ThZeal - The Zeal

Face
Amounts†

Security

Nomura Securities International, Inc., 5.420% due 3/6/24
(Proceeds — $36,044,076)

$ 36,044,076

N-CSRS 1 d761514dncsrs.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 29, 2024

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 29, 2024

•

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			27

INTERNATIONAL EQUITY FUND			80

EMERGING MARKETS EQUITY FUND			102

CORE FIXED INCOME FUND			130

HIGH YIELD FUND			190

INTERNATIONAL FIXED INCOME FUND			208

MUNICIPAL BOND FUND			234

INFLATION-LINKED FIXED INCOME FUND			241

ULTRA-SHORT TERM FIXED INCOME FUND			251

ALTERNATIVE STRATEGIES FUND			263

STATEMENTS OF ASSETS AND LIABILITIES			266

STATEMENTS OF OPERATIONS			268

STATEMENTS OF CHANGES IN NET ASSETS			270

STATEMENTS OF CASH FLOWS			274

FINANCIAL HIGHLIGHTS			275

NOTES TO FINANCIAL STATEMENTS			286

BOARD APPROVAL OF MANAGEMENT AGREEMENT AND INVESTMENT ADVISORY AGREEMENTS			321

ADDITIONAL INFORMATION			324

Morgan Stanley Pathway Funds

DEAR SHAREHOLDER,

The Large Cap Equity Fund gained 13.08% during the six-month period ending February 29, 2024. This compares to the Russell 1000^® Indexⁱ which gained 14.03% and the Lipper Large-Cap Core Funds Average^xii which gained 14.08% during the same period. Both sector positioning and stock selection detracted from performance relative to the benchmark. The top contributors included Consumer Discretionary, Financials and Industrials while the top detractors included Information Technology, Health Care and Communication Services.

The Small-Mid Cap Equity Fund gained 8.95% during the six-month period ending February 29, 2024. This compares to the Russell 2500^® Indexⁱⁱ which gained 9.89% and the Lipper Small-Cap Core Funds Average^xiii which gained 8.26% during the same period. Sector positioning added to relative performance while stock selection detracted from performance relative to the benchmark. The top contributors included Information Technology, Communication Services and Financials while the top detractors included Consumer Staples, Health Care and Industrials.

The International Equity Fund gained 7.97% during the six-month period ending February 29, 2024. This compares to the MSCI EAFE^® Index (Net) ⁱⁱⁱ which gained 9.23% and the Lipper International Large-Cap Core Funds Average ^xiv which gained 7.92% during the same period. Sector positioning contributed while stock selection detracted to performance relative to the benchmark. The top contributors included Consumer Staples, Industrials and Energy while the top detractors included Financials, Consumer Discretionary and Information Technology.

The Emerging Markets Equity Fund gained 4.07% during the six-month period ending February 29, 2024. This compares to the MSCI Emerging Markets Index (Net) ^iv which gained 4.93% and the Lipper Emerging Markets Funds Average ^xv which gained 5.68% during the same period. Sector position was positive while stock selection detracted from performance relative to the benchmark. The top contributors included Information Technology, Communication Services and Real Estate while the top detractors included Consumer Discretionary, Health Care and Financials.

The Core Fixed Income Fund gained 2.29% during the six-month period ending February 29, 2024. This compares to the Bloomberg U.S. Aggregate Bond^TM Index ^vi which gained 2.35% and the Lipper Core Bond Funds Average ^xvii which gained 2.69% during the same period.

The High Yield Fund gained 5.48% during the six-month period ending February 29, 2024. This compares to the Bloomberg U.S. Corporate High Yield Bond Index ^viii which gained 6.20% and the Lipper High Yield Funds Average ^xix which gained 5.64% during the same period.

The International Fixed Income Fund gained 4.17% during the six-month period ending February 29, 2024. This compares to the FTSE Non-USD World Government Bond Index (USD) Hedged ^x which gained 3.51% and the Lipper International Income Funds Average ^xxi which gained 3.49% during the same period.

The Municipal Bond Fund gained 4.24% during the six-month period ending February 29, 2024. This compares to the Bloomberg U.S. Municipal Bond^TM Index ^vii which gained 4.33% and the Lipper General & Insured Municipal Debt Funds Average ^xviii which gained 4.63% during the same period.

The Inflation-Linked Fixed Income Fund gained 1.95% during the six-month period ending February 29, 2024. This compares to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index ^ix which gained 1.85% and the Lipper Inflation Protected Bond Funds Average ^xx which gained 1.99%% during the same period.

The Ultra-Short Term Fixed Income Fund gained 3.21% during the six-month period ending February 29, 2024. This compares to the FTSE 3-Month U.S. Treasury Bill Index ^v which gained 2.78% and the Lipper Ultra-Short Obligations Funds Average ^xvi which gained 3.15% during the same period.

The Alternative Strategies Fund gained 5.12% during the six-month period ending February 29, 2024. This compares to the HFRX Global Hedge Fund Index ^xi which gained 2.85% and the Lipper Alternative Multi-Strategy Funds Average ^xxii which gained 4.24% 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, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (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^TM 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 SuperComposite1500^® 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. Please note that an investor cannot invest directly in an index. 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. 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. The 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.

The 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 Stanley Pathway Funds *For the Six Months Ended February 29, 2024† (unaudited)**

Large Cap Equity Fund	13.08	%
Russell 1000^® Index ⁽¹⁾	14.03

Small-Mid Cap Equity Fund	8.95
Russell 2500^® Index ⁽²⁾	9.89

International Equity Fund	7.97
MSCI EAFE^® Index (Net) ⁽³⁾	9.23

Emerging Markets Equity Fund	4.07
MSCI Emerging Markets Index (Net) ⁽⁴⁾	4.93

Core Fixed Income Fund	2.29
Bloomberg U.S. Aggregate Bond^TM Index ⁽⁵⁾	2.35

High Yield Fund	5.48
Bloomberg U.S. Corporate High Yield Bond Index ⁽⁶⁾	6.20

International Fixed Income Fund	4.17
FTSE Non-USD World Government Bond Index (USD) Hedged ⁽⁷⁾	3.51

Municipal Bond Fund	4.24
Bloomberg U.S. Municipal Bond^TM Index ⁽⁸⁾	4.33

Inflation-Linked Fixed Income Fund	1.95
Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index ⁽⁹⁾	1.85

Ultra-Short Term Fixed Income Fund	3.21
FTSE 3-Month U.S. Treasury Bill Index ⁽¹⁰⁾	2.78

Alternative Strategies Fund	5.12
HFRX Global Hedge Fund Index ⁽¹¹⁾	2.85

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. The total returns are calculated based on the net asset value as of the last business day of the period. 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 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^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 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-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^TM 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.

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, 2023 and held for the six months ended February 29, 2024.

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		13.08	%		$	1,000.00		$	1,130.80		0.45	%		$	2.38
Small-Mid Cap Equity Fund		8.95	%			1,000.00			1,089.50		0.59	%			3.07
International Equity Fund		7.97	%			1,000.00			1,079.70		0.63	%			3.26
Emerging Markets Equity Fund		4.07	%			1,000.00			1,040.70		0.81	%			4.11
Core Fixed Income Fund		2.29	%			1,000.00			1,022.90		0.51	%			2.57
High Yield Fund		5.48	%			1,000.00			1,054.80		0.91	%			4.65
International Fixed Income Fund		4.17	%			1,000.00			1,041.70		0.90	%			4.57
Municipal Bond Fund		4.24	%			1,000.00			1,042.40		0.79	%			4.01
Inflation-Linked Fixed Income Fund		1.95	%			1,000.00			1,019.50		2.57	%			12.90
Ultra-Short Term Fixed Income Fund		3.21	%			1,000.00			1,032.10		0.60	%			3.03
Alternative Strategies Fund		5.12	%			1,000.00			1,051.20		0.40	%			2.04

(1)	For the six months ended February 29, 2024.

(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 (182 days) in the most recent fiscal half-year, then divided by 366 (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		$	1,022.63		0.45	%		$	2.26
Small-Mid Cap Equity Fund		5.00	%			1,000.00			1,021.93		0.59	%			2.97
International Equity Fund		5.00	%			1,000.00			1,021.73		0.63	%			3.17
Emerging Markets Equity Fund		5.00	%			1,000.00			1,020.84		0.81	%			4.07
Core Fixed Income Fund		5.00	%			1,000.00			1,022.33		0.51	%			2.56
High Yield Fund		5.00	%			1,000.00			1,020.34		0.91	%			4.57
International Fixed Income Fund		5.00	%			1,000.00			1,020.39		0.90	%			4.52
Municipal Bond Fund		5.00	%			1,000.00			1,020.93		0.79	%			3.97
Inflation-Linked Fixed Income Fund		5.00	%			1,000.00			1,012.08		2.57	%			12.86
Ultra-Short Term Fixed Income Fund		5.00	%			1,000.00			1,021.88		0.60	%			3.02
Alternative Strategies Fund		5.00	%			1,000.00			1,022.87		0.40	%			2.01

(1)	For the six months ended February 29, 2024.

(2)



Schedules of Investments


February 29, 2024 (unaudited)


Large Cap Equity Fund

Shares/Units		Security	Value

COMMON STOCKS — 97.8%

COMMUNICATION SERVICES — 8.7%

Diversified Telecommunication Services — 0.6%
	195,324	AT&T Inc.	$	3,306,835
	6,540	Frontier Communications Parent Inc.*		154,867
	2,850	GCI Liberty Inc.*(a)(b)		—
	3,331	Iridium Communications Inc.		96,433
	206,479	Verizon Communications Inc.		8,263,290

		Total Diversified Telecommunication Services		11,821,425


Entertainment — 1.9%
	5,343	AMC Entertainment Holdings Inc., Class A Shares*		23,082
	7,415	Electronic Arts Inc.		1,034,244
	577	Liberty Media Corp.-Liberty Formula One, Class A Shares*		37,822
	5,182	Liberty Media Corp.-Liberty Formula One, Class C Shares*		377,042
	507	Liberty Media Corp.-Liberty Live, Class A Shares*		19,565
	1,115	Liberty Media Corp.-Liberty Live, Class C Shares*		44,399
	45,706	Live Nation Entertainment Inc.*		4,432,568
	497	Madison Square Garden Sports Corp., Class A Shares*		93,530
	34,615	Netflix Inc.*		20,870,076
	2,011	Playtika Holding Corp.*		14,902
	12,543	ROBLOX Corp., Class A Shares*		500,466
	3,425	Roku Inc., Class A Shares*		216,392
	3,822	Spotify Technology SA*		979,999
	4,496	Take-Two Interactive Software Inc.*		660,597
	1,636	TKO Group Holdings Inc., Class A Shares		136,982
	104,560	Walt Disney Co. (The)		11,666,805
	60,173	Warner Bros Discovery Inc.*		528,921

		Total Entertainment		41,637,392


Interactive Media & Services — 5.3%
	301,556	Alphabet Inc., Class A Shares*		41,753,444
	201,723	Alphabet Inc., Class C Shares*		28,196,841
	2,083	IAC Inc.*		118,314
	7,448	Match Group Inc.*		268,426
	89,280	Meta Platforms Inc., Class A Shares		43,758,806
	15,854	Pinterest Inc., Class A Shares*		581,842
	2,913	TripAdvisor Inc.*		78,127
	8,334	ZoomInfo Technologies Inc., Class A Shares*		139,678

		Total Interactive Media & Services		114,895,478


Media — 0.8%
	151	Cable One Inc.		68,856
	2,741	Charter Communications Inc., Class A Shares*		805,662
	218,970	Comcast Corp., Class A Shares		9,382,865
	95,728	Fox Corp., Class A Shares		2,851,737
	3,588	Fox Corp., Class B Shares		98,239
	10,689	Interpublic Group of Cos., Inc. (The)		335,635
	396	Liberty Broadband Corp., Class A Shares*		23,819
	3,112	Liberty Broadband Corp., Class C Shares*		187,280
	4,129	Liberty Media Corp.-Liberty SiriusXM*		119,658
	1,933	Liberty Media Corp.-Liberty SiriusXM, Class A Shares*		56,328
	4,314	New York Times Co. (The), Class A Shares		191,024
	10,687	News Corp., Class A Shares		287,267
	3,025	News Corp., Class B Shares		84,670
	914	Nexstar Media Group Inc., Class A Shares		151,879
	5,418	Omnicom Group Inc.		478,897

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

COMMUNICATION SERVICES — 8.7% — (continued)

Media — 0.8% — (continued)
	181	Paramount Global, Class A Shares	$	3,815
	15,412	Paramount Global, Class B Shares		170,148
	18,261	Sirius XM Holdings Inc.(c)		80,714
	11,941	Trade Desk Inc. (The), Class A Shares*		1,020,120

		Total Media		16,398,613


Wireless Telecommunication Services — 0.1%
	14,241	T-Mobile US Inc.		2,325,555

		TOTAL COMMUNICATION SERVICES		187,078,463


CONSUMER DISCRETIONARY — 9.5%

Automobile Components — 0.1%
	19,495	Aptiv PLC*		1,549,658
	6,232	BorgWarner Inc.		194,002
	6,260	Gentex Corp.		228,678
	1,569	Lear Corp.		215,502
	1,509	Phinia Inc.		51,638
	9,118	QuantumScape Corp., Class A Shares*		57,170

		Total Automobile Components		2,296,648


Automobiles — 1.0%
	107,030	Ford Motor Co.		1,331,453
	110,617	General Motors Co.		4,533,085
	3,522	Harley-Davidson Inc.		127,743
	20,230	Lucid Group Inc.*(c)		66,759
	17,716	Rivian Automotive Inc., Class A Shares*(c)		200,545
	79,277	Tesla Inc.*		16,004,441
	1,389	Thor Industries Inc.		178,042

		Total Automobiles		22,442,068


Broadline Retail — 3.5%
	421,702	Amazon.com Inc.*		74,540,046
	30,151	Coupang Inc., Class A Shares*		558,397
	14,580	eBay Inc.		689,342
	3,279	Etsy Inc.*		235,071
	3,272	Kohl’s Corp.		91,191
	7,409	Macy’s Inc.		129,213
	3,383	Nordstrom Inc.		70,941
	1,660	Ollie’s Bargain Outlet Holdings Inc.*		133,082

		Total Broadline Retail		76,447,283


Distributors — 0.3%
	3,837	Genuine Parts Co.		572,710
	90,283	LKQ Corp.		4,720,898
	1,048	Pool Corp.		417,230

		Total Distributors		5,710,838


Diversified Consumer Services — 0.1%
	6,755	ADT Inc.		49,041
	1,570	Bright Horizons Family Solutions Inc.*		180,330
	807	Grand Canyon Education Inc.*		108,784
	4,056	H&R Block Inc.		198,541
	1,825	Mister Car Wash Inc.*		15,129
	3,923	Service Corp. International		287,125

		Total Diversified Consumer Services		838,950

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 9.5% — (continued)

Hotels, Restaurants & Leisure — 2.0%
	11,057	Airbnb Inc., Class A Shares*	$	1,741,146
	6,256	Aramark		189,744
	973	Booking Holdings Inc.*		3,375,171
	1,963	Boyd Gaming Corp.		129,813
	5,495	Caesars Entertainment Inc.*		238,868
	27,356	Carnival Corp.*		433,866
	395	Cava Group Inc.*		23,072
	749	Chipotle Mexican Grill Inc., Class A Shares*		2,013,889
	786	Choice Hotels International Inc.		87,985
	1,900	Churchill Downs Inc.		231,553
	28,342	Darden Restaurants Inc.		4,838,263
	946	Domino’s Pizza Inc.		424,139
	8,361	DoorDash Inc., Class A Shares*		1,041,530
	11,465	DraftKings Inc., Class A Shares*		496,664
	3,838	Expedia Group Inc.*		525,115
	39,334	Hilton Worldwide Holdings Inc.		8,036,723
	1,225	Hyatt Hotels Corp., Class A Shares		188,148
	9,942	Las Vegas Sands Corp.		542,038
	6,626	Marriott International Inc., Class A Shares		1,655,639
	976	Marriott Vacations Worldwide Corp.		90,953
	35,942	McDonald’s Corp.		10,505,128
	7,838	MGM Resorts International*		339,229
	11,293	Norwegian Cruise Line Holdings Ltd.*		218,971
	4,094	Penn Entertainment Inc.*		74,920
	2,312	Planet Fitness Inc., Class A Shares*		143,460
	6,381	Royal Caribbean Cruises Ltd.*		787,096
	30,780	Starbucks Corp.		2,921,022
	1,786	Texas Roadhouse Inc., Class A Shares		266,775
	1,884	Travel + Leisure Co.		84,196
	1,023	Vail Resorts Inc.		235,607
	4,621	Wendy’s Co. (The)		83,686
	814	Wingstop Inc.		285,755
	2,246	Wyndham Hotels & Resorts Inc.		171,931
	2,775	Wynn Resorts Ltd.		291,930
	7,682	Yum! Brands Inc.		1,063,342

		Total Hotels, Restaurants & Leisure		43,777,367


Household Durables — 0.3%
	8,487	DR Horton Inc.		1,268,297
	4,106	Garmin Ltd.		563,959
	3,726	Leggett & Platt Inc.		76,085
	6,648	Lennar Corp., Class A Shares		1,053,775
	406	Lennar Corp., Class B Shares		59,832
	1,413	Mohawk Industries Inc.*		167,610
	10,177	Newell Brands Inc.		76,328
	81	NVR Inc.*		617,671
	5,827	PulteGroup Inc.		631,530
	4,457	Tempur Sealy International Inc.		242,773
	2,913	Toll Brothers Inc.		333,946
	879	TopBuild Corp.*		353,692
	1,429	Whirlpool Corp.		153,460

		Total Household Durables		5,598,958


Leisure Products — 0.0%@
	1,902	Brunswick Corp.		166,235

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 9.5% — (continued)

Leisure Products — 0.0%@ — (continued)
	3,491	Hasbro Inc.	$	175,562
	9,403	Mattel Inc.*		185,239
	9,621	Peloton Interactive Inc., Class A Shares*		43,487
	1,440	Polaris Inc.		133,503
	2,374	YETI Holdings Inc.*		97,429

		Total Leisure Products		801,455


Specialty Retail — 1.8%
	1,602	Advance Auto Parts Inc.		108,199
	832	AutoNation Inc.*		124,634
	484	AutoZone Inc.*		1,454,914
	6,121	Bath & Body Works Inc.		279,730
	5,372	Best Buy Co., Inc.		434,487
	1,791	Burlington Stores Inc.*		367,334
	21,849	CarMax Inc.*		1,726,071
	1,606	Dick’s Sporting Goods Inc.		285,691
	1,464	Five Below Inc.*		293,795
	2,780	Floor & Decor Holdings Inc., Class A Shares*		336,714
	7,155	GameStop Corp., Class A Shares*(c)		102,102
	5,415	Gap Inc. (The)		102,560
	27,287	Home Depot Inc. (The)		10,385,705
	723	Lithia Motors Inc., Class A Shares		216,220
	36,368	Lowe’s Cos., Inc.		8,752,687
	528	Murphy USA Inc.		220,181
	6,422	O’Reilly Automotive Inc.*		6,983,411
	598	Penske Automotive Group Inc.		91,793
	1,943	Petco Health & Wellness Co., Inc., Class A Shares*		5,052
	441	RH*		121,010
	9,158	Ross Stores Inc.		1,364,176
	31,421	TJX Cos., Inc. (The)		3,115,078
	2,986	Tractor Supply Co.		759,399
	1,337	Ulta Beauty Inc.*		733,425
	4,520	Valvoline Inc.*		192,733
	2,307	Victoria’s Secret & Co.*		65,888
	2,197	Wayfair Inc., Class A Shares*		130,941
	1,764	Williams-Sonoma Inc.		415,475

		Total Specialty Retail		39,169,405


Textiles, Apparel & Luxury Goods — 0.4%
	802	Birkenstock Holding PLC*		40,108
	3,273	Capri Holdings Ltd.*		150,984
	1,005	Carter’s Inc.		81,355
	1,025	Columbia Sportswear Co.		84,757
	1,625	Crocs Inc.*		198,656
	715	Deckers Outdoor Corp.*		640,347
	2,974	lululemon athletica Inc.*		1,389,126
	49,142	NIKE Inc., Class B Shares		5,107,328
	1,666	PVH Corp.		227,692
	1,069	Ralph Lauren Corp., Class A Shares		198,748
	3,586	Skechers USA Inc., Class A Shares*		221,651
	6,305	Tapestry Inc.		299,677
	5,673	Under Armour Inc., Class A Shares*		50,830
	5,012	Under Armour Inc., Class C Shares*		42,802
	9,339	V.F. Corp.		152,599

		Total Textiles, Apparel & Luxury Goods		8,886,660

		TOTAL CONSUMER DISCRETIONARY		205,969,632

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

CONSUMER STAPLES — 4.6%

Beverages — 1.0%
	260	Boston Beer Co., Inc. (The), Class A Shares*	$	80,117
	1,307	Brown-Forman Corp., Class A Shares		78,342
	5,132	Brown-Forman Corp., Class B Shares		309,100
	4,005	Celsius Holdings Inc.*		326,888
	106,258	Coca-Cola Co. (The)		6,377,605
	4,392	Constellation Brands Inc., Class A Shares		1,091,500
	25,833	Keurig Dr Pepper Inc.		772,665
	4,670	Molson Coors Beverage Co., Class B Shares		291,501
	55,780	Monster Beverage Corp.*		3,296,598
	61,682	PepsiCo Inc.		10,198,502

		Total Beverages		22,822,818


Consumer Staples Distribution & Retail — 1.5%
	11,129	Albertsons Cos., Inc., Class A Shares		225,696
	3,554	BJ’s Wholesale Club Holdings Inc.*		259,584
	1,041	Casey’s General Stores Inc.		316,974
	15,465	Costco Wholesale Corp.		11,504,259
	5,949	Dollar General Corp.		864,449
	5,686	Dollar Tree Inc.*		834,022
	2,438	Grocery Outlet Holding Corp.*		62,876
	17,703	Kroger Co. (The)		878,246
	565	Maplebear Inc.*		18,385
	4,266	Performance Food Group Co.*		327,501
	13,840	Sysco Corp.		1,120,625
	49,429	Target Corp.		7,558,683
	6,324	US Foods Holding Corp.*		321,196
	19,694	Walgreens Boots Alliance Inc.		418,694
	116,826	Walmart Inc.		6,847,172

		Total Consumer Staples Distribution & Retail		31,558,362


Food Products — 0.8%
	14,560	Archer-Daniels-Midland Co.		773,282
	3,990	Bunge Global SA		376,536
	5,110	Campbell Soup Co.		217,890
	13,153	Conagra Brands Inc.		369,336
	4,234	Darling Ingredients Inc.*		179,141
	5,020	Flowers Foods Inc.		112,548
	1,152	Freshpet Inc.*		130,211
	15,902	General Mills Inc.		1,020,590
	4,108	Hershey Co. (The)		771,975
	7,734	Hormel Foods Corp.		273,165
	1,762	Ingredion Inc.		207,264
	2,768	J.M. Smucker Co. (The)		332,631
	7,177	Kellanova		395,812
	21,783	Kraft Heinz Co. (The)		768,504
	4,009	Lamb Weston Holdings Inc.		409,760
	6,907	McCormick & Co., Inc., Class VTG Shares		475,616
	107,707	Mondelez International Inc., Class A Shares		7,870,150
	1,166	Pilgrim’s Pride Corp.*		37,125
	1,430	Post Holdings Inc.*		148,949
	8	Seaboard Corp.		26,301
	48,344	Tyson Foods Inc., Class A Shares		2,622,179
	1,736	WK Kellogg Co.		25,415

		Total Food Products		17,544,380

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

CONSUMER STAPLES — 4.6% — (continued)

Household Products — 0.8%
	6,660	Church & Dwight Co., Inc.	$	666,799
	3,386	Clorox Co. (The)		519,108
	22,388	Colgate-Palmolive Co.		1,937,010
	9,206	Kimberly-Clark Corp.		1,115,491
	81,101	Procter & Gamble Co. (The)		12,890,193
	1,594	Reynolds Consumer Products Inc.		47,023
	1,110	Spectrum Brands Holdings Inc.		89,266

		Total Household Products		17,264,890


Personal Care Products — 0.2%
	9,989	Coty Inc., Class A Shares*		125,462
	16,231	Estee Lauder Cos., Inc. (The), Class A Shares		2,411,602
	47,545	Kenvue Inc.		903,355
	3,001	Olaplex Holdings Inc.*		5,582

		Total Personal Care Products		3,446,001


Tobacco — 0.3%
	48,729	Altria Group Inc.		1,993,503
	42,339	Philip Morris International Inc.		3,808,817

		Total Tobacco		5,802,320

		TOTAL CONSUMER STAPLES		98,438,771


ENERGY — 3.5%

Energy Equipment & Services — 0.4%
	27,435	Baker Hughes Co., Class A Shares		811,802
	24,348	Halliburton Co.		853,884
	10,480	NOV Inc.		177,112
	150,983	Schlumberger NV		7,297,008
	11,727	TechnipFMC PLC		254,359

		Total Energy Equipment & Services		9,394,165


Oil, Gas & Consumable Fuels — 3.1%
	9,275	Antero Midstream Corp.		124,285
	7,554	Antero Resources Corp.*		194,138
	8,290	APA Corp.		246,959
	6,561	Cheniere Energy Inc.		1,018,267
	3,389	Chesapeake Energy Corp.		280,541
	46,945	Chevron Corp.		7,136,109
	89,072	ConocoPhillips		10,024,163
	20,464	Coterra Energy Inc.		527,562
	17,477	Devon Energy Corp.		770,037
	4,842	Diamondback Energy Inc.		883,762
	2,592	DT Midstream Inc.		149,377
	52,547	EOG Resources Inc.		6,014,530
	9,999	EQT Corp.		371,463
	206,398	Exxon Mobil Corp.		21,572,719
	7,578	Hess Corp.		1,104,493
	3,996	HF Sinclair Corp.		221,778
	53,485	Kinder Morgan Inc.		930,104
	16,609	Marathon Oil Corp.		402,768
	10,351	Marathon Petroleum Corp.		1,751,700
	1,579	New Fortress Energy Inc., Class A Shares .		55,502
	18,650	Occidental Petroleum Corp.		1,130,376
	15,874	ONEOK Inc.		1,192,455
	6,858	Ovintiv Inc.		338,854

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

ENERGY — 3.5% — (continued)

Oil, Gas & Consumable Fuels — 3.1% — (continued)
	35,998	Phillips 66	$	5,130,075
	6,348	Pioneer Natural Resources Co.		1,492,986
	6,254	Range Resources Corp.		197,751
	29,305	Southwestern Energy Co.*		204,256
	5,975	Targa Resources Corp.		586,984
	166	Texas Pacific Land Corp.		261,520
	9,413	Valero Energy Corp.		1,331,563
	33,256	Williams Cos., Inc. (The)		1,195,221

		Total Oil, Gas & Consumable Fuels		66,842,298

		TOTAL ENERGY		76,236,463


FINANCIALS — 15.7%

Banks — 3.1%
	372,018	Bank of America Corp.		12,842,061
	2,978	Bank OZK		130,436
	792	BOK Financial Corp.		67,328
	52,243	Citigroup Inc.		2,898,964
	12,655	Citizens Financial Group Inc.		397,240
	5,553	Columbia Banking System Inc.		100,509
	3,515	Comerica Inc.		173,571
	3,205	Commerce Bancshares Inc.		166,788
	1,581	Cullen/Frost Bankers Inc.		171,554
	3,752	East West Bancorp Inc.		273,371
	18,516	Fifth Third Bancorp		635,839
	299	First Citizens BancShares Inc., Class A Shares		470,569
	3,636	First Hawaiian Inc.		76,211
	14,850	First Horizon Corp.		209,385
	9,550	FNB Corp.		127,397
	39,450	Huntington Bancshares Inc.		514,428
	146,134	JPMorgan Chase & Co.		27,189,692
	25,794	KeyCorp.		368,080
	4,516	M&T Bank Corp.		631,066
	19,024	New York Community Bancorp Inc.		91,125
	63,051	NU Holdings Ltd., Class A Shares*		698,605
	2,010	Pinnacle Financial Partners Inc.		166,267
	10,863	PNC Financial Services Group Inc. (The)		1,599,034
	1,939	Popular Inc.		162,256
	2,326	Prosperity Bancshares Inc.		145,166
	25,679	Regions Financial Corp.		478,400
	3,863	Synovus Financial Corp.		146,562
	1,501	TFS Financial Corp.		19,138
	74,202	Truist Financial Corp.		2,595,586
	42,489	US Bancorp.		1,782,838
	4,637	Webster Financial Corp.		220,907
	210,694	Wells Fargo & Co.		11,712,480
	2,984	Western Alliance Bancorp.		172,266
	1,665	Wintrust Financial Corp.		160,423
	3,886	Zions Bancorp NA		153,225

		Total Banks		67,748,767


Capital Markets — 4.7%
	952	Affiliated Managers Group Inc.		148,807
	2,810	Ameriprise Financial Inc.		1,144,682
	4,403	Ares Management Corp., Class A Shares		583,970
	21,072	Bank of New York Mellon Corp. (The)		1,181,928

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

FINANCIALS — 15.7% — (continued)

Capital Markets — 4.7% — (continued)
	12,376	BlackRock Inc., Class A Shares	$	10,041,144
	19,440	Blackstone Inc.		2,484,821
	12,712	Blue Owl Capital Inc., Class A Shares		228,308
	47,442	Brookfield Asset Management Ltd., Class A Shares		1,933,262
	284,511	Brookfield Corp.		11,741,769
	5,636	Carlyle Group Inc. (The)		258,411
	2,878	Cboe Global Markets Inc.		552,576
	101,886	Charles Schwab Corp. (The)		6,803,947
	9,795	CME Group Inc., Class A Shares		2,158,328
	4,568	Coinbase Global Inc., Class A Shares*		929,862
	951	Evercore Inc., Class A Shares		177,913
	1,052	FactSet Research Systems Inc.		486,634
	7,604	Franklin Resources Inc.		208,730
	8,699	Goldman Sachs Group Inc. (The)		3,384,346
	1,360	Houlihan Lokey Inc., Class A Shares		174,978
	2,838	Interactive Brokers Group Inc., Class A Shares		308,547
	60,200	Intercontinental Exchange Inc.		8,332,884
	9,702	Invesco Ltd.		149,508
	3,772	Janus Henderson Group PLC		117,536
	5,184	Jefferies Financial Group Inc.		216,795
	75,989	KKR & Co., Inc., Class Miscella Shares		7,466,679
	3,006	Lazard Inc., Class A Shares		115,851
	2,084	LPL Financial Holdings Inc.		558,283
	989	MarketAxess Holdings Inc.		211,062
	13,770	Moody’s Corp.		5,224,613
	32,800	Morgan Stanley(d)		2,822,112
	687	Morningstar Inc.		205,131
	2,094	MSCI Inc., Class A Shares		1,174,671
	9,348	Nasdaq Inc.		525,358
	5,633	Northern Trust Corp.		462,638
	5,170	Raymond James Financial Inc.		622,054
	18,872	Robinhood Markets Inc., Class A Shares*		307,802
	54,225	S&P Global Inc.		23,228,906
	2,718	SEI Investments Co.		182,786
	31,195	State Street Corp.		2,300,007
	2,742	Stifel Financial Corp.		208,008
	6,014	T. Rowe Price Group Inc.		681,687
	1,872	TPG Inc., Class A Shares		83,023
	3,192	Tradeweb Markets Inc., Class A Shares		337,777
	2,150	Virtu Financial Inc., Class A Shares		38,808
	8,874	XP Inc., Class A Shares		209,781

		Total Capital Markets		100,716,723


Consumer Finance — 0.5%
	7,293	Ally Financial Inc.		269,768
	31,758	American Express Co.		6,968,340
	10,338	Capital One Financial Corp.		1,422,612
	171	Credit Acceptance Corp.*		94,666
	6,802	Discover Financial Services		821,001
	2,996	OneMain Holdings Inc., Class A Shares .		141,501
	5,972	SLM Corp.		124,397
	26,137	SoFi Technologies Inc.*		234,710
	11,125	Synchrony Financial		459,463

		Total Consumer Finance		10,536,458

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

FINANCIALS — 15.7% — (continued)

Financial Services — 5.0%
	6,337	Affirm Holdings Inc., Class A Shares*	$	237,764
	14,226	Apollo Global Management Inc.		1,590,467
	66,931	Berkshire Hathaway Inc., Class B Shares*		27,401,551
	14,784	Block Inc., Class A Shares*		1,174,885
	9,550	Equitable Holdings Inc.		326,992
	1,384	Euronet Worldwide Inc.*		151,465
	101,917	Fidelity National Information Services Inc.		7,051,637
	16,326	Fiserv Inc.*		2,436,982
	1,964	FleetCor Technologies Inc.*		548,486
	7,085	Global Payments Inc.		918,925
	2,017	Jack Henry & Associates Inc.		350,494
	46,124	MasterCard Inc., Class A Shares		21,897,830
	7,602	MGIC Investment Corp.		151,204
	1,704	NCR Atleos Corp.*.		37,079
	108,192	PayPal Holdings Inc.*		6,528,305
	3,597	Rocket Cos., Inc., Class A Shares*		45,178
	1,519	Shift4 Payments Inc., Class A Shares*		124,892
	10,113	Toast Inc., Class A Shares*		232,599
	3,045	UWM Holdings Corp.		19,427
	125,015	Visa Inc., Class A Shares		35,334,240
	2,799	Voya Financial Inc.		191,340
	6,595	Western Union Co. (The)		88,439
	1,142	WEX Inc.*		250,932

		Total Financial Services		107,091,113


Insurance — 2.4%
	16,089	Aflac Inc.		1,299,026
	7,152	Allstate Corp. (The)		1,140,887
	2,047	American Financial Group Inc.		261,340
	19,347	American International Group Inc.		1,410,203
	5,406	Aon PLC, Class A Shares		1,708,242
	9,703	Arch Capital Group Ltd.*		849,886
	5,774	Arthur J. Gallagher & Co.		1,408,452
	1,412	Assurant Inc.		256,207
	1,518	Assured Guaranty Ltd.		139,049
	2,113	Axis Capital Holdings Ltd.		132,210
	1,934	Brighthouse Financial Inc.*		90,028
	6,495	Brown & Brown Inc.		546,944
	11,077	Chubb Ltd.		2,787,749
	4,220	Cincinnati Financial Corp.		481,080
	623	CNA Financial Corp.		27,381
	1,178	Everest Group Ltd.		434,541
	6,097	Fidelity National Financial Inc.		308,386
	2,676	First American Financial Corp.		156,305
	2,450	Globe Life Inc.		310,978
	948	Hanover Insurance Group Inc. (The)		124,634
	65,495	Hartford Financial Services Group Inc. (The)		6,277,041
	1,779	Kemper Corp.		101,990
	614	Kinsale Capital Group Inc.		316,934
	4,059	Lincoln National Corp.		111,785
	4,940	Loews Corp.		371,142
	360	Markel Group Inc.*		537,293
	23,003	Marsh & McLennan Cos., Inc.		4,652,817
	17,291	MetLife Inc.		1,205,874
	7,175	Old Republic International Corp.		207,788

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

FINANCIALS — 15.7% — (continued)

Insurance — 2.4% — (continued)
	969	Primerica Inc.	$	237,657
	6,622	Principal Financial Group Inc.		535,455
	63,700	Progressive Corp. (The)		12,074,972
	30,631	Prudential Financial Inc.		3,338,473
	1,850	Reinsurance Group of America Inc., Class A Shares		327,172
	1,396	RenaissanceRe Holdings Ltd.		313,849
	1,088	RLI Corp.		159,338
	2,772	Ryan Specialty Holdings Inc., Class A Shares*		145,197
	29,330	Travelers Cos., Inc. (The)		6,480,757
	4,809	Unum Group		237,805
	65	White Mountains Insurance Group Ltd.		114,754
	2,805	Willis Towers Watson PLC		764,671
	5,409	WR Berkley Corp.		452,192

		Total Insurance		52,838,484


Mortgage Real Estate Investment Trusts (REITs) — 0.0%@
	17,417	AGNC Investment Corp.		166,506
	13,190	Annaly Capital Management Inc.		251,797
	12,869	Rithm Capital Corp.		139,500
	7,871	Starwood Property Trust Inc.		160,490

		Total Mortgage Real Estate Investment Trusts (REITs)		718,293

		TOTAL FINANCIALS		339,649,838


HEALTH CARE — 12.7%

Biotechnology — 1.6%
	71,230	AbbVie Inc.		12,540,042
	3,383	Alnylam Pharmaceuticals Inc.*		511,137
	27,039	Amgen Inc.		7,404,089
	2,670	Apellis Pharmaceuticals Inc.*		165,460
	3,950	Biogen Inc.*		857,110
	5,140	BioMarin Pharmaceutical Inc.*		443,479
	4,976	Exact Sciences Corp.*		286,269
	8,567	Exelixis Inc.*		187,617
	34,099	Gilead Sciences Inc.		2,458,538
	4,925	Incyte Corp.*		287,423
	3,804	Ionis Pharmaceuticals Inc.*		171,979
	990	Karuna Therapeutics Inc.*		310,830
	9,065	Moderna Inc.*		836,156
	2,962	Natera Inc.*		256,183
	2,674	Neurocrine Biosciences Inc.*		348,690
	2,796	Regeneron Pharmaceuticals Inc.*		2,701,188
	9,552	Roivant Sciences Ltd.*		109,275
	2,490	Sarepta Therapeutics Inc.*		318,471
	2,136	Ultragenyx Pharmaceutical Inc.*		110,474
	1,206	United Therapeutics Corp.*		272,122
	7,028	Vertex Pharmaceuticals Inc.*		2,956,961

		Total Biotechnology		33,533,493


Health Care Equipment & Supplies — 2.7%
	108,189	Abbott Laboratories		12,835,543
	25,170	Alcon Inc.		2,128,124
	2,084	Align Technology Inc.*		630,243
	13,829	Baxter International Inc.		565,883
	27,251	Becton Dickinson and Co.		6,418,973
	134,647	Boston Scientific Corp.*		8,914,978

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 12.7% — (continued)

Health Care Equipment & Supplies — 2.7% — (continued)
	5,328	Cooper Cos Inc. (The)	$	498,701
	5,647	DENTSPLY SIRONA Inc.		184,544
	10,547	DexCom Inc.*		1,213,643
	16,423	Edwards Lifesciences Corp.*		1,393,820
	1,498	Enovis Corp.*		89,595
	4,374	Envista Holdings Corp.*		90,323
	10,583	GE HealthCare Technologies Inc.		966,016
	3,166	Globus Medical Inc., Class A Shares*		170,932
	6,663	Hologic Inc.*		491,729
	580	ICU Medical Inc.*		63,353
	5,298	IDEXX Laboratories Inc.*		3,047,569
	768	Inspire Medical Systems Inc.*		137,503
	1,915	Insulet Corp.*		314,060
	1,908	Integra LifeSciences Holdings Corp.*		70,424
	18,602	Intuitive Surgical Inc.*		7,172,931
	1,183	Masimo Corp.*		152,063
	36,237	Medtronic PLC		3,020,716
	2,658	Novocure Ltd.*		40,694
	969	Penumbra Inc.*		227,638
	1,451	QuidelOrtho Corp.*		66,166
	3,959	ResMed Inc.		687,758
	969	Shockwave Medical Inc.*		252,783
	2,651	STERIS PLC		617,444
	16,791	Stryker Corp.		5,861,234
	2,004	Tandem Diabetes Care Inc.*		53,367
	1,305	Teleflex Inc.		290,741
	5,726	Zimmer Biomet Holdings Inc.		712,085

		Total Health Care Equipment & Supplies		59,381,576


Health Care Providers & Services — 3.0%
	2,396	Acadia Healthcare Co., Inc.*		199,946
	7,882	agilon health Inc.*		48,317
	873	Amedisys Inc.*		81,206
	6,813	Cardinal Health Inc.		762,920
	27,202	Cencora Inc.		6,408,791
	14,461	Centene Corp.*		1,134,176
	392	Chemed Corp.		245,443
	7,965	Cigna Group (The)		2,677,355
	92,994	CVS Health Corp.		6,915,964
	1,459	DaVita Inc.*		185,249
	6,467	Elevance Health Inc.		3,241,584
	2,638	Encompass Health Corp.		196,267
	5,467	HCA Healthcare Inc.		1,704,064
	3,482	Henry Schein Inc.*		266,269
	10,171	Humana Inc.		3,563,105
	60,052	Laboratory Corp. of America Holdings		12,961,023
	3,698	McKesson Corp.		1,928,174
	1,579	Molina Healthcare Inc.*		621,984
	2,994	Premier Inc., Class A Shares		62,455
	3,092	Quest Diagnostics Inc.		386,160
	4,270	R1 RCM Inc.*		59,993
	2,696	Tenet Healthcare Corp.*		250,728
	42,972	UnitedHealth Group Inc.		21,210,979
	1,619	Universal Health Services Inc., Class B Shares		270,470

		Total Health Care Providers & Services		65,382,622

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 12.7% — (continued)

Health Care Technology — 0.1%
	3,535	Certara Inc.*	$	59,671
	3,062	Doximity Inc., Class A Shares*		86,440
	4,743	Teladoc Health Inc.*		71,525
	3,949	Veeva Systems Inc., Class A Shares*		890,539

		Total Health Care Technology		1,108,175


Life Sciences Tools & Services — 1.9%
	2,527	10X Genomics Inc., Class A Shares*		117,859
	7,989	Agilent Technologies Inc.		1,097,369
	144,899	Avantor Inc.*		3,570,311
	1,652	Azenta Inc.*		107,628
	561	Bio-Rad Laboratories Inc., Class A Shares*		182,819
	4,158	Bio-Techne Corp.		305,904
	2,837	Bruker Corp.		245,514
	1,414	Charles River Laboratories International Inc.*		359,425
	50,281	Danaher Corp.		12,728,132
	2,062	Fortrea Holdings Inc.*		77,407
	2,220	ICON PLC, ADR*		711,776
	4,314	Illumina Inc.*		603,227
	4,987	IQVIA Holdings Inc.*		1,232,587
	2,546	Maravai LifeSciences Holdings Inc., Class A Shares*		19,681
	630	Medpace Holdings Inc.*		250,438
	594	Mettler-Toledo International Inc.*		740,849
	6,159	QIAGEN NV*		263,544
	1,545	Repligen Corp.*		299,714
	3,374	Revvity Inc.		369,757
	2,422	Sotera Health Co.*		36,354
	30,085	Thermo Fisher Scientific Inc.		17,153,865
	1,604	Waters Corp.*		541,222
	2,018	West Pharmaceutical Services Inc.		723,170

		Total Life Sciences Tools & Services		41,738,552


Pharmaceuticals — 3.4%
	122,203	Bristol-Myers Squibb Co.		6,201,802
	4,805	Catalent Inc.*		275,519
	13,091	Elanco Animal Health Inc.*		208,016
	26,089	Eli Lilly & Co.		19,662,758
	1,733	Jazz Pharmaceuticals PLC*		206,054
	93,696	Johnson & Johnson		15,120,660
	141,009	Merck & Co., Inc.		17,929,294
	7,027	Organon & Co.		122,340
	3,629	Perrigo Co. PLC		95,298
	154,157	Pfizer Inc.		4,094,410
	10,349	Royalty Pharma PLC, Class A Shares		313,989
	33,031	Viatris Inc.		408,593
	42,630	Zoetis Inc., Class A Shares		8,454,808

		Total Pharmaceuticals		73,093,541

		TOTAL HEALTH CARE		274,237,959


INDUSTRIALS — 11.1%

Aerospace & Defense — 2.3%
	1,907	Axon Enterprise Inc.*		586,155
	15,213	Boeing Co. (The)*		3,099,192
	2,439	BWX Technologies Inc.		245,924
	1,019	Curtiss-Wright Corp.		240,759

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 11.1% — (continued)

Aerospace & Defense — 2.3% — (continued)
	6,677	General Dynamics Corp.	$	1,824,490
	1,205	HEICO Corp.		233,047
	27,226	HEICO Corp., Class A Shares		4,236,093
	2,251	Hexcel Corp.		167,609
	10,348	Howmet Aerospace Inc.		688,659
	1,093	Huntington Ingalls Industries Inc.		318,741
	5,158	L3Harris Technologies Inc.		1,091,742
	6,047	Lockheed Martin Corp.		2,589,567
	1,373	Mercury Systems Inc.*		41,012
	9,077	Northrop Grumman Corp.		4,184,679
	119,815	RTX Corp.		10,743,811
	2,918	Spirit AeroSystems Holdings Inc., Class A Shares*		83,455
	57,153	Textron Inc.		5,090,618
	11,266	TransDigm Group Inc.		13,268,419
	1,671	Woodward Inc.		236,430

		Total Aerospace & Defense		48,970,402


Air Freight & Logistics — 0.3%
	3,071	CH Robinson Worldwide Inc.		227,500
	4,065	Expeditors International of Washington Inc.		486,174
	6,326	FedEx Corp.		1,574,984
	3,126	GXO Logistics Inc.*		161,802
	28,167	United Parcel Service Inc., Class B Shares		4,176,039

		Total Air Freight & Logistics		6,626,499


Building Products — 0.8%
	1,821	Advanced Drainage Systems Inc.		297,260
	2,443	Allegion PLC		312,386
	3,278	AO Smith Corp.		271,746
	1,208	Armstrong World Industries Inc.		145,697
	3,654	AZEK Co., Inc. (The), Class A Shares*		175,794
	3,402	Builders FirstSource Inc.*		664,002
	1,326	Carlisle Cos., Inc.		464,100
	99,552	Carrier Global Corp.		5,533,100
	3,377	Fortune Brands Innovations Inc.		274,685
	3,435	Hayward Holdings Inc.*		50,804
	18,597	Johnson Controls International PLC		1,102,244
	883	Lennox International Inc.		416,079
	6,186	Masco Corp.		474,837
	30,341	Owens Corning		4,544,475
	6,210	Trane Technologies PLC		1,751,034
	2,901	Trex Co., Inc.*		266,196

		Total Building Products		16,744,439


Commercial Services & Supplies — 0.9%
	2,363	Cintas Corp.		1,485,406
	1,352	Clean Harbors Inc.*		246,199
	131,479	Copart Inc.*		6,988,109
	1,448	Driven Brands Holdings Inc.*		19,968
	984	MSA Safety Inc.		181,204
	5,040	RB Global Inc.		382,586
	5,663	Republic Services Inc., Class A Shares		1,039,727
	7,103	Rollins Inc.		313,029
	2,500	Stericycle Inc.*		135,975
	1,416	Tetra Tech Inc.		251,085
	6,021	Veralto Corp.		520,335

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 11.1% — (continued)

Commercial Services & Supplies — 0.9% — (continued)
	3,128	Vestis Corp.	$	58,681
	37,622	Waste Management Inc.		7,736,964

		Total Commercial Services & Supplies		19,359,268


Construction & Engineering — 0.4%
	3,642	AECOM		323,519
	1,252	EMCOR Group Inc.		392,527
	1,661	MasTec Inc.*		125,339
	5,397	MDU Resources Group Inc.		117,007
	32,485	Quanta Services Inc.		7,845,452
	554	Valmont Industries Inc.		117,409
	5,254	WillScot Mobile Mini Holdings Corp.*		250,879

		Total Construction & Engineering		9,172,132


Electrical Equipment — 0.7%
	834	Acuity Brands Inc.		209,534
	6,272	AMETEK Inc.		1,130,089
	7,292	ChargePoint Holdings Inc.*(c)		15,094
	22,114	Eaton Corp. PLC		6,390,946
	15,568	Emerson Electric Co.		1,663,441
	1,625	Generac Holdings Inc.*		182,829
	1,467	Hubbell Inc., Class B Shares		558,443
	4,591	nVent Electric PLC		309,066
	14,462	Plug Power Inc.*		51,051
	1,767	Regal Rexnord Corp.		303,023
	14,186	Rockwell Automation Inc.		4,044,145
	4,029	Sensata Technologies Holding PLC		138,678
	5,737	Sunrun Inc.*		69,073
	9,377	Vertiv Holdings Co., Class A Shares		634,073

		Total Electrical Equipment		15,699,485


Ground Transportation — 1.6%
	546	Avis Budget Group Inc.		58,990
	203,170	CSX Corp.		7,708,270
	4,858	Hertz Global Holdings Inc.*		38,135
	2,258	JB Hunt Transport Services Inc.		465,848
	4,172	Knight-Swift Transportation Holdings Inc., Class A Shares		235,050
	955	Landstar System Inc.		181,641
	9,253	Lyft Inc., Class A Shares*		146,938
	6,197	Norfolk Southern Corp.		1,570,196
	2,690	Old Dominion Freight Line Inc.		1,190,271
	1,175	Ryder System Inc.		134,068
	733	Saia Inc.*		421,768
	1,269	Schneider National Inc., Class B Shares		29,885
	92,429	Uber Technologies Inc.*		7,348,106
	219	U-Haul Holding Co.*		14,099
	2,680	U-Haul Holding Co.-Non Voting		170,368
	51,796	Union Pacific Corp.		13,140,127
	3,151	XPO Inc.*		379,128

		Total Ground Transportation		33,232,888


Industrial Conglomerates — 0.7%
	14,999	3M Co.		1,381,708
	29,578	General Electric Co.		4,640,492
	49,570	Honeywell International Inc.		9,851,046

		Total Industrial Conglomerates		15,873,246

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 11.1% — (continued)

Machinery — 2.0%
	1,672	AGCO Corp.	$	183,419
	2,466	Allison Transmission Holdings Inc.		185,764
	29,883	Caterpillar Inc.		9,979,727
	27,127	CNH Industrial NV		324,168
	1,281	Crane Co.		155,718
	3,840	Cummins Inc.		1,031,463
	7,216	Deere & Co.		2,634,201
	3,234	Donaldson Co., Inc.		231,619
	3,806	Dover Corp.		629,436
	1,507	Esab Corp.		149,374
	3,494	Flowserve Corp.		147,866
	9,642	Fortive Corp.		820,824
	3,074	Gates Industrial Corp. PLC*		45,249
	4,608	Graco Inc.		420,526
	2,077	IDEX Corp.		489,964
	8,166	Illinois Tool Works Inc.		2,140,717
	10,973	Ingersoll Rand Inc.		1,002,164
	2,307	ITT Inc.		291,005
	1,547	Lincoln Electric Holdings Inc.		396,960
	1,421	Middleby Corp. (The)*		216,219
	1,577	Nordson Corp.		418,930
	1,741	Oshkosh Corp.		193,007
	79,068	Otis Worldwide Corp.		7,535,180
	13,982	PACCAR Inc.		1,550,464
	16,643	Parker-Hannifin Corp.		8,911,494
	4,552	Pentair PLC		354,100
	755	RBC Bearings Inc.*		205,987
	1,434	Snap-on Inc.		395,297
	4,231	Stanley Black & Decker Inc.		377,786
	1,671	Timken Co. (The)		140,347
	2,781	Toro Co. (The)		256,714
	4,861	Westinghouse Air Brake Technologies Corp.		686,811
	6,466	Xylem Inc.		821,505

		Total Machinery		43,324,005


Marine Transportation — 0.0%@
	1,593	Kirby Corp.*		139,738


Passenger Airlines — 0.2%
	3,406	Alaska Air Group Inc.*		127,350
	17,354	American Airlines Group Inc.*		272,111
	17,497	Delta Air Lines Inc.		739,598
	80,828	Southwest Airlines Co.		2,769,976
	9,032	United Airlines Holdings Inc.*		410,866

		Total Passenger Airlines		4,319,901


Professional Services — 0.7%
	11,283	Automatic Data Processing Inc.		2,833,500
	3,475	Booz Allen Hamilton Holding Corp., Class A Shares		513,292
	3,196	Broadridge Financial Solutions Inc.		650,642
	603	CACI International Inc., Class A Shares*		226,035
	12,572	Clarivate PLC*		90,267
	1,249	Concentrix Corp.		90,490
	3,941	Dayforce Inc.*		274,924
	7,708	Dun & Bradstreet Holdings Inc.		81,242
	3,322	Equifax Inc.		908,866

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 11.1% — (continued)

Professional Services — 0.7% — (continued)
	889	FTI Consulting Inc.*	$	183,916
	4,789	Genpact Ltd.		162,826
	3,450	Jacobs Solutions Inc.		505,943
	3,613	KBR Inc.		216,888
	3,758	Leidos Holdings Inc.		480,498
	1,392	ManpowerGroup Inc.		100,447
	8,807	Paychex Inc.		1,079,914
	1,380	Paycom Software Inc.		251,698
	1,976	Paycor HCM Inc.*		41,733
	1,122	Paylocity Holding Corp.*		189,180
	2,810	Robert Half Inc.		225,924
	1,436	Science Applications International Corp.		200,983
	6,013	SS&C Technologies Holdings Inc.		383,389
	5,343	TransUnion		414,777
	23,341	Verisk Analytics Inc., Class A Shares		5,646,188

		Total Professional Services		15,753,562


Trading Companies & Distributors — 0.5%
	2,818	Air Lease Corp., Class A Shares		113,002
	4,450	Core & Main Inc., Class A Shares*		212,398
	15,570	Fastenal Co.		1,136,766
	5,515	Ferguson PLC		1,166,147
	1,233	MSC Industrial Direct Co., Inc., Class A Shares		124,459
	1,187	SiteOne Landscape Supply Inc.*		199,986
	1,834	United Rentals Inc.		1,271,457
	919	Watsco Inc.		362,196
	1,182	WESCO International Inc.		176,697
	4,767	WW Grainger Inc.		4,640,484

		Total Trading Companies & Distributors		9,403,592

		TOTAL INDUSTRIALS		238,619,157


INFORMATION TECHNOLOGY — 24.0%

Communications Equipment — 0.7%
	6,839	Arista Networks Inc.*		1,898,096
	3,962	Ciena Corp.*		225,755
	110,632	Cisco Systems Inc.		5,351,270
	1,610	F5 Inc.*		301,424
	8,842	Juniper Networks Inc.		327,419
	1,935	Lumentum Holdings Inc.*		93,789
	19,914	Motorola Solutions Inc.		6,579,387
	142	Ubiquiti Inc.		16,640
	3,369	ViaSat Inc.*		65,931

		Total Communications Equipment		14,859,711


Electronic Equipment, Instruments & Components — 0.3%
	15,901	Amphenol Corp., Class A Shares .		1,737,025
	1,531	Arrow Electronics Inc.*		179,892
	2,440	Avnet Inc.		113,680
	3,665	CDW Corp.		902,360
	4,615	Cognex Corp.		182,062
	3,500	Coherent Corp.*		208,180
	20,739	Corning Inc.		668,625
	1,310	Crane NXT Co.		76,530
	827	IPG Photonics Corp.*		71,411
	3,408	Jabil Inc.		491,059

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 24.0% — (continued)

Electronic Equipment, Instruments & Components — 0.3% — (continued)
	4,838	Keysight Technologies Inc.*	$	746,503
	646	Littelfuse Inc.		153,903
	1,583	TD SYNNEX Corp.		164,474
	1,274	Teledyne Technologies Inc.*		544,342
	6,825	Trimble Inc.*		417,622
	4,157	Vontier Corp.		178,751
	1,419	Zebra Technologies Corp., Class A Shares*		396,582

		Total Electronic Equipment, Instruments & Components		7,233,001


IT Services — 1.1%
	17,239	Accenture PLC, Class A Shares		6,460,832
	4,112	Akamai Technologies Inc.*		456,103
	3,178	Amdocs Ltd.		289,834
	7,987	Cloudflare Inc., Class A Shares*		787,039
	13,853	Cognizant Technology Solutions Corp., Class A Shares		1,094,664
	5,429	DXC Technology Co.*		118,678
	1,530	EPAM Systems Inc.*		465,732
	2,104	Gartner Inc.*		979,538
	1,101	Globant SA*		245,710
	4,119	GoDaddy Inc., Class A Shares*		470,184
	24,790	International Business Machines Corp.		4,586,894
	6,314	Kyndryl Holdings Inc.*		138,719
	1,832	MongoDB Inc., Class A Shares*		819,966
	4,163	Okta Inc., Class A Shares*		446,690
	8,574	Snowflake Inc., Class A Shares*		1,614,313
	4,703	Twilio Inc., Class A Shares*		280,252
	26,502	VeriSign Inc.*		5,175,575

		Total IT Services		24,430,723


Semiconductors & Semiconductor Equipment — 7.1%
	43,731	Advanced Micro Devices Inc.*		8,419,529
	2,260	Allegro MicroSystems Inc.*		71,167
	45,728	Analog Devices Inc.		8,771,545
	22,796	Applied Materials Inc.		4,596,130
	2,870	ASML Holding NV, Class REG Shares, ADR		2,731,322
	15,904	Broadcom Inc.		20,682,993
	1,475	Cirrus Logic Inc.*		135,435
	3,663	Enphase Energy Inc.*		465,238
	4,095	Entegris Inc.		550,204
	2,930	First Solar Inc.*		450,898
	2,099	GLOBALFOUNDRIES Inc.*(c)		114,752
	147,026	Intel Corp.		6,329,469
	3,742	KLA Corp.		2,553,167
	3,587	Lam Research Corp.		3,365,503
	3,640	Lattice Semiconductor Corp.*		278,860
	23,305	Marvell Technology Inc.		1,670,036
	14,667	Microchip Technology Inc.		1,234,081
	85,349	Micron Technology Inc.		7,733,473
	1,773	MKS Instruments Inc.		217,654
	1,259	Monolithic Power Systems Inc.		906,530
	82,387	NVIDIA Corp.		65,178,004
	42,331	ON Semiconductor Corp.*		3,340,763
	2,728	Qorvo Inc.*		312,492
	30,437	QUALCOMM Inc.		4,802,654
	26,415	Skyworks Solutions Inc.		2,771,462
	4,165	Teradyne Inc.		431,452

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 24.0% — (continued)

Semiconductors & Semiconductor Equipment — 7.1% — (continued)
	24,766	Texas Instruments Inc.	$	4,144,095
	1,248	Universal Display Corp.		217,676
	3,321	Wolfspeed Inc.*		86,412

		Total Semiconductors & Semiconductor Equipment		152,562,996


Software — 11.1%
	34,855	Adobe Inc.*		19,528,559
	1,588	Alteryx Inc., Class A Shares*		76,288
	2,366	ANSYS Inc.*		790,646
	5,695	AppLovin Corp., Class A Shares*		340,105
	753	Aspen Technology Inc.*		145,999
	11,011	Atlassian Corp., Class A Shares*		2,283,902
	5,861	Autodesk Inc.*		1,513,134
	5,362	Bentley Systems Inc., Class B Shares .		275,446
	2,740	BILL Holdings Inc.*		173,524
	7,374	Cadence Design Systems Inc.*		2,244,498
	5,037	CCC Intelligent Solutions Holdings Inc.*		58,983
	4,944	Confluent Inc., Class A Shares*		167,453
	5,820	Crowdstrike Holdings Inc., Class A Shares*		1,886,553
	7,400	Datadog Inc., Class A Shares*		972,804
	5,648	DocuSign Inc., Class A Shares*		300,869
	1,588	Dolby Laboratories Inc., Class A Shares .		128,628
	3,805	DoubleVerify Holdings Inc.*		117,536
	6,897	Dropbox Inc., Class A Shares*		165,183
	6,631	Dynatrace Inc.*		328,566
	2,176	Elastic NV*		291,171
	661	Fair Isaac Corp.*		839,411
	1,914	Five9 Inc.*		116,754
	17,947	Fortinet Inc.*		1,240,317
	15,399	Gen Digital Inc.		330,925
	2,386	Gitlab Inc., Class A Shares*		172,078
	2,179	Guidewire Software Inc.*		260,042
	2,623	HashiCorp Inc., Class A Shares*		68,382
	1,245	HubSpot Inc.*		770,418
	1,263	Informatica Inc., Class A Shares*		41,149
	26,142	Intuit Inc.		17,329,270
	1,697	Manhattan Associates Inc.*		429,901
	307,443	Microsoft Corp.		127,170,723
	2,088	nCino Inc.*		62,306
	3,408	NCR Voyix Corp.*		49,791
	6,550	Nutanix Inc., Class A Shares*		413,698
	146,438	Oracle Corp.		16,354,196
	51,937	Palantir Technologies Inc., Class A Shares*		1,302,580
	19,112	Palo Alto Networks Inc.*		5,935,232
	1,187	Pegasystems Inc.		77,202
	2,097	Procore Technologies Inc.*		163,629
	3,131	PTC Inc.*		573,004
	2,347	RingCentral Inc., Class A Shares*		78,437
	14,551	Roper Technologies Inc.		7,926,366
	38,077	Salesforce Inc.*		11,758,939
	6,304	SentinelOne Inc., Class A Shares*		177,584
	5,555	ServiceNow Inc.*		4,284,794
	3,392	Smartsheet Inc., Class A Shares*		143,176
	4,194	Splunk Inc.*		655,187
	4,144	Synopsys Inc.*		2,377,537

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 24.0% — (continued)

Software — 11.1% — (continued)
	2,698	Teradata Corp.*	$	101,499
	1,141	Tyler Technologies Inc.*		498,777
	10,504	UiPath Inc., Class A Shares*		249,470
	8,026	Unity Software Inc.*		235,322
	13,094	Workday Inc., Class A Shares*		3,858,278
	6,867	Zoom Video Communications Inc., Class A Shares*		485,703
	2,387	Zscaler Inc.*		577,582

		Total Software		238,899,506


Technology Hardware, Storage & Peripherals — 3.7%
	431,811	Apple Inc.		78,049,838
	34,567	Hewlett Packard Enterprise Co.		526,455
	23,560	HP Inc.		667,455
	5,776	NetApp Inc.		514,757
	7,855	Pure Storage Inc., Class A Shares*		413,566
	8,769	Western Digital Corp.*		521,493

		Total Technology Hardware, Storage & Peripherals		80,693,564

		TOTAL INFORMATION TECHNOLOGY		518,679,501


MATERIALS — 2.7%

Chemicals — 1.6%
	21,347	Air Products & Chemicals Inc.		4,996,052
	3,238	Albemarle Corp.		446,358
	1,313	Ashland Inc.		122,949
	5,911	Axalta Coating Systems Ltd.*		193,467
	2,725	Celanese Corp., Class A Shares		414,118
	5,224	CF Industries Holdings Inc.		421,681
	3,971	Chemours Co. (The)		78,110
	19,453	Corteva Inc.		1,041,124
	19,378	Dow Inc.		1,082,843
	63,920	DuPont de Nemours Inc.		4,422,625
	3,168	Eastman Chemical Co.		277,960
	6,776	Ecolab Inc.		1,523,516
	6,185	Element Solutions Inc.		145,347
	3,336	FMC Corp.		188,117
	43,532	Ginkgo Bioworks Holdings Inc.*(c)		66,169
	4,616	Huntsman Corp.		118,170
	6,976	International Flavors & Fragrances Inc.		526,688
	21,623	Linde PLC		9,704,835
	6,915	LyondellBasell Industries NV, Class A Shares		693,436
	8,842	Mosaic Co. (The)		275,517
	176	NewMarket Corp.		112,934
	3,450	Olin Corp.		185,610
	6,354	PPG Industries Inc.		899,726
	3,516	RPM International Inc.		405,571
	1,178	Scotts Miracle-Gro Co. (The)		77,395
	19,834	Sherwin-Williams Co. (The)		6,585,483
	904	Westlake Corp.		125,394

		Total Chemicals		35,131,195


Construction Materials — 0.5%
	956	Eagle Materials Inc.		242,394
	9,502	Martin Marietta Materials Inc.		5,489,400
	18,598	Vulcan Materials Co.		4,944,278

		Total Construction Materials		10,676,072

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

MATERIALS — 2.7% — (continued)

Containers & Packaging — 0.2%
	39,543	Amcor PLC	$	358,259
	1,747	AptarGroup Inc.		245,384
	532	Ardagh Group SA, Class A Shares*(a)(b)		2,490
	3,600	Ardagh Metal Packaging SA		11,808
	2,219	Avery Dennison Corp.		480,480
	8,447	Ball Corp.		540,777
	3,185	Berry Global Group Inc.		185,399
	2,834	Crown Holdings Inc.		217,141
	8,134	Graphic Packaging Holding Co.		211,077
	9,624	International Paper Co.		340,305
	2,440	Packaging Corp. of America .		442,103
	3,841	Sealed Air Corp.		133,936
	2,326	Silgan Holdings Inc.		102,135
	2,650	Sonoco Products Co.		150,202
	6,787	WestRock Co.		307,383

		Total Containers & Packaging		3,728,879


Metals & Mining — 0.4%
	4,749	Alcoa Corp.		129,220
	13,577	Cleveland-Cliffs Inc.*		282,402
	134,756	Freeport-McMoRan Inc.		5,095,124
	2,631	MP Materials Corp.*		40,017
	31,514	Newmont Corp.		984,812
	6,797	Nucor Corp.		1,307,063
	1,562	Reliance Inc.		501,746
	1,752	Royal Gold Inc.		179,808
	2,279	Southern Copper Corp.		184,280
	5,283	SSR Mining Inc.		22,717
	4,293	Steel Dynamics Inc.		574,489
	5,990	United States Steel Corp.		283,567

		Total Metals & Mining		9,585,245


Paper & Forest Products — 0.0%@
	1,811	Louisiana-Pacific Corp.		133,960

		TOTAL MATERIALS		59,255,351


REAL ESTATE — 3.5%

Diversified REITs — 0.0%@
	5,871	WP Carey Inc.		330,713


Health Care REITs — 0.1%
	10,147	Healthcare Realty Trust Inc., Class A Shares		139,826
	19,249	Healthpeak Properties Inc.		322,421
	15,939	Medical Properties Trust Inc.(c)		67,103
	6,629	Omega Healthcare Investors Inc.		206,294
	10,955	Ventas Inc.		463,287
	14,641	Welltower Inc.		1,349,315

		Total Health Care REITs		2,548,246


Hotel & Resort REITs — 0.0%@
	19,541	Host Hotels & Resorts Inc.		405,280
	6,032	Park Hotels & Resorts Inc.		100,131

		Total Hotel & Resort REITs		505,411


Industrial REITs — 0.4%
	7,214	Americold Realty Trust Inc.		182,514

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

REAL ESTATE — 3.5% — (continued)

Industrial REITs — 0.4% — (continued)
	1,238	EastGroup Properties Inc.	$	217,504
	3,526	First Industrial Realty Trust Inc.		186,878
	62,177	Prologis Inc.		8,286,329
	5,715	Rexford Industrial Realty Inc.		290,779
	5,136	STAG Industrial Inc.		190,751

		Total Industrial REITs		9,354,755


Office REITs — 0.1%
	4,691	Alexandria Real Estate Equities Inc.		585,108
	4,191	Boston Properties Inc.		271,242
	4,043	Cousins Properties Inc.		92,221
	2,894	Highwoods Properties Inc.		70,758
	3,229	Kilroy Realty Corp.		122,347
	380	NET Lease Office Properties		9,268
	4,873	Vornado Realty Trust		128,160

		Total Office REITs		1,279,104


Real Estate Management & Development — 0.4%
	8,280	CBRE Group Inc., Class A Shares*		760,849
	78,723	CoStar Group Inc.*		6,851,263
	873	Howard Hughes Holdings Inc.*		66,697
	1,266	Jones Lang LaSalle Inc.*		240,844
	1,643	Zillow Group Inc., Class A Shares*		88,821
	4,127	Zillow Group Inc., Class C Shares*		231,731

		Total Real Estate Management & Development		8,240,205


Residential REITs — 0.3%
	9,257	American Homes 4 Rent, Class A Shares		342,602
	3,974	Apartment Income REIT Corp.		120,492
	3,864	AvalonBay Communities Inc.		684,044
	2,772	Camden Property Trust		261,899
	40,510	Equity LifeStyle Properties Inc.		2,727,133
	10,182	Equity Residential		613,058
	1,761	Essex Property Trust Inc.		407,495
	16,718	Invitation Homes Inc.		569,582
	3,203	Mid-America Apartment Communities Inc.		402,553
	3,385	Sun Communities Inc.		452,778
	9,121	UDR Inc.		323,795

		Total Residential REITs		6,905,431


Retail REITs — 0.2%
	2,672	Agree Realty Corp.		146,826
	7,997	Brixmor Property Group Inc.		180,812
	2,160	Federal Realty Investment Trust		217,836
	17,884	Kimco Realty Corp.		353,388
	4,847	NNN REIT Inc.		197,224
	22,681	Realty Income Corp.		1,181,907
	5,029	Regency Centers Corp.		311,547
	8,848	Simon Property Group Inc.		1,310,743

		Total Retail REITs		3,900,283


Specialized REITs — 2.0%
	69,893	American Tower Corp.		13,898,922
	65,844	Crown Castle Inc.		7,238,889
	6,262	CubeSmart		273,086
	8,237	Digital Realty Trust Inc.		1,209,274

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units		Security	Value

REAL ESTATE — 3.5% — (continued)

Specialized REITs — 2.0% — (continued)
	2,088	EPR Properties	$	85,775
	4,776	Equinix Inc.		4,245,004
	5,672	Extra Space Storage Inc.		799,582
	6,972	Gaming and Leisure Properties Inc.		317,087
	7,924	Iron Mountain Inc.		623,143
	2,321	Lamar Advertising Co., Class A Shares		256,587
	2,067	National Storage Affiliates Trust		74,019
	40,648	Public Storage		11,538,748
	3,921	Rayonier Inc.		135,000
	4,594	SBA Communications Corp., Class A Shares .		961,203
	28,313	VICI Properties Inc., Class A Shares		847,408
	19,969	Weyerhaeuser Co.		686,534

		Total Specialized REITs		43,190,261

		TOTAL REAL ESTATE		76,254,409


UTILITIES — 1.8%

Electric Utilities — 1.3%
	6,976	Alliant Energy Corp.		333,104
	14,079	American Electric Power Co., Inc.		1,199,390
	2,031	Avangrid Inc.		63,225
	8,758	Constellation Energy Corp.		1,475,285
	84,087	Duke Energy Corp.		7,721,709
	10,306	Edison International		701,014
	5,786	Entergy Corp.		587,684
	6,204	Evergy Inc.		307,346
	9,550	Eversource Energy		560,585
	27,112	Exelon Corp.		971,694
	14,904	FirstEnergy Corp.		545,636
	3,447	Hawaiian Electric Industries Inc.		41,985
	1,349	IDACORP Inc.		118,861
	145,914	NextEra Energy Inc.		8,052,994
	6,166	NRG Energy Inc.		341,103
	5,341	OGE Energy Corp.		175,772
	55,709	PG&E Corp.		929,783
	3,025	Pinnacle West Capital Corp.		206,698
	20,214	PPL Corp.		533,043
	29,728	Southern Co. (The).		1,999,208
	33,497	Xcel Energy Inc.		1,764,957

		Total Electric Utilities		28,631,076


Gas Utilities — 0.0%@
	3,994	Atmos Energy Corp.		450,963
	2,373	National Fuel Gas Co.		115,660
	5,696	UGI Corp.		139,438

		Total Gas Utilities		706,061


Independent Power & Renewable Electricity Producers — 0.1%
	18,614	AES Corp. (The)		282,933
	3,564	Brookfield Renewable Corp., Class A Shares		84,538
	845	Clearway Energy Inc., Class A Shares		17,120
	2,355	Clearway Energy Inc., Class C Shares		51,339
	9,851	Vistra Corp.		537,273

		Total Independent Power & Renewable Electricity Producers		973,203

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

Shares/Units			Security	Value

UTILITIES — 1.8% — (continued)

Multi-Utilities — 0.3%
	7,181		Ameren Corp.	$	511,215
	17,321		CenterPoint Energy Inc.		476,328
	7,995		CMS Energy Corp.		458,673
	9,401		Consolidated Edison Inc.		819,861
	22,799		Dominion Energy Inc.		1,090,476
	5,625		DTE Energy Co.		609,469
	11,545		NiSource Inc.		300,863
	13,478		Public Service Enterprise Group Inc.		841,027
	17,184		Sempra		1,213,190
	8,605		WEC Energy Group Inc.		675,407

			Total Multi-Utilities		6,996,509


Water Utilities — 0.1%
	5,313		American Water Works Co., Inc.		629,803
	6,486		Essential Utilities Inc.		225,583

			Total Water Utilities		855,386

			TOTAL UTILITIES		38,162,235

			TOTAL COMMON STOCKS (Cost — $1,154,298,644)		2,112,581,779


Face Amount†

SHORT-TERM INVESTMENTS (e) — 2.1%

MONEY MARKET FUND — 0.0%@
$	651,450		Invesco STIT — Government & Agency Portfolio, Institutional Class, 5.173%(f) (Cost — $651,450)		651,450


TIME DEPOSITS — 2.1%
	13,653,135		ANZ National Bank — London, 4.680% due 3/1/24		13,653,135
	4,404,053		Barclays Bank PLC — London, 4.680% due 3/1/24		4,404,053
	37,102	^CAD	BBH — New York, 3.830% due 3/1/24		27,338
	53,527		Citibank — New York, 4.680% due 3/1/24		53,527
	12,673,389		JPMorgan Chase & Co. — New York, 4.680% due 3/1/24		12,673,389
	598,438		Royal Bank of Canada — Toronto, 4.680% due 3/1/24		598,438
	13,840,672		Sumitomo Mitsui Banking Corp. — Tokyo, 4.680% due 3/1/24		13,840,672

			TOTAL TIME DEPOSITS (Cost — $45,250,552)		45,250,552

			TOTAL SHORT-TERM INVESTMENTS (Cost — $45,902,002)		45,902,002

			TOTAL INVESTMENTS — 99.9% (Cost — $1,200,200,646)		2,158,483,781

			Other Assets in Excess of Liabilities — 0.1%		2,474,606

			TOTAL NET ASSETS — 100.0%	$	2,160,958,387

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

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)	Illiquid security.

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

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

(d)	Affiliated security (See Note 2). As of February 29, 2024, total cost and total market value of affiliated security amounted to $1,068,560 and $2,822,112, respectively.

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Large Cap Equity Fund

(e)	Inclusive of all short-term holdings, including investments of collateral received from securities lending transactions. Excluding such collateral, the percentage of portfolio holdings would be 2.1%.

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

At February 29, 2024, 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

1,200,200,646

991,689,106

(32,253,004

)

959,436,102


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


Summary of Investments by Security Sector^
Information Technology	24.0	%
Financials	15.7
Health Care	12.7
Industrials	11.1
Consumer Discretionary	9.6
Communication Services	8.7
Consumer Staples	4.6
Real Estate	3.5
Energy	3.5
Materials	2.7
Utilities	1.8
Short-Term Investments	2.1

Total Investments	100.0	%+

^	As a percentage of total investments.

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

At February 29, 2024, Large Cap Equity Fund had open exchange-traded futures contracts as described below.

The unrealized appreciation on the open contracts reflected in the accompanying financial statements was as follows:


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation
Contracts to Buy:
S&P 500 E-mini Index Futures		57		3/24	$	13,447,598	$	14,545,688	$	1,098,090
S&P MidCap 400 E-mini Index Futures		4		3/24		1,102,163		1,157,040		54,877

									$	1,152,967

At February 29, 2024, Large Cap Equity Fund had deposited cash of $728,984 with a broker or brokers as margin collateral on 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 — 95.8%

COMMUNICATION SERVICES — 1.6%

Diversified Telecommunication Services — 0.1%
	478	Anterix Inc.*	$	18,977
	3,542	AST SpaceMobile Inc., Class A Shares*		11,228
	382	ATN International Inc.		12,812
	868	Bandwidth Inc., Class A Shares*		17,829
	1,628	Cogent Communications Holdings Inc.		131,722
	2,589	Consolidated Communications Holdings Inc.*		11,159
	9,494	Frontier Communications Parent Inc.*		224,818
	5,412	GCI Liberty Inc.*(a)		—
	25,763	Globalstar Inc.*		40,190
	600	IDT Corp., Class B Shares*		22,326
	4,742	Iridium Communications Inc.		137,281
	2,029	Liberty Latin America Ltd., Class A Shares*		13,046
	4,312	Liberty Latin America Ltd., Class C Shares*		28,114
	40,459	Lumen Technologies Inc.*		65,544
	702	Ooma Inc.*		7,160
	1,859	Shenandoah Telecommunications Co.		34,689

		Total Diversified Telecommunication Services		776,895


Entertainment — 0.5%
	7,534	AMC Entertainment Holdings Inc., Class A Shares*		32,547
	409	Atlanta Braves Holdings Inc., Class A Shares*		17,158
	1,632	Atlanta Braves Holdings Inc., Class C Shares*		63,844
	4,030	Cinemark Holdings Inc.*		70,162
	2,993	Eventbrite Inc., Class A Shares*		16,761
	1,635	IMAX Corp.*		28,007
	886	Liberty Media Corp.-Liberty Live, Class A Shares*		34,191
	1,766	Liberty Media Corp.-Liberty Live, Class C Shares*		70,322
	1,754	Lions Gate Entertainment Corp., Class A Shares*		17,031
	97,746	Lions Gate Entertainment Corp., Class B Shares*		887,534
	1,939	Loop Media Inc.*		969
	1,538	Madison Square Garden Entertainment Corp., Class A Shares*		59,198
	715	Madison Square Garden Sports Corp., Class A Shares*		134,556
	809	Marcus Corp. (The)		11,868
	3,300	Playstudios Inc.*		7,821
	830	Playtika Holding Corp.*		6,150
	992	Reservoir Media Inc.*		7,162
	4,716	Roku Inc., Class A Shares*		297,957
	1,026	Sphere Entertainment Co.*		44,426
	8,339	TKO Group Holdings Inc., Class A Shares		698,224
	1,280	Vivid Seats Inc., Class A Shares*		7,706

		Total Entertainment		2,513,594


Interactive Media & Services — 0.2%
	3,830	Bumble Inc., Class A Shares*		43,854
	3,649	Cargurus Inc., Class A Shares*		80,789
	2,688	Cars.com Inc.*		49,298
	1,882	DHI Group Inc.*		5,326
	770	EverQuote Inc., Class A Shares*		12,335
	10,279	fuboTV Inc.*		21,278
	2,119	Grindr Inc.*		17,545
	2,774	IAC Inc.*		157,563
	847	MediaAlpha Inc., Class A Shares*		17,575
	4,699	Nextdoor Holdings Inc.*		10,291
	1,027	Outbrain Inc.*		3,779
	1,999	QuinStreet Inc.*		29,245
	947	Shutterstock Inc.		46,176

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

COMMUNICATION SERVICES — 1.6% — (continued)

Interactive Media & Services — 0.2% — (continued)
	1,360	System1 Inc.*	$	2,271
	4,263	TripAdvisor Inc.*		114,334
	4,489	TrueCar Inc.*		15,622
	5,844	Vimeo Inc.*		27,993
	2,441	Yelp Inc., Class A Shares*		93,832
	1,741	Ziff Davis Inc.*		119,711
	2,653	ZipRecruiter Inc., Class A Shares*		33,746
	11,284	ZoomInfo Technologies Inc., Class A Shares*		189,120

		Total Interactive Media & Services		1,091,683


Media — 0.8%
	4,432	Advantage Solutions Inc.*		16,886
	1,217	AMC Networks Inc., Class A Shares*		15,748
	862	Boston Omaha Corp., Class A Shares*		14,145
	208	Cable One Inc.		94,848
	1,317	Cardlytics Inc.*		10,918
	13,890	Clear Channel Outdoor Holdings Inc., Class A Shares*		23,891
	50,833	Criteo SA, ADR*		1,644,448
	41	Daily Journal Corp.*		13,881
	4,693	EchoStar Corp., Class A Shares*		61,525
	1,121	Emerald Holding Inc.*		6,009
	2,331	Entravision Communications Corp., Class A Shares		8,974
	2,008	EW Scripps Co. (The), Class A Shares*		8,092
	546	Gambling.com Group Ltd.*		5,001
	4,982	Gannett Co., Inc.*		10,612
	3,030	Gray Television Inc.		17,695
	4,494	iHeartMedia Inc., Class A Shares*		12,448
	1,849	Integral Ad Science Holding Corp.*		19,156
	14,783	Interpublic Group of Cos., Inc. (The)		464,186
	1,385	John Wiley & Sons Inc., Class A Shares		46,190
	5,905	Liberty Media Corp.-Liberty SiriusXM*		171,127
	2,810	Liberty Media Corp.-Liberty SiriusXM, Class A Shares*		81,883
	5,496	Magnite Inc.*		66,062
	6,215	New York Times Co. (The), Class A Shares		275,200
	14,829	News Corp., Class A Shares		398,603
	4,199	News Corp., Class B Shares		117,530
	1,285	Nexstar Media Group Inc., Class A Shares		213,528
	1,902	PubMatic Inc., Class A Shares*		39,828
	1,051	Scholastic Corp.		41,451
	1,502	Sinclair Inc.		22,305
	2,732	Stagwell Inc., Class A Shares*		14,589
	1,022	TechTarget Inc.*		32,408
	7,813	TEGNA Inc.		109,460
	1,179	Thryv Holdings Inc.*		24,688
	506	Townsquare Media Inc., Class A Shares		5,384
	1,160	Urban One Inc.*		3,376
	2,259	WideOpenWest Inc.*		9,036

		Total Media		4,121,111


Wireless Telecommunication Services — 0.0%@
	2,307	Gogo Inc.*		18,825
	602	Spok Holdings Inc.		10,818
	3,751	Telephone & Data Systems Inc.		57,390
	4,434	Tingo Group Inc.*(a)		45

		Total Wireless Telecommunication Services		87,078

		TOTAL COMMUNICATION SERVICES		8,590,361

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 9.1%

Automobile Components — 0.4%
	3,654	Adient PLC*	$	124,017
	4,445	American Axle & Manufacturing Holdings Inc.*		30,759
	579	Atmus Filtration Technologies Inc.*(b)		13,821
	9,003	BorgWarner Inc.		280,263
	593	Cooper-Standard Holdings Inc.*		8,338
	4,871	Dana Inc.		60,887
	949	Dorman Products Inc.*		89,415
	1,607	Fox Factory Holding Corp.*		81,298
	8,955	Gentex Corp.		327,126
	1,306	Gentherm Inc.*		74,259
	10,693	Goodyear Tire & Rubber Co. (The)*		127,033
	2,083	Holley Inc.*		8,936
	969	LCI Industries		122,075
	2,223	Lear Corp.		305,329
	10,315	Luminar Technologies Inc., Class A Shares*(b)		24,653
	1,934	Modine Manufacturing Co.*		173,499
	823	Patrick Industries Inc.		98,711
	1,925	Phinia Inc.		65,874
	12,845	QuantumScape Corp., Class A Shares*		80,538
	5,627	Solid Power Inc.*		9,228
	760	Standard Motor Products Inc.		24,138
	946	Stoneridge Inc.*		16,621
	1,076	Visteon Corp.*		121,717
	833	XPEL Inc.*		43,799

		Total Automobile Components		2,312,334


Automobiles — 0.1%
	7,548	Fisker Inc.*(b)		5,496
	4,961	Harley-Davidson Inc.		179,935
	1,131	Livewire Group Inc.*		10,609
	1,970	Thor Industries Inc.		252,515
	1,063	Winnebago Industries Inc.		76,249
	6,490	Workhorse Group Inc.*		2,172

		Total Automobiles		526,976


Broadline Retail — 0.1%
	998	Big Lots Inc.		5,409
	812	ContextLogic Inc., Class A Shares*		5,278
	131	Dillard’s Inc., Class A Shares		54,329
	4,202	Kohl’s Corp.		117,110
	10,607	Macy’s Inc.		184,986
	4,340	Nordstrom Inc.		91,010
	2,375	Ollie’s Bargain Outlet Holdings Inc.*		190,404
	946	Savers Value Village Inc.*		19,147

		Total Broadline Retail		667,673


Distributors — 0.3%
	5,533	LKQ Corp.		289,321
	2,528	Pool Corp.		1,006,447
	138	Weyco Group Inc.		4,449

		Total Distributors		1,300,217


Diversified Consumer Services — 0.4%
	2,764	2U Inc.*		1,245
	8,133	ADT Inc.		59,046
	1,568	Adtalem Global Education Inc.*		77,616

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 9.1% — (continued)

Diversified Consumer Services — 0.4% — (continued)
	2,198	Bright Horizons Family Solutions Inc.*	$	252,462
	552	Carriage Services Inc., Class A Shares		13,701
	4,181	Chegg Inc.*		37,378
	5,081	Coursera Inc.*		81,652
	1,107	Duolingo Inc., Class A Shares*		264,573
	1,392	European Wax Center Inc., Class A Shares*		19,739
	2,971	Frontdoor Inc.*		93,171
	132	Graham Holdings Co., Class B Shares		92,707
	1,163	Grand Canyon Education Inc.*		156,772
	5,389	H&R Block Inc.		263,791
	4,855	Laureate Education Inc., Class A Shares		65,105
	914	Lincoln Educational Services Corp.*		9,195
	2,966	Mister Car Wash Inc.*		24,588
	2,768	Nerdy Inc.*		8,027
	2,997	OneSpaWorld Holdings Ltd.*		39,081
	2,719	Perdoceo Education Corp.		48,425
	5,667	Service Corp. International		414,768
	866	Strategic Education Inc.		95,944
	1,561	Stride Inc.*		93,270
	3,629	Udemy Inc.*		41,008
	1,399	Universal Technical Institute Inc.*		21,041
	1,838	WW International Inc.*		5,735

		Total Diversified Consumer Services		2,280,040


Hotels, Restaurants & Leisure — 2.2%
	2,156	Accel Entertainment Inc., Class A Shares*		24,427
	9,037	Aramark		274,092
	952	Bally’s Corp.*		10,700
	43	Biglari Holdings Inc., Class B Shares*		7,448
	912	BJ’s Restaurants Inc.*		31,938
	3,128	Bloomin’ Brands Inc.		85,019
	548	Bowlero Corp., Class A Shares(b)		6,823
	2,870	Boyd Gaming Corp.		189,793
	1,679	Brinker International Inc.*		77,805
	1,319	Carrols Restaurant Group Inc.		12,491
	626	Cava Group Inc.*		36,565
	1,124	Century Casinos Inc.*		3,271
	1,828	Cheesecake Factory Inc. (The)		64,675
	1,118	Choice Hotels International Inc.		125,149
	10,618	Churchill Downs Inc.		1,294,016
	673	Chuy’s Holdings Inc.*		22,768
	879	Cracker Barrel Old Country Store Inc.		58,128
	1,338	Dave & Buster’s Entertainment Inc.*		82,608
	1,906	Denny’s Corp.*		17,592
	681	Dine Brands Global Inc.		33,035
	756	El Pollo Loco Holdings Inc.*		6,849
	163	Empire Resorts Inc.*(a)(c)		—
	2,900	Everi Holdings Inc.*		34,394
	640	First Watch Restaurant Group Inc.*		16,032
	1,323	Full House Resorts Inc.*		6,787
	1,036	Global Business Travel Group I*		6,216
	752	Golden Entertainment Inc.		27,869
	2,989	Hilton Grand Vacations Inc.*		134,146
	1,702	Hyatt Hotels Corp., Class A Shares		261,410
	1,130	Inspired Entertainment Inc.*		11,187

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 9.1% — (continued)

Hotels, Restaurants & Leisure — 2.2% — (continued)
	58,254	International Game Technology PLC	$	1,582,761
	736	Jack in the Box Inc.		53,728
	3,158	Krispy Kreme Inc.		40,864
	232	Kura Sushi USA Inc., Class A Shares*		22,047
	1,990	Life Time Group Holdings Inc.*		27,343
	3,487	Light & Wonder Inc., Class A Shares*		350,478
	1,085	Lindblad Expeditions Holdings Inc.*		10,058
	1,382	Marriott Vacations Worldwide Corp.		128,789
	445	Monarch Casino & Resort Inc.		31,306
	1,579	Mondee Holdings Inc., Class A Shares*(b)		3,553
	79	Nathan’s Famous Inc.		5,550
	1,393	Noodles & Co., Class A Shares*		3,496
	16,170	Norwegian Cruise Line Holdings Ltd.*		313,536
	786	ONE Group Hospitality Inc. (The)*		3,073
	1,240	Papa John’s International Inc.		89,144
	5,599	Penn Entertainment Inc.*		102,462
	3,271	Planet Fitness Inc., Class A Shares*		202,966
	2,028	PlayAGS Inc.*		18,820
	1,494	Portillo’s Inc., Class A Shares*		21,708
	893	Potbelly Corp.*		12,395
	318	RCI Hospitality Holdings Inc.		17,922
	556	Red Robin Gourmet Burgers Inc.*		4,159
	1,732	Red Rock Resorts Inc., Class A Shares		100,439
	2,470	Rush Street Interactive Inc.*		14,449
	12,587	Sabre Corp.*		33,356
	1,363	Shake Shack Inc., Class A Shares*		144,914
	2,933	Six Flags Entertainment Corp.*		74,322
	6,411	Super Group SGHC Ltd.*		21,156
	3,613	Sweetgreen Inc., Class A Shares*		46,030
	1,370	Target Hospitality Corp.*		13,262
	8,387	Texas Roadhouse Inc., Class A Shares		1,252,766
	2,781	Travel + Leisure Co.		124,283
	9,765	United Parks & Resorts Inc.*		501,433
	1,454	Vail Resorts Inc.		334,871
	6,483	Wendy’s Co. (The)		117,407
	4,970	Wingstop Inc.		1,744,718
	3,134	Wyndham Hotels & Resorts Inc.		239,908
	3,995	Wynn Resorts Ltd.		420,274
	1,370	Xponential Fitness Inc., Class A Shares*		13,810

		Total Hotels, Restaurants & Leisure		11,206,789


Household Durables — 1.9%
	1,211	Beazer Homes USA Inc.*		37,941
	332	Cavco Industries Inc.*		123,693
	1,089	Century Communities Inc.		93,970
	1,709	Cricut Inc., Class A Shares(b)		8,255
	929	Dream Finders Homes Inc., Class A Shares*		36,352
	824	Ethan Allen Interiors Inc.		27,546
	4,982	GoPro Inc., Class A Shares*		11,658
	993	Green Brick Partners Inc.*		58,091
	905	Helen of Troy Ltd.*		113,125
	330	Hooker Furnishings Corp.		8,088
	205	Hovnanian Enterprises Inc., Class A Shares*		32,115
	906	Installed Building Products Inc.		216,471
	1,016	iRobot Corp.*		11,593

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 9.1% — (continued)

Household Durables — 1.9% — (continued)
	11,324	KB Home	$	752,253
	713	Landsea Homes Corp.*		9,711
	1,660	La-Z-Boy Inc.		63,063
	368	Legacy Housing Corp.*		9,465
	4,961	Leggett & Platt Inc.		101,304
	782	LGI Homes Inc.*		89,218
	483	Lovesac Co. (The)*		11,128
	10,930	M/I Homes Inc.*		1,388,001
	2,176	MDC Holdings Inc.		136,435
	10,403	Meritage Homes Corp.		1,640,137
	2,014	Mohawk Industries Inc.*		238,901
	39,579	Newell Brands Inc.		296,843
	8,290	PulteGroup Inc.		898,470
	2,062	Purple Innovation Inc., Class A Shares		3,835
	2,039	Skyline Champion Corp.*		170,848
	815	Snap One Holdings Corp.*		6,748
	20,314	Sonos Inc.*		385,153
	3,881	Taylor Morrison Home Corp., Class A Shares*		219,703
	19,935	Tempur Sealy International Inc.		1,085,859
	4,124	Toll Brothers Inc.		472,775
	1,217	TopBuild Corp.*		489,696
	1,614	Traeger Inc.*		3,583
	3,607	Tri Pointe Homes Inc.*		127,616
	2,930	Vizio Holding Corp., Class A Shares*		32,259
	524	VOXX International Corp., Class A Shares*		4,454
	2,048	Whirlpool Corp.		219,935
	1,238	Worthington Enterprises Inc.		76,905

		Total Household Durables		9,713,196


Leisure Products — 0.3%
	1,186	Acushnet Holdings Corp.		76,402
	4,531	AMMO Inc.*		10,784
	2,665	Brunswick Corp.		232,921
	970	Clarus Corp.		5,587
	445	Escalade Inc.		6,599
	1,453	Funko Inc., Class A Shares*		10,229
	5,004	Hasbro Inc.		251,651
	271	JAKKS Pacific Inc.*		9,515
	182	Johnson Outdoors Inc., Class A Shares		8,365
	1,748	Latham Group Inc.*		5,926
	823	Malibu Boats Inc., Class A Shares*		35,916
	338	Marine Products Corp.		3,873
	691	MasterCraft Boat Holdings Inc.*		15,154
	13,258	Mattel Inc.*		261,183
	12,845	Peloton Interactive Inc., Class A Shares*		58,059
	2,024	Polaris Inc.		187,645
	1,979	Smith & Wesson Brands Inc.		27,172
	740	Solo Brands Inc., Class A Shares*		1,998
	678	Sturm Ruger & Co., Inc.		29,371
	5,393	Topgolf Callaway Brands Corp.*		76,796
	2,322	Vista Outdoor Inc.*		72,446
	3,418	YETI Holdings Inc.*		140,275

		Total Leisure Products		1,527,867

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 9.1% — (continued)

Specialty Retail — 2.4%
	30,526	1-800-Flowers.com Inc., Class A Shares*	$	318,081
	1,651	Aaron’s Co., Inc. (The)		12,795
	1,836	Abercrombie & Fitch Co., Class A Shares*		234,567
	2,751	Academy Sports & Outdoors Inc.		205,555
	2,359	Advance Auto Parts Inc.		159,327
	6,838	American Eagle Outfitters Inc.		162,402
	216	America’s Car-Mart Inc.*		14,545
	2,699	Arko Corp.		17,624
	788	Asbury Automotive Group Inc.*		164,558
	1,119	AutoNation Inc.*		167,626
	5,855	BARK Inc.*		7,026
	8,781	Bath & Body Works Inc.		401,292
	1,756	Beyond Inc.*		58,879
	720	Big 5 Sporting Goods Corp.		3,456
	1,121	Boot Barn Holdings Inc.*		103,693
	1,198	Buckle Inc. (The)		49,046
	589	Build-A-Bear Workshop Inc.		14,101
	14,271	Caleres Inc.		551,003
	1,580	Camping World Holdings Inc., Class A Shares		42,170
	17,490	CarMax Inc.*		1,381,710
	1,761	CarParts.com Inc.*		4,491
	3,618	Carvana Co., Class A Shares*		274,715
	597	Cato Corp. (The), Class A Shares		3,946
	19,998	Chewy Inc., Class A Shares*		352,765
	419	Children’s Place Inc. (The)*		8,062
	26,258	Designer Brands Inc., Class A Shares		277,284
	1,732	Destination XL Group Inc.*		6,911
	2,302	Dick’s Sporting Goods Inc.		409,503
	362	Duluth Holdings Inc., Class B Shares*		1,723
	4,959	EVgo Inc., Class A Shares*(b)		14,679
	2,088	Five Below Inc.*		419,020
	11,493	Floor & Decor Holdings Inc., Class A Shares*		1,392,032
	3,207	Foot Locker Inc.		110,417
	10,313	GameStop Corp., Class A Shares*(b)		147,167
	7,599	Gap Inc. (The)		143,925
	483	Genesco Inc.*		15,417
	507	Group 1 Automotive Inc.		137,220
	2,023	GrowGeneration Corp.*		4,329
	953	Guess? Inc.		24,187
	560	Haverty Furniture Cos., Inc.		19,208
	493	Hibbett Inc.		40,401
	264	J Jill Inc.*		6,597
	617	Lands’ End Inc.*		6,003
	553	Lazydays Holdings Inc.*		2,223
	7,109	Leslie’s Inc.*		56,161
	1,040	Lithia Motors Inc., Class A Shares		311,022
	902	MarineMax Inc.*		29,946
	12,435	Monro Inc.		417,443
	746	Murphy USA Inc.		311,089
	3,143	National Vision Holdings Inc.*		73,546
	14,412	ODP Corp. (The)*		813,990
	338	OneWater Marine Inc., Class A Shares*		8,791
	783	Penske Automotive Group Inc.		120,191
	3,269	Petco Health & Wellness Co., Inc., Class A Shares*		8,499
	610	PetMed Express Inc.		3,087

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 9.1% — (continued)

Specialty Retail — 2.4% — (continued)
	1,430	Rent the Runway Inc., Class A Shares*	$	581
	30,949	Revolve Group Inc., Class A Shares*		678,712
	578	RH*		158,603
	4,000	Sally Beauty Holdings Inc.*		50,520
	641	Shoe Carnival Inc.		21,006
	1,693	Signet Jewelers Ltd.		172,280
	997	Sleep Number Corp.*		16,470
	527	Sonic Automotive Inc., Class A Shares		27,668
	1,503	Sportsman’s Warehouse Holdings Inc.*		5,426
	3,079	Stitch Fix Inc., Class A Shares*		9,945
	3,143	ThredUp Inc., Class A Shares*		6,286
	1,558	Tile Shop Holdings Inc.*		10,828
	885	Tilly’s Inc., Class A Shares*		6,806
	416	Torrid Holdings Inc.*		2,092
	2,200	Upbound Group Inc.		74,272
	2,475	Urban Outfitters Inc.*		102,836
	5,103	Valvoline Inc.*		217,592
	3,064	Victoria’s Secret & Co.*		87,508
	3,198	Warby Parker Inc., Class A Shares*		40,647
	3,114	Wayfair Inc., Class A Shares*		185,594
	2,443	Williams-Sonoma Inc.		575,400
	105	Winmark Corp.		39,853
	661	Zumiez Inc.*		11,647

		Total Specialty Retail		12,548,018


Textiles, Apparel & Luxury Goods — 1.0%
	4,134	Allbirds Inc., Class A Shares*		3,762
	1,102	Birkenstock Holding PLC*		55,111
	4,332	Capri Holdings Ltd.*		199,835
	9,636	Carter’s Inc.		780,034
	1,335	Columbia Sportswear Co.		110,391
	2,354	Crocs Inc.*		287,777
	1,005	Deckers Outdoor Corp.*		900,068
	4,676	Figs Inc., Class A Shares*		24,455
	1,694	Fossil Group Inc.*		1,796
	1,577	G-III Apparel Group Ltd.*		52,467
	13,309	Hanesbrands Inc.*		71,869
	2,131	Kontoor Brands Inc.		125,963
	555	Movado Group Inc.		15,934
	530	Oxford Industries Inc.		53,737
	2,305	PVH Corp.		315,024
	1,502	Ralph Lauren Corp., Class A Shares		279,252
	279	Rocky Brands Inc.		6,961
	5,120	Skechers USA Inc., Class A Shares*		316,467
	2,756	Steven Madden Ltd.		118,012
	8,749	Tapestry Inc.		415,840
	6,905	Under Armour Inc., Class A Shares*		61,869
	66,932	Under Armour Inc., Class C Shares*		571,599
	13,381	V.F. Corp.		218,646
	954	Vera Bradley Inc.*		7,441
	30,954	Wolverine World Wide Inc.		314,802

		Total Textiles, Apparel & Luxury Goods		5,309,112

		TOTAL CONSUMER DISCRETIONARY		47,392,222

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

CONSUMER STAPLES — 3.7%

Beverages — 0.3%
	347	Boston Beer Co., Inc. (The), Class A Shares*	$	106,925
	5,531	Celsius Holdings Inc.*		451,440
	174	Coca-Cola Consolidated Inc.		146,299
	3,443	Diageo PLC, ADR		519,204
	1,699	Duckhorn Portfolio Inc. (The)*		16,158
	633	MGP Ingredients Inc.		53,919
	871	National Beverage Corp.*		45,849
	5,905	Primo Water Corp.		95,720
	998	Vita Coco Co., Inc. (The)*		26,048
	1,279	Zevia PBC, Class A Shares*		1,919

		Total Beverages		1,463,481


Consumer Staples Distribution & Retail — 0.6%
	16,110	Albertsons Cos., Inc., Class A Shares		326,711
	1,190	Andersons Inc. (The)		65,783
	5,084	BJ’s Wholesale Club Holdings Inc.*		371,335
	1,426	Casey’s General Stores Inc.		434,203
	1,302	Chefs’ Warehouse Inc. (The)*		49,489
	3,608	Grocery Outlet Holding Corp.*		93,050
	1,410	HF Foods Group Inc.*		5,302
	551	Ingles Markets Inc., Class A Shares		42,433
	834	Maplebear Inc.*		27,138
	321	Natural Grocers by Vitamin Cottage Inc.		5,319
	5,872	Performance Food Group Co.*		450,793
	981	PriceSmart Inc.		82,541
	1,338	SpartanNash Co.		28,192
	3,859	Sprouts Farmers Market Inc.*		240,956
	1,609	Target Corp.		246,048
	2,231	United Natural Foods Inc.*		34,826
	8,676	US Foods Holding Corp.*		440,654
	334	Village Super Market Inc., Class A Shares		9,135
	639	Weis Markets Inc.		41,497

		Total Consumer Staples Distribution & Retail		2,995,405


Food Products — 1.3%
	185	Alico Inc.		5,126
	2,480	B&G Foods Inc.		28,644
	7,743	Benson Hill Inc.*		1,916
	2,282	Beyond Meat Inc.*(b)		24,395
	1,347	BRC Inc., Class A Shares*(b)		5,563
	13,924	Calavo Growers Inc.		401,847
	17,166	Cal-Maine Foods Inc.		986,873
	6,054	Darling Ingredients Inc.*		256,145
	2,569	Dole PLC		30,340
	7,203	Flowers Foods Inc.		161,491
	1,375	Fresh Del Monte Produce Inc.		32,904
	1,663	Freshpet Inc.*		187,969
	40,320	Hain Celestial Group Inc. (The)*		403,200
	2,549	Ingredion Inc.		299,839
	3,375	J&J Snack Foods Corp.		489,645
	317	John B Sanfilippo & Son Inc.		32,451
	756	Lancaster Colony Corp.		156,431
	891	Limoneira Co.		16,448
	7,467	McCormick & Co., Inc., Class VTG Shares		514,178
	38,313	Mission Produce Inc.*		404,202

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

CONSUMER STAPLES — 3.7% — (continued)

Food Products — 1.3% — (continued)
	1,445	Pilgrim’s Pride Corp.*	$	46,009
	2,016	Post Holdings Inc.*		209,987
	9	Seaboard Corp.		29,588
	203	Seneca Foods Corp., Class A Shares*		10,284
	3,474	Simply Good Foods Co. (The)*		123,257
	2,166	Sovos Brands Inc.*		49,363
	3,519	SunOpta Inc.*		24,739
	28,332	TreeHouse Foods Inc.*		1,014,002
	58,885	Utz Brands Inc.		1,041,676
	1,407	Vital Farms Inc.*		25,284
	966	Westrock Coffee Co.*		9,776

		Total Food Products		7,023,572


Household Products — 1.2%
	362	Central Garden & Pet Co.*		15,881
	1,988	Central Garden & Pet Co., Class A Shares*		74,928
	6,184	Clorox Co. (The)		948,069
	2,756	Energizer Holdings Inc.		78,684
	144,218	Henkel AG & Co. KGaA, ADR		2,468,035
	19,182	Kimberly-Clark Corp.		2,324,283
	171	Oil-Dri Corp. of America		12,191
	2,043	Reynolds Consumer Products Inc.		60,268
	1,306	Spectrum Brands Holdings Inc.		105,029
	519	WD-40 Co.		139,294

		Total Household Products		6,226,662


Personal Care Products — 0.3%
	3,042	Beauty Health Co. (The)*		10,130
	5,008	BellRing Brands Inc.*		285,206
	14,611	Coty Inc., Class A Shares*		183,514
	1,823	Edgewell Personal Care Co.		69,620
	2,047	elf Beauty Inc.*		426,861
	22,219	Herbalife Ltd.*		196,194
	677	Inter Parfums Inc.		99,329
	412	Medifast Inc.		16,517
	462	Nature’s Sunshine Products Inc.*		8,201
	12,912	Nu Skin Enterprises Inc., Class A Shares		161,400
	5,174	Olaplex Holdings Inc.*		9,624
	416	USANA Health Sciences Inc.*		20,076
	1,477	Waldencast PLC, Class A Shares*		9,866

		Total Personal Care Products		1,496,538


Tobacco — 0.0%@
	660	Ispire Technology Inc.*(b)		6,679
	774	Turning Point Brands Inc.		19,582
	938	Universal Corp.		45,033
	6,005	Vector Group Ltd.		67,016

		Total Tobacco		138,310

		TOTAL CONSUMER STAPLES		19,343,968


ENERGY — 3.9%

Energy Equipment & Services — 1.4%
	5,249	Archrock Inc.		95,899
	776	Atlas Energy Solutions Inc., Class A Shares		14,635
	8,246	Borr Drilling Ltd.*		49,641

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

ENERGY — 3.9% — (continued)

Energy Equipment & Services — 1.4% — (continued)
	972	Bristow Group Inc.*	$	26,195
	2,560	Cactus Inc., Class A Shares		117,504
	26,229	ChampionX Corp.		814,673
	1,670	Core Laboratories Inc.		25,000
	3,613	Diamond Offshore Drilling Inc.*		40,068
	699	DMC Global Inc.*		11,659
	12,518	Dril-Quip Inc.*		282,907
	3,333	Expro Group Holdings NV*		59,627
	302	Forum Energy Technologies Inc.*		6,043
	5,447	Helix Energy Solutions Group Inc.*		49,023
	3,745	Helmerich & Payne Inc.		143,771
	6,678	ION Geophysical Corp.*(a)(c)		—
	679	KLX Energy Services Holdings Inc.*		5,514
	578	Kodiak Gas Services Inc.(b)		14,739
	6,370	Liberty Energy Inc., Class A Shares		136,191
	1,296	Mammoth Energy Services Inc.*		4,717
	341	Nabors Industries Ltd.*		26,724
	2,604	Newpark Resources Inc.*		16,744
	4,312	Noble Corp. PLC		180,285
	15,187	NOV Inc.		256,660
	33,837	Oceaneering International Inc.*		668,619
	39,546	Oil States International Inc.*		213,153
	136,080	Patterson-UTI Energy Inc.		1,574,446
	852	ProFrac Holding Corp., Class A Shares*		6,969
	4,105	ProPetro Holding Corp.*		30,377
	585	Ranger Energy Services Inc., Class A Shares		6,137
	3,435	RPC Inc.		25,385
	769	SEACOR Marine Holdings Inc.*		8,075
	1,932	Seadrill Ltd.*		81,530
	2,960	Select Water Solutions Inc., Class A Shares		25,278
	1,342	Solaris Oilfield Infrastructure Inc., Class A Shares		11,367
	64,480	TechnipFMC PLC		1,398,571
	86,506	TETRA Technologies Inc.*		337,373
	1,762	Tidewater Inc.*		123,393
	2,766	US Silica Holdings Inc.*		31,809
	2,245	Valaris Ltd.*		141,547
	2,733	Weatherford International PLC*		280,433

		Total Energy Equipment & Services		7,342,681


Oil, Gas & Consumable Fuels — 2.5%
	1,554	Amplify Energy Corp.*		9,386
	12,721	Antero Midstream Corp.		170,461
	10,926	Antero Resources Corp.*		280,798
	11,786	APA Corp.		351,105
	1,829	Ardmore Shipping Corp.		29,685
	3,004	Berry Corp.		21,178
	2,670	California Resources Corp.		139,294
	2,197	Callon Petroleum Co.*		68,459
	515	Centrus Energy Corp., Class A Shares*		21,007
	4,831	Chesapeake Energy Corp.		399,910
	1,596	Chord Energy Corp.		259,270
	3,124	Civitas Resources Inc.		214,556
	6,419	Clean Energy Fuels Corp.*		18,936
	32,170	CNX Resources Corp.*		673,962
	3,476	Comstock Resources Inc.		29,720

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

ENERGY — 3.9% — (continued)

Oil, Gas & Consumable Fuels — 2.5% — (continued)
	1,189	CONSOL Energy Inc.	$	102,040
	2,938	Crescent Energy Co., Class A Shares		32,847
	1,314	CVR Energy Inc.		43,599
	2,446	Delek US Holdings Inc.		62,397
	23,172	Devon Energy Corp.		1,020,958
	5,288	DHT Holdings Inc.		57,216
	4,499	Diamondback Energy Inc.		821,157
	1,405	Dorian LPG Ltd.		50,791
	3,660	DT Midstream Inc.		210,926
	481	Empire Petroleum Corp.*		2,852
	6,357	Encore Energy Corp.*		24,538
	5,943	Energy Fuels Inc.*		37,619
	1,173	Enviva Inc.*		469
	13,825	EQT Corp.		513,599
	16,383	Equitrans Midstream Corp.		175,134
	1,066	Evolution Petroleum Corp.		6,247
	696	Excelerate Energy Inc., Class A Shares		10,927
	1,152	FLEX LNG Ltd.		29,076
	1,005	FutureFuel Corp.		5,960
	8,472	Gevo Inc.*		7,554
	3,933	Golar LNG Ltd.		79,801
	892	Granite Ridge Resources Inc.		5,486
	1,457	Green Plains Inc.*		31,034
	456	Gulfport Energy Corp.*		64,747
	818	Hallador Energy Co.*		6,217
	5,615	HF Sinclair Corp.		311,633
	636	HighPeak Energy Inc.(b)		10,539
	1,595	International Seaways Inc.		84,423
	677	Kinetik Holdings Inc., Class A Shares		23,912
	17,441	Kosmos Energy Ltd.*		107,088
	6,648	Magnolia Oil & Gas Corp., Class A Shares		150,777
	4,355	Matador Resources Co.		275,018
	5,567	Murphy Oil Corp.		220,843
	101	NACCO Industries Inc., Class A Shares		3,356
	2,529	New Fortress Energy Inc., Class A Shares		88,894
	2,982	NextDecade Corp.*		13,687
	8,222	Nordic American Tankers Ltd.		33,464
	42,719	Northern Oil & Gas Inc.		1,526,350
	1,800	Overseas Shipholding Group Inc., Class A Shares		10,944
	9,887	Ovintiv Inc.		488,517
	2,115	Par Pacific Holdings Inc.*		76,394
	4,165	PBF Energy Inc., Class A Shares		194,505
	4,496	Peabody Energy Corp.		111,366
	14,737	Permian Resources Corp., Class A Shares		229,308
	35,047	Range Resources Corp.		1,108,186
	618	REX American Resources Corp.*		27,180
	527	Riley Exploration Permian Inc.		12,464
	3,896	Ring Energy Inc.*		5,571
	778	SandRidge Energy Inc.		10,145
	1,847	Scorpio Tankers Inc.		123,989
	4,375	SFL Corp., Ltd.		58,450
	731	SilverBow Resources Inc.*		20,753
	2,933	Sitio Royalties Corp., Class A Shares		66,931
	4,369	SM Energy Co.		191,231
	42,119	Southwestern Energy Co.*		293,569

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

ENERGY — 3.9% — (continued)

Oil, Gas & Consumable Fuels — 2.5% — (continued)
	4,972	Talos Energy Inc.*	$	65,581
	2,758	Teekay Corp.*		20,878
	933	Teekay Tankers Ltd., Class A Shares		51,147
	18,515	Tellurian Inc.*		14,699
	230	Texas Pacific Land Corp.		362,347
	14,211	Uranium Energy Corp.*		92,087
	4,463	VAALCO Energy Inc.		19,905
	2,235	Vertex Energy Inc.*(b)		3,017
	895	Vital Energy Inc.*		45,045
	897	Vitesse Energy Inc.		20,389
	3,524	W&T Offshore Inc.		10,642
	2,429	World Kinect Corp.		59,170

		Total Oil, Gas & Consumable Fuels		12,735,312

		TOTAL ENERGY		20,077,993


FINANCIALS — 12.7%

Banks — 3.9%
	662	1st Source Corp.		32,954
	385	ACNB Corp.		13,567
	894	Amalgamated Financial Corp.		20,634
	1,072	Amerant Bancorp Inc., Class A Shares		22,716
	360	American National Bankshares Inc.		16,243
	2,380	Ameris Bancorp		110,265
	326	Ames National Corp.		6,184
	478	Arrow Financial Corp.		11,462
	6,207	Associated Banc-Corp.		129,354
	2,661	Atlantic Union Bankshares Corp.		88,505
	2,109	Axos Financial Inc.*		109,921
	46,353	Banc of California Inc.		678,144
	921	BancFirst Corp.		80,809
	1,623	Bancorp Inc. (The)*		72,451
	343	Bank First Corp.		29,670
	1,399	Bank of Hawaii Corp.		84,332
	722	Bank of Marin Bancorp		11,992
	1,986	Bank of NT Butterfield & Son Ltd. (The)		59,362
	4,246	Bank OZK		185,975
	245	Bank7 Corp.		6,862
	25,987	BankUnited Inc.		696,971
	327	Bankwell Financial Group Inc.		8,329
	6,917	Banner Corp.		303,241
	692	Bar Harbor Bankshares		17,452
	565	Baycom Corp.		11,311
	599	BCB Bancorp Inc.		6,284
	7,884	Berkshire Hills Bancorp Inc.		169,427
	936	Blue Foundry Bancorp*		8,817
	1,144	Blue Ridge Bankshares Inc.		2,803
	1,110	BOK Financial Corp.		94,361
	835	Bridgewater Bancshares Inc.*		9,895
	3,195	Brookline Bancorp Inc.		31,215
	214	Burke & Herbert Financial Services Corp.		11,702
	842	Business First Bancshares Inc.		18,903
	1,141	Byline Bancorp Inc.		23,778
	108	C&F Financial Corp.		5,770
	5,119	Cadence Bank		141,694
	308	Cambridge Bancorp		19,484

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

FINANCIALS — 12.7% — (continued)

Banks — 3.9% — (continued)
	653	Camden National Corp.	$	20,752
	572	Capital Bancorp Inc.		11,777
	553	Capital City Bank Group Inc.		15,678
	5,361	Capitol Federal Financial Inc.		31,040
	779	Capstar Financial Holdings Inc.		14,606
	965	Carter Bankshares Inc.*		12,738
	2,666	Cathay General Bancorp		104,107
	770	Central Pacific Financial Corp.		14,368
	375	Central Valley Community Bancorp		7,009
	154	Chemung Financial Corp.		6,560
	247	ChoiceOne Financial Services Inc.		6,573
	635	Citizens & Northern Corp.		11,659
	140	Citizens Financial Services Inc.		6,545
	423	City Holding Co.		42,503
	855	Civista Bancshares Inc.		12,842
	817	CNB Financial Corp.		16,332
	417	Coastal Financial Corp.*		16,009
	299	Codorus Valley Bancorp Inc.		6,883
	731	Colony Bankcorp Inc.		8,290
	8,183	Columbia Banking System Inc.		148,112
	1,021	Columbia Financial Inc.*		17,081
	13,652	Comerica Inc.		674,136
	4,769	Commerce Bancshares Inc.		248,179
	1,556	Community Bank System Inc.		70,487
	675	Community Trust Bancorp Inc.		26,838
	1,551	ConnectOne Bancorp Inc.		30,694
	1,541	CrossFirst Bankshares Inc.*		19,833
	2,336	Cullen/Frost Bankers Inc.		253,479
	1,091	Customers Bancorp Inc.*		59,252
	5,019	CVB Financial Corp.		85,423
	1,259	Dime Community Bancshares Inc.		23,594
	919	Eagle Bancorp Inc.		21,891
	5,302	East West Bancorp Inc.		386,304
	5,871	Eastern Bankshares Inc.		75,853
	361	Enterprise Bancorp Inc.		9,783
	1,534	Enterprise Financial Services Corp.		61,237
	673	Equity Bancshares Inc., Class A Shares		21,422
	286	Esquire Financial Holdings Inc.		14,523
	378	ESSA Bancorp Inc.		6,562
	238	Evans Bancorp Inc.		7,069
	603	Farmers & Merchants Bancorp Inc.		12,181
	1,925	Farmers National Banc Corp.		25,949
	1,482	FB Financial Corp.		52,818
	134	Fidelity D&D Bancorp Inc.		6,692
	794	Financial Institutions Inc.		14,578
	7,540	First Bancorp		151,871
	605	First Bancorp Inc. (The)		14,290
	1,379	First Bancshares Inc. (The)		34,241
	727	First Bank		9,749
	2,165	First Busey Corp.		49,925
	371	First Business Financial Services Inc.		13,089
	409	First Citizens BancShares Inc., Class A Shares		643,688
	2,751	First Commonwealth Financial Corp.		35,846
	743	First Community Bancshares Inc.		24,623
	334	First Community Corp.		5,488

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

FINANCIALS — 12.7% — (continued)

Banks — 3.9% — (continued)
	2,751	First Financial Bancorp	$	59,697
	5,222	First Financial Bankshares Inc.		161,569
	501	First Financial Corp.		18,652
	1,919	First Foundation Inc.		15,218
	5,198	First Hawaiian Inc.		108,950
	21,037	First Horizon Corp.		296,622
	3,384	First Interstate BancSystem Inc., Class A Shares		89,067
	2,521	First Merchants Corp.		83,697
	1,151	First Mid Bancshares Inc.		34,875
	1,106	First of Long Island Corp. (The)		12,321
	320	First Western Financial Inc.*		4,528
	479	Five Star Bancorp		11,367
	1,288	Flushing Financial Corp.		16,538
	15,082	FNB Corp.		201,194
	197	FS Bancorp Inc.		6,574
	5,822	Fulton Financial Corp.		89,659
	686	FVCBankcorp Inc.*		8,307
	1,286	German American Bancorp Inc.		40,458
	4,287	Glacier Bancorp Inc.		160,420
	423	Great Southern Bancorp Inc.		22,055
	266	Greene County Bancorp Inc.		7,597
	344	Guaranty Bancshares Inc.		9,893
	3,184	Hancock Whitney Corp.		138,822
	722	Hanmi Financial Corp.		10,909
	2,063	HarborOne Bancorp Inc.		21,001
	538	HBT Financial Inc.		10,254
	1,666	Heartland Financial USA Inc.		56,644
	2,685	Heritage Commerce Corp.		22,259
	843	Heritage Financial Corp.		15,469
	1,890	Hilltop Holdings Inc.		58,363
	56	Hingham Institution For Savings The(b)		9,407
	353	Home Bancorp Inc.		12,973
	7,596	Home BancShares Inc.		178,202
	964	HomeStreet Inc.		13,448
	700	HomeTrust Bancshares Inc.		18,375
	3,457	Hope Bancorp Inc.		37,923
	1,961	Horizon Bancorp Inc.		23,610
	34,770	Huntington Bancshares Inc.		453,401
	15,382	Independent Bank Corp.		773,734
	1,375	Independent Bank Group Inc.		60,129
	2,099	International Bancshares Corp.		108,917
	587	John Marshall Bancorp Inc.		10,273
	2,369	Kearny Financial Corp.		15,067
	2,589	Lakeland Bancorp Inc.		30,240
	924	Lakeland Financial Corp.		58,859
	403	LCNB Corp.		5,674
	1,277	Live Oak Bancshares Inc.		50,722
	760	Luther Burbank Corp.*		6,954
	1,098	Macatawa Bank Corp.		10,760
	260	MainStreet Bancshares Inc.		4,684
	721	Mercantile Bank Corp.		26,562
	734	Metrocity Bankshares Inc.		17,836
	506	Metropolitan Bank Holding Corp.*		19,840
	566	Mid Penn Bancorp Inc.		11,903
	222	Middlefield Banc Corp.		5,448

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

FINANCIALS — 12.7% — (continued)

Banks — 3.9% — (continued)
	1,022	Midland States Bancorp Inc.	$	24,886
	706	MidWestOne Financial Group Inc.		16,182
	284	MVB Financial Corp.		6,080
	19,763	National Bank Holdings Corp., Class A Shares		668,780
	191	National Bankshares Inc.		5,973
	1,226	NBT Bancorp Inc.		42,162
	27,474	New York Community Bancorp Inc.		131,600
	468	Nicolet Bankshares Inc.		36,939
	287	Northeast Bank		15,323
	418	Northeast Community Bancorp Inc.		6,517
	1,560	Northfield Bancorp Inc.		15,756
	200	Northrim BanCorp Inc.		9,946
	3,810	Northwest Bancshares Inc.		43,663
	194	Norwood Financial Corp.		5,356
	236	Oak Valley Bancorp		5,883
	2,438	OceanFirst Financial Corp.		37,058
	1,444	OFG Bancorp		52,302
	11,797	Old National Bancorp		193,825
	1,613	Old Second Bancorp Inc.		21,663
	183	Orange County Bancorp Inc.		8,414
	1,367	Origin Bancorp Inc.		40,791
	454	Orrstown Financial Services Inc.		12,235
	16,588	Pacific Premier Bancorp Inc.		379,202
	568	Park National Corp.		72,994
	507	Parke Bancorp Inc.		8,746
	914	Pathward Financial Inc.		46,468
	540	PCB Bancorp		8,721
	890	Peapack Gladstone Financial Corp.		21,565
	220	Penns Woods Bancorp Inc.		4,255
	1,446	Peoples Bancorp Inc.		40,589
	386	Peoples Financial Services Corp.		15,575
	2,955	Pinnacle Financial Partners Inc.		244,438
	545	Pioneer Bancorp Inc.*		5,079
	161	Plumas Bancorp		5,609
	668	Ponce Financial Group Inc.*		5,892
	2,828	Popular Inc.		236,647
	386	Preferred Bank		27,734
	1,513	Premier Financial Corp.		29,322
	950	Primis Financial Corp.		11,733
	209	Princeton Bancorp Inc.		6,433
	3,483	Prosperity Bancshares Inc.		217,374
	2,206	Provident Financial Services Inc.		33,266
	640	QCR Holdings Inc.		36,480
	663	RBB Bancorp		11,417
	182	Red River Bancshares Inc.		9,064
	1,650	Renasant Corp.		52,157
	341	Republic Bancorp Inc., Class A Shares		16,798
	1,103	S&T Bancorp Inc.		34,403
	1,982	Sandy Spring Bancorp Inc.		43,564
	2,485	Seacoast Banking Corp. of Florida		59,988
	1,891	ServisFirst Bancshares Inc.		119,492
	1,226	Shore Bancshares Inc.		13,927
	690	Sierra Bancorp		12,841
	3,907	Simmons First National Corp., Class A Shares		75,014
	655	SmartFinancial Inc.		14,096

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

FINANCIALS — 12.7% — (continued)

Banks — 3.9% — (continued)
	410	South Plains Financial Inc.	$	10,939
	313	Southern First Bancshares Inc.*		10,313
	327	Southern Missouri Bancorp Inc.		14,022
	275	Southern States Bancshares Inc.		6,837
	906	Southside Bancshares Inc.		25,966
	3,035	SouthState Corp.		255,061
	1,786	Stellar Bancorp Inc.		42,328
	1,036	Sterling Bancorp Inc.*		5,221
	1,107	Stock Yards Bancorp Inc.		50,712
	388	Summit Financial Group Inc.		10,468
	5,518	Synovus Financial Corp.		209,353
	23,792	Texas Capital Bancshares Inc.*		1,395,401
	2,041	TFS Financial Corp.		26,023
	458	Third Coast Bancshares Inc.*		8,780
	237	Timberland Bancorp Inc.		6,209
	620	Tompkins Financial Corp.		29,859
	23,815	Towne Bank		645,625
	1,262	TriCo Bancshares		42,163
	839	Triumph Financial Inc.*		62,925
	651	TrustCo Bank Corp. NY		17,766
	1,807	Trustmark Corp.		48,536
	1,740	UMB Financial Corp.		142,001
	4,876	United Bankshares Inc.		169,148
	17,122	United Community Banks Inc.		445,343
	385	Unity Bancorp Inc.		10,541
	1,520	Univest Financial Corp.		30,430
	346	USCB Financial Holdings Inc.		3,778
	17,222	Valley National Bancorp		141,048
	1,815	Veritex Holdings Inc.		35,628
	198	Virginia National Bankshares Corp.		6,023
	2,534	WaFd Inc.		69,026
	784	Washington Trust Bancorp Inc.		20,180
	6,790	Webster Financial Corp.		323,476
	2,424	WesBanco Inc.		70,248
	761	West BanCorp Inc.		13,241
	757	Westamerica BanCorp.		34,602
	4,163	Western Alliance Bancorp		240,330
	9,420	Wintrust Financial Corp.		907,617
	7,460	WSFS Financial Corp.		316,229
	5,643	Zions Bancorp NA		222,503

		Total Banks		20,281,926


Capital Markets — 2.4%
	1,362	Affiliated Managers Group Inc.		212,894
	764	AlTi Global Inc.*		4,477
	2,179	Artisan Partners Asset Management Inc., Class A Shares		93,850
	771	Assetmark Financial Holdings Inc.*		27,255
	933	B. Riley Financial Inc.(b)		17,102
	4,167	Bakkt Holdings Inc.*		2,417
	14,093	BGC Group Inc., Class A Shares		97,946
	1,257	Brightsphere Investment Group Inc.		28,484
	8,163	Carlyle Group Inc. (The)		374,274
	4,049	Cboe Global Markets Inc.		777,408
	9,974	Cohen & Steers Inc.		733,588
	116	Diamond Hill Investment Group Inc.		16,783

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

FINANCIALS — 12.7% — (continued)

Capital Markets — 2.4% — (continued)
	959	Donnelley Financial Solutions Inc.*	$	61,913
	1,383	Evercore Inc., Class A Shares		258,732
	1,477	FactSet Research Systems Inc.		683,231
	3,523	Forge Global Holdings Inc.*		7,328
	1,524	GCM Grosvenor Inc., Class A Shares		12,908
	1,357	Hamilton Lane Inc., Class A Shares		155,851
	1,953	Houlihan Lokey Inc., Class A Shares		251,273
	14,176	Invesco Ltd.		218,452
	5,280	Janus Henderson Group PLC		164,525
	7,170	Jefferies Financial Group Inc.		299,849
	4,207	Lazard Inc., Class A Shares		162,138
	1,420	MarketAxess Holdings Inc.		303,042
	1,956	MarketWise Inc.		3,540
	2,335	Moelis & Co., Class A Shares		126,183
	3,731	Moody’s Corp.		1,415,616
	987	Morningstar Inc.		294,708
	11,414	Nasdaq Inc.		641,467
	27,846	Northern Trust Corp.		2,286,992
	3,688	Open Lending Corp.*		26,775
	1,354	P10 Inc., Class A Shares		12,552
	1,902	Patria Investments Ltd., Class A Shares		28,340
	1,549	Perella Weinberg Partners, Class A Shares		21,159
	694	Piper Sandler Cos.		130,659
	853	PJT Partners Inc., Class A Shares		89,906
	25,847	Robinhood Markets Inc., Class A Shares*		421,565
	3,938	SEI Investments Co.		264,830
	575	Silvercrest Asset Management Group Inc., Class A Shares		9,643
	28,645	SLR Investment Corp.		428,529
	1,921	StepStone Group Inc., Class A Shares		66,716
	3,926	Stifel Financial Corp.		297,826
	1,038	StoneX Group Inc.*		71,892
	2,817	TPG Inc., Class A Shares		124,934
	1,027	Victory Capital Holdings Inc., Class A Shares		39,468
	3,456	Virtu Financial Inc., Class A Shares		62,381
	271	Virtus Investment Partners Inc.		62,959
	4,940	WisdomTree Inc.		39,816
	12,390	XP Inc., Class A Shares		292,900

		Total Capital Markets		12,227,076


Consumer Finance — 0.4%
	10,381	Ally Financial Inc.		383,993
	163	Atlanticus Holdings Corp.*		5,403
	8,061	Bread Financial Holdings Inc.		308,575
	201	Consumer Portfolio Services Inc.*		1,775
	232	Credit Acceptance Corp.*		128,435
	882	Encore Capital Group Inc.*		42,336
	1,078	Enova International Inc.*		68,183
	1,439	FirstCash Holdings Inc.		164,766
	1,554	Green Dot Corp., Class A Shares*		12,758
	3,916	LendingClub Corp.*		31,759
	456	LendingTree Inc.*		18,044
	3,316	Navient Corp.		53,918
	507	Nelnet Inc., Class A Shares		43,536
	1,164	NerdWallet Inc., Class A Shares*		19,637
	4,416	OneMain Holdings Inc., Class A Shares		208,568

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

FINANCIALS — 12.7% — (continued)

Consumer Finance — 0.4% — (continued)
	1,781	OppFi Inc.*	$	6,269
	1,477	PRA Group Inc.*		37,752
	1,672	PROG Holdings Inc.*		51,615
	276	Regional Management Corp.		6,458
	8,714	SLM Corp.		181,513
	35,785	SoFi Technologies Inc.*(b)		321,349
	2,885	Upstart Holdings Inc.*(b)		74,289
	162	World Acceptance Corp.*		19,401

		Total Consumer Finance		2,190,332


Financial Services — 2.0%
	1,324	Acacia Research Corp.*		5,349
	8,628	Affirm Holdings Inc., Class A Shares*		323,722
	766	Alerus Financial Corp.		16,706
	652	A-Mark Precious Metals Inc.		16,750
	5,464	AvidXchange Holdings Inc.*		72,617
	1,063	Banco Latinoamericano de Comercio Exterior SA, Class E Shares		29,732
	12,069	Cannae Holdings Inc.*		263,346
	2,077	Cantaloupe Inc.*		13,500
	515	Cass Information Systems Inc.		24,885
	2,484	Compass Diversified Holdings		57,132
	1,323	Enact Holdings Inc.		36,674
	12,904	Equitable Holdings Inc.		441,833
	4,115	Essent Group Ltd.		220,440
	7,438	Euronet Worldwide Inc.*		814,015
	2,517	EVERTEC Inc.		90,939
	352	Federal Agricultural Mortgage Corp., Class C Shares		62,962
	3,963	Finance Of America Cos Inc., Class A Shares*		3,426
	44,273	Flywire Corp.*		1,256,910
	964	I3 Verticals Inc., Class A Shares*		20,543
	1,409	International Money Express Inc.*		27,757
	2,798	Jack Henry & Associates Inc.		486,208
	2,857	Jackson Financial Inc., Class A Shares		157,278
	77,886	Marqeta Inc., Class A Shares*		508,596
	586	Merchants Bancorp		25,116
	10,485	MGIC Investment Corp.		208,547
	2,429	Mr. Cooper Group Inc.*		173,139
	2,622	NCR Atleos Corp.*		57,055
	808	NewtekOne Inc.(b)		9,324
	3,182	NMI Holdings Inc., Class A Shares*		95,714
	214	Ocwen Financial Corp.*		5,581
	7,204	Pagseguro Digital Ltd., Class A Shares*		100,280
	9,200	Payoneer Global Inc.*		44,712
	1,252	Paysafe Ltd.*		18,029
	2,412	Paysign Inc.*		7,381
	1,082	PennyMac Financial Services Inc.		91,894
	482	Priority Technology Holdings Inc.*		1,595
	5,666	Radian Group Inc.		165,107
	5,187	Remitly Global Inc.*		106,956
	2,846	Repay Holdings Corp., Class A Shares*		24,732
	753	Security National Financial Corp., Class A Shares*		6,491
	17,478	Shift4 Payments Inc., Class A Shares*		1,437,041
	10,919	StoneCo Ltd., Class A Shares*		187,916
	13,555	Toast Inc., Class A Shares*		311,765
	4,318	UWM Holdings Corp.		27,549

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

FINANCIALS — 12.7% — (continued)

Financial Services — 2.0% — (continued)
	342	Velocity Financial Inc.*	$	5,592
	11,435	Voya Financial Inc.		781,697
	1,192	Walker & Dunlop Inc.		113,693
	1,099	Waterstone Financial Inc.		13,902
	11,051	Western Union Co. (The)		148,194
	6,390	WEX Inc.*		1,404,075

		Total Financial Services		10,524,397


Insurance — 3.5%
	1,747	Ambac Financial Group Inc.*		28,581
	725	American Coastal Insurance Corp.*		10,106
	3,032	American Equity Investment Life Holding Co.*		168,397
	2,870	American Financial Group Inc.		366,413
	749	AMERISAFE Inc.		39,517
	2,029	Assurant Inc.		368,162
	2,232	Assured Guaranty Ltd.		204,451
	3,472	Axis Capital Holdings Ltd.		217,243
	3,085	Brighthouse Financial Inc.*		143,607
	27,975	BRP Group Inc., Class A Shares*		778,264
	4,730	CNO Financial Group Inc.		126,244
	698	Crawford & Co., Class A Shares		8,174
	558	Donegal Group Inc., Class A Shares		7,812
	11,911	eHealth Inc.*		78,613
	812	Employers Holdings Inc.		37,116
	439	Enstar Group Ltd.*		135,186
	1,658	Everest Group Ltd.		611,603
	752	F&G Annuities & Life Inc.		28,411
	521	Fidelis Insurance Holdings Ltd.*		7,794
	3,846	First American Financial Corp.		224,645
	13,732	Genworth Financial Inc., Class A Shares*		84,452
	6,524	Globe Life Inc.		828,091
	324	GoHealth Inc., Class A Shares*		4,361
	18,792	Goosehead Insurance Inc., Class A Shares*		1,421,615
	1,274	Greenlight Capital Re Ltd., Class A Shares*		16,091
	1,414	Hanover Insurance Group Inc. (The)		185,899
	251	HCI Group Inc.		24,503
	352	Hippo Holdings Inc.*		4,946
	1,213	Horace Mann Educators Corp.		43,898
	51	Investors Title Co.		7,926
	1,768	James River Group Holdings Ltd.		17,662
	2,316	Kemper Corp.		132,776
	681	Kingsway Financial Services Inc.*		6,006
	4,970	Kinsale Capital Group Inc.		2,565,415
	1,963	Lemonade Inc.*(b)		31,879
	6,224	Lincoln National Corp.		171,409
	6,305	Maiden Holdings Ltd.*		8,512
	1,255	Markel Group Inc.*		1,873,062
	1,651	MBIA Inc.*		10,781
	1,086	Mercury General Corp.		52,877
	96	National Western Life Group Inc., Class A Shares		46,616
	380	NI Holdings Inc.*		5,320
	10,508	Old Republic International Corp.		304,312
	6,189	Oscar Health Inc., Class A Shares*		100,633
	10,260	Palomar Holdings Inc.*		781,196
	4,806	Primerica Inc.		1,178,720

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

FINANCIALS — 12.7% — (continued)

Insurance — 3.5% — (continued)
	1,532	ProAssurance Corp.	$	18,890
	12,257	Reinsurance Group of America Inc., Class A Shares		2,167,650
	1,930	RenaissanceRe Holdings Ltd.		433,903
	1,580	RLI Corp.		231,391
	3,523	Ryan Specialty Holdings Inc., Class A Shares*		184,535
	412	Safety Insurance Group Inc.		33,850
	5,735	Selective Insurance Group Inc.		599,193
	6,025	Selectquote Inc.*		11,688
	2,686	SiriusPoint Ltd.*		32,957
	1,139	Skyward Specialty Insurance Group Inc.*		41,676
	776	Stewart Information Services Corp.		48,872
	1,186	Tiptree Inc.		20,767
	551	Travelers Cos., Inc. (The)		121,749
	1,743	Trupanion Inc.*		46,625
	896	United Fire Group Inc.		20,868
	1,053	Universal Insurance Holdings Inc.		21,260
	6,908	Unum Group		341,601
	92	White Mountains Insurance Group Ltd.		162,420

		Total Insurance		18,039,192


Mortgage Real Estate Investment Trusts (REITs) — 0.5%
	773	AFC Gamma Inc.		8,890
	24,816	AGNC Investment Corp.		237,241
	286	Angel Oak Mortgage REIT Inc.		2,994
	18,663	Annaly Capital Management Inc.		356,277
	5,815	Apollo Commercial Real Estate Finance Inc.		65,186
	5,912	Arbor Realty Trust Inc.(b)		79,221
	1,995	Ares Commercial Real Estate Corp.		15,042
	1,853	ARMOUR Residential REIT Inc.		36,689
	6,672	Blackstone Mortgage Trust Inc., Class A Shares		135,909
	4,329	BrightSpire Capital Inc., Class A Shares		29,913
	806	Chicago Atlantic Real Estate Finance Inc.		13,130
	8,889	Chimera Investment Corp.		38,756
	3,564	Claros Mortgage Trust Inc.		34,500
	2,026	Dynex Capital Inc.		25,001
	2,959	Ellington Financial Inc.		33,525
	3,014	Franklin BSP Realty Trust Inc.		38,911
	1,891	Granite Point Mortgage Trust Inc.		8,963
	27,427	Hannon Armstrong Sustainable Infrastructure Capital Inc.		690,338
	1,747	Invesco Mortgage Capital Inc.		15,775
	2,316	KKR Real Estate Finance Trust Inc.		22,581
	4,146	Ladder Capital Corp., Class A Shares		44,818
	3,899	MFA Financial Inc.		43,747
	3,073	New York Mortgage Trust Inc.		22,156
	510	Nexpoint Real Estate Finance Inc.		7,160
	1,831	Orchid Island Capital Inc.		15,747
	3,390	PennyMac Mortgage Investment Trust		47,901
	6,379	Ready Capital Corp.		56,327
	4,454	Redwood Trust Inc.		27,303
	19,192	Rithm Capital Corp.		208,041
	11,885	Starwood Property Trust Inc.		242,335
	2,163	TPG RE Finance Trust Inc.		16,179
	3,936	Two Harbors Investment Corp.		49,869

		Total Mortgage Real Estate Investment Trusts (REITs)		2,670,425

		TOTAL FINANCIALS		65,933,348

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 15.2%

Biotechnology — 3.9%
	1,894	2seventy bio Inc.*	$	9,849
	1,467	4D Molecular Therapeutics Inc.*		41,105
	46,400	89bio Inc.*		532,208
	354	Aadi Bioscience Inc.*		697
	4,608	ACADIA Pharmaceuticals Inc.*		107,090
	1,290	ACELYRIN Inc.*		10,901
	5,051	Achillion Pharmaceuticals Inc.*(a)		2,323
	468	Acrivon Therapeutics Inc.*		2,274
	874	Actinium Pharmaceuticals Inc.*		7,455
	1,213	Adicet Bio Inc.*		2,851
	8,352	ADMA Biologics Inc.*		44,767
	870	Aduro Biotech Holdings Europe BV*(a)(c)		2,209
	643	Aerovate Therapeutics Inc.*		14,840
	12,811	Agenus Inc.*		8,583
	2,066	Agios Pharmaceuticals Inc.*		66,773
	1,888	Akero Therapeutics Inc.*		50,957
	1,677	Aldeyra Therapeutics Inc.*		6,071
	2,467	Alector Inc.*		17,195
	35,079	Alkermes PLC*		1,041,496
	2,261	Allakos Inc.*		3,346
	2,827	Allogene Therapeutics Inc.*		13,881
	1,036	Allovir Inc.*		763
	1,084	Alpine Immune Sciences Inc.*		38,178
	2,143	Altimmune Inc.*		25,930
	1,119	ALX Oncology Holdings Inc.*		16,416
	10,666	Amicus Therapeutics Inc.*		136,738
	711	AnaptysBio Inc.*		18,152
	2,611	Anavex Life Sciences Corp.*(b)		13,421
	530	Anika Therapeutics Inc.*		12,868
	1,763	Annexon Inc.*		9,820
	3,870	Apellis Pharmaceuticals Inc.*		239,824
	742	Apogee Therapeutics Inc.*(b)		25,836
	5,603	Arbutus Biopharma Corp.*		15,688
	1,484	Arcellx Inc.*		97,677
	987	Arcturus Therapeutics Holdings Inc.*		38,256
	1,962	Arcus Biosciences Inc.*		37,533
	4,030	Arcutis Biotherapeutics Inc.*		41,428
	8,853	Ardelyx Inc.*		82,510
	4,288	Arrowhead Pharmaceuticals Inc.*		137,645
	960	ARS Pharmaceuticals Inc.*		8,035
	18,650	Ascendis Pharma AS, ADR*		2,755,724
	1,743	Astria Therapeutics Inc.*		24,785
	3,264	Atara Biotherapeutics Inc.*		2,539
	944	Aura Biosciences Inc.*		8,562
	5,607	Aurinia Pharmaceuticals Inc.*		32,072
	2,130	Avid Bioservices Inc.*		16,358
	3,111	Avidity Biosciences Inc.*		56,931
	894	Avita Medical Inc.*		16,208
	2,656	Beam Therapeutics Inc.*		104,885
	19,120	Bicycle Therapeutics PLC, ADR*		479,721
	1,566	BioAtla Inc.*		4,228
	7,114	BioCryst Pharmaceuticals Inc.*		40,052
	2,548	Biohaven Ltd.*		122,661
	719	Biomea Fusion Inc.*(b)		12,583

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 15.2% — (continued)

Biotechnology — 3.9% — (continued)
	654	Bioxcel Therapeutics Inc.*	$	2,080
	4,643	Bluebird Bio Inc.*		6,454
	2,290	Blueprint Medicines Corp.*		214,161
	4,383	Bridgebio Pharma Inc.*		149,679
	1,296	Cabaletta Bio Inc.*		29,652
	2,063	CareDx Inc.*		21,950
	3,156	Caribou Biosciences Inc.*		24,964
	877	Carisma Therapeutics Inc.		2,263
	4,968	Cartesian Therapeutics Inc.*		3,634
	3,721	Catalyst Pharmaceuticals Inc.*		59,648
	546	Celcuity Inc.*		8,496
	1,757	Celldex Therapeutics Inc.*		84,441
	1,003	Century Therapeutics Inc.*		3,681
	2,598	Cerevel Therapeutics Holdings Inc.*		106,518
	2,730	Cogent Biosciences Inc.*		19,110
	3,207	Coherus Biosciences Inc.*		7,312
	3,100	Compass Therapeutics Inc.*		5,518
	2,511	Crinetics Pharmaceuticals Inc.*		102,800
	1,488	Cue Biopharma Inc.*		3,088
	871	Cullinan Oncology Inc.*		16,087
	9,443	Cytokinetics Inc.*		682,162
	2,325	Day One Biopharmaceuticals Inc.*		38,897
	1,864	Deciphera Pharmaceuticals Inc.*		31,110
	4,274	Denali Therapeutics Inc.*		84,540
	1,220	Design Therapeutics Inc.*		3,392
	399	Discount Medicine Inc., Class A Shares*		27,399
	5,009	Dynavax Technologies Corp.*		63,464
	1,705	Dyne Therapeutics Inc.*		45,865
	486	Eagle Pharmaceuticals Inc.*		2,848
	3,076	Editas Medicine Inc.*		30,945
	2,144	Emergent BioSolutions Inc.*		6,925
	712	Enanta Pharmaceuticals Inc.*		10,231
	729	Entrada Therapeutics Inc.*		9,645
	2,775	Erasca Inc.*		6,605
	6,834	Exact Sciences Corp.*		393,160
	11,966	Exelixis Inc.*		262,055
	3,113	Fate Therapeutics Inc.*		22,071
	629	Fennec Pharmaceuticals Inc.*		5,957
	3,344	FibroGen Inc.*		5,718
	784	Foghorn Therapeutics Inc.*		6,060
	700	Genelux Corp.*		5,110
	1,906	Generation Bio Co.*		4,784
	17,899	Geron Corp.*		35,798
	2,397	Graphite Bio Inc.*		8,126
	2,793	Gritstone bio Inc.*		7,820
	4,845	Halozyme Therapeutics Inc.*		192,879
	4,418	Heron Therapeutics Inc.*		11,752
	892	HilleVax Inc.*		16,190
	2,222	Humacyte Inc.*		9,666
	2,253	Ideaya Biosciences Inc.*		100,709
	297	IGM Biosciences Inc.*		3,751
	650	Immuneering Corp., Class A Shares*		4,030
	4,886	ImmunityBio Inc.*(b)		23,111
	2,044	Immunovant Inc.*		72,296
	1,253	Inhibrx Inc.*		45,897

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 15.2% — (continued)

Biotechnology — 3.9% — (continued)
	2,635	Inozyme Pharma Inc.*	$	16,759
	5,165	Insmed Inc.*		143,174
	3,418	Intellia Therapeutics Inc.*		109,786
	5,434	Ionis Pharmaceuticals Inc.*		245,671
	8,514	Iovance Biotherapeutics Inc.*		135,458
	5,272	Ironwood Pharmaceuticals Inc., Class A Shares*		49,715
	1,000	iTeos Therapeutics Inc.*		10,710
	1,127	Janux Therapeutics Inc.*		54,524
	1,371	KalVista Pharmaceuticals Inc.*		18,714
	1,362	Karuna Therapeutics Inc.*		427,627
	2,788	Karyopharm Therapeutics Inc.*		3,234
	918	Keros Therapeutics Inc.*		61,965
	1,957	Kezar Life Sciences Inc.*		2,055
	1,073	Kiniksa Pharmaceuticals Ltd., Class A Shares*		22,683
	1,361	Kodiak Sciences Inc.*		8,180
	811	Krystal Biotech Inc.*		129,330
	2,417	Kura Oncology Inc.*		50,950
	1,443	Kymera Therapeutics Inc.*		61,616
	1,727	Larimar Therapeutics Inc.*		19,860
	2,519	Lexicon Pharmaceuticals Inc.*		6,272
	4,062	Lineage Cell Therapeutics Inc.*		4,224
	7,232	Lyell Immunopharma Inc.*		21,117
	2,240	MacroGenics Inc.*		40,186
	552	Madrigal Pharmaceuticals Inc.*		130,382
	10,904	MannKind Corp.*		44,815
	1,109	MeiraGTx Holdings PLC*		6,843
	483	Merrimack Pharmaceuticals Inc.*		7,100
	3,754	Mersana Therapeutics Inc.*		20,422
	4,371	MiMedx Group Inc.*		35,667
	465	Mineralys Therapeutics Inc.*		7,152
	977	Mirum Pharmaceuticals Inc.*		28,050
	1,250	Monte Rosa Therapeutics Inc.*		7,913
	14,540	MoonLake Immunotherapeutics, Class A Shares*(b)		701,410
	1,518	Morphic Holding Inc.*		56,090
	37,556	Mural Oncology PLC*		198,671
	2,979	Myriad Genetics Inc.*		62,350
	4,114	Natera Inc.*		355,820
	3,709	Neurocrine Biosciences Inc.*		483,654
	1,590	Nkarta Inc.*		19,207
	4,491	Novavax Inc.*(b)		22,186
	1,837	Nurix Therapeutics Inc.*		22,687
	990	Nuvalent Inc., Class A Shares*		83,279
	334	Nuvectis Pharma Inc.*		3,297
	891	Olema Pharmaceuticals Inc.*		11,048
	819	Omega Therapeutics Inc.*		3,366
	19	Oncternal Therapeutics Inc.*(a)		19
	2,782	Organogenesis Holdings Inc., Class A Shares*		9,932
	1,978	ORIC Pharmaceuticals Inc.*		25,200
	6,955	Outlook Therapeutics Inc.*		3,038
	2,010	Ovid therapeutics Inc.*		6,834
	1,007	PDS Biotechnology Corp.*		6,636
	569	PepGen Inc.*		9,645
	1,268	PMV Pharmaceuticals Inc.*		2,346
	2,515	Poseida Therapeutics Inc., Class A Shares*		9,959
	8,172	Precigen Inc.*		12,585

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 15.2% — (continued)

Biotechnology — 3.9% — (continued)
	1,847	Prelude Therapeutics Inc.*	$	7,942
	1,377	Prime Medicine Inc.*		11,884
	1,385	ProKidney Corp., Class A Shares*		2,258
	2,018	Protagonist Therapeutics Inc.*		61,307
	2,660	Protalix BioTherapeutics Inc.*		4,336
	1,703	Prothena Corp. PLC*		46,986
	2,789	PTC Therapeutics Inc.*		78,622
	1,002	Rallybio Corp.*		2,330
	1,172	RAPT Therapeutics Inc.*		10,044
	5,037	Recursion Pharmaceuticals Inc., Class A Shares*(b)		67,798
	1,451	REGENXBIO Inc.*		25,305
	3,884	Relay Therapeutics Inc.*		38,918
	848	Reneo Pharmaceuticals Inc.*		1,399
	2,220	Replimune Group Inc.*		19,048
	5,593	REVOLUTION Medicines Inc.*		164,882
	1,992	Rhythm Pharmaceuticals Inc.*		86,493
	5,956	Rigel Pharmaceuticals Inc.*		9,053
	37,956	Rocket Pharmaceuticals Inc.*		1,112,111
	13,429	Roivant Sciences Ltd.*		153,628
	2,005	Sage Therapeutics Inc.*		43,067
	497	Sagimet Biosciences Inc., Class A Shares*		3,047
	3,358	Sana Biotechnology Inc.*		33,714
	5,271	Sangamo Therapeutics Inc.*		6,114
	3,427	Sarepta Therapeutics Inc.*		438,313
	2,877	Savara Inc.*		14,529
	2,328	Scholar Rock Holding Corp.*		36,084
	3,866	Seres Therapeutics Inc.*		4,407
	2,664	SpringWorks Therapeutics Inc.*		131,229
	1,107	Stoke Therapeutics Inc.*		8,568
	3,907	Summit Therapeutics Inc.*(b)		17,738
	3,230	Sutro Biopharma Inc.*		15,859
	2,631	Syndax Pharmaceuticals Inc.*		61,671
	1,743	Tango Therapeutics Inc.*		19,400
	1,223	Tenaya Therapeutics Inc.*		7,277
	5,584	TG Therapeutics Inc.*		96,156
	2,561	Travere Therapeutics Inc., Class Preferred Shares*		19,361
	2,119	Twist Bioscience Corp.*		83,256
	599	Tyra Biosciences Inc.*		11,974
	2,969	Ultragenyx Pharmaceutical Inc.*		153,557
	1,729	United Therapeutics Corp.*		390,132
	1,060	UroGen Pharma Ltd.*		19,430
	2,203	Vanda Pharmaceuticals Inc.*		9,847
	21,051	Vaxcyte Inc.*		1,553,985
	2,720	Vaxxinity Inc., Class A Shares*		2,326
	1,189	Vera Therapeutics Inc., Class A Shares*		55,978
	2,741	Veracyte Inc.*		64,551
	1,815	Vericel Corp.*		82,909
	1,869	Verve Therapeutics Inc.*		31,866
	570	Vigil Neuroscience Inc.*		1,984
	8,919	Viking Therapeutics Inc.*		687,209
	3,014	Vir Biotechnology Inc.*		33,877
	1,634	Viridian Therapeutics Inc.*		30,572
	1,219	Vor BioPharma Inc.*		2,804
	1,127	Voyager Therapeutics Inc.*		9,377
	4,096	X4 Pharmaceuticals Inc.*		3,976

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 15.2% — (continued)

Biotechnology — 3.9% — (continued)
	2,183	Xencor Inc.*	$	50,100
	6,670	Xenon Pharmaceuticals Inc.*		314,824
	322	XOMA Corp.*		7,828
	1,519	Y-mAbs Therapeutics Inc.*		25,367
	2,160	Zentalis Pharmaceuticals Inc.*		32,206
	470	Zura Bio Ltd., Class A Shares*		1,730
	1,842	Zymeworks Inc.*		22,122

		Total Biotechnology		20,399,480


Health Care Equipment & Supplies — 3.9%
	91,424	Accuray Inc.*		237,702
	3,537	Alphatec Holdings Inc.*		47,502
	1,224	AngioDynamics Inc.*		6,720
	1,647	Artivion Inc.*		31,787
	13,065	AtriCure Inc.*		456,883
	48	Atrion Corp.		17,664
	14,333	Avanos Medical Inc.*		266,164
	1,826	AxoGen Inc.*		19,283
	1,890	Axonics Inc.*		128,407
	971	Beyond Air Inc.*		1,991
	5,328	Butterfly Network Inc.*		6,340
	6,314	Cerus Corp.*		13,765
	869	ClearPoint Neuro Inc.*		5,553
	1,169	CONMED Corp.		93,894
	634	Cutera Inc.*		1,420
	406	CVRx Inc.*		7,970
	20,132	CytoSorbents Corp.*		19,307
	110,056	DENTSPLY SIRONA Inc.		3,596,630
	14,589	Edwards Lifesciences Corp.*		1,238,168
	2,187	Embecta Corp.		31,230
	2,066	Enovis Corp.*		123,567
	52,087	Envista Holdings Corp.*		1,075,597
	1,831	Glaukos Corp.*		162,208
	4,545	Globus Medical Inc., Class A Shares*		245,385
	27,447	Haemonetics Corp.*		2,003,082
	5,214	Hologic Inc.*		384,793
	744	ICU Medical Inc.*		81,267
	2,080	Inari Medical Inc.*		95,930
	3,084	Inmode Ltd.*		67,848
	990	Inogen Inc.*		6,583
	4,810	Inspire Medical Systems Inc.*		861,182
	1,261	Integer Holdings Corp.*		139,076
	12,298	Integra LifeSciences Holdings Corp.*		453,919
	3,052	Intuitive Surgical Inc.*		1,176,851
	236	iRadimed Corp.		9,905
	10,409	iRhythm Technologies Inc.*		1,235,028
	1,545	KORU Medical Systems Inc.*		3,275
	18,999	Lantheus Holdings Inc.*		1,242,155
	788	LeMaitre Vascular Inc.		55,160
	2,030	LivaNova PLC*		111,264
	1,654	Masimo Corp.*		212,605
	15,175	Merit Medical Systems Inc.*		1,156,335
	8,287	Neogen Corp.*		142,454
	1,335	Nevro Corp.*		19,438
	3,989	Novocure Ltd.*		61,072

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 15.2% — (continued)

Health Care Equipment & Supplies — 3.9% — (continued)
	1,804	Omnicell Inc.*	$	47,337
	60,142	OraSure Technologies Inc.*		432,722
	1,194	Orchestra BioMed Holdings Inc.*		7,689
	1,175	Orthofix Medical Inc.*		15,346
	567	OrthoPediatrics Corp.*		15,570
	1,689	Outset Medical Inc.*		5,320
	1,646	Paragon 28 Inc.*		20,542
	1,387	Penumbra Inc.*		325,834
	1,535	PROCEPT BioRobotics Corp.*		74,202
	1,660	Pulmonx Corp.*		15,305
	989	Pulse Biosciences Inc.*(b)		9,771
	5,916	QuidelOrtho Corp.*		269,770
	1,104	RxSight Inc.*		60,245
	143	Sanara Medtech Inc.*		5,440
	233	Semler Scientific Inc.*		10,991
	1,389	Shockwave Medical Inc.*		362,348
	1,549	SI-BONE Inc.*		26,875
	981	Sight Sciences Inc.*		3,944
	1,454	Silk Road Medical Inc.*		26,157
	1,958	STAAR Surgical Co.*		61,168
	496	Surmodics Inc.*		15,822
	906	Tactile Systems Technology Inc.*		13,816
	2,454	Tandem Diabetes Care Inc.*		65,350
	548	Tela Bio Inc.*		3,704
	1,442	Teleflex Inc.		321,263
	1,178	TransMedics Group Inc.*		96,125
	1,716	Treace Medical Concepts Inc.*		23,063
	247	UFP Technologies Inc.*		51,453
	120	Utah Medical Products Inc.		8,422
	16,357	Varex Imaging Corp.*		281,340
	2,847	Vicarious Surgical Inc., Class A Shares*		1,208
	21,435	Zimvie Inc.*		363,323
	811	Zynex Inc.*		10,997

		Total Health Care Equipment & Supplies		20,406,821


Health Care Providers & Services — 3.0%
	9,685	23andMe Holding Co., Class A Shares*		5,520
	36,173	Acadia Healthcare Co., Inc.*		3,018,637
	2,358	Accolade Inc.*		24,170
	3,521	AdaptHealth Corp., Class A Shares*		36,020
	584	Addus HomeCare Corp.*		53,892
	931	Agiliti Inc.*		9,189
	11,650	agilon health Inc.*		71,415
	782	AirSculpt Technologies Inc.*		4,934
	3,586	Alignment Healthcare Inc.*		21,516
	1,234	Amedisys Inc.*		114,787
	1,458	AMN Healthcare Services Inc.*		82,042
	1,632	Astrana Health Inc.*		73,505
	1,522	Aveanna Healthcare Holdings Inc.*		3,607
	7,764	Brookdale Senior Living Inc.*		44,410
	93	CareMax Inc.*		715
	919	Castle Biosciences Inc.*		16,597
	2,103	Chemed Corp.		1,316,751
	5,286	Community Health Systems Inc.*		14,748
	305	CorVel Corp.*		74,420

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 15.2% — (continued)

Health Care Providers & Services — 3.0% — (continued)
	1,387	Cross Country Healthcare Inc.*	$	25,340
	2,085	DaVita Inc.*		264,732
	2,822	DocGo Inc.*		11,486
	12,469	Encompass Health Corp.		927,694
	2,014	Enhabit Inc.*		18,126
	2,081	Ensign Group Inc. (The)		259,959
	726	Fulgent Genetics Inc.*		16,379
	4,188	Guardant Health Inc.*		79,572
	12,181	HealthEquity Inc.*		1,006,272
	20,692	Henry Schein Inc.*		1,582,317
	4,666	Hims & Hers Health Inc.*		60,845
	589	InfuSystem Holdings Inc.*		5,448
	722	Innovage Holding Corp.*		3,494
	633	Joint Corp. (The)*		6,241
	3,803	LifeStance Health Group Inc.*		31,755
	616	ModivCare Inc.*		17,273
	2,450	Molina Healthcare Inc.*		965,079
	1,596	Nano-X Imaging Ltd.*(b)		17,811
	508	National HealthCare Corp.		50,119
	496	National Research Corp.		19,999
	4,862	NeoGenomics Inc.*		75,847
	13,691	OPKO Health Inc.*(b)		13,691
	53,606	Option Care Health Inc.*		1,729,866
	2,753	Owens & Minor Inc.*		66,980
	1,319	P3 Health Partners Inc.*		1,372
	22,885	Patterson Cos., Inc.		619,955
	15,668	Pediatrix Medical Group Inc.*		143,362
	916	Pennant Group Inc. (The)*		17,083
	20,945	PetIQ Inc., Class A Shares*		381,408
	4,545	Premier Inc., Class A Shares		94,809
	4,279	Privia Health Group Inc.*		95,507
	3,052	Progyny Inc.*		111,459
	7,570	Quest Diagnostics Inc.		945,417
	1,232	Quipt Home Medical Corp.*		5,285
	5,757	R1 RCM Inc.*		80,886
	2,223	RadNet Inc.*		84,163
	3,798	Select Medical Holdings Corp.		103,420
	2,792	Surgery Partners Inc.*		86,636
	3,874	Tenet Healthcare Corp.*		360,282
	2,298	Universal Health Services Inc., Class B Shares		383,904
	569	US Physical Therapy Inc.		60,468
	1,122	Viemed Healthcare Inc.*		9,492

		Total Health Care Providers & Services		15,828,108


Health Care Technology — 0.6%
	8,519	American Well Corp., Class A Shares*		9,201
	4,518	Certara Inc.*		76,264
	536	Computer Programs & Systems Inc.*		4,749
	2,148	Definitive Healthcare Corp., Class A Shares*		20,449
	4,642	Doximity Inc., Class A Shares*		131,044
	4,191	Evolent Health Inc., Class A Shares*		142,117
	2,001	Health Catalyst Inc.*		16,648
	873	HealthStream Inc.		23,815
	15,564	Multiplan Corp.*		17,432
	765	OptimizeRx Corp.*		12,110

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 15.2% — (continued)

Health Care Technology — 0.6% — (continued)
	2,149	Phreesia Inc.*	$	53,188
	2,203	Schrodinger Inc.*		56,088
	10,385	Sharecare Inc.*		9,762
	547	Simulations Plus Inc.		22,700
	6,416	Teladoc Health Inc.*		96,753
	10,725	Veeva Systems Inc., Class A Shares*		2,418,595

		Total Health Care Technology		3,110,915


Life Sciences Tools & Services — 2.7%
	3,534	10X Genomics Inc., Class A Shares*		164,826
	3,898	Adaptive Biotechnologies Corp.*		16,021
	767	Akoya Biosciences Inc.*		4,403
	2,233	Azenta Inc.*		145,480
	1,206	BioLife Solutions Inc.*		20,381
	2,268	Bio-Rad Laboratories Inc., Class A Shares*		739,096
	34,716	Bio-Techne Corp.		2,554,056
	4,064	Bruker Corp.		351,699
	7,357	Charles River Laboratories International Inc.*		1,870,076
	2,245	Codexis Inc.*		10,439
	1,543	CryoPort Inc.*		27,265
	5,171	Cytek Biosciences Inc.*		39,817
	1,350	Harvard Bioscience Inc.*		5,846
	12,881	Illumina Inc.*		1,801,150
	3,971	Maravai LifeSciences Holdings Inc., Class A Shares*		30,696
	3,229	MaxCyte Inc.*		14,853
	893	Medpace Holdings Inc.*		354,985
	188	Mesa Laboratories Inc.		20,528
	1,289	Nautilus Biotechnology Inc., Class A Shares*		3,467
	4,188	OmniAb Inc.*		24,458
	234	OmniAb Inc., Class CR3 Shares (Cost — $0, acquired 11/3/22)*(a)(c)(d)		—
	234	OmniAb Inc., Class CR4 Shares (Cost — $0, acquired 11/3/22)*(a)(c)(d)		—
	10,108	Pacific Biosciences of California Inc.*		55,897
	50,227	QIAGEN NV*		2,149,213
	1,361	Quanterix Corp.*		32,610
	4,548	Quantum-Si Inc.*		7,595
	9,622	Repligen Corp.*		1,866,572
	1,843	Seer Inc., Class A Shares*		3,354
	4,034	Sotera Health Co.*		60,550
	88,603	Standard BioTools Inc.*(b)		199,357
	2,127	Waters Corp.*		717,692
	1,540	West Pharmaceutical Services Inc.		551,874

		Total Life Sciences Tools & Services		13,844,256


Pharmaceuticals — 1.1%
	2,445	Aclaris Therapeutics Inc.*		2,910
	64,472	Amneal Pharmaceuticals Inc.*		355,885
	1,437	Amphastar Pharmaceuticals Inc.*		66,921
	1,899	Amylyx Pharmaceuticals Inc.*		35,796
	534	ANI Pharmaceuticals Inc.*		36,136
	1,849	Arvinas Inc.*		85,017
	3,800	Assertio Holdings Inc.*		3,359
	3,220	Atea Pharmaceuticals Inc.*		13,878
	1,369	Axsome Therapeutics Inc.*		111,409
	813	Biote Corp., Class A Shares*		4,837
	1,882	Cara Therapeutics Inc.*		1,600

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 15.2% — (continued)

Pharmaceuticals — 1.1% — (continued)
	1,467	Cassava Sciences Inc.*(b)	$	33,712
	17,610	Catalent Inc.*		1,009,757
	1,004	CinCor Pharma Inc.*(a)		3,163
	4,809	Citius Pharmaceuticals Inc.*		3,695
	1,236	Collegium Pharmaceutical Inc.*		45,374
	3,140	Corcept Therapeutics Inc.*		73,790
	1,546	CorMedix Inc.*		5,473
	4,472	Cymabay Therapeutics Inc.*		143,954
	1,704	Edgewise Therapeutics Inc.*		27,826
	18,698	Elanco Animal Health Inc.*		297,111
	826	Enliven Therapeutics Inc.*(b)		13,191
	1,849	Evolus Inc.*		27,421
	4,195	Eyenovia Inc.*		9,082
	1,123	EyePoint Pharmaceuticals Inc.*		30,557
	1,175	Harmony Biosciences Holdings Inc.*		37,717
	1,613	Harrow Inc.*		17,461
	903	Ikena Oncology Inc.*		1,291
	41,144	Innoviva Inc.*		628,680
	3,544	Intra-Cellular Therapies Inc.*		246,379
	2,303	Jazz Pharmaceuticals PLC*		273,827
	612	Ligand Pharmaceuticals Inc.*		48,562
	1,539	Liquidia Corp.*		21,792
	689	Longboard Pharmaceuticals Inc.*		15,282
	1,787	Marinus Pharmaceuticals Inc.*		16,976
	667	Neumora Therapeutics Inc.*(b)		11,759
	1,878	NGM Biopharmaceuticals Inc.*		2,855
	6,179	Nuvation Bio Inc.*		11,555
	2,651	Ocular Therapeutix Inc.*		26,669
	2,109	Omeros Corp.*		9,490
	4,731	Optinose Inc.*		8,421
	9,604	Organon & Co.		167,206
	1,718	Pacira BioSciences Inc.*		51,059
	5,127	Perrigo Co. PLC		134,635
	1,080	Phathom Pharmaceuticals Inc.*		11,556
	789	Phibro Animal Health Corp., Class A Shares		10,202
	2,403	Pliant Therapeutics Inc.*		38,136
	11,140	Prestige Consumer Healthcare Inc.*		775,121
	3,024	Revance Therapeutics Inc.*		21,591
	2,404	Scilex Holding Co.*(c)		5,457
	1,052	scPharmaceuticals Inc.*		6,333
	1,907	SIGA Technologies Inc.		9,935
	20,718	Supernus Pharmaceuticals Inc.*		615,325
	282	Taro Pharmaceutical Industries Ltd.*		11,864
	1,170	Tarsus Pharmaceuticals Inc.*		44,717
	1,513	Terns Pharmaceuticals Inc.*		11,075
	2,181	Theravance Biopharma Inc.*		20,654
	640	Third Harmonic Bio Inc.*		6,490
	2,218	Trevi Therapeutics Inc.*		6,477
	1,687	Ventyx Biosciences Inc.*		11,944
	1,000	Verrica Pharmaceuticals Inc.*		5,270
	1,969	WaVe Life Sciences Ltd.*		9,471
	4,439	Xeris Biopharma Holdings Inc.*		13,650
	1,116	Zevra Therapeutics Inc.*		7,522

		Total Pharmaceuticals		5,816,260

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 15.2% — (continued)

Pharmaceuticals, Biotechnology & Life Sciences — 0.0%@
	1,045	AstraZeneca PLC*(a)(c)	$	324
	2,089	Novartis AG*(a)(c)		919

		Total Pharmaceuticals, Biotechnology & Life Sciences		1,243

		TOTAL HEALTH CARE		79,407,083


INDUSTRIALS — 21.0%

Aerospace & Defense — 2.0%
	1,231	AAR Corp.*		82,206
	1,002	Aerovironment Inc.*		127,044
	1,142	AerSale Corp.*		10,095
	5,490	Archer Aviation Inc., Class A Shares*(b)		26,517
	1,028	Astronics Corp.*		19,707
	2,700	Axon Enterprise Inc.*		829,899
	3,540	BWX Technologies Inc.		356,938
	633	Cadre Holdings Inc.		22,744
	1,482	Curtiss-Wright Corp.		350,152
	531	Ducommun Inc.*		25,339
	611	Eve Holding Inc.*		3,391
	15,919	HEICO Corp., Class A Shares		2,476,837
	12,029	Hexcel Corp.		895,679
	1,526	Huntington Ingalls Industries Inc.		445,012
	1,078	Kaman Corp.		49,383
	5,418	Kratos Defense & Security Solutions Inc.*		98,824
	2,522	Leonardo DRS Inc.*		57,275
	282	Lockheed Martin Corp.		120,764
	18,932	Mercury Systems Inc.*		565,499
	1,058	Moog Inc., Class A Shares		158,647
	183	National Presto Industries Inc.		14,151
	820	Northrop Grumman Corp.		378,036
	809	Park Aerospace Corp.		12,313
	11,263	Rocket Lab USA Inc.*		51,641
	4,073	Spirit AeroSystems Holdings Inc., Class A Shares*		116,488
	4,234	Terran Orbital Corp.*		4,573
	7,551	Textron Inc.		672,568
	1,737	TransDigm Group Inc.		2,045,734
	2,488	Triumph Group Inc.*		34,583
	407	V2X Inc.*		15,669
	12,470	Virgin Galactic Holdings Inc.*		21,698
	2,234	Woodward Inc.		316,089

		Total Aerospace & Defense		10,405,495


Air Freight & Logistics — 0.1%
	2,280	Air Transport Services Group Inc.*		27,519
	968	Forward Air Corp.		35,942
	9,689	GXO Logistics Inc.*		501,503
	2,398	Hub Group Inc., Class A Shares*		101,987
	1,467	Radiant Logistics Inc.*		8,509

		Total Air Freight & Logistics		675,460


Building Products — 2.5%
	12,672	AAON Inc.		1,064,194
	2,617	Advanced Drainage Systems Inc.		427,199
	3,374	Allegion PLC		431,433
	650	American Woodmark Corp.*		65,156
	4,666	AO Smith Corp.		386,811

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 21.0% — (continued)

Building Products — 2.5% — (continued)
	824	Apogee Enterprises Inc.	$	47,141
	1,682	Armstrong World Industries Inc.		202,866
	50,953	AZEK Co., Inc. (The), Class A Shares*		2,451,349
	5,429	AZZ Inc.		395,231
	4,730	Builders FirstSource Inc.*		923,201
	4,610	Carlisle Cos., Inc.		1,613,500
	587	CSW Industrials Inc.		135,239
	3,333	Daikin Industries Ltd., ADR		46,729
	4,882	Fortune Brands Innovations Inc.		397,102
	1,168	Gibraltar Industries Inc.*		90,462
	1,552	Griffon Corp.		110,813
	5,126	Hayward Holdings Inc.*		75,813
	762	Insteel Industries Inc.		27,744
	2,870	Janus International Group Inc.*		41,184
	3,154	JELD-WEN Holding Inc.*		57,403
	1,232	Lennox International Inc.		580,531
	857	Masonite International Corp.*		111,616
	4,986	Masterbrand Inc.*		86,308
	3,428	Owens Corning		513,446
	2,141	PGT Innovations Inc.*		89,430
	1,220	Quanex Building Products Corp.		42,188
	65,016	Resideo Technologies Inc.*		1,451,807
	1,637	Simpson Manufacturing Co., Inc.		341,609
	4,162	Trex Co., Inc.*		381,905
	2,303	UFP Industries Inc.		263,993
	5,501	Zurn Elkay Water Solutions Corp.		174,657

		Total Building Products		13,028,060


Commercial Services & Supplies — 2.3%
	2,482	ABM Industries Inc.		102,531
	3,556	ACCO Brands Corp.		19,843
	4,618	ACV Auctions Inc., Class A Shares*		81,970
	933	Aris Water Solutions Inc., Class A Shares		11,233
	1,988	BrightView Holdings Inc.*		17,316
	1,764	Brink’s Co. (The)		146,112
	17,750	Casella Waste Systems Inc., Class A Shares*		1,599,275
	1,052	CECO Environmental Corp.*		23,828
	692	Cimpress PLC*		67,823
	4,473	Clean Harbors Inc.*		814,533
	4,350	CoreCivic Inc.*		66,251
	1,668	Deluxe Corp.		32,376
	2,333	Driven Brands Holdings Inc.*		32,172
	1,039	Ennis Inc.		21,113
	114,971	Enviri Corp.*		903,672
	4,530	GEO Group Inc. (The)*		55,583
	2,707	Healthcare Services Group Inc.*		34,541
	1,890	HNI Corp.		84,691
	2,175	Interface Inc., Class A Shares		34,191
	1,055	LanzaTech Global Inc.*		3,397
	4,501	Li-Cycle Holdings Corp.*		1,620
	937	Liquidity Services Inc.*		16,800
	16,597	Matthews International Corp., Class A Shares		480,317
	2,914	MillerKnoll Inc.		89,023
	1,242	Montrose Environmental Group Inc.*		51,394
	1,411	MSA Safety Inc.		259,836

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 21.0% — (continued)

Commercial Services & Supplies — 2.3% — (continued)
	157	NL Industries Inc.	$	801
	48,546	OPENLANE Inc.*		741,297
	2,219	Performant Financial Corp.*		6,457
	4,876	Pitney Bowes Inc.		19,650
	1,655	Quad/Graphics Inc.		9,914
	761	SP Plus Corp.*		39,123
	3,580	Steelcase Inc., Class A Shares		49,189
	17,933	Stericycle Inc.*		975,376
	2,035	Tetra Tech Inc.		360,846
	589	UniFirst Corp.		99,376
	27,958	Veralto Corp.		2,416,130
	4,657	Vestis Corp.		87,365
	878	Viad Corp.*		32,688
	481	VSE Corp.		35,642
	11,515	Waste Connections Inc.		1,916,557

		Total Commercial Services & Supplies		11,841,852


Construction & Engineering — 2.1%
	5,053	AECOM		448,858
	1,214	Ameresco Inc., Class A Shares*		25,445
	7,967	API Group Corp.*		279,243
	11,289	Arcosa Inc.		936,987
	520	Argan Inc.		24,367
	363	Bowman Consulting Group Ltd., Class A Shares*		11,823
	7,398	Comfort Systems USA Inc.		2,261,791
	1,176	Concrete Pumping Holdings Inc.*		9,631
	1,584	Construction Partners Inc., Class A Shares*		76,159
	8,510	Dycom Industries Inc.*		1,076,430
	1,789	EMCOR Group Inc.		560,887
	5,337	Fluor Corp.*		196,402
	1,671	Granite Construction Inc.		86,107
	2,542	Great Lakes Dredge & Dock Corp.*		22,726
	303	IES Holdings Inc.*		33,306
	3,869	INNOVATE Corp.*		3,034
	339	Limbach Holdings Inc.*		16,692
	2,398	MasTec Inc.*		180,953
	7,712	MDU Resources Group Inc.		167,196
	629	MYR Group Inc.*		102,187
	394	Northwest Pipe Co.*		11,753
	2,009	Primoris Services Corp.		79,376
	1,159	Sterling Infrastructure Inc.*		123,596
	1,364	Tutor Perini Corp.*		15,454
	805	Valmont Industries Inc.		170,604
	78,023	WillScot Mobile Mini Holdings Corp.*		3,725,598

		Total Construction & Engineering		10,646,605


Electrical Equipment — 1.3%
	1,200	Acuity Brands Inc.		301,488
	459	Allient Inc.		13,045
	5,997	Array Technologies Inc.*		81,799
	1,445	Atkore Inc.		244,783
	103,937	Babcock & Wilcox Enterprises Inc.*		133,039
	1,578	Blink Charging Co.*		5,018
	32,268	Bloom Energy Corp., Class A Shares*(b)		282,990
	11,452	ChargePoint Holdings Inc.*(b)		23,706

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 21.0% — (continued)

Electrical Equipment — 1.3% — (continued)
	581	Encore Wire Corp.	$	140,021
	5,000	Energy Vault Holdings Inc.*		8,400
	1,573	EnerSys		144,527
	5,586	Enovix Corp.*(b)		54,463
	3,733	Eos Energy Enterprises Inc.*		3,555
	3,957	ESS Tech Inc.*		3,437
	2,124	Fluence Energy Inc., Class A Shares*		32,476
	1,932	FTC Solar Inc.*		989
	14,079	FuelCell Energy Inc.*		16,754
	2,327	Generac Holdings Inc.*		261,811
	6,858	GrafTech International Ltd.		12,070
	2,057	Hubbell Inc., Class B Shares		783,038
	5,984	Legrand SA, ADR		120,937
	931	LSI Industries Inc.		13,434
	19,628	NEXTracker Inc., Class A Shares*		1,103,879
	1,761	NuScale Power Corp.*(b)		5,459
	6,297	nVent Electric PLC		423,914
	19,645	Plug Power Inc.*		69,347
	332	Powell Industries Inc.		61,500
	90	Preformed Line Products Co.		12,373
	2,490	Regal Rexnord Corp.		427,010
	22,438	Sensata Technologies Holding PLC		772,316
	4,042	SES AI Corp.*		7,154
	6,532	Shoals Technologies Group Inc., Class A Shares*		83,806
	2,117	SKYX Platforms Corp.*		2,731
	5,478	Stem Inc.*(b)		14,681
	3,093	SunPower Corp., Class A Shares*(b)		9,619
	8,121	Sunrun Inc.*		97,777
	1,189	Thermon Group Holdings Inc.*		32,448
	1,329	TPI Composites Inc.*		3,708
	13,167	Vertiv Holdings Co., Class A Shares		890,353
	880	Vicor Corp.*		32,771

		Total Electrical Equipment		6,732,626


Ground Transportation — 1.5%
	909	ArcBest Corp.		129,860
	740	Avis Budget Group Inc.		79,950
	318	Covenant Logistics Group Inc., Class A Shares		15,480
	2,149	Daseke Inc.*		17,729
	3,332	FTAI Infrastructure Inc.		15,261
	1,639	Heartland Express Inc.		20,946
	4,870	Hertz Global Holdings Inc.*		38,230
	15,091	Knight-Swift Transportation Holdings Inc., Class A Shares		850,227
	1,379	Landstar System Inc.		262,286
	13,357	Lyft Inc., Class A Shares*		212,109
	6,113	Marten Transport Ltd.		115,230
	4,353	Old Dominion Freight Line Inc.		1,926,115
	234	PAM Transportation Services Inc.*		4,334
	4,405	RXO Inc.*		94,796
	1,714	Ryder System Inc.		195,567
	3,288	Saia Inc.*		1,891,915
	2,149	Schneider National Inc., Class B Shares		50,609
	380	U-Haul Holding Co.*		24,464
	3,826	U-Haul Holding Co., Class B Shares		243,219
	346	Universal Logistics Holdings Inc.		11,705

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 21.0% — (continued)

Ground Transportation — 1.5% — (continued)
	28,779	Werner Enterprises Inc.	$	1,155,189
	4,371	XPO Inc.*		525,919

		Total Ground Transportation		7,881,140


Industrial Conglomerates — 0.7%
	37,369	3M Co.		3,442,432
	1,087	Brookfield Business Corp., Class A Shares		24,849

		Total Industrial Conglomerates		3,467,281


Machinery — 3.8%
	2,030	374Water Inc.*		2,700
	4,809	3D Systems Corp.*		19,909
	2,428	AGCO Corp.		266,352
	384	Alamo Group Inc.		77,679
	9,039	Albany International Corp., Class A Shares		848,491
	3,378	Allison Transmission Holdings Inc.		254,465
	862	Astec Industries Inc.		34,997
	16,999	Barnes Group Inc.		593,945
	936	Blue Bird Corp.*		31,674
	1,637	Chart Industries Inc.*		233,862
	1,031	Columbus McKinnon Corp.		43,065
	1,187	Commercial Vehicle Group Inc.*		7,763
	1,785	Crane Co.		216,985
	8,660	Desktop Metal Inc., Class A Shares*		5,297
	4,568	Donaldson Co., Inc.		327,160
	929	Douglas Dynamics Inc.		23,318
	2,126	Energy Recovery Inc.*		33,229
	17,388	Enerpac Tool Group Corp., Class A Shares		586,150
	792	Enpro Inc.		123,409
	2,170	Esab Corp.		215,090
	987	ESCO Technologies Inc.		100,565
	2,303	Federal Signal Corp.		188,639
	14,568	Flowserve Corp.		616,518
	1,761	Franklin Electric Co., Inc.		183,074
	4,342	Gates Industrial Corp. PLC*		63,914
	401	Gencor Industries Inc.*		6,572
	903	Gorman-Rupp Co. (The)		33,709
	9,322	Graco Inc.		850,726
	1,205	Greenbrier Cos., Inc. (The)		62,359
	1,229	Helios Technologies Inc.		54,260
	2,680	Hillenbrand Inc.		127,434
	7,121	Hillman Solutions Corp.*		69,359
	4,856	Hyliion Holdings Corp.*		8,838
	452	Hyster-Yale Materials Handling Inc.		26,614
	2,758	IDEX Corp.		650,612
	16,574	ITT Inc.		2,090,644
	1,203	John Bean Technologies Corp.		122,080
	436	Kadant Inc.		147,063
	3,102	Kennametal Inc.		78,295
	57,346	Knorr-Bremse AG, ADR		1,001,261
	6,903	Lincoln Electric Holdings Inc.		1,771,310
	3,124	Lindsay Corp.		372,724
	984	Luxfer Holdings PLC, ADR		9,761
	1,152	Manitowoc Co., Inc. (The)*		16,059
	55,740	Markforged Holding Corp.*		37,346

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 21.0% — (continued)

Machinery — 3.8% — (continued)
	407	Mayville Engineering Co., Inc.*	$	4,982
	9,246	Microvast Holdings Inc.*		7,954
	2,009	Middleby Corp. (The)*		305,689
	385	Miller Industries Inc.		17,329
	4,320	Mueller Industries Inc.		221,962
	111,678	Mueller Water Products Inc., Class A Shares		1,736,593
	21,152	Nikola Corp.*		15,741
	2,203	Nordson Corp.		585,227
	108	Omega Flex Inc.		7,522
	2,512	Oshkosh Corp.		278,480
	333	Park-Ohio Holdings Corp.		8,944
	6,335	Pentair PLC		492,800
	996	Proto Labs Inc.*		36,284
	1,084	RBC Bearings Inc.*		295,748
	1,070	REV Group Inc.		22,085
	1,310	Shyft Group Inc. (The)		13,506
	2,018	Snap-on Inc.		556,282
	1,610	SPX Technologies Inc.*		188,676
	443	Standex International Corp.		76,639
	58,975	Stratasys Ltd.*		728,341
	698	Tennant Co.		79,007
	2,555	Terex Corp.		146,529
	2,365	Timken Co. (The)		198,636
	1,948	Titan International Inc.*		24,857
	3,999	Toro Co. (The)		369,148
	3,101	Trinity Industries Inc.		78,703
	4,610	Twin Disc Inc.		71,870
	2,325	Velo3D Inc.*		635
	1,657	Wabash National Corp.		45,203
	1,038	Watts Water Technologies Inc., Class A Shares		211,700
	2,781	Westinghouse Air Brake Technologies Corp.		392,928

		Total Machinery		19,855,276


Marine Transportation — 0.1%
	1,644	Costamare Inc.		18,692
	343	Eagle Bulk Shipping Inc.		21,016
	1,622	Genco Shipping & Trading Ltd.		33,089
	4,921	Golden Ocean Group Ltd.		63,333
	1,059	Himalaya Shipping Ltd.*		8,356
	2,188	Kirby Corp.*		191,931
	1,277	Matson Inc.		141,811
	1,889	Pangaea Logistics Solutions Ltd.		15,830
	2,124	Safe Bulkers Inc.		9,855

		Total Marine Transportation		503,913


Passenger Airlines — 0.2%
	4,751	Alaska Air Group Inc.*		177,640
	618	Allegiant Travel Co.		44,978
	25,157	American Airlines Group Inc.*		394,462
	2,589	Blade Air Mobility Inc.*		8,233
	1,205	Frontier Group Holdings Inc.*		8,363
	2,057	Hawaiian Holdings Inc.*		29,024
	12,249	JetBlue Airways Corp.*		79,373
	11,297	Joby Aviation Inc.*		63,489
	1,462	SkyWest Inc.*		93,890

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 21.0% — (continued)

Passenger Airlines — 0.2% — (continued)
	3,877	Spirit Airlines Inc.(b)	$	25,007
	1,799	Sun Country Airlines Holdings Inc.*		26,985

		Total Passenger Airlines		951,444


Professional Services — 2.8%
	16,260	Alight Inc., Class A Shares*		146,503
	10,758	ASGN Inc.*		1,068,485
	986	Asure Software Inc.*		9,189
	269	Barrett Business Services Inc.		32,815
	3,852	BlackSky Technology Inc.*		5,470
	4,940	Booz Allen Hamilton Holding Corp., Class A Shares		729,687
	854	CACI International Inc., Class A Shares*		320,122
	1,785	CBIZ Inc.*		134,821
	17,953	Clarivate PLC*		128,903
	1,690	Concentrix Corp.		122,440
	200,497	Conduent Inc.*		689,710
	256	CRA International Inc.		33,930
	1,208	CSG Systems International Inc.		65,908
	5,647	Dayforce Inc.*		393,935
	10,308	Dun & Bradstreet Holdings Inc.		108,646
	6,135	ExlService Holdings Inc.*		190,921
	1,942	Exponent Inc.		157,088
	2,109	First Advantage Corp.		33,027
	2,038	FiscalNote Holdings Inc.*		3,363
	386	Forrester Research Inc.*		7,786
	463	Franklin Covey Co.*		17,677
	5,881	FTI Consulting Inc.*		1,216,661
	6,901	Genpact Ltd.		234,634
	791	Heidrick & Struggles International Inc.		26,894
	213	HireQuest Inc.		2,854
	569	HireRight Holdings Corp.*		8,063
	10,435	Huron Consulting Group Inc.*		1,023,987
	464	IBEX Holdings Ltd.*		7,405
	704	ICF International Inc.		109,014
	935	Innodata Inc.*		6,919
	1,366	Insperity Inc.		139,045
	3,911	Jacobs Solutions Inc.		573,548
	45,057	KBR Inc.		2,704,772
	1,238	Kelly Services Inc., Class A Shares		30,368
	683	Kforce Inc.		47,564
	1,954	Korn Ferry		124,392
	4,534	Legalzoom.com Inc.*		56,222
	1,942	ManpowerGroup Inc.		140,135
	2,323	Maximus Inc.		194,342
	777	Mistras Group Inc.*		6,721
	511	NV5 Global Inc.*		51,974
	1,511	Parsons Corp.*		121,802
	2,471	Paycor HCM Inc.*		52,188
	1,607	Paylocity Holding Corp.*		270,956
	5,395	Planet Labs PBC*		11,815
	1,137	Resources Connection Inc.		15,725
	3,976	Robert Half Inc.		319,670
	2,047	Science Applications International Corp.		286,498
	186	Skillsoft Corp.*		2,269
	1,252	Sterling Check Corp.*		19,619

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 21.0% — (continued)

Professional Services — 2.8% — (continued)
	1,178	TriNet Group Inc.*	$	150,796
	1,500	TrueBlue Inc.*		17,625
	988	TTEC Holdings Inc.		17,241
	4,713	Upwork Inc.*		61,740
	5,450	Verra Mobility Corp., Class A Shares*		117,829
	374	Willdan Group Inc.*		7,809
	38,358	WNS Holdings Ltd., ADR*		2,213,257

		Total Professional Services		14,792,779


Trading Companies & Distributors — 1.6%
	33,648	AerCap Holdings NV*		2,596,953
	3,931	Air Lease Corp., Class A Shares		157,633
	713	Alta Equipment Group Inc.		8,185
	1,464	Applied Industrial Technologies Inc.		277,999
	2,405	Beacon Roofing Supply Inc.*		206,565
	316	BlueLinx Holdings Inc.*		40,085
	1,512	Boise Cascade Co.		205,496
	6,317	Core & Main Inc., Class A Shares*		301,510
	2,528	Custom Truck One Source Inc.*		16,230
	434	Distribution Solutions Group Inc.*		13,632
	4,179	DNOW Inc.*		59,133
	477	DXP Enterprises Inc.*		16,943
	261	EVI Industries Inc.		5,619
	17,233	Fastenal Co.		1,258,181
	3,803	FTAI Aviation Ltd.		214,071
	1,351	GATX Corp.		171,361
	459	Global Industrial Co.		20,127
	1,604	GMS Inc.*		143,253
	1,251	H&E Equipment Services Inc.		70,669
	1,068	Herc Holdings Inc.		169,470
	1,643	Hudson Technologies Inc.*		24,070
	144	Karat Packaging Inc.		4,261
	960	McGrath RentCorp.		119,501
	3,453	MRC Global Inc.*		39,813
	1,799	MSC Industrial Direct Co., Inc., Class A Shares		181,591
	2,226	Rush Enterprises Inc., Class A Shares		108,406
	432	Rush Enterprises Inc., Class B Shares		21,786
	6,345	SiteOne Landscape Supply Inc.*		1,069,006
	1,536	Textainer Group Holdings Ltd.		76,646
	751	Titan Machinery Inc.*		18,948
	281	Transcat Inc.*		29,550
	1,274	Watsco Inc.		502,109
	1,703	WESCO International Inc.		254,582
	135	Willis Lease Finance Corp.*		6,469
	1,261	Xometry Inc., Class A Shares*		24,665

		Total Trading Companies & Distributors		8,434,518

		TOTAL INDUSTRIALS		109,216,449


INFORMATION TECHNOLOGY — 15.2%

Communications Equipment — 1.4%
	2,885	ADTRAN Holdings Inc.		16,416
	458	Aviat Networks Inc.*		16,254
	12,966	Calix Inc.*		452,124
	368	Cambium Networks Corp.*		1,564
	45,111	Ciena Corp.*		2,570,425

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 15.2% — (continued)

Communications Equipment — 1.4% — (continued)
	426	Clearfield Inc.*	$	12,852
	7,895	CommScope Holding Co., Inc.*		9,198
	1,241	Comtech Telecommunications Corp.*		8,389
	1,322	Digi International Inc.*		39,078
	734	DZS Inc.*		1,079
	31,978	EMCORE Corp.*		13,501
	5,039	Extreme Networks Inc.*		63,693
	6,247	F5 Inc.*		1,169,563
	4,005	Harmonic Inc.*		52,586
	55,285	Infinera Corp.*		277,531
	12,215	Juniper Networks Inc.		452,321
	624	KVH Industries Inc.*		2,964
	2,580	Lumentum Holdings Inc.*		125,053
	997	NETGEAR Inc.*		14,945
	2,707	NetScout Systems Inc.*		58,607
	233,804	Ribbon Communications Inc.*		699,074
	41,503	ViaSat Inc.*		812,214
	51,088	Viavi Solutions Inc.*		487,890

		Total Communications Equipment		7,357,321


Electronic Equipment, Instruments & Components — 2.9%
	742	908 Devices Inc.*		5,454
	9,895	Advanced Energy Industries Inc.		1,001,374
	3,973	Aeva Technologies Inc.*		4,013
	1,778	Akoustis Technologies Inc.*		1,106
	3,844	Arlo Technologies Inc.*		40,016
	2,144	Arrow Electronics Inc.*		251,920
	3,596	Avnet Inc.		167,538
	1,080	Badger Meter Inc.		171,385
	386	Bel Fuse Inc., Class B Shares		20,060
	11,647	Belden Inc.		992,091
	1,380	Benchmark Electronics Inc.		42,380
	138	Climb Global Solutions Inc.		9,380
	6,596	Cognex Corp.		260,212
	15,685	Coherent Corp.*		932,944
	1,818	Crane NXT Co.		106,208
	1,193	CTS Corp.		53,160
	1,404	Daktronics Inc.*		12,187
	1,053	ePlus Inc.*		86,757
	4,084	Evolv Technologies Holdings Inc.*		19,481
	6,924	Fabrinet*		1,492,607
	684	FARO Technologies Inc.*		15,315
	66,009	Innoviz Technologies Ltd.*(b)		104,954
	8,558	Insight Enterprises Inc.*		1,608,904
	4,145	IPG Photonics Corp.*		357,921
	1,379	Iteris Inc.*		7,198
	19,924	Itron Inc.*		1,846,556
	4,790	Jabil Inc.		690,191
	906	Kimball Electronics Inc.*		20,394
	33,760	Knowles Corp.*		551,638
	3,888	Lightwave Logic Inc.*		16,368
	919	Littelfuse Inc.		218,943
	1,133	Luna Innovations Inc.*		7,682
	1,435	Methode Electronics Inc.		30,565
	5,919	MicroVision Inc.*(b)		13,969

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 15.2% — (continued)

Electronic Equipment, Instruments & Components — 2.9% — (continued)
	7,172	Mirion Technologies Inc., Class A Shares*	$	70,142
	1,294	Napco Security Technologies Inc.		58,269
	17,448	nLight Inc.*		230,837
	1,350	Novanta Inc.*		233,469
	5,818	OSI Systems Inc.*		763,205
	1,052	PAR Technology Corp.*		46,099
	429	PC Connection Inc.		28,477
	1,063	Plexus Corp.*		100,347
	409	Richardson Electronics Ltd.		3,595
	2,211	Rogers Corp.*		247,787
	2,105	Sanmina Corp.*		133,036
	977	ScanSource Inc.*		42,236
	7,000	SmartRent Inc., Class A Shares*		20,300
	2,227	TD SYNNEX Corp.		231,385
	937	TE Connectivity Ltd.		134,516
	2,386	Teledyne Technologies Inc.*		1,019,466
	3,971	TTM Technologies Inc.*		58,969
	4,787	Vishay Intertechnology Inc.		104,117
	436	Vishay Precision Group Inc.*		15,064
	6,031	Vontier Corp.		259,333
	2,174	Vuzix Corp.*		3,674

		Total Electronic Equipment, Instruments & Components		14,965,194


IT Services — 1.1%
	4,564	Amdocs Ltd.		416,237
	2,207	Applied Digital Corp.*(b)		9,159
	2,700	BigCommerce Holdings Inc.*		20,925
	1,407	Brightcove Inc.*		3,116
	1,382	Couchbase Inc.*		38,807
	2,293	DigitalOcean Holdings Inc.*		86,950
	7,937	DXC Technology Co.*		173,503
	13,482	Endava PLC, ADR*		501,126
	4,444	Fastly Inc., Class A Shares*		63,194
	2,317	Gartner Inc.*		1,078,702
	1,580	Globant SA*		352,609
	2,238	Grid Dynamics Holdings Inc.*		30,191
	959	Hackett Group Inc. (The)		23,706
	1,768	Information Services Group Inc.		7,655
	79,202	Kyndryl Holdings Inc.*		1,740,068
	1,334	Perficient Inc.*		86,537
	1,997	Rackspace Technology Inc.*		4,214
	1,922	Squarespace Inc., Class A Shares*		63,964
	3,012	Thoughtworks Holding Inc.*		9,397
	342	Tucows Inc., Class A Shares*		6,464
	79,977	Unisys Corp.*		415,081
	5,286	Wix.com Ltd.*		740,991

		Total IT Services		5,872,596


Semiconductors & Semiconductor Equipment — 2.8%
	1,895	ACM Research Inc., Class A Shares*		58,593
	940	Aehr Test Systems*		15,294
	2,764	Allegro MicroSystems Inc.*		87,038
	906	Alpha & Omega Semiconductor Ltd.*		19,841
	1,437	Ambarella Inc.*		80,257
	4,385	Amkor Technology Inc.		136,023

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 15.2% — (continued)

Semiconductors & Semiconductor Equipment — 2.8% — (continued)
	785	Atomera Inc.*	$	4,946
	1,254	Axcelis Technologies Inc.*		141,288
	3,820	Camtek Ltd.*		304,034
	12,004	CEVA Inc.*		271,771
	2,091	Cirrus Logic Inc.*		191,996
	1,728	Cohu Inc.*		55,521
	19,789	Credo Technology Group Holding Ltd.*		426,255
	1,731	Diodes Inc.*		117,673
	5,722	Entegris Inc.		768,808
	2,768	FormFactor Inc.*		119,107
	3,664	Ichor Holdings Ltd.*		156,819
	7,792	Impinj Inc.*		851,042
	46,720	indie Semiconductor Inc., Class A Shares*		289,197
	405	inTEST Corp.*		4,730
	2,054	Kulicke & Soffa Industries Inc.		97,812
	5,208	Lattice Semiconductor Corp.*		398,985
	26,252	MACOM Technology Solutions Holdings Inc.*		2,318,839
	916	Maxeon Solar Technologies Ltd.*		3,673
	2,761	MaxLinear Inc., Class A Shares*		53,674
	2,540	MKS Instruments Inc.		311,810
	4,723	Navitas Semiconductor Corp., Class A Shares*		28,999
	4,030	Nova Ltd.*		699,004
	165	NVE Corp.		13,792
	1,856	Onto Innovation Inc.*		341,801
	1,170	PDF Solutions Inc.*		39,768
	2,470	Photronics Inc.*		71,111
	2,085	Power Integrations Inc.		148,994
	3,727	Qorvo Inc.*		426,928
	27,572	Rambus Inc.*		1,633,365
	20,293	Semtech Corp.*		430,212
	1,217	Silicon Laboratories Inc.*		167,386
	690	SiTime Corp.*		63,825
	1,185	SkyWater Technology Inc.*		13,699
	1,697	SMART Global Holdings Inc.*		36,095
	1,479	Synaptics Inc.*		148,048
	1,545	Transphorm Inc.*		7,431
	1,554	Ultra Clean Holdings Inc.*		67,133
	4,890	Universal Display Corp.		852,914
	54,924	Veeco Instruments Inc.*		1,988,798
	10,620	Wolfspeed Inc.*		276,332

		Total Semiconductors & Semiconductor Equipment		14,740,661


Software — 6.4%
	4,737	8x8 Inc.*		13,406
	2,712	A10 Networks Inc.		36,097
	25,219	ACI Worldwide Inc.*		829,957
	51,727	Adeia Inc.		586,584
	778	Agilysys Inc.*		60,528
	1,808	Alarm.com Holdings Inc.*		136,848
	1,579	Alkami Technology Inc.*		39,396
	2,040	Altair Engineering Inc., Class A Shares*		173,563
	2,285	Alteryx Inc., Class A Shares*		109,771
	1,559	American Software Inc., Class A Shares		17,492
	2,380	Amplitude Inc., Class A Shares*		28,227
	3,699	ANSYS Inc.*		1,236,095

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 15.2% — (continued)

Software — 6.4% — (continued)
	8,233	Appfolio Inc., Class A Shares*	$	1,993,127
	1,532	Appian Corp., Class A Shares*		53,390
	8,059	AppLovin Corp., Class A Shares*		481,284
	2,923	Asana Inc., Class A Shares*		57,583
	3,123	Aspen Technology Inc.*		605,519
	2,149	Atlassian Corp., Class A Shares*		445,746
	12,556	Aurora Innovation Inc., Class A Shares*		31,892
	5,466	AvePoint Inc.*		43,728
	7,478	Bentley Systems Inc., Class B Shares		384,145
	3,873	BILL Holdings Inc.*		245,277
	4,969	Bit Digital Inc.*(b)		12,919
	1,661	Blackbaud Inc.*		114,908
	2,111	BlackLine Inc.*		119,757
	41,280	Box Inc., Class A Shares*		1,064,611
	1,933	Braze Inc., Class A Shares*		109,988
	3,031	C3.ai Inc., Class A Shares*(b)		112,056
	63,478	CCC Intelligent Solutions Holdings Inc.*		743,327
	1,428	Cerence Inc.*		21,277
	5,612	Cleanspark Inc.*		93,833
	3,000	Clear Secure Inc., Class A Shares		57,750
	75,386	Cognyte Software Ltd.*		559,364
	1,724	CommVault Systems Inc.*		165,004
	6,934	Confluent Inc., Class A Shares*		234,855
	750	Consensus Cloud Solutions Inc.*		11,940
	231	CoreCard Corp.*		2,948
	1,375	Crowdstrike Holdings Inc., Class A Shares*		445,706
	934	CS Disco Inc.*		6,220
	621	Digimarc Corp.*		21,772
	3,618	Digital Turbine Inc.*		11,469
	2,281	Dolby Laboratories Inc., Class A Shares		184,761
	1,305	Domo Inc., Class B Shares*		15,021
	12,729	DoubleVerify Holdings Inc.*		393,199
	10,019	Dropbox Inc., Class A Shares*		239,955
	27,067	Dynatrace Inc.*		1,341,170
	5,732	E2open Parent Holdings Inc.*		24,246
	816	eGain Corp.*		5,002
	3,041	Elastic NV*		406,916
	1,932	Enfusion Inc., Class A Shares*		16,750
	1,579	Envestnet Inc.*		81,366
	1,579	Everbridge Inc.*		44,638
	1,409	EverCommerce Inc.*		13,794
	1,861	Expensify Inc., Class A Shares*		3,871
	2,740	Five9 Inc.*		167,140
	6,135	Freshworks Inc., Class A Shares*		125,399
	21,335	Gen Digital Inc.		458,489
	7,576	Gitlab Inc., Class A Shares*		546,381
	18,381	Guidewire Software Inc.*		2,193,589
	3,620	HashiCorp Inc., Class A Shares*		94,373
	1,601	Informatica Inc., Class A Shares*		52,161
	836	Instructure Holdings Inc.*		19,161
	1,058	Intapp Inc.*		41,505
	1,046	InterDigital Inc.		111,943
	2,598	Jamf Holding Corp.*		46,738
	3,036	Kaltura Inc.*		4,038
	32,040	Lightspeed Commerce Inc.*		449,842

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 15.2% — (continued)

Software — 6.4% — (continued)
	2,814	LivePerson Inc.*	$	3,574
	2,448	LiveRamp Holdings Inc.*		85,631
	2,364	Manhattan Associates Inc.*		598,872
	8,276	Marathon Digital Holdings Inc.*		214,348
	9,476	Matterport Inc.*		20,089
	971	MeridianLink Inc.*		18,410
	804	MicroStrategy Inc., Class A Shares*		822,363
	1,693	Mitek Systems Inc.*		19,656
	1,391	Model N Inc.*		34,163
	2,942	N-able Inc.*		39,629
	2,641	nCino Inc.*		78,807
	22,848	NCR Voyix Corp.*		333,809
	2,530	NextNav Inc.*		10,828
	9,331	Nutanix Inc., Class A Shares*		589,346
	3,960	Olo Inc., Class A Shares*		23,047
	1,099	ON24 Inc.		7,715
	25,914	OneSpan Inc.*		249,034
	3,476	PagerDuty Inc.*		83,980
	1,582	Pegasystems Inc.		102,893
	2,077	PowerSchool Holdings Inc., Class A Shares*		43,389
	3,045	Procore Technologies Inc.*		237,601
	1,697	Progress Software Corp.		90,552
	1,846	PROS Holdings Inc.*		65,995
	4,410	PTC Inc.*		807,074
	2,162	Q2 Holdings Inc.*		99,949
	1,413	Qualys Inc.*		242,838
	15,813	Radware Ltd.*		280,839
	2,230	Rapid7 Inc.*		130,633
	472	Red Violet Inc.*		8,430
	1,777	Rimini Street Inc.*		5,740
	3,288	RingCentral Inc., Class A Shares*		109,885
	7,061	Riot Platforms Inc.*(b)		99,701
	38,240	Samsara Inc., Class A Shares*		1,321,192
	1,094	Sapiens International Corp. NV		33,662
	1,053	SEMrush Holdings Inc., Class A Shares*		13,142
	9,012	SentinelOne Inc., Class A Shares*		253,868
	33,639	Smartsheet Inc., Class A Shares*		1,419,902
	2,185	SolarWinds Corp.*		26,089
	4,933	SoundHound AI Inc., Class A Shares*(b)		36,603
	355	SoundThinking Inc.*		6,174
	3,830	Sprinklr Inc., Class A Shares*		49,905
	19,297	Sprout Social Inc., Class A Shares*		1,192,941
	1,389	SPS Commerce Inc.*		257,187
	19,577	Tenable Holdings Inc.*		942,828
	3,769	Teradata Corp.*		141,790
	5,250	Terawulf Inc.*		9,844
	1,048	Tyler Technologies Inc.*		458,123
	14,559	UiPath Inc., Class A Shares*		345,776
	10,745	Varonis Systems Inc., Class B Shares*		545,846
	21,802	Verint Systems Inc.*		689,161
	1,052	Veritone Inc.*		2,409
	490	Viant Technology Inc., Class A Shares*		4,454
	1,679	Weave Communications Inc.*		21,038
	6,701	Workiva Inc., Class A Shares*		577,090
	39,886	Xperi Inc.*		437,151

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 15.2% — (continued)

Software — 6.4% — (continued)
	4,069	Yext Inc.*	$	24,089
	5,570	Zeta Global Holdings Corp., Class A Shares*		58,485
	4,721	Zuora Inc., Class A Shares*		38,146

		Total Software		33,066,522


Technology Hardware, Storage & Peripherals — 0.6%
	855	CompoSecure Inc.*		4,138
	1,437	Corsair Gaming Inc.*		18,609
	236	CPI Card Group Inc.*		4,460
	1,829	Eastman Kodak Co.*		9,767
	1,544	Immersion Corp.		10,422
	1,553	Intevac Inc.*		5,995
	6,402	IonQ Inc.*(b)		66,325
	10,916	Pure Storage Inc., Class A Shares*		574,728
	306,548	Quantum Corp.*(c)		148,001
	2,565	Super Micro Computer Inc.*		2,221,598
	602	Turtle Beach Corp.*		6,429
	4,412	Xerox Holdings Corp.		82,284

		Total Technology Hardware, Storage & Peripherals		3,152,756

		TOTAL INFORMATION TECHNOLOGY		79,155,050


MATERIALS — 5.2%

Chemicals — 1.8%
	900	AdvanSix Inc.		25,182
	1,001	Albemarle Corp.		137,988
	1,145	American Vanguard Corp.		12,274
	38,619	Arcadium Lithium PLC*		212,018
	1,839	Ashland Inc.		172,204
	2,013	Aspen Aerogels Inc.*		34,583
	28,535	Avient Corp.		1,155,097
	41,738	Axalta Coating Systems Ltd.*		1,366,085
	1,215	Balchem Corp.		190,986
	2,141	Cabot Corp.		181,878
	5,637	Chemours Co. (The)		110,880
	310	Core Molding Technologies Inc.*		5,695
	3,418	Danimer Scientific Inc.*		4,580
	1,888	DuPont de Nemours Inc.		130,631
	11,486	Ecolab Inc.		2,582,512
	3,245	Ecovyst Inc.*		31,314
	8,272	Element Solutions Inc.		194,392
	59,332	Ginkgo Bioworks Holdings Inc.*(b)		90,185
	786	Hawkins Inc.		55,216
	2,051	HB Fuller Co.		163,116
	6,546	Huntsman Corp.		167,578
	1,334	Ingevity Corp.*		60,937
	943	Innospec Inc.		117,187
	517	Intrepid Potash Inc.*		10,898
	865	Koppers Holdings Inc.		48,976
	772	Kronos Worldwide Inc.		7,017
	1,941	LSB Industries Inc.*		14,286
	1,852	Mativ Holdings Inc.		32,169
	1,297	Minerals Technologies Inc.		93,851
	231	NewMarket Corp.		148,226
	4,722	Olin Corp.		254,044
	3,607	Origin Materials Inc.*		2,141

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

MATERIALS — 5.2% — (continued)

Chemicals — 1.8% — (continued)
	2,044	Orion SA	$	46,072
	6,995	Perimeter Solutions SA*		42,530
	4,506	PureCycle Technologies Inc.*(b)		26,090
	532	Quaker Chemical Corp.		106,666
	2,153	Rayonier Advanced Materials Inc.*		7,299
	4,884	RPM International Inc.		563,369
	1,646	Scotts Miracle-Gro Co. (The)		108,142
	1,641	Sensient Technologies Corp.		109,750
	806	Stepan Co.		71,895
	1,323	Trinseo PLC		5,953
	39,958	Tronox Holdings PLC		587,383
	115	Valhi Inc.		1,567

		Total Chemicals		9,490,842


Construction Materials — 0.8%
	1,321	Eagle Materials Inc.		334,940
	2,163	Knife River Corp.*		160,257
	21,181	Summit Materials Inc., Class A Shares*		904,640
	78	United States Lime & Minerals Inc.		19,888
	9,654	Vulcan Materials Co.		2,566,516

		Total Construction Materials		3,986,241


Containers & Packaging — 1.5%
	10,650	AptarGroup Inc.		1,495,899
	765	Ardagh Group SA, Class A Shares*(a)(c)		3,580
	6,483	Ardagh Metal Packaging SA		21,264
	9,950	Avery Dennison Corp.		2,154,474
	4,613	Berry Global Group Inc.		268,523
	18,944	Crown Holdings Inc.		1,451,489
	11,765	Graphic Packaging Holding Co.		305,302
	932	Greif Inc., Class A Shares		60,077
	197	Greif Inc., Class B Shares		12,612
	1,358	Myers Industries Inc.		26,114
	6,084	O-I Glass Inc.*		102,941
	3,412	Packaging Corp. of America		618,220
	1,500	Pactiv Evergreen Inc.		22,125
	1,487	Ranpak Holdings Corp., Class A Shares*		7,063
	5,304	Sealed Air Corp.		184,951
	9,342	Silgan Holdings Inc.		410,207
	3,785	Sonoco Products Co.		214,534
	1,594	TriMas Corp.		37,459
	9,760	WestRock Co.		442,030

		Total Containers & Packaging		7,838,864


Metals & Mining — 1.1%
	1,518	5E Advanced Materials Inc.*		2,748
	51,791	Alamos Gold Inc., Class A Shares		611,652
	6,671	Alcoa Corp.		181,518
	441	Alpha Metallurgical Resources Inc.		166,367
	695	Arch Resources Inc.		114,876
	4,878	ATI Inc.*		239,900
	445	Caledonia Mining Corp. PLC		4,401
	1,900	Carpenter Technology Corp.		122,835
	2,063	Century Aluminum Co.*		21,600
	79,867	Cleveland-Cliffs Inc.*		1,661,234
	13,155	Coeur Mining Inc.*		34,071

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

MATERIALS — 5.2% — (continued)

Metals & Mining — 1.1% — (continued)
	4,335	Commercial Metals Co.	$	234,090
	1,279	Compass Minerals International Inc.		29,161
	4,859	Constellium SE, Class A Shares*		94,216
	614	Contango ORE Inc.*		10,395
	2,810	Dakota Gold Corp.*		5,957
	429	Haynes International Inc.		25,495
	23,863	Hecla Mining Co.		84,475
	6,041	i-80 Gold Corp.*		7,612
	2,174	Ivanhoe Electric Inc.*		16,088
	602	Kaiser Aluminum Corp.		43,657
	827	Materion Corp.		111,083
	1,617	Metallus Inc.*		35,170
	3,923	MP Materials Corp.*		59,669
	8,864	Novagold Resources Inc.*		21,983
	372	Olympic Steel Inc.		25,303
	1,578	Perpetua Resources Corp.*		4,560
	611	Piedmont Lithium Inc.*		8,896
	932	Radius Recycling Inc.		18,416
	945	Ramaco Resources Inc., Class A Shares		16,613
	189	Ramaco Resources Inc., Class B Shares		2,268
	2,226	Reliance Inc.		715,036
	2,497	Royal Gold Inc.		256,267
	1,021	Ryerson Holding Corp.		32,243
	7,730	SSR Mining Inc.		33,239
	3,636	SunCoke Energy Inc.		38,942
	1,116	Tredegar Corp.		4,855
	8,508	United States Steel Corp.		402,769
	2,058	Warrior Met Coal Inc.		117,244
	1,114	Worthington Steel Inc.*		35,269

		Total Metals & Mining		5,652,173


Paper & Forest Products — 0.0%@
	630	Clearwater Paper Corp.*		24,753
	1,591	Glatfelter Corp.*		3,548
	2,429	Louisiana-Pacific Corp.		179,673
	1,860	Resolute Forest Products Inc.*(a)		2,827
	1,350	Sylvamo Corp.		81,554

		Total Paper & Forest Products		292,355

		TOTAL MATERIALS		27,260,475


REAL ESTATE — 4.7%

Diversified REITs — 0.1%
	2,672	Alexander & Baldwin Inc.		43,447
	375	Alpine Income Property Trust Inc.		5,854
	1,805	American Assets Trust Inc.		38,934
	2,298	Armada Hoffler Properties Inc.		23,394
	7,219	Broadstone Net Lease Inc., Class A Shares		107,635
	723	CTO Realty Growth Inc.		12,327
	5,225	Empire State Realty Trust Inc., Class A Shares		52,093
	5,698	Essential Properties Realty Trust Inc.		136,125
	1,504	Gladstone Commercial Corp.		18,620
	7,142	Global Net Lease Inc.		51,494
	965	NexPoint Diversified Real Estate Trust		6,108
	539	One Liberty Properties Inc.		10,909

		Total Diversified REITs		506,940

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

REAL ESTATE — 4.7% — (continued)

Health Care REITs — 0.5%
	3,733	CareTrust REIT Inc.	$	84,217
	927	Community Healthcare Trust Inc.		25,159
	8,279	Diversified Healthcare Trust		27,155
	2,614	Global Medical REIT Inc.		23,395
	86,057	Healthcare Realty Trust Inc., Class A Shares		1,185,865
	26,715	Healthpeak Properties Inc.		447,476
	1,529	LTC Properties Inc.		48,102
	23,892	Medical Properties Trust Inc.(b)		100,585
	1,681	National Health Investors Inc.		96,607
	9,432	Omega Healthcare Investors Inc.		293,524
	8,662	Sabra Health Care REIT Inc.		120,229
	455	Universal Health Realty Income Trust		17,645

		Total Health Care REITs		2,469,959


Hotel & Resort REITs — 0.4%
	8,214	Apple Hospitality REIT Inc.		132,163
	3,087	Braemar Hotels & Resorts Inc.		7,038
	18,748	Chatham Lodging Trust		191,230
	8,046	DiamondRock Hospitality Co.		75,632
	27,347	Host Hotels & Resorts Inc.		567,177
	8,414	Park Hotels & Resorts Inc.		139,672
	4,268	Pebblebrook Hotel Trust		67,605
	22,301	RLJ Lodging Trust		264,713
	2,238	Ryman Hospitality Properties Inc.		265,158
	6,311	Service Properties Trust		42,915
	4,049	Summit Hotel Properties Inc.		25,995
	8,013	Sunstone Hotel Investors Inc.		89,666
	3,807	Xenia Hotels & Resorts Inc.		58,399

		Total Hotel & Resort REITs		1,927,363


Industrial REITs — 0.7%
	10,404	Americold Realty Trust Inc.		263,221
	1,689	EastGroup Properties Inc.		296,740
	5,127	First Industrial Realty Trust Inc.		271,731
	1,071	Innovative Industrial Properties Inc., Class A Shares		104,947
	10,739	LXP Industrial Trust		93,000
	1,693	Plymouth Industrial REIT Inc.		36,518
	21,633	Rexford Industrial Realty Inc.		1,100,687
	31,449	STAG Industrial Inc.		1,168,016
	3,159	Terreno Realty Corp.		203,124

		Total Industrial REITs		3,537,984


Office REITs — 0.6%
	9,552	Boston Properties Inc.		618,206
	6,768	Brandywine Realty Trust		29,102
	1,288	City Office REIT Inc.		5,899
	4,331	COPT Defense Properties		104,940
	5,611	Cousins Properties Inc.		127,987
	6,007	Douglas Emmett Inc.		79,413
	3,367	Easterly Government Properties Inc., Class A Shares		39,731
	43,185	Equity Commonwealth*		813,174
	3,913	Highwoods Properties Inc.		95,673
	5,116	Hudson Pacific Properties Inc.		32,435
	25,359	JBG SMITH Properties		420,452
	4,518	Kilroy Realty Corp.		171,187

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

REAL ESTATE — 4.7% — (continued)

Office REITs — 0.6% — (continued)
	1,940	Office Properties Income Trust	$	5,180
	2,327	Orion Office REIT Inc.		8,168
	7,987	Paramount Group Inc.		35,382
	1,310	Peakstone Realty Trust		18,039
	4,416	Piedmont Office Realty Trust Inc., Class A Shares		27,688
	905	Postal Realty Trust Inc., Class A Shares		12,960
	2,309	SL Green Realty Corp.(b)		111,940
	6,798	Vornado Realty Trust		178,787

		Total Office REITs		2,936,343


Real Estate Management & Development — 1.1%
	4,266	Anywhere Real Estate Inc.*		26,748
	30,812	CBRE Group Inc., Class A Shares*		2,831,315
	11,407	Compass Inc., Class A Shares*		45,058
	13,775	CoStar Group Inc.*		1,198,838
	5,997	Cushman & Wakefield PLC*		59,910
	6,038	DigitalBridge Group Inc.		110,918
	2,770	Douglas Elliman Inc.		5,097
	2,614	eXp World Holdings Inc.(b)		34,243
	669	Forestar Group Inc.*		22,559
	253	FRP Holdings Inc.*		15,231
	1,297	Howard Hughes Holdings Inc.*		99,091
	1,828	Jones Lang LaSalle Inc.*		347,759
	4,535	Kennedy-Wilson Holdings Inc.		39,817
	946	Marcus & Millichap Inc.		34,709
	426	Maui Land & Pineapple Co., Inc.*		8,337
	5,443	Newmark Group Inc., Class A Shares		58,730
	21,396	Opendoor Technologies Inc.*		65,900
	623	RE/MAX Holdings Inc., Class A Shares		5,314
	3,994	Redfin Corp.*		28,377
	769	RMR Group Inc. (The), Class A Shares		18,817
	1,323	St Joe Co. (The)		71,270
	398	Star Holdings*		4,915
	298	Stratus Properties Inc.*		6,511
	758	Tejon Ranch Co.*		12,606
	2,203	Zillow Group Inc., Class A Shares*		119,094
	5,836	Zillow Group Inc., Class C Shares*		327,691

		Total Real Estate Management & Development		5,598,855


Residential REITs — 0.3%
	12,874	American Homes 4 Rent, Class A Shares		476,467
	5,582	Apartment Income REIT Corp.		169,246
	5,639	Apartment Investment & Management Co., Class A Shares*		41,616
	474	BRT Apartments Corp.		7,338
	4,028	Camden Property Trust		380,565
	544	Centerspace		30,241
	586	Clipper Realty Inc.		2,742
	3,050	Elme Communities		39,284
	6,866	Equity LifeStyle Properties Inc.		462,219
	8,532	Independence Realty Trust Inc.		124,909
	823	NexPoint Residential Trust Inc.		24,040
	1,939	UMH Properties Inc.		29,861
	2,844	Veris Residential Inc.		41,522

		Total Residential REITs		1,830,050

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

REAL ESTATE — 4.7% — (continued)

Retail REITs — 0.6%
	3,372	Acadia Realty Trust	$	55,267
	3,842	Agree Realty Corp.		211,118
	77	Alexander’s Inc.		17,021
	11,034	Brixmor Property Group Inc.		249,479
	968	CBL & Associates Properties Inc.		22,322
	3,161	Federal Realty Investment Trust		318,787
	1,847	Getty Realty Corp.		48,687
	2,620	InvenTrust Properties Corp.		66,155
	25,319	Kimco Realty Corp.		500,303
	8,282	Kite Realty Group Trust		177,318
	8,122	Macerich Co. (The)		133,282
	2,529	NETSTREIT Corp.		42,513
	7,074	NNN REIT Inc.		287,841
	4,494	Phillips Edison & Co., Inc.		160,526
	7,012	Regency Centers Corp.		434,393
	4,625	Retail Opportunity Investments Corp.		59,801
	421	Saul Centers Inc.		15,236
	7,304	SITE Centers Corp.		99,188
	3,866	Tanger Inc.		111,379
	4,420	Urban Edge Properties		75,184
	1,631	Whitestone REIT, Class B Shares		20,094

		Total Retail REITs		3,105,894


Specialized REITs — 0.4%
	8,396	CubeSmart		366,150
	2,960	EPR Properties		121,597
	1,538	Farmland Partners Inc.		18,148
	3,521	Four Corners Property Trust Inc.		85,138
	9,937	Gaming and Leisure Properties Inc.		451,935
	1,177	Gladstone Land Corp.		15,313
	3,364	Lamar Advertising Co., Class A Shares		371,890
	3,057	National Storage Affiliates Trust		109,471
	5,507	Outfront Media Inc.		79,136
	3,068	PotlatchDeltic Corp.		138,704
	5,512	Rayonier Inc.		189,778
	5,911	Safehold Inc.		118,929
	974	SBA Communications Corp., Class A Shares		203,790
	8,862	Uniti Group Inc.		51,931

		Total Specialized REITs		2,321,910

		TOTAL REAL ESTATE		24,235,298


UTILITIES — 3.5%

Electric Utilities — 0.8%
	21,501	ALLETE Inc.		1,217,816
	1,013	Genie Energy Ltd., Class B Shares		18,477
	4,421	Hawaiian Electric Industries Inc.		53,848
	3,301	IDACORP Inc.		290,851
	1,299	MGE Energy Inc.		82,084
	8,778	NRG Energy Inc.		485,599
	7,976	OGE Energy Corp.		262,490
	1,510	Otter Tail Corp.		136,594
	4,396	Pinnacle West Capital Corp.		300,379
	3,321	PNM Resources Inc.		121,250
	27,622	Portland General Electric Co.		1,109,576

		Total Electric Utilities		4,078,964

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

UTILITIES — 3.5% — (continued)

Gas Utilities — 0.4%
	3,816	Atmos Energy Corp.	$	430,864
	4,586	Brookfield Infrastructure Corp., Class A Shares		152,118
	846	Chesapeake Utilities Corp.		86,317
	3,460	National Fuel Gas Co.		168,640
	13,576	New Jersey Resources Corp.		564,897
	1,335	Northwest Natural Holding Co.		49,048
	2,063	ONE Gas Inc.		122,955
	281	RGC Resources Inc.		5,272
	2,318	Southwest Gas Holdings Inc.		157,972
	1,982	Spire Inc.		117,572
	8,025	UGI Corp.		196,452

		Total Gas Utilities		2,052,107


Independent Power & Renewable Electricity Producers — 0.7%
	2,229	Altus Power Inc., Class A Shares*		15,180
	4,984	Brookfield Renewable Corp., Class A Shares		118,220
	1,443	Clearway Energy Inc., Class A Shares		29,235
	2,895	Clearway Energy Inc., Class C Shares		63,111
	2,632	Montauk Renewables Inc.*		14,950
	17,209	Ormat Technologies Inc.		1,121,166
	4,409	Sunnova Energy International Inc.*		32,098
	44,648	Vistra Corp.		2,435,102

		Total Independent Power & Renewable Electricity Producers		3,829,062


	Multi-Utilities — 0.4%
	20,111	Avista Corp.		667,685
	2,619	Black Hills Corp.		136,267
	15,651	NiSource Inc.		407,865
	16,421	Northwestern Energy Group Inc.		786,894
	581	Unitil Corp.		29,608

		Total Multi-Utilities		2,028,319


	Water Utilities — 1.2%
	1,345	American States Water Co.		96,046
	8,238	American Water Works Co., Inc.		976,533
	334	Artesian Resources Corp., Class A Shares		11,513
	1,459	Cadiz Inc.*		4,231
	28,255	California Water Service Group		1,296,622
	513	Consolidated Water Co., Ltd.		15,164
	9,370	Essential Utilities Inc.		325,889
	619	Global Water Resources Inc.		8,010
	667	Middlesex Water Co.		33,944
	64,567	Pennon Group PLC, ADR		1,083,434
	734	Pure Cycle Corp.*		7,318
	2,312	Severn Trent PLC, ADR		74,164
	14,193	SJW Group		781,467
	65,314	United Utilities Group PLC, ADR		1,694,245
	586	York Water Co. (The)		20,744

		Total Water Utilities		6,429,324

		TOTAL UTILITIES		18,417,776

		TOTAL COMMON STOCKS (Cost — $351,032,305)		499,030,023

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)

Small-Mid Cap Equity Fund

Shares/Units

Rating††

Security

Value

PREFERRED STOCKS — 0.3%

FINANCIALS — 0.3%

Banks — 0.1%

25,655

US Bancorp, 6.176% (3-Month Term SOFR + 0.862%)(e)(f)

549,017

Capital Markets — 0.1%

17,972

Charles Schwab Corp. (The), 5.950%(b)(f)

454,871

Insurance — 0.1%

19,207

MetLife Inc., 4.750%(f)

415,640

11,814

MetLife Inc., 5.625%(f)

289,679

Total Insurance

705,319

TOTAL PREFERRED STOCKS
(Cost — $1,638,581)

1,709,207

OPEN END MUTUAL FUND SECURITIES — 0.2%

FINANCIALS — 0.2%

Capital Markets — 0.2%

2,746

iShares^® Core S&P Small-Capital ETF

294,783

786

iShares^® Russell 2000 ETF, Common Class Shares

160,132

4,889

iShares^® Russell Mid-Capital ETF, Common Class Shares

395,080

TOTAL OPEN END MUTUAL FUND SECURITIES
(Cost — $440,157)

849,995

Face
Amount/Units†

Rating††

CORPORATE BONDS & NOTES — 0.1%

INFORMATION TECHNOLOGY — 0.1%

Communications Equipment — 0.1%

702,000

Infinera Corp., Senior Unsecured Notes, 2.500% due 3/1/27(c)

679,841

ENERGY — 0.0%@

Energy Equipment & Services — 0.0%@

20,000

ION Geophysical Corp., 8.000% due 12/15/25*(a)(c)(g)

—

TOTAL CORPORATE BONDS & NOTES
(Cost — $702,009)

679,841

TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS
(Cost — $353,813,052)

502,269,066

SHORT-TERM INVESTMENTS (h) — 3.4%

MONEY MARKET FUND — 0.6%

3,011,240

Invesco STIT — Government & Agency Portfolio, Institutional Class, 5.173%(i)
(Cost — $3,011,240)

3,011,240

TIME DEPOSITS — 2.8%

21,238

Barclays Bank PLC — London, 4.680% due 3/1/24

21,238

28,468

^CAD

BBH — New York, 3.830% due 3/1/24

20,976

31,690

JPMorgan Chase & Co. — New York, 4.680% due 3/1/24

31,690

2,062,611

Royal Bank of Canada — Toronto, 4.680% due 3/1/24

2,062,611

12,434,608

Sumitomo Mitsui Banking Corp. — Tokyo, 4.680% due 3/1/24

12,434,608

TOTAL TIME DEPOSITS
(Cost — $14,571,123)

14,571,123

TOTAL SHORT-TERM INVESTMENTS
(Cost — $17,582,363)

17,582,363

TOTAL INVESTMENTS — 99.8%
(Cost — $371,395,415)

519,851,429

Other Assets in Excess of Liabilities — 0.2%

813,086

TOTAL NET ASSETS — 100.0%

520,664,515

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

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

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

*	Non-income producing security.

@	The amount is less than 0.05%.

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

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

(c)	Illiquid security.

(d)	The aggregate value of restricted securities (excluding 144A holdings) at February 29, 2024, amounts to $0 and represents 0.0% of net assets.

(e)	Variable rate security. Interest rate disclosed is that which was in effect at February 29, 2024.

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

(g)	Security is currently in default.

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

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

At February 29, 2024, 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	$	371,395,415	$	180,852,688	$	(32,296,406)	$	148,556,282


Abbreviations used in this schedule:
ADR		— American Depositary Receipt
ETF		— Exchange-Traded Fund
PLC		— Public Limited Company
REIT		— Real Estate Investment Trust
SOFR		— Secured Overnight Financing Rate


Summary of Investments by Security Sector^
Industrials	21.1	%
Information Technology	15.4
Health Care	15.4
Financials	13.2
Consumer Discretionary	9.2
Materials	5.3
Real Estate	4.7
Energy	3.9
Consumer Staples	3.7
Utilities	3.6
Communication Services	1.7
Short-Term Investments	2.8

Total Investments	100.0	%+

^	As a percentage of total investments.

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

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Small-Mid Cap Equity Fund

At February 29, 2024, Small-Mid Cap Equity Fund had open exchange-traded futures contracts as described below.

The unrealized appreciation on the open contracts reflected in the accompanying financial statements was as follows:


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation
Contracts to Buy:
E-mini Russell 2000 Index Futures		16		3/24	$	1,588,006	$	1,645,840	$	57,834
S&P MidCap 400 E-mini Index Futures		3		3/24		825,346		867,780		42,434

									$	100,268

At February 29, 2024, Small-Mid Cap Equity Fund had deposited cash of $144,996 with a broker or brokers as margin collateral on open exchange-traded futures contracts.


Currency Abbreviation used in this schedule:
CAD		— Canadian Dollar

See pages 264-265 for definitions of ratings.

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

COMMON STOCKS — 97.4%

Australia — 3.6%
	49,952	AGL Energy Ltd.	$	276,283
	37,239	ALS Ltd.		289,756
	6,769	Ampol Ltd.		173,573
	81,852	ANZ Group Holdings Ltd.		1,515,569
	36,161	APA Group		184,729
	16,130	Aristocrat Leisure Ltd.		489,599
	5,254	ASX Ltd.		224,763
	45,484	Aurizon Holdings Ltd.		112,897
	303,388	Beach Energy Ltd.		316,433
	139,101	BHP Group Ltd.		3,995,226
	11,375	BlueScope Steel Ltd.		169,526
	38,869	Brambles Ltd.		380,879
	9,964	CAR Group Ltd.		238,327
	90,996	Champion Iron Ltd.		458,930
	40,803	Charter Hall Group, REIT		334,670
	14,045	Cochlear Ltd.		3,199,951
	36,760	Coles Group Ltd.		404,118
	45,984	Commonwealth Bank of Australia		3,482,963
	14,003	Computershare Ltd.		236,425
	33,675	CSL Ltd.		6,271,012
	62,589	CSR Ltd.		359,782
	31,087	Dexus, REIT		149,630
	3,787	EBOS Group Ltd.		85,219
	41,485	Endeavour Group Ltd.		148,433
	47,359	Fortescue Ltd.		801,601
	46,695	Goodman Group, REIT		909,315
	54,632	GPT Group (The), REIT		155,359
	7,587	IDP Education Ltd.		94,148
	7,190	IGO Ltd.		37,309
	65,662	Insurance Australia Group Ltd.		264,740
	12,724	JB Hi-Fi Ltd.		509,661
	61,643	Lottery Corp., Ltd. (The)		203,821
	10,060	Macquarie Group Ltd.		1,277,801
	76,916	Medibank Pvt Ltd.		179,564
	4,912	Mineral Resources Ltd.		214,597
	113,317	Mirvac Group, REIT		161,716
	85,239	National Australia Bank Ltd.		1,876,856
	30,881	Northern Star Resources Ltd.		260,281
	236,494	OceanaGold Corp.		392,080
	11,222	Orica Ltd.		124,951
	45,801	Origin Energy Ltd.		267,814
	75,451	Pilbara Minerals Ltd.		207,104
	21,998	Qantas Airways Ltd.*		73,556
	40,906	QBE Insurance Group Ltd.		463,528
	5,201	Ramsay Health Care Ltd.		185,439
	1,492	REA Group Ltd.		188,480
	5,940	Reece Ltd.		103,904
	46,595	Rio Tinto Ltd.		3,759,304
	89,648	Santos Ltd.		412,853
	140,123	Scentre Group, REIT		284,783
	10,946	SEEK Ltd.		187,000
	31,031	Seven Group Holdings Ltd.		777,450
	12,034	Sonic Healthcare Ltd.		232,909
	121,563	South32 Ltd.		233,909
	66,608	Stockland, REIT		195,109

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

Australia — 3.6% — (continued)
	35,847	Suncorp Group Ltd.	$	357,052
	47,457	Super Retail Group Ltd.		503,811
	52,876	Technology One Ltd.		583,089
	116,249	Telstra Group Ltd.		288,945
	84,456	Transurban Group		743,903
	22,591	Treasury Wine Estates Ltd.		181,850
	173,489	Ventia Services Group Pty Ltd.		427,767
	112,830	Vicinity Ltd., REIT		142,570
	6,801	Washington H Soul Pattinson & Co., Ltd.		153,038
	31,260	Wesfarmers Ltd.		1,356,172
	95,650	Westpac Banking Corp.		1,640,311
	4,567	WiseTech Global Ltd.		281,133
	51,572	Woodside Energy Group Ltd.		1,018,251
	33,129	Woolworths Group Ltd.		702,946

		Total Australia		46,916,473


Austria — 0.2%
	65,556	Erste Group Bank AG		2,616,180
	4,078	OMV AG		179,675
	1,964	Verbund AG		142,031
	2,875	Voestalpine AG		78,585

		Total Austria		3,016,471


Belgium — 0.8%
	4,471	Ageas SA/NV		189,499
	103,852	Anheuser-Busch InBev SA/NV		6,264,900
	575	D’ieteren Group		110,719
	933	Elia Group SA/NV		103,595
	2,457	Groupe Bruxelles Lambert NV		184,377
	6,877	KBC Group NV		483,713
	10	Lotus Bakeries NV		94,067
	382	Sofina SA		87,051
	2,010	Syensqo SA*		179,535
	25,309	UCB SA		2,909,973
	6,159	Umicore SA		128,536
	4,781	Warehouses de Pauw CVA, REIT		127,649

		Total Belgium		10,863,614


Bermuda — 0.0%@
	8,379	Seadrill Ltd.*		343,499


Brazil — 0.2%
	57,011	B3 SA — Brasil Bolsa Balcao		147,146
	441,468	Banco Bradesco SA, ADR		1,227,281
	93,184	NU Holdings Ltd., Class A Shares*		1,032,479

		Total Brazil		2,406,906


Canada — 2.4%
	51,780	Alamos Gold Inc., Class A Shares		610,837
	152,525	Alimentation Couche-Tard Inc.		9,459,551
	10,718	ATS Corp.*		403,875
	13,483	Boardwalk Real Estate Investment Trust, Class Trust Un Shares		755,342
	8,455	Bombardier Inc., Class B Shares*		306,265
	33,400	Canadian National Railway Co.		4,330,691
	49,462	Canadian Pacific Kansas City Ltd.		4,199,614
	40,465	Celestica Inc.*		1,719,796
	75,053	Dundee Precious Metals Inc.		507,672
	24,854	Element Fleet Management Corp.		414,798

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

Canada — 2.4% — (continued)
	6,241	EQB Inc.	$	396,308
	27,170	Finning International Inc.		712,308
	108,628	Headwater Exploration Inc.(a)		546,682
	16,490	IMAX Corp.*		282,474
	2,702	Kinaxis Inc.*		280,085
	2,398	lululemon athletica Inc.*		1,120,082
	37,782	Lundin Mining Corp.		298,715
	22,104	Nutrien Ltd.		1,153,776
	50,089	NuVista Energy Ltd.*		429,603
	26,649	Parex Resources Inc.		430,028
	12,332	Stella-Jones Inc.		693,314
	39,836	Superior Plus Corp.		280,318
	20,174	Toronto-Dominion Bank (The)		1,211,347
	30,434	TransAlta Corp.		208,776
	28,221	Tricon Residential Inc.		313,786
	68,109	Whitecap Resources Inc.(a)		472,746

		Total Canada		31,538,789


Chile — 0.1%
	66,683	Antofagasta PLC		1,531,866


China — 0.4%
	28,500	BYD Co., Ltd., Class H Shares(b)		701,410
	20,100	Contemporary Amperex Technology Co., Ltd., Class A Shares		456,135
	100,600	Tencent Holdings Ltd.		3,534,895

		Total China		4,692,440


Denmark — 3.2%
	61	AP Moller — Maersk AS, Class A Shares		82,640
	133	AP Moller — Maersk AS, Class B Shares		187,824
	2,210	Ascendis Pharma AS, ADR*		326,550
	17,854	Bavarian Nordic AS*		406,826
	2,597	Carlsberg AS, Class B Shares		361,652
	36,306	Coloplast AS, Class B Shares(a)		4,819,861
	18,758	Danske Bank AS		550,989
	2,729	Demant AS*		136,660
	4,799	DSV AS		769,791
	1,824	Genmab AS*		506,215
	17,516	ISS AS		315,181
	7,772	Jyske Bank AS, Class Registered Shares		628,146
	216,410	Novo Nordisk AS, Class B Shares		25,877,157
	10,315	Novozymes AS, Class B Shares		581,685
	5,175	Orsted AS(c)		292,584
	6,930	Pandora AS		1,118,756
	1,687	Rockwool AS, Class B Shares		541,742
	9,946	Tryg AS		211,306
	131,504	Vestas Wind Systems AS*		3,668,807

		Total Denmark		41,384,372


Finland — 0.7%
	3,991	Elisa OYJ		179,766
	12,481	Fortum OYJ(a)		155,908
	6,749	Kesko OYJ, Class B Shares		128,929
	82,900	Kone OYJ, Class B Shares		4,058,139
	12,776	Konecranes OYJ		657,846
	18,599	Metso OYJ		198,668
	11,763	Neste OYJ		322,466

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

Finland — 0.7% — (continued)
	148,093	Nokia OYJ	$	522,434
	87,306	Nordea Bank Abp		1,061,071
	3,109	Orion OYJ, Class B Shares		122,352
	12,319	Sampo OYJ, Class A Shares		550,862
	15,939	Stora Enso OYJ, Class R Shares		201,620
	12,360	TietoEVRY OYJ		288,137
	14,554	UPM-Kymmene OYJ		486,872
	13,194	Wartsila OYJ Abp		204,231

		Total Finland		9,139,301


France — 11.5%
	22,110	Accor SA		958,724
	896	Aeroports de Paris SA		121,841
	60,507	Air Liquide SA		12,295,434
	16,293	Airbus SE		2,694,327
	487,445	Alstom SA(a)		6,509,449
	1,540	Amundi SA(c)		101,380
	10,020	Arkema SA		1,038,720
	180,469	AXA SA		6,417,243
	1,024	BioMerieux		111,946
	95,286	BNP Paribas SA		5,709,954
	21,877	Bollore SE		149,996
	5,089	Bouygues SA		201,193
	8,086	Bureau Veritas SA		235,028
	4,248	Capgemini SE		1,032,233
	267,928	Carrefour SA		4,499,751
	12,441	Cie de Saint-Gobain SA		958,495
	18,530	Cie Generale des Etablissements Michelin SCA		686,904
	1,360	Covivio SA, REIT		61,109
	29,699	Credit Agricole SA		402,102
	95,049	Danone SA		6,063,330
	631	Dassault Aviation SA		124,731
	105,857	Dassault Systemes SE		4,946,538
	6,895	Edenred SE		341,435
	9,050	Eiffage SA		985,124
	30,757	Elis SA		702,057
	49,979	Engie SA		801,553
	23,025	EssilorLuxottica SA		4,894,338
	1,091	Eurazeo SE		92,164
	1,136	Gecina SA, REIT		109,731
	10,103	Getlink SE		172,495
	2,223	Hermes International SCA		5,578,807
	4,651	Ipsen SA		511,035
	16,612	Kering SA		7,656,118
	33,396	Klepierre SA, REIT		848,093
	11,589	La Francaise des Jeux SAEM(c)		485,213
	21,717	Legrand SA		2,201,610
	17,419	L’Oréal SA		8,337,341
	14,461	LVMH Moët Hennessy Louis Vuitton SE		13,244,381
	50,487	Orange SA		578,793
	5,582	Pernod Ricard SA		938,164
	6,210	Publicis Groupe SA		656,637
	577	Remy Cointreau SA		61,186
	18,119	Renault SA		755,504
	21,438	Rexel SA		549,576
	9,344	Safran SA		1,957,570

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

France — 11.5% — (continued)
	107,777	Sanofi SA	$	10,239,886
	764	Sartorius Stedim Biotech		210,246
	34,675	Schneider Electric SE		7,870,915
	711	SEB SA		84,128
	20,230	Societe Generale SA		490,344
	2,361	Sodexo SA		188,064
	3,666	Sopra Steria Group		939,444
	20,499	SPIE SA		682,495
	18,770	STMicroelectronics NV		853,326
	21,199	Technip Energies NV		460,840
	1,620	Teleperformance SE		200,968
	2,721	Thales SA		403,118
	163,375	TotalEnergies SE		10,453,438
	3,290	Unibail — Rodamco-Westfield, REIT*		240,606
	96,228	Valeo SE		1,115,616
	36,245	Vallourec SACA*		550,280
	19,267	Veolia Environnement SA		598,378
	8,856	Verallia SA(c)		327,622
	36,699	Vinci SA		4,698,312
	973	Virbac SACA		349,359
	17,714	Vivendi SE		197,759
	5,911	Worldline SA*(c)		67,982

		Total France		149,002,479


Germany — 8.2%
	24,025	adidas AG		4,861,398
	21,072	AIXTRON SE		585,241
	38,651	Allianz SE, Class Registered Shares		10,605,051
	5,108	Aurubis AG		323,333
	24,392	BASF SE		1,241,472
	76,442	Bayer AG, Class Registered Shares		2,322,260
	25,560	Bayerische Motoren Werke AG		3,018,660
	14,278	Bechtle AG		735,730
	9,491	Beiersdorf AG		1,359,999
	3,826	Brenntag SE		348,861
	1,192	Carl Zeiss Meditec AG		146,603
	29,968	Commerzbank AG		346,543
	3,003	Continental AG		240,595
	5,146	Covestro AG*(c)		280,257
	8,271	CTS Eventim AG & Co. KGaA		650,094
	14,649	Daimler Truck Holding AG		598,315
	4,285	Delivery Hero SE, Class A Shares*(c)		98,884
	53,229	Deutsche Bank AG, Class Registered Shares		710,920
	5,215	Deutsche Boerse AG		1,091,221
	17,402	Deutsche Lufthansa AG, Class Registered Shares*		135,166
	27,112	Deutsche Post AG		1,257,648
	370,658	Deutsche Telekom AG, Class Registered Shares		8,810,211
	61,484	E.ON SE		784,968
	21,591	Encavis AG*		257,887
	6,230	Evonik Industries AG		114,824
	20,010	Freenet AG		539,340
	5,467	Fresenius Medical Care AG		209,060
	11,979	Fresenius SE & Co. KGaA		335,512
	17,405	GEA Group AG		701,558
	4,955	Gerresheimer AG		580,773
	1,659	Hannover Rueck SE		425,630

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

Germany — 8.2% — (continued)
	3,563	Heidelberg Materials AG	$	345,530
	2,859	Henkel AG & Co. KGaA		192,882
	7,155	HUGO BOSS AG		486,200
	191,104	Infineon Technologies AG		6,840,870
	7,618	KION Group AG		383,917
	2,142	Knorr-Bremse AG		149,844
	121,503	Lanxess AG		3,070,739
	2,092	LEG Immobilien SE*		153,918
	21,915	Mercedes-Benz Group AG		1,745,560
	29,561	Merck KGaA		5,043,531
	1,516	MTU Aero Engines AG		364,315
	3,718	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class Registered Shares		1,730,032
	1,668	Nemetschek SE		159,019
	2,613	Puma SE		120,010
	131	Rational AG		107,638
	2,315	Rheinmetall AG		1,061,395
	121,670	RWE AG		4,077,890
	130,531	SAP SE		24,391,620
	9,227	Scout24 SE(c)		670,084
	39,842	Siemens AG, Class Registered Shares		7,879,954
	14,272	Siemens Energy AG*		219,177
	7,797	Siemens Healthineers AG*(c)		467,961
	3,949	SMA Solar Technology AG*		235,052
	3,677	Symrise AG, Class A Shares		375,853
	52,203	TAG Immobilien AG*		637,156
	1,873	Talanx AG		133,615
	19,685	TeamViewer SE*(c)		310,506
	860	Volkswagen AG		135,037
	20,104	Vonovia SE		560,947
	6,630	Zalando SE*(c)		140,480

		Total Germany		105,908,746


Hong Kong — 3.0%
	1,047,400	AIA Group Ltd.		8,475,892
	739,500	BOC Hong Kong Holdings Ltd.		1,957,212
	52,500	CK Asset Holdings Ltd.		243,466
	74,000	CK Hutchison Holdings Ltd.		377,677
	19,500	CK Infrastructure Holdings Ltd.		115,035
	377,000	CLP Holdings Ltd.		3,149,937
	61,200	ESR Group Ltd.(c)		81,961
	1,458	Futu Holdings Ltd., ADR*		78,032
	61,000	Galaxy Entertainment Group Ltd.		332,636
	1,274,000	Hang Lung Properties Ltd.		1,379,295
	22,800	Hang Seng Bank Ltd.		261,033
	44,894	Henderson Land Development Co., Ltd.		129,909
	113,000	HKT Trust & HKT Ltd., Class Miscella Shares		137,966
	330,380	Hong Kong & China Gas Co., Ltd.		255,950
	28,799	Hong Kong Exchanges & Clearing Ltd.		889,837
	32,700	Hongkong Land Holdings Ltd.		110,732
	60,900	Jardine Matheson Holdings Ltd.		2,556,413
	134,000	Kerry Properties Ltd.		221,535
	421,780	Link REIT		2,113,486
	43,500	MTR Corp., Ltd.		144,664
	38,000	Power Assets Holdings Ltd.		228,874
	1,231,261	Prudential PLC		12,168,223
	110,646	Sino Land Co., Ltd.		119,554

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

Hong Kong — 3.0% — (continued)
	33,000	SITC International Holdings Co., Ltd.	$	54,164
	40,500	Sun Hung Kai Properties Ltd.		410,871
	10,000	Swire Pacific Ltd., Class A Shares		83,007
	40,400	Swire Properties Ltd.		83,748
	114,500	Techtronic Industries Co., Ltd.		1,235,269
	430,000	United Laboratories International Holdings Ltd. (The)		466,777
	242,000	WH Group Ltd.(c)		145,995
	27,000	Wharf Holdings Ltd. (The)		99,644
	46,000	Wharf Real Estate Investment Co., Ltd.		154,512

		Total Hong Kong		38,263,306


Indonesia — 0.1%
	2,065,500	Bank Central Asia Tbk PT		1,294,971


Ireland — 1.3%
	5,370	AerCap Holdings NV*		414,457
	42,451	AIB Group PLC		196,756
	107,911	Bank of Ireland Group PLC		940,125
	19,321	CRH PLC		1,604,909
	88,650	Dalata Hotel Group PLC		431,989
	7,234	DCC PLC		513,310
	146,655	Experian PLC		6,280,621
	4,818	Flutter Entertainment PLC*		1,043,169
	36,555	Glanbia PLC		661,623
	11,651	James Hardie Industries PLC, CDI*		461,184
	4,191	Kerry Group PLC, Class A Shares		367,607
	4,094	Kingspan Group PLC		369,728
	23,497	Ryanair Holdings PLC, ADR*		3,248,460
	7,035	Smurfit Kappa Group PLC		300,246

		Total Ireland		16,834,184


Isle of Man — 0.0%@
	51,065	Playtech PLC*		286,670


Israel — 0.3%
	1,382	Azrieli Group Ltd.		100,083
	34,660	Bank Hapoalim BM		331,677
	41,584	Bank Leumi Le-Israel BM		348,367
	2,517	Check Point Software Technologies Ltd.*		403,777
	1,132	CyberArk Software Ltd.*		298,576
	752	Elbit Systems Ltd.		167,209
	2,737	Global E-Online Ltd.*		92,702
	18,545	ICL Group Ltd.		98,205
	1	Isracard Ltd.		3
	30,567	Israel Discount Bank Ltd., Class A Shares		159,265
	4,923	Mizrahi Tefahot Bank Ltd.		194,714
	803	Monday.com Ltd.*		179,077
	1,687	Nice Ltd.*		413,714
	18,782	Perion Network Ltd.*(a)		431,047
	31,415	Teva Pharmaceutical Industries Ltd., ADR*		413,107
	1,538	Wix.com Ltd.*		215,597

		Total Israel		3,847,120


Italy — 2.8%
	3,718	Amplifon SpA		123,923
	27,317	Assicurazioni Generali SpA		647,627
	15,513	Azimut Holding SpA		446,117
	164,523	Banco BPM SpA		959,284

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

Italy — 2.8% — (continued)
	3,630	Brunello Cucinelli SpA	$	436,530
	20,910	Buzzi SpA		707,133
	16,792	Davide Campari-Milano NV		170,522
	680	DiaSorin SpA		68,535
	1,231,671	Enel SpA		7,839,159
	61,056	Eni SpA		940,106
	9,743	ERG SpA		265,643
	11,438	Ferrari NV		4,826,602
	169,495	FinecoBank Banca Fineco SpA		2,345,001
	10,003	Infrastrutture Wireless Italiane SpA(c)		110,696
	408,881	Intesa Sanpaolo SpA		1,302,483
	171,289	Iren SpA		337,963
	32,080	Leonardo SpA		685,608
	15,200	Mediobanca Banca di Credito Finanziario SpA		207,133
	5,773	Moncler SpA		416,104
	14,585	Nexi SpA*(c)		106,954
	14,934	Poste Italiane SpA(c)		175,400
	7,256	Prysmian SpA		361,798
	52,297	Recordati Industria Chimica e Farmaceutica SpA		2,928,787
	221,944	Saras SpA		418,701
	53,554	Snam SpA		250,661
	250,258	Telecom Italia SpA*		75,262
	37,248	Terna — Rete Elettrica Nazionale		291,861
	245,020	UniCredit SpA		8,193,641

		Total Italy		35,639,234


Japan — 18.6%
	15,900	Adastria Co., Ltd.		362,246
	20,900	Advantest Corp.		981,388
	18,100	Aeon Co., Ltd.		431,766
	5,800	AGC Inc.		207,372
	3,600	Aisin Corp.		135,880
	12,900	Ajinomoto Co., Inc.		472,832
	36,100	Amada Co., Ltd.		401,601
	5,000	ANA Holdings Inc.*		108,950
	13,200	Asahi Group Holdings Ltd.		452,604
	5,400	Asahi Intecc Co., Ltd.		112,314
	34,000	Asahi Kasei Corp.		236,699
	12,300	Asics Corp.		524,010
	51,800	Astellas Pharma Inc.		571,764
	2,800	Azbil Corp.		82,232
	17,000	Bandai Namco Holdings Inc.		335,568
	13,600	BIPROGY Inc.		421,126
	57,200	Bridgestone Corp.		2,464,183
	6,100	Brother Industries Ltd.		102,270
	28,200	Canon Inc.		823,538
	4,400	Capcom Co., Ltd.		177,290
	21,100	Central Japan Railway Co.		530,914
	13,100	Chiba Bank Ltd. (The)		106,565
	19,300	Chubu Electric Power Co., Inc.		240,446
	18,300	Chugai Pharmaceutical Co., Ltd.		733,673
	61,100	Citizen Watch Co., Ltd.		425,501
	26,900	Concordia Financial Group Ltd.		136,213
	31,100	Credit Saison Co., Ltd.		603,980
	5,400	Dai Nippon Printing Co., Ltd.		157,653
	63,300	Daicel Corp.		599,181

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

Japan — 18.6% — (continued)
	78,500	Daido Steel Co., Ltd.	$	926,487
	7,600	Daifuku Co., Ltd.		179,269
	11,300	Daihen Corp.		595,154
	24,900	Dai-ichi Life Holdings Inc.		566,970
	50,400	Daiichi Sankyo Co., Ltd.		1,673,686
	41,600	Daikin Industries Ltd.		5,846,848
	1,700	Daito Trust Construction Co., Ltd.		201,688
	16,300	Daiwa House Industry Co., Ltd.		471,747
	36,100	Daiwa Securities Group Inc.		266,090
	52,800	Denso Corp.		961,898
	5,800	Dentsu Group Inc.		160,472
	2,600	Disco Corp.		846,104
	16,900	DMG Mori Co., Ltd.(a)		390,936
	8,300	East Japan Railway Co.		491,048
	9,300	Ebara Corp.		785,020
	6,500	Eisai Co., Ltd.		270,533
	81,550	ENEOS Holdings Inc.		352,056
	355,400	FANUC Corp.		10,390,448
	4,800	Fast Retailing Co., Ltd.		1,395,147
	3,200	Fuji Electric Co., Ltd.		194,772
	13,400	Fuji Soft Inc.		571,127
	45,100	FUJIFILM Holdings Corp.		2,857,157
	41,700	Fujikura Ltd.		509,546
	4,900	Fujitsu Ltd.		764,361
	4,600	Fuyo General Lease Co., Ltd.		419,576
	138	GLP J-REIT		109,446
	800	Goldwin Inc.		46,384
	3,400	Hamamatsu Photonics KK		122,099
	5,700	Hankyu Hanshin Holdings Inc.		164,268
	600	Hikari Tsushin Inc.		108,565
	1,145	Hirose Electric Co., Ltd.		121,719
	2,500	Hitachi Construction Machinery Co., Ltd.		72,296
	57,700	Hitachi Ltd.		4,861,975
	49,700	Hitachi Zosen Corp.		408,384
	125,900	Honda Motor Co., Ltd.		1,495,139
	5,500	Horiba Ltd.		537,632
	2,600	Hoshizaki Corp.		88,772
	46,000	Hoya Corp.		6,000,431
	9,300	Hulic Co., Ltd.		92,763
	2,800	Ibiden Co., Ltd.		129,431
	24,685	Idemitsu Kosan Co., Ltd.		156,439
	3,900	Iida Group Holdings Co., Ltd.		50,351
	50,800	INFRONEER Holdings Inc.		520,707
	25,400	Inpex Corp.		340,161
	25,000	Internet Initiative Japan Inc.		463,951
	885	Invincible Investment Corp., REIT		363,448
	16,000	Isuzu Motors Ltd.		227,995
	33,000	ITOCHU Corp.		1,438,175
	45,000	J Front Retailing Co., Ltd.(a)		447,565
	3,700	Japan Airlines Co., Ltd.		69,066
	94,600	Japan Exchange Group Inc.		2,474,662
	173	Japan Metropolitan Fund Invest, REIT		102,060
	38,400	Japan Post Bank Co., Ltd.		409,275
	56,900	Japan Post Holdings Co., Ltd.		549,271
	4,900	Japan Post Insurance Co., Ltd.		90,262
	32	Japan Real Estate Investment Corp., REIT		115,419

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

Japan — 18.6% — (continued)
	32,700	Japan Tobacco Inc.	$	849,829
	12,700	Jeol Ltd.		563,884
	15,100	JFE Holdings Inc.		247,643
	23,500	JGC Holdings Corp.		213,928
	4,400	JSR Corp.		118,142
	11,700	Kajima Corp.		217,151
	11,700	Kaneka Corp.		281,320
	18,700	Kansai Electric Power Co., Inc. (The)		239,544
	12,600	Kao Corp.		479,239
	3,900	Kawasaki Kisen Kaisha Ltd.		187,737
	135,100	KDDI Corp.		4,108,907
	349	KDX Realty Investment Corp., REIT, Class A Shares		349,772
	3,700	Keisei Electric Railway Co., Ltd.		172,848
	19,300	Keyence Corp.		9,056,931
	3,800	Kikkoman Corp.		248,870
	4,500	Kintetsu Group Holdings Co., Ltd.		138,253
	22,200	Kirin Holdings Co., Ltd.		308,818
	3,700	Kobe Bussan Co., Ltd.		99,556
	5,300	Koito Manufacturing Co., Ltd.		67,314
	26,100	Komatsu Ltd.		757,162
	2,600	Konami Group Corp.		175,155
	137,300	Kubota Corp.		2,013,668
	34,800	Kyocera Corp.		514,434
	6,700	Kyowa Kirin Co., Ltd.		133,002
	2,000	Lasertec Corp.		535,063
	72,900	LY Corp.		200,147
	10,800	M3 Inc.		155,181
	43,800	Makita Corp.		1,144,380
	40,300	Marubeni Corp.		666,137
	9,500	MatsukiyoCocokara & Co.		157,212
	14,000	Mazda Motor Corp.		162,021
	2,200	McDonald’s Holdings Co. Japan Ltd.		102,352
	166,500	Mebuki Financial Group Inc.		520,118
	6,200	MEIJI Holdings Co., Ltd.		139,658
	10,100	MINEBEA MITSUMI Inc.		209,134
	119,800	MISUMI Group Inc.		1,835,541
	35,300	Mitsubishi Chemical Group Corp.		202,449
	93,900	Mitsubishi Corp.		2,011,583
	54,200	Mitsubishi Electric Corp.		857,311
	30,900	Mitsubishi Estate Co., Ltd.		475,086
	18,600	Mitsubishi Gas Chemical Co., Inc.		303,844
	25,000	Mitsubishi HC Capital Inc.		172,046
	30,400	Mitsubishi Heavy Industries Ltd.		2,404,944
	305,000	Mitsubishi UFJ Financial Group Inc.		3,133,244
	35,900	Mitsui & Co., Ltd.		1,573,118
	4,200	Mitsui Chemicals Inc.		116,413
	24,200	Mitsui Fudosan Co., Ltd.		657,260
	10,000	Mitsui OSK Lines Ltd.		342,468
	65,790	Mizuho Financial Group Inc.		1,226,822
	6,400	MonotaRO Co., Ltd.		61,284
	17,200	Morinaga Milk Industry Co., Ltd.		356,640
	55,100	MS&AD Insurance Group Holdings Inc.		2,730,142
	544,500	Murata Manufacturing Co., Ltd.		11,068,351
	23,100	Nakanishi Inc.		368,838
	15,500	Nankai Electric Railway Co., Ltd.		302,603
	6,900	NEC Corp.		465,343

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

Japan — 18.6% — (continued)
	9,500	Nexon Co., Ltd.	$	156,582
	36,400	Nichicon Corp.		297,926
	12,000	Nidec Corp.		455,604
	47,200	Nintendo Co., Ltd.		2,641,673
	68	Nippon Accommodations Fund Inc., REIT, Class A Shares(a).		257,752
	38	Nippon Building Fund Inc., REIT		146,320
	13,800	Nippon Electric Glass Co., Ltd.		333,157
	1,800	Nippon Express Holdings Inc.		95,079
	26,200	Nippon Paint Holdings Co., Ltd.		195,299
	66	Nippon Prologis REIT Inc.		110,467
	4,300	Nippon Sanso Holdings Corp.		124,772
	24,300	Nippon Steel Corp.		603,600
	815,200	Nippon Telegraph & Telephone Corp.		992,656
	12,500	Nippon Yusen KK		398,402
	3,100	Nissan Chemical Corp.		129,650
	63,800	Nissan Motor Co., Ltd.		250,998
	6,200	Nissin Foods Holdings Co., Ltd.		181,015
	95,900	Nissui Corp.		609,361
	16,500	Nitori Holdings Co., Ltd.		2,422,705
	9,500	Nitto Boseki Co., Ltd.		352,935
	4,000	Nitto Denko Corp.		366,178
	84,500	Nomura Holdings Inc.		479,897
	3,000	Nomura Real Estate Holdings Inc.		74,650
	105	Nomura Real Estate Master Fund Inc., REIT.		104,287
	10,280	Nomura Research Institute Ltd.		288,919
	18,500	NTT Data Group Corp.		301,168
	18,300	Obayashi Corp.		177,458
	19,700	Obic Co., Ltd.		3,081,251
	8,700	Odakyu Electric Railway Co., Ltd.		122,321
	33,100	Olympus Corp.		471,030
	4,800	Omron Corp.		179,697
	9,200	Ono Pharmaceutical Co., Ltd.		152,339
	1,100	Oracle Corp. Japan		84,303
	30,500	Oriental Land Co., Ltd.		1,092,927
	31,900	ORIX Corp.		670,425
	10,400	Osaka Gas Co., Ltd.		207,454
	2,800	Otsuka Corp.		123,083
	11,400	Otsuka Holdings Co., Ltd.		462,450
	10,500	Pan Pacific International Holdings Corp.		246,107
	60,800	Panasonic Holdings Corp.		573,098
	38,600	Park24 Co., Ltd.*		458,418
	37,300	Rakuten Group Inc.		205,112
	85,900	Recruit Holdings Co., Ltd.		3,479,939
	40,900	Renesas Electronics Corp.		672,847
	80,700	Rengo Co., Ltd.		538,523
	56,400	Resona Holdings Inc.		307,202
	19,400	Resorttrust Inc.		333,920
	13,400	Ricoh Co., Ltd.		111,225
	8,800	Rohm Co., Ltd.		150,249
	93,100	Round One Corp.		436,045
	53,500	Sankyo Co., Ltd.		610,225
	10,100	Sankyu Inc.		356,975
	55,900	Santen Pharmaceutical Co., Ltd.		554,699
	39,300	Sanwa Holdings Corp.		697,340
	6,900	SBI Holdings Inc.		185,488
	2,200	SCREEN Holdings Co., Ltd.		274,936

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

Japan — 18.6% — (continued)
	3,900	SCSK Corp.	$	71,897
	5,900	Secom Co., Ltd.		430,170
	7,000	Seiko Epson Corp.		113,273
	114,000	Sekisui Chemical Co., Ltd.		1,609,493
	16,300	Sekisui House Ltd.		363,695
	382,800	Seven & i Holdings Co., Ltd.		5,700,462
	9,700	SG Holdings Co., Ltd.		121,700
	8,100	Sharp Corp.		44,242
	67,400	Shimadzu Corp.		1,840,164
	8,800	Shimamura Co., Ltd.		467,883
	9,200	Shimano Inc.		1,282,215
	13,600	Shimizu Corp.		78,746
	180,300	Shin-Etsu Chemical Co., Ltd.		7,701,023
	7,000	Shionogi & Co., Ltd.		349,125
	10,300	Shiseido Co., Ltd.		281,045
	13,200	Shizuoka Financial Group Inc.		129,300
	12,900	SMC Corp.		7,781,545
	14,000	Socionext Inc.		360,411
	78,000	Softbank Corp.		1,027,078
	28,400	SoftBank Group Corp.		1,695,408
	8,200	Sompo Holdings Inc.		481,317
	71,200	Sony Group Corp.		6,121,392
	2,200	Square Enix Holdings Co., Ltd.		93,196
	16,300	Subaru Corp.		371,248
	11,800	SUMCO Corp.		185,477
	7,700	Sumitomo Bakelite Co., Ltd.		442,604
	28,300	Sumitomo Corp.		663,493
	21,000	Sumitomo Electric Industries Ltd.		312,206
	16,000	Sumitomo Forestry Co., Ltd.		457,409
	6,800	Sumitomo Metal Mining Co., Ltd.		177,364
	110,400	Sumitomo Mitsui Financial Group Inc.		6,148,549
	17,200	Sumitomo Mitsui Trust Holdings Inc.		348,810
	7,900	Sumitomo Realty & Development Co., Ltd.		234,392
	4,100	Suntory Beverage & Food Ltd.		134,707
	10,800	Suzuki Motor Corp.		474,079
	62,800	Sysmex Corp.		3,536,173
	13,600	T&D Holdings Inc.		236,409
	4,100	Taisei Corp.		129,018
	179,854	Takeda Pharmaceutical Co., Ltd.		5,267,933
	16,900	Takeuchi Manufacturing Co., Ltd.		594,360
	10,700	TDK Corp.		557,515
	154,800	Terumo Corp.		6,041,552
	6,300	TIS Inc.		142,014
	4,700	Tobu Railway Co., Ltd.		120,116
	2,900	Toho Co., Ltd.		94,105
	50,000	Tokio Marine Holdings Inc.		1,459,162
	38,100	Tokyo Electric Power Co. Holdings Inc.*		205,842
	13,000	Tokyo Electron Ltd.		3,214,908
	9,600	Tokyo Gas Co., Ltd.		210,108
	10,400	Tokyo Seimitsu Co., Ltd.		719,186
	30,400	Tokyo Tatemono Co., Ltd.		441,010
	14,900	Tokyu Corp.		189,763
	49,700	Tokyu Fudosan Holdings Corp.		326,642
	6,900	TOPPAN Holdings Inc.		164,513
	38,200	Toray Industries Inc.		175,848
	3,200	TOTO Ltd.		86,665

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

Japan — 18.6% — (continued)
	10,700	Toyo Suisan Kaisha Ltd.	$	622,304
	30,800	Toyo Tire Corp.		558,446
	22,300	Toyoda Gosei Co., Ltd.		459,377
	19,600	Toyota Industries Corp.		1,952,848
	383,700	Toyota Motor Corp.		9,209,086
	6,000	Toyota Tsusho Corp.		388,535
	3,800	Trend Micro Inc.		185,142
	11,300	Unicharm Corp.		375,123
	6,200	USS Co., Ltd.		108,070
	6,500	West Japan Railway Co.		270,244
	7,300	Yakult Honsha Co., Ltd.		157,181
	56,700	Yamaguchi Financial Group Inc.		575,306
	3,500	Yamaha Corp.		76,742
	22,400	Yamaha Motor Co., Ltd.		200,551
	7,100	Yamato Holdings Co., Ltd.		108,058
	7,100	Yaskawa Electric Corp.		290,972
	5,600	Yokogawa Electric Corp.		118,469
	2,700	Zensho Holdings Co., Ltd.		118,439
	4,100	ZOZO Inc.		92,965

		Total Japan		240,669,806


Jersey, Channel Islands — 0.0%@
	50,491	Arcadium Lithium PLC*		254,964


Jordan — 0.0%@
	25,844	Hikma Pharmaceuticals PLC		640,794


Luxembourg — 0.1%
	14,367	ArcelorMittal SA		374,915
	3,677	Eurofins Scientific SE		219,754
	13,048	Tenaris SA		232,370

		Total Luxembourg		827,039


Macau — 0.1%
	288,000	MGM China Holdings Ltd.*		464,719
	66,800	Sands China Ltd.*		190,419

		Total Macau		655,138


Netherlands — 5.2%
	12,450	ABN AMRO Bank NV, Dutch Certificate, GDR(c)		199,913
	593	Adyen NV*(c)		937,004
	40,981	Aegon Ltd.		245,790
	90,228	Akzo Nobel NV		6,571,165
	1,613	Argenx SE*		607,446
	1,203	ASM International NV		738,711
	25,228	ASML Holding NV		23,868,742
	20,123	ASR Nederland NV		928,105
	7,093	BE Semiconductor Industries NV		1,287,708
	9,034	Euronext NV(c)		832,808
	2,537	EXOR NV		273,828
	33,507	Fugro NV*		740,276
	3,428	Heineken Holding NV		264,664
	18,471	Heineken NV		1,706,987
	1,548	IMCD NV		235,908
	465,990	ING Groep NV		6,396,196
	3,106	JDE Peet’s NV		70,952
	26,361	Koninklijke Ahold Delhaize NV		784,206
	91,711	Koninklijke KPN NV		335,250

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

Netherlands — 5.2% — (continued)
	328,085	Koninklijke Philips NV*	$	6,567,966
	7,356	NN Group NV		327,754
	16,014	OCI NV		422,098
	276,841	Pharming Group NV*		309,042
	40,712	Prosus NV*		1,188,783
	5,939	QIAGEN NV*		254,501
	3,064	Randstad NV		169,120
	99,000	Stellantis NV		2,595,963
	90,209	Universal Music Group NV		2,718,655
	33,563	Wolters Kluwer NV		5,291,322

		Total Netherlands		66,870,863


New Zealand — 0.1%
	35,093	Auckland International Airport Ltd.		173,037
	15,833	Fisher & Paykel Healthcare Corp., Ltd.		235,955
	18,172	Mercury NZ Ltd.		73,884
	36,552	Meridian Energy Ltd.		133,195
	53,388	Spark New Zealand Ltd.		164,922
	3,844	Xero Ltd.*		318,737

		Total New Zealand		1,099,730


Norway — 0.4%
	9,828	Adevinta ASA, Class B Shares*		104,990
	8,447	Aker BP ASA		205,090
	119,657	DNB Bank ASA		2,393,420
	24,798	Equinor ASA		610,129
	4,942	Gjensidige Forsikring ASA		78,047
	2,618	Kongsberg Gruppen ASA		166,814
	13,214	Mowi ASA		254,965
	182,835	Norsk Hydro ASA		941,433
	18,559	Orkla ASA		133,027
	1,793	Salmar ASA		113,700
	16,758	Telenor ASA		183,387
	4,669	Yara International ASA		145,224

		Total Norway		5,330,226


Portugal — 0.2%
	88,591	EDP — Energias de Portugal SA		352,368
	12,036	Galp Energia SGPS SA		189,360
	82,864	Jeronimo Martins SGPS SA		1,984,790

		Total Portugal		2,526,518


Singapore — 1.0%
	1,803,858	CapitaLand Ascendas REIT		3,697,893
	146,550	CapitaLand Integrated Commercial Trust, REIT		214,790
	73,000	CapitaLand Investment Ltd.		151,866
	13,900	City Developments Ltd.		58,900
	49,400	DBS Group Holdings Ltd.		1,227,370
	338,200	Frasers Logistics & Commercial Trust, REIT		259,764
	149,400	Genting Singapore Ltd.		100,894
	52,909	Grab Holdings Ltd., Class A Shares*		162,430
	2,800	Jardine Cycle & Carriage Ltd.		53,093
	39,800	Keppel Ltd.		215,211
	85,429	Mapletree Logistics Trust, REIT		94,285
	61,400	Mapletree Pan Asia Commercial Trust, REIT		61,850
	94,600	Oversea-Chinese Banking Corp., Ltd.		916,355
	9,857	Sea Ltd., ADR*		478,262

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

Singapore — 1.0% — (continued)
	1,278,419	Seatrium Ltd.*	$	85,576
	192,100	Sembcorp Industries Ltd.		730,445
	41,250	Singapore Airlines Ltd.		199,565
	19,200	Singapore Exchange Ltd.		135,392
	45,300	Singapore Technologies Engineering Ltd.		134,538
	227,600	Singapore Telecommunications Ltd.		398,105
	174,403	United Overseas Bank Ltd.		3,634,348
	54,700	Wilmar International Ltd.		135,460

		Total Singapore		13,146,392


South Korea — 1.6%
	3,525	AfreecaTV Co., Ltd.		339,184
	17,312	Classys Inc.		417,693
	4,758	Dentium Co., Ltd.*		514,492
	1,729	Hanmi Pharm Co., Ltd.		433,161
	5,744	HD Hyundai Electric Co., Ltd.		535,763
	2,069	LEENO Industrial Inc.		325,643
	7,700	LOTTE Fine Chemical Co., Ltd.		272,822
	850	NongShim Co., Ltd.		221,666
	258,211	Samsung Electronics Co., Ltd.		14,135,451
	20,774	Samsung Engineering Co., Ltd.*		383,623
	3,647	Samsung SDI Co., Ltd.		1,032,910
	14,526	SK Hynix Inc.		1,716,593
	19,045	SOLUM Co., Ltd.*		413,687
	9,006	Youngone Corp.*		297,204

		Total South Korea		21,039,892


Spain — 2.8%
	610	Acciona SA		68,195
	43,561	Acerinox SA		477,137
	6,000	ACS Actividades de Construccion y Servicios SA		246,013
	25,852	Aena SME SA(c)		4,893,373
	91,389	Amadeus IT Group SA		5,370,891
	421,135	Banco Bilbao Vizcaya Argentaria SA		4,183,658
	443,422	Banco Santander SA		1,840,175
	105,394	Bankinter SA		668,357
	104,941	CaixaBank SA		473,180
	12,985	Cellnex Telecom SA(c)		467,312
	16,014	Cia de Distribucion Integral Logista Holdings SA		429,909
	98	Corp. ACCIONA Energias Renovables SA(a)		2,023
	8,634	EDP Renovaveis SA		117,635
	3,916	Enagas SA		56,485
	8,821	Endesa SA		158,703
	14,392	Ferrovial SE		538,936
	9,187	Grifols SA*		75,287
	591,140	Iberdrola SA		6,786,586
	24,381	Indra Sistemas SA(a)		465,907
	136,067	Industria de Diseno Textil SA		6,030,419
	7,711	Laboratorios Farmaceuticos Rovi SA		617,122
	65,440	Merlin Properties Socimi SA, REIT		620,125
	6,811	Redeia Corp. SA		108,233
	35,656	Repsol SA		566,877
	130,198	Telefonica SA		531,813

		Total Spain		35,794,351


Sweden — 2.2%
	3,354	AFRY AB		52,773

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

Sweden — 2.2% — (continued)
	8,359	Alfa Laval AB	$	314,806
	86,440	Assa Abloy AB, Class B Shares		2,470,210
	73,875	Atlas Copco AB, Class A Shares		1,281,843
	273,616	Atlas Copco AB, Class B Shares		4,099,061
	17,053	Avanza Bank Holding AB(a)		376,022
	3,252	Axfood AB		90,789
	11,160	Beijer Ref AB, Class B Shares		157,577
	7,491	Boliden AB		189,918
	18,773	Epiroc AB, Class A Shares		340,945
	9,471	Epiroc AB, Class B Shares		156,131
	10,620	EQT AB		312,001
	16,954	Essity AB, Class B Shares		395,345
	5,184	Evolution AB(c)		672,459
	20,063	Fastighets AB Balder, Class B Shares*		125,142
	5,652	Getinge AB, Class B Shares		111,988
	17,610	H & M Hennes & Mauritz AB, Class B Shares		238,820
	57,247	Hexagon AB, Class B Shares		672,710
	2,318	Holmen AB, Class B Shares		93,067
	10,691	Husqvarna AB, Class B Shares		82,491
	3,371	Industrivarden AB, Class A Shares		114,952
	3,815	Industrivarden AB, Class C Shares		129,938
	7,668	Indutrade AB		202,938
	4,018	Investment AB Latour, Class B Shares		101,908
	47,346	Investor AB, Class B Shares		1,191,716
	1,878	L E Lundbergforetagen AB, Class B Shares		102,060
	6,664	Lifco AB, Class B Shares		177,819
	10,831	Loomis AB, Class B Shares		292,529
	25,565	NCC AB, Class B Shares		345,977
	108,797	Nibe Industrier AB, Class B Shares		609,437
	2,073	Saab AB, Class B Shares		163,344
	5,707	Sagax AB, Class B Shares		135,334
	150,921	Sandvik AB		3,401,916
	12,153	Securitas AB, Class B Shares		130,945
	43,224	Skandinaviska Enskilda Banken AB, Class A Shares		641,653
	9,673	Skanska AB, Class B Shares		178,407
	9,547	SKF AB, Class B Shares		208,107
	10,457	Spotify Technology SA*		2,681,279
	16,329	Svenska Cellulosa AB SCA, Class B Shares(a)		230,975
	168,884	Svenska Handelsbanken AB, Class A Shares		2,020,420
	23,297	Swedbank AB, Class A Shares		511,320
	5,633	Swedish Orphan Biovitrum AB*		138,307
	13,201	Tele2 AB, Class B Shares		110,736
	80,382	Telefonaktiebolaget LM Ericsson, Class B Shares		437,807
	69,034	Telia Co. AB		164,366
	14,845	Trelleborg AB, Class B Shares		540,040
	5,768	Volvo AB, Class A Shares		160,808
	41,530	Volvo AB, Class B Shares		1,143,108
	21,268	Volvo Car AB, Class B Shares*		77,782
	47,307	Wihlborgs Fastigheter AB		382,254

		Total Sweden		28,962,280


Switzerland — 8.4%
	43,641	ABB Ltd., Class Registered Shares		2,011,192
	11,783	Accelleron Industries AG		397,463
	12,563	Adecco Group AG, Class Registered Shares		504,128
	36,921	Alcon Inc.		3,142,557

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

Switzerland — 8.4% — (continued)
	2,436	Avolta AG*	$	95,404
	1,151	Bachem Holding AG, Class B Shares		91,199
	3,450	Baloise Holding AG, Class Registered Shares		556,797
	818	Banque Cantonale Vaudoise, Class Registered Shares		98,003
	88	Barry Callebaut AG, Class Registered Shares		123,719
	515	BKW AG		72,250
	796	Bucher Industries AG, Class Registered Shares		336,964
	143	Chocoladefabriken Lindt & Spruengli AG		1,750,832
	3	Chocoladefabriken Lindt & Spruengli AG, Class Registered Shares		360,341
	52,920	Cie Financiere Richemont SA, Class Registered Shares		8,447,227
	6,689	Clariant AG, Class Registered Shares*		82,832
	29,108	Coca-Cola HBC AG*		906,280
	5,085	DSM-Firmenich AG		544,581
	202	EMS-Chemie Holding AG, Class Registered Shares		140,907
	2,097	Flughafen Zurich AG, Class Registered Shares		442,689
	7,618	Galenica AG(c)		654,667
	921	Geberit AG, Class Registered Shares		535,448
	252	Givaudan SA, Class Registered Shares		1,058,041
	285,555	Glencore PLC		1,355,203
	1,066	Helvetia Holding AG, Class Registered Shares		150,661
	14,193	Holcim AG*		1,157,920
	33,923	Julius Baer Group Ltd.		1,816,265
	14,287	Kuehne + Nagel International AG, Class Registered Shares		4,810,316
	7,698	Logitech International SA, Class Registered Shares		679,290
	11,827	Lonza Group AG, Class Registered Shares		6,190,364
	129,697	Nestlé SA, Class Registered Shares		13,478,999
	144,965	Novartis AG, Class Registered Shares		14,654,468
	623	Partners Group Holding AG		894,864
	6,016	PSP Swiss Property AG, Class Registered Shares		765,631
	75,705	Roche Holding AG		19,858,230
	11,010	Sandoz Group AG*		342,264
	1,188	Schindler Holding AG		313,101
	580	Schindler Holding AG, Class Registered Shares		147,565
	28,569	SGS SA, Class Registered Shares		2,742,215
	702	Siegfried Holding AG, Class Registered Shares*		703,791
	8,589	SIG Group AG*		170,135
	4,166	Sika AG, Class Registered Shares		1,204,881
	1,458	Sonova Holding AG, Class Registered Shares		449,390
	3,076	Straumann Holding AG, Class Registered Shares		485,903
	5,488	Sulzer AG, Class Registered Shares		642,155
	715	Swatch Group AG (The)		168,838
	1,832	Swatch Group AG (The), Class Registered Shares		83,900
	803	Swiss Life Holding AG, Class Registered Shares		583,071
	2,099	Swiss Prime Site AG, Class Registered Shares		200,614
	8,240	Swiss Re AG		993,741
	712	Swisscom AG, Class Registered Shares		406,740
	2,858	Swissquote Group Holding SA, Class Registered Shares		760,281
	5,991	Temenos AG, Class Registered Shares		450,827
	89,827	UBS Group AG, Class Registered Shares		2,563,011
	9,365	VAT Group AG(c)		4,697,623
	4,002	Zurich Insurance Group AG		2,128,159

		Total Switzerland		108,403,937


Taiwan — 0.6%
	57,000	Taiwan Semiconductor Manufacturing Co., Ltd.		1,238,842
	46,600	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		5,996,022

		Total Taiwan		7,234,864

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value
United Kingdom — 16.9%
	26,528	3i Group PLC	$	827,204
	9,981	4imprint Group PLC		719,593
	47,125	Abrdn PLC		93,618
	7,256	Admiral Group PLC		244,330
	92,581	Anglo American PLC		1,993,663
	8,151	ARM Holdings PLC, ADR*(a)		1,149,617
	11,942	Ashtead Group PLC		862,028
	9,437	Associated British Foods PLC		270,900
	117,423	AstraZeneca PLC		14,868,216
	25,005	Auto Trader Group PLC(c)		233,908
	72,657	Aviva PLC		410,604
	188,785	BAE Systems PLC		2,960,965
	105,824	Balfour Beatty PLC		453,530
	4,373,041	Barclays PLC		9,131,415
	27,611	Barratt Developments PLC		162,733
	63,209	Beazley PLC		520,907
	38,686	Berkeley Group Holdings PLC		2,269,482
	1,820,767	BP PLC		10,632,052
	205,377	British American Tobacco PLC		6,094,783
	90,717	British Land Co. PLC (The), REIT		400,333
	171,793	BT Group PLC		227,212
	52,963	Bunzl PLC		2,111,522
	94,983	Burberry Group PLC		1,540,426
	153,603	Centrica PLC		244,149
	5,783	Coca-Cola Europacific Partners PLC		396,887
	349,188	Compass Group PLC		9,569,443
	20,781	Computacenter PLC		762,053
	141,683	ConvaTec Group PLC(c)		440,648
	14,058	Croda International PLC		846,565
	18,549	CVS Group PLC		345,688
	397,967	Diageo PLC		14,891,358
	227,726	Dowlais Group PLC		261,989
	43,555	Drax Group PLC		256,103
	20,024	Dunelm Group PLC		291,805
	54,930	easyJet PLC		377,513
	22,193	Endeavour Mining PLC		363,542
	17,393	Entain PLC		201,029
	3,541	Ferguson PLC		748,744
	667,500	GSK PLC		14,020,697
	161,648	Haleon PLC		678,400
	10,215	Halma PLC		297,037
	81,188	Harbour Energy PLC		258,900
	8,790	Hargreaves Lansdown PLC		81,121
	750,411	HSBC Holdings PLC		5,849,333
	34,716	IG Group Holdings PLC		307,223
	18,312	IMI PLC		401,036
	23,488	Imperial Brands PLC		506,413
	53,507	Inchcape PLC		462,316
	36,719	Informa PLC		375,819
	4,514	InterContinental Hotels Group PLC		479,127
	15,235	Intermediate Capital Group PLC		370,518
	4,394	Intertek Group PLC		257,312
	47,083	J Sainsbury PLC		148,770
	64,038	JD Sports Fashion PLC		95,429
	23,224	JET2 PLC		409,147
	930,782	Kingfisher PLC		2,757,244

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

United Kingdom — 16.9% — (continued)
	20,089	Land Securities Group PLC, REIT	$	157,301
	1,178,956	Legal & General Group PLC		3,606,314
	1,741,980	Lloyds Banking Group PLC		1,024,809
	11,392	London Stock Exchange Group PLC		1,276,756
	151,494	LondonMetric Property PLC, REIT		346,261
	63,316	M&G PLC		179,758
	171,945	Man Group PLC		528,929
	205,782	Marks & Spencer Group PLC		615,476
	36,064	Melrose Industries PLC		289,325
	11,912	Mondi PLC		211,770
	168,085	Moneysupermarket.com Group PLC		521,384
	213,427	National Grid PLC		2,796,219
	917,411	NatWest Group PLC		2,771,059
	3,233	Next PLC		340,420
	17,668	Ocado Group PLC*		114,875
	96,992	OSB Group PLC		509,702
	17,783	Pearson PLC		215,756
	9,115	Persimmon PLC		157,092
	18,541	Phoenix Group Holdings PLC		116,489
	82,654	QinetiQ Group PLC		387,878
	170,096	Reckitt Benckiser Group PLC		10,734,579
	240,597	RELX PLC		10,540,789
	68,329	Rentokil Initial PLC		378,473
	50,133	Rio Tinto PLC		3,217,507
	3,690,935	Rolls-Royce Holdings PLC*		17,222,278
	35,323	Safestore Holdings PLC, REIT		341,473
	27,052	Sage Group PLC (The)		426,016
	24,043	Schroders PLC		119,523
	225,854	Segro PLC, REIT		2,413,674
	262,240	Serco Group PLC		621,799
	7,477	Severn Trent PLC		235,971
	576,243	Shell PLC		18,030,031
	23,247	Smith & Nephew PLC		307,239
	9,774	Smiths Group PLC		198,551
	9,235	Spectris PLC		408,848
	2,011	Spirax-Sarco Engineering PLC		262,387
	102,447	SSE PLC		2,102,707
	14,943	St. James’s Place PLC		95,000
	61,992	Standard Chartered PLC		522,839
	36,265	Tate & Lyle PLC		274,966
	332,298	Taylor Wimpey PLC		578,878
	192,892	Tesco PLC		679,246
	173,272	Tritax Big Box REIT PLC		322,243
	207,580	Unilever PLC		10,152,297
	18,263	United Utilities Group PLC		236,449
	162,313	Virgin Money UK PLC		319,134
	633,262	Vodafone Group PLC		557,636
	15,349	Weir Group PLC (The)		355,460
	168,136	WH Smith PLC		2,609,513
	37,522	Whitbread PLC		1,565,886
	17,287	Wise PLC, Class A Shares*		200,541
	28,717	WPP PLC		257,458

		Total United Kingdom		218,389,363

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units			Security	Value
United States — 0.4%
	671		Booking Holdings Inc.*	$	2,327,585
	16,414		International Game Technology PLC		445,969
	19,245		Liberty Media Corp.-Liberty Formula One, Class C Shares*		1,400,266
	2,027		Linde PLC		909,758

			Total United States		5,083,578


Uruguay — 0.0%@
	392		MercadoLibre Inc.*		625,358

			TOTAL COMMON STOCKS (Cost — $991,420,311)		1,260,465,534


PREFERRED STOCKS — 0.3%

Germany — 0.3%
	1,468		Bayerische Motoren Werke AG, Class Preferred Shares		160,803
	18,119		Dr ING hc F Porsche AG, Class Preferred Shares(c)		1,691,807
	4,720		Henkel AG & Co. KGaA, Class Preferred Shares		355,023
	4,200		Porsche Automobil Holding SE, Class Preferred Shares		224,248
	721		Sartorius AG, Class Preferred Shares		272,595
	5,547		Volkswagen AG, Class Preferred Shares		751,818

			TOTAL PREFERRED STOCKS (Cost — $3,368,340)		3,456,294


OPEN END MUTUAL FUND SECURITY — 0.1%

United States — 0.1%
	33,646		Vanguard FTSE Developed Markets ETF, Common Class Shares (Cost — $1,398,743)		1,637,887

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $996,187,394)		1,265,559,715


Face Amount†

SHORT-TERM INVESTMENTS (d) — 2.8%

MONEY MARKET FUND — 0.9%
$	12,203,970		Invesco STIT — Government & Agency Portfolio, Institutional Class, 5.173%(e) (Cost — $12,203,970)		12,203,970


TIME DEPOSITS — 1.9%
	9,312	^NZD	ANZ National Bank — Hong Kong, 3.250% due 3/1/24		5,669
			BBH — New York:
	170,230	^DKK	2.500% due 3/1/24		24,684
	223,849	^SEK	2.700% due 3/1/24		21,595
	432,847	^NOK	3.320% due 3/1/24		40,761
	2,348	^CAD	3.830% due 3/1/24		1,730
	379,124	^GBP	4.150% due 3/1/24		478,606
			BNP Paribas — Paris:
	420,245	^CHF	0.520% due 3/1/24		475,229
	60,897	^AUD	3.100% due 3/1/24		39,580
	1,337	^ZAR	6.430% due 3/1/24		70
	277,137	^EUR	Citibank — London, 2.820% due 3/1/24		299,530
	13,922,644		Citibank — New York, 4.680% due 3/1/24		13,922,644
	200,823	^HKD	HSBC Bank — Hong Kong, 3.000% due 3/1/24		25,650
	8,451	^SGD	HSBC Bank — Singapore, 2.560% due 3/1/24		6,280
	7,123,473		JPMorgan Chase & Co. — New York, 4.680% due 3/1/24		7,123,473
			Skandinaviska Enskilda Banken AB — Stockholm:
	607,909	^EUR	2.820% due 3/1/24		657,028
	1,290,418		4.680% due 3/1/24		1,290,418

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Face Amount†			Security	Value

TIME DEPOSITS — 1.9% — (continued)
			Sumitomo Mitsui Banking Corp. — Tokyo:
	2,820,596	^JPY	(0.420)% due 3/1/24	$	18,815
$	205,669		4.680% due 3/1/24		205,669

			TOTAL TIME DEPOSITS (Cost — $24,637,431)		24,637,431

			TOTAL SHORT-TERM INVESTMENTS (Cost — $36,841,401)		36,841,401

			TOTAL INVESTMENTS — 100.6% (Cost — $1,033,028,795)		1,302,401,116

			Liabilities in Excess of Other Assets — (0.6)%		(7,645,907	)

			TOTAL NET ASSETS — 100.0%	$	1,294,755,209

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

*	Non-income producing security.

@	The amount is less than 0.05%.

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

(b)	Security trades on the Hong Kong exchange.

(c)

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 29, 2024, amounts to $19,585,481 and represents 1.5% of net assets.

(d)	Inclusive of all short-term holdings, including investments of collateral received from securities lending transactions. Excluding such collateral, the percentage of portfolio holdings would be 1.9%.

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

At February 29, 2024, 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	$	1,033,028,795	$	364,862,629	$	(95,418,329)	$	269,444,300


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

See Notes to Financial Statements.

100



Schedules of Investments


(unaudited) (continued)


International Equity Fund


Summary of Investments by Security Sector^
Industrials	18.3	%
Health Care	14.7
Financials	14.7
Consumer Discretionary	11.5
Information Technology	11.4
Consumer Staples	9.4
Materials	6.0
Energy	3.8
Communication Services	3.3
Utilities	2.9
Real Estate	2.1
Short-Term Investments	1.9

Total Investments	100.0	%+

^	As a percentage of total investments.

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

At February 29, 2024, International Equity Fund had open exchange-traded futures contracts as described below.

The unrealized appreciation on the open contracts reflected in the accompanying financial statements was as follows:


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation
Contracts to Buy:
Euro STOXX 50 Futures		15		3/24	$	748,097	$	793,415	$	45,318
FTSE 100 Index Futures		4		3/24		383,138		385,107		1,969
SPI 200 Index Futures		2		3/24		245,647		248,931		3,284
TOPIX Index Futures		1		3/24		157,427		178,835		21,408

									$	71,979

At February 29, 2024, International Equity Fund had deposited cash of $105,092 with a broker or brokers as margin collateral on 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.

101



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

COMMON STOCKS — 96.4%

Brazil — 6.1%
	107,833	Ambev SA	$	272,896
	15,076	Atacadao SA		36,667
	846,326	B3 SA — Brasil Bolsa Balcao		2,184,386
	35,894	Banco Bradesco SA		88,816
	27,069	Banco BTG Pactual SA		198,161
	192,182	Banco do Brasil SA		2,236,949
	7,586	Banco Santander Brasil SA		43,646
	301,992	BB Seguridade Participacoes SA		2,025,471
	7,319	Caixa Seguridade Participacoes SA		21,158
	356,847	CCR SA		989,228
	28,032	Centrais Eletricas Brasileiras SA		245,306
	7,979	Cia de Saneamento Basico do Estado de Sao Paulo SABESP		127,063
	13,971	Cia Siderurgica Nacional SA		47,274
	741,998	Cosan SA		2,537,562
	4,539	CPFL Energia SA		32,315
	5,554	Energisa SA		56,804
	21,442	Eneva SA*		55,342
	78,912	Engie Brasil Energia SA		667,059
	23,918	Equatorial Energia SA		164,461
	139,945	Fleury SA		447,912
	109,708	Hapvida Participacoes e Investimentos SA*(a)		80,997
	8,586	Hypera SA		56,792
	17,130	JBS SA		79,466
	623,500	JSL SA		1,487,600
	18,403	Klabin SA		83,557
	20,216	Localiza Rent a Car SA		215,544
	72	Localiza Rent a Car SA*		758
	22,790	Lojas Renner SA		72,438
	66,160	Magazine Luiza SA*		28,349
	365,500	Movida Participacoes SA		627,193
	19,733	Natura & Co. Holding SA*		64,746
	47,600	NU Holdings Ltd., Class A Shares*		527,408
	442,490	Odontoprev SA		1,072,644
	83,952	Petroleo Brasileiro SA		696,152
	101,293	Petróleo Brasileiro SA, ADR		1,673,360
	18,960	PRIO SA		166,719
	29,394	Raia Drogasil SA		157,528
	38,686	Rede D’Or Sao Luiz SA(a)		197,053
	29,221	Rumo SA		133,557
	31,594	Sendas Distribuidora SA		90,252
	17,164	Suzano SA		194,571
	18,442	TIM SA		67,410
	12,300	TOTVS SA		75,939
	16,567	Ultrapar Participações SA		97,851
	76,720	Vale SA		1,033,912
	65,226	Vale SA, Class B Shares, ADR		874,681
	520,800	Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		914,640
	222,323	Vibra Energia SA		1,156,586
	346,439	WEG SA		2,557,051

		Total Brazil		26,963,230


Chile — 1.0%
	145,279	Antofagasta PLC		3,337,402
	1,063,451	Banco de Chile		123,291
	1,424	Banco de Credito e Inversiones SA		39,504

See Notes to Financial Statements.

102



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Chile — 1.0% — (continued)
	1,469,702	Banco Santander Chile	$	71,472
	33,447	Cencosud SA		60,069
	448,463	Cia Sud Americana de Vapores SA		31,312
	23,513	Empresas CMPC SA		41,742
	9,413	Empresas COPEC SA		60,411
	473,707	Enel Americas SA		48,299
	564,409	Enel Chile SA		33,903
	23,830	Falabella SA*		60,435
	3,807,181	Latam Airlines Group SA*		47,882
	14,044	Sociedad Quimica y Minera de Chile SA, ADR(b)		698,268

		Total Chile		4,653,990


China — 20.9%
	9,300	360 Security Technology Inc., Class A Shares*		11,245
	3,900	37 Interactive Entertainment Network Technology Group Co., Ltd., Class A Shares		10,551
	20,000	AAC Technologies Holdings Inc.		49,564
	794	Advanced Micro-Fabrication Equipment Inc., Class A Shares		16,129
	3,000	AECC Aviation Power Co., Ltd., Class A Shares		14,330
	111,800	Agricultural Bank of China Ltd., Class A Shares		64,978
	612,000	Agricultural Bank of China Ltd., Class H Shares(c)		251,897
	11,877	Aier Eye Hospital Group Co., Ltd., Class A Shares		24,150
	13,600	Air China Ltd., Class A Shares*		14,118
	40,000	Air China Ltd., Class H Shares*(c)		21,480
	11,000	Akeso Inc.*(a)		66,300
	498,276	Alibaba Group Holding Ltd.		4,621,743
	48,638	Alibaba Group Holding Ltd., ADR		3,600,671
	31,400	Aluminum Corp. of China Ltd., Class A Shares		26,277
	74,000	Aluminum Corp. of China Ltd., Class H Shares(c)		36,949
	351	Amlogic Shanghai Co., Ltd., Class A Shares		2,727
	2,500	Angel Yeast Co., Ltd., Class A Shares		11,640
	6,100	Anhui Conch Cement Co., Ltd., Class A Shares		20,266
	354,837	Anhui Conch Cement Co., Ltd., Class H Shares(c)		776,501
	1,000	Anhui Gujing Distillery Co., Ltd., Class A Shares		30,416
	2,300	Anhui Gujing Distillery Co., Ltd., Class B Shares		32,563
	200	Anhui Yingjia Distillery Co., Ltd., Class A Shares		1,766
	600	Anjoy Foods Group Co., Ltd., Class A Shares		7,276
	28,800	ANTA Sports Products Ltd.		282,130
	700	Asymchem Laboratories Tianjin Co., Ltd., Class A Shares		9,892
	1,342	Autohome Inc., ADR		34,879
	3,600	Avary Holding Shenzhen Co., Ltd., Class A Shares		10,532
	8,199	AVIC Industry-Finance Holdings Co., Ltd., Class A Shares		3,786
	44,000	AviChina Industry & Technology Co., Ltd., Class H Shares(c)		18,062
	2,200	AVICOPTER PLC, Class A Shares		11,120
	16,800	BAIC BluePark New Energy Technology Co., Ltd., Class A Shares*		13,873
	3,500	Baidu Inc., ADR*		354,655
	50,918	Baidu Inc., Class A Shares*		646,245
	19,200	Bank of Beijing Co., Ltd., Class A Shares		13,797
	16,600	Bank of Changsha Co., Ltd., Class A Shares		17,909
	4,000	Bank of Chengdu Co., Ltd., Class A Shares		7,330
	54,930	Bank of China Ltd., Class A Shares		34,079
	1,788,000	Bank of China Ltd., Class H Shares(c)		705,634
	54,100	Bank of Communications Co., Ltd., Class A Shares		47,050
	180,000	Bank of Communications Co., Ltd., Class H Shares(c)		117,918
	14,800	Bank of Hangzhou Co., Ltd., Class A Shares		22,757
	35,590	Bank of Jiangsu Co., Ltd., Class A Shares		37,881
	16,600	Bank of Nanjing Co., Ltd., Class A Shares		20,140

See Notes to Financial Statements.

103



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 20.9% — (continued)
	8,290	Bank of Ningbo Co., Ltd., Class A Shares	$	25,552
	29,640	Bank of Shanghai Co., Ltd., Class A Shares		26,827
	30,184	Baoshan Iron & Steel Co., Ltd., Class A Shares		27,940
	14,900	Beijing Dabeinong Technology Group Co., Ltd., Class A Shares		10,883
	687	Beijing Kingsoft Office Software Inc., Class A Shares		25,860
	2,000	Beijing New Building Materials PLC, Class A Shares		7,796
	2,600	Beijing Tongrentang Co., Ltd., Class A Shares		16,057
	1,218	Beijing Wantai Biological Pharmacy Enterprise Co., Ltd., Class A Shares		12,386
	79,200	Beijing-Shanghai High Speed Railway Co., Ltd., Class A Shares		55,504
	4,607	Bilibili Inc., Class Z Shares*		44,732
	38,300	BOE Technology Group Co., Ltd., Class A Shares		21,208
	2,800	BYD Co., Ltd., Class A Shares		73,923
	34,500	BYD Co., Ltd., Class H Shares(c)		849,076
	17,000	BYD Electronic International Co., Ltd.		64,000
	639	Cambricon Technologies Corp., Ltd., Class A Shares*		14,871
	1,820	Canmax Technologies Co., Ltd., Class A Shares		5,791
	254,000	CGN Power Co., Ltd., Class H Shares(a)(c)		77,223
	600	Changchun High & New Technology Industry Group Inc., Class A Shares		10,700
	1,100	Changjiang Securities Co., Ltd., Class A Shares		840
	3,900	Chaozhou Three-Circle Group Co., Ltd., Class A Shares		13,759
	2,300	Chengxin Lithium Group Co., Ltd., Class A Shares		7,009
	2,800	China Baoan Group Co., Ltd., Class A Shares		4,603
	255,000	China Cinda Asset Management Co., Ltd., Class H Shares(c)		24,476
	203,000	China CITIC Bank Corp., Ltd., Class H Shares(c)		108,204
	43,000	China Coal Energy Co., Ltd., Class H Shares(c)		46,452
	54,000	China Communications Services Corp., Ltd., Class H Shares(c)		22,982
	21,100	China Construction Bank Corp., Class A Shares		20,496
	5,729,224	China Construction Bank Corp., Class H Shares(c)		3,541,745
	6,200	China CSSC Holdings Ltd., Class A Shares		30,546
	27,298	China Eastern Airlines Corp., Ltd., Class A Shares*		14,447
	47,400	China Energy Engineering Corp., Ltd., Class A Shares		14,340
	91,612	China Everbright Bank Co., Ltd., Class A Shares		40,902
	52,000	China Everbright Bank Co., Ltd., Class H Shares(c)		16,276
	92,000	China Feihe Ltd.(a)		45,872
	12,000	China Galaxy Securities Co., Ltd., Class A Shares		20,248
	62,000	China Galaxy Securities Co., Ltd., Class H Shares(c)		32,677
	10,800	China Greatwall Technology Group Co., Ltd., Class A Shares		15,581
	53,000	China Hongqiao Group Ltd.		41,113
	3,100	China International Capital Corp., Ltd., Class A Shares		15,023
	34,000	China International Capital Corp., Ltd., Class H Shares(a)(c)		42,791
	7,200	China Jushi Co., Ltd., Class A Shares		10,012
	5,300	China Life Insurance Co., Ltd., Class A Shares		22,308
	160,000	China Life Insurance Co., Ltd., Class H Shares(c)		196,476
	8,800	China Literature Ltd.*(a)		27,051
	80,000	China Longyuan Power Group Corp., Ltd., Class H Shares(c)		56,482
	68,000	China Mengniu Dairy Co., Ltd.*		170,802
	28,600	China Merchants Bank Co., Ltd., Class A Shares		126,837
	908,391	China Merchants Bank Co., Ltd., Class H Shares(c)		3,528,745
	17,000	China Merchants Energy Shipping Co., Ltd., Class A Shares		16,978
	9,230	China Merchants Securities Co., Ltd., Class A Shares		18,066
	6,520	China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A Shares		8,528
	55,920	China Minsheng Banking Corp., Ltd., Class A Shares		31,338
	116,200	China Minsheng Banking Corp., Ltd., Class H Shares(c)		40,968
	78,000	China National Building Material Co., Ltd., Class H Shares(c)		29,432
	34,000	China National Nuclear Power Co., Ltd., Class A Shares		40,962
	2,470	China National Software & Service Co., Ltd., Class A Shares		10,980

See Notes to Financial Statements.

104



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 20.9% — (continued)
	5,200	China Northern Rare Earth Group High-Tech Co., Ltd., Class A Shares	$	13,601
	44,000	China Oilfield Services Ltd., Class H Shares(c)		38,805
	6,900	China Pacific Insurance Group Co., Ltd., Class A Shares		24,531
	59,600	China Pacific Insurance Group Co., Ltd., Class H Shares(c)		113,354
	43,800	China Petroleum & Chemical Corp., Class A Shares		37,996
	568,000	China Petroleum & Chemical Corp., Class H Shares(c)		314,624
	27,800	China Railway Group Ltd., Class A Shares		24,499
	93,000	China Railway Group Ltd., Class H Shares(c)		45,404
	22,980	China Railway Signal & Communication Corp., Ltd., Class A Shares		15,563
	4,498	China Resources Microelectronics Ltd., Class A Shares		26,623
	14,000	China Resources Mixc Lifestyle Services Ltd.(a)		42,675
	44,500	China Resources Pharmaceutical Group Ltd.(a)		30,039
	400	China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A Shares		3,052
	10,099	China Shenhua Energy Co., Ltd., Class A Shares		54,127
	238,500	China Shenhua Energy Co., Ltd., Class H Shares(c)		922,503
	20,400	China Southern Airlines Co., Ltd., Class A Shares*		16,761
	57,440	China State Construction Engineering Corp., Ltd., Class A Shares		42,647
	41,600	China Three Gorges Renewables Group Co., Ltd., Class A Shares		26,672
	2,535	China Tourism Group Duty Free Corp., Ltd., Class A Shares		30,445
	1,800	China Tourism Group Duty Free Corp., Ltd., Class H Shares(a)(c)		17,710
	1,048,000	China Tower Corp., Ltd., Class H Shares(a)(c)		127,255
	40,000	China United Network Communications Ltd., Class A Shares		26,658
	15,600	China Vanke Co., Ltd., Class A Shares		21,737
	503,295	China Vanke Co., Ltd., Class H Shares(c)		390,393
	31,600	China Yangtze Power Co., Ltd., Class A Shares		109,834
	1,200	China Zhenhua Group Science & Technology Co., Ltd., Class A Shares		9,501
	52,390	China Zheshang Bank Co., Ltd., Class A Shares		20,217
	1,800	Chongqing Brewery Co., Ltd., Class A Shares		16,363
	8,682	Chongqing Changan Automobile Co., Ltd., Class A Shares		17,822
	3,000	Chongqing Zhifei Biological Products Co., Ltd., Class A Shares		22,232
	132,000	CITIC Ltd.		132,899
	17,365	CITIC Securities Co., Ltd., Class A Shares		51,330
	36,925	CITIC Securities Co., Ltd., Class H Shares(c)		68,502
	26,600	CMOC Group Ltd., Class A Shares		22,703
	75,000	CMOC Group Ltd., Class H Shares(c)		46,421
	1,300	CNGR Advanced Material Co., Ltd., Class A Shares		8,560
	16,100	CNPC Capital Co., Ltd., Class A Shares		13,854
	74,180	Contemporary Amperex Technology Co., Ltd., Class A Shares		1,683,389
	45,800	COSCO SHIPPING Development Co., Ltd., Class A Shares		15,637
	5,300	COSCO Shipping Energy Transportation Co., Ltd., Class A Shares		10,127
	32,000	COSCO Shipping Energy Transportation Co., Ltd., Class H Shares(c)		30,210
	20,720	COSCO SHIPPING Holdings Co., Ltd., Class A Shares		30,140
	63,750	COSCO SHIPPING Holdings Co., Ltd., Class H Shares(c)		68,607
	268,000	Country Garden Holdings Co., Ltd.*		21,990
	52,000	Country Garden Services Holdings Co., Ltd.		39,592
	51,400	CRRC Corp., Ltd., Class A Shares		45,508
	76,000	CRRC Corp., Ltd., Class H Shares(c)		39,232
	8,700	CSC Financial Co., Ltd., Class A Shares		28,009
	2,400	CSPC Innovation Pharmaceutical Co., Ltd., Class A Shares		11,402
	205,120	CSPC Pharmaceutical Group Ltd.		159,788
	21,700	Daqin Railway Co., Ltd., Class A Shares		22,472
	3,283	DaShenLin Pharmaceutical Group Co., Ltd., Class A Shares		10,804
	600	Dongfang Electric Corp., Ltd., Class A Shares		1,362
	62,000	Dongfeng Motor Group Co., Ltd., Class H Shares(c)		26,555
	10,000	East Buy Holding Ltd.*(a)(b)		30,832
	19,025	East Money Information Co., Ltd., Class A Shares		37,071

See Notes to Financial Statements.

105



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 20.9% — (continued)
	600	Eastroc Beverage Group Co., Ltd., Class A Shares	$	14,904
	900	Ecovacs Robotics Co., Ltd., Class A Shares		4,663
	18,600	ENN Energy Holdings Ltd.		153,122
	246,799	ENN Natural Gas Co., Ltd., Class A Shares		640,373
	2,000	Eoptolink Technology Inc. Ltd., Class A Shares		16,666
	2,581	Eve Energy Co., Ltd., Class A Shares		13,734
	7,300	Everbright Securities Co., Ltd., Class A Shares		17,120
	4,000	Flat Glass Group Co., Ltd., Class A Shares		12,102
	10,000	Flat Glass Group Co., Ltd., Class H Shares(c)		18,553
	20,800	Focus Media Information Technology Co., Ltd., Class A Shares		18,189
	5,686	Foshan Haitian Flavouring & Food Co., Ltd., Class A Shares		32,088
	53,500	Fosun International Ltd.		30,903
	17,700	Founder Securities Co., Ltd., Class A Shares		18,734
	15,000	Foxconn Industrial Internet Co., Ltd., Class A Shares		38,939
	587,000	Fu Shou Yuan International Group Ltd.		384,098
	104,800	Full Truck Alliance Co., Ltd., ADR*		691,680
	4,100	Fuyao Glass Industry Group Co., Ltd., Class A Shares		24,633
	13,600	Fuyao Glass Industry Group Co., Ltd., Class H Shares(a)(c)		68,227
	3,220	Ganfeng Lithium Group Co., Ltd., Class A Shares		17,914
	8,120	Ganfeng Lithium Group Co., Ltd., Class H Shares(a)(c)		26,852
	21,800	GD Power Development Co., Ltd., Class A Shares		14,163
	15,100	GEM Co., Ltd., Class A Shares		11,237
	26,000	Genscript Biotech Corp.*		52,628
	9,000	GF Securities Co., Ltd., Class A Shares		17,720
	16,800	GF Securities Co., Ltd., Class H Shares(c)		18,119
	5,700	Giant Network Group Co., Ltd., Class A Shares		8,903
	924	Gigadevice Semiconductor Inc., Class A Shares		9,395
	4,300	GoerTek Inc., Class A Shares		9,937
	2,700	Goldwind Science & Technology Co., Ltd., Class A Shares		2,864
	1,100	Goneo Group Co., Ltd., Class A Shares		15,573
	2,000	Gotion High-tech Co., Ltd., Class A Shares*		5,500
	4,100	Great Wall Motor Co., Ltd., Class A Shares		13,318
	55,500	Great Wall Motor Co., Ltd., Class H Shares(c)		62,892
	222,600	Gree Electric Appliances Inc. of Zhuhai, Class A Shares		1,204,707
	2,200	Guangdong Haid Group Co., Ltd., Class A Shares		13,165
	7,700	Guanghui Energy Co., Ltd., Class A Shares		8,003
	88,000	Guangzhou Automobile Group Co., Ltd., Class H Shares(c)		38,138
	2,600	Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class A Shares		10,673
	7,900	Guangzhou Haige Communications Group Inc. Co., Class A Shares		12,675
	1,100	Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A Shares		9,205
	600	Guangzhou Shiyuan Electronic Technology Co., Ltd., Class A Shares		3,268
	3,220	Guangzhou Tinci Materials Technology Co., Ltd., Class A Shares		9,229
	9,400	Guosen Securities Co., Ltd., Class A Shares		11,263
	16,600	Guotai Junan Securities Co., Ltd., Class A Shares		34,777
	5,900	Guoyuan Securities Co., Ltd., Class A Shares		5,719
	5,279	H World Group Ltd., ADR		193,000
	35,000	Haidilao International Holding Ltd.(a)		63,865
	7,300	Haier Smart Home Co., Ltd., Class A Shares		24,404
	52,400	Haier Smart Home Co., Ltd., Class H Shares(c)		159,624
	70,600	Hainan Airlines Holding Co., Ltd., Class A Shares*		14,013
	29,200	Hainan Airport Infrastructure Co., Ltd., Class A Shares*		15,157
	16,000	Haitian International Holdings Ltd.		40,432
	9,300	Haitong Securities Co., Ltd., Class A Shares		11,797
	67,200	Haitong Securities Co., Ltd., Class H Shares(c)		33,432
	700	Hangzhou Binjiang Real Estate Group Co., Ltd., Class A Shares		734
	3,528	Hangzhou First Applied Material Co., Ltd., Class A Shares		13,639

See Notes to Financial Statements.

106



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 20.9% — (continued)
	2,700	Hangzhou Silan Microelectronics Co., Ltd., Class A Shares	$	7,832
	400	Hangzhou Tigermed Consulting Co., Ltd., Class A Shares		2,505
	28,000	Hansoh Pharmaceutical Group Co., Ltd.(a)		49,448
	1,600	Henan Shenhuo Coal & Power Co., Ltd., Class A Shares		4,104
	5,300	Henan Shuanghui Investment & Development Co., Ltd., Class A Shares		21,490
	280,500	Hengan International Group Co., Ltd.		867,868
	10,778	Hengli Petrochemical Co., Ltd., Class A Shares*		18,990
	8,200	Hengtong Optic-electric Co., Ltd., Class A Shares		13,930
	2,990	Hengyi Petrochemical Co., Ltd., Class A Shares*		2,871
	699	Hithink RoyalFlush Information Network Co., Ltd., Class A Shares		13,300
	14,100	HLA Group Corp., Ltd., Class A Shares		16,863
	900	Hoshine Silicon Industry Co., Ltd., Class A Shares		6,622
	12,000	Hua Hong Semiconductor Ltd.*(a)		25,825
	18,400	Huadian Power International Corp., Ltd., Class A Shares		15,805
	1,694	Huadong Medicine Co., Ltd., Class A Shares		7,878
	15,100	Huafon Chemical Co., Ltd., Class A Shares		14,293
	3,500	Huagong Tech Co., Ltd., Class A Shares		15,317
	2,260	Hualan Biological Engineering Inc., Class A Shares		6,168
	22,500	Huaneng Power International Inc., Class A Shares*		27,541
	82,000	Huaneng Power International Inc., Class H Shares*(c)		46,135
	7,200	Huatai Securities Co., Ltd., Class A Shares		14,538
	35,800	Huatai Securities Co., Ltd., Class H Shares(a)(c)		42,263
	10,500	Huaxia Bank Co., Ltd., Class A Shares		9,238
	323,799	Huayu Automotive Systems Co., Ltd., Class A Shares		785,934
	1,000	Huizhou Desay Sv Automotive Co., Ltd., Class A Shares		14,241
	3,200	Humanwell Healthcare Group Co., Ltd., Class A Shares		9,771
	3,785	Hundsun Technologies Inc., Class A Shares		12,830
	7,200	Hygeia Healthcare Holdings Co., Ltd.(a)		27,105
	3,242	Hygon Information Technology Co., Ltd., Class A Shares		38,138
	1,100	IEIT Systems Co., Ltd., Class A Shares		5,711
	3,900	Iflytek Co., Ltd., Class A Shares		26,747
	400	Imeik Technology Development Co., Ltd., Class A Shares		18,152
	86,700	Industrial & Commercial Bank of China Ltd., Class A Shares		64,104
	1,471,000	Industrial & Commercial Bank of China Ltd., Class H Shares(c)		760,023
	31,400	Industrial Bank Co., Ltd., Class A Shares		72,559
	19,760	Industrial Securities Co., Ltd., Class A Shares		15,942
	800	Ingenic Semiconductor Co., Ltd., Class A Shares		7,278
	62,900	Inner Mongolia BaoTou Steel Union Co., Ltd., Class A Shares*		13,465
	7,700	Inner Mongolia Dian Tou Energy Corp., Ltd., Class A Shares		17,700
	16,300	Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd., Class A Shares		8,764
	8,700	Inner Mongolia Yili Industrial Group Co., Ltd., Class A Shares		34,247
	29,900	Inner Mongolia Yitai Coal Co., Ltd., Class B Shares		60,154
	26,500	Innovent Biologics Inc.*(a)		143,676
	9,276	iQIYI Inc., ADR*		34,228
	2,200	Isoftstone Information Technology Group Co., Ltd., Class A Shares*		13,787
	4,116	JA Solar Technology Co., Ltd., Class A Shares		10,739
	2,600	Jason Furniture Hangzhou Co., Ltd., Class A Shares		13,501
	4,000	JCET Group Co., Ltd., Class A Shares		14,560
	26,000	JD Health International Inc.*(a)		99,211
	45,200	JD Logistics Inc.*(a)		44,652
	69,935	JD.com Inc., ADR		1,581,930
	97,594	JD.com Inc., Class A Shares		1,104,384
	7,400	Jiangsu Eastern Shenghong Co., Ltd., Class A Shares		10,788
	24,000	Jiangsu Expressway Co., Ltd., Class H Shares(c)		24,672
	1,948	Jiangsu Hengli Hydraulic Co., Ltd., Class A Shares		15,358
	10,301	Jiangsu Hengrui Pharmaceuticals Co., Ltd., Class A Shares		60,991

See Notes to Financial Statements.

107



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 20.9% — (continued)
	3,000	Jiangsu King’s Luck Brewery JSC Ltd., Class A Shares	$	22,357
	1,000	Jiangsu Pacific Quartz Co., Ltd., Class A Shares		11,093
	1,800	Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A Shares		25,233
	1,430	Jiangsu Yangnong Chemical Co., Ltd., Class A Shares		10,876
	3,200	Jiangsu Yuyue Medical Equipment & Supply Co., Ltd., Class A Shares		15,840
	6,200	Jiangsu Zhongtian Technology Co., Ltd., Class A Shares		11,280
	5,300	Jiangxi Copper Co., Ltd., Class A Shares		14,418
	19,000	Jiangxi Copper Co., Ltd., Class H Shares(c)		28,371
	9,597	Jinko Solar Co., Ltd., Class A Shares		11,777
	800	JiuGui Liquor Co., Ltd., Class A Shares		6,790
	6,800	Joincare Pharmaceutical Group Industry Co., Ltd., Class A Shares		11,401
	2,130	Jointown Pharmaceutical Group Co., Ltd., Class A Shares		2,408
	2,200	Jonjee Hi-Tech Industrial And Commercial Holding Co., Ltd., Class A Shares*		7,729
	1,268	Kangmei Pharmaceutical Co., Ltd., Class A Shares*#(d)		2
	5,567	Kanzhun Ltd., ADR		87,124
	74,752	KE Holdings Inc., ADR		1,015,880
	66,000	Kingdee International Software Group Co., Ltd.*		71,543
	22,400	Kingsoft Corp., Ltd.		62,496
	52,800	Kuaishou Technology, Class B Shares*(a)		301,225
	2,800	Kunlun Tech Co., Ltd., Class A Shares*		15,526
	1,788	Kweichow Moutai Co., Ltd., Class A Shares		420,733
	1,714,000	Lenovo Group Ltd.		1,904,439
	9,000	Lens Technology Co., Ltd., Class A Shares		15,127
	4,500	Lepu Medical Technology Beijing Co., Ltd., Class A Shares		9,425
	26,006	Li Auto Inc., Class A Shares*		594,255
	56,000	Li Ning Co., Ltd.		140,007
	70,500	Liaoning Port Co., Ltd., Class A Shares		14,491
	14,500	Lingyi iTech Guangdong Co., Class A Shares		11,064
	3,100	Livzon Pharmaceutical Group Inc., Class A Shares		16,560
	39,500	Longfor Group Holdings Ltd.(a)		49,546
	9,072	LONGi Green Energy Technology Co., Ltd., Class A Shares		26,741
	11,038	Luxshare Precision Industry Co., Ltd., Class A Shares		42,276
	2,000	Luzhou Laojiao Co., Ltd., Class A Shares		48,797
	3,400	Mango Excellent Media Co., Ltd., Class A Shares		11,695
	864	Maxscend Microelectronics Co., Ltd., Class A Shares		12,899
	11,300	Meihua Holdings Group Co., Ltd., Class A Shares		16,939
	9,480	Meinian Onehealth Healthcare Holdings Co., Ltd., Class A Shares*		7,343
	325,983	Meituan, Class B Shares*(a)		3,307,960
	36,900	Metallurgical Corp. of China Ltd., Class A Shares		16,995
	144,600	Midea Group Co., Ltd., Class A Shares		1,254,475
	4,300	Ming Yang Smart Energy Group Ltd., Class A Shares		6,094
	8,716	MINISO Group Holding Ltd.		40,191
	40,100	MINISO Group Holding Ltd., ADR		735,033
	964,000	Minth Group Ltd.		1,641,363
	1,749	Montage Technology Co., Ltd., Class A Shares		12,685
	6,986	Muyuan Foods Co., Ltd., Class A Shares		37,314
	4,680	Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd., Class A Shares		9,300
	10,195	NARI Technology Co., Ltd., Class A Shares		32,719
	5,493	National Silicon Industry Group Co., Ltd., Class A Shares*		11,754
	700	NAURA Technology Group Co., Ltd., Class A Shares		27,455
	84,425	NetEase Inc.		1,819,852
	5,803	NetEase Inc., ADR		626,260
	2,400	New China Life Insurance Co., Ltd., Class A Shares		10,925
	21,000	New China Life Insurance Co., Ltd., Class H Shares(c)		40,328
	6,400	New Hope Liuhe Co., Ltd., Class A Shares*		7,880
	33,010	New Oriental Education & Technology Group Inc.*		310,835

See Notes to Financial Statements.

108



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 20.9% — (continued)
	3,400	Ninestar Corp., Class A Shares	$	11,087
	1,780	Ningbo Deye Technology Co., Ltd., Class A Shares		20,696
	2,100	Ningbo Orient Wires & Cables Co., Ltd., Class A Shares		11,301
	5,200	Ningbo Shanshan Co., Ltd., Class A Shares		8,261
	800	Ningbo Tuopu Group Co., Ltd., Class A Shares		6,520
	10,200	Ningxia Baofeng Energy Group Co., Ltd., Class A Shares		21,554
	32,013	NIO Inc., ADR*(b)		184,075
	43,200	Nongfu Spring Co., Ltd., Class H Shares(a)(c)		245,503
	1,000	Oppein Home Group Inc., Class A Shares		9,595
	14,464	Orient Securities Co., Ltd., Class A Shares		17,694
	187,000	People’s Insurance Co. Group of China Ltd. (The), Class H Shares(c)		62,195
	4,650	Perfect World Co., Ltd., Class A Shares		7,557
	21,700	PetroChina Co., Ltd., Class A Shares		26,615
	470,000	PetroChina Co., Ltd., Class H Shares(c)		371,331
	2,025	Pharmaron Beijing Co., Ltd., Class A Shares		6,578
	158,000	PICC Property & Casualty Co., Ltd., Class H Shares(c)		215,918
	681,880	Ping An Bank Co., Ltd., Class A Shares		1,002,155
	15,800	Ping An Insurance Group Co. of China Ltd., Class A Shares		94,070
	834,000	Ping An Insurance Group Co. of China Ltd., Class H Shares(c)		3,714,401
	18,000	Poly Developments & Holdings Group Co., Ltd., Class A Shares		24,419
	8,800	Pop Mart International Group Ltd.(a)		22,057
	45,300	Postal Savings Bank of China Co., Ltd., Class A Shares		30,427
	183,000	Postal Savings Bank of China Co., Ltd., Class H Shares(a)(c)		96,628
	22,300	Power Construction Corp. of China Ltd., Class A Shares		15,815
	70,700	Proya Cosmetics Co., Ltd., Class A Shares		1,040,834
	2,652	Qifu Technology Inc., ADR		40,973
	8,300	Qinghai Salt Lake Industry Co., Ltd., Class A Shares*		18,621
	4,000	Range Intelligent Computing Technology Group Co., Ltd., Class A Shares		14,318
	11,850	Rongsheng Petrochemical Co., Ltd., Class A Shares		16,879
	11,800	SAIC Motor Corp., Ltd., Class A Shares		24,498
	1,400	Sailun Group Co., Ltd., Class A Shares		2,800
	6,100	Sanan Optoelectronics Co., Ltd., Class A Shares		10,532
	800	Sangfor Technologies Inc., Class A Shares*		7,039
	24,000	Sany Heavy Equipment International Holdings Co., Ltd.		18,628
	9,400	Sany Heavy Industry Co., Ltd., Class A Shares		18,186
	7,247	Satellite Chemical Co., Ltd., Class A Shares*		16,686
	14,700	SDIC Power Holdings Co., Ltd., Class A Shares		29,393
	2,700	Seres Group Co., Ltd., Class A Shares*		34,279
	7,700	SF Holding Co., Ltd., Class A Shares		40,826
	975	SG Micro Corp., Class A Shares		9,585
	16,700	Shaanxi Coal Industry Co., Ltd., Class A Shares		59,790
	10,950	Shan Xi Hua Yang Group New Energy Co., Ltd., Class A Shares		15,377
	5,600	Shandong Gold Mining Co., Ltd., Class A Shares		16,869
	15,500	Shandong Gold Mining Co., Ltd., Class H Shares(a)(c)		24,701
	2,250	Shandong Hualu Hengsheng Chemical Co., Ltd., Class A Shares		8,558
	14,900	Shandong Nanshan Aluminum Co., Ltd., Class A Shares		6,414
	6,800	Shandong Sun Paper Industry JSC Ltd., Class A Shares		13,429
	62,400	Shandong Weigao Group Medical Polymer Co., Ltd., Class H Shares(c)		40,410
	4,620	Shanghai Aiko Solar Energy Co., Ltd., Class A Shares		9,700
	2,548	Shanghai Bairun Investment Holding Group Co., Ltd., Class A Shares		7,111
	101,138	Shanghai Baosight Software Co., Ltd., Class A Shares		657,390
	14,664	Shanghai Baosight Software Co., Ltd., Class B Shares		32,999
	39,300	Shanghai Electric Group Co., Ltd., Class A Shares*		23,136
	4,000	Shanghai Fosun Pharmaceutical Group Co., Ltd., Class A Shares		13,644
	483,000	Shanghai Fosun Pharmaceutical Group Co., Ltd., Class H Shares(c)		871,134
	163	Shanghai Fudan Microelectronics Group Co., Ltd., Class A Shares		835

See Notes to Financial Statements.

109



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 20.9% — (continued)
	2,000	Shanghai International Airport Co., Ltd., Class A Shares*	$	9,765
	17,999	Shanghai International Port Group Co., Ltd., Class A Shares		13,571
	2,700	Shanghai Jinjiang International Hotels Co., Ltd., Class A Shares		10,831
	2,473	Shanghai Junshi Biosciences Co., Ltd., Class A Shares*		10,780
	2,200	Shanghai M&G Stationery Inc., Class A Shares		10,876
	2,700	Shanghai Pharmaceuticals Holding Co., Ltd., Class A Shares		6,793
	16,800	Shanghai Pharmaceuticals Holding Co., Ltd., Class H Shares(c)		27,039
	40,200	Shanghai Pudong Development Bank Co., Ltd., Class A Shares		39,823
	5,102	Shanghai Putailai New Energy Technology Co., Ltd., Class A Shares		13,288
	15,800	Shanghai RAAS Blood Products Co., Ltd., Class A Shares		15,740
	19,600	Shanghai Rural Commercial Bank Co., Ltd., Class A Shares		17,511
	1,498	Shanghai United Imaging Healthcare Co., Ltd., Class A Shares		29,581
	6,100	Shanxi Coking Coal Energy Group Co., Ltd., Class A Shares		9,863
	7,400	Shanxi Lu’an Environmental Energy Development Co., Ltd., Class A Shares		26,534
	3,500	Shanxi Meijin Energy Co., Ltd., Class A Shares*		3,338
	1,540	Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A Shares		49,627
	18,000	Shenergy Co., Ltd., Class A Shares		18,910
	4,400	Shengyi Technology Co., Ltd., Class A Shares		10,474
	1,260	Shennan Circuits Co., Ltd., Class A Shares		12,278
	48,700	Shenwan Hongyuan Group Co., Ltd., Class A Shares		30,954
	1,680	Shenzhen Energy Group Co., Ltd., Class A Shares		1,537
	263,200	Shenzhen Inovance Technology Co., Ltd., Class A Shares		2,309,559
	100	Shenzhen Kaifa Technology Co., Ltd., Class A Shares		199
	2,240	Shenzhen Kangtai Biological Products Co., Ltd., Class A Shares		7,503
	18,300	Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A Shares		732,577
	1,900	Shenzhen New Industries Biomedical Engineering Co., Ltd., Class A Shares		21,283
	15,200	Shenzhen Overseas Chinese Town Co., Ltd., Class A Shares*		6,477
	971	Shenzhen Transsion Holdings Co., Ltd., Class A Shares		21,382
	67,100	Shenzhou International Group Holdings Ltd.		554,323
	4,649	Shijiazhuang Yiling Pharmaceutical Co., Ltd., Class A Shares		13,847
	4,000	Sichuan Chuantou Energy Co., Ltd., Class A Shares		8,692
	17,860	Sichuan Road & Bridge Group Co., Ltd., Class A Shares		20,226
	1,200	Sichuan Swellfun Co., Ltd., Class A Shares		8,368
	7,000	Silergy Corp.		92,948
	4,000	Sinoma Science & Technology Co., Ltd., Class A Shares		8,687
	840	Sinomine Resource Group Co., Ltd., Class A Shares		4,382
	567,772	Sinopharm Group Co., Ltd., Class H Shares(c)		1,593,378
	16,500	Sinotruk Hong Kong Ltd.		43,525
	1,176	Skshu Paint Co., Ltd., Class A Shares*		6,280
	37,000	Smoore International Holdings Ltd.(a)		25,731
	3,520	Songcheng Performance Development Co., Ltd., Class A Shares		5,250
	2,000	Spring Airlines Co., Ltd., Class A Shares*		15,925
	400	StarPower Semiconductor Ltd., Class A Shares		8,414
	52,550	Sungrow Power Supply Co., Ltd., Class A Shares		636,319
	16,200	Sunny Optical Technology Group Co., Ltd.		105,445
	2,800	Sunwoda Electronic Co., Ltd., Class A Shares		5,527
	30,403	SUPCON Technology Co., Ltd., Class A Shares		194,022
	512	Suzhou Maxwell Technologies Co., Ltd., Class A Shares		8,636
	1,000	Suzhou TFC Optical Communication Co., Ltd., Class A Shares		18,872
	10,231	TAL Education Group, ADR*		150,703
	8,060	TBEA Co., Ltd., Class A Shares		16,664
	20,020	TCL Technology Group Corp., Class A Shares*		12,587
	4,875	TCL Zhonghuan Renewable Energy Technology Co., Ltd., Class A Shares		9,146
	399,231	Tencent Holdings Ltd.		14,028,226
	17,432	Tencent Music Entertainment Group, ADR*		182,513
	9,900	Tianma Microelectronics Co., Ltd., Class A Shares*		12,548

See Notes to Financial Statements.

110



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 20.9% — (continued)
	2,300	Tianqi Lithium Corp., Class A Shares	$	17,159
	2,400	Tianshan Aluminum Group Co., Ltd., Class A Shares		1,880
	988,000	Tingyi Cayman Islands Holding Corp.		1,102,359
	31,600	Tongcheng Travel Holdings Ltd.*		79,522
	4,800	TongFu Microelectronics Co., Ltd., Class A Shares		14,869
	5,900	Tongkun Group Co., Ltd., Class A Shares*		11,137
	4,700	Tongwei Co., Ltd., Class A Shares		17,298
	400	Topchoice Medical Corp., Class A Shares*		3,651
	39,000	Topsports International Holdings Ltd.(a)		26,430
	25,000	TravelSky Technology Ltd., Class H Shares(c)		30,079
	4,401	Trina Solar Co., Ltd., Class A Shares		15,315
	12,514	Trip.com Group Ltd.*		563,726
	300	Tsingtao Brewery Co., Ltd., Class A Shares		3,341
	14,000	Tsingtao Brewery Co., Ltd., Class H Shares(c)		90,031
	979	Unigroup Guoxin Microelectronics Co., Ltd., Class A Shares*		9,667
	1,560	Unisplendour Corp., Ltd., Class A Shares*		4,755
	7,991	Vipshop Holdings Ltd., ADR*		153,827
	1,800	Walvax Biotechnology Co., Ltd., Class A Shares		4,597
	8,300	Wanda Film Holding Co., Ltd., Class A Shares*		13,777
	4,700	Wanhua Chemical Group Co., Ltd., Class A Shares		51,682
	12,400	Weichai Power Co., Ltd., Class A Shares		29,046
	836,200	Weichai Power Co., Ltd., Class H Shares(c)		1,646,726
	3,040	Weihai Guangwei Composites Co., Ltd., Class A Shares		11,541
	7,640	Wens Foodstuffs Group Co., Ltd., Class A Shares		20,335
	8,300	Western Mining Co., Ltd., Class A Shares		19,190
	11,400	Western Securities Co., Ltd., Class A Shares		12,617
	2,442	Western Superconducting Technologies Co., Ltd., Class A Shares		13,500
	1,620	Will Semiconductor Co., Ltd. Shanghai, Class A Shares		21,497
	1,600	Wingtech Technology Co., Ltd., Class A Shares*		8,498
	8,200	Wuchan Zhongda Group Co., Ltd., Class A Shares		5,235
	2,038	Wuhan Guide Infrared Co., Ltd., Class A Shares		1,776
	4,900	Wuliangye Yibin Co., Ltd., Class A Shares		96,274
	1,760	WUS Printed Circuit Kunshan Co., Ltd., Class A Shares		6,422
	3,864	WuXi AppTec Co., Ltd., Class A Shares		29,285
	8,748	WuXi AppTec Co., Ltd., Class H Shares(a)(c)		54,241
	421,500	Wuxi Biologics Cayman Inc.*(a)		999,356
	22,000	XCMG Construction Machinery Co., Ltd., Class A Shares		18,105
	347,600	Xiaomi Corp., Class B Shares*(a)		587,768
	2,778	Xinjiang Daqo New Energy Co., Ltd., Class A Shares		11,261
	1,130,000	Xinyi Solar Holdings Ltd.		681,865
	24,422	XPeng Inc., Class A Shares*		114,679
	28,000	Yadea Group Holdings Ltd.(a)		43,981
	3,000	Yankuang Energy Group Co., Ltd., Class A Shares		10,774
	49,000	Yankuang Energy Group Co., Ltd., Class H Shares(c)		113,224
	3,700	Yantai Jereh Oilfield Services Group Co., Ltd., Class A Shares		15,442
	1,470	Yealink Network Technology Corp., Ltd., Class A Shares		5,987
	111,357	Yifeng Pharmacy Chain Co., Ltd., Class A Shares		607,229
	1,800	Yihai Kerry Arawana Holdings Co., Ltd., Class A Shares		8,078
	1,430	YongXing Special Materials Technology Co., Ltd., Class A Shares		10,964
	5,330	Yonyou Network Technology Co., Ltd., Class A Shares		9,379
	21,025	Yum China Holdings Inc.		909,309
	4,160	Yunda Holding Co., Ltd., Class A Shares		4,163
	7,900	Yunnan Aluminium Co., Ltd., Class A Shares		12,718
	2,400	Yunnan Baiyao Group Co., Ltd., Class A Shares		16,597
	800	Yunnan Botanee Bio-Technology Group Co., Ltd., Class A Shares		7,283
	1,300	Yunnan Energy New Material Co., Ltd., Class A Shares		8,286

See Notes to Financial Statements.

111



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 20.9% — (continued)
	19,150	Zai Lab Ltd.*	$	40,672
	800	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd., Class A Shares		24,762
	24,500	Zhaojin Mining Industry Co., Ltd., Class H Shares(c)		25,603
	14,520	Zhejiang Century Huatong Group Co., Ltd., Class A Shares*		9,856
	2,100	Zhejiang Chint Electrics Co., Ltd., Class A Shares		5,999
	6,400	Zhejiang Dahua Technology Co., Ltd., Class A Shares		16,372
	1,300	Zhejiang Dingli Machinery Co., Ltd., Class A Shares		10,649
	27,680	Zhejiang Expressway Co., Ltd., Class H Shares(c)		21,153
	2,158	Zhejiang Huayou Cobalt Co., Ltd., Class A Shares		8,296
	1,900	Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., Class A Shares		9,776
	10,982	Zhejiang Leapmotor Technology Co., Ltd.*(a)		38,594
	7,200	Zhejiang NHU Co., Ltd., Class A Shares		17,986
	5,500	Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A Shares		19,050
	23,800	Zhejiang Zheneng Electric Power Co., Ltd., Class A Shares*		17,770
	7,900	Zheshang Securities Co., Ltd., Class A Shares		11,238
	18,500	ZhongAn Online P&C Insurance Co., Ltd., Class H Shares*(a)(c)		29,328
	1,300	Zhongji Innolight Co., Ltd., Class A Shares		28,019
	11,600	Zhongjin Gold Corp., Ltd., Class A Shares		16,784
	17,500	Zhongsheng Group Holdings Ltd.		32,121
	2,300	Zhongtai Securities Co., Ltd., Class A Shares		2,219
	3,906	Zhuzhou CRRC Times Electric Co., Ltd., Class A Shares		21,060
	11,200	Zhuzhou CRRC Times Electric Co., Ltd., Class H Shares(c)		32,802
	25,900	Zijin Mining Group Co., Ltd., Class A Shares		47,252
	118,000	Zijin Mining Group Co., Ltd., Class H Shares(c)		191,689
	13,200	Zoomlion Heavy Industry Science & Technology Co., Ltd., Class A Shares		14,655
	3,100	ZTE Corp., Class A Shares		12,850
	18,000	ZTE Corp., Class H Shares(c)		40,675
	9,754	ZTO Express Cayman Inc., ADR		187,179

		Total China		93,021,918


Colombia — 0.0%@
	6,956	Bancolombia SA		58,377
	8,913	Interconexion Electrica SA ESP		37,968

		Total Colombia		96,345


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


Czech Republic — 0.0%@
	3,779	CEZ AS		129,167
	1,684	Komercni Banka AS		58,622
	5,966	Moneta Money Bank AS(a)		26,215

		Total Czech Republic		214,004


Egypt — 0.4%
	1,593,504	Cleopatra Hospital*		311,115
	55,480	Commercial International Bank - Egypt (CIB)(d)		131,260
	793,001	Commercial International Bank - Egypt (CIB), Class Registered Shares, GDR		1,094,349
	22,745	Eastern Co. SAE(d)		26,634

		Total EgyPT		1,563,358


Georgia — 0.1%
	25,900	Georgia Capital PLC*		400,837


Germany — 0.1%
	22,340	Delivery Hero SE, Class A Shares*(a)		515,535

See Notes to Financial Statements.

112



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Greece — 0.6%
	51,204	Alpha Services & Holdings SA*	$	96,091
	339,236	Eurobank Ergasias Services & Holdings SA*		700,846
	1,594	FF Group*(d)(e)		—
	4,184	Hellenic Telecommunications Organization SA		63,143
	2,718	JUMBO SA		79,433
	1,626	Motor Oil Hellas Corinth Refineries SA		46,381
	2,130	Mytilineos SA		82,876
	126,043	National Bank of Greece SA*		986,827
	36,736	OPAP SA		669,245
	15,521	Piraeus Financial Holdings SA*		68,275
	5,371	Public Power Corp. SA*		69,967

		Total Greece		2,863,084


Hong Kong — 1.8%
	323,000	AIA Group Ltd.		2,613,818
	116,000	Alibaba Health Information Technology Ltd.*		50,759
	60,500	ASMPT Ltd.		743,009
	11,000	Beijing Enterprises Holdings Ltd.		41,495
	78,000	Beijing Enterprises Water Group Ltd.		18,348
	72,000	Bosideng International Holdings Ltd.		36,338
	64,000	Brilliance China Automotive Holdings Ltd.		37,231
	15,000	C&D International Investment Group Ltd.		24,441
	1,954,000	China Education Group Holdings Ltd.		1,120,112
	64,800	China Gas Holdings Ltd.		59,203
	424,000	China Medical System Holdings Ltd.		696,758
	29,538	China Merchants Port Holdings Co., Ltd.		36,631
	82,500	China Overseas Land & Investment Ltd.		122,922
	15,000	China Overseas Property Holdings Ltd.		12,686
	131,000	China Power International Development Ltd.		53,027
	34,000	China Resources Beer Holdings Co., Ltd.		147,291
	21,600	China Resources Gas Group Ltd.		65,252
	70,000	China Resources Land Ltd.		215,883
	46,000	China Resources Power Holdings Co., Ltd.		99,457
	128,000	China Ruyi Holdings Ltd.*		25,180
	42,000	China State Construction International Holdings Ltd.		46,760
	35,800	China Taiping Insurance Holdings Co., Ltd.		31,129
	51,000	Chow Tai Fook Jewellery Group Ltd.		76,111
	42,000	COSCO SHIPPING Ports Ltd.		25,028
	50,000	Far East Horizon Ltd.		39,802
	57,000	Galaxy Entertainment Group Ltd.		310,824
	531,000	GCL Technology Holdings Ltd.		74,113
	128,000	Geely Automobile Holdings Ltd.		139,730
	60,000	Guangdong Investment Ltd.		35,644
	18,000	Kingboard Holdings Ltd.		35,395
	92,000	Kunlun Energy Co., Ltd.		78,500
	3,000	Orient Overseas International Ltd.		46,600
	238,750	Sino Biopharmaceutical Ltd.		95,112
	7,000	Vinda International Holdings Ltd.		20,802
	1,073,000	Want Want China Holdings Ltd.		592,576
	39,800	Yuexiu Property Co., Ltd.		26,477

		Total Hong Kong		7,894,444


Hungary — 1.0%
	106,267	MOL Hungarian Oil & Gas PLC		845,705
	69,618	OTP Bank Nyrt		3,338,967
	3,220	Richter Gedeon Nyrt		85,764

		Total Hungary		4,270,436

See Notes to Financial Statements.

113



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

India — 16.5%
	1,077	ABB India Ltd.	$	71,075
	3,871	Adani Enterprises Ltd.		152,913
	6,610	Adani Green Energy Ltd.*		151,505
	11,013	Adani Ports & Special Economic Zone Ltd.		175,150
	16,305	Adani Power Ltd.*		107,262
	11,758	Ambuja Cements Ltd.		85,990
	4,042	APL Apollo Tubes Ltd.		75,191
	2,278	Apollo Hospitals Enterprise Ltd.		167,598
	30,866	Ashok Leyland Ltd.		63,514
	55,327	Asian Paints Ltd.		1,894,096
	2,675	Astral Ltd.		67,520
	4,479	AU Small Finance Bank Ltd.(a)		30,786
	6,343	Aurobindo Pharma Ltd.		78,744
	3,709	Avenue Supermarts Ltd.*(a)		175,330
	108,360	Axis Bank Ltd.		1,398,654
	1,498	Bajaj Auto Ltd.		142,781
	6,349	Bajaj Finance Ltd.		496,868
	8,848	Bajaj Finserv Ltd.		170,374
	580	Bajaj Holdings & Investment Ltd.		64,959
	1,710	Balkrishna Industries Ltd.		45,833
	13,938	Bandhan Bank Ltd.(a)		33,191
	22,615	Bank of Baroda.		72,884
	6,070	Berger Paints India Ltd.		45,319
	80,546	Bharat Electronics Ltd.		199,405
	6,110	Bharat Forge Ltd.		84,773
	17,014	Bharat Heavy Electricals Ltd.		47,207
	18,270	Bharat Petroleum Corp., Ltd.		133,049
	51,022	Bharti Airtel Ltd.		694,923
	2,430	Britannia Industries Ltd.		146,160
	12,755	CG Power & Industrial Solutions Ltd.		69,100
	74,248	Cholamandalam Investment & Finance Co., Ltd.		980,112
	11,946	Cipla Ltd.		212,607
	35,910	Coal India Ltd.		188,673
	2,991	Colgate-Palmolive India Ltd.		90,996
	6,095	Container Corp. Of India Ltd.		72,677
	3,114	Cummins India Ltd.		103,392
	14,078	Dabur India Ltd.		91,594
	91,447	Delhivery Ltd.*		525,155
	2,763	Divi’s Laboratories Ltd.		115,992
	16,306	DLF Ltd.		178,241
	2,480	Dr Reddy’s Laboratories Ltd.		191,980
	3,166	Eicher Motors Ltd.		144,331
	54,208	GAIL India Ltd.		119,868
	94,009	GMR Airports Infrastructure Ltd.*		95,716
	9,267	Godrej Consumer Products Ltd.		137,952
	2,686	Godrej Properties Ltd.*		77,949
	5,721	Grasim Industries Ltd.		151,453
	5,654	Havells India Ltd.		104,506
	21,560	HCL Technologies Ltd.		434,367
	2,092	HDFC Asset Management Co., Ltd.(a)		95,011
	156,595	HDFC Bank Ltd.		2,647,515
	106,936	HDFC Bank Ltd., ADR		5,721,076
	22,232	HDFC Life Insurance Co., Ltd.(a)		156,225
	2,377	Hero MotoCorp Ltd.		126,862
	113,419	Hindalco Industries Ltd.		694,804
	4,638	Hindustan Aeronautics Ltd.		172,091

See Notes to Financial Statements.

114



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

India — 16.5% — (continued)
	13,771	Hindustan Petroleum Corp., Ltd.	$	84,929
	18,417	Hindustan Unilever Ltd.		533,304
	116,698	ICICI Bank Ltd.		1,479,807
	178,220	ICICI Bank Ltd., ADR		4,564,214
	5,885	ICICI Lombard General Insurance Co., Ltd.(a)		122,404
	7,139	ICICI Prudential Life Insurance Co., Ltd.(a)		46,229
	72,773	IDFC First Bank Ltd.*		70,747
	20,451	Indian Hotels Co., Ltd., Class A Shares		144,813
	66,350	Indian Oil Corp., Ltd.		132,654
	4,984	Indian Railway Catering & Tourism Corp., Ltd.		56,038
	5,863	Indraprastha Gas Ltd.		30,137
	460,456	Indus Towers Ltd.*		1,411,658
	6,945	IndusInd Bank Ltd.		123,593
	1,690	Info Edge India Ltd.		107,419
	75,433	Infosys Ltd.		1,518,319
	44,626	Infosys Ltd., ADR		890,735
	3,160	InterGlobe Aviation Ltd.*(a)		120,181
	67,919	ITC Ltd.		332,339
	7,993	Jindal Steel & Power Ltd.		75,017
	184,232	Jio Financial Services Ltd.*		687,804
	13,170	JSW Steel Ltd.		128,245
	9,086	Jubilant Foodworks Ltd.		51,046
	126,959	Kotak Mahindra Bank Ltd.		2,604,262
	15,670	Larsen & Toubro Ltd.		659,441
	1,905	LTIMindtree Ltd.(a)		122,712
	5,535	Lupin Ltd.		108,589
	5,993	Macrotech Developers Ltd.(a)		83,652
	21,181	Mahindra & Mahindra Ltd.		494,916
	11,927	Marico Ltd.		75,390
	20,837	Maruti Suzuki India Ltd.		2,854,879
	18,524	Max Healthcare Institute Ltd.		175,587
	1,747	Mphasis Ltd.		55,467
	45	MRF Ltd.		79,048
	3,203	Muthoot Finance Ltd.		49,896
	7,670	Nestle India Ltd.		239,892
	9,445	NMDC Ltd.		25,745
	99,634	NTPC Ltd.		401,519
	44,240	Oberoi Realty Ltd.		718,698
	69,027	Oil & Natural Gas Corp., Ltd.		219,620
	4,649	One 97 Communications Ltd.*		23,418
	147	Page Industries Ltd.		61,213
	1,199	Persistent Systems Ltd.		124,564
	17,509	Petronet LNG Ltd.		57,936
	45,200	Phoenix Mills Ltd. (The)		1,526,331
	2,152	PI Industries Ltd.		95,691
	3,305	Pidilite Industries Ltd.		109,818
	1,130	Polycab India Ltd.		64,836
	37,344	Power Finance Corp., Ltd.		181,039
	106,793	Power Grid Corp. of India Ltd.		365,518
	76,677	Punjab National Bank.		113,681
	30,403	REC Ltd.		163,265
	306,612	Reliance Industries Ltd.		10,855,986
	76,900	ReNew Energy Global PLC, Class A Shares*		499,850
	54,912	Samvardhana Motherson International Ltd.		79,063
	5,763	SBI Cards & Payment Services Ltd.		50,066
	10,447	SBI Life Insurance Co., Ltd.(a)		196,277

See Notes to Financial Statements.

115



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

India — 16.5% — (continued)
	207	Shree Cement Ltd.	$	63,536
	5,911	Shriram Finance Ltd.		174,136
	2,065	Siemens Ltd.		116,094
	10,219	Sona Blw Precision Forgings Ltd.(a)		84,854
	3,318	SRF Ltd.		95,613
	40,821	State Bank of India		369,131
	107,071	Sterling & Wilson Renewable*		789,386
	21,636	Sun Pharmaceutical Industries Ltd.		411,633
	1,431	Supreme Industries Ltd.		71,335
	187,826	Suzlon Energy Ltd.*		102,044
	2,313	Tata Communications Ltd.		53,541
	80,171	Tata Consultancy Services Ltd.		3,986,563
	13,179	Tata Consumer Products Ltd.		188,522
	865	Tata Elxsi Ltd.		82,611
	40,028	Tata Motors Ltd.		458,640
	9,732	Tata Motors Ltd., Class A Shares		74,009
	36,204	Tata Power Co., Ltd. (The)		163,540
	170,887	Tata Steel Ltd.		292,286
	12,185	Tech Mahindra Ltd.		188,419
	95,224	Titan Co., Ltd.		4,187,517
	2,293	Torrent Pharmaceuticals Ltd.		74,073
	4,291	Trent Ltd.		201,697
	2,332	Tube Investments of India Ltd.		97,657
	5,178	TVS Motor Co., Ltd.*		133,091
	18,959	UltraTech Cement Ltd.		2,265,370
	17,513	Union Bank of India Ltd.		30,951
	6,461	United Spirits Ltd.		90,890
	148,782	UPL Ltd.		851,975
	9,840	Varun Beverages Ltd.		166,864
	19,247	Vedanta Ltd.		61,932
	29,760	Wipro Ltd.		186,516
	264,457	Yes Bank Ltd.*		79,620
	135,646	Zomato Ltd.*		274,119

		Total India		73,490,961


Indonesia — 3.0%
	294,500	Adaro Energy Indonesia Tbk PT		45,256
	137,900	Amman Mineral Internasional PT*		74,668
	197,700	Aneka Tambang Tbk		18,350
	3,090,000	Astra International Tbk PT		1,028,956
	1,112,800	Bank BTPN Syariah Tbk PT		97,089
	1,241,700	Bank Central Asia Tbk PT		778,487
	3,865,648	Bank Mandiri Persero Tbk PT		1,716,959
	4,204,200	Bank Negara Indonesia Persero Tbk PT		1,601,616
	10,941,024	Bank Rakyat Indonesia Persero Tbk PT		4,247,658
	559,731	Barito Pacific Tbk PT		34,791
	174,600	Charoen Pokphand Indonesia Tbk PT		53,663
	18,776,600	GoTo Gojek Tokopedia Tbk PT, Class A Shares*		84,507
	53,100	Indah Kiat Pulp & Paper Tbk PT		29,508
	48,800	Indofood CBP Sukses Makmur Tbk PT		35,802
	106,100	Indofood Sukses Makmur Tbk PT		44,722
	492,600	Kalbe Farma Tbk PT		46,709
	255,049	Merdeka Copper Gold Tbk PT*		36,567
	505,900	Sarana Menara Nusantara Tbk PT		29,601
	79,529	Semen Indonesia Persero Tbk PT		30,813
	448,700	Sumber Alfaria Trijaya Tbk PT		78,467

See Notes to Financial Statements.

116



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Indonesia — 3.0% — (continued)
	6,948,487	Telkom Indonesia Persero Tbk PT	$	1,770,161
	37,390	Telkom Indonesia Persero Tbk PT, ADR		956,436
	188,500	Unilever Indonesia Tbk PT		32,713
	441,300	United Tractors Tbk PT		661,194

		Total Indonesia		13,534,693


Ireland — 0.4%
	13,666	PDD Holdings Inc., ADR*		1,701,964


Kazakhstan — 0.5%
	21,061	Kaspi.KZ JSC, ADR		2,190,133
	7,431	Polymetal International PLC*(d)(e)		1

		Total Kazakhstan		2,190,134


Kuwait — 0.3%
	34,051	Agility Public Warehousing Co., KSC*		66,538
	32,782	Boubyan Bank KSCP		68,503
	46,363	Gulf Bank KSCP		44,465
	188,976	Kuwait Finance House KSCP		497,709
	20,052	Mabanee Co., KPSC		53,303
	47,340	Mobile Telecommunications Co., KSCP		77,454
	168,700	National Bank of Kuwait SAKP		537,596

		Total Kuwait		1,345,568


Luxembourg — 0.1%
	3,221	Reinet Investments SCA		81,347
	12,977	Ternium SA, ADR		526,088

		Total Luxembourg		607,435


Malaysia — 0.5%
	46,100	AMMB Holdings Bhd		42,162
	59,300	Axiata Group Bhd		34,777
	84,300	CELCOMDIGI BHD		77,281
	146,107	CIMB Group Holdings Bhd		198,914
	43,400	Gamuda Bhd		48,339
	47,100	Genting Bhd		47,399
	53,400	Genting Malaysia Bhd		32,425
	15,800	Hong Leong Bank Bhd		65,783
	48,000	IHH Healthcare Bhd		62,214
	53,700	Inari Amertron Bhd		35,938
	56,900	IOI Corp. Bhd		47,717
	11,400	Kuala Lumpur Kepong Bhd		53,877
	123,009	Malayan Banking Bhd		247,075
	25,900	Malaysia Airports Holdings Bhd		46,305
	57,900	Maxis Bhd		45,394
	29,200	MISC Bhd		46,821
	45,300	MR DIY Group M Bhd(a)		14,894
	1,600	Nestle Malaysia Bhd		42,129
	59,300	Petronas Chemicals Group Bhd		87,493
	8,600	Petronas Dagangan Bhd		41,402
	18,400	Petronas Gas Bhd		69,748
	12,800	PPB Group Bhd		42,089
	76,700	Press Metal Aluminium Holdings Bhd		75,624
	325,900	Public Bank Bhd		302,321
	31,500	QL Resources Bhd		38,587
	38,400	RHB Bank Bhd		45,335
	45,700	Sime Darby Bhd		26,132

See Notes to Financial Statements.

117



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Malaysia — 0.5% — (continued)
	56,800	Sime Darby Plantation Bhd	$	51,854
	31,400	Telekom Malaysia Bhd		40,080
	60,400	Tenaga Nasional Bhd		143,444
	20,400	YTL Power International Bhd		16,980

		Total Malaysia		2,170,533


Mexico — 3.8%
	70,338	Alfa SAB de CV, Class A Shares		51,987
	430,609	America Movil SAB de CV, Series B		403,889
	53,813	America Movil SAB de CV, ADR		1,006,841
	11,447	Arca Continental SAB de CV		123,375
	19,551	Banco del Bajio SA(a)		72,354
	4,495	BBB Foods Inc., Class A Shares*		94,350
	12,194	Coca-Cola Femsa SAB de CV		118,779
	65,166	Fibra Uno Administracion SA de CV, REIT.		117,428
	44,150	Fomento Economico Mexicano SAB de CV		549,601
	4,494	Gruma SAB de CV, Class B Shares		80,035
	6,009	Grupo Aeroportuario del Centro Norte SAB de CV, Class B Shares		52,068
	3,855	Grupo Aeroportuario del Pacifico SAB de CV, ADR		571,234
	8,200	Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares		121,212
	4,394	Grupo Aeroportuario del Sureste SAB de CV, Class B Shares		128,875
	30,785	Grupo Bimbo SAB de CV, Series A		128,772
	12,394	Grupo Carso SAB de CV, Series A1		107,329
	448,776	Grupo Financiero Banorte SAB de CV, Class O Shares		4,641,008
	39,565	Grupo Financiero Inbursa SAB de CV, Class O Shares*		120,195
	185,238	Grupo México SAB de CV, Series B		903,054
	4,431	Industrias Peñoles SAB de CV*		55,861
	447,879	Kimberly-Clark de México SAB de CV, Class A Shares		995,441
	29,228	Operadora de Sites Mexicanos SAB de CV, Class 1 Shares		34,135
	529,561	Orbia Advance Corp. SAB de CV		978,181
	15,666	Prologis Property Mexico SA de CV, REIT		69,656
	3,707	Promotora y Operadora de Infraestructura SAB de CV		38,692
	62,681	Qualitas Controladora SAB de CV		704,101
	207,300	Regional SAB de CV		1,933,423
	699,928	Wal-Mart de Mexico SAB de CV		2,795,138

		Total Mexico		16,997,014


Netherlands — 0.6%
	10,236	NEPI Rockcastle NV.		73,035
	95,344	Prosus NV*		2,784,027

		Total Netherlands		2,857,062


Peru — 0.3%
	4,860	Cia de Minas Buenaventura SAA, ADR		73,386
	8,664	Credicorp Ltd.		1,480,504

		Total Peru		1,553,890


Philippines — 1.2%
	43,280	Aboitiz Equity Ventures Inc.		40,711
	5,650	Ayala Corp.		68,111
	152,160	Ayala Land Inc.		94,714
	42,256	Bank of the Philippine Islands		94,033
	48,543	BDO Unibank Inc.		132,066
	6,455,900	Bloomberry Resorts Corp.*		1,288,009
	545,360	International Container Terminal Services Inc.		2,802,094
	63,856	JG Summit Holdings Inc.		46,657
	9,430	Jollibee Foods Corp.		45,926

See Notes to Financial Statements.

118



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Philippines — 1.2% — (continued)
	6,170	Manila Electric Co.	$	42,802
	38,866	Metropolitan Bank & Trust Co.		42,840
	1,540	PLDT Inc.		35,973
	689,090	Robinsons Retail Holdings Inc.		459,598
	4,970	SM Investments Corp.		83,076
	227,300	SM Prime Holdings Inc.		127,765
	22,540	Universal Robina Corp.		46,937

		Total Philippines		5,451,312


Poland — 0.6%
	11,364	Allegro.eu SA*(a)		91,782
	3,995	Bank Polska Kasa Opieki SA		173,124
	294	Budimex SA		53,733
	1,723	CD Projekt SA		47,295
	1,100	Dino Polska SA*(a)		128,053
	71,900	InPost SA*		1,122,147
	3,176	KGHM Polska Miedz SA		85,760
	25	LPP SA		112,401
	371	mBank SA*		64,584
	13,435	ORLEN SA		208,552
	18,281	PGE Polska Grupa Energetyczna SA*		36,502
	20,848	Powszechna Kasa Oszczednosci Bank Polski SA		290,113
	13,965	Powszechny Zaklad Ubezpieczen SA		171,752
	768	Santander Bank Polska SA		105,701

		Total Poland		2,691,499


Portugal — 0.4%
	103,349	Galp Energia SGPS SA		1,625,967


Qatar — 0.3%
	58,133	Barwa Real Estate Co.		48,838
	73,139	Commercial Bank PSQC (The)		101,484
	50,646	Dukhan Bank.		57,795
	32,451	Industries Qatar QSC		114,893
	120,946	Masraf Al Rayan QSC		83,915
	113,710	Mesaieed Petrochemical Holding Co.		58,887
	19,838	Ooredoo QPSC		62,023
	9,328	Qatar Electricity & Water Co. QSC		44,263
	10,432	Qatar Fuel QSC		42,804
	58,343	Qatar Gas Transport Co., Ltd.		64,000
	22,826	Qatar International Islamic Bank QSC		71,456
	35,074	Qatar Islamic Bank SAQ		193,838
	102,675	Qatar National Bank QPSC		428,793

		Total Qatar		1,372,989


Russia — 0.0%@
	64,081	Alrosa PJSC#(d)		641
	502,100	Detsky Mir PJSC, (Cost — $786,566, acquired 10/15/20)*#(a)(d)(f)		5,021
	288,791	Gazprom PJSC*#(d)		2,676
	885,983	Inter RAO UES PJSC#(d)		8,860
	10,171	Lukoil PJSC#(d)		102
	1,550	MMC Norilsk Nickel PJSC#(d)		15
	24,130	Mobile TeleSystems PJSC#(d)		241
	135,663	Mobile TeleSystems PJSC, ADR*#(d)		1,357
	39,065	Moscow Exchange MICEX-RTS PJSC#(d)		391
	22,130	Novatek PJSC#(d)		221
	38,007	Novolipetsk Steel PJSC*#(d)		375

See Notes to Financial Statements.

119



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Russia — 0.0%@ — (continued)
	1,593	Ozon Holdings PLC, ADR*#(d)	$	—
	921	PhosAgro PJSC#(d)		9
	19	PhosAgro PJSC, Class Registered Shares, GDR*#(d)		—
	869	Polyus PJSC*#(d)		9
	28,885	Rosneft Oil Co. PJSC#(d)		289
	891,342	Sberbank of Russia PJSC, (Cost — $1,699,436, acquired 8/3/16)#(d)(f)		8,913
	5,523	Severstal PAO*#(d)		55
	157,330	Surgutneftegas PJSC#(d)		1,573
	37,602	Tatneft PJSC#(d)		327
	88,972	United Co. RUSAL International PJSC*#(d)		10
	2,330	VK IPJSC, GDR*#(d)		—
	60,086,472	VTB Bank PJSC*#(d)		9,854
	3,377	X5 Retail Group NV, Class Registered Shares, GDR*#(d)		—
	7,493	Yandex NV, Class A Shares*#(d)		1

		Total Russia		40,940


Saudi Arabia — 2.4%
	2,193	ACWA Power Co.		154,217
	4,014	Ades Holding Co.*		21,406
	3,528	Advanced Petrochemical Co.		35,985
	165,424	Al Rajhi Bank		3,929,404
	22,118	Alinma Bank		259,306
	6,060	Almarai Co. JSC		95,020
	14,805	Arab National Bank		110,053
	515	Arabian Internet & Communications Services Co.		50,589
	11,077	Bank AlBilad		146,326
	8,678	Bank Al-Jazira*		45,253
	13,417	Banque Saudi Fransi		136,363
	1,888	Bupa Arabia for Cooperative Insurance Co.		115,605
	1,435	Co. for Cooperative Insurance (The)		61,980
	891	Dallah Healthcare Co.		44,574
	10,618	Dar Al Arkan Real Estate Development Co.*		39,640
	12,561	Dr Sulaiman Al Habib Medical Services Group Co.		1,103,375
	536	Elm Co.		151,159
	8,864	Etihad Etisalat Co.		130,685
	11,380	Jarir Marketing Co.		47,282
	8,400	Mobile Telecommunications Co.		33,368
	2,322	Mouwasat Medical Services Co.		76,420
	1,036	Nahdi Medical Co.		39,229
	1,801	Power & Water Utility Co. for Jubail & Yanbu.		36,453
	626	Rabigh Refining & Petrochemical Co.*		1,381
	33,402	Riyad Bank		277,534
	4,993	SABIC Agri-Nutrients Co.		166,685
	8,982	Sahara International Petrochemical Co.		73,461
	29,425	Saudi Arabian Mining Co.*		390,552
	59,595	Saudi Arabian Oil Co.(a)		503,652
	1,248	Saudi Aramco Base Oil Co.		55,958
	23,002	Saudi Awwal Bank		253,385
	20,404	Saudi Basic Industries Corp.		428,900
	16,357	Saudi Electricity Co.		87,279
	8,724	Saudi Industrial Investment Group		48,233
	10,430	Saudi Investment Bank (The)		45,024
	15,381	Saudi Kayan Petrochemical Co.*		39,671
	66,105	Saudi National Bank (The)		750,536
	874	Saudi Research & Media Group*		57,614
	1,126	Saudi Tadawul Group Holding Co.		72,684

See Notes to Financial Statements.

120



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Saudi Arabia — 2.4% — (continued)
	45,019	Saudi Telecom Co.	$	510,119
	5,902	Savola Group (The)		83,429
	6,510	Yanbu National Petrochemical Co.		65,035

		Total Saudi Arabia		10,774,824


Singapore — 0.0%@
	4,800	BOC Aviation Ltd.(a)		35,277


South Africa — 2.5%
	19,606	Absa Group Ltd.		167,039
	1,405	Anglo American Platinum Ltd.		53,882
	8,623	Aspen Pharmacare Holdings Ltd.		88,116
	7,248	Bid Corp., Ltd.		169,463
	67,296	Bidvest Group Ltd. (The)		819,690
	17,288	Capitec Bank Holdings Ltd.		1,818,781
	5,447	Clicks Group Ltd.		85,251
	12,452	Discovery Ltd.		88,257
	5,237	Exxaro Resources Ltd.		48,527
	114,394	FirstRand Ltd.		386,488
	20,468	Gold Fields Ltd.		267,920
	12,491	Harmony Gold Mining Co., Ltd.		72,417
	21,330	Impala Platinum Holdings Ltd.		71,873
	1,524	Kumba Iron Ore Ltd.		42,686
	905,571	Life Healthcare Group Holdings Ltd.		828,640
	38,746	MTN Group Ltd.		168,755
	4,207	Naspers Ltd., Class N Shares		688,538
	112,460	Nedbank Group Ltd.		1,285,438
	8,806	Northam Platinum Holdings Ltd.		50,417
	109,313	Old Mutual Ltd.		68,095
	17,652	OUTsurance Group Ltd.		38,324
	39,875	Pepkor Holdings Ltd.(a)		38,866
	11,851	Remgro Ltd.		89,841
	304,223	Sanlam Ltd.		1,166,760
	13,620	Sasol Ltd.		102,772
	10,708	Shoprite Holdings Ltd.		144,167
	63,957	Sibanye Stillwater Ltd.		65,720
	121,660	Standard Bank Group Ltd.		1,279,729
	194,908	Vodacom Group Ltd.		954,572
	22,047	Woolworths Holdings Ltd.		73,701

		Total South Africa		11,224,725


South Korea — 11.5%
	680	Amorepacific Corp.		61,037
	3,472	Celltrion Inc.		468,111
	468	Celltrion Pharm Inc.*		38,727
	178	CJ CheilJedang Corp.		39,981
	520	CosmoAM&T Co., Ltd.*		69,175
	17,220	Coway Co., Ltd.		700,647
	1,093	DB Insurance Co., Ltd.*		80,998
	8,809	Doosan Bobcat Inc.		310,561
	9,456	Doosan Enerbility Co., Ltd.*		115,239
	1,125	Ecopro BM Co., Ltd.*		225,765
	434	Ecopro Co., Ltd.*		201,785
	210	Ecopro Materials Co., Ltd.*		30,370
	1,242	GS Holdings Corp.		44,745
	6,438	Hana Financial Group Inc.		273,404
	297	Hanjin Kal Corp.		14,058

See Notes to Financial Statements.

121



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

South Korea — 11.5% — (continued)
	1,886	Hankook Tire & Technology Co., Ltd.	$	76,695
	159	Hanmi Pharm Co., Ltd.		39,834
	715	Hanmi Semiconductor Co., Ltd.*		45,462
	4,100	Hanon Systems		18,993
	840	Hanwha Aerospace Co., Ltd.		118,018
	1,359	Hanwha Ocean Co., Ltd.*		23,792
	2,434	Hanwha Solutions Corp.		50,781
	1,100	HD Hyundai Co., Ltd.		58,336
	470	HD Hyundai Heavy Industries Co., Ltd.		41,580
	890	HD Korea Shipbuilding & Offshore Engineering Co., Ltd.		74,756
	2,744	HLB Inc.*		167,834
	5,643	HMM Co., Ltd.*		77,220
	482	HYBE Co., Ltd.		72,034
	1,889	Hyundai Engineering & Construction Co., Ltd.*		48,932
	434	Hyundai Glovis Co., Ltd.*		62,027
	5,862	Hyundai Mobis Co., Ltd.		1,066,929
	3,101	Hyundai Motor Co.		583,270
	1,832	Hyundai Steel Co.*		49,423
	6,982	Industrial Bank of Korea*		73,271
	7,010	Kakao Corp.		280,693
	3,932	KakaoBank Corp.		84,072
	619	Kakaopay Corp.*		20,479
	2,354	Kangwon Land Inc.*		30,680
	36,137	KB Financial Group Inc.		1,705,674
	14,260	Kia Corp.*		1,337,561
	1,875	Korea Aerospace Industries Ltd.*		72,130
	5,504	Korea Electric Power Corp.		102,328
	955	Korea Investment Holdings Co., Ltd.*		50,892
	195	Korea Zinc Co., Ltd.		65,473
	4,032	Korean Air Lines Co., Ltd.		69,555
	699	Krafton Inc.*		119,103
	36,964	KT Corp.		1,083,858
	10,994	KT&G Corp.		766,558
	678	Kum Yang Co., Ltd.*		49,202
	408	Kumho Petrochemical Co., Ltd.*		45,267
	620	L&F Co., Ltd.*		79,355
	6,425	LG Chem Ltd.		2,187,514
	2,245	LG Corp.		157,852
	5,730	LG Display Co., Ltd.		48,009
	2,286	LG Electronics Inc.		162,866
	2,154	LG Energy Solution Ltd.*		649,989
	218	LG H&H Co., Ltd.		52,170
	336	LG Innotek Co., Ltd.		51,159
	4,603	LG Uplus Corp.		35,602
	421	Lotte Chemical Corp.		38,655
	2,561	Meritz Financial Group Inc.		159,697
	5,672	Mirae Asset Securities Co., Ltd.*		38,392
	10,210	NAVER Corp.		1,495,713
	280	NCSoft Corp.		40,710
	529	Netmarble Corp.*(a)		24,517
	3,575	NH Investment & Securities Co., Ltd.*		31,480
	638	Orion Corp.		44,471
	96	Pearl Abyss Corp.*		2,173
	1,134	Posco DX Co., Ltd.*		46,088
	735	POSCO Future M Co., Ltd.*		175,415
	1,623	POSCO Holdings Inc.		526,320

See Notes to Financial Statements.

122



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

South Korea — 11.5% — (continued)
	1,191	Posco International Corp.*	$	50,231
	1,284	Samsung Biologics Co., Ltd.*(a)		745,257
	1,866	Samsung C&T Corp.		219,354
	1,253	Samsung Electro-Mechanics Co., Ltd.		131,665
	345,533	Samsung Electronics Co., Ltd.		18,915,789
	3,787	Samsung Engineering Co., Ltd.*		69,933
	715	Samsung Fire & Marine Insurance Co., Ltd.*		159,458
	14,774	Samsung Heavy Industries Co., Ltd.*		87,781
	1,766	Samsung Life Insurance Co., Ltd.		128,309
	4,864	Samsung SDI Co., Ltd.		1,377,590
	869	Samsung SDS Co., Ltd.		104,296
	1,178	Samsung Securities Co., Ltd.		36,706
	49,235	Shinhan Financial Group Co., Ltd.		1,597,735
	670	SK Biopharmaceuticals Co., Ltd.*		48,708
	725	SK Bioscience Co., Ltd.*		33,411
	78,050	SK Hynix Inc.		9,223,464
	815	SK IE Technology Co., Ltd.*(a)		44,875
	854	SK Inc.		123,128
	1,280	SK Innovation Co., Ltd.*		112,540
	2,405	SK Square Co., Ltd.*		126,165
	1,133	SK Telecom Co., Ltd.		44,728
	436	SKC Co., Ltd.*		27,126
	1,034	S-Oil Corp.		59,222
	13,096	Woori Financial Group Inc.		146,553
	1,358	Yuhan Corp.		68,657

		Total South Korea		51,038,143


Taiwan — 13.7%
	11,000	Accton Technology Corp.		180,832
	66,000	Acer Inc.		94,398
	10,753	Advantech Co., Ltd.		132,340
	3,139	Airtac International Group.		120,208
	2,000	Alchip Technologies Ltd.		262,342
	534,498	ASE Technology Holding Co., Ltd.		2,342,553
	59,000	Asia Cement Corp.		75,517
	16,000	Asustek Computer Inc.		230,447
	129,800	AUO Corp.*		71,907
	13,000	Catcher Technology Co., Ltd.		80,892
	217,550	Cathay Financial Holding Co., Ltd.*		310,102
	34,762	Chailease Holding Co., Ltd.		191,938
	130,456	Chang Hwa Commercial Bank Ltd.		73,451
	49,000	Cheng Shin Rubber Industry Co., Ltd.		72,867
	71,000	China Airlines Ltd.		44,939
	368,112	China Development Financial Holding Corp.*		146,167
	274,000	China Steel Corp.		213,245
	110,000	Chroma ATE Inc.		811,623
	82,000	Chunghwa Telecom Co., Ltd.		312,251
	97,000	Compal Electronics Inc.		112,416
	401,880	CTBC Financial Holding Co., Ltd.		373,014
	243,000	Delta Electronics Inc.		2,258,503
	18,000	E Ink Holdings Inc.		139,555
	321,277	E.Sun Financial Holding Co., Ltd.		256,720
	4,100	Eclat Textile Co., Ltd.		70,060
	1,000	eMemory Technology Inc.		85,913
	61,000	Eva Airways Corp.		60,701
	22,791	Evergreen Marine Corp. Taiwan Ltd.		119,179

See Notes to Financial Statements.

123



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Taiwan — 13.7% — (continued)
	67,000	Far Eastern New Century Corp.	$	69,005
	35,000	Far EasTone Telecommunications Co., Ltd.		87,097
	12,230	Feng TAY Enterprise Co., Ltd.		63,971
	250,863	First Financial Holding Co., Ltd.		215,121
	72,000	Formosa Chemicals & Fibre Corp.		130,295
	27,000	Formosa Petrochemical Corp.		63,491
	82,000	Formosa Plastics Corp.		186,061
	178,554	Fubon Financial Holding Co., Ltd.		383,400
	12,000	Gigabyte Technology Co., Ltd.		130,219
	2,000	Global Unichip Corp.		100,839
	164,000	Globalwafers Co., Ltd.		2,897,107
	470,660	Hon Hai Precision Industry Co., Ltd.		1,533,426
	7,140	Hotai Motor Co., Ltd.		151,629
	206,051	Hua Nan Financial Holdings Co., Ltd.		143,475
	174,096	Innolux Corp.*		83,284
	61,000	Inventec Corp.		105,681
	2,541	Largan Precision Co., Ltd.		207,585
	43,264	Lite-On Technology Corp., ADR		149,447
	94,000	MediaTek Inc.		3,377,175
	250,776	Mega Financial Holding Co., Ltd.		306,926
	17,000	Micro-Star International Co., Ltd.		102,432
	111,000	Nan Ya Plastics Corp.		209,884
	5,000	Nan Ya Printed Circuit Board Corp.		33,482
	29,000	Nanya Technology Corp.		61,620
	5,000	Nien Made Enterprise Co., Ltd.		58,452
	70,000	Novatek Microelectronics Corp.		1,333,995
	40,000	Pegatron Corp.		107,988
	5,000	PharmaEssentia Corp.*		51,962
	46,000	Pou Chen Corp.		44,379
	70,000	Powerchip Semiconductor Manufacturing Corp.		61,154
	41,806	Poya International Co., Ltd.		649,523
	12,539	President Chain Store Corp.		106,967
	61,000	Quanta Computer Inc.		445,309
	11,000	Realtek Semiconductor Corp.		198,677
	34,000	Ruentex Development Co., Ltd.*		39,121
	81,598	Shanghai Commercial & Savings Bank Ltd. (The)		116,252
	317,693	Shin Kong Financial Holding Co., Ltd.*		83,272
	247,387	SinoPac Financial Holdings Co., Ltd.		157,309
	24,700	Synnex Technology International Corp.		60,690
	264,234	Taishin Financial Holding Co., Ltd.		145,426
	157,696	Taiwan Business Bank		69,846
	154,668	Taiwan Cement Corp.		157,271
	241,337	Taiwan Cooperative Financial Holding Co., Ltd.		197,842
	36,000	Taiwan High Speed Rail Corp.		34,390
	39,000	Taiwan Mobile Co., Ltd.		122,075
	956,507	Taiwan Semiconductor Manufacturing Co., Ltd.		20,788,793
	99,284	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		12,774,872
	31,000	Unimicron Technology Corp.		175,398
	109,000	Uni-President Enterprises Corp.		264,100
	252,000	United Microelectronics Corp.		387,704
	22,000	Vanguard International Semiconductor Corp.		50,120
	2,000	Voltronic Power Technology Corp.		101,181
	60,427	Walsin Lihwa Corp.		70,764
	19,630	Wan Hai Lines Ltd.		31,278
	65,216	Winbond Electronics Corp.		57,722
	57,000	Wistron Corp.		207,263

See Notes to Financial Statements.

124



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Taiwan — 13.7% — (continued)
	8,000	Wiwynn Corp.	$	591,323
	34,760	WPG Holdings Ltd.		102,123
	60,700	Yageo Corp.		1,069,455
	34,000	Yang Ming Marine Transport Corp.		53,565
	231,915	Yuanta Financial Holding Co., Ltd.		201,423
	16,000	Zhen Ding Technology Holding Ltd.		50,884

		Total Taiwan		61,256,600


Thailand — 0.9%
	26,800	Advanced Info Service PCL, NVDR		150,158
	94,800	Airports of Thailand PCL, NVDR		167,875
	185,700	Asset World Corp. PCL, NVDR		20,014
	236,400	Bangkok Dusit Medical Services PCL, NVDR		187,959
	151,700	Bangkok Expressway & Metro PCL, NVDR		34,063
	800	Berli Jucker PCL, NVDR		539
	191,400	BTS Group Holdings PCL, NVDR		27,497
	12,000	Bumrungrad Hospital PCL, NVDR		74,895
	50,100	Central Pattana PCL, NVDR		90,848
	33,616	Central Retail Corp. PCL, NVDR		32,607
	87,000	Charoen Pokphand Foods PCL, NVDR		45,820
	131,700	CP ALL PCL, NVDR		211,528
	47,400	CP Axtra PCL, NVDR		43,992
	82,000	Delta Electronics Thailand PCL, NVDR*		163,732
	36,200	Energy Absolute PCL, NVDR		35,721
	17,400	Global Power Synergy PCL, NVDR		24,839
	68,200	Gulf Energy Development PCL, NVDR		81,843
	137,900	Home Product Center PCL, NVDR		43,136
	33,600	Indorama Ventures PCL, NVDR		21,837
	21,950	Intouch Holdings PCL, NVDR		41,492
	188,700	Kasikornbank PCL		646,828
	14,400	Kasikornbank PCL, NVDR		49,381
	87,300	Krung Thai Bank PCL, NVDR		39,171
	22,200	Krungthai Card PCL, NVDR		26,572
	182,200	Land and Houses PCL, NVDR		38,735
	71,000	Minor International PCL, NVDR		62,853
	19,800	Muangthai Capital PCL, NVDR		25,378
	170,700	PTT Exploration & Production PCL		717,686
	29,800	PTT Exploration & Production PCL, NVDR		125,340
	55,700	PTT Global Chemical PCL, NVDR		59,082
	62,700	PTT Oil & Retail Business PCL, NVDR		31,644
	218,300	PTT PCL, NVDR		208,587
	19,900	SCB X PCL, NVDR		62,377
	35,400	SCG Packaging PCL, NVDR		27,678
	17,600	Siam Cement PCL (The), NVDR		131,892
	24,300	Thai Oil PCL, NVDR		38,020
	456,700	TMBThanachart Bank PCL, NVDR		23,420
	272,121	True Corp. PCL, NVDR*		53,528

		Total Thailand		3,868,567


Turkey — 0.9%
	66,080	Akbank TAS		87,918
	32,036	Aselsan Elektronik Sanayi Ve Ticaret AS		61,510
	9,832	BIM Birlesik Magazalar AS		122,137
	1,507	Coca-Cola Icecek AS		31,216
	34,916	Eregli Demir ve Celik Fabrikalari TAS*		50,865
	1,799	Ford Otomotiv Sanayi AS		58,575

See Notes to Financial Statements.

125



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Turkey — 0.9% — (continued)
	17,282	Haci Ömer Sabanci Holding AS	$	43,933
	16,521	KOC Holding AS		88,919
	251,340	MLP Saglik Hizmetleri AS, Class B Shares*(a)		1,376,013
	1,074	Pegasus Hava Tasimaciligi AS*		29,455
	24,386	Sasa Polyester Sanayi AS*		30,886
	443,220	Sok Marketler Ticaret AS		950,733
	55,071	Tofas Turk Otomobil Fabrikasi AS		471,640
	11,874	Turk Hava Yollari AO*		107,040
	25,061	Turkcell Iletisim Hizmetleri AS		53,670
	204,992	Turkiye Is Bankasi AS, Class C Shares		72,801
	21,767	Turkiye Petrol Rafinerileri AS		112,681
	28,575	Turkiye Sise ve Cam Fabrikalari AS		46,794
	81,036	Yapi ve Kredi Bankasi AS		59,879

		Total Turkey		3,856,665


United Arab Emirates — 0.6%
	68,189	Abu Dhabi Commercial Bank PJSC		159,243
	34,874	Abu Dhabi Islamic Bank PJSC		106,752
	61,887	Abu Dhabi National Oil Co. for Distribution PJSC		58,996
	91,632	Aldar Properties PJSC		138,003
	549,764	Americana Restaurants International PLC		515,358
	68,441	Dubai Islamic Bank PJSC		120,067
	152,640	Emaar Properties PJSC		337,268
	44,567	Emirates NBD Bank PJSC		222,088
	78,359	Emirates Telecommunications Group Co. PJSC		386,290
	99,897	First Abu Dhabi Bank PJSC		371,836
	85,755	Multiply Group PJSC*		53,000

		Total United Arab Emirates		2,468,901


United Kingdom — 1.0%
	26,745	Anglo American PLC		575,934
	9,755	Anglogold Ashanti PLC		183,581
	37,000	Bank of Georgia Group PLC		2,201,263
	490,959	Helios Towers PLC*		467,125
	3,718	Pepco Group NV*		18,646
	21,479	Unilever PLC		1,051,164

		Total United Kingdom		4,497,713


United States — 0.4%
	15,962	BeiGene Ltd.*		207,581
	3,620	EPAM Systems Inc.*		1,101,928
	1,962	Legend Biotech Corp., ADR*		127,844
	2,000	Parade Technologies Ltd.		63,899
	2,504	Southern Copper Corp.		202,473

		Total United States		1,703,725


Uruguay — 2.0%
	43,600	Arcos Dorados Holdings Inc., Class A Shares		517,096
	12,776	Globant SA*		2,851,220
	3,408	MercadoLibre Inc.*		5,436,782

		Total Uruguay		8,805,098

		TOTAL COMMON STOCKS (Cost — $376,394,822)		429,619,380

See Notes to Financial Statements.

126



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units			Security	Value

PREFERRED STOCKS — 1.8%

Brazil — 0.7%
	120,491		Banco Bradesco SA, Class Preferred Shares	$	333,290
	5,428		Centrais Eletricas Brasileiras SA, Class Preferred B Shares		52,316
	30,344		Cia Energetica de Minas Gerais, Class Preferred Shares		73,069
	28,455		Cia Paranaense de Energia, Class Preferred B Shares		58,503
	27,094		Gerdau SA, Class Preferred Shares		117,186
	109,546		Itau Unibanco Holding SA, Class Preferred Shares		747,951
	124,732		Itausa SA, Class Preferred Shares		258,452
	109,530		Petroleo Brasileiro SA, Class Preferred Shares		884,454
	441,800		Raizen SA, Class Preferred Shares		314,626
	9,738		Telefonica Brasil SA, Class Preferred Shares		106,726

			Total Brazil		2,946,573


Chile — 0.0%@
	3,343		Sociedad Quimica y Minera de Chile SA, Class Preferred B Shares		166,101


Colombia — 0.0%@
	9,320		Bancolombia SA, Class Preferred Shares		76,175


Mexico — 0.1%
	351,324		Cemex SAB de CV, Class Preferred Shares*		268,730


Russia — 0.0%@
	209,216		Surgutneftegas PJSC, Class Preferred Shares#(d)		850


South Korea — 1.0%
	940		Hyundai Motor Co., Class Preferred 2nd Shares		113,702
	565		Hyundai Motor Co., Class Preferred Shares		67,596
	149		LG Chem Ltd., Class Preferred Shares		33,578
	88,423		Samsung Electronics Co., Ltd., Class Preferred Shares		4,219,764

			Total South Korea		4,434,640

			TOTAL PREFERRED STOCKS (Cost — $7,294,621)		7,893,069


RIGHTS — 0.0%@

Brazil — 0.0%@
	6,337		Magazine Luiza SA expires 3/6/24*(e)		229


South Korea — 0.0%@
	1,821		LG Display Co., Ltd. expires 3/9/24*(e)		1,787

			TOTAL RIGHTS (Cost — $0)		2,016

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $383,689,443)		437,514,465


Face Amount†

SHORT-TERM INVESTMENTS (g) — 2.3%

MONEY MARKET FUND — 0.2%
$	843,580		Invesco STIT — Government & Agency Portfolio, Institutional Class, 5.173%(h) (Cost — $843,580)		843,580


TIME DEPOSITS — 2.1%
	1,782,061		ANZ National Bank — London, 4.680% due 3/1/24		1,782,061
	9,830		Citibank — New York, 4.680% due 3/1/24		9,830
	2,884,857		DBS Bank Ltd. — Singapore, 4.680% due 3/1/24		2,884,857
	66,130	^HKD	HSBC Bank — Hong Kong, 3.000% due 3/1/24		8,446

See Notes to Financial Statements.

127



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Face Amount†			Security	Value

TIME DEPOSITS — 2.1% — (continued)
$	850,933		JPMorgan Chase & Co. — New York, 4.680% due 3/1/24	$	850,933
			Skandinaviska Enskilda Banken AB — Stockholm:
	2,337	^EUR	2.820% due 3/1/24		2,526
	131	^GBP	4.150% due 3/1/24		165
	108,254	^ZAR	Standard Chartered Bank — Johannesburg, 6.430% due 3/1/24		5,644
	3,929,852		Sumitomo Mitsui Banking Corp. — Tokyo, 4.680% due 3/1/24		3,929,852

			TOTAL TIME DEPOSITS (Cost — $9,474,314)		9,474,314

			TOTAL SHORT-TERM INVESTMENTS (Cost — $10,317,894)		10,317,894

			TOTAL INVESTMENTS — 100.5% (Cost — $394,007,337)		447,832,359

			Liabilities in Excess of Other Assets — (0.5)% .		(2,291,539	)

			TOTAL NET ASSETS — 100.0%	$	445,540,820

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

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)

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

(c)	Security trades on the Hong Kong exchange.

(d)	Illiquid security.

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

(f)	The aggregate value of restricted securities (excluding 144A holdings) at February 29, 2024, amounts to $13,934 and represents less than 0.05% of net assets.

(g)	Inclusive of all short-term holdings, including investments of collateral received from securities lending transactions. Excluding such collateral, the percentage of portfolio holdings would be 2.1%.

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

#	Security that used significant unobservable inputs to determine fair value. At February 29, 2024, the Fund held Level 3 securities in the amount of $41,792, representing less than 0.05% of net assets.

At February 29, 2024, 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	$	394,007,337	$	125,818,548		$ (71,994,326)	$	53,824,222


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

See Notes to Financial Statements.

128



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund


Summary of Investments by Security Sector^
Information Technology
Semiconductors & Semiconductor Equipment	12.6	%
Technology Hardware, Storage & Peripherals	6.3
IT Services	2.7
Other	2.3
Financials
Banks	18.5
Insurance	3.0
Consumer Finance	0.9
Other	1.4
Consumer Discretionary	13.5
Industrials	7.3
Communication Services	7.2
Energy	5.8
Materials	5.7
Consumer Staples	4.4
Health Care	3.6
Utilities	1.4
Real Estate	1.3
Short-Term Investments	2.1

Total Investments	100.0	%+

^	As a percentage of total investments.

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

At February 29, 2024, 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 was 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 Futures		11		3/24	$	560,040	$	559,240	$	(800)

At February 29, 2024, Emerging Markets Equity Fund had deposited cash of $16,994 with a broker or brokers as margin collateral on open exchange-traded futures contracts.


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

See Notes to Financial Statements.

129



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

CORPORATE BONDS & NOTES — 25.2%

Advertising — 0.0%@
			Omnicom Group Inc./Omnicom Capital Inc., Senior Unsecured Notes:
$	193,000	BBB+	3.650% due 11/1/24	$	190,523
	77,000	BBB+	3.600% due 4/15/26		74,612

			Total Advertising		265,135


Aerospace/Defense — 1.1%
	2,396,000	BBB+	BAE Systems Holdings Inc., Company Guaranteed Notes, 3.850% due 12/15/25(a)		2,337,386
			Boeing Co. (The), Senior Unsecured Notes:
	510,000	BBB-	4.875% due 5/1/25		505,464
	2,967,000	BBB-	2.196% due 2/4/26		2,785,245
	50,000	BBB-	3.100% due 5/1/26		47,641
	70,000	BBB-	2.700% due 2/1/27		65,199
	480,000	BBB-	2.800% due 3/1/27		445,529
	260,000	BBB-	3.200% due 3/1/29		235,252
	250,000	BBB-	5.150% due 5/1/30		245,834
	440,000	BBB-	3.250% due 2/1/35		353,787
	40,000	BBB-	3.550% due 3/1/38		30,955
	420,000	BBB-	5.705% due 5/1/40		409,285
	140,000	BBB-	3.750% due 2/1/50		99,649
	1,000,000	BBB-	5.805% due 5/1/50		960,432
	248,000	BBB-	3.950% due 8/1/59		176,692
	241,000	BBB-	5.930% due 5/1/60		231,122
			General Dynamics Corp., Company Guaranteed Notes:
	350,000	A-	3.750% due 5/15/28		337,168
	10,000	A-	4.250% due 4/1/40		8,957
	60,000	A-	4.250% due 4/1/50		51,721
	82,000	BBB	L3 Technologies Inc., Company Guaranteed Notes, 3.850% due 12/15/26		79,208
			L3Harris Technologies Inc., Senior Unsecured Notes:
	489,000	BBB	3.850% due 12/15/26		472,348
	388,000	BBB	5.400% due 1/15/27		390,452
	1,731,000	BBB	4.400% due 6/15/28		1,682,947
	30,000	BBB	5.054% due 4/27/45		28,077
	282,000	BBB	5.600% due 7/31/53		284,209
			Lockheed Martin Corp., Senior Unsecured Notes:
	90,000	A-	3.900% due 6/15/32		83,545
	40,000	A-	4.500% due 5/15/36		37,815
	126,000	A-	3.800% due 3/1/45		102,352
	784,000	A-	4.150% due 6/15/53		653,613
	120,000	A-	5.200% due 2/15/64		117,304
			Northrop Grumman Corp., Senior Unsecured Notes:
	10,000	BBB+	2.930% due 1/15/25		9,784
	720,000	BBB+	3.250% due 1/15/28		675,676
	334,000	BBB+	4.700% due 3/15/33		322,413
	64,000	BBB+	4.750% due 6/1/43		58,135
	111,000	BBB+	4.030% due 10/15/47		89,600
	280,000	BBB+	5.250% due 5/1/50		270,255
			Raytheon Co., Senior Unsecured Notes:
	24,000	BBB+	7.000% due 11/1/28		25,403
	27,000	BBB+	4.200% due 12/15/44		21,427
			RTX Corp., Senior Unsecured Notes:
	70,000	BBB+	3.150% due 12/15/24		68,713
	130,000	BBB+	3.950% due 8/16/25		127,539
	1,837,000	BBB+	4.125% due 11/16/28		1,763,014
	140,000	BBB+	5.750% due 1/15/29		144,241

See Notes to Financial Statements.

130



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Aerospace/Defense — 1.1% — (continued)
$	140,000	BBB+	2.250% due 7/1/30	$	118,479
	470,000	BBB+	6.000% due 3/15/31		489,507
	816,000	BBB+	2.375% due 3/15/32		664,411
	564,000	BBB+	6.100% due 3/15/34		595,551
	410,000	BBB+	4.500% due 6/1/42		358,994
	76,000	BBB+	3.750% due 11/1/46		58,029
	377,000	BBB+	2.820% due 9/1/51		235,685
	90,000	BBB+	3.030% due 3/15/52		58,831
			TransDigm Inc., Senior Secured Notes:
	240,000	B+	7.125% due 12/1/31(a)		246,497
	170,000	B+	6.625% due 3/1/32(a)		171,418

			Total Aerospace/Defense		19,832,790


Agriculture — 0.6%
			Altria Group Inc., Company Guaranteed Notes:
	40,000	BBB	2.350% due 5/6/25		38,632
	20,000	BBB	4.400% due 2/14/26		19,695
	210,000	BBB	6.200% due 11/1/28		218,292
	752,000	BBB	4.800% due 2/14/29		738,953
	1,690,000	BBB	2.450% due 2/4/32		1,355,165
	1,169,000	BBB	6.875% due 11/1/33		1,259,246
	90,000	BBB	5.800% due 2/14/39		89,767
	80,000	BBB	3.875% due 9/16/46		58,876
	320,000	BBB	5.950% due 2/14/49		318,579
	82,000	BBB	6.200% due 2/14/59		83,490
			BAT Capital Corp., Company Guaranteed Notes:
	174,000	BBB+	3.557% due 8/15/27		164,494
	348,000	BBB+	2.259% due 3/25/28		308,003
	105,000	BBB+	5.834% due 2/20/31		104,828
	90,000	BBB+	6.000% due 2/20/34		89,146
	1,949,000	BBB+	4.540% due 8/15/47		1,462,607
	181,000	BBB+	4.758% due 9/6/49		139,982
	237,000	BBB+	3.984% due 9/25/50		161,754
	680,000	BBB+	5.650% due 3/16/52		597,642
	458,000	BBB+	7.081% due 8/2/53		474,005
			BAT International Finance PLC, Company Guaranteed Notes:
	710,000	BBB+	4.448% due 3/16/28		684,777
	168,000	BBB+	5.931% due 2/2/29		171,584
			Imperial Brands Finance PLC, Company Guaranteed Notes:
	400,000	BBB	3.125% due 7/26/24(a)		395,763
	205,000	BBB	3.500% due 7/26/26(a)		195,022
			Philip Morris International Inc., Senior Unsecured Notes:
	234,000	A-	5.125% due 11/17/27		234,474
	180,000	A-	4.875% due 2/13/29		177,445
	210,000	A-	2.100% due 5/1/30		177,209
	40,000	A-	5.125% due 2/13/31		39,385
	140,000	A-	5.250% due 2/13/34		136,943
	60,000	A-	4.500% due 3/20/42		51,872
	864,000	BBB+	Reynolds American Inc., Company Guaranteed Notes, 5.850% due 8/15/45		786,823

			Total Agriculture		10,734,453


Airlines — 0.1%
	37,000	BB-	American Airlines Class B Pass-Through Trust, Series 2016-2, Pass-Thru Certificates, 4.375% due 6/15/24(a)		36,744
	470	BB	American Airlines Class B Pass-Through Trust, Series 2016-3, Pass-Thru Certificates, 3.750% due 10/15/25		453

See Notes to Financial Statements.

131



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Airlines — 0.1% — (continued)
$	250,000	BB	American Airlines Inc., Senior Secured Notes, 8.500% due 5/15/29(a)	$	262,973
			Delta Air Lines Inc., Senior Unsecured Notes:
	200,000	BB+	2.900% due 10/28/24		196,173
	210,000	BB+	7.375% due 1/15/26		216,788
			Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes:
	133,991	Baa1(b)	4.500% due 10/20/25(a)		132,282
	120,000	Baa1(b)	4.750% due 10/20/28(a)		117,615
	217,000	Baa3(b)	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes, 6.500% due 6/20/27(a)		217,462
	95,743	Caa2(b)	Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes, 8.000% due 9/20/25(a)		69,324
	45,749	Aa3(b)	United Airlines Class AA Pass-Through Trust, Pass-Thru Certificates, 4.150% due 8/25/31		42,579
			United Airlines Inc., Senior Secured Notes:
	130,000	BB	4.375% due 4/15/26(a)		125,263
	810,000	BB	4.625% due 4/15/29(a)		747,186

			Total Airlines		2,164,842


Apparel — 0.0%@
			NIKE Inc., Senior Unsecured Notes:
	230,000	AA-	2.750% due 3/27/27		217,066
	140,000	AA-	2.850% due 3/27/30		126,038
	100,000	AA-	3.250% due 3/27/40		79,470
	220,000	AA-	3.375% due 3/27/50		166,866

			Total Apparel		589,440


Auto Manufacturers — 0.4%
			Ford Motor Co., Senior Unsecured Notes:
	150,000	BBB-	3.250% due 2/12/32		123,045
	140,000	BBB-	6.100% due 8/19/32		139,646
	30,000	BBB-	4.750% due 1/15/43		24,279
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	500,000	BBB-	4.950% due 5/28/27		486,083
	460,000	BBB-	2.900% due 2/16/28		412,224
	220,000	BBB-	2.900% due 2/10/29		191,747
	200,000	BBB-	5.113% due 5/3/29		192,702
	640,000	BBB-	7.350% due 3/6/30		678,443
	1,500,000	BBB-	7.200% due 6/10/30		1,583,221
	200,000	BBB-	4.000% due 11/13/30		176,796
	330,000	BBB-	7.122% due 11/7/33		351,746
			General Motors Co., Senior Unsecured Notes:
	330,000	BBB	6.125% due 10/1/25		332,721
	250,000	BBB	6.250% due 10/2/43		251,516
	455,000	BBB	5.200% due 4/1/45		401,721
	100,000	BBB	General Motors Financial Co., Inc., Company Guaranteed Notes, 4.350% due 1/17/27		97,325
			Nissan Motor Co., Ltd., Senior Unsecured Notes:
	600,000	BB+	3.522% due 9/17/25(a)		577,187
	900,000	BB+	4.345% due 9/17/27(a)		854,718

			Total Auto Manufacturers		6,875,120


Banks — 6.6%
	400,000	A-	Banco Santander SA, Senior Non-Preferred Notes, 2.746% due 5/28/25		386,048
			Bank of America Corp.:
			Senior Unsecured Notes:
	280,000	A-	4.000% due 4/1/24		279,604
	60,000	A-	3.841% (SOFR + 1.110%) due 4/25/25(c)		59,817
	210,000	A-	3.500% due 4/19/26		203,698

See Notes to Financial Statements.

132



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Banks — 6.6% — (continued)
$	740,000	A-	1.658% (SOFR + 0.910%) due 3/11/27(c)	$	686,536
	140,000	A-	1.734% (SOFR + 0.960%) due 7/22/27(c)		128,385
	130,000	A-	4.376% (SOFR + 1.580%) due 4/27/28(c)		126,543
	50,000	A-	3.593% (3-Month Term SOFR + 1.632%) due 7/21/28(c)		47,394
	435,000	A-	3.419% (3-Month Term SOFR + 1.302%) due 12/20/28(c)		406,739
	3,960,000	A-	3.970% (3-Month Term SOFR + 1.332%) due 3/5/29(c)		3,766,796
	3,045,000	A-	2.087% (SOFR + 1.060%) due 6/14/29(c)		2,675,666
	2,941,000	A-	5.819% (SOFR + 1.570%) due 9/15/29(c)		2,996,830
	659,000	A-	3.974% (3-Month Term SOFR + 1.472%) due 2/7/30(c)		619,397
	623,000	A-	2.592% (SOFR + 2.150%) due 4/29/31(c)		532,316
	685,000	A-	1.922% (SOFR + 1.370%) due 10/24/31(c)		552,529
	690,000	A-	2.687% (SOFR + 1.320%) due 4/22/32(c)		576,849
	305,000	A-	2.299% (SOFR + 1.220%) due 7/21/32(c)		246,509
	600,000	A-	2.572% (SOFR + 1.210%) due 10/20/32(c)		491,870
	3,052,000	A-	2.972% (SOFR + 1.330%) due 2/4/33(c)		2,565,231
	1,490,000	A-	4.571% (SOFR + 1.830%) due 4/27/33(c)		1,400,572
	2,411,000	A-	5.872% (SOFR + 1.840%) due 9/15/34(c)		2,475,392
	1,055,000	A-	5.468% (SOFR + 1.650%) due 1/23/35(c)		1,052,225
	240,000	A-	5.000% due 1/21/44		230,247
	400,000	A-	4.330% (3-Month Term SOFR + 1.782%) due 3/15/50(c)		340,405
	50,000	A-	4.083% (3-Month Term SOFR + 3.412%) due 3/20/51(c)		40,336
			Subordinated Notes:
	600,000	BBB+	4.200% due 8/26/24		595,550
	450,000	BBB+	4.000% due 1/22/25		443,405
	30,000	BBB+	7.250% due 10/15/25		30,744
	40,000	BBB+	4.450% due 3/3/26		39,361
	20,000	BBB+	4.250% due 10/22/26		19,567
			Bank of Montreal:
	40,000	A-	Senior Unsecured Notes, 1.850% due 5/1/25		38,452
	50,000	BBB+	Subordinated Notes, 3.803% (5-Year USD Swap Rate + 1.432%) due 12/15/32(c)		46,029
			Bank of New York Mellon Corp. (The), Senior Unsecured Notes:
	90,000	A	1.600% due 4/24/25		86,481
	390,000	A	4.289% (SOFR + 1.418%) due 6/13/33(c)		365,030
	320,000	A	5.834% (SOFR + 2.074%) due 10/25/33(c)		332,249
			Bank of Nova Scotia (The):
	10,000	A-	Senior Unsecured Notes, 1.300% due 6/11/25		9,505
	180,000	BBB+	Subordinated Notes, 4.588% (5-Year CMT Index + 2.050%) due 5/4/37(c)		161,153
			Barclays PLC, Senior Unsecured Notes:
	820,000	BBB+	4.972% (3-Month USD-LIBOR + 1.902%) due 5/16/29(c)		799,001
	200,000	BBB+	6.490% (SOFR + 2.220%) due 9/13/29(c)		206,195
			BNP Paribas SA:
			Junior Subordinated Notes:
	420,000	BBB-	8.000% (5-Year CMT Index + 3.727%)(a)(c)(d)		421,575
	470,000	BBB-	8.500% (5-Year CMT Index + 4.354%)(a)(c)(d)		485,796
			Senior Non-Preferred Notes:
	220,000	A-	2.219% (SOFR + 2.074%) due 6/9/26(a)(c)		210,644
	950,000	A-	4.400% due 8/14/28(a)		916,178
	200,000	A-	2.871% (3-Month Term SOFR + 1.387%) due 4/19/32(a)(c)		167,246
	880,000	A+	Senior Preferred Notes, 5.125% (1-Year CMT Index + 1.450%) due 1/13/29(a)(c)		874,863
	600,000	A+	Senior Unsecured Notes, 5.894% (SOFR + 1.866%) due 12/5/34(a)(c)		616,032
	200,000	BBB+	Subordinated Notes, 4.375% (5-Year USD Swap Rate + 1.483%) due 3/1/33(a)(c)		187,893
			Citigroup Inc.:
	220,000	BB+	Junior Subordinated Notes, 5.950% (3-Month Term SOFR + 4.167%)(c)(d)		218,687
			Senior Unsecured Notes:
	70,000	BBB+	4.658% (SOFR + 1.887%) due 5/24/28(c)		68,752

See Notes to Financial Statements.

133



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Banks — 6.6% — (continued)
$	2,540,000	BBB+	3.520% (3-Month Term SOFR + 1.413%) due 10/27/28(c)	$	2,387,318
	200,000	BBB+	4.075% (3-Month Term SOFR + 1.454%) due 4/23/29(c)		190,878
	100,000	BBB+	3.980% (3-Month Term SOFR + 1.600%) due 3/20/30(c)		93,721
	815,000	BBB+	2.976% (SOFR + 1.422%) due 11/5/30(c)		718,141
	550,000	BBB+	4.412% (SOFR + 3.914%) due 3/31/31(c)		519,363
	70,000	BBB+	2.572% (SOFR + 2.107%) due 6/3/31(c)		59,218
	690,000	BBB+	2.561% (SOFR + 1.167%) due 5/1/32(c)		568,003
	160,000	BBB+	2.520% (SOFR + 1.177%) due 11/3/32(c)		129,877
	1,500,000	BBB+	3.057% (SOFR + 1.351%) due 1/25/33(c)		1,259,069
	250,000	BBB+	3.785% (SOFR + 1.939%) due 3/17/33(c)		221,248
	220,000	BBB+	4.910% (SOFR + 2.086%) due 5/24/33(c)		210,559
	314,000	BBB+	8.125% due 7/15/39		398,646
	196,000	BBB+	4.650% due 7/30/45		176,330
	70,000	BBB+	4.650% due 7/23/48		62,257
			Subordinated Notes:
	210,000	BBB	4.400% due 6/10/25		206,902
	20,000	BBB	5.500% due 9/13/25		19,989
	890,000	BBB	4.300% due 11/20/26		866,836
	30,000	BBB	6.625% due 6/15/32		31,925
	100,000	BBB	6.675% due 9/13/43		110,362
	286,000	BBB	5.300% due 5/6/44		273,241
	30,000	BBB	4.750% due 5/18/46		26,246
	58,000	AA-	Commonwealth Bank of Australia, Senior Unsecured Notes, 3.900% due 7/12/47(a)		47,695
			Cooperatieve Rabobank UA:
	860,000	BBB+	Company Guaranteed Notes, 4.375% due 8/4/25		843,549
			Senior Non-Preferred Notes:
	250,000	A-	3.649% (1-Year CMT Index + 1.220%) due 4/6/28(a)(c)		236,835
	270,000	A-	3.758% (1-Year CMT Index + 1.420%) due 4/6/33(a)(c)		239,644
	500,000	A-	Credit Agricole SA, Senior Non-Preferred Notes, 1.907% (SOFR + 1.676%) due 6/16/26(a)(c)		476,480
			Credit Suisse AG, Senior Unsecured Notes:
	500,000	A+	3.625% due 9/9/24		494,895
	1,450,000	A+	7.950% due 1/9/25		1,475,773
	250,000	A+	2.950% due 4/9/25		242,823
	250,000	A+	5.000% due 7/9/27		247,660
	2,635,000	A+	7.500% due 2/15/28		2,835,472
	760,000	WD(e)	Credit Suisse Group AG, (Cost — $760,000, acquired 6/16/22), Junior Subordinated Notes, 9.750% (5-Year CMT Index + 6.383%)#(a)(c)(d)(f)(h)		—
	200,000	BBB-	Deutsche Bank AG, Subordinated Notes, 3.742% (SOFR + 2.257%) due 1/7/33(c)		160,736
	11,000	BB+	Goldman Sachs Capital II, Limited Guaranteed Notes, 6.370% (3-Month Term SOFR + 1.029%)(c)(d)		9,297
			Goldman Sachs Group Inc. (The):
			Senior Unsecured Notes:
	265,000	BBB+	5.859% (SOFR + 0.505%) due 9/10/24(c)		265,133
	689,000	BBB+	5.831% (SOFR + 0.486%) due 10/21/24(c)		689,397
	153,000	BBB+	3.500% due 4/1/25		149,850
	145,000	BBB+	3.272% (3-Month Term SOFR + 1.463%) due 9/29/25(c)		142,989
	371,000	BBB+	5.798% (SOFR + 1.075%) due 8/10/26(c)		373,112
	150,000	BBB+	3.500% due 11/16/26		143,941
	685,000	BBB+	1.431% (SOFR + 0.798%) due 3/9/27(c)		632,697
	2,030,000	BBB+	1.542% (SOFR + 0.818%) due 9/10/27(c)		1,847,796
	70,000	BBB+	3.615% (SOFR + 1.846%) due 3/15/28(c)		66,748
	891,000	BBB+	3.814% (3-Month Term SOFR + 1.420%) due 4/23/29(c)		842,179
	3,294,000	BBB+	4.223% (3-Month Term SOFR + 1.563%) due 5/1/29(c)		3,158,174
	1,374,000	BBB+	6.484% (SOFR + 1.770%) due 10/24/29(c)		1,439,318
	57,000	BBB+	1.992% (SOFR + 1.090%) due 1/27/32(c)		45,697

See Notes to Financial Statements.

134



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Banks — 6.6% — (continued)
$	984,000	BBB+	2.615% (SOFR + 1.281%) due 4/22/32(c)	$	818,012
	2,750,000	BBB+	2.383% (SOFR + 1.248%) due 7/21/32(c)		2,236,418
	1,573,000	BBB+	2.650% (SOFR + 1.264%) due 10/21/32(c)		1,296,598
	884,000	BBB+	6.561% (SOFR + 1.950%) due 10/24/34(c)		955,109
	210,000	BBB+	6.250% due 2/1/41		226,027
	30,000	BBB+	3.210% (SOFR + 1.513%) due 4/22/42(c)		22,326
	70,000	BBB+	2.908% (SOFR + 1.472%) due 7/21/42(c)		49,624
	100,000	BBB+	4.750% due 10/21/45		91,382
			Subordinated Notes:
	130,000	BBB	4.250% due 10/21/25		127,723
	460,000	BBB	6.750% due 10/1/37		499,931
	290,000	BBB	5.150% due 5/22/45		277,059
			HSBC Holdings PLC:
			Senior Unsecured Notes:
	685,000	A-	2.099% (SOFR + 1.929%) due 6/4/26(c)		655,499
	485,000	A-	1.589% (SOFR + 1.290%) due 5/24/27(c)		444,005
	2,370,000	A-	2.206% (SOFR + 1.285%) due 8/17/29(c)		2,057,626
	820,000	A-	3.973% (3-Month Term SOFR + 1.872%) due 5/22/30(c)		760,530
	120,000	A-	2.804% (SOFR + 1.187%) due 5/24/32(c)		99,204
			Subordinated Notes:
	220,000	BBB	4.762% (SOFR + 2.530%) due 3/29/33(c)		202,178
	190,000	BBB	6.500% due 9/15/37		200,684
	200,000	BB+	Intesa Sanpaolo SpA, Subordinated Notes, 5.017% due 6/26/24(a)		198,749
			JPMorgan Chase & Co.:
			Senior Unsecured Notes:
	30,000	A-	3.845% (SOFR + 0.980%) due 6/14/25(c)		29,818
	435,000	A-	0.969% (3-Month Term SOFR + 0.580%) due 6/23/25(c)		428,383
	1,080,000	A-	1.561% (SOFR + 0.605%) due 12/10/25(c)		1,046,101
	80,000	A-	2.083% (SOFR + 1.850%) due 4/22/26(c)		76,976
	1,745,000	A-	1.578% (SOFR + 0.885%) due 4/22/27(c)		1,613,798
	360,000	A-	1.470% (SOFR + 0.765%) due 9/22/27(c)		327,255
	464,000	A-	6.070% (SOFR + 1.330%) due 10/22/27(c)		472,865
	480,000	A-	4.203% (3-Month Term SOFR + 1.522%) due 7/23/29(c)		460,798
	53,000	A-	5.299% (SOFR + 1.450%) due 7/24/29(c)		53,139
	1,110,000	A-	4.452% (3-Month Term SOFR + 1.592%) due 12/5/29(c)		1,073,314
	2,182,000	A-	5.012% (SOFR + 1.310%) due 1/23/30(c)		2,158,750
	446,000	A-	4.565% (SOFR + 1.750%) due 6/14/30(c)		432,029
	2,475,000	A-	2.739% (3-Month Term SOFR + 1.510%) due 10/15/30(c)		2,174,600
	150,000	A-	2.522% (SOFR + 2.040%) due 4/22/31(c)		128,284
	2,385,000	A-	2.580% (3-Month Term SOFR + 1.250%) due 4/22/32(c)		1,995,297
	1,215,000	A-	2.545% (SOFR + 1.180%) due 11/8/32(c)		1,000,453
	1,772,000	A-	5.350% (SOFR + 1.845%) due 6/1/34(c)		1,763,698
	20,000	A-	3.964% (3-Month Term SOFR + 1.642%) due 11/15/48(c)		16,066
	50,000	A-	3.109% (SOFR + 2.440%) due 4/22/51(c)		34,294
			Subordinated Notes:
	270,000	BBB+	3.875% due 9/10/24		267,554
	210,000	BBB+	4.250% due 10/1/27		205,581
	630,000	BBB+	4.950% due 6/1/45		591,534
			Lloyds Banking Group PLC:
			Senior Unsecured Notes:
	400,000	BBB+	3.900% due 3/12/24		399,824
	200,000	BBB+	4.375% due 3/22/28		193,050
	445,000	BBB-	Subordinated Notes, 4.582% due 12/10/25		436,128
	250,000	AA+	National Securities Clearing Corp., Senior Unsecured Notes, 1.500% due 4/23/25(a)		240,084

See Notes to Financial Statements.

135



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Banks — 6.6% — (continued)
			NatWest Group PLC, Senior Unsecured Notes:
$	330,000	BBB+	4.269% (3-Month USD-LIBOR + 1.762%) due 3/22/25(c)	$	329,716
	400,000	BBB+	5.076% (3-Month USD-LIBOR + 1.905%) due 1/27/30(c)		390,734
			PNC Financial Services Group Inc. (The), Senior Unsecured Notes:
	30,000	A-	5.812% (SOFR + 1.322%) due 6/12/26(c)		30,048
	420,000	A-	5.582% (SOFR + 1.841%) due 6/12/29(c)		422,620
	1,220,000	A-	5.068% (SOFR + 1.933%) due 1/24/34(c)		1,172,927
	820,000	A-	6.875% (SOFR + 2.284%) due 10/20/34(c)		888,203
			Royal Bank of Canada, Senior Unsecured Notes:
	10,000	A	1.150% due 6/10/25		9,498
	250,000	A	3.875% due 5/4/32		228,239
	260,000	A	5.150% due 2/1/34		255,666
			Santander Holdings USA Inc., Senior Unsecured Notes:
	30,000	BBB+	4.500% due 7/17/25		29,413
	289,000	BBB+	6.174% (SOFR + 2.500%) due 1/9/30(c)		288,148
			Santander UK Group Holdings PLC, Senior Unsecured Notes:
	235,000	BBB	1.089% (SOFR + 0.787%) due 3/15/25(c)		234,624
	790,000	BBB	1.532% (1-Year CMT Index + 1.250%) due 8/21/26(c)		740,716
	1,440,000	BBB	1.673% (SOFR + 0.989%) due 6/14/27(c)		1,309,116
			Toronto-Dominion Bank (The), Senior Unsecured Notes:
	210,000	A	1.150% due 6/12/25		199,479
	440,000	A	4.456% due 6/8/32		419,513
	30,000	A-	Truist Financial Corp., Senior Unsecured Notes, 6.047% (SOFR + 2.050%) due 6/8/27(c)		30,301
			UBS Group AG:
			Junior Subordinated Notes:
	200,000	BB	7.750% (5-Year USD SOFR ICE Swap Rate + 4.160%)(a)(c)(d)		200,405
	890,000	BB	9.250% (5-Year CMT Index + 4.745%)(a)(c)(d)		952,366
			Senior Unsecured Notes:
	750,000	A-	3.750% due 3/26/25		734,933
	155,000	A-	2.593% (SOFR + 1.560%) due 9/11/25(a)(c)		152,326
	320,000	A-	4.550% due 4/17/26		314,394
	370,000	A-	2.193% (SOFR + 2.044%) due 6/5/26(a)(c)		354,085
	295,000	A-	6.373% (SOFR + 3.340%) due 7/15/26(a)(c)		297,047
	960,000	A-	1.305% (SOFR + 0.980%) due 2/2/27(a)(c)		885,008
	500,000	A-	4.751% (1-Year CMT Index + 1.750%) due 5/12/28(a)(c)		488,007
	950,000	A-	4.194% (SOFR + 3.730%) due 4/1/31(a)(c)		873,478
	1,915,000	A-	3.091% (SOFR + 1.730%) due 5/14/32(a)(c)		1,609,084
	496,000	A-	2.746% (1-Year CMT Index + 1.100%) due 2/11/33(a)(c)		399,480
	2,585,000	A-	6.537% (SOFR + 3.920%) due 8/12/33(a)(c)		2,698,027
	2,019,000	A-	9.016% (SOFR + 5.020%) due 11/15/33(a)(c)		2,429,003
			US Bancorp, Senior Unsecured Notes:
	90,000	A	1.450% due 5/12/25		86,131
	300,000	A	5.850% (SOFR + 2.090%) due 10/21/33(c)		303,694
	1,365,000	A	4.839% (SOFR + 1.600%) due 2/1/34(c)		1,285,103
			Wells Fargo & Co.:
	50,000	BB+	Junior Subordinated Notes, 5.875%(c)(d)		50,101
			Senior Unsecured Notes:
	20,000	BBB+	2.188% (SOFR + 2.000%) due 4/30/26(c)		19,220
	500,000	BBB+	3.000% due 10/23/26		472,659
	145,000	BBB+	3.526% (SOFR + 1.510%) due 3/24/28(c)		137,481
	510,000	BBB+	2.393% (SOFR + 2.100%) due 6/2/28(c)		465,226
	490,000	BBB+	4.150% due 1/24/29		469,378
	4,965,000	BBB+	5.574% (SOFR + 1.740%) due 7/25/29(c)		4,999,124
	511,000	BBB+	6.303% (SOFR + 1.790%) due 10/23/29(c)		530,037
	305,000	BBB+	2.879% (3-Month Term SOFR + 1.432%) due 10/30/30(c)		267,461

See Notes to Financial Statements.

136



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Banks — 6.6% — (continued)
$	103,000	BBB+	2.572% (3-Month Term SOFR + 1.262%) due 2/11/31(c)	$	87,879
	100,000	BBB+	4.478% (3-Month Term SOFR + 4.032%) due 4/4/31(c)		95,077
	3,560,000	BBB+	3.350% (SOFR + 1.500%) due 3/2/33(c)		3,055,086
	290,000	BBB+	4.897% (SOFR + 2.100%) due 7/25/33(c)		277,190
	795,000	BBB+	5.389% (SOFR + 2.020%) due 4/24/34(c)		782,261
	2,363,000	BBB+	5.557% (SOFR + 1.990%) due 7/25/34(c)		2,350,954
	140,000	BBB+	6.491% (SOFR + 2.060%) due 10/23/34(c)		148,946
	3,060,000	BBB+	5.013% (3-Month Term SOFR + 4.502%) due 4/4/51(c)		2,826,416
			Subordinated Notes:
	230,000	BBB	5.375% due 11/2/43		219,604
	110,000	BBB	5.606% due 1/15/44		107,832
	20,000	BBB	4.650% due 11/4/44		17,271
	20,000	BBB	4.900% due 11/17/45		17,730
	40,000	BBB	4.400% due 6/14/46		32,958
	10,000	BBB	4.750% due 12/7/46		8,657
	608,000	A+	Wells Fargo Bank NA, Senior Unsecured Notes, 5.450% due 8/7/26		613,145

			Total Banks		123,797,923


Beverages — 0.2%
			Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
	101,000	A-	3.650% due 2/1/26		98,474
	890,000	A-	4.900% due 2/1/46		830,852
			Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
	140,000	A-	4.000% due 4/13/28		135,811
	240,000	A-	4.750% due 1/23/29		238,010
	260,000	A-	3.500% due 6/1/30		240,385
	160,000	A-	4.350% due 6/1/40		143,496
	160,000	A-	5.550% due 1/23/49		164,067
	650,000	BBB-	Bacardi Ltd., Company Guaranteed Notes, 4.450% due 5/15/25(a)		640,483
			Coca-Cola Co. (The), Senior Unsecured Notes:
	190,000	A+	2.500% due 6/1/40		135,775
	60,000	A+	2.600% due 6/1/50		38,791
			Constellation Brands Inc., Senior Unsecured Notes:
	100,000	BBB	3.600% due 5/9/24		99,600
	130,000	BBB	4.350% due 5/9/27		127,129
	30,000	BBB	2.250% due 8/1/31		24,515
			Molson Coors Beverage Co., Company Guaranteed Notes:
	50,000	BBB	3.000% due 7/15/26		47,627
	60,000	BBB	4.200% due 7/15/46		49,034
			PepsiCo Inc., Senior Unsecured Notes:
	20,000	A+	2.625% due 3/19/27		18,804
	150,000	A+	1.625% due 5/1/30		124,758
	60,000	A+	2.875% due 10/15/49		41,456
	297,000	CCC+	Triton Water Holdings Inc., Senior Unsecured Notes, 6.250% due 4/1/29(a)		260,018

			Total Beverages		3,459,085


Biotechnology — 0.3%
			Amgen Inc., Senior Unsecured Notes:
	70,000	BBB+	3.625% due 5/22/24		69,679
	1,371,000	BBB+	5.150% due 3/2/28		1,373,828
	180,000	BBB+	4.050% due 8/18/29		172,075
	471,000	BBB+	2.450% due 2/21/30		409,316
	43,000	BBB+	3.375% due 2/21/50		30,853
	449,000	BBB+	4.200% due 2/22/52		362,958
	114,000	BBB+	4.875% due 3/1/53		102,227
	160,000	BBB+	5.650% due 3/2/53		159,752

See Notes to Financial Statements.

137



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Biotechnology — 0.3% — (continued)
$	413,000		BBB+	4.400% due 2/22/62	$	332,029
	167,000		BBB+	5.750% due 3/2/63		167,006
				Gilead Sciences Inc., Senior Unsecured Notes:
	310,000		BBB+	3.700% due 4/1/24		309,433
	60,000		BBB+	3.650% due 3/1/26		58,258
	874,000		BBB+	1.650% due 10/1/30		713,420
	90,000		BBB+	4.000% due 9/1/36		79,627
	408,000		BBB+	2.600% due 10/1/40		284,958
	142,000		BBB+	4.800% due 4/1/44		130,458
	99,000		BBB+	4.500% due 2/1/45		87,094
	130,000		BBB+	4.750% due 3/1/46		118,218

				Total Biotechnology		4,961,189


Building Materials — 0.0%@
	30,000		BB-	Builders FirstSource Inc., Company Guaranteed Notes, 4.250% due 2/1/32(a)		26,385


Chemicals — 0.2%
	176,000		BBB	Eastman Chemical Co., Senior Unsecured Notes, 4.500% due 12/1/28		170,788
				International Flavors & Fragrances Inc.:
	130,000		BBB-	Company Guaranteed Notes, 3.468% due 12/1/50(a)		85,559
				Senior Unsecured Notes:
	1,801,000		BBB-	2.300% due 11/1/30(a)		1,480,315
	120,000		BBB-	4.375% due 6/1/47		89,604
	100,000		BBB-	5.000% due 9/26/48		84,132
	600,000		BBB	MEGlobal BV, Company Guaranteed Notes, 4.250% due 11/3/26(a)		577,581
	18,000		BBB	Monsanto Co., Senior Unsecured Notes, 4.400% due 7/15/44		12,392
				OCP SA, Senior Unsecured Notes:
	200,000		BB+	4.500% due 10/22/25(a)		195,188
	200,000		BB+	3.750% due 6/23/31(a)		170,178
	400,000		BB+	5.125% due 6/23/51(a)		296,279
				Orbia Advance Corp. SAB de CV, Company Guaranteed Notes:
	270,000		BBB-	1.875% due 5/11/26(a)		246,305
	260,000		BBB-	2.875% due 5/11/31(a)		210,894
	213,000		BBB	RPM International Inc., Senior Unsecured Notes, 3.750% due 3/15/27		203,270

				Total Chemicals		3,822,485


Coal — 0.0%@
				Teck Resources Ltd., Senior Unsecured Notes:
	200,000		BBB-	3.900% due 7/15/30		182,360
	10,000		BBB-	6.000% due 8/15/40		9,905

				Total Coal		192,265


Commercial Services — 0.1%
	90,000		A-	Cintas Corp. No 2, Company Guaranteed Notes, 4.000% due 5/1/32		84,461
				Global Payments Inc., Senior Unsecured Notes:
	176,000		BBB-	4.450% due 6/1/28		169,659
	44,000		BBB-	3.200% due 8/15/29		39,200
	100,000	^EUR	BBB-	4.875% due 3/17/31		111,493
	97,000		BBB-	2.900% due 11/15/31		80,979
				Moody’s Corp., Senior Unsecured Notes:
	245,000		BBB+	4.250% due 2/1/29		237,128
	42,000		BBB+	2.000% due 8/19/31		33,957
				PayPal Holdings Inc., Senior Unsecured Notes:
	10,000		A-	1.650% due 6/1/25		9,573
	190,000		A-	2.300% due 6/1/30		161,687

See Notes to Financial Statements.

138



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Commercial Services — 0.1% — (continued)
$	118,000		BBB+	RELX Capital Inc., Company Guaranteed Notes, 4.000% due 3/18/29	$	112,679
				United Rentals North America Inc.:
				Company Guaranteed Notes:
	50,000		BB+	3.875% due 2/15/31		44,296
	120,000		BB+	3.750% due 1/15/32		103,971
	20,000		BBB-	Secured Notes, 3.875% due 11/15/27		18,854
	60,000		B	Upbound Group Inc., Company Guaranteed Notes, 6.375% due 2/15/29(a)		57,474
	45,000		B-	WASH Multifamily Acquisition Inc., Senior Secured Notes, 5.750% due 4/15/26(a)		43,687
	200,000	^EUR	BBB-	Worldline SA, Senior Unsecured Notes, 4.125% due 9/12/28		210,823

				Total Commercial Services		1,519,921


Computers — 0.1%
				Dell International LLC/EMC Corp.:
	144,000		BBB	Company Guaranteed Notes, 3.450% due 12/15/51		98,845
	23,000		BBB	Senior Unsecured Notes, 8.350% due 7/15/46		29,112
	88,000		BBB-	DXC Technology Co., Senior Unsecured Notes, 2.375% due 9/15/28		75,910
	248,000		BBB	Hewlett Packard Enterprise Co., Senior Unsecured Notes, 5.250% due 7/1/28		248,434
	680,000		A-	International Business Machines Corp., Senior Unsecured Notes, 3.000% due 5/15/24		676,589

				Total Computers		1,128,890


Cosmetics/Personal Care — 0.1%
	560,000		BBB	Haleon US Capital LLC, Company Guaranteed Notes, 3.375% due 3/24/29		517,564
	540,000		A	Kenvue Inc., Company Guaranteed Notes, 4.900% due 3/22/33		533,883
	80,000		AA-	Procter & Gamble Co. (The), Senior Unsecured Notes, 3.000% due 3/25/30		73,226

				Total Cosmetics/Personal Care		1,124,673


Diversified Financial Services — 0.6%
				AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes:
	1,800,000		BBB	2.450% due 10/29/26		1,660,600
	540,000		BBB	3.000% due 10/29/28		485,415
	1,497,000		BBB	3.300% due 1/30/32		1,266,158
				Air Lease Corp., Senior Unsecured Notes:
	495,000		BBB	3.250% due 3/1/25		483,415
	10,000		BBB	3.375% due 7/1/25		9,715
	725,000		BBB	2.875% due 1/15/26		691,654
	230,000		BBB	5.300% due 2/1/28		228,925
				American Express Co., Senior Unsecured Notes:
	190,000		BBB+	3.375% due 5/3/24		189,185
	220,000		BBB+	4.050% due 5/3/29		212,869
				Avolon Holdings Funding Ltd.:
				Company Guaranteed Notes:
	285,000		BBB-	2.875% due 2/15/25(a)		276,677
	75,000		BBB-	3.250% due 2/15/27(a)		69,354
	1,563,000		BBB-	2.528% due 11/18/27(a)		1,384,282
	230,000		BBB-	Senior Unsecured Notes, 2.750% due 2/21/28(a)		204,611
	27,000		BBB-	Capital One Financial Corp., Subordinated Notes, 2.359% (SOFR + 1.337%) due 7/29/32(c)		20,411
				Charles Schwab Corp. (The), Senior Unsecured Notes:
	700,000		A-	5.875% due 8/24/26		710,922
	140,000		A-	6.136% (SOFR + 2.010%) due 8/24/34(c)		145,056
	759,000		A+	Credit Suisse USA Inc., Company Guaranteed Notes, 7.125% due 7/15/32		847,959
				Intercontinental Exchange Inc., Senior Unsecured Notes:
	13,000		A-	2.100% due 6/15/30		10,913
	480,000		A-	1.850% due 9/15/32		370,586
	540,000		A-	4.600% due 3/15/33		516,267
	60,000		A-	4.950% due 6/15/52		56,333
	200,000		BB	Jane Street Group/JSG Finance Inc., Senior Secured Notes, 4.500% due 11/15/29(a)		184,225

See Notes to Financial Statements.

139



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Diversified Financial Services — 0.6% — (continued)
$	30,000	A	KKR Group Finance Co. II LLC, Company Guaranteed Notes, 5.500% due 2/1/43(a)	$	28,502
	650,000	NR	Lehman Brothers Holdings Inc., Subordinated Notes, 6.750% due 12/28/17*#(h)(i)		—
	535,000	A	LSEGA Financing PLC, Company Guaranteed Notes, 2.000% due 4/6/28(a)		476,008
	30,000	A+	Mastercard Inc., Senior Unsecured Notes, 3.850% due 3/26/50		24,772
	792,000	BBB	Nasdaq Inc., Senior Unsecured Notes, 5.550% due 2/15/34		797,389
	150,000	AA	USAA Capital Corp., Senior Unsecured Notes, 2.125% due 5/1/30(a)		124,252
			Visa Inc., Senior Unsecured Notes:
	210,000	AA-	2.050% due 4/15/30		180,151
	250,000	AA-	4.300% due 12/14/45		223,574

			Total Diversified Financial Services		11,880,180


Electric — 1.6%
			AEP Texas Inc., Senior Unsecured Notes:
	593,000	A-	5.400% due 6/1/33		593,261
	82,000	A-	3.450% due 1/15/50		57,208
	191,000	A-	3.450% due 5/15/51		131,814
			AEP Transmission Co. LLC, Senior Unsecured Notes:
	505,000	A-	3.750% due 12/1/47		389,115
	109,000	A-	3.150% due 9/15/49		74,873
	120,000	A-	2.750% due 8/15/51		74,895
	365,000	A-	4.500% due 6/15/52		316,319
			Alabama Power Co., Senior Unsecured Notes:
	17,000	A-	5.200% due 6/1/41		16,737
	64,000	A-	3.700% due 12/1/47		48,582
	60,000	A-	3.450% due 10/1/49		43,649
	116,000	A-	3.125% due 7/15/51		79,036
	311,000	A-	3.000% due 3/15/52		207,292
			Ameren Illinois Co., 1st Mortgage Notes:
	43,000	A	3.250% due 3/15/50		30,257
	95,000	A	2.900% due 6/15/51		61,970
	342,000	BBB+	American Electric Power Co., Inc., Senior Unsecured Notes, 5.950% due 11/1/32		353,886
	150,000	BBB	American Transmission Systems Inc., Senior Unsecured Notes, 2.650% due 1/15/32(a)		123,203
	850,000	BBB+	Arizona Public Service Co., Senior Unsecured Notes, 3.350% due 5/15/50		580,060
			Baltimore Gas & Electric Co., Senior Unsecured Notes:
	6,000	A	3.500% due 8/15/46		4,433
	150,000	A	3.750% due 8/15/47		113,451
	130,000	A	3.200% due 9/15/49		89,260
	67,000	A	2.900% due 6/15/50		43,552
	204,000	A	4.550% due 6/1/52		178,002
	265,000	A	5.400% due 6/1/53		259,992
			CenterPoint Energy Houston Electric LLC:
	118,000	A	1st Mortgage Notes, 3.600% due 3/1/52		88,760
	129,000	A	General Refinance Mortgage, 4.450% due 10/1/32		122,898
			Consolidated Edison Co. of New York Inc., Senior Unsecured Notes:
	60,000	A-	3.350% due 4/1/30		54,880
	40,000	A-	3.950% due 4/1/50		32,035
	134,000	A-	5.900% due 11/15/53		141,263
			Consumers Energy Co., 1st Mortgage Notes:
	256,000	A	3.500% due 8/1/51		191,466
	53,000	A	2.650% due 8/15/52		32,998
	313,000	A	4.200% due 9/1/52		260,247
	83,000	A	Dominion Energy South Carolina Inc., 1st Mortgage Notes, 6.250% due 10/15/53		91,890
	180,000	A	DTE Electric Co., General Refinance Mortgage, 3.250% due 4/1/51		125,586
			Duke Energy Carolinas LLC, 1st Mortgage Notes:
	854,000	A	3.950% due 11/15/28		822,659

See Notes to Financial Statements.

140



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Electric — 1.6% — (continued)
$	490,000	A	4.950% due 1/15/33	$	482,910
	500,000	A	4.250% due 12/15/41		423,821
	205,000	A	3.200% due 8/15/49		141,659
	395,000	A	3.550% due 3/15/52		284,266
	352,000	A	5.350% due 1/15/53		344,585
			Duke Energy Florida LLC, 1st Mortgage Notes:
	945,000	A	2.500% due 12/1/29		831,043
	733,000	A	1.750% due 6/15/30		604,925
	24,000	A	4.200% due 7/15/48		19,664
	226,000	A	5.950% due 11/15/52		237,884
			Duke Energy Ohio Inc., 1st Mortgage Notes:
	729,000	A	3.650% due 2/1/29		688,660
	220,000	A	5.650% due 4/1/53		222,060
			Duke Energy Progress LLC, 1st Mortgage Notes:
	130,000	A	3.450% due 3/15/29		121,603
	843,000	A	5.250% due 3/15/33		841,623
	331,000	A	4.150% due 12/1/44		271,063
	67,000	A	2.900% due 8/15/51		42,986
	830,000	BBB-	Edison International, Senior Unsecured Notes, 6.950% due 11/15/29		885,250
	87,000	A	Entergy Arkansas LLC, 1st Mortgage Notes, 3.350% due 6/15/52		59,564
	47,000	A	Entergy Texas Inc., 1st Mortgage Notes, 3.450% due 12/1/27		43,944
	428,000	BBB+	Eversource Energy, Senior Unsecured Notes, 5.450% due 3/1/28		430,231
	85,000	BBB	Exelon Corp., Senior Unsecured Notes, 5.625% due 6/15/35		84,550
			FirstEnergy Corp., Senior Unsecured Notes:
	60,000	BB+	1.600% due 1/15/26		55,553
	470,000	BB+	4.150% due 7/15/27		447,338
	300,000	BB+	5.100% due 7/15/47		258,958
			FirstEnergy Transmission LLC, Senior Unsecured Notes:
	417,000	BB+	4.350% due 1/15/25(a)		412,495
	750,000	BB+	4.550% due 4/1/49(a)		620,813
			Florida Power & Light Co., 1st Mortgage Notes:
	251,000	A+	3.950% due 3/1/48		203,483
	540,000	A+	3.990% due 3/1/49		439,390
	122,000	A+	2.875% due 12/4/51		79,596
	278,000	BBB+	Georgia Power Co., Senior Unsecured Notes, 4.950% due 5/17/33		272,211
	700,000	BBB	Jersey Central Power & Light Co., Senior Unsecured Notes, 4.700% due 4/1/24(a)		699,457
	485,000	BBB	Metropolitan Edison Co., Senior Unsecured Notes, 4.300% due 1/15/29(a)		466,308
			MidAmerican Energy Co., 1st Mortgage Notes:
	47,000	A	3.100% due 5/1/27		44,453
	141,000	A	5.850% due 9/15/54		148,526
	167,000	A	5.300% due 2/1/55		162,293
	35,000	BBB+	NextEra Energy Capital Holdings Inc., Company Guaranteed Notes, 5.749% due 9/1/25		35,191
			Northern States Power Co., 1st Mortgage Notes:
	211,000	A+	2.900% due 3/1/50		137,856
	218,000	A+	2.600% due 6/1/51		134,645
	255,000	A+	3.200% due 4/1/52		175,374
	262,000	A+	5.100% due 5/15/53		250,607
			Ohio Power Co., Senior Unsecured Notes:
	113,000	A-	2.600% due 4/1/30		97,923
	1,289,000	A-	5.000% due 6/1/33		1,265,692
	166,000	A-	4.000% due 6/1/49		129,503
	118,000	A-	2.900% due 10/1/51		75,681
			Pacific Gas & Electric Co., 1st Mortgage Notes:
	420,000	BBB	4.950% due 6/8/25		416,080
	500,000	BBB	5.450% due 6/15/27		499,508

See Notes to Financial Statements.

141



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Electric — 1.6% — (continued)
$	89,000		BBB	2.500% due 2/1/31	$	72,933
	136,000		BBB	6.150% due 1/15/33		139,158
	1,279,000		BBB	6.400% due 6/15/33		1,330,083
	211,000		BBB	6.950% due 3/15/34		228,142
	90,000		BBB	3.500% due 8/1/50		60,576
	55,000		BBB	6.700% due 4/1/53		59,155
				PECO Energy Co., 1st Mortgage Notes:
	246,000		A	3.050% due 3/15/51		165,427
	634,000		A	4.600% due 5/15/52		564,000
	241,000		A	4.375% due 8/15/52		206,230
	560,000		BBB	Pennsylvania Electric Co., Senior Unsecured Notes, 4.150% due 4/15/25(a)		548,158
	302,000		A+	Public Service Co. of New Hampshire, 1st Mortgage Notes, 5.150% due 1/15/53		289,550
	500,000		BBB	Public Service Co. of New Mexico, Senior Unsecured Notes, 3.850% due 8/1/25		486,068
				Public Service Electric & Gas Co., 1st Mortgage Notes:
	199,000		A	3.200% due 5/15/29		183,511
	285,000		A	4.900% due 12/15/32		281,916
				San Diego Gas & Electric Co., 1st Mortgage Notes:
	230,000		A	3.320% due 4/15/50		160,164
	270,000		A	5.350% due 4/1/53		261,960
				Southern California Edison Co., 1st Mortgage Notes:
	475,000		A-	1.200% due 2/1/26		440,822
	710,000		A-	5.300% due 3/1/28		716,810
	308,000		A-	5.650% due 10/1/28		315,748
	499,000		A-	5.950% due 11/1/32		520,320
	219,000		A-	5.200% due 6/1/34		214,508
	60,000		A-	3.650% due 6/1/51		44,079
	305,000		A-	5.875% due 12/1/53		309,690
	400,000		A-	Southwestern Electric Power Co., Senior Unsecured Notes, 5.300% due 4/1/33		395,164
				TenneT Holding BV, Senior Unsecured Notes:
	540,000	^EUR	A3(b)	4.500% due 10/28/34		626,301
	340,000	^EUR	A3(b)	4.750% due 10/28/42		415,393
	126,000		A	Union Electric Co., 1st Mortgage Notes, 5.450% due 3/15/53		123,645
				Virginia Electric & Power Co., Senior Unsecured Notes:
	52,000		BBB+	2.950% due 11/15/51		33,360
	226,000		BBB+	5.700% due 8/15/53		229,549
	15,000		BBB+	5.350% due 1/15/54		14,430

				Total Electric		29,863,604


Electronics — 0.0%@
	540,000		A2(b)	Honeywell International Inc., Senior Unsecured Notes, 5.000% due 3/1/35		538,260


Entertainment — 0.2%
	90,000		BB-	Caesars Entertainment Inc., Senior Secured Notes, 7.000% due 2/15/30(a)		92,273
				Warnermedia Holdings Inc., Company Guaranteed Notes:
	20,000		BBB-	6.412% due 3/15/26		19,984
	80,000		BBB-	3.755% due 3/15/27		75,716
	510,000		BBB-	4.054% due 3/15/29		472,355
	250,000		BBB-	4.279% due 3/15/32		220,160
	910,000		BBB-	5.050% due 3/15/42		764,550
	2,651,000		BBB-	5.141% due 3/15/52		2,156,121
	160,000		BB-	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Company Guaranteed Notes, 7.125% due 2/15/31(a)		165,371

				Total Entertainment		3,966,530

See Notes to Financial Statements.

142



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value
Environmental Control — 0.1%
				Republic Services Inc., Senior Unsecured Notes:
$	130,000		BBB+	2.500% due 8/15/24	$	128,259
	66,000		BBB+	3.375% due 11/15/27		62,596
	260,000		BBB+	4.875% due 4/1/29		258,977
	330,000		BBB+	Waste Connections Inc., Senior Unsecured Notes, 5.000% due 3/1/34		323,108
	170,000		A-	Waste Management Inc., Company Guaranteed Notes, 2.950% due 6/1/41		126,192
	244,000		B-	Waste Pro USA Inc., Senior Unsecured Notes, 5.500% due 2/15/26(a)		239,382

				Total Environmental Control		1,138,514


Food — 0.2%
	1,720,000		BBB-	JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg Sarl, Company Guaranteed Notes, 6.750% due 3/15/34(a)		1,773,196
				JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., Company Guaranteed Notes:
	420,000		BBB-	3.000% due 2/2/29		368,602
	275,000		BBB-	5.500% due 1/15/30		268,230
	465,000		BBB-	3.000% due 5/15/32		372,597
	115,000		BBB-	5.750% due 4/1/33		111,574
				Kraft Heinz Foods Co., Company Guaranteed Notes:
	10,000		BBB	3.000% due 6/1/26		9,538
	40,000		BBB	4.250% due 3/1/31		38,006
	30,000		BBB	5.000% due 6/4/42		27,737
	160,000		BBB	5.200% due 7/15/45		149,552
	230,000		A+	Mars Inc., Company Guaranteed Notes, 3.200% due 4/1/30(a)		208,569
	70,000		BBB	Mondelez International Inc., Senior Unsecured Notes, 1.500% due 5/4/25		66,929
				Pilgrim’s Pride Corp., Company Guaranteed Notes:
	72,000		BBB-	3.500% due 3/1/32		60,217
	75,000		BBB-	6.250% due 7/1/33		75,905

				Total Food		3,530,652


Forest Products & Paper — 0.0%@
				Suzano Austria GmbH, Company Guaranteed Notes:
	180,000		BBB-	3.750% due 1/15/31		157,611
	770,000		BBB-	3.125% due 1/15/32		632,855

				Total Forest Products & Paper		790,466


Gas — 0.2%
	92,000		A-	Atmos Energy Corp., Senior Unsecured Notes, 4.125% due 10/15/44		78,533
				CenterPoint Energy Resources Corp., Senior Unsecured Notes:
	208,000		BBB+	5.250% due 3/1/28		209,405
	52,000		BBB+	1.750% due 10/1/30		42,233
	1,270,000		BBB+	KeySpan Gas East Corp., Senior Unsecured Notes, 5.994% due 3/6/33(a)		1,266,367
	260,000	^EUR	Baa1(b)	National Gas Transmission PLC, Senior Unsecured Notes, 4.250% due 4/5/30		286,951
				NiSource Inc., Senior Unsecured Notes:
	75,000		BBB+	3.490% due 5/15/27		71,332
	161,000		BBB+	5.250% due 3/30/28		161,730
	253,000		BBB+	3.600% due 5/1/30		231,552
				Piedmont Natural Gas Co., Inc., Senior Unsecured Notes:
	90,000		BBB+	3.500% due 6/1/29		82,913
	96,000		BBB+	2.500% due 3/15/31		80,438
	460,000		BBB+	5.050% due 5/15/52		413,880
	250,000		BBB+	Southern Co. Gas Capital Corp., Company Guaranteed Notes, 4.400% due 5/30/47		203,322
	255,000		BBB	Southwest Gas Corp., Senior Unsecured Notes, 5.450% due 3/23/28		257,254
	75,000		A	Spire Missouri Inc., 1st Mortgage Notes, 4.800% due 2/15/33		72,831

				Total Gas		3,458,741

See Notes to Financial Statements.

143



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value
Healthcare — Products — 0.2%
				Abbott Laboratories, Senior Unsecured Notes:
$	70,000		AA-	4.750% due 11/30/36	$	68,637
	150,000		AA-	4.900% due 11/30/46		144,603
	60,000		BBB+	Agilent Technologies Inc., Senior Unsecured Notes, 2.300% due 3/12/31		50,104
				Alcon Finance Corp., Company Guaranteed Notes:
	645,000		BBB+	3.000% due 9/23/29(a)		578,724
	380,000		BBB+	2.600% due 5/27/30(a)		326,179
	200,000	^EUR	A	Medtronic Global Holdings SCA, Company Guaranteed Notes, 3.375% due 10/15/34		212,103
	200,000	^EUR	BBB	Sartorius Finance BV, Company Guaranteed Notes, 4.500% due 9/14/32		223,451
				Solventum Corp., Company Guaranteed Notes:
	420,000		BBB-	5.400% due 3/1/29(a)		419,276
	430,000		BBB-	5.450% due 3/13/31(a)		426,048
	590,000		BBB-	5.600% due 3/23/34(a)		587,302
	440,000		BBB-	5.900% due 4/30/54(a)		433,513
	13,000		WR(b)	St Jude Medical LLC, Senior Unsecured Notes, 4.750% due 4/15/43		9,493
				Thermo Fisher Scientific Inc., Senior Unsecured Notes:
	164,000		A-	2.000% due 10/15/31		134,060
	755,000		A-	5.086% due 8/10/33		759,289

				Total Healthcare — Products		4,372,782


Healthcare — Services — 0.7%
				Centene Corp., Senior Unsecured Notes:
	100,000		BBB-	4.250% due 12/15/27		95,399
	150,000		BBB-	4.625% due 12/15/29		142,276
	30,000		BBB-	3.375% due 2/15/30		26,507
	1,070,000		BBB-	3.000% due 10/15/30		915,016
	10,000		BBB-	2.625% due 8/1/31		8,189
	100,000		A	City of Hope, Senior Secured Notes, 5.623% due 11/15/43		97,958
				CommonSpirit Health:
	30,000		A-	Secured Notes, 4.350% due 11/1/42		25,636
				Senior Secured Notes:
	183,000		A-	3.347% due 10/1/29		166,436
	190,000		A-	2.782% due 10/1/30		162,636
	175,000		AA	3.817% due 10/1/49		132,962
	95,000		A-	3.910% due 10/1/50		72,976
	205,000		AA	Corewell Health Obligated Group, Senior Unsecured Notes, 3.487% due 7/15/49		155,095
	205,000		AA-	Duke University Health System Inc., Senior Unsecured Notes, 3.920% due 6/1/47		169,672
				Elevance Health Inc., Senior Unsecured Notes:
	1,120,000		A	3.650% due 12/1/27		1,070,536
	300,000		A	4.100% due 5/15/32		276,626
	247,000		A	4.550% due 3/1/48		215,991
	140,000		A	4.550% due 5/15/52		122,233
	116,000		A	6.100% due 10/15/52		124,525
	33,000		A	4.850% due 8/15/54		28,195
	140,000		A	Franciscan Missionaries of Our Lady Health System Inc., Secured Notes, 3.914% due 7/1/49		110,172
	355,000		BBB-	Fresenius Medical Care US Finance III Inc., Company Guaranteed Notes, 1.875% due 12/1/26(a)		320,111
				HCA Inc., Company Guaranteed Notes:
	40,000		BBB-	5.000% due 3/15/24		39,990
	187,000		BBB-	5.250% due 4/15/25		186,179
	736,000		BBB-	5.250% due 6/15/26		731,473
	153,000		BBB-	5.375% due 9/1/26		152,562
	681,000		BBB-	5.200% due 6/1/28		679,480
	90,000		BBB-	5.875% due 2/1/29		91,592
	923,000		BBB-	4.125% due 6/15/29		868,034

See Notes to Financial Statements.

144



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Healthcare — Services — 0.7% — (continued)
$	1,505,000	BBB-	3.500% due 9/1/30	$	1,344,171
	685,000	BBB-	5.500% due 6/15/47		638,561
	295,000	BBB-	5.250% due 6/15/49		265,573
	278,000	BBB-	3.500% due 7/15/51		187,789
	41,000	AA	Hoag Memorial Hospital Presbyterian, Unsecured Notes, 3.803% due 7/15/52		33,435
			Humana Inc., Senior Unsecured Notes:
	20,000	BBB+	4.500% due 4/1/25		19,794
	357,000	BBB+	1.350% due 2/3/27		320,103
	170,000	BBB+	3.950% due 3/15/27		164,003
	50,000	BBB+	2.150% due 2/3/32		39,639
	70,000	BBB+	4.625% due 12/1/42		61,483
	40,000	BBB+	4.950% due 10/1/44		36,081
	580,000	BBB-	IQVIA Inc., Senior Secured Notes, 5.700% due 5/15/28		584,936
	275,000	AA-	Kaiser Foundation Hospitals, Company Guaranteed Notes, 4.875% due 4/1/42		261,849
	360,000	B-	ModivCare Escrow Issuer Inc., Senior Unsecured Notes, 5.000% due 10/1/29(a)		265,898
	88,000	A+	Mount Nittany Medical Center Obligated Group, Unsecured Notes, 3.799% due 11/15/52		69,135
	90,000	Aa2(b)	Nationwide Children’s Hospital Inc., Unsecured Notes, 4.556% due 11/1/52		82,923
	90,000	AA	Presbyterian Healthcare Services, Unsecured Notes, 4.875% due 8/1/52		86,755
	110,000	AA-	Queen’s Health Systems (The), Secured Notes, 4.810% due 7/1/52		102,810
	240,000	AA	Roche Holdings Inc., Company Guaranteed Notes, 2.607% due 12/13/51(a)		151,380
	65,000	Aa2(b)	Seattle Children’s Hospital, Unsecured Notes, 2.719% due 10/1/50		42,090
			UnitedHealth Group Inc., Senior Unsecured Notes:
	60,000	A+	1.250% due 1/15/26		56,073
	50,000	A+	3.875% due 12/15/28		47,990
	90,000	A+	4.000% due 5/15/29		86,566
	50,000	A+	2.000% due 5/15/30		42,007
	510,000	A+	4.200% due 5/15/32		481,559
	223,000	A+	3.750% due 10/15/47		173,902
	40,000	A+	4.250% due 6/15/48		33,903
	30,000	A+	4.450% due 12/15/48		26,362
	350,000	A+	3.700% due 8/15/49		268,450
	20,000	A+	2.900% due 5/15/50		13,296
	474,000	A+	3.250% due 5/15/51		333,509
	120,000	A+	3.875% due 8/15/59		92,486
	20,000	A+	3.125% due 5/15/60		13,087
	115,000	A+	4.950% due 5/15/62		106,239
	53,000	A+	5.200% due 4/15/63		50,450

			Total Healthcare — Services		13,772,744


Home Builders — 0.0%@
			Lennar Corp., Company Guaranteed Notes:
	90,000	BBB	4.500% due 4/30/24		89,804
	130,000	BBB	4.750% due 11/29/27		127,935
	10,000	BBB-	MDC Holdings Inc., Company Guaranteed Notes, 6.000% due 1/15/43		9,914

			Total Home Builders		227,653


Household Products/Wares — 0.0%@
	130,000	B	Spectrum Brands Inc., Company Guaranteed Notes, 3.875% due 3/15/31(a)		123,990


Insurance — 0.4%
	100,000	B	Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, Senior Secured Notes, 4.250% due 10/15/27(a)		92,414
	83,000	BBB+	American International Group Inc., Senior Unsecured Notes, 4.750% due 4/1/48		75,737
			Aon Corp., Company Guaranteed Notes:
	22,000	A-	4.500% due 12/15/28		21,485
	124,000	A-	3.750% due 5/2/29		116,396
	288,000	A-	2.800% due 5/15/30		250,389

See Notes to Financial Statements.

145



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Insurance — 0.4% — (continued)
$	730,000	A-	Aon Corp./Aon Global Holdings PLC, Company Guaranteed Notes, 3.900% due 2/28/52	$	552,506
	720,000	BBB+(e)	Aon North America Inc., Company Guaranteed Notes, 5.450% due 3/1/34		720,269
			Athene Global Funding:
	400,000	A+	Secured Notes, 1.985% due 8/19/28(a)		343,244
	835,000	A+	Senior Secured Notes, 6.045% (SOFR + 0.700%) due 5/24/24(a)(c)		835,645
	460,000	AA	Berkshire Hathaway Finance Corp., Company Guaranteed Notes, 4.250% due 1/15/49		405,025
	70,000	A	Chubb INA Holdings Inc., Company Guaranteed Notes, 3.350% due 5/3/26		67,498
	900,000	BBB+	Farmers Exchange Capital II, Subordinated Notes, 6.151% (3-Month USD-LIBOR + 3.744%) due 11/1/53(a)(c)		829,168
			Hartford Financial Services Group Inc. (The), Senior Unsecured Notes:
	98,000	BBB+	5.950% due 10/15/36		101,262
	4,000	BBB+	4.300% due 4/15/43		3,436
	540,000	A-	Marsh & McLennan Cos., Inc., Senior Unsecured Notes, 2.250% due 11/15/30		455,916
	640,000	BBB	MetLife Inc., Junior Subordinated Notes, 6.400% due 12/15/36		650,799
	340,000	AA-	Metropolitan Life Global Funding I, Senior Secured Notes, 5.150% due 3/28/33(a)		336,367
	850,000	A-	Nationwide Mutual Insurance Co., Subordinated Notes, 7.936% (3-Month USD-LIBOR + 2.290%) due 12/15/24(a)(c)		850,992
			Teachers Insurance & Annuity Association of America, Subordinated Notes:
	20,000	AA-	6.850% due 12/16/39(a)		22,615
	350,000	AA-	4.900% due 9/15/44(a)		318,237
	995,000	AA-	3.300% due 5/15/50(a)		696,004
	475,000	BBB+	Willis North America Inc., Company Guaranteed Notes, 5.350% due 5/15/33		467,692

			Total Insurance		8,213,096


Internet — 0.3%
			Alphabet Inc., Senior Unsecured Notes:
	80,000	AA+	1.100% due 8/15/30		64,748
	90,000	AA+	1.900% due 8/15/40		59,650
	50,000	AA+	2.050% due 8/15/50		29,519
			Amazon.com Inc., Senior Unsecured Notes:
	60,000	AA	3.300% due 4/13/27		57,523
	240,000	AA	1.200% due 6/3/27		214,771
	220,000	AA	3.150% due 8/22/27		208,838
	130,000	AA	3.450% due 4/13/29		123,194
	120,000	AA	1.500% due 6/3/30		99,244
	320,000	AA	2.100% due 5/12/31		268,818
	360,000	AA	3.600% due 4/13/32		331,849
	1,080,000	AA	3.875% due 8/22/37		962,160
	160,000	AA	4.950% due 12/5/44		158,153
	100,000	AA	4.050% due 8/22/47		85,730
	200,000	AA	2.500% due 6/3/50		125,574
	40,000	AA	4.250% due 8/22/57		34,421
			Meta Platforms Inc., Senior Unsecured Notes:
	375,000	AA-	4.450% due 8/15/52		327,394
	215,000	AA-	4.650% due 8/15/62		190,372
			Northwest Fiber LLC/Northwest Fiber Finance Sub Inc.:
	202,000	B	Senior Secured Notes, 4.750% due 4/30/27(a)		194,064
	162,000	CCC	Senior Unsecured Notes, 6.000% due 2/15/28(a)		155,676
	1,340,000	BBB	Prosus NV, Senior Unsecured Notes, 3.061% due 7/13/31(a)		1,081,488

			Total Internet		4,773,186


Investment Companies — 0.0%@
	200,000	A1(b)	Gaci First Investment Co., Company Guaranteed Notes, 5.250% due 10/13/32		200,500
			Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed Notes:
	80,000	BB	6.250% due 5/15/26		78,035

See Notes to Financial Statements.

146



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Investment Companies — 0.0%@ — (continued)
$	128,000	BB	5.250% due 5/15/27	$	117,897
	215,000	BB	9.750% due 1/15/29(a)		224,944

			Total Investment Companies		621,376


Iron/Steel — 0.0%@
	30,000	BBB-	ArcelorMittal SA, Senior Unsecured Notes, 7.000% due 10/15/39		32,030
	525,000	BBB-	Vale Overseas Ltd., Company Guaranteed Notes, 6.875% due 11/21/36		560,749

			Total Iron/Steel		592,779


Leisure Time — 0.0%@
	540,000	BB-	NCL Corp., Ltd., Senior Secured Notes, 8.125% due 1/15/29(a)		568,610
	200,000	BB+	Royal Caribbean Cruises Ltd., Senior Unsecured Notes, 6.250% due 3/15/32(a)		200,697
	110,000	BB-	VOC Escrow Ltd., Senior Secured Notes, 5.000% due 2/15/28(a)		105,739

			Total Leisure Time		875,046


Lodging — 0.2%
			Las Vegas Sands Corp., Senior Unsecured Notes:
	770,000	BB+	3.200% due 8/8/24		759,935
	1,250,000	BB+	2.900% due 6/25/25		1,194,969
	110,000	BB+	3.900% due 8/8/29		99,602
	155,000	BBB	Marriott International Inc., Senior Unsecured Notes, 5.300% due 5/15/34		152,524
			Sands China Ltd., Senior Unsecured Notes:
	1,150,000	BBB-	5.125% due 8/8/25		1,131,879
	200,000	BBB-	4.050% due 1/8/26		191,905
	350,000	BBB-	2.550% due 3/8/27		315,578
	200,000	BBB-	3.100% due 3/8/29		172,830

			Total Lodging		4,019,222


Machinery — Diversified — 0.0%@
	185,000	BBB+	CNH Industrial Capital LLC, Company Guaranteed Notes, 4.550% due 4/10/28		181,154
			Deere & Co., Senior Unsecured Notes:
	40,000	A	3.100% due 4/15/30		36,359
	130,000	A	3.750% due 4/15/50		106,736
			Otis Worldwide Corp., Senior Unsecured Notes:
	80,000	BBB	2.056% due 4/5/25		77,120
	29,000	BBB	5.250% due 8/16/28		29,226
	210,000	BBB	2.565% due 2/15/30		183,178

			Total Machinery — Diversified		613,773


Media — 1.0%
	640,000	BB-	Cable One Inc., Company Guaranteed Notes, 4.000% due 11/15/30(a)		479,185
			CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
	100,000	BB-	4.750% due 2/1/32(a)		80,862
	100,000	BB-	4.500% due 5/1/32		79,094
	370,000	BB-	4.500% due 6/1/33(a)		285,268
	130,000	BB-	4.250% due 1/15/34(a)		97,325
			Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes:
	430,000	BBB-	4.908% due 7/23/25		424,099
	210,000	BBB-	3.750% due 2/15/28		193,935
	260,000	BBB-	4.200% due 3/15/28		243,671
	650,000	BBB-	5.050% due 3/30/29		621,819
	330,000	BBB-	2.300% due 2/1/32		250,697
	210,000	BBB-	4.400% due 4/1/33		183,705
	50,000	BBB-	3.500% due 3/1/42		32,714
	560,000	BBB-	5.375% due 5/1/47		442,372

See Notes to Financial Statements.

147



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Media — 1.0% — (continued)
$	1,009,000	BBB-	5.750% due 4/1/48	$	839,641
	415,000	BBB-	5.125% due 7/1/49		314,750
	580,000	BBB-	4.800% due 3/1/50		418,943
	422,000	BBB-	3.700% due 4/1/51		256,048
	1,146,000	BBB-	3.900% due 6/1/52		720,160
	515,000	BBB-	5.250% due 4/1/53		399,718
	308,000	BBB-	3.850% due 4/1/61		178,818
	701,000	BBB-	3.950% due 6/30/62		415,596
	130,000	BBB-	5.500% due 4/1/63		100,541
			Comcast Corp., Company Guaranteed Notes:
	40,000	A-	3.950% due 10/15/25		39,314
	80,000	A-	3.150% due 3/1/26		77,217
	70,000	A-	3.300% due 4/1/27		66,784
	1,720,000	A-	4.150% due 10/15/28		1,669,202
	90,000	A-	3.400% due 4/1/30		82,337
	270,000	A-	4.250% due 10/15/30		258,211
	45,000	A-	1.950% due 1/15/31		37,009
	388,000	A-	1.500% due 2/15/31		309,449
	282,000	A-	4.800% due 5/15/33		275,794
	7,000	A-	6.500% due 11/15/35		7,675
	50,000	A-	3.900% due 3/1/38		42,813
	20,000	A-	3.250% due 11/1/39		15,346
	20,000	A-	3.750% due 4/1/40		16,368
	27,000	A-	4.750% due 3/1/44		24,561
	20,000	A-	3.400% due 7/15/46		14,645
	30,000	A-	4.000% due 8/15/47		24,046
	153,000	A-	3.969% due 11/1/47		121,191
	20,000	A-	4.000% due 3/1/48		15,888
	43,000	A-	3.999% due 11/1/49		34,160
	60,000	A-	3.450% due 2/1/50		43,049
	570,000	A-	2.800% due 1/15/51		356,980
	149,000	A-	2.887% due 11/1/51		94,366
	1,051,000	A-	4.049% due 11/1/52		833,014
	389,000	A-	2.937% due 11/1/56		239,331
	20,000	A-	4.950% due 10/15/58		18,500
	79,000	A-	2.650% due 8/15/62		44,217
	700,000	A-	2.987% due 11/1/63		420,228
	82,000	BBB	Cox Communications Inc., Senior Unsecured Notes, 3.150% due 8/15/24(a)		80,936
			CSC Holdings LLC:
			Company Guaranteed Notes:
	1,063,000	B-	6.500% due 2/1/29(a)		927,691
	1,500,000	B-	4.500% due 11/15/31(a)		1,115,152
	300,000	CCC	Senior Unsecured Notes, 5.750% due 1/15/30(a)		174,958
			DISH DBS Corp.:
			Company Guaranteed Notes:
	140,000	CC	7.750% due 7/1/26		89,391
	70,000	CC	5.125% due 6/1/29		29,925
	60,000	B-	Senior Secured Notes, 5.250% due 12/1/26(a)		48,187
	721,000	Baa3(b)	FactSet Research Systems Inc., Senior Unsecured Notes, 3.450% due 3/1/32		629,686
			Fox Corp., Senior Unsecured Notes:
	220,000	BBB	6.500% due 10/13/33		231,030
	290,000	BBB	5.476% due 1/25/39		270,634
			Paramount Global, Senior Unsecured Notes:
	142,000	BBB-	5.850% due 9/1/43		114,881
	43,000	BBB-	5.250% due 4/1/44		31,996

See Notes to Financial Statements.

148



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Media — 1.0% — (continued)
$	34,000	BBB-	4.900% due 8/15/44	$	23,952
	50,000	BBB-	4.600% due 1/15/45		34,344
	48,000	BBB-	4.950% due 5/19/50		34,377
	240,000	BBB-	Time Warner Cable Enterprises LLC, Senior Secured Notes, 8.375% due 7/15/33		266,378
			Time Warner Cable LLC, Senior Secured Notes:
	50,000	BBB-	6.550% due 5/1/37		47,094
	230,000	BBB-	7.300% due 7/1/38		229,379
	270,000	BBB-	5.875% due 11/15/40		232,933
	1,852,000	BBB-	5.500% due 9/1/41		1,531,049
	700,000	B+	VZ Secured Financing BV, Senior Secured Notes, 5.000% due 1/15/32(a)		600,428
			Walt Disney Co. (The), Company Guaranteed Notes:
	25,000	A-	6.200% due 12/15/34		27,317
	30,000	A-	6.650% due 11/15/37		33,982

			Total Media		19,046,356


Mining — 0.4%
			Anglo American Capital PLC, Company Guaranteed Notes:
	550,000	BBB+	3.625% due 9/11/24(a)		543,194
	479,000	BBB+	4.750% due 4/10/27(a)		468,566
	550,000	BBB+	4.500% due 3/15/28(a)		529,618
	342,000	BBB+	2.625% due 9/10/30(a)		287,947
	276,000	BBB+	(Cost — $271,247, acquired 2/14/24) 5.500% due 5/2/33(f)		271,742
	200,000	BBB+	5.500% due 5/2/33(a)		196,914
			Barrick North America Finance LLC, Company Guaranteed Notes:
	70,000	BBB+	5.700% due 5/30/41		71,100
	200,000	BBB+	5.750% due 5/1/43		204,870
	150,000	A-	BHP Billsiton Finance USA Ltd., Company Guaranteed Notes, 5.000% due 9/30/43		143,448
	515,000	BBB+	Corp. Nacional del Cobre de Chile, Senior Unsecured Notes, 5.125% due 2/2/33		483,425
			First Quantum Minerals Ltd.:
	200,000	B	Company Guaranteed Notes, 6.875% due 10/15/27(a)		190,392
	200,000	B	Secured Notes, 9.375% due 3/1/29(a)		207,702
			Freeport-McMoRan Inc., Company Guaranteed Notes:
	10,000	BB+	4.550% due 11/14/24		9,904
	70,000	BB+	5.400% due 11/14/34		68,133
	620,000	BB+	5.450% due 3/15/43		576,194
			Glencore Funding LLC, Company Guaranteed Notes:
	710,000	BBB+	4.125% due 3/12/24(a)		709,713
	510,000	BBB+	4.625% due 4/29/24(a)		508,893
	260,000	BBB+	4.000% due 3/27/27(a)		250,168
	656,000	BBB+	3.875% due 10/27/27(a)		627,864
	499,000	BBB+	5.400% due 5/8/28(a)		501,842
			Newmont Corp., Company Guaranteed Notes:
	61,000	BBB+	2.600% due 7/15/32		50,176
	133,000	BBB+	5.875% due 4/1/35		137,196
	910,000	BBB+	Southern Copper Corp., Senior Unsecured Notes, 5.250% due 11/8/42		856,215
	90,000	BBB-	Yamana Gold Inc., Company Guaranteed Notes, 4.625% due 12/15/27		86,270

			Total Mining		7,981,486


Miscellaneous Manufacturers — 0.0%@
			3M Co., Senior Unsecured Notes:
	90,000	BBB+	2.375% due 8/26/29		78,165
	30,000	BBB+	3.050% due 4/15/30		26,658
	360,000	BBB+	3.700% due 4/15/50		265,627
	160,000	A-	Eaton Corp., Company Guaranteed Notes, 4.150% due 11/2/42		139,291
	218,000	BBB	Textron Inc., Senior Unsecured Notes, 3.900% due 9/17/29		204,177

			Total Miscellaneous Manufacturers		713,918

See Notes to Financial Statements.

149



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value
Multi-National — 0.2%
	253,000,000	^INR	Aaa(b)	Inter-American Development Bank, Senior Unsecured Notes, 7.350% due 10/6/30	$	3,108,257


Oil & Gas — 2.0%
				Antero Resources Corp., Company Guaranteed Notes:
$	1,548,000		BB+	7.625% due 2/1/29(a)		1,595,770
	257,000		BB+	5.375% due 3/1/30(a)		245,165
				Apache Corp., Senior Unsecured Notes:
	60,000		BB+	7.750% due 12/15/29		64,375
	159,000		BB+	4.250% due 1/15/30		146,174
	229,000		BB+	5.100% due 9/1/40		191,776
	20,000		BB+	5.250% due 2/1/42		16,512
	132,000		BB+	4.750% due 4/15/43		101,504
	60,000		BB+	4.250% due 1/15/44		41,711
	90,000		BB+	5.350% due 7/1/49		73,052
				BP Capital Markets America Inc., Company Guaranteed Notes:
	70,000		A-	3.410% due 2/11/26		67,902
	190,000		A-	3.588% due 4/14/27		182,644
	110,000		A-	3.633% due 4/6/30		102,575
	693,000		A-	4.989% due 4/10/34		681,925
	70,000		AA-	Chevron Corp., Senior Unsecured Notes, 1.995% due 5/11/27		64,398
	10,000		AA-	Chevron USA Inc., Company Guaranteed Notes, 3.850% due 1/15/28		9,734
				Continental Resources Inc., Company Guaranteed Notes:
	870,000		BBB-	3.800% due 6/1/24		865,458
	180,000		BBB-	2.268% due 11/15/26(a)		165,240
	640,000		BBB-	4.375% due 1/15/28		615,336
	120,000		BBB-	5.750% due 1/15/31(a)		117,656
	30,000		BBB-	4.900% due 6/1/44		24,393
				Coterra Energy Inc., Senior Unsecured Notes:
	950,000		BBB	3.900% due 5/15/27		913,406
	150,000		BBB	4.375% due 3/15/29		144,532
				Devon Energy Corp., Senior Unsecured Notes:
	616,000		BBB	5.250% due 9/15/24		614,224
	190,000		BBB	5.850% due 12/15/25		191,126
	32,000		BBB	5.250% due 10/15/27		31,940
	142,000		BBB	5.875% due 6/15/28		142,871
	129,000		BBB	4.500% due 1/15/30		123,115
	460,000		BBB	5.600% due 7/15/41		433,158
	10,000		BBB	4.750% due 5/15/42		8,466
	680,000		BBB	5.000% due 6/15/45		588,818
				Diamondback Energy Inc., Company Guaranteed Notes:
	1,814,000		BBB-	3.250% due 12/1/26		1,735,363
	3,694,000		BBB-	3.500% due 12/1/29		3,391,332
	2,844,000		BBB-	3.125% due 3/24/31		2,493,415
	330,000		BBB-	4.400% due 3/24/51		268,809
	860,000		BB+	Ecopetrol SA, Senior Unsecured Notes, 5.875% due 5/28/45		637,628
				EOG Resources Inc., Senior Unsecured Notes:
	100,000		A-	4.150% due 1/15/26		98,498
	210,000		A-	4.375% due 4/15/30		203,798
	510,000		A-	3.900% due 4/1/35		458,380
	210,000		A-	4.950% due 4/15/50		196,269
				EQT Corp., Senior Unsecured Notes:
	6,000		BBB-	6.125% due 2/1/25		6,014
	3,534,000		BBB-	3.900% due 10/1/27		3,353,564
	352,000		BBB-	5.700% due 4/1/28		354,888
	201,000		BBB-	5.000% due 1/15/29		196,085

See Notes to Financial Statements.

150



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Oil & Gas — 2.0% — (continued)
$	538,000	BBB-	3.625% due 5/15/31(a)	$	470,589
	128,000	BBB-	5.750% due 2/1/34		125,992
			Exxon Mobil Corp., Senior Unsecured Notes:
	180,000	AA-	3.482% due 3/19/30		168,053
	460,000	AA-	4.227% due 3/19/40		412,643
	70,000	AA-	4.114% due 3/1/46		59,461
	110,000	AA-	4.327% due 3/19/50		95,755
	100,000	AA-	3.452% due 4/15/51		74,112
	75,000	BBB-	Hess Corp., Senior Unsecured Notes, 5.800% due 4/1/47		76,239
			Occidental Petroleum Corp., Senior Unsecured Notes:
	94,000	BB+	6.950% due 7/1/24		94,349
	740,000	BB+	5.550% due 3/15/26		744,999
	90,000	BB+	3.400% due 4/15/26		86,322
	140,000	BB+	7.500% due 5/1/31		154,867
	75,000	BB+	7.875% due 9/15/31		84,488
	90,000	BB+	4.625% due 6/15/45		72,716
	30,000	BB+	4.100% due 2/15/47		22,098
	690,000	BB+	4.200% due 3/15/48		529,965
	177,000	BBB-	Ovintiv Inc., Company Guaranteed Notes, 6.250% due 7/15/33		181,851
	1,860,000	BB	Petrobras Global Finance BV, Company Guaranteed Notes, 5.750% due 2/1/29		1,853,730
			Petroleos Mexicanos, Company Guaranteed Notes:
	117,000	BBB	6.625% due 6/15/35		85,596
	465,000	BBB	6.750% due 9/21/47		295,443
	68,000	BBB	6.350% due 2/12/48		41,673
			Pioneer Natural Resources Co., Senior Unsecured Notes:
	30,000	BBB	1.125% due 1/15/26		27,854
	102,000	BBB	5.100% due 3/29/26		101,903
	50,000	BBB	1.900% due 8/15/30		41,654
	330,000	BBB	2.150% due 1/15/31		276,106
	50,000	BB	Range Resources Corp., Company Guaranteed Notes, 4.875% due 5/15/25		49,305
	450,000	BBB+	Reliance Industries Ltd., Senior Unsecured Notes, 3.625% due 1/12/52(a)		327,303
			Shell International Finance BV, Company Guaranteed Notes:
	610,000	A+	3.875% due 11/13/28		588,665
	60,000	A+	2.750% due 4/6/30		53,452
	90,000	A+	4.550% due 8/12/43		81,727
	220,000	A+	4.375% due 5/11/45		192,176
	290,000	A+	4.000% due 5/10/46		238,582
	430,000	A+	3.250% due 4/6/50		306,035
			Southwestern Energy Co., Company Guaranteed Notes:
	10,000	BB+	5.375% due 2/1/29		9,672
	1,340,000	BB+	5.375% due 3/15/30		1,281,993
	70,000	BB+	4.750% due 2/1/32		63,637
	425,000	BB	Sunoco LP/Sunoco Finance Corp., Company Guaranteed Notes, 4.500% due 5/15/29		393,053
			Viper Energy Inc., Senior Unsecured Notes:
	4,798,000	BBB-	5.375% due 11/1/27(a)		4,659,963
	584,000	BBB-	7.375% due 11/1/31(a)		601,838

			Total Oil & Gas		36,984,858


Oil & Gas Services — 0.0%@
			Halliburton Co., Senior Unsecured Notes:
	20,000	BBB+	4.850% due 11/15/35		19,226
	50,000	BBB+	5.000% due 11/15/45		46,633
	171,000	A	Schlumberger Holdings Corp., Senior Unsecured Notes, 3.900% due 5/17/28(a)		164,011

			Total Oil & Gas Services		229,870

See Notes to Financial Statements.

151



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value
Packaging & Containers — 0.1%
$	94,000	BBB	Amcor Flexibles North America Inc. North America Inc., Company Guaranteed Notes, 2.690% due 5/25/31	$	79,452
	455,000	CCC+	Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Company Guaranteed Notes, 5.250% due 8/15/27(a)		330,565
			Berry Global Inc., Senior Secured Notes:
	501,000	BBB-	1.570% due 1/15/26		466,662
	510,000	BBB-	4.875% due 7/15/26(a)		498,584
	22,000	BBB-	1.650% due 1/15/27		19,817
	445,000	BBB-	5.500% due 4/15/28(a)		442,238
	175,000	B	Clearwater Paper Corp., Company Guaranteed Notes, 4.750% due 8/15/28(a)		162,255
	475,000	BB	Graphic Packaging International LLC, Company Guaranteed Notes, 4.125% due 8/15/24		469,308

			Total Packaging & Containers		2,468,881


Pharmaceuticals — 1.3%
	385,000	NR	1375209 BC Ltd., Senior Secured Notes, 9.000% due 1/30/28(a)		376,792
			AbbVie Inc., Senior Unsecured Notes:
	730,000	A-	2.600% due 11/21/24		715,014
	20,000	A-	3.800% due 3/15/25		19,695
	100,000	A-	3.600% due 5/14/25		98,029
	150,000	A-	2.950% due 11/21/26		142,241
	400,000	A3(b)	4.800% due 3/15/29		398,551
	1,430,000	A-	3.200% due 11/21/29		1,307,901
	180,000	A3(b)	4.950% due 3/15/31		180,053
	240,000	A3(b)	5.050% due 3/15/34		241,188
	551,000	A-	4.550% due 3/15/35		527,942
	611,000	A-	4.500% due 5/14/35		581,934
	150,000	A-	4.750% due 3/15/45		139,123
	10,000	A-	4.875% due 11/14/48		9,465
	230,000	A-	4.250% due 11/21/49		196,938
	255,000	WR(b)	Allergan Funding SCS, Company Guaranteed Notes, 4.550% due 3/15/35		212,381
			Bayer US Finance II LLC, Company Guaranteed Notes:
	625,000	BBB	4.375% due 12/15/28(a)		582,285
	285,000	BBB	4.625% due 6/25/38(a)		234,631
	490,000	BBB	4.400% due 7/15/44(a)		370,237
	970,000	BBB	4.875% due 6/25/48(a)		768,559
			Bayer US Finance LLC, Company Guaranteed Notes:
	809,000	BBB	6.375% due 11/21/30(a)		814,892
	845,000	BBB	6.500% due 11/21/33(a)		845,388
			Becton Dickinson & Co., Senior Unsecured Notes:
	377,000	BBB	3.363% due 6/6/24		374,493
	17,000	BBB	3.734% due 12/15/24		16,765
	243,000	BBB	4.693% due 2/13/28		239,616
	42,000	BBB	4.685% due 12/15/44		37,732
			Bristol-Myers Squibb Co., Senior Unsecured Notes:
	216,000	A	2.900% due 7/26/24		213,769
	41,000	A	3.400% due 7/26/29		38,219
	493,000	A	5.100% due 2/22/31		494,526
	610,000	A	5.200% due 2/22/34		614,690
	98,000	A	4.125% due 6/15/39		85,440
	110,000	A	5.550% due 2/22/54		111,409
	90,000	A	5.650% due 2/22/64		90,993
			Cigna Group (The):
			Company Guaranteed Notes:
	90,000	A-	3.400% due 3/1/27		85,711
	1,030,000	A-	4.375% due 10/15/28		999,484

See Notes to Financial Statements.

152



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Pharmaceuticals — 1.3% — (continued)
$	830,000	A-	4.800% due 8/15/38	$	769,627
	30,000	A-	4.900% due 12/15/48		26,951
			Senior Unsecured Notes:
	160,000	A-	2.375% due 3/15/31		133,559
	20,000	A-	3.200% due 3/15/40		14,916
	570,000	A-	3.400% due 3/15/51		398,182
			CVS Health Corp., Senior Unsecured Notes:
	6,000	BBB	3.875% due 7/20/25		5,878
	50,000	BBB	3.625% due 4/1/27		47,979
	534,000	BBB	4.300% due 3/25/28		518,248
	591,000	BBB	5.000% due 1/30/29		588,843
	620,000	BBB	3.750% due 4/1/30		572,057
	944,000	BBB	2.125% due 9/15/31		761,806
	64,000	BBB	5.250% due 2/21/33		63,331
	445,000	BBB	4.875% due 7/20/35		424,629
	440,000	BBB	4.780% due 3/25/38		400,245
	50,000	BBB	4.125% due 4/1/40		41,179
	70,000	BBB	5.125% due 7/20/45		63,692
	710,000	BBB	5.050% due 3/25/48		633,079
	30,000	BBB	4.250% due 4/1/50		23,980
	94,466	BBB	CVS Pass-Through Trust, Pass-Thru Certificates, 6.036% due 12/10/28		95,028
			Eli Lilly & Co., Senior Unsecured Notes:
	570,000	A+	4.700% due 2/9/34		563,217
	60,000	A+	5.000% due 2/9/54		59,150
	450,000	A+	5.100% due 2/9/64		444,053
	410,000	AAA	Johnson & Johnson, Senior Unsecured Notes, 3.625% due 3/3/37		362,612
			Merck & Co., Inc., Senior Unsecured Notes:
	190,000	A+	1.450% due 6/24/30		155,271
	340,000	A+	2.750% due 12/10/51		219,932
	215,000	B	Option Care Health Inc., Company Guaranteed Notes, 4.375% due 10/31/29(a)		196,498
			Pfizer Inc., Senior Unsecured Notes:
	160,000	A	2.625% due 4/1/30		141,535
	140,000	A	1.700% due 5/28/30		116,590
			Pfizer Investment Enterprises Pte Ltd., Company Guaranteed Notes:
	416,000	A	4.750% due 5/19/33		405,209
	447,000	A	5.300% due 5/19/53		437,395
	158,000	A	5.340% due 5/19/63		152,078
	221,000	BBB+	Shire Acquisitions Investments Ireland DAC, Company Guaranteed Notes, 3.200% due 9/23/26		210,551
	256,000	BBB+	Takeda Pharmaceutical Co., Ltd., Senior Unsecured Notes, 2.050% due 3/31/30		215,391
			Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed Notes:
	220,000	BB-	7.125% due 1/31/25		221,301
	1,820,000	BB-	3.150% due 10/1/26		1,687,846
	720,000	BB-	5.125% due 5/9/29		680,605
	130,000	A	Wyeth LLC, Company Guaranteed Notes, 5.950% due 4/1/37		138,856

			Total Pharmaceuticals		24,157,385


Pipelines — 2.0%
			Cameron LNG LLC, Senior Secured Notes:
	50,000	A	2.902% due 7/15/31(a)		43,032
	1,662,000	A	3.302% due 1/15/35(a)		1,374,902
	213,000	A	3.402% due 1/15/38(a)		174,846
			Cheniere Corpus Christi Holdings LLC, Senior Secured Notes:
	2,472,000	BBB	5.125% due 6/30/27		2,461,383
	699,000	BBB	3.700% due 11/15/29		644,528

See Notes to Financial Statements.

153



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Pipelines — 2.0% — (continued)
			Cheniere Energy Partners LP, Company Guaranteed Notes:
$	1,147,000	BBB-	4.500% due 10/1/29	$	1,075,798
	143,000	BBB-	4.000% due 3/1/31		127,601
	936,000	BBB-	3.250% due 1/31/32		782,906
	255,000	BBB-	5.950% due 6/30/33		258,160
			Columbia Pipelines Operating Co. LLC, Senior Unsecured Notes:
	670,000	Baa1(b)	6.036% due 11/15/33(a)		687,832
	100,000	Baa1(b)	6.544% due 11/15/53(a)		106,582
	40,000	BBB+	DCP Midstream Operating LP, Company Guaranteed Notes, 6.450% due 11/3/36(a)		41,368
	196,000	BBB	El Paso Natural Gas Co. LLC, Company Guaranteed Notes, 3.500% due 2/15/32(a)		165,424
	280,000	BBB+	Enbridge Inc., Company Guaranteed Notes, 5.700% due 3/8/33		283,257
			Energy Transfer LP:
			Company Guaranteed Notes:
	986,000	BBB	7.375% due 2/1/31(a)		1,032,441
	10,000	BBB	5.350% due 5/15/45		9,093
			Junior Subordinated Notes:
	80,000	BB+	6.500% (5-Year CMT Index + 5.694%)(c)(d)		77,740
	180,000	BB+	6.750% (5-Year CMT Index + 5.134%)(c)(d)		177,309
	240,000	BB+	7.125% (5-Year CMT Index + 5.306%)(c)(d)		231,926
	40,000	BB+	9.597% (3-Month USD-LIBOR + 4.028%)(c)(d)		39,565
			Senior Unsecured Notes:
	360,000	BBB	4.500% due 4/15/24		359,377
	288,000	BBB	3.900% due 5/15/24		286,969
	349,000	BBB	5.500% due 6/1/27		350,233
	76,000	BBB	5.550% due 2/15/28		76,648
	30,000	BBB	4.950% due 6/15/28		29,562
	240,000	BBB	5.250% due 4/15/29		239,113
	800,000	BBB	3.750% due 5/15/30		729,645
	280,000	BBB	5.550% due 5/15/34		276,966
	90,000	BBB	6.100% due 2/15/42		89,367
	340,000	BBB	5.300% due 4/1/44		308,312
	18,000	BBB	5.300% due 4/15/47		16,131
	200,000	BBB	6.000% due 6/15/48		195,975
	750,000	BBB	6.250% due 4/15/49		758,868
	1,682,000	BBB	5.000% due 5/15/50		1,454,238
			Enterprise Products Operating LLC, Company Guaranteed Notes:
	660,000	A-	4.150% due 10/16/28		637,512
	1,550,000	A-	2.800% due 1/31/30		1,376,073
	150,000	A-	6.650% due 10/15/34		165,796
	200,000	A-	4.850% due 3/15/44		183,556
	80,000	A-	3.700% due 1/31/51		60,205
	130,000	A-	3.950% due 1/31/60		98,892
	60,000	BBB	5.375% (3-Month Term SOFR + 2.832%) due 2/15/78(c)		55,645
			Kinder Morgan Inc., Company Guaranteed Notes:
	290,000	BBB	4.300% due 3/1/28		281,450
	560,000	BBB	5.000% due 2/1/29		555,652
	55,000	BBB	3.250% due 8/1/50		35,649
	132,000	BBB	3.600% due 2/15/51		90,572
	545,000	A-	Midwest Connector Capital Co. LLC, Company Guaranteed Notes, 4.625% due 4/1/29(a)		525,051
			MPLX LP, Senior Unsecured Notes:
	10,000	BBB	4.875% due 6/1/25		9,912
	850,000	BBB	4.800% due 2/15/29		832,571
	150,000	BBB	4.500% due 4/15/38		130,707
	280,000	BBB	4.700% due 4/15/48		234,922

See Notes to Financial Statements.

154



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Pipelines — 2.0% — (continued)
				NGPL PipeCo LLC, Senior Unsecured Notes:
$	1,499,000		BBB-	4.875% due 8/15/27(a)	$	1,462,794
	630,000		BBB-	3.250% due 7/15/31(a)		537,997
	1,224,000		BBB	Northwest Pipeline LLC, Senior Unsecured Notes, 4.000% due 4/1/27		1,188,726
				ONEOK Inc., Company Guaranteed Notes:
	120,000		BBB	5.550% due 11/1/26		121,007
	200,000		BBB	5.800% due 11/1/30		204,830
	390,000		BBB	6.050% due 9/1/33		401,892
	430,000		BBB	6.625% due 9/1/53		464,230
				Rockies Express Pipeline LLC, Senior Unsecured Notes:
	300,000		BB+	4.950% due 7/15/29(a)		281,018
	280,000		BB+	6.875% due 4/15/40(a)		275,935
				Sabine Pass Liquefaction LLC, Senior Secured Notes:
	129,000		BBB+	5.750% due 5/15/24		128,928
	321,000		BBB+	5.000% due 3/15/27		318,614
	2,640,000		BBB+	4.200% due 3/15/28		2,546,528
	284,000		BBB+	5.900% due 9/15/37		294,412
	258,000		BBB+	Southern Natural Gas Co. LLC, Senior Unsecured Notes, 8.000% due 3/1/32		295,812
				Targa Resources Corp., Company Guaranteed Notes:
	622,000		BBB	6.150% due 3/1/29		641,165
	130,000		BBB	4.200% due 2/1/33		117,012
	100,000		BBB	6.500% due 2/15/53		105,445
				Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company Guaranteed Notes:
	50,000		BBB	6.500% due 7/15/27		50,574
	740,000		BBB	5.000% due 1/15/28		723,134
	20,000		BBB	6.875% due 1/15/29		20,619
	588,000		BBB	5.500% due 3/1/30		582,881
	1,039,000		BBB	4.875% due 2/1/31		986,920
	40,000		BBB	4.000% due 1/15/32		35,727
	690,000		BBB	Tennessee Gas Pipeline Co. LLC, Company Guaranteed Notes, 2.900% due 3/1/30(a)		599,349
	224,000		BBB+	Texas Eastern Transmission LP, Senior Unsecured Notes, 3.500% due 1/15/28(a)		209,601
	200,000		A1(b)	TMS Issuer Sarl, Senior Secured Notes, 5.780% due 8/23/32		205,239
				Transcontinental Gas Pipe Line Co. LLC, Senior Unsecured Notes:
	1,635,000		BBB	7.850% due 2/1/26		1,699,581
	1,237,000		BBB	4.000% due 3/15/28		1,187,879
	238,000		BBB	4.600% due 3/15/48		208,717
	110,000		BB+	Venture Global Calcasieu Pass LLC, Senior Secured Notes, 3.875% due 11/1/33(a)		92,334
	275,000		BB	Venture Global LNG Inc., Senior Secured Notes, 9.500% due 2/1/29(a)		293,445
				Western Midstream Operating LP, Senior Unsecured Notes:
	10,000		BBB-	3.100% due 2/1/25		9,749
	40,000		BBB-	4.500% due 3/1/28		38,270
	630,000		BBB-	4.050% due 2/1/30		583,487
	90,000		BBB-	5.500% due 8/15/48		79,158
	90,000		BBB-	5.250% due 2/1/50		79,675
				Williams Cos., Inc. (The), Senior Unsecured Notes:
	50,000		BBB	7.500% due 1/15/31		55,667
	370,000		BBB	7.750% due 6/15/31		406,710
	116,000		BBB	8.750% due 3/15/32		138,430

				Total Pipelines		37,914,753


Real Estate — 0.0%@
				Blackstone Property Partners Europe Holdings Sarl:
	300,000	^EUR	BBB	Company Guaranteed Notes, 1.750% due 3/12/29		279,645
	300,000	^EUR	BBB	Senior Unsecured Notes, 1.625% due 4/20/30		268,039

See Notes to Financial Statements.

155



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Real Estate — 0.0%@ — (continued)
$	100,000	^EUR	BBB+	Vonovia Finance BV, Company Guaranteed Notes, 2.250% due 4/7/30	$	97,280
	300,000	^EUR	BBB+	Vonovia SE, Senior Unsecured Notes, 1.500% due 6/14/41		205,931

				Total Real Estate		850,895


Real Estate Investment Trusts (REITs) — 1.4%
	520,000		BBB-	American Assets Trust LP, Company Guaranteed Notes, 3.375% due 2/1/31		417,778
				American Homes 4 Rent LP, Senior Unsecured Notes:
	315,000		BBB	3.375% due 7/15/51		207,752
	250,000		BBB	4.300% due 4/15/52		194,330
				American Tower Corp., Senior Unsecured Notes:
	1,193,000		BBB-	5.800% due 11/15/28		1,216,163
	186,000		BBB-	3.800% due 8/15/29		172,181
	208,000		BBB-	2.100% due 6/15/30		171,152
	137,000		BBB-	1.875% due 10/15/30		110,079
	1,376,000		BBB-	2.700% due 4/15/31		1,154,915
	447,000		BBB-	2.300% due 9/15/31		360,884
	200,000	^EUR	BBB-	1.000% due 1/15/32		173,706
				Crown Castle Inc., Senior Unsecured Notes:
	159,000		BBB	5.000% due 1/11/28		156,618
	463,000		BBB	3.800% due 2/15/28		435,981
	69,000		BBB	3.100% due 11/15/29		61,137
	183,000		BBB	2.250% due 1/15/31		149,566
	691,000		BBB	2.100% due 4/1/31		554,793
	1,221,000		BBB	2.500% due 7/15/31		1,000,339
	560,000	^EUR	Baa2(b)	Digital Intrepid Holding BV, Company Guaranteed Notes, 0.625% due 7/15/31		469,235
				Equinix Inc., Senior Unsecured Notes:
	430,000		BBB	1.550% due 3/15/28		374,280
	183,000		BBB	2.000% due 5/15/28		161,334
	333,000		BBB	3.200% due 11/18/29		299,208
	270,000		BBB	2.500% due 5/15/31		225,102
				Extra Space Storage LP, Company Guaranteed Notes:
	256,000		BBB+	5.700% due 4/1/28		259,647
	200,000		BBB+	3.900% due 4/1/29		186,914
	206,000		BBB+	2.200% due 10/15/30		168,424
	291,000		BBB+	2.400% due 10/15/31		234,973
	360,000		BBB+	2.350% due 3/15/32		285,635
				GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes:
	85,000		BBB-	5.375% due 4/15/26		84,254
	1,207,000		BBB-	5.300% due 1/15/29		1,172,075
	662,000		BBB-	4.000% due 1/15/30		596,340
	799,000		BBB-	4.000% due 1/15/31		705,680
	1,673,000		BBB-	3.250% due 1/15/32		1,389,156
	810,000		BBB	Healthcare Realty Holdings LP, Company Guaranteed Notes, 3.100% due 2/15/30		697,428
	31,000		BBB+	Healthpeak OP LLC, Company Guaranteed Notes, 3.400% due 2/1/25		30,367
				Hudson Pacific Properties LP, Company Guaranteed Notes:
	65,000		BB+	3.950% due 11/1/27		56,210
	790,000		BB+	4.650% due 4/1/29		659,162
	190,000		BB+	3.250% due 1/15/30		141,649
				Invitation Homes Operating Partnership LP, Company Guaranteed Notes:
	746,000		BBB	2.300% due 11/15/28		652,774
	935,000		BBB	2.000% due 8/15/31		730,334
	25,000		BBB	4.150% due 4/15/32		22,584
	515,000		BBB	5.500% due 8/15/33		508,806
	310,000		BBB	Kilroy Realty LP, Company Guaranteed Notes, 2.650% due 11/15/33		225,837
	755,000		BBB-	LXP Industrial Trust, Company Guaranteed Notes, 2.375% due 10/1/31		599,781

See Notes to Financial Statements.

156



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Real Estate Investment Trusts (REITs) — 1.4% — (continued)
				NNN REIT Inc., Senior Unsecured Notes:
$	124,000		BBB+	3.100% due 4/15/50	$	80,264
	318,000		BBB+	3.500% due 4/15/51		226,677
				Physicians Realty LP, Company Guaranteed Notes:
	70,000		BBB	4.300% due 3/15/27		68,164
	15,000		BBB	3.950% due 1/15/28		14,270
	285,000		BBB	2.625% due 11/1/31		232,081
	400,000	^EUR	A	Prologis Euro Finance LLC, Company Guaranteed Notes, 4.250% due 1/31/43		423,058
	297,000		A	Prologis LP, Senior Unsecured Notes, 2.250% due 4/15/30		254,847
				Realty Income Corp., Senior Unsecured Notes:
	57,000		A-	3.100% due 12/15/29		51,244
	74,000		A-	3.250% due 1/15/31		65,574
	184,000		A-	5.125% due 2/15/34		178,168
	270,000	^EUR	A-	5.125% due 7/6/34		313,811
	15,000		BBB+	Rexford Industrial Realty LP, Company Guaranteed Notes, 2.150% due 9/1/31		11,869
				VICI Properties LP, Senior Unsecured Notes:
	1,862,000		BBB-	4.750% due 2/15/28		1,805,881
	85,000		BBB-	4.950% due 2/15/30		81,048
	487,000		BBB-	5.125% due 5/15/32		457,785
	185,000		BBB-	5.625% due 5/15/52		167,699
				VICI Properties LP/VICI Notes Co., Inc., Company Guaranteed Notes:
	65,000		BBB-	4.625% due 6/15/25(a)		63,955
	522,000		BBB-	4.500% due 9/1/26(a)		504,370
	905,000		BBB-	4.250% due 12/1/26(a)		866,733
	1,243,000		BBB-	3.750% due 2/15/27(a)		1,171,244
	217,000		BBB-	4.500% due 1/15/28(a)		206,376
	80,000		BBB-	3.875% due 2/15/29(a)		73,054
	732,000		BBB-	4.125% due 8/15/30(a)		657,938

				Total Real Estate Investment Trusts (REITs)		25,450,673


Retail — 0.2%
				Costco Wholesale Corp., Senior Unsecured Notes:
	560,000		A+	1.375% due 6/20/27		503,748
	160,000		A+	1.600% due 4/20/30		133,230
	60,000		B	Ferrellgas LP/Ferrellgas Finance Corp., Senior Unsecured Notes, 5.875% due 4/1/29(a)		57,068
				Home Depot Inc. (The), Senior Unsecured Notes:
	210,000		A	2.500% due 4/15/27		195,692
	580,000		A	3.250% due 4/15/32		515,138
	70,000		A	3.300% due 4/15/40		54,870
	20,000		A	3.900% due 6/15/47		16,177
	180,000		A	3.350% due 4/15/50		130,282
				Lowe’s Cos., Inc., Senior Unsecured Notes:
	805,000		BBB+	3.650% due 4/5/29		758,653
	70,000		BBB+	4.500% due 4/15/30		68,095
	284,000		BBB+	1.700% due 10/15/30		230,661
	91,000		BBB+	2.625% due 4/1/31		77,511
				McDonald’s Corp., Senior Unsecured Notes:
	30,000		BBB+	1.450% due 9/1/25		28,406
	10,000		BBB+	3.700% due 1/30/26		9,771
	30,000		BBB+	3.500% due 3/1/27		28,895
	60,000		BBB+	3.500% due 7/1/27		57,459
	340,000		BBB+	3.800% due 4/1/28		326,819
	100,000		BBB+	3.600% due 7/1/30		92,645
	20,000		BBB+	3.625% due 9/1/49		14,973
	400,000		BBB+	4.200% due 4/1/50		330,748

See Notes to Financial Statements.

157



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Retail — 0.2% — (continued)
$	360,000	CCC-	Michaels Cos Inc. (The), Senior Unsecured Notes, 7.875% due 5/1/29(a)	$	232,900
			Walmart Inc., Senior Unsecured Notes:
	90,000	AA	1.500% due 9/22/28		79,029
	40,000	AA	1.800% due 9/22/31		32,800

			Total Retail		3,975,570


Semiconductors — 0.3%
			Broadcom Inc.:
			Company Guaranteed Notes:
	85,000	BBB	3.625% due 10/15/24		83,935
	577,000	BBB	4.150% due 11/15/30		540,102
			Senior Unsecured Notes:
	170,000	BBB	4.150% due 4/15/32(a)		156,102
	716,000	BBB	3.469% due 4/15/34(a)		604,610
	1,254,000	BBB	3.137% due 11/15/35(a)		995,019
	10,000	BBB	3.187% due 11/15/36(a)		7,837
	108,000	BBB	4.926% due 5/15/37(a)		100,612
			Intel Corp., Senior Unsecured Notes:
	370,000	A-	1.600% due 8/12/28		321,746
	170,000	A-	5.125% due 2/10/30		171,387
	54,000	A-	3.734% due 12/8/47		41,205
	110,000	A-	4.750% due 3/25/50		98,324
	230,000	A-	3.050% due 8/12/51		152,446
	108,000	A-	5.050% due 8/5/62		99,620
	64,000	A-	5.900% due 2/10/63		66,628
			KLA Corp., Senior Unsecured Notes:
	258,000	A-	4.100% due 3/15/29		250,497
	271,000	A-	5.250% due 7/15/62		265,771
	100,000	BBB-	Micron Technology Inc., Senior Unsecured Notes, 5.875% due 2/9/33		102,152
			NVIDIA Corp., Senior Unsecured Notes:
	460,000	A+	3.500% due 4/1/50		360,508
	160,000	A+	3.700% due 4/1/60		125,552
			NXP BV/NXP Funding LLC/NXP USA Inc., Company Guaranteed Notes:
	90,000	BBB+	2.700% due 5/1/25		87,079
	296,000	BBB+	2.500% due 5/11/31		244,932
			Texas Instruments Inc., Senior Unsecured Notes:
	90,000	A+	1.750% due 5/4/30		75,335
	66,000	A+	5.000% due 3/14/53		64,097
	62,000	A+	5.050% due 5/18/63		59,241

			Total Semiconductors		5,074,737


Shipbuilding — 0.0%@
	137,000	BBB-	Huntington Ingalls Industries Inc., Company Guaranteed Notes, 2.043% due 8/16/28		119,111


Software — 0.3%
	90,000	BBB+	Autodesk Inc., Senior Unsecured Notes, 2.850% due 1/15/30		79,938
			Microsoft Corp., Senior Unsecured Notes:
	5,000	AAA	3.450% due 8/8/36		4,403
	7,000	AAA	2.525% due 6/1/50		4,514
	18,000	AAA	2.921% due 3/17/52		12,427
	42,000	AAA	3.041% due 3/17/62		28,599
			MSCI Inc., Company Guaranteed Notes:
	364,000	BBB-	3.875% due 2/15/31(a)		324,160
	19,000	BBB-	3.625% due 11/1/31(a)		16,469
			Oracle Corp., Senior Unsecured Notes:
	820,000	BBB	1.650% due 3/25/26		761,730

See Notes to Financial Statements.

158



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Software — 0.3% — (continued)
$	235,000		BBB	3.250% due 11/15/27	$	220,306
	60,000		BBB	4.650% due 5/6/30		58,505
	600,000		BBB	2.875% due 3/25/31		517,777
	46,000		BBB	6.250% due 11/9/32		48,581
	638,000		BBB	4.300% due 7/8/34		578,573
	267,000		BBB	3.850% due 7/15/36		224,423
	479,000		BBB	3.800% due 11/15/37		394,340
	95,000		BBB	6.500% due 4/15/38		101,449
	88,000		BBB	5.375% due 7/15/40		84,233
	76,000		BBB	4.000% due 7/15/46		58,475
	91,000		BBB	4.000% due 11/15/47		69,725
	618,000		BBB	3.600% due 4/1/50		435,250
	796,000		BBB	3.950% due 3/25/51		593,359
	55,000		BBB	4.375% due 5/15/55		43,176
	138,000		BBB+	Roper Technologies Inc., Senior Unsecured Notes, 2.350% due 9/15/24		135,538
				Salesforce Inc., Senior Unsecured Notes:
	370,000		A+	3.700% due 4/11/28		356,878
	140,000		A+	2.700% due 7/15/41		99,956
	475,000		BBB	Take-Two Interactive Software Inc., Senior Unsecured Notes, 4.000% due 4/14/32		436,689

				Total Software		5,689,473


Telecommunications — 1.4%
				AT&T Inc., Senior Unsecured Notes:
	20,000		BBB	4.250% due 3/1/27		19,495
	760,000		BBB	2.300% due 6/1/27		695,854
	55,000		BBB	4.350% due 3/1/29		53,151
	242,000		BBB	2.750% due 6/1/31		206,193
	180,000		BBB	2.550% due 12/1/33		141,844
	833,000		BBB	5.400% due 2/15/34		833,981
	50,000		BBB	5.350% due 9/1/40		48,234
	80,000		BBB	5.550% due 8/15/41		78,697
	73,000		BBB	4.350% due 6/15/45		61,031
	382,000		BBB	4.750% due 5/15/46		335,205
	238,000		BBB	4.500% due 3/9/48		198,987
	270,000		BBB	3.500% due 9/15/53		185,739
	1,197,000		BBB	3.550% due 9/15/55		814,895
	72,000		BBB	3.800% due 12/1/57		50,728
	932,000		BBB	3.650% due 9/15/59		630,951
	18,000		BBB	3.850% due 6/1/60		12,726
				CommScope Inc., Senior Secured Notes:
	80,000		CCC+	6.000% due 3/1/26(a)		72,096
	390,000		CCC+	4.750% due 9/1/29(a)		270,475
				Frontier Communications Holdings LLC, Senior Secured Notes:
	250,000		B	5.000% due 5/1/28(a)		231,632
	206,000		B	8.625% due 3/15/31(a)		208,674
	280,000	^EUR	BBB	Global Switch Finance BV, Company Guaranteed Notes, 1.375% due 10/7/30		276,524
	164,000		B+	Intelsat Jackson Holdings SA, Senior Secured Notes, 6.500% due 3/15/30(a)		152,993
	63,000		BBB	Juniper Networks Inc., Senior Unsecured Notes, 2.000% due 12/10/30		50,766
				Motorola Solutions Inc., Senior Unsecured Notes:
	83,000		BBB-	4.600% due 5/23/29		80,673
	37,000		BBB-	2.750% due 5/24/31		30,890
	26,000		BBB-	5.600% due 6/1/32		26,110
	150,000		B	Qwest Corp., Senior Unsecured Notes, 7.250% due 9/15/25		145,249
	690,000		BBB-	Rogers Communications Inc., Company Guaranteed Notes, 5.300% due 2/15/34		677,064

See Notes to Financial Statements.

159



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Telecommunications — 1.4% — (continued)
			Sprint LLC, Company Guaranteed Notes:
$	2,737,000	BBB-	7.625% due 2/15/25	$	2,772,576
	1,387,000	BBB-	7.625% due 3/1/26		1,433,786
			Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Senior Secured Notes:
	410,938	A1(b)	4.738% due 3/20/25(a)		408,242
	969,000	A1(b)	5.152% due 3/20/28(a)		965,982
	330,000	BBB-	Telefonica Emisiones SA, Company Guaranteed Notes, 4.103% due 3/8/27		319,602
			T-Mobile USA Inc., Company Guaranteed Notes:
	170,000	BBB	3.500% due 4/15/25		166,282
	740,000	BBB	2.250% due 2/15/26		698,263
	1,512,000	BBB	3.750% due 4/15/27		1,449,596
	110,000	BBB	2.625% due 2/15/29		97,655
	300,000	BBB	3.375% due 4/15/29		275,897
	830,000	BBB	3.875% due 4/15/30		770,564
	100,000	BBB	2.550% due 2/15/31		84,459
	80,000	BBB	2.875% due 2/15/31		68,900
	1,930,000	BBB	3.500% due 4/15/31		1,724,807
	290,000	BBB	2.250% due 11/15/31		235,289
	330,000	BBB	2.700% due 3/15/32		274,600
	999,000	BBB	5.050% due 7/15/33		977,793
	110,000	BBB	5.150% due 4/15/34		108,256
	100,000	BBB	4.375% due 4/15/40		87,658
	60,000	BBB	3.000% due 2/15/41		43,370
	10,000	BBB	3.300% due 2/15/51		6,884
			Verizon Communications Inc., Senior Unsecured Notes:
	220,000	BBB+	2.625% due 8/15/26		207,528
	80,000	BBB+	4.125% due 3/16/27		77,794
	130,000	BBB+	2.100% due 3/22/28		115,774
	546,000	BBB+	4.329% due 9/21/28		530,549
	37,000	BBB+	4.016% due 12/3/29		35,072
	840,000	BBB+	3.150% due 3/22/30		751,219
	138,000	BBB+	1.680% due 10/30/30		111,183
	385,000	BBB+	1.750% due 1/20/31		308,719
	505,000	BBB+	2.550% due 3/21/31		425,760
	531,000	BBB+	2.355% due 3/15/32		430,366
	664,000	BBB+	5.050% due 5/9/33		657,411
	1,410,000	BBB+	4.500% due 8/10/33		1,330,774
	20,000	BBB+	4.400% due 11/1/34		18,592
	401,000	BBB+	5.850% due 9/15/35		420,261
	21,000	BBB+	4.272% due 1/15/36		19,070
	10,000	BBB+	5.250% due 3/16/37		9,993
	333,000	BBB+	2.650% due 11/20/40		229,597
	50,000	BBB+	3.400% due 3/22/41		38,302
	100,000	BBB+	4.125% due 8/15/46		82,282
	10,000	BBB+	4.862% due 8/21/46		9,194
	20,000	BBB+	5.500% due 3/16/47		20,181
	40,000	BBB+	4.000% due 3/22/50		31,576
	50,000	BBB+	2.875% due 11/20/50		31,942
	69,000	BBB+	2.987% due 10/30/56		42,935
	200,000	BBB+	3.000% due 11/20/60		121,593
	200,000	BB-	Vmed O2 UK Financing I PLC, Senior Secured Notes, 4.750% due 7/15/31(a)		173,136

			Total Telecommunications		25,792,121

See Notes to Financial Statements.

160



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value
Transportation — 0.1%
				Burlington Northern Santa Fe LLC, Senior Unsecured Notes:
$	351,000		AA-	4.150% due 12/15/48	$	293,766
	52,000		AA-	3.050% due 2/15/51		35,518
	174,000		AA-	2.875% due 6/15/52		113,253
	220,000		BBB+	Canadian Pacific Railway Co., Company Guaranteed Notes, 3.100% due 12/2/51		149,724
	24,000		BBB	FedEx Corp., Company Guaranteed Notes, 5.250% due 5/15/50		22,620
				Norfolk Southern Corp., Senior Unsecured Notes:
	146,000		BBB+	2.550% due 11/1/29		128,399
	166,000		BBB+	2.300% due 5/15/31		138,582
	33,000		BBB+	4.800% due 8/15/43		29,198
	188,000		BBB+	3.942% due 11/1/47		148,965
	52,000		BBB+	3.155% due 5/15/55		34,177
				Union Pacific Corp., Senior Unsecured Notes:
	60,000		A-	2.150% due 2/5/27		55,688
	403,000		A-	2.800% due 2/14/32		346,870
	884,000		A-	2.891% due 4/6/36		713,204
	35,000		A-	4.300% due 3/1/49		29,746
	188,000		A-	3.250% due 2/5/50		135,362
	45,000		A-	2.950% due 3/10/52		30,084
	144,000		A-	3.500% due 2/14/53		107,085
	320,000		A-	3.839% due 3/20/60		243,625
	10,000		A-	3.750% due 2/5/70		7,314

				Total Transportation		2,763,180


Water — 0.0%@
	280,000	^EUR	BBB	Thames Water Utilities Finance PLC, Senior Secured Notes, 4.375% due 1/18/31		281,020

				TOTAL CORPORATE BONDS & NOTES (Cost — $494,229,349)		476,469,734


U.S. GOVERNMENT AGENCIES & OBLIGATIONS — 24.6%

U.S. GOVERNMENT AGENCIES — 1.0%
				Federal Farm Credit Banks Funding Corp.:
	3,005,000			2.170% due 10/29/29		2,640,056
	135,000			3.500% due 9/1/32		125,438
	225,000			3.875% due 9/20/32		215,777
	2,720,000			3.500% due 2/28/39		2,332,273
				Federal Home Loan Banks:
	5,890,000			5.300% due 5/22/24		5,886,413
	635,000			0.920% due 2/26/27		571,304
	2,900,000			2.200% due 9/24/29		2,551,625
	3,500,000			1.570% due 6/30/32		2,718,972
	690,000			2.490% due 3/26/40		489,153
				Federal National Mortgage Association (FNMA), Principal Strip:
	575,000			zero coupon due 1/15/30(j)		441,880
	595,000			zero coupon due 5/15/30(j)		448,249

				Total U.S. GOVERNMENT AGENCIES		18,421,140


U.S. GOVERNMENT OBLIGATIONS — 23.6%
				U.S. Treasury Bonds:
	2,370,000			5.000% due 5/15/37		2,558,582
	2,835,000			4.375% due 2/15/38		2,867,946
	1,500,000			1.125% due 8/15/40		917,080
	620,000			1.375% due 11/15/40		393,761
	6,000,000			1.875% due 2/15/41		4,134,375
	4,490,000			2.000% due 11/15/41		3,108,185

See Notes to Financial Statements.

161



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Security	Value

U.S. GOVERNMENT OBLIGATIONS — 23.6% — (continued)
$	2,270,000	3.125% due 11/15/41	$	1,889,332
	5,435,000	2.375% due 2/15/42		3,993,557
	180,000	3.250% due 5/15/42		151,348
	1,115,000	3.375% due 8/15/42		953,260
	4,320,000	4.000% due 11/15/42		4,031,184
	100,000	3.125% due 2/15/43		82,039
	4,225,000	3.875% due 2/15/43		3,866,370
	11,335,000	3.875% due 5/15/43		10,361,563
	502,500	3.625% due 8/15/43		442,808
	1,335,000	4.375% due 8/15/43		1,306,845
	10,310,000	3.750% due 11/15/43		9,238,727
	35,080,000	4.750% due 11/15/43		36,085,810
	1,125,000	3.625% due 2/15/44		988,660
	4,785,000	4.500% due 2/15/44		4,781,636
	415,000	3.125% due 8/15/44		336,555
	1,375,000	3.000% due 11/15/44		1,090,117
	1,495,000	2.875% due 8/15/45		1,154,157
	1,412,500	3.000% due 11/15/45		1,112,564
	6,490,000	2.500% due 2/15/46		4,656,068
	1,110,000	2.875% due 11/15/46		848,803
	3,723,000	3.000% due 2/15/47		2,906,703
	8,925,000	3.000% due 5/15/47		6,961,849
	880,000	2.750% due 8/15/47		653,675
	2,120,000	3.000% due 2/15/48		1,646,561
	995,000	3.375% due 11/15/48		826,005
	1,380,000	3.000% due 2/15/49		1,068,422
	510,000	2.875% due 5/15/49		385,209
	2,820,000	2.000% due 2/15/50		1,753,467
	6,570,000	1.250% due 5/15/50		3,332,222
	7,525,000	1.375% due 8/15/50		3,944,158
	4,315,000	1.625% due 11/15/50		2,419,603
	2,003,000	1.875% due 2/15/51		1,197,418
	4,040,000	2.375% due 5/15/51		2,722,581
	3,310,000	2.000% due 8/15/51		2,035,521
	2,871,000	1.875% due 11/15/51		1,707,852
	2,989,000	2.250% due 2/15/52		1,952,132
	280,000	2.875% due 5/15/52		210,536
	272,000	3.000% due 8/15/52		210,003
	2,204,000	4.000% due 11/15/52		2,061,074
	5,776,000	3.625% due 2/15/53		5,042,267
	3,508,000	3.625% due 5/15/53		3,064,567
	904,000	4.125% due 8/15/53		864,309
	11,795,000	4.750% due 11/15/53		12,531,559
	22,827,000	4.250% due 2/15/54		22,358,232
	5,653,492	U.S. Treasury Inflation Indexed Notes, 1.125% due 1/15/33		5,289,661
		U.S. Treasury Notes:
	1,740,000	3.500% due 9/15/25		1,706,491
	365,000	0.250% due 9/30/25		340,013
	4,663,000	4.500% due 11/15/25		4,643,799
	1,610,000	0.375% due 11/30/25		1,493,558
	9,845,000	4.875% due 11/30/25		9,868,074
	620,000	0.375% due 12/31/25		573,500
	5,045,000	4.250% due 12/31/25		5,005,192
	375,000	0.375% due 1/31/26		345,740
	11,430,000	4.250% due 1/31/26		11,342,935

See Notes to Financial Statements.

162



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Security	Value

U.S. GOVERNMENT OBLIGATIONS — 23.6% — (continued)
$	9,385,000	4.000% due 2/15/26	$	9,272,087
	4,214,000	0.500% due 2/28/26		3,884,699
	4,995,000	4.625% due 3/15/26		4,994,610
	1,759,000	3.750% due 4/15/26		1,728,767
	236,000	0.750% due 4/30/26		217,535
	1,183,000	3.625% due 5/15/26		1,159,525
	1,324,000	4.500% due 7/15/26		1,322,836
	1,270,000	4.625% due 9/15/26		1,273,274
	1,605,000	4.625% due 10/15/26		1,609,922
	1,064,000	4.625% due 11/15/26		1,067,741
	10,100,000	4.000% due 1/15/27		9,978,879
	21,095,000	4.125% due 2/15/27		20,914,539
	770,000	1.875% due 2/28/27		715,228
	100,000	2.625% due 5/31/27		94,637
	1,185,000	2.750% due 7/31/27		1,123,783
	2,160,000	3.125% due 8/31/27		2,072,081
	1,343,000	4.125% due 10/31/27		1,331,590
	2,210,000	0.750% due 1/31/28		1,926,542
	130,000	4.125% due 7/31/28		129,045
	110,000	4.375% due 8/31/28		110,309
	581,000	4.875% due 10/31/28		594,963
	235,000	1.500% due 11/30/28		207,062
	6,000	4.375% due 11/30/28		6,023
	31,500,000	3.750% due 12/31/28		30,771,562
	67,436,000	4.000% due 1/31/29		66,629,929
	2,365,000	4.250% due 2/28/29		2,364,076
	415,000	2.375% due 3/31/29		379,117
	285,000	3.875% due 9/30/29		279,233
	2,597,000	3.875% due 11/30/29		2,543,234
	3,431,000	3.625% due 3/31/30		3,309,441
	1,556,000	3.750% due 5/31/30		1,510,232
	1,545,000	4.875% due 10/31/30		1,596,661
	2,362,000	4.375% due 11/30/30		2,373,718
	830,000	4.000% due 1/31/31		816,253
	1,345,000	4.250% due 2/28/31		1,342,793
	20,000	1.250% due 8/15/31		16,186
	270,000	2.875% due 5/15/32		243,944
	4,063,000	4.125% due 11/15/32		4,018,654
	265,000	3.375% due 5/15/33		247,087
	1,447,000	3.875% due 8/15/33		1,403,076
	16,418,000	4.500% due 11/15/33		16,719,424
	20,440,000	4.000% due 2/15/34		20,027,251
	2,020,000	U.S. Treasury Strip Principal, zero coupon due 5/15/49(j)		663,475

		Total U.S. GOVERNMENT OBLIGATIONS		446,807,243

		TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost — $495,925,988)		465,228,383


MORTGAGE-BACKED SECURITIES — 21.3%

FHLMC — 6.8%
		Federal Home Loan Mortgage Corp. (FHLMC):
	4,864,897	4.500% due 4/1/29 — 2/1/53		4,612,559
	4,747,423	5.500% due 1/1/30 — 9/1/53		4,711,520
	18,634,010	3.000% due 3/1/31 — 6/1/52		16,196,817
	6,816,318	1.500% due 5/1/31 — 12/1/50		5,459,932
	30,097,398	2.500% due 11/1/31 — 5/1/52		24,995,378

See Notes to Financial Statements.

163



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Security	Value

FHLMC — 6.8% — (continued)
$	11,775,867	3.500% due 4/1/33 — 6/1/52	$	10,707,979
	8,240,305	5.000% due 12/1/34 — 7/1/53		8,021,155
	43,801,810	2.000% due 3/1/36 — 5/1/52		35,115,688
	3,684,684	6.000% due 5/1/38 — 9/1/53		3,719,187
	5,079	7.000% due 3/1/39		5,397
	2,788,094	6.500% due 9/1/39 — 7/1/53		2,848,619
	12,232,333	4.000% due 9/1/40 — 1/1/53		11,390,119
	83,959	2.107% (5-Year CMT Index + 1.285%) due 3/1/47(c)		78,006
	264,428	2.875% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.619%) due 11/1/47(c)		255,721
	449,185	3.006% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.628%) due 11/1/48(c)		423,041
	106,150	3.096% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.621%) due 2/1/50(c)		100,211

		Total FHLMC		128,641,329


FNMA — 9.8%
		Federal National Mortgage Association (FNMA):
	8,876,155	4.000% due 4/1/24 — 6/1/57		8,282,226
	17,003,905	3.500% due 11/1/25 — 12/1/52		15,396,965
	7,212,991	5.500% due 3/1/26 — 9/1/56		7,174,033
	46,265,625	2.500% due 11/1/27 — 6/1/62		38,586,293
	32,835,676	3.000% due 12/1/27 — 9/1/61		28,676,988
	18,650,607	4.500% due 3/1/29 — 8/1/58		17,740,525
	4,001,558	5.000% due 3/1/29 — 7/1/53		3,903,074
	6,571,025	1.500% due 6/1/31 — 8/1/51		5,432,069
	50,082	4.537% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.536%) due 3/1/34(c)		49,794
	4,039,705	6.000% due 8/1/34 — 7/1/53		4,087,189
	8,817	6.847% (1-Year Treasury Average Rate + 1.792%) due 10/1/35(c)		8,970
	2,654	6.871% (1-Year Treasury Average Rate + 1.820%) due 11/1/35(c)		2,690
	7,986	6.977% (1-Year Treasury Average Rate + 1.941%) due 11/1/35(c)		8,161
	60,286,579	2.000% due 6/1/36 — 4/1/52		48,547,566
	6,949	7.000% due 4/1/37		6,983
	100,000	3.870% due 5/1/37		90,190
	36,669	4.640% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.265%) due 5/1/37(c)		36,197
	202,567	6.500% due 9/1/37 — 10/1/53		208,471
	4,700,000	4.500% due 3/1/54 — 4/1/54(k)		4,444,849
	200,000	5.000% due 3/1/54(k)		193,895
	1,300,000	6.000% due 4/1/54(k)		1,305,197
	600,000	6.500% due 4/1/54(k)		610,173

		Total FNMA		184,792,498


GNMA — 4.7%
		Government National Mortgage Association (GNMA):
	13,373	6.000% due 12/15/33 — 6/15/37		13,627
	255,760	5.000% due 10/15/34 — 9/15/40		254,752
	19,187	5.500% due 5/15/37 — 6/15/38		19,525
	29,581	6.500% due 1/15/38 — 10/15/38		30,620
	39,972	4.500% due 3/15/41		39,050
	331,579	4.000% due 6/15/41 — 11/15/45		321,071
	164,982	3.000% due 9/15/42 — 10/15/42		148,318
	99,047	3.500% due 6/15/48 — 5/15/50		91,889

See Notes to Financial Statements.

164



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Security	Value

GNMA — 4.7% — (continued)
			Government National Mortgage Association II (GNMA):
$	2,602,655		6.000% due 7/20/37 — 1/20/54	$	2,629,908
	7,356,977		4.500% due 1/20/40 — 4/20/53		7,090,116
	9,554,917		5.000% due 7/20/40 — 8/20/53		9,349,561
	5,160,717		4.000% due 11/20/40 — 11/20/52		4,849,476
	12,520,385		3.000% due 1/20/43 — 4/20/53		11,016,789
	9,665,037		3.500% due 6/20/43 — 12/20/52		8,815,069
	17,264,087		2.000% due 8/20/50 — 4/20/52		14,051,521
	16,955,530		2.500% due 9/20/50 — 9/20/52		14,361,581
	6,309,734		5.500% due 11/20/52 — 9/20/53		6,275,201
	894,935		6.500% due 9/20/53 — 1/20/54		912,959
	3,100,000		4.000% due 3/1/54(k)		2,888,441
	1,000,000		4.500% due 3/1/54(k)		955,156
	2,400,000		5.000% due 3/1/54(k)		2,343,367
	1,500,000		5.500% due 3/1/54(k)		1,490,174

			Total GNMA		87,948,171

			TOTAL MORTGAGE-BACKED SECURITIES (Cost — $434,536,212)		401,381,998


COLLATERALIZED MORTGAGE OBLIGATIONS — 11.2%
	690,000	AAA(e)	280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, 6.502% (1-Month Term SOFR + 1.180%) due 9/15/34(a)(c)		675,771
	680,348	Aaa(b)	321 Henderson Receivables V LLC, Series 2008-3A, Class A1, 8.000% due 6/15/45(a)		756,542
	370,000	AAA	AB BSL CLO 4 Ltd., Series 2023-4A, Class A, 7.318% (3-Month Term SOFR + 2.000%) due 4/20/36(a)(c)		373,762
	63,858	CC	AFC Home Equity Loan Trust, Series 1999-2, Class 2A, 6.085% (1-Month Term SOFR + 0.764%) due 6/25/29(c)		42,966
	1,100,000	Aaa(b)	AGL CLO 1 Ltd., Series 2019-1A, Class AR, 6.759% (3-Month Term SOFR + 1.442%) due 10/20/34(a)(c)		1,100,313
	500,000	AAA	AIMCO CLO, Series 2017-AA, Class AR, 6.629% (3-Month Term SOFR + 1.312%) due 4/20/34(a)(c)		500,000
	1,023,079	Aaa(b)	Allegro CLO VI Ltd., Series 2017-2A, Class A, 6.708% (3-Month Term SOFR + 1.392%) due 1/17/31(a)(c)		1,026,604
	1,000,000	AAA	Allegro CLO XI Ltd., Series 2019-2A, Class A1A, 6.961% (3-Month Term SOFR + 1.652%) due 1/19/33(a)(c)		1,003,107
	615,000	Aa2(b)	Allegro CLO XIII Ltd., Series 2021-1A, Class B, 7.279% (3-Month Term SOFR + 1.962%) due 7/20/34(a)(c)		615,322
	217,907	AA	American Home Mortgage Investment Trust, Series 2004-3, Class 4A, 4.484% (6-Month Term SOFR + 1.928%) due 10/25/34(c)		216,473
	840,223	AAA(e)	Angel Oak Mortgage Trust, Series 2023-1, Class A1, step bond to yield, 4.750% due 9/26/67(a)		822,283
	900,000	BBB	Applebee’s Funding LLC/IHOP Funding LLC, Series 2023-1A, Class A2, 7.824% due 3/5/53(a)		927,289
	210,000	Baa2(b)	Aqua Finance Trust, Series 2020-AA, Class C, 3.970% due 7/17/46(a)		187,874
	930,000	Aaa(b)	Ares Loan Funding IV Ltd., Series 2023-ALF4A, Class A1, 7.097% (3-Month Term SOFR + 1.750%) due 10/15/36(a)(c)		933,788
	88,640	AAA	Ares XLII CLO Ltd., Series 2017-42A, Class AR, 6.499% (3-Month Term SOFR + 1.182%) due 1/22/28(a)(c)		88,640
	229,254	AAA	Bain Capital Credit CLO, Series 2018-1A, Class A1, 6.537% (3-Month Term SOFR + 1.222%) due 4/23/31(a)(c)		229,598
	290,000	AAA	Bain Capital Credit CLO Ltd., Series 2021-4A, Class A1, 6.749% (3-Month Term SOFR + 1.432%) due 10/20/34(a)(c)		290,713
	498,775	AAA	Balboa Bay Loan Funding Ltd., Series 2020-1A, Class AR, 6.699% (3-Month Term SOFR + 1.382%) due 1/20/32(a)(c)		499,897
	820,000	AAA	BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class AMP, 3.287% due 11/5/32(a)		784,066

See Notes to Financial Statements.

165



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 11.2% — (continued)
$	14,999	AA+	Banc of America Mortgage Trust, Series 2004-F, Class 1A1, 5.264% due 7/25/34(c)	$	14,124
	1,060,000	Aaa(b)	BANK, Series 2017-BNK7, Class A4, 3.175% due 9/15/60		996,513
			BBCMS Mortgage Trust:
	280,000	AAA	Series 2022-C16, Class A5, 4.600% due 6/15/55(c)		270,736
	590,000	AAA	Series 2023-C19, Class A2B, 5.753% due 4/15/56		593,552
	5,435,808	AAA	Series 2023-C20, Class XA, 0.849% due 7/15/56(c)(l)		290,564
	1,240,000	AAA	Beast Mortgage Trust, Series 2021-SSCP, Class A, 6.182% (1-Month Term SOFR + 0.864%) due 4/15/36(a)(c)		1,228,048
			Benchmark Mortgage Trust:
	213,000	AAA	Series 2019-B13, Class A4, 2.952% due 8/15/57		189,883
	2,169,092	Aa1(b)	Series 2021-B28, Class XA, 1.272% due 8/15/54(c)(l)		138,283
	280,000	Aaa(b)	Birch Grove CLO 5 Ltd., Series 2023-5A, Class A1, 7.518% (3-Month Term SOFR + 2.200%) due 4/20/35(a)(c)		282,511
	560,000	Aaa(b)	Birch Grove CLO 7 Ltd., Series 2023-7A, Class A1, 7.177% (3-Month Term SOFR + 1.800%) due 10/20/36(a)(c)		563,536
	650,000	Aaa(b)	BLP Commercial Mortgage Trust, Series 2023-IND, Class A, 7.010% (1-Month Term SOFR + 1.692%) due 3/15/40(a)(c)		653,249
	300,784	AAA	BlueMountain CLO XXII Ltd., Series 2018-22A, Class A1, 6.656% (3-Month Term SOFR + 1.342%) due 7/15/31(a)(c)		301,310
	638,930	AAA	BlueMountain Fuji US CLO I Ltd., Series 2017-1A, Class A1R, 6.559% (3-Month Term SOFR + 1.242%) due 7/20/29(a)(c)		639,603
	280,000	AAA	BMO Mortgage Trust, Series 2022-C1, Class A5, 3.374% due 2/15/55(c)		247,210
			BRAVO Residential Funding Trust:
	1,705,338	NR	Series 2021-A, Class A1, step bond to yield, 4.991% due 10/25/59(a)		1,680,796
	589,044	AAA(e)	Series 2022-NQM3, Class A1, 5.108% due 7/25/62(a)(c)		577,181
	328,175	AAA(e)	Series 2024-NQM1, Class A1, step bond to yield, 5.943% due 12/1/63(a)		328,129
	493,957	AAA	Buttermilk Park CLO Ltd., Series 2018-1A, Class A1, 6.676% (3-Month Term SOFR + 1.362%) due 10/15/31(a)(c)		494,654
			BX Commercial Mortgage Trust:
	890,000	Aaa(b)	Series 2021-CIP, Class A, 6.353% (1-Month Term SOFR + 1.035%) due 12/15/38(a)(c)		879,726
	234,579	A3(b)	Series 2021-XL2, Class D, 6.829% (1-Month Term SOFR + 1.511%) due 10/15/38(a)(c)		231,640
	710,000	NR	Series 2023-VLT2, Class D, 10.092% (1-Month Term SOFR + 4.774%) due 6/15/40(a)(c)		713,703
	910,000	NR	Series 2023-VLT2, Class E, 11.189% (1-Month Term SOFR + 5.871%) due 6/15/40(a)(c)		916,611
	740,000	Aaa(b)	Series 2023-XL3, Class A, 7.079% (1-Month Term SOFR + 1.761%) due 12/9/40(a)(c)		746,316
	225,000	AA-(e)	Series 2024-MF, Class B, 6.991% (1-Month Term SOFR + 1.691%) due 2/15/39(a)(c)(g)		223,115
	229,000	AAA(e)	Series 2024-XL4, Class A, 6.760% (1-Month Term SOFR + 1.442%) due 2/15/39(a)(c)(g)		228,628
	1,215,000	BBB-(e)	BX Mortgage Trust, Series 2021-PAC, Class D, 6.731% (1-Month Term SOFR + 1.413%) due 10/15/36(a)(c)		1,181,873
			BX Trust:
	220,000	BBB-	Series 2021-ARIA, Class D, 7.328% (1-Month Term SOFR + 2.010%) due 10/15/36(a)(c)		215,012
	1,100,000	Aaa(b)	Series 2021-LBA, Class AJV, 6.232% (1-Month Term SOFR + 0.914%) due 2/15/36(a)(c)		1,093,677
	311,791	AAA	Series 2021-RISE, Class A, 6.180% (1-Month Term SOFR + 0.862%) due 11/15/36(a)(c)		308,915
	1,240,386	AAA	Series 2022-GPA, Class A, 7.483% (1-Month Term SOFR + 2.165%) due 8/15/39(a)(c)		1,245,471
	252,616	Aaa(b)	Series 2022-IND, Class A, 6.809% (1-Month Term SOFR + 1.491%) due 4/15/37(a)(c)		252,881
	630,000	AAA(e)	Series 2023-DELC, Class A, 8.008% (1-Month Term SOFR + 2.690%) due 5/15/38(a)(c)		636,927
	394,000	Aaa(b)	Series 2024-BIO, Class A, 6.942% (1-Month Term SOFR + 1.642%) due 2/15/41(a)(c)		396,508
	200,000	Aa2(b)	Series 2024-BIO, Class B, 7.241% (1-Month Term SOFR + 1.941%) due 2/15/41(a)(c)		200,612
	969,000	A3(b)	Series 2024-BIO, Class C, 7.940% (1-Month Term SOFR + 2.640%) due 2/15/41(a)(c)		971,938
	940,000	AAA	Cantor Commercial Real Estate Lending, Series 2019-CF3, Class A4, 3.006% due 1/15/53		816,001
	1,500,000	(P)AAA	CarVal CLO IX-C Ltd., Series 2024-1A, Class A, zero coupon (1.680% – 3-Month Term SOFR) due 4/20/37(a)(m)		1,501,635
	320,000	Aaa(b)	CD Mortgage Trust, Series 2017-CD3, Class A4, 3.631% due 2/10/50		296,140
	978,261	AAA(e)	Chase Home Lending Mortgage Trust, Series 2024-2, Class A4A, 6.000% due 2/25/55(a)(c)		969,635
	192,048	BBB	Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-2A, Class A1, 5.705% (1-Month Term SOFR + 0.384%) due 5/25/35(a)(c)		180,264

See Notes to Financial Statements.

166



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 11.2% — (continued)
			CIFC Funding Ltd.:
$	903,369	Aaa(b)	Series 2013-4A, Class A1RR, 6.641% (3-Month Term SOFR + 1.322%) due 4/27/31(a)(c)	$	904,272
	275,651	AAA	Series 2014-3A, Class A1R2, 6.779% (3-Month Term SOFR + 1.462%) due 10/22/31(a)(c)		275,940
	750,000	AAA	Series 2014-5A, Class A1R2, 6.778% (3-Month Term SOFR + 1.462%) due 10/17/31(a)(c)		750,825
	1,355,000	Aaa(b)	Series 2017-1A, Class ARR, 6.830% (3-Month Term SOFR + 1.550%) due 4/21/37(a)(c)		1,356,492
	237,707	Aaa(b)	Series 2018-2A, Class A1, 6.619% (3-Month Term SOFR + 1.302%) due 4/20/31(a)(c)		237,766
	600,000	Aaa(b)	Series 2019-1A, Class AR, 6.679% (3-Month Term SOFR + 1.362%) due 4/20/32(a)(c)		600,242
	290,000	AAA	Series 2021-1A, Class A1, 6.696% (3-Month Term SOFR + 1.372%) due 4/25/33(a)(c)		290,776
			CIM Trust:
	780,856	NR	Series 2019-R4, Class A1, 3.000% due 10/25/59(a)(c)		714,127
	447,147	NR	Series 2020-R6, Class A1A, 2.250% due 12/25/60(a)(c)		388,345
	1,767,627	NR	Series 2021-R1, Class A2, 2.400% due 8/25/56(a)(c)		1,542,980
	881,911	NR	Series 2021-R3, Class A1A, 1.951% due 6/25/57(a)(c)		791,161
	1,078,639	NR	Series 2021-R4, Class A1A, 2.000% due 5/1/61(a)(c)		940,880
	1,968,994	NR	Series 2021-R5, Class A1, 2.000% due 8/25/61(a)(c)		1,602,748
	2,256,858	NR	Series 2023-R1, Class A1A, 5.400% due 4/25/62(a)(c)		2,158,532
	1,969,475	NR	Series 2023-R3, Class A1A, 4.500% due 1/25/63(a)(c)		1,773,647
	843,112	AAA(e)	Series 2023-R4, Class A1, 5.000% due 5/25/62(a)(c)		833,283
			Citigroup Commercial Mortgage Trust:
	132,464	Aaa(b)	Series 2013-375P, Class A, 3.251% due 5/10/35(a)		127,267
	258,379	Aaa(b)	Series 2014-GC21, Class A5, 3.855% due 5/10/47		257,734
	1,550,000	AA-(e)	Series 2015-GC29, Class B, 3.758% due 4/10/48(c)		1,490,471
	285,000	Aa3(b)	Series 2016-C2, Class B, 3.176% due 8/10/49		251,969
	726,338	Aaa(b)	Series 2016-C3, Class A3, 2.896% due 11/15/49		684,352
	500,000	Aaa(b)	Series 2016-P5, Class A4, 2.941% due 10/10/49		461,480
	1,092,025	Aaa(b)	Series 2017-C4, Class A3, 3.209% due 10/12/50		1,016,750
	211,425	Aaa(b)	Series 2017-P7, Class AAB, 3.509% due 4/14/50		206,366
	650,000	A-(e)	Series 2018-TBR, Class C, 7.032% (1-Month Term SOFR + 1.714%) due 12/15/36(a)(c)		642,458
	13,192,174	AA+	Series 2019-C7, Class XA, 0.857% due 12/15/72(c)(l)		491,164
	1,651,640	CC	Citigroup Mortgage Loan Trust, Series 2006-AR6, Class 2A4, 5.875% (1-Month Term SOFR + 0.554%) due 9/25/36(c)		482,675
	1,200,000	AAA	Clover CLO LLC, Series 2018-1A, Class A1R, 6.699% (3-Month Term SOFR + 1.382%) due 4/20/32(a)(c)		1,201,620
	702,003	AAA	CNH Equipment Trust, Series 2024-A, Class A3, 4.770% due 6/15/29		697,790
	255,578	Aaa(b)	Cold Storage Trust, Series 2020-ICE5, Class A, 6.336% (1-Month Term SOFR + 1.014%) due 11/15/37(a)(c)		254,902
	853,998	AAA(e)	COLT Mortgage Loan Trust, Series 2021-2, Class A1, 0.924% due 8/25/66(a)(c)		676,570
			Commercial Mortgage Trust:
	190,000	BB-(e)	Series 2013-300P, Class B, 4.394% due 8/10/30(a)(c)		167,889
	143,000	Baa3(b)	Series 2014-CR17, Class C, 4.727% due 5/10/47(c)		131,670
	139,620	AAA	Series 2014-CR18, Class A5, 3.828% due 7/15/47		138,712
	210,000	A-(e)	Series 2014-CR21, Class C, 4.422% due 12/10/47(c)		196,200
	345,000	Aaa(b)	Series 2014-LC17, Class A5, 3.917% due 10/10/47		340,436
	2,621,923	Aa1(b)	Series 2015-CR25, Class XA, 0.788% due 8/10/48(c)(l)		22,534
	175,000	Aaa(b)	Series 2015-CR26, Class A4, 3.630% due 10/10/48		168,582
	165,000	Aaa(b)	Series 2018-COR3, Class A3, 4.228% due 5/10/51		155,082
			Connecticut Avenue Securities Trust:
	620,000	NR	Series 2020-R01, Class 1B1, 8.686% (30-Day Average SOFR + 3.364%) due 1/25/40(a)(c)		638,528
	1,110,000	BBB	Series 2022-R04, Class 1M2, 8.422% (30-Day Average SOFR + 3.100%) due 3/25/42(a)(c)		1,155,199
	309,845	A-	Series 2022-R07, Class 1M1, 8.271% (30-Day Average SOFR + 2.950%) due 6/25/42(a)(c)		318,625
	1,220,000	BBB	Series 2023-R05, Class 1M2, 8.421% (30-Day Average SOFR + 3.100%) due 6/25/43(a)(c)		1,278,200
	410,000	BBB	Series 2024-R01, Class 1M2, 7.122% (30-Day Average SOFR + 1.800%) due 1/25/44(a)(c)		411,495
	42,157	WR(b)	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-11, Class 3A3, 3.738% due 4/25/35(c)		27,859

See Notes to Financial Statements.

167



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 11.2% — (continued)
			Credit Suisse Commercial Mortgage Capital Trust:
$	1,260,000	CCC	Series 2014-USA, Class F, 4.373% due 9/15/37(a)	$	553,369
	517,527	AAA(e)	Series 2018-J1, Class A2, 3.500% due 2/25/48(a)(c)		457,878
	2,506,285	NR	Series 2020-RPL3, Class A1, 4.075% due 3/25/60(a)(c)		2,498,562
	314,000	Aaa(b)	Series 2021-BHAR, Class A, 6.582% (1-Month Term SOFR + 1.264%) due 11/15/38(a)(c)		312,521
	141,354	AAA(e)	Series 2021-NQM7, Class A1, 1.756% due 10/25/66(a)(c)		122,027
	2,113,421	NR	Series 2021-RPL4, Class A1, 1.796% due 12/27/60(a)(c)		2,050,572
	2,251,549	NR	Series 2022-RPL3, Class A1, 3.765% due 3/25/61(a)(c)		2,228,392
	784,129	AAA(e)	Series 2022-RPL4, Class A1, 3.904% due 4/25/62(a)(c)		733,332
			Credit Suisse Mortgage Capital Certificates:
	658,362	Aaa(b)	Series 2019-ICE4, Class A, 6.345% (1-Month Term SOFR + 1.027%) due 5/15/36(a)(c)		658,402
	947,642	Ba3(b)	Series 2019-ICE4, Class F, 8.015% (1-Month Term SOFR + 2.697%) due 5/15/36(a)(c)		944,132
			CSAIL Commercial Mortgage Trust:
	295,000	Aaa(b)	Series 2015-C1, Class A4, 3.505% due 4/15/50		288,354
	270,000	Aaa(b)	Series 2015-C3, Class A4, 3.718% due 8/15/48		261,667
	310,000	Aaa(b)	Series 2018-CX12, Class A4, 4.224% due 8/15/51(c)		293,049
	180,000	Aaa(b)	Series 2021-C20, Class A3, 2.805% due 3/15/54		149,432
	280,000	Aaa(b)	CSMC NET, Series 2020-NET, Class B, 2.816% due 8/15/37(a)		259,371
	643,877	AA+	CSMC Trust, Series 2019-AFC1, Class A2, step bond to yield, 3.776% due 7/25/49(a)		597,140
	32,966	B-	CWABS Asset-Backed Notes Trust, Series 2006-SD3, Class A1, 6.095% (1-Month Term SOFR + 0.774%) due 7/25/36(a)(c)		32,407
			DBJPM Mortgage Trust:
	350,000	AA-(e)	Series 2016-C1, Class B, 4.195% due 5/10/49(c)		316,547
	163,157	Aaa(b)	Series 2016-C3, Class A4, 2.632% due 8/10/49		153,372
	1,750,000	AAA(e)	DOLP Trust, Series 2021-NYC, Class A, 2.956% due 5/10/41(a)		1,459,731
	1,481,250	BBB-	Driven Brands Funding LLC, Series 2022-1A, Class A2, 7.393% due 10/20/52(a)		1,503,083
	252,824	AAA	Dryden 55 CLO Ltd., Series 2018-55A, Class A1, 6.596% (3-Month Term SOFR + 1.282%) due 4/15/31(a)(c)		252,925
	240,574	Aaa(b)	Dryden 60 CLO Ltd., Series 2018-60A, Class A, 6.626% (3-Month Term SOFR + 1.312%) due 7/15/31(a)(c)		240,868
	595,038	AAA	Dryden XXVIII Senior Loan Fund, Series 2013-28A, Class A1LR, 6.769% (3-Month Term SOFR + 1.462%) due 8/15/30(a)(c)		595,693
	19,033	CCC	DSLA Mortgage Loan Trust, Series 2004-AR2, Class A2B, 6.234% (1-Month Term SOFR + 0.914%) due 11/19/44(c)		17,813
	640,000	Aaa(b)	DTP Commercial Mortgage Trust, Series 2023-STE2, Class A, 6.038% due 1/15/41(a)(c)		631,732
	370,000	AAA	Elevation CLO Ltd., Series 2021-13A, Class A1, 6.766% (3-Month Term SOFR + 1.452%) due 7/15/34(a)(c)		370,854
	900,000	AAA	Elmwood CLO I Ltd., Series 2019-1A, Class A1RR, zero coupon (1.520% – 3-Month Term SOFR) due 4/20/37(a)(m)		900,247
	640,000	AAA	Elmwood CLO IV Ltd., Series 2020-1A, Class A, 6.816% (3-Month Term SOFR + 1.502%) due 4/15/33(a)(c)		640,800
	750,000	AAA	Empower CLO Ltd., Series 2023-2A, Class A1, 7.514% (3-Month Term SOFR + 2.200%) due 7/15/36(a)(c)		759,664
	759,726	Aaa(b)	Extended Stay America Trust, Series 2021-ESH, Class A, 6.512% (1-Month Term SOFR + 1.194%) due 7/15/38(a)(c)		759,297
			Federal Home Loan Mortgage Corp. (FHLMC), Interest Strips:
	37,943	NR	Series 334, Class S7, 0.661% (5.986% – 30-Day Average SOFR) due 8/15/44(l)(m)		3,898
	60,557	NR	Series 353, Class S1, 0.561% (5.886% – 30-Day Average SOFR) due 12/15/46(l)(m)		5,969
	33,965	NR	Federal Home Loan Mortgage Corp. (FHLMC), REMIC, Series R007, Class ZA, 6.000% due 5/15/36		34,922
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	5,739	NR	Series 3451, Class SB, 0.591% (5.916% - 30-Day Average SOFR) due 5/15/38(l)(m)		385
	34,305	NR	Series 3621, Class SB, 0.791% (6.116% - 30-Day Average SOFR) due 1/15/40(l)(m)		3,118
	486,700	NR	Series 3743, Class PB, 4.500% due 10/15/40		474,590
	292,779	NR	Series 3947, Class SG, 0.511% (5.836% - 30-Day Average SOFR) due 10/15/41(l)(m)		25,503

See Notes to Financial Statements.

168



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 11.2% — (continued)
$	10,906	NR	Series 3973, Class SA, 1.051% (6.376% – 30-Day Average SOFR) due 12/15/41(l)(m)	$	1,203
	111,759	NR	Series 4203, Class PS, 0.811% (6.136% – 30-Day Average SOFR) due 9/15/42(l)(m)		8,813
	109,985	NR	Series 4210, Class Z, 3.000% due 5/15/43		86,793
	20,029	NR	Series 4239, Class IO, 3.500% due 6/15/27(l)		558
	340,979	NR	Series 4316, Class XZ, 4.500% due 3/15/44		324,458
	85,957	NR	Series 4335, Class SW, 0.561% (5.886% – 30-Day Average SOFR) due 5/15/44(l)(m)		7,066
	397,792	NR	Series 4391, Class MZ, 3.000% due 9/15/44		341,735
	1,791,559	NR	Series 4980, Class KI, 4.500% due 6/25/50(l)		411,258
	475,019	NR	Series 4988, Class AK, 1.000% due 7/25/50		366,695
	469,515	NR	Series 5002, Class TJ, 2.000% due 7/25/50		383,468
	65,219	NR	Series 5010, Class IK, 2.500% due 9/25/50(l)		9,762
	231,315	NR	Series 5010, Class JI, 2.500% due 9/25/50(l)		37,310
	78,726	NR	Series 5013, Class IN, 2.500% due 9/25/50(l)		12,405
	162,247	NR	Series 5018, Class MI, 2.000% due 10/25/50(l)		21,543
	68,761	NR	Series 5040, Class IB, 2.500% due 11/25/50(l)		9,835
	998,116	NR	Series 5085, Class NI, 2.000% due 3/25/51(l)		118,631
	974,628	NR	Series 5093, Class IY, 4.500% due 12/25/50(l)		223,224
	492,933	NR	Series 5115, Class IO, 4.500% due 10/25/49(l)		112,710
	1,534,814	NR	Series 5118, Class NI, 2.000% due 2/25/51(l)		199,830
	345,974	NR	Series 5140, Class NI, 2.500% due 5/25/49(l)		48,606
	444,310	NR	Series 5148, Class BI, 2.500% due 1/25/49(l)		60,323
	180,153	NR	Series 5148, Class CI, 2.000% due 6/25/49(l)		20,910
	734,872	NR	Series 5159, Class IP, 3.000% due 11/25/51(l)		106,736
	794,311	NR	Series 5161, Class IO, 2.000% due 3/25/51(l)		105,629
	728,273	NR	Series 5202, Class IN, 3.000% due 1/25/47(l)		96,644
	500,000	NR	Series 5224, Class HL, 4.000% due 4/25/52		447,627
	645,984	NR	Series 5274, Class IO, 2.500% due 1/25/51(l)		105,078
	1,869,371	NR	Series 5293, Class IO, 2.000% due 3/25/51(l)		230,851
	191,119	NR	Series 5341, Class AO, zero coupon due 6/25/50(j)		134,968
			Federal Home Loan Mortgage Corp. (FHLMC), Structured Agency Credit Risk:
	1,135,430	A-	Series 2020-DNA3, Class B1, 10.536% (30-Day Average SOFR + 5.214%) due 6/25/50(a)(c)		1,252,056
	264,566	A	Series 2021-DNA1, Class M2, 7.122% (30-Day Average SOFR + 1.800%) due 1/25/51(a)(c)		267,606
	650,931	BBB+	Series 2021-DNA5, Class M2, 6.972% (30-Day Average SOFR + 1.650%) due 1/25/34(a)(c)		658,743
	1,500,000	BBB+	Series 2021-DNA6, Class M2, 6.822% (30-Day Average SOFR + 1.500%) due 10/25/41(a)(c)		1,497,698
	340,000	BB+	Series 2022-DNA2, Class M2, 9.072% (30-Day Average SOFR + 3.750%) due 2/25/42(a)(c)		355,455
	290,000	B+	Series 2022-DNA3, Class B1, 10.972% (30-Day Average SOFR + 5.650%) due 4/25/42(a)(c)		311,711
	212,835	BBB+	Series 2023-DNA1, Class M1A, 7.422% (30-Day Average SOFR + 2.100%) due 3/25/43(a)(c)		217,274
	242,766	BBB+	Series 2023-DNA2, Class M1A, 7.422% (30-Day Average SOFR + 2.100%) due 4/25/43(a)(c)		247,937
			Federal National Mortgage Association (FNMA), ACES:
	2,987,923	NR	Series 2015-M7, Class X2, 0.480% due 12/25/24(c)(l)		2,926
	12,981,290	NR	Series 2015-M8, Class X2, 0.059% due 1/25/25(c)(l)		5,090
	524,952	NR	Series 2020-M36, Class X1, 1.448% due 9/25/34(c)(l)		25,770
	245,000	NR	Series 2021-M2S, Class A2, 1.808% due 10/25/31(c)		199,815
	425,000	NR	Series 2022-M5, Class A3, 2.358% due 1/1/34(c)		343,425
	265,000	NR	Series 2022-M10, Class A2, 1.938% due 1/25/32(c)		215,882
	462,594	AA+(e)	Federal National Mortgage Association (FNMA), Connecticut Avenue Securities, Series 2014-C02, Class 1M2, 8.036% (30-Day Average SOFR + 2.714%) due 5/25/24(c)		463,734

See Notes to Financial Statements.

169



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 11.2% — (continued)
			Federal National Mortgage Association (FNMA), Grantor Trust:
$	40,931	NR	Series 2000-T6, Class A3, 4.238% due 11/25/40(c)	$	40,221
	99,075	NR	Series 2017-T1, Class A, 2.898% due 6/25/27		93,066
			Federal National Mortgage Association (FNMA), Interest Strip:
	44,870	NR	Series 409, Class C13, 3.500% due 11/25/41(l)		6,751
	95,802	NR	Series 409, Class C18, 4.000% due 4/25/42(l)		17,464
	12,594	NR	Series 409, Class C22, 4.500% due 11/25/39(l)		2,319
			Federal National Mortgage Association (FNMA), REMICS:
	10,332	NR	Series 2004-38, Class FK, 5.786% (30-Day Average SOFR + 0.464%) due 5/25/34(c)		10,257
	268,067	NR	Series 2011-8, Class ZA, 4.000% due 2/25/41		252,531
	37,430	NR	Series 2011-87, Class SG, 1.114% (6.436% – 30-Day Average SOFR) due 4/25/40(l)(m)		856
	691,447	NR	Series 2011-131, Class PB, 4.500% due 12/25/41		669,538
	58,401	NR	Series 2012-35, Class SC, 1.064% (6.386% – 30-Day Average SOFR) due 4/25/42(l)(m)		6,565
	44,594	NR	Series 2012-46, Class BA, 6.000% due 5/25/42		46,117
	64,635	NR	Series 2012-51, Class B, 7.000% due 5/25/42		69,373
	48,499	NR	Series 2012-74, Class SA, 1.214% (6.536% – 30-Day Average SOFR) due 3/25/42(l)(m)		2,936
	8,083	NR	Series 2012-75, Class AO, zero coupon due 3/25/42(j)		7,218
	5,034	NR	Series 2012-101, Class BI, 4.000% due 9/25/27(l)		73
	41,529	NR	Series 2012-133, Class CS, 0.714% (6.036% – 30-Day Average SOFR) due 12/25/42(l)(m)		4,275
	164,862	NR	Series 2013-9, Class BC, 6.500% due 7/25/42		172,646
	133,303	NR	Series 2013-9, Class CB, 5.500% due 4/25/42		135,189
	33,220	NR	Series 2013-54, Class BS, 0.714% (6.036% – 30-Day Average SOFR) due 6/25/43(l)(m)		3,757
	24,801	NR	Series 2013-73, Class IA, 3.000% due 9/25/32(l)		1,241
	643,183	NR	Series 2014-6, Class Z, 2.500% due 2/25/44		539,940
	269,181	NR	Series 2015-65, Class CZ, 3.500% due 9/25/45		226,082
	32,265	NR	Series 2018-57, Class QA, 3.500% due 5/25/46		31,679
	607,163	NR	Series 2020-37, Class IM, 4.000% due 6/25/50(l)		121,984
	215,205	NR	Series 2020-47, Class GZ, 2.000% due 7/25/50		123,192
	700,000	NR	Series 2020-56, Class AQ, 2.000% due 8/25/50		536,123
	75,033	NR	Series 2020-56, Class DI, 2.500% due 8/25/50(l)		11,590
	4,088,884	NR	Series 2020-57, Class NI, 2.500% due 8/25/50(l)		668,702
	604,895	NR	Series 2020-73, Class KI, 3.000% due 10/25/50(l)		98,454
	1,455,435	NR	Series 2021-43, Class IO, 2.500% due 6/25/51(l)		212,682
	520,093	NR	Series 2021-61, Class KI, 2.500% due 4/25/49(l)		71,177
	710,684	NR	Series 2021-69, Class IJ, 2.500% due 1/25/49(l)		96,007
	665,733	NR	Series 2021-77, Class WI, 3.000% due 8/25/50(l)		106,409
	1,897,785	NR	Series 2022-22, Class IO, 2.500% due 10/25/51(l)		290,038
	744,900	NR	Series 2022-86, Class IO, 2.500% due 5/25/50(l)		104,848
	1,869,026	NR	Series 2023-2, Class CI, 2.000% due 10/25/50(l)		242,950
	557,755	NR	Series 2023-36, Class AO, zero coupon due 8/25/50(j)		394,108
			FHLMC Multifamily Structured Pass-Through Certificates:
	2,500,000	AA+(e)	Series K104, Class XAM, 1.386% due 1/25/30(c)(l)		170,747
	440,000	AAA(e)	Series K144, Class A2, 2.450% due 4/25/32		372,195
	953,952	AAA(e)	Series K736, Class X1, 1.282% due 7/25/26(c)(l)		22,186
	3,978,411	AAA(e)	Series K743, Class X1, 0.921% due 5/25/28(c)(l)		129,459
	142,894	NR	Series KIR2, Class A1, 2.748% due 3/25/27		137,610
	310,000	BBB-	Five Guys Holdings Inc., Series 2023-1A, Class A2, 7.549% due 1/26/54(a)		321,618
	1,100,000	Aaa(b)	Flatiron CLO 21 Ltd., Series 2021-1A, Class A1, 6.681% (3-Month Term SOFR + 1.372%) due 7/19/34(a)(c)		1,103,723
			Freddie Mac Multifamily Structured Pass Through Certificates:
	3,423,311	AAA(e)	Series K104, Class X1, 1.123% due 1/25/30(c)(l)		176,324
	10,477,787	Aaa(b)	Series K130, Class X1, 1.037% due 6/25/31(c)(l)		614,302
	4,688,314	AAA(e)	Series K131, Class X1, 0.728% due 7/25/31(c)(l)		203,209
	1,240,000	Aaa(b)	Series K146, Class A2, 2.920% due 6/25/32		1,084,769
	736,000	Aaa(b)	Series K148, Class A2, 3.500% due 7/25/32(c)		671,903

See Notes to Financial Statements.

170



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 11.2% — (continued)
$	19,182,002	Aaa(b)	Series K148, Class X1, 0.250% due 7/25/32(c)(l)	$	382,186
	994,203	NR	Series KG08, Class A2, 4.134% due 5/25/33(c)		949,876
	320,000	AAA(e)	Series K-152, Class A2, 3.780% due 11/25/32(c)		297,679
	9,299,625	AAA(e)	Series K-157, Class X1, 0.254% due 5/25/33(c)(l)		209,309
	4,999,585	AAA	Series K-160, Class X1, 0.209% due 8/25/33(c)(l)		100,576
	314,076	NR	FREMF Mortgage Trust, Series 2019-KF58, Class B, 7.596% (30-Day Average SOFR + 2.264%) due 1/25/26(a)(c)		306,319
			FRESB Mortgage Trust:
	128,665	NR	Series 2019-SB60, Class A10H, 3.500% due 1/25/39(c)		117,640
	784,479	NR	Series 2021-SB93, Class A10F, 1.810% due 10/25/31(c)		650,880
	237,620	Aaa(b)	Galaxy XXVI CLO Ltd., Series 2018-26A, Class A, 6.787% (3-Month Term SOFR + 1.462%) due 11/22/31(a)(c)		237,827
	578,796	AAA	GCAT Trust, Series 2022-NQM1, Class A1, 3.332% due 2/25/67(a)(c)		536,009
			GoldenTree Loan Management US CLO 1 Ltd.:
	460,000	AAA	Series 2020-7A, Class AR, 6.649% (3-Month Term SOFR + 1.332%) due 4/20/34(a)(c)		460,612
	1,050,000	AA	Series 2021-11A, Class B, 7.179% (3-Month Term SOFR + 1.862%) due 10/20/34(a)(c)		1,050,583
			GoodLeap Sustainable Home Solutions Trust:
	257,791	A(e)	Series 2022-1GS, Class A, 2.700% due 1/20/49(a)		213,265
	463,991	A(e)	Series 2023-3C, Class A, 6.500% due 7/20/55(a)		476,597
			Government National Mortgage Association (GNMA):
	220,976	NR	Series 2007-51, Class SG, 1.146% (6.466% – 1-Month Term SOFR) due 8/20/37(l)(m)		6,530
	1,836	NR	Series 2010-85, Class HS, 1.216% (6.536% – 1-Month Term SOFR) due 1/20/40(l)(m)		7
	74,434	NR	Series 2012-H27, Class AI, 1.741% due 10/20/62(c)(l)		2,394
	65,393	NR	Series 2013-53, Class OI, 3.500% due 4/20/43(l)		6,715
	270,783	NR	Series 2013-85, Class IA, 0.525% due 3/16/47(c)(l)		2,087
	72,749	NR	Series 2013-107, Class AD, 2.834% due 11/16/47(c)		64,542
	64,752	NR	Series 2014-105, Class IO, 0.125% due 6/16/54(c)(l)		208
	727,352	NR	Series 2014-H20, Class FA, 5.893% (1-Month Term SOFR + 0.544%) due 10/20/64(c)		723,756
	41,431	NR	Series 2015-167, Class OI, 4.000% due 4/16/45(l)		7,912
	139,589	NR	Series 2015-167, Class SA, 0.816% (6.136% – 1-Month Term SOFR) due 11/20/45(l)(m)		13,669
	42,157	NR	Series 2016-84, Class IG, 4.500% due 11/16/45(l)		8,506
	95,182	NR	Series 2016-135, Class SB, 0.664% (5.986% – 1-Month Term SOFR) due 10/16/46(l)(m)		12,872
	59,082	NR	Series 2017-187, Class SJ, 0.766% (6.086% – 1-Month Term SOFR) due 12/20/47(l)(m)		6,818
	78,733	NR	Series 2017-H14, Class FK, 5.010% (1-Year CMT Index + 0.200%) due 5/20/67(c)		78,769
	383,917	NR	Series 2017-H22, Class IC, 0.185% due 11/20/67(c)(l)		11,001
	76,910	NR	Series 2018-124, Class NW, 3.500% due 9/20/48		69,510
	41,934	NR	Series 2019-H13, Class FT, 5.260% (1-Year CMT Index + 0.450%) due 8/20/69(c)		41,894
	239,168	NR	Series 2020-47, Class MI, 3.500% due 4/20/50(l)		43,477
	68,241	NR	Series 2020-47, Class NI, 3.500% due 4/20/50(l)		12,442
	579,373	NR	Series 2020-103, Class AD, 1.450% due 1/16/63		437,006
	342,469	NR	Series 2020-123, Class IL, 2.500% due 8/20/50(l)		42,841
	218,943	NR	Series 2020-123, Class NI, 2.500% due 8/20/50(l)		29,068
	71,247	NR	Series 2020-127, Class IN, 2.500% due 8/20/50(l)		9,570
	294,185	NR	Series 2020-127, Class LP, 1.500% due 6/20/50		228,700
	75,009	NR	Series 2020-129, Class IE, 2.500% due 9/20/50(l)		10,097
	77,551	NR	Series 2020-160, Class IH, 2.500% due 10/20/50(l)		10,392
	74,126	NR	Series 2020-160, Class VI, 2.500% due 10/20/50(l)		10,405
	301,057	NR	Series 2020-160, Class YI, 2.500% due 10/20/50(l)		39,138
	2,770,082	NR	Series 2020-173, Class MI, 2.500% due 11/20/50(l)		376,632
	356,582	NR	Series 2020-181, Class WI, 2.000% due 12/20/50(l)		39,838
	181,553	NR	Series 2020-H09, Class FL, 6.613% (1-Month Term SOFR + 1.264%) due 5/20/70(c)		181,398
	196,694	NR	Series 2020-H12, Class F, 5.963% (1-Month Term SOFR + 0.614%) due 7/20/70(c)		191,710
	247,842	NR	Series 2020-H13, Class FA, 5.913% (1-Month Term SOFR + 0.564%) due 7/20/70(c)		240,794
	46,641	NR	Series 2020-H13, Class FC, 5.913% (1-Month Term SOFR + 0.564%) due 7/20/70(c)		45,321
	170,288	NR	Series 2020-H20, Class FA, 5.813% (1-Month Term SOFR + 0.464%) due 4/20/70(c)		164,985

See Notes to Financial Statements.

171



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 11.2% — (continued)
$	167,367	NR	Series 2021-2, Class AH, 1.500% due 6/16/63	$	125,921
	143,595	NR	Series 2021-14, Class AB, 1.340% due 6/16/63		107,135
	1,292,376	NR	Series 2021-77, Class LC, 1.250% due 7/20/50		1,006,860
	377,675	NR	Series 2021-115, Class MI, 2.500% due 5/20/51(l)		39,756
	2,641,709	NR	Series 2021-133, Class IO, 0.881% due 7/16/63(c)(l)		170,805
	822,351	NR	Series 2021-138, Class IK, 3.000% due 7/20/51(l)		110,136
	417,397	NR	Series 2021-188, Class PA, 2.000% due 10/20/51		342,010
	383,336	NR	Series 2021-H02, Class TF, 6.743% (1-Month Term SOFR + 1.394%) due 1/20/71(c)		390,868
	300,000	NR	Series 2022-3, Class B, 1.850% due 2/16/61		149,674
	1,345,985	NR	Series 2022-3, Class IO, 0.640% due 2/16/61(c)(l)		61,426
	774,193	NR	Series 2022-81, Class CI, 3.000% due 9/20/50(l)		112,689
	371,103	NR	Series 2022-189, Class PT, 2.500% due 10/20/51		305,877
	200,000	NR	Series 2022-196, Class BE, 3.000% due 10/16/64(c)		146,764
	1,480,041	NR	Series 2022-210, Class IO, 0.697% due 7/16/64(c)(l)		93,545
	1,486,916	NR	Series 2022-216, Class IO, 0.750% due 7/16/65(c)(l)		94,862
	1,399,807	NR	Series 2023-92, Class AH, 2.000% due 6/16/64		1,076,836
	1,999,724	NR	Series 2023-92, Class IA, 0.611% due 6/16/64(c)(l)		124,723
	8,850,444	NR	Series 2023-179, Class IO, 0.611% due 9/16/63(c)(l)		362,862
	710,000	Aaa(b)	Great Wolf Trust, Series 2019-WOLF, Class A, 6.666% (1-Month Term SOFR + 1.348%) due 12/15/36(a)(c)		709,749
	940,000	Aa2(b)	Greenwood Park CLO Ltd., Series 2018-1A, Class B, 6.976% (3-Month Term SOFR + 1.662%) due 4/15/31(a)(c)		942,918
	770,000	Ba3(b)	GS Mortgage Securities Corp. II, Series 2024-70P, Class E, 8.666% due 3/10/41(a)(c)		778,837
			GS Mortgage Securities Corp. Trust:
	631,997	BB-	Series 2018-SRP5, Class A, 7.165% (1-Month Term SOFR + 1.847%) due 9/15/31(a)(c)		451,923
	1,772,000	AA-(e)	Series 2021-IP, Class B, 6.582% (1-Month Term SOFR + 1.264%) due 10/15/36(a)(c)		1,723,547
	370,000	AA+	Series 2021-ROSS, Class A, 6.582% (1-Month Term SOFR + 1.264%) due 5/15/26(a)(c)		344,836
	520,000	Aaa(b)	Series 2023-FUN, Class A, 7.409% (1-Month Term SOFR + 2.091%) due 3/15/28(a)(c)		521,908
	525,000	Aa3(b)	Series 2023-FUN, Class B, 8.108% (1-Month Term SOFR + 2.790%) due 3/15/28(a)(c)		526,726
	209,569	Aaa(b)	GS Mortgage Securities Trust, Series 2017-GS6, Class A2, 3.164% due 5/10/50		196,519
	48,344	AA-	Harborview Mortgage Loan Trust, Series 2004-5, Class 2A6, 4.633% due 6/19/34(c)		45,262
	372,819	Aa1(b)	Hildene Community Funding CDO Ltd., Series 2015-1A, Class ARR, 2.600% due 11/1/35(a)		309,440
			HPS Loan Management Ltd.:
	690,116	Aaa(b)	Series 11A-17, Class AR, 6.572% (3-Month Term SOFR + 1.282%) due 5/6/30(a)(c)		691,366
	280,000	Aaa(b)	Series 15A-19, Class A1R, 6.638% (3-Month Term SOFR + 1.320%) due 1/22/35(a)(c)		280,562
	40,364	AA	Impac CMB Trust, Series 2007-A, Class A, 5.935% (1-Month Term SOFR + 0.614%) due 5/25/37(a)(c)		37,528
	710,000	AAA(e)	Independence Plaza Trust, Series 2018-INDP, Class A, 3.763% due 7/10/35(a)		678,677
	23,814	Caa2(b)	IndyMac INDX Mortgage Loan Trust, Series 2005-AR15, Class A2, 3.977% due 9/25/35(c)		19,106
	292,956	NR	InStar Leasing III LLC, Series 2021-1A, Class A, 2.300% due 2/15/54(a)		257,684
	880,116	CC	IXIS Real Estate Capital Trust, Series 2006-HE2, Class A3, 5.755% (1-Month Term SOFR + 0.434%) due 8/25/36(c)		249,580
			JPMorgan Chase Commercial Mortgage Securities Trust:
	1,710,000	C(b)	Series 2018-PHH, Class F, 8.675% (1-Month Term SOFR + 3.357%) due 6/15/35(a)(c)(h)		103,631
	250,000	Baa1(b)	Series 2021-MHC, Class D, 7.132% (1-Month Term SOFR + 1.814%) due 4/15/38(a)(c)		247,803
			JPMorgan Mortgage Trust:
	140,861	AAA	Series 2018-3, Class A1, 3.500% due 9/25/48(a)(c)		124,093
	129,776	AAA	Series 2018-5, Class A1, 3.500% due 10/25/48(a)(c)		113,725
	24,572	AAA	Series 2019-1, Class A11, 5.500% (1-Month Term SOFR + 1.064%) due 5/25/49(a)(c)		24,123
	682,137	Aaa(b)	Series 2019-6, Class B1, 4.245% due 12/25/49(a)(c)		623,202
	1,592,068	Aaa(b)	Series 2021-13, Class A3, 2.500% due 4/25/52(a)(c)		1,279,244
	668,477	(P)Aaa(b)	Series 2024-2, Class A3, 6.000% due 8/25/54(a)(c)		665,605
	350,000	CCC(e)	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class E, 3.364% due 9/15/47(a)(c)		311,936

See Notes to Financial Statements.

172



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 11.2% — (continued)
			JPMDB Commercial Mortgage Securities Trust:
$	340,000	A(e)	Series 2017-C5, Class B, 4.009% due 3/15/50(c)	$	276,026
	190,000	Aaa(b)	Series 2017-C7, Class A5, 3.409% due 10/15/50		175,573
	130,000	AA-	Series 2018-C8, Class B, 4.522% due 6/15/51		114,281
	280,000	AAA	Kings Park CLO Ltd., Series 2021-1A, Class A, 6.709% (3-Month Term SOFR + 1.392%) due 1/21/35(a)(c)		280,620
	890,000	Aaa(b)	KREF Ltd., Series 2021-FL2, Class A, 6.506% (1-Month Term SOFR + 1.184%) due 2/15/39(a)(c)		874,444
	1,200,000	NR	KREST Commercial Mortgage Securities Trust, Series 2021-CHIP, Class B, 2.861% due 11/5/44(a)		868,088
	310,000	AAA	KSL Commercial Mortgage Trust, Series 2023-HT, Class A, 7.608% (1-Month Term SOFR + 2.290%) due 12/15/36(a)(c)		311,855
	331,257	AAA	LAQ Mortgage Trust, Series 2023-LAQ, Class A, 7.409% (1-Month Term SOFR + 2.091%) due 3/15/36(a)(c)		333,017
	1,000,000	Aa1(b)	LCM XIV LP, Series 14A, Class BR, 7.159% (3-Month Term SOFR + 1.842%) due 7/20/31(a)(c)		998,442
			Legacy Mortgage Asset Trust:
	1,534,250	NR	Series 2020-GS2, Class A1, step bond to yield, 5.750% due 3/25/60(a)		1,534,587
	678,031	NR	Series 2021-GS2, Class A1, step bond to yield, 1.750% due 4/25/61(a)		657,573
	507,136	NR	Series 2021-GS3, Class A1, step bond to yield, 1.750% due 7/25/61(a)		490,875
	1,500,000	AA	Lucali CLO Ltd., Series 2020-1A, Class B, 7.176% (3-Month Term SOFR + 1.862%) due 1/15/33(a)(c)		1,503,696
	242,333	Baa2(b)	Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class B, 3.432% due 10/15/46(a)		206,923
	1,295,000	AAA	Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, 6.721% (3-Month Term SOFR + 1.412%) due 4/19/33(a)(c)		1,297,266
	263,833	AAA	Madison Park Funding XXVI Ltd., Series 2017-26A, Class AR, 6.781% (3-Month Term SOFR + 1.462%) due 7/29/30(a)(c)		264,295
	392,767	A+	MAPS Trust, Series 2021-1A, Class A, 2.521% due 6/15/46(a)		348,030
	995,224	NR	Med Trust, Series 2021-MDLN, Class G, 10.682% (1-Month Term SOFR + 5.364%) due 11/15/38(a)(c)		983,590
	9,494	WD(e)	Merrill Lynch Mortgage Investors Trust, Series 2004-A3, Class 4A3, 4.544% due 5/25/34(c)		8,217
	209,719	AAA(e)	MHC Commercial Mortgage Trust, Series 2021-MHC, Class A, 6.233% (1-Month Term SOFR + 0.915%) due 4/15/38(a)(c)		208,512
	918,874	Aaa(b)	MMAF Equipment Finance LLC, Series 2024-A, Class A4, 5.100% due 7/13/49(a)		915,334
	190,264	NR	Mosaic Solar Loan Trust, Series 2021-1A, Class D, 3.710% due 12/20/46(a)		162,106
			MSWF Commercial Mortgage Trust:
	730,000	Aaa(b)	Series 2023-2, Class A5, 6.014% due 12/15/56(c)		780,583
	3,799,544	Aaa(b)	Series 2023-2, Class XA, 0.907% due 12/15/56(c)(l)		246,513
	1,153,040	AAA	MVW Owner Trust, Series 2019-1A, Class A, 2.890% due 11/20/36(a)		1,119,303
	478,581	AAA	Neuberger Berman CLO XV, Series 2013-15A, Class A1R2, 6.496% (3-Month Term SOFR + 1.182%) due 10/15/29(a)(c)		479,277
	1,450,000	Aaa(b)	Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ARR, 6.736% (3-Month Term SOFR + 1.422%) due 7/15/34(a)(c)		1,454,926
	682,336	AAA	Neuberger Berman Loan Advisers CLO 25 Ltd., Series 2017-25A, Class AR, 6.490% (3-Month Term SOFR + 1.192%) due 10/18/29(a)(c)		683,496
	286,469	AAA	Neuberger Berman Loan Advisers CLO 29 Ltd., Series 2018-29A, Class A1, 6.701% (3-Month Term SOFR + 1.392%) due 10/19/31(a)(c)		286,526
	560,000	AAA	Neuberger Berman Loan Advisers CLO 39 Ltd., Series 2020-39A, Class A1, 6.929% (3-Month Term SOFR + 1.612%) due 1/20/32(a)(c)		562,242
	1,270,000	BBB+	New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.410% due 10/20/61(a)		1,065,582
			New Residential Mortgage Loan Trust:
	116,397	AAA	Series 2016-4A, Class A1, 3.750% due 11/25/56(a)(c)		108,041
	157,452	NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(a)(c)		151,600
	398,713	Aaa(b)	Series 2019-2A, Class A1, 4.250% due 12/25/57(a)(c)		379,376
	419,297	Aaa(b)	Series 2019-6A, Class A1B, 3.500% due 9/25/59(a)(c)		387,528
	675,735	AAA(e)	Series 2022-NQM4, Class A1, step bond to yield, 5.000% due 6/25/62(a)		663,748

See Notes to Financial Statements.

173



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 11.2% — (continued)
$	345,106	Aaa(b)	Newark BSL CLO 1 Ltd., Series 2016-1A, Class A1R, 6.681% (3-Month Term SOFR + 1.362%) due 12/21/29(a)(c)	$	345,583
	570,000	AAA(e)	NJ Trust, Series 2023-GSP, Class A, 6.481% due 1/6/29(a)(c)		588,884
	350,180	AAA	Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A1, 1.850% due 11/20/50(a)		323,275
	250,000	AAA	Oaktree CLO Ltd., Series 2022-3A, Class A2, 7.614% (3-Month Term SOFR + 2.300%) due 7/15/35(a)(c)		250,842
			OBX Trust:
	207,840	AAA(e)	Series 2022-NQM6, Class A1, step bond to yield, 4.700% due 7/25/62(a)		202,542
	383,713	AAA(e)	Series 2022-NQM7, Class A1, step bond to yield, 5.110% due 8/25/62(a)		376,921
	806,351	AAA(e)	Series 2023-NQM3, Class A1, step bond to yield, 5.949% due 2/25/63(a)		806,349
	1,369,962	AAA(e)	Series 2023-NQM7, Class A1, step bond to yield, 6.844% due 4/25/63(a)		1,392,877
	1,249,953	AAA(e)	Series 2024-NQM1, Class A1, step bond to yield, 5.928% due 11/25/63(a)		1,249,049
			OCP CLO Ltd.:
	479,408	AAA	Series 2018-15A, Class A1, 6.679% (3-Month Term SOFR + 1.362%) due 7/20/31(a)(c)		480,127
	250,000	AAA	Series 2019-16A, Class AR, 6.587% (3-Month Term SOFR + 1.262%) due 4/10/33(a)(c)		250,071
	1,000,000	AAA	Octagon Investment Partners 46 Ltd., Series 2020-2A, Class AR, 6.736% (3-Month Term SOFR + 1.422%) due 7/15/36(a)(c)		1,002,451
	609,000	AAA	One New York Plaza Trust, Series 2020-1NYP, Class A, 6.382% (1-Month Term SOFR + 1.064%) due 1/15/36(a)(c)		592,933
			OneMain Financial Issuance Trust:
	1,650,000	AAA	Series 2023-1A, Class A, 5.500% due 6/14/38(a)		1,668,122
	1,019,000	AAA	Series 2023-2A, Class A2, 6.825% (30-Day Average SOFR + 1.500%) due 9/15/36(a)(c)		1,032,121
	2,487,935	AAA(e)	Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.957% due 10/25/61(a)(c)		2,059,253
	162,667	Aaa(b)	OPEN Trust, Series 2023-AIR, Class A, 8.407% (1-Month Term SOFR + 3.089%) due 10/15/28(a)(c)(g)		163,471
	138,494	BB+	Option One Mortgage Loan Trust, Series 2004-3, Class M1, 6.215% (1-Month Term SOFR + 0.894%) due 11/25/34(c)		136,886
			Palmer Square CLO Ltd.:
	414,486	AAA	Series 2014-1A, Class A1R2, 6.708% (3-Month Term SOFR + 1.392%) due 1/17/31(a)(c)		414,984
	958,747	AAA	Series 2018-2A, Class A1A, 6.676% (3-Month Term SOFR + 1.362%) due 7/16/31(a)(c)		960,185
	540,000	AAA	Series 2022-4A, Class A1A, 7.468% (3-Month Term SOFR + 2.150%) due 10/20/35(a)(c)		543,639
			PFS Financing Corp.:
	190,000	AAA	Series 2021-A, Class A, 0.710% due 4/15/26(a)		188,787
	1,050,000	AAA	Series 2022-C, Class A, 3.890% due 5/15/27(a)		1,030,652
	788,000	AAA	Series 2022-D, Class A, 4.270% due 8/15/27(a)		775,541
	1,931,000	AAA	Series 2023-A, Class A, 5.800% due 3/15/28(a)		1,953,397
	633,000	AAA	Series 2023-C, Class A, 5.520% due 10/15/28(a)		634,020
	1,875,000	AAA	Series 2024-B, Class A, 4.950% due 2/15/29(a)		1,872,350
			PMT Credit Risk Transfer Trust:
	236,236	NR	Series 2019-2R, Class A, 9.193% (1-Month Term SOFR + 3.864%) due 5/30/25(a)(c)		236,596
	127,068	NR	Series 2019-3R, Class A, 9.135% (30-Day Average SOFR + 3.814%) due 11/27/31(a)(c)		126,905
	1,330,736	NR	PRET LLC, Series 2022-RN2, Class A1, step bond to yield, 5.000% due 6/25/52(a)		1,300,752
	426,947	WR(b)	Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.500% due 5/25/35(a)		386,812
			PRKCM Trust:
	770,000	BBB	Series 2022-AFC2, Class M1, 6.213% due 8/25/57(a)(c)		750,146
	745,864	AAA	Series 2023-AFC1, Class A1, step bond to yield, 6.598% due 2/25/58(a)		753,941
	666,000	NR	Progress Residential, Series 2021-SFR1, Class G, 3.861% due 4/17/38(a)		604,443
	2,900,000	NR	Progress Residential Trust, Series 2021-SFR9, Class F, 4.053% due 11/17/40(a)		2,483,767
			PRPM LLC:
	623,536	NR	Series 2021-11, Class A1, step bond to yield, 2.487% due 11/25/26(a)		611,584
	855,574	AAA(e)	Series 2022-NQM1, Class A1, step bond to yield, 5.500% due 8/25/67(a)		871,850
	506,288	AAA(e)	Series 2024-RCF1, Class A1, step bond to yield, 4.000% due 1/25/54(a)		485,563
	513,065	AAA	Race Point VIII CLO Ltd., Series 2013-8A, Class AR2, 6.621% (3-Month Term SOFR + 1.302%) due 2/20/30(a)(c)		512,859

See Notes to Financial Statements.

174



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 11.2% — (continued)
$	500,000	Aaa(b)	Rad CLO 16 Ltd., Series 2022-16A, Class A1, 7.564% (3-Month Term SOFR + 2.250%) due 10/15/34(a)(c)	$	500,535
	1,220,000	Aaa(b)	Rad CLO 22 Ltd., Series 2023-22A, Class A1, 7.202% (3-Month Term SOFR + 1.830%) due 1/20/37(a)(c)		1,223,006
	767,705	Aaa(b)	Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class A, 6.635% (1-Month Term SOFR + 1.314%) due 11/25/36(a)(c)		763,155
	723,980	Aaa(b)	Regatta X Funding Ltd., Series 2017-3A, Class A, 6.698% (3-Month Term SOFR + 1.382%) due 1/17/31(a)(c)		724,990
	1,100,000	AA	Regatta XII Funding Ltd., Series 2019-1A, Class BR, 7.176% (3-Month Term SOFR + 1.862%) due 10/15/32(a)(c)		1,101,013
	84,568	Caa2(b)	Residential Asset Securitization Trust, Series 2005-A15, Class 1A4, 5.750% due 2/25/36		77,768
	850,000	NR	RIAL Issuer Ltd., Series 2022-FL8, Class D, 10.071% (1-Month Term SOFR + 4.750%) due 1/19/37(a)(c)		796,128
	250,000	AAA	RRX 1 Ltd., Series 2020-1A, Class A1, 6.946% (3-Month Term SOFR + 1.632%) due 4/15/33(a)(c)		250,462
	259,325	NR	SBA Small Business Investment Cos., Series 2018-10B, Class 1, 3.548% due 9/10/28		244,104
			Seasoned Credit Risk Transfer Trust:
	66,039	NR	Series 2018-2, Class MA, 3.500% due 11/25/57		62,411
	790,000	BB(e)	Series 2019-1, Class M, 4.750% due 7/25/58(a)(c)		741,991
	224,539	NR	Series 2019-2, Class MA, 3.500% due 8/25/58		209,835
	210,000	BBB(e)	Series 2020-2, Class M, 4.250% due 11/25/59(a)(c)		194,842
	432,099	A+	Sequoia Mortgage Trust, Series 2003-1, Class 1A, 6.194% (1-Month Term SOFR + 0.874%) due 4/20/33(c)		406,093
	250,000	AAA	Signal Peak CLO 12 Ltd., Series 2022-12A, Class A1, 6.838% (3-Month Term SOFR + 1.540%) due 7/18/34(a)(c)		250,200
	310,000	AAA	Silver Rock CLO I Ltd., Series 2020-1A, Class AR, 1.833% (3-Month Term SOFR + 1.780%) due 10/20/33(a)(c)		310,171
	330,000	AAA(e)	SLG Office Trust, Series 2021-OVA, Class A, 2.585% due 7/15/41(a)		271,000
	310,000	NR	Soho Trust, Series 2021-SOHO, Class B, 2.697% due 8/10/38(a)(c)		197,074
			SREIT Trust:
	1,062,118	AAA	Series 2021-MFP, Class A, 6.163% (1-Month Term SOFR + 0.845%) due 11/15/38(a)(c)		1,057,985
	1,240,000	BB+	Series 2021-PALM, Class E, 7.342% (1-Month Term SOFR + 2.024%) due 10/15/34(a)(c)		1,208,102
	791,243	NR	Stonepeak ABS, Series 2021-1A, Class AA, 2.301% due 2/28/33(a)		736,602
	250,000	Aaa(b)	Storm King Park CLO Ltd., Series 2022-1A, Class A1, 7.364% (3-Month Term SOFR + 2.050%) due 10/15/35(a)(c)		251,777
	42,904	AA+	Structured Asset Mortgage Investments II Trust, Series 2005-AR5, Class A3, 5.934% (1-Month Term SOFR + 0.614%) due 7/19/35(c)		39,436
	850,000	Aaa(b)	STWD Ltd., Series 2022-FL3, Class A, 6.675% (30-Day Average SOFR + 1.350%) due 11/15/38(a)(c)		835,832
	367,679	NR	Sunrun Atlas Issuer LLC, Series 2019-2, Class A, 3.610% due 2/1/55(a)		335,880
	1,090,000	AAA	Symphony CLO 40 Ltd., Series 2023-40A, Class A1, 6.984% (3-Month Term SOFR + 1.640%) due 1/14/34(a)(c)		1,090,795
	1,015,000	AAA(e)	Taubman Centers Commercial Mortgage Trust, Series 2022-DPM, Class A, 7.504% (1-Month Term SOFR + 2.186%) due 5/15/37(a)(c)		1,019,055
	176,294	AAA	TCI-Flatiron CLO Ltd., Series 2016-1A, Class AR3, 6.417% (3-Month Term SOFR + 1.100%) due 1/17/32(a)(c)		176,175
			Towd Point Mortgage Trust:
	760,000	Baa1(b)	Series 2015-2, Class 1B3, 3.684% due 11/25/60(a)(c)		657,355
	770,000	A2(b)	Series 2016-5, Class B2, 3.792% due 10/25/56(a)(c)		671,377
	307,694	AAA(e)	Series 2020-2, Class A1A, 1.636% due 4/25/60(a)(c)		272,426
	250,000	AAA	Trinitas CLO XVIII Ltd., Series 2021-18A, Class A1, 6.749% (3-Month Term SOFR + 1.432%) due 1/20/35(a)(c)		249,525
			UBS Commercial Mortgage Trust:
	340,000	AA-(e)	Series 2018-C11, Class B, 4.713% due 6/15/51(c)		297,918
	470,000	Aaa(b)	Series 2019-C17, Class A3, 2.669% due 10/15/52		413,090

See Notes to Financial Statements.

175



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 11.2% — (continued)
$	906,140	NR	Velocity Commercial Capital Loan Trust, Series 2019-1, Class A, 3.760% due 3/25/49(a)(c)	$	841,435
	570,000	AAA	Venture 41 CLO Ltd., Series 2021-41A, Class A1N, 6.909% (3-Month Term SOFR + 1.592%) due 1/20/34(a)(c)		571,780
			Verus Securitization Trust:
	723,243	AAA	Series 2021-5, Class A1, 1.013% due 9/25/66(a)(c)		604,190
	2,568,244	AAA	Series 2021-7, Class A1, 1.829% due 10/25/66(a)(c)		2,203,391
	789,595	A	Series 2022-7, Class A3, 5.350% due 7/25/67(a)(c)		782,506
	265,851	A	Series 2023-3, Class A3, step bond to yield, 6.743% due 3/25/68(a)		267,243
	91,557	AAA	Virginia Housing Development Authority, Revenue Bonds, Series C, 6.000% due 6/25/34		90,354
	719,057	NR	VOLT XCIX LLC, Series 2021-NPL8, Class A1, step bond to yield, 2.116% due 4/25/51(a)		699,982
			Voya CLO Ltd.:
	466,922	Aaa(b)	Series 2014-2A, Class A1RR, 6.598% (3-Month Term SOFR + 1.282%) due 4/17/30(a)(c)		468,010
	350,000	Aaa(b)	Series 2022-4A, Class A, 7.468% (3-Month Term SOFR + 2.150%) due 10/20/33(a)(c)		350,551
	548,328	A+	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR19, Class A1B3, 6.135% (1-Month Term SOFR + 0.814%) due 12/25/45(c)		537,543
	260,169	Ca(b)	Washington Mutual Mortgage Pass-Through Certificates WMALT, Series 2007-OA2, Class 2A, 5.781% (1-Year Treasury Average Rate + 0.700%) due 1/25/47(c)		204,599
			Wells Fargo Commercial Mortgage Trust:
	1,000,000	Aa2(b)	Series 2015-C28, Class AS, 3.872% due 5/15/48(c)		945,987
	150,000	Aaa(b)	Series 2015-LC20, Class A5, 3.184% due 4/15/50		145,814
	211,889	AAA	Series 2016-BNK1, Class ASB, 2.514% due 8/15/49		206,144
	384,614	Aaa(b)	Series 2016-C33, Class A3, 3.162% due 3/15/59		367,532
	9,948,442	Aaa(b)	Series 2018-C43, Class XA, 0.585% due 3/15/51(c)(l)		196,583
	250,000	Aaa(b)	Series 2018-C44, Class A4, 3.948% due 5/15/51		236,828
	3,264,733	Aaa(b)	Series 2019-C52, Class XA, 1.601% due 8/15/52(c)(l)		194,321
	180,000	AAA	Series 2019-C54, Class A4, 3.146% due 12/15/52		161,111
	98,250	Aaa(b)	Wells Fargo Mortgage-Backed Securities Trust, Series 2019-4, Class A2, 3.000% due 9/25/49(a)(c)		83,544
	320,000	AAA	WISE CLO Ltd., Series 2023-2A, Class A, 7.161% (3-Month Term SOFR + 1.800%) due 1/15/37(a)(c)		320,447

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $221,147,324)		212,109,790


ASSET-BACKED SECURITIES — 2.2%

Automobiles — 1.0%
			Avis Budget Rental Car Funding AESOP LLC:
	780,000	Aaa(b)	Series 2023-5A, Class A, 5.780% due 4/20/28(a)		788,315
	320,000	Aaa(b)	Series 2024-1A, Class A, 5.360% due 6/20/30(a)		321,392
	320,000	Baa3(b)	Series 2024-1A, Class C, 6.480% due 6/20/30(a)		323,795
	1,522,000	AAA	Capital One Prime Auto Receivables Trust, Series 2022-2, Class A3, 3.660% due 5/17/27		1,492,039
	559,304	Aaa(b)	Chesapeake Funding II LLC, Series 2023-2A, Class A1, 6.160% due 10/15/35(a)		562,330
			Credit Acceptance Auto Loan Trust:
	95,938	AAA	Series 2021-3A, Class A, 1.000% due 5/15/30(a)		95,077
	318,099	AAA	Series 2021-4, Class A, 1.260% due 10/15/30(a)		312,928
			Enterprise Fleet Financing LLC:
	1,287,000	AAA	Series 2023-2, Class A2, 5.560% due 4/22/30(a)		1,288,383
	277,000	AAA	Series 2023-2, Class A3, 5.500% due 4/22/30(a)		274,671
			Ford Credit Auto Owner Trust:
	748,000	AAA	Series 2023-1, Class A, 4.850% due 8/15/35(a)		743,241
	1,238,000	Aaa(b)	Series 2023-2, Class A, 5.280% due 2/15/36(a)		1,251,677
	1,185,000	AAA	Series 2024-1, Class A, 4.870% due 8/15/36(a)		1,187,046
			Ford Credit Floorplan Master Owner Trust A:
	583,000	AAA	Series 2018-4, Class A, 4.060% due 11/15/30		561,646
	2,288,000	Aaa(b)	Series 2023-1, Class A1, 4.920% due 5/15/28(a)		2,281,733
	1,491,000	Aaa(b)	GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.770% due 8/11/36(a)		1,539,650

See Notes to Financial Statements.

176



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Automobiles — 1.0% — (continued)
$	515,795	Aaa(b)	Honda Auto Receivables Owner Trust, Series 2021-4, Class A3, 0.880% due 1/21/26	$	502,167
			Hyundai Auto Receivables Trust:
	945,000	AAA	Series 2022-B, Class A4, 3.800% due 8/15/28		920,823
	354,000	AAA	Series 2023-C, Class A3, 5.540% due 10/16/28		357,895
	245,000	Aaa(b)	Navistar Financial Dealer Notes Master Owner Trust II, Series 2023-1, Class A, 6.180% due 8/25/28(a)		244,877
			Porsche Financial Auto Securitization Trust:
	1,322,000	AAA	Series 2023-1A, Class A3, 4.810% due 9/22/28(a)		1,312,368
	531,000	AAA	Series 2023-2A, Class A3, 5.790% due 1/22/29(a)		538,316
	1,308,000	Aaa(b)	Santander Drive Auto Receivables Trust, Series 2023-5, Class A3, 6.020% due 9/15/28		1,311,671

			Total Automobiles		18,212,040


Credit Cards — 0.3%
			American Express Credit Account Master Trust:
	3,100,000	AAA	Series 2022-2, Class A, 3.390% due 5/15/27		3,034,258
	118,000	Aaa(b)	Series 2022-3, Class A, 3.750% due 8/15/27		115,693
	275,000	AAA	Series 2023-2, Class A, 4.800% due 5/15/30		275,210
	462,000	AAA	Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A, 4.950% due 10/15/27		460,772
	2,081,000	AAA	Citibank Credit Card Issuance Trust, Series 2017-A6, Class A6, 6.205% (1-Month Term SOFR + 0.884%) due 5/14/29(c)		2,102,529

			Total Credit Cards		5,988,462


Student Loans — 0.9%
			College Ave Student Loans LLC:
	152,323	AAA	Series 2019-A, Class A1, 6.835% (1-Month Term SOFR + 1.514%) due 12/28/48(a)(c)		152,011
	101,549	AAA	Series 2019-A, Class A2, 3.280% due 12/28/48(a)		93,350
	275,336	AAA	Series 2023-A, Class A2, 5.330% due 5/25/55(a)		266,655
			ECMC Group Student Loan Trust:
	134,157	Aaa(b)	Series 2016-1A, Class A, 6.786% (30-Day Average SOFR + 1.464%) due 7/26/66(a)(c)		134,911
	940,094	Aaa(b)	Series 2017-2A, Class A, 6.486% (30-Day Average SOFR + 1.164%) due 5/25/67(a)(c)		937,594
	298,278	Aaa(b)	Edsouth Indenture No 9 LLC, Series 2015-1, Class A, 6.236% (30-Day Average SOFR + 0.914%) due 10/25/56(a)(c)		295,991
	677,246	AAA	ELFI Graduate Loan Program LLC, Series 2023-A, Class A, 6.370% due 2/4/48(a)		693,013
			Navient Private Education Loan Trust:
	329,173	AAA	Series 2014-AA, Class A3, 7.032% (1-Month Term SOFR + 1.714%) due 10/15/31(a)(c)		330,027
	26,387	AAA	Series 2018-BA, Class A2A, 3.610% due 12/15/59(a)		25,806
			Navient Private Education Refi Loan Trust:
	356,560	AAA	Series 2019-CA, Class A2, 3.130% due 2/15/68(a)		342,898
	289,898	AAA	Series 2019-D, Class A2A, 3.010% due 12/15/59(a)		273,330
	351,137	AAA	Series 2019-D, Class A2B, 6.482% (1-Month Term SOFR + 1.164%) due 12/15/59(a)(c)		350,109
	803,734	AAA	Series 2020-CA, Class A2A, 2.150% due 11/15/68(a)		744,693
	361,095	AAA	Series 2020-IA, Class A1B, 6.432% (1-Month Term SOFR + 1.114%) due 4/15/69(a)(c)		359,613
	1,048,954	Aaa(b)	Series 2021-EA, Class A, 0.970% due 12/16/69(a)		900,617
	944,629	Aaa(b)	Series 2021-FA, Class A, 1.110% due 2/18/70(a)		802,278
	837,550	Aaa(b)	Series 2023-A, Class A, 5.510% due 10/15/71(a)		820,671
			Navient Student Loan Trust:
	1,100,938	AA+	Series 2017-3A, Class A3, 6.486% (30-Day Average SOFR + 1.164%) due 7/26/66(a)(c)		1,105,679
	476,374	Aaa(b)	Series 2023-BA, Class A1B, 7.025% (30-Day Average SOFR + 1.700%) due 3/15/72(a)(c)		481,667
			Nelnet Student Loan Trust:
	717,126	AA+	Series 2006-1, Class A6, 6.034% (3-Month Term SOFR + 0.712%) due 8/23/36(a)(c)		709,254
	122,920	Aaa(b)	Series 2021-A, Class APT1, 1.360% due 4/20/62(a)		111,350
	272,289	AAA	SLM Private Education Loan Trust, Series 2010-C, Class A5, 10.182% (1-Month Term SOFR + 4.864%) due 10/15/41(a)(c)		292,917
	550,649	AA+	SLM Student Loan Trust, Series 2003-10A, Class A4, 6.283% (90-Day Average SOFR + 0.931%) due 12/17/68(a)(c)		545,176

See Notes to Financial Statements.

177



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Student Loans — 0.9% — (continued)
			SMB Private Education Loan Trust:
$	5,784	Aaa(b)	Series 2016-A, Class A2A, 2.700% due 5/15/31(a)	$	5,701
	46,287	AAA	Series 2017-B, Class A2A, 2.820% due 10/15/35(a)		44,830
	27,351	AAA	Series 2017-B, Class A2B, 6.182% (1-Month Term SOFR + 0.864%) due 10/15/35(a)(c)		27,263
	125,507	AAA	Series 2018-A, Class A2B, 6.232% (1-Month Term SOFR + 0.914%) due 2/15/36(a)(c)		125,088
	151,063	Aaa(b)	Series 2018-B, Class A2A, 3.600% due 1/15/37(a)		146,593
	190,988	AAA	Series 2018-C, Class A2B, 6.182% (1-Month Term SOFR + 0.864%) due 11/15/35(a)(c)		189,766
	51,376	AAA	Series 2020-A, Class A2B, 6.262% (1-Month Term SOFR + 0.944%) due 9/15/37(a)(c)		51,085
	404,527	AAA	Series 2020-PTB, Class A2A, 1.600% due 9/15/54(a)		367,113
	848,369	Aaa(b)	Series 2021-A, Class A2B, 1.590% due 1/15/53(a)		758,993
	229,336	Aa2(b)	Series 2021-A, Class B, 2.310% due 1/15/53(a)		213,689
	267,258	Aaa(b)	Series 2022-A, Class APT, 2.850% due 11/16/54(a)		244,761
	907,121	Aaa(b)	Series 2022-D, Class A1B, 7.125% (30-Day Average SOFR + 1.800%) due 10/15/58(a)(c)		920,414
	1,027,924	Aaa(b)	Series 2023-A, Class A1B, 6.825% (30-Day Average SOFR + 1.500%) due 1/15/53(a)(c)		1,037,856
	2,058,869	Aaa(b)	Series 2023-B, Class A1B, 7.125% (30-Day Average SOFR + 1.800%) due 10/16/56(a)(c)		2,099,675
	331,732	Aaa(b)	Series 2023-C, Class A1A, 5.670% due 11/15/52(a)		334,560
	497,141	Aaa(b)	Series 2023-C, Class A1B, 6.875% (30-Day Average SOFR + 1.550%) due 11/15/52(a)(c)		496,616

			Total Student Loans		17,833,613

			TOTAL ASSET-BACKED SECURITIES (Cost — $42,229,842)		42,034,115


SOVEREIGN BONDS — 1.8%

Argentina — 0.0%@
			Argentine Republic Government International Bonds:
	64,372	CCC-	1.000% due 7/9/29		29,927
	8,700	CCC-	step bond to yield, 0.750% due 7/9/30		4,009
	1,815,000	CCC-	Provincia de Buenos Aires/Government Bonds, step bond to yield, 6.375% due 9/1/37		705,581
	251,800	CCC-	Provincia de Buenos Aires/Government Bonds, step bond to yield, 6.375% due 9/1/37(a)		97,887

			Total Argentina		837,404


Brazil — 0.0%@
	400,000	BB	Brazilian Government International Bonds, 6.125% due 3/15/34		395,860


Chile — 0.0%@
			Chile Government International Bonds:
	350,000	A	2.450% due 1/31/31		298,327
	45,000	A	2.550% due 1/27/32		37,941

			Total Chile		336,268


Colombia — 0.1%
			Colombia Government International Bonds:
	220,000	BB+	8.125% due 5/21/24		220,990
	280,000	BB+	3.875% due 4/25/27		264,181
	140,000	BB+	3.000% due 1/30/30		114,968
	315,000	BB+	3.125% due 4/15/31		249,411
	200,000	BB+	3.250% due 4/22/32		154,562
	200,000	BB+	8.000% due 4/20/33		209,475
	930,000	BB+	4.125% due 2/22/42		622,282

			Total Colombia		1,835,869


Dominican Republic — 0.0%@
	200,000	BB	Dominican Republic International Bonds, 4.500% due 1/30/30(a)		181,950


Guatemala — 0.0%@
	200,000	BB	Guatemala Government Bonds, 5.250% due 8/10/29		192,750

See Notes to Financial Statements.

178



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value
Hungary — 0.0%@
$	200,000		BBB-	Hungary Government International Bonds, 2.125% due 9/22/31	$	156,722


Indonesia — 0.1%
				Indonesia Government International Bonds:
	80,000		BBB	4.100% due 4/24/28		77,357
	445,000		BBB	2.850% due 2/14/30		395,448
	320,000		BBB	2.150% due 7/28/31		262,412
	100,000		BBB	7.750% due 1/17/38(a)		122,587

				Total Indonesia		857,804


Israel — 0.0%@
	200,000		AA-	Israel Government International Bonds, 2.750% due 7/3/30		171,289


Kenya — 0.1%
	520,000		B	Kenya Government International Bonds, 6.300% due 1/23/34(a)		410,120
	540,000		B	Republic of Kenya Government International Bonds, 9.750% due 2/16/31(a)		540,083

				Total Kenya		950,203


Mexico — 1.2%
				Mexican Bonos:
	22,540,000	^MXN	BBB+	8.500% due 5/31/29		1,288,869
	47,930,000	^MXN	BBB+	7.750% due 11/23/34		2,548,511
	203,975,700	^MXN	BBB+	7.750% due 11/13/42		10,347,598
	84,090,000	^MXN	BBB+	8.000% due 11/7/47		4,322,820
				Mexico Government International Bonds:
	200,000		BBB	4.150% due 3/28/27		195,125
	323,000		BBB	3.750% due 1/11/28		306,290
	572,000		BBB	4.500% due 4/22/29		551,034
	964,000		BBB	2.659% due 5/24/31		799,051
	1,260,000		BBB	3.500% due 2/12/34		1,042,788
	200,000		BBB	6.350% due 2/9/35		205,072
	210,000		BBB	4.750% due 3/8/44		173,508
	425,000		BBB	4.600% due 2/10/48		336,078

				Total Mexico		22,116,744


Nigeria — 0.0%@
	260,000		B-	Nigeria Government International Bonds, 7.143% due 2/23/30(a)		230,100


Oman — 0.0%@
	200,000		Ba1(b)	Oman Government International Bonds, 5.625% due 1/17/28		200,500


Panama — 0.1%
				Panama Government International Bonds:
	210,000		BBB	3.875% due 3/17/28		190,732
	500,000		BBB	3.160% due 1/23/30		412,667
	200,000		BBB	2.252% due 9/29/32		140,715
	1,150,000		BBB	3.298% due 1/19/33		872,420
	10,000		BBB	4.500% due 4/1/56		6,336

				Total Panama		1,622,870


Paraguay — 0.0%@
	200,000		BB+	Paraguay Government International Bonds, 4.950% due 4/28/31		192,062


Peru — 0.1%
				Peruvian Government International Bonds:
	900,000		BBB	2.783% due 1/23/31		767,172
	70,000		BBB	6.550% due 3/14/37		75,518
	240,000		BBB	5.625% due 11/18/50		238,154

See Notes to Financial Statements.

179



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Peru — 0.1% — (continued)
$	190,000	BBB	2.780% due 12/1/60	$	109,095

			Total Peru		1,189,939


Philippines — 0.1%
			Philippine Government International Bonds:
	400,000	BBB+	3.000% due 2/1/28		371,933
	560,000	BBB+	1.648% due 6/10/31		444,769
	550,000	BBB+	1.950% due 1/6/32		438,126

			Total Philippines		1,254,828


Poland — 0.0%@
	170,000	A-	Republic of Poland Government International Bonds, 4.875% due 10/4/33		166,728


South Africa — 0.0%@
	300,000	BB-	Republic of South Africa Government International Bonds, 5.875% due 4/20/32		271,155


United Arab Emirates — 0.0%@
	200,000	BBB-	Finance Department Government of Sharjah, 6.500% due 11/23/32(a)		205,919


Uruguay — 0.0%@
	23,333	BBB+	Uruguay Government International Bonds, 4.500% due 8/14/24		23,241

			TOTAL SOVEREIGN BONDS (Cost — $34,739,070)		33,390,205


SENIOR LOANS — 1.0%
	158,384	NR	Acrisure LLC, (Cost — $156,336, acquired 2/2/23), 9.691% (1-Month USD-LIBOR + 4.250%) due 2/15/27(c)(f)		158,945
	147,750	NR	Air Canada, (Cost — $147,173, acquired 7/27/21), 8.935% (1-Month CME Term SOFR + 3.500%) due 8/11/28(c)(f)		148,161
	215,505	NR	Ali Group North America Corp., (Cost — $214,079, acquired 10/13/21), 7.441% (1-Month CME Term SOFR + 2.000%) due 7/30/29(c)(f)		215,586
	248,087	NR	AlixPartners LLP, (Cost — $246,716, acquired 6/12/23), 7.941% (1-Month CME Term SOFR + 2.500%) due 2/4/28(c)(f)		248,351
	807,924	NR	Allied Universal Holdco LLC, (Cost — $801,983, acquired 9/14/23), 9.176% (1-Month CME Term SOFR + 3.750%) due 5/12/28(c)(f)		805,718
	152,451	NR	Alterra Mountain Co., (Cost — $152,332, acquired 3/27/19), 8.941% (1-Month CME Term SOFR + 3.500%) due 8/17/28(c)(f)		152,855
			AmWINS Group Inc.:
	248,083	NR	(Cost — $246,454, acquired 6/12/23), 7.691% (1-Month CME Term SOFR + 2.250%) due 2/19/28(c)(f)		247,359
	59,400	NR	(Cost — $58,893, acquired 2/10/23), 8.191% (1-Month CME Term SOFR + 2.750%) due 2/19/28(c)(f)		59,469
	178,182	NR	Apple Bidco LLC, (Cost — $178,182, acquired 2/2/23), 8.191% (1-Month CME Term SOFR + 2.750%) due 9/22/28(c)(f)		177,715
	482,543	NR	Ascensus Group Holdings Inc., (Cost — $474,199, acquired 6/12/23), 8.941% (1-Month CME Term SOFR + 3.500%) due 8/2/28(c)(f)		480,009
			Asurion LLC:
	296,355	NR	(Cost — $295,386, acquired 4/10/19), 8.691% (1-Month CME Term SOFR + 3.250%) due 12/23/26(c)(f)		295,038
	116,700	NR	(Cost — $116,085, acquired 1/29/21), 8.691% (1-Month CME Term SOFR + 3.250%) due 7/31/27(c)(f)		115,095
	172,046	NR	(Cost — $171,785, acquired 2/15/23), 9.676% (1-Month CME Term SOFR + 4.250%) due 8/19/28(c)(f)		171,401
	526,868	NR	athenahealth Group Inc., (Cost — $525,067, acquired 1/27/22), 8.576% (1-Month CME Term SOFR + 3.250%) due 2/15/29(c)(f)		523,657
	549,463	NR	Avolon TLB Borrower 1 LLC, (Cost — $550,663, acquired 1/18/24), 7.820% (1-Month CME Term SOFR + 2.500%) due 6/22/28(c)(f)		550,070
	930,000	NR	Boost Newco Borrower LLC, (Cost — $928,443, acquired 9/20/23), 8.326% (1-Month CME Term SOFR + 3.000%) due 1/31/31(c)(f)		934,650

See Notes to Financial Statements.

180



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

SENIOR LOANS — 1.0% — (continued)
$	214,702	NR	Brown Group Holding LLC, (Cost — $214,529, acquired 11/9/21), 8.176% (1-Month CME Term SOFR + 2.750%) due 6/7/28(c)(f)	$	214,153
			Caesars Entertainment Inc.:
	39,700	NR	(Cost — $39,700, acquired 2/1/23), 8.663% (3-Month CME Term SOFR + 3.250%) due 2/6/30(c)(f)		39,810
	800,000	NR	(Cost — $798,022, acquired 1/24/24), 8.040% (3-Month CME Term SOFR + 2.750%) due 2/6/31(c)(f)		800,336
			Charter Communications Operating LLC:
	112,509	NR	(Cost — $112,861, acquired 2/7/20), 7.076% (3-Month CME Term SOFR + 1.750%) due 2/1/27(c)(f)		112,254
	337,155	NR	(Cost — $337,576, acquired 12/7/23), 7.329% (3-Month CME Term SOFR + 2.000%) due 12/7/30(c)(f)		332,098
	340,743	NR	Citadel Securities LP, (Cost — $340,696, acquired 1/30/24), 7.576% (1-Month CME Term SOFR + 2.250%) due 7/29/30(c)(f)		340,864
	129,675	NR	Clarios Global LP, (Cost — $130,096, acquired 1/12/24), 8.326% (1-Month CME Term SOFR + 3.000%) due 5/6/30(c)(f)		129,939
	82,855	NR	Cloudera Inc., (Cost — $82,327, acquired 8/10/21), 9.176% (1-Month CME Term SOFR + 3.750%) due 10/8/28(c)(f)		82,596
	244,263	NR	Coherent Corp., (Cost — $243,017, acquired 12/8/21), 8.191% (1-Month CME Term SOFR + 2.750%) due 7/2/29(c)(f)		244,751
	1,140,000	NR	Cotiviti Holdings Inc., (Cost — $1,134,300, acquired 2/22/24) due 2/24/31(f)(n)		1,137,150
	523,818	NR	DCert Buyer Inc., (Cost — $521,752, acquired 6/12/23), 9.326% (1-Month CME Term SOFR + 4.000%) due 10/16/26(c)(f)		520,693
	248,072	NR	Deerfield Dakota Holding LLC, (Cost — $239,199, acquired 6/12/23), 9.098% (3-Month CME Term SOFR + 3.750%) due 4/9/27(c)(f)		245,487
	387,341	NR	EMRLD Borrower LP, (Cost — $387,220, acquired 2/6/24), 7.790% (3-Month CME Term SOFR + 2.500%) due 5/31/30(c)(f)		386,954
	55,493	NR	First Eagle Holdings Inc., (Cost — $55,631, acquired 4/5/19), 7.948% (3-Month CME Term SOFR + 2.500%) due 2/1/27(c)(f)		55,397
	720,000	NR	Flutter Entertainment Public Limited Co., (Cost — $718,266, acquired 11/17/23), 7.698% (3-Month CME Term SOFR + 2.250%) due 11/25/30(c)(f)		718,276
	210,846	NR	Focus Financial Partners LLC, (Cost — $211,353, acquired 1/18/24), 8.076% (1-Month CME Term SOFR + 2.750%) due 6/30/28(c)(f)		209,792
	106,967	NR	Gainwell Acquisition Corp., (Cost — $106,131, acquired 2/12/21), 9.448% (3-Month CME Term SOFR + 4.000%) due 10/1/27(c)(f)		102,555
	75,577	NR	Garda World Security Corp., (Cost — $75,772, acquired 2/2/24), 9.625% (3-Month CME Term SOFR + 4.250%) due 2/1/29(c)(f)		75,685
	533,052	NR	Genesee & Wyoming Inc., (Cost — $531,644, acquired 12/14/22), 7.448% (3-Month CME Term SOFR + 2.000%) due 12/30/26(c)(f)		533,665
	357,886	NR	Grifols Worldwide Operations Ltd., (Cost — $348,400, acquired 12/14/22), 7.426% (1-Month CME Term SOFR + 2.000%) due 11/15/27(c)(f)		351,667
	555,763	NR	Harbor Freight Tools USA Inc., (Cost — $549,201, acquired 5/3/23), 8.191% (1-Month CME Term SOFR + 2.750%) due 10/19/27(c)(f)		552,671
			Icon Public Limited Co.:
	188,775	NR	(Cost — $188,194, acquired 6/16/21), 7.860% (3-Month CME Term SOFR + 2.250%) due 7/3/28(c)(f)		189,259
	47,033	NR	(Cost — $46,889, acquired 6/16/21), 7.860% (3-Month CME Term SOFR + 2.250%) due 7/3/28(c)(f)		47,154
	342,508	NR	Jazz Pharmaceuticals Public Limited Co., (Cost — $343,318, acquired 1/19/24), 8.441% (1-Month CME Term SOFR + 3.000%) due 5/5/28(c)(f)		343,364
	354,600	NR	Light and Wonder International Inc., (Cost — $355,738, acquired 1/16/24), 8.070% (1-Month CME Term SOFR + 2.750%) due 4/14/29(c)(f)		355,449
	621,382	NR	Medline Borrower LP, (Cost — $617,570, acquired 9/30/21), 8.441% (1-Month CME Term SOFR + 3.000%) due 10/23/28(c)(f)		622,159
	239,423	NR	Nexstar Media Inc., (Cost — $238,729, acquired 8/16/19), 7.941% (1-Month CME Term SOFR + 2.500%) due 9/18/26(c)(f)		239,190
	91,588	NR	PCI Gaming Authority, (Cost — $91,717, acquired 5/15/19), 7.941% (1-Month CME Term SOFR + 2.500%) due 5/29/26(c)(f)		91,741

See Notes to Financial Statements.

181



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

SENIOR LOANS — 1.0% — (continued)
$	452,509	NR	Peraton Corp., (Cost — $445,563, acquired 12/14/22), 9.176% (1-Month CME Term SOFR + 3.750%) due 2/1/28(c)(f)	$	453,545
	137,077	NR	QUIKRETE Holdings Inc., (Cost — $137,346, acquired 9/7/23), 8.191% (1-Month CME Term SOFR + 2.750%) due 3/19/29(c)(f)		137,305
	248,125	NR	Sedgwick Claims Management Services Inc., (Cost — $245,907, acquired 6/12/23), 9.076% (1-Month CME Term SOFR + 3.750%) due 2/24/28(c)(f)		248,774
	400,000	NR	Setanta Aircraft Leasing DAC, (Cost — $399,330, acquired 11/2/21), 7.610% (3-Month CME Term SOFR + 2.000%) due 11/5/28(c)(f)		400,918
			Sotera Health Holdings LLC:
	360,000	NR	(Cost — $362,813, acquired 1/20/21), 8.191% (1-Month CME Term SOFR + 2.750%) due 12/11/26(c)(f)		359,325
	497,500	NR	(Cost — $497,500, acquired 6/12/23), 9.071% (1-Month CME Term SOFR + 3.750%) due 12/11/26(c)(f)		499,057
	285,570	NR	Station Casinos LLC, (Cost — $281,756, acquired 12/14/22), 7.676% (1-Month CME Term SOFR + 2.250%) due 2/8/27(c)(f)		285,391
	388,996	NR	UFC Holdings LLC, (Cost — $391,913, acquired 4/30/19), 8.336% (3-Month CME Term SOFR + 2.750%) due 4/29/26(c)(f)		389,867
	143,917	NR	VFH Parent LLC, (Cost — $143,725, acquired 1/7/22), 8.426% (1-Month CME Term SOFR + 3.000%) due 1/13/29(c)(f)		144,097
	430,000	NR	Virgin Media Bristol LLC, (Cost — $428,903, acquired 4/30/19), 7.932% (1-Month CME Term SOFR + 2.500%) due 1/31/28(c)(f)		426,629

			TOTAL SENIOR LOANS (Cost — $17,658,382)		17,704,096


MUNICIPAL BONDS — 0.3%

California — 0.1%
	310,000	AA-	California Health Facilities Financing Authority, Revenue Bonds, 3.000% due 8/15/51		247,611
	600,000	AA-	California State University, Revenue Bonds, Series B, 5.060% due 11/1/36		602,917
	205,000	AA-	Los Angeles Department of Water & Power, Revenue Bonds, 6.574% due 7/1/45		239,076
			University of California, Revenue Bonds:
	90,000	AA	Series BF, 2.650% due 5/15/50		58,838
	25,000	AA	Series AD, 4.858% due 5/15/12		22,973
	266,000	AA	Series AQ, 4.767% due 5/15/15		239,865

			Total California		1,411,280


Connecticut — 0.0%@
	300,000	AA-	State of Connecticut, Series A, GO, 5.850% due 3/15/32		312,660


Minnesota — 0.0%@
	260,000	AA	University of Minnesota, Revenue Bonds, 4.048% due 4/1/52		227,008


New Jersey — 0.0%@
	400,000	Aa3(b)	Jersey City Municipal Utilities Authority, Revenue Bonds, Series B, 5.470% due 5/15/27		404,911
	85,000	A-	New Jersey Transportation Trust Fund Authority, Revenue Bonds, Series B, 6.561% due 12/15/40		92,817

			Total New Jersey		497,728


New York — 0.1%
			City of New York, GO:
	375,000	AA	Series A, 3.000% due 8/1/34		317,807
	500,000	AA	Series G-1, 5.968% due 3/1/36		531,470
			New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds:
	755,000	AAA	5.508% due 8/1/37		772,063
	80,000	AAA	Series A-1, 5.000% due 11/1/42		80,045
			New York State Dormitory Authority, Revenue Bonds:
	350,000	AA+	5.289% due 3/15/33		351,510
	160,000	AA+	Unrefunded Portion, 5.628% due 3/15/39		165,709

			Total New York		2,218,604

See Notes to Financial Statements.

182



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

MUNICIPAL BONDS — 0.3% — (continued)

Texas — 0.1%
$	350,000		AA-	North Texas Tollway Authority, Revenue Bonds, Series A, 2.530% due 1/1/35	$	278,350
				State of Texas, GO:
	70,000		AAA	Series B, 2.754% due 10/1/41		51,430
	770,000		AAA	3.824% due 10/1/33		714,612

				Total Texas		1,044,392

				TOTAL MUNICIPAL BONDS (Cost — $6,289,065)		5,711,672


Shares/Units

COMMON STOCK — 0.0%@

Telecommunications — 0.0%@
	11,289			Intelsat SA*(h) (Cost — $848,528)		309,392

				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $1,747,603,760)		1,654,339,385


Face Amount/Units†

SHORT-TERM INVESTMENTS — 8.2%

TIME DEPOSITS — 4.6%
$	31,357,749			ANZ National Bank — London, 4.680% due 3/1/24		31,357,749
	344,697	^GBP		BBH — New York, 4.150% due 3/1/24		435,146
	609,567	^AUD		BNP Paribas — Paris, 3.100% due 3/1/24		396,188
	664,416	^EUR		Citibank — London, 2.820% due 3/1/24		718,101
	53,201,780			Citibank — New York, 4.680% due 3/1/24		53,201,780
	419			JPMorgan Chase & Co. — New York, 4.680% due 3/1/24		419
	6,276,625	^JPY		Sumitomo Mitsui Banking Corp. — Tokyo, (0.420)% due 3/1/24		41,868

				TOTAL TIME DEPOSITS (Cost — $86,151,251)		86,151,251


U.S. GOVERNMENT OBLIGATIONS — 3.6%
				U.S. Treasury Bills:
	3,750,000			5.468% due 3/28/24(o)		3,735,025
	13,320,000			5.327% due 4/2/24(o)		13,258,018
	8,550,000			5.322% due 4/9/24(o)		8,501,552
	18,200,000			5.304% due 4/16/24(o)		18,078,762
	2,735,000			5.311% due 4/23/24(o)		2,713,982
	14,220,000			5.354% due 5/16/24(o)		14,063,506
	8,620,000			5.300% due 6/6/24(o)		8,500,002

				TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $68,850,847)		68,850,847

				TOTAL SHORT-TERM INVESTMENTS (Cost — $155,002,098)		155,002,098

				TOTAL INVESTMENTS IN SECURITIES (Cost — $1,902,605,858)		1,809,341,483

				TOTAL INVESTMENTS IN PURCHASED OPTIONS 0.0% (Cost — $168,308)		45,874

				TOTAL INVESTMENTS — 95.8% (Cost — $1,902,774,166)		1,809,387,357

				Other Assets in Excess of Liabilities — 4.2%		79,397,189

				TOTAL NET ASSETS — 100.0%	$	1,888,784,546

See Notes to Financial Statements.

183



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

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

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

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)

(b)	Rating by Moody’s Investors Service.

(c)	Variable rate security. Interest rate disclosed is that which was in effect at February 29, 2024.

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

(e)	Rating by Fitch Ratings Service.

(f)	The aggregate value of restricted securities (excluding 144A holdings) at February 29, 2024, amounts to $17,975,838 and represents 1.0% of net assets.

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

(h)	Illiquid security.

(i)	Security is currently in default.

(j)	Principal only security.

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

(l)	Interest only security.

(m)	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 29, 2024.

(n)	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.

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

#	Security that used significant unobservable inputs to determine fair value. At February 29, 2024, the Fund held Level 3 securities in the amount of $0, representing 0.0% of net assets.

At February 29, 2024, 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	$	1,902,774,166	$	20,195,437	$	(110,026,863)	$	(89,831,426)


Abbreviations used in this schedule:
ABS		— Asset-Backed Security
ACES		— Alternative Credit Enhancement Securities
CDO		— Collateralized Debt Obligation
CLO		— Collateralized Loan Obligation
CME		— Chicago Mercantile Exchange
CMT		— Constant Maturity Treasury Rate
DAC		— Designated Activity Company
GO		— General Obligation
IBOR		— Interbank Offered Rate
ICE		— Intercontinental Exchange
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
PAM		— Paid at Maturity
PLC		— Public Limited Company
REMICS		— Real Estate Mortgage Investment Conduits
SOFR		— Secured Overnight Financing Rate

See Notes to Financial Statements.

184



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund


Summary of Investments by Security Type^
Corporate Bonds & Notes	26.3	%
U.S. Government Agencies & Obligations	25.7
Mortgage-Backed Securities	22.2
Collateralized Mortgage Obligations	11.7
Asset-Backed Securities	2.3
Sovereign Bonds	1.9
Senior Loans	1.0
Municipal Bonds	0.3
Common Stock	0.0	*
Purchased Options	0.0	*
Short-Term Investments	8.6

Total Investments	100.0	%

^	As a percentage of total investments.

*	Position represents less than 0.05%.

At February 29, 2024, Core Fixed Income Fund held the following Options Contracts Purchased:

Currency Option

Number of
Contracts

Notional
Amount†

Security Name

Counterparty

Expiration
Date

Strike Price

Value

6,312,999

OTC U.S. Dollar versus Euro, Call

CITI

3/11/24

EUR 1.08

25,877

Options on Futures


Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Strike Price		Value
	252	$	59,649,975	3-Month SOFR Futures, Put		GSC		3/15/24	$	94.50	$	1,575
	125		29,653,125	3-Month SOFR Futures, Put		GSC		4/12/24	$	94.75		9,375
	277		29,608,703	U.S. Treasury 5-Year Note Futures, Call		GSC		3/1/24	$	107.25		6,492
	277		29,608,703	U.S. Treasury 5-Year Note Futures, Put		GSC		3/1/24	$	106.25		277
	137		15,117,094	U.S. Treasury Note Futures, Call		GSC		3/1/24	$	111.00		2,141
	137		15,117,094	U.S. Treasury Note Futures, Put		GSC		3/1/24	$	109.50		137

				Total Options on Futures								19,997

				TOTAL OPTIONS CONTRACTS PURCHASED (Cost — $168,308)							$	45,874

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

See Notes to Financial Statements.

185



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

At February 29, 2024, 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
	50	$	11,899,375	3-Month SOFR Futures, Call		GSC		9/13/24	$	96.88	$	5,313
	194		46,169,575	3-Month SOFR Futures, Call		GSC		9/13/24	$	97.00		18,188
	92		9,833,938	U.S. Treasury 5-Year Note Futures, Call		GSC		3/1/24	$	106.75		19,406
	92		9,833,938	U.S. Treasury 5-Year Note Futures, Put		GSC		3/1/24	$	106.75		5,031
	46		5,075,813	U.S. Treasury Note Futures, Call		GSC		3/1/24	$	110.25		12,937
	46		5,075,813	U.S. Treasury Note Futures, Put		GSC		3/1/24	$	110.25		4,313

				TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received — $254,701)							$	65,188

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

At February 29, 2024, Core Fixed Income Fund held the following Forward Sale Commitments:


Face Amounts†		Security	Value
		Federal National Mortgage Association (FNMA):
$	1,600,000	2.500% due 4/1/54(a)	$	1,314,625
	1,300,000	3.500% due 4/1/54(a)		1,156,990

		TOTAL FORWARD SALE COMMITMENTS (Proceeds — $2,457,270)	$	2,471,615

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

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

At February 29, 2024, 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:
3-Month SOFR Futures		400		3/26	$	96,094,408	$	96,285,000	$	190,592
Euro-OAT Futures		24		3/24		3,321,774		3,312,176		(9,598	)
U.S. Treasury 2-Year Note Futures		770		6/24		157,678,383		157,657,500		(20,883	)
U.S. Treasury 5-Year Note Futures		168		6/24		17,956,313		17,960,251		3,938
U.S. Treasury 10-Year Note Futures		1,593		6/24		175,667,760		175,926,938		259,178
U.S. Treasury Long Bond Futures		16		6/24		1,890,025		1,908,000		17,975
U.S. Treasury Ultra Long Bond Futures		272		6/24		34,481,509		34,782,000		300,491
United Kingdom Treasury 10-Year Gilt Futures		20		6/24		2,477,586		2,476,576		(1,010	)

										740,683

Contracts to Sell:
3-Month SOFR Futures		157		3/24		37,166,879		37,149,144		17,735
3-Month SOFR Futures		48		6/24		11,348,916		11,362,200		(13,284	)
Euro-Bund Futures		55		3/24		7,966,685		7,885,247		81,438
Japan Government 10-Year Bond Futures		6		3/24		5,811,293		5,853,717		(42,424	)
U.S. Treasury 5-Year Note Futures		529		6/24		56,437,657		56,553,407		(115,750	)
U.S. Treasury Long Bond Futures		289		6/24		34,340,941		34,463,250		(122,309	)
U.S. Ultra Long Bond Futures		288		6/24		32,796,883		32,881,500		(84,617	)

										(279,211	)

Net Unrealized Appreciation on Open Exchange-Traded Futures Contracts									$	461,472

See Notes to Financial Statements.

186



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

At February 29, 2024, Core Fixed Income Fund had deposited cash of $7,362,213 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

At February 29, 2024, 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		13,625,708		USD	9,135,819		CITI	$	8,869,148		4/19/24	$	(266,671	)
Canadian Dollar		7,977,188		USD	5,960,621		CITI		5,881,984		4/19/24		(78,637	)
Euro		1,227,509		USD	1,352,692		CITI		1,329,296		4/19/24		(23,396	)
Euro		1,994,908		USD	2,164,914		CITI		2,156,867		3/13/24		(8,047	)
Japanese Yen		1,517,887,380		USD	10,653,112		CITI		10,201,940		4/19/24		(451,172	)
Mexican Peso		408,256		USD	23,760		CITI		23,765		4/19/24		5

													(827,918)

Contracts to Sell:
British Pound		2,768,520		USD	3,530,029		CITI		3,495,977		4/19/24		34,052
Canadian Dollar		1,350,000		USD	1,010,449		CITI		995,423		4/19/24		15,026
Chinese Offshore Renminbi		23,253,932		USD	3,268,572		CITI		3,236,761		4/19/24		31,811
Euro		1,989,120		NOK	22,551,645		CITI		2,154,060		4/19/24		(27,905	)
Euro		1,430,000		USD	1,541,325		CITI		1,548,578		4/19/24		(7,253	)
Euro		700,000		USD	753,052		CITI		758,045		4/19/24		(4,993	)
Euro		690,000		USD	745,713		CITI		747,216		4/19/24		(1,503	)
Euro		190,000		USD	206,057		CITI		205,755		4/19/24		302
Euro		1,520,000		USD	1,656,847		CITI		1,646,041		4/19/24		10,806
Euro		1,510,000		USD	1,646,285		CITI		1,635,212		4/19/24		11,073
Indonesian Rupiah		12,639,653,173		USD	806,203		CITI		803,284		4/19/24		2,919
Indonesian Rupiah		5,811,377,513		USD	373,602		CITI		369,329		4/19/24		4,273
Mexican Peso		32,068,257		USD	1,838,377		CITI		1,866,783		4/19/24		(28,406	)
Mexican Peso		5,869,985		USD	339,553		CITI		341,708		4/19/24		(2,155	)
Mexican Peso		4,200,000		USD	243,955		CITI		244,493		4/19/24		(538	)
Mexican Peso		1,870,000		USD	108,421		CITI		108,858		4/19/24		(437	)

													37,072

Net Unrealized Depreciation on Open Forward Foreign Currency Contracts												$	(790,846	)

At February 29, 2024, Core Fixed Income Fund held the following OTC Interest Rate Swap Contract:

Pay/Receive
Floating Rate

Floating Rate Index

Fixed
Rate

Maturity
Date

Payment
Frequency

Counterparty

Notional
Amount

Market
Value

Upfront
Payment
Paid/
(Received)

Unrealized
Depreciation

Pay

BRL-CDI-Compounded

10.238%

1/2/29

PAM

CITI

BRL 48,580,000

(117,955

)

—

(117,955

)

See Notes to Financial Statements.

187



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

At February 29, 2024, Core 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
Receive	SOFR		2.600%		2/15/48		12-Month		USD	4,007,000	$	732,548		$	316,204		$	416,344
Receive	SOFR		3.050%		2/15/48		12-Month		USD	6,560,000		737,727			283,232			454,495
Receive	SOFR		3.150%		5/15/48		12-Month		USD	3,644,000		411,242			22,942			388,300
Receive	SOFR		3.540%		10/31/30		12-Month		USD	20,818,000		469,205			60,474			408,731
Receive	SOFR		3.870%		2/28/31		12-Month		USD	11,158,000		(11,360	)		(14,216	)		2,856
Receive	SOFR		1.520%		2/15/47		12-Month		USD	6,584,000		2,262,205			269,538			1,992,667

											$	4,601,567		$	938,174		$	3,663,393

At February 29, 2024, Core Fixed Income Fund held the following Centrally Cleared Credit Default Swap Contracts:

Centrally Cleared — Credit Default Swap on Index — Buy Protection (1)


Reference Obligation & Rating	Fixed Deal (Pay) Rate			Maturity Date		Payment Frequency		Implied Credit Spread at 2/29/24 (2)	Notional Amount (3)			Market Value			Upfront Payment (Received)			Unrealized Depreciation
Markit CDX North America High Yield Series 41 5-Year Index, NR		(5.000	)%		12/20/28		3-Month	3.391%		USD	2,869,317	$	(209,838	)	$	(18,945	)	$	(190,893	)

Centrally Cleared — Credit Default Swap on Index — Sell Protection (4)


Reference Obligation & Rating	Fixed Deal Receive Rate			Maturity Date		Payment Frequency		Implied Credit Spread at 2/29/24 (2)	Notional Amount (3)			Market Value		Upfront Payment Paid		Unrealized Appreciation
Markit CDX North America Investment Grade Series 41 5-Year Index, NR		1.000	%		12/20/28		3-Month	0.522%		USD	37,778,700	$	851,857	$	496,813	$	355,044

(1)

If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising the referenced index.

(2)

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

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

(4)

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

See Notes to Financial Statements.

188



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

At February 29, 2024, Core Fixed Income Fund deposited cash collateral with brokers in the amount of $1,875,990 for open centrally cleared swap contracts.


Currency Abbreviations used in this schedule:		Counterparty Abbreviations used in this schedule:
AUD	— Australian Dollar	CITI	— Citigroup Global Markets Inc.
BRL	— Brazilian Real	GSC	— Goldman Sachs & Co.
EUR	— Euro
GBP	— British Pound
INR	— Indian Rupee
JPY	— Japanese Yen
MXN	— Mexican Peso
NOK	— Norwegian Krone
USD	— United States Dollar

See pages 264-265 for definitions of ratings.

See Notes to Financial Statements.

189



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

CORPORATE BONDS & NOTES — 89.2%

Advertising — 0.1%
$	200,000	CCC	Clear Channel Outdoor Holdings Inc., Company Guaranteed Notes, 7.500% due 6/1/29(a)	$	166,000

Aerospace/Defense — 1.0%
	190,000	BB	AAR Escrow Issuer LLC, Senior Unsecured Notes, 6.750% due 3/15/29(a)		192,031
			Bombardier Inc., Senior Unsecured Notes:
	250,000	B	7.875% due 4/15/27(a)		250,474
	230,000	B	8.750% due 11/15/30(a)		241,220
	240,000	BB+	Rolls-Royce PLC, Company Guaranteed Notes, 5.750% due 10/15/27(a)		239,702
			TransDigm Inc., Senior Secured Notes:
	300,000	B+	6.750% due 8/15/28(a)		303,970
	100,000	B+	7.125% due 12/1/31(a)		102,707
	60,000	B+	6.625% due 3/1/32(a)		60,500

			Total Aerospace/Defense		1,390,604


Agriculture — 0.1%
	140,000	BB+	Darling Ingredients Inc., Company Guaranteed Notes, 6.000% due 6/15/30(a)		138,048


Airlines — 2.6%
			American Airlines Inc., Senior Secured Notes:
	770,000	BB-	7.250% due 2/15/28(a)		777,713
	400,000	BB	8.500% due 5/15/29(a)		420,757
	431,000	Ba1(b)	American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes, 5.750% due 4/20/29(a)		421,927
	553,428	B2(b)	Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., Senior Secured Notes, 5.750% due 1/20/26(a)		522,984
	140,000	Baa3(b)	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes, 6.500% due 6/20/27(a)		140,298
	432,747	Caa2(b)	Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes, 8.000% due 9/20/25(a)		313,336
	116,760	BBB+	United Airlines Class B Pass Through Trust, Pass-Thru Certificates, 4.875% due 1/15/26		115,131
			United Airlines Inc., Senior Secured Notes:
	106,000	BB	4.375% due 4/15/26(a)		102,138
	465,000	BB	4.625% due 4/15/29(a)		428,940
			VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior Unsecured Notes:
	80,000	B-	7.875% due 5/1/27(a)		67,839
	80,000	B-	9.500% due 6/1/28(a)		67,518
	150,000	B-	6.375% due 2/1/30(a)		109,734

			Total Airlines		3,488,315


Auto Manufacturers — 1.8%
			Ford Motor Co., Senior Unsecured Notes:
	110,000	BBB-	3.250% due 2/12/32		90,233
	10,000	BBB-	6.100% due 8/19/32		9,975
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	245,000	BBB-	4.950% due 5/28/27		238,181
	300,000	BBB-	7.350% due 11/4/27		313,945
	200,000	BBB-	6.800% due 5/12/28		206,427
	410,000	BBB-	7.350% due 3/6/30		434,627
	550,000	BBB-	4.000% due 11/13/30		486,188
	150,000	B+	JB Poindexter & Co., Inc., Senior Unsecured Notes, 8.750% due 12/15/31(a)		153,837
	505,000	B-	PM General Purchaser LLC, Senior Secured Notes, 9.500% due 10/1/28(a)		510,571

			Total Auto Manufacturers		2,443,984


Auto Parts & Equipment — 0.5%
	150,000	B+	American Axle & Manufacturing Inc., Company Guaranteed Notes, 5.000% due 10/1/29		130,227
	190,000	CCC	Dornoch Debt Merger Sub Inc., Senior Unsecured Notes, 6.625% due 10/15/29(a)		170,804

See Notes to Financial Statements.

190



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Auto Parts & Equipment — 0.5% — (continued)
$	192,000	B	Titan International Inc., Senior Secured Notes, 7.000% due 4/30/28	$	190,787
	150,000	BB+	ZF North America Capital Inc., Company Guaranteed Notes, 7.125% due 4/14/30(a)		156,375

			Total Auto Parts & Equipment		648,193


Banks — 2.6%
	200,000	Ba1(b)	Banco Santander SA, Junior Subordinated Notes, 9.625% (5-Year CMT Index + 5.298%)(c)(d)		214,677
	250,000	BBB-	Bank of Nova Scotia (The), Junior Subordinated Notes, 8.000% (5-Year CMT Index + 4.017%) due 1/27/84(c)		253,077
	230,000	BB-	Barclays PLC, Junior Subordinated Notes, 8.000% (5-Year CMT Index + 5.672%)(c)(d)		230,053
			BNP Paribas SA, Junior Subordinated Notes:
	200,000	BBB-	7.375% (5-Year USD Swap Rate + 5.150%) (a)(c)(d)		200,750
	200,000	BBB-	7.750% (5-Year CMT Index + 4.899%) (a)(c)(d)		201,883
	180,000	BB+	Citigroup Inc., Junior Subordinated Notes, 7.200% (5-Year CMT Index + 2.905%) due 12/30/99(c)(d)		180,756
	400,000	BBB-	Credit Agricole SA, Junior Subordinated Notes, 8.125% (5-Year USD Swap Rate + 6.185%)(a)(c)(d)		408,779
	250,000	A+	Credit Suisse AG, Senior Unsecured Notes, 3.625% due 9/9/24		247,448
			Credit Suisse Group AG, Junior Subordinated Notes:
	230,000	WR(b)	(Cost — $228,369, acquired 4/15/20), 6.375% (5-Year CMT Index + 4.822%)#(a)(c)(d)(e)(g)		—
	200,000	WR(b)	(Cost — $205,250, acquired 2/19/19), 7.500% (5-Year USD Swap Rate + 4.600%)#(a)(c)(d)(e)(g)		—
	200,000	WD(h)	(Cost — $200,000, acquired 6/16/22), 9.750% (5-Year CMT Index + 6.383%)#(a)(c)(d)(e)(g)		—
	360,000	BB+	Intesa Sanpaolo SpA, Subordinated Notes, 4.198% (1-Year CMT Index + 2.600%) due 6/1/32(a)(c)		295,390
	400,000	BB-	Lloyds Banking Group PLC, Junior Subordinated Notes, 8.000% (5-Year CMT Index + 3.913%)(c)(d)		394,783
	200,000	BBB	Toronto-Dominion Bank (The), Junior Subordinated Notes, 8.125% (5-Year CMT Index + 4.075%) due 10/31/82(c)		208,653
	220,000	BB	UBS Group AG, Junior Subordinated Notes, 7.750% (5-Year USD SOFR ICE Swap Rate + 4.160%)(a)(c)(d)		220,446
	520,000	BB+	UniCredit SpA, Subordinated Notes, 5.459% (5-Year CMT Index + 4.750%) due 6/30/35(a)(c)		480,569

			Total Banks		3,537,264


Beverages — 0.1%
	188,000	CCC+	Triton Water Holdings Inc., Senior Unsecured Notes, 6.250% due 4/1/29(a)		164,591


Building Materials — 0.9%
	130,000	B	MIWD Holdco II LLC/MIWD Finance Corp., Company Guaranteed Notes, 5.500% due 2/1/30(a)		118,813
			Smyrna Ready Mix Concrete LLC, Senior Secured Notes:
	210,000	BB-	6.000% due 11/1/28(a)		203,911
	150,000	BB-	8.875% due 11/15/31(a)		158,967
			Standard Industries Inc., Senior Unsecured Notes:
	252,000	BB	5.000% due 2/15/27(a)		242,918
	300,000	BB	4.375% due 7/15/30(a)		267,514
	190,000	BB+	Summit Materials LLC/Summit Materials Finance Corp., Company Guaranteed Notes, 5.250% due 1/15/29(a)		184,112

			Total Building Materials		1,176,235


Chemicals — 1.3%
	521,000	BB-	Consolidated Energy Finance SA, Company Guaranteed Notes, 5.625% due 10/15/28(a)		423,414
	160,000	B-	LSF11 A5 HoldCo LLC, Senior Unsecured Notes, 6.625% due 10/15/29(a)		139,169

See Notes to Financial Statements.

191



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Chemicals — 1.3% — (continued)
$	215,000	BB	Methanex Corp., Senior Unsecured Notes, 5.125% due 10/15/27	$	206,822
	362,000	BB-	Minerals Technologies Inc., Company Guaranteed Notes, 5.000% due 7/1/28(a)		343,788
	190,000	BB+	Olin Corp., Senior Unsecured Notes, 5.000% due 2/1/30		177,795
	315,000	B-	Olympus Water US Holding Corp., Senior Secured Notes, 9.750% due 11/15/28(a)		335,106
	381,000	CCC	Trinseo Materials Operating SCA/Trinseo Materials Finance Inc., Company Guaranteed Notes, 5.125% due 4/1/29(a)		145,125

			Total Chemicals		1,771,219


Coal — 0.1%
	152,000	BB	Warrior Met Coal Inc., Senior Secured Notes, 7.875% due 12/1/28(a)		153,421


Commercial Services — 5.9%
	145,000	BB	Adtalem Global Education Inc., Senior Secured Notes, 5.500% due 3/1/28(a)		136,909
	110,000	B	Allied Universal Holdco LLC/Allied Universal Finance Corp., Senior Secured Notes, 6.625% due 7/15/26(a)		109,800
	630,000	B	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, Senior Secured Notes, 4.625% due 6/1/28(a)		560,104
	200,000	B-	Alta Equipment Group Inc., Secured Notes, 5.625% due 4/15/26(a)		193,907
	310,000	BB-	Avis Budget Car Rental LLC/Avis Budget Finance Inc., Company Guaranteed Notes, 5.375% due 3/1/29(a)		282,576
	130,000	B	Carriage Services Inc., Company Guaranteed Notes, 4.250% due 5/15/29(a)		113,157
	340,000	BB-	CoreCivic Inc., Company Guaranteed Notes, 8.250% due 4/15/26(g)		347,728
	432,000	CCC+	Deluxe Corp., Company Guaranteed Notes, 8.000% due 6/1/29(a)		377,501
			Garda World Security Corp., Senior Unsecured Notes:
	340,000	CCC+	9.500% due 11/1/27(a)		341,617
	119,000	CCC+	6.000% due 6/1/29(a)		104,234
	523,000	B	GEO Group Inc. (The), Secured Notes, 9.500% due 12/31/28(a)		521,833
	510,000	BB	GTCR W-2 Merger Sub LLC, Senior Secured Notes, 7.500% due 1/15/31(a)		532,435
	320,000	B+	Hertz Corp. (The), Company Guaranteed Notes, 4.625% due 12/1/26(a)		282,162
	49,000	B3(b)	Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer Inc., Senior Secured Notes, 5.000% due 2/1/26(a)		48,742
	233,000	CCC	Mavis Tire Express Services Topco Corp., Senior Unsecured Notes, 6.500% due 5/15/29(a)		218,989
	360,000	B	Mobius Merger Sub Inc., Senior Secured Notes, 9.000% due 6/1/30(a)		353,091
	320,000	CCC+	MPH Acquisition Holdings LLC, Company Guaranteed Notes, 5.750% due 11/1/28(a)		255,621
	110,000	B	Paysafe Finance PLC/Paysafe Holdings US Corp., Senior Secured Notes, 4.000% due 6/15/29(a)		98,611
			Prime Security Services Borrower LLC/Prime Finance Inc.:
	210,000	B	Secured Notes, 6.250% due 1/15/28(a)		207,329
	231,000	BB	Senior Secured Notes, 3.375% due 8/31/27(a)		211,710
	374,000	BB-	PROG Holdings Inc., Company Guaranteed Notes, 6.000% due 11/15/29(a)		344,140
	120,000	B-	RR Donnelley & Sons Co., Secured Notes, 9.750% due 7/31/28(a)		123,150
	182,000	B	Sotheby's, Senior Secured Notes, 7.375% due 10/15/27(a)		175,068
	200,000	B	Sotheby's/Bidfair Holdings Inc., Senior Secured Notes, 5.875% due 6/1/29(a)		175,808
	122,000	Caa1(b)	StoneMor Inc., Senior Secured Notes, 8.500% due 5/15/29(a)		88,649
	290,000	BB	TriNet Group Inc., Company Guaranteed Notes, 3.500% due 3/1/29(a)		257,311
			United Rentals North America Inc.:
			Company Guaranteed Notes:
	280,000	BB+	5.250% due 1/15/30		271,362
	170,000	BB+	3.875% due 2/15/31		150,606
	40,000	BBB-	Senior Secured Notes, 6.000% due 12/15/29(a)		40,071
	749,000	B	Upbound Group Inc., Company Guaranteed Notes, 6.375% due 2/15/29(a)		717,467
	315,000	B	WW International Inc., Senior Secured Notes, 4.500% due 4/15/29(a)		148,439
	100,000	BB-	ZipRecruiter Inc., Senior Unsecured Notes, 5.000% due 1/15/30(a)		88,153

			Total Commercial Services		7,878,280

See Notes to Financial Statements.

192



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value
Computers — 1.5%
$	515,000	CCC+	Ahead DB Holdings LLC, Company Guaranteed Notes, 6.625% due 5/1/28(a)	$	459,849
	650,000	CCC+	McAfee Corp., Senior Unsecured Notes, 7.375% due 2/15/30(a)		574,425
	373,000	B+	NCR Atleos Corp., Senior Secured Notes, 9.500% due 4/1/29(a)		394,914
	211,000	B+	NCR Voyix Corp., Company Guaranteed Notes, 5.125% due 4/15/29(a)		195,868
	210,000	BB	Seagate HDD Cayman, Company Guaranteed Notes, 4.091% due 6/1/29(a)		191,825
	220,000	CCC+	Vericast Corp., Senior Secured Notes, 11.000% due 9/15/26(a)		231,598
			Total Computers		2,048,479


Cosmetics/Personal Care — 0.2%
	268,000	BB	Edgewell Personal Care Co., Company Guaranteed Notes, 4.125% due 4/1/29(a)		242,939


Distribution/Wholesale — 0.4%
	65,108	NR	American News Co. LLC, Secured Notes, 8.500% (8.500% cash or 10.000% PIK) due 9/1/26(a)(i)		72,514
	160,000	BB-	H&E Equipment Services Inc., Company Guaranteed Notes, 3.875% due 12/15/28(a)		144,537
	271,000	B+	Windsor Holdings III LLC, Senior Secured Notes, 8.500% due 6/15/30(a)		280,730

			Total Distribution/Wholesale		497,781


Diversified Financial Services — 5.1%
	369,300	NR	Accelerate360 Holdings LLC, Secured Notes, 8.000% due 3/1/28(a)		382,128
	283,000	B	AG Issuer LLC, Senior Secured Notes, 6.250% due 3/1/28(a)		274,255
	435,000	BB+	Ally Financial Inc., Subordinated Notes, 6.700% due 2/14/33		428,722
	249,000	BBB-	Avolon Holdings Funding Ltd., Company Guaranteed Notes, 6.375% due 5/4/28(a)		252,637
	502,000	BB-	Bread Financial Holdings Inc., Company Guaranteed Notes, 9.750% due 3/15/29(a)		514,116
			Burford Capital Global Finance LLC, Company Guaranteed Notes:
	724,000	BB-	6.250% due 4/15/28(a)		696,633
	240,000	BB-	9.250% due 7/1/31(a)		252,300
	110,000	BBB-	Charles Schwab Corp. (The), Junior Subordinated Notes, 4.000% (10-Year CMT Index + 3.079%)(c)(d)		90,754
	635,000	CCC	Cobra AcquisitionCo LLC, Company Guaranteed Notes, 6.375% due 11/1/29(a)		521,841
	180,000	BB-	Coinbase Global Inc., Company Guaranteed Notes, 3.625% due 10/1/31(a)		141,094
	335,000	BB	Credit Acceptance Corp., Company Guaranteed Notes, 9.250% due 12/15/28(a)		354,799
	235,000	Baa3(b)	Enact Holdings Inc., Senior Unsecured Notes, 6.500% due 8/15/25(a)		235,234
			Enova International Inc., Company Guaranteed Notes:
	272,000	B-	8.500% due 9/15/25(a)		269,630
	145,000	B-	11.250% due 12/15/28(a)		151,983
	472,962	B2(b)	Global Aircraft Leasing Co., Ltd., Senior Unsecured Notes, 6.500% (6.500% cash or 7.250% PIK) due 9/15/24(a)(i)		448,723
			goeasy Ltd.:
	274,000	BB-	Company Guaranteed Notes, 4.375% due 5/1/26(a)		262,424
	200,000	BB-	Senior Unsecured Notes, 7.625% due 7/1/29(a)		200,102
	200,000	BB	Jane Street Group/JSG Finance Inc., Senior Secured Notes, 4.500% due 11/15/29(a)		184,225
	303,000	B1(b)	LFS Topco LLC, Company Guaranteed Notes, 5.875% due 10/15/26(a)		280,381
	231,000	BB	OneMain Finance Corp., Company Guaranteed Notes, 5.375% due 11/15/29		214,616
			Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer Inc., Company Guaranteed Notes:
	360,000	BB	3.875% due 3/1/31(a)		308,084
	120,000	BB	4.000% due 10/15/33(a)		99,725
			StoneX Group Inc., Senior Secured Notes:
	127,000	BB-	8.625% due 6/15/25(a)		127,900
	130,000	BB-	7.875% due 3/1/31(a)		131,914

			Total Diversified Financial Services		6,824,220


Electric — 2.6%
	343,000	BB+	Atlantica Sustainable Infrastructure PLC, Company Guaranteed Notes, 4.125% due 6/15/28(a)		313,687
			Calpine Corp.:
	225,000	BB+	Senior Secured Notes, 3.750% due 3/1/31(a)		193,091

See Notes to Financial Statements.

193



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Electric — 2.6% — (continued)
$	523,000	B+	Senior Unsecured Notes, 5.000% due 2/1/31(a)	$	468,103
	245,000	BB	Clearway Energy Operating LLC, Company Guaranteed Notes, 3.750% due 1/15/32(a)		205,171
			NextEra Energy Operating Partners LP:
	220,000	BB	Company Guaranteed Notes, 4.500% due 9/15/27(a)		205,514
	305,000	BB	Senior Unsecured Notes, 7.250% due 1/15/29(a)		310,296
			NRG Energy Inc., Company Guaranteed Notes:
	174,000	BB	5.750% due 1/15/28		171,645
	290,000	BB	5.250% due 6/15/29(a)		274,859
	202,000	BB	3.625% due 2/15/31(a)		169,879
	409,000	BB-	Pattern Energy Operations LP/Pattern Energy Operations Inc., Company Guaranteed Notes, 4.500% due 8/15/28(a)		375,632
	90,000	BB+	TransAlta Corp., Senior Unsecured Notes, 7.750% due 11/15/29		93,662
			Vistra Operations Co. LLC:
	170,000	BB	Company Guaranteed Notes, 7.750% due 10/15/31(a)		176,120
	546,000	BBB-	Senior Secured Notes, 4.300% due 7/15/29(a)		508,994

			Total Electric		3,466,653


Electrical Components & Equipment — 0.3%
			EnerSys, Company Guaranteed Notes:
	335,000	BB+	4.375% due 12/15/27(a)		315,662
	29,000	BB+	6.625% due 1/15/32(a)		29,218

			Total Electrical Components & Equipment		344,880


Electronics — 0.5%
	370,000	BB-	Imola Merger Corp., Senior Secured Notes, 4.750% due 5/15/29(a)		343,187
	380,000	BB-	TTM Technologies Inc., Company Guaranteed Notes, 4.000% due 3/1/29(a)		340,207

			Total Electronics		683,394


Energy — Alternate Sources — 0.2%
	50,000	NR	NextEra Energy Partners LP, Company Guaranteed Notes, 2.500% due 6/15/26(a)		45,187
	350,000	B1(b)	Sunnova Energy Corp., Company Guaranteed Notes, 5.875% due 9/1/26(a)		284,874

			Total Energy — Alternate Sources		330,061


Engineering & Construction — 0.7%
	282,000	B	Brundage-Bone Concrete Pumping Holdings Inc., Secured Notes, 6.000% due 2/1/26(a)		277,326
	150,000	BB+	TopBuild Corp., Company Guaranteed Notes, 3.625% due 3/15/29(a)		134,511
	90,000	CCC	Tutor Perini Corp., Company Guaranteed Notes, 6.875% due 5/1/25(a)		89,076
	424,000	B	VM Consolidated Inc., Company Guaranteed Notes, 5.500% due 4/15/29(a)		399,838

			Total Engineering & Construction		900,751


Entertainment — 2.5%
	478,000	CCC	Allen Media LLC/Allen Media Co-Issuer Inc., Company Guaranteed Notes, 10.500% due 2/15/28(a)		239,506
	330,000	B-	AMC Entertainment Holdings Inc., Senior Secured Notes, 7.500% due 2/15/29(a)		227,225
	555,000	B+	Banijay Entertainment SASU, Senior Secured Notes, 8.125% due 5/1/29(a)		574,514
	154,000	B	Boyne USA Inc., Senior Unsecured Notes, 4.750% due 5/15/29(a)		141,731
			Caesars Entertainment Inc.:
	375,000	B-	Company Guaranteed Notes, 4.625% due 10/15/29(a)		342,609
			Senior Secured Notes:
	230,000	BB-	7.000% due 2/15/30(a)		235,809
	217,000	BB-	6.500% due 2/15/32(a)		218,692
	130,000	NR	DraftKings Holdings Inc., Company Guaranteed Notes, zero coupon due 3/15/28		110,955
			Mohegan Tribal Gaming Authority:
	45,000	CCC+	Company Guaranteed Notes, 13.250% due 12/15/27(a)		48,781
	143,000	B-	Secured Notes, 8.000% due 2/1/26(a)		134,957
	240,000	B	Ontario Gaming GTA LP, Senior Secured Notes, 8.000% due 8/1/30(a)		244,977

See Notes to Financial Statements.

194



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Entertainment — 2.5% — (continued)
$	443,000	B	SeaWorld Parks & Entertainment Inc., Company Guaranteed Notes, 5.250% due 8/15/29(a)	$	413,456
	107,000	BB	Speedway Motorsports LLC/Speedway Funding II Inc., Senior Unsecured Notes, 4.875% due 11/1/27(a)		101,395
	290,000	BB-	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Company Guaranteed Notes, 7.125% due 2/15/31(a)		299,736

			Total Entertainment		3,334,343


Environmental Control — 1.1%
	90,000	BB+	Clean Harbors Inc., Company Guaranteed Notes, 6.375% due 2/1/31(a)		89,536
			Covanta Holding Corp., Company Guaranteed Notes:
	240,000	B	4.875% due 12/1/29(a)		209,941
	243,000	B	5.000% due 9/1/30		211,331
	570,000	B	Enviri Corp., Company Guaranteed Notes, 5.750% due 7/31/27(a)		533,491
	200,000	BB-	GFL Environmental Inc., Senior Secured Notes, 6.750% due 1/15/31(a)		204,814
	320,000	B-	MadisonQ LLC, Senior Secured Notes, 4.125% due 6/30/28(a)		291,822

			Total Environmental Control		1,540,935


Food — 1.3%
			Albertsons Cos Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Company Guaranteed Notes:
	372,000	BB+	5.875% due 2/15/28(a)		366,896
	120,000	BB+	6.500% due 2/15/28(a)		120,836
	860,000	B	C&S Group Enterprises LLC, Company Guaranteed Notes, 5.000% due 12/15/28(a)		682,253
	131,000	BB	Land O'Lakes Capital Trust I, Limited Guaranteed Notes, 7.450% due 3/15/28(a)		127,919
	347,000	BB	Performance Food Group Inc., Company Guaranteed Notes, 5.500% due 10/15/27(a)		340,240
	152,000	B	Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed, Secured Notes, 4.625% due 3/1/29(a)		133,379

			Total Food		1,771,523


Forest Products & Paper — 0.2%
	278,000	CCC	Glatfelter Corp., Company Guaranteed Notes, 4.750% due 11/15/29(a)		234,218


Healthcare — Products — 0.5%
			Medline Borrower LP:
	537,000	B+	Senior Secured Notes, 3.875% due 4/1/29(a)		481,465
	230,000	B-	Senior Unsecured Notes, 5.250% due 10/1/29(a)		212,965

			Total Healthcare — Products		694,430


Healthcare — Services — 2.4%
	110,000	NR	Akumin Inc., Senior Secured Notes, 9.000% (8.000 % cash until 11/1/25 then 9.000 % cash or 8.000% cash and 2.000% PIK until 5/1/27 then 9.000% cash until 8/1/27) due 8/1/27(a)(f)(i)		95,288
	190,000	D	Cano Health LLC, Company Guaranteed Notes, 6.250% due 10/1/28*(a)(j)		2,850
			CHS/Community Health Systems Inc.:
			Secured Notes:
	120,000	CCC-	6.875% due 4/15/29(a)		76,723
	60,000	CCC-	6.125% due 4/1/30(a)		37,601
			Senior Secured Notes:
	1,128,000	B-	5.625% due 3/15/27(a)		1,033,400
	370,000	B-	5.250% due 5/15/30(a)		295,590
	170,000	B-	10.875% due 1/15/32(a)		173,319
	110,000	BBB-	HCA Inc., Company Guaranteed Notes, 7.500% due 11/15/95		117,531
			LifePoint Health Inc., Senior Secured Notes:
	320,000	B	9.875% due 8/15/30(a)		332,396
	120,000	B	11.000% due 10/15/30(a)		127,085
	310,000	BB-	Molina Healthcare Inc., Senior Unsecured Notes, 3.875% due 11/15/30(a)		272,224
	366,000	B-	Select Medical Corp., Company Guaranteed Notes, 6.250% due 8/15/26(a)		365,410

See Notes to Financial Statements.

195



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Healthcare — Services — 2.4% — (continued)
$	240,000	BB-	Tenet Healthcare Corp., Senior Secured Notes, 4.250% due 6/1/29	$	220,938
	115,500	CCC+	US Renal Care Inc., Senior Secured Notes, 10.625% due 6/28/28(a)		96,876

			Total Healthcare — Services		3,247,231


Holding Companies — Diversified — 0.2%
	200,000	BB+	Stena International SA, Senior Secured Notes, 7.250% due 1/15/31(a)		199,038


Home Builders — 0.5%
	182,000	B	Empire Communities Corp., Senior Unsecured Notes, 7.000% due 12/15/25(a)		180,061
			Forestar Group Inc., Company Guaranteed Notes:
	120,000	BB-	3.850% due 5/15/26(a)		114,145
	120,000	BB-	5.000% due 3/1/28(a)		113,578
			Mattamy Group Corp., Senior Unsecured Notes:
	201,000	BB+	5.250% due 12/15/27(a)		193,658
	130,000	BB+	4.625% due 3/1/30(a)		116,846

			Total Home Builders		718,288


Insurance — 1.2%
	248,006	BB+	Highlands Holdings Bonds Issuer Ltd./Highlands Holdings Bonds Co.-Issuer Inc., Senior Secured Notes, 7.625% (7.625% cash or 8.375% PIK) due 10/15/25(a)(i)		247,927
	350,000	B	Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC, Senior Secured Notes, 7.250% due 2/15/31(a)		350,677
	327,000	B-	Jones Deslauriers Insurance Management Inc., Senior Secured Notes, 8.500% due 3/15/30(a)		340,435
	367,000	BB+	NMI Holdings Inc., Senior Secured Notes, 7.375% due 6/1/25(a)		370,288
	385,000	BB-	Ryan Specialty LLC, Senior Secured Notes, 4.375% due 2/1/30(a)		356,315

			Total Insurance		1,665,642


Internet — 1.5%
	200,000	B	Acuris Finance US Inc./Acuris Finance Sarl, Senior Secured Notes, 5.000% due 5/1/28(a)		179,209
	350,000	B	Cogent Communications Group Inc., Company Guaranteed Notes, 7.000% due 6/15/27(a)		346,794
			Gen Digital Inc., Company Guaranteed Notes:
	101,000	BB-	6.750% due 9/30/27(a)		101,617
	198,000	BB-	7.125% due 9/30/30(a)		202,381
	500,000	B-	GrubHub Holdings Inc., Company Guaranteed Notes, 5.500% due 7/1/27(a)		436,390
	490,000	B-	ION Trading Technologies Sarl, Senior Secured Notes, 5.750% due 5/15/28(a)		440,037
			Match Group Holdings II LLC, Senior Unsecured Notes:
	220,000	BB	4.625% due 6/1/28(a)		207,028
	140,000	BB	3.625% due 10/1/31(a)		118,070

			Total Internet		2,031,526


Iron/Steel — 1.2%
	219,000	B+	ATI Inc., Senior Unsecured Notes, 4.875% due 10/1/29		202,015
			Cleveland-Cliffs Inc.:
	255,000	Ba3(b)	Company Guaranteed Notes, 4.625% due 3/1/29(a)		234,429
	48,000	B	Senior Unsecured Notes, 6.250% due 10/1/40		41,797
	350,000	BB+	Commercial Metals Co., Senior Unsecured Notes, 3.875% due 2/15/31		307,015
			Mineral Resources Ltd., Senior Unsecured Notes:
	268,000	Ba3(b)	8.125% due 5/1/27(a)		270,657
	273,000	Ba3(b)	9.250% due 10/1/28(a)		285,809
	239,000	Ba3(b)	8.500% due 5/1/30(a)		245,747

			Total Iron/Steel		1,587,469


Leisure Time — 5.9%
			Carnival Corp.:
			Company Guaranteed Notes:
	901,000	BB-	5.750% due 3/1/27(a)		890,474
	749,000	BB-	6.000% due 5/1/29(a)		731,197
	630,000	BB-	10.500% due 6/1/30(a)		688,567

See Notes to Financial Statements.

196



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Leisure Time — 5.9% — (continued)
$	120,000	BB+	Senior Secured Notes, 7.000% due 8/15/29(a)	$	124,590
	150,000	BB-	Carnival Holdings Bermuda Ltd., Company Guaranteed Notes, 10.375% due 5/1/28(a)		163,758
			NCL Corp., Ltd.:
			Senior Secured Notes:
	270,000	B+	5.875% due 2/15/27(a)		267,038
	270,000	BB-	8.375% due 2/1/28(a)		283,677
	230,000	BB-	8.125% due 1/15/29(a)		242,186
			Senior Unsecured Notes:
	814,000	CCC+	3.625% due 12/15/24(a)		802,232
	724,000	CCC+	7.750% due 2/15/29(a)		742,623
	180,000	CCC+	NCL Finance Ltd., Company Guaranteed Notes, 6.125% due 3/15/28(a)		175,693
			Royal Caribbean Cruises Ltd.:
	490,000	BB+	Company Guaranteed Notes, 7.250% due 1/15/30(a)		509,850
			Senior Unsecured Notes:
	341,000	BB+	4.250% due 7/1/26(a)		328,718
	340,000	BB+	11.625% due 8/15/27(a)		367,973
	102,000	BB+	5.500% due 4/1/28(a)		100,235
	400,000	BB+	6.250% due 3/15/32(a)		401,395
			Viking Cruises Ltd.:
	64,000	B	Company Guaranteed Notes, 5.875% due 9/15/27(a)		62,617
			Senior Unsecured Notes:
	379,000	B	7.000% due 2/15/29(a)		379,249
	420,000	B	9.125% due 7/15/31(a)		454,881
	200,000	BB-	VOC Escrow Ltd., Senior Secured Notes, 5.000% due 2/15/28(a)		192,253

			Total Leisure Time		7,909,206


Lodging — 1.6%
	420,000	B-	Full House Resorts Inc., Senior Secured Notes, 8.250% due 2/15/28(a)		394,197
	165,000	B+	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, Company Guaranteed Notes, 4.875% due 7/1/31(a)		145,749
	620,000	BB-	Melco Resorts Finance Ltd., Senior Unsecured Notes, 5.375% due 12/4/29(a)		561,357
	325,000	B+	Studio City Finance Ltd., Company Guaranteed Notes, 5.000% due 1/15/29(a)		284,025
			Travel + Leisure Co., Senior Secured Notes:
	245,000	BB-	6.000% due 4/1/27		244,306
	110,000	BB-	4.500% due 12/1/29(a)		100,823
			Wynn Macau Ltd., Senior Unsecured Notes:
	200,000	BB-	5.500% due 1/15/26(a)		193,825
	280,000	BB-	5.125% due 12/15/29(a)		252,548

			Total Lodging		2,176,830


Machinery — Construction & Mining — 0.2%
	240,000	BB	Vertiv Group Corp., Senior Secured Notes, 4.125% due 11/15/28(a)		221,673


Machinery — Diversified — 0.1%
	88,000	BB	ATS Corp., Company Guaranteed Notes, 4.125% due 12/15/28(a)		80,395


Media — 6.5%
			Altice Financing SA, Senior Secured Notes:
	474,000	B	5.000% due 1/15/28(a)		419,807
	407,000	B	5.750% due 8/15/29(a)		350,979
	275,000	BB+	Belo Corp., Company Guaranteed Notes, 7.750% due 6/1/27		279,970
	381,000	BB-	Block Communications Inc., Company Guaranteed Notes, 4.875% due 3/1/28(a)		337,141
	440,000	BB-	Cable One Inc., Company Guaranteed Notes, 4.000% due 11/15/30(a)		329,440
			CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
	705,000	BB-	6.375% due 9/1/29(a)		662,881
	160,000	BB-	4.750% due 2/1/32(a)		129,380
	680,000	BB-	4.500% due 5/1/32		537,838
	330,000	BB-	4.500% due 6/1/33(a)		254,428

See Notes to Financial Statements.

197



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Media — 6.5% — (continued)
$	170,000	BBB-	Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 3.700% due 4/1/51	$	103,147
			CSC Holdings LLC:
			Company Guaranteed Notes:
	210,000	B-	11.250% due 5/15/28(a)		216,880
	530,000	B-	11.750% due 1/31/29(a)		554,144
	200,000	B-	6.500% due 2/1/29(a)		174,542
	200,000	B-	4.500% due 11/15/31(a)		148,687
			Senior Unsecured Notes:
	980,000	CCC	5.750% due 1/15/30(a)		571,531
	465,000	CCC	4.625% due 12/1/30(a)		256,780
	320,000	BB	Directv Financing LLC/Directv Financing Co.-Obligor Inc., Senior Secured Notes, 5.875% due 8/15/27(a)		302,259
			DISH DBS Corp.:
			Company Guaranteed Notes:
	20,000	CCC+	5.875% due 11/15/24		18,919
	500,000	CC	7.750% due 7/1/26		319,255
	410,000	B-	Senior Secured Notes, 5.750% due 12/1/28(a)		284,694
	65,000	CC	DISH Network Corp., Senior Unsecured Notes, 3.375% due 8/15/26		38,756
	180,000	B1(b)	Gannett Holdings LLC, Senior Secured Notes, 6.000% due 11/1/26(a)		162,856
	230,000	B	Gray Television Inc., Company Guaranteed Notes, 5.375% due 11/15/31(a)		148,602
	170,000	B+	iHeartCommunications Inc., Senior Secured Notes, 5.250% due 8/15/27(a)		126,427
	222,000	BB	Paramount Global, Junior Subordinated Notes, 6.375% (5-Year CMT Index + 3.999%) due 3/30/62(c)		192,794
	560,000	BB	Sirius XM Radio Inc., Company Guaranteed Notes, 4.000% due 7/15/28(a)		505,073
	327,000	BB-	Sunrise FinCo I BV, Senior Secured Notes, 4.875% due 7/15/31(a)		288,806
	50,000	BBB-	Time Warner Cable Enterprises LLC, Senior Secured Notes, 8.375% due 7/15/33		55,495
	150,000	BBB-	Time Warner Cable LLC, Senior Secured Notes, 7.300% due 7/1/38		149,595
			Univision Communications Inc., Senior Secured Notes:
	388,000	B+	6.625% due 6/1/27(a)		376,460
	120,000	B+	8.000% due 8/15/28(a)		120,744
	112,000	B+	7.375% due 6/30/30(a)		108,275
	67,000	B-	Urban One Inc., Senior Secured Notes, 7.375% due 2/1/28(a)		57,542
	207,000	B	Virgin Media Finance PLC, Company Guaranteed Notes, 5.000% due 7/15/30(a)		178,900

			Total Media		8,763,027


Metal Fabricate/Hardware — 0.3%
	90,000	BB-	Advanced Drainage Systems Inc., Company Guaranteed Notes, 6.375% due 6/15/30(a)		90,090
	80,000	CCC+	Park-Ohio Industries Inc., Company Guaranteed Notes, 6.625% due 4/15/27		73,276
	230,000	B+	Roller Bearing Co. of America Inc., Senior Unsecured Notes, 4.375% due 10/15/29(a)		209,826

			Total Metal Fabricate/Hardware		373,192


Mining — 1.4%
	500,000	B	First Quantum Minerals Ltd., Secured Notes, 9.375% due 3/1/29(a)		519,256
	580,000	BB+	FMG Resources August 2006 Pty Ltd., Company Guaranteed Notes, 4.375% due 4/1/31(a)		520,348
	320,000	BB+	Freeport-McMoRan Inc., Company Guaranteed Notes, 5.450% due 3/15/43		297,391
			Hudbay Minerals Inc., Company Guaranteed Notes:
	40,000	B	4.500% due 4/1/26(a)		38,594
	482,000	B	6.125% due 4/1/29(a)		473,386

			Total Mining		1,848,975


Miscellaneous Manufacturers — 0.0%@
	12,101	WD(h)	Anagram Holdings LLC/Anagram International Inc., Secured Notes, 10.000% due 8/15/26*(a)(f)(j)		242

See Notes to Financial Statements.

198



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value
Oil & Gas — 7.6%
$	200,000	BB+	Antero Resources Corp., Company Guaranteed Notes, 5.375% due 3/1/30(a)	$	190,790
	410,000	B	Berry Petroleum Co. LLC, Company Guaranteed Notes, 7.000% due 2/15/26(a)		401,997
	110,000	BB	Chesapeake Energy Corp., Company Guaranteed Notes, 5.500% due 2/1/26(a)		109,110
	450,000	BB-	Chord Energy Corp., Company Guaranteed Notes, 6.375% due 6/1/26(a)		451,647
			Civitas Resources Inc., Company Guaranteed Notes:
	125,000	BB-	8.375% due 7/1/28(a)		130,948
	81,000	BB-	8.625% due 11/1/30(a)		86,739
	280,000	BB-	8.750% due 7/1/31(a)		298,120
			Comstock Resources Inc., Company Guaranteed Notes:
	110,000	B+	6.750% due 3/1/29(a)		101,503
	395,000	B+	5.875% due 1/15/30(a)		345,869
			Crescent Energy Finance LLC, Company Guaranteed Notes:
	469,000	BB-	7.250% due 5/1/26(a)		467,687
	217,000	BB-	9.250% due 2/15/28(a)		227,300
	220,000	BB+	Endeavor Energy Resources LP/EER Finance Inc., Senior Unsecured Notes, 5.750% due 1/30/28(a)		221,949
	365,000	BBB-	HF Sinclair Corp., Senior Unsecured Notes, 5.000% due 2/1/28(a)		351,526
			Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes:
	500,000	BB+	5.750% due 2/1/29(a)		483,953
	155,000	BB+	6.000% due 2/1/31(a)		150,062
	170,000	BB+	6.250% due 4/15/32(a)		164,607
	150,000	BB+	8.375% due 11/1/33(a)		161,242
	300,000	BB-	MEG Energy Corp., Company Guaranteed Notes, 5.875% due 2/1/29(a)		292,747
	348,000	B-	Nabors Industries Inc., Company Guaranteed Notes, 7.375% due 5/15/27(a)		347,050
			Nabors Industries Ltd., Company Guaranteed Notes:
	180,000	CCC	7.250% due 1/15/26(a)		177,510
	125,000	CCC	7.500% due 1/15/28(a)		115,381
	120,000	BB-	Noble Finance II LLC, Company Guaranteed Notes, 8.000% due 4/15/30(a)		123,472
	240,000	B+	Northern Oil & Gas Inc., Senior Unsecured Notes, 8.125% due 3/1/28(a)		243,233
	110,000	BB+	Occidental Petroleum Corp., Senior Unsecured Notes, 8.875% due 7/15/30		127,009
			Permian Resources Operating LLC, Company Guaranteed Notes:
	240,000	BB-	8.000% due 4/15/27(a)		247,723
	170,000	BB-	5.875% due 7/1/29(a)		166,258
	359,000	BB-	9.875% due 7/15/31(a)		397,935
	240,000	BB-	7.000% due 1/15/32(a)		246,572
			Petrobras Global Finance BV, Company Guaranteed Notes:
	40,000	BB	7.375% due 1/17/27		41,682
	20,000	BB	5.750% due 2/1/29		19,933
	400,000	BB	Range Resources Corp., Company Guaranteed Notes, 8.250% due 1/15/29		417,625
	200,000	B-	Shelf Drilling Holdings Ltd., Senior Secured Notes, 9.625% due 4/15/29(a)		193,273
	280,000	NR	SilverBow Resources Inc., Secured Notes, 13.135% (3-Month Term SOFR + 7.750%) due 12/15/28(a)(c)(f)		275,797
			Southwestern Energy Co., Company Guaranteed Notes:
	195,000	BB+	5.375% due 2/1/29		188,601
	540,000	BB+	4.750% due 2/1/32		490,913
	529,000	BB-	Strathcona Resources Ltd., Senior Unsecured Notes, 6.875% due 8/1/26(a)		527,019
			Talos Production Inc., Secured Notes:
	55,000	BB-	9.000% due 2/1/29(a)		56,031
	285,000	BB-	9.375% due 2/1/31(a)		294,262
	338,000	BB	Valaris Ltd., Secured Notes, 8.375% due 4/30/30(a)		346,865
			Vital Energy Inc., Company Guaranteed Notes:
	126,000	B	10.125% due 1/15/28		131,966
	405,000	B	9.750% due 10/15/30		434,081

			Total Oil & Gas		10,247,987

See Notes to Financial Statements.

199



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value
Oil & Gas Services — 0.4%
$	278,000	B+	Archrock Partners LP/Archrock Partners Finance Corp., Company Guaranteed Notes, 6.250% due 4/1/28(a)	$	271,274
	212,000	B+	Kodiak Gas Services LLC, Company Guaranteed Notes, 7.250% due 2/15/29(a)		215,961

			Total Oil & Gas Services		487,235


Packaging & Containers — 2.0%
	200,000	CCC+	ARD Finance SA, Senior Secured Notes, 6.500% (6.500% cash or 7.250% PIK) due 6/30/27(a)(i)		85,758
			Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC:
			Senior Secured Notes:
	210,000	BB-	6.000% due 6/15/27(a)		206,334
	225,000	BB-	3.250% due 9/1/28(a)		195,305
	250,000	B	Senior Unsecured Notes, 4.000% due 9/1/29(a)		203,322
	230,000	BB-	Canpack SA/Canpack US LLC, Company Guaranteed Notes, 3.875% due 11/15/29(a)		199,820
	150,000	BB-	Cascades Inc./Cascades USA Inc., Company Guaranteed Notes, 5.375% due 1/15/28(a)		145,172
			Clydesdale Acquisition Holdings Inc.:
	170,000	CCC+	Company Guaranteed Notes, 8.750% due 4/15/30(a)		161,987
	415,000	B	Senior Secured Notes, 6.625% due 4/15/29(a)		412,963
	249,000	BB+	Crown Americas LLC, Company Guaranteed Notes, 5.250% due 4/1/30		240,081
			LABL Inc., Senior Secured Notes:
	271,000	B-	5.875% due 11/1/28(a)		243,083
	127,000	B-	9.500% due 11/1/28(a)		127,163
	244,000	B	Mauser Packaging Solutions Holding Co., Senior Secured Notes, 7.875% due 8/15/26(a)		247,419
	287,000	BB-	Silgan Holdings Inc., Company Guaranteed Notes, 4.125% due 2/1/28		268,340

			Total Packaging & Containers		2,736,747


Pharmaceuticals — 1.9%
			Bausch Health Cos., Inc.:
	430,000	CCC-	Company Guaranteed Notes, 5.250% due 1/30/30(a)		185,965
	50,000	CCC+	Senior Secured Notes, 6.125% due 2/1/27(a)		32,200
	365,000	B+	Herbalife Nutrition Ltd./HLF Financing Inc., Company Guaranteed Notes, 7.875% due 9/1/25(a)		354,442
	460,000	B+	HLF Financing Sarl LLC/Herbalife International Inc., Company Guaranteed Notes, 4.875% due 6/1/29(a)		329,392
			Organon & Co./Organon Foreign Debt Co.-Issuer BV:
	200,000	BB	Senior Secured Notes, 4.125% due 4/30/28(a)		183,208
	204,000	BB-	Senior Unsecured Notes, 5.125% due 4/30/31(a)		174,994
	230,000	WR(b)	Par Pharmaceutical Inc., Senior Secured Notes, 7.500% due 4/1/27*(a)(g)(j)		146,036
	200,000	BB-	Teva Pharmaceutical Finance Co. LLC, Company Guaranteed Notes, 6.150% due 2/1/36		191,027
			Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed Notes:
	250,000	BB-	5.125% due 5/9/29		236,321
	400,000	BB-	7.875% due 9/15/29		426,010
	270,000	BB-	8.125% due 9/15/31		292,026

			Total Pharmaceuticals		2,551,621


Pipelines — 5.4%
	341,000	BB	Antero Midstream Partners LP/Antero Midstream Finance Corp., Company Guaranteed Notes, 5.750% due 1/15/28(a)		334,595
			Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Unsecured Notes:
	100,000	B+	7.625% due 12/15/25(a)		100,955
	310,000	B+	6.625% due 7/15/26(a)		307,864
	200,000	BB	CNX Midstream Partners LP, Company Guaranteed Notes, 4.750% due 4/15/30(a)		175,221
	60,000	BBB+	DCP Midstream Operating LP, Company Guaranteed Notes, 6.750% due 9/15/37(a)		63,926
	295,000	BB-	Delek Logistics Partners LP/Delek Logistics Finance Corp., Company Guaranteed Notes, 8.625% due 3/15/29(a)(a)		295,763

See Notes to Financial Statements.

200



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Pipelines — 5.4% — (continued)
$	90,000	BB+	Energy Transfer LP, Junior Subordinated Notes, 6.500% (5-Year CMT Index + 5.694%)(c)(d)	$	87,457
			EQM Midstream Partners LP, Senior Unsecured Notes:
	27,000	BB-	7.500% due 6/1/27(a)		27,654
	48,000	BB-	5.500% due 7/15/28		47,121
	254,000	BB-	7.500% due 6/1/30(a)		270,237
	310,000	BB-	6.500% due 7/15/48		315,104
	745,000	B	Genesis Energy LP/Genesis Energy Finance Corp., Company Guaranteed Notes, 8.250% due 1/15/29		758,005
	550,000	BB-	Harvest Midstream I LP, Senior Unsecured Notes, 7.500% due 9/1/28(a)		554,904
	250,000	BB+	Hess Midstream Operations LP, Company Guaranteed Notes, 4.250% due 2/15/30(a)		227,874
			Howard Midstream Energy Partners LLC, Senior Unsecured Notes:
	698,000	B+	6.750% due 1/15/27(a)		695,970
	281,000	B+	8.875% due 7/15/28(a)		296,386
	775,000	B-	ITT Holdings LLC, Senior Unsecured Notes, 6.500% due 8/1/29(a)		688,631
			NGL Energy Operating LLC/NGL Energy Finance Corp., Senior Secured Notes:
	59,000	B+	8.125% due 2/15/29(a)		59,594
	285,000	B+	8.375% due 2/15/32(a)		289,731
			NuStar Logistics LP, Company Guaranteed Notes:
	40,000	BB-	5.750% due 10/1/25		39,668
	238,000	BB-	6.375% due 10/1/30		238,893
	110,000	BB-	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., Secured Notes, step bond to yield, 9.000% due 10/15/26(a)		108,953
	170,000	BB-	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Company Guaranteed Notes, 6.000% due 12/31/30(a)		158,247
			Venture Global Calcasieu Pass LLC, Senior Secured Notes:
	264,000	BB+	3.875% due 8/15/29(a)		237,176
	310,000	BB+	6.250% due 1/15/30(a)		309,729
	180,000	BB+	4.125% due 8/15/31(a)		158,115
	110,000	BB+	3.875% due 11/1/33(a)		92,334
	370,000	BB	Venture Global LNG Inc., Senior Secured Notes, 9.875% due 2/1/32(a)		389,782

			Total Pipelines		7,329,889


Private Equity — 0.4%
			HAT Holdings I LLC/HAT Holdings II LLC, Company Guaranteed Notes:
	407,000	BB+	3.375% due 6/15/26(a)		381,159
	180,000	BB+	8.000% due 6/15/27(a)		187,146

			Total Private Equity		568,305


Real Estate — 1.4%
			Cushman & Wakefield US Borrower LLC, Senior Secured Notes:
	413,000	BB-	6.750% due 5/15/28(a)		407,195
	416,000	BB-	8.875% due 9/1/31(a)		433,624
	251,875	B-	Five Point Operating Co. LP/Five Point Capital Corp., Company Guaranteed Notes, 10.500% due 1/15/28(a)		257,885
	210,000	BB-	Greystar Real Estate Partners LLC, Senior Secured Notes, 7.750% due 9/1/30(a)		218,079
			Kennedy-Wilson Inc., Company Guaranteed Notes:
	325,000	B+	4.750% due 3/1/29		263,586
	305,000	B+	4.750% due 2/1/30		241,644

			Total Real Estate		1,822,013


Real Estate Investment Trusts (REITs) — 2.0%
	803,000	B+	Apollo Commercial Real Estate Finance Inc., Senior Secured Notes, 4.625% due 6/15/29(a)		665,295
	150,000	BB+	CTR Partnership LP/CareTrust Capital Corp., Company Guaranteed Notes, 3.875% due 6/30/28(a)		135,806

See Notes to Financial Statements.

201



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Real Estate Investment Trusts (REITs) — 2.0% — (continued)
			Diversified Healthcare Trust:
$	150,000	B	Company Guaranteed Notes, 9.750% due 6/15/25	$	149,481
	70,000	CCC+	Senior Unsecured Notes, 4.750% due 2/15/28		55,784
	290,000	NR	IIP Operating Partnership LP, Company Guaranteed Notes, 5.500% due 5/25/26		273,684
	125,000	BB-	Iron Mountain Information Management Services Inc., Company Guaranteed Notes, 5.000% due 7/15/32(a)		111,927
			Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Company Guaranteed Notes:
	305,000	BB-	4.250% due 2/1/27(a)		281,116
	130,000	BB-	4.750% due 6/15/29(a)		116,881
	160,000	BB-	MPT Operating Partnership LP/MPT Finance Corp., Company Guaranteed Notes, 3.500% due 3/15/31		107,318
			Service Properties Trust:
	466,000	BB	Company Guaranteed Notes, 5.500% due 12/15/27		439,142
	60,000	BB	Senior Secured Notes, 8.625% due 11/15/31(a)		63,415
			Senior Unsecured Notes:
	227,000	B+	3.950% due 1/15/28		192,268
	205,000	B+	4.375% due 2/15/30		158,227

			Total Real Estate Investment Trusts (REITs)		2,750,344


Retail — 4.7%
	70,000	BB+	Academy Ltd., Senior Secured Notes, 6.000% due 11/15/27(a)		69,586
			Bath & Body Works Inc., Company Guaranteed Notes:
	20,000	BB	9.375% due 7/1/25(a)		20,871
	350,000	BB	6.625% due 10/1/30(a)		352,255
	90,000	BB	Beacon Roofing Supply Inc., Senior Secured Notes, 6.500% due 8/1/30(a)		90,571
	245,000	BB-	Brinker International Inc., Company Guaranteed Notes, 5.000% due 10/1/24(a)		242,836
	524,000	B-	CEC Entertainment LLC, Senior Secured Notes, 6.750% due 5/1/26(a)		519,217
	284,000	B	Ferrellgas LP/Ferrellgas Finance Corp., Senior Unsecured Notes, 5.375% due 4/1/26(a)		281,811
			Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.:
	390,000	CCC+	Company Guaranteed Notes, 6.750% due 1/15/30(a)		344,841
	190,000	B	Senior Secured Notes, 4.625% due 1/15/29(a)		172,613
			FirstCash Inc.:
			Company Guaranteed Notes:
	448,000	BB	4.625% due 9/1/28(a)		414,913
	187,000	BB	5.625% due 1/1/30(a)		177,387
	150,000	BB	Senior Unsecured Notes, 6.875% due 3/1/32(a)		148,734
	200,000	BB	Foot Locker Inc., Senior Unsecured Notes, 4.000% due 10/1/29(a)		169,476
	200,000	B+	Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Unsecured Notes, 8.750% due 1/15/32(a)		190,115
	290,000	BB-	Ken Garff Automotive LLC, Senior Unsecured Notes, 4.875% due 9/15/28(a)		267,141
	470,000	BB	Kohl's Corp., Senior Unsecured Notes, 4.625% due 5/1/31		370,684
	610,000	CCC	LBM Acquisition LLC, Company Guaranteed Notes, 6.250% due 1/15/29(a)		550,201
	310,000	CCC+	Michaels Cos Inc. (The), Senior Secured Notes, 5.250% due 5/1/28(a)		241,072
			Murphy Oil USA Inc., Company Guaranteed Notes:
	225,000	BB+	4.750% due 9/15/29		209,981
	110,000	BB+	3.750% due 2/15/31(a)		94,072
	97,000	B-	NMG Holding Co., Inc./Neiman Marcus Group LLC, Senior Secured Notes, 7.125% due 4/1/26(a)		95,228
	495,000	CCC	Park River Holdings Inc., Senior Unsecured Notes, 6.750% due 8/1/29(a)		424,369
	140,000	B	Raising Cane's Restaurants LLC, Senior Unsecured Notes, 9.375% due 5/1/29(a)		149,319
	110,000	BB-	Sally Holdings LLC/Sally Capital Inc., Company Guaranteed Notes, 6.750% due 3/1/32		110,004
	180,000	B3(b)	Sizzling Platter LLC/Sizzling Platter Finance Corp., Senior Secured Notes, 8.500% due 11/28/25(a)		180,753

See Notes to Financial Statements.

202



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Retail — 4.7% — (continued)
$	225,000	B	Specialty Building Products Holdings LLC/SBP Finance Corp., Senior Secured Notes, 6.375% due 9/30/26(a)	$	220,264
	100,000	BB-	Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Unsecured Notes, 5.000% due 6/1/31(a)		89,911
	90,000	BB-	Superior Plus LP/Superior General Partner Inc., Company Guaranteed Notes, 4.500% due 3/15/29(a)		81,551

			Total Retail		6,279,776


Semiconductors — 0.2%
	320,000	BB-	Entegris Inc., Company Guaranteed Notes, 5.950% due 6/15/30(a)		314,143


Software — 1.8%
	120,000	CCC	AthenaHealth Group Inc., Senior Unsecured Notes, 6.500% due 2/15/30(a)		107,539
	335,000	B-	Capstone Borrower Inc., Senior Secured Notes, 8.000% due 6/15/30(a)		346,561
	450,000	B+	Central Parent Inc./CDK Global Inc., Senior Secured Notes, 7.250% due 6/15/29(a)		453,314
	104,000	B+	Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., Senior Secured Notes, 8.000% due 6/15/29(a)		106,695
	170,000	B+	Elastic NV, Senior Unsecured Notes, 4.125% due 7/15/29(a)		152,824
	450,000	B	Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl, Senior Secured Notes, 4.625% due 5/1/28(a)		401,895
			Open Text Corp.:
			Company Guaranteed Notes:
	20,000	BB-	3.875% due 2/15/28(a)		18,399
	260,000	BB-	3.875% due 12/1/29(a)		230,019
	200,000	BBB-	Senior Secured Notes, 6.900% due 12/1/27(a)		206,644
	160,000	B+	Playtika Holding Corp., Company Guaranteed Notes, 4.250% due 3/15/29(a)		136,656
	616,000	CCC-	Rackspace Technology Global Inc., Senior Secured Notes, 3.500% due 2/15/28(a)		253,471

			Total Software		2,414,017


Telecommunications — 3.3%
	945,000	CCC	Altice France Holding SA, Senior Secured Notes, 10.500% due 5/15/27(a)		613,576
			Altice France SA, Senior Secured Notes:
	250,000	B-	8.125% due 2/1/27(a)		230,028
	250,000	B-	5.500% due 1/15/28(a)		204,247
	710,000	B-	5.125% due 7/15/29(a)		536,967
	246,000	B-	5.500% due 10/15/29(a)		186,572
	465,000	B+	C&W Senior Financing DAC, Senior Unsecured Notes, 6.875% due 9/15/27(a)		438,753
	170,000	CCC+	CommScope Inc., Senior Secured Notes, 4.750% due 9/1/29(a)		117,899
	200,000	CCC-	CommScope Technologies LLC, Company Guaranteed Notes, 6.000% due 6/15/25(a)		163,196
	277,000	B+	Connect Finco Sarl/Connect US Finco LLC, Senior Secured Notes, 6.750% due 10/1/26(a)		271,986
	345,000	B+	Iliad Holding SASU, Senior Secured Notes, 7.000% due 10/15/28(a)		341,608
	6,000	BB-	Sable International Finance Ltd., Senior Secured Notes, 5.750% due 9/7/27(a)		5,759
	230,000	BBB-	Sprint Capital Corp., Company Guaranteed Notes, 8.750% due 3/15/32		277,956
	140,000	B+	Telecom Italia Capital SA, Company Guaranteed Notes, 6.000% due 9/30/34		130,043
	435,000	D	Telesat Canada/Telesat LLC, Senior Secured Notes, 4.875% due 6/1/27(a)		245,090
	690,000	B-	Viasat Inc., Senior Unsecured Notes, 7.500% due 5/30/31(a)		488,175
	260,000	BB-	Vmed O2 UK Financing I PLC, Senior Secured Notes, 4.750% due 7/15/31(a)		225,077

			Total Telecommunications		4,476,932


Transportation — 0.7%
	496,000	BB	Cargo Aircraft Management Inc., Company Guaranteed Notes, 4.750% due 2/1/28(a)		438,648
	320,000	CCC+	Carriage Purchaser Inc., Senior Unsecured Notes, 7.875% due 10/15/29(a)		277,195
	50,000	BB+	RXO Inc., Company Guaranteed Notes, 7.500% due 11/15/27(a)		51,678
	184,000	BB-	XPO CNW Inc., Senior Unsecured Notes, 6.700% due 5/1/34		190,604

			Total Transportation		958,125

See Notes to Financial Statements.

203



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value
Trucking & Leasing — 0.3%
$	375,000	BB+	AerCap Global Aviation Trust, Company Guaranteed Notes, 6.500% (3-Month Term SOFR + 4.562%) due 6/15/45(a)(c)	$	372,408

			TOTAL CORPORATE BONDS & NOTES (Cost — $124,821,262)		120,003,037


COLLATERALIZED MORTGAGE OBLIGATIONS — 3.5%
	280,000	BBB-	ARES XLIV CLO Ltd., Series 2017-44A, Class CR, 8.976% (3-Month Term SOFR + 3.662%) due 4/15/34(a)(c)		280,554
	250,000	Baa3(b)	Battalion CLO XI Ltd., Series 2017-11A, Class DR, 9.230% (3-Month Term SOFR + 3.912%) due 4/24/34(a)(c)		245,815
	280,000	Ba3(b)	Canyon Capital CLO Ltd., Series 2021-1A, Class E, 11.986% (3-Month Term SOFR + 6.672%) due 4/15/34(a)(c)		267,402
	250,000	Baa3(b)	Dryden 49 Senior Loan Fund, Series 2017-49A, Class DR, 8.960% (3-Month Term SOFR + 3.662%) due 7/18/30(a)(c)		249,428
	300,000	BBB-	ICG US CLO Ltd., Series 2022-1A, Class DJ, 11.048% (3-Month Term SOFR + 5.730%) due 7/20/35(a)(c)		299,724
	360,000	BB-	Madison Park Funding XXXV Ltd., Series 2019-35A, Class ER, 11.679% (3-Month Term SOFR + 6.362%) due 4/20/32(a)(c)		360,441
	250,000	Ba1(b)	Marble Point CLO XIV Ltd., Series 2018-2A, Class D, 9.109% (3-Month Term SOFR + 3.792%) due 1/20/32(a)(c)		242,579
	280,000	Baa3(b)	Mountain View CLO IX Ltd., Series 2015-9A, Class CR, 8.696% (3-Month Term SOFR + 3.382%) due 7/15/31(a)(c)		267,911
	250,000	BB-	Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class DR2, 11.499% (3-Month Term SOFR + 6.182%) due 10/21/30(a)(c)		251,244
	250,000	BBB-	Neuberger Berman Loan Advisers CLO 28 Ltd., Series 2018-28A, Class D, 8.429% (3-Month Term SOFR + 3.112%) due 4/20/30(a)(c)		248,810
	150,000	BBB-	Oaktree CLO Ltd., Series 2022-2A, Class DR, 9.814% (3-Month Term SOFR + 4.500%) due 7/15/33(a)(c)		150,401
	280,000	Baa3(b)	Ocean Trails CLO IX, Series 2020-9A, Class DR, 9.326% (3-Month Term SOFR + 4.012%) due 10/15/34(a)(c)		277,278
	210,000	BBB-	Ocean Trails CLO V, Series 2014-5A, Class DRR, 9.026% (3-Month Term SOFR + 3.712%) due 10/13/31(a)(c)		197,971
	110,000	Baa3(b)	Palmer Square Loan Funding Ltd., Series 2022-3A, Class C, 10.714% (3-Month Term SOFR + 5.400%) due 4/15/31(a)(c)		110,120
	230,000	BB-	Sculptor CLO XXVI Ltd., Series 26A, Class E, 12.829% (3-Month Term SOFR + 7.512%) due 7/20/34(a)(c)		222,658
	160,000	BBB-	Symphony CLO 40 Ltd., Series 2023-40A, Class D, 10.344% (3-Month Term SOFR + 5.000%) due 1/14/34(a)(c)		161,561
	250,000	Ba3(b)	Symphony CLO XX Ltd., Series 2018-20A, Class E, 11.866% (3-Month Term SOFR + 6.552%) due 1/16/32(a)(c)		234,857
	300,000	BBB-	Trinitas CLO XXVI Ltd., Series 2023-26A, Class D, 9.818% (3-Month Term SOFR + 4.500%) due 1/20/35(a)(c)		301,611
	350,000	BB-	Voya CLO Ltd., Series 2017-3A, Class DR, 12.529% (3-Month Term SOFR + 7.212%) due 4/20/34(a)(c)		343,929

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $4,740,504)		4,714,294


SENIOR LOANS — 2.2%
	57,750	NR	Acrisure LLC, (Cost — $57,689, acquired 1/31/20), 8.941% (1-Month USD-LIBOR + 3.500%) due 2/15/27(c)(e)		57,764
	360,705	NR	Arctic Canadian Diamond Co., Ltd., (Cost — $360,705, acquired 2/2/21), 10.000% (3-Month USD-LIBOR + 10.000%) due 12/31/24(c)(e)(f)(g)		326,077
	109,725	NR	Clarios Global LP, (Cost — $110,082, acquired 1/12/24), 8.326% (1-Month CME Term SOFR + 3.000%) due 5/6/30(c)(e)		109,948
	130,000	NR	Cotiviti Holdings Inc., (Cost — $129,350, acquired 2/22/24) due 2/24/31(e)(k)		129,675

See Notes to Financial Statements.

204



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

SENIOR LOANS — 2.2% — (continued)
$	317,625	NR	DCert Buyer Inc., (Cost — $313,522, acquired 4/17/20), 9.326% (1-Month CME Term SOFR + 4.000%) due 10/16/26(c)(e)	$	315,730
	180,000	NR	DCert Buyer Inc., (Cost — $179,720, acquired 2/16/21), 12.326% (1-Month CME Term SOFR + 7.000%) due 2/19/29(c)(e)		164,764
	80,000	NR	Deerfield Dakota Holding LLC, (Cost — $79,390, acquired 3/5/20), 12.360% (3-Month CME Term SOFR + 6.750%) due 4/7/28(c)(e)		79,650
	260,550	NR	Equinox Holdings Inc., (Cost — $260,510, acquired 6/9/20), 14.610% (6-Month USD-LIBOR + 9.000%) due 3/8/24(c)(e)		258,433
	57,846	NR	EyeCare Partners LLC, (Cost — $57,821, acquired 2/5/20), 9.324% (3-Month CME Term SOFR + 3.750%) due 2/18/27(c)(e)(g)		31,454
	46,687	NR	Global Tel Link Corporation, (Cost — $46,139, acquired 8/16/19), 9.676% (3-Month CME Term SOFR + 4.250%) due 11/29/25(c)(e)		45,554
	224,000	NR	Mileage Plus Holdings LLC, (Cost — $221,867, acquired 6/25/20), 10.770% (3-Month CME Term SOFR + 5.250%) due 6/21/27(c)(e)		231,026
	31,418	NR	MRI Software LLC, (Cost — $30,886, acquired 3/20/23), 10.948% (3-Month CME Term SOFR + 5.500%) due 2/10/27(c)(e)		31,339
	18,069	NR	MRI Software LLC, (Cost — $17,763, acquired 3/20/23), 10.948% (3-Month CME Term SOFR + 5.500%) due 2/10/27(c)(e)		18,024
	148,199	NR	Peraton Corp., (Cost — $147,779, acquired 2/23/21), 9.176% (1-Month CME Term SOFR + 3.750%) due 2/1/28(c)(e)		148,539
	162,198	NR	R.R. Donnelley & Sons Co., (Cost — $158,227, acquired 3/23/23), 12.676% (1-Month CME Term SOFR + 7.250%) due 3/22/28(c)(e)		163,288
	109,461	NR	Redstone HoldCo 2 LP, (Cost — $108,814, acquired 4/16/21), 10.191% (1-Month CME Term SOFR + 4.750%) due 4/27/28(c)(e)		91,144
	241,215	NR	Sedgwick Claims Management Services Inc., (Cost — $225,854, acquired 2/24/23), 9.076% (1-Month CME Term SOFR + 3.750%) due 2/24/28(c)(e)		241,846
	68,042	NR	Spencer Spirit IH LLC, (Cost — $67,597, acquired 6/14/19), 11.430% (1-Month CME Term SOFR + 6.000%) due 6/19/26(c)(e)		67,943
	80,000	NR	United AirLines Inc., (Cost — $79,600, acquired 2/15/24), 8.076% (3-Month CME Term SOFR + 2.750%) due 2/22/31(c)(e)		80,050
	308,805	NR	Verscend Holding Corp., 9.441% (1-Month CME Term SOFR + 4.000%) due 8/27/25(c)		309,416

			TOTAL SENIOR LOANS (Cost — $2,958,065)		2,901,664


COMMON STOCKS — 0.2%

ENERGY — 0.2%

Oil & Gas — 0.2%
	18,672		Berry Corp.		131,638
	1,156		Chord Energy Corp.		187,792

			TOTAL COMMON STOCKS (Cost — $148,347)		319,430


CONVERTIBLE PREFERRED STOCKS — 0.2%

ENERGY — 0.2%

Pipelines — 0.2%
	7,695		Equitrans Midstream Corp., 9.750% (3-Month USD-LIBOR + 8.150%)(c)(d)		167,366
	3,253		MPLX LP, (Cost — $105,723, acquired 12/16/20), step bond to yield, 9.538%(d)(e)(f)		121,711

			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost — $276,936)		289,077

See Notes to Financial Statements.

205



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

SOVEREIGN BOND — 0.0%@

Argentina — 0.0%@
$	100,000	CCC-	Provincia de Buenos Aires/Government Bonds, step bond to yield, 6.375% due 9/1/37(a) (Cost — $36,270)	$	38,875

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $132,981,384)		128,266,377


SHORT-TERM INVESTMENTS — 4.7%

TIME DEPOSITS — 4.7%
	1,450,121		Citibank — New York, 4.680% due 3/1/24		1,450,121
	4,867,144		JPMorgan Chase & Co. — New York, 4.680% due 3/1/24		4,867,144
	104		Sumitomo Mitsui Banking Corp. — Tokyo, 4.680% due 3/1/24		104

			TOTAL SHORT-TERM INVESTMENTS (Cost — $6,317,369)		6,317,369

			TOTAL INVESTMENTS — 100.0% (Cost — $139,298,753)		134,583,746

			Other Assets in Excess of Liabilities — 0.0%		15,596

			TOTAL NET ASSETS — 100.0%	$	134,599,342

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

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

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)

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 29, 2024, amounts to $106,972,733 and represents 79.5% of net assets.

(b)	Rating by Moody's Investors Service.

(c)	Variable rate security. Interest rate disclosed is that which was in effect at February 29, 2024.

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

(e)	The aggregate value of restricted securities (excluding 144A holdings) at February 29, 2024, amounts to $2,713,959 and represents 2.0% of net assets.

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

(g)	Illiquid security.

(h)	Rating by Fitch Ratings Service.

(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 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.

#	Security that used significant unobservable inputs to determine fair value. At February 29, 2024, the Fund held Level 3 security in the amount of $0, representing 0.0% of net assets.

At February 29, 2024, 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

$ 139,298,753

2,982,482

(7,697,489)

(4,715,007)

See Notes to Financial Statements.

206



Schedules of Investments


(unaudited) (continued)


High Yield Fund


Abbreviations used in this schedule:
CLO		— Collateralized Loan Obligation
CMT		— Constant Maturity Treasury Rate
DAC		— Designated Activity Company
ICE		— Intercontinental Exchange
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
PLC		— Public Limited Company
SOFR		— Secured Overnight Financing Rate


Summary of Investments by Security Type^
Corporate Bonds & Notes	89.2	%
Collateralized Mortgage Obligations	3.5
Senior Loans	2.2
Common Stocks	0.2
Convertible Preferred Stocks	0.2
Sovereign Bond	0.0	*
Short-Term Investments	4.7

Total Investments	100.0	%

^	As a percentage of total investments.

*	Position represents less than 0.05%.

See pages 264-265 for definitions of ratings.

See Notes to Financial Statements.

207



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	MORTGAGE — BACKED SECURITIES — 29.4%

FHLMC — 3.4%
			Federal Home Loan Mortgage Corp. (FHLMC):
$	28,693		3.500% due 10/1/39	$	26,650
	381,675		2.500% due 12/1/51		313,879
	92,163		2.000% due 3/1/52		72,534
	1,203,841		4.500% due 9/1/52 – 10/1/52		1,139,921
	4,908,509		6.500% due 3/1/53 – 3/1/54		4,996,742

			TOTAL FHLMC		6,549,726


FNMA — 25.1%
			Federal National Mortgage Association (FNMA):
	323,532		3.500% due 10/1/34 – 6/1/50		294,226
	12,316		6.386% (1-Year CMT Index + 2.360%) due 11/1/34(a)		12,669
	3,030,504		6.500% due 8/1/37 – 8/1/53		3,086,942
	9,300,000		5.000% due 5/1/42(b)		9,019,372
	420,421		3.000% due 10/1/49 5/1/51		363,641
	87,962		4.000% due 6/1/50		81,660
	444,212		2.000% due 3/1/52		350,252
	6,463,689		4.500% due 5/1/52 – 5/1/53		6,116,137
	8,054,889		6.000% due 4/1/53 – 7/1/53		8,094,473
	588,334		5.500% due 9/1/53		581,975
	5,850,000		4.000% due 3/1/54 – 4/1/54(b)		5,384,556
	2,400,000		4.500% due 3/1/54(b)		2,269,550
	9,700,000		6.500% due 3/1/54(b)		9,871,282
	2,900,000		5.500% due 4/1/54(b)		2,867,581

			TOTAL FNMA		48,394,316


GNMA — 0.9%
			Government National Mortgage Association II (GNMA):
	1,446		6.000% due 9/20/38		1,461
	1,900,000		3.000% due 3/20/54(b)		1,666,938

			TOTAL GNMA		1,668,399

			TOTAL MORTGAGE-BACKED SECURITIES (Cost — $57,245,443)		56,612,441


	SOVEREIGN BONDS — 28.8%

	Argentina — 0.0%@
	22,000	^ARS	Provincia de Buenos Aires, 112.831% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days Index + 3.750%) due 4/12/25(a)(c)(d)		29


	Australia — 0.0%@
			Australia Government Bonds:
	100,000	^AUD	2.500% due 5/21/30		60,061
	50,000	^AUD	1.750% due 6/21/51		18,515

			Total Australia		78,576


	Brazil — 0.3%
	3,300,000	^BRL	Brazil Letras do Tesouro Nacional, zero coupon due 7/1/24		642,308


	Canada — 0.8%
	1,700,000	^CAD	Canadian Government Bonds, 3.250% due 12/1/33		1,227,158
	27,900,000	^INR	Export Development Canada, 7.130% due 3/11/29(c)		336,570

			Total Canada		1,563,728


	Chile — 0.1%
	200,000		Chile Government International Bonds, 4.850% due 1/22/29		198,636

See Notes to Financial Statements.

208



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	China — 4.4%
			China Government Bonds:
	7,500,000	^CNY	2.800% due 3/24/29	$	1,067,640
	7,100,000	^CNY	3.290% due 5/23/29		1,037,165
	6,300,000	^CNY	2.800% due 3/25/30		897,808
	6,000,000	^CNY	2.600% due 9/15/30		848,363
	14,200,000	^CNY	2.690% due 8/15/32		2,018,208
	13,700,000	^CNY	2.800% due 11/15/32		1,962,520
	4,090,000	^CNY	3.190% due 4/15/53		651,372

			Total China		8,483,076


	France — 2.6%
			French Republic Government Bonds OAT:
	900,000	^EUR	3.250% due 5/25/45		973,404
	3,300,000	^EUR	2.000% due 5/25/48(c)		2,817,596
	1,650,000	^EUR	0.750% due 5/25/52		964,394
	500,000	^EUR	0.500% due 5/25/72(c)		209,913

			Total France		4,965,307


	Hungary — 0.1%
$	200,000		Hungary Government International Bonds, 6.250% due 9/22/32(c)		206,640


	Israel — 0.2%
	2,000,000	^ILS	Israel Government Bonds – Fixed, 1.000% due 3/31/30		476,019


	Italy — 0.9%
	400,000		Cassa Depositi e Prestiti SpA, 5.750% due 5/5/26(c)		396,518
			Italy Buoni Poliennali Del Tesoro:
	600,000	^EUR	zero coupon due 4/1/26		606,074
	200,000	^EUR	3.850% due 9/15/26		219,256
	400,000	^GBP	Republic of Italy Government International Bonds, 6.000% due 8/4/28		517,602

			Total Italy		1,739,450


	Japan — 9.3%
			Japan Government Thirty Year Bonds:
	210,000,000	^JPY	1.700% due 9/20/44		1,457,265
	280,000,000	^JPY	1.400% due 9/20/45		1,829,615
	152,000,000	^JPY	0.500% due 9/20/46		813,461
	98,000,000	^JPY	0.700% due 12/20/48		533,391
	360,000,000	^JPY	0.500% due 3/20/49		1,853,735
	125,000,000	^JPY	0.700% due 6/20/51		656,644
	210,000,000	^JPY	0.700% due 12/20/51		1,096,773
			Japan Government Twenty Year Bonds:
	181,000,000	^JPY	1.200% due 9/20/35		1,253,846
	200,000,000	^JPY	1.000% due 12/20/35		1,353,466
	20,000,000	^JPY	0.400% due 3/20/36		125,940
	170,000,000	^JPY	1.500% due 9/20/43		1,147,420
			Japan Government Two Year Bonds:
	160,000,000	^JPY	0.005% due 3/1/24		1,067,271
	180,000,000	^JPY	0.005% due 4/1/24		1,200,817
	80,000,000	^JPY	0.005% due 5/1/24		533,747
	160,000,000	^JPY	0.005% due 10/1/24		1,067,420
	110,000,000	^JPY	0.100% due 1/1/26		732,818
	158,755,590	^JPY	Japanese Government CPI Linked Bonds, 0.100% due 3/10/28		1,113,508

			Total Japan		17,837,137


	Malaysia — 1.4%
	12,523,000	^MYR	Malaysia Government Bonds, 3.519% due 4/20/28		2,631,690

See Notes to Financial Statements.

209



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	Peru — 0.1%
	400,000	^PEN	Peruvian Government International Bonds, 5.940% due 2/12/29(c)	$	106,723


	Poland — 0.3%
			Poland Government International Bonds:
	200,000	^EUR	3.875% due 2/14/33		221,855
$	100,000		4.875% due 10/4/33		98,075
	100,000	^EUR	4.250% due 2/14/43		109,709
	100,000		5.500% due 4/4/53		99,919

			Total Poland		529,558


	Romania — 0.6%
			Romanian Government International Bonds:
	600,000	^EUR	6.625% due 9/27/29		694,634
	200,000	^EUR	1.750% due 7/13/30(c)		175,446
	100,000	^EUR	2.000% due 4/14/33(c)		81,277
	50,000	^EUR	2.750% due 4/14/41(c)		35,867
	200,000	^EUR	2.875% due 4/13/42(c)		144,089

			Total Romania		1,131,313


	Saudi Arabia — 0.6%
			Saudi Government International Bonds:
	400,000		4.750% due 1/18/28(c)		396,589
	700,000		4.875% due 7/18/33(c)		686,152

			Total Saudi Arabia		1,082,741


	Serbia — 0.1%
			Serbia International Bonds:
	100,000	^EUR	1.000% due 9/23/28(c)		91,128
	100,000	^EUR	1.650% due 3/3/33(c)		79,484

			Total Serbia		170,612


	Singapore — 0.5%
			Singapore Government Bonds:
	30,000	^SGD	3.375% due 9/1/33		22,834
	1,270,000	^SGD	2.250% due 8/1/36		862,681

			Total Singapore		885,515


	Spain — 4.4%
	100,000	^EUR	Autonomous Community of Catalonia, 4.220% due 4/26/35		108,650
			Spain Government Bonds:
	1,400,000	^EUR	2.800% due 5/31/26		1,504,079
	400,000	^EUR	1.450% due 10/31/27(c)		410,231
	1,500,000	^EUR	1.400% due 7/30/28(c)		1,520,142
	450,000	^EUR	1.450% due 4/30/29(c)		452,261
	400,000	^EUR	0.700% due 4/30/32(c)		358,091
	2,100,000	^EUR	2.550% due 10/31/32(c)		2,167,454
	400,000	^EUR	1.850% due 7/30/35(c)		371,101
	500,000	^EUR	1.900% due 10/31/52(c)		361,300
	850,000	^EUR	3.450% due 7/30/66(c)		832,370
	800,000	^EUR	1.450% due 10/31/71(c)		420,836

			Total Spain		8,506,515


United Kingdom — 2.1%
			United Kingdom Gilts:
	1,350,000	^GBP	3.250% due 1/22/44		1,420,484
	700,000	^GBP	3.500% due 1/22/45		760,269
	500,000	^GBP	1.750% due 1/22/49		371,132

See Notes to Financial Statements.

210



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

United Kingdom — 2.1% — (continued)
	1,400,000	^GBP	0.625% due 10/22/50	$	712,953
	1,300,000	^GBP	1.250% due 7/31/51		804,477

			Total United Kingdom		4,069,315

			TOTAL SOVEREIGN BONDS (Cost — $69,246,913)		55,304,888


COLLATERALIZED MORTGAGE OBLIGATIONS — 17.0%
$	201,800		ACAS CLO Ltd., Series 2015-1A, Class AR3, 6.450% (3-Month Term SOFR + 1.152%) due 10/18/28(a)(c)		201,797
	321,020		ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE5, Class M4, 6.335% (1-Month Term SOFR + 1.014%) due 8/25/35(a)		311,118
	213,468	^GBP	ALBA PLC, Series 2007-1, Class A3, 5.510% (Sterling Overnight Index Average + 0.289%) due 3/17/39(a)		263,186
	246,076		AMMC CLO 21 Ltd., Series 2017-21A, Class A, 6.827% (3-Month Term SOFR + 1.512%) due 11/2/30(a)(c)		246,946
	241,751		Apidos CLO XXVI, Series 2017-26A, Class A1AR, 6.460% (3-Month Term SOFR + 1.162%) due 7/18/29(a)(c)		241,930
	400,000		Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL1, Class A, 6.775% (30-Day Average SOFR + 1.450%) due 1/15/37(a)(c)		398,962
	359,067		Argent Mortgage Loan Trust, Series 2005-W1, Class A1, 5.915% (1-Month Term SOFR + 0.594%) due 5/25/35(a)		303,057
	5,159		Banc of America Funding Trust, Series 2006-A, Class 1A1, 5.724% due 2/20/36(a)		4,765
	140,754		Bayview Financial Asset Trust, Series 2007-SR1A, Class A, 5.885% (1-Month Term SOFR + 0.564%) due 3/25/37(a)(c)		138,544
	400,000		BDS Ltd., Series 2021-FL10, Class A, 6.784% (1-Month Term SOFR + 1.464%) due 12/16/36(a)(c)		398,344
			Bear Stearns Adjustable Rate Mortgage Trust:
	1,704		Series 2003-5, Class 1A2, 4.385% due 8/25/33(a)		1,602
	2,058		Series 2003-7, Class 6A, 5.664% due 10/25/33(a)		1,927
	7,506		Series 2004-2, Class 22A, 5.562% due 5/25/34(a)		6,931
	1,471		Series 2004-2, Class 23A, 4.000% due 5/25/34(a)		1,244
	30,532		Bear Stearns Structured Products Inc. Trust, Series 2007-R6, Class 1A1, 5.011% due 1/26/36(a)		23,097
	383,431		BIG Commercial Mortgage Trust, Series 2022-BIG, Class A, 6.660% (1-Month Term SOFR + 1.342%) due 2/15/39(a)(c)		379,095
	104,837	^EUR	BlueMountain Fuji Euro CLO II DAC, Series 2017-2A, Class AR, 4.592% (3-Month EURIBOR + 0.650%) due 7/15/30(a)(c)		113,010
	300,000	^EUR	BNPP AM Euro CLO DAC, Series 2019-1A, Class AR, 4.790% (3-Month EURIBOR + 0.820%) due 7/22/32(a)(c)		320,802
	209,819	^EUR	Cairn CLO VII DAC, Series 2016-7A, Class A1R, 4.582% (3-Month EURIBOR + 0.670%) due 1/31/30(a)(c)		225,813
	249,765	^EUR	Cairn CLO X DAC, Series 2018-10A, Class AR, 4.722% (3-Month EURIBOR + 0.780%) due 10/15/31(a)(c)		268,171
	320,496		CARLYLE US CLO Ltd., Series 2017-1A, Class A1R, 6.579% (3-Month Term SOFR + 1.262%) due 4/20/31(a)(c)		320,626
	304,697		CIFC Funding Ltd., Series 2017-4A, Class A1R, 6.530% (3-Month Term SOFR + 1.212%) due 10/24/30(a)(c)		304,977
			Countrywide Alternative Loan Trust:
	3,388		Series 2005-21CB, Class A3, 5.250% due 6/25/35		2,542
	16,796		Series 2007-16CB, Class 5A1, 6.250% due 8/25/37		7,961
	33,091		Series 2007-11T1, Class A12, 5.785% (1-Month Term SOFR + 0.464%) due 5/25/37(a)		10,925
	25,564		Series 2007-7T2, Class A9, 6.000% due 4/25/37		11,499
			Countrywide Asset-Backed Certificates:
	261,901		Series 2007-9, Class 2A4, 5.685% (1-Month Term SOFR + 0.364%) due 2/25/36(a)		246,183
	39,469		Series 2007-12, Class 1A1, 6.175% (1-Month Term SOFR + 0.854%) due 8/25/47(a)		37,602
	293,769		Series 2007-13, Class 1A, 6.275% (1-Month Term SOFR + 0.954%) due 10/25/47(a)		280,576
	7,018		Series 2007-SEA2, Class 1A1, 7.435% (1-Month Term SOFR + 2.114%) due 8/25/47(a)(c)		7,019

See Notes to Financial Statements.

211



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 17.0% — (continued)
			Countrywide Home Loan Mortgage Pass-Through Trust:
$	40,574		Series 2005-2, Class 1A1, 6.075% (1-Month Term SOFR + 0.754%) due 3/25/35(a)	$	34,673
	2,827		Series 2005-3, Class 2A1, 6.015% (1-Month Term SOFR + 0.694%) due 4/25/35(a)		2,560
	40,698		Series 2005-9, Class 1A3, 5.895% (1-Month Term SOFR + 0.574%) due 5/25/35(a)		34,545
	12,050		Series 2005-11, Class 3A1, 3.738% due 4/25/35(a)		8,214
	6,751		Series 2005-HYB9, Class 3A2A, 7.884% (1-Year Term SOFR + 2.465%) due 2/20/36(a)		5,661
	497,342		Series 2007-4, Class 1A47, 6.000% due 5/25/37		220,530
	92,009		Series 2007-19, Class 2A1, 6.500% due 11/25/47		46,033
			Credit Suisse Commercial Mortgage Capital Trust:
	34,301		Series 2007-5R, Class A5, 6.500% due 7/26/36		8,525
	79,205		Series 2021-INV1, Class A3, 2.500% due 7/25/56(a)(c)		63,642
	126,963		CSAB Mortgage-Backed Trust, Series 2006-4, Class A6A, step bond to yield, 6.184% due 12/25/36		22,925
	296,866	^EUR	CVC Cordatus Loan Fund XI DAC, Series 11A, Class AR, 4.592% (3-Month EURIBOR + 0.650%) due 10/15/31(a)(c)		318,055
	500,000	^EUR	CVC Cordatus Opportunity Loan Fund DAC, Series 1A, Class A (3-Month EURIBOR + 1.380%) due 8/15/33(a)(c)		540,427
	375,977		Deutsche Alternative-A Securities Mortgage Loan Trust, Series 2007-3, Class 2A1, 6.185% (1-Month Term SOFR + 0.864%) due 10/25/47(a)		266,677
	297,695	^EUR	Dryden 27 Euro CLO DAC, Series 2017-27A, Class AR, 4.602% (3-Month EURIBOR + 0.660%) due 4/15/33(a)(c)		318,193
	374,555		Dryden 55 CLO Ltd., Series 2018-55A, Class A1, 6.596% (3-Month Term SOFR + 1.282%) due 4/15/31(a)(c)		374,704
	141,932		Dryden Senior Loan Fund, Series 2017-47A, Class A1R, 6.556% (3-Month Term SOFR + 1.242%) due 4/15/28(a)(c)		142,011
	242,052		Elevation CLO Ltd., Series 2017-8A, Class A1R2, 6.536% (3-Month Term SOFR + 1.212%) due 10/25/30(a)(c)		241,856
	333,103		Ellington Loan Acquisition Trust, Series 2007-2, Class A1, 6.485% (1-Month Term SOFR + 1.164%) due 5/25/37(a)(c)		324,843
	400,000		Elmwood CLO VII Ltd., Series 2020-4A, Class AR, 6.947% (3-Month Term SOFR + 1.630%) due 1/17/34(a)(c)		400,719
	63,411	^GBP	Eurohome UK Mortgages PLC, Series 2007-1, Class A, 5.490% (3-Month GBP-LIBOR + 0.150%) due 6/15/44(a)		78,867
	203,390	^GBP	Eurosail-UK PLC, Series 2007-4X, Class A3, 6.290% (Sterling Overnight Index Average + 1.069%) due 6/13/45(a)		256,274
	366,133		Extended Stay America Trust, Series 2021-ESH, Class A, 6.512% (1-Month Term SOFR + 1.194%) due 7/15/38(a)(c)		365,926
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	6,977		Series 2391, Class FJ, 5.939% (30-Day Average SOFR + 0.614%) due 4/15/28(a)		6,962
	18,944		Series 2614, Class SJ, 4.705% (19.348% - 2.750% x 30-Day Average SOFR) due 5/15/33(e)		19,639
	67,568		Series 4579, Class FD, 5.559% (30-Day Average SOFR + 0.464%) due 1/15/38(a)		66,873
	67,568		Series 4579, Class SD, 0.000% due 1/15/38(a)(f)		3,569
			Federal Home Loan Mortgage Corp. (FHLMC), Structured Pass-Through Certificates:
	10,352		Series T-35, Class A, 5.716% (30-Day Average SOFR + 0.394%) due 9/25/31(a)		10,451
	16,551		Series T-62, Class 1A1, 6.281% (1-Year Treasury Average Rate + 1.200%) due 10/25/44(a)		15,013
	3,717		Federal National Mortgage Association (FNMA), Grantor Trust, Series 2004-T3, Class 1A1, 6.000% due 2/25/44		3,677
			Federal National Mortgage Association (FNMA), REMICS:
	3,726		Series 2003-34, Class A1, 6.000% due 4/25/43		3,721
	4,217		Series 2006-48, Class TF, 5.836% (30-Day Average SOFR + 0.514%) due 6/25/36(a)		4,160
	45,986		Series 2009-104, Class FA, 6.236% (30-Day Average SOFR + 0.914%) due 12/25/39(a)		45,992
	22,355		Federal National Mortgage Association (FNMA), REMIC Trust, Series 2004-W12, Class 1A1, 6.000% due 7/25/44		22,826
	400,000		FORT CRE Issuer LLC, Series 2022-FL3, Class A, 7.172% (30-Day Average SOFR + 1.850%) due 2/23/39(a)(c)		394,467

See Notes to Financial Statements.

212



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 17.0% — (continued)
$	306,525		Galaxy XV CLO Ltd., Series 2013-15A, Class ARR, 6.546% (3-Month Term SOFR + 1.232%) due 10/15/30(a)(c)	$	306,671
	477,708		Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 6.666% (3-Month Term SOFR + 1.352%) due 7/15/31(a)(c)		477,770
	879,519		GCAT Trust, Series 2023-NQM4, Class A1, 4.250% due 5/25/67(a)(c)		815,803
	10,521		GMACM Mortgage Loan Trust, Series 2005-AR6, Class 3A1, 4.261% due 11/19/35(a)		8,724
			Government National Mortgage Association (GNMA):
	187,744		Series 2016-H15, Class FA, 6.263% (1-Month Term SOFR + 0.914%) due 7/20/66(a)		187,012
	3,989		Series 2017-121, Class PE, 3.000% due 7/20/46		3,770
	797,429		GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ4, Class A4, 2.500% due 9/25/52(a)(c)		640,743
			GS Mortgage-Backed Securities Trust:
	82,487		Series 2021-GR3, Class A2, 2.500% due 4/25/52(a)(c)		66,154
	82,167		Series 2021-INV1, Class A2, 2.500% due 12/25/51(a)(c)		66,022
			GSR Mortgage Loan Trust:
	1,402		Series 2003-1, Class A2, 6.780% (1-Year CMT Index + 1.750%) due 3/25/33(a)		1,379
	30,809		Series 2005-AR7, Class 2A1, 4.695% due 11/25/35(a)		29,152
	400,000		HalseyPoint CLO 3 Ltd., Series 2020-3A, Class A1A, 7.029% (3-Month Term SOFR + 1.712%) due 11/30/32(a)(c)		400,400
			Harborview Mortgage Loan Trust:
	9,598		Series 2005-2, Class 2A1A, 5.874% (1-Month Term SOFR + 0.554%) due 5/19/35(a)		8,623
	15,548		Series 2005-3, Class 2A1A, 5.914% (1-Month Term SOFR + 0.594%) due 6/19/35(a)		14,628
	45,559		Series 2006-SB1, Class A1A, 5.931% (1-Year Treasury Average Rate + 0.850%) due 12/19/36(a)		38,081
	60,964		Series 2007-1, Class 2A1A, 5.694% (1-Month Term SOFR + 0.374%) due 3/19/37(a)		53,666
	198,474	^EUR	Harvest CLO XI DAC, Series 2011-A, Class ARR, 4.566% (3-Month EURIBOR + 0.650%) due 6/26/30(a)(c)		213,500
	500,000	^EUR	Hayfin Emerald CLO XII DAC, Series 12-A, Class A, 5.662% (3-Month EURIBOR + 1.740%) due 1/25/37(a)(c)		543,770
			JPMorgan Mortgage Trust:
	1,935		Series 2003-A2, Class 3A1, 4.785% due 11/25/33(a)		1,787
	436		Series 2005-A1, Class 6T1, 5.318% due 2/25/35(a)		397
	331,809		Series 2021-10, Class A3, 2.500% due 12/25/51(a)(c)		266,199
	976,994		Series 2021-INV4, Class A2, 3.000% due 1/25/52(a)(c)		818,136
	825,814		Series 2021-INV8, Class A2, 3.000% due 5/25/52(a)(c)		688,426
	608,126		Series 2022-INV1, Class A3, 3.000% due 3/25/52(a)(c)		509,245
	813,794		Series 2022-LTV2, Class A3, 3.500% due 9/25/52(a)(c)		707,913
	2,872		LCM XIII LP, Series 13A, Class AR3, 6.441% (3-Month Term SOFR + 1.132%) due 7/19/27(a)(c)		2,873
	303,143	^GBP	Ludgate Funding PLC, Series 2007-1, Class A2A, 5.483% (3-Month GBP-LIBOR + 0.160%) due 1/1/61(a)		370,766
	300,000		Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.130% due 9/10/39(c)		265,898
	133,647		Marble Point CLO X Ltd., Series 2017-1A, Class AR, 6.616% (3-Month Term SOFR + 1.302%) due 10/15/30(a)(c)		133,710
	2,148		Merrill Lynch Mortgage Investors Trust, Series 2003-A2, Class 1A1, 5.857% due 2/25/33(a)		1,951
	41,022		MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, Class A, 6.282% (1-Month Term SOFR + 0.964%) due 7/15/36(a)(c)		40,883
			MFA Trust:
	130,163		Series 2020-NQM2, Class A1, 1.381% due 4/25/65(a)(c)		120,771
	482,349		Series 2023-NQM4, Class A1, step bond to yield, 6.105% due 12/25/68(c)		484,037
	900,000		Neuberger Berman Loan Advisers NBLA CLO 53 Ltd., Series 2023-53A, Class A, 6.929% (3-Month Term SOFR + 1.590%) due 10/24/32(a)(c)		906,496
			New Residential Mortgage Loan Trust:
	163,624		Series 2019-RPL3, Class A1, 2.750% due 7/25/59(a)(c)		154,336
	172,455		Series 2020-RPL1, Class A1, 2.750% due 11/25/59(a)(c)		161,394
	390,247	^GBP	Newgate Funding PLC, Series 2007-1X, Class A3, 5.509% (3-Month GBP-LIBOR + 0.160%) due 12/1/50(a)		479,234

See Notes to Financial Statements.

213



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 17.0% — (continued)
$	400,000		NovaStar Mortgage Funding Trust, Series 2006-1, Class A2D, 5.975% (1-Month Term SOFR + 0.654%) due 5/25/36(a)	$	374,490
	400,000		NYO Commercial Mortgage Trust, Series 2021-1290, Class A, 6.527% (1-Month Term SOFR + 1.209%) due 11/15/38(a)(c)		383,878
	1,100,000		OBX Trust, Series 2024-HYB1, Class A1, 3.520% due 3/25/53(a)(c)		1,046,256
	300,000		One New York Plaza Trust, Series 2020-1NYP, Class A, 6.382% (1-Month Term SOFR + 1.064%) due 1/15/36(a)(c)		292,085
	54,010		Option One Mortgage Loan Trust, Series 2007-CP1, Class 1A1, 5.575% (1-Month Term SOFR + 0.254%) due 3/25/37(a)		47,582
	467,164		OZLM IX Ltd., Series 2014-9A, Class A1A3, 6.679% (3-Month Term SOFR + 1.362%) due 10/20/31(a)(c)		467,937
	500,000	^EUR	Palmer Square European Loan Funding DAC, Series 2023-3A, Class A, 5.494% (3-Month EURIBOR + 1.500%) due 5/15/33(a)(c)		541,197
	276,629		PRET LLC, Series 2021-RN3, Class A1, step bond to yield, 1.843% due 9/25/51(c)		264,282
	481,785		PRKCM Trust, Series 2023-AFC4, Class A1, step bond to yield, 7.225% due 11/25/58(c)		493,434
	491,586		PRPM Trust, Series 2023-NQM3, Class A1, step bond to yield, 6.221% due 11/25/68(c)		493,129
			RALI Trust:
	73,168		Series 2006-QS6, Class 1A1, 6.000% due 6/25/36		55,259
	40,937		Series 2007-QO2, Class A1, 5.585% (1-Month Term SOFR + 0.264%) due 2/25/47(a)		14,163
			Residential Asset Securitization Trust:
	13,320		Series 2005-A15, Class 5A1, 5.750% due 2/25/36		4,829
	36,740		Series 2006-R1, Class A2, 5.835% (1-Month Term SOFR + 0.514%) due 1/25/46(a)		10,567
	107,032	^GBP	Residential Mortgage Securities 32 PLC, Series 32A, Class A, 6.471% (Sterling Overnight Index Average + 1.250%) due 6/20/70(a)(c)		135,421
	148,395	^GBP	ResLoC UK PLC, Series 2007-1X, Class A3B, 5.500% (Sterling Overnight Index Average + 0.279%) due 12/15/43(a)		182,692
	786,541	^GBP	Ripon Mortgages PLC, Series 1RA, Class A, 5.921% (Sterling Overnight Index Average + 0.700%) due 8/28/56(a)(c)		992,607
			RMAC Securities No 1 PLC:
	283,622	^GBP	Series 2006-NS3X, Class A2A, 5.490% (Sterling Overnight Index Average + 0.269%) due 6/12/44(a)		348,957
	146,843	^GBP	Series 2006-NS1X, Class A2A, 5.490% (Sterling Overnight Index Average + 0.269%) due 6/12/44(a)		181,288
	295,017	^EUR	Shamrock Residential DAC, Series 2022-1, Class A, 4.714% (1-Month EURIBOR + 0.850%) due 1/24/61(a)		318,834
	701,820		Signal Peak CLO 5 Ltd., Series 2018-5A, Class A, 6.696% (3-Month Term SOFR + 1.372%) due 4/25/31(a)(c)		704,187
	252,827		Sound Point CLO XVII, Series 2017-3A, Class A1R, 6.559% (3-Month Term SOFR + 1.242%) due 10/20/30(a)(c)		253,414
	962,024		Soundview Home Loan Trust, Series 2006-3, Class A4, 5.935% (1-Month Term SOFR + 0.614%) due 11/25/36(a)		908,884
			Structured Adjustable Rate Mortgage Loan Trust:
	1,809		Series 2004-1, Class 4A1, 6.912% due 2/25/34(a)		1,696
	1,611		Series 2004-4, Class 3A2, 6.717% due 4/25/34(a)		1,596
	21,994		Series 2004-19, Class 2A1, 6.481% (1-Year Treasury Average Rate + 1.400%) due 1/25/35(a)		18,774
			Structured Asset Mortgage Investments II Trust:
	22,144		Series 2005-AR2, Class 2A1, 5.895% (1-Month Term SOFR + 0.574%) due 5/25/45(a)		19,643
	22,053		Series 2005-AR8, Class A1A, 5.995% (1-Month Term SOFR + 0.674%) due 2/25/36(a)		17,903
	17,226		Series 2006-AR5, Class 1A1, 5.855% (1-Month Term SOFR + 0.534%) due 5/25/36(a)		11,416
	94,204		Series 2007-AR4, Class A3, 5.875% (1-Month Term SOFR + 0.554%) due 9/25/47(a)		80,225
	53,691		Series 2007-AR6, Class A1, 6.581% (1-Year Treasury Average Rate + 1.500%) due 8/25/47(a)		42,786
	44,766		Structured Asset Securities Corp., Series 2006-RF1, Class 1A, 5.715% (1-Month Term SOFR + 0.394%) due 1/25/36(a)(c)		36,673
	900,000		Symphony CLO 39 Ltd., Series 2023-39A, Class A, 7.002% (3-Month Term SOFR + 1.590%) due 4/25/34(a)(c)		900,448
	400,000		THL Credit Wind River CLO Ltd., Series 2019-3A, Class AR, 6.656% (3-Month Term SOFR + 1.342%) due 7/15/31(a)(c)		400,222

See Notes to Financial Statements.

214



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 17.0% — (continued)
	299,058	^GBP	Towd Point Mortgage Funding, Series 2019-A13A, Class A1, 6.571% (Sterling Overnight Index Average + 1.350%) due 7/20/45(a)(c)	$	378,418
	186,879	^GBP	Towd Point Mortgage Funding Auburn 14 PLC, Series 2020-A14X, Class A, 6.571% (Sterling Overnight Index Average + 1.350%) due 5/20/45(a)		237,065
			Towd Point Mortgage Trust:
$	529,407		Series 2019-4, Class A1, 2.900% due 10/25/59(a)(c)		496,054
	134,079		Series 2020-1, Class A1, 2.710% due 1/25/60(a)(c)		125,766
	106,768	^GBP	Trinity Square PLC, Series 2021-1A, Class A, 6.071% (Sterling Overnight Index Average + 0.850%) due 7/15/59(a)(c)		134,946
	62,090		US Capital Funding II Ltd./US Capital Funding II Corp., 6.580% (3-Month USD-LIBOR + 0.750%) due 8/1/34(a)(c)		62,090
	87,431		UWM Mortgage Trust, Series 2021-INV5, Class A12, 3.000% due 1/25/52(a)(c)		73,215
	400,000		Venture 38 CLO Ltd., Series 2019-38A, Class A1R, 6.739% (3-Month Term SOFR + 1.422%) due 7/30/32(a)(c)		400,832
	14,940		Venture XVII CLO Ltd., Series 2014-17A, Class ARR, 6.456% (3-Month Term SOFR + 1.142%) due 4/15/27(a)(c)		14,967
	41,088		Vibrant CLO VI Ltd., Series 2017-6A, Class AR, 6.582% (3-Month Term SOFR + 1.212%) due 6/20/29(a)(c)		41,102
	153,489		Vibrant CLO VII Ltd., Series 2017-7A, Class A1R, 6.619% (3-Month Term SOFR + 1.302%) due 9/15/30(a)(c)		153,565
	227,991		Voya CLO Ltd., Series 2017-1A, Class A1R, 6.528% (3-Month Term SOFR + 1.212%) due 4/17/30(a)(c)		228,182
			WaMu Mortgage Pass-Through Certificates Trust:
	3,878		Series 2002-AR9, Class 1A, 6.481% (1-Year Treasury Average Rate + 1.400%) due 8/25/42(a)		3,632
	1,098		Series 2003-AR5, Class A7, 4.830% due 6/25/33(a)		1,078
	40,900		Series 2003-AR9, Class 2A, 5.882% due 9/25/33(a)		36,704
	103,696		Series 2004-AR1, Class A, 5.676% due 3/25/34(a)		100,626
	12,761		Series 2005-AR13, Class A1A1, 6.015% (1-Month Term SOFR + 0.694%) due 10/25/45(a)		12,181
	20,500		Series 2006-AR10, Class 2A1, 4.176% due 9/25/36(a)		17,229
	32,219		Series 2006-AR13, Class 2A, 6.581% (1-Year Treasury Average Rate + 1.500%) due 10/25/46(a)		28,671
	15,101		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2006-AR5, Class 3A, 6.021% (1-Year Treasury Average Rate + 0.940%) due 7/25/46(a)		9,094
	40,250		Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2002-AR3, Class 1A7, 5.369% due 12/25/32(a)		38,947
	322,558		Wind River CLO Ltd., Series 2014-1A, Class ARR, 6.610% (3-Month Term SOFR + 1.312%) due 7/18/31(a)(c)		322,429

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $34,822,726)		32,707,328


	CORPORATE BONDS & NOTES — 10.2%

	Belgium — 0.1%
	200,000		KBC Group NV, Senior Unsecured Notes, 5.796% (1-Year CMT Index + 2.100%) due 1/19/29(a)(c)		201,198


	Canada — 0.3%
	100,000	^EUR	Fairfax Financial Holdings Ltd., Senior Unsecured Notes, 2.750% due 3/29/28		101,425
	500,000		Royal Bank of Canada, Covered Notes, 4.851% due 12/14/26(c)		499,218

			Total Canada		600,643


	Cayman Islands — 0.1%
	200,000		Sands China Ltd., Senior Unsecured Notes, 5.400% due 8/8/28		195,318


Denmark — 3.1%
	500,000		Danske Bank AS, Senior Non-Preferred Notes, 5.705% (1-Year CMT Index + 1.400%) due 3/1/30(a)(c)		501,039
			Jyske Realkredit AS, Covered Notes:
	2,400,000	^DKK	1.000% due 4/1/24		347,259
	5,875,121	^DKK	1.000% due 10/1/50		642,890

See Notes to Financial Statements.

215



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

Denmark — 3.1% — (continued)
	470,913	^DKK	1.500% due 10/1/53	$	54,491
			Nordea Kredit Realkreditaktieselskab, Covered Notes:
	9,400,000	^DKK	1.000% due 4/1/24		1,359,714
	9,098,714	^DKK	1.000% due 10/1/50		967,710
	188,114	^DKK	1.500% due 10/1/53		21,737
	3,071,352	^DKK	Nykredit Realkredit AS, Covered Notes, 1.000% due 10/1/50		341,553
			Realkredit Danmark AS, Covered Notes:
	2,200,000	^DKK	1.000% due 4/1/24		318,329
	4,000,000	^DKK	1.000% due 1/1/25		567,729
	4,100,000	^DKK	1.000% due 4/1/25		578,359
	1,203,280	^DKK	1.000% due 10/1/50		133,783
	793,370	^DKK	1.500% due 10/1/53		87,323

			Total Denmark		5,921,916


	France — 0.5%
$	400,000		BPCE SA, Senior Non-Preferred Notes, 6.612% (SOFR + 1.980%) due 10/19/27(a)(c)		407,998
			Societe Generale SA, Senior Non-Preferred Notes:
	300,000		2.889% (1-Year CMT Index + 1.300%) due 6/9/32(a)(c)		243,245
	400,000		3.337% (1-Year CMT Index + 1.600%) due 1/21/33(a)(c)		330,392

			Total France		981,635


	Germany — 0.8%
			Deutsche Bank AG, Senior Non-Preferred Notes:
	100,000	^GBP	2.625% due 12/16/24		123,240
	100,000	^EUR	1.000% (1.600% - 3-Month EURIBOR) due 11/19/25(e)		105,658
	350,000		3.961% (SOFR + 2.581%) due 11/26/25(a)		344,336
	300,000	^EUR	2.625% due 2/12/26		315,713
	200,000	^EUR	1.625% due 1/20/27		201,916
	400,000		2.552% (SOFR + 1.318%) due 1/7/28(a)		364,702
	200,000	^EUR	1.750% (2.050% - 3-Month EURIBOR) due 11/19/30(e)		187,062

			Total Germany		1,642,627


	Italy — 0.2%
			Banca Monte dei Paschi di Siena SpA:
	100,000	^EUR	Senior Preferred Notes, 2.625% due 4/28/25		105,605
	100,000	^EUR	Covered Notes, 0.875% due 10/8/26		100,107
	100,000	^EUR	Nexi SpA, Senior Unsecured Notes, 2.125% due 4/30/29		95,826

			Total Italy		301,538


	Japan — 0.2%
	200,000		Nomura Holdings Inc., Senior Unsecured Notes, 2.329% due 1/22/27		183,489
	200,000		Sumitomo Mitsui Trust Bank Ltd., Senior Unsecured Notes, 5.200% due 3/7/29(c)		200,471

			Total Japan		383,960


	Luxembourg — 0.0%@
	100,000	^EUR	CPI Property Group SA, Senior Unsecured Notes, 1.500% due 1/27/31		68,596


	Netherlands — 0.2%
	400,000		ABN AMRO Bank NV, Senior Non-Preferred Notes, 6.575% (1-Year CMT Index + 1.550%) due 10/13/26(a)(c)		403,790


	Qatar — 0.1%
	200,000		QatarEnergy, Senior Unsecured Notes, 2.250% due 7/12/31(c)		166,546


Switzerland — 0.9%
			UBS Group AG, Senior Unsecured Notes:
	250,000		4.282% due 1/9/28(c)		239,914
	250,000		3.869% (3-Month USD-LIBOR + 1.410%) due 1/12/29(a)(c)		234,935
	250,000	^EUR	7.750% (1-Year EURIBOR Ice Swap Rate + 4.950%) due 3/1/29(a)		306,623

See Notes to Financial Statements.

216



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

Switzerland — 0.9% — (continued)
	300,000	^GBP	2.125% (1-Year United Kingdom Gilt + 1.550%) due 11/15/29(a)	$	330,412
$	600,000		6.537% (SOFR + 3.920%) due 8/12/33(a)(c)		626,234

			Total Switzerland		1,738,118


	United Kingdom — 1.7%
			Barclays PLC, Senior Unsecured Notes:
	800,000		6.496% (SOFR + 1.880%) due 9/13/27(a)		814,427
	400,000	^EUR	4.918% (EUR Swap Rate + 1.750%) due 8/8/30(a)		446,333
	200,000		HSBC Holdings PLC, Senior Unsecured Notes, 4.041% (3-Month Term SOFR + 1.808%) due 3/13/28(a)		191,711
	100,000	^GBP	John Lewis PLC, Senior Unsecured Notes, 6.125% due 1/21/25		125,965
	300,000		Nationwide Building Society, Senior Non-Preferred Notes, 2.972% (SOFR + 1.290%) due 2/16/28(a)(c)		277,575
	500,000		Santander UK Group Holdings PLC, Senior Unsecured Notes, 6.534% (SOFR + 2.600%) due 1/10/29(a)		512,682
	900,000		Standard Chartered PLC, Senior Unsecured Notes, 6.750% (1-Year CMT Index + 1.850%) due 2/8/28(a)(c)		922,062

			Total United Kingdom		3,290,755


	United States — 2.0%
			Bank of America Corp., Senior Unsecured Notes:
	500,000		5.202% (SOFR + 1.630%) due 4/25/29(a)		497,363
	700,000		1.898% (SOFR + 1.530%) due 7/23/31(a)		567,984
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	100,000	^GBP	2.748% due 6/14/24		125,237
	100,000	^EUR	4.642% (3-Month EURIBOR + 0.700%) due 12/1/24(a)		108,484
	200,000		5.125% due 6/16/25		197,999
	150,000		GA Global Funding Trust, Secured Notes, 2.250% due 1/6/27(c)		136,416
	400,000		Goldman Sachs Group Inc. (The), Senior Unsecured Notes, 6.484% (SOFR + 1.770%) due 10/24/29(a)		419,015
	1,300,000		Lehman Brothers Holdings Inc., Senior Unsecured Notes, 0.000% due 5/25/49*(d)(g)		1,625
			Pacific Gas & Electric Co., 1st Mortgage Notes:
	100,000		3.450% due 7/1/25		97,159
	200,000		4.400% due 3/1/32		181,919
	200,000		PacifiCorp, 1st Mortgage Notes, 5.300% due 2/15/31		197,860
			Philip Morris International Inc., Senior Unsecured Notes:
	200,000		4.875% due 2/13/29		197,161
	200,000		5.250% due 2/13/34		195,633
	100,000		Principal Life Global Funding II, Secured Notes, 1.375% due 1/10/25(c)		96,781
			Wells Fargo & Co., Senior Unsecured Notes:
	200,000		3.908% (SOFR + 1.320%) due 4/25/26(a)		196,172
	600,000		4.808% (SOFR + 1.980%) due 7/25/28(a)		589,941
			Total United States		3,806,749

			TOTAL CORPORATE BONDS & NOTES (Cost — $21,063,273)		19,703,389


U.S. GOVERNMENT OBLIGATIONS — 8.5%
			U.S. Treasury Bonds:
	200,000		1.375% due 11/15/40		127,019
	1,100,000		1.875% due 2/15/41(h)		757,969
	1,400,000		4.750% due 11/15/43		1,440,141
	1,500,000		4.750% due 11/15/53		1,593,670
	325,466		U.S. Treasury Inflation Indexed Bonds, 2.375% due 1/15/25		325,564
			U.S. Treasury Inflation Indexed Notes:
	1,942,620		0.250% due 1/15/25		1,908,725
	1,306,305		0.125% due 4/15/25		1,273,874

See Notes to Financial Statements.

217



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

U.S. GOVERNMENT OBLIGATIONS — 8.5% — (continued)
$	1,243,570		0.500% due 1/15/28(i)	$	1,176,086
	1,030,041		0.125% due 7/15/31		908,467
	1,327,896		0.125% due 1/15/32		1,156,185
	105,575		0.625% due 7/15/32		95,478
	1,441,692		1.125% due 1/15/33		1,348,912
			U.S. Treasury Notes:
	600,000		2.875% due 4/30/25(j)		586,031
	200,000		4.000% due 2/29/28		197,461
	3,400,000		4.500% due 11/15/33		3,462,422

			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $17,165,169)		16,358,004


	ASSET-BACKED SECURITIES — 0.4%

	Automobiles — 0.2%
	400,000		Toyota Auto Loan Extended Notes Trust, Series 2019-1A, Class A, 2.560% due 11/25/31(c)		397,260


	Student Loans — 0.2%
	27,239		Massachusetts Educational Financing Authority, Series 2008-1, Class A1, 6.573% (90-Day Average SOFR + 1.212%) due 4/25/38(a)		27,170
	276,089		SMB Private Education Loan Trust, Series 2022-B, Class A1B, 6.775% (30-Day Average SOFR + 1.450%) due 2/16/55(a)(c)		277,518

			Total Student Loans		304,688

			TOTAL ASSET-BACKED SECURITIES (Cost — $703,290)		701,948

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $200,246,814)		181,387,998


	SHORT-TERM INVESTMENTS — 19.9%

	COMMERCIAL PAPERS — 1.8%
	750,000		AT&T Inc., 6.032% due 3/19/24(c)(k)		747,862
			Dominion Energy Inc.:
	600,000		5.561% due 3/8/24(c)(k)		599,354
	300,000		5.644% due 3/21/24(c)(k)		299,067
	450,000		Entergy Corp., 5.680% due 5/2/24(c)(k)		445,660
	500,000		Keurig Dr Pepper Inc., 5.656% due 3/28/24(c)(k)		497,900
	800,000		VW Credit Inc., 5.592% due 3/6/24(c)(k)		799,382

			TOTAL COMMERCIAL PAPERS (Cost — $3,389,225)		3,389,225


	REPURCHASE AGREEMENT — 3.5%
	6,700,000		Citigroup Global Markets Inc. repurchase agreement dated 2/29/24, 5.360% due 3/1/24, Proceeds at maturity — $6,700,998; (Fully collateralized by U.S. Treasury Bonds, 0.875%% due 9/30/26; Market Valued — $6,863,833)
			(Cost — $6,700,000)		6,700,000


	SOVEREIGN BONDS — 10.9%

	Japan — 10.9%
			Japan Treasury Discount Bills:
	210,000,000	^JPY	(0.174)% due 3/18/24(k)		1,401,449
	920,000,000	^JPY	(0.198)% due 4/8/24(k)		6,139,806
	710,000,000	^JPY	(0.230)% due 4/15/24(k)		4,738,699
	390,000,000	^JPY	(0.155)% due 5/13/24(k)		2,602,556
	920,000,000	^JPY	(0.119)% due 6/3/24(k)		6,138,775

			TOTAL SOVEREIGN BONDS (Cost — $21,458,360)		21,021,285

See Notes to Financial Statements.

218



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

TIME DEPOSITS — 3.5%
	68,740	^NZD	ANZ National Bank — Hong Kong, 3.250% due 3/1/24	$	41,849
			BBH — New York:
	587,934	^DKK	2.500% due 3/1/24		85,253
	4,941	^SEK	2.700% due 3/1/24		477
	3,286	^NOK	3.320% due 3/1/24		309
	120,366	^CAD	3.830% due 3/1/24		88,690
	161,377	^GBP	4.150% due 3/1/24		203,722
			BNP Paribas — Paris:
	1,370	^CHF	0.520% due 3/1/24		1,550
	243,920	^AUD	3.100% due 3/1/24		158,536
	1,572	^ZAR	6.430% due 3/1/24		82
	106,346	^EUR	Citibank — London, 2.820% due 3/1/24		114,938
$	5,215,911		Citibank — New York, 4.680% due 3/1/24		5,215,911
	452	^HKD	HSBC Bank — Hong Kong, 3.000% due 3/1/24		58
	58,526	^SGD	HSBC Bank — Singapore, 2.560% due 3/1/24		43,496
	784,862		JPMorgan Chase & Co. — New York, 4.680% due 3/1/24		784,862
	10,289,054	^JPY	Sumitomo Mitsui Banking Corp. — Tokyo, (0.420)% due 3/1/24		68,633

			TOTAL TIME DEPOSITS (Cost — $6,808,366)		6,808,366


U.S. GOVERNMENT OBLIGATION — 0.2%
	300,000		U.S. Treasury Bills, 5.267% due 5/21/24(k) (Cost — $296,505)		296,505

			TOTAL SHORT-TERM INVESTMENTS (Cost — $38,652,456)		38,215,381

			TOTAL INVESTMENTS IN SECURITIES (Cost — $238,899,270)		219,603,379

			TOTAL INVESTMENTS IN PURCHASED OPTIONS — 0.0% (Cost — $102,842)		126,952

			TOTAL INVESTMENTS — 114.2% (Cost — $239,002,112)		219,730,331

			Liabilities in Excess of Other Assets — (14.2)%		(27,383,217	)

			TOTAL NET ASSETS — 100.0%	$	192,347,114

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

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)	Variable rate security. Interest rate disclosed is that which was in effect at February 29, 2024.

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

(c)

(d)	Illiquid security.

(e)	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 29, 2024.

(f)	Interest only security.

(g)	Security is currently in default.

(h)	All or a portion of this security is held at the broker as collateral for open OTC swap contracts.

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

(j)	All or a portion of this security is held at the broker as collateral for open futures contracts.

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

See Notes to Financial Statements.

219



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

At February 29, 2024, 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

$ 239,002,112

9,659,510

(26,105,929)

(16,446,419)


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


Summary of Investments by Security Type^
Mortgage-Backed Securities	25.8	%
Sovereign Bonds	25.2
Collateralized Mortgage Obligations	14.9
Corporate Bonds & Notes	9.0
U.S. Government Obligations	7.4
Asset-Backed Securities	0.3
Purchased Options	0.0	*
Short-Term Investments	17.4

Total Investments	100.0	%

^	As a percentage of total investments.

*	Position represents less than 0.05%.

At February 29, 2024, International 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
	4,800,000	$	268,937	OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		BCLY		3/26/24		5.500%	$	109
	3,500,000		196,100	OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		BOA		7/15/24		4.750%		7,244
	16,300,000		913,266	OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		DUB		7/10/24		4.750%		34,158
	9,900,000		554,683	OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		GSC		3/26/24		5.500%		226
	11,400,000		638,726	OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		JPM		3/26/24		5.500%		260

				Total Interest Rate Swaptions							$	41,997

See Notes to Financial Statements.

220



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Option on Futures

Number of
Contracts

Notional
Amount†

Security Name

Counterparty

Expiration
Date

Strike Price

Value

200,000

194,000,000

^EUR

OTC French Republic Government Bonds OAT Futures, Put(a)

BNP

5/23/25

EUR

97.00

84,955

TOTAL OPTIONS CONTRACTS PURCHASED
(Cost — $102,842)

126,952

†	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 29, 2024, International Fixed Income Fund held the following Options Contracts Written:

Currency Options



Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Strike Price		Value
	277,000		$ 277,000	OTC U.S. Dollar versus New Taiwan Dollar, Put		GSC		3/4/24	TWD	31.00	$	1
	601,000		601,000	OTC U.S. Dollar versus New Taiwan Dollar, Put		JPM		3/1/24	TWD	31.00		—

											$	1

Interest Rate Swaptions



Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	1,500,000		79,937	^GBP	OTC 1-Year Swaption, 3-Month GBP-LIBOR, Call		JPM		12/16/24		0.820%	$	348
	600,000	$	33,617		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		DUB		4/8/24		2.790%		3
	700,000		39,220		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		GSC		4/2/24		2.697%		2
	200,000		11,206		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		GSC		4/8/24		2.721%		1
	3,500,000		196,100		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		BOA		7/15/24		5.250%		1,825
	600,000		33,617		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		DUB		4/8/24		2.790%		12,426
	16,300,000		913,266		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		DUB		7/10/24		5.250%		8,391
	700,000		39,220		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		GSC		4/2/24		2.697%		15,255
	200,000		11,206		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		GSC		4/8/24		2.721%		4,274
	1,300,000		51,246	^EUR	OTC 5-Year Swaption, 3-Month EURIBOR, Call		BCLY		3/20/24		2.560%		1,225
	1,300,000		51,246	^EUR	OTC 5-Year Swaption, 3-Month EURIBOR, Put		BCLY		3/20/24		2.900%		2,845
	500,000		19,710	^EUR	OTC 10-Year Swaption, 3-Month EURIBOR, Call		BNP		3/1/24		2.420%		—
	500,000		19,710	^EUR	OTC 10-Year Swaption, 3-Month EURIBOR, Put		BNP		3/1/24		2.750%		498
	2,200,000		123,263		OTC 10-Year Swaption, 3-Month USD-LIBOR, Call		GSC		3/21/24		3.700%		7,970
	1,000,000		56,029		OTC 10-Year Swaption, 3-Month USD-LIBOR, Call		GSC		3/22/24		3.725%		4,416
	500,000		28,014		OTC 10-Year Swaption, 3-Month USD-LIBOR, Call		JPM		3/1/24		3.300%		—
	1,100,000		61,631		OTC 10-Year Swaption, 3-Month USD-LIBOR, Call		JPM		3/28/24		3.700%		5,128
	2,200,000		123,263		OTC 10-Year Swaption, 3-Month USD-LIBOR, Put		GSC		3/21/24		4.150%		3,734
	1,000,000		56,029		OTC 10-Year Swaption, 3-Month USD-LIBOR, Put		GSC		3/22/24		4.175%		1,583
	500,000		28,014		OTC 10-Year Swaption, 3-Month USD-LIBOR, Put		JPM		3/1/24		3.700%		6,730
	1,100,000		61,631		OTC 10-Year Swaption, 3-Month USD-LIBOR, Put		JPM		3/28/24		4.100%		3,244
	200,000		7,884	^EUR	OTC 25-Year Swaption, 3-Month EURIBOR, Put		BNP		5/23/25		0.451%		76,303

					Total Interest Rate Swaptions							$	156,201

					TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received — $130,895)							$	156,202

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

See Notes to Financial Statements.

221



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

At February 29, 2024, International Fixed Income Fund held the following Forward Sale Commitments:



Face Amounts†		Security	Value
		Federal National Mortgage Association (FNMA):
$	2,100,000	2.000% due 3/1/39(a)	$	1,851,285
	400,000	6.000% due 3/1/54(a)		401,693
	17,250,000	2.000% due 4/1/54(a)		13,570,184
	2,000,000	3.000% due 4/1/54(a)		1,713,109
	8,200,000	6.000% due 4/1/54(a)		8,232,783

		TOTAL FORWARD SALE COMMITMENTS (Proceeds — $25,932,781)	$	25,769,054

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

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

At February 29, 2024, 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:
3-Month SOFR Futures		3		3/24	$	723,750	$	709,856	$	(13,894	)
3-Month SOFR Futures		119		6/24		28,223,916		28,168,788		(55,128	)
3-Month SOFR Futures		42		12/24		10,009,716		9,994,425		(15,291	)
3-Month SOFR Futures		44		9/25		10,580,168		10,562,200		(17,968	)
3-Month SOFR Futures		105		12/25		25,278,547		25,249,875		(28,672	)
Australian Government 3-Year Bond Futures		54		3/24		3,711,938		3,736,963		25,025
Canada Government 10-Year Bond Futures		63		6/24		5,556,040		5,564,462		8,422
Euro-Bobl Futures		31		3/24		3,931,626		3,893,928		(37,698	)
Euro-BTP Futures		99		3/24		12,283,000		12,606,646		323,646
Euro-BTP Futures		39		6/24		4,924,189		4,951,501		27,312
Euro-Bund Futures		23		6/24		3,267,269		3,287,772		20,503
Euro-Buxl 30-Year Bond Futures		11		3/24		1,548,765		1,583,113		34,348
Euro-OAT Futures		47		3/24		6,492,765		6,486,345		(6,420	)
Euro-Schatz Note Futures		74		3/24		8,467,398		8,409,813		(57,585	)
U.S. Treasury Ultra Long Bond Futures		1		6/24		125,546		127,875		2,329

										208,929

Contracts to Sell:
3-Month SOFR Futures		12		9/24		2,862,438		2,846,700		15,738
3-Month SOFR Futures		159		3/25		38,056,135		37,961,250		94,885
3-Month SOFR Futures		138		6/25		33,097,701		33,045,825		51,876
Australian Government 10-Year Bond Futures		27		3/24		1,987,493		2,018,378		(30,885	)
Japan Government 10-Year Bond Futures		5		3/24		4,848,909		4,878,098		(29,189	)
U.S. Treasury 2-Year Note Futures		13		6/24		2,661,916		2,661,750		166
U.S. Treasury 5-Year Note Futures		111		6/24		11,880,501		11,866,594		13,907
U.S. Treasury 10-Year Note Futures		106		6/24		11,708,031		11,706,375		1,656
U.S. Treasury Long Bond Futures		51		6/24		6,003,258		6,081,750		(78,492	)
U.S. Ultra Long Bond Futures		36		6/24		4,105,042		4,110,188		(5,146	)
United Kingdom Treasury 10-Year Gilt Futures		34		6/24		4,178,607		4,210,180		(31,573	)

										2,943

Net Unrealized Appreciation on Open Exchange-Traded Futures Contracts									$	211,872

See Notes to Financial Statements.

222



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

At February 29, 2024, International Fixed Income Fund had deposited cash of $1,455,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

At February 29, 2024, 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		607,000		USD	395,902		GSC	$	394,519		3/4/24	$	(1,383	)
Brazilian Real		248,702		USD	49,907		BNP		50,031		3/4/24		124
Brazilian Real		991,602		USD	199,341		DUB		198,251		5/3/24		(1,090	)
Brazilian Real		1,231,331		USD	248,047		DUB		247,708		3/4/24		(339	)
Brazilian Real		7,764,346		USD	1,571,094		JPM		1,552,326		5/3/24		(18,768	)
Brazilian Real		3,208,678		USD	658,096		JPM		643,482		4/2/24		(14,614	)
British Pound		7,879,189		USD	10,000,010		BNP		9,946,688		3/4/24		(53,322	)
British Pound		557,000		USD	703,696		GSC		703,157		3/4/24		(539	)
Canadian Dollar		659,000		USD	488,985		BNP		485,576		3/4/24		(3,409	)
Canadian Dollar		135,388		USD	101,128		GSC		99,759		3/4/24		(1,369	)
Canadian Dollar		8,233,629		USD	6,099,450		JPM		6,066,853		3/4/24		(32,597	)
Chinese Offshore Renminbi		897,000		USD	123,969		GSC		124,666		3/26/24		697
Chinese Offshore Renminbi		656,000		USD	92,468		HSBC		91,171		3/26/24		(1,297	)
Chinese Offshore Renminbi		1,200,000		USD	167,551		SCB		166,777		3/26/24		(774	)
Chinese Offshore Renminbi		4,988,000		USD	694,712		SOG		693,236		3/26/24		(1,476	)
Danish Krone		6,977,482		USD	1,012,695		BOA		1,011,764		3/4/24		(931	)
Danish Krone		4,100,000		USD	593,396		HSBC		595,440		4/2/24		2,044
Danish Krone		8,922,979		USD	1,299,662		SCB		1,293,870		3/4/24		(5,792	)
Euro		237,000		USD	255,674		BNP		256,149		3/4/24		475
Euro		23,980,764		USD	26,033,517		DUB		25,918,397		3/4/24		(115,120	)
Euro		141,000		USD	152,305		JPM		152,393		3/4/24		88
Hungarian Forint		317,237,159		USD	873,003		DUB		872,263		3/20/24		(740	)
Indian Rupee		970,174		USD	11,598		BNP		11,698		3/20/24		100
Indian Rupee		2,328,280		USD	27,837		BNP		28,073		3/20/24		236
Indian Rupee		81,452,780		USD	977,713		BNP		978,512		6/20/24		799
Indian Rupee		949,572		USD	11,348		BOA		11,449		3/20/24		101
Indian Rupee		1,548,586		USD	18,586		HSBC		18,672		3/20/24		86
Indian Rupee		988,677		USD	11,826		JPM		11,921		3/20/24		95
Indian Rupee		2,333,390		USD	28,079		SCB		28,134		3/20/24		55
Indian Rupee		2,178,729		USD	26,214		SCB		26,270		3/20/24		56
Indian Rupee		1,824,393		USD	21,936		SCB		21,997		3/20/24		61
Indian Rupee		996,982		USD	11,917		SCB		12,021		3/20/24		104
Indian Rupee		3,143,161		USD	37,792		SCB		37,898		3/20/24		106
Indian Rupee		2,277,661		USD	27,356		SCB		27,462		3/20/24		106
Indian Rupee		1,155,463		USD	13,821		SCB		13,932		3/20/24		111
Indian Rupee		2,272,318		USD	27,282		SCB		27,398		3/20/24		116
Indian Rupee		5,362,021		USD	64,525		SCB		64,652		3/20/24		127
Indian Rupee		125,432,768		USD	1,506,604		SCB		1,506,854		6/20/24		250
Indonesian Rupiah		1,397,196,000		USD	90,000		BCLY		88,868		3/20/24		(1,132	)
Indonesian Rupiah		746,518,506		USD	48,429		BCLY		47,482		3/20/24		(947	)
Indonesian Rupiah		773,866,122		USD	48,613		BCLY		49,106		6/20/24		493
Indonesian Rupiah		4,026,410,964		USD	261,230		BNP		256,098		3/20/24		(5,132	)
Indonesian Rupiah		3,103,693,524		USD	200,448		BNP		197,409		3/20/24		(3,039	)

See Notes to Financial Statements.

223



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)
Indonesian Rupiah		3,167,208,810		USD	202,740		BNP	$	201,540		3/1/24	$	(1,200	)
Indonesian Rupiah		9,237,083,476		USD	587,091		BNP		587,520		3/20/24		429
Indonesian Rupiah		7,402,238,552		USD	472,202		BOA		469,709		6/20/24		(2,493	)
Indonesian Rupiah		442,797,888		USD	28,252		BOA		28,176		3/1/24		(76	)
Indonesian Rupiah		1,663,083,864		USD	108,316		GSC		105,780		3/20/24		(2,536	)
Indonesian Rupiah		1,978,319,739		USD	128,334		HSBC		125,830		3/20/24		(2,504	)
Indonesian Rupiah		442,293,690		USD	28,220		HSBC		28,145		3/1/24		(75	)
Indonesian Rupiah		1,624,213,678		USD	105,202		JPM		103,307		3/20/24		(1,895	)
Indonesian Rupiah		948,186,096		USD	60,498		JPM		60,336		3/1/24		(162	)
Indonesian Rupiah		3,636,096,981		USD	230,439		JPM		230,728		6/20/24		289
Indonesian Rupiah		3,521,712,710		USD	222,779		JPM		223,470		6/20/24		691
Indonesian Rupiah		731,662,911		USD	47,754		SCB		46,537		3/20/24		(1,217	)
Indonesian Rupiah		1,231,562,868		USD	78,373		SCB		78,149		6/20/24		(224	)
Indonesian Rupiah		442,293,690		USD	28,220		SCB		28,145		3/1/24		(75	)
Japanese Yen		50,000,000		USD	353,507		GSC		344,408		10/1/24		(9,099	)
Japanese Yen		40,400,000		USD	276,446		GSC		269,486		3/4/24		(6,960	)
Japanese Yen		785,710,965		USD	5,218,937		HSBC		5,241,043		3/4/24		22,106
Japanese Yen		60,000,000		USD	415,007		JPM		413,290		10/1/24		(1,717	)
Japanese Yen		1,041,308,384		USD	6,910,864		JPM		6,945,992		3/4/24		35,128
Korean Won		132,976,891		USD	99,872		BCLY		99,589		3/4/24		(283	)
Korean Won		132,939,937		USD	99,655		BNP		99,561		3/4/24		(94	)
Malaysian Ringgit		1,264,556		USD	265,440		GSC		266,768		3/20/24		1,328
Mexican Peso		2,344,000		USD	136,485		BCLY		137,134		3/20/24		649
Mexican Peso		1,714,000		USD	99,950		BNP		100,276		3/20/24		326
Mexican Peso		32,741,303		USD	1,877,347		GSC		1,915,514		3/20/24		38,167
New Taiwan Dollar		9,315,505		USD	295,224		BCLY		295,056		3/18/24		(168	)
New Taiwan Dollar		13,739,799		USD	438,355		BNP		435,314		3/20/24		(3,041	)
New Taiwan Dollar		2,841,696		USD	92,000		BNP		90,033		3/20/24		(1,967	)
New Taiwan Dollar		4,051,364		USD	131,000		BNP		129,761		6/20/24		(1,239	)
New Taiwan Dollar		517,647		USD	16,620		BNP		16,400		3/20/24		(220	)
New Taiwan Dollar		4,591,058		USD	145,286		BNP		145,457		3/20/24		171
New Taiwan Dollar		4,588,138		USD	148,100		GSC		145,095		3/6/24		(3,005	)
New Taiwan Dollar		54,958,021		USD	1,764,869		JPM		1,741,220		3/20/24		(23,649	)
New Taiwan Dollar		9,300,000		USD	300,000		JPM		294,068		3/5/24		(5,932	)
New Taiwan Dollar		15,210		USD	490		JPM		481		3/5/24		(9	)
New Taiwan Dollar		12,777,890		USD	410,817		SCB		404,838		3/20/24		(5,979	)
New Taiwan Dollar		10,828,544		USD	346,325		SCB		343,078		3/20/24		(3,247	)
Norwegian Krone		4,728,358		USD	446,689		BCLY		445,600		4/2/24		(1,089	)
Norwegian Krone		9,716,120		USD	932,864		BOA		914,962		3/4/24		(17,902	)
Norwegian Krone		5,561,242		USD	531,432		GSC		523,700		3/4/24		(7,732	)
Polish Zloty		3,713,789		USD	916,497		BNP		928,068		7/22/24		11,571
South African Rand		33,104,543		USD	1,742,473		HSBC		1,723,678		3/20/24		(18,795	)
South African Rand		2,328,474		USD	121,025		HSBC		121,238		3/20/24		213
Swedish Krona		14,283,140		USD	1,379,799		DUB		1,377,890		3/4/24		(1,909	)

													(272,805	)

Contracts to Sell:
Australian Dollar		399,000		USD	259,523		BNP		259,575		4/2/24		(52	)
Australian Dollar		599,000		USD	391,730		BOA		389,320		3/4/24		2,410
Australian Dollar		189,000		USD	124,932		GSC		122,841		3/4/24		2,091
Australian Dollar		218,000		USD	142,261		JPM		141,689		3/4/24		572
Brazilian Real		248,702		USD	50,000		BNP		50,032		3/4/24		(32	)
Brazilian Real		4,028,080		USD	821,052		BNP		807,809		4/2/24		13,243
Brazilian Real		246,527		USD	49,471		DUB		49,594		3/4/24		(123	)

See Notes to Financial Statements.

224



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)
Brazilian Real		1,048,534		USD	210,818		DUB	$	210,277		4/2/24	$	541
Brazilian Real		984,804		USD	199,341		DUB		198,114		3/4/24		1,227
Brazilian Real		2,300,000		USD	464,356		GSC		457,183		7/2/24		7,173
Brazilian Real		1,000,000		USD	201,296		JPM		198,775		7/2/24		2,521
British Pound		312,000		USD	392,895		BNP		393,869		3/4/24		(974	)
British Pound		7,879,189		USD	10,001,932		BNP		9,948,483		4/2/24		53,449
British Pound		8,124,189		USD	10,317,620		BNP		10,255,975		3/4/24		61,645
Canadian Dollar		9,022,546		USD	6,722,012		HSBC		6,648,156		3/4/24		73,856
Canadian Dollar		8,230,054		USD	6,099,450		JPM		6,066,892		4/2/24		32,558
Chinese Offshore Renminbi		1,169,000		USD	161,678		BNP		162,469		3/26/24		(791	)
Chinese Offshore Renminbi		1,543,255		USD	214,430		BNP		214,483		3/26/24		(53	)
Chinese Offshore Renminbi		2,304,973		USD	317,485		BOA		320,347		3/26/24		(2,862	)
Chinese Offshore Renminbi		1,769,306		USD	245,328		BOA		245,900		3/26/24		(572	)
Chinese Offshore Renminbi		2,364,041		USD	328,075		DUB		328,557		3/26/24		(482	)
Chinese Offshore Renminbi		1,107,908		USD	153,552		GSC		153,978		3/26/24		(426	)
Chinese Offshore Renminbi		6,103,000		USD	844,763		HSBC		848,200		3/26/24		(3,437	)
Chinese Offshore Renminbi		10,180,000		USD	1,412,596		HSBC		1,414,825		3/26/24		(2,229	)
Chinese Offshore Renminbi		1,478,000		USD	206,182		HSBC		205,413		3/26/24		769
Chinese Offshore Renminbi		779,000		USD	109,948		HSBC		108,266		3/26/24		1,682
Chinese Offshore Renminbi		1,182,000		USD	166,574		HSBC		164,275		3/26/24		2,299
Chinese Offshore Renminbi		56,382,000		USD	7,892,814		NWM		7,836,019		3/26/24		56,795
Chinese Offshore Renminbi		2,383,106		USD	329,181		SCB		331,206		3/26/24		(2,025	)
Chinese Offshore Renminbi		7,793,000		USD	1,098,537		SCB		1,083,078		3/26/24		15,459
Danish Krone		5,805,733		USD	867,328		BCLY		843,162		4/2/24		24,166
Danish Krone		4,525,488		USD	674,897		BNP		657,233		4/2/24		17,664
Danish Krone		6,966,919		USD	1,012,695		BOA		1,011,800		4/2/24		895
Danish Krone		4,100,000		USD	604,777		HSBC		607,334		4/1/25		(2,557	)
Danish Krone		515,000		USD	74,539		JPM		74,677		3/4/24		(138	)
Danish Krone		831,320		USD	121,123		JPM		120,733		4/2/24		390
Danish Krone		3,500,000		USD	509,137		JPM		508,303		4/2/24		834
Danish Krone		4,000,000		USD	591,091		JPM		589,659		1/2/25		1,432
Danish Krone		5,636,118		USD	819,970		SCB		817,261		3/4/24		2,709
Danish Krone		8,909,527		USD	1,299,662		SCB		1,293,924		4/2/24		5,738
Danish Krone		10,581,551		USD	1,540,565		UBS		1,534,370		3/4/24		6,195
Euro		1,680,000		USD	1,811,157		BNP		1,815,743		3/4/24		(4,586	)
Euro		475,000		USD	511,245		BNP		513,380		3/4/24		(2,135	)
Euro		584,000		USD	629,673		BNP		631,187		3/4/24		(1,514	)
Euro		665,000		USD	724,580		BOA		718,732		3/4/24		5,848
Euro		23,980,764		USD	26,065,052		DUB		25,950,034		4/2/24		115,018
Euro		20,954,764		USD	22,669,660		HSBC		22,647,898		3/4/24		21,762
Hungarian Forint		140,109,412		USD	386,130		BNP		385,239		3/20/24		891
Indian Rupee		40,985,521		USD	491,256		BNP		494,175		3/20/24		(2,919	)
Indian Rupee		17,353,597		USD	208,832		BOA		209,238		3/20/24		(406	)
Indian Rupee		1,555,890		USD	18,586		HSBC		18,691		6/20/24		(105	)
Indian Rupee		27,811,600		USD	334,035		JPM		334,108		6/20/24		(73	)
Indian Rupee		5,384,411		USD	64,525		SCB		64,684		6/20/24		(159	)
Indian Rupee		2,283,012		USD	27,282		SCB		27,426		6/20/24		(144	)
Indian Rupee		2,288,152		USD	27,356		SCB		27,488		6/20/24		(132	)
Indian Rupee		3,156,388		USD	37,792		SCB		37,918		6/20/24		(126	)
Indian Rupee		1,832,597		USD	21,936		SCB		22,015		6/20/24		(79	)
Indian Rupee		2,188,298		USD	26,214		SCB		26,289		6/20/24		(75	)
Indian Rupee		2,343,190		USD	28,079		SCB		28,149		6/20/24		(70	)
Indonesian Rupiah		886,163,402		USD	56,024		BNP		56,390		3/1/24		(366	)

See Notes to Financial Statements.

225



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)
Indonesian Rupiah		783,505,715		USD	50,000		BNP	$	49,825		3/28/24	$	175
Indonesian Rupiah		2,281,045,408		USD	145,540		BNP		145,151		3/1/24		389
Indonesian Rupiah		3,169,641,694		USD	202,740		BNP		201,603		3/20/24		1,137
Indonesian Rupiah		6,579,096,636		USD	420,000		BNP		418,460		3/20/24		1,540
Indonesian Rupiah		3,329,102,315		USD	217,233		BNP		211,745		3/20/24		5,488
Indonesian Rupiah		442,797,888		USD	28,011		BOA		28,177		3/1/24		(166	)
Indonesian Rupiah		784,766,376		USD	49,912		BOA		49,915		3/20/24		(3	)
Indonesian Rupiah		442,293,690		USD	28,011		HSBC		28,145		3/1/24		(134	)
Indonesian Rupiah		3,515,675,399		USD	222,779		JPM		223,613		3/20/24		(834	)
Indonesian Rupiah		3,629,414,250		USD	230,439		JPM		230,847		3/20/24		(408	)
Indonesian Rupiah		754,475,439		USD	47,697		JPM		48,010		3/1/24		(313	)
Indonesian Rupiah		193,710,657		USD	12,246		JPM		12,326		3/1/24		(80	)
Indonesian Rupiah		801,057,374		USD	51,644		JPM		50,950		3/20/24		694
Indonesian Rupiah		1,593,235,204		USD	102,796		JPM		101,337		3/20/24		1,459
Indonesian Rupiah		442,293,690		USD	28,011		SCB		28,145		3/1/24		(134	)
Israeli New Shekel		1,623,000		USD	445,756		BNP		454,393		3/20/24		(8,637	)
Japanese Yen		120,300,000		USD	803,584		BCLY		802,454		3/4/24		1,130
Japanese Yen		390,000,000		USD	2,703,850		BCLY		2,631,200		5/13/24		72,650
Japanese Yen		80,000,000		USD	647,066		BCLY		538,785		5/1/24		108,281
Japanese Yen		100,003,000		USD	818,858		BCLY		670,100		4/1/24		148,758
Japanese Yen		710,000,000		USD	4,956,640		BCLY		4,768,787		4/15/24		187,853
Japanese Yen		920,000,000		USD	6,209,380		BNP		6,225,551		6/3/24		(16,171	)
Japanese Yen		50,000,000		USD	371,443		GSC		364,299		1/5/26		7,144
Japanese Yen		782,131,818		USD	5,218,937		HSBC		5,241,769		4/2/24		(22,832	)
Japanese Yen		16,670,000		USD	133,686		HSBC		114,825		10/1/24		18,861
Japanese Yen		50,000,000		USD	400,705		HSBC		344,408		10/1/24		56,297
Japanese Yen		210,000,000		USD	1,486,294		HSBC		1,403,922		3/18/24		82,372
Japanese Yen		83,330,000		USD	668,378		HSBC		573,990		10/1/24		94,388
Japanese Yen		80,000,000		USD	653,393		HSBC		536,064		4/1/24		117,329
Japanese Yen		80,002,000		USD	651,601		HSBC		533,649		3/1/24		117,952
Japanese Yen		80,002,000		USD	657,101		HSBC		533,649		3/1/24		123,452
Japanese Yen		1,036,576,653		USD	6,910,864		JPM		6,947,032		4/2/24		(36,168	)
Japanese Yen		60,000,000		USD	437,801		JPM		437,160		1/5/26		641
Japanese Yen		39,900,000		USD	320,032		JPM		274,837		10/1/24		45,195
Japanese Yen		40,100,000		USD	321,482		JPM		276,216		10/1/24		45,266
Japanese Yen		40,000,000		USD	323,533		JPM		275,526		10/1/24		48,007
Japanese Yen		1,747,416,448		USD	11,926,235		JPM		11,656,048		3/4/24		270,187
Japanese Yen		920,000,000		USD	6,444,251		UBS		6,171,970		4/8/24		272,281
Korean Won		132,976,891		USD	99,683		BCLY		99,589		3/4/24		94
Korean Won		132,877,019		USD	99,872		BCLY		99,599		3/20/24		273
Korean Won		62,960,963		USD	47,898		BCLY		47,431		6/20/24		467
Korean Won		189,898,769		USD	145,494		BCLY		143,059		6/20/24		2,435
Korean Won		132,939,937		USD	100,000		BNP		99,561		3/4/24		439
Korean Won		184,234,273		USD	141,019		BNP		138,792		6/20/24		2,227
Korean Won		1,143,194,797		USD	861,368		BNP		856,890		3/20/24		4,478
Korean Won		451,168,307		USD	350,075		BNP		339,885		6/20/24		10,190
Korean Won		64,800,801		USD	49,810		BOA		48,817		6/20/24		993
Korean Won		205,296,988		USD	157,723		DUB		154,659		6/20/24		3,064
Korean Won		98,178,900		USD	76,464		GSC		73,962		6/20/24		2,502
Korean Won		64,252,308		USD	50,102		JPM		48,404		6/20/24		1,698
Korean Won		183,386,604		USD	141,394		JPM		138,153		6/20/24		3,241
Korean Won		64,148,738		USD	48,267		SCB		48,326		6/20/24		(59	)
Korean Won		64,986,673		USD	49,258		SCB		48,957		6/20/24		301

See Notes to Financial Statements.

226



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		397,495		USD	83,099		BCLY	$	83,855		3/20/24	$	(756	)
Malaysian Ringgit		12,755,098		USD	2,683,024		BNP		2,690,787		3/20/24		(7,763	)
Malaysian Ringgit		864,909		USD	181,000		GSC		182,459		3/20/24		(1,459	)
Mexican Peso		4,249,576		USD	245,707		BNP		248,619		3/20/24		(2,912	)
New Taiwan Dollar		9,320,524		USD	295,224		BCLY		294,717		3/5/24		507
New Taiwan Dollar		11,182,360		USD	353,839		BNP		354,288		3/20/24		(449	)
New Taiwan Dollar		4,594,777		USD	145,286		BNP		145,304		3/6/24		(18	)
New Taiwan Dollar		511,148		USD	16,620		BNP		16,372		6/20/24		248
New Taiwan Dollar		864,642		USD	28,081		BNP		27,694		6/20/24		387
New Taiwan Dollar		723,123		USD	23,410		BNP		22,911		3/20/24		499
New Taiwan Dollar		1,293,535		USD	41,877		BNP		41,281		5/20/24		596
New Taiwan Dollar		6,115,838		USD	197,459		BNP		195,884		6/20/24		1,575
New Taiwan Dollar		27,775,038		USD	882,700		BNP		879,989		3/20/24		2,711
New Taiwan Dollar		5,220,303		USD	170,000		BNP		167,201		6/20/24		2,799
New Taiwan Dollar		20,049,825		USD	645,000		BNP		642,174		6/20/24		2,826
New Taiwan Dollar		13,572,786		USD	438,355		BNP		434,721		6/20/24		3,634
New Taiwan Dollar		7,685,619		USD	247,293		JPM		243,501		3/20/24		3,792
New Taiwan Dollar		54,276,428		USD	1,764,869		JPM		1,738,414		6/20/24		26,455
New Taiwan Dollar		21,148,866		USD	670,010		SCB		670,054		3/20/24		(44	)
New Taiwan Dollar		16,323,033		USD	528,647		SCB		517,158		3/20/24		11,489
New Zealand Dollar		64,000		USD	38,937		BNP		38,964		4/2/24		(27	)
New Zealand Dollar		64,000		USD	39,516		BNP		38,963		3/4/24		553
Norwegian Krone		4,731,722		USD	446,689		BCLY		445,584		3/4/24		1,105
Norwegian Krone		1,375,000		USD	131,768		BCLY		129,483		3/4/24		2,285
Norwegian Krone		9,165,000		USD	872,492		BCLY		863,063		3/4/24		9,429
Peruvian Sol		367,339		USD	96,706		BOA		97,095		3/20/24		(389	)
Singapore Dollar		1,227,549		USD	927,362		DUB		912,960		3/20/24		14,402
Singapore Dollar		53,000		USD	40,047		SOG		39,417		3/20/24		630
Swedish Krona		19,719		USD	1,909		BNP		1,905		4/2/24		4
Swedish Krona		9,587,862		USD	917,291		BOA		924,938		3/4/24		(7,647	)
Swedish Krona		14,265,753		USD	1,379,799		DUB		1,377,928		4/2/24		1,871
Swedish Krona		4,715,000		USD	452,217		JPM		454,855		3/4/24		(2,638	)
Swiss Franc		875,829		USD	999,624		BCLY		993,620		4/2/24		6,004
Swiss Franc		877,870		USD	1,021,881		SCB		992,729		3/4/24		29,152
Thai Baht		1,535,315		USD	43,000		GSC		42,780		3/20/24		220
Thai Baht		9,877,144		USD	277,331		GSC		275,216		3/20/24		2,115
Thai Baht		15,667,300		USD	440,000		GSC		436,552		3/20/24		3,448
Thai Baht		4,378,057		USD	122,669		SCB		121,990		3/20/24		679
Thai Baht		5,794,618		USD	167,644		SCB		161,461		3/20/24		6,183

													2,389,075

Net Unrealized Appreciation on Open Forward Foreign Currency Contracts												$	2,116,270

At February 29, 2024, 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 Depreciation
iBoxx Investment Grade Index	SOFR		2.959%		PAM		3/20/24		BNP	USD	9,200,000	$	(234,536	)	$	109,629	$	(344,165	)
iBoxx Investment Grade Index	SOFR		2.917%		PAM		3/20/24		BNP	USD	1,800,000		(73,067	)		22,442		(95,509	)
iBoxx Investment Grade Index	SOFR		2.928%		PAM		3/20/24		JPM	USD	2,000,000		(73,285	)		24,936		(98,221	)

												$	(380,888	)	$	157,007	$	(537,895	)

See Notes to Financial Statements.

227



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

At February 29, 2024, International Fixed Income Fund held the following OTC Interest Rate Swap Contracts:


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency		Counterparty		Notional Amount		Market Value		Upfront Payment Paid		Unrealized Appreciation/ (Depreciation)
Receive	3-Month MYR-KLIBOR		3.500%		3/20/29		3-Month		GSC		MYR 23,800,000	$	40,099	$	31,402	$	8,697
Receive	3-Month MYR-KLIBOR		3.750%		9/20/33		3-Month		GSC		MYR 1,510,000		3,996		9,565		(5,569	)

												$	44,095	$	40,967	$	3,128

At February 29, 2024, 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	3-Month Australian Bank Bill		3.750%		3/15/24	3-Month		AUD	8,800,000	$	(8,635	)	$	(6,152	)	$	(2,483	)
Pay	3-Month EURIBOR		2.100%		4/11/24	PAM		EUR	1,400,000		16,658			—			16,658
Pay	3-Month EURIBOR		2.100%		4/13/24	PAM		EUR	3,100,000		37,146			—			37,146
Pay	3-Month EURIBOR		2.100%		5/17/24	PAM		EUR	1,000,000		12,275			—			12,275
Pay	3-Month EURIBOR		2.250%		4/26/24	PAM		EUR	400,000		5,405			—			5,405
Pay	3-Month EURIBOR		2.250%		4/28/24	PAM		EUR	600,000		8,153			—			8,153
Pay	3-Month EURIBOR		2.250%		5/3/24	PAM		EUR	400,000		5,497			—			5,497
Pay	3-Month FRA New Zealand Bank Bill		3.750%		6/15/27	6-Month		NZD	1,800,000		(33,200	)		(18,296	)		(14,904	)
Pay	3-Month FRA New Zealand Bank Bill		4.000%		6/14/24	6-Month		NZD	10,100,000		(49,698	)		(22,659	)		(27,039	)
Pay	3-Month FRA New Zealand Bank Bill		4.250%		3/18/30	6-Month		NZD	6,700,000		12,664			(9,840	)		22,504
Pay	3-Month FRA New Zealand Bank Bill		4.750%		3/20/25	6-Month		NZD	3,900,000		(16,181	)		(3,519	)		(12,662	)
Pay	3-Month SEK-STIBOR		0.500%		6/19/24	12-Month		SEK	4,800,000		(7,217	)		6,261			(13,478	)
Pay	3-Month South Korean Certificate of Deposit		3.500%		3/20/34	3-Month		KRW	1,093,710,000		11,169			31,469			(20,300	)
Receive	3-Month South Korean Certificate of Deposit		3.250%		3/20/29	3-Month		KRW	2,128,873,000		6,020			5,204			816
Pay	6-Month Australian Bank Bill		4.000%		6/21/33	6-Month		AUD	6,200,000		(116,445	)		(139,835	)		23,390
Pay	6-Month Australian Bank Bill		4.250%		3/15/33	6-Month		AUD	1,700,000		(8,924	)		18,825			(27,749	)
Pay	6-Month Australian Bank Bill		4.500%		9/15/32	6-Month		AUD	10,400,000		(6,504	)		(258,134	)		251,630
Pay	6-Month Australian Bank Bill		4.750%		12/20/33	6-Month		AUD	12,700,000		13,659			(93,397	)		107,056
Pay	6-Month EURIBOR		0.550%		8/10/24	12-Month		EUR	200,000		(3,019	)		—			(3,019	)
Pay	6-Month EURIBOR		0.650%		4/12/27	12-Month		EUR	500,000		(42,723	)		—			(42,723	)
Pay	6-Month EURIBOR		0.650%		5/11/27	12-Month		EUR	300,000		(24,966	)		—			(24,966	)
Pay	6-Month EURIBOR		0.700%		4/11/27	12-Month		EUR	200,000		(16,716	)		—			(16,716	)
Pay	6-Month EURIBOR		1.000%		5/13/27	12-Month		EUR	500,000		(34,507	)		—			(34,507	)
Pay	6-Month EURIBOR		2.250%		9/21/37	12-Month		EUR	5,650,000		(392,776	)		141,469			(534,245	)
Pay	6-Month EURIBOR		2.250%		9/21/42	12-Month		EUR	2,310,000		(181,314	)		176,898			(358,212	)
Pay	6-Month EURIBOR		3.000%		3/19/27	12-Month		EUR	7,050,000		53,099			47,415			5,684
Pay	6-Month EURIBOR		3.000%		3/20/34	12-Month		EUR	7,430,000		195,024			(929	)		195,953
Pay	6-Month EURIBOR		3.250%		3/20/29	12-Month		EUR	18,700,000		431,931			31,328			400,603
Pay	6-Month EURIBOR		3.370%		10/9/28	12-Month		EUR	710,000		15,061			—			15,061
Pay	6-Month EURIBOR		3.500%		3/20/26	12-Month		EUR	14,200,000		87,696			13,489			74,207
Receive	6-Month EURIBOR		0.054%		5/27/50	12-Month		EUR	50,000		22,756			6,520			16,236
Receive	6-Month EURIBOR		0.064%		11/17/52	12-Month		EUR	100,000		53,293			11,996			41,297
Receive	6-Month EURIBOR		2.750%		3/20/54	12-Month		EUR	4,800,000		(343,801	)		(7,890	)		(335,911	)
Receive	6-Month EURIBOR		3.000%		3/15/33	12-Month		EUR	3,160,000		(58,705	)		(33,464	)		(25,241	)
Receive	6-Month EURIBOR		3.280%		11/22/33	12-Month		EUR	600,000		(28,846	)		—			(28,846	)
Pay	28-Day MXN TIIE Banxico		4.870%		7/7/25	28-Day		MXN	31,300,000		(131,893	)		(90,196	)		(41,697	)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.000%		3/17/31	6-Month		JPY	580,000,000		(198,348	)		(20,750	)		(177,598	)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.050%		12/15/31	12-Month		JPY	490,000,000		(170,331	)		(164,853	)		(5,478	)

See Notes to Financial Statements.

228



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	Bank of Japan Uncollateralised Overnight Call Rate		0.200%		6/19/29	6-Month		JPY	410,000,000	$	(57,016	)	$	55,540		$	(112,556	)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.250%		3/15/32	12-Month		JPY	50,000,000		(12,269	)		(1,479	)		(10,790	)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.400%		12/15/51	12-Month		JPY	67,000,000		(111,174	)		(28,522	)		(82,652	)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.450%		12/15/51	12-Month		JPY	190,000,000		(300,269	)		(218,952	)		(81,317	)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.550%		9/14/28	12-Month		JPY	120,000,000		4,440			2,356			2,084
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.700%		3/15/52	12-Month		JPY	40,000,000		(46,456	)		(4,225	)		(42,231	)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.800%		6/15/52	12-Month		JPY	120,000,000		(122,715	)		(74,226	)		(48,489	)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.850%		9/20/33	12-Month		JPY	80,000,000		2,017			776			1,241
Pay	Bank of Japan Uncollateralised Overnight Call Rate		1.200%		9/20/53	12-Month		JPY	10,000,000		(4,222	)		2,520			(6,742	)
Receive	Bank of Japan Uncollateralised Overnight Call Rate		0.000%		12/15/26	12-Month		JPY	470,000,000		29,941			35,657			(5,716	)
Receive	Bank of Japan Uncollateralised Overnight Call Rate		0.400%		6/19/39	6-Month		JPY	80,000,000		61,396			(20,457	)		81,853
Pay	Canadian Overnight Repo Rate Average		1.220%		3/3/25	6-Month		CAD	2,000,000		(57,922	)		(72,594	)		14,672
Pay	Canadian Overnight Repo Rate Average		1.500%		6/17/30	6-Month		CAD	2,200,000		(193,986	)		(184,229	)		(9,757	)
Pay	Canadian Overnight Repo Rate Average		1.713%		10/2/29	6-Month		CAD	700,000		(48,536	)		(52,319	)		3,783
Pay	Canadian Overnight Repo Rate Average		1.900%		12/18/29	6-Month		CAD	800,000		(51,094	)		(52,932	)		1,838
Pay	Canadian Overnight Repo Rate Average		3.250%		6/21/53	6-Month		CAD	200,000		(3,663	)		(10,586	)		6,923
Pay	Canadian Overnight Repo Rate Average		3.500%		5/10/25	PAM		CAD	18,900,000		(136,329	)		(111,011	)		(25,318	)
Pay	Canadian Overnight Repo Rate Average		3.500%		12/18/25	PAM		CAD	3,200,000		(9,781	)		(5,383	)		(4,398	)
Pay	Canadian Overnight Repo Rate Average		4.600%		8/30/25	PAM		CAD	3,500,000		9,149			(7,787	)		16,936
Receive	Canadian Overnight Repo Rate Average		3.250%		3/15/28	6-Month		CAD	990,000		16,642			13,208			3,434
Receive	Canadian Overnight Repo Rate Average		3.250%		12/20/33	6-Month		CAD	2,500,000		45,547			144,403			(98,856	)
Receive	Canadian Overnight Repo Rate Average		3.500%		6/1/32	6-Month		CAD	2,000,000		(1,493	)		(15,509	)		14,016
Receive	Canadian Overnight Repo Rate Average		3.750%		12/20/33	6-Month		CAD	2,000,000		(25,451	)		(9,424	)		(16,027	)
Pay	China 7-Day Reverse Repo Index		2.250%		3/20/29	3-Month		CNY	60,090,000		65,646			17,782			47,864
Pay	Financial Benchmarks India Overnight Mumbai Interbank Outright Rate		6.250%		3/20/29	6-Month		INR	34,103,000		(1,269	)		(1,579	)		310
Receive	Financial Benchmarks India Overnight Mumbai Interbank Outright Rate		6.500%		3/20/34	6-Month		INR	19,560,000		(1,908	)		(3,702	)		1,794
Receive	Singapore Overnight Rate Average		2.750%		3/20/29	6-Month		SGD	10,705,000		86,288			(11,847	)		98,135
Receive	Singapore Overnight Rate Average		3.000%		3/20/29	6-Month		SGD	2,700,000		(1,298	)		4,143			(5,441	)
Pay	SOFR		2.310%		1/16/25	PAM		USD	5,400,000		(150,733	)		—			(150,733	)
Pay	SOFR		2.841%		10/31/24	PAM		USD	200,000		(4,863	)		—			(4,863	)
Pay	SOFR		2.910%		11/14/24	PAM		USD	400,000		(9,363	)		—			(9,363	)
Pay	SOFR		2.920%		10/17/24	PAM		USD	600,000		(14,240	)		—			(14,240	)
Pay	SOFR		2.968%		6/30/24	12-Month		USD	10,400,000		(244,616	)		—			(244,616	)
Pay	SOFR		2.973%		10/27/24	PAM		USD	300,000		(6,940	)		—			(6,940	)
Pay	SOFR		3.000%		6/21/30	12-Month		USD	600,000		(40,556	)		(25,103	)		(15,453	)
Pay	SOFR		3.018%		10/24/24	PAM		USD	200,000		(4,535	)		—			(4,535	)
Pay	SOFR		3.088%		11/7/24	PAM		USD	100,000		(2,178	)		—			(2,178	)
Pay	SOFR		3.140%		10/25/24	PAM		USD	200,000		(4,291	)		—			(4,291	)
Pay	SOFR		3.190%		10/25/24	PAM		USD	200,000		(4,193	)		—			(4,193	)
Pay	SOFR		3.225%		9/30/29	12-Month		USD	900,000		(41,043	)		3,140			(44,183	)
Pay	SOFR		3.225%		10/25/24	PAM		USD	100,000		(2,062	)		—			(2,062	)
Pay	SOFR		3.340%		2/23/30	12-Month		USD	580,000		(18,778	)		—			(18,778	)

See Notes to Financial Statements.

229



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	SOFR		3.470%		2/22/30	12-Month		USD	800,000	$	(20,425	)	$	—		$	(20,425	)
Pay	SOFR		3.500%		6/22/30	12-Month		USD	190,000		(6,963	)		—			(6,963	)
Pay	SOFR		3.500%		12/20/33	12-Month		USD	15,920,000		(533,426	)		(746,996	)		213,570
Pay	SOFR		3.650%		11/22/24	PAM		USD	400,000		(6,399	)		—			(6,399	)
Pay	SOFR		3.650%		12/5/24	PAM		USD	400,000		(6,305	)		—			(6,305	)
Pay	SOFR		3.725%		2/7/34	12-Month		USD	200,000		(2,532	)		—			(2,532	)
Pay	SOFR		3.750%		11/21/24	PAM		USD	700,000		(10,523	)		—			(10,523	)
Pay	SOFR		3.750%		12/11/24	PAM		USD	300,000		(4,403	)		—			(4,403	)
Pay	SOFR		3.750%		6/20/29	12-Month		USD	4,400,000		(25,817	)		34,458			(60,275	)
Pay	SOFR		3.783%		2/7/34	12-Month		USD	100,000		(788	)		—			(788	)
Pay	SOFR		3.860%		2/21/34	12-Month		USD	300,000		(276	)		—			(276	)
Pay	SOFR		3.940%		2/22/29	12-Month		USD	900,000		(2,776	)		—			(2,776	)
Pay	SOFR		3.951%		3/31/30	12-Month		USD	3,500,000		(22,505	)		—			(22,505	)
Pay	SOFR		3.981%		11/30/27	12-Month		USD	6,500,000		(55,362	)		—			(55,362	)
Pay	SOFR		4.193%		11/30/27	12-Month		USD	1,380,000		(994	)		(524	)		(470	)
Receive	SOFR		0.500%		6/15/24	12-Month		USD	800,000		39,115			7,740			31,375
Receive	SOFR		1.000%		12/15/26	12-Month		USD	1,000,000		95,084			3,719			91,365
Receive	SOFR		1.298%		8/25/24	6-Month		USD	1,400,000		29,811			(30,011	)		59,822
Receive	SOFR		1.750%		6/15/24	12-Month		USD	8,000,000		286,639			367,708			(81,069	)
Receive	SOFR		2.180%		1/16/34	12-Month		USD	600,000		84,730			—			84,730
Receive	SOFR		2.965%		11/30/26	12-Month		USD	6,600,000		267,301			(3,697	)		270,998
Receive	SOFR		3.048%		11/15/32	12-Month		USD	450,000		30,371			—			30,371
Receive	SOFR		3.070%		11/15/32	12-Month		USD	1,100,000		72,460			—			72,460
Receive	SOFR		3.083%		11/15/32	12-Month		USD	1,400,000		90,813			—			90,813
Receive	SOFR		3.086%		11/15/32	12-Month		USD	1,100,000		71,071			11,057			60,014
Receive	SOFR		3.139%		11/15/32	12-Month		USD	100,000		6,059			—			6,059
Receive	SOFR		3.150%		5/13/25	PAM		USD	13,400,000		216,518			5,337			211,181
Receive	SOFR		3.173%		11/15/32	12-Month		USD	200,000		11,606			(989	)		12,595
Receive	SOFR		3.200%		5/13/25	PAM		USD	1,100,000		17,249			(363	)		17,612
Receive	SOFR		3.250%		12/20/53	12-Month		USD	2,400,000		175,903			297,742			(121,839	)
Receive	SOFR		3.500%		12/18/25	PAM		USD	2,400,000		14,724			3,436			11,288
Receive	SOFR		3.500%		12/20/38	12-Month		USD	3,200,000		142,768			50,178			92,590
Receive	SOFR		3.500%		6/20/54	12-Month		USD	500,000		8,532			(9,747	)		18,279
Receive	SOFR		3.600%		1/17/34	12-Month		USD	200,000		4,785			—			4,785
Receive	SOFR		3.655%		5/31/28	12-Month		USD	300,000		4,696			—			4,696
Receive	SOFR		3.662%		5/31/28	12-Month		USD	1,000,000		15,393			—			15,393
Receive	SOFR		3.691%		5/31/28	12-Month		USD	2,400,000		34,251			—			34,251
Receive	SOFR		3.700%		2/20/49	12-Month		USD	1,200,000		6,738			2,297			4,441
Receive	SOFR		3.750%		6/21/25	12-Month		USD	4,900,000		123,643			24,288			99,355
Receive	SOFR		3.750%		6/20/31	12-Month		USD	400,000		1,819			(2,001	)		3,820
Receive	SOFR		3.750%		6/20/34	12-Month		USD	13,200,000		61,396			(161,129	)		222,525
Receive	SOFR		4.000%		6/20/26	12-Month		USD	4,200,000		21,018			(12,065	)		33,083
Receive	SOFR		4.000%		3/20/54	12-Month		USD	800,000		(53,384	)		(92,817	)		39,433
Receive	SOFR		4.159%		3/31/25	12-Month		USD	9,700,000		168,680			(23,062	)		191,742
Receive	SOFR		4.228%		8/30/25	PAM		USD	2,800,000		6,711			(1,404	)		8,115
Receive	SOFR		4.250%		12/20/25	12-Month		USD	27,709,000		240,642			143,567			97,075
Pay	SOFR		4.250%		3/20/34	12-Month		USD	2,760,000		89,207			165,011			(75,804	)
Pay	Sterling Overnight Index Average		3.000%		6/17/27	12-Month		GBP	5,100,000		(97,164	)		(11,885	)		(85,279	)
Pay	Sterling Overnight Index Average		4.250%		3/20/54	12-Month		GBP	500,000		48,466			28,241			20,225
Pay	Sterling Overnight Index Average		4.500%		3/20/34	12-Month		GBP	9,700,000		672,693			324,739			347,954
Pay	Sterling Overnight Index Average		5.000%		3/20/29	12-Month		GBP	10,000,000		558,891			591,283			(32,392	)
Receive	Sterling Overnight Index Average		3.000%		6/17/35	12-Month		GBP	1,100,000		73,291			18,443			54,848
Receive	Sterling Overnight Index Average		5.500%		3/20/26	12-Month		GBP	400,000		(9,026	)		(9,576	)		550
Pay	Swiss Average Rate Overnight Index		0.300%		2/15/27	12-Month		CHF	200,000		(5,359	)		—			(5,359	)
Receive	Thai Overnight Repurchase Rate		2.250%		3/20/29	3-Month		THB	62,155,000		(3,642	)		(477	)		(3,165	)
Receive	Thai Overnight Repurchase Rate		2.500%		3/20/29	3-Month		THB	115,929,000		(44,947	)		(29,600	)		(15,347	)

										$	578,639		$	(68,480	)	$	647,119

See Notes to Financial Statements.

230



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

At February 29, 2024, 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 2/29/24 (2)		Notional Amount (3)			Market Value			Upfront Payment (Received)			Unrealized Depreciation
South Korea Government Bonds, AA		(1.000	)%		12/20/28		3-Month		BNP		0.330%		USD	400,000	$	(12,448	)	$	(11,450	)	$	(998	)
South Korea Government Bonds, AA		(1.000	)%		12/20/28		3-Month		GSC		0.330%		USD	500,000		(15,559	)		(14,564	)		(995	)

															$	(28,007	)	$	(26,014	)	$	(1,993	)

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

OTC Credit Default Swap on Sovereign Issue — Sell Protection (4)


Reference Obligation & Rating†	Fixed Deal Receive Rate			Maturity Date		Payment Frequency		Counterparty		Implied Credit Spread at 2/29/24 (2)	Notional Amount (3)			Market Value		Upfront Payment (Received)		Unrealized Appreciation
Republic of Italy Government International Bonds, BBB		1.000	%		6/20/25		3-Month		BCLY	0.218%		USD	300,000	$	3,633	$	(7,348)	$	10,981

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

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 2/29/24 (2)		Notional Amount (3)			Market Value			Upfront Payment Paid		Unrealized Depreciation
Markit CDX North America Investment Grade Series 40 10-Year Index, NR		(1.000	)%		6/20/33		3-Month		0.897%		USD	500,000	$	(4,801	)	$	4,848	$	(9,649	)
Markit CDX North America Investment Grade Series 41 10-Year Index, NR		(1.000	)%		12/20/33		3-Month		0.929%		USD	6,600,000		(49,087	)		64,199		(113,286	)
Markit iTraxx Europe Series 40 10-Year Index, NR		(1.000	)%		12/20/33		3-Month		0.961%		EUR	5,800,000		(32,433	)		72,845		(105,278	)

													$	(86,321	)	$	141,892	$	(228,213	)

Centrally Cleared — Credit Default Swaps on Corporate Issue and Indexes — Sell Protection (4)


Reference Obligation & Ratings†	Fixed Deal Receive Rate			Maturity Date		Payment Frequency		Implied Credit Spread at 2/29/24 (2)		Notional Amount (3)			Market Value		Upfront Payment Paid		Unrealized Appreciation
Ford Motor Credit Co. LLC, BBB-		5.000	%		6/20/25		3-Month		0.482%		USD	200,000	$	13,463	$	7,946	$	5,517
Markit CDX North America Investment Grade Series 40 5-Year Index, NR		1.000	%		6/20/28		3-Month		0.461%		USD	300,000		6,908		1,420		5,488
Markit CDX North America Investment Grade Series 41 5-Year Index, NR		1.000	%		12/20/28		3-Month		0.520%		USD	26,200,000		593,020		375,537		217,483
Markit iTraxx Europe Series 40 5-Year Index, NR		1.000	%		12/20/28		3-Month		0.552%		EUR	5,300,000		125,620		105,420		20,200

													$	739,011	$	490,323	$	248,688

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

See Notes to Financial Statements.

231



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

At February 29, 2024, International Fixed Income Fund held the following OTC Cross-Currency Swap Contracts:


Counterparty Pay	Counterparty Receive	Maturity Date (5)		Counterparty		Notional Amount of Currency Received (6)		Notional Amount of Currency Delivered (6)		Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)

Floating rate equal to SOFR based on the notional amount of currency delivered	Floating rate equal to Bank of Japan Uncollateralised Overnight Call Rate minus 0.610% based on the notional amount of currency received		1/21/26		GSC		JPY 745,100,000		USD 5,348,887	$	380,426		$	327,490		$	52,936

Floating rate equal to SOFR based on the notional amount of currency delivered	Floating rate equal to Bank of Japan Uncollateralised Overnight Call Rate minus 0.590% based on the notional amount of currency received		2/3/26		BCLY		JPY 175,800,000		USD 1,255,714		83,205			65,746			17,459

Floating rate equal to SOFR based on the notional amount of currency delivered	Floating rate equal to Bank of Japan Uncollateralised Overnight Call Rate minus 0.591% based on the notional amount of currency received		2/3/26		UBS		JPY 383,800,000		USD 2,596,752		37,027			(26,535	)		63,562

Floating rate equal to SOFR based on the notional amount of currency delivered	Floating rate equal to Bank of Japan Uncollateralised Overnight Call Rate minus 0.605% based on the notional amount of currency received		3/19/26		UBS		JPY 1,357,500,000		USD 9,264,470		209,148			51,375			157,773

Floating rate equal to SOFR + 0.262 based on the notional amount of currency delivered	Floating rate equal to 3-Month AUD-LIBOR plus 0.423% based on the notional amount of currency received		8/1/29		GSC		USD 1,449,000		AUD 2,100,000		(78,665	)		(3,920	)		(74,745	)


										$	631,141		$	414,156		$	216,985

(1)

(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.

See Notes to Financial Statements.

232



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

(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 29, 2024, International Fixed Income Fund deposited cash collateral with brokers in the amount of $3,030,000 for open centrally cleared swap contracts.

At February 29, 2024, International Fixed Income Fund had cash collateral from brokers in the amount of $2,160,000 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
BRL	— Brazilian Real	BOA	— Bank of America
CAD	— Canadian Dollar	DUB	— Deutsche Bank AG
CHF	— Swiss Franc	GSC	— Goldman Sachs & Co.
CNY	— China Yuan Renminbi	HSBC	— HSBC Bank USA
DKK	— Danish Krone	JPM	— JPMorgan Chase & Co.
EUR	— Euro	NWM	— NatWest Markets PLC
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
KRW	— Korean Won
MXN	— Mexican Peso
MYR	— Malaysian Ringgit
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PEN	— Peruvian Sol
SEK	— Swedish Krona
SGD	— Singapore Dollar
THB	— Thai Baht
TWD	— New Taiwan Dollar
USD	— United States Dollar
ZAR	— South African Rand

See Notes to Financial Statements.

233



Schedules of Investments


(unaudited) (continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

MUNICIPAL BONDS — 92.3%

Alabama — 2.6%
			Southeast Alabama Gas Supply District (The), Revenue Bonds:
$	1,000,000	Aa3(a)	Series A, 5.000% due 8/1/54(b)	$	1,065,750
	500,000	A1(a)	Series A, Currently Refunded, 4.000% due 6/1/49(b) .		500,290
	965,000	A1(a)	Southeast Energy Authority A Cooperative District, Revenue Bonds, Series A, 5.250% due 1/1/54(b)		1,020,185

			Total Alabama		2,586,225


Alaska — 0.4%
	200,000	AA	Borough of North Slope, GO, Series B, 5.000% due 6/30/26 .		209,956
			Northern Tobacco Securitization Corp., Revenue Bonds:
	105,000	BBB+	Series A, 4.000% due 6/1/50		97,566
	60,000	BBB-	Series B1, 4.000% due 6/1/50		60,789

			Total Alaska		368,311


Arizona — 1.9%
	475,000	BB	Arizona Industrial Development Authority, Revenue Bonds, Somerset Academy of Las Vegas — Aliante and Skye Canyon Campus Projects, 3.000% due 12/15/31(c) .		422,864
	1,000,000	A+	City of Mesa, Utility System Revenue, Revenue Bonds, 5.000% due 7/1/40		1,127,001
	75,000	NR	Industrial Development Authority of the County of Pima (The), Revenue Bonds, Imagine East Mesa Charter School, 3.250% due 7/1/24(c)		74,747
	300,000	BB+	Maricopa County Industrial Development Authority, Revenue Bonds, Paradise School Project Paragon Management Inc., 4.000% due 7/1/26(c)		297,630

			Total Arizona		1,922,242


California — 16.0%
	195,000	NR	California Community Housing Agency, Revenue Bonds, Series A2, 4.000% due 8/1/51(c)		115,068
	10,615,000	NR	California County Tobacco Securitization Agency, Revenue Bonds, zero coupon due 6/1/55		839,098
			California School Finance Authority, Revenue Bonds:
	640,000	BBB	Aspire Public School Obligation Group, 5.000% due 8/1/32(c)		670,087
	250,000	NR	iLead Lancaster Holdings LLC, Series A, 4.000% due 6/1/31(c)		234,517
			California State Public Works Board, Revenue Bonds:
	1,000,000	A+	Series D, 4.000% due 5/1/47		1,006,199
	1,000,000	A+	Series D, 5.000% due 11/1/46		1,110,615
	15,750,000	NR	California Statewide Financing Authority, Revenue Bonds, Capital Appreciation Turbo Pooled Program, Series D, zero coupon due 6/1/55(c)		841,472
	165,000	AAA	City & County of San Francisco, GO, Series R1, 5.000% due 6/15/32		199,808
	1,000,000	AA-	City of Los Angeles Department of Airports, Revenue Bonds, AMT, 3.250% due 5/15/49(d)		801,580
			CSCDA Community Improvement Authority, Revenue Bonds:
	100,000	NR	3.125% due 8/1/56(c)		71,569
	805,000	NR	3.250% due 4/1/57(c)		569,172
	140,000	NR	4.000% due 10/1/56(c)		120,202
	125,000	NR	4.000% due 12/1/56(c)		92,310
	185,000	NR	Series A2A, 4.000% due 12/1/58(c)		141,730
	100,000	NR	Series B, 4.000% due 12/1/59(c)		65,243
	500,000	Aa3(a)	Livermore Valley Joint Unified School District, GO, 4.000% due 8/1/46		499,202
			Los Angeles Department of Water & Power, Revenue Bonds:
	500,000	Aa2(a)	Series A, 5.000% due 7/1/47		548,445
	1,000,000	Aa2(a)	Series B, 5.000% due 7/1/47		1,120,512
	1,350,000	AA	Orange Unified School District, GO, 5.000% due 8/1/35		1,603,197
	1,000,000	AA-	Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds, 5.000% due 5/15/47		1,110,615
	595,000	AA	Riverside County Public Financing Authority, Tax Allocation, Series A, 4.000% due 10/1/40		599,242
	500,000	A2(a)	San Diego County Regional Airport Authority, Revenue Bonds, Series A, 4.000% due 7/1/51		491,037
	485,000	Aa3(a)	San Diego Public Facilities Financing Authority, Revenue Bonds, Series A, 5.000% due 8/1/43		522,205

See Notes to Financial Statements.

234



Schedules of Investments


(unaudited) (continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

California — 16.0% — (continued)
$	500,000	A+	San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds, AMT, Series 2020, 4.000% due 5/1/39(d)	$	499,822
	500,000	AA	San Francisco City & County Public Utilities Commission Wastewater Revenue, Revenue Bonds, Green Bond, Series A, 5.000% due 10/1/44		563,804
	475,000	Aa2(a)	Sonoma Valley Unified School District, GO, 4.000% due 8/1/38		483,775
	1,000,000	AA-	State of California, GO, 5.000% due 4/1/31		1,165,588

			Total California		16,086,114


Colorado — 1.2%
	750,000	AA-	City & County of Denver, Airport System Revenue, Revenue Bonds, AMT, Series A, 5.000% due 11/15/30(d)		789,068
	500,000	AA	Colorado Health Facilities Authority, Revenue Bonds, Adventhealth Obligated, Series A, 3.000% due 11/15/51		378,371

			Total Colorado		1,167,439


Connecticut — 0.6%
	500,000	AA-	State of Connecticut, GO, Series E, 5.000% due 11/15/28		553,923


District of Columbia — 1.1%
	2,075,000	WD(e)	District of Columbia Tobacco Settlement Financing Corp., Revenue Bonds, Capital Appreciation Asset-Backed, Series B, zero coupon due 6/15/46		446,056
	700,000	AA-	Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds, AMT, Series A, 4.000% due 10/1/36(d)		701,467

			Total District of Columbia		1,147,523


Florida — 5.9%
	500,000	NR	Boggy Creek Improvement District, Special Assessment, Series 2013, 5.125% due 5/1/43		500,046
	1,000,000	A	Brevard County Health Facilities Authority, Revenue Bonds, Health First Obligated Group, Series A, 5.000% due 4/1/47		1,053,382
	665,000	AA+	Broward County, Water & Sewer Utility Revenue, Revenue Bonds, Series A, 4.000% due 10/1/45		667,088
	225,000	Baa3(a)	Capital Projects Finance Authority, Revenue Bonds, Florida University Project, Series A1, 5.000% due 10/1/26		229,155
			Capital Trust Agency Inc., Revenue Bonds:
	100,000	Ba1(a)	Viera Charter Schools Inc. Project, Series A, 4.000% due 10/15/29(c)		97,588
	2,500,000	NR	Wonderful Foundations Charter, Series B, zero coupon due 1/1/60		144,894
	1,400,000	A+	City of Cape Coral, Water & Sewer Revenue, Revenue Bonds, 5.000% due 10/1/39		1,464,722
	130,000	NR	Finley Woods Community Development District, Special Assessment, Area One, 3.150% due 5/1/25		128,372
			Florida Development Finance Corp., Revenue Bonds:
	190,000	NR	Waste Pro USA Inc. Project, AMT, 5.000% due 5/1/29(c)(d)		186,019
	100,000	BBB	Mater Academy Project, Series A, 5.000% due 6/15/56		99,439
	275,000	NR	Lakewood Ranch Stewardship District, Special Assessment, Isles Lakewood Ranch Project, 3.875% due 5/1/29		270,988
	1,000,000	A+	Orange County Health Facilities Authority, Revenue Bonds, Orlando Health Obligated Group, Series A, 5.000% due 10/1/53		1,064,736

			Total Florida		5,906,429


Georgia — 4.7%
	1,000,000	AA	Augusta, GO, 5.000% due 10/1/25		1,033,348
	250,000	AA-	City of Atlanta, Water & Wastewater Revenue, Revenue Bonds, 5.000% due 11/1/40		253,785
	450,000	AA+	Henry County School District, GO, 5.000% due 8/1/25		462,471
			Main Street Natural Gas Inc., Revenue Bonds:
	2,500,000	Aa1(a)	Series A, 4.000% due 7/1/52(b)		2,508,877
	435,000	A3(a)	Series A, 5.000% due 6/1/53(b)		458,053

			Total Georgia		4,716,534

See Notes to Financial Statements.

235



Schedules of Investments


(unaudited) (continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

Guam — 0.0%@
			Territory of Guam, Revenue Bonds:
$	15,000	Baa3(a)	Series A, 5.000% due 11/1/27	$	15,722
	15,000	Baa3(a)	Series A, 5.000% due 11/1/28		15,912
	15,000	Baa3(a)	Series A, 5.000% due 11/1/29		16,076

			Total Guam		47,710


Illinois — 1.1%
	600,000	A	Illinois Finance Authority, Revenue Bonds, DePaul University, 5.000% due 10/1/36		621,295
			State of Illinois, GO:
	260,000	A-	Series C, 5.000% due 12/1/45		279,291
	150,000	A-	Series C, 5.000% due 12/1/46		160,452

			Total Illinois		1,061,038


Indiana — 1.6%
	1,000,000	A+	Indiana Municipal Power Agency, Revenue Bonds, Power Supply, Series C, 5.000% due 1/1/37		1,033,746
	500,000	AA+	Indianapolis Local Public Improvement Bond Bank, Revenue Bonds, Series D, 6.000% due 2/1/48		589,713

			Total Indiana		1,623,459


Kansas — 0.3%
	250,000	Aaa(a)	Kansas Development Finance Authority, Revenue Bonds, Series R, 5.000% due 5/1/41		283,850


Kentucky — 0.2%
	230,000	NR	City of Henderson, Revenue Bonds, AMT, Pratt Paper LLC Project, Series A, 4.450% due 1/1/42(c)(d)		224,999


Louisiana — 0.5%
			New Orleans Aviation Board, AMT, General Airport North Terminal, Revenue Bonds:
	250,000	A	Series B, 5.000% due 1/1/38(d)		255,855
	250,000	A	Series B, 5.000% due 1/1/37(d)		256,637

			Total Louisiana		512,492


Maryland — 1.7%
			City of Baltimore, Tax Allocation, Harbor Point Project:
	200,000	NR	Series A, 2.750% due 6/1/24(c)		199,109
	125,000	NR	Series A, 2.800% due 6/1/25(c)		122,471
	135,000	NR	Series A, 2.850% due 6/1/26(c)		130,479
	500,000	AAA	County of Prince George’s, GO, Series A, 5.000% due 8/1/40		578,819
	630,000	Baa3(a)	Maryland Economic Development Corp., Revenue Bonds, Green Bond, Purple Line Light Rail Project, AMT, Series B, 5.250% due 6/30/55(d)		641,219

			Total Maryland		1,672,097


Massachusetts — 2.8%
	1,000,000	AAA	City of Boston, GO, Series A, 5.000% due 11/1/37		1,172,931
	550,000	AA+	Commonwealth of Massachusetts, GO, Series C, 5.000% due 10/1/48		603,256
	1,000,000	AA+	Massachusetts Bay Transportation Authority Sales Tax Revenue, Revenue Bonds, Series A1, 5.000% due 7/1/44		1,042,600

			Total Massachusetts		2,818,787


Michigan — 2.4%
	535,000	AA	City of Lansing, GO, Series B, AGM-Insured, 5.000% due 6/1/25		547,401
	1,000,000	AA-	Lansing Board of Water & Light, Revenue Bonds, Series A, 5.250% due 7/1/54		1,107,070
	190,000	A1(a)	Michigan Finance Authority, Revenue Bonds, McLaren Health Care Corp., Series D2, 1.200% due 10/15/38(b)		169,969
	500,000	AA+	Michigan State Housing Development Authority, Revenue Bonds, Series D, 5.100% due 12/1/37		548,068

			Total Michigan		2,372,508

See Notes to Financial Statements.

236



Schedules of Investments


(unaudited) (continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

Nebraska — 1.6%
$	500,000	A2(a)	Central Plains Energy Project, Revenue Bonds, Series 1, 5.000% due 5/1/53(b)	$	524,992
	1,000,000	AA	Omaha Public Power District, Revenue Bonds, Series A, 5.250% due 2/1/48		1,117,403

			Total Nebraska		1,642,395


New Jersey — 3.6%
	100,000	BBB	Camden County Improvement Authority (The), Revenue Bonds, KIPP Cooper Norcross High School, 6.000% due 6/15/62		107,676
			New Jersey Economic Development Authority, Revenue Bonds:
	110,000	NR	Golden Door Charter School Project, Series A, 5.125% due 11/1/29(c)		110,241
	1,000,000	A-	Series RRR, 5.000% due 3/1/28		1,082,107
			New Jersey Transportation Trust Fund Authority, Revenue Bonds:
	1,250,000	A+	Highway Reimbursement, Series A, 5.000% due 6/15/30		1,303,006
	1,000,000	A-	Series A, 4.000% due 6/15/40		1,015,646

			Total New Jersey		3,618,676


New York — 11.3%
			City of New York, GO:
	490,000	AA	Remarketing, Series J11, 5.000% due 8/1/26		513,119
	1,000,000	AA	Series B, 5.250% due 10/1/47		1,106,014
			New York City Municipal Water Finance Authority, Revenue Bonds:
	500,000	AA+	Series CC1, 4.000% due 6/15/51		488,954
	500,000	AA+	Series DD1, 5.000% due 6/15/49		526,704
	1,800,000	AA	New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds, Series S1, 5.000% due 7/15/43		1,832,402
			New York State Dormitory Authority, Revenue Bonds:
	1,000,000	Aa1(a)	Series A, 5.250% due 3/15/37		1,094,168
	500,000	AA+	Bidding Group, Series B, Unrefunded Portion, 5.000% due 2/15/43		522,392
			New York State Thruway Authority, Revenue Bonds:
	180,000	AA+	Series A, 4.125% due 3/15/52		177,166
	1,000,000	A+	Series P, 5.000% due 1/1/40		1,139,523
	225,000	Baa3(a)	New York Transportation Development Corp., Revenue Bonds, Delta Air Lines Inc. — LaGuardia, AMT, 4.000% due 10/1/30(d)		224,902
			Port Authority of New York & New Jersey, Revenue Bonds:
	1,000,000	AA-	Series 230, 3.000% due 12/1/31		994,902
	500,000	AA-	Series 241, 5.000% due 7/15/41		569,436
	1,000,000	AA+	Triborough Bridge & Tunnel Authority Sales Tax Revenue, Revenue Bonds, Triborough Bridge and Tunnel Authority Capital Lockbox, Series A, 5.000% due 5/15/40		1,138,218
			Triborough Bridge & Tunnel Authority, Revenue Bonds:
	660,000	AA+	Series C, 5.250% due 5/15/52		726,330
	275,000	AA+	Series C1A, 5.000% due 5/15/39		311,273

			Total New York .		11,365,503


North Carolina — 1.8%
	500,000	AA	City of Fayetteville, Public Works Commission Revenue, Revenue Bonds, 5.000% due 3/1/26		521,246
	175,000	BBB(e)	North Carolina Medical Care Commission, Revenue Bonds, United Methodist Retirement, Series B1, 4.250% due 10/1/28(f)		175,338
	1,000,000	AA	North Carolina Turnpike Authority, Revenue Bonds, Triangle Expressway System, Series A, AGM-Insured, 5.000% due 1/1/58		1,069,216

			Total North Carolina		1,765,800


North Dakota — 0.4%
	495,000	Aa1(a)	North Dakota Housing Finance Agency, Revenue Bonds, Water and Sewer System, Series A, 3.700% due 1/1/46		448,567

See Notes to Financial Statements.

237



Schedules of Investments


(unaudited) (continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

Ohio — 1.1%
			Buckeye Tobacco Settlement Financing Authority, Revenue Bonds:
$	85,000	BBB+	Series A2, 3.000% due 6/1/48	$	65,041
	450,000	NR	Series B2, 5.000% due 6/1/55		429,461
	600,000	Baa3(a)	Ohio Air Quality Development Authority, Revenue Bonds, Ohio Valley Electric Corp., Remarketing, Series A, 2.875% due 2/1/26		578,432

			Total Ohio		1,072,934


Oregon — 1.1%
	1,000,000	AA-	Port of Portland Airport Revenue, Revenue Bonds, Green Bond, AMT, Series 29, 5.000% due 7/1/38(d)		1,101,058


Pennsylvania — 1.0%
			Pennsylvania Turnpike Commission, Revenue Bonds:
	170,000	A+	Series A, 4.000% due 12/1/45		168,804
	830,000	A+	Series A, 4.000% due 12/1/46		819,281

			Total Pennsylvania		988,085


Puerto Rico — 1.1%
			Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds:
	664,000	NR	Series A1, 4.750% due 7/1/53		664,380
	130,000	NR	Series A1, zero coupon due 7/1/24		128,575
	225,000	NR	Series A1, zero coupon due 7/1/46		73,252
	216,000	NR	Series A2, 4.784% due 7/1/58		215,460

			Total Puerto Rico .		1,081,667


South Carolina — 3.1%
	2,000,000	A	South Carolina Jobs-Economic Development Authority, Revenue Bonds, Prisma Health Obligation Group, Series A, 5.000% due 5/1/28		2,123,335
	1,000,000	A+	South Carolina Ports Authority, Revenue Bonds, AMT, 5.000% due 7/1/43(d)		1,029,842

			Total South Carolina		3,153,177


Tennessee — 2.7%
	470,000	Aa2(a)	City of Johnson, GO, Series B, 5.000% due 6/1/25		481,763
	1,000,000	AA+	County of Knox, GO, 5.000% due 6/1/25		1,024,164
	245,000	Baa1(a)	Tennergy Corp., Revenue Bonds, Gas Supply, Series A, 5.500% due 10/1/53(b)		262,011
	500,000	BBB+	Tennessee Energy Acquisition Corp., Revenue Bonds, Series C, 5.000% due 2/1/25		501,153
	485,000	Aa2(a)	Tennessee Housing Development Agency, Revenue Bonds, Series A, 3.850% due 1/1/35		485,390

			Total Tennessee		2,754,481


Texas — 8.2%
			City of Dallas, GO:
	630,000	AA-	5.000% due 2/15/28		686,664
	500,000	AA-	Series A, 5.000% due 2/15/37		579,605
	100,000	BB-	City of Houston, Airport System Revenue, Revenue Bonds, AMT, Series B1, 5.000% due 7/15/30(d)		100,268
	500,000	Aa3(a)	City of Houston, GO, Series A, 5.250% due 3/1/40		576,618
	100,000	Aaa(a)	Crowley Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/1/48		110,330
	500,000	AAA	Dalhart Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/15/42		552,387
	995,000	AAA	Laredo Independent School District, GO, PSF-GTD-Insured, 4.000% due 8/1/25		1,008,681
	455,000	NR	New Hope Cultural Education Facilities Finance Corp., Revenue Bonds, Beta Academy, 3.375% due 8/15/29(c)		420,522
	1,000,000	AA-	North Texas Tollway Authority, Revenue Bonds, Series A, 5.000% due 1/1/39		1,027,516
	795,000	Aaa(a)	Northside Independent School District, GO, PSF-GTD-Insured, 0.700% due 6/1/50(b)		769,870
	145,000	Aaa(a)	Northwest Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/15/48		157,527
	1,250,000	AA+	San Antonio Water System, Revenue Bonds, Junior Lien Revenue and Refunding Bonds, Series C, 5.000% due 5/15/46		1,286,097

See Notes to Financial Statements.

238



Schedules of Investments


(unaudited) (continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

Texas — 8.2% — (continued)
$	1,000,000	AA-	Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Methodist Hospitals of Dallas, 4.000% due 10/1/52	$	953,306

			Total Texas		8,229,391


Utah — 1.0%
	500,000	Aaa(a)	Canyons School District, GO, Utah School Bonds Guaranty Program, SCH BD GTY-Insured, 2.500% due 6/15/30		476,798
	500,000	A-	Utah Associated Municipal Power Systems, Revenue Bonds, Horse Butte Wind, Series A, 5.000% due 9/1/32		537,824

			Total Utah		1,014,622


Virginia — 2.9%
	500,000	AA+	Albemarle County Economic Development Authority, Revenue Bonds, Series A, 5.000% due 6/1/38		578,826
	1,000,000	AA	Hampton Roads Transportation Accountability Commission, Revenue Bonds, Series A, 4.000% due 7/1/52		973,712
	1,000,000	AA+	Virginia College Building Authority, Revenue Bonds, 21st Century College Equipment Program, 5.000% due 2/1/32		1,177,910
	80,000	AA+	Virginia Housing Development Authority, Revenue Bonds, Series G, 5.150% due 11/1/52		84,517
	100,000	BBB	Virginia Small Business Financing Authority, Revenue Bonds, AMT, 4.000% due 1/1/48(d)		93,084

			Total Virginia		2,908,049


Washington — 3.1%
	1,000,000	AA+	King County School District No. 401 Highline, GO, SCH BD GTY-Insured, 5.000% due 12/1/35		1,094,872
	1,500,000	AA+	State of Washington, GO, Series R-2022, 4.000% due 7/1/33		1,628,699
			Washington State Housing Finance Commission, Revenue Bonds:
	100,000	BB(e)	Transforming Age Projects, Series A, 5.000% due 1/1/26(c)		97,532
	285,000	Ba2(a)	Spokane Int Acad Project, Series A, 4.000% due 7/1/26(c)		272,247

			Total Washington		3,093,350


West Virginia — 0.5%
	435,000	AA-	State of West Virginia, GO, Series A, 5.000% due 6/1/26		455,388


Wisconsin — 2.8%
			Wisconsin Health & Educational Facilities Authority, Revenue Bonds:
	1,300,000	AA-	Aspirus Inc. Obligation Group, Series A, 4.000% due 8/15/40		1,263,322
	500,000	AA	Milwaukee Regional Medical Center Thermal Service Obligated Group, 5.000% due 4/1/37		528,718
	1,000,000	AA+	Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Revenue Bonds, Series A, 3.250% due 9/1/26		999,775

			Total Wisconsin		2,791,815

			TOTAL MUNICIPAL BONDS (Cost — $92,205,077)		92,556,638


SHORT-TERM INVESTMENTS — 7.4%

TIME DEPOSITS — 7.4%
	5,200,533		JPMorgan Chase & Co. — New York, 4.680% due 3/1/24		5,200,533
	2,215,501		Skandinaviska Enskilda Banken AB — Stockholm, 4.680% due 3/1/24		2,215,501

			TOTAL SHORT-TERM INVESTMENTS (Cost—$7,416,034)		7,416,034

			TOTAL INVESTMENTS — 99.7% (Cost — $99,621,111)		99,972,672

			Other Assets in Excess of Liabilities — 0.3%		254,602

			TOTAL NET ASSETS — 100.0%	$	100,227,274

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

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

See Notes to Financial Statements.

239



Schedules of Investments


(unaudited) (continued)


Municipal Bond Fund

@	The amount is less than 0.05%.

(a)	Rating by Moody’s Investors Service.

(b)	Variable rate security. Interest rate disclosed is that which was in effect at February 29, 2024.

(c)

(d)	Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (AMT).

(e)	Rating by Fitch Ratings Service.

(f)	When-issued security.

At February 29, 2024, 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	$	99,621,111	$	1,941,055	$	(1,589,494)	$	351,561


Abbreviations used in this schedule:
AGM		— Assured Guaranty Municipal
AMT		— Alternative Minimum Tax
GO		— General Obligation
PSF-GTD		— Permanent School Fund Guaranteed
SCH BD GTY		— Oregon School Bond Guaranty


Summary of Investments by Industry^
General Obligation	37.1	%
Health Care Providers & Services	8.1
School District	7.2
Transportation	6.6
Water and Sewer	6.6
Airport	5.9
Utilities	3.8
Power	3.3
Single Family Housing	3.1
Education	2.9
Tobacco Settlement	2.8
Development	2.2
Multifamily Housing	1.3
Higher Education	0.6
Bond Bank	0.6
Nursing Homes	0.3
Housing	0.2
Short-Term Investments	7.4

Total Investments	100.0	%

^	As a percentage of total investments.

See pages 264-265 for definitions of ratings.

See Notes to Financial Statements.

240



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†		Security	Value

U.S. GOVERNMENT OBLIGATIONS — 108.4%
$	599,712	U.S. Treasury Bonds, 2.125% due 2/15/54	$	604,597
		U.S. Treasury Inflation Indexed Bonds:
	1,969,069	2.375% due 1/15/25		1,969,662
	2,353,797	2.000% due 1/15/26		2,347,575
	2,045,501	1.750% due 1/15/28		2,028,904
	2,827,741	3.625% due 4/15/28		3,009,238
	1,560,162	2.500% due 1/15/29		1,603,390
	2,326,815	3.875% due 4/15/29		2,546,723
	41,476	3.375% due 4/15/32(a)		45,851
	823,136	2.125% due 2/15/40		833,311
	910,468	2.125% due 2/15/41		922,149
	2,443,536	0.750% due 2/15/42		1,949,771
	2,121,362	0.625% due 2/15/43		1,625,197
	2,461,238	1.375% due 2/15/44		2,152,962
	2,891,839	0.750% due 2/15/45		2,214,478
	2,705,693	1.000% due 2/15/46		2,162,685
	1,766,329	0.875% due 2/15/47		1,361,385
	1,268,798	1.000% due 2/15/48		997,678
	975,208	1.000% due 2/15/49		764,147
	1,145,395	0.250% due 2/15/50(a)		719,995
	1,413,840	0.125% due 2/15/51		843,126
	991,728	0.125% due 2/15/52(a)		582,391
	1,754,281	1.500% due 2/15/53		1,529,249
		U.S. Treasury Inflation Indexed Notes:
	1,162,674	0.125% due 7/15/24		1,163,233
	3,467,211	0.125% due 10/15/24		3,441,169
	1,683,604	0.250% due 1/15/25		1,654,228
	4,037,670	0.125% due 4/15/25		3,937,428
	1,940,250	0.375% due 7/15/25		1,897,964
	4,019,480	0.125% due 10/15/25		3,901,092
	3,563,050	0.625% due 1/15/26		3,464,731
	2,690,241	0.125% due 4/15/26		2,577,478
	4,651,710	0.125% due 7/15/26(b)		4,456,936
	4,153,435	0.125% due 10/15/26		3,962,529
	2,831,788	0.375% due 1/15/27		2,701,620
	2,716,050	0.125% due 4/15/27		2,559,606
	2,896,694	0.375% due 7/15/27		2,754,585
	4,349,100	1.625% due 10/15/27(b)		4,309,972
	8,180,203	0.500% due 1/15/28(b)		7,736,293
	1,022,660	1.250% due 4/15/28(h)		993,082
	4,044,853	0.750% due 7/15/28		3,860,228
	4,406,512	2.375% due 10/15/28		4,508,793
	1,202,672	0.875% due 1/15/29		1,144,867
	3,318,159	0.250% due 7/15/29		3,051,253
	5,055,140	0.125% due 1/15/30(b)		4,556,678
	3,792,588	0.125% due 7/15/30		3,403,866
	5,196,568	0.125% due 1/15/31(b)		4,605,079
	7,107,283	0.125% due 7/15/31(b)		6,268,424
	4,758,294	0.125% due 1/15/32		4,142,997
	8,973,875	0.625% due 7/15/32(b)		8,115,617
	4,428,054	1.125% due 1/15/33		4,143,086
	6,767,000	1.375% due 7/15/33(h)		6,479,129

		TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $148,455,276)		138,606,427

See Notes to Financial Statements.

241



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 12.5%
				Alternative Loan Trust:
$	175,046		Caa2(c)	Series 2006-HY11, Class A1, 5.675% (1-Month Term SOFR + 0.354%) due 6/25/36(d)	$	153,283
	27,874		WR(c)	Series 2007-4CB, Class 1A35, 6.000% due 4/25/37		23,041
	388,367		Caa3(c)	Alternative Loan Trust Resecuritization, Series 2008-2R, Class 1A1, 6.000% due 8/25/37(d)		306,509
	300,000		Aaa(c)	ARES L CLO Ltd., Series 2018-50A, Class AR, 6.626% (3-Month Term SOFR + 1.312%) due 1/15/32(d)(e)		300,466
	16,251		WR(c)	Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-3, Class 3A2, 5.373% due 5/25/33(d)		15,203
	125,670		CCC	Bear Stearns Asset-Backed Securities Trust, Series 2004-1, Class M1, 6.410% (1-Month Term SOFR + 1.089%) due 6/25/34(d)		130,561
	299,718	^EUR	Aaa(c)	Cairn CLO X DAC, Series 2018-10A, Class AR, 4.722% (3-Month EURIBOR + 0.780%) due 10/15/31(d)(e)		321,805
	444,402	^EUR	Aaa(c)	Carlyle Euro CLO DAC, Series 2018-2A, Class A1A, 4.752% (3-Month EURIBOR + 0.800%) due 8/28/31(d)(e)		477,590
	299,345	^EUR	Aaa(c)	Carlyle Global Markets Strategis Euro CLO Ltd., Series 2014-2A, Class AR-1, 4.651% (3-Month EURIBOR + 0.750%) due 11/15/31(d)(e)		320,267
	27,801		WR(c)	Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-A, Class A1, 5.795% (1-Month Term SOFR + 0.474%) due 3/25/35(d)(e)		26,489
				CHL Mortgage Pass-Through Trust:
	465,057		WR(c)	Series 2005-HYB6, Class 2A1, 4.738% due 10/20/35(d)		442,743
	42,926		WR(c)	Series 2005-HYB9, Class 2A1, 7.873% (1-Year Term SOFR + 2.465%) due 2/20/36(d)		37,960
	80,369		Caa2(c)	Series 2006-6, Class A4, 6.000% due 4/25/36		39,846
	120,107		WD(f)	Series 2007-1, Class A1, 6.000% due 3/25/37		56,534
				Citigroup Mortgage Loan Trust:
	2,928		WR(c)	Series 2004-HYB2, Class 2A, 6.243% due 3/25/34(d)		2,560
	108,982		Caa2(c)	Series 2007-AR4, Class 1A1A, 4.653% due 3/25/37(d)		89,656
	15,059		WR(c)	Citigroup Mortgage Loan Trust Inc., Series 2004-NCM2, Class 1CB1, 5.500% due 8/25/34		14,195
	164,096		NR	Credit Suisse Commercial Mortgage, Series 2015-3R, Class 5A2, 5.585% (1-Month Term SOFR + 0.264%) due 9/29/36(d)(e)		158,919
				Credit-Based Asset Servicing & Securitization LLC:
	153,000		CCC	Series 2005-CB3, Class M4, 3.520% (1-Month Term SOFR + 1.164%) due 6/25/35(d)		145,486
	689,998		D	Series 2007-CB6, Class A3, 5.670% (1-Month Term SOFR + 0.334%) due 7/25/37(d)(e)		447,885
				CWABS Asset-Backed Certificates Trust:
	149,011		Caa2(c)	Series 2004-7, Class MV5, 3.883% (1-Month Term SOFR + 1.839%) due 11/25/34(d)		124,770
	256,429		CC	Series 2007-1, Class 1A, 5.575% (1-Month Term SOFR + 0.254%) due 7/25/37(d)		232,448
	53,980		D	Series 2007-6, Class 1A, 5.635% (1-Month Term SOFR + 0.314%) due 9/25/37(d)		47,359
	271,836		CCC	Series 2007-8, Class 1A1, 5.625% (1-Month Term SOFR + 0.304%) due 11/25/37(d)		251,458
	500,000	^EUR	AAA	Dryden 44 Euro CLO, Series 2015-44A, Class A1RR, 4.822% (3-Month EURIBOR + 0.880%) due 4/15/34(d)(e)		534,011
	189,242		Aaa(c)	Dryden Senior Loan Fund, Series 2017-47A, Class A1R, 6.556% (3-Month Term SOFR + 1.242%) due 4/15/28(d)(e)		189,347
	559,903		B	Ellington Loan Acquisition Trust, Series 2007-1, Class A1, 6.535% (1-Month Term SOFR + 1.214%) due 5/25/37(d)(e)		539,712
	600,000		AAA	Elmwood CLO 24 Ltd., Series 2023-3A, Class A1, 7.044% (3-Month Term SOFR + 1.700%) due 12/11/33(d)(e)		600,310
	500,000		NR	Freddie Mac Multifamily Structured Pass Through Certificates, Series KBX1, Class A2, 2.920% due 1/25/26		486,464
				Government National Mortgage Association (GNMA):
	225,717		NR	Series 2018-H15, Class FG, 6.246% (1-Year Term SOFR + 0.865%) due 8/20/68(d)		221,101
	508,477		NR	Series 2023-H11, Class FC, 6.424% (30-Day Average SOFR + 1.100%) due 5/20/73(d)		513,966
	2,660,647		NR	Series 2023-H19, Class FA, 6.224% (30-Day Average SOFR + 0.900%) due 8/20/73(d)		2,660,329
	19,168		Caa3(c)	GSAA Trust, Series 2006-7, Class AF4A, step bond to yield, 6.720% due 3/25/46		10,155
	3,137		AA-	HarborView Mortgage Loan Trust, Series 2005-9, Class 2A1A, 6.114% (1-Month Term SOFR + 0.794%) due 6/20/35(d)		2,891

See Notes to Financial Statements.

242



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 12.5% — (continued)
	198,474	^EUR	AAA	Harvest CLO XI DAC, Series 11A, Class ARR, 4.566% (3-Month EURIBOR + 0.650%) due 6/26/30(d)(e)	$	213,500
$	41,035		B-	IndyMac INDX Mortgage Loan Trust, Series 2005-16IP, Class A1, 6.075% (1-Month Term SOFR + 0.754%) due 7/25/45(d)		32,403
	112,306		CCC	JPMorgan Alternative Loan Trust, Series 2006-A1, Class 1A1, 5.895% (1-Month Term SOFR + 0.574%) due 3/25/36(d)		102,153
	57,172		A-	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-FL12, Class A, 6.815% (1-Month Term SOFR + 1.497%) due 12/15/31(d)(e)		47,882
	249,618		Aaa(c)	LCM Loan Income Fund I Ltd., Series 1A, Class A, 6.609% (3-Month Term SOFR + 1.292%) due 4/20/31(d)(e)		249,680
	204,867		WD(f)	Lehman XS Trust, Series 2007-20N, Class A1, 7.735% (1-Month Term SOFR + 2.414%) due 12/25/37(d)		194,800
	151,261		CC	Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A2, 5.675% (1-Month Term SOFR + 0.354%) due 8/25/36(d)		60,682
	600,000		Aaa(c)	LUX Trust LION, Class A, 8.008% (1-Month Term SOFR + 2.690%) due 8/15/40(d)(e)		607,382
	277,002	^EUR	Aaa(c)	Man GLG Euro CLO V DAC, Series 5A, Class A1R, 4.615% (3-Month EURIBOR + 0.690%) due 12/15/31(d)(e)		297,068
	267,957		AAA(f)	Marathon Static CLO, Series 2022-18A, Class A1R, 7.068% (3-Month Term SOFR + 1.750%) due 7/20/30(d)(e)		268,070
	195,260		AAA	MKS CLO Ltd., Series 2017-2A, Class A, 6.769% (3-Month Term SOFR + 1.452%) due 1/20/31(d)(e)		195,553
	3,896		WR(c)	MRFC Mortgage Pass-Through Trust, Series 2000-TBC2, Class A1, 5.912% (1-Month Term SOFR + 0.594%) due 6/15/30(d)		3,709
	300,000		AAA(f)	Neuberger Berman Loan Advisers NBLA CLO 53 Ltd., Series 2023-53A, Class A, 6.929% (3-Month Term SOFR + 1.590%) due 10/24/32(d)(e)		302,165
				New Residential Mortgage Loan Trust:
	32,133		NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(d)(e)		30,939
	163,624		Aaa(c)	Series 2019-RPL3, Class A1, 2.750% due 7/25/59(d)(e)		154,336
				Option One Mortgage Loan Trust:
	87,627		CC	Series 2007-1, Class 1A1, 5.575% (1-Month Term SOFR + 0.254%) due 1/25/37(d)		55,418
	82,746		D	Series 2007-2, Class 1A1, 5.575% (1-Month Term SOFR + 0.254%) due 3/25/37(d)		54,882
	163,070		Aaa(c)	OZLM VIII Ltd., Series 2014-8A, Class A1R3, 6.558% (3-Month Term SOFR + 1.242%) due 10/17/29(d)(e)		163,145
	600,000	^EUR	Aaa(c)	Palmer Square European Loan Funding DAC, Series 2023-3A, Class A, 5.494% (3-Month EURIBOR + 1.500%) due 5/15/33(d)(e)		649,436
	161,353		A	RASC Trust, Series 2006-KS3, Class M1, 5.930% (1-Month Term SOFR + 0.444%) due 4/25/36(d)		158,532
	505,550		WD(f)	Residential Asset Securitization Trust, Series 2006-A10, Class A5, 6.500% due 9/25/36		169,644
				Securitized Asset-Backed Receivables LLC Trust:
	444,269		D	Series 2006-FR3, Class A3, 5.935% (1-Month Term SOFR + 0.614%) due 5/25/36(d)		236,714
	92,190		D	Series 2006-HE2, Class A2C, 5.735% (1-Month Term SOFR + 0.414%) due 7/25/36(d)		37,113
	72,649		WR(c)	Sequoia Mortgage Trust, Series 6, Class A, 6.074% (1-Month Term SOFR + 0.754%) due 4/19/27(d)		69,856
				Soundview Home Loan Trust:
	197,165		CC	Series 2007-OPT1, Class 1A1, 5.635% (1-Month Term SOFR + 0.314%) due 6/25/37(d)		134,663
	48,114		CCC	Series 2007-OPT2, Class 2A3, 5.615% (1-Month Term SOFR + 0.294%) due 7/25/37(d)		42,603
	494,143	^EUR	Aaa(c)	St Paul’s CLO DAC, Series 4A, Class ARR1, 4.778% (3-Month EURIBOR + 0.830%) due 4/25/30(d)(e)		530,511
	49,302		Aaa(c)	Venture XVII CLO Ltd., Series 2014-17A, Class ARR, 6.456% (3-Month Term SOFR + 1.142%) due 4/15/27(d)(e)		49,393
	500,000		Aaa(c)	VMC Finance LLC, Series 2022-FL5, Class A, 7.224% (30-Day Average SOFR + 1.900%) due 2/18/39(d)(e)		495,062

See Notes to Financial Statements.

243



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 12.5% — (continued)
				Voya CLO Ltd.:
$	227,991		Aaa(c)	Series 2017-1A, Class A1R, 6.528% (3-Month Term SOFR + 1.212%) due 4/17/30(d)(e)	$	228,182
	177,038		AAA	Series 2017-2A, Class A1R, 6.556% (3-Month Term SOFR + 1.242%) due 6/7/30(d)(e)		177,348
				WaMu Mortgage Pass-Through Certificates Trust:
	5,409		Baa1(c)	Series 2002-AR2, Class A, 4.376% (11th District Cost of Funds Index + 1.250%) due 2/27/34(d)		5,046
	2,131		WR(c)	Series 2002-AR17, Class 1A, 6.281% (1-Year Treasury Average Rate + 1.200%) due 11/25/42(d)		1,947

				TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $16,864,080)		15,945,136


MORTGAGE-BACKED SECURITIES — 9.4%

FHLMC — 0.4%
				Federal Home Loan Mortgage Corp. (FHLMC):
	93,031			3.000% due 7/1/52		79,727
	478,275			6.500% due 10/1/53		487,533

				Total FHLMC		567,260


FNMA — 9.0%
				Federal National Mortgage Association (FNMA):
	35,308			4.000% due 3/1/50		32,865
	183,221			3.000% due 5/1/52		157,053
	91,977			4.500% due 10/1/52		87,030
	200,000			3.500% due 3/1/54(g)		177,873
	800,000			4.500% due 3/1/54(g)		756,517
	1,600,000			5.500% due 3/1/54(g)		1,582,114
	2,800,000			6.000% due 3/1/54(g)		2,811,850
	2,000,000			6.500% due 3/1/54(g)		2,035,316
	2,700,000			4.000% due 4/1/54(g)		2,485,364
	1,400,000			5.000% due 4/1/54(g)		1,357,427

				Total FNMA		11,483,409

				TOTAL MORTGAGE-BACKED SECURITIES (Cost — $12,126,008)		12,050,669


SOVEREIGN BONDS — 5.2%

Canada — 0.3%
				Canadian Government Real Return Bonds:
	540,729	^CAD	AAA	4.250% due 12/1/26		426,341
	60,900	^CAD	AAA	0.500% due 12/1/50		33,894

				Total Canada		460,235


France — 0.9%
				French Republic Government Bonds OAT:
	705,756	^EUR	AA-u(f)	0.100% due 3/1/26(e)		752,312
	235,616	^EUR	AA-u(f)	0.100% due 7/25/31(e)		246,842
	115,671	^EUR	AA-u(f)	0.100% due 7/25/38(e)		113,866

				Total France		1,113,020


Italy — 2.9%
				Italy Buoni Poliennali Del Tesoro:
	3,090,483	^EUR	NR	1.400% due 5/26/25(e)		3,306,291
	358,347	^EUR	Baa3u(c)	0.400% due 5/15/30(e)		361,027

				Total Italy		3,667,318

See Notes to Financial Statements.

244



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Japan — 1.1%
				Japanese Government CPI Linked Bonds:
	63,718,230	^JPY	A1(c)	0.100% due 3/10/28	$	446,918
	143,716,340	^JPY	A1(c)	0.100% due 3/10/29		1,011,378

				Total Japan		1,458,296

				TOTAL SOVEREIGN BONDS (Cost — $7,643,936)		6,698,869


CORPORATE BONDS & NOTES — 0.4%

Banks — 0.1%
	100,000	^GBP	BBB	HSBC Holdings PLC, Subordinated Notes, 6.000% due 3/29/40		123,486
	35,758	^DKK	AAA	Nykredit Realkredit AS, Covered Notes, 1.000% due 10/1/50		3,977

				Total Banks		127,463


Diversified Financial Services — 0.3%
				Jyske Realkredit AS, Covered Notes:
	3,427,107	^DKK	AAA	1.000% due 10/1/50		381,033
	99,012	^DKK	AAA	1.500% due 10/1/53		10,898
	100,000	^DKK	AAA	Nordea Kredit Realkreditaktieselskab, Covered Notes, 1.500% due 10/1/53		9,897
				Realkredit Danmark AS, Covered Notes:
	18,628	^DKK	AAA	1.000% due 10/1/53		2,050
	178,175	^DKK	AAA	1.500% due 10/1/53		20,586

				Total Diversified Financial Services		424,464

				TOTAL CORPORATE BONDS & NOTES (Cost — $753,762)		551,927

				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $185,843,062)		173,853,028


SHORT-TERM INVESTMENTS — 0.8%

TIME DEPOSITS — 0.8%
$	687,751			ANZ National Bank — London, 4.680% due 3/1/24		687,751
	548	^CAD		BBH — New York, 3.830% due 3/1/24		404
				BNP Paribas — Paris:
	456	^SGD		2.560% due 3/1/24		339
	55,873	^AUD		3.100% due 3/1/24		36,315
	59,909	^NZD		3.250% due 3/1/24		36,473
	951	^GBP		4.150% due 3/1/24		1,201
				DNB — Oslo:
	16,153	^SEK		2.700% due 3/1/24		1,558
	189,211	^EUR		2.820% due 3/1/24		204,499
				Skandinaviska Enskilda Banken AB — Stockholm:
	212,988	^DKK		2.500% due 3/1/24		30,884
	470	^NOK		3.320% due 3/1/24		44
	5,328	^ZAR		Standard Chartered Bank — Johannesburg, 6.430% due 3/1/24		278
	1,285,288	^JPY		Sumitomo Mitsui Banking Corp. — Tokyo, (0.420)% due 3/1/24		8,574

				TOTAL SHORT-TERM INVESTMENTS (Cost — $1,008,320)		1,008,320

				TOTAL INVESTMENTS — 136.7% (Cost — $186,851,382)		174,861,348

				Liabilities in Excess of Other Assets — (36.7)%		(46,949,608	)

				TOTAL NET ASSETS — 100.0%	$	127,911,740

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

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

See Notes to Financial Statements.

245



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

(a)	All or a portion of this security is held at the broker as collateral for open OTC swap contracts.

(b)	Position, or portion thereof, has been segregated to collateralize reverse repurchase agreements.

(c)	Rating by Moody’s Investors Service.

(d)	Variable rate security. Interest rate disclosed is that which was in effect at February 29, 2024.

(e)

(f)	Rating by Fitch Ratings Service.

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

(h)	All or a portion of these securities were purchased in a sale-buyback transaction. The value of these securities total $7,472,211 which represents 5.8% of net assets.

At February 29, 2024, 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 (Depreciation)
Inflation-Linked Fixed Income Fund	$	186,851,382	$	5,774,735	$	(17,323,415)	$	(11,548,680)


Abbreviations used in this schedule:
CLO		— Collateralized Loan Obligation
CPI		— Consumer Price Index
DAC		— Designated Activity Company
EURIBOR		— Euro Interbank Offered Rate
LLC		— Limited Liability Company
OAT		— Obligations assimilables du Trésor
PLC		— Public Limited Company
SOFR		— Secured Overnight Financing Rate


Summary of Investments by Security Type^
U.S. Government Obligations	79.3	%
Collateralized Mortgage Obligations	9.1
Mortgage-Backed Securities	6.9
Sovereign Bonds	3.8
Corporate Bonds & Notes	0.3
Short-Term Investments	0.6

Total Investments	100.0	%

^	As a percentage of total investments.

At February 29, 2024, Inflation-Linked Fixed Income Fund held the following Options Contracts Written:

Interest Rate Swaptions



Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	5,900,000		232,578	^EUR	OTC 2-Year Swaption, 3-Month EURIBOR, Call		BCLY		10/6/25		3.150%	$	102,271
	5,900,000		232,578	^EUR	OTC 2-Year Swaption, 3-Month EURIBOR, Put		BCLY		10/6/25		3.150%		30,780
	5,100,000	$	285,746		OTC 2-Year Swaption, 3-Month USD-LIBOR, Call		BCLY		3/20/24		3.900%		1,017
	4,800,000		268,937		OTC 2-Year Swaption, 3-Month USD-LIBOR, Call		BCLY		5/13/24		4.269%		16,815
	4,700,000		263,334		OTC 2-Year Swaption, 3-Month USD-LIBOR, Call		BNP		4/16/24		3.800%		2,765

					Total Interest Rate Swaptions							$	153,648

See Notes to Financial Statements.

246



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

Option on Futures

Number of
Contracts

Notional
Amount†

Security Name

Counterparty

Expiration
Date

Strike Price

Value

10,837,688^EUR

3-Month EURIBOR Futures, Call

SOG

4/12/24

EUR

96.75

1,520

TOTAL OPTIONS CONTRACTS WRITTEN
(Premiums received — $233,410)

155,168

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

At February 29, 2024, Inflation-Linked Fixed Income Fund held the following Reverse Repurchase Agreement:

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

For the period ended February 29, 2024, the daily average borrowing and interest rate under the reverse repurchase agreements were $36,666,019 and 5.442%, respectively.

At February 29, 2024, 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:
Euro-Bobl Futures		12		3/24	$	1,521,918	$	1,507,327	$	(14,591	)
Euro-BTP Futures		9		3/24		1,116,953		1,146,059		29,106
U.S. Treasury 5-Year Note Futures		42		6/24		4,496,953		4,490,062		(6,891	)
U.S. Treasury Long Bond Futures		18		6/24		2,121,609		2,146,500		24,891
U.S. Ultra Long Bond Futures		39		6/24		4,448,595		4,452,703		4,108

										36,623

Contracts to Sell:
Euro-Bund Futures		22		6/24		3,125,198		3,144,825		(19,627	)
Euro-Buxl 30-Year Bond Futures		3		3/24		422,420		431,758		(9,338	)
Euro-OAT Futures		3		6/24		411,698		413,179		(1,481	)
Euro-Schatz Note Futures		74		3/24		8,477,725		8,409,813		67,912
Euro-Schatz Note Futures		13		6/24		1,484,614		1,484,846		(232	)
Short Euro-BTP Futures		15		6/24		1,713,825		1,714,419		(594	)
U.S. Treasury 2-Year Note Futures		9		6/24		1,842,865		1,842,750		115
U.S. Treasury 10-Year Note Futures		132		6/24		14,579,813		14,577,751		2,062
U.S. Treasury Ultra Long Bond Futures		31		6/24		3,880,104		3,964,125		(84,021	)

										(45,204	)

Net Unrealized Depreciation on Open Exchange-Traded Futures Contracts									$	(8,581	)

See Notes to Financial Statements.

247



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

At February 29, 2024, Inflation-Linked Fixed Income Fund had deposited cash of $529,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

At February 29, 2024, 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:
Canadian Dollar		610,539		USD	449,207		BCLY	$	449,869		3/4/24	$	662
Danish Krone		1,392,878		USD	202,159		MLP		201,973		3/4/24		(186	)
Danish Krone		1,781,249		USD	259,445		SCB		258,289		3/4/24		(1,156	)
Euro		68,000		USD	73,781		BNP		73,494		3/4/24		(287	)
Euro		7,557,000		USD	8,203,879		DUB		8,167,602		3/4/24		(36,277	)
Japanese Yen		93,901,196		USD	623,721		HSBC		626,363		3/4/24		2,642

													(34,602	)

Contracts to Sell:
British Pound		99,000		USD	125,066		BCLY		124,978		3/4/24		88
Canadian Dollar		610,274		USD	449,207		BCLY		449,871		4/2/24		(664	)
Canadian Dollar		610,203		USD	456,075		JPM		449,621		3/4/24		6,454
Danish Krone		165,955		USD	24,180		JPM		24,102		4/2/24		78
Danish Krone		1,390,770		USD	202,159		MLP		201,980		4/2/24		179
Danish Krone		1,778,564		USD	259,445		SCB		258,300		4/2/24		1,145
Danish Krone		3,340,260		USD	485,957		SCB		484,352		3/4/24		1,605
Euro		7,557,000		USD	8,213,817		DUB		8,177,572		4/2/24		36,245
Euro		7,625,000		USD	8,249,015		HSBC		8,241,096		3/4/24		7,919
Japanese Yen		124,156,856		USD	831,053		BCLY		832,087		4/2/24		(1,034	)
Japanese Yen		93,473,448		USD	623,721		HSBC		626,450		4/2/24		(2,729	)
Japanese Yen		218,384,657		USD	1,490,490		JPM		1,456,723		3/4/24		33,767

													83,053

Net Unrealized Appreciation on Open Forward Foreign Currency Contracts												$	48,451

See Notes to Financial Statements.

248



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

At February 29, 2024, 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)
Receive	6-Month EURIBOR		0.197%		11/8/52		12-Month		EUR	1,400,000	$	706,058		$	—		$	706,058
Pay	6-Month EURIBOR		0.550%		8/10/24		12-Month		EUR	100,000		(1,509	)		—			(1,509	)
Pay	6-Month EURIBOR		0.650%		4/12/27		12-Month		EUR	300,000		(25,632	)		—			(25,632	)
Pay	6-Month EURIBOR		0.650%		5/11/27		12-Month		EUR	300,000		(24,967	)		—			(24,967	)
Pay	6-Month EURIBOR		0.700%		4/11/27		12-Month		EUR	200,000		(16,715	)		—			(16,715	)
Receive	6-Month EURIBOR		2.750%		3/20/54		12-Month		EUR	2,800,000		(200,551	)		102,031			(302,582	)
Pay	6-Month EURIBOR		2.879%		8/15/32		6-Month		EUR	1,200,000		33,247			—			33,247
Pay	6-Month EURIBOR		3.000%		3/20/34		12-Month		EUR	12,500,000		328,102			(209,763	)		537,865
Receive	Bank of Japan Uncollateralised Overnight Call Rate		0.300%		9/20/27		6-Month		JPY	5,590,000		175			(1,139	)		1,314
Receive	Bank of Japan Uncollateralised Overnight Call Rate		0.500%		12/15/31		12-Month		JPY	75,000,000		8,455			1,442			7,013
Receive	Bank of Japan Uncollateralised Overnight Call Rate		0.550%		9/14/28		12-Month		JPY	90,000,000		(3,330	)		(1,033	)		(2,297	)
Receive	Euro Short-Term Rate Market Index		3.475%		2/26/25		PAM		EUR	23,800,000		7,008			4,691			2,317
Receive	SOFR		2.237%		11/21/53		6-Month		USD	810,000		238,338			—			238,338
Pay	SOFR		2.340%		11/21/28		6-Month		USD	4,130,000		(323,386	)		—			(323,386	)
Receive	SOFR		2.865%		2/13/54		12-Month		USD	1,400,000		194,223			27,102			167,121
Pay	SOFR		3.085%		2/13/34		12-Month		USD	3,100,000		(201,696	)		(23,830	)		(177,866	)
Receive	SOFR		4.250%		12/20/25		12-Month		USD	7,740,000		67,219			(28,248	)		95,467

											$	785,039		$	(128,747	)	$	913,786

At February 29, 2024, 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	2-Year EUR Inflation Linked		3.520%		9/15/24		EUR	200,000	$	(1,686	)	$	(516	)	$	(1,170	)
Pay	2-Year EUR Inflation Linked		3.720%		9/15/24		EUR	300,000		(1,211	)		(654	)		(557	)
Pay	2-Year EUR Inflation Linked		3.850%		9/15/24		EUR	400,000		(469	)		—			(469	)
Receive	5-Year EUR Inflation Linked		1.030%		3/15/24		EUR	1,000,000		93,242			(37,985	)		131,227
Receive	5-Year EUR Inflation Linked		2.260%		3/15/28		EUR	600,000		1,647			—			1,647
Receive	5-Year EUR Inflation Linked		3.000%		5/15/27		EUR	200,000		4,089			100			3,989
Receive	8-Year EUR Inflation Linked		2.359%		8/15/30		EUR	200,000		5,037			—			5,037
Pay	10-Year EUR Inflation Linked		1.380%		3/15/31		EUR	1,300,000		(267,072	)		(9,569	)		(257,503	)
Pay	10-Year EUR Inflation Linked		1.620%		5/15/28		EUR	910,000		(128,684	)		93,051			(221,735	)
Pay	10-Year EUR Inflation Linked		2.356%		11/15/33		EUR	400,000		7,792			(530	)		8,322
Pay	10-Year EUR Inflation Linked		2.362%		11/15/33		EUR	300,000		6,048			—			6,048
Pay	10-Year EUR Inflation Linked		2.390%		11/15/33		EUR	200,000		4,605			196			4,409
Receive	10-Year EUR Inflation Linked		2.470%		7/15/32		EUR	200,000		3,711			—			3,711
Receive	10-Year EUR Inflation Linked		2.570%		6/15/32		EUR	300,000		2,385			—			2,385
Receive	10-Year EUR Inflation Linked		2.600%		5/15/32		EUR	400,000		8,630			2,060			6,570
Receive	10-Year EUR Inflation Linked		2.720%		6/15/32		EUR	500,000		(4,338	)		(4,228	)		(110	)
Receive	15-Year EUR Inflation Linked		1.710%		3/15/33		EUR	100,000		15,626			(15,114	)		30,740
Pay	30-Year EUR Inflation Linked		2.421%		5/15/52		EUR	30,000		(2,573	)		—			(2,573	)
Receive	30-Year EUR Inflation Linked		2.547%		11/15/53		EUR	100,000		(2,079	)		(309	)		(1,770	)
Pay	30-Year EUR Inflation Linked		2.590%		12/15/52		EUR	100,000		1,980			—			1,980
Pay	30-Year EUR Inflation Linked		2.590%		3/15/52		EUR	200,000		(9,480	)		(2,478	)		(7,002	)
Receive	30-Year EUR Inflation Linked		2.620%		11/15/53		EUR	100,000		(4,507	)		—			(4,507	)

See Notes to Financial Statements.

249



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund


Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	30-Year EUR Inflation Linked		2.700%		4/15/53		EUR	200,000	$	13,882		$	1,337		$	12,545
Pay	30-Year EUR Inflation Linked		2.736%		10/15/53		EUR	100,000		8,299			1,308			6,991
Pay	30-Year EUR Inflation Linked		2.763%		9/15/53		EUR	300,000		27,337			1,172			26,165
Pay	1-Year USD Inflation Linked		2.510%		9/8/24		USD	300,000		(1,246	)		—			(1,246	)
Pay	1-Year USD Inflation Linked		2.560%		9/12/24		USD	400,000		(1,400	)		—			(1,400	)
Pay	1-Year USD Inflation Linked		2.565%		9/12/24		USD	400,000		(1,381	)		—			(1,381	)
Receive	5-Year USD Inflation Linked		2.703%		5/25/26		USD	510,000		40,969			80			40,889
Receive	5-Year USD Inflation Linked		2.767%		5/13/26		USD	500,000		39,124			—			39,124
Receive	5-Year USD Inflation Linked		2.813%		5/14/26		USD	300,000		22,754			—			22,754
Receive	7-Year USD Inflation Linked		1.797%		8/25/27		USD	600,000		89,972			5,868			84,104
Receive	7-Year USD Inflation Linked		1.890%		8/27/27		USD	700,000		100,382			1,693			98,689
Receive	7-Year USD Inflation Linked		2.573%		8/26/28		USD	100,000		6,419			—			6,419
Receive	7-Year USD Inflation Linked		2.645%		9/10/28		USD	100,000		5,650			—			5,650
Pay	10-Year USD Inflation Linked		1.280%		5/19/30		USD	800,000		(160,270	)		(50,027	)		(110,243	)
Pay	10-Year USD Inflation Linked		1.760%		11/4/29		USD	1,200,000		(185,440	)		(8,764	)		(176,676	)
Pay	10-Year USD Inflation Linked		1.882%		11/20/29		USD	1,500,000		(214,953	)		9,233			(224,186	)
Receive	10-Year USD Inflation Linked		2.311%		2/24/31		USD	2,300,000		250,441			1,035			249,406
Pay	10-Year USD Inflation Linked		2.335%		2/5/28		USD	960,000		(89,646	)		59,292			(148,938	)
Pay	10-Year USD Inflation Linked		2.352%		5/9/28		USD	360,000		(32,414	)		24,122			(56,536	)
Pay	10-Year USD Inflation Linked		2.360%		5/9/28		USD	540,000		(48,199	)		36,670			(84,869	)
Pay	10-Year USD Inflation Linked		2.364%		5/10/28		USD	550,000		(48,905	)		37,569			(86,474	)

									$	(445,932	)	$	144,612		$	(590,544	)

At February 29, 2024, Inflation-Linked Fixed Income Fund deposited cash collateral with brokers in the amount of $605,000 for open centrally cleared swap contracts.


Currency Abbreviations used in this schedule:		Counterparty Abbreviations used in this schedule:
AUD	— Australian Dollar	BCLY	— Barclays Bank PLC
CAD	— Canadian Dollar	BNP	— BNP Paribas SA
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	SOG	— Societe Generale SA
SEK	— Swedish Krona
SGD	— Singapore Dollar
USD	— United States Dollar
ZAR	— South African Rand

See pages 264-265 for definitions of ratings.

At February 29, 2024, Inflation-Linked Fixed Income Fund was involved in following sale-buyback transactions:


Counterparty	Borrowing Date		Maturity Date		Borrowing Rate			Amount Borrowed
BNP Paribas SA		2/28/24		3/14/24		5.499	%	$	997,729
BNP Paribas SA		2/6/24		3/5/24		5.488	%		1,271,312


								$ 2,269,041

See Notes to Financial Statements.

250



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

CORPORATE BONDS & NOTES — 40.0%

Aerospace/Defense — 0.2%
$	500,000	BBB-	Boeing Co. (The), Senior Unsecured Notes, 4.875% due 5/1/25	$	495,553


Agriculture — 0.9%
			Imperial Brands Finance PLC, Company Guaranteed Notes:
	2,000,000	BBB	3.125% due 7/26/24(a)		1,978,814
	700,000	BBB	3.500% due 7/26/26(a)		665,928
	372,000	BBB+	Reynolds American Inc., Company Guaranteed Notes, 4.450% due 6/12/25		366,338

			Total Agriculture		3,011,080


Airlines — 0.6%
	2,000,000	BB+	Delta Air Lines Inc., Senior Unsecured Notes, 2.900% due 10/28/24		1,961,726


Auto Manufacturers — 4.3%
	3,000,000	A-	American Honda Finance Corp., Senior Unsecured Notes, 5.894% (SOFR + 0.550%) due 2/12/25(b)		3,005,552
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	2,000,000	BBB-	2.300% due 2/10/25		1,935,399
	1,000,000	BBB-	4.687% due 6/9/25		986,035
	400,000	BBB-	4.134% due 8/4/25		390,394
	600,000	BBB-	4.389% due 1/8/26		583,592
			General Motors Financial Co., Inc., Senior Unsecured Notes:
	1,600,000	BBB	2.900% due 2/26/25		1,556,705
	200,000	BBB	6.645% (SOFR + 1.300%) due 4/7/25(b)		201,445
	500,000	BBB	6.694% (SOFR + 1.350%) due 5/8/27(b)		502,404
			Hyundai Capital America, Senior Unsecured Notes:
	2,600,000	BBB+	6.495% (SOFR + 1.150%) due 8/4/25(a)(b)		2,608,125
	700,000	BBB+	6.845% (SOFR + 1.500%) due 1/8/27(a)(b)		704,477
	1,500,000	BB+	Nissan Motor Acceptance Co. LLC, Senior Unsecured Notes, 6.282% (3-Month Term SOFR + 0.902%) due 3/8/24(a)(b)		1,500,020

			Total Auto Manufacturers		13,974,148


Auto Parts & Equipment — 0.6%
	2,000,000	BBB	Aptiv PLC/Aptiv Corp., Company Guaranteed Notes, 2.396% due 2/18/25		1,939,016


Banks — 17.4%
	1,000,000	BBB	Aozora Bank Ltd., Senior Unsecured Notes, 1.050% due 9/9/24		967,322
	150,000	A+	Banco Santander SA, Senior Preferred Notes, 3.892% due 5/24/24		149,430
			Bank of America Corp., Senior Unsecured Notes:
	200,000	A-	3.458% (3-Month Term SOFR + 1.232%) due 3/15/25(b)		199,841
	3,400,000	A-	0.976% (SOFR + 0.690%) due 4/22/25(b)		3,375,114
	500,000	A-	3.841% (SOFR + 1.110%) due 4/25/25(b)		498,474
	600,000	A-	6.304% (3-Month Term SOFR + 1.032%) due 2/5/26(b)		602,327
	200,000	A-	6.677% (SOFR + 1.330%) due 4/2/26(b)		201,563
	200,000	A+	Banque Federative du Credit Mutuel SA, Senior Preferred Notes, 6.745% (SOFR + 1.400%) due 7/13/26(a)(b)		203,173
	3,100,000	BBB+	Barclays PLC, Senior Unsecured Notes, 3.932% (3-Month USD-LIBOR + 1.610%) due 5/7/25(b)		3,088,024
			BNP Paribas SA, Senior Non-Preferred Notes:
	2,325,000	A-	3.375% due 1/9/25(a)		2,282,473
	1,200,000	A-	2.819% (3-Month Term SOFR + 1.373%) due 11/19/25(a)(b)		1,174,322
	3,000,000	BBB+	Citigroup Inc., Senior Unsecured Notes, 3.352% (3-Month Term SOFR + 1.158%) due 4/24/25(b)		2,988,694
			Credit Suisse AG, Senior Unsecured Notes:
	500,000	A+	4.750% due 8/9/24		497,763
	2,500,000	A+	3.625% due 9/9/24		2,474,477

See Notes to Financial Statements.

251



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Banks — 17.4% — (continued)
$	1,000,000	BBB+	Danske Bank AS, Senior Non-Preferred Notes, 6.466% (1-Year CMT Index + 2.100%) due 1/9/26(a)(b)	$	1,003,993
	400,000	BBB	Deutsche Bank AG, Senior Non-Preferred Notes, 3.700% due 5/30/24		397,677
	1,237,000	A	Deutsche Bank AG, (Cost — $1,229,710, acquired 3/31/22), Senior Preferred Notes, 0.898% due 5/28/24(c)		1,223,627
	1,700,000	BBB	Deutsche Bank AG, (Cost — $1,664,305, acquired 9/20/23), Senior Non-Preferred Notes, 1.447% (SOFR + 1.131%) due 4/1/25(b)(c)		1,693,237
			DNB Bank ASA:
	500,000	A	Senior Non-Preferred Notes, 1.127% (1-Year CMT Index + 0.850%) due 9/16/26(a)(b)		466,510
	400,000	AA-	Senior Preferred Notes, 2.968% (SOFR + 0.810%) due 3/28/25(a)(b)		399,188
			Goldman Sachs Group Inc. (The), Senior Unsecured Notes:
	2,000,000	BBB+	5.700% due 11/1/24		2,001,337
	900,000	BBB+	3.272% (3-Month Term SOFR + 1.463%) due 9/29/25(b)		887,519
	5,900,000	A-	HSBC Holdings PLC, Senior Unsecured Notes, 6.863% (3-Month Term SOFR + 1.492%) due 3/11/25(b)		5,901,264
			ING Groep NV, Senior Unsecured Notes:
	1,600,000	A-	6.993% (SOFR + 1.640%) due 3/28/26(b)		1,620,307
	1,900,000	A-	6.363% (SOFR + 1.010%) due 4/1/27(b)		1,908,633
			JPMorgan Chase & Co., Senior Unsecured Notes:
	2,300,000	A-	3.220% (3-Month Term SOFR + 1.417%) due 3/1/25(b)		2,300,226
	500,000	A-	2.301% (SOFR + 1.160%) due 10/15/25(b)		489,877
	300,000	A-	6.265% (SOFR + 0.920%) due 2/24/26(b)		301,347
			Lloyds Banking Group PLC, Senior Unsecured Notes:
	2,200,000	BBB+	3.870% (1-Year CMT Index + 3.500%) due 7/9/25(b)		2,183,778
	900,000	BBB+	4.716% (1-Year CMT Index + 1.750%) due 8/11/26(b)		887,982
	1,900,000	BBB+	NatWest Group PLC, Senior Unsecured Notes, 4.269% (3-Month USD-LIBOR + 1.762%) due 3/22/25(b)		1,898,366
			NatWest Markets PLC, Senior Unsecured Notes:
	1,000,000	A	6.803% (SOFR + 1.450%) due 3/22/25(a)(b)		1,009,885
	300,000	A	6.112% (SOFR + 0.760%) due 9/29/26(a)(b)		297,671
	600,000	AA-	Nordea Bank Abp, Senior Preferred Notes, 6.315% (SOFR + 0.960%) due 6/6/25(a)(b)		605,024
			Societe Generale SA, Senior Non-Preferred Notes:
	800,000	BBB	3.875% due 3/28/24(a)		798,685
	2,300,000	BBB	2.625% due 1/22/25(a)		2,235,082
			Standard Chartered PLC, Senior Unsecured Notes:
	1,700,000	BBB+	3.785% (3-Month USD-LIBOR + 1.560%) due 5/21/25(a)(b)		1,691,019
	1,400,000	BBB+	7.092% (SOFR + 1.740%) due 3/30/26(a)(b)		1,409,424
			Wells Fargo & Co., Senior Unsecured Notes:
	2,700,000	BBB+	2.406% (3-Month Term SOFR + 1.087%) due 10/30/25(b)		2,641,824
	1,300,000	BBB+	2.164% (3-Month Term SOFR + 1.012%) due 2/11/26(b)		1,257,662
	400,000	BBB+	6.665% (SOFR + 1.320%) due 4/25/26(b)		403,566

			Total Banks		56,617,707


Beverages — 0.6%
	2,100,000	BBB-	JDE Peet’s NV, Company Guaranteed Notes, 0.800% due 9/24/24(a)		2,038,516


Cosmetics/Personal Care — 0.9%
	3,000,000	BBB	Haleon US Capital LLC, Company Guaranteed Notes, 3.024% due 3/24/24		2,994,994


Diversified Financial Services — 4.8%
	2,600,000	BBB	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes, 3.500% due 1/15/25		2,552,121
	3,000,000	BBB-	Ally Financial Inc., Senior Unsecured Notes, 5.125% due 9/30/24		2,987,199
	200,000	BBB-	Aviation Capital Group LLC, Senior Unsecured Notes, 5.500% due 12/15/24(a)		198,994

See Notes to Financial Statements.

252



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Diversified Financial Services — 4.8% — (continued)
			Avolon Holdings Funding Ltd., Company Guaranteed Notes:
$	700,000	BBB-	3.950% due 7/1/24(a)	$	694,823
	700,000	BBB-	2.875% due 2/15/25(a)		679,557
	2,800,000	BBB-	Cantor Fitzgerald LP, Senior Unsecured Notes, 4.875% due 5/1/24(a)		2,793,994
	800,000	A-	LeasePlan Corp. NV, Senior Unsecured Notes, 2.875% due 10/24/24(a)		785,017
	3,700,000	BBB+	Nomura Holdings Inc., Senior Unsecured Notes, 2.648% due 1/16/25		3,603,692
			Synchrony Financial, Senior Unsecured Notes:
	400,000	BBB-	4.375% due 3/19/24		399,704
	900,000	BBB-	4.250% due 8/15/24		891,813

			Total Diversified Financial Services		15,586,914


Electric — 2.3%
			Enel Finance International NV:
			Company Guaranteed Notes:
	1,000,000	BBB	2.650% due 9/10/24(a)		983,617
	1,000,000	BBB	2.650% due 9/10/24		983,617
	921,000	BBB	Senior Unsecured Notes, 4.250% due 6/15/25(a)		905,257
	2,500,000	BBB+	Israel Electric Corp., Ltd., Senior Secured Notes, 5.000% due 11/12/24(a)		2,482,750
	100,000	BBB	Pacific Gas & Electric Co., 1st Mortgage Notes, 3.400% due 8/15/24		98,707
	2,000,000	A-	Southern California Edison Co., 1st Mortgage Notes, 1.100% due 4/1/24		1,992,922

			Total Electric		7,446,870


Electronics — 0.6%
	2,000,000	BBB-	TD SYNNEX Corp., Senior Unsecured Notes, 1.250% due 8/9/24		1,960,351


Healthcare — Products — 0.4%
	1,255,000	BBB	Baxter International Inc., Senior Unsecured Notes, 1.322% due 11/29/24		1,215,309


Healthcare — Services — 1.3%
	4,100,000	BBB-	HCA Inc., Company Guaranteed Notes, 5.000% due 3/15/24		4,098,943


Insurance — 2.6%
			Athene Global Funding:
	400,000	A+	Secured Notes, 2.514% due 3/8/24(a)		399,830
			Senior Secured Notes:
	1,400,000	A+	1.000% due 4/16/24(a)		1,391,656
	1,900,000	A+	6.045% (SOFR + 0.700%) due 5/24/24(a)(b)		1,901,467
	250,000	A+	Brighthouse Financial Global Funding, Senior Secured Notes, 6.105% (SOFR + 0.760%) due 4/12/24(a)(b)		250,177
	200,000	A-	CNO Global Funding, Secured Notes, 1.650% due 1/6/25(a)		192,678
			GA Global Funding Trust, Secured Notes:
	1,200,000	A-	0.800% due 9/13/24(a)		1,167,704
	800,000	A-	3.850% due 4/11/25(a)		783,545
	1,025,000	A-	6.705% (SOFR + 1.360%) due 4/11/25(a)(b)		1,027,865
	1,400,000	A	Jackson National Life Global Funding, Secured Notes, 6.503% (SOFR + 1.150%) due 6/28/24(a)(b)		1,403,154

			Total Insurance		8,518,076


Investment Companies — 0.1%
	400,000	Baa3(d)	FS KKR Capital Corp., Senior Unsecured Notes, 1.650% due 10/12/24		388,416


Media — 0.6%
	2,000,000	BBB	Cox Communications Inc., Senior Unsecured Notes, 3.150% due 8/15/24(a)		1,974,057


Packaging & Containers — 0.3%
	1,114,000	BBB-	Berry Global Inc., Senior Secured Notes, 4.875% due 7/15/26(a)		1,089,064


Pharmaceuticals — 0.4%
	1,400,000	BBB	Bayer US Finance II LLC, Company Guaranteed Notes, 4.250% due 12/15/25(a)		1,361,465

See Notes to Financial Statements.

253



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Pipelines — 0.7%
			Energy Transfer LP, Senior Unsecured Notes:
$	900,000	BBB	4.250% due 4/1/24	$	899,020
	600,000	BBB	4.500% due 4/15/24		598,962
	400,000	A-	Midwest Connector Capital Co. LLC, Company Guaranteed Notes, 3.900% due 4/1/24(a)		399,337
	210,000	BBB+	Sabine Pass Liquefaction LLC, Senior Secured Notes, 5.750% due 5/15/24		209,883

			Total Pipelines		2,107,202


Semiconductors — 0.2%
	200,000	BBB	Renesas Electronics Corp., Senior Unsecured Notes, 1.543% due 11/26/24		193,461
	200,000	BBB	Renesas Electronics Corp., Senior Unsecured Notes, 1.543% due 11/26/24(a)		193,461
	300,000	BBB-	SK Hynix Inc., Senior Unsecured Notes, 5.500% due 1/16/27(a)		300,075

			Total Semiconductors		686,997


Trucking & Leasing — 0.2%
	700,000	A-	SMBC Aviation Capital Finance DAC, Company Guaranteed Notes, 3.550% due 4/15/24(a)		697,875

			TOTAL CORPORATE BONDS & NOTES (Cost — $130,276,957)		130,164,279


COLLATERALIZED MORTGAGE OBLIGATIONS — 23.0%
	500,000	Aaa(d)	ACREC LLC, Series 2023-FL2, Class A, 7.548% (1-Month Term SOFR + 2.230%) due 2/19/38(a)(b)		502,426
	939,600	Aaa(d)	Anchorage Capital CLO 6 Ltd., Series 2015-6A, Class ARR, 6.626% (3-Month Term SOFR + 1.312%) due 7/15/30(a)(b)		939,893
	2,086,500	Aaa(d)	Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL3, Class A, 6.502% (1-Month Term SOFR + 1.184%) due 8/15/34(a)(b)		2,070,903
	300,000	Aaa(d)	ARES L CLO Ltd., Series 2018-50A, Class AR, 6.626% (3-Month Term SOFR + 1.312%) due 1/15/32(a)(b)		300,466
	700,000	AAA	Atrium Hotel Portfolio Trust, Series 2018-ATRM, Class A, 6.565% (1-Month Term SOFR + 1.247%) due 6/15/35(a)(b)		694,288
			BAMLL Commercial Mortgage Securities Trust:
	500,000	AAA	Series 2019-AHT, Class A, 6.565% (1-Month Term SOFR + 1.247%) due 3/15/34(a)(b)		498,472
	400,000	Aaa(d)	Series 2019-RLJ, Class A, 6.415% (1-Month Term SOFR + 1.097%) due 4/15/36(a)(b)		399,525
	1,000,000	NR	Series 2020-BHP3, Class A, 7.332% (1-Month Term SOFR + 2.014%) due 3/15/37(a)(b)		1,000,496
	797,682	AAA(e)	Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A1, step bond to yield, 5.903% due 1/25/64(a)(f)		791,775
	252,795	BBB-	Bear Stearns Asset Backed Securities I Trust, Series 2005-CL1, Class A2, 3.586% (1-Month Term SOFR + 0.614%) due 9/25/34(b)		246,354
	995,270	Aaa(d)	Birch Grove CLO Ltd., Series 19A, Class AR, 6.776% (3-Month Term SOFR + 1.392%) due 6/15/31(a)(b)		995,555
	1,600,000	NR	BWAY Mortgage Trust, Series 2021-1450, Class A, 6.682% (1-Month Term SOFR + 1.364%) due 9/15/36(a)(b)(g)		1,428,752
	1,189,503	Aaa(d)	BXMT Ltd., Series 2020-FL3, Class A, 6.836% (1-Month Term SOFR + 1.514%) due 11/15/37(a)(b)		1,156,391
	2,700,000	AAA	Citigroup Commercial Mortgage Trust, Series 2021-KEYS, Class A, 6.612% (1-Month Term SOFR + 1.294%) due 10/15/36(a)(b)		2,674,384
	1,506,441	Aaa(d)	Citigroup Mortgage Loan Trust, Series 2021-INV3, Class A11, 5.000% (30-Day Average SOFR + 0.850%) due 5/25/51(a)(b)		1,398,003
	1,000,000	Aaa(d)	CNH Equipment Trust, Series 2023-B, Class A2, 5.900% due 2/16/27		1,003,091
	1,315,325	NR	COMM Mortgage Trust, Series 2021-2400, Class A, 6.732% (1-Month Term SOFR + 1.414%) due 12/15/38(a)(b)		1,212,095
			Credit Suisse Commercial Mortgage Capital Trust:
	237,614	AAA	Series 2021-INV1, Class A11, 5.000% (30-Day Average SOFR + 0.800%) due 7/25/56(a)(b)		220,755
	704,474	NR	Series 2021-RPL4, Class A1, 1.796% due 12/27/60(a)(b)		683,524
	172,336	AAA(e)	Series 2022-RPL4, Class A1, 3.904% due 4/25/62(a)(b)		161,172

See Notes to Financial Statements.

254



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 23.0% — (continued)
$	94,969	B-	CWABS Inc. Asset-Backed Certificates Trust, Series 2004-5, Class M1, 6.290% (1-Month Term SOFR + 0.969%) due 8/25/34(b)	$	95,464
	394,624	Aaa(d)	DLLAA LLC, Series 2023-1A, Class A2, 5.930% due 7/20/26(a)		395,543
	1,000,000	Aaa(d)	DLLST LLC, Series 2024-1A, Class A2, 5.330% due 1/20/26(a)		998,452
	500,000	NR	Dryden 38 Senior Loan Fund, Series 2015-38A, Class ARR, zero coupon (3-Month Term SOFR + 1.150%) due 7/15/30(a)(b)(g)		500,644
	1,922,199	Aaa(d)	Extended Stay America Trust, Series 2021-ESH, Class A, 6.512% (1-Month Term SOFR + 1.194%) due 7/15/38(a)(b)		1,921,114
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	441,531	NR	Series 4344, Class FA, 5.745% (30-Day Average SOFR + 0.564%) due 12/15/37(b)		429,571
	577,652	NR	Series 4351, Class FA, 5.786% (30-Day Average SOFR + 0.564%) due 5/15/38(b)		564,285
	1,049,436	NR	Series 4906, Class WF, 5.851% (30-Day Average SOFR + 0.514%) due 12/15/38(b)		1,037,954
	815,339	NR	Federal National Mortgage Association (FNMA), REMICS, Series 2017-108, Class AF, 5.736% (30-Day Average SOFR + 0.414%) due 1/25/48(b)		794,507
	145,078	BBB-	Finance America Mortgage Loan Trust, Series 2004-2, Class M1, 6.260% (1-Month Term SOFR + 0.939%) due 8/25/34(b)		136,520
	113,091	A	Fremont Home Loan Trust, Series 2005-A, Class M3, 6.170% (1-Month Term SOFR + 0.849%) due 1/25/35(b)		109,968
	573,250	Aaa(d)	Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 6.666% (3-Month Term SOFR + 1.352%) due 7/15/31(a)(b)		573,324
			GCAT Trust:
	702,991	AAA	Series 2021-NQM3, Class A1, 1.091% due 5/25/66(a)(b)		586,670
	880,598	AAA(e)	Series 2022-HX1, Class A1, 2.885% due 12/27/66(a)(b)		789,460
			Government National Mortgage Association (GNMA):
	1,018,221	NR	Series 2016-H06, Class FD, 6.383% (1-Month Term SOFR + 1.034%) due 7/20/65(b)		1,015,590
	1,019,275	NR	Series 2017-H15, Class FE, 6.525% (1-Year Term SOFR + 1.515%) due 7/20/67(b)		1,022,718
	74,618	NR	Series 2020-17, Class EU, 2.500% due 10/20/49		64,390
	52,275	NR	Series 2020-21, Class AC, 2.500% due 1/20/49		45,424
	3,219,554	NR	Series 2021-122, Class FA, 3.000% (30-Day Average SOFR + 0.400%) due 7/20/51(b)		2,729,905
	203,391	NR	Series 2023-H11, Class FC, 6.424% (30-Day Average SOFR + 1.100%) due 5/20/73(b)		205,586
	405,643	NR	Series 2023-H24, Class FA, 6.274% (30-Day Average SOFR + 0.950%) due 10/20/73(b)		407,609
	202,980	NR	Series 2023-H27, Class FD, 6.424% (30-Day Average SOFR + 1.100%) due 11/20/73(b)		205,933
	802,565	NR	Series 2024-H01, Class FB, 6.224% (30-Day Average SOFR + 0.900%) due 1/20/74(b)		806,645
	141,461	Aaa(d)	Greystone CRE Notes Ltd., Series 2019-FL2, Class A, 6.612% (1-Month Term SOFR + 1.294%) due 9/15/37(a)(b)		141,479
	2,500,000	Aaa(d)	GS Mortgage Securities Corp. Trust, Series 2022-GTWY, Class A, 8.718% (1-Month Term SOFR + 3.400%) due 8/15/39(a)(b)		2,515,338
	1,254,181	AAA(e)	GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.750% due 12/25/60(a)(b)		1,148,083
			GS Mortgage-Backed Securities Trust:
	735,961	Aaa(d)	Series 2021-GR2, Class A9, 5.000% (30-Day Average SOFR + 0.850%) due 2/25/52(a)(b)		682,823
	246,501	Aaa(d)	Series 2021-INV1, Class A9, 5.000% (30-Day Average SOFR + 0.850%) due 12/25/51(a)(b)		228,686
	142,929	A-	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-FL12, Class A, 6.815% (1-Month Term SOFR + 1.497%) due 12/15/31(a)(b)		119,704
			JPMorgan Mortgage Trust:
	170,302	Aaa(d)	Series 2019-INV3, Class A3, 3.500% due 5/25/50(a)(b)		152,191
	312,167	Aaa(d)	Series 2021-12, Class A11, 5.000% (30-Day Average SOFR + 0.850%) due 2/25/52(a)(b)		289,510
	496,948	Aaa(d)	KKR CLO 11 Ltd., Series 11, Class AR, 6.756% (3-Month Term SOFR + 1.442%) due 1/15/31(a)(b)		497,768
	1,616,552	Aaa(d)	Kubota Credit Owner Trust, Series 2023-1A, Class A2, 5.400% due 2/17/26(a)		1,613,798
	1,747,324	Aaa(d)	LCM Loan Income Fund I Ltd., Series 1A, Class A, 6.609% (3-Month Term SOFR + 1.292%) due 4/20/31(a)(b)		1,747,761
	1,149	AAA	LCM XIII LP, Series 13A, Class AR3, 6.441% (3-Month Term SOFR + 1.132%) due 7/19/27(a)(b)		1,149

See Notes to Financial Statements.

255



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 23.0% — (continued)
			Legacy Mortgage Asset Trust:
$	288,163	NR	Series 2021-GS5, Class A1, step bond to yield, 2.250% due 7/25/67(a)	$	278,484
	257,480	NR	Series 2021-SL2, Class A, step bond to yield, 1.875% due 10/25/68(a)		248,346
	6,890	NR	LL ABS Trust, Series 2021-1A, Class A, 1.070% due 5/15/29(a)		6,858
	1,500,000	Aaa(d)	M&T Equipment 2023-LEAF1 Notes, Series 2023-1A, Class A2, 6.090% due 7/15/30(a)		1,500,873
	2,312,478	Aaa(d)	M360 Ltd., Series 2021-CRE3, Class A, 6.935% (1-Month Term SOFR + 1.614%) due 11/22/38(a)(b)		2,282,710
	1,500,000	AAA	Marathon CLO 14 Ltd., Series 2019-2A, Class A1AR, 6.698% (3-Month Term SOFR + 1.380%) due 1/20/33(a)(b)		1,501,770
	142,994	BBB+	MASTR Asset Backed Securities Trust, Series 2004-OPT2, Class A1, 6.135% (1-Month Term SOFR + 0.814%) due 9/25/34(b)		131,087
	489,796	Aaa(d)	MF1 Ltd., Series 2020-FL4, Class A, 7.132% (1-Month Term SOFR + 1.814%) due 11/15/35(a)(b)		490,639
	369,197	Aaa(d)	MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, Class A, 6.282% (1-Month Term SOFR + 0.964%) due 7/15/36(a)(b)		367,945
			MFA Trust:
	181,397	AAA	Series 2020-NQM1, Class A1, 1.479% due 3/25/65(a)(b)		169,225
	204,542	AAA	Series 2020-NQM2, Class A1, 1.381% due 4/25/65(a)(b)		189,783
	402,578	AAA	MidOcean Credit CLO II, Series 2013-2A, Class ARR, 6.611% (3-Month Term SOFR + 1.292%) due 1/29/30(a)(b)		402,762
			Mill City Mortgage Loan Trust:
	505,838	Aaa(d)	Series 2019-GS2, Class A1, 2.750% due 8/25/59(a)(b)		477,504
	370,440	AAA(e)	Series 2021-NMR1, Class A1, 1.125% due 11/25/60(a)(b)		346,539
			MMAF Equipment Finance LLC:
	201,202	Aaa(d)	Series 2022-B, Class A2, 5.570% due 9/9/25(a)		201,184
	496,176	Aaa(d)	Series 2023-A, Class A2, 5.790% due 11/13/26(a)		496,426
	1,000,000	Aaa(d)	Series 2024-A, Class A2, 5.200% due 9/13/27(a)		998,075
	379,958	B-	Morgan Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1, 6.335% (1-Month Term SOFR + 1.014%) due 5/25/34(b)(h)		375,185
	265,082	Aaa(d)	Mountain View CLO LLC, Series 2017-1A, Class AR, 6.666% (3-Month Term SOFR + 1.352%) due 10/16/29(a)(b)		265,214
	1,600,000	Aaa(d)	Natixis Commercial Mortgage Securities Trust, Series 2021-APPL, Class A, 6.382% (1-Month Term SOFR + 1.064%) due 8/15/38(a)(b)		1,510,799
			New Residential Mortgage Loan Trust:
	160,665	NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(a)(b)		154,694
	49,974	AAA(e)	Series 2018-RPL1, Class A1, 3.500% due 12/25/57(a)(b)		47,648
	82,613	A+	NovaStar Mortgage Funding Trust, Series 2005-4, Class M1, 2.623% (1-Month Term SOFR + 0.774%) due 1/25/36(b)		81,274
	420,424	NR	NYMT Loan Trust, Series 2021-SP1, Class A1, step bond to yield, 1.670% due 8/25/61(a)		402,283
	1,800,000	AAA(e)	NYO Commercial Mortgage Trust, Series 2021-1290, Class A, 6.527% (1-Month Term SOFR + 1.209%) due 11/15/38(a)(b)		1,727,451
	2,542,408	AAA(e)	OSD CLO Ltd., Series 2021-23A, Class A, 6.448% (3-Month Term SOFR + 1.132%) due 4/17/31(a)(b)		2,541,345
	934,328	Aaa(d)	OZLM IX Ltd., Series 2014-9A, Class A1A3, 6.679% (3-Month Term SOFR + 1.362%) due 10/20/31(a)(b)		935,874
	28,468	Aaa(d)	Pawneee Equipment Receivables Series LLC, Series 2022-1, Class A2, 4.840% due 2/15/28(a)		28,461
	196,214	Aaa(d)	PFP Ltd., Series 2021-8, Class A, 6.435% (1-Month Term SOFR + 1.114%) due 8/9/37(a)(b)		195,062
	1,500,000	AAA	PFS Financing Corp., Series 2023-D, Class A, 6.475% (30-Day Average SOFR + 1.150%) due 8/15/27(a)(b)		1,504,113
	87,337	NR	Pretium Mortgage Credit Partners I LLC, Series 2021-NPL1, Class A1, step bond to yield, 2.240% due 9/27/60(a)		86,214
	643,038	AAA	Resimac Bastille Trust, Series 2021-2NCA, Class A1A, 6.088% (1-Month Term SOFR + 0.764%) due 2/3/53(a)(b)		640,819
			SoFi Consumer Loan Program Trust:
	148,126	Aaa(d)	Series 2022-1S, Class A, 6.210% due 4/15/31(a)		148,518
	137,854	AAA	Series 2023-1S, Class A, 5.810% due 5/15/31(a)		138,107

See Notes to Financial Statements.

256



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 23.0% — (continued)
$	156,166	NR	Stonepeak ABS, Series 2021-1A, Class AA, 2.301% due 2/28/33(a)	$	145,382
	942,183	AAA	STWD Mortgage Trust, Series 2021-HTS, Class A, 6.482% (1-Month Term SOFR + 1.164%) due 4/15/34(a)(b)		932,704
	451,171	AAA	TCW CLO Ltd., Series 2018-1A, Class A1R, 6.556% (3-Month Term SOFR + 1.232%) due 4/25/31(a)(b)		451,375
			Towd Point Mortgage Trust:
	104,767	Aaa(d)	Series 2017-5, Class A1, 5.910% (1-Month Term SOFR + 0.714%) due 2/25/57(a)(b)		106,432
	309,528	AAA(e)	Series 2018-3, Class A1, 3.750% due 5/25/58(a)(b)		297,779
	168,221	Aaa(d)	Series 2019-HY2, Class A1, 6.435% (1-Month Term SOFR + 1.114%) due 5/25/58(a)(b)		171,368
	200,448	Aaa(d)	Series 2019-HY3, Class A1A, 6.435% (1-Month Term SOFR + 1.114%) due 10/25/59(a)(b)		202,245
	536,316	AAA(e)	Series 2020-1, Class A1, 2.710% due 1/25/60(a)(b)		503,064
	983,736	AAA(e)	Series 2021-SJ2, Class A1A, 2.250% due 12/25/61(a)(b)		925,738
	297,353	AAA(e)	Series 2024-CES1, Class A1A, 5.848% due 1/25/64(a)(b)(f)		298,483
	2,000,000	Aaa(d)	Trinitas CLO XII Ltd., Series 2020-12A, Class A1R, 6.693% (3-Month Term SOFR + 1.370%) due 4/25/33(a)(b)		2,001,490
	1,000,000	Aaa(d)	Venture 36 CLO Ltd., Series 2019-36A, Class A1AR, 6.709% (3-Month Term SOFR + 1.392%) due 4/20/32(a)(b)		1,000,741
	119,520	Aaa(d)	Venture XVII CLO Ltd., Series 2014-17A, Class ARR, 6.456% (3-Month Term SOFR + 1.142%) due 4/15/27(a)(b)		119,740
	3,000,000	AAA	Verizon Master Trust, Series 2024-1, Class A1B, 5.975% (30-Day Average SOFR + 0.650%) due 12/20/28(b)		3,013,036
	268,121	AAA(e)	Verus Securitization Trust, Series 2023-5, Class A1, step bond to yield, 6.476% due 6/25/68(a)		269,183
	298,605	AA	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR13, Class A1A1, 6.015% (1-Month Term SOFR + 0.694%) due 10/25/45(b)		285,042
	95,226	Aaa(d)	Wellfleet CLO Ltd., Series 2015-1A, Class AR4, 6.469% (3-Month Term SOFR + 1.152%) due 7/20/29(a)(b)		95,229

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $76,586,294)		74,646,188


ASSET-BACKED SECURITIES — 20.1%

Automobiles — 13.3%
	635,926	Aaa(d)	Ally Auto Receivables Trust, Series 2023-1, Class A2, 5.760% due 11/15/26		636,459
	600,000	Aaa(d)	Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class A, 2.360% due 3/20/26(a)		584,684
	605,306	Aaa(d)	Bank of America Auto Trust, Series 2023-1A, Class A2, 5.830% due 5/15/26(a)		605,916
			BMW Vehicle Lease Trust:
	253,482	AAA	Series 2023-1, Class A2, 5.270% due 2/25/25		253,406
	298,244	AAA	Series 2023-2, Class A2, 5.950% due 8/25/25		298,636
	300,000	AAA	Series 2023-2, Class A3, 5.990% due 9/25/26		302,590
	1,500,000	AAA	Series 2024-1, Class A2B, 5.722% (30-Day Average SOFR + 0.400%) due 7/27/26(b)		1,501,047
	709,532	AAA	Capital One Prime Auto Receivables Trust, Series 2022-2, Class A2A, 3.740% due 9/15/25		707,353
	764,142	AAA	Carmax Auto Owner Trust, Series 2022-4, Class A2B, 6.225% (30-Day Average SOFR + 0.900%) due 12/15/25(b)		764,765
	1,600,000	AAA	CarMax Auto Owner Trust, Series 2024-1, Class A2B, 5.945% (30-Day Average SOFR + 0.620%) due 3/15/27(b)		1,600,459
			Carvana Auto Receivables Trust:
	300,000	AAA	Series 2021-P2, Class A4, 0.800% due 1/10/27		285,031
	154,432	AAA	Series 2022-P3, Class A2, 4.420% due 12/10/25		154,253
	1,300,000	AAA	Series 2023-P5, Class A2, 5.770% due 4/12/27(a)		1,301,007
	2,800,000	AAA	Citizens Auto Receivables Trust, Series 2024-1, Class A2B, 5.925% (30-Day Average SOFR + 0.600%) due 10/15/26(a)(b)		2,805,709
	584,279	AAA	Fifth Third Auto Trust, Series 2023-1, Class A2A, 5.800% due 11/16/26		584,655
			Ford Credit Auto Lease Trust:
	1,700,000	AAA	Series 2023-B, Class A2B, 5.915% (30-Day Average SOFR + 0.590%) due 2/15/26(b)		1,700,777
	3,000,000	AAA	Series 2024-A, Class A2B, 5.825% (30-Day Average SOFR + 0.500%) due 7/15/26(b)		3,002,079

See Notes to Financial Statements.

257



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Automobiles — 13.3% — (continued)
$	284,027	Aaa(d)	Ford Credit Auto Owner Trust, Series 2022-D, Class A2B, 6.085% (30-Day Average SOFR + 0.760%) due 8/15/25(b)	$	284,227
	651,540	AAA	GM Financial Automobile Leasing Trust, Series 2023-1, Class A2B, 5.874% (30-Day Average SOFR + 0.550%) due 6/20/25(b)		651,758
			GM Financial Consumer Automobile Receivables Trust:
	1,370,436	AAA	Series 2023-2, Class A2B, 6.075% (30-Day Average SOFR + 0.750%) due 5/18/26(b)		1,371,959
	629,269	AAA	Series 2023-3, Class A2A, 5.740% due 9/16/26		629,822
	1,500,000	AAA	GMF Floorplan Owner Revolving Trust, Series 2019-2, Class A, 2.900% due 4/15/26(a)		1,495,463
			Hertz Vehicle Financing III LLC:
	50,000	Aaa(d)	Series 2022-3A, Class A, 3.370% due 3/25/25(a)		49,922
	1,000,000	Aaa(d)	Series 2023-1A, Class A, 5.490% due 6/25/27(a)		998,898
	911,890	AAA	Honda Auto Receivables Owner Trust, Series 2023-2, Class A2, 5.410% due 4/15/26		911,429
			Hyundai Auto Lease Securitization Trust:
	491,882	AAA	Series 2023-A, Class A2B, 5.965% (30-Day Average SOFR + 0.640%) due 4/15/25(a)(b)		491,980
	1,500,000	AAA	Series 2024-A, Class A2B, 5.825% (30-Day Average SOFR + 0.500%) due 6/15/26(a)(b)		1,502,075
	473,448	AAA	Hyundai Auto Receivables Trust, Series 2023-B, Class A2A, 5.770% due 5/15/26		474,136
			LAD Auto Receivables Trust:
	807,182	Aaa(d)	Series 2023-2A, Class A2, 5.930% due 6/15/27(a)		807,701
	242,527	Aaa(d)	Series 2023-3A, Class A2, 6.090% due 6/15/26(a)		242,679
	1,000,000	Aaa(d)	Oscar US Funding XVI LLC, Series 2024-1A, Class A2, 5.480% due 2/10/27#(a)		998,942
	3,000,000	Aaa(d)	Tesla Electric Vehicle Trust, Series 2023-1, Class A2B, 5.844% (30-Day Average SOFR + 0.520%) due 12/21/26(a)(b)		3,000,738
			Toyota Auto Receivables Owner Trust:
	683,588	AAA	Series 2022-C, Class A2B, 5.895% (30-Day Average SOFR + 0.570%) due 8/15/25(b)		683,822
	1,500,000	AAA	Series 2022-C, Class A3, 3.760% due 4/15/27		1,474,798
	786,615	AAA	Series 2023-C, Class A2A, 5.600% due 8/17/26		786,635
	1,264,013	Aaa(d)	Toyota Lease Owner Trust, Series 2023-B, Class A2B, 5.874% (30-Day Average SOFR + 0.550%) due 4/20/26(a)(b)		1,265,150
	600,000	AAA	USAA Auto Owner Trust, Series 2023-A, Class A2, 5.830% due 7/15/26(a)		600,728
	900,000	AAA	Volkswagen Auto Lease Trust, Series 2023-A, Class A2B, 5.894% (30-Day Average SOFR + 0.570%) due 1/20/26(b)		900,415
	1,813,390	AAA	Volkswagen Auto Loan Enhanced Trust, Series 2023-1, Class A2A, 5.500% due 12/21/26		1,812,778
			World Omni Auto Receivables Trust:
	639,605	AAA	Series 2022-C, Class A2, 3.730% due 3/16/26		637,026
	457,782	AAA	Series 2023-A, Class A2B, 5.755% (30-Day Average SOFR + 0.430%) due 7/15/26(b)		458,010
	724,371	AAA	Series 2023-B, Class A2A, 5.250% due 11/16/26		723,303
	3,000,000	AAA	Series 2023-D, Class A2A, 5.910% due 2/16/27		3,015,122

			Total Automobiles		43,358,342


Credit Cards — 4.4%
	700,000	Aaa(d)	CARDS II Trust, Series 2023-2A, Class A, 6.169% (SOFR + 0.850%) due 7/15/28(a)(b)		701,249
	3,000,000	Aaa(d)	Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, 6.055% (1-Month Term SOFR + 0.734%) due 4/22/26(b)		3,002,233
			Master Credit Card Trust II:
	2,300,000	Aaa(d)	Series 2023-2A, Class A, 6.175% (30-Day Average SOFR + 0.850%) due 1/21/27(a)(b)		2,309,782
	2,200,000	Aaa(d)	Series 2024-1A, Class A, 6.075% (30-Day Average SOFR + 0.750%) due 1/21/28(a)(b)		2,200,987
			Trillium Credit Card Trust II:
	3,000,000	AAA	Series 2023-3A, Class A, 6.170% (SOFR + 0.850%) due 8/26/28(a)(b)		3,013,538
	3,000,000	Aaa(d)	Series 2024-1A, Class A, 6.069% (SOFR + 0.750%) due 12/27/28(a)(b)		3,002,325

			Total Credit Cards		14,230,114


Student Loans — 2.4%
			ECMC Group Student Loan Trust:
	482,099	Aaa(d)	Series 2017-2A, Class A, 6.486% (30-Day Average SOFR + 1.164%) due 5/25/67(a)(b)		480,818
	361,981	Aaa(d)	Series 2018-1A, Class A, 6.186% (30-Day Average SOFR + 0.864%) due 2/27/68(a)(b)		358,035
	555,152	Aaa(d)	Series 2019-1A, Class A1B, 6.436% (30-Day Average SOFR + 1.114%) due 7/25/69(a)(b)		552,249

See Notes to Financial Statements.

258



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Student Loans — 2.4% — (continued)
$	8,878	AAA	EFS Volunteer LLC, Series 2010-1, Class A2, 6.473% (90-Day Average SOFR + 1.112%) due 10/25/35(a)(b)	$	8,881
	1,693,164	AAA	ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.530% due 12/26/46(a)		1,464,897
			Navient Private Education Loan Trust:
	615,447	AAA	Series 2015-BA, Class A3, 6.882% (1-Month Term SOFR + 1.564%) due 7/16/40(a)(b)		618,125
	280,862	AAA	Series 2020-A, Class A2B, 6.332% (1-Month Term SOFR + 1.014%) due 11/15/68(a)(b)		279,323
			Navient Private Education Refi Loan Trust:
	174,110	AAA	Series 2020-GA, Class A, 1.170% due 9/16/69(a)		156,227
	229,412	AAA	Series 2020-IA, Class A1A, 1.330% due 4/15/69(a)		205,564
			Nelnet Student Loan Trust:
	615,426	AA+	Series 2017-3A, Class A, 6.286% (30-Day Average SOFR + 0.964%) due 2/25/66(a)(b)		610,997
	185,290	AAA	Series 2018-3A, Class A2, 5.875% (1-Month Term SOFR + 0.554%) due 9/27/66(a)(b)		185,007
	636,949	AA+	Series 2019-2A, Class A, 6.336% (30-Day Average SOFR + 1.014%) due 6/27/67(a)(b)		633,828
	507,802	AA+	Series 2019-3A, Class A, 6.235% (1-Month Term SOFR + 0.914%) due 8/25/67(a)(b)		504,798
	143,371	AAA	SLC Student Loan Trust, Series 2007-1, Class A4, 5.681% (90-Day Average SOFR + 0.322%) due 5/15/29(b)		142,948
	164,009	AAA	SLM Student Loan Trust, Series 2004-10, Class A7B, 6.223% (90-Day Average SOFR + 0.862%) due 10/25/29(a)(b)		164,026
			SMB Private Education Loan Trust:
	240,930	AAA	Series 2020-PTA, Class A2A, 1.600% due 9/15/54(a)		218,534
	194,994	AAA	Series 2021-D, Class A1A, 1.340% due 3/17/53(a)		175,299
	548,317	Aaa(d)	Series 2023-C, Class A1B, 6.875% (30-Day Average SOFR + 1.550%) due 11/15/52(a)(b)		547,739
	487,544	Aaa(d)	Towd Point Asset Trust, Series 2021-SL1, Class A2, 6.134% (1-Month Term SOFR + 0.814%) due 11/20/61(a)(b)		482,434

			Total Student Loans		7,789,729

			TOTAL ASSET-BACKED SECURITIES (Cost — $65,586,915)		65,378,185


U.S. GOVERNMENT AGENCIES & OBLIGATIONS — 3.4%

U.S. GOVERNMENT AGENCIES — 2.8%
			Federal Home Loan Mortgage Corp. (FHLMC):
	3,000,000	AA+	5.650% due 3/6/26		2,993,176
	6,000,000	AA+	5.700% due 3/6/26		5,994,624

			Total U.S. GOVERNMENT AGENCIES		8,987,800


U.S. GOVERNMENT OBLIGATIONS — 0.6%
	1,912,944		U.S. Treasury Inflation Indexed Notes, 0.125% due 10/15/24		1,898,576

			TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost — $10,877,775)		10,886,376


MORTGAGE-BACKED SECURITIES — 0.2%

FHLMC — 0.2%
	792,114		Federal Home Loan Mortgage Corp. (FHLMC), 4.000% due 6/1/49 — 9/1/49 (Cost — $830,977)		736,233

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $284,158,918)		281,811,261


SHORT-TERM INVESTMENTS — 17.7%

COMMERCIAL PAPERS — 13.4%
	3,100,000		American Electric Power Co., Inc., 5.654% due 3/18/24(a)(i)		3,091,802
	3,100,000		Arrow Electronics Inc., 5.810% due 3/11/24(a)(i)		3,095,006
	1,700,000		AutoNation Inc., 5.964% due 3/6/24(a)(i)		1,698,595
			Campbell Soup Co.:
	1,300,000		5.618% due 3/22/24(a)(i)		1,295,753
	1,100,000		5.621% due 3/25/24(a)(i)		1,095,893
	700,000		5.659% due 4/3/24(a)(i)		696,388

See Notes to Financial Statements.

259



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Security	Value

COMMERCIAL PAPERS — 13.4% — (continued)
			Constellation Brands Inc.:
$	1,300,000		5.603% due 3/4/24(a)(i)	$	1,299,393
	1,800,000		5.604% due 3/5/24(a)(i)		1,798,880
	3,100,000		5.548% due 3/12/24(a)(i)		3,094,771
	3,200,000		CVS Health Corp., 5.614% due 4/1/24(a)(i)		3,184,587
	3,100,000		Entergy Corp., 5.680% due 5/2/24(a)(i)		3,070,102
	3,100,000		General Dynamics Corp., 5.493% due 3/5/24(a)(i)		3,098,116
			Humana Inc.:
	650,000		5.520% due 3/4/24(a)(i)		649,702
	650,000		5.521% due 3/5/24(a)(i)		649,603
	1,800,000		5.574% due 3/26/24(a)(i)		1,793,063
	3,100,000		Intercontinental Exchange Inc., 5.547% due 3/5/24(a)(i)		3,098,095
	3,200,000		Keurig Dr Pepper Inc., 5.602% due 4/22/24(a)(i)		3,174,347
	3,100,000		L3Harris Technologies Inc., 5.662% due 3/20/24(a)(i)		3,090,805
			Microchip Technology Inc.:
	650,000		5.528% due 3/7/24(a)(i)		649,403
	550,000		5.561% due 3/22/24(a)(i)		548,226
	250,000		5.626% due 4/19/24(a)(i)		248,105
			VW Credit Inc.:
	1,000,000		5.574% due 3/1/24(a)(i)		1,000,000
	1,100,000		5.578% due 3/6/24(a)(i)		1,099,152
	1,000,000		5.579% due 3/7/24(a)(i)		999,075

			TOTAL COMMERCIAL PAPERS (Cost — $43,518,862)		43,518,862


REPURCHASE AGREEMENT — 0.7%
	2,300,000		BNP Paribas - Paris repurchase agreement dated 2/29/24, 5.320% due 3/1/24, Proceeds at maturity — $2,300,340; (Fully collateralized by U.S Treasury Notes, 1.250% due 5/31/28; Valued — $2,355,215) (Cost — $2,300,000)		2,300,000


TIME DEPOSITS — 2.6%
	43	^NZD	ANZ National Bank — Hong Kong, 3.250% due 3/1/24		26
			BBH — New York:
	34	^DKK	2.500% due 3/1/24		5
	5,240	^CAD	3.830% due 3/1/24		3,861
	10,739	^GBP	4.150% due 3/1/24		13,557
	32,376	^AUD	BNP Paribas — Paris, 3.100% due 3/1/24		21,043
	11,374	^EUR	Citibank — London, 2.820% due 3/1/24		12,293
	8,050,287		JPMorgan Chase & Co. — New York, 4.680% due 3/1/24		8,050,287
	542,732		Skandinaviska Enskilda Banken AB — Stockholm, 4.680% due 3/1/24		542,732

			TOTAL TIME DEPOSITS (Cost — $8,643,804)		8,643,804


U.S. GOVERNMENT OBLIGATIONS — 1.0%
	3,300,000		U.S. Treasury Bills, 5.311% due 5/23/24(i) (Cost — $3,260,080)		3,260,080

			TOTAL SHORT-TERM INVESTMENTS (Cost — $57,722,746)		57,722,746

			TOTAL INVESTMENTS — 104.4% (Cost — $341,881,664)		339,534,007

			Liabilities in Excess of Other Assets — (4.4)%		(14,187,527	)

			TOTAL NET ASSETS — 100.0%	$	325,346,480

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

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

See Notes to Financial Statements.

260



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

(a)

(b)	Variable rate security. Interest rate disclosed is that which was in effect at February 29, 2024.

(c)	The aggregate value of restricted securities (excluding 144A holdings) at February 29, 2024, amounts to $2,916,864 and represents 0.9% of net assets.

(d)	Rating by Moody’s Investors Service.

(e)	Rating by Fitch Ratings Service.

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

(g)	Illiquid security.

(h)	Affiliated security (See Note 2) . As of February 29, 2024, total cost and total market value of affiliated securities amounted to $379,036 and $375,185, respectively.

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

#	Security that used significant unobservable inputs to determine fair value. At February 29, 2024, the Fund held Level 3 security in the amount of $998,942, representing 0.3% of net assets.

At February 29, 2024, for Ultra-Short Term 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)
Ultra-Short Term Fixed Income Fund	$	341,881,664	$	1,272,327	$	(3,642,623)	$	(2,370,296)


Abbreviations used in this schedule:
ABS		— Asset-Backed Security
CLO		— Collateralized Loan Obligation
CMT		— Constant Maturity Treasury Rate
DAC		— Designated Activity Company
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
MASTR		— Mortgage Asset Securitization Transactions, Inc.
PLC		— Public Limited Company
REMICS		— Real Estate Mortgage Investment Conduits
SOFR		— Secured Overnight Financing Rate


Summary of Investments by Security Type^
Corporate Bonds & Notes	38.3	%
Collateralized Mortgage Obligations	22.0
Asset-Backed Securities	19.3
U.S. Government Agencies & Obligations	3.2
Mortgage-Backed Securities	0.2
Short-Term Investments	17.0

Total Investments	100.0	%

^	As a percentage of total investments.

See Notes to Financial Statements.

261



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

At February 29, 2024, 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:
U.S. Treasury 5-Year Note Futures		10		6/24	$	1,070,703	$	1,069,062	$	(1,641	)

Contracts to Sell:
3-Month SOFR Futures		19		9/26		4,588,538		4,576,150		12,388
U.S. Treasury 2-Year Note Futures		82		6/24		16,772,844		16,789,500		(16,656	)
U.S. Treasury 10-Year Note Futures		7		6/24		773,172		773,062		110
U.S. Treasury Ultra Long Bond Futures		5		6/24		625,823		639,375		(13,552	)
U.S. Ultra Long Bond Futures		23		6/24		2,622,665		2,625,953		(3,288	)

										(20,998	)

Net Unrealized Depreciation on Open Exchange-Traded Futures Contracts									$	(22,639	)

At February 29, 2024, Ultra-Short Term Fixed Income Fund had deposited cash of $469,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.


Currency Abbreviations used in this schedule:
AUD		— Australian Dollar
CAD		— Canadian Dollar
DKK		— Danish Krone
EUR		— Euro
GBP		— British Pound
JPY		— Japanese Yen
NZD		— New Zealand Dollar
USD		— United States Dollar

See pages 264-265 for definitions of ratings.

See Notes to Financial Statements.

262



Schedules of Investments


(unaudited) (continued)


Alternative Strategies Fund

Units		Security	Value

OPEN END MUTUAL FUND SECURITIES — 98.3%

United States — 98.3%
	1,346,632	American Beacon AHL Managed Futures Strategy Fund, Class Y	$	13,749,110
	802,426	BlackRock Event Driven Equity Fund, Institutional Class		8,040,304
	784,110	BlackRock Global Equity Market Neutral Fund, Institutional Class		10,436,500
	1,628,532	BlackRock Systematic Multi-Strategy Fund, Institutional Class		16,269,035
	879,042	BNY Mellon Global Real Return Fund, Class Y		13,414,185
	567,823	Calamos Market Neutral Income Fund, Class I		8,148,253
	63,359	Cohen & Steers Global Realty Shares Inc., Class I		3,170,500
	250,328	Diamond Hill Long/Short Fund, Class I		7,064,242
	665,972	Driehaus Event Driven Fund, Common Class		8,244,739
	1,287,904	John Hancock Diversified Macro Fund, Class I		12,415,392
	232,336	JPMorgan Hedged Equity Fund, Class I		6,874,810
	738,517	LoCorr Market Trend Fund, Class I		9,017,287
	557,097	Neuberger Berman Long Short Fund, Institutional Class		9,916,321
	251,436	PIMCO CommodityRealReturn Strategy Fund, Institutional Class		3,213,352
	847,398	PIMCO Credit Opportunities Bond Fund, Institutional Class		8,092,648
	2,108,440	PIMCO Mortgage Opportunities and Bond Fund, Class I2		19,671,745
	867,991	Thornburg Strategic Income Fund, Institutional Class		9,799,616

		TOTAL INVESTMENTS — 98.3% (Cost — $166,641,639)		167,538,039

		Other Assets in Excess of Liabilities — 1.7%		2,911,830

		TOTAL NET ASSETS — 100.0%	$	170,449,869

At February 29, 2024, 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 Appreciation
Alternative Strategies Fund	$	166,641,639	$	4,595,902		$ (3,699,502	)	$	896,400


Summary of Investments by Security Type^
Open End Mutual Fund Securities	100.0	%

^	As a percentage of total investments.

See Notes to Financial Statements.

263



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.

264



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.

265



Statements of Assets and Liabilities


February 29, 2024 (unaudited)


	Large Cap Equity Fund		Small-Mid Cap Equity Fund		International Equity Fund
ASSETS:
Unaffiliated investments, at value^1,3	$	2,155,661,669	$	519,851,429	$	1,302,401,116
Affiliated investments, at value²		2,822,112		—		—
Foreign currency, at value⁴		84		64		340,567
Cash		—		3,520,391		—
Receivable for securities sold		1,751,097		1,011,672		4,391,357
Receivable for TBA securities sold		—		—		—
Dividends and interest receivable from unaffiliated investments		2,963,623		465,773		8,259,453
Dividends and interest receivable from affiliated investments		—		—		—
Receivable for Fund shares sold		1,273,540		381,391		822,645
Unrealized appreciation on open forward foreign currency contracts (Note 1)		—		—		—
Variation margin on open futures contracts (Note 1)		72,429		16,843		2,374
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		728,984		144,996		105,092
Foreign capital gains tax receivable		—		—		—
Prepaid trustees expenses		35,127		8,236		6,987
Prepaid expenses		71,055		24,357		29,530

Total Assets		2,165,379,720		525,425,152		1,316,359,121

LIABILITIES:
Reverse repurchase agreements, at value⁷		—		—		—
Payable for collateral received from securities on loan		651,450		3,011,240		12,203,970
Payable for Fund shares repurchased		1,271,575		280,539		751,528
Payable for securities purchased		1,437,434		1,161,585		7,621,255
Payable for TBA securities purchased		—		—		—
Payable for sale-buyback transactions		—		—		—
Investment management fee payable		913,376		182,413		491,861
Transfer agent fees payable		19,224		5,301		24,370
Interest expense payable		—		—		—
Custody fee payable		2,824		14,984		61,262
Variation margin on open futures contracts (Note 1)		—		—		—
Variation margin on open centrally cleared swap contracts (Note 1)		—		—		—
Due to custodian		—		—		—
Forward sale commitments, at value⁵ (Note 1)		—		—		—
Options contracts written, at value⁶ (Note 1)		—		—		—
Unrealized depreciation on open OTC swap contracts		—		—		—
Upfront payment received on open OTC swap contracts		—		—		—
Unrealized depreciation on open forward foreign currency contracts (Note 1)		—		—		—
Deposits for collateral from counterparty		—		—		—
Foreign capital gains tax payable		—		—		—
Distributions payable		—		—		—
Audit fees payable		—		—		—
Trustee fees payable		—		—		—
Accrued expenses		125,450		104,575		449,666

Total Liabilities		4,421,333		4,760,637		21,603,912

Total Net Assets	$	2,160,958,387	$	520,664,515	$	1,294,755,209

NET ASSETS:
Paid-in-capital (Note 4)	$	1,170,860,266	$	379,939,924	$	1,060,005,818
Total distributable earnings (losses)		990,098,121		140,724,591		234,749,391

Total Net Assets	$	2,160,958,387	$	520,664,515	$	1,294,755,209

Shares Outstanding		92,571,174		30,411,354		94,383,469

Net Asset Value	$	23.34	$	17.12	$	13.72

¹ Unaffiliated investments, at cost	$	1,199,132,086	$	371,395,415	$	1,033,028,795

² Affiliated investments, at cost	$	1,068,560	$	—	$	—

³ Includes securities on loan	$	635,512	$	2,881,615	$	12,043,870

⁴ Foreign currency, at cost	$	755	$	688	$	335,086

⁵ Proceeds received	$	—	$	—	$	—

⁶ Premiums received	$	—	$	—	$	—

⁷ Proceeds of reverse repurchase agreements	$	—	$	—	$	—

See Notes to Financial Statements.

266


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

$	447,832,359		$	1,809,387,357		$	134,583,746		$	219,730,331		$	99,972,672		$	174,861,348		$	339,158,822		$	167,538,039
	—			—			—			—			—			—			375,185			—
	612,091			675,755			—			356,785			—			132,092			136			—
	—			—			—			—			—			1,663,749			—			2,991,141
	1,762,039			96,542,100			443,228			19,263,116			—			34,857			33,605			—
	—			13,415,875			—			77,466,422			—			3,851,512			—			—
	755,908			12,212,687			2,078,790			1,098,056			954,337			347,753			1,599,472			153,497
	—			—			—			—			—			—			267			—
	279,341			1,023,964			75,047			95,986			5,304			55,548			278,014			203,152
	—			110,267			—			2,646,256			—			90,784			—			—
	110			—			—			124,900			—			—			140,554			—
	—			—			—			317,840			—			10,544			—			—
	—			—			—			311,408			—			—			—			—
	—			—			—			642,585			—			—			—			—
	16,994			9,278,202			—			4,485,000			—			1,134,000			469,000			—
	60,192			—			—			—			—			—			—			—
	4,526			22,179			1,174			3,160			1,672			3,533			—			—
	35,556			42,438			1,173			17,132			6,108			3,793			39,941			6,959

	451,359,116			1,942,710,824			137,183,158			326,558,977			100,940,093			182,189,513			342,094,996			170,892,788


	—			—			—			—			—			36,044,076			—			—
	843,580			—			—			—			—			—			—			—
	256,711			6,753,501			672,327			95,495			339,147			91,235			1,168,765			111,841
	1,462,350			12,964,403			1,566,438			21,999,441			175,000			—			15,117,640			153,497
	—			25,226,973			—			82,631,682			—			15,146,034			—			—
	—			—			—			—			—			2,269,041			—			—
	195,674			559,125			52,704			67,361			31,466			45,367			88,269			26,711
	13,483			31,112			863			1,536			1,903			658			6,394			2,995
	—			—			—			3,634			—			118,720			—			—
	64,924			92,048			14,269			19,906			3,605			14,105			32,640			9,680
	—			4,348,274			—			—			—			24,535			—			—
	—			86,955			—			—			—			—			—			—
	—			28,789			—			—			—			—			—			—
	—			2,471,615			—			25,769,054			—			—			—			—
	—			65,188			—			156,202			—			155,168			—			—
	—			117,955			—			620,202			—			—			—			—
	—			—			—			63,817			—			—			—			—
	—			901,113			—			529,986			—			42,333			—			—
	—			—			—			2,160,000			—			—			—			—
	2,574,303			—			—			—			—			—			—			—
	—			65			—			—			—			—			59			—
	—			—			176,122			—			149,864			—			—			86,517
	—			—			—			—			—			—			6,280			2,026
	407,271			279,162			101,093			93,547			11,834			326,501			328,469			49,652

	5,818,296			53,926,278			2,583,816			134,211,863			712,819			54,277,773			16,748,516			442,919

$	445,540,820		$	1,888,784,546		$	134,599,342		$	192,347,114		$	100,227,274		$	127,911,740		$	325,346,480		$	170,449,869


$	452,563,680		$	2,160,346,885		$	159,715,275		$	220,482,607		$	105,187,013		$	146,387,855		$	346,305,353		$	170,295,983
	(7,022,860	)		(271,562,339	)		(25,115,933	)		(28,135,493	)		(4,959,739	)		(18,476,115	)		(20,958,873	)		153,886

$	445,540,820		$	1,888,784,546		$	134,599,342		$	192,347,114		$	100,227,274		$	127,911,740		$	325,346,480		$	170,449,869

	34,567,444			279,473,119			42,051,331			29,100,288			11,607,911			15,732,448			33,591,711			16,343,480

$	12.89		$	6.76		$	3.20		$	6.61		$	8.63		$	8.13		$	9.69		$	10.43

$	394,007,337		$	1,902,774,166		$	139,298,753		$	239,002,112		$	99,621,111		$	186,851,382		$	341,502,628		$	166,641,639

$	—		$	—		$	—		$	—		$	—		$	—		$	379,036		$	—

$	885,974		$	—		$	—		$	—		$	—		$	—		$	—		$	—

$	618,314		$	688,714		$	—		$	595,359		$	—		$	552,820		$	—		$	—

$	—		$	2,457,270		$	—		$	25,932,781		$	—		$	—		$	—		$	—

$	—		$	254,701		$	—		$	130,895		$	—		$	233,410		$	—		$	—

$	—		$	—		$	—		$	—		$	—		$	36,044,076		$	—		$	—

See Notes to Financial Statements.

267



Statements of Operations


For the Six Months Ended February 29, 2024 (unaudited)


	Large Cap Equity Fund			Small-Mid Cap Equity Fund			International Equity Fund
INVESTMENT INCOME:

Dividends from unaffiliated investments	$	14,212,284		$	3,088,843		$	9,375,716
Dividends from affiliated investments		54,905			—			—
Interest from unaffiliated investments		1,358,227			436,095			834,546
Interest from affiliated investments		—			—			—
Income from securities lending		19,743			67,823			43,733
Less: Foreign taxes withheld (see Note 1r)		(11,965	)		(3,406	)		(707,213	)
Miscellaneous income		—			—			404

Total Investment Income		15,633,194			3,589,355			9,547,186


EXPENSES:

Investment management fee (Note 2)		5,784,561			1,874,040			4,158,586
Transfer agent fees		124,609			30,763			88,049
Custody fees		241,593			82,977			387,001
Trustees’ fees		156,347			41,277			95,657
Shareholder reports		105,861			75,656			54,103
Insurance		40,584			10,648			38,220
Audit and tax		33,473			33,651			60,705
Legal fees		50,003			13,958			30,727
Registration fees		21,365			14,020			15,014
Other expense		56,832			17,531			60,108
Interest expense		—			—			—

Total Expenses		6,615,228			2,194,521			4,988,170
Less: Fee waivers and/or expense reimbursement (Note 2)		(2,269,767	)		(814,000	)		(1,245,045	)

Net Expenses		4,345,461			1,380,521			3,743,125

Net Investment Income	$	11,287,733		$	2,208,834		$	5,804,061


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS CONTRACTS WRITTEN, FORWARD SALE COMMITMENTS, SHORT SALES, SWAP CONTRACTS, FORWARD FOREIGN CURRENCY CONTRACTS, FOREIGN CURRENCY AND CAPITAL GAIN DISTRIBUTIONS RECEIVED (NOTES 1 AND 3):

Net Realized Gain (Loss) from:

Unaffiliated investments	$	51,901,797		$	6,346,077		$	16,251,041
Affiliated investments		—			—			—
Futures contracts		1,193,071			2,910			66,248
Options contracts written		—			—			—
Forward sale commitments		—			—			—
Short sales		—			—			—
Swap contracts		—			—			—
Forward foreign currency contracts		—			—			—
Foreign currency translations		(478	)		—			37,183
Capital gain distributions received		—			—			—

Net Realized Gain (Loss):		53,094,390			6,348,987			16,354,472

Change in Net Unrealized Appreciation (Depreciation) from:

Unaffiliated investments		189,344,111			32,819,377			72,509,381
Affiliated investments		32,365			—			—
Futures contracts		753,215			111,362			73,469
Options contracts written		—			—			—
Forward sale commitments		—			—			—
Swap contracts		—			—			—
Forward foreign currency contracts		—			—			—
Foreign currency translations		(38	)		(234	)		(95,233	)

Change in Net Unrealized Appreciation:		190,129,653			32,930,505			72,487,617

Net Gain on Investments, Futures Contracts, Options Contracts Written, Forward Sale Commitments, Short Sales, Swap Contracts, Forward Foreign Currency Contracts, Foreign Currency and Capital Gain Distributions Received		243,224,043			39,279,492			88,842,089

Total Increase in Net Assets from Operations	$	254,511,776		$	41,488,326		$	94,646,150

(a)	Includes net decrease in accrued foreign capital gains taxes of $(1,241,346) for Emerging Markets Equity Fund.

See Notes to Financial Statements.

268


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


$	3,659,874		$	—		$	14,311		$	—		$	15,668		$	—		$	—		$	3,826,797
	—			—			—			—			—			—			—			—
	313,844			42,824,989			4,908,673			3,105,298			1,774,378			2,132,457			8,527,991			—
	—			7,473			—			—			—			—			9,162			—
	6,419			—			—			—			—			—			—			—
	(429,596	)		—			—			—			—			—			—			—
	—			45,170			—			21,254			5,354			2,553			—			—

	3,550,541			42,877,632			4,922,984			3,126,552			1,795,400			2,135,010			8,537,153			3,826,797




	1,905,536			3,628,380			449,676			456,815			192,389			313,711			778,637			952,350
	35,817			132,850			8,401			11,728			7,274			8,390			20,166			10,561
	281,398			663,852			103,724			210,538			66,151			83,747			99,459			60,284
	54,989			182,083			11,524			15,749			7,627			10,371			32,516			16,262
	46,384			47,110			27,357			40,981			3,599			23,809			55,759			7,821
	5,466			39,771			3,881			4,036			3,033			—			21,054			5,880
	55,505			63,720			72,954			59,077			77,713			90,712			81,941			46,759
	10,929			37,395			2,907			5,447			2,912			2,534			6,602			3,413
	10,835			29,572			26,589			12,764			16,096			34,597			11,159			1,782
	20,864			69,398			5,173			43,889			3,119			38,636			27,721			2,954
	—			—			—			7,426			—			1,039,434			8,006			—

	2,427,723			4,894,131			712,186			868,450			379,913			1,645,941			1,143,020			1,108,066
	(714,643	)		(246,003	)		(130,625	)		(48,572	)		—			(32,795	)		(211,456	)		(793,625	)

	1,713,080			4,648,128			581,561			819,878			379,913			1,613,146			931,564			314,441

$	1,837,461		$	38,229,504		$	4,341,423		$	2,306,674		$	1,415,487		$	521,864		$	7,605,589		$	3,512,356






$	(24,562,394	)	$	(31,198,584	)	$	(1,785,744	)	$	(2,724,807	)	$	(982,658	)	$	(1,335,336	)	$	(7,512,932	)	$	37,533
	—			(62,793	)		—			—			—			—			58			—
	(19,848	)		(2,857,261	)		—			631,692			(24,546	)		149,271			(39,566	)		—
	—			2,948,187			—			173,806			—			185,883			—			—
	—			46,129			—			(36,243	)		—			—			—			—
	—			—			—			—			—			(49,605	)		—			—
	—			2,746,189			—			(2,230,680	)		—			(192,928	)		(382,683	)		—
	—			(639,892	)		—			4,640,001			—			412,575			2,231,076			—
	(152,364	)		(114,676	)		—			(64,556	)		—			(26,633	)		187,127			—
	—			—			—			—			—			—			—			664,464

	(24,734,606	)		(29,132,701	)		(1,785,744	)		389,213			(1,007,204	)		(856,773	)		(5,516,920	)		701,997



	38,331,328	^(a)		33,653,547			4,370,579			1,784,544			3,626,394			2,298,968			7,801,916			4,020,751
	—			78,016			—			—			—			—			5,952			—
	9,166			(1,703,518	)		—			425,457			22,255			65,241			218,627			—
	—			(292,986	)		—			175,585			—			450,590			—			—
	—			(14,345	)		—			432,356			—			—			—			—
	—			(1,007,993	)		—			3,326,995			—			237,772			357,055			—
	—			38,944			—			(1,031,301	)		—			(222,570	)		(865,197	)		—
	3,042			70,038			—			(332,328	)		—			(56,014	)		5,467			—

	38,343,536			30,821,703			4,370,579			4,781,308			3,648,649			2,773,987			7,523,820			4,020,751

	13,608,930			1,689,002			2,584,835			5,170,521			2,641,445			1,917,214			2,006,900			4,722,748

$	15,446,391		$	39,918,506		$	6,926,258		$	7,477,195		$	4,056,932		$	2,439,078		$	9,612,489		$	8,235,104

See Notes to Financial Statements.

269



Statements of Changes in Net Assets


For the Six Months Ended February 29, 2024 (unaudited) and Year Ended August 31, 2023


	Large Cap Equity Fund						Small-Mid Cap Equity Fund
	2024			2023			2024			2023
OPERATIONS:

Net investment income (loss)	$	11,287,733		$	19,061,621		$	2,208,834		$	4,955,504
Net realized gain (loss)		53,094,390			82,839,118			6,348,987			(4,538,592	)
Change in unrealized appreciation (depreciation)		190,129,653			136,996,689			32,930,505			29,547,498

Increase (Decrease) in Net Assets from Operations		254,511,776			238,897,428			41,488,326			29,964,410

DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 1):

Distributable earnings		(115,892,457	)		(142,132,555	)		(4,637,293	)		(53,167,528	)
Tax return of capital		—			—			—			—

Decrease in Net Assets from Distributions to Shareholders		(115,892,457	)		(142,132,555	)		(4,637,293	)		(53,167,528	)

FUND SHARE TRANSACTIONS (NOTE 4):

Net proceeds from sale of shares		338,074,499			366,458,168			61,118,691			113,611,726
Reinvestment of distributions		115,892,324			142,130,329			4,637,278			53,166,874
Cost of shares repurchased		(246,657,666	)		(475,179,779	)		(72,100,424	)		(194,969,471	)

Increase (Decrease) in Net Assets from Fund Share Transactions		207,309,157			33,408,718			(6,344,455	)		(28,190,871	)

Increase (Decrease) in Net Assets		345,928,476			130,173,591			30,506,578			(51,393,989	)
NET ASSETS:

Beginning of period		1,815,029,911			1,684,856,320			490,157,937			541,551,926

End of period	$	2,160,958,387		$	1,815,029,911		$	520,664,515		$	490,157,937

See Notes to Financial Statements.

270


International Equity Fund						Emerging Markets Equity Fund						Core Fixed Income Fund						High Yield Fund
2024			2023			2024			2023			2024			2023			2024			2023


$	5,804,061		$	23,712,996		$	1,837,461		$	9,018,571		$	38,229,504		$	55,732,592		$	4,341,423		$	7,208,764
	16,354,472			(14,398,914	)		(24,734,606	)		(12,770,849	)		(29,132,701	)		(84,857,381	)		(1,785,744	)		(3,692,042	)
	72,487,617			224,960,097			38,343,536			25,188,761			30,821,703			5,737,926			4,370,579			3,913,294

	94,646,150			234,274,179			15,446,391			21,436,483			39,918,506			(23,386,863	)		6,926,258			7,430,016



	(25,231,455	)		(57,788,263	)		(10,119,149	)		(8,935,779	)		(38,881,812	)		(55,626,492	)		(4,455,990	)		(7,405,135	)
	—			—			—			—			—			(2,151,201	)		—			—

	(25,231,455	)		(57,788,263	)		(10,119,149	)		(8,935,779	)		(38,881,812	)		(57,777,693	)		(4,455,990	)		(7,405,135	)



	146,072,713			197,255,910			66,234,525			99,155,100			253,397,758			761,348,557			15,914,395			34,438,848
	25,231,297			57,786,251			10,119,077			8,935,359			38,881,529			57,776,345			4,455,979			7,404,827
	(121,560,752	)		(403,947,225	)		(126,728,043	)		(111,056,254	)		(200,776,845	)		(293,556,533	)		(16,111,916	)		(26,499,775	)

	49,743,258			(148,905,064	)		(50,374,441	)		(2,965,795	)		91,502,442			525,568,369			4,258,458			15,343,900

	119,157,953			27,580,852			(45,047,199	)		9,534,909			92,539,136			444,403,813			6,728,726			15,368,781


	1,175,597,256			1,148,016,404			490,588,019			481,053,110			1,796,245,410			1,351,841,597			127,870,616			112,501,835

$	1,294,755,209		$	1,175,597,256		$	445,540,820		$	490,588,019		$	1,888,784,546		$	1,796,245,410		$	134,599,342		$	127,870,616

See Notes to Financial Statements.

271



Statements of Changes in Net Assets


For the Six Months Ended February 29, 2024 (unaudited) and Year Ended August 31, 2023


	International Fixed Income Fund
	2024			2023
OPERATIONS:

Net investment income (loss)	$	2,306,674		$	3,202,148
Net realized gain (loss)		389,213			(2,095,489	)
Change in unrealized appreciation (depreciation)		4,781,308			(1,258,956	)

Increase (Decrease) in Net Assets from Operations		7,477,195			(152,297	)

DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 1):

Distributable earnings		(1,577,786	)		(14,058,663	)

Decrease in Net Assets from Distributions to Shareholders		(1,577,786	)		(14,058,663	)

FUND SHARE TRANSACTIONS (NOTE 4):

Net proceeds from sale of shares		26,449,956			53,385,637
Reinvestment of distributions		1,577,762			14,057,777
Cost of shares repurchased		(23,680,665	)		(42,557,170	)

Increase (Decrease) in Net Assets from Fund Share Transactions		4,347,053			24,886,244

Increase (Decrease) in Net Assets		10,246,462			10,675,284
NET ASSETS:

Beginning of period		182,100,652			171,425,368

End of period	$	192,347,114		$	182,100,652

See Notes to Financial Statements.

272


Municipal Bond Fund						Inflation-Linked Fixed Income Fund						Ultra-Short Term Fixed Income Fund						Alternative Strategies Fund
2024			2023			2024			2023			2024			2023			2024			2023


$	1,415,487		$	2,421,424		$	521,864		$	3,111,270		$	7,605,589		$	13,487,209		$	3,512,356		$	5,599,898
	(1,007,204	)		(2,302,999	)		(856,773	)		(3,196,541	)		(5,516,920	)		(2,647,548	)		701,997			(374,746	)
	3,648,649			646,025			2,773,987			(4,711,148	)		7,523,820			7,864,932			4,020,751			(2,080,295	)

	4,056,932			764,450			2,439,078			(4,796,419	)		9,612,489			18,704,593			8,235,104			3,144,857



	(1,878,503	)		(2,408,693	)		(2,239,805	)		(7,395,101	)		(7,324,390	)		(22,018,011	)		(5,012,008	)		(9,351,880	)

	(1,878,503	)		(2,408,693	)		(2,239,805	)		(7,395,101	)		(7,324,390	)		(22,018,011	)		(5,012,008	)		(9,351,880	)



	11,224,357			43,863,636			12,704,307			52,980,412			48,368,666			111,642,514			31,374,536			54,915,688
	1,878,503			2,408,693			2,239,778			7,394,879			7,324,143			22,016,351			5,012,008			9,351,880
	(13,611,276	)		(33,021,324	)		(14,322,331	)		(23,359,545	)		(41,386,355	)		(327,380,449	)		(26,111,726	)		(47,873,053	)

	(508,416	)		13,251,005			621,754			37,015,746			14,306,454			(193,721,584	)		10,274,818			16,394,515

	1,670,013			11,606,762			821,027			24,824,226			16,594,553			(197,035,002	)		13,497,914			10,187,492


	98,557,261			86,950,499			127,090,713			102,266,487			308,751,927			505,786,929			156,951,955			146,764,463

$	100,227,274		$	98,557,261		$	127,911,740		$	127,090,713		$	325,346,480		$	308,751,927		$	170,449,869		$	156,951,955

See Notes to Financial Statements.

273



Statements of Cash Flows


For the Period Ended February 29, 2024 (unaudited)


	International Fixed Income Fund			Inflation-Linked Fixed Income Fund
Cash Flows Provided by/Used in Operating Activities:
Net increase in net assets resulting from operations	$	7,477,195		$	2,439,078
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		(337,837,607	)		(83,742,085	)
Proceeds from the sale and maturity of long-term investments		293,066,751			78,231,057
Proceeds from short-term investments, net		25,578,770			(136,180	)
Decrease to the principal amount of inflation-indexed bonds		(53,591	)		(794,097	)
Proceeds from forward sale commitments		135,958,391			—
Payments on forward sale commitments		(125,555,344	)		—
Change in net unrealized appreciation from forward sale commitments		(432,356	)		(2,298,968	)
Change in net unrealized appreciation from unaffiliated investments		(1,784,544	)		(450,590	)
Change in net unrealized appreciation from options contracts written		(175,585	)		—
Change in net unrealized depreciation on open OTC swap contracts		291,991			—
Decrease in variation margin on open centrally cleared swap contracts		455,243			76,912
Net amortization (accretion) of premiums (discounts) of investments		(172,647	)		(745,590	)
Net realized gain from unaffiliated investments		2,724,807			1,335,336
Increase/Decrease in premium received on options contracts written		(42,754	)		117,815
Increase in variation margin on open futures contracts		(72,775	)		(47,833	)
Increase/Decrease in receivable for securities sold		(17,652,876	)		87,499
Increase in receivable for TBA securities sold		(30,580,732	)		(1,746,033	)
Increase in dividends and interest receivable from unaffiliated investments		(418,977	)		(105,136	)
Increase in deposits for collateral from counterparty		(445,000	)		(109,000	)
Increase in net upfront payments received/paid on OTC open swap contracts		(460,955	)		—
Increase in prepaid trustee expenses		(417	)		(819	)
Increase/Decrease in prepaid expenses		(3,172	)		12,338
Change in net unrealized depreciation on open forward foreign currency contracts		1,031,301			222,570
Increase/Decrease in payable for securities purchased		20,097,158			(410,663	)
Increase in payable for TBA securities purchased		28,286,286			8,361,385
Decrease in deposits for collateral from counterparty		(2,122,000	)		(210,000	)
Decrease in investment management fee payable		(1,033	)		(3,123	)
Increase in interest expense payable		448			41,459
Decrease in custody fee payable		(11,968	)		(3,679	)
Decrease in transfer agent fees payable		(513	)		(183	)
Increase in accrued expenses		8,184			32,488

Net cash and foreign currency provided by/used in operating activities		(2,848,321	)		153,958


Cash Flows Provided by/Used in Financing Activities:
Proceeds from sale-buyback transactions		—			27,522,460
Payments on sale-buyback transactions		—			(25,253,419	)
Proceeds from reverse repurchase agreements		—			470,033
Proceeds from sale of shares		26,635,923			12,713,333
Cost of shares repurchased		(23,639,741	)		(14,275,017	)
Distributions to shareholders, net of reinvestments		(24	)		(27	)

Net cash and foreign currency provided by financing activities		2,996,158			1,177,363

Net increase in cash and foreign currency^(a)		147,837			1,331,321


Cash and Foreign Currency:
Cash, cash equivalents and foreign cash at the beginning of the period		208,948			464,520

Cash, cash equivalents and foreign cash at end of the period		356,785			1,795,841


Non-Cash Financing Activities:
Reinvestment of distributions		(1,577,762	)		(2,239,778	)

(a)	Includes net change in unrealized depreciation on foreign currency of $(53,799) and $(56,062) for International Fixed Income Fund and Inflation-Linked Fixed Income Fund, respectively.

See Notes to Financial Statements.

274



Financial Highlights

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Large Cap Equity Fund
	2024⁽¹⁾			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	21.93		$	20.91		$	27.58		$	21.62		$	19.10		$	21.31

Income (Loss) from Operations:
Net investment income⁽²⁾		0.13			0.23			0.20			0.22			0.26			0.27
Net realized and unrealized gain (loss)		2.59			2.58			(3.96	)		6.49			3.23			(0.24	)

Total Income (Loss) from Operations		2.72			2.81			(3.76	)		6.71			3.49			0.03

Less Distributions from:
Net investment income		(0.21	)		(0.18	)		(0.20	)		(0.18	)		(0.20	)		(0.34	)
Net realized gain		(1.10	)		(1.61	)		(2.71	)		(0.57	)		(0.77	)		(1.90	)

Total Distributions		(1.31	)		(1.79	)		(2.91	)		(0.75	)		(0.97	)		(2.24	)

Net Asset Value, End of Year	$	23.34		$	21.93		$	20.91		$	27.58		$	21.62		$	19.10

Total Return†⁽³⁾		13.08	%⁽⁴⁾		14.71	%		(15.44	)%		31.79	%		18.85	%		1.32	%
Net Assets, End of Year (millions)	$	2,161		$	1,815		$	1,685		$	2,175		$	1,854		$	1,554
Ratios to Average Net Assets:
Gross expenses		0.69	%⁽⁵⁾		0.70	%		0.69	%		0.68	%		0.70	%		0.69	%
Net expenses⁽⁶⁾		0.45	⁽⁵⁾		0.47			0.48			0.47			0.49			0.48
Net investment income		1.17	⁽⁵⁾		1.12			0.82			0.91			1.33			1.43
Portfolio Turnover Rate		14	%⁽⁴⁾		34	%		20	%		15	%		21	%		13	%

(1)	For the six months ended February 29, 2024 (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 2.00%, are not reflected in the performance data and would reduce the total returns. 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.

275



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Small-Mid Cap Equity Fund
	2024⁽¹⁾			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	15.87		$	16.56		$	24.35		$	18.01		$	18.60		$	23.06

Income (Loss) from Operations:
Net investment income⁽²⁾		0.07			0.15			0.12			0.13			0.13			0.12
Net realized and unrealized gain (loss)		1.34			0.81			(3.25	)		7.10			1.48			(1.83	)

Total Income (Loss) from Operations		1.41			0.96			(3.13	)		7.23			1.61			(1.71	)

Less Distributions from:
Net investment income		(0.16	)		(0.11	)		(0.08	)		(0.14	)		(0.10	)		(0.10	)
Net realized gain		—			(1.54	)		(4.58	)		(0.75	)		(2.10	)		(2.65	)

Total Distributions		(0.16	)		(1.65	)		(4.66	)		(0.89	)		(2.20	)		(2.75	)

Net Asset Value, End of Year	$	17.12		$	15.87		$	16.56		$	24.35		$	18.01		$	18.60

Total Return†⁽³⁾		8.95	%⁽⁴⁾		6.47	%		(15.89	)%		41.14	%		8.78	%		(6.25	)%
Net Assets, End of Year (millions)	$	521		$	490		$	542		$	677		$	620		$	423
Ratios to Average Net Assets:
Gross expenses		0.94	%⁽⁵⁾		0.94	%		0.93	%		0.92	%		0.96	%		0.98	%
Net expenses⁽⁶⁾		0.59	⁽⁵⁾		0.60			0.59			0.58			0.62			0.66
Net investment income		0.94	⁽⁵⁾		0.99			0.63			0.61			0.77			0.63
Portfolio Turnover Rate		16	%⁽⁴⁾		23	%		41	%		29	%		45	%		65	%

(1)	For the six months ended February 29, 2024 (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.

276



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



International Equity Fund
	2024⁽¹⁾			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	12.98		$	11.19		$	15.54		$	12.27		$	11.59		$	12.64

Income (Loss) from Operations:
Net investment income⁽²⁾		0.06			0.25			0.27			0.21			0.17			0.28
Net realized and unrealized gain (loss)		0.96			2.11			(3.34	)		3.30			0.84			(1.09	)

Total Income (Loss) from Operations		1.02			2.36			(3.07	)		3.51			1.01			(0.81	)

Less Distributions from:
Net investment income		(0.28	)		(0.21	)		(0.33	)		(0.24	)		(0.33	)		(0.24	)
Net realized gain		—			(0.36	)		(0.95	)		—			—			—

Total Distributions		(0.28	)		(0.57	)		(1.28	)		(0.24	)		(0.33	)		(0.24	)

Net Asset Value, End of Year	$	13.72		$	12.98		$	11.19		$	15.54		$	12.27		$	11.59

Total Return†⁽³⁾		7.97	%⁽⁴⁾		21.72	%		(21.37	)%		28.93	%		8.64	%		(6.34	)%
Net Assets, End of Year (millions)	$	1,295		$	1,176		$	1,148		$	1,458		$	1,254		$	1,311
Ratios to Average Net Assets:
Gross expenses		0.84	%⁽⁵⁾		0.86	%		0.85	%		0.84	%		0.87	%		0.84	%
Net expenses⁽⁶⁾		0.63	⁽⁵⁾		0.68			0.67			0.67			0.71			0.68
Net investment income		0.98	⁽⁵⁾		2.01			2.01			1.50			1.44			2.40
Portfolio Turnover Rate		10	%⁽⁴⁾		33	%		38	%		52	%		39	%		28	%

(1)	For the six months ended February 29, 2024 (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.

277



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Emerging Markets Equity Fund
	2024⁽¹⁾			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	12.70		$	12.39		$	17.44		$	14.67		$	14.00		$	14.29

Income (Loss) from Operations:
Net investment income⁽²⁾		0.05			0.23			0.30			0.20			0.20			0.27
Net realized and unrealized gain (loss)		0.45			0.31			(4.65	)		2.90			0.75			(0.34	)

Total Income (Loss) from Operations		0.50			0.54			(4.35	)		3.10			0.95			(0.07	)

Less Distributions from:
Net investment income		(0.31	)		(0.23	)		(0.29	)		(0.33	)		(0.28	)		(0.22	)
Net realized gain		—			—			(0.41	)		—			—			—

Total Distributions		(0.31	)		(0.23	)		(0.70	)		(0.33	)		(0.28	)		(0.22	)

Net Asset Value End of Year	$	12.89		$	12.70		$	12.39		$	17.44		$	14.67		$	14.00

Total Return†⁽³⁾		4.07	%⁽⁴⁾		4.64	%		(25.82	)%		21.28	%		6.79	%		(0.40	)%
Net Assets, End of Year (millions)	$	446		$	491		$	481		$	563		$	548		$	493
Ratios to Average Net Assets:
Gross expenses		1.15	%⁽⁵⁾		1.15	%		1.15	%		1.12	%		1.15	%		1.13	%
Net expenses⁽⁶⁾		0.81	⁽⁵⁾		0.82			0.81			0.80			0.84			0.82
Net investment income		0.87	⁽⁵⁾		1.87			2.10			1.18			1.44			1.95
Portfolio Turnover Rate		11	%⁽⁴⁾		12	%		14	%		53	%		23	%		22	%

(1)	For the six months ended February 29, 2024 (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.

278



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Core Fixed Income Fund
	2024⁽¹⁾			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	6.75		$	7.12		$	8.39		$	8.79		$	8.42		$	7.86

Income (Loss) from Operations:
Net investment income⁽²⁾		0.14			0.25			0.14			0.13			0.19			0.23
Net realized and unrealized gain (loss)		0.01			(0.36	)		(1.20	)		(0.08	)		0.42			0.57

Total Income (Loss) from Operations		0.15			(0.11	)		(1.06	)		0.05			0.61			0.80

Less Distributions from:
Net investment income		(0.14	)		(0.25	)		(0.16	)		(0.17	)		(0.22	)		(0.24	)
Tax return of capital		—			(0.01	)		—			—			—			—
Net realized gain		—			—			(0.05	)		(0.28	)		(0.02	)		—

Total Distributions		(0.14	)		(0.26	)		(0.21	)		(0.45	)		(0.24	)		(0.24	)

Net Asset Value, End of Year	$	6.76		$	6.75		$	7.12		$	8.39		$	8.79		$	8.42

Total Return†⁽³⁾		2.29	%⁽⁴⁾		(1.60	)%		(12.86	)%		0.58	%		7.46	%		10.39	%
Net Assets, End of Year (millions)	$	1,889		$	1,796		$	1,352		$	1,311		$	981		$	1,204
Ratios to Average Net Assets:
Gross expenses		0.54	%⁽⁵⁾		0.55	%		0.56	%		0.56	%		0.58	%		0.57	%
Net expenses⁽⁶⁾		0.51	⁽⁵⁾		0.52			0.53			0.54			0.56			0.56
Net investment income		4.21	⁽⁵⁾		3.65			1.85			1.57			2.27			2.85
Portfolio Turnover Rate		123	%⁽⁴⁾		254	%		238	%		227	%		216	%		210	%

(1)	For the six months ended February 29, 2024 (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.

279



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



High Yield Fund
	2024⁽¹⁾			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	3.14		$	3.14		$	3.72		$	3.61		$	3.76		$	3.77

Income (Loss) from Operations:
Net investment income⁽²⁾		0.11			0.20			0.17			0.18			0.17			0.19
Net realized and unrealized gain (loss)		0.06			—			(0.56	)		0.11			(0.15	)		—

Total Income (Loss) from Operations		0.17			0.20			(0.39	)		0.29			0.02			0.19

Less Distributions from:
Net investment income		(0.11	)		(0.20	)		(0.19	)		(0.18	)		(0.17	)		(0.20	)

Net Asset Value, End of Year	$	3.20		$	3.14		$	3.14		$	3.72		$	3.61		$	3.76

Total Return†⁽³⁾		5.48	%⁽⁴⁾		6.71	%		(10.88	)%		8.61	%		0.14	%		5.58	%
Net Assets, End of Year (millions)	$	135		$	128		$	113		$	213		$	282		$	49
Ratios to Average Net Assets:
Gross expenses		1.11	%⁽⁵⁾		1.17	%		1.07	%		0.96	%		1.07	%		1.32	%
Net expenses⁽⁶⁾		0.91	⁽⁵⁾		0.97			0.87			0.76			0.86			1.12
Net investment income		6.76	⁽⁵⁾		6.30			4.88			4.79			4.85			5.09
Portfolio Turnover Rate		23	%⁽⁴⁾		25	%		46	%		117	%		84	%		43	%

(1)	For the six months ended February 29, 2024 (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.

280



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



International Fixed Income Fund
	2024⁽¹⁾			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	6.40		$	7.00		$	8.12		$	8.03		$	8.35		$	7.86

Income (Loss) from Operations:
Net investment income⁽²⁾		0.08			0.12			0.07			0.07			0.20			0.06
Net realized and unrealized gain (loss)		0.19			(0.13	)		(0.98	)		0.08			(0.15	)		0.70

Total Income (Loss) from Operations		0.27			(0.01	)		(0.91	)		0.15			0.05			0.76

Less Distributions from:
Net investment income		(0.03	)		(0.59	)		(0.12	)		—			(0.35	)		(0.27	)
Net realized gain		(0.03	)		—			(0.09	)		(0.06	)		(0.02	)		—

Total Distributions		(0.06	)		(0.59	)		(0.21	)		(0.06	)		(0.37	)		(0.27	)

Net Asset Value, End of Year	$	6.61		$	6.40		$	7.00		$	8.12		$	8.03		$	8.35

Total Return†⁽³⁾		4.17	%⁽⁴⁾		(0.15	)%		(11.54	)%		1.86	%		0.75	%		10.01	%
Net Assets, End of Year (millions)	$	192		$	182		$	171		$	156		$	135		$	147
Ratios to Average Net Assets:
Gross expenses⁽⁵⁾		0.95	%⁽⁶⁾		0.95	%		0.93	%		0.97	%		1.16	%		1.24	%
Net expenses⁽⁵⁾⁽⁷⁾		0.90	⁽⁶⁾		0.90			0.88			0.92			1.11			1.19
Net investment income		2.52	⁽⁶⁾		1.86			0.95			0.92			2.49			0.77
Portfolio Turnover Rate		190	%⁽⁴⁾		381	%		312	%		402	%		437	%		265	%

(1)	For the six months ended February 29, 2024 (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/or sale-buyback transactions which represents 0.01%, 0.00%, 0.00%, less than 0.005%, 0.09% and 0.15%, 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.

281



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Municipal Bond Fund
	2024⁽¹⁾			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	8.44		$	8.55		$	9.60		$	9.53		$	9.61		$	9.11

Income (Loss) from Operations:
Net investment income⁽²⁾		0.12			0.23			0.18			0.17			0.20			0.23
Net realized and unrealized gain (loss)		0.23			(0.12	)		(1.03	)		0.12			(0.01	)		0.52

Total Income (Loss) from Operations		0.35			0.11			(0.85	)		0.29			0.19			0.75

Less Distributions from:
Net investment income		(0.12	)		(0.22	)		(0.18	)		(0.17	)		(0.21	)		(0.22	)
Net realized gain		(0.04	)		—			(0.02	)		(0.05	)		(0.06	)		(0.03	)

Total Distributions		(0.16	)		(0.22	)		(0.20	)		(0.22	)		(0.27	)		(0.25	)

Net Asset Value, End of Year	$	8.63		$	8.44		$	8.55		$	9.60		$	9.53		$	9.61

Total Return†⁽³⁾		4.24	%⁽⁴⁾		1.35	%		(8.91	)%		3.07	%		1.99	%		8.38	%
Net Assets, End of Year (millions)	$	100		$	99		$	87		$	92		$	69		$	86
Ratios to Average Net Assets:
Gross expenses		0.79	%⁽⁵⁾		0.76	%		0.71	%		0.73	%		0.73	%		0.74	%
Net expenses		0.79	⁽⁵⁾		0.76			0.71			0.73			0.73			0.74
Net investment income		2.93	⁽⁵⁾		2.66			1.99			1.79			2.16			2.44
Portfolio Turnover Rate		22	%⁽⁴⁾		28	%		48	%		7	%		10	%		42	%

(1)	For the six months ended February 29, 2024 (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.

282



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Inflation-Linked Fixed Income Fund
	2024⁽¹⁾			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	8.12		$	9.17		$	11.16		$	11.13		$	10.19		$	9.79

Income (Loss) from Operations:
Net investment income⁽²⁾		0.03			0.25			0.87			0.56			0.18			0.24
Net realized and unrealized gain (loss)		0.12			(0.65	)		(1.54	)		0.07			0.88			0.38

Total Income (Loss) from Operations		0.15			(0.40	)		(0.67	)		0.63			1.06			0.62

Less Distributions from:
Net investment income		(0.08	)		(0.37	)		(0.93	)		(0.60	)		(0.12	)		(0.22	)
Net realized gain		(0.06	)		(0.28	)		(0.39	)		—			—			—

Total Distributions		(0.14	)		(0.65	)		(1.32	)		(0.60	)		(0.12	)		(0.22	)

Net Asset Value, End of Year	$	8.13		$	8.12		$	9.17		$	11.16		$	11.13		$	10.19

Total Return†⁽³⁾		1.95	%⁽⁴⁾		(4.51	)%		(6.55	)%		5.87	%		10.38	%		6.42	%
Net Assets, End of Year (millions)	$	128		$	127		$	102		$	148		$	156		$	217
Ratios to Average Net Assets:
Gross expenses⁽⁵⁾		2.62	%⁽⁶⁾		2.35	%		1.08	%		0.93	%		1.27	%		1.35	%
Net expenses⁽⁵⁾⁽⁷⁾		2.57	⁽⁶⁾		2.30			1.03			0.88			1.22			1.30
Net investment income		0.83	⁽⁶⁾		2.96			8.43			5.08			1.76			2.47
Portfolio Turnover Rate		46	%⁽⁴⁾		56	%		57	%		104	%		193	%		143	%

(1)	For the six months ended February 29, 2024 (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/or sale-buyback transactions which represents 1.66%, 1.32%, 0.17%, 0.03%, 0.35% and 0.55%, 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.

283



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
	2024⁽¹⁾			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	9.61		$	9.69		$	9.89		$	9.99		$	9.90		$	9.97

Income (Loss) from Operations:
Net investment income⁽²⁾		0.23			0.32			0.08			0.05			0.18			0.25
Net realized and unrealized gain (loss)		0.08			0.14			(0.17	)		0.01			0.06			(0.06	)

Total Income (Loss) from Operations		0.31			0.46			(0.09	)		0.06			0.24			0.19

Less Distributions from:
Net investment income		(0.23	)		(0.54	)		(0.11	)		(0.16	)		(0.15	)		(0.26	)

Net Asset Value, End of Year	$	9.69		$	9.61		$	9.69		$	9.89		$	9.99		$	9.90

Total Return†⁽³⁾		3.21	%⁽⁴⁾		4.95	%		(0.92	)%		0.61	%		2.36	%		2.07	%
Net Assets, End of Year (millions)	$	325		$	309		$	506		$	442		$	398		$	497
Ratios to Average Net Assets:
Gross expenses⁽⁵⁾		0.74	%⁽⁶⁾		0.81	%		0.67	%		0.67	%		0.69	%		0.82	%
Net expenses⁽⁵⁾⁽⁷⁾		0.60	⁽⁶⁾		0.76			0.62			0.62			0.64			0.77
Net investment income		4.88	⁽⁶⁾		3.34			0.79			0.50			1.78			2.51
Portfolio Turnover Rate		42	%⁽⁴⁾		42	%		86	%		55	%		96	%		97	%

(1)	For the six months ended February 29, 2024 (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 and/or sale-buyback transactions which represents 0.01%, 0.14%, 0.02%, less than 0.005%, 0.02% and 0.07%, respectively.

(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.

284



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Alternative Strategies Fund
	2024⁽¹⁾			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	10.24		$	10.69		$	10.99		$	10.04		$	10.10		$	9.88

Income (Loss) from Operations:
Net investment income⁽²⁾		0.23			0.38			0.20			0.13			0.15			0.10
Net realized and unrealized gain (loss)		0.29			(0.17	)		(0.42	)		0.91			0.10			0.19

Total Income (Loss) from Operations		0.52			0.21			(0.22	)		1.04			0.25			0.29

Less Distributions from:
Net investment income		(0.33	)		(0.64	)		(0.07	)		(0.09	)		(0.28	)		(0.07	)
Net realized gain		—			(0.02	)		(0.01	)		—			(0.03	)		—

Total Distributions		(0.33	)		(0.66	)		(0.08	)		(0.09	)		(0.31	)		(0.07	)

Net Asset Value, End of Year	$	10.43		$	10.24		$	10.69		$	10.99		$	10.04		$	10.10

Total Return†⁽³⁾		5.12	%⁽⁴⁾		2.14	%		(2.06	)%		10.39	%		2.61	%		2.90	%
Net Assets, End of Year (millions)	$	170		$	157		$	147		$	119		$	39		$	27
Ratios to Average Net Assets:
Gross expenses		1.40	%⁽⁵⁾		1.50	%		1.59	%		1.56	%		1.85	%		2.34	%
Net expenses⁽⁶⁾⁽⁷⁾		0.40	⁽⁵⁾		0.50			0.59			0.56			0.70			0.88
Net investment income		4.43	⁽⁵⁾		3.70			1.83			1.24			1.52			1.01
Portfolio Turnover Rate		1	%⁽⁴⁾		27	%		18	%		18	%		34	%		16	%

(1)	For the six months ended February 29, 2024 (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.

(7)	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.

285



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”). Alternative Strategies Fund will allocate its assets among shares of mutual funds, exchange-traded funds or closed-end funds managed by a third party professional money manager (“Underlying Funds”). Each Fund is a diversified series of the Trust, except for International Fixed Income Fund, which is non-diversified.

The following is a summary of significant accounting policies consistently followed by the Funds which are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Estimates and assumptions are required to be made by management regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. The Funds are investment companies and follow the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 – Investment Companies.

(a) Investment Valuation. Equity securities for each Fund for which market quotations are readily available and are traded on an exchange are valued at the closing sale price or official closing price on the exchange on which such security is principally traded. In the event there are no sales that day, such securities are valued at the mean between the bid and ask prices. For securities that are primarily traded on foreign exchanges, these values are converted to U.S. dollars using the current exchange rates as of the close of the New York Stock Exchange (“NYSE”).

Exchange-traded purchased and written options and futures contracts are valued at the last sale price (closing price) in the market where such contracts are principally traded or, if no sales are reported, the bid price. Swaps for which quotations are available on an automated basis from approved third-party pricing services are valued using those automated third-party pricing service quotations. Forward foreign currency contracts are valued using the official closing price for such contracts on the NYSE.

Portfolio securities traded in the over-the-counter market for which market quotations are readily available are valued at the last sales price that day. In the event there are no sales that day, such securities are valued at the mean between the bid and ask prices. Investments in registered open-end management investment companies are valued at reported net asset value per share.

Debt obligations that will mature in 60 days or less are valued at amortized cost, which approximates market value. Debt obligations that will mature in more than 60 days are valued using valuations furnished by an approved third-party pricing service; such valuations are determined by the third-party pricing service based upon its analysis of a variety of factors, including transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and its analysis of various relationships between securities, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, and as well as industry and economic events.

Overnight repurchase agreements and repurchase agreements maturing in seven days or less are valued at cost. Term repurchase agreements maturing in more than seven days are valued at the average of the bid quotations obtained daily from at least two recognized purchasers of such term repurchase agreements selected by Consulting Group Advisory Services, LLC (“CGAS”) (the “Manager”).

The Board of Trustees (the “Board”) has ultimate responsibility for ensuring the Funds’ investments are valued appropriately. The Board has delegated primary responsibility for determining or causing to be determined the value of the Funds’ investments (including any fair valuation) to the Manager pursuant to valuation policies and procedures approved by the Board. When market quotations are not readily available or are determined to be unreliable, investments are valued at fair value as determined in good faith by the valuation committee established by the Manager in accordance with such procedures under the oversight of the Board. Circumstances that may indicate that market quotations are not readily available or are unreliable include, but are not limited to, such instances when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, and before the applicable Fund calculates its Net Asset Value (“NAV”).

286



Notes to Financial Statements


(unaudited) (continued)

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, senior loans, convertible preferred securities and non-U.S. bonds are normally valued by third-party pricing service providers that use broker quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by third-party pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities and the related forward sales commitments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

Common stocks, preferred stocks, rights, warrants, exchange-traded funds and financial derivative instruments, such as futures contracts or options contracts that are traded on a national securities exchange, are categorized as Level 1 of the fair value hierarchy, to the extent these securities are actively traded and valuation adjustments are not applied.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE close. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Investments in registered open-end investment management companies are valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy.

Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are categorized as Level 2 of the fair value hierarchy.

Over-the-counter financial derivative instruments, such as foreign currency contracts, forward foreign currency contracts, options contracts, or swap contracts, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer quotations or by third-party pricing

287



Notes to Financial Statements


(unaudited) (continued)

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 29, 2024			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	$	187,078,463		$	187,078,463	$	—		$	—
Consumer Discretionary		205,969,632			205,969,632		—			—
Consumer Staples		98,438,771			98,438,771		—			—
Energy		76,236,463			76,236,463		—			—
Financials		339,649,838			339,649,838		—			—
Health Care		274,237,959			274,237,959		—			—
Industrials		238,619,157			238,619,157		—			—
Information Technology		518,679,501			518,679,501		—			—
Materials		59,255,351			59,252,861		2,490			—
Real Estate		76,254,409			76,254,409		—			—
Utilities		38,162,235			38,162,235		—			—
Short-Term Investments:
Money Market Fund		651,450			651,450		—			—
Time Deposits		45,250,552			—		45,250,552			—

Total Investments, at Value	$	2,158,483,781		$	2,113,230,739	$	45,253,042		$	—

Securities Lending Transactions — Liabilities	$	(651,450	)	$	—	$	(651,450	)	$	—

Other Financial Instruments — Assets
Futures Contracts	$	1,152,967		$	1,152,967	$	—		$	—

Total Other Financial Instruments — Assets	$	1,152,967		$	1,152,967	$	—		$	—

288



Notes to Financial Statements


(unaudited) (continued)


	Total Fair Value at February 29, 2024			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Small-Mid Cap Equity Fund
Investments, at Value
Common Stocks:
Communication Services	$	8,590,361		$	8,590,361	$	—		$	—
Consumer Discretionary		47,392,222			47,392,222		—			—
Consumer Staples		19,343,968			19,343,968		—			—
Energy		20,077,993			20,077,993		—			—
Financials		65,933,348			65,933,348		—			—
Health Care		79,407,083			79,398,126		8,957			—
Industrials		109,216,449			109,216,449		—			—
Information Technology		79,155,050			79,155,050		—			—
Materials		27,260,475			27,254,068		6,407			—
Real Estate		24,235,298			24,235,298		—			—
Utilities		18,417,776			18,417,776		—			—
Preferred Stocks:
Financials		1,709,207			1,709,207		—			—
Open End Mutual Fund Securities:
Financials		849,995			849,995		—			—
Corporate Bonds & Notes		679,841			—		679,841			—
Short-Term Investments:
Money Market Fund		3,011,240			3,011,240		—			—
Time Deposits		14,571,123			—		14,571,123			—

Total Investments, at Value	$	519,851,429		$	504,585,101	$	15,266,328		$	—

Securities Lending Transactions — Liabilities	$	(3,011,240	)	$	—	$	(3,011,240	)	$	—

Other Financial Instruments — Assets
Futures Contracts	$	100,268		$	100,268	$	—		$	—

Total Other Financial Instruments — Assets	$	100,268		$	100,268	$	—		$	—

International Equity Fund
Investments, at Value
Common Stocks:
France	$	149,002,479		$	—	$	149,002,479		$	—
Germany		105,908,746			—		105,908,746			—
Japan		240,669,806			274,936		240,394,870			—
Netherlands		66,870,863			—		66,870,863			—
Switzerland		108,403,937			—		108,403,937			—
United Kingdom		218,389,363			2,295,248		216,094,115			—
Other Countries**		371,220,340			55,466,086		315,754,254			—
Preferred Stocks:
Germany		3,456,294			—		3,456,294			—
Open End Mutual Fund Security:
United States		1,637,887			1,637,887		—			—
Short-Term Investments:
Money Market Fund		12,203,970			12,203,970		—			—
Time Deposits		24,637,431			—		24,637,431			—

Total Investments, at Value	$	1,302,401,116		$	71,878,127	$	1,230,522,989		$	—

289



Notes to Financial Statements


(unaudited) (continued)


	Total Fair Value at February 29, 2024			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Security Lending Transactions — Liabilities	$	(12,203,970	)	$	—		$	(12,203,970	)	$	—
Other Financial Instruments — Asset
Futures Contracts	$	71,979		$	71,979		$	—		$	—

Total Other Financial Instruments — Assets	$	71,979		$	71,979		$	—		$	—

Emerging Markets Equity Fund
Investments, at Value
Common Stocks:
Brazil	$	26,963,230		$	26,963,230		$	—		$	—
China		93,021,918	*		11,840,291			81,181,625			2	*
India		73,490,961			11,989,175			61,501,786			—
South Korea		51,038,143			44,428			50,993,715			—
Taiwan		61,256,600			12,774,872			48,481,728			—
Other Countries**		123,848,528	*		37,199,350			86,608,238			40,940	*
Preferred Stocks:
Brazil		2,946,573			2,946,573			—			—
Chile		166,101			166,101			—			—
Colombia		76,175			76,175			—			—
Mexico		268,730			268,730			—			—
Russia		850	*		—			—			850	*
South Korea		4,434,640			—			4,434,640			—
Rights:
Brazil		229			—			229			—
South Korea		1,787			—			1,787			—
Short-Term Investments:
Money Market Fund		843,580			843,580			—			—
Time Deposits		9,474,314			—			9,474,314			—

Total Investments, at Value	$	447,832,359	*	$	105,112,505		$	342,678,062		$	41,792	*

Security Lending Transactions — Liabilities	$	(843,580	)	$	—		$	(843,580	)	$	—
Other Financial Instruments — Liabilities
Futures Contract	$	(800	)	$	(800	)	$	—		$	—

Total Other Financial Instruments — Liabilities	$	(800	)	$	(800	)	$	—		$	—

Core Fixed Income Fund
Investments, at Value
Corporate Bonds & Notes	$	476,469,734	*	$	—		$	476,469,734		$	—	*
U.S. Government Agencies & Obligations		465,228,383			—			465,228,383			—
Mortgage-Backed Securities		401,381,998			—			401,381,998			—
Collateralized Mortgage Obligations		212,109,790			—			212,109,790			—
Asset-Backed Securities		42,034,115			—			42,034,115			—
Sovereign Bonds		33,390,205			—			33,390,205			—
Senior Loans		17,704,096			—			17,704,096			—
Municipal Bonds		5,711,672			—			5,711,672			—

290



Notes to Financial Statements


(unaudited) (continued)


	Total Fair Value at February 29, 2024			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Common Stock:
Telecommunications	$	309,392		$	—		$	309,392		$	—
Purchased Options		45,874			19,997			25,877			—
Short-Term Investments:
Time Deposits		86,151,251			—			86,151,251			—
U.S. Government Obligations		68,850,847			—			68,850,847			—

Total Investments, at Value	$	1,809,387,357	*	$	19,997		$	1,809,367,360		$	—	*

Other Financial Instruments — Assets
Futures Contracts	$	871,347		$	871,347		$	—		$	—
Forward Foreign Currency Contracts		110,267			—			110,267			—
Centrally Cleared Interest Rate Swaps		3,663,393			—			3,663,393			—
Centrally Cleared Credit Default Swap		355,044			—			355,044			—

Total Other Financial Instruments — Assets	$	5,000,051		$	871,347		$	4,128,704		$	—

Other Financial Instruments — Liabilities
Options Contracts Written	$	(65,188	)	$	(65,188	)	$	—		$	—
Forward Sale Commitments		(2,471,615	)		—			(2,471,615	)		—
Futures Contracts		(409,875	)		(409,875	)		—			—
Forward Foreign Currency Contracts		(901,113	)		—			(901,113	)		—
OTC Interest Rate Swap		(117,955	)		—			(117,955	)		—
Centrally Cleared Credit Default Swap		(190,893	)		—			(190,893	)		—

Total Other Financial Instruments—Liabilities	$	(4,156,639	)	$	(475,063	)	$	(3,681,576	)	$	—

High Yield Fund
Investments, at Value
Corporate Bonds & Notes	$	120,003,037	*	$	—		$	120,003,037		$	—	*
Collateralized Mortgage Obligations		4,714,294			—			4,714,294			—
Senior Loans		2,901,664			—			2,901,664			—
Common Stocks:
Energy		319,430			319,430			—			—
Convertible Preferred Stocks:
Energy		289,077			—			289,077			—
Sovereign Bond		38,875			—			38,875			—
Short-Term Investments:
Time Deposits		6,317,369			—			6,317,369			—

Total Investments, at Value	$	134,583,746	*	$	319,430		$	134,264,316		$	—	*

International Fixed Income Fund
Investments, at Value
Mortgage-Backed Securities	$	56,612,441		$	—		$	56,612,441		$	—
Sovereign Bonds:
Japan		17,837,137			—			17,837,137			—
Other Countries**		37,467,751			—			37,467,751			—
Collateralized Mortgage Obligations		32,707,328			—			32,707,328			—

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	Total Fair Value at February 29, 2024			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Corporate Bonds & Notes:
Other Countries**	$	19,703,389		$	—		$	19,703,389		$	—
U.S. Government Obligations		16,358,004			—			16,358,004			—
Asset-Backed Securities		701,948			—			701,948			—
Purchased Options		126,952			—			126,952			—
Short-Term Investments:
Commercial Papers		3,389,225			—			3,389,225			—
Repurchase Agreement		6,700,000			—			6,700,000			—
Sovereign Bonds:
Japan		21,021,285			—			21,021,285			—
Time Deposits		6,808,366			—			6,808,366			—
U.S. Government Obligation		296,505			—			296,505			—

Total Investments, at Value	$	219,730,331		$	—		$	219,730,331		$	—

Other Financial Instruments — Assets
Futures Contracts	$	619,813		$	619,813		$	—		$	—
Forward Foreign Currency Contracts		2,646,256			—			2,646,256			—
OTC Interest Rate Swap		8,697			—			8,697			—
Centrally Cleared Interest Rate Swaps		4,091,867			—			4,091,867			—
OTC Credit Default Swap		10,981			—			10,981			—
Centrally Cleared Credit Default Swaps		248,688			—			248,688			—
OTC Cross Currency Swaps		291,730			—			291,730			—

Total Other Financial Instruments — Assets	$	7,918,032		$	619,813		$	7,298,219		$	—

Other Financial Instruments — Liabilities
Options Contracts Written	$	(156,202	)	$	—		$	(156,202	)	$	—
Forward Sale Commitments		(25,769,054	)		—			(25,769,054	)		—
Futures Contracts		(407,941	)		(407,941	)		—			—
Forward Foreign Currency Contracts		(529,986	)		—			(529,986	)		—
OTC Total Return Swaps		(537,895	)		—			(537,895	)		—
OTC Interest Rate Swap		(5,569	)		—			(5,569	)		—
Centrally Cleared Interest Rate Swaps		(3,444,748	)		—			(3,444,748	)		—
OTC Credit Default Swaps		(1,993	)		—			(1,993	)		—
Centrally Cleared Credit Default Swaps		(228,213	)		—			(228,213	)		—
OTC Cross Currency Swap		(74,745	)		—			(74,745	)		—

Total Other Financial Instruments — Liabilities	$	(31,156,346	)	$	(407,941	)	$	(30,748,405	)	$	—

Municipal Bond Fund
Investments, at Value
Municipal Bonds	$	92,556,638		$	—		$	92,556,638		$	—
Short-Term Investments:
Time Deposits		7,416,034			—			7,416,034			—

Total Investments, at Value	$	99,972,672		$	—		$	99,972,672		$	—

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	Total Fair Value at February 29, 2024			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Inflation-Linked Fixed Income Fund
Investments, at Value
U.S. Government Obligations	$	138,606,427		$	—		$	138,606,427		$	—
Collateralized Mortgage Obligations		15,945,136			—			15,945,136			—
Mortgage-Backed Securities		12,050,669			—			12,050,669			—
Sovereign Bonds		6,698,869			—			6,698,869			—
Corporate Bonds & Notes		551,927			—			551,927			—
Short-Term Investments:
Time Deposits		1,008,320			—			1,008,320			—

Total Investments, at Value	$	174,861,348		$	—		$	174,861,348		$	—

Other Financial Instruments — Assets
Futures Contracts	$	128,194		$	128,194		$	—		$	—
Forward Foreign Currency Contracts		90,784			—			90,784			—
Centrally Cleared Interest Rate Swaps		1,788,740			—			1,788,740			—
Centrally Cleared Inflation Rate Swaps		798,801			—			798,801			—

Total Other Financial Instruments — Assets	$	2,806,519		$	128,194		$	2,678,325		$	—

Other Financial Instruments — Liabilities
Options Contracts Written	$	(155,168	)	$	(1,520	)	$	(153,648	)	$	—
Reverse Repurchase Agreement		(36,044,076	)		—			(36,044,076	)		—
Futures Contracts		(136,775	)		(136,775	)		—			—
Forward Foreign Currency Contracts		(42,333	)		—			(42,333	)		—
Centrally Cleared Interest Rate Swaps		(874,954	)		—			(874,954	)		—
Centrally Cleared Inflation Rate Swaps		(1,389,345	)		—			(1,389,345	)		—

Total Other Financial Instruments — Liabilities	$	(38,642,651	)	$	(138,295	)	$	(38,504,356	)	$	—

Ultra-Short Term Fixed Income Fund
Investments, at Value
Corporate Bonds & Notes	$	130,164,279		$	—		$	130,164,279		$	—
Collateralized Mortgage Obligations		74,646,188			—			74,646,188			—
Asset-Backed Securities		65,378,185			—			64,379,243			998,942
U.S. Government Agencies & Obligations		10,886,376			—			10,886,376			—
Mortgage-Backed Securities		736,233			—			736,233			—
Short-Term Investments:
Commercial Papers		43,518,862			—			43,518,862			—
Repurchase Agreement		2,300,000			—			2,300,000			—
Time Deposits		8,643,804			—			8,643,804			—
U.S. Government Obligation		3,260,080			—			3,260,080			—

Total Investments, at Value	$	339,534,007		$	—		$	338,535,065		$	998,942

Other Financial Instruments — Assets
Futures Contracts	$	12,498		$	12,498		$	—		$	—

Total Other Financial Instruments — Assets	$	12,498		$	12,498		$	—		$	—

Other Financial Instruments — Liabilities
Futures Contracts	$	(35,137	)	$	(35,137	)	$	—		$	—

Total Other Financial Instruments — Liabilities	$	(35,137	)	$	(35,137	)	$	—		$	—

293



Notes to Financial Statements


(unaudited) (continued)


	Total Fair Value at February 29, 2024		Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Alternative Strategies Fund
Investments, at Value
Open End Mutual Fund Securities:
United States	$	167,538,039	$	167,538,039	$	—	$	—

Total Investments, at Value	$	167,538,039	$	167,538,039	$	—	$	—

*	Includes securities that are fair valued using significant unobservable inputs at $0.

**	Other Countries represents countries that are individually less than 5% of Net Assets.

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 valufation changes.

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, 2023 through February 29, 2024:


	Total			Asset Backed Securities		Common Stocks			Corporate Bonds & Notes			Preferred Stocks		Rights
Emerging Markets Equity Fund
Balance as of August 31, 2023	$	41,806	*	$	—	$	40,957	*	$	—		$	849	$	—
Total realized gain (loss)		(170,254	)		—		(170,254	)		—			—		—
Change in unrealized appreciation (depreciation)		212,194			—		212,193			—			1		—
Purchases		—			—		—			—			—		—
(Sales)		(41,956	)		—		(41,956	)		—			—		—
Transfers in		2	**		—		2	**		—			—		—
(Transfers out)		—			—		—			—			—		—

Balance as of February 29, 2024	$	41,792	*	$	—	$	40,942	*	$	—		$	850	$	—

Change in unrealized appreciation (depreciation) from Investments held as of February 29, 2024	$	2		$	—	$	1		$	—		$	1	$	—

Core Fixed Income Fund
Balance as of August 31, 2023	$	—	*	$	—	$	—		$	—	*	$	—	$	—	*
Total realized gain (loss)		29,919			—		—			7,820			—		22,099
Change in unrealized appreciation (depreciation)		(7,820	)		—		—			(7,820	)		—		—
Purchases		—			—		—			—			—		—
(Sales)		(22,099	)*		—		—			(—	)*		—		(22,099	)
Transfers in		—	**		—		—			—	**		—		—
(Transfers out)		—			—		—			—			—		—

Balance as of February 29, 2024	$	—	*	$	—	$	—		$	—	*	$	—	$	—

Change in unrealized appreciation (depreciation) from Investments held as of February 29, 2024	$	—		$	—	$	—		$	—		$	—	$	—

294



Notes to Financial Statements


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	Total			Asset Backed Securities			Common Stocks		Corporate Bonds & Notes			Preferred Stocks		Rights
High Yield Fund
Balance as of August 31, 2023	$	—		$	—		$	—	$	—		$	—	$	—
Total realized gain (loss)		—			—			—		—			—		—
Change in unrealized appreciation (depreciation)		—			—			—		—			—		—
Purchases		—			—			—		—			—		—
(Sales)		—			—			—		—			—		—
Transfers in		—	**		—			—		—	**		—		—
(Transfers out)		—			—			—		—			—		—

Balance as of February 29, 2024	$	—	*	$	—		$	—	$	—	*	$	—	$	—

Change in unrealized appreciation (depreciation) from Investments held as of February 29, 2024	$	—		$	—		$	—	$	—		$	—	$	—

Ultra-Short Term Fixed Income Fund
Balance as of August 31, 2023	$	—		$	—		$	—	$	—		$	—	$	—
Total realized gain (loss)		—			—			—		—			—		—
Accrued discounts (premiums)		—			16			—		—			—		—
Change in unrealized appreciation (depreciation)		—			(1,000	)		—		—			—		—
Purchases		—			999,926			—		—			—		—
(Sales)		—			—			—		—			—		—
Transfers in		—			—			—		—			—		—
(Transfers out)		—			—			—		—			—		—

Balance as of February 29, 2024	$	—		$	998,942		$	—	$	—		$	—	$	—

Change in unrealized appreciation (depreciation) from Investments held as of February 29, 2024	$	—		$	(1,000	)	$	—	$	—		$	—	$	—

*	Includes securities that are valued at $0.

Transfers are calculated on the beginning of period value. For the period ended February 29, 2024, for Emerging Markets Equity Fund, securities with an aggregate fair value of $2 were transferred from Level 2 to Level 3 as there were no longer observable inputs available to determine their fair value. For the period ended February 29, 2024, for Core Fixed Income Fund, security valued at zero was transferred from Level 2 to Level 3 as there were no longer observable inputs available to determine its fair value. For the period ended February 29, 2024, for High Yield Fund, securities valued at zero were transferred from Level 2 to Level 3 as there were no longer observable inputs available to determine their fair value. There were no other transfers in or out of Level 3 for any of the Funds.

(b) Accounting for Derivative Instruments. Derivative instruments require enhanced disclosures regarding a Fund’s credit derivatives holdings, including credit default swaps, credit spread options and hybrid financial instruments containing embedded credit derivatives.

All open derivative positions at the 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

295



Notes to Financial Statements


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in the value of the underlying financial instruments and are reported on the Statements of Assets and Liabilities. The Fund recognizes an unrealized gain or loss equal to the variation margin. When futures contracts are closed, a realized gain or loss is recognized which is equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contracts.

The risks associated with entering into futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, investing in futures contracts involves the risk that the Fund could lose more than the original margin deposit due to subsequent payments that may be required for a futures transaction.

(ii) Options Written. Certain Funds may write options to manage exposure to certain changes in the market. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the Fund realizes a gain from investments equal to the amount of the premium received. When a written call option is exercised, the premium received is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. When a written put option is exercised, the amount of the premium received reduces the cost of the security purchased by the Fund.

When writing a covered call option, a Fund may forego the opportunity of profit if the market price of the underlying security increases more than the premium received and the option is exercised. When writing a put option, a Fund may incur a loss if the market price of the underlying security decreases more than the premium received and the option is exercised. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

(iii) Purchased Options. Certain Funds may purchase options to manage exposure to certain changes in the market. A Fund will normally purchase call options in anticipation of an increase in the market value of securities of the type in which they may invest, an amount equal to the value is recorded as an asset. The purchase of a call option will entitle a Fund, in return for the premium paid, to purchase specified securities at a specified price during the option period. A Fund will ordinarily realize a gain if, during the option period, the value of such securities exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise, the Fund will realize a loss equal to the amount of the premium paid on the purchase of the call option.

A Fund will normally purchase put options in anticipation of a decline in the market value of securities in its portfolio (“protective puts”) or in securities in which it may invest. The purchase of a put option will entitle the Fund, in exchange for the premium paid, to sell specified securities at a specified price during the option period. The purchase of protective puts is designed to offset or hedge against a decline in the market value of the Fund’s securities. Put options may also be purchased by a Fund for the purpose of affirmatively benefiting from a decline in the price of securities which it does not own. The Fund will ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to more than cover the premium and transaction costs; otherwise the Fund will realize a loss equal to the amount of the premium paid on the purchase of the put option. Gains and losses on the purchase of protective put options would tend to be offset by countervailing changes in the value of the underlying portfolio securities.

(iv) Inflation-Capped Options. Certain Funds may write or purchase inflation-capped options to enhance returns or for hedging opportunities. When a Fund writes an inflation-capped option, an amount equal to the premium received is recorded as a liability on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option written. When a Fund purchases an inflation-capped option, the Fund pays a premium which is recorded as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. The purpose of purchasing inflation-capped options is to protect a Fund from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products.

(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

296



Notes to Financial Statements


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into another forward foreign currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

(vi) Swaptions. Swaptions contracts entered into by the Funds typically represent an option that gives the purchaser the right, but not the obligation, to enter into a swap contract on a future date. Certain Funds may purchase swaptions to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Changes in the value of purchased swaptions are reported as net change in unrealized appreciation or depreciation on the Statements of Operations and Changes in Net Assets. Gain or loss is recognized when the swaptions contract expires or is closed as net realized gain or loss on the Statements of Operations and Changes in Net Assets. Details of purchased swaptions contracts held at period-end are included on the Fund’s Schedule of Investments under the caption “Purchased Options.”

Certain Funds may write swaption contracts to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Swaption contracts written by a Fund represent an option that obligates the writer upon exercise by the purchaser, to enter into a previously agreed upon swap contract on a future date. If a written call swaption is exercised, the writer will enter into a swap and is obligated to pay the fixed rate and receive a floating rate in exchange. If a written put swaption is exercised, the writer will enter a swap and is obligated to pay the floating rate and receive a fixed rate in exchange.

When a Fund writes a swaption, the premium received is recorded as a liability in the Statements of Assets and Liabilities and is subsequently adjusted to the current market value of the swaption. Changes in the value of the swaption are reported as unrealized gains or losses in the Statements of Operations. A gain or loss is recognized when the swaption contract expires or is closed. Premiums received from writing swaptions that expire or are exercised are treated by the Fund as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction is also treated as a realized gain or, if the premium received is less than the amount paid for the closing purchase, as a realized loss.

Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk, associated with both option contracts and swap contracts. To reduce credit risk from potential counterparty default, a Fund only enters into swaption contracts with counterparties that meet certain standards of creditworthiness. A Fund bears the market risk arising from any change in index values or interest rates.

(vii) Swap Contracts. Swaps involve the exchange by a Fund with another party of the respective amounts payable with respect to a notional principal amount related to one or more indices. Certain Funds may enter into these transactions to preserve a return or spread on a particular investment or portion of its assets, as a duration management technique or to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. Certain Funds may also use these transactions for speculative purposes, such as to obtain the price performance of a security without actually purchasing the security in circumstances where, for example, the subject security is illiquid, is unavailable for direct investment or available only on less attractive terms.

Swaps are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as change in unrealized appreciation or depreciation in the Statements of Operations. Net receipts or payments of interest are recorded as realized gains or losses, respectively. Gains and losses are realized upon termination of a swap contract. An upfront payment received by the Fund, is recorded as a liability on the Fund’s books. An upfront payment made by the Fund is recorded as an asset on the Fund’s books. Any upfront payments paid or received upon entering a swap contract to compensate for differences between stated terms of the agreement and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded as a realized gain or loss at the termination of the swap.

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.

297



Notes to Financial Statements


(unaudited) (continued)

(viii) Credit Default Swaps. Certain Funds may enter into credit default swap contracts for investment purposes, to manage their credit risk or to add leverage. As a seller in a credit default swap contract, a Fund is required to pay the notional or other agreed-upon value to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund keeps the stream of payments and has no payment obligations. Such periodic payments are accrued daily and accounted for as realized gains.

Certain Funds may also purchase credit default swap contracts in order to hedge against the risk of default by debt securities held in their portfolios. In these cases, a Fund functions as the counterparty referenced in the preceding paragraph. As a purchaser of a credit default swap contract, the Fund receives the notional or other agreed upon value from the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund makes periodic payments to the counterparty over the term of the contract provided no event of default has occurred. Such periodic payments are accrued daily and accounted for as realized losses.

For a credit default swap sold by a Fund, payment of the agreed upon amount made by the Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation received. For a credit default swap purchased by a Fund, the agreed upon amount received by the Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Fund.

Entering into credit default swaps involves, to varying degrees, elements of credit and market risk in excess of the related amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there will be unfavorable changes in net interest rates. As privately negotiated transactions, swaps may involve risk, which is the risk that the swap contracts fail to contemplate a particular outcome or that the parties disagree about the proper interpretation of a transaction term.

(ix) Interest Rate Swaps. Certain Funds may enter into interest rate swaps for investment purposes to manage exposure to fluctuations in interest rates or to add leverage. Interest rate swaps represent an agreement between two counterparties to exchange cash flows based on the difference in the fixed interest rate and the floating interest rate, applied to the notional principal amount for a specified period. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Once the payments are settled in cash, the net amount is recorded as realized gain or loss from swap contracts on the Statements of Operations. The Funds settle accrued net receivable or payable under the swap contracts on a periodic basis.

The primary risk associated with interest rate swaps is that unfavorable changes in interest rates could adversely impact a Fund.

(x) Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit and interest derivatives. In a centrally cleared derivative transaction, a Fund typically enters into the transaction with financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of the original counterparty. The Fund typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse. The margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin receivable or payable on swap contracts for the change in value as appropriate on the Statements of Assets and Liabilities. Only a limited number of derivative transactions are currently eligible for clearing by clearinghouses.

(xi) Cross-Currency Swaps. Certain Funds may enter into cross-currency swaps to gain or mitigate exposure to currency risk. Cross-currency swaps involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specific exchange rates. The exchange of currencies at the inception date of the 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.

298



Notes to Financial Statements


(unaudited) (continued)

(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 a reference asset (single asset, or a basket of assets) without actually having to own it. Total return swap contracts are agreements where the total return of a reference asset is paid in exchange for periodic cash flows. The deal is structured such that the total return (asset income plus capital appreciation/depreciation) is exchanged, in the cash flows. Periodic payments received or made by the Fund are recorded as realized gains or losses in the Statements of Operations.

The following is a summary of the fair valuations of the Funds’ derivative instruments categorized by risk exposure at February 29, 2024:

Large Cap Equity Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2024:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	—	$	—	$	—	$	1,152,967	$	1,152,967


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 29, 2024:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	1,193,071	$	1,193,071

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	753,215	$	753,215

299



Notes to Financial Statements


(unaudited) (continued)

Small-Mid Cap Equity Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2024:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	—	$	—	$	—	$	100,268	$	100,268


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 29, 2024:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	2,910	$	2,910

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	111,362	$	111,362

International Equity Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2024:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	—	$	—	$	—	$	71,979	$	71,979


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 29, 2024:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	66,248	$	66,248

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	73,469	$	73,469

Emerging Markets Equity Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2024:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	—	$	—	$	—	$	800	$	800

300



Notes to Financial Statements


(unaudited) (continued)


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 29, 2024:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	(19,848	)	$	(19,848	)

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	9,166		$	9,166

Core Fixed Income Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2024:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Purchased options (c)	$	19,997	$	25,877	$	—	$	—	$	45,874
Unrealized appreciation on open futures contracts (b)		871,347		—		—		—		871,347
Unrealized appreciation on forward foreign currency contracts (c)		—		110,267		—		—		110,267
Unrealized appreciation on centrally cleared swaps (f)		3,663,393		—		355,044		—		4,018,437

	$	4,554,737	$	136,144	$	355,044	$	—	$	5,045,925

Liability derivatives
Options contracts written outstanding (a)	$	65,188	$	—	$	—	$	—	$	65,188
Unrealized depreciation on open futures contracts (b)		409,875		—		—		—		409,875
Unrealized depreciation on forward foreign currency contracts (a)		—		901,113		—		—		901,113
Unrealized depreciation on centrally cleared swaps (f)		—		—		190,893		—		190,893
Unrealized depreciation on OTC swaps (a)		117,955		—		—		—		117,955

	$	593,018	$	901,113	$	190,893	$	—	$	1,685,024


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 29, 2024:

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
Realized gain/(loss) on derivatives (d)
Purchased options	$	(2,498,987	)	$	(125,251	)	$	—		$	—	$	(2,624,238	)
Futures contracts		(2,857,261	)		—			—			—		(2,857,261	)
Options contracts written		2,948,187			—			—			—		2,948,187
Swap contracts		2,303,768			—			442,421			—		2,746,189
Forward foreign currency contracts		—			(639,892	)		—			—		(639,892	)

	$	(104,293	)	$	(765,143	)	$	442,421		$	—	$	(427,015	)

Change in unrealized appreciation (depreciation) on derivatives (e)
Purchased options	$	190,160		$	46,564		$	—		$	—	$	236,724
Futures contracts		(1,703,518	)		—			—			—		(1,703,518	)
Options contracts written		(292,986	)		—			—			—		(292,986	)
Swap contracts		(887,937	)		—			(120,056	)		—		(1,007,993	)
Forward foreign currency contracts		—			38,944			—			—		38,944

	$	(2,694,281	)	$	85,508		$	(120,056	)	$	—	$	(2,728,829	)

301



Notes to Financial Statements


(unaudited) (continued)

International Fixed Income Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2024:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Purchased options (c)	$	126,952	$	—	$	—	$	—	$	126,952
Unrealized appreciation on open futures contracts (b)		619,813		—		—		—		619,813
Unrealized appreciation on forward foreign currency contracts (c)		—		2,646,256		—		—		2,646,256
Unrealized appreciation on centrally cleared swaps (f)		4,091,867		—		248,688		—		4,340,555
Unrealized appreciation on OTC swaps (c)		8,697		291,730		10,981		—		311,408

	$	4,847,329	$	2,937,986	$	259,669	$	—	$	8,044,984

Liability derivatives
Options contracts written outstanding (a)	$	156,201	$	1	$	—	$	—	$	156,202
Unrealized depreciation on open futures contracts (b)		407,941		—		—		—		407,941
Unrealized depreciation on forward foreign currency contracts (a)		—		529,986		—		—		529,986
Unrealized depreciation on centrally cleared swaps (f)		3,444,748		—		228,213		—		3,672,961
Unrealized depreciation on OTC swaps (a)		543,464		74,745		1,993		—		620,202

	$	4,552,354	$	604,732	$	230,206	$	—	$	5,387,292


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 29, 2024:

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
Realized gain/(loss) on derivatives (d)
Purchased options	$	(17,143	)	$	(6,057	)	$	—		$	—	$	(23,200	)
Futures contracts		631,692			—			—			—		631,692
Options contracts written		169,072			4,734			—			—		173,806
Swap contracts		(2,312,984	)		—			(10,564	)		92,868		(2,230,680	)
Forward foreign currency contracts		—			4,640,001			—			—		4,640,001

	$	(1,529,363	)	$	4,638,678		$	(10,564	)	$	92,868	$	3,191,619

Change in unrealized appreciation (depreciation) on derivatives (e)
Purchased options	$	(110,654	)	$	—		$	—		$	—	$	(110,654	)
Futures contracts		425,457			—			—			—		425,457
Options contracts written		163,607			11,978			—			—		175,585
Swap contracts		3,026,559			297,826			2,610			—		3,326,995
Forward foreign currency contracts		—			(1,031,301	)		—			—		(1,031,301	)

	$	3,504,969		$	(721,497	)	$	2,610		$	—	$	2,786,082

Municipal Bond Fund


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 29, 2024:

Location	Interest rate risk			Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	(24,546	)	$	—	$	—	$	—	$	(24,546	)

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	22,255		$	—	$	—	$	—	$	22,255

302



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 29, 2024:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	128,194	$	—	$	—	$	—	$	128,194
Unrealized appreciation on forward foreign currency contracts (c)		—		90,784		—		—		90,784
Unrealized appreciation on centrally cleared swaps (f)		2,587,541		—		—		—		2,587,541

	$	2,715,735	$	90,784	$	—	$	—	$	2,806,519

Liability derivatives
Options contracts written outstanding (a)	$	155,168	$	—	$	—	$	—	$	155,168
Unrealized depreciation on open futures contracts (b)		136,775		—		—		—		136,775
Unrealized depreciation on forward foreign currency contracts (a)		—		42,333		—		—		42,333
Unrealized depreciation on centrally cleared swaps (f)		2,264,299		—		—		—		2,264,299

	$	2,556,242	$	42,333	$	—	$	—	$	2,598,575


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 29, 2024:

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
Realized gain/(loss) on derivatives (d)
Purchased options	$	(68,276	)	$	—		$	—		$	—	$	(68,276	)
Futures contracts		149,271			—			—			—		149,271
Options contracts written		185,883			—			—			—		185,883
Swap contracts		(193,011	)		—			83			—		(192,928	)
Forward foreign currency contracts		—			412,575			—			—		412,575

	$	73,867		$	412,575		$	83		$	—	$	486,525

Change in unrealized appreciation (depreciation) on derivatives (e)
Purchased options	$	(236,771	)	$	—		$	—		$	—	$	(236,771	)
Futures contracts		65,241			—			—			—		65,241
Options contracts written		450,590			—			—			—		450,590
Swap contracts		237,786			—			(14	)		—		237,772
Forward foreign currency contracts		—			(222,570	)		—			—		(222,570	)

	$	516,846		$	(222,570	)	$	(14	)	$	—	$	294,262

Ultra-Short Term Fixed Income Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2024:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	12,498	$	—	$	—	$	—	$	12,498

Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	35,137	$	—	$	—	$	—	$	35,137

303



Notes to Financial Statements


(unaudited) (continued)


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 29, 2024:

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	(39,566	)	$	—		$	—		$	—	$	(39,566	)
Swap contracts		(101,591	)		—			(281,092	)		—		(382,683	)
Forward foreign currency contracts		—			2,231,076			—			—		2,231,076

	$	(141,157	)	$	2,231,076		$	(281,092	)	$	—	$	1,808,827

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	218,627		$	—		$	—		$	—	$	218,627
Swap contracts		—			—			357,055			—		357,055
Forward foreign currency contracts		—			(865,197	)		—			—		(865,197	)

	$	218,627		$	(865,197	)	$	357,055		$	—	$	(289,515	)

(a)	Statements of Assets and Liabilities location: Unrealized depreciation on open forward foreign currency contracts, unrealized depreciation on OTC swap contracts or options contracts written, at value.

(b)	Only variation margin, if any, is reported within the Statements of Assets and Liabilities. Cumulative appreciation (depreciation) on futures contracts is reported in the open exchanged-traded futures contracts table in the Fund’s Schedule of Investments.

(c)	Statements of Assets and Liabilities location: Investments, at value or unrealized appreciation on open forward foreign currency contracts or unrealized appreciation on OTC swap contracts.

(d)	Statements of Operations location: Net realized gain (loss) from unaffiliated investments, forward foreign currency contracts, futures contracts, options contracts written or swap contracts.

(e)	Statements of Operations location: Change in net unrealized appreciation (depreciation) from unaffiliated 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 29, 2024 were as follows:

Large Cap Equity Fund


	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	15,217,665

Small-Mid Cap Equity Fund


	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	1,688,802

International Equity Fund


	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	1,815,769

Emerging Markets Equity Fund


	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	517,608

304



Notes to Financial Statements


(unaudited) (continued)

Core Fixed Income Fund


	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Purchased options	$	299,443	$	15,496	$	—	$	—
Futures contracts		842,887,712		—		—		—
Option contracts written		471,812		—		—		—
Swap contracts		89,881,812		—		45,923,910		—
Forward foreign currency contracts		—		47,744,318		—		—

International Fixed Income Fund


	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Purchased options	$	204,581	$	1,042	$	—	$	—
Futures contracts		187,715,315		—		—		—
Option contracts written		284,455		4,715		—		—
Swap contracts		395,660,498		4,953,509		36,079,757		—
Forward foreign currency contracts		—		224,873,448		—		—

Municipal Bond Fund


	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	1,175,542	$	—	$	—	$	—

Inflation-Linked Fixed Income Fund


	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Purchased options	$	159,143	$	—	$	—	$	—
Futures contracts		54,621,500		—		—		—
Option contracts written		416,738		—		—		—
Swap contracts		71,783,566		—		57,143		—
Forward foreign currency contracts		—		28,840,277		—		—

Ultra-Short Term Fixed Income Fund


	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	65,726,169	$	—	$	—	$	—
Swap contracts		—		—		10,028,571		—
Forward foreign currency contracts		—		48,204,784		—		—

(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.

305



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 29, 2024:

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)			Net Amount (Not Less than $0)
Large Cap Equity Fund	$	635,512	$	—	$	(635,512	)(c)	$	0
Small-Mid Cap Equity Fund		2,881,615		—		(2,881,615	)(c)		0
International Equity Fund		12,043,870		—		(12,043,870	)(c)		0
Emerging Markets Equity Fund		885,974		—		(843,580	)		42,394

(a)	Represents market value of securities on loan at period end.

(b)

The Funds received cash collateral of $651,450, $3,011,240, $12,203,970 and $843,580, respectively, which was subsequently invested in Invesco STIT - Government & Agency Portfolio as reported in the Schedules of Investments. In addition, the Funds received non-cash collateral of $0, $0, $314,910 and $0, respectively, in the form of U.S. Government Obligations, which the Funds cannot sell or repledge, and accordingly are not reflected in the Schedule of Investments.

(c)	The actual collateral received could be greater than the amount shown here due to overcollateralization.

FASB ASC 860, “Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”, is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowings.

306



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 29, 2024:


	Remaining Contractual Maturity of the Agreements As of February 29, 2024
	Overnight and Continuous		< 30 days		Between 30 & 90 days		> 90 days		Total
Large Cap Equity Fund
Securities Lending Transactions
Common Stocks	$	651,450	$	—	$	—	$	—	$	651,450

Total Borrowings	$	651,450	$	—	$	—	$	—	$	651,450

Gross amount of recognized liabilities for securities lending transactions									$	651,450


Small-Mid Cap Equity Fund
Securities Lending Transactions
Common Stocks	$	3,011,240	$	—	$	—	$	—	$	3,011,240

Total Borrowings	$	3,011,240	$	—	$	—	$	—	$	3,011,240

Gross amount of recognized liabilities for securities lending transactions									$	3,011,240


International Equity Fund
Securities Lending Transactions
Common Stocks	$	12,203,970	$	—	$	—	$	—	$	12,203,970

Total Borrowings	$	12,203,970	$	—	$	—	$	—	$	12,203,970

Gross amount of recognized liabilities for securities lending transactions									$	12,203,970


Emerging Markets Equity Fund
Securities Lending Transactions
Common Stocks	$	843,580	$	—	$	—	$	—	$	843,580

Total Borrowings	$	843,580	$	—	$	—	$	—	$	843,580

Gross amount of recognized liabilities for securities lending transactions									$	843,580


Inflation-Linked Fixed Income Fund
Reverse Repurchase Agreements Transactions
U.S. Government Obligations	$	—	$	36,044,076	$	—	$	—	$	36,044,076

Sale-Buyback Transactions
U.S. Government Obligations	$	—	$	2,269,041	$	—	$	—	$	2,269,041

Total Borrowings	$	—	$	38,313,117	$	—	$	—	$	38,313,117

Gross amount of recognized liabilities for reverse repurchase agreements transactions									$	36,044,076

Gross amount of recognized liabilities for sale-buyback transactions									$	2,269,041

(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.

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Notes to Financial Statements


(unaudited) (continued)

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 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.

308



Notes to Financial Statements


(unaudited) (continued)

(l) Emerging Markets Risk. In addition to foreign investment and currency risks, which tend to be amplified in emerging markets, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. The economies of emerging market countries may grow at slower rates than expected or suffer a downturn or recession. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries.

(m) Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

(n) Market Risk. The value of an investment in the Fund is based on the values of the Fund’s investments, which change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt the global economy and financial markets. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund’s investments, and exacerbate pre-existing risks to the Fund. The occurrence, duration and extent of these or other types of adverse economic and market conditions and uncertainty over the long term cannot be reasonably projected or estimated at this time. The ultimate impact of public health emergencies or other adverse economic or market developments and the extent to which the associated conditions impact the Fund and its investments will also depend on other future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. The financial performance of the Fund’s investments (and, in turn, the Fund’s investment results) as well as their liquidity may be adversely affected because of these and similar types of factors and developments, which may in turn impact valuation, the Fund’s ability to sell securities and/or its ability to meet redemptions.

(o) Security Transactions and Investment Income. Security transactions are accounted for on a trade date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as practical after a Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as income from non-cash dividends at fair value. Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt, if any, and is included in interest and dividend income, respectively. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults on an expected interest payment, the Trust’s policy is to generally halt any additional “interest income accruals and accretion” and consider the Fund’s ability to realize interest accrued up to the date of default.

(p) Foreign Currency Translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments in the Statements of Operations.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in

309



Notes to Financial Statements


(unaudited) (continued)

the fair values of assets and liabilities, other than investments in securities, at the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

(q) Distributions to Shareholders. Distributions from net investment income for 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.

(r) Federal and Other Taxes. It is the Trust’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, each Fund intends to distribute substantially all of its income and net realized gains on investments, if any, to shareholders each year. Therefore, no federal income tax provision is required in the Funds’ financial statements. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years or expected to be taken in 2023 tax returns. Each Fund’s federal tax returns for the prior four fiscal years remain subject to examination by the Internal Revenue Service.

(s) Reclassification. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share.

(t) Restricted Securities. All Funds may invest in non-publicly traded securities, commonly called restricted securities. Restricted securities may be less liquid than publicly-traded securities. Although certain restricted securities may be resold in privately negotiated transactions, the values realized from these sales could be less than originally paid by a Fund. Certain restricted securities may be deemed liquid by the Manager and/or Sub-adviser pursuant to the procedures approved by the Board. The value of restricted securities is determined as described in Note 1(a).

(u) Reverse Repurchase Agreements. Certain Funds may each enter into reverse repurchase agreements with the financial institutions with which it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities to a financial institution and agrees to repurchase them at a mutually agreed upon date, price and rate of interest. During the period between the sale and repurchase, the Fund would not be entitled to principal and interest paid on the securities sold by the Fund. The Fund, however, would seek to achieve gains derived from the difference between the current sale price and the forward price for the future purchase as well as the interest earned on the proceeds on the initial sale. Reverse repurchase agreements involve the risk that the market value of the securities purchased with the proceeds from the sale of the securities received by the Fund may decline below the price of the securities the Fund is obligated to repurchase. Reverse repurchase agreements also involve credit risk with the counterparty to the extent that the value of securities subject to repurchase exceed the Fund’s liability under the reverse repurchase agreement. Reverse repurchase agreements will be viewed as borrowings by a Fund for the purpose of calculating the Fund’s indebtedness and will have the effect of leveraging the Fund’s assets.

(v) Indemnification. 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.

310



Notes to Financial Statements


(unaudited) (continued)

(w) Senior Floating-Rate Loans. Interests in senior floating-rate loans (“Senior Loans”) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Funds based on information available to such managers. The portfolio managers of other Funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Funds. At times, the fair value of a Senior Loan determined by the portfolio managers of other Funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Funds. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

In connection with bank loan interests, the Funds may enter into unfunded bank loan interests (“commitments”). Unfunded loan commitments may be partially or wholly unfunded. The Funds are obligated to fund those commitments at the borrower’s discretion. In connection with these commitments, the Funds earns a commitment fee, which is included in interest income in the Statements of Operations and recognized respectively over the commitment period.

There were no fully/partially unfunded loan positions as of February 29, 2024.

(x) Sale-Buyback and Buy-Saleback Transactions. A sale-buyback financing transaction consists of a sale of a security by a Fund to a counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Fund will segregate assets determined to be liquid by the Sub-adviser or will otherwise cover its obligations under sale-buyback transactions.

During the period ended February 29, 2024, the Inflation-Linked Fixed Income Fund participated in sale-buyback transactions. The payable for investments purchased related to sale-buyback transactions at February 29, 2024, and the average amount of borrowings, incurred interest expense and a weighted average interest rate related to sale-buyback transactions outstanding during the period ended February 29, 2024, were as following:


	Inflation-Linked Fixed Income Fund
Payable for investments purchased		$2,269,041
Average amount borrowed		2,273,119
Interest expense		62,384
Weighted average interest rate		5.502	%

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.

311



Notes to Financial Statements


(unaudited) (continued)

During the period ended February 29, 2024, the Funds did not participate in buy-saleback transactions.

Sale-buyback and buy-saleback transactions are governed by Master Securities Forward Transaction Agreements (“Master Forward Agreements”), which are agreements between 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 Schedule of Investments.

(y) Disclosure about Offsetting Assets and Liabilities. In order to better define contractual rights under derivative contracts and to secure rights that will help the Funds mitigate their counterparty risk, a Sub-adviser may, on behalf of the Funds, enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The ISDA Master Agreement gives a Fund the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. Absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statements of Assets and Liabilities across the transactions between the Funds and the applicable counterparty. The right to offset and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Funds’ credit risk to such counterparty equal to any amounts payable by the Funds under the applicable transactions, if any. The enforceability of the right to offset may vary by jurisdiction.

Cash collateral that has been received or pledged to cover obligations under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits with counterparties and, in the case of cash pledged by counterparty for the benefit of the Fund, a corresponding liability in the Statements of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Schedules of Investments. The carrying amount of such deposits due to brokers at February 29, 2024 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 29, 2024 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 29, 2024.

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.

312



Notes to Financial Statements


(unaudited) (continued)

The following table presents the Funds’ gross and net amounts of assets and liabilities, by derivative type, available for offset under a master netting agreement, or similar agreement as of February 29, 2024:


	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	$	110,267		$	(901,113	)
Option contracts		25,877	(b)		—
Swap contracts		—			(117,955	)

Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	136,144		$	(1,019,068	)

International Fixed Income Fund:
Forward foreign currency contracts	$	2,646,256		$	(529,986	)
Option contracts		126,952	(b)		(156,202	)
Swap contracts		311,408			(620,202	)

Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	3,084,616		$	(1,306,390	)

Inflation-Linked Fixed Income Fund:
Forward foreign currency contracts	$	90,784		$	(42,333	)
Option contracts		—			(153,648	)

Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	90,784		$	(195,981	)

(a)	Excludes exchange-traded derivatives.

(b)	Amounts are included in unaffiliated investments in the Statements of Assets and Liabilities.

The following table presents the Funds’ derivative assets and liabilities by counterparty net of amounts available for offset under master netting or similar agreements, and net of related collateral received or pledged as of February 29, 2024:


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
Citigroup Global Markets Inc.	$	136,144	$	(136,144)	$	—	$	0

Total over-the-counter derivative instruments	$	136,144	$	(136,144)	$	—	$	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)
Core Fixed Income Fund
Over-the-counter
Citigroup Global Markets Inc.	$	1,019,068	$	(136,144)	$	—	$	882,924

Total over-the-counter derivative instruments	$	1,019,068	$	(136,144)	$	—	$	882,924

313



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)
International Fixed Income Fund
Over-the-counter
Bank of America	$	17,491	$	(17,491)	$	—		$	0
Barclays Bank PLC		595,128		(8,445)		(580,000	)		6,683
BNP Paribas SA		287,973		(287,973)		—			0
Deutsche Bank AG		170,281		(140,623)		—			29,658
Goldman Sachs & Co.		126,744		(126,744)		(290,000	)		0
HSBC Bank USA		735,468		(53,965)		(600,000	)		81,503
JPMorgan Chase & Co.		521,493		(253,666)		(390,000	)		0
NatWest Markets PLC		56,795		—		—			56,795
Societe Generale SA		630		(630)		—			0
Standard Chartered Bank		72,802		(20,355)		—			52,447
UBS Securities LLC		499,811		—		(300,000	)		199,811

Total over-the-counter derivative instruments	$	3,084,616	$	(909,892)	$	(2,160,000	)	$	426,897


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	$	35,272	$	(17,491)	$	—		$	17,781
Barclays Bank PLC		8,445		(8,445)		—			0
BNP Paribas SA		639,535		(287,973)		—			351,562
Deutsche Bank AG		140,623		(140,623)		—			0
Goldman Sachs & Co.		153,053		(126,744)		—			26,309
HSBC Bank USA		53,965		(53,965)		—			0
JPMorgan Chase & Co.		253,666		(253,666)		—			0
Societe Generale SA		1,476		(630)		—			846
Standard Chartered Bank		20,355		(20,355)		—			0

Total over-the-counter derivative instruments	$	1,306,390	$	(909,892)	$	—		$	396,498


Counterparty	Gross Amounts of Recognized Assets Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (a)		Collateral Received			Net Amount (b) (Not Less than $0)
Inflation-Linked Fixed Income Fund
Over-the-counter
Barclays Bank PLC	$	750	$	(750)	$	—		$	0
Deutsche Bank AG		36,245		(36,245)		—			0
HSBC Bank USA		10,561		(2,729)		—			7,832
JPMorgan Chase & Co.		40,299		—		—			40,299
Merrill Lynch, Pierce, Fenner & Smith Inc.		179		(179)		—			0
Standard Chartered Bank		2,750		(1,156)		—			1,594

Total over-the-counter derivative instruments	$	90,784	$	(41,059)	$	—		$	49,725

314



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)
Inflation-Linked Fixed Income Fund
Over-the-counter
Barclays Bank PLC	$	152,581	$	(750)	$	—	$	151,831
BNP Paribas SA		3,052		—		—		3,052
Deutsche Bank AG		36,277		(36,245)		—		32
HSBC Bank USA		2,729		(2,729)		—		0
Merrill Lynch, Pierce, Fenner & Smith Inc.		186		(179)		—		7
Standard Chartered Bank		1,156		(1,156)		—		0

Total over-the-counter derivative instruments	$	195,981	$	(41,059)	$	—	$	154,922

(a)	Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar agreements that are not offset on the Statements of Assets and Liabilities.

(b)	Net amount represents the net amount receivable from the counterparty in the event of default.

(c)	Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar agreements that are not offset on the Statements of Assets and Liabilities.

(d)	Net amount represents the net amount payable to the counterparty in the event of default.

(e)	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

(z) When-Issued and Delayed Delivery Securities and Forward Commitments. Each Fund may purchase securities, including U.S. government securities, on a when-issued basis or may purchase or sell securities for delayed delivery. In such transactions, delivery of the securities occurs beyond the normal settlement period, but no payment or delivery is made by a Fund prior to the actual delivery or payment by the other party to the transaction. The purchase of securities on a when-issued or delayed delivery basis involves the risk that the value of the securities purchased will decline prior to the settlement date. The sale of securities for delayed delivery involves the risk that the prices available in the market on the delivery date may be greater than those obtained in the sale transaction. Each Fund will make securities available for collateral in an amount equal in value to commitments to purchase securities on a when-issued, delayed delivery or forward commitment basis.

2. Investment Management Agreement and Other Transactions with Affiliates

CGAS, a business of Morgan Stanley Wealth Management, serves as the investment manager to the Funds. The Manager selects and oversees professional money managers who are responsible for investing the assets of the Funds (each a “Sub-adviser,” and collectively the “Sub-advisers”). Each Fund pays the Manager an investment management fee calculated daily at an annual rate based on each Fund’s average daily net assets and paid monthly in arrears. The Manager pays each Sub-adviser on a monthly basis, a sub-advisory fee from its investment management fees.

CGAS has contractually agreed to waive fees and reimburse expenses in order to keep the Funds’ management fees from exceeding the total amount of sub-advisory fees paid by CGAS plus 0.20% based on average net assets. This contractual waiver will only apply if the Funds’ total management fees exceed the total amount of sub-advisory fees paid by CGAS plus 0.20%, and will not affect the Funds’ total management fees if they are less than such amount. Because the Alternative Strategies Fund does not currently have sub-advisers, CGAS will contractually waive 1.00% of its management fees. These fee waivers and/or reimbursements will continue for at least one year from the date of the Funds’ prospectus or until such time as the Board of Trustees act to discontinue all or a portion of such waiver and/or reimbursement when they deem such action is appropriate.

In addition, CGAS and its affiliates have also separately agreed to waive fees and reimburse expenses in order to keep the Alternative Strategies Fund’s total annual operating expenses, (exclusive of interest from borrowing, brokerage commissions, taxes, acquired fund fees and expenses and other extraordinary expenses not incurred in the ordinary course of the Alternative Strategies Fund’s business), from exceeding 0.70%.

315



Notes to Financial Statements


(unaudited) (continued)

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 29, 2024 are indicated below:


Fund	Sub-advisory Fee			Consulting Group Advisory Services LLC Fee			Maximum Allowable Annual Management Fee
Large Cap Equity Fund		0.16	%		0.20	%		0.60	%
Small-Mid Cap Equity Fund		0.25	%		0.20	%		0.80	%
International Equity Fund		0.29	%		0.20	%		0.70	%
Emerging Markets Equity Fund		0.36	%		0.20	%		0.90	%
Core Fixed Income Fund		0.17	%		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		0.16	%		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 29, 2024, the amounts waived and/or reimbursed by the Manager were as follows:


Fund	Amounts Waived and/or Reimbursed
Large Cap Equity Fund	$	2,269,767
Small-Mid Cap Equity Fund		814,000
International Equity Fund		1,245,045
Emerging Markets Equity Fund		714,643
Core Fixed Income Fund		246,003
High Yield Fund		130,625
International Fixed Income Fund		48,572
Municipal Bond Fund		—
Inflation-Linked Fixed Income Fund		32,795
Ultra-Short Term Fixed Income Fund		211,456
Alternative Strategies Fund		793,625

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.

316



Notes to Financial Statements


(unaudited) (continued)

For the period ended February 29, 2024, 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	$	1,514
Small-Mid Cap Equity Fund		2,103
International Equity Fund		—
Emerging Markets Equity Fund		284
Core Fixed Income Fund		—
High Yield Fund		—
International Fixed Income Fund		—
Municipal Bond Fund		—
Inflation-Linked Fixed Income Fund		—
Ultra-Short Term Fixed Income Fund		—
Alternative Strategies Fund		—

Officers of the Trust do not receive compensation directly from the Trust. The Funds may bear a portion of the annual compensation of the Trust’s Chief Compliance Officer.

For the period ended February 29, 2024, the Funds assume the following to be affiliated issuers:

Large Cap Equity Fund


Underlying Security	Beginning Value as of August 31, 2023		Purchases at Cost		Proceeds from Sales		Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation		Dividend/ Interest Income		Ending Value as of February 29, 2024
Morgan Stanley	$	2,498,471	$	291,276	$	—	$	—	$	32,365	$	54,905	$	2,822,112

Core Fixed Income Fund


Underlying Security	Beginning Value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Net Realized Loss on Sales			Change in Unrealized Appreciation		Dividend/ Interest Income		Ending Value as of February 29, 2024
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C13, Class A4, 4.039% due 11/15/46	$	497,004	$	—	$	(500,000	)	$	(13,418	)	$	16,414	$	1,515	$	—
Series 2016-C28, Class A3, 3.272% due 1/15/49		481,365		—		(493,592	)		(49,375	)		61,602		5,958		—

Total	$	978,369	$	—	$	(993,592)		$	(62,793)		$	78,016	$	7,473	$	—

Ultra-Short Term Fixed Income Fund


Underlying Security	Beginning Value as of August 31, 2023		Purchases at Cost		Proceeds from Sales			Net Realized Gain on Sales		Change in Unrealized Appreciation		Accretion of discount		Dividend/ Interest Income		Ending Value as of February 29, 2024
Morgan Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1, 6.335% (1-Month Term SOFR + 1.014%) due 5/25/34	$	391,211	$	—	$	(22,142	)	$	58	$	5,952	$	106	$	9,056	$	375,185

317



Notes to Financial Statements


(unaudited) (continued)

3. Investments

During the period ended February 29, 2024, 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	$	361,589,456	$	258,958,883	$	—	$	—
Small-Mid Cap Equity Fund		71,725,909		75,173,377		—		—
International Equity Fund		154,759,168		110,261,332		—		—
Emerging Markets Fund		45,386,049		94,557,507		—		—
Core Fixed Income Fund		232,922,367		310,671,890		1,973,855,510		2,114,635,274
High Yield Fund		31,666,683		28,666,766		—		—
International Fixed Income Fund		58,786,946		9,697,916		285,562,623		276,634,560
Municipal Bond Fund		18,284,889		20,099,522		—		—
Inflation-Linked Fixed Income Fund		2,485,833		2,706,088		81,253,333		74,921,724
Ultra-Short Term Fixed Income Fund		90,117,186		106,241,536		10,840,990		15,528,689
Alternative Strategies Fund		10,092,720		1,446,812		—		—

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation at February 29, 2024 have been disclosed under the respective schedule of investments.

4. Shares of Beneficial Interest

At February 29, 2024, the Trust had an unlimited number of units of beneficial interest (shares) authorized with a par value of $0.001 per share. At February 29, 2024, 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 29, 2024			Year Ended August 31, 2023
Large Cap Equity Fund
Shares sold		15,763,858			18,469,176
Shares issued on reinvestment		5,516,056			7,460,910
Shares repurchased		(11,478,034	)		(23,745,026	)

Net Increase		9,801,880			2,185,060


Small-Mid Cap Equity Fund
Shares sold		3,879,977			7,404,122
Shares issued on reinvestment		297,643			3,585,089
Shares repurchased		(4,656,004	)		(12,795,923	)

Net Decrease		(478,384	)		(1,806,712	)


International Equity Fund
Shares sold		11,263,583			16,201,245
Shares issued on reinvestment		1,958,952			5,011,817
Shares repurchased		(9,386,257	)		(33,283,333	)

Net Increase (Decrease)		3,836,278			(12,070,271	)


Emerging Markets Equity Fund
Shares sold		5,313,413			8,015,619
Shares issued on reinvestment		823,359			742,139
Shares repurchased		(10,185,947	)		(8,963,635	)

Net Decrease		(4,049,175	)		(205,877	)

318



Notes to Financial Statements


(unaudited) (continued)


	Period Ended February 29, 2024			Year Ended August 31, 2023
Core Fixed Income Fund
Shares sold		37,697,283			110,298,590
Shares issued on reinvestment		5,807,141			8,433,319
Shares repurchased		(29,960,998	)		(42,748,179	)

Net Increase		13,543,426			75,983,730


High Yield Fund
Shares sold		5,044,951			11,080,666
Shares issued on reinvestment		1,417,333			2,401,958
Shares repurchased		(5,124,486	)		(8,554,883	)

Net Increase		1,337,798			4,927,741


International Fixed Income Fund
Shares sold		4,065,486			8,325,207
Shares issued on reinvestment		242,360			2,189,684
Shares repurchased		(3,665,565	)		(6,560,659	)

Net Increase		642,281			3,954,232


Municipal Bond Fund
Shares sold		1,315,372			5,121,639
Shares issued on reinvestment		221,667			284,259
Shares repurchased		(1,609,256	)		(3,889,936	)

Net Increase (Decrease)		(72,217	)		1,515,962


Inflation-Linked Fixed Income Fund
Shares sold		1,573,483			6,417,650
Shares issued on reinvestment		280,360			892,180
Shares repurchased		(1,777,584	)		(2,807,002	)

Net Increase		76,259			4,502,828


Ultra-Short Term Fixed Income Fund
Shares sold		5,000,924			11,821,458
Shares issued on reinvestment		758,112			2,362,164
Shares repurchased		(4,280,720	)		(34,280,332	)

Net Increase (Decrease)		1,478,316			(20,096,710	)


Alternative Strategies Fund
Shares sold		3,059,544			5,357,578
Shares issued on reinvestment		493,308			938,002
Shares repurchased		(2,543,862	)		(4,685,445	)

Net Increase		1,008,990			1,610,135

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.

319



Notes to Financial Statements


(unaudited) (continued)

As of August 31, 2023, the Funds had the following net capital loss carryforwards remaining:


	Large Cap Equity Fund		Small-Mid Cap Equity Fund		International Equity Fund		Emerging Markets Equity Fund		Core Fixed Income Fund		High Yield Fund
Short Term	$	—	$	4,402,831	$	—	$	6,322,316	$	49,183,502	$	2,939,610
Long Term		—		—		16,241,856		16,161,593		88,104,824		16,284,494

Total	$	—	$	4,402,831	$	16,241,856	$	22,483,909	$	137,288,326	$	19,224,104


			International Fixed Income Fund		Municipal Bond Fund		Inflation-Linked Fixed Income Fund		Ultra-Short Term Fixed Income Fund		Alternative Strategies Fund
Short Term			$	—	$	2,295,794	$	—	$	8,149,343	$	204,268
Long Term				—		1,990,843		—		5,500,790		866,225

Total			$	—	$	4,286,637	$	—	$	13,650,133	$	1,070,493

6. Subsequent Events

Management has evaluated subsequent events after the balance sheet date through the date that the financial statements were issued and has not identified any events or transactions that would require recognition or disclosure in the financial statements other than the distribution information below.

Subsequent to February 29, 2024, the Funds made the following distributions per share:

Record Date - Payable Date

Core Fixed
Income

Fund

High Yield

Fund

Municipal
Bond

Fund

Inflation-Linked
Fixed Income
Fund

Ultra-Short Term
Fixed Income
Fund

3/1/24-3/31/24

0.024067

0.018321

0.020700

0.015627

0.038490

320



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.

****

At an in-person meeting of the Board held on September 14, 2023 (the “Meeting”), the Board, including a majority of the Independent Trustees, (i) approved a new investment advisory agreement (the “September Advisory Agreement” or the “Advisory Agreement”) with Principal Asset Management (“Principal” or the “New Sub-adviser”) as an additional Sub-adviser to the Large Cap Equity Fund (the “Large Cap Equity Fund” or the “Fund”) and (ii) terminated Columbia Management Investment Advisers, LLC as a Sub-adviser to the Large Cap Equity Fund. Principal began managing its respective allocated portion of the Large Cap Equity Fund’s investment portfolio on November 20, 2023.

In voting to approve the September Advisory Agreement at the Meeting, the Independent Trustees considered whether the approval of the Agreement would be in the best interests of the Fund and its shareholders, an evaluation based on several factors included those discussed below.

Nature, Extent, and Quality of the Services Provided Under the Agreement

In determining whether to approve the September Advisory Agreement, the Board considered the due diligence materials prepared by the Manager and other information, which included copies of the Advisory Agreement which set forth the sub-investment advisory fee to be paid to the New Sub-adviser by the Manager, and information regarding: (i) the process by which the Manager selected and recommended the New Sub-adviser for Board approval; (ii) the nature, extent and quality of the services expected to be provided by the New Sub-adviser to the Large Cap Equity Fund; and (iii) the New Sub-adviser’s (A) investment management business, personnel, and operations, (B) trading policies and practices, (C) compliance program, (D) historical performance returns managing investment mandates similar to the Large Cap Equity Fund’s investment mandate, with such performance compared to a relevant index, and (E) financial condition. The Independent Trustees considered the Manager’s favorable assessment of the nature and quality of the sub-advisory services expected to be provided to the Large Cap Equity Fund by the New Sub-adviser. The Independent Trustees also discussed the acceptability of the terms of the Advisory Agreement, noting the substantial similarity to the terms of the investment advisory agreements with the Trust’s other Sub-advisers. The Independent Trustees also considered whether there were any ancillary benefits that may accrue to the New Sub-adviser as a result of its relationship with the Large Cap Equity Fund. The materials and information were provided in advance of and at the Meeting. Representatives from the New Sub-adviser also made a presentation to and responded to questions from the Board. The Independent Trustees were assisted in their review by Fund counsel and independent legal counsel and met with independent legal counsel in executive sessions separate from representatives of the Manager and the New Sub-adviser.

During the course of the year and at the Meeting, the Board reviewed the qualifications, backgrounds and responsibilities of the Manager’s senior personnel and the portfolio management team primarily responsible for the management of the Large Cap Equity Fund and the selection and evaluation of the New Sub-adviser. The Board also considered the New Sub-adviser’s brokerage policies and practices, transaction execution standards, policies and practices regarding soft dollars, and quality controls applicable

321



Board Approval of Management Agreement and Investment Advisory Agreements


(unaudited) (continued)

to brokerage allocation procedures. The Board also considered the risks associated with the Trust borne by the Manager and its affiliates (such as entrepreneurial, operational and regulatory risk), as well as the Manager’s risk management processes.

The terms of the Advisory Agreement is similar in all material respects to the agreements between the Manager and the Trust’s other Sub-advisers. The Advisory Agreement provides that, subject to the supervision of the Board and the Manager, the New Sub-adviser shall manage the investments of the portion of the Fund’s assets allocated to it in accordance with the Fund’s investment objective, policies and restrictions, and in compliance with the requirements applicable to registered investment companies and such other limitations as the Manager may institute. The Advisory Agreement provides that the New Sub-adviser will exercise its best judgment in rendering services to the Large Cap Equity Fund and, except as may otherwise be required by the 1940 Act or the rules thereunder or other applicable law, will not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund or the Manager in connection with the matters to which the Advisory Agreement relates, except a loss resulting from the New Sub-adviser’s willful misfeasance, bad faith or gross negligence in the performance of its duties or from reckless disregard by the New Sub-adviser of its obligations and duties under the Advisory Agreement. The Advisory Agreement set forth information about the terms of the Advisory Agreement and the fees to be paid to the New Sub-adviser by the Manager thereunder.

As to the New Sub-adviser, the Independent Trustees concluded that the nature, extent and quality of the sub-investment advisory services expected to be provided by the New Sub-adviser were adequate and appropriate in light of (i) the New Sub-adviser’s expertise and the qualifications of its investment personnel in providing portfolio management services to other investment portfolios with an investment mandate similar to that of the Large Cap Equity Fund and the performance history of those portfolios, (ii) the New Sub-adviser’s portfolio management and research resources to be applied in managing a portion of the Large Cap Equity Fund’s assets allocated to it, (iii) how the New Sub-adviser’s investment strategy would complement that of the Large Cap Equity Fund’s existing Sub-advisers, (iv) the New Sub-adviser’s compliance program, and (v) the Manager’s recommendation to engage the New Sub-adviser, and supported a decision to approve the Advisory Agreement with the New Sub-adviser.

Fund Performance

Because the New Sub-adviser was newly appointed as a sub-adviser for the Large Cap Equity Fund, the Independent Trustees could not consider its investment performance in managing a portion of the Large Cap Equity Fund’s portfolio as a factor in evaluating the Advisory Agreement during the Meeting. The Independent Trustees discussed with representatives of the Manager the investment strategy to be employed by the New Sub-adviser in the management of its allocated portion of the Large Cap Equity Fund’s assets. The Independent Trustees noted the historical performance returns of the New Sub-adviser in managing investment mandates similar to the Large Cap Equity Fund’s investment mandate, with such performance compared to a relevant index, and the Manager’s experience and reputation in selecting, evaluating, and overseeing investment managers. Based on its consideration and review of the foregoing information, the Board concluded that these factors supported a decision to approve the Advisory Agreement with the New Sub-adviser.

Advisory Fee and Expense Ratio

The Independent Trustees reviewed and considered the sub-advisory fee payable under the Advisory Agreement. The Independent Trustees noted that the proposed fee payable to the New Sub-adviser would be paid by the Manager, and not the Large Cap Equity Fund, and, thus, would not impact the fees paid by the Large Cap Equity Fund. The Independent Trustees concluded, with respect to the New Sub-adviser, that the proposed fee payable to the New Sub-adviser by the Manager with respect to the Large Cap Equity Fund’s assets to be allocated to the New Sub-adviser were reasonable and appropriate.

Manager Profitability

The Independent Trustees recognized that, because the sub-advisory fee payable to the New Sub-adviser would be paid by the Manager, and not the Large Cap Equity Fund, an analysis of profitability was more appropriate in the context of the Board’s consideration of the Management Agreement between the Trust and the Manager. The Board considered the effect on the profitability of the Manager with respect to the addition of the New Sub-adviser as an additional sub-adviser for the Large Cap Equity Fund and determined that the Manager’s profitability was not excessive in light of the nature, extent and quality of the services to be provided to the Large Cap Equity Fund by the Manager and the New Sub-adviser.

322



Board Approval of Management Agreement and Investment Advisory Agreements


(unaudited) (continued)

Economies of Scale

Similarly, the Independent Trustees recognized that, because the New Sub-adviser fee would be paid by the Manager, and not the Large Cap Equity Fund, an analysis of economies of scale in connection with the engagement of the New Sub-adviser was more appropriate in the context of the Board’s consideration of the Management Agreement between the Trust and the Manager. Accordingly, consideration of economies of scale was not relevant to the Independent Trustees’ determination to approve the Advisory Agreement with the New Sub-adviser.

Other Benefits to the Manager and the Sub-advisers

The Board considered other benefits received by the New Sub-adviser and it affiliates as a result of the New Sub-adviser’s relationship with the Large Cap Equity Fund, including soft dollar arrangements, receipt of brokerage and the opportunity to offer additional products and services to Fund shareholders. The Independent Trustees concluded that any benefits that were expected to accrue to the New Sub-adviser by virtue of its relationship with the Large Cap Equity Fund were reasonable.

After full consideration of the factors discussed above, with no single factor identified as being of paramount importance, the Board, including the Independent Trustees, with the assistance of Fund counsel and independent legal counsel, concluded that the approval of the Advisory Agreement with the New Sub-adviser was in the best interests of the Large Cap Equity Fund, and approved the Advisory Agreement with the New Sub-adviser.

The Manager entered into the September Advisory Agreement with Principal, pursuant to which Principal began managing the assets of the Large Cap Equity Fund allocated to it by the Manager on November 20, 2023. The Manager determined that the target percentages of the Large Cap Equity Fund’s assets to be allocated to the New Sub-adviser and the Fund’s other Sub-advisers would be approximately as follows: 16% to Great Lakes; 11% to Principal; 58% to BlackRock Financial Management, Inc.; 6% to ClearBridge Investments, LLC; and 9% to Lazard Asset Management LLC, such allocations having been previously approved by the Board.

****

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 December 12, 2023 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.

****

323



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, distribution, 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, 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

Eric T. McKissack, CFA^® 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1953	Chairperson and Trustee	Since 2013 (Chair since 2024)	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)	11	Trustee and Chairman, FlexShares Funds (2011- present); Director, Farmer Mac (2021-present; Trustee, The Art Institute of Chicago (2002-present); and Director, Shirley Ryan AbilityLab Keystone Board (formerly Rehabilitation Institute of Chicago) (2000-present)

Adela Cepeda 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1958	Trustee	Since 2008	Managing Director, PFM Financial Advisors, LLC (Financial Advisory) (2016-December 2019); and formerly, President, A.C. Advisory, Inc. (Financial Advisory) (1995-September 2016)	11	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)

324



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)	11	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)

Mark J. Reed 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1964	Trustee and Chair of Nomination and Governance Committee	Since 2007	Vice President, Financial Advisor and Portfolio Manager, Wealth Enhancement Group (4/2021-present); Principal and Portfolio Manager, North American Management Corp. (Investment Advisory) (2013-2021)	11	None

Teresa S. Westbrook 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1959	Trustee Audit Committee Chair	Since 2020	CPA/ Partner, Deloitte & Touché LLP (1999-2015)	11	None

INTERESTED TRUSTEE

Paul Ricciardelli** Morgan Stanley 750 7th Avenue, 14th Floor, New York, NY 10019 Birth Year: 1969	Trustee and Chief Executive Officer and President	Since April 2017	Head of Morgan Stanley Portfolio Solutions (formerly Wealth Advisory Solutions), Morgan Stanley (March 2017-present) Head of IAR/GIMA, Morgan Stanley (2011-2018); and formerly, Head of Manager Solutions, Morgan Stanley (2015-March 2017)	11	None

325



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 750 7th Avenue, 10th 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 750 7th Avenue, 34th 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);

Robert Garcia Morgan Stanley 750 7th Avenue, 14th Floor New York, NY 10019 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)

Monica Heanue Morgan Stanley 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1975	Chief Administrative Officer	Since December 2022	Executive Director, Morgan Stanley (2006-present)

Saylor Barnette Morgan Stanley 750 7th Avenue, 14th Floor New York, NY 10019 Birth Year: 1991	Investment Officer	Since December 2023	Portfolio Solutions Analyst, Morgan Stanley (2022-present); Air Defense Officer, U.S. Army (2014-2022)

Franceen Jansen Morgan Stanley 750 7th Avenue, 14th Floor New York, NY 10019 Birth Year: 1959	Investment Officer	Since August 2015	Business Unit Manager/Executive Director, Morgan Stanley (2010-present)

326



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

Andrew Cohen Morgan Stanley 750 7th Avenue, 14th Floor New York, NY 10019 Birth Year: 1978	Investment Officer	Since May 2022	Portfolio Manager, Morgan Stanley Portfolio Solutions (2022-present); Director of Investment Research, E*TRADE Financial (2015-2021)

Sukru Saman Morgan Stanley 750 7th Avenue, 14th Floor New York, NY 10019 Birth Year: 1972	Investment Officer	Since August 2015	Investment Officer, Morgan Stanley Wealth Management (2013-present)

Angela Degis Morgan Stanley 750 7th Avenue, 14th Floor New York, NY 10019 Birth Year: 1967	Investment Officer	Since May 2022	Portfolio Manager, Morgan Stanley (2020-present)

James Totino Morgan Stanley 750 7th Avenue, 14th Floor New York, NY 10019 Birth Year: 1970	Investment Officer	Since May 2018	Portfolio Specialist, Investment Officer, Morgan Stanley (2018-present); and formerly Investment Officer, Morgan Stanley (2011-2018)

Mark Nolan Morgan Stanley 1633 Broadway, New York, NY 10019 Birth Year: 1981	Anti-money Laundering (“AML”) Officer	Since March 2023	Executive Director of GFC WM Advisory, Morgan Stanley (2022-present); Vice President Anti-Financial Crimes Organization and Advisory; Deputy MLRO Cayman Islands, Deutsche Bank (2017-2023).

Lonnie Bae Morgan Stanley 750 7th Avenue, 10th Floor New York, NY 10019 Birth Year: 1968	Assistant Treasurer	Since 2023	Vice President, Morgan Stanley (2001-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.

327

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: May 7, 2024

SIGNATURES

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 dated indicated.


Morgan Stanley Pathway Funds

By:		/s/ Paul Ricciardelli
		Paul Ricciardelli
		Chief Executive Officer
		Morgan Stanley Pathway Funds

Date: May 7, 2024


Morgan Stanley Pathway Funds

By:		/s/ Francis Smith
		Francis Smith
		Chief Financial Officer
		Morgan Stanley Pathway Funds

Date: May 7, 2024