2,400,000		(68,741	)		(3,087	)		(65,654	)
Pay	Swiss Average Rate Overnigh Index		0.283%		2/14/27		12-Month			CHF	600,000		5,198			—			5,198

See Notes to Financial Statements.

232



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency		Notional Amount			Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	Swiss Average Rate Overnigh Index		0.294%		2/10/27		12-Month		CHF	800,000	$	7,543		$	—		$	7,543
Pay	Swiss Average Rate Overnigh Index		0.295%		2/17/27		12-Month		CHF	300,000		2,760			—			2,760
Pay	Swiss Average Rate Overnigh Index		0.300%		2/15/27		12-Month		CHF	600,000		5,761			—			5,761
Pay	Swiss Average Rate Overnigh Index		0.343%		5/16/27		12-Month		CHF	400,000		3,278			—			3,278
Pay	3-Month Canadian Bank Bill		1.220%		3/3/25		6-Month		CAD	2,000,000		(35,369	)		(380	)		(34,989	)
Pay	3-Month Canadian Bank Bill		1.250%		6/16/31		6-Month		CAD	500,000		(35,564	)		(18,758	)		(16,806	)
Pay	3-Month Canadian Bank Bill		1.270%		3/3/22		6-Month		CAD	1,000,000		3,132			3,186			(54	)
Pay	3-Month Canadian Bank Bill		1.500%		6/17/22		6-Month		CAD	300,000		903			2,196			(1,293	)
Pay	3-Month Canadian Bank Bill		1.500%		6/17/30		6-Month		CAD	2,200,000		(100,445	)		(27,393	)		(73,052	)
Pay	3-Month Canadian Bank Bill		1.585%		7/19/31		6-Month		CAD	200,000		(9,949	)		(5,979	)		(3,970	)
Pay	3-Month Canadian Bank Bill		1.713%		10/2/29		6-Month		CAD	700,000		(18,007	)		2,504			(20,511	)
Pay	3-Month Canadian Bank Bill		1.900%		12/18/29		6-Month		CAD	800,000		(14,626	)		12,573			(27,199	)
Pay	3-Month Canadian Bank Bill		2.000%		11/14/23		6-Month		CAD	2,000,000		(3,888	)		43			(3,931	)
Pay	3-Month Canadian Bank Bill		2.060%		10/28/23		6-Month		CAD	4,200,000		(5,363	)		246			(5,609	)
Pay	3-Month FRA New Zealand Bank Bill		3.000%		11/1/23		6-Month		NZD	3,900,000		(1,027	)		1,323			(2,350	)
Pay	3-Month FRA New Zealand Bank Bill		3.000%		12/15/23		6-Month		NZD	4,400,000		(3,561	)		(779	)		(2,782	)
Pay	3-Month SEK-STIBOR-SIDE		0.500%		6/19/24		12-Month		SEK	4,800,000		(360	)		6,261			(6,621	)
Receive	3-Month USD-LIBOR		0.250%		3/30/23		6-Month		USD	1,200,000		11,544			122			11,422
Receive	3-Month USD-LIBOR		0.400%		3/30/26		6-Month		USD	2,750,000		148,929			56,962			91,967
Pay	3-Month USD-LIBOR		0.500%		6/16/28		6-Month		USD	500,000		(40,575	)		(21,372	)		(19,203	)
Receive	3-Month USD-LIBOR		0.750%		6/16/31		6-Month		USD	200,000		19,691			11,329			8,362
Receive	3-Month USD-LIBOR		0.750%		6/16/31		6-Month		USD	4,200,000		421,571			248,524			173,047
Pay	3-Month USD-LIBOR		1.000%		12/16/25		6-Month		USD	1,000,000		(27,959	)		8,176			(36,135	)
Pay	3-Month USD-LIBOR		1.000%		12/16/25		6-Month		USD	2,000,000		(55,605	)		17,425			(73,030	)
Receive	3-Month USD-LIBOR		1.250%		12/15/26		6-Month		USD	7,200,000		176,902			(86,689	)		263,591
Receive	3-Month USD-LIBOR		1.250%		6/9/41		6-Month		USD	900,000		110,225			65,342			44,883
Receive	3-Month USD-LIBOR		1.298%		8/25/24		6-Month		USD	1,400,000		14,062			(30,011	)		44,073
Receive	3-Month USD-LIBOR		1.305%		8/21/23		6-Month		USD	2,000,000		3,109			(40,806	)		43,915
Pay	3-Month USD-LIBOR		1.500%		12/15/28		6-Month		USD	3,100,000		(66,872	)		55,638			(122,510	)
Pay	3-Month USD-LIBOR		1.518%		1/20/29		6-Month		USD	100,000		(2,200	)		—			(2,200	)
Pay	3-Month USD-LIBOR		1.519%		1/25/27		3-Month		USD	1,900,000		(24,563	)		—			(24,563	)
Pay	3-Month USD-LIBOR		1.545%		1/20/29		6-Month		USD	900,000		(18,191	)		—			(18,191	)
Pay	3-Month USD-LIBOR		1.630%		1/26/29		6-Month		USD	200,000		(2,960	)		—			(2,960	)
Pay	3-Month USD-LIBOR		1.655%		1/24/32		6-Month		USD	200,000		(4,865	)		—			(4,865	)
Receive	3-Month USD-LIBOR		1.750%		12/15/31		6-Month		USD	200,000		2,304			(7,578	)		9,882
Receive	3-Month USD-LIBOR		2.000%		1/15/30		6-Month		USD	1,600,000		(17,428	)		(113,535	)		96,107
Pay	3-Month USD-LIBOR		2.000%		12/15/51		6-Month		USD	400,000		4,170			26,360			(22,190	)
Pay	6-Month EURIBOR		(0.500)%		9/21/24		12-Month		EUR	11,100,000		(230,590	)		(249,028	)		18,438
Pay	6-Month EURIBOR		(0.250)%		3/16/27		6-Month		EUR	19,400,000		(870,601	)		(38,673	)		(831,928	)
Pay	6-Month EURIBOR		(0.250)%		9/21/27		12-Month		EUR	3,200,000		(169,175	)		(50,137	)		(119,038	)
Receive	6-Month EURIBOR		0.054%		5/27/50		12-Month		EUR	50,000		10,782			6,520			4,262
Receive	6-Month EURIBOR		0.064%		11/17/52		12-Month		EUR	100,000		23,418			11,996			11,422
Pay	6-Month EURIBOR		0.250%		3/16/32		12-Month		EUR	5,910,000		(387,952	)		(180,364	)		(207,588	)
Pay	6-Month EURIBOR		0.250%		9/21/32		12-Month		EUR	1,090,000		(82,382	)		(30,722	)		(51,660	)
Pay	6-Month EURIBOR		0.500%		3/16/24		6-Month		EUR	2,300,000		(31,599	)		(7,030	)		(24,569	)
Receive	6-Month EURIBOR		0.500%		3/16/52		12-Month		EUR	2,350,000		228,077			(120,968	)		349,045
Receive	6-Month EURIBOR		0.500%		9/21/52		12-Month		EUR	50,000		5,096			(1,173	)		6,269
Pay	6-Month JPY-LIBOR		0.000%		3/17/22		6-Month		JPY	580,000,000		1,638			1			1,637
Pay	6-Month JPY-LIBOR		0.000%		6/19/22		6-Month		JPY	410,000,000		1,004			(4	)		1,008
Receive	6-Month JPY-LIBOR		0.000%		6/19/22		6-Month		JPY	30,000,000		(73	)		—			(73	)
Receive	6-Month JPY-LIBOR		0.000%		6/19/22		6-Month		JPY	80,000,000		(196	)		1			(197	)
Pay	28-Day MXN TIIE Banxico		4.870%		7/7/25		28-Day		MXN	31,300,000		(137,985	)		(90,197	)		(47,788	)

											$	(2,202,431	)	$	(769,891	)	$	(1,432,540	)

*	PAM — paid at maturity.

See Notes to Financial Statements.

233



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund


Fund Pay Floating Rate Index	Fund Receive Floating Rate Index	Maturity Date		Notional Amount			Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation
1-Month USD-LIBOR + 0.070%	3-Month USD-LIBOR		3/7/24		USD	1,100,000	$	285		$	18		$	267
1-Month USD-LIBOR + 0.070%	3-Month USD-LIBOR		6/12/22		USD	1,400,000		(53	)		(595	)		542
1-Month USD-LIBOR + 0.105%	3-Month USD-LIBOR		9/27/24		USD	1,700,000		19			(76	)		95
1-Month USD-LIBOR + 0.084%	3-Month USD-LIBOR		6/12/22		USD	1,900,000		(203	)		(812	)		609
1-Month USD-LIBOR + 0.102%	3-Month USD-LIBOR		10/4/24		USD	2,600,000		185			115			70
1-Month USD-LIBOR + 0.086%	3-Month USD-LIBOR		4/12/23		USD	3,100,000		(1,186	)		(2,445	)		1,259
1-Month USD-LIBOR + 0.073%	3-Month USD-LIBOR		4/27/23		USD	4,600,000		(906	)		(1,135	)		229
1-Month USD-LIBOR + 0.085%	3-Month USD-LIBOR		6/19/22		USD	7,400,000		(1,305	)		(4,010	)		2,705
1-Month USD-LIBOR + 0.091%	3-Month USD-LIBOR		3/18/22		USD	32,200,000		636			(15,414	)		16,050

							$	(2,528	)	$	(24,354	)	$	21,826

At February 28, 2022, International Fixed Income Fund held the following OTC Interest Rate Swap Contracts:


Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Counterparty		Notional Amount		Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Receive	3-Month MYR-KLIBOR		3.500%		3/16/32		BNP	MYR	300,000	$	153		$	(891	)	$	1,044
Receive	3-Month MYR-KLIBOR		3.250%		3/16/32		BOA	MYR	5,200,000		30,594			16,482			14,112
Receive	3-Month MYR-KLIBOR		3.250%		3/16/27		BOA	MYR	1,400,000		(1,632	)		(609	)		(1,023	)
Receive	3-Month MYR-KLIBOR		3.500%		3/16/32		BOA	MYR	100,000		51			(17	)		68
Receive	3-Month MYR-KLIBOR		3.500%		3/16/32		JPM	MYR	600,000		305			(1,269	)		1,574
Receive	3-Month MYR-KLIBOR		3.000%		3/16/27		SCB	MYR	500,000		852			(328	)		1,180
Receive	3-Month MYR-KLIBOR		3.500%		3/16/32		SCB	MYR	400,000		203			(1,240	)		1,443

										$	30,526		$	12,128		$	18,398

At February 28, 2022, International Fixed Income Fund held the following Centrally Cleared Inflation Rate Swap Contracts:


Pay Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Market Value			Upfront Premiums (Received)			Unrealized (Depreciation)
Pay	10-Year GBP Inflation Linked		3.740%		3/15/31		GBP	300,000	$	(60,699	)	$	(2,630	)	$	(58,069	)
Pay	10-Year GBP Inflation Linked		3.700%		4/15/31		GBP	450,000		(96,626	)		(9,516	)		(87,110	)

									$	(157,325	)	$	(12,146	)	$	(145,179	)

See Notes to Financial Statements.

234



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

At February 28, 2022, International Fixed Income Fund held the following OTC and Centrally Cleared Credit Default Swap Contracts:

OTC Credit Default Swaps on Sovereign Issues — Buy Protection (1)


Reference Obligation & Ratings†	Fixed Deal (Pay) Rate			Maturity Date		Payment Frequency		Counterparty		Implied Credit Spread at 2/28/22 (2)			Notional Amount (3)			Market Value			Upfront Payment (Received)			Unrealized Appreciation
China Government International Bonds, A+		(1.000	)%		6/20/23		3-Month		BCLY		0.223	%		USD	200,000	$	(2,431	)	$	(3,815	)	$	1,384
China Government International Bonds, A+		(1.000	)%		6/20/23		3-Month		GSC		0.223	%		USD	500,000		(6,076	)		(9,654	)		3,578
Japan Government International Bonds, A+		(1.000	)%		6/20/22		3-Month		BCLY		0.032	%		USD	400,000		(1,991	)		(14,121	)		12,130
Japan Government International Bonds, A+		(1.000	)%		6/20/22		3-Month		BNP		0.032	%		USD	700,000		(3,485	)		(25,057	)		21,572
Japan Government International Bonds, A+		(1.000	)%		6/20/22		3-Month		BOA		0.032	%		USD	200,000		(995	)		(6,913	)		5,918
Japan Government International Bonds, A+		(1.000	)%		6/20/22		3-Month		GSC		0.032	%		USD	500,000		(2,489	)		(17,653	)		15,164
Japan Government International Bonds, A+		(1.000	)%		6/20/22		3-Month		HSBC		0.032	%		USD	300,000		(1,493	)		(10,159	)		8,666
South Korea International Bonds, AA		(1.000	)%		6/20/23		3-Month		BCLY		0.183	%		USD	600,000		(7,607	)		(15,056	)		7,449
South Korea International Bonds, AA		(1.000	)%		6/20/23		3-Month		BNP		0.183	%		USD	400,000		(5,071	)		(9,884	)		4,813
South Korea International Bonds, AA		(1.000	)%		6/20/23		3-Month		HSBC		0.183	%		USD	200,000		(2,535	)		(4,989	)		2,454
South Korea International Bonds, AA		(1.000	)%		6/20/23		3-Month		JPM		0.183	%		USD	400,000		(5,071	)		(9,580	)		4,509

																$	(39,244	)	$	(126,881	)	$	87,637

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

OTC Credit Default Swaps on Sovereign Issues — Sell Protection (4)


Reference Obligation & Ratings†	Fixed Deal Receive Rate			Maturity Date		Payment Frequency		Counterparty		Implied Credit Spread at 2/28/22 (2)			Notional Amount (3)			Market Value		Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Republic of Italy Government International Bonds, BBB		1.000	%		6/20/25		3-Month		BCLY		0.733	%		USD	300,000	$	3,163	$	(7,348	)	$	10,511
Saudi Government International Bonds, A-		1.000	%		12/20/26		3-Month		GSC		0.583	%		USD	600,000		12,717		14,305			(1,588	)

																$	15,880	$	6,957		$	8,923

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

See Notes to Financial Statements.

235



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Centrally Cleared — Credit Default Swaps on Indexes — Buy Protection (1)


Reference Obligation & Ratings	Fixed Deal (Pay) Rate			Maturity Date		Payment Frequency		Implied Credit Spread at 2/28/22 (2)			Notional Amount (3)			Market Value			Upfront Payment (Received)			Unrealized Appreciation
Markit CDX North America High Yield Series 35 5-Year Index, NR		(5.000	%)		12/20/25		3-Month		0.032	%		USD	200,000	$	(14,069	)	$	(19,498	)	$	5,429
Markit CDX North America High Yield Series 36 5-Year Index, NR		(5.000	%)		6/20/26		3-Month		0.035	%		USD	300,000		(20,481	)		(29,462	)		8,981
Markit CDX North America Investment Grade Series 37 10-Year Index, NR		(1.000	%)		12/20/31		3-Month		0.011	%		USD	500,000		2,052			(2,646	)		4,698
Markit iTraxx Europe Series 31 10-Year Index, NR		(1.000	%)		6/20/29		3-Month		0.009	%		EUR	9,600,000		(61,973	)		(218,575	)		156,602

														$	(94,471	)	$	(270,181	)	$	175,710

Centrally Cleared — Credit Default Swaps on Corporate Issues and Indexes — Sell Protection (4)


Reference Obligation & Ratings†	Fixed Deal Receive Rate			Maturity Date		Payment Frequency		Implied Credit Spread at 2/28/22 (2)			Notional Amount (3)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Jaguar Land Rover Automotive PLC, B+		5.000	%		6/20/26		3-Month		0.043	%		EUR	200,000	$	8,120		$	12,873		$	(4,753	)
Markit CDX North America Investment Grade Series 37 5-Year Index, NR		1.000	%		12/20/26		3-Month		0.007	%		USD	2,400,000		40,353			55,440			(15,087	)
Markit iTraxx Europe Crossover Series 36 5-Year Index, NR		5.000	%		12/20/26		3-Month		0.035	%		EUR	200,000		(12,478	)		15,708			(28,186	)
Markit iTraxx Europe Series 36 5-Year Index, NR		1.000	%		12/20/26		3-Month		0.007	%		EUR	5,400,000		(71,257	)		91,652			(162,909	)
Rolls-Royce PLC, BB-		1.000	%		6/20/26		3-Month		0.011	%		EUR	200,000		(11,144	)		(15,002	)		3,858
Ryder System Inc, BBB+		1.000	%		6/20/22		3-Month		0.023	%		USD	100,000		428			725			(297	)
Sheel International Finance BV, AA-		1.000	%		12/20/26		3-Month		0.004	%		EUR	200,000		6,679			6,963			(284	)

														$	(39,299	)	$	168,359		$	(207,658	)

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

At February 28, 2022, International Fixed Income Fund held the following OTC Cross-Currency Swap Contract:

Counterparty Pay

Counterparty Receive

Maturity
Date (5)

Counterparty

Notional
Amount of
Currency
Received (6)

Notional
Amount of
Currency
Delivered (6)

Market
Value

Upfront
Payment
(Received)

Unrealized
Appreciation

Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency received

Floating rate equal to 3-Month AUD-LIBOR plus 0.423% based on the notional amount of currency delivered

8/1/29

GSC

USD

1,449,000

AUD

2,100,000

75,599

(3,920

)

79,519

(1)

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

See Notes to Financial Statements.

236



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

(2)

(3)	The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

(5)	At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered.

(6)	The notional amounts to be received or delivered may be determined and exchanged at a future date, based on the effective date of the cross-currency swap.

At February 28, 2022, International Fixed Income Fund deposited cash collateral with brokers in the amount of $1,304,000 for open centrally cleared swap contracts.

At February 28, 2022, International Fixed Income Fund had cash collateral from brokers in the amount of $540,000 for open OTC swap contracts.


Currency Abbreviations used in this schedule:		Counterparty Abbreviations used in this schedule:
ARS	— Argentine Peso	BCLY	— Barclays Bank PLC
AUD	— Australian Dollar	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.
DKK	— Danish Krone	HSBC	— HSBC Bank USA
EUR	— Euro	JPM	— JPMorgan Chase & Co.
GBP	— British Pound	SCB	— Standard Chartered Bank
HKD	— Hong Kong Dollar	SOG	— Societe Generale SA
ILS	— Israeli New Shekel	UBS	— UBS Securities LLC
INR	— Indian Rupee
JPY	— Japanese Yen
MXN	— Mexican Peso
MYR	— Malaysian Ringgit
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PEN	— Peruvian Sol
SEK	— Swedish Krona
SGD	— Singapore Dollar
USD	— United States Dollar
ZAR	— South African Rand

See Notes to Financial Statements.

237



Schedules of Investments


(unaudited) (continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

	MUNICIPAL BONDS — 95.0%

	Alaska — 0.1%
			Northern Tobacco Securitization Corp., Revenue Bonds:
$	35,000	BBB+	Series B1, 0.500% due 6/1/31	$	32,921
	80,000	BBB-	Series B1, 4.000% due 6/1/50		84,756

			Total Alaska		117,677


	Arizona — 5.4%
	530,000	BB	Arizona Industrial Development Authority, Revenue Bonds, Somerset Academy of Las Vegas – Aliante and Skye Canyon Campus Projects, 3.000% due 12/15/31(a)		514,614
	2,815,000	A+	Chandler Industrial Development Authority, Revenue Bonds, Variable AMT Intel Corp., 5.000% due 6/1/49(b)(c)		3,028,619
			Industrial Development Authority of the County of Pima (The), Revenue Bonds:
			Facility American Leadership Academy
	350,000	NR	4.125% due 6/15/29(a)		353,439
	250,000	NR	4.750% due 6/15/37(a)		252,902
	230,000	NR	Imagine East Mesa Charter School, 3.250% due 7/1/24(a)		233,354
	500,000	BB+	Maricopa County Industrial Development Authority, Revenue Bonds, Paradise School Project Paragon Management Inc., 4.000% due 7/1/26(a)		523,359

			Total Arizona		4,906,287


	California — 7.8%
			California County Tobacco Securitization Agency, Revenue Bonds:
	620,000	A	Series A, 5.000% due 6/1/28		722,093
	10,615,000	NR	zero coupon due 6/1/55		824,208
			California County Tobacco Securitization Agency, Revenue Bonds, Merced County Tobacco Funding Corp.:
	240,000	A	5.000% due 6/1/25		263,237
	100,000	A	5.000% due 6/1/27		114,427
	100,000	A	5.000% due 6/1/28		116,467
	335,000	A	5.000% due 6/1/31		403,858
	250,000	NR	California School Finance Authority, Revenue Bonds, iLead Lancaster Project, Series A, 4.000% due 6/1/31(a)		260,533
	1,000,000	AA-	City of Los Angeles Department of Airports, Revenue Bonds, AMT, 3.250% due 5/15/49(c)		983,586
	250,000	NR	CMFA Special Finance Agency VII, Revenue Bonds, 4.000% due 8/1/47(a)		221,875
	1,245,000	NR	CMFA Special Finance Agency VIII, Revenue Bonds, 3.000% due 8/1/56(a)		1,033,712
			CSCDA Community Improvement Authority, Revenue Bonds:
	135,000	NR	3.125% due 6/1/57(a)		113,224
	100,000	NR	3.250% due 5/1/57(a)		88,665
	285,000	NR	4.000% due 12/1/58(a)		271,286
	140,000	NR	4.000% due 6/1/58(a)		136,331
			Golden State Tobacco Securitization Corp., Revenue Bonds:
	35,000	NR	Series A1, Pre-refunded 6/1/22 @ 100, 5.000% due 6/1/47(d)		35,386
	290,000	NR	Series A2, Pre-refunded 6/1/22 @ 100, 5.000% due 6/1/47(d)		293,124
	110,000	NR	Series B2, zero coupon due 6/1/66		16,455
	595,000	AA	Riverside County Public Financing Authority, Tax Allocation, Series A, 4.000% due 10/1/40		653,509
	475,000	Aa2(e)	Sonoma Valley Unified School District, GO, 4.000% due 8/1/38		540,386

			Total California		7,092,362


	Colorado — 6.6%
	750,000	A+	City & County of Denver, CO, Airport System Revenue, Revenue Bonds, AMT, Series A, 5.000% due 11/15/30(c)		865,491
	1,435,000	AA+	City of Colorado Springs, CO, Utilities System Revenue, Revenue Bonds, System Improvement, Series B-2, 5.000% due 11/15/38		1,519,361
	1,500,000	AA-	Colorado Health Facilities Authority, Revenue Bonds, Sisters of Charity of Leavenworth Inc., Series A, 5.000% due 1/1/44		1,588,937

See Notes to Financial Statements.

238



Schedules of Investments


(unaudited) (continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

	Colorado — 6.6% — (continued)
$	2,000,000	AA	University of Colorado Hospital Authority, Revenue Bonds, Series A, 4.000% due 11/15/36	$	2,038,805

			Total Colorado		6,012,594


	Connecticut — 0.9%
	790,000	AAA	Connecticut Housing Finance Authority, Revenue Bonds, AMT, Series B2, 2.300% due 11/15/23(c)		798,320


	District of Columbia — 1.2%
	2,075,000	WD(f)	District of Columbia Tobacco Settlement Financing Corp., Revenue Bonds, Capital Appreciation Asset-Backed, Series B, zero coupon due 6/15/46		348,865
	700,000	A+	Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds, AMT, Series A, 4.000% due 10/1/36(c)		752,684

			Total District of Columbia		1,101,549


	Florida — 10.3%
	665,000	AA+	Broward County FL Water & Sewer Utility Revenue, Revenue Bonds, Series A, 4.000% due 10/1/47		761,203
	225,000	Baa3(e)	Capital Projects Finance Authority, FL, Revenue Bonds, Florida University Project, Series A1, 5.000% due 10/1/26		253,036
	500,000	NR	Capital Trust Agency Inc., Revenue Bonds, Educational Growth Fund LLC Charter School Portfolio Projects, Series A1, 3.375% due 7/1/31(a)		515,512
	100,000	Ba2(e)	Capital Trust Agency Inc., Revenue Bonds, Viera Charter Schools Inc. Project, Series A, 4.000% due 10/15/29(a)		105,597
	2,500,000	NR	Capital Trust Agency Inc., Revenue Bonds, Wonderful Foundations Charter, zero coupon due 1/1/60		170,483
	1,400,000	A+	City of Cape Coral, FL, Water & Sewer Revenue, Revenue Bonds, 5.000% due 10/1/39		1,637,332
			City of Tallahassee, FL, Health Facilities Revenue, Revenue Bonds:
	500,000	Baa1(e)	5.000% due 12/1/26		563,484
	500,000	Baa1(e)	5.000% due 12/1/27		561,631
	250,000	NR	Finley Woods Community Development District, Special Assessment, Area One, 3.150% due 5/1/25		252,258
	190,000	NR	Florida Development Finance Corp., Revenue Bonds, AMT, Waste Pro USA Inc. Project, 5.000% due 5/1/29(a)(c)		200,180
	115,000	NR	Harbor Bay Community Development District, Special Assessment, Area One, Series A2, 3.100% due 5/1/24		116,054
	275,000	NR	Lakewood Ranch Stewardship District, Special Assessment, Isles Lakewood Ranch Project, 3.875% due 5/1/29		288,112
	3,000,000	AA-	Orange County Convention Center, Revenue Bonds, 5.000% due 10/1/29		3,359,666
	310,000	NR	Seminole County Industrial Development Authority, Revenue Bonds, Legacy Pointe at UCF Project, 3.750% due 11/15/25		309,987
	240,000	NR	Southern Groves Community Development District No. 5, Special Assessment, 2.875% due 5/1/24		241,211

			Total Florida		9,335,746


	Georgia — 4.4%
			City of Atlanta GA, Department of Aviation, Revenue Bonds:
	65,000	Aa3(e)	Series A, 5.000% due 7/1/24		70,572
	265,000	Aa3(e)	Series A, 5.000% due 7/1/25		295,986
	265,000	Aa3(e)	Series A, 5.000% due 7/1/26		303,641
	70,000	Aa3(e)	Series B, 5.000% due 7/1/24(c)		75,631
	120,000	Aa3(e)	Series B, 5.000% due 7/1/25(c)		133,079
			Main Street Natural Gas Inc., Revenue Bonds:
	2,610,000	Aa2(e)	Series B, 4.000% due 8/1/49(b)		2,787,964
	320,000	A3(e)	Series C, 4.000% due 5/1/52(b)		357,167

			Total Georgia		4,024,040

See Notes to Financial Statements.

239



Schedules of Investments


(unaudited) (continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

	Guam — 0.1%
			Territory of Guam, Revenue Bonds:
$	15,000	Ba1(e)	Series A, 5.000% due 11/1/27	$	17,293
	15,000	Ba1(e)	Series A, 5.000% due 11/1/28		17,554
	15,000	Ba1(e)	Series A, 5.000% due 11/1/29		17,807

			Total Guam		52,654


	Idaho — 0.1%
	100,000	A2(e)	Idaho Housing & Finance Association, Revenue Bonds, Series A, 5.000% due 7/15/29		122,593


	Illinois — 4.1%
			Illinois Finance Authority, Revenue Bonds:
			Advocate Health Care:
	785,000	NR	Pre-refunded 6/1/22 @ 100, 4.000% due 6/1/47(d)		791,422
	440,000	AA	Pre-refunded 6/1/22 @ 100, 4.000% due 6/1/47(d)		443,600
	10,000	NR	Pre-refunded 6/1/22 @ 100. 4.000% due 6/1/47(d)		10,082
	600,000	A	DePaul University, 5.000% due 10/1/36		685,162
	1,000,000	AA+	Northwestern University, 5.000% due 12/1/28		1,216,510
			Northwestern Memorial HealthCare, Series A, 4.000%
	110,000	AA+	Series A, 4.000% due 7/15/37		125,008
	145,000	AA+	Series A, 4.000% due 7/15/38		164,443
	220,000	AA+	Series A, 4.000% due 7/15/39		248,996

			Total Illinois		3,685,223


	Indiana — 1.2%
	1,000,000	A+	Indiana Municipal Power Agency, Power Supply, Revenue Bonds, Series C, 5.000% due 1/1/37		1,131,446


	Iowa — 1.2%
	1,000,000	A3(e)	PEFA Inc., Revenue Bonds, 5.000% due 9/1/49(b)		1,125,811


	Louisiana — 0.6%
			New Orleans Aviation Board, General Airport North Terminal, Revenue Bonds, Series B:
	250,000	A-	Series B, 5.000% due 1/1/38(c)		280,156
	250,000	A-	Series B, 5.000% due 1/1/37(c)		280,473

			Total Louisiana		560,629


	Maryland — 3.0%
			City of Baltimore, MD,Tax Allocation, Harbor Point Project:
	200,000	NR	Series A, 2.750% due 6/1/24(a)		201,518
	125,000	NR	Series A, 2.800% due 6/1/25(a)		126,355
	135,000	NR	Series A, 2.850% due 6/1/26(a)		136,890
	140,000	NR	Series B, 3.000% due 6/1/24(a)		140,594
	660,000	AA+	County of Prince George’s MD, Behavioral Health Facility, Certificates Participation, 5.000% due 10/1/28		800,565
	1,000,000	AAA	State of Maryland, GO, Series A, 5.000% due 8/1/31		1,289,237

			Total Maryland		2,695,159


	Massachusetts — 1.4%
			Massachusetts Bay Transportation Authority Sales Tax Revenue, Revenue Bonds:
	75,000	AA	Series A1, 5.000% due 7/1/28		90,285
	1,000,000	AA	Series A1, 5.000% due 7/1/44		1,161,068

			Total Massachusetts		1,251,353


	Michigan — 0.7%
	300,000	BB+	Michigan Finance Authority, Revenue Bonds, Cesar Chavez Academy Project, 3.250% due 2/1/24		302,382
	190,000	A1(e)	Michigan Finance Authority, Revenue Bonds, McLaren Health Care Corp., 1.200% due 10/15/38(b)		183,899
	100,000	BB	Michigan Strategic Fund, Revenue Bonds, AMT, 4.000% due 10/1/61(b)(c)		107,530

			Total Michigan		593,811

See Notes to Financial Statements.

240



Schedules of Investments


(unaudited) (continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

	Nevada — 1.5%
$	75,000	Ba2(e)	City of Sparks, NV, Revenue Bonds, Senior Sales Tax Anticipation, Series A, 2.500% due 6/15/24(a)	$	75,319
	1,130,000	AAA	State of Nevada Highway Improvement Revenue, Revenue Bonds, 5.000% due 12/1/31		1,318,465

			Total Nevada		1,393,784


	New Hampshire — 1.1%
	1,000,000	B	New Hampshire Business Finance Authority, Revenue Bonds, Casella Waste Systems Inc., AMT, Remarketing, 2.950% due 4/1/29(a)(c)		1,019,888


	New Jersey — 5.3%
	1,340,000	NR	Manalapan-Englishtown Regional Board of Education, GO, 5.750% due 12/1/22		1,388,024
	215,000	NR	New Jersey Economic Development Authority, Revenue Bonds, Golden Door Charter School Project, 5.125% due 11/1/29(a)		231,533
	500,000	AA-	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, 3.000% due 7/1/51		491,195
	1,250,000	A+	New Jersey Transportation Trust Fund Authority, Revenue Bonds, Highway Reimbursement, Series A, 5.000% due 6/15/30		1,417,236
	1,000,000	BBB+	State of New Jersey, GO, 5.000% due 6/1/28		1,188,546
	100,000	A	Tobacco Settlement Financing Corp., Revenue Bonds, Series A, 5.000% due 6/1/25		109,722

			Total New Jersey		4,826,256


	New Mexico — 0.2%
			City of Santa Fe, NM, Revenue Bonds, El Castillo Retirement Project:
	100,000	BB+(f)	2.250% due 5/15/24		100,026
	100,000	BB+(f)	2.625% due 5/15/25		100,052

			Total New Mexico		200,078


	New York — 4.6%
	40,000	AA	New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds, 4.000% due 7/15/40		45,442
	335,000	AAA	New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, 4.000% due 8/1/39		381,156
	500,000	AA+	New York State Dormitory Authority, Revenue Bonds, Bidding Group, Series B, Unrefunded Portion, 5.000% due 2/15/43		579,261
	225,000	Baa3(e)	New York Transportation Development Corp., Revenue Bonds, Delta Air Lines Inc. — LaGuardia, AMT, 4.000% due 10/1/30(c)		246,510
			Triborough Bridge & Tunnel Authority, Revenue Bonds:
	1,000,000	AA+	4.000% due 5/15/51		1,121,022
	275,000	AA+	5.000% due 5/15/39		344,691
	1,170,000	AA	Trust for Cultural Resources of The City of New York(The), Revenue Bonds, Juilliard School, Series A, 5.000% due 1/1/33		1,420,706

			Total New York		4,138,788


	North Carolina — 2.7%
	2,000,000	AAA	State of North Carolina, GO, Series B, 5.000% due 6/1/28		2,419,160


	Ohio — 1.3%
			Buckeye Tobacco Settlement Financing Authority, Revenue Bonds:
	250,000	BBB+	Series A2, 3.000% due 6/1/48		225,053
	160,000	NR	Series B2, 5.000% due 6/1/55		174,303
			County of Montgomery OH, Revenue Bonds, Dayton Children’s Hospital:
	75,000	A1(e)	4.000% due 8/1/38		85,303
	80,000	A1(e)	4.000% due 8/1/39		90,805
	600,000	NR	Ohio Air Quality Development Authority, Revenue Bonds, Ohio Valley Electric Corp., Remarketing, Series A, 2.875% due 2/1/26		606,228

			Total Ohio		1,181,692

See Notes to Financial Statements.

241



Schedules of Investments


(unaudited) (continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

	Oregon — 0.9%
$	830,000	NR	Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, GO, NPFG-Insured, 5.000% due 6/15/22	$	840,634


	Pennsylvania — 1.3%
	100,000	BB+	Bucks County Industrial Development Authority, Revenue Bonds, Grand View Hospital Project, 5.000% due 7/1/28		115,555
	1,000,000	A	Pennsylvania Turnpike Commission, Revenue Bonds, Series A, 4.000% due 12/1/45		1,104,448

			Total Pennsylvania		1,220,003


	Puerto Rico — 2.0%
	430,000	AA-	Puerto Rico Housing Finance Authority, Revenue Bonds ,Puerto Rico Public Housing Project, 5.000% due 12/1/24		468,561
			Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds:
	664,000	NR	Series A1, 4.750% due 7/1/53		734,347
	90,000	NR	Series A1, 5.000% due 7/1/58		100,931
	299,000	NR	Series A1, zero coupon due 7/1/24		284,561
	216,000	NR	Series A2, 4.784% due 7/1/58		238,894

			Total Puerto Rico		1,827,294


	South Carolina — 4.5%
	1,535,000	Aa3(e)	Clemson University, Revenue Bonds, 5.000% due 5/1/29		1,695,708
	2,000,000	A	South Carolina Jobs-Economic Development Authority, Revenue Bonds, Prisma Health Obligation Group, Series A, 5.000% due 5/1/28		2,384,695

			Total South Carolina		4,080,403


	Tennessee — 0.7%
	635,000	Aa2(e)	Tennessee Housing Development Agency, Revenue Bonds, Series A, 3.850% due 1/1/35		647,189


	Texas — 7.8%
			City of Houston, TX, Airport System Revenue, Revenue Bonds, AMT:
	100,000	B-(f)	4.000% due 7/15/41(c)		103,421
	1,000,000	A1(e)	Series C, 5.000% due 7/1/26(c)		1,126,111
	295,000	A	Lower Colorado River Authority, Revenue Bonds, LCRA Transmission Services Corporation Project, 4.000% due 5/15/36		296,748
	505,000	NR	New Hope Cultural Education Facilities Finance Corp., Revenue Bonds, Beta Academy, 3.375% due 8/15/29(a)		511,113
	500,000	AAA	North East, TX, Independent School District, GO, PSF-GTD-Insured, 5.250% due 2/1/28		605,697
	1,000,000	A+	North Texas Tollway Authority, Revenue Bonds, Series A, 5.000% due 1/1/39		1,119,552
	795,000	Aaa(e)	Northside Independent School District, GO, PSF-GTD-Insured, 0.700% due 6/1/50(b)		773,218
	1,250,000	AA	San Antonio Water System, Revenue Bonds, Junior Lien Revenue and Refunding Bonds, Series C, 5.000% due 5/15/46		1,420,506
	1,000,000	AA-	Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Methodist Hospitals of Dallas, 4.000% due 10/1/52		1,121,394

			Total Texas		7,077,760


	Utah — 0.6%
	500,000	A-	Utah Associated Municipal Power Systems, Revenue Bonds, Horse Butte Wind, Series A, 5.000% due 9/1/32		582,757


	Virginia — 4.0%
	500,000	AAA	County of Arlington, VA, GO, 5.000% due 6/15/31		643,490
	1,000,000	AA+	Virginia College Building Authority, Revenue Bonds, 21st Century College Equipment Project, 4.000% due 2/1/34		1,163,272
			Virginia College Building Authority, Revenue Bonds:
	350,000	A	Series A, 5.000% due 1/15/28		411,102
	585,000	A	Series A, 5.000% due 1/15/29		699,999
	500,000	A	Series A, 5.000% due 1/15/30		609,007
	100,000	BBB-	Virginia Small Business Financing Authority, Revenue Bonds, AMT, 4.000% due 1/1/48(c)		108,350

			Total Virginia		3,635,220

See Notes to Financial Statements.

242



Schedules of Investments


(unaudited) (continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

	Washington — 2.5%
$	1,000,000	AA+	King County School District No. 401 Highline, GO, SCH BD GTY-Insured, 5.000% due 12/1/35	$	1,209,639
	650,000	Aa2(e)	Snohomish County Public Utility District No 1, Revenue Bonds, Series A, 5.000% due 12/1/51		807,470
	100,000	NR	Washington State Convention Center Public Facilities District, Revenue Bonds, 4.000% due 7/1/31		108,723
	100,000	BB(f)	Washington State Housing Finance Commission, Revenue Bonds, Transforming Age Projects, Series A, 5.000% due 1/1/26(a)		107,108

			Total Washington		2,232,940


	West Virginia — 2.6%
			West Virginia Parkways Authority, Revenue Bonds:
	1,000,000	AA-	4.000% due 6/1/51		1,122,108
	1,000,000	AA-	5.000% due 6/1/47		1,222,038

			Total West Virginia		2,344,146


	Wisconsin — 2.3%
	90,000	A+	Public Finance Authority, Revenue Bonds, Renown Regional Medical Center Project, 5.000% due 6/1/27		105,257
			Wisconsin Health & Educational Facilities Authority, Revenue Bonds:
	1,300,000	AA-	Aspirus Inc. Obligation Group, 4.000% due 8/15/40		1,367,376
	500,000	AA	Milwaukee Regional Medical Center Thermal Service Obligated Group, 5.000% due 4/1/37		598,268

			Total Wisconsin		2,070,901

			TOTAL MUNICIPAL BONDS (Cost — $85,331,874)		86,346,147


Shares/Units

	CLOSED END MUTUAL FUND SECURITY — 2.6%

	United States — 2.6%
	20,800		iShares ^® National Muni Bond ETF, Common Class (Cost — $2,423,825)		2,344,576

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $87,755,699)		88,690,723


Face Amount†

	SHORT-TERM INVESTMENTS — 1.7%

	TIME DEPOSITS — 1.7%
	71,786		BNP Paribas — Paris, 0.005% due 3/1/22		71,786
	424,569		Citibank — New York, 0.005% due 3/1/22		424,569
	1,044,418		Skandinaviska Enskilda Banken AB — Stockholm, 0.005% due 3/1/22		1,044,418

			TOTAL SHORT-TERM INVESTMENTS (Cost — $1,540,773)		1,540,773

			TOTAL INVESTMENTS — 99.3% (Cost — $89,296,472)		90,231,496

			Other Assets in Excess of Liabilities — 0.7%		598,383

			TOTAL NET ASSETS — 100.0%	$	90,829,879

†	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 February 28, 2022.

(c)	Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (AMT).

See Notes to Financial Statements.

243



Schedules of Investments


(unaudited) (continued)


Municipal Bond Fund

(d)	Pre-refunded bonds are escrowed with government obligations and/or government agency securities and are considered by the Manager to be triple-A rated even if the issuer has not applied for new ratings.

(e)	Rating by Moody’s Investors Service.

(f)	Rating by Fitch Ratings Service.

At February 28, 2022, for Municipal Bond Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation
Municipal Bond Fund	$	89,296,472	$	2,418,571	$	(1,501,929)	$	916,642


Abbreviations used in this schedule:
ETF		— Exchange-Traded Fund
GO		— General Obligation
NPFG		— National Public Finance Guarantee Corp.
PSF-GTD		— Permanent School Fund Guaranteed
SCH BD GTY		— School Bond Guaranty


Summary of Investments by Industry^
General Obligation	26.3	%
Health Care Providers & Services	13.8
Higher Education	7.5
Transportation	6.6
School District	5.9
Development	5.8
Airport	5.7
Education	4.4
Tobacco Settlement	4.2
Water and Sewer	4.2
Utilities	3.8
Multifamily Housing	3.0
Capital Markets	2.6
Power	1.6
Pollution	1.1
Single Family Housing	0.7
Nursing Homes	0.7
Housing	0.3
Short-Term Investments	1.8

	100.0	%

^	As a percentage of total investments.

See Notes to Financial Statements.

244



Schedules of Investments


(unaudited) (continued)


Municipal Bond Fund

At February 28, 2022, Municipal Bond Fund had open exchange-traded futures contracts as described below.

The unrealized 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		Market Value		Unrealized Depreciation
Contracts to Sell:
U.S. Treasury 5-Year Note June Futures		9		6/22	$	1,056,951	$	1,064,531	$	(7,580	)
U.S. Treasury 10-Year Note June Futures		6		6/22		758,344		764,625		(6,281	)
U.S. Treasury Long Bond June Futures		2		6/22		308,854		313,375		(4,521	)

									$	(18,382	)

At February 28, 2022, Municipal Bond Fund had deposited cash of $27,000 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.


Currency Abbreviation used in this schedule:
USD		— United States Dollar

See pages 275-276 for definitions of ratings.

See Notes to Financial Statements.

245



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	U.S. GOVERNMENT AGENCIES & OBLIGATIONS — 98.9%
				U.S. Treasury Inflation Indexed Bonds:
$	1,789,687			2.375% due 1/15/25	$	2,023,443
	2,139,358			2.000% due 1/15/26		2,446,313
	2,125,320			1.750% due 1/15/28		2,501,657
	5,328,173			3.625% due 4/15/28(a)		6,939,402
	1,807,609			2.500% due 1/15/29		2,264,600
	2,114,837			3.875% due 4/15/29		2,879,666
	37,697			3.375% due 4/15/32		54,793
	1,264,122			2.125% due 2/15/40		1,834,991
	2,609,896			2.125% due 2/15/41		3,810,578
	2,220,930			0.750% due 2/15/42		2,629,643
	836,729			0.625% due 2/15/43		970,872
	3,313,668			1.375% due 2/15/44		4,415,452
	1,089,252			0.750% due 2/15/45		1,298,143
	3,871,211			1.000% due 2/15/46		4,879,102
	1,951,899			0.875% due 2/15/47		2,421,556
	1,153,212			1.000% due 2/15/48		1,481,060
	498,838			0.250% due 2/15/50		544,832
	1,392,131			0.125% due 2/15/51		1,480,874
	500,765			0.125% due 2/15/52		535,753
				U.S. Treasury Inflation Indexed Notes:
	5,929,434			0.125% due 1/15/23(a)		6,154,886
	9,114,132			0.625% due 4/15/23(a)		9,569,152
	2,031,296			0.625% due 1/15/24		2,160,089
	4,532,304			0.500% due 4/15/24		4,823,953
	2,499,341			0.125% due 10/15/24		2,660,160
	5,828,598			0.125% due 4/15/25(a)		6,202,921
	429,804			0.125% due 10/15/25		459,857
	4,998,471			0.625% due 1/15/26		5,437,354
	1,488,354			0.125% due 4/15/26		1,589,593
	3,762,693			0.125% due 7/15/26		4,044,666
	1,938,551			0.125% due 10/15/26(a)		2,085,264
	3,497,165			0.375% due 1/15/27		3,802,151
	4,456,383			0.375% due 7/15/27		4,874,870
	5,174,422			0.500% due 1/15/28		5,691,008
	6,675,247			0.750% due 7/15/28(a)		7,507,155
	2,970,190			0.875% due 1/15/29		3,375,413
	3,015,892			0.250% due 7/15/29		3,307,818
	910,258			0.125% due 1/15/30		988,954
	2,468,421			0.125% due 7/15/30		2,696,823
	3,973,447			0.125% due 1/15/31		4,341,117
	9,684,448			0.125% due 7/15/31(a)		10,628,677
	3,419,618			0.125% due 1/15/32		3,747,844
	130,000			U.S. Treasury Notes, 1.750% due 12/31/24		130,564

				TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost — $131,233,242)		141,693,019


	SOVEREIGN BONDS — 11.4%

	Australia — 0.2%
	290,000	^AUD	Aaa(b)	Australia Government Bonds, 3.000% due 9/20/25		314,659


	Canada — 0.4%
				Canadian Government Real Return Bonds:
	491,883	^CAD	AAA	4.250% due 12/1/26		485,831
	55,399	^CAD	AAA	0.500% due 12/1/50		44,755

				Total Canada		530,586

See Notes to Financial Statements.

246



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	France — 0.5%
	627,624	^EUR	AAu(c)	French Republic Government Bonds OAT, 0.100% due 3/1/26(d)	$	781,340


	Italy — 4.4%
				Italy Buoni Poliennali Del Tesoro:
	3,209,368	^EUR	NR	1.400% due 5/26/25(d)		3,916,491
	1,168,475	^EUR	Baa3u(b)	0.400% due 5/15/30(d)		1,402,491
	918,261	^EUR	NR	0.100% due 5/15/33(d)		1,046,573

				Total Italy		6,365,555


	Japan — 1.4%
				Japanese Government CPI Linked Bonds:
	39,585,390	^JPY	A1(b)	0.100% due 3/10/28		358,440
	182,448,000	^JPY	A1(b)	0.100% due 3/10/29		1,656,006

				Total Japan		2,014,446


	New Zealand — 0.2%
	270,000	^NZD	AAA	New Zealand Government Bonds Inflation Linked Bonds, 2.500% due 9/20/35		250,951


	Peru — 0.3%
	1,400,000	^PEN	A-	Peru Government Bonds Inflation Linked Bonds, 6.150% due 8/12/32		366,201


	Qatar — 0.1%
$	200,000		AA-	Qatar Government International Bonds, 3.875% due 4/23/23		205,507


	United Kingdom — 3.9%
				United Kingdom Gilt Inflation Linked:
	2,780,640	^GBP	NR	1.875% due 11/22/22		3,999,103
	1,048,432	^GBP	Aa3u(b)	0.125% due 3/22/24		1,545,661

				Total United Kingdom		5,544,764

				TOTAL SOVEREIGN BONDS (Cost—$16,528,184)		16,374,009


	COLLATERALIZED MORTGAGE OBLIGATIONS — 8.9%
				Alternative Loan Trust:
	229,500		NR	Series 2006-HY11, Class A1, 0.427% (1-Month USD-LIBOR + 0.240%) due 6/25/36(e)		226,449
	34,511		NR	Series 2007-4CB, Class 1A35, 6.000% due 4/25/37		34,317
	451,027		NR	Alternative Loan Trust Resecuritization, Series 2008-2R, Class 1A1, 6.000% due 8/25/37(e)		445,730
	349		AA	American Home Mortgage Investment Trust, Series 2005-2, Class 4A1, 2.034% (6-Month USD-LIBOR + 1.500%) due 9/25/45(e)		350
	300,000		Aaa(b)	ARES L CLO Ltd., Series 2018-50A, Class AR, 1.291% (3-Month USD-LIBOR + 1.050%) due 1/15/32(d)(e)		299,120
	17,094		NR	Bayview Opportunity Master Fund IVa Trust, Series 2019-SBR1, Class A1, step bond to yield, 3.475% due 6/28/34(d)		17,198
	18,438		NR	Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-3, Class 3A2, 2.905% due 5/25/33(e)		18,499
	181,352		CCC	Bear Stearns Asset-Backed Securities Trust, Series 2004-1, Class M1, 1.162% (1-Month USD-LIBOR + 0.975%) due 6/25/34(e)		184,838
	300,000	^EUR	Aaa(b)	Cairn CLO X DAC, Series 2018-10A, Class AR, 0.780% (3-Month EURIBOR + 0.780%) due 10/15/31(d)(e)		335,167
	300,000	^EUR	Aaa(b)	Carlyle Global Markets Strategis, Series 2014-2A, Class AR-1, 0.750% (3-Month EURIBOR + 0.750%) due 11/15/31(d)(e)		334,579
	38,244		AA+	Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-A, Class A1, 0.547% (1-Month USD-LIBOR + 0.360%) due 3/25/35(d)(e)		39,414
				CHL Mortgage Pass-Through Trust:
	655,696		NR	Series 2005-HYB6, Class 2A1, 2.700% due 10/20/35(e)		669,179
	65,753		NR	Series 2005-HYB9, Class 2A1, 1.987% (1-Year USD-LIBOR + 1.750%) due 2/20/36(e)		63,501
	92,577		Caa2(b)	Series 2006-6, Class A4, 6.000% due 4/25/36		63,929
	131,925		NR	Series 2007-1, Class A1, 6.000% due 3/25/37		90,721

See Notes to Financial Statements.

247



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 8.9%—(continued)
				Citigroup Mortgage Loan Trust:
$	4,861		B-	Series 2004-HYB2, Class 2A, 2.371% due 3/25/34(e)	$	5,015
	139,827		Caa2(b)	Series 2007-AR4, Class 1A1A, 3.165% due 3/25/37(e)		139,070
	19,688		B(c)	Citigroup Mortgage Loan Trust Inc., Series 2004-NCM2, Class 1CB1, 5.500% due 8/25/34		19,735
				Countrywide Asset-Backed Certificates:
	318,123		CC	Series 2007-1, Class 1A, 0.327% (1-Month USD-LIBOR + 0.140%) due 7/25/37(e)		305,315
	65,065		D	Series 2007-6, Class 1A, 0.387% (1-Month USD-LIBOR + 0.200%) due 9/25/37(e)		60,923
	360,706		CCC	Series 2007-8, Class 1A1, 0.377% (1-Month USD-LIBOR + 0.190%) due 11/25/37(e)		348,477
	387,553		NR	Credit Suisse Commercial Mortgage, Series 2015-3R, Class 5A2, 0.337% (1-Month USD-LIBOR + 0.150%) due 9/29/36(d)(e)		380,640
				Credit-Based Asset Servicing & Securitization LLC:
	153,000		BB	Series 2005-CB3, Class M4, 0.887% (1.050% — 1-Month USD-LIBOR) due 6/25/35(f)		152,000
	814,146		CC	Series 2007-CB6, Class A3, 0.407% (1-Month USD-LIBOR + 0.220%) due 7/25/37(d)(e)		649,494
	149,011		D	CWABS Asset-Backed Certificates Trust, Series 2004-7, Class MV5, 1.912% (1-Month USD-LIBOR + 1.725%) due 11/25/34(e)		149,673
	400,000		Aaa(b)	Dryden Senior Loan Fund, Series 2017-47A, Class A1R, 1.221% (3-Month USD-LIBOR + 0.980%) due 4/15/28(d)(e)		398,997
	753,844		CCC	Ellington Loan Acquisition Trust, Series 2007-1, Class A1, 1.287% (1-Month USD-LIBOR + 1.100%) due 5/25/37(d)(e)		750,654
	283,551		NR	Government National Mortgage Association (GNMA), Series 2018-H15, Class FG, 0.382% (1-Year USD-LIBOR + 0.150%) due 8/20/68(e)		277,438
	22,369		D	GSAA Trust, Series 2006-7, Class AF4A, step bond to yield, 6.720% due 3/25/46		15,970
	3,954		AA-	HarborView Mortgage Loan Trust, Series 2005-9, Class 2A1A, 0.851% (1-Month USD-LIBOR + 0.680%) due 6/20/35(e)		3,882
	299,755	^EUR	NR	Harvest CLO, Series 11A-ARR, Class ARR, 0.650% (3-Month EURIBOR + 0.650%) due 6/26/30(d)(e)		335,454
	613,948	^GBP	AAA	Hawksmoor Mortgages, Series 2019-1A, Class A, 1.240% (Sterling Overnight Index Average + 1.050%) due 5/25/53(d)(e)		826,005
	50,002		B-	IndyMac INDX Mortgage Loan Trust, Series 2005-16IP, Class A1, 0.827% (1-Month USD-LIBOR + 0.640%) due 7/25/45(e)		43,976
	303,518		CCC	JP Morgan Alternative Loan Trust, Series 2006-A1, Class 1A1, 0.647% (1-Month USD-LIBOR + 0.460%) due 3/25/36(e)		297,039
	141,981		A-	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-FL12, Class A, 2.450% (1-Month USD-LIBOR + 1.450%) due 12/15/31(d)(e)		140,757
	252,620	^EUR	Aaa(b)	Jubilee CLO BV, Series 2015-16A, Class A1R, 0.197% (0.800% — 3-Month EURIBOR) due 12/15/29(d)(f)		282,102
	62,978		NR	Legacy Mortgage Asset Trust, Series 2019-GS3, Class A1, step bond to yield, 3.750% due 4/25/59(d)		63,197
	282,181		NR	Lehman XS Trust, Series 2007-20N, Class A1, 1.337% (1-Month USD-LIBOR + 1.150%) due 12/25/37(e)		300,770
	165,462		CC	Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A2, 0.307% (1-Month USD-LIBOR + 0.120%) due 8/25/36(e)		81,270
	250,203		AAA	Mountain View CLO X Ltd., Series 2015-10A, Class AR, 1.064% (3-Month USD-LIBOR + 0.820%) due 10/13/27(d)(e)		250,265
	7,045		AA+	MRFC Mortgage Pass-Through Trust, Series 2000-TBC2, Class A1, 0.671% (1-Month USD-LIBOR + 0.480%) due 6/15/30(e)		6,915
				New Residential Mortgage Loan Trust:
	47,323		NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(d)(e)		49,528
	250,610		Aaa(b)	Series 2019-RPL3, Class A1, 2.750% due 7/25/59(d)(e)		251,294
				Option One Mortgage Loan Trust:
	102,038		CC	Series 2007-1, Class 1A1, 0.327% (1-Month USD-LIBOR + 0.140%) due 1/25/37(e)		79,527
	98,125		CC	Series 2007-2, Class 1A1, 0.327% (1-Month USD-LIBOR + 0.140%) due 3/25/37(e)		74,176
	397,426		Aaa(b)	OZLM VIII Ltd., Series 2014-8A, Class A1R3, 1.221% (3-Month USD-LIBOR + 0.980%) due 10/17/29(d)(e)		396,673

See Notes to Financial Statements.

248



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 8.9%—(continued)
$	354,483		BBB	RASC Trust, Series 2006-KS3, Class M1, 0.682% (1-Month USD-LIBOR + 0.330%) due 4/25/36(e)	$	353,615
	517,498		NR	Residential Asset Securitization Trust, Series 2006-A10, Class A5, 6.500% due 9/25/36		274,837
				Securitized Asset-Backed Receivables LLC Trust:
	497,638		CC	Series 2006-FR3, Class A3, 0.687% (1-Month USD-LIBOR + 0.500%) due 5/25/36(e)		334,116
	100,672		CC	Series 2006-HE2, Class A2C, 0.487% (1-Month USD-LIBOR + 0.300%) due 7/25/36(e)		54,843
	141,514		B-	Sequoia Mortgage Trust, Series 6, Class A, 0.802% (1-Month USD-LIBOR + 0.640%) due 4/19/27(e)		139,126
				Soundview Home Loan Trust:
	230,713		CC	Series 2007-OPT1, Class 1A1, 0.387% (1-Month USD-LIBOR + 0.200%) due 6/25/37(e)		199,324
	60,176		CCC	Series 2007-OPT2, Class 2A3, 0.367% (1-Month USD-LIBOR + 0.180%) due 7/25/37(e)		57,367
	51,727		Aaa(b)	Symphony CLO XIV Ltd., Series 2014-14A, Class AR, 1.188% (3-Month USD-LIBOR + 0.950%) due 7/14/26(d)(e)		51,715
	138,328		Aaa(b)	Symphony CLO XVII Ltd., Series 2016-17A, Class AR, 1.121% (3-Month USD-LIBOR + 0.880%) due 4/15/28(d)(e)		137,938
	171,602		Aaa(b)	TICP CLO III-2 Ltd., Series 2018-3R, Class A, 1.094% (3-Month USD-LIBOR + 0.840%) due 4/20/28(d)(e)		171,525
	245,274		Aaa(b)	Venture XVII CLO Ltd., Series 2014-17A, Class ARR, 1.121% (3-Month USD-LIBOR + 0.880%) due 4/15/27(d)(e)		245,230
				Voya CLO Ltd.:
	400,000		Aaa(b)	Series 2017-1A, Class A1R, 1.191% (3-Month USD-LIBOR + 0.950%) due 4/17/30(d)(e)		398,949
	300,000		AAA	Series 2017-2A, Class A1R, 1.221% (3-Month USD-LIBOR + 0.980%) due 6/7/30(d)(e)		299,902
				WaMu Mortgage Pass-Through Certificates Trust:
	8,247		Baa1(b)	Series 2002-AR2, Class A, 1.473% (11th District Cost of Funds Index + 1.250%) due 2/27/34(e)		8,418
	3,795		BB	Series 2002-AR17, Class 1A, 1.304% (1-Year Treasury Average Rate + 1.200%) due 11/25/42(e)		3,753

				TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $12,828,509)		12,689,880


	CORPORATE BONDS & NOTES — 4.9%

	Banks — 2.3%
	100,000	^GBP	BBB	HSBC Holdings PLC, Subordinated Notes, 6.000% due 3/29/40		163,443
				NatWest Group PLC, Senior Unsecured Notes:
	200,000		BBB	1.770% (3-Month USD-LIBOR + 1.550%) due 6/25/24(e)		202,813
	200,000		BBB	4.519% (3-Month USD-LIBOR + 1.550%) due 6/25/24(e)		206,214
				Nykredit Realkredit AS, Covered Notes:
	18,672,719	^DKK	AAA	1.000% due 10/1/50		2,503,039
	695,321	^DKK	AAA	1.000% due 10/1/53		91,742
	994,645	^DKK	NR	1.500% due 10/1/53		137,302

				Total Banks		3,304,553


	Diversified Financial Services — 2.4%
				Jyske Realkredit, Covered Notes:
	16,763,762	^DKK	AAA	1.000% due 10/1/50		2,248,622
	498,177	^DKK	AAA	1.500% due 10/1/53		68,639
				Nordea Kredit Realkreditaktieselskab, Covered Notes:
	2,400,159	^DKK	AAA	1.000% due 10/1/50		322,550
	498,408	^DKK	AAA	1.500% due 10/1/53		68,152
				Realkredit Danmark AS, Covered Notes:
	4,067,022	^DKK	AAA	1.000% due 10/1/50		544,920
	596,708	^DKK	AAA	1.000% due 10/1/53		78,448
	597,291	^DKK	AAA	1.500% due 10/1/53		82,509

				Total Diversified Financial Services		3,413,840

See Notes to Financial Statements.

249



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Oil & Gas — 0.2%
$	305,000		BB-	Petrobras Global Finance BV, Company Guaranteed Notes, 5.093% due 1/15/30	$	303,136

				TOTAL CORPORATE BONDS & NOTES (Cost — $7,695,623)		7,021,529


	MORTGAGE-BACKED SECURITIES — 3.9%

	FNMA — 3.9%
				Federal National Mortgage Association (FNMA):
	36,879			4.000% due 3/1/50		38,668
	1,566,000			3.500% due 4/1/52(g)		1,609,432
	3,800,000			4.000% due 4/1/52(g)		3,964,172

				TOTAL MORTGAGE-BACKED SECURITIES (Cost — $5,619,444)		5,612,272

				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $173,905,002)		183,390,709


	SHORT-TERM INVESTMENTS — 0.5%

	TIME DEPOSITS — 0.5%
	5,165	^AUD		ANZ National Bank — London, (0.220)% due 3/1/22		3,751
	4,790	^ZAR		BBH — Grand Cayman, 3.700% due 3/1/22		312
				BNP Paribas — Paris:
	4,740	^DKK		(0.740)% due 3/1/22		715
	534	^CAD		0.005% due 3/1/22		421
	4,138	^NOK		0.070% due 3/1/22		470
	441	^SGD		0.070% due 3/1/22		325
	11,252	^NZD		0.150% due 3/1/22		7,614
	308,059			Citibank — New York, 0.005% due 3/1/22		308,059
	70,008	^GBP		SEB — Stockholm, 0.090% due 3/1/22		93,930
	15,745	^SEK		Skandinaviska Enskilda Banken AB — Sweden, (0.300)% due 3/1/22		1,664
	4,229,639	^JPY		Societe Generale SA — Paris, (0.340)% due 3/1/22		36,794
	188,993	^EUR		Sumitomo Mitsui Banking Corp. — Tokyo, (0.780)% due 3/1/22		211,918

				TOTAL SHORT-TERM INVESTMENTS (Cost — $665,973)		665,973

				TOTAL INVESTMENTS IN SECURITIES (Cost — $174,570,975)		184,056,682

				TOTAL INVESTMENTS IN PURCHASED OPTIONS (Cost — $259,700)		496,304

				TOTAL INVESTMENTS — 128.8% (Cost — $174,830,675)		184,552,986

				Liabilities in Excess of Other Assets — (28.8)%		(41,277,080	)

				TOTAL NET ASSETS — 100.0%	$	143,275,906

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

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

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

(b)	Rating by Moody’s Investors Service.

(c)	Rating by Fitch Ratings Service.

(d)

(e)	Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2022.

(f)	Inverse Floating Rate Security — interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate as of February 28, 2022.

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

See Notes to Financial Statements.

250



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

At February 28, 2022, for Inflation-Linked Fixed Income Fund the aggregate cost of investments, 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
Inflation-Linked Fixed Income Fund	$	174,830,675	$	14,437,147	$	(5,765,090)	$	8,672,057


Abbreviations used in this schedule:
CLO		— Collateralized Loan Obligation
CPI		— Consumer Price Index
EURIBOR		— Euro Interbank Offered Rate
LIBOR		— London Interbank Offered Rate
PLC		— Public Limited Company


Summary of Investments by Security Type^
U.S. Government Agencies & Obligations .....	76.8	%
Sovereign Bonds	8.9
Collateralized Mortgage Obligations	6.9
Corporate Bonds & Notes	3.8
Mortgage-Backed Securities	3.0
Purchased Options	0.2
Short-Term Investments	0.4

	100.0	%

^	As a percentage of total investments.

At February 28, 2022, Inflation-Linked Fixed Income Fund held the following Options Contracts Purchased:

Interest Rate Swaptions



Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	2,700,000	$	14,121		OTC 2-Year Swaption, 3-Month USD-LIBOR, Call		BCLY		2/2/23		1.410%	$	11,906
	6,500,000		33,995		OTC 2-Year Swaption, 3-Month USD-LIBOR, Call		JPM		1/25/23		1.710%		44,719
	300,000		1,584	^EUR	OTC 30-Year Swaption, 3-Month EURIBOR, Put		BCLY		11/4/22		0.197%		60,857
	1,500,000		7,920	^EUR	OTC 30-Year Swaption, 3-Month EURIBOR, Put		BNP		11/4/22		0.197%		304,283
	1,100,000		5,753		OTC 30-Year Swaption, 3-Month USD-LIBOR, Put		DUB		11/17/23		2.237%		74,539

					TOTAL OPTIONS CONTRACTS PURCHASED (Cost — $259,700)							$	496,304

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

At February 28, 2022, Inflation-Linked Fixed Income Fund held the following Options Contracts Written:

Credit Default Swaptions



Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	800,000	$	531,552	OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		BCLY		4/20/22		0.900%	$	897
	300,000		199,332	OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		BCLY		3/16/22		0.950%		28

See Notes to Financial Statements.

251



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund



Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	100,000	$	66,444		OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		BCLY		6/15/22		1.000%	$	190
	200,000		132,888		OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		DUB		3/16/22		0.900%		32
	200,000		132,888		OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		DUB		6/15/22		1.100%		294
	700,000		465,108		OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		JPM		4/20/22		0.900%		785
	100,000		66,444		OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		JPM		3/16/22		0.950%		9
	1,400,000		930,216		OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		JPM		4/20/22		0.950%		1,239
	100,000		66,444		OTC Markit CDX North America Investment Grade Series 37 5-Year Index, Put		JPM		6/15/22		1.000%		190
	100,000		332,050	^EUR	OTC Markit iTraxx Europe Crossover Series 36 5-Year Index, Put		BCLY		3/16/22		4.250%		220
	200,000		664,100	^EUR	OTC Markit iTraxx Europe Crossover Series 36 5-Year Index, Put		BCLY		5/18/22		4.250%		2,608
	100,000		332,050	^EUR	OTC Markit iTraxx Europe Crossover Series 36 5-Year Index, Put		BNP		6/15/22		5.500%		813
	100,000		67,578	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		BCLY		3/16/22		0.800%		100
	200,000		135,156	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		BCLY		5/18/22		0.850%		638
	100,000		67,578	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		BCLY		3/16/22		0.900%		41
	500,000		337,890	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		BCLY		3/16/22		0.900%		203
	200,000		135,156	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		BCLY		5/18/22		0.900%		546
	100,000		67,578	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		BCLY		3/16/22		0.950%		26
	300,000		202,734	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		BCLY		5/18/22		1.000%		595
	300,000		202,734	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		BCLY		5/18/22		1.000%		595
	600,000		405,468	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		BCLY		6/15/22		1.000%		1,638
	200,000		135,156	^EUR	OTC Markit iTraxx Europe Series 36 5-Year Index, Put		JPM		3/16/22		0.900%		81

					Total Credit Default Swaptions							$	11,768

Interest Rate Swaptions



Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	100,000		528	^EUR	OTC 2-Year Swaption, 3-Month EURIBOR, Call		DUB		8/8/22		0.350%	$	568
	100,000		528	^EUR	OTC 2-Year Swaption, 3-Month EURIBOR, Put		DUB		8/8/22		0.550%		290
	300,000		1,584	^EUR	OTC 5-Year Swaption, 3-Month EURIBOR, Call		BCLY		5/9/22		0.450%		1,871
	200,000		1,056	^EUR	OTC 5-Year Swaption, 3-Month EURIBOR, Call		BNP		4/7/22		0.500%		1,298
	300,000		1,584	^EUR	OTC 5-Year Swaption, 3-Month EURIBOR, Call		JPM		4/8/22		0.450%		1,529
	300,000		1,584	^EUR	OTC 5-Year Swaption, 3-Month EURIBOR, Put		BCLY		5/9/22		0.650%		1,660
	200,000		1,056	^EUR	OTC 5-Year Swaption, 3-Month EURIBOR, Put		BNP		4/7/22		0.700%		577
	300,000		1,584	^EUR	OTC 5-Year Swaption, 3-Month EURIBOR, Put		JPM		4/8/22		0.650%		1,075
	5,600,000	$	29,288		OTC 5-Year Swaption, 3-Month USD-LIBOR, Put		DUB		11/17/23		2.340%		90,187
	4,440,000		23,443	^EUR	OTC 10-Year Swaption, 3-Month EURIBOR, Put		BNP		11/4/22		0.000%		452,636
	860,000		4,541	^EUR	OTC 10-Year Swaption, 3-Month EURIBOR, Put		BCLY		11/4/22		0.000%		87,673
	600,000		3,138		OTC 10-Year Swaption, 3-Month USD-LIBOR, Call		BCLY		2/2/23		1.558%		13,696
	1,400,000		7,322		OTC 10-Year Swaption, 3-Month USD-LIBOR, Call		JPM		1/25/23		1.785%		45,558
	600,000		3,138		OTC 30-Year Swaption, 3-Month USD-LIBOR, Put		BNP		3/8/22		1.937%		287

					Total Interest Rate Swaptions							$	698,905

See Notes to Financial Statements.

252



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

Options on Futures



Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Strike Price		Value
	200,000	$	199,093,750	OTC Federal National Mortgage Association (FNMA) 30-Year April Futures, Call		JPM		4/6/22	$	99.55	$	447
	100,000		98,828,125	OTC Federal National Mortgage Association (FNMA) 30-Year May Futures, Call		JPM		5/5/22	$	98.83		613
	100,000		99,273,000	OTC Federal National Mortgage Association (FNMA) 30-Year May Futures, Call		JPM		5/5/22	$	99.27		414
	100,000		102,414,060	OTC Federal National Mortgage Association (FNMA) 30-Year April Futures, Call		JPM		4/6/22	$	102.41		83
	100,000		100,414,060	OTC Federal National Mortgage Association (FNMA) 30-Year April Futures, Put		JPM		4/6/22	$	100.41		517

				Total Options on Futures							$	2,074

				TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received — $281,870)							$	712,747

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

At February 28, 2022, Inflation-Linked Fixed Income Fund held the following Reverse Repurchase Agreements:



Face Amounts†		Security	Value

		Bank of America:
$	8,032,500	0.080% due 3/3/22	$	8,032,500

		NatWest Markets Securities Inc.:
	6,350,477	0.080% due 3/1/22		6,350,477

		Nomura Securities International, Inc.:
	23,769,488	0.080% due 3/9/22		23,769,488

		TOTAL REVERSE REPURCHASE AGREEMENTS (Proceeds — $38,152,465)	$	38,152,465

For the period ended February 28, 2022, the daily average borrowing and interest rate under the reverse repurchase agreements were $39,480,168 and 0.081%, respectively.

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

At February 28, 2022, 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		Market Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
3-Month Euro-Euribor March Futures		51		3/23		$14,335,470		$14,267,267	$	(68,203	)
Euro-Bund March Futures		7		3/22		1,297,961		1,311,114		13,153
U.S. Treasury 2-Year Note June Futures		36		6/22		7,735,867		7,748,156		12,289
U.S. Treasury 5-Year Note June Futures		13		6/22		1,528,752		1,537,657		8,905
U.S. Treasury 10-Year Note June Futures		8		6/22		1,005,875		1,019,500		13,625

										(20,231	)

See Notes to Financial Statements.

253



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation/ (Depreciation)
Contracts to Sell:
Australian Government 3-Year Bond March Futures		8		3/22		$ 662,371		$ 656,045	$	6,326
Euro-Bobl June Futures		23		6/22		3,393,693		3,402,462		(8,769	)
Euro-BTP March Futures		24		3/22		3,867,341		3,798,516		68,825
Euro-Buxl 30-Year Bond June Futures		21		6/22		4,568,647		4,613,858		(45,211	)
Euro-Schatz Note June Futures		79		6/22		9,864,339		9,888,486		(24,147	)
Japan Government 10-Year Bond March Futures		2		3/22		2,644,752		2,618,416		26,336
Short Euro-BTP March Futures		13		3/22		1,638,107		1,642,233		(4,126	)
U.S. Treasury Long Bond June Futures		8		6/22		1,237,250		1,253,500		(16,250	)
U.S. Treasury Ultra Long Bond June Futures		14		6/22		2,581,458		2,603,125		(21,667	)
U.S. Ultra Long Bond June Futures		55		6/22		7,705,371		7,773,047		(67,676	)
United Kingdom Treasury 10-Year Gilt June Futures		12		6/22		1,974,137		1,981,637		(7,500	)

										(93,859)

Net Unrealized Depreciation on Open Exchange-Traded Futures Contracts									$	(114,090	)

At February 28, 2022, Inflation-Linked Fixed Income Fund had deposited cash of $565,000 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.

At February 28, 2022, 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		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Dollar		207,000		USD	148,582		HSBC	$	150,334		3/2/22	$	1,752
Australian Dollar		1,043,000		USD	751,532		JPM		757,478		3/2/22		5,946
Chinese Offshore Renminbi		12,192		USD	1,916		DUB		1,928		3/16/22		12
Danish Krone		660,000		USD	103,259		MLP		99,626		4/1/22		(3,633	)
Danish Krone		615,000		USD	93,273		MLP		92,834		4/1/22		(439	)
Euro		93,000		USD	106,386		BCLY		104,281		3/2/22		(2,105	)
Euro		78,000		USD	88,836		BCLY		87,462		3/2/22		(1,374	)
Euro		485,000		USD	554,808		JPM		543,830		3/2/22		(10,978	)
Euro		1,288,000		USD	1,453,558		JPM		1,444,234		3/2/22		(9,324	)
Euro		63,000		USD	71,816		SCB		70,642		3/2/22		(1,174	)
Japanese Yen		35,100,000		USD	304,990		DUB		305,337		3/2/22		347
Norwegian Krone		6,520,000		USD	732,704		BCLY		739,440		5/18/22		6,736
Peruvian Sol		1,887,374		USD	504,645		JPM		498,391		3/3/22		(6,254	)

													(20,488	)

Contracts to Sell:
Australian Dollar		666,000		USD	473,317		MLP		483,682		3/2/22		(10,365	)
British Pound		52,000		USD	70,486		BCLY		69,769		3/2/22		717
British Pound		4,937,000		USD	6,622,429		SCB		6,623,974		3/2/22		(1,545	)
British Pound		85,000		USD	113,685		BCLY		114,078		4/4/22		(393	)
British Pound		4,989,000		USD	6,695,798		SCB		6,695,700		4/4/22		98
Canadian Dollar		1,153,059		USD	905,619		HSBC		909,568		3/2/22		(3,949	)
Canadian Dollar		435,305		USD	341,676		HSBC		343,382		3/2/22		(1,706	)
Danish Krone		190,000		USD	28,860		BNP		28,681		4/1/22		179

See Notes to Financial Statements.

254



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
Danish Krone		575,000		USD	87,720		BNP	$	86,795		4/1/22	$	925
Danish Krone		1,635,000		USD	250,036		BNP		246,800		4/1/22		3,236
Danish Krone		580,000		USD	88,609		BNP		87,550		4/1/22		1,059
Danish Krone		19,110,000		USD	2,985,657		HSBC		2,884,623		4/1/22		101,034
Danish Krone		195,000		USD	30,570		HSBC		29,435		4/1/22		1,135
Danish Krone		190,000		USD	29,846		HSBC		28,680		4/1/22		1,166
Danish Krone		860,000		USD	134,172		HSBC		129,815		4/1/22		4,357
Danish Krone		195,000		USD	30,499		HSBC		29,435		4/1/22		1,064
Danish Krone		385,000		USD	60,213		JPM		58,115		4/1/22		2,098
Danish Krone		285,000		USD	44,500		JPM		43,020		4/1/22		1,480
Danish Krone		660,000		USD	100,463		JPM		99,626		4/1/22		837
Danish Krone		575,000		USD	87,637		MLP		86,795		4/1/22		842
Danish Krone		855,000		USD	131,999		MLP		129,061		4/1/22		2,938
Danish Krone		195,000		USD	29,763		MLP		29,435		4/1/22		328
Danish Krone		1,540,000		USD	236,120		MLP		232,460		4/1/22		3,660
Danish Krone		285,000		USD	44,723		MLP		43,021		4/1/22		1,702
Danish Krone		190,000		USD	28,751		MLP		28,680		4/1/22		71
Danish Krone		855,000		USD	130,168		MLP		129,060		4/1/22		1,108
Danish Krone		770,000		USD	119,090		MLP		116,230		4/1/22		2,860
Danish Krone		13,275,246		USD	2,096,864		MLP		2,003,877		4/1/22		92,987
Danish Krone		860,000		USD	130,943		MLP		129,816		4/1/22		1,127
Euro		727,000		USD	831,160		JPM		815,185		3/2/22		15,975
Euro		8,557,000		USD	9,597,705		SCB		9,594,964		3/2/22		2,741
Euro		235,000		USD	262,862		BCLY		263,893		4/4/22		(1,031	)
Euro		7,277,000		USD	8,184,022		SCB		8,171,685		4/4/22		12,337
Japanese Yen		12,300,000		USD	107,356		DUB		106,999		3/2/22		357
Japanese Yen		310,157,800		USD	2,692,293		SCB		2,698,080		3/2/22		(5,787	)
Japanese Yen		286,189,865		USD	2,486,439		SCB		2,491,608		4/4/22		(5,169	)
New Zealand Dollar		1,464,000		USD	968,236		HSBC		990,689		3/2/22		(22,453	)
Peruvian Sol		1,887,374		USD	476,429		MLP		498,392		3/3/22		(21,963	)
Peruvian Sol		1,887,374		USD	496,194		JPM		490,769		8/8/22		5,425

													189,482

Net Unrealized Appreciation on Open Forward Foreign Currency Contracts												$	168,994

At February 28, 2022, 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			Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.000%		3/20/22		6-Month		JPY	5,590,000	$	(8	)	$	—		$	(8	)
Receive	Bank of Japan Uncollateralised Overnight Call Rate		0.300%		9/20/27		6-Month		JPY	5,590,000		(485	)		(1,139	)		654
Receive	Sterling Overnight Index Average		0.750%		9/21/32		12-Month		GBP	1,200,000		104,132			38,007			66,125
Receive	3-Month FRA New Zealand Bank Bill		3.250%		3/21/28		6-Month		NZD	700,000		(12,325	)		(103,179	)		90,854
Pay	3-Month USD-LIBOR		1.888%		11/21/53		6-Month		USD	300,000		(5,241	)		—			(5,241	)
Receive	3-Month USD-LIBOR		1.840%		11/21/28		6-Month		USD	1,500,000		9,698			—			9,698
Pay	6-Month EURIBOR		0.500%		3/16/52		12-Month		EUR	350,000		(33,969	)		(25,557	)		(8,412	)

See Notes to Financial Statements.

255



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency		Notional Amount			Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Receive	6-Month EURIBOR		0.250%		3/16/32		12-Month		EUR	1,350,000	$	88,619		$	85,131		$	3,488
Receive	6-Month JPY-LIBOR		0.000%		3/20/22		6-Month		JPY	5,590,000		(16	)		—			(16	)

											$	150,405		$	(6,737	)	$	157,142

At February 28, 2022, 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			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	1-Year USD Inflation Linked		3.850%		12/20/22		USD	600,000	$	(10,316	)	$	—		$	(10,316	)
Receive	2-Year EUR Inflation Linked		0.330%		7/15/22		EUR	600,000		48,308			2,849			45,459
Receive	2-Year EUR Inflation Linked		0.090%		5/15/22		EUR	100,000		7,378			423			6,955
Receive	5-Year EUR Inflation Linked		1.030%		3/15/24		EUR	2,000,000		107,014			(75,970	)		182,984
Receive	5-Year GBP Inflation Linked		4.626%		2/15/27		GBP	1,000,000		33,535			—			33,535
Pay	5-Year GBP Inflation Linked		3.850%		9/15/24		GBP	1,300,000		(92,765	)		76,362			(169,127	)
Receive	5-Year GBP Inflation Linked		4.735%		12/15/26		GBP	1,000,000		40,078			(12,515	)		52,593
Pay	5-Year GBP Inflation Linked		3.330%		1/15/25		GBP	4,000,000		(490,980	)		41,097			(532,077	)
Receive	5-Year USD Inflation Linked		2.813%		5/14/26		USD	300,000		19,597			—			19,597
Receive	5-Year USD Inflation Linked		2.767%		5/13/26		USD	500,000		33,889			—			33,889
Receive	5-Year USD Inflation Linked		2.703%		5/25/26		USD	510,000		35,798			81			35,717
Receive	5-Year USD Inflation Linked		2.220%		4/13/23		USD	6,296,000		421,150			(214,466	)		635,616
Receive	5-Year USD Inflation Linked		2.210%		2/5/23		USD	2,090,000		139,726			(62,311	)		202,037
Receive	7-Year USD Inflation Linked		1.890%		8/27/27		USD	700,000		98,879			1,693			97,186
Receive	7-Year USD Inflation Linked		1.797%		8/25/27		USD	600,000		88,892			5,868			83,024
Receive	7-Year USD Inflation Linked		2.645%		9/10/28		USD	100,000		5,186			—			5,186
Receive	7-Year USD Inflation Linked		2.573%		8/26/28		USD	100,000		5,997			—			5,997
Pay	10-Year EUR Inflation Linked		1.380%		3/15/31		EUR	1,300,000		(189,253	)		(9,569	)		(179,684	)
Pay	10-Year EUR Inflation Linked		1.620%		5/15/28		EUR	910,000		(71,598	)		93,051			(164,649	)
Pay	10-Year GBP Inflation Linked		3.475%		8/15/30		GBP	900,000		(211,293	)		9,395			(220,688	)
Receive	10-Year GBP Inflation Linked		4.300%		1/15/32		GBP	400,000		19,446			1,393			18,053
Pay	10-Year GBP Inflation Linked		3.750%		4/15/31		GBP	520,000		(107,400	)		(4	)		(107,396	)
Pay	10-Year GBP Inflation Linked		3.717%		12/15/28		GBP	920,000		(116,064	)		69,593			(185,657	)
Pay	10-Year USD Inflation Linked		2.364%		5/10/28		USD	550,000		(47,092	)		37,569			(84,661	)
Pay	10-Year USD Inflation Linked		2.352%		5/9/28		USD	360,000		(31,254	)		24,122			(55,376	)
Pay	10-Year USD Inflation Linked		1.760%		11/4/29		USD	1,200,000		(192,631	)		(8,764	)		(183,867	)
Pay	10-Year USD Inflation Linked		1.882%		11/20/29		USD	1,500,000		(222,450	)		9,233			(231,683	)
Pay	10-Year USD Inflation Linked		2.360%		5/9/28		USD	540,000		(46,429	)		36,670			(83,099	)
Receive	10-Year USD Inflation Linked		2.311%		2/24/31		USD	2,300,000		263,587			1,035			262,552
Pay	10-Year USD Inflation Linked		1.280%		5/19/30		USD	800,000		(170,890	)		(50,027	)		(120,863	)
Pay	10-Year USD Inflation Linked		2.335%		2/5/28		USD	960,000		(86,193	)		59,292			(145,485	)
Receive	15-Year EUR Inflation Linked		1.710%		3/15/33		EUR	100,000		7,600			(15,114	)		22,714
Pay	15-Year GBP Inflation Linked		3.566%		3/15/36		GBP	100,000		(26,132	)		—			(26,132	)
Pay	15-Year GBP Inflation Linked		3.580%		3/15/36		GBP	300,000		(77,259	)		(2,006	)		(75,253	)

									$	(813,939	)	$	18,980		$	(832,919	)

See Notes to Financial Statements.

256



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

At February 28, 2022, Inflation-Linked Fixed Income Fund held the following Centrally Cleared Credit Default Swap Contract:

Centrally Cleared — Credit Default Swap on Corporate Issues — Sell Protection (1)


Reference Obligation & Rating†	Fixed Deal Receive Rate			Maturity Date		Payment Frequency		Implied Credit Spread at 2/28/22 (2)	Notional Amount (3)			Market Value		Upfront Premiums (Received)		Unrealized Appreciation
General Electric Co., BBB+		1.000	%		12/20/23		3-Month	0.004%		USD	100,000	$	1,320	$	(176)	$	1,496

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

(1)

(2)

(3)	The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

At February 28, 2022, Inflation-Linked Fixed Income Fund deposited cash collateral with brokers in the amount of $457,000 for open centrally cleared swap contracts.

At February 28, 2022, Inflation-Linked Fixed Income Fund had cash collateral from brokers in the amount of $120,000 for open OTC swap contracts.


Currency Abbreviations used in this schedule:		Counterparty Abbreviations used in this schedule:
AUD	— Australian Dollar	BCLY	— Barclays Bank PLC
CAD	— Canadian Dollar	BNP	— BNP Paribas SA
DKK	— Danish Krone	DUB	— Deutsche Bank AG
EUR	— Euro	HSBC	— HSBC Bank USA
GBP	— British Pound	JPM	— JPMorgan Chase & Co.
JPY	— Japanese Yen	MLP	— Merrill Lynch, Pierce, Fenner & Smith Inc.
NOK	— Norwegian Krone	SCB	— Standard Chartered Bank
NZD	— New Zealand Dollar
PEN	— Peruvian Sol
SEK	— Swedish Krona
SGD	— Singapore Dollar
USD	— United States Dollar
ZAR	— South African Rand

See pages 275-276 for definitions of ratings.

See Notes to Financial Statements.

257



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	CORPORATE BONDS & NOTES — 40.9%

	Aerospace/Defense — 1.3%
				Boeing Co. (The), Senior Unsecured Notes:
$	3,727,000		BBB-	4.508% due 5/1/23	$	3,832,099
	100,000		BBB-	1.875% due 6/15/23		99,752
	3,600,000		BBB-	1.433% due 2/4/24		3,545,360

				Total Aerospace/Defense		7,477,211


	Agriculture — 1.5%
	3,700,000		BBB+	BAT Capital Corp., Company Guaranteed Notes, 3.222% due 8/15/24		3,749,525
				Imperial Brands Finance PLC, Company Guaranteed Notes:
	3,300,000		BBB	3.750% due 7/21/22(a)		3,314,007
	400,000		BBB	3.125% due 7/26/24(a)		405,007
	700,000		BBB	3.500% due 7/26/26(a)		710,440
	600,000		BBB+	Reynolds American Inc., Company Guaranteed Notes, 4.450% due 6/12/25		628,234

				Total Agriculture		8,807,213


	Auto Manufacturers — 4.5%
				Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	500,000		BB+	2.979% due 8/3/22		500,602
	2,700,000		BB+	3.350% due 11/1/22		2,709,841
	2,000,000		BB+	3.087% due 1/9/23		2,014,980
	600,000		BB+	4.140% due 2/15/23		607,269
	400,000		BB+	3.096% due 5/4/23		403,500
	400,000		BB+	3.370% due 11/17/23		402,284
				General Motors Financial Co., Inc.:
	1,500,000		BBB	Company Guaranteed Notes, 1.528% (3-Month USD-LIBOR + 1.310%) due 6/30/22(b)		1,503,651
	400,000		BBB	Senior Unsecured Notes, 3.550% due 7/8/22		403,572
				Hyundai Capital America, Senior Unsecured Notes:
	100,000		BBB+	3.250% due 9/20/22		101,007
	1,500,000		BBB+	0.800% due 4/3/23(a)		1,478,856
	1,200,000		BBB+	5.750% due 4/6/23		1,248,034
	1,000,000		BBB+	5.750% due 4/6/23(a)		1,040,029
	1,500,000		BBB+	1.250% due 9/18/23(a)		1,479,328
	2,000,000		BBB+	0.875% due 6/14/24(a)		1,923,186
				Nissan Motor Acceptance Co. LLC, Senior Unsecured Notes:
	1,630,000		BBB-	2.650% due 7/13/22		1,637,380
	2,400,000		BBB-	0.910% (3-Month USD-LIBOR + 0.690%) due 9/28/22(a)(b)		2,401,628
	1,000,000		BBB-	3.875% due 9/21/23(a)		1,022,445
	974,000		BBB-	Stellantis NV, Senior Unsecured Notes, 5.250% due 4/15/23		1,008,207
	710,000	^AUD	BBB+	Volkswagen Financial Services Australia Pty Ltd., Company Guaranteed Notes, 1.361% (3-Month Australian Bank Bill + 1.300%) due 9/14/22(b)		518,043
	4,000,000	^CAD	BBB+	VW Credit Canada Inc., (Restricted, cost — $3,234,910, acquired 3/5/21), Company Guaranteed Notes, 2.650% due 6/27/22(c)		3,172,290

				Total Auto Manufacturers		25,576,132

Banks — 17.3%
	200,000	^AUD	A	ADCB Finance Cayman Ltd., Company Guaranteed Notes, 1.445% (3-Month Australian Bank Bill + 1.380%) due 10/25/22(b)		145,851
	700,000		BBB+	Aozora Bank Ltd., Senior Unsecured Notes, 2.550% due 9/9/22		703,174
	1,000,000	^AUD	A-	Banco Santander SA, Senior Unsecured Notes, 1.584% (1.650% — 3-Month Australian Bank Bill) due 1/19/23(d)		733,137
	1,200,000		BBB+	Bangkok Bank PCL, Senior Unsecured Notes, 3.875% due 9/27/22		1,214,192
	3,500,000	^CAD	A-	Bank of America Corp., (Restricted, cost — $2,709,688, acquired 10/5/20), Senior Unsecured Notes, 2.604% (3-Month Canadian Bank Bill + 1.125%) due 3/15/23(b)(c)		2,762,940

See Notes to Financial Statements.

258



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Banks — 17.3% — (continued)
				Barclays PLC, Senior Unsecured Notes:
	2,250,000	^AUD	BBB	1.862% (3-Month Australian Bank Bill + 1.800%) due 6/15/23(b)	$	1,660,653
$	3,200,000		BBB	1.839% (3-Month USD-LIBOR + 1.380%) due 5/16/24(b)		3,237,865
				BNP Paribas SA, Senior Unsecured Notes
	400,000	^AUD	A-	1.828% (3-Month Australian Bank Bill + 1.750%) due 2/28/24(b)		296,086
	400,000		A-	3.375% due 1/9/25(a)		408,510
				Citigroup Inc., Senior Unsecured Notes:
	1,500,000		BBB+	1.209% (3-Month USD-LIBOR + 0.950%) due 7/24/23(b)		1,505,029
	2,100,000		BBB+	1.953% (3-Month USD-LIBOR + 1.430%) due 9/1/23(b)		2,110,594
	760,000	^AUD	BBB+	1.795% (3-Month Australian Bank Bill + 1.720%) due 10/27/23(b)		562,200
	500,000		BBB+	1.569% (3-Month USD-LIBOR + 1.100%) due 5/17/24(b)		504,285
	300,000		BBB+	1.546% (3-Month USD-LIBOR + 1.023%) due 6/1/24(b)		302,420
	1,000,000		A-	Credit Agricole SA, Senior Unsecured Notes, 1.264% (3-Month USD-LIBOR + 1.050%) due 3/22/24(b)		1,009,280
	2,500,000	^AUD	A1(e)	Credit Suisse AG, Senior Unsecured Notes, 1.230% (3-Month Australian Bank Bill + 1.150%) due 5/26/23(b)		1,832,566
				Credit Suisse Group AG, Senior Unsecured Notes:
	1,750,000		BBB+	1.441% (3-Month USD-LIBOR + 1.240%) due 6/12/24(b)		1,764,993
	2,000,000		BBB+	1.441% (3-Month USD-LIBOR + 1.240%) due 6/12/24(a)(b)		2,017,134
				Danske Bank AS, Senior Unsecured Notes:
	1,200,000		BBB+	1.261% (3-Month USD-LIBOR + 1.060%) due 9/12/23(b)		1,204,630
	500,000		BBB+	1.261% (3-Month USD-LIBOR + 1.060%) due 9/12/23(a)(b)		501,929
	1,000,000		BBB+	3.875% due 9/12/23(a)		1,024,778
	3,431,000		BBB+	1.171% (1-Year CMT Index + 1.030%) due 12/8/23(a)(b)		3,408,302
	600,000		BBB+	5.375% due 1/12/24		632,686
	200,000		BBB+	5.375% due 1/12/24(a)		210,895
	1,600,000		BBB-	2.222% (SOFR + 2.159%) due 9/18/24(b)		1,597,673
				Deutsche Bank AG, Senior Unsecured Notes:
	300,000		BBB-	1.649% (3-Month USD-LIBOR + 1.190%) due 11/16/22(b)		301,431
	1,300,000		BBB-	3.300% due 11/16/22		1,314,330
	790,000	^AUD	BBB-	1.475% (3-Month Australian Bank Bill + 1.400%) due 1/30/23(b)		576,423
	400,000		BBB-	1.738% (3-Month USD-LIBOR + 1.230%) due 2/27/23(b)		402,832
	1,100,000		BBB-	3.950% due 2/27/23		1,117,566
	300,000		A-	Deutsche Bank AG, (Restricted, cost — $300,399, acquired 5/26/21), Senior Unsecured Notes, 0.898% due 5/28/24(c)		291,215
				First Abu Dhabi Bank PJSC, Senior Unsecured Notes:
	1,500,000		AA-	1.189% (3-Month USD-LIBOR + 0.950%) due 4/16/22(b)		1,502,055
	1,700,000	^AUD	AA-	1.180% (3-Month Australian Bank Bill + 1.100%) due 2/18/25(b)		1,242,443
				Goldman Sachs Group Inc. (The), Senior Unsecured Notes:
	700,000		BBB+	0.479% (SOFR + 0.430%) due 3/8/23(b)		699,665
	2,000,000	^AUD	BBB+	1.278% (3-Month Australian Bank Bill + 1.200%) due 5/16/23(b)		1,463,848
	1,400,000		BBB+	1.217% due 12/6/23		1,385,044
	1,000,000	^AUD	BBB+	1.620% (3-Month Australian Bank Bill + 1.550%) due 5/2/24(b)		739,984
	1,000,000		BBB+	0.925% (SOFR + 0.486%) due 10/21/24(b)		979,401
				Hana Bank, Senior Unsecured Notes:
	400,000		A+	1.073% (3-Month USD-LIBOR + 0.875%) due 9/14/22(b)		401,265
	1,000,000		A+	1.067% (3-Month USD-LIBOR + 0.800%) due 7/26/23(b)		1,006,665
				HSBC Holdings PLC, Senior Unsecured Notes:
	1,000,000	^AUD	A-	1.178% (3-Month Australian Bank Bill + 1.100%) due 2/16/24(b)		729,987
	5,900,000		A-	1.431% (3-Month USD-LIBOR + 1.230%) due 3/11/25(b)		5,971,831
	1,900,000		A-	ING Groep NV, Senior Unsecured Notes, 1.059% (SOFR + 1.010%) due 4/1/27(b)		1,911,953
				JPMorgan Chase & Co., Senior Unsecured Notes:
	600,000		A-	3.207% (3-Month USD-LIBOR + 0.695%) due 4/1/23(b)		600,925
	3,300,000		A-	1.149% (3-Month USD-LIBOR + 0.890%) due 7/23/24(b)		3,327,818
	600,000		A-	0.814% (SOFR + 0.765%) due 9/22/27(b)		600,626

See Notes to Financial Statements.

259



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Banks — 17.3% — (continued)
				Lloyds Banking Group PLC, Senior Unsecured Notes:
	4,000,000	^AUD	BBB+	1.365% (3-Month Australian Bank Bill + 1.300%) due 3/20/23(b)	$	2,930,037
	3,700,000	^AUD	BBB+	1.458% (3-Month Australian Bank Bill + 1.400%) due 3/7/25(b)		2,727,013
				Mizuho Financial Group Inc., Senior Unsecured Notes:
$	2,900,000		A-	1.051% (3-Month USD-LIBOR + 0.850%) due 9/13/23(b)		2,908,810
	1,500,000		A-	1.128% (3-Month USD-LIBOR + 0.630%) due 5/25/24(b)		1,504,220
				NatWest Group PLC, Senior Unsecured Notes:
	2,120,000		BBB	3.498% (3-Month USD-LIBOR + 1.480%) due 5/15/23(b)		2,127,525
	300,000		BBB	1.770% (3-Month USD-LIBOR + 1.550%) due 6/25/24(b)		304,219
	1,200,000		A	Nordea Bank Abp, Senior Unsecured Notes, 1.448% (3-Month USD-LIBOR + 0.940%) due 8/30/23(a)(b)		1,211,593
				QNB Finance Ltd., Company Guaranteed Notes:
	1,000,000		A	1.315% (3-Month USD-LIBOR + 1.000%) due 5/2/22(b)		1,001,170
	500,000	^AUD	A	1.821% (3-Month Australian Bank Bill + 1.750%) due 2/1/23(b)		366,403
	4,200,000		A	1.463% (3-Month USD-LIBOR + 1.250%) due 3/21/24(b)		4,225,953
				Societe Generale SA, Senior Unsecured Notes:
	2,200,000		BBB	3.875% due 3/28/24(a)		2,258,596
	2,000,000		BBB	2.625% due 1/22/25(a)		1,984,942
	800,000		BBB	1.099% (SOFR + 1.050%) due 1/21/26(a)(b)		802,761
	1,700,000		BBB+	Standard Chartered PLC, Senior Unsecured Notes, 3.785% (3-Month USD-LIBOR + 1.560%) due 5/21/25(a)(b)		1,741,313
	7,700,000	^AUD	A-	Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes, 1.315% (3-Month Australian Bank Bill + 1.250%) due 10/16/24(b)		5,676,627
	500,000		A	Sumitomo Mitsui Trust Bank Ltd., Senior Unsecured Notes, 0.800% due 9/16/24(a)		482,079
	5,600,000	^AUD	A+	UBS AG, Senior Unsecured Notes, 0.945% (3-Month Australian Bank Bill + 0.870%) due 7/30/25(b)		4,105,319
	200,000	^CAD	BBB+	Wells Fargo & Co., (Restricted, cost — $153,473, acquired 10/6/20), Senior Unsecured Notes, 2.094% due 4/25/22(c)		158,103
	5,200,000	^CAD	BBB+	Wells Fargo & Co., (Restricted, cost — $4,286,016, acquired 2/11/21), Senior Unsecured Notes, 2.509% due 10/27/23(c)		4,121,606
	1,000,000	^CAD	BBB+	Wells Fargo & Co., (Restricted, cost — $797,484, acquired 10/6/20), Senior Unsecured Notes, 3.184% due 2/8/24(c)		800,688

				Total Banks		99,358,086


	Beverages — 0.1%
	900,000		BBB-	JDE Peet’s NV, Company Guaranteed Notes, 0.800% due 9/24/24(a)		863,343


	Commercial Services — 1.2%
	3,000,000		A1(e)	Central Nippon Expressway Co., Ltd., Senior Unsecured Notes, 0.985% (3-Month USD-LIBOR + 0.810%) due 3/3/22(b)		3,000,060
	5,000,000	^AUD	BBB	Transurban Queensland Finance Pty Ltd., Senior Secured Notes, 2.115% (3-Month Australian Bank Bill + 2.050%) due 12/16/24(b)		3,763,463

				Total Commercial Services		6,763,523


	Computers — 0.9%
	826,000		BBB	Dell International LLC/EMC Corp., Senior Unsecured Notes, 5.450% due 6/15/23		860,415
	4,000,000		BBB-	Leidos Inc., Company Guaranteed Notes, 2.950% due 5/15/23		4,052,760

				Total Computers		4,913,175


	Diversified Financial Services — 4.7%
	4,300,000		BBB	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes, 4.500% due 9/15/23		4,433,213
				Aircastle Ltd., Senior Unsecured Notes:
	1,300,000		BBB-	5.000% due 4/1/23		1,334,949
	800,000		BBB-	4.400% due 9/25/23		821,346
	2,000,000		BBB-	Aviation Capital Group LLC, Senior Unsecured Notes, 3.875% due 5/1/23(a)		2,029,098

See Notes to Financial Statements.

260



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Diversified Financial Services — 4.7% — (continued)
				Avolon Holdings Funding Ltd., Company Guaranteed Notes:
$	500,000		BBB-	5.500% due 1/15/23(a)	$	513,533
	900,000		BBB-	5.125% due 10/1/23(a)		932,666
				BOC Aviation Ltd., Senior Unsecured Notes:
	1,200,000		A-	3.000% due 5/23/22		1,202,173
	500,000		A-	2.750% due 9/18/22		501,954
	200,000		A-	2.750% due 9/18/22(a)		200,782
	400,000		A-	1.345% (3-Month USD-LIBOR + 1.125%) due 9/26/23(a)(b)		401,502
	600,000		A-	BOC Aviation USA Corp., Company Guaranteed Notes, 1.625% due 4/29/24(a)		590,341
	800,000		BBB-	LeasePlan Corp. NV, Senior Unsecured Notes, 2.875% due 10/24/24(a)		805,274
	500,000		A-	Mitsubishi HC Capital Inc., Senior Unsecured Notes, 2.652% due 9/19/22(a)		502,639
	1,200,000		B+	Navient Corp., Senior Unsecured Notes, 5.500% due 1/25/23		1,226,724
				Nomura Holdings Inc., Senior Unsecured Notes:
	4,500,000		BBB+	2.648% due 1/16/25		4,519,824
	1,100,000		BBB+	1.851% due 7/16/25		1,071,554
	400,000		A-	ORIX Corp., Senior Unsecured Notes, 2.900% due 7/18/22		403,021
				Park Aerospace Holdings Ltd., Company Guaranteed Notes:
	2,600,000		BBB-	5.250% due 8/15/22(a)		2,632,636
	1,000,000		BBB-	4.500% due 3/15/23(a)		1,021,265
	1,800,000		BBB-	Synchrony Financial, Senior Unsecured Notes, 2.850% due 7/25/22		1,809,686

				Total Diversified Financial Services		26,954,180


	Electric — 2.1%
	900,000	^AUD	Baa1(e)	Ausgrid Finance Pty Ltd., Senior Secured Notes, 1.295% (3-Month Australian Bank Bill + 1.220%) due 10/30/24(b)		660,148
	400,000		BBB+	Cleco Power LLC, Senior Unsecured Notes, 0.703% (3-Month USD-LIBOR + 0.500%) due 6/15/23(a)(b)		399,822
	1,000,000		BBB+	Enel Finance International NV, Company Guaranteed Notes, 2.650% due 9/10/24		1,006,193
	200,000		BBB+	Iberdrola International BV, Company Guaranteed Notes, 5.810% due 3/15/25		221,317
				Israel Electric Corp., Ltd., Senior Secured Notes:
	400,000		BBB	6.875% due 6/21/23		423,868
	600,000		BBB	5.000% due 11/12/24(a)		636,660
	1,400,000	^AUD	Aa2(e)	Korea Southern Power Co., Ltd., Senior Unsecured Notes, 1.045% (3-Month Australian Bank Bill + 0.970%) due 10/30/24(b)		1,027,695
				Pacific Gas & Electric Co., 1st Mortgage Notes:
	2,200,000		BBB-	1.691% (3-Month USD-LIBOR + 1.480%) due 6/16/22(b)		2,200,460
	3,400,000		BBB-	1.750% due 6/16/22		3,397,329
	1,400,000		BBB-	4.250% due 8/1/23		1,430,315
	500,000		BBB-	3.850% due 11/15/23		509,429
	300,000		BBB-	3.750% due 2/15/24		305,182
	100,000		BBB-	3.400% due 8/15/24		101,647

				Total Electric		12,320,065


	Electronics — 0.3%
	1,500,000		BBB-	TD SYNNEX Corp., Senior Unsecured Notes, 1.250% due 8/9/24(a)		1,457,992


	Food — 0.2%
	700,000		BBB-	Barry Callebaut Services NV, Company Guaranteed Notes, 5.500% due 6/15/23		730,747
	300,000		BB+	Kraft Heinz Foods Co., Company Guaranteed Notes, 1.186% (3-Month USD-LIBOR + 0.820%) due 8/10/22(b)		299,277

				Total Food		1,030,024


	Healthcare — Services — 0.5%
				HCA Inc.:
	800,000		BB-	Company Guaranteed Notes, 5.875% due 5/1/23		832,900
	2,100,000		BBB-	Senior Secured Notes, 5.000% due 3/15/24		2,209,470

				Total Healthcare — Services		3,042,370

See Notes to Financial Statements.

261



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Holding Companies — Diversified — 0.4%
$	1,250,000	A	CK Hutchison International 17 Ltd., Company Guaranteed Notes, 2.875% due 4/5/22	$	1,251,559
	843,000	A	Hutchison Whampoa International 12 II Ltd., Company Guaranteed Notes, 3.250% due 11/8/22		851,975

			Total Holding Companies — Diversified		2,103,534


	Home Builders — 0.1%
	700,000	BBB-	Lennar Corp., Company Guaranteed Notes, 4.750% due 11/15/22		710,161


	Insurance — 0.1%
	200,000	A-	CNO Global Funding, Secured Notes, 1.650% due 1/6/25(a)		195,772
	400,000	A-	GA Global Funding Trust, Secured Notes, 1.625% due 1/15/26(a)		384,754

			Total Insurance		580,526


	Investment Companies — 0.1%
	400,000	Baa3(e)	FS KKR Capital Corp., Senior Unsecured Notes, 1.650% due 10/12/24		384,048


	Lodging — 0.5%
	900,000	BB+	Hyatt Hotels Corp., Senior Unsecured Notes, 1.099% (SOFR + 1.050%) due 10/1/23(b)		901,592
	1,800,000	B+	MGM Resorts International, Company Guaranteed Notes, 7.750% due 3/15/22		1,805,823

			Total Lodging		2,707,415


	Machinery — Diversified — 0.0%
	300,000	BBB	CNH Industrial NV, Senior Unsecured Notes, 4.500% due 8/15/23		309,832


	Media — 0.9%
	4,189,000	BBB-	Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 1.967% (3-Month USD-LIBOR + 1.650%) due 2/1/24(b)		4,283,913
	1,000,000	BBB-	Time Warner Entertainment Co. LP, Senior Secured Notes, 8.375% due 3/15/23		1,066,831

			Total Media		5,350,744


	Oil & Gas — 0.4%
	1,300,000	A-	BP Capital Markets America Inc., Company Guaranteed Notes, 0.864% (3-Month USD-LIBOR + 0.650%) due 9/19/22(b)		1,302,059
	1,000,000	A1(e)	Saudi Arabian Oil Co., Senior Unsecured Notes, 2.875% due 4/16/24		1,013,368

			Total Oil & Gas		2,315,427


	Packaging & Containers — 0.5%
			Berry Global Inc., Senior Secured Notes:
	1,700,000	BBB-	0.950% due 2/15/24		1,655,295
	1,114,000	BBB-	4.875% due 7/15/26(a)		1,130,671

			Total Packaging & Containers		2,785,966


	Pipelines — 0.3%
	600,000	BBB-	Energy Transfer LP/Regency Energy Finance Corp., Senior Unsecured Notes, 5.000% due 10/1/22		607,185
	1,000,000	BBB-	Plains All American Pipeline LP/PAA Finance Corp., Senior Unsecured Notes, 3.650% due 6/1/22		1,000,000

			Total Pipelines		1,607,185


	Savings & Loans — 0.1%
	500,000	BBB+	Nationwide Building Society, Senior Unsecured Notes, 3.766% (3-Month USD-LIBOR + 1.064%) due 3/8/24(a)(b)		508,356


	Semiconductors — 0.4%
	1,000,000	Baa2(e)	Microchip Technology Inc., Senior Secured Notes, 4.333% due 6/1/23		1,030,841
			NXP BV/NXP Funding LLC, Company Guaranteed Notes:
	240,000	BBB	4.625% due 6/1/23		247,730
	620,000	BBB	4.625% due 6/1/23(a)		639,968

See Notes to Financial Statements.

262



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Semiconductors — 0.4% — (continued)
$	200,000		BBB-	SK Hynix Inc., Senior Unsecured Notes, 1.000% due 1/19/24	$	195,081

				Total Semiconductors		2,113,620


	Software — 0.1%
	500,000		BBB-	VMware Inc., Senior Unsecured Notes, 1.000% due 8/15/24		486,256


	Telecommunications — 2.1%
	3,900,000	^AUD	BBB	AT&T Inc., Senior Unsecured Notes, 1.315% (3-Month Australian Bank Bill + 1.250%) due 9/19/23(b)		2,859,963
	1,000,000	^CAD	BBB	AT&T Inc., (Restricted, cost — $794,831, acquired 10/5/20), Senior Unsecured Notes, 2.850% due 5/25/24(c)		794,661
	400,000		BBB-	SES SA, Company Guaranteed Notes, 3.600% due 4/4/23(a)		405,487
	700,000		BBB-	T-Mobile USA Inc., Senior Secured Notes, 3.500% due 4/15/25		720,427
	7,600,000	^AUD	BBB+	Verizon Communications Inc., Senior Unsecured Notes, 1.300% (3-Month Australian Bank Bill + 1.220%) due 2/17/23(b)		5,554,352
	2,280,000	^AUD	BBB	Vodafone Group PLC, Senior Unsecured Notes, 1.112% (3-Month Australian Bank Bill + 1.050%) due 12/13/22(b)		1,661,942

				Total Telecommunications		11,996,832


	Transportation — 0.0%
	200,000		BBB-	Pacific National Finance Pty Ltd., Company Guaranteed Notes, 6.000% due 4/7/23		207,501


	Trucking & Leasing — 0.3%
				SMBC Aviation Capital Finance DAC, Company Guaranteed Notes:
	400,000		A-	3.000% due 7/15/22		401,996
	500,000		A-	4.125% due 7/15/23(a)		513,743
	700,000		A-	3.550% due 4/15/24(a)		717,929

				Total Trucking & Leasing		1,633,668

				TOTAL CORPORATE BONDS & NOTES (Cost — $236,099,573)		234,364,385


	COLLATERALIZED MORTGAGE OBLIGATIONS — 28.9%
	808,175		Aaa(e)	A10 Bridge Asset Financing LLC, Series 2020-C, Class A, 2.021% due 8/15/40(a)		808,940
	456,885		B-	ACE Securities Corp. Home Equity Loan Trust, Series 2004-OP1, Class M1, 0.967% (1-Month USD-LIBOR + 0.780%) due 4/25/34(b)		447,333
	131,517		Aaa(e)	AMMC CLO 16 Ltd., Series 2015-16A, Class AR2, 1.218% (3-Month USD-LIBOR + 0.980%) due 4/14/29(a)(b)		131,116
	2,000,000		Aaa(e)	Anchorage Capital CLO 6 Ltd., Series 2015-6A, Class ARR, 1.291% (3-Month USD-LIBOR + 1.050%) due 7/15/30(a)(b)		1,992,574
	300,000		Aaa(e)	ARES L CLO Ltd., Series 2018-50A, Class AR, 1.291% (3-Month USD-LIBOR + 1.050%) due 1/15/32(a)(b)		299,120
	179,898		AAA	Atlas Senior Loan Fund IX Ltd., Series 2018-9A, Class A, 1.124% (3-Month USD-LIBOR + 0.870%) due 4/20/28(a)(b)		180,012
	700,000		AAA	Atrium Hotel Portfolio Trust, Series 2018-ATRM, Class A, 1.141% (1-Month USD-LIBOR + 0.950%) due 6/15/35(a)(b)		692,037
	1,490,429	^GBP	AAA	Avon Finance No 2 PLC, Series 2A, Class A, 0.948% (Sterling Overnight Index Average + 0.900%) due 9/20/48(a)(b)		2,003,898
	1,200,000	^EUR	Aaa(e)	Bain Capital Euro CLO DAC, Series 2018-2A, Class AR, 0.740% (3-Month EURIBOR + 0.740%) due 1/20/32(a)(b)		1,338,847
				BAMLL Commercial Mortgage Securities Trust:
	500,000		AAA	Series 2019-AHT, Class A, 1.391% (1-Month USD-LIBOR + 1.200%) due 3/15/34(a)(b)		495,732
	400,000		Aaa(e)	Series 2019-RLJ, Class A, 1.241% (1-Month USD-LIBOR + 1.050%) due 4/15/36(a)(b)		398,011
	34,188		NR	Bayview Opportunity Master Fund IVa Trust, Series 2019-SBR1, Class A1, step bond to yield, 3.475% due 6/28/34(a)		34,396
	473,429		BBB-	Bear Stearns Asset Backed Securities I Trust, Series 2005-CL1, Class A2, 0.500% (1-Month USD-LIBOR + 0.500%) due 9/25/34(b)		460,374

See Notes to Financial Statements.

263



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 28.9% — (continued)
$	1,000,000		Aaa(e)	Benefit Street Partners Clo XII Ltd., Series 2017-12A, Class A1R, 1.191% (3-Month USD-LIBOR + 0.950%) due 10/15/30(a)(b)	$	995,343
	1,200,000		Aaa(e)	Birch Grove CLO Ltd., Series 19A, Class AR, 1.333% (3-Month USD-LIBOR + 1.130%) due 6/15/31(a)(b)		1,193,237
	1,000,000	^EUR	AAA	Black Diamond CLO Ltd., Series 2017-2A, Class A1, 0.860% (3-Month EURIBOR + 0.860%) due 1/20/32(a)(b)		1,122,204
	141,282		Aaa(e)	Brass NO 8 PLC, Series 8A, Class A1, 1.159% (3-Month USD-LIBOR + 0.700%) due 11/16/66(a)(b)		141,565
	1,968,347	^EUR	AAA	Bruegel 2021 DAC, Series 2021-1A, Class A, 0.800% (3-Month EURIBOR + 0.800%) due 5/22/31(a)(b)		2,203,660
	2,000,000		NR	BWAY Mortgage Trust, Series 2021-1450, Class A, 1.441% (1-Month USD-LIBOR + 1.250%) due 9/15/36(a)(b)		1,977,061
	1,500,000		Aaa(e)	BXMT Ltd., Series 2020-FL3, Class A, 1.563% (30-Day SOFR + 1.514%) due 11/15/37(a)(b)		1,498,681
	805,729	^GBP	Aaa(e)	Canterbury Finance No 1 PLC, Series 1, Class A2, 1.400% (Sterling Overnight Index Average + 1.350%) due 5/16/56(b)		1,087,047
	3,200,000		Aaa(e)	CIFC Funding Ltd., Series 2017-4A, Class A1R, 1.209% (3-Month USD-LIBOR + 0.950%) due 10/24/30(a)(b)		3,190,717
	2,700,000		AAA	Citigroup Commercial Mortgage Trust, Series 2021-KEYS, Class A, 1.371% (1-Month USD-LIBOR + 1.180%) due 10/15/36(a)(b)		2,690,348
				Citigroup Mortgage Loan Trust:
	206,435		NR	Series 2019-C, Class A1, step bond to yield, 3.228% due 9/25/59(a)		206,641
	1,763,460		Aaa(e)	Series 2021-INV3, Class A11, 0.899% (30-Day SOFR + 0.850%) due 5/25/51(a)(b)		1,757,011
	337,055	^CAD	Aaa(e)	CNH Capital Canada Receivables Trust, Series 2021-1A, Class A1, 0.386% due 3/15/24(a)		265,709
	297,188		AAA(f)	COLT Mortgage Loan Trust, Series 2020-1R, Class A1, 1.255% due 9/25/65(a)(b)		294,796
				COMM Mortgage Trust:
	31,518		Aaa(e)	Series 2013-CR6, Class A3FL, 0.753% (1-Month USD-LIBOR + 0.630%) due 3/10/46(a)(b)		31,518
	2,100,000		NR	Series 2021-2400, Class A, 1.492% (1-Month USD-LIBOR + 1.300%) due 12/15/38(a)(b)		2,095,974
	886,913		NR	Credit Suisse Commercial Mortgage Capital Trust, Series 2021-RPL4, Class A1, 1.796% due 12/27/60(a)(b)		867,172
	278,107		AAA	CSMC Trust, Series 2021-INV1, Class A11, 0.850% (30-Day SOFR + 0.800%) due 7/25/56(a)(b)		274,950
	224,135		B-	CWABS Inc. Asset-Backed Certificates Trust, Series 2004-5, Class M1, 1.042% (1-Month USD-LIBOR + 0.855%) due 8/25/34(b)		223,221
	576,394		AAA	Dryden 36 Senior Loan Fund, Series 2014-36A, Class AR3, 1.261% (3-Month USD-LIBOR + 1.020%) due 4/15/29(a)(b)		574,541
	1,300,000	^EUR	AAA	Dryden 27 R Euro CLO DAC, Series 2017-27A, Class AR, 0.660% (3-Month EURIBOR + 0.660%) due 4/15/33(a)(b)		1,443,498
	1,500,000	^EUR	AAA	Dryden 52 Euro CLO DAC, Series 2017-52A, Class AR, 0.860% (3-Month EURIBOR + 0.860%) due 5/15/34(a)(b)		1,677,832
	3,000,000		Aaa(e)	Elevation CLO Ltd., Series 2017-8A, Class A1R2, 1.208% (3-Month USD-LIBOR + 0.950%) due 10/25/30(a)(b)		2,985,033
	2,087,155		Aaa(e)	Extended Stay America Trust, Series 2021-ESH, Class A, 1.272% (1-Month USD-LIBOR + 1.080%) due 7/15/38(a)(b)		2,069,874
				Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	760,344		NR	Series 4344, Class FA, 0.552% (1-Month USD-LIBOR + 0.450%) due 12/15/37(b)		759,812
	1,031,474		NR	Series 4351, Class FA, 0.552% (1-Month USD-LIBOR + 0.450%) due 5/15/38(b)		1,026,640
	1,858,729		NR	Series 4906, Class WF, 0.502% (1-Month USD-LIBOR + 0.400%) due 12/15/38(b)		1,895,609
	1,129,556		NR	Federal National Mortgage Association (FNMA), REMICS, Series 2017-108, Class AF, 0.487% (1-Month USD-LIBOR + 0.300%) due 1/25/48(b)		1,135,252
	169,812		BBB+	Finance America Mortgage Loan Trust, Series 2004-2, Class M1, 1.012% (1-Month USD-LIBOR + 0.825%) due 8/25/34(b)		168,279
	2,906,573	^GBP	(P)AAA	Finsbury Square, Series 2021-1GRA, Class AGRN, 0.699% (Sterling Overnight Index Average + 0.650%) due 12/16/67(a)(b)		3,865,984
				Finsbury Square PLC:
	605,164	^GBP	AAA(f)	Series 2019-1, Class A, 1.070% (3-Month GBP-LIBOR + 0.970%) due 6/16/69(b)		812,358

See Notes to Financial Statements.

264



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 28.9% — (continued)
	1,997,444	^GBP	AAA(f)	Series 2020-1A, Class A, 0.849% (Sterling Overnight Index Average + 0.800%) due 3/16/70 (a)(b)	$	2,684,022
$	700,000		AAA	Ford Credit Floorplan Master Owner Trust A, Series 2019-3, Class A2, 0.791% (1-Month USD-LIBOR + 0.600%) due 9/15/24(b)		701,309
	272,053		BBB-	Fremont Home Loan Trust, Series 2005-A, Class M3, 0.922% (1-Month USD-LIBOR + 0.735%) due 1/25/35(b)		269,797
	600,000		Aaa(e)	Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 1.177% (3-Month USD-LIBOR + 1.090%) due 7/15/31(a)(b)		597,831
				GCAT Trust:
	1,074,989		AAA	Series 2021-NQM3, Class A1, 1.091% due 5/25/66(a)(b)		1,049,491
	1,090,306		AAA(f)	Series 2022-HX1, Class A1, 2.885% due 12/27/66(a)(b)(g)		1,089,598
	3,600,000	^EUR	Aaa(e)	GLG Euro CLO, Series 5A, Class A1R, 0.690% (3-Month EURIBOR + 0.690) due 10/15/32(a)(b)		4,015,843
	2,700,000		Aaa(e)	Goldentree Loan Management US CLO 2 Ltd., Series 2017-2A, Class AR, 1.164% (3-Month USD-LIBOR + 0.910%) due 11/20/30(a)(b)		2,691,257
				Government National Mortgage Association (GNMA):
	1,772,566		NR	Series 2016-H06, Class FD, 1.021% (1-Month USD-LIBOR + 0.920%) due 7/20/65(b)		1,793,727
	1,313,453		NR	Series 2017-H15, Class FE, 1.047% (1-Year USD-LIBOR + 0.800%) due 7/20/67(b)		1,319,661
	105,946		NR	Series 2020-17, Class EU, 2.500% due 10/20/49		107,056
	72,558		NR	Series 2020-21, Class AC, 2.500% due 1/20/49		73,206
	3,825,210		NR	Series 2021-97, Class FA, 0.448% (30-Day SOFR + 0.400%) due 6/20/51(b)		3,819,153
	3,856,802		NR	Series 2021-122, Class FA, 0.448% (30-Day SOFR + 0.400%) due 7/20/51(b)		3,840,022
	1,000,000		Aaa(e)	Greystone CRE Notes Ltd., Series 2019-FL2, Class A, 1.371% (1-Month USD-LIBOR + 1.180%) due 9/15/37(a)(b)		999,582
	183,937		Aaa(e)	GS Mortgage Securities Trust, Series 2014-GC18, Class AAB, 3.648% due 1/10/47		186,896
	1,800,948		AAA(f)	GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.750% due 12/25/60(a)(b)		1,785,452
				GS Mortgage-Backed Securities Trust:
	850,719		Aaa(e)	Series 2021-GR2, Class A9, 0.899% (30-Day SOFR + 0.850%) due 2/25/52(a)(b)		840,914
	284,133		Aaa(e)	Series 2021-INV1, Class A9, 0.899% (30-Day SOFR + 0.850%) due 12/25/51(a)(b)		280,812
	1,600,000	^EUR	Aaa(e)	Harvest CLO XVI DAC, Series 2016-A, Class ARR, 0.640% (3-Month EURIBOR + 6.400%) due 10/15/31(a)(b)		1,793,728
	500,000	^EUR	Aaa(e)	Harvest CLO XXI DAC, Series 2021-A, Class A1R, 0.760% (3-Month EURIBOR + 7.600%) due 7/15/31(a)(b)		560,052
	2,046,492	^GBP	AAA	Hawksmoor Mortgage Funding PLC, Series 2019-1X, Class A, 1.240% (Sterling Overnight Index Average + 1.050%) due 5/25/53(b)		2,753,349
	2,728,656	^GBP	AAA	Hawksmoor Mortgages, Series 2019-1A, Class A, 1.240% (Sterling Overnight Index Average + 1.050%) due 5/25/53(a)(b)		3,671,132
	117,248		AAA	Homeward Opportunities Fund I Trust, Series 2020-2, Class A1, 1.657% due 5/25/65(a)(b)		117,026
	86,290		CCC	Impac CMB Trust, Series 2004-10, Class 1A1, 0.827% (1-Month USD-LIBOR + 0.640%) due 3/25/35(b)		84,881
	354,951		A-	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-FL12, Class A, 2.450% (1-Month USD-LIBOR + 1.450%) due 12/15/31(a)(b)		351,893
				JP Morgan Mortgage Trust:
	266,718		Aaa(e)	Series 2019-INV3, Class A3, 3.500% due 5/25/50(a)(b)		268,113
	365,611		Aaa(e)	Series 2021-12, Class A11, 0.899% (30-Day SOFR + 0.850%) due 2/25/52(a)(b)		361,371
	1,943,228	^EUR	AAA	Jubilee CLO BV, Series 2015-16A, Class A1R, 0.197% (0.800% — 3-Month EURIBOR) due 12/15/29(a)(d)		2,170,014
	2,700,000		Aaa(e)	KKR CLO 18 Ltd., Series 18, Class AR, 1.181% (3-Month USD-LIBOR + 0.940%) due 7/18/30(a)(b)		2,689,645
	1,700,000	^EUR	Aaa(e)	Laurelin DAC, Series 2016-1A, Class ARR, 0.720% (3-Month EURIBOR + 0.720%) due 10/20/31(a)(b)		1,898,682
	178,495		AAA	LCM XIII LP, Series 13A, Class AR3, 1.118% (3-Month USD-LIBOR + 0.870%) due 7/19/27(a)(b)		177,877

See Notes to Financial Statements.

265



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 28.9% — (continued)
				Legacy Mortgage Asset Trust:
$	314,890		NR	Series 2019-GS3, Class A1, step bond to yield, 3.750% due 4/25/59(a)	$	315,984
	207,217		NR	Series 2019-GS6, Class A1, step bond to yield, 3.000% due 6/25/59(a)		207,298
	379,272		NR	Series 2021-GS5, Class A1, step bond to yield, 2.250% due 7/25/67(a)		370,545
	426,420		NR	Series 2021-SL2, Class A, step bond to yield, 1.875% due 10/25/68(a)		420,364
	150,239		NR	LL ABS Trust, Series 2021-1A, Class A, 1.070% due 5/15/29(a)		148,295
	118,462	^GBP	Aaa(e)	London Wall Mortgage Capital PLC, Series 2017-FL1, Class A, 1.741% (Sterling Overnight Index Average + 0.969%) due 11/15/49(b)		159,125
				LUXE Trust:
	2,700,000		Aaa(e)	Series 2021-MLBH, Class A, 1.172% (1-Month USD-LIBOR + 0.980%) due 11/15/38(a)(b)		2,673,579
	2,700,000		Aaa(e)	Series 2021-TRIP, Class A, 1.241% (1-Month USD-LIBOR + 1.050%) due 10/15/38(a)(b)		2,665,622
	2,700,000		Aaa(e)	M360 Ltd., Series 2021-CRE3, Class A, 1.671% (1-Month USD-LIBOR + 1.500%) due 11/22/38(a)(b)		2,697,828
	131,291		AAA	Marathon CLO V Ltd., Series 2013-5A, Class A1R, 1.350% (3-Month USD-LIBOR + 0.870%) due 11/21/27(a)(b)		131,475
	188,748		A	Mastr Asset Backed Securities Trust, Series 2004-OPT2, Class A1, 0.887% (1-Month USD-LIBOR + 0.700%) due 9/25/34(b)		184,444
				MF1 Ltd.:
	155,755		Aaa(e)	Series 2020-FL3, Class A, 2.213% (30-Day SOFR + 2.164%) due 7/15/35(a)(b)		156,330
	1,100,000		Aaa(e)	Series 2020-FL4, Class A, 1.863% (30-Day SOFR + 1.814%) due 11/15/35(a)(b)		1,103,003
	1,636,610		Aaa(e)	MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, Class A, 1.035% (1-Month Term SOFR + 0.964%) due 7/15/36(a)(b)		1,624,220
				MFA Trust:
	375,742		AAA	Series 2020-NQM1, Class A1, 1.479% due 3/25/65(a)(b)		371,915
	448,705		AAA	Series 2020-NQM2, Class A1, 1.381% due 4/25/65(a)(b)		445,769
	2,000,000		AAA	MidOcean Credit CLO II, Series 2013-2A, Class ARR, zero coupon (1.030% — 3-Month USD-LIBOR) due 1/29/30(a)(d)		1,992,916
				Mill City Mortgage Loan Trust:
	800,988		Aaa(e)	Series 2019-GS2, Class A1, 2.750% due 8/25/59(a)(b)		807,297
	657,990		AAA(f)	Series 2021-NMR1, Class A1, 1.125% due 11/25/60(a)(b)		647,446
	472,420		B-	Morgan Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1, 1.087% (1-Month USD-LIBOR + 0.900%) due 5/25/34(b)(h)		467,624
	779,668		Aaa(e)	Mountain View CLO LLC, Series 2017-1A, Class AR, 1.331% (3-Month USD-LIBOR + 1.090%) due 10/16/29(a)(b)		779,540
	758,189		AAA	Mountain View CLO X Ltd., Series 2015-10A, Class AR, 1.064% (3-Month USD-LIBOR + 0.820%) due 10/13/27(a)(b)		758,378
	2,700,000		Aaa(e)	Natixis Commercial Mortgage Securities Trust, Series 2021-APPL, Class A, 1.141% (1-Month USD-LIBOR + 0.950%) due 8/15/38(a)(b)		2,675,433
				New Residential Mortgage Loan Trust:
	236,616		NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(a)(b)		247,642
	76,147		AAA(f)	Series 2018-RPL1, Class A1, 3.500% due 12/25/57(a)(b)		76,906
	1,942,227		Aaa(e)	Series 2019-RPL3, Class A1, 2.750% due 7/25/59(a)(b)		1,947,529
	1,761,443		Aaa(e)	Series 2020-RPL1, Class A1, 2.750% due 11/25/59(a)(b)		1,774,679
	212,298		A+	NovaStar Mortgage Funding Trust, Series 2005-4, Class M1, 0.847% (1-Month USD-LIBOR + 0.660%) due 1/25/36(b)		212,002
	543,980		NR	NYMT Loan Trust, Series 2021-SP1, Class A1, step bond to yield, 1.670% due 8/25/61(a)		529,564
	1,800,000		AAA(f)	NYO Commercial Mortgage Trust, Series 2021-1290, Class A, 1.287% (1-Month USD-LIBOR + 1.095%) due 11/15/38(a)(b)		1,769,605
	1,800,000	^EUR	AAA	OCP Euro CLO DAC, Series 2020-4A, Class AR, 0.880% (3-Month EURIBOR + 0.880%) due 9/22/34(a)(b)		2,013,678
	1,000,000		Aaa(e)	OZLM IX Ltd., Series 2014-9A, Class A1A3, 1.354% (3-Month USD-LIBOR + 1.100%) due 10/20/31(a)(b)		996,549
	500,000	^EUR	Aaa(e)	Palmer Square European Loan Funding DAC, Series 2021-1A, Class A, 0.780% (3-Month EURIBOR + 0.780) due 4/15/31(a)(b)		560,847
	2,700,000		Aaa(e)	Palmer Square Loan Funding Ltd., Series 2021-4A, Class A1, 0.928% (3-Month USD-LIBOR + 0.800%) due 10/15/29(a)(b)		2,695,310

See Notes to Financial Statements.

266



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 28.9% — (continued)
$	369,257		AAA	Pennsylvania Higher Education Assistance Agency, Series 2006-2, Class A-3, 0.388% (3-Month USD-LIBOR + 0.130%) due 10/25/36(b)	$	364,027
				PFP Ltd.:
	601,058		Aaa(e)	Series 2019-6, Class A, 1.176% (1-Month USD-LIBOR + 1.050%) due 4/14/37(a)(b)		598,636
	445,565		Aaa(e)	Series 2021-7, Class A, 1.041% (1-Month USD-LIBOR + 0.850%) due 4/14/38(a)(b)		442,780
				PFS Financing Corp.:
	1,200,000		AAA	Series 2019-A, Class A1, 0.741% (1-Month USD-LIBOR + 0.550%) due 4/15/24(a)(b)		1,200,286
	400,000		AAA	Series 2020-F, Class A, 0.930% due 8/15/24(a)		399,562
	152,201		NR	Pretium Mortgage Credit Partners I LLC, Series 2021-NPL1, Class A1, step bond to yield, 2.240% due 9/27/60(a)		149,375
	1,615,579	^GBP	AAA	Residential Mortgage Securities 32 PLC, Series 32A, Class A, 1.298% (Sterling Overnight Index Average + 1.250%) due 6/20/70(a)(b)		2,187,133
	2,009,447		AAA	Resimac Bastille Trust, Series 2021-2NCA, Class A1A, 0.763% (1-Month USD-LIBOR + 0.650%) due 2/3/53(a)(b)		2,005,861
	314,312	^GBP	AAA	RMAC PLC, Series 2018-1, Class A, 0.795% (3-Month GBP-LIBOR + 0.700%) due 6/12/46(b)		421,082
	528,000	^GBP	AAA	Silverstone Master Issuer PLC, Series 2019-1A, Class 2A, 0.843% (Sterling Overnight Index Average + 0.750%) due 1/21/70(a)(b)		712,541
	671,304		Aaa(e)	Sound Point CLO XII Ltd., Series 2016-2A, Class AR2, 1.304% (3-Month USD-LIBOR + 1.050%) due 10/20/28(a)(b)		670,747
	1,505,468		Aaa(e)	Sound Point CLO XIV Ltd., Series 2016-3A, Class AR2, 1.249% (3-Month USD-LIBOR + 0.990%) due 1/23/29(a)(b)		1,503,308
	598,145		B	Soundview Home Loan Trust, Series 2005-OPT1, Class M2, 0.862% (1-Month USD-LIBOR + 0.675%) due 6/25/35(b)		595,548
	277,642		NR	Stonepeak ABS, Series 2021-1A, Class AA, 2.301% due 2/28/33(a)		270,236
	422,429	^GBP	AAA	Stratton Mortgage Funding, Series 2021-2A, Class A, 0.992% (Sterling Overnight Index Average + 0.900%) due 7/20/60(a)(b)		568,176
	1,200,000		AAA	STWD Mortgage Trust, Series 2021-HTS, Class A, 1.241% (1-Month USD-LIBOR + 1.050%) due 4/15/34(a)(b)		1,185,500
	600,000		AAA	TCW CLO Ltd., Series 2018-1A, Class A1R, 1.228% (3-Month USD-LIBOR + 0.970%) due 4/25/31(a)(b)		598,057
	1,215,120		AAA	Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class A, 1.162% (1-Month USD-LIBOR + 1.050%) due 11/11/34(a)(b)		1,204,059
	227,387		NR	Theorem Funding Trust, Series 2021-1A, Class A, 1.210% due 12/15/27(a)		225,651
	2,100,000		AAA	THL Credit Wind River CLO, Ltd., Series 2019-3A, Class AR, 1.321% (3-Month USD-LIBOR + 1.080%) due 4/15/31(a)(b)		2,089,706
	934,572	^GBP	AAA	Towd Point Mortgage Funding, Series 2019-A13A, Class A1, 0.950% (Sterling Overnight Index Average + 0.900%) due 7/20/45(a)(b)		1,256,466
	2,616,060	^GBP	AAA	Towd Point Mortgage Funding Auburn 14 PLC, Series 2020-A14X, Class A, 1.074% (Sterling Overnight Index Average + 0.900%) due 5/20/45(b)		3,518,651
	420,532	^GBP	AAA	Towd Point Mortgage Funding Granite 4 PLC, Series 2019-GR4X, Class A1, 1.236% (Sterling Overnight Index Average + 1.144%) due 10/20/51(b)		571,337
				Towd Point Mortgage Trust:
	322,714		Aaa(e)	Series 2017-5, Class A1, 0.787% (1-Month USD-LIBOR + 0.600%) due 2/25/57(a)(b)		322,415
	486,821		AAA(f)	Series 2018-3, Class A1, 3.750% due 5/25/58(a)(b)		498,655
	310,510		Aaa(e)	Series 2019-HY2, Class A1, 1.187% (1-Month USD-LIBOR + 1.000%) due 5/25/58(a)(b)		311,727
	362,126		Aaa(e)	Series 2019-HY3, Class A1A, 1.187% (1-Month USD-LIBOR + 1.000%) due 10/25/59(a)(b)		363,983
	845,691		AAA(f)	Series 2020-1, Class A1, 2.710% due 1/25/60(a)(b)		850,008
	2,409,927		AAA(f)	Series 2020-2, Class A1A, 1.636% due 4/25/60(a)(b)		2,366,828
	2,022,862		AAA(f)	Towd Point Mortgage Trust 2021-SJ2, Series 2021-SJ2, Class A1A, 2.250% due 12/25/61(a)(b)		2,017,931
	1,431,444	^GBP	AAA	Trinity Square PLC, Series 2021-1A, Class A, 0.936% (Sterling Overnight Index Average + 0.850%) due 7/15/59(a)(b)		1,926,818
	1,000,000		Aaa(e)	Venture 36 CLO Ltd., Series 2019-36A, Class A1AR, 1.384% (3-Month USD-LIBOR + 1.130%) due 4/20/32(a)(b)		996,697
	594,605		Aaa(e)	Venture XVII CLO Ltd., Series 2014-17A, Class ARR, 1.121% (3-Month USD-LIBOR + 0.880%) due 4/15/27(a)(b)		594,497

See Notes to Financial Statements.

267



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 28.9% — (continued)
$	600,000		Aaa(e)	Venture XXVI CLO Ltd., Series 2017-26A, Class AR, 1.354% (3-Month USD-LIBOR + 1.100%) due 1/20/29(a)(b)	$	597,898
	199,334		Aaa(e)	VMC Finance LLC, Series 2019-FL3, Class A, 1.220% (1-Month USD-LIBOR + 1.100%) due 9/15/36(a)(b)		198,760
	441,041		AA	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR13, Class A1A1, 0.767% (1-Month USD-LIBOR + 0.580%) due 10/25/45(b)		440,849
	537,723		Aaa(e)	Wellfleet CLO Ltd., Series 2015-1A, Class AR4, 1.144% (3-Month USD-LIBOR + 0.890%) due 7/20/29(a)(b)		535,668
				Wells Fargo Commercial Mortgage Trust:
	400,000		Aaa(e)	Series 2013-LC12, Class A4, 4.218% due 7/15/46(b)		408,303
	500,000		AAA	Series 2017-HSDB, Class A, 0.974% (1-Month USD-LIBOR + 0.850%) due 12/13/31(a)(b)		494,946
	597,641		Aaa(e)	WFRBS Commercial Mortgage Trust, Series 2012-C10, Class AFL, 0.910% (1-Month USD-LIBOR + 0.790%) due 12/15/45(a)(b)		598,104

				TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $167,213,142)		165,748,902


	U.S. GOVERNMENT AGENCIES & OBLIGATIONS — 22.5%

	U.S. GOVERNMENT AGENCIES — 10.1%
				Federal Home Loan Banks:
	5,100,000		AA+	0.800% due 11/27/23		5,033,597
	2,500,000		AA+	1.100% due 11/15/24		2,461,463
	3,200,000		AA+	0.750% due 2/24/26		3,066,389
	3,400,000		AA+	0.960% due 3/5/26		3,290,260
	877,500		AA+	1.000% due 3/23/26		846,569
	2,600,000		AA+	1.000% due 7/27/26		2,528,536
	3,500,000		AA+	1.050% due 8/13/26		3,386,958
	4,000,000		AA+	1.100% due 8/20/26		3,861,987
	4,600,000		AA+	0.830% due 2/10/27		4,355,382
	3,900,000		AA+	0.850% due 2/17/27		3,719,479
	5,500,000		AA+	1.020% due 2/24/27		5,270,250
	5,000,000		AA+	0.900% due 2/26/27		4,758,074
	3,400,000		AA+	0.920% due 2/26/27		3,239,947
	3,700,000		AA+	1.115% due 2/26/27		3,564,629
	5,000,000		Aaa(e)	Federal Home Loan Mortgage Corp., 0.800% due 10/28/26		4,786,877
	4,000,000		AA+	Federal National Mortgage Association (FNMA), 0.875% due 12/18/26		3,808,722

				TOTAL U.S. GOVERNMENT AGENCIES		57,979,119


	U.S. GOVERNMENT OBLIGATIONS — 12.4%
				U.S. Treasury Notes:
	18,400,000			0.125% due 4/30/23(i)		18,178,625
	9,700,000			0.750% due 11/15/24		9,484,403
	44,400,000			1.000% due 12/15/24(j)		43,683,703

				TOTAL U.S. GOVERNMENT OBLIGATIONS		71,346,731

				TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost — $132,843,343)		129,325,850


	ASSET-BACKED SECURITIES — 4.2%

	Automobiles — 0.7%
	33,543		AAA	DT Auto Owner Trust, Series 2020-3A, Class A, 0.540% due 4/15/24(a)		33,529
				Ford Auto Securitization Trust:
	1,383,299	^CAD	Aaa(e)	Series 2020-AA, Class A2, 0.887% due 8/15/24(a)		1,088,279
	3,500,000	^CAD	AAA(f)	Series 2021-AA, Class A2, 1.162% due 10/15/25(a)		2,731,723

				Total Automobiles		3,853,531


	Credit Cards — 0.5%
	3,000,000		Aaa(e)	Master Credit Card Trust II, Series 2018-1A, Class A, 0.661% (1-Month USD-LIBOR + 0.490%) due 7/21/24(a)(b)		3,005,249

See Notes to Financial Statements.

268



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Student Loans — 3.0%
				ECMC Group Student Loan Trust:
$	587,104		Aaa(e)	Series 2017-2A, Class A, 1.237% (1-Month USD-LIBOR + 1.050%) due 5/25/67(a)(b)	$	591,256
	479,568		Aaa(e)	Series 2018-1A, Class A, 0.937% (1-Month USD-LIBOR + 0.750%) due 2/27/68(a)(b)		477,867
	747,331		Aaa(e)	Series 2019-1A, Class A1B, 1.187% (1-Month USD-LIBOR + 1.000%) due 7/25/69(a)(b)		752,088
	114,812		AAA	EFS Volunteer LLC, Series 2010-1, Class A2, 1.108% (3-Month USD-LIBOR + 0.850%) due 10/25/35(a)(b)		114,681
	2,427,236		AAA	ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.530% due 12/26/46(a)		2,341,944
				Navient Private Education Loan Trust:
	37,243		Aaa(e)	Series 2015-AA, Class A2A, 2.650% due 12/15/28(a)		37,400
	1,066,419		AAA	Series 2015-BA, Class A3, 1.641% (1-Month USD-LIBOR + 1.450%) due 7/16/40(a)(b)		1,075,466
				Navient Private Education Refi Loan Trust:
	293,584		AAA	Series 2020-GA, Class A, 1.170% due 9/16/69(a)		289,919
	2,759,666		Aaa(e)	Series 2021-FA, Class A, 1.110% due 2/18/70(a)		2,637,174
				Navient Student Loan Trust:
	439,412		AAA	Series 2018-1A, Class A2, 0.537% (1-Month USD-LIBOR + 0.350%) due 3/25/67(a)(b)		438,994
	732,762		AAA	Series 2018-2A, Class A2, 0.567% (1-Month USD-LIBOR + 0.380%) due 3/25/67(a)(b)		731,421
				Nelnet Student Loan Trust:
	925,663		AA+	Series 2017-3A, Class A, 1.037% (1-Month USD-LIBOR + 0.850%) due 2/25/66(a)(b)		923,647
	1,011,015		AA+	Series 2019-2A, Class A, 1.087% (1-Month USD-LIBOR + 0.900%) due 6/27/67(a)(b)		1,017,469
	882,956		AA+	Series 2019-3A, Class A, 0.987% (1-Month USD-LIBOR + 0.800%) due 8/25/67(a)(b)		876,682
				SLC Student Loan Trust:
	270,527		AAA	Series 2006-1, Class A5, 0.313% (3-Month USD-LIBOR + 0.110%) due 3/15/27(b)		269,802
	424,362		AAA	Series 2007-1, Class A4, 0.566% (3-Month USD-LIBOR + 0.060%) due 5/15/29(b)		420,015
				SLM Student Loan Trust:
	35,370		AAA	Series 2003-10A, Class A3, 0.673% (3-Month USD-LIBOR + 0.470%) due 12/15/27(a)(b)		35,364
	675,357		AAA	Series 2004-10, Class A7B, 0.858% (3-Month USD-LIBOR + 0.600%) due 10/25/29(a)(b)		675,509
	481,885		AAA	Series 2005-5, Class A4, 0.398% (3-Month USD-LIBOR + 0.140%) due 10/25/28(b)		479,931
	390,690		B	Series 2008-5, Class A4, 1.958% (3-Month USD-LIBOR + 1.700%) due 7/25/23(b)		391,940
	600,518		B	Series 2008-7, Class A4, 1.158% (3-Month USD-LIBOR + 0.900%) due 7/25/23(b)		594,389
	91,050		B	Series 2008-8, Class A4, 1.758% (3-Month USD-LIBOR + 1.500%) due 4/25/23(b)		91,303
				SMB Private Education Loan Trust:
	14,048		AAA	Series 2015-B, Class A2B, 1.391% (1-Month USD-LIBOR + 1.200%) due 7/15/27(a)(b)		14,051
	414,888		AAA	Series 2020-PTA, Class A2A, 1.600% due 9/15/54(a)		404,554
	344,023		AAA	Series 2021-D, Class A1A, 1.340% due 3/17/53(a)		334,078
	932,315		Aaa(e)	Towd Point Asset Trust, Series 2021-SL1, Class A2, 0.871% (1-Month USD-LIBOR + 0.700%) due 11/20/61(a)(b)		929,113
	634,452		AA+	Utah State Board of Regents, Series 2017-1, Class A, 0.937% (1-Month USD-LIBOR + 0.750%) due 1/25/57(b)		616,278

				Total Student Loans		17,562,335

				TOTAL ASSET-BACKED SECURITIES (Cost — $24,725,711)		24,421,115


	SOVEREIGN BONDS — 2.7%

	India — 0.4%
	1,900,000		Baa3(e)	Export-Import Bank of India, 1.480% (3-Month USD-LIBOR + 1.000%) due 8/21/22(b)		1,904,731


	South Korea — 1.7%
				Export-Import Bank of Korea:
	1,500,000		AA	1.279% (3-Month USD-LIBOR + 0.775%) due 6/1/23(b)		1,510,554
	1,400,000	^AUD	AA	0.868% (3-Month Australian Bank Bill + 0.800%) due 10/8/24(b)		1,021,430
	5,200,000		AA	Korea Development Bank (The), Senior Unsecured Notes, 1.078% (3-Month USD-LIBOR + 0.800%) due 10/30/22(b)		5,222,646
	2,000,000	^AUD	Aa2(e)	Korea Expressway Corp., 0.801% (3-Month Australian Bank Bill + 0.720%) due 9/2/23(b)		1,458,117
	650,000		AA	Korea National Oil Corp., 1.116% (3-Month USD-LIBOR + 0.875%) due 7/16/23(b)		654,958

				Total South Korea		9,867,705

See Notes to Financial Statements.

269



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Supranational — 0.6%
$	3,800,000		AAA	International Bank for Reconstruction & Development, 0.850% due 2/10/27	$	3,583,418

				TOTAL SOVEREIGN BONDS (Cost — $15,633,135)		15,355,854


	MORTGAGE-BACKED SECURITIES — 0.2%

	FHLMC — 0.2%
	1,185,105			Federal Home Loan Mortgage Corp. (FHLMC): 4.000% due 6/1/49 — 9/1/49 (Cost — $1,243,249)		1,239,530


	CERTIFICATE OF DEPOSIT — 0.2%
	1,400,000	^AUD	A	Mizuho Bank Ltd., 0.820% (3-Month Australian Bank Bill + 0.750%) due 8/7/24(b) (Cost — $1,048,188)		1,023,331

				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $578,806,341)		571,478,967


	SHORT-TERM INVESTMENTS — 72.7%

	COMMERCIAL PAPERS — 0.7%
				Parker-Hannifin Corp.:
	1,900,000			0.751% due 3/3/22(a)(k)		1,899,921
	2,300,000			0.622% due 4/22/22(a)(k)		2,297,940

				TOTAL COMMERCIAL PAPERS (Cost — $4,197,861)		4,197,861


	CORPORATE BOND — 0.8%
	4,300,000			Southern California Edison Co., 0.520% (SOFR + 0.470%) due 12/2/22(b) (Cost — $4,300,000)		4,300,000


	TIME DEPOSITS — 1.5%
	10,161	^AUD		ANZ National Bank — Hongkong, (0.220)% due 3/1/22		7,379
				BBH — Grand Cayman:
	2,570	^DKK		(0.740)% due 3/1/22		387
	6,088	^NZD		0.150% due 3/1/22		4,120
				BNP Paribas — Paris:
	7,217,977			0.005% due 3/1/22		7,217,977
	324,971	^GBP		0.090% due 3/1/22		436,014
	8,602	^EUR		Citibank — London, (0.780)% due 3/1/22		9,645
	333,550	^CAD		Royal Bank of Canada — Toronto, 0.005% due 3/1/22		263,115
	825,141			Skandinaviska Enskilda Banken AB — Stockholm, 0.005% due 3/1/22		825,141
	38,283	^JPY		Sumitomo Mitsui Banking Corp. — Tokyo, (0.340)% due 3/1/22		333

				TOTAL TIME DEPOSITS (Cost — $8,764,111)		8,764,111


	U.S. GOVERNMENT OBLIGATIONS — 69.7%
				U.S. Treasury Bills:
				0.233% due 4/26/22(k)		199,927,667
				0.360% due 6/2/22(k)		199,818,000

				TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $399,745,667)		399,745,667

				TOTAL SHORT-TERM INVESTMENTS (Cost — $417,007,639)		417,007,639

				TOTAL INVESTMENTS — 172.3% (Cost — $995,813,980)		988,486,606

				Liabilities in Excess of Other Assets — (72.3)%		(414,924,324	)

				TOTAL NET ASSETS — 100.0%	$	573,562,282

See Notes to Financial Statements.

270



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

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

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

(a)

(b)	Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2022.

(c)	The aggregate value of restricted securities (excluding 144A holdings) at February 28, 2022, amounts to $12,101,503 and represents 2.1% of net assets.

(d)	Inverse Floating Rate Security — interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate as of February 28, 2022.

(e)	Rating by Moody’s Investors Service.

(f)	Rating by Fitch Ratings Service.

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

(h)	Affiliated security (See Note 2). As at February 28, 2022, total cost and total market value of affiliated securities amounted to $470,458 and $467,624, respectively.

(i)	All or a portion of this security is held at the broker as collateral for open futures contracts.

(j)	All or a portion of these securities were purchased in a sale-buyback transaction. The value of these securities total $43,683,703 which represents 7.6% of net assets.

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

At February 28, 2022, for Ultra-Short Term Fixed Income Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and and depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized (Depreciation)
Ultra-Short Term Fixed Income Fund	$	995,813,980	$	5,158,253	$	(14,630,163)	$	(9,471,910)


Abbreviations used in this schedule:
ABS		— Asset-Based Security
CLO		— Collateralized Loan Obligation
CMT		— Constant Maturity Treasury Rate
EURIBOR		— Euro Interbank Offered Rate
LIBOR		— London Interbank Offered Rate
PCL		— Public Company Limited
PLC		— Public Limited Company
REMICS		— Real Estate Mortgage Investment Conduits
SOFR		— Secured Overnight Financing Rate


Summary of Investments by Security Type^
Corporate Bonds & Notes	23.7	%
Collateralized Mortgage Obligations	16.8
U.S. Government Agencies & Obligations	13.1
Asset-Backed Securities	2.5
Sovereign Bonds	1.5
Mortgage-Backed Securities	0.1
Certificate of Deposit	0.1
Short-Term Investments	42.2

	100.0	%

^	As a percentage of total investments.

See Notes to Financial Statements.

271



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

At February 28, 2022, 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		Market Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
1-Month SOFR April Futures		408		4/22	$	169,571,689	$	169,461,056	$	(110,633	)
U.S. Treasury 2-Year Note June Futures		695		6/22		149,238,488		149,582,460		343,972

										233,339

Contracts to Sell:
U.S. Treasury 5-Year Note June Futures		1,032		6/22		121,002,003		122,066,250		(1,064,247	)
U.S. Treasury 10-Year Note June Futures		7		6/22		884,625		892,062		(7,437	)
U.S. Ultra Long Bond June Futures		136		6/22		19,053,280		19,220,625		(167,345	)

										(1,239,029	)

Net Unrealized Depreciation on Open Exchange-Traded Futures Contracts									$	(1,005,690	)

At February 28, 2022, Ultra-Short Term Fixed Income Fund had deposited cash of $1,482,000 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.

At February 28, 2022, Ultra-Short Term 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		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Dollar		62,578,714		USD	45,000,291		JPM	$	45,447,802		3/2/22	$	447,511
British Pound		4,290,000		USD	5,825,021		SCB		5,755,894		3/2/22		(69,127	)
Canadian Dollar		765,000		USD	601,439		JPM		603,455		3/2/22		2,016
Canadian Dollar		20,710,680		USD	16,180,219		MLP		16,337,210		3/2/22		156,991
Euro		264,000		USD	301,997		BNP		296,023		3/2/22		(5,974	)
Mexican Peso		7,185,000		USD	341,858		MLP		350,740		3/4/22		8,882
Mexican Peso		7,185,000		USD	343,494		BNP		342,914		7/1/22		(580	)

													539,719

Contracts to Sell:
Australian Dollar		37,017,895		USD	26,096,283		BNP		26,884,252		3/2/22		(787,969	)
Australian Dollar		581,000		USD	414,577		BNP		421,952		3/2/22		(7,375	)
Australian Dollar		23,939,819		USD	16,895,001		DUB		17,386,298		3/2/22		(491,297	)
Australian Dollar		134,000		USD	96,180		HSBC		97,318		3/2/22		(1,138	)
Australian Dollar		405,000		USD	290,703		HSBC		294,131		3/2/22		(3,428	)
Australian Dollar		501,000		USD	363,848		JPM		363,851		3/2/22		(3	)
Australian Dollar		62,578,714		USD	45,014,058		JPM		45,473,759		4/4/22		(459,701	)
British Pound		25,626,000		USD	34,374,390		SCB		34,382,408		3/2/22		(8,018	)
British Pound		21,336,000		USD	28,635,307		SCB		28,634,890		4/4/22		417
Canadian Dollar		16,672,554		USD	13,035,372		DUB		13,151,813		3/2/22		(116,441	)
Canadian Dollar		4,788,564		USD	3,781,155		HSBC		3,777,364		3/2/22		3,791
Canadian Dollar		20,710,680		USD	16,180,219		MLP		16,339,671		4/4/22		(159,452	)
Euro		18,774,000		USD	21,057,299		SCB		21,051,286		3/2/22		6,013

See Notes to Financial Statements.

272



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
Euro		18,510,000		USD	20,817,128		SCB	$	20,785,748		4/4/22	$	31,380
Mexican Peso		7,185,000		USD	351,286		BNP		350,740		3/4/22		546

													(1,992,675	)

Net Unrealized Depreciation on Open Forward Foreign Currency Contracts												$	(1,452,956	)

At February 28, 2022, Ultra-Short Term Fixed Income Fund held the following Centrally Cleared Credit Default Swap Contract:

Centrally Cleared — Credit Default Swap on Indexes — Buy Protection (1)


Reference Obligation & Rating	Fixed Deal (Pay) Rate			Maturity Date		Payment Frequency		Implied Credit Spread at 2/28/22 (2)			Notional Amount (3)			Market Value			Upfront Payment (Received)			Unrealized Appreciation
Markit CDX North America Investment Grade Series 37 5-Year Index, NR		(1.000	%)		12/20/26		3-Month		0.674	%		USD	44,300,000	$	(744,857	)	$	(1,058,967	)	$	314,110

(1)

(2)

(3)	The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

At February 28, 2022, Ultra-Short Term Fixed Income Fund deposited cash collateral with brokers in the amount of $634,000 for open centrally cleared swap contracts.

At February 28, 2022, Ultra-Short Term Fixed Income Fund had cash collateral from brokers in the amount of $10,000 for open OTC swap contracts.


Currency Abbreviations used in this schedule:		Counterparty Abbreviations used in this schedule:
AUD	— Australian Dollar	BNP	— BNP Paribas SA
CAD	— Canadian Dollar	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
NZD	— New Zealand Dollar
USD	— United States Dollar

See pages 275-276 for definitions of ratings.

At February 28, 2022, Ultra-Short Term Fixed Income Fund was involved in following sale-buyback transactions:


Counterparty	Borrowing date		Maturity date		Borrowing rate			Amount borrowed
TD Securities (USA) LLC		2/25/22		3/2/22		0.02	%		686,913
BNP Paribas SA		2/24/22		3/2/22		0.07	%		13,171,196

								$	13,858,109

See Notes to Financial Statements.

273



Schedules of Investments


(unaudited) (continued)


Alternative Strategies Fund

Units		Security	Value

	OPEN END MUTUAL FUND SECURITIES — 99.1%

	United States — 99.1%
	1,340,868	American Beacon AHL Managed Futures Strategy Fund, Class Y	$	14,280,246
	728,238	BlackRock Event Driven Equity Fund, Institutional Class		7,245,965
	1,100,851	BlackRock Global Long/Short Equity Fund, Institutional Class		12,637,771
	519,352	BNY Mellon Global Real Return Fund, Class Y		8,683,572
	47,179	Cohen & Steers Global Realty Shares Inc., Class I		2,883,116
	252,058	Diamond Hill Long/Short Fund, Class I		7,198,775
	597,833	Driehaus Event Driven Fund, Common Class		7,676,175
	1,213,505	Goldman Sachs Absolute Return Tracker Fund, Institutional Class		11,491,892
	946,709	John Hancock Diversified Macro Fund, Class I		8,719,194
	739,933	John Hancock Seaport Long/Short Fund, Class I		8,679,416
	570,227	LoCorr Market Trend Fund, Class I		7,247,579
	420,594	Neuberger Berman Long Short Fund, Institutional Class		7,242,629
	636,682	PIMCO CommodityRealReturn Strategy Fund, Institutional Class		4,647,779
	1,190,776	PIMCO Credit Opportunities Bond Fund, Institutional Class		11,479,081
	1,214,755	PIMCO Mortgage Opportunities and Bond Fund, Class I-2		12,973,584
	1,081,671	Western Asset Macro Opportunities Fund, Class I		10,914,056

		TOTAL INVESTMENTS — 99.1% (Cost — $144,754,720)		144,000,830

		Other Assets in Excess of Liabilities — 0.9%		1,253,936

		TOTAL NET ASSETS — 100.0%	$	145,254,766

At February 28, 2022, for Alternative Strategies Fund the aggregate cost of investments, 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)
Alternative Strategies Fund	$	144,754,720	$	2,890,882	$	(3,644,772)	$	(753,890)


Summary of Investments by Security Type^
Open End Mutual Fund Securities	100.0	%

^	As a percentage of total investments.

See Notes to Financial Statements.

274



Ratings


(unaudited)

The definitions of the applicable rating symbols are set forth below:

Standard & Poor’s Ratings Service (“Standard & Poor’s”) — Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to show relative standings within the major rating categories.


AAA		— Bonds rated “AAA” have the highest rating assigned by Standard & Poor’s. Capacity to pay interest and repay principal is extremely strong.

AA		— Bonds rated “AA” have a very strong capacity to pay interest and repay principal and differ from the highest rated issues only in a small degree.

A		— Bonds rated “A” have a strong capacity to pay interest and repay principal although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.

BBB		— Bonds rated “BBB” are regarded as having an adequate capacity to pay interest and repay principal. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for bonds in this category than in higher rated categories.

BB, B, CCC, CC and C		— Bonds rated “BB”, “B”, “CCC”, “CC” and “C” are regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. “BB” represents the lowest degree of speculation and “C” the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.

D		— Bonds rated “D” are in default and payment of interest and/or repayment of principal is in arrears.

P		— Preliminary rating.

u		— The upgrade state defines bonds that have recently been upgraded into higher rating categories.

Moody’s Investors Service (“Moody’s”) — Numerical modifiers 1, 2 and 3 may be applied to each generic rating from “Aa” to “Caa,” where 1 is the highest and 3 the lowest ranking within its generic category.


Aaa		— Bonds rated “Aaa” are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as “gilt edge.” Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.

Aa		— Bonds rated “Aa” are judged to be of high quality by all standards. Together with the “Aaa” group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in “Aaa” securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in “Aaa” securities.

A		— Bonds rated “A” possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate but elements may be present which suggest a susceptibility to impairment some time in the future.

Baa		— Bonds rated “Baa” are considered as medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

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.

275



Ratings


(unaudited) (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.

276

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277



Statements of Assets and Liabilities


February 28, 2022 (unaudited)


	Large Cap Equity Fund		Small-Mid Cap Equity Fund		International Equity Fund
ASSETS:
Unaffiliated investments, at value^1,3	$	1,949,085,922	$	634,040,458	$	1,387,454,299
Affiliated investments, at value²		3,022,368		—		—
Foreign currency, at value⁴		—		—		—
Cash		4,314		257,672		114
Receivable for securities sold		1,781,281		943,498		5,498,347
Receivable for TBA securities sold		—		—		—
Dividends and interest receivable from unaffiliated investments		2,172,005		392,695		7,259,539
Dividends and interest receivable from affiliated investments		—		—		—
Receivable for Fund shares sold		1,453,337		599,118		884,448
Unrealized appreciation on open forward foreign currency contracts (Note 1)		—		—		—
Variation margin on open future contracts (Note 1)		—		4,352		4,409
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		639,984		99,996		114,592
Foreign capital gains tax receivable		—		—		—
Prepaid trustees expenses		26,765		7,071		62,601
Prepaid expenses		73,373		29,091		52,731

Total Assets		1,958,259,349		636,373,951		1,401,331,080

LIABILITIES:
Reverse repurchase agreements, at value⁷		—		—		—
Payable for collateral received from securities on loan		14,551,315		25,763,756		13,330,809
Payable for Fund shares repurchased		935,891		253,529		538,635
Payable for securities purchased		2,351,259		1,392,898		5,947,773
Payable for TBA securities purchased		—		—		—
Payable for sale-buyback transactions		—		—		—
Investment management fee payable		588,485		212,658		565,191
Transfer agent fees payable		32,616		14,062		23,769
Interest expense payable		—		—		—
Custody fee payable		76,319		42,214		57,300
Trustees’ fees payable		—		—		—
Variation margin on open future contracts (Note 1)		33,021		—		—
Variation margin on open centrally cleared swap contracts (Note 1)		—		—		—
Due to custodian		—		—		246,238
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 unfunded loan commitments		—		—		—
Unrealized depreciation on open forward foreign currency contracts (Note 1)		—		—		—
Deposits for collateral from counterparty		—		—		—
Foreign capital gains tax payable		—		—		—
Distributions payable		—		—		—
Audit fees payable		—		—		—
Accrued expenses		93,943		93,817		272,023

Total Liabilities		18,662,849		27,772,934		20,981,738

Total Net Assets	$	1,939,596,500	$	608,601,017	$	1,380,349,342

NET ASSETS:
Paid-in-capital (Note 4)	$	983,178,102	$	421,441,179	$	1,186,786,492
Total distributable earnings (losses)		956,418,398		187,159,838		193,562,850

Total Net Assets	$	1,939,596,500	$	608,601,017	$	1,380,349,342

Shares Outstanding		82,995,659		33,046,204		104,858,987

Net Asset Value	$	23.37	$	18.42	$	13.16

¹ Unaffiliated investments, at cost	$	1,114,298,724	$	471,229,556	$	1,200,860,114

² Affiliated investments, at cost	$	1,000,801	$	—	$	—

³ Includes securities on loan	$	14,683,173	$	25,436,238	$	17,480,430

⁴ Foreign currency, at cost	$	—	$	—	$	—

⁵ Proceeds received	$	—	$	—	$	—

⁶ Premiums received	$	—	$	—	$	—

⁷ Proceeds of reverse repurchase agreement	$	—	$	—	$	—

See Notes to Financial Statements.

278


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

$	529,959,633	$	1,430,170,024		$	186,961,991		$	180,399,235		$	90,231,496	$	184,552,986	$	988,018,982		$	144,000,830
	—		1,056,456			—			—			—		—		467,624			—
	1,287,653		1,960,719			—			289,073			—		447,799		208			—
	70		3,198			33			4			4		1,650,223		9,726			1,285,844
	522,982		13,601,596			63,344			1,578,572			—		2,167,451		644,733			—
	—		57,944,404			—			77,735,943			—		5,589,057		—			—
	1,037,426		6,295,241			2,621,265			653,700			832,659		283,771		1,698,315			4,757,367
	—		—			—			—			—		—		57			—
	386,680		675,581			248,732			222,873			33,062		133,206		186,450			90,740
	—		770,715			—			536,788			—		278,636		657,547			—
	—		—			—			8,397			—		—		—			—
	—		—			—			375,493			—		134,893		402,331			—
	—		—			—			760,871			—		—		—			—
	—		7,443			—			33,154			—		—		—			—
	80,994		9,125,351			—			1,465,000			27,000		1,022,000		2,116,000			—
	66,070		—			—			—			—		—		—			—
	19,667		14,005			—			2,901			4,286		—		6,196			8,414
	30,038		89,396			46,953			16,910			15,737		31,745		32,743			3,306

	533,391,213		1,521,714,129			189,942,318			264,078,914			91,144,244		196,291,767		994,240,912			150,146,501


	—		—			—			187,000			—		38,152,465		—			—
	5,969,908		—			—			—			—		—		—			—
	220,632		2,443,386			736,438			395,728			201,488		553,861		336,275			43,283
	1,084,161		29,492,363			479,395			2,163,926			—		1,640,969		403,379,520			4,769,677
	—		162,958,899			—			62,996,201			—		11,236,505		—			—
	—		—			—			—			—		—		13,858,109			—
	241,716		380,894			72,015			56,969			28,004		48,541		196,754			21,620
	11,493		70,236			6,583			1,820			883		4,416		10,181			2,078
	—		—			—			—			—		511		—			—
	44,558		162,761			42,701			35,771			11,167		19,178		25,549			17,319
	—		—			6,883			—			—		3,011		—			—
	26,995		1,863,127			—			—			20,625		255,419		577,929			—
	—		400,188			—			—			—		—		—			—
	—		—			—			—			—		—		—			—
	—		—			—			30,231,035			—		—		—			—
	—		1,754,092			—			276,373			—		712,747		—			—
	—		280,135			—			2,611			—		—		—			—
	—		—			—			142,503			—		—		—			—
	—		254			—			—			—		—		—			—
	—		1,708,514			—			439,589			—		109,642		2,110,503			—
	—		—			—			830,000			—		120,000		10,000			—
	484,370		—			—			—			—		—		—			—
	—		6			—			—			—		7		—			—
	—		—			76,981			—			39,785		—		—			—
	176,828		206,861			68,988			83,995			12,413		158,589		174,172			37,758

	8,260,661		201,721,716			1,489,984			97,843,521			314,365		53,015,861		420,678,992			4,891,735

$	525,130,552	$	1,319,992,413		$	188,452,334		$	166,235,393		$	90,829,879	$	143,275,906	$	573,561,920		$	145,254,766


$	472,033,740	$	1,374,428,686		$	201,067,254		$	172,573,887		$	89,492,853	$	135,755,630	$	587,996,618		$	141,576,148
	53,096,812		(54,436,273	)		(12,614,920	)		(6,338,494	)		1,337,026		7,520,276		(14,434,698	)		3,678,618

$	525,130,552	$	1,319,992,413		$	188,452,334		$	166,235,393		$	90,829,879	$	143,275,906	$	573,561,920		$	145,254,766

	36,360,895		167,487,500			53,404,268			21,985,841			9,873,881		13,751,653		58,602,887			13,507,876

$	14.44	$	7.88		$	3.53		$	7.56		$	9.20	$	10.42	$	9.79		$	10.75

$	466,849,120	$	1,463,375,739		$	189,805,210		$	185,672,165		$	89,296,472	$	174,830,675	$	995,343,522		$	144,754,720

$	—	$	1,082,163		$	—		$	—		$	—	$	—	$	470,458		$	—

$	6,001,562	$	—		$	—		$	—		$	—	$	—	$	—		$	—

$	1,392,327	$	1,983,709		$	—		$	359,014		$	—	$	619,923	$	327		$	—

$	—	$	—		$	—		$	30,258,213		$	—	$	—	$	—		$	—

$	—	$	1,504,347		$	—		$	189,676		$	—	$	281,870	$	—		$	—

$	—	$	—		$	—		$	187,000		$	—	$	38,152,465	$	—		$	—

See Notes to Financial Statements.

279



Statements of Operations


For the Six Months Ended February 28, 2022 (unaudited)


	Large Cap Equity Fund			Small-Mid Cap Equity Fund			International Equity Fund
INVESTMENT INCOME:

Dividends from unaffiliated investments	$	11,950,119		$	3,194,661		$	12,858,271
Dividends from affiliated investments		47,144			—			—
Interest from unaffiliated investments		1,878			11,403			153
Interest from affiliated investments		—			—			—
Income from securities lending		118,353			49,574			79,409
Less: Foreign taxes withheld (see Note 1s)		(17,862	)		(3,790	)		(1,095,358	)
Miscellaneous income		—			—			19,170

Total Investment Income		12,099,632			3,251,848			11,861,645


EXPENSES:

Investment management fee (Note 2)		6,066,939			2,479,076			4,928,040
Transfer agent fees		113,560			34,817			76,923
Custody fees		267,812			135,748			444,639
Trustees’ fees		163,154			51,225			111,788
Shareholder reports		81,929			63,422			66,345
Insurance		37,544			12,778			25,843
Audit and tax		42,562			43,957			65,684
Legal fees		47,405			14,930			31,180
Registration fees		26,243			16,879			35,306
Other expense		40,624			13,260			126,422
Interest expense		—			—			—

Total Expenses		6,887,772			2,866,092			5,912,170
Less: Fee waivers and/or expense reimbursement (Note 2)		(2,106,866	)		(1,038,179	)		(1,257,343	)

Net Expenses		4,780,906			1,827,913			4,654,827

Net Investment Income (Loss)	$	7,318,726		$	1,423,935		$	7,206,818


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS CONTRACTS WRITTEN, UNFUNDED LOAN COMMITMENTS, SHORT SALES, FORWARD SALE COMMITMENTS, SWAP CONTRACTS, FORWARD FOREIGN CURRENCY CONTRACTS, FOREIGN CURRENCY TRANSLATIONS AND CAPITAL GAIN DISTRIBUTIONS RECEIVED (NOTES 1 AND 3):

Net Realized Gain (Loss) from:

Unaffiliated Investments	$	176,338,892		$	47,849,762		$	58,338,836
Affiliated investments		469,100			—			—
Futures contracts		1,418,401			(100,350	)		110,135
Options contracts written		—			—			—
Forward sale commitments		—			—			—
Short sales		—			—			—
Swap contracts		—			—			—
Forward foreign currency contracts		—			—			—
Foreign currency translations		3,763			7,368			(48,897	)
Capital gain distributions received		—			—			—

Net Realized Gain (Loss):		178,230,156			47,756,780			58,400,074

Change in Net Unrealized Appreciation (Depreciation) from:

Unaffiliated Investments		(294,392,869	)		(89,718,528	)		(174,625,768	)^(a)
Affiliated Investments		(934,231	)		—			—
Futures contracts		(1,824,519	)		(107,324	)		(57,060	)
Options contracts written		—			—			—
Forward sale commitments		—			—			—
Swap contracts		—			—			—
Unfunded loan commitments		—			—			—
Forward foreign currency contracts		—			—			—
Foreign currency transactions		(102	)		(79	)		(176,781	)

Change in Net Unrealized Appreciation (Depreciation):		(297,151,721	)		(89,825,931	)		(174,859,609	)

Net Gain (Loss) on Investments, Futures Contracts, Options Contracts Written, Unfunded Loan Commitments, Forward Sale Commitments, Swap Contracts, Forward Foreign Currency Contract, Foreign Currency Translations and Capital Gain Distributions Received		(118,921,565	)		(42,069,151	)		(116,459,535	)

Total Increase (Decrease) in Net Assets from Operations	$	(111,602,839	)	$	(40,645,216	)	$	(109,252,717	)

(a)	Includes Net increase in accrued foreign capital gains taxes of $17,578 and $(361,892), for International Equity Fund and Emerging Markets Equity Fund, respectively.

See Notes to Financial Statements.

280


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


$	4,492,423		$	—		$	35,700		$	—		$	25,559		$	—		$	—		$	1,981,295
	—			—			—			—			—			—			—			—
	—			12,996,178			5,068,866			1,384,154			1,067,387			4,283,378			2,616,915			—
	—			20,058			—			—			—			—			2,585			—
	15,562			—			—			—			—			—			—			—
	(562,247	)		—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—

	3,945,738			13,016,236			5,104,566			1,384,154			1,092,946			4,283,378			2,619,500			1,981,295




	2,461,396			2,644,941			671,424			413,608			185,136			359,449			1,371,762			781,023
	29,107			105,535			10,777			8,457			4,817			7,752			26,550			7,623
	282,654			520,446			114,590			168,763			62,468			87,342			120,067			63,681
	46,604			90,520			21,718			12,622			6,542			12,719			37,632			6,445
	68,008			68,452			63,937			31,390			4,344			38,385			48,318			7,209
	11,521			33,805			5,752			2,836			1,743			15,767			17,509			2,065
	70,067			63,322			50,763			62,521			32,949			50,105			46,318			20,884
	13,572			28,237			5,248			3,056			1,979			3,105			10,446			2,380
	20,721			27,788			11,498			14,150			12,003			14,269			22,731			35,526
	18,292			31,199			6,510			4,875			2,246			265,664			14,093			2,882
	—			—			—			—			—			16,090			18,171			—

	3,021,942			3,614,245			962,217			722,278			314,227			870,647			1,733,597			929,718
	(901,641	)		(160,797	)		(194,132	)		(44,400	)		—			(35,988	)		(147,088	)		(650,852	)

	2,120,301			3,453,448			768,085			677,878			314,227			834,659			1,586,509			278,866

$	1,825,437		$	9,562,788		$	4,336,481		$	706,276		$	778,719		$	3,448,719		$	1,032,991		$	1,702,429






$	4,075,438		$	(9,236,642	)	$	353,816		$	(348,247	)	$	(35,970	)	$	779,632		$	(98,198	)	$	—
	—			(3,704	)		—			—			—			—			163			—
	(62,517	)		(3,918,433	)		—			574,205			91,990			419,677			4,547,016			—
	—			744,195			—			251,952			—			23,293			—			—
	—			1,422			—			992,197			—			(78	)		—			—
	—			—			—			—			—			109,608			22,559			—
	—			2,858,492			—			(724,037	)		—			(101,409	)		(113,811	)		—
	843			(333,935	)		—			3,545,924			—			914,993			3,758,788			—
	(76,518	)		(164,365	)		—			823,138			—			308,225			648,929			—
	—			—			—			—			—			—			—			3,008,066

	3,937,246			(10,052,970	)		353,816			5,115,132			56,020			2,453,941			8,765,446			3,008,066



	(84,956,683	)^(a)		(62,173,257	)		(10,246,684	)		(10,654,782	)		(3,738,305	)		(5,746,050	)		(9,605,280	)		(6,729,236	)
	—			(48,636	)		—			—			—			—			(2,766	)		—
	(86,162	)		(1,276,784	)		—			(1,645,478	)		(18,234	)		10,357			(800,312	)		—
	—			(357,469	)		—			(180,592	)		—			(413,117	)		—			—
	—			—			—			22,256			—			—			—			—
	—			(383,400	)		—			(453,608	)		—			(398,744	)		342,649			—
	—			(254	)		—			—			—			—			—			—
	—			(955,462	)		—			(384,300	)		—			(301	)		(2,418,518	)		—
	(143,525	)		(102,360	)		—			(26,360	)		—			(140,369	)		(7,106	)		—

	(85,186,370	)		(65,297,622	)		(10,246,684	)		(13,322,864	)		(3,756,539	)		(6,688,224	)		(12,491,333	)		(6,729,236	)


	(81,249,124	)		(75,350,592	)		(9,892,868	)		(8,207,732	)		(3,700,519	)		(4,234,283	)		(3,725,887	)		(3,721,170	)

$	(79,423,687	)	$	(65,787,804	)	$	(5,556,387	)	$	(7,501,456	)	$	(2,921,800	)	$	(785,564	)	$	(2,692,896	)	$	(2,018,741	)

See Notes to Financial Statements.

281



Statements of Changes in net Assets


For the Six Months Ended February 28, 2022 (unaudited) and Year Ended August 31, 2021


	Large Cap Equity Fund						Small-Mid Cap Equity Fund
	2022			2021			2022			2021
OPERATIONS:

Net investment income	$	7,318,726		$	18,151,693		$	1,423,935		$	4,232,796
Net realized gain (loss)		178,230,156			177,240,888			47,756,780			104,861,913
Change in unrealized appreciation (depreciation)		(297,151,721	)		355,944,288			(89,825,931	)		128,776,009

Increase (Decrease) in Net Assets from Operations		(111,602,839	)		551,336,869			(40,645,216	)		237,870,718

DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 1):

Distributable earnings		(218,376,686	)		(61,943,407	)		(122,000,592	)		(29,404,878	)

Decrease in Net Assets from Distributions to Shareholders		(218,376,686	)		(61,943,407	)		(122,000,592	)		(29,404,878	)

FUND SHARE TRANSACTIONS (NOTE 4):

Net proceeds from sale of shares		340,465,854			405,330,578			178,336,669			141,489,301
Reinvestment of distributions		218,373,626			61,942,619			121,999,031			29,404,580
Cost of shares repurchased		(463,980,260	)		(635,750,721	)		(206,358,952	)		(322,250,629	)

Increase (Decrease) in Net Assets from Fund Share Transactions		94,859,220			(168,477,524	)		93,976,748			(151,356,748	)

Increase (Decrease) in Net Assets		(235,120,305	)		320,915,938			(68,669,060	)		57,109,092
NET ASSETS:

Beginning of period		2,174,716,805			1,853,800,867			677,270,077			620,160,985

End of period	$	1,939,596,500		$	2,174,716,805		$	608,601,017		$	677,270,077

See Notes to Financial Statements.

282


International Equity Fund						Emerging Markets Equity Fund						Core Fixed Income Fund						High Yield Fund
2022			2021			2022			2021			2022			2021			2022			2021


$	7,206,818		$	20,641,877		$	1,825,437		$	6,989,809		$	9,562,788		$	16,976,359		$	4,336,481		$	13,149,403
	58,400,074			167,774,811			3,937,246			69,473,543			(10,052,970	)		11,822,544			353,816			15,090,344
	(174,859,609	)		156,535,334			(85,186,370	)		38,860,149			(65,297,622	)		(16,742,912	)		(10,246,684	)		(5,759,099	)

	(109,252,717	)		344,952,022			(79,423,687	)		115,323,501			(65,787,804	)		12,055,991			(5,556,387	)		22,480,648



	(119,339,071	)		(23,968,738	)		(22,917,354	)		(11,972,541	)		(18,572,832	)		(52,680,365	)		(4,626,616	)		(13,565,430	)

	(119,339,071	)		(23,968,738	)		(22,917,354	)		(11,972,541	)		(18,572,832	)		(52,680,365	)		(4,626,616	)		(13,565,430	)



	297,623,403			303,055,088			123,130,509			135,269,799			226,409,864			630,592,342			27,350,475			96,770,236
	119,336,497			23,968,252			22,916,953			11,972,351			18,574,792			52,679,124			4,627,708			13,564,992
	(265,674,242	)		(444,679,701	)		(81,523,350	)		(236,058,440	)		(151,828,993	)		(312,565,000	)		(46,435,423	)		(188,399,602	)

	151,285,658			(117,656,361	)		64,524,112			(88,816,290	)		93,155,663			370,706,466			(14,457,240	)		(78,064,374	)

	(77,306,130	)		203,326,923			(37,816,929	)		14,534,670			8,795,027			330,082,092			(24,640,243	)		(69,149,156	)


	1,457,655,472			1,254,328,549			562,947,481			548,412,811			1,311,197,386			981,115,294			213,092,577			282,241,733

$	1,380,349,342		$	1,457,655,472		$	525,130,552		$	562,947,481		$	1,319,992,413		$	1,311,197,386		$	188,452,334		$	213,092,577

See Notes to Financial Statements.

283



Statements of Changes in net Assets


For the Six Months Ended February 28, 2022 (unaudited) and Year Ended August 31, 2021


	International Fixed Income Fund
	2022			2021
OPERATIONS:

Net investment income	$	706,276		$	1,318,319
Net realized gain (loss)		5,115,132			3,436,446
Change in unrealized appreciation (depreciation)		(13,322,864	)		(2,169,043	)

Increase (Decrease) in Net Assets from Operations		(7,501,456	)		2,585,722

DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 1):

Distributable earnings		(4,340,960	)		(993,150	)

Decrease in Net Assets from Distributions to Shareholders		(4,340,960	)		(993,150	)

FUND SHARE TRANSACTIONS (NOTE 4):

Net proceeds from sale of shares		41,372,010			61,446,770
Reinvestment of distributions		4,340,926			993,140
Cost of shares repurchased		(23,363,778	)		(43,465,854	)

Increase (Decrease) in Net Assets from Fund Share Transactions		22,349,158			18,974,056

Increase (Decrease) in Net Assets		10,506,742			20,566,628
NET ASSETS:

Beginning of period		155,728,651			135,162,023

End of period	$	166,235,393		$	155,728,651

See Notes to Financial Statements.

284


Municipal Bond Fund						Inflation-Linked Fixed Income Fund						Ultra-Short Term Fixed Income Fund						Alternative Strategies Fund
2022			2021			2022			2021			2022			2021			2022			2021


$	778,719		$	1,350,523		$	3,448,719		$	7,806,610		$	1,032,991		$	2,087,748		$	1,702,429		$	886,233
	56,020			252,043			2,453,941			3,759,432			8,765,446			(1,525,707	)		3,008,066			1,089,445
	(3,756,539	)		610,323			(6,688,224	)		(2,841,458	)		(12,491,333	)		1,928,811			(6,729,236	)		4,616,128

	(2,921,800	)		2,212,889			(785,564	)		8,724,584			(2,692,896	)		2,490,852			(2,018,741	)		6,591,806



	(1,020,663	)		(1,694,828	)		(9,083,181	)		(8,155,061	)		(3,383,910	)		(6,604,435	)		(926,844	)		(482,881	)

	(1,020,663	)		(1,694,828	)		(9,083,181	)		(8,155,061	)		(3,383,910	)		(6,604,435	)		(926,844	)		(482,881	)



	13,642,251			42,586,476			18,548,096			68,928,239			197,979,944			196,780,874			45,790,777			85,736,630
	1,021,238			1,694,319			9,084,133			8,153,862			3,383,894			6,604,469			926,844			482,881
	(11,660,194	)		(22,177,139	)		(22,764,393	)		(85,167,803	)		(63,680,989	)		(155,412,273	)		(17,382,610	)		(12,798,941	)

	3,003,295			22,103,656			4,867,836			(8,085,702	)		137,682,849			47,973,070			29,335,011			73,420,570

	(939,168	)		22,621,717			(5,000,909	)		(7,516,179	)		131,606,043			43,859,487			26,389,426			79,529,495


	91,769,047			69,147,330			148,276,815			155,792,994			441,955,877			398,096,390			118,865,340			39,335,845

$	90,829,879		$	91,769,047		$	143,275,906		$	148,276,815		$	573,561,920		$	441,955,877		$	145,254,766		$	118,865,340

See Notes to Financial Statements.

285



Statements of Cash Flows


For the Period Ended February 28, 2022 (unaudited)


	International Fixed Income Fund			Inflation-Linked Fixed Income Fund
Cash Flows Provided by/Used in Operating Activities:
Net decrease in net assets resulting from operations	$	(7,501,456	)	$	(785,564	)
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		(285,099,626	)		(57,962,111	)
Proceeds from the sale and maturity of long-term investments		263,023,162			69,242,447
Proceeds from short-term investments, net		1,647,557			195,491
Decrease to the principal amount of inflation-indexed bonds		(40,841	)		(3,808,769	)
Change in net unrealized depreciation from unaffiliated investments		10,654,782			5,746,050
Change in net unrealized depreciation from options contracts written		180,592			413,117
Change in net unrealized appreciation on open OTC swap contracts		(1,023,337	)		—
Change in net unrealized appreciation from forward sale commitments		(22,256	)
Increase/Decrease in variation margin on open centrally cleared swap contracts		(289,596	)		50,909
Net amortization (accretion) of premiums (discounts) of investments		(29,058	)		409,110
Net realized gain/loss from unaffiliated investments		357,199			(779,632	)
Increase in premium received on options contracts written		911			133,983
Increase/Decrease in variation margin on open futures contracts		(90,309	)		318,889
Increase/Decrease in receivable for securities sold		836,954			(2,139,781	)
increase/Decrease in receivable for TBA securities sold		(38,480,288	)		138,664
Increase/Decrease in dividends and interest receivable from unaffiliated investments		(11,347	)		16,865
Increase in deposits for collateral from counterparty		(776,000	)		(166,000	)
Decrease in net upfront payments received/paid on OTC open swap contracts		425			—
Decrease for due to custodian		(1,822	)		—
Increase/Decrease in prepaid expenses		(2,653	)		3,368
Increase/Decrease in unrealized appreciation on open forward foreign currency contracts		228,770			(101,879	)
Increase in other assets		(446	)
Increase/Decrease in payable for securities purchased		(1,158,153	)		1,313,675
Increase/Decrease in payable for TBA securities purchased		22,607,136			(207,445	)
Increase in deposits for collateral from counterparty		120,000			—
Decrease in investment management fee payable		(901	)		(6,835	)
Decrease in interest expense payable		—			(358	)
Decrease in custody fee payable		(27,183	)		(11,378	)
Decrease in transfer agent fees payable		(633	)		(427	)
Increase in trustees’ fees payable		—			521
Increase in unrealized depreciation on open forward foreign currency contracts		155,530			102,180
Decrease in accrued expenses		(67,207	)		(48,647	)

Net cash and foreign currency provided by/used in operating activities		(34,810,094	)		12,066,443


Cash Flows Provided by/Used in Financing Activities:
Proceeds from sale-buyback transactions		176,243,858			221,272,848
Payments on sale-buyback transactions		(159,892,031	)		(227,583,018	)
Proceeds from reverse repurchase agreements		187,000			200,169
Proceeds from sale of shares		41,776,017			18,958,407
Cost of shares repurchased		(23,476,649	)		(23,668,907	)
Distributions to shareholders, net of reinvestments		(34	)		(147	)

Net cash and foreign currency provided by/used in financing activities		34,838,161			(10,820,648	)

Net increase in cash and foreign currency^(a)		28,067			1,245,795


Cash and Foreign Currency:
Cash, cash equivalents and foreign cash at the beginning of the year		261,010			852,227

Cash, cash equivalents and foreign cash at end of the year		289,077			2,098,022


Non-Cash Financing Activities:
Reinvestment of distributions		(4,340,926	)		(9,084,133	)

(a)	Includes net change in unrealized depreciation on foreign currency of $(21,942) and $(45,660) for International Fixed Income Fund and Inflation-Linked Fixed Income Fund, respectively.

See Notes to Financial Statements.

286



Financial Highlights

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Large Cap Equity Fund
	2022⁽¹⁾			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	27.58		$	21.62		$	19.10		$	21.31		$	18.76		$	17.06

Income (Loss) from Operations:
Net investment income⁽²⁾		0.09			0.22			0.26			0.27			0.26			0.25
Net realized and unrealized gain (loss)		(1.39	)		6.49			3.23			(0.24	)		3.18			2.05

Total Income (Loss) from Operations		(1.30	)		6.71			3.49			0.03			3.44			2.30

Less Distributions from:
Net investment income		(0.20	)		(0.18	)		(0.20	)		(0.34	)		(0.24	)		(0.27	)
Net realized gain		(2.71	)		(0.57	)		(0.77	)		(1.90	)		(0.65	)		(0.33	)

Total Distributions		(2.91	)		(0.75	)		(0.97	)		(2.24	)		(0.89	)		(0.60	)

Net Asset Value, End of Period	$	23.37		$	27.58		$	21.62		$	19.10		$	21.31		$	18.76

Total Return†⁽³⁾		(5.49	)%⁽⁴⁾		31.79	%		18.85	%		1.32	%		18.89	%		13.86	%
Net Assets, End of Period (millions)	$	1,940		$	2,175		$	1,854		$	1,554		$	1,737		$	1,687
Ratios to Average Net Assets:
Gross expenses		0.68	%⁽⁵⁾		0.68	%		0.70	%		0.69	%		0.69	%		0.69	%
Net expenses⁽⁶⁾		0.47	⁽⁵⁾		0.47			0.49			0.48			0.48			0.48
Net investment income		0.72	⁽⁵⁾		0.91			1.33			1.43			1.29			1.40
Portfolio Turnover Rate		13	%⁽⁴⁾		15	%		21	%		13	%		29	%		18	%

(1)	For the six months ended February 28, 2022 (unaudited).

(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. Applicable advisory program charges, which may be up to 2.50%, are not reflected in the performance data and would reduce the total returns. Effective October 1, 2018, the new advisory program charge is 2.00%. Past performance is no guarantee of future results.

(4)	Not annualized.

(5)	Annualized.

(6)	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.

287



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Small-Mid Cap Equity Fund
	2022⁽¹⁾			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	24.35		$	18.01		$	18.60		$	23.06		$	19.53		$	17.40

Income (Loss) from Operations:
Net investment income⁽²⁾		0.05			0.13			0.13			0.12			0.10			0.10
Net realized and unrealized gain (loss)		(1.32	)		7.10			1.48			(1.83	)		4.14			2.39

Total Income (Loss) from Operations		(1.27	)		7.23			1.61			(1.71	)		4.24			2.49

Less Distributions from:
Net investment income		(0.08	)		(0.14	)		(0.10	)		(0.10	)		(0.03	)		(0.06	)
Net realized gain		(4.58	)		(0.75	)		(2.10	)		(2.65	)		(0.68	)		(0.30	)

Total Distributions		(4.66	)		(0.89	)		(2.20	)		(2.75	)		(0.71	)		(0.36	)

Net Asset Value, End of Period	$	18.42		$	24.35		$	18.01		$	18.60		$	23.06		$	19.53

Total Return†⁽³⁾		(6.45	)%⁽⁴⁾		41.14	%		8.78	%		(6.25	)%		22.17	%		14.49	%
Net Assets, End of Period (millions)	$	609		$	677		$	620		$	423		$	520		$	674
Ratios to Average Net Assets:
Gross expenses		0.92	%⁽⁵⁾		0.92	%		0.96	%		0.98	%		0.92	%		0.94	%
Net expenses⁽⁶⁾		0.59	⁽⁵⁾		0.58			0.62			0.66			0.61			0.63
Net investment income		0.46	⁽⁵⁾		0.61			0.77			0.63			0.47			0.52
Portfolio Turnover Rate		25	%⁽⁴⁾		29	%		45	%		65	%		34	%		34	%

(1)	For the six months ended February 28, 2022 (unaudited).

(2)	Per share amounts have been calculated using the average shares method.

(3)

(4)	Not annualized.

(5)	Annualized.

(6)	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.

288



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



International Equity Fund
	2022⁽¹⁾			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	15.54		$	12.27		$	11.59		$	12.64		$	12.34		$	10.83

Income (Loss) from Operations:
Net investment income⁽²⁾		0.07			0.21			0.17			0.28			0.27			0.24
Net realized and unrealized gain (loss)		(1.17	)		3.30			0.84			(1.09	)		0.24			1.56

Total Income (Loss) from Operations		(1.10	)		3.51			1.01			(0.81	)		0.51			1.80

Less Distributions from:
Net investment income		(0.33	)		(0.24	)		(0.33	)		(0.24	)		(0.21	)		(0.29	)
Net realizd gain		(0.95	)		—			—			—			—			—

Total Distributions		(1.28	)		(0.24	)		(0.33	)		(0.24	)		(0.21	)		(0.29	)

Net Asset Value, End of Period	$	13.16		$	15.54		$	12.27		$	11.59		$	12.64		$	12.34

Total Return†⁽³⁾		(7.52	)%⁽⁴⁾		28.93	%		8.64	%		(6.34	)%		4.15	%		17.14	%
Net Assets, End of Period (millions)	$	1,380		$	1,458		$	1,254		$	1,311		$	1,677		$	1,244
Ratios to Average Net Assets:
Gross expenses		0.84	%⁽⁵⁾		0.84	%		0.87	%		0.84	%		0.83	%		0.83	%
Net expenses⁽⁶⁾		0.66	⁽⁵⁾		0.67			0.71			0.68			0.66			0.65
Net investment income		1.02	⁽⁵⁾		1.50			1.44			2.40			2.07			2.15
Portfolio Turnover Rate		21	%⁽⁴⁾		52	%		39	%		28	%		41	%		27	%

(1)	For the six months ended February 28, 2022 (unaudited).

(2)	Per share amounts have been calculated using the average shares method.

(3)

(4)	Not annualized.

(5)	Annualized.

(6)	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.

289



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Emerging Markets Equity Fund
	2022⁽¹⁾			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	17.44		$	14.67		$	14.00		$	14.29		$	15.33		$	12.36

Income (Loss) from Operations:
Net investment income⁽²⁾		0.05			0.20			0.20			0.27			0.22			0.20
Net realized and unrealized gain (loss)		(2.35	)		2.90			0.75			(0.34	)		(1.06	)		2.90

Total Income (Loss) from Operations		(2.30	)		3.10			0.95			(0.07	)		(0.84	)		3.10

Less Distributions from:
Net investment income		(0.29	)		(0.33	)		(0.28	)		(0.22	)		(0.20	)		(0.13	)
Net realized gain		(0.41	)		—			—			—			—			—

Total Distributions		(0.70	)		(0.33	)		(0.28	)		(0.22	)		(0.20	)		(0.13	)

Net Asset Value, End of Period	$	14.44		$	17.44		$	14.67		$	14.00		$	14.29		$	15.33

Total Return†⁽³⁾		(13.30	)%⁽⁴⁾		21.28	%		6.79	%		(0.40	)%		(5.55	)%		25.48	%
Net Assets, End of Period (millions)	$	525		$	563		$	548		$	493		$	498		$	488
Ratios to Average Net Assets:
Gross expenses		1.10	%⁽⁵⁾		1.12	%		1.15	%		1.13	%		1.11	%		1.14	%
Net expenses⁽⁶⁾		0.78	⁽⁵⁾		0.80			0.84			0.82			0.80			0.86
Net investment income		0.67	⁽⁵⁾		1.18			1.44			1.95			1.42			1.51
Portfolio Turnover Rate		9	%⁽⁴⁾		53	%		23	%		22	%		24	%		27	%

(1)	For the six months ended February 28, 2022 (unaudited).

(2)	Per share amounts have been calculated using the average shares method.

(3)

(4)	Not annualized.

(5)	Annualized.

(6)	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.

290



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Core Fixed Income Fund
	2022⁽¹⁾			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	8.39		$	8.79		$	8.42		$	7.86		$	8.19		$	8.41

Income (Loss) from Operations:
Net investment income⁽²⁾		0.06			0.13			0.19			0.23			0.20			0.19
Net realized and unrealized gain (loss)		(0.45	)		(0.08	)		0.42			0.57			(0.31	)		(0.11	)

Total Income (Loss) from Operations		(0.39	)		0.05			0.61			0.80			(0.11	)		0.08

Less Distributions from:
Net investment income		(0.07	)		(0.17	)		(0.22	)		(0.24	)		(0.21	)		(0.22	)
Tax return of capital		—			—			—			—			(0.01	)		—
Net realized gain		(0.05	)		(0.28	)		(0.02	)		—			—			(0.08	)

Total Distributions		(0.12	)		(0.45	)		(0.24	)		(0.24	)		(0.22	)		(0.30	)

Net Asset Value, End of Period	$	7.88		$	8.39		$	8.79		$	8.42		$	7.86		$	8.19

Total Return†⁽³⁾		(4.77	)%⁽⁴⁾		0.58	%		7.46	%		10.39	%		(1.35	)%		1.07	%
Net Assets, End of Period (millions)	$	1,320		$	1,311		$	981		$	1,204		$	867		$	710
Ratios to Average Net Assets:
Gross expenses		0.55	%⁽⁵⁾		0.56	%		0.58	%		0.57	%		0.57	%		0.58	%⁽⁶⁾
Net expenses⁽⁷⁾		0.52	⁽⁵⁾		0.54			0.56			0.56			0.56			0.56	⁽⁶⁾
Net investment income		1.45	⁽⁵⁾		1.57			2.27			2.85			2.49			2.32
Portfolio Turnover Rate		102	%⁽⁴⁾		227	%		216	%		210	%		253	%		236	%

(1)	For the six months ended February 28, 2022 (unaudited).

(2)	Per share amounts have been calculated using the average shares method.

(3)

(4)	Not annualized.

(5)	Annualized.

(6)	Ratio includes interest expense on reverse repurchase agreements which represents less than 0.005%.

(7)	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.

291



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



High Yield Fund
	2022⁽¹⁾			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	3.72		$	3.61		$	3.76		$	3.77		$	3.86		$	3.78

Income (Loss) from Operations:
Net investment income⁽²⁾		0.08			0.18			0.17			0.19			0.20			0.22
Net realized and unrealized gain (loss)		(0.18	)		0.11			(0.15	)		—			(0.08	)		0.10

Total Income (Loss) from Operations		(0.10	)		0.29			0.02			0.19			0.12			0.32

Less Distributions from:
Net investment income		(0.09	)		(0.18	)		(0.17	)		(0.20	)		(0.21	)		(0.24	)

Net Asset Value, End of Period	$	3.53		$	3.72		$	3.61		$	3.76		$	3.77		$	3.86

Total Return†⁽³⁾		(2.78	)%⁽⁴⁾		8.61	%		0.14	%		5.58	%		3.20	%		8.38	%
Net Assets, End of Period (millions)	$	188		$	213		$	282		$	49		$	58		$	173
Ratios to Average Net Assets:
Gross expenses		1.00	%⁽⁵⁾		0.96	%		1.07	%		1.32	%		1.17	%		0.95	%
Net expenses⁽⁶⁾		0.80	⁽⁵⁾		0.76			0.86			1.12			0.97			0.75
Net investment income		4.52	⁽⁵⁾		4.79			4.85			5.09			5.27			5.65
Portfolio Turnover Rate		26	%⁽⁴⁾		117	%		84	%		43	%		57	%		72	%

(1)	For the six months ended February 28, 2021 (unaudited).

(2)	Per share amounts have been calculated using the average shares method.

(3)

(4)	Not annualized.

(5)	Annualized.

(6)	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.

292



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



International Fixed Income Fund
	2022⁽¹⁾			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	8.12		$	8.03		$	8.35		$	7.86		$	7.78		$	7.79

Income (Loss) from Operations:
Net investment income⁽²⁾		0.03			0.07			0.20			0.06			0.14			0.14
Net realized and unrealized gain (loss)		(0.38	)		0.08			(0.15	)		0.70			0.03			(0.07	)

Total Income (Loss) from Operations		(0.35	)		0.15			0.05			0.76			0.17			0.07

Less Distributions from:
Net investment income		(0.12	)		—			(0.35	)		(0.27	)		(0.09	)		(0.08	)
Net realized gain		(0.09	)		(0.06	)		(0.02	)		—			—			—

Total Distributions		(0.21	)		(0.06	)		(0.37	)		(0.27	)		(0.09	)		(0.08	)

Net Asset Value, End of Period	$	7.56		$	8.12		$	8.03		$	8.35		$	7.86		$	7.78

Total Return†⁽³⁾		(4.47	)%⁽⁴⁾		1.86	%		0.75	%		10.01	%		2.25	%		0.98	%
Net Assets, End of Period (millions)	$	166		$	156		$	135		$	147		$	145		$	148
Ratios to Average Net Assets:
Gross expenses⁽⁵⁾		0.87	%⁽⁶⁾		0.97	%		1.16	%		1.24	%		1.01	%		1.06	%
Net expenses⁽⁵⁾⁽⁷⁾		0.82	⁽⁶⁾		0.92			1.11			1.19			0.95			1.01
Net investment income		0.86	⁽⁶⁾		0.92			2.49			0.77			1.76			1.82
Portfolio Turnover Rate		150	%⁽⁴⁾		402	%⁽⁴⁾		437	%		265	%		203	%		268	%

(1)	For the six months ended February 28, 2022 (unaudited).

(2)	Per share amounts have been calculated using the average shares method.

(3)

(4)	Not annualized.

(5)	Ratio includes interest expense on reverse repurchase agreements and sale-buyback transactions which represents 0.00%, less than 0.005%, 0.09%, 0.15%, 0.04%, and 0.11%, respectively.

(6)	Annualized.

(7)	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.

293



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Municipal Bond Fund
	2022⁽¹⁾			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	9.60		$	9.53		$	9.61		$	9.11		$	9.37		$	9.93

Income (Loss) from Operations:
Net investment income⁽²⁾		0.08			0.17			0.20			0.23			0.24			0.27
Net realized and unrealized gain (loss)		(0.38	)		0.12			(0.01	)		0.52			(0.26	)		(0.31	)

Total Income (Loss) from Operations		(0.30	)		0.29			0.19			0.75			(0.02	)		(0.04	)

Less Distributions from:
Net investment income		(0.08	)		(0.17	)		(0.21	)		(0.22	)		(0.24	)		(0.27	)
Net realized gain		(0.02	)		(0.05	)		(0.06	)		(0.03	)		—			(0.25	)

Total Distributions		(0.10	)		(0.22	)		(0.27	)		(0.25	)		(0.24	)		(0.52	)

Net Asset Value, End of Period	$	9.20		$	9.60		$	9.53		$	9.61		$	9.11		$	9.37

Total Return†⁽³⁾		(3.12	)%⁽⁴⁾		3.07	%		1.99	%		8.38	%		(0.21	)%		(0.22	)%
Net Assets, End of Period (millions)	$	91		$	92		$	69		$	86		$	64		$	58
Ratios to Average Net Assets:
Gross expenses		0.67	%⁽⁵⁾		0.73	%		0.73	%		0.74	%		0.72	%		0.75	%
Net expenses		0.67	⁽⁵⁾		0.73			0.73			0.74			0.72			0.75
Net investment income		1.67	⁽⁵⁾		1.79			2.16			2.44			2.61			2.85
Portfolio Turnover Rate		8	%⁽⁴⁾		7	%		10	%		42	%		18	%		13	%

(1)	For the six months ended February 28, 2022 (unaudited).

(2)	Per share amounts have been calculated using the average shares method.

(3)

(4)	Not annualized.

(5)	Annualized.

†	Calculated based on the net asset value as of the last business day of the period.

See Notes to Financial Statements.

294



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Inflation-Linked Fixed Income Fund
	2022⁽¹⁾			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	11.16		$	11.13		$	10.19		$	9.79		$	10.08		$	10.23

Income (Loss) from Operations:
Net investment income⁽²⁾		0.26			0.56			0.18			0.24			0.30			0.23
Net realized and unrealized gain (loss)		(0.32	)		0.07			0.88			0.38			(0.25	)		(0.13	)

Total Income (Loss) from Operations		(0.06	)		0.63			1.06			0.62			0.05			0.10

Less Distributions from:
Net investment income		(0.29	)		(0.60	)		(0.12	)		(0.22	)		(0.34	)		(0.24	)
Net realized gain		(0.39	)		—			—			—			—			(0.01	)

Total Distributions		(0.68	)		(0.60	)		(0.12	)		(0.22	)		(0.34	)		(0.25	)

Net Asset Value, End of Period	$	10.42		$	11.16		$	11.13		$	10.19		$	9.79		$	10.08

Total Return†⁽³⁾		(0.47	)%⁽⁴⁾		5.87	%		10.38	%		6.42	%		0.55	%		1.05	%
Net Assets, End of Period (millions)	$	143		$	148		$	156		$	217		$	240		$	190
Ratios to Average Net Assets:
Gross expenses⁽⁵⁾		1.21	%⁽⁶⁾		0.93	%		1.27	%		1.35	%		1.27	%		1.15	%
Net expenses⁽⁵⁾⁽⁷⁾		1.16	⁽⁶⁾		0.88			1.22			1.30			1.22			1.10
Net investment income		4.80	⁽⁶⁾		5.08			1.76			2.47			3.07			2.25
Portfolio Turnover Rate		30	%⁽⁴⁾		104	%		193	%		143	%		72	%		120	%

(1)	For the six months ended February 28, 2022 (unaudited).

(2)	Per share amounts have been calculated using the average shares method.

(3)

(4)	Not annualized.

(5)	Ratio includes interest expense on reverse repurchase agreements and sale-buyback transactions which represents 0.02%, 0.03%, 0.35%, 0.55%, 0.49% and 0.29%, respectively.

(6)	Annualized.

(7)	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.

295



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
	2022⁽¹⁾			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period	$	9.89		$	9.99		$	9.90		$	9.97		$	9.99		$	10.00

Income (Loss) from Operations:
Net investment income⁽²⁾		0.02			0.05			0.18			0.25			0.19			0.13
Net realized and unrealized gain (loss)		(0.06	)		0.01			0.06			(0.06	)		0.02			0.08

Total Income (Loss) from Operations		(0.04	)		0.06			0.24			0.19			0.21			0.21

Less Distributions from:
Net investment income		(0.06	)		(0.16	)		(0.15	)		(0.26	)		(0.23	)		(0.22	)

Net Asset Value, End of Period	$	9.79		$	9.89		$	9.99		$	9.90		$	9.97		$	9.99

Total Return†⁽³⁾		(0.42	)%⁽⁴⁾		0.61	%		2.36	%		2.07	%		2.09	%		2.14	%
Net Assets, End of Period (millions)	$	574		$	442		$	398		$	497		$	507		$	276
Ratios to Average Net Assets:
Gross expenses⁽⁵⁾		0.63	%⁽⁶⁾		0.67	%		0.69	%		0.82	%		0.71	%		0.84	%
Net expenses⁽⁵⁾⁽⁷⁾		0.57	⁽⁶⁾		0.62			0.64			0.77			0.66			0.79
Net investment income		0.38	⁽⁶⁾		0.50			1.78			2.51			1.90			1.29
Portfolio Turnover Rate		47	%⁽⁴⁾		55	%		96	%		97	%		128	%		103	%

(1)	For the six months ended February 28, 2022 (unaudited).

(2)	Per share amounts have been calculated using the average shares method.

(3)

(4)	Not annualized.

(5)	Ratio includes interest expense on reverse repurchase agreements and sale-buyback transactions which represents less than 0.005%, less than 0.005%, 0.02%, 0.07%, 0.04% and 0.05%, respectively.

(6)	Annualized.

(7)	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.

296



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Alternative Strategies Fund
	2022⁽¹⁾			2021			2020			2019			2018⁽²⁾
Net Asset Value, Beginning of Period	$	10.99		$	10.04		$	10.10		$	9.88		$	10.00

Income (Loss) from Operations:
Net investment income⁽³⁾		0.14			0.13			0.15			0.10			(0.09	)
Net realized and unrealized gain (loss)		(0.30	)		0.91			0.10			0.19			(0.03	)

Total Income (Loss) from Operations		(0.16	)		1.04			0.25			0.29			(0.12	)

Less Distributions from:
Net investment income		(0.07	)		(0.09	)		(0.28	)		(0.07	)		—
Net realized gain		(0.01	)		—			(0.03	)		—			—

Total Distributions		(0.08	)		(0.09	)		(0.31	)		(0.07	)		—

Net Asset Value, End of Period	$	10.75		$	10.99		$	10.04		$	10.10		$	9.88

Total Return†⁽⁴⁾		(1.24	)%⁽⁵⁾		10.39	%		2.61	%		2.90	%		(1.20	)%⁽⁵⁾
Net Assets, End of Period (millions)	$	145		$	119		$	39		$	27		$	6
Ratios to Average Net Assets:
Gross expenses		1.43	%⁽⁶⁾		1.56	%		1.85	%		2.34	%		11.00	%⁽⁶⁾
Net expenses⁽⁷⁾⁽⁸⁾		0.43	⁽⁶⁾		0.56			0.70			0.88			1.95	⁽⁶⁾
Net investment income (loss)		2.62	⁽⁶⁾		1.24			1.52			1.01			(1.72	)⁽⁶⁾
Portfolio Turnover Rate		27	%⁽⁵⁾		18	%		34	%		16	%		14	%⁽⁵⁾

(1)	For the six months ended February 28, 2022 (unaudited).

(2)	For the period form Fund inception (February 15, 2018) through the period ended August 31, 2018.

(3)	Per share amounts have been calculated using the average shares method.

(4)

(5)	Not annualized.

(6)	Annualized.

(7)	Reflects fee waivers and/or expense reimbursements.

(8)	Does not reflect the Fund’s proportionate share of income and expenses from the Underlying Fund.

†	Calculated based on the net asset value as of the last business day of the period.

See Notes to Financial Statements.

297



Notes to Financial Statements


(unaudited)

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 Large Cap Equity Fund, Small-Mid Cap Equity Fund, 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”). Each Fund is a diversified series of the Trust, except for International Fixed Income Fund, which is non-diversified.

The following is a summary of significant accounting policies consistently followed by the Funds which are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Estimates and assumptions are required to be made by management regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. The Funds are investment companies and follow the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 – Investment Companies.

In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other Interbank Offered Rate (“IBOR”)-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluated the impact of ASU 2020-04 on the Funds’ investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform and does not expect there will be any significant impact to the Funds.

(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”).

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

298



Notes to Financial Statements


(unaudited) (continued)

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 Board 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, bank 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.

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.

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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 London Interbank Offered Rate (“LIBOR”) 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 February 28, 2022			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Large Cap Equity Fund
Investments, at Value
Common Stocks:
Communication Services	$	152,783,847		$	152,783,847	$	—		$	—
Consumer Discretionary		241,315,148			241,315,148		—			—
Consumer Staples		98,944,271			98,944,271		—			—
Energy		46,324,082			46,324,082		—			—
Financials		193,801,618			193,801,618		—			—
Health Care		252,263,871			252,263,871		—			—
Industrials		193,808,423			193,808,423		—			—
Information Technology		542,817,921			542,817,921		—			—
Materials		46,146,149			46,136,437		9,712			—
Real Estate		55,716,442			55,716,442		—			—
Utilities		33,441,339			33,441,339		—			—
Closed End Mutual Fund Security:
Financials		20,627,401			20,627,401		—			—
Short-Term Investments:
Money Market Fund		14,551,315			14,551,315		—			—
Time Deposits		59,566,463			—		59,566,463			—

Total Investments, at Value	$	1,952,108,290		$	1,892,532,115	$	59,576,175		$	—

Security Lending Transactions — Liabilities	$	(14,551,315	)	$	—	$	(14,551,315	)	$	—

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	Total Fair Value at February 28, 2022			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
Futures Contracts	$	(804,809	)	$	(804,809	)	$	—		$	—

Total Other Financial Instruments — Liabilities	$	(804,809	)	$	(804,809	)	$	—		$	—

Small-Mid Cap Equity Fund
Investments, at Value
Common Stocks:
Communication Services	$	14,833,884		$	14,833,884		$	—		$	—
Consumer Discretionary		49,415,195			49,415,195			—			—
Consumer Staples		26,755,988			26,755,988			—			—
Energy		20,608,100			20,608,100			—			—
Financials		78,442,254			78,442,254			—			—
Health Care		89,741,977	*		89,737,025			4,952			—	*
Industrials		99,764,817			99,764,817			—			—
Information Technology		109,527,940			109,527,940			—			—
Materials		32,750,580	*		32,736,615			13,965			—	*
Real Estate		39,132,546			39,132,546			—			—
Utilities		17,479,516			17,479,516			—			—
Convertible Preferred Stocks:
Health Care		1,513,695			1,513,695			—			—
Utilities		1,407,317			1,407,317			—			—
Preferred Stocks:
Financials		1,982,457			1,982,457			—			—
Closed End Mutual Fund Securities:
Financials		1,034,650			1,034,650			—			—
Corporate Bonds & Notes:
Communication Services		1,009,827			—			1,009,827			—
Energy		12,560			—			12,560			—
Short-Term Investments:
Money Market Fund		25,763,756			25,763,756			—			—
Time Deposits		22,863,399			—			22,863,399			—

Total Investments, at Value	$	634,040,458	^*	$	610,135,755		$	23,904,703		$	—	^*

Security Lending Transactions — Liabilities	$	(25,763,756	)	$	—		$	(25,763,756	)	$	—

Other Financial Instruments — Liabilities
Futures Contracts	$	(70,096	)	$	(70,096	)	$	—		$	—

Total Other Financial Instruments — Liabilities	$	(70,096	)	$	(70,096	)	$	—		$	—

International Equity Fund
Investments, at Value
Common Stocks:
France	$	137,650,644		$	477,015		$	137,173,629		$	—
Germany		106,434,457			—			106,434,457			—
Japan		229,135,030			203,123			228,931,907			—
Switzerland		140,779,949			—			140,779,949			—
United Kingdom		252,407,373			1,157,943			251,249,430			—
Other Countries**		455,415,135			66,255,525			389,159,610			—

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	Total Fair Value at February 28, 2022			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Preferred Stocks:
Germany	$	9,055,791		$	—		$	9,055,791		$	—
Closed End Mutual Fund Security:
United States		732,668			732,668			—			—
Short-Term Investments:
Money Market Fund		13,330,809			13,330,809			—			—
Time Deposits		42,512,443			—			42,512,443			—

Total Investments, at Value	$	1,387,454,299		$	82,157,083		$	1,305,297,216		$	—

Security Lending Transactions — Liabilities	$	(13,330,809	)	$	—		$	(13,330,809	)	$	—

Other Financial Instruments — Liabilities
Futures Contracts		(42,208	)		(42,208	)		—			—

Total Other Financial Instruments — Liabilities	$	(42,208	)	$	(42,208	)	$	—		$	—

Emerging Markets Equity Fund
Investments, at Value
Common Stocks:
Brazil	$	32,366,692		$	32,366,692		$	—		$	—
China		135,069,156	*		13,451,613			121,617,543			—	*
India		67,855,182			9,706,888			58,148,294			—
South Korea		67,861,040			35,041			67,825,999			—
Taiwan		69,073,431			12,963,619			56,109,812			—
Other Countries**		126,089,592			28,600,141			96,489,488			999,963
Preferred Stocks:
Brazil		3,000,472			3,000,472			—			—
Chile		218,910			218,910			—			—
Colombia		88,657			88,657			—			—
Mexico		183,332			183,332			—			—
Russia		36,574			23,089			—			13,485
South Korea		4,136,608			—			4,136,608			—
Rights:
Brazil		334			—			334			—
South Korea		3,027			—			3,027			—
Short-Term Investments:
Money Market Fund		5,969,908			5,969,908			—			—
Time Deposits		18,006,718			—			18,006,718			—

Total Investments, at Value	$	529,959,633		$	106,608,362		$	422,337,823		$	1,013,448	*

Security Lending Transactions — Liabilities	$	(5,969,908	)	$	—		$	(5,969,908	)	$	—

Other Financial Instruments — Liabilities
Futures Contract		(75,532	)		(75,532	)		—			—

Total Other Financial Instruments — Liabilities	$	(75,532	)	$	(75,532	)	$	—		$	—

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	Total Fair Value at February 28, 2022			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Core Fixed Income Fund
Investments, at Value
U.S. Government Agencies & Obligations	$	415,913,786		$	—		$	415,913,786		$	—
Corporate Bonds & Notes		409,585,301	*		—			409,585,301			—	*
Mortgage-Backed Securities		300,369,558			—			300,369,558			—
Collateralized Mortgage Obligations		120,090,867			—			120,090,867			—
Sovereign Bonds		45,881,431			—			45,881,431			—
Senior Loans		21,605,392			—			21,605,392			—
Asset-Backed Securities		14,847,245			—			14,847,245			—
Municipal Bonds		3,845,067			—			3,845,067			—
Common Stock:
Wireless Telecommunication Service		383,714			383,714			—			—
Right:
Luxembourg		—			—			—			—
Purchased Options		866,533			819,368			47,165			—
Short-Term Investments:
Sovereign Bond		4,220,844			—			4,220,844			—
Time Deposits		46,827,137			—			46,827,137			—
U.S. Government Obligations		46,789,605			—			46,789,605			—

Total Investments, at Value	$	1,431,226,480	*	$	1,203,082		$	1,430,023,398		$	—	*

Other Financial Instruments — Assets
Futures Contracts	$	1,813,698		$	1,813,698		$	—		$	—
Forward Foreign Currency Contracts		770,715			—			770,715			—
Centrally Cleared Interest Rate Swaps		1,595,942			—			1,595,942			—
Centrally Cleared Inflation Rate Swap		149,212			—			149,212			—
Centrally Cleared Credit Default Swap		31,154			—			31,154			—

Total Other Financial Instruments — Assets	$	4,360,721		$	1,813,698		$	2,547,023		$	—

Other Financial Instruments — Liabilities
Options Contracts Written	$	(1,754,092	)	$	(1,754,092	)	$	—		$	—
Futures Contracts		(3,320,829	)		(3,320,829	)		—			—
Forward Foreign Currency Contracts		(1,708,514	)		—			(1,708,514	)		—
OTC Interest Rate Swaps		(280,135	)		—			(280,135	)		—
Centrally Cleared Interest Rate Swaps		(209,667	)		—			(209,667	)		—
Centrally Cleared Inflation Rate Swap		(158,048	)		—			(158,048	)		—

Total Other Financial Instruments — Liabilities	$	(7,431,285	)	$	(5,074,921	)	$	(2,356,364	)	$	—

High Yield Fund
Investments, at Value
Corporate Bonds & Notes	$	166,920,284		$	—		$	166,920,284		$	—
Senior Loans		5,825,445			—			5,825,445			—
Collateralized Mortgage Obligations		4,569,013			—			4,569,013			—
Convertible Preferred Stocks:
Energy		787,294			—			787,294			—

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	Total Fair Value at February 28, 2022			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Common Stocks:
Consumer Cyclical	$	7,668		$	7,668		$	—		$	—
Energy		420,713			420,713			—			—
Preferred Stocks:
Financials		563,247			563,247			—			—
Sovereign Bonds		47,950			—			47,950			—
Short-Term Investments:
Time Deposits		7,820,377			—			7,820,377			—

Total Investments, at Value	$	186,961,991		$	991,628		$	185,970,363		$	—

International Fixed Income Fund
Investments, at Value
Sovereign Bonds
Japan	$	31,787,918		$	—		$	31,787,918		$	—
Spain		10,734,203			—			10,734,203			—
Other Countries**		35,394,807			—			35,394,807			—
Collateralized Mortgage Obligations		39,425,799			—			39,425,799			—
Corporate Bonds & Notes:
Other Countries**		29,700,805			—			29,700,805			—
Mortgage-Backed Securities		17,351,940			—			17,351,940			—
U.S. Government Obligations		4,671,211			—			4,671,211			—
Asset-Backed Securities		455,830			—			455,830			—
Municipal Bond		103,700			—			103,700			—
Purchased Options		61,246			1,872			59,374			—
Short-Term Investments:
Sovereign Bonds		5,905,304			—			5,905,304			—
Time Deposits		3,645,504			—			3,645,504			—
U.S. Government Obligation		1,160,968			—			1,160,968			—

Total Investments, at Value	$	180,399,235		$	1,872		$	180,397,363		$	—

Other Financial Instruments — Assets
Futures Contracts	$	89,491		$	89,491		$	—		$	—
Forward Foreign Currency Contracts		536,788			—			536,788			—
OTC Total Return Swaps		563,783			—			563,783			—
OTC Interest Rate Swaps		19,421			—			19,421			—
Centrally Cleared Interest Rate Swaps		1,545,301			—			1,545,301			—
OTC Credit Default Swaps		98,148			—			98,148			—
Centrally Cleared Credit Default Swaps		179,568			—			179,568			—
OTC Cross-Currency Swap		79,519			—			79,519			—

Total Other Financial Instruments — Assets	$	3,112,019		$	89,491		$	3,022,528		$	—

Other Financial Instruments — Liabilities
Options Contracts Written	$	(276,373	)	$	(8,600	)	$	(267,773	)	$	—
Reverse Repurchase Agreement		(187,000	)		—			(187,000	)		—
Forward Sale Commitments		(30,231,035	)		—			(30,231,035	)		—
Futures Contracts		(1,718,330	)		(1,718,330	)		—			—
Forward Foreign Currency Contracts		(439,589	)		—			(439,589	)		—
OTC Interest Rate Swap		(1,023	)		—			(1,023	)		—

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	Total Fair Value at February 28, 2022			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Centrally Cleared Interest Rate Swaps	$	(2,956,015	)	$	—		$	(2,956,015	)	$	—
Centrally Cleared Inflation Rate Swaps		(145,179	)		—			(145,179	)		—
OTC Credit Default Swap		(1,588	)		—			(1,588	)		—
Centrally Cleared Credit Default Swaps		(211,516	)		—			(211,516	)		—

Total Other Financial Instruments — Liabilities	$	(36,167,648	)	$	(1,726,930	)	$	(34,440,718	)	$	—

Municipal Bond Fund
Investments, at Value
Municipal Bonds	$	86,346,147		$	—		$	86,346,147		$	—
Closed End Mutual Fund Security:
United States		2,344,576			2,344,576			—			—
Short-Term Investments:
Time Deposits		1,540,773			—			1,540,773			—

Total Investments, at Value	$	90,231,496		$	2,344,576		$	87,886,920		$	—

Other Financial Instruments — Liabilities
Futures Contracts	$	(18,382	)	$	(18,382	)	$	—		$	—

Total Other Financial Instruments — Liabilities	$	(18,382	)	$	(18,382	)	$	—		$	—

Inflation-Linked Fixed Income Fund
Investments, at Value
U.S. Government Agencies & Obligations	$	141,693,019		$	—		$	141,693,019		$	—
Sovereign Bonds		16,374,009			—			16,374,009			—
Collateralized Mortgage Obligations		12,689,880			—			12,689,880			—
Corporate Bonds & Notes		7,021,529			—			7,021,529			—
Mortgage-Backed Securities		5,612,272			—			5,612,272			—
Purchased Options		496,304			—			496,304			—
Short-Term Investments:
Time Deposits		665,973			—			665,973			—

Total Investments, at Value	$	184,552,986		$	—		$	184,552,986		$	—

Other Financial Instruments — Assets
Futures Contracts	$	149,459		$	149,459		$	—		$	—
Forward Foreign Currency Contracts		278,636			—			278,636			—
Centrally Cleared Interest Rate Swaps		170,819			—			170,819			—
Centrally Cleared Inflation Rate Swaps		1,743,094			—			1,743,094			—
Centrally Cleared Credit Default Swap		1,496			—			1,496			—

Total Other Financial Instruments — Assets	$	2,343,504		$	149,459		$	2,194,045		$	—

Other Financial Instruments — Liabilities
Options Contracts Written	$	(712,747	)	$	—		$	(712,747	)	$	—
Reverse Repurchase Agreements		(38,152,465	)		—			(38,152,465	)		—
Futures Contracts		(263,549	)		(263,549	)		—			—
Forward Foreign Currency Contracts		(109,642	)		—			(109,642	)		—
Centrally Cleared Interest Rate Swaps		(13,677	)		—			(13,677	)		—
Centrally Cleared Inflation Rate Swaps		(2,576,013	)		—			(2,576,013	)		—

Total Other Financial Instruments — Liabilities	$	(41,828,093	)	$	(263,549	)	$	(41,564,544	)	$	—

305



Notes to Financial Statements


(unaudited) (continued)


	Total Fair Value at February 28, 2022			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Ultra-Short Term Fixed Income Fund
Investments, at Value
Corporate Bonds & Notes	$	234,364,385		$	—		$	234,364,385		$	—
Collateralized Mortgage Obligations		165,748,902			—			165,748,902			—
U.S. Government Agencies & Obligations		129,325,850			—			129,325,850			—
Asset-Backed Securities		24,421,115			—			24,421,115			—
Sovereign Bonds		15,355,854			—			15,355,854			—
Mortgage-Backed Securities		1,239,530			—			1,239,530			—
Certificate of Deposit		1,023,331			—			1,023,331			—
Short-Term Investments:
Commercial Papers		4,197,861			—			4,197,861			—
Corporate Bond		4,300,000			—			4,300,000			—
Time Deposits		8,764,111			—			8,764,111			—
U.S. Government Obligations		399,745,667			—			399,745,667			—

Total Investments, at Value	$	988,486,606		$	—		$	988,486,606		$	—

Other Financial Instruments — Assets
Futures Contract	$	343,972		$	343,972		$	—		$	—
Forward Foreign Currency Contracts		657,547			—			657,547			—
Centrally Cleared Credit Default Swap		314,110			—			314,110			—

Total Other Financial Instruments — Assets	$	1,315,629		$	343,972		$	971,657		$	—

Other Financial Instruments — Liabilities
Futures Contracts	$	(1,349,662	)	$	(1,349,662	)	$	—		$	—
Forward Foreign Currency Contracts		(2,110,503	)		—			(2,110,503	)		—

Total Other Financial Instruments — Liabilities	$	(3,460,165	)	$	(1,349,662	)	$	(2,110,503	)	$	—

Alternative Strategies Fund
Investments, at Value
Open End Mutual Fund Securities
United States	$	144,000,830		$	144,000,830		$	—		$	—

Total Investments, at Value	$	144,000,830		$	144,000,830		$	—		$	—

*	Includes securities that are valued in good faith at fair value by or under the direction of the Board of Trustees at $0.

**	Other Countries represents Countries that are individually less than 5% of Net Assets.

The level classification by major category of investments is the same as the category presentation in the Schedules of Investments.

Transfer between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes.

306



Notes to Financial Statements


(unaudited) (continued)

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the period September 1, 2021 through February 28, 2022:


	Total			Asset- Backed Securities		Collateralized Mortgage Obligations		Common Stocks			Preferred Stocks			Corporate Bonds & Notes			Senior Loans
Small-Mid Cap Equity Fund
Balance as of August 31, 2021	$	—	*	$	—	$	—	$	—	*	$	—		$	—		$	—
Total realized gain (loss)		11			—		—		11			—			—			—
Change in unrealized appreciation (depreciation)		—			—		—		—			—			—			—
Purchases		—			—		—		—			—			—			—
(Sales)		(11	)		—		—		(11	)		—			—			—
Transfers in		—			—		—		—			—			—			—
(Transfers out)		—			—		—		—			—			—			—

Balance as of February 28, 2022	$	—	*	$	—	$	—	$	—	*	$	—		$	—		$	—

Change in unrealized appreciation (depreciation) from Investments held as of February 28, 2022	$	—		$	—	$	—	$	—			—		$	—		$	—


Emerging Markets Equity Fund
Balance as of August 31, 2021	$	19	*	$	—	$	—	$	19	*	$	—		$	—		$	—
Total realized gain (loss)		1,403,035			—		—		1,403,035			—			—			—
Change in unrealized appreciation (depreciation)		(7,778,296	)		—		—		(7,725,687	)		(52,609	)		—			—
Purchases		950,045			—		—		925,301			24,744			—			—
(Sales)		(2,304,526	)		—		—		(2,304,526	)		—			—			—
Transfers in		8,743,171			—		—		8,701,821			41,350			—			—
(Transfers out)		—			—		—		—			—			—			—

Balance as of February 28, 2022		1,013,448	*	$	—	$	—	$	999,963	*	$	13,485		$	—		$	—

Change in unrealized appreciation (depreciation) from Investments held as of February 28, 2022	$	(7,778,296	)	$	—	$	—	$	(7,725,687	)	$	(52,609	)	$	—		$	—


Core Fixed Income Fund
Balance as of August 31, 2021	$	—	*	$	—	$	—	$	—		$	—		$	—	*	$	—
Total realized gain (loss)		—			—		—		—			—			—			—
Change in unrealized appreciation (depreciation)		—			—		—		—			—			—			—
Purchases		—			—		—		—			—			—			—
(Sales)		—			—		—		—			—			—			—
Transfers in		—			—		—		—			—			—			—
(Transfers out)		—			—		—		—			—			—			—

Balance as of February 28, 2022	$	—	*	$	—	$	—	$	—		$	—		$	—	*	$	—

Change in unrealized appreciation (depreciation) from Investments held as of February 28, 2022	$	—		$	—	$	—	$	—		$	—		$	—		$	—

307



Notes to Financial Statements


(unaudited) (continued)


	Total			Asset-Backed Securities			Collateralized Mortgage Obligations			Common Stocks		Preferred Stocks		Corporate Bonds & Notes		Senior Loans


High Yield Fund
Balance as of August 31, 2021	$	322,753		$	—		$	—		$	—	$	—	$	—	$	322,753
Total realized gain (loss)		—			—			—			—		—		—		—
Change in unrealized appreciation (depreciation)		(12,814	)		—			—			—		—		—		(12,814	)
Purchases		21,161			—			—			—		—		—		21,161
(Sales)		—			—			—			—		—		—		—
Transfers in		—			—			—			—		—		—		—
(Transfers out)		(331,100	)		—			—			—		—		—		(331,100	)

Balance as of February 28, 2022	$	—		$	—		$	—		$	—	$	—	$	—	$	—

Change in unrealized appreciation (depreciation) from Investments held as of February 28, 2022	$	—		$	—		$	—		$	—	$	—	$	—	$	—


International Fixed Income Fund
Balance as of August 31, 2021	$	1,342,080		$	—		$	1,342,080		$	—	$	—	$	—	$	—
Total realized gain (loss)		(7,461	)		—			(7,461	)		—		—		—		—
Change in unrealized appreciation (depreciation)		(6,732	)		—			(6,732	)		—		—		—		—
Purchases		—			—			—			—		—		—		—
(Sales)		(1,238,628	)		—			(1,238,628	)		—		—		—		—
Transfers in		—			—			—			—		—		—		—
(Transfers out)		(89,259	)		—			(89,259	)		—		—		—		—

Balance as of February 28, 2022	$	—		$	—		$	—		$	—	$	—	$	—	$	—

Change in unrealized appreciation (depreciation) from Investments held as of February 28, 2022	$	—		$	—		$	—		$	—	$	—	$	—	$	—


Ultra-Short Term Fixed Income Fund
Balance as of August 31, 2021	$	1,499,654		$	299,716		$	1,199,938		$	—	$	—	$	—	$	—
Total realized gain (loss)		(206,969	)		(113,193	)		(93,776	)		—		—		—		—
Change in unrealized appreciation (depreciation)		(23,524	)		(2,688	)		(20,836	)		—		—		—		—
Purchases		745,278			745,278			—			—		—		—		—
(Sales)		—			—			—			—		—		—		—
Transfers in		—			—			—			—		—		—		—
(Transfers out)		(2,014,439	)		(929,113	)		(1,085,326	)		—		—		—		—

Balance as of February 28, 2022	$	—		$	—		$	—		$	—	$	—	$	—	$	—

Change in unrealized appreciation (depreciation) from Investments held as of February 28, 2022	$	—		$	—		$	—		$	—	$	—	$	—	$	—

*	Includes securities that are valued at $0.

(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.

308



Notes to Financial Statements


(unaudited) (continued)

All open derivative positions at the period-end for each Fund are disclosed in the Fund’s Schedule of Investments.

Certain Funds may use derivative instruments including futures, options, forward foreign currency contracts, swaptions and swap contracts as part of their investment strategies. Following is a description of these derivative instruments, including the primary underlying risk exposures related to each instrument type:

(i) Futures Contracts. Certain Funds may enter into futures contracts, to the extent permitted by their investment policies and objectives, for bonafide hedging and other permissible risk management purposes including protecting against anticipated changes in the value of securities a Fund intends to purchase. Upon entering into a futures contract, a Fund is required to deposit cash or securities as initial margin, which is included in deposits for collateral with counterparty on the Statements of Assets and Liabilities. Additional securities are also segregated as collateral up to the current market value of the futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund, depending on the fluctuation in the value of the underlying financial instruments and are reported on the Statements of Assets and Liabilities. The Fund recognizes an unrealized gain or loss equal to the variation margin. When futures contracts are closed, a realized gain or loss is recognized which is equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contracts.

The risks associated with entering into futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, investing in futures contracts involves the risk that the Fund could lose more than the original margin deposit due to subsequent payments that may be required for a futures transaction.

(ii) Options Written. Certain Funds may write options to manage exposure to certain changes in the market. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the Fund realizes a gain from investments equal to the amount of the premium received. When a written call option is exercised, the premium received is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. When a written put option is exercised, the amount of the premium received reduces the cost of the security purchased by the Fund.

When writing a covered call option, a Fund may forego the opportunity of profit if the market price of the underlying security increases more than the premium received and the option is exercised. When writing a put option, a Fund may incur a loss if the market price of the underlying security decreases more than the premium received and the option is exercised. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

(iii) Purchased Options. Certain Funds may purchase options to manage exposure to certain changes in the market. A Fund will normally purchase call options in anticipation of an increase in the market value of securities of the type in which they may invest, an amount equal to the value is recorded as an asset. The purchase of a call option will entitle a Fund, in return for the premium paid, to purchase specified securities at a specified price during the option period. A Fund will ordinarily realize a gain if, during the option period, the value of such securities exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise, the Fund will realize a loss equal to the amount of the premium paid on the purchase of the call option.

A Fund will normally purchase put options in anticipation of a decline in the market value of securities in its portfolio (“protective puts”) or in securities in which it may invest. The purchase of a put option will entitle the Fund, in exchange for the premium paid, to sell specified securities at a specified price during the option period. The purchase of protective puts is designed to offset or hedge against a decline in the market value of the Fund’s securities. Put options may also be purchased by a Fund for the purpose of affirmatively benefiting from a decline in the price of securities which it does not own. The Fund will ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to more than cover the premium and transaction costs; otherwise the Fund will realize a loss equal to the amount of the premium paid on the purchase of the put option. Gains and losses on the purchase of protective put options would tend to be offset by countervailing changes in the value of the underlying portfolio securities.

309



Notes to Financial Statements


(unaudited) (continued)

(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 change 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 period-end are included on the Fund’s Schedule of Investments under the caption “Purchased Options.”

Certain Funds may write swaption contracts to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Swaption contracts written by a Fund represent an option that obligates the writer upon exercise by the purchaser, to enter into a previously agreed upon swap contract on a future date. If a written call swaption is exercised, the writer will enter into a swap and is obligated to pay the fixed rate and receive a floating rate in exchange. If a written put swaption is exercised, the writer will enter a swap and is obligated to pay the floating rate and receive a fixed rate in exchange.

When a Fund writes a swaption, the premium received is recorded as a liability in the Statements of Assets and Liabilities and is subsequently adjusted to the current market value of the swaption. Changes in the value of the swaption are reported as unrealized gains or losses in the Statements of Operations. A gain or loss is recognized when the swaption contract expires or is closed. Premiums received from writing swaptions that expire or are exercised are treated by the Fund as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction is also treated as a realized gain or, if the premium received is less than the amount paid for the closing purchase, as a realized loss.

Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk, associated with both option contracts and swap contracts. To reduce credit risk from potential counterparty default, a Fund only enters into swaption contracts with counterparties that meet certain standards of creditworthiness. A Fund bears the market risk arising from any change in index values or interest rates.

(vii) Swap Contracts. Swaps involve the exchange by a Fund with another party of the respective amounts payable with respect to a notional principal amount related to one or more indices. Certain Funds may enter into these transactions to preserve a return or spread on a particular investment or portion of its assets, as a duration management technique or to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. Certain Funds may also use these transactions for speculative purposes, such as to obtain the price performance of a security without actually purchasing the security in circumstances where, for example, the subject security is illiquid, is unavailable for direct investment or available only on less attractive terms.

310



Notes to Financial Statements


(unaudited) (continued)

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.

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

311



Notes to Financial Statements


(unaudited) (continued)

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) Volatility Swap Contracts. A volatility swap is an agreement between counterparties to exchange periodic payments based on the measured volatility of a reference security, index, currency or other reference investment over a specified time frame. One cash flow is typically based on the realized volatility of the reference investment as measured by changes in its price or level over the specified time period while the other cash flow is based on a specified rate representing expected volatility for the reference investment at the time the swap is executed, or the measured volatility of a different reference investment over the specified time period. The appreciation or depreciation on a volatility swap will typically depend on the magnitude of the reference investment’s volatility, or size of the movements in its price, over the specified time period, rather than general directional increases or decreases in its price.

Volatility swaps are less standard in structure than other types of swaps and provide pure, or isolated, exposure to volatility risk of the specific underlying reference investment. Volatility swaps are typically used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of investments held by the Fund.

Variance swaps are a type of volatility swap where counterparties agree to exchange periodic payments based on the measured variance (or the volatility squared) of a reference security, index, or other reference investment over a specified time period. At payment date, a net cash flow will be exchanged based on the difference between the realized variance of the reference investment over the specified time period and the specified rate representing expected variance for the reference investment at the time the swap is executed multiplied by the notional amount of the contract.

(xiii) Inflation Rate Swap Contracts. The Fund may enter into inflation rate swap contracts to attempt to hedge against inflation. Pursuant to the inflation rate swap agreement, the Fund negotiates with a counterparty to exchange a periodic stream of payments, based on a benchmark inflation index. One cash flow stream will typically be a floating rate payment linked to the specified inflation index while the other is typically a fixed interest rate.

Inflation rate swaps are normally issued on a zero coupon basis where all payments compound during the life of the contract and are netted upon the termination or maturity of the contract. Final payments received or paid by the Fund are recorded as realized gains or losses in the Statements of Operations. Inflation rate swap contracts are subject to movements in interest rates.

(xiv) Total Return Swaps. The Fund may enter into total return swap contracts to gain exposure and benefit from 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.

312



Notes to Financial Statements


(unaudited) (continued)

The following is a summary of the fair valuations of the Funds’ derivative instruments categorized by risk exposure at February 28, 2022:

Large Cap Equity Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2022:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	—	$	—	$	—	$	804,809	$	804,809


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2022:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	1,418,401		$	1,418,401

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	(1,824,519	)	$	(1,824,519	)

Small-Mid Cap Equity Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2022:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	—	$	—	$	—	$	70,096	$	70,096


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2022:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	(100,350	)	$	(100,350	)

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	(107,324	)	$	(107,324	)

International Equity Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2022:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	—	$	—	$	—	$	42,208	$	42,208

313



Notes to Financial Statements


(unaudited) (continued)


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2022:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	110,135		$	110,135

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	(57,060	)	$	(57,060	)

Emerging Markets Equity Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2022:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	—	$	—	$	—	$	75,532	$	75,532


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2022:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	(62,517	)	$	(62,517	)
Forward foreign currency contracts		—		843		—		—			843

	$	—	$	843	$	—	$	(62,517	)	$	(61,674	)

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	(86,162	)	$	(86,162	)

Core Fixed Income Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2022:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Purchased options (c)	$	866,533	$	—	$	—	$	—	$	866,533
Unrealized appreciation on open futures contracts (b)		1,813,698		—		—		—		1,813,698
Unrealized appreciation on forward foreign currency contracts (c)		—		770,715		—		—		770,715
Unrealized appreciation on centrally cleared swaps (f)		1,745,153		—		31,154		—		1,776,307

	$	4,425,384	$	770,715	$	31,154	$	—	$	5,227,253

Liability derivatives
Options contracts written outstanding (a)	$	1,754,092	$	—	$	—	$	—	$	1,754,092
Unrealized depreciation on open futures contracts (b)		3,320,829		—		—		—		3,320,829
Unrealized depreciation on forward foreign currency contracts (a)		—		1,708,514		—		—		1,708,514
Unrealized depreciation on centrally cleared swaps (f)		367,715		—		—		—		367,715
Unrealized depreciation on OTC swaps (a)		280,135		—		—		—		280,135

	$	5,722,771	$	1,708,514	$	—	$	—	$	7,431,285

314



Notes to Financial Statements


(unaudited) (continued)


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2022:

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
Realized gain/(loss) on derivatives (d)
Purchased options	$	(582,383	)	$	(18,378	)	$	—		$	—	$	(600,761	)
Futures contracts		(3,918,433	)		—			—			—		(3,918,433	)
Options contracts written		744,195			—			—			—		744,195
Swap contracts		2,880,497			—			(22,005	)		—		2,858,492
Forward foreign currency contracts		—			(333,935	)		—			—		(333,935	)

	$	(876,124	)	$	(352,313	)	$	(22,005	)	$	—	$	(1,250,442	)

Change in unrealized appreciation (depreciation) on derivatives (e)
Purchased options	$	242,418		$	(12,938	)	$	—		$	—	$	229,480
Futures contracts		(1,276,784	)		—			—			—		(1,276,784	)
Options contracts written		(357,469	)		—			—			—		(357,469	)
Swap contracts		(414,554	)		—			31,154			—		(383,400	)
Forward foreign currency contracts		—			(955,462	)		—			—		(955,462	)

	$	(1,806,389	)	$	(968,400	)	$	31,154		$	—	$	(2,743,635	)

International Fixed Income Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2022:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Purchased options (c)	$	55,675	$	5,571	$	—	$	—	$	61,246
Unrealized appreciation on open futures contracts (b)		89,491		—		—		—		89,491
Unrealized appreciation on forward foreign currency contracts (c)		—		536,788		—		—		536,788
Unrealized appreciation on centrally cleared swaps (f)		1,545,301		—		179,568		—		1,724,869
Unrealized appreciation on OTC swaps (c)		583,204		79,519		98,148		—		760,871

	$	2,273,671	$	621,878	$	277,716	$	—	$	3,173,265

Liability derivatives
Options contracts written outstanding (a)	$	233,536	$	3,919	$	38,918	$	—	$	276,373
Unrealized depreciation on open futures contracts (b)		1,718,330		—		—		—		1,718,330
Unrealized depreciation on forward foreign currency contracts (a)		—		439,589		—		—		439,589
Unrealized depreciation on centrally cleared swaps (f)		3,101,194		—		211,516		—		3,312,710
Unrealized depreciation on OTC swaps (a)		1,023		—		1,588		—		2,611

	$	5,054,083	$	443,508	$	252,022	$	—	$	5,749,613

315



Notes to Financial Statements


(unaudited) (continued)


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2022:

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Realized gain/(loss) on derivatives (d)
Purchased options	$	(31,981	)	$	—		$	—		$	—		$	(31,981	)
Futures contracts		574,205			—			—			—			574,205
Options contracts written		206,394			11,039			34,519			—			251,952
Swap contracts		(242,096	)		—			(67,822	)		(414,119	)		(724,037	)
Forward foreign currency contracts		—			3,545,924			—			—			3,545,924

	$	506,522		$	3,556,963		$	(33,303	)	$	(414,119	)	$	3,616,063

Change in unrealized appreciation (depreciation) on derivatives (e)
Purchased options	$	46,411		$	2,029		$	—		$	—		$	48,440
Futures contracts		(1,645,478	)		—			—			—			(1,645,478	)
Options contracts written		(167,246	)		5,725			(19,071	)		—			(180,592	)
Swap contracts		(446,837	)		(19,075	)		12,304			—			(453,608	)
Forward foreign currency contracts		—			(384,300	)		—			—			(384,300	)

	$	(2,213,150	)	$	(395,621	)	$	(6,767	)	$	—		$	(2,615,538	)

Municipal Bond Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2022:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	18,382	$	—	$	—	$	—	$	18,382


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2022:

Location	Interest rate risk			Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	91,990		$	—	$	—	$	—	$	91,990

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	(18,234	)	$	—	$	—	$	—	$	(18,234	)

316



Notes to Financial Statements


(unaudited) (continued)

Inflation-Linked Fixed Income Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2022:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Purchased options (c)	$	496,304	$	—	$	—	$	—	$	496,304
Unrealized appreciation on open futures contracts (b)		149,459		—		—		—		149,459
Unrealized appreciation on forward foreign currency contracts (c)		—		278,636		—		—		278,636
Unrealized appreciation on centrally cleared swaps (f)		1,913,913		—		1,496		—		1,915,409

	$	2,559,676	$	278,636	$	1,496	$	—	$	2,839,808

Liability derivatives
Options contracts written outstanding (a)	$	700,979	$	—	$	11,768	$	—	$	712,747
Unrealized depreciation on open futures contracts (b)		263,549		—		—		—		263,549
Unrealized depreciation on forward foreign currency contracts (a)		—		109,642		—		—		109,642
Unrealized depreciation on centrally cleared swaps (f)		2,589,690		—		—		—		2,589,690

	$	3,554,218	$	109,642	$	11,768	$	—	$	3,675,628


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2022:

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
Realized gain/(loss) on derivatives (d)
Purchased options	$	(443	)	$	—		$	—		$	—	$	(443	)
Futures contracts		419,677			—			—			—		419,677
Options contracts written		10,758			—			12,535			—		23,293
Swap contracts		(101,917	)		—			508			—		(101,409	)
Forward foreign currency contracts		—			914,993			—			—		914,993

	$	328,075		$	914,993		$	13,043		$	—	$	1,256,111

Change in unrealized appreciation (depreciation) on derivatives (e)
Purchased options	$	183,784		$	—		$	—		$	—	$	183,784
Futures contracts		10,357			—			—			—		10,357
Options contracts written		(408,582	)		—			(4,535	)		—		(413,117	)
Swap contracts		(398,445	)		—			(299	)		—		(398,744	)
Forward foreign currency contracts		—			(301	)		—			—		(301	)

	$	(612,886	)	$	(301	)	$	(4,834	)	$	—	$	(618,021	)

Ultra-Short Term Fixed Income Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2022:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	343,972	$	—	$	—	$	—	$	343,972
Unrealized appreciation on forward foreign currency contracts (c)		—		657,547		—		—		657,547
Unrealized appreciation on centrally cleared swaps (f)		—		—		314,110		—		314,110

	$	343,972	$	657,547	$	314,110	$	—	$	1,315,629

Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	1,349,662	$	—	$	—	$	—	$	1,349,662
Unrealized depreciation on forward foreign currency contracts (a)		—		2,110,503		—		—		2,110,503

	$	1,349,662	$	2,110,503	$	—	$	—	$	3,460,165

317



Notes to Financial Statements


(unaudited) (continued)


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2022:

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	4,547,016		$	—		$	—		$	—	$	4,547,016
Swap contracts		(25,491	)		—			(88,320	)		—		(113,811	)
Forward foreign currency contracts		—			3,758,788			—			—		3,758,788

	$	4,521,525		$	3,758,788		$	(88,320	)	$	—	$	8,191,993

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	(800,312	)	$	—		$	—		$	—	$	(800,312	)
Swap contracts		—			—			342,649			—		342,649
Forward foreign currency contracts		—			(2,418,518	)		—			—		(2,418,518	)

	$	(800,312	)	$	(2,418,518	)	$	342,649		$	—	$	(2,876,181	)

(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 investments, forward foreign currency contracts, futures contracts, options contracts written or swap contracts.

(e)	Statements of Operations location: Change in net unrealized appreciation (depreciation) from investments, forward foreign currency contracts, futures contracts, options contracts written or swap 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 period ended February 28, 2022 were as follows:

Large Cap Equity Fund


	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	13,798,293

Small-Mid Cap Equity Fund


	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	2,312,319

International Equity Fund


	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	1,730,406

Emerging Markets Equity Fund


	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	1,491,970
Forward foreign currency contracts		—		179,281		—		—

318



Notes to Financial Statements


(unaudited) (continued)

Core Fixed Income Fund


	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Purchased options	$	406,446	$	14,804	$	—	$	—
Futures contracts		610,203,549		—		—		—
Option contracts written		665,947		—		—		—
Swap contracts		75,222,479				882,857		—
Forward foreign currency contracts		—		41,489,172		—		—

International Fixed Income Fund


	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Purchased options	$	41,018	$	1,130	$	—	$	—
Futures contracts		82,435,711		—		—		—
Option contracts written		177,085		11,262		15,559		—
Swap contracts		271,083,544		1,523,865		21,436,027		—
Forward foreign currency contracts		—		173,576,618		—		—

Municipal Bond Fund


	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	1,999,656	$	—	$	—	$	—

Inflation-Linked Fixed Income Fund


	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Purchased options	$	288,054	$	—	$	—	$	—
Futures contracts		82,885,964		—		—		—
Option contracts written		356,193		—		6,241		—
Swap contracts		64,336,325		—		100,000		—
Forward foreign currency contracts		—		40,325,250		—		—

Ultra-Short Term Fixed Income Fund


	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	384,757,048	$	—	$	—	$	—
Swap contracts		—		—		36,614,286		—
Forward foreign currency contracts		—		205,752,753		—		—

(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.

319



Notes to Financial Statements


(unaudited) (continued)

(d) Stripped Securities. Certain Funds may invest in “Stripped Securities”, a term used collectively for stripped fixed income securities. Stripped Securities can be principal-only securities (“PO”), which are debt obligations that have been stripped of interest coupons, or interest-only securities (“IO”), which are interest coupons that have been stripped from debt obligations. As is the case with all securities, the market value of Stripped Securities will fluctuate in response to changes in economic conditions, interest rates and the market’s perception of the securities. However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation increases with a longer period of maturity. The yield-to-maturity on an IO is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in the IO.

(e) Time Deposits. Certain Funds may purchase overnight time deposits issued by offshore branches of U.S. banks that meet credit and risk standards established by the custodian and approved by the Board.

(f) Lending of Portfolio Securities. The Trust has an agreement with its custodian, whereby the custodian, as agent, may lend securities owned by the Funds to brokers, dealers and other financial organizations that have been approved as borrowers by the Funds. The custodian enters into agreements with the borrowers. Loans of securities by a Fund are collateralized by cash, U.S. government securities or irrevocable performance letters of credit issued by banks approved by the Funds. All non-cash collateral is received, held and administered by the custodian in an applicable custody account or other account established for the purpose of holding collateral for each Fund. Cash collateral received by the Funds as a result of securities lending activities is invested in an unaffiliated registered money market fund, and is recorded as Payable for collateral received from securities on loan within the Statements of Assets and Liabilities. Securities lending income represents the income earned on investing cash collateral plus any premium payments that may be received on the loan of certain types of securities, less fees and expenses associated with the loan. Each Fund maintains the risk of any market loss on its securities on loan as well as the potential loss on investments purchased with cash collateral received from its securities lending. The custodian has the right under its agreement with the borrowers to recover any loaned securities from the borrower on demand. Additionally, the Funds are exposed to risks that a borrower may not provide additional collateral when required or return loaned securities when due. If the borrower fails to return the securities, the custodian will use the collateral to purchase replacement securities. The custodian is responsible for any shortfall in collateral value under certain circumstances.

The following table presents securities on loan that are subject to enforceable netting arrangements as of February 28, 2022:

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)
Large Cap Equity Fund	$	14,683,173	$	—	$	(14,551,315	)	$	131,858
Small-Mid Cap Equity Fund		25,436,238		—		(25,436,238	)		0
International Equity Fund		17,480,430		—		(17,480,430	)		0
Emerging Markets Equity Fund		6,001,562		—		(6,001,562	)		0

(a)	Represents market value of securities on loan at period end.

(b)

The Funds received cash collateral of $14,551,315, $25,763,756, $13,330,809 and $5,969,908, 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, $67,944, $5,093,093 and $278,805, respectively, in the form of U.S. Government Obligations, which the Funds cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

(c)	The actual collateral received could be greater than the amount shown here due to overcollateralization.

The Funds have adopted the disclosure provisions of FASB Accounting Standards Update No. 2014-11 (“ASU No. 2014-11”), “Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” ASU No. 2014-11 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 borrowing.

320



Notes to Financial Statements


(unaudited) (continued)

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 February 28, 2022:


	Remaining Contractual Maturity of the Agreements As of February 28, 2022
	Overnight and Continuous		< 30 days		Between 30 & 90 days		> 90 days		Total
Large Cap Equity Fund
Securities Lending Transactions
Common Stocks	$	14,551,315	$	—	$	—	$	—	$	14,551,315

Total Borrowings	$	14,551,315	$	—	$	—	$	—	$	14,551,315

Gross amount of recognized liabilities for securities lending transactions									$	14,551,315


Small-Mid Cap Equity Fund
Securities Lending Transactions
Common Stocks	$	25,763,756	$	—	$	—	$	—	$	25,763,756

Total Borrowings	$	25,763,756	$	—	$	—	$	—	$	25,763,756

Gross amount of recognized liabilities for securities lending transactions									$	25,763,756


International Equity Fund
Securities Lending Transactions
Common Stocks	$	13,330,809	$	—	$	—	$	—	$	13,330,809

Total Borrowings	$	13,330,809	$	—	$	—	$	—	$	13,330,809

Gross amount of recognized liabilities for securities lending transactions									$	13,330,809


Emerging Markets Equity Fund
Securities Lending Transactions
Common Stocks	$	5,969,908	$	—	$	—	$	—	$	5,969,908

Total Borrowings	$	5,969,908	$	—	$	—	$	—	$	5,969,908

Gross amount of recognized liabilities for securities lending transactions									$	5,969,908

International Fixed Income Fund
Reverse Repurchase Agreements Transactions
U.S. Government Obligations	$	—	$	187,000	$	—	$	—	$	187,000

Total Borrowings	$	—	$	187,000	$	—	$	—	$	187,000

Gross amount of recognized liabilities for reverse repurchase agreements transactions									$	187,000


Inflation-Linked Fixed Income Fund
Reverse Repurchase Agreements Transactions
U.S. Government Obligations	$	—	$	38,152,465	$	—	$	—	$	38,152,465

Total Borrowings	$	—	$	38,152,465	$	—	$	—	$	38,152,465

Gross amount of recognized liabilities for reverse repurchase agreements transactions									$	38,152,465


Ultra-Short Term Fixed Income Fund
Sale-Buyback Transactions
U.S. Government Obligations	$	—	$	13,858,109	$	—	$	—	$	13,858,109

Total Borrowings	$	—	$	13,858,109	$	—	$	—	$	13,858,109

Gross amount of recognized liabilities for sale-buyback transactions									$	13,858,109

321



Notes to Financial Statements


(unaudited) (continued)

(g) To-Be-Announced Purchase and Sale Commitments. Certain Funds may trade securities on a to-be-announced (“TBA”) basis. In a TBA transaction, a Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information is not known, such as the face amount and maturity date and the underlying pool of investments in U.S. government agency mortgage pass-through transactions. Securities purchased on a TBA basis are not settled until they are delivered to the Fund, normally 15 to 45 days later. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are marked-to-market on a daily basis and are subject to market fluctuations. Realized gains or losses on TBA purchase commitments are included in Net realized gain (loss) on investments on the Statements of Operations. Any fluctuation in the value of the purchased TBA commitments is included in Net change in unrealized appreciation (depreciation) on investments on the Statements of Operations.

Additionally, when a Fund sells TBA securities without already owning or having the right to obtain the deliverable securities (an uncovered forward commitment to sell), it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold them. A Fund may be unable to purchase the deliverable securities if the corresponding market is illiquid.

TBA securities subject to a forward commitment to sell at period end are included at the end of the Fund’s Schedule of Investments under the caption “Schedule of Forward Sale Commitments.” The proceeds and value of these commitments are recorded as Forward Sale Commitments at value in the Statements of Assets and Liabilities.

(h) Short Sales of Securities. A short sale is a transaction in which a Fund sells securities it does not own in anticipation of a decline in the market price of the securities. To complete a short sale, the Fund may arrange through a broker to borrow the securities to be delivered to the buyer. The proceeds received by the Fund for the short sale are retained by the broker until the Fund replaces the borrowed securities. In borrowing the securities to be delivered to the buyer, the Fund becomes obligated to replace the securities borrowed at their market price at the time of replacement, whatever that price may be.

The risk of engaging in short sale transactions is that selling short magnifies the potential for loss to a Fund. The larger the Fund’s short position, the greater the potential loss. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the security, the Fund also may be required to pay a premium, which could decrease the proceeds of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Fund may be required to pay in connection with the short sale. In addition, because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is unlimited.

(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

322



Notes to Financial Statements


(unaudited) (continued)

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) LIBOR Transition Risk. The elimination of LIBOR may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Such investments may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. On July 27, 2017, the U.K. Financial Conduct Authority announced that it intends to stop compelling or inducing banks to submit LIBOR rates after 2021. On March 5, 2021, Ice Benchmark Administrator (“IBA”) clarified that the publication of LIBOR on a representative basis will cease for the one-week and two-month U.S. dollar LIBOR settings immediately after December 31, 2021 and for the remaining U.S. dollar LIBOR settings immediately after June 30, 2023. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (which consists of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate (“SOFR”), that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Fund. The effect of any changes to, or discontinuation of, LIBOR on the Fund will vary depending, among other things, on (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

(n) 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.

(o) Market Risk. The outbreak of the coronavirus (“COVID-19”) and the recovery responses could adversely impact the operations of the Fund and its service providers and financial performance of the Fund and the Fund’s investments. The extent of such impact depends on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, (iv) government and regulatory responses, and (v) the effects on the economy overall as a result of developments such as disruption to consumer demand, economic output and supply chains. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact the Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. If the financial performance of the Fund’s investments in impacted because of these factors for an extended period, the Fund’s investment results may be adversely affected.

On February 24, 2022, Russia launched an invasion of Ukraine, following rising tensions over the buildup of Russian troops along the Ukrainian border and joint military exercises by Russia with Belarus. In response to the invasion, many countries, including the U.S., have imposed economic sanctions on Russian governmental institutions, Russian entities, and Russian individuals, which have had a negative impact on the Russian economy, on the Russian currency, and on investments having exposure to Russia,

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Belarus and Ukraine. The conflict could also have a significant effect on investments outside the region. The duration and extent of the military conflict with Russia and the related sanctions cannot be predicted at this time.

(p) 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. 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.

(q) 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.

(r) Distributions to Shareholders. Distributions from net investment income for Large Cap Equity Fund, Small-Mid Cap Equity Fund, 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.

(s) Federal and Other Taxes. It is the Trust’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, each Fund intends to distribute substantially all of its income and net realized gains on investments, if any, to shareholders each year. Therefore, no federal income tax provision is required in the Funds’ financial statements. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years or expected to be taken in 2019 tax returns. Each Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

(t) 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.

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Notes to Financial Statements


(unaudited) (continued)

(u) 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).

(v) 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.

(w) Indemnification. In the normal course of business, the Funds may enter into contracts that provide certain indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, risk of loss from such claims is considered remote.

(x) 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 Fund 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 Fund. 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 Fund. 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 Fund may enter into unfunded bank loan interests (“commitments”). Unfunded loan commitments may be partially or wholly unfunded. The Fund is obligated to fund those commitments at borrower’s discretion. In connection with these commitments, the Fund earns a commitment fee, which is included in interest income in the Statements of Operations and recognized respectively over the commitment period.

The following table summarizes the Core Fixed Income Fund’s fully unfunded loan position as of February 28, 2022:


Security	Principal		Unfunded Bank Loan Interest (Cost)		Value of Underlying Bank Loan Interest (Value)		Unrealized (Depreciation)
athenahealth Group Inc	$	86,957	$	86,526	$	86,272	$	(254	)

325



Notes to Financial Statements


(unaudited) (continued)

(y) Sale-Buyback and Buy-Saleback Transactions. A sale-buyback financing transaction consists of a sale of a security by a Fund to a counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Fund will segregate assets determined to be liquid by the Sub-adviser or will otherwise cover its obligations under sale-buyback transactions.

During the period ended February 28, 2022, the 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 February 28, 2022, an average amount of borrowings, incurred interest expense and a weighted average interest rate related to sale-buyback transactions outstanding during the period ended February 28, 2022, were as following:


	Inflation-Linked Fixed Income Fund			Ultra-Short Term Fixed Income Fund
Payable for investments purchased	$	—		$	13,858,109
Average amount borrowed		5,360,712			13,061,869
Interest expense		1,370			(2,670	)
Weighted average interest rate		0.05	%		(0.04	)%

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.

As of February 28, 2022, the Inflation-Linked Fixed Income Fund participated in buy-saleback transactions. The receivable for investments sold related to buy-saleback transactions at the period end, an average amount loaned, received interest income and a weighted average interest rate related to buy-saleback transactions outstanding during the period ended February 28, 2022, were as following:


	Inflation-Linked Fixed Income Fund
Receivable for investments sold	$	—
Average amount loaned		109,606
Interest income		103
Weighted average interest rate		(0.02	)%

Sale-buyback and buy-saleback transactions are governed by Master Securities Forward Transaction Agreements (“Master Forward Agreements”), which are agreements between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of any pending sale-buyback and buy-saleback transactions as of period end is disclosed in each Fund’s Summary Schedule of Investments.

(z) 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

326



Notes to Financial Statements


(unaudited) (continued)

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 Schedule of Investments. The carrying amount of such deposits due to brokers at February 28, 2022 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 February 28, 2022 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 February 28, 2022.

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.

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 February 28, 2022:


	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	$	770,715		$	1,708,514
Option contracts		47,165	(b)		—
Swap contracts		—			280,135

Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	817,880		$	1,988,649

International Fixed Income Fund:
Forward foreign currency contracts	$	536,788		$	439,589
Option contracts		61,246	(b)		276,373
Swap contracts		760,871			2,611

Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	1,358,905		$	718,573

Inflation-Linked Fixed Income Fund:
Forward foreign currency contracts	$	278,636		$	109,642
Option contracts		496,304	(b)		712,747

Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	774,940		$	822,389

Ultra-Short Term Fixed Income Fund:
Forward foreign currency contracts	$	657,547		$	2,110,503

Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	657,547		$	2,110,503

(a)	Excludes exchange-traded derivatives.

(b)	Amounts are included in Unaffiliated Investments in the Statements of Assets and Liabilities.

327



Notes to Financial Statements


(unaudited) (continued)

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 February 28, 2022.


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
Barclays Bank PLC	$	47,165	$	—		$	—		$	47,165
Citigroup Global Markets Inc.		770,715		(770,715	)		—			0

Total Over-the-counter derivative instruments	$	817,880	$	(770,715	)	$	—		$	47,165


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
Citigroup Global Markets Inc.	$	1,988,649	$	(770,715	)	$	—		$	1,217,934

Total Over-the-counter derivative instruments		1,988,649	$	(770,715	)	$	—		$	1,217,934


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	$	218,030	$	(157,410	)	$	(20,000	)	$	40,620
Barclays Bank PLC		37,566		(37,566	)		—			0
BNP Paribas SA		383,818		(94,388	)		(260,000	)		29,430
Deutsche Bank AG		13,212		(13,212	)		—			0
Goldman Sachs & Co.		544,348		(155,802	)		(260,000	)		128,546
HSBC Bank USA		28,379		(28,379	)		—			0
JPMorgan Chase & Co.		56,103		(56,103	)		—			0
Societe Generale SA		8,557		—			—			8,557
Standard Chartered Bank		68,892		(68,892	)		—			0

Total Over-the-counter derivative instruments	$	1,358,905	$	(611,752	)	$	(540,000	)	$	207,153

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Notes to Financial Statements


(unaudited) (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)
International Fixed Income Fund
Over-the-counter
Bank of America	$	157,410	$	(157,410	)	$	—		$	0
Barclays Bank PLC		91,126		(37,566	)		—			53,560
BNP Paribas SA		94,388		(94,388	)		—			0
Deutsche Bank AG		40,088		(13,212	)		—			26,876
Goldman Sachs & Co.		155,802		(155,802	)		—			0
HSBC Bank USA		37,159		(28,379	)		—			8,780
JPMorgan Chase & Co.		60,388		(56,103	)		—			4,285
Standard Chartered Bank		76,763		(68,892	)		—			7,871
UBS Securities LLC		5,449		—			—			5,449

Total Over-the-counter derivative instruments	$	718,573	$	(611,752	)	$	—		$	106,821


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)
Inflation-Linked Fixed Income Fund
Over-the-counter
Barclays Bank PLC	$	80,216	$	(80,216	)	$	—		$	0
BNP Paribas SA		309,682		(309,682	)		—			0
Deutsche Bank AG		75,255		(75,255	)		—			0
HSBC Bank USA		110,508		(28,108	)		(82,400	)		0
JPMorgan Chase & Co.		76,480		(76,480	)		—			0
Merrill Lynch, Pierce, Fenner & Smith Inc.		107,623		(36,400	)		—			71,223
Standard Chartered Bank		15,176		(13,675	)		—			1,501

Total Over-the-counter derivative instruments	$	774,940	$	(619,816	)	$	(82,400	)	$	72,724


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	$	118,128	$	(80,216	)	$	—		$	37,912
BNP Paribas SA		455,611		(309,682	)		—			145,929
Deutsche Bank AG		91,371		(75,255	)		—			16,116
HSBC Bank USA		28,108		(28,108	)		—			0
JPMorgan Chase & Co.		79,096		(76,480	)		—			2,616
Merrill Lynch, Pierce, Fenner & Smith Inc.		36,400		(36,400	)		—			0
Standard Chartered Bank		13,675		(13,675	)		—			0

Total Over-the-counter derivative instruments	$	822,389	$	(619,816	)	$	—		$	202,573

329



Notes to Financial Statements


(unaudited) (continued)


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)
Ultra-Short Term Fixed Income Fund
Over-the-counter
BNP Paribas SA	$	546	$	(546	)	$	—		$	0
HSBC Bank USA		3,791		(3,791	)		—			0
JPMorgan Chase & Co.		449,527		(449,527	)		—			0
Merrill Lynch, Pierce, Fenner & Smith Inc.		165,873		(159,452	)		(6,421	)		0
Standard Chartered Bank		37,810		(37,810	)		—			0

Total Over-the-counter derivative instruments	$	657,547	$	(651,126	)	$	(6,421	)	$	0


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)
Ultra-Short Term Fixed Income Fund
Over-the-counter
BNP Paribas SA	$	801,898	$	(546	)	$	—		$	801,352
Deutsche Bank AG		607,738		—			—			607,738
HSBC Bank USA		4,566		(3,791	)		—			775
JPMorgan Chase & Co.		459,704		(449,527	)		—			10,177
Merrill Lynch, Pierce, Fenner & Smith Inc.		159,452		(159,452	)		—			0
Standard Chartered Bank		77,145		(37,810	)		—			39,335

Total Over-the-counter derivative instruments	$	2,110,503	$	(651,126	)	$	—		$	1,459,377

(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 new 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.

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. Because the Alternative Strategies Fund does not currently have sub-advisers, CGAS will contractually waive 1.00% of its management fees. 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. This fee waiver and/or reimbursement will continue for at least one year from the date of the Funds’ prospectus or until such time as the Board of Trustees act to discontinue all or a portion of such waiver and/or reimbursement when they deem such action is appropriate.

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Notes to Financial Statements


(unaudited) (continued)

In addition, for Alternative Strategies Fund, CGAS and its affiliates agrees to waive fees and reimburse expenses in order to keep the Fund’s management fee from exceeding 0.20% more than the total amount of sub-advisory fees paid by the Adviser and to keep the Fund’s total operating costs from exceeding 0.70% (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 Fund’s business). 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 of Trustees act to discontinue all or a portion of such waiver and/or reimbursement when they deem 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 period ended February 28, 2022 are indicated below:


Fund	Sub-advisory Fee			Consulting Group Advisory Services LLC Fee			Maximum Allowable Annual Management Fee
Large Cap Equity Fund		0.19	%		0.20	%		0.60	%
Small-Mid Cap Equity Fund		0.27	%		0.20	%		0.80	%
International Equity Fund		0.32	%		0.20	%		0.70	%
Emerging Markets Equity Fund		0.37	%		0.20	%		0.90	%
Core Fixed Income Fund		0.18	%		0.20	%		0.40	%
High Yield Fund		0.30	%		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		0.25	%		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 period ended February 28, 2022, the amounts waived and/or reimbursed by the Manager were as follows:


Fund	Amounts Waived and/or Reimbursed
Large Cap Equity Fund	$	2,106,866
Small-Mid Cap Equity Fund		1,038,179
International Equity Fund		1,257,343
Emerging Markets Equity Fund		901,641
Core Fixed Income Fund		160,797
High Yield Fund		194,132
International Fixed Income Fund		44,400
Municipal Bond Fund		—
Inflation-Linked Fixed Income Fund		35,988
Ultra-Short Term Fixed Income Fund		147,088
Alternative Strategies Fund		650,852

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.

331



Notes to Financial Statements


(unaudited) (continued)

For the period ended February 28, 2022, 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.
Large Cap Equity Fund	$	3,559
Small-Mid Cap Equity Fund		1,393
International Equity Fund		—
Emerging Markets Equity Fund		2,608
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 Fund’s Chief Compliance Officer.

For the period ended February 28, 2022, the Funds assume the following to be affiliated issuers:

Large Cap Equity Fund


Underlying Security	Beginning Value as of August 31, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain on Sales		Change in Unrealized Appreciation			Dividend/ Interest Income		Ending Value as of February 28, 2022
Morgan Stanley	$	3,824,540	$	279,356		$(616,397)	$	469,100	$	(934,231	)	$	47,144	$	3,022,368

Core Fixed Income Fund


Underlying Security	Beginning Value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized (Loss) on Sales			Change in Unrealized Depreciation			Dividend/ Interest Income		Ending Value as of February 28, 2022
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C13, Class A4, 4.039% due 11/15/46	$	533,514	$	—	$	—		$	—		$	(20,431	)	$	10,097	$	513,083
Series 2016-C28, Class A3, 3.272% due 1/15/49		632,966		—		(59,477	)		(3,578	)		(26,538	)		699		543,373
Morgan Stanley Resecuritization Trust,
Series 2014-R3, Class 2A, 3.000% due 7/26/48		204,031		—		(202,238	)		(126	)		(1,667	)		9,262		—

Total	$	1,370,511	$	—	$	(261,715	)	$	(3,704	)	$	(48,636	)	$	20,058	$	1,056,456

332



Notes to Financial Statements


(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Underlying Security	Beginning Value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain on Sales		Change in Unrealized Depreciation			Accretion of discount		Dividend/ Interest Income		Ending Value as of February 28, 2022
Morgan Stanley ABS Capital I Inc. Trust,
Series 2004-HE4, Class M1, 1.087% (1-Month USD-LIBOR + 0.900%) due 5/25/34	$	508,348	$	—	$	(38,237	)	$	163	$	(2,766	)	$	116	$	2,469	$	467,624

3. Investments

During the period ended February 28, 2022, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) for each Fund were as follows:


	Other Investments				U.S. Government Securities
Fund	Purchases		Sales		Purchases		Sales
Large Cap Equity Fund	$	257,649,584	$	392,059,612	$	—	$	—
Small-Mid Cap Equity Fund		137,839,725		162,280,409		—		—
International Equity Fund		311,327,512		283,672,325		—		—
Emerging Markets Fund		82,941,872		44,752,706		—		—
Core Fixed Income Fund		132,823,258		72,185,324		1,355,837,217		1,315,728,406
High Yield Fund		47,607,689		58,682,541		—		—
International Fixed Income Fund		42,156,514		19,558,556		242,728,341		242,987,662
Municipal Bond Fund		13,963,244		7,178,212		—		—
Inflation-Linked Fixed Income Fund		5,589,092		7,228,347		52,837,168		58,384,687
Ultra-Short Term Fixed Income Fund		172,551,962		79,529,487		244,344,972		215,893,464
Alternative Strategies Fund		33,783,496		—		—		—

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation at February 28, 2022 have been disclosed under respective schedules of investments.

4. Shares of Beneficial Interest

At February 28, 2022, the Trust had an unlimited number of units of beneficial interest (shares) authorized with a par value of $0.001 per share. At February 28, 2022, 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:


	Period Ended February 28, 2022			Year Ended August 31, 2021
Large Cap Equity Fund
Shares sold		13,277,862			16,388,468
Shares issued on reinvestment		8,645,037			2,732,361
Shares repurchased		(17,774,485	)		(26,014,243	)

Net Increase (Decrease)		4,148,414			(6,893,414	)


Small-Mid Cap Equity Fund
Shares sold		8,798,233			6,299,496
Shares issued on reinvestment		6,195,990			1,453,513
Shares repurchased		(9,758,974	)		(14,375,989	)

Net Increase (Decrease)		5,235,249			(6,622,980	)

333



Notes to Financial Statements


(unaudited) (continued)


	Period Ended February 28, 2022			Year Ended August 31, 2021
International Equity Fund
Shares sold		20,777,445			20,885,682
Shares issued on reinvestment		8,542,341			1,776,742
Shares repurchased		(18,274,378	)		(31,102,796	)

Net Increase (Decrease)		11,045,408			(8,440,372	)


Emerging Markets Equity Fund
Shares sold		7,607,082			7,814,946
Shares issued on reinvestment		1,444,043			727,361
Shares repurchased		(4,966,677	)		(13,644,516	)

Net Increase (Decrease)		4,084,448			(5,102,209	)


Core Fixed Income Fund
Shares sold		27,430,700			75,404,820
Shares issued on reinvestment		2,268,616			6,196,598
Shares repurchased		(18,419,417	)		(37,036,082	)

Net Increase		11,279,899			44,565,336


High Yield Fund
Shares sold		7,429,658			26,167,624
Shares issued on reinvestment		1,267,135			3,691,543
Shares repurchased		(12,517,067	)		(50,925,415	)

Net Decrease		(3,820,274	)		(21,066,248	)


International Fixed Income Fund
Shares sold		5,189,768			7,584,914
Shares issued on reinvestment		551,579			121,411
Shares repurchased		(2,943,868	)		(5,355,761	)

Net Increase		2,797,479			2,350,564


Municipal Bond Fund
Shares sold		1,432,230			4,448,064
Shares issued on reinvestment		108,237			177,244
Shares repurchased		(1,230,221	)		(2,316,494	)

Net Increase		310,246			2,308,814


Inflation-Linked Fixed Income Fund
Shares sold		1,719,538			6,226,990
Shares issued on reinvestment		847,724			734,246
Shares repurchased		(2,105,983	)		(7,669,850	)

Net Increase (Decrease)		461,279			(708,614	)


Ultra-Short Term Fixed Income Fund
Shares sold		20,032,806			19,830,490
Shares issued on reinvestment		344,375			667,516
Shares repurchased		(6,458,644	)		(15,665,398	)

Net Increase		13,918,537			4,832,608

334



Notes to Financial Statements


(unaudited) (continued)


	Period Ended February 28, 2022			Year Ended August 31, 2021
Alternative Strategies Fund
Shares sold		4,198,288			8,057,159
Shares issued on reinvestment		85,188			46,431
Shares repurchased		(1,591,511	)		(1,206,672	)

Net Increase		2,691,965			6,896,918

5. 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, 2021, the Funds had the following net capital loss carryforwards remaining:


	Large Cap Equity Fund		Small-Mid Cap Equity Fund		International Equity Fund		Emerging Market Equity Fund		Core Fixed Income Fund		High Yield Fund
Short-Term	$	—	$	—	$	—	$	—	$	—	$	—
Long-Term		—		—		—		—		—		10,557,028

	$	—	$	—	$	—	$	—	$	—	$	10,557,028


	International Fixed Income Fund		Municipal Bond Fund		Inflation-Linked Fixed Income Fund		Ultra-Short Term Fixed Income Fund		Alternative Strategies Fund
Short-Term	$	—	$	—	$	—	$	10,343,667	$	—
Long-Term		—		—		—		119,683		—

	$	—	$	—	$	—	$	10,463,350	$	—

7. 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 additional events or transactions that would require recognition or disclosure in the financial statements other than the distribution information below.

Subsequent to February 28, 2022, the Funds made the following distributions:

Record Date Payable Date

Core Fixed

Income Fund

High

Yield Fund

Municipal

Bond Fund

Inflation
Linked
Fixed
Income
Fund

3/1/22 – 3/31/22

0.013690

0.019835

0.014123

0.094244

335



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 (“Management 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, the “Agreements”) between the Manager and each of the Sub-advisers.

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.

****

During the period covered by this semi-annual report, the Board did not consider for approval any Agreements.

****

Review of Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the Investment Company Act, the Trust, on behalf of the Funds, has adopted a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk. The Program is overseen by the Liquidity Risk Management Committee, and the Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund.

At the May 25-26, 2021 Meeting, the Trustees received a report from the Liquidity Risk Management Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation. The Liquidity Risk Management Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively to manage each Fund’s liquidity risk since the Program was implemented on May 14, 2019. The Liquidity Risk Management Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Liquidity Risk Management Committee further noted that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.

****

336



Additional Information


(unaudited)

Trustees and Officers of the Trust

The Trust’s 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 investment adviser, sub-advisers, distributor, 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.

Consulting Group Advisory Services LLC (“CGAS” or “Manager”), a business of Morgan Stanley Wealth Management, serves as the investment adviser for each Fund. The Funds, except the Alternative Strategies Fund, employ a “multi-manager” strategy. The Manager selects and oversees professional money managers (each a “Sub-adviser,” collectively, the “Sub-advisers”) who are responsible for investing the assets of the Funds allocated to them. 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.

The names of the Trustees and officers of the Trust as of March 10, 2022, their addresses and years of birth, together with information as to their principal business occupations and, for the Trustees, other board memberships they have held during the past five years, are set forth below. The executive officers of the Trust are employees of organizations that provide services to the Funds.

Name, Address and

Date of Birth

Position(s)

Held with

Trust

Term of

Office
and

Length

of Time

Served*

Principal Occupation(s)

During Past Five Years

Number of
Funds
in Fund
Complex
Overseen by
Trustee

Other Board
Memberships
Held During Past

Five Years by

Trustee

INDEPENDENT TRUSTEES

Adela Cepeda

2000 Westchester Avenue

Purchase, NY 10577

Birth Year: 1958

Chairperson and Trustee

Since 2008 (Chair since 2021)

Managing Director, PFM Financial Advisors, LLC (Financial Advisory) (2016-December 2019); and formerly, President, A.C. Advisory, Inc. (Financial Advisory) (1995-September 2016)

Director, BMO Financial
Corp. (2012-present);
Trustee, Mercer Funds
(2005-present); Trustee,
UBS Funds (2004-
present); and formerly,
Director, Fort Dearborn
Income Securities
(2000-August 2016)

Mark J. Reed

2000 Westchester Avenue

Purchase, NY 10577

Birth Year: 1964

Trustee

Since 2007

Principal and Portfolio Manager, North American Management Corp. (Investment Advisory) (2013-present); and formerly, Managing Director and Chief Compliance Officer, Bush O’Donnell Investment Advisors, Inc. (Registered Investment Advisor) (1988-2013)

None

337



Additional Information


(unaudited) (continued)

Name, Address and

Date of Birth

Position(s)

Held with

Trust

Term of

Office
and

Length

of Time

Served*

Principal Occupation(s)

During Past Five Years

Number of
Funds
in Fund
Complex
Overseen by
Trustee

Other Board
Memberships
Held During Past

Five Years by

Trustee

W. Thomas Matthews

2000 Westchester Avenue

Purchase, NY 10577

Birth Year: 1949

Trustee

Since 2009

(Interested Trustee from 2006-2009)

Retired; Advisor,

Smith Barney (2005-2007)

Chairman Emeritus,
Congressional Medal of
Honor Foundation
(2009-present); formerly
Treasurer (2009-2016);
and Chairman Emeritus,
America’s Warrior
Partnership (2017-
present), formerly,
Chairman (2013-2016)
and Director (2013-
2017)

Eric T. McKissack, CFA^®

2000 Westchester Avenue

Purchase, NY 10577

Birth Year: 1953

Vice Chair and Trustee

Since 2013

(Vice Chair since 2021)

Founder and Chief Executive Officer Emeritus, Channing Capital Management, LLC (Investment Management) (2017-December 2019); and formerly, Chief Executive Officer, Channing Capital Management, LLC (2004-2017)

Trustee and Chairman,
FlexShares Funds (2011-
present); Trustee, The
Art Institute of Chicago
(2001-present); and
Director, Urban
Gateways (1995-present)

Teresa S. Westbrook

2000 Westchester Avenue

Purchase, NY 10577

Birth Year: 1959

Trustee

Since 2020

CPA/ Partner, Deloitte & Touche LLP (1999-2015)

None

INTERESTED TRUSTEE

Paul Ricciardelli**

Morgan Stanley

522 Fifth Avenue,

14th Floor,

New York, NY 10036

Birth Year: 1969

Trustee and

Chief Executive Officer and President

Since

April 2017

Head of IAR/GIMA, Morgan Stanley (2011-present); Head of Wealth Advisory Solutions, Morgan Stanley (March 2017-present); and formerly, Head of Manager Solutions, Morgan Stanley (2015-March 2017)

None

338



Additional Information


(unaudited) (continued)


Name, Address and Date of Birth	Position(s) Held with Trust	Term of Office*** and Length of Time Served	Principal Occupation(s) During Past Five Years

OFFICERS

Francis Smith Morgan Stanley 522 Fifth Avenue, 9th Floor New York, NY 10036 Birth Year: 1965	Chief Financial Officer and Treasurer	Since 2014	Managing Director, Morgan Stanley (2017-present); formerly Executive Director, Morgan Stanley (2001-2016); and Treasurer and Principal Financial Officer of various Morgan Stanley Funds (2003-present)

Eric Metallo Morgan Stanley 1633 Broadway, 29th Floor New York, NY 10019 Birth Year: 1976	Chief Legal Officer and Secretary	Since August 2015	Executive Director, Morgan Stanley Wealth Management (2014-present); and formerly Senior Vice President and Associate General Counsel, PineBridge Investments (2011-2014)

Joseph Signora Morgan Stanley 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1977	Chief Compliance Officer	Since December 2017	Executive Director, Morgan Stanley (2017-present); formerly, Senior Director, AXA Equitable (2015-2017); Vice President, EQ Advisors Trust (2015-2017); Vice President, AXA Premier VIP Trust (2015-2017); Vice President, 1290 Funds (2015-2017); Vice President, FMG LLC (2015-2017); Deputy Chief Compliance Officer, Emerging Global Advisors (2014-2015); Chief Compliance Officer, EGA Emerging Global Shares Trust (2014-2015); and Chief Compliance Officer, EGA Frontier Diversified Core Fund (2014-2015)

Sara Cetron Morgan Stanley 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1980	Chief Administrative Officer	Since March 2017	Vice President, Morgan Stanley (2015-present); and formerly Platform Management, Managed Solutions, Barclays Capital Inc. (2008-2015)

Robert Garcia Morgan Stanley 522 Fifth Avenue, 14th Floor New York, NY 10036 Birth Year: 1983	Chief Operating Officer Investment Officer Co-Chief Operating Officer	Since May 2016 Since July 2015 August 2015- May 2016	Head of Operations and Strategy, Morgan Stanley (2017-present); Head of Portfolio Operations-WMIR, Morgan Stanley (2016-present); Head of Packaged Digital Solutions, Morgan Stanley (2015-present); and formerly Head of Strategy and Development- Global Investment Solutions, Morgan Stanley (2013-2015)

Zachary Apoian Morgan Stanley 522 Fifth Avenue, New York, NY 10036 Birth Year: 1979	Investment Officer	Since May 2019	Executive Director, Morgan Stanley Wealth Management (2019-present); formerly, Private Wealth Advisor, Morgan Stanley Wealth Management (2017-2019); and Executive Director, Morgan Stanley Wealth Management (2014-2017)

339



Additional Information


(unaudited) (continued)


Name, Address and Date of Birth	Position(s) Held with Trust	Term of Office*** and Length of Time Served	Principal Occupation(s) During Past Five Years

Franceen Jansen Morgan Stanley 522 Fifth Avenue, 12th Floor New York, NY 10036 Birth Year: 1959	Investment Officer	Since August 2015	Executive Director, Morgan Stanley (2010-present)

Brian Mulley Morgan Stanley 522 Fifth Avenue, 14th Floor New York, NY 10036 Birth Year: 1977	Investment Officer	Since August 2015	Investment Analyst, Executive Director, Morgan Stanley (2005-present)

Sukru Saman Morgan Stanley 522 Fifth Avenue, 14th Floor New York, NY 10036 Birth Year: 1972	Investment Officer	Since August 2015	Investment Officer, Morgan Stanley Wealth Management (2013-present)

Lisa Shalett Morgan Stanley 522 Fifth Avenue, 12th Floor New York, NY 10036 Birth Year: 1963	Investment Officer	Since August 2015	Head of Investment and Portfolio Strategies, Morgan Stanley (2013-present)

James Totino Morgan Stanley 522 Fifth Avenue, 14th Floor New York, NY 10036 Birth Year: 1970	Investment Officer	Since May 2018	Portfolio Specialist, Investment Officer, Morgan Stanley (2018-present); and formerly Investment Officer, Morgan Stanley (2011-2018)

Allison Menkes Morgan Stanley 1633 Broadway, New York, NY 10019 Birth Year: 1979	Anti-Money Laundering (“AML”) Compliance Officer	Since March 2022	Senior Financial Crimes Advisor for Wealth Management within Global Financial Crimes (GFC). Ms. Menkes leads the Wealth Management Financial Crimes Advisory team covering MSSB, E*Trade and MSWC (2022 to present); She was a Cybercrimes Special Counsel with the IRS Office of Chief Counsel (2008-2021); Assistant General Counsel for AML and Investigations at Citigroup and a lawyer in private practice (2015-2018)

340



Additional Information


(unaudited) (continued)


Name, Address and Date of Birth	Position(s) Held with Trust	Term of Office*** and Length of Time Served	Principal Occupation(s) During Past Five Years

James J. Tracy Morgan Stanley 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1957	Product Management Officer Trustee Chief Executive Officer and President	Since May 2016 2013-2015 2013-2015	Managing Director, Head of Consulting Group and Graystone Consulting (2018-present); Managing Director, Director of Consulting Group and Practice Management (2016-2018); Managing Director, Vice Chairman of Wealth Management (2015); and Managing Director, Director of Consulting Group Wealth Advisory Solutions (2012-2015)

Steven Ross Morgan Stanley 522 Fifth Avenue, 9th Floor New York, NY 10036 Birth Year: 1971	Assistant Treasurer	Since 2014	Executive Director, Morgan Stanley (2013-present)

Suzan M. Barron Brown Brothers Harriman & Co. (“BBH&Co.”) 50 Post Office Square Boston, MA 02110 Birth Year: 1964	Assistant Secretary	Since 2011	Senior Vice President and Senior Investor Services Counsel, Corporate Secretary Legal Administration Practice of Fund Administration, BBH&Co. (2005-present); Secretary, BBH Trust (2009-present)

*	Each Trustee remains in office until he or she resigns, retires or is removed.

**	Mr. Ricciardelli is an “interested person” of the Trust as defined in the 1940 Act because of his position with Morgan Stanley.

***	The President, Treasurer and Secretary hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.

341

MORGAN STANLEY SMITH BARNEY LLC

Distributor

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.

The Funds provide a complete schedule of portfolio holdings in its semi-annual and annual reports within 60 days of the end of the funds’ second and fourth quarters. The semi-annual and annual reports are filed electronically with the Securities and Exchange Commission (“SEC”) on Form N-CSRS and Form N-CSR, respectively. These reports are available on its public website. The Funds also file their complete schedule of portfolio holdings with the SEC for the first and third quarters as an attachment to Form N-Port. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, but makes the complete schedule of portfolio holdings for the funds’ first and third quarters available on its public website. You may obtain the Form N-PORT filings by accessing the SEC’s website, www.sec.gov. For additional information, shareholders can call 1-888-454-3965 (“ask for Consulting Group”).

Information on how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 and a description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling 1-888-454-3965 (ask for “Consulting Group”), (2) on the Funds’ website at www.morganstanley.com/wealth-investmentsolutions/cgcm and (3) on the SEC’s website at www.sec.gov.

Morgan Stanley Pathway Funds

2000 Westchester Avenue

Purchase, NY 10577

(b)	Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not applicable.

ITEM 2. CODE OF ETHICS.

Not Applicable. This item is only required in an annual report on Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not Applicable. This item is only required in an annual report on Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not Applicable. This item is only required in an annual report on Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not Applicable.

ITEM 6. INVESTMENTS.

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 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not Applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not Applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASERS.

Not Applicable.

ITEM 10. 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 11. 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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not Applicable.

ITEM 13. EXHIBITS.

(a)(1) Not Applicable. This item is only required in an annual report on Form N-CSR.

(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:		November 5, 2021

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.


By:		/s/ Paul Ricciardelli
		Paul Ricciardelli
		Chief Executive Officer

SIGNATURES


Morgan Stanley Pathway Funds

By:		/s/ Paul Ricciardelli
		Paul Ricciardelli
		Chief Executive Officer
		Morgan Stanley Pathway Funds

Date:		May , 2022


By:		/s/ Paul Ricciardelli
		Paul Ricciardelli
		Chief Executive Officer
		Morgan Stanley Pathway Funds

Date:		May , 2022


Morgan Stanley Pathway Funds

By:		/s/ Francis Smith
		Francis Smith
		Chief Financial Officer
		Morgan Stanley Pathway Funds

Date:		May , 2022